Home Lifestyle Homes Under the Hammer couple spend eye-watering £200k on house and boost...

Homes Under the Hammer couple spend eye-watering £200k on house and boost value by £100k

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On an episode of Homes Under the Hammer, Martel Maxwell was in Guildford, Surrey viewing a two-bedroom, double-fronted end-of-terrace in the centre of town. The house had gorgeous brickwork with original chimneys and windows with stained glass. The property had no off-street parking and there was a waiting list for permit parking in the area.

On entry into the property, it was clear whoever bought the home would need to get their hands dirty.

The property appeared to have been untouched for years with exposed brickwork, lots of rubble and abandoned old furniture.

Despite the property’s dilapidated appearance, it was full of character with an original fireplace even located in the bathroom.

The house was crying out for a “top-to-bottom renovation” and could also need extending in order to add another bedroom or create an open-plan kitchen/diner.

Presenter Martin Roberts said: “A total refurbishment is desperately needed here from the re-plastering right through to the electrics and the installation of a heating system because there’s not one here.”

The property’s auction guide price was £300,000.

The house was bought by Graham and his wife Kerry Anne with a successful bid of £325,000 in June 2017.

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The couple, who emigrated from South Africa, lived just down the road in Haslemere.

This was Graham’s first property investment in the UK, but he had renovated some houses and flats previously in South Africa.

Graham and Kerry Anne met the neighbours which prompted them to think about a double storey extension which would need planning permission.

Or, they were planning to add a smaller storey extension within permitted development, which would give them room for an open-plan kitchen area downstairs.

Upstairs, they planned to split the master bedroom into two with access to the new room from the landing.

The large bathroom would lose some space to make the second bedroom larger.

Their planned budget was between £50,000 and £100,000 depending on what they plan to do.

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They planned to complete the work in six to nine months.

The property renovation took the couple one year and seven months to complete.

They spent £200,000 on the renovation, which meant they spent a total of £525,000 on the home.

The property was completely stripped out with new electrics, new joists and new flooring.

In the end, the couple opted for a double-storey rear extension to add an extra bedroom and increase the size of the bedrooms.

Another local estate agent, Daniella Rodrigues of Cavender Estate Agents said she would market it for £625,000.

The agent’s top figure means the couple could make a potential profit of £100,000 minus any taxes and fees.

The estate agents suggested a top rental figure of £1,900 per calendar month.

This would give the couple a rental yield of around four percent.

Homes Under the Hammer is available to stream on BBC iPlayer.



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