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Trying to work out a house value to make an offer

(8 Posts)
SquinkiesRule Sun 08-Feb-15 12:54:51

Ds looking at houses, quite likes a 2 bed link detached on a nice dead end street (asking £135), only houses sold on that street/development in the recent past are 12 months ago a 5 bed detached with two car garage for £160,000 and Jan 13 two three bed fully detached with garages sold for 120 and 125 no 2 beds have sold in many many years.
The three beds had been modernized as was the 5 bed. The two bed is needing modernization of kitchen and bathroom (windows and central heating already done)
I suggested starting at £120 seeing the three beds sold two years ago. but now I'm wondering if it's even worth that much

wowfudge Sun 08-Feb-15 13:48:39

Can you tell us where as you need to look nearby for comparable properties if there's nothing on the same street.

SquinkiesRule Sun 08-Feb-15 14:09:21

That was looking at the whole development on the outskirts of a town, so maybe just over 100 houses or there abouts. Nearest other than that comparable are 2 and 3 bed semis going for less than asking, but not in such a lovely development, or 3 bed newer builds going for just below to just above what they are asking.
This getting the price right lark is frustrating.

He had made an offer on a house that was a total renovation and they want only 5k less than the ones already done, it needed about 20k of work and they refused to take just 6k off the price.

Sunnyshores Sun 08-Feb-15 14:18:12

My thoughts . .

2 bed link detached, that needs refurb. Asking price £135k
3 bed detached, with garage, modernised for £125k

My initial thoughts are £20k off for the bedroom, £10k off for refurbishment, £5k off for garage and linked. You've got to be looking at £100k?

Unless:
prices in your area have increased in 2 years (havent in most areas)
the 2 bed has a bigger garden, conservatory, same actual interior size, upstairs bathroom (whereas 3 bed had downstairs?), they are at a less pleasant end of the street, this has better views, quieter? different school catchment areas, there was a proposal to build something unsavoury in the area in 2012 thats now not an issue?

I'd also just ask the estate agent what he has used as a comparable. Usually they love to tell you how clever they are at pricing, or how stupid the owner is and how they've insisted on over pricing it!

Onecurrantbun Sun 08-Feb-15 14:49:02

I'd say the 5 bed is possibly a red herring here. If you're getting the prices off Rightmove then it's possible that someone bought an ex partner out of their share of the house etc which still shows up as a sale.

If the property went on the market before stamp duty changes they were probably looking for around £125,000 which is probably also the reason that the other two didnt achieve over £125,000. Is it the best house (taking into account area size and condition) he could get for the money right now?

SquinkiesRule Sun 08-Feb-15 17:44:43

The 5 bed was on the same road as the 2 bed and was priced about the same as the 4/5 beds in some of the other newer neighborhoods he's looked it.
I think his best buy would be a 3 bed detached he looked at built in 2002. nice neighborhood but he said the rooms were a bit small, but their is only him, it didn't need anything doing and he can do things as they come up.
The 2 bed is probably a more appropriate house for him, only one bathroom to clean, instead of a cloak an en suite and a bathroom like the new build and it's got decent size bedrooms and and open kitchen diner, all dated but livable.

SquinkiesRule Sun 08-Feb-15 17:46:23

I'm going to tell him to ask the agent how he came up with the price and challenge him. LOL.

Murdermysteryreader Sun 08-Feb-15 17:51:20

Depends how much you want the house. Are there others you like. Offer too low and buyers might not take it. Or will take it and strip the house and garden of everything. Often houses have been priced taking account of any work to be done. Look on right move is the house about right for the price? Are they getting many other viewers. If they are the price is about right. Most offer about 10:/: less than asking price.

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