Very Similar Properties; VERY different Prices!

[CaveMum]

A quick straw poll please.

By coincidence we have put our house on the market in the same week as our next door neighbour. I don't know their situation as it is a rental property and in the last 2 and a half years I have only seen the landlady once, but we have been planning on selling to move to a bigger property for about a year.

The thing that is bothering me is that the houses are on at very different prices. Both are 2 bedroom Victorian houses, ours is mid-terrace and next door is end terrace. Both have "cottage" gardens, though next door's is more or less totally taken up by a large shed/studio.
Granted next door has more period features than we do (they have several original fireplaces, we have 1 reproduction,but still working, fireplace).

We have put ours on for £172,500, next door is on at £215,000!

Our agent thinks next door is massively overpriced - the owner paid £220,000 just before the crash in 2008 so is probably trying to get her investment back - and that it will work in our favour.

I guess I want to be reassured that we have not underpriced our house - the two agents we had out to value it both said "around £170,000" so I cannot understand how next door can be priced so differently.

Next door

Our house

I know I am baised, but I think we have a better set of photos too If you look at the room dimensions, you can see that there is not a big difference between the two houses.

[Royalcucumberchopper]

I'd say the extra width in the kitchen would make me pay the extra unless and extention could be added. Your bathroom is extra lovely though!

[CristinaTheAstonishing]

I was curious about the deletions too :)

[libelulle]

I managed to inadvertently out myself courtesy of my iphone so asked for the relevant posts to be deleted - no bunfight involved, sorry

[CaveMum]

No idea why posts have been removed, I'm not aware that there was anything offensive!

Just as an update, we had our first viewing this morning (with 2 hours notice, queue frantic cleaning ), a couple about the same age as us (early 30s) in rented accomodation. We didn't get any vibes off them so were not sure what they thought, but within an hour of leaving they had made an offer! It was a fair bit below the asking price so we turned it down, but hey it's a good sign
We've got a few more viewings lined up for this week already and the agent said they've had quite a bit of interest today, so things are looking good.

[bibbitybobbityhat]

Just been nosey and wanted to say your house is absolutely gorgeous CaveMum.

I'd say the house next door is worth £20,000 to £25,000 more than yours.

Am very curious as to why messages have been deleted on this thread??? Surely there's no excuse for a bunfight on this subject? .

[tyler80]

It may be that they've set the asking price a lot higher but would accept a much lower offer. Buyers like to feel like they're getting a bargain. Asking for 215k and accepting 200k might be a better strategy for them than asking for 205k but still wanting an offer of 200k

[QuintessentialOldMoo]

It might be worth it, if only for the possibility of making a two bed house into a three bed house with a second floor master bedroom with an ensuite bathroom, and a Juliette balcony overlooking the garden!

[fizzyelderflower]

It will be a good thing for you. 2 other houses went on the Market for the same price as ours when we were selling but we had the 'best' house of the three (end terrace, corner plot, extra downstairs space, cloakroom etc). I think everyone who viewed ours viewed the other two and could see that ours was a bargain by comparison. We sold within 10 days in Septembeer the other two still haven't sold.

[lalalonglegs]

Your neighbour must be seething .

[CaveMum]

Thanks to all again. I agree that next door is worth more than ours, it is a slightly bigger house width wise, but length wise it is the same as ours, but £43k more? Who knows!

[7to25]

I have carefully scoured the details of both and worked out the square footage! Agree with all of the above! It depends on how people value their extras (bay windowed bedroom) as opposed to yours ( nicer, more upgraded kitchen) They are an end terrace. you are in walk in condition. Who knows which house will sell. I would have thought that there will be an eventual 20,000 difference in the prices.

[BiscuitNibbler]

Looking at them both on Rightmove I think their house definitely has the edge. I prefer the position of your front door, but looking at the pictures it looks like you could easily put a front door on your neighbour's.

They have a downstairs cloakroom, bigger kitchen with space for a table, their bathroom looks more spacious (although it is difficult to tell if this is just an illusion), no chain, end of terrace, bay windows and separate dining room.

I think the price gap is probably justified, although maybe not quite that much. Will be interesting to see what happens.

[squareegg]

As mentioned there are a few things that mean their's has been valued as higher, also think they're a bit unrealistic though. As you say you'll see once the viewings step up.

Yours is gorgeous inside btw, and I love your street name

[BehindLockNumberNine]

I think the price difference is justified. Theirs looks a much bigger house. The raised gable for a start means their loft must be bigger in terms of ceiling height and therefore would be ripe for conversion. They have a downstairs cloakroom and direct access to the garden.

Yours looks prettier (nicer interior and nicer pictures) but that is superficial.

If I were buying I would view both and weight up the space vs cost issue.

Love your kitchen btw - it is identical to ours

[saltyseadog]

What's the difference in floor area. If each metre square is worth day £250, then its very easy to notch up a price difference. Your house is lovely.

[KittySpencer]

I would say being an end terrace, having 2 reception rooms, kitchen/breakfast room, cloakroom, studio in the garden and side access to the garden all mean it should be worth more - but honestly I would have thought £20-25K more at the absolute most. I would be very surprised if they got any offers over £200k.

[MumblingRagDoll]

DH says put yours up to 185...people will still think it's a bargain.

[libelulle]

There are some quite big differences - end terrace, 2 receptions, studio, cloakroom. Also theirs does look significantly bigger from the outside- bay window upstairs, raised gable. Market will tell if those things are enough to justify the price difference!

[QuintessentialOldMoo]

Theirs also have a side entrance to the garden.

[purepurple]

I did notice that the house next door is chain-free too, as well as having a downstairs loo and a separate dining room, and is an end-terrace. I suspect the sellers are just trying to get their money back.

[tallulah]

Actually there are a couple of huge differences between the 2. They have 2 reception rooms- you have one through-room. They have a cloakroom, you don't. Those two things alone would make a difference to the price.

Having said that, our ex-neighbours have just sold their house for £20k more than we got for ours, in a pretty similar market.

[jeee]

Actually, it's good for you, because when people see the price of next door, they'll think that your house is a real bargain.