Homes Under the Hammer buyer makes £60k profit on Swansea home

The family home was dated and had ‘quirky interior design choices’, according to presenter Martin Roberts. The reception rooms had red floral, swirly wallpaper and brown carpets while the pale blue kitchen had dated cabinets and an old stainless steel sink.In the lounge, there was a cabinet which appeared to be built into the wall.There was also an old stone fireplace which would be difficult for the new owners to remove.The garden was sizeable and included an outbuilding which could be used for storage, as an office space or as a studio or workshop.The one ‘fly in the ointment’ was the fact the property was leasehold. Martin explained further: ‘[It’s] not necessarily a problem in its own right apart from the fact there are only 44 years left on the lease. And for mortgage lenders, that is a problem.’However, the new owner Mark, a former electrician and property renovator, was unperturbed by the length of the lease and was also way ahead of any legal issues.READ MORE: Method to banish damp clothing smells with vinegar Homes Under the Hammer buyer makes £60k profit on Swansea home with ‘phenomenal’ update (Image: BBC) The family home was dated and had ‘quirky interior design choices’ (Image: BBC) There was also an old stone fireplace which would be difficult for the new owners to remove (Image: BBC)Mark explained: ‘The freehold could be bought because the previous owners already set the ball rolling.’I contacted the freeholder and asked him, could I continue with this if I was lucky enough to win the bid?’ and they said yes.’Mark purchased the property with a winning bid of £105,500 and was told he could buy the freehold for just £9,000.He set himself a timescale of just eight to 10 weeks to complete the work and a budget of £11,000 to complete the work.His original budget was £20,000, however, £9,000 of this would be spent on the purchase of the freehold.DON’T MISSFive ‘heat thieves’ which ‘massively’ impact your energy bills [INSIGHT]Five humane deterrents to stop cats pooing in your garden  [UPDATE]Five interior tips to keep home ‘warmer for longer’ and ‘save money’ [ANALYSIS] Inside, it was goodbye to the 70s and welcome to fresh, neutral decor throughout (Image: BBC) The agent said she would market the property with a sales price between £180,000 and £185,000 (Image: BBC)’In this area, there’s a massive demand for three bedrooms and detached properties, especially with the offer of parking.’The agent said she would market the property with a sales price between £180,000 and £185,000.For rental, she suggested between £800 and £850 per calendar month.A sales price of £185,000 would mean a pre-tax profit of £59,500 for Mark.Homes Under the Hammer is available to stream on BBC iPlayer.