Would a house value be affected due to being an ex repo?(LAND REGISTRY !)

bikingbarney

As title really.

How does being an ex repossession affect a houses value in the long run?

We are looking to sell but not sure how valuation will be affected.

Also interested to hear if it would put you off buying knowing it was an ex repo and how much the current owners paid for it?

Cheers

BB

NicNicP

Our old house was a repossession and was bought in cash by the in laws at auction. We bought if off them for the same price with a mortgage and sold for the market value.

Doozergirl

It doesn't.

People may see how much you paid and look to see the difference in the way the place looks, perhaps, to look for value for money, but if the asking price stacks up comparably to the local area, it stacks up.

You haven't been there that long, have you?

bikingbarney

Thats correct, we have had the house for just under 2 years.

Spent a little on it .... New boiler, oven, Carpets, paint and lots of work to the outside removing trees and generally giving it a good tidy up.

How do you think the above would alter the value of it?

dimbo61

What matters is recent house sales in your area.
Now if the house next door sold last month for £50,000 more than you paid well happy days.
If however the last sale was your property at auction and you have not extended the place ! Has it really increased in value ?

iantojones40

The work you've mentioned might make the house more saleable but I doubt it's increased the value much beyond what you've actually spent doing the work, a far bigger factor is what's happened to the market in your local area in the time period since you bought.

bikingbarney

Thanks for the replies.

The average 3 bed on the estate seems to be selling for between 183 and 188. which would be 13 - 18 k more than we paid.

Ours is a 4 bed with an extra reception room and quite a bit of space.

how much do you think that is worth over the 3 bed?

Grenage

You'd really need to compare the prices with other 4-beds of a similar size, rather than the 3-beds.

But generally, ceiling value for the area aside, an extra bedroom and reception room would add a fair bit extra. Reception rooms are a big deal for a lot of people.

bikingbarney

Thanks for the reply.

Its a bit difficult to compare to other 4 beds on the estate as its completely different.

most 4 beds are detached and ours used to be a 2 bed but had a rather large extension to double the size of the house.

So although it should sell for more than a 3 bed it probably wont sell for as much as a 4 bed.

Also there are no 4 beds within 5 mile radius for sale?

Mgman1965

With such a large extension has the property lost most of its garden as this could affect its value ?

lincroft1710

If there few 4 beds for sale, then it could be very sought after or being the only 4 bed on the estate, may make it worth little more than the 3 beds.