Value Comparison

jake_jones99

I am trying to assess the value of a house, and I have this dilemma. If you compare these two houses, which one should cost more, and approximately how much more in percentage?

House 1:
- linked detached (garage linked with neighbour)
- 50% larger garden than House 2 (also a bit more private)
- garage (house 2 has no garage)

House 2:
- semidetached
- 50 years newer than House 1 (2010 vs 1960s). House 1 is functional, but not much work done apart from cosmetics. 
- located in a quiet cul-de-sac (vs on a busy road like House 1)

Consider all other characteristics the same (parking, size, no rooms, location etc.). Also, this is not related to which house I personally prefer, this is strictly to evaluating cost. Thank you!

grumpy_codger

I guess both have been already valued by (sort of) professionals - estate agents. Do you think you can do this better? Only the market can.

eddddy

jake_jones99 said:

Also, this is not related to which house I personally prefer, this is strictly to evaluating cost. Thank you!

'Preference' or 'desirability' is a big driver of value.

If buyers generally 'prefer' house 1 to house 2 (for whatever reason), then house 1 is likely to sell for more than house 2.

ReadySteadyPop

jake_jones99 said:

I am trying to assess the value of a house, and I have this dilemma. If you compare these two houses, which one should cost more, and approximately how much more in percentage?

House 1:
- linked detached (garage linked with neighbour)
- 50% larger garden than House 2 (also a bit more private)
- garage (house 2 has no garage)

House 2:
- semidetached
- 50 years newer than number 2 (2010 vs 1960s). House 1 is functional, but not much work done apart from cosmetics. 
- located in a quiet cul-de-sac (vs on a busy road like House 1)

Consider all other characteristics the same (parking, size, no rooms, location etc.). Also, this is not related to which house I personally prefer, this is strictly to evaluating cost. Thank you!

How many views have these houses had, any offers, what is the opinion of a professional valuation? I would say more detached with bigger garden should have the slight edge, all depends on the seller`s idea of value meeting a buyer (and their lender`s) idea of value.

gwynlas

In other countries houses/apartments are priced per square foot/metre which will give you somewhat more of comparable values but even then there is usually a range to take in other factors,

The houses might be a very similar price but I would not choose to live on a busy road whereas cul de sacs can have problems with parking

oystercatcher

Quiet cul de sac adds value for me over busy road.

ReadySteadyPop

oystercatcher said:

Quiet cul de sac adds value for me over busy road.

Yes, bust road really isn`t worth it.

MyRealNameToo

gwynlas said:

In other countries houses/apartments are priced per square foot/metre which will give you somewhat more of comparable values but even then there is usually a range to take in other factors,

The houses might be a very similar price but I would not choose to live on a busy road whereas cul de sacs can have problems with parking

An estate agent that frequents our local's first question when someone asks about the value of a property is where is it and the second is the square footage so it's certainly not a totally irrelevance in the UK either, certainly not in London. 

Flo87

I`ll choose House 1 because even with the garage, the garden it`s 50% bigger. The old garage is not functional for today cars but will be a good Home office or hobby room.

Albermarle

OP,
How does the floor space/ M2 compare for the two houses?

jake_jones99

There haven't been many views on either. Do you think the 50 years difference matters?