Man spent £125k on Welsh valleys house for just a £5k profit on Homes Under the Hammer
While property might seem like an easy way to make money, this is not always the case as one man found out on Homes Under the Hammer when he took on a Welsh valley terrace house. Ed bought a two-up and two-down property in Pontypridd with plans to add an extra bedroom and then rent out the house.
After buying the house for £77,000, Ed originally planned to renovate the property with a budget of £30,000 and within three to four months. It actually took two years, a swap of builders and going over the budget by £18,000 before the house was complete. For the latest TV and showbiz gossip sign up to our newsletter.
Ed was able to move the stairs, totally gut out and re-do the house and add on the third bedroom during the renovation. However, due to family and health issues he was not able to start the project until 14 months after he bought the house, while going over budget brought his total spend to £125,000.
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An estate agent valued the house at between £130,000 and £140,000 meaning the minimum profit Ed could make would be £5,000, with a maximum profit of £15,000. Although Ed originally planned to rent out the property, two years down the line he is hoping to sell it.
Ed, who runs a property renovation business, said he was now scaling down the business to focus on helping his daughters open their own restaurants. He said on Homes Under the Hammer: "We would consider (buying another property)...... still look at the auctions and if there is a bargain, I just can't resist it!"
Previously on the hit BBC property show, co-host Martin Roberts issued a stern warning about another Welsh house. Standing downstairs, Martin said: "What you can't smell is what I can and that is just as well because it would put you off your chocolate biscuits and your coffee....it stinks of dog! Now, don't underestimate the amount of effort it is going to take to get rid of that, especially if the dog has been allowed to just roam around and do whatever dogs do inside." He added: "To get rid of that smell is a massive job, don't underestimate it."
