| Comment | Remember the home report value is just a number some surveyor pulled out of their arse based on a conservative view of local sale values, which in turn are based on home report values because people say things like '10% over HR is standard'....it's a neverending circle of arsevalues.
And when you come to sell your place 5,10,15 years in the future, who knows which way those arsevalues will have swung? And besides, if you get a mortgage then the amount you actually pay in the long term is completely different anyway.
So, in the end, don't get hung up on home report values and zoopla guesstimates - just work out what the monthly mortgage payment is that you're willing to take on to live somewhere you like, and then see if that lets you bid reasonably.
Personally, we just took our time, missed out on loads of places but resisted the despair, until we found someone who wanted to sell pretty quick, and bid based on what is was worth to us. For info, this was 9% over HR in the west end. One place we missed out on only went for 3% over, and others were crazy like 30-40%. |
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