AN ‘INHABITABLE” flat is on the market advertised as a ‘great refurbishment project’ but will it FLIP or FLOP after auction.
Any first-time-buyers struggling to get onto the property ladder may feel hope to see a one bedroom flat in Scotland listed for £10,000.
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However, the property is currently stripped back to it’s bones with debris and broken furniture hiding holes in the floor, as well as a damaged ceiling.
Mandi Cooper, the Managing Director at National Property Auctions Limited, said: “With a guide price of £10,000, this property has already been attracting a lot of attention ahead of our September auction.
“Although currently inhabitable, it would make for a great refurbishment project and offers a potential buyer an exciting opportunity to add value.”
Ms Cooper estimated the flat, located in East Ayrshire, could be used as a buy-to-let investment, she said: “The property could have a potential annual rental income of £4,189 (at Local Housing Allowance rates).”
The selling agent in charge of the property advised the flat is in a great location for anyone commuting in and around Glasgow because it is near the M77.
They said: “It may not appeal to everyone, however with a price starting at just £10,000 it’s a hard deal for any property developer to turn down.”
The layout of the potential ‘flip’ includes an entrance hall, living room, galley-style kitchen and bedroom.
Auction House Scotland will be holding an in-house auction on September 2, at the Radisson RED hotel in Glasgow at 2p.m, where the flat will be available to bid on.
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Buying houses at auction often leads to jaw-dropping deals, like this property which was available for half the price of the Scottish flat, at £5,000.
However, ‘flipping’ a property does not need to cost thousands, read how a mum-of-one renovated her bathroom for only £4.
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