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low valuation on house

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  • 23-02-2016 4:12pm
    #1
    sootie
    Registered Users Posts: 85 ✭✭


    Hello-

    Got a house that I own in Mayo valued at the weekend and I'm sickened. The estate agent put it at 20-30K and I was expecting much more! Im from Dublin so wasn't expecting Dublin prices obviously but its a gorgeous cottage with sea views and walking distance to beaches and pubs. She said it needs a lot of work but its totally liveable. I wonder is there any use in throwing it on daft for a direct sale ? Just having a rant really, I thought I was sitting on a gold mine !!


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    #2
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    Why not try another EA.

    No harm putting it on DAFT once you've shopped around a bit.


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    #3
    Sleepy
    Registered Users Posts: 24,249 ✭✭✭✭Sleepy


    House prices in Mayo are very low tbh. A "hang your coat up" condition, high quality finish, Celtic Tiger five bed on half an acre can be had for well under 150k.

    It's not that surprising really, there's not a lot of employment to be had outside of the public sector and anyone under the age of 30 with any prospects tends to move to Galway or Dublin.

    Try another Estate Agent and if you're not happy with their valuation, perhaps look into letting it as a holiday rental?


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    #4
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    I had a quick look on Daft and there's some pretty dire looking places on the coast of Mayo for 50k. I'd look for a second opinion.


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    #5
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    sootie wrote: »
    Hello-

    Got a house that I own in Mayo valued at the weekend and I'm sickened. The estate agent put it at 20-30K and I was expecting much more! Im from Dublin so wasn't expecting Dublin prices obviously but its a gorgeous cottage with sea views and walking distance to beaches and pubs. She said it needs a lot of work but its totally liveable. I wonder is there any use in throwing it on daft for a direct sale ? Just having a rant really, I thought I was sitting on a gold mine !!

    Get a second opinion by all means but based on your last comment, I think you need to revise your expectations more than the EA needs to revise their valuation.


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    #6
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    Michael D Not Higgins wrote: »
    I had a quick look on Daft and there's some pretty dire looking places on the coast of Mayo for 50k. I'd look for a second opinion.
    Add your reply here.

    The OP property could be worse again. She said it needs a bit of work.... a bit of work usually means total reno.... small cottage full reno 50k+ the value of 20/30k looks expensive then. I wonder what the OP bought this "gold mine " for?


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    #7
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    handlemaster wrote: »
    Add your reply here.

    The OP property could be worse again. She said it needs a bit of work.... a bit of work usually means total reno.... small cottage full reno 50k+ the value of 20/30k looks expensive then. I wonder what the OP bought this "gold mine " for?

    It's totally possible that it is worth 20-30k, but it's worth getting a second opinion if the OP feels that's undervalued. If nothing else, a second agent telling them it's worth 20-30k will sort it out.


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    #8
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    You can buy a modern apartment in westmeath ,mullingar 1bed perfect condition for 60k .That valuation sounds correct .
    See what other houses go for in the area, on daft.ie .
    Most people wont buy a house unless they have family nearby or
    they work in the area .
    It costs money to travel and commute to work .
    And you will need to have a car to live in a cottage in a rural area .


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    #9
    Mink
    Registered Users Posts: 2,260 ✭✭✭Mink


    I would rent it as a holiday home, there's lots of sites to advertise it on.

    However, that could also be a lot of extra hassle with fielding calls/emails, arranging a cleaner in between people staying and there would be expense to kit it out, but sounds like it's a great location for a short holiday.


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