Homes Under the Hammer buyer boosts Cornwall flat by £17k

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Homes Under The Hammer features Launceston renovation

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Visiting the property in Launceston, Cornwall, Homes Under the Hammer presenter Martin Roberts said: “Literally just around the corner from the high street is the property I’m here to see. I have to say, what a location. The one-bed flat up for auction was situated under the shadow of the old Launceston Castle. Martin added: “Absolutely extraordinary it is indeed.”

With a guide price of £30,000, viewers got to see the condition of the property when the presenter entered it. 

The flat was small in size, suitable for a single person or couple. The bedroom was a reasonable size but needed new carpets and a lick of paint on the walls.

Martin said although the bathroom was not a “bad size” it was quite small and needed a new suite.

The other room in the home was the kitchen and living room which was open-plan albeit very small in size. 

The kitchen had very little cupboard space and needed new worktops and tiles. 

One slight issue with the flat was that it came with a 65 year lease, which can make it hard to get a mortgage.

Despite this, who purchased the home when it went to auction? The successful bid of £38,000 was made by Luke, an accountant from Exeter.

Luke said he would replace the bathroom and kitchen and do a simple re-decoration for the rest of the house.

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He also said he was going to do the majority of work himself and only get in contractors for a few jobs.

With a budget of just £3,000, Luke said he wanted to get the work done within three weeks.

Homes Under the Hammer revisited six weeks later once the renovation work had been completed to see the modern flat.

In the kitchen, new appliances had been fitted as well as new cupboards and grey tiles. 

New flooring had also been fitted throughout and the flat had been painted white, making it appear bigger and brighter.

The bedroom had a lick of paint too, along with hardwearing carpet on the floor. The tired shower room had been modernised with a bright makeover, fitted with a new toilet, sink and marble tiles.

In the end Luke ended up completing the work in six weeks and going over budget, spending £5,500 in total.

The property owner wasn’t able to extend the lease at the time of completing his renovation work, meaning he was undecided about whether he wanted to keep the flat in his portfolio or sell it.

A local estate agent visited the home to see how much the flat could now be worth.

The expert said: “It’s nice coming back and revisiting. The property is just a lot brighter. It’s had a nice lick of paint, a little bit of a facelift.

“The kitchen’s been replaced, which looks fabulous, and the bathroom has got a little bit of tinkering around it all looks lovely. Makes it look a lot bigger.”

With the refurbishment, the estate agent valued the home at £55,000 but said it could fetch a lot higher if the lease issue was sorted out.

Despite not being able to extend the flat’s lease, Luke still managed to increase its value by a huge £17,000.

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