Martin Roberts was in Staffordshire taking a look around a two-bed, semi-detached property that was going up for auction. The guide price was £90,000+ and the Homes Under the Hammer presenter said it “looked pretty good” from the outside. But there was an “overwhelming smell of animal” as soon as you stepped inside. Nevertheless, Martin could see the potential, and so could AJ and Katie who ended up buying the property. They went onto make £60,500 in pre-tax profit by making a simple change to the upstairs layout.
At the front of the property was the kitchen, and a large reception room with “big windows looking out onto the garden” was at the back.
Upstairs, there was only two bedrooms and a bathroom.
Martin, however, suggested splitting the largest bedroom in two – but there was one long continous window which needed to be adapted to do so.
AJ and Katie spent £99,500 buying the property and AJ explained what appealed to them at auction: “We really like the area and we thought it was the property with the least problems and things to do.
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The couple spent £20,000-£25,000 doing the property up – £5,000-£10,000 over their initial budget.
As for how much the property is now valued at, an estate agent said £175,000-£185,000.
“That’s a smashing price!” AJ remarked. “Really happy with that.”
The couple’s total spend, including the purcahase price, was £124,500.
So a sale at £185,00 would leave them with a pre-tax profit of £60,500.