Inside two-bedroom home with solar panels and new kitchen that could be yours for just £1… here’s how

A TWO-bedroom home kitted out with a modern kitchen could be yours for just £1.

The semi-detached property could be bagged by a lucky house-hunter for an outrageously cheap price – but they will have to put in the graft.

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Located just outside Durham, this house offers a modern kitchen, two generous bedrooms, a bathroom, and garden.

The Peterlee property also comes fitted with solar panels for any home-buyers interested in the environment and renewable energy.

Inside, the cosy living room can be heated by a working fireplace, perfect for cuddling up by this winter.

A large kitchen is also ideal for hosting and is sure to impress party guests.

But there’s a catch that comes with the staggeringly affordable price tag.

It will call for major renovations, especially in the bedrooms, which are swamped with rubbish and debris.

Estimates from the Town & County Property Auctions quoted costs of £5,000 for each bedroom to make them habitable.

It is also reported the property was previously repossessed – meaning the electricity has been disconnected.

‘Do not use’ tape is also stuck over the sink and toilet in the bathroom – indicative of serious plumbing issues.

Gareth Carr, head of sales and business development for Town & Country Property Auctions said: “The sellers haven’t placed a reserve fee on the property, which means if someone bids £1 and no-one places a higher bid it has to sell at that price.

“It’s a re-possession property so the bank just wants to get whatever they can back for their costs.

“Obviously, we’re expecting it to sell for much more than a quid, maybe around £40-£50k but this gets people talking about the home, and who knows, it could happen.

“We’ve had a lot of interest in it so far. It’s a well maintained property and the new owners would only have to renovate the bedrooms, which would cost around £5k.

“Other houses on that street sell for around £70k so you would still be getting a bargain, even if the price goes up by a few grand.”

Gareth added: “It’s perfect for first time buyers.

“It isn’t a typical auction where you sit in a room and bid, it’s all online and we accept mortgages.”

The property sits on Delavale Close and is less than a mile from local shops, including Asda, and only half a mile away from the nearby school.

For nature lovers, the Bears Ridge nature reserve can be reached by car in just two minutes.

Online bidding opens on January 21 at 10am and closes on January 26.

We earlier warned how there are plenty of potential downsides to be aware of when buying a house at auction, such as hidden costs and often extensive DIY work.

But there’s also an opportunity to snap up a bargain new home or investment property.

House hunters must be sure to view particularly low-price properties to ensure the work needed is not too extensive.

You can arrange a viewing by contacting the auction house that is listing the property.

Just like buying through an estate agent, you’re entitled to have surveys and searches done before deciding whether the house is right for you.

This will cost you money – and you might not end up buying the house – but it’s money well spent, especially if you’re an auction newbie.

There are different levels of surveys, and how much it will cost depends on which one you opt for and the value of the property.

Most go for a mid-level survey that looks at what repairs and maintenance will need to be done, as well as issues such as damp and whether it meets current building rules.

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This post first appeared on thesun.co.uk