Property renovation- - price ceiling

[gilliedew]

We bought a property which we have renovated and it has all the required selling points such as a large kitchen diner with huge island and all integrated appliances. New bathroom and large garden.

However, the estate agent has valued it at 10k under which we have spent on it and says the property has reached the ceiling for its type.

Looking on Rightmove, a similar size property as the price he valued ours, but it but is dated, has small rooms and is just awful.

So, even if a property is fitted out with new and good fixtures and fittings, he is saying that it is still worth the same as one which isnt?

Can I have some of your thoughts on this, please?

By the way, we sent him packing.

[OnTheLookOut]

Estimating 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.

Ultimately, however, it is the market that decides the true value of a property/

[IFA]

Definitely get a second opinion if you are unhappy, but the agent is right in the respect that a property can be "overdeveloped" beyond it's potential and there is no guarantee that renovating, developing or modernising a property will return a profit by increasing the property value by more than the amount you have spent.

However, a property's value is determined by the amount a buyer is willing to pay for it, not by the opinion of a single estate agent.

[gilo]

Second and third opinion maybe. My neighbour sold a house 15% more than another agent recommended and I sold within a week. The 1st agent did not understand the area

[Chris Gough]

Agree, the market will decide in the end, and also how desperate you are to sell is a factor. In most areas property prices are too high, unfortunately sellers have to acknowledge that, but I would agree get a few more opinions and look at how many houses are selling and at what prices in your area.

[stupower]

Originally Posted by Chris Gough

Agree, the market will decide in the end, and also how desperate you are to sell is a factor. In most areas property prices are too high, unfortunately sellers have to acknowledge that, but I would agree get a few more opinions and look at how many houses are selling and at what prices in your area.

I think someone should write a book on picking your estate agent. I once sold a flat for £123K when one estate agent said it was worth £95 - makes you wonder.
Stupower

[The Duke]

The other property may have been over valued.... the market will decide

[Select Estate Agents]

I agree... get some more opinons- however dont simply go with the 'highest price agent' as many do try to ove value as a way of winning business..

If the figures on Rightmove are a bit dated, were they at the peak of the market?

A good agent will always value accurately and not neccessarily tell you exactly want you want to hear... but I still feel that if you are not entirely happy you should get some further opinions.

All the best with your sale

[Danny@Vision]

What its valued at and what it'll sell for are 2 different things.

[buymehomefast]

Agree with Danny@Vision