Homes Under the Hammer buyer makes £55k profit after ‘lick of paint’

Homes Under the Hammer reveals period property renovation

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Dion said the property had good first impressions with a large, rustic kitchen and a large reception room. He said: “It all seems to be in okay working order. If you’re buying this house to rent it out, you’d get away with keeping the kitchen, giving it a good clean, and then I think you’d be okay. If you’re buying it to sell it or live in it, you might want to put a brand-new kitchen in and put your own stamp on it.

“There’s loads of space to play with in here and you’ve got a bit of storage space as well. So the kitchen is good, the lounge is good.”

Upstairs, there was a family bathroom and three large bedrooms which all needed some modernisation, however, it had great potential.

The new owner of the property was Nick, a landlord who lived just 15 minutes away from the home. He paid £92,000 at auction for the lot.

He visited the property with his daughter Nadiya to tell Dion his plans for renovating the property. Nick said: “The house is in good condition which is a bonus.

“It doesn’t need a lot of work doing to it. So I’m hoping we can do the work within four to six weeks and put it straight onto the market.”

Nick did some sums and initially thought about doing a full renovation, however, he decided to just do a “basic renovation”.

The landlord decided to leave the kitchen and bathroom and do the flooring and the paintwork. Externally, he also thought the property needed a lick of paint to make it more appealing kerbside.

With a quick flip in mind, Nick had a small budget of just £2,000 and planned to complete the work in four to six weeks.

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Homes Under the Hammer returned nine weeks later to check on Nick’s progress. The outside of the property had a lift with a lick of paint going a long way to improve the home’s kerb appeal.

Inside, the living room was freshened up with a cool grey paint job and new patio doors leading out into the garden. In the kitchen, the old cupboards have been treated to a professional re-spray in grey.

Upstairs, the bathroom was cleaned up and the three bedrooms were given a similar modern makeover to downstairs with new grey carpets and a new paint job.

Outside, the garden has also been brought back to life with new turf and the addition of a pebble border.

Nadiya chose the grey colour scheme to make the property look clean and modern. The greys also contrast with the white making the white parts of the walls look cleaner.

Nick and Nadiya originally didn’t budget to renovate the back garden, however, they decided to tackle it after they completed the interior renovation to make the garden “look brighter”.

Nick is planning to sell the property after completing the renovation in seven weeks. In total, the father and daughter team spent £3,220.

Although they went over budget, that’s an impressively low figure for such a renovation. Nick’s total spend on the property is £95,220. He did most of the work here which helped him keep his costs so low.

In October 2022, an expert from the auction house said the home could be put on the sales market for between £140,000 to £150,000. This would give Nick and pre-tax profit of nearly £55,000.

He said: “The property has been improved with a lick of paint and some new carpets. The doors have been changed, and general improvement works have been carried out.”

The expert also said a new kitchen and bathroom could help the property achieve a higher valuation. He also said the home could be put on the rental market for £700 per calendar month.

Homes Under the Hammer is available to stream on BBC iPlayer and airs on weekdays at 11.15am on BBC One.

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