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Value of a property

flaura
flaura Posts: 242 Forumite
Debt-free and Proud!
in House buying, renting & selling
I have been to view a property which is on for £219950

The current owners have done a lot of work to it but purchased it for £127000 in 2002 !!

accoding to the nationwide house valuer thingy it's now worth £175950 !!!!! which is obviously considerably less that it's on the market for...

I guess this wouldn't take into account what the've spent refurbishing it

wondered if anyone has any idea how close the nationwide house valuer thingy is to what surveyors would value it at...

before people get funny with me, we could easily afford the 219k but obviously dont want to pay over the odds !!

Sensible answers/opinions on a postcard please
Lightbulb Moment - March 2004 :cry:
Highest Debt: £16,896.00 :mad:
:rotfl: Debt Free Date 25th July 2007 !!
:j and still DEBT FREE
«13

Comments

  • Doozergirl
    Doozergirl Posts: 34,082 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I wouldn't trust a computer to try and guess the value of a house. It's never even seen the house! I'd certainly not base my own valuation off it. Natiowide I'm not so sure, but Zoopla is appaling at guessing.

    Your valuation needs to be based on other properties for sale in the area and more importantly, those that have sold and are selling. With the combination of viewing houses, looking through the papers, rightmove for those under offuer and those that are 'sticky' and genuine sold prices, you will get a better idea than a caculator ever will, especially not knowing of any improvements.
    Everything that is supposed to be in heaven is already here on earth.
  • purplebuzz
    purplebuzz Posts: 160 Forumite
    Part of the Furniture Combo Breaker
    Try this website as well for a second opinion, as the report also indicates changes in value if work has been done to the house.

    http://www.propertypriceadvice.co.uk/home/
  • flaura
    flaura Posts: 242 Forumite
    Debt-free and Proud!
    Hi PurpleBuzz

    Tried that - gave me about 200k on the one I looked at in a fair market just as a comparison

    I put in my current property and it priced it as 20k over what it is on for in a fair market..!

    Problem with the local similar is that there isn't aything similar as this street specifically is a hotch potch of pre civil war properties as this one is and georgian terraces, victorian terraces, corner plots converted to bedsits commercial premesis....

    There isn't a property the same or even remotely similar even in the terrace it's in either side are both Georgian.... and 5 beds...! and the last one on the end is a commerical property with accom over.

    hmmmm ponder ponder...
    Lightbulb Moment - March 2004 :cry:
    Highest Debt: £16,896.00 :mad:
    :rotfl: Debt Free Date 25th July 2007 !!
    :j and still DEBT FREE
  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    If it's old/ listed and been properly restored this will command a premium so you can't use house price calculators.
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
  • Jomo
    Jomo Posts: 8,253 Forumite
    purplebuzz wrote: »
    Try this website as well for a second opinion, as the report also indicates changes in value if work has been done to the house.

    http://www.propertypriceadvice.co.uk/home/

    Is this correct?

    I am abit dubious to be honest, the valuations seem slightly higher than I thought they would be...:confused:
  • amalis
    amalis Posts: 532 Forumite
    Jomo wrote: »
    Is this correct?

    I am abit dubious to be honest, the valuations seem slightly higher than I thought they would be...:confused:

    in my case it is much lower than expected
  • chickmug
    chickmug Posts: 3,279 Forumite
    A valuer (as I used to) will look at all the web based priced sites like Nationwide, HBOS, Land Registry & sometimes Zoopla, Mouseprice but these latter ones can be all over the place.

    But will then take into account other factors like the prevailing market with that type of property, the condition, locational factors, type of plot & inmycase I worked with my hunch. Not scientific I know but valuing is not rocket science.

    It may be interesting for you to hear that I wrote my figure on a bit of paper and asked the client what they thought & the two figures were often very close. So sellers can have a good idea as they will have been looking & considering selling for some time.
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
  • lincroft1710
    lincroft1710 Posts: 19,395 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Working in the VOA and having details of virtually every sale in UK, it was a hilarious experience comparing what houses actually sold for with the Halifax/Nationwide estimate. If they were within 10% it was a miracle.

    Valuations should be based on current market sales/expectations, rather than go back to when last sold and do mathematical calculation.
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    purplebuzz wrote: »

    http://www.propertypriceadvice.co.uk/home/
    This site just valued my last house at £435k, £510k, £600k

    If I still owned it today it'd be for sale optimistically at £250k, realistically at £180k and might sell at £175k.
  • SUESMITH_2
    SUESMITH_2 Posts: 2,093 Forumite
    its just valued mine between £255,000 and £350,000 - theyre having a giraffe - i would hope it would go for around £180,000 if we had to sell it at the mo
    'We're not here for a long time, we're here for a good time
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