stupid question regarding property values

jennyc85

yeah been looking at 2 bed terraced's.. they dont hang about long round there though.. booked a viewing of a 3 bed in need of total modernising on at £125, for my next available day off (I do 12 hr shifts)... they called to cancel because an offer had been accepted on it - it had only been on the market 3 days! crazy...

olly300

Tancred wrote: »

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.

Agreed.

The block I live in has flats exactly the same size and the leases are all over 80 years. To do a flat up to standard if it hasn't been redecorated in the last 15 years is about 15K yet Zoopla price differentials are 100K.

You are better of seeing every single property in your price range then if you like the property to live in doing research on that property.

Ciderarmy1987

jennyc85 wrote: »

yeah been looking at 2 bed terraced's.. they dont hang about long round there though.. booked a viewing of a 3 bed in need of total modernising on at £125, for my next available day off (I do 12 hr shifts)... they called to cancel because an offer had been accepted on it - it had only been on the market 3 days! crazy...

We have just had an offer accepted on a house in Fishponds and from what we have seen properties that are priced right are selling really quickly all over the city

If you want to post a link to any houses you are interested in I can have a look at them for you

mrsbmartin

If you are chain free (assumed because you currently rent) then the best ting for you to do is to develop a bit of a relationship with the EAs...call them at least once a week (try and get the same person each time), explain that you know it is a competitive market but you are in a strong position and make sure they call you when they get new instructions that are suitable for you. They won't act like Kirstie and Phil but they will put you on top of their contacts list which is essential in Bristol.

Don't rely on the internet valuations - in my searches they have had very little correlation with the all the other info available. Find the houses that are 'true' possibilities and then cross-reference all of the available info on them to help you that way.

jennyc85

Ciderarmy1987 wrote: »

We have just had an offer accepted on a house in Fishponds and from what we have seen properties that are priced right are selling really quickly all over the city

If you want to post a link to any houses you are interested in I can have a look at them for you

That would be great actually as I don't have anyone that knows the Bristol market to get a 2nd opinion on places..

This is one I looked at that I really like.. its a repo & the agent hinted an offer with a 1 and a 2 in it would likely be accepted.. the only downside is it is opposite fishponds trading estate and i'm worried this would cause problems when it comes to selling on..

http://www.zoopla.co.uk/for-sale/details/27655532?search_identifier=f53d7f7455faa7921d6996a97fc67c45

Here is one I'm booked to view next week and don't know anything about it other than what is in the ad.. http://www.zoopla.co.uk/for-sale/details/28107121?search_identifier=f53d7f7455faa7921d6996a97fc67c45

Basically my dad is putting in 25% deposit to give us a step up onto the property ladder, so we're looking for somewhere that we can do some work on & sell on in 6-12 months time with hopefully enough profit to pay him back and to put the rest towards a deposit on our own place. Even if its £10k.. that would otherwise take us 2 years to save up... thats the plan anyway...

MobileSaver

Tancred wrote: »

Oh for God's sake! Don't ever consider the Zoopla valuations as accurate - they are not!

Couldn't agree more. Internet "valuations" (especially Zoopla) are an absolute joke.

Use something reliable and accurate like NetHousePrices to compare actual sold prices of similar properties in your area.

Ciderarmy1987

jennyc85 wrote: »

That would be great actually as I don't have anyone that knows the Bristol market to get a 2nd opinion on places..

This is one I looked at that I really like.. its a repo & the agent hinted an offer with a 1 and a 2 in it would likely be accepted.. the only downside is it is opposite fishponds trading estate and i'm worried this would cause problems when it comes to selling on..

http://www.zoopla.co.uk/for-sale/details/27655532?search_identifier=f53d7f7455faa7921d6996a97fc67c45

Here is one I'm booked to view next week and don't know anything about it other than what is in the ad.. http://www.zoopla.co.uk/for-sale/details/28107121?search_identifier=f53d7f7455faa7921d6996a97fc67c45

Basically my dad is putting in 25% deposit to give us a step up onto the property ladder, so we're looking for somewhere that we can do some work on & sell on in 6-12 months time with hopefully enough profit to pay him back and to put the rest towards a deposit on our own place. Even if its £10k.. that would otherwise take us 2 years to save up... thats the plan anyway...

To be 100% honest with you, you are very unlikely to be able to make 10K on a house once you have accounted for buying fees and then selling and a 2nd set of buying fees you would probably be looking at spending around 10K, so to make 10K you would need to add 20K worth of value.
As house prices are unlikely to rise drastically in the next year, and could even fall, the only way that you could even get close to this figure is if you did all of the work yourself and didnt use any trademen. You will definately need to buy a house that needs more than just a lick of paint in a couple of the bedrooms.

If I was you I would put together a spreadsheet and work out what you actually need to spend each month and try and have a year of hard saving. It is surprising how much you can actually cut out and save. We have gone from having little surplus each month to saving 2K a month.

Good luck with whatever you decide to do.

jennyc85

thanks for your reply, unfortunately saving up would take us about 10 years to get a 25% deposit! My partner is on minimum wage and after rent and bills have gone out we have very little left to play with. Trust me I have thought of all the options! Can't move in with family for a year as they are the other side of the country..
We are only considering properties that are already priced low, such as repossessions.. I really see this as the only way to get on the property ladder and stop throwing so much money down the drain on rent.... (i'm sure you know about rental prices in Bristol! :eek:)

BitterAndTwisted

You should plan to be in the property for five years as an absolute minimum. Only a fool would expect to come out of a property after only a year with anything approaching a profit to put down on another property. The days when you could put in a new bathroom and kitchen and see that adding a penny to the potential selling-price, other than the actual cost of doing them are long gone.

These would be your expenses for doing what you are planning:

Two lots of surveys as an absolute minimum: £2k
Two lots of conveyancing: another £2k
Two lots of moving expenses: Who knows?
One lot of selling commission to the agent: 1-2%

Do you honestly believe that a property, any property, is going to increase in value by eight grand plus in 6-12 months? I don't.

"My partner is on minimum wage and after rent and bills have gone out we have very little left to play with."

If saving up a decent deposit is going to take you ten years where are you going to get the funds to refurbish a property once you're able to buy it? Only go ahead with this risky scheme if your parent can afford to see their cash tied up for the long-term.

jennyc85

thanks for your opinions, will let you know how its goes