The nervous wait to exchange....

[mattyfez]

It was a physical valuation so yes. Sadly, the vendors won't drop down, and we are not prepared to over pay either. They only purchased it brand new a year ago, spent 90k on internals and wanted an upgrade (celebrity couple).

That sucks... It sounds like they spent 90k on fancy stuff that doesn't translate directly into increasing the value of the house,but they expected 90k spent meant plus 90k value..
It doesn't often work like that unless you are very careful about what upgrades you are buying... No one is going to give a crap about expensive /trendy fixtures and fittings.

Edit.. Like said above... A bespoke walk in wardrobe will cost a boat load of cash but it's dead money as the incoming buyer might want to rip it all out to make better use of the space etc.

 

[dlockers]

Not really. We’re talking about bespoke wardrobes in each bedroom, the 5th bedroom has been converted into a £17k bespoke walk-in dressing room - we’d prefer the actual bedroom to be useable as a bedroom and would have to remove most if not all the dressing room

£15k on window dressings, £6k timber paneling. Some of the colours are not to our liking either but that’s just paint.

Ah that sucks. Instagram generation has warped the idea of value I think!

 

[MR_Punk]

Not really. We’re talking about bespoke wardrobes in each bedroom, the 5th bedroom has been converted into a £17k bespoke walk-in dressing room - we’d prefer the actual bedroom to be useable as a bedroom and would have to remove most if not all the dressing room

£15k on window dressings, £6k timber paneling. Some of the colours are not to our liking either but that’s just paint.

How can you spend £15k on window dressings?

 

[mattyfez]

How can you spend £15k on window dressings?

Celebrity couple /WAG... Lol! They probably saw something fancy in a magazine and said 'make it happen! "

 

[ChrisD.]

The issue is that the companies who sell/install this stuff will tell you anything to help get the sale. We had one of the wardrobe places and the guy was utterly convinced that each penny spent would also directly increase the house value by the same amount.

Unless it is an extension, it is unlikely to have a huge impact on the value of the house. Even things like kitchens/en suites, as the new buyer likely has different taste. What they can do is make the house more desirable which could end up in a bidding war between potential buyers, but there's no guarantee.

We've considered a 3x8 single story extension on our house, but ultimately I don't think we'll get that much back from it come sale time, as the house is pretty much at the price ceiling for the area we're in as it is.

 

[fastwunz]

It was a physical valuation so yes. Sadly, the vendors won't drop down, and we are not prepared to over pay either. They only purchased it brand new a year ago, spent 90k on internals and wanted an upgrade (celebrity couple).

Sounds like the right decision - the market is by no means certain at the moment and I wouldn’t want to be paying over the odds for something at the mo

 

[Chris344]

Agreed on all of the points above. The Bank still offered the mortgage as we have a large deposit but we are not going to overpay in this market. Back to the drawing board.

 

[MR_Punk]

Agreed on all of the points above. The Bank still offered the mortgage as we have a large deposit but we are not going to overpay in this market. Back to the drawing board.

Care to share the listing? I'm now far too interested on what they spent the extra cash on

 

[mattyfez]

The issue is that the companies who sell/install this stuff will tell you anything to help get the sale. We had one of the wardrobe places and the guy was utterly convinced that each penny spent would also directly increase the house value by the same amount.

Unless it is an extension, it is unlikely to have a huge impact on the value of the house. Even things like kitchens/en suites, as the new buyer likely has different taste. What they can do is make the house more desirable which could end up in a bidding war between potential buyers, but there's no guarantee.

We've considered a 3x8 single story extension on our house, but ultimately I don't think we'll get that much back from it come sale time, as the house is pretty much at the price ceiling for the area we're in as it is.

Yeah, if you wanna get work done, do it because you'll be there long term so it benefits you directly for what you want.

If you're doing work to increase the value of the house come sale time... You have to be a little bit more thorough with your projections.

 

[Macky]

Had an offer for 2k over our asking price from a first time buyer. We'd be happy to go with that, but have a few more viewings on scheduled for Wednesday. Think we'll make the call on Wednesday..

 

[oggiet]

After 9am deadline we ended up having 3 serious bids. We ended up going with bid for 421k which is higher than last offer that fell through. Young Asian couple that have viewed our property twice, they are renting at the moment close by. Fingers crossed this all goes smoothly this time around.

 

[dlockers]

How can you spend £15k on window dressings?

£6k on panelling got me. It is just MDF glued to the wall isn't it?

 

[mattyfez]

£6k on panelling got me. It is just MDF glued to the wall isn't it?

Solid mahogany maybe? Who knows.. But 6k sounds extreme, lol!

 

[jpaul]

they'll get a reality check on value, when place has been on the market for several months ... and Rishi's held the election because the interest rates won't be dropping ;

stagnation in N. Cambridgeshire anyway, mortgage adviser I know, down pub, wasn't continually on the phone or texting the Genz/millenials who don't like speaking on the phone.

 

[Chris344]

they'll get a reality check on value, when place has been on the market for several months ... and Rishi's held the election because the interest rates won't be dropping ;

stagnation in N. Cambridgeshire anyway, mortgage adviser I know, down pub, wasn't continually on the phone or texting the Genz/millenials who don't like speaking on the phone.

I agree. We negotiated it down by £80k and the valuation came back at an additional £30k less.

Here is a breakdown on their spend, again, this was a 5 year house/plan for them but they decided to list after 10 months (which was/is a new build - still in its defect period):
* Playroom/Office - £10,124
* Bed 2 - £6715
* Bed 3 - £6370
* Bed 4 - £6648
* Dressing Room - £16,827
* Curtains and Blinds - £14,600
* Panelling prep and painting whole house - £3,800
* Panelling - £5,500
* Garden - Planting trees & Plants - Adding Patio and Paths - Levelling land, good top soil and grass etc - £6,600
* Garage - lighting and boarding - £800
* Lighting in house - £2,367
* Alarm system - £936
* Radiator covers - £420
This comes to around £80k+

Then the cinema room £13,600 and the climbing frame cost £11,700 from Discovery Timber Play Ltd - which they are "happy" to leave.

 

[t2na]

I agree. We negotiated it down by £80k and the valuation came back at an additional £30k less.

Here is a breakdown on their spend, again, this was a 5 year house/plan for them but they decided to list after 10 months (which was/is a new build - still in its defect period):
* Playroom/Office - £10,124
* Bed 2 - £6715
* Bed 3 - £6370
* Bed 4 - £6648
* Dressing Room - £16,827
* Curtains and Blinds - £14,600
* Panelling prep and painting whole house - £3,800
* Panelling - £5,500
* Garden - Planting trees & Plants - Adding Patio and Paths - Levelling land, good top soil and grass etc - £6,600
* Garage - lighting and boarding - £800
* Lighting in house - £2,367
* Alarm system - £936
* Radiator covers - £420
This comes to around £80k+

Then the cinema room £13,600 and the climbing frame cost £11,700 from Discovery Timber Play Ltd - which they are "happy" to leave.

14k on curtains and blinds feels a little excessive...

I've never sold a house and created a breakdown of how much we spent on each room to justify the price. At no point would anyone care how much we spent on the radiators, painting the walls, putting curtains and blinds up or 'planting plants in the garden'. Madness.

 

[Chris344]

14k on curtains and blinds feels a little excessive...

I've never sold a house and created a breakdown of how much we spent on each room to justify the price. At no point would anyone care how much we spent on the radiators, painting the walls, putting curtains and blinds up or 'planting plants in the garden'. Madness.

Agreed however, we did request the breakdown from the vendors. We are happy to pay the valuation price, irrespective of what has been spent, that's not our problem and like I said above, we would need to convert that £17k dressing room back to a functional bedroom.

 

[t2na]

Agreed however, we did request the breakdown from the vendors. We are happy to pay the valuation price, irrespective of what has been spent, that's not our problem and like I said above, we would need to convert that £17k dressing room back to a functional bedroom.

Yeah, I get that - still find it bonkers that they managed to spend s 31k on just a dressing room and curtains/blinds.

 

[Diagro]

I agree. We negotiated it down by £80k and the valuation came back at an additional £30k less.

Here is a breakdown on their spend, again, this was a 5 year house/plan for them but they decided to list after 10 months (which was/is a new build - still in its defect period):
* Playroom/Office - £10,124
* Bed 2 - £6715
* Bed 3 - £6370
* Bed 4 - £6648
* Dressing Room - £16,827
* Curtains and Blinds - £14,600
* Panelling prep and painting whole house - £3,800
* Panelling - £5,500
* Garden - Planting trees & Plants - Adding Patio and Paths - Levelling land, good top soil and grass etc - £6,600
* Garage - lighting and boarding - £800
* Lighting in house - £2,367
* Alarm system - £936
* Radiator covers - £420
This comes to around £80k+

Then the cinema room £13,600 and the climbing frame cost £11,700 from Discovery Timber Play Ltd - which they are "happy" to leave.

I want to see a photo of this climbing frame a cinima room...
Sounds like a nice house to be honest.

 

[Chris344]

I want to see a photo of this climbing frame a cinima room...
Sounds like a nice house to be honest.

It is really nice, hence we were in the process of purchasing it.