A two-bedroom flat is set to go under the hammer this week for just £5,000 – the same price as a second-hand Ford Fiesta.
The property is being sold at auction for a fraction of its normal price because it needs to be completely renovated.
The ground floor flat, in the town of New Cumnock, East Ayrshire, is currently uninhabitable due to water damage after a catastrophic flood from a burst pipe in the flat above.
The current owner had refurbished the property before the incident and has decided to sell it rather than do it up again.
Similar flats in the area would normally sell for about £30,000.
A two-bedroom flat is set to go under the hammer for just £5,000 on Thursday – the same price as a second-hand Ford Fiesta
The ground floor flat, in the town of New Cumnock, East Ayrshire, is currently uninhabitable due to water damage after a catastrophic flood from a burst pipe in the flat above
Similar flats in the area would normally sell for about £30,000, so the discount price is a steal
Auction House Scotland said it is a perfect investment for a builder or developer who wants to make that first step into property investment without having to spend a fortune.
The damage is just superficial, the pipe that burst contained clean water and both this flat and the one above have mostly dried out.
But it will need new carpets and the new owner will have to check for any warping of the woodwork and kitchen counters and repaint.
The flat in Cairnhill Place has two bedrooms, a living room, kitchen, bathroom and hallway.
It is in a block of four flats and there are communal gardens at the front and back of the building.
Auction House Scotland said it is a perfect investment for a builder or developer who wants to make that first step into property investment without having to spend a fortune
But the flat will need new carpets and the new owner will have to check for any warping of the woodwork and kitchen counters and repaint
Mandi Cooper, from Auction House Scotland, said: ‘For somebody who is a new investor or wants to try getting into the development of property at this low end of the market you are not going to lose out by trying at this level.
‘Lots of people want to get into property development but the cost has become out of most people’s remit so this is an ideal opportunity for someone to see if they want to do it.
‘The work needed is very cosmetic. It’s really unfortunate – the owner had only refurbished it within the last year.
‘The bathroom’s okay and the new owner would need to check if there was any bevelling of the kitchen counters.
‘It wouldn’t take long to do the work, it might need to dry out with humidifiers for another few weeks but I think someone could turn it round within four weeks and could probably do it for £10,000. It really depends on the individual’s experience.’
The flat in Cairnhill Place has two bedrooms, a living room, kitchen, bathroom and hallway
It is in a block of four flats and there are communal gardens at the front and back of the building
Ms Cooper added: ‘The current owner just doesn’t want the hassle of refurbishing it again.
‘On completion of the refurbishment work it will be an absolutely fantastic resale or buy to let property and you can afford to take a chance at this price – it’s the same price as a car and you have got a whole flat for that money.
‘At this price you would normally expect to see extreme damage – fire or a lot of expensive work needing done for something like dry rot.
‘This is just water damage and for the money it’s a real bargain.’
The flat will be sold at auction in Glasgow on Thursday with a guide price of £4,995.