International Real Estate News
Did you know that you can buy a home for just $1.5? It sounds too good to be true but it is true. The local council in Stoke, Staffordshire is desperate to fill the more than 4000 empty homes in the area. Of the 4000 empty homes, 2,793 have been empty for more than six months.
The properties on sale have two to three bedrooms as well as a backyard. However, the conditions of the homes vary from livable to desperately need a serious makeover. They all come with a $44,000 loan for renovations.
The only problem is that the homes are located in the crime ridden parts of England. On top of that, if you decide to buy the home, you will be required to live in the renovated home for at least five years before selling it.
The council bosses argue that the abandoned houses are increasing the crime rates and bringing down the standards of living in Stoke, Staffordshire. Abandoned houses are a huge problem in this part of England. As of January 2011, there were some 4000 empty buildings in Stoke. The team led by the council bosses aims to bring people back to the city and make sure that they stay longer.
This implies that the council will sell the houses for a nominal fee and provide the buyers with a $44,000 low interest loan to renovate the home and bring it back to livable conditions. The scheme will mainly focus on Stoke properties on Cobridge, Portland Street area, the Bond Street area, and Tunstall.
The plan is due to be approved before the end of this year and in 2013, the scheme will be officially launched. Council tenants living in the area are looking forward to what they call an opportunity of a lifetime because it will give them an opportunity to buy their own homes.
Tagged: Affordable homes, Cheap Property, England, UK, United Kingdom
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Source: http://www.geoffbrandrealestate.com.au/the-worlds-cheapest-homes/
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