A four bed detached house for sale in West Yorkshire has been listed on Zoopla for just £64,995. This is far below the average estimated value for a house in the area, which is £288,153. The family home in Beaumont Street, Stanley, Wakefield, is being sold by Manning Stainton. However, a close look at the listing reveals that buyers won’t get the whole property.
The listing reads: “The property has 76 years left on the lease.
“Rent is payable for the other 75 per cent share owned by the management company, this is charged at £373 per month and includes buildings insurance.”
The home is being sold as part of a rent to buy scheme.
This means buyers put down an initial sum for a stake in the property, and then make rental payments on the rest of the value of the home, gradually buying more of the home over time.
The house features a kitchen, fitted with traditional units and a built-in oven and hob.
There is a large lounge diner with a gas living flame pebble effect fireplace.
Upstairs there are two double and two single bedrooms and a bathroom.
Also included is a garden in the back of the property and a single garage.
The property comes without a chain.
Why would someone buy 25 per cent of a house?
Buying a share in a house is one way to invest in property without actually buying a whole house.
It is much like buying a share in anything else. The value of property could rise, meaning you get more back if you sell your share.
However, it could also fall, meaning you would get back less than you but in.
According to Zoopla the estimate value for houses in this area has fallen by -0.837 per cent over the last 12 months.
However, most property investors will sit on their investments longer than a year.
A three bed property for sale was listed on the site for just £29,000 – but there’s a reason it’s so cheap.