New house

rakesh5883

Guys please need some advice.

I`ve placed an offer for 450 and its got accepted. And the solicitor process is still on going. The thing the owners purchased this house @290k in 2013 , but Zoopla says the house is valued at £393k.

But, what i find unsettling is the fact that i am paying 57k more than !!! Is that real and how reliable is zoopla !?

I am paying for this house firstly because it is near to Chelsfield station, Warren road primary school and the bus top is like 20ft away from my house ! I dont know if this is overpaying !?

Can someone please shed some light on any experience they have ?

Canary_Yellow

Zoopla is too general to use as a means for valuing an individual house. It's useful for identifying trends in the area.


In particular, it wouldn't necessarily know what work had been done on the house, or if the previous purchase was forced such that the market value was depressed.


Is the price in line with other houses in the area? Do you think it's a good price? Don't worry about Zoopla, but worry if you're not happy with the answers to my questions above.

amnblog

Perhaps it was extensively renovated or extended by the current owners.

If your offer is miles above the market value the mortgage valuation should identify that.

rakesh5883

thanks for your responses. I just had a basic mortgage valuation done and it says that this is valued between 425 and 475. The renovation was - when this house was bought in 2013 , he had to spend money to convert a conservatory to be made a part of the house ( like a room), change the flooring downstairs and upstairs renovate th house to modern standards and all that, rewiring etc. A new room was not added per se.

kingstreet

A mortgage report & valuation usually concurs with the agreed price, or provides an alternative figure, not a range £50k wide.

Have you queried the outcome as it seems odd...?

rakesh5883

kingstreet wrote: »

A mortgage report & valuation usually concurs with the agreed price, or provides an alternative figure, not a range £50k wide.

Have you queried the outcome as it seems odd...?

Thats what I have in the Bank Mortgage Valuation report

Valuation and Market Comment
"In its present condition and with the current state of property market valuation of the property is 450k.
Properties of this type and age in this neighbourhood are valued between £425k and £475k. "

Thrugelmir

Report is purely for the lenders benefit not yours. In that the valuer is assessing whether the property is adequate security for the proposed mortgage.