What is my home worth, what to offer, downvaluations - tips

pie81

chickmug wrote: »

So the only way is to sell, rent then buy.

I am in the middle of this scenario but there is only two of us and we are happy to move out to suit the buyers - when we get one. Then, because we are moving to South Devon, it could well be a holiday let until we take a good look round and buy.

thanks chickmug. renting is not a very attractive option due to expense of short term lets in London and duplicated moving costs.... BUT we could move in with parents I s'pose... only for a short period mind or we'd end up killing each other but I guess that probably is our best option to make sure we're in best position both selling and buying.

thanks again for all your help :T

chickmug

westv wrote: »

Excellent post Chickmug.

One more thing I would be curious to know. When viewing properties how much above your budget should you look? Only up to budget, maybe 10% above or treat each property individually as you would when putting an offer in?

Thank you.

If bog standard house bog standard forula may apply

But when I buy and sell (personally) every one is treated with great respect and individually even a one bedroomed flat. I have a place just on the market at 12.5% over my real valuation figure - you never know.

I would also ask the agents if you are in a good position if they have any good houses where the seller wants to seriously move & fast. We were regularly asked this.

westv

chickmug wrote: »

So the only way is to sell, rent then buy.

I am in the middle of this scenario but there is only two of us and we are happy to move out to suit the buyers - when we get one. Then, because we are moving to South Devon, it could well be a holiday let until we take a good look round and buy.

I'm in the middle too although I'm going from sold to rent now onto rent and next year finishing with buying.

lincroft1710

Why because I am so helpful:cool:

Yes, your posts are always an interesting read.

54druids

wow, what a brilliant guide. Forgive me if I missed this but if you bought your house new and you then had to pay for all the interior floor coverings, wall coverings, changes to internal layouts and bathrooms at a cost of several thousands, how would anyone know that by looking at price comparisons.
Also Chick, I was looking at Globrix and it was comparing median prices for the first half of my post code - how can that be realistic in a rural area where that postcode covers such a massive area?
I think you are a mine of information though and you have been a great help to me so thankyou again. You should get paid for your advice. You could give out the equivalent of What Car target prices for houses lol

PasturesNew

Also: http://hubpages.com/hub/Homes-For-Sale-Websites-And-Tools-UK
Shows what property bee is/does
Shows what property chimp is/does

PasturesNew

Engelbert wrote: »

Thank you that really helps us as panicked 1st time buyers. Can anyone tell me what sold house price databases go back to 1997, as the house we are interested in was last sold then?

Thanks E

http://www.ourproperty.co.uk goes back to 1995, you have to register to see that though.

PasturesNew

54druids wrote: »

wow, what a brilliant guide. Forgive me if I missed this but if you bought your house new and you then had to pay for all the interior floor coverings, wall coverings, changes to internal layouts and bathrooms at a cost of several thousands, how would anyone know that by looking at price comparisons.
Also Chick, I was looking at Globrix and it was comparing median prices for the first half of my post code - how can that be realistic in a rural area where that postcode covers such a massive area?
I think you are a mine of information though and you have been a great help to me so thankyou again. You should get paid for your advice. You could give out the equivalent of What Car target prices for houses lol

They wouldn't know what state a property was in before you bought it, or what you'd spent on it.

I had a friend who bought a brand new 4-bed detached house in 2001, she spent £3k on carpets, £1k on putting up curtain poles and getting a gas fire fitted (there was just a fireplace/no fire), £3k having the small garden landscaped and lighting put in at ground level, £500 fitting out the garage as a utility room, £500 on repairs when the tank burst 2 years later and wrecked the living room ceiling and wall, then a further £12k on a conservatory. Money you spend isn't always recouped. Not all 'improvements' make any money at all. It's only been very recently that they have been thought to have done.

Fire_Fox

This thread should be a sticky!

chickmug

54druids wrote: »

wow, what a brilliant guide. Forgive me if I missed this but if you bought your house new and you then had to pay for all the interior floor coverings, wall coverings, changes to internal layouts and bathrooms at a cost of several thousands, how would anyone know that by looking at price comparisons.

This is one of the drawbacks with self valuation as I said in my post :
"However agents will always have that last bit of the jigsaw, from local knowledge and experience, on which no one can write help notes."

Also Chick, I was looking at Globrix and it was comparing median prices for the first half of my post code - how can that be realistic in a rural area where that postcode covers such a massive area?
Even as an agent a lot of deskwork is often needed. Many places are easy to put a figure on (basic 3 bed semi) but it is the more unique, or higher value places, that need real thinking. So the only way is to put a buyers hat on and look at what you can buy for the figure you are working within.

I think you are a mine of information though and you have been a great help to me so thankyou again. You should get paid for your advice. You could give out the equivalent of What Car target prices for houses lol

I often ask myself why I am so into this forum but it is of real help to me keeping my brain active. But my bank account details are ......:D