‘World’s cheapest home’ hits the market for just 78p

A house has gone on the market in the US with a reserve price of just one dollar (or 78p). I might be able to get myself on the property ladder after all.

A listing for the two-bedroom bungalow in Pontiac, Michigan, says it could be the 'world's cheapest house' - and estate agent Christopher Hubel says its rock-bottom price has already attracted a lot of interest after it was shared online.

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."

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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.”

Hubel admits that the property is a fixer-upper, explaining to the publication that it was built in 1956 and has belonged to its current owner for almost 20 years.

After purchasing the property in 2004, its owner mainly used it as a rental and even tried to sell it back in 2011 for $10,000 (£7,818).

However, it has stood empty in recent years meaning it has fallen into disrepair, with dated fixtures in the bathroom, peeling paintwork throughout and partially broken cabinets in the kitchen.

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But even taking all of that into consideration, Hubel reckons the property is still a bit of a bargain and could be a savvy investment for one lucky 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)."

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And, after forking out on those renovations, he believes the home will be worth around $120,000 (£93,850).

Now, before you go raiding your piggy bank, it’s important to remember that just because the property is listed for one dollar, it doesn’t mean 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 realises that the whole idea is that we take offers on it and we go with the highest offer.”

Hubel is currently taking offers for the home until its 23 August deadline, but he thinks it will go for around $40,000 (£31,283) to $50,000 (£39,104).”