crewchiefs-pitstop
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Property values are over inflated all over the country, and many buyers and home owners are paying the price for the false economy.
You can either ride the storm out and wait until the property values come back or take the loss and find some where you can move and improve.
Third option is to rent the property and when the property values make a come back then sell.
You may not make money but at least you won't lose.
The next property you buy do a bit of home work on and find out if the values are stable, try to buy one that needs some fixing and buy under market value so you know going in any improvement will add value that exceeds the amount invested.
Make small cheap changes like landscaping.
Which if you do your self can be rewarding.
Lets face it people are basically shallow and looks are everything.
redecorate the house you have and go very neutral, you can't go wrong with white paint most people will either like it or see it as a blank slate they can paint what ever horrible colour they like.
My house was Pink, purple blue and bright orange when I moved in the floors were atrocious.
£70 worth of bathroom tile £60 worth of Gravel and about £100 worth of white paint have probably added about £15,000 to my house |
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crispycrump
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Get your property valued by several agencies...
Rent it out until the market gets better... |
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OriginalBubble
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What do you want help with?
Perhaps put it on the market and see what offers you get?
How much is your mortgage? |
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Frank M
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Was this bought from a property developer? They may charge over the odds.
Do your own valuation. Check out the prices of similar properties & what they are on the market for now and what they have sold for recently (over the last year) using www.rightmove.co.uk (talk to the estate agents marketing these properties) & www.ukhousesales.co.uk. Do your own reasearch & show this to any valuers or estate agents.
Think of creative alternatives. Could you rent out the property on a buy to let basis & make good money?
A valuation that does not warrent the purchase price is reasonable looks a bit odd if you have a 100 % mortage. How would the lender's money be protected? Or, do you just mean you would be £13,000 worse off? |
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bekkibex
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well if you brought it for that price so whats to say someone else wont buy it too? |
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roy_s_jones
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You can rent the house to pay the mortgage. |
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sarah_roo03
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I am sorry to hear this.
Have you got another opinion?
What do you think it would sell for? What are other properties that are similar selling for?
Is there anything you could do - spruce it up a bit, etc, that would make it have a higher value? |
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Charli
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it sounds like you have had a valuation done by a mortgage lender. This will usually be lower than what an estate agent will value the property at. If you are selling go to as many estate agents if they say that it is 110k you can still say that you need to sell it for aminimum of 123k and therefore put it on the market at 125k - 130k. Remember that a buyer does not have to pay stamp duty up to 125k but they have to pay 1% over that so it is unlikely that you will sell it for more. |
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crispy
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many people will be in your situation soon, housing market is shagged, its only kept afloat because estate agents are lying, telling us house prices will rocket again. |
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MSMORTGAGE
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Whoever valued the property when you were buying it is the one at fault - the surveyor - no property drops £13K in 10month in the UK. It sounds to me like you have been ripped off somewhere along the line - take legal advice, but it is the original surveyor who is at fault. Estate Agents valuations don't count - its the qualified surveyor who undertook the survey for your lender who needs suing. |
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Pat
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why has ur property gone down in value..there must be some kind of factors which have affected ur property price...thats why lenders are not willing to provide on the property...
otherwise try another estate agent to value your property..if all else fails, give me more details on your property, and ill get my surveyors to give u a valuation..(obviously at a fee) but im sure we can get u out of this situation. |
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luckychina
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if someone likes it they will buy at any cost.
the valuation is just on the books... |
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voodoobluesman
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I used to be an estate agent before I became a mortgage broker and sometimes they just get it wrong. It may be worthwhile quierying the valuation to find out how he can justify his price or just get a couple more agents in to see what they think. At the end of the day, the only person to give a real value will be your buyer and also if the offer's not right dont take it. |
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Roxy
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Go to another estate agent and see what they say. Not all value properties the same. |
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lyndell v
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Professional Valuers always value property for 30% less than actual value. I am in Australia and had my property values at 320K it . It is currently on the market for 430k + and have several interested parties. Don't always go by what the valuer says. Good Luck with everything |
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orfeo_fp
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i would see a few estate agents, my mother recently contacted an estate agent to sell her property, the valuation was £220k, she felt this was low so contacted a well respected local estate agent who valued it at £450k+ |
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jonathanoneill9
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firstly get another 2 valuations, the people who do these often differ in opinion, secondly have a look at your home, what small cost things can you do to improve the appearance, would painting a few walls a more neutral colour make it more appealing to buy, space sells so remove anything taking up too much room |
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Viorel M
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Place your house for sale on http://www.privateproperty4sale.com and wait enquires from buyers. |
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