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Property Valuation
Toshi_2
Posts: 25 Forumite
Hi all
Just had RICS - Homebuyer Report.
Market price of house is £165,000 and the current reinstatement cost of the property is £130,000?
So how much should we offer the buyer????
Just had RICS - Homebuyer Report.
Market price of house is £165,000 and the current reinstatement cost of the property is £130,000?
So how much should we offer the buyer????
0
Comments
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Reinstatement cost is irrelevant for market valuation; it is for insurance purposes only.
It is not for you to "offer the buyer". It is for the buyer to offer to you. How much have they offered?0 -
Hi Anselld
We are the buyer. it's on the market for £165,0000 -
what are you on about?0
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So do your own research, e.g.
http://www.moneysavingexpert.com/mortgages/free-house-prices
Is this the Scottish system or the rest of UK?0 -
Re-instatment is what it would cost to clear the site after a fire, employ an architect, structural engineer and builder, and completely rebuild the property from the ground up.Hi all
Just had RICS - Homebuyer Report.
Market price of house is £165,000 and the current reinstatement cost of the property is £130,000?
So how much should we offer the buyer????
It has nothing to do with market value which might be much more, or, occassionally, less.
You offer the seller whatever you are willing, and able, to pay. Only you, ultimately, can decide how desperate you are to have this property, or whether you are perfectly willing to find another similar one which you think you migh get cheaper.0 -
Hi all
Just had RICS - Homebuyer Report.
Market price of house is £165,000 and the current reinstatement cost of the property is £130,000?
So how much should we offer the buyer????
You offer the buyer anything you think he may accept.
This report is for the People lending you the money to buy the property and tells them if they could get their money back.
It also tells you how much to insure it for.
Think about it, it costs the same to build a three bedroom house in a town up north, Sheffield say as it does in central London. But I doubt they will sell for the same price, but tics would place the same value on them.
My three bed bungalow on the coast with sea view sold for double what it would had had it been inland!
Cheers fj0 -
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How come you've had a survey performed before you've agrreed a price with the vendor? That's a bit unusual to say the least0
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Thrugelmir wrote: ȣ35k to buy the land. Be a bargain.
No. Because ypu will already own the land.Eat vegetables and fear no creditors, rather than eat duck and hide.0
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