Why did my house sell for the same as a derelict house ?

[lboogy]

I recently agreed a price of 590 on my house. It's been refurbed since I bought it. A house on the next road which needs a complete refurb , new windows, kitchen, bathroom etc has sold for the same price. Both houses were on the market at the same time.

I've had 5 offers on my house but none above 590 when the asking was 610.

What could be the reason?

Are the plots comparable? Does the derelict house have a bigger garden, not overlooked, parking?

Does the other house have potential for building another house in the garden?
Or for a massive extension?

In my experience, houses needing lots of work do for more than they logically should because too many people get misty-eyed about doing a project but it’s weird that it should be the same price as yours if they are such similar houses bar the cosmetic state

There are lots of things that affect a property's price - closeness to schools, shops and other amenities for just a start. Then there's its position; a house that's at the end of a quiet cul-de-sac and backing onto countryside will fetch more than a house that's on a busy main road or rat-run.And as BaronessBomburst says, things like privacy and parking make a big difference.

Also, the other property might have planning permission for a big extension or conversion, or even a new house built in the garden.

It's a carbon copy of my house . Exactly the same size and my house is not overlooked whereas the other house is.

I think you're right , some people do get excited about a project. I've seen properties needing work going to bids. It's weird that people would pay more for a house that will cost them even more money to fix

Do you actually know how much irsold for? Houses rarely sell for asking price and do ups are often bought in cash for significantly less. Or it may have had planning permission for something.

There may just be more people interested in a project where they feel free to completely redesign.

Maybe those people are happier to go with a wreck of a property than one where they feel guilty about throwing good features away.

Some people get carried away with the romance of a ‘wreck’ and pay wayyyyyy over the odds as a result.

some people prefer at project others prefer to do their own taste they would feel guilty maybe about ripping out a modern gloss white kitchen or grey tiled bathroom which was high quality / good but not their taste while no one feels guilty about removing 1980's melamine kitchen and burgundy bath
Sometimes you feel that a house is priced higher because of new kitchen but you don't like it so it adds nothing to value for you but a feeling you have to put up with it as its new its psychological not financial

@TeacupDrama @woollyheart you're right. I saw a house which had been done up but I didn't like the way they did it but I felt guilty about ruining what had been done to make it to my taste .

Logic often doesn't come into it when buying a house I guess

Is that the actual sold price, as confirmed by Land Reg./nethouseprices figures, which usually take 2-3 months to appear after completion?

If so, I can think of a few reasons - slightly bigger rooms, better layout, bigger garden (more room for possible extension)., S vs N facing garden, less traffic noise, more/easier parking, closer to a particular school, etc.

If none of those apply, it's possible that someone's just been taken for a mug.

Two main reasons
A) people like a project to work on
B) paying for an already completed project you are possibly buying something that is all done and paid for but not to your taste and now will have to rip it out and start again / or feel obliged to put up with someone else's taste because it's in good enough condition but not to your own liking

There's little or no markup for "finished" in our area. Houses sell on floor area and very sought-after school catchment. The fixer-uppers never stay on the market for long.

Our area is the same what affects houses here is, in approximately this order:

• Size
• Distance to station
• Road (yes, it makes a difference)
• Detached/ Semi / Terrace
• Parking
• Garden (which way it faces) / overlooked or not
• School catchment (they are all ok so not as important as in other areas)
• Condition