stupid question regarding property values

jennyc85

This may seem stupid, but could somebody please clarify for me:

The estimate valuations shown on mouseprice/zoopa, are these assuming that the property is fully modernised all singing all dancing?

For example if a property is on the market at £130k, and needs quite a bit of work, but the mouseprice vaule is £135k, then it is overpriced?

May seem obvious but i'm a bit confused!

Thanks!

clockworks_2

Zoopla, mouseprice etc always seem well off the mark to me. I would not use them as a gauge. They always tend to undervalue properties to me.

WATTY1978

As far as i understand the prices do not reflect condition at all. its often selling price of the property previously and calulated over x amount of years against the general house price increases or decreases in that area. sometimes it seems close but others its way off. especially in areas of very mixed house types and values.
For example the value of my current house is £103k. i paid £108k eight years ago. the change is reflected by the downturn in the market and doesnt consider all the work we did to modernise it and extend considerable. despite the down turn this helped us stay above what we paid and we just accepted £120k for it.
Take the figures with a pinch of salt. its just a tool to help you it doesnt provide all the answers.

jennyc85

thanks for the replies, think I have been relying too heavily on these figures and dismissing properties based on this. I'm finding it sooo hard to gauge property values in my area (Bristol) as there are so many different types of properties in one area, and even within one district, prices can vary from street to street even with same type of house. Its all very confusing!! Estate agents don't seem to be much help either, for example I viewed a place the other day that was a repo & needed a lot of work, offers needed to be over £125k, and I asked the agent what he would value it at fully modernised, to which he replied £135k... it begs me to ask why would you bother? or am I missing something? :S

Caroline73_2

A fully modernised house may have a brand spanking new kitchen/bathroom/decor but it probably wouldn't be what I wanted so I'd rather spend £125k and £20k to refurbish than £135k and not have what I want.

Tancred

jennyc85 wrote: »

This may seem stupid, but could somebody please clarify for me:

The estimate valuations shown on mouseprice/zoopa, are these assuming that the property is fully modernised all singing all dancing?

For example if a property is on the market at £130k, and needs quite a bit of work, but the mouseprice vaule is £135k, then it is overpriced?

May seem obvious but i'm a bit confused!

Thanks!

Oh for God's sake! Don't ever consider the Zoopla valuations as accurate - they are not!
In my experience Mouseprice ones are more accurate than Zoopla ones, but they are still not perfect.

kingstreet

Chocolate fireguards.

Avoid.

Ciderarmy1987

jennyc85 wrote: »

thanks for the replies, think I have been relying too heavily on these figures and dismissing properties based on this. I'm finding it sooo hard to gauge property values in my area (Bristol) as there are so many different types of properties in one area, and even within one district, prices can vary from street to street even with same type of house. Its all very confusing!! Estate agents don't seem to be much help either, for example I viewed a place the other day that was a repo & needed a lot of work, offers needed to be over £125k, and I asked the agent what he would value it at fully modernised, to which he replied £135k... it begs me to ask why would you bother? or am I missing something? :S

What area of bristol are you looking to buy in?

jennyc85

Ciderarmy1987 wrote: »

What area of bristol are you looking to buy in?

Having been focusing our search around Easton area... we rented in Montpelier & St Werburghs and love it there but these areas are waaay out of our budget.

Good to know to take zoopla & mouseprice with a pinch of salt then...

Kynthia

jennyc85 wrote: »

Good to know to take zoopla & mouseprice with a pinch of salt then...

No, a pinch of salt is what you take Estate Agents valuations with. Internet valuations are what you don't touch with a bargepole. :rotfl:

Ciderarmy1987

jennyc85 wrote: »

Having been focusing our search around Easton area... we rented in Montpelier & St Werburghs and love it there but these areas are waaay out of our budget.

Good to know to take zoopla & mouseprice with a pinch of salt then...

What sort of property are you looking at for 135K done up, I would say for that price you would expect to get a 2 bedroom mid terrace house, possibly a 3 bed but with a box 3rd bedroom