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.

The house we're currently buying was listed at £500,000 because the vendor knew a house down the road sold for £490k six months earlier... Difference being that the other house was larger, fully modernised and in great condition. This house was built and decorated in the 80s and hasn't been touched since (think artex ceilings, wallpaper, brown carpets and strip lights throughout plus a dark pink bathroom suite). Literally every room will need reskimming, new flooring, decorating and all windows/ doors replaced plus new boiler (also untouched since the 80s!) and potentially rewiring. We've negotiated £50k off (so 10% of the original asking price).

I can’t understand the posters who think an avocado suite wouldn’t affect a house price?!

I think what’s being said is properties should be priced to reflect the condition, so a wholly renovated high end property will be priced much higher than one which hasn’t been touched in decades.

Some sellers are unrealistic and can’t see their properties issues. There was one woman who posted on here awhile ago and couldn’t understand why her house wasn’t selling and said it was better than the neighbours who had recently sold, so they’d priced it higher. The house was like something from the seventies, all red carpets, Pine kitchen and curtain swags. The neighbours was a high end extended renovation. But in her mind her house was much better.

Others just need the money to move, and others again are just greedy. They try to sell their house for way over it’s value then strip it bare when they leave, justifying it by saying the buyers got a bargain, simply not understanding that’s what th house was worth.

On the flip side buyers seem to think houses are actually worth what they can afford, and shout it’s over priced, it’s only worth x, which is their budget,,,

So make the offer op. You don’t need to justify. They don’t give a crap. They aren’t going to say “oh god I didn’t realise it needed decorating, silly me, of course I’ve overpriced it”. They will either say that sum is acceptable or not.

Just sold my mums house. Hasn't been decorated for years, kitchen was fitted in 1980s and has doors hanging off, bathroom had bath taken out about 15 years ago and a disabled wet room put in which was very tired looking now so needs completely redone too, everything is ancient and as far from showroom as you can get. Not even double glazed. Original electrics/internal doors/banisters/original downstairs loo etc etc basic and functional from when it was built in 1970s. Did have a new boiler and radiators were newish (15 years ago).

We had 3 offers the week it went on Rightmove. It sold above market price (we are in Scotland).

The condition doesn't matter, you offer a price based on what you want to pay and the sellers either accept or don't.

In my experience you can negotiate over the more structural stuff - boilers, roofs, rewiring, new bathroom/kitchen if decrepit.
Swirly carpets and pine cladding not so much.
If you badly want the house and the sellers are intransigent on the price you will need to do your homework and evidence how much this stuff costs now.

You're getting some very harsh responses on here!

I think you sound like you've done your research and the property is over priced. The boiler and previous sold prices etc are where you need to focus your argument for the estate agent. I'm sure they will agree with you secretly as they too likely know it's over priced.

When I was buying a few years ago, one property had been done up but it was definetly over priced. It was on for 299,00 and they had bought it for 139,00 the year before and done it up. I asked a builder mate roughly how much had they spent. He said no more than £40k. It had 1 bedroom less than I needed, a tiny backgarden and the neighbours behind were so close, you could lean over the fence and touch their kitchen window (fence was 3ft and I reckon must have had a covenant on as you'd block out all neighbours light with a higher fence. They could see right in. Anyway. I was desperate and offered 270,000 and explained why. They turned it down and were very rude and defensive Made it clear I was not to negotiate and walk away.

They sold it 3 years later for £250,00.

I bought a 60s semi in same village that was priced (I thought) correctly with extra bedroom I needed and a massive plot. In hindsight it was overpriced but again I've no regrets as I was desperate! I won't be moving again for a v long time. It's costing a fortune to do up though. I've spent about £20k-25k and been lucky to have 'mates rates'. New kitchen, bathroom, boiler and rewire. I need to spend at least another £15k and likely £20k on windows and other things that would be classed as 'to my taste'. I would likely not break even if I sold now (but hopefully not far off).

Oh, and although I didn't have wooden cladding, I had polystyrene tiles on ceilings and everywhere was covered in woodchip with horrible vinyl (wooden cladding style!) underneath. It's taken 3 years to get off most of it!

You will pay what you feel the property is worth op and it isn't a bad idea to do a cost benefit analysis. If you pay £225,000 renovate spending £60k and sell for £310,000; no problem. But if after spending that money the ceiling for the road is £250,000 there is a problem.

We offered and finally agreed a price! So excited! We went in at 360k siting the house a few doors down that sold last year for 355k, did not insult them by mentioning the dated decor. After some negotiations we’ve agreed at 365k which we’re happy with. The estate agent has since revealed that they had a similar level offer when they first put it on the market but they’d turned it down as being too low ha!

I'll in

Great news - congratulations, hope it all goes smoothly

Like others here, not quite sure of the concept that you see a house you want and expect the cost of getting it to look how you want to be borne by the seller?

But no doubt there is a sum both sides can agree on.

I can’t understand the posters who think an avocado suite wouldn’t affect a house price?! Provided it’s a relatively decent house it would be sold under the assumption of being immediately ripped out, as nobody with an option would consider living with that.

You are incorrect. If the avocado bathroom was functional, solid and clean I would love it! Sometimes the old stuff is more sturdy and better quality than the most of the crap that’s sold nowadays.

Great news OP! Good luck with the purchase and subsequent renovations

Well done!