A semi-detached house described as 'unmortgageable' for failing to meet modern building standards sold for a big profit after being snapped up at auction.
The three-bed property in Chell Heath with a guide price of £40,000-plis featured on popular BBC show Homes Under the Hammer.
Upon arrival, presenter Dion Dublin noted that the house was on a good plot with plenty of off-street parking, as well as a good-sized lounge area with a nice big window letting loads of light in.
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Passing through the dining room and the kitchen, Dion said it was 'not huge but you can get a table and chairs', nothing that the kitchen 'might need a bit of work'. Upon entering the garden through the lean-to, Dion said: "Its always good to have a bit of extra space on the inside, the lean-to could do with a few quid just to bring it up to shape. The back garden itself is a good size, you got a good patio outside, the area is good."
However, Dion revealed there was another issue - the property was non-standard construction because it was steel framed. It was built by the British Iron and Steel Federation, set up after the war to provide a boost in employment and social housing.
He said: "What that means is that it's going to be difficult to get a mortgage on this house. Not impossible but difficult. But it doesn't make it a bad house. It is still solid the configuration works for me and it could make a lovely family home.
Ron Darlington, from Bond Wolfe Auctions, was also positive about the home's potential. He said: "The property itself is not in bad condition. It's got central heating and double glazing but it is a bit tired. It could do with a good tidy and clean up, I would be reluctant to spend too much money on it because it is a non-standard construction, you would not get your money back.
"I would imagine whoever is going to buy it is going to buy it as an investment property so they would rent it out and get a good rent back for the initial payment. The property should rent out on the open market in the region of £550 to £600 per calendar month. if they do modernise the property and put it on the resale market, I would envisage it being worth £75,000 to £80,000. "
The property was sold at a remote auction with online bids only. The top bid was £58,000 by Simon, a digital marketing expert and owner of two businesses.
Simon said: "It's a big property, ex council, three beds, big garden front and back. I know the local area, I live about 15 minutes away.
"The plan is to obviously do a light renovation, which might be a case of just redecorating, and reskin the bedroom and kitchen. I will strip it out, cupboards and kitchen but I think we're going to get a tradesman in to do the plastering."
Simon had a £10,000 to £12,000 budget and a self-imposed 60-day deadline to complete the work. He finished it in 62 days as Simon and wife Dorothy juggled work, family and the house.
Dorothy explained the decor, saying: "Upstairs we went for the white because I just thought to keep it simple because at the end of the day we're going to sell the house. Downstairs we went for the greys because at the moment grey's trending and it looks nice."
An estate agent later valued the property at up to £100,000. However, Simon and Dorothy went higher and got an offer of £105,000 on the house - to give them a pre-tax and fees profit of £37,500.
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