I paid twice the guidance price for a property at auction but got the last laugh after flipping it with epic makeover
HOMES Under the Hammer viewers were gobsmacked after a buyer dramatically transformed a £165k property in disrepair.
Host Dion Dublin was worried during the episode when property developer Victoria paid double the price at auction for a rundown West Midlands home.
During the episode, the 54-year-old presenter headed to the West Midlands and examined the neglected property before pointing out that it had the potential to become something worthwhile.
However, despite the Cradley Heath home's huge prospects, people seemed unwilling to take on the challenge.
After being on the market for a while, the original owners decided they wanted a shot at it, so they put it up for auction.
The property, which had no visible dampness or significant movement, was on a quiet street and boasted three bedrooms.
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The Homes Under the Hammer presenter noted that, although it lacked curbside appeal, a good paint job and a driveway transformation would change its initial view to something stunning.
The garden was sizeable and had a decent space featuring a brick garage.
BBC experts estimated the guide price at auction to be around £79,000, despite it ultimately selling for more than double the price at £169,000.
The estimations from the property experts worried Dion, as they meant that the new owner would need a significant budget to "restore" the home.
The host discussed the property transformation details with a surveyor, who concluded that the entire property needed to be "restored for top to bottom and rewired," which came with a hefty price tag.
Before work began on the house, Dion caught up with the buyer, Victoria, who wanted to add to her portfolio of properties she owned.
She had big dreams for the home and planned to rent it out once everything had been transformed.
Victoria gave herself three months to make the renovations, hoping to knock down the downstairs wall and open up the living room with French doors.
Dion was floored to discover that she managed to nearly finish the property makeover on the small timescale she set herself.
Victoria explained: "One of the first things I did was put in some decking in the garden for whoever comes in to live here.
"A lot of work went into the garden to make it a usable space."
The outside area's staggering transformation saw it opened up and turned into an outside building.
Her efforts paid off, with the home now worth more than £200,000, meaning she will get at least £850 per calendar month in rent, equating to a 5% yield.
Viewers were impressed that she managed to complete the transformation on time and increase the property's value.
One viewer on X(formerly Twitter) tweeted, "Shocked she was able to pull that off."
A second asked: "Why did she pay that much for it? But it is a lovely house now."
"Fair play, she did it, but I reckon she will need to keep it a long while to get a return," added a third.
In a separate episode of Homes Under the Hammer, a disaster occurred after a project was overrun by five years and cost three times as much as originally planned.
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Martin Roberts and Dion Dublin hosted the BBC One Daytime show, where they visited a group of buyers who had purchased an old police station in Birmingham.
Homes Under The Hammer airs weekdays on BBC One at 11.30am.
