There's a house I'm interested in up for sale for 225k. It sold 18 months ago for 195k. During this time a fair bit of work has been done (new boiler, radiators, flooring, kitchen etc) but nothing structural.
However, there's still a fair bit of work that needs doing to it to bring it to what I would consider pristine condition; redecorating, new bathroom, new windows/doors, new fencing etc. All in all probably about 12k's worth of work.
Two houses that are identical in size and layout and were marketed as 'pristine condition' were sold for 217k and 220k within the past year, although the first was a private sale. I'm not sure whether they warranted the 'pristine' description, but from the outside and the pictures on the web, it looks very tidy inside, much more so than the one I'm looking at. Two larger 3 beds with garages have gone for 230 in the last year as well, although these were both in a poor state of dis-repair and needed a lot of work doing.
I've offered 203 and 208 for it, both of which have been declined. I get the impression that this wont go for less than 215 (vendor not in a hurry and has somewhere to go). However I feel 215 is a bit over-priced considering it's condition.
I'm torn as I really like the house but don't want to pay more than what it's worth. It's in a fantastic location, and in about 6 months of searching have seen nothing that comes close to it. I'll be buying a home, not an investment and will hopefully be in it for several years if possible. So on those grounds I think it might be worth more to me personally.....but there's still something at the back of my mind thinking I'm getting ripped off.
What would you do?
However, there's still a fair bit of work that needs doing to it to bring it to what I would consider pristine condition; redecorating, new bathroom, new windows/doors, new fencing etc. All in all probably about 12k's worth of work.
Two houses that are identical in size and layout and were marketed as 'pristine condition' were sold for 217k and 220k within the past year, although the first was a private sale. I'm not sure whether they warranted the 'pristine' description, but from the outside and the pictures on the web, it looks very tidy inside, much more so than the one I'm looking at. Two larger 3 beds with garages have gone for 230 in the last year as well, although these were both in a poor state of dis-repair and needed a lot of work doing.
I've offered 203 and 208 for it, both of which have been declined. I get the impression that this wont go for less than 215 (vendor not in a hurry and has somewhere to go). However I feel 215 is a bit over-priced considering it's condition.
I'm torn as I really like the house but don't want to pay more than what it's worth. It's in a fantastic location, and in about 6 months of searching have seen nothing that comes close to it. I'll be buying a home, not an investment and will hopefully be in it for several years if possible. So on those grounds I think it might be worth more to me personally.....but there's still something at the back of my mind thinking I'm getting ripped off.
What would you do?
