What would you offer ?

[sassyx]

A house has just come on the market in a very sought after area which has obviously been priced for that. It’s 275k and does need a lot of work doing and that’s just from looking at pictures (due to view next week) from what we can see needs new kitchen & bathroom and possibly more upon viewing. As it’s priced at the top end of our budget we’re not overly confident we’d get it but just out of interest considering the above what would you offer? FTB so not sure really how it works!

Depends. If it’s livable for a while and you have the ability to save, then you can update later on.
If it’s in an unacceptable condition then you have to face financial reality and price what it needs immediately.
If it’s new to the market and highly priced then they are unlikely to entertain lowish offers so early. To get an idea of what people are paying there are a few good groups on Reddit.

Does it need a new kitchen and bathroom because they existing ones 'don't work' or would you like a new kitchen and bathroom? As FTB we viewed lots of properties with tired kitchens, single aluminium glazing etc because they were priced accordingly. If they had had new windows (installed in the last 10-20 years) we wouldn't have been able to afford them. It's a good way to get on the housing market if your deposit and salary allow you to buy, and then your take home pay will allow you to upgrade bits over the next 5-10 years.

@HellsBalls @Fuckthecamelyourodeinon sorry didn't make it clear! Everything's functioning it's just extremely dated so would be liveable

Properties are valued at what they're worth in their current state, not what they'd be worth if they were perfect. It's not a case of 'If perfect this house would fetch £275' and you can start knocking off 10k here and there for outdated fittings. However, having said that, sometimes properties are overpriced and take an age to sell. If it's a sought after area, that seems a bargain price for a house, so I imagine it will sell quickly.

@sassyx that's good as you'd be able to get a full mortgage then

It definitely is a bargain price and will be snapped up asap! We currently rent in the same area. Our landlord has property valued for 275k! Couldn't believe it, it's definitely overpriced as it's a tiny two bed terraced with no parking yet the one we're going to view is 3 bed with parking and space for a potential garage! So I'm very cautious of everywhere being overpriced now given how ridiculous ours was @VintageFollie

If the asking price seems a bit too good to be true, then I imagine it needs quite a bit of work doing. Doer-uppers aren't nearly as appealing as they used to be due to the cost of any renovation work being so crazy expensive now. But if you're young, have the energy and patience, and can live with it while you slowly update the place, it sounds like it would be a great investment!

I've just sold my house, am renting for next 6mts while looking for somewhere to buy, and I've proceeds of my sale in my bank account for deposit. Anyone know if my deposit will affect my Universal Credits?

Probably better to start your own thread because more people will see it and be able to answer. The link for a new thread is on the right at the top of the main property DIY board.

This post seems a little contradictory. Are you saying that the property is a bargain and that a you are worried that it is over priced?
What you need to do is become an expert in your local property market within your price bracket. Look at what is coming on, the pricing, what is selling, what is not selling. Obviously, the actual sale price info' is very delayed but you can certainly get a fair idea. A lot of posters seem to be saying that homes in their area are not shifting but perhaps your area is different.

@VintageFollie, most houses needing considerable work are definitely not priced for this at present. Most of them are priced far too high in the last 2-3 years and are therefore not selling.