I added £220k value to my home in six months and spent just £60k – my showstopper kitchen sealed the deal
A BUYER on Homes Under the Hammer increased a property's value by £220k by spending just £60k.
BBC viewers saw presenter Dion Dublin, pay a visit to a charming bungalow in Mablethorpe, a delightful seaside town nestled in Lincolnshire.
With a guide price of £60,000, a detached two-bedroom house was up for grabs at auction.
As soon as Dion stepped foot inside the place, he noticed it had a porch area, which he was impressed by.
“As soon as you come in you’ve got a bit of a porch area which is always good. This house is a bit of a back-to-brick project I think," Dion said.
However it was visible that the property needed some work done to it, as Dion dubbed it, 'not in a great condition'.
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Dion explained: "Everything has to come out. It’s not in a great condition at all. The windows need to come out, and yes, not very positive. What is positive is the size of the kitchen itself."
The property was purchased for £94,000 by Ganesh, an IT consultant and part-time property developer.
Ganesh explained that if he was granted planning permission, he would extend the bungalow, giving it amazing views.
He started off with a budget of £30,000 if the planning wasn't allowed, and he aimed to get everything done within six months.
But after seeing some unseen costs, Ganesh said he spent just over £60,000 on the house.
Luckily for Ganesh the property was worth a lot more than he thought it would be.
A local estate agent who viewed the property, said: "My favourite feature of this property now is the layout of the kitchen-diner, and the finish in here has been really, really good. Valuation wise, we are now looking at £250,000 to £280,000.”
In the end Ganesh revealed his intention to sell the property, aiming to fetch a whopping £280,000 for it.
If he succeeds in achieving this impressive price, he would have skyrocketed its value by an astounding £220,000.
