I made £100k buying a plot of land shaped like a bowling lane at auction – it was an untapped gold mine
ONE property owner was left in the money after a perfect investment buy on Homes Under The Hammer.
Upon its final renovation, the home received an epic valuation that no one could have predicated.
Before being re-built as a new home, Dion Dublin went to visit the plot of land and was left impressed with what he saw.
Dion likened the property to a bowling lane as he described its shape as "quite narrow; but from the back to the front it is very, very long."
He was left rather giddy at the thought of the space being used to house a "three-lane bowling alley" but instead the former footballer had to settle for the land being approved to be used as a two-bedroom house.
In August 2021, an estate agent visited the property to give their take on what a home in the area could be worth stating: "It would roughly sell for between £200,000 and £220,000.
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"A three-bedroom detached property in this area would rent for between £800 to £900 per calendar month. I could see it selling for £250,000."
Ellis, a first-time property developer, ended up snapping the land up for £52,000 and came up with a plan to spend £150,000 in total with solicitors fees, building works and purchasing fees.
Remarking on his decision to purchase the property: "I’d like to think it’s quite a simple build.
"It’s relatively flat, and not too big for a first build. I can get involved and learn as much as possible.
"There’s a little bit of support from my father, he’s got a bit more experience."
He confirmed he hoped to build a three-bedroom modern home which would include one en-suite as well as an open-plan living space.
However, the project did end up coming in over-budget with a total investment of £202,500.
He said: “We’re probably touching more £150,000 now, and again, due to stuff like the fence, changes we’ve had to make during the process, and just to maintain a high-quality finish, we’ve spent more than planned."
Despite the over-spend, Ellis was left laughing all the way to the bank when it was revealed he could expect to see profits of over £100,000 when he eventuallyy decided to list the stunning home,
He admitted to the camera that the home had now been value at over £300,000 - more than he could have ever expected.
Ellis said: “I am keen to stay in the property, and probably go for a renovation project next just to get that experience.”
