how much is a third bedroom worth

henpecked1

We went to view 7 properties yesterday.

Of the 7 properties, one property ticked all the boxes and whilst we are waiting for a 2nd viewing on our property and hopefully an offer, we are not in a position to make an offer yet... finger crossed though

The house we saw was a semi (corner plot) so prob a little larger. It was immaculate. Other houses on the devleopment are 2,3,4 bedroom and the 2 beds seem to be on at 165-179k. The EA said that the vendor would take 200k (on at 205) but i was wondering if an extra room was worth 20-35k?

Cliveski2009

Yes it is worth the extra - changes it to a family type home. If the corner plot is a good size that will add value too.
Ignore what the estate agent says about the vendor being prepared to take £200k - a £5k reduction is pants on this value of property - could get more discount than that surely?

henpecked1

i may offer 195k and say it is full and final and see. gotta find out what someone will give me first

tek-monkey

Depends on the room sizes, but generally more rooms upstairs = more space downstairs?

slummymummyof3

I would be tempted to chance my arm at £190k, you can always go up but not back down and you don't know the position the vendor is in - they may snap your hand off.

TD5

Minimum of 10% off asking prices these days :j

tek-monkey

TD5 wrote: »

Minimum of 10% off asking prices these days :j

I take it you mean as a starting bid, not the actual selling price?

TD5

tek-monkey wrote: »

I take it you mean as a starting bid, not the actual selling price?

No, although it does depend how overinflated the property is currently being marketed for.

I guess the important thing is to use the tools available like Property-Bee and Land Registry sold prices and remember that we are already back to 2004 sale prices with another 10-20% drops forecast.

tek-monkey

I think it depends a lot on the property. Some round here are priced stupidly, some priced very well. Similar properties I have looked at will vary between £130k and £150k, whilst I agree the upper ones need to lose a lot the lower ones don't.

I've also noticed those competitively priced are selling quick, the others usually seem to be on for a while. Probably due to people still expecting to sell for 2007 prices.

Doozergirl

TD5 wrote: »

Minimum of 10% off asking prices these days :j

That is a ridiculous comment. So if it's 30% over priced or still worth 10% more than their asking price, you should get 10% off.

I'm going to stick an extra £50,000 on my house and hope you knock me down that 10%. I'll be happy.

Always research for comparables. View many properties, spend hours on rightmove, check what is under offer, what has already sold and feel confident that you're offering a sensible price for a property.

OP if this house is more expensive then it's perhaps worth viewing more properties in that price bracket to see exactly what your money does buy you, but that mark up does sound perfectly feasible for an extra bedroom.