There is a school of thought among most property experts that to add as much value to a property the ideal situation is to buy in an up-and-coming area or buy the worst house on the street in a very popular area and transform it into the best.
It might be a challenge to find a bargain area now in Penarth, one of the most expensive coastal towns in south Wales that's commutable to Cardiff.
To find a run-down property on one of the best streets in the town, within the conservation area boundaries, is even more of a challenge.
So brace yourself as this is a very rare property find that has just come onto the market. © Watts & Morgan Penarth / rightmoveThis renovation project is a rare property beast
Victoria Square is one of the poshest roads in Penarth, opposite the park of the same name, and just down the road from the independent Stanwell School and walkable to the town centre and pebble beach.
Little wonder, then, that there have only been eight property sales on this road within the last five years, according to property portal Zoopla, and four of these sales were flats.
For a budget closer to half a million than a million, surely there's no way you can get a house on this road where the average price paid for a house is at least £865,000?
And surely it's not possible to get a house on this road with eight bedrooms, three storeys, and bursting with wonderful period features? Plus the opportunity to add oodles of value too?
Welcome to maybe the rarest house currently for sale in Penarth.
An end-of-terrace home that enjoys the corner plot, the substantial and versatile space on offer over the three floors presents a new owner with an exciting chance to make the house suit their needs once a full timetable of renovation has happened.
And what a handsome house it is, a late Victorian to early Edwardian villa that boasts classic Edwardian features externally, such as Tudor-inspired wood beams decorating the roof apex.
The double-storey bays enjoy multi-paned windows featuring beautiful stained glass inserts of multiple colours.
All classic decorative additions to houses being built between 1901 and 1910 when King George VII was on the throne and house builders and designers were being influenced by the popular Arts and Crafts movement. © Watts & Morgan Penarth / rightmoveBefore you go in, spot the period features including multi-coloured stained glass and decorative porch
© Watts & Morgan Penarth / rightmoveCan't wait to get in? Don't miss all the period features within the inner porch
Visitors are initially greeted by a decorative porch with carved veranda roof detailing and pillars and surely they can't fail to be impressed by the multi-coloured stain glass at the top of each feature window.
Through the substantial, solid front door and the inner entrance hall, with etched glass and carved wooden inner door and eye-catching Minton floor tiles, sets the period scene, with many gems from the past awaiting a potential buyer inside.
There's a rather distracting deep red carpet on the floor of the high and wide hallway, hopefully hiding either the continuation of the Minton tiles or a parquet wood floor underneath. © Watts & Morgan Penarth / rightmoveHuge doorways, decorative screen, solid carved staircase and hopefully an original floor under the carpet
The hall is typically Edwardian in its spacious proportions, half-wall paneling, solid internal doors, deep skirtings and detailed cornicing.
It's an extra joy to see a bonus decorative, carved ceiling screen that flows down and joins the solid stair newel post.
If a potential buyer can tear themselves away from the captivating hallway there's so much more to explore on this ground floor.
To the left is the principal reception room, boasting a huge bay window at the front and an impressive solid fireplace that just needs restoring.
Chuck out the ugly gas fire at the front of the fireplace and hopefully the original tiles and grate are hiding behind it.
Hopefully, there's a gorgeous period floor under the grubby vinyl covering too. © Watts & Morgan Penarth / rightmoveMain reception room would've been where visitors were entertained amongst the fancy decor such as the cornicing
© Watts & Morgan Penarth / rightmoveAs the house is on a corner plot, one of the rear reception room has a bay window too
This spacious room continues the woodwork period features via skirtings, picture rail and, happy days, there appears to be an original ceiling rose still in place too.
Above the picture rail there is ornate carved cornicing that illustrates the former grandeur of this room.
In the past it would have been considered as the poshest space in the house, where visitors would have been received and entertained and, hopefully, impressed with the extra money spent by the host on all this room's decorative features.
The rear reception room also has a feature bay window but this time at the side of the room, which is the benefit of the house being positioned on a corner plot.
If a new owner wants a massive reception room, the grandest and most impressive on the street, then that dividing wall between these two rooms is coming down.
If the wall stays both of these reception rooms have very generous proportions, lending themselves to a be a more formal drawing room at the front and a more intimate family lounge at the back. © Watts & Morgan Penarth / rightmoveThe house is double fronted so this is the other front reception room
© Watts & Morgan Penarth / rightmoveCurrent dining room could be knocked through to a reception room plus French doors out to the garden could replace the window
Across the hall and yet another lounge can be found at the front, with a dining room behind it that still has its original red quarry tiled floor plus the opportunity to convert the window into French doors out onto the garden.
Again these two spaces boast period features such as windows, fireplaces and woodwork, but combined into one room the space could boast being an incredible kitchen diner.
At the back of the property the former 'working' area of the house can be found.
There's an old kitchen, two pantrie,s and a utility room that has definitely seen better days; it's unlikely there will be any clean clothes coming out of that antique washing machine any time soon. © Watts & Morgan Penarth / rightmoveIf the kitchen is moved into one of the 4 reception rooms this could become an office, playroom or light-filled garden room
© Watts & Morgan Penarth / rightmoveThe washing machine in the current utility room looks almost as old as the period stained door
All this extra space is tucked out of the way at the rear of the house, reflecting how the home would have functioned more than 100 years ago - posh at the front, servant activity and services at the back.
Obviously times have changed and the kitchen is now considered the heart of most people's home and deserves to be relocated into one of the grand, period reception spaces.
This leaves the old kitchen as a versatile space that could be transformed into a media room, children's playroom, study or office.
As the room is at the back of the property, maybe it could be transformed into a light and inviting garden room, opening out onto the rear outdoor space via a bank of bi-fold doors.
The ground floor does not have a toilet, so maybe the two pantries at the rear of the house and off the old kitchen could be combined and converted into a downstairs toilet and shower room.
However a new owner configures the abundant space in this handsome house, there are period features, high ceilings, and garden and park views to be the visually-appealing backbone of the transformation of each room.
Up the carved staircase to the first floor and currently there are three bedrooms, a separate bathroom and toilet and a store room on this level.
The master bedroom is located above the main reception room and so benefits from the continuation of the double bay window 'tower' up to this floor.
Again a fireplace is the central feature around which the other period elements revolve, and again there is the opportunity to rework the space. © Watts & Morgan Penarth / rightmoveThe master bedroom is huge but convert the adjacent room room into an ensuite and walk-in wardrobe to create a stunning master suite
© Watts & Morgan Penarth / rightmoveThe first floor mimics the ground floor, so one bedroom has a quirky side bay window
The bedroom behind the master, which also boasts a bay window and beautiful fireplace, could be reconfigured to offer a lucky new owner a stunning master ensuite.
Add in a walk-in wardrobe and dressing area into the rear bedroom, to create a master suite so stylish it would be a wrench to actually ever leave the space.
If the sacrifice of one big bedroom is too much for a new owner then bedroom eight next to the master at the front of the house is a smaller space to convert to an en suite for the master.
Again, the space is flexible enough to be reworked to satisfy a new owner's lifestyle, needs and wants.
Bedroom three can also be found at the front of the house and while it may not have a bay window like the master it does have a very attractive feature fireplace and a large and appealing double window with views out over the park. © Watts & Morgan Penarth / rightmoveThe first floor has three bedrooms, all have period features worth saving
© Watts & Morgan Penarth / rightmoveThe main bathroom has a fireplace but not a toilet - that's in the room next door
Behind bedroom three is a storage room that is right next to the bathroom, so the relevant plumbing is nearby should a new owner decide to convert this storage cupboard into an extra en suite for this bedroom.
The bathroom on this level is separate to the toilet.
The dividing wall between the two could be removed and the double entrance lobby and two doors could be incorporated into the space to make this a very generous family bathroom.
There is usually much debate about keeping the toilet separate from the bathroom but, as there is another one on the second floor, maybe a huge family bathroom space on the principal sleeping level is preferable for most families.
Up to the second floor and into the loft space, where back in the day the home's servants would have lived. © Watts & Morgan Penarth / rightmoveThe second floor has four bedrooms, a bathroom, an extra utility room plus masses of potential
© Watts & Morgan Penarth / rightmoveWant quirky? There's a second utility room on the top floor with an internal window into the neighbouring bedroom!
Here this versatile space could be where the family teenagers live, with four bedrooms, a bathroom, and a former utility room offering enough space to easily convert one of the rooms into a lounge and games room for the younger generation.
You could go one further and convert the whole space on this floor into a self-contained flat - although this would have planning and building regulation connotations, especially if the space was to be rented out.
A conversation with the local planning officer would be imperative in this instance before any future plans are decided. © Watts & Morgan Penarth / rightmoveCorner plot means a wrap-around garden - simply create more privacy with a fence
Outside the magnificent period property has a large wrap-around garden - again a bonus of being on the end of the terrace and occupying a corner plot.
The rear garden is a private space but should a new owner want a bit more outdoor space privacy, a fence could easily be erected between the front and side garden to extend this usable space.
This incredible house looking to be brought back to life as a happy home is on the market for £650,000 with estate agent Watts & Morgan, call their Penarth branch on 029 2071 2266 to find out more.