Potential House purchase

slingerz

Hi all, i would like to get some opinions on my situation below.

I am currently interested in a 3 bed semi detached house at the end of an estate. It is currently listed at €175K while the same house at the end of the row sold for €141K a few months ago.

I would think that the house needs some renovation works as well as a sizeable extenstion in order to be suitable to me. There is a current extension (small) which the flat roof needs attention and the EA has also advised it as needing a new kitchen. It has been on the market with 8 months without an offer.

I was thinking of making an offer of €135K just to get the ball rolling. €150K would be the ultimate max that i would pay for this house.

Any thoughts on how i should approach this?

Smiley012

If no offer in 8 months, which is mad - definitely a good figure to go in at.

Doesn't matter if they laugh you down, at least it gets the ball rolling. EA might know that 135k may not even be considered, but I reckon go forward with it, see what happens!

slingerz

Smiley012 wrote: »

If no offer in 8 months, which is mad - definitely a good figure to go in at.

Doesn't matter if they laugh you down, at least it gets the ball rolling. EA might know that 135k may not even be considered, but I reckon go forward with it, see what happens!

Would the fact that it is €40K less than asking be a bad thing? I know the owner is a business man who has properties aside from his business and has been renting this property.

The EA has advised the need to repair the roof on the existing extension and the need for a new kitchen. The EA has also told me the prices of the last 2 houses sold in the estate, both around the €140K.

I would want to make a sizeable change to the extension and internal renovation so if I got it for €140K I reckon with the extension and renovations I would get value for €210K or so

Smiley012

If he's a business man, it's probably why it's been on the market for 8 months.

I'd say if you went in at that price, you would find out quickly that he wants more than that. Knowing what the house would be valued at with work done on it - he would know that too.

Especially if he owns other properties.

Reality is, he's not in a rush, so he's probably holding out for the right price.

May be worth saying "he obviously has a figure in his head that he wants to sell at, what is it, and lets see what I can do" otherwise, you could spend weeks going back and forth.

Currently experiencing spending "weeks going back and forth" myself right now - but that question definitely made me understand that it was either worth sticking around, or it wasn't worth it at all.

slingerz

Smiley012 wrote: »

If he's a business man, it's probably why it's been on the market for 8 months.

I'd say if you went in at that price, you would find out quickly that he wants more than that. Knowing what the house would be valued at with work done on it - he would know that too.

Especially if he owns other properties.

Reality is, he's not in a rush, so he's probably holding out for the right price.

May be worth saying "he obviously has a figure in his head that he wants to sell at, what is it, and lets see what I can do" otherwise, you could spend weeks going back and forth.

Currently experiencing spending "weeks going back and forth" myself right now - but that question definitely made me understand that it was either worth sticking around, or it wasn't worth it at all.

When i say he's a business man, his business is totally unrelated to property.

I would agree that he is not in a rush. However what the house would be valued at with work done isnt something that he can quantify really as he wouldnt know what work would be done or needs to be done.

I would be surprised if the offer was accepted to be honest but at the same time my max for this property is close to €30K less than the asking price.

If it cant be agreed then i'll just leave it. I'm fortunate enough that i am not under any pressure to get a house

Smiley012

Perfect - you're in a good position then. Nothing to lose by putting the offer in and see where you go from there.

Put it in, especially before someone else gets there first! Let us know how you get on OP!