In the autumn of 2022, we listed a two-bedroom apartment situated in the picturesque area of Penn Hill in Yeovil. Whilst the exterior of The Old Coach House brimmed with character, the interior was left wanting.
With a guide price set at £80,000, a unique property such as this was sure to generate interest. No stranger to the auction room, Chris Campbell recognised what a gem this property was. But a diamond in the rough was sure to entice others too. Experience taught Chris that the excitement of an attractively priced property drives up bidding: “I bought a small block of flats and might have got a bit carried away and paid more than I originally wanted,” but he took it all in good humour. “Is that not the nature of auction!”
When he saw the opportunity to bypass the bidding frenzy, he took it. Chris made a pre-auction offer to the vendor, which was gladly accepted. When commenting on his experience this time round, he praised “the straightforward process. It’s a quick transaction, you know what you’re getting and you’re ready to rock and roll.”
And rock and roll he did! Plainly decorated with white walls and cream carpets throughout, it was a veritable blank canvas. Chris injected every inch of the property with the style it deserved and now it’s a true reflection of its character, far beyond the eye-catching red brick exterior.
The Old Coach House is now a thriving Air Bnb rental; was this always Chris’ plan? “Yes. It was a strange one. We got a fair amount for property for how much we paid for it. It took us a while to realise what we had and the potential of what we could do. It was a slow burner for us as we had another Air Bnb property that we had guests staying in, but we had a problem neighbour, so we ended up selling that. In the intervening time we renovated The Old School House and moved our Air Bnb tenants in.”
With the property’s fantastic glow up, incorporating warm, inviting tones, cosy lighting and luxurious textures, they must have hit the ground running: “Yes, once the tenants who had swapped properties moved on, we were able to start advertising. There’s limited stock of nicely decorated properties within the immediate Yeovil area, so we do quite well. We have contractors Monday to Friday, and the weekends, we often get people visiting family or for leisure things such as weddings in the area. So yeah, it serves us well.”
Having bought at auction previously, Chris knew things don’t always go according to plan; was there anything that took him by surprise? “It was relatively straightforward, but we did have issues with water ingress, which took a bit of investigation to rule out where the water was coming from. That took a bit of head-scratching to solve. A few sheets of tarpaulin later, we identified it as a bit of old air brick on a partially exposed
wall. It caused loads of damage but, come the end of it, the solution we found probably cost less than £20 to put it right. It turned out to be really easy to fix.”
It is important to factor in hidden costs when purchasing at auction. What advice did Chris have for someone buying at auction as opposed to on the open market? “Do your due diligence. When you’re either buying in the room or under auction conditions, you’ll want to do that in a more timely manner than perhaps buying something subject to contract. Also, set out the terms and conditions under which you want to purchase something so you don’t spend more than you can afford.” This is an excellent tidbit for first-time buyers and seasoned professionals alike: do your own due diligence so you know what you’re buying and plan accordingly.
When asked if The Old Coach House was a worthwhile buy, he told us confidently, “for sure.”
So, Chris, would you do it all again? “As long as the deal’s right!”
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