Homes Under the Hammer: Estate agent values Kent property
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Homes Under the Hammer presenter Jacqui Joseph was in Westernhanger, Kent taking a look around a “cute little two-bed terrace” that was a stone’s throw away from the train station, and came with off-street parking. When it went to auction, it was a local family who renovates properties for a business, that bought the lot for £160,000, £10,000 below the guide price.
Father Rob explained why he bought the property: “The location, we know the area well, we live very locally to here, we could walk here if we wanted to.”
As for what he planned to do with the cottage once it was renovated, he said: “For future rental, it suited some tenants we had in mind.”
Inside, Jacqui noted the interior’s “good condition”.
“I love the log burner – there is no sign so far of central heating, but you’d got double glazing.”
There was plenty of storage underneath the stairs which led into the kitchen.
“Okay, it is compact and bijou, but it’s perfectly usable,” the presenter remarked. “Then you go into this little area here, door leading out to the garden and your bathroom, which with just a clean up, is perfectly servable.
“But I wonder if you could fit one [a bathroom upstairs].”
Jacqui soon realised “there was no way” you could fit a bathroom upstairs as there were only “two rooms”.
“They are decent sized rooms, lots of textured wallpaper and ceilings, but I think with a little refresh – skim the walls, new carpets…
“I spot the heating – actually, there is no gas running through the village, so you’re going to have to think of an alternative way to heat the property.
“Will it be with electric heaters? Or with oil? That’s something to think about,” she said.
As for the garden, Jacqui was “wowed” by the “long and thin” piece of land.
“This garden goes on, and on, and on!” At the bottom was a large summer house which could’ve been used for a craft room, playroom or office.”
Four months later, Jacqui returned to see the changes, and she instantly noticed the “fresh white paint outside”.
Inside, “it looked like someone’s home”.
The owners said they had “redecorated everywhere, done some repairs to the plaster where necessary”.
They had also “completely refloored everywhere” and put in new electrics, insulated to bring up the energy efficiency rating, and outside, the garden was cleared and “left [as] a blank canvas” for future tenants.
It took the owners “just over two weeks” to do everything and cost them less than expected.
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It was originally projected that they would “spend around £10,000”, but their budget was “reduced to £5,000”.
In total, the cost to buy and renovate the property was £165,000. So how much money would they make if they were to sell it?
The estate agent put a price tag on the property of £250,000-£260,000.
That’s a pre-tax profit between £85,000 and £95,000.
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