What would you offer?

[mondler]

We have finally had someone make an offer on our house so we can place an offer in the house we really like . The problem is its top of budget £500k but they have been up since October and haven't reduced (nor have they had any offers). It's a bungalow in West Sussex.

I appreciate we can only offer what we think it's worth and this might be a pointless thread but I was really hoping to get people's thoughts on how much they would offer given the change in market...

Thanks

They might not consider any offers at all, but I'd go with 5% (£25k) and see what happens. 5% isn't an insult and if the sale proceeds and surveys uncover lots of expensive work, you might, potentially, have further room for negotiating.

There was a house for sale up the road from me that took 4 years to sell because the vendors resolutely refused any offers below the asking price. Some vendors will stay put until they get the asking price if they're not in a hurry to move.

If that's right that it has had no offers since last October it must be massively overpriced. Or something else significant is wrong with it. If you put up a link people may be able to give you some ideas.

I'd chat to the estate agent. See if there have been any offers and try to figure out if there is a reason it hasn't been reduced.
It might be they won't move for very much less than the price.

Thanks for your helpful replies. I've hopefully attached the link.

https://www.rightmove.co.uk/properties/129232535#/?channel=RES_BUY

So to my mind that is a 2 bed bungalow with a huge flat roof extension. In fact the flat roof extension is so big compared to the origional bungalow footprint that I am suprised it got PP. Bedroom 4 is too small to be usable as a bedroom. So it's a 3 bed extended imo. It needs modernisation.
I'm not surprised it hasn't had offers at 500k. I notice that the nearby new development in Shopwyke Rd are also struggling to sell - but I don't know the area at all.
I did also note that next door is a dance studio so I wonder about noise from that ?
I also found a modern 4 bed detached 0.3 miles away that just needs a bit of paint and a tidy and that's at 400k.
Opinions will vary, but to me that's a 350k bungalow not worth anything like 500k. Is the current taxi company that is registered at the address the owner or a Tennant?

@DrySherry cracking analysis ! Can I send you a link to a house I’m interested in too please ?

What Dry Sherry says about the flat roof, okay for a garage, not so good for living space. It looks as if it is lived in by elderly people, so maybe a bit unaware of the market? fixed on a price and won’t hear differently? ( I’m 71 so entitled to say that, and my house doesn’t look like that inside) .

I wouldn’t be too keen, personally, it’s hardly a bargain.

Good work @DrySherry

i was going to say similar about the extension. It’s awful and will probably need the roof re doing/looking at frequently. I’d really swerve any flat roof if possible and that’s a monster.

I don’t know the area but it’s not looking like super value… if you really like it and have the money for renovations I’d go in at £400k and see what the survey shows up

Very odd layout, and a lot of work needs doing. There are 4-bed bungalows in Chichester on for a lot more, though, so I can understand why they are resistant to dropping the price, and the garden is lovely. But @DrySherry is spot on regarding the size of the 4th bedroom. If I were prepared to do the work, I'd offer £475K, but wouldn't be inclined to go any higher if they refused.

What’s going on with the kitchen ceiling? Is it under the flat roof part of the home. Lovely gardens (if you like gardening) but it’s a bit punchy on price and I’d def want a valid electrical certificate. Needs quite a bit of work.

It's in Flood Zone 2.

I shouldn't take much notice of any offer suggestions. Just offer your maximum comfortable amount for that property and leave it at that. Walk away if not accepted.

According to the statistics, Chichester prices haven’t dropped. Having said that, I know where that is and I wouldn’t want to live on that road and I don’t think it’s worth anywhere near 500k. I reckon you’d need to do a lot to make it comfortable.

Kitchen is under the flat roof. The ceiling looks badly damaged by water …

Have you been to see it?

That property you're interested in is getting quite a roasting @mondler Mind you, that is common on Mumsnet so take it with a pinch of salt if you like the property. You know the area better than us.

It's definitely strange that it hasn't been reduced in price since October 2022 though. It should have reduced twice and already be down to about 450k.

It's got a nice big garden but I would only really classify it as a 3 bed as the 4th is only the size of a study. So take that into account when comparing it to other properties and when negotiating with the agent. I think I would start at an offer in the region of 400- 425k (if you still like it after all the negativity!) and it would be interesting to hear what the EA says about that.

I don’t think anyone is being unreasonably negative, just pointing out things that the OP didn’t necessarily know, and did ask. She (or he?) asked what people would offer, and most have answered that, and explained why.

The flood risk, substantial flat roof and close proximity of businesses are all things that have likely contributed to it not getting any offers and still being in the market 10 months after it was first listed.

As the saying goes, every house will sell if it’s priced correctly

Well spotted @Chocbuttonsandredwine . Depending on the issue the whole roof might need replacing, and it suggests the quality of the build isn't great. My £475K is beginning to look a tad generous. I'd probably drop that to £425K and go for a full structural survey if the offer were accepted.

I was a little worried about looking into the purple horse box across the road.

My property in a nearby area went on the market the same day for the same price. I sold a few weeks ago for £65,000 under the original price after two reductions. It's massively overpriced. If you are interested I would say that £450,000 would be a generous offer. My neighbour has gone into a home and hers was on for £525,000 with a large garden. Now down to £415,000 and no buyers. It's only seven years old and although furnished in an elderly person's style, it's got all mod cons.
Either the agent or the vendor has got the price completely wrong in this market for the bungalow.

The other big flaw with the house is that due to the extension the dining room is in the centre with no windows - so that will be a very dark space.

As has already been said - it's a 2 bed that's been massively (and cheaply with a flat roof) overextended which is why the property isn't balanced and has an odd layout.

Personally I wouldn't touch it for half the price.

Given all the reasons already listed I think it's a bad investment and it needs a lot spending on it.

Thanks all for your comments, really interesting to read. Weirdly the flat roof isn't an extension, it was built like that in the 60s with the assumption someone would build an extra floor. Seems bizarre.

We love the layout as we'll be moving in with my elderly MIL.

You've really helped us think about offers so thanks again 😊