Buying a House For Just a Pound £1
Buying a House For Just a Pound £1
For many people one of their life’s dream is to own their own home; get on the property ladder.
And while buying a property may seem daunting and a bit stressful, the reality of it is that it can be broken down into some smaller steps that need to be taken:
* Location: where do you want to live.
* Price: how much can you afford to pay for a property, and how much do you qualify for, so affordability.
* How are you going to pay for the house, cash….doubtful, so you need a mortgage, which means you need a set of sub-factors such as:
* Deposit: how much money do you have for a deposit?
* Affordability and credit: how much of a mortgage do you qualify for, and how is your credit and credit score(s)?
OK, now in looking back, maybe buying a house is not such a simple process.
However, no matter how complicated the process may seem, there are some ways to simplify things, and also find that elusive “deal” or bargain.
Houses and properties are not cheap, and affordability is one factor that makes it difficult for buyers to buy a house.
Many feel saving for the deposit is the hardest part of buying a house, but there are mortgage loans available that you can be approved for that require little or even no deposit.
So now the next big hurdle is the price of properties, and even that in some areas can be overcome. Such as with the £1 house.
In some parts of the country, Councils were offering homes for a Pound.
This was initially thought to be a win-win situation, for both the buyers and the Councils.
Houses in need of repair in some parts of the city were sold for £1, and the buyers has a time limit to renovate the property, and they had to live in the property for a set period of time. After they met these criteria, if they wished to sell the property, they could.
The main concern was to not have investors try to take advantage of the situation, and bargain.
Great in Theory
Overall, the project was a success, and not only allowed people to buy a house for cheap, but also transform certain areas in some cities.
However, nothing is not without its problems.
Issues with timing and getting the buyers into their homes, the renovations required were to be extensive, and there were cost overruns, and also the crime issues.
These properties were in very run down, “tinned-up” areas, crime was high.
As soon as you get enough new home owners moved in, things will improve, but initially there were problems.
A spokes person for Liverpool Council said regarding the programme, “This is an innovative scheme and, by its ground-breaking nature, the process has thrown up some unexpected challenges both for the council and the families. A dedicated team has been supporting them throughout the scheme – and continues to do so.”
“Homes for a Pound is just one element of our work which has seen 1,500 properties brought back into use since 2014.”
So still a success, even with a few blips along the way.
So if you can buy a house here in the UK for a Pound, what about abroad?
Homes Abroad Foe Less Than a Pound
Funny you should ask about buying a home abroad for a Pound, as recently some properties in Sicily were being offered for 1 Euro or around .86p!
Obviously the properties being offered are in need of repair, and that is why they are being offered so cheap. You need to renovate them, and do the renovations within three (3) years.
There are also a few other minor details, such as a 5,000 Euro security deposit to be held against you not completing the repairs and renovations in time.
But still, that is cheap for a holiday home a broad.
It goes to show that there are cheap houses to be had, of course timing, and being selected play crucial factors in being one of the few to buy these homes.