Homes Under the Hammer welcomed a familiar face in the form of Sultan, a property developer who had appeared on the show before. This time, he had purchased a house in the Midlands for £59,000 at auction and it needed a “complete refurbishment”. But in doing so, he managed to double the value of the property should he sell it for a top price.
It was Martin Roberts who went to visit the property before it was sold to Sultan.
“It has a guide price of £25,000 plus,” he explained. “Which for a three-bed mid-terrace doesn’t sound a lot.
Having stepped inside, Martin found an interesting element – a door in front of the stairs blocking it off.
“First thing to note, this is a bit of a back-to-front house,” the presenter said.
“That’s because a 170 years ago [when the property was built], they didn’t have cars, so the fact there is a road at the back of the house and the garden is at the front.
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Martin then met with Sultan to discuss his plans.
Sultan explained why he wanted to buy the property: “It has good potential.
“But lots of work needs to be done here; rip out everything, take out all the wallpaper, change the ceilings, new plastering, new skimming, new flooring.
“New plumbing, new electrics, new kitchen, new bathroom.
“The layout is going to be the same – but there’s a wall downstairs, one of the cupboards that we’re going to knock down, and then make a big open space.”
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Sultan had a budget of £8,000-£10,000.
“It’s quite tight because the majority of the work I’m going to do myself, and I have some friends helping me,” he explained.
Due to other ongoing projects, Sultan had a timescale of four to five weeks to get all the work done in the house.
When Martin visited Sultan two months later to see the finished result, he was astounded at what had been achieved.
Sultan had not only stripped the walls and flooring, but he had also put in a brand new kitchen and bathroom.
He also installed a new boiler with updated central heating, the entire house also had new electrics and plumbing.
The property renovation was completed in five weeks, and as for how much Sultan spent, he was still “crunching his numbers” and didn’t give a figure.
When an estate agent visited the property, they gave it a valuation of £110,000-£120,000.
“You’ve got a nice light, bright finish,” she commented. “And there’s a modern edge for it. It’s a lot better than when I first came around this property.”
“Wow! I didn’t expect that price,” Sultan replied. “I’m happy to have this valuation price.”
If Sultan stuck to his £12,000 budget, his total spend will have been £71,000.
So depending on the sales price, this would mean a pre-tax profit of £39,000 to £49,000.