I own a flat in London. I bought it 3 years ago for 380k.
Given the market i dont expect to make any money on it, but I dont expect to loe anything either. I've had 2 valuations from separate estate agents in different areas for it this week and they both value it at 400k. No problem.
However, there is 1 other flat in my building which is the same spec as mine. They are unique as they were built with the option to adapt for disabled access and are therefore signficantly bigger than standard flats. Over 800 sq ft 1 bed flats in fact.
However, this person has theirs online on rightmove with a different agent for 370k. That's a massive underpricing given that nobody is paying asking price right now.
So I called up the agent advertising it. Turns out its been on the market for rent OR sale since october. It's now tenanted with another 4 months to go until 2m notice can be given. Mine is not tenanted (family member staying there while we decide what to do) so no chain or tenant issues, but i would hope its a more attractive prospect... however I'm not sure - maybe people would wait 6 months. What do we think? Is it worth trying to get 380k for it?
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Underpriced neighbour affecting me
31 replies
theoriginalgin · 14/08/2019 04:37
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