Homes Under the Hammer couple make £48,500 profit turning flat into stunning holiday let

Homes Under the Hammer: Buyers discuss property renovation

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On an episode of Homes Under the Hammer, Jacqui Joseph was viewing a one-bedroom flat in Folkestone. The top floor flat was located just minutes away from Folkestone’s Creative Quarter and the town centre. It was also just 10 minutes from the seaside and the train station.

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The area is still good value for properties but prices are on their way up because millions is due to be invested in the area.

The property had an auction guide price of £55,000 in May 2021.

The flat was located in an old building and had to be accessed via several flights of stairs.

Once inside the flat, it was clear that some work needed to be done.

The bathroom was located inside the bedroom and had frosted glass windows.

The kitchen had been ripped out and some of the sockets were hanging off the walls.

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There appeared to be some signs of damp in the living room with paint peeling off the ceiling.

Despite the property’s obvious signs of wear and tear, there was one bonus – the view.

The property had several high windows which looked out onto Folkestone, rolling hills and the sea in the distance.

The property was bought by Kent locals Thomas and Lauren who had a winning bid of £69,500.

The couple were experienced property renovators with the flat being the seventh property in their portfolio.

The couple were planning to turn the flat into a holiday let, and were going to do a lot of the work themselves.

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The couple had a budget of £10,000 to £12,000 and planned to finish the project in eight to 12 weeks.

Homes Under the Hammer returned five months later to check on the couple’s progress.

The property had been completely transformed into a stunning, fully furnished holiday let.

The old bedroom and bathroom was turned into sleek, modern kitchen/living area.

The old kitchen became a spacious, modern bathroom, and the former living room became the bedroom.

The property had beautiful decor and had been finished to an incredibly high standard.

Thomas did a lot of the work himself apart from the electrics and gas.

The couple decorated the flat together and were happy with the work they had accomplished considering they managed to stay within their budget.

A local estate agent claimed the property could be put on the sales market for an impressive £130,000 in November 2021.

This would give Thomas and Lauren a £48,500 profit.

The home could be rented out for £650 per calendar month, giving them a nine percent yield.

Homes Under the Hammer is available to stream on BBC iPlayer.

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