buying an airey house at auction

SouthCoast

probably be bought by a cash BTL buyer

Agreed, but with uncertain maintenance costs I would want to see a gross return of around 15%.

*jobags*

I work for a council and we still have a few of these

None have been sold recently but in recent years I understand Barclays were about the only high street lenders who would lend on any non trad property
Last one we sold was about 3 years ago tho...

It's probably OK if you never intend selling otherwise avoid - you never know what will be red lined next

Jo

[Deleted User]

my dh, retired struct engineer has done a huge amount of work with airey houses involving council, refurb etc. No way on earth would he buy one

guppy

kunzite wrote: »

ive seen an airey house in a lovely location thats up for auction in suffolk any advice on how to proceed and what problems i could encounter?

How lovely is the location? I'm imagining its on an estate of similar houses, so probably not going to be profitable to knock it down and start again with something a little larger.

In terms of buying it to live in, keep in mind that "problem properties" such as these are going to affected by the slump to a far greater extent than more desirable properties, so I'd want a massive discount compared to a traditionally built house to buy now.

Swift1_3

If you've got the cash sitting there, definately 100% do not need a mortgage, love the area to bits and have the funds to renovate etc if and when needed and are not planning on ever selling it or at least not until the construction has been sorted then go for it. IF NOT THEN UNDER NO CIRCUMSTANCES BUY IT.
In my expererience and in the current climate finding a mortgage would be next to impossible. Even if you did, at a much higher than normal interest rate negating much of the price reduction, then if a problem came up at a late stage, which is common considering the complexities, with this being an auction purchase you would be unable to pull out without severe financial penalty. And once you'd bought it re-sale would only be possible through a re-auctioning which is why its in an auction in the first place.