Looking for a new house is really exciting, but if you don’t have a lot of experience in property prices it can be hard to work out what places are worth. Here, we share how to spot an overpriced house so you feel prepared for your property search.
The house is more expensive than its neighbours
A good way to gauge house prices is by looking at others in the area that are for sale or have recently sold. Similar houses in the same area should fall into the same price bracket unless the more expensive one has had major improvements which have added extra value. If the house you’re looking at is priced a lot higher than those around it but you can work out why, it’s likely that it’s overpriced.
The house is in a less desirable area
A three-bed detached house in a desirable area will be worth more than the exact same house in a less desirable area as location has a lot to do with a property’s value. Ensuring that you research the areas you’re including in your property search will give you a good idea of which houses will be more expensive due to where they’re located. However amazing a property might be, it could still be overpriced for where it is.
The house needs lots of improvements
Houses that require a lot of improvement can be overpriced by sellers who have set a value based on their property’s potential. When searching for a house, ensure that you take any projected renovation costs into account and add these onto the asking price. If the total comes to much higher than you’d expect it’s likely that the property is overpriced.
If you are looking for a new home, you can contact us to begin your property search in Andover and Whitchurch.