Episode 5 Homes Under the Hammer


Episode 5

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Transcript


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Hello! If you want a great return on your investment,

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property is an area definitely worth considering.

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Yeah, but making money is not a foregone conclusion. There's lots

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of traps you could fall into, which could cost you a few quid.

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But one good place you can head to to find some property bargains

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is your local property auction.

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When you buy a property at auction, you have options -

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-you can do up and sell on.

-Yeah, you can also rent it out

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and really make it work for you in the long term.

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Yes, or you might end up loving it so much

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that it becomes your dream home.

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Let's find out what today's buyers bought at auction.

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In Mayfield, Derbyshire,

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this old mill workers' terrace cottage has seen better days.

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Work to be done, but I'll forgive it, cos I like it.

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While in Walderslade, Kent, it's difficult to see

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what needs to be done in this end-terrace property.

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Whoa! My goodness me.

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And in Lowestoft, Suffolk,

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the problems in this four-bedroom terraced house are plain to see.

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I'd want to have a closer look at this.

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There's a bit of mould here.

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All these properties were bought at auction.

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We'll find out who got them and how much they paid for them

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when these homes went under the hammer.

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Congratulations, well done.

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This is the village of Mayfield, just inside the Staffordshire border

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and on the fringes of the Peak District.

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Mayfield expanded around its textile trade and the local mill,

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but its past isn't all about the industry.

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It also has a historical claim to fame, because, in December 1745,

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the retreating army of Bonnie Prince Charlie passed through here and

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terrorised the locals, some of whom took refuge in the church behind me.

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In their frustration, the army fired at the door

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and you can still see the bullet holes here today.

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# So when I'm feeling sad I'll dwell on the joy we had

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# I'll wait for my own true love and Bonnie Prince Charlie... #

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I hope I don't have a battle on my hands with today's auction lot.

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Well, not far from the church, the mills and the village centre is

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the property I'm here to see.

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It's a three-storey, three-bedroomed house

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and a guide price of £90,000 plus.

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Now, the first thing you notice about it is

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the garden's a little bit overgrown.

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That's the front garden. And also...

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you've got this, which is this long, thin strip of land,

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which goes across this particular field here.

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So, even before I've got inside,

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I know it's a bit of an interesting property.

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So, what's it like inside?

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Nice little porch area here, always good for keeping the cold out,

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and then through into your front living room.

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Now, I'd like to have seen a big fireplace there.

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Instead, all I can see is, like, the silhouette or whatever it is.

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Markings of what was there previously.

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So the good news is, there is, I think,

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a big fireplace behind there waiting to be discovered

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and that would be a lovely focal point for the room.

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Moving on through a sliding door into a very dated kitchen.

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Yes, you've got these units straight out of the 1920s, 1930s,

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strangely enough back in fashion, believe it or not,

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but you may end up getting rid of those.

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You've got the range cooker here.

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Again, get that checked out, it might work.

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Devil of a job to take them out, they're very heavy.

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But if not, then keep it.

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And you might want to take out walls and things to increase the space.

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Slightly less appealing, out the back there,

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you've got the loo and the bathroom.

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Not ideal - they're separate and they are down here.

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So it's not ideal, but you know what?

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There's work to be done, but I'll forgive it, cos I like it.

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The retro look here really appeals to me

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and, OK, OK, you might not agree.

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You might want to junk them.

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(Nobody ever listens to me, honestly.)

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But I like some of the original fixtures and fittings.

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I think this is a lovely, characterful place.

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These terraced cottages were originally built for

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the mill workers, so, admittedly, the layout over three floors

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might need a tweak or two for modern living.

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So let's take a look at the first floor.

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So, up here, the house is simple and yet, actually quite surprising.

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As well as the attic, you've got these two rooms on this floor.

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Now, one thing you might want to consider is turning one of these

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into a family bathroom, perhaps. But that would lose a bedroom,

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so maybe there's some playing around to be done.

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A medium-sized bedroom there and, to the front of the property,

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you've got this really nice-sized room.

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Now, you could contemplate, I don't know,

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sectioning off part of this to create that bathroom.

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It just needs a bit of thinking about, basically.

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I love the space, it really is charming.

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But one thing you are going to basically have to invest in

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is central heating, because, at the moment, it's just storage radiators.

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Mmm, yes. For me, storage radiators sometimes ring alarm bells.

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You need to check there is gas available,

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as you can't always assume.

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The large attic room, now that could be a master en suite,

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so putting a family bathroom on that second floor

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does feel more like an option now.

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I can definitely see this as the master en suite,

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with its pretty fireplace and those great views of the garden.

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Which takes me back to the great outdoors.

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Now, you certainly can't knock the location.

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You are surrounded by absolutely lovely countryside.

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But the land which the property comes with is

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sort of disassociated with the property itself,

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cos that's the house behind me, you've then got this little garage,

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and this is your rear garden.

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As you can see, it could do with a bit of a mow.

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But it backs onto open fields,

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you've got this little shed at the end and do you know what?

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You don't just get this.

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Because, about 50 yards away from the property,

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you've got your very own allotment.

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Now, I absolutely love this.

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There's something charmingly lovely, back to nature-y,

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self-sufficiency about allotments and the fact you've got your own,

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in which you can grow plants or flowers or vegetables.

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It's a really nice thing to have, and the fact you're surrounded by

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all this lovely countryside, again, is just the icing on the cake.

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MUSIC: The Good Life

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Ah! The good life indeed.

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I'm well and truly taken with this spot and this lot,

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guided at £90,000 plus.

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But what did the auctioneer who sold it think?

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These properties were built as

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mill workers' cottages, which is

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a little bit surprising, cos they're actually quite large,

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although I think you get more of an impression of space

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if you go upstairs than what you see downstairs.

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Obviously, very dated. Um, got a lot of potential to it.

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At the end of the day, though,

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it's never going to be any more than a terraced house, is it?

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An excellent point.

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Whilst temptation may take over, always bear in mind that properties

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have a ceiling price and you may want that to help guide your budget.

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If fully renovated, what did the auctioneer think the maximum was

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that this could sell for?

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I would say you could push the value of this particular property

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up to about £150,000.

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Beyond that, I think it's a bit optimistic.

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And how about rental returns?

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Once renovated, I think this would have a rental value

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of probably in the order of £525 a calendar month.

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Well, there really is a lot to like about this house.

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I like the location, I like the quirkiness inside,

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I like the three floors,

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I like the fact you've got the allotment and the land.

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Let's see who liked it as much as me when it went under the hammer.

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Unfortunately, we can't bring you the bidding for this lot,

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but the successful bidders were Helen and Tom,

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with a final bid of £113,000.

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The couple have been together for nearly two years

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and this is going to be their first home together.

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Tom, Helen, great to meet you both.

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Congratulations.

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-Thank you.

-Tell me why you wanted to buy this house.

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It's just a nice area. Plenty of ground with it and, you know,

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so it's just in a nice position, quite neighbourly and...yeah.

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It's got loads of character as well, hasn't it?

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-Yeah.

-It has.

-Fireplaces and there's plenty of scope to...to improve it

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-and get it how we like it.

-Right. So tell me how that process starts?

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What are you going to do to it?

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There's quite a lot to do. Starting with the utility room...

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Well, that's what we'd like to make it, eventually.

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Just through there, there's a toilet in one room,

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bath and sink in the other.

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We're hoping to keep a downstairs toilet, but knock right the way

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through and then, to change that into a sort of porch/utility area.

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Then, in the kitchen, obviously this needs a bit of work,

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but we're in two minds about this one,

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because it has actually got a bit of a retro feel and if we were clever

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with it, we might be able to make it quite a quirky retro kitchen.

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-Wow!

-It would be a lot cheaper as well, if we just painted things up

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and, hopefully, it could look OK.

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Well, some of it is definitely, definitely back in fashion.

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Yeah, exactly, and, you know, you've got a big pantry space.

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-There's a lot that could be to our advantage, really.

-Right.

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Or if it looks like a dog's dinner

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when we've tried that... MARTIN LAUGHS

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..then we can just put a new kitchen in.

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'At last, someone who agrees with me about these units.

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'I hope they survive.'

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# Don't....

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# Don't throw me away! #

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Helen is a commercial property manager and Tom's a farmer

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and, between them, they have got plenty of skills

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and experience to make the most of this property inside and out.

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And Helen's brother is a builder and her uncles are in the trade,

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so they'll be on hand to help get the work done,

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which includes turning the smaller bedroom into a study, squeezing

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a bathroom in upstairs and making the master suite have an en-suite.

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And they are certainly not going to be rushing it.

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And what sort of timescale have you put on it?

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Well, so that there's less financial impact,

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we will probably make it, you know, quite an extended timescale,

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-so maybe a year, two years.

-Oh, wow.

-Yeah.

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I know you could do it quicker, but just, finance-wise, that's...

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Are you not going to live in it all that time?

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Well, hopefully, it'll work out and we'll be in sooner,

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but if you're pessimistic, it's... THEY LAUGH

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Well, you know, two years down the line,

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still fiddling around, not being able to live in it.

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No, hopefully, it'll be done by then. Hopefully a year, yeah.

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And what kind of budget have you put aside, I mean, for the whole thing

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or how much do you think it will cost by the time you've finished?

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Well, there's a lot of work to do,

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so it might cost about 21,000, we thought.

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Right. It sounds like you've done your numbers, though,

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-cos that's a very specific number.

-Yeah.

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I've sort of gone through it with my uncle and brother, so...

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-I hope they're going to do you a deal.

-Yeah, let's hope so.

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-Yeah.

-Fantastic. Well, listen, congratulations.

-Thank you.

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-Good luck with it.

-Thanks very much.

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-I look forward to seeing how you get on.

-BOTH: Thank you.

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Well, a first home together for Helen and Tom,

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and a really interesting project.

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Hopefully, with the help of family members, it won't take them

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as long as two years to sort out.

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That would be a real shame.

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

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Chatham on the River Medway in Kent is a historically significant town.

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Unfortunately, the Royal Naval dockyard closed in 1984,

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but it's been redeveloped into a tourist attraction,

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with lots of shops and restaurants.

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Significant regeneration has taken place here,

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which has had a very positive impact on property prices.

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I'm a few miles from the centre of Chatham

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in the residential area of Walderslade.

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Well, the property I'm here to see is a two-bed terrace

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and it had a guide price of £90,000-£100,000.

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Now, you might wonder why I'm carrying a torch.

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Ha-ha! Well, the auction catalogue

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said you'd need one for the internal viewings.

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So, I've come prepared today.

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THEME FROM THE EXORCIST

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Wish me luck. I think I'll go down this little path through the gate.

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'Ooh, this place looks a bit creepy.

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'When I signed up for Homes Under The Hammer, nobody told me I'd have

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-'to deal with Homes Under The Hammer House Of...

-ECHOES:

-..Horror!'

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Ah! Well, I don't think I'm going to need my torch just yet.

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Gosh!

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This is in such poor condition.

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Wow! There's straw leading up the stairs!

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Wallpaper is peeling off the walls!

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Through here, the kitchen.

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I can't imagine myself cooking a lovely breakfast in here.

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I mean, it really is unloved, this house, in a very big way!

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Through into the sitting room and, well, the carpet has just

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completely and utterly disintegrated under my feet.

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I mean, look, I don't ever think I've seen a carpet as bad as that.

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There's cobwebs everywhere!

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Oh, well. Onwards and upwards.

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-MUSIC: Theme from The X Files

-Uh-oh!

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OK, I can see I need my torch for this one.

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Whoa! Ooh-hoo!

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My goodness me.

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Well, the higher up you come, the worse it gets clearly.

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It's in a really bad way up here.

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I mean, look, you've got a gaping hole up there.

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There's loads of junk down there on the floor.

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The thing that I can't work out is

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there's just straw everywhere upstairs!

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It's as though somebody's just emptied a rabbit hutch...

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on top of the stairs.

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Yeah. I think brave buyers only need apply for this one.

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Now, fortunately, the battery-power filming lights

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arrived from the van by the time we'd hit the second bedroom,

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which was in a much better state of repair.

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Well, everything's relative. But at the bathroom,

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on the half landing, hmm, it was back to the chaos!

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A quick glance back into bedroom one,

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but this time with the battery lights,

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proved that my imagination wasn't running riot.

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It really is in that state.

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What with that and all the straw everywhere, I kept expecting

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a giant white rabbit to barge past me shouting,

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-ECHOES:

-"I'm late, I'm late!"

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Now, a closer look downstairs reveals a wooden conservatory

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at the back of the house complete with sawdust.

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There's also a brick-built outhouse,

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useful for storing garden tools and rabbit food, etc.

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But the overall condition of the rooms does give you

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a whole new meaning to the phrase "urban decay".

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Well...

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Just look at the size of this garden.

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The beauty of an end terrace is you only have neighbours on one side

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and you do get some land to the side as well as to the back here.

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Now, you might be thinking extension potential.

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Hold that thought right there.

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I've done my research and I know the ceiling price of a property

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on this street is £150,000, even if it does have three bedrooms.

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My inclination would be to enjoy this as the lovely large garden

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that it is, without worrying about the cost of extending.

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That's what I would do.

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We called in a local estate agent who's very familiar with this area.

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She should know about any good or bad points to the property

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and its value.

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It's got a beautiful plot. It's a lovely-sized plot.

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You can't alter that in any respect, but its biggest downfall -

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it has no parking.

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It's got no off-road parking at all.

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So, literally, whatever you do to it, even if you extend it,

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you cannot get over the problem that it has no off-road parking.

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The agent reckons that £150,000 would definitely be the top

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resale figure, but what could it fetch as a rental proposition?

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Once the property's renovated,

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I think we'd be looking at around about £800 per calendar month.

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Well, it might be a little on the dark side, to say the least,

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but there is light at the end of the tunnel with this house.

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If you can see beyond its current condition, well, it really is a good

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size with its two double bedrooms and that really nice family garden.

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So, let's see who agreed when this house went under the hammer.

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Lot one.

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It's a house for refurbishment with development potential.

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And it's on a large plot, as you know.

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Two bedrooms and bathroom on the first floor.

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So, lot one, we've got a guide of 90-100.

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Do I see £90,000 anywhere?

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£90,000 on the way.

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Now I'm looking for 92. 92?

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92. 95.

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95. 97. 97.

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Fill it up to 100? 102.

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Off to a brisk pace, passing the guide price band,

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the packed auction room sees bids climb to 132,000,

0:18:070:18:12

where we rejoin the bidding.

0:18:120:18:14

And 32. And 33? No?

0:18:140:18:17

At 132 on the back wall.

0:18:170:18:19

First time, at 133,000, I've got.

0:18:190:18:21

And four now, sir. 134 I want.

0:18:210:18:24

Are we've all done at 133, then, for the first time?

0:18:240:18:27

134. 135?

0:18:270:18:30

At 134, then. Second row back, I have for the first time. 135.

0:18:300:18:34

136.

0:18:340:18:36

135, in the back row again.

0:18:360:18:38

136 I'm looking for.

0:18:380:18:40

If not, 135 for the first time.

0:18:400:18:43

135 for the second time.

0:18:430:18:45

The third and final time, in the camp, back of the room,

0:18:450:18:48

£135,000, all done?

0:18:480:18:50

-GAVEL BANGS

-Yours at 135, sir, and the number?

0:18:500:18:53

Oh, I can't read that. ..Can you read that?

0:18:530:18:55

It's number 4438. Held aloft by Tom,

0:18:550:19:00

a seasoned property developer, at the auction with his daughter Kelly.

0:19:000:19:04

As well as property developing, they run a property maintenance company

0:19:040:19:08

and both live and work in the Chatham area.

0:19:080:19:11

'I met up with them back at the property in the garden.

0:19:130:19:16

'It's a lot brighter outside.'

0:19:160:19:18

-Kelly and Tom, congratulations.

-BOTH: Thank you.

0:19:180:19:21

-Now, father-daughter team.

-Yes.

0:19:210:19:23

What's the story behind you both wanting to buy this at auction

0:19:230:19:26

and what are you going to do with it?

0:19:260:19:28

We've got a maintenance company and we work for various boroughs

0:19:280:19:32

and also we buy and sell houses.

0:19:320:19:34

We've probably done 20 over the last 10 years, 12 years.

0:19:340:19:38

-So, Kelly, I'm right in saying your dad's a very busy man?

-He is.

0:19:380:19:41

He doesn't stop. I don't think he'll ever stop, to be honest.

0:19:410:19:44

What is your involvement going to be with this project?

0:19:440:19:47

Um, I'm going to work alongside Tom.

0:19:470:19:50

Um, A bit of everything. I always say general dogsbody, really.

0:19:500:19:55

Anything and everything I can do, I will.

0:19:550:19:57

-And are you involved in Dad's business anyway?

-Yes.

0:19:570:20:00

Yeah, I work in the office, um, for the borough side of things,

0:20:000:20:06

and do what I can when I can.

0:20:060:20:08

Tom, when you saw the property for the first time,

0:20:080:20:11

what were your thoughts?

0:20:110:20:12

I just thought it had a bit of potential.

0:20:120:20:15

The worse they are, the better you can do 'em.

0:20:150:20:17

It's as simple as that, really. You gut 'em out and start again.

0:20:170:20:20

So, if it's not quite as bad, we will still do the same job.

0:20:200:20:23

Start again, start afresh.

0:20:230:20:24

So, guys, have you got any idea in your mind

0:20:240:20:26

how much money you might be spending on this project?

0:20:260:20:29

I should think £20,000.

0:20:290:20:30

-OK. £20,000.

-£20,000.

0:20:300:20:32

We'll completely gut the property out.

0:20:320:20:34

It'll have everything brand-new - kitchen, bathrooms, the lot -

0:20:340:20:38

and we've done our homework, we've done 'em for so long now,

0:20:380:20:41

that it will be £20,000-ish.

0:20:410:20:44

So what will happen once the house has been refurbished?

0:20:440:20:46

You've spent the £20,000, it looks fantastic,

0:20:460:20:49

it's all ready for market.

0:20:490:20:51

Are you going to sell it? Are you going to let it?

0:20:510:20:53

We've just been talking about that. Um, we're not sure.

0:20:530:20:57

Um, if it reaches the price that we're hoping for on market,

0:20:570:21:01

probably sell. If not, rent it.

0:21:010:21:03

So how much do you think you would like to market this property for?

0:21:030:21:06

-Er, about 180.

-Really?

-Yes.

0:21:060:21:09

So it's got to be really all singing, all dancing,

0:21:090:21:11

-clean cut, looking fantastic.

-It will.

0:21:110:21:14

When you see this finished, it will warrant 180.

0:21:140:21:17

And I'm pretty sure, with the knowledge we've got,

0:21:170:21:19

that'll be the price we can get.

0:21:190:21:21

So what are you going to do to the exterior, cos I know you've got this

0:21:210:21:24

overhanging conservatory area at the back. With things like that,

0:21:240:21:26

-do you just pull it down and start again or will you revive it?

-No.

0:21:260:21:30

Pull it down and we may put a one-level extension on here.

0:21:300:21:34

We may not. We've got to think about that.

0:21:340:21:36

We may put a downstairs toilet in, a utility.

0:21:360:21:40

We may make the kitchen bigger and the dining room bigger.

0:21:400:21:45

We're going to be meeting up here with the architect,

0:21:450:21:47

just to go through and have a chat, and then we'll decide.

0:21:470:21:50

Sounds like it'll be a fantastic family house.

0:21:500:21:52

All the things that families need.

0:21:520:21:54

I think it will do a family perfect. A young family perfect.

0:21:540:21:56

Do you think you will extend it?

0:21:560:21:59

-Probably.

-So, on the day where you come to start clearing out,

0:21:590:22:03

will you be here? Do you really get involved?

0:22:030:22:05

Yes, yeah. I work at the office three days a week at the moment.

0:22:050:22:11

-Yeah.

-I've just dropped down a day,

0:22:110:22:13

so I've got four days that I can wangle with Tom.

0:22:130:22:17

-So, it's a real father-daughter team?

-Absolutely.

-Yeah.

0:22:170:22:20

How do you work together? You seem like you're mates!

0:22:200:22:22

-We are mates.

-We are. We are mates.

-Yeah, we are mates.

0:22:220:22:25

-We've always said that. We have a laugh.

-If she wasn't my daughter,

0:22:250:22:29

-I think we'd still be friends.

-Aw!

-Yeah.

-That's how it is.

0:22:290:22:32

-I mean, you can even call Tom "Tom", don't you? Yeah.

-Yes, yeah.

0:22:320:22:36

So how long is it going to take you to develop this property?

0:22:360:22:39

This property takes 16 weeks, start to finish.

0:22:390:22:42

-It'll be back on the market or rented out.

-I love it!

0:22:420:22:45

-16 weeks, not 14?

-16 weeks.

-Not 17? It's going to be 16!

0:22:450:22:49

-Are you sure?

-I'm sure about that.

0:22:490:22:50

When you've got a budget, stick to the budget.

0:22:500:22:52

When you've got a time, stick to the time.

0:22:520:22:54

Let's hope that 16 weeks runs smoothly

0:22:540:22:56

and I'm really excited to see how far that 20 grand does actually go.

0:22:560:23:00

-Yeah. Thank you.

-Tom, lovely to meet you today.

-Thank you.

0:23:000:23:03

-Thank you, Kelly.

-And you.

-Good luck with the project.

-Thank you.

0:23:030:23:07

Well, I love Tom's philosophy -

0:23:070:23:09

the worse they are, the better you can make 'em.

0:23:090:23:12

It's just as well, Tom, because this house is pretty bad.

0:23:120:23:15

Sounds like dad and daughter Tom and Kelly, well,

0:23:150:23:18

they make a great team, but will this dark and dingy property

0:23:180:23:22

be hiding any sinister secrets beneath its shadows?

0:23:220:23:26

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

0:23:260:23:29

Coming up - in Lowestoft, Suffolk, Darren is hoping

0:23:310:23:34

his connections in the trade will keep his budget in check.

0:23:340:23:38

Call in a few favours here and there.

0:23:380:23:40

While in Walderslade, Kent,

0:23:430:23:44

Kelly and Tom are happy with their new kitchen renovation.

0:23:440:23:48

I think it's a really nice space now.

0:23:480:23:50

Let's head back to the picturesque village of Mayfield,

0:23:540:23:57

where I visited this three-bedroom terrace property

0:23:570:24:01

guided at £90,000 plus, with some spectacular country views.

0:24:010:24:07

# I'm going up the country Baby, don't you wanna go? #

0:24:070:24:11

Inside, and the house was in need of some TLC.

0:24:110:24:15

The kitchen was straight out of another era,

0:24:150:24:18

though not without its charm.

0:24:180:24:21

Slightly less appealing -

0:24:210:24:22

out the back there, you've got the loo and the bathroom.

0:24:220:24:26

Not ideal. They're separate and they are down here,

0:24:260:24:28

so it's not ideal, but you know what?

0:24:280:24:30

Work to be done, but I'll forgive it, cos I like it.

0:24:300:24:33

# Mmm, the closer you get the better you look, baby... #

0:24:330:24:41

Helen and Tom thought this house looked pretty good

0:24:410:24:43

for their first home together, paying £113,000 for it,

0:24:430:24:47

and they had big plans for the place.

0:24:470:24:50

With the help of family in the trades, the downstairs bathroom

0:24:500:24:53

was to go, making way for a new utility area and back porch,

0:24:530:24:57

meaning there was going to be a new master bathroom

0:24:570:25:00

on the first floor, stealing space from the back bedroom, as well as

0:25:000:25:04

the addition of an en-suite in the master bedroom in the attic.

0:25:040:25:08

And then there was the vintage kitchen!

0:25:080:25:11

We're in two minds about this one,

0:25:110:25:13

because it has actually got a bit of a retro feel,

0:25:130:25:18

and, if we were clever with it, we might be able to make it

0:25:180:25:20

-quite a quirky retro kitchen.

-Wow!

-It'd be a lot cheaper as well.

0:25:200:25:24

Or, if it looks like a dog's dinner when we've tried that,

0:25:240:25:27

then we can just put a new kitchen in.

0:25:270:25:30

'Helen and Tom planned to fit the renovations

0:25:300:25:32

'around their full-time work schedules, so gave themselves

0:25:320:25:36

'a comfy timescale of two years and a budget of £21,000.

0:25:360:25:40

'So, will they have their dream home?

0:25:400:25:43

'We returned THREE YEARS later to have a look.'

0:25:430:25:46

Oh, well, the vintage kitchen is no more,

0:25:570:25:59

but I have to say, it's looking good.

0:25:590:26:02

Helen and Tom knocked through the wall to what was the pantry

0:26:020:26:06

to add more space,

0:26:060:26:07

as well as uncovering this charming wood panelling under the stairs.

0:26:070:26:12

The kitchen now looks modern, but with a definite country feel.

0:26:120:26:17

Next door, which used to house that separate loo and bathroom,

0:26:180:26:22

has also had a rethink.

0:26:220:26:24

The bath and sink have been moved upstairs

0:26:240:26:27

and the space has been used to create this utility area,

0:26:270:26:30

while still retaining the downstairs toilet.

0:26:300:26:33

In the front of the house, the lounge has had a makeover.

0:26:340:26:37

The walls have been replastered, repainted

0:26:370:26:40

and the dated carpets have been replaced.

0:26:400:26:43

Helen and Tom also revealed the old fireplace,

0:26:430:26:46

which was hidden away before.

0:26:460:26:48

And they've been busy upstairs too.

0:26:490:26:52

They've built a new master bathroom fit for a family.

0:26:520:26:56

They did that by stealing space from the back bedroom,

0:26:560:26:59

which will now become an office.

0:26:590:27:02

But not to worry, because they still have the big bedroom

0:27:020:27:05

at the front of the house, which, like the rest of the property,

0:27:050:27:08

has been thoroughly renovated with fresh paintwork and new carpets.

0:27:080:27:12

And then, of course, there's the attic.

0:27:140:27:16

It's still awaiting finishing touches, but once completed,

0:27:160:27:20

it'll be a fantastic master bedroom with brand-new en suite.

0:27:200:27:24

Helen and Tom have put a lot of thought

0:27:260:27:28

into their first home together and it really shows.

0:27:280:27:31

It is quite an old house, so we were quite keen

0:27:340:27:37

to keep what features that we could and make the most out of them.

0:27:370:27:40

So, when we revealed things like this fireplace, and, also, I've been

0:27:400:27:45

able to make a bit of a feature of the fireplace in the top bedroom,

0:27:450:27:50

and also, with the panelling in the kitchen,

0:27:500:27:52

just some old features that we could make the most out of.

0:27:520:27:55

That has been quite a rewarding part of the process.

0:27:550:28:00

But whatever happened to preserving that retro kitchen?

0:28:000:28:03

We did have ideas to maybe keep it a bit retro,

0:28:030:28:08

but that just wasn't practical, cos the sink and other units,

0:28:080:28:12

they just weren't standard sizes any more,

0:28:120:28:15

so it was much more practical to take out all the units,

0:28:150:28:19

take the pantry out, take the Rayburn out,

0:28:190:28:22

which we sold on the internet,

0:28:220:28:24

and just make a more practical usable space.

0:28:240:28:28

Well, retro or not, the kitchen looks great.

0:28:280:28:31

So who did all the work on this renovation?

0:28:310:28:33

We have had a bit of help from family,

0:28:340:28:37

but it's been more an advisory paid role when they got round to it,

0:28:370:28:41

so, a lot of it, we have done ourselves, so anything

0:28:410:28:45

where you don't need a particular trade, so, demolition,

0:28:450:28:49

just preparation for the trades to come in,

0:28:490:28:52

and the decorating we've done ourselves.

0:28:520:28:54

We've done as much as we could ourselves.

0:28:540:28:56

DIYers - that's what I like to hear.

0:28:560:28:58

Always a good way of making the most of your budget.

0:28:580:29:01

And while we're on that subject...

0:29:010:29:03

I priced it up with my uncle and we said 21, absolute minimum of

0:29:040:29:10

what you could spend, but obviously, with it being our house

0:29:100:29:14

and we wanted to make it just right,

0:29:140:29:16

we have spent a fair bit more than that.

0:29:160:29:19

We've probably spent more around 28,500.

0:29:190:29:22

So we have spent quite a lot more, but because it's taken a while,

0:29:220:29:26

we've been able to manage our finances,

0:29:260:29:28

so it's not really been a horrible shock. It's been manageable.

0:29:280:29:33

Similar to the budget, the timescale grew too.

0:29:330:29:36

The pair had hoped to have the renovations completed in two years,

0:29:360:29:40

but the strain of managing a major project like this,

0:29:400:29:44

while both working full-time,

0:29:440:29:45

has meant it's taken over three years to complete.

0:29:450:29:48

But this has been a labour of love for the couple

0:29:480:29:51

and they clearly wanted to get it right.

0:29:510:29:53

But what will the property experts think?

0:29:580:30:01

We invited along two to find out.

0:30:010:30:03

I saw the property just after it was sold and it's looking good.

0:30:050:30:10

It's evident that they've put a lot of

0:30:100:30:12

thought into it, but then,

0:30:120:30:14

I guessed they probably would do, because I think

0:30:140:30:16

they're planning to come and live here.

0:30:160:30:18

So, when you're making something for yourself,

0:30:180:30:20

obviously, it's attention to detail, what you want personally,

0:30:200:30:24

rather than what you think the market might want.

0:30:240:30:27

So, I think it looks good.

0:30:270:30:28

I think the fittings are good quality and, yeah, I like it.

0:30:280:30:34

I think the standard of finish of the property is really good.

0:30:340:30:37

The kitchen has been done very well, and the bathrooms also.

0:30:370:30:40

That's all positive, then. Now, we know this isn't for sale or rent,

0:30:400:30:45

but they've invested £141,500 into the house.

0:30:450:30:50

The top rent suggested by one of the agents was £650 per calendar month,

0:30:500:30:54

which would mean a yield of 5.5%.

0:30:540:30:57

But what could it fetch on the resale market?

0:30:570:31:00

I think it would have a resale value in the order of £150,000.

0:31:020:31:06

The likely sale price of this property would be

0:31:060:31:09

in the region of £160,000.

0:31:090:31:11

160,000 would mean a potential pre-tax profit of 18,500.

0:31:110:31:17

But, of course, this won't be having

0:31:170:31:19

a "For Sale" sign up at any time soon.

0:31:190:31:22

So, what's ahead for Helen and Tom?

0:31:220:31:25

Well, we got engaged in May, um, so, now that Project House

0:31:260:31:30

is out of the way, then it's Project Wedding after that.

0:31:300:31:34

So, we'll just get started with the wedding plans, I think.

0:31:340:31:38

Congratulations and good luck in your new home, you two.

0:31:380:31:42

Lowestoft, Suffolk, the most easterly town in the UK.

0:31:480:31:51

The fishing industry that formed it has since given way to tourism.

0:31:530:31:57

But this now seaside resort has seen regeneration.

0:31:570:32:00

An 850-home mixed use development

0:32:020:32:05

will help secure the future of the town.

0:32:050:32:07

Now, this street might not feel like it, or even look like it,

0:32:110:32:14

but it's just a 15-minute walk away from the beach.

0:32:140:32:17

And grab yourself an ice cream when you're on the way.

0:32:170:32:20

Anyway, the property I'm here to see is this.

0:32:200:32:22

It's a four-bed, mid-terrace house

0:32:220:32:24

with a guide price of in between £65,000 and £75,000.

0:32:240:32:28

Wow, this is a long corridor.

0:32:330:32:36

Nice high ceilings, nice and bright, which is good.

0:32:360:32:39

We've got some old period features there, a couple of corbels.

0:32:390:32:42

Front room here is a decent size.

0:32:420:32:44

Nice big bay window, letting even more light in.

0:32:440:32:48

Not bad in there. To the second room down here.

0:32:480:32:52

Now, it's not a bad size. I have read the auction catalogue

0:32:520:32:56

and I'm pretty sure this is the fourth bedroom.

0:32:560:32:59

Now, if you don't need four bedrooms and you can get away with three,

0:32:590:33:03

you could think about knocking this wall down

0:33:030:33:06

to give you a nice big sort of lounge, front room area,

0:33:060:33:09

which I think would be a very good idea.

0:33:090:33:11

You've got your central heating as well. Double glazing.

0:33:110:33:15

What I've seen so far, I like.

0:33:150:33:17

Passing the stairwell on the left,

0:33:210:33:23

there's a breakfast diner, which has seen better days.

0:33:230:33:26

And next door is the kitchen,

0:33:260:33:28

which, again, will need a complete refurbishment.

0:33:280:33:31

However, whoever bought this might think about knocking through

0:33:330:33:37

that dividing wall to create an open-plan kitchen diner,

0:33:370:33:41

much more appropriate for a large family home like this.

0:33:410:33:44

And right at the back of the house,

0:33:460:33:47

there's just room for a downstairs loo.

0:33:470:33:49

But what about upstairs?

0:33:510:33:52

So, I'm into the bedroom at the back of the property.

0:33:540:33:56

This is above the kitchen.

0:33:560:33:58

I wanted to have a closer look at this bit of mould here.

0:33:580:34:01

Well, it doesn't feel damp to the touch,

0:34:010:34:03

and it can't be rising damp as we're on the first floor,

0:34:030:34:06

so it's probably due to a lack of circulation.

0:34:060:34:09

And there's a vent here, so I'm going to open that

0:34:090:34:13

and start the process, but I'd still get it checked out.

0:34:130:34:16

It never ceases to amaze me

0:34:180:34:20

how much distress can be caused by a simple lack of ventilation.

0:34:200:34:24

Black mould like this can cause breathing problems

0:34:250:34:28

and, if my theory is correct, it won't have been helped

0:34:280:34:32

by the condensation from the central heating boiler in the same room.

0:34:320:34:36

It's a growing problem too, because, the more we insulate our houses,

0:34:380:34:42

the more we trap condensation in.

0:34:420:34:44

Unsurprisingly, bathrooms are a mould hotspot.

0:34:460:34:50

One feasible remedy is to fit an extractor fan

0:34:500:34:53

triggered by humidity, rather than one that just runs on a set time.

0:34:530:34:58

The decent-sized front bedroom

0:35:000:35:01

and distinctively decorated back bedroom

0:35:010:35:04

are, thankfully, relatively free from mould.

0:35:040:35:07

I've just come outside to the garden.

0:35:090:35:11

Well, I loosely call it a garden,

0:35:110:35:13

because it's just full, overgrown with stinging nettles.

0:35:130:35:16

I have had a sneaky look next door, though,

0:35:160:35:19

and what they've done is put some lawn down and a few pretty plants.

0:35:190:35:24

So, if you can emulate next door,

0:35:240:35:26

a bit of lawn, get it looking nice and pretty,

0:35:260:35:28

I think you'd have yourself a nice back garden.

0:35:280:35:31

Gardening's not my forte, especially not with stinging nettles.

0:35:310:35:34

So I'm going to go inside, out of the way.

0:35:340:35:37

# Don't stand, don't stand so

0:35:370:35:40

# Don't stand so close to me... #

0:35:400:35:44

Time to find out more about the potential of this house.

0:35:440:35:48

What does a local estate agent think of the location?

0:35:480:35:51

Lowestoft has been through a regeneration process.

0:35:510:35:54

There's been a lot of money invested into places like Kirkley.

0:35:540:35:58

There is new investment in the town and lots of new shops opening.

0:35:580:36:02

I'm pleasantly surprised by this property.

0:36:020:36:04

It's a good value for money, spacious family home.

0:36:040:36:07

The property, although it does need some renovation works,

0:36:070:36:10

there is less to do here than I had first envisaged.

0:36:100:36:13

What's the opinion on the downstairs fourth bedroom?

0:36:130:36:16

I'd recommend marketing the property as a three/four-bedroom.

0:36:160:36:18

That way, it offers the flexibility

0:36:180:36:20

and versatility for people to adapt the property to their needs.

0:36:200:36:24

And, either way, it wouldn't affect the square footage.

0:36:240:36:27

It has a guide price of £65,000-£75,000.

0:36:270:36:30

What's its potential?

0:36:300:36:32

Once renovated, I would expect this property

0:36:340:36:36

to achieve on the open market in the region of £125,000.

0:36:360:36:40

-And rental?

-Once renovated, I would expect this property

0:36:400:36:44

to achieve around £600 per calendar month.

0:36:440:36:47

There's a lot of work that needs to be done in there,

0:36:470:36:50

but I think, potentially, it could be a lovely family home.

0:36:500:36:52

And it's also a lot bigger than what I was expecting.

0:36:520:36:55

But who was brave enough to tackle that back garden

0:36:550:36:58

full of stinging nettles?

0:36:580:36:59

Let's go to the auction to find out.

0:36:590:37:01

Lot 13 is the next lot.

0:37:010:37:04

Had a shedload of people round this property.

0:37:040:37:07

65-75 guide. So, where do you want to start me on this?

0:37:070:37:10

Middle of the guide, someone? 70? Put me straight in?

0:37:100:37:13

60, then?

0:37:130:37:15

60 and we're away. 62? 62, 64.

0:37:150:37:18

66. 68.

0:37:180:37:20

68? 70. And 2.

0:37:200:37:22

Bidding's fast and furious on the property.

0:37:220:37:25

We rejoin the bidding at £84,000.

0:37:250:37:28

At £84,000.

0:37:280:37:30

84,000 at the front. 85 now?

0:37:300:37:32

Going to sell at 84.

0:37:320:37:35

Take half anywhere. 84,500?

0:37:350:37:37

84,500? 85?

0:37:370:37:39

85? 85,500?

0:37:400:37:42

86.

0:37:420:37:44

No? 85,500.

0:37:440:37:46

At £85,500.

0:37:460:37:48

At the front, at £85,500 for the first time, second time.

0:37:480:37:53

At £85,500, third and final time.

0:37:530:37:56

-GAVEL BANGS

-Congratulations. Well done.

0:37:560:37:58

Gentleman on the third row in the middle.

0:37:580:38:00

The successful bid came from Darren, purchasing on behalf of himself

0:38:000:38:04

and his two business partners Dan and James,

0:38:040:38:07

who all work in the construction industry.

0:38:070:38:10

It's their first purchase together

0:38:110:38:13

and I met Darren back at their £85,500 asset.

0:38:130:38:17

-Darren, nice to meet you, sir.

-And you.

0:38:190:38:21

-Congratulations.

-Thank you very much.

0:38:210:38:23

Tell me why you bought this particular property.

0:38:230:38:26

I like the fact that it needed quite a bit of work. Obviously, I think

0:38:260:38:29

that reflected on the price we got it for at auction, eventually.

0:38:290:38:31

And I wanted it in an area that I could afford,

0:38:310:38:33

cos I had a limited budget with which to work with.

0:38:330:38:35

Where are your sidekicks today?

0:38:350:38:37

-Unfortunately, they are a bit camera shy.

-Oh, no.

0:38:370:38:40

-Yeah, so they decided not to be involved.

-So they left it to you?

0:38:400:38:43

-They've left to me, yes.

-What made you go into the property world?

0:38:430:38:47

To be honest, it was probably I wanted a bit of a pension pot.

0:38:470:38:51

Obviously, I'm getting a bit older now in life

0:38:510:38:53

and my pension's not going to play out much

0:38:530:38:55

and I thought that it would be nice to go into property.

0:38:550:38:58

It's something that I do on a day-to-day basis,

0:38:580:39:00

and I needed a couple of people to come in with me,

0:39:000:39:02

to obviously boost the budget that we had, and took it from there.

0:39:020:39:06

So did you all sit down and have a chat?

0:39:060:39:08

Did Dan and James get involved with the chat? And how did it go?

0:39:080:39:11

Well, initially, myself and Dan decided that we were going to do it

0:39:110:39:14

together and we got some money together, but it was still quite

0:39:140:39:17

a limited budget, so we decided that we needed one other person

0:39:170:39:21

and we thought, well, what skills were we missing between us?

0:39:210:39:23

We decided that a floor layer would be a good person to

0:39:230:39:26

bring on board and we managed to convince him to be part of it.

0:39:260:39:29

'Darren and Dan pulled their friend and floor layer James

0:39:300:39:33

'in on the project, which meant, not only are they able to access

0:39:330:39:37

'more money, but they could spread the risk.

0:39:370:39:40

'Clubbing together is a good way to get into property,

0:39:400:39:43

'but make sure you get it all official.

0:39:430:39:45

'You don't want any falling out later on.'

0:39:450:39:47

Tell me what about this property that you really wanted?

0:39:490:39:53

Well, I liked it, cos of the size of the property.

0:39:530:39:55

We had a lot of room for conversion. We didn't think

0:39:550:39:57

we really needed the fourth bedroom in it anyway,

0:39:570:39:59

so it gave a lot of scope to open up the dining room in the lounge,

0:39:590:40:03

so there was a bit of scope to bring it up to a nice-looking property.

0:40:030:40:06

'Yeah, I said that, didn't I?

0:40:060:40:07

'This would still be a decently proportioned house.'

0:40:070:40:11

-What's the budget for the whole project?

-The budget, hopefully,

0:40:110:40:14

we'll try stick to about 10-12,000, something like that, with trying

0:40:140:40:18

-to do a few deals, obviously...

-LAUGHTER

0:40:180:40:20

We'll try and call in a few favours here and there.

0:40:200:40:23

-That's a businessman's thought right there, isn't it?

-Exactly.

0:40:230:40:25

And with your 10-grand budget, Darren,

0:40:250:40:28

where's the majority of that going to be spent?

0:40:280:40:31

A lot of it's going to be on the kitchen. We're going to reinstate

0:40:310:40:34

the fireplaces that were in the lounge and dining room

0:40:340:40:37

and have been taken out beforehand, so we're going to put those back in.

0:40:370:40:40

We're going to put some high-quality vinyl flooring

0:40:400:40:42

-into the walk-through areas and communal-type areas...

-Yeah.

0:40:420:40:45

..and then a good quality carpet to the rest of it.

0:40:450:40:47

And how long are you hoping all this work's going to take?

0:40:470:40:49

Hopefully, about four to five weeks, with any luck, so we may decide,

0:40:490:40:54

looking at the condition of the walls, we might have to do

0:40:540:40:57

a bit more skimming works than we originally thought,

0:40:570:40:59

-but we'll just have to see.

-I know you've got

0:40:590:41:01

-your own construction company as well.

-Yeah.

-So, you've already got

0:41:010:41:04

a full-time job, so when are you all going to squeeze it in?

0:41:040:41:07

-It's all going to be weekend work for us, unfortunately.

-Really?

-Yes.

0:41:070:41:11

It will take 12-and-a-half weeks to get five weeks' worth of weekends.

0:41:110:41:16

But it's a good job we have weekends.

0:41:160:41:19

It wasn't until the Industrial Revolution in the 1800s

0:41:190:41:22

that a two-day weekend began to take shape.

0:41:220:41:25

In the 1920s, American car manufacturer Henry Ford

0:41:250:41:29

was more than happy to have his workers take weekends.

0:41:290:41:32

His theory being they were more likely to buy his cars

0:41:320:41:35

if they had the time to enjoy them.

0:41:350:41:37

Time off is a concept that Darren, Dan and James

0:41:370:41:41

won't be familiar with for the next few months.

0:41:410:41:45

So, what are your plans for the property once it's finished?

0:41:450:41:47

Are you going to sell it? Are you going to rent it?

0:41:470:41:49

The property definitely's going to be sold.

0:41:490:41:51

As much as we would like to do rental,

0:41:510:41:53

we're on a limited budget anyway and we can't do anything else

0:41:530:41:56

until we've sold this one on, but, eventually, we'd like to be

0:41:560:41:59

able to sell this one, buy another one, make a little bit more money,

0:41:590:42:02

then, eventually, go into the rental market.

0:42:020:42:04

And out the back, bit of a jungle out the back at the moment.

0:42:040:42:08

Bit of a jungle! We've yet to decide what we'll do.

0:42:080:42:10

We will do something with it,

0:42:100:42:12

but how much is left of the budget we'll have to see, I think, so...

0:42:120:42:16

-And who does it is anyone's guess at the moment.

-Yeah.

0:42:160:42:19

-You've got to draw straws for that.

-I think we'll have to.

0:42:190:42:21

-No-one wants to get involved in the stingers out there.

-No.

0:42:210:42:24

-I had a little tiptoe out there and it won't be me.

-No, it's not nice.

0:42:240:42:27

So, Darren, there's three of you.

0:42:270:42:29

-Yeah.

-How are the jobs going to be split up? Who's going to do what?

0:42:290:42:32

Well, I think I'm going to be doing most of the organising of it.

0:42:320:42:35

That's where my skills come in. But I am a qualified decorator as well.

0:42:350:42:40

Dan is a qualified carpenter and Jamie does all of our floor laying,

0:42:400:42:43

so we've pretty much got it all covered.

0:42:430:42:46

I think you'll be all right.

0:42:460:42:47

-Good luck.

-Thank you very much.

-Hope it works out well.

0:42:470:42:50

-And I hope they do some work as well.

-So do I.

0:42:500:42:52

Now, this is Darren's first project and he's really challenging himself,

0:42:520:42:56

not just with the work he's got to do in there,

0:42:560:42:58

but he's trying to get it done within five weeks

0:42:580:43:01

and he's only working weekends.

0:43:010:43:03

Will he get it all done? You can find out later on in the programme.

0:43:030:43:06

So, we've seen the outcome of one of our properties -

0:43:100:43:13

-what about the other two?

-Yeah, have our buyers been ringing the changes

0:43:130:43:16

or is it just the same old, same old?

0:43:160:43:17

Oh, I cannot wait any longer. Ha-ha! Let's find out.

0:43:170:43:20

Now back to Chatham, one of the Medway towns

0:43:230:43:25

in north Kent, south-east England,

0:43:250:43:27

where, earlier, I looked around this unusual house

0:43:270:43:30

that hadn't seen the light of day for, well, quite some time.

0:43:300:43:35

The kitchen. I can't imagine myself cooking a lovely breakfast here.

0:43:350:43:40

I mean, it really is unloved, this house.

0:43:400:43:43

There was a general malaise about the place,

0:43:430:43:45

which had clearly not been occupied for some time.

0:43:450:43:49

It sold for 135,000, complete with rotting carpets

0:43:490:43:53

and a liberal dusting of straw everywhere.

0:43:530:43:57

The proud new owners - father and daughter team Kelly and Tom,

0:43:570:44:00

who were clearly used to dealing with this degree of dilapidation.

0:44:000:44:04

-KELLY:

-Make it bigger and extend.

-TOM: Yeah, make the kitchen bigger.

0:44:040:44:07

The worse they are, the better you can do 'em.

0:44:070:44:09

It's as simple as that, really. We gut 'em out and start again.

0:44:090:44:12

So, if it's not quite as bad, we will still do the same job.

0:44:120:44:16

It'll have everything brand-new - kitchen, bathrooms, the lot.

0:44:160:44:19

And we've done our homework, we've done 'em for so long now,

0:44:190:44:22

that it will be £20,000-ish.

0:44:220:44:25

So, what will happen once the house has been refurbished?

0:44:250:44:27

You've spent the £20,000, it looks fantastic!

0:44:270:44:30

It's all ready for market!

0:44:300:44:32

-Are you going to sell it? Are you going to let it?

-We're not sure.

0:44:320:44:36

Um, if it reaches the price that we're hoping for on market,

0:44:360:44:39

probably sell. If not, rent it.

0:44:390:44:41

So, how much do you think you would like to market this property for?

0:44:410:44:44

-Er, about 180.

-Really?

-Yes.

0:44:440:44:47

'I was a bit worried, as the agent had said £150,000 would be

0:44:470:44:51

'the ceiling price for this street,

0:44:510:44:54

'but Tom had plenty of ambition for this property.'

0:44:540:44:57

I know you've got this sort of, like, overhanging conservatory area

0:44:570:45:00

at the back. With things like that,

0:45:000:45:01

do you just pull it down and start again or are you going to revive it?

0:45:010:45:04

No, pull it down and we may put a one-level extension on here.

0:45:040:45:09

We may not. We've got to think about that.

0:45:090:45:11

We may put a downstairs toilet in. A utility.

0:45:110:45:15

We may make the kitchen bigger and the dining room bigger.

0:45:150:45:19

When you see this finished, it will warrant 180.

0:45:190:45:23

'And they set themselves a four-month timescale to do it all.'

0:45:230:45:27

We're back, eight months on, and with all the dust and debris,

0:45:290:45:32

I'm sure Tom and Kelly thought safety first.

0:45:320:45:36

# You wear your mask I'll wear mine

0:45:360:45:38

# They don't come cheap but they fit just fine

0:45:380:45:41

# You can be her and I can be him

0:45:410:45:43

# And we can go sink when the rest all swim

0:45:430:45:46

# Little by little by little

0:45:460:45:48

# By little by little by little by little... #

0:45:480:45:51

By moving the entrance to the bathroom,

0:45:510:45:53

Tom and Kelly have made it possible to fit in a separate shower cubicle.

0:45:530:45:57

A much brighter and cleaner environment than before.

0:45:570:46:00

The same can be said for the kitchen,

0:46:020:46:04

where pretty much anything done to it will have improved it.

0:46:040:46:07

Improved and enlarged it is,

0:46:100:46:12

taking a part of what was the dining area,

0:46:120:46:15

where the conservatory was accessed.

0:46:150:46:17

Also supporting the roof with an RSJ has enabled the opening up

0:46:190:46:23

into the brick-built outhouse, where the enlarged kitchen continues.

0:46:230:46:27

In the lounge, the chimney breast has gone,

0:46:360:46:38

as has the threadbare carpet and, as mentioned, access through.

0:46:380:46:44

It must've been a DIRTY job!

0:46:440:46:46

# You wear your mask I'll wear mine

0:46:460:46:49

# They don't come cheap but they fit just fine... #

0:46:510:46:54

Finally, back upstairs again for the two bedrooms.

0:46:590:47:03

The largest above the lounge has also had the chimney breast removed,

0:47:030:47:07

making a bit more space.

0:47:070:47:08

Whilst, in the smallest bedroom, the opposite is true.

0:47:110:47:15

It's even smaller!

0:47:150:47:16

Over to Tom for an explanation.

0:47:160:47:19

So, this is the back bedroom of the house.

0:47:210:47:23

Um, there was a cupboard there.

0:47:230:47:25

What we've done, we've stolen a bit of room from this room

0:47:250:47:29

and made the bathroom bigger,

0:47:290:47:31

so we could then put a walk-in shower in and move the bath over

0:47:310:47:35

and, obviously, it doesn't really notice in here, because that's where

0:47:350:47:38

the wall started in the first place.

0:47:380:47:40

The lean-to was just outside where the double doors are now.

0:47:400:47:43

Um, it was an old, horrible thing, so we've ripped that down,

0:47:430:47:48

put the double doors in and put a patio there as well,

0:47:480:47:52

so you don't have to walk out straight onto your garden.

0:47:520:47:56

Generally, overall, it's a lovely house for a family now.

0:47:560:48:00

I'm pleased with it all,

0:48:000:48:01

but the thing I'm most pleased with would be the kitchen.

0:48:010:48:04

Um, I think it's a really nice space now.

0:48:040:48:07

I do like a kitchen/diner myself

0:48:070:48:09

and I think it's a lovely kitchen - big area, nice family room.

0:48:090:48:15

Tom had been pretty sure it would take four months,

0:48:150:48:18

so why did it take longer?

0:48:180:48:20

It probably took us about five to six months in the end,

0:48:200:48:24

but that's because we weren't here every day working.

0:48:240:48:27

There could be a week or two went by with no trades on site,

0:48:270:48:30

because we were using our own, you know, fellas.

0:48:300:48:35

So it did take longer, but again, we're happy with that.

0:48:350:48:39

Not a problem.

0:48:390:48:40

Tom was confident the renovation, without an extension,

0:48:410:48:44

would cost £20,000, so how did the budget work out in the end?

0:48:440:48:49

We actually spent - doing the property up

0:48:490:48:52

and changing various things - 27,000.

0:48:520:48:56

One of the big cost items was

0:48:560:48:58

removing the huge leylandii trees from the back garden.

0:48:580:49:02

The overspend takes their total cost to £162,000, so what's it now worth?

0:49:020:49:08

We called in two local estate agents to take a look around the renovation

0:49:100:49:15

to give us their opinions and valuations.

0:49:150:49:17

First up, the agent who came here last time.

0:49:170:49:20

At the moment, there is a real demand for this type of property.

0:49:230:49:26

We're very short of properties at the moment, so there will be

0:49:260:49:29

so many people that will be looking to buy this.

0:49:290:49:32

This is my first time inside the property.

0:49:320:49:34

It's been done really nicely, to a good standard,

0:49:340:49:36

nice neutral colours as well,

0:49:360:49:38

which is really important for today's market.

0:49:380:49:40

So, let's get their valuations

0:49:400:49:42

and see if Kelly and Tom's latest project has turned a profit.

0:49:420:49:45

I would put this in the region of £185,000-£195,000.

0:49:470:49:54

In today's market, we would be looking to achieve

0:49:540:49:56

upwards of £185,000.

0:49:560:49:58

What the estate agent said is about what we thought and, actually,

0:49:580:50:01

we have sold the property for 190.

0:50:010:50:05

Well, that's a pre-tax profit of £28,000 and a cracking house.

0:50:050:50:10

Any tips for budding property renovators?

0:50:100:50:12

Just make sure you don't pay too much money at auction

0:50:140:50:17

and keep your costs down, keep onto the suppliers

0:50:170:50:20

for the best deal you can get and, at the end of the day,

0:50:200:50:22

if you do it right, you should come out with an OK profit.

0:50:220:50:25

Back now to Lowestoft on the Suffolk coast,

0:50:300:50:32

where I looked around this four-bedroom mid-terrace.

0:50:320:50:36

Nice high ceilings, nice and bright, though, which is good.

0:50:360:50:40

We've got some old period features there, a couple of corbels.

0:50:400:50:43

Front room here is a decent size, nice big bay window,

0:50:430:50:47

letting even more light in. Not bad in there.

0:50:470:50:50

To the second room. This is the fourth bedroom.

0:50:500:50:54

Now, if you don't need four bedrooms, you could think about

0:50:540:50:57

knocking this wall down to give you a nice big sort of lounge,

0:50:570:51:01

front room area, which I think would be a very good idea.

0:51:010:51:05

Upstairs, at the back of the property,

0:51:050:51:07

the third bedroom had a bad case of black mould

0:51:070:51:10

I thought had been brought on by the lack of ventilation

0:51:100:51:13

while the property stood empty.

0:51:130:51:15

There were two other reasonably-sized bedrooms,

0:51:200:51:22

albeit one having slightly unusual decor.

0:51:220:51:25

The property was purchased by

0:51:310:51:32

construction company director Darren, for 85,500 grand,

0:51:320:51:37

as part of a consortium with two of his building colleagues.

0:51:370:51:41

They had ambitious structural alterations in mind.

0:51:410:51:44

We didn't think that we really needed the fourth bedroom anyway,

0:51:440:51:47

so it gives a lot of scope to open up the dining room and the lounge.

0:51:470:51:50

So there was a little bit of scope

0:51:500:51:52

to bring it up to a nice-looking property.

0:51:520:51:54

After refurbishment, this, their first purchase,

0:51:540:51:57

was planned to be sold on.

0:51:570:51:58

The long-term plan -

0:52:000:52:01

to build a pot of capital to provide a pension income.

0:52:010:52:04

A five-week work schedule was calculated,

0:52:060:52:09

but spread out over weekend work only.

0:52:090:52:12

So they should have completed after 12-and-a-half weeks.

0:52:120:52:15

We're back, just over 21 weeks later, to see the result.

0:52:160:52:20

The dividing wall between the kitchen and the breakfast diner

0:52:220:52:25

has been opened up.

0:52:250:52:27

I wonder how many weeks that took!

0:52:270:52:29

# It feels like a party every time you come around... #

0:52:290:52:33

Quality units have been fitted, with integrated appliances.

0:52:330:52:36

It's a bit different!

0:52:410:52:42

At the end of the kitchen, a new downstairs loo.

0:52:460:52:49

At the opposite end of this long property,

0:52:550:52:57

the front room has a new fireplace feature,

0:52:570:53:00

perfect for adding appeal to any room.

0:53:000:53:03

# You make me love you like I thought I never could... #

0:53:030:53:07

A new fireplace graces the second reception room too.

0:53:110:53:14

But the planned knock through of the adjoining wall hasn't been achieved.

0:53:190:53:23

Upstairs, the middle bedroom,

0:53:230:53:25

previously blighted with black mould,

0:53:250:53:27

has had an anti-mould treatment and a repaint. And now...

0:53:270:53:32

# It's all good!

0:53:320:53:34

# It's all good! #

0:53:360:53:38

With new flooring throughout the house,

0:53:380:53:40

it's all good in the front bedroom too.

0:53:400:53:42

A new neutral colour scheme.

0:53:420:53:44

Minimal work was done in the bathroom -

0:53:500:53:52

a new toilet, flooring, shower over the bath and decor,

0:53:520:53:57

all of which will hopefully help Darren's retirement plans.

0:53:570:54:00

# We're gonna live forever Gonna do whatever

0:54:000:54:05

# If we stick together it will be all good... #

0:54:050:54:09

And you're no longer up against a brick wall in the final bedroom.

0:54:090:54:12

It's now in harmony with the rest of the house.

0:54:140:54:16

Outside, the prickly question of the garden.

0:54:190:54:23

It was perfect for a nettle soup addict and now...

0:54:230:54:26

# It's all good, yeah!

0:54:260:54:30

# It's all good

0:54:300:54:32

# It's all good. #

0:54:340:54:36

We have cleared all the nettles away.

0:54:360:54:38

That was quite a big job, really.

0:54:380:54:39

We did get a little bit of assistance with clearing that.

0:54:390:54:42

We had a few guys in for a few days clearing that all for us.

0:54:420:54:45

Well, it was a good result,

0:54:450:54:47

but why didn't the wall between the two downstairs rooms get removed?

0:54:470:54:51

There was a lot of work involving the pipework and the radiators.

0:54:510:54:54

There was also the, um, structural works that was involved

0:54:540:54:57

in doing that as well. Also, we took advice from local neighbours,

0:54:570:55:01

who said that they wished that they hadn't opened up the rooms,

0:55:010:55:03

so we left it as is.

0:55:030:55:05

Well, we always say it's worth doing your research.

0:55:050:55:08

Which bit of the renovation do you feel turned out best?

0:55:080:55:11

I'm very pleased with the staircase.

0:55:110:55:13

We spent a little bit of money doing whipping on the staircase carpet,

0:55:130:55:17

because the staircase sort of winds round.

0:55:170:55:19

It looks very nice when you're upstairs and looking down onto it.

0:55:190:55:22

The whipping, or binding, on the edge of the carpet

0:55:220:55:24

means it won't fray on the sides

0:55:240:55:26

and doesn't have to go the full width of the step,

0:55:260:55:29

giving a finish reminiscent of old-style carpet rods.

0:55:290:55:33

Was everything else clean cut?

0:55:330:55:35

We had an issue with a slight leak. The floor layers decided that,

0:55:360:55:40

when they were doing the flooring upstairs,

0:55:400:55:42

they'd put a pipe through with a nail.

0:55:420:55:45

I think we've all put a nail through a pipe at some stage.

0:55:450:55:48

If that was the worst incident, then it's not bad at all.

0:55:480:55:52

The 10-12 grand budget did spring a leak, though,

0:55:520:55:55

with unforeseen works, like a new boiler, being needed,

0:55:550:55:59

more electrical work than planned and a higher-spec kitchen,

0:55:590:56:02

resulting in a spend of around £17,000.

0:56:020:56:07

We're pleased with the outcome and what we spent, though.

0:56:070:56:10

To see if the open market is

0:56:100:56:12

as pleased with the group's efforts, we called in

0:56:120:56:15

two local estate agents to give us a market valuation.

0:56:150:56:18

First, the agent who saw the property in its raw state.

0:56:180:56:22

I think the layout of the property is very good.

0:56:230:56:25

I think that the vendor opening up the kitchen-breakfast room

0:56:250:56:28

is a really nice touch - it creates a real nice family space.

0:56:280:56:31

We would market the property as a three-bedroom. Obviously,

0:56:310:56:33

with the separate lounge and dining room, there is an advantage there.

0:56:330:56:37

I think, with the kitchen-breakfast room as well, there is a flow.

0:56:370:56:40

Um, I don't see somebody using downstairs as a fourth bedroom.

0:56:400:56:43

I suppose it depends on your circumstances.

0:56:430:56:46

Perhaps, for instance, an older member of the family

0:56:460:56:49

might like a bedroom downstairs.

0:56:490:56:51

Anyway, it's a flexible house and the guys have spent £102,500 on it,

0:56:510:56:57

so how much is it worth now?

0:56:570:56:59

Should this property be marketed for sale,

0:57:010:57:03

I would expect it to achieve approximately £135,000.

0:57:030:57:06

In the resale market, the property would be worth £135,000.

0:57:060:57:10

Well, the property actually has been sold. It was sold in two days and

0:57:100:57:13

we sold it for £134,000 and we're looking forward to the next one.

0:57:130:57:18

That's a pre-tax profit of £31,500.

0:57:180:57:22

Not bad for a first project.

0:57:220:57:23

So, what have the guys taken away from their debut property?

0:57:240:57:28

I think we've learned that we need to stick to a budget,

0:57:280:57:31

we need to look at the market that we're doing the property up for,

0:57:310:57:34

stick to a budget. We did tend to go a little bit overboard on,

0:57:340:57:37

sort of, our own whims, if you like.

0:57:370:57:39

And so, I think, next time, yeah, budget is the big thing.

0:57:390:57:43

Keep doing that, Darren,

0:57:430:57:44

and I think you'll be guaranteed a happy retirement.

0:57:440:57:47

So, that's today's offerings. Would you have done anything differently?

0:57:520:57:56

Yeah, do you think our buyers have done it right from start to finish?

0:57:560:57:58

Well, there are many more stories in the pipeline

0:57:580:58:02

and we'll have them for you here, next time on Homes Under The Hammer.

0:58:020:58:05

-Goodbye.

-Bye-bye.

0:58:050:58:07

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