TWO property developers on Homes Under The Hammer sold a house they bought at auction for £50,000 for £300,000 – making a large amount of profit.
During the show, host, Martin Roberts went to view a large semi-detached house in Wolverhampton.
The four-bedroom house was on a corner plot and had a asking price of £50,000 or more.
As he stepped into the place, Martin was stunned by how big it was.
Rana and Giggs, twin brothers, bought the home at auction at three times the suggested price of £186,000.
They then put in a lot of work, completely renovated it, with a new bathroom and kitchen as well as new windows.
More on Homes Under The Hammer
Homes Under The Hammer's Martin Roberts 'drank his own urine' for new TV series
Homes Under The Hammer host shocked as woman buys two flats 'by accident'
The brother's had a budget of £15,000 to £25,000 for the refurbishment with a timescale of three months.
Four months later, Martin returned to see the completed renovation on the house.
Rana and Giggs admitted they had gone a little over budget, spending a little under £28,000 – as they got a high-spec kitchen.
The expert was impressed and said it was a 'really good transformation'.
Most read in TV
Made In Chelsea’s Maeva D’Asciano and James Taylor get married in secret ceremony
This Morning fans fall for Cat Deeley and want her to replace Holly full time
From the route to how to track him – the lowdown on Vernon Kay’s ultramarathon
end of the road
Loose Women’s Linda Robson reveals why she split with husband Mark
Martin added: "The actual finish, skirting boards and everything, all looks fine. They’ve taken their time…It is a really nice house now. I think that they would achieve in the region of £240,000 to £250,000.”
But Rana and Gig's had already had offers of £300,000 and above, so Martin's valuation seemed insufficient to them.
With a large sum of £300,000, this means that the twins have increased the property's worth by a whopping £114,000.
Source: Read Full Article