...what do they actually mean? Surely one man's excellent "location" is another man's worst nightmare? Who gets to decide what a good location is? What makes a good location? Buses and trains? Employment? Neighbours? House styles?
The reason I ask is that the valuation of properties often seems to be based on little else than sticking a fnger in the air, as one property goes on the market for a lot less (or a lot more) than a very similar property just a few miles away.
MM
I would say a combination of all the things you mention plus some more, e.g. Schools.
John
Schools are a very important one and will become increasingly so as we return to a more traditional system of education.
.andy
To email, substitute .nospam with .gl
Whilst it is true that two people might evaluate a particular location somewhat differently. On average most people want much the same things and this determines the price.
Experienced estate agents can pitch the price to a closer margin (+/- a few percent?) than someone guessing (+/- 10%?).
Doesn't explain the situation I mentioned in another thread though where just down the road from our house is a short street of terraces. House at one end up for sale at £99,950 some four weeks ago, house at other end up for £123,950 last week. Both are mid terrace, there's about
100yds between them and the first has a bay downstairs while the second doesn't.AFAIK there are no other factors which could explain this huge price difference - neither has been recently renovated, neither has more garden than the other, one (the cheaper) backs onto a "green" area, the other onto a lane common to some other houses, they are both in the same local authority, both in the same school catchment areas and both within
1 minute walking of the local shopping area. The only major difference I can see is that they are up with different estate agents.We're keeping our eyes on this pair.
Hwyl!
M.
They will not as the system is being radicalised, and all schools will be good.
It means its is the location that matters above all else. The place could be small, old and without mod-cons and they will beat a path to your door to get it. Parts of London are like this. Flats that no one in Sheffield would look at, whne in desirable areas of London go for the price of a very large house in Sheffield.
Perhaps it's the rear access allowing a garage if they're terraced?
On 11 Jul 2004, Mike Mitchell wrote
Surroundings, mainly -- it's more micro-locational than the things you're mentioning.
Consider two houses, one in a quiet road, in an area that's admired/desirable in that town.
Now look at an identical house -- same builder, same plan, same size -- on a busy road/next door to a loud pub/in a local area that's "tainted" in its reputation.
The first one will sell more quickly, for more money, and hold its price better in a price slump.
The "location, location, location" thing reflects the fact that that's the single most important thing that affects saleability and price: relatively crummy properties in good locations sell better than good properties in crummy locations.
(This has a big impact on the financial return on improvements: no matter how much you invest in a property -- how "grand" you make it -- you won't lift a house in a "poor" location up to the price levels of similar houses in a "good" location. Both will still reflect their locations, rather than their specific merits.)
Most valuations are location-specific: they're "me too" valuations, based on what the adjacent houses have sold for, not for the absolute merits of the house.
In some problem areas you can buy a 4 bed house for a few grand. In London the same place could cost you a fortune. Location is the biggest decider of a houses value.
Regards, NT
Many older people in London own a house which is 'worth' more than the total they earned in all their working life.
Yeah, right.....
Although if radicalisation involves dropping the failed social experiment of comprehensive education, then that may just be possible.
.andy
To email, substitute .nospam with .gl
You must know an estate agent then !!
Dave
Dosnt have to be miles does it?
I had this with my house about three years back now. I thought I might have to move with my job ( didnt happen fortunately as I would have been loathed to move).
The house next door to me ( same size beds and rooms but house not bungalow , smaller garden , mostly lawned) went for sale at £250K. A bungalow further down the road - again similar was up at £260K. Both were sold for the asking price.
I have a bungalow and a much bigger plot of land and a bloody beautiful garden with two greenhouses, a summerhouse and two potting sheds - estate agent told me £185K max. I asked why, he said that it was because my bungalow was a 1958 build and the other two had been 1980's build and I didnt have a garage. The 1980's bungalows /houses had all been built alongside each other, mine was on its own and was an individual build.
My bungalow is bigger in dimensions and has a bigger plot of land and is possibly in a better location ( edge of village on its own , not overlooked ( you could cavort naked in my back garden and not be seen, not so the others who have typical fences between gardens and close neighbours).
I have several outbuildings even though I do not have a garage and a drive which would take several cars ( the others had drives for no more than one extra car) . My construction is the same ( brick) and I have the advantage of a roof that is three quarters converted for a loft bedroom ( it was built that way), none of the 1980's houses /bungalows were. Even though this was once a smallholding there is no agrecultural restriction on my field. Even if there were, the garden itself is half an acre. The field is five acres.
Decor and maintenance were about the same.
I am still seeking an answer as to why my home is worth £185K and the others are worth £250K. Not as I am selling - any way I was not going , no way at that valuation! I'd have rented it out first.
Insulation. Newer homes are cheap to run and are cosier inside. Older homes have cold spots. The running of a home when people spend a fortune on mortgages does impact. What if you had your home cavity wall insulated, superinulted in the loft, tripe glazed windows, condesning boiler (all highlighting cosiness and cheap running) and a garage built? (can't be more than 8K to build one) What would it be worth then.
You always have so much to say for yourself Mr?
You should ask first. I have insulation to the highest standards. This is something I have discussed on these boards time and time again. I pay less for my electricity than my neighbour in their 1980's sub standard , ill maintained , and poorly insulated ( comparatively) £250K house - so there!
We were comparing not so long ago.
Newer homes are cheap to run and are cosier inside. Older
No garage, but a barn and workshop - as I said I have outbuildings. ..... so I suspect I have it all. Well insulated, good heating a and highly maintained Methinks that some estate agents are just on the make...... just as some posters here are always looking for excuses or to make innacurate assumptions. Ask first.
interesting how at the time he felt he would be able to find me a buyer at £185K within days wasnt it? Must have thought I was desperate. I may not have a lot of money but I am not THAT desperate ( and I dont have a giant mortgage)
I bet you would be the first in line to buy a three bed bungalow with two reception rooms, two bathrooms and loft storageroom, kitchen, conservatory, doubble glazed throughout ( new) insulated to BS with central heating and nearly six acres of land complete with outbuildings, equipped workshop with power , outside loo , summerhouse, greenhouses, landscaped garden and parking for about five cars on the Devon/Cornwall borders in the Tamar Valley - in a village designated area of outstanding natural beauty and a world heritage site , all in good order, for £185K wouldnt you?
This is the kind of anomaly I was thinking off.
What's your take on the current market situation? Here it appears to have gone to sleep (Bucks).
MM
Employment?
Building a bay can only be 10K, so 13K profit for doing so.
Thank you.
How high? I doubt it is superinsulation.
get your self a decent estate agent.
conservatory,
Building standards are crap. They are poor.
I may. I would probably pull it down and build a proper modern, well designed, superinsulated, passive solar house.
Assuming you can get PP
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