Compare these two properties for me?(36 Posts)
Both are in the lovely small town (think big village) where I live.
House 1: Detached, modern (but attractive house), OK road, on edge of town (20min walk up v steep hill). Smallish garden with patio and lawn and views over fields (no borders or trees). Stunning kitchen/diner and family room, v high quality kitchen. 2 further small reception rooms, one with wood burning stove. 3 modest sized double bedrooms, 1 very small single. Family bathroom, small ensuite. Single garage. Immaculately presented.
House 2: Semi detached, Victorian, central but very quiet location, one of nicest roads in town, 5 min level walk into town, views from bedroom windows. Slightly larger landscaped garden with lots of mature trees, shrubs and borders, patio, lawn and veg patch. Good sized dining kitchen with walk in pantry, open plan dining room off kitchen. 2 big reception rooms with original fireplaces. 3 big double bedrooms (2 with original fireplaces), 1 small double bedroom. Large loft room (currently used as study at one end, additional spare bedroom at the other). Family bathroom, large ensuite (ensuite needs updating). Bags of period features, original sash windows, big square rooms. Well presented, neutral décor but not as immaculate as House 1.
If House 1 has just sold for around £600k, how much would you expect House 2 to be worth?
One thing estate agents aren't renowned for is underestimating selling prices...
You mention a loft room, I assume it's called this because you don't have the building regs/planning permission for a loft conversion.
Would it be worth more as a 5-bed plus study rather than a 4-bed plus loft room? Could you get the correct regs/permissions?
"presumably the agents want us to sell quickly too though"
If you don't sell quickly, the standard EA advice is always to drop the price. You lose out a lot more than they do - even a £25k price drop only costs them around £250. The important thing (to them) is to get you on the books in the first place. That is why (IMO) they nearly always say it isn't worth re-decorating or generally doing up the place before putting it on the market.
But to go back to a general point, a detached will almost always attract a premium over a semi. £100k? Difficult to know without seeing the two properties.
Do you have a garage or OSP in yours?
Are there any school catchment impacts?
These 2 factors make all the difference in my town, especially the schools point, at least 1-200k difference to a regular 3 bed semi.
It depends on location too and what kind of a market you're in. Having lived in a victorian house
money pit as much as I loved it, its not something I would now choose with a young manic family and very little time / money to commit to refurbishment.
With a young family, I want a ready made house, big garden, lots of downstairs play / entertaining space and a bedroom for everyone. Doesn't really matter to me whether a child's bedroom is a large single / double as long as there's a 3rd or 4th bedroom etc. I think that probably accounts for the difference in value - sounds like House 1 is that kind of ideal family house.
I also agree with a previous poster where you'd expect for £500k / £600k to be getting a detached house unless the semi was "wow". Its not just the noise from inside the house, its the noise from the garden / being overlooked etc.
I think it is detatched over semi & you also say that you have the original sash windows whereas the other one has double glazing. Given the ever rising costs of fuel I think people are more & more thinking about this when they buy.
Interesting point cavell - presumably the agents want us to sell quickly too though?
I was definitely getting the we want you now vibe from one of the agents - she was trying to convince me that there won't be a quiet period over Christmas this year
Estate agents told us we didn't need to redecorate to sell. We didn't and we have sold (I think - awkward purchaser, so not sure it will go through).
But what I have noticed is that the houses with immaculate décor tend to sell quicker. On reflection, I think estate agents just want to take you on as a client now and don't want to risk another estate agency getting the sale.
The other thing is that if you can add, say £15k, to your house value for a immaculate condition, even if it costs £5k to get there, that is a £10k profit for you. Yet that extra £10k is only worth another £100 to the estate agency as a whole (assuming 1% fees) and even less to the individual agent who sells your home. So of course they're going to tell you not to bother.
Thanks for all your thoughts - it's really good to get some different perspectives - I am obviously completely biased
Before I read the rest of the thread I would have said about the same. Some people like Central, some like country and would probably be prepared to pay a similar premium for their preference. Period property trumps modern, but detached trumps semi-detached. Also I would say after you reach a certain size people care more about downstairs living space than upstairs as most people don't actually need that many bedrooms.
You do need a third opinion though.
Interesting point married - I told both agents we were prepared to do some work to sell/add value and asked their advice and both said maybe touch up the paintwork a bit but don't worry this will sell. I specifically asked about the ensuite and both were very emphatic that it wouldn't put buyers off and wouldn't increase the value (well not by more than we would need to spend anyway)
I've already decluttered to within an inch of my life
Also interesting points about location. The views are nice at the other house.
I'm lining up a couple more valuations for early next week. It's not that I expected my house to be worth loads more, I just was surprised it might be worth 100k less!
Can you get any more agents round?
I've tried all sorts of tricks to try to value houses - including square footage calculations - but it's not an exact science. You can't account for light, the general feel of a place and what someone is prepared to pay for it. (I'm not an estate agent by the way).
What I would say though is that you need to be confident of the value of your house. Again, from experience, if the price is too inflated, you will lose the initial interest from buyers which can be very hard to win back and you could well end up selling for less than your house is worth. Once a house is on the market for too long, people start to wonder why.
It really pays to do your research and ensure the price is set at just above the realistic level you should expect to achieve.
I think you have summed it up yourself. Neutral decor but not as well presented as house 1.
It's about presentation and life style I think. Have you asked - if we spent £5 - £10 k on x and put some things in storage and dressed the windows - how much would it be worth then. I think you might be surprised.
Get a better agent back and ask them for a what if valuation and for advice on what you need to do to achieve it.
I prefer the sound of your house btw but you have made it sound every so slightly tired and a lot of people have absolutely no imagination.
House 1 has just sold for £600k. It is modern but built in the local vernacular and very attractive.
Upstairs my house is significantly bigger. Downstairs I'm not sure how the square footage would add up.
Although ours is a semi, it's halls adjoining and thanks to that plus thick walls, we hear literally nothing from next door.
I know I'm trying to compare apples and pears really, it's just a small place so not much to directly compare. I was a bit shocked by the second valuation tbh.
Hassled I don't want to sell it either really - we need to relocate for work and what our budget gets us where we need to move to makes me weep.
I would have said 1 was worth more because its detatched and in 'immaculate' condition. I also think its location-with views over fields would be worth more than being in the middle of town.
We live just in the outskirts of a village, the houses in our lane are worth more than those in the village.
However I think £100,000 difference is ridiculous.
We have bought a modern detached house slightly more on the outskirts of a nice area and the period semi detached properties that are more centrally located tend to sell for a little less. The period detached properties that are more centrally located command a higher price though, often significantly higher. Round where I live, people tend to expect detached at a certain price point.
Would have thought about the same price with the land value being higher in the village centre as possible construction
Yes, I forgot to say that. Like Brian I would expect a detached to sell for a considerable premium over a semi detached.
BackforGood, my thoughts exactly - I think you need to live in a period property to appreciate the downsides.
Yours does sound nice though.
Yours is a semi though, i wouldn't think that was worth as much, unless the area was very special in some way.
I'm surprised at all the responses before your 2nd post OP. I just read the 2 descriptions, and thought we were going to be asked 'which would you pick?' and had definitely gone for the first house in my mind.
Maybe that's because I live in the reality of a Victorian house though, with the bills that come with it.
I have no idea re the ££ but from your description I want your house. My top advice is to stop trying to sell it .
Oh. Got it. Did house 1 get 600k? Or was it valued at marketed at 600k
I think you might be trying to compare apples with pears as they are very different properties. I presume you've had a look at recently sold prices, not asking prices, for houses similar to yours - that is your safest bet IMO and will give you a more realistic view of the achievable price. I can't tell you how many houses I have viewed at a similar price point that have sold for £100k+ less than the original asking price. All it takes is one ridiculous valuation from an estate agent to win the business and suddenly the house prices become over inflated.
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