Homes Under the Hammer buyer triples house price by spending just £9,000 – pictures
Homes Under the Hammer host Martel Maxwell was pleasantly surprised by the three-bedroom home when she showed viewers the property before it went for auction. The 1950s home, which was located in Bilston, a market town three miles from Wolverhampton, needed a complete transformation because it was dated both downstairs and upstairs. Martel said: “I’m on this tree-lined but fairly busy road to see a three-bed semi-detached house which came with a guide price of £50,000.
“The good news is, what with it being quite busy, it’s set back with its own driveway, its own garage and a nice front garden.”
Upon entering the home, viewers got to see the state of the home, which was slightly dated.
The downstairs was spacious, with a separate dining room which Martel said could be turned into an open-plan living space.
The home also benefited from a downstairs cloakroom, something homebuyers pay a premium for.
In the rear of the property, Sunny had ripped out the diving wall to create a stylish open-plan living space.
The kitchen was fitted with new modern grey cabinets, with plenty of cupboard space.
Upstairs, the bedrooms had lost their polystyrene tiles and the bathroom was fitted with a completely new set, including a bath.
Sunny said: “The most difficult was to knock the wall off in the kitchen and the issues we had with the pipe work, because we had to rearrange them and the gas work, we had to ring them.
“It took us another day to do it.”
Although Sunny managed to fit the majority of the home himself, he consulted professionals when it came to do the electrical and plumbing work.
But did he stay within his budget?
He explained: “I was expecting to spend about £8,000 to £10,000, and in the end I ended up spending £9,454.”
With a guide price of £50,000, local estate agents revisited the property to share what price the house could now sell for.
One estate agent said: “To market this property for sale, I’d be looking at £145,000.”
Despite Sunny only making a pre-tax profit of around £15,000, he has almost tripled the house price value.
However, Sunny plans to rent it out, which could fetch around £675 per calendar month.