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

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.

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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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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