Value Comparison

jake_jones99

ReadySteadyPop said:

ReadingTim said:

You can be as scientific as you like, but at the end of the day, there are only 2 parties that matter:

1 - the seller; and
2 - the mortgage company (if you need one that is)

Your ability to influence them is slim and none, respectively.  

How would you know about individual sellers though? Many could be desperate to sell and easily influenced by the facts of reality, say a lower value given by two or three lenders.

The lenders tend to give you whatever value you've already agreed to. They rarely tell you what the house is truly worth. 

Bigphil1474

Lenders won't lend on a property unless the are confident they'll get their money back if you don't pay your mortgage, so will always build a margin against what a house is worth and what you are borrowing. So in reality, they do tell you what it's worth.

Between the 2 houses, it would be a tough choice for me so probably equal value. A detached would be brilliant, but living on a quiet street is great when you've experienced a busy road. I like a big garden as well. 

jake_jones99

Bigphil1474 said:

Lenders won't lend on a property unless the are confident they'll get their money back if you don't pay your mortgage, so will always build a margin against what a house is worth and what you are borrowing. So in reality, they do tell you what it's worth.

Between the 2 houses, it would be a tough choice for me so probably equal value. A detached would be brilliant, but living on a quiet street is great when you've experienced a busy road. I like a big garden as well. 

They do not if, for example, you come with a 40% deposit, because as long as the house's true value is at least 60% of what you pay for it, then they're getting the money back. So they'll just value your house exactly at the negotiated amount and be happy even if it's excessive. 

BungalowBel

jake_jones99 said:

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

No.  The older houses are often more sturdily built but will probably need more immediate maintenance/repairs than the newer ones.