Disappointed with valuation

kixxb

I think you and I Rachylou1981 might be in the same boat - we just have to sit tight, save up and hope for the best.

Interestingly, some of the houses in the village that were build in 2006 in phase one are now selling for pretty low prices - 4 bed, fully detached with garage in immaculate condition is selling for fixed price of £160k. We are actually thinking that plowing money into our mortgage and saving for a year or so will allow us to buy an older house in excellent condition for much, much less!

Lemoncurd

Good luck with your next few valuations.
We felt the same as you when initially thinking about selling earlier this year. We had a valuation for sale and one for rental from the same agent. Both figures came a bit lower than hoped for so we didn't actually put it on the market.
A few months later we considered it again and arranged for a couple more agents to come round, the first valued it at 15% higher and we actually laughed and thought they were just flattering us until the next came up with exactly the same higher valuation. Offers from buyers came in around the higher valuation.

kixxb

Thanks Lemoncurd.

We had a second valuation today, they also estimate £85k in the current market and rather annoyingly, all the work we've done to replace double glazing/repair roof line has apparently added very little value - that's not the only reason we did it but we did think that it would benefit us in a future sale - apparently not!!

We are due to have 2 more valuations next week but we are considering cancelling these for now as we expect that they will produce similar valuations and to be honest, given the current market vs. the situation when we purchased the property, the market has some way to go before we'd get back what we paid.

I think for now we'll just focus on saving and paying as much into the mortgage as we can.

The estate agent did also highlight that many new builders are so desperate to sell that they may do a part exchange for £87k+ and a 95% mortgage so we might get lucky but probably not!

Rachylou1981

I am doing jobs round the house and tidying things up i.e. painting and then will probably do another valuation afterwards with a different agent. There are so many houses in my area going for more than mine and this surprises me as mine is so much better in my eyes, the only big difference is that mine has not got double glazing (I have sash windows).

My boyfriend isn't moving in until end of the year so until then saving lots of money or paying more on mortgage isn't an option. I am going to try and talk him into seeing my mortgage advisor after next valuation though as that may make him understand that we may be stuck next year with regards to moving on as at the moment I don't think he has a clue about the current market and how difficult it is. Oh how things have changed since I got my 100% back in 2001

bitsandpieces

Rachylou1981- if the lack of shower's the main issue, have you got a quote for installation - could be a lot less than moving!

By the way, you're aware that - if you're co-habiting without being married - it may be worth thinking about what will happen if you break up? Hopefully won't be an issue, of course, but worth considering...

Rachylou1981

bitsandpieces wrote: »

Rachylou1981- if the lack of shower's the main issue, have you got a quote for installation - could be a lot less than moving!

By the way, you're aware that - if you're co-habiting without being married - it may be worth thinking about what will happen if you break up? Hopefully won't be an issue, of course, but worth considering...

I will look into it at some point but the main worry is, is it worth it? Selling wise maybe but making me more profit, which is my main issue? Probably no.

We're not planning on getting married yet, living together is our first step.

I have wondered whether it may be worth him getting a FTB mortgage in 2014 when more help from government is available and then me moving in with him? (I am aware that this will put me at risk of not being on mortgage and in trouble financially if we split but I will still have my property). Thoughts? Is this even possible?

bitsandpieces

Rachylou1981 wrote: »

I will look into it at some point but the main worry is, is it worth it? Selling wise maybe but making me more profit, which is my main issue? Probably no.

I wouldn't expect to make a profit on what you spent on the shower when selling - you may not even get the money back - but was more thinking whether that would make your boyfriend happier to live there for a year or two (or longer)?

If by 'making a profit' you mean the price of the property rising, I wouldn't assume that the price will rise above inflation. Plenty of areas where this hasn't happened. On the positive side, static or falling house prices could actually be good for you - if you're planning a move to a more expensive place, this could get cheaper

We're not planning on getting married yet, living together is our first step.

I have wondered whether it may be worth him getting a FTB mortgage in 2014 when more help from government is available and then me moving in with him? (I am aware that this will put me at risk of not being on mortgage and in trouble financially if we split but I will still have my property). Thoughts? Is this even possible?

In terms of risks around co-habiting/co-ownership, I certainly can't advise. May be worth discussing this with a solicitor/financial advisor - solicitors sometimes do a free 30mins appointment... Just thought it would be worth flagging up.

becominganobsessivesaver

bitsandpieces wrote: »

Rachylou1981- if the lack of shower's the main issue, have you got a quote for installation - could be a lot less than moving!

By the way, you're aware that - if you're co-habiting without being married - it may be worth thinking about what will happen if you break up? Hopefully won't be an issue, of course, but worth considering...

Or replace the bath tap with a mixer and shower head as an interim solution.

Rachylou1981

Bitsandpieces - He has accepted the shower situation and will cope even though he doesn't want to. I want to move ASAP as I really hate living here now (been here 11 years) and we both want our own home together in a nicer area. But we understand that we may be stuck so we probably will do changes to this house as and when needed.

Also re: the shower situation. The bathroom is awkward as I have wood pannelling all the way round and a corner bath so it would be a full bathroom job to sort out

Rachylou1981

bitsandpieces wrote: »

If by 'making a profit' you mean the price of the property rising, I wouldn't assume that the price will rise above inflation. Plenty of areas where this hasn't happened. On the positive side, static or falling house prices could actually be good for you - if you're planning a move to a more expensive place, this could get cheaper

I don't think my property value will rise much, I just hope to get more than the valuation I did a couple of months ago (33K). My only real hope is increasing the gap between what I owe and what I eventually sell for as my profit will be a deposit for a joint home with boyf and obviously I can do that by living here longer and possibly paying more towards my mortgage.