0:00:02 > 0:00:03Hello! During these turbulent times
0:00:03 > 0:00:06you might be tempted to shy away from the property market.
0:00:06 > 0:00:10But many people do still choose to take a risk in the auction rooms
0:00:10 > 0:00:13where there ARE bargains to be had, if you're careful.
0:00:13 > 0:00:19So, join us for the Homes Under The Hammer rollercoaster of property highs and lows.
0:00:44 > 0:00:47The atmosphere in the auction room can be electric.
0:00:47 > 0:00:51There can be a real buzz and sometimes it can be infectious.
0:00:51 > 0:00:57Yes, you can grab yourself a bargain by raising an arm, nodding your head or even winking at the auctioneer.
0:00:57 > 0:00:59So, let's see what today's bidders bought.
0:00:59 > 0:01:02In Cornwall there's a beautiful property
0:01:02 > 0:01:05with a not so beautiful interior feature.
0:01:05 > 0:01:10We love that, but what is that? It's a soil pipe down by the side of it.
0:01:10 > 0:01:13In Kensal Green, North West London,
0:01:13 > 0:01:18there's a large one bedroom flat with potential to add real value.
0:01:18 > 0:01:20Now, there's your opportunity.
0:01:20 > 0:01:26And, near Huddersfield, a problem to stretch even the best developers' minds.
0:01:26 > 0:01:32How on Earth can you make a house shaped like this work?
0:01:32 > 0:01:34All these properties have gone to auction
0:01:34 > 0:01:37and we'll be finding out who bought them,
0:01:37 > 0:01:40- and what they paid when they went under the hammer.- It's yours.
0:01:43 > 0:01:46Well, Cornwall isn't just famous for its scenery,
0:01:46 > 0:01:48it's well known for its old tin mines.
0:01:48 > 0:01:52In fact, you can see one of the old tin mine engine houses behind me.
0:01:52 > 0:01:54I'm on the road between St Ives and Penzance
0:01:54 > 0:01:57in a little place called Nancledra,
0:01:57 > 0:01:58but I am not digging for tin,
0:01:58 > 0:02:02I'm looking for property development opportunities.
0:02:02 > 0:02:04And golden ones at that.
0:02:04 > 0:02:09Judging by that entrance I may have found something a little bit special.
0:02:09 > 0:02:12Well, it's a pretty impressive entrance,
0:02:12 > 0:02:16but then you kind of expect that because this property
0:02:16 > 0:02:18had a guide price of £600,000.
0:02:18 > 0:02:22It sounds like a lot, until you read the auction catalogue and see what it's actually got.
0:02:22 > 0:02:26We are talking about porch ways, rooms, conservatories, living rooms, five bedrooms.
0:02:26 > 0:02:28It's in two acres of land.
0:02:28 > 0:02:33But, more importantly, it is in the most incredible location.
0:02:33 > 0:02:38Round the front there are views across stunning Cornish countryside
0:02:38 > 0:02:40and, in the distance, the sea.
0:02:40 > 0:02:42And that's not the only commanding sight
0:02:42 > 0:02:46as the house is made of local stone, it looks impressive, too.
0:02:48 > 0:02:50Oh, that's a bit of a disappointment.
0:02:50 > 0:02:55For such a big house you'd expect a slightly grander entrance hall than this. It's very boxed in.
0:02:55 > 0:02:58Lots of rooms and corridors leading off it.
0:02:58 > 0:03:01Not very good at all. However, it gets slightly better in here.
0:03:01 > 0:03:04That's more like it, a huge great inglenook fireplace.
0:03:04 > 0:03:08I love that, but what is that? It's a soil pipe down by the side of it.
0:03:08 > 0:03:10What on Earth is going on there?
0:03:10 > 0:03:14But, anyway, continuing through what I think is the older part of the house
0:03:14 > 0:03:17into another room which has sort of been tacked on the back.
0:03:17 > 0:03:21Clearly, this is a project that is sort of halfway through being completed
0:03:21 > 0:03:23and we've got all sorts of issues.
0:03:23 > 0:03:28The floors are at different levels and stud partition walls just here there, and everywhere.
0:03:28 > 0:03:30It's not a good start.
0:03:30 > 0:03:32Let's see if it gets any better.
0:03:32 > 0:03:38Oh, that's more like it! Wow!
0:03:38 > 0:03:39Look at this room.
0:03:39 > 0:03:41It seems that is the old part of the house
0:03:41 > 0:03:45and this is an entire new extension which has been added on.
0:03:45 > 0:03:48Look at the amount of wood work that has gone into this.
0:03:48 > 0:03:50It does look a bit like it's sort of being made up
0:03:50 > 0:03:52as people have been going along,
0:03:52 > 0:03:57there are some very strange angles going on in the ceiling there, but what a fantastic space!
0:03:57 > 0:04:00A huge great open plan, kitchen here. You've got bedrooms going back that way.
0:04:00 > 0:04:04I imagine this is bedrooms with ensuite facilities
0:04:04 > 0:04:08with a view, of course, out of that window there.
0:04:08 > 0:04:12Absolutely fantastic! Let's take a look downstairs.
0:04:12 > 0:04:15And, as if the open spaces above weren't big enough,
0:04:15 > 0:04:18downstairs there are two more huge rooms.
0:04:18 > 0:04:21If you take a look at the back of the building from outside
0:04:21 > 0:04:25you can see the size and ambition of this half build.
0:04:25 > 0:04:28But back upstairs at the old house
0:04:28 > 0:04:31the open plan scheme sadly doesn't continue.
0:04:31 > 0:04:33There's a maze of corridors,
0:04:33 > 0:04:36partitioned walls and half finished rooms.
0:04:38 > 0:04:40This place is a rabbit warren.
0:04:40 > 0:04:44You need a satellite navigation system just to find your way around!
0:04:44 > 0:04:48And you don't just need GPS inside.
0:04:48 > 0:04:51If the house wasn't big enough, you've got these two acres of land.
0:04:51 > 0:04:54You've got the fish pond and you've got this greenhouse.
0:04:54 > 0:04:57I mean, this is the size of somebody's house alone!
0:04:57 > 0:04:59Incredible.
0:04:59 > 0:05:02But it's also an incredible amount of work.
0:05:02 > 0:05:04With old outbuildings and a tired garden,
0:05:04 > 0:05:07it's going to take more than a lawnmower to sort all this.
0:05:07 > 0:05:09Meanwhile, back in the half build,
0:05:09 > 0:05:13there are no electrics or plumbing, not to mention windows or doors.
0:05:13 > 0:05:17And with structural issues, such as uneven floor heights,
0:05:17 > 0:05:20this is not a job for the fainthearted,
0:05:20 > 0:05:24but if size matters then this is the place for you.
0:05:24 > 0:05:25The guide price was £600,000,
0:05:25 > 0:05:29so what does the auctioneer who sold it think?
0:05:29 > 0:05:33It is a fantastic house, like a Grand Design sort of place,
0:05:33 > 0:05:37where someone is going to make a dream of a dwelling.
0:05:37 > 0:05:38And a fantastic garden,
0:05:38 > 0:05:42the best greenhouse I've seen outside of a National Trust place.
0:05:42 > 0:05:46It's a wonderful spot to create just the best house ever.
0:05:46 > 0:05:49But it's going to cost a pretty penny
0:05:49 > 0:05:54because currently the five bedroom layout and the linking of the old and new doesn't really work.
0:05:54 > 0:05:56Getting professional advice would certainly help.
0:05:56 > 0:06:00It might cost a bit, but the returns are justified.
0:06:00 > 0:06:04If someone pays between £600,000 or £700,000 for the house,
0:06:04 > 0:06:08they can't really go wrong because even if the market slows down a little,
0:06:08 > 0:06:11this sort of place is insulated from the market does elsewhere.
0:06:11 > 0:06:17It's not immune, but it is integrated because you ain't going to find one of these every day.
0:06:17 > 0:06:18If you did this high spec
0:06:18 > 0:06:22you're looking at, well, how far over a million can you take it
0:06:22 > 0:06:25by the quality and the thought of what you do.
0:06:25 > 0:06:28In my auctioneering career,
0:06:28 > 0:06:32this is quite simply the best house I've ever sold,
0:06:32 > 0:06:35in just a to-die-for spot.
0:06:35 > 0:06:37I wish I was on the right money
0:06:37 > 0:06:40because I would have been bidding on it myself.
0:06:40 > 0:06:44So, what do you think about this place, then?
0:06:44 > 0:06:47Wow. An incredible project for somebody to take on,
0:06:47 > 0:06:51but you would end up with the most extraordinary house at the end of it.
0:06:51 > 0:06:57For a £600,000 guide price, who was tempted when it went to the auction?
0:07:01 > 0:07:04Hugh House, what a dwelling that is.
0:07:04 > 0:07:08It's £650,000 of anybody's money.
0:07:08 > 0:07:10625?
0:07:10 > 0:07:12Who's going to say 600 to me?
0:07:12 > 0:07:14At 600. Have you come to bid or...
0:07:14 > 0:07:17600, thank you. 600 I do.
0:07:17 > 0:07:19At 600. At 600. At 600. At 610.
0:07:19 > 0:07:22At 610. At 620.
0:07:22 > 0:07:26620. 620. 620.
0:07:26 > 0:07:30625, OK. 625. 625.
0:07:30 > 0:07:34628. At 628.
0:07:34 > 0:07:36At 628. What a chance this is.
0:07:36 > 0:07:41At 628, first time. Looking around.
0:07:41 > 0:07:44630. I've got 630. I'm like a tennis umpire.
0:07:44 > 0:07:46630 is on my left, right opposite you.
0:07:46 > 0:07:49At 630 on my left. At 630 on my left.
0:07:49 > 0:07:53Once. 630 twice.
0:07:53 > 0:07:55At 630,000. Are you sure and done?
0:07:55 > 0:08:01It is your last chance because he goes on my left hand side, that simple, at £630,000.
0:08:01 > 0:08:03Sir, on my left.
0:08:03 > 0:08:08Well, for such a large property that was a short bidding war.
0:08:08 > 0:08:11Maybe the prospect of all that work put people off,
0:08:11 > 0:08:15but it didn't discourage the winning bidders, Chris and Shirley.
0:08:15 > 0:08:19They got it for just £30,000 over the guide price, which I reckon is a bit of a bargain.
0:08:19 > 0:08:23They live locally and have long been interested in this place.
0:08:23 > 0:08:27We only live in St Ives, probably about two or three miles away,
0:08:27 > 0:08:30and we've been past it over a number of years,
0:08:30 > 0:08:33and seen it and seen it being gradually worked upon,
0:08:33 > 0:08:36but it never really materialised into anything.
0:08:36 > 0:08:40So, when we heard it came up for auction we thought we'd come and have a look.
0:08:40 > 0:08:42Stunning views. Lovely views.
0:08:42 > 0:08:45- And it's going to be a great house. - Yeah, it's going to be amazing.
0:08:45 > 0:08:47What do you know of the history of the place?
0:08:47 > 0:08:50It was originally part of a mine here.
0:08:50 > 0:08:54It was probably used as a count house.
0:08:54 > 0:08:55In those days it would have been the main office building.
0:08:55 > 0:09:00So, what was it that you particularly loved, Shirley?
0:09:00 > 0:09:02The space, the views, the openness.
0:09:02 > 0:09:05Where we live now, I like where we live in St Ives,
0:09:05 > 0:09:08but it's not got the open views that this has got.
0:09:08 > 0:09:10I think it's stunning.
0:09:10 > 0:09:13I think it will be the house, obviously, the size of it...
0:09:13 > 0:09:16I always said I wanted to live in another big house, so...
0:09:16 > 0:09:19- So, is that the plan, then? You bought it for you to live in? - All being well, yeah.
0:09:19 > 0:09:26If we manage to accomplish what I'm hoping we're going to accomplish, yeah, I think we'd live in it.
0:09:26 > 0:09:27Yeah, I think it'd be a great home.
0:09:27 > 0:09:31A bit large for two people, but it's still a great home.
0:09:31 > 0:09:34Well, I was going to say is it just you two because you could never see each other!
0:09:34 > 0:09:39- It would be like phoning each other from other parts of the house. - We could have a wing each.
0:09:39 > 0:09:42Well, despite the wings, Chris and Shirley know that this is no turkey
0:09:42 > 0:09:47and they're excited at the prospect of completing the build and moving in,
0:09:47 > 0:09:54but they do realise what a huge challenge they've taken on, even with all Chris' experience.
0:09:54 > 0:09:57He has a varied business portfolio running his own companies
0:09:57 > 0:10:00and has overseen the build of a large holiday village.
0:10:00 > 0:10:05He knows the value of choosing the right team and who better to trust as your architect than your own son?
0:10:05 > 0:10:08- So, Calum, you're Chris and Shirley's son.- Yeah.
0:10:08 > 0:10:14- One of them, anyway. What did you think when you first saw it? - Absolutely stunned.
0:10:14 > 0:10:16I fell in love with the place straight away.
0:10:16 > 0:10:18Walking round and then...
0:10:18 > 0:10:22It took a bit of work on my dad to actually get the place.
0:10:22 > 0:10:24Did you have to do a bit of cajoling, did you?
0:10:24 > 0:10:26Just a bit, yeah. Just a bit. He likes his...
0:10:26 > 0:10:29He likes to keep the money close to him
0:10:29 > 0:10:32and it was quite an expensive property to actually buy,
0:10:32 > 0:10:36so it took a long, long time of him working figures and sitting down,
0:10:36 > 0:10:38and going through things over and over again
0:10:38 > 0:10:42until we actually came up with the idea of actually taking it on.
0:10:42 > 0:10:46All that number crunching has set the budget at £200,000.
0:10:46 > 0:10:48It sounds a lot, but with a conservatory to be
0:10:48 > 0:10:55added on the front of the old house, Calum also has plans to alter the internal layout dramatically.
0:10:55 > 0:10:57- So, you're thinking about taking this ceiling out?- Yes.
0:10:57 > 0:10:59To create a big vaulted sort of...
0:10:59 > 0:11:03Well, we still need access across it, so we're still going to have part of the ceiling,
0:11:03 > 0:11:05but we want to try and make a galleried space,
0:11:05 > 0:11:08so we'll have a really nice staircase running up the back,
0:11:08 > 0:11:11but you'll be able to see the staircase all the way up and from the top.
0:11:11 > 0:11:16Just make it a lot more open to try and, well, modernise the old part of the building,
0:11:16 > 0:11:19which is reasonably difficult because it is, obviously,
0:11:19 > 0:11:23a couple of hundred years old and we've got something that's brand new at the end.
0:11:23 > 0:11:26So, it's trying to get a compromise between the old and the new.
0:11:26 > 0:11:29I don't think that's the only thing that's going to be compromised.
0:11:29 > 0:11:31I reckon the budget might not measure up.
0:11:31 > 0:11:36# Pressure pushing down on me
0:11:36 > 0:11:39# Pushing down on you... #
0:11:39 > 0:11:42Are you excited at the prospect of this?
0:11:42 > 0:11:44Excited? Yes.
0:11:44 > 0:11:48Well, I am actually on site right the way through the process.
0:11:48 > 0:11:51I have been on site for a couple of weeks now,
0:11:51 > 0:11:53so it's going to be interesting
0:11:53 > 0:11:56seeing it go right the way through the process on a daily basis.
0:11:56 > 0:11:58But, yeah, very, very excited.
0:11:58 > 0:12:02And you're a family member, so, you'll get to enjoy the place when it's done.
0:12:02 > 0:12:05Hopefully, if they let me in! If they give me a key.
0:12:05 > 0:12:09That will certainly be better than his current sleeping quarters on site.
0:12:09 > 0:12:13The family have given themselves six months to complete the project.
0:12:13 > 0:12:15That also includes extensive landscaping
0:12:15 > 0:12:20that will one day give this fantastic house the sort of surroundings
0:12:20 > 0:12:21it will no doubt deserve.
0:12:23 > 0:12:27Well, we're partway through an incredible story here, aren't we?
0:12:27 > 0:12:32I am delighted that Shirley and Chris managed to find their dream property.
0:12:32 > 0:12:33There's lots of work to be done,
0:12:33 > 0:12:35but with the help of Calum
0:12:35 > 0:12:39I'm sure that they'll be fine, and I'm sure he's very keen to get out of his caravan.
0:12:39 > 0:12:43You can find out how they get on with this amazing project later in the show.
0:12:46 > 0:12:49Our next property's in Kensal Green,
0:12:49 > 0:12:54North West London, famous for its atmospheric Victorian cemetery.
0:12:54 > 0:13:00In more recent times, the area's become very popular as it's near fashionable Notting Hill
0:13:00 > 0:13:04and has great transport links into the West End.
0:13:04 > 0:13:08Slap bang between Kensal Green and Kensal Rise station
0:13:08 > 0:13:11is Langler Road and the property that I'm here to see today.
0:13:11 > 0:13:14Now, so far so good, and it gets better
0:13:14 > 0:13:17when I tell you it's a one bedroom flat
0:13:17 > 0:13:21with the ludicrously low guide price of 130,000 to 140,000.
0:13:21 > 0:13:26Ludicrously low for London, when other flats in this road were going for double
0:13:26 > 0:13:29that before the market dipped, but this needs some attention.
0:13:29 > 0:13:31The original sashes have gone
0:13:31 > 0:13:34and there's a worrying crack by the gutter.
0:13:34 > 0:13:38There's even an all too familiar ditched sofa.
0:13:38 > 0:13:42This property has been owned by a housing association for a number of years,
0:13:42 > 0:13:45so I'm expecting it to be dated and just functional,
0:13:45 > 0:13:49but actually I'm pleased to see that there are still some really nice features here.
0:13:49 > 0:13:52Now, take a look at these spindles.
0:13:52 > 0:13:55You can see years of white gloss just slapped on.
0:13:55 > 0:13:59They do need stripping back and then they would look stunning.
0:13:59 > 0:14:02Now, along here you've got a messy but good sized bedroom,
0:14:02 > 0:14:05and through here a rather grand reception room to the front.
0:14:05 > 0:14:08Now, I'm not sure if it's being used as some kind of business.
0:14:08 > 0:14:12Look, you've got desks and wires down here, the legs are all piled up in the corner.
0:14:12 > 0:14:15It's all a bit strange. Now, as a living room, though,
0:14:15 > 0:14:17it's a great size, it's double glazed
0:14:17 > 0:14:19with a lovely aspect over the street.
0:14:19 > 0:14:21Not a bad start for this flat.
0:14:21 > 0:14:26Back down the hall and the bedroom also looks like it has doubled up
0:14:26 > 0:14:28as an office space at one time.
0:14:28 > 0:14:31Along the landing, you'll find a small storage room come cupboard.
0:14:31 > 0:14:35That'll be handy. Next to that there's a large bathroom and,
0:14:35 > 0:14:39finally, at the rear, a kitchen that could do with sprucing up.
0:14:39 > 0:14:44But right now I feel a developing opportunity coming on.
0:14:44 > 0:14:47Now, the kitchen is grubby, but it's big!
0:14:47 > 0:14:50That's great, but it's a one bedroom flat.
0:14:50 > 0:14:55Unless you're a budding MasterChef how much time are you really going to be spending in here?
0:14:55 > 0:15:01Now, the key to this space is the opportunity it presents to make this room a second bedroom.
0:15:01 > 0:15:04Now, you've got a small little wasted room here
0:15:04 > 0:15:06right next to this large bathroom
0:15:06 > 0:15:09and these areas are crying out to be reorganised.
0:15:09 > 0:15:12You'd have a smaller kitchen, but two bedrooms
0:15:12 > 0:15:15and I think that would seriously increase the value and saleability.
0:15:15 > 0:15:18Now, there's your opportunity.
0:15:18 > 0:15:23By halving the bathroom you could create a galley kitchen on one side
0:15:23 > 0:15:26and then use that boxroom as part of a new bathroom.
0:15:26 > 0:15:29This way you could turn the flat into a great two bedroom property
0:15:29 > 0:15:31and still keep that huge living room up front.
0:15:31 > 0:15:36As a developer, it's crucial to be able to use your imagination
0:15:36 > 0:15:40in situations like this, but also to do your background research.
0:15:40 > 0:15:44If I have said it once, I have said at 100 times,
0:15:44 > 0:15:47do your research, check your facts
0:15:47 > 0:15:51and it's always a good idea to read the legal pack pre auction.
0:15:51 > 0:15:52Now, the lease here is fine.
0:15:52 > 0:15:55That was new last year at 125 years,
0:15:55 > 0:16:00but the service charge is pricey at £80 per month.
0:16:00 > 0:16:03Now, it's not like we're in a modern block of flats with gardens
0:16:03 > 0:16:07or a lift to maintain, so I'd want to know where that money was going.
0:16:07 > 0:16:10And there's a clause in the contract that states the buyer
0:16:10 > 0:16:15must pay the vendor 2% of the purchase price to cover their costs.
0:16:15 > 0:16:18So, read the legal pack and be prepared
0:16:18 > 0:16:22as extra sums like this can make a good buy feel more like a burden.
0:16:22 > 0:16:25Despite that, I think that with the guide price
0:16:25 > 0:16:28of between £130,000 to £140,000,
0:16:28 > 0:16:31the potential of adding value to this flat
0:16:31 > 0:16:34presents a great opportunity.
0:16:34 > 0:16:37I asked along a local estate agent to hear his thoughts.
0:16:40 > 0:16:44The area is actually within striking distance of Notting Hill,
0:16:44 > 0:16:46and that's taking in Portobello,
0:16:46 > 0:16:50and because people want to live within the area,
0:16:50 > 0:16:51this is a less expensive area.
0:16:51 > 0:16:54So, its location is a positive,
0:16:54 > 0:16:57but does the flat have any investment potential?
0:16:57 > 0:17:01I can see that it lends itself to actually a two bed
0:17:01 > 0:17:06and it would be ideal for rental, or perhaps a sale at a later date.
0:17:06 > 0:17:08What could the flat achieve in rental?
0:17:08 > 0:17:13I would expect that as a one bed you would achieve
0:17:13 > 0:17:17circa the 250 per week, and for a two bed
0:17:17 > 0:17:20I would expect to achieve 300 per week.
0:17:20 > 0:17:24That could be up to £1,200 per calendar month. What about selling it?
0:17:24 > 0:17:29As one bed I would expect it to achieve circa the 250,000 mark,
0:17:29 > 0:17:34and as a two bed I would expect again circa the 300,000 mark.
0:17:39 > 0:17:43As a developer, I'm always looking out for buys like this,
0:17:43 > 0:17:46an improving area and the chance to add another bedroom
0:17:46 > 0:17:48without compromising the space.
0:17:48 > 0:17:51Add to that the incredibly low guide price and I'm sure this flat
0:17:51 > 0:17:54FLEW out of the window at auction. Let's see.
0:17:58 > 0:18:04Lot 166 is 18b Langler Road, Kensal Green, NW10. Start me at 120, please?
0:18:04 > 0:18:07120 I'm bid, the lady in the green jacket.
0:18:07 > 0:18:09122 and a half. 22 and a half. 25.
0:18:09 > 0:18:1125. 27 and a half. 127 and a half.
0:18:11 > 0:18:14130. 30. 32 and a half.
0:18:14 > 0:18:1632 and a half. 35. 35. 37 and a half.
0:18:16 > 0:18:1837 and a half. 140. 142 and a half.
0:18:18 > 0:18:21142 and a half. 145. 145.
0:18:21 > 0:18:24147 and a half. 147 and a half. 150.
0:18:24 > 0:18:28150. 152 and a half. 152 and a half. 155. 157 and a half. 157 and a half.
0:18:28 > 0:18:31160. 160. 162 and a half.
0:18:31 > 0:18:36165. 165. Ssssh.
0:18:36 > 0:18:40167 and a half. Now 170. The lady's bid here at 170.
0:18:40 > 0:18:41I will allow you back in.
0:18:41 > 0:18:45172 and a half? 172 and a half. 175.
0:18:45 > 0:18:48Gentleman, there. 175. 177 and a half.
0:18:48 > 0:18:50180. 80 now. 182 and a half.
0:18:50 > 0:18:53182 and a half. 185. 185.
0:18:53 > 0:18:56187 and a half. 187 and a half. 90. 190. Now two and a half.
0:18:56 > 0:18:58192 and a half. 95.
0:18:58 > 0:19:0197 and a half. 97 and a half. 200.
0:19:01 > 0:19:04Yeah. 202 and a half. The lady in the green.
0:19:04 > 0:19:06Two and a half. 205.
0:19:06 > 0:19:09203 and a half. Make it 205, madam.
0:19:09 > 0:19:13Thank you. 206? And seven?
0:19:13 > 0:19:14And eight?
0:19:14 > 0:19:17No? At 207 I'm bid.
0:19:17 > 0:19:19Any more? The lady in the green.
0:19:20 > 0:19:23At £207,000.
0:19:23 > 0:19:24First time at 207.
0:19:24 > 0:19:27Second time at 207. Last time at 207,000, in the green.
0:19:27 > 0:19:31Are we done? Sold. Thank you, madam.
0:19:33 > 0:19:38The winning bidder was former solicitor Mary who was at the auction with daughter Elizabeth.
0:19:38 > 0:19:41Husband and dad, Seamus, couldn't be there on the day.
0:19:41 > 0:19:45He was busy back home in Ireland dealing with another project.
0:19:45 > 0:19:48They bought this flat as a buy to let to add to their portfolio.
0:19:48 > 0:19:52I met the family there to find out more.
0:19:52 > 0:19:55Guys, congratulations! This is great news.
0:19:55 > 0:20:02- And you paid £207,000 at auction, but the guide was only 130 to 140. - I know, a lot more.
0:20:02 > 0:20:08- Were you happy with the price you paid?- It was a bit more than we had agreed to go on
0:20:08 > 0:20:11because we decided to go to about 200,000 and, you know,
0:20:11 > 0:20:16like things, you really wanted the flat so we went that bit higher.
0:20:16 > 0:20:20Mary was born and bred in Kensal Green and even though the family now live in Ireland
0:20:20 > 0:20:26she still feels it's a good place to expand their property investments.
0:20:26 > 0:20:28So, guys, why have you decided to invest here in London
0:20:28 > 0:20:31when you live in Ireland? I mean, that must be quite difficult.
0:20:31 > 0:20:34You know, I lived in London for 25 years
0:20:34 > 0:20:37and we come to London often, every month, so,
0:20:37 > 0:20:40you know, we're aware of what's going on and we had a pub in London.
0:20:40 > 0:20:44And it's just like getting the bus nowadays
0:20:44 > 0:20:49getting the plane from where we live. We are over in a few hours.
0:20:49 > 0:20:54A rather expensive bus fare, Seamus, but I see what he means.
0:20:54 > 0:20:58The couple have a number of contacts here in London who can project manage and do any work.
0:20:58 > 0:21:02Mary will be back in Ireland keeping track of it all,
0:21:02 > 0:21:07but there's also a third member of this team whose input is just as valuable.
0:21:07 > 0:21:10Mary, I noticed that you were at the auction with somebody else.
0:21:10 > 0:21:12I was with my daughter, Elizabeth.
0:21:12 > 0:21:15I have dragged her around a few properties,
0:21:15 > 0:21:17a few not so nice properties.
0:21:17 > 0:21:19I remember one we went to see was very smelly,
0:21:19 > 0:21:22she didn't like it at all, but she's getting used to coming round with me.
0:21:22 > 0:21:26She's the honest person. She'll tell you exactly what she feels.
0:21:26 > 0:21:29I think I need to have a chat with straight talking Elizabeth.
0:21:29 > 0:21:32Elizabeth, what I want to know is when you go on viewings with
0:21:32 > 0:21:38your mum, walking around all the properties, aren't the houses a bit dirty sometimes and a bit smelly?
0:21:38 > 0:21:43Well, I go in and if it doesn't smell nice I just walk out again.
0:21:43 > 0:21:48Estate agents better get out those air fresheners when Elizabeth is viewing!
0:21:48 > 0:21:54# All I need is the air that I breathe and to love you... #
0:21:54 > 0:21:57This flat will need something to give it the sweet smell of success.
0:21:57 > 0:22:00Mary and Seamus have set themselves a £25,000 budget
0:22:00 > 0:22:01and two months to do a rescue job.
0:22:01 > 0:22:05What exactly are their plans?
0:22:05 > 0:22:08We've got a similar flat up the road
0:22:08 > 0:22:10and we put the kitchen and the bathroom
0:22:10 > 0:22:15into the centre of the flat and keep the backroom for the extra bedroom,
0:22:15 > 0:22:18and it will be a double bedroom now.
0:22:18 > 0:22:21With experience gained from the other flat,
0:22:21 > 0:22:24Seamus is confident that adding a second bedroom here
0:22:24 > 0:22:26would definitely add value.
0:22:26 > 0:22:29Mary has spotted the 2% charge to the vendor,
0:22:29 > 0:22:33which at their purchase price of 207,000 came to four grand.
0:22:33 > 0:22:36What they didn't spot was the crack outside,
0:22:36 > 0:22:38but neither of them is too worried
0:22:38 > 0:22:41as they've been buying property in the area for years.
0:22:41 > 0:22:43Let's hope they're right about that.
0:22:43 > 0:22:47I think Seamus and Mary have got themselves a great buy,
0:22:47 > 0:22:49but the budget is already growing.
0:22:49 > 0:22:54They've got to be a bit careful about overspending in this market,
0:22:54 > 0:22:58but at least Elizabeth will be on hand to give them an honest opinion!
0:22:58 > 0:23:02You can find out how they get on later in the show.
0:23:02 > 0:23:05Coming up, in Huddersfield a one bedroomed house that won't let you cut corners.
0:23:05 > 0:23:12It's going to take a bit of imagination to try and figure out how best to use this space.
0:23:12 > 0:23:17In Kensal Green, was project managing from Ireland as easy as jumping on a bus?
0:23:17 > 0:23:24I had planned to come over at least once, but I didn't manage it.
0:23:24 > 0:23:32But first, did Chris, Shirley and Calum rescue the cottage and half built extension in Cornwall?
0:23:35 > 0:23:40Earlier we met businessman Chris and his wife, Shirley.
0:23:40 > 0:23:42They bought this fantastic cottage
0:23:42 > 0:23:48set amidst beautiful scenery near Penzance in Cornwall for £630,000.
0:23:48 > 0:23:49It required some work,
0:23:49 > 0:23:53but the huge rear extension needed an army to get it completed.
0:23:53 > 0:23:59Fortunately, their son Calum, an architect, was on hand to help out.
0:23:59 > 0:24:05So, 13 months later we returned to see if what was on the plan
0:24:05 > 0:24:07was now on the land.
0:24:07 > 0:24:09Well, everything looks good on a beautiful day
0:24:09 > 0:24:15and from the outside this house is now incredibly impressive,
0:24:15 > 0:24:18but at the back... Wow!
0:24:18 > 0:24:22Now the work is complete and the house looks truly wonderful.
0:24:34 > 0:24:38The interior is now a light, airy space
0:24:38 > 0:24:42and the centrepiece is a fantastic kitchen area.
0:24:44 > 0:24:50- Chris, Shirley and Calum have obviously worked extremely hard to get this as they want it.- Yeah.
0:24:50 > 0:24:52I mean, we've fallen for it now.
0:24:52 > 0:24:55I mean, who couldn't? As it progressed,
0:24:55 > 0:24:57I mean, it just got better and better.
0:24:57 > 0:25:01Every little bit that was done and it just seemed to improve it.
0:25:06 > 0:25:07It's a stunning house.
0:25:07 > 0:25:10I mean, it's turned out probably better than they actual visualised,
0:25:10 > 0:25:12but it's still pretty special.
0:25:20 > 0:25:23You couldn't not live in it now, could we?
0:25:25 > 0:25:28I'm so looking forward to...to moving in.
0:25:29 > 0:25:33What really sealed it for Shirley was when they decided that
0:25:33 > 0:25:38the entire top floor of the old house was to be the master suite.
0:25:42 > 0:25:46Right, upstairs is now going to be our own...
0:25:46 > 0:25:51The whole of the upstairs is going to be our own private domain, if you like.
0:25:51 > 0:25:56This room, that originally was going to be another en-suite bedroom,
0:25:57 > 0:26:00I have my adopted as my sitting room, so I am going to have
0:26:00 > 0:26:03all my personal bits and pieces in here, which is going to be mine.
0:26:03 > 0:26:09I am even having another plug socket fitted onto this windowsill for my coffee machine.
0:26:09 > 0:26:12So the balcony out there is personal just for us.
0:26:12 > 0:26:17We've got doors from my sitting room and this is going to be the master bedroom
0:26:17 > 0:26:23and, again, doors out onto that balcony, which is just going to be for us.
0:26:23 > 0:26:28So I think I'm going to be spending rather a lot of time up here.
0:26:28 > 0:26:32I don't blame you, Shirley! And at the other end of the house,
0:26:32 > 0:26:37Chris will have its own spacious and well-appointed area to retreat to.
0:26:39 > 0:26:43Right, OK. This is kind of my room in the house.
0:26:43 > 0:26:47It has been designed as kind of a bloke's room, if you like.
0:26:47 > 0:26:52In the area we are stood now is going to be a full-size snooker table.
0:26:52 > 0:26:55It's an antique one that we are having restored as we speak.
0:26:55 > 0:26:58That will fit in this area.
0:26:58 > 0:27:03Just behind me here, we've got a bar area up against the wall and I've got
0:27:03 > 0:27:08a local guy who's going to make me something out of granite to do that.
0:27:08 > 0:27:11When we come to this part of the room,
0:27:11 > 0:27:14it's all prewired now for sound and everything.
0:27:14 > 0:27:17All the cables out of the roof, it's for a home cinema
0:27:17 > 0:27:22and we'll be using the whole of the rear wall as the screen.
0:27:22 > 0:27:28And I guess this is going to be the room that at least I will spend most of my time in.
0:27:28 > 0:27:31So with Chris munching his popcorn at one end
0:27:31 > 0:27:35and Shirley relaxing in her boudoir at the other, how will they communicate?
0:27:37 > 0:27:41Luckily, Shirley's got a good strong voice and we can hear her throughout the building!
0:27:41 > 0:27:46- So, I don't think there's going to be too much of a problem there. - Thanks for that(!)
0:27:46 > 0:27:51But, joking apart, with four bedrooms, a new extension at the back of the previous house
0:27:51 > 0:27:56to accommodate the kitchen and the problems of blending the old and the new house,
0:27:56 > 0:28:00the sheer scale of this development can't have been without problems.
0:28:00 > 0:28:07Chris was on site every day project managing, while son Calum helped them realise their vision.
0:28:07 > 0:28:11But sometimes, they didn't see eye to eye.
0:28:11 > 0:28:14Interesting! It was good to be able to disappear.
0:28:14 > 0:28:17There was a few heated arguments.
0:28:17 > 0:28:20It's different because you can have these discussions
0:28:20 > 0:28:25where you put your foot down a lot more than you can do with a client that you're not related to,
0:28:25 > 0:28:28because you turn round and say, look, at the end of the day,
0:28:28 > 0:28:31this especially every detail we want to be perfect,
0:28:31 > 0:28:33I believe this is what you need to do,
0:28:33 > 0:28:37and when they turn round and say, "No!" you go, "No, you're wrong."
0:28:37 > 0:28:41And the few times I did turn round and say, "No, you're wrong,"
0:28:41 > 0:28:47I'd walk away and they'd come back, "We have thought about it and, yeah, you're probably right on that."
0:28:47 > 0:28:49He's got more vision I think than what we have.
0:28:49 > 0:28:53He could always see things, couldn't he? He can see the finished thing.
0:28:53 > 0:28:57When there's just a blank piece of paper, he can see what it's going to be.
0:28:57 > 0:29:02We don't seem to have that ability, but he can. And it's...
0:29:02 > 0:29:06Yeah, this is the result. It's fantastic.
0:29:06 > 0:29:10I think we've turned out with an absolutely super building.
0:29:10 > 0:29:14There's no part of it that I'm not happy or proud to have been a part of.
0:29:14 > 0:29:19There's certainly a great deal to be proud of here, but it's not just the house that's had big changes.
0:29:19 > 0:29:22Outside Chris bought half an acre of land,
0:29:22 > 0:29:28so that, once the outbuildings were removed, they had views right across to the horizon.
0:29:28 > 0:29:35# Oh, give me land, lots of land under starry skies above
0:29:35 > 0:29:38# Don't fence me in.... #
0:29:38 > 0:29:42For the family, this job has been labour of love.
0:29:42 > 0:29:49Getting their new home just right stretched their original schedule from six to 13 months.
0:29:49 > 0:29:52Delays and high standards certainly don't come cheap.
0:29:52 > 0:29:57I think we had originally budgeted somewhere around about 200,000.
0:29:57 > 0:30:01By the time we built the garage and everything, we probably doubled,
0:30:01 > 0:30:05but there again, the house is worth it.
0:30:05 > 0:30:11- We may have come in nearer budget had we not personalised it so much. - Oh, absolutely.
0:30:11 > 0:30:17We could have finished three or four months ago and we would have had considerably less money outlaid,
0:30:17 > 0:30:19but as soon as you start personalising the house and
0:30:19 > 0:30:23changing it to exactly how you want it to be, the cost starts going.
0:30:23 > 0:30:26Bath tubs upped the price!
0:30:26 > 0:30:31Oh, yeah, I suppose if you've got odd things like the bathroom fittings.
0:30:31 > 0:30:34In the whole scheme of things, it's not too bad,
0:30:34 > 0:30:40but when you start paying thousands for a bathtub, it starts getting a bit silly, doesn't it, you know?
0:30:40 > 0:30:42But then, this is our house.
0:30:46 > 0:30:51Chris and Shirley originally bought the house for £630,000.
0:30:51 > 0:30:54With the redevelopment costing almost 400,000,
0:30:54 > 0:30:58that would take their spend to just over a million quid.
0:30:58 > 0:31:02So, will it impress two local property experts as much as it does me?
0:31:05 > 0:31:09To come here 15 months after the auction is just
0:31:09 > 0:31:14the most eye-opening moment I've had with property for a long, long time.
0:31:14 > 0:31:19It was always going to be quite a special house, but it's an absolute stunner.
0:31:19 > 0:31:21The finish is absolutely stunning.
0:31:21 > 0:31:24I can imagine the amount of effort and time that's gone in
0:31:24 > 0:31:26and it's a credit to all the workmen and the owners.
0:31:26 > 0:31:30I like the fact that it's light and airy.
0:31:30 > 0:31:35The views are obviously unbelievable and talk about panoramic! It's amazing.
0:31:35 > 0:31:39I think the amount of light that they've brought in now,
0:31:39 > 0:31:43especially with the light tiling and white paintwork and exposed beams, fantastic.
0:31:43 > 0:31:48And I think, when it's furnished especially, it will be amongst the best houses in the area.
0:31:48 > 0:31:52A house of this calibre would surely attract some top dollar interest,
0:31:52 > 0:31:57so if they decide to sell, who would be in the market for this incredible piece of Cornwall?
0:31:57 > 0:32:05I would market this to the London and European markets through our predominant two large websites.
0:32:05 > 0:32:09They seem to still have, despite the current economic climate,
0:32:09 > 0:32:12a disposable income for luxury homes, especially in this area.
0:32:12 > 0:32:18This will be... It really will be a wonderful house that will be worth over a million.
0:32:18 > 0:32:24How far over a million depends a little bit on good fortune when they take it to the market.
0:32:24 > 0:32:29Well, I think the most important thing is to affix a guide price that attracts interest
0:32:29 > 0:32:33and I would suggest a guide of probably £1.25 million.
0:32:33 > 0:32:36- It doesn't really matter too much to us, as it happens.- No.
0:32:36 > 0:32:40It's a house we're gonna live in. Had we been looking to turn a profit,
0:32:40 > 0:32:45it would have been a little bit difficult to make, well, a reasonable return at that.
0:32:45 > 0:32:48Chris and Shirley took on the cottage and extension
0:32:48 > 0:32:53and with their son, Calum, have transformed it into their dream home.
0:32:53 > 0:32:57A home as beautiful and spectacular as the countryside it's set in.
0:32:57 > 0:33:01Even on a dull, windy day, you know, the wind can be
0:33:01 > 0:33:05blowing and howling round the house, but it's still such a lovely space.
0:33:05 > 0:33:08The view that we've got here today, what's not to smile about?
0:33:17 > 0:33:22This is Yorkshire, where you can find some of the most striking scenery in the UK.
0:33:22 > 0:33:29I'm in Huddersfield, where there are over 1,600 listed buildings, so let's see what we have here today.
0:33:29 > 0:33:33So, this is Milnsbridge, three miles outside
0:33:33 > 0:33:38Huddersfield town centre and up for auction was a one-bedroomed house.
0:33:38 > 0:33:40It had a guide price of 50,000 quid.
0:33:40 > 0:33:42It has got to be worth a look.
0:33:44 > 0:33:49OK, straight into the lounge and, wow, look at that!
0:33:49 > 0:33:53I mean, a flagstone floor!
0:33:53 > 0:33:58How unusual! Well, I'm a big fan of original features, you know,
0:33:58 > 0:34:02but in this instance, I'd suggest you get rid of that.
0:34:02 > 0:34:06It's damp, it's cold, it doesn't work in a lounge, but you know what?
0:34:06 > 0:34:10It's worth money. If you can get the flagstones up without damaging them,
0:34:10 > 0:34:13that's probably worth to somebody about £600, £700,
0:34:13 > 0:34:16so replace it with a concrete floor with a damp-proof membrane,
0:34:16 > 0:34:20get rid of damp problems, and get 600 quid, which is a great start!
0:34:20 > 0:34:23The room is not a bad size. Lots of light from the windows.
0:34:23 > 0:34:26Stairs up to the bedrooms, more stairs down to the cellar.
0:34:26 > 0:34:30But the floor, that's the surprise.
0:34:30 > 0:34:36What's also a surprise is the shape of the kitchen because you come in here and the rear part of the house,
0:34:36 > 0:34:39it's almost like it's been sliced off at an angle.
0:34:39 > 0:34:43There's a small lane on the other side and, because this is the end terrace,
0:34:43 > 0:34:46they've just made the house fit in with the lane.
0:34:46 > 0:34:51What it does leave you with is an extremely unfortunate shape for your kitchen.
0:34:51 > 0:34:56Somebody's tried to put units in and make it fit. It's not a good job.
0:34:56 > 0:35:00The units don't even open. They have been put on wrong.
0:35:00 > 0:35:03But even with a bit of skill, it's going to take
0:35:03 > 0:35:07a bit of imagination to figure out how best to use this space.
0:35:12 > 0:35:16'Yeah, I reckon this is a problem for lateral thinkers to crack, because it's gonna be tough.
0:35:16 > 0:35:21'The saving grace is that the cellar could be a handy storage area,
0:35:21 > 0:35:24'because, let's face it, there's not a lot of space up here.'
0:35:24 > 0:35:29Well, not surprisingly, the weird shape continues upstairs, as you might expect.
0:35:29 > 0:35:32It doesn't affect the main bedroom, I'm delighted to say.
0:35:32 > 0:35:37That's a nice-sized space, but it starts to get really weird when you come here.
0:35:37 > 0:35:41The second bedroom, well, it's mainly taken up with the pathway
0:35:41 > 0:35:46through from the other bedroom to the bathroom, which is sort of stuck in this corner.
0:35:46 > 0:35:52Really not good. It's been used at some stage as a children's room or whatever, but totally unacceptable.
0:35:52 > 0:35:56I don't know what you could do to change the layout of this place.
0:35:56 > 0:35:59Here, you've got a bathroom, that's not in a bad state.
0:35:59 > 0:36:02But, really, you have got bigger things to worry about.
0:36:02 > 0:36:05How on earth can you make a house shaped like this work?
0:36:05 > 0:36:08'This is, strictly speaking, a one-bedroomed house.
0:36:08 > 0:36:13'That makeshift second bedroom is not ideal. If someone wants
0:36:13 > 0:36:17'to make this a proper two bedroom, they need planning permission.
0:36:17 > 0:36:21'Its position as an end of terrace dictates its odd internal layout.
0:36:21 > 0:36:26'Whilst some buyers might find the interior charming, others will be put off.
0:36:26 > 0:36:30'With a guide price of 50,000, it's difficult to see how anyone
0:36:30 > 0:36:32'could add value here.
0:36:32 > 0:36:36'I asked a local property expert what he thought of the place.'
0:36:36 > 0:36:40First impressions of the property - unusual.
0:36:40 > 0:36:43Quite an unusual shape. It's got limited potential,
0:36:43 > 0:36:47but with modernisation, I think you can make a nice house.
0:36:47 > 0:36:50'The house does need renovation.
0:36:50 > 0:36:52'What would he advise the new owners to do?'
0:36:52 > 0:36:55'I think it needs a complete makeover, to be honest.
0:36:55 > 0:36:57'Remodernisation completely.'
0:36:57 > 0:37:02Internally, new bathroom, kitchen, central heating system, redecoration, everything.
0:37:02 > 0:37:07That sort of refurbishment would add quite a bit to the £50,000 guide price,
0:37:07 > 0:37:10so is the location right for investing in?
0:37:10 > 0:37:14Milnsbridge is about 2½ miles out of Huddersfield. Its own little community, really.
0:37:14 > 0:37:19Lots of local amenities, good bus routes, good for first-time buyers and investors.
0:37:19 > 0:37:23On that subject, how much could someone make here?
0:37:23 > 0:37:26I would put this house on the market for £70,000.
0:37:26 > 0:37:30I would expect to rent this out for approximately £400 per month.
0:37:31 > 0:37:35There are lots of things I'd change with this house, but unfortunately,
0:37:35 > 0:37:39most revolve around the shape, which you can't do anything about.
0:37:39 > 0:37:44Still, I guess that's why it had a guide price of just 50,000 quid.
0:37:44 > 0:37:46Who fancied it when it went to the auction?
0:37:49 > 0:37:56Lot 163 is number three Crow Lane, Milnsbridge in Huddersfield.
0:37:56 > 0:37:59Start me where you will. 50,000, the guide price. 50?
0:37:59 > 0:38:0242 is bid here. Thank you.
0:38:02 > 0:38:05At £42,000. 43 I'll take.
0:38:05 > 0:38:0843, thank you. 43. 44.
0:38:08 > 0:38:1045.
0:38:10 > 0:38:1345. And six. 47 is bid.
0:38:13 > 0:38:16£47,000. 48 is it?
0:38:16 > 0:38:20At 47,000 on the left, out at the back. I'll take the half, yes.
0:38:20 > 0:38:2347 and a half. 48.
0:38:23 > 0:38:24And a half?
0:38:24 > 0:38:2648 on the left. 48 and a half?
0:38:26 > 0:38:29The bid is 48. One more, quickly?
0:38:29 > 0:38:34At 48,000 once, twice, the third opportunity. We're selling at 48,000.
0:38:34 > 0:38:37Sold, 48, number 82. Thank you.
0:38:40 > 0:38:47The winning bidder who got the lot for £2,000 below the guide price is a local man David.
0:38:47 > 0:38:49I met him to find out his plans.
0:38:49 > 0:38:51- David.- How do?- Nice to meet you.
0:38:51 > 0:38:56- Nice to meet you, too.- Well done. - Yeah.- You've got a very strange- shaped house!- Yeah.
0:38:56 > 0:38:58What are you going to do with it?
0:38:58 > 0:39:02Oh, we'll rent it out. There's quite a demand for this sort of property, cheap houses
0:39:02 > 0:39:06and when I finish with it, it will be all clean and it will be a reasonable amount of rent.
0:39:06 > 0:39:10We've got a lot of houses in the area, apartments and things,
0:39:10 > 0:39:14and they're extortionate rents and they just don't rent out.
0:39:14 > 0:39:18This will fill the niche in the market, like, you know?
0:39:18 > 0:39:23- OK. So what was it appealed about this particular one? - The price was very attractive
0:39:23 > 0:39:26and I thought I would have a little punt at it.
0:39:26 > 0:39:31I took the wife away down to London, see the lights, and did the deal as well, like, you know?
0:39:31 > 0:39:33Mix business and pleasure.
0:39:33 > 0:39:40- Yeah.- But the bright lights of the big city didn't blind David to the glaring problems here.
0:39:40 > 0:39:47- Tell me what you're going to do with this house.- We're going to take up the front floor because it's cold.
0:39:47 > 0:39:50It feels cold. And central heating, we'll have some central heating
0:39:50 > 0:39:55because like I say, with it being the end house I imagine it's got a cool feel to it.
0:39:55 > 0:39:57There's a few damp problems and things.
0:39:57 > 0:40:00I haven't really addressed it yet because once we get going, we'll know
0:40:00 > 0:40:04- where we're going when we start batting with it, you see? - What about the kitchen?
0:40:04 > 0:40:07Well, what it is, actually that kitchen isn't that old.
0:40:07 > 0:40:11I spoke to the person who used to own it and apparently it's only about three years old.
0:40:11 > 0:40:15And... It doesn't look the best, I know, but we'll have a look.
0:40:15 > 0:40:21- It's a weird shape, the kitchen. - There's nothing I can do about that. It's just one of those things.
0:40:21 > 0:40:23But hence that's the price it was, because of the shape of it.
0:40:23 > 0:40:27Its irregular shape meant he managed to get this place for an irregular price,
0:40:27 > 0:40:31but it could have turned out very differently.
0:40:31 > 0:40:36- Did you know about this house? - Yeah. I've been trying to buy it for about 12 months.
0:40:36 > 0:40:38- Really?- On and off, like, yeah.
0:40:38 > 0:40:43I put my offers in with the agents and one to another, and they must have lost my number or something!
0:40:43 > 0:40:48And it was a lot more money than what I paid for it on the day, like, you know?
0:40:48 > 0:40:52- 12 months ago, what were you willing to pay for it? - I was willing to pay 62.
0:40:52 > 0:40:59As David bought this for £48,000, that means he saved himself a whopping £14,000.
0:40:59 > 0:41:02So, will he therefore spend more on the renovation?
0:41:02 > 0:41:06I would like to get the whole deal, bought, finished and everything, no more than £55,000.
0:41:06 > 0:41:11- OK. Is that including your costs? - Everything. My buying costs, legal costs, everything.
0:41:11 > 0:41:14So, I think I am on budget now, I've got five grand left to spend on it.
0:41:14 > 0:41:20- Right.- But I'll be doing most of the work myself. And a lad that works for me, like.
0:41:20 > 0:41:22David's planning to do it all in three months,
0:41:22 > 0:41:30but I reckon that five grand budget might be stretched if he has any big plans for that upstairs layout.
0:41:30 > 0:41:33So, what about the little room that you have to go through to get to the loo?
0:41:33 > 0:41:36- You can't really call it a bedroom. - No, no.- It's a passageway.
0:41:36 > 0:41:41I bought the house with the intention of renting it out to one person
0:41:41 > 0:41:43and if I start... It will make a two bedroom.
0:41:43 > 0:41:47It is... But if I go to that expense I will not get any more rent for it
0:41:47 > 0:41:51because the one person, they'll lose it as their computer room or something.
0:41:51 > 0:41:53- So, you're going to leave it as it is?- I am going to leave it.
0:41:53 > 0:41:56- Well, get rid of the teddy bears! - Oh!- Yeah, yeah.
0:41:59 > 0:42:04What do you think about the area as a place to invest in?
0:42:04 > 0:42:06I think it's a good area.
0:42:06 > 0:42:10There is a bit of us snobbery about Milnsbridge, but it's right.
0:42:10 > 0:42:11Let them be snobbery about it.
0:42:11 > 0:42:15They're good houses at reasonable money.
0:42:15 > 0:42:19I have some houses in the next village up, Slaithwaite, and I had people say,
0:42:19 > 0:42:23I would like that house at Slaithwaite, and I'll say, I've got one in Milnsbridge,
0:42:23 > 0:42:26and they'll stick their nose up. Well, let them worry about it.
0:42:26 > 0:42:33As David already has some properties in the Milnsbridge area rented out, he knows the area and market.
0:42:33 > 0:42:36Although not a full-time developer, he's confident he can get this house
0:42:36 > 0:42:39to earn its keep despite the drawbacks with the layout.
0:42:39 > 0:42:41So, tell me a bit more about you.
0:42:41 > 0:42:46Well, I live local, about a quarter of a mile up the road, and basically that's what we do.
0:42:46 > 0:42:49I have a few houses that we renovate and all that sort of thing
0:42:49 > 0:42:54and I do work for other landlords and things and,
0:42:54 > 0:43:00like, basically the main core of the business is roofing and guttering, but we do like to stay on the ground
0:43:00 > 0:43:03now and again and everything's a challenge, like, you know?
0:43:03 > 0:43:05So, what happens next?
0:43:05 > 0:43:10Well, we'll get this house sorted out and get somebody in and then just see what this credit crunch job does
0:43:10 > 0:43:16and then I think prices will be a bit more reasonable then we'll be on then for another one then, like, you know?
0:43:16 > 0:43:20I am looking more forward to that than doing this house.
0:43:20 > 0:43:23The deal is actually getting the houses, that's the deal.
0:43:23 > 0:43:27Because that's where you make the money, isn't it? Actually buying the houses at the right money.
0:43:27 > 0:43:30The actual doing up bit, it's all that dust and that's not fun, is it, really?
0:43:35 > 0:43:40So, David finally gets the property he's been after for some time and he seems fairly clued up
0:43:40 > 0:43:42what he's going to do with the place,
0:43:43 > 0:43:47but I'm still not convinced he can make this very strange-shaped house work.
0:43:47 > 0:43:50You can find out how he gets on later in the show.
0:43:53 > 0:43:58So, did our buyers have their eyes open when they made their bids?
0:43:58 > 0:44:00Were they blind to the hidden pitfalls?
0:44:00 > 0:44:03Or did they see the true potential of the projects?
0:44:03 > 0:44:05Let's find out.
0:44:06 > 0:44:09It's been two months since Mary, Seamus and daughter Elizabeth
0:44:09 > 0:44:14bought this large one-bedroom flat in Kensal Green, north west London.
0:44:14 > 0:44:19They paid 207,000, about 67,000 over the guide price.
0:44:19 > 0:44:23The plan was to convert it into a two-bedroomed flat and they were going to
0:44:23 > 0:44:27project manage the renovation from their home in Ireland.
0:44:27 > 0:44:30But, with their experience, I don't think they needed any of
0:44:30 > 0:44:34that famous luck of the Irish to get this job complete.
0:44:39 > 0:44:44The renovation is now done and the lounge is a fresh, airy space.
0:44:46 > 0:44:49The bedroom has now been transformed
0:44:49 > 0:44:52and the kitchen...
0:44:52 > 0:44:58Well, now the flat is a two-bed with the old bathroom replaced by a new kitchen.
0:45:03 > 0:45:08At the rear of the flat we've now got a new bedroom, which is our new double second bedroom.
0:45:08 > 0:45:13What we've actually done is we've moved the wall that was in
0:45:13 > 0:45:18the original bathroom and also moved the wall in the original box room
0:45:18 > 0:45:24and we have just basically moved the middle room just about a couple of feet, shunted it over, and just
0:45:24 > 0:45:30changed the doorway which makes the back room slightly smaller, but it's a perfectly sized double bedroom.
0:45:30 > 0:45:33Our new kitchen is now in the middle and we now have
0:45:33 > 0:45:37a bathroom on the other side and it has worked very well.
0:45:37 > 0:45:42Mary and Seamus have certainly got the best out of the back room arrangements here.
0:45:42 > 0:45:45That second bedroom will definitely appeal to future tenants.
0:45:45 > 0:45:48As the family project managed from Ireland,
0:45:48 > 0:45:52this was their very first visit to inspect the finished result.
0:45:52 > 0:45:58When I first walked in I thought, no, I did like it. I mean, I have had the colour scheme and the
0:45:58 > 0:46:01flooring, I have seen that before, so I know what it's going to look like.
0:46:01 > 0:46:04I was pleased with the actual kitchen.
0:46:04 > 0:46:09I do think the bathroom is slightly quite small, but it's functional, it serves its purpose.
0:46:09 > 0:46:13It was kind of was what I expected, basically. It was very nice.
0:46:13 > 0:46:20We sort of did similar properties before and kept the same theme and I was very happy with it.
0:46:20 > 0:46:25So, that's the adults happy, but there's still daughter Elizabeth.
0:46:25 > 0:46:30She may be the smallest member of the team, but could well have the biggest opinion.
0:46:30 > 0:46:35For a flat, I think it's big and the kitchen is really nice
0:46:35 > 0:46:39and the bedrooms are nice and everything's really nice.
0:46:39 > 0:46:42Well, it got past that quality control test, then!
0:46:42 > 0:46:44With Mary and Seamus managing the project from Ireland,
0:46:44 > 0:46:49they had to rely on their builders to follow and understand their needs.
0:46:49 > 0:46:56I had planned to come over at least once, but didn't manage it, so it's always a bit of a worry.
0:46:56 > 0:47:03I mean, I would ring him on a regular basis or email him just to find out how things were going,
0:47:03 > 0:47:08but he always gave me the confidence to say, no, everything is fine, it's all going to plan, so we just had to
0:47:08 > 0:47:13wait and see, really, and we were relatively pleased when we came over.
0:47:13 > 0:47:17Emails are useful for keeping in touch, but surfing the net
0:47:17 > 0:47:21is also a great way of finding those all-important savings.
0:47:21 > 0:47:25Oh, the biggest bargain I had was the fireplace.
0:47:25 > 0:47:32The builder had been getting quotes at about £1,400, £1,500 and I then went on an auction site and looked
0:47:32 > 0:47:38and one weekend I was just searching and I got this fireplace for £350 and I was absolutely delighted with it.
0:47:38 > 0:47:41The new fireplace certainly adds character to the living room.
0:47:41 > 0:47:45Now it's complete, Mary and Seamus plan to rent the flat out.
0:47:45 > 0:47:50Did they manage to stick to their £25,000 budget?
0:47:50 > 0:47:56Overall, I think it's about £32,000, the actual building works were in the flat.
0:47:56 > 0:47:59I sat down to actually work it out what the total cost, with the price,
0:47:59 > 0:48:05buyer's premium, everything, and it just comes in at just under £250,000.
0:48:05 > 0:48:11Mary and Seamus know their market, but have they got the best value out of this renovation?
0:48:11 > 0:48:15We asked two local estate agents what they thought of it.
0:48:17 > 0:48:19I was absolutely amazed and coming back today,
0:48:19 > 0:48:23having a look at the flat, it's a complete, complete transformation.
0:48:23 > 0:48:24Absolutely fantastic.
0:48:24 > 0:48:26First impressions are very good.
0:48:26 > 0:48:29Very bright, very neutral and the work looks to have
0:48:29 > 0:48:32been done to a good standard and, yes, I think it looks very good.
0:48:32 > 0:48:35The space has been done well and you've still got two double
0:48:35 > 0:48:40bedrooms, you've got a kitchen which is a good size and you've still got a good sized bathroom.
0:48:40 > 0:48:42They have actually created a second bedroom.
0:48:42 > 0:48:45I think the way it's been done is absolutely superb.
0:48:45 > 0:48:48The simple reason being is they've got two double bedrooms.
0:48:48 > 0:48:51Whether it be for sale or for let,
0:48:51 > 0:48:53people want two double bedrooms.
0:48:53 > 0:48:55Positive feedback.
0:48:55 > 0:49:01After their £250,000 spend, what could Mary and Seamus expect their rental income to be?
0:49:01 > 0:49:06If I was to put this property on the market for rent per week, I would be asking £330.
0:49:06 > 0:49:12If I was going to rent this property out, I would expect to achieve £325 per week.
0:49:12 > 0:49:15I think that's a very good rental, isn't it?
0:49:15 > 0:49:17I was thinking about £300
0:49:17 > 0:49:19as a rental
0:49:19 > 0:49:24from our experience, but maybe because it's newly renovated
0:49:24 > 0:49:28it might have a premium because of that, but I think if we get £325 I'll be delighted, wouldn't you?
0:49:28 > 0:49:30Absolutely, yeah. Fantastic.
0:49:30 > 0:49:37That would give them a yield of about 7%, but should they decide to sell, what could they achieve?
0:49:37 > 0:49:44If I was going to put this property up for resale, I would expect it to achieve £300,000.
0:49:44 > 0:49:46If I was going to put the property on the market,
0:49:46 > 0:49:52I'd put it on at £320,000 and I'd be expecting to achieve a figure, you know, just around the 300 mark.
0:49:52 > 0:49:55I think £300,000 is a fair valuation because the research
0:49:55 > 0:50:03we did on the internet came up and the area is about £300,000 to £330,000 or whatever in the area.
0:50:03 > 0:50:06So, I think that's a fairly good valuation.
0:50:06 > 0:50:11That would make them a possible £50,000 pre-tax profit, but maybe we
0:50:11 > 0:50:15should leave the final word to the person with the biggest say.
0:50:15 > 0:50:20It's a nice flat, bright and I think it will make a lot of money.
0:50:23 > 0:50:31Earlier, local man David bought this one-bedroomed house in Milnsbridge near Huddersfield for £48,000.
0:50:31 > 0:50:36The price was good, but the triangular-shaped rear meant options were limited.
0:50:40 > 0:50:44Nothing I can do about that. It's just one of those things, isn't it?
0:50:44 > 0:50:47But hence that's the price it was, because of the shape of it.
0:50:47 > 0:50:51David was determined the limits of the house weren't going to restrict his investment,
0:50:51 > 0:50:58so seven months later we returned to see if he'd managed the impossible and somehow added value.
0:51:03 > 0:51:07Well, the living area now looks entirely new and fresh.
0:51:13 > 0:51:15And that kitchen?
0:51:15 > 0:51:20Well, David has managed to create a good kitchen space without doing any major structural work.
0:51:20 > 0:51:24A creative solution to the limited options here.
0:51:27 > 0:51:29This is one of the rooms I'm most chuffed with.
0:51:29 > 0:51:36I wanted to achieve a dining kitchen, but obviously with the shape of the property it was not achievable.
0:51:36 > 0:51:41To get all the appliances down this side would not fit them all in, so we've had to lend itself to this.
0:51:41 > 0:51:48But, hopefully, the tenant that takes the property will be chuffed with it, hopefully, as much as I am.
0:51:48 > 0:51:50David certainly has something to be proud of here,
0:51:50 > 0:51:55but it's upstairs that should really have him puffing out his chest.
0:51:55 > 0:51:58I didn't think it could be done, but he's succeeded in utilising
0:51:58 > 0:52:05the space up here to create a modern bathroom and that value adding second bedroom.
0:52:05 > 0:52:09I realised that I had to create a two-bedroomed property to get the greater return on it
0:52:09 > 0:52:14so what we've done is we've stolen two foot off the master bedroom, brought the partitions over
0:52:14 > 0:52:20by two foot to create a reasonable sized second bedroom, and also create a minimum bathroom suite and,
0:52:20 > 0:52:25hopefully, owing to the shape of this property, in my opinion, that's the best I could get out of it.
0:52:25 > 0:52:29David seems to have rescued the house from the curse of its poor layout.
0:52:29 > 0:52:30Moving the bathroom and creating that second bedroom
0:52:30 > 0:52:38will certainly widen the appeal, if not the size, of the place, but the problems didn't stop there.
0:52:38 > 0:52:42I found... What it was with this property, everything was like half OK.
0:52:42 > 0:52:45The wiring was half OK, so I was hoping that the electrician would be able to alter it to suit,
0:52:45 > 0:52:49but he said, no, we've got to have it up to regs,
0:52:49 > 0:52:54so then one thing leads to another so we've had to rewire it, replaster it,
0:52:54 > 0:52:59renew this floor, renew the lounge floor, the kitchen floor.
0:52:59 > 0:53:02There was a bit of woodworm in the back bedroom,
0:53:02 > 0:53:09we had to renew that and treat the joists, that damaged the ceiling so we had to replaster it all
0:53:09 > 0:53:13and we've had to check over the roof and new gutters.
0:53:13 > 0:53:16And a bit of new joinery because by the time we'd mucked about with the old doors
0:53:16 > 0:53:21you've got to spruce it up and make it a bit modern, so we put some pine doors on it,
0:53:21 > 0:53:25to make it more modern sort of thing, and redecorate it through.
0:53:25 > 0:53:28David has done a really great resuscitation job.
0:53:28 > 0:53:33He's also fixed the living room joists, allowing the ceiling height of the cellar to be raised.
0:53:33 > 0:53:38Unfortunately, all that unplanned work must have increased the original five grand budget.
0:53:38 > 0:53:40One thing leads into another.
0:53:40 > 0:53:45And if you're going to spend £1,000 and it's wasted, why not spend £2,000 to get some return?
0:53:45 > 0:53:48I realised £5,000 wasn't even going to scratch it.
0:53:48 > 0:53:52One thing led to another and the wife saying, we can't put it out like that!
0:53:52 > 0:53:57So, we've got carried away and, with all fairness, there have been some good deals round.
0:53:57 > 0:53:59We've got a good bathroom suite there,
0:53:59 > 0:54:04ex-display, an ex-display kitchen and so it was silly not to put these in.
0:54:04 > 0:54:07I reckon it will have cost me a total of, with the bank charges and
0:54:07 > 0:54:11everything, it will cost me approximately £12,000.
0:54:11 > 0:54:17David bought the house for £48,000, so that will have pushed his total spend to 60.
0:54:17 > 0:54:20As for his planned turnaround of three months, well, David's
0:54:20 > 0:54:25other properties needed urgent maintenance work, so this one was put on the back burner.
0:54:25 > 0:54:29Eventually, he completed the renovation in six months.
0:54:32 > 0:54:37So, despite the overrun and overspend, will two
0:54:37 > 0:54:41local property experts think that David's efforts have paid off?
0:54:41 > 0:54:44When I was here last it was a dilapidated
0:54:44 > 0:54:47property, run down, needed an awful lot of work doing on it.
0:54:47 > 0:54:49Now there's a complete transformation.
0:54:49 > 0:54:52First impressions of the property are OK. It's in a reasonable order.
0:54:52 > 0:54:55Not bad overall.
0:54:55 > 0:55:01Positives are larger than average sized kitchen, which is done to a good standard.
0:55:01 > 0:55:06I'd say one of the negatives, though, would be the bathroom carpet.
0:55:06 > 0:55:10We wouldn't recommend putting carpet in bathrooms, especially in a rental property.
0:55:10 > 0:55:16Wet carpets could indeed be a problem, but has the new layout unlocked hidden value here?
0:55:16 > 0:55:20I think that's really key. The market's very tough at the moment.
0:55:20 > 0:55:24the extra bedroom will make all the difference, whether it be first time buyer, renter or investor.
0:55:24 > 0:55:30As David plans to rent this house out, what section of the market would it appeal to?
0:55:30 > 0:55:33First time buyers that aren't jumping into the sales market at the moment
0:55:33 > 0:55:37are looking for affordable rental property and this definitely fits the bill.
0:55:37 > 0:55:39So, what are the possible returns here?
0:55:39 > 0:55:43What could David achieve in rental?
0:55:43 > 0:55:47For rental purposes, I would value the property at £400 to £425 per calendar month.
0:55:47 > 0:55:51It would probably achieve somewhere between £425, £440 a month.
0:55:51 > 0:55:53I don't think they're very achievable, really.
0:55:53 > 0:55:56I find... I've got quite a few properties up the Colne Valley
0:55:56 > 0:56:00and I find once you get over 400 a calendar month, it loses the legs.
0:56:00 > 0:56:04If I rent this out, in my opinion, at £360, hopefully the tenants are going to be happy, they're going
0:56:04 > 0:56:08to be right with me, they're going to pay me my rent and everybody's happy.
0:56:08 > 0:56:15David spent £60,000, so what could he expect if he decides to sell?
0:56:15 > 0:56:19On the open market I would value it for selling at £65,000 to £70,000.
0:56:19 > 0:56:24I would probably be placing a house like this on the market in the region of £70,000 to £75,000.
0:56:24 > 0:56:30So, should David change his mind, that would give him a potential pre-tax profit of £15,000.
0:56:30 > 0:56:36With this successful conversion and several other properties on the go, does David have more plans to buy,
0:56:36 > 0:56:39or does that depend on the shape he's in?
0:56:39 > 0:56:42I think I'm still young enough, like, you know?
0:56:42 > 0:56:49And I have customers that are still buying and they're 70-odd years plus and they still get a buzz out of it.
0:56:49 > 0:56:52So, hopefully, when I get to 70-odd I'll still get the buzz out of it.
0:56:54 > 0:56:59Well, that's it! Join us next time for more action from the auction on Homes Under The Hammer.
0:56:59 > 0:57:01- See you next time.- Goodbye.- Goodbye.
0:57:05 > 0:57:07Subtitles by Red Bee Media Ltd
0:57:07 > 0:57:08E-mail subtitling@bbc.co.uk