I'm viewing a house that ticks all the boxes in what I'm looking for. It's recently renovated and extended to a high standard that's in a mature estate which is overall is a pretty decent estate for the area I'm looking to buy in. The estate itself is a mix of approx. 100 detached bungalows, detached two-story and semi-detached houses. The house I'm interested in is a semi-detached.
I can afford the asking price and more, but my concern is that the asking price is €45,000 higher than any other house that's ever sold in that estate -- and that includes the detached homes. This asking price is €280k but the most expensive house sold in this estate since 2010 has been €245k, and the most expensive semi-detached has been €210k. That's nearly 20% higher than any other house in the past.
The house has been renovated to a high standard so there's no real benchmark or comparable house in this estate to compare it to, but at the end of the day the house still is where it is and I'm afraid that the house is overpriced for the location.
Any thoughts or advice on how to approach this? How concerned should I be that the area itself has never seen a house go for this price? Do you think that areas come with certain ceilings?
At the end of the day the market / other bidders will set the price that I'll need to consider, but would love some input from folks.
Were the sales for 245k and 210k you are benchmarking against recent sales or years ago?
You said that it was renovated and extended. Surely that's why the price is higher.
It would cost a couple of hundred but you could get a valuation from an independent estate agent.
Has the house been renovated to your taste, if so you could take the perspective that you're paying for that. If it's had a lot of money spent but its not to your taste, then maybe think twice about be the mug paying for it.
It’s all about ..... do you REALLY REALLY want this house? Would you be gutted if another person bought it?? If so .... don’t let it go
That's the market at the moment, I'm afraid.
estate agents and buyers are making the most of the lack of supply. If you want it, go for it, it depends how many buyers there are in your area.
Rest assured that someone else will pay it if you don’t!
Op said 2010 when we were in a Recession, how they can compare those figures is fcuking bizarre.
Too many people think that house prices must always go up to make it "worth it"
But they don't apply that logic to a car!
A 250k mortgage will cost you €1100 a month over 25 years. (€1280 over 20 years)
If that's affordable and you plan to stay there for at least 7-10 years it's probably worth it.
Yes, very different. I bought my 3 bed semi d for 220k in 2010 and it's now valued at 330 to 350k so no comparison at all.
You are free to make an offer that is significantly under the asking price.
But chances are you will be wasting your time. The price a house is worth is determined mostly by the willingness of potential purchasers to pay for it. If you can't use an existing property in the state to gauge the value, then you need to make comparisons with similar properties in similar areas. However, that's still just guesswork.
I'd say the estate agent has guided the price at the asking and obviously feels it can potentially go for that amount. Perhaps also the owners are in no hurry to sell and are willing to wait it out.