First time buyer - valuation advice?

renzokukenreddragon

Hello everyone.

My girlfriend and I are first-time buyers. Over the weekend we started viewing properties together, and we really liked a place so we put an offer to get the property off the market. The offer was accepted. We offered 147k on a property listed for 150k.

We're still happy with the thought of that property, but some online indications appear to suggest we'd be paying wildly over the odds. For example, the Homes24 estimate of its value is more like 108-110k. The upstairs maisonette, 69a Churchill Rd, BS4 3RN, is the property we're looking at. Online searches leave it unclear whether it's that property or the ground floor flat, 69b, which sold for £105k in 2011.

I'm thinking an independent valuation might flag up whether our fears are well founded? I'd appreciate any thoughts you have - this house buying lark is a minefield.

(I did have links here, but under the forum rules new posters aren't allowed to post links. Hopefully there's enough detail to be going on with, I suppose general valuation advice is what I need. )

Thanks

sammyjammy

So you started looking at the weekend and have already put in an offer? Perhaps you should have done your research before putting the offer in? Don't be fooled by Estates Agents pushing you into an offer. The likelihood of someone else wanting to snap it up at any price is slim to none .

Is this the property ? http://www.rightmove.co.uk/property-for-sale/property-38368246.html

Its very nice although they obviously have storage issues in the attic room.

I looked at 2 bed flats within a mile of it and I think given its size and condition its a reasonable price.

I_have_spoken

Twigs! (pic 5) Guitar! (pic 7) No wonder it sold in a trice

The fact you offer was accepted right off suggests it was too high, but maybe only by a few £k. It's a nice looking property, although no mention of parking and I'd be worried about noise from traffic through the arch

renzokukenreddragon

Yes, that is the right property. Thanks for linking. Thank you both for your thoughts so far.

Our first offer was £145k, then £147k. If the asking price is in the right ball-park then I'm not so worried about our offer being close to it. I was more concerned that the asking price might have been abnormally high.

The archway under the flat provides foot access to garages round the back of some of the other properties. It doesn't provide vehicular access to anything, so we're not worried about noise from it for the most part. The room over the arch is actually the kitchen so we're not too worried.

We will be parking one car on the street. There was ample room for this on a Saturday at midday, but I think I'll ask my girlfriend (who is more local than me) to try parking there at about 7pm on a weekday when everyone should be home from work.

DRP

renzokukenreddragon wrote: »

Yes, that is the right property. Thanks for linking. Thank you both for your thoughts so far.

Our first offer was £145k, then £147k. If the asking price is in the right ball-park then I'm not so worried about our offer being close to it. I was more concerned that the asking price might have been abnormally high.

The archway under the flat provides foot access to garages round the back of some of the other properties. It doesn't provide vehicular access to anything, so we're not worried about noise from it for the most part. The room over the arch is actually the kitchen so we're not too worried.

We will be parking one car on the street. There was ample room for this on a Saturday at midday, but I think I'll ask my girlfriend (who is more local than me) to try parking there at about 7pm on a weekday when everyone should be home from work.

does the arch affect insurance? might be worth checking.

Houses in the centre of bristol seem to be flying off the shelves at the moment (we are BS3) so i can understand you feeling you have to go for it when you see something you like.

My advice is similar to those above: do the research on *sold* prices in the surrounding streets/area.

If you decide it is too much then there is no harm in pulling out now, but try to act quickly.