What's it worth then?

[Deleted User]

Hi,


what valuation do you have for insurance, re-building?

Furts

fatbeetle wrote: »

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!

If you were to approach a RICS surveyor then you would get a genuine appraisal. You are the client, and you pay the fee. However the person might give opinions and valuations that you would not want to hear. In effect you have a new build, so your design, your building standards, your materials quality and so on would be part of the appraisal.

As said by others, and occurred to me a couple of weeks ago, a conservatory can add no value what so ever. Hence you could have funded 21 metre square floor area and seen no return on this.

As a random further example I have seen barn conversions where oak foil upvc windows and doors have been fitted. Others have bodged creaking floors, stairs and much more.


Your standards may be brilliant, but many conversions are not up to that level.

EssexExile

fatbeetle wrote: »

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!

Just a spaceport then?:D

need_an_answer

Take the price you paid and add the improvement costs that should give you a rough figure to base the value on.


Then have a look at neighbouring properties and what they might be achieving sale wise if in a similar condition you yours.


You have to be mindful that areas have ceiling limits so for example if you bought it for £200k spent £60k on renovations but all the houses around you are only achieving £250k max then you may need to concede that your house is very nice but would need to attract a buyer that was willing to pay very top money for it.


Personally I think its a mix of renovation and market forces that will take the value up.

I've documented plenty of times on the forum the situation that we inherited a property a few years back got the agent round and he valued it,did a substantial renovation and got them back again only for them to value it at around the cost of the original value plus renovation cost.

You've presumably renovated extensively as did we and yes I can quite believe you have a "new home" but its probably not comparable with a new build in quality or workmanship to your favour so forget trying to value it as a "new home"!

Its only now possibly 6 years or so down the line that ours is worth substantially more in value,partly due to the fact its not a dilapidated wreck and is in keeping with the properties around it but also because property prices in the area have risen well in those years.

You also need to remember that an EA will put a figure on the property but sometimes that figure can be too optimistic and as a seller may need reducing until you find the buyer willing to exchange a contract with you!

Enjoy your forever home,its worth is what you want it to be not the figure an agent places on it.