We purchased our 16^th property at auction for £85,000 in May 2023, the home report was £145,000.

Frustration hit waiting for Property 15 to progress and ended up impulse-buying property 16 pre-auction, the property was a repossession and has a few issues.

I didn’t view this flat before purchasing but I did see pictures and a video walk-through, and I also read the home report. The video didn’t show everything, but I knew there was some damp present from the home report. Where there is damp, you can generally expect some rot if it has been going on for a while.

When we first saw the property, the damp didn’t look too bad. I decided to strip the wall back to see what we were dealing with and saw that the join between a section of flat roof and the peaked roof was completely compromised by vegetation penetrating in from the flat roof. The full extent was hidden behind the plasterboard mostly and wouldn’t have been picked up at viewing.

It is going to cost about £7k to get some roofing, damp/infestation treatment and a pile of joinery done to fix the problems. The rest of the flat is in a pretty good condition.

We are torn whether to put this one on market as a Serviced Apartment or to sell it.

Refinance or sell will be at approx. £145,000