Homebuyers might want to take a chance on a semi-detached fixer-upper in the centre of the horse racing industry because it might be worth £1 million once it is improved.
For the first time in fifty years, the seven-bedroom Eastcote house in Newmarket, West Suffolk, is being offered for sale for £525,000.
The home has to be completely renovated as a tree is even growing through the utility room and it is covered with ivy.
Once it has been renovated, experts estimate it will be worth twice as much as its guide price.
According to the real estate website Zoopla, comparable sized homes on the same street that don’t need urgent repairs like painting or other maintenance may range in value from £850,000 to more than a million pounds.
estate brokers Due to the amount of labour involved, Cheffins are only searching for cash purchasers.
The property’s interior hasn’t been updated since the 1960s; the wallpaper is flaking off, the flooring are bare, and, to put it bluntly, the kitchen cabinets and bathroom suites are out of date.
With an entry hall, kitchen/breakfast room, dining room, drawing room, living room, and conservatory on the ground level and a basement below, the property boasts more than 3,000 square feet of living space.
On the first story, there are five bedrooms and a family bathroom. On the top floor, there are two more bedrooms.
The large yard of the semi-detached home is presently fully overgrown.
Additionally, it has a stable block that, with correct design, might be converted into an extension or a standalone residence.
A number of significant stables were erected along the road the house sits on in the 19th and 20th century, making it a highly sought-after location in the town.
Some of the biggest and most well-known racing operations in the UK are based there, notably the Sheikh Mohammed bin Rashid Al Maktoum-founded Godolphin Stables, the Freemason Lodge Stables, and the Clarehaven Stables.
Eastcote needs everything done, according to Lauren Blake of Cheffins. Due to the required repairs, we are only proposing to cash purchasers.
The utility room has a tree growing through it since it is in such bad shape.
However, given that Bury Road is the most sought-after road in Newmarket and beautiful Victorian homes don’t come up for sale very frequently, we have already had 20 viewings.
The property still boasts many of its original features, like cast iron fireplaces, ceiling roses, and picture rails, since it hasn’t been altered in nearly 40 years.
The maximum is essentially whatever you want to spend on it, she said, noting that once finished up, you’d be looking at little over £1 million.
The stable building at the end of the garden also has potential for conversion. Another stable building was transformed into a one-bedroom home farther down the road.
Although it would need planning and a change of use, it might be sold for £285,000, which would excite potential purchasers.
“This is the only home in that row that hasn’t undergone renovations.” It’s a bit of an underdog.
We already have four proposals that are more than the suggested price, therefore by the first week of September, we will choose the best and final bids.