Homes Under The Hammer star says ‘it doesn’t stack up’ as he addresses show issue
EXCLUSIVE: A Homes Under The Hammer contestant has confessed that all is not what is seems on the popular renovation programme.
Homes Under the Hammer: Martel views flat with £5k guide price
While viewers love tuning in to see Martin Roberts, Jacqui Joseph, Tommy Walsh, and Martel Maxwell on Homes Under The Hammer, former contestant Jordan Robb has revealed a stunning revelation about the show.
In a May broadcast, presenter Martel took the show to Dunfermline, where she met developer Jordan. He impressed fans of the long-running property show with his extensive experience in the business.
He made his first investment at the remarkable age of 19, sparking curiosity among fans who have wondered about the secrets of his success.
However, the contributor admitted that the market process is nowhere near as easy as the BBC show made it out to be.
He admitted: "Everybody thinks it is a really easy process and it's really not.
"Some people think they'll just get one or two properties and even I have friends at the moment and that's what they tried to do.
"They've been looking at it for the last eight months and it's still not worked because everything you're looking at just doesn't stack up."
He added to Express.co.uk: "You've got to look at any particular renovations and you look at what the rental costs.
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"A lot of people think if you get into property then you'll sit back and make money but it's not like that."
On the show, he took a previously uninhabitable house, with a guide price of only £5,000, and transformed it into a state that was truly unrecognisable.
The property did not have a kitchen, the plasterwork was completely crumbling, and parts of the ceiling appeared to be absent.
Although he bought it for £52,000, after his renovation, the property’s value was revealed to be between £85k and £95k.
During his appearance on Homes Under The Hammer, he revealed that he already had a tenant lined up to rent the property. Additionally, he shared important business considerations that were not featured on the BBC One show.
The TV contributor highlighted the often overlooked additional costs of rental properties, advising the audience to be cautious and well-prepared.
"What they don't realise is right away your mortgage is maybe a few hundred pounds.
"Then you've got all your running costs. Things people don't think about are that you've got your insurance on the property and other expenses.
"You've then obviously got your margin for all your repairs and maintenance, you've got to find tenants who will pay, you've got vacancies in between tenancies and stuff like that.
"So there's all these things that they need to consider, that £650 comes down to £250 before you know it. Then if you have a couple of repairs on that property by the end of it you're not really left with a great deal."
