How much is this property worth? RM link included!

[Nav7]

Hi all, I hope you're all well. Just wanting to gauge some opinions on what you guys think this property is worth and how much approx would be needed to get it to a decent liveable standard? I appreciate its all about opinions so no right/wrong answer.
www.rightmove.co.uk/properties/129934388

It came on to the market in Nov 2021 for £310K (at the peak of the market), got sold/taken off/sale fell through, unsure what happened to be honest... has had a lick of paint and put back on, on 9th Dec at offers over £340K which I thought was ridiculous considering the work required and current market conditions. It was then reduced to OIRO £320K 2 weeks ago. I think it needs approx £50K spending on it (internally) for a new kitchen, bathroom, downstairs WC, removing walls between kitchen and office/dining, possibly electrics and a couple of patio doors... and that's just looking at it from the surface. EPC rating is an F.

Comments/opinions greatly appreciated 🙂

Well, then I guess it would reduce the pool of potential houses if I was ever looking to relocate over to the west.

I have no idea about the price because I don’t know the area, but hopped on to say I don’t like the look of the house from the outside much, I’m sure it could be improved. I utterly adore the flooring (some just needs sanding please don’t cover it in laminate/carpet!) love the hall/entrance/stairs & yes… the yellow tiles! They’d stay for me 😁

The standard leasehold around here (S Yorks) is 800 years (I'm excluding newbuilds and factory renovations etc). I've never heard of anyone having any problems whatsoever with a leasehold house around here.

My dad nearly had a pink fit when I bought my first house because it was leasehold - but where I grew up, the standard leases were only 99 years so yes, that could cause problems!

OP, I'm personally not keen on this style of housing but there looks to be plenty to recommend this particular one if you don't share my distaste for the style! But the priority would have to be getting the EPC rating up, long before knocking our internal walls etc.

Ultimately the property is worth what someone's prepared to pay for it.

Again a fair point and I agree however I feel it is not priced according to market conditions or else it would have already sold following the reduction. I think the vendor may accept £310K as it marketed as OIRO but I am assuming no one has offered that amount yet.. I don't think it worth £310K by the way. It was priced at £310K at its peak so how can it be worth more in a falling market?

@Nav7 Hmmm ... I don't know the area but some of those windows don't look double glazed to me which could be part of the reason why the rating is so low. Have you been to the house to have a look at the actual state?

I don’t know the area personally but based on that link - the most I’d be offering is £270-£275k max. The amount of work required to modernise - you’re looking at least £50k and that is not including any underlying issues that crop up when the work is being completed. The vendor is clearly deluded if they think that they will achieve that amount when the property is in that condition.
I would definitely get the electrics checked out, given that the property doesn’t look like it has been decorated since the 60s or 70s, the electrics will be that old they’ll need replacing too.

I've not been, didn't bother with the viewing when it 1st came on the market because they already had 20 viewings booked in and I was just about to go on the market with mine so had no chance in a crazy market anyway. I was told it would be going to best/final offers by a particular date. Property went SSTC only for it to come back on. The question is why because it came back on 12 months later after SSTC, surely there was a list of other potential buyers and no reason for it to come back on...

Just read the EPC properly! It is fully double glazed, rated average though

Know the area somewhat and agree that it's nowhere as desirable as it was 20 odd years ago. Then again Bolton TC is absolutely on it's arse and things are only going to get worse with M and S shutting in the near future. Used to regularly cut through the estate a year or so ago and noticed that a lot of the houses were massively extended so it seemed very crowded.
I'd look for something around Newhall lane, not necessarily on it as it's reputedly
noisy and prone to burgalries. Not sure prices will be as favourable though.
Smithills is a good shout and not that far from the motorway. Agree that Egerton/Bromley X are a ballache to get over to that side of town. Main issue are state schools. Ladybridge/Rivvy aren't amazing tbh.
I don't think £320k is that bad actually but I reckon if they lower the price there'll be more interest due to that area's reputation.

Not necessarily a bad thing it has come back on for. My property sold 4 times. First 3 fell through to the buyers personal circumstances changing. And now 12 months later my 4th buyer has pulled out because the chain above had issues with their purchase and refused to break the chain (probate property that they were buying).
So mine will be going back on in a few weeks. Nothing wrong whatsoever with my house, and it sold quickly each time previous. But the market - it isn't good. The way I feel right now I don't know how chains ever work as my experience has been so abysmal!

There several houses for sale off Newhall lane actually. Drove past them today but they seem to be large semis. See if I can link if you are interested ?

My previous home was leasehold. Terraced house circa 1900. Ground rent £3.00 a year. A neighbour came to collect it and sent off a cheque for approximately 10 house in the street. 875 years left on lease. I quite enjoyed the antiquated system,

My current house is also leasehold. Semi detached circa 1876. Apparently a big estate nearby holds the lease but ground rent never collected, at least not in the last 20 years or so. If it was I expect it would be around the same amount and similar time left.

Both north west, one in Manchester one in Cheshire

They will probably be way more than my budget... those large semis are circa £500K+ but thanks 🙂

Definitely needs a full rewire and a load more sockets. Probably not well maintained looking at how dated it all is. Doors don’t match.
Nothing horrific stands out though, apart from that odd line on a bedroom ceiling.
Massive radiators tell you how cold it’s going to be when they are off. The boiler is an eyesore and you may end up moving it to the garage (££). How is that flat roof?
But 320k for Bolton? I didn’t realise it was a boom town with enough high paying jobs to support those kind of prices.

Leasehold very common in Manchester. 999 year leases etc.

Kitchen may need some updating but not a necessity. From your description I thought I would see a real fixer upper.

I don't know the exact location but would that account for the price? Is it close to good schools? It's a detached in overall good condition so it doesn't seem ridiculously over market value.

Those of you with leasehold issues may be thinking more about new style leases where the price can suddenly rocket. These aren't the same. It's usually a very small annual payment (mine was £1.65) and often a man option to buy the lease for about £300.

If you're not familiar with them please don't keep saying 'the leasehold would put me off' because at least 50% of the older properties in the northern town where I live are leasehold and no one ever has an issue.

It's a nice area of Bolton but the work that needs doing means it's not worth more than £300k I'd offer £280.
We've just bought a 60s home, currently £27k spent on a full renovation;, new internal doors, heating system, partial rewire, plastering etc. So still have bathrooms and kitchen to do.

Search for the EPC online for the property to see what needs doing.

•You can buy a paint that you spray over tile. So no need to replace the yellow tiles
• polish all those lovey wooden floors.
• why why why are there ladders being used as shelves in the bathroom?
• where’s the laundry? I’ve looked twice. No laundry, why?
• have the cupboards in the kitchen painted a lighter colour, maybe eggshell or white. The dark wood is very dark and heavy. Also change the handles, they’re old fashioned.
• the garage door needs replacing

• the bricks between the top set of windows and the bottom set (painted beige/white brick section) looks mouldy? Or are the bricks just dirty?
• driveway will need replacing sooner than later
• no landscaping

They’ve thrown some paint around and upped the price. what is the paint covering?

offer $290. Point out the negatives in the house.

no idea what the lease talk is all about.
here we have either 6 or 12 month leases only. We renew it when it runs out or we move .. anywho.. keep us updated on what you decide. Good luck 🤞🏻

@C4tastrophe not a boom town but has some very desirable areas. Great links to the motorway from that area so accessiblity to Manchester/Preston/ Liverpool is pretty good. Close to lovely countryside. Town centre is on its arse and fair share of deprivation/ excess of of minimum wage jobs but if you have the skills you can have a decent quality of life. Only problem round there are the schools. Primaries are good but secondary not so much (although Ladybridge has made great strides due to change in catchment area).
I think that house is actually a good deal but will be snapped up by developers if OP doesn’t hurry up.

I disagree. It looks to be well maintained. Thermostatic radiator valves, electrics don't look particularly dated. The kitchen and the louvred cupboards in one bedroom can be lived with and the bathroom's in good nick. There's space for a washing machine in the kitchen. You can see the pipework for it and there's a dishwasher. If you wanted a separate utility room, the garage is long and there's also the store off the hall. I'd look at accessing the back of the garage through the store and making a separate utility room there.

Unless it is a mistake in the wording of the add I would not touch a leasehold house.

Apart from that I like the look of the house. It looks livable.

I think you will have to change all the windows to double-glazing which will be quite expensive.

So do I! I thought it looked quite sweet, somehow.

I have no idea about the area, and it’s not really a style of house I’d usually go for - but I like it. Looks spacious, flows well, rooms are a good size and ceiling height and all three bedrooms are similar size.

”Requiring modernisation” is the 3rd listed Key Feature, so I would think the price reflects that. But it is still liveable, so I wouldn’t expect a massive saving to be had.

Have a viewing booked in for next week. The property did sell but buyers pulled out as there was issues with damp. I am assuming it came out from the survey. Agent tells me that the vendor has sorted this which also explains the lick of paint... there is an issue with the chimney which the vendor's roofer is coming to have a look at.. Unsure what the exact problem is but I'll ask at the viewing.

Good luck OP. It looks a decent house, lovely flooring - and I like those loo tiles too!

There's nothing about that house that makes me think it's worth significantly less than the asking price, especially when comparing the other houses you posted - it seems to have already been priced to take into account it's condition, which although not decoratively desirable or modern is most definitely liveable.

I would imagine you'd need to offer within 5-10K of the asking price if you want to be successful.