Houzz Logo Print
emily_vernon

Negotiating Purchase Price

Emily Vernon
7 years ago

My husband and I are looking at a house to purchase and renovate, and we're struggling with the price a bit, and would love some advice.

The area in question has had housing prices remain very stable, and slightly falling in some cases over the last 6-7 years due to job losses etc.

The house itself is located in one of the more sought-after areas in the city, with views over the ocean and park. It is however located on a steep block, with limited access.

We looked through the property last week, and it is so much worse than we thought. The garden is completely impenetrable in parts, and the current owners have done NOTHING but weld windows shut and smoke inside since they bought it in 2009. Everything is original to the 1974 build, except the extension out the front which would have been completed very early 80's and left as is since. The work in the house is badly done, there's mould in the bathroom ceiling, and we can't get into sheds and cupboards due to them being locked up and no key to get into them. And it REEKS of old smoke. Everything would have to be ripped out to get rid of the smell.

What I am wondering is, if the market has been so stagnant here and the owners have actually made the house worse than it was, how much negotiating room does that leave us with? We want to go in low, but I'm not sure how low. Asking price is $279,500. They bought for $215k in 2009. Happy to post photos!

Comments (14)