Renovation fever is spreading fast and it’s fuelled by a shortage of homes for sale and higher stamp duty charges.
As political uncertainty around Brexit and the General Election causes some potential sellers to stall, thereby limiting the number of homes available, buyers who previously would have dismissed the idea of a fixer-upper are more open to the idea.
Many homeowners who decide to delay moving until the political climate improves are opting to create more space and spruce up their existing homes. With budgets reduced by the high cost of stamp duty, those who want to buy are increasingly looking for a bargain and they’re willing to add value through renovations.
For some buyers choosing a home that needs improvement is the only way to afford a home that’s the right size and in their dream area.
Among the Stoke Newington homes which are crying out for renovation are a three bed Victorian terrace on Kynaston Road, which is on the market for £950,000. It’s offered vacant, having previously been rented out.
Its’ bathroom is on the ground floor, there’s a large cellar and scope to extend into the attic. Most of the original features, including the bay window, have been stripped out and the garden needs work.
Homes on this street would usually set you back between £1.3 million and £1.5 million. This street is typically well within the catchment for William Patten Primary School, a hugely popular school which is rated Outstanding.
For around £100,000 - £150,000 this home could be completely transformed and you could add a few hundred thousand pounds in value. I’d recommend moving the bathroom upstairs, replacing the period features and reinstating its bay window, extending into the attic, vaulting the ceilings to give greater height and generally redecorating.
This home has the potential for four bedrooms and two bathrooms once a loft extension is added. It’s a myth that five-bedroom houses are more in demand – you’d be much better off making a substantial three or four bed home.
Property prices have risen by an average of six per cent in Stoke Newington in the past year as supply fails to keep up with demand. The volume of transactions in the area has dropped by around eight per cent in the past 12 months, compared to a 22 per cent drop London-wide, according to data from the Land Registry.
For more information about this potential renovation project on Kynaston Road visit: http://www.locationlocation.com/property/particulars.htm?type=Sales&id=5733&name=Kynaston%20Road,%20London,%20N16
Posted 3rd May 2017
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