On an episode of Homes Under the Hammer, Martel Maxwell was in Guildford, Surrey, viewing a two-bedroom, double-fronted piece of terrace in the town centre. The house had beautiful brickwork with original fireplaces and stained glass windows. The property had no off-street parking and there was a waiting list for a parking permit in the area.
Upon entering the property, it was clear whoever was buying the house would have to get their hands dirty.
The property looked like it had been untouched for years with exposed brickwork, lots of rubble, and old abandoned furniture.
Despite the dilapidated look of the property, it was full of character with an original fireplace even located in the bathroom.
The house was crying out for ‘top to bottom renovation’ and may also need to be extended to add another bedroom or create an open plan kitchen/dining room.
Presenter Martin Roberts said: ‘A total refurbishment is desperately needed here, from replastering through to electrics and the installation of a heating system, as there is none here.’
The indicative price for the property was £300,000.
The house was bought by Graham and his wife Kerry Anne with a successful £325,000 bid in June 2017.
READ MORE: Are there ‘criminal plants’ in your garden? 9 plants you can’t grow
The couple, who emigrated from South Africa, lived just down the road in Haslemere.
This was Graham’s first real estate investment in the UK, but he had already renovated houses and flats in South Africa.
Graham and Kerry Anne met with the neighbors, prompting them to think about a two-story extension that would require planning permission.
Or, they were planning to add a smaller floor extension as part of the permitted development, which would give them space for an open plan kitchen downstairs.
Upstairs, they planned to split the master bedroom in two with access to the new bedroom from the landing.
The large bathroom would lose space to enlarge the second bedroom.
Their expected budget was between £50,000 and £100,000 depending on what they were planning to do.
DO NOT MISS
Kate & William: Inside Adelaide Cottage – ‘a much better option’ for the home [INSIGHT]
How to use tea bags to deter cats and foxes from ruining your garden [UPDATE]
The royal family’s favorite flowers and their poignant meanings explained [ANALYSIS]
They expected to complete the work in six to nine months.
Renovating the property took the couple a year and seven months.
They spent £200,000 on the renovation, meaning they spent a total of £525,000 on the house.
The property has been completely stripped down with new electrical, new joists and new flooring.
In the end, the couple opted for a two-story rear extension to add an extra bedroom and increase the size of the bedrooms.
Another local estate agent, Daniella Rodrigues of Cavender Estate Agents, said she would market it for £625,000.
The agent’s higher figure means the couple could make a potential profit of £100,000 minus taxes and fees.
Estate agents have suggested a maximum rental figure of £1,900 per calendar month.
This would give the couple a rental yield of around four percent.
Homes Under the Hammer is available to stream on BBC iPlayer.