Homes Under the Hammer buyer boosts value of property by £31k with simple renovation

Homes Under the Hammer unveil renovation at Battersea flat

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On an episode of Homes Under the Hammer, Martel Maxwell was viewing a home in Haymarket, Edinburgh. The one-bedroom ground floor flat was in a central location and had a guide price of £110,000 at auction in February 2022. The property was “uninhabitable”, according to the home’s legal pack.

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On entering the property, it was obvious someone had intended to renovate the home previously.

The flat had been re-plastered and the kitchen and bathroom ripped out.

Despite the property’s dilapidated appearance, there were some positive aspects.

Double-glazed windows had been installed, the boiler looked brand new and there was central heating.

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However, the lack of working bathroom and kitchen could make it difficult for the new buyer to mortgage.

The property was the perfect blank canvas for a buyer to put their own stamp on.

Outside, there was a communal garden in the back and a private space out the front.

The spacious, bright, one bedroom flat in the heart of Edinburgh would make a good investment property for the right buyer.

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The property was bought by Amir at a remote online auction for £117,000.

Amir is a property developer who owns a number of properties in his rental portfolio.

The Edinburgh-born investor said he knew the area well living only five minutes away from the property.

Once the home was renovated, he planned to rent it out.

He had a budget of £16,000 and planned to complete the project in just eight weeks.

Eight weeks later, Homes Under the Hammer returned to check on Amir’s progress.

The property renovation was completed to a high standard with modern finishes and a new bathroom and kitchen.

Amir added LED lighting, put a washing machine in the bathroom, re-plastered the walls, and re-wired and re-plumbed the property.

The kitchen had a matte finish and built-in storage cupboards had been added to the bedroom.

Amir also tidied up the front of the property so the new tenants could enjoy the private space.

A local estate agent was invited to value the property in May 2022.

The agent said the property could achieve between £165,000 and £170,000 on the re-sale market.

This would give Amir a pre-tax profit of £31,000.

The local agent also said the property could be rented out for between £900 and £950 per calendar month.

Amir said he was already renting out the property for £900 per calendar month.

Homes Under the Hammer is available to stream on BBC iPlayer.

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