price diff between 2 and 3 bedroom semi-D house???

remo_2

hi folks,
My offer (238k) was accepted for a house of asking price 245k. It is a 2 bedroom semi-Detached house (internal area 74sq m). the house also requires a fair bit of work.
Last week, I looked at the mousepricedotnet website, where I saw the other houses ,which were 3 bedroom semi-detached with an internal area of around 83 to 99sq m in the same street, were sold in last six months for 245 to 250k. I was baffled by this.
What would be the fair price to re-negotiate the offer now?
I'm open to the suggestions. I'm also ready to back off....
Please give me some advice on this...

Many say that there will always be 20 to 30k difference between a 2 and 3 bedroom house....

thankyou very much.....

phil_b_2

to many people the 3rd bedroom is invaluable. I'd pay an extra 20-30k at least for it i think (on the price range you;re dealing with).

if 3-beds were selling for near enough the same price, in the last 6 months (at the peak of the market!!!), and you're paying similar now (during a market low) for a 2-bed you need to request a hefty reduction IMO.

I was in a similar situation. Was completing at 160k for an end-terrace. Found out the big semi next door sold for only 170k in oct last year (market peak). that sent a bolt of lightening through me! I pulled out today...

gfplux

Just do the math.
3 bed between 83sqm and 99sqm = average 91sqm. selling at £250000 = £2747 per sqm.
At that price £2747 times 91sqm = £203278 That should be your offer.
I hope in this slowdown that people will realize that that the size of the property is what matters, not the number of bedrooms. This is particularly relevant to new build where some builders shoe horn 5 bedrooms into a floor space that will only accommodate 3 "proper" bedrooms.
This mistaken concentration on bedrooms has created a strange market situation and probably has created some very bad designs just to get extra bedrooms.
Why is it that the UK is the only country in Europe that does not have the floor space in the sales description.
Is this another case of everyone else is wrong??

neverdespairgirl

gfplux wrote: »

.
Why is it that the UK is the only country in Europe that does not have the floor space in the sales description.
Is this another case of everyone else is wrong??

Almost all the places I look at in central London *do* have the area!

remo_2

thanks for your replies...
After I gave the reduced price as my offer, without even informing me, the agent has pulled down the "sold" tag in the advertisement in the property website. Anyway, even I thought that I'd pull out if he didnot accept the price I've quoted...

remo_2

I’m unsure whether the agent has passed the revised offer details to the seller; however, he has put the property under market for sale.
The agent was very rude and he said he don't entertain nth hour re-negotiation. (what?!! I just received my home buyers report) besides that, he told that the way I calculate the price based on the internal area (the price difference between 74:84sq m) is illogical....
I cannot fathom his altercation....:mad:

PasturesNew

remo wrote: »

he told that the way I calculate the price based on the internal area (the price difference between 74:84sq m) is illogical....

There is a fixed cost because a property exists. The cost of the basic plot, kitchen, bathroom, walls.
Then an additional £/sq ft you can try to calculate.

If a house has 3 bedrooms it will just be some extra feet of "empty space" and won't incur extra plot costs or kitchen/bathroom costs.

So:
A place of 500 square feet might be £50,000
But place next to it of 1000 square feet won't therefore be £100,000, but is more likely to be £75-80,000

This is why studio flats can be £100k, but 1-bed flats £120k and 2-bed houses £150k even though they're 4x the size of a studio.

So if you did a simple £/sq ft of a property, then used that £/sqft to calculate how much another of a different size next door "should" be, it would be wrong.

it's also X% price/size and Y% heart.

remo_2

PasturesNew wrote: »

There is a fixed cost because a property exists. The cost of the basic plot, kitchen, bathroom, walls.
Then an additional £/sq ft you can try to calculate.

If a house has 3 bedrooms it will just be some extra feet of "empty space" and won't incur extra plot costs or kitchen/bathroom costs.

So:
A place of 500 square feet might be £50,000
But place next to it of 1000 square feet won't therefore be £100,000, but is more likely to be £75-80,000

This is why studio flats can be £100k, but 1-bed flats £120k and 2-bed houses £150k even though they're 4x the size of a studio.

So if you did a simple £/sq ft of a property, then used that £/sqft to calculate how much another of a different size next door "should" be, it would be wrong.

it's also X% price/size and Y% heart.

that's a different answer with a new perspective...:T pls tell me more..
so, if a property of 83sq m (plot area 41) is sold for 245k 9months before how much a property with internal area of 74sqm (plot area 39) would cost now? (sorry, am I asking more favour?) I request your suggestions folks....
thanks in advance.

remo_2

suggestions please.....