Ex Council house or Auction

sadia85

I have 50k of saving and need to know if any chance I can buy a ex council house, or on auction / need refurbishment house in Birmingham, London, Luton, Essex or close by.




Please advice as I am not willing to go for mortgage etc and want to avoid paying interest to the bank.


Any website where I could check, I couldn't not find any.


Thanks

usa1

I think you would struggle to buy a ex council house in Luton, London or Essex even at auction for 50k

ManuelG

Birmingham you might, as long as you didn't mind lots and lots of work and/or a liking for danger.

Owain_Moneysaver

sadia85 wrote: »

Any website where I could check, I couldn't not find any.

There's a website called Rightmove where you can search properties within price bands.

Running_Horse

And Rightmove will tell you what houses sold for.

stator

Buying at auction is very risky. Could end up with a nightmare dump.

[Deleted User]

Birmingham is Britain's second city.., its not cheap.

If you want to pay that sort of money, best to stick to much cheaper areas. Do research, it will do you good if you want to invest such a large lump in property.

But also look into what you want to do with the property, particularly if you want to rent it out. Its not a simple process and full of pitfalls.

AlexMac

This helpful website provides links to auctioneers and through these, you can browse their sales catalogues
http://propertyauctionaction.co.uk/html/index.html

( I occasionally enjoy browsing auction catalogues even though I've only ever completed on one auction purchase! Sad, eh? I should get out more )

But, as you will see from the guide prices, I wouldn't rate the chances of finding much that's habitable at £50k; Zoopla have a reposssesed flat in Margate at £40k http://www.zoopla.co.uk/for-sale/details/35362411?search_identifier=a6adadce533c3ccdad9f1cf87f5c6a67#CIPdYPqIBv8uZPD5.97 but despite the hype about the Turner Gallery, Margate, Kent still suffers from the poverty that caused it to be defined as one of the few UK 'Objective 1' areas which used to qualify Thanet for maximum European Funding.
Or, as Kent is still one of the South East's cheapest areas, how about a nice 'houseboat' in Gillingham? http://www.zoopla.co.uk/for-sale/details/35457465?search_identifier=a6adadce533c3ccdad9f1cf87f5c6a67#LCqHF381bwAlvsBE.97 (although the term Houseboat is used loosely, as it lacks walls, floor, roof and interior... siut DIY enathusiast?

And as others have said in many other posts on this site, buying at auction requires some skill and means you risk losing your deposit- usually 10% unless you complete on time (usually 28 days) as you're comitted when the hammer goes down. Use the search bar above to look at earlier advice on 'auctions'.

Ex-Council (or Housing Association) properties frequently feature at auction, but then, they usually also go on the websites or via local agents

lincroft1710

Essex? Try Jaywick, plenty of cheap, small, run down, non-council properties.

Anything sub £50K in Luton will be in a bad area or a complete wreck, or possibly even an ancient mobile home.

AdrianC

Are you buying to rent out, or buying to live in?

If the former, I'd have thought that the most important factor was likely yield.
If the latter, I'd have thought location played a part in your decision.

In neither case is a mortgage-free dump in a nasty area going to be a great choice.

sadia85

AdrianC wrote: »

Are you buying to rent out, or buying to live in?

If the former, I'd have thought that the most important factor was likely yield.
If the latter, I'd have thought location played a part in your decision.

In neither case is a mortgage-free dump in a nasty area going to be a great choice.

I'm buying to rent out !!