They always say, ‘buy the worst house on the best street’ to get the best deal when purchasing property.
But what’s hidden within this is the work that you’ll need to put in after you buy, creating value through your renovations so it’s no longer the worst house.
One of these big projects has just gone on the market, and you can decide for yourself whether the price is right.
Located in Paisley, this flat above a shop has a guide price of £9,000, despite being valued in a survey at over £50,000.
This low sum appears to be down to the condition of the place, which isn’t exactly ideal. It’ll need a lot of work to clear out the mess left in the rooms, in some areas piled high up the walls.
Surfaces are filled with clutter and rubbish, and dated fixtures and fittings like the bathroom desperately need updating.
Cupboards also look like they’ve been ripped from the kitchen walls, alongside makeshift curtains made from sheets blocking out the windows.
It’s currently tenanted on a rolling contract at £410 per month, so the new owner can either continue this or choose to take the property in a different direction. Either way, it requires a big clean.
Once you’ve got over that part, it may still be a great deal for you.
Paisley is a 20-minute drive or 15-minute train to the centre of Glasgow. Plus, as a university town it’s suited for student renters.
Future Property Auctions in Shawlands, who are marketing the property, say: ‘It is an ideal purchase for a buy-to-let investor or landlord looking to add to their portfolio.
‘As a university town there is a high student population as well as the area’s largest hospital.’
Similar properties on the same road have sold for nearly 10 times more than this one, ranging from £60,000 to £95,000.
The lucky winner of the auction will be getting the mammoth task of cleaning it, but also the chance to build a beautiful home for themselves or someone else.
Find out more information about the flat on the Future Property Auctions website.
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