A Homes Under The Hammer buyer made £31k in a month after snapping up a three-bedroom home that was valued at just £40k at an auction.
In a recent episode of the BBC show, which aired on Wednesday August 20, host Dion Dublin, 56, headed to Burnley to take a look at semi-detached property in a residential area with some stunning views.
The three-bed house went up at a guide price of £40k at auction and was bought by tradesman and developer Charlie from London.
He ended up getting his hands on the property for £78k.
And luckily his brother Harry was on hand to help him start the renovation process, which he hoped would be completed in just four weeks.
He shared he wanted to add patio doors outside and make it a lot more open plan in a plan to rent it out.
A Homes Under The Hammer buyer made £31k in a month after snapping up a three-bedroom home that was valued at just £40k at an auction
In a recent episode of the BBC show, which aired on Wednesday August 20, host Dion Dublin headed to Burnley to take a look at semi-detached property in a residential area with some stunning views
The three-bed house went up at a guide price of £40k at auction and was bought by tradesman Charlie from London
Dion was keen to find out what their budget was, to which Charlie said: ‘8k to 10k.’
Charlie revealed that the brothers would also be doing ‘everything’ apart from the patio doors.
‘What about the electrics and plumbing?’ Dion asked.
Charlie explained: ‘So I’m doing central heating myself. I’m gas safe registered.
‘The electrics I will have that checked at the end with a local electrician as well.’
He then shared that they are going to put in a new bathroom, a new kitchen and potentially tidy up the garden.
Dion said: ‘I have every faith in Charlie and his brother Harry. I don’t doubt them…
‘They’ve done it before.’
Dion returned to the house just three weeks later to see how they were getting on.
Charlie explained: ‘We’ve done a full paint outside of the house and cut some of the trees back at the front, and back’
He added: ‘We’ve taken down the wall between the kitchen and the diner to open the place up a bit and put a new kitchen (pictured) in’
The kitchen pictured before the transformation
Charlie explained: ‘We’ve done a full paint outside of the house and cut some of the trees back at the front, and back.’
He added: ‘We’ve taken down the wall between the kitchen and the diner to open the place up a bit and put a new kitchen in.
‘New flooring for it, I’m most pleased with the kitchen because it’s actually a second hand kitchen.
‘To get it to all fit in how I wanted it to, I’m pleased with that.’
They also managed to transform the hallway and living room with a lick of paint.
The siblings also changed the layout to the bathroom to make it family friendly.
They did 8am to 10pm for three weeks solid to get the project done and they only went over £400, meaning that they had spent in total just over £88k.
Charlie said: ‘The plan is to rent it out. I actually have a tenant lined up for it.’
Local estate agent Scott Riley went back to view the property again and said: ‘If I was listing this property to sale…
‘I would be looking to pitch it at around £110k mark.’
He said that the rental market price would be £600 per month.
Narrator Martin Roberts explained: ‘At least they have the reassurance the three weeks of hard work paid off.
‘And it could leave them with a pre tax profit of around £22k.’
He added: ‘With tenants already in place, Charlie and Harry are set to receive annual pre tax income of nearly £7.5k which is an impressive yield of over 8 per cent.
‘Higher than the average for the area.’
Charlie could sell the property and make £31k, but decided to rent it out instead for a steady income stream.
Homes Under The Hammer airs on BBC One and is available to stream on iPlayer.
