FANCY your own Homes Under The Hammer project? It might only cost you £15,000 in Doncaster.
A terraced house on the outskirts of the South Yorks city is up for auction with an ultra-low guide price – but you might see why it’s so cheap when you take a look inside.
On paper, the house – which is listed on Rightmove – is a good-size property with four bedrooms, two reception rooms, two bathrooms and a garden.
But four-bed houses don’t come this cheap without a catch.
The home is full of rubbish and looks like a “warzone” inside, said auctioneer James Vandebrook, of Regional Property Auctioneers, who is selling off the property.
The house was previously owned by “a bit of a hoarder,” Mr Vandebrook added, and it’s been empty for about two years – so it will need a complete renovation, including a new kitchen and bathrooms.
Restoring it could cost anywhere between £20k and £50k, experts told The Sun.
“It needs a lot of work doing to it,” Mr Vandebrook said.
“But it’s been really popular this lot.
“We’ve got 40 to 50 punters on this one. I’m expecting there to be a full [auction] room and to get a good price.”
Mr Vandebrook says he expects the property to actually sell for about £30k.
Meanwhile, independent property expert Henry Pryor told The Sun he expects it to sell for up to £25k.
Similar sized properties on the same street have sold for £80k recently, so a renovator could make as much as £35k if it sold for £25k and renovating it cost £20k.
But if bought for £30k at auction and renovation costs reached £50,000, the buyer would only recoup the money spent.
Mr Pryor said: “I expect the biggest individual cost will be clearing out the house which, from the photographs, looks like it would embarrass The Lady in The Van.”
He added: “Someone buying this property is going to put in a new kitchen, bathrooms, re-plumb and re-decorate before then asking Alan Titchmarsh to come in and do the garden.”
“While the pre-auction guide is just £15,000, I expect that the auctioneers will do better on the day,” he continued.
“As regular viewers of Homes Under the Hammer know, the guide is often a tease and with excitement and enthusiasm on the day properties often make more.”
The house will be auctioned off on Wednesday at the Doncaster Rovers Football Club at 2pm if you’re interested.
What help is out there for first-time buyers?
GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.
Help to Buy Isa – It’s a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there’s a maximum limit of £3,000 which is paid to your solicitor when you move.
Help to Buy equity loan – The Government will lend you up to 20 per cent of the home’s value – or 40 per cent in London – after you’ve put down a five per cent deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.
Lifetime Isa – This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25 per cent on top.
Shared ownership – Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25 to 75 per cent of the property but you’re restricted to specific ones.
“First dibs” in London – London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can take place.
Starter Home Initiative – A Government scheme that will see 200,000 new-build homes in England sold to first-time buyers with a 20 per cent discount by 2020. To receive updates on the progress of these homes you can register your interest on the Starter Homes website.
If the hoarder house doesn’t take your fancy, we’ve revealed the best locations for single people to buy a house.
Or you could buy a house with a friend, after we shared the story of two mates who clubbed together to buy a £280,000 house in Oxford.
Depressing statistics revealed last year show that single first-time buyers need to save for over a DECADE before they’ll have enough for a house deposit.
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