House Valuation:-(

helenthemum

Thurelmir I can stay in the house until my youngest leaves full time education which isn't for another 5 years, unless he doesn't go into further education and gets a full time job instead. In which case 3 years

I want to move so that I can spend more time with my children, ex would cover shop now and aagain so I could have some time off. 6 days a week 51 weeks a year is not easy. Now we have split he can't as he doesn't live near us anymore.

I will be taking my business with me as I started my business online and will develope my website more. I neglected the online side to concentrate on the shop. The shop is a very small part of my profit so apart from letting down some customers it wont be a big loss to not have the shop anymore. No one would want my business anyway as it involves sitting at sewing machines for hours.

Keriss

Could you maybe open the shop for fewer hours/days? You could then stay where you are, not let down your regular shop customers, build up your online side again and still have more time to spend with your children. It would save you the hassle of selling and moving just now too.

MAFERGAL

My advice would be to be realistic. I'm a buyer who has been put in the same position twice in the last 12 months because the sellers were not realistic and wanted more than their property was worth. One house was valued 40-45k lower than my offer and the other was valued 20k lower than my offer (25k lower than the asking price). I'm out of pocket a few thousand paying for several independent valuations (2 on each because both times the sellers refused to reduce their price and insisted that the valuations were wrong), solicitor and search fees. It's so frustrating wasting all that money because of unrealistic sellers.

I'm now onto the 3rd property, the seller was realistic and priced it for a quick sale (new bathroom, en-suite, total redecoration and new carpets throughout since purchase in late 2007 and priced it at 40k less than they purchased it for). This passed the valuation but with a 2k retention pending damp/timber reports. If it had been priced 40k more to be honest I would have been prepared to pay (mortgage up to) that but it would never have got valued at that price in this market and that would have been another waste of money.

No one wants to pay more than a property is worth, no matter how much they like it and you are relying on a small minority who could afford to do so.

Be mindful that even if a buyer is prepared to pay what you think your house is worth, they need a mortgage and that entails a mortgage valuation which will be based on current market values. They are not kind and they will not over value.

helenthemum

Opening the shop less is not an option. Tried closing on Mondays but because of the internet ended up working just as much. Closing Saturday wont work eithe.

Have managed to close in the mornings as most of my customers come in the afternoons anyway. But still leaves me with the problem of working 6 days a week. And trying to fit big house jobs and family trips into one day doesn't work very well. General house work is fine in the mornings when website quiet and I don't have items to make.

Mafergal - if I managed to get a buyer who ended up in your position I would seriously consider dropping my price. If I put it on the market at £237k I would expect offers around £210-220. However if I put it on at £210 I would expect offers below £200 which would mean I couldn't afford to buy somewhere suitable for myself, children and my business.

go_cat

helenthemum wrote: »

If I put it on the market at £237k I would expect offers around £210-220. However if I put it on at £210 I would expect offers below £200 which would mean I couldn't afford to buy somewhere suitable for myself, children and my business.

But the EAs have valued it at £200k ( if i read your opening post correctly )so it is highly likely you will be getting offers below that even if you put it higher.

Buyers in the current market will not pay more than what the house is worth.

When we sold ours last Nov, I had an idea ( unrealistic as it turned out ) of what the minimum I would accept, we ended up accepting £5k under that minimum as thats what the market dictated. If you want to sell you have to be realistic or you will be on the market for years.

helenthemum

The EA said to put it on at £220k looking to get £200k.

phoebe1989seb

MAFERGAL wrote: »

My advice would be to be realistic. I'm a buyer who has been put in the same position twice in the last 12 months because the sellers were not realistic and wanted more than their property was worth. One house was valued 40-45k lower than my offer and the other was valued 20k lower than my offer (25k lower than the asking price). I'm out of pocket a few thousand paying for several independent valuations (2 on each because both times the sellers refused to reduce their price and insisted that the valuations were wrong), solicitor and search fees. It's so frustrating wasting all that money because of unrealistic sellers.

I'm now onto the 3rd property, the seller was realistic and priced it for a quick sale (new bathroom, en-suite, total redecoration and new carpets throughout since purchase in late 2007 and priced it at 40k less than they purchased it for). This passed the valuation but with a 2k retention pending damp/timber reports. If it had been priced 40k more to be honest I would have been prepared to pay (mortgage up to) that but it would never have got valued at that price in this market and that would have been another waste of money.

No one wants to pay more than a property is worth, no matter how much they like it and you are relying on a small minority who could afford to do so.

Be mindful that even if a buyer is prepared to pay what you think your house is worth, they need a mortgage and that entails a mortgage valuation which will be based on current market values. They are not kind and they will not over value.

Totally agree with this......

We wanted to sell our house quickly last year in order to move closer to ailing elderly parents. Consequently we were prepared to price realistically and also realsed in order to achieve the desired quick sale we would have to take a financial hit. We had spent in excess of £40k restoring the house to a very high standard with handbuilt (solid wood/granite) kitchen and V&B bathrooms plus total overhaul of the rest of the five bed house, but we priced at a figure slightly lower than that we had paid three years previously and the offer we accepted (within 2 weeks of marketing) meant an overall loss of £60k :eek:

.....but we consoled ourselves with the fact that the work carried out made our house far more desirable and enabled us to sell much more quickly than other properties in the area which were stagnating, plus our new house had also dropped in price which did soften the blow a little. We were also very lucky that whilst we were moving to a far more expensive area, buying a complete wreck meant we could actually buy a larger property for the same amount

At the end of the day I guess it really depends on how quickly you want/need to sell the property..........