Buyer Increases Property Value by £220k with £60k Renovation

Presenter Dion Dublin Discovers Hidden Potential

A buyer on the popular TV show Homes Under the Hammer has managed to increase the value of a property by a staggering £220,000 with just a £60,000 renovation. Presenter Dion Dublin visited a charming bungalow in the seaside town of Mablethorpe, Lincolnshire, and immediately saw its potential.

A Back-to-Brick Project

The detached two-bedroom house had a guide price of £60,000 at auction. Dion was impressed by the porch area as soon as he entered the property. However, he noted that the house was in need of extensive work. "Everything has to come out. It's not in a great condition at all," Dion commented. Despite the challenges, he highlighted the size of the kitchen as a positive aspect.

IT Consultant and Property Developer Takes on the Challenge

The property was purchased for £94,000 by Ganesh, an IT consultant and part-time property developer. Ganesh had plans to extend the bungalow and create amazing views if granted planning permission. He initially budgeted £30,000 for the project, but due to unforeseen costs, he ended up spending just over £60,000.

Impressive Valuation and Potential Profit

A local estate agent who viewed the renovated property praised the layout of the kitchen-diner and the high-quality finish. The agent estimated the property's value to be between £250,000 and £280,000. Ganesh intends to sell the property for £280,000, which would result in a remarkable £220,000 increase in value.