A rundown home bought for £59,000 at auction has been completely transformed - almost doubling its value. The 170-year-old mid-terrace property, in Ironville, outside Nottingham, featured on today’s Homes Under the Hammer.
Ironville was built by the Butterley iron works company around 1830 as a model village to house its workers. The three-bedroom property featured on the BBC One show went to auction in December 2020 with a guide price of just £25,000+.
Presenter Martin Roberts, on a visit to the property, noted that the front room was feeling ‘a little damp’. The surfaces, including the walls and floors, were all ‘covered in something squishy and horrible’.
Read more: The One Show's interview with Rowan Atkinson branded 'pointless'
He added: “But in terms of size, it’s pretty good. It just needs completely refurbishing.”
The home, which would have been lived in by workers at the local forge 170 years ago, was snapped up by London property developer Sultan for £59,000 in a remote, online auction. He did not view the property before buying it, however, and got told off by Martin for that.
Sultan said he was a qualified electrician and builder - and planned to do all the work himself with the help of his brother-in-law. His budget was between £8,000 and £12,000 and his timescale was just four to five weeks - which came as a shock to Martin.
Sultan added the house had ‘good potential’. But he admitted there was ‘lots of work to be done’.
When the Homes Under the Hammer team returned just two months later, the vast majority of it had been completed - apart from a few jobs to the front of the property. Sultan and his brother-in-law had, in five weeks, entirely refurbished the inside. They had replastered, painted and re-floored - going with a neutral grey and white aesthetic - while also installing a new kitchen and bathroom.
The pair also put in a new boiler - updating the central heating - while giving the whole house new electrics and plumbing. A member of their staff helped out with the skimming - while they had removed a porch to the rear of the property and tidied up the backyard.
While he had not crunched the final numbers, Sultan believed the work had come in around the £12,000 budget. And he was left delighted when a local estate agent valued the property at around £110,000 - thanks in part to a spike in the market in that area.
He said: “Oh wow, I didn’t expect this much. But I’m quite happy to have the valuation at this price.”
With a total spend of £71,000, that means Sultan would make a £39,000 pre-tax profit. But, with an estimated rental value of around £650 per month, he said he intended to rent the property out.
READ NEXT:
- University of Nottingham update after travellers pitch up on popular park
- Sadness in Nottinghamshire village after 'hub of community' pub closes
- Nottingham restaurants go head to head in Come Dine With Me: The Professionals
- Emergency services called out to horse stuck in mud
- Cricketer Stuart Broad's partner Mollie King announces couple are expecting first child
