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Advice please

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  • 26-06-2009 3:16pm
    #1
    dennistuam
    Closed Accounts Posts: 155 ✭✭


    i opened the property section of the indepentent today
    and under smart move section i saw this advert for a attractive cut stone bungalow in the west of ireland for €135000 reduced from €180000
    i rang the auctionneer about it he told me that internal painting and first fix was done and it was been sold as seen ,basically i would have to put in bathroom,kitchen footpaths
    he told me i should get away with spending max €30000 to get it liveable
    i was wondering have anyone did the same and any advice please

    it is on www.daft/1455221

    and what should i bid him if interested


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    #2
    dennistuam
    Closed Accounts Posts: 155 ✭✭dennistuam


    http:/www.daft.ie/14555221


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    #3
    Shambo
    Closed Accounts Posts: 44 ✭Shambo


    Dennis

    I can't open that link

    We are in a similar situation, looking at builder's finish houses and we have really done our homework and we do not think we would get much change out of €45,000 to finish the house- I suppose it depends what you wnat in terms of finish, but our attitude is there is no point in putting in crap taht you will need to replace in a few years.

    Though, one difference is our is a two storey. at 2100 sq feet.

    Whatever you offer, you should not be guided by the EA and what he thinks you will need to put in to it to finish it off- he is going to go on the low side, all the EA's we spoke to said about 25,000

    Good luck.


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    #4
    Barr
    Registered Users Posts: 7,010 ✭✭✭Barr


    that link does not work ?


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    #5
    Ste.phen
    Registered Users Posts: 2,808 ✭✭✭Ste.phen


    the link is http://www.daft.ie/searchsale.daft?id=455221


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    #6
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    Doesn't first fix mean it still needs plastering, radiators, sockets & fittings, sanitary ware, probably landscaping etc, first fix has a lot less done than a builders finish. You really need to get a professional estimate to finish the house, then look at what a similar finished house would sell for (selling price, not advertised price).
    Then minus off the cost of finishing, the cost of the mortgage during the time it takes you to get the house ready and maybe 10% for the added hassle.
    It really is better to either buy a finished house that has a high spec, or build one yourself.
    But if the house is being sold at first fix, chances are the builder has run out of money and might be open to negotiations.


    edit; just looking at the link now, i dont know the area, but i would say thats the kind of area that will sustain the biggest price drop once the property market hits bottom. It would be similar to my local area and that house (finished) in my area wont be worth more than 100k in a couple of years.


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    #7
    Shambo
    Closed Accounts Posts: 44 ✭Shambo


    It wil ltake a lot more than 30,000€ to finish that Denis, I would say at least 50,000€


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    #8
    ZYX
    Registered Users Posts: 882 ✭✭✭ZYX


    Very difficult to say on cost as there are no photos of inside property. You would need to get an expert to go with you to view. On the plus side if they are trying to sell a house in that condition they probably must sell. That gives you a lot of room for negotiation if you want house after viewing it.


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