Property for sale: Three bed house on Zoopla for just £20,000 – but why is it so cheap?

Location is a huge influencing factor when it comes to the price of a property, as is the size and style of the house. But, just a quick browse of the property market statistics on Zoopla show that this three bed semi-detached house in Rotherham, South Yorkshire is listed on Zoopla for far less than what’s average in the area. The dwelling, located on Brunswick Street, Thurnscoe, has a guide price of £20,000 – while the property website has revealed the average estimated value for houses in the same postcode stands at £117,878, according to sale activity. So, is there a reason why it could sell for such a low price?

Take a closer look and the answer becomes immediately obvious.

It’s selling at auction this afternoon at the Copthorne Hotel Bramble Lane, Sheffield.

Auction House South Yorkshire have listed the property, and shared some information on what interested buyers can expect.

Through an entrance hall, you can access the kitchen/diner, and a lounge which boasts a patio door to the enclosed rear garden.

Meanwhile, on the first floor, there are three bedrooms, which all have uPVC double glazed windows.

That’s in addition to the house’s bathroom.

Transport facilities are nearby, as a usual local amenities, the listing states.

When buying a property, it’s recommended that you attend a viewing – especially when buying at auction.

It may seem clear from the photographs, but the auction house have also pointed out that this purchase would need a “comprehensive scheme of repair and renovation”.

If you’re looking for a buy-to-let, rather than somewhere to live yourself, it’s claimed that the home may have a potential rental income of £350 to £400 per calendar month – which comes to between £4,200 and £4,800 each year.

When buying at auction, it’s important to remember that additional fees will be required.

The buyers premium for this property comes in at £1,950 plus VAT (£2,340), which is payable on completion.

There’s also an administration charge, which comes in at £750 including VAT.

This will need to be paid upon the exchange of contracts.

As well as the property potentially going under the hammer for more than the £20,000 guide price, addition fees may also be payable on top of its final sale price.

The listing also advises interested parties should also see the legal pack for any other payable costs.

Recently, Phil Spencer, the property expert of Location, Location, Location fame, revealed the most cost-effective changes a person can make when selling their home.

source: express.co.uk