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Valuing a site

  • 07-01-2013 11:05am
    #1
    sweetie
    Registered Users, Registered Users 2 Posts: 9,797 ✭✭✭


    I'm in the process of trying to make an offer for an adjoining property to where I live currently with a view to extending our house and garden by a certain amount. I have a budget in mind for the full job but am a little unsure as to how to value this site. I live in an edwardian red brick in Dublin 7 and this property next door is a small quite dilapidated cottage taking up about 30m2 of the 60 m2 site. I'm unsure whether this could be used in any future extension or we would simply knock and start again. For the value of the site I have been looking at the going rate for houses on the estate and depending on the state of habitay and modernity they would probably average 200k. This site would be approximately half the size of my house and garden or any of the other houses in the estate (its practically the same space as the ground floor of my house) and I'm thinking if my house and garden is worth 200k then the site im on is worth 100k so this one next door is worth around 50k. Is this a decent guideline to work from currently? I'm unsure whether its worthwhile getting a local auctioneer to value it as its quite subjective. thanks


Comments

  • #2
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    sweetie wrote: »
    I'm in the process of trying to make an offer for an adjoining property to where I live currently with a view to extending our house and garden by a certain amount. I have a budget in mind for the full job but am a little unsure as to how to value this site. I live in an edwardian red brick in Dublin 7 and this property next door is a small quite dilapidated cottage taking up about 30m2 of the 60 m2 site. I'm unsure whether this could be used in any future extension or we would simply knock and start again. For the value of the site I have been looking at the going rate for houses on the estate and depending on the state of habitay and modernity they would probably average 200k. This site would be approximately half the size of my house and garden or any of the other houses in the estate (its practically the same space as the ground floor of my house) and I'm thinking if my house and garden is worth 200k then the site im on is worth 100k so this one next door is worth around 50k. Is this a decent guideline to work from currently? I'm unsure whether its worthwhile getting a local auctioneer to value it as its quite subjective. thanks


    Without meaning to sound smart it worth what somebody is willing to pay and somebody else is willing to accept.

    You have worked out a figure in your head, no harm getting an EA to value it. If they value it at less offer less if they value it at more offer what you originally were going to and see how it flys.

    FWIW a site about twice its size in Shankill is on Myhome for €110,000 so I'd imagine your probably nor a million miles away from whats a fair price.

    However as its a specific site that you want for specific reasons your probs looking at a premium. If I were selling Id know you cant go look for a site elsewhere and Im make sure to take advantage of that in any negotiations. So bear that in mind.

    Id imagine 10% above its value would be the kind of price youd have to pay if the seller has any cop on.


  • #3
    sweetie
    Registered Users, Registered Users 2 Posts: 9,797 ✭✭✭sweetie


    D3PO wrote: »
    Without meaning to sound smart it worth what somebody is willing to pay and somebody else is willing to accept.

    You have worked out a figure in your head, no harm getting an EA to value it. If they value it at less offer less if they value it at more offer what you originally were going to and see how it flys.

    FWIW a site about twice its size in Shankill is on Myhome for €110,000 so I'd imagine your probably nor a million miles away from whats a fair price.

    However as its a specific site that you want for specific reasons your probs looking at a premium. If I were selling Id know you cant go look for a site elsewhere and Im make sure to take advantage of that in any negotiations. So bear that in mind.

    Id imagine 10% above its value would be the kind of price youd have to pay if the seller has any cop on.

    Thanks for that, thats what I was thinking too, he mightnt need to sell so might want to get well compensated. On the other hand, the property directly adjoins my own on two sides and would be too small to build anything more than a one bed house should he decide to develop it (not to mention pp issues) I dont think it would be feasible for anyone else to buy it. We enquired initially as it wasnt on the market and the owner then got his auctioneer based the other side of the city to contact us but never set a price and has left it up to us. I'll contact a couple of local auctioneers today.


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