£114,000 in three months to sell a house at auction – people thought we were scammed but we had a master plan
TWO property developers on Homes Under The Hammer sold a house they bought at auction for £50,000 for £300,000 – making a big profit.
During the show, presenter Martin Roberts toured a large semi-detached house in Wolverhampton.
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The four-bedroom house was on a corner plot and had an asking price of £50,000 or more.
When he entered the building, Martin was amazed at how big it was.
Rana and Giggs, the twin brothers, bought the house for three times the recommended price of £186,000.
Then they put in a lot of work and completely renovated it, with a new bathroom and kitchen as well as new windows.
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The brothers had a budget of £15,000 to £25,000 for the renovation with a time frame of three months.
Four months later, Martin returned to see the home’s completed renovation.
Rana and Giggs admitted they went slightly over budget – spending just under £28,000 – when they splurged on a high-end kitchen.
The expert was impressed and said it was a “really good transformation.”
Martin added: “The actual finish, the skirting boards and everything looks good. They took their time… It’s a really nice house now. I think they would reach around £240,000 to £250,000.”
But Rana and Gig’s already had offers of £300,000 and above, so Martin’s valuation seemed inadequate to them.
At a hefty sum of £300,000, this means the twins have increased the value of the property by a whopping £114,000.
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