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Valuation/offer advice
robbiejustice
Posts: 54 Forumite
Hi all,
I am looking at putting an offer in on a house that has been on the market for 3 months with no offers at 395k. The house next door sold for 370k last September and was in really good condition with a conservatory. The place hasn't been updated in many years. The house does have a loft conversion (done 10 years ago) but not done to building regs so I am valuing that as worthless. Given the bathroom and kitchen would require 10k (not factoring in windows and boiler etc requiring replacement) to update then would 365k seem unreasonable? I might then go up to 370k.
Another similar house on the same road sold last year for 415k but had been made open plan, immaculate condition, proper loft conversion and cellar conversion so that would appear ceiling price.
I am looking at putting an offer in on a house that has been on the market for 3 months with no offers at 395k. The house next door sold for 370k last September and was in really good condition with a conservatory. The place hasn't been updated in many years. The house does have a loft conversion (done 10 years ago) but not done to building regs so I am valuing that as worthless. Given the bathroom and kitchen would require 10k (not factoring in windows and boiler etc requiring replacement) to update then would 365k seem unreasonable? I might then go up to 370k.
Another similar house on the same road sold last year for 415k but had been made open plan, immaculate condition, proper loft conversion and cellar conversion so that would appear ceiling price.
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Comments
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robbiejustice wrote: »Hi all,
I am looking at putting an offer in on a house that has been on the market for 3 months with no offers at 395k. The house next door sold for 370k last September and was in really good condition with a conservatory. The place hasn't been updated in many years. The house does have a loft conversion (done 10 years ago) but not done to building regs so I am valuing that as worthless. Given the bathroom and kitchen would require 10k (not factoring in windows and boiler etc requiring replacement) to update then would 365k seem unreasonable? I might then go up to 370k.
Another similar house on the same road sold last year for 415k but had been made open plan, immaculate condition, proper loft conversion and cellar conversion so that would appear ceiling price.
Any chance of a link?0 -
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I have to say the bathroom and kitchen and general decor look fine. May be not to your taste and all modern but looks far from needing ripping out. Whilst the loft can't be counted as an extra bedroom legally, it is far from useless. Still I think £365k would be a good offer.0
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Very pricey for what it is IMO, you could lose a chunk of change on this down the road if interest rates tick up or there is a proper price correction. I wouldn`t start anywhere above 350k.0
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Perhaps harsh on the bathroom and kitchen, the kitchen especially looks worse in the flesh. Frustrating the loft wasn't done to building regs as that would simplify things.0
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I am afraid 350k might irritate the vendor. Discounting trying to predict the future housing market, what do you think it is worth?0
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robbiejustice wrote: »I am afraid 350k might irritate the vendor. Discounting trying to predict the future housing market, what do you think it is worth?
I think it is worth under 300k, but without compelling reasons the seller isn`t going to play ball, especially if they bought recently. It looks like it is rented out, are they a landlord bailing out ahead of the new tax changes? Is there a reason you want this particular house, and do you know it`s price history?0 -
What is your reasoning behind sub 300k? The person living there has been there for 25 years and it has not been rented out at least at the moment. We think the house will be nice once we have modernised and opened it up.0
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robbiejustice wrote: »What is your reasoning behind sub 300k? The person living there has been there for 25 years and it has not been rented out at least at the moment. We think the house will be nice once we have modernised and opened it up.
Crashy sold when houses were cheap and can't afford to buy now and now thinks everything is overpriced.0 -
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