Homes Under the Hammer buyer suffers nightmare after investing in 'cheap' £15k house
A Homes Under The Hammer couple suffered a nightmare when they purchased a property for just £15,000.
Graham and Lina purchased one of the cheapest houses in the show's history. In 2014, they spent £14,500 on a property in Blaenau Gwent, just 25 miles north of Cardiff.
The property had a guide price of just £8,000 and was in a state of disrepair. When presenter Martin Roberts visited it, he called it "dodgy" and issued a warning to those who were going to buy it.
He said: "It's down this little path, but the word little takes on a whole new meaning when it comes to the property itself, a one-bedroom cottage. The guide price is just £8,000."
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"What you’ve got is this one room upstairs, but I think I’ll avoid it because those stairs look really, really dodgy. And believe it or not, the only toilet and bathroom facility on the property is outside," he told BBC viewers as he toured the property.
Graham and Lina were adamant they wanted to proceed with the purchase. With a budget of £25,000, they wanted to fix the house themselves rather than get any help. It was a long-term project for the pair, but it turned into a disaster.
Lima planned to paint, move the rubbish and make cups of tea, while Graham wanted to use his expertise to focus on the floor boards, working on the timber and managing the whole site.
However, after some setbacks, it ended up being a disaster for the couple. When Homes Under The Hammer returned to see the property, they were shocked by it all. Lima explained: "From the very beginning, it was Graham’s baby; he’s finished it to his own vision. Overall, I think we spent around £90,000, possibly a bit more."
It then meant that they had spent a huge £90,000 on top of the £14,500 they purchased the property for. However, sadly for them, the property had only increased in value to between £55,000 and £60,000, meaning they made a loss of £30,000 overall.
Admitting their mistakes and struggle to get everything done under budget, Graham shared: "We've probably nearly trebled the budget." It is not known whether the property ended up being sold and how much it fetched.
*Homes Under The Hammer airs on BBC One and BBC iPlayer.
