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House Valuation - accurately priced?


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Hi @harry_d

Rob has written at length about to how evaluate a property over on Property Geek - I'd definitely recommend giving this a read.

A great first step is to generate a list of recent sales in the same area;

  • Go to Rightmove
  • Click on “Sold house prices”
  • Enter the property's postcode
  • Set a radius of 1/4 mile
  • Select “freehold” if it's a house, or “leasehold” if it's a flat

You can then go through the list of properties and narrow it even further to similiar properties, by using the images and number of bedrooms.

This process isn't an exact science, but can give you a clear idea of how much your property is worth! There's more info in the above article :)

Thanks

Mark

Mark Rocks
Community Builder and Content Writer

www.propertyhub.net

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A property is worth what someone is prepared to pay for it. What is it worth to you will depend on a number of factors eg the value of a specific house for a specific purpose, say living next door to Mum, will be higher for that person than anyone else. The right house in the right location at the right time has an extra dimension to its valuation. Only you can know the answer!

As a buy to let purchases it is more about the actual numbers so we can have a scientific approach to a property rather than an emotional one.

Good luck :)

 

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Surely it just depends on your personal numbers and confidence and knowledge of the area you invest in and also what your model is.
If you are looking for yield and the property in your area is hot, if somewhere was listed at say  £5000 more than the place next door sold for , it will cost you an extra £150 in stamp duty and an extra £8 a month on an interest only mortgage. If however houses come and go quickly in your area and demand is high, you could wait 6-9 months for something within “budget”, in which time the market will have ticked up 2% plus you’ve lost 6-9 months in rent. 6 months on my numbers is £4000 net rent and £2500 in % growth. 

however, I’d you are flipping short term then that could be £5k direct out of your profit. 

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