Nicki Waterman has combined her career as a journalist, TV presenter and personal trainer to the stars with property development…

What was your first step on the property ladder?
‘I got my first house in 1983 when I was just 20 – it was a wedding present from my parents. It cost £80K and was in Mill Hill. As soon as we moved in, I got to work on doing it up. It was a three-bedroom detached house, but by the time we left it was a four-bedroom detached house. Even back in those days, I kept it simple: all white, no fuss and two bathrooms.

‘We sold it one year later for £110K – a lot of money in those days. It was a sad time for me, though, as in that year both my parents died. However, I then inherited money from them and moved on to my next property.’

Is there a house you lived in which you haven’t liked?
‘The next house we moved to! It was in Totteridge and cost £310K new. It was a Berkeley Homes property – beautiful, but not for me. I was never happy there. I was upset about my parents and eventually my marriage failed. So after 13 years, I left my husband and I left him the house, too. I started all over again.’

What was the buy that gave you a leap up the ladder?
‘After leaving Totteridge I had £210K. I decided to rent and concentrated on my personal-training business and journalism. I thought that I might not buy another house, but it wasn’t long before I got the bug again. As I was on a reasonably good income, I was able to go for a maximum with my mortgage – so in 2001 I borrowed £330,000 and got myself a house for £540,000 in Radlett.

‘I bought the worst house in the best street in a great location. It was much more my type of house – old, crumbling down, with lots of character. My two children, Alex and Harry, were both at private school, so I was stretching myself to the limit and never stopped! I was on GMTV, writing and personal training, but at weekends I’d hit the flea markets and look for bargains. That Radlett house was amazing with a stunning garden. My new partner, Dennis, moved in with me. We built an extension and turned it from three bedrooms and one bathroom into five with two bathrooms. But it wasn’t easy! We stayed put while the work was carried out as I didn’t want to waste money on rent. It got to the point where I looked in the bathroom cabinet and saw a builder staring back! In fact, it got so bad Dennis even moved out at one time!

‘We spent around £100K on doing up the house with lovely features such as chandeliers and limestone in the bathroom, but I didn’t spend a fortune on the kitchen and I shopped around. I bought old fireplaces and those lovely big cast-iron radiators from the House Hospital (an architectural salvage company in London) and I ripped out pages from magazines for ideas. And as well as weekend visits to antiques shops and flea markets, I visited Portobello Market for bits and pieces.

‘The house went on the market in 2004 and the first person who came to look at it, bought it – and all the furniture in it too! We sold it for a total of £1.2 million.’

What’s your best deal?
‘After selling Radlett, Dennis and I (we were married by then), decided to move back to London. We found a place for us to rent in Westfield, Hampstead. I paid a lump sum for the rent up front and put the rest of the money over from the Radlett house sale into into a bond with a generous 7% yield. The property had an unusual layout with three double bedrooms and bathrooms downstairs and a much smaller upstairs, where there was a living room, small kitchen and little hall.

‘As soon as I walked into the place that very first time, I wanted to open it up and turn it all around. It had an amazing view of London. You could look out at night and see the whole city, the lights sparkling. I decided to put in an offer to buy it.

‘I got a great deal: I paid £900K and was mortgage-free. I got to work on my makeover plans straight away and, while those renovations were taking place, made Starbucks my office and did all my work there.’

The exterior of Nicki's property, now worth £3.8 million

 Where are you now?
‘I’m still in Hampstead, but in a different property. I love living near the Heath as I run up there with friends and I walk everywhere.

‘I was quite settled, I remember, and wasn’t planning to move – but something came up… my daughter, Alex, was by then working at Foxtons estate agents, and one day she rang me and said: “Mum, I’ve sold your flat for you!” It went for £1.8million.

‘Again I put my money in a bank bond, rented somewhere and sat tight. I saw the flat I’m living in now and fell in love with it – but I couldn’t afford it. It was, typically, on for £3million. In due course an offer was made on it and accepted and I had to give up my dream of buying it. 

‘Then a year later, Knight Frank estate agents rang me to say the flat was back on the market: this time for £2.6million. I offered £2million.

‘What followed was a tense time! I was out running on the Heath when I got the call. The owners would accept the offer if I agreed to an “attended exchange” within two hours!

‘Although I was in a fantastic position financially, my money was tied up in a bond and I couldn’t release it. I had to contact everyone I knew to raise the cash. It was quite mad! Dennis didn’t think we should buy the place and my brother also warned me not to put all my eggs in one basket. But it was a bargain – so I went ahead, and again it’s paid off.

‘I love where I am. It’s light and airy and still near to the Heath. I’ve put in a gorgeous little cloakroom with a shower, which was an expensive luxury! I’ve got a gym and a pool downstairs, and a porter service. The location is amazing and I adore living here, but… I’ve been told that the flat is now worth £3.8million…

‘My kids are now on the property ladder, so the plan is to start helping them out and build their dream home – and keep on moving on.’  

Nicki’s top tips

• Live in the property you want to do up and, first things first, get the new oven installed and make sure you’ve got a decent hob, too.
• Mix modern with old – antique furniture and glass features, minimalist with character pieces.
• Visit flea markets and salvage yards. Turn it into a hobby.
• Get the location right – for me the big leap came when I got the worst house in the best street.
• Refurb anything you can: save and salvage. We used old bricks instead of new and shaved down old doors and had them cut to size for a new site. In the Westfield flat I kept the carcasses of the kitchen units and simply replaced the doors.
• Keep things minimalist and basic, but add expensive touches when you’re dealing with properties that are going to sell at well over £1million. And don’t scrimp on basics like flooring – you must have real wood floors. Laminates won’t cut it.
• Be brave over your offers and sit tight until they get back to you!
• Don’t get too attached to your houses. I love where I currently live but I always remember that I want to make money too.
• Keep fit and eat right, you’re going to need a lot of energy! DIY involves hard, physical work, and you need to be able to stay on your toes mentally too in order to make sound, financial decisions.
• Go on instinct. If a place feels right, it usually is; but if you walk into a place and feel instantly that it’s not you, then don’t buy it.
• Be a risk-taker and be daring!

Sarah says... ‘Property development  is not an easy way to make money. The cost involved with moving is high and it is a stressful experience. You need to know what you’re doing when you aim to make a building better for today’s living standards!’