Graham, a veterinary surgeon, and his partner Jane bought an old two-bedroom flat in Stone, Staffordshire, featured on ‘Homes Under the Hammer,’ planning to renovate it with a budget of £5,000-6,000 that later expanded to £7,500. Despite challenges like a short lease, the couple focused on improving the property for their rental portfolio expansion.
An “incredibly dated” two-bedroom flat in Stone, Staffordshire, was featured on the BBC’s “Homes Under the Hammer,” where it was purchased by Graham, a veterinary surgeon, and his partner Jane. The couple acquired the first-floor flat for £36,000, which was £2,000 less than the guide price. Presenter Martel Maxwell commended the flat’s potential despite its dated condition, pointing out that it could be improved with minimal budget.
The flat boasted its own front door, high ceilings, a galley kitchen, and a small bathroom. Maxwell suggested replacing the old kitchen and bathroom fixtures and noted the presence of dated features like textured wallpaper and polystyrene ceiling tiles. The couple budgeted £5,000-6,000 for renovations, which eventually cost £7,500, making the total project spend £43,500.
Local estate agents valued the flat’s rental potential at £420-£450 per month and estimated a selling price between £60,000 and £65,000, offering a pre-tax profit of up to £21,000. Graham expressed no interest in selling, focusing instead on expanding their rental portfolio.
The couple did not personally undertake the refurbishment work, hiring professionals to manage the revamp. When the show revisited the property, significant improvements were evident, including a modernized living room, updated kitchen, and new bathroom suite. Despite some challenges, including a short 56-year lease, the investment was seen as advantageous for their expanding rental portfolio.
