A TINY bungalow that was bought for just £5,000 nearly 70 years ago has hit the market for a whopping £1.5 million.
The property, on Shore Road, Dorset, boasts views of the sea and is just a stones throw away from Sandbanks, a luxury millionaire’s playground.
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Sitting on such a sought after location the little bungalow commands a big price.
It has been owned by the same family since 1957, in the time since it was purchased Sandbanks has become one of the most desirable home locations on the planet.
Despite the original £5,000 price tag only being worth around £170,000 today the property is being sold for a seven figure sum.
It hit the market as part of a probate sale with an asking price of £1.5 million.
The pricey bungalow does come with a caveat though, a covenant attached to the bungalow states that it cannot be extended upwards.
The lucky buyers will be out of luck if they hoped to turn the property into a two-storey.
Any hopeful buyer will have to consider the agreement which limits what they can do with the property.
The estate agent does note that the three bedroom home can be torn down and rebuilt or extended at the back to provide some more space.
At the moment the dainty home boasts a large lounge and dining room, patio doors opening onto the front garden and views of the harbour.
The buyers will also get a smaller kitchen and utility room, two double bedrooms and a conservatory.
The tiny bungalow even comes equipped with an internal garage for keeping swanky motors safe.
Elliot Whitehead, of Lloyds Property Group, told the Daily Mail: “This is a rare opportunity to acquire a prime coastal home that is in a fabulous location and offers direct access to the Sandbanks lifestyle.
“It has incredible views of Poole Harbour and is within moments of Sandbanks’ award-winning beaches, fine dining and yacht clubs.
“Due to the covenant, the new owner won’t be able to go up but they could come out a little bit. It has quite a large garden and potential to extend at the back.”
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Homes at the exclusive resort sell for millions of pounds with the record price for a Sandbanks property sitting at £13.5 million.
Among the resorts past and present residents are Harry Redknapp, Channel 4 star Celia Sawyer and entrepreneur Tom Glanfield.
The tiny bungalow sits just a few hundred feet from the beach and boasts incredible views of the swanky area.
While not quite as expensive or large as some of the neighbouring properties the bungalow offers the opportunity to purchase a home sitting on prime real estate.
Sandbanks has been one of the most sought after locations for property buyers in the UK for some time.
5 Tips to Get on The Property Ladder
Saving for your first property is tough, but it is possible. Here are a few steps for first-time buyers.
1. Cut back on luxuries and start saving
Consistent monthly saving is the best way to accumulate enough money to get on the ladder, for a deposit and purchase fees. To do this, you need to take a look at your monthly outgoings and think about what can be cut out – holidays, new clothes, weekly takeaway.
Using a savings calculator can help you to establish how long you will need to save for a deposit. Based on your income, you can figure out a realistic amount to save each month.
2. Have a realistic property search
Set a budget for the property price you would like to buy, and think realistically about the location and size of your property. While we all may want that house with a view or extra bedroom, can you afford it?
3. Research Help To Buy and Shared Ownership schemes
The government has introduced a few ways to help first-time-buyers get on the property ladder and they’re great for those on lower incomes or to buy a property in more expensive areas like London.
4. Consider buying with another person
Investing with somebody else you know is a sure way to get onto the property ladder. You only need to save half the amount you would otherwise, so you can work towards getting your property sooner.
You can invest with a friend, family or partner. Naturally, it is a big step and a huge commitment so be open and honest about what you expect from living together — if you haven’t already.
5. Talk to a mortgage broker and get your documents in order
A mortgage broker can tell you exactly how much you can borrow for a mortgage, what you will need to pay monthly and in upfront costs.
