Alice paid $145,000 under market value for her new home. Here’s why

When Alice bought her new home she paid a sum that was staggeringly less than she expected.

The 25-year-old British accountant snapped up her semi detached property in the English countryside for £178,000 at auction in May this year. 

The three-bedroom home, which was built in 1901 and is in a state of disrepair after being left untouched for decades, was initially listed for £250,000.

In the few months since settling, Alice has spent her spare time at the property working with the help of family on her renovation plans. 

Like many other homeowners of older homes, she is documenting her experiences.

“I got my house for £70,000 less than market value and do you want to know why?” she asked in a recent TikTok video.

“Alongside being able to see daylight through the roof, my gable wall has pushed out meaning the internal wall isn’t touching the external wall as you can see by the gaps by the skirting board.”

The solo homeowner shared that the home’s poor state wasn’t entirely uncommon.

“I have been told that this is normal for an old property and bearing in mind this house was built in 1901 so it’s nearly 125 years old,” she said.

“The official term is lateral restraint and it’s important to note this is not subsidence.”

She has since undertaken a patch up job, filling the gaps between the walls and is planning helifix work- which essentially ties her house together to prevent further movement.

“The Helifix bars become an integral and unseen part of the structure by forming reinforced beams,” she said.

She also shared she has been quoted £11,000 ($22,000) for the structural work.

Ironically, her followers appeared more shocked by the Helifix quote than the issue at hand.

“Good for you. But that Helifix price seems quite steep. Maybe worth getting some other quotes,” one follower wrote.

“11k for Helifix? I’m assuming there’s an engineered drawing you can show?” a second person wrote.

“As a builder for over 40 years 11000 for heli bars is extortionate. Go directly to heli and get a bricky to do the install,” a third person shared.

Despite appearing to be new to renovations of this scale, Alice is not new to the property game.

“I got onto the property ladder first at the age of 23 when I bought a two bed flat which I now rent out,” she said in a separate video.

She is also not naive to the challenges ahead of her.

“It’s a five minute walk to open fields but 5 million days til move in day,” she said.

“The budget? Not enough. The timeline? Years.”

She’s aware the whole house needs work.

“The whole house needs gutting, my bank account needs prayers. I’m hoping to do as much work as possible learning new skills and making memories along the way,” she said.

“It’s a huge project, some may say scary to manage alone on one income, but I’m super excited and keen for the challenge.”