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How to work out if house priced correctly?
Sevenatenine
Posts: 2 Newbie
Hi all,
Like the look of a house and would like to go and view but was wondering if there is any way in working out how accurate the valuation is when the house was built by and still occupied by the seller and therefore never been sold before.
Like the look of a house and would like to go and view but was wondering if there is any way in working out how accurate the valuation is when the house was built by and still occupied by the seller and therefore never been sold before.
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Comments
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parts of this may help; http://forums.moneysavingexpert.com/showthread.html?t=1907059Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
Is it similar to others in the same street/neighbourhood/village/town?
Is it the same size and general design as those around it?
What's different about it, if anything?0 -
Thanks will check out that link. Unfortunately the house is very individual on the road and therefore hard to compare in that respect. It is a 5 bed home and I guess seems to be comparing with new build 4 bed homes in the area although not the same town.0
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Sevenatenine wrote: »Hi all,
Like the look of a house and would like to go and view but was wondering if there is any way in working out how accurate the valuation is when the house was built by and still occupied by the seller and therefore never been sold before.
The house has been priced correctly!
Someone came round said "we could market this at £x" the vendor said "very good, please do"... This is the normal method for pricing a house...
Now whether or not it reflects the value is a different question, and to be honest only the person who ends up buying it knows the answer to that.The proof that some people really are opinionated and ignorant
Originally Posted by naff123
Long nosed Tory looking down upon everybody!0 -
I think you can only know if a house is valued correctly by comparing it's price relative to others. We're bidding on a place but have also seen properties similar on the same road. We've chosen to bid higher as relative to the others we believe it has more to offer.0
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A house is worth what someone is prepared to pay for it and until they do you don't really know.
If there are no real immediate comparables then it is very hard because it is entirely subjective how much you add on to the value of say a nearby recently sold smaller house or take off from the value of a recently sold similar house in a "better" area.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Except when it comes to a mortgage valuation survey.Richard_Webster wrote: »A house is worth what someone is prepared to pay for it0
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