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Then what do property valuers do ? (witty comments aside)

There can be factors that affect positively, negatively an individuals attitude towards a property, but it is possible to approximate the market value of a property based on it's peers, which could be seen as an objective value.

The fact that you have to have a person to provide an opinion on the value just demonstrates how subjective it is!!

The problem is that houses are all so different to each other. Even next door seemingly-identical properties can vary wildly in value if (say) one has rising damp and the other doesn't.

If you want to buy one of 1,000 identical houses on a big estate then sure, the selling price of others is a relevant benchmark (we'll ignore for now the circular logic that the buyers and sellers of those all used the same approach).

However, for the type of property you're looking for (one with a business in a particular town) that doesn't help you in deciding whether to buy it.

This property may be no good, but if you worry too much about the "right", "objective" price I think it could lead you to underbid when the right one comes up. That's not being emotional - it's being rational.

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