Homes Under the Hammer buyer boosts property value by £63,000 despite going under budget

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Homes Under the Hammer: Buyers discuss property renovation

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On an episode of Homes Under the Hammer, Martin Roberts visited a two-bedroom mid-terrace in Erith, South East London. The property was located on a busy, congested road but had plenty of potential. On the outside, the property looked “grubby” and small but when Martin entered the home, he was surprised at how large the rooms were.

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The home had two large reception rooms, a large downstairs wet room, a good-sized kitchen, a huge upstairs bathroom and two large bedrooms.

Martin suggested turning the upstairs bathroom into a third bedroom and putting an ensuite or small bathroom off the largest bedroom.

There was one major problem with the home which the new owner would need to tackle – penetrative damp.

A leak had caused one of the bedrooms and one of the reception rooms to have large damp patches on the walls.

On further inspection, Martin said the damp had come from a drainpipe located at the back of the property.

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The drainpipe had leaked causing water to cascade down the back of the building which then penetrated into the walls.

It wasn’t clear whether the problem had been fixed or was ongoing.

The property had an auction guide price of £150,000 in May 2021.

The mid-terrace property was bought by Max who had a winning bid of £268,000.

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The new owner is a former builder, mechanic and owner of a seafood restaurant.

Max is a seasoned builder with plenty of experience when it comes to property renovation.

He planned to rent the property out once it was completed.

The former builder also planned to enlist the help of his two sons.

He had checked the damp problem and claimed it had been fixed.

One of his sons is a painter/decorator, while the other is an electrician.

Max also planned to convert the property into a three-bedroom house, replace the windows with double glazing, install a new kitchen and bathroom, re-plaster the home and re-wire it.

He had a budget of £20,000 with a £5,000 contingency and planned to finish the job in four to six months.

Homes Under the Hammer revisited the property four months later to see Max’s progress.

The exterior of the building was given a facelift with a fresh lick of paint.

In the front garden, the weeds had all been cut back.

In the front room, all the gas fireplaces were gone.

The whole house had been completely replastered, painted and had new lighting and doors.

In that second reception room, the damp stains and soggy walls were fixed.

A complete new kitchen had also been fitted.

The downstairs bathroom boasted a new suite and a lovely bathtub.

The large upstairs bathrooms was converted into a third bedroom.

The front bedroom kept all its space as Max decided not to put in an ensuite upstairs.

The rotting windows were replaced with new double glazing.

Max kept things simple in the garden, giving it a tidy up.

The former builder spent just £19,000 on the project and completed it in just two months.

A local estate agents valued the property at £350,000 which would give Max a potential pre-tax profit of £63,000.

The estate agent also said the home could be rented out for £1,300 per calendar month which would give Max a rental yield of 5.4 percent.

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

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