Overpriced?? How much would offer?

LittleDrum

Hi all,

Husband and I love this property but it's been on the market since 1st May, so it must be overpriced?? Plus they bought it in 2014 for £150k less than they've advertised it. Does adding a 4th bedroom increase the value by that much?!
What would your approach be to offering on it?

It's over our budget by £50k but we could afford up to £420k for the perfect house which we think this is.

I would love honest opinions and be brutal should you need to! We are a first time seller/buyer!!

House is here http://www.rightmove.co.uk/property-for-sale/property-51952010.html?premiumA=true

borkid

There is another similar sized house for sale nearby for £395K. it does have a much smaller back garden but there is more off road parking space. Is yours a shared drive? It looks like it from the photo. I would check out if there has been any problems with the neighbour blocking access to your garage if it is a shared drive.
Have you asked why the vendors are moving after only 1 year? It could be neighbour problems.

Also check the loft conversion. have they all the relevant documnetation, can you fit a double bed up there? From the plan it looks as if the stairs would make this impossible.

None of this might worry you though. Basically you offer what you think it's worth. I would start at £400K so inline with the other house then if you need /want to up the offer you still have a little in reserve. Don't forget you always seem to need more money than you planned on when moving house!

LittleDrum

Thanks for your input, yes it's a shared drive with both houses having garage each at the end.

I'll raise the other questions with the ea!

I wouldn't have dreamt of starting that low for the risk of not being taken seriously however you raise great points which I would now include as part of my offer.

alchemist.1

Seeing that its taken the vendor until October to reduce it to offers over 450k, I wouldn't expect any type of reasonably priced sale any time soon. Prepare to walk away.

blueblazer

Id have said start at £400k as well - can't hurt to try and since it has been on since May, they have have become more realistic.

For me, the loft conversion looks very small, funny shaped and wonder whether it does really add much value. Obviously it depends on your circumstance but the asking price is wanting you to pay a premium for that which you may or may not have really wanted.

dgtazzman

How do they get away with calling that small 'bedroom' on the first floor a bedroom? Might just about squeeze a single bed in, but nothing else. It would make a small study, but the size is more that of a wardrobe...

borkid

dgtazzman wrote: »

How do they get away with calling that small 'bedroom' on the first floor a bedroom? Might just about squeeze a single bed in, but nothing else. It would make a small study, but the size is more that of a wardrobe...

It looks the same size as my bedroom as a child and yes could just about fit in a small single bed with a small built in wardrobe in the alcove.

Caz3121

littlejo26 wrote: »

Does adding a 4th bedroom increase the value by that much?!

for info, here is the pictures before they renovated.
http://www.zoopla.co.uk/property-history/97-prices-lane/reigate/rh2-8az/33036576

I am wondering whether someone looked at this property as one they could do up and sell on making a profit

J_i_m

I think in general especially in the southeast prices are (rather inevitably) going really berserk.

It's basically and firmly pricing me out of the market, but I'm relatively comfortable to sit tight for a few months as there is still some hope. Quite a lot of properties are hanging around on the market and being reduced, seems like no one has time for deluded vendors with £££££ signs in their eyes.

I viewed some converted flats yesterday, which are still quite early in the building process, once you saw past the shiny showroom it was easy to see the lack of attraction and potential the actual finished apartments would have.

The agent had the slimy cheek to advise me that it's a sellers market at the moment. Well be that as it may... I'm not paying a massive premium on a place I don't even like.

sweetilemon

I have no clue on the area (£450k seems crazy money) but I would say if you'd be willing to pay 420k, put a 400k offer in and it gives you 20k to negotiate with. Good luck and let us know how you get on. It's definately been decorated nicely since the orginal purchase.

bouicca21

I'd be asking serious questions about that loft conversion and building regs before spending any money on surveys etc (assuming your offer gets accepted). Ceiling height looks very low.