House Value Help Needed

michiko19

Hi folks,

We are looking to buy a house and need some help with the value of one in particular.

http://www.rightmove.co.uk/s6p/74655238

This house has clearly been bought as a profit project, but I am really poor at judging what a house is worth. The only thing I have to go off is that there was a sale in may 2019 for £230k in the same street, slightly smaller but still newly refurbished, which to me makes this one outrageously overpriced.

My question is whether the asking price is reasonable or heavily overinflated? I have no idea what newly refurbished adds in value, or how much the work that has been done would cost? We may need to move again in the future so don't want to risk overpaying.

Thanks in advance and apologies for my naïvity on this topic.

artyclarty

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=57723336&sale=7983592&country=england


There you go! Last house sold in the street happens to be the exact same property.The going rate in the area seems to be about £220-30 So either they are greedy and want a 100k premium over what else is for sale in the street for it being newly refurbished or they spent too much and this is what they need to recoup the costs.


Personally I'd knock that 100k back off my offer just for all the grey. Might be fashionable, but god its depressing!:rotfl:

Fire_Fox

"All fur coat and no knickers". Sorry.

Won't be shiny, new or fashionable by the time you sell.

PasturesNew

I dislike most refurbishments as they've spent the money on poor choices, choices I'd not make at all. e.g. I'd have had a garage with utility behind it, not lose the old garage for just a utility.

Unless it's "JUST what you'd have done" it'll grate that you paid "over the odds" for something that's annoying.

Offer £315k

MobileSaver

artyclarty wrote: »

or they spent too much and this is what they need to recoup the costs.

I agree, looks like they went completely overboard on the refurb with new roof, new extension and expensive fixtures and fittings etc. Although it does look like the money ran out when it came to the driveway...

The third bedroom looks tiny despite the blurb saying "good sized" and the telegraph pole right outside would bug me forever.

Streetview Pic

I also think it's around £100,000 overpriced which makes me wonder if it's been put up by poster Crashy Time so he can highlight £100,000 price drops in a few month's time.

Skiddaw1

Fire_Fox wrote: »

"All fur coat and no knickers". Sorry.

Won't be shiny, new or fashionable by the time you sell.

:rotfl::rotfl::rotfl:
Have to say I so agree.



And yet another 'grey' house.....

AdrianC

Doesn't matter what it sold for when in the past. It's what else is on the market NOW.

Is there anything about that particular road that says it's somehow priced differently to other roads nearby?

If so, it doesn't stop you using properties in other roads as comparables, just adjust their prices accordingly.

This suggests that "yours" is overpriced...
Bigger, nicer (FAR nicer, to my eyes...), not a quick tart-up-for-profit, £10k cheaper... and unsold since May.
https://www.rightmove.co.uk/property-for-sale/property-71826001.html

tom9980

I wouldn't even view let alone make an offer, its clearly been over refurbished. Whoever did it is an idiot.

Spriggan

AdrianC wrote: »

This suggests that "yours" is overpriced...
Bigger, nicer (FAR nicer, to my eyes...), not a quick tart-up-for-profit, £10k cheaper... and unsold since May.
https://www.rightmove.co.uk/property-for-sale/property-71826001.html

Get this one instead!

jimmyjammy001

Wow... They want an extra 200k on top of what they brought it for a couple of years ago, for a lick of paint and a few new appliances, the amount of work you could do to any house for 200k would be outstanding, I'd be doing it myself to my own taste spending that much on it

[Deleted User]

Although yet again, hallway would need repainting (feels like you are going into a funeral home) and tiles in kitchen would need to be redone. Both easy jobs though. Rest of house is very nice and spacioous.