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Interesting.
Another 5 bed, albeit smaller, had come up 5 doors down. It's on at £295k but looks like it's been very recently completely done up and we could just move in without all the building work for months or years - roll top bath, very new looking carpets, much nicer kitchen etc. It also has a driveway, garage, utility room, master ensuite and downstairs WC that 'ours' doesn't.
And a bigger garden.It's making me wonder on a couple of levels :
If we're going to end up spending that (at least) on 'our' place, should we be looking at this house as a genuine alternative;
And should I casually mention this to the EA today to see if it rattles them a bit?Another one I'm pondering is that it has transpired that one of the other original interested parties, who also put in an offer, knows the builder we got to quote for the works. Family friend I think.
He told us that, before our offer was accepted, they asked him for advice and I think were planning on getting him to give the place a once over if their offer was accepted.
I'm wondering if, in the light of the fact that the vendor has said she is willing to go back to the other interested parties if we don't accept her shitty offer, that this could be useful...
Should I point out to the EA that this other interested party likely has heard all about the tens of thousands of pounds of work needing doing direct from said builder, and may even already have a copy of the survey we had done, as we gave the builder a copy?
t4ny4-
Should I point out to the EA that this other interested party likely has heard all about the tens of thousands of pounds of work needing doing direct from said builder, and may even already have a copy of the survey we had done, as we gave the builder a copy?
No. Keep it professional. You need them to not dislike you. They will see this as underhand.
And should I casually mention this to the EA today to see if it rattles them a bit?
It's pie in the sky until you've had an offer accepted on it, I can't imagine it will affect their way of thinking, even if its through a different agent. If you were viewing it, and had put an offer in on it, then that will change.
Also, get viewings on the other house, it sounds better than the one you are trying to buy! Who wants a place without a downstairs loo FFS!
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What area are you looking at for a 5 bed at under £300k?
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I would say that whatever you think it'll cost to do up a house you're buying, double it. Then you'll be in the right ballpark.
There are so many hidden costs.
If this house is finished nicely and you don't have to rip everything out then I would go for it. Having work done on a house is stressful.
Howard
Sumo
Bainbridge
@T4NY4 for our old house purchase, the place was on at £500k OIEO. Our conservative estimate is that to get it completely done up with nothing spared would be about £100k. But it is liveable as it is and we are in no rush with these things (so long as the survey doesn't come back with any boner killers. JINX!). We offered £475k due to the amount of work needed which they originally refused saying that similar houses in "tip top" condition we're going for £550k. Which is true (places with fewer bedrooms and without the already done loft conversion and kitchen extension are closer to £600k), but I think they were being a little naive in their estimates of what is required. There's likely at least £30k in the windows alone. So we split the difference and they accepted £487.5k
Survey is in two weeks time and it's looking like we should be able to hold back about £30k cash out of the deposit we had originally planned but still get a good rate, so long as our buyer doesn't get nervous or try any funny business. So if anything immediately critical comes up, we'd be able to cheque book it (your roof story gave me the heebie-jeebies @Señor_Bear).
Anything more than we already had considered comes up in the survey (windows, fuse box, general major decorating, plastering, plumbing), we'll look to renegotiate.