What do people think to this property

justcurious20

I am just intrigued by this place...... going for a viewing on saturday
rightmove.co.uk/property-for-sale/property-65398880.html (cant post the link as a new user)

just wondering what people think of it as an opportunity to convert it into one house, lovely large amount of land.
Realise it would be a huge amount work ( i dont live far from where the house is)

Would others take on this kind of challenge (i have done two complete refurbs before, (ie stripping everything back to brick and starting again), but think this would be a bigger challenge

Even though both houses are owned by one person would i by right in thinking they would be treated as two transactions from a purchase point of view. I know it could be merged into one house at some stage

zagubov

Here you go!
http://www.rightmove.co.uk/property-for-sale/property-65398880.html/svr/1708
I don't know how many purchases this would be. I've seen people sell a house with a garage nearby as if they were one property.

May well be quite routine but I expect somebody will be along soon t offer advice.

haf1

Here is your link.

http://www.rightmove.co.uk/property-for-sale/property-65398880.html

I kind of like your idea, in particular with that amount of land in the back. But with the price tag of £250.000 ("guide price"?), no kitchen/bathroom photos and apparently no planning permission it looks more like a pet project if you really like the place and money is not really an issue.

Even after refurbishment you will still only have a terraced house in a village location 3 miles from the next station, you might struggle to get back the purchase price plus your considerable investment, if you do the place up to sell.

Are you planning to refurbish the house as your own long-term home, and are you willing to take the risk of not being able to obtain planning permission? Will you need a mortgage to purchase the houses?

justcurious20

Thanks for replies.

Not worried about lack of things like kitchen as I would basically rip the house out so to speak, it would be long term, no mortgage required but the planning permission would be the only snagging issue, it is a semi rural location, but the area doesn't bother me.

I guess it would be worth having an informal chat with the planning officer

justcurious20

I also wonder about the feasibility of knocking this into one house (planning aside ) realise it will require a lot of steel and a lot of work by a structure engineer with numerous calculations

getmore4less

whats the story on "former" allotment land.

Davesnave

The allotment land, including that lotted with the property, is surrounded by houses on three sides, yet none of it has been developed beyond sheds etc.

This hints at a covenant or something hindering a change of use.

Tiners

Have you actually looked at what other similar properties have recently sold for in the area?
From what I can see it appears VERY over priced for what it is... other nearby comparable mid/end terraces have sold for well below £100k and 3 bed detached for £125k
Given the amount of work this needs, either as 1 property or 2 and no indication at all that you could get any form of pp for the land it just seems stupidly over priced to me.

sparky130a

justcurious20 wrote: »

it is a semi rural location, but the area doesn't bother me.

Your original post suggests you buy to invest and then sell.

In which case how you view the area isn't the point. How any potential buyer does is.....

justcurious20

Thanks for replies, this would be a house not to make money out of , I do see the issue with resale values, think there might be a restriction on land use being old allotment land, will see if I can find out anything before wasting any money

ReadingTim

• Knocking the 2 properties would create something that's less valuable than if you'd kept them separate, and that's not even factoring in the costs associated with the conversion.
  
• If the additional land was suitable for development, it probably would have been sold to a developer already. The fact it hasn't suggests it's not.

The only way you'd make anything on this would be if you could get it for less than £200k, do a cheap and chearful refurb on the 2 houses, sell both for more than £120k each, and get planning permission on the former allotments, and sell the land to a developer, self-builder, or try your own hand at it. However, you'd need all of that to happen, otherwise it's a money pit.