A HUGE 4-bedroom home in a quiet Sydney suburb is FREE to buy – but there’s still a hitch.
The 60-year-old home in Kirrawee, a peaceful suburban residential area in Sydney, has been valued at more than $1.5 million (£800,000), but the incredible deal doesn’t come with land.
The four-bed, two-bathroom home is listed as a ‘free home to move’ and the new owner will need to pay to move the house completely to a new site.
According to realestate.com.au, the house and land are valued at $1.56 million (£823,000), with the plot making up the bulk of the property’s value.
A similar plot in the suburbs sold for $1.3 million (£685,000) in September 2021.
It is estimated that the cost to demolish the house will be around $70,000 for the new owner.
However, the price of dismantling does not include the cost of the assembly and reconnection of the plumbing and wiring after it is moved.
The median home price in the area is $1.3 million, just slightly below the $1.5 million Sydney median.
The Facebook listing reads: “Good condition – no structural damage or pests”
“Get in early March – only removal costs. Tenant is currently paying $700 per week in rent.”
Homes sold without land are often cheaper to the original homeowner than the cost of demolishing the property.
The property is said to cost up to $25,000 to demolish the house, so it will be a lot cheaper for the owner than it is for the owner to give the house away.
It’s also more environmentally friendly, as recycling the home and moving it means less waste is generated and is a way for someone to buy a home at a more affordable, yet more modest price.
$70,000 may seem like a hefty expense for someone who has put in so much effort to move it, but it’s still a bargain compared to other properties around Sydney.
This tiny studio apartment in Sydney hit the market for $250,000, but it’s so small the toilet sits in the bathroom.
Meanwhile, a man paid $400,000 for a new home in Syndey but was horrified to find that the builders had only built half of it.
https://www.thesun.co.uk/money/17358804/four-bedroom-home-for-free-theres-a-catch/ The 4-bedroom house is on the market for FREE