Advice on buying the odd one out?

asr99slg

We are first time buyers who like to do our research. In this case we are finding it difficult to know what this house is worth on the market currently. We think these semis were built after a terrace was bombed so there are no similar properties nearby (apart from neighbouring house which hasn't sold in years). Any advice much appreciated! We think they are asking too much. It has been redone inside so it is about 7/10 but still needs a new boiler and a bit more cosmetic stuff doing. It is on Zoopla titled "3 bed semi-detached house for sale" for £159,995 and is on fleet street in Swansea, SA1 (sorry, it wouldn't let me paste the link!)

anselld

This one?
http://www.zoopla.co.uk/for-sale/details/41745712

( 109 Fleet Street, SA1 3UX )

asr99slg

Yes, that's the one. Thanks!

anselld

As you say, a tricky one. The price seems to exceed the ceiling price for the area, but then the two semis are the only ones in the street.

Depends what you are looking for.
As an investment opportunity they say to buy the worst house in the best location, so not good. But if you are looking for a home with minimal work needed it might tick some boxes.

[Deleted User]

Looks like a nice house - why not try an offer to test the waters?

asr99slg

These points reminded me to look at the area trends and it seems that, although there are few semis, they aren't much more than the terraces with 3-4 beds, so think we will try a low-ish offer similar to a 4 bed terrace, with just a little more for the driveway. This will be about 10% under asking! But you never know...

exiled_red

I know you say that there are no similar properties nearby, and certainly not on the same street, are there any similar properties a bit further away, that might give you a rough indication.

Obviously it comes down to what you are willing to pay and what the sellers are willing to take, you seem to think that it is overpriced, how long has it been on the market? - if it has been on for a while that probably suggests that others think it is overpriced hence why it hasn't sold. You should decide what you think that the property is worth to you and put offers in below this price (leaving room to negotiate up to that price if necessary). That price may or may not get you the property, that depends on how willing the seller is to negotiate.

Hoploz

What is it worth to YOU? Have you viewed other properties at a similar price? This one is better because of x or y. It might be less good than other properties which are better in some respect but priced higher?

Really if you plan to make it your home and remain there for a reasonable length of time then the odd bit you consider it to be over priced (hopefully you'll get a little off but think how it compares to other properties which suit you on paper) might not matter too much in the long term if it's what you want.