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Challenge rental valuation for Welsh let?

 
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LizK



Joined: 17 Mar 2018
Posts: 7
Location: Wales

PostPosted: Tue Sep 18, 2018 7:27 am    Post subject: Challenge rental valuation for Welsh let? Reply with quote

Hey folks

I'm trying to finance my first holiday let purchase and the rental yield valuation lenders require has come in much lower than I expected based on similar properties close by, and based on their previous valuations. Should I:

- try another agent for a valuation - are there any other than Sykes?

- get them out to the property to see it (they'll only do this after an offer is accepted)

- accept it as they never change their mind

- do something else?

Any help appreciated, I'm weighing up whether to make an offer today and it's a fab property that won't hang around I reckon

Thanks in advance!
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can you help me make the right decisions? Newbie with lots to research. All help gratefully received
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greenbarn



Joined: 30 May 2009
Posts: 6022
Location: The Westmorland Dales, Cumbria

PostPosted: Tue Sep 18, 2018 8:38 am    Post subject: Reply with quote

A scan through the forum will tell you that Sykes’ way of working is to undervalue properties, and they are generally bad news to get into bed with.
If you can find an independent local agency they’ll have a much better handle on the potential rental value.
Sorry can’t help further.
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CarolineJ



Joined: 29 Apr 2017
Posts: 38
Location: North coast of Scotland

PostPosted: Wed Sep 19, 2018 3:04 pm    Post subject: Reply with quote

Try cottages.com - their rep came out to see me while the house was still nothing but bare stone walls and no internal rooms and the rental estimate she gave me back then turned out to be almost exactly correct for our first year.
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sandyandy



Joined: 26 Oct 2013
Posts: 58
Location: Pembrokeshire Coast

PostPosted: Fri Sep 21, 2018 4:08 pm    Post subject: Reply with quote

It may be worth getting a holiday letting agent out from somewhere like Coastal Cottages (if in Pembrokeshire) to give you a fair idea of rental possibilities. I think Coasty is an estate agency which sells mainly holiday cottages, so it may be worth giving them a call.
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