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lozza0390

4 or 5 bedroom house

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Hi,

I have Inherited a one bed property on a prime plot of land (valued at c.600k). There is potential to redevelop into a 5 bed property by either knocking down and starting from scratch or use the existing shell of the current property.

What I'm not sure about is whether it would be better to make it into a 5 bed or 4 bed. I'd like to know how I can find out what the demand is for either and whether it's worth investing a bit more turning it into a 5 bed rather than 4. 

For context, the property next door was redeveloped a few years ago and is a 4 bed which has been valued at £1.2m 

Thanks

 

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Hi Lozza

Sounds like you're in a good position. Best bet would be to contact all the agents in the area and ask for their opinion to see what the local demand is. For additional support, if there's a local property meet up or networking event, visit that and ask for their opinion. 

For desktop research, look at Rightmove and see the number of 4 / 5 beds that have sold and the number that are currently on market. You can also check out Home.co.uk and see the difference in the 4 and 5 bed homes being sold - e.g. time on market, average price.

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