Property sold 1 year ago increase in price

[Meixo]

Seen a house that looks promising in the area I want largish plot previously sold 319k they have done a basic finish new kitchen new en suite which is good spec and new family bathroom. Front door etc they are asking 360k I'm thinking this is a bit steep as they wouldn't have spent 41000 as the kitchen isn't amazing specification.
Just wondering what you all think?

Houses around here are crazy!! Houses upbefore lockdown have been taken down and put back up with 100k increase!!!

I was thinking 340-345 might be more reasonable so I will just wait to see if the price comes down still 20-25k which is more than what they have spent doing it.

We sold our house Sept 2019. It just sold again (July 2020) for £25k more. They had done nothing - didn’t even move into it! I think prices have just gone up

I think that sounds about right for the work and price rises, especially a place with a good plot/garden. You can always offer a bit below and see what they say.

I think that sounds about right for the work and price rises, especially a place with a good plot/garden. You can always offer a bit below and see what they say.

New kitchen en suite bathroom and front door is at least £20k unless they’ve gone for cheapest of the cheap in which case I’d avoid altogether.

New kitchen en suite bathroom and front door is at least £20k unless they’ve gone for cheapest of the cheap in which case I’d avoid altogether.

Don’t wait for the price to come down, view and offer what you think it’s worth to you.

Don’t wait for the price to come down, view and offer what you think it is worth.

Don’t wait for the price to come down, view and offer what you think it is worth.

It depends on the house I guess. We were going to part exchange for a new build last year, and the builder put the house on the market for £15k less than they gave us for it. Of course it sold really quickly. It all fell through and we decided to stay put, but a dream house came to market so decided to sell again, which coincided with after lockdown. Estate agents valued it at £25k more than we’d part ex’d it last year.

We’ve just accepted an offer for £10k more than we sold it last time, but we’ve spent over £10k on the house since. So we’re happy with that, as we don’t feel like we’ve ripped anyone off. But to anyone else it looks like we’ve just put an extra £40k on the house sale price.

If it’s not worth it to you, would you be able to find somewhere else that you feel is better value? It’s probably a reasonable price considering work and price increases. My neighbour has put her place up for over 100k more than she bought it for just over a year ago, no modifications at all. I highly doubt it will sell but if it does then that’s it’s worth as what someone deemed they were willing to pay for it.

It depends on the house I guess. We were going to part exchange for a new build last year, and the builder put the house on the market for £15k less than they gave us for it. Of course it sold really quickly. It all fell through and we decided to stay put, but a dream house came to market so decided to sell again, which coincided with after lockdown. Estate agents valued it at £25k more than we’d part ex’d it last year.

We’ve just accepted an offer for £10k more than we sold it last time, but we’ve spent over £10k on the house since. So we’re happy with that, as we don’t feel like we’ve ripped anyone off. But to anyone else it looks like we’ve just put an extra £40k on the house sale price.

Sorry - got hit with the double post bug!

Sorry - got hit with the double post bug!

Sounds a reasonable price to me. A house is worth what someone is willing to pay, it's clearly not worth that much to you and that's fine. But that's doesn't mean someone else won't be willing to pay it.

Sounds perfectly reasonable to me, in line with the sellers market now and a natural increase and reflecting the work done.

Remember where the market was a year ago? Theresa May attempting to get the Brexit bill through parliament numerous times, another election etc.

The market was fairly quiet compared to now, and as we all know the world and the housing wants of a lot of people have changed a lot. Large plot will likely be in demand more than what it was a year ago.

40k for that work
Doesn’t seem unreasonable to me.

House prices have really lifted, this year, partly due to the stamp duty relaxation. We bought our house 3 years ago and have seen a steady decline, since then. Now, if it's a good house, it's been selling even if it would have seemed expensive when we were looking

Sounds perfectly reasonable for the work they have done plus the uplift. That’s property prices for you.

I'd be questioning why it was on the market only a year down the line. It doesn't sound like they've bought it cheap and some it up to sell on for a profit, it sounds like they'll be breaking even. Of course, I know there's lots of reasons why people move, e.g. family inheritance, job in another part of the country, job loss (esp at the moment)... but I would be wondering why go through the stress of putting all that in to move quite quickly, thinking is there a bigger problem with the house, neighbours or area?

Done it up not some it up!

What you have to take account of is not just money spent on decoration or kitchens but all the other expenses that go with buying and selling a house. Stamp duty, estate agent fees for selling it, solicitors fees, mortgage fees etc.

Plus the hassle of having all this work done.

I would think that actually they were either breaking even or even losing money on the purchase.

Our house has increased by £80k this year without any work. We bought it last summer and our neighbours just sold for that much more exactly the same.

Including the work you've mentioned though it sounds really reasonable.