Trying to apply "science" to price of our flat

PaulStat

PaulStat

PaulStat

Soldato
Joined
1 Mar 2003
Posts
5,508
Location
Cotham, Bristol
Hi Folks,

When I say science I mean that term very loosely as I'm aware ultimately the price of a property is as much as someone is prepared to pay for it. But I'm trying to gauge whether we've listed our 2 double bed garden flat with parking at a sensible price (£240k).

Sooo I've gone on to right move found 5 two double flats without gardens or parking within 1/4 a mile of us and calculated that on average they are listed at £331 per square foot, ours is 660 square feet so thats £218.5k. Now according to this report, parking adds 6.5% to the value so that takes it up to ~ £233k.

I can't find a similar report about how much value a garden adds to a property, but I reckon we're not far off with the price we've listed it at..... maybe :o

And yes I know you can get decent size houses in other parts of the country for under 200k but this is central Bristol and very expensive, which is why to get a decent house we're having to move 10 miles out of town.

So does my "science" work? :p
 
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property (especially resi) is valued on comparables.

If other are selling in the area for that price then that is what yours will be worth give or take dependingon condition/size etc.
 
Most house buying is done by the heart not the head. I don't know if your rudimentary arithmetic is valid or not but you touched on the critical factor in your second sentence : your house is worth what someone else is willing and able to pay. The rest is just fluff really.
 
sounds like £230k - £240k is your ballpark figure then. If its nicely decorated, well insulated, appliances are new etc. etc.. you could add a considerable amount onto that. Might be worth giving it a lick of paint if it needs it.
 
has your "science" taken into account the appearance of the street in general, as the price of properties are generally decided upon desirability, the view out of the window will be a large factor (something like the area you can see out of the windows, or something?)
 
^ well no probably not but all example properties I looked at were very close indeed to mine, one even just across the street
 
my scientific approach would be that if I lived somehwere where a flat cost £240k I would move somehwere else very quickly :eek:
 
Can't fault your science but actual price will vary depending on decor/finish. You see it all the time on those house programs where people have bought houses and done them up but are warned about over doing them to too high of a standard as there is always a maximum ceiling for a house/flat of that size in an area.

Maybe it's slightly the other way with high end city centre flats that the buyer expects to see high end appliances, marble, expensive bathroom fittings and two flats of the same size but one done normally maybe £10k to £20k less.
 
Rotty said:
my scientific approach would be that if I lived somehwere where a flat cost £240k I would move somehwere else very quickly :eek:
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This then is why you have a half decent car, because where you live, property is cheap you can spend the money on better things :p

You'd be mid range flats in dorset for £240k. Some flats are over the £1m mark :(
 
Lucero said:
This then is why you have a half decent car, because where you live, property is cheap you can spend the money on better things :p

You'd be mid range flats in dorset for £240k. Some flats are over the £1m mark :(
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I think Rotty would have a fit if he saw the prices in the South East :p.

I doubt £240k would buy you a shed :o
 
Are you trying to justify what you have it up for because it's not selling? or are you deciding what to put it up for or what you'd take for it, in my area (West / East Sussex) so few houses are up for sale that they don't hang around and very little if any price reduction has happened, flats on the other hand that's a different story.
 
AcidHell2 said:
240k would get you almost two houses, just people what something perfect and big and don't have any sense of realisation.
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I was exaggerating just a tad. Obviously a lot depends on the location, size and condition as you say.
 
maccapacca said:
Are you trying to justify what you have it up for because it's not selling? or are you deciding what to put it up for or what you'd take for it, in my area (West / East Sussex) so few houses are up for sale that they don't hang around and very little if any price reduction has happened, flats on the other hand that's a different story.
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nope recently reduced the price fairly drastically as the EA had originally told us to put it on at 256k, whereas others had said you'd be lucky to get 220k. So I decided to dig deeper as 256 was obviously too high but I thought 220 was quite pessimistic.
 
Lucero said:
This then is why you have a half decent car, because where you live, property is cheap you can spend the money on better things :p

You'd be mid range flats in dorset for £240k. Some flats are over the £1m mark :(
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for 240k I would be looking at a very large 4/5 bed detached house :p


Oi and what do you mean "half decent" ? :mad: :p
 
Rotty said:
nope, why is it so expensive ?
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Supply and demand, everyone wants to live in the South because it is nice therefore it is expensive, the North is a hole no-one wants to live in therefore it is cheap.

Simples!
 
Rich_L said:
Supply and demand, everyone wants to live in the South because it is nice therefore it is expensive, the North is a hole no-one wants to live in therefore it is cheap.

Simples!
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I can understand London etc for work but Bristol is hardly the heart of anything ( even though I quite like the place )
 
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