Wednesday, October 5, 2022
HomeLifestyleHomes Under the Hammer buyer makes 'healthy' 15 percent profit on 'strange'...

Homes Under the Hammer buyer makes 'healthy' 15 percent profit on 'strange' terraced home

Homes Under the Hammer visited Stoke-on-Trent in a recent episode, where Martin Roberts looked around an off-putting property that had been abandoned for some time. On his first visit to the terraced house, the presenter was confused by the unusual catalogue advert which branded the property as a “two-stroke-three bedroom property”. However, one experienced buyer saw a world of potential in the house which was branded as “strange” by the presenter and was soon transformed into an inviting house of multiple occupation (HMO).

The brick-built terrace was located down a quiet residential street, nearby to local amenities including a train station, university, and the local hospital.

While the exterior of the property looked relatively polished despite having been uninhabited for some time, the inside was very different.

Behind the modern white front door, Martin Roberts was met with crumbled Minton flooring, which lined the narrow hallway.

The living space was “not a bad size” according to the presenter, though the unpleasant walls, unfinished chimney breast, and run-down interior let the house down.

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One of the worst features of the property was the kitchen which was painted lime green and filled with dirt and clutter.

Martin described this room as where the house “goes horrible wrong”, though he explained that this would be beneficial for potential buyers who would benefit from others being put off at auction.

Upstairs, a confusing layout featured two large bedrooms and one smaller “stroke” third room which was only accessible by walking through the master bedroom.

The property had a guide price of £57,5000 and was sold via a remote auction.

Experienced property investor Lenin, was the winning bidder at auction, having successfully secured the property for a generous offer of £74,000.

Nine months later, the Homes Under the Hammer team returned to see Lenin’s progress on the house in the Penkull area of Stoke-on-Trent.

He had successfully transformed the small property into a sleek yet cosy HMO, with navy blue, light grey, and clean white decor used throughout.

The downstairs living room had been turned into a fourth bedroom, which backed onto a communal living and dining area near the kitchen.

Lenin had completely ripped out the lime green kitchen and replaced it with glossy worktops and appliances in a charcoal grey and white theme.

The bathroom had been updated off the back of the kitchen, with high-quality white and marble finishes.

Three accessible bedrooms had been made upstairs, two of which had modern ensuite bathrooms.

Despite being over budget by almost £20,000, the high-standard renovation fetched Lenin a healthy profit after his work as a project manager on the re-purposed property.

In July 2022, a local estate agent was invited to visit the property.

The “really impressive” HMO conversion was estimated to be worth £1,600 per calendar month on the rental market, giving Lenin a commendable yield of just under 15 percent on his £130,000 total investment.



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