I am new to home ownership and this is very much one of the things I am really green about! I didn’t even really know about it, I just thought you went by EA valuations. It’s really interesting learning about all the ins and outs and I’m trying to get more savvy about home ownership and finance.
So anyway, I was idly looking at the house index calculator for our property. We don’t plan on moving so it was just idle curiosity.
Our flat was on the market for 300k but we bought it for 275k because it was a bit run down. We live in a private estate of identical purpose built apartment blocks. There’s 96 flats so tons of sold info about them. Average price over the last few years is 335k.
When I put in the info for the calculator, do you put in the valuation price or the price paid? At first I was putting in the price paid but then I started getting confused thinking - don’t the average sale prices for identical flats in the same private neighbourhood hold any context? Or does it take that all into account?