Homes under the Hammer buyers make £52k profit on Stroud flat with 'stylish' renovation
In a recent episode, Homes Under the Hammer saw a married duo transform a one-bedroom flat in Stroud for just £5,000. The pair turned the Gloucestershire property from a damp, run-down space into a cosy home in their spare time, bagging a staggering £52,000 profit for their efforts.
Homes Under The Hammer: Amazing property transformation
Homes Under the Hammer visited south-west England in a recent episode, where Martin Roberts looked around a small, top-floor flat needing some TLC. On his first visit to the property, the presenter pointed out an issue with mould and dampness, which was likely caused by a leaking roof. Despite its neglected appearance, the mezzanine-style property had a unique selling point - uninterrupted views of Stroud.
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The one-bedroom flat was sold for £83,000 at auction, to a local couple, Fiona and James.
As budding property developers, the pair had some experience with renovating run-down homes in the small market town they call home.
On his first visit to the property, presenter Martin Roberts pointed out the many flights of stairs which led to the top-floor flat.
The small space was mostly a blank canvas, though it did have a few issues.
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Layers of filler coated the walls, while black mould and dampness stained the corner of the room.
Martin Roberts explained that it was "a bit of a worry" due to the location of the flat.
He said: "Because we're right on the top of the building, if it's a problem with the roof, you're going to have to talk to the other people who own the building to know who's responsibility that is."
A small bathroom was tucked away in the corner of the space, though it was unusable.
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Wooden windows and "very old" double glazing required some attention, though the "beautiful" views made up for the neglected appearance.
A small kitchen with dated cabinets also needed a full refurbishment.
Upstairs, the mezzanine bedroom area looked over the lower level.
Located just a short walk from transport links and the town centre, the property had great potential to become a profitable investment for the buyers Fiona and James.
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New flooring, plastering, kitchen suite and bathroom fittings were on the pair's to-do list to improve the property.
They had a budget of £5,000 and a timescale of just four to eight weeks to complete the rental project.
Eight months later, Homes Under the Hammer returned to the flat in Stroud.
The decor was fresh and bright, creating a modern feel throughout the property.
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A new bathroom suite with patterned feature tiles replaced the old fittings, with a new water tank and kitchen appliances to match.
The mould issue was fixed with new windows, fresh plastering and a full refresh throughout.
In September 2022, a local estate agent visited the flat to see the results. He noted that the "clean lines and modern finish" were very desirable for both buyers and renters, estimating a sale price of £140,000 on the open market.
This would give Fiona and James an impressive profit of £52,000, having invested a total of £88,000 in the project.
