Bid for a fixer upper! Semi-detached two-bed home with solar panels could be sold for as little as £1 – but would-be buyers will have to spruce it up a bit
- Property comes with solar panels, garden and a new kitchen and bathroom
- It is located in Peterlee, near Durham, and is short walk from shopping centre
- House could sell for £1, but bedrooms need renovating at estimated £5,000
- However, other homes on the residential street typically sell for around £70,000
A semi-detached house with solar panes may be sold for just £1 – but its buyers have been told it needs sprucing up before moving in.
The property, which also has a garden and newly-fitted kitchen and bathroom, is located in Peterlee – little over half an hour from Durham.
Despite the house potentially selling for as little as £1, the bedrooms are said to need renovating at an estimated cost of £5,000.
But the figure still pales in comparison to the £70,000 average that homes on the street typically sell for.
The front entrance to the property in Peterlee, Durham, which could be sold for as little as just a £1
The home has a cozy living room (pictured) that contains a fireplace and large window providing plenty of natural light
Gareth Carr, head of sales and business development for the North East at Town & Country Property Auctions, says the house is available at the bargain price due to the seller having no reserve fee – namely the minimum amount a home must sell for.
He said: ‘The sellers haven’t placed a reserve fee on the property, which means if someone bids £1 and no-one places a higher bid it has to sell at that price.
‘It’s a re-possession property so the bank just wants to get whatever they can back for their costs.
‘Obviously, we’re expecting it to sell for much more than a quid, maybe around £40-£50k but this gets people talking about the home, and who knows, it could happen.
‘We’ve had a lot of interest in it so far. It’s a well maintained property and the new owners would only have to renovate the bedrooms, which would cost around £5k.
‘Other houses on that street sell for around £70k so you would still be getting a bargain, even if the price goes up by a few grand.’
The house is available at the bargain price due to the seller having no reserve fee. Pictured: The bathroom
The kitchen comes complete with a fridge and washing machine, while there is also plenty of cupboard space and a door leading out into the garden
The property is under a mile from local amenities such as shops and cafes within the Castle Dene shopping centre
The property features two bedrooms, a living room, kitchen and garden. There is also a loft conversion that can be turned into a third bedroom.
Pictures of the home show a cozy living room that contains a fireplace and large window providing plenty of natural light.
The kitchen, meanwhile, comes complete with a fridge and washing machine. There is also plenty of cupboard space and a door leading out into the garden.
The house is advertised as being in a great location as it is only a two-minute drive from the Bears Ridge nature reserve.
It is also under a mile from local amenities such as shops and cafes within the Castle Dene shopping centre, as well as an Asda superstore. The local school is also located a short distance away.
The shopping centre contains a McDonald’s, Boots, B&M, Home Bargain, Argos and a Wetherspoons.
Mr Carr added: ‘It’s perfect for first time buyers. It isn’t a typical auction where you sit in a room and bid, it’s all online and we accept mortgages.’