The value of a house - Am I wrong ?

Falafels

It's often puzzled me when people buy a property, and then plan to knock down walls, convert this and that ect yak and blah... I mean, why didn't they go for one they liked in the first place???

To the OP - pay no heed. Their grandiose fantasies are none of your concern!

lesalanos

So you bought it at a top price just before the 2008 crash and are selling it as we are in the 2020 crash

hazyjo

Angela_D_3 said:

hazyjo said:

You seem very upset and personally affronted by one person's opinion. Bit puzzled as to why!

The polite version: tell them to jog on.

If several viewers said it, you'd have a problem.

Because my ex husband would bloody take their offer if it was up to him.  If the agent sent two of those type of viewers around i'd be screwed.

What's it got to do with the agent? They don't send viewers knowing what they would offer if they were interested. Viewers might have a million in the bank and be cash buyers. Doesn't mean they'll make an offer near your asking price.

Why don't you give a figure to the 
EA and tell them not to let you know of any offers below that price.

Mrs_Soup

Things like kitchens and bathrooms can be very expensive but quite personal in taste to many people.  Personally I'm not fussed about the exact style so ling as it works and haven't changed my kitchen and bathrooms since we moved in 11 years ago (they probably date from the 80s/90s)  but some people would look at your choices and be thinking they will have to rip it all out anyway so the amount you spent on it is nothing to them as in their mind it hasn't improved the property at all.

I can never see why either buyers or sellers get affronted about these things- an offer is just an offer you don't have to sell to them and they don't have to offer. There's a buyer out there somewhere- you only need the one. 

saajan_12

Angela_D_3 said:

Deleted_User said:

You are absolutely correct in thinking that they are cheeky and if it were me I wouldn't even bother entertaining any further offers from them. If they're asking for 50k off now after one viewing imagine what further reductions they'll be asking for after a surveyor has been in!
Whatever cosmetic changes or non-essential renovation work they wish to carry out is nothing to do with you and should not be coming off the price of the house. 

That's all I wondered.
If the electrics needed doing or the boiler was buggered fair enough, but to their taste i don't think so.

You seem like you're just liking for someone to agree with you, but I'll give it a go..
What you paid x years ago is slightly relevant for the very rough ballpark, but not a great guide, as house prices move in different ways depending on the market in that area, looking for that size / style etc. You'd minimally need to combine it with house price trends in THAT AREA. 

What you spent on the property is slightly relevant, depending on what you did and how long ago. If it was cosmetic decoration, or say changing the layout to be open plan when a buyer has different taste and actually has to spend money putting walls back in or changing decor, it could add £0 or even list value. If it was replacing things which are worn again and need redoing again, the increase in value could be negligible. In general, if there were clear problems which you fixed, then that likely would add some value, but some of your cost would include finishing decor which needs refreshing over time and is subject to taste, so wouldn't add the full £70k.

So stop focusing on these things that feel insulting to you, and instead look at comparable sold properties. That's the best guide, not what an agent tries to sell you and not what you feel. 

swingaloo

Your other thread re your ex and the house puts a whole different slant on this, on that thread at the beginning of this month you said you were in negative equity at the time of the divorce and that you had spent £10.000 on the house. The threads would be better merged to get a clearer picture for people to be able to advise you.

Grumpy_chap

The real difficulty is the value of a house is only in part affected by the £70k that the OP spent on it.  That might make the whole house lovely, but there are only really two prices for a house:

• Cheap, do-er upper
• Nice, move in maybe just do some paint or wall paper to make it "yours"

Other than that, extra money does not add value unless it is extensions etc.  And example, around 20 years ago, there was a detached Victorian property on the market in my road all done up really nice and the EA laboured heavily on the new £30k kitchen.  I did not even like the kitchen so would have wanted to swap it out for something else.

Angela_D_3

Grumpy_chap said:

The real difficulty is the value of a house is only in part affected by the £70k that the OP spent on it.  That might make the whole house lovely, but there are only really two prices for a house:

• Cheap, do-er upper
• Nice, move in maybe just do some paint or wall paper to make it "yours"

Other than that, extra money does not add value unless it is extensions etc.  And example, around 20 years ago, there was a detached Victorian property on the market in my road all done up really nice and the EA laboured heavily on the new £30k kitchen.  I did not even like the kitchen so would have wanted to swap it out for something else.

I would say mine falls into the inoffensive, if you didn't like the colours you could easily change them and you'd be set category, nothing now needs doing, could be done if you wanted to but I don't see how that affects the value personally.  I saw it as I was buying 4 walls and a roof on some land.

Angela_D_3

lesalanos said:

So you bought it at a top price just before the 2008 crash and are selling it as we are in the 2020 crash

That seems to be the jist.  No problem if its lost 20% i'm fine with that, as long as everything else has.

MovingForwards

Angela_D_3 said:

Grumpy_chap said:

The real difficulty is the value of a house is only in part affected by the £70k that the OP spent on it.  That might make the whole house lovely, but there are only really two prices for a house:

• Cheap, do-er upper
• Nice, move in maybe just do some paint or wall paper to make it "yours"

Other than that, extra money does not add value unless it is extensions etc.  And example, around 20 years ago, there was a detached Victorian property on the market in my road all done up really nice and the EA laboured heavily on the new £30k kitchen.  I did not even like the kitchen so would have wanted to swap it out for something else.

I would say mine falls into the inoffensive, if you didn't like the colours you could easily change them and you'd be set category, nothing now needs doing, could be done if you wanted to but I don't see how that affects the value personally.  I saw it as I was buying 4 walls and a roof on some land.

Not everyone can see through colours and furniture layout unfortunately, it has to be set out how they want it or immediately everything needs doing.

Have any properties, similar to yours, sold in the last 2 - 6 months? Ideally on your road or within a few roads, if not within a mile or two away. See what they sold for.  That will give you an indication as to what you can expect to sell yours for.