Homes Under the Hammer buyer makes £87,000 profit despite reusing the original kitchen

Homes Under the Hammer: Property renovation revealed

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On an episode of Homes Under the Hammer, Tommy Walsh was visiting a three bedroom mid-terrace property in Maidstone. The property was located just half a mile away from Maidstone East rail station and was on a cut-de-sac. The exterior of the home was pretty with original features, yellow paint work and solar panels.

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On entering the property, it was clear the home needed an update.

The living room had 70s-style cladding on the wall and an old fireplace.

The home also had central heating and a fairly new kitchen which Tommy believed could be cleaned and reused.

Unfortunately, the only bathroom in the property was located downstairs but there was scope to add a bathroom upstairs if space was taken from one of the bedrooms.

The home also had a large garden which was overgrown but could make the perfect family entertaining space.

The property had a guide price of £115,000 in June 2021 but had a winning bid of £206,000 from Londoner Shiraz who first invested in the property in 2006.

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The seasoned property developer planned to completely strip the property back to basics in order to then modernise it.

Shiraz was attracted to the property’s size and knew that he could put his own stamp on it.

He planned to complete the renovation in three months with a budget of £20,000.

The property developer also planned to do a lot of the work himself along with some help from his family.

Homes Under the Hammer returned four months later to see Shiraz’s progress.

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The property looked brand new with new flooring throughout, a fresh lick of paint on the outside and a tidy garden.

Shiraz said most the property had to be completely ripped out including the old carpets and polystyrene tiles.

He didn’t remove the solar panels on the roof as they were still working.

The property developer said one “disastrous” aspect of the renovation was removing the cladding from the living room.

When removing the cladding, the plaster came away from the wall to reveal the exposed brick.

The wall had to be completely re-plastered and then painted white.

The property was finished to an impeccably high standard with neutral decor throughout and a brand new modern bathroom.

Shiraz considered taking space from the third bedroom to create a bathroom upstairs but instead decided to keep the bathroom downstairs.

Initially, Shiraz and some family members helped strip out and decorate the property.

However, Shiraz did spend money on plasterers, electricians, decorators and plumbers.

In the end, the property developer spent slightly over his original budget of £20,000, coming in at just under £22,000.

A local estate visited the property in November 2021 to value the property.

The agent said he thought the property could be rented out for £1,150 per calendar month, giving Shiraz a six percent yield.

If the property was put on the sales market, the agent said it could have a sales figure of between £300,000 to £315,000.

This would give Shiraz a pre-tax profit of between £72,000 and £87,000.

Homes Under the Hammer can be streamed in BBC iPlayer.

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