Tenant Purchase Scheme - Crazy Valuation

makeorbrake

Trying to help out a family member. He is currently in local authority housing, renting the house from the council. He enquired about the Tenant Purchase Scheme. They sent out an auctioneer, valued the house at double what is a reasonable rate for this house. It's not a case of any difference of opinion - the valuation is completely and entirely wayward. There are similar properties on daft.ie for half the price.

Has anyone been down this road before? Can the valuation be challenged by providing an alternative valuation?

Gusser09

We need to no where the house is, current state, size etc.

How much are similar size houses selling for?

makeorbrake

The valuation was for 300k. Similar houses are being sold for 150k.

holliehobbie

Yes. Your family member can get their own valuer out but I think they may have to pay for it. How recently were these other houses sold and have they the same amount of bedrooms and bathrooms as your relatives house? Where they in a bad state of repairs etc.

High valuations are a tact from some councils to maintain social housing stock. If they sold all they had there would be an expectation that they head out and buy more and generally they would have to refurbish the next house to bring it up to standard.

I know your family member would probably prefer to stay where they are but if there are similar houses selling in the area for 150K why not purchase one of those? They sound like incredible value and should only require a small mortgage.

C3PO

Where is the house located?