I think it’s over priced but I love it..

[Dandelionrarrrr]

I’m looking for opinions about the value of this property.
It ticks all our boxes and we have been looking for nearly two years.

It’s a 4 bed Bungalow listed for 600-625k
located on a quiet road 0.3 m from a train station.
Other bungalows on the same road are 2 or 3 bed and have sold for £335k or thereabouts across the last five years all have needed modernisation.

This has a garage, conservatory, en-suite, large garden. It’s very well presented- not completely my style but ready to move into.

It has been listed before once in 2017 for £550 it didn’t sell.
It was modernised and redecorated in 2019 and listed for £600k it wasn’t sold.
It’s now back.

I’m wondering whether they are trying to encourage higher prices along that road. I think the road is mainly elderly residents and it is all bungalows.

It’s been on for a month (during lockdown). I’m yet to view.
Any ideas about how to play it. I don’t want to get my heart set on a property that isn’t within my budget. We could potentially go up to 600k but it would be a push

Modernisation and an extra bedroom isn't worth 300k. To be frank I wouldn't bother - sounds like they want an unrealistic price and won't sell below that. Plus, a lender won't lend to more than it's actually worth so you may not be able to get it at 600k even if you wanted to.

I agree with the pp - it's overpriced. What did the sellers pay for it out of interest. Is there anything else which makes it more desirable, e.g. larger plot?

Thanks so much. I knew mumsnet would be the place to reflect on it all.
Yes it’s more desirable than the rest as it’s a corner plot.

It’s 128sqm approximate internal space vs 94.53sqm for a 2 bed.
Just looking for more info

Way overpriced unless all the others were in need of total renovation/falling down, and this is now bigger and fully done to high spec.

In 2002 it sold for £245 k.
I forgot most of the other bungalows are semi detached. This is detached.
‘added benefit of a lot of work already carried out for a loft conversion.’
Whatever that truly means.

An extra bedroom + corner plot don’t = and extra 300K

Can you link?

Sounds like it was already overpriced in 2017

Price increase from 5 years ago plus the its a 4 bed, not a 2, and much larger and the desirable corner location on a quiet cul de sac road plus its detached. Definitely worth more than the others. Then add on the part modernisation... it's difficult to compare the place with another from 5 years ago tbh and say if it's over valued or not. It sounds like the premium property of the road and in better condition than the others so I don;t think it's that over valued on what you've said.
I'd suggest putting in a cheeky offer and see what happens. I'd definitely do it if I wasn't planning on moving from the proprty any time soon, ie this isn't a stop gap house.

Detached + corner plot + modernised + extra bedroom is worth a substantial increase compared to the others but I don't know about 300k. Guess partly it depends how much work the others needed.

In terms of the loft conversion perhaps they mean with regard to joists and plumbing and wiring?

Detached on a small plot and extra bedrooms, modernised etc - definitely worth paying a premium. If it is the house of your dreams then pay whatever you can to get it. But you will need to stay for a while to get your money back. People always say never buy the best house on the street as it will always be the maximum price that anyone will pay for a property. You will be dragging up the prices of the rest of the street.

Agree with the others it is almost certainly overpriced, but I guess a lot depends on whether it's a developer pushing their luck (who may well then accept an offer ~15% less than asking so as to at least recoup costs) or a proud/deluded owner for whom this house is their pride and joy and who will be direfully offended by a low/realistic offer. The old cliche is that 'it's worth what someone will pay for it' but I think that holds true here - bungalows can be a tough one to value as up to a certain point it being a bungalow is more marketable/adds value due to the attraction to the elderly/downsizers, but IMO once they get oversized and more towards the space/size you'd expect of a family house they start to be less valuable than the same floor space in a conventional house as families/younger people typically don't like bungalows. Out of interest how much would a standard 4 bed semi with similar floor space cost on a nearby road?

Could you not go and view in a very detached/unemotional way, try and gauge what the situation is with the price and whether they'd consider an offer? I guess if you do end up falling head over heels in love, can't live without this house type of thing you can actually afford the asking price so could still buy it, even at the seemingly inflated price!

This is it’s floor plan

Sellers usually put on an extra 10% to take off. Offer 20% less then go up to 10% less.

No so sure it's that over priced. If you go on square footage alone that would make it worth £454k. Then add at least £75 for the refurb/hassle and £25k for being detached/plot size...
£454 + £75 + £25k = £554. If I'd been looking for as long as you, I'd be looking to buy for £575, that feels about right to me. If it's a corner plot, does it have development potential?

This is the floor plan of the Semi detached 3 bed that sold for £335k in 2018.

Make an offer based on the comparable properties sold in that postcode in the last year. Send in your comps with your offer. If they have any sense they'll take it or perhaps at least engage in sensible negotiations.

Not

I think the only development potential would be to go upwards into the loft which they apparently have started. Unless you went into the garden which I wouldn’t want. We wouldn’t need to extend so it’s not something we would pursue. But, I recognise this is something that would add to the value.

All the decent sized 4 bed properties around here go for at least 525k.

You are all being very helpful thanks

Detached bungalows on large corner plots pretty much always have lots of development potential IMO - side return extension, extension at the back, loft conversion, add another floor to make it a huge 2 storey, knock the whole thing down and build a gigantic mansion, all depends on how permissive the council are with the planning permission of course (and not saying you'd do any or all of the above OP, but the potential is always there). But I'm not sure how the market really is for large single plots with potential to build big extravagant houses right now, depends on your area I guess...

It doesn't seem to have much living space, depending on the style of conservatory. If it is all glazed and upvc it is possibly only a space you would be able to use at certain times of year. That just leaves you a sitting room and rather small kitchen. I think it would be better as a three bed with one of the bedrooms used as a study. Possibly why they are opening up the loft.

The 3 bed bungalow that we bought last year was 725 by the way and it was a complete shit hole (almost finished fixing up!). Surrey region

If you love it at that price then maybe it's worth it. It's a big house, bungalows often have massive plots. It's detached. How does it compare to other 4bed detached houses in a similar area. Ignore the bungalow aspect, if it's had a loft conversion it's not really a bungalow any more anyway.

Might not be as overpriced as it sounds. If 4 bed houses are selling for 545k then maybe they’re looking for not too much more than this. Plus bungalows are normally more expensive than houses as they tend to sit on a bigger plot.
The three bed you shared looks a lot smaller than the 4 bed.

The kitchen looks small as well...and no dining room so hard to make bigger .. are you looking for a a bungalow?
Re price depend on the area but looks too big for traditional bungalow buyers and not enough living space for modern family unless you could make conservatory an extension...