Tommy Walsh from Homes Under the Hammer recently visited East Suffolk to evaluate a property up for auction. The property, priced between £60,000 and £80,000, seemed promising at first glance. However, upon closer inspection, Tommy identified several serious issues that needed attention.
Starting with the unstable floorboards in the hallway, Tommy pointed out that the repairs made were not up to standard, causing the floor to bounce. He also discovered dry rot in the hallway, emphasizing the need for a complete overhaul to address the issue properly. Moving into the reception rooms, Tommy noticed a significant gap between the joining rooms that needed to be fixed.
Despite these challenges, Tommy found a redeeming quality in the form of a radiator, suggesting that there might be central heating in the house. However, the presence of dampness in the kitchen raised concerns about the property’s overall condition. Experts were called in to investigate the moisture issues and determine the cause.
Despite the property’s problems, an Auction House representative mentioned that with the necessary renovations, the house could potentially be worth between £130,000 and £150,000. The addition of an extension could further increase its value. Eventually, the property was sold for £101,000, with the new owner planning to invest around £35,000 in refurbishments within a three-month period.
Homes Under the Hammer viewers can watch the episode on BBC iPlayer to see Tommy Walsh’s assessment of the property firsthand. The show highlights the challenges and potential opportunities in buying auction properties and renovating them for profit. Through Tommy’s expert eye, viewers can learn valuable lessons about what to look out for when considering a property investment.