Man renovates run-down home he bought for £10k – and now its worth £65k

A man has revealed how he turned a mouldy property he bought for £10,000 into a stylish modern home.

Jake Knotman, 25, purchased the boarded-up terraced apartment in Burnley that was badly impacted by damp and mould rubbish.

He bought the investment at the age of 21 after working as an estate agent.

Now he wants to teach other young people on the best ways to become homeowners after spending a lot himself.

The investor said: "People don't believe me when I tell them it is possible to buy a house for £10,000.

"But you just have to know where to look. Burnley is a fantastic example of a post-industrial market town."

He was able to invest £26,000 to renovate the property which was partly funded by an interest-free loan from Burnley Council.

After being valued by an expert, the house is now worth an eye-watering £65,000, which is £55,000 more than its initial price.

The investor was able to add a new bathroom to the house which is now rented out trough a local social housing scheme.

Now it is complete with modern fittings, new floorboards and sleek finishes.

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He is encouraging others to look into interest-free loans that are offered by many councils to renovate empty properties.

Jake revealed: "This project has been satisfying on so many levels.

"Having turned an ugly, dangerous eye-sore into an attractive modern property we've helped raise house prices on the street."

After joining an estate agency at 17, Jake now owns seven properties. His podcast The Best In Property gives advice to others.

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