The value of a house - Am I wrong ?

SameOldRoundabout

So your ex reckons it’s worth £260k. You thought 12 days ago when you were buying the house from your ex that it was worth £300k but now you think it’s worth £330k? Just to be clear. Your posts don’t seem to add up here. Also, if you spent all this money doing up the house 11-13 years ago (as you said you’d spent £75k in 2011 on it) then I’d guess that the kitchen and bathroom etc are not to modern standards or tastes so that’s why viewers may think it is worth less. 

Angela_D_3

SameOldRoundabout said:

So your ex reckons it’s worth £260k. You thought 12 days ago when you were buying the house from your ex that it was worth £300k but now you think it’s worth £330k? Just to be clear. Your posts don’t seem to add up here. Also, if you spent all this money doing up the house 11-13 years ago (as you said you’d spent £75k in 2011 on it) then I’d guess that the kitchen and bathroom etc are not to modern standards or tastes so that’s why viewers may think it is worth less. 

I don't think it's worth £330,000 as I said wiggle room and froth aside i'd buy it for £300,000 but then 50% of that £70,000 was mine so we're back to £330,000 in terms of what it's worth to me.   Kitchen and bathroom are as neutral as can be, doors and worktops replaced last year, but then I stopped because you're right whatever I do/spend it's not going to be to someones taste and it's irrelevant apparently so surely they should be paying what the streets value is and everything else is irrelevant ?   That was my original question. 

SameOldRoundabout

It may be worth £330k to YOU but from the sounds of it it’s actual market value is considerably less? What’s the actual valuation? What have other houses on your street sold for? The £280k offer isn’t that outrageous if it’s actually only valued at £300k? Having spent that money on your house it’s only worth what it’s worth, you can’t add on the extra you’ve spent while living in it for 13 years on top of its actual value and expect to get that. The value has gone up to its current valuation, regardless of how much you’ve spent. 

Angela_D_3

No I said that I would buy at £300,000, on the basis i've already invested £35,000 in it  - three valuations £345,000, £330,000 £325,000 

lesalanos

Angela_D_3 said:

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.

It would certainly be unlucky timing on both crashes.
Don't get too upset at the offer from one viewing.  Some people and investors will always try it on.  
Tell your estate agent to reject all offers below X amount

I had a house for sale with one of the online agencies.  The issue I found is that they could send through stupid offers without having to go through the EA.  I will not be using them again 

moneysavinghero

They made you an offer, and gave you their reasoning as to how they came up with that offer. You don't have to accept it if you don't want to.

But who knows - maybe in a few months when the property is still unsold you will begging the estate agent to get back in contact in touch with these guys in the hope their offer still stands. 

Crashy_Time

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. 

The buyer can offer anything they want, many sellers just have ideas WAY out of kilter with reality TBH, not saying the OP has, but the house is obviously overpriced from what we are reading so far.

Crashy_Time

Is there a link BTW?

Crashy_Time

That goes against years of brainwashing on TV and in the media though, many people are still not ready for the "Worth what someone wants to pay" message.

sweetsand

The OP and then a bit more light is shed.
Ok, do this if you all want to be fair.
You've already had three valautions and IMO your ex needs to ge three done as well with him there.
Then wait an agreed period for offers, genuine offers.
Then you both have the option to but the house.

If both of you can't agree - send it to an aution

This rubbish about spending an x amount on it all comes down to taste.  We spent 80k on our house soon after we bought it to make it look, feel contemporary,  we did some of the work ourselves and sources itemscheaperself and paid some cash in hand. Few doors down same type house they have a slightly larger garden, same type conservatory and OSP for 4 cars and twin garage - the spent close to 160k they said and the decor is chavvy to put it mildly.. Both properties went on the market a few motnhs ago before lockdown  theirs in Jan ours in Feb- our at 730k theirs at 750k - they have completed a few days ago at 720k and  we have exchanged recently at 729k - just showing is not what you spend on it but how.

in fairness to both of you and life long of finger pointing it was sold cheap or the other got a bargain !!!!!!, aution the house and split the profits - the money you spent is nither here or there.

Nest time, be more open from the start.

Good luck