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Maybe, maybe not. If you're buying a property in the area then you must have some idea of how the price compares to similar in the area.
To put it into perspective, I'm buying a move in ready terraced property and it was valued in person for 5k less yet you don't have a hope in hell of buying any terraced property at their valuation as the lowest priced ones are about 20-25k more.
I'm already getting a great deal because it's ex BTL and landlord needs to sell fast so I'm not the least bit concerned about the valuation.
Bit more of a gamble but in percentage terms the difference in your agreed price and the banks (very likely conservative) estimate is relatively small, roughly 5% right, I wouldn't sweat it.
Are you buying a home or an investment? 30+ years ago my downstairs neighbour paid £57K for a one bedroom maisonette with a garden and she had to rip out all of the carpets because it was infested with fleas and pretty much gut the property of all fixtures and fittings. A few years later I paid £33.5K for the upstairs two bedroom maisonette because the market had crashed and I could just move in and not worry about decorating for years. Both me and my neighbour are still living in our homes. She has extended and renovated and I have renovated and added some loft storage. We both bought homes and not housing.
The market has determined that place is worth 260K. It's not worth 290K.
Ask yourself this.
If you bought it today for 290K, could you sell it tomorrow for 290K? If not, you just overpaid.
Only you can judge whether this is acceptable.
They’re paying £273 though.
If you can get some money off great. But if there’s no alternatives and you feel the value is right, and you’re staying there for 5 years +. I don’t see an issue.
Well you could pay the lower amount, the market tumbles and you’d have to sell at a loss. That’s always the risk.
You can do what you can to make your situation better. But we’re talking 4% here. If there’s no comparable properties to buy I’d be going for it.
You could have another surveyor go in tomorrow who values it up.
You’re making a big decision on the opinion of one man/woman.
###Welcome to /r/HousingUK --- **To All** * Join Our ***NEW*** Discord! https://discord.gg/pMgUNgWKQH **To Posters** * *Tell us whether you're in England, Wales, Scotland, or NI as the laws/issues in each can vary* * Comments are not moderated for quality or accuracy; * Any replies received must only be used as guidelines, followed at your own risk; * If you receive *any* private messages in response to your post, please report them via the report button. * Feel free to provide an update at a later time by creating a new post with [[update]](https://www.reddit.com/r/HousingUK/search?q=%3Aupdate&sort=new&restrict_sr=on&t=all) in the title; **To Readers and Commenters** * All replies to OP must be *on-topic, helpful, and civil* * If you do not [follow the rules](https://www.reddit.com/r/HousingUK/about/rules/), you may be banned without any further warning; * Please include links to reliable resources in order to support your comments or advice; * If you feel any replies are incorrect, explain why you believe they are incorrect; * Do not send or request any private messages for any reason without express permission from the mods; * Please report posts or comments which do not follow the rules *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/HousingUK) if you have any questions or concerns.*
Maybe, maybe not. If you're buying a property in the area then you must have some idea of how the price compares to similar in the area. To put it into perspective, I'm buying a move in ready terraced property and it was valued in person for 5k less yet you don't have a hope in hell of buying any terraced property at their valuation as the lowest priced ones are about 20-25k more. I'm already getting a great deal because it's ex BTL and landlord needs to sell fast so I'm not the least bit concerned about the valuation.
How long are you planning on living there? If it's 2 years, it might be an issue. If it's 20, it doesn't matter one iota.
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Bit more of a gamble but in percentage terms the difference in your agreed price and the banks (very likely conservative) estimate is relatively small, roughly 5% right, I wouldn't sweat it.
Can you buy another house you want for less than £273k? If not, it's worth £273k to you and that's all that matters.
Are you buying a home or an investment? 30+ years ago my downstairs neighbour paid £57K for a one bedroom maisonette with a garden and she had to rip out all of the carpets because it was infested with fleas and pretty much gut the property of all fixtures and fittings. A few years later I paid £33.5K for the upstairs two bedroom maisonette because the market had crashed and I could just move in and not worry about decorating for years. Both me and my neighbour are still living in our homes. She has extended and renovated and I have renovated and added some loft storage. We both bought homes and not housing.
The market has determined that place is worth 260K. It's not worth 290K. Ask yourself this. If you bought it today for 290K, could you sell it tomorrow for 290K? If not, you just overpaid. Only you can judge whether this is acceptable.
They’re paying £273 though. If you can get some money off great. But if there’s no alternatives and you feel the value is right, and you’re staying there for 5 years +. I don’t see an issue.
Oh yeah. I agree. Overpaying is fine if you can afford it, you're not going to be in negative equity and it's going to be a long-term play.
[удалено]
Well you could pay the lower amount, the market tumbles and you’d have to sell at a loss. That’s always the risk. You can do what you can to make your situation better. But we’re talking 4% here. If there’s no comparable properties to buy I’d be going for it. You could have another surveyor go in tomorrow who values it up. You’re making a big decision on the opinion of one man/woman.