Why we buy the houses nobody wants

Every auction catalogue has them. The terrace with the sagging rear addition. The conversion where the last owner ran out of money before building control signed anything off. The flat that has been empty so long the letting agent stopped answering.

Most buyers scroll past. We stop.

Condition is a cost, not a mystery

A house in poor condition is only frightening when you cannot price the work. We can. Before a bid, every property gets a written scope: damp, roof, electrics, heating, fire safety, layout, finish. Each line has a number next to it, and the numbers come from trades we have used before.

"We walk away from far more properties than we buy. The discipline is in the assessment, not the purchase."

If the total cost of works plus the purchase price leaves no sensible margin against a realistic value, we do not bid. No exceptions for a property we happen to like.

What we look for

• Structure we can trust. Cosmetic problems are cheap. Movement is not.
• A clear route to use. Family letting, shared accommodation, supported living: the intended use decides the specification.
• Defined locations. We work where we know the streets, the agents and the providers.

Why it matters

Buying well is the foundation of everything else in the lifecycle. Overpay, and no amount of good management recovers it. Buy carefully, improve properly, and the property carries its own weight for years.