A TWO-bed house in Middlesbrough has gone on sale for £25,000 – a tenth of the average property price in the UK.
The detached property in Grangetown is the cheapest house on sale in Britain on the property portal, Zoopla.
It will cost prospective buyers £220,443 less than the average sale price, which currently stands at £245,443, according to the Land Registry.
Zoopla’s cheapest house criteria excluded Help to Buy, shared ownership and leasehold properties, which can see lower upfront costs but bigger charges later on.
Of course, you could save even more cash by buying a flat or maisonette, plus we’ve seen houses on the market for less – even as low as £1.
The home has two bedrooms, one bathroom and one reception room.
But as you’d expect for the small price tag, the house needs a lot of work before it can be lived in.
The photographs show shabby carpets and evidence of water damage on some of the walls, potentially indicating the home has damp.
Worryingly, the dated bathroom has “do not use” tape sealed across the waterworks and toilet.
However, it already has gas central heating installed, as well as double glazing.
There is also a sizeable driveway for two cars at the front of the house and a decent size yard around the back, ideal for those in need of some outdoor space.
Grangetown is situated on the edge of the North York Moors National Park and a five minute drive away from Redcar seafront.
What are the different types of home surveys?
A SURVEY gives a detailed inspection into the condition of a property, highlighting any major repair work that’s needed.
It can also help you decide whether or not you’re paying the right amount for your home.
The reports are carried out by qualified surveyors and costs vary from company to company. There are also different types of surveys depending on the depth of the report that you want and your budget.
These are the different types of surveys and their typical prices, according to the Homeowners Alliance:
Condition report, £300 or more
This gives a traffic light report to indicate the conditions of various states of the property – green for okay, orange for cause for concern.
The report provides you with a sumary of defects and possible risks but won’t provide any advice or valuations.
HomeBuyers report, £450 or more
On top of everything you get in the condition report, you’ll also get a valuation and an insurance reinstatement value – which is an estimate of how much you’ll receive if the building were to burn down.
Home Condition survey, £400 to £900
These are carried out by the Residential Property Surveyors Association (RPSA) rather than the Royal Institution of Chartered Surveyors (RICS) and includes information on broadband speeds, a damp assessment and boundary issues to consider. The price depends on the valuation of the property.
Building survey, £500 or more
These are extensive reports where the surveyor will go into places such as the attic, check behind walls and look between floors and above ceilings. It will also provide advice on repairs, estimated costs and timings, and what will happen if you don’t carry out the repairs. Prices depend on the size of the property.
It’s also within commuting distance to Teesside.
The seller is looking for offers over the asking price, which you will need to factor into your budget.
But thankfully, the home falls well short of the £500,000 stamp duty threshold meaning you won’t have to pay land duty.
You’ll also need think about how much cash you will need to fix the property up.
Before buying a house, especially one that needs work doing to it, you should pay to have a survey carried out.
These are on top of the survey your mortgage lender will carry out and prices depend on the level of detail you want.
For example, a condition report costs around £300 and will give you a summary of defects and possible risks.
A building survey is the most detailed report you can get and will cost you upwards of £500.
If you’re a first-time buyer looking to get on the property ladder, you should read our ultimate guide to the process.
We’ve previously spoken to homeowners who took on the challenge of buying a fixer-upper.
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Emma Nairn ended up spending another £7,000 doing up her run down home, while this couple transformed a run down £85,000 methodist church into a £300,000 family home.
House prices are expected to drop in 2021 by as much as 6%, according to Halifax’s latest house price index.
This would almost wipe out all of the gains seen in the “mini boom” in the second half of 2020.