Hi, looking for some advice and thoughts on a purchase.
I am looking around for a new PPOR and after a false start thwarted by my favourite blue star logo'd agency, have found two properties that I like a lot. I dislike McMansion or bland modern style homes and prefer things that are unique and different, eg exposed timber beams and timber/carpentry.
The first is an exceptionally well built and maintained property that was built by the vendor a number of years ago and lived in by one owner the entire time. The owner is a carpenter and the house has tonnes of character and intersting features including 2 living areas, a loft conversion and a sound proofed cinema room (I am a huge hifi and home theatre nut so this is a bit plus for me).
However it has its downsides... it is in effect a 3br place (albeit gigantic bedrooms, all bedrooms are at least 4 x 4m with BIR) as the extension with master bedroom was converted to the cinema room. The loft conversion could be a 4th bedroom but is not high enough to be classed as a bedroom legally. It is also dated cosmetically and will need a new kitchen and bathrooms over time.
The second is a more "traditional" brick veneer place but has cathedral ceilings and enough interesting things about it for me to like it. It has a 5th bedroom which was a later on in-fill of part of the family room which I could convert back to how it was or convert to give me a theatre room style thing.
Ok so getting on point.... and my dillemma... both are the same $ price and property 1 has little in the way of comparables since most other 3 bedroom places in the area are entry level places and significantly cheaper both price and build quality. But if it was considered a 4 bedroom it would have plenty of comparables... except for the loft conversion height issue. Property 2 has tonnes of comparables no issues.
So for those experienced with buying properties that are a bit different or with not quite legal height bedrooms... how do valuers treat them and valuing properties that do not have many recent/direct comparables. Would they consider the converted cinema room as a 4th bedroom? Do valuers take the quality of construction into account as a major value item (eg high quality 3br worth more than a low quality 4br)?
I dont want to get too deep into property 1 and have it fall over on valuation... broker can get an up-front val which may be the simplest way to figure it out?
I am looking around for a new PPOR and after a false start thwarted by my favourite blue star logo'd agency, have found two properties that I like a lot. I dislike McMansion or bland modern style homes and prefer things that are unique and different, eg exposed timber beams and timber/carpentry.
The first is an exceptionally well built and maintained property that was built by the vendor a number of years ago and lived in by one owner the entire time. The owner is a carpenter and the house has tonnes of character and intersting features including 2 living areas, a loft conversion and a sound proofed cinema room (I am a huge hifi and home theatre nut so this is a bit plus for me).
However it has its downsides... it is in effect a 3br place (albeit gigantic bedrooms, all bedrooms are at least 4 x 4m with BIR) as the extension with master bedroom was converted to the cinema room. The loft conversion could be a 4th bedroom but is not high enough to be classed as a bedroom legally. It is also dated cosmetically and will need a new kitchen and bathrooms over time.
The second is a more "traditional" brick veneer place but has cathedral ceilings and enough interesting things about it for me to like it. It has a 5th bedroom which was a later on in-fill of part of the family room which I could convert back to how it was or convert to give me a theatre room style thing.
Ok so getting on point.... and my dillemma... both are the same $ price and property 1 has little in the way of comparables since most other 3 bedroom places in the area are entry level places and significantly cheaper both price and build quality. But if it was considered a 4 bedroom it would have plenty of comparables... except for the loft conversion height issue. Property 2 has tonnes of comparables no issues.
So for those experienced with buying properties that are a bit different or with not quite legal height bedrooms... how do valuers treat them and valuing properties that do not have many recent/direct comparables. Would they consider the converted cinema room as a 4th bedroom? Do valuers take the quality of construction into account as a major value item (eg high quality 3br worth more than a low quality 4br)?
I dont want to get too deep into property 1 and have it fall over on valuation... broker can get an up-front val which may be the simplest way to figure it out?
