Help from the experts needed

Gleeful

This house was bought for £70,000 last March.

How much would you say it was worth now?

http://www.rightmove.co.uk/property-for-sale/property-32516540.html

GavB79

£104,950....

Gleeful

GavB79 wrote: »

£104,950....

Helpful. It's clearly not worth that much. The owners have not put £30,000 into the renovations, even though they are nice.

GraceCourt

Gleeful wrote: »

This house was bought for £70,000 last March.

How much would you say it was worth now?

The "clever" answer is "as much as anyone is prepared to pay for it", but I appreciate that this wouldn't be helpful.

My personal view is that - despite estate agents' asking prices usually being somewhat optimistic - there can't be very much that would justify a 50% increase in value... you are right to be cautious. My advice is to look hard at everything you view and, once you feel you would be prepared to buy, get a "Homebuyer's survey", NOT a valuation survey, which gives you no redress whatsoever should there be serious and expensive faults with your new property.

Good luck!

bristol_pilot

The renovation looks pretty basic to me and the market has fallen in a year. I'd say it's still worth £70k.

PasturesNew

It was up for £107k in 2008.
Must have been an auction/desperate sale, or a repo.

It was only £20k in 2002.

80schild

I think it all depends on the area. In a good area-good schools etc.. it could be worth way more than the asking price. If its a bad area then could be as little as 70k. There are houses on our road that look similar to this one which are on for between 75k and 85k but they are just not selling at that cost as the area is becoming more and more rough and there are just tons of similar houses up for sale. However the house we are buying is no where near as nice as this one in terms of quaility of decor etc but because of its area is an absolute bargain at 95k!

Cleaver

Gleeful wrote: »

This house was bought for £70,000 last March.

How much would you say it was worth now?

http://www.rightmove.co.uk/property-for-sale/property-32516540.html

A quick look on House Prices show that houses on that part of the street sell for between £70k and £90k. Clearly someone has done this one up in a half trendy, half "can't really be bothered" way, so I'd say it's worth around 75k in today's market. Finding a FTBer in today's market is challenging full stop though, regardless of the price.

On a more detailed note, what a strange decision to paper the chimney breast rather than the two recesses either side of the chimney breast in each of the two bedrooms. Very odd.

My personal opinion is that if you're going to buy a wreck, then do it up, then you need to dress the house really well. If you're going to try and get a very high price then fill the house with twigs in vases, flashy stereos, high end toiletries and all the other trappings that seem to appeal to aspirational people who tend to want everything brand new and finished. This one just has a leather sofa and a bad bed in it.

Gleeful

We were going to offer 90k.

The seller has had an offer for £85k and said that was ridiculous.

He's saying he's got an offer on the table that is close to the asking price.....

Doozergirl

Christ.

Please don't buy it. People like that don't deserve to make money. They've painted a wall that clearly needs re-pointing and they have no taste. The sateen bedspread knocks at least £50k off the price.

Gleeful

Which wall is that Doozergirl?