Homes Under the Hammer's couple's 'slog' with Welsh terrace that doubled their budget took nearly two years to renovate
Sometimes renovating a house, especially when turning it into four two-bedroom flats, is never easy. George and Hannah discovered this on the BBC One show Homes Under the Hammer when it took them three times as long as expected, and went well over budget, on a Cardiff terrace.
The couple, who are also business partners in their business of renovating and selling homes, took on a three floor terrace house in Roath. The house was left in a bad way, with even floors missing, meaning it would require a lot of work to do up.
Hannah and George were ready to take on the challenge, having actually already paid for planning permission for the house when in the process of buying it. The owner of the house, after getting Hannah and George's planning permission, then pulled out of the sale and put the house up for auction.
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The couple were then able to buy the house through a higher pre auction offer, which was accepted for £335,000. They had ambitious plans to have the four flats, which included extending the building and ripping out everything in the house and starting from scratch, ready in just seven months with a budget of £230,000.
This did not go to plan for them and it actually took them one year and nine months, with the final two flats still not finished, to complete the project. The couple also massively overspent on their budget, spending £340,000, which Hannah said was a "big jump" to inflation and having to swap builders. This made their total spend £675,000.
George added: "This is why is it is so important to make sure in these projects you have your contingencies and you have a lot of meat in the project because you can't predict the market." The delays were partly because they had to swap builders mid way through, were dealing with other housing projects and they had a baby as well.
Speaking about the project, host of the show Martin Roberts said: "This project has turned into a bit of a slog for Hannah and George." At the time of filming Hannah and George had already presold three of the flats at around the £200,000 mark.
They were hoping to sell the fourth for around the same price, which would bring them a profit of anything from £125,000 to £205,000. For the latest TV and showbiz gossip sign up to our newsletter.
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