0:00:02 > 0:00:04Hello. Today's property market may well be challenging
0:00:04 > 0:00:08but there are still bargains to be had if you know what you're doing.
0:00:08 > 0:00:10We're here with tips on how to find them
0:00:10 > 0:00:14and how you could make the current climate work in your favour.
0:00:14 > 0:00:17So, here are today's plucky purchasers.
0:00:42 > 0:00:45Now, before you buy, we always advise you to do your homework
0:00:45 > 0:00:49otherwise you'll get more than just a telling off from the teacher.
0:00:49 > 0:00:52Now, it's vital to check the condition that the property's in,
0:00:52 > 0:00:55the area and how much it could be worth once renovated.
0:00:55 > 0:00:58So, did today's buyers get top marks?
0:01:01 > 0:01:06My trip to West Dulwich, in London, doesn't start too well.
0:01:06 > 0:01:08Oh no, it gets better.
0:01:08 > 0:01:12The price of this house in Kent has dropped by nearly £100,000.
0:01:14 > 0:01:18That is over a 40% drop on the original sale price.
0:01:20 > 0:01:25And, well, what can I say about this place in Truro, Cornwall?
0:01:31 > 0:01:33All these properties are being sold at auction.
0:01:33 > 0:01:36We'll find out who bought them and what they paid for them
0:01:36 > 0:01:38when they went under the hammer.
0:01:41 > 0:01:47The Thames River divides London, and not just physically.
0:01:47 > 0:01:50Property on the north side of the river is often seen as more desirable,
0:01:50 > 0:01:52hence the higher price tags.
0:01:52 > 0:01:56But if you're prepared to explore the south side, you might find more for your money.
0:01:56 > 0:02:00So, this is one of the nicest streets in West Dulwich, a real mix of properties.
0:02:00 > 0:02:04Anything from individual properties down that end to flats, apartments.
0:02:04 > 0:02:07It's a real pick 'n' mix,
0:02:07 > 0:02:12but I reckon I've found somewhere that's quite sweet.
0:02:12 > 0:02:16Close to the high street, with good rail and road links to the city,
0:02:16 > 0:02:22this three-bedroom flat definitely hits the mark at a guide price of just 150 grand.
0:02:25 > 0:02:28So, a shared access there which is what you might expect.
0:02:28 > 0:02:31But then, not too brilliant an entrance.
0:02:31 > 0:02:34Feels very cramped. I don't know, it gets better.
0:02:34 > 0:02:37Cos the front room here is actually a really good size.
0:02:37 > 0:02:41You've got this huge great bay window. Yeah, we like that.
0:02:41 > 0:02:44Nice feel but, hang on a minute...
0:02:44 > 0:02:45what's going on here?
0:02:45 > 0:02:49Looks like somebody's done a bit of remedial work, I guess...
0:02:49 > 0:02:51signs of damp. Ooh, blimey.
0:02:51 > 0:02:55The wood's started to rot. I guess that's rising damp.
0:02:55 > 0:03:00My concern would be what damage that's done to the joists under the floor so that needs checking out...
0:03:00 > 0:03:03but all in all, doesn't feel too bad.
0:03:03 > 0:03:06I don't think that's too much of an issue.
0:03:06 > 0:03:08However, I may have spoken too soon,
0:03:08 > 0:03:12as here in the next bedroom there's more evidence of damp,
0:03:12 > 0:03:16so I'm already thinking about getting some professional advice.
0:03:18 > 0:03:21Down this narrow corridor are the bathroom and kitchen,
0:03:21 > 0:03:25which for a three-bedroom flat, really doesn't work for me.
0:03:25 > 0:03:28So, small bathroom and kitchen.
0:03:28 > 0:03:30Again, what you'd sort of expect.
0:03:30 > 0:03:34I don't know what you would do with the internal layout here to improve that.
0:03:34 > 0:03:36You'd certainly renovate them, for sure.
0:03:36 > 0:03:40In terms of anything more major? Needs some thinking about.
0:03:40 > 0:03:43What I do like though, this rear room,
0:03:43 > 0:03:46a good size living space and a bit of an added value.
0:03:48 > 0:03:53Well, a real bonus of this flat is that it has a garden
0:03:53 > 0:03:56and as you can see, it's really nice.
0:03:56 > 0:04:01Well, it would be if this was the garden that attached to the flat. Unfortunately, it isn't.
0:04:01 > 0:04:04The garden to this property is actually divided down the middle,
0:04:04 > 0:04:07so this flat, the ground-floor flat, comes with this bit.
0:04:07 > 0:04:09Not as good as we first thought.
0:04:11 > 0:04:12# By my side
0:04:12 > 0:04:14# In the dark of the night
0:04:14 > 0:04:16# By my side. #
0:04:16 > 0:04:20Now, I've heard of shared gardens but this is just weird.
0:04:20 > 0:04:26Perhaps an arrangement with the upstairs neighbours would result in a more practical solution.
0:04:26 > 0:04:29But the shared space raises other issues
0:04:29 > 0:04:32besides where you plant your azaleas,
0:04:32 > 0:04:34as a local estate agent points out.
0:04:34 > 0:04:37With this particular flat, one of the main issues with the garden
0:04:37 > 0:04:39is that it is separated right down the middle.
0:04:39 > 0:04:42You've got an upstairs flat on the left-hand side here
0:04:42 > 0:04:44and this flat's on the right.
0:04:44 > 0:04:46It obviously needs quite a bit of work but the main issue
0:04:46 > 0:04:49is that you will be overlooking your neighbours
0:04:49 > 0:04:51and if you did have the reception room at the back,
0:04:51 > 0:04:54it would mean that you'd be quite often looking at them
0:04:54 > 0:04:56enjoying the sun in the garden at the back.
0:04:56 > 0:05:01So, although my first instinct was to restructure the layout,
0:05:01 > 0:05:03I'd say it will require careful thought
0:05:03 > 0:05:05about exactly how you do that.
0:05:05 > 0:05:09Meanwhile, for that guide price of 150,000,
0:05:09 > 0:05:12what value could it have once renovated?
0:05:12 > 0:05:16Valuation in terms of sales, I think we'd be looking at 250.
0:05:16 > 0:05:19Obviously, you've got the stamp duty break at that level
0:05:19 > 0:05:22and that's always going to be restrictive in the market
0:05:22 > 0:05:24in this area for this kind of flat.
0:05:24 > 0:05:30In terms of a lettings valuation, you'd be looking between 900 and £1,000 per calendar month.
0:05:30 > 0:05:32Well, for that guide price of 150,000 quid,
0:05:32 > 0:05:35I would have expected this place to be in much worse condition.
0:05:35 > 0:05:38It's not going to take a lot to sort this place out
0:05:38 > 0:05:42and with an end value of about 250,000, there's money to be made.
0:05:42 > 0:05:46Let's see who fancied it when it went to the auction.
0:05:48 > 0:05:51Right. Lot 18. Ground floor flat.
0:05:53 > 0:05:55I don't know... 140, then.
0:05:55 > 0:05:57Not going to go below 140.
0:05:57 > 0:05:59Thank you, 140. 150.
0:05:59 > 0:06:05160. Back with you, at 160. 170.
0:06:05 > 0:06:07170. How much?
0:06:07 > 0:06:11180. 181.
0:06:11 > 0:06:13178. Sorry.
0:06:13 > 0:06:15179.
0:06:15 > 0:06:19No. 179. 179, right at the back.
0:06:19 > 0:06:21180.
0:06:21 > 0:06:23180. 181.
0:06:23 > 0:06:26182. 183. 184.
0:06:26 > 0:06:31185, right at the back. 185. 186.
0:06:31 > 0:06:33186, with you.
0:06:33 > 0:06:37187, madam. 187, new spot. 188.
0:06:37 > 0:06:40187, with the lady. 188, with you.
0:06:40 > 0:06:45189. 190, sir.
0:06:45 > 0:06:47190, at the back, right at the back.
0:06:47 > 0:06:49191.
0:06:49 > 0:06:54191. 192, against the wall. 192.
0:06:54 > 0:07:01195. 196. 196. 197. 198.
0:07:01 > 0:07:04198. 199.
0:07:05 > 0:07:08200. 201.
0:07:10 > 0:07:13You'll never know if her last bid was 200. It's those round numbers.
0:07:13 > 0:07:15201.
0:07:15 > 0:07:18201. One more go?
0:07:18 > 0:07:21If not, 200, with the lady. 201.
0:07:21 > 0:07:24202. 203, sir. It's against you.
0:07:24 > 0:07:27202, with the lady. First time.
0:07:27 > 0:07:29Second time. Third and last time.
0:07:29 > 0:07:32If you're all done?
0:07:32 > 0:07:34Sold, 202. Well bid, madam.
0:07:34 > 0:07:40It may have been well bid but that battle pushed the final price way over the guide.
0:07:40 > 0:07:44The successful bidder was Carol, a former nurse and PA.
0:07:44 > 0:07:48She's currently renting a property on the same street
0:07:48 > 0:07:51which may be why she put up such a fight at the auction.
0:07:51 > 0:07:56# I want it so badly. #
0:07:56 > 0:08:00- Carol, nice to meet you. - Nice to meet you, too.- That was a bit of a battle, wasn't it?
0:08:00 > 0:08:03It was, very much so. Very busy, as well.
0:08:03 > 0:08:06- I mean, the auction house was absolutely packed out.- Right.
0:08:06 > 0:08:08People couldn't even get in the room.
0:08:08 > 0:08:11Interesting, the way auctions are going.
0:08:11 > 0:08:14It seems to be a real back on busyness.
0:08:14 > 0:08:17I don't know where the credit crunch was but it wasn't there that day.
0:08:17 > 0:08:20So, you got fairly involved in this purchase, there.
0:08:20 > 0:08:23I did except for I wasn't supposed to be.
0:08:23 > 0:08:30I mean, I only went to the auction house to actually see what it might go for...not actually buy it.
0:08:30 > 0:08:31Right.
0:08:31 > 0:08:37But, you know, I live on the street so I was interested to see what this actually might go for.
0:08:37 > 0:08:40Why did you start bidding if you weren't going to buy it?
0:08:40 > 0:08:43All that good advice that is around
0:08:43 > 0:08:47and it all went out the window when I was there,
0:08:47 > 0:08:52actually and suddenly, a hand goes up and I'm here.
0:08:52 > 0:08:54So you had no idea that you were going to buy it.
0:08:54 > 0:08:58You spent far more than you anticipated spending.
0:08:58 > 0:08:59202, it actually went for.
0:08:59 > 0:09:04Mmm. And you weren't actually anticipating buying this kind
0:09:04 > 0:09:08of property or this kind of legal title, as in freehold or leasehold?
0:09:08 > 0:09:11- Correct. - But apart from that, it was fine.
0:09:11 > 0:09:12Yes.
0:09:14 > 0:09:17But anyway, I'm here and it's a great street.
0:09:17 > 0:09:19You can't get away with it like that. Carry on a bit.
0:09:19 > 0:09:22Well, I wasn't thinking
0:09:22 > 0:09:24too many things, actually.
0:09:24 > 0:09:29You get carried away. Well, I do. It's the second time I've done this.
0:09:29 > 0:09:33# And it's all just a little bit Of history repeated. #
0:09:33 > 0:09:35The second time?!
0:09:35 > 0:09:40I've heard of accidentally stubbing your toe twice, but buying a house?
0:09:40 > 0:09:44Well, that's something and it gets even better.
0:09:44 > 0:09:47I went to an auction a couple of years ago, as well...
0:09:47 > 0:09:51and then a lot came up that I'd just walked through...
0:09:51 > 0:09:55again, a flat and again, suddenly I'm there.
0:09:55 > 0:10:01All I can remember was I had a red pen and it went in the air and this man was nodding at me
0:10:01 > 0:10:06and I was nodding back at him and I ended up with a flat again.
0:10:06 > 0:10:07And then, after I'd bought it,
0:10:07 > 0:10:10I found out that the roof was splitting
0:10:10 > 0:10:13and the walls were bowing out, so another challenge.
0:10:13 > 0:10:16I wouldn't normally advise this but have you thought about not going to auctions?
0:10:16 > 0:10:21I think that I should be banned. I'm sure I should be banned, actually.
0:10:21 > 0:10:26# Accidents never happen Could've planned it all. #
0:10:26 > 0:10:30That's certainly one solution to her impulsive bidding problem.
0:10:30 > 0:10:34But I have to stress, this isn't something I'd recommend doing, let alone twice.
0:10:34 > 0:10:39As if that wasn't enough, Carol was recently made redundant.
0:10:39 > 0:10:45Although she was looking for somewhere to buy, she hadn't really planned to spend that much.
0:10:46 > 0:10:52- A few sleepless nights and especially the night after the auction, didn't sleep at all.- Really?
0:10:52 > 0:10:59Well, I suddenly had a flat that I hadn't, in the morning, thought I was going to be bidding for.
0:10:59 > 0:11:03Right. So what was going through your mind in those wee small hours of the morning?
0:11:03 > 0:11:05What have I taken on?
0:11:05 > 0:11:07It wasn't really what I wanted.
0:11:07 > 0:11:13And how can I, you know, make the best of it?
0:11:13 > 0:11:17While I don't necessarily agree with how she spent her money,
0:11:17 > 0:11:21I do think Carol has at least bought a cracking property.
0:11:21 > 0:11:26If she's careful with the renovations, there could be some profit here.
0:11:26 > 0:11:28So what kind of budget have you got?
0:11:28 > 0:11:33I mean, I'd love to be able to do 15,000 and do it up, but I'm not sure...
0:11:33 > 0:11:36but a little bit extra, I'm sure.
0:11:36 > 0:11:41Depends how much building work but that's a good budget you've got, if you're just smartening it up.
0:11:41 > 0:11:43New central heating. All the doors need replacing.
0:11:43 > 0:11:47Plastering. Damp-proof. Quite a bit.
0:11:47 > 0:11:49But the idea is to then live here?
0:11:49 > 0:11:53Oh, yes. Definitely. And therefore, I don't have to pay the rent.
0:11:53 > 0:11:55Right. And timescales for that?
0:11:55 > 0:11:57I mean, are you going to live here for a while?
0:11:57 > 0:11:59I mean, what's the plan for you moving forward?
0:11:59 > 0:12:04The thing is, if I plan anything, I tend not to go with it anyway.
0:12:04 > 0:12:07So I might as well just move in and see what happens next.
0:12:07 > 0:12:11You never know. Six months down the line, another auction.
0:12:11 > 0:12:17How would you categorise your life, do you think? Is it a word..?
0:12:17 > 0:12:20Full and enjoyable. Challenging.
0:12:20 > 0:12:23And never a dull moment, you know.
0:12:24 > 0:12:29Well, there you go. Carol breaking some of the major rules of buying at auction.
0:12:29 > 0:12:31I think she's a bit shell-shocked.
0:12:31 > 0:12:33At the end of the day, I think she'll do fine.
0:12:33 > 0:12:38The big thing is can she stick to that £15,000 budget to turn this place round?
0:12:38 > 0:12:41If she can, I think she might still be OK.
0:12:41 > 0:12:43You can find out how she gets on...
0:12:45 > 0:12:46..later in the show.
0:12:50 > 0:12:52I'm in Sittingbourne, Kent.
0:12:52 > 0:12:57Its name means, literally, hamlet by the bourne, or large stream.
0:12:57 > 0:13:03The town is about eight miles from Gillingham and you can get to London by train in just over an hour.
0:13:03 > 0:13:08Welcome to Eden Village, a relatively new housing development and it's just off Bluebell Drive.
0:13:08 > 0:13:11It sounds and looks idyllic, doesn't it? Well, it is.
0:13:11 > 0:13:14It's a brand new housing development.
0:13:14 > 0:13:18Well, I'm afraid I've got some information that rocks its perfect image.
0:13:18 > 0:13:25The house I'm here to see sold for £227,500 two years ago.
0:13:25 > 0:13:29Today, the guide price is set at just 130,000.
0:13:29 > 0:13:33Now that is over a 40% drop on the original sale price.
0:13:33 > 0:13:35Sobering, isn't it?
0:13:35 > 0:13:39And the rest of the site shows more signs of the times.
0:13:39 > 0:13:43As you can see, this development is work in progress.
0:13:43 > 0:13:46The houses are still being built here.
0:13:46 > 0:13:51Now, sadly, new builds, well, they've been hit hardest by the property downturn.
0:13:51 > 0:13:56Overbuilding in some areas leading to a glut of properties competing for buyers and tenants
0:13:56 > 0:14:00has seen values and rents spiralling downwards.
0:14:00 > 0:14:03Lenders are also less keen to finance them,
0:14:03 > 0:14:09some insisting on a 50% down payment on all properties less than two years old.
0:14:09 > 0:14:13What we're looking at today is not a run of the mill property.
0:14:13 > 0:14:15This place is just 18 months old.
0:14:15 > 0:14:18If it was a car, you'd say it's just about run-in.
0:14:18 > 0:14:21For a house, it's practically new.
0:14:21 > 0:14:26The property I've come to see today is a three-bedroom end of terrace.
0:14:26 > 0:14:28It looks like it's in really good condition.
0:14:28 > 0:14:31Why wouldn't it be? It's new.
0:14:34 > 0:14:40It makes a real change for me on Homes Under The Hammer to look at a house with not much wrong with it.
0:14:40 > 0:14:44It's in really good condition. You've got lovely painted walls.
0:14:44 > 0:14:48A nice little feature window area with new blinds, a fireplace...
0:14:48 > 0:14:51although the carpet is not fantastic.
0:14:51 > 0:14:57It's really dirty. That'll need to be ripped up and all of it, actually, will need to be replaced.
0:14:57 > 0:15:00You've got a great kitchen. Look at this. It's really modern.
0:15:00 > 0:15:04You've got beech units, black worktops, spotlights in there.
0:15:04 > 0:15:09A really good place to cook. But what I like is you can walk straight from the kitchen into the dining area.
0:15:09 > 0:15:12Enough room for a big table here.
0:15:12 > 0:15:18This is perfect family living and I love it that you can go straight out into the garden.
0:15:18 > 0:15:21OK, the garden may not be the biggest, but this is a new build.
0:15:21 > 0:15:26Generally, gardens in these aren't massive, but perfect for low maintenance.
0:15:26 > 0:15:30A bit of time with the mower and a strimmer will soon knock it back into shape.
0:15:30 > 0:15:36With plenty of parking and its own garage, this looks like a great little starter home.
0:15:36 > 0:15:40Well, upstairs, it's as you'd imagine. More magnolia paintwork.
0:15:40 > 0:15:44Lovely white, shiny gloss on the doors. It's in really good working order.
0:15:44 > 0:15:49You've got three bedrooms, one en suite, which is a real added bonus in a property like this.
0:15:49 > 0:15:51Lots of storage in here. Family bathroom through here.
0:15:51 > 0:15:57And the main bedroom, it's not the biggest space I've ever seen.
0:15:57 > 0:16:01One. Two. Three. Four. Five. Six.
0:16:01 > 0:16:04About seven foot. Not huge.
0:16:04 > 0:16:07You can forget the king-size bed.
0:16:07 > 0:16:10It might be a little compact, but it's perfectly formed.
0:16:10 > 0:16:13Put a new carpet down and you could move in tomorrow.
0:16:13 > 0:16:17So, has the market for this type of property really collapsed?
0:16:17 > 0:16:20Or at an auction guide price of 130,000,
0:16:20 > 0:16:25was this house just a one off, or up for auction for a quick sale?
0:16:25 > 0:16:27Let's hear from a local estate agent.
0:16:27 > 0:16:31In the last two years here, the prices have fallen slightly.
0:16:31 > 0:16:34Where they're still building, new properties are being offered,
0:16:34 > 0:16:37perhaps at cheaper prices so it's had a knock-on effect.
0:16:38 > 0:16:46With all this fall in values, is that £130,000 guide price now pretty close to the market price?
0:16:46 > 0:16:50I'd market this house for £180,000.
0:16:51 > 0:16:54On the face of it, that sounds really encouraging.
0:16:54 > 0:16:56If you could get that price,
0:16:56 > 0:17:00for very little work there could be 40 or £50,000 profit.
0:17:00 > 0:17:03How could it fare as a rental?
0:17:03 > 0:17:09I'd rent this property out between £775 per calendar month and £800 per calendar month.
0:17:09 > 0:17:14So, buying a just completed new build at the moment might not be the best idea.
0:17:14 > 0:17:18But get one second-hand and you may just pick up a bargain.
0:17:18 > 0:17:25The average property price of a semi-detached in Sittingbourne stands at £188,000.
0:17:25 > 0:17:29With the guide being set at just 130, there is a margin here.
0:17:29 > 0:17:33Did someone buy well? Well, let's see as we go to auction.
0:17:36 > 0:17:38So, lot 173 then is the next lot for offer.
0:17:38 > 0:17:4139 Bluebell Drive in Sittingbourne, Kent.
0:17:41 > 0:17:46What do you say on this? 130 to get it started on this one.
0:17:46 > 0:17:48Can I see a bid of 130? I can.
0:17:48 > 0:17:51Thank you. £130,000. 135, now.
0:17:51 > 0:17:56135 is with you. 135. 140. 140. 145.
0:17:56 > 0:17:59150. 155.
0:18:00 > 0:18:01155 now.
0:18:01 > 0:18:05No. With you, the original bidder, at 150,000. 155, you're saying.
0:18:05 > 0:18:07Or 151?
0:18:07 > 0:18:11151. I thought so. 152.
0:18:11 > 0:18:16152. 153. 154. 155. 156.
0:18:16 > 0:18:23157. 158. 159. 160.
0:18:23 > 0:18:26160. 161. 162.
0:18:26 > 0:18:30162, new place, seated. 163. 164.
0:18:30 > 0:18:34164. You're back in. 165. 166.
0:18:34 > 0:18:36166.
0:18:36 > 0:18:39166. 167.
0:18:40 > 0:18:43166,500 you're saying. 167.
0:18:44 > 0:18:48One more. Otherwise 166,500 for the first.
0:18:48 > 0:18:51166,500 for the second.
0:18:53 > 0:18:58Third and final time at £166,500.
0:18:59 > 0:19:01Sold.
0:19:01 > 0:19:09At just above the guide price, for £166,500, the new owner is local man, Paul.
0:19:09 > 0:19:11He'd been after this house for quite a while.
0:19:16 > 0:19:18Congratulations, Paul. You must be thrilled.
0:19:18 > 0:19:23- Yeah. I certainly am.- So, what took you to auction to buy this property?
0:19:23 > 0:19:28In all honesty, I saw the property up for sale cos I live locally.
0:19:28 > 0:19:30Saw it, put a bid in.
0:19:30 > 0:19:34It got accepted, but it didn't complete prior to the auction.
0:19:34 > 0:19:39I was given a call about 45 minutes prior to the house going under the hammer
0:19:39 > 0:19:43to say you can complete now, but we've got to pull it out the auction, but we're not sure we can.
0:19:43 > 0:19:46So, due to that, I did sort of gamble and I thought,
0:19:46 > 0:19:52no, I'll bid it now because a lot of the properties were going for the guide price and this one didn't.
0:19:52 > 0:19:54But I still feel I've done well.
0:19:54 > 0:20:01Third and final time, at £166,500.
0:20:01 > 0:20:02Sold.
0:20:02 > 0:20:06So Paul went ahead, gambled and actually came out pretty even
0:20:06 > 0:20:10with his pre-auction offer of £165,000,
0:20:10 > 0:20:13paying just £1,500 more on the day.
0:20:13 > 0:20:19But as he works nights, just getting to the auction was an achievement.
0:20:19 > 0:20:22- So what's your job then?- I'm an engineer for South Eastern Trains...
0:20:22 > 0:20:24based in London, in the control room.
0:20:24 > 0:20:29What I do is, basically, to help the drivers
0:20:29 > 0:20:34and any train stopped that's on the live rail that has faults.
0:20:34 > 0:20:37And basically, I get them out of trouble.
0:20:37 > 0:20:39So, basically, a troubleshooter in the control room.
0:20:39 > 0:20:44- So you're the man they call. - I am the man they call. Yeah. I'm the man they have to rely on.
0:20:44 > 0:20:46So that's a kind of job that's on the edge, in itself, isn't it?
0:20:46 > 0:20:50- It is, actually. Yeah. - So you must be used to all of that adrenalin pumping.
0:20:50 > 0:20:55I am, but not after I've had a whole night of working, and then going up there during the day.
0:20:55 > 0:20:59So how many hours had you been awake for?
0:20:59 > 0:21:05From the previous day, I suppose you're looking at nearly 48 hours.
0:21:05 > 0:21:09- Woah.- Yeah.- And you were about to spend a vast amount of money.- Yeah.
0:21:09 > 0:21:11That's quite scary, isn't it?
0:21:11 > 0:21:13Very scary. And I could have done with someone with me,
0:21:13 > 0:21:18just for a bit of moral support, because you can be a bit in awe of the whole thing,
0:21:18 > 0:21:20but afterwards I felt pleased.
0:21:20 > 0:21:23I suppose you got a huge adrenalin rush after the auction, didn't you?
0:21:23 > 0:21:26Well, I did, but I had to cos I had to go back to work.
0:21:26 > 0:21:30So you did all that, bought a house and went back to work.
0:21:30 > 0:21:32Straight to work cos I had to start at seven.
0:21:32 > 0:21:36So bearing in mind it was in London, as well, so straight to work, yeah, for another 12-hour shift.
0:21:36 > 0:21:43Makes me feel tired just listening to what Paul went through to get this house. This is one determined man.
0:21:43 > 0:21:46But why did he go those extra miles to get this place?
0:21:51 > 0:21:57I bought this, predominantly, I think for myself, but I'm not sure whether I'll live here or not yet.
0:21:57 > 0:22:01I think I'm going to do it up, and then make a decision from there
0:22:01 > 0:22:03whether I rent it out or live here myself.
0:22:03 > 0:22:07- But I've got no plans to sell it. - So you're not quite sure if you're going to move in.
0:22:07 > 0:22:11Have you got any great ideas for sort of working on it, painting it, renovating it?
0:22:11 > 0:22:15Yeah. I think it needs a little bit of TLC, basically.
0:22:15 > 0:22:17It needs new carpets,
0:22:17 > 0:22:21a good paint up. It needs sprucing up.
0:22:21 > 0:22:26You need to stamp some personality here because it's a typical boxy new build, at the moment.
0:22:26 > 0:22:30- It needs some mirrors. It needs some furniture, doesn't it?- Yeah. It does.
0:22:30 > 0:22:36- You need to sort that garden out. - I'm not sure, but I think I might know a man who might do that.
0:22:36 > 0:22:39You've got to get out there and chop that back. It's going a bit crazy.
0:22:39 > 0:22:42Definitely. Yeah. I'm not looking forward to that, actually.
0:22:42 > 0:22:49Paul's given himself a budget of around £3,000 to spruce the place up which is really all it needs.
0:22:49 > 0:22:52His main challenge is finding time to do the work.
0:22:55 > 0:22:58Paul followed his instincts and this house to auction.
0:22:58 > 0:23:01Luckily, he didn't fall asleep when it came to his lot.
0:23:01 > 0:23:04Will he make this a home or will he rent it out?
0:23:04 > 0:23:07You can find out later on in the show.
0:23:07 > 0:23:13Coming up, Truro may be a desirable place to live, but I don't think the same can be said about this house.
0:23:13 > 0:23:16It's just...it's not good.
0:23:17 > 0:23:23Back in Sittingbourne, surely Paul's almost new house has been a breeze.
0:23:23 > 0:23:28I'd say the hard stuff for me, really, in all honesty, has been finding the time to do it.
0:23:28 > 0:23:33But first, are drastic measures needed to stop Carol's impulsive buying?
0:23:33 > 0:23:35Thought about not going to the auctions, perhaps?
0:23:35 > 0:23:37I think that I should be banned.
0:23:39 > 0:23:41POP MUSIC PLAYS
0:23:44 > 0:23:51When I met retired nurse Carol she'd just spent £202,000 on this three-bedroom
0:23:51 > 0:23:55ground floor flat in a desirable area of West Dulwich, London.
0:23:55 > 0:23:58The only trouble was, she didn't mean to buy it.
0:23:58 > 0:24:04So you had no idea you were going to buy it. You spent far more than you anticipated spending.
0:24:04 > 0:24:06202 it actually went for.
0:24:06 > 0:24:11- And you weren't anticipating buying this kind of property.- Correct.
0:24:11 > 0:24:13But apart from that, it was fine.
0:24:13 > 0:24:14Yes.
0:24:15 > 0:24:18175.
0:24:18 > 0:24:21Sold, 202. Well bid, madam.
0:24:21 > 0:24:28To make matters worse, this was the second time Carol had bought a property without intending to.
0:24:28 > 0:24:32But the good news was that she did actually need somewhere to live and despite her impulsive start,
0:24:32 > 0:24:37Carol's managed to turn this flat around in just six weeks.
0:24:37 > 0:24:40POP MUSIC PLAYS
0:24:58 > 0:25:04Despite my initial concerns, Carol has left nothing about this renovation to chance.
0:25:04 > 0:25:07Not only has the entire property been rewired and replastered,
0:25:07 > 0:25:11but she's fitted a brand new kitchen and bathroom suite.
0:25:14 > 0:25:21It has been a real rollercoaster from knowing that I was finishing work
0:25:21 > 0:25:24to, in a coffee break,
0:25:24 > 0:25:27going and buying a flat at auction
0:25:27 > 0:25:31to having it on my hands
0:25:31 > 0:25:35and having to do all the work and now moving in.
0:25:35 > 0:25:42It's been a lot in a short time, but, you know, a challenge, I like a challenge so that's good.
0:25:42 > 0:25:49Although Carol is still looking for a job, she's not the sort of person who lets the grass grow under her.
0:25:49 > 0:25:52She's been working here full-time.
0:25:52 > 0:25:56Yeah. I do tend to want to do things quite quickly
0:25:56 > 0:26:03and have them done yesterday instead of in the correct timescale,
0:26:03 > 0:26:07so I do go for it when I have a chance.
0:26:07 > 0:26:10POP MUSIC PLAYS
0:26:18 > 0:26:21While Carol may have been a bit impulsive at the auction
0:26:21 > 0:26:28and impatient about getting the flat finished, she definitely hasn't cut any corners on this renovation.
0:26:28 > 0:26:33In fact, she's come up with some clever solutions to update this old property.
0:26:33 > 0:26:37One of the things I've done in this room is put the boiler in this cupboard here.
0:26:37 > 0:26:41It's so that I don't have to have it in the kitchen.
0:26:41 > 0:26:45And hopefully, I won't have to access it too often.
0:26:47 > 0:26:50That boiler may well be getting a bit of use
0:26:50 > 0:26:53as about the only thing that Carol hasn't replaced are the windows.
0:26:53 > 0:26:58While they have been freshened up, it would have been good to see some double glazing.
0:26:58 > 0:27:03Now, speaking of all things double, what's happened with that shared garden?
0:27:03 > 0:27:09A lot of the work has been done inside, but I have cleared the garden of some of the plants,
0:27:09 > 0:27:16put in a few of mine from previously where I was and, with the help of four men,
0:27:16 > 0:27:23I had the shed moved to the end here so that it wasn't blocking the light going into the back room.
0:27:23 > 0:27:28And I hope that within the next few months that I'll be sat out here,
0:27:28 > 0:27:33enjoying the weather, with a glass of champagne and relaxing.
0:27:33 > 0:27:38Well, that champagne may have to be put on ice as, unusually for Carol,
0:27:38 > 0:27:40she's decided to wait a while before she moves in.
0:27:40 > 0:27:46It was her spontaneous purchase at the auction that made her part with more money than she'd planned.
0:27:46 > 0:27:51A total of 202,000. Has she controlled her budget better?
0:27:53 > 0:27:57I was hoping to keep it under maybe 20,000,
0:27:57 > 0:28:01but it's gone up to probably about 25,000.
0:28:01 > 0:28:07That brings Carol's total investment to approximately 230,000.
0:28:07 > 0:28:11While she has no plans to sell it and buy another - at least until the next auction -
0:28:11 > 0:28:16we invited two local estate agents to come and see
0:28:16 > 0:28:19if she's added value to this mid-terrace.
0:28:23 > 0:28:27I was really surprised when I got the call to say come back.
0:28:27 > 0:28:32I was expecting it to be a couple of months, but it's been amazing.
0:28:32 > 0:28:37Transformation's been terrific, actually. It's a lot brighter.
0:28:37 > 0:28:42There's still a few bits to be done, I think the vendor would accept, but an amazing transformation, overall.
0:28:42 > 0:28:44First impressions, really nice.
0:28:44 > 0:28:49Really nice. I love the white decor, the wood floors,
0:28:49 > 0:28:55the contemporary look which works really well in properties like this. High ceilings.
0:28:55 > 0:28:59Really, really, very inviting. Very warm.
0:28:59 > 0:29:05Excellent rental property. In terms of your rental return, having three bedrooms is going to maximise that,
0:29:05 > 0:29:07so it would work well as that, certainly.
0:29:07 > 0:29:13If Carol's impulses get the better of her again, she may well consider renting this out.
0:29:13 > 0:29:16But for now, this will be her new home.
0:29:16 > 0:29:21She has invested around £230,000 so far, so what could it be worth?
0:29:21 > 0:29:26I think 250 is a very realistic price and we should be able to achieve 250.
0:29:26 > 0:29:31But over 250 would be, yeah, almost impossible, I would say.
0:29:31 > 0:29:38Given how nice this flat is, I might be prepared to go in at higher than that and try it, sort of 265, 270.
0:29:41 > 0:29:44That's good. Maybe two glasses of champagne in the garden.
0:29:48 > 0:29:54With the flat now finished, Carol can move in and turn her attention to finding a new job.
0:29:54 > 0:29:59However, judging by what she's achieved here in such a short space of time
0:29:59 > 0:30:02and for a profit, maybe she's already started her new career.
0:30:02 > 0:30:06But let's hope she controls her bidding next time.
0:30:06 > 0:30:11Well, track record, I'd probably come away with something, so I'd better be careful...
0:30:11 > 0:30:14or do my research first.
0:30:19 > 0:30:24Depending on your viewpoint, the car is either a curse or a blessing.
0:30:24 > 0:30:30Certainly in rural communities, many would consider it essential, but the increasing volume is putting
0:30:30 > 0:30:32excessive demands on towns and cities.
0:30:32 > 0:30:36This has meant various measures to control the numbers.
0:30:36 > 0:30:39# I like driving in my car... #
0:30:41 > 0:30:43This isn't any old road sign.
0:30:43 > 0:30:50It's a Cornish road sign, but not necessarily one that you'd associate with this part of the country.
0:30:50 > 0:30:55However, traffic congestion is a real problem, especially here in Truro, so much so,
0:30:55 > 0:31:01that the local council are trying to encourage more inner city housing to try and get people on their feet,
0:31:01 > 0:31:04which is exactly how I'm going to get into the city centre.
0:31:06 > 0:31:09You have to admit, it makes a lot of sense.
0:31:09 > 0:31:16Why drive when you could walk to work, especially when the setting is as magnificent as here in Truro?
0:31:16 > 0:31:19Perhaps living in the city centre is not so bad, after all.
0:31:19 > 0:31:26Well, being so close to the city centre, just a stone's throw from Truro's beautiful cathedral,
0:31:26 > 0:31:32in fact, you'd think that what I was here to see was some mid-terrace, perhaps, or a cutesy-wutesy cottage.
0:31:32 > 0:31:35Well, how wrong you would be.
0:31:37 > 0:31:39Yuck.
0:31:39 > 0:31:42This house is known as Rosemullion,
0:31:42 > 0:31:46which is a surprising name for somewhere that couldn't look less like a rose.
0:31:46 > 0:31:53But at a guide price of £130-140,000, this property,
0:31:53 > 0:31:59with its four bedrooms, studio and integrated garage, could have the sweet smell of success.
0:31:59 > 0:32:05Well, let's hope the inside is a bit of an improvement from the outside.
0:32:12 > 0:32:17Well, I don't know whether Austin Powers would call the wallpaper in the hall "groovy",
0:32:17 > 0:32:19but the rest of the flat is anything but on trend.
0:32:19 > 0:32:23Dilapidated kitchens. Dog-eared reception rooms.
0:32:23 > 0:32:27It's in a sorry state.
0:32:28 > 0:32:31That's a bit weird! This is the second kitchen.
0:32:31 > 0:32:35Again, it's in an absolutely atrocious state.
0:32:35 > 0:32:39It's the whole layout of this place that's just wrong. You've got this very narrow corridor.
0:32:39 > 0:32:43You've got those cupboards, which basically are a complete waste of space.
0:32:43 > 0:32:46I mean, all in all, it is just...
0:32:46 > 0:32:49it's not good.
0:32:49 > 0:32:55Judging by the rest of the space, the bedroom, the bathroom, the downstairs studio room
0:32:55 > 0:33:02and yet another kitchen, I guess this must have been rented out as three bedsits at one time.
0:33:02 > 0:33:05Perhaps, financially, that could still be the best option.
0:33:05 > 0:33:09But with the stringent regulations on multiple occupancies,
0:33:09 > 0:33:13there'd be a lot of work to do to get this up to standard.
0:33:15 > 0:33:19What would the auctioneer who sold this building advise
0:33:19 > 0:33:20about the best way forward?
0:33:20 > 0:33:23I see it as a redevelopment project, probably,
0:33:23 > 0:33:27to create a cottage on the end, a standard two-storey cottage there.
0:33:27 > 0:33:33And then here, perhaps keep the garage, but go upstairs
0:33:33 > 0:33:37to a flat over this garage and the garage next door which isn't ours.
0:33:37 > 0:33:40That's the slight bugbear. That garage isn't ours to play with.
0:33:40 > 0:33:45That's certainly an interesting option, but there's a fair amount
0:33:45 > 0:33:49of work and with the garage situation, it may be problematic.
0:33:49 > 0:33:51Would it be worth it?
0:33:51 > 0:33:56The resale market, depending on the state of the market when it was brought to the market,
0:33:56 > 0:34:00would be about 110, 115, something like that,
0:34:00 > 0:34:05for a pleasant little cottage with a parking space.
0:34:05 > 0:34:09Here, with a garage, probably, but a much smaller apartment,
0:34:09 > 0:34:14would probably be 90, 95,000, perhaps, but probably not 100.
0:34:14 > 0:34:19That might be £200,000 worth of potential resale value,
0:34:19 > 0:34:22but at what was a £130-140,000 guide price,
0:34:22 > 0:34:28plus development costs, I'm not sure there would be much of a return.
0:34:28 > 0:34:32So what about keeping the status quo here and just modernising?
0:34:32 > 0:34:37As well as the redevelopment angle, there is, obviously, the pathway to refresh it
0:34:37 > 0:34:41and keep it as a room by room rent machine, and it would be quite productive.
0:34:41 > 0:34:45I think there would be... Well, I know there would be a bigger market
0:34:45 > 0:34:49for the cottages and the cottage in the apartment, either done
0:34:49 > 0:34:52or with the planning consent.
0:34:52 > 0:34:56So, Graham's convinced that's the way to go. But I'm not so sure.
0:35:02 > 0:35:07Well, you know how your initial impressions of a place can often be wrong? In this case, they weren't.
0:35:07 > 0:35:08It's absolutely horrible.
0:35:08 > 0:35:14The big question is, do you keep it like it is, maybe make some money from the idea of it being bedsits,
0:35:14 > 0:35:18or do you gut it and try and make the best of the bad job?
0:35:18 > 0:35:19I don't know. It's not an easy one.
0:35:19 > 0:35:22Let's see who fancied it at the auction.
0:35:25 > 0:35:27Lot 19. Rosemullion.
0:35:27 > 0:35:30Versatile property, so it's everything on the top
0:35:30 > 0:35:34and including everything you can see, bar the left-hand garage.
0:35:34 > 0:35:38130 to 140, the guide. Only going to ask you 100 to kick off.
0:35:38 > 0:35:40100 somewhere. 100,000. We're away.
0:35:40 > 0:35:42100,000. We've got 100. At 100.
0:35:42 > 0:35:44At 100. At 100. Who's going to say ten for me now?
0:35:44 > 0:35:46At 100, I've got.
0:35:46 > 0:35:48110. Thank you, sir. 110.
0:35:48 > 0:35:50110. 112, if we go. 112.
0:35:50 > 0:35:5415, if you like, sir. I'd say 120, it would be lovely.
0:35:54 > 0:35:55OK. 112 is behind you.
0:35:55 > 0:35:57112. At 112. Looking for 14. At 112.
0:35:57 > 0:36:02OK. Looks like I've to focus on you two chaps. 112 is behind you, sir.
0:36:02 > 0:36:05OK. 13, if you like it.
0:36:05 > 0:36:07At 112, it's behind you.
0:36:07 > 0:36:12At 112, once. At 112, twice. At 112, are you sure?
0:36:12 > 0:36:16Here we go. Gentleman at the back with the glasses at 112 and out.
0:36:16 > 0:36:18Sold. Excellent, well done.
0:36:20 > 0:36:27For £112,000, nearly £20,000 below the guide price,
0:36:27 > 0:36:31the new owner of this Truro property is local man, Frank.
0:36:31 > 0:36:35Let's hope he has some good ideas about what to do with it.
0:36:35 > 0:36:39- Frank, congratulations. Got yourself a bit of a project! - Just a little bit, yeah.
0:36:39 > 0:36:42Tell me why you wanted to buy this place.
0:36:42 > 0:36:45Initially, it was the parking that drew me.
0:36:45 > 0:36:47What, the garages?
0:36:47 > 0:36:51You can't get a house in Truro with parking.
0:36:51 > 0:36:58And then secondly, was the three bedrooms upstairs, lounge and a kitchen diner down here.
0:36:58 > 0:37:02Just one house, for one family or whatever.
0:37:02 > 0:37:05What about the overall kind of feel of the house? I mean, it's...
0:37:08 > 0:37:10Terrible!
0:37:10 > 0:37:11THEY LAUGH
0:37:11 > 0:37:16Luckily, Frank didn't view Rosemullion through rose-tinted spectacles.
0:37:16 > 0:37:18He knew exactly what he was getting.
0:37:18 > 0:37:23In fact, he nearly bought it prior to auction for £130,000,
0:37:23 > 0:37:27so was delighted to snap it up for just 112.
0:37:27 > 0:37:31- So tell me a bit more about you. - Been in the building business 34 years.
0:37:31 > 0:37:33I suppose I've renovated 20 properties in my time.
0:37:33 > 0:37:38- Oh, wow.- I work full-time, as well. In fact, I've got two jobs going at the moment.
0:37:38 > 0:37:41I work for a local housing association as clerk of works.
0:37:41 > 0:37:46- And I'm a loss adjuster, as well, for an insurance consultants.- Oh, right.
0:37:46 > 0:37:48So, I'm pretty busy.
0:37:48 > 0:37:52This will be the first project I actually do where I'm not actually hands on.
0:37:52 > 0:37:56I want a quick turnaround, hopefully two, three months at the outside.
0:37:56 > 0:38:00And I'll be getting local chaps in to do all the work.
0:38:00 > 0:38:03So, Frank's a very experienced builder.
0:38:03 > 0:38:08And as he's a clerk of works, too, it's his job to check the quality of work,
0:38:08 > 0:38:11so I'm sure he'll be an exacting boss.
0:38:11 > 0:38:15So talk me through exactly what you're going to do in terms of the internal.
0:38:15 > 0:38:19My first thing up there is to rip all the internal studwork walls out.
0:38:19 > 0:38:21Give me a blank canvas.
0:38:21 > 0:38:25I'd then start laying down some plans on the floors, see if it's going to work or not.
0:38:25 > 0:38:29Hopefully then, it will be three bedrooms,
0:38:29 > 0:38:35two the far end, one coming this way and the bathroom over that side.
0:38:35 > 0:38:41Maybe a small cloakroom, utility room, one end of that, with a lounge above this.
0:38:41 > 0:38:46- Any idea how much it's going to cost?- I reckon £18-20,000 should sort me out on this one.
0:38:46 > 0:38:50So the amount of money you saved on buying it, it's almost like you get the restoration for free.
0:38:50 > 0:38:52- Freebie. Yeah.- Wow.- Can't be bad.
0:38:52 > 0:38:56This is now starting to make sense to me.
0:38:56 > 0:38:59Frank is clearly someone who views a building and wonders,
0:38:59 > 0:39:01"Now, what can I do with that?"
0:39:01 > 0:39:04I bet he made some great Lego houses when he was a boy,
0:39:04 > 0:39:08and I'm sure they weren't your standard box shape, either.
0:39:08 > 0:39:10Now, it is an unusual property.
0:39:10 > 0:39:16- Is that something which appealed to you?- I love quirky things.- Really?
0:39:16 > 0:39:19Most places I've bought have had something about them.
0:39:19 > 0:39:23The last project I bought in Torquay was an ex-electrical contractor's.
0:39:23 > 0:39:25It was his office and stores.
0:39:25 > 0:39:31- Oh.- So I bought that, took a chance on it, got planning permission and then renovated it and sold it on.
0:39:31 > 0:39:35So, this buying slightly quirky properties is a bit of a forte?
0:39:35 > 0:39:37The quirkier the better, yeah. I'm just waiting on an offer
0:39:37 > 0:39:42- on a public convenience in Penzance, actually. - You're buying a loo?
0:39:42 > 0:39:47- I made an offer on it, yeah.- Why? - I think there's money to be made there.- As a what?
0:39:47 > 0:39:51- Running it as a toilet? - No, no, I don't think so.
0:39:51 > 0:39:54Definitely storage space, but I'll probably build on top of it.
0:39:54 > 0:39:58It's single-storey, at the moment. Smack in the middle of Penzance again.
0:39:58 > 0:40:00- Very, very cheap offer I made on it, I'm telling you.- How much?
0:40:00 > 0:40:04- £25,000.- Right. For a loo?
0:40:04 > 0:40:06It's a good sized loo.
0:40:06 > 0:40:09It's not a loo with a view, unfortunately!
0:40:09 > 0:40:12So compared to that, this is actually quite normal.
0:40:12 > 0:40:15This is a fairly straightforward place.
0:40:15 > 0:40:19Yeah. This probably will be hopefully a quick seller-on, and then move on to the next one.
0:40:19 > 0:40:22- Your toilet.- My toilet.
0:40:22 > 0:40:26- Well, good luck with it all.- Thank you very much.- Nice to meet you.
0:40:26 > 0:40:32Well, it just goes to show there is a buyer for every property so long as it's at the right price.
0:40:32 > 0:40:35But Frank genuinely does seem delighted with this place.
0:40:35 > 0:40:38Mind you, he does like a quirky project.
0:40:38 > 0:40:43In terms of challenges, well, converting this to three bedrooms, I'm not so sure,
0:40:43 > 0:40:50and can he honestly turn this fairly hideous 1970s house into something that people would want to buy?
0:40:50 > 0:40:52You can find out later in the show.
0:40:55 > 0:40:58We are dying to find out what's happened to those properties.
0:40:58 > 0:41:03- Yes. Have they been transformed or encountered problems? - Let's find out.
0:41:03 > 0:41:07One of the areas of the property market that has been hardest hit
0:41:07 > 0:41:10recently is new builds, particularly on new estates.
0:41:10 > 0:41:17In fact, some developers have stopped this type of building altogether, until the market picks up.
0:41:17 > 0:41:20But where there's a downturn, there can often be opportunity.
0:41:20 > 0:41:24That's what railway engineer Paul thought when he finally got his hands
0:41:24 > 0:41:30on a three-bedroom house in Sittingbourne, after a bit of a struggle.
0:41:30 > 0:41:31I saw it, put a bid in.
0:41:31 > 0:41:35It got accepted, but it didn't complete prior to the auction.
0:41:35 > 0:41:39I was given a call about 45 minutes prior to the house going under the hammer, to say,
0:41:39 > 0:41:42"You can complete now, but we've got to pull it out the auction,
0:41:42 > 0:41:45"but we're not sure if we can pull it out."
0:41:45 > 0:41:48So after working a full nightshift,
0:41:48 > 0:41:55Paul raced to the auction and managed to make the winning bid of £166,500.
0:41:56 > 0:41:58Sold.
0:41:58 > 0:42:04That was slightly over the original 165,000 he was going to pay prior to auction.
0:42:04 > 0:42:07Then, tired but pleased, he went back to work.
0:42:07 > 0:42:11Now, six months on, have all his efforts been worth it?
0:42:22 > 0:42:27Paul could have just moved in because there wasn't really much to be done, but he has, in fact, given it
0:42:27 > 0:42:34a fresh lick of paint and with his furniture in, it's looking much more like a home again.
0:42:34 > 0:42:39Presumably, as the property was only 18 months old, this has all been fairly trouble-free.
0:42:43 > 0:42:47Well, one of the first problems I found when I moved in was that
0:42:47 > 0:42:52the sockets upstairs weren't working in the computer room, so I had no power to my computer at all.
0:42:52 > 0:42:57And then I got a friend round and we went through the whole circuit of the house
0:42:57 > 0:43:03and traced the fault down to a couple of the switches here, for the dishwasher and the washing machine.
0:43:03 > 0:43:10It was actually wired through the switches incorrectly so it took us about a week to suss that out.
0:43:10 > 0:43:15So the way I've rectified it is I actually leave them on all the time now.
0:43:15 > 0:43:20Other than that, it's got to be rewired and to be honest with you, it's not very cost-effective.
0:43:23 > 0:43:27At least now, Paul knows how to get the power working upstairs.
0:43:27 > 0:43:33And even if he hasn't changed the wiring, he has at least changed the flooring throughout the house.
0:43:36 > 0:43:40Another thing I'm going to do is to actually put some wardrobes in here.
0:43:40 > 0:43:44This is my lad's room and one thing about a new build is it is lacking
0:43:44 > 0:43:48a bit of storage space, so I'm going to put some mirror wardrobes in there
0:43:48 > 0:43:52which will give us ample room then for his clothes and probably mine, as well.
0:43:52 > 0:43:55Although Paul hasn't decided whether he's going to rent,
0:43:55 > 0:44:01keep or sell the house, he certainly seems to have planned it out as though he's going to live here.
0:44:01 > 0:44:05OK. This is the only thing I haven't really touched at the moment on the house is the garden.
0:44:05 > 0:44:09The weather hasn't really been on my side regarding that and at the moment,
0:44:09 > 0:44:13it's a job that I've got lined up for the summer now. Looking forward to that.
0:44:13 > 0:44:19And what I've got planned is I'm going to put some pots round the outside, keep the middle nice and
0:44:19 > 0:44:26simple, bit of green for my lad to play football on and basically, keep it nice and simple, low maintenance.
0:44:26 > 0:44:30That should be spot on. People who buy or rent new builds are generally attracted
0:44:30 > 0:44:35by the low level of maintenance inside, and especially in the garden.
0:44:35 > 0:44:40I'd say the hard stuff for me is really, in all honesty, has been finding the time to do it.
0:44:40 > 0:44:44Because of me working shifts and things, it's been quite difficult,
0:44:44 > 0:44:48and getting motivated after working long shifts has been difficult.
0:44:48 > 0:44:53Paul specifically chose the house because of its decent order in the first place.
0:44:53 > 0:44:58He hoped that would reduce his workload, as well as keeping his costs low.
0:44:58 > 0:45:00The original budget I set up was about 2,000.
0:45:00 > 0:45:02Now, I've probably done about six,
0:45:02 > 0:45:06to be honest, and most of that has been on furniture.
0:45:08 > 0:45:11With furniture not normally included in refurbishment costs,
0:45:11 > 0:45:15£6,000 is probably a slight overestimate to spend here.
0:45:15 > 0:45:21But even so, that would take his total to just below £173,000.
0:45:21 > 0:45:23So has it turned out to be a good buy?
0:45:23 > 0:45:25What do two local estate agents think?
0:45:27 > 0:45:29The positives of buying a new build,
0:45:29 > 0:45:31especially with this one,
0:45:31 > 0:45:34you don't have to do any work to the property at all.
0:45:34 > 0:45:36You can move your stuff straight in.
0:45:36 > 0:45:41You've got modern features like en suites. Modern kitchen, as well, usually, with white goods included.
0:45:41 > 0:45:43In terms of new build properties,
0:45:43 > 0:45:46the thing that doesn't work for me is the density of the properties.
0:45:46 > 0:45:50They're all crammed into a very small area, very small gardens,
0:45:50 > 0:45:51tight parking areas.
0:45:51 > 0:45:54The property has a driveway and a garage, which is fine,
0:45:54 > 0:45:57but we tend to find that the garage is smaller on new build sites,
0:45:57 > 0:45:59so we hope that the buyers
0:45:59 > 0:46:02can get out of their cars once they're in the garage.
0:46:02 > 0:46:05But it's definitely better to have one rather than not.
0:46:05 > 0:46:09Where the property's located, on this former estate,
0:46:09 > 0:46:10yes, there is ongoing building works.
0:46:10 > 0:46:14At the end of the day, most of the properties around this particular one
0:46:14 > 0:46:17are completed but things like the road surfacing isn't completed
0:46:17 > 0:46:19and that will put off some buyers.
0:46:19 > 0:46:24Paul has spent around £173,000 here but it's a new build -
0:46:24 > 0:46:28perhaps the hardest-hit category in the current property slump.
0:46:28 > 0:46:34This house, for example, was bought for 227,500, just 18 months ago.
0:46:34 > 0:46:36So what's it worth now?
0:46:36 > 0:46:41The resale value of this property, I would recommend a price of £165,000.
0:46:41 > 0:46:47The resale valuation of the property, in the current market, I would put in the order of £165,000.
0:46:47 > 0:46:54So the values continue to tumble and Paul might see a £5-10,000 loss here.
0:46:54 > 0:46:57How does he feel about his purchase now?
0:46:57 > 0:47:00I know the market's not good at the moment. The price is quite low.
0:47:00 > 0:47:03As far as I'm concerned, it's a long-term investment.
0:47:03 > 0:47:05It doesn't really worry me at the moment.
0:47:05 > 0:47:09If Paul is to hang on to it, he may rent it out at some point.
0:47:09 > 0:47:12Is that a viable option?
0:47:12 > 0:47:17Rental valuation, I would recommend £775 per calendar month.
0:47:17 > 0:47:19Rental value for the property, three bedrooms,
0:47:19 > 0:47:21£750 per calendar month.
0:47:21 > 0:47:24It's quite good. Yeah, I'm happy with that.
0:47:24 > 0:47:26It seems like a good price.
0:47:26 > 0:47:30I would have thought 650, 700, so yeah, that seems good to me.
0:47:31 > 0:47:34That's OK, around about £9,000 a year
0:47:34 > 0:47:37which is a yield of just over 5%.
0:47:37 > 0:47:40Will that help Paul decide what to do next?
0:47:40 > 0:47:45I haven't made my mind up yet as to whether to rent it, sell it,
0:47:45 > 0:47:47or what to do with the property.
0:47:47 > 0:47:49I think, maybe, I may live here.
0:47:49 > 0:47:51I do like it. I like the area.
0:47:51 > 0:47:53But in general, I haven't quite made my mind up yet.
0:47:53 > 0:47:58- # So you've got to let me know - Me tienes que decir
0:47:58 > 0:48:00# Should I stay or should I go? #
0:48:06 > 0:48:10'Truro is the lovely county capital of Cornwall.
0:48:10 > 0:48:16'With its magnificent cathedral and quaint streets, it really is a very pretty city.
0:48:16 > 0:48:19'And then I found this.'
0:48:19 > 0:48:20Yuck.
0:48:20 > 0:48:26'But despite its less than aesthetically pleasing exterior, and an interior which frankly,
0:48:26 > 0:48:29'wasn't much better, it did have some plus points.
0:48:29 > 0:48:32'It was close to the city centre and had its own parking,
0:48:32 > 0:48:34'a rare commodity in Truro.
0:48:34 > 0:48:40'So this slightly unusual project appealed to local builder, Frank.
0:48:40 > 0:48:44'He snapped it up at auction for £112,000.
0:48:44 > 0:48:48'He thought it would make a quirky, upside down, three-bedroomed house.
0:48:48 > 0:48:52'Four months on, had this property, known as Rosemullion,
0:48:52 > 0:48:57'started to bloom or was it too prickly a proposition for Frank to tackle?'
0:49:00 > 0:49:02'Well, there's certainly progress outside.
0:49:02 > 0:49:09'Not only does it look 100 times smarter, there's a new front door and some additional parking.
0:49:17 > 0:49:22'The garden and rear of the property appeared considerably more presentable.
0:49:22 > 0:49:25'It's a pretty good job, so far.'
0:49:25 > 0:49:32Initial bit of work which we had to do was rip everything out so we just left, basically, a big shell.
0:49:32 > 0:49:36Most of the internal walls were just partitions.
0:49:36 > 0:49:41Frank decided to take them all down so he could see the wood for the trees.
0:49:41 > 0:49:45He then set about the task of putting it all back together again.
0:49:47 > 0:49:51We've basically gone back to the same set-out as was here originally.
0:49:53 > 0:49:57But even if the room layout was similar to what was here before,
0:49:57 > 0:49:59their uses have changed considerably.
0:49:59 > 0:50:06Two rooms that were kitchens have been changed into bedrooms, turning it into a three-bedroomed house now.
0:50:08 > 0:50:12There's been a complete overhaul of the bathroom.
0:50:16 > 0:50:20And some significant changes in the hallway.
0:50:21 > 0:50:26Now, this particular space here, I think it's worked out really well.
0:50:26 > 0:50:30We've opened everything up. When you originally walked in, you came in through the back door,
0:50:30 > 0:50:35the only entrance to this property and then you had a wall up here,
0:50:35 > 0:50:40doorway here, and then you had doors and a long, long, narrow corridor.
0:50:40 > 0:50:43What we've done is we chopped this wall out down here,
0:50:43 > 0:50:45opened this space up, completely,
0:50:45 > 0:50:47moved some walls across,
0:50:47 > 0:50:52cut the cupboards which cover the gas point and the new boiler,
0:50:52 > 0:50:55so we've still got cupboard space but it's a lot more narrow,
0:50:55 > 0:51:01given the passageway, a lot more width and makes the whole thing look a lot, lot bigger and brighter.
0:51:01 > 0:51:04Generally, I'm over the moon with this section.
0:51:04 > 0:51:06And so he should be.
0:51:06 > 0:51:10They've taken that horribly claustrophobic corridor
0:51:10 > 0:51:12and turned it into an inviting space.
0:51:12 > 0:51:15But just wait, because if you think this works
0:51:15 > 0:51:18well, it's nothing compared to the success of the kitchen.
0:51:29 > 0:51:32Right. Here we have the kitchen diner area, now.
0:51:32 > 0:51:36Don't know if you can remember when we initially did it,
0:51:36 > 0:51:38this was a downstairs bedsit.
0:51:38 > 0:51:42I've upped the spec a little bit on this.
0:51:42 > 0:51:44Nice bit of worktop.
0:51:44 > 0:51:48Higher standard stainless steel sink.
0:51:48 > 0:51:51Your fandabidozi moveable tap.
0:51:51 > 0:51:55Tried to keep things as light as possible and again, I think the room is big enough
0:51:55 > 0:52:02that it works as a kitchen diner, as opposed to trying to squeeze a small dining room table and chairs in here.
0:52:02 > 0:52:08Frank's been in the building trade and has bought and sold properties for over 34 years,
0:52:08 > 0:52:12but he'd hoped to be fairly hands off with this renovation.
0:52:12 > 0:52:14Did it work out that way?
0:52:19 > 0:52:20I ended up doing all the garden.
0:52:20 > 0:52:25Hated it. The only thing I hate worse than gardening is painting which I did as well. But anyhow...
0:52:25 > 0:52:28dug the whole lot over, returfed it.
0:52:28 > 0:52:32Then mother-in-law was saying, "I'd like to do a bit of gardening."
0:52:32 > 0:52:35I said, "Mother, come up," so off she came, done a bit of gardening
0:52:35 > 0:52:38and at one stage I said, "Mother, come back in, you can't get wet.
0:52:38 > 0:52:42"Get your coat on. Go out there again, girl. We can't have no time wasted."
0:52:42 > 0:52:47So, come rain or shine, Frank and his mother-in-law sorted out the garden.
0:52:47 > 0:52:52While they were dodging the showers, who was busy with all the painting and decorating?
0:52:54 > 0:52:57My wife. She did most of the painting.
0:52:57 > 0:53:00Painting, basically, from scratch to finish was her.
0:53:00 > 0:53:03The only thing I'm allowed to do normally
0:53:03 > 0:53:05is I can do the miscoat on the new plaster.
0:53:05 > 0:53:08Can't do any cutting in. Not allowed to do that.
0:53:08 > 0:53:10And normally, my wife finishes everything off.
0:53:10 > 0:53:12And she does it to a very good standard, normally.
0:53:12 > 0:53:17She's not happy with it as it is now. She's coming back to do some more on it. She's not happy.
0:53:17 > 0:53:23# It's got to be perfect
0:53:23 > 0:53:30# It's got to be worth it, yeah
0:53:30 > 0:53:35# Too many people take second best
0:53:35 > 0:53:38# Well, I won't take anything less
0:53:38 > 0:53:45# It's got to be, yeah, perfect. #
0:53:46 > 0:53:48She really must be a perfectionist
0:53:48 > 0:53:53because the quality of finish here is very good, indeed.
0:53:53 > 0:54:00The general spec that Frank has opted for is pretty high, too, which of course, comes at a cost.
0:54:00 > 0:54:04Budget-wise, not too bad. I think, initially, somewhere like 18,500.
0:54:04 > 0:54:08We've come in at £21,549. I think that was the last thing I looked at.
0:54:08 > 0:54:11And we've got nothing else to pay out.
0:54:12 > 0:54:16With that £21,500 spend on top of the original
0:54:16 > 0:54:19purchase price of 112,000,
0:54:19 > 0:54:27Frank has sunk over £133,500 into making Rosemullion bloom again.
0:54:27 > 0:54:32So, has it been worthwhile? What do two local estate agents think?
0:54:32 > 0:54:35Having seen the property before, I think they've done a superb job.
0:54:35 > 0:54:37They've spent time and effort getting it right.
0:54:37 > 0:54:40It's nice and light. The kitchen's very, very good.
0:54:40 > 0:54:42That will appeal to purchasers,
0:54:42 > 0:54:44especially those working in the city centre.
0:54:44 > 0:54:48He's been very clever. He's done a good, clever job on the inside.
0:54:48 > 0:54:51The decoration's nice and plain.
0:54:51 > 0:54:53It's simple, conservative.
0:54:53 > 0:54:56But the fittings look good.
0:54:56 > 0:55:01They seem very impressed but this is a tough market to sell in.
0:55:01 > 0:55:08So, in the current climate, has Frank invested £133,500 wisely?
0:55:08 > 0:55:12The market, at the moment, anything up to 175 is moving extremely well.
0:55:12 > 0:55:16And I think if this was priced somewhere just below there, or around the 175,
0:55:16 > 0:55:19I think we've got a number of interested parties on our books at the moment
0:55:19 > 0:55:21who would come up today and look at it.
0:55:21 > 0:55:24I would put it on at an asking price round about 175.
0:55:24 > 0:55:29I think we'd put it on just a tad higher, just to see what the reaction is, no more than that.
0:55:29 > 0:55:35And I think I'd have to have a chat then. We may consider keeping it a little bit longer.
0:55:36 > 0:55:42Despite the fact that there could be up to a £40,000 sale profit here for Frank,
0:55:42 > 0:55:44he's now considering renting it out.
0:55:44 > 0:55:46How would that do?
0:55:47 > 0:55:51In the current rental market, somewhere in the region of 750,
0:55:51 > 0:55:53£800 per calendar month should be achievable.
0:55:53 > 0:55:56Probably somewhere between 700 and 750 per calendar month.
0:55:56 > 0:55:59You know, that's basically what I'm looking at, anyhow.
0:55:59 > 0:56:02And I think that's a good price for the property.
0:56:02 > 0:56:06That level of rent would give him a yield of around 6.5%
0:56:06 > 0:56:09which should do Frank for a while.
0:56:09 > 0:56:11But his next proposed project,
0:56:11 > 0:56:15a toilet conversion, has unfortunately gone down the pan.
0:56:15 > 0:56:17Does that mean he's now ready to call it quits?
0:56:17 > 0:56:25I keep saying I'm never going to do this again but I think I probably will do. Something will come up.
0:56:25 > 0:56:28Something will just get in my bug and I'll think I've got to have a go at that.
0:56:28 > 0:56:30# Never give up on the good times
0:56:30 > 0:56:33# Got to believe in the love you find... #
0:56:33 > 0:56:36Yeah, you might see me again on this programme. You never know.
0:56:36 > 0:56:39# No, never give up on the good times
0:56:39 > 0:56:42# Living it up is a state of mind. #
0:56:42 > 0:56:44Let's be frank, here, ho ho.
0:56:44 > 0:56:48I think there could well be a few more properties before he really calls it a day.
0:56:56 > 0:56:59That's all the properties we've got for you today.
0:56:59 > 0:57:02We'll see you next time for more Homes Under The Hammer. BOTH: Goodbye.
0:57:18 > 0:57:21Subtitles by Red Bee Media Ltd
0:57:21 > 0:57:23E-mail subtitling@bbc.co.uk