We transformed our sad-looking terraced home and added £70k in value by making a simple change to the bedrooms
A HOMES Under the Hammer buyer has revealed the simple change they made to add £70k to a property.
A recent episode of the BBC One property show saw Dion Dublin visit Hanley, Stoke-on-Trent and a two-bedroom property.
The presenter admitted the home "looked a bit sad" and was shocked once he got inside and realised it didn't have a kitchen.
Dion said it could be difficult for someone to get a mortgage because of this, but the property went to auction and was bought for £88,000 - £23,000 over the guide price.
The new owner, Wayne, planned to renovate the property and then rent it out, as it was located in a popular area for university students.
Along with his mum Mary, they planned to turn the property into HMO - house of multiple occupation - and add an extra bedroom so three people could live there.
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Each bathroom would also have an en-suite but a property expert revealed the home would also need new windows, a new central heating system, new flooring and rewiring.
Wayne and Mary set themselves a budget of £25,000 and a time frame of nine months to get the property ready to rent.
When the cameras came back the following year, Wayne revealed they had been delayed due to having to wait for their preferred builder to be available.
But once he was on board, their plans took shape and they added a downstairs bedroom and en suite, while adding bathrooms to the two upstairs bedrooms too.
They also added an extension at the back of the house for a bigger communal space and kitchen.
Wayne said: "This is the first project I've done with my mum and that was a good experience.
"We've had lots of debates about budgets and colour schemes but everything's worked out so far. She's really delighted but obviously she's just wanting to make sure it gets rented out."
Dion then revealed the pair had spent £20,000 more than originally planned, but were still confident they would reap the rewards financially.
The property expert returned and said: "The general finish of the property is absolutely brilliant.
"He's done a very, very nice job of adding an en-suite to every single bedroom and actually having the extension and a modern kitchen, that's going to make it really, really saleable, or lettable to students."
He said the rooms could be rented to students for £110 a week including bills, and if the property was occupied for 44 weeks, that would bring in £14,500 a year which is almost an 11 per cent yield.
If they decided to sell, it was estimated the property could make £160,000 which would give them a pre-tax profit of £27,000 when you take away the purchase cost and renovation work.
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Wayne said: "That's really good. There's always a risk when you create this type of property and you turn it into an HMO. So really pleased with that valuation."
Homes Under the Hammer airs weekdays on BBC One and is available on BBC iPlayer.