3 months on the market

[WhatNoReally]

I've viewed a v expensive house that's been on the market 3 months. If it was an averagely priced house I'd think we could put in a low offer because of the time on the market, but as it's expensive I'm imagining there are fewer buyers so everything goes slower. Does anyone have any experience of this? It's over £2 million and ideally I'd like to pay 10% less than asking, but don't want to take the piss.

OP I would allow a fair bit more than £100k for the renovations you've got in mind, particularly if you are looking for a decent finish. Renovations currently are costing a LOT.

Have you checked when it was last sold and how much for? Does that help you to decide whether the current valuation is accurate?

I think you should work out what you would be happy to pay, as I'm assuming a house of that size is a forever home. It sounds more like it will need £200k - £300k to get the house and possibly grounds (I'm thinking possibly roof, heating, electrics here too) to where you'd want to be. Start your bidding some way below your figure, you can always work your way up. The problem you have is once a house is valued at 2 mil, the vendors will believe it's worth that, the reduction of £75k sounds like they're quite desperate to sell and are perhaps coming round to the idea that the house has been over valued. Think I'd start at £1.5m and see what response you get, especially if you're in a position to proceed.

I found it quite easily too. Op I’m northern and I think that’s overpriced. Views like that are available for many houses up north that aren’t directly in a city so it’s not a rare feature. The house doesn’t excite me but I understand everyone has different taste, I just think it’s bland with rooms on the small side. I’ve seen some gorgeous, spacious houses with similar views and better layout for cheaper.

I don’t think it would be cheeky at all to put in a lower offer, especially as there’s lots of changes you want to make. The seller might be stubbornly fixed on the highest value they had though, which could be why it’s still on the market and only been slightly reduced (strategically to place it in the lower bracket for a bigger market).

It was last sold in 1999 for £340k

That’s a beautiful house with a spectacular view especially being on a hill. Unfortunately the interiors are dreadful and I expect given you’re buying at this price you are after a high end finish.

Given this is a nearly 500 sqm house and you’re considering a kitchen extension (presumably with big glass doors to take advantage of the view) you should be thinking of a much higher budget. For interior renovations you are typically advised to allow £1-2k per sqm (depending on finish, structural changes etc) and that’s before an extension, fees and VAT. So at least £1m to avoid it looking a bit naff.

Can someone please link it for soft southerners without a scoobies where it would be.

I agree with this. I'd also question whether it's worth spending so much on a house that needs that much work!

Surely buying something smaller with a good plot, and extending to your own spec, would be better?

Well I guessed the city first go which helped. Wonder if the OP stuck an offer in?

@IrisVersicolor just click on the floor plan and do a Google image search. It take you straight to the right move link

In London a few years ago for our first house was on the market for 1.75 and we offered 1.4m. We bought it for 1.45m. Sold it 3 years later for 1.95 without doing much work (yeah). Second house was on for £3.5 and we offered £3 and we settled for £3.075m. I never get why people feel ashamed to offer much less. The worst they can say is no (in both occasions we were cash buyers). We have now added a basement and it's been valued at £7m but I'm worried that it's not the right time to sell so I'll wait a bit. Offer 20% off please you can go up but you can't go down

It was 340k in 1999, impossible to make a judgement from previous sold prices

Thanks I had been using tin eye.

I like it, I think it has great potential despite shocking decor.

Can’t speculate as it’s actual value. Round my way it would be around £10 million.

So £2 million in London is fairly common. However in the North that is a very high price and if you ever needed to sell it there would be a limited market for it.

I would be very nervous especially as you are planning to invest even more into it.

It's interesting reading your thoughts! Especially those who have tracked it down.

We're not offering. I don't think it can be extended as it's in green belt and there's a guideline that you can't add more than a third in volume. It has a 1000 sq foot garage and of the 4000ish square foot house the kitchen side is also an extension. I've not bothered with the math but it looks like the third that could be added has been used up (and maybe then some!). There's planning permission for the garage but can't see anything for the extension. They may have a certificate for lawful development if it is within permitted development - not sure of the precise requirements.

I agree about the decor but that's not a problem - key for me is the bones of the house, garden and location.

There's a site that you can put in last sold price, post code plus year sold and you get an estimate of todays valuation - it came in at £1.5 million - of course thats assuming the 1999 valuation was accurate.

Since the last sale they added the whole kitchen side of the house plus huge garage, not sure that is factored in to those price estimate engines.

Depending on when the extension was built and the date of the current green belt regulations, it may be 30% of the current structure - worth checking out.

Can someone please link it for soft southerners without a scoobies where it would be

Seeing as the OP is not interested in the property any more I will offer a clue. Try looking a little outside leeds. Clue look at the floorplan and then compare that to the house shapes rightmove throws up. Obvs restrict the search by price.

I have also tracked it down and think for that money you can definitely find better, even in the same sort of area. I know that wasn’t the original question..