Hi, I'm looking at buying a lovely property that ticks all the boxes for me... except, my research has thrown up something I'm not at all comfortable with.
Here's the thing: The property, a two bedroom in an inner city suburb is listed for $550k. The current owner did up the kitchen. He bought it in May 2006 for $400k. Being extremely generous and saying the kitchen cost $20k, the rise is still over 30%. Research indicates property values in the suburb have risen 9% since 2006. Is the listed price unreasonable? Should I have it professionally valued?
I love the place, but I hesitate to be the one to throw $150k the owner's way for just sitting on it for 3 years!
I'd appreciate your comments...
Here's the thing: The property, a two bedroom in an inner city suburb is listed for $550k. The current owner did up the kitchen. He bought it in May 2006 for $400k. Being extremely generous and saying the kitchen cost $20k, the rise is still over 30%. Research indicates property values in the suburb have risen 9% since 2006. Is the listed price unreasonable? Should I have it professionally valued?
I love the place, but I hesitate to be the one to throw $150k the owner's way for just sitting on it for 3 years!
I'd appreciate your comments...