Buying the most expensive property on a road

[moveblues]

Hi all
We have put an offer in on a house that was the most expensive house when last sold on that road, and will continue to be!
It has an extension, extra bedroom and much bigger garden than the other houses on the road.

It is valued at £50k less on zoopla than we will be paying, but zoopla is missing a bedroom and bathroom.

Asking for views, comments, opinions!

We have the most expensive house on our street too, as it has a double extension. It's ex social housing, which I never wanted but turned out that when it was extended it was fantastic. That, and the location is in a sought after village.

We'd never be able to afford a bigger house in the village though. If we moved to somewhere with a bigger garden we'd have to go further out than where we are now, or get a smaller house as a compromise.

I think at the moment it's almost inevitable in some cases because prices have risen so much in recent times. Also, zoopla is rubbish for estimations generally so I wouldn't go much by that.

What is your question?

Someone has to own the most expensive house on a street.

We have the best house on a not-great street but we wanted it for its size... I know we can't add value and I know that we may find it difficult to sell on but we intend to be here for at least 15 years so it doesn't really matter.

Ignore Zoopla.
I sold the most expensive house on the street - bought at auction and renovated a two up two down. Had a bidding war and EA started saying not to go too high as the mortgage valuer would not match the selling price as it was already higher than the most expensive three bed! And he was right. Still sold at asking price though - and above mortgage valuation, though not as high as originally offered.
As PP says - someone has to own the most expensive house. You've justified why it is, so no worries.

Congrats on buying a big house?

What is your question

Did I miss the question? Well done on your most expensive house?

Basically just not sure if it's a good idea! Will we have difficulties selling it etc? So thanks for replies so far

Why will it be difficult to sell

Zoopla isn't automatically correct. Our house is worth at least twice as much as the next most expensive house on our street but zoopla can't compute that as it hasn't been sold since 1985.

If someone decides it's overpriced because zoopla says it is a 1970s bungalow with 2 bedrooms instead of a 16th century farmhouse with 5 bedrooms and 2 acres of land more fool them.

£50k for an extra bedroom and bathroom sounds amazingly good value to me.

On the contrary, you might find it easy to sell.
I've lived in a house which was massively bigger than others in the street. It sold the same day to someone who already lived in the area, and had a very large family. They were delighted that they didn't have to move out of area.

Why do you say it will remain the most expensive OP? When we bought our house it was the most expensive on the street but 10 years later about 5 houses on the road have been pulled down and/or refurbed to create houses way more expensive than ours.

As there is an on reason for it being the most expensive - ie has the biggest square footage, then that shouldn’t be a problem (unless garden/driveway space has been compromised). The main issue would be if you paid over the odds for a property because of fancy decor, it might be difficult to get back what you paid for it, especially if by the time you sell the decor needs refreshing again.

We debated this OP and luckily managed to get a small house in a better area instead.

If you Iike the area and want to stay there longer term, go for it. If you don't want to stay in the area, don't bother. You're at risk of hitting the ceiling price for the area when you try to sell.

We moved from the most expensive house on a crappy street to one of the crappiest houses on an expensive street. This was partly because we wanted to adjust the old house to suit our needs, and that the house would not have increased in price to reflect it, so it would have only made sense if we'd have stayed there for some time, which we didn't want to do, as it was a crappy street! So if it's just what you need and you don't need to invest in it, fine, but if it needs work you won't see that investment reflected in the value of the house.

Always better to buy the cheapest hose on the best street than the best house on an average street.

Thank you all. We went for a mediocre house which needs some work we can feasibly do but will hopefully retain /increase in value due to location. It will benefit from an extension in time but not right now!

Compare the price per sq ft you are paying to the price per sq ft others have paid on the road, then you'll know if your higher price is justified or not.

That's how the agents work it out.

Always better to buy the cheapest hose on the best street than the best house on an average street.

Not always! If you want 5 bedrooms and a massive garden it's always going to be expensive. But from a purely investment point of view, yes