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Property renovation- - price ceiling

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  • Property renovation- - price ceiling

    We bought a property which we have renovated and it has all the required selling points such as a large kitchen diner with huge island and all integrated appliances. New bathroom and large garden.

    However, the estate agent has valued it at 10k under which we have spent on it and says the property has reached the ceiling for its type.

    Looking on Rightmove, a similar size property as the price he valued ours, but it but is dated, has small rooms and is just awful.

    So, even if a property is fitted out with new and good fixtures and fittings, he is saying that it is still worth the same as one which isnt?

    Can I have some of your thoughts on this, please?

    By the way, we sent him packing.

  • #2
    Re: Property renovation- - price ceiling

    Estimating the selling price of a property is a bit of guesswork. And what you got was just one person's opinion. If you are unhappy with advice you received from the estate agent ask another one (or two) for their opinion of the potential selling price.

    Ultimately, however, it is the market that decides the true value of a property/

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    • #3
      Re: Property renovation- - price ceiling

      Definitely get a second opinion if you are unhappy, but the agent is right in the respect that a property can be "overdeveloped" beyond it's potential and there is no guarantee that renovating, developing or modernising a property will return a profit by increasing the property value by more than the amount you have spent.

      However, a property's value is determined by the amount a buyer is willing to pay for it, not by the opinion of a single estate agent.
      ____________________________________________
      Property for sale in Torquay

      www.thomasdobner.co.uk

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      • #4
        Re: Property renovation- - price ceiling

        Second and third opinion maybe. My neighbour sold a house 15% more than another agent recommended and I sold within a week. The 1st agent did not understand the area
        Designer Bathrooms

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        • #5
          Re: Property renovation- - price ceiling

          Agree, the market will decide in the end, and also how desperate you are to sell is a factor. In most areas property prices are too high, unfortunately sellers have to acknowledge that, but I would agree get a few more opinions and look at how many houses are selling and at what prices in your area.
          Northern Ireland Property

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          • #6
            Re: Property renovation- - price ceiling

            Originally posted by Chris Gough View Post
            Agree, the market will decide in the end, and also how desperate you are to sell is a factor. In most areas property prices are too high, unfortunately sellers have to acknowledge that, but I would agree get a few more opinions and look at how many houses are selling and at what prices in your area.
            I think someone should write a book on picking your estate agent. I once sold a flat for £123K when one estate agent said it was worth £95 - makes you wonder.
            Stupower

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            • #7
              Re: Property renovation- - price ceiling

              The other property may have been over valued.... the market will decide

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              • #8
                Re: Property renovation- - price ceiling

                What its valued at and what it'll sell for are 2 different things.

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                • #9
                  Re: Property renovation- - price ceiling

                  Agree with [email protected]

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                  • #10
                    Re: Property renovation- - price ceiling

                    Hi,
                    The selling price of a property is a bit of guesswork. And what you got was just one person's opinion. If you are unhappy, with advice you received from the estate agent ask another one or two for their opinion, of the potential selling price.

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                    • #11
                      Re: Property renovation- - price ceiling

                      It is better to have the WORST house in a GOOD area
                      rather than the BEST HOUSE in a BAD area.

                      Any work you do to your home should be motivated by the enjoyemtn you will get from the improvement rather than any increase in value.

                      BRAND NEW HOMES
                      Information for UK new home buyers
                      New Home Blog The latest news and views

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                      • #12
                        Re: Property renovation- - price ceiling

                        Definitely get a second and third opinion and take the mean value of it. Of course it is your house and you can value you it at want to want (obviously not an unrealistic figure but the extra 10 k you feel is right) the estate agency want a sale and they probably will advocate that the house is ready to move into and therefore reflecting in the price, considering that you saw a dated similar property to you, many people may want a hassle free move into a house, specially family with young children that don’t want to be decorating with young children around.
                        We have debt solutions to help you get out of debt problems

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                        • #13
                          Re: Property renovation- - price ceiling

                          The entire concept of valuation is frustrating. The estate agent may well be right, but in a way YOU know the local area better than they do. Really though, their opinion doesn't matter. You're paying them so you can but the property up for sale at any price you wish.

                          The valuation that really matters is the one conducted by the mortgage lender of the buyer (when you have one). THEY are the one's who will make or break any developments you've made since you've been there.

                          Unfortunately they tend to undervalue homes in order to cover their backs, and so this may be a stumbling block for you. Do your local research and try to find comparable properties on sites like mouseprice.com. There's always the issue of emotion when YOU are the ones who've put their blood sweat and tears into improving a home. Unfortunately this doesn't automatically translate to sale price.

                          I wish you the best of luck with it all

                          All the best

                          Dan S
                          Free Guides For First Time Buyers!

                          www.FirstTimeBuyerGuru.com

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                          • #14
                            Re: Property renovation- - price ceiling

                            To quote the RICS, 'Valuation is an art not a science'. As most other posters have said, there can be a considerable difference between the marketed price and the selling price.

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                            • #15
                              Re: Property renovation- - price ceiling

                              I agree with the majority of responses. It is very important that you get more than one opinion when selling your home with an estate agent. Ideally, 2-3 would provide a good judgement. Remember, I assume you got a few quotes on decorating your home to get the price you wanted; so similar to this, get several quotations from estate agents.

                              You could also go a bit further than that and research the history of home sales in and around your area. Mouseprice is a good site to consider.

                              Importantly, as many have said, the value of your home is dependant on the market. However, from the sound of things you have invested in all the right areas to maximize your home’s appeal.

                              Good luck with the sale.

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