Homes Under the Hammer pair spend £17k to boost bungalow value by £82k in stunning upgrade
Homes Under The Hammer: Bungalow value raised by £82k
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On an episode of Homes Under the Hammer, host Martin Roberts was initially taken aback at the bungalow’s layout when he showed viewers around the property before it was sold. But it did not deter the buying couple who planned to transform the place, with an initial £15,000 budget and a timescale for renovating of four months. However the couple ended up spending £17,000.
As Martin entered the property he noticed the horrific state of the kitchen and said: “That definitely needs refurbishment.”
He said: “Now the thing about bungalows is that you never know quite what you’re going to get when you walk through the front door.
“You go into a bungalow and there doesn’t seem to be a standard layout and that’s certainly the case here.”
As the property pro ventured into the rest of the bungalow, he was astounded by what he saw.
Martin said: “I’ve never seen a layout that needs changing so much! This whole layout is terrible.”
He explained that the first thing that needs to be done with this property is to knock as many walls down as possible in order to start again with the layout.
Bev explained that she fell in love with the property when she first viewed it and she had the money to renovate it so she thought it was a no-brainer.
Bev told viewers: “I’m quite local. I was brought up in Cannock so I know the area really well.
“And we saw this come up for auction and you don’t get them around here very often.
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“We’ve got this money to invest so we came and had a look and just fell in love with the place, really.”
The pair agreed with Martin that the property had a “strange layout”.
Nick said: “It’s got the strangest layout. When we looked around the property on the open day, we couldn’t find the kitchen.
“You walked in through the front door, looked around and thought where’s the kitchen?”
The pair had an extensive rental portfolio but planned to do the bungalow up to sell on to a potential purchaser.
The couple, who actually spent £17,000 on the renovation, moved the third bedroom to where the kitchen was to create an open-plan kitchen and dining area.
The duo decorated from top to bottom, installed a new bathroom and carried out most of the work themselves, relying on tradesmen for jobs such as plastering.
The lounge has been transformed and is now bright and modern.
A local estate agent had valued the property at between £225,000 and £250,000, meaning the couple are looking at a hefty pre-tax profit of £82,000 should they find a buyer for it.
He said: “The changes they’ve made to the house are really good. They’ve opened up the space and created a lot more light.They’ve reconfigured it to make it a lot more suitable for the current family.
“They’ve gone for a high quality kitchen, bathroom, good flooring throughout so you can tell that they’ve really spent time thinking about what to put into the property.”
In total the couple spent £168,000 on the bungalow, this included their renovation budget of £17,000 and £151,00 which they spent at auction.
Bev and Nick were thrilled with the valuation they received for the estate agent.
If the couple did change their mind and keep the bungalow as a rental, the agent thought £900-950 per calendar month should be possible.
This equates to a yield of nearly seven percent.
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