Help on valuing a property against similar

[Dutch777]

Both properties on same close of 7 bungalows all have driveway garage conservatory except ours.

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Property 1/ a 2 bed detached bungalow (Sold recently for £152k)

Driveway with parking for 3 + cars + Garage + Good quality conservatory + Good quality windows.

Internally very good spec had new kitchen and bathroom, recent new Boiler.

Vs

Property 2:/ a 2 bed detached bungalow (rented by us for last 25 years)

No Driveway, Parking for 1 car, No Garage, No Conservatory, desperately needs new windows & doors some units wood rotten others UPVC blown glazing poorly fitting etc.

Internally very tired and dated original kitchen and bathroom from when it was built 35 years ago, combi boiler over 10 yrs old.

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We are looking to buy soon but wondered if it’s worth putting a offer forward to the company you never know they might want to sell, but speaking to a local estate agent that knows the area they would advise a seller around the 145k mark in need of some modernising and the fact it has no driveway garage conservatory makes little difference which seems odd to me but maybe not to others.

So how much is a realistic offer price to make direct to the company and how low would you go in at based on the above info? Cash buyer, Rented for 25 years don’t really expect a discount for this but would be nice.

 

[BigBoy]

A property is worth whAt you are willing to pay for it, there is no hard and fast rule. Bae on th well looked after on being £152k I would make.an offer around the £135k mark stating the amount of repair and renovation that is required to bring it up to current more respectable standards.

Is the house privately owned or under a management firm?

Gives the age of the kitchen I would suspect I till need a rewire especially if you were intending to make any significant changes to it.

 

[Dutch777]

Is the house privately owned or under a management firm?

Large company they tend to sell them in blocks of 50 last time it was moved between two companies 8 years ago it sold @ £47k roughly 60% discount on market value

 

[GinG]

£110k? Maybe even a cheeky £100k cash offer


A fair bit of work is needed and the driveway and lack of garage reduces the value quite a bit.

£15k for kitchen
£10k for bathroom
£5k for windows
£10k.for conservatory

When you consider the above you aren't far away with my suggested figure.

 

[Dutch777]

£110k? Maybe even a cheeky £100k cash offer


A fair bit of work is needed and the driveway and lack of garage reduces the value quite a bit.

£15k for kitchen
£10k for bathroom
£5k for windows
£10k.for conservatory

When you consider the above you aren't far away with my suggested figure.

Thanks for that

Its the driveway garage that I cant seem to nail on price as bungalows are popular estate agents don't seem to overly value this aspect but surely it has to carry a value

 

[GinG]

Thanks for that

Its the driveway garage that I cant seem to nail on price as bungalows are popular estate agents don't seem to overly value this aspect but surely it has to carry a value

Dont get me wrong but they are the budgets we worked to when we potentially looked at a doer upper.

In relation to a garage it usually makes for a bigger plot size which obviously has a value in itself.

 

[Dutch777]

Dont get me wrong but they are the budgets we worked to when we potentially looked at a doer upper.

In relation to a garage it usually makes for a bigger plot size which obviously has a value in itself.

Thanks yep appreciate that makes sense with plot size

 

[Psycho Sonny]

I'd say £120k.

Conservatory's aren't worth anything tbh.

Neither is a brand new boiler Vs a 10 year old one it's literally like £500 more I'd be willing to pay if it was a new boiler. Which is nothing. I appreciate a new boiler costs £1500-£2500 but it's not really added onto house value it just sweetens the deal if it's new. You can't sell a house without a boiler.

What is worth money is the outside space especially private parking. But again it isn't worth huge amounts more maybe £5k given the actual value of the other house.

Old bathroom and kitchen isn't a huge deal as others are making out. I installed a huge led De misting mirror into mine a new shower door and a new sink and just cleaned everything up and gave it new sealant. Total cost maybe £600. It needs new extractor fans but that's like £40-£60 the main bathroom however would be a much bigger job as it's a complete overhaul which is why I've left it.

Kitchen it depends on what needs doing. If everything then that's expensive. However it's amazing how much a lick of paint can completely change a kitchen including the cabinets.

People saying £50k off from next door are having a laugh. Maybe if it was a £350k or more for next door but it's a £150k property.

 

[alexakasloth]

Are there any other similar properties in the local area to compare to?

 

[BUDFORCE]

I'd say £120k.

Conservatory's aren't worth anything tbh.

Neither is a brand new boiler Vs a 10 year old one it's literally like £500 more I'd be willing to pay if it was a new boiler. Which is nothing. I appreciate a new boiler costs £1500-£2500 but it's not really added onto house value it just sweetens the deal if it's new. You can't sell a house without a boiler.

What is worth money is the outside space especially private parking. But again it isn't worth huge amounts more maybe £5k given the actual value of the other house.

Old bathroom and kitchen isn't a huge deal as others are making out. I installed a huge led De misting mirror into mine a new shower door and a new sink and just cleaned everything up and gave it new sealant. Total cost maybe £600. It needs new extractor fans but that's like £40-£60 the main bathroom however would be a much bigger job as it's a complete overhaul which is why I've left it.

Kitchen it depends on what needs doing. If everything then that's expensive. However it's amazing how much a lick of paint can completely change a kitchen including the cabinets.

People saying £50k off from next door are having a laugh. Maybe if it was a £350k or more for next door but it's a £150k property.

I have to agree with most of this, the parking space really depends on the location and available on street parking.

When I see mortgage valuations, people are always thinking that because their property is completely renovated, extensions etc it should be worth so much more when in reality it doesn't make that much difference.

Might make it easier to sell, but the buyer might not like the taste of the property so may not hold value Vs a property that it a **** hole inside can actually be more like a blank canvas to work on.

 

[Psycho Sonny]

My breakdown is £10k for the garage. £20k for the driveway parking spaces, windows, kitchen and bathroom.

Those things are more sweeteners rather than adding huge value.

The main things which are worth money is location, internal size, build quality and external useful space.

Location can be negated by both are on the same close.

Internal size both are bungalows and 2 bed so not much in it apart from the conservatory which isn't that useful tbh conservatories are usually too cold in winter and too warm in winter. Useless space most of the time. Every one I've been in has had these issues and people just end up using them for storage.

The garage is handy as it can be converted for cheap for more internal space and it's handy for storage. So it's worth money but as it's a garage it's still only worth like £10k given the fact it's a bungalow and it won't have extra internal floor space upstairs like some garages add. I'm imagining since it's a £150k property it won't be a massive garage or built to a really high standard but if it is then you could value it up to £15k-£20k.

Large driveway is extremely useful outdoor space but again it's just for parking cars so not like an extra bedroom or anything. So adds value but not huge amounts. £5k

I'd offer £115k at the lowest. Ideally though I'd like to see both properties on right move to give a more accurate valuation.

I'd say it should sell for anywhere between £120k to £135k. Depending on how many people are interested. It could push the price up if it turns into a bidding war. But I wouldn't like to pay over £130k personally. I'd rather have bought the £150k property instead at that point.

 

[sovietspybob]

I don't know what it's like over there but i know around here houses fly off the shelves for significantly over asking price at the moment.

There was a bungalow on an cul-de-sac 2 minutes from my house, not been touched since the 80's by the look of things and everything needing doing up at 185k, it sold within a couple of days for 20k over the asking price to a cash buyer..

Run down houses go for a lot of money as they're a blank canvas for those with the ability or appetite to do the work so i wouldn't count on a big discount unfortunately

 

[pp111]

A property is worth whAt you are willing to pay for it, there is no hard and fast rule.

I think most estate agents/valuers these days just look it up on Zoopla. I remember a time when I exchanged houses. For tax purposes we had to estimate values and it was preferable if we valued the two houses the same. So we reduced the value of my old house a little and increased the value of my new house a little. My overestimation of my new house though once the sale went through boosted the value of all the houses in the immediate vicinity "because I had been prepared to pay more than previous exstimates".