Property renovation- - price ceiling

[Ronnier]

Hi,
The selling price of a property is a bit of guesswork. And what you got was just one person's opinion. If you are unhappy, with advice you received from the estate agent ask another one or two for their opinion, of the potential selling price.

[New Homes Expert]

It is better to have the WORST house in a GOOD area
rather than the BEST HOUSE in a BAD area.

Any work you do to your home should be motivated by the enjoyemtn you will get from the improvement rather than any increase in value.

[jodieB]

Definitely get a second and third opinion and take the mean value of it. Of course it is your house and you can value you it at want to want (obviously not an unrealistic figure but the extra 10 k you feel is right) the estate agency want a sale and they probably will advocate that the house is ready to move into and therefore reflecting in the price, considering that you saw a dated similar property to you, many people may want a hassle free move into a house, specially family with young children that don’t want to be decorating with young children around.

[Dan S]

The entire concept of valuation is frustrating. The estate agent may well be right, but in a way YOU know the local area better than they do. Really though, their opinion doesn't matter. You're paying them so you can but the property up for sale at any price you wish.

The valuation that really matters is the one conducted by the mortgage lender of the buyer (when you have one). THEY are the one's who will make or break any developments you've made since you've been there.

Unfortunately they tend to undervalue homes in order to cover their backs, and so this may be a stumbling block for you. Do your local research and try to find comparable properties on sites like mouseprice.com. There's always the issue of emotion when YOU are the ones who've put their blood sweat and tears into improving a home. Unfortunately this doesn't automatically translate to sale price.

I wish you the best of luck with it all

All the best

Dan S

[Dougie_tps]

To quote the RICS, 'Valuation is an art not a science'. As most other posters have said, there can be a considerable difference between the marketed price and the selling price.