How much in today's cllimate?

[Haribosmummy]

If you were given the chance to put an offer in on a house which ticks all the boxes, how much would you offer... knowing...

1. it was bought in 2006 for £550K
2. It's had between £150k - £200K spent on it
3. It's in reasonable shape (nothing needs to be replaced / no issues etc)

What is it likely to be worth in today's climate?

Thanks, HM

Gut instinct - £575k would be my first offer. What's it on the market for?

Thanks... It's not actually on the market, but I'm guessing the owners are looking for £900K+.

That's what they feel the house is worth.

ooh I'd be a bit of a disappointment to them then!! Lol.

I think it would have to be something really special to make money in the current environment. We bought in '04, have just sold, and have lost half the money that we spent doing it up.....

No, it's a house I'm considering buying (well, I might consider buying it)

It's nothing special by any stretch of the imagination, but it does tick all of our 'requirement' boxes, IYSWIM.

I do agree with you that it would seem the price should be closer to £600K than £900K. But not sure how I'd go around getting a 'proper' valuation as it's not on the market with an agent.

If this is a private sale I would expect that an independant valuation would be sensible - costs about £200-300.

Phew Would hate to have upset you HM!

Yep, I would say get an independent valuation done. The thing is, in the current market it matters not a jot what you paid/spent on the house. All that matters is what someone is prepared to pay for it. I know we would not get back what we have spent on our house, bought in 2006. We'd be hard pressed to get the original purchase price back, let alone the cost of the extension and other work we have had done.

Good luck