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Renovation project, offers in excess of 160K?

We are cash buyers and are looking at a property in Norfolk that needs renovation, offers in excess of 160K Houses nearby pre owned selling for 220K, what figure does this sort of sale generally go to? Any hints please.

Asked on Apr 18 2012, House Prices in Beccles | Report content

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  • I wish I could answer this with real certainty. From our limited but recent experience, looking at renovation projects/wreck houses, we have seen that the guide or offers over price reached up to 10% above the guide. It all depends on who is interested. Builders and people with friends in the relevant trades can often offer a little more, as their expertise can keep the budget smaller than some who might need more outside help. I have added a website with some very important pointers when considering a renovation project. Depending on the work needed, I would say anywhere between 10-20% over is realistic. Best of luck, I'm sure it is very worthwhile when you find the right house.

    Web reference:

    Answered on Apr 18 2012, Report content
  • Is it going to be an informal tender? (Sealed bid?) The thing about this type of project is not to be too greedy. If there’s a margin in it, then the local developers will be looking at it too. If you try to get a bargain and bid too low you simply won’t win the bid. So how much you bid will depend on whether you’re looking to make a quick profit or whether you want to live in it for a long time. If it’s for profit, you need to start from the selling price, deduct the cost of renovating (inc prof fees) and look at what’s left. A developer will be looking to make around 20% margin so allow for that and that should give you a rough idea of the max that others might bid. …. And then add a little bit so it’s not an even number, just like you do on ebay.. it might tip the balance when they open those envelopes ;-)

    Answered on Apr 19 2012, Report content

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