‘Not for the faint-hearted’: Waterlogged house in New Zealand lists for $1

A New Zealand house is hitting the auction block for $1 after water damage turned this dream home into a nightmare. 

Moisture buildup, damaged cladding and leaking windows are just some of the issues facing the once-loved family home. 

“This is more of a hassle than an asset at this stage,” agent Matt Rose told OneRoof. 

He explained the owners would rather focus on their family than start a major renovation project. 

“They can’t hold it. They don’t want to become long-term landlords,” he said.

The Wellington property previously failed to sell at auction. 

Rose thinks buyers were suspicious of the low asking price, believing that the owners secretly wanted far more. 

It did not help that online listing websites had published price estimates over $NZ700,000 ($648,000). 

“We decided to adopt a new strategy. We just want to make it clear from the outset, if you have $1 or more, we will be selling this property,” Rose said. 

“This just has to go.”

The property listing is upfront about the amount of work needed to bring the house up to scratch. 

A fresh paint job and new carpets would be the first point of order to cosmetically upgrade the interior. 

But there are also structural issues that would need to be resolved. 

“Doorways, windows and intrusions through the cladding have been prone to moisture build ups, this has resulted in doorframes, or parts thereof, window joins and skylights needing to be patched, repaired or replaced,” the listing reads. 

“Not for the faint-hearted, and certainly for the ambitious, this property is now primed with opportunity as the current owner has decided to let it go.” 

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