Homes Under the Hammer buyer boosts property value by £80k despite ‘blowing budget’

Homes Under the Hammer: South Wales property gets makeover

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On an episode of Homes Under the Hammer, Martin visited a two-bedroom bungalow in Dover, Kent. The bungalow was situated just a mile and a half from the town centre and included off-street parking. The property had a guide price of £160,000 when it went to auction in September 2019.

Martin said this property had lots of “potential” and stunning views of the surrounding area.

The bungalow had a sizeable lounge and two large bedrooms.

Some of the rooms had damp on the walls and needed a fresh coat of paint.

The family bathroom was also sizeable and could be improved with modernisation.

Martin said the “biggest potential” was the kitchen which was a “nice size” but was “very, very dated”.

Original parquet flooring could be spotted underneath some of the old carpets.

With planning permission, the property could be extended either upwards, sideways or into the large garden.

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“As is often the case with bungalows, they sit on a decent sized plot and that gives them room to grow backwards, sideways or even upwards,” Martin explained.

At auction, the property was secured by Gordon, a semi-retired civil servant who had a successful bid of £165,000.

Gordon planned to buy, renovate and live in the property.

His starting budget was £10,000 and he wanted to complete the work in six to nine months.

The homeowner planned to expose some of the property’s original features and restore them back to their former glory.

Homes Under the Hammer visited Gordon 22 months later to see his progress.

The property had been completely transformed both inside and outside with a new bathroom suite, a high quality kitchen and new windows.

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The once dated, bright blue bathroom is now grey, slick and modern with a separate bath and shower cubicle.

The lounge, which once had paint peeling off the walls and a dodgy ceiling, had new carpet, plastering and painted walls.

Gordon also revealed that there were problems under the floors where the joists had rotted meaning these had to be replaced.

The original oak floor, which dated back to when the home was built in 1937, was restored in the hallway.

The second bedroom was transformed into a back reception room.

The back garden, which was previously waist high with weeds and grass, has been completely transformed into a neat and tidy space to relax.

The last job Gordon plans to do is add a decking to the back of the house from the kitchen onto the garden.

Gordon had to get consent from the council because of the size and height of the deck.

The bi-fold doors in the kitchen will then lead onto the decking.

Gordon admitted that he completely “blew the budget”.

He said: “As soon as I knew that the doors and the windows were going to be changed that doubled the price.

“And deciding to upgrade with the bi-fold doors at the back, to have a deck on the back and get a higher grade of kitchen than I had started out to fit. It’s now 30,000.”

This does take Gordon’s total spend to £195,000.

A local agent said in July 2021 that Gordon had done a “very good job”.

“He’s updated it and made it very attractive,” they said.

The agent said he thought the property would sell for £275,000.

That could see Gordon achieve a possible pre-tax profit of £80,000 on the resale market.

The agent also suggested a rental return of £800 per calendar month which equates to a yield of just below five percent.

Homes Under the Hammer airs at 11.15am on BBC One.

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