A Liverpool property developer featured on the BBC show Homes Under the Hammer spent over £440,000 on a renovation project in Lancashire, significantly exceeding his initial budget. The episode took viewers to Morecambe, where Daniel purchased a Victorian mid-terraced property split into three flats, described as a "renovator's dream" with stunning views over Morecambe Bay.
Initial Purchase and Plans
Daniel bought the property for £160,000, aiming to reconfigure the flats to better utilise the space. His original budget for the renovation was £150,000, but he later admitted this had been "annihilated." Plans included knocking through walls, fixing the roof, and improving accessibility on the ground floor.
Challenges and Overruns
When the show returned over two years later, Daniel revealed he had spent £280,000 on renovations, far exceeding his budget. He encountered several problems, including electrical issues costing over £5,000 and the need for a completely new roof, which added more than £10,000. He also installed an infrared heating system and fully decorated and furnished all three flats.
Final Outcome
The top-floor maisonette offered breathtaking views of the Lake District. A financial advisor praised the work, noting the exceptional standard and quality of the refurbishment. Despite the total spend of £440,000, the advisor estimated the flats could sell for £515,000, yielding a £75,000 profit. However, Daniel plans to use the flats for short-term accommodation, viewing it as a long-term investment.
Homes Under the Hammer airs weekdays on BBC One and iPlayer.
