EA's valuation varies considerably on our Bungalow...

BertieUK

We are presently getting our 1956 Bungalow ready to put on the market For Sale.

We contacted three local Estate Agents on Monday morning to call and value the property for us.

The first called on Monday afternoon and submitted his report that afternoon which said that in his opinion the value would be in the region of £335K and that he would suggest an asking price of £349.5K to allow for a little negotiating room.

The second EA called on Wednesday morning and submitted his report by post the next day putting the value at between £310K and £318K with an asking price of £319.5K

The third EA also called on Wednesday giving a verbal value of £325K but as yet has not put anything in writing.

All EA's offices are within walking distance of our property and have been operating for over ten years.

We bought the property in 2009 for £280k and have spent 30k upgrading the property.

I would therefore like to ask your opinions please on the different value scales offered by these EA's

mrginge

Where is it and what have similar properties recently sold for.

My gut feeling is that the first one is on some kind of non-prescribed medication

BertieUK

mrginge wrote: »

Where is it and what have similar properties recently sold for.

My gut feeling is that the first one is on some kind of non-prescribed medication

A property nearest to ours sold for £260K last year but needed a lot of renovation done to it.

Our property has an extra en-suite plus large garden and out-buildings that the one mentioned did not have.

We are in West Hampshire.

The first EA has recently sold a similar Bungalow for £325K with an asking price of £339K which is a similar distance from his Agency that being about eight minutes walk.

mrginge

What did you spend 30k on?

mooruk

Have you looked on Zoopla for a current price? They're fairly accurate once you put in the changes you made.

zappahey

mooruk wrote: »

Have you looked on Zoopla for a current price? They're fairly accurate once you put in the changes you made.

You're likely to be one of not very many who think that.

BertieUK

We have just looked at Zoopla and revised the changes made since we moved in and it comes up with a figure of £315,660

I must add that it also has a 45sqn Edwardian Conservatory that the other mentioned property did not have, so it can all add to the value.

These figures can only be used as a guide but some could be correct by chance.

brit1234

The simple rule is with renovation is in a rising market renovations add more value than cost. In a falling market renovations don't make the extra value they cost.

Is your area falling or rising?

Check the land registry and ignore zoopla its a joke.

http://www.nethouseprices.com/

BertieUK

mrginge wrote: »

What did you spend 30k on?

We had a workshop built outside and electric power fitted along with sheds, polytunnel and a large fruit cage, gardens landscaped.

Plus 2 x 1,000Ltr water tanks fitted onto platforms in the garden to supply the polytunnel with its own water supply fed from the roofs of the garage + sheds and pumped into the tanks from 4 large water barrels.

Inside we had the loft floored, a new walkin shower fitted plus new suite and a new Worcester boiler along with a new kitchen plus new carpets in most rooms plus decoration.

googler

BertieUK wrote: »

The first EA has recently sold a similar Bungalow for £225K with an asking price of £339K which is a similar distance from his Agency that being about eight minutes walk.

225 against asking of 339 ...? Or was the asking 239 ...?

Without seeing your bungalow, the others that have sold recently, the others that are for sale at the moment, and which will be your 'competition' when you come to market, it's difficult to form an opinion on the EA figures ...

BertieUK

brit1234 wrote: »

The simple rule is with renovation is in a rising market renovations add more value than cost. In a falling market renovations don't make the extra value they cost.

Is your area falling or rising?

Check the land registry and ignore zoopla its a joke.

http://www.nethouseprices.com/

According to this link our street is +£3,998 at this time.

Thank's for the link.