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Any opinions what to offer for this house
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21-06-2009 11:49pm#1
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First warning sign - house is 5 years old, and hasn't been painted yet.
Warning sign of what??
My house is nearly 9 years old and we haven't painted the outside yet. I dont even think your meant to paint the outside until its at least a year or two old, just because in the bubble day every house a developer built was painted before it was even finished inside does not mean its the correct thing to do.0 -
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Have to agree with that whole non painted house nonsense !! ive just built a 2300 Sqr ft house in the midlands for 195K, I have experiance and used mostly direct labour, the one thing i did spend OTT on is insolation. Whats the house like to heat, have they used Cosy board on the outer walls, I used a condenser oil burner which practically doubles your oil effiency !!! (Important but not a offer breaker !!)
I dont agree with disregarding price/value because your going to be living in the property for a long time. Presuming your not paying in unmarked Nothern bank notes, you will be getting a morgage and theirs nothing worse than paying over the present/future rates and having that blunder realised over 25 + years.
Factor in that WHEN the goin gets good interest rates will creep back up to 4-5% so factor that into your offer.
Dont get too emotionally attached
Coinsidently House prices have recently dropped back to 2004 levels so this house should be priced at what it was bought/Built for. Ask did the currant owners Build or buy, this should help you to gauge what they'll sell for, if its the former they probably paid 125K for da site (circa) and 200k (Max) for the build = 325K. Price a similar site with FPP at todays levels to get rid of the (circa). If they bought they cud have paid anything from 350K to 375K. Not to sound callice but this is a family house being sold in the MIDDLE of a property meltdown so they should accept what they owe.... 325K to 375K, id offer 325 but then again i am a hearless Ba***rd
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OK well if your already imagining yourself kickin' ball in the garden with young lad, don't convey this to THEIR estate agent, he/she'll just go back to their customers and say you love the house (already taken mental ownership) and you'll go that bit more than your original offer. In Theory if you had have gone in at 325 they would have said 350 !!
Remember with credit set up you've got the power in a buyers market.If they Built and have other Family sites they may be selling to build again, if so this is a good thing and should help your offer. By saying 360k, their probably expecting you to meet them half way with a bid of 350K, which id imagine they'd accept.
This is the hard part of buying your house do you put in a counter offer or stick by your guns. It all comes down to the seller, whats their point of Acceptance, this may not be 340 right now (or they feel you'll go 360 cuz you love the place)...... however if you play hard ball and wait, their perception of what they can achieve may come down. Either that or somebody else bids and gets THE house. Otherwise you can counter offer with 350K and try do the deal.
You should also be looking at alternatives, Other options in the area which you LOVE and can purchase/build for 340K.This will help you get an idea of the value your getting, possibly open your eyes to another house/project on the market which suits even better, but more to the point can be used as a catalyst to getting this property !! When you find such, See the colour of der eyes, contact their estate agent, say your sick of waiting and put your final offer down of 342,500. Explain the other VIABLE option. State that you are ready to put down a depo, have funding in place and if accepted you want the transaction to proceed as quickly as possible !! Good luck CAZA
NOTE: Remember any advise given on a BLOG should be taken at arms length, its just opinion & theory on your situation
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Ha Ha, have you guys any idea of how much it costs building a property with 5 bedrooms, buying a two acre site 28 miles outside dublin, 5 miles outside a decent sized town like Trim (with FPP for a 5 bed). Bid has already been placed and decided that this is the house they want and this is the time they want it,to wait for the market to bottom out would be the right thing to do but at the same time these buyers obviously have confidence in their job security, and more to the point the banks do (Which is Huge !!!)
Asking price was over the top, however i did say earlier that 325 is the price of the property, would be my initial offer, this is what i feel it would cost to put it there in 04' (given they didn't inherit the land) and thus this is the minium price they would accept.
I have offered comprehensive advise to CAZA on how to properly evaluate the asking price, evaluate other options such as a Build in the area, How to bid, yet all you guys can do is Say DONT BUY, even though theyve put in a bid
I wouldn't buy it personally because the property market hasn't bottomed and indeed could fall back to 97-99 prices, also I would not be able to get another mortgage, dont need a (Dublin) commutable 5 bed family house. Its not a question of whether they're going to buy, its whats the best price they can get in todays market ?? They won't get that house at 260K or Build it for that & TBH we havn't crashed that far yet (it won't be long tho with people like you around ) 0 -
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