I have viewed a repossession property - 2 bed 1st floor maisonette - in a block of 4.
It needs new kitchen + bathroom.
My concerns are:
A) The lintel above the downstairs flat living room appears to be compromised; there is the typical v-shaped crack that is pretty pronounced, it goes up to the living room window sill of first floor.
B) There are hairline cracks in the ceiling and walls of a large back bedroom.
C) Small patch of damp - probably because it has been empty.
There is no time to get a surveyor in; it goes for auction soon. It sounds risky but it is potentially going to be cheap- because of the terms of the lease (no letting) it is not that attractive to investors, it is also a cash buy due to lease length. I have cash available to buy and do it up, but this is not limitless so I don't want to buy a complete money pit.
It would be to live in and provided the repairs etc don't exceed 50k it has the potential to make back that and a lot more (based on others in the area).
Just to add- please don't simply write "stay away from the property!" without any context! I really need some advice about potential costs from people who know.
Thanks :)