How much off for complete redecoration?

[MrsJackPearson]

Just after Mumsnet wisdom as to how much cheaper a property that needs full refurbishment might be than the same property up to current standard? The property I have seen requires, I estimate, 60k of work doing. It has not been touched since the sixties, original boiler and electrics, original kitchen, avocado bathroom suite, lounge is clad in pine (including ceiling) like a sauna. The house is overpriced, been up for months with no offers, but I really can’t see the vendors accepting any more than 20k less, ie maybe the cost of new boiler/electrics, maybe kitchen but the rest is really just personal taste Hope that makes sense. House is 400k if that helps.

I live in Scotland so I’m not sure if it’s different in England but isn’t the house priced to reflect the fact it’s not sitting to show home standard? Here, the price would reflect that so you couldn’t then say well I’d need to spent £X on it so take that off.

Obviously there’s the fact it’s been on for a whole which may mean it’s overpriced regardless.

Yes I think it’s overpriced, 400k would be about right for a good size semi up to current standard. This is a good size semi but not current standard, and yes it’s been up for months with no offers.

Houses are worth what someone will pay for it.

Frankly, I cannot imagine living with someone else's taste. I would re-decorate any house I bought, and I imagine other people do, so suggesting that you knock re-decorating costs off isn't really reasonable. The vendors don't have to pay for your personal taste.

Offer what it's worth to you - they will either accept or not.

Any sold prices for the area you can compare to?

It’ll be already incorporated into the asking price, surely?

No one puts their house on the market for a price and expects to take £xxxxx off it because of the decor. You don't have to offer more than you want to and they don't have to take less than they want to.

A house a few doors down sold for £355,000 last year, not quite as big inside but a more normal standard of decor inside. Both 3 bed semis.

Offer 340 and explain why

Sounds like it might be worth 300 even?!

What the difference in plot? Property size? House prices over the last year

Can you see any other sold properties in the area?

Just offer what the house is worth to you in its current state. If they accept it, great! If the don't, you move on.

Also in Scotland; simple decor would not make a lot of difference to value, but things like old or unmaintained boilers, electrics etc, would have been reflected in the valuation and home report.
What you pay would then depend on local market forces - if the markets hot , full valuation; if it’s a buyers market then you can offer less on any basis.

As above - if the buyers are planning to renovate anyway, the current standard of decoration doesn't matter at all. How likely that is depends on how fancy an area it is, I would guess.

I love the sound of that house tbh!

OP, I’m not sure you understand how house valuations work. 😂 The price is the price the vendor hopes to get for it, not a starting point for you to knock a substantial sum off it so you can decorate it to your liking. The price other properties in the area have sold for and their state of decor is nothing to do with the asking price of the one you are looking at now.

Amen @backinthebox!

@backinthebox I don't think that's quite right!
@MrsJackPearson I think you simply need to take into account everything you already have done, and make an offer according to what you are willing and able to spend. It will need a lot more fundamental updating than your average redecorating.
It just depends on whether the seller will be in the position to accept, or to at least negotiate, and you can't predict that often.

@backinthebox of course the price of similar local houses is relevant as it gives an idea of resale value if you do the work required. Yes the estate agent should have priced it to reflect its location and work needed. At the end of the day, however, they have to agree the price with the sellers who may wish to try a higher price. This does not mean they will be able to achieve that price.
As others have said if you like the house and are prepared to do the work you should offer what you feel it is worth but be prepared to walk away.

I guess I phrased my title wrong for some people. I’m not really asking how much can I get off for redecoration, just that I believe the price should reflect the amount of work that needs doing and currently the asking price doesn’t reflect that. Houses in these parts are currently going under offer the day they reach the market and this one has been up for the same price for over 6 months so it’s obviously not just me who has this opinion, for the right price, everything sells.

Wood on the ceiling- what were they thinking of in the 60s!
I just refurbished a 1960s house which I inherited and had had very little done to it. It cost the best part of £30000 for new kitchen, new bathroom, new flooring throughout , re decoration throughout, electrical re wiring and removal of massively overgrown leylandii. The boiler had already been replaced a few years prior but that would easily have been an extra £4000. It’s in the south east.

for the right price, everything sells.
It’s true. But if the vendor feels they’ve marketed it at the right price, they’re under no obligation to reduce. They clearly don’t need a quick sale.

whataboutbob that’s really useful info thank you, we are south east as well. Yes Sauna for a living room and brown swirly carpets galore, oh and some walls are clad in cork!

@MrsJackPearson You've done your homework, so you're well informed, and you want the house, so go for it. Why not? The seller might not go for it, but you can't control their expectations. Sounds like an estate sale?

I paid 19% under asking price for my house. The asking price was aspirational, and had been marketed over 18months, so we made the deal.

I agree offer what you want but don't couch it in reasons why. They've put it on at a price they believe takes account of everything you mention. They may not want to sell for any less and will just hold on. When we sold it took months but we got the right price in the end so it was worth waiting , what annoyed me the most was all the ridiculously low offers , if I wanted that price that's what I would have marketed it at. They've probably already had low offers. If you don't like the price then buy something else .