You can buy this house for $1.77, but there's a catch

The house will go on auction on Monday. Photo / Andrew Craig

It might be a bargain - with a guide price of just £1 (NZ$1.77) - but you need to sign a disclaimer before even opening the door.

The property, 25 Tunstall Terrace West in Ashbrooke, Sunderland, UK, will be sold by auction on Monday, the Daily Mail reports.

But potential buyers are being warned that it needs substantial levels of tender, loving care.

But for those brave enough to enter there might be a bargain.

Photo / Andrew Craig

The company said: "Attention Buyers! No Buyers Premium To Pay! Guide price £1.
'Yes you have read this correctly, £1 with no reserve. For Sale by way of Auction - 7pm Monday 31st July at the Newcastle Marriott Hotel, Gosforth Park."

No surprise that the house is described as "needs updating" but it is also said to be "an ideal investment".

The house is an end-of-terrace property off Durham Road with three bedrooms and one bathroom.

It is close to the Park Lane interchange and is near to university and Metro links.

Photo / Andrew Craig

In 2011 it was listed on the website Zoopla for rent at £595 per calendar month.

At the time Zoopla said: "Tunstall Terrace West, SR2 has 7 properties on it with a current average value of £89,676, compared to an average property value of £138,311 for SR2."

There are open viewings on Saturday 12noon to 1pm and Monday 11am to 12noon.