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Hill Top, Waddington

East Midlands

£300,000
Listed on 18/09/2024

Property Details

Bedrooms
3
Type
Detached house
Area
1722 sqft

Description

This listing features two adjoining cottages, presenting a significant opportunity for renovation or potential redevelopment (subject to planning permission). Positioned to take advantage of stunning panoramic views over Lincoln and its picturesque countryside, these properties offer a unique canvas for creative visionaries. Located approximately four miles south of Lincoln in the village of Waddington, the area boasts a variety of local amenities, including shops, restaurants, and primary schools—all within a short distance. This accessibility enhances the attractiveness of the location for future residents or investors. **Millhouse** consists of several distinct living spaces. The kitchen opens into the home from the rear and connects to a cozy dining room complete with an open fire. Adjacent is a living room that also features an open fire, adding charm and warmth. The layout includes additional rooms that can serve as bedrooms or office spaces, each with its own character and potential for modern updates. **Mill Cottage** complements this offering with its own living areas and pathways that lead to further outdoor space. The outside bathroom serves both cottages, highlighting original design elements while offering opportunities for modern improvements. The good-sized rear garden is primarily lawned, providing ample space for outdoor activities or potential landscaping projects that enhance the property's value even further. The existing structures include useful outbuildings such as a pig-sty and storage options, which could be repurposed or renovated. Both cottages fall under freehold tenure with mains water and electricity available. Currently rated EPC G, there exists considerable scope for energy efficiency upgrades during renovations. Millhouse is classified under Council Tax Band C while Mill Cottage remains exempt due to its derelict status. This property offers not only a chance to create a beautiful home but also presents an investment opportunity in an increasingly desirable location with potential for growth and development.

Investment Analysis

(LN5 area)

Below Market Value

This property is priced -18.2% below area average per sq ft

-18.2%
Potential saving
This Property
£174/sq ft
Area Average
£213/sq ft
Avg Rent (weekly)
£184
Avg Yield
4.7%

Renovation Potential

Heavy Refurb
Est. Renovation Cost
£80,000 - £120,000
Target Value
£403,180
10% above area average per sq ft
Potential ROI
-4.0%
After renovation
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
38
Average per month
Market Turnover
18%
Properties sold annually

Local Market Trend (LN5)

Area prices are rising by +7.5% over the last 12 months
3 year growth: 3.5%
5 year growth: 9.7%
Investment Disclaimer: Analysis based on LN5 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

Hill Top, Waddington
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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
£1,099
Based on a loan of £225,000 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