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Asking price for georgian property in Ridlington Norfolk?

HI I'm looking at a property in Ridlington. Georgian 327sqm including cottage. Also has large out buildings with planning permission and three acres. Asking price £950.00. I think this is too much. Am I right? Thanks

Asked on May 29 2011, House Prices in North Walsham | Report content

Answers (1)

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  • As you undoubtably know, it's all down to what it's worth when you've done the conversions of the outbuildings, compared to the total cost of the purchase plus building work. I've been looking at similar opportunites - including that Ridlington one - and it seems that agents/vendors are living in a world where you do not have to pay for building work... With Ridlington I reckon: House £550K BUT knock £50K off house since cottage in poor location relative to house Cottage £100K Outbuildings when Finished (6 holiday lets?) £400K conversion cost: £250K - minimum therefore current value £150K Resale value all done and lovely £1m - sounds about right Value to buy right now = 500 + 100 + 150 = £750K AND THAT ASSUMES YOU ARE NOT LOOKING FOR A PROFIT!!! Check out similar situations at Potter Heigham and Rollesby - both been on market for a couple of years...

    Answered on Sep 21 2011, Report content

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