Is this a reasonable offer?

[Ginqueen456]

Hi all

I am a 1st time buyer and I have fallen in love with a 4 bed priced at £310,000 however it needs some work doing to it. The kitchen needs to be replaced, a good chunk of the windows have blown and need replacing, the shower is leaking and needs to be replaced, the boiler is 20+ years old and hasn't been serviced for 2 years, the boundary fence has fallen overr and along with other bits and pieces that need modernising/replacing like some internal doors etc. Would I be unreasonable to offer 15% less than asking price? I don't want to piss off the vendors as I do really love the house.

it will have been priced with that in mind, however times are different than the last few years… How long has it been on the market? how does the price compare to similar in the area (or similar houses in good condition)? 15% is a fair bit under and might annoy the seller if it’s only just gone on, but it’s a different story if it’s been hanging around for ages

Its been on the market since November with no offers so far. Similar properties in the area for the same value are in better condition.

That offer does seem a little low to me but if you've done the comparisons to other houses in the area then why don't you mention the offer to the estate agent. They'll let you know the owners position.
My house went on in November for £245k and I've had an offer from someone who has yet to sell,which was 5k under my asking. In November I was debating if this was good and now after all these months now thinking crikey if I get that then that's amazing. But nothing is shifting here.
Just ask,good luck.

If there are similar properties in better condition, then put your offer in writing and link the comparables so that the EA and vendors can see you've done your research.

There's no need to list the major works you'd want to do to the property - they will know.

November to January is usually not a busy period for people buying houses unless they absolutely have to. Lots of people take their properties off over Christmas.

I agree show comparables but you really need sold prices not for sale prices. Look on Rightmove at the sold prices in that area and from the photos you can see what condition the houses were in when sold too. You can include the other ones up for sale especially if they are with the same estate agent but other things might affect that price.

The whole it needs a new kitchen etc isn't relevant, it has been priced with that in mind. Price drop discussions occur after a survey which potentially reveals something an estate agent misses like cracked tiles, a chimney that needs repair etc.

15% is quite a drop on that property, talk to the estate agent and get the lay of the land. As a FTB you are in a good chain free position, the vendors might decide it is worth a drop not to be in a chain.

I wouldn’t have thought someone would accept 15% below for a property that has only been on since November. It’s not long especially when you consider that no one really views houses over the Christmas & New year period.

The EA valued it at 310k knowing the condition of it so that should already have been talked into account. And it must have some benefit over the comparable properties you mention or they would be the ones you would be interested in.

Having said all that, it’s up to you. You can make any offer you want and the EA must pass it on. I think it is highly likely to be rejected but you never know. At the very least it hopefully starts a conversation.

What happened in the end @Ginqueen456 ?

They accepted my offer at 10% lower than asking price 🥳

Yay! Congratulations on getting your offer accepted.