worried about valuation

tootiemac

Hi All,

Quick question!

We are Getting our house valued this week with the thought to putting it on the market and moving up the chain.
We looked around to see what prices were like for both our sale and a selection of houses we’d like to buy.
First problem is there are many properties in our area that are like ours.
We have a 3 bed flat in an area of mainly 1 or 2 bed flats so it is difficult to calculate.
There is one other flat in the area that is almost identical it is actually part of the adjoining building.

Anyway my question is this:
We would like to sell our flat for £74K giving us £14K of equity.
While I was waiting on the valuer to ring with a slot I had a good look about and seen that the “identical” flat to ours went on the market last summer for £66.5K I don’t think it sold and in fact don’t even remember it being on the market.
Are we likely to get £74K for ours when the other flat is in similar condition?

if we don't get £14K we cant afford the houses we'd like to move to without digging into savings meant to furnish.

Windofchange

Bob has a piece of string. Bob cuts his piece of string in half. How long is the piece of string now?

To be somewhat serious, have it valued, see what they say, put it on the market, it is worth what someone will pay for it.

missmoose

It really depends where it is?!?
A 74k 3 bed Flat in central London would obviously get sold easy, for probably over the asking price, but not everywhere is central London.

MyOnlyPost

Why worry about the valuation?

Get it valued by at least 2 agents and it's probably worth somewhere in the middle. It doesn't matter what price you ask it will only sell for what it's worth, so if it isn't worth what you need then you need to look at other options.

Also I assume the flat is leasehold? The length of lease can have a huge bearing on value

Cakeguts

A property is worth what someone will pay you for it so in a way you don't get to say what it is worth. Estate agents can only make a guess based on what they have sold that is similar. If the market in your area makes a 3bed flat worth around 66k as the most someone will pay for it then no one is going to pay 74K

AdrianC

So this near-identical flat didn't sell last year, but you now want to get 12% more.

Perhaps a better question is why you think this could happen?

This is clearly not a very prime area - would potential buyers be looking to buy a 1-2bed flat in a better area, rather than a larger flat in your area?

Pixie5740

IIRC you're in Scotland tootiemac. You can check ROS for sold prices in your street, well any street in Scotland really.

Whatever value comes back on the Home Report I doubt you'll get more than that given what you've said about where you live in previous threads.

Did you approach the council about buying your flat?

AdrianC

<looks at OP's previous threads>
Good grief. You paid £139k less than three years ago, and are now unlikely to get half that?
https://forums.moneysavingexpert.com/discussion/4896167

Can you actually afford to clear the mortgage?

I think the question about a better area's answered, though.
https://forums.moneysavingexpert.com/discussion/comment/71907067#Comment_71907067

MyOnlyPost

I forgot to mention that if buying with a mortgage then the lender willl have a valuation done and the valuer will look at recent price trends. Therefore even if someone would pay £74k, the mortgage lender wouldn't probably lend on it

swishy87

AdrianC wrote: »

<looks at OP's previous threads>
Good grief. You paid £139k less than three years ago, and are now unlikely to get half that?
https://forums.moneysavingexpert.com/discussion/4896167

Can you actually afford to clear the mortgage?

I would hazard a guess this isn't the house the OP bought.

tootiemac

Yes so in the end we didn't buy that property, we missed out on that by £250. Turned out to be a godsend as it had water ingression. We re-evaluated our financials and found a property with a home report of £72.5k and managed to purchase for £68k.

Yes we approached the council but no response yet was planning to chase it tomorrow.

Well I thought it was worth the £74k given it was valued at 72.5k 3 years ago I would like to think it's worth atleast £74k now, zoopla values it at £76k middle (£72.5k-£78.5k) so this is what we based our calculations on when deciding if we could afford our dream house.

Obviously if it sells for a little less then that's manageable but if it doesn't sell for close enough we're not going to have all the funds.