Today’s property developers on Homes Under the Hammer sold a £50k guide price property for £300k.
The show saw Martin Roberts viewing a large semi-detached house in Wolverhampton. The four-bedroom property was situated on a corner plot and had a guide price of £50,000 plus.
Upon entering the property, Martin was “surprised” at how big the house was. Identical twins Rana and Giggs bought the property at auction, paying three times the guide price at £186,000.
The twins got to work and completed a total refurbishment including a new bathroom and kitchen as well as new windows. The twins had a budget of £15,000 to £25,000 for the renovation with a timescale of three months.
The Homes Under the Hammer host returned to the property four months later to see the completed renovation. Rana and Giggs ended up spending slightly under £28,000. The twins said this was because they went for a high-spec kitchen instead.
The expert said: “It’s a really good transformation. The actual finish, skirting boards and everything, all looks fine. They’ve taken their time…It is a really nice house now. I think that they would achieve in the region of £240,000 to £250,000.”
However, the brother’s thought that was low and had already had valuations above £300,000. Taking a valuation of £300,000 means the twins have managed to increase the property’s value by a huge £114,000.
Receive newsletters with the biggest and breaking TV and showbiz news by signing up here