‘IT’S DARK, IT’S DINGY, IT NEEDS A LOT OF WORK’
How first-time developer made £8k potential profit from nicotine-stained miner’s home
WITH its nicotine-stained kitchen, cracked floor tiles and walls engulfed by ivy, it’s fair to say the old miner’s home was a lot more res than des.
But they didn’t deter first-time developer Gordon from snapping up the Kidsgrove property for £44,500 at auction.
Semi-retired Gordon used to build fire engines – and to television presenter Martin Roberts this house looked like it needed an emergency call-out as well. As he checked out the property for the BBC’S Homes Under The Hammer daytime show, Martin immediately discovered how badly it had fallen into ruins.
Despite the diminished kerb appeal, Martin retained some hope for the property.
“It might be better on the inside than it is on the outside,” he said, before heading through the door.
Once inside, though, he soon realised how much work would need to be done. Of the kitchen, he said: “It’s dark, it’s dingy, it’s covered in nicotine stains, it’s needing a lot of work.”
Walking into the neighbouring reception room, which had cracked tiling all over the floor, he added: “If you can imagine this, not in this state, it’s actually quite a good layout.”
A visiting estate agent told the programme the house, which had been sold with a guide price of £35,000, had been built with an intended lifespan of 60 years for the mining community. But because it didn’t meet standard construction requirements, it couldn’t be mortgaged.
Buyer Gordon said he wasn’t daunted by the challenge, despite it being his first home renovation.
He planned to make it a rental property, adding: “It will need a full rewiring, a new kitchen and bathroom, floor surfaces, just general tidying up as such.”
With a budget of £7,000, Gordon set himself a six-month timescale for the project, juggling it with a second elsewhere.
Three years later the programme returned. The project wasn’t finished, but massive changes had been made. The overgrowth was gone and the property could be seen, and inside all the rooms had been stripped back and prepared for decoration.
Two estate agents valued the property again in February 2019, with both quoting a £65,000 resale value once the work had been completed.
Gordon said he’d be ‘very pleased’ with what would be an £8,000 profit. Rental estimates were given at £550pcm and £600pcm, which again pleased Gordon, who had spent £56,500.
On his progress, Gordon said: “I’ve had a lot of learning curves and it’s been a bit of an eye-opener, thinking you can do things quicker and cheaper than you actually can. When it comes to it, it can be a bit of a shock, but overall I’d do it again.”