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Homes Under The Hammer host Dion Dublin has criticised a buyer for breaking a crucial “golden rule” during Thursday night’s episode.
In the episode, the presenter showed viewers a house in Blackpool that had fallen into disrepair over recent years.
Before a buyer acquired the property for renovation, the nine-room hotel had collapsed in places.
With missing floorboards, black mould, piles of rubble and broken ceilings, it was a massive project.
He said: ‘I can see water pipes sticking out, I can see gas pipes sticking out of the walls.
Homes Under The Hammer host Dion Dublin criticised a buyer for breaking a crucial “golden rule” during Thursday night’s episode
In the episode, the presenter showed viewers a house in Blackpool that had fallen into disrepair over recent years.
‘It has big windows, which is a plus, and high ceilings, which is a plus, and there are still some old features.
“It’s a very large room, which is a good thing, but there are missing floorboards. It’s dirty and old, and it’s not getting any better.”
I can see another room here, I can see the kitchen at the back… Not a great start, but I can understand why it had a guide price of £20,000 at auction.
He added: “If you’re going to undertake something like this, there are a few things you need to consider. Make sure you have the budget before you even think about undertaking a project of this magnitude.”
“This project is definitely worth it, but if you have the budget, you’ll do it right. You’ll have to start over from scratch and start from the beginning.
‘Put this project in the right hands, with the right budget and some imagination – it could be beautiful again.’
A local estate agent reported that the property could be worth between £200,000 and £300,000 once renovated.
Fortunately, former opera singer Peter bought the derelict building for £34,000 with plans to restore it.
Before a buyer acquired the property for renovation, the nine-room hotel had collapsed in places.
With missing floorboards, black mould, piles of rubble and broken ceilings, it was a huge project to undertake.
Fortunately, former opera singer Peter bought the derelict building for £34,000 with plans to restore it… But according to Dion, Peter broke the “golden hammer rule” as he did not view the property or read the legal documents before buying it.
The recently refurbished building cost around £70,000 to put on a new roof and pay for labour and materials.
But according to Dion, Peter broke the “golden hammer rule” as he did not view the property or read the legal documents before purchasing it.
Peter said: “When we saw it we discovered it had planning permission for four apartments, which was what we were going to do anyway.”
The newly refurbished building cost around £70,000 to put on a new roof and pay for labour and materials.
An estate agent valued the shiny new property at £200,000, which would give Peter a profit of £90,000 if he decided to sell it.