How to value a unique property?

taker920

We are currently looking at a 4 bed property which is a converted pub (converted 30 years ago) and we are first time buyers.

It was last sold 10 years ago so no information on the land registry for how much it went for and properties on the same road are a mix of 3 bed terrace/detached etc, a real mixed bag.

Really struggling to work out how much it's worth - the only thing I have come up with so far is looking at similar size/type properties in the area but obviously this doesn't take account of it's specific location (on a fairly busy road).

Also would an offer of 17% under the asking price of £170k be a bit cheeky? (been on the market for 7 months and no price drop).

jenny74

I think 17% is a bit too much of a drop.

We have just put an offer in on a house on the market for £195k for 10% less and I think they will reject it.

Playing the waiting game.

RobertoMoir

Also would an offer of 17% under the asking price of £170k be a bit cheeky? (been on the market for 7 months and no price drop).

Depends how much they want to sell, if they 'need' to sell for a certain amount, and if that's your final offer or simply your way of opening negotiations.

pawpurrs

Also last time it sold it could have been a pub so the value would be different than if its being sold as resedential.
There are sites that go back ten years, cant remember the name of it offhand.

penguine

The website ourproperty.co.uk lists pre 2000 prices. It's not 100% comprehensive though (our own property isn't listed on it and we bought in 1998).

pawpurrs

Thats the one. Regarding the offer, you can but try, set a price in your mind whats its worth to you, and go from there. Unique properties are harder to value, but work out the value compared to other properties that offer what you need etc...

taker920

pawpurrs wrote: »

Thats the one. Regarding the offer, you can but try, set a price in your mind whats its worth to you, and go from there. Unique properties are harder to value, but work out the value compared to other properties that offer what you need etc...

It's not listed on the above website but thanks for that. Seems like solid advice,we have a max value we will go to so will stick to that.

I suppose we are still a bit wary after our first experience on a new build where the mortgage valuation came in £20k under our offer (developer refused to negotiate) and we pulled out.