Would you buy??

sturdygirl21

Hi there........I'm just after an opinion really. My parents are looking at a bungalow in the same town as they currently live (but its in a more accessible area - they're thinking long term!). The lady that owns it has gone into a home, and her nephew is dealing with the house sale. Its 3 bed, detached with single garage, large garden, but is in need of modernisation and TLC. On at £260,000 (and you don't even get stairs for this!!). They went to view it last night and really like it's position, potential, etc. Behind it is a cricket ground, but they've now found out that there is planning permission to build 168 new properties on this ground. The property next door but one is to be knocked down to provide access to the new estate. My dad went to the council yesterday and spoke to someone in planning - they told him everything has been passed, there was no objection from the locals (we were shocked at that), but because of the climate it was unsure when the work is due to start - she said it could be 5-10 years.
My questions...........would you buy it knowing this? Do you think the new estate would have a positive or negative effect on the house prices surrounding it?

Thanks in advance.

jonewer

Negative. I wouldnt touch it with someone else's.

Hippychick

I would walk away and not touch it, I always thought when planning was granted that the work had to start within 5 years or else the planning permission would expire.

There is another bungalow somewhere else for them which will be even better.

Raggs_2

I may take into consideration what the new properties are... If detached houses, then perhaps, if tower blocks, then no. 168 on a cricket pitch suggest more likely terraced/flats to me.

Regardless it would be a negative effect, but how negative depends.

jonewer

168 also implies an awful lot of DSS.

poppysarah

Lovely view of cricket pitch - sounds lovely.

Lovely view of 168 houses AND a building site for a year or more - not so lovely.

If your parents don't mind having a house that will be harder to sell (during any work and after) and then don't mind losing money on, then they can go ahead.
However they could offer 100k for it inlight of the development proposals. Cheeky... and probably not be accepted.

Contessa

A similar development has happened in a town where I'm looking to buy. I immediately discount any property that is adjacent to the old cricket ground as, instead of backing on to a cricket pitch they are now overlooked.

dazedandconfuddled

The only way I'd touch it is if it was bargain basement (which it isn't) and I was prepared to live next to a building site for 18 months to 2 years (that's how long that number of properties would take to build).

I've lived on a building site and it's not fun.

lee636

Go in with an offer at £180k, if you get it great, mod it and sell on fast. If you dont then move on.

On the other hand, find out what the rental potential is, could be a good investment at a low price seeing as there seems to be a demand in that part for housing.

AMILLIONDOLLARS

You should be able to find out who the developers are from the planning department. In the application they will have stated the number of house/flats they are planning to building, plus there should be a copy of the plans. You may need to make an appointment to view these, that way you can see first hand how close this housing estate will be. Personally, I wouldn't touch it, if its for their retirement I sure they'll like a quite life not one surrounded by a mix of social/private housing.

AMD

sturdygirl21

thanks for all your comments. they've now seen a copy of the plans - seems like there will be a block of 4 two beds and a detached 3 bed backing onto the bungalows back garden, so maybe not as overlooked as it could have been with 3 storey town houses. I think they're going back to the council today to see what part of the build would be housing association. Looks like they're still undecided!!