Homes Under the Hammer buyer spends £2k to boost value by £24k despite structural issues

Homes Under the Hammer visited Wolverhampton in a recent episode where a property was selling at auction. Presenter Dion Dublin said: “This is our house. It’s got two bedrooms, a guide price of £30,000. In the auction catalogue, it said that you are standing flush to the pavement, and it is.”

Upon entering the property, Dion was pleasantly surprised by it.

He said: “Central heating hits you right in the face, that’s a positive.

“This room is nice and bright, big double-glazed windows in good condition, that’s not a fault.”

Searching the rest of the property, Dion said the house was of good standard.

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But the renovation hadn’t been easy for Phil who ended up fitting a whole new kitchen into the home.

Phil said: “Doing the renovation, we found a couple of problems.

“In the dining room, when I peeled off the wallpaper, the whole wall came down so we had to re-plaster the dining room and we had the same issue in the kitchen as well.

Upstairs, the bedrooms had been given a complete makeover with fresh carpets and walls.

The bathroom had also been completely replaced.

Phil added: “My initial budget was £5,000. To date, so far, I think I’ve spent half of that.”

With his timescale, Phil fell behind due to a death in the family.

He said: “We had my grandmother pass away which put me behind by about three, four months…A little trivia, I actually have in the bathroom are two of the photos from her house.

“So we put them up in the property for when we’re showing.”

With a total spend of £73,500, how much profit could Phil be looking at getting if he sold the property?

One expert said: “It’s been finished to a high standard. Looking at this property, I’d market it at £95,000.”

The other estate agent said: “My expected price for this property would be offers in the region of £90,000, with a view to achieve up to £95,000.”

Taking the upper valuation of £95,000 would mean Phil would see a £21,000 pre-tax profit.

He had also increased the house price by £24,000.

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