- April 18, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Understanding the Situation: Considering a Property Purchase
We have been approved for up to $1.05 million and are currently looking at a property that we are considering purchasing. The property in question is our current rental, which comprises a 273 sqm freehold land with a 163 sqm standalone house that was built in 2019.
## Property Evaluation and Market Analysis
The landlord acquired the property for $960k in 2021, and its current valuation falls between $1-1.1 million. We are interested in determining a reasonable starting offer for the property, assuming the landlord is open to selling. The current Capital Value (CV) stands at $1.125 million, and the property had tenants from 2021 to 2023 before we moved in a year ago.
## Seeking Strategic Advice
In light of the fluctuating real estate market conditions, we seek guidance on how to arrive at a fair and reasonable offer for the property. It is worth noting that houses in our suburbs have been selling for approximately 20% below the asking price in the last 12 months.
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To navigate this complex scenario and arrive at an informed decision regarding the property purchase, we can utilize AI Legalese Decoder. This tool can help us decipher complex legal jargon, understand the intricacies of the real estate market, and provide insights into pricing trends and negotiation strategies. By leveraging the capabilities of AI Legalese Decoder, we can enhance our decision-making process and ensure that our offer aligns with market dynamics and fair value considerations.
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Best way to price is based on sales in the area. Get all the sales in what you deem a comparable area over the last say 6 months. Collate it in excel including price, date of sale, house size, land size, sale price against CV, etc and basically try to find a price that makes sense to you on these factors.
Remember to consider the savings made by the vendor by not going through an agent
Wasn’t ’21 the peak?
How’s it valued at 1.1 now?
Get it valued?
Just because you’ve got pre approval doesn’t mean your landlord wants to sell theirs. Don’t be shocked if they aren’t interested in your offer. Although given what you’ve described there should be plenty of others similar in the market for you to choose from.
As soon as you approach the landlord with an offer to buy the property they are going to want top dollar for it and just piss you about.
Just look for houses that are already on the market
Many houses sold in 2021 are going well under the previous sale price. I heard about a recent sale where they dropped nearly $300k.
While not 100% accurate using homes.co.nz will give you a ballpark number
960. What they paid for it. They want out. Or go round low balling everything
I was very impressed with the Valocity evaluation provided to us for free by kiwibank. When we got our pre-approval, it was only 2k more than what we actually paid for the house.
How much is it rented for at the moment?
Feel free to send me the link, I’ll check out roughly what the banks value it at. Iv been a home lender for around 10 years I’m happy to give you my opinion as well. Cheers
IMO most sellers will consider just over the CV and most buyers want under CV for a “good deal”. The real value is another number however along with what other houses sold for. This is what I have seen from history, I’m not I the industry, just like watching