Debate House Prices
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Price difference between similar 2 and 3 beds?

twinklefish
Posts: 112 Forumite
Found a house I love. I put in an offer yesterday but someone else has put in a similar offer and so it's going to a closing today.
I think my original offer was a bit low but took solicitors advice. Its a difficult one to price. Its 2 bed but most of the estate is 3 bed. My solicitor recently sold a similar condition 3 bed for £180 (valued at £170). A complete tip of a 3 bed I viewed but didn't offer on went for something in the £160s but the sale appears to have fallen through. Supermodernised 3 beds appear to be going for mid to high £180s.
Sizewise there isn't that much difference between the 2 and 3 but as a general rule, how much less should I aim for the 2 bed? Any suggestions?
Tx
I think my original offer was a bit low but took solicitors advice. Its a difficult one to price. Its 2 bed but most of the estate is 3 bed. My solicitor recently sold a similar condition 3 bed for £180 (valued at £170). A complete tip of a 3 bed I viewed but didn't offer on went for something in the £160s but the sale appears to have fallen through. Supermodernised 3 beds appear to be going for mid to high £180s.
Sizewise there isn't that much difference between the 2 and 3 but as a general rule, how much less should I aim for the 2 bed? Any suggestions?
Tx
0
Comments
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This will really depend on your area before anyone could do some detailed market research for you.
Obviously it depends on how much bidders there are for a property as well.
Generally 2 bed would be valued less than a 3 bed, even if similar size properties
But it also depends how much you love the property.
Bid what you think is fair and what you can afford.
Affordability is key at the moment and you need to consider if you go onto the SVR, how much would it cost you. How much would it cost if the interest went up 2-3%
If you can afford on SVR with interest rates up 2-3% then this will help you gauge your long term affordability:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
IveSeenTheLight wrote: »Bid what you think is fair and what you can afford.
Affordability is key at the moment and you need to consider if you go onto the SVR, how much would it cost you. How much would it cost if the interest went up 2-3%
If you can afford on SVR with interest rates up 2-3% then this will help you gauge your long term affordability
Wasn't really fishing for someone to do market research for me. I've done as much as I think can be done in that respect. I was just looking for some general rule of thumb info.
My own flat goes to a closing also today and I expect to have a lump of cash to put towards this house purchase. The 2 bed appeals because it should be cheaper to buy and will keep my mortgage below 100K. I have an offer for a 5 year fixed rate mortgage and I'm pretty confident I can ride out rate rises. I have loan to clear from sale proceeds but, there is a real chance that after this move I may actually be in the very lucky position of being better off each month!! :T
Tx0
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