Two chocolate bars or a house? That’s a question I never thought I’d contemplate but it’s one that selected Liverpool residents have had to make this year. Jayalal Madde has successfully bought one of the city’s 20 properties for a mere £1. I know what you’re thinking. Where’s the catch and what’s his secret to placing such a low offer?
The answer lies in the buying conditions, provided by Liverpool council. Jayalal won the property after promising that his keen DIY skills will see him bring the home up to an acceptable standard for living. He’ll be funding his own renovation project to restore the terraced house and has described the news as “like winning the lottery”. The money that he saved to get on the property ladder will now go towards the refurbishments instead. And for once, it wasn’t necessary to bid lower than the asking price as council officials set it so low to begin with.
This is the kind of news that I like. It’s an all too common story to save for loans and a mortgage, only to feel like you’re getting nowhere but Jayalal’s managed to fast-track towards owning his own home by committing to hard renovation work rather than difficult purchasing attempts.
The scheme has been designed not only to help people get onto the property ladder but also to give new life to derelict homes. Many properties lie abandoned all over the country for a number of reasons, and this way they’re no longer going to waste.
What do you think of the £1 renovation scheme? Would you consider purchasing a property if it meant you had to re-create it from scratch? Let us know by commenting below or getting in touch on Facebook and Twitter.