Homes Under The Hammer today

Gwendo40

I know it's not a news programme but it's still supposed to be ''factual'' and given the BBC's holier than thou attitude towards all things ''fake news'' related it's some irony how inaccurate and misleading this programme is with the figures involved, a couple of examples...

A 3 bed semi which had a full refurb, new roof, new windows, re plastered, rewired, new CH, new kitchen, new bathroom, redecorated throughout including all new internal woodwork and doors, large garden landscaped and new fencing all round, all work done by tradesmen... apparently came to ''just under £10k including all legal expenses''

Also when the agent gives a pre auction valuation of what the house could be worth, let's say he says ''£130k once done up''.... then we have the auction and the purchaser ends up paying over the odds for the purchase and refurb costs, let's say £140k, oh dear, it looks like they've overpaid and will make a loss, but wait, what's this...
We then have the SAME agent come back and decide that actually it's now worth £150k... ensuring our intrepid investor still makes a healthy profit aaaand cue the uplifting music and shots of smiley happy faces all round.

moneyistooshorttomention

lincroft1710 wrote: »

Why would a potential purchaser of a property stand aside just because another potential purchaser says they want it to live in themselves? You do have some strange ideas!

:rotfl:Corrected for you:

" You do have some rather different ideas to myself. I don't agree with them personally - but they are perfectly valid".

Cakeguts

Bogof_Babe wrote: »

I did feel sad today when a middle aged couple were bidding against a btl guy for an affordable house in Northumberland (didn't catch exactly where), guided at something ridiculous like £25K. Anyway they bid up to £26.5K, which I got the impression was £500 over their intended limit, and the look on their faces of sheer disappointment when this guy was obviously determined to have it, and got it for £27K to add to his portfolio made me feel so sorry for them. They perhaps genuinely wanted a chance to move out of rented for the first time in their lives, although obviously as they didn't win we weren't told their background.

He wasn't even local, came from Woking 300 miles away because properties are cheaper up there.

I know btl has its place and is necessary to house those who genuinely need to live in a cheap rented place, but it brought it home to me how hard it must be to get a foot on the ladder these days if you don't have access to much money. Guessing again, but they might have saved up all their lives for the chance of their own home.

Anyway that's the way it goes. Sad though.

No one in their right mind would have bought the Northumberland house to live in. It looks like an ex local authority house on a rough council estate which is why it had to go to auction. The programme was made in 2014/2015 here is a more recent house on a rough council estate in Lancashire. http://www.rightmove.co.uk/property-for-sale/property-52516626.html

Here is another auction one that is smaller but guided at a higher price. http://www.rightmove.co.uk/property-for-sale/property-72240632.html

The person from Woking on the programme didn't know the area. I expect he paid too much for a property that would be difficult to let to tenants that didn't need a lot of management and he is 300 miles away....

I am a landlord and my business model doesn't have properties of this very low value in these awful areas. I wouldn't want to have a house like this 300 miles away you would need to be local.

teddysmum

Lots of couples doing up to let appear on that programme; often the man has a couple of skills under his belt and or 'mates' while the woman well do the jobs like decorating and choosing fittings.

Red-Squirrel_2

dunroving wrote: »

As if things will be any different under a different government. :wall:

Things WERE different under a different government, don't you remember?

Red-Squirrel_2

fairy_lights wrote: »

My favourite part of Homes under the Hammer is when they bring the estate agents in at the end.
"You've done a good job of the renovations" they say, "Although you'd have been able to achieve a higher profit if the work had been done to a slightly higher standard. But as it's for the rental market, this'll do..."
Camera pans round to reveal blotchy magnolia walls, scrubby blue carpet and kitchen reclaimed from a scrapyard. *Jazzy themetune kicks in*

I know, the programme has turned into the life and times of slum landlords.

I used to like it when it had more people wanting a home to do up and live in, but I suppose they are priced out of even auction properties these days.

Red-Squirrel_2

moneyistooshorttomention wrote: »

:rotfl:Corrected for you:

" You do have some rather different ideas to [STRIKE]myself[/STRIKE] almost everybody else on the planet. I don't agree with them personally".

Corrected again.

Bogof_Babe

hazyjo wrote: »

Out of interest, how much did they say the property was worth once they'd done it up? (Presuming they did do a refurb of sorts!)

I know this sounds like a cop-out but I didn't see the reveal on that one, as I was in the shower!

I was only half watching after that, but I'm pretty sure another couple who bought a property said it would be their third investment as they already had another one "plus the man's mother's house which she bought off the council a few years ago and she has now died". Yet another example of everything that's wrong with the system.

The final couple were lovely, they were looking for somewhere to retire to, bid for and won their perfect house in one of their dream locations, and were moving in pretty much immediately, buying just a bed to begin with but putting their old house on the market and moving in properly as soon as it was sold. More like that please! :beer:

dunroving

dunroving wrote: »

As if things will be any different under a different government. :wall:

Red-Squirrel wrote: »

Things WERE different under a different government, don't you remember?

Bogof_Babe wrote: »

<<snip>> I was only half watching after that, but I'm pretty sure another couple who bought a property said it would be their third investment as they already had another one "plus the man's mother's house which she bought off the council a few years ago and she has now died". Yet another example of everything that's wrong with the system.

The final couple were lovely, they were looking for somewhere to retire to, bid for and won their perfect house in one of their dream locations, and were moving in pretty much immediately, buying just a bed to begin with but putting their old house on the market and moving in properly as soon as it was sold. More like that please! :beer:

Ah, yes, I remember, things were different in the past - all the rented social housing was sold back then!

moneyistooshorttomention

Red-Squirrel wrote: »

Corrected again.

There is an answer to that - and it's not a polite one:D