How much should we offer for this house?

[ninkyno]

House Needs a lot doing. Hasn't been updated since perhaps the 70s- new kitchen, bathroom, wallpaper peeling off the walls, etc. Been in the same family since the 1950s when the house was originally built. It's on for sale at £775K. Our budget is £740 max. How much should we offer on it considering how much work needs doing to it. This is our second property purchase after a long time and I'm totally out of ideas on how to approach the whole process cautiously but wisely.

It's a probate property and offered with no upper chain. We have just one person below who is a FTB (currently living with parents).

NB. Property prices are mad here- this property would've pre-pandemic been listed at around £650K.

@Honeyroar

Can you not just offer £230k just so we know whether they’d have accepted your offer or not!

😂

(They said the vendor wouldn't consider anything under £750k)

@ninkyno

Update: we went to see the house today and were massively underwhelmed. It looked huge in the photos and floor plan but felt like the walls were closing in on us whilst we viewed the property- really claustrophobic. The house/walls looked and felt like they were made out of cardboard and it needed a LOT more work doing to it than we'd originally thought. We will not be putting an offer in.

It will probably be on the market for a long time. It doesn't sound like an attractive house and is clearly a financial liability.

It's a good thing you went to see and were duly underwhelmed, that way you won't be wondering and worrying you're missing out on what might have been your "dream houses" (if you have one, that is)!
Good luck with your search!