As these are all doer-uppers, you should keep in mind not only the price that you’re willing to pay at the hammer, but also the rough figure you’ll likely need to fork out for a renovation
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If you’re looking for a cheap property, your local auction house could be the perfect place to nab a real estate bargain.
The types of homes that will be inexpensive are usually fixer-uppers and not for the faint hearted.
This means you’ll need to be not afraid to get stuck in with some DIY to bring a property back to life.
You should keep in mind not only the price that you’re willing to pay at the hammer, but also the rough figure you’ll likely need to fork out to do it up.
When a home is listed with a guide price, this is typically the minimum amount the seller is willing to let the property go for.
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Should lots of people bid on that building, it is likely it’ll go up in price quite substantially.
Finally, most auctioneers will slap on additional fees and VAT that you’ll need to pay and they’ll likely ask for some form of deposit to secure your winning bid.
Daniel Copley, consumer spokesperson at Zoopla said: “If you’re on the hunt for a new project, there are currently some great bargain properties for sale in the UK.
“It’s worth bearing in mind that if you do decide to purchase a home that requires significant renovation, costs can quickly mount up. Ensure you budget correctly to make the most of your investment.”
If you’re tempted by an auction home, we round up six places that will soon go under the hammer with a guide price of £20,000 or less.
Would you buy a home at auction? Let us know in the comments.
Two-bed house in County Durham – £18,500
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This two-bed terraced house in County Durham has been described as an “investment opportunity” by estate agents Hunters.
The listing admits the property is in need of some dire TLC with the walls and flooring all stripped bare in each room.
But if you have the time to do it up, the estate agents say it could be ideal for someone looking for a buy to let home to rent out.
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As well as its two bedrooms, the property comes with a rear garden and dining/kitchen area.
Its good points are that it is close to an Aldi and is in close proximity to Horden Railway Station.
The bidding states you’ll be buying a leasehold property.
Contact Hunters directly to find out information about the aucton.
Three-bed house in Nottinghamshire – £19,000
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Another doer-upper, this three-bed terraced property in Nottinghamshire appears in better shape than the County Durham one above.
However, it does still need modernising and looks like it hasn’t been decorated in a few years.
The property, which has a rear yard, is vacant and the listing states you’ll be bidding on a freehold.
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It’ll go under the hammer by Bond Wolfe Auctions on September 9, with remote bidding allowed only.
Viewings are also taking place beforehand so you can see what you’ll be bidding on.
Three-bed house in Wolverhampton – £19,000
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This three-bed semi-detached in Wolverhampton is also in need of a refurbishment and has a guide price of £19,000.
The carpet throughout is bright red and extremely old-fashioned, while all the walls are in need of a paint job.
The property consists of both front and rear gardens, an upstairs family bathroom and even its own driveway.
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Estate agents Royal Estates are holding viewings for this property until September 17 before it goes under the hammer.
Contact Royal Estates directly to find out more about the auction process.
The Zoopla listing says this is a freehold property.
Three-bed house in Nottinghamshire – £19,000
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This three-bed in Nottinghamshire (see top pic) is an end of terrace property and the listing states it could make an ideal home or investment.
Like the other properties we’ve seen, it does need fixing up with some of the bedrooms stripped of wallpaper and with bare flooring.
The bath is also missing its panelling and the back garden is overgrown.
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Royal Estates is also hosting viewings for this place too, so you can get a feel for what it is like.
Contact the estate agent directly to find out more about the auction for this freehold property.
Three-bed house in Middlesbrough – £20,000
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Finally, we have this three-bed terraced property in Middlesbrough, which again is being marketed as a modernisation project.
On the whole, the inside isn’t too shabby but it is very out of date, so you’ll need to give it a going over from top to bottom.
As well as its three bedrooms, there is a kitchen/diner, bathroom and W.C and also a rear garden.
Barnard Marcus will hold the auction for this freehold property on September 14.
It also lists a video tour of the home online so you can see what it is like.
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