Trouble guessing at fair price (buying)

Grenage

Hi guys,

We recently exchanged and will complete next week; staying with family to simply break the chain. We've started looking at what little there is, over the last week, and seen about 8 properties. Only one has been a contender so far, and I was wondering if I could get some advice on their asking price. I appreciate that nobody here has seen it, or probably knows the area:

http://www.rightmove.co.uk/property-for-sale/property-55704449.html

I think it's a pretty fair price considering the size, but I'm comparing that to bungalows and younger 4 beds in quieter streets - which generally have asking prices of 10-20k less. This has been recently decorated (which for the sake of simplicity it will assume is not covering damp, super-termites, and faulty wiring). It has character, with heigh ceilings and a large kitchen space.

It's the top of our budget, but we are aiming for our end-game house. With house prices rising much faster than my wages, it seems better to do so now.

Looking at the above, do you think we'd be mental going in at asking price?

TBeckett100

It's a nice looking property and it looks like money has been spent on it. Not sure whether the garden gets a lot of light though

Offer 10k less with quick completion and go from there

Grenage

Thanks for your reply. Yes it was recently tarted up; you can smell the paint when you walk in the door. nothing ostensibly needed doing, except for refitting one of the windows (loud noise round the sides).

They've got other properties so no need to sell quickly, but it can't hurt to go in a bit under - we can always up it if needed.

Yes regarding the garden; it's west-facing. Not ideal, but it could be worse.

MoaningMyrtle

I have driven through Cowplain, house looks ok, however the busy road would eliminate the house for me. Nothing in Lovedean or Horndean?

Waterlily24

My sister in law used to live in Horndean on the main road, her bungalow was further back than 'your' house and noise wasn't a problem, the other sister in law lived in Purbrook on the main road no problems there either and her front garden wasn't that big, might have been a bit bigger than yours not by much though. We lived on the main A259 for quite a while and didn't have any problems either. We sold that property fairly easily too.

Good luck on whatever you decide.

Grenage

Hello to both, and thank you for your replies.

There are some properties popping up in Denmead, and some Horndean - it's just a trade-off as to what you get. The properties there tend to be in quieter side-streets and have larger gardens (soime very large), but the house is smaller. My other half is also very keen on 'character', which generally means older properties with higher ceilings and some feature charm.

This does somewhat limit what we'll be able to get in our price range. While the house is much bigger than what we need now, we plan to start a family soon, and it would truly be a luxury to have that space available in advance.

My partner gew up in London, and I think after surviving a stint in Hilsea, I will be ok with that road. We looked at a house in Gosport; now those are some roads I'm never going near again!

StumpyPumpy

I have to say that after looking at it on Streetview I am the same as MoaningMyrtle and wouldn't a house on the A3, and what looks like a busy part too. In some of the Streetview views you can see the road is bumper to bumper traffic (no doubt rush "hour"). I'd hate to think what it would be like if there were roadworks on the A3(M).

I appreciate that different people have different sensitivities to road noise but you should also consider the problems of access and pollution. I've sat in plenty of rush hour jams on residential streets where it takes an hour to get from one end to the other. It might be just me, but I think there is nothing worse than being stuck in traffic only 100 yards from your front door!

However, for me, there is another problem with the location: Having your living room and dining room windows on the pavement of the road running perpendicular to the A3 would be an absolute deal breaker. The road may be a dead end, but the pavement isn't and it looks to be a well worn route for people going to the shops from the houses behind you. Having people walking within inches of the windows and able to stare into the main living areas would drive me crazy. I would want to board them up, but as they are the only source of natural light for the dining room I couldn't.

But, in answer to your question of how much to offer: You need to offer what you think it is worth not what anyone else thinks. It is, after all, you that is going to spending the money and living there, no one else, but if you want to see what it was like when the property developers bought it, you can look here: http://www.zoopla.co.uk/property-history/91-london-road/cowplain/waterlooville/po8-8xb/21462013 (The bathroom certainly used to be a thing to behold!)


SP

LittleMax

House 3 doors down has just sold for £273k.
http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=49665130&sale=54211916&country=england

That is your benchmark, it seems to have the groundfloor extension at the back same as house you are interested in. So you need to work out how much the loft conversion and office would cost and that is the current market value.

LittleMax

StumpyPumpy wrote: »

but if you want to see what it was like when the property developers bought it, you can look here: http://www.zoopla.co.uk/property-history/91-london-road/cowplain/waterlooville/po8-8xb/21462013 (The bathroom certainly used to be a thing to behold!)
SP

Although it was last offered for sale in 2012, there is no sold data for it, so not sure it was sold to developers, looks like original owners just did further updating. Personally I think the kitchen layout was better in 2012.

I agree about the windows onto the road at the side, that would certainly put me off buying.

StumpyPumpy

LittleMax wrote: »

Although it was last offered for sale in 2012, there is no sold data for it, so not sure it was sold to developers, looks like original owners just did further updating. Personally I think the kitchen layout was better in 2012.

I agree about the windows onto the road at the side, that would certainly put me off buying.

I believe only private sales show up on the land registry and the OP says the current owners have other properties for sale which would suggest this was a business purchase rather than the 2012 owners, though the house was a rental so I could be wrong.

SP

macman

There is no such thing as a fair price: there is a price that someone is willing to buy for, and someone willing to sell. Where the two meet, you have a sale. Only you can say what you are prepared to pay. Why don't you ask the agent, since their concern is to achieve a sale-not necessarily to get the asking price? For all you know, the vendor may see a chain -free buyer as attractive.