Is this too much?

Irishcrx

I'm in the late stages of buying a house in Kilmore on Ballyshannon road , it's a 3 bed house with a kitchen extention added , the house was valued at 320 k by a few estates agents but i'm having second thoughts on the price on it. The way the market is at the minute I don't know if you'd get 305 k for it, I own half of it with another family member but they are being harsh on the price.

Good points on the house:
Good location, close to schools, buses to city, shopping.
Good rental opportunity being right beside beaumount hospital
Centimental value (Family home)

Bad point:
No alarm
Needs re-painting in every room
Needs new bathroom
Needs to be re-wired
Needs double glazed windows.
Plastering

So as you can see the house needs quite a bit of work , I've tried speaking to the other family memeber but she won't drop the price, I don't mind doing the work put I think I am being ripped off what do you guy's think? And please no don't buy in current market etc , It's going to be my investment and home for years to come and I have a personal attachment to it so I do want it.Thanks.

johnnyskeleton

A lot of valuations will be excessive at the moment, but what else can you do?

If this is a family situation, remember that you are arguing about 15k, not 50k.

In situations like this it is often a good idea to make an agreement to be bound by any valuation before it is done, that way there is no second guessing the valuation.

If you advise the estate agent that you want the valuation to settle the dispute between yourselves rather than sell it on the open market that might get a more realistic response (as the estate agent will not be vying to get your house for sale).

skooterblue

I know it may excessive come January house price I think will be at an all time low, Watch the value fall like. She might be very glad of €305k in January.

I'd say hang on it will be a buyers market very soon. Good Luck and B cool like the Fonze

brianthebard

You could just ask her to split the difference?If you are going to be in the house for a long time then it will almost certainly have recovered its value and then some if you decide to sell on.

sadie9

Has it had an official Valuation by the Bank or Building Society?

Victor

Potentially get a value for an identical house in good condition and deduct the cost of renovation.

Would you encourage her to buy it or let it be sold on the open market?

Are you willing to lose the relationship for €15,000?