IT’S A BARGAIN! CHEAPEST PROPERTY IN COVENTRY GOES UNDER THE HAMMER
Potential investors and first-time buyers will have the opportunity to capture a bargain this July when the cheapest property in Coventry goes under the hammer at this month’s Loveitts auction.
The Coventry-based estate agents will be auctioning off the 3-bed property, situated in Branstree Drive, Holbrooks, at Coventry’s Village Hotel, Canley, on Wednesday 18th July
With a guide price of £30,000-£40,000, the maisonette, which has a short lease with 46 years remaining, is currently the cheapest house in Coventry and is a perfect opportunity for buyers looking for a challenge or an excellent investment opportunity.
The 3-bedroom duplex maisonette – which sits just 2 miles outside the city centre – requires decoration work throughout, in the kitchen and bedrooms.
Experts at Loveitts believe that this property will be a huge hit at the auction because of its low guide price, making it a unique investment opportunity for the right buyer.
Loveitts Director and Auctioneer, Sally Smith said: “This is a fantastic opportunity for either first time buyers who are prepared to take their first steps on the property ladder, or those who wish to make an investment that has the potential to make a promising return.
Not only is this the cheapest house in Coventry, it’s one of the cheapest properties in Warwickshire. This is an incredibly rare opportunity which doesn’t come around often, so we are delighted to have the chance to sell this 3-bedroom maisonette at our auction this month.
“Some renovation work is required, but with the right buyer it could be made it into an excellent investment opportunity or a comfortable home in which to live.
The maisonette features 3 bedrooms, a lounge, kitchen facilities and a bathroom.
The popularity of auctions has grown substantially over the last year with more vendors opting for this method of selling and buying properties.
Sally added: “The increasing number of people who are attending our auctions is a statement to their success and the confidence amongst our vendors who opt to sell their house by auction rather than going down the traditional route.
“Our auction this month with 32 lots is a record and has something for everyone including two pubs, some fantastic land opportunities, a retail unit and a range of properties and investment opportunities. It is a diverse mix which should create some exciting bidding activity on the night.”
Landlords of HMO’s in Coventry may face further costs with a new licensing scheme being introduced in May 2020. A Mandatory Licensing Scheme for HMOs has been in place since 2006 but the additional licensing will include smaller multi occupancy properties in some cases. Coventry City Council are pressing ahead with additional licensing as of the 4th May 2020 – although they have stated that they are easing some measures.
It is now readily understood by all, I’m sure, that we are living in unprecedented times – the recent coronavirus outbreak is impacting on economies and, more significantly, on people worldwide. I therefore just wanted to take this opportunity to provide some reassurance that we, at Loveitts, have a comprehensive business continuity policy in place (which will evolve as the circumstances dictate) so as to provide support and assistance to all our clients throughout.