Hi,
I am looking to purchase my first property to live in. I haven't bought property before and I am clueless. I have the finances for it, I just have no idea how to workout what price to offer.
The property is a 10yr old 2 storey townhouse, 2 bedrooms, 1 bath, 1 garage (2/1/1). It's the first time it is being sold. Up for auction in a couple of weeks time.
I haven't been able to find similar properties that have sold in the area- as the townhouses in this area are usually 3/3/2. Do i compare with villas of the same size instead i.e 2/1/1? single level Villas that are 2/1/1 that are about 10-20sqm smaller than this townhouse, but in similar condition, are selling for about $490,000 to $500,000 in the area.
The only other info I have is that the townhouse next door which is 7sqm larger than this one sold for $420,000 in mid 2006. The large single level villa in the complex is 48sqm larger than the townhouse i am wanting to buy, and it sold for $455,000 in mid 2006. (I got these figures from onthehouse.com.au - i don't know how reliable that is?).
The townhouse I am looking at is in fair condition. The kitchen isn't in too good condition and may need replacing. Doesn't seem like they have done any improvements inside the property in the last 10 years.
So my question- how do I work out what to offer??
I am looking to purchase my first property to live in. I haven't bought property before and I am clueless. I have the finances for it, I just have no idea how to workout what price to offer.
The property is a 10yr old 2 storey townhouse, 2 bedrooms, 1 bath, 1 garage (2/1/1). It's the first time it is being sold. Up for auction in a couple of weeks time.
I haven't been able to find similar properties that have sold in the area- as the townhouses in this area are usually 3/3/2. Do i compare with villas of the same size instead i.e 2/1/1? single level Villas that are 2/1/1 that are about 10-20sqm smaller than this townhouse, but in similar condition, are selling for about $490,000 to $500,000 in the area.
The only other info I have is that the townhouse next door which is 7sqm larger than this one sold for $420,000 in mid 2006. The large single level villa in the complex is 48sqm larger than the townhouse i am wanting to buy, and it sold for $455,000 in mid 2006. (I got these figures from onthehouse.com.au - i don't know how reliable that is?).
The townhouse I am looking at is in fair condition. The kitchen isn't in too good condition and may need replacing. Doesn't seem like they have done any improvements inside the property in the last 10 years.
So my question- how do I work out what to offer??
