Episode 23 Homes Under the Hammer


Episode 23

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Transcript


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Hello. Buying property can be a complicated business

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and it can sometimes feel like forever just getting the deal done.

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Yes, I know one way you can make it easier and quicker.

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Yes, if you want a speedy property purchase,

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why don't you head down to your local property auction?

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Property developing might sound simple.

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You buy somewhere, you do it up, and you sell it for a profit.

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But we all know there's a bit more to it than that.

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Yes, there's always pitfalls awaiting the unwary.

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So let's see if today's purchasers get it right.

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I'm giving you the unvarnished truth about this

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flat in Pegswood, Northumberland.

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Yes, that is a wardrobe.

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At this three-bed in Swadlincote, Derbyshire, I'm trying hard

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not to beat about the bush.

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HE GRUNTS

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And in Chatham, Kent, I'm hoping

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no-one has papered over the cracks in this three-bed terrace.

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Look. Look at the different wallpapers. It's amazing.

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All these properties have been sold at auction.

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We'll find out who bought them and what they paid for them

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when they went under the hammer.

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You all done?

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I'm in Pegswood, a small former mining village near the town

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of Morpeth in England's most northerly county, Northumberland.

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Although mining has long since stopped in the village,

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this stunning sculpture, known locally as Robin of Pegswood,

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celebrates its mining heritage.

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The property I'm here to see is in this quiet little cul-de-sac,

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which is always great for family living.

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One of the issues is - parking can be a problem.

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But it's not a problem for the property I'm here to see.

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And here it is.

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We have off-street parking, which is always a bonus.

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It's a one-bedroom flat on the ground floor

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and has a guide price of in between £25,000 and £35,000.

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Yes, that is a wardrobe.

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It's definitely not a walk-in wardrobe. It's more of a

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walk outside to your wardrobe.

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It's not a feature that's going to catch on.

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# So I'm redoing my wardrobe I've had enough

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# I'm going to fill up my closet with brand-new love. #

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OK, what has this flat got to offer?

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You're straight into a narrow hallway.

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And here we have the bathroom, which is a little bit small.

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But it's to be expected, it is a one-bed flat.

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You could possibly salvage this if you wanted to rent it out.

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But it's not the size or the bathroom suite, it's the colour.

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It's in a nice shade of chocolate.

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-# Come on!

-A choco-choco

-Clap-clap

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-# A choco-choco

-Clap-clap

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-# Everybody say chocolate

-Here we go!

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-# A choco-choco

-Clap-clap

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-# A choco-choco

-Clap-clap

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-# Everybody say chocolate

-Come on! #

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Anyway, what else have we got?

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Down the hallway, into the bedroom.

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Which is an OK size.

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It's got a nice big window there. Double-glazed window as well.

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Central heating. Yes, not bad at all.

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Not a bad start.

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The decor needs a bit of updating on these rooms,

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but so far, there's nothing that's worrying me.

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But what about the rest of the property?

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OK, through into here.

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To the lounge-kitchen area. It's not a bad size at all for a one-bed.

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And straightaway, you can see there's a bow in that ceiling there

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over the kitchen.

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And a telltale sign there with a bucket catching the water.

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So there's been quite a severe leak in here somewhere.

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Kitchen looks a little bit dated.

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So I personally would want to put a nice brand-new kitchen in,

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brighten this place up,

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and get some new tiles as well, cos they've been painted black.

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Could have a nice little kitchen in there if you get it right.

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And the lounge area, again,

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there's a little bit of water on the floor there as well.

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So get a professional in to find out where that water's coming from.

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Over here, you've got some big patio doors

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out into a courtyard area.

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It's not a bad size at all.

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And it's quite well-proportioned. I like it, actually.

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When I say I like it, I'm not a massive fan of the stripes,

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I've got to say.

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But the outside courtyard -

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although split between upper and lower flats and in need of a

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bit of a spruce up - is well worth a whirl

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at a guide price of £25,000 to £35,000.

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"So what's the catch?" I hear you ask.

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Well, it's a 66-year lease, which is just under what most

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lender's minimum requirements of 70 years remaining is.

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This one might be for someone that's got a bit of cash in their pocket.

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A local estate agent came along and gave us her thoughts.

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First impressions of the property are

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it is quite a generously-proportioned

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one-bedroom ground floor flat.

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It could benefit from a little bit of updating,

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mostly to the kitchen and bathroom areas.

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I would hope that a budget of about £5,000 would be enough to

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smarten it up throughout and replace the kitchen

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and bathroom to a standard that would be acceptable.

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The agent thinks, in the current market,

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renting this property out is the best option.

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So what kind of figures could we be looking at?

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I would imagine that once the works are completed,

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you would be looking at an estimated rental value

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of £350 to £375 per calendar month.

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That could offer a good yield,

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if you get it in that guide price range.

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What about sales?

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The sales value for the property is likely to

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be around £55,000 to £60,000.

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It would be reliant on the lease being extended

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on the property as well.

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This a nice little flat, but you have got that issue of that leak.

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So I'd get that sorted out as soon as possible.

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If it were mine, I'd want to put a new bathroom in and a new kitchen.

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And I think the rest is just cosmetic.

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Let's see who made that winning bid when it went under the hammer.

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One-bedroom ground floor flat.

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This is one of two. This is the ground floor.

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Got a telephone bid on it. Who's going to start me?

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First bid of the night.

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At 25 then. Need a bid.

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At £25,000. Am I bid 20?

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It's not where we start, it's where we end up.

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At 20,000. 20 here seated. At 20 I'm bid. In ones then.

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At £20,000. Are we done?

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At £20,000 then. First time.

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Second time. Stop them. It's too cheap.

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At £20,000 then. New bidder at 21. 22.

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22 bid. 23. Where are we? 23.

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24.

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25. 26.

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27. 28.

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29. 30.

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31. Shake of the head here at 30.

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At £30,000. With you, madam, been with me all the way.

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I'll take a half if it helps.

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I'll take 250. I'll take owt, really.

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Selling away then at £30,000.

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All done. All out.

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Well done, madam.

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The successful bidder getting a property was Kim,

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who was accompanied by her wife, Jane.

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Kim and Jane paid £30,000, right in the middle of the guide price range.

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But it seems they didn't really set out to buy this flat.

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-Kim, nice to meet you.

-Nice to meet you.

-Jane, nice to meet you.

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-Hi, thanks.

-Congratulations to the both of you. BOTH:

-Thank you.

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Tell us about how you came about buying this place.

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Well, we were trying to buy next-door.

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And we came up with so many problems along the way.

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And Jane mentioned that there was this one coming up at auction.

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And I thought, "Ooh. If we don't get the other one in time,

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"then we'll just see if we can get this at the auction."

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So we went along and we did get it.

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-You got lucky.

-We got very lucky.

-You got lucky, yes.

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A little birdie told me that you've saved a few quid as well.

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Absolutely. The flat that we were trying to buy,

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the price that was accepted was £66,000.

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-You see? Being clever, you see?

-Yes.

-Very clever.

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And what was it about this flat that you liked, Jane?

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For me, it's about location. I've recently, nearly a year ago now,

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started a new job in Morpeth and I've been renting round the corner.

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And we've been looking for something more permanent for me.

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Jane will stay here Monday to Friday for her job

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with a drinks company that's based in Morpeth.

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But it's a four-hour drive from where they both live.

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-We're from Leicester.

-You're both from Leicester?

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-My home town!

-That's right.

-Yes.

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Are you Leicester fans?

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-No.

-No.

-THEY LAUGH

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That doesn't work.

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How come? Who do you support? Who do you support? Who's your team?

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-Newcastle.

-Newcastle? How about you?

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I support Man United.

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Oh, my gosh. Everywhere you go, United fans, aren't there?

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There is indeed.

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I can't believe they're not Foxes fans.

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But they have certainly been bright-eyed

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and bushy-tailed about getting this flat.

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If the deal for the one nearby hadn't fallen through,

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they would have paid an extra 36 grand.

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This was definitely a case of where it was worth going to the auction.

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But did they bag a bargain because of that short 66-year lease?

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We're quite happy with the length of lease.

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I mean, our intentions are for Jane to have the

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flat as long as she needs it.

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I think you've got to be in somewhere for two years

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-anyway before you can extend.

-Mm-hmm.

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But then I'd be looking to extend it

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and keep the flat on longer than Jane needs it, probably.

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Good on you.

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And what are you going to do to this place now you've got it?

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Well, it needs a new kitchen. A new bathroom.

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You're not keeping the chocolate bathroom?!

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-It's lovely.

-It's a delight, isn't it?

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It's got to be the most horrible bathroom I've ever seen.

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Well, that's a bit harsh.

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Unfortunately, I've seen a lot worse than this chocolate suite.

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# Sweet like chocolate

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# Ah-ah

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# Da da da da da da da... #

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And they have also investigated the leak,

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which it turns out is coming from the flat above

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and can easily be fixed.

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Although they will need to replace the floor damaged by the water.

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They also have to repair the patio doors that led to the garden, which

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reminds me about that dodgy-looking brick wall I spotted earlier.

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They're hoping that all the work can cost no more than eight grand.

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Do me a favour, would you get that wall checked outside as well?

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Yes, absolutely. Cos it needs to keep the dogs safe, you see.

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Oh, you've got dogs?! What dogs have you got?

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We've got a Springer spaniel and a Cocker spaniel.

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Our cameraman's got a spaniel.

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He says it's an absolute nutter.

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-Yeah.

-Is yours?

-Yes.

-One's just like me, so yes.

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-They've got energy to burn, haven't they?

-Yes.

-Yeah.

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How long is all the work going to take you?

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-Six to eight weeks.

-OK.

-Yeah, six to eight weeks.

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Will you get involved with doing the work yourselves

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-or are people going to...?

-I have a chisel in the cupboard right now.

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Ready to go.

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Keep your chisel where it's nice and safe, just for the moment.

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Are you getting involved as well, Jane?

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Yeah, we're obviously going to have a plumber to fit the bathroom

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and a joiner to come and fit the kitchen.

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But the decoration and everything else we're going to take care of.

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We won't be going for top-notch.

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But something a little bit more robust that looks nice.

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We'll rent it on at that point. With my career,

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-I never know where I'm going to be technically for a few years.

-OK.

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So it's not forever, this. It is literally just a stop-gap.

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But it's still part of Kim's portfolio.

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-So it'll be a good investment.

-You've done well.

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-You've saved yourself a few quid.

-Yeah.

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Got yourself a nice little flat.

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-Yes.

-Are you happy, Jane?

-I am. I'm very happy.

-See?

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You've done something good there, Kim. Well done.

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Made her happy. Yay!

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-Well done. Kim, I wish you all the best.

-Thank you very much.

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-Jane...

-Thank you.

-Good luck.

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So, Kim and Jane got lucky.

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By going to the auction house, they saved themselves a lot of money.

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It just goes to show there's still bargains to be had.

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But will their luck hold out?

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And will they come in on time and on budget?

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You can find out how they get on later in the programme.

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Swandlincote, in Derbyshire, boasts a proud heritage of industrial

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beginnings in the coal mining, pottery and brick-laying industries.

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But nowadays, it's better known as a good place in the region

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to bag a bargain.

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With relatively low property prices and good local state schools,

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it's beginning to attract young families back into the area.

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So, will the property I'm here to see fit into that category?

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Well, if proximity to a local pub is high on your list of priorities

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when it comes to looking for houses, then the property I'm

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here to see is definitely going to tick that particular box for you.

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Because, literally, you are, what, 30 metres away from it.

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What am I here to see then? It's a three-bed mid-terrace.

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Guide price - £50,000-plus.

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Looks quite nice on the outside.

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Nice bit of brick.

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Let's have a look inside.

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Ah.

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Not quite as cutesy-wootsy

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the moment you come through the front door.

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What is that all about?!

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Get rid of that.

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Straight into your front sitting room. Gas fire.

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It feels a bit wibbly-wobbly.

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Clearly some issues with damp. That is... Hey, wow! That's wet.

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Why is that wet? It's like an internal wall.

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What is going on there?

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Polystyrene ceilings. Get rid of them.

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Through to your second sitting room.

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Now, straightaway I'm thinking, "Get rid of that wall!"

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Open the whole thing out to create a really nice open space.

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There's a few cutesy-wootsy things.

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We like that window there and these doors are rather pretty.

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Stairs up to your bedrooms there.

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And then...

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It sort of goes all downhill.

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Actually literally, because the floor is all over the place.

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This little area here...

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Goodness knows why, but you've got a door on each side.

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This is kind of like an extension thing

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which houses the kitchen, which is fairly eurgh.

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And onwards to a toilet.

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But that's it.

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But that is actually the only toilet in the property.

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HE SIGHS

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Why couldn't it live up to what it looked like on the outside?

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# Can't judge a book by looking at the cover... #

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Yes, as is so often the case on Homes Under The Hammer,

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I'm greeted by a charming-looking little house on the street,

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only to find who knows what on the inside.

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In this case, a pokey kitchen extension

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and a solitary ground floor loo.

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But the strange ground floor layout here really begs the question -

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what's the upstairs like?

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So, upstairs, no landing to speak of.

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Just straight into the three bedrooms. One there.

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Smaller one.

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Reasonable-sized one towards the front of the property there.

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Another reasonable-sized one towards the back.

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So we like the sizes. We just don't like this layout.

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And it gets worse because the only bathroom,

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as in a place where you could wash, is situated here,

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off this third bedroom.

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It doesn't have a loo in it. As I mentioned before,

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the one downstairs is the only toilet in the property.

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So there definitely needs to be some major re-jigging up here

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and downstairs. Apart from that, it's perfect.

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Always the optimist, me, eh?

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Ah... No.

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This house is going to need a lot of work

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if the buyer is going to want to appeal to today's market.

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And typically, people like toilets in their bathrooms.

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Time for a peek outside.

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Well, at the very back of the property it gets even weirder.

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Not only do you have two doors to this little extension,

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but the garden scenario is dead odd.

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Yes, this bit you own. Then you come out through the back gate here

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to this bit of land here, which is actually co-owned.

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You sort of half own it, I guess.

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It's a communal bit.

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So where's the garden? Is that it? No, no, no.

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Your actual garden... Da-da-da.

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Eurgh. Ugh.

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HE GRUNTS

0:16:430:16:46

..is through here.

0:16:460:16:48

So you get this bit, you get that bit. It's quite a nice garden.

0:16:480:16:50

But you've got that bit there you have to go over.

0:16:500:16:53

As I said, weird.

0:16:530:16:55

So layout issues on the ground floor, first floor and the garden.

0:16:560:17:01

Let's hope the buyer has a good imagination and, dare I say it,

0:17:010:17:05

a good chunk of money to spend

0:17:050:17:07

on this peculiar three-bedroom property.

0:17:070:17:10

So, what are the possibilities?

0:17:100:17:13

We asked an agent from the auctioneers who sold it

0:17:130:17:17

what he reckoned needed doing.

0:17:170:17:19

Having had a look around the property,

0:17:190:17:21

I would say that it really does require some TLC

0:17:210:17:23

to bring it back into use.

0:17:230:17:25

The layout needs to be considered

0:17:250:17:26

as well. It doesn't really work at the moment.

0:17:260:17:29

And I think that that's a major factor in getting it

0:17:290:17:31

back into good order.

0:17:310:17:32

Some thought needs to be put into how you can create separate

0:17:320:17:35

bedroom space with access to the bathroom

0:17:350:17:37

without passing through another bedroom.

0:17:370:17:39

I would certainly look at the ground floor layout as well.

0:17:390:17:42

Again, I don't think it really works for modern occupation.

0:17:420:17:45

We've got two quite small reception rooms.

0:17:450:17:47

A small, narrow kitchen space here,

0:17:470:17:50

with two doors leading off to the toilet.

0:17:500:17:52

I think it could be reconfigured to provide better use of that space.

0:17:520:17:56

So, if the layout was re-jigged and the property renovated,

0:17:580:18:01

how much could it be worth?

0:18:010:18:03

Once renovated,

0:18:040:18:06

I believe this property would sell for £85,000 to £90,000

0:18:060:18:09

and would rent for £525 per calendar month.

0:18:090:18:12

Well, if you're after a property with a whole checklist of kind

0:18:130:18:17

of interesting issues to resolve, well, this is certainly the one.

0:18:170:18:21

However, at least you're very close to the local pub so you can go

0:18:210:18:25

and mull over the problems over a nice pint.

0:18:250:18:28

Who bought it? Let's find out

0:18:280:18:29

when it went under the hammer.

0:18:290:18:31

Lot number 42.

0:18:320:18:33

Start me at 55.

0:18:330:18:35

50,000 then on the guide price

0:18:350:18:37

to put it into the bidding.

0:18:370:18:38

50. Thank you. £50,000 is the opening bid.

0:18:380:18:41

51? 51.

0:18:410:18:43

At 52.

0:18:430:18:45

53.

0:18:450:18:46

54.

0:18:460:18:47

55.

0:18:470:18:49

56. I've got you.

0:18:490:18:50

At 56.

0:18:500:18:51

57? 57.

0:18:510:18:53

57. 58.

0:18:530:18:55

58. 59.

0:18:550:18:57

59, it's here to go.

0:18:570:18:58

60,000.

0:18:580:19:00

At 60. 61, sir?

0:19:000:19:02

60.5.

0:19:020:19:03

At £60,500.

0:19:030:19:05

61. I've got you together.

0:19:050:19:07

61. 500? 500.

0:19:070:19:10

61.5.

0:19:100:19:11

62? 62.

0:19:110:19:14

62.5.

0:19:140:19:15

63.

0:19:150:19:17

63.5.

0:19:170:19:18

64.

0:19:180:19:20

64.5.

0:19:200:19:22

65.

0:19:220:19:24

65. Is that it?

0:19:240:19:26

At £65,000. It's going to go.

0:19:260:19:29

At 65. Going once, twice...

0:19:290:19:31

Third opportunity.

0:19:310:19:32

Sold at £65,000. Thank you.

0:19:340:19:36

And with the successful bid of £65,000 was Mark.

0:19:360:19:41

Mark has bought this lot as a project to share

0:19:410:19:44

with his brother-in-law, Pete.

0:19:440:19:46

This will be their debut as developers together.

0:19:460:19:49

I met them to find out about the house,

0:19:490:19:52

and also, where have they been soaking up the sun?

0:19:520:19:55

# If you steal my sunshine... #

0:19:550:19:59

-Mark, Pete, great to meet you both.

-And you.

-And you.

0:19:590:20:02

-How are you?

-Fine.

-Now that's not a Derby tan.

-Definitely not.

0:20:020:20:05

Where was that from?

0:20:050:20:07

-Tenerife last week.

-Right.

0:20:070:20:09

So you went on holiday after going to the auction?

0:20:090:20:12

After the auction, yeah. And completion date.

0:20:120:20:14

And hopefully to try and get it down while we were away.

0:20:140:20:18

-Great.

-So, took a bit of doing.

-Right.

0:20:180:20:21

So how did you sort of broach the idea of working together?

0:20:210:20:23

How did that all come about?

0:20:230:20:25

I did a house about 12, 18 months ago.

0:20:250:20:29

And then Pete's obviously come in and said,

0:20:290:20:32

"I wouldn't mind doing it with you..."

0:20:320:20:34

-Right.

-"..the next one." So we plan to do a few, hopefully.

0:20:340:20:38

Depending on how this one goes. We'll see where we go from there.

0:20:380:20:41

-Helps with the finances. It's a good way to split it.

-Yeah.

0:20:410:20:44

-So, it was just you at the auction?

-Yeah.

0:20:440:20:46

And how was that, Pete, leaving it in the hands of...?

0:20:460:20:48

Every faith in him. Every faith in him.

0:20:480:20:50

And were you happy with what you paid?

0:20:500:20:52

-Yeah.

-Yeah?

-Yeah, we had got a price we'd agreed that we would go up to.

0:20:520:20:57

-And it was under the budget.

-Oh, great.

0:20:570:20:59

-So...

-Result.

-Yeah.

0:20:590:21:02

Mark and Pete have got the first thing right.

0:21:020:21:05

Never pay over your budget.

0:21:050:21:07

So now they have got it, where will they start?

0:21:070:21:10

Kitchen, bathroom, damp. It's got quite a lot of damp in it.

0:21:110:21:16

So, obviously take it all back to brick.

0:21:160:21:19

All the way downstairs. And upstairs, there's no toilet.

0:21:190:21:24

So we're thinking we're going to put a corridor through

0:21:240:21:29

the bedroom that goes through to where the shower room is.

0:21:290:21:33

-Otherwise it's a bit...

-It's not ideal, is it?

0:21:330:21:37

-No, not at all.

-And keep the loo downstairs here?

0:21:370:21:40

Yeah, potentially. We're just debating whether

0:21:400:21:44

we actually get rid of the toilet downstairs

0:21:440:21:47

and make that a utility room. Or leave it as a toilet downstairs.

0:21:470:21:53

Right. And how will you decide?

0:21:530:21:56

-THEY LAUGH

-It'll be a debate.

0:21:560:21:58

What about taking the wall in-between the two main

0:21:580:22:01

downstairs rooms out?

0:22:010:22:03

I thought that would be a nicer idea to sort of open it all up.

0:22:030:22:06

-So did I.

-Well done.

0:22:060:22:08

-Did you agree?

-Yes.

-Oh, good.

0:22:080:22:10

-Yeah, in fact, we've got a builder coming round tomorrow.

-Tomorrow.

0:22:100:22:14

-Oh, wow.

-To come and look at it and tell us how far to take it back

0:22:140:22:18

-and whatever.

-Right.

-And open this up.

-That's a great idea.

0:22:180:22:21

Well, hopefully they'll continue to be in agreement for the rest

0:22:210:22:24

of the renovation.

0:22:240:22:26

Pete and Mark aim to have the place finished

0:22:260:22:28

and back on the market within 12 weeks.

0:22:280:22:31

And on a conservative budget of £10,000.

0:22:310:22:35

They'll be hoping to keep the cost to a minimum by doing

0:22:350:22:38

much of the work themselves.

0:22:380:22:39

It's an obvious question,

0:22:390:22:41

but when family members join to do things, there's always

0:22:410:22:44

a teensy-weensy issue if you do something which annoys each other.

0:22:440:22:48

Cos it makes Christmases rather sticky.

0:22:480:22:51

Do you reckon you're going to get on?

0:22:510:22:53

This will be the tester. You know. The first one will be the tester.

0:22:530:22:57

-Well, listen, congratulations to you both.

-Thank you.

0:22:570:22:59

Good luck with it. We'll look forward to seeing how you get on.

0:22:590:23:02

-Thanks very much.

-Thank you.

0:23:020:23:03

So, the first joint venture for brother-in-laws Pete and Mark.

0:23:050:23:10

I'm a little bit concerned that they might have slightly underestimated

0:23:100:23:14

the amount of effort it's going to take to sort this place out.

0:23:140:23:17

But at least if it all goes horribly wrong,

0:23:170:23:19

it's not far to go to drown their sorrows.

0:23:190:23:22

You can find out how they get on later in the show.

0:23:220:23:25

Still to come in Chatham, Kent, I hope

0:23:260:23:29

I have much more than the keys to success in this end-terrace.

0:23:290:23:34

A door here that's locked.

0:23:340:23:36

And have Mark and Pete had an eye-opener at their three-bed

0:23:380:23:41

house in Derbyshire?

0:23:410:23:42

We came into it, I would say, not totally blind,

0:23:420:23:45

but a little bit blind.

0:23:450:23:46

But first, we're back in Pegswood,

0:23:480:23:51

an ex-mining town in Northumberland...

0:23:510:23:53

..where I saw this ground floor flat.

0:23:540:23:57

And despite it only having three rooms, it had a few issues.

0:23:570:24:00

Firstly, it had a short-term lease of only 66 years.

0:24:020:24:07

Then the colour of that bathroom suite.

0:24:070:24:09

It's not really me.

0:24:090:24:12

Uh, you could possibly salvage this if you wanted to rent it out.

0:24:120:24:16

But it's not the size or the bathroom suite, it's the colour.

0:24:160:24:20

It's in a nice shade of chocolate.

0:24:200:24:23

I'd want that changing.

0:24:230:24:24

But I spotted a bigger issue in the kitchen.

0:24:240:24:28

Straightaway, we can see there's a bow in that ceiling there

0:24:280:24:31

over the kitchen. And a telltale sign there

0:24:310:24:34

with a bucket catching the water.

0:24:340:24:35

So there's been quite a severe leak in here.

0:24:350:24:38

Kim and her wife, Jane, weren't put off by this

0:24:390:24:43

and both made the four-hour drive from their home in Leicester

0:24:430:24:46

to buy this flat for £30,000.

0:24:460:24:49

It's both a temporary place for Jane to live while she works

0:24:490:24:52

in Morpeth during the week and a future rental investment for Kim.

0:24:520:24:56

Kim is actually really keen to get stuck in

0:24:570:25:00

and get started with the work here.

0:25:000:25:02

A bit too keen actually, if you ask me.

0:25:020:25:05

I have a chisel in the cupboard right now.

0:25:050:25:07

Ready to go, have you?

0:25:070:25:09

Keep your chisel nice and safe, just for the moment.

0:25:090:25:12

And are you getting involved as well, Jane?

0:25:120:25:14

Yeah, we're obviously going to have a plumber to fit the bathroom

0:25:140:25:17

and a joiner to come and fit the kitchen,

0:25:170:25:19

but the decoration and everything else we're going to take care of.

0:25:190:25:22

Kim and Jane planned to get right on it

0:25:220:25:25

and have the work done in six to eight weeks.

0:25:250:25:28

Three months later and we are back.

0:25:280:25:30

I hope Kim has put that chisel to good use

0:25:300:25:33

and got rid of those terrible tiles in the bathroom.

0:25:330:25:36

That's more like it.

0:25:410:25:43

This fresh, white colour scheme works much better.

0:25:430:25:47

And the kitchen has also been given a makeover.

0:25:470:25:50

That cracked ceiling has been fixed

0:25:570:25:59

and those horrible painted tiles have gone.

0:25:590:26:02

There's new flooring in the living room

0:26:020:26:04

to replace the old water-damaged one.

0:26:040:26:07

And new doors that lead out to the garden,

0:26:080:26:11

where they got rid of that unsafe wall and put up a nice, new fence

0:26:110:26:14

which means Maisie and Tiffin can run around safely.

0:26:140:26:18

Have a look, they're loving it.

0:26:180:26:20

Let's head back inside

0:26:230:26:25

as I want to find out how Kim and Jane got rid of that leak.

0:26:250:26:28

When we took the floor up,

0:26:300:26:31

we could see that the water had sort of remained under it for some time.

0:26:310:26:35

So it was all smelly.

0:26:350:26:37

There was mould coming over between the kitchen and the lounge.

0:26:370:26:42

It was just nasty.

0:26:420:26:44

Getting all of the ReBoard done

0:26:440:26:46

and the plaster was quite a quick process.

0:26:460:26:48

But you have to wait for it to dry off before you can do

0:26:480:26:50

anything else.

0:26:500:26:51

Everything else had to stop while that was doing.

0:26:510:26:54

The kitchen units at the bottom were ruined.

0:26:540:26:56

So it had obviously been leaking for quite some time.

0:26:560:26:59

And when we stripped the wall down

0:26:590:27:02

we could see that there had been significant leaks from the bathroom

0:27:020:27:05

into the kitchen.

0:27:050:27:07

So we had to redo all of that as well, didn't we?

0:27:070:27:10

We did, yeah. But it wasn't expensive.

0:27:100:27:12

It was just time consuming.

0:27:120:27:13

To make matters worse,

0:27:150:27:17

they discovered that the wiring in the bathroom was unsafe

0:27:170:27:20

and the cabling to the electric shower was on the wall

0:27:200:27:23

and running down over the bath.

0:27:230:27:25

So they got the professionals in to get that sorted.

0:27:250:27:28

Easy enough, right?

0:27:280:27:29

So, the tradesmen, we found that they could almost pick

0:27:310:27:35

and choose their jobs. So they can be quite selective.

0:27:350:27:37

So when they came to have a look at the bathroom, two of them ran away.

0:27:370:27:40

-But then luckily, we got lucky with a local joiner...

-Called Dave.

0:27:400:27:45

Yeah.

0:27:450:27:46

..who helped us connect with other tradesmen and did a fantastic job.

0:27:460:27:50

-Really good.

-Yeah.

-Really good.

0:27:500:27:51

-It would have been a lot harder without him.

-Yeah.

0:27:510:27:54

Good on you, Dave.

0:27:540:27:56

Others ran away, but Dave stood firm and helped Kim and Jane out.

0:27:560:28:00

They weren't just planning on sitting on the bench, though.

0:28:020:28:04

Between them, they changed light fittings

0:28:040:28:06

and did a lot of the cleaning, painting and tiling themselves.

0:28:060:28:10

Not a bad job either, may I say.

0:28:100:28:12

Could Jane have, dare I say it, enjoyed herself?

0:28:140:28:16

-You found it quite good cos it was a stress reliever.

-Mm.

0:28:180:28:21

Stress buster after work, even though it was long hours for you.

0:28:210:28:24

-Mm.

-It just took your mind completely off it, didn't it?

0:28:240:28:28

It did, yeah.

0:28:280:28:29

I found it very therapeutic, the manual elements of it.

0:28:290:28:32

And it did... It was great, actually.

0:28:320:28:36

It was really good for me mentally and physically.

0:28:360:28:38

-Yeah.

-Although the tiles might not have been so mentally stimulating.

0:28:380:28:42

-No. Bit more...

-Challenging.

-Challenging.

0:28:420:28:45

But, you know, I don't think there's anything nice when you're doing

0:28:450:28:48

DIY than when you set tiles and then you grout them and polish them.

0:28:480:28:51

And they just look phenomenal.

0:28:510:28:52

I'm glad Jane is pleased. But is Kim happy with the spend here?

0:28:540:28:59

After all, it is her long-term investment.

0:28:590:29:02

And the plan was to spend eight grand on all the work.

0:29:020:29:05

I did a tally of the budget just a couple of days ago

0:29:060:29:10

and it was standing at just over £5,000. £5,050.

0:29:100:29:15

That includes fees. So I'm quite happy.

0:29:150:29:19

Three grand under budget then, eh?

0:29:200:29:22

Not bad at all.

0:29:220:29:24

I'll forgive you for being a few weeks over that

0:29:240:29:26

two-month timescale then.

0:29:260:29:28

So that brings our total spend here to £35,000.

0:29:280:29:32

And, of course, 50 quid.

0:29:320:29:34

So let's find out if that was money well spent.

0:29:360:29:39

We've invited along two agents to get their thoughts on the flat.

0:29:390:29:43

The property has been made to look modern.

0:29:450:29:48

It's bright, it's neutral most of the way through, which is

0:29:480:29:50

what appeals to buyers.

0:29:500:29:52

The main selling points are the fact that it is in a popular area

0:29:520:29:55

and having an enclosed garden

0:29:550:29:57

and also off-street parking facilities as well.

0:29:570:30:00

Kim would like to rent the flat out for a number of years

0:30:000:30:03

once Jane is no longer using it.

0:30:030:30:05

So what kind of figures could she get back on that £35,000 investment?

0:30:050:30:10

On the rental market, traditionally,

0:30:110:30:13

this type of property is achieving around £350 per calendar month.

0:30:130:30:18

On the rental market, I would expect the property to

0:30:180:30:21

achieve between £350 and £375 per calendar month.

0:30:210:30:25

That's really good.

0:30:250:30:27

It's probably what... It's slightly more than we thought.

0:30:270:30:29

Yeah, we thought it was probably going to be about 325 to 350.

0:30:290:30:33

-So, 375, yeah, it's good.

-Yes, it's really good.

-Pleased with that.

0:30:330:30:37

Hopefully, they will also be pleased with the sales figures.

0:30:370:30:41

Both agents said that this would be in between £55,000 and £57,000,

0:30:410:30:46

which would give a profit of at least £20,000 less taxes

0:30:460:30:49

and fees, of course.

0:30:490:30:51

-I'm really pleased with that.

-Yeah.

-It means that Jane has done good.

0:30:530:30:57

-It means Kim's done good.

-Oh, yeah, sorry, yeah. Kim's done good.

0:30:570:31:01

Smiles all round them. But what's next for these two?

0:31:030:31:06

-I think for us, it's to find our next opportunity.

-Mm.

0:31:080:31:12

-And enjoy it as much as we enjoyed this.

-Yeah.

0:31:120:31:15

And keep growing our portfolio. So it's good.

0:31:150:31:19

Today, I'm in one of the Medway towns in the South East of England,

0:31:240:31:28

in the county of Kent.

0:31:280:31:30

There used to be a naval dockyard here on the river

0:31:300:31:32

and Charles Dickens once lived here too.

0:31:320:31:35

Yep, I'm in the historic town of Chatham.

0:31:350:31:37

So I have great expectations about the property I'm here to see,

0:31:370:31:41

even in the rain.

0:31:410:31:42

Although, it is a bit of a steep climb up this hill to get there.

0:31:420:31:46

No gym membership needed for whoever bought this one.

0:31:460:31:48

It's a three-bed end-of-terrace

0:31:480:31:50

and it had a guide price of £75,000-plus.

0:31:500:31:54

Some big windows to the front.

0:31:540:31:56

But will it be bright and airy on the inside?

0:31:560:31:59

'Spot the superstitious one.

0:31:590:32:01

'Never open a brolly on the inside of the house.'

0:32:010:32:04

Well, it's drier on the inside.

0:32:040:32:06

But it's certainly not bright and airy, is it?

0:32:070:32:10

My goodness!

0:32:100:32:11

Dirt, dust and debris are the three Ds that sprung to mind there.

0:32:110:32:16

Yep, it's in a bit of a state.

0:32:160:32:18

You can see, look, somebody has just taken this back to bare brick.

0:32:180:32:21

There is rubble on the floor, it's dusty.

0:32:210:32:24

But if you are very clever and you see beyond that, you have got

0:32:240:32:27

lovely big windows to the front, a really nice square-shaped room.

0:32:270:32:31

And I can imagine, with a property like this,

0:32:310:32:34

you could certainly inject a little bit of character to the

0:32:340:32:37

staircase. You've got the room at the back, very similar.

0:32:370:32:40

Nice sort of fireplace area over there.

0:32:400:32:43

But properties like this, they really intrigue me

0:32:430:32:45

because you can just see past history.

0:32:450:32:48

Look, look at the different wallpapers. It's amazing.

0:32:480:32:51

You've got wires hanging down, there is no ceiling.

0:32:510:32:54

Gosh, there is just electrics everywhere.

0:32:540:32:57

A door here that's locked.

0:32:570:33:00

But I know this door leads to what's round here.

0:33:000:33:04

And it is absolutely pouring outside.

0:33:040:33:06

But if you can see, there is a little room in there.

0:33:060:33:09

And at the back of that room there is a little toilet.

0:33:090:33:12

So that goes through to that area.

0:33:120:33:15

And that is the garden.

0:33:150:33:17

I mean, that there is it.

0:33:170:33:19

Not what the eye can take you to see beyond that.

0:33:190:33:22

Literally, this little bit of space here is the garden.

0:33:220:33:25

So there is no kitchen, no bathroom and no garden.

0:33:250:33:28

Yeah, I know they say less is more,

0:33:290:33:32

but this is taking minimalism to a whole new level.

0:33:320:33:35

Eventually, we got into the rear extension which, as I said,

0:33:440:33:47

has a toilet.

0:33:470:33:49

Unfortunately, not connected to its plumbing.

0:33:490:33:53

Back to the central property,

0:33:530:33:54

the stairwell is adorned with our old nemesis, polystyrene tiles.

0:33:540:34:00

But on the left coming up is the master bedroom,

0:34:000:34:03

which is a decent size.

0:34:030:34:05

And I don't think it will be light work to get this shipshape.

0:34:050:34:08

Across the landing, bedroom two is also well-proportioned.

0:34:150:34:19

But bedroom three leads off here,

0:34:190:34:21

so it has no independent access.

0:34:210:34:23

There's a cellar too, which is quite large and seems damp free.

0:34:300:34:34

But funding a purchase like this can be problematic.

0:34:340:34:38

Now, if you are thinking of buying a property that needs renovation,

0:34:380:34:41

hah, like this, there is something you need to be aware of.

0:34:410:34:45

You won't be able to get a mortgage unless lenders deem it habitable.

0:34:450:34:49

That means the property should be watertight with the roof in

0:34:490:34:52

good repair, it must have access to running water and mains electricity.

0:34:520:34:58

And a big uh-uh in the box for this property, well, it needs

0:34:580:35:01

to have a basic kitchen and a functional indoor bathroom in place.

0:35:010:35:06

I think it's safe to say this house

0:35:060:35:08

will have to be a cash purchase only.

0:35:080:35:11

And this is definitely something to take into account

0:35:110:35:13

when you are deciding how big a renovation project to take on.

0:35:130:35:17

Wondering what the local estate agent would advise?

0:35:170:35:20

Well, we are about to find out

0:35:200:35:22

as we've invited this one along to give us some advice and values.

0:35:220:35:26

The problem with this particular road is,

0:35:270:35:29

and it's like Chatham itself, it's very hilly.

0:35:290:35:32

And you have to be fairly fit to go up and down this road

0:35:320:35:35

and have a car perhaps with good brakes.

0:35:350:35:37

But generally, you know, it takes you up to Gillingham

0:35:370:35:41

where you've got your hospital,

0:35:410:35:42

or down to the Luton Road area where you've got a lot of shops.

0:35:420:35:45

What's the best way to proceed with this slightly unusual layout?

0:35:450:35:50

I think what I'd be inclined to do with this property,

0:35:500:35:53

it would be very easy to just turn the dining room

0:35:530:35:57

downstairs into a kitchen and then put a bathroom on the back.

0:35:570:36:01

But I think it would be far better and give it much more space

0:36:010:36:04

if you left it as a lounge-dining room and kitchen downstairs.

0:36:040:36:08

Upstairs here, put a corridor through

0:36:080:36:11

and make this third bedroom the bathroom instead,

0:36:110:36:14

which would make it really nice.

0:36:140:36:16

I don't think it's going to make too much difference

0:36:160:36:18

on the values between two- and three-bedroom

0:36:180:36:20

with this particular property

0:36:200:36:22

because the third bedroom comes off the second bedroom.

0:36:220:36:25

Had it been three separate bedrooms, then there would have been

0:36:250:36:28

considerable difference.

0:36:280:36:30

The only way to get a separate bedroom would be to add

0:36:310:36:34

a corridor to access this third bedroom.

0:36:340:36:37

But that would greatly compromise the size of the second bedroom,

0:36:370:36:41

which is not ideal.

0:36:410:36:42

So, with the bedrooms as they are,

0:36:420:36:44

how much could this house fetch in today's market?

0:36:440:36:47

I think once this property is renovated,

0:36:490:36:52

we would be looking somewhere in the region of £130,000 to £135,000.

0:36:520:36:59

Well, unfortunately, my great expectations have been dashed.

0:36:590:37:03

This is definitely more of a bleak house at the moment.

0:37:030:37:06

Still, you do get a spacious shell of a property with

0:37:060:37:09

plenty of potential to add value here.

0:37:090:37:12

Starting by putting in a kitchen and bathroom.

0:37:120:37:15

So, who could see past its current condition?

0:37:150:37:18

Let's head to the auction and find out.

0:37:180:37:20

Lot 14 we go to, which is

0:37:200:37:22

an end-terrace three-bedroom property for improvement.

0:37:220:37:26

Start me where you will.

0:37:260:37:27

I'm not going below 70. £70,000 bid I've got.

0:37:270:37:30

73 I will take.

0:37:300:37:32

73. 73. And five.

0:37:320:37:35

75. 75. 78.

0:37:350:37:39

78. And 80.

0:37:390:37:41

At 80. And two.

0:37:410:37:43

82.

0:37:430:37:46

81. 82.

0:37:460:37:48

82.

0:37:480:37:50

83. 84 in a fresh place.

0:37:500:37:52

85 with you, sir, again.

0:37:520:37:54

The £75,000 guide price is soon a distant memory.

0:37:540:37:58

We rejoin the bidding at £98,000.

0:37:580:38:02

98 there. 99 I'm looking for.

0:38:020:38:05

It's to the gentleman standing on my left by the door

0:38:050:38:08

at 98,000 for the first time.

0:38:080:38:10

98,000 for the second time. Unless I get another one.

0:38:100:38:13

99 I'm bid.

0:38:130:38:15

Are you going to go up to 100?

0:38:150:38:16

£100,000 I've got somewhere else. Thank you. 101 now, sir.

0:38:160:38:21

No? At 100,000. First and last bid maybe.

0:38:210:38:24

£100,000 I've got.

0:38:240:38:26

One from any of the other three of you?

0:38:260:38:28

If not, at £100,000 I'm bid for the first time.

0:38:280:38:31

£100,000 bid for the second time.

0:38:310:38:34

It's being sold. It's just in the gate of the room there.

0:38:340:38:37

Third and final time at £100,000.

0:38:370:38:40

-Are we all done? Are we all done?

-BANGS GAVEL

0:38:400:38:43

£100,000. One bid only, sir.

0:38:430:38:44

And your number, please?

0:38:440:38:46

The lucky one bid securing the property

0:38:460:38:48

came from security manager Herman.

0:38:480:38:50

# Something tells me I'm into something good

0:38:500:38:55

# Something tells me I'm into something... #

0:38:550:38:58

He bought with his wife, Nadia, who was at work on auction day.

0:38:580:39:02

They paid £100,000 for this hilly location,

0:39:020:39:05

where I met Herman to talk about the work he'd already done

0:39:050:39:09

and what else he had planned.

0:39:090:39:10

-Herman, congratulations.

-Thank you.

0:39:120:39:14

So this is the property you won on auction day.

0:39:140:39:16

Why did you want to buy this?

0:39:160:39:18

Well, I was looking at various different properties

0:39:180:39:21

and, in the end, this one was in my reach.

0:39:210:39:23

Before that, I went to three or four

0:39:230:39:24

different auctions and looked at loads of properties.

0:39:240:39:27

Did my research. In the end, this was within my budget.

0:39:270:39:30

Where is the potential? What do you want to do with it?

0:39:300:39:32

I really like all the space.

0:39:320:39:34

I'm going to do absolutely everything.

0:39:340:39:36

All the ceilings are going to come down.

0:39:360:39:38

Re-plaster the walls. New kitchen. New bathroom.

0:39:380:39:41

Basically, it's just an outer shell and I'll redo everything.

0:39:410:39:44

What I want to know is, how are you going to add value?

0:39:440:39:47

Well, I always think a new kitchen and space, like I said before,

0:39:470:39:51

-really adds value to a property.

-Mm-hmm.

-That's what they say, the

0:39:510:39:54

kitchen sells properties. So the kitchen is very important.

0:39:540:39:57

Then obviously the bathroom

0:39:570:39:58

next-door is going to be a very important room.

0:39:580:40:00

So I'll just keep the layout as it is upstairs

0:40:000:40:02

and then have the bathroom in the extension at the back.

0:40:020:40:05

Yeah, that's what you've got to realise,

0:40:050:40:07

where is the value there to have the third extra bedroom?

0:40:070:40:09

But who is going to access that bedroom

0:40:090:40:11

and how are you going to get across?

0:40:110:40:13

The third bedroom would mostly just be for a child.

0:40:130:40:15

So it would probably be a young family, someone with small kids,

0:40:150:40:19

it would probably suit them most.

0:40:190:40:20

So how much value can you realistically add to this?

0:40:200:40:23

I mean, what would you like to market it for?

0:40:230:40:25

I was thinking of maybe selling it in the region of 140 to 150,

0:40:250:40:29

depending on what the market does in the next six months.

0:40:290:40:32

-Mm-hmm.

-So that would maybe be a little bit overestimating it.

0:40:320:40:36

But I'm pretty confident I can make at least a good 20 grand.

0:40:360:40:39

How long do you think it's going to take you to get this shipshape?

0:40:390:40:42

I was hoping maybe three to four months, but even if it does go a

0:40:420:40:46

little bit further, I don't mind. Time is not really an issue for me.

0:40:460:40:49

I don't have a lot of time,

0:40:490:40:51

so if and when I get the chance to come out here, I will.

0:40:510:40:54

The reason Herman doesn't have a lot of time is because

0:40:540:40:58

he and Nadia have a two-year-old son, Alex.

0:40:580:41:01

If that wasn't enough to keep them occupied,

0:41:010:41:04

Nadia is now six months pregnant with their second son.

0:41:040:41:07

So it's perhaps a good thing Herman is not worried about his timescale.

0:41:070:41:12

Where are you going to put that kitchen?

0:41:140:41:16

-You are standing in it.

-Eh!

-This here is the kitchen.

-Fantastic

0:41:160:41:19

-space.

-Yeah, it's very spacious. Again, like all the other rooms.

0:41:190:41:22

So it's going to be an open-plan kitchen

0:41:220:41:24

-with a little dining room area.

-That's going to be fabulous.

0:41:240:41:27

-As you walk in, that will be the lounge, the sitting area.

-Yeah.

0:41:270:41:30

Kitchen at the back. And then right through this secret door here,

0:41:300:41:33

-there will then be the bathroom.

-The bathroom.

0:41:330:41:35

And at the back of the bathroom,

0:41:350:41:37

there is a little utility room as well,

0:41:370:41:38

where the boiler is going to be, washing machine etc.

0:41:380:41:41

How much of the work are you going to do? Come on then,

0:41:410:41:43

you obviously can't do the electrics and the plumbing.

0:41:430:41:46

-I would say the majority of it.

-Really?

0:41:460:41:48

Probably about 75%. Maybe 80%.

0:41:480:41:50

Are you a plasterer? Can you sand floors?

0:41:500:41:53

Yeah, sanding is not an issue.

0:41:530:41:54

I can re-do the stairwell. Like I said, plasterboard.

0:41:540:41:57

I might need a little bit of help with plastering,

0:41:570:41:59

-but I'm going to give it a go.

-How much are you going to spend?

0:41:590:42:02

-What is your budget for the work?

-My budget would be,

0:42:020:42:05

I was hoping initially, between ten and 15 grand.

0:42:050:42:07

However, ten grand was a bit... You know, that's not enough.

0:42:070:42:11

-So maybe 15.

-Oh!

-HE LAUGHS

0:42:110:42:13

I don't think that's enough. Do you think you can do it on 15?

0:42:130:42:16

I mean, it would be amazing to see.

0:42:160:42:18

I would be happy to do it in a budget of 15.

0:42:180:42:20

But I do have some spare cash if needs be.

0:42:200:42:23

I would like to sell it on. We have another project in mind.

0:42:230:42:26

So I would like to use the capital for the next project.

0:42:260:42:30

However, if I can't get the price I want, I'll still rent it out.

0:42:300:42:33

I did look at the rental market

0:42:330:42:34

and it's quite good in comparison to what you get in other places.

0:42:340:42:37

Herman, it's been fabulous meeting you

0:42:370:42:39

and I'm so excited to see what you do.

0:42:390:42:41

And I'm really intrigued to see if you can bring it in

0:42:410:42:43

-within a £15,000 budget.

-Thank you very much.

0:42:430:42:46

I am going to do my utmost best to stick to my budget.

0:42:460:42:49

-Good stuff.

-So we'll see how it goes.

0:42:490:42:51

I look forward to seeing the project when it's finished.

0:42:510:42:53

-Thank you.

-Thank you.

0:42:530:42:55

Well, Herman certainly has his work cut out

0:42:550:42:58

with his latest and his biggest renovation project,

0:42:580:43:01

especially as he plans to do most of the labour himself.

0:43:010:43:05

Now, will he really complete all of it with £15,000?

0:43:050:43:10

There's a lot to do here.

0:43:100:43:11

Join me later on in the programme to find out if Herman does have to

0:43:110:43:15

struggle through some hard times during this project.

0:43:150:43:18

We followed the journey of one of our buyers,

0:43:210:43:24

what about the other two?

0:43:240:43:25

Yes, did they have the Midas touch

0:43:250:43:27

-or did everything crumble around them?

-Let's find out.

0:43:270:43:30

We're heading back to Swadlincote, in Derbyshire,

0:43:320:43:34

to see a three-bed mid-terrace property that I thought was

0:43:340:43:37

pretty cute from the outside.

0:43:370:43:39

Inside however, it was a different story.

0:43:400:43:44

Not quite as cutesy-wootsy

0:43:440:43:45

the moment you come through the front door.

0:43:450:43:48

What is that all about?!

0:43:480:43:49

It got worse. There was quite a bit of damp.

0:43:510:43:54

The only loo was downstairs

0:43:540:43:56

whilst the only bathroom was upstairs

0:43:560:43:58

and was situation off the second bedroom.

0:43:580:44:00

But the third bedroom can only be accessed off that.

0:44:000:44:03

Yep. It was a real layout nightmare.

0:44:030:44:06

HE SIGHS

0:44:100:44:12

Why couldn't it live up to what it looked like on the outside?

0:44:120:44:16

That didn't put everyone off, though, as Mark

0:44:170:44:20

and his brother-in-law, Pete, paid £65,000 for this at auction

0:44:200:44:24

and decided that this was the right property

0:44:240:44:27

for their first venture together.

0:44:270:44:29

It's quite a tricky property for the first go,

0:44:290:44:32

so how were they going to sort the layout issues out?

0:44:320:44:36

We're thinking we're going to put a corridor through the bedroom

0:44:360:44:40

that goes through to where the shower room is.

0:44:400:44:43

-And keep the loo downstairs here?

-Yeah, potentially.

0:44:430:44:46

We're just debating whether

0:44:460:44:48

we actually get rid of the toilet downstairs

0:44:480:44:51

and make that a utility room. Or leave it as a toilet downstairs.

0:44:510:44:58

-Right.

-And how will you decide?

0:44:580:45:01

-THEY LAUGH

-It'll be a debate.

0:45:010:45:03

Mark and Pete said it would take 12 weeks to get the house

0:45:050:45:08

back on the market, as they plan on selling it on

0:45:080:45:11

and starting a new project with their potential profits.

0:45:110:45:14

So it's time for us to find out how they've got on.

0:45:140:45:17

We're back 15 weeks later and it's as pretty as ever on the outside,

0:45:170:45:23

but does it match up on the inside?

0:45:230:45:25

This looks so much better.

0:45:350:45:37

But there's more to this renovation than good looks.

0:45:370:45:40

Mark and Pete have put in a new damp course,

0:45:400:45:43

rewired and replastered.

0:45:430:45:44

But have they resolved the configuration conundrum upstairs?

0:45:440:45:48

Oh, yes! They have. There's a smart new shower room.

0:45:500:45:54

And that third room now has its own access.

0:46:030:46:06

While some space has been pinched from the bedroom,

0:46:060:46:09

I think it's well worth it.

0:46:090:46:11

Through newly double-glazed windows, we can see the garden has been

0:46:110:46:15

given a makeover too.

0:46:150:46:17

It's so much neater now, and you'd be daft not to sprout legs

0:46:170:46:21

and take a short walk on over to enjoy it.

0:46:210:46:25

Now I am loving the changes,

0:46:270:46:29

but I seem to remember that we all agreed that the two separate

0:46:290:46:32

reception rooms should have been put together into one.

0:46:320:46:35

So what's happened there?

0:46:350:46:36

We were going to knock this wall out here.

0:46:380:46:41

But when we called a builder in,

0:46:410:46:44

he said we'd have to have planning permission to get it done.

0:46:440:46:48

Then the cost of it.

0:46:480:46:49

So we thought we'd just leave a bit of an archway, an open doorway,

0:46:490:46:55

not put a door on there.

0:46:550:46:56

Widen the door a little bit, you know, with taking the frame out.

0:46:560:47:00

So it made it nice, flowing through from one room to the second.

0:47:000:47:04

We didn't think we were going to get any benefit from it.

0:47:040:47:08

Mark and Pete have weighed this one up,

0:47:090:47:12

and they've decided that spending time on planning permission

0:47:120:47:16

and building regs would cost them money and more.

0:47:160:47:19

Given their aim was a quick turnaround, that makes sense.

0:47:190:47:22

So who did the work?

0:47:220:47:24

We had a specialist in to do the central heating,

0:47:260:47:30

the plastering, and the electrical side of it.

0:47:300:47:33

Everything else that you see has been done by ourselves.

0:47:330:47:37

I think the biggest challenge was the floor in the middle room.

0:47:370:47:41

We didn't realise when we bought it where all the damp was coming from.

0:47:410:47:46

As I say, we had specialists in and they advised us

0:47:460:47:50

to rip all the floor up.

0:47:500:47:52

Which we did. You know, we did it ourselves and it was hard work.

0:47:520:47:57

But nothing's phased us.

0:47:570:47:59

Pete was in charge of managing the money for this project.

0:47:590:48:02

So has he managed to bring it in under budget?

0:48:020:48:05

We set out to spend 10,000,

0:48:070:48:11

with a contingency of five.

0:48:110:48:13

We've actually come, I think, to the middle. Cos it's £13,467...

0:48:130:48:21

and 40p.

0:48:210:48:22

Well, look after the pennies

0:48:220:48:24

and the pounds will look after themselves, eh?

0:48:240:48:26

I think that's a good spend considering the amount of work

0:48:260:48:30

that was needed here.

0:48:300:48:32

How are Mark and Pete at time management, though?

0:48:320:48:35

We are a little bit late at coming back to see the finished article

0:48:350:48:39

when they thought it would take 12 weeks.

0:48:390:48:41

It's been about 14, 15 weeks.

0:48:420:48:44

I think it was just not realising first off how much work

0:48:440:48:48

did want doing to it.

0:48:480:48:50

We came into it, I would say, not totally blind,

0:48:500:48:53

but a little bit blind.

0:48:530:48:55

It pushed us over by three weeks or whatever, so not too bad.

0:48:550:48:59

I think they've done a really good job.

0:49:010:49:04

But what do two local estate agents think of it?

0:49:040:49:08

Let's find out.

0:49:080:49:09

Well, first impression is - pretty cool, very good, very good.

0:49:110:49:17

It basically says, it's that neutral that says, "Come in and live in me."

0:49:170:49:20

You know?

0:49:200:49:21

I think the main selling point, for me, of a property like this,

0:49:210:49:24

in this location, are its neutral decoration,

0:49:240:49:27

modern kitchen, modern bathroom. It's nice and warm.

0:49:270:49:30

Central heating. PVC double glazing. I think it's absolutely superb.

0:49:300:49:33

Very positive feedback there.

0:49:350:49:37

But does it mean a good resell value,

0:49:370:49:39

which is what Pete and Mark are after?

0:49:390:49:42

They've spent nearly £78,500 here.

0:49:420:49:46

In the current market, now the property has been renovated,

0:49:460:49:49

I would anticipate a sale being achieved

0:49:490:49:51

somewhere in the region of £110,000.

0:49:510:49:53

I believe,

0:49:530:49:54

because of the way that this is presented in such an immaculate

0:49:540:49:59

way, that the seller could market this for as high as £118,500.

0:49:590:50:04

Yeah, I'd be pleased with that. You know. When we came into it,

0:50:040:50:08

we were planning on somewhere not quite there.

0:50:080:50:12

-Not towards the top end. But, yeah, it's a good valuation.

-Yeah.

0:50:120:50:17

Very good, I think.

0:50:170:50:19

It is very good.

0:50:190:50:21

That top valuation could mean a potential pre-tax profit of £40,000,

0:50:210:50:26

which for a first project is great.

0:50:260:50:29

This will certainly give them

0:50:290:50:30

enough capital to get on with project number two.

0:50:300:50:33

So, what advice would these successful novices pass on?

0:50:330:50:37

Have a go at it. You know?

0:50:390:50:42

It is hard work, but it can be enjoyable as well.

0:50:420:50:45

It's a good experience.

0:50:450:50:47

And if you can turn it round and do it well, have a go.

0:50:470:50:51

Welcome back to Chatham, in Kent,

0:50:540:50:56

where we're here to see what's happened with this three-bed

0:50:560:50:59

end-terrace that didn't quite deliver on the promise

0:50:590:51:02

of the outside.

0:51:020:51:03

Yep, it's in a bit of a state.

0:51:030:51:05

You can see, look, somebody has just taken this back to bare brick.

0:51:050:51:08

There is rubble on the floor, it's dusty.

0:51:080:51:11

But if you are very clever and you see beyond that, you have got

0:51:110:51:14

lovely big windows to the front, a really nice square-shaped room.

0:51:140:51:18

And I can imagine with a property like this,

0:51:180:51:20

you could certainly inject a little bit of character.

0:51:200:51:24

Yes, it also needed an injection of cash.

0:51:240:51:26

This shop conversion was missing everything,

0:51:260:51:29

including the kitchen sink.

0:51:290:51:31

With no working kitchen or bathroom,

0:51:310:51:33

mortgage lenders would deem it non-habitable.

0:51:330:51:37

So, cash required only for this one.

0:51:370:51:39

The buyer was Herman, a security manager, who paid 100 grand.

0:51:390:51:44

And he seemed pretty laid back that he could do this job himself.

0:51:440:51:48

Are you a plasterer? Can you sand floors?

0:51:510:51:53

Yeah, sanding is not an issue. I can re-do the stairwell. Plasterboard.

0:51:530:51:56

I might need a little bit of help with plastering,

0:51:560:51:58

-but I'm going to give it a go.

-How much are you going to spend?

0:51:580:52:01

What is your budget for the work?

0:52:010:52:02

I was hoping initially between ten and 15 grand.

0:52:020:52:05

However, ten grand was a bit... You know, that's not enough.

0:52:050:52:08

So maybe 15.

0:52:080:52:09

Oh! I don't think that's enough!

0:52:090:52:12

Herman certainly had enough on his plate.

0:52:120:52:16

His wife, Nadia, was expecting their second son.

0:52:160:52:19

So even though he'd hoped to do the work in three to four months' time,

0:52:190:52:22

he wasn't in a rush, which is a good thing

0:52:220:52:25

as we're back ten months later to see how he's got on.

0:52:250:52:29

Well, the sun's out and it's certainly brighter inside.

0:52:310:52:36

Before, it was just a shell.

0:52:360:52:38

And now there's a lovely, big, family-size dining-kitchen,

0:52:380:52:42

and there's more changes upstairs.

0:52:420:52:45

Although, I have to admit, looking around the house,

0:52:460:52:49

I can see quite a few jobs still to be completed.

0:52:490:52:52

But Herman thinks they should all be complete in a few weeks.

0:52:550:52:59

# Give me just a little more time... #

0:53:000:53:03

We'll give Herman a bit more time and head off to see what he's

0:53:030:53:06

done with the unplumbed toilet at the back of the house.

0:53:060:53:10

While I was initially locked out of this area when I came to see it,

0:53:110:53:15

I think we may have a different access issue this time.

0:53:150:53:19

A door for access to the outside? Herman?

0:53:190:53:21

This was just an empty room and I decided to have the bathroom here.

0:53:240:53:27

I wanted to make it a bit of a feature room.

0:53:270:53:29

That's why it's quite big and it's got all the open spaces.

0:53:290:53:33

That's why I tiled it all the way up to the ceiling.

0:53:330:53:36

Just to give it that wow effect.

0:53:360:53:37

And in the end, it came out brilliantly.

0:53:370:53:40

I think this is probably my favourite room in the house.

0:53:400:53:42

And I really like it. I think it makes an amazing family bathroom.

0:53:420:53:46

Well, yes, it certainly takes

0:53:460:53:48

Jack and Jill bathrooms to a whole new level.

0:53:480:53:51

I would have considered putting up a wall to create a little

0:53:510:53:54

hallway to the back door. I mean, it's not very handy

0:53:540:53:57

if someone wants to come in the door and, well, you know.

0:53:570:54:00

I'll leave the rest to your imagination.

0:54:000:54:02

I was worried about Herman's tight budget, and when you don't have a

0:54:030:54:07

lot of money, you need to spend every single penny wisely.

0:54:070:54:11

So, did he save some by doing all the work himself, as he intended?

0:54:110:54:16

In the end, I probably didn't do that much.

0:54:190:54:22

I did try, but it's quite hard.

0:54:220:54:24

They call them tradesmen for a reason.

0:54:240:54:26

I found that out the hard way.

0:54:260:54:28

In the end, I got someone to do the plastering, electrician to do

0:54:280:54:31

the rewiring, and then just people

0:54:310:54:33

to help me with the final bits as well.

0:54:330:54:36

It was quite hard.

0:54:360:54:37

And I probably did learn a few more skills.

0:54:370:54:40

But it was a lot harder than I thought it would be.

0:54:400:54:43

And if all that wasn't hard enough, there has, of course,

0:54:450:54:48

been another big change.

0:54:480:54:51

Well, the newest member of my family, his name's Maximus.

0:54:510:54:54

Little baby boy.

0:54:540:54:55

He's six months old.

0:54:550:54:57

And Alexander, he's two-and-a-half years old.

0:54:570:55:00

They really keep me busy.

0:55:000:55:02

It's great being a parent, but it's such hard work.

0:55:020:55:04

That's how it's taken nine months to complete.

0:55:040:55:08

So, in the end, I'm a little bit disappointed it took this long,

0:55:080:55:11

but I'm still happy with the final product.

0:55:110:55:14

There were also some hidden nasties that put things back too.

0:55:140:55:18

There were damp issues caused by the roof and chimney,

0:55:180:55:21

so although they are being repaired now,

0:55:210:55:23

the water ingress meant the joists in the floor downstairs were rotten.

0:55:230:55:27

So they all had to be replaced as well.

0:55:270:55:30

This can't have been cheap.

0:55:300:55:32

My original budget was about 15,000.

0:55:340:55:38

But it's gone up to about 18, 18,500.

0:55:380:55:42

In the end, I did go a little bit over budget, but not too much.

0:55:420:55:45

So I'm quite pleased with that.

0:55:450:55:47

Herman bought the house for £100,000,

0:55:470:55:50

so that meant a total investment of £118,500.

0:55:500:55:55

And his hope when he began his project was to make

0:55:550:55:58

a profit of 20,000.

0:55:580:56:00

Let's see if two local estate agents think he's cracked it.

0:56:000:56:03

The refurb is a fair refurb. But I think, personally,

0:56:050:56:09

I would have changed the front windows

0:56:090:56:11

cos it still looks like a shop.

0:56:110:56:12

This is a nice, sensibly-sized family home.

0:56:120:56:15

Two good-sized bedrooms.

0:56:150:56:16

It's obviously been refurbished.

0:56:160:56:18

And the bathroom is an exceptionally good size.

0:56:180:56:20

The downstairs bathroom isn't an issue, but what is an issue

0:56:200:56:24

is that the back door comes out of the bathroom.

0:56:240:56:26

I think they would have been far better putting a little lobby there

0:56:260:56:30

and keeping the bathroom totally separate.

0:56:300:56:33

Herman decided against putting in a corridor upstairs

0:56:330:56:37

to give separate access to the third bedroom.

0:56:370:56:40

Now, could this be an issue?

0:56:400:56:42

I like the bedrooms, the two bedrooms are good sizes.

0:56:420:56:44

The third bedroom being off one of the bedrooms may or may not

0:56:440:56:47

be an issue for some people.

0:56:470:56:49

Although for a family with a young child,

0:56:490:56:51

it may actually be an advantage.

0:56:510:56:53

Hmm. So a bit of a mixed bag there.

0:56:530:56:55

But the house isn't quite finished yet.

0:56:550:56:58

What could it be worth when the works are complete?

0:56:580:57:01

Once it's absolutely finished and it's looking clean and presentable,

0:57:010:57:06

then I'd be looking to put it on the market in the region

0:57:060:57:08

of £160,000 to £170,000.

0:57:080:57:12

Once finished to a suitable standard,

0:57:120:57:14

we would market this property at £175,000.

0:57:140:57:17

The second estimate is probably a lot closer to what I would get.

0:57:170:57:21

I've already had an offer which matched what the first agent said.

0:57:210:57:25

I've learned from past experiences

0:57:250:57:28

that being too greedy doesn't pay off.

0:57:280:57:29

So I think once you have one in the bag, it's better to go with it.

0:57:290:57:33

It may have been an uphill battle,

0:57:330:57:35

but having accepted an offer of 160,000 means Herman

0:57:350:57:39

will have a pre-tax and fees profit of £41,500,

0:57:390:57:44

which he plans on investing in a new project.

0:57:440:57:47

Could this eventually become a family business?

0:57:470:57:50

'Yeah, of course. Well, my two boys are definitely

0:57:500:57:53

'going to play a big part in my life.'

0:57:530:57:55

And if I am going to develop a company and grow it,

0:57:550:57:58

then I definitely want them to be part of it some day, of course.

0:57:580:58:00

Property auctions attract a diverse range of people.

0:58:030:58:07

Yes, and we love following their stories.

0:58:070:58:09

Yes, and we'll have more of those stories next time for you here

0:58:090:58:13

-on Homes Under The Hammer.

-Goodbye.

-Bye.

-Goodbye.

0:58:130:58:15

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