0:00:02 > 0:00:04Hello. If you're after any kind of property,
0:00:04 > 0:00:06the auction room could be for you.
0:00:06 > 0:00:08That's right, make sure you do your homework and get your
0:00:08 > 0:00:12bidding strategy right so you can be victorious when the hammer falls.
0:00:12 > 0:00:17So, whose research paid off when they put their hand in the air to bid?
0:00:42 > 0:00:46There are many possibilities in the auction room.
0:00:46 > 0:00:51You can find yourself a new home, an investment flat, or even a garage to store your belongings.
0:00:51 > 0:00:54And if spent wisely, your money can still go a very long way.
0:00:54 > 0:00:59So, who chose to splash the cash on today's show?
0:00:59 > 0:01:04In London, there's a large flat with a not-so-large kitchen.
0:01:04 > 0:01:09It's more of a kitchenette. I can't see whoever designed this did much cooking.
0:01:09 > 0:01:14This two-bedroom flat in Exeter could win a prize, but not for glamour.
0:01:14 > 0:01:19It gets my award for one of the worst bathrooms ever.
0:01:20 > 0:01:24And on the Isle of Sheppey, there's a building with a wonderful facade.
0:01:24 > 0:01:27Is it an old cinema or a music hall?
0:01:27 > 0:01:30Let's shimmy inside and have a look around.
0:01:31 > 0:01:35All these properties have gone to auction, and we'll be finding out
0:01:35 > 0:01:38who bought them and what they paid for them when they went under the hammer.
0:01:38 > 0:01:40It's yours.
0:01:46 > 0:01:50My destination today is Earlsfield in southwest London.
0:01:50 > 0:01:55It's a very popular London suburb which attracts commuters due to
0:01:55 > 0:02:01the fast journey times to Waterloo, and relatively reasonably priced property.
0:02:03 > 0:02:07I'm on Swaby Road, one of Earlsfield's most desirable residential roads.
0:02:07 > 0:02:09And it's just minutes from the train station.
0:02:09 > 0:02:16I'm here to see a two-bedroom flat on the ground floor of a terrace, with a guide price of £225,000.
0:02:16 > 0:02:18Here's a bit of gossip.
0:02:18 > 0:02:23The flat above sold only a year-and-a-half ago for almost double this figure.
0:02:23 > 0:02:28Could this lot be a credit crunch casualty ready to be snapped up?
0:02:28 > 0:02:30I'm going to have a look around.
0:02:32 > 0:02:37From outside you can see the top floor has had a loft conversion, which would have added some space.
0:02:37 > 0:02:41But is that enough to make it double the value of the ground floor?
0:02:41 > 0:02:45Maybe the inside will help explain that big difference in price.
0:02:47 > 0:02:52Inside, my first impressions are the feeling of space.
0:02:52 > 0:02:54This corridor just goes on and on.
0:02:54 > 0:02:57Wow!
0:02:57 > 0:03:03Into the reception room, and my eye is straight away drawn to this lovely bay window.
0:03:03 > 0:03:09You've got great high ceilings, covered in poly tiles, which are a fire hazard and would need removing.
0:03:09 > 0:03:13I'd get the floorboards stripped in here, a fireplace put in, and these
0:03:13 > 0:03:17walls stripped back and skimmed. Great start.
0:03:20 > 0:03:26I love it when you can walk into a property and just know what needs to be done to get the best from it.
0:03:26 > 0:03:31This Edwardian flat isn't an obvious looker but its large, light public
0:03:31 > 0:03:35rooms are incredibly practical and do have some character.
0:03:35 > 0:03:40This spacious, very red bedroom is the next room along.
0:03:40 > 0:03:44Then there's the bathroom, which will need to be stripped out and refitted.
0:03:44 > 0:03:50But it is a good size, as is the second bedroom, which is also well proportioned.
0:03:51 > 0:03:55At the end of the hall, you'd expect to find the kitchen.
0:03:55 > 0:03:57But it's more of a kitchenette.
0:03:57 > 0:04:00I can't see whoever designed this did much cooking.
0:04:00 > 0:04:04In fact, I'm wondering if this wasn't the old scullery once upon a time.
0:04:04 > 0:04:08Whatever the reason, this wall has to come down.
0:04:08 > 0:04:11And then you could open up this whole area to create a lovely
0:04:11 > 0:04:14L-shaped kitchen-dining room. Much better.
0:04:14 > 0:04:17At last, the first problem to sort out.
0:04:17 > 0:04:21But more worryingly, I've spotted signs of damp in the kitchen.
0:04:21 > 0:04:24So that'll need to be investigated.
0:04:24 > 0:04:31Outside, although you have a ground floor flat, you don't get the whole garden.
0:04:31 > 0:04:33It's clear which side you do get, but I still think
0:04:33 > 0:04:38it could be worth converting the kitchen window to French doors overlooking that garden.
0:04:38 > 0:04:42And you could fence that off to make it more private.
0:04:44 > 0:04:47I asked a local estate agent to take a look at the flat and
0:04:47 > 0:04:51tell me more about the potential of properties in this part of London.
0:04:51 > 0:04:55Earlsfield is a very up and coming, vibrant area.
0:04:55 > 0:04:58There's a lot of young professionals moving to the area.
0:04:58 > 0:05:00One of the main benefits that attracts a lot of people,
0:05:00 > 0:05:03especially City workers, is the commute into London
0:05:03 > 0:05:06to get to Waterloo station.
0:05:06 > 0:05:10It only takes about ten minutes on the overland train.
0:05:10 > 0:05:13Could the cost of refurbishment railroad your budget and leave you in the red?
0:05:13 > 0:05:18What needs attention here to maximise the return?
0:05:18 > 0:05:20In terms of the work that needs done to this property,
0:05:20 > 0:05:23you're going to have to do a complete renovation.
0:05:23 > 0:05:26New bathroom, new kitchen, redecorate all of the rooms, possibly
0:05:26 > 0:05:33even redo the windows, but I feel once they've done that work, they will see the reward at the end of it.
0:05:33 > 0:05:40The flat was guided at £225,000, but how much could it be sold for once upgraded?
0:05:41 > 0:05:46Once renovated, this flat would be worth £350,000.
0:05:46 > 0:05:48So, potential profit.
0:05:48 > 0:05:51And for a buy-to-let investor, there should be plenty of tenants
0:05:51 > 0:05:55for this property, just ten minutes from central London.
0:05:55 > 0:05:59Earlsfield has yet to reach the popularity of neighbouring Clapham
0:05:59 > 0:06:04and Balham, and the area is bound to improve and increase in value.
0:06:04 > 0:06:06The same could be said for this flat.
0:06:06 > 0:06:11At this low guide price, with this square footage, there's huge potential here.
0:06:11 > 0:06:14Let's see who went for it at the auction.
0:06:17 > 0:06:23Right, lot 67. It's 26 Swaby Road, Earlsfield, London SW18.
0:06:23 > 0:06:28Who wants to give me a start on this one? Lot 67. 200?
0:06:28 > 0:06:30190, anybody?
0:06:30 > 0:06:32190, I've got.
0:06:32 > 0:06:35Anybody else? How much? 195?
0:06:35 > 0:06:39195, thank you. 200.
0:06:39 > 0:06:42205, the gentleman with the scarf.
0:06:42 > 0:06:45Yeah? 205. 210.
0:06:45 > 0:06:49215. 215? 211?
0:06:49 > 0:06:55211. 212. 213, with the scarf? No?
0:06:55 > 0:06:59If not, £212,000 on my left.
0:06:59 > 0:07:01Anybody else? You coming in, madam?
0:07:01 > 0:07:03213, 214.
0:07:03 > 0:07:07215, 220,000.
0:07:07 > 0:07:13225, 230, 235, 240,000.
0:07:13 > 0:07:16241. Lose it for 1,000?
0:07:16 > 0:07:22If not, it's with the lady on my left by the door at £240,000 for lot 67.
0:07:22 > 0:07:24Anybody else?
0:07:24 > 0:07:27240 for the first,
0:07:27 > 0:07:29240 for the second,
0:07:29 > 0:07:32£240,000 for the third and final time. Are we all done?
0:07:32 > 0:07:36Sold, 240. Well bought.
0:07:36 > 0:07:41The winning bidder was Iris, and she paid £240,000.
0:07:44 > 0:07:48But I do remember meeting her three daughters, Olivia, Lavinia
0:07:48 > 0:07:56and Rowena, at the property they'd bought to renovate in Guildford back in 2005.
0:07:56 > 0:07:58# Here come the girls... #
0:07:58 > 0:08:00Now I'm going to meet Iris, with Lavinia and Olivia,
0:08:00 > 0:08:05at her latest purchase, this two-bedroom flat in Earlsfield.
0:08:05 > 0:08:07Iris, congratulations.
0:08:07 > 0:08:11You're the lucky new owner of this flat. How do you feel?
0:08:11 > 0:08:13I'm delighted, absolutely delighted.
0:08:13 > 0:08:17Now, I know that our paths have almost crossed before.
0:08:17 > 0:08:19- I've met your daughters... - Yes, you have.
0:08:19 > 0:08:22..who are property developers. What are they up to now?
0:08:22 > 0:08:26Well, since you met Lavinia last time, she's had another baby.
0:08:26 > 0:08:30And Olivia has moved in with her boyfriend in Battersea.
0:08:30 > 0:08:34And Rowena has taken a job out in Dubai. She's a graphic designer.
0:08:34 > 0:08:37So she's got a contract out there for a year.
0:08:37 > 0:08:41- So I won't see her for a while. - So how well do you know Swaby Road?
0:08:41 > 0:08:44It was interesting because my daughter, she was interested
0:08:44 > 0:08:46in a property further down the road about a year ago.
0:08:46 > 0:08:53- And her offer was turned down at £363,000.- A flat similar to this?
0:08:53 > 0:08:58A flat similar to this. So I'm absolutely delighted that we got it for 240.
0:08:58 > 0:09:02- Can you imagine? - Who have you bought this flat for?
0:09:02 > 0:09:04Is it for one of the girls, or is it for yourself?
0:09:04 > 0:09:08No, this was really for Olivia in mind, because I thought she'd love
0:09:08 > 0:09:13the idea of moving into Swaby, as she was so interested in it before.
0:09:13 > 0:09:19So daughter Olivia and her sister Lavinia will be helping their mum with this
0:09:19 > 0:09:22£240,000 investment project.
0:09:24 > 0:09:28What changes are you going to make inside the property?
0:09:28 > 0:09:31Well, first of all, we're going to knock the window out in the
0:09:31 > 0:09:37kitchen and put in some French doors onto the garden, and make a nice L-shaped kitchen there.
0:09:37 > 0:09:40Knock down that tiny wall into the kitchenette.
0:09:40 > 0:09:44And the bathroom, that needs knocking down completely. Brand new bathroom.
0:09:44 > 0:09:49Then we'll polish the wood floors, because the wood floors look good.
0:09:49 > 0:09:54So where they're good, we'll put down some nice rugs and maybe carpet the bedrooms.
0:09:54 > 0:09:57How are you going to decorate? Are you going to use neutral colours?
0:09:57 > 0:10:04We're going to put lovely wallpaper that's very vibrant on the chimney breasts or maybe the alcoves.
0:10:04 > 0:10:08Then paint the walls a corresponding colour to match in with the...
0:10:08 > 0:10:11There are some vibrant wallpapers out now, they're gorgeous.
0:10:11 > 0:10:15The thing I love about the property is the size of the rooms.
0:10:15 > 0:10:18Everywhere is so spacious. You've got beautiful high ceilings.
0:10:18 > 0:10:21But you have got that huge bit of space out in your hallway.
0:10:21 > 0:10:24- Isn't that lovely? - What can you do with that?
0:10:24 > 0:10:28Well I had an idea that I'd put some beautiful yellow and silver wallpaper
0:10:28 > 0:10:33on there and two nice big mirrors and open it up.
0:10:33 > 0:10:36Brighten the whole thing up and then put some nice lights up.
0:10:36 > 0:10:41- I was wondering if it would be worth opening up the cupboard underneath the stairs?- Yes.
0:10:41 > 0:10:44You could open that up and really open the space up.
0:10:44 > 0:10:47That's a great idea. That's a very good idea.
0:10:47 > 0:10:53Although this is a deceptively large flat, I'd always aim to maximise
0:10:53 > 0:10:57every little bit of space because it can help attract a buyer or tenant
0:10:57 > 0:11:00when you're in competition with other properties nearby.
0:11:00 > 0:11:05- Do you have a budget for this work? - I feel this one, probably because
0:11:05 > 0:11:10it needs a new boiler. I think it needs rewiring,
0:11:10 > 0:11:15so because of that, I think we're in the region of 20,000 to do a good job.
0:11:15 > 0:11:19Iris used to work in the antiques business but her passion for
0:11:19 > 0:11:23property development has rubbed off on her three daughters.
0:11:23 > 0:11:27They help out with Mum's refurbishments whenever they're in the country.
0:11:27 > 0:11:32- Is it good fun working on properties with your daughters? - It's brilliant fun.
0:11:32 > 0:11:36- You should see the state of us. - Do you all really muck-in together?
0:11:36 > 0:11:40We are all covered in paint, our hair is matted, Polyfilla.
0:11:40 > 0:11:42Any arguments along the way?
0:11:42 > 0:11:44The decor sometimes reaches a pitch.
0:11:44 > 0:11:49"I don't want that colour" and, "I don't want that colour", but we usually work it out.
0:11:49 > 0:11:51But surely you're in charge?
0:11:51 > 0:11:53I have to be.
0:11:57 > 0:12:01After meeting the girls all that time ago, it's so
0:12:01 > 0:12:06nice to meet up with their mum Iris, the source of all their inspiration.
0:12:06 > 0:12:10I think she's made an incredible purchase. It really is a great flat.
0:12:10 > 0:12:13I can't wait to see the final product and just hope the girls
0:12:13 > 0:12:17don't squabble over the decor too much. Find out later in the show.
0:12:20 > 0:12:27Today I'm in the historic cathedral city of Exeter, recently
0:12:27 > 0:12:32revitalised by a new shopping area, it's a wonderful mix of old and new.
0:12:32 > 0:12:37Just outside the city centre, off the main Topsham Road, is the property I'm here to see.
0:12:37 > 0:12:42This isn't necessarily considered to be the best part of the city and certainly the name of the road is
0:12:42 > 0:12:49rather ominous, Burnthouse Lane. But fear not, the flat I'm here to see is actually pretty much together
0:12:49 > 0:12:52and it had a very attractive guide price of 50,000 quid.
0:12:52 > 0:12:55It's situated just above this betting shop.
0:12:55 > 0:12:59Let's hope that whoever bought it is onto a winner.
0:12:59 > 0:13:03It's odds-on that not everyone would back this property.
0:13:03 > 0:13:06But although it may lack kerb appeal, at least it wouldn't be as
0:13:06 > 0:13:09bad to live above as a takeaway or a restaurant.
0:13:09 > 0:13:13The entrance is round the back, which is good because at least it's
0:13:13 > 0:13:18private but it is up these rather unattractive metal stairs
0:13:18 > 0:13:22which, when it rains or even worse when it's icy, would become a real slip hazard.
0:13:22 > 0:13:26You wouldn't want to fall into that barbed wire at the back.
0:13:26 > 0:13:33It's not exactly inviting and, rather unnervingly, I do feel as though I'm being watched.
0:13:33 > 0:13:36So, is the flat itself slippery?
0:13:36 > 0:13:39Well, I don't know about slippery but certainly slimy.
0:13:39 > 0:13:44That kitchen is vile. You almost don't even want to go in there.
0:13:44 > 0:13:45It's tired, it's icky, icky.
0:13:45 > 0:13:48It's got this horrible sliding door on it.
0:13:48 > 0:13:50You've got bits of glass, which would be here, missing.
0:13:50 > 0:13:54You'd definitely need to majorly sort that out, and actually,
0:13:54 > 0:13:59unfortunately the bathroom gets worse, but I'll come back to that in a minute.
0:13:59 > 0:14:01You've got a bedroom at the front.
0:14:01 > 0:14:05You've got the living room on the other side at the front, and then through to the second bedroom.
0:14:05 > 0:14:10Not bad sizes, and actually, if you can see through the mess, not in bad condition.
0:14:10 > 0:14:12Do you like the colour of the walls? Nope?
0:14:12 > 0:14:17That is actually nicotine stains. Another advert for not smoking.
0:14:17 > 0:14:21The ceiling ain't much better and with this lovely light fitting.
0:14:21 > 0:14:22All in all, it needs work.
0:14:22 > 0:14:29That's an understatement but dirt and grime aren't the only alarming things I found lurking here.
0:14:29 > 0:14:35I said I'd come back to the toilet and bathroom and well, here I am.
0:14:35 > 0:14:37You can't quite see me yet because I'm round here.
0:14:37 > 0:14:39This is the bath.
0:14:39 > 0:14:43It's slightly sunken. It's inlaid into this little corridor thing.
0:14:43 > 0:14:50It's claustrophobic and it gets my award for one of the worst bathrooms ever.
0:14:50 > 0:14:56And that's saying something after viewing well over 1000 properties on the show.
0:14:56 > 0:14:58Having a bath in here would be like bathing in a tomb.
0:14:58 > 0:15:02Another to add to the Hammer Hall Of Fame.
0:15:02 > 0:15:06But seriously, there's little you can do to the structure because of the chimney breast
0:15:06 > 0:15:10on the left of the entrance which would be a horror story to remove.
0:15:11 > 0:15:15So, through to the living room, again not a bad sized space.
0:15:15 > 0:15:20I'd like to think about changing the layout in here. Obviously the bathroom is a disaster.
0:15:20 > 0:15:21Maybe make this open-plan.
0:15:21 > 0:15:26This is a stud partition wall so you could take that out to create an open-plan kitchen-living area.
0:15:26 > 0:15:30But the deciding factor is what you're going to do with the place.
0:15:30 > 0:15:34If you're going to rent it out, do you want to be spending large quantities of money sorting it out?
0:15:34 > 0:15:37I think that's where the money lies. Rent this place out.
0:15:37 > 0:15:40You're on the bus routes to where the local employers are.
0:15:40 > 0:15:44You've got a hospital nearby and I know that places like this
0:15:44 > 0:15:48nearby, two-bedroom flats are getting £500 a month in rent.
0:15:48 > 0:15:52Get this anything like the guide price and you could be on for a ten per cent yield.
0:15:52 > 0:15:55Don't get that in a bank!
0:15:55 > 0:15:59So it's not exactly love at first sight but as a developer you have
0:15:59 > 0:16:04to put these details aside and see the potential here.
0:16:04 > 0:16:08I reckon that at a guide price of £50,000,
0:16:08 > 0:16:13it would be a solid investment once renovated.
0:16:13 > 0:16:16With all that in mind, I asked a local estate agent
0:16:16 > 0:16:18along, to see what he thinks.
0:16:20 > 0:16:23This property really does require a lot of refurbishment internally,
0:16:23 > 0:16:26to bring it up to scratch from both the rental prospect
0:16:26 > 0:16:29as well as from a homeowner's point of view.
0:16:29 > 0:16:33The bathroom is a bit of an oddity as to what can happen to it because of the structural issues around it.
0:16:33 > 0:16:41Personally I think the better option would be to remove the bath totally and fit in a nice shower cubicle.
0:16:41 > 0:16:45That would be a quick and simple solution to a tricky problem
0:16:45 > 0:16:49but could to the rest of this flat prove to be a good buy?
0:16:49 > 0:16:52I'd say there's a good rental investment because, from a tenant's
0:16:52 > 0:16:58point of view, it will be refurbished to bring it up to scratch and there will be a rental figure attached to
0:16:58 > 0:16:59it to reflect the location,
0:16:59 > 0:17:03which will impact on and help the affordability from a tenant's point of view.
0:17:03 > 0:17:08At a guide price of £50,000, how do the investment figures stack up?
0:17:08 > 0:17:15As the property stands at the moment, I would attribute a value of round about 55 to £60,000.
0:17:15 > 0:17:20Allowing for refurbishment, which I would estimate around about £15,000,
0:17:20 > 0:17:24I would then apply a resale value in the region of £80,000.
0:17:24 > 0:17:28I'd say if this property was refurbished properly, you could
0:17:28 > 0:17:34be achieving a rental income around about 425-£450 per calendar month.
0:17:36 > 0:17:39Well, there you go. It's going to take a bit of work to
0:17:39 > 0:17:44sort this place out but I reckon once you've done that, this is a great investment.
0:17:44 > 0:17:47It may not be everyone's idea of the best place in Exeter to be
0:17:47 > 0:17:52but if you're looking for a rental opportunity, I think it's perfect.
0:17:52 > 0:17:54Let's see who spotted the opportunity at the auction.
0:17:58 > 0:18:04Lot 26 is 35A Burnthouse Lane in Exeter, guided at 50.
0:18:04 > 0:18:05Nice and simple. 50,000?
0:18:05 > 0:18:08Who will say 45?
0:18:08 > 0:18:11Thank you, 45, we're away on my right-hand side.
0:18:11 > 0:18:15At 45, it's as simple as putting your hand up.
0:18:15 > 0:18:1746. 46. 47.
0:18:17 > 0:18:2048?
0:18:20 > 0:18:2649. And 50, down the aisle. 51. 52.
0:18:26 > 0:18:2853. 54.
0:18:28 > 0:18:3355. Good shout. How about 500?
0:18:33 > 0:18:35Are you sure?
0:18:35 > 0:18:3955 and a half.
0:18:39 > 0:18:43At 55 and a half, at 56 at the back.
0:18:43 > 0:18:45The one bid gentleman.
0:18:45 > 0:18:4756 and a half. Got it.
0:18:47 > 0:18:49At 56 and a half, sat.
0:18:49 > 0:18:5257. At 57. 57 and a half.
0:18:52 > 0:18:55At 58. At 58. At 58 and a half.
0:18:55 > 0:18:5959. At 59. At 59.
0:18:59 > 0:19:0159 and a half.
0:19:01 > 0:19:05Sat has got it once and twice.
0:19:05 > 0:19:0760, I've got it. At 60.
0:19:07 > 0:19:11At 60. At 60,000, first, second, third, last time. It will be sold.
0:19:11 > 0:19:13Oh - 61.
0:19:13 > 0:19:1860 and a half anywhere? 60 and a half. At 60 and a half once...
0:19:18 > 0:19:21At 60 and half twice...
0:19:22 > 0:19:2561. 61. At 61. At 61...
0:19:25 > 0:19:27A wry smile. 61 and a half.
0:19:27 > 0:19:28At 61 and a half.
0:19:28 > 0:19:30First time...
0:19:30 > 0:19:33Second time... 61 and a half, second row in.
0:19:33 > 0:19:36At 61 and a half and selling at 61 and a half.
0:19:37 > 0:19:41Sir, congratulations, well done. 61 and a half.
0:19:41 > 0:19:43That winning bidder was Bob.
0:19:43 > 0:19:48He's a local landlord who snapped this property up to add to his portfolio.
0:19:48 > 0:19:53I met him to hear about his plans for this little flat of horrors.
0:19:53 > 0:19:57- Bob, congratulations.- Thank you. - Why did you want to buy the place?
0:19:57 > 0:20:01I develop properties and let them, or present them, to the rental market.
0:20:01 > 0:20:02"Present them", that's very grand!
0:20:02 > 0:20:06Well, we do make a nice job of making them very habitable.
0:20:06 > 0:20:08And most people are happy renting what I present.
0:20:08 > 0:20:11- And how many have you got? - I've got 12 now.- Oh, great.
0:20:11 > 0:20:14- In and around this area? - Most of them are this area.
0:20:14 > 0:20:15I think seven are on this estate.
0:20:15 > 0:20:18Very, very local. Why this estate then?
0:20:18 > 0:20:26It lets well because it's close to local transport links to the main estates, Marsh Barton and Sowton.
0:20:26 > 0:20:29Those are where major employers are located.
0:20:29 > 0:20:32And obviously the RD&E Hospital which is just opposite.
0:20:32 > 0:20:34So you really have focused on an area.
0:20:34 > 0:20:35Do you think that's a good thing to do?
0:20:35 > 0:20:39I'm finding it very easy to rent in this area.
0:20:39 > 0:20:44A lot of people think this area isn't that good, but it's very good on a commercial basis for rental.
0:20:44 > 0:20:49- So what appealed about this flat? - It's quite a large flat and it's very, very cheap, in my opinion.
0:20:49 > 0:20:55- Right!- It's 60 square metres, which is quite a large property.
0:20:55 > 0:21:01And hopefully it will give me a rental return of around 575, maybe 600 on a squeeze.
0:21:01 > 0:21:05- So, given what you paid, that's a pretty good return, isn't it? - About a 10% return.
0:21:05 > 0:21:09Bob has clearly got his developing head screwed on with this property.
0:21:09 > 0:21:12Although the area may not be everyone's cup of tea,
0:21:12 > 0:21:15it doesn't mean the investment won't pay for itself.
0:21:15 > 0:21:19But before all that, there's a bit of grafting to be done.
0:21:20 > 0:21:23- So what's the plans for it? - The plan is to renew the kitchen,
0:21:23 > 0:21:27refit it throughout, get rid of the horrible decor...
0:21:27 > 0:21:31We'll still do it neutral because that's obviously easy to let.
0:21:31 > 0:21:33Too many bright colours, nobody likes it.
0:21:33 > 0:21:35And hopefully it won't take me too long to do.
0:21:35 > 0:21:36And what about the bathroom?
0:21:36 > 0:21:39I think we're going to remove the bath
0:21:39 > 0:21:42and put it back to a shower, depending on what's under the square,
0:21:42 > 0:21:46because there's a square which we don't know if it's the original staircase.
0:21:46 > 0:21:48So what would that mean if it was?
0:21:48 > 0:21:52If it was, we might have to rethink the plans and put the door into
0:21:52 > 0:21:57the bathroom through the kitchen, which I'm not keen on, and then put the shower the other side.
0:21:57 > 0:21:59But I want to get rid of the sunken bath.
0:21:59 > 0:22:01- It's all a bit daft, isn't it? - It's not exactly practical.
0:22:01 > 0:22:06Changing that bathroom is just the start of the renovation needed here.
0:22:06 > 0:22:09Bob's got a budget of just £5,000,
0:22:09 > 0:22:12which would limit him if he wants to do anything major.
0:22:12 > 0:22:14I've considered taking the wall out
0:22:14 > 0:22:16between the living room and the front bedroom
0:22:16 > 0:22:18and putting the kitchen in the front bedroom,
0:22:18 > 0:22:20to make a large living space at the front,
0:22:20 > 0:22:23and change the kitchen back into a bedroom. Is one option.
0:22:23 > 0:22:25And the other option is to
0:22:25 > 0:22:28move the shower into virtually the hallway area,
0:22:28 > 0:22:31and make the bedroom bigger at the front
0:22:31 > 0:22:34and have the door from the kitchen into the bathroom because
0:22:34 > 0:22:36the chimney's in the way.
0:22:36 > 0:22:37So both of those quite involved jobs
0:22:37 > 0:22:40that require taking out walls and banging around a bit.
0:22:40 > 0:22:43Not so much taking out the walls because they're only stud walls.
0:22:43 > 0:22:45I've thumped the walls to see which ones are stud,
0:22:45 > 0:22:48which will refer which I can remove and which I can't.
0:22:48 > 0:22:52So I like the idea of making the front wall open plan,
0:22:52 > 0:22:55because it makes it a lot nicer living space,
0:22:55 > 0:23:01but it all depends on the budget as to what the costs are likely to escalate to by doing it.
0:23:01 > 0:23:06Whatever option Bob chooses, he's planning for a two-month turnaround.
0:23:06 > 0:23:10He already has tenants lined up for it when it's completed,
0:23:10 > 0:23:14but this is not his first involvement with THIS flat.
0:23:14 > 0:23:16Do you know about the history of this property?
0:23:16 > 0:23:19Erm, I viewed it three years ago when it was on the market.
0:23:19 > 0:23:22It was on the market, I think, for around about 90,000 at the time.
0:23:22 > 0:23:27- Oh, wow!- I know it changed hands at 85 in 2006.
0:23:27 > 0:23:29How did you sort of stumble on it in the auction?
0:23:29 > 0:23:33Looking on the website, it just happened to come up - there it is.
0:23:33 > 0:23:37And I thought, "That's on the market, best to go and have a look at it."
0:23:37 > 0:23:42Didn't actually find time to view it, so I went to the auction blind.
0:23:42 > 0:23:43- And was it OK?- It was OK.
0:23:43 > 0:23:47It's OK, it's not as bad as it could have been, but it is obviously
0:23:47 > 0:23:51quite a bit worse than it was three years ago.
0:23:51 > 0:23:54And it could have been very much worse than it was three years ago.
0:23:54 > 0:23:57Yes, but bearing in mind someone was living in here recently
0:23:57 > 0:23:59it couldn't be THAT uninhabitable.
0:24:03 > 0:24:07Well, it seems like Bob may well have backed a winner with this flat
0:24:07 > 0:24:14above a bookies', but will he fall at the first hurdle when it comes to sorting out the internal layout?
0:24:14 > 0:24:16You can find out later in the show.
0:24:18 > 0:24:19Coming up...
0:24:19 > 0:24:24On the Isle of Sheppey in Kent, there's a large building with an impressive facade.
0:24:24 > 0:24:25But what does it hide?
0:24:27 > 0:24:31Did Bob's renovation on this two-bedroom flat in Exeter
0:24:31 > 0:24:33leave him with more than just added value?
0:24:33 > 0:24:38I managed to get myself a throat infection, even though I'd worn all the masks.
0:24:40 > 0:24:42But first...in South London,
0:24:42 > 0:24:46did Iris manage to get this flat to bloom?
0:24:52 > 0:24:54We return to Earlsfield in South London now,
0:24:54 > 0:24:58and the two-bedroom ground floor flat which seasoned developer Iris bought
0:24:58 > 0:25:00for £240,000.
0:25:01 > 0:25:04# I've never known a girl like you before... #
0:25:05 > 0:25:08Helped by her three daughters, she was planning to refurbish the flat,
0:25:08 > 0:25:11possibly for her daughter Olivia to move into.
0:25:11 > 0:25:14MUSIC: "There She Goes" by The La's
0:25:15 > 0:25:20Now, six months later, we're back to see the result of this family's hard work.
0:25:26 > 0:25:29Let's start round the back with the garden,
0:25:29 > 0:25:32which is shared between the upstairs accommodation and their flat.
0:25:32 > 0:25:35It's been re-turfed and clearly divided,
0:25:35 > 0:25:37and a new patio has been laid.
0:25:37 > 0:25:40Inside, the fireplace and the smoke-stained walls
0:25:40 > 0:25:44of the bay-fronted living room have been transformed.
0:25:46 > 0:25:50At the back, although the wall still remains in the kitchen diner,
0:25:50 > 0:25:54the room is now a clean, contemporary space.
0:25:56 > 0:26:00Originally we intended to put French doors through here to the garden,
0:26:00 > 0:26:05and knock this wall down here back to here to make it a nice, large kitchen.
0:26:05 > 0:26:13But when we spoke to the freeholder, the total expense would have been about £5,000, so we decided that was
0:26:13 > 0:26:16an unnecessary expense so we didn't go ahead with it.
0:26:16 > 0:26:20But in fact it's turned out very well because we've got a nice wash area
0:26:20 > 0:26:24which is cut off from here, and this is a nice kitchen diner.
0:26:26 > 0:26:29The two bedrooms have a very opulent feel to them,
0:26:29 > 0:26:32with chandeliers and swanky curtain tie-backs.
0:26:36 > 0:26:40And the wallpaper feature walls continue into the living room.
0:26:40 > 0:26:46What I particularly like about this room is it's lovely and light and airy and very spacious.
0:26:46 > 0:26:49And lovely big windows, so there's a lot of light comes in.
0:26:49 > 0:26:53And I love the way this is blended, the wallpaper and the mirror and the fire -
0:26:53 > 0:26:58the way the whole thing is blended together with this lovely soft background colour.
0:26:58 > 0:27:03And as for this, this was an absolute nightmare.
0:27:03 > 0:27:08It took Lavinia and I four hours to unravel all these tiny little balls,
0:27:08 > 0:27:11and we had to take each ball off
0:27:11 > 0:27:14and pull the wires out and then reassemble it again.
0:27:14 > 0:27:19I mean, it looks absolutely gorgeous when it's lit, but it was a terrible nightmare!
0:27:20 > 0:27:24There is undoubtedly a very high level of finish throughout the flat,
0:27:24 > 0:27:28with personal touches provided by the whole family.
0:27:28 > 0:27:33Well, Olivia chose the emulsion paint throughout,
0:27:33 > 0:27:37and I had the ultimate decision on the wallpapers.
0:27:37 > 0:27:44And Lavinia designed the bathroom. So I think she did a very good job.
0:27:45 > 0:27:46No question about that.
0:27:46 > 0:27:51Tiled top to bottom with a new suite and a radiator to warm your towels,
0:27:51 > 0:27:54it just needs to be connected to the plumbing system.
0:27:54 > 0:27:58But Iris missed one crucial detail about the flat
0:27:58 > 0:28:00which landed her in hot water.
0:28:02 > 0:28:06Big mistake, yeah. I didn't even notice that there wasn't anything here.
0:28:06 > 0:28:07Didn't notice it.
0:28:07 > 0:28:11And it was a shock when the plumber said, "There's no central heating."
0:28:11 > 0:28:15And the boiler was going to cost £1,000 etc. But anyway we went ahead.
0:28:15 > 0:28:18It was a bad mistake, but I won't make that one again!
0:28:20 > 0:28:23Well, you live and learn.
0:28:23 > 0:28:25But how's the budget stood up?
0:28:25 > 0:28:28Iris had hoped to carry out the refurbishment for £20,000.
0:28:28 > 0:28:32So, did she manage to stick to that figure?
0:28:32 > 0:28:37We actually spent about 24,000 doing the property up.
0:28:37 > 0:28:44And I estimate we've actually spent about 30,000 together with the solicitors' fees etc.
0:28:44 > 0:28:48The flat has been completed to a high standard,
0:28:48 > 0:28:53with some very individual details. So what's the plan for it now?
0:28:53 > 0:28:55My daughter Olivia is planning to move in.
0:28:55 > 0:29:01They're getting married in December, so she plans to move in then.
0:29:01 > 0:29:07Meanwhile, we've decided we'll let it for the period before they get married.
0:29:09 > 0:29:11To find out what rental the flat will generate,
0:29:11 > 0:29:14we invited two local estate agents to take a look.
0:29:17 > 0:29:19What I particularly like is the layout,
0:29:19 > 0:29:22especially the kitchen/breakfast room.
0:29:22 > 0:29:24Very spacious, and fantastic for entertaining.
0:29:25 > 0:29:29I think the transformation that has taken place with this property is excellent.
0:29:29 > 0:29:33They've done it up to a really good standard - slightly above average -
0:29:33 > 0:29:35and I think it's going to appeal to
0:29:35 > 0:29:37a lot of prospective buyers.
0:29:37 > 0:29:39I particularly enjoyed the layout.
0:29:39 > 0:29:43It's very much free-flowing, particularly the kitchen/breakfast room.
0:29:43 > 0:29:46Very spacious, and perfect in the terms of entertaining.
0:29:46 > 0:29:49The kitchen's fantastic. They've done a really, really good job.
0:29:49 > 0:29:53And it's done in a way that will appeal to the most audience.
0:29:53 > 0:29:57And the garden as well. Fantastic, perfect for those summer evenings.
0:29:58 > 0:30:02What I dislike is the way they've put their own personal stamp
0:30:02 > 0:30:04with the chandeliers and the curtains.
0:30:04 > 0:30:08They should have kept it neutral, contemporary and in line with the property.
0:30:08 > 0:30:10But the flat IS in great shape.
0:30:10 > 0:30:13I'm sure there'll be plenty of keen prospective tenants.
0:30:13 > 0:30:18What income could Iris achieve until her daughter moves in and makes it her home?
0:30:18 > 0:30:24I think it's going to be very popular for rentals, because you have got the two double bedrooms.
0:30:24 > 0:30:27If I were to put it on for rentals I'd put it on for £1,400 per calendar month.
0:30:27 > 0:30:32I would value this property for the rentals at 1,300 per calendar month.
0:30:32 > 0:30:34That's very good. I didn't expect that.
0:30:34 > 0:30:37I was thinking probably £1,000, £1,100 or something.
0:30:37 > 0:30:41Everything's down. Property's going down, rents go down...
0:30:41 > 0:30:43So I'm very happy about that.
0:30:44 > 0:30:47What about the market value for the flat now?
0:30:47 > 0:30:50Remember, Iris paid 240,000 on auction day,
0:30:50 > 0:30:57and her renovation budget stretched to £30,000 including legal expenses.
0:30:57 > 0:31:00For sales I would market this property at £365,000.
0:31:00 > 0:31:03If I were to put this property on the market today, I'd be putting
0:31:03 > 0:31:10it on at £350,000, to achieve offers anywhere in the region of 340,000.
0:31:10 > 0:31:12I would feel that was a bit low.
0:31:12 > 0:31:17But I think if we could get somewhere with 350...that would be great.
0:31:17 > 0:31:20350, 360, I think that's fantastic.
0:31:22 > 0:31:26After the hard work that Iris and her two daughters have put into the flat,
0:31:26 > 0:31:31I bet she'd like to put our feet up and enjoy some well deserved rest.
0:31:31 > 0:31:32That is the plan, I presume?
0:31:32 > 0:31:34No!
0:31:34 > 0:31:39We've actually bought another one at auction. So we're going to start on that next week,
0:31:39 > 0:31:41we've got the architect round already.
0:31:41 > 0:31:43So it's all hands on deck again.
0:31:43 > 0:31:45Here we go again!
0:31:54 > 0:31:59Our next property takes me to the Isle of Sheppey, across its new £1m bridge
0:31:59 > 0:32:04that not only makes it more accessible for residents, but more attractive to investors.
0:32:04 > 0:32:09# They say the neon lights are bright on Broadway... #
0:32:09 > 0:32:14I'm here in the centre of Sheerness, on Broadway, so get your jazz hands ready
0:32:14 > 0:32:16because the property I'm here to see today is this!
0:32:16 > 0:32:22With its wonderful 1920s facade, wide entrance hall... and given our location, you'd be
0:32:22 > 0:32:26forgiven for thinking we're here to view an old cinema or music hall.
0:32:26 > 0:32:29But no, this is a former Methodist church.
0:32:29 > 0:32:34And it was on for a guide for 160,000 to 165,000.
0:32:34 > 0:32:37Let's shimmy inside and have a look around.
0:32:39 > 0:32:44It may be drizzling but the exterior certainly doesn't rain on my parade.
0:32:44 > 0:32:47I think it's a show-stopping facade.
0:32:47 > 0:32:50But will the big opening be a hit or a flop?
0:32:54 > 0:32:57Well, what an entrance!
0:32:57 > 0:33:01It's certainly more ministerial than music hall in here.
0:33:01 > 0:33:05I mean, this place is vast. You've got lovely high ceilings,
0:33:05 > 0:33:09and row upon row of these beautiful pews.
0:33:09 > 0:33:13Although it doesn't feel old and musty, it really does smell like a church.
0:33:13 > 0:33:15You've got the altar and the organ still in place,
0:33:15 > 0:33:19and some splendid but simple stained glass windows over there.
0:33:19 > 0:33:23It's a majestic space. But it doesn't end here.
0:33:27 > 0:33:31Thank goodness. This place is everything I'd hoped for.
0:33:31 > 0:33:33It's perfectly intact.
0:33:33 > 0:33:37Wonderful wooden pews, great balcony and a really good sized space.
0:33:37 > 0:33:40This section is just part of the auction lot.
0:33:40 > 0:33:44Because behind the main hall, you have room after usable room.
0:33:44 > 0:33:47There's a potential nursery or creche.
0:33:50 > 0:33:55There's a general hall, ideal for serving teas and coffees.
0:33:57 > 0:33:59And there's even a kitchen.
0:33:59 > 0:34:03It might need some fixing up, but it wouldn't take a miracle to make this place light,
0:34:03 > 0:34:06bright and very functional.
0:34:06 > 0:34:08And if that wasn't enough...
0:34:09 > 0:34:12Upstairs you've got another vast space.
0:34:12 > 0:34:14And you've got a stage!
0:34:14 > 0:34:18This takes me back to my old dancing school days.
0:34:18 > 0:34:22This is another infinitely usable room in pretty good condition.
0:34:22 > 0:34:26So you've had the tour now. It's time to put my developer's head on.
0:34:26 > 0:34:29Old churches make fantastic living spaces.
0:34:29 > 0:34:33And it's not unusual to see them split into beautiful, characterful flats.
0:34:33 > 0:34:37That's a thought. But it wouldn't be easy to gain planning permission.
0:34:37 > 0:34:41And in this slow market, it's not the best idea.
0:34:41 > 0:34:45So what other potential uses can you see for this building?
0:34:45 > 0:34:47MUSIC: "Fame" by Irene Cara
0:34:47 > 0:34:50Bearing in mind there's a stage here, what about a drama and dance school?
0:34:50 > 0:34:54That would fall under the category known as D2 usage.
0:34:54 > 0:34:59This building is currently D1, so you'd have to apply for a change of use.
0:34:59 > 0:35:02But if it was to become something like a nursery, creche, art gallery
0:35:02 > 0:35:05or library - well, then, it's ready to go.
0:35:05 > 0:35:09Of course, you could still use it as a church.
0:35:09 > 0:35:14So what if you were a brave developer, ready to take a punt on an amazing building?
0:35:14 > 0:35:17Buy now, apply for a change of use later...?
0:35:17 > 0:35:22How about turning this into a bar, a nightclub - maybe a casino?
0:35:22 > 0:35:27Well, you can put those plans back in their box, because there's an old restrictive covenant on this church,
0:35:27 > 0:35:32which states this building cannot be used for the sale and consumption of alcohol,
0:35:32 > 0:35:37as a public dance hall, there's to be no Sunday trading, no gambling,
0:35:37 > 0:35:41and no religious use outside the Methodist Church without their permission.
0:35:41 > 0:35:42Which is more than a hassle!
0:35:42 > 0:35:47It actually lowers the value of the building and severely restricts its use.
0:35:47 > 0:35:52Now, covenants CAN be lifted, but if somebody bought this building without doing a good bit
0:35:52 > 0:35:58of research first, there would be some serious gambling going on!
0:35:59 > 0:36:05Now I'm really scratching my head. 160,000 to 165,000 may not seem a massive amount of money
0:36:05 > 0:36:07for such a sizable space,
0:36:07 > 0:36:10but it's a small fortune if there's not much you can do with it.
0:36:10 > 0:36:12So I need some help here.
0:36:12 > 0:36:16Perhaps an estate agent can provide some divine inspiration.
0:36:18 > 0:36:23Well, at the moment, obviously for investment purposes,
0:36:23 > 0:36:28it would be perfect to turn into apartments and residential dwellings.
0:36:28 > 0:36:32The problem is whether you would achieve planning for that.
0:36:32 > 0:36:39On the island there is nothing that I am aware of that would operate like an art gallery, a museum,
0:36:39 > 0:36:44exhibition centre, things like that and obviously you would be able to operate that from these premises.
0:36:44 > 0:36:48And you've got this size there as well.
0:36:48 > 0:36:54Buildings such as this are always hard to value, but what sale price could be put on it, once done up?
0:36:54 > 0:36:57It's worth different amounts to different people
0:36:57 > 0:37:02but in regard to value, I'd be thinking between 160-170.
0:37:02 > 0:37:09So at a £165,000 guide price, this is unlikely to be a big money-making venture.
0:37:09 > 0:37:13This former church represents a rare opportunity for so many
0:37:13 > 0:37:17different people, but subject to both new and ancient restrictions.
0:37:17 > 0:37:23Whoever takes this on could find it both a spiritual experience and a real battle.
0:37:23 > 0:37:25Let's find out who that was.
0:37:27 > 0:37:31Let's move on to Lot 49, which is a sale on behalf of the
0:37:31 > 0:37:36trustees, it's the Methodist Church at the Broadway in Sheerness in Kent.
0:37:36 > 0:37:38Where do you want to start on this?
0:37:38 > 0:37:41A bid of 150 to start me? Start low and see where we go.
0:37:41 > 0:37:43Doesn't matter where we start.
0:37:43 > 0:37:46It's where we finish. Is there a bit of 150? 150?
0:37:46 > 0:37:48150, I'm on the way, straight away.
0:37:48 > 0:37:51£150,000, 155?
0:37:51 > 0:37:54At 155. From somebody else?
0:37:54 > 0:37:57Straight into the room ladies and gentlemen, at £150,000,
0:37:57 > 0:37:59we're going to sell it if there's not any further bidding.
0:37:59 > 0:38:02155, if you like. 155.
0:38:02 > 0:38:06Otherwise, it's with you, sir, at £150,000.
0:38:06 > 0:38:09For the first time at £150,000.
0:38:09 > 0:38:13A second time at £150,000.
0:38:13 > 0:38:18If you're sure you're all done, it's the third and final time at £150,000.
0:38:18 > 0:38:21It's yours, Sir, for 150.
0:38:21 > 0:38:23And quite unusually, after just one bid,
0:38:23 > 0:38:29the old Methodist Church on Sheppey was bought for 150,000 by,
0:38:29 > 0:38:34well, by another church - the Community Church on Sheppey.
0:38:34 > 0:38:38This one is led by Paul, who oversees the pastoral needs of his community.
0:38:38 > 0:38:46He's put aside pulpit for property for a moment, so I took a pew beside him to find out more.
0:38:46 > 0:38:53# Oh, happy day! Oh, happy day! #
0:38:53 > 0:38:55Paul, this is such an amazing building.
0:38:55 > 0:38:58Why did you want to buy this church?
0:38:58 > 0:39:05We as a church, the Community Church on Sheppey, have outgrown the premises we are currently meeting in.
0:39:05 > 0:39:11We're getting more than 100 people for morning service and we just needed somewhere bigger.
0:39:11 > 0:39:15So what was it about this place that attracted you so much?
0:39:15 > 0:39:21Well, as a congregation we had a couple of marriage ceremonies conducted in this church.
0:39:21 > 0:39:26My wife as a child worshipped here with her family.
0:39:26 > 0:39:30A number of our people have attended clubs
0:39:30 > 0:39:34and various other facilities that were run from this centre.
0:39:34 > 0:39:38So this is already a church that has been part of the community
0:39:38 > 0:39:42for a while and was therefore a logical purchase for the Community Church.
0:39:42 > 0:39:47But I sense that it might not just be a case of making a few general repairs and moving in.
0:39:47 > 0:39:51Paul and his congregation will want to make their own mark here.
0:39:51 > 0:39:58Paul, as it is at the moment it is quite a traditional sort of church, lots of pews,
0:39:58 > 0:40:02you've got the altar - are you planning on changing it around at all? Can you do that?
0:40:02 > 0:40:07There certainly will be some changes because the whole atmosphere
0:40:07 > 0:40:13in our kind of church is very more contemporary in terms of the music
0:40:13 > 0:40:20and the style and we certainly wouldn't feel entirely comfortable with the pews, for example.
0:40:20 > 0:40:24Really? They're not that comfortable, I have to say!
0:40:24 > 0:40:26I keep sliding off this.
0:40:26 > 0:40:32We do have plans to move the pews out of the building, to add more comfortable seating.
0:40:32 > 0:40:35But there is so much we would like to retain here.
0:40:35 > 0:40:39The stained-glass windows have a beauty of their own and we wouldn't
0:40:39 > 0:40:43want to detract from that - we would want to keep them as they are.
0:40:43 > 0:40:46There's certainly a lot of beautiful woodwork here as well.
0:40:46 > 0:40:53- The organ, we were uncomfortable with the idea of an organ when we first came here.- Why?
0:40:53 > 0:40:59Because it is just so out of place in relation to the more contemporary feel, to our style of worship.
0:40:59 > 0:41:04However, having said that, a number of our members have taken opportunities to play it.
0:41:04 > 0:41:08They feel very happy with it and I think really, the consensus
0:41:08 > 0:41:12is we want to keep the organ and see how we can use it in the future.
0:41:12 > 0:41:19Certainly we'll be looking at wall-to-wall carpeting and a more contemporary feel to the decor.
0:41:19 > 0:41:22So a very modern, homely feel about it?
0:41:22 > 0:41:25That's what I'm trying to say. A modern and homely feel to the place.
0:41:25 > 0:41:29The covenant on this building originally stated that there were
0:41:29 > 0:41:32rather surprisingly limitations on its religious use.
0:41:32 > 0:41:35But prior to auction, the two churches agreed
0:41:35 > 0:41:38that this part of the covenant at least could be lifted.
0:41:38 > 0:41:43This meant that Paul and the Community Church could fully utilise the building.
0:41:48 > 0:41:55Tell me about the little theatre you've got at the back, if I can call it that, the stage at the back.
0:41:55 > 0:41:59It somewhere that I remember as a child doing little school dance performances on.
0:41:59 > 0:42:01Are you going to keep that as it is?
0:42:01 > 0:42:03There are so many little cubbyholes here,
0:42:03 > 0:42:06aren't there? That is one of my favourite places.
0:42:06 > 0:42:10- Me too!- It has in the past been used as a working theatre, I believe.
0:42:10 > 0:42:13We have several people in the church who have volunteered.
0:42:13 > 0:42:20They say we would like to reinstate that area as a working theatre, to get it all up and running again.
0:42:20 > 0:42:26Our youth are particularly interested in that area for their own gigs - they have their own band, and so on.
0:42:26 > 0:42:31So, yeah, I think that's going to be a viable proposition for the future.
0:42:31 > 0:42:35There's going to be no holding Paul back.
0:42:35 > 0:42:38He really wants this building to be a vibrant hub of community activity.
0:42:38 > 0:42:41There are plans for a coffee and tea area in the rooms
0:42:41 > 0:42:45at the back and perhaps a children's club, or even a creche.
0:42:45 > 0:42:50But there are other, more mundane things to tackle, such as the roof and plasterwork.
0:42:50 > 0:42:52So it's no small task.
0:42:52 > 0:42:58There have been moments when I've felt the scale of the work
0:42:58 > 0:43:02is unimaginable, an enormous amount of work that needs doing.
0:43:02 > 0:43:08It's been encouraging, the way that people within our own church have pulled together.
0:43:08 > 0:43:13We have a team of people who are tradespeople, builders,
0:43:13 > 0:43:18people running their own businesses, who have all come together and who have
0:43:18 > 0:43:20shown a willingness to be involved
0:43:20 > 0:43:27in the project and, in all cases, to give their services free of charge.
0:43:27 > 0:43:32So, Paul, if you were to sum this up in a few words, what would you say?
0:43:32 > 0:43:34It's a dream come true.
0:43:34 > 0:43:39It's a community working together, pulling together and I just look forward
0:43:39 > 0:43:43to the future because I think we have an exciting future in this building.
0:43:43 > 0:43:45You're going to have a happy time here.
0:43:45 > 0:43:46- Thank you very much.- Well done. - Thank you.
0:43:46 > 0:43:53# Oh, happy day. Oh, happy day. #
0:43:56 > 0:44:00The beauty of this project is that it's not a single developer's vision,
0:44:00 > 0:44:05it's a community's dream, and many hands do make light work.
0:44:05 > 0:44:11However, I hope the issues with the roof aren't too serious and the congregation's budget isn't blown.
0:44:11 > 0:44:15You can find out how it all goes later in the show.
0:44:17 > 0:44:22Time to go back now and find out if our buyers have risen to the challenge.
0:44:22 > 0:44:24Or will they have that sinking feeling?
0:44:24 > 0:44:27Are they proud of their achievements? Let's find out.
0:44:27 > 0:44:30Earlier, I was in Exeter where I met Bob,
0:44:30 > 0:44:36a local developer who had snapped up this two-bedroomed flat for £61,500.
0:44:36 > 0:44:40It may have been above a bookie's, but it certainly wasn't a thoroughbred.
0:44:40 > 0:44:46With yellow nicotine stains, a grimy kitchen and a bathroom that ranked as one of the worst ever,
0:44:46 > 0:44:51this project was going to need all Bob's experience to get it running again.
0:44:51 > 0:44:55So, armed with a budget of £5,000 and two months to do it,
0:44:55 > 0:45:01Bob was going to see if he could transform this from a no-hope outsider to an odds-on favourite.
0:45:05 > 0:45:08We came back two and a half months later.
0:45:08 > 0:45:11So was it a contender for the donkey derby?
0:45:11 > 0:45:14Well, no.
0:45:14 > 0:45:19The living room is now redecorated with a fresh coat of paint and new carpet.
0:45:21 > 0:45:26And the bedroom? That's been renovated in the same style.
0:45:26 > 0:45:30And in the kitchen, not only has Bob installed new units, but by opening
0:45:30 > 0:45:35up the kitchen into the hall, he's revitalised this area.
0:45:38 > 0:45:42As you can see, it's a complete transformation.
0:45:42 > 0:45:45Lots of usable space. Enough room to put a table and chairs in.
0:45:45 > 0:45:50Nice, social room. I'm very pleased with the turnout.
0:45:50 > 0:45:55Bob has utilised the space here well and given the kitchen a new, more comfortable feel.
0:45:55 > 0:45:59But something that was far from pleasant was that bathroom.
0:45:59 > 0:46:04There was a sunken bath in there, a hideous blue thing. We've taken that out.
0:46:04 > 0:46:08I would have liked to put a bath in, but because of this chimney breast
0:46:08 > 0:46:13we've had to settle for a shower room, which is quite nice and bright.
0:46:13 > 0:46:19To remove the chimney breast, it's a leasehold property, so I would need permission from the freeholder.
0:46:19 > 0:46:22Putting a shower room in was easier than taking the chimney breast out
0:46:22 > 0:46:24and put a bath where the chimney was.
0:46:24 > 0:46:27Obviously, that would have been the best answer, but a lot more cost.
0:46:27 > 0:46:31And bearing in mind it being rented, it'd be pointless spending the extra money.
0:46:31 > 0:46:34The chimney breast did make this bathroom a tough problem to solve.
0:46:34 > 0:46:38Financially, I reckon Bob's chosen the right route.
0:46:38 > 0:46:41He also decided to replaster the whole flat,
0:46:41 > 0:46:46which is almost complete, except for the front bedroom.
0:46:46 > 0:46:52He also replaced the main bedroom ceiling, but that was one job he came to regret.
0:46:52 > 0:46:55We had an issue with the ceiling when we took it down in the other room.
0:46:55 > 0:46:57I got a throat infection. Even though I'd
0:46:57 > 0:47:01worn all the masks, it still managed to get in.
0:47:01 > 0:47:04So I was off for three weeks, so hence it's not quite finished.
0:47:04 > 0:47:08That throat infection will stretch his turnaround from two months to just under three.
0:47:08 > 0:47:14Hard to swallow if it extends his original budget of £5,000.
0:47:14 > 0:47:16The budget's coming in at just under £3,500 at the moment.
0:47:16 > 0:47:18There's a couple of bits to finish.
0:47:18 > 0:47:21So I would expect it to be in at well under four.
0:47:21 > 0:47:25You can keep costs down by doing a lot of the jobs yourself, all the donkey work.
0:47:25 > 0:47:29Get the tradesmen in to do their bits,
0:47:29 > 0:47:33and prepare it for them, if you like, to make life easier for them and quicker.
0:47:33 > 0:47:35That way, you're paying for less of the tradesmen's time.
0:47:35 > 0:47:41Bob bought this flat for £61,500, and that renovation spend of around
0:47:41 > 0:47:46£4,000 means his total costs so far are £65,500.
0:47:47 > 0:47:53Throat infection aside, this conversion seems to have gone pretty smoothly and Bob already
0:47:53 > 0:47:58has prospective tenants lined up, with a rental income of £575 a month assured.
0:47:58 > 0:48:03So it seems like this place will soon be paying for itself.
0:48:07 > 0:48:10But is Bob getting the best out of his investment?
0:48:10 > 0:48:14We asked two local estate agents what they thought.
0:48:15 > 0:48:18'I think the current owner has changed the property to a certain extent,
0:48:18 > 0:48:21'mainly in terms of making it cleaner,'
0:48:21 > 0:48:23brighter and using more contemporary items
0:48:23 > 0:48:25including the kitchen, for example.
0:48:25 > 0:48:27My first impressions
0:48:27 > 0:48:30are that it's not the largest flat in the world, but it has been done
0:48:30 > 0:48:34on a sensible budget, and ideal for the market it's aimed at.
0:48:34 > 0:48:39'It's a good size dining kitchen, ideal for the flat and well-fitted.'
0:48:39 > 0:48:43The bathroom was always going to be a tricky one, due to the layout
0:48:43 > 0:48:45and the chimney breast causing that structural issue.
0:48:45 > 0:48:50What the vendor has done in terms of creating a shower room is as best he could expect.
0:48:50 > 0:48:53Do the agents think that Bob has backed a winner here?
0:48:55 > 0:48:57The property is a good investment. It's not in the most desirable area,
0:48:57 > 0:49:00but there is a very good return to be had on it.
0:49:00 > 0:49:08With tenants ready to move in at a monthly rent of £575, is Bob getting the best return on his investment?
0:49:08 > 0:49:13I would expect a rental income of about £550 per calendar month.
0:49:13 > 0:49:16On the rental market, we'd be looking at around £550 a month.
0:49:16 > 0:49:20That's probably about right, but we're obviously achieving a bit more than that.
0:49:20 > 0:49:23What about the resale value? Remember, Bob has spent a total
0:49:23 > 0:49:28of £65,500 on this flat, so was it money well spent?
0:49:28 > 0:49:34With the way the owner has improved the property, I would suggest a resale figure of around £80,000.
0:49:34 > 0:49:37On the open market, we would ask a figure of £85,000.
0:49:37 > 0:49:41That's about on the mark with today's market as it is at the moment.
0:49:41 > 0:49:44Hopefully, it will go up a bit more as the market picks up.
0:49:44 > 0:49:48That's a possible pre-tax profit of just under £20,000,
0:49:48 > 0:49:53which is fair-to-good going for this flat above a bookie's.
0:49:53 > 0:49:57For his next gamble, what sort of runner will Bob train up?
0:49:58 > 0:50:00Similar, but houses rather than flats.
0:50:00 > 0:50:04I prefer housing rather than flats, because you get the garden and bits and pieces.
0:50:04 > 0:50:06This was a cheap property, so a good investment.
0:50:09 > 0:50:11Back on the Isle of Sheppey,
0:50:11 > 0:50:15it seems that not all areas of life are in recession.
0:50:15 > 0:50:20A new bridge has helped the area grow, and the community has seen some economic upturn.
0:50:20 > 0:50:23So when a former Methodist church went up for auction,
0:50:23 > 0:50:28it was snapped up by the local community church for £150,000.
0:50:28 > 0:50:31Was it the answer to all their prayers?
0:50:31 > 0:50:34We as a church, the Community Church on Sheppey,
0:50:34 > 0:50:37have really outgrown the premises that we're currently meeting in.
0:50:37 > 0:50:44So we're getting something like over 100 people for a morning service, and we just needed somewhere bigger.
0:50:44 > 0:50:48So it was out with the old and in with the new as Sheppey Community
0:50:48 > 0:50:53Church went about converting the building to meet their needs.
0:50:53 > 0:50:58Four months on, has the first stage of the resurrection been completed?
0:50:58 > 0:51:00Well, the name indicates signs of progress.
0:51:07 > 0:51:14Inside shows careful changes have been made to meet the Community Church's requirements.
0:51:20 > 0:51:23As Paul, the leader of the church, explains.
0:51:23 > 0:51:29We didn't want to make any significant alterations to the church.
0:51:29 > 0:51:32We wanted to retain some of its original features.
0:51:32 > 0:51:35So for example, we still have some of the stained glass windows here.
0:51:35 > 0:51:39We have retained the organ, and much of the original woodwork
0:51:39 > 0:51:44is still in place where the choir stall once would have been.
0:51:44 > 0:51:48The man to get to grips with the work was project manager Vincent.
0:51:48 > 0:51:51We fell in love with the building.
0:51:51 > 0:51:56It's got such character and it's got such a great feel, and we've really done that.
0:51:56 > 0:52:00I think the pews are the only thing we've had to lose.
0:52:00 > 0:52:04It was rumoured amongst the community that they was the most uncomfortablest on the island,
0:52:04 > 0:52:06so we haven't offended too many people, I don't think.
0:52:06 > 0:52:10It's always a shame to see old character features go, but it does
0:52:10 > 0:52:16make sense not only for the feel the Community Church wants to evoke, but for a good, practical reason.
0:52:16 > 0:52:21It makes the space more versatile, as the new chairs can be moved around.
0:52:23 > 0:52:28The vast majority of the work has been done by members of the church.
0:52:28 > 0:52:32We have a number of people who are in trades.
0:52:32 > 0:52:34Maybe they run their own business.
0:52:34 > 0:52:40They've given of their time voluntarily, and on many occasions materials have been freely given.
0:52:40 > 0:52:45It has just been such a fantastic time. Everyone just mucking in.
0:52:45 > 0:52:50The food that was here - people were in the kitchens, and the team effort was immense.
0:52:50 > 0:52:54On Saturdays, we had 30 or 40 people.
0:52:54 > 0:52:57It was like an ants' nest here, just people everywhere, trying to find jobs for everyone.
0:52:57 > 0:52:59It was such fun. It was an experience.
0:52:59 > 0:53:02Everyone loved it. It's been really great.
0:53:02 > 0:53:08Most of the work has been on the main church area, and the facilities needed to run it.
0:53:08 > 0:53:11So although the Sunday school area has been tidied up
0:53:11 > 0:53:16with a lick of paint, the stage-cum-theatre room hasn't been touched yet.
0:53:16 > 0:53:19But it's been a race just to get this far.
0:53:19 > 0:53:24I remember the evening before we began to worship here, a sense of
0:53:24 > 0:53:28excitement as people were working late into the night.
0:53:28 > 0:53:31The work was finally completed before midnight.
0:53:31 > 0:53:33Everybody was thrilled and excited and thought
0:53:33 > 0:53:35"Yeah, we can open for business the following Sunday morning".
0:53:37 > 0:53:41Despite the last-minute rush, the doors did open on time.
0:53:43 > 0:53:47When we met together for the first Sunday in our new building,
0:53:47 > 0:53:51it was quite an awesome experience for everybody.
0:53:51 > 0:53:54The church was full to capacity.
0:53:54 > 0:53:59In no time at all, we began to be a little anxious, because we were running out of seating.
0:53:59 > 0:54:04There was a real sense of excitement
0:54:04 > 0:54:11on the part of everybody who was here, a real feeling of commitment to the project.
0:54:11 > 0:54:13To some extent, people were patting one another
0:54:13 > 0:54:16on their backs, saying "Yeah, this is a job well done".
0:54:18 > 0:54:21# So take me as you find me... #
0:54:21 > 0:54:29But after the fanfare of the successful opening, has the move been able to maintain momentum?
0:54:29 > 0:54:31This has made a big difference.
0:54:31 > 0:54:34We've seen a significant increase in the numbers attending our church on Sundays.
0:54:34 > 0:54:41And, yeah, I think the building has really helped us to consolidate as a Christian community
0:54:41 > 0:54:47and look at all the exciting ways that we can move forward to reach out to our local community.
0:54:57 > 0:55:00The church may have increased its congregation numbers,
0:55:00 > 0:55:03but has it increased the property's value?
0:55:03 > 0:55:08The total spend here is now about £175,000.
0:55:08 > 0:55:09I think they have a brilliant job.
0:55:09 > 0:55:11They've replaced a lot of the major parts,
0:55:11 > 0:55:13things like your double-glazing.
0:55:13 > 0:55:14And I think, with the character
0:55:14 > 0:55:17it currently holds, and still being a bit modern, it's great.
0:55:17 > 0:55:23At this stage, the Community Church have spent £25,000 to get it ready for service.
0:55:23 > 0:55:26With a £150,000 purchase price,
0:55:26 > 0:55:32they're already committed to £175,000. How does it stand now?
0:55:32 > 0:55:38Today I would probably put a value on this property of around £170,000 to £175,000, due to
0:55:38 > 0:55:43the market not increasing too much, so the value wouldn't have increased a great deal since last time.
0:55:43 > 0:55:50The valuation of the building, whilst of interest to us,
0:55:50 > 0:55:53isn't of prime importance, because for us,
0:55:53 > 0:55:58we were so passionate about wanting to retain this as a place of worship.
0:55:58 > 0:56:00Paul is, of course, right.
0:56:00 > 0:56:02This was never about money.
0:56:02 > 0:56:05This building is priceless to them.
0:56:06 > 0:56:08There have been moments, I'll be honest,
0:56:08 > 0:56:12when I've looked at this building and I've stood in this worship area
0:56:12 > 0:56:14and thought "What have we taken on?"
0:56:14 > 0:56:16It seemed like such an enormous project for us.
0:56:16 > 0:56:19THEY SING
0:56:23 > 0:56:25We're just so pleased that we carried this forward.
0:56:25 > 0:56:28We wouldn't be without this building now.
0:56:29 > 0:56:32And I'd say "amen" to that.
0:56:41 > 0:56:45That's it for now. Join us next time for more Homes Under The Hammer.
0:56:45 > 0:56:48- Look forward to seeing you then. - Goodbye.- Goodbye.
0:57:04 > 0:57:07Subtitles by Red Bee Media Ltd
0:57:07 > 0:57:10E-mail subtitling@bbc.co.uk