Safety first for Dion Dublin as he visits 'huge' end-terrace 'bolthole' on Homes under the Hammer
A "huge" end-terrace property with "massive potential" was transformed into a stylish six-bed HMO in today's episode of Homes under the Hammer. Presenter Dion Dublin was in Crewe to see the house before it went to auction with a guide price of £81,000.
The former Premier League star stood and admired the home's eye-catching original features - including the archway and door frame - prior to entering the property. Inside the hallway he found more original features, such as the flooring and stairs, before stopping to tell viewers of the hit BBC daytime show: "First things first."
Much to his amusement and in-keeping with the apt name of today's episode, 'Bolthole', Dion proceeded to lock the front door using seven of the security bolts attached to it. "Done... safe," he laughed, adding: "Joking aside, security might be an issue."
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Back to the four-bed property and Dion was impressed by the entrance. "It's very spacious and bright when you come in," he explained. Sadly, he found no original features in the first reception room which, despite its size, he described as "less impressive".
Dion then made his way to a second reception room and was starting to see the potential. "Look at the size of this place," he said. "It's absolutely massive. There's loads you can do here."
The theme continued in the kitchen. Dion said the new owner could make something "very special" given the huge size of the room.
Upstairs, he found four good-sized bedrooms but much to his amazement an "absolutely tiny" bathroom. "It's disappointed me," he admitted. Another downside to the property was the small outdoor space in the form of a limited rear paved area.
Madison Emery-Hyson, from estate agent Butters John Bee, was tasked with visiting the property and reckoned that - once renovated - it could sell for £150,000 or make £900 a month in rental income. Dion told the viewers the "huge" property had "massive potential" and he expected plenty of interest at auction.
Surrey-based property developer Robin, who owns a painting and decorating store, was the successful bidder. He bought the property for £104,000 with business partner Steve.
It was Robin's first auction purchase but he did already own properties on the same street. He told Dion of his vision to turn the house into a six-bed HMO, each with an en-suite.
Robin said an £80,000 budget had been set and they hoped to complete the work inside four to six months. He would commute once a week to project manage.
Five month later, the BBC cameras returned to capture the remarkable transformation. Robin said there was one major challenge to overcome during the project and that was organising the drainage from the en-suites.
Aside from that, the project ran smoothly and he ended up spending £82,400 in total. Robin said he was "very pleased" particularly given the drainage issues that needed to be overcome.
Estate agent Madison Emery-Hyson returned to see the property and was hugely impressed, describing it as the "perfect layout for an HMO". She reckoned the new-look property could be sold for £200,000.
Madison added that the double rooms could fetch £500 per month, while the single rooms could be set at £400. However, Robin said he had organised a couple of valuations himself and believes they could achieve £300,000 in a sale.
The priority remained to rent out the rooms and he revealed that the double rooms had been valued at £625 per month - with people already lined up to take them. The medium-sized rooms had been valued at £575 and the single rooms at £525.
Full occupancy of the property with those valuations would net Robin and Steve a yield of 22 per cent. If sold at £300,000, they would make a pre-tax profit of more than £110,000.