A HOUSE is going up for auction with a starting price of just £1,000 – but it needs some serious work.
The two bedroom terraced property, in Hull, has been named the “cheapest property” in the city by locals.
Inside, it features a reception room, a kitchen and bathroom. There is also a landing and a garden at the back of the home.
It also is a freehold property, which means the buyer will own the house outright and the land it has been built on.
Bond Wolfe Auctions, which has listed the house, has said its state of disrepair is because of a fire.
It said: “A mid terraced property, standing flush to the pavement. The property has been the subject of fire damage and therefore requires refurbishment throughout.
“At the time of going to print, the auctioneers were unable to inspect the property internally and therefore the accommodation details should not be relied upon.”
Photographs show the windows and doors have been boarded up, while the window sills are scuffed.
But it could cost you thousands of pounds to refurbish it, depending on the extent of the damage.
According to HomeBuilding.co.uk, jobs such as replastering cost from £2,000 to £3,000, while new kitchens, fully installed, start from £3,500.
Replacing doors and windows will also cost you at least £2,500 to 3,000.
For people who are interested in bidding, you can only view the outside of it ahead of the auction next week.
Bond Wolfe Auctions will be live streaming the auction on its website at 10am on June 24 and interested bidders can make an offer by proxy, on the phone or on the internet.
While it might need a lot of work, it could be a worthy investment.
A three bedroom house on the same road, called Dorset Street, is currently up for sale for £55,000.
And a two bedroom property sold for the same amount in 2018.
The house isn’t the only cheap home that is on offer.
A property in Italy was up for sale for just £1 earlier this month.
Last summer, five properties in locations such as Durham, Lancashire and Sunderland sold for just £20,000 each.
And if you’re thinking of buying your first home, we’ve created a guide to cheap mortgages for first-time buyers.
Did you miss our previous article…