Episode 66 Homes Under the Hammer


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Episode 66

Series about properties that have gone to auction. Martin Roberts and Lucy Alexander visit a property in Cornwall, a 1950s property in Middlesex and a house in Wales.


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In difficult market conditions, it's even more important to buy

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in the right location at the right price.

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It is. From two-up two-down terraces to the unusual and even more quirky, you can find it all at auction.

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But with so much on offer, it's important not to get carried away buying your home under the hammer.

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Now, buying at auction is a very quick way to get your property.

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It's a case of buyer beware.

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When the hammer goes down you own the property,

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you can't change your mind and you have to come up with the cash pronto.

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So, did today's buyers get themselves a bit of a dream or a nightmare?

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For me, a trip to Cornwall could definitely bear fruit.

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Because compared to some of the places that Lucy and I see, this place is positively peachy.

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It seems like they knew what they were doing when they built

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the properties in the '50s, like this one in Greenford, Middlesex.

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I have to say, this house has thought of everything.

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And, in Wales, will anyone jump in to buy this house?

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I know we're by the seaside.

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I think having a floor that's kind of undulating like a wave is not ideal.

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

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who bought them and what they paid when they went under the hammer.

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Well, there's no doubt that the housing market has taken a bit of

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a beating in recent times, but there are certain pockets of the country which are more insulated than others.

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Welcome to St Ives.

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Well, the tide might be out today,

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but that won't stop the wave of tourists that visit this picturesque seaside port.

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It's famous for the quality of light, which has drawn artists from around

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the world, so is today's property a masterpiece or just a washout?

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Well, looking at properties in Cornwall sometimes comes with a bit of a health warning.

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Sometimes they're small, pokey little cottages where you're always concerned about banging your head.

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But not today, because this is the property that was on offer.

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It had a guide price of 125,000 quid, so it's not going to send your budget through the ceiling, either.

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Well, it's a recently built semi-detached building that's part of a modern housing development.

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Situated right on the edge of St Ives, I think it has the best of both worlds,

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a semi-rural location and just a stone's throw from the sea.

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And what it can be used for doubles up as well, because it's

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designated a work living space, which means you can both live and run a business here.

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So, it looks like you're getting a lot for your money.

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That is until you come inside when you can't help but getting

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a hollow feeling.

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This isn't much more than a shell.

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No electrics, plumbing, flooring or ceiling, though that £125,000

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guide did reflect that it was far from finished.

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Appropriately enough for artistic St Ives, you could say this was a

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blank canvas, but can it be turned into an oil painting?

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But none of that really worries me,

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because compared to some of the places that Lucy and I see, this place is positively peachy.

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No damp to sort out, it's not got dry rot or anything horrible.

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It's this fantastic space, and no more so than up here.

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Look at this. What a great area for you to put your own stamp on it.

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That's one of the great things about taking on a project in this state.

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You can do what you want with it, subject to planning permission.

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What a great room this would make.

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Pool table in the middle, Jacuzzi...

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Well, maybe that's just me!

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Wow, what a fantastic space.

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It's all watertight and ready for first fix, with windows in and the staircase waiting to go.

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It's also been designed to be environmentally friendly.

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The walls are super-insulated with recycled shredded plastic bottles.

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It's triple-glazed and there's solar heating, so despite all the space, it should be snug and energy efficient.

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What can the auctioneer who sold it tell us about it?

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The property comes with a restriction as to occupation,

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being a live-work unit.

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So, it's kind of residential, but it's kind of commercial as well

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and there's an obligation on the occupier to be earning some form of living from indoors.

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This type of space is becoming increasingly common

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with more people working at home, but it's not without drawbacks.

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The quality needs to be reasonably high,

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because live-work isn't everyone's cup of tea, so that if it's...

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If what you create isn't everyone's cup of tea and it's a bit naff, you're going to struggle.

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You'll probably be able to create something worth about

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270, 280, not quite £300,000.

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But at a guide price of 125,000, anywhere close to 300,000

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sounds to me like there could be a healthy profit.

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Well, I don't know about you, but I really like this place.

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An opportunity to put your stamp on a fairly unique building.

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Of course, you have got the issue of the live-work unit.

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Will that detract, maybe limit your market?

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I don't know, I think it's outweighed by the fact this is a great opportunity.

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Let's find out who spotted it at the auction.

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At eight, we have 1 Tom's Yard at Higher Stennack.

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Guide price is 125, who's going to kick me off at 125? Safe as houses.

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Thank you, sir. 125. At 125.

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At 125. 130. At 130.

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At 130. At 130. Glancing left. 132.

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132. 134.

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134. At 134. Six. 136.

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136. 138. 138.

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138. Would a nine help, sir, in your judgement?

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139. Yeah. Thank you. 139. 140.

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Straight back. 140. 141. 141.

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141. 142. 142. 143. 144.

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144.

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145 is sat. 145. 146. 146. At 147.

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147. At 147 and a half.

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147 and a half. At 148.

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148. 148 I've got. At 148.

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At 148 once, twice.

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148. Here we go, on the floor has it at 148 and done.

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148, the gentleman on the left there.

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Well done, sir. Sorry about that at the back.

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And the man sitting on the floor who put in the winning bid of £148,000 was local builder, Dan.

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I met him back at Tom's Yard to hear more about his plans for this half-finished work-living space.

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-Dan, congratulations.

-Thank you.

-You've got yourself a sort of half house.

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-It's a bit of a shell, yeah.

-Why did you want to buy it?

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I've got a building company along with a sort of development company

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-and we've used it really as a bit of a fill in job.

-How do you mean?

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We've got other things in planning at the moment, sort of materialising

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in a few months, so we needed something to keep the guys going.

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Right. So what's the plan? What are you going to do?

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We're going to change the existing plans, turn it into a sort of three-bedroom place with

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possibly a loosely divided sort of annexe down below.

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Three bedrooms instead of the single large one originally planned makes much more sense.

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It's more flexible and should increase the value, so Dan clearly knows what he's doing.

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How long have you been doing this for?

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I've been sort of in the building trade all my life on and off, really.

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My father was a builder, so hooked on to the site at an early age.

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-Slave labour!

-Yeah.

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I've recollections of swinging of a roof holding trusses and what have you as a nipper, but, yeah...

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-Have you got children?

-Yes, three young children.

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-Four, three and two.

-And they on the building sites yet?

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Not yet, no. Nearly!

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-Give them another year or two.

-That's it, yeah.

-How does it progress

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from your father running his...?

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Well, I actually sort of... When the last recession came around,

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I actually worked abroad and I worked abroad for about ten years sort of spraying yachts.

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Tell me more.

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Refinishing them, really. Just the likes of America's Cup, round the world yachts.

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We were contracted to go and finish them off, spray them and that's really how I got into the actual

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development side of things because I actually earned some cash and came home and bought four properties.

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We turned them round, did various developments on them and

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that's how the company was sort of formed really and went from there.

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His business really has grown.

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He's done new builds, converted a hotel into nine flats and has also done straightforward renovations.

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So, he's seen the highs and the lows of the property market.

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So, here we are in another difficult, interesting period of the property market,

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so what's your sort of view on things as they are at the moment?

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I think you've just got to buy right and not be greedy, really.

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Be realistic on what you can do, what you have to spend

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on a project and what you're going to get back for it.

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So, in terms of finances, how's it going to work with this place?

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On this, hopefully between 50,000 and 60,000.

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And that brings you up to about, ish, 200,000 ish.

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-Yeah, 200, 210.

-How much are you anticipating being in able to sell it for, and is that the plan?

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Absolutely, yeah. We'll be looking to resell it.

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We've got one across the road on the market for 375.

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They haven't sold, so we've got to be more realistic. If we could...

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I mean, 260 to 300 would be...

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Anywhere around there would be ideal for us.

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It's a quick in and out and go again.

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Dan's clearly a realist.

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He'll rent it out if he has to, but he does want to get the job done and move on as soon as possible.

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To do that, he needs a scheme that will give it the wow factor, so I was keen to see what he's come up with.

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-Presumably one of the first things you're going to do is sort out the staircase!

-Absolutely!

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Get rid of that dodgy little ladder.

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Not really ideal, is it?

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I remember when I first saw this, I came up here, what a great space!

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I know, it's fantastic.

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What are you going to do with this?

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-Well, we're looking probably to get two bedrooms on this level.

-Right.

-One over here.

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There's a slight sort of temporary piece of timber on the floor we're just sort of mapping it about.

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-That wall's going to go.

-So you're going to take that wall out?

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Yeah, it's right in the way at the moment. It's halfway through

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the bedroom that's going to go there.

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En-suite in the corner and a sort of bathroom behind here.

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We're going to change the stair arrangement, put a spiral staircase in the middle.

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-Oh, wow.

-And it'll also go up to a little mezzanine at the top.

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-OK.

-A small little mezzanine there, it could be a kid's bedroom or

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anything really, a little office.

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-But it converts into a three-bedroom property?

-Yes.

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Do you need planning permission?

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Yes, there's a slight external detail that needs changing.

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We want to put an extra doorway through on the ground floor and

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there's also a couple of Veluxes needed for the mezzanine.

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Yeah, there is an application but it's going in next week with a bit of luck.

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What kind of involvement do you have on a day-to-day basis?

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No, I'm in daily throughout the days and basically making sure it's all running well and more often than not

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I've got a number of projects on the go, so it's a case of just

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coordinating all the different teams and making sure it's happening.

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Do you still get any kind of kick out of turning places around?

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Yeah, doing the deals. That's where you get your kick, yeah. I think so.

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Not the actual hammering and nailing?

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No, no. I try and stay away from that, if possible.

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With his team of builders in place and that 60 grand budget,

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you would have thought this project should be plain sailing for Dan, but you just never know.

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Well, Dan is the perfect guy to take on this project.

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To an amateur builder, it would be difficult to finish it off.

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To him, an absolute piece of cake.

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The only issue is this whole live-work unit palaver.

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Will it actually limit his market, as the agents predict? Well, I'm not sure.

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However, he's being very realistic about what he's going

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to get when he sells this place, so I'm sure that will counteract it and he'll be fine in the long run.

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You can find out later in the show.

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I'm in Greenford in the London borough of Ealing.

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Now, I'm struggling to tell you an interesting historical fact

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about Greenford or talk about an important landmark

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because, really, its most prominent feature is the A40. But you know, that's not necessarily a bad thing.

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From here, the A40 will get you into central London in less than

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30 minutes and in even less time on to the Centre Line tube which will get you direct into Oxford Circus.

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Who needs ancient churches and famous residents when you've got fabulous transport links?

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OK, so that might be me looking on the bright side. But in London, transport links are key and with

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property prices in the centre still prohibitively expensive,

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maybe the more affordable Greenford offers a good compromise.

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I'm on the south side of Greenford on Ferrymead Avenue, which is lined with solid 1950s terraced housing.

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Well, I'm here to see a two-bed.

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It's got a guide of 165,000.

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Now, that seems cheap to me, but it looks even better when you think

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if you got it around that guide, you'd be under the recently revised Stamp Duty threshold of 175,000.

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I'm going to have a look around.

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So, from the outside, this 1950s house is nothing to write home about.

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The windows could do with modernising and the paintwork's flaking a little bit, but I like

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the fact that it's set back from the road and it comes with a garage which can be accessed at the back.

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Now, inside and it immediately feels dated.

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Let's have a look in the front reception room.

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Do you know what? It's quite sad.

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It's obviously been somebody's home until recently.

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But looking at the room, well, you can see there's a decent space here.

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You've got big windows at either end, but the kitchen is tucked around the corner, here.

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I'd definitely look at taking this wall down and open up this kitchen into this big living area.

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I think it will then have a sense of flow and just be more functional.

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Opening up the kitchen would make such a difference, but it clearly suited the previous occupier.

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Having done a little research, I discovered that she was

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an elderly later lady who has now moved into a residential home.

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Although the house is dated, it still retains that cared-for look.

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Generally, the layout's pretty good with an upstairs bathroom and two bedrooms.

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One is a reasonably sized back bedroom

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and there's a very generously sized master bedroom,

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which I suspect may have been two bedrooms knocked into one.

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This house is really adding up as a family starter home, especially when you see the size of this garden!

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There's plenty of room to expand out the back here, subject to planning of, course.

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Or you could think about building a conservatory or sunroom with some

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lovely bi-folding doors opening right out here.

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And at the back, you've got your own garage and rear access.

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I have to say, this house has thought of everything.

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A quick glance over the fence is encouraging, too, with all manner of

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extensions, garages and outbuildings added to the other properties.

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Provided you're not too ambitious,

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extensions or other additions should get planning permission.

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I asked a local estate agent

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what alterations to the property could maximise its value.

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The structural changes I would make to this property

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would be to put a wall back up in the main bedroom to turn it

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back into a three bedroom house

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and change some of the walls in the kitchen to give a bit more space.

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A kitchen diner is always popular.

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The property here could be extended to the rear.

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A single-storey ground floor extension would be fine.

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A double-storey extension would probably have difficulty getting

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acceptance due to the proximity of the other houses in the area.

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Is there potential uplift in this place that was guided at £165,000?

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Once the property has been done up to a more modern standard, I'd expect it to reach about £230,000.

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If the property had some work done and turned it into a three bedroom house I would imagine it could reach

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as much as £250,000 in the current market.

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As the estate agent suggests rental figures of up to £1,100 a month,

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this little house could add up very nicely indeed.

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For a two-bedroom house so close to central London, this is a steal.

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On the face of it, there doesn't seem to be any major issues

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and there is so much scope to add value and improve the space.

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Let's be honest, it's not a beautiful house, but it inspires in a different way. It just works.

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Let's see who was tempted at the auction.

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Lot 29 is Ferrymead Avenue, Greenford, Middlesex.

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Where shall we say, 170? Can I have 170 anywhere?

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Yeah? 170 sitting down. 175.

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180.

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Yeah? 185.

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190.

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195, back to you.

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Are you bidding or not?

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196. 197.

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196 to the lady.

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First time, second time. 197.

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198.

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197 to him.

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First time, second time, third and last time if you're all done?

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Sold, 197.

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After quite a battle, the winning bid of £197,000 was made by David.

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He bought this as a new family home for himself, his wife, Christine, and their imminent addition.

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David works as a mastering engineer in the film industry and Christine is a midwife.

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Guys, congratulations! This is great news. David, you looked

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so excited and happy when you got the auction lot that you wanted.

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Yeah. Yeah, I hadn't really expected to get it, if I'm honest.

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The bidding had gone higher than where I'd said I was going to stop.

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And then it was my last go I thought, you know, one more bid, give it a shot and it stopped on me!

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Sold, 197.

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So, Christine, what did you think about the house prior to auction? Did you look at it?

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-No, I'd never seen it. This is the first time I've seen it today.

-Wow!

-Yes.

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We picked up the keys this morning and I just trusted David, really.

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I knew he knew what I liked, so I just put it all in his hands and...

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And thought it will be great when I see it, and it is!

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-So, Christine, you're expecting a baby...

-I am, yes.

-Any time?

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Yes, well, it's 36 weeks now so from about a week's time I'll be term and any time from there, really.

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So they've managed to get this house just in time.

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As they previously lived in a one bed rented flat in London,

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you can understand their delight at buying this.

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The extra space will be a welcome change for them.

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The location is also perfect, as Christine works at one end of the A40 and David at the other.

0:20:320:20:38

Have you got the vision for what you want to do to this property?

0:20:380:20:42

-We have some ideas.

-David... David has ideas. I'm leaving them to him.

0:20:420:20:46

You're leaving quite a lot to David!

0:20:460:20:48

-I know you've a lot going on there, but you're very trusting!

-Quite busy at the moment!

0:20:480:20:52

-Yeah.

-You're very trusting in him, aren't you?

-Well, yes.

0:20:520:20:55

He's done this once before in East London. You bought a flat

0:20:550:20:59

and did it all up from scratch and had some quite interesting ideas and

0:20:590:21:05

-it all worked well.

-So... So, what are your interesting ideas for this house then, David?

0:21:050:21:10

Basically, I want to kind of remodel the downstairs, get rid of that wall there and that wall there, as well.

0:21:100:21:18

Whoa! So, you walk into one room?

0:21:180:21:20

-Yeah.

-OK, so it'll be the everything, the kitchen, the dining room, the lounge?

-Yes.

0:21:200:21:25

-Just one open-plan room.

-Yes.

0:21:250:21:26

I mean, with the baby coming, I really like the idea of being

0:21:260:21:30

able to cook in the kitchen and still see the baby playing in the lounge and kind of not worrying about...

0:21:300:21:36

Kind of, see what she's doing, sort of thing.

0:21:360:21:39

So, what's the budget, then, for your ideas?

0:21:390:21:43

We've got a small amount of money left in savings after, you know, all the solicitor's fees

0:21:430:21:49

and everything, but I also have a very generous granny who's helped us out with the deposit and she's...

0:21:490:21:55

you know, said she wants to kind of buy us washing machines and things like that and things for

0:21:550:22:00

the baby, so that's really, really nice of her and we wouldn't have been able to do it without her help.

0:22:000:22:06

I think £5,000 should cover the initial work,

0:22:060:22:09

though later they would like to add an extension and possibly a loft conversion.

0:22:090:22:14

In addition to his job, David plays in two bands and hopes maybe he could have

0:22:140:22:18

a studio at the end of the garden. But that's all in the future, so what are their immediate plans?

0:22:180:22:25

How soon are you hoping to get in here?

0:22:250:22:27

I mean, you got the keys today.

0:22:270:22:28

-Tomorrow.

-Yeah.

-Really?

-Yeah.

0:22:280:22:30

-And you're going to live in it like this, are you?

-Yeah.

-Yes.

-Oh, yeah.

0:22:300:22:34

We might get rid of some of the furniture that's been left behind.

0:22:340:22:37

Hopefully, we'll get the first bit of work done quite quickly,

0:22:370:22:40

because obviously I don't want to be banging around when...

0:22:400:22:43

when our child is trying to sleep upstairs.

0:22:430:22:46

They don't sleep.

0:22:460:22:48

Oh, dear, I think David and Christine have a bit to learn!

0:22:480:22:51

It's always a challenge at the best of times working on

0:22:510:22:54

a house whilst living it in it, but with full time jobs and a new baby, this is going to be much tougher.

0:22:540:23:00

So, is there anything now that's worrying you with this?

0:23:000:23:04

I remember when David was doing up his last property, there was an issue with sawdust.

0:23:040:23:09

So, we're going to have to confine areas where you're allowed to make some mess...

0:23:090:23:13

-Yeah.

-..and exclude you from others.

0:23:130:23:16

-What you produce in the end...

-I've got a room now, though, to do it in.

-Oh, that's true.

0:23:160:23:20

-I can do it in the garage.

-Yes.

0:23:200:23:22

We have a garage, can you believe that?

0:23:220:23:24

-Do you love that?

-It's great, it's great.

0:23:240:23:26

I never thought I would ever have a house with a garage.

0:23:260:23:29

Christine, you just seem extremely calm at the moment. Are you feeling that?

0:23:290:23:34

I'm just delighted that we've got somewhere that is not a pokey one-bedroom flat

0:23:340:23:38

with lots of prams and things in the middle of the room.

0:23:380:23:41

I am thrilled for you two.

0:23:410:23:43

Clearly, I cannot wipe the smiles off your faces.

0:23:430:23:46

-No.

-Good luck with the baby.

-Thank you.

0:23:460:23:48

Good luck with the renovations and everything you do together.

0:23:480:23:52

-It's been a pleasure to meet you.

-Thank you.

0:23:520:23:54

David and Christine have got such an exciting time ahead of them

0:24:130:24:18

and I'm just delighted they found their perfect home.

0:24:180:24:21

It's great, they can do the work bit by bit, but I'd really

0:24:210:24:24

advise them against taking down all the internal walls downstairs.

0:24:240:24:28

Find out what they decide later in the programme.

0:24:280:24:32

Coming up, in Wales I find my own kitchen nightmare.

0:24:330:24:37

Trying to get your Sunday roast out?

0:24:370:24:41

You can't. This has got to go.

0:24:410:24:43

We return to Greenford in Middlesex

0:24:430:24:46

to see how David and Christine are getting on with their new space.

0:24:460:24:50

I've no idea how we lived in such a small flat.

0:24:500:24:54

But first, has Dan stuck with his plan to cope with the current property slump?

0:24:540:24:59

Be realistic on what you to have to spend on the project and what you're going to get back for it.

0:24:590:25:05

For many years, St Ives in Cornwall has been a desirable coastal town to live in.

0:25:090:25:15

The natural harbour and rugged coastline has attracted both tourists and artists alike.

0:25:150:25:21

When local builder, Dan, came across a half finished work-living space

0:25:210:25:25

on the edge of the town, he thought it was the perfect project

0:25:250:25:29

to keep his building team busy and at the same time turn a profit, so he paid 148 grand for it.

0:25:290:25:34

Well, six months later, had he turned the blank canvas into a masterpiece?

0:25:340:25:42

Well, from the front, the outside space hasn't altered greatly.

0:25:420:25:46

But the back garden has now been completed.

0:25:480:25:51

Along with new patio doors, he's also repositioned the main back entrance.

0:25:560:26:02

Inside, the designated work area is complete.

0:26:060:26:10

There's also a downstairs kitchen

0:26:190:26:21

which Dan installed to give him more options, as he explains.

0:26:210:26:26

One of the main areas we've changed, I suppose, is removal of the wall

0:26:290:26:34

which made a large corridor area that used to sort run through here and up the stairs.

0:26:340:26:39

We've taken that out, which makes this room obviously a lot larger and also the workspace in there,

0:26:390:26:44

you know, sort of free from clutter and a lot larger.

0:26:440:26:47

And obviously the best thing is, we can sort of close this door

0:26:470:26:51

and it gives you a lettable separate unit.

0:26:510:26:55

With one bedroom and a shower room downstairs, everything is here

0:26:570:27:01

for this to be a self-contained unit, but what about upstairs?

0:27:010:27:06

When we walked into this massive open sort of cavernous space, OK, it was a great open area

0:27:060:27:12

as one room, but I just think it was also a bit of a waste.

0:27:120:27:16

Well, it certainly is not a waste now.

0:27:190:27:22

Ooh, love it!

0:27:220:27:24

And out of this massive cavernous area we've managed to get a mezzanine area,

0:27:260:27:30

which could be used as an occasional bedroom or possibly an office, two good bedrooms.

0:27:300:27:36

One of the bedrooms is en-suite and the other of a good size.

0:27:400:27:44

So, along with the mezzanine room

0:27:440:27:46

and the downstairs bedroom, Dan has managed to turn this

0:27:460:27:50

into a potentially four-bedroom property.

0:27:500:27:53

Obviously getting the kitchen diner and a living space, so it's worked out quite well.

0:27:530:27:58

Not only has he utilised the space well, but he's also gone for a pretty high spec.

0:27:580:28:03

The kitchen has all mod cons and with triple-glazing, super-insulation

0:28:030:28:08

and solar water heating, he's also created a property that exceeds all modern eco standards.

0:28:080:28:15

How hands-on has he been?

0:28:150:28:17

I come every day in the mornings and at night, you know, just to, you know, see how things are going.

0:28:190:28:25

I organise all the materials and I've a great team of guys, you know?

0:28:250:28:28

They should really take all the credit.

0:28:280:28:30

They do all the work. I've done...

0:28:300:28:33

I've come in and helped out when necessary, but they've certainly

0:28:330:28:36

knocked this out themselves and they should take the credit.

0:28:360:28:39

Dan may not have got his hands dirty, but the look and layout was part

0:28:390:28:43

of a collaborative process with a local architect.

0:28:430:28:46

But it's come at a cost of at least £70,000

0:28:460:28:49

and Dan says his total spend is now around 225,000.

0:28:490:28:55

I'm intending to sell the property as soon as possible.

0:28:550:28:58

It's going on the market at 385.

0:28:580:29:01

There are two agents marketing it at the moment.

0:29:010:29:04

385,000 is a massive jump up from his £225,000 investment,

0:29:040:29:10

but is it a realistic figure in the current market?

0:29:100:29:14

What do two local property experts think?

0:29:140:29:17

When I was here previously,

0:29:250:29:27

it was an empty shell and the plans were for a one-bedroomed house

0:29:270:29:32

and I've come here today and there's three bedrooms, workspace, it's...

0:29:320:29:37

It's an unbelievable transformation.

0:29:370:29:40

When you come inside, your initial impressions are

0:29:400:29:43

of a property that has been finished to a very high standard.

0:29:430:29:46

Somebody has taken time to finish off all the little finishing touches that so often get left behind.

0:29:460:29:52

Just the flooring, the carpet throughout, the slate, windowsills.

0:29:520:29:59

They've thought through every aspect of the property.

0:29:590:30:02

Well, they may like what Dan's done here, but does it warrant the 385 grand price-tag he's put on it?

0:30:020:30:09

Although it is finished to a very, very high degree I think realistically,

0:30:090:30:14

325, 340 would be absolute maximum in this current market.

0:30:140:30:20

I'd expect something between £325,000 and £350,000 has got more chance of being got.

0:30:200:30:26

I don't think that even those £320,000 values are too shabby.

0:30:260:30:31

In terms of potential pre-tax profit, that's still almost 100,000.

0:30:310:30:36

-What does Dan think?

-We'll give it three or four months, you know,

0:30:360:30:39

give it time out in the market and then go for it

0:30:390:30:43

after that and get it rented.

0:30:430:30:45

How would it do as a rental?

0:30:450:30:47

As a whole, to the perfect legitimate user,

0:30:470:30:52

you could be looking as much as £800 to £900 per calendar month.

0:30:520:30:55

I think realistically,

0:30:550:30:57

You can't really achieve much more than about 850 per calendar month.

0:30:570:31:00

If you could actually split it into two separately lettable components,

0:31:000:31:05

you could top over the £1, 000 a calendar month. Totally. Quite easily.

0:31:050:31:09

So, those values are just around tick-over value.

0:31:090:31:14

He will definitely make more if he could rent it out separately.

0:31:140:31:17

But for Dan, this is primarily a selling project.

0:31:170:31:21

So, where will he go from here?

0:31:210:31:23

Keep developing. But it would be nicer, because now I have sort of three young children, to actually

0:31:230:31:29

ease off a little bit and spend some time with the children. So that's my ultimate goal.

0:31:290:31:34

Whether it'll happen is another matter.

0:31:340:31:36

Well, if all his infill jobs make the same potential return as this one,

0:31:360:31:40

then maybe he'll be able to get his wish sooner rather than later.

0:31:400:31:44

No, Homes Under The Hammer hasn't upped sticks and moved to Australia,

0:32:090:32:14

though with these beach scenes, you could be forgiven for thinking that.

0:32:140:32:17

In fact, I'm a lot closer to home in the glorious Gower region of South Wales.

0:32:170:32:24

It's easy to understand why the Gower was the first place in the UK

0:32:300:32:34

to be declared a site of outstanding natural beauty.

0:32:340:32:38

Not only has got those beaches, it's got some glorious countryside, too.

0:32:380:32:41

The property I'm here to see is aptly named.

0:32:410:32:44

It's called Squirrel's Leap, it's a three-bedroom cottage.

0:32:440:32:47

It had a guide price of £115,000.

0:32:470:32:51

A cottage surrounded by all this natural beauty

0:32:510:32:55

and for such a modest sum? I'm pretty excited.

0:32:550:32:58

Well, it's reasonably attractive, but immediately looks like it needs some repairs.

0:32:580:33:03

It would benefit from new windows and a lick of paint, but I like the fact that it's detached.

0:33:030:33:09

So, cute if a little bit tired on the outside. What have we got inside?

0:33:090:33:14

Well, straight through the front door into one large kind of living room-reception room.

0:33:140:33:19

What is going on with that ceiling?

0:33:190:33:20

I'd definitely want to do something about that.

0:33:200:33:23

But... OK, well, I know we're by the seaside, but I think having a floor

0:33:230:33:29

that's kind of undulating like a wave is not ideal.

0:33:290:33:32

Still, it's a good-sized space and you shows you need to fit

0:33:320:33:35

this kind of flooring properly and leave a gap round the edges.

0:33:350:33:38

Let's hope there aren't too many DIY disasters in the kitchen.

0:33:380:33:41

Well, actually, it's not too bad.

0:33:410:33:43

You can't intrinsically dislike it, but it's a bit disappointing because

0:33:430:33:47

this is a cottage and you kind of hope for a cottage-style kitchen, which it certainly isn't.

0:33:470:33:52

And something which you are definitely going to have to change is this breakfast bar.

0:33:520:33:57

Ergonomically disastrous! You're trying to get your

0:33:570:34:00

Sunday roast out,

0:34:000:34:02

you can't. This has got to go.

0:34:020:34:04

So, it's definitely curtains for the breakfast bar, but perhaps just by

0:34:040:34:09

replacing the unit doors and tiles, it could look like a new kitchen.

0:34:090:34:14

Off that kitchen, there's a breakfast dining room and a utility area complete with modern shower.

0:34:140:34:19

So, there's no lack of space downstairs.

0:34:190:34:24

Upstairs isn't bad either, with three fair-sized bedrooms.

0:34:280:34:34

And a reasonable bathroom.

0:34:380:34:42

There's also the interesting addition of patio doors leading on

0:34:420:34:46

to a walkway which takes you straight out to the long sloping garden.

0:34:460:34:51

That also comes complete with its own outbuilding or tool shed.

0:34:530:34:57

So, all in all, this seems to add up to a lot of property for what was a guide price of 115,000.

0:34:570:35:05

Given its location, I think this would make a great holiday home

0:35:050:35:08

or holiday let. What does a local estate agent think?

0:35:080:35:14

Personally, I wouldn't advise making any major alterations

0:35:140:35:17

as far as extensions go. Possibly if you look at the holiday let route,

0:35:170:35:21

you could change one of the rooms downstairs and make it into an extra bedroom.

0:35:210:35:25

We're in a prime holiday area, so maximising bedrooms make sense. But holiday lets are very seasonal,

0:35:250:35:32

so is it financially viable to go along this route?

0:35:320:35:35

Weekly rents you'd be looking approximately between £500 and £600, depending on the season.

0:35:350:35:41

That's OK. With only 50% occupancy that would still net nearly £13,000,

0:35:410:35:47

which on a guide price of £115,000 sounds like a decent return.

0:35:470:35:52

I would say when the property is fully renovated you'd be looking at

0:35:520:35:56

an asking price of 200,000 to 220,000.

0:35:560:35:59

That means it also stacks up from a resale point of view, keeping all options open.

0:35:590:36:05

So, a bit of work to be done, but intrinsically this is a lovely little cottage in a great location that

0:36:050:36:11

would make a wonderful family home or potentially a lucrative holiday let.

0:36:110:36:15

The big question is, did they go nuts for Squirrel's Leap at the auction?

0:36:150:36:21

Right, we go on to lot number ten now, ladies and gentlemen,

0:36:230:36:27

which is the detached house

0:36:270:36:28

in Swansea. 120 to start.

0:36:280:36:32

120, thank you. I'm bid at £120,000.

0:36:320:36:35

At 128 it's your bid. At 120.

0:36:350:36:38

And five, thank you.

0:36:380:36:40

Bid to me in the back, sir. 130 standing right in the back.

0:36:400:36:44

135 and again if you like, sir.

0:36:440:36:46

At 135. At 135. 140 I am bid.

0:36:460:36:50

Thank you. Five is bid. Please bid as quick as him.

0:36:500:36:53

At 145. Six if you like, sir.

0:36:530:36:55

At 146. 146. You're out still.

0:36:550:36:58

Seven. Seven is bid.

0:36:580:37:00

147. And eight if you like. At 147.

0:37:000:37:02

Hold it up again. Hey, thank you.

0:37:020:37:05

At one nine. At 149. And again, sir.

0:37:050:37:08

You'd better leave it up there permanently! 50, thank you.

0:37:080:37:11

At 150. And one, can I?

0:37:110:37:13

At 150 you're out, sir. One?

0:37:130:37:15

At 151. No, hold it up again!

0:37:150:37:18

At 151. Because you're going to lose it otherwise.

0:37:180:37:21

Make no mistake, I'm selling all the time.

0:37:210:37:23

At two. 152. Three is bid. 153 here.

0:37:230:37:28

You're out before... 154.

0:37:280:37:31

You're still not getting it yet, sir. At 154. Five, can I? 155.

0:37:310:37:36

At 155. Bid again in the back, sir, if you want it. Be quick, please.

0:37:360:37:40

At 155. Put that number up again if you want it.

0:37:400:37:44

At 155. The hammer's up then.

0:37:440:37:46

I'm selling to the gentleman in the middle of the room at £155,000.

0:37:460:37:50

Have you all done?

0:37:500:37:53

It's yours, sir, thank you very much.

0:37:530:37:55

After a hard-fought battle that pushed the price up to 155,000, the new owner of Squirrel's Leap is John.

0:37:550:38:03

He now lives on the Gower Peninsula not far from his latest acquisition.

0:38:030:38:08

John, nice to meet you. That was a bit of a battle, wasn't it?

0:38:080:38:11

-It certainly was.

-So, why were you so keen to buy the place?

0:38:110:38:16

Well, I think the first thing that attracted me to the property is the name, Squirrel's Leap.

0:38:160:38:21

And I'd had a good look at it, it's in a good position.

0:38:210:38:26

-I know the Gower is a beautiful place to be in and I thought it would be good value.

-Right.

0:38:260:38:33

So, buying it with a view to what?

0:38:330:38:35

My intention now is to turn it into a holiday let.

0:38:350:38:39

We can make four bedrooms

0:38:390:38:43

to suit eight people. There will be a disabled bedroom as well,

0:38:430:38:47

so we'll be able to cater for disabled people.

0:38:470:38:51

John already owns another holiday let property and feels that it's important in this competitive market

0:38:510:38:57

to have an edge on the others available.

0:38:570:38:59

He did some research and decided that disabled people are not well catered for, so he felt that was a potential

0:38:590:39:05

area to make this house stand out from the others in the region.

0:39:050:39:09

What did you do before you got into this?

0:39:090:39:12

I came to Swansea 30 years ago to start up a business in chemical distribution.

0:39:120:39:16

-Oh, wow!

-And we...

0:39:160:39:19

We built it from nothing to a £15½ million,

0:39:190:39:24

200-employee company.

0:39:240:39:28

-Wow!

-But five, six years ago I retired from that.

0:39:280:39:33

I then worked in the construction industry for five years and then

0:39:330:39:38

just about a year ago I decided that I would retire from business life,

0:39:380:39:46

invest my money in properties, including holiday properties.

0:39:460:39:50

John isn't fazed about taking on new challenges.

0:39:500:39:54

Although this may be a retirement project, he approaches it with the

0:39:540:39:57

same businesslike manner he applies to all his ventures.

0:39:570:40:01

What do you think the biggest challenges of doing holiday lets are?

0:40:010:40:05

In this day and age, second-best won't do any more.

0:40:050:40:08

People will pay a good price for their holiday let, but they expect

0:40:080:40:12

it to be tip-top, five-star with all the modern facilities incorporated.

0:40:120:40:18

And my wife is in charge of the finishing touches

0:40:180:40:23

and she insists on making it a top-quality finish.

0:40:230:40:28

So, tell me what you're going to do to turn this into the sort of desirable holiday let you hope.

0:40:280:40:35

Well, we'll be blocking the door from the kitchen into what's euphemistically called

0:40:350:40:40

the breakfast room at the moment

0:40:400:40:41

and opening another door from the dining area to create the disabled bedroom.

0:40:410:40:48

And then adding to that,

0:40:480:40:53

access to a shower room and disabled toilets.

0:40:530:40:58

So, the disabled person's quarters will be self-contained on the ground floor.

0:40:580:41:05

Then we have three bedrooms upstairs.

0:41:050:41:08

We'll be taking out the walkway across to the garden

0:41:080:41:14

and the French window there, putting a window in

0:41:140:41:17

and creating a second bathroom, so we'll have two bathrooms upstairs.

0:41:170:41:21

We'll also be taking back the bank

0:41:210:41:25

behind the kitchen window to create a patio area there

0:41:250:41:29

and to let more light into the ground floor of the house.

0:41:290:41:33

So, what kind of budget have you set aside for doing the work?

0:41:330:41:36

Our initial cost costing is around £20,000.

0:41:360:41:40

I think that now we've looked a bit more into disabled access part,

0:41:400:41:46

that's going to add maybe 5,000 more

0:41:460:41:49

and by the time we furnish and fit it out that's another 10,000. So £35,000 to £40,000.

0:41:490:41:56

John certainly seems to have been very thorough here.

0:41:560:41:59

He knows both his market and his returns.

0:41:590:42:02

Although he will plan and project-manage the work,

0:42:020:42:04

he'll employ a builder friend to carry out most of the changes.

0:42:040:42:08

He hopes that in three months it will be ready for his first holiday let.

0:42:080:42:12

So, will John's plans for Squirrel's Leap have him leaping for joy?

0:42:120:42:18

Well, I think his idea of going five-star is definitely a good thing to do,

0:42:180:42:23

and also building in those disabled features will give him an advantage over the competition.

0:42:230:42:28

But there's a lot of work to do and running a holiday let is a business and a lot of work in itself.

0:42:280:42:35

How will he get on? You can find out later in the show.

0:42:350:42:39

Well, time has passed. Have our purchasers kept on schedule or have they overrun?

0:42:410:42:46

Have they stuck to their budget or has the money slipped through their fingers?

0:42:460:42:50

Let's go and find out.

0:42:500:42:51

Greenford in Middlesex may not win awards for stunning scenery and architecture,

0:42:510:42:56

but it scores well both on transport links and relative affordability.

0:42:560:43:01

David and Christine, who were expecting their first child,

0:43:040:43:07

had been renting a one-bedroom flat. So buying this two-bedroom house with a front and back garden

0:43:070:43:13

in a leafy suburb for 197,000 seemed like a very good step indeed.

0:43:130:43:19

-We have a garage. Can you believe that?

-Do you love that?

0:43:210:43:24

It's great, it's great.

0:43:240:43:26

I never thought I would ever have a house with a garage.

0:43:260:43:29

I'm just delighted that we've got somewhere that isn't a pokey one-bedroom flat

0:43:290:43:34

with lots of prams and things in the middle of the room.

0:43:340:43:37

Eight months on, did things work out as well as they'd hoped?

0:43:370:43:41

Has David got something more exciting than a garage to show us?

0:43:410:43:45

The outside shows signs that the house is starting to blossom,

0:43:480:43:52

sporting new windows and patio doors into the garden.

0:43:520:43:57

Time was very short at the beginning, because Christine was about to give birth.

0:43:570:44:01

We just about managed to get the nursery decorated

0:44:080:44:13

and all three of us for the first week were sleeping in the nursery.

0:44:130:44:16

And yes, little Sarah Jane was born just over seven months ago.

0:44:220:44:27

She's fit, healthy and looking very happy in her new home.

0:44:270:44:31

Living in the property was quite difficult to do with a newborn baby

0:44:310:44:36

while a renovation was going on, I won't deny that. But it's all worthwhile once it's all done.

0:44:360:44:41

After the nursery was sorted out, David tackled the downstairs area.

0:44:410:44:45

I'm glad to report they didn't knock down all the internal walls and go completely open plan.

0:44:450:44:52

But they did go for the kitchen-diner option.

0:45:020:45:05

Well, this is our new kitchen.

0:45:090:45:11

The biggest change that's happened is this wall here has been knocked through.

0:45:110:45:15

Then after that was done, after a lot of tidying up was done

0:45:150:45:18

from all the mess that was created by that, it was just a case of putting in a new kitchen.

0:45:180:45:23

We've got new worktops, a nice little island here.

0:45:230:45:26

This here is where the door was to this room.

0:45:260:45:29

We've moved the entrance to the kitchen area to here, which again I think makes more of an open space.

0:45:290:45:35

And so this is it, and Christine really enjoys cooking here so that's great.

0:45:350:45:40

This works really well.

0:45:400:45:42

Not only does it make the kitchen feel so much more spacious, but it's

0:45:420:45:46

what David and Christine wanted - being able to see baby Sarah Jane while they're busy in the kitchen.

0:45:460:45:52

The hardest time during the renovation was being away from David, actually, having to stay

0:45:590:46:05

with family and friends while he decorates the house. That was quite difficult.

0:46:050:46:10

The first couple of months were very weird, very, very strange

0:46:100:46:14

and it's a big thing to adjust to, having a new child. No-one actually tells you

0:46:140:46:19

what it's going to be like and I think even if they tried, they wouldn't be able to get it across.

0:46:190:46:26

But now things have settled down a little bit

0:46:260:46:28

and I've got used to being a dad, it's fantastic. I really love it.

0:46:280:46:33

Parenting might be great, but the downside is that it inevitably eats into your renovation time.

0:46:330:46:39

Along with a full-time job and living in the house,

0:46:390:46:42

David hasn't quite been able to finish off all the rooms upstairs.

0:46:420:46:46

Well, the bedroom used to be quite old-fashioned, so we've changed the colour scheme.

0:46:500:46:56

We've gone for chocolate brown and cream, and it happens to be

0:46:560:47:00

Megan, our cat's, favourite room and she sleeps in here all the time.

0:47:000:47:03

So, Megan the cat certainly likes her new home and the extra space after living in a one-bed rented flat.

0:47:030:47:10

How about her owners?

0:47:100:47:12

It's just wonderful. It's lovely to have all the space,

0:47:120:47:15

particularly because we don't have anyone above us,

0:47:150:47:18

so we can't hear the noise from footsteps and loud music from above.

0:47:180:47:23

We had a lot of stuff in storage which we are now slowly being able

0:47:230:47:27

to move out and put on shelves and we're rapidly filling the space.

0:47:270:47:34

I've no idea how we the lived in such a small flat!

0:47:340:47:36

But, of course, a step up involves more money.

0:47:380:47:41

Not only did they have the cost of the house at auction

0:47:410:47:44

of 197,000, they obviously also had the renovation costs.

0:47:440:47:49

Initially they aimed to do the work for just £5,000.

0:47:490:47:52

We quickly spent 11 in the first two months.

0:47:520:47:57

In the last couple of months, we've managed to extend our budget a little bit in order to get the new windows

0:47:570:48:03

and I think we've probably in total spent about £15,000, £16,000.

0:48:030:48:08

It was thanks, in part, to David's gran

0:48:080:48:10

that they could afford the extra expenditure.

0:48:100:48:12

It now takes their total investment up to nearly 215,000.

0:48:120:48:17

Clearly, in terms of quality of life, the move

0:48:170:48:20

has been worth it for them. But has it also been a good investment?

0:48:200:48:25

What do two local estate agents think?

0:48:250:48:27

Well, it's the second time I've seen the property and

0:48:270:48:30

since I first saw it, there has been a lot of work done.

0:48:300:48:33

They're definitely going in the right direction.

0:48:330:48:35

I've had a look around. Nice and spacious, good size.

0:48:350:48:38

There's still a few bits to be done before it's ready for marketing.

0:48:380:48:42

David and Christine were over the moon to get this house in the first place, but will they be just

0:48:420:48:47

as happy with the estate agents' valuations after investing £215,000 of their hard-earned money here?

0:48:470:48:53

If I was going to market this property, I'd suggest a marketing price in the region of £275,000.

0:48:530:48:58

I would market the property at £259,950 to achieve 250,000.

0:48:580:49:04

Well, that's not bad and could see a return of at least £30,000,

0:49:040:49:10

so it seems a sound investment. But what do they think of that?

0:49:100:49:14

Well, 250 sounds about right.

0:49:140:49:16

The other one, wow! But, yeah...

0:49:160:49:21

But we don't really intend to be selling for any time soon,

0:49:210:49:25

so it's good to know, but not particularly relevant right now.

0:49:250:49:29

Long term, David, Christine and Sarah Jane want to stay here

0:49:310:49:35

for at least ten years. But what are their short-term plans?

0:49:350:49:39

Just relaxing, enjoying our home, enjoying SJ growing up.

0:49:390:49:44

-Building an outbuilding, building a loft conversion.

-Yeah, yeah, yeah.

0:49:440:49:50

Putting some carpets down, doing up the bathroom.

0:49:500:49:53

-Yeah, David's got a lot of work!

-Not relaxing too much, then!

0:49:530:49:56

For the time being, I think the job they've done here is certainly good enough for them

0:49:590:50:05

to just take a break and enjoy some time with baby Sarah Jane and their spacious new surroundings.

0:50:050:50:11

Back in Wales and on the beautiful Gower Peninsula, there was a three-bedroom detached property.

0:50:190:50:25

It looked just the right place for retired businessman, John, to get stuck into.

0:50:250:50:30

It wasn't in bad condition and was very roomy.

0:50:300:50:33

After a few tweaks, John was planning to turn it into a holiday cottage

0:50:330:50:37

with four bedrooms, one of them suitable for disabled guests.

0:50:370:50:42

He'd bought this cottage for 155,000. So, just four months later,

0:50:440:50:49

was it ready in time for the fast approaching summer season?

0:50:490:50:52

Well, externally, it's looking great.

0:50:540:50:56

The front has a new porch along with a complete overhaul.

0:50:560:51:00

And at the back, not only has John extended slightly, but the rather unsightly metal walkway has gone.

0:51:000:51:07

What about inside?

0:51:090:51:11

Well, it's looking pretty good, too.

0:51:110:51:14

But has it all gone to plan?

0:51:230:51:26

One of our major unplanned changes was the kitchen.

0:51:260:51:31

Originally, we planned to keep it, but the more I looked at the horrible green panelling and that

0:51:310:51:35

grotesque breakfast bar, the more I became convinced we should change it.

0:51:350:51:41

So, we ripped it out and replaced it with a fitted kitchen,

0:51:410:51:44

brand new appliances, tiling on the wall and we opened up the

0:51:440:51:49

light coming into the kitchen by taking the bank back.

0:51:490:51:53

While the kitchen changes may not have been on the original plan, creating a downstairs bedroom

0:51:550:52:01

and nearby shower room suitable for disabled visitors was always near the top of John's to do list.

0:52:010:52:07

As were the changes on the first floor.

0:52:120:52:16

Upstairs, we've upgraded this bathroom,

0:52:160:52:20

tiled throughout and put in new sanitary ware, but we really made the changes in this bathroom.

0:52:200:52:25

Here we've put in the shower that was originally downstairs

0:52:290:52:33

and we've tiled throughout and put in new sanitary ware.

0:52:330:52:37

We've also blocked up the old patio window

0:52:370:52:42

and taken away the walkway,

0:52:420:52:45

enabling us to create this bathroom.

0:52:450:52:48

With four bedrooms now, so possibly up to eight people staying, two bathrooms are pretty essential

0:52:480:52:54

as John hopes to achieve the top local holiday rating.

0:52:540:52:58

We haven't had the assessment visit

0:53:020:53:04

from the Welsh tourist board, Visit Wales, yet,

0:53:040:53:09

but we've replicated the standard we used in the other cottage which has gained five-star rating

0:53:090:53:15

and we've no reason to think that this won't be rated as five-star as well.

0:53:150:53:19

And this high-quality finish is already paying dividends.

0:53:190:53:25

The first guests have just left after their week here and from

0:53:250:53:32

next weekend, we're fully booked through to the middle of September.

0:53:320:53:36

So, that's a promising start and should mean this holiday let

0:53:360:53:40

will go from strength to strength. But John can't take all the credit for the changes here.

0:53:400:53:45

His wife helped with the interior design and it was builder Keith who did the bulk of the work.

0:53:450:53:50

I first met John on the last project we worked on, where he did a holiday conversion next to his property.

0:53:500:53:56

We both worked on that and then moved on to this job after that, really.

0:53:560:54:01

The work took quite a tight schedule on it,

0:54:010:54:04

but the finished product we've come up with, we're very happy with and I believe John's happy with as well.

0:54:040:54:10

With two successful projects under their belts,

0:54:100:54:13

are the Keith-and-John double act likely to do more together?

0:54:130:54:16

It's good to work with John. He gets stuck in himself as well.

0:54:160:54:20

He's always here on the job, so any consulting to do can be done immediately

0:54:200:54:26

and he's always receptive to our ideas and we listen to his as well. It's great.

0:54:260:54:31

They certainly make a strong combination, but with all the changes

0:54:310:54:34

and a pretty high specification, it must have all cost a bit.

0:54:340:54:38

We paid 155 in the auction

0:54:400:54:44

and if I've spent 30 plus 10,000 to...

0:54:440:54:50

So, we're probably up to 195.

0:54:500:54:53

So, has he got value for money on his £195,000 spend?

0:54:530:54:58

And, more importantly,

0:54:580:55:00

how will the property do on the holiday rental market?

0:55:000:55:05

We asked a local estate agent and a holiday letting agent to tell us more.

0:55:050:55:09

Very impressed with what the owner has done to the property throughout

0:55:090:55:12

and he's done it to a very high standard.

0:55:120:55:15

Noticeably, the back part of the property with the walkway being removed, that's a great idea.

0:55:150:55:19

That's letting quite a lot of light into the kitchen.

0:55:190:55:22

And the changing to the rear of the property

0:55:220:55:25

with the small addition to the back I think is a good feature.

0:55:250:55:29

But how would it fare on the open market?

0:55:290:55:31

Has John invested his £195,000 wisely?

0:55:310:55:35

If we were to put the property on the market now, we would be looking at an asking price of £240,000.

0:55:350:55:41

I, myself, had put a value in my head of 250,000.

0:55:410:55:46

Even if the valuation isn't quite as high as John hoped, there's still a pre-tax profit of over £40,000.

0:55:460:55:54

But this is all about the holiday market, so what does the lettings agent make of it?

0:55:540:55:59

What I like about this place is the fact that

0:55:590:56:01

they've split the living accommodation on to two floors.

0:56:010:56:05

They've got bedrooms on both the upper floor and the ground floor. That's great for families

0:56:050:56:09

and generations of family when sometimes they want a little bit of space.

0:56:090:56:13

I would hope that in the first year, it would achieve at least 15 weeks.

0:56:130:56:17

Would 15 weeks of occupancy actually bring in enough return?

0:56:170:56:23

Maximum peak advertised price would be in the region of 950 per week.

0:56:230:56:28

And Karen reckons that even in the low season, you could get as much as £650 per week.

0:56:280:56:35

Assuming most of the 15 weeks will be at the mid-to-peak income time,

0:56:350:56:40

John should get a return of between £10,000 to £15,000 per year.

0:56:400:56:44

So, while holidaymakers relax here,

0:56:440:56:47

John will hopefully be making money, which is good news!

0:56:470:56:50

Well, that's it for today, but don't despair, there are plenty more properties out there.

0:56:530:56:58

Join us next time for more Homes Under The Hammer.

0:56:580:57:01

-We will see you then.

-Goodbye.

-Goodbye.

0:57:010:57:03

Subtitles by Red Bee Media Ltd

0:57:090:57:13

E-mail [email protected]

0:57:130:57:18

Martin Roberts and Lucy Alexander visit a property in Cornwall, a 1950s property in Middlesex and a house in Wales.

All of these properties went to auction, and Martin and Lucy find out who bought them and what they paid when they went under the hammer.