help - good deal or not?

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ponymia

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So purely out of interest I was looking through local equestrian properties for sale in my area, and I stumbled across a property which seems like my dream home! I have no plans to move, but this place really caught my eye. I've really no idea about how much it's worth though.

5 bedrooms, lounge, toilet, bathroom, utility room, nice garden, block of 2 (I believe) stables, tack room attached and 3 acres of land. The asking price is for offers around £220,000. Is this a good deal, or expensive or what? I have no idea :p

Please excuse me sounding stupid and clueless, I just have no idea about property value!:)
 
Agreed, good price. Sounds about right for up there, although I don't know the in and outs of the Scottish housing system, I do know it's a lot different, so worth looking into.

Where I live that would buy you a very average 2 bed flat at best!
 
We have similar, also 3 acres, stables, 5 beds 3 bath, utility, workshop. Bought for £500.00 as a 3 bed bungalow/wreck and spent a fortune renovating and adding an upstairs - now valued at about £750.00 (Wiltshire). So yes, good price!!
 
In central Scotland you would be paying much more..its because it s North East Scotland...in Wick things are even cheaper! Location is the key - do you need schools? how close are doctors and dentists..and I know it sounds daft but some mail order companies charge extra for delivering goods higher up the country than Perth? The downturn of the oil and gas business in Aberdeen has impacted many other sectors..the equine community too.
 
windand rain said:
Scottish system is a bit different it is often a starting price and can sell for considerably more
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Can sell for considerably less too ;)

Id say that yes thats a good deal although being that cheap Im assuming its in a less than prime area? It really depends where it is as obviously theres expensive parts and not so. Generally closer to Aberdeen is expensive (Inverurie etc.) and it gets cheapest round Keith and Fraserburgh type areas. I used to work in property sales and I could add £20k easily for 2 of the exact same properties just 2 miles apart easily depending on what town their address had on it ;)
 
Midlifecrisis said:
In central Scotland you would be paying much more..its because it s North East Scotland...in Wick things are even cheaper! Location is the key - do you need schools? how close are doctors and dentists..and I know it sounds daft but some mail order companies charge extra for delivering goods higher up the country than Perth? The downturn of the oil and gas business in Aberdeen has impacted many other sectors..the equine community too.
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I dont think so, Im a bit sad and tend to see what I can get in the rest of Scotland at what price, Id say its quite similar for rural areas. NE Scotland prices vary hugely as well, you could easily pay £250k more for the same property in a prime area of NE Scotland. Mail order companies dont all charge more to deliver up here? I believe its only two couriers that still do that but most people up here simply dont use them - all the others are the same price.
 
The Fuzzy Furry said:
Might just get you a studio flat round here, but not a lot else.

If this was advertised on 'my patch' it would be 1.2k upwards
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Worked on a new development of apartments in Crystal Palace, London - said to be an "up and coming" area which means that the value hasn't quite caught up with the price being asked! One bed £550k, two bed with roof terrace £700k and you only get a shower - no bath. Nice view of the Shard though. First two sold before we had the roof on.

Friends of mine are working on a house in Bishops Avenue - £170mill - the world has gone mad.
 
In NE Scotland, at that price, you may well have absolutely nothing useful nearby, so - as others have said - depending on whether you need a job, schools, hospitals, large supermarkets nearby (etc etc) it simply might not work for you. They're cheap in that area because there's hardly any demand in comparison to practically everywhere else!

It may also be hideously ugly (either the property or the location) - having grown up in (very) rural Scotland, practicality seems to trump aesthetics a lot of the time. That comes down to personal preference.
 
Depends on how far north of Aberdeen. Even for Huntly, 220k would be very cheap for 5 bedrooms and 3 acres with stables. What sort of shape is it in? When I was looking, you could get 4 or 5 bedrooms out as far as Oldmeldrum area for that price, but with far less land, no stables, and usually significant decorating needed or mould problems.
 
Things must have changed when we were looking to buy the Scottish system made it very difficult as houses were selling for more than double the asking price I went to University in Aberdeen many years ago and lived in Elgin
 
windand rain said:
Things must have changed when we were looking to buy the Scottish system made it very difficult as houses were selling for more than double the asking price I went to University in Aberdeen many years ago and lived in Elgin
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Yes they have. Views differ on how successfully though. The offers over price tends to be below the valuation and there is a valuation in the homebuyer pack so you know what you can get a mortgage on. In hotter markets (eg Edinburgh) things can still go way above that. Horrid for people trying to buy their first home.
 
Does the scottish system have agricultural ties? - that would drop the value in England. also the state/condition of the land may also be a factor; the land might be all rock and vertical. Have a look on Google Earth and Street view (if possible).
 
MagicMelon said:
I dont think so, Im a bit sad and tend to see what I can get in the rest of Scotland at what price, Id say its quite similar for rural areas. NE Scotland prices vary hugely as well, you could easily pay £250k more for the same property in a prime area of NE Scotland. Mail order companies dont all charge more to deliver up here? I believe its only two couriers that still do that but most people up here simply dont use them - all the others are the same price.
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Agree prices vary loads on area, and can be very localised. My brother bought a house in Inverness and the prices are very similar to the North of England, cheap compared to London but not amazingly cheap. Out in the sticks its cheap. HOWEVER i am relatively out of it but being in the lake district national park its defiently not cheap. Outside the Lake district its alot cheaper, but then again nearer Carlisle or Penrith way not so much.
Also what is the condition of the property and land like? That can be a huge factor. To drain, reseed and refence 3 acres, you are talking a lot of money. Same with house if it needs major structural work, no heating, re wire etc etc
 
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