A TWO-bed house in Durham can be snapped up for just £28,600 – making it the cheapest home on the market.
The average house price, according to the Land Registry, is £274,712 – which makes this bargain property roughly a tenth of the cost.
That means you'll be saving yourself over £246,000 on this home, which is located in the village of Trimdon Colliery in Durham.
It could be yours if you have £2,800 in the bank, which is enough for a 10% deposit.
The property is the cheapest one listed on property portal Zoopla that isn't up for auction.
It has two bedrooms, a bathroom, a kitchen, and it looks like there's a small garden to the back of the property.
However, before you splash your cash, you'll need to make sure taking on a doer-upper like this is the right decision for you.
The property looks like it needs some work, and the advert for the home on Zoopla's website reveals a list of things that need doing to the house.
A new kitchen needs to be fitted, the walls need to be done up, new carpets are needed, and the bathroom needs finishing off.
The advert says the house also needs a deep clean.
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The pictures show some pipework is exposed, and marks can be seen on some of the walls of the property which could suggest water damage.
That means you'll have to have a lot more cash in the bank to spend on bringing it up to scratch, so make sure to include this in your budget.
You'll also need to factor in other fees when buying the house too – but it falls well short of the £500,000 stamp duty threshold meaning you won't have to pay land duty.
To make sure buying this house isn't a financial sinkhole, you should pay for a home survey for the property before you splash out.
This gives a detailed inspection of the work that needs doing, and what condition the home is in.
These can cost £900 or more for the most in-depth ones such as a building survey – and prices depend on the size of the property.
Fail to get one sorted and rush into buying a home without one and you could end up paying tens of thousands of pounds more to fix the issues – like this first-time buyer did.
The Sun's new property experts Rea Hill and Tonya Barnard explain cheap and easy ways to add thousands onto your property.
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