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Original poster

To wonder why this house is so cheap?

33 replies

Fluffysocks12 · 03/12/2023 11:44

Obviously it needs work doing to it and you can’t get a mortgage on it but it’s a semi detached 3 bedroom house with large gardens.

Its cheaper than most 1 bedroom flats and caravans on the same site.
I’ve seen homes that have had fires, which are advertised for more.

I’m wondering what could be so wrong with it.
Perhaps it’s simply because it’s for cash buyers only.

https://www.rightmove.co.uk/properties/140357546#/?channel=RES_BUY

Check out this 3 bedroom semi-detached house for sale on Rightmove

3 bedroom semi-detached house for sale in Rock Lane, Bodmin, PL31 for £70,000. Marketed by Millerson, St. Austell

https://www.rightmove.co.uk/properties/140357546#/?channel=RES_BUY

OP posts:
Rantypanties · 03/12/2023 11:47

I’m guessing cause it’s a pre-fab house, they’re notoriously hard to get a mortgage on!

DeedlessIndeed · 03/12/2023 11:48

Cash buyers only - would indicate structure issues which would prevent you getting a mortgage.

Pootles34 · 03/12/2023 11:48

Because it's a Cornish unit- it's defective construction, which is why it's cash only.

HobnobbingAboutHobnobs · 03/12/2023 11:50

Also with it not being detached, it's dependent on the status of the adjoining property.

HappyHamsters · 03/12/2023 11:50

It's made of concrete, it would take a lot of money to get it up to building standards and regulations inside and out

ditalini · 03/12/2023 11:51

Yes, it'll be a combination of the v poor state + non-standard, unmorgageable construction which will mean you'll have to pay a lot in repair costs but have a low ceiling on the eventual value.

Crooklodge · 03/12/2023 11:51

There's no heating apart from the fire in living room.

Greekgreens · 03/12/2023 11:53

Maybe it’s just land value. I wonder if you rebuilt on the plot whether you would have to build the same style.

froginawell · 03/12/2023 11:54

It's also a semi which makes it harder to knock it down and start again

ANightingale · 03/12/2023 11:55

The adjoining one has scaffolding up, which tells you something.

SignoraItaliana · 03/12/2023 12:00

We looked at a non standard construction bungalow in North Wales, 3 bedrooms, a garage, sea views, and less than £50k. It was cash offers only and if it had been down to me, I'd have bought it. DH said no, it would be a cash cow. The people who did buy it have spent more than three times the purchase price getting it structurally safe to live in, but they now have a fabulous home by the sea. If you've got the funds, then go for it.

sixteenfurryfeet · 03/12/2023 12:01

Yes, non-standard construction. That'll be it. There might also be an issue with radon gas or subsidence in the area.

ScottBakula · 03/12/2023 12:21

@DeedlessIndeed , me too ! That article is interesting, I had heard of them before but didn't realise they were such a minefield.

If it was a standard house it would be sold before the ink had dried on the advert but I am guessing that one will be languishing in the estate agent window for quite a while.

sandrapinchedmysandwich · 03/12/2023 12:24

It's also bang opposite a shop so parking and teens hanging around may be an issue

housethatbuiltme · 03/12/2023 12:35

Because its a write off basically.

Likely has concrete cancer and is in TERRIBLE condition. Not really worth anything more than the land its on and will cost people money to bulldoze it.

Fairymother · 03/12/2023 12:38

Looks like it needs to be torn down and rebuilt rather than just have some work done.
Probably land price only.

Movinghouseatlast · 03/12/2023 12:50

I assume it has Mundic. So it was built from concrete which was reinforced with the spoils from old tin mines. Its very common in Cornwall and any houses with any form of concrete need to be tested before you can get a mortgage.

We went right up to exchange on a house with Mundic- it fell through because the owners decided not to sell. We had a Mundic survey which said the Mundic was sound. After the sale fell through the seller took the roof off to repair it and the Mundic got wet. Mundic starts to break down when it gets wet, it's a bit like a Gremlin in that respect!!!

We walk past that house every day and thank our lucky stars the sale fell through. The people who ended up buying it have had to knock it down because it started to fall down. It's cost them a huge amount of monet, it would have bankrupted us.

Original poster
Fluffysocks12 · 03/12/2023 13:18

Ahh ok these replies make a lot of sense.

I was thinking someone could buy it for that price, spend a little bit of money on it doing it up and then sell it on for twice the price.

I know you can do something to the outside of it and brick it up to make it mortgageable, which it looks like many homes have done in the area (and possibly what the neighbours are doing) but I don’t know how much this costs or what permissions you need etc.

OP posts:
FuzzyPuffling · 04/12/2023 15:04

As well as all the above, Bodmin is not the best place.

KingsleyBorder · 04/12/2023 15:07

SignoraItaliana · 03/12/2023 12:00

We looked at a non standard construction bungalow in North Wales, 3 bedrooms, a garage, sea views, and less than £50k. It was cash offers only and if it had been down to me, I'd have bought it. DH said no, it would be a cash cow. The people who did buy it have spent more than three times the purchase price getting it structurally safe to live in, but they now have a fabulous home by the sea. If you've got the funds, then go for it.

You might want to look up what “cash cow” means- it’s not what you think it does!

I think you probably meant money pit or maybe white elephant.

Aquamarine1029 · 04/12/2023 15:12

It's a tearer-downer, imo, and I'm wondering if the area is also in a shambles. For all of the work that house would need, it would probably be less expensive, and far less hassle, to build a new one.

plumtreebroke · 04/12/2023 15:13

Looks like a drainage ditch down the side, might be damp or flooding risk, chimney looks damaged. From the scaffolding next door could need roof work plus non-standard construction.

Pushkinini · 04/12/2023 15:13

And that particular part of Bodmin isn't very nice either.