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Is this house over priced?

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    #32
    socco
    Registered Users Posts: 84 ✭✭socco


    Rather than create a new thread I've added to the end of this as its a similar question.

    I'm considering an offer for a place kind of like this in Kilkenny city: http://www.daft.ie/searchsale.daft?id=670201

    from checking the ppr in 2012 four houses in the area sold from 130k to 140k I know the one that sold for 140k was a 4 bedroom though. With MIR now gone though and property tax coming in i'm unsure what kind of offer to consider on this type of property.

    what would people consider if they were going to buy it? I was considering asking price less 10%. Does this seem reasonable?


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    #33
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    socco wrote: »
    Rather than create a new thread I've added to the end of this as its a similar question.

    I'm considering an offer for a place kind of like this in Kilkenny city: http://www.daft.ie/searchsale.daft?id=670201

    from checking the ppr in 2012 four houses in the area sold from 130k to 140k I know the one that sold for 140k was a 4 bedroom though. With MIR now gone though and property tax coming in i'm unsure what kind of offer to consider on this type of property.

    what would people consider if they were going to buy it? I was considering asking price less 10%. Does this seem reasonable?
    I don't know the Market in the area. That's a nice house. I think going in at -10% is a good first offer, but depending on the vendors circumstances I can't see them accepting less than the lowest price on the register, ie 130.


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    #34
    Gosub
    Closed Accounts Posts: 874 ✭✭✭Gosub


    Is the rooftop garden included in the price?:p


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    #35
    socco
    Registered Users Posts: 84 ✭✭socco


    Gosub wrote: »
    Is the rooftop garden included in the price?:p

    I assume you mean the gutters :D? haha hadn't even noticed that at first until you mentioned it!


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    #36
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    socco wrote: »
    what would people consider if they were going to buy it? I was considering asking price less 10%. Does this seem reasonable?

    I don't know what the property market is like in your area. However, over on the property pin discussion board, someone has taken the raw data and plotted asking prices against actual sales prices. Of course there is a spectrum but on average, the majority went for 15% below asking.


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    #37
    johndaman66
    Registered Users Posts: 4,097 ✭✭✭johndaman66


    stepbar wrote: »
    According to the SCSI rebuild calculator the rebuild cost would be c280k!!! (not including the additions that have been made as per photos) - http://www.scsi.ie/about_us/rebuildcalculator

    However, in this area there is only 3 4/5 bed houses for rent. Based on the highest one (800p.m http://www.daft.ie/searchrental.daft?id=1293807) the "economic" value would be (800 x 12 month less 10% for expenses) / Rent Yield (In my opinion is 9%+ - for this I will use 9%) * 100 = c118.5k. Of course, you wouldn't even build it the house for that.

    Which very much highlights the fact that using the rent yield method to determine the monetary value of houses in the countryside where there is at best a very weak rental market is pointless...a point I've made on this forum more than once.

    I'm not overly familiar with County Waterford and what that particular area is like but on the face of that house seems a fair bit overpriced to me. Although I have seen much worse the design does not do much for me. As a few others have mentioned it would seem that space has being utilised pretty poorly. While I like a nice wide hallway that one seems pointlessly wide. Overall light seems poor in the house. This is probably due to the smallish windows...a criticism you could level against many new houses. Be prepared to set aside a lot of time for mowing that lawn in the season where there is strong growth if you want to keep the place looking neat and tidy. I must conceed that the kitchen is pretty nice. Is that worth a quarter of a million in Waterford...I wouldn't think so


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    #38
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    crazy_kenny, IMO it is overpriced. Also, you would have to factor in the cost of building a garage. There are an awful lot of nooks and crannies in it, the wasted space would kill me. Also, big gardens are not everything, take into consideration the amount of hours in the longer evenings you will spend cutting the grass - my husband could add many curses you may never have heard before here :(


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