What's it worth then?

fatbeetle

Hi hive mind.

We've recently had substantial work done on our house, work that will update it and add some living space. Also central heating, new windows and Velux, and a conservatory is being added.

What is the most cost efficient way of getting the place valued? (all work was done by a registered and respected builder.)

I'd still be interested in finding out how much the old shack is now worth, just to see if the work done has added value.

Any advice? Looking online it would a[pear to cost 250-600 quid.

Furts

Get local estate agents round to have a look and value it. However be very savvy, and very careful to cut through their BS and use all your inbuilt radar.


I have just been through this scenario, albeit for a slightly different reason. I got, with some effort and lateral thinking, a figure that I felt was realistic. Now the huge "but". Estate agents are nightmares to deal with. They almost redefine the concept of "misleading", "evasive", "BS" and "deceit"! Nothing new there of course, so be on top form to counter this.

EssexExile

You'll never know how much it's worth until you sell it.

fatbeetle

No intention of selling. We had the work done for it to be our "forever home".

Wouldn't mind knowing if the work has raised the value above what we pad to have it done.

AndyMc.....

fatbeetle wrote: »

No intention of selling. We had the work done for it to be our "forever home".

Wouldn't mind knowing if the work has raised the value above what we pad to have it done.

Probably not, most would expect windows and working central heating when buying a house. A conservatory is a temporary structure so won't add value.

Clive_Woody

Presumably the OP got the house at a discounted rate when they bought it as it was lacking these expected items and now they are curious to know how much the house might be valued at now it has been updated to meet modern expectations.

The simple answer is that these updates will have added value, but mostly likely this will not be as much as it cost for you to complete the work.

If it's your forever home I would personally not worry too much about what it is worth. Get the mortgage paid off and sit back and enjoy your home.

usefulmale

fatbeetle wrote: »

No intention of selling. We had the work done for it to be our "forever home".

Wouldn't mind knowing if the work has raised the value above what we pad to have it done.

I have to ask why?


This time next year, the market could have collapsed, an incinerator could be built next door, or a new motorway could be over your back fence.


Do you intend to get annual valuations until the day you die?

Davesnave

You are in a more rural area if I remember rightly, so you might have slightly less pushy EAs.

Just after we bought this rural do-er-upper property, we invited some EAs to tell us some home truths about it and give guidance on what would be the upper limit to spend. At the time, we weren't 100% sure we were staying.

It was useful. This was when the recession was biting, and not much was selling, so two local managers spent two hours of of Friday afternoon on it, only leaving when the cake and biscuits ran out!

They pointed out the obvious turn-offs from their POV, some of which hadn't occurred to us, and they gave us a ball-park figure which tallied reasonably well with what we thought we'd spend.

We also learned that our location had a poor reputation locally, due to some argumentative residents whose in-fighting was common knowledge. Not much we could do about that, but we cheered later on when some of them moved away!

That was about 9 years ago. We've addressed the things that struck them as weaknesses and we haven't spent more than they recommended. I think we would get our money back, but I'm not really bothered about it now.

getmore4less

The EA route will get ball park, maybe on the high end.

nothing beats DOYR, get on rightmove and look at the area with SSTC ticked.

Start with your costs so far and look at what people are offering on, you need a decent sample and ask your self a very simple(but subjective) hot or not.

Also look at those that have been sticking or had price drops asking better or not than yours or the ones that are SSTC.

You can also go through the sold prices and see what the real sale through was, in a few months the first set will be showing and you can see what the real price was not the SSTC based on advertised.

if you go through the why is my house not getting viewing/offers threads on the housing board you can see how fickle the buyers can be places that look OK are getting no viewing then they drop the price a bit and it sells.


The numbers for sale and the numbers SSTC will give an idea of the market.

One recently there was plenty of activity but at a price quite a bit below where they were asking for the size of place, they were selling at higher prices but far fewer and they were taking longer.

[Deleted User]

Hi,


the house is worth whatever someone is willing to pay for it.


The value of your 'forever home', is the pleasure and contentment you get from living there.

fatbeetle

Cheers all.

It's sheer curiosity that makes me wonder what it will be worth. It was rented out for 16 years, and was looking very tired and shabby when we returned to Blighty. It had no central heating, was damp, had wooden windows, and was rather dingy due to low light levels.

The base structure ( a pig shed built in 1875) was totally gutted, with only one existing room left intact. The whole remaining internal space was rebuilt to our design. A complete new bathroom, new kitchen, and open plan living area were built. Electric velux windows were added to the new bedroom and living areas. A new woodstove was installed, and gas fired central healting, with a combi boiler for hot water. New windows and doors throughout.

The conservatory (7m x 3 m) adds a living area.

So it's all bar the shouting, a brand new home. Hence my wondering what it would be worth.

To answer "uesfulmale's" point, " incinerator could be built next door, or a new motorway could be over your back fence" both of these are highly unlikely, we're in an ANOB, and we're as far south west as you can go in England, a motorway wouldn't go anywhere!