Neighbouring house on market for £40k less!!!

Wellieboot

Hi,

I have recently had an offer accepted on a lovely 3-bed Victorian end of terrace in good condition and a great location.

Having looked at lots of other properties in the area, we thought that we had got it, not cheap, but for a fair price at £278k. Had a full survey done and got quotes for the work needed (roofing and repointing to the tune of £14k needed in the next 5 years). Was still happy to continue and was hoping to negotiate some sort of reduction in price in light of the repairs needed in the near future.

However... in the last week an almost identical 3-bed property two doors up has just come on the market for £240k, which has given me the wobbles that we are paying way, way over the odds. This property is slightly smaller and is mid terrace but otherwise seems as well decorated and in similar condition to 'ours' (with a much newer roof). Am doing a viewing on Saturday to see it for myself.

I really like the first property and don't want to mess the vendors around, but with the stamp duty and repairs, we'd end up paying the best part of £60k more for the end of terrace, which seems a little ummm steep!

This is the first property I have bought so any ideas/advice on how to work out the best way forward will be VERY much appreciated!

Thanks

Just in case it's useful, here's a list of the extras the more expensive house has:

• End of terrace (side access)
• Utility room
• Additional downstairs shower room
• 2 x attic rooms with small front and rear dormers (the mid terrace has one attic room with small dormer to the rear)
• Additional small box room on first floor
• Larger, nicer kitchen
• Beautiful, established planting in garden (gardens are the same size but the mid terrace is all lawn)
• Arguably better ground floor layout (more open plan and lighter)
• Better views from attic, side windows and garden

Does all of that really add up to 45k more if they're in exactly the same location?

notanewuser

Do you have links?

poet123

Wellieboot wrote: »

Hi,

I have recently had an offer accepted on a lovely 3-bed Victorian end of terrace in good condition and a great location.

Having looked at lots of other properties in the area, we thought that we had got it, not cheap, but for a fair price at £278k. Had a full survey done and got quotes for the work needed (roofing and repointing to the tune of £14k needed in the next 5 years). Was still happy to continue and was hoping to negotiate some sort of reduction in price in light of the repairs needed in the near future.

However... in the last week an almost identical 3-bed property two doors up has just come on the market for £240k, which has given me the wobbles that we are paying way, way over the odds. This property is slightly smaller and is mid terrace but otherwise seems as well decorated and in similar condition to 'ours' (with a much newer roof). Am doing a viewing on Saturday to see it for myself.

I really like the first property and don't want to mess the vendors around, but with the stamp duty and repairs, we'd end up paying the best part of £60k more for the end of terrace, which seems a little ummm steep!

This is the first property I have bought so any ideas/advice on how to work out the best way forward will be VERY much appreciated!

Thanks

Just in case it's useful, here's a list of the extras the more expensive house has:

• End of terrace (side access)
• Utility room
• Additional downstairs shower room
• 2 x attic rooms with small front and rear dormers (the mid terrace has one attic room with small dormer to the rear)
• Additional small box room on first floor
• Larger, nicer kitchen
• Beautiful, established planting in garden (gardens are the same size but the mid terrace is all lawn)
• Arguably better ground floor layout (more open plan and lighter)
• Better views from attic, side windows and garden

Does all of that really add up to 45k more if they're in exactly the same location?

Did the surveyor include a valuation?

Could the one on sale be a repossession (always start out much cheaper, often they don't end up that way)

Side access and a utility would be worth something to me, are they to you?
Ditto extra shower room and bedroom.

I think that those things are quite substantial differences but only you can decide if they are worth that to you.

ognum

Sounds a much nicer house to me, think how much it would cost to put all that in the mid terrace.

Wobbles are common, make your own mind up.

nearlyrich

Only you can say whether you would feel peeved knowing or thinking you paid over the odds...is it worth the extra to you?

Wellieboot

Thanks for the quick replies!

Just tried adding links but as a Newbie I'm not allowed
Both properties can be found on Rightmove, Stroud
The one we are in the process of buying is with Parkers, asking price £284,950
The other one is with Peter Joy for £239,950


Poet 123:
No, the Surveyor didn't give a valuation

Yes, the utility, side access etc is worth a lot to me too but a lot of the improvements could be added to the cheaper house for less than the extra cost of buying the first house (though this doesn't take into account the disruption etc).

Wellieboot

I can't keep up with the replies! Thanks for the encouragement. I suppose I did know that wobbles are common Just feels different when it's you that's having them!

Own_My_Own

I would pay more for an end terrace. Just having straight access to the back garden would do it for me.

RichardD1970

Wellieboot wrote: »

Hi,

However... in the last week an almost identical 3-bed property two doors up has just come on the market for £240k, which has given me the wobbles that we are paying way, way over the odds. This property is slightly smaller and is mid terrace but otherwise seems as well decorated and in similar condition to 'ours' (with a much newer roof). Am doing a viewing on Saturday to see it for myself.


Just in case it's useful, here's a list of the extras the more expensive house has:

• End of terrace (side access)
• Utility room
• Additional downstairs shower room
• 2 x attic rooms with small front and rear dormers (the mid terrace has one attic room with small dormer to the rear)
• Additional small box room on first floor
• Larger, nicer kitchen
• Beautiful, established planting in garden (gardens are the same size but the mid terrace is all lawn)
• Arguably better ground floor layout (more open plan and lighter)
• Better views from attic, side windows and garden

Does all of that really add up to 45k more if they're in exactly the same location?

Doesn't sound almost identical to me, sounds a much more substantial property.

mummyroysof3

I think the more expensive one sounds a lot better

R_P_W

You say almost identical and then list nine things that are different between the two!