Some of my clients have recently asked me about mews houses.
What are the pros and cons?
Are they a good investment?
I’m afraid the answer is an annoying one! It depends…
Let’s look at the advantages first:
- They tend to be freehold so you don’t have any service charges normally and have control over the building.
- They are smaller than standard houses in the area so appeal to people who don’t need a big house but don’t particularly want an apartment
- Mews houses can have lots of character
- The street is often pretty and quiet
- There is often a strong community in a mews street
- Mews houses often have integrated garages if parking is important to you
And I have acquired a couple of fantastic mews houses for clients over the years. However, only a tiny percentage of my clients buy them and you do need to be aware of the downsides:
- Mews houses can be dark as they often only have windows to the front
- The ceiling height is usually lower than in a classic London townhouse
- The layouts can be unconventional
My advice to clients is to not rule out mews houses but do be very selective. It is very easy to fall in love with a pretty mews house that might be oozing with charm. However, you do need to keep in mind how practical it is.
Also, if you want a property that will perform well financially and be easy to sell in the future, you do need to consider how attractive the property will be for future buyers. There are some mews houses that are difficult to reconfigure.
Conversely, there are mews houses that have been fully developed that are acquired for high prices but which will be hard to resell. For example, one of the issues that I am very wary of are mews houses where they have excavated the basement and installed the kitchen there.
While this creates additional square footage, how many buyers will want a subterranean kitchen with limited light and no views – especially when it is no longer brand new? So, you need to take this into account when deciding on the value of the house, because the value of the excavation will not be the same on a price per square foot as the upper floors.
The layout of the rest of the house will also have a significant impact on the value as will other factors.
As ever, it is vital that you do your research, see all the mews houses that match your criteria to ensure that you find the best property your money buy and then value it correctly and negotiate intelligently.
As mentioned, I have acquired some wonderful mews houses for clients who absolutely love them, although I would say that none were standard mews houses, so please be patient and selective. There are a lot of average and poor properties available right now but there are some great opportunities hidden away.
If you would like to know more so that you can find the best property your money can buy and then negotiate the lowest price possible, simply email me at jeremy@mercuryhomesearch.com or call 02034578855 (+442034578855 from outside the UK).
