A “DETACHED house” listed on Zoopla for £10,000 is actually just a rundown garage.
Average house prices in London currently sit a t £634,681, according to Zoopla, so you’d be forgiven for thinking that you found a bargain.
But the £10,000 zone three “house” in Catford doesn’t have a toilet or a kitchen, and there’s no mention of electricity at all.
The single-room property only spans across one storey and would need some serious work to turn it into something liveable.
You wouldn’t be able to get a mortgage for it either because lenders don’t tend to go for properties that aren’t habitable.
But it turns out it was actually categorised on the property portal by mistake.
While the “more information” section on the page correctly described it as a garage, the sellers told The Sun it had accidentally advertised as a home.
But the seller reckons it would be an ideal spot that could be developed into something habitable.
In terms of location, it’s not far from the high street and only a short walk from Catford and Catford Bridge train stations.
It’s freehold too, so you’ll own the land that it sits on, unlike a leasehold property, making it easier to get permission for any potential building work.
But it doesn’t come with the right permissions and paperwork so you’ll have to get those yourself, which will end up costing you.
If you’re a buyer and seriously considering building your own house then you’ll have to be able to buy it in cash.
It’s also worth noting that as it’s being sold at auction so the price is likely to go up so you could end up forking out more than the guide price in a bidding war.
What help is out there for first-time buyers?
GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.
Help to Buy Isa – It’s a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there’s a maximum limit of £3,000 which is paid to your solicitor when you move.
Help to Buy equity loan – The Government will lend you up to 20 per cent of the home’s value – or 40 per cent in London – after you’ve put down a five per cent deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.
Lifetime Isa – This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25 per cent on top.
Shared ownership – Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25 to 75 per cent of the property but you’re restricted to specific ones.
“First dibs” in London – London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can take place.
Starter Home Initiative – A Government scheme that will see 200,000 new-build homes in England sold to first-time buyers with a 20 per cent discount by 2020. To receive updates on the progress of these homes you can register your interest on the Starter Homes website.
There are cheaper garages for sale, such as this one for £8,000 in South Woodford but you’re not likely to be able to develop this land.
The listing has since been updated to reflect the true purpose of the building.
The garage is going on sale at auction with Auction House London on September 17 2019.
Zoopla and Auction House London did not wish to add a comment.
Earlier this week, we reported how a charming three-bedroom detached house has gone on sale for just £5,000 but you’ll need to be prepared to do a lot of work to it.
For a real bargain property, we’ve put together a round up of family-size homes that you can buy under £100,000.
There are a range of schemes out there for first-time buyers, from free cash with a Help to Buy ISA or an equity loan that’s interest-free for five years.
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