Is this house overpriced?

[jwilf]

So we've looked at 2 houses in the same street, just a few doors from each other. One is a terrace and has been fully renovated with the kitchen knocked through to the dining room, and a loft conversion. The other is essentially the same design but it's a semi and has a bigger garden. But it needs total renovation. Both are on for £860k.

Terrace - www.rightmove.co.uk/properties/100978412#/

Semi - www.rightmove.co.uk/properties/80004825#/

So, is the semi overpriced considering the other one is fully done up? Or does the fact that it's a semi really make that much difference to the price?

One other factor is the railway line behind the street. There is a station and the trains stop right there at the end of the garden of the terraced house. There's a high trellis at the end but it still feels a bit overlooked by the trains and the platform. From the garden of the semi, you can still hear the trains but it's not directly in the line of sight from the platform. The trains are only every half an hour.

I think the semi is nicer , but would you mind living in it whilst renovated / can afford to get to done ?
Just the fact that it's a semi and not overlooked by train and station has to be a big bonus.

Considering the terrace has been on the market for five months, it would appear that it’s also overpriced. Decor notwithstanding, I prefer it to the semi (I prefer terraces to semis generally) and you’d be looking at £80-£100k to get the semi’s loft converted and to a similar decorative standard. And I’m not sure the semi would then be a £1million house.

There's a very similar done up semi on at £985k so it's probably priced about right, and I'd certainly go for a semi over a terrace. London prices are insane though. I don't know how anyone can justify spending that.

Are there any other contenders that aren’t so close to the railway line/platform?

@Hallyup6

There's a very similar done up semi on at £985k so it's probably priced about right, and I'd certainly go for a semi over a terrace. London prices are insane though. I don't know how anyone can justify spending that.

I didn't see that, have you got a link?

I think the semi sounds like the better value for money. If you did the renovations it would be worth more than the terrace in the long run.

The terrace is definitely overpriced. It will always be a terrace which limits its value no matter how nice it is inside. The semi has a bigger garden and more potential. If you could get the semi for £840-£845 region, you would do well with that.

I don't really know the area but semi looks overpriced in comparison to www.rightmove.co.uk/properties/79840926 and sold prices www.rightmove.co.uk/house-prices/detailMatching.html?prop=102913085&sale=11935603&country=england www.rightmove.co.uk/house-prices/detailMatching.html?prop=86574184&sale=11935612&country=england
Tracks will have 4 trains an hour (2 in each direction). I'd be looking for a healthy discount on both.

Can't believe London prices This is more than 3 times the price that you have to pay for houses like this elsewhere in the country. Are you sure you want/need to stay in London?.. Lots of people are relocating away from London at the moment.

Renovation is a bit of a scary thought at the moment as all builders are so ridiculously busy and stressed, rushing from one job to the next, charging what they fancy and not caring about their customers as much as they used to in the past because there's such a high demand for their work. I would only entertain a renovation this year if it's an emergency. Over time things will settle of course but right now is not a good time for renovations.

Also think about whether you are actually the kind of person who would enjoy managing the renovation project, has the right knowledge/skills and how the project would fit in your life (what do you have to sacrifice to find the time for it). Given choice, I would personally go for a house that's already done up, because you can then enjoy living there from day one, more or less. Renovation means 6 months to a year of work as a minimum before you can enjoy it (and obviously the expense associated with it).

Builders are like gold dust in SW london and if you want kitchen extension and loft I’d suggests it’s more than £100k with architects planning costs and building regs which we’ve realised add up. Good luck !

neither house is done up to how you ultimately want them, tbh they both look like blank canvas houses with potential on both

the terrace has dated wardrobes, the small bedroom in both is identical blank white walls the same size

the kitchen area is where one has a livable kitchen and the other you'd need or want to get on with kitchen renovation to your choosing

but it the terrace is on the market 5 month on, whats wrong with it?

I also think the semi is overpriced

The terrace is overpriced sorry. The semi is nicer and doesn’t need too much I wouldn’t have thought

Holy crap!! I can’t believe the price of both full stop!!
You could get either of those for under £180k up north in a gorgeous rural area too!!
How does anyone afford to live in or near London?!
Gob smacked!

Semis are more desirable and come with a step up in price. It's smaller in square footage though and does need done up so it kind of evens out.

Is the patio space at the front of the semi parking? That's going to add to it as well.

The square footage of the semi is pretty small but it has the potential there to add value so I suspect better overall. If you don't fancy the work a cheeky offer on the terrace might be worth thinking about. 5 months on the market at the moment is a lot.

I guess it partly depends on whether or not the terrace is refurbished to your taste. If so, then the decision is a bit harder, but if not, then I would go for the semi do that you can have it exactly how you want it. Side access is also a big plus. I once lived by a train station and the irritating thing was actually the beeping of the closing doors as opposed to the trains themselves. You would probably be able to hear that in the terrace but maybe not the semi.

That’s really odd. Am I reading it wrong, the terrace has more sq foot than the semi?

I prefer the semi. Given you think it needs renovated I would make an offer under asking price.

London prices 😬

Terrace had a nice kitchen but the rest of it doesn't look great. Roof potentially dodgy? From first pic. Also, it's horrible the way you'd have to park your car on such a small strip of land directly in-front of window. What a lovely view out.

Semi seems fair value for money from what I can see. I would take a bit of re decoration over something that's been tarted up a bit and who knows what's underneath/ quality.

Would the noise from the train lines be problematic? (Either property)

Between the two the terrace has way better square footage but really I would throw both these fishes back and keep looking.

The house @hgaj posted is way nicer
if you can stretch to that it represents wayyyy better value than either of these.

As a fellow Londoner I feel your pain and empathise as the market is crazy right now. It is just SO expensive here.

My husband and I are both good earners ~but sadly not trust fund babies~ and live in such an average house considering the insane price it cost.

What do you actually need? The semi has way more potential but it would take time and money. Other than the kitchen it's pretty plain and looks a manageable DIY job if you don't mind getting your hands dirty. Conservatory looks a waste of time so I'd be discounting it from square footage.
If you have three children each needing their own room the terrace makes more sense but it looks top heavy to my (far northern) eyes

I prefer the terraced - I don't like the large conservatory on the semi

How the hell does anyone save nearly 90k for a deposit???

I could buy a terraced house in Greater Manchester with the deposit needed for that terraced house 😆

@BoomChicka

How the hell does anyone save nearly 90k for a deposit???

I could buy a terraced house in Greater Manchester with the deposit needed for that terraced house 😆

For the houses that the OP is looking at, most people will be sizing up and selling a property that has increased a lot in value since they bought it. We used to live in that area - bought a four bed terrace for £480K, sold it ten years later for £890K, which was in no way unusual. That's where the deposit comes from.