A property developer realised he’d missed a potential major structural issue in the house he’d just bought, when Homes Under The Hammer presenter Tommy Walsh spotted a chimney breast that had been removed on the ground floor.
Businessman and experienced property developer Lee, bought the house for £53,000, with plans to renovate and rent it out.
Appearing on the property development show, Lee was showing Tommy, who also happens to be an experienced builder, around the residence. However, Tommy froze when he noticed the missing chimney breast, running upstairs and into a bedroom on the first floor to see if the chimney breast in that room was still in place, which it was. It meant that it would not be supported adequately, bringing forth the question whether the structure had any support between the two floors.
He said: "That needs opening up and finding out whether it's properly supported. Because if it's not there could be anywhere between three to five tonnes in that. And if that was to go the repercussions could be severe."
It was at that point where Lee admitted he hadn’t noticed the issue. He said: "In honesty, I didn't see that. I've seen it on entering today. Yes it needs taking care of. Yes it will be taken care of. It's something I've done before by choice, not through necessity. This time it will be through necessity."
Aside from the chimney issue, the property only needed a bit of TLC due to being in good condition, but despite Lee giving himself a three-month timeline for works to be completed and a budget of £12,000, the reality was much different.
Lee solved the chimney problem easily by installing a steel gallows bracket to support the weight above, however relying on tradesmen was the biggest issue during the renovation works. Electricians and plasterers were not available to do the work on Lee’s schedule, leading to the project taking five months.
The work also cost him £17,000, which is £5,000 more than he had budgeted for. The total cost paid for the floors levelling, new carpets fitting and the walls painting. The bathroom was replaced and the kitchen was updated, rewired and replumbed.
A local estate agent valued the property at £95,000, giving Lee a pre-tax profit of £25,000. They also predicted that it could fetch £575 a month on the rental market.
