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Surveyor property evalution £10k less than agreed price
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GammaGoblin
Posts: 1 Newbie
Hi all,
I'm a bit stuck what to do here.
I have agreed on a price for a 2 bedroom apartment for 230k which is only 15 minutes walk into town and train station. The bank valuation agreed on this and is a 75% loan.
I've just received a full buyers report and valuation which i requested seperately (not the bank). The valuation is £10k less than agreed price.
I missed out due to a higher offer on a similar aged and presented apartment which was only 1 bedroom and only 5 minutes walk to the train station for the same as the agreed price for this 2 bedroom apartment. Another difference was the outside of the apartment building isnt as presentable at the 2 bedroom place because of neighbours who have dumped mattresses and other rubbish near car park. The 2 bedroom place was originally built for council housing in the 80s but this is not the situation anymore according to statistics ive looked at online.
I thought this would mean I had a fair price for the 2 bedroom place.
The Surveryor explained that the 2 bedroom property is unique because of it's good size, the fact it is split level and close proximity to town so it is hard for him to be 100% confident on his valuation as most are 1 bedroom apartments in the area. He said I should have a good idea if it is worth 230k from the other 1 bedroom places ive looked at. I've looked at many 1 bedroom places in the area. This is the only 2 bedroom place within my budget.
From MousePrice we know another 2 bedroom apartment in same building went for £219,000 in May 2016 and the surveyor believes property prices have not increased since Brexit. We do not know what the condition of this place was like though.
Also, surveryor pointed out that there is damp and broken sealing at both ends of the bath and the bathroom floor is warped from a historic flooding.
On top of that, he found that the electrical wiring looks dated after looking at fusebox and should be inspected.
I most likely want to own and live in the place for 2 to 3 years and then sell it to move abroad. I'm concerned i might lose money.
I'm unsure if I should try renegotiating based on the repairs/electrical rewiring and get closer to the valuation price or just get quotes on how much bathroom and wiring will cost to fix and renegotiate from this.
Appreciate any thoughts you might have.
I'm a bit stuck what to do here.
I have agreed on a price for a 2 bedroom apartment for 230k which is only 15 minutes walk into town and train station. The bank valuation agreed on this and is a 75% loan.
I've just received a full buyers report and valuation which i requested seperately (not the bank). The valuation is £10k less than agreed price.
I missed out due to a higher offer on a similar aged and presented apartment which was only 1 bedroom and only 5 minutes walk to the train station for the same as the agreed price for this 2 bedroom apartment. Another difference was the outside of the apartment building isnt as presentable at the 2 bedroom place because of neighbours who have dumped mattresses and other rubbish near car park. The 2 bedroom place was originally built for council housing in the 80s but this is not the situation anymore according to statistics ive looked at online.
I thought this would mean I had a fair price for the 2 bedroom place.
The Surveryor explained that the 2 bedroom property is unique because of it's good size, the fact it is split level and close proximity to town so it is hard for him to be 100% confident on his valuation as most are 1 bedroom apartments in the area. He said I should have a good idea if it is worth 230k from the other 1 bedroom places ive looked at. I've looked at many 1 bedroom places in the area. This is the only 2 bedroom place within my budget.
From MousePrice we know another 2 bedroom apartment in same building went for £219,000 in May 2016 and the surveyor believes property prices have not increased since Brexit. We do not know what the condition of this place was like though.
Also, surveryor pointed out that there is damp and broken sealing at both ends of the bath and the bathroom floor is warped from a historic flooding.
On top of that, he found that the electrical wiring looks dated after looking at fusebox and should be inspected.
I most likely want to own and live in the place for 2 to 3 years and then sell it to move abroad. I'm concerned i might lose money.
I'm unsure if I should try renegotiating based on the repairs/electrical rewiring and get closer to the valuation price or just get quotes on how much bathroom and wiring will cost to fix and renegotiate from this.
Appreciate any thoughts you might have.
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