Premium for a Semi-detached over terraced?

bluedrop

Hi all,
How much premium would you pay for a semi detached property?

House-1 : A 3 bed Semi with £30k worth work needed. Asking £390k

House 2: A 3 bed terrace property with a loft conversion done to add a large fourth bedroom and a bathroom. In straight move-in condition. For sale at asking price £400k

Which one would you choose and why? Both properties are in the same area - Beckenham (Bromley, Greater London)

Owain_Moneysaver

Depends how 'semi' it actually is - not much of a premium for a pedestrian side gate, more of a premium if it allows driveway access to the rear, even more if there's the possibility/precedent for a side extension.

Side access is more desirable the larger the back garden, to get mowers etc in.

bluedrop

its not much of a semi that way.... it has side access, but a car doesnt fit through. Its more like a shared drive way divided between two properties using a fence.

Also, the room sizes are nearly the same.

Strapped

I'd still go for the semi. You can't add any value to the terraced one. Although I'd negotiate hard

bluedrop

Strapped wrote: »

I'd still go for the semi. You can't add any value to the terraced one. Although I'd negotiate hard

The vendor of the semi cant go below £380k (he needs to achieve this to buy), So that'll make the Semi cost £410k in total

The 4 bed terraced property - can get for £385k - £390k. This has a large 4th bedroom and a bathroom in the loft.

Would you still go with the Semi ?

London_Town

I would pay as much as I could afford to have a semi detached house over a terrace. You're simply reducing your risk of neighbour noise by half.

After location, this would mean everything to me.

bluedrop

London_Town wrote: »

I would pay as much as I could afford to have a semi detached house over a terrace. You're simply reducing your risk of neighbour noise by half.

After location, this would mean everything to me.

Would you pay £30k extra?

moneyistooshorttomention

Doesn't that rather depend on how long you are planning to stay in this house?

If it's a "step on the ladder" then get the terrace. If it's a "keeper home" then pay the extra and get the semi.

bluedrop

moneyistooshorttomention wrote: »

Doesn't that rather depend on how long you are planning to stay in this house?

If it's a "step on the ladder" then get the terrace. If it's a "keeper home" then pay the extra and get the semi.

It will be a "keeper" home. Its in a lovely area.

The semi is well within our budget. I am only concerned about overpaying. Hence the question- how much premium is reasonable? 30k for the extra loft, 30k for the work the semi needs. £60k premium for the same room sizes otherwise (in the same area)?

mrsmchapman

Keeper home, I personally would go for the semi, if affordable.

Brallaqueen

I'd go for a semi if I could - but not that semi. If the buyer can't go any lower due to mortgage then you may be better off looking elsewhere. I'd expect a price differential between semi and terrraced but that's not what is happening here.