‘World’s Cheapest Home’ Hits The Market For Just 78p

Credit: Zillow

In the US, a house has been listed with a reserve price of just $1 (or 78p). I might after all be able to climb the property ladder.

The two-bedroom bungalow in Pontiac, Michigan, is listed as possibly the "world's cheapest house," and real estate agent Christopher Hubel claims that when the listing was published online, a lot of interest was generated.

Speaking to Insider, he said: "As far as response goes, I've had hundreds of phone calls, hundreds of texts, hundreds of emails. My phone will not stop ringing."

He added: "I've had a couple of listings that went viral like this in the past, with other viral marketing campaigns, so it's very similar to the kind of response that I've had with those as well.”

Credit: Zillow

Hubel acknowledges that the house needs work, telling the publication that it was constructed in 1956 and has been owned by the current owner for about 20 years.

After buying the house in 2004, the owner primarily rented it out and even tried to sell it for $10,000 (£7,818) in 2011.

However, because it has been vacant for some time, it has deteriorated. The kitchen cabinets are half cracked, the bathroom fixtures are outdated, and the paint is flaking throughout.

Credit: Zillow

Hubel believes the home is still somewhat affordable even after taking all of this into account and could be a wise investment for one fortunate buyer.

"For somebody that's doing the work themselves, I would say you could probably do it for about $25,000 (£19,552)," Hubel said.

"For somebody that's hiring contractors, you're probably looking at $40,000 (£31,283) to $45,000 (£35,194)."

And he estimates that after spending the money on such improvements, the house will be valued at about $120,000 (£93,850).

Credit: Zillow

Now, it's crucial to keep in mind that just because a property is listed for one dollar, it doesn't necessarily indicate that's how much it will sell for.

Hubel explained: "I've had a lot of people who are just thinking that they're actually going to buy it for a dollar. And then any investor obviously realizes that the whole idea is that we take offers on it and we go with the highest offer.”

Hubel is presently accepting offers until the home's deadline on August 23 but anticipates that it will sell for between $40,000 and $50,000 (£31,283 to £39,104).

There's a really unique opportunity for someone to get a house at an incredibly low price.

The $1 house in Pontiac, Michigan has caused a buzz, and Christopher Hubel is waiting to see who will make the best offer. It's a chance for someone to fix up a house and maybe make it their own special home.