Going to view a house today that I want badly !

[skidamarinkadinka]

Gorgeous 1930s detached house, needs alot of modernising, huge garden, big drive and garage. It's on a main road into town but all the houses on this road are the same and just so lovely to look at.
We are not on the market yet but plan to get the same estate agents to list us asap. We need to move, we've outgrew this house in the last two years.
They want £450k. It was reduced in October.
Feedback has been the main road putting people off and also the work that will need doing.
How can we up our chances ?
We can probably go upto £430k but that would be the maximum.

We would have to save for a couple of years, which is fine because it is liveable, I’m just impatient 😆
The school doesn’t bother me at all, there is no issue with cars parking on the road to drop off as it’s a main road and you can’t, I’m not particularly bothered about much noise !

I think it has the potential to be an amazing family home, just expensive to get it like that ! We just cannot afford what vendors are asking, not with all we need to do. We’ve backed right off now, going to see what happens and just focus on getting this place on the market, which should be by next Friday, the photographer is coming Wednesday

I think you're doing the right thing backing off a bit, it sounds like he's being a bit unrealistic but given she wants to move, let her work her magic on him!!

Although this one sounds fantastic and just what you want, or rather you can make it exactly what you want!! if you don't get this one, there will be another one and you will end up loving it even more!!

looking forward to the updates 😊

I wish the owner would be more realistic with what it’s going to cost us to get it up to date

So do I, @skidamarinkadinka - for everybody's sake - but they're not being and there's your answer as to why nobody else has wanted it for over a year

By the way, saving to get the work done is all very well, but best hope your mortgage providers don't put a retainer on the loan until itt's completed.
With so much to do that could get very difficult very fast if you don't already have the necessary funds

Explanation here if you're not sure how this works: https://www.onlinemortgageadvisor.co.uk/mortgage-application/mortgage-retention/#:~:text=If%20the%20buyer%20agrees%20to,on%20the%20estimated%20work%20cost.

Even if they did accept… I doubt you’d be in before 2026. This will be a slooooow process.

How far is it from your current home OP? Would your children be staying at same primary?

Thanks for this !! Very helpful

It’s literally less than a mile away 😆 no school changes or anything luckily.
And now I will have to be careful not to give my current house away with too much information 😁

What progress have you made in getting yours on the market?

incorrect

I’m all ready to go ! It’s the photographer being away for a few days, so he can’t get here until Wednesday which is a little frustrating

Next Wednesday?

choose another agent, surely you don’t want to miss the weekend if the owner has made it clear that you being in the market is very important to him in the consideration of your offer

green and co are coming around tomorrow to give their valuation, it’s whether a photographer can get here that soon though isn’t it

Have been a very busy electrician for over 20 years, and in all that time have done 2 re-wires, very rare these days to find a place that needs it.

New consumer unit, new accessories, some alterations yes, but full re-wires not so much.

If you’d selected the same agent as the vendor… I reckon you’d be on today!

How accurate are those property checker websites like bricks and logic etc? They’re telling me the house is worth a hell of a lot less than what we’ve even offered, in the 300’s 😬

I'm sorry, I really don't know, but there are some very good supersleuth on here that can probably give you a fairly accurate idea of how much it's actually worth compared to what else has sold locally.

I think it's fine to overpay a bit (as long as you can get the mortgage for it) for a 'forever' House, but it's just not feasible to pay loads more. So yeah, you need valuations from as many places as you can.

And personally, I would get a couple of surveys done.

Surely it was valued by an estate agent or two before they put it on the market?

We are about to put our house on the market. It needs about £80k of work. But it’s priced relatively - once done up it will be worth a good deal more than £80k more. Probably £120k more. So I wouldn’t be accepting low offers “because it needs X, Y or Z doing”.

That's absolutely fair, @Honeyroar, because as you said yourself you've priced the place appropriately

Unfortunately this vendor hasn't, and instead seems to have taken the massively renovated house next door as a guide, so the fact it's languished unsold for over a year is no surprise at all ... in fact having just looked at what else is available in Tamworth for £450k, with no work needed at all, they've got to be joking

Well yes I’m guessing so, am I allowed to ask the agents what they valued it at or no?

And I appreciate what you’re saying, but as @Puzzledandpissedoffhas said, your price is reflective of what work needs to be carried out.
I know this house will be worth more once the work is done, but any buyer has to pay to get that work done, whilst also paying the mortgage, unless a cash buyer comes along.

We think 420k is a reasonable offer, we are a genuine couple and not looking to take the piss out of anyone, we love the house, but we can’t pay over the odds for it, we need to be sensible.
BIL should be coming back with his valuation today so I’m interested to see what he says.

It is very unlikely that an EA would list a property at a price that they thought was completely inaccurate. They will have valued it and if the vendor said they wanted a bit more then they’d have been leeway but no more than 5% of the ceiling of what the EA thinks.

I can’t imagine this property is even getting viewings anymore given it’s stagnated for a year. You very likely have the luxury of time on your side op

Ahh I see, thank you. Don’t estate agents always over value though? I just don’t get it when this property has had nothing done to it massively increase its value

Is the 80k based on a recent estimate? Just interested as costs are so high right now.

They don’t “over value”

they generally suggest pricing at the ceiling price but dependent on sellers circs ie they want to sell quickly, they won’t list at ceiling price

I suspect these vendors are frustrating the EA