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Value of a property in need of complete renovation.

What is the true value today of a 1950's freehold, flat roofed, 3 bedroom, 1 reception roomed house, total floor area 790 sqft in need of complete renovation?

Asked on Jun 1 2014, General in London | Report content

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  • Without knowing where it it it is impossible to put a number on it. There is no such thing as a 'true value' there are only prices at which deals can be done. If the property needs a lot of work doing then you need to estimate how much it will cost and allow for contingencies and alternative accommodation while the work is being done.

    Answered on Jun 1 2014, Report content
  • I can give you a better idea of valuation if I were able to inspect the property and carry out a full building survey with valuation. RICS define Market Value as the value which parties at arm's length would exchange the property in normal market conditions assuming that both parties had knowledgeable appreciation of the condition of the property. Since renovation is completed to the taste of the owner at that time, what a buyer might consider as necessary renovation may differ from what a seller might accept. The role of a valuation is to give the buyer an outline of the costs needed to restore the property to a reasonable standard or 'average' condition to bring the property back into good condition. These costs are (generally) deducted from the typical value of such a property in average condition to determine market value. In some instances, further valuation is needed to assess the 'development' value of the site on the basis of conversion or renewal of the building into any other lawful use permitted on that site. The art of valuation meets the science of technology here and this is why you cannot be certain of potential value until you have had all the options professionally examined. Contact me if you want my direct assistance

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    Answered on Jan 13 2015, Report content

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