‘World’s cheapest home’ goes up for sale for just 78p – but there’s a catch

A house has gone viral after hit hit the market for the equivalent of just 78p.

The two-bedroom property in Pontiac, Michigan, was listed for just one US dollar on Tuesday (August 15) by listing agent Chris Hubel, who says the place has attracted a lot of attention thanks to its low price.

"As far as response goes, I've had hundreds of phone calls, hundreds of texts, hundreds of emails," Hubel told Insider, who added his phone "would not stop ringing".

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Boasting 724 square feet, the 1956 build was purchased by the current owner for $32,400 (£25,330) in 2004.

Since then she has mostly rented the place out to tenants and tried to sell the house in 2011 for $10,000 (£7,818) but was unsuccessful.

Now back on the market for a much lower fee, the home may be the "world's cheapest", according to Hubel's listing.

However, there is a catch.

In recent years the property has remained empty with the current owner choosing not to rent it out and the building become pretty run-down during that time.

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Now it lays mostly empty, aside from a few cabinets and old bathroom fixtures, and has peeling paint and a layer of dust covering many of the surfaces.

The property will need a lot of remodelling to make it inhabitable but Hubel said it's worth the effort – and reckons investors might even be able to make a profit on the property.

"For somebody that's doing the work themselves, I would say you could probably do it for about $25,000 [£19.5k]," Hubel continued, adding that the fixed-up gaff could fetch a price as high as $120,000 (£93,000).

It may sound like a steal – but before you get your wallet out, be warned the house isn't likely to actually be sold for such a low price.

"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 said.

"I've had the idea of listing a house for a dollar for a couple of years, and really you have to have that bond with a client for them to trust you to do something like that."

He expects the house will sell for around £31,000.

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