0:00:02 > 0:00:08- Bricks and mortar have always been seen as a solid investment.- But don't let them collapse around you,
0:00:08 > 0:00:16- taking your bank balance with them. - Do the research, check your finances and you can still find some deals.
0:00:42 > 0:00:46Many buyers have their own tactics when they go to the auction.
0:00:46 > 0:00:50Some prefer to sit at the front, others hide at the back
0:00:50 > 0:00:56- and others like to be a bit discreet and bid over the phone.- A wink or a wave, the result is the same.
0:00:56 > 0:01:00Here's what attracted today's buyers.
0:01:00 > 0:01:05The more you explore at this terrace in Cheshire, the more surprises!
0:01:05 > 0:01:09Outside doesn't look too much. Inside, it's great.
0:01:09 > 0:01:15There's a flat in London with great views, big rooms and more.
0:01:15 > 0:01:19What I like about this flat is that there's scope to improve.
0:01:19 > 0:01:27And behind the grey exterior of this Torquay property is a colourful survivor of the psychedelic '60s!
0:01:27 > 0:01:30Remodel this kitchen? No!
0:01:31 > 0:01:38All of these properties went to auction and we'll find out who bought them and what they paid.
0:01:42 > 0:01:47I've come to Carbrook Village near Stalybridge in Greater Manchester.
0:01:47 > 0:01:52It's a stunning location where life drops down a gear.
0:01:52 > 0:01:57It even ahs its own bowling green and a babbling brook.
0:01:57 > 0:02:03So what was up for auction? Well, it's a terraced house two miles from Stalybridge,
0:02:03 > 0:02:081.5 miles from Peak District National Park. Sounding good.
0:02:08 > 0:02:13Sadly, from the outside, a bit of a disappointment.
0:02:14 > 0:02:19It's the last one in the terrace and was guided at £65,000-£70,000.
0:02:19 > 0:02:25Next door is a working men's club and all the houses are in a conservation area.
0:02:26 > 0:02:33But why is this one boarded up? The roof and walls look sound. Time to check out the inside.
0:02:36 > 0:02:39You never know quite what to expect,
0:02:39 > 0:02:43but actually... I love the floor. Absolutely fantastic.
0:02:43 > 0:02:47Shame that somebody's had a go at taking this out.
0:02:47 > 0:02:53I love there being a porch there. It stops the draught from the lounge.
0:02:53 > 0:02:58Good-sized space. Put a fire in and restore the floor if you can.
0:02:58 > 0:03:00It goes on.
0:03:00 > 0:03:04OK, stairs up there and then... nice.
0:03:04 > 0:03:08I mean, really nice. A huge kitchen. It's almost a kitchen dining room.
0:03:08 > 0:03:13It would make a lovely family room. It's a bit of a TARDIS. Outside,
0:03:13 > 0:03:17doesn't look too much, inside...it's great!
0:03:17 > 0:03:22'It really is! The proportions are generous. So far, so good.
0:03:22 > 0:03:26'This is shaping up to be a lovely family home.'
0:03:26 > 0:03:32Here are some real surprises. A good-sized double bedroom and another one here.
0:03:32 > 0:03:36And the bathroom and loo are upstairs. Absolutely fantastic.
0:03:36 > 0:03:42Look at these doors. Brilliant. Listen to me - look at these doors.
0:03:42 > 0:03:48Absolutely beautiful. When that's stripped back, that is going to be spectacular. Trust me, OK?
0:03:48 > 0:03:53The room itself, well, reasonable condition apart from over this side.
0:03:53 > 0:03:57Look at this. I don't know what is going on here.
0:03:57 > 0:04:01That is quite serious. A couple of other nice touches.
0:04:01 > 0:04:05The window - this pane is broken, so all this leadwork is gone,
0:04:05 > 0:04:12but, overall, leave some of the features if you can and it's a great size.
0:04:12 > 0:04:19'It's also great that the bathroom is already on this floor, plus two bedrooms that are good doubles,
0:04:19 > 0:04:24'but if this deceptively-large property is to become a family home,
0:04:24 > 0:04:29'some outside space would be a bonus. How do I get out the back?'
0:04:31 > 0:04:37I'd like to show you outside, but someone's done a pretty good job of securing the back door.
0:04:37 > 0:04:42It's like a display panel for security products.
0:04:42 > 0:04:44Wow.
0:04:44 > 0:04:50'When you've attacked this lot with a bolt cutter, or find the keys for each lock,
0:04:50 > 0:04:55'you're not exactly rewarded, but you do get this communal area.
0:05:00 > 0:05:03'I'm keen to find out
0:05:03 > 0:05:09'what a local estate agent thinks of this house that had a guide price of £65,000-£70,000.
0:05:09 > 0:05:14'What does he think is the first job here to bring it up to scratch?'
0:05:16 > 0:05:19It needs quite a bit of work.
0:05:19 > 0:05:24We've seen worse, but it does need an overhaul, central heating,
0:05:24 > 0:05:28new bathroom and new kitchen, probably a rewire.
0:05:28 > 0:05:32Whoever buys it has to consider it is a conservation area.
0:05:32 > 0:05:36Things like windows... I'm pretty sure they can put UPVC in,
0:05:36 > 0:05:39but they'd have to check it was OK.
0:05:39 > 0:05:43'It's a bit deceptive from outside. It doesn't look much at all,
0:05:43 > 0:05:48'but when you get inside there is quite a pleasant surprise.
0:05:48 > 0:05:55'At that £65,000-£70,000 guide price, is there a profit to be made from this two-bed house?'
0:05:56 > 0:06:04I think if it was renovated to a good standard, we'd be looking in this market to £110,000-£115,000.
0:06:04 > 0:06:08Slightly less than they did achieve, but it reflects the market.
0:06:08 > 0:06:14OK, prices have fallen, but one thing that hasn't changed is the beautiful location,
0:06:14 > 0:06:16right by the Peak District.
0:06:16 > 0:06:20What you're buying into here is the area. How lovely is this?
0:06:20 > 0:06:24And the house itself? First looks can be deceiving.
0:06:24 > 0:06:28It's great. Big rooms. Yes, it needs a bit of work,
0:06:28 > 0:06:32but it's at a great price. Let's see who bought it.
0:06:32 > 0:06:38Lot number 108 is in Carbrook near Stalybridge.
0:06:38 > 0:06:42Terraced house, vacant possession.
0:06:42 > 0:06:46Where shall we begin? 40? I'll take 35, then.
0:06:46 > 0:06:49No? I'll take 30.
0:06:49 > 0:06:5430 anywhere? Thank you, sir. Looking for 35,000.
0:06:54 > 0:06:5835 there. Thank you. 40, sir? 40.
0:06:58 > 0:06:5941? 42?
0:06:59 > 0:07:0243. 44?
0:07:03 > 0:07:0644. Do I see 45, then?
0:07:06 > 0:07:0945 there. 50, sir?
0:07:09 > 0:07:11No? New bidder.
0:07:11 > 0:07:15Is that 50, sir? 51, can I say? 51 I have.
0:07:15 > 0:07:1852. 53. 54.
0:07:18 > 0:07:2055. 56.
0:07:20 > 0:07:2257.
0:07:22 > 0:07:25Is that 57? 57 I have. 58?
0:07:25 > 0:07:2859. 60.
0:07:28 > 0:07:3261? 61,000? And I have it. 62?
0:07:32 > 0:07:3463. 64.
0:07:34 > 0:07:3765? No? 64 with you, then, sir.
0:07:39 > 0:07:4264 and a half any help? Yes, it is. 65, sir?
0:07:42 > 0:07:4865 and a half? No? It's with you, sir, at £65,000 for the first time.
0:07:48 > 0:07:51Second time. Third and final time.
0:07:51 > 0:07:56After that rather frantic auction, Mark was the winning bidder.
0:07:56 > 0:08:00He paid the bottom of the guide price - £65,000.
0:08:00 > 0:08:06I arranged to meet up with him to find out what he planned to do with his purchase.
0:08:06 > 0:08:11- Mark, congratulations.- Thank you. - I like this little house.- Thank you.
0:08:11 > 0:08:15- Obviously, you do.- Yep. - What struck you about it?
0:08:15 > 0:08:22The main thing was the area. A little stream, a conservation area, a lot of effort put in.
0:08:22 > 0:08:26And bigger than you think inside. Not a bad little house.
0:08:26 > 0:08:28Tell me a bit more about you.
0:08:28 > 0:08:35I work in acute medical wards, which tends to be people who are quite poorly when they come in.
0:08:35 > 0:08:39We stabilise them and hopefully send them home.
0:08:39 > 0:08:42- So you're a male nurse.- Yes.- Great.
0:08:42 > 0:08:47- Which hospital?- Stepping Hill. - That's in Manchester?- Stockport.
0:08:47 > 0:08:53- How did you get into property? - Well, I've been watching the show. - Great!- You've inspired me.
0:08:53 > 0:08:58It's something I've wanted to do and you have to take the plunge.
0:08:58 > 0:09:02- SO is this the first time? - First time I've bid at an auction.
0:09:02 > 0:09:08I've actually bought one before, but I made an offer prior and that was accepted.
0:09:08 > 0:09:12First time I've had the thrill of it and the fear.
0:09:12 > 0:09:16- You got it at the bottom end. - Yeah, I was lucky with that.
0:09:16 > 0:09:21- They rejected a higher offer prior to auction.- From who?- Me.
0:09:21 > 0:09:28- Really?- Yeah. Wouldn't take it. - What did you offer?- 70.- So you saved yourself five grand.- Yeah.
0:09:28 > 0:09:33'That was a very useful and substantial saving for Mark
0:09:33 > 0:09:39'as he had to pay a further £3,500 on top of his purchase price to cover the seller's legal fees.
0:09:39 > 0:09:44'Luckily, he had spotted that clause in the legal pack.
0:09:44 > 0:09:48'An additional cost like that can eat into your budget.'
0:09:48 > 0:09:56- Did you see it before you bought it? - Just the outside. I know it's a no-no.- Tsk, tsk!
0:09:56 > 0:10:02But even with everything missing, it would be worth it, even with stairs missing.
0:10:02 > 0:10:06- You must have been quite pleased when you saw it.- It's not bad.
0:10:06 > 0:10:09The rooms are a really nice size.
0:10:09 > 0:10:14- It's tiny looking from outside, but it's great.- I was surprised.
0:10:14 > 0:10:19The gentleman next door invited me in so I got an idea of the sizes.
0:10:19 > 0:10:24That's a good idea. It's not always possible to view a property.
0:10:24 > 0:10:31It may be unsafe, so if you can't physically get in, inspect it from the outside and chat to a neighbour.
0:10:31 > 0:10:35What's the big plan? What are you going to do?
0:10:35 > 0:10:42Most likely is to rent it out. I don't want it on the market for ages, losing potential money.
0:10:42 > 0:10:47That's the most likely thing. Someone is interested in it.
0:10:47 > 0:10:52- Great.- I'll see what the interest is. For a decent offer, I'll sell.
0:10:52 > 0:10:54Talk me through it.
0:10:54 > 0:10:59Well, new kitchen in here, up to a good standard, tiled floor.
0:10:59 > 0:11:06Central heating everywhere. Just make good everywhere. Nice, new bathroom.
0:11:06 > 0:11:12Possibly oak flooring out there. Or I may leave them flags down if I get them to a good standard.
0:11:12 > 0:11:17They're beautiful. You've got issues potentially with damp, but...
0:11:17 > 0:11:21- That's it. - But they would be spectacular.
0:11:21 > 0:11:23Yeah.
0:11:24 > 0:11:32'But the flagstones are just another addition to the To Do list that includes windows and doors.'
0:11:32 > 0:11:38- Where do you live?- Miles away in Salford.- Ooh. That's the other side of Manchester.- It is, yeah.
0:11:38 > 0:11:42Personally, I won't do too much. I'm useless at DIY.
0:11:42 > 0:11:48But I've got some good people that have worked with me over the years.
0:11:48 > 0:11:52I can leave them to it and trust them.
0:11:52 > 0:11:56- Any idea how much you need to spend? - About £20,000 altogether.
0:11:56 > 0:11:58- That's quite healthy.- Yeah.
0:11:58 > 0:12:04- Timescale? - I'm hoping to maybe do it within 10 weeks, something like that.
0:12:04 > 0:12:11- Ever think this will replace your career as a nurse?- No, I love medicine, so I'll stay in that.
0:12:11 > 0:12:17- Good luck with it. I hope it turns out great.- Lovely. - Nice to meet you.- Cheers.
0:12:17 > 0:12:24'You can't see the potential of this house from the outside, but has Mark made a visionary purchase?'
0:12:24 > 0:12:28I think Mark has bought really well with this place
0:12:28 > 0:12:34and he's going to inject it with that tender, loving care it definitely needs
0:12:34 > 0:12:40and nurse it back into life. Still, he lives a fair distance away and has to manage the project
0:12:40 > 0:12:47at the same time as doing his job. That can wreak havoc with your timescales and time is money.
0:12:47 > 0:12:51Find out how he gets on later in the show.
0:12:54 > 0:12:58I'm in London, just walking distance from the City,
0:12:58 > 0:13:03the South Bank and the shops and theatres in the West End.
0:13:05 > 0:13:10This is Borough in south-east London, home to London's oldest food market
0:13:10 > 0:13:14and also the chosen location for Bridget Jones's Diary.
0:13:14 > 0:13:20I wonder if Colin Firth and Hugh Grant are still somewhere around? Well, a girl can only hope.
0:13:20 > 0:13:26Anyway, I'm here to see a two-bedroom flat in this block.
0:13:26 > 0:13:30It's accessed off the street through this big archway here.
0:13:30 > 0:13:34'It went to auction guided at £220,000-£240,000.
0:13:34 > 0:13:39'It's in a building that was built in 1886.'
0:13:41 > 0:13:45So off the main drag and you're in this courtyard.
0:13:45 > 0:13:51A little kid's play area, some parking, and this lovely big old Victorian building.
0:13:51 > 0:13:56It's all looking rather good, but the flat is on the third floor.
0:13:57 > 0:14:01And there's no lift. I'll see you up there.
0:14:01 > 0:14:07'All these stairs might put some buyers off, but at least you're away from the traffic.
0:14:07 > 0:14:10'I wouldn't fancy lugging my shopping up here, though.'
0:14:10 > 0:14:15Well...after all those flights of stairs, I need my breath back.
0:14:15 > 0:14:20I don't get bored with nosing in old properties like this. I love it.
0:14:20 > 0:14:27Walking in, you've got two really good-sized bedrooms here with lovely old sash windows.
0:14:27 > 0:14:30You've got a nice reception room.
0:14:30 > 0:14:36It looks as though somebody has started stripping the wallpaper off. You could have a feature fireplace.
0:14:36 > 0:14:43But really it's just a blank canvas to work with, although I would invest in some window covering -
0:14:43 > 0:14:49some blinds or some curtains - because you look straight across into the other people's flats.
0:14:53 > 0:14:59'The double-glazed window does let a lot of light in to this room
0:14:59 > 0:15:03'and the sash window in the second bedroom is also double-glazed.
0:15:03 > 0:15:07'The kitchen is pleasant and bright, but needs some work.'
0:15:07 > 0:15:11This is an enormous kitchen! Easily a kitchen diner.
0:15:11 > 0:15:15But it's got this weird suspended ceiling! What was that used for?!
0:15:15 > 0:15:18I'd rip that out straight away.
0:15:18 > 0:15:23It's a room that could look great with some clever kitchen design.
0:15:23 > 0:15:28There's enough space for wall units, but I'd take this stud wall out
0:15:28 > 0:15:32and use this hallway space to make it more open plan.
0:15:33 > 0:15:40'The bathroom's dated and needs refurbishment, but it's a reasonable size with scope to increase it.'
0:15:41 > 0:15:46This cupboard really excites me. It's right next to the bathroom.
0:15:46 > 0:15:51I'm visualising a huge separate shower or wet room.
0:15:51 > 0:15:54The only drawback is this gas meter will have to move.
0:15:54 > 0:15:58That's expensive and you do need permission.
0:15:58 > 0:16:02This hot water tank can be replaced with a combi boiler.
0:16:02 > 0:16:07What I like about this flat is there's scope to improve and add value.
0:16:07 > 0:16:09'And it has an extra bonus.'
0:16:11 > 0:16:17There's one more flight of stairs above the flat and it leads you up to this!
0:16:17 > 0:16:21It's like the chimney sweep scene from Mary Poppins! I'm on the roof!
0:16:21 > 0:16:27It's somewhere you can come out, get fresh air, hang your washing and just look at that view -
0:16:27 > 0:16:30right across London.
0:16:32 > 0:16:36'I do like this two-bedroom flat, but how will an estate agent react
0:16:36 > 0:16:38'when he sees inside?'
0:16:38 > 0:16:41It's a really good little flat.
0:16:41 > 0:16:46The rooms are all fairly well-proportioned.
0:16:46 > 0:16:49A good-sized kitchen and potentially great bathroom.
0:16:49 > 0:16:54There's lots of pros with the flat and although it's a walk up
0:16:54 > 0:16:57it's got great light.
0:16:57 > 0:17:01'To maximise the potential, where should you start?'
0:17:01 > 0:17:07I think really it's just a case of concentrating on the main rooms, the big selling points -
0:17:07 > 0:17:11the kitchen and the bathroom. Just put really good fittings in.
0:17:11 > 0:17:18With the bedrooms and reception room, maybe have a nice fireplace as a focal point.
0:17:18 > 0:17:22Just nice wooden floors, clean neutral colours, that's it.
0:17:22 > 0:17:24Contemporary, but nice.
0:17:24 > 0:17:31'There's lots of room for improvement, but you'd need to budget for unexpected problems.
0:17:31 > 0:17:37'This block was built in 1886. Once refurbished, are the prospects good for a buy-to-let investor?'
0:17:37 > 0:17:41Absolutely great area for rental. Long-term investment is really good.
0:17:41 > 0:17:49Very central, close to transport. You've got two equally-sized bedrooms and a reasonable living space.
0:17:49 > 0:17:56In terms of rental income, you'd probably be looking at £1,300-£1,400 per calendar month.
0:17:56 > 0:18:02'So renting is a possibility, but once renovated how much could the flat sell for?'
0:18:02 > 0:18:08I'd value this property between £320,000 and £330,000.
0:18:09 > 0:18:13'Well, note to self: there could be a profit here!'
0:18:13 > 0:18:19I think this flat, with a bit of a spruce up, a new kitchen and bathroom and some decoration,
0:18:19 > 0:18:25would suit Bridget Jones rather well, but was it a thirtysomething singleton who bought this flat?
0:18:25 > 0:18:27Find out as we head to auction.
0:18:27 > 0:18:34Lot 299 is 30 Douglas Buildings, Mint Street.
0:18:34 > 0:18:37Leasehold, self-contained third-floor flat.
0:18:37 > 0:18:42180? Sounds cheap. 180, thank you. 185, may I say?
0:18:42 > 0:18:45185. 190? 90.
0:18:45 > 0:18:48195? 195.
0:18:48 > 0:18:51200? 200. 205?
0:18:51 > 0:18:54205. 210? 210.
0:18:54 > 0:18:58215? No. 210 I have. 215 anywhere else?
0:18:58 > 0:19:01215. 220? No.
0:19:01 > 0:19:03Third call, sir.
0:19:03 > 0:19:08217 and a half anywhere else? 217 and a half. 220?
0:19:08 > 0:19:12220. 222 and a half? 22 and a half with you. 25?
0:19:12 > 0:19:1525. 27 and a half? 27 and a half.
0:19:15 > 0:19:1930. 32 and a half? 32 and a half. 35, thank you.
0:19:19 > 0:19:2237 and a half. 40?
0:19:22 > 0:19:26Strange place to stop. 240 anywhere else?
0:19:27 > 0:19:31No? For the first time with you, sir, at £237,500.
0:19:31 > 0:19:36And the second time. Third and final time. All done?
0:19:36 > 0:19:40Sold to you, sir. Very, very happy customer!
0:19:40 > 0:19:46And the very happy investor who paid £237,500 for this two-bedroom flat
0:19:46 > 0:19:48is Graham.
0:19:48 > 0:19:55After living in rented accommodation with his girlfriend Catherine for years, it's their first home.
0:19:55 > 0:19:59I met up with him to find out more.
0:20:01 > 0:20:05This kitchen is so large, it could be a kitchen diner.
0:20:05 > 0:20:08What made you want to buy this flat?
0:20:08 > 0:20:13Basically, we've been looking for about a year and a half in the area.
0:20:13 > 0:20:18We live in Waterloo, not far from here. And we couldn't afford it.
0:20:18 > 0:20:25So we came to have a look at a flat downstairs in the basement and it was out of our price range.
0:20:25 > 0:20:30Then we came up to look at this and we weren't daunted by the work.
0:20:30 > 0:20:33We just thought, "Go to the auction."
0:20:33 > 0:20:39- What do you like about Borough? - I love it. I'm an actor by trade, so there's all local theatres,
0:20:39 > 0:20:44there's Borough market. It's getting quite trendy.
0:20:44 > 0:20:48Because we lived in Waterloo, we've seen the development of the area.
0:20:48 > 0:20:54For right here and now it's really vibrant and really funky. I love it.
0:20:54 > 0:20:59- Tell me about your acting career. You must be busy.- Well...- Or not!
0:20:59 > 0:21:03This is where I say, "Actually..." No, I'm not.
0:21:03 > 0:21:09- It's been really quiet?- Really. - Good! You've a lot of work to do. That's a good thing.
0:21:09 > 0:21:17- I'll have time off to do it. - How skilled are you going to be renovating this flat?
0:21:17 > 0:21:21- You've got quite a bit to do.- Yeah, loads.- Can you do it? Honestly?
0:21:21 > 0:21:28No. My girlfriend's like that. I say, "I'll do the tiling. I did the tiling in our kitchen."
0:21:28 > 0:21:33She's like, "We'll just pay for it." "No, I can do it!"
0:21:33 > 0:21:38I don't think I'm allowed to do anything. Strip and rip. Yeah.
0:21:38 > 0:21:43That's good. Stick to stripping and ripping and get professionals in.
0:21:43 > 0:21:48What you don't want to do is end up getting someone in to do it again.
0:21:48 > 0:21:54'A resting actor with loads of time on his hands because he's not treading the boards at the moment?
0:21:54 > 0:22:01'Maybe he can sand these floorboards instead? I reckon they would polish up beautifully.'
0:22:03 > 0:22:08- You have got a lot of decisions to make.- Millions.
0:22:08 > 0:22:13I think, "How can I add value? What can I do to improve it? To get more light?"
0:22:13 > 0:22:19- Have you had those thoughts?- Yeah. We want to do what you just said - add light, quite minimalistic.
0:22:19 > 0:22:26We're looking at creams and light browns and sandy colours. In here will be white and glassy.
0:22:26 > 0:22:32And in the bedrooms, we're umming and ahhing about stripping the floors or having nice, thick carpets.
0:22:32 > 0:22:37- It sounds extremely stylish. - In my mind, it looks amazing!
0:22:37 > 0:22:45'Well, visualisation is a classic technique for actors, but I can foresee that money is needed
0:22:45 > 0:22:49'to refurbish this £237,500 investment.'
0:22:49 > 0:22:53- What sort of budget have you got in mind for the renovations?- 15.
0:22:53 > 0:23:00That's the ideal, taking advantage of mate's rates, sales, and so forth.
0:23:00 > 0:23:05- Some purchasing has been done. - Really?- We have.- Like what?
0:23:05 > 0:23:09Bathroom sinks and cabinets and yeah...
0:23:09 > 0:23:15That's all taken care of. And with the kitchen, we're just ready to put the money down.
0:23:15 > 0:23:20- How many months will it take you? - Well, I don't know.
0:23:20 > 0:23:26Realistically, three months. Maybe that's not realistic. In my mind, three months.
0:23:26 > 0:23:32So three months and £15,000. You'll have to shop around, but I think you can do it on that.
0:23:32 > 0:23:35I think we can, can't we?
0:23:35 > 0:23:41- I'm really excited about seeing the finished product.- Me, too. - It's been great meeting you.
0:23:41 > 0:23:44- Thanks very much.- Well done.
0:23:46 > 0:23:52'It's been Graham and Catherine's dream to live in this part of London for years.
0:23:52 > 0:23:56'Now I bet they feel on top of the world.'
0:23:56 > 0:24:00That's what I love about auctions - dreams can come true.
0:24:00 > 0:24:07Borough was an area they loved, but they never thought they could afford. They've taken a chance
0:24:07 > 0:24:11and ended up buying their first flat. We'll be back later
0:24:11 > 0:24:16to see if they can turn this old and tired property into a perfect home.
0:24:17 > 0:24:23Coming up: in Torquay, a property as colourful as a saucy seaside postcard.
0:24:24 > 0:24:26Wow! That is blue!
0:24:27 > 0:24:32In London, this actor was knocked out by the auction performance.
0:24:32 > 0:24:37I've boxed, I act, but I would say that has to be the biggest buzz.
0:24:38 > 0:24:43First, this Cheshire house needed nurse Mark to add some panes, not take them away.
0:24:43 > 0:24:49It's hard in some ways, but I'd definitely do it again.
0:24:50 > 0:24:55Here in the beautiful Cheshire village of Carbrook,
0:24:55 > 0:25:01Mark, a full-time nurse and part-time property developer had paid £65,000
0:25:01 > 0:25:04for this terraced house.
0:25:04 > 0:25:08He planned to add it to his buy-to-let portfolio,
0:25:08 > 0:25:13but what did his builders discover inside and outside this house?
0:25:13 > 0:25:1911 weeks later, Mark invited us back for a check up on the progress of his patient.
0:25:20 > 0:25:25From outside, the peaky-looking place now looks in rude health,
0:25:25 > 0:25:28with new windows and a door.
0:25:29 > 0:25:32Light floods into the living room.
0:25:32 > 0:25:40The fireplace has been exposed and white gloss and neutral colours look great.
0:25:40 > 0:25:45At the back, a stunning kitchen diner has been installed.
0:25:46 > 0:25:50Upstairs, the two bedrooms are light and airy
0:25:50 > 0:25:54and the quality of the finish is very striking.
0:25:54 > 0:25:58But for this NHS nurse, the new appearance isn't just skin deep.
0:25:58 > 0:26:02Yeah, the whole house needed a full re-plaster.
0:26:02 > 0:26:09Also needed full rewiring, needed to get a gas supply fitted, which took a while, unfortunately.
0:26:09 > 0:26:13Also had new floors put down, ripped the flags up in here,
0:26:13 > 0:26:19- insulated the floor, boarded it and carpeted throughout.- The flooring problems didn't end in there.
0:26:19 > 0:26:23Well, before there was no real floor in here.
0:26:23 > 0:26:28There were bits of vinyl everywhere. We've completely redone the floor.
0:26:28 > 0:26:34New tiles, new work units, new boiler,
0:26:34 > 0:26:40extractor fan hob oven, the doorway was also moved. That was in the corner.
0:26:40 > 0:26:44Moving it there allowed me to put a fridge freezer space here.
0:26:44 > 0:26:49Everything looks great, considering how it was beforehand.
0:26:49 > 0:26:53'Like Mark, I had certainly spotted the potential here,
0:26:53 > 0:27:00'but I'm sure a lot of buyers took one look at the boarded-up windows and backyard and took flight.'
0:27:01 > 0:27:07The exterior, the bricks could do with a little polish up. I knew I'd regret it if I didn't do it.
0:27:07 > 0:27:11So we painted them with acid, blasted them, repointed all the brickwork,
0:27:11 > 0:27:17painted the sills. There was a crack to the rear of the property. It was just movement a long time ago.
0:27:17 > 0:27:22All the windows at the back have been reinforced,
0:27:22 > 0:27:28so if anything does move again, it won't really be going anywhere. Those were his words.
0:27:28 > 0:27:35'You'll remember Mark is a full-time nurse who works shifts and does a bit of developing on his days off.
0:27:35 > 0:27:42'He's the first to admit he knew nothing about DIY, so did he pick up any tips on this project?'
0:27:42 > 0:27:46I haven't learnt anything. My skills are still horrendous.
0:27:46 > 0:27:50But I do know how to get people together and oversee a project.
0:27:50 > 0:27:54'Judging from the bathroom, Mark has some great tradesmen.'
0:27:54 > 0:28:02There was no real bathroom, so I thought to rip it all out and make it as good as I could.
0:28:02 > 0:28:10New sink, good finishes with the taps and really good tiles throughout. New bath, shower.
0:28:10 > 0:28:16And shower curtain rail. Really pleased with this room. I wanted it as nice as possible,
0:28:16 > 0:28:23given it's a small space. Bathrooms tend to make a difference when somebody looks at a house.
0:28:23 > 0:28:25He's done a really good job.
0:28:25 > 0:28:29But did he manage to stick to his £20,000 budget?
0:28:29 > 0:28:33I did actually go over. It was partly a conscious choice,
0:28:33 > 0:28:37partly things that popped up that I didn't expect to do,
0:28:37 > 0:28:40so I've gone over really by about 4,500.
0:28:41 > 0:28:44£24,500 then.
0:28:44 > 0:28:50But Mark's achieved a quality finish which he knows attracts potential renters.
0:28:50 > 0:28:54I was quite lucky with finding the tenant.
0:28:54 > 0:29:00The lady next door happened to know somebody who was looking for a house, so it's worked out really well.
0:29:00 > 0:29:03How much income does he hope to generate?
0:29:03 > 0:29:08The rent that I've asked for is £500 per calendar month.
0:29:08 > 0:29:14I could get more, but I'd rather everybody be happy and get a good tenant who'll stay for a long time.
0:29:16 > 0:29:20How do two local estate agents rate the value now it's complete?
0:29:20 > 0:29:24I'm very impressed with what's been done.
0:29:24 > 0:29:26It's a very high standard.
0:29:26 > 0:29:30Lovely kitchen, new windows, new bathroom. Very nice.
0:29:30 > 0:29:34There's nothing I don't like about the property. It's very well fitted.
0:29:34 > 0:29:36The fitments are to a good standard,
0:29:36 > 0:29:39whether it be for a sales or rental market.
0:29:39 > 0:29:42Overall, I'd give it the thumbs-up.
0:29:42 > 0:29:48The standard of the finish is excellent. It's clean, tidy and ready to sell or rent out. Perfect.
0:29:48 > 0:29:52It is important to renovate to a high standard.
0:29:52 > 0:29:58There is an influx of properties available, not many buyers, so you must make the best of what you have.
0:29:58 > 0:30:03Mark has a tenant lined up and plans to keep the property for some time.
0:30:03 > 0:30:06Let's find out how much it's worth.
0:30:06 > 0:30:11Remember, he paid £65,000 at the auction and spent £24,500 renovating it.
0:30:11 > 0:30:17If the property was sold today, I'd expect to be achieving in the region of £100,000 to £110,000.
0:30:17 > 0:30:20I would market this property for £110,000.
0:30:20 > 0:30:27110 is slightly under, but it's about what I expected, so still a good profit in there. Happy with that.
0:30:27 > 0:30:30£20,000 gross profit to be precise.
0:30:30 > 0:30:33So, is he tempted to cash in?
0:30:33 > 0:30:39I wouldn't like to sell the property at the moment, given that I've got a good tenant
0:30:39 > 0:30:42and I'm still making money on the rental each month.
0:30:42 > 0:30:47A tenant in place, but is Mark getting the right income?
0:30:47 > 0:30:51This property would rent for approximately £425 per month.
0:30:51 > 0:30:57I would expect, if you were renting this property out, to be achieving £500 to £575 per calendar month.
0:30:57 > 0:31:00It's quite a difference, the rental values.
0:31:00 > 0:31:07I'm quite happy with the £500 per month. Mine is about in the middle, so I'm doing something right.
0:31:07 > 0:31:13Remember, Mark found his tenant through a neighbour, so he doesn't have any letting agent's fee to pay.
0:31:13 > 0:31:19I've really enjoyed doing this. It's fun to come down and see things changing each couple of days.
0:31:19 > 0:31:23It's hard in some ways, but I'd definitely do it again.
0:31:23 > 0:31:29Full credit to Mark. He's managed this refurbishment on days off from his tiring nursing job
0:31:29 > 0:31:32and has given this property the kiss of life.
0:31:35 > 0:31:39I've come to beautiful Torquay in Devon,
0:31:39 > 0:31:43but my promenade is not so much seaside as semi-ville
0:31:43 > 0:31:47as I'm moving inland to a popular local suburb called St Marychurch.
0:31:49 > 0:31:53There's no doubt this is a beautiful part of the country to live in,
0:31:53 > 0:31:58but when it comes to having somewhere to park your car outside your house,
0:31:58 > 0:32:03a lot of properties in these parts fail dismally, so when this property has a garage,
0:32:03 > 0:32:06you think, "Fantastic, thumbs up!"
0:32:06 > 0:32:13£130,000 to £150,000 is the guide price. Three-bedroom semi-detached. Definitely worth a look!
0:32:15 > 0:32:19The grey exterior is appropriate, considering that ominous sky.
0:32:19 > 0:32:23But let's hope it's not a bad sign for this property
0:32:23 > 0:32:27and that my optimism about it isn't going to be rained upon.
0:32:28 > 0:32:31Okey-kokey, what have we got?
0:32:31 > 0:32:35Oh, lovely(!) Yes, a half-timbered entrance hall,
0:32:35 > 0:32:38much favoured in properties of this era - sort of.
0:32:38 > 0:32:42Well, it is interesting. The layout is very classic.
0:32:42 > 0:32:49Front sitting room there, rear sitting room there, steps up to the bedrooms, then it gets a bit weird.
0:32:49 > 0:32:56There's this kind of corridor which leads down to a utility room and then through to a...kitchen.
0:32:56 > 0:32:58Kitchen!
0:32:58 > 0:33:01You're gonna love this.
0:33:01 > 0:33:06If ever Mary Quant was gonna design a kitchen,
0:33:06 > 0:33:09this is what she would come up with.
0:33:09 > 0:33:13It's 1960s...splendour!
0:33:14 > 0:33:17Look at this!
0:33:17 > 0:33:20How about that for a hob? It's bright orange!
0:33:20 > 0:33:24Absolutely brilliant. Have you ever seen a bright orange cooker?
0:33:24 > 0:33:30Me neither. The question is, is it still in fashion? I think it's probably back in fashion!
0:33:30 > 0:33:34And the piece de la resistance - a pull-out table!
0:33:34 > 0:33:38What more could you want? Remodel this kitchen? Not on your nelly!
0:33:38 > 0:33:42It should be in the Victoria and Albert Museum
0:33:42 > 0:33:46in homage to a time when fashion was more important than flavour in a kitchen.
0:33:46 > 0:33:51As for the rest of the downstairs, there are no more surprises -
0:33:51 > 0:33:54just a utility area and downstairs loo.
0:33:54 > 0:34:00Then there's a door accessing a run-down garden that definitely needs a bit of softening up.
0:34:00 > 0:34:03It's all slabs and no grass, but that can be changed.
0:34:03 > 0:34:09Up here, three good-sized bedrooms - one there, another one there and a bathroom.
0:34:09 > 0:34:13If you enjoyed the kitchen, you'll love this. Wow, that is blue!
0:34:13 > 0:34:18But unlike the kitchen, I think I'd probably change that.
0:34:18 > 0:34:24There's something much more serious. This is glass on here. How dangerous is that?
0:34:24 > 0:34:31Just imagine, if you were to slip, you could cut yourself really badly, or worse. It needs to go.
0:34:31 > 0:34:37Through to the other bedroom, nasty problem with damp there, but something much more serious.
0:34:37 > 0:34:44What is going on with this crack in the ceiling? You'd want to have that checked by a structural surveyor.
0:34:44 > 0:34:50But it all pales into insignificance compared to the glass on the stairs which has to go.
0:34:50 > 0:34:54It's not just the ceiling that's cracked in this bedroom.
0:34:54 > 0:34:57I've spotted a whopper in the wall by the window.
0:34:57 > 0:35:03But the house is well-proportioned with three good-sized bedrooms upstairs.
0:35:03 > 0:35:07How will a local estate agent rate the prospects here?
0:35:08 > 0:35:11It was guided between 130,000 and 150,000
0:35:11 > 0:35:15and came with colours and fittings spanning the decades.
0:35:18 > 0:35:23The tangerine colour in the kitchen, I'm not sure it's my cup of tea,
0:35:23 > 0:35:26but he'd want to rip that out straight away.
0:35:26 > 0:35:31As for the blue in the bathroom, that's liveable, but still, not the best.
0:35:31 > 0:35:35But look past the vivid colours and the basics are here.
0:35:35 > 0:35:41There's the added bonus of double glazing and central heating already installed.
0:35:41 > 0:35:47I think it should be made into a smashing house, rather than converted into flats.
0:35:48 > 0:35:53I'd probably keep it as a family home. It's a straightforward renovation project.
0:35:53 > 0:35:59The cracks could tell some horrible tales, but pretty straightforward and that's what I would do -
0:35:59 > 0:36:02just renovate and sell to the family.
0:36:02 > 0:36:07By keeping this as a family home, the renovation budget will be much lower
0:36:07 > 0:36:10than turning it into flats.
0:36:10 > 0:36:14Once refurbished, how much could the place be worth?
0:36:14 > 0:36:18With the limited garden space, it would be hard to get over £170,000.
0:36:18 > 0:36:22There could be profit here, but the budget will need watching.
0:36:22 > 0:36:26All in all, a great little house which you could do big things with.
0:36:26 > 0:36:30A few safety issues to sort out, but most of all, that kitchen.
0:36:30 > 0:36:34Who is going to be captivated by it at the auction?
0:36:34 > 0:36:39Lot 69, we're still in Torquay, but we're in St Marychurch.
0:36:39 > 0:36:43This is a two-storey, three-bedroomed, semi-detached house.
0:36:43 > 0:36:47Needs modernisation, but it's tucked away. It's £120,000.
0:36:47 > 0:36:49110?
0:36:49 > 0:36:52100 and I'll kick it off?
0:36:52 > 0:36:55At 100. 102?
0:36:55 > 0:36:57102.
0:36:57 > 0:36:59104. Thank you, 104. 104.
0:36:59 > 0:37:02106.
0:37:02 > 0:37:06110? Is that what you're meaning or stop?
0:37:06 > 0:37:08110.
0:37:08 > 0:37:12110. 112. 114?
0:37:12 > 0:37:15114. 114.
0:37:15 > 0:37:17116.
0:37:17 > 0:37:20116.
0:37:20 > 0:37:24That's a lot of house to miss. 118. 118.
0:37:24 > 0:37:27Do you want to say 120 to try and blow him out? Yes, 120.
0:37:27 > 0:37:30At 120. At 120.
0:37:30 > 0:37:35At 120. I'll take a half if it'll be helpful.
0:37:35 > 0:37:37At 120 once...
0:37:37 > 0:37:40At 120 twice...
0:37:40 > 0:37:45I tried to dig in your pocket, but you won't let me. All done at 120...
0:37:45 > 0:37:47Sold. Well done.
0:37:47 > 0:37:51'The successful bidder, who paid 120,000, is David.
0:37:51 > 0:37:58'He's really pleased that he managed to purchase a perfect family home for £10,000 under the guide price.
0:37:58 > 0:38:04'He's brought along his wife Lucy and a recent addition to their family to meet me at the property.'
0:38:04 > 0:38:08- Lucy, David, lovely to meet you both.- Hi.- Who's this?
0:38:08 > 0:38:13- This is Ruby.- How old is she? - Our little bundle of joy is three months old.
0:38:13 > 0:38:18- Fantastic. So this is her first house, is it?- It is.
0:38:18 > 0:38:22- Why did you want to buy the house? - This is a project for us.
0:38:22 > 0:38:27We'll do it up and hopefully... Obviously, it's hard times with market conditions,
0:38:27 > 0:38:30but the aim is to sell it on and make some money.
0:38:30 > 0:38:35- Is this something you've done before, Lucy? - We began up in Nottingham.
0:38:35 > 0:38:41We renovated our house there and David really enjoyed that, so we thought we'd do it for a living.
0:38:41 > 0:38:46We moved down to Torquay and converted a three-storey house into three flats.
0:38:46 > 0:38:50- That was project number one.- Wow! - This is number two.
0:38:50 > 0:38:53# We'll start over again
0:38:53 > 0:38:57# Get a house in Devon... #
0:38:57 > 0:39:03'Converting a three-storey property into three separate flats is certainly a baptism of fire.
0:39:03 > 0:39:06'But these two seemed to take it in their stride.
0:39:06 > 0:39:11'They now live in one of the flats, rent out the other and have sold the third.
0:39:11 > 0:39:17'It was very successful and inspired electrical engineer David to try property developing.'
0:39:17 > 0:39:23I trained as an electrical engineer and did a few conversion courses to make use of my background
0:39:23 > 0:39:29in terms of rewiring and electrician type side of things, but yeah, it's a complete change.
0:39:29 > 0:39:35- Is that something you're qualified to do now? You can do the electrics? - Yeah.- That's a real bonus.
0:39:35 > 0:39:40- A great bonus.- With the change in regulations, you have to get somebody in to do it.
0:39:40 > 0:39:46Yeah. I'll probably wind up doing quite a lot of the work myself on this one cos times are tight.
0:39:46 > 0:39:49I will be trying to control the budget.
0:39:49 > 0:39:54- What will your involvement be, Lucy?- Mainly supervisory, I think.
0:39:54 > 0:39:57- You've got a baby to look after. - Exactly.
0:39:57 > 0:40:03But I'll be carrying out regular inspections to make sure they're doing a good job.
0:40:03 > 0:40:09'So David's bringing his electrical qualifications and building experience from previous projects,
0:40:09 > 0:40:15'plus Lucy is keeping an eye on the details, so the budget should be kept under control.
0:40:15 > 0:40:22'The house has double glazing and central heating, but some areas do need a considerable outlay.'
0:40:22 > 0:40:25# We're gonna rock down to Electric Avenue... #
0:40:25 > 0:40:30The roof is leaking. That's let water in which has caused some damage.
0:40:30 > 0:40:34And the bays have moved, so that's caused some cracking as well.
0:40:34 > 0:40:39But that's relatively minor repairs. The house is fundamentally sound.
0:40:39 > 0:40:45It doesn't sound very minor. "The bays have moved!" Where have they moved to?
0:40:45 > 0:40:51- They're on separate foundations. - Oh.- This is the advice we've been given, as they say.
0:40:51 > 0:40:56So the main house is in good nick, but the bays need to be repaired.
0:40:56 > 0:41:01- How much have you set aside? - The budget at the moment is around 15,000.
0:41:01 > 0:41:0615. So quite tight if you're gonna have to do a lot of work on the roof?
0:41:06 > 0:41:13Yeah, it will be tight, so I'll have to keep a tight control over spending in the budget.
0:41:13 > 0:41:15And yeah, see how we get on.
0:41:15 > 0:41:21'The timeline is not unreasonable as they've allowed four to six months,
0:41:21 > 0:41:27'but keeping a lid on such a tight budget will depend on what they do to the rest of the house.'
0:41:27 > 0:41:32The layout, we're gonna knock that wall through there to make a kitchen-diner.
0:41:32 > 0:41:36New kitchen, new bathroom, decorate throughout.
0:41:36 > 0:41:42- New what?- New kitchen, new bathroom. - New what?- I'm afraid the orange kitchen will be going.- No, no.
0:41:42 > 0:41:46- And the blue bathroom. - Yes, the bathroom can go.
0:41:46 > 0:41:48That kitchen is fantastic!
0:41:48 > 0:41:53- Oh, well...- You want to keep the kitchen, don't you?- No way.
0:41:53 > 0:41:58Ruby, what do you think? Stay sleeping if you think we should keep the kitchen.
0:41:59 > 0:42:02Result!
0:42:02 > 0:42:04- The kitchen is going?- I'm afraid so.
0:42:04 > 0:42:08'I can't say I'm surprised, but I am disappointed.
0:42:08 > 0:42:14'David and Lucy are concentrating only on what is absolutely necessary, so what's their plan?'
0:42:14 > 0:42:17Once it's done up, we'll get it valued
0:42:17 > 0:42:21and if the valuation comes in at a good level
0:42:21 > 0:42:25and if there's still a housing market at that point...
0:42:25 > 0:42:29- Of course there will be.- ..we'll see if we can find a buyer for it.
0:42:29 > 0:42:33But if not, we'll let it out and there is a Plan C, failing all that.
0:42:33 > 0:42:36We could wind up living in it ourselves.
0:42:36 > 0:42:43- Congratulations.- Thank you. - And congratulations on this little bundle of joy.
0:42:43 > 0:42:47- I hope it all turns out great. - Thank you.- Thanks, Martin.
0:42:47 > 0:42:51Well, these are turbulent times in the property market,
0:42:51 > 0:42:57but David and Lucy have done the right thing by buying this property at the right price,
0:42:57 > 0:43:01so they've stacked things in their favour in terms of turning a profit.
0:43:01 > 0:43:07Will they do so? All I'm concerned about is the fact they're taking out that kitchen. How could they?
0:43:07 > 0:43:11Anyway, you can find out how they get on later in the show.
0:43:14 > 0:43:18We're dying to see how our buyers have got on.
0:43:18 > 0:43:20Let's go back and find out.
0:43:20 > 0:43:24Earlier in the programme, Graham, an actor,
0:43:24 > 0:43:29paid £237,500 for this two-bedroom flat in London.
0:43:29 > 0:43:35It was near the famous Borough Market, an area featured in the film Bridget Jones' Diary.
0:43:35 > 0:43:41It was to be home for Graham and his girlfriend Catherine, a theatre director.
0:43:41 > 0:43:47They were delighted to finally move to a part of town they thought was out of their reach.
0:43:48 > 0:43:54Now seven months later and their flat with fabulous rooftop views of London is finished.
0:43:57 > 0:44:01The configuration has changed a little.
0:44:01 > 0:44:06The living room has become a bedroom with a study area in the corner.
0:44:06 > 0:44:10The second, smaller bedroom remains as a bedroom
0:44:10 > 0:44:14and has been sumptuously decorated with a striking colour scheme.
0:44:14 > 0:44:21But the original larger bedroom is now a living room with a big TV and very large corner suite.
0:44:21 > 0:44:25As for the kitchen, now that's what I call a refurbishment!
0:44:25 > 0:44:28Fully fitted with all appliances.
0:44:28 > 0:44:36Catherine's away directing a theatre project, so it's down to Graham to explain how they tackled this job.
0:44:36 > 0:44:40We got the builders in, the plumbers in, the electricians.
0:44:40 > 0:44:44We ripped all the electrics and the plumbing out and started again.
0:44:44 > 0:44:50We dropped all the ceilings, plastered every single wall, fitted the kitchen and the bathroom.
0:44:50 > 0:44:56Although the bath remains under the window, the layout in the room has changed slightly.
0:44:56 > 0:45:02They removed the dividing wall between the kitchen and hall, so the rooms gained valuable extra space.
0:45:02 > 0:45:08We're really pleased the way this has turned out. It's turned into a fantastic light room -
0:45:08 > 0:45:14getting rid of that wall, for us, making it all white, moving the radiators,
0:45:14 > 0:45:18moving the sink around, getting the woods to complement each other.
0:45:18 > 0:45:24All in all, I think we did it for about four grand, so we're really happy with this room.
0:45:24 > 0:45:27It's definitely the most sociable room in the house.
0:45:27 > 0:45:34Yes, it's lovely, but it soon became clear to Graham that converting a flat on the third floor with no lift
0:45:34 > 0:45:39was going to be pricey, so right on cue, this actor volunteered to do the legwork.
0:45:42 > 0:45:46The labouring was going to be expensive
0:45:46 > 0:45:50because it takes so much time to take it up and down.
0:45:50 > 0:45:54Fortunately, we knew the builders, the plumber and the electrician,
0:45:54 > 0:45:59but when we told them what we'd like and they told us how much it was,
0:45:59 > 0:46:03at that stage, it was already going over budget,
0:46:03 > 0:46:08so for me to do the labouring, we then could take that out of the fee.
0:46:08 > 0:46:14They'd leave it, I'd come back every evening, clean up, and every weekend, I'd get rid of all the rubbish.
0:46:14 > 0:46:19Graham's more used to projecting his voice on stage than rubbish into a skip,
0:46:19 > 0:46:23but it saved money and allowed extra features to be added.
0:46:25 > 0:46:31We're really pleased with the way this room has turned out - fantastic use of light again.
0:46:31 > 0:46:37We had a slight complication with the gas meter in there. Moving it was going to cost us far too much money.
0:46:37 > 0:46:40So this room pretty much designed itself.
0:46:40 > 0:46:46We got the wet room, we wanted that. We've got a bath still, so we're pleased the way it's turned out.
0:46:46 > 0:46:52The only slight downside is we spent the best part of 1,500 quid on the sink
0:46:52 > 0:46:57which was a large chunk of our budget, but we love it, so what does it matter?
0:46:57 > 0:47:03I've got to hand it to Graham and Catherine. This is an impressive refurbishment.
0:47:03 > 0:47:10But how much have they had to spend? Remember, Graham had budgeted between £15,000 and £20,000.
0:47:10 > 0:47:14Including furnishings, that all came in at about 27.
0:47:14 > 0:47:20I think the building work came in at 19 and our furnishings on top of that.
0:47:20 > 0:47:25£27,000 on top of the £237,500 they paid at auction
0:47:25 > 0:47:30makes almost £265,000,
0:47:30 > 0:47:35so is the plan still to live here or would they consider selling?
0:47:35 > 0:47:40When we moved in, I think that we could have flipped it, I was told, for 300.
0:47:40 > 0:47:46I think realistically now, we're probably looking, after spending almost 30 grand, at about 300.
0:47:46 > 0:47:51We live here, we love it and we don't need to sell it.
0:47:51 > 0:47:58If we were offered money to go and do it again, we'd do it, but we're happy chilling out for the moment.
0:47:58 > 0:48:02Time to see if the valuation of this flat,
0:48:02 > 0:48:06like these two local estate agents, will have gone through the roof.
0:48:09 > 0:48:14It's a good use of space, very nice kitchen, bathroom.
0:48:14 > 0:48:19Bright, very good finish. It's a period building in a sense.
0:48:19 > 0:48:24It's really nice. It's a really interesting finish. Good quality.
0:48:24 > 0:48:28And made use of all the space really well.
0:48:28 > 0:48:32In SE1, there's an inherent shortage of stock,
0:48:32 > 0:48:35so renting or selling, there is a demand.
0:48:35 > 0:48:39People may want a slightly larger reception room,
0:48:39 > 0:48:43but with the size of the kitchen, it more than compensates for that.
0:48:43 > 0:48:46It's a lovely, comfortable room to sit in.
0:48:46 > 0:48:53Positive views, but have there been any of those green shoots of recovery in the property market?
0:48:53 > 0:48:58Graham reckons he could get £300,000 for the flat. Is he right?
0:48:59 > 0:49:04A good two-bed in this area, I mean, this property is really nicely done.
0:49:04 > 0:49:08I would suggest you'd be looking at around £300,000.
0:49:08 > 0:49:13You'd look at putting it on the market at 325, looking for anything in excess of 300.
0:49:13 > 0:49:19So, spot-on, Graham's figure, and £25,000 more! How about that?
0:49:21 > 0:49:25What, one came in at 3 and one came in at 325? Great.
0:49:25 > 0:49:31Brilliant. We didn't lose. We're not skint. Yeah, so that's good news.
0:49:31 > 0:49:35It's always reassuring to know that hard work has paid off,
0:49:35 > 0:49:39but for this couple, the reward isn't just financial.
0:49:39 > 0:49:45They've got a flat in a part of London they've wanted to move to, but thought was out of reach.
0:49:45 > 0:49:49Long-term, how do they see things shaping up?
0:49:49 > 0:49:54As well you know, the market is not in a great state right now, so we're living here.
0:49:54 > 0:49:57And we're more than happy to stay here.
0:49:57 > 0:50:01If somebody offers the right money, we'll consider selling it
0:50:01 > 0:50:08and moving on and doing another project, then get the castle with the moat and the crocodile(!)
0:50:08 > 0:50:15Remember, Graham is a resting actor and that all sounds like a great film waiting to be written.
0:50:15 > 0:50:17I hope he gets the starring role!
0:50:21 > 0:50:25Earlier in the programme, property developer David and his wife Lucy
0:50:25 > 0:50:28bought this semi in Torquay for 120,000.
0:50:28 > 0:50:32The kitchen was stuck in the Swinging Sixties,
0:50:32 > 0:50:37but the house had spacious rooms, although not without problems.
0:50:38 > 0:50:43There were cracks in the ceilings and around the windows.
0:50:43 > 0:50:47They planned to refurbish the property and then sell.
0:50:47 > 0:50:54Now, seven and a half months later, the grey house has a new cream colour scheme on the outside.
0:50:55 > 0:50:59And that leaking roof has been completely re-tiled.
0:50:59 > 0:51:05Inside, in the front living room, maroon has been added to the neutral cream and beige
0:51:05 > 0:51:08and a very, very shiny floor.
0:51:08 > 0:51:14As promised, the rear of the house has been transformed into a marvellous, huge kitchen-diner.
0:51:14 > 0:51:19But I'm sorry, '60s fans, that orange kitchen is now history.
0:51:21 > 0:51:27And so too is that dangerous glass at the top of the stairs, thank goodness!
0:51:27 > 0:51:33The front bay-windowed bedroom now looks to be crack-free with an almost cottagey feel.
0:51:33 > 0:51:37It's all lovely, but there's had to be a change of plan.
0:51:37 > 0:51:43This place originally was intended for either sale or possible rental,
0:51:43 > 0:51:46but my wife is pregnant with our number two,
0:51:46 > 0:51:50so we've decided to keep this one for ourselves and move in.
0:51:50 > 0:51:52It all changed around March time
0:51:52 > 0:51:57when it became clear that I was expecting a second baby.
0:51:57 > 0:52:03That threw everything. Where we are at the moment is completely impractical for two children.
0:52:03 > 0:52:09It was either buying somewhere else for ourselves or... but this house is nearly ready,
0:52:09 > 0:52:12so it seemed perfect for us to move in here.
0:52:12 > 0:52:18This is the new kitchen-diner which is hopefully a very sociable family space.
0:52:18 > 0:52:23The dividing wall used to run along here.
0:52:23 > 0:52:27The doorway was there where the central heating programmer is.
0:52:27 > 0:52:32So, yeah, we've lost that orange feature kitchen
0:52:32 > 0:52:35and replaced it with something more modern and contemporary.
0:52:35 > 0:52:42But they added a touch of orange to the new kitchen as homage to that previous '60s look.
0:52:42 > 0:52:48The refurbishment has continued behind the stairs in the utility room.
0:52:50 > 0:52:54Upstairs, even the smallest of the three bedrooms is a good size
0:52:54 > 0:52:58and the cracked ceilings were replaced easily.
0:52:58 > 0:53:04But what about those big, gaping cracks around the bay windows? They looked more serious.
0:53:04 > 0:53:08The repairing of the bays, it did look quite bad
0:53:08 > 0:53:11and might have put a few people off possibly.
0:53:11 > 0:53:16But when it came to it, it was relatively simple and quite cheap to fix.
0:53:16 > 0:53:21It was just tying brickwork back in where it hadn't been tied in before
0:53:21 > 0:53:24or tying joists back in where they hadn't been tied in.
0:53:24 > 0:53:31David is a qualified electrician, but has in fact done the majority of all the refurbishment here.
0:53:31 > 0:53:37I did most of the work. I've had help from friends and family, particularly over recent days.
0:53:37 > 0:53:39I've had a plasterer in, a tiler in
0:53:39 > 0:53:47and I've had a building specialist on hand to give me a bit of advice when I've needed it and a bit of help.
0:53:47 > 0:53:50Long hours, hard graft - I bet Lucy's impressed.
0:53:50 > 0:53:55Yeah, really proud of what David's done. He's worked really hard.
0:53:55 > 0:53:58He's done so much of the work himself.
0:53:58 > 0:54:03Keeping labour costs down is a real bonus for any refurbishment,
0:54:03 > 0:54:06but you must be qualified to do it like David.
0:54:06 > 0:54:09Did they keep to their £15,000 budget?
0:54:09 > 0:54:14We've spent a little bit more because we decided to keep it for ourselves.
0:54:14 > 0:54:18There's also been a few other changes like we've kept the garage,
0:54:18 > 0:54:23so that took some money to actually make that structurally sound again.
0:54:23 > 0:54:29We've spent about... On the kitchen, we've spent, I think that came in at about 2,500.
0:54:29 > 0:54:34And that money's not just been spent inside the house.
0:54:34 > 0:54:39There was a big greenhouse here three foot down, all at different levels.
0:54:39 > 0:54:44There was a few big bushes with bricks around that just got in the way.
0:54:44 > 0:54:48And there was no open space out here at all.
0:54:48 > 0:54:51So we've levelled it, made it one flat space
0:54:51 > 0:54:55and put lawn down and made it a nice, family-friendly space.
0:54:55 > 0:55:00Now it's time to get opinions from two local property experts
0:55:00 > 0:55:03on this first-class refurbishment.
0:55:03 > 0:55:09The couple that bought this property have really turned it round and created an enviable family home.
0:55:09 > 0:55:13They've opened up that kitchen into a complete kitchen-breakfast room
0:55:13 > 0:55:16which gives it a wow factor. It's a cracking job!
0:55:16 > 0:55:20The decision to enlarge the kitchen by knocking the wall down
0:55:20 > 0:55:25between the kitchen and the then dining room was a good one.
0:55:25 > 0:55:31Most people now want a kitchen-breakfast room. It's the main focal point of anybody's house.
0:55:31 > 0:55:37I didn't remember there being a garden last time. It was not laid out in the best way.
0:55:37 > 0:55:39But now it's a wonderful garden.
0:55:39 > 0:55:43It's got somewhere to sit, it's got grass.
0:55:43 > 0:55:49They bought the house, planning to refurbish and sell, but it's now become their home.
0:55:49 > 0:55:54They paid £120,000 at auction and the budget has gone slightly over 15,000.
0:55:54 > 0:55:57What's it worth now? Could they clean up?
0:55:59 > 0:56:05I would place the property on the market somewhere in the region of £159,950
0:56:05 > 0:56:08with a view to achieving around 155,000.
0:56:08 > 0:56:12If I were to put this property on the market now,
0:56:12 > 0:56:17I would ambitiously ask £165,000, but a realistic figure would be 160.
0:56:17 > 0:56:22That represents at least £15,000 gross profit
0:56:22 > 0:56:24before the usual expenses.
0:56:24 > 0:56:28- I'm pleased with that. - Yeah, that's pretty good, I think.
0:56:28 > 0:56:31That's good. That's really good news.
0:56:31 > 0:56:34It has been a pretty successful project,
0:56:34 > 0:56:38thanks in no small part to David's extremely hard work.
0:56:38 > 0:56:43I think when we come to sell it, we shouldn't have too many problems,
0:56:43 > 0:56:47but in the meantime, it'll be a lovely family home.
0:56:50 > 0:56:56- That's all we've got time for.- We hope today's properties entertained, inspired and surprised you.
0:56:56 > 0:57:01- So join us next time for more Homes Under The Hammer. - See you then.- Goodbye.- Goodbye.
0:57:17 > 0:57:22Subtitles by Subtext for Red Bee Media Ltd 2009
0:57:22 > 0:57:25Email subtitling@bbc.co.uk