AAARGH!!! Surveyor massively downvalues flat

ukcarper

When people are having trouble selling plenty of people on here will tell you a property is only worth what someone is prepared to pay for it, but of course when someone is prepared to pay it doesn't apply.

The valuation of a property is not an exact science and if the property is unusual it is possible for valuation to be wrong. If you can afford it and are happy with deal that's all that really matters.

Jack_Johnson_the_acorn

ukcarper wrote: »

When people are having trouble selling plenty of people on here will tell you a property is only worth what someone is prepared to pay for it, but of course when someone is prepared to pay it doesn't apply.

The valuation of a property is not an exact science and if the property is unusual it is possible for valuation to be wrong. If you can afford it and are happy with deal that's all that really matters.

Well said, sadly jealousy is showing through many of the posts in this thread, I would assume the 4k service charge will go towards maintenance and some will be saved in a holding pot in case of major works needed.

shortchanged_2

ukcarper wrote: »

When people are having trouble selling plenty of people on here will tell you a property is only worth what someone is prepared to pay for it, but of course when someone is prepared to pay it doesn't apply.

The valuation of a property is not an exact science and if the property is unusual it is possible for valuation to be wrong. If you can afford it and are happy with deal that's all that really matters.

Problem is the surveyors valuation does really matter because unless people can make up the shortfall from their own pockets (most people can't ) then there is likely to be no sale.
Many people seem to forget that banks are taking a risk lending to purchase a property and it's not really in their best interests to overvalue a property.

shortchanged_2

Jack_Johnson_the_acorn wrote: »

Well said, sadly jealousy is showing through many of the posts in this thread, I would assume the 4k service charge will go towards maintenance and some will be saved in a holding pot in case of major works needed.

Well according to many of the property rampers on here you would need nowhere near that amount to maintain a property.
The OP would be paying £80,000 over a 20 year period if they stayed there that long. That would pay for a few new roofs, boilers, double glazing etc. Actually you could probably build a whole new house for that.

mayonnaise

I just wish Eeyore shortchanged, hpifever and the rest of the doom & gloom brigade would keep their 'wisdom' to the house prices debate board.

All the best, Tim Bisley.

Tim_Bisley

shortchanged wrote: »

Well according to many of the property rampers on here you would need nowhere near that amount to maintain a property.
The OP would be paying £80,000 over a 20 year period if they stayed there that long. That would pay for a few new roofs, boilers, double glazing etc. Actually you could probably build a whole new house for that.

So what's your point? Should I buy somewhere smaller, less convenient to work in a worse location, save up £80k and build a house in 20 years time?

shortchanged_2

Tim_Bisley wrote: »

So what's your point? Should I buy somewhere smaller, less convenient to work in a worse location, save up £80k and build a house in 20 years time?

You do whatever you feel is right. As long as you are comfortable with it and can afford it now and in the future.
Yes there are people on here who have differing views with people who think property is overpriced and those who want higher prices.

ukcarper

shortchanged wrote: »

Problem is the surveyors valuation does really matter because unless people can make up the shortfall from their own pockets (most people can't ) then there is likely to be no sale.
Many people seem to forget that banks are taking a risk lending to purchase a property and it's not really in their best interests to overvalue a property.

But in this case OP could buy with lower valuation and I would think that is not that unusual.

Mattygroves2

OP I'm glad you got the flat at what sounds like a more sensible price. I hope you enjoy the delights of central city life.

No envy here as I've got a City Centre flat in Manchester. We started out looking in your price bracket and ended up buying one for £200k instead as it seemed a better buy despite the fact we could easily afford up to £300k. We found there was very few in the higher price bracket - it may be different in Nottingham - and we got almost as much space for less.

What I think the two valuers were trying to tell you was that the market for that price bracket of flat is limited and the high service charge (which includes things some people won't be prepared to pay for) and the fact that there are students in the area will limit your selling market when the time comes. Nightclubs would also be a stumbling factor for quite a few people - everytime someone tries to get permission for one near our block (ie within 250 metres) there is a definite spurt of resident co operation to put objections in to the planning department. It's nice to have bars and restaurants two streets away (so easy walking distance) but not in the same street or visible from your flat.

Flats are funny things to value as there are many variables - in our case being above the 1st floor, not being at the top of the building with potential roof problems, being on a corner and at the back of the building probably means our flat went for more on a square footage basis than a bigger one would have done in the same building that was lower down and at the front or even a penthouse but on the front.

In Manchester the conversions tend to go for more than new build and certain areas which are further out (but still 20 minutes walk into the centre) will go for more than similar flats in the absolute centre. There is just a perception that some areas are simply better than others and they tend to have their own community with bars, restaurants and shops - no (or very few) students in those areas either and limited commercial properties in the residential bits.

Miss.Fortune

Exciting times.

Would love to see a link as I live in the area and can only dream of something so posh I like to live vicariously through others.