In my humble dozy opinion, if you find a house that interests you and you feel is close to ‘value’, expect to get it for at least 10% less than the asking. In that case your first offer should be somewhere like 20% less and you move slowly up the way (thats if your <20% offer is rejected!!!)… your opening bid should be just over €200k.
Make an offer and see what happens . If your offer is too low then it will be rejected and you will be asked to make another offer . You don’t get one chance to bid . Once they know that you are interested they will come back to you if somebody else makes another offer . Only up the bid by 500 to 1000 Euro at a time .
It appears that this is a storey and a half type house.
Approximately 2000 sq ft on 1/2 acre.
Valuation of a site in rural Co. Cork (i.e. not in a main urban area and remote from governent induced social policies) I put at about 75K.
Then to build and finish a house (not including the furnishings that have been shown in the photos (do you know if this was to be a rented house?)) probably could be done (as a self build with direct labour where required for about 80Euro per Sq Ft (my estimate). Then that puts the house at 160K build cost.
Add site and build cost, total of 235K.
Really that’s a maximum in my view for this house.
Deduct another 10 to 15% off this so I’d be starting my bidding at 200K or so if really interested and then creep upwards if you really really want this house.
Do also consider your personal reasons for this house/place/area? Have you family there? What about job location, how about services (shopping, schooling, churches, hospitals, etc. etc., sports)?
Note that this house does not appear to have a Garage.
So for that design failure I would have to personally knock it back by another 20K.
Have heard from one of my friends from Kanturk recently that there is a big problem in the town with some(not all) travellers. Maybe a phone call or a little research wouldnt do any harm before putting in any offer. Having visited a few times I have always enjoyed the 4 pubs, one chemist, post office, 3 take aways and of course the customary bus collection from the local night club. Best of luck whatever your decision.
The answer to your question is in the Opening Post:
So the poster who has written this post, and similar other such posts, are concerned about the opinions of others and what they think about the valuation of something.
What it’s worth and what it costs to build does matter, not only to the person making the purchase but also to others involved in seeking residential accommodation for themselves and their families.
There is a massive lesson to be learned from what has happened in Ireland during the past 15 years. Thousands and thousands paid way over the top, using money that they couldn’t afford, for accommodations that were not worth it. This directly affects us right to this day where we still have some of the most inflated property valuations in the world.
Building costs matter since it provides a factual means of self-achieving an equivalent valuation rather than just accepting what the market offers (be they new of second hand houses). It’s the best baseline for valuation that I know but definitely a flawed one, as are they all to a greater or lesser extent.
And there’s the rub (i.e. highlighted in bold)! The posters who ask these questions have genuine queries and the assistance (even that provided by TWG) is a whole lot better than that provided by many others involved, in my honest opinion. There’s an openness here that matters.
It’s important in my view that such posts are given the consideration that they deserve.
I’ve not got my own place. The valuations of others have prevented me paying over the top for what is a basic necessity. Valuations matter. The OP thinks so.