What’s The Right Price When Buying a Property




What is the Right Price For a Property?

Stacks Image 4536


Am I paying too much?

A property is only worth what someone is prepared to pay for it and - one day that somebody will be you!

How much you pay, ultimately depends on how much you really want a particular property.

If it’s perfect for you and your family, if you can somehow find the money and if you will be there 10 years or more, then an extra £5,000 is worth it.

Similarly, if you
have to move to that area and you have to move very soon then the above also applies.

If you’re buying it to do it up and sell it in a few months, then price becomes more critical.

So what about those of us with no serious time constraint and several houses to choose from in a widish area?

People who can let a couple of properties go and not mind too much.

Ask the agent questions, he wants to sell it, it’s illegal for him to lie, he may like the look of you and be fed up with the sellers. Info may come pouring out!

Try and arrange viewings when the owners are in. Be
interested in their home, ask them casually why they are moving, anguish with them about chains, about the fear of losing a property that they might really want. Owners very often give you details that an agent never would.

Give yourself 2/3 hours, get on the internet, and discover what similar properties are selling for. Just Google “house prices in”..... then the first bit of the postcode. Pretty soon you’ll be an expert.

Research the most similar properties completely, take into account....

Are properties selling quickly? Are they going for over the asking price? If it’s a sellers market, you will very soon have to decide to join in or walk away. However if the market is stagnating.....you may be on a winner!

Which end of the road it’s located.....sometimes this can make a huge difference.

Size differences that aren’t immediately apparent....rear extensions, loft conversions, cellar conversions.

Parking

Adjacency to a school (not always a good thing, if you’ve experienced school run parking), or a sewage farm, or horrible neighbours

State of repair,
How long it’s been on the market. Has the price been reduced?

Have other offers been rejected? Try to discover what they were

Why are the owners selling, are they getting divorced and still living together, why are they selling after only three months residency, Are they chasing a dream job, have they found a perfect property and are desperate to sell?

Length of lease if applicable.

A Guide To The Process of Buying/Selling a Home/House/Flat




__________________________________________________________________________________________________________________________________________________________________________