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Old 01.08.2016, 19:55
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Price Estimation for 30 yr old home

hello
We are interested in a 30 year old house that is in a good state of repair.
The interesting thing is that a price estimation which we requested for, from different banks results in a difference of almost 120 K

We are a bit confused. On one hand the owner has "his price".
Some banks say it might be okay.
Some say it is overpriced....

did you experience something similar while buying your home?
What percent of deviation might be expected from a estimation?

Thanks a lot for your inputs
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Old 04.08.2016, 11:43
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Re: Price Estimation for 30 yr old home

Hi

It depends on how the house looks like and what you need to renew:

- kitchen
- bathrooms
- floors
- pipes
- roof
- and so on

If you would live in there without doing big renovation which the bank would finance, then they just calculate the renovation with 1% of the sellingprice. Hope, I could help you further.
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Old 04.08.2016, 11:47
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Re: Price Estimation for 30 yr old home

How old is the heating system?

How old are the underground water pipes?

Ditto electricity wiring?

A house may look cosmetically immaculate, but have "hidden" expenses.
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Old 04.08.2016, 12:27
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Re: Price Estimation for 30 yr old home

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hello
We are interested in a 30 year old house that is in a good state of repair.
The interesting thing is that a price estimation which we requested for, from different banks results in a difference of almost 120 K

We are a bit confused. On one hand the owner has "his price".
Some banks say it might be okay.
Some say it is overpriced....

did you experience something similar while buying your home?
What percent of deviation might be expected from a estimation?

Thanks a lot for your inputs

The question I have is who is doing the appraisal? A proper appraisal involves an expert (usually a member of SVIT) viewing the property and compiling a report.


A lot of owners will base their price on the dwelling insurance value. This is usually what it would cost to rebuild the house and excludes land. If the house is brand new, this value makes sense. But for a 30 year old house, unless it has been completely renovated from top to bottom this value would not be accurate.


Having bought a 30 year old home I speak from experience here when I tell you that you do not necessarily know exactly the condition of the house until you move in. There will always be surprises.
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Old 04.08.2016, 13:04
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Re: Price Estimation for 30 yr old home

The bank doesn't go and visit the property to estimate the house. They do desk research based on their knowledge.
Also, you can not ask them to do a proper appraisal. If someone can do it, it is the owner. But a lot of them do not want to pay the cost, as the proper estimation can cost up to CHF 2000.

I understand your point regarding insurance. The thing is, some bank wants to calculate how much the house effective would cost (incl. renovations, and so on) to estimate the total amount you would have to spend.

But as those are only estimation and as every bank works and calculates differently, why don't you try out some other bank? Try out regional banks or even insurance. They finance houses too. Or have you heard about Moneypark?
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Old 04.08.2016, 13:07
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Re: Price Estimation for 30 yr old home

We also had very different prices from each Bank.
But in the end - its up to the seller what price they want. Dosent really matter what anyone else think its worth....
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Old 05.08.2016, 21:41
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Re: Price Estimation for 30 yr old home

Thanks everybody for your inputs.
The heating is about 5 yrs old.
An Architect friend of ours had a good look at the house and said it looks sound. But as you say, things that are hidden will only show up later
What also matters apparently is the "style" - the bath and the kitchen which are "sound" according to the architect are just "old style" for the bank...
In the end we decided to go forward and take the plunge based on our architect's advice.
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Old 05.08.2016, 22:31
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Re: Price Estimation for 30 yr old home

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Thanks everybody for your inputs.
The heating is about 5 yrs old.
An Architect friend of ours had a good look at the house and said it looks sound. But as you say, things that are hidden will only show up later
What also matters apparently is the "style" - the bath and the kitchen which are "sound" according to the architect are just "old style" for the bank...
In the end we decided to go forward and take the plunge based on our architect's advice.


"Old style" isn't a bad thing as long as things function. When you decide to renovate you can do so in the style you want and deduct the costs off your taxes.
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