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Purchase advice: grade II listed 2 bedroom terrace
ajbaker
Posts: 173 Forumite
Hi. Any advice would be gratefully received on this.
I am in the process of purchasing a grade II listed terrace property in Hampshire. The property is in a conservation area. It is has two good sized reception rooms, large main bedroom, bathroom, and small second bedroom. The kitchen is currently a 1.5m square wooden extension with sink, hob and oven and not much space for anyting else. The front of the property is on a small pavement to the side of a B road going thorugh the village. Street parking only.
The property 'looks' to be in good condition having been repainted recently, stripped wood floors cleaned up etc. However the survey reveals several things: a little repointing necessary, a few replacement tiles, plenty of rising damp in walls, kitchen and outbuilding in need of demolishing due to timber rot, 2 solid fuel fires have not been used in last few years and the chimney damp in places etc. The chimney is not lined.
There is a reasonable sized and secluded rear garden leading to stream and pond.
The agreed price is 160k, and the property is situated in a lovely village in Hampshire and looks to be full of character. I do love it.
My problem is identifying how much value the property can gain. Being listed, on street and terraced I cannot extend forward, down or sideways. There is a potential of a loft conversion (a nightmare to pass listed consent!) and a rear extension (replacement and extension to current kitchen). However after spending between 10-20k on these I do not believe the property could increase by this value - surely a 2 bed terrace has a maximum relative value?
Central heating would be installed and would help the damp problem. Again would this increase the value?
Any comments? Is the agreed price reasonable, or way over-priced? How much should I consider reducing the offer too; and at which point do I walk away (sad but glad not to have wasted money)? Would anyone care to comment on ways of increasing value?
If you need to ask any questions to comment please do.
I am in the process of purchasing a grade II listed terrace property in Hampshire. The property is in a conservation area. It is has two good sized reception rooms, large main bedroom, bathroom, and small second bedroom. The kitchen is currently a 1.5m square wooden extension with sink, hob and oven and not much space for anyting else. The front of the property is on a small pavement to the side of a B road going thorugh the village. Street parking only.
The property 'looks' to be in good condition having been repainted recently, stripped wood floors cleaned up etc. However the survey reveals several things: a little repointing necessary, a few replacement tiles, plenty of rising damp in walls, kitchen and outbuilding in need of demolishing due to timber rot, 2 solid fuel fires have not been used in last few years and the chimney damp in places etc. The chimney is not lined.
There is a reasonable sized and secluded rear garden leading to stream and pond.
The agreed price is 160k, and the property is situated in a lovely village in Hampshire and looks to be full of character. I do love it.
My problem is identifying how much value the property can gain. Being listed, on street and terraced I cannot extend forward, down or sideways. There is a potential of a loft conversion (a nightmare to pass listed consent!) and a rear extension (replacement and extension to current kitchen). However after spending between 10-20k on these I do not believe the property could increase by this value - surely a 2 bed terrace has a maximum relative value?
Central heating would be installed and would help the damp problem. Again would this increase the value?
Any comments? Is the agreed price reasonable, or way over-priced? How much should I consider reducing the offer too; and at which point do I walk away (sad but glad not to have wasted money)? Would anyone care to comment on ways of increasing value?
If you need to ask any questions to comment please do.
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