Dion Dublin impressed with Biddulph semi - but buyers face 'unexpected' setback
Homes Under the Hammer presenter Dion Dublin was impressed with what he found at a quiet North Staffordshire property - but not all went to plan for the buyers. The former Premier League star visited a three-bedroom semi-detached house in Biddulph during today's repeat episode of the hit BBC daytime show,
As Dion approached the property, which was up for auction with a guide price of £30,000, he couldn't help but notice how peaceful the street was. "It's very quiet," he told viewers.
"All I can hear are the birds. It's really nice". He then noted the spacious driveway before pointing out a "massive green star". Pointing to the roof, Dion said: "Have a look up there. Solar panels!"
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Inside he found a house requiring much-needed modernisation, with a dual-aspect living room, a ripped out kitchen and a separate toilet and bathroom. Dion reckoned the project was "pretty much a cosmetic refurb", adding: "Which is always good for the budget."
Unfortunately for business partners Jim and Roger, who snapped up the post-war property for £90,000, this did not prove to be the case. With a budget of £40k they were keen to complete numerous works, including new heating and electrics.
The project would also see a partition wall erected to create a separate lounge and kitchen diner, as well as creating a utility room and downstairs toilet. The wall separating the bathroom and toilet into two rooms would also be knocked through.
The aim was for their friend John, a local builder, to complete the work within 3-4 months. But when the BBC cameras returned, it was revealed that the project had experienced "unexpected issue at the beginning".
Jim explained that the house was a non-standard construction and remedial works would be required otherwise it could not be mortgaged. Due to the nature of the works, the project had to be handed over to a local building firm.
In the end after the issues were rectified and the property was completely renovated - including landscaping to the front and rear - the total budget spend came in at just under £90,000. The total cost of the project was therefore around £180,000.
North Staffordshire estate agent Whittaker & Biggs, who had seen the property in its original state, were impressed by the revamp. They described the finish as being at an "exceptional standard", but said properties in this particular area had a ceiling when it came to a sale price.
That figure was £180,000 - the exact amount spent by the business partners. "It's not too far from where we expected," admitted Jim. He added that they "wanted to break even" and that the property was a "long-term investment".
The estate agent said the pair could expect to receive up to £700 a month in rent but Jim believed they could secure a higher rental income - and he was proven right. They secured tenants who are paying £875 per month. securing the pair a yield of six per cent.
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