Homes Under the Hammer buyer makes £95k profit with ‘stunning’ character home refurb

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Homes Under the Hammer presenter Tommy Walsh visited the property to check out its potential. The property was a three-bedroom semi-detached property with a rough exterior and dated decor. The home was located on a quiet, residential road, was in major need of some TLC and had a guide price of £290,000.

The property had plenty of original features including fireplaces, bannisters and windows.

It’s likely the home would need a lot of work including a new roof, decor and heating.

The property was bought by local man Darren who had a winning bid of £297,000 at an online auction.

Darren said he wasn’t sure whether to sell the home after renovating it or whether to do it up to live in with his family.

One unexpected cost Darren faced was the unmade road the property was on. It was due to be resurfaced next week.

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New windows and new flooring had also been installed along with new paint and plaster on every wall and ceiling. The floors were stunning with new grey carpets in the bedrooms and lounge and large marble tiles in the kitchen and dining spaces.

The house is now modern, warm and comfortable. The major structural work took place at the back of the house.

The rooms that used to be the dining room and kitchen had the doorway between them opened up to make the home flow better.

The old dining room had the family bathroom next to it. Both were knocked through to create one large dining room with patio doors leading out to the garden.

The old bathroom that was downstairs was relocated upstairs. Space from the two bedrooms was removed to accommodate the bath.

Darren also made a downstairs WC from the under-stair cupboard.

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The stripping out of the ground floor revealed a serious damp problem which had to be dealt with before the project could progress.

“The house has had a new damp course injected and drilled into the mortar between the bricks that travels along the mortar joint and creates the barrier,” Darren explained.

The roof also had to undergo a major overhaul. There were lots of broken tiles and more that had slipped. The roof had to be re-felted and battened.

Darren also made an interesting discovery when stripping back the wallpaper. Whoever last decorated had signed and decorated their handiwork.

Darren explained: “The one upstairs in the corridor was 1925 and hadn’t been decorated since then. Downstairs was Budget day of 1948.”

The facilities manager drafted in help for the electrics, gas work, windows and other tasks.

He also had advice and support from his builder friend, Paul.

Darren completed the project in seven months but ended up spending £58,500 – £8,500 over budget.

A local agent viewed the almost-finished property in December 2021 to value it.

Darren spent a total of £355,500. The agent said the newly renovated home is worth between £425,000 to £450,000 on the sales market.

A sale at £450,000 would leave Darren with a pre-tax profit of £94,500.

The agent said he thought the property could be rented out for between £1,400 and £1,500 per calendar month.

A rent of £1,500 would give Darren a yield of five percent.

The property developer has managed to find tenants to move into the home and so will be renting it out.

Homes Under the Hammer can be streamed on BBC iPlayer.



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