Episode 70 Homes Under the Hammer


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Episode 70

A damp and dingy basement flat in Kilburn in London, a former post office in Gedney Dyke in Lincolnshire and a bungalow in Cornwall's Liskeard are sold at auction.


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Now, the property market can sometimes seem

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a little bit like the good old British weather -

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unpredictable and changeable.

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That is correct. But if you prepare yourself, you can reduce the stress.

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Yes, and one place that can throw up

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some really interesting options is your local property auction.

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Auction properties offer a huge variety,

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from one-bedroom flats to huge acres of land.

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Yeah, from old chapels to former public toilets.

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Yes, and we've seen all of those on the programme over the years.

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But here is what is coming up on today's show.

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A basement flat in Kilburn, London, has got Lucy very excited.

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Check that out!

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That belongs to that.

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And I'm excited about the guide price

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for this four-bed Lincolnshire lot

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with loads of space inside and out.

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And you get all that for your money.

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And I'm in Cornwall, where, normally, I'm excited,

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but this one doesn't seem to have much promise.

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The bathroom is awful, virtually no space.

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I love it!

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All these properties have been sold at auction, and we'll find out

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who bought them and what they paid when they went Under The Hammer.

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Are we done, ladies and gentlemen?

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Lucy's in Kilburn today.

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Not only does it have a main road that follows a path

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dating back to Celtic times, it also has a good bus service.

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But the piece de la resistance is it has multiple train stations

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connecting to four different underground and overground lines.

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So wherever you work, study or play,

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it shouldn't be too hard for you to get there.

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So, just half a mile from the nearest of those stations

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is the lot that is up for auction.

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Now, as you can see and hear along this busy main road,

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it's also, well, loads and loads of development coming on.

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But I think that's a good sign.

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So, what are we here to see?

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Well, it's a lower ground-floor one-bedroom flat.

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It's here. And the guide price, £275,000.

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I am going down!

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Now, I'm not a fan of basement flats, but horses for courses.

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They are sometimes a little bit cheaper

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and allow you to look at property

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in an area that you might not usually be able to afford.

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Walking in here, you can smell a little bit of damp.

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It is a bit dark and dingy.

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And the first thing that strikes me

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is that there are just loads of corridors.

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You've got the lounge back there, a dark and dingy kitchen here.

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Another corridor.

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But I can't help but feel completely hemmed in.

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You've got a bedroom and a bathroom round there.

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It doesn't work for me. The layout is just not right.

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I want to knock all these walls out

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and just have one big, open-plan space

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and almost start again, I think.

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# I'm going to start

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# All over

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# Over again... #

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It seems strange when you're so short on space

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to use so much of it up with corridors and awkward corners.

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This place is crying out for a layout change.

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So, now let's address that dark and dingy problem.

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Well, you need to be thinking about windows,

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light wells and open spaces.

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You really need to let the light flood in this flat

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as much as possible

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and if you were to go down the extension route with this flat,

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then I would make a wall of glass doors at the end here.

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But remember, you are on the ground floor

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so all these windows and doors,

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they need to be secure and safe.

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# Even if the sky is falling down

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# I know that we'll be safe and sound... #

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And in case you're wondering

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about the reference to an extension...

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Check that out!

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That belongs to that.

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I mean, THAT is a corker of a garden.

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There's plenty of room out here for an extension,

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subject to planning permission, of course.

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I mean, goodness me!

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That's sunny, that's dingy,

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but can you imagine having a fabulous afternoon out there,

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making sure you get loads of light into that flat?

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I think that is certainly a big win-win situation.

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Outside space in London is always to be welcomed.

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When it offers the opportunity to be turned around,

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well, I can see why Lucy was cheered up.

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Well, having now seen that outside,

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I'm really excited about sorting out the flat's problems.

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First off, it has got to be checking out the damp.

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I can really smell it in here.

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Whether it's a chemical-injected damp-proof course,

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or the slightly more expensive option

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of tanking with a waterproof membrane,

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either way, with a basement flat,

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you should always allow for spending a little bit of your budget

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to make sure the place is always dry.

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# Don't leave me high

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# Don't leave me dry... #

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Well, whoever bought this ground-floor flat,

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hopefully, won't be left high and dry.

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But with that damp and a short

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74-year lease,

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they could very well be.

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Time to hear what a local estate agent thought of this property,

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guided at £275,000.

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The property is obviously in need of a lot of work,

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but a great potential.

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My thoughts would be to extend, that would be to put a wrap-around,

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which is to extend off the back and to the side.

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And, then, obviously, inside, then putting in things like wooden floors

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and, obviously, for redecoration,

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to try and also make it much more light.

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So there is potential here,

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but could that short lease cause problems?

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74-year lease will be a problem,

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as the lower the lease,

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it can hinder anyone who's trying to get a mortgage

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on a property like this.

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Even if you do the work to the property,

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the value of the property will still be lower,

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because that would be a hindrance to the market.

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So, taking all that into account, if this property was renovated,

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what kind of values could we be looking at?

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I believe with the lease as it is

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and the property modernised to a decent standard,

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I think we could achieve £425,000.

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The agents think that with the lease extended,

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the refurbished flat could be worth £450,000.

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And if you squeeze in a second bedroom,

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the resale value could be as much as 600,000.

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There is a lot to think about here.

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Well, the darker and the dingier the flat,

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the greater the transformation that can be made.

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And this place is crying out for a make over.

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And remember, the trade-off for that dark basement flat

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is that amazing garden.

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Let's see who spotted this one

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and wanted to turn this place around

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when it went to auction.

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Leasehold self-contained lower ground-floor flat.

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260. Bidding on the phones today.

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260, we start at.

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265?

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265 here, sitting down. 72.

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72. 75?

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After a slow start, the bidding heats up

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and we return at 360,000.

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360? 360, now.

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365.

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Good bid, sir. 380.

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85, Stewart?

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-No.

-Nice, bold bid.

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That's the way to do it. £380,000, I am bid.

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Stewart's hung up.

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First time at 380, then.

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Second time at 380.

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Third and final time at £380,000.

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Lot 4. Are we done, ladies and gentlemen?

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So, it's sealed with a kiss.

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The successful bid of £380,000 was made by Dmitri and Tatiana.

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Dmitri and Tatiana are both originally from Russia,

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but now live locally in Kilburn.

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They came along with their dog, Lucky, to tell Lucy their plans

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for this little flat with big potential.

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Dmitri and Tatiana.

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Congratulations.

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This is a great flat.

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So tell me, why did this tick the boxes for you?

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We love the area and the garden and the park next-door as well,

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so it makes such a big difference in terms of kids and animals.

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So, you've obviously got

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an amazing, lovely little furry friend in your life,

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that you love, which is your dog, Lucky.

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So this is ideal for him.

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-That's right.

-It will be, yeah.

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So where do you intend to start

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and how much money have you got to do work on the place?

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We have zero money.

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-Really?

-Yes.

-OK.

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So, how are you going to live here?

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What are you going to do?

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What is the plan? The bank of Mum and Dad, possibly, may lend?

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Yes, it might happen.

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Or maybe Grandad.

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The bank of Grandad.

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Just as good.

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The thing is, we have lots of things being given to us,

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like bathrooms, kitchens, so let's see how that will work.

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OK. So, structurally there's so much more

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you could do to this place to improve it,

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but, obviously, if you've got no money to do any work,

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you're not going to do any of those things.

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-BOTH:

-We will.

-Hold on, let me get this straight.

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So you want to do lots of work...

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and you've got plans to do work?

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-You've got ideas.

-That's right.

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We put a pre-planning application yesterday, actually.

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Dmitri and Tatiana have submitted plans to extend into the garden

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to create an open-plan living space

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with a glass roof and second bedroom.

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They also want to create a structure at the back of the garden

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as extra space,

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and all for a very conservative estimate of £25,000 to £30,000.

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Let's hope Grandpa comes through with that cash.

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How are you going to fit this in with your jobs?

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Tell me about your working.

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-Dmitri.

-Well, I'm currently lead dancer with English National Ballet.

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Really? So you're a professional dancer.

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-I am.

-Wow!

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So how are you going to have the time to get stuck into this?

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Are you going to rely on Tatiana?

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Well, no, no. I'm not going to be much longer, probably, dancing.

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I'm currently injured.

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-You're injured.

-Yeah, I have been for quite a while now.

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Because I had a very long career.

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How long have you been dancing for?

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In this country, 22 years.

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Wow, 22 years as a professional ballet dancer?

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-Yes.

-Incredible.

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Now, I know you've got a little bit of a background in interior design.

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You quite like it, don't you?

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I love it. I enjoy what I do,

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and I've just done a little bit,

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so this will be a number one experience, I think,

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we are doing ourselves.

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They say necessity is the mother of invention,

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so this pair are going to have to be very inventive

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with their zero budget and three-month timescale.

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Not just inventive,

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they are going to have to be very practical and hands-on.

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They even intend to tackle the damp problem themselves.

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Luckily, Dmitri is not exactly a DIY novice,

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having renovated an eight-bedroom house in Cornwall.

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-So, come on, how hands on are you?

-I'm quite good with my hands.

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I know you can do a demi plie and some dancing,

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but can you do bang, bang, banging and painting?

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-No problem.

-For sure.

-Is he a better dancer than a DIYer?

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A better dancer, I think.

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-A better dancer.

-Oi!

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THEY LAUGH

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I need to ask this question -

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when are you going to pick up that phone and have a chat with Grandad?

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He is coming over, actually, quite soon.

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-Hopefully, very soon.

-So you're going to make him a nice cup of tea,

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-a nice cake...

-I will have some borscht.

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And then hit him with the question.

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I have something to show you.

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-Let's go.

-He will be very excited.

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He will be very pleased.

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Guys, I'm so excited for you.

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I hope you find the money, I hope you get the planning permission,

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I hope your grandad ends up lending you some and writing that cheque.

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Good luck with the project, and I'm sure it's going to look fantastic.

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-Good luck.

-Thank you.

-Thank you very much.

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Thank you.

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Well, I have to say,

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I'm concerned about Tatiana and Dmitri not having the money

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to do this place up,

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but let's hope Lucky brings them some luck

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and they get to turn their vision into a reality.

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I'm in Lincolnshire in one of the county's Gedneys.

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Now, if you don't know what a Gedney is, just stay with me.

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There are six South Lincolnshire villages with Gedney in their name.

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There's Gedney Dawsmere,

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Gedney Marsh, Gedney Hill, to name but a few.

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Today, we are in Gedney Dyke.

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This is the bit I like.

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If someone was to visit all these places,

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then and only then could they lay claim to the full Gedney.

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So I can't quite stake my claim yet, but you have to start somewhere.

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The property I'm here to see used to be the village shop and post office.

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Now, it's with sadness, businesses like this

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are becoming few and far between

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all over the countryside, all over Britain.

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But what happens to the shells?

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This particular building has a guide price of £100,000 to £125,000

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and you're not just buying a shop unit.

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Let's take a look inside.

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OK, so what do you get for your money?

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Firstly, you get all this area here which used to be the shop.

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OK, behind the counter, which I'm sure they sold a few stamps from,

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into the back of the property,

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and you've got a huge kitchen just to the left

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and this really large lounge,

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which looks in OK condition.

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It doesn't look like it needs much doing to it.

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We've got doors onto the patio there.

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I also know there's a downstairs toilet as well, and a sun room.

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And you get all that for your money.

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And I've not even been upstairs yet.

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This former post office is quite the package.

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Along with the retail unit, kitchen,

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lounge and utility room with WC,

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there's also a large dining room and back garden.

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So upstairs, you've got five bedrooms,

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but I'm thinking this is more of a through-room

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to bedroom four, just here.

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So it will make it a four-bedroom house

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with a really large bathroom,

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but there is lots of space and loads of potential.

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-# Wait!

-Oh, yes, wait a minute, Mr Postman

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-# Wait!

-Wait, Mr Postman... #

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Yes, wait right there.

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There are three other bedrooms,

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two of which are dual aspect,

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and a huge bathroom with a roll-top bath.

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With a relatively low guide price,

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you don't need to worry about stamp duty. Get it?

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This property just says "conversion to residential" to me,

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but it might not be entirely straightforward,

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as you would need to apply for change of use.

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Now, you would need planning permission for all that.

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It's not a gimme,

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but I'm pretty sure planners wouldn't stand in the way

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of this going from commercial to residential

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if it keeps the building standing.

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But before I seal the fate of this post office as a residential home,

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let's get the stamp of approval from an expert.

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As a commercial property, the problem we have here

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is there's actually

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a very small sales area

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and it's in that village setting,

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so in terms of commercial use,

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it's not really going to be that viable.

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For me, it's a conversion to residential.

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So we're in agreement there.

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But how best to convert this huge building?

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If this was my property, what I would be looking to do

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is make some structural alterations to the front

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by opening out the wall in here,

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particularly that leads out into the shop,

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to create more of an open environment.

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These days, obviously, people want the kitchen areas,

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open kitchen areas.

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That's the focus of the home,

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and I do think it could all be opened up

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and made much better use of the space.

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So lots of enthusiasm for making this a great house.

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But would it be worthwhile financially speaking,

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bearing in mind that guide price of 100 to 125 grand?

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In terms of a house, family house, finished and fully renovated,

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I would expect it to achieve a price somewhere close to 200,000.

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And the agent believed that the property as a family home

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could rent for £550 per calendar month.

0:16:590:17:02

If you were to go a bit further and split the property into two flats,

0:17:020:17:06

they both could achieve that figure each month

0:17:060:17:09

so there's many, many options here.

0:17:090:17:11

One thing I love about Homes Under The Hammer

0:17:130:17:15

is you never know what crazy plans

0:17:150:17:17

people have for their property.

0:17:170:17:19

Now, this could be a shop, could be a workshop,

0:17:190:17:21

it could be a house,

0:17:210:17:22

or it could even be a full-blown cottage industry.

0:17:220:17:25

Let's go to auction to find out who fancied a bit of the full Gedney.

0:17:250:17:29

Former post office and village store.

0:17:330:17:36

Will you start me at 90 for it, ladies and gentlemen?

0:17:360:17:38

90,000, for it.

0:17:380:17:39

80, then, to get it in the market.

0:17:390:17:41

80, I have, at 80.

0:17:410:17:43

85 for it anywhere? 82, then.

0:17:430:17:46

82. 84. 86. 88.

0:17:460:17:49

It was the penultimate lot of the day.

0:17:490:17:51

Despite a sluggish start,

0:17:510:17:53

there were some very keen bidders that got involved.

0:17:530:17:55

We rejoin the bidding at £98,000.

0:17:550:17:58

98. 99. 100.

0:17:580:18:02

100 for it, at the back, from either of you?

0:18:020:18:05

A half to move it on.

0:18:050:18:06

99,500.

0:18:060:18:07

Both of you at 99,500. 100, for it?

0:18:070:18:09

At 100,000. Sitting down here at 100,000.

0:18:090:18:12

500 more for it, surely.

0:18:120:18:14

All done, then. Sitting down here in the middle at £100,000 only on it.

0:18:150:18:20

First time on it.

0:18:200:18:22

Second time.

0:18:220:18:23

Third and last chance.

0:18:230:18:24

You're both out, then, at £100,000.

0:18:240:18:26

The hammer is up. That's yours, madam.

0:18:260:18:29

Good buy.

0:18:290:18:30

The successful bid of 100 grand came from Helen,

0:18:300:18:32

who bought the property with partner Ken,

0:18:320:18:34

who didn't make the auction.

0:18:340:18:37

I caught up with Helen to find out

0:18:370:18:39

what she had in store for this former post office.

0:18:390:18:41

Helen, nice to meet you and congratulations.

0:18:440:18:47

You have bought yourself a post office.

0:18:470:18:49

-Yes!

-Can you tell us why?

0:18:490:18:52

No, not really.

0:18:520:18:53

-But it's now yours. You went to auction.

-Yes.

0:18:540:18:56

What made you go to auction when you'd seen this property?

0:18:560:19:00

Well, I've been interested in buying something through an auction

0:19:000:19:02

for a while, but this seemed a really good opportunity

0:19:020:19:06

to find out a bit about auctions.

0:19:060:19:09

It's not too far from where we live.

0:19:090:19:12

So I thought I'd come and see what auctions were all about

0:19:120:19:16

and maybe, you know, if it went for a sensible price,

0:19:160:19:19

I might actually buy it.

0:19:190:19:21

So, is it all new to you, the auction house...

0:19:210:19:24

Yes, never been to an auction before.

0:19:240:19:26

-How did you find it?

-Really scary.

0:19:260:19:28

Very, very scary.

0:19:280:19:29

And what made you actually go for this particular property?

0:19:290:19:32

When did you see it?

0:19:320:19:34

We saw it the week before...

0:19:340:19:35

..but it just looked a really good opportunity

0:19:370:19:39

to buy something as an investment property.

0:19:390:19:42

There's a lot of building for the money here.

0:19:420:19:46

Helen has worked as a landscape gardener

0:19:460:19:49

and a technician in a school, among other jobs.

0:19:490:19:52

Her partner, Ken, is a semi-retired health and safety officer.

0:19:520:19:55

They moved to the area fairly recently

0:19:550:19:57

and they've set their minds on

0:19:570:19:59

converting this into a house,

0:19:590:20:02

and they hope to sell it on for their pension.

0:20:020:20:05

So, is this a bit of a nest egg for you?

0:20:050:20:07

Yeah. I mean, it's a new life we're embarking on.

0:20:070:20:10

We're both semi-retired now, so, yeah.

0:20:100:20:15

New project. Something to do together.

0:20:150:20:18

A bit of an investment,

0:20:180:20:20

hopefully, that will give us a decent return.

0:20:200:20:23

So, Helen, what are you actually going to do with it?

0:20:230:20:25

How are you going to change it?

0:20:250:20:27

Well, the main shop is a nice big room...

0:20:270:20:30

but it opens straight onto the street,

0:20:300:20:32

so we are hoping to make an entrance hall

0:20:320:20:35

from the front and then extend the shop,

0:20:350:20:38

half of it into the existing lounge

0:20:380:20:41

and half of it - knock through to the kitchen to make a kitchen-diner.

0:20:410:20:46

So, the shop is going,

0:20:460:20:47

which, in this case, I do think is for the best.

0:20:470:20:50

Upstairs, Helen and Ken plan to convert those connecting bedrooms

0:20:500:20:54

into a bedroom suite with dressing room and en-suite

0:20:540:20:58

and add two further en-suites

0:20:580:21:00

to the other large bedrooms.

0:21:000:21:02

Sounds pretty "en-sweet" to me.

0:21:020:21:05

We have an architect currently drawing up some plans

0:21:050:21:08

and we have to get change of use for the planning.

0:21:080:21:12

Have you checked anything out with the planning department yet?

0:21:120:21:14

I've had a preliminary, informal discussion with a local planner.

0:21:140:21:19

But it's now with the architect.

0:21:190:21:22

She has to do a statement to accompany the plans

0:21:220:21:24

of what we are hoping to do.

0:21:240:21:26

So what are your plans, pardon the pun, if they don't go through?

0:21:260:21:32

Try again!

0:21:320:21:33

If at first you don't succeed, try again.

0:21:340:21:36

I understand it has been empty for about two years

0:21:360:21:39

and it's only going to fall into rack and ruin

0:21:390:21:42

if nothing is done with it

0:21:420:21:43

and, obviously, nobody is living here.

0:21:430:21:45

It's not being heated, it is not functioning as a shop,

0:21:450:21:48

so what else do you do with it?

0:21:480:21:50

How much are you hoping that is going to cost you,

0:21:500:21:52

regarding your budget?

0:21:520:21:54

Well, we are hoping to do it for around 30,000.

0:21:540:21:58

That's good going. That's good going for quite a lot of work,

0:21:580:22:01

what I consider quite a lot of work.

0:22:010:22:02

Well, we are planning to do as much as we can ourselves.

0:22:020:22:05

We've got a local builder on board

0:22:050:22:08

and he will do the work that we can't.

0:22:080:22:11

Do you have any skills between you?

0:22:110:22:14

A bit of DIY knowledge, that's all.

0:22:140:22:16

So, Helen, tell us your timescales on getting all this how you want it.

0:22:160:22:21

Well, we think, realistically, probably seven to eight months.

0:22:210:22:24

Helen, I am going to wish you all the best.

0:22:240:22:26

-Thank you very much.

-Good luck to you both, you and Ken.

0:22:260:22:29

-Hope it works out for you.

-Thank you. Thank you.

0:22:290:22:31

So Helen and Ken have decided to turn this old village shop

0:22:330:22:36

and post office into a residential property.

0:22:360:22:40

The bit I like - they're willing to get their hands dirty

0:22:400:22:42

and try to do some of the work themselves.

0:22:420:22:44

It's just another adventure in the world of property developing.

0:22:440:22:47

How will they get on? You can find out later in the programme.

0:22:470:22:51

Coming up...

0:22:530:22:55

In Cornwall, I see a property which I can only describe as...

0:22:550:22:59

Very, very unique.

0:22:590:23:00

Very, very unmortgageable.

0:23:000:23:02

And we return to Lincolnshire

0:23:030:23:05

to check out the post-office renovation.

0:23:050:23:07

We learned a lot about ourselves and a lot about each other, as well.

0:23:070:23:11

But first, it's back to Kilburn in London,

0:23:150:23:17

where Lucy looked at a one-bedroom basement flat,

0:23:170:23:20

but the words dingy and damp didn't even begin to cover it.

0:23:200:23:24

But there was one very big plus point.

0:23:240:23:27

Check that out.

0:23:270:23:29

That belongs to that.

0:23:290:23:32

I mean, that is a corker of a garden.

0:23:320:23:35

Outside space and still room to extend

0:23:350:23:37

meant a great opportunity

0:23:370:23:39

to reconfigure all those hallways to nowhere.

0:23:390:23:42

And Russian couple Dmitri and Tatiana

0:23:440:23:47

spotted the potential when they paid £380,000 for it.

0:23:470:23:51

However, there was one small problem.

0:23:510:23:53

How much money have you got to do work on the place?

0:23:550:23:57

We have zero money.

0:23:570:23:59

-Really?

-Yes.

-OK.

0:23:590:24:01

So how are you going to live here?

0:24:010:24:03

What are you going to do?

0:24:030:24:04

-What is the plan?

-I don't know, maybe family will help.

0:24:040:24:08

The bank of Mum and Dad, possibly, may lend?

0:24:080:24:11

Yes, it might happen.

0:24:110:24:13

Or maybe Grandad.

0:24:130:24:14

So, in the hope of borrowing money from family,

0:24:150:24:18

they had a planned budget of £25,000 to £30,000

0:24:180:24:21

and a timescale of three months.

0:24:210:24:23

Now, 15 months later, we're back.

0:24:240:24:27

# Light up

0:24:290:24:30

# Light up... #

0:24:300:24:32

Wow! No dingy dampness here.

0:24:320:24:34

The front reception room is now a lovely, tasteful bedroom,

0:24:340:24:37

thanks to Tatiana's design skills.

0:24:370:24:40

And there is now a fabulous bathroom.

0:24:420:24:45

So let's see if they've literally turned

0:24:470:24:50

the rest of this house around.

0:24:500:24:51

Wow! The flat has been extended,

0:24:540:24:58

but not just with one extension, but two...

0:24:580:25:01

..with the side extension housing a smart, modern, streamlined kitchen.

0:25:030:25:07

With the original bedroom and hallways removed,

0:25:130:25:15

they've managed to create a separate dining area and fantastic lounge...

0:25:150:25:19

..whereas the larger rear extension

0:25:200:25:22

houses a bright second bedroom with large windows

0:25:220:25:25

which will have blinds.

0:25:250:25:27

The couple did want to have one large extension at the back,

0:25:290:25:32

but planning would not give them permission for this.

0:25:320:25:35

We've got two extensions at the back,

0:25:360:25:38

which is great, but they are a little bit smaller

0:25:380:25:40

than we thought they could be, but we like what we have created.

0:25:400:25:44

At the rear of the garden, we created another room.

0:25:440:25:50

Well, it's more like a studio, I think.

0:25:500:25:53

It can be used for anything.

0:25:530:25:55

It can be a shed or storage or office, bedroom.

0:25:550:25:59

You name it.

0:25:590:26:01

Although their initial planning application was rejected,

0:26:010:26:04

they have maximised the space inside and out

0:26:040:26:06

with a lot of inventive thinking and some lovely design.

0:26:060:26:10

The bathroom has also been modernised to a high spec.

0:26:100:26:13

The flat has been rewired and replastered throughout.

0:26:130:26:17

But did Dmitri get to use those DIY skills?

0:26:170:26:21

I laid the floor, dug the soil.

0:26:210:26:25

I've done a bit of everything, I think.

0:26:250:26:27

Dmitri may be pretty hands on,

0:26:290:26:31

but one thing the couple did get was specialists in for the damp.

0:26:310:26:35

I think that was a good decision.

0:26:350:26:37

If you're going to decorate a place to this standard,

0:26:370:26:40

you want guarantees for the damp treatment.

0:26:400:26:42

What I love most, though, is Tatiana's interior design.

0:26:430:26:48

I think we tried to use everything we had, really,

0:26:480:26:52

because of the money we have spent,

0:26:520:26:54

so we didn't have that much to spend in terms of redecorating.

0:26:540:26:58

So it's kind of, I don't know, retro or mix-and-match.

0:26:580:27:02

Well, whatever you want to call it, it's a triumph.

0:27:030:27:06

The couple were hoping to borrow from the family

0:27:060:27:09

to get the work done, and they thought they might spend 30,000.

0:27:090:27:13

So how much have they spent?

0:27:130:27:15

I think, in terms of the budget, we've been very optimistic.

0:27:150:27:19

As soon as we started the work, it was just...never ends.

0:27:190:27:22

Yeah, we said it was going to take us 30 or 50,000,

0:27:220:27:27

but I think it is close to 150 or 200.

0:27:270:27:30

Yikes! That is an overspend.

0:27:300:27:32

Thanks to Tatiana's grandfather and their family and friends

0:27:320:27:35

who have lent the couple the money,

0:27:350:27:37

they have been able to raise the money they needed.

0:27:370:27:40

A big thank you to all, I think.

0:27:400:27:42

It wasn't just the budget that went out the window, though.

0:27:420:27:46

The three-month timescale went way over.

0:27:460:27:48

But to be fair, they do have a very good excuse,

0:27:480:27:51

and he is called Daniil.

0:27:510:27:53

And he is four months old.

0:27:530:27:55

Hello, Daniil.

0:27:550:27:56

So, with the baby and Lucky the dog, is this flat big enough?

0:27:580:28:01

I think we need extra rooms again because we have a little one now,

0:28:030:28:07

so, I don't know, maybe we'll move here and live for a while...

0:28:070:28:11

..or maybe we'll sell straightaway,

0:28:120:28:14

because we need to pay our friends back.

0:28:140:28:17

So they've got a lovely little bundle,

0:28:170:28:19

but will they get a return on their £580,000 investment?

0:28:190:28:23

We invited along two local estate agents

0:28:270:28:30

to hear their opinions on the property...

0:28:300:28:32

..starting with the agent who saw it last time.

0:28:340:28:36

The changes to the property are completely different

0:28:380:28:40

to what I expected.

0:28:400:28:42

They've really done a great job.

0:28:420:28:43

I think the extension has been the right thing to do,

0:28:430:28:45

what it's done is maximised the amount of space

0:28:450:28:47

they could achieve on the property by doing so.

0:28:470:28:50

Some of the really good selling features of this flat

0:28:500:28:53

is that it's a nice

0:28:530:28:54

light, bright, airy flat.

0:28:540:28:56

Offers really good size in terms of accommodation,

0:28:560:28:59

and also has the benefit of a private garden.

0:28:590:29:02

One thing they haven't done yet is to extend the lease,

0:29:020:29:05

so how would that affect potential resale values?

0:29:050:29:09

I believe the flat will achieve around £700,000

0:29:090:29:13

with a short lease

0:29:130:29:14

and £750,000 with a long lease.

0:29:140:29:17

I think with a short lease,

0:29:170:29:18

this property would achieve somewhere around the £700,000 mark

0:29:180:29:22

and if the lease was extended,

0:29:220:29:23

then I believe we could achieve more like £750,000 to £775,000.

0:29:230:29:29

That total top valuation of £775,000

0:29:290:29:34

should be achievable if, instead of extending the lease,

0:29:340:29:37

they buy a share of the freehold

0:29:370:29:39

and that is their intention.

0:29:390:29:41

That should cost around £30,000, so with a total spend of £610,000,

0:29:410:29:46

that could mean a pre-tax profit of 165,000.

0:29:460:29:50

What do Tatiana and Dmitri make of that?

0:29:500:29:54

-Great!

-Very good.

-Yeah, yeah.

0:29:540:29:56

That's around what I thought it was going to be.

0:29:560:29:59

So it's good news.

0:29:590:30:01

What's next for their growing family?

0:30:010:30:04

I think we like it here, but in terms of we need extra space.

0:30:040:30:07

If we are going to be selling it is going to take some time anyway,

0:30:070:30:10

so we will get a chance to live here anyway.

0:30:100:30:12

And enjoy, actually, the garden, yeah,

0:30:120:30:15

and do a little bit extra, you know...

0:30:150:30:17

What do you mean extra?

0:30:190:30:20

There's no more!

0:30:200:30:22

THEY LAUGH

0:30:220:30:25

This is Liskeard in Cornwall,

0:30:270:30:29

a thriving town just on the edge of Bodmin Moor.

0:30:290:30:32

And along with the train station and plenty of amenities,

0:30:330:30:36

it even has a regular livestock market every other Tuesday.

0:30:360:30:40

Well, just five minutes from the centre of Liskeard was a property...

0:30:420:30:47

..that's one of those you look at in the auction catalogue and think,

0:30:480:30:52

"There must be some kind of a misprint."

0:30:520:30:55

Because up for auction was a two-bedroom bungalow

0:30:550:31:00

with a guide price of £50,000 to £75,000.

0:31:000:31:05

Mm.

0:31:070:31:08

Must be a typo.

0:31:090:31:10

Houses around here usually fetch hundreds of thousands...

0:31:110:31:15

..but the bungalow I'm about to see

0:31:160:31:18

isn't your run-of-the-mill bricks and mortar property.

0:31:180:31:21

HE LAUGHS

0:31:230:31:26

No, it wasn't a misprint, was it?

0:31:260:31:28

It is a very, very unusual little bungalow, this.

0:31:280:31:32

How do I describe the construction?

0:31:320:31:34

Well, non-standard, it most certainly is.

0:31:340:31:38

Very, very unique. Very, very unmortgageable.

0:31:380:31:41

What have we actually got?

0:31:410:31:42

We've got a little bathroom towards the left there.

0:31:420:31:45

A living area, two bedrooms.

0:31:450:31:48

That's the kitchen, which, as you can see, is fairly basic.

0:31:480:31:53

I mean, it is like a little sort of holiday cottage of years gone by.

0:31:530:31:58

Actually, it reminds me,

0:31:580:32:00

when I was a child growing up, my grandparents and family

0:32:000:32:03

had a place they called "the bungalow."

0:32:030:32:05

And it was a place we used to escape to in the summer

0:32:050:32:07

and it was added on to over the years by family members

0:32:070:32:10

who'd bring old sheds and bits of tree and panels

0:32:100:32:15

and whack it all together.

0:32:150:32:16

And it turned into this hodgepodge kind of mismatch of a property,

0:32:160:32:20

where I had the most wonderful time as a child.

0:32:200:32:22

So you'll have to excuse me,

0:32:220:32:23

because my balance as a property developer

0:32:230:32:25

is probably going out the window at the moment,

0:32:250:32:27

because I am transported back

0:32:270:32:29

to when I was six or seven or eight or nine or ten or whatever it was

0:32:290:32:31

and I'm in this lovely house which I can actually smell and...

0:32:310:32:34

-HE INHALES AND EXHALES DEEPLY

-So, actually, you know what?

0:32:340:32:37

Who cares? I think it's great!

0:32:390:32:42

-# Times!

-Those happy times

0:32:420:32:45

-# Times!

-Down by the riverside

0:32:450:32:48

# Listen to the birds sing Ah-ha... #

0:32:480:32:52

Yes, happy times indeed.

0:32:530:32:56

And these prefabricated buildings

0:32:560:32:58

were very much a feature of that time,

0:32:580:33:00

predominantly built after the Second World War.

0:33:000:33:03

Only trouble is,

0:33:030:33:04

they were only meant to be a short-term housing solution

0:33:040:33:07

and maybe last up to 50 years.

0:33:070:33:09

And yet, here it still is.

0:33:090:33:12

Though I'm thinking, "Maybe not for much longer?"

0:33:120:33:14

Well, let me take off my nostalgia-coated

0:33:170:33:20

rose-tinted spectacles for a while

0:33:200:33:22

and get a bit more practical

0:33:220:33:24

about what you could actually do with this plot.

0:33:240:33:26

As plots of land go, I reckon it's really good.

0:33:260:33:30

You've got electricity on-site,

0:33:300:33:31

there's a few houses around,

0:33:310:33:33

there may be gas on-site.

0:33:330:33:34

So, apart from the fact it's quite hilly,

0:33:340:33:36

which you would probably factor into any design,

0:33:360:33:39

yeah, I think it's got a lot going for it in terms of a plot of land.

0:33:390:33:43

What you would have to do before you did anything, though,

0:33:430:33:45

is, obviously, get rid of the existing building.

0:33:450:33:47

Now, one big issue here you'll notice straightaway,

0:33:470:33:49

that corrugated roof, that is asbestos.

0:33:490:33:52

A lot of the panels that they used to build these things

0:33:520:33:54

are also asbestos,

0:33:540:33:56

so it's going to take a specialist contractor to get rid of those.

0:33:560:33:58

That is going to cost money.

0:33:580:34:00

So site clearance is definitely going to have to factor

0:34:000:34:02

into your budget, but once you have done that,

0:34:020:34:04

can you imagine what you might be able to build here?

0:34:040:34:06

A lovely location so close to Liskeard.

0:34:060:34:09

Yeah, I think it's got great legs.

0:34:090:34:11

Effectively, you should view this as a building plot

0:34:130:34:15

and building plots like this are hard to find.

0:34:150:34:18

And to me, that £50,000 to £75,000 guide price

0:34:200:34:24

well, it makes it even more tempting.

0:34:240:34:26

# Hard to beat

0:34:260:34:28

# Hard to beat... #

0:34:280:34:30

But what does a local estate agent think about what's on offer here?

0:34:330:34:37

My first impressions of the property -

0:34:380:34:40

what a wonderful spot!

0:34:400:34:41

You're so close to beautiful moorland.

0:34:410:34:43

The first thing you notice,

0:34:430:34:45

obviously, the property is of non-traditional construction,

0:34:450:34:47

therefore offering an opportunity for demolition and rebuilding.

0:34:470:34:51

You have got a nice-sized plot.

0:34:510:34:53

The gardens do surround the property,

0:34:530:34:54

and, actually, you've got some amazing views

0:34:540:34:56

from one part right over to the moorland.

0:34:560:34:59

So we are both agreed this prefab is really a plot.

0:34:590:35:04

So can we assume that since there is a building here,

0:35:040:35:06

planning permission shouldn't be an issue?

0:35:060:35:08

With that £50,000 to £75,000 guide price, and, say,

0:35:100:35:13

£140,000 to clear the site

0:35:130:35:16

and build a three-bedroom dormer bungalow,

0:35:160:35:18

I reckon with a fair wind,

0:35:180:35:20

you can see an all-in spend of around 215,000.

0:35:200:35:24

So could that see any profit?

0:35:250:35:28

If a three-bedroom dormer bungalow was built here,

0:35:280:35:30

I would suggest that the price range,

0:35:300:35:32

depending on specification, of course,

0:35:320:35:34

because things do vary,

0:35:340:35:35

could range from £225,000,

0:35:350:35:39

and up to as much as £275,000.

0:35:390:35:41

Well, it's full of asbestos, it's, obviously, disastrous inside.

0:35:450:35:50

The kitchen is dreadful, the bathroom's awful.

0:35:500:35:53

Virtually no space.

0:35:530:35:55

I love it! What you are buying here is not the house as it is,

0:35:550:35:59

it's the opportunity.

0:35:590:36:01

Potentially, it is a building plot, but in the meantime,

0:36:010:36:03

it's just something that, for me, sets off nostalgia.

0:36:030:36:07

It's just...

0:36:070:36:08

HE SIGHS

0:36:080:36:10

Let's see who bought it when it went under the hammer.

0:36:100:36:12

Lot 141, this is for the detached bungalow with two bedrooms.

0:36:160:36:20

It is a non-traditional construction in a rural location.

0:36:200:36:23

Why don't we start at 65?

0:36:230:36:24

Does that bring somebody in?

0:36:240:36:25

Yes, I thought it might. Thank you, sir.

0:36:250:36:27

65, then 66, if you like.

0:36:270:36:29

70. Good strong bid, sir.

0:36:290:36:31

Thank you very much for that. £70,000.

0:36:310:36:33

How about 71, sir?

0:36:330:36:36

71? 71, he will.

0:36:360:36:38

72? 75,000...

0:36:380:36:41

So, there was some determined bidding going on.

0:36:410:36:44

And we rejoin with bids now at 85,000.

0:36:440:36:48

85.

0:36:480:36:49

86.

0:36:490:36:51

87.

0:36:510:36:52

88.

0:36:520:36:54

89.

0:36:540:36:55

Yes? 89.

0:36:550:36:57

Didn't look happy about it at all.

0:36:570:36:59

£89,000, we've got.

0:36:590:37:01

90, sir. 90's back.

0:37:010:37:03

91. No?

0:37:030:37:05

£90,000 is your bid, sir.

0:37:050:37:08

90,500 anywhere else?

0:37:080:37:09

First time, then, at £90,000.

0:37:100:37:12

Second.

0:37:120:37:14

Third and final time.

0:37:140:37:15

All finished?

0:37:150:37:17

Yours, sir. Very well done.

0:37:170:37:18

After a bit of a tussle,

0:37:200:37:22

the non-standard bungalow with land was sold for £90,000.

0:37:220:37:26

The successful bidder was Craig, who was bidding on behalf of his son,

0:37:270:37:32

also called Craig,

0:37:320:37:33

and Craig's partner, Zoe.

0:37:330:37:35

They have three children,

0:37:370:37:38

two-and-a-half-year-old Niamh

0:37:380:37:41

and 15-month-old twins Craig and Adelaide.

0:37:410:37:44

Craig, Zoe, great to meet you both.

0:37:450:37:47

-Nice to meet you.

-Congratulations.

0:37:470:37:49

-Thank you.

-Exciting, isn't it?

0:37:490:37:51

-Very.

-Tell me why you wanted to buy this house.

0:37:510:37:55

Because we could never afford to buy the house

0:37:550:37:58

that we eventually want to live in

0:37:580:38:00

so we're starting slowly and your dad found this one

0:38:000:38:03

and we fell in love with it.

0:38:030:38:05

So you've more bought the location

0:38:050:38:07

-rather than the house itself?

-Yeah.

0:38:070:38:09

Building plots are about the same money.

0:38:090:38:11

We get to come into a building plot that's habitable.

0:38:110:38:14

Right, you are already viewing it as a building plot, are you?

0:38:140:38:16

-Yeah.

-So the house is doomed.

0:38:160:38:18

It is a glorified caravan, really, is what it is at the minute.

0:38:180:38:22

It's going to have its few years,

0:38:220:38:24

but it is definitely being knocked down.

0:38:240:38:26

OK. Tell me more, then.

0:38:260:38:28

Your plan is to keep it for a few years and run it like this?

0:38:280:38:31

Going to make it as habitable as possible as quickly as possible,

0:38:310:38:35

move in, save up a lot of money.

0:38:350:38:37

The mortgage deposit went on cash-buying this place,

0:38:370:38:41

so now it's start again

0:38:410:38:44

and put funds back in place to get ready for a self-build mortgage.

0:38:440:38:48

With the non-standard construction of the build,

0:38:480:38:50

this had to be a cash buy.

0:38:500:38:52

Sales director Craig and Zoe are currently renting nearby.

0:38:520:38:56

They have used up their current funds,

0:38:560:38:58

so it's back to scratch with the savings.

0:38:580:39:00

They are determined to create their own family home near friends

0:39:000:39:04

and family in this lovely location.

0:39:040:39:06

But what about planning permission?

0:39:060:39:08

Could it all come crashing down?

0:39:080:39:11

Do you have any idea what they would allow you to build here?

0:39:110:39:14

I have spoken to a planner before,

0:39:140:39:16

cos that was my biggest concern.

0:39:160:39:18

So I spoke to a planner before we came here.

0:39:180:39:21

He didn't have any concerns about putting a 2-storey proper house up.

0:39:210:39:24

-Maybe dug in to the...

-Yeah.

-..slightly?

0:39:240:39:27

We are looking more at...I'd prefer a dormer.

0:39:270:39:29

I just think, it is a nice plot,

0:39:290:39:31

but I don't want it to be filled with house.

0:39:310:39:33

Right.

0:39:330:39:35

And I want to fit wardrobes in.

0:39:350:39:37

I will probably be overruled.

0:39:370:39:39

Well, if you have a dormer, it's limited space.

0:39:390:39:42

How many bedrooms?

0:39:420:39:44

At least four. It would be nice to have one for each of the children

0:39:450:39:48

after a few years of sharing and it would be nice to have a spare.

0:39:480:39:52

So, who is going to do the work on building this dream house?

0:39:520:39:56

-Lots of men we know.

-Lots of men you know.

0:39:570:40:00

-Her dad's a builder.

-Oh, that's useful.

0:40:000:40:02

Very useful, yeah.

0:40:020:40:04

As for general workmen, we've got a lot of boys

0:40:040:40:07

-that can set their hands to work.

-Are either of you two handy?

0:40:070:40:10

-SHE LAUGHS

-I will put my hand to anything.

0:40:100:40:13

Why did you make that funny noise?

0:40:130:40:14

-Sorry.

-No, no, it's a good noise, it was more of a shocked noise.

0:40:140:40:18

I wouldn't describe you as a DIYer.

0:40:200:40:22

I'm a project manager.

0:40:220:40:23

-He's a good delegator.

-What does that mean?

0:40:230:40:25

He paid one of his friends a tenner once

0:40:250:40:28

to mow the lawn.

0:40:280:40:29

-To mow the lawn?

-Yeah.

-To mow the lawn?!

0:40:290:40:34

He'll have to get used to it now, though.

0:40:340:40:36

I prefer delegating, but, yeah, no, I'm going to have no choice.

0:40:360:40:39

I'm sure he'll be fantastic when it comes to actually doing stuff,

0:40:390:40:42

cos it's his own house

0:40:420:40:43

and he'll be more excited about it.

0:40:430:40:46

And Craig's got plenty of lawn here

0:40:460:40:48

to improve his lawn-mowing skills

0:40:480:40:50

and a property perfect to practise and learn some DIY skills.

0:40:500:40:55

So, in the meantime, what are you going to do to it,

0:40:550:40:57

bearing in mind you've got lots of asbestos,

0:40:570:40:59

so you've got to be very careful

0:40:590:41:00

about touching anything, haven't you?

0:41:000:41:02

-We're not touching it.

-It's internal.

0:41:020:41:04

It's just going to be completely internal works.

0:41:040:41:06

-Redecorate.

-A bit of paper on the walls.

0:41:060:41:08

-Cover everything.

-Paint the floor, kitchen, bathroom.

0:41:080:41:12

-Pretty much it. And then move in.

-OK. As soon as possible?

0:41:120:41:15

Yeah.

0:41:150:41:16

Get an oil-fired boiler in, hopefully, for winter,

0:41:160:41:19

for the cold months.

0:41:190:41:21

That would be nice.

0:41:210:41:22

It is just something we can transfer over to the new project.

0:41:220:41:25

Whatever we buy there is going to go in the new-build.

0:41:250:41:28

Do you have some idea of budget at this stage?

0:41:280:41:31

Budget for doing this up or for...?

0:41:310:41:33

For doing it up, we'll say a few grand or something.

0:41:330:41:37

Obviously, not going to get a boiler for that.

0:41:370:41:39

-As cheap as possible.

-And then actually, the bigger project.

0:41:390:41:42

The build.

0:41:420:41:45

100, escalating with the cost of getting all this out.

0:41:450:41:49

-I think the actual build cost is going to be about 100.

-OK.

0:41:490:41:52

And then the timescale?

0:41:520:41:54

Three to five years for me.

0:41:560:41:58

It is just simply finances.

0:41:580:41:59

We put every egg in the basket to get this place.

0:41:590:42:02

Now we've got to start from scratch again, so it'll be a few years.

0:42:020:42:05

-A good few years.

-But overall, I'm excited for you.

0:42:050:42:09

We are excited. It is our first home together,

0:42:090:42:12

and it doesn't matter how long it takes

0:42:120:42:14

or what it looks like.

0:42:140:42:16

It's our family home so it will be worth it.

0:42:160:42:19

Well, look, we can't wait, but we'll have to...

0:42:190:42:21

-THEY LAUGH

-..to see how you get on.

0:42:210:42:23

-Good luck with it all.

-Thank you.

-Thanks a lot.

0:42:230:42:26

Nice to meet you both.

0:42:260:42:27

Aw, well, if you would want this house to go to anyone,

0:42:280:42:31

it couldn't have been anybody more perfect than Craig and Zoe.

0:42:310:42:35

HE SIGHS

0:42:350:42:36

Yes, it's going to take a while to get the finances together, yes,

0:42:360:42:39

it's going to take a while to build their dream home,

0:42:390:42:41

but they've got the plot, they've got somewhere to live.

0:42:410:42:44

It's not ideal, but I can't wait to see how they get on.

0:42:440:42:49

It might be a while before we're back, but we will be back

0:42:490:42:51

and you can find out how it all turns out later in the show.

0:42:510:42:54

Well, we still have to see how two properties

0:42:580:43:01

are going to turn out, so don't go anywhere.

0:43:010:43:03

Yes, will our remaining renovators be quids in...

0:43:030:43:06

Or will they wish they hadn't even started bidding?

0:43:060:43:09

Let's find out.

0:43:090:43:10

It was in the small Lincolnshire village of Gedney Dyke

0:43:120:43:16

where we came across a large mixed commercial and residential lot

0:43:160:43:19

that certainly got my stamp of approval.

0:43:190:43:22

OK, so, what do you get for your money?

0:43:250:43:27

Firstly, you get all this area here which used to be the shop.

0:43:270:43:32

OK, behind the counter,

0:43:320:43:34

which I'm sure they sold a few stamps from,

0:43:340:43:37

into the back of the property

0:43:370:43:39

and you've got a huge kitchen and this really large lounge.

0:43:390:43:44

And you get all that for your money.

0:43:440:43:47

And I've not even been upstairs yet.

0:43:470:43:49

Yes, this sadly defunct local post office

0:43:510:43:54

went on and on, with four bedrooms upstairs...

0:43:540:43:58

..a large bathroom

0:44:020:44:04

and plenty of garden space out back.

0:44:040:44:06

It was bought at auction for 100 grand by Helen and Ken.

0:44:100:44:14

With Ken busy renovating their own house,

0:44:140:44:17

it was Helen who updated me on why they bought such a large project.

0:44:170:44:22

So, is this a bit of a nest egg for you?

0:44:220:44:24

Yeah, I mean it's a new life we're embarking on.

0:44:240:44:28

We're both semi-retired now, so, yeah, new project.

0:44:280:44:33

Something to do together,

0:44:330:44:35

but an investment and, hopefully, that will give us a decent return.

0:44:350:44:41

Ken and Helen plan to get change of use to full residential

0:44:430:44:47

and hope to convert the whole, entire building

0:44:470:44:50

into one large house.

0:44:500:44:52

They were going to do a lot of the work themselves,

0:44:520:44:54

bringing in professionals only when they needed them.

0:44:540:44:58

With a budget of 30 grand, they hoped to get it complete

0:44:580:45:01

and ready for resale within seven to eight months.

0:45:010:45:04

But it's now 18 months later,

0:45:050:45:07

so have they been able to deliver the building they hoped to?

0:45:070:45:11

Well, that's a great start.

0:45:190:45:21

A nice boundary wall gives the house

0:45:210:45:24

much improved kerb appeal.

0:45:240:45:26

But what about inside?

0:45:260:45:28

Wow! That is something special.

0:45:300:45:33

It seems Helen and Ken have been very busy.

0:45:330:45:36

In terms of space downstairs and changes that we've made,

0:45:360:45:40

we didn't want it to be a lot of small rooms.

0:45:400:45:42

We wanted a big living space.

0:45:420:45:44

And they've certainly achieved that,

0:45:450:45:48

with the old back lounge combined with the storage area

0:45:480:45:51

to make one fantastic open space.

0:45:510:45:54

And it's complemented by the super-sized

0:45:580:46:00

and completely revamped kitchen.

0:46:000:46:03

Very smart.

0:46:030:46:05

The five bedrooms that we had upstairs,

0:46:050:46:08

one end of the house

0:46:080:46:10

we've changed to a master bedroom suite

0:46:100:46:13

which comprises of a large double bedroom,

0:46:130:46:16

a dressing room and an en-suite.

0:46:160:46:19

The other large bedroom at this end of the house

0:46:260:46:28

has access to its own bathroom

0:46:280:46:30

while the other bedrooms have been left pretty much as they were.

0:46:300:46:34

But like everywhere else, completely refurbished.

0:46:370:46:40

And these bedrooms share a big family bathroom.

0:46:430:46:47

What about the garden space?

0:46:480:46:51

The whole garden has been re-seeded.

0:46:510:46:54

We've got a nice big grass area.

0:46:540:46:56

We got rid of the old tumbledown shed.

0:46:560:46:59

And basically just tidied it up

0:46:590:47:02

to make it a very pleasant garden which is not overlooked.

0:47:020:47:05

In my opinion, they've done a top job and it's not all new.

0:47:070:47:11

They've tried wherever possible

0:47:110:47:13

to keep some of the character features of the 1903-built house.

0:47:130:47:17

You can see the care and attention to detail

0:47:180:47:20

they've lavished on this property,

0:47:200:47:23

and it's clearly been a labour of love.

0:47:230:47:26

We've put up all the plasterboard walls...

0:47:260:47:29

..done all the tiling, laid all the floors.

0:47:310:47:34

Helen did a sterling job on the fire.

0:47:340:47:36

She rebricked all the fire, which I'm just amazed about.

0:47:360:47:40

She was very good.

0:47:400:47:41

And Ken did a wonderful job on the oak worktops in the kitchen.

0:47:410:47:45

That was something he'd never tackled before.

0:47:450:47:48

They have worked incredibly hard,

0:47:480:47:50

but they've had to be patient as well,

0:47:500:47:52

with long delays getting planning approved for change of use,

0:47:520:47:56

which had a knock-on effect in terms of their builder's availability.

0:47:560:48:00

But at last it's finished.

0:48:000:48:01

# Ooh, baby, here I am

0:48:010:48:03

# Signed, sealed, delivered

0:48:030:48:05

# I'm yours

0:48:050:48:06

# Hey!

0:48:060:48:08

# Here I am... #

0:48:080:48:10

But at what cost?

0:48:100:48:12

In terms of the budget, we were massively out to begin with.

0:48:120:48:16

We'd initially thought, perhaps £30,000 to £50,000.

0:48:160:48:20

It's actually come in at more like, um,

0:48:200:48:24

probably 100, 110,000.

0:48:240:48:26

There were jobs that we

0:48:260:48:29

weren't expecting to do,

0:48:290:48:31

like the reroofing of the single storey at the back,

0:48:310:48:34

the gable end at the side.

0:48:340:48:36

The front wall turned out to be more expensive

0:48:360:48:38

than we had initially planned,

0:48:380:48:40

but, also, we wanted the finish to be good quality.

0:48:400:48:44

And a little here and a little there, everything adds up.

0:48:440:48:49

You can certainly see where the money's gone.

0:48:520:48:55

But £110,000 spend

0:48:550:48:57

on top of 100 grand purchase price

0:48:570:49:00

takes their total investment to £210,000.

0:49:000:49:05

So what do two local estate agents think of this large house?

0:49:050:49:08

My first impressions of the property are

0:49:100:49:12

that it has been renovated to a high standard.

0:49:120:49:15

They've made very good use of the space throughout.

0:49:150:49:18

I think the layout works quite well.

0:49:180:49:20

As you walk into the property, it's got good-sized reception rooms

0:49:200:49:23

and potential buyers will like that.

0:49:230:49:24

The layout is quite unusual, but having said that,

0:49:240:49:27

with an older-style property, that is what people are looking for,

0:49:270:49:30

a bit of quirkiness, character.

0:49:300:49:32

So I think it will go down very well.

0:49:320:49:34

I think the standard of finish is very high in this property.

0:49:340:49:36

I think the kitchen has got great fixtures and fittings.

0:49:360:49:39

This is a big project,

0:49:400:49:42

but will it give a big return on their £210,000 investment?

0:49:420:49:47

Should the property come to the sales market,

0:49:470:49:49

we would expect to achieve between £320,000 and £330,000.

0:49:490:49:55

I think this property should realise between 320 and £330,000.

0:49:550:50:00

We have already put it on the market at a price of 345,000.

0:50:000:50:04

Well, if they get anywhere near that 345 grand,

0:50:050:50:09

that would give Ken and Helen a nice £135,000 pre-tax profit,

0:50:090:50:16

and although it's not an easy property to rent,

0:50:160:50:18

it still could command around £1,000 per month,

0:50:180:50:22

or just under a 6% yield.

0:50:220:50:25

But with those numbers, resale definitely is the best option.

0:50:250:50:30

So has this project delivered all Ken and Helen hoped for?

0:50:300:50:34

Oh, undoubtedly. We've learnt a lot of new skills...

0:50:340:50:37

..which would be nice to put to good use again.

0:50:390:50:42

I think we've also learned a lot about ourselves

0:50:420:50:44

and a lot about each other, as well.

0:50:440:50:47

It has been very good.

0:50:470:50:48

-Very worthwhile.

-Absolutely.

0:50:480:50:50

It was just outside the Cornish town of Liskeard,

0:50:570:51:00

tucked away on a good-sized plot,

0:51:000:51:02

where we first came across a really unusual lot.

0:51:020:51:05

How do I describe the construction?

0:51:060:51:09

Well, non-standard, it most certainly is.

0:51:090:51:12

Very, very unique.

0:51:120:51:13

Very, very unmortgageable.

0:51:130:51:15

Built after the Second World War,

0:51:150:51:17

these constructions were only meant to last around 50 years.

0:51:170:51:21

Along with the prefabricated walls,

0:51:210:51:23

more worryingly, they have an asbestos roof.

0:51:230:51:26

But sitting on a good-sized plot

0:51:260:51:28

and with planners keen to replace these sort of buildings,

0:51:280:51:31

this lot's main attraction was the potential as a building plot,

0:51:310:51:35

albeit with a building already on it.

0:51:350:51:37

And it was bought at auction for £90,000 by Craig and Zoe.

0:51:400:51:44

Tell me why you wanted to buy this house.

0:51:470:51:50

Because we could never afford to buy the house

0:51:500:51:53

that we eventually want to live in, so we're starting slowly.

0:51:530:51:56

Right. So you have more bought the location,

0:51:560:51:58

-rather than the house itself?

-Yeah.

0:51:580:51:59

So the house is doomed?

0:51:590:52:01

It's a glorified caravan, really, is what it is at the minute, yeah.

0:52:010:52:05

It is going to have its few years,

0:52:050:52:07

but it's definitely being knocked down.

0:52:070:52:09

OK. Tell me more. Your plan is to keep it for a few years

0:52:090:52:12

and run it like this?

0:52:120:52:14

Going to make it as habitable as possible as quickly as possible.

0:52:140:52:18

Craig and Zoe have three children -

0:52:180:52:21

two-and-a-half-year-old Niamh,

0:52:210:52:23

and 15-month-old twins Craig and Adelaide.

0:52:230:52:26

They were hoping that, when they can get their finances together,

0:52:260:52:29

this would be the place for their dream family home.

0:52:290:52:32

But first, it was all about the old before the new.

0:52:320:52:35

They'd given themselves £15,000 to do up

0:52:370:52:39

and make the bungalow habitable...

0:52:390:52:41

..and were hoping to move in in around six to eight weeks.

0:52:430:52:46

Now, two and a half months later, it's time to check on progress.

0:52:480:52:52

With the prefabricated construction and asbestos roof,

0:52:550:52:58

it was always going to be best

0:52:580:52:59

to leave the external parts of the building untouched.

0:52:590:53:03

But inside needed to become their home, for the short-term at least.

0:53:030:53:09

# It's just for now, hey

0:53:090:53:14

# It's just for now

0:53:140:53:16

# It's just for now, hey, hey, he-ey, hey

0:53:200:53:25

# It's just for now... #

0:53:250:53:27

Well, this really has been made

0:53:270:53:29

into somewhere you could call home.

0:53:290:53:31

So, how's it been?

0:53:320:53:34

I tried doing it on weekends, evenings.

0:53:340:53:37

Did that for about six weeks

0:53:380:53:40

and then realised it wasn't going to go quick enough,

0:53:400:53:43

so I got the guys in to do things like the painting.

0:53:430:53:46

But all the sort of bathroom, plumbings,

0:53:460:53:49

that was all myself and my dad on weekends.

0:53:490:53:51

So, for someone who wasn't even keen on cutting the lawn,

0:53:540:53:57

Craig has really stepped up to the mark,

0:53:570:53:59

with this bathroom in their so-called glorified caravan.

0:53:590:54:03

Well glorified!

0:54:030:54:04

And they've also had some great input

0:54:070:54:09

from Zoe's cousin, Naomi, who painted the kids' room.

0:54:090:54:12

The biggest challenge we faced is definitely Craig

0:54:160:54:18

being away from the children

0:54:180:54:20

and not having any family time together.

0:54:200:54:22

So we are looking forward to moving into our own house

0:54:220:54:25

and enjoying time together.

0:54:250:54:27

And we've still got to knock it down,

0:54:270:54:29

but in five years' time,

0:54:290:54:30

we will have a beautiful house to show for it.

0:54:300:54:32

Yes, there are still a few jobs to do here,

0:54:320:54:34

but they hope to move in in the next few weeks.

0:54:340:54:38

Then they can think about that next stage.

0:54:380:54:41

And with Craig starting to find previously untapped DIY skills,

0:54:410:54:44

is he ready to take on the bigger project

0:54:440:54:47

of building a three to four-bedroomed house?

0:54:470:54:50

I won't be doing the rebuild.

0:54:500:54:52

I had planned to be project managing the self-build.

0:54:520:54:56

It's not going to happen.

0:54:560:54:58

Yeah, so perhaps leave it to the experts.

0:54:580:55:00

Mind you, he's got some time to learn new skills

0:55:000:55:04

with the new house not really on the cards for a few years,

0:55:040:55:07

as they try to get that £100,000 funding they think they will need.

0:55:070:55:11

That's all for the future.

0:55:110:55:13

So what of the present house?

0:55:130:55:15

How much have they spent here?

0:55:150:55:17

We'd planned to spend 15,000, or up to.

0:55:170:55:21

We've spent 4,000 getting it to where it is,

0:55:210:55:23

including the electrics,

0:55:230:55:25

plumbing, all the appliances.

0:55:250:55:26

Maybe have another 5,000 to spend,

0:55:280:55:30

but that is on heating and oil tank, boiler.

0:55:300:55:34

We'll know as soon as we get in how quickly we'll be spending it.

0:55:340:55:38

Yes, I suspect, since they are moving in soon,

0:55:380:55:41

heating will be high on the priority list.

0:55:410:55:45

But it does sound like

0:55:450:55:46

they'll get their snug two-bedroom bungalow habitable

0:55:460:55:49

for around £10,000,

0:55:490:55:51

which would take their all-in spend to around 100,000.

0:55:510:55:54

But what do two local estate agents make of stage one?

0:55:540:55:58

My first reaction to the property - it's a nice-sized property.

0:55:590:56:02

Originally, I understand there was a wall in the kitchen

0:56:020:56:05

which made it slightly smaller and they have opened that up,

0:56:050:56:08

making it much more family-friendly.

0:56:080:56:09

The selling points of this property are its nice rural location.

0:56:090:56:13

Some people love that.

0:56:130:56:14

It's on a reasonable-sized plot, which is also helpful,

0:56:140:56:17

and will lend itself for future development at a later point.

0:56:170:56:21

I think the standard of the finish is quite good.

0:56:210:56:23

It's liveable for the moment.

0:56:230:56:25

I believe they're eventually going to be rebuilding,

0:56:250:56:28

so it does what it says on the tin for the moment.

0:56:280:56:30

So, temporary or not,

0:56:310:56:33

how much currently is Craig and Zoe's £100,000 investment worth?

0:56:330:56:38

I would value this property, as it stands, in the region of £130,000.

0:56:380:56:43

The property would sell for somewhere in the region of £110,000.

0:56:430:56:46

Really impressed with that.

0:56:460:56:48

Didn't expect it at all,

0:56:480:56:50

and considering we're not going to sell it, it doesn't matter,

0:56:500:56:52

but it's nice to know that we could have made money if we were going to.

0:56:520:56:55

Remember, though, even though this building is much smarter,

0:56:550:56:58

it still is unmortgageable.

0:56:580:57:00

So if it were sold, it would have to be to a cash buyer.

0:57:000:57:03

But that's a potential pre-tax profit

0:57:030:57:06

of between £10,000 and £30,000,

0:57:060:57:08

and both agents reckon rental figures

0:57:080:57:11

of around £650 a calendar month could be possible,

0:57:110:57:14

which would equate to a yield of over 7%.

0:57:140:57:17

Well, that's all fine,

0:57:170:57:19

but the real value is in building a new three to four-bedroom house.

0:57:190:57:23

Depending on the specification and the finish,

0:57:230:57:26

I would value the house they are planning to build

0:57:260:57:28

in the region of £250,000.

0:57:280:57:31

As a three-bed two-storey property with two bathrooms,

0:57:310:57:34

I estimate the value to be,

0:57:340:57:35

in current market conditions, £250,000.

0:57:350:57:38

Those figures are encouraging

0:57:380:57:40

and do show that building a new house here

0:57:400:57:43

would be the sound investment they need.

0:57:430:57:45

But more importantly for them, it will make a great family home.

0:57:450:57:49

So are they pleased about progress so far?

0:57:490:57:51

I love it at the minute.

0:57:530:57:54

I'm so excited to move into our first house

0:57:540:57:57

that we own together

0:57:570:57:58

and I'm really, really pleased with how it's turned out.

0:57:580:58:01

If you're thinking about heading down to a property auction,

0:58:050:58:08

I hope we've helped you out.

0:58:080:58:09

Yes, we do like to give as much advice

0:58:090:58:11

as we possibly can and we will keep at it.

0:58:110:58:13

We will. So make sure you join us next time

0:58:130:58:15

-for more Homes Under The Hammer.

-ALL:

-Goodbye.

0:58:150:58:18

A damp and dingy basement flat in Kilburn in London with space for an extension, a former post office in Gedney Dyke in Lincolnshire and a bungalow in Cornwall's Liskeard are sold under the hammer. Two of the new owners plan to make their auction buys their home, while the third wants to create a family home to sell on. Martin, Lucy and Dion tour the properties and meet the new owners.