How much to offer?

[PrincessTeaSet]

First time buyers, not sure how much to offer. House in on for 250k. It's ex-council, needs "updating" but in ok/liveable condition. Looks to have some loose roof slates, not sure of how serious this is as haven't looked in the loft.

We're in a northern town, the market has slowed a bit and stuff is selling but seems to take a while.

Last time we saw something we liked and offered on we offered asking price and it went for way over, the second one we offered 15% less as it needed rewiring and the EA wouldn't even pass the offer on to the vendor.

That was a year or 2 ago so things slower now but wondering how much you'd offer in this scenario. We are quite keen on the house, we've been looking for ages and this one looks to have good garden size etc and is in a good location so not wanting to get it wrong again!

Do you have a link? I can understand if you dont want to share though. It really depends on how much you think cosmetic costs will be, upgrades to bathrooms et, how long its been on the market? What others sold for on the street and nearby. I’d say roughly 10-15% below asking if all those factors work in your favour. Today, it seems buyers want more for their money. I certainly do with these awful monthly mortgage costs. No way would i buy a house to do up and spend a bomb each month that’s more than local rent in the area. I’d rather save up. Mind you, i dont have kids, just me and my partner in decent jobs.

Hard for anyone to really know what to offer as no one knows your local market like you do. Offering 15% less on a previous house was very low but your EA should still have passed it on as they are legally obliged to do.

If you're really keen on this house, I wouldn't risk being passed over by offering that low again. I think I would consider offering at about 225K - that is high enough that it ought to be taken seriously. Then (if you think it's worth it) you could allow yourself to be talked up a little.

It's only just gone on. Will post a link in a minute. We could afford a bit more but have young children and would rather have a margin and enough for holidays etc than it all go on a house, not too fussed on cosmetic stuff although I would have to get rid of those fire surrounds!

https://www.rightmove.co.uk/properties/144382949#/?channel=RES_BUY

Oh gosh it's very old fashioned isn't it? Underneath the dated decor there is a lovely house, however.

Given all the cosmetic improvements needed, maybe start a little lower than I said before at 220k? It really depends how it compares to other local houses of a similar size/location/condition.

One of the positives about it is that it would be relatively easy to add value by improving it and making it more contemporary. That bathroom!

It will have been priced bearing in mind the cosmetic updates needed so I doubt the sellers will accept 10-15% under t this point unless something else comes up in the survey. I'd probably start with an offer around 235.

Requiring dues not justify such a low ball offer!
I imagine the price of the current house takes the need for updating into account. But offer whatever. They will say no so you'll have to up it. I personally quite like saying 'this is my top offer, take it or leave it' rather than too much back and forth (only works if you stick with it though).

I'd go in at £199K.... it looks like it needs windows, bathroom, kitchen, possibly a re wire, you need a surveyor with a full survey done and then get quotes for what needs doing and subtract that amount from the asking price.

A couple of things OP

The EA has a legal responsibility to notify all offers to a vendor, so dont put up with the rubbish unless they say - "more was offered by people in the same position as you yesterday and that was rejected" or something similar

We've always offered below and doone well IMO

Once you've viewed and even if a buyer has accepted an offer, you can demand to have your offere forwarded - EA will indicate if its lower/same and you then need to make it worth their while

only you can decide and its luck as well EG what the sellr will accept and what competition

This house we live in was chain free - around the same day someone offered xxx amount, we'd been thinking about it - we made the same offer as a cash buyer and no surveys. We got the place (we had done 2 vieweings -- as we were cash and house chain free - we got the keys to it in 3 weeks I think

IMO, test the market, make a low, quiet a low offer and demand the EA puts it forward unless as above and take it from there - visit the place/area twice at least and on a night time as well and during the weekday if near school, town, factories etc as parkig, blocked drives may be a problem

Often on coucil estates, no matter how much you do your property up, often, not always, you will get a lot less than the prvate raods just around the corner with similar sized property

It's just on the market if say there's no way they are going to consider a drop of 20 percent. I would talk to the agent and go in at 220 if you are serious. Bear in mind that you had just advertised it on Mumsnet!

It's clearly empty, so someone might be keen to get rid, but it looks like a really nice sized family home. Presumably ypure not planning on flipping it, so I would offer a decent amount if you don't want someone else to jump in.

I love the bathroom, but I'm weird. And there are a couple of nice ercol chairs in the garage which someone has missed.

It looks liveable, and I'm pretty sure peach is popular again!

Good luck.

I've just oked at th pic - other than the colour scheme, kitch and bathroom//wc - it looks good, good daylight but not everyone buying their own place likes buying on a council estate or narrow roads - so come sale time, you need to be aware of that

House desgin looks nice but not those surrounding it

Sorry, just posting honestly as always

I did think someone will love that bathroom @Seaside3 someone who likes vintage stuff (not me)

I actually love that bathroom 🙈😂😂😂

Such a nice flow and amount of space plus parking - lots of positives.

I’d offer 238k but expect a no and try to get it for 245k.

@Twiglets1 I likely wouldn't keep it, but I do like it.
@DistinguishedSocialCommenator and plenty of people realise ex council houses can often be really good houses at great prices.

I know but anyone looking will see it on Rightmove anyway...and it's not something amazingly unique that someone is going to desperately want if they aren't local!

Appreciate all the viewpoints - thank you

Personally I like the design of the estate - green space, lots of pedestrian cut throughs, the streets are wider than modern developments, close to shops etc but minimal traffic. Realise ex council not for everyone but we want to live in it not sell it . Same house on private estate would probably be 50k more with smaller garden....

It’s difficult with an empty house because they could either want rid of the house so could be willing to accept a low offer but equally they could be in no rush as they aren’t in a chain so will hold out for a better off.

Knowing the area a little I would say at this point I’d probably offer something like £240k if you are serious about it but would say it’s a top of your price point kind of offer.

I would offer asking price personally. That's a beautiful house and I wouldn't want to risk losing it

in all honesty, I think the house looks untouched and ZERO value added to it for decades - who do the vendors think they are?? It needs a rewire possibly and every room needs something doing to it. Bathroom and kitchen need modernisation - that costs a lot these days. The photos look ok ish, but if you see it in person on a rainy day, it'll look worse. I think you should offer 15% below asking. I would anyway.

It's empty, start as low as you dare..

" Bear in mind that you had just advertised it on Mumsnet! "

I have to agree its better not to do this - but too late now. The agent and the buyer will think it has had a lot of interest from the extra clicks...

I would say offer what you can truly afford. It is great to get your first home. But no fun if you have to live the life of a hermit to do so. GL

To be honest I have no idea what these things cost. Probably should find out. The kitchen looks ok to me ?