On the face of it, 7 Bank Road looks completely fine, but the home has sustained quite serious water damage and is in need of significant repairs. While new carpets and a paint job could give the property an initial facelift, doorways, windows and intrusions through the cladding have been prone to moisture build ups which has resulted in doorframes, and window joins needing to be patched, repaired or replaced.
The property is being marketed by Ray White Wellington City agent Matt Ross who said the property could provide a buyer with the opportunity to purchase a home without a mortgage.
“It’s a three-bed, two-bath home with a double garage, just a couple of minutes drive from the CBD. Despite the damage, it’s a great home,” Mr Ross said.
“The home would be perfect for people with a knowledge of building who could do the work themselves. Or investors who are happy to put in some new carpet and painting.
“The sellers lived in the home and then they upsized and kept it as a rental. But they never planned to be landlords and the work that needs to be done was beyond the realm of what they were wanting to do at this stage in their lives.”
With already one attempted sale under its belt, Mr Ross said the sellers were incredibly motivated to sell.
“We went to auction last Friday and it got passed in with no bids. I think people didn't know what price to expect and didn't know how motivated the vendors were,” he said.
“So now we want to make it abundantly clear you could buy this for $1.”
The property is set to go under the hammer on June 19, with Ray White auctioneer Ben East calling the auction.
“A $1 reserve auction is about creating momentum, urgency, and maximum buyer engagement. It sends a clear signal to the market that the vendor is committed to selling, which in turn attracts more interest and competition,” Mr East said.
“The more competition we have, the better the chance we have of drawing out the true market value.”
