Thoughts on this house...

[MilkshakeMilkshake]

After a 2 year break from trying to get on the property ladder, I have started looking again and came across this house. I'm familiar with the area and it is unusual that the house hasn't sold as normally properties in that location sell quite quickly.

It has been on the market for nearly two months, originally listed at £140,000 (reduced a few weeks ago). I can only assume it is the extension roof that's putting people off, but I'd be interested to hear other peoples opinions and if you think it is worth the price listed? It does look like it needs some work (kitchen and bathroom look fairly new) and I have no idea if that extension is all above board.

www.rightmove.co.uk/properties/134175833#/?channel=RES_BUY

Is estimated value on there any better than the crap Zoopla churns out?

I didn't even know it had that feature.

I wouldn't buy that. It's a money pit. You'll have to spend a fortune to bring it up to scratch. There will be absolutely loads of serious things wrong with it - you can just tell looking at the pictures. The extension looks dodgy and there's some kind of problem with its roof. That means basically you'll have to replace that roof.
You could go and have a look at it I suppose, with some family members who know their stuff, but you'd have to reckon with gutting it completely to make it habitable.
And then you'd have to heat it with electricity.... more money....

I don't know. But given at each sale they show the increase in price both in real and nominal terms, my guess is that they just apply the house price inflation to the last sale price.

Beware the averages and all that , but short of a crystal ball ......

I'd add that I also compare that price to the ones shown as actually sold (on the same page) - as a kind of reality check.

e.g. ......

Rightmove lists 'sold prices'. There was a house nearby that sold for £180,000 in March this year (so pre-slump). That was a 3-bed detached, this is a 2-bed semi.

The sums don't stack up. Current asking price plus the cost of building work will exceed the value of the finished house.

Hmm, now starting to wonder if it's more hassle than what it's worth! I certainly don't want to buy and be stuck with money pit.

The work inside, especially the kitchen looks shoddy so although it might be quite new I think it would need major work or completely replacing. This would then make me very strongly doubt that the extension is up to code!
That combined with the EE rating would put me off. I think it would be a money pit.

I think you're right @MrsR87

It's just odd how they've started all this work, not bothered to finish it and put it up for sale instead.

If you look at Streetview or look closely at Photo 1, you can also see that it is very overlooked at the rear.

Am I being thick, or is it because I've got cataracts - I can't see the garage!
Is it those wooden gates at the front? because that's not a proper garage

If you look at the satellite view on googlemaps, you can see it's one of those 'tucked in behind, in the back garden' jobs.

It would be a huge no for me because of the likely noise/possible trouble from the play ground, but if you know the area, you can judge better.

Thank you! Just had a look. Attached to the kitchen extension?
Looks shoddy as hell.
I'd lay money on that whole extension having to come down at some point.

OP, forget it, it's not worth it!

I would throw this one back in the sea @MilkshakeMilkshake

I would run a mile from it! That pipe coming out of the sink through the back of the breakfast bar tells you a lot about the quality of the workmanship!

Is that a bacon slicer in the kitchen? Why? Are there any suspicious hummocks in the ‘garden’.

nono no

This is really interesting. What it seems to be doing is showing the value ONLY adjusted for inflation. It's not including silly house price surges, e.g. the 31% over two years during Covid.

Looking at a few properties, it shows me that my friend's house is currently overpriced by 33% when you just include inflationary price rises. We're talking over 100k here. There was a surge in interest in her area during Covid and a lot of people moved out of cities to be in the area.

However, a house I have on my favourites list, in a far less surge-affected area, is actually only overpriced by 7.38%, 5% of which they're probably likely to knock off the asking price, because that's pretty much what all folk do unless they're advertising 'offers over.'

Pretty useful to be able to remove area surge information from house price data.

Of course, it only works if they've sold in the last 20 years and are on the land registry, which is a bit of a shame.

Still - it's useful.

I have also seen this one which seems to be in better shape. Still needs a bit of work but it looks cosmetic more than anything.

Just curious as to why it's not sold yet

www.rightmove.co.uk/properties/135323630#/?channel=RES_BUY

Just realised the first house has been on since beginning of April

Just curious as to why it's not sold yet
What's going on with the skirting board in the dining room? - damp problem?
The garden gets no sun because of the mini-extension and garage (that extension isn't on the floorplan, is it. Is it an outside loo or a coal store? ).

I think that once you get inside it, it'll be obvious. It screams of people who have unearthed a whole load of damp/leak issues and haven't had the money to fix it.

Both no.

No to house number two. It looks better than the other one and has more space but costs more and will still need a lot doing to it - the electrics look dodgy and the skirting boards off in the dining room looks like a possible damp issue. The outside is a mess with random areas in disrepair.

Luckily I have family who work in trades (roofer, builder, plasterer) and they have friends who are sparkies, plumbers etc

I would get one or more of them to come and view with you. They will know what to look for and what it may cost to sort.