Unloved house next to Eryri National Park in Wales is going to auction: Could it be YOUR perfect project?

Daily Mail​

10 hours ago

Few homeowners can boast a wood at the back of their house and views overlooking the Eryri National Park, also known as Snowdonia, at the front.
But this is precisely what Craig y Nos in Llanberis, Wales, has on offer for a nature-loving buyer.
The detached property and 2.9 acres of woodland is going up for auction via Auction House between 23 and 25 June.
Craig y Nos has been owned by the same family for generations and has an auction guide price of £200,000, excluding fees.
The Welsh stone house has decades of history and is now empty and ready for a new owner.
The front of the property is picture-postcard ready and adorned with mature trees, shrubs and flowers.
Both the front and back garden will require work and need to be cleared, tidied up and rejuvenated by the new owner. The cost of getting such work done should not be underestimated.
At the back of the property there is a stone outbuilding, which could be removed or potentially turned into a livable space or storage room.
As a project property, the house offers a blank canvas for a new buyer to reconfigure the space and bring it up to scratch, while maintaining the attractive period features.
Though they will need replacing, the windows of the property are generously sized for a period home, ensuring each room has charming views of the surrounding countryside.
Each room in the property will need to be worked on from top to bottom and none of the appliances or fittings have been tested.
Downstairs there is a reception room, two living rooms and a small kitchen.
Upstairs, there are currently three bedrooms, a compact office or storage space and a bathroom.
Inside the main house, the property spans approximately 1,022 sq.ft., making it more generous than many period cottages.
Daniel Lawrence, area manager for Auction House North Wales & Cheshire, told This is Money: 'After having been in the same family for several generations, this really is a rare opportunity for a nature-lover to snap up a unique home in a hugely popular location.
'Based just outside the village of Llanberis, the gateway to the Eryri National Park, the future owner will be able to enjoy easy access to Yr Wyddfa (Snowdon) as well as the charming cafes, restaurants and shops of the nearby village.'
He added: 'The property itself is a blank canvas, giving the new owner the chance to put their own stamp on it and transform it into a truly extraordinary family home with fantastic access to the national park.'
How to buy at auction
Auctions are one area where good deals still come up. Properties sold this way can, in some cases, be substantially cheaper than on the open market.
According to Property Auction News, the average price properties sell at auction for is around £166,000.
However, properties sold in this way often - though not always - come with added complexities for the buyer.
It is therefore important to do as much research as possible before buying any property at auction.
Where possible, always visit the property in person before the auction.
Do not underestimate how much renovation work or reconfigurations could cost if you are taking on a project property.
If a garden is heavily overgrown, do factor in that getting it cleared could potentially cost thousands of pounds if the work is undertaken by professionals.
Read legal documents for the property carefully and, when possible, get advice from a solicitor before heading to the auction.
Sometimes, the legal pack includes 'special conditions' that mean you might also be liable to pay an additional three per cent fee to a sales agent.
Before submitting any bids, always check what sort of price similar properties in the area have sold for. This will, of course, be harder if it is a more unusual property that you are after.
If you do bid, do not get carried away and bid more than you can afford.
Most properties bought via auction have a 28-day competition date and home loans for auction properties can be harder to get.
How to find a new mortgage
Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible.
Buy-to-let landlords should also act as soon as they can.
Quick mortgage finder links with This is Money's partner L&C
> Mortgage rates calculator
> Find the right mortgage for you
What if I need to remortgage?
Borrowers should compare rates, speak to a mortgage broker and be prepared to act.
Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it.
Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees.
Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone.
What if I am buying a home?
Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be.
Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power.
What about buy-to-let landlords
Buy-to-let landlords with interest-only mortgages will see a greater jump in monthly costs than homeowners on residential mortgages.
This makes remortgaging in plenty of time essential and our partner L&C can help with buy-to-let mortgages too.
How to compare mortgage costs
The best way to compare mortgage costs and find the right deal for you is to speak to a broker.
This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice.
Interested in seeing today's best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs.
If you're ready to find your next mortgage, why not use L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
> Find your best mortgage deal with This is Money and L&C
Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you.