Determining the actual value of a rural property

adocholiday

Hi all,

We're looking at buying a particular house just outside a small town. What we're really not sure of is how much to bid on the property because we don't know what its actual value is. The asking price could be anything from very inflated to very undervalued and we want to make sure we're in the know before making a bid.

Looking at the Property Price Register, 14 of the 29 houses sold in the area in 2017 were houses in housing estates in the town so we're discounting those entirely.

The other 15 houses were sold at prices varying from €85k to €1.6m, but taking the 2 outliers out (€85k and €1.6m), the prices range from €170k to €765k with the average sale price of the remaining 13 houses at €335k, which is about €100k less than the asking price of the house we're interested in.

The problem is that all of these ads are no longer to be found online so we can't compare any to the one we're interested in for price comaparison. Does anyone know how we can use the PPR or other methods to determine the actual market value of the property so that we can make an accurate bid?

listermint

With rural properties there is real sure fire method tbh.

The house can be widely and vastly different to the house even right next door.

Land / garden size

View

road positioning.

Sun facing

rooms no and or Size

extensions, refurbs, roof condition.

What the houses around it went for dont really matter. The value is what you think its worth and what the buyer is willing to accept.

You are going to have to educate yourself on what you are willing to spend on the purchase and obviously any remedial works if they are needed you have to factor into that bid. Prob not the answer you were looking for but i went through a similar process last year and we bid what we thought it was worth.

Went far under value first bid and then increased it a small bit. Very happy. And next doors house is worth Twice the value (well what they paid for it during the mid boom times)

Ewan Hoosarmi

Is there an ad for the property? If so, sling it up here and we can offer our thoughts.

Mooooo

adocholiday wrote: »

Hi all,

We're looking at buying a particular house just outside a small town. What we're really not sure of is how much to bid on the property because we don't know what its actual value is. The asking price could be anything from very inflated to very undervalued and we want to make sure we're in the know before making a bid.

Looking at the Property Price Register, 14 of the 29 houses sold in the area in 2017 were houses in housing estates in the town so we're discounting those entirely.

The other 15 houses were sold at prices varying from €85k to €1.6m, but taking the 2 outliers out (€85k and €1.6m), the prices range from €170k to €765k with the average sale price of the remaining 13 houses at €335k, which is about €100k less than the asking price of the house we're interested in.

The problem is that all of these ads are no longer to be found online so we can't compare any to the one we're interested in for price comaparison. Does anyone know how we can use the PPR or other methods to determine the actual market value of the property so that we can make an accurate bid?

330 is the limit for inheritance tax I think so that could be the reason of some of them being valued at that figure. Have a look at prices of similar houses in different locations to compare

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Mooooo wrote: »

330 is the limit for inheritance tax I think so that could be the reason of some of them being valued at that figure. Have a look at prices of similar houses in different locations to compare

It's 310k for children who inherit

spaceHopper

Makes no difference 3xxK is the limit after that you pay 1/3 on the difference not the whole amount.

Use google maps, and street view to check a few of the properties, then drive by a couple to see what work was done. Google search the address see if you can find old ads or cached ads. Work out an average price per square foot.

All of this it after you've checked there are not current bids and that any bids have finance in place so that they aren't dreamers.

NIMAN

Is there not an asking price on it?
Or a "offer in the region of"?

Strange not to have, otherwise its more or less a blind auction.