How much would it be worth? 3-bed semi (in Apr 2005@£212,500 extended to 4-bed semi)

QBSBuck

Hello all,
I know this is how long is a piece of string but...how accurate could you consider a surveyors valuation to be?

Consider my situation, (which I am at peace with, this is just curiosity), our valuation came in 17k below, after some tense negotiations we agreed a price 10k above the valuation.

The basis of the down-valuation was that there were no similar properties sold recently to compare against. Sounds like an educated finger in the air. The houses around it are all completely different [1 x half million pound detached 5 beds, 1 x detached 4 bed bungalow, 1x3-bed semi, grade II stone built houses, various other smaller bungalows and cottages etc.].

This property is 4-bed semi (extended from 3 beds in Q1 2007), sold in 2005 as a 3-bed semi for £2125000. Its a big extension, and I struggled to extrapolate how much it would likely be worth. Tried all sorts like mapping the square footage back in 2005, before and after extension, and then scaling the value based on land registry, Halifax and Nationwide House Price Index's. This method gave a nuts high valuation lol.

Tried researching how much value an extension adds (10% for a 4th bedroom that adds square footage) except this extension adds space downstairs too so I went with 12%. Its a two storey side extension, the existing detached garage was moved to the front. So imaging a standard semi getting an attached garage extended into above and below and you are not far off. Except the garage remains detached out front. Anyone care to speculate a percentage increase such an extension might add?

Thanks.

silvercar

It is worth what someone is prepared to pay.

It's not an exact science.

googler

So you've accepted an offer of £7k below your asking price? An asking price of .....??

cramg

Worth what someone is prepared to pay and also a risk that such extension will add no value...

QBSBuck

googler wrote: »

So you've accepted an offer of £7k below your asking price? An asking price of .....??

250k, I am the purchaser of said extended house. I want to have confidence in the surveyors valuation.

googler

QBSBuck wrote: »

250k, I am the purchaser of said extended house. I want to have confidence in the surveyors valuation.

So..... valuation was £240k, asking £257k, and you're paying £250k?

dimbo61

£250K was the best price the seller could have expected as over £250K you as the buyer would pay nearly £10K in stamp duty.
Even if the seller had put the property on the market at say £265/275K he/she would still end up with a buyer at £250K.
I paid this 7 years ago and my home is still worth the same now ( for a quick sale )
If you are happy with the size of the property and plan on living in the property for the next 5/10 years then it will hopefully rise above the £250K stamp duty barrier

QBSBuck

googler wrote: »

So..... valuation was £240k, asking £257k, and you're paying £250k?

Yes, thats it.

happycamel_2

yes, the stamp duty factor comes heavily in to play. Nothing sells between £250k and £280k, so if it isn't clearly over £280 then it'll sell for £250k. Everything else is pie in the sky. Now make sure you get a really good survey and have seen all the planning permission and building certificates for the extension including that the foundation are sufficient and tied in correctly.

Fire_Fox

So reduce your offer to £240K. What is the point in having a surveyor and then not trusting their judgement?

maninthestreet

Your surveyor valued the property at £240K, so you then offered £250K for the property? Why bother paying for the survey if you were going to ignore the valuation?