Today was a reminder lesson as to why you need to see properties before you buy at auction.
So the deal was a 1 bed flat in Soham, Cambridgeshire with a guide of £20k. Research suggested from comparable properties that the flat had a retail of around £60k – plus a healthy rental in the region of £350-400pcm.
The auctioneer could not get me inside before auction and so I decided to do a drive by on the area. I had looked on google street view before I left and was a bit concerned as it looked like some sort of building work was going on….however the picture in the catalogue looked OK – but it was not very clear:
But when I got there – it all became very clear (well not really) but look at all the windows which are boarded up!! But that was not the actual flat for sale – that was some part of the building that you were above and next to! Lord only knows what was happening behind these huge boards!
And what on earth is the neighbour doing that they don’t want you to see???
And I get the distinct impression that the other neighbours are running the communal garden area as some sort of car cemetary! (maybe I’m being mean – maybe this is a second hard car lot for www.webuyanycar.com)
After this great introduction I was obviously (not!) keen to see the flat! Here it is in all it’s external glory!
Frankly, I don’t give a damn how much “potential” it may have inside – I am not buying it – not even at £20k!
What a scary thing! Looks like a good start for a Stephen King’s novel 🙂
You are right – I mean could you imagine living next to all those boarded up windows – what are the neighbours doing?!
Could This Really Be A Buy To Let Bargain? (Potential 45% Gross Rental Returns!)
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