YOU may be able to earn money on the abandoned house on your street.
A company will pay out up to £10,000 if you take a simple step regarding derelict properties.
Balham resident Rebecca heard about the initiative after seeing a post on social media.
The story detailed a company, , which rewards members of the public for reporting empty and derelict homes in their neighbourhoods.
If the house was eligible according to the firm’s criteria, the person who reported it would receive a £20 voucher.
And for houses the company actually ends up buying and putting back into use, they would pay "spotters" 1% of the purchase price, up to a cap of £10,000.
Last month, YouSpotProperty.com confirmed it handed out more than £1 million in reward monies and vouchers to members of the public.
Rebecca recalled how she shocked she was to learn the value of her reward from the company.
“I’d come across YouSpotProperty.com on social media and thought I’d give it a try when I uploaded a few lower value derelict looking properties," she explained.
"The house in question though – on the corner of my road - I thought would be the least likely to get anywhere.
"It’s a large, 2,000 square foot, late Victorian house with some intricate detailing.
"It was boarded up, but a neighbour had told me it was squatted in where there was a broken window."
The 54-year-old decided to leave a note for the owner in the letter box but "received no reply".
"Done up versions of such properties would fetch anywhere around £1.5 million so I thought such a valuable house would ultimately be on the owner’s radar," Rebecca said.
And as it turns out, reporting this property turned out to be a profitable bet.
Recently, Rebecca received the phone call from Ben Radstone, co-founder of YouSpotProperty.com, informing her she had earned £10,000.
The spotter, who has worked in television production on popular programmes such as Cash In The Attic and crime-related shows, said the money would be put to good use.
Saving for your first property is tough, but it is possible. Here are a few steps for first-time buyers.
1. Cut back on luxuries and start saving
Consistent monthly saving is the best way to accumulate enough money to get on the ladder, for a deposit and purchase fees. To do this, you need to take a look at your monthly outgoings and think about what can be cut out - holidays, new clothes, weekly takeaway.
Using a savings calculator can help you to establish how long you will need to save for a deposit. Based on your income, you can figure out a realistic amount to save each month.
2. Have a realistic property search
Set a budget for the property price you would like to buy, and think realistically about the location and size of your property. While we all may want that house with a view or extra bedroom, can you afford it?
3. Research Help To Buy and Shared Ownership schemes
The government has introduced a few ways to help first-time-buyers get on the property ladder and they're great for those on lower incomes or to buy a property in more expensive areas like London.
4. Consider buying with another person
Investing with somebody else you know is a sure way to get onto the property ladder. You only need to save half the amount you would otherwise, so you can work towards getting your property sooner.
You can invest with a friend, family or partner. Naturally, it is a big step and a huge commitment so be open and honest about what you expect from living together — if you haven’t already.
5. Talk to a mortgage broker and get your documents in order
A mortgage broker can tell you exactly how much you can borrow for a mortgage, what you will need to pay monthly and in upfront costs.
She plans to repay a £5,000 loan to her mum in addition to buying a "decent" computer.
The remainder of the cash will be put into savings with some set aside for holidays, potentially to Ibiza where she visited many times before.
YouSpotProperty.com explained the investigation process involved after the house was brought to their attention.
“Having discovered that the house had sat empty for a number of years, our investigation uncovered that the owner was still alive but incapacitated and living elsewhere in care," Ben said.
"We traced the owner’s sister who has asked our advice as what to do to help her brother (the owner) liquidate his house so the proceeds could be put towards his care.
"In order to gain permission to act on her brother’s behalf she had to gain court of protection for her brother – enabling her to legally make decisions on his behalf.
"We were eventually able to secure the house for £1 million.
"Listing a house in such a condition with a high street estate agent would otherwise [have] taken ages to sell and mortgage buyers would struggle to gain finance for such a property – this is where we step in.
He went on to reveal the company has applied for planning permission to covert the home into three flats.
"Most of it hasn’t been touched in more than 40 years and is in serious need of refurbishment," Ben added.
"We hope to have new home makers in there as soon as possible.”
For more than a decade, YouSpotProperty.com has identified and put back into use, through the help of the public, more derelict homes around the UK than any other single organisation.
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