Real estate expert Nick Millican informs how the rising costs of homes have caused bidding wars on questionable properties in premium locations. Recently, a rundown property that some termed a detached flat sold for more than 200 lb. The property comes with three garages beneath it and a large living area above the garage.
Looking less like a home and more like a business building than a traditional home, this quirky property caused a fierce bidding war. Nick Millican recalls how the starting auction price was £136,500, and the next day, when the bidding closed, it had risen up to £201,000.
Due to the nature of the auction, this was a cash-only sale, Nick Millican adds. The squat-shaped home is located between a two-story house and a three-story apartment building on Stanley Road near the Enfield station. Five bidders placed more than 60 bids for the property containing leasehold and freehold titles to the home and accompanying garages.
The 1960s building with community hall vibes is accessed through outside stairs. It is a square living room with a kitchen and bathroom and has 21 square meters of space. Nick Millican then assures how the building needs a lot of work, but it is in a prime location (Facebook).
There is modernization and refurbishment to be done, as well as updating fittings and fixtures. The building will require time and money to update, but it is a sound investment because it comes with three assets. In a city with a lack of parking spaces, the trio of garages and driveway in front of the house are a significant asset. Real estate expert Nick Millican has noted that there has been an influx of unusual homes hitting the market.