There is good money to be made in property if you know where, when and what to look for. House hunters who buy at the right time for a good price in an up-and-coming area can often make a good profit when it comes to selling - without even having to do too much to it.
James Boughey bought a property in Prestwich during lockdown and, after spending just £8,000 renovating it, he has now managed to increase its value by £50,000. James spoke to the Manchester Evening News as part of our Where I Live series - where each week we chat to a different homeowner about their buying and renovation journey whilst taking a look inside their home.
Single homeowner James, 34, is originally from Liverpool but relocated to Manchester after getting a job as a finance project manager. He initially rented in the city centre but after dreaming of owning his own place, he managed to get on the property ladder aged 29.
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James bought a one-bed apartment in a converted building, but despite loving his home, lockdown forced him to reconsider his living situation.
"I was lucky enough to keep my job throughout the pandemic but all of a sudden I had to work from home 24/7. I was living on my own in a small apartment with no outdoor space or a balcony, and I was getting very fed up," James told the Manchester Evening News.
"On a positive note I was saving money because I wasn’t spending anything on going out. Then when the stamp duty holiday came into force from the government I was like this is a no-brainer, I need to move.
"I knew I could now afford a much bigger property without worrying about the fees. So I thought I might as well move somewhere where I can have a garden, more space and a home office."
After putting his apartment on the market in October 2020, it sold within one day. But finding a new home was a different story.
"I sold my flat within the first day of viewings. I had multiple offers on day one and I thought ‘this is crazy’," James said.
"I then had to find somewhere else to live but because of covid restrictions it was quite difficult. There was a lot of social distancing, mask wearing and some places were virtual-only viewings which limited the amount of people who were allowed into the property.
"In some cases you had to prove you were very serious and that you had the funds already or that had an offer accepted on your own house if you were in a chain.
"Although the banks were reducing their mortgage offerings. They would be able to lend you X amount, but then when you actually went to apply, it was lower because no one knew how long covid would go on for, so they weren’t willing to risk as much."
James initially looked to buy a more spacious apartment in the city centre, but he soon changed his mind.
"I lived, ate and worked in one big room and that was quite difficult to deal with when I would try to switch off from work. I knew that I wanted a separate work space and living area," he said.
"At first I looked at two-bed apartments in the city centre. I thought initially that maybe if I just had a balcony and another bedroom then it would be fine. But I just couldn't find anything that was quite right, and then I decided that I wanted a garden.
"After lots of unsuccessful viewings, that's when I decided to move out to the suburbs. I needed somewhere that had strong transport links to city centre because I knew that when things would eventually open up again, I'd still go into the centre to meet friends.
"I first looked in Chorlton but it was too expensive. I then looked at Prestwich. It felt like you got a lot for your money and it was also a really nice area. I also knew some friends that had recently moved there and so it seemed like the right thing to do."
James began his search for a new home in the sought-after Bury town with a Victorian-style home in mind.
"I viewed five houses in one day. They were all different sizes and conditions because depending on the street, I could afford very different types of homes within my price range," he said.
"I realised that as a single person living by myself, a semi-detached with loads of work that needed doing to it was just too much. Although it would be a great investment in the future, it would just feel a bit empty.
"I chose to go for a mid terrace. It was between two, there was one that was a doer-upper and one that was in relatively good condition which just needed redecorating to my taste.
"I spoke to people who grew up in Prestwich who told me which was the nicest road to live on, and so I picked between them based on that."
James bought a Victorian three-bed mid terrace for £275,000 in the centre of Prestwich, and says he got more than he bargained for.
"All I needed was two bedrooms with a garden, but I ended up finding a nice three bed which was a bonus," he said.
“I paid £275,000 which was under my budget. I could afford more than that but I didn’t want a crazy mortgage.
"It was in relatively good condition, it was just all white and it had no personality. I think someone had done it just to sell it quickly.
"I thought it was great because I knew I wouldn't have to spend a lot of money but I could make it really nice."
After moving into his new home in February 2021, James was in no rush to renovate thanks to a useful tip from his mum.
“We moved house a lot when I was younger and my mum always taught me to live in your house for at least a month first before you decide what to do with it," James explained.
"It helps you to realise what is the most important room to you and where you spend the most time, and then that’s the room you should start on and then work your way through the rooms from there.
"Because of working from home at the time my office was the most important room, and I really wanted to make it a comfortable, calm and enjoyable space to work after working in my apartment for so long."
James renovated room by room, and despite completely transforming his home, he managed to stick to a tight budget.
"I did it gradually over a year and a half by putting a bit of money away each month. I spent around £8,000 renovating in total," he said.
“The room that looks the most different to when I bought it is the living area. It’s a completely different layout, it’s got a strong colour scheme and some significant features like an original fireplace and a big chandelier.
"I put my own stamp on it from a design and colour palette perspective and I did that with most of the rooms. The only room that I didn’t transform much was the bathroom because it was already in good condition."
Describing his interior style, James said: “I like bold colours and I'm not afraid of colour blocking. I like each room to be quite unique and I don't necessarily think that there needs to be a continuous theme throughout the house.
"I like to compliment the original features of an old house with modern interiors and colours. It’s that juxtaposition between old and new that I really like, and I think you should always respect the original features.
"I’m very pleased with how it all looks, each room is very functional, colourful and homely and I wouldn’t change anything."
Giving us a walkthrough of his home, James said: “So walking in you've got a small porch and then you go straight into the living room with two mustard velvet sofas, a fireplace and a drinks cabinet.
"Next door is the kitchen with patio doors leading out to the garden, and then you've got the dining area with a table, a main light feature above and the fireplace on the right hand side.
"Straight up the stairs on the left hand side is the office. If you go back to the landing on the other side there is the main bedroom with a king-sized bed, a fireplace and built-in wardrobes.
"The bathroom is on the other side of the landing with a P-shaped bath and a rainfall shower. Then you've got the spare bedroom at the back of the house with a pull out sofa."
James has recently had his house valued after considering moving, and it is now worth £325,000 - £50,000 more than when he bought it two-and-a-half years ago.
“I’ve just had it valued because I’m considering moving soon as I want to move onto the next project, and it’s increased in value quite a lot. I can now use that profit to buy my next house without having to borrow much money.
"Now that things have opened up again and life is back to normal, I’m considering moving somewhere a bit more central back towards the city centre.
“I’ve loved living in Prestwich, I’ve got really lovely neighbours, it's a nice community, and since I've lived here there have been so many more restaurants that have opened.
"I think it's a great area for young families and those who want to move out of the city centre to get some peace and quiet but still have amenities on your doorstep.”
Want to feature your home in Where I Live? If so, please email your details to phoebe.jobling@reachplc.com.
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