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Five Lanes, Launceston

South West

£245,000
Listed on 10/12/2023

Property Details

Bedrooms
2
Type
Detached house
Area
753 sqft

Description

This two-bedroom semi-detached cottage presents a promising opportunity for renovation and investment in a sought-after village location. The property is surrounded by a spacious garden that wraps around the side and rear, offering ample outdoor space that could be enhanced further with landscaping or additional structures. Notably, there is a substantial garage/workshop on the premises, providing potential for various uses—whether as storage, a workspace, or converted into additional living space. The interior features an entrance porch that leads into a cozy living room equipped with an open fire, adding warmth and character to the home. A door connects this space to the kitchen and breakfast room, which offers convenience and practicality for everyday living. A rear hallway takes you to a courtyard area alongside a WC and bathroom. Upstairs, you’ll find two bedrooms that provide comfortable sleeping quarters but are in need of modernization. This allows new owners to tailor the spaces to their taste and needs, potentially enhancing property value significantly with updates. Given its location within a popular village setting and the potential for expansion subject to planning permission, this property serves as an ideal canvas for those looking to invest in real estate while putting their personal touch on their home. With utilities connected including mains electricity, water, and drainage, this cottage provides both functionality and significant renovation potential.

Investment Analysis

(PL15 area)

Above Market Value

This property is priced +22.6% above area average per sq ft

+22.6%
This Property
£325/sq ft
Area Average
£265/sq ft
Avg Rent (weekly)
£234
Avg Yield
3.8%

Renovation Potential

Medium Refurb
Est. Renovation Cost
£25,000 - £40,000
Target Value
£219,748
10% above area average per sq ft
Potential ROI
-22.9%
After renovation
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
15
Average per month
Market Turnover
7%
Properties sold annually

Local Market Trend (PL15)

Area prices are stable by +1.9% over the last 12 months
3 year growth: -3.1%
5 year growth: 18.4%
Investment Disclaimer: Analysis based on PL15 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Any renovation cost estimates provided are AI-generated and should be considered indicative only. Renovation costs vary significantly based on property condition and scope of work. Always conduct professional surveys and get multiple quotes before making investment decisions.

Location

Five Lanes, Launceston
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Mortgage Calculator

£
£
£
%
%
years

Current average 2-year fixed rate is 4.19%

Current average variable rate is 6.78%

Monthly Repayments
£897
Based on a loan of £183,750 over 30 years at 4.19% interest

These results are estimates and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE