Don’t Try This at Home: Property Experts Reveal Their Biggest Blunders
They’ve graced our TV screens for years and made millions buying and selling homes.
But, like the rest of us, famous property gurus also make mistakes. From rotten renovation jobs to disappointing deals, here’s a rundown of some of the biggest blunders made by property experts.
Phil Spencer
The unflappable Location, Location, Location co-presenter made a rookie error early in his career: he got too cocky.
Phil was on the cusp of finalising a lucrative property purchase when – assuming the deal was in the bag and feeling rather pleased with himself – he went on holiday.
While Phil was away, a builder (whom he had told about the property) jumped in and nabbed the property from under his nose.
Key takeaway: Never assume a property deal is done until the ink is dry on the paperwork and you have the keys in your hand. Always respond to enquiries promptly during conveyancing to keep the process moving along.
Sarah Beeny
Property Ladder star Sarah bought her first home, a two-bed flat, at 19. Since then, she’s transformed several properties and sold them for a tidy profit.
Sarah admits to making a common blunder with her first property – cutting corners on DIY. As a young property developer, she applied wallpaper without following the careful instructions her dear old dad had given her. The result was a bubbly mess that had to be torn down and reapplied, costing her time and money.
Key takeaway: Rolling up your sleeves and doing renovation work yourself is a great way to add value to a property – but only if the work is done to a high standard. Buyers will be put off by shoddy workmanship.
Martin Roberts
A favourite with daytime TV fans, Martin has visited thousands of properties during his time with Homes Under the Hammer.
Despite learning many valuable property lessons working on the show, Martin found himself in a precarious financial position in the aftermath of the 2007 credit crunch. The perma-tanned presenter had invested heavily in Spanish property and lost millions.
Key takeaway: Having a diverse property portfolio – instead of putting all your eggs in one basket – is a good way to reduce your exposure to risk.
If you’re considering buying or selling or are looking to expand your property portfolio, contact us here at Millbanks today.
