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Showing results for tags 'value'.
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Property Value & Current Market condition
jmoon posted a topic in The MarketHello, Anyone provide any insight into current market conditions in west midlands? Has it slowed? Are people concerned about inflation costs? and scaling back on buying? I image as people can't afford houses these days, the BTL market is still going to boom even more? but property investors want bargains even when the last housing index said average prices went up in the midlands and nationwide. Does anyone see a crash any time soon? with inflation still set to rise further. Thanks to all.
Cost of refurb for a 2 bed flat in Croydon
Charl3s posted a topic in Refurbs & DevelopingHi Guys, I’m just in the process of purchasing my first property, it is a repossessed 2 bedroom flat so is in need of modernisation. I would say the flat needs a full refurb which would include a new kitchen, bathroom, redecorating, flooring and a new boiler. The surveyor said the electrics and plumbing seem to be fine but may need changing in the near future, so I was thinking to get this down whilst I’m changing everything else. I just wanted to know how much would something like this cost to be done at a good level. In my head I’ve budgeted for about £20k - £25k. Would be great to get some realistic cost from those who have done this type of work. Also if you know any good trades people that could do the job I would really appreciate it if you could forward me their details. I’m based in Croydon. I have attached the floor plan so you can get an idea of the size. You Thanks Charles
Sold Prices Northern Ireland
David Graham posted a topic in General property discussionHi, Does anyone have any suggestions for finding out what price properties actually sold for in Northern Ireland? Regards, David
Hi all, Looking for advice from people with experience in making BMV offers for flipping as this will be the purpose of my first project. What I'm really trying to determine here is a realistic conservative value for the below property example. Until I come to a clue I can't begin coming up with an offer price and sourcing potential finance options. Any opinions or just general advice to make the determining value process easier will all be welcome and greatly appreciated. About the property: Located in the town I grew up, on a street within two minute walk to town center so searching for 3 bed detached comparible properties even within 1 mile doesn't return many results due to its location. Most Streets close to town centre consist of terraced houses. The street consists of a mixture of mainly terraced and semi detached properties and 2-3 detached. Most of the semis are 3 bed though roughly a similar size to the property I'm intested in. A brand new primary school has been built on the street and a couple older properties have had full refurbs but not currently finished so hopefully it may bring the general value of the street up, also two new build semis mid street that have also not yet gone to market. The house istself self is located at the quiet end of the street, has been empty for years and deteriorated considerably. Windows have been smashed for years and they have now boarded up the windows and front door too. Full renovation will be required, completely stripped back to brick. I was planning on contacting the owner via writing however I happened to park outside the other week and someone was raking back the over grown weeds, the owners son, after a quick chat it turns out they are looking to sell and want a quick sale! So area stats: Potential flip: 3 bed detached, long garden, off-road parking for one car (rare on this street) 2 reception rooms, kitchen, downstairs WC, 3 bedrooms upstairs bathroom. Last sale: 2003 Price paid: £85k Identical property (mirror image) next door, this is as close a comparable house you will get as they looks the same so assuming built together: Sales: 1997: £53k 2011: £100k 2015: £130k Highest amount paid in the street: Similar sized 3 bed semi however it had potential building plot with side garden: 2014: £155k The floowing are all different properties sold prices: Street sales before 2008 crash: 2005 - £115k - 3 bed semi 2005 - £95k - ? semi (no property info) 2006 - £121k - 3 bed semi 2006 - £125k - 3 bed semi 2007 - £123k - 3 bed end terrace Street sales after 2008 crash: 2011 - £80k - 3 bed semi 2014 - £110k - 3 bed semi 2014 - £155k - 3 bed semi (Ceiling?) 2015 - £130k - 3 bed detached (identical) 2016 - £60k - ? Semi (no property info) Postcode stats: As previously mentioned searching the surrounding 1/4, 1/2, 1 mile area doesn't return many comparable due to its location so here are some postcode stats in general: Average sold prices: General average - £150k (09/17) Average detached - £184k Average Semi - £130k Obviously there is more research I can do into the area which I have and continue to do and I have not spoken to any EA's yet to get their thoughts on the area and price. At this initial stage I'm apprehensive about getting the estimated potential value as close as I can. If you managed to get through all of that thanks for reading!!! Hopefully someone can lend some advice and look forward to hearing from any of you. Dan
Advice on living next to a pub
Cofty007 posted a topic in General property discussionHi. I wondered if anyone had any advice I could have: Where can I find expert opinion on the affect living adjacent to a pub can have on a house value? (or is anyone willing to be that expert with opinion?!) I am preparing a case for a Valuation Tribunal and need to find expert opinion to include within the case: - The VOA have referenced the average house price for our street in 1993. However, our house is adjacent to a noisy pub so any expert opinion I can receive / find on the extent this can reduce a house price would be very useful in showing the distance below that average our house may have been in 1993 - We also live 2 metres from a main road, whereas all other houses are set much further back. Any expert opinion on the extent (%) living on a main road can bring down a house price would also be very gratefully received. I will build this expert opinion into my case, along with other points we shall be addressing. Any help gratefully received Thanks DC
Hi, I would like some advice regarding my consent to let property. Back in 2007 I bought my first property (bought for £106,000), it was a new build (off plan) one bedroom flat. In 2010 myself an my wife decided to buy a house together and due to not being able to sell the flat at a decent rate (valued at £85,000 - £97,000), decided to rent the flat out. The flat was changed from a 'residental mortage' to a 'consent to let mortgage' as The Norwich and Peterbough Building Society do not do 'buy to lets'. Since the crash of 2007 - 2008 I have expected the price to drop but gradually gain traction and early this year noticed that the Zoopla estimate for the flat was £127,000. Which gave me the 75% LTV I needed to get free of my 'consent to let'. I approached a mortgage broker and paid a fee of £350 for their services and based on the valuation, I would be able to go ahead with a new mortgage lender - great! The flat was valued at £80,000 and a second valuation of £82,500 was done. This is way lower than the £127,000 on Zoopla's site and also lower than similar properties in the area (the building next door had a flat which sold for £90,000). The property is in Sheffield City Center and land around the building is going to be developed, although this won't be finished for a few years. So I am still stuck with my 'consent to let' mortgage which is £608 per month, but the tenant's rent only comes to £525, plus there is a service change and ground rent and insurance I pay out for. So I am losing each month. The mortgage broker said I should wait it out and see what happens in 12 month (I have paid their fee and they are happy to help again), but if these valuations are correct (or the best I can get) it will be a long and expensive wait. Is there any advice, anyone could give about how to move to another mortgage lender to a 'buy to let' mortgage? Any help would be appreciated.
Valuing your property to leverage
Wes Boswell posted a topic in General property discussionHi all, I am currently going through a remortgage on one of my properties to release some equity to buy two further properties (thanks for the inspiration and motivation from The Property Podcast Rob and Rob! ) I have a good idea that I have valued the house right myself from the research I have done and as such I have submitted this number to the mortgage provider. Should I have got a professional valuation first to avoid the risk that the valuation comes in lower? Any advice on how you normally handle this would be appreciated. Thanks, Wes.
How Does HMO Conversion Affect The Value Of A Property?
Robert posted a topic in HMO AdviceHi Everyone. I've never invested in HMO, but I'm obviously intrigued by the very positive cash flow. I wouldn't want the hassle of managing an HMO, and a portfolio full of them would make me cry. I do, however, think that a few scattered among a varied portfolio would be a good idea. The main question is, how does HMO conversion affect the capital value of a property? Is it a case that more bedrooms increase the value, or do smaller rooms negatively affect it? If its a negative, is it worth it when compared against the increased revenue, even taking into account higher management and refurbishment costs? What is the attitude of lenders or valuation surveyors towards HMO conversion? Rob