Thread: Advice on house offer

Originally Posted by Disco-tastic

Eevo, you said it was a renter - what condition is it in? Is it just aesthetic stuff like holes in walls and damaged doors or are things leaning over and are there cracks in finishes?

Cheers

Dan

The aesthetics are good. The adelaide hills doesn't attract the usual kind of renters.

There is 1 crack in the rear bathroom which is due to movement. A retaining wall has been put in to stop further movement.

In a case of small world, I meet the previous owner of the house. She owned it for 3 years and says it was poorly built. The first owner built it himself, ie, didnt use a builder. Was built 1994.

She said I'm glad you didn't get it.for a stranger to say that...

Sounds like you can do better. No need to rush. Retaining walls don't necessarily stop movement.


Funny you mention about meeting previous owners, as we had the same experience recently when we met the daughter of the man who built our place at Maleny. She was able to give us the original plans and property title which the council was unable to supply when we had a search done, since there has been a council amalgamation, so now we have more information about it than the council does, which could be useful if we ever have an argument with the current council. Life is funny.

Originally Posted by Eevo

In a case of small world, I meet the previous owner of the house. She owned it for 3 years and says it was poorly built. The first owner built it himself, ie, didnt use a builder. Was built 1994.

She said I'm glad you didn't get it.for a stranger to say that...

Yeah, unless you're planning to do a decent renovation to it, it sounds like its not a great buy!

Cheers

Dan

so my uncle went to look at the place. he's a retired builder.


1 bathroom needs to be ripped out as its leaking
outside walls need painting (already knew that)
the retaining wall is strong and well build. no issues there
one of the decks is built incorrectly, using gang nails.

so about 20-30k in fixing.
he thinks it worth 400-410k

was a different agent this time. i've meet her before, she even remembers my name

she said the owners are stubborn, wont take less then 420k because the house next door, which is a dump, sold for 420k. any offer below 420 is rejected by the agent.

A bit of advice, I buy a lot of houses, in the past I used to buy them, do them up and sell them again, now I buy them for renting out. Big advice here is dont get emotionally attached to a house. That is it plain and simple, a house is worth what it is worth and if you dont get emotionally sucked in to a particular house eventually you will get a house for a very good price. I need to get a particular return on my money for renting to be worth while, but the same mind set should apply when you buy a house to live in. Problem is you (or your wife) convince yourselves that the house in question is just perfect and no other will do, it has to be that one and you spend just that bit more to secure the deal... The truth is sticking to your guns with your low offer you will probably get the house anyway and cheaper, if you dont another will come up sooner or later and you will get that for the right price. I just bought a house I looked at 18 months ago, it was advertised for 225,000. I offered 170,000, it was rudely rejected. 18 months later it still had not sold, the owners refitted the bathroom and kitchen and painted the house, it was relisted with another agent for 180,000, I offered 160,000 and got it, actually I probably should have offered 150,000..
It is a great house and it gives me a brilliant return on my money, try to do the same and stick to your guns so to speak and try if you can to take emotions out of the equation.
Good hunting
Chris

Used car salesmen and real estate agents - same thing, just one has a more expensive product.

Martyn

Originally Posted by cafe latte

Big advice here is dont get emotionally attached to a house. That is it plain and simple, a house is worth what it is worth and if you dont get emotionally sucked in to a particular house eventually you will get a house for a very good price.


I need to get a particular return on my money for renting to be worth while, but the same mind set should apply when you buy a house to live in.


The truth is sticking to your guns with your low offer you will probably get the house anyway and cheaper, if you dont another will come up sooner or later and you will get that for the right price.

I just bought a house I looked at 18 months ago, it was advertised for 225,000. I offered 170,000, it was rudely rejected. 18 months later it still had not sold, the owners refitted the bathroom and kitchen and painted the house, it was relisted with another agent for 180,000, I offered 160,000 and got it, actually I probably should have offered 150,000..
It is a great house and it gives me a brilliant return on my money, try to do the same and stick to your guns so to speak and try if you can to take emotions out of the equation.
Good hunting
Chris

if i dont get emotionally attached to a house i'm looking to live it, i would never buy.
if i was buying it as an investment, i would of walked away weeks ago. but i'm not looking for an investment property.
turns out im quite fussy. ive been looking for 2 years and only found 1 house i like.
i looked at 20 land rovers before i bought mine

i doubt sticking to 380k will get this house. they just wont sell. they have been sitting on it for 4 months. if they needed to get rid of it, they would have already.

a few people have reminded me the area im buying in is expensive.
a few people have said, if you like it, buy it. happiness doesn't have a price.
and i'm also told the price is soon forgotten.
and no house is perfect.


im also told getting into the market is more important.