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House undervalued (first time buyer)

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Comments

  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Mutton_Geoff wrote: »
    It's all relative as well. £5k/£10k off what? A £90k place or £900k house?


    Why is knocking £5k off not possible? I knocked £100k off my last purchase even though it had already been reduced 10%.


    How did you manage that?
  • Gwendo40
    Gwendo40 Posts: 349 Forumite
    G_M wrote: »
    Presumably because he believes the property is worth more than the Valuer.

    Valuations are not a science- there's no 'right' answer'.

    And properties are subjective- the OP may be happy to pay more for this property which ticks all his boxes, than you or I would.

    It's not always just about the money - it's about the next 5, 10, 20 years of your life.

    Says anyone with a vested interest in house prices remaining high and rising... such as a BTL landlord?
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Gwendo40 wrote: »
    Says anyone with a vested interest in house prices remaining high and rising... such as a BTL landlord?
    No - says someone who is considering buying a house after a 5 year search because it ticks all my boxes.
    Yes, 5 years, as my current house is great so the next one has to be perfect. And if it'sperfect, it's worth paying... whatever it takes (within reason).
  • Gwendo40
    Gwendo40 Posts: 349 Forumite
    G_M wrote: »
    No - says someone who is considering buying a house after a 5 year search because it ticks all my boxes.
    Yes, 5 years, as my current house is great so the next one has to be perfect. And if it'sperfect, it's worth paying... whatever it takes (within reason).


    So just to clarify, you're not a landlord?
  • lookstraightahead
    lookstraightahead Posts: 5,558 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Combo Breaker
    G_M wrote: »
    Presumably because he believes the property is worth more than the Valuer.

    Valuations are not a science- there's no 'right' answer'.

    And properties are subjective- the OP may be happy to pay more for this property which ticks all his boxes, than you or I would.

    It's not always just about the money - it's about the next 5, 10, 20 years of your life.

    A first time buyer rarely stays in a house for twenty years making it even less if an attractive proposition.
  • Mr.Generous
    Mr.Generous Posts: 4,025 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    G_M wrote: »
    Presumably because he believes the property is worth more than the Valuer.

    Valuations are not a science- there's no 'right' answer'.

    And properties are subjective- the OP may be happy to pay more for this property which ticks all his boxes, than you or I would.

    It's not always just about the money - it's about the next 5, 10, 20 years of your life.

    Absolutely, if you really want to and can afford to then pay more. Unfortunately they can't.


    Best option might be begging a bank of mum and dad extra deposit to alter the loan to value ratio in your favor.
    Mr Generous - Landlord for more than 10 years. Generous? - Possibly but sarcastic more likely.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    The valuation is doing you a favour, walk away or offer less after Brexit, that seems to be what the majority of potential buyers are doing.


    https://www.thesun.co.uk/money/8155885/brexit-majority-first-time-buyers-waiting-house-prices-drop/
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