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

Hmm - small kitchen and no dining room, unless you have a living room/diner or use one of the bedrooms. There are some weird shapes on that floorplan.

Yes the kitchen does look small. The conservatory is currently set up as the dining room. ‘Double glazed French doors to garden. Double glazed. Two radiators. ‘ so I suppose the radiators help during the winter?

I walked past it today, as always it looks different to the photos.
They say it’s detached and technically it is but it does feel nestled in.
I never considered a bungalow, I always liked the idea of putting the kids up to bed.
I must sound foolish as we still haven’t viewed the house. But, I think from all your very helpful responses i have become far more grounded about it.
As I said previously it does tick nearly all our boxes but ultimately from the listing it doesn’t look that extra 100k that they are trying to add. £550k maybe.
I’m really intrigued to check it out.

In England, the advertised price is just what the vendors are asking for it. It's possible if it's ridiculously high that either the vendors don't really want to sell or are going to make other unrealistic demands during the sale process. Neither or which is going to be easy to deal with.

Ultimately, the property is worth what someone is willing to pay for it. You can offer whatever you feel it is worth, and the vendors may or may not accept your offer. You can then negotiate or walk away.

op I think that's a lot if money, relative to the £335k for the unmodernised three bed. As others say, corner plot, extra bed, big garage, done up - adds maybe £200k max.

Also I agree, nowhere to eat (you can't eat in a conservatory). I would be really loath to spend big money on a house with a small kitchen, and that's a small kitchen. I love to cook, you may not, but that house would only work for my family (three DC) if there was a loft conversion for a big master bedroom, the kitchen was knocked through to the living room and a downstairs room was used as a separate to room or study. Even then ...

if you like it when you see it I would offer £525. They can only say no (or even yes!).

Good points made up thread.. the ceiling price on the road has already been pushed, unlikely that any work you do will add significant value above the amount you would spend on it. Double the price of a 3 bed seems totally excessive.

The possible loft conversion is only of value if you want more than 4 bedrooms. It is likely to be costly as the roof space may not be big enough and even if some work has been done, it might not be adequate, we found this in one of our houses, the joists weren't strong enough, the stairs were not to latest spec and there was not head room to make a bedroom an ensuite without making changes to the roof.

The bedrooms are small and for a 4 bed, you would ideally want two bathrooms and two reception rooms and I wouldn't want the bathroom so close to the kitchen.

I am not a fan of conservatories and would much prefer a large kitchen.

The garden and garage however would be plus factors for me!!

It would depend on the area. In areas with large South Asian populations I would say yes, go for it, because large bungalows with parking / plot are really desired for extended family living and you could extend up and out and still add value. If you’re in an area where that kind of family living isn’t required then you probably will never recoup your costs.

That’s a big leap in price compared to the others in the road.

But compared to other 4 bed in the area, it isn’t massively different- asking £600k, expecting 10% less, so looking for £540k?

I think you need to go see it.
To me, the kitchen isn’t great size, but “adequate”.
A double-glazed conservatory might be more useable than you expect, but it would be “a really nice extra room” rather than the only place to eat.
At £600k asking price you’d be insane to spend money on rejigging the house (eg replace conservatory for slate-roof etc). So it has to be pretty much ideal for you as it is.