Is there a mathmatical formulae for houses on the same street?

shireknight

According to Zoopla my house is worth more than next doors yet you only have to look at the two to see theirs is far nicer and on measuring our houses footprints I found to my surprise that although our houses are about the same width theirs is about 14 foot longer.

My neighbour says she is planning to move next year so if I work out the square footage of our two houses can I use that figure to approximate the value of my house based on the sale price of their house when they sell it?

phill99

The square footage has nothing to do with open market (sale) value. The value is based on comparison of other similar properties in the area that have sold in the recent past.

The value is affected by location, amenity, facilities, condition and so on.

There is no algorithm or mathematical formulae.

The only time square footage is used for value is the rebuilding cost.

Your friend is way off the mark. If you want to know how much its worth, then get a valuer round.

If you are-not going to move soon, its academic anyway.

ging84

there is no one formula
your house is clearly smaller but that doesn't make it clearly worth less, yours may be worth as much or more if it has a bigger garden for example.
the neighbour's house was possibly originally the same but has been extended, if that is the case and most other factors are equal except for the condition, you'll know how much yours would be worth if you fixed it up and extended it.

Anatidaephobia

The simple answer is no.

shireknight

Had a feeling it wouldn't be that simple, thanks anyway guys :-)

Running_Horse

shireknight wrote: »

According to Zoopla

You lost me in the first three words.

Zoopla is rubbish.

pleasedelete

Zoopla is based on the general market change since the last sale. There is a £200k variation on my road.

princeofpounds

No there is not a formula.

A £/sqm price might get you in the ballpark, but anything from the plot area, to the fittings and fixtures, to the bank's lending appetite, to the whim of the buyer go into the eventual value a property achieves.

Even professional surveyors use as much art as 'science' in a valuation.

Zoopla is a guess. Often not a good one at that. Ignore it.

questionss

Ignore zoopla! We lived in a row of almost identical terraces in the southeast. It was the highest turnover/sales (in terms if number of sales) road in the area! Various differences in kitchens/loft conversions etc but generally accepted at the time to be worth 290-340; with most 310-320. Zoopla estimates ranged from 170-370!

AdrianC

Yes, Zoopla DO have an algorithm for calculating their figures. It doesn't really produce a figure that bears much resemblance to reality, but they definitely do have one.

No, there isn't a "real-world" formula. It's down to what a buyer is happy to pay and a seller is happy to accept. Different buyer, different seller, different figure.