Couple double value of Coventry house on Homes Under the Hammer

Couple double value of Coventry house on Homes Under the Hammer

Postby dutchman » Tue Nov 08, 2022 10:51 pm

Sam quit his job to work on a property business with partner Tricia - and the couple say everything they do is for their kids

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The BBC's Homes Under the Hammer visited Coventry in today's episode (Nov 8), in which a young couple did up a dilapidated looking terraced house and transformed it into a stunning luxury home worth twice what they paid for it.

Sam, 31, and Tricia, 34, bought the house, not far from the city centre, at an auction for £257,000. Although the property had several large rooms spread across three floors and a beautiful tiled hallway, it was looking seriously run down, with holes in the ceiling and an overgrown garden.

But the young couple believed they could transform the building into a luxury house of multiple occupation (HMO) with at least six residents. It would be similar to projects they have done in the past, one of which was on a previous Homes Under the Hammer episode.

Sam and Tricia say they love working on properties so much that they "don't see it as a job". In 2020, Sam quit his job in engineering so the pair could throw themselves into the work, along with business partners Lisa and Lester.

The couple appeared on the show with their baby, Sam Junior, who slept peacefully in Sam's arms as they spoke to presenter Martin Roberts. Tricia said: "This is what it's for. All of this is for children."

They quickly got to work, collaborating with a local building team to do up the house. Although they had originally planned to create six bedrooms, they ended up with eight, which astonishingly all looked spacious despite fitting into an ordinary looking terraced house.

The rooms were done up in a stunning modern style, all of which were en suite and six of which had their own kitchens. And Tricia was especially happy with the beautiful tiled hallway floor.

She said: "This glorious floor! And we've had it restored. It looks like its former glory and it's just stunning. I am so proud." Sam added: "There was one point where I said I'd just cover it up and then Tricia's just like, 'No!'"

One problem with the project was that the pair had to wait months for the builders they were working with to have the availability to do the work. The work itself only took six months, but with the amount of time they had to wait meant it was a year after buying the house that the renovation was complete.

They were also over budget, having planned to spend £147,000, with the final total bill for the work at £183,000. But they hoped that the extra two rooms would make the added cost worthwhile.

The moment of truth came when local estate agent Nick Luntley visited to give his verdict on what the house would now be worth. He said that if the property were to go on the market today, he reckoned it could sell for a whopping £650,000.

That's well over twice what Sam and Tricia paid for it, and when the cost of renovation is factored in, would still leave them with a £210,000 profit. However, the pair are planning on renting it out, so were keen to hear how much Nick thought they could earn.

The estate agent estimated that they could make around £500 to £600 per month per room, which was a little lower than the Sam and Tricia were expecting. But if they let the rooms at the upper end of that range, they would still rake in a pre tax income of over £57,000 per year - that's a yield of over 13 per cent.

Nick was clearly hugely impressed by what they had done with the house. He said: "I have been doing this a long time, looked at a lot of properties and I honestly think this is up there with one of the best HMO conversions I have seen."

But as well as buying and renovating homes for other people to live in, Sam and Tricia are also thinking about their own place to live. They said they were just about to complete on what would be their "forever home".

Tricia said: "It's just going to give us that security and that sense of oneness with all the children. We're really excited."

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