James and Sam Davies are selling The Elms, a five-bedroom detached house in Curdridge, Hampshire, for £1.5 million, a significant increase from their £750,000 purchase price in 2014. The couple, who had been searching for a new home for four years, initially hesitated to buy the property due to its dilapidated state.
Extensive Renovation Project
The property, built in 1880, required extensive work. The Davies spent approximately £250,000 over a ten-year period on renovations, undertaking the project room by room to align with their finances. They aimed to preserve the home's original character while updating essential features. Key period elements such as stained glass windows, ceiling roses, coving, and skirting boards were retained. However, the couple replaced the guttering, damp-proofed one side of the house, and installed a new kitchen and four bathrooms.
The house also features a self-contained flat, which was originally used as servants' quarters during Victorian times. The property spans over 3,000 square feet and includes a garden, a koi pond, and outdoor entertaining space.
Downsizing and Future Plans
With their two daughters, aged 27 and 25, having moved out and purchased their own homes, the Davies now feel the five-bedroom house is too large for them. They plan to downsize to a smaller property in the UK and are also considering purchasing a detached villa in the Mercia region of Spain for approximately £400,000.
Despite some nervousness about the housing market, Mr. Davies believes the property will appeal to buyers seeking a characterful home with ample social space, although he noted it might not attract those preferring modern, minimalist designs.
The sale comes at a time when mortgage rates have reportedly risen due to inflation, increasing costs for new buyers and those remortgaging. The Davies' experience highlights a substantial return on investment through extensive home renovation.