Property development is a hard world to crack and no one knows that better than those who appear on Homes Under The Hammer. The show, where people buy property at auction and do it up definitely has successes but there's also the failures.
One couple from Sussex spent over five years renovating a huge property in Carmarthenshire, after they hoped it would only take two years, and went nearly £100,000 over budget. After viewing the impressive vicarage and house that came with it previously, but deciding it was too big a project to take on, Derek and Penny finally took the leap when the property went to auction in 2017.
Derek told Homes Under The Hammer host Martel Maxwell: "A couple of hours before that we had no intention of buying it...we've always flicked back at this one."
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The property, found in the village of Llanfynydd, was bought by the couple for £250,000 and they hoped to turn the vicarage and its extra property into five holiday lets and a home for themselves.
While the property was in a good state it was very dated, with most of the furniture and décor dating back to the '80s. Optimistic about the build Derek hoped to have it finished in two years with a budget of £100,000. Homes Under The Hammer visited the property four months after purchase and the build was going well, with Derek sticking within his budget.
However, when Homes Under The Hammer visited again in 2022, five years later, the property was not complete. Derek also revealed he was already £60,000 over budget and predicted that he had another £40,000 to £50,000 to spend.
The house he and Penny were living in had barely been touched, with most of the rooms still very dated, and only three of the five holiday apartments complete. These holiday apartments were open and making Derek and Penny money.
Derek explained that one of the major problems had been the mould in the downstairs flats and "a hectic few years with various personal circumstances." He said: "The major works that we have had to do is curing the damp problem downstairs and everywhere else we've either removed or gone over the textured wall and ceiling coatings."
The building is now up to current building regulations and some transformations have taken place. An old bright blue '80s bathroom has been swapped out for a sleek modern one.
Outdated and very dirty kitchens have been replaced with modern appliances as some kitchens in the apartments were so dirty Derek said it was easier to rip them out than clean them. Windows in the property had also been replaced and improved, making the spaces light and airy.
Some rooms had been given a fresh lick of paint as well as new furnishings to create a cool and modern look. Derek hoped that within another six to nine months the property would be completely finished, with all five flats available to rent.
A local estate agent estimated that if Derek and Penny sold the house it could go on the market for £650,000, making them a profit of £190,000. She also estimated they would make £35,000 to £40,000 per year by renting the apartments out as holiday lets.
Derek warned all future buyers or investors that it would not be a "retirement project" as it was a lot of hard work and to double their budget.
you can catch up with this, and other episodes of Homes Under the Hammer on BBC iPlayer.
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