UNDER THE HAMMER
This terraced home is up for auction with a starting price of just £1 – but there’s a catch
The seller is hoping that the £1 starting price will attract buyers but it's likely to go up when the house goes under the hammer
A THREE-bed terrace house in Newcastle is being put up for auction with a starting price of £1.
Of course, like any deal that looks too good to be true this one comes with a BIG catch - the property needs a lot of work.
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The seller is hoping that the low starting price will help attract potential buyers for the house in Albert Street, Chester-le-Street, but there's a hole in the ceiling, bare walls and plants growing through the floor.
Clearly, it's in need of some serious TLC and a full refurbishment to make it safe, but an experienced investor may be able to see the potential.
The £1 starting price is most likely to go up but the buyer needs to be wary that the sale price could end up exceeding the cost of renovation.
As well as the bedrooms, there is a lounge-come-dining room, kitchen, bathroom and a yard at the back.
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A similar two-bedroom house on the same road sold for £81,500 in March 2017, according to RightMove.
Properties under the Hammer's Ibrar Pervez said: "I think it will probably sell for between £10,000 and £13,000. On average properties in the area sell for around £52,000.
"The owner contracted me directly and he just wants to get rid of it. It needs a full refurbishment but I think 100 per cent it could be a good investment."
The property was last sold in 2007 for £79,000 according to Zoopla, but the site reckons it's lost some of its value over the past decade and reckons it's worth £75,000 now.
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The site also predicts that once it's refurbished then it could be rented out for between £400 and £500 a month.
The house is also in the catchment area for two primary schools - Roseberry Primary and West Pelton.
Chester-le-Street train station is only 2.4 miles away, while Dunston is around 6 miles away.
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Interested potential buyers will be able to take a look the property at a viewing day on August 20, and an online auction, run by Properties under the Hammer, will follow through to August 23.
One first-time buyer, Louise Phillips, told The Sun how she turned a "grotty" £225,000 one-bed flat into her dream home for £16,000.
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