Why such a cheap property?

Why is the two bedroom home such a cheap property?

United Kingdom – Buying a property is a huge landmark in anyone’s life and something that can require years of saving. A two-bedroom house in Durham is on the market for just £32,499, but why is it so cheap?

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No matter where a homeowner wants to live, they are sure to be hit with expensive asking prices, so a cheap property is sure to catch the eye of any potential buyers. A house in Browney, County Durham has been put on sale with a tiny asking price of just £32,499 on RightMove and is available for a deposit of just £1,625. Other homes in the same area have recently sold for much more and a similar terraced house is currently on the market for £89,950. The two-bedroom house on sale also features off street parking, so why is it so cheap

The property is described as perfect for growing families looking for their dream home.

It is located just under three miles from Durham city centre but is said to have plenty of leisure, entertainment and cultural facilities nearby.

The house has an open plan kitchen and dining area, spacious living area, a designer kitchen and a downstairs W.C.

Upstairs, potential buyers will find a large master bedroom, second bedroom and full bathroom.

The property also has a garden with bi-folding doors that open out into it.

In the description on RightMove, it is quickly made clear why the buyer would not have to splash out too much.

The asking price will only get homebuyers a 25 percent share in the terraced property.

This means the buyer will only receive a 25 percent share of the property and they will need to pay an undisclosed rent on top of this.

The listing said: “Aimed to help lower income, first time buyers. Shared Ownership is a faster way to get onto the property ladder.”

The advert also said this can help buyers kick start their journey to home ownership.

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Although the tiny price tag may seem tempting, it is important buyers understand what shared ownership means before making a purchase.

For those who are hoping to bag a cheap home deal, there are other options available on the market.

Recently, a modern two-bed house in Shropshire was put on sale for just £35,000.

This asking price will also only give the buyer a 25 percent share in the property, and they will be required to pay £289.50 per calendar month on top of this.

One four-bedroom property was listed for just £5,000, but the buyer would need to finance this and still pay £153 per week.

Author – Sarra Gray
Original source – Express UK

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