0:00:02 > 0:00:05Hello. Despite the current downturn in the property market,
0:00:05 > 0:00:07auctions are still popular for buyers and sellers.
0:00:07 > 0:00:11Buyers track down bargains from vendors looking for quick sales.
0:00:11 > 0:00:14If it's quick sales you're after, you'll find them at the auctions.
0:00:14 > 0:00:17The average lot takes just three minutes to sell.
0:00:17 > 0:00:20So you need your wits and your nerve about you.
0:00:46 > 0:00:49We all love a bargain, none more so than those who buy at auction.
0:00:49 > 0:00:52But with so many people in the room it can get fairly hectic.
0:00:52 > 0:00:55Let's look at the properties snapped up on today's show.
0:00:56 > 0:01:02This bungalow in Wiltshire has inspired me to get a bit radical.
0:01:02 > 0:01:06This is one of those moments where you go, "Martin has lost the plot."
0:01:06 > 0:01:09Things have taken a turn for the worse
0:01:09 > 0:01:12at this three-bedroom house in Hertfordshire.
0:01:12 > 0:01:16I think that's one of the worst properties I've been into.
0:01:16 > 0:01:19And are things as simple as they seem
0:01:19 > 0:01:22at this semi-detached in Stoke-on-Trent?
0:01:22 > 0:01:25The catalogue was right.
0:01:25 > 0:01:27It does need a bit of modernisation.
0:01:28 > 0:01:32All these properties went to auction and we'll find out who bought them,
0:01:32 > 0:01:36and what they paid for them, when they went under the hammer.
0:01:41 > 0:01:43This is Market Lavington in Wiltshire,
0:01:43 > 0:01:45just six miles south of Devizes.
0:01:45 > 0:01:48It's one of the most popular villages in the area
0:01:48 > 0:01:50and it's easy to see why.
0:01:54 > 0:01:59Just a short walk from the centre of the village is Park Road,
0:01:59 > 0:02:02a quiet and peaceful cul-de-sac.
0:02:02 > 0:02:05Well, not so peaceful as it would turn out,
0:02:05 > 0:02:09because right at the end of the road is Lavington School.
0:02:09 > 0:02:12Twice a day you're going to have schoolkids
0:02:12 > 0:02:16piling down here, and even the most well-behaved
0:02:16 > 0:02:18are by their very virtue a bit noisy.
0:02:18 > 0:02:20That's very important,
0:02:20 > 0:02:22especially when this is the property I'm here to see.
0:02:22 > 0:02:27A two-bedroomed bungalow and the guide price is 150,000 quid.
0:02:27 > 0:02:29Is it something to shout about?
0:02:29 > 0:02:30Let's take a look.
0:02:36 > 0:02:39That's a good start, you've got a porch there
0:02:39 > 0:02:42to keep the noise down and the drafts out.
0:02:42 > 0:02:45There's an entrance area of the property
0:02:45 > 0:02:48and straight away you're hit by how dark it is.
0:02:48 > 0:02:51It could be something to do with the fact it's has very dark carpets
0:02:51 > 0:02:54both here and in the lounge, but there's no natural light.
0:02:54 > 0:02:56That's not brilliant.
0:02:56 > 0:02:59The bedroom seems quite dark, but then through to the living room,
0:02:59 > 0:03:02lots of windows here,
0:03:02 > 0:03:06but they're facing that road, so maybe a potential for noise.
0:03:06 > 0:03:08The room isn't a bad size.
0:03:08 > 0:03:10It's got the original fireplace.
0:03:10 > 0:03:13I'm not sure if this is your taste.
0:03:13 > 0:03:16It's not quite mine, but at least there's an open fire.
0:03:16 > 0:03:20Pretty much, so far, what you'd expect.
0:03:20 > 0:03:23Moving through the property, the back bedroom is small,
0:03:23 > 0:03:27but it IS a double and the bathroom is a good size
0:03:27 > 0:03:29with a usable white suite.
0:03:29 > 0:03:33Clearly the bungalow has been well maintained, depending on your taste.
0:03:33 > 0:03:37There's plenty to change here, but there are some gems.
0:03:40 > 0:03:45This is one of those moments where you go, "Martin has completely lost the plot."
0:03:45 > 0:03:47Or you'll think, "I agree with him."
0:03:47 > 0:03:49This is the kitchen.
0:03:49 > 0:03:55What do you reckon? This blue and grey, very old, dated units,
0:03:55 > 0:03:58probably original from the 1950s.
0:03:58 > 0:04:00In beautiful condition still.
0:04:00 > 0:04:03Would you keep it? I would.
0:04:03 > 0:04:05I love the colours,
0:04:05 > 0:04:08this is so retro it's brilliant.
0:04:08 > 0:04:10It's in perfect condition.
0:04:10 > 0:04:12Some nice little touches.
0:04:12 > 0:04:15The cactus blind, we like that.
0:04:15 > 0:04:17The reality is somebody is going to rip it out.
0:04:20 > 0:04:24# Well I can't stop loving you
0:04:24 > 0:04:28# I sort of made up, made up my mind... #
0:04:29 > 0:04:32OK, so it's not everyone's dream kitchen,
0:04:32 > 0:04:35but it's in great condition and it's a classic.
0:04:35 > 0:04:38Pass the coronation chicken and the semolina pudding.
0:04:38 > 0:04:44But as thrilled as I am about this kitchen it's not the star of this lot. That's outside.
0:04:48 > 0:04:52What people want when they move to a place like this is quality of life,
0:04:52 > 0:04:56great outdoors, a nice rural setting.
0:04:56 > 0:04:59You've certainly got that here. Look at this rear garden.
0:04:59 > 0:05:01It backs on to open fields.
0:05:01 > 0:05:03It itself has got some nice shrubs,
0:05:03 > 0:05:07some nice mature plants, birds twittering away.
0:05:07 > 0:05:09What more could you want?
0:05:09 > 0:05:12Suddenly this isn't just a bungalow for the elderly.
0:05:12 > 0:05:15It could easily be a wonderful family home.
0:05:17 > 0:05:21The mature garden really lifts this property into a different league.
0:05:21 > 0:05:26It's given me an idea about how to improve the bungalow as well.
0:05:28 > 0:05:32At the rear of the property is this lean-to extension,
0:05:32 > 0:05:34a sun room, I suppose you could call it.
0:05:34 > 0:05:37Not in bad condition, so you could potentially keep it
0:05:37 > 0:05:41but I think that would be a great shame because the opportunity
0:05:41 > 0:05:44to extend the property out the back here to make the most of the views
0:05:44 > 0:05:47is one not to be missed.
0:05:47 > 0:05:50The properties on either side have done some kind of extension,
0:05:50 > 0:05:54so there's obviously an approval from the planning office to do that.
0:05:54 > 0:05:59Just imagine this as a kitchen, maybe another bedroom,
0:05:59 > 0:06:01and suddenly you're turning this
0:06:01 > 0:06:03into an extremely desirable property.
0:06:03 > 0:06:05With the options available
0:06:05 > 0:06:08this bungalow becomes more tempting every minute.
0:06:08 > 0:06:11However, the auction catalogue doesn't mention anything
0:06:11 > 0:06:13that could put buyers off.
0:06:15 > 0:06:20# School's out for summer... #
0:06:23 > 0:06:26Yes, it's the school down the road.
0:06:26 > 0:06:29But does a local estate agent think this will affect
0:06:29 > 0:06:32the chances of selling the bungalow?
0:06:32 > 0:06:34It can cause a bit of a problem.
0:06:34 > 0:06:38It depends on the individual who's buying the property.
0:06:38 > 0:06:40I do feel the nice thing about schools
0:06:40 > 0:06:42is you know when they start and finish.
0:06:42 > 0:06:48I certainly think that that shouldn't be a problem about the marketing and selling of this property.
0:06:48 > 0:06:52At a guide price of 150,000 and with those options to extend
0:06:52 > 0:06:57what value is likely once the property is renovated?
0:06:57 > 0:07:03With the same footprint as it is I'd probably say £185,000.
0:07:03 > 0:07:07If you were to extend the property to a three-bedroom,
0:07:07 > 0:07:10I'd say the value would increase to about 225.
0:07:12 > 0:07:15Well, this isn't the shy, retiring bungalow
0:07:15 > 0:07:18that's really only suitable for a small portion of the market.
0:07:18 > 0:07:22Its location and that garden make it a great family home.
0:07:22 > 0:07:28In fact, it's grey exterior hides a wealth of vibrant opportunities.
0:07:28 > 0:07:31Let's see who spotted them when it went to the auction.
0:07:33 > 0:07:35Number 24,
0:07:35 > 0:07:3920 Park Road, Market Lavington.
0:07:39 > 0:07:43Start with 150, somebody, save my breath.
0:07:43 > 0:07:46150, somebody.
0:07:46 > 0:07:49140, the bid is sat down there.
0:07:49 > 0:07:50£140,000.
0:07:50 > 0:07:56142, 144, 146, 147.
0:07:56 > 0:07:58At 147 the bid is down here.
0:07:58 > 0:08:03At £147,000, the bid is down here.
0:08:03 > 0:08:07148, 149...
0:08:07 > 0:08:12150, 151, 152.
0:08:12 > 0:08:1553, 54, 55.
0:08:18 > 0:08:2156, 57.
0:08:21 > 0:08:25Half? 58. Half.
0:08:25 > 0:08:28Half is with you.
0:08:28 > 0:08:31Nine? Yes or no?
0:08:31 > 0:08:33£158,500 in the aisle.
0:08:33 > 0:08:37158,500 for the first time...
0:08:37 > 0:08:38Yes or no? No.
0:08:38 > 0:08:44At £158,500 for the second time, and for the third and last time.
0:08:44 > 0:08:46158, 500.
0:08:46 > 0:08:48The number, sir, is...?
0:08:48 > 0:08:52The winning bidder in that quick-fire auction was Richard.
0:08:52 > 0:08:55Along with his business partner, this married father of two
0:08:55 > 0:08:58has one successful renovation project under his belt
0:08:58 > 0:09:00and they're keen to move on to the next.
0:09:00 > 0:09:03As his partner is busy working,
0:09:03 > 0:09:08I met Richard to hear more about their plans.
0:09:08 > 0:09:09- Richard, congratulations.- Thank you.
0:09:09 > 0:09:13You're not the person I expected to buy this bungalow.
0:09:13 > 0:09:18- I don't fit the age profile! - Bungalows are great, I was born in a bungalow,
0:09:18 > 0:09:22and they're great places to live, but they do have a bit of a reputation.
0:09:22 > 0:09:24Why did you want to buy it?
0:09:24 > 0:09:29We bought it for an investment with a view to doing it up and making hopefully a small profit.
0:09:29 > 0:09:30You're a developer?
0:09:30 > 0:09:32That's a very grand term, I'd say.
0:09:32 > 0:09:34A small frog in the development pond.
0:09:34 > 0:09:36Just started.
0:09:36 > 0:09:38Tell me a bit more about you.
0:09:38 > 0:09:40My background is I'm a surveyor,
0:09:40 > 0:09:43but I worked in corporate real estate until the end of the year.
0:09:43 > 0:09:49I worked for Lehmann Brothers which meant there was no future for me unfortunately,
0:09:49 > 0:09:51so I'm looking for something else.
0:09:51 > 0:09:54In the meantime I'm doing a little property development on the side.
0:09:54 > 0:09:58It interests me and I might make a bit of income.
0:09:58 > 0:10:00Richard also used to be an estate agent
0:10:00 > 0:10:05so he's certainly more than qualified to tackle this property.
0:10:05 > 0:10:07What has he got planned for it?
0:10:07 > 0:10:09Obviously it's a two-bed,
0:10:09 > 0:10:12and in order to sell it on we think it needs to be slightly bigger.
0:10:12 > 0:10:16Not too big, it's very easy to over-build and put something out of its market.
0:10:16 > 0:10:20Then you won't sell it, or you need to get a price which you're not gonna get back.
0:10:20 > 0:10:22Our plan is a limited extension on the back.
0:10:22 > 0:10:26We've already got consent that the lean-to can go, and be rebuilt by something.
0:10:26 > 0:10:30That will let us extend the kitchen to make a really nice kitchen/breakfast room,
0:10:30 > 0:10:33And create also a third bedroom-cum-day room, study,
0:10:33 > 0:10:35which I think will broaden its appeal.
0:10:35 > 0:10:38What's the plan for the property?
0:10:38 > 0:10:42The first thing is strip out, get everything out of here.
0:10:42 > 0:10:44What do you mean everything?
0:10:44 > 0:10:47Everything you can see, carpets, curtains,
0:10:47 > 0:10:49strip the walls, the fireplace, the kitchen.
0:10:49 > 0:10:52- The what?- The rear extension... - What? What? What?
0:10:52 > 0:10:55- No, no, the kitchen, the kitchen. - You like the kitchen?
0:10:55 > 0:10:57I love the kitchen.
0:10:57 > 0:10:59Can I interest you in a second-hand kitchen?
0:10:59 > 0:11:03If I had space for it, absolutely! You don't like the kitchen?
0:11:03 > 0:11:06We've got to create a breakfast/kitchen because
0:11:06 > 0:11:10you've got somewhere to eat, not having to have a dining room as well.
0:11:10 > 0:11:15If we push that straight out into the back of that extension, we can create a great breakfast/kitchen.
0:11:15 > 0:11:18Period drama may be in there, but not to resell.
0:11:18 > 0:11:20It's not got appeal!
0:11:20 > 0:11:24Clearly not everyone has my eye for design classics,
0:11:24 > 0:11:26so the kitchen is going.
0:11:26 > 0:11:32Still Richard does seem to know exactly what he wants from this bungalow, which is encouraging.
0:11:32 > 0:11:34As he'll be replacing the current extension
0:11:34 > 0:11:38he doesn't need planning permission, so he can start straight away.
0:11:38 > 0:11:42With a timescale of 9 to 12 weeks Richard isn't going to hang around.
0:11:42 > 0:11:45He's done his homework on the finances, too.
0:11:47 > 0:11:49We bought it for 158 at the auction.
0:11:49 > 0:11:53If we spend 40 on it, it takes us to 200.
0:11:53 > 0:11:56We think the sell-on price is 235 to 250.
0:11:56 > 0:11:59250, frankly, is probably reaching a little bit.
0:11:59 > 0:12:01235 we think is sensible.
0:12:01 > 0:12:05There are other properties around at over that and they won't sell.
0:12:05 > 0:12:07Certainly 250 would be an absolute max.
0:12:07 > 0:12:12It's also stamp duty threshold, so we wouldn't want to go beyond that.
0:12:12 > 0:12:14Beyond that you'd struggle.
0:12:14 > 0:12:17You mention you had a different job until very recently
0:12:17 > 0:12:19and you're embarking on this.
0:12:19 > 0:12:22Is this just a fill-in until you find something else, or will this take over?
0:12:22 > 0:12:24I think it's probably a fill-in.
0:12:24 > 0:12:29It's a lovable hobby, but could I make an adequate living on it?
0:12:29 > 0:12:32Probably not if I'm honest. But in the meantime it's a lot of fun.
0:12:32 > 0:12:35- You have expensive hobbies. - I have expensive hobbies, yes.
0:12:35 > 0:12:39I'm hopelessly addicted to old, classic cars.
0:12:39 > 0:12:41Old cars, what kind of stuff?
0:12:41 > 0:12:48Everything from a 1960 Morris Minor to a '67 MGB GT and a few others.
0:12:48 > 0:12:51They all consume resources, nothing too glamorous,
0:12:51 > 0:12:53but they suck up the funds.
0:12:53 > 0:12:56- How many cars do you actually have? - I've got nine.- Nine!
0:12:56 > 0:12:58Where are they?
0:12:58 > 0:13:01They're all at home. They're all in garages and in a barn.
0:13:01 > 0:13:03- I bet your wife loves you! - She's a car fan, too.
0:13:03 > 0:13:07How can I get away with nine if she wasn't a car fan? No chance!
0:13:07 > 0:13:10Well, that's more than one for every day of the week.
0:13:10 > 0:13:15Yeah, I don't normally get grief from men about having cars.
0:13:15 > 0:13:20- I'm not giving you grief!- It's normally girls. I just say, "How many handbags and shoes do you have?"
0:13:22 > 0:13:24# Life in the fast lane
0:13:24 > 0:13:26# Surely make you lose your mind... #
0:13:26 > 0:13:29Property developing is an expensive hobby, but Richard is used to
0:13:29 > 0:13:34polishing up old classics and that's just what this bungalow needs.
0:13:36 > 0:13:40So, how is car enthusiast Richard going to get on with this place?
0:13:40 > 0:13:42I think his plans are pretty sound,
0:13:42 > 0:13:45especially in terms of putting that extension on the back.
0:13:45 > 0:13:48The big question is what it be a smooth ride
0:13:48 > 0:13:51or will his budget blow a gasket?
0:13:51 > 0:13:54You can find out later in the show.
0:13:57 > 0:13:59So, a movie quiz for you.
0:13:59 > 0:14:02What do The Haunting, Where Eagles Dare
0:14:02 > 0:14:05and 2001 Space Odyssey have in common?
0:14:05 > 0:14:09They were all shot right here in Borehamwood in Hertfordshire
0:14:09 > 0:14:11at the MGM British studios.
0:14:11 > 0:14:14Now the studio itself no longer stands, but Clint Eastwood,
0:14:14 > 0:14:17Stanley Kubrick and Richard Burton
0:14:17 > 0:14:21have all walked on this very ground and it's said during the filming
0:14:21 > 0:14:25of the Dirty Dozen the locals were kept awake by gunfire.
0:14:25 > 0:14:30That's just a little bit too close to the action, don't you think?
0:14:31 > 0:14:34This area is famous for film studios,
0:14:34 > 0:14:39most notably Elstree, which is in the centre of Borehamwood.
0:14:39 > 0:14:42Since Who Wants To Be A Millionaire? and Star Wars were both filmed here
0:14:42 > 0:14:47I wonder if we'll hit the jackpot and find the force with us today.
0:14:48 > 0:14:50This estate is called Studio Way
0:14:50 > 0:14:55and was in fact MGM's back lot which was redeveloped in the 1990s.
0:14:55 > 0:14:59All the roads are named after stars of the silver screen.
0:14:59 > 0:15:04You have Novello Way, Niven Close and Robeson Way, named after the actor
0:15:04 > 0:15:08and activist Paul Robeson and home to the property I am here to see today.
0:15:08 > 0:15:13It is a three-bedroom mid terrace and has a guide price of 180,000.
0:15:13 > 0:15:16Let's get inside and see if it is an Oscar winning performance.
0:15:19 > 0:15:24Whoa! Pfft! Eurgh!
0:15:24 > 0:15:29This is not the sweet smell of success.
0:15:29 > 0:15:32It really stinks in here! I'm going outside!
0:15:36 > 0:15:40I think that is one of the worst properties I have been into.
0:15:40 > 0:15:46It reeks, it smells of dog, cat and a few birds thrown in.
0:15:46 > 0:15:50I think animals have been kept in there. The carpets are disgusting.
0:15:50 > 0:15:54But I am going to go back in to have a look around, just for you.
0:15:54 > 0:15:57I could be a nominee for the TV awards,
0:15:57 > 0:16:01Best Re-entry Into A Smelly Property Award.
0:16:01 > 0:16:05From the outside, you'd just never know it was in such a state.
0:16:05 > 0:16:11If you had just seen the details in the auction catalogue and that guide price of 180,000,
0:16:11 > 0:16:13you would probably have thought it was a bargain,
0:16:13 > 0:16:17but appearances can be deceptive and this is a real horror story.
0:16:17 > 0:16:20OK, you get the picture, I am not going to harp on about
0:16:20 > 0:16:22the mess and the smell in here,
0:16:22 > 0:16:27you need a skip outside, somebody to come in and rip all this stuff out.
0:16:27 > 0:16:33What you do have is a really good sized lounge, double glazing,
0:16:33 > 0:16:35a nice little fireplace there,
0:16:35 > 0:16:39you have a kitchen at the back and even a little study area.
0:16:39 > 0:16:44It feels like a new house. I'm trying to imagine fresh paint on the walls.
0:16:44 > 0:16:50And it smelling of something like lemons, that would be nice.
0:16:50 > 0:16:52And it is a health hazard as well.
0:16:52 > 0:16:55The carpets are going to have to go.
0:16:55 > 0:17:00Although the kitchen is a reasonable size, no matter how much industrial cleaning was done,
0:17:00 > 0:17:03I don't think I would want eat a sandwich made on that surface.
0:17:03 > 0:17:09Although the units look pretty good, they could well have to be replaced.
0:17:09 > 0:17:13There is also a small utility room and although it is overgrown,
0:17:13 > 0:17:15the garden is a good size.
0:17:15 > 0:17:19It is a shame that the animals have made so much mess indoors.
0:17:19 > 0:17:23However a quick gulp of fresh air and it is time to head upstairs.
0:17:23 > 0:17:26Let me tell you about the rest of this property.
0:17:26 > 0:17:31Upstairs there is three really good-sized bedrooms and a bathroom.
0:17:31 > 0:17:36Now as a developer I really have to see beyond this complete mess here.
0:17:36 > 0:17:39It does smell, it is horrendous.
0:17:39 > 0:17:42But when you look at the house, beyond that,
0:17:42 > 0:17:45all it really does need is somebody to paint it,
0:17:45 > 0:17:47somebody to rip the carpets up,
0:17:47 > 0:17:50it doesn't need any structural work at all,
0:17:50 > 0:17:57a couple of guys in here with some scrubbing brushes, what you have here is a good solid house.
0:17:57 > 0:18:00In my mind, it is a no brainer.
0:18:00 > 0:18:04The stench here would certainly have put many perspective bidders off.
0:18:04 > 0:18:07However although it may not be as glitzy and glamorous
0:18:07 > 0:18:08as the history of its location,
0:18:08 > 0:18:12as far as I'm concerned, this house could be an award winner.
0:18:12 > 0:18:16Does a local estate agent agree?
0:18:16 > 0:18:18Unfortunately the house is in a bit of the state.
0:18:18 > 0:18:20The living space is fairly generous.
0:18:20 > 0:18:23A large through lounge, a decent kitchen-diner,
0:18:23 > 0:18:24and additional study computer room.
0:18:24 > 0:18:27So, ground floor, living accommodation is very spacious.
0:18:27 > 0:18:31It had a guide price of 180,000.
0:18:31 > 0:18:35Once the industrial cleaners and fumigators have got to work,
0:18:35 > 0:18:37how much could it potentially be worth?
0:18:37 > 0:18:41In its current condition it would be worth £250,000.
0:18:41 > 0:18:45Once re-modernised, the value could be increased to around £300,000.
0:18:45 > 0:18:49If a buy-to-let investor had their eye on the property,
0:18:49 > 0:18:51that could increase the rental potential,
0:18:51 > 0:18:54but would they be able to find tenants?
0:18:54 > 0:18:57There is an exceptional rental market in the area at present.
0:18:57 > 0:19:02You could probably achieve a figure of around £1500 a month for this property.
0:19:03 > 0:19:08There is a lot of property on this old MGM back lot but unfortunately
0:19:08 > 0:19:12the special effects inside are a bit too realistic.
0:19:12 > 0:19:17This house is in need of a lot of work to relaunch its career
0:19:17 > 0:19:19but there is potential there.
0:19:19 > 0:19:23With the right investment and some careful make up,
0:19:23 > 0:19:25it could be a box office smash.
0:19:25 > 0:19:28Let's see if it got a standing ovation at the auction.
0:19:28 > 0:19:30Lot 13, Robeson Way,
0:19:30 > 0:19:34Borehamwood, Hertfordshire, mid-terrace, three-bed house.
0:19:34 > 0:19:36200 anywhere?
0:19:36 > 0:19:38200?
0:19:38 > 0:19:42170 anywhere?
0:19:42 > 0:19:44170.
0:19:44 > 0:19:46175.
0:19:46 > 0:19:49180, 180 in the front,
0:19:49 > 0:19:52185,
0:19:52 > 0:19:56185, back in?
0:19:56 > 0:19:59If not, 185 on my right.
0:19:59 > 0:20:01Anyone else? 190.
0:20:03 > 0:20:07195, 200, 201,
0:20:07 > 0:20:14202, 203, 204, 205,
0:20:14 > 0:20:19206, 207, 208, 209...
0:20:21 > 0:20:26No? Have a think. 208 sitting down. 209 anywhere?
0:20:26 > 0:20:30209, 210, 211,
0:20:30 > 0:20:34212, 213,
0:20:34 > 0:20:36214, 215,
0:20:36 > 0:20:44216, 217, 218, 219, 220,
0:20:44 > 0:20:45221.
0:20:46 > 0:20:49Have a think. 220. 221, new spot.
0:20:49 > 0:20:53222. It is his first bid, sir.
0:20:53 > 0:20:56You can't let him have it on his first bid, it is not the done thing.
0:20:56 > 0:20:58222?
0:20:58 > 0:21:01You are bidding? 222.
0:21:01 > 0:21:05223, 224...
0:21:05 > 0:21:06No?
0:21:06 > 0:21:09New spot, 224, 225,
0:21:09 > 0:21:12226, 227,
0:21:12 > 0:21:18228, 229, 230, 231, 232,
0:21:19 > 0:21:23231 on my left. Anyone else?
0:21:23 > 0:21:26232, if not, 231.
0:21:26 > 0:21:31First time, second time, third and last time, are you all done?
0:21:31 > 0:21:34Sold, 231.
0:21:34 > 0:21:39The successful bidder who paid 231,000 was Stan.
0:21:39 > 0:21:45He went 50 grand over the guide price for this grubby house in Borehamwood.
0:21:45 > 0:21:48I met up with him to hear about his plans.
0:21:50 > 0:21:52Stan, congratulations, well done.
0:21:52 > 0:21:54- Are you happy with your purchase? - I think so, yes.
0:21:54 > 0:21:58- Do you feel you have got a good buy here?- I do, yes.
0:21:58 > 0:22:01Why were you looking for a property like this in the first place? What were you doing in the auction room?
0:22:01 > 0:22:05Basically, to do something with the money that I have saved over the years.
0:22:05 > 0:22:11Because of my lack of pension, I was getting virtually nothing interest each month
0:22:13 > 0:22:14going into the bank from my savings.
0:22:14 > 0:22:18I have done a few calculations and thought, why not.
0:22:18 > 0:22:22What are you going to do with this property? Have you bought it to live in?
0:22:22 > 0:22:26I haven't quite decided if I'm going to live in it or if I'm going to
0:22:26 > 0:22:30clean it up and rent it for a short while.
0:22:30 > 0:22:35I am undecided on what I'm going to do with it.
0:22:35 > 0:22:41You weren't put off with the smell? You must have opened the door and gone, "Ugh!"
0:22:41 > 0:22:47It is one of your catchphrases. The best street and the worst house.
0:22:47 > 0:22:50You have got that here!
0:22:50 > 0:22:55That was the basis that I was prepared to go for it.
0:22:56 > 0:23:03Stan paid 231,000 for the house, which he hopes will provide some help with his pension provision.
0:23:03 > 0:23:06I have one important question to ask.
0:23:06 > 0:23:09Are you yourself, brave man, going to be ripping up those carpets?
0:23:09 > 0:23:11I will be, yes, me and a friend.
0:23:11 > 0:23:15Probably use a face mask and overalls but once the carpet is out of the way,
0:23:15 > 0:23:18I think the smell would have gone then.
0:23:18 > 0:23:22Once all that is out of the way, it's going to be exciting for you to see what you've actually bought.
0:23:22 > 0:23:25Correct and I will see what I will do with
0:23:25 > 0:23:29the garage area, which at the moment it is one thing all the other.
0:23:29 > 0:23:32I want to know what the value would be if it was a garage compared to
0:23:32 > 0:23:35a dining room or a utility room or whatever.
0:23:35 > 0:23:38I have that to consider yet.
0:23:38 > 0:23:40What is your budget for the work inside?
0:23:40 > 0:23:48I think it would involve replacing the bathroom fittings and retiling the bathroom.
0:23:48 > 0:23:51Even if I was going to clean the house and redecorate and rent it.
0:23:51 > 0:23:55I think I would leave the kitchen, I would possibly clean it up,
0:23:55 > 0:24:04put some ceramic floor tiles down, new flooring, carpets, laminate flooring.
0:24:04 > 0:24:06Probably about £3,000.
0:24:06 > 0:24:11It is incredible to think that the house, the state that it is in, it is only going to need £3,000
0:24:11 > 0:24:14spending on it because there is nothing structural in there at all.
0:24:14 > 0:24:16Apart from that garage deciding on what you want to do.
0:24:16 > 0:24:22The shell, it is a beautiful building, it is lovely, well built.
0:24:22 > 0:24:24You have got yourself a bargain.
0:24:24 > 0:24:26I hope so, yes.
0:24:26 > 0:24:29You could turn this pretty quickly and put it straight back on the open market if you wanted.
0:24:29 > 0:24:35That is correct, it is an option and I am not decided at the moment.
0:24:35 > 0:24:39In the next week or so I will be making my mind up.
0:24:39 > 0:24:42You have a lot of decisions to make, haven't you?
0:24:42 > 0:24:49I can't wait to find out what Stan decides once those carpets have been removed.
0:24:49 > 0:24:53I think Stan has a great buy here.
0:24:53 > 0:24:58You could say it's a bit of a B-movie at the moment but will he turn it into a Blockbuster?
0:24:58 > 0:25:01You can find out later in the show.
0:25:02 > 0:25:08Coming up - there was some work to do to renovate this classic auction property in Stoke on Trent.
0:25:08 > 0:25:12Nothing even an enthusiastic amateur couldn't cope with.
0:25:12 > 0:25:18We return to this house in Borehamwood and find the sweet smell of success.
0:25:18 > 0:25:23It is a fantastic figure and a lot more than what I had expected.
0:25:23 > 0:25:28First, it is back to Wiltshire where I hope one feature has not been updated.
0:25:28 > 0:25:31- Kitchen, do you like the kitchen? - I like the kitchen.- Can I interest you in a second-hand kitchen?
0:25:42 > 0:25:44# You make me feel so young.. #
0:25:44 > 0:25:50Earlier, I visited this '50s bungalow in Market Lavington complete with retro kitchen.
0:25:50 > 0:25:53I thought it was a gem of a property and
0:25:53 > 0:26:00so did corporate surveyor Richard, who paid £158,500 for it at auction.
0:26:00 > 0:26:05Renovating properties is his hobby and this was his second purchase.
0:26:05 > 0:26:08He also has a passion for classic cars.
0:26:08 > 0:26:14When we return three months later, Richard drew up in his classic 1960s Morris Minor.
0:26:14 > 0:26:16Has he bought the property up to speed?
0:26:16 > 0:26:18# Are just like a couple of tots
0:26:20 > 0:26:22# Running across the meadow... #
0:26:22 > 0:26:25What we have tried to do with this one and the other property
0:26:25 > 0:26:29we have done is keep things very neutral, pastel, try to make sure there's a lot of natural light.
0:26:29 > 0:26:32Keep the place, bright, light, fresh and clean.
0:26:32 > 0:26:34We have used neutral colours throughout.
0:26:34 > 0:26:38We haven't used the same colour, that is a little bit bland, a little bit boring,
0:26:38 > 0:26:41we have mixed the colours up a bit, kept it light and bright throughout.
0:26:42 > 0:26:44# From the dark end of the street
0:26:48 > 0:26:49# To the bright side of the road
0:26:53 > 0:26:55# We'll be lovers once again
0:26:55 > 0:26:58# On the bright side of the road... #
0:26:59 > 0:27:02Richard has certainly brightened up this little bungalow.
0:27:02 > 0:27:06That dark front bedroom has been transformed and removing
0:27:06 > 0:27:09a built-in wardrobe helps to make the room seem so much bigger.
0:27:09 > 0:27:11What else has changed?
0:27:15 > 0:27:17# From the dark end of the street
0:27:17 > 0:27:20# To the bright side of the road... #
0:27:21 > 0:27:22In the lounge, we have done a number of things.
0:27:22 > 0:27:28We have redecorated it, moved the radiator under the window, put in PVC double glazing,
0:27:28 > 0:27:32put in a nice new light fitting and a modern fireplace that
0:27:32 > 0:27:35replaces the nasty grey tiled thing that was here before.
0:27:35 > 0:27:38We are pleased with the results, think it looks nice.
0:27:38 > 0:27:42I don't mind the fireplace going, but another feature of
0:27:42 > 0:27:46this little bungalow that had taken my fancy was the classic kitchen.
0:27:47 > 0:27:55In the kitchen, we originally had a 1960s kitchen in pale blue, which I completely failed to sell to Martin,
0:27:55 > 0:27:58so it went to the great skip in the sky.
0:27:58 > 0:28:02What we have done is replace everything with modern units, space for the appliances which
0:28:02 > 0:28:08we will install before we sell it, the floor, tiles, very nice units, nice cooker hood.
0:28:08 > 0:28:14At the back we have put on an extension to provide a breakfast room, dining room as well
0:28:14 > 0:28:19and that is here through the archway looking out onto the garden beyond.
0:28:19 > 0:28:25I am sad to see the kitchen go but what a difference that extension has made.
0:28:25 > 0:28:31Those French doors are perfect and the extension also means the third bedroom has been created.
0:28:31 > 0:28:35Richard's also installed PVC windows front and back.
0:28:35 > 0:28:40Elsewhere the bathroom and WC have been joined together as one good-sized room.
0:28:40 > 0:28:48Although there is still some work to be finished here, you can see clearly what look he is going for.
0:28:48 > 0:28:51Has he managed to stick to his budget?
0:28:51 > 0:28:56Our original budget was £40,000 and I'm pleased to say we have kept within £1,500 of that.
0:28:56 > 0:28:58That was the windows that we decided to add.
0:28:58 > 0:29:02We have put in £1,500 for the windows and we have doubled that
0:29:02 > 0:29:05and spent three, which is the only way we have gone over budget.
0:29:05 > 0:29:07Otherwise, we would have been very good.
0:29:07 > 0:29:08We had to be.
0:29:08 > 0:29:15Hopefully, that should leave Richard with what he wanted from this venture and that is a profit.
0:29:15 > 0:29:18How does he feel about the result?
0:29:18 > 0:29:20We are pleased, it has come out well.
0:29:20 > 0:29:24The lightness and the brightness of the space has come out very well.
0:29:24 > 0:29:29The flexible accommodation we have created, we have achieved what we have set out to do. We are pleased.
0:29:29 > 0:29:31# From the dark end of the street
0:29:31 > 0:29:35# To the bright side of the road... #
0:29:35 > 0:29:43Inside, Richard has done a fantastic job and outside fresh paint makes this bungalow look years younger.
0:29:43 > 0:29:50He has spent a total of £200,000 buying and renovating his property, so will it brighten the day
0:29:50 > 0:29:54of two local estate agents when they come back to take a look?
0:30:08 > 0:30:12On my return to the bungalow, I think they've done a very good job.
0:30:12 > 0:30:16They've extended it very well to give a very good balance of accommodation.
0:30:16 > 0:30:20The standard of finish is very, very high.
0:30:20 > 0:30:23They've extended the property, which gives it what it would
0:30:23 > 0:30:25have been missing before, so it's got the extra rooms now.
0:30:25 > 0:30:27Very, very good property.
0:30:27 > 0:30:30To market this property now would be a three-bedroom, also
0:30:30 > 0:30:34having the kitchen-breakfast room and the garden still remains a good size.
0:30:34 > 0:30:36It would appeal to more buyers now.
0:30:36 > 0:30:39In the past, it would be generally older people, but
0:30:39 > 0:30:42from our experience now, bungalows are open to everybody, and it's big enough
0:30:42 > 0:30:47for a family, the school is very close by, so it would certainly appeal to a lot more people now.
0:30:47 > 0:30:52Many people used to avoid buying bungalows, but this is changing nowadays.
0:30:52 > 0:30:56By adding the third bedroom, Richard has really opened up his potential market.
0:30:56 > 0:31:02When he comes to sell, how much could he make from his investment of around 200,000?
0:31:02 > 0:31:09I'd put this property to the market at £225,000 to £235,000.
0:31:09 > 0:31:15I'd be looking to put this property on the market for somewhere in the region of £220,000 to £230,000.
0:31:15 > 0:31:17I think the finishing touches will make a difference.
0:31:17 > 0:31:20They've seen it today and it's still a bit of a building site.
0:31:20 > 0:31:24The finishes aren't in, the appliances aren't in, we haven't done the bathroom.
0:31:24 > 0:31:28So maybe once that's done, it might help them sneak the price up a little bit.
0:31:28 > 0:31:30Certainly will help sell it, I'm sure of that.
0:31:30 > 0:31:34Once finished, I think this would make a fantastic family home,
0:31:34 > 0:31:37especially with that school so nearby.
0:31:37 > 0:31:38Will Richard be moving on to another property
0:31:38 > 0:31:42or buying another classic car to add to the nine he has already?
0:31:46 > 0:31:50Now I'm back at work, I'm very, very busy and really enjoying it so
0:31:50 > 0:31:55I'll be travelling in the near future and then some car rallies coming up towards the end of the year -
0:31:55 > 0:31:59there's three rallies we're going to be doing between now and year-end, which will be great fun.
0:31:59 > 0:32:02I'm looking forward to those as we get into the winter,
0:32:02 > 0:32:05cos winter rallying is very different to summer rallying and should be fun.
0:32:08 > 0:32:12I'm in Stoke-on-Trent, just a couple of miles from the centre.
0:32:12 > 0:32:16It's a thriving university city with a profitable buy-to-let market.
0:32:16 > 0:32:23But the property I'm here to see is in Oak Hill, an area popular with families.
0:32:25 > 0:32:26This is a really good start.
0:32:26 > 0:32:28A really nice residential area.
0:32:28 > 0:32:31Lots of civic amenities, like the bowling green there.
0:32:31 > 0:32:32Absolutely great to see.
0:32:32 > 0:32:38The property I'm here to visit is a two-bedroomed semi-detached.
0:32:38 > 0:32:41The guide price is £75,000.
0:32:41 > 0:32:43Let's take a look.
0:32:43 > 0:32:46So what do you get for £75,000?
0:32:46 > 0:32:53It's a red-brick, bay-fronted house with a conservatory, garage and off-street parking.
0:32:53 > 0:32:58The auction catalogue said it needed cosmetic improvement and modernisation -
0:32:58 > 0:33:03so nothing specific, and it's not looking to bad from the outside.
0:33:05 > 0:33:09OK, well, the catalogue was right - it does need a bit of modernisation.
0:33:09 > 0:33:12Nice it's got an alarm, though.
0:33:12 > 0:33:17Reasonable layout. Basically, one big living room area down here, which is quite nice.
0:33:17 > 0:33:20Bay window - we like that.
0:33:20 > 0:33:24And there's no smell of damp or obvious signs of any problems with the walls.
0:33:24 > 0:33:28I think down here it's more a case of layout and not making the most of the space.
0:33:28 > 0:33:31I'd like to see French windows there.
0:33:31 > 0:33:34Then the kitchen - I don't know what's going on.
0:33:34 > 0:33:38There seems to be this wall here dividing the kitchen off from this area.
0:33:38 > 0:33:43I would get rid of that to create a really nice kitchen/dining area.
0:33:43 > 0:33:46The kitchen is obviously in need of sorting out.
0:33:46 > 0:33:50It's not particularly big, the units very tired and dated.
0:33:50 > 0:33:56But a nice little additional feature - there is a loo there, which is always good to have.
0:33:56 > 0:34:01Whilst the rest of the house is fairly together, this lean-to most certainly is not.
0:34:01 > 0:34:06You'd want to replace this with something fairly soon cos it really lets the house down.
0:34:06 > 0:34:11The good news, though, is, out the back here, there is a good-sized garden.
0:34:11 > 0:34:15OK, it's a bit overgrown, but this really adds to this being a great family home.
0:34:15 > 0:34:22For around that guide price of 75,000, I think you'd get real value for money here.
0:34:22 > 0:34:27There's even room out the back to extend - as long as you get planning permission of course.
0:34:27 > 0:34:30But what about the current living accommodation?
0:34:30 > 0:34:34Upstairs, bathroom and loo, looks to be in reasonable condition,
0:34:34 > 0:34:36and two bedrooms, although it feels like this house could be more.
0:34:36 > 0:34:40A reasonable one at the back and then a big one at the front.
0:34:40 > 0:34:44But just while I'm up here, it's a bit unusual. I don't know if you can see this door frame.
0:34:44 > 0:34:50It looks to be at a strange angle, and there's this fillet of wood put onto the door itself to make it fit.
0:34:50 > 0:34:56Normally that would set off alarm bells ringing for me, an indication of some kind of subsidence.
0:34:56 > 0:35:01But it is on an internal wall and there don't seem to be any obvious signs of cracking,
0:35:01 > 0:35:08so if there was any subsidence, it's probably historic and more likely that's just a bad bit of DIY.
0:35:08 > 0:35:12Whoever did the door obviously didn't have a hand in the bathroom.
0:35:12 > 0:35:14It's in great condition and looks fairly new.
0:35:14 > 0:35:21So that's one less renovation to consider when planning the budget - always good news.
0:35:24 > 0:35:29Now, there is a bit of a problem with this property and it's concerning the deeds.
0:35:29 > 0:35:34There aren't any. At some stage in history, they have been lost or maybe they never even existed.
0:35:34 > 0:35:37That is an issue when it comes to getting things like mortgages.
0:35:37 > 0:35:41The good news is that at some stage over the last ten years somebody has
0:35:41 > 0:35:46registered this property, so it is now in the process of getting what they call possessory title.
0:35:46 > 0:35:53And after 12 years, you can then apply for full title on the property. In the meantime, there is
0:35:53 > 0:35:56a risk that somebody could come along and say, "Actually, that house is mine."
0:35:56 > 0:36:00But in order to make sure that doesn't happen, you can take out an insurance policy which
0:36:00 > 0:36:04will cover you against any losses that you might incur as a result.
0:36:04 > 0:36:09There are mortgage companies that specialise in properties with problems like this
0:36:09 > 0:36:11so it shouldn't be too difficult for the new owner to get one.
0:36:11 > 0:36:16Will it affect the potential resale value of this place once renovated?
0:36:19 > 0:36:20Still without absolute title,
0:36:20 > 0:36:26I would put the property somewhere in the early 90s, 92, 93.
0:36:26 > 0:36:30With deeds, I would say £100,000.
0:36:30 > 0:36:36And if the purchaser planned to rent this out, what kind of return could be expected?
0:36:37 > 0:36:42Rental valuation on this property, £450 per calendar month.
0:36:44 > 0:36:46Nothing really negative to say about this place at all.
0:36:46 > 0:36:51A few bits and pieces to sort, but nothing that even an enthusiastic amateur couldn't cope with.
0:36:51 > 0:36:54The only issue is the deeds, or rather the lack of them,
0:36:54 > 0:36:57and that can be resolved by taking out an insurance policy.
0:36:57 > 0:36:59So a great one to go for.
0:36:59 > 0:37:01Let's see who fancied it when it went under the hammer.
0:37:05 > 0:37:07So what shall we say for Lot 30?
0:37:07 > 0:37:111, Watson Road, Oakhill in Stoke-on-Trent.
0:37:11 > 0:37:13Can we start it at 65?
0:37:13 > 0:37:15Lot number 30.
0:37:15 > 0:37:1765 in the aisle, thank you.
0:37:17 > 0:37:21At £65,000. 70 going to say now?
0:37:21 > 0:37:27At £65,000. 70. At £70,000. 75?
0:37:27 > 0:37:29£75,000.
0:37:29 > 0:37:33Yes, 80. At 80,000. 85?
0:37:33 > 0:37:38No. At £80,000. Standing at £80,000.
0:37:38 > 0:37:41At 80,000. I'll take one if it helps.
0:37:41 > 0:37:4681,000. At 81,000. One to you, sir?
0:37:46 > 0:37:52£82,000. £83,000? Another one?
0:37:52 > 0:37:54No?
0:37:54 > 0:37:56All right, 83,000. The bid's in the aisle.
0:37:56 > 0:37:58I'm selling it at £83,000.
0:37:58 > 0:38:00Another 500 anywhere else?
0:38:00 > 0:38:02At 83, first time...
0:38:02 > 0:38:05At 83 second time...
0:38:05 > 0:38:07Third and final time at £83,000...
0:38:09 > 0:38:10It's yours.
0:38:11 > 0:38:16Local roofer Glynn made the winning bid of £83,000.
0:38:19 > 0:38:24With his background in building, Glynn is used to renovating properties.
0:38:24 > 0:38:28But this is the first one he's bought as an investment opportunity.
0:38:28 > 0:38:32- Glynn, congratulations. - Thanks, Martin.- Why did you want to buy this house?
0:38:32 > 0:38:40What we're looking for is getting into the investment type properties, getting some rentals.
0:38:40 > 0:38:44This is the first one that we're looking at doing.
0:38:44 > 0:38:48So there you are pottering along and presumably doing quite well doing your roofing.
0:38:48 > 0:38:53What made you decide to go into doing it yourself after...how long?
0:38:53 > 0:38:58- How long have you been doing the roofing?- The roofing business has been going for well over 40 years.
0:38:58 > 0:39:02- It's a family thing. - So 40 years on, how come?
0:39:02 > 0:39:04I think it's the right time to buy.
0:39:04 > 0:39:06We've been looking around at the property market.
0:39:06 > 0:39:09The properties are going down.
0:39:09 > 0:39:15They're at a reasonable price now, where you can buy and get a decent return for your rental.
0:39:15 > 0:39:18It's the buy-to-let market that Glynn's interested in.
0:39:18 > 0:39:24Along with his brother and father, they've decided it's the right time to invest in property.
0:39:24 > 0:39:29As they live just round the corner, they know the area well and knew exactly what they wanted.
0:39:32 > 0:39:35We did put a couple of offers in prior to auction that were rejected.
0:39:35 > 0:39:42- What price did you put in? - I think the last of offer we put in was 82,000.- Oh, OK.
0:39:42 > 0:39:48But the person that was selling the property decided they wanted to go to auction,
0:39:48 > 0:39:52- so we said, "We'll hang fire and wait for that." - You just paid a little bit more.
0:39:52 > 0:39:59A little bit more. I think we paid 83, so it was more or less roundabout what we were looking at paying, so
0:39:59 > 0:40:02- we were quite happy with that. - Tell me about your partners.
0:40:02 > 0:40:05My brother and my father, we all work together.
0:40:05 > 0:40:08We're with each other more or less 24/7 anyway.
0:40:08 > 0:40:14So to go in a project all together, it seems the sensible thing to do.
0:40:14 > 0:40:16Did your father stop the business?
0:40:16 > 0:40:18Originally, it was my father's father.
0:40:18 > 0:40:23- Your grandfather?- Yes. So we're into third generation now.
0:40:23 > 0:40:26- Gosh.- So, fingers crossed, it might go on to the fourth.
0:40:26 > 0:40:30It sounds like Glynn has a close-knit family
0:40:30 > 0:40:33and I think they'll all pitch in to help on this project.
0:40:33 > 0:40:39But as they've never invested in a property they didn't intend to live in, this was a big step for them.
0:40:39 > 0:40:44However, with three generations of building experience between them, I think they'll manage just fine.
0:40:47 > 0:40:50- So what are you planning to do to it?- Very little, to be honest.
0:40:50 > 0:40:53A new kitchen's got to go in.
0:40:53 > 0:41:01A chimney breast needs to come out upstairs, a wall to be removed in the kitchen, and then really
0:41:01 > 0:41:03it's cosmetic work.
0:41:03 > 0:41:05Tell me about the wall you're going to take out.
0:41:05 > 0:41:07It's this wall.
0:41:07 > 0:41:11- But you'll keep this one here?- This one will stay so it can be more of
0:41:11 > 0:41:16a partition so we can keep this area a bit more private from the kitchen
0:41:16 > 0:41:18but it'll be more open plan.
0:41:18 > 0:41:20- Than the rest of it?- Yes.
0:41:20 > 0:41:26- Should give it a nice flow. - Other than the work mentioned, most of the renovations will be cosmetic.
0:41:26 > 0:41:29As all the labour will be done by the family,
0:41:29 > 0:41:33they reckon a budget of £5,000 to £6,000 is enough to cover it.
0:41:33 > 0:41:39But, as is often the case with auction properties, there's a rather significant issue to consider.
0:41:40 > 0:41:44Obviously, one big issue with this house is the deeds, or rather the lack of them.
0:41:44 > 0:41:49- What do you know about that? - The possessory title
0:41:49 > 0:41:55that the property has got was sorted out by the previous purchaser about 10, 11 years ago.
0:41:55 > 0:42:00So he'd registered the property with the Land Registry.
0:42:00 > 0:42:03When we bought the property, that passes on to ourselves.
0:42:03 > 0:42:07After 12 years, we can apply for title absolute.
0:42:07 > 0:42:11If in the meantime anybody comes along and says, "We've got a valid claim on this property,"
0:42:11 > 0:42:17then we took an insurance indemnity out to cover ourselves against the purchase price of the property.
0:42:17 > 0:42:20- How much was that policy? - It was around about £80.
0:42:20 > 0:42:22It's not a lot of money, is it?
0:42:22 > 0:42:25No, but it does protect your initial investment.
0:42:25 > 0:42:31The only thing that the solicitor did say to us was that if we're looking at doing a major refurb job,
0:42:31 > 0:42:37by putting extensions and things like that on, the indemnity might not cover the extension side of things.
0:42:37 > 0:42:41So if you spend £20,000, £30,000 on top of the purchase price, it may not
0:42:41 > 0:42:44be covered in your indemnity policy for that extra that you've spent.
0:42:44 > 0:42:49But it does cover you for the amount you've bought the property for.
0:42:49 > 0:42:55So we were quite happy with that and it's only another 18 months and we can apply for the title absolute.
0:42:55 > 0:43:01- So are you all excited about this? - Yes, we're looking forward to getting started.
0:43:01 > 0:43:04Good luck. Congratulations. I can't wait to see how you get on.
0:43:04 > 0:43:05Thank you.
0:43:08 > 0:43:12How nice that Glynn and his family found somewhere so close to home for
0:43:12 > 0:43:15their first project together, and it is a good house.
0:43:15 > 0:43:19However, even the best houses throw up all sorts of unforeseen issues.
0:43:19 > 0:43:22So how are they going to get on? You can find out later in the show.
0:43:25 > 0:43:31So, after several months, have our buyers realised their hopes and dreams?
0:43:31 > 0:43:34Or have they had to step back and have a radical rethink?
0:43:34 > 0:43:37It's time to go back and find out.
0:43:39 > 0:43:43Back in Borehamwood, on an estate built on the former MGM studios' back lot,
0:43:43 > 0:43:48this house was an environmental health inspector's nightmare.
0:43:48 > 0:43:57It was filthy. But buyer Stan had a strong stomach and reckoned he'd sniffed out a bargain at £231,000.
0:43:59 > 0:44:02We gave him two months to scrub the place up.
0:44:02 > 0:44:07As soon as you enter, you appreciate that everything has come up smelling of roses.
0:44:07 > 0:44:10In the living room, the dirty, foul carpet has gone,
0:44:10 > 0:44:15and you're greeted with a neutral, show-house colour scheme.
0:44:17 > 0:44:27And, although the dirty, pongy kitchen has now got a new floor, the units somehow survived.
0:44:27 > 0:44:34Upstairs, the mess has gone, new carpets have been laid and the only waft now is of fresh paint.
0:44:34 > 0:44:37So if you've got a stain, Stan's your man.
0:44:37 > 0:44:41What we've done is basically give the place a good old clean-up because it was really a good house.
0:44:41 > 0:44:46It was just, through the pets situation, in a bit of a smelly condition.
0:44:46 > 0:44:53So we cleaned the house, then we decorated it and renewed all floor finishes.
0:44:53 > 0:44:59Remember, those carpets were absolutely disgusting, so it must have been a revolting job.
0:44:59 > 0:45:01Who did the work?
0:45:01 > 0:45:04Getting rid of the carpets and underlay, I done that myself,
0:45:04 > 0:45:08and it was just, you know, steel yourself and get on with it.
0:45:08 > 0:45:11It only took a day, or less than a day, to get all the carpets and
0:45:11 > 0:45:13underlay out into the skip, and it was a bit of a relief
0:45:13 > 0:45:18to know that when that was done, it was going to reduce the smell by a large percentage.
0:45:18 > 0:45:22Well, it's not smellyvision, so you'll just have to take my word.
0:45:22 > 0:45:28Believe me, the pong's definitely gone, and the house looks and smells great!
0:45:28 > 0:45:32Yeah, here in the living room, basically we took up the carpets,
0:45:32 > 0:45:36cleaned and disinfected all the surfaces
0:45:36 > 0:45:41and cleaned the fireplace up, including washing each piece of coal individually.
0:45:41 > 0:45:46And we put some new light fittings in. They were halogen lights.
0:45:46 > 0:45:52I think these are much more...loungey type than the halogen.
0:45:52 > 0:45:57Apart from the unsavoury condition, were there any other major problems here?
0:45:57 > 0:45:59I think the house is only 12 years old. It was very good,
0:45:59 > 0:46:03no major hidden problems, other than the kitchen floor.
0:46:03 > 0:46:08Due to an old leak caused by the washing machine drain,
0:46:08 > 0:46:12we had to take the floor up in the kitchen and renew it.
0:46:12 > 0:46:15I decided to retain the kitchen fitments, the wall units and
0:46:15 > 0:46:20the base units, because they're not in too bad condition.
0:46:20 > 0:46:25I put some new lighting in, cleaned everything up, redecorated it.
0:46:25 > 0:46:32With Stan scrubbing and scouring, he must have saved on his budget, so how much has he spent?
0:46:32 > 0:46:38Budgetwise, I had a little add-up the other day, and it came to about 3,200.
0:46:38 > 0:46:44While others held their noses, Stan held his nerve as he could see the potential here.
0:46:44 > 0:46:52He paid 231,000 at the auction, spent 3,200 on a deep clean and has created a great house.
0:46:52 > 0:46:57The upstairs virtually is a repeat of what happened downstairs.
0:46:57 > 0:47:01It's carpets up, clean it and redecorate.
0:47:01 > 0:47:07The bathroom here, I decided to keep the sanitaryware, which were all sound, just needed
0:47:07 > 0:47:11some spirits and salts to bring them back up to the white.
0:47:11 > 0:47:18I replaced all the taps and shower fitting, put a new shower screen in, and the result is that it's nice and
0:47:18 > 0:47:22clean and presentable, and I'm very pleased with the bathroom.
0:47:22 > 0:47:27Now both floors of this once grubby property are spotless, Stan's hoping to clean up financially as well.
0:47:27 > 0:47:34I've decided to rent the property, and I've also decided to give it to
0:47:34 > 0:47:39an agent to manage, for about 5%, so that takes the hassle away from me.
0:47:39 > 0:47:45While Stan found tenants for the inside, his mate made a discovery out in the garden.
0:47:45 > 0:47:47One of the things that I did do was to get a guy in,
0:47:47 > 0:47:52a friend of mine, to get the grass down and sort the garden out.
0:47:52 > 0:47:59And in doing that, he came running to the house with his one leg soaking wet up to his knee, and apparently
0:47:59 > 0:48:05he'd stepped into what is a pond out the back, and he found two goldfish.
0:48:05 > 0:48:12So how they'd survived for a couple of months with no food and in manky water, I just do not know, but
0:48:12 > 0:48:17he took them away, and he tells me that they're doing fine now, they are thriving in his pond.
0:48:17 > 0:48:20But could there be a catch with his house?
0:48:20 > 0:48:24Time to see how two local estate agents will rate it,
0:48:24 > 0:48:28now they don't need smelling salts.
0:48:28 > 0:48:29My first impressions are, "Wow!"
0:48:29 > 0:48:32It's been an amazing transformation. The property looks totally different.
0:48:32 > 0:48:35It's bright, its area, it's spacious, well decorated, and there's no smell at all.
0:48:35 > 0:48:40The property is very, very spacious throughout. It's been to have a very high standard.
0:48:40 > 0:48:43It's very, very neutral in the colours that the owner has chosen,
0:48:43 > 0:48:46and it feels very, very bright.
0:48:46 > 0:48:49A great size family home.
0:48:49 > 0:48:50If he's renting the property, then I think he's done the
0:48:50 > 0:48:53right thing in keeping the kitchen and bathroom the same.
0:48:53 > 0:48:56If he was thinking of selling the property, I would have suggested
0:48:56 > 0:49:00he replaced the kitchen and the bathroom to maximise the price.
0:49:00 > 0:49:06Stan has already got a tenant lined up, but how much rent should he be charging?
0:49:06 > 0:49:08There's a big demand for rental properties in this particular area,
0:49:08 > 0:49:11and this property would rent for around £1,300 per month.
0:49:11 > 0:49:15Rental valuation, we'd be looking to achieve 1,300 per calendar month.
0:49:15 > 0:49:19Yeah, that's nice, that's approximately what I was told.
0:49:19 > 0:49:21There will be a bit of a surplus between
0:49:21 > 0:49:26my expenses and mortgage et cetera, that income, so that's excellent.
0:49:26 > 0:49:28How much could be house now be worth?
0:49:28 > 0:49:34Remember, Stan paid 231,000 at the auction and spent £3,200 on it,
0:49:34 > 0:49:39so anything over 235,000 would be profit.
0:49:39 > 0:49:43The property value today would lie somewhere in the region of around £300,000.
0:49:43 > 0:49:48I would expect this property to achieve in the region of the £310-315,000.
0:49:48 > 0:49:52That's a fantastic figure, and a lot more than what I expected.
0:49:52 > 0:49:54Yeah, that's amazing.
0:49:54 > 0:49:59Blimey! So it's true, where there's muck, there's brass all right.
0:49:59 > 0:50:05He's made about 60K gross profit after just two months, so might he now sell?
0:50:05 > 0:50:09£60,000 profit, tempted to walk away with it, I don't think so.
0:50:09 > 0:50:13I think I want to get some value out of the rental situation,
0:50:13 > 0:50:16because when I come to resell it, which will be three or four years'
0:50:16 > 0:50:20time hopefully, I'll put a new bathroom in and a new kitchen.
0:50:20 > 0:50:22I don't want to start building again.
0:50:22 > 0:50:25Whatever he decides to do, remember that
0:50:25 > 0:50:30where many feared to tread, Stan has certainly made a profit not to be sniffed at.
0:50:33 > 0:50:37It's been three months since we met roofer Glynn.
0:50:37 > 0:50:44He bought this two-bedroom semi-detached in Stoke-on-Trent for £83,000.
0:50:44 > 0:50:47Together with his father and brother, they decided to utilise
0:50:47 > 0:50:52three generations of building experience and move into buy-to-lets.
0:50:52 > 0:50:57But as they were used to renovating other people's houses, this time the risk was all theirs.
0:50:57 > 0:51:01However, if the exterior is anything to go by, they've done well.
0:51:03 > 0:51:09So we've replaced the front door, and we've replaced the canopy over the top, which gives it
0:51:09 > 0:51:14a more modern look from the main road, and we're pleased with that, they turned out well.
0:51:14 > 0:51:17We've also replaced the conservatory.
0:51:17 > 0:51:21We removed the old garage and the old conservatory that were here.
0:51:21 > 0:51:23They were completely rotten,
0:51:23 > 0:51:26so we've replaced it with a new, modern uPVC conservatory,
0:51:26 > 0:51:30and we've also replaced the windows on the side of the property as well.
0:51:30 > 0:51:35In the conservatory, we've put the fittings for washing machine and other appliances.
0:51:35 > 0:51:39With the kitchen being quite small, it's gone to make it a really nice
0:51:39 > 0:51:42utility area, and we're really pleased with the way it's turned out.
0:51:42 > 0:51:46Glynn is used to getting on top of properties in his day job,
0:51:46 > 0:51:50but this time he's done it without having to set foot on the roof.
0:51:50 > 0:51:51# Shout to the top
0:51:52 > 0:51:54# Oh, we're gonna shout to the top
0:51:56 > 0:51:57# We're gonna shout to the top
0:51:57 > 0:52:01# Ooh, we're gonna shout to the top... #
0:52:01 > 0:52:04As well as improving the kerb appeal, they played a new floor
0:52:04 > 0:52:08in the living room, making it feel much bigger,
0:52:08 > 0:52:12but the main change has been removing that wall to make a fantastic kitchen diner.
0:52:16 > 0:52:19In the kitchen, what we've done
0:52:19 > 0:52:22is removed the toilet out of from under the stairs.
0:52:22 > 0:52:25It's made a really good storage area.
0:52:25 > 0:52:29And then we've put a really nice fitted kitchen in now that we've
0:52:29 > 0:52:34got rid of this wall that was here, separating it away from the dining area.
0:52:34 > 0:52:42I think now, with a dining table in, somebody working in the kitchen, it's going to be a nice space, nice area.
0:52:42 > 0:52:46Upstairs, the bathroom needed very little done to it.
0:52:46 > 0:52:50Removing the chimney breast from the second bedroom has created a lot more room.
0:52:50 > 0:52:55From here, you can see the garden has been cleared and a new patio has been laid.
0:52:55 > 0:53:03It's fair to say that no stone has been left unturned, but did they manage to do it all for just £6,000?
0:53:03 > 0:53:08There's been a little bit of extra cost. I think in total it's cost us about 7,500,
0:53:08 > 0:53:14but we have done extra work really to make it more maintenance-free.
0:53:14 > 0:53:19We've replaced the facia, sockets and guttering, which is something that we weren't going to do.
0:53:19 > 0:53:21The same with the front doors and back doors.
0:53:21 > 0:53:24We were not gonna replace those, but at least we can see
0:53:24 > 0:53:28where we've spent every extra penny that wasn't in the budget originally.
0:53:28 > 0:53:33So they're a little over-budget, but I think it's been worth it.
0:53:33 > 0:53:36All the worries regarding the deeds to this house will be forgotten
0:53:36 > 0:53:40when they get the new deeds in their names in a couple of months.
0:53:40 > 0:53:44All that's left to do is find a tenant.
0:53:44 > 0:53:48We've got a tenant moving in in the next seven to ten days.
0:53:50 > 0:53:56We're basically renting it out to that person for £425 per calendar month, which were quite happy with.
0:53:56 > 0:54:01Well, there doesn't seem to be much that Glynn and his family have overlooked.
0:54:01 > 0:54:06From the auction price of 83,000 to the renovation costs of 7,500,
0:54:06 > 0:54:11it's hard to believe that this is only their first investment property.
0:54:11 > 0:54:18They've even got a tenant lined up already, but will it get the thumbs up from two local property experts?
0:54:31 > 0:54:33A good selling point to this one is you can just walk in,
0:54:33 > 0:54:35plug your telly in, put your pictures on the wall.
0:54:35 > 0:54:38There is absolutely nothing to do - it's all done for you.
0:54:38 > 0:54:41I think one of the things he's done really well
0:54:41 > 0:54:46is opening the kitchen out, taking the wall down, making it open-plan.
0:54:46 > 0:54:51A very small kitchen before, hadn't got a lot of potential.
0:54:51 > 0:54:53It now feels very open and airy.
0:54:53 > 0:54:56The finish in the property is exactly what's needed, really.
0:54:56 > 0:54:58It doesn't need to have massive money spent on it.
0:54:58 > 0:55:01It's all reasonable quality stuff, but it's finished off well.
0:55:01 > 0:55:08So Glynn spent eight weeks and a total of around £91,000 turning this property around.
0:55:08 > 0:55:12He has a tenant lined up for £425 a month.
0:55:12 > 0:55:16How does that compare with the agents' estimates?
0:55:16 > 0:55:20£450-475 per calendar month.
0:55:20 > 0:55:25I've let similar properties in this area in as good a condition for around 450 per calendar month.
0:55:25 > 0:55:28Yeah, it's nice to know that we could get a little bit more if this tenant
0:55:28 > 0:55:31decides to go, so yeah, no, that's fine.
0:55:31 > 0:55:35Although Glynn has no plans to sell now,
0:55:35 > 0:55:40has he managed to increase the value of his overall investment here of 91 grand?
0:55:42 > 0:55:45Current market value on this property, I'd be putting it on for 100,000.
0:55:45 > 0:55:50I would suggest an asking price of 99,950, just tuck it under
0:55:50 > 0:55:54the 100,000 mark, and he should get very, very close to that.
0:55:54 > 0:55:59I would have thought a little bit more than that, but I'm quite pleased with it.
0:55:59 > 0:56:04We've kept it within the budget, but there is a little profit in there now.
0:56:04 > 0:56:10We are going to keep it as an investment for the next few years, so yeah, we're quite pleased with that.
0:56:10 > 0:56:14So from the heady heights of roofing to property developing, Glynn
0:56:14 > 0:56:18and his family have successfully entered the world of buy-to-lets.
0:56:18 > 0:56:21Is this a one-off or the start of something bigger?
0:56:22 > 0:56:26It is something that we are probably going to look into doing,
0:56:26 > 0:56:30but to be honest I think I need a month off first before I start again.
0:56:30 > 0:56:34But yeah, I mean, I think in future the way that we're going to look at it now
0:56:34 > 0:56:38is to perhaps get another property, get that one done.
0:56:38 > 0:56:44Perhaps one that doesn't need quite as much work doing to it, so more of a paint job.
0:56:44 > 0:56:47But I think it's definitely something that were going to be looking at doing in the future.
0:56:50 > 0:56:53And there's a taster of what it's like to buy your home under the hammer.
0:56:53 > 0:56:57And we'll be hot on the heels of more auction property buyers next time.
0:56:57 > 0:56:59- See you then!- Goodbye.- Goodbye.
0:56:59 > 0:57:02Subtitles by Red Bee Media Ltd
0:57:02 > 0:57:07E-mail subtitling@bbc.co.uk