A property investor who snapped up a boarded-up house for just £10,000 has boosted its value by £55,000.
Jake Knotman, 25, spent £26,000 on doing up the terrace property in Burnley – but its value has now rocketed by 550%.
The young buyer says the house has been valued at £65,000 after its extreme makeover.
The once run-down home was riddled with damp, mould and fly-infested rubbish when Mr Knotman first went to view it in 2020.
But it now looks sleek and modern following a top-to-bottom update that has seen it completely redecorated and modern appliances installed.
The young entrepreneur also added a new bedroom to the house, giving the new occupier more space.
The house was a three bed and now has four bedrooms.
The house had a full internal refit, so Mr Knotman stripped out the existing kitchen, bedrooms and bathroom and had a completely new installation throughout.
Despite its initial sorry state, Mr Knotman – who worked in an estate agency since the age of 17 – said he saw the potential in the Lancashire home when he first viewed it last year.
He now rents the property out through a local social housing scheme and owns six other properties.
Mr Knotman, who bought his own home at just 21, said: “People don’t believe me when I tell them it is possible to buy a house for £10,000 but you just have to know where to look.
“Burnley is a fantastic example of a post-industrial market town with a huge amount of terraced housing stock that is priced well below the national average.
“It won’t stay that way forever though as this town is going places.
“There are a number of property hot spots like this in the North West – it’s about doing your research and knowing your market.”
The before pictures of this property show it wasn’t a quick renovation – so if you’re considering taking on a project like this, you’ll need to not be afraid to get stuck in.
You’ll also need to have the funds put aside to be able to do it up, plus extra on top ideally in case something goes wrong.
Make sure you do your research first before considering buying a “do-it-up” home.
The money Mr Knotman spent on the property was partly funded by an interest-free loan from Burnley Council.
The little-known council loans are offered to investors who are willing to renovate empty and dilapidated homes.
But as this is a loan, the money will need to be paid back. The property and buyer must also meet certain criteria in most cases.
For example, the prospective landlord must usually be accredited by the Good Landlord and Agent Scheme and the property must have been vacant for several months.
Mr Knotman added: “This project has been satisfying on so many levels. Having turned an ugly, dangerous eye-sore into an attractive modern property we’ve helped raise house prices for everyone on the street.
“It has also helped provide great value, modern, safe, comfortable accommodation to vulnerable people through the council’s social housing scheme.”