Ordinary looking wooden hut sells for an eye-watering price at auction after incredible amount of interest
AN ORDINARY looking wooden hut has been sold at auction for an astounding figure after it drew loads of interest from potential buyers.
The newly-built beach hut at Hill Head in Hampshire was sold by Fareham Borough Council for a staggering £41,226, after sealed bids were submitted.
Due to the large amount of interest the council received, it asked for “offers in excess of £32,000”.
That figure, the council said, was based on recent beach hut sales in the area.
The hut has a conventional design and built with treated wood with secure fastenings.
It is located in the picturesque setting of a small bay and just a few metres from the new seawall, and overlooks the Isle of Wight.
Read More on Property
Portsmouth is to the east along with Southampton Water and Calshot Spit.
Parking is less than 50 metres away, along with a new toilet block.
Sean Woodward, the Leader of Fareham Borough Council said: “Beach huts in Fareham are situated in a beautiful location at Hill Head.
“It is not surprising that they sell for such a lot of money. I very much hope the owners enjoy being the council's tenants on this amazing small piece of prime real estate overlooking The Solent from our wonderful beach."
Most read in Money
Earlier this month, a two-bed terraced house in Tonge, on the outskirts of Bolton, went on the market with an asking price of just under £15,000.
While the property may need modernisation, it does have attractive structural features include high ceilings, spacious rooms and two built-in fireplaces.
News of the sale of the hut comes after a beach hut on the Mudeford sandbank measuring just 10ft by 16ft has gone on the market for the eye-watering sum of £450,000.
Despite the hefty price tag, the hut doesn’t even face the sea.
While the hut was built on the exclusive Mudeford sandbank in Christchurch Harbour, Dorset, just three years ago, it doesn’t have mains electricity or washing facilities, although it does come with a chemical toilet.
Although small, it can sleep up to seven people and has a kitchen area, with a cooker connected to a Calor gas bottle and the fridge is powered by solar panels on the roof.
A hut in Mudeford is said to have privately changed hands last year for more than £500,000 - a new record.
While it is being marketed for offers over £425,000, the estate agents handling the sale believe it will go for at least £450,000.
For the same amount of money, it is possible to buy a five-bedroom detached house in North Yorkshire.
While buying a property at an auction can get you a bargain, there are potential pitfalls any potential buyer should be aware of.
There are plenty of potential downsides to be aware of, such as hidden costs and often extensive DIY work.
One of the most important things you can do when you're preparing to buy a house at auction is read the legal documents in full.
If you're the winning bidder you're legally bound to buy the property, so you need to be aware of any hidden costs.
It could be worth paying a legal professional to check them over for you - any cash spent now could save you a fortune in the future.
When you arrive at - or log on to - an auction, you should have already set a budget - and make sure you stick to it.
You should always compare the price with other, similar, properties in the area to make sure you're getting a good deal.
READ MORE SUN STORIES
Read More on The Sun
You'll also have to pay fees on top of the sale price.
You should never bid on a property without seeing it in person first.
