kitchen/bathroom basemet? Very odd shaped property indeed!

[Janeywaney]

I have seen a property which is cheap enough for us to buy but the only thing is it is a crazy layout! Its a three floor property comprising, 3 bedrooms on top floor with sink and toilet also plumbed in, mid floor is just one big room with patio style doors that open up on top of the roof of the extension of the basement! Then the basement has a bathroom, living area and a kitchen! It also has a strange type of what you can almost call a conservatory which through this has access to the garden with spectacular mountain views. It is all in quite a poor state but it is double glazed and centrall heated. It is on for 85000 but I will try to knock it down as there is so much work to be done, the estate agent seems to think that after renovation the sale price will be around £120000, does anybody have experience with anything similar or does anybody have any advice on whether this type of property would sell well or take a total nose dive? Any advice would be greatly appreciated.

[brian]

I think if you're looking to renovate a property then you're either going to need previous experience with renovation, or else ensure you take on a manageable job if a first time.

As for the strange layout - I've seen quite a few properties with very strange layouts, but what you need to think about as well is not simply saleable value, but also how easy it would be to sell.

Because of the downward trend in the UK property market, if you are renovating, then you absolutely need to ensure the property is likely to sell once finished - and if it does have a strange layout that may put off buyers then you may find the property difficult to sell.

Another pointer - you mention the property has mountain views, but you don't state if it's in a rural location or close to a large urban centre. If it's the former, then you may find renovation work complicated by lack of access and or extra travel involved in getting the tradesmen there.

2c and hope that helps.

[Janeywaney]

Thanks for your reply.

My boyfriend is going to be doing a lot of the work himself so hopefully will keep costs quite low. Its more the worry of will it sell? I mean the estate agents think it will but im always wary of the estate agents! It is in south wales and it is in caerphilly, its out of the centre of caerphilly but its not totally out on a limb, it has schools and shops close by, but its a part which is an old miners town, so a lot of the houses are very old fashioned as most of them are owned by older people who have lived there since their birth, the estate agent says that their market at the moment is young families but I am just worried that it will not sell. We cannot live there because of work commitments. Do you know of any way to find out how likely it is to sell? Your help is much appreciated. Also, the layout, although quirky, i think could be quite amazing looking when finished, do you think the basement thing might put people off? Even if it is finished to a high standard? Thanks

[brian]

I'm afraid I couldn't comment without knowing the local conditions of the market - I'd really recommend you take a look at how at this before taking on the project - then at least you have a better idea of your selling prospects once completed!

[billmccallum]

The existing layout is not really relevant, if the local market needs identify the layout you need, you can simply change the layout whilst developing the property.

The main issue if price and value!!!

a quick search at fish4homes will tell you that @ 500 properties are for sale in the general area of Caerphilly ranging from 55K to £145K.

As this is quite close to Cardiff, it is important to note that a potential development at Cardiff Bay of 1250 to 2000 new homes could have a significant impact on property prices in the surrounding area.

You don't mention the cost of re-development in your posting, this (and the purchase price) will be the main focus of your decision, buy for £70K, spend £30K on work, total £100K, sell for £120K = 20% profit pretty reasonable... but if you pay £85K, spend £35K, total £120K no profit... seems to me that there is little margin for error.

[fred333]

That is the key is getting that profit.