help a first-time buyer who has no clue about houses please! seen a house i love for £195k what sort of offer do you would be reasonable given that it needs some work doing to it?

[JackiePaper]

the house has only been on the market for a week and is a fair bit cheaper than others we have seen in the area (but then those aren't selling) It's a 3 bed semi which has been the home of an elderly couple. aside from the naff decor and carpets the loft needs insulating the back door needs replacing and there is no radiator in the third bedroom. i also suspect the central heating system is quite archaic.

one on the next road road sold in nov 2008 for 174,950 but obviosly i don't know what sort of condition that was in when it was sold.

please help me, we are first time buyers (on a gov scheme for key workers to help us buy) and i have no clue about buying a house/doing one up!

thanks x

yep you couldn't see if it was wood or plastic panels on the side - as the panel was covered in carpet.

the patio doors are on a porch. the bath is plastic pink and cracked, and the back door is wooden and rotting, but apart from that and the radiator it's just decorating ( which i don't expect to get any money off for)

i was just wondering what people thought would be a reasonable offer. thanks for all the advice. we can afford it at the asking price. just.

I imagine it's priced to sell at £175k because very few people would go just over the stamp duty threshold.

i would offer 150 initially

really hoxton chick??

so should i offer lower than 175 and be prepared to be pushed up? or just say 175 and that's our best and only offer?

i have until monday to stressdecide

deffo 150 and pay about 165 max good luck it looks a good house

If it's only been on a week and it is cheaper than similar properties and the vendors are elderly, I think you might be shooting yourself in the foot by offering £150k. They may not understand the negotiation game and there may have been lots of other viewers who are also prepared to pay up to £175k ready to put in offers.

really 150?! wow! is that not incredibly cheeky?

hmm that's what i thought. we were the first and so far only people through the door

i was thinking of starting at 170, going up to 175 if thats not accepted and then walking away for a few weeks to see what happens.

the lady living there wants to sell as her husband has sadly passed away and she herself has had a stroke so she is moving into a bungalow closer to family i think. they have owned the house for a long time (at least 10yrs) i think.

just had a look on ourproperty website and it was before 1995 they bought it. Must be a popular road - last house listed as being sold on that street was number 51 in early 2007 for £210k

it's a small village at the top of a hill and not much comes up for sale very often faq.

herbietea - having sold a house recently - I was accidentally sent some paperwork from the estate agent along the lines of "we have valued it at xK as this is what the vendor" (me) "would like to achieve, however, we expect it to realise xK-7K". The agents' valuation is not always what the property is likely to sell for, and they know it.
PS - Oh yes, they were punished, big time. I made tham accept a lower commission, or else.

I know herbietea, I just wanted to point out that an agent will market a property for whatever the vendor wants. The asking price is neither necessarily what the vendor will accept, nor may it be what the property is really worth. We are in a buyers' market, like it or loathe it. OP is a first-time buyer, so can probably get a good deal. FWIW, given the fact that OP is the only viewer, she could make a low initial offer and hope. She could ask to be notified of any higher offers, but this would weaken her bargaining position whilst leaving her in a good place to match/better any higher offer. Swings and roundabouts if she takes this option.
Whilst I hope for a good outcome for OP, sad sap me still feels sorry for the old widow lady selling the house at a bad selling time but needing the best price for a sad old future.

Given that all the stuff in the news at the moment is saying that house price values are slowing their decline, I would be surprised if they would be prepared to accept very much below the asking price given that it's onyl been on the market a week.

Am deserting now as have to go to bed and sleep - work at 7.30am tomorrow. DH and DCs are on holiday and relaxing.

I would do some research into the central heating system to find out how old the boiler etc is if you are concerned. This could be expensive if it packs in.

The door clearly needs replacing. Think functionality though in terms of the bathroom, rather than colour/style. At the end of the day, putting a cheap white suite in with original tiles will look dodgy anyway. I would tend to leave if possible until I could afford to do it properly. Kitchen looks fine to me (I lived with far worse for 6 years when we moved into this house!). In the third bedroom though if you need heat just buy a plug in radiator for the time being from Homebase - it's only a small room anyway.

I would start just below 170 and when you get that far make it extremely clear that 174999 is your FINAL offer.

Hang on - if one in the next street was selling for £174k then surely that is your benchmark?

I think around £155k is a reasonable sum to offer - after all prices have gone down since Nov 2008

I would offer £160 & increase to £170 if need be.

I wouldn't be offended by a low offer. I might tell you to take a hike, but I wouldn't be offended. Decide what you think the house is worth, knock a bit off, and decide how much you want to negotiate. Walk away if they won't accept what you are willing to pay, don't let your heart rule your head.

May be go in between £165k-£168k to start with? Then you have 7-10 grand to improve your offer (if needs be) before you hit the stamp duty threshold? Just a thought! Good look hun