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The "cheapest home in the UK" went on sale at auction on the 30th of October 2012, with a starting price of just £750 and whilst this may sound like a bargain considering the average house price is closer to £160,000, there are many other factors that should be considered prior to putting in a bid. For example, consider the maxim "location, location location". The house in question is in an area of Stockton that has suffered over recent years with high levels of antisocial behaviour including arson and whilst plans are underway to clean up the neighbourhood, it is likely to be described by estate agents as "up and coming" for the foreseeable future. Another factor to consider is the general state of repair, the property has suffered significant vandalism, has no wiring, no plumbing, no heating, no kitchen, although there is space to install one, and the less said about the current state of the bathroom the better. As average house prices for comparable properties in the area are typically around the £50,000 mark (not including one in a similar state of repair shortly to be available with a starting price of £1000) the new owner will almost certainly struggle to restore the property to its former glory without spending more than the house is likely to be worth. Therefore, whilst prospective purchasers appear to be getting a bargain, it is very likely to be a false economy in the long run. By comparison, whilst modern new homes featuring all the standard fixtures and fittings is considerably more expensive, they can represent considerably more value for money. For example, bringing a normal home, or one that’s not quite as dilapidated as the one featured above, up to the same standard as a new build can cost £30,000. From improved insulation, double glazing, energy efficient appliances and modern kitchens and bathrooms, to name a few of the advantages, there is significant added value. (You could even consider supporting the UK’s construction industry during one of its most difficult trading periods as an additional plus.) This serves to illustrate that you do generally get what you pay for, and whilst very few of us would consider bidding on a fixer upper with an asking price of £750, at the more sensible end of the housing market new homes are definitely worth considering as they can represent better value for money than otherwise thought.
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