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How Do You Personally Value A House

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Just wondering if you have nothing similar to compare a house to, for where you are looking, how would you personally value a house

Would you go by RTV and knock of X amount

Go with what you are prepared to pay basically

Would you pay more than RTV if it was your dream home and you just had to have it, and this was going to be a family home for years and years to come

and you possibly didn't see yourself moveing from there ( room to expand etc if needed )

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Depends on how patient you can be I guess, before too many years pass you buy, when the choice is very very slim

ie out of big city locations etc where they not as many houses on the market

3-4 years and 3-4 houses that have been of interest

99% of the time im a head person, just sometimes something says , ' you know what, just go for it at 'all' costs'

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Just wondering if you have nothing similar to compare a house to, for where you are looking, how would you personally value a house

Would you go by RTV and knock of X amount

Go with what you are prepared to pay basically

Would you pay more than RTV if it was your dream home and you just had to have it, and this was going to be a family home for years and years to come

and you possibly didn't see yourself moveing from there ( room to expand etc if needed )

From you posting history it seems that you are looking for a big house, in the country, far from Belfast and other towns.

Would I pay over RV for a house a similar location? No, I wouldn't. I wouldn't do it in BT9 (and don't have too), I certainly wouldn't do it somewhere I would need two cars and had to travel a few miles to the nearest shop.

From early 2000's these mcmansions were built everywhere, several thousand a year. The property sites are filled with them and I've found that they usually have very high RV, especially the ones built after 2005. Don't get me wrong, I think I will eventually build, but I certainly wouldn't pay over the odds for someone’s failed vanity project.

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BTW "Dream Home" is estate agent speak for something you have to stretch to afford. Even the humblest house can be your dream home if you can afford it now and improve it later.

Or as they say on MSE and mumsnet. My "forever home". Boke.

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RV is what EAs would like to sell a house for.

RPPI whole of market sales are RV less 13% and still falling.

Everyone's financial position and valuation may be slightly different. a valuation is only an opinion as stated by Gerry O'Connor in the valuers sued thread (though an expensive opinion if you are paying for it.

Colliers expert witness, the estate agent Gerry O'Connor, said that Terrace Hill House was a "special property" that would have been "immune" from the fall in the market in 2008.

He cited a large refurbished stable block, which he said was unique for that part of Belfast and would be "very attractive to the horsey set".

However he gave a valuation of just £3.75m and said Colliers "might have to admit they erred" although he emphasised that valuation was always a matter of opinion.

It's your call. For me, RV is history and long gone. Still a useful baseline to work back from, though.

NB. The average RV of all properties in NI (2005) is £116k. This was in a more benign and confident (no NAMA, no bust banks, no 56% drops, no 35% negative equity, no foodbanks, no Wonga/QuickQuid, no cuts, no pay freezes) economic environment where debt was free and loose (and perhaps a little dearer).

EAs, through UUJ report will tell you their average selling price to March 2013 was £130k even though the "market" is - in their terms - "skewed" towards lower value FTB/investor props currently (hence some none too subtle reweighting). Quite a gap, given current circumstances, which gives me hope for further falls in this valueless survey and others of more worth.

UUJ survey at £116k would pique my interest even though the survey is discredited. Would this be the point at which Stormont would intervene and adopt UK policy - Help to Buy etc on top of co-ownership? Could be an interesting experiment for NI!

House prices being prevented from finding their level given economic fundamentals is just adding further poison into an already wounded economy and that means a lot of household pain over a longer timeframe with consequential knock on effects.

Edited by Shotoflight

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All fair points and taken on board

Wouldn't mind that one in Craigavon coming onto market where im looking, minus 1500sqf!

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All fair points and taken on board

Wouldn't mind that one in Craigavon coming onto market where im looking, minus 1500sqf!

If you're going to live in the middle of nowhere, does it really matter where in the middle of nowhere you live?

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One last thing - the year 2005 is not an aspiration for where house prices should be - it's only significance is it's tie in with RV as a baseline for house prices and RV can be taken as more valid and robust than other "surveys" - though it won't be perfect. It is not a floor or ceiling. Coincidentally 2005 is where RPPI data also starts. So the year is a useful baseline - nothing else.

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  • 238 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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