Auction House says ..

Property Oracle says ..

This property at 12 Blumer Street, Houghton le Spring, is listed for sale via auction at a price of £10,000. The provided photographs reveal a terraced house in significantly poor condition. The windows and front door are boarded up, clearly indicating substantial disrepair. The available information does not provide details on the square footage or plot size. While the location in Houghton le Spring offers proximity to schools, like Dubmire Primary School, the property’s condition and the lack of detailed information about the area’s amenities and transport links beyond the distance to Chester-le-Street train station require further investigation. The price, while seemingly low, must be considered in relation to the extensive renovation required. Nearby property prices vary significantly, ranging from £19,500 to £77,000 for terraced houses on Blumer Street, but these prices do not reflect the current condition of the property in question. Buyers should factor in the substantial renovation costs to determine if this property presents a worthwhile investment opportunity. The property is being sold via Auctionhouse, which is a reputable national auction house. Potential buyers should conduct thorough due diligence and obtain professional surveys and valuations to assess the true value and required investment before committing to a bid. The high variability in nearby property prices necessitates careful consideration of the property’s true potential market value after renovations are completed. Therefore, a cautious approach is advised when considering this investment. The extremely low price point compared to other properties on the street may indicate that the property may have significant hidden problems or challenges that are not immediately apparent, and this may require additional due diligence prior to bidding on the property.

Therefore, we give this property 4 / 10. Disclamer: This is our opition and does constitute a recommendation or financial advice. Do your own research.

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