The first thing that might cross your mind when you see a property on sale at an auction for £1 is – just how bad it is?
Surely no decent home or bit of land would be up for grabs at that price if there wasn’t a very big catch to go along with it.
A bungalow in Wales is the perfect example of that theory. The Pembrokeshire building was a derelict wreck. All that remained of the building was four walls and a pile of rubble.
However, as the building was once a beautiful property with stunning views, there was interest in it when Paul Fosh Auctions listed it an auction for £1.
Five people were able to see past the wreckage and overgrown remains and battled it out to become the rightful owners. It the end the Neath Port Talbot bungalow, which is surrounded by stunning scenery in the Upper Dulais valley, was sold for £6,500, reports Wales Online.
Sean Roper, of Paul Fosh Auctions, said: “Setting the lowest possible reserve price of £1 certainly created interest which carried through into the online sale.
“The bungalow, even from the photographs provided, clearly shows it is in a sorry state of repair, consisting of just the remains of walls, chimney stack and overgrown gardens, offering just a hint of how it may have once looked. Located in the village of Dyffryn Cellwen in Neath Port Talbot, 5, Heol Bryn Seion, could well offer a wealth of opportunities for the new owner going in with their eyes wide open.
“It’s in a lovely location and, as far as renovation or redevelopment goes, subject to obtaining relevant planning permission, could well offer a blank canvas. The lot offered a marvellous opportunity to acquire a plot which measures some 572sqm (6,156 sq ft).”
It will be interesting to see what the future of the site will be, which can boast attractive country views, and what building rises up from the rubble of the existing structure, which is surely beyond saving? It is going to be a remarkable renovation project if the existing structure is somehow revived.
Although rural, the village of Dyfryn Cellwen is close to the A4109 and there are great road links to Neath, Swansea and the M4. It is on the edge of the Bannau Brycheiniog Brecon Beacons National Park, and with the location combined with the listing price the lot attracted 28 bids from five individual bidders before it sold.