How much reduction for cost of work?

[Floppysphonics]

We have a house on the market for a relative. It has been priced fairly to reflect the fact it has downstairs bathroom only and needs thorough updating (kitchen bathroom) but is in clean, safe loveable condition as it is.

These days, I seem to see more and more property programmes where people take off the value of these things from any offer, despite the house being priced to reflect this.

Is this usual practice in the real world? I say this because one of the viewers wants to come back with a builder to see how much it will cost to put bathroom in upstairs.

I am expecting offers-that's standard, but surely it can't reflect tens of thousands of pounds of work?

Yes, I'd want to know the cost of potential work, even if I knew I couldn't afford it right away. Hoping that's why the builder's coming round.

@Floppysphonics

Mummy friend-the agent says house in fully refurbished condition would market for 75-100k more. Needs kitchen, bathroom and redecorating. I think the building work is to put upstairs bathroom in, which puts the house in a different category and would add even more value. Going to sit tight...have had several viewings today and no offer yet so might be singing from different hymn sheet and ready to accept anything on a few week's time 😉

Ah, if that's the case then yes it does already sound like a good buy for someone!

Good luck, OP. Fingers crossed you get some good offers soon!

First offer in-55k under. Not accepting for now-they haven't got house on market and more viewings this week. Feel quite fluttery, but also that it's right thing.

Have just accepted a meet in the middle offer. The meeting in the middle thing is a bit of an odd concept-it's only meeting in the middle of the daft offer and the asking price! But it's pretty much what the agent said would be a fair offer so it seems sensible to accept.