We bought a house on Homes Under the Hammer & it was a DISASTER – it took 7 years to be liveable & was £250k over budget
A FAMILY who bought a house on Homes Under the Hammer say it was a disaster which took seven years to make liveable.
Derek and Penny snapped up the home in Carmarthenshire at an auction on the BBC show in 2017.
The Sussex pair expected to renovate the property in just two years with a budget of £100,000.
They previously viewed the vicarage and accompanying house in Llanfynydd, near Llandeilo – but initially deeming it too great a task.
The couple eventually surrendered to the challenge when the property appeared at an auction.
Relaying his experience to host Martel Maxwell, Derek said: “A couple of hours before that we had no intention of buying it… but we’ve always flicked back to this one.”
Derek and Penny couple purchased the property nestled within the village for £250,000.
They had a vision of transforming the vicarage – and the additional detached house it came with – into a quintet of holiday accommodations plus a residence of their own.
Despite the prominence of 1970s and 1980s décor and a dated ambience inside, the overall condition of the two buildings they felt were in a favourable state.
Channelling his optimism through their plans, marathon runner Derek projected a completion span of two years with a budget capped at £100,000.
When Homes Under The Hammer paid a four-month visit post-purchase, progress was on track, and Derek was successful in adhering to their budget – so far.
However, when the show revisited in 2022, five years on, the property was still unfinished.
Derek disclosed that he was already £60,000 over his initial budget and estimated an additional expenditure of £40,000 to £50,000.
The house where he and Penny lived had barely seen any changes, with most rooms retaining their dated look, and only three out of the five holiday apartments were completed.
These holiday apartments were operational and were at least generating income for the couple.
Derek pointed out that one of the significant issues they faced was mould in the ground floor flats and “a hectic few years with various personal circumstances”.
Derek stated: “The major works that we have had to do is curing the damp problem downstairs and everywhere else we’ve either removed or gone over the textured wall and ceiling coatings.”
The TV crew turned up again in February 2024 to see if Derek was still toiling to bring this seven year renovation to an end, according to Media Wales.
All five apartments were finished, as well as the entrance hall, plus the couple’s kitchen in their home had been totally transformed with the addition of a contemporary new kitchen.
But after seven years of renovating, in conjunction with running the holiday lets, the couple are keen to move on and slow down, and so the whole property site was on the market.
In total Derek thought he had spent £220,000 on the renovation and combined with the £250,000 initial purchase price was in it for £470,000.
The agent returned and valued the properties in 2022 returned and valued the site at between £780,00 and £810,000.
Derek revealed that he had actually already agreed a sale with a pre-tax profit of in excess of £300,000.
