Homewise says ..

Property Oracle says ..

This three-bedroom property located in Ilfracombe, Devon, is presented as a ‘Home for Life Lifetime Lease’ property. The listing offers a guide price of £284,750, but it’s crucial to understand this is a guide for a lifetime lease and not a freehold sale. The property’s condition appears good from the pictures, showing a well-maintained interior with a modern kitchen and what seems to be recently updated bathrooms. The exterior also shows a well-kept facade and a garden which includes a patio area and a lawn, providing an adequate outdoor space. The proximity to several schools with good Ofsted ratings is a positive aspect. However, information regarding nearby transport links is not available. The local area includes a mix of property prices, some higher and some lower than the subject property. This analysis does not provide a price per square foot analysis as there is no plot size provided. The provided pricing data for nearby areas does not help make a conclusive analysis either, as there is no data for square footage of nearby properties. As such, the overall value of this property compared to local market averages is difficult to establish conclusively. The lifetime lease nature of this property significantly impacts its value compared to properties sold with full freehold ownership. Therefore, potential buyers must weigh this factor along with the property’s location, condition, and available garden space. Further investigation into the specific terms and conditions of the lifetime lease is crucial before arriving at a final conclusion on its value and suitability.

Therefore, we give this property 6 / 10. *Disclaimer: This is our option and does constitute a recommendation or financial advice. Do your own research. *

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