Episode 67 Homes Under the Hammer


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Episode 67

Series about properties that have gone to auction. Martin and Lucy visit a bungalow in Wiltshire, a three-bedroomed house in Hertfordshire and a semi-detached in Stoke-on-Trent.


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Transcript


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Hello. Despite the current downturn in the property market,

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auctions are still popular for buyers and sellers.

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Buyers track down bargains from vendors looking for quick sales.

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If it's quick sales you're after, you'll find them at the auctions.

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The average lot takes just three minutes to sell.

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So you need your wits and your nerve about you.

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We all love a bargain, none more so than those who buy at auction.

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But with so many people in the room it can get fairly hectic.

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Let's look at the properties snapped up on today's show.

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This bungalow in Wiltshire has inspired me to get a bit radical.

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This is one of those moments where you go, "Martin has lost the plot."

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Things have taken a turn for the worse

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at this three-bedroom house in Hertfordshire.

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I think that's one of the worst properties I've been into.

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And are things as simple as they seem

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at this semi-detached in Stoke-on-Trent?

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The catalogue was right.

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It does need a bit of modernisation.

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All these properties went to auction and we'll find out who bought them,

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and what they paid for them, when they went under the hammer.

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This is Market Lavington in Wiltshire,

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just six miles south of Devizes.

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It's one of the most popular villages in the area

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and it's easy to see why.

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Just a short walk from the centre of the village is Park Road,

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a quiet and peaceful cul-de-sac.

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Well, not so peaceful as it would turn out,

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because right at the end of the road is Lavington School.

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Twice a day you're going to have schoolkids

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piling down here, and even the most well-behaved

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are by their very virtue a bit noisy.

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That's very important,

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especially when this is the property I'm here to see.

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A two-bedroomed bungalow and the guide price is 150,000 quid.

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Is it something to shout about?

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Let's take a look.

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That's a good start, you've got a porch there

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to keep the noise down and the drafts out.

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There's an entrance area of the property

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and straight away you're hit by how dark it is.

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It could be something to do with the fact it's has very dark carpets

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both here and in the lounge, but there's no natural light.

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That's not brilliant.

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The bedroom seems quite dark, but then through to the living room,

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lots of windows here,

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but they're facing that road, so maybe a potential for noise.

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The room isn't a bad size.

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It's got the original fireplace.

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I'm not sure if this is your taste.

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It's not quite mine, but at least there's an open fire.

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Pretty much, so far, what you'd expect.

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Moving through the property, the back bedroom is small,

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but it IS a double and the bathroom is a good size

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with a usable white suite.

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Clearly the bungalow has been well maintained, depending on your taste.

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There's plenty to change here, but there are some gems.

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This is one of those moments where you go, "Martin has completely lost the plot."

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Or you'll think, "I agree with him."

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This is the kitchen.

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What do you reckon? This blue and grey, very old, dated units,

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probably original from the 1950s.

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In beautiful condition still.

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Would you keep it? I would.

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I love the colours,

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this is so retro it's brilliant.

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It's in perfect condition.

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Some nice little touches.

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The cactus blind, we like that.

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The reality is somebody is going to rip it out.

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# Well I can't stop loving you

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# I sort of made up, made up my mind... #

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OK, so it's not everyone's dream kitchen,

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but it's in great condition and it's a classic.

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Pass the coronation chicken and the semolina pudding.

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But as thrilled as I am about this kitchen it's not the star of this lot. That's outside.

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What people want when they move to a place like this is quality of life,

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great outdoors, a nice rural setting.

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You've certainly got that here. Look at this rear garden.

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It backs on to open fields.

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It itself has got some nice shrubs,

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some nice mature plants, birds twittering away.

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What more could you want?

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Suddenly this isn't just a bungalow for the elderly.

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It could easily be a wonderful family home.

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The mature garden really lifts this property into a different league.

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It's given me an idea about how to improve the bungalow as well.

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At the rear of the property is this lean-to extension,

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a sun room, I suppose you could call it.

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Not in bad condition, so you could potentially keep it

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but I think that would be a great shame because the opportunity

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to extend the property out the back here to make the most of the views

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is one not to be missed.

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The properties on either side have done some kind of extension,

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so there's obviously an approval from the planning office to do that.

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Just imagine this as a kitchen, maybe another bedroom,

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and suddenly you're turning this

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into an extremely desirable property.

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With the options available

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this bungalow becomes more tempting every minute.

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However, the auction catalogue doesn't mention anything

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that could put buyers off.

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# School's out for summer... #

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Yes, it's the school down the road.

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But does a local estate agent think this will affect

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the chances of selling the bungalow?

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It can cause a bit of a problem.

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It depends on the individual who's buying the property.

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I do feel the nice thing about schools

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is you know when they start and finish.

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I certainly think that that shouldn't be a problem about the marketing and selling of this property.

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At a guide price of 150,000 and with those options to extend

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what value is likely once the property is renovated?

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With the same footprint as it is I'd probably say £185,000.

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If you were to extend the property to a three-bedroom,

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I'd say the value would increase to about 225.

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Well, this isn't the shy, retiring bungalow

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that's really only suitable for a small portion of the market.

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Its location and that garden make it a great family home.

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In fact, it's grey exterior hides a wealth of vibrant opportunities.

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Let's see who spotted them when it went to the auction.

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Number 24,

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20 Park Road, Market Lavington.

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Start with 150, somebody, save my breath.

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150, somebody.

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140, the bid is sat down there.

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£140,000.

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142, 144, 146, 147.

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At 147 the bid is down here.

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At £147,000, the bid is down here.

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148, 149...

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150, 151, 152.

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53, 54, 55.

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56, 57.

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Half? 58. Half.

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Half is with you.

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Nine? Yes or no?

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£158,500 in the aisle.

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158,500 for the first time...

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Yes or no? No.

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At £158,500 for the second time, and for the third and last time.

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158, 500.

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The number, sir, is...?

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The winning bidder in that quick-fire auction was Richard.

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Along with his business partner, this married father of two

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has one successful renovation project under his belt

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and they're keen to move on to the next.

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As his partner is busy working,

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I met Richard to hear more about their plans.

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-Richard, congratulations.

-Thank you.

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You're not the person I expected to buy this bungalow.

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-I don't fit the age profile!

-Bungalows are great, I was born in a bungalow,

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and they're great places to live, but they do have a bit of a reputation.

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Why did you want to buy it?

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We bought it for an investment with a view to doing it up and making hopefully a small profit.

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You're a developer?

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That's a very grand term, I'd say.

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A small frog in the development pond.

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Just started.

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Tell me a bit more about you.

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My background is I'm a surveyor,

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but I worked in corporate real estate until the end of the year.

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I worked for Lehmann Brothers which meant there was no future for me unfortunately,

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so I'm looking for something else.

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In the meantime I'm doing a little property development on the side.

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It interests me and I might make a bit of income.

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Richard also used to be an estate agent

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so he's certainly more than qualified to tackle this property.

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What has he got planned for it?

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Obviously it's a two-bed,

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and in order to sell it on we think it needs to be slightly bigger.

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Not too big, it's very easy to over-build and put something out of its market.

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Then you won't sell it, or you need to get a price which you're not gonna get back.

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Our plan is a limited extension on the back.

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We've already got consent that the lean-to can go, and be rebuilt by something.

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That will let us extend the kitchen to make a really nice kitchen/breakfast room,

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And create also a third bedroom-cum-day room, study,

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which I think will broaden its appeal.

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What's the plan for the property?

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The first thing is strip out, get everything out of here.

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What do you mean everything?

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Everything you can see, carpets, curtains,

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strip the walls, the fireplace, the kitchen.

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-The what?

-The rear extension...

-What? What? What?

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-No, no, the kitchen, the kitchen.

-You like the kitchen?

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I love the kitchen.

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Can I interest you in a second-hand kitchen?

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If I had space for it, absolutely! You don't like the kitchen?

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We've got to create a breakfast/kitchen because

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you've got somewhere to eat, not having to have a dining room as well.

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If we push that straight out into the back of that extension, we can create a great breakfast/kitchen.

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Period drama may be in there, but not to resell.

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It's not got appeal!

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Clearly not everyone has my eye for design classics,

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so the kitchen is going.

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Still Richard does seem to know exactly what he wants from this bungalow, which is encouraging.

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As he'll be replacing the current extension

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he doesn't need planning permission, so he can start straight away.

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With a timescale of 9 to 12 weeks Richard isn't going to hang around.

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He's done his homework on the finances, too.

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We bought it for 158 at the auction.

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If we spend 40 on it, it takes us to 200.

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We think the sell-on price is 235 to 250.

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250, frankly, is probably reaching a little bit.

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235 we think is sensible.

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There are other properties around at over that and they won't sell.

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Certainly 250 would be an absolute max.

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It's also stamp duty threshold, so we wouldn't want to go beyond that.

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Beyond that you'd struggle.

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You mention you had a different job until very recently

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and you're embarking on this.

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Is this just a fill-in until you find something else, or will this take over?

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I think it's probably a fill-in.

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It's a lovable hobby, but could I make an adequate living on it?

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Probably not if I'm honest. But in the meantime it's a lot of fun.

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-You have expensive hobbies.

-I have expensive hobbies, yes.

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I'm hopelessly addicted to old, classic cars.

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Old cars, what kind of stuff?

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Everything from a 1960 Morris Minor to a '67 MGB GT and a few others.

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They all consume resources, nothing too glamorous,

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but they suck up the funds.

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-How many cars do you actually have?

-I've got nine.

-Nine!

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Where are they?

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They're all at home. They're all in garages and in a barn.

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-I bet your wife loves you!

-She's a car fan, too.

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How can I get away with nine if she wasn't a car fan? No chance!

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Well, that's more than one for every day of the week.

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Yeah, I don't normally get grief from men about having cars.

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-I'm not giving you grief!

-It's normally girls. I just say, "How many handbags and shoes do you have?"

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# Life in the fast lane

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# Surely make you lose your mind... #

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Property developing is an expensive hobby, but Richard is used to

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polishing up old classics and that's just what this bungalow needs.

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So, how is car enthusiast Richard going to get on with this place?

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I think his plans are pretty sound,

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especially in terms of putting that extension on the back.

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The big question is what it be a smooth ride

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or will his budget blow a gasket?

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You can find out later in the show.

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So, a movie quiz for you.

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What do The Haunting, Where Eagles Dare

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and 2001 Space Odyssey have in common?

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They were all shot right here in Borehamwood in Hertfordshire

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at the MGM British studios.

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Now the studio itself no longer stands, but Clint Eastwood,

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Stanley Kubrick and Richard Burton

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have all walked on this very ground and it's said during the filming

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of the Dirty Dozen the locals were kept awake by gunfire.

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That's just a little bit too close to the action, don't you think?

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This area is famous for film studios,

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most notably Elstree, which is in the centre of Borehamwood.

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Since Who Wants To Be A Millionaire? and Star Wars were both filmed here

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I wonder if we'll hit the jackpot and find the force with us today.

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This estate is called Studio Way

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and was in fact MGM's back lot which was redeveloped in the 1990s.

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All the roads are named after stars of the silver screen.

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You have Novello Way, Niven Close and Robeson Way, named after the actor

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and activist Paul Robeson and home to the property I am here to see today.

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It is a three-bedroom mid terrace and has a guide price of 180,000.

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Let's get inside and see if it is an Oscar winning performance.

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Whoa! Pfft! Eurgh!

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This is not the sweet smell of success.

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It really stinks in here! I'm going outside!

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I think that is one of the worst properties I have been into.

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It reeks, it smells of dog, cat and a few birds thrown in.

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I think animals have been kept in there. The carpets are disgusting.

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But I am going to go back in to have a look around, just for you.

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I could be a nominee for the TV awards,

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Best Re-entry Into A Smelly Property Award.

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From the outside, you'd just never know it was in such a state.

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If you had just seen the details in the auction catalogue and that guide price of 180,000,

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you would probably have thought it was a bargain,

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but appearances can be deceptive and this is a real horror story.

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OK, you get the picture, I am not going to harp on about

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the mess and the smell in here,

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you need a skip outside, somebody to come in and rip all this stuff out.

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What you do have is a really good sized lounge, double glazing,

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a nice little fireplace there,

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you have a kitchen at the back and even a little study area.

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It feels like a new house. I'm trying to imagine fresh paint on the walls.

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And it smelling of something like lemons, that would be nice.

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And it is a health hazard as well.

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The carpets are going to have to go.

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Although the kitchen is a reasonable size, no matter how much industrial cleaning was done,

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I don't think I would want eat a sandwich made on that surface.

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Although the units look pretty good, they could well have to be replaced.

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There is also a small utility room and although it is overgrown,

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the garden is a good size.

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It is a shame that the animals have made so much mess indoors.

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However a quick gulp of fresh air and it is time to head upstairs.

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Let me tell you about the rest of this property.

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Upstairs there is three really good-sized bedrooms and a bathroom.

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Now as a developer I really have to see beyond this complete mess here.

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It does smell, it is horrendous.

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But when you look at the house, beyond that,

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all it really does need is somebody to paint it,

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somebody to rip the carpets up,

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it doesn't need any structural work at all,

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a couple of guys in here with some scrubbing brushes, what you have here is a good solid house.

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In my mind, it is a no brainer.

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The stench here would certainly have put many perspective bidders off.

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However although it may not be as glitzy and glamorous

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as the history of its location,

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as far as I'm concerned, this house could be an award winner.

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Does a local estate agent agree?

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Unfortunately the house is in a bit of the state.

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The living space is fairly generous.

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A large through lounge, a decent kitchen-diner,

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and additional study computer room.

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So, ground floor, living accommodation is very spacious.

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It had a guide price of 180,000.

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Once the industrial cleaners and fumigators have got to work,

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how much could it potentially be worth?

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In its current condition it would be worth £250,000.

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Once re-modernised, the value could be increased to around £300,000.

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If a buy-to-let investor had their eye on the property,

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that could increase the rental potential,

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but would they be able to find tenants?

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There is an exceptional rental market in the area at present.

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You could probably achieve a figure of around £1500 a month for this property.

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There is a lot of property on this old MGM back lot but unfortunately

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the special effects inside are a bit too realistic.

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This house is in need of a lot of work to relaunch its career

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but there is potential there.

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With the right investment and some careful make up,

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it could be a box office smash.

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Let's see if it got a standing ovation at the auction.

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Lot 13, Robeson Way,

0:19:280:19:30

Borehamwood, Hertfordshire, mid-terrace, three-bed house.

0:19:300:19:34

200 anywhere?

0:19:340:19:36

200?

0:19:360:19:38

170 anywhere?

0:19:380:19:42

170.

0:19:420:19:44

175.

0:19:440:19:46

180, 180 in the front,

0:19:460:19:49

185,

0:19:490:19:52

185, back in?

0:19:520:19:56

If not, 185 on my right.

0:19:560:19:59

Anyone else? 190.

0:19:590:20:01

195, 200, 201,

0:20:030:20:07

202, 203, 204, 205,

0:20:070:20:14

206, 207, 208, 209...

0:20:140:20:19

No? Have a think. 208 sitting down. 209 anywhere?

0:20:210:20:26

209, 210, 211,

0:20:260:20:30

212, 213,

0:20:300:20:34

214, 215,

0:20:340:20:36

216, 217, 218, 219, 220,

0:20:360:20:44

221.

0:20:440:20:45

Have a think. 220. 221, new spot.

0:20:460:20:49

222. It is his first bid, sir.

0:20:490:20:53

You can't let him have it on his first bid, it is not the done thing.

0:20:530:20:56

222?

0:20:560:20:58

You are bidding? 222.

0:20:580:21:01

223, 224...

0:21:010:21:05

No?

0:21:050:21:06

New spot, 224, 225,

0:21:060:21:09

226, 227,

0:21:090:21:12

228, 229, 230, 231, 232,

0:21:120:21:18

231 on my left. Anyone else?

0:21:190:21:23

232, if not, 231.

0:21:230:21:26

First time, second time, third and last time, are you all done?

0:21:260:21:31

Sold, 231.

0:21:310:21:34

The successful bidder who paid 231,000 was Stan.

0:21:340:21:39

He went 50 grand over the guide price for this grubby house in Borehamwood.

0:21:390:21:45

I met up with him to hear about his plans.

0:21:450:21:48

Stan, congratulations, well done.

0:21:500:21:52

-Are you happy with your purchase?

-I think so, yes.

0:21:520:21:54

-Do you feel you have got a good buy here?

-I do, yes.

0:21:540:21:58

Why were you looking for a property like this in the first place? What were you doing in the auction room?

0:21:580:22:01

Basically, to do something with the money that I have saved over the years.

0:22:010:22:05

Because of my lack of pension, I was getting virtually nothing interest each month

0:22:050:22:11

going into the bank from my savings.

0:22:130:22:14

I have done a few calculations and thought, why not.

0:22:140:22:18

What are you going to do with this property? Have you bought it to live in?

0:22:180:22:22

I haven't quite decided if I'm going to live in it or if I'm going to

0:22:220:22:26

clean it up and rent it for a short while.

0:22:260:22:30

I am undecided on what I'm going to do with it.

0:22:300:22:35

You weren't put off with the smell? You must have opened the door and gone, "Ugh!"

0:22:350:22:41

It is one of your catchphrases. The best street and the worst house.

0:22:410:22:47

You have got that here!

0:22:470:22:50

That was the basis that I was prepared to go for it.

0:22:500:22:55

Stan paid 231,000 for the house, which he hopes will provide some help with his pension provision.

0:22:560:23:03

I have one important question to ask.

0:23:030:23:06

Are you yourself, brave man, going to be ripping up those carpets?

0:23:060:23:09

I will be, yes, me and a friend.

0:23:090:23:11

Probably use a face mask and overalls but once the carpet is out of the way,

0:23:110:23:15

I think the smell would have gone then.

0:23:150:23:18

Once all that is out of the way, it's going to be exciting for you to see what you've actually bought.

0:23:180:23:22

Correct and I will see what I will do with

0:23:220:23:25

the garage area, which at the moment it is one thing all the other.

0:23:250:23:29

I want to know what the value would be if it was a garage compared to

0:23:290:23:32

a dining room or a utility room or whatever.

0:23:320:23:35

I have that to consider yet.

0:23:350:23:38

What is your budget for the work inside?

0:23:380:23:40

I think it would involve replacing the bathroom fittings and retiling the bathroom.

0:23:400:23:48

Even if I was going to clean the house and redecorate and rent it.

0:23:480:23:51

I think I would leave the kitchen, I would possibly clean it up,

0:23:510:23:55

put some ceramic floor tiles down, new flooring, carpets, laminate flooring.

0:23:550:24:04

Probably about £3,000.

0:24:040:24:06

It is incredible to think that the house, the state that it is in, it is only going to need £3,000

0:24:060:24:11

spending on it because there is nothing structural in there at all.

0:24:110:24:14

Apart from that garage deciding on what you want to do.

0:24:140:24:16

The shell, it is a beautiful building, it is lovely, well built.

0:24:160:24:22

You have got yourself a bargain.

0:24:220:24:24

I hope so, yes.

0:24:240:24:26

You could turn this pretty quickly and put it straight back on the open market if you wanted.

0:24:260:24:29

That is correct, it is an option and I am not decided at the moment.

0:24:290:24:35

In the next week or so I will be making my mind up.

0:24:350:24:39

You have a lot of decisions to make, haven't you?

0:24:390:24:42

I can't wait to find out what Stan decides once those carpets have been removed.

0:24:420:24:49

I think Stan has a great buy here.

0:24:490:24:53

You could say it's a bit of a B-movie at the moment but will he turn it into a Blockbuster?

0:24:530:24:58

You can find out later in the show.

0:24:580:25:01

Coming up - there was some work to do to renovate this classic auction property in Stoke on Trent.

0:25:020:25:08

Nothing even an enthusiastic amateur couldn't cope with.

0:25:080:25:12

We return to this house in Borehamwood and find the sweet smell of success.

0:25:120:25:18

It is a fantastic figure and a lot more than what I had expected.

0:25:180:25:23

First, it is back to Wiltshire where I hope one feature has not been updated.

0:25:230:25:28

-Kitchen, do you like the kitchen?

-I like the kitchen.

-Can I interest you in a second-hand kitchen?

0:25:280:25:31

# You make me feel so young.. #

0:25:420:25:44

Earlier, I visited this '50s bungalow in Market Lavington complete with retro kitchen.

0:25:440:25:50

I thought it was a gem of a property and

0:25:500:25:53

so did corporate surveyor Richard, who paid £158,500 for it at auction.

0:25:530:26:00

Renovating properties is his hobby and this was his second purchase.

0:26:000:26:05

He also has a passion for classic cars.

0:26:050:26:08

When we return three months later, Richard drew up in his classic 1960s Morris Minor.

0:26:080:26:14

Has he bought the property up to speed?

0:26:140:26:16

# Are just like a couple of tots

0:26:160:26:18

# Running across the meadow... #

0:26:200:26:22

What we have tried to do with this one and the other property

0:26:220:26:25

we have done is keep things very neutral, pastel, try to make sure there's a lot of natural light.

0:26:250:26:29

Keep the place, bright, light, fresh and clean.

0:26:290:26:32

We have used neutral colours throughout.

0:26:320:26:34

We haven't used the same colour, that is a little bit bland, a little bit boring,

0:26:340:26:38

we have mixed the colours up a bit, kept it light and bright throughout.

0:26:380:26:41

# From the dark end of the street

0:26:420:26:44

# To the bright side of the road

0:26:480:26:49

# We'll be lovers once again

0:26:530:26:55

# On the bright side of the road... #

0:26:550:26:58

Richard has certainly brightened up this little bungalow.

0:26:590:27:02

That dark front bedroom has been transformed and removing

0:27:020:27:06

a built-in wardrobe helps to make the room seem so much bigger.

0:27:060:27:09

What else has changed?

0:27:090:27:11

# From the dark end of the street

0:27:150:27:17

# To the bright side of the road... #

0:27:170:27:20

In the lounge, we have done a number of things.

0:27:210:27:22

We have redecorated it, moved the radiator under the window, put in PVC double glazing,

0:27:220:27:28

put in a nice new light fitting and a modern fireplace that

0:27:280:27:32

replaces the nasty grey tiled thing that was here before.

0:27:320:27:35

We are pleased with the results, think it looks nice.

0:27:350:27:38

I don't mind the fireplace going, but another feature of

0:27:380:27:42

this little bungalow that had taken my fancy was the classic kitchen.

0:27:420:27:46

In the kitchen, we originally had a 1960s kitchen in pale blue, which I completely failed to sell to Martin,

0:27:470:27:55

so it went to the great skip in the sky.

0:27:550:27:58

What we have done is replace everything with modern units, space for the appliances which

0:27:580:28:02

we will install before we sell it, the floor, tiles, very nice units, nice cooker hood.

0:28:020:28:08

At the back we have put on an extension to provide a breakfast room, dining room as well

0:28:080:28:14

and that is here through the archway looking out onto the garden beyond.

0:28:140:28:19

I am sad to see the kitchen go but what a difference that extension has made.

0:28:190:28:25

Those French doors are perfect and the extension also means the third bedroom has been created.

0:28:250:28:31

Richard's also installed PVC windows front and back.

0:28:310:28:35

Elsewhere the bathroom and WC have been joined together as one good-sized room.

0:28:350:28:40

Although there is still some work to be finished here, you can see clearly what look he is going for.

0:28:400:28:48

Has he managed to stick to his budget?

0:28:480:28:51

Our original budget was £40,000 and I'm pleased to say we have kept within £1,500 of that.

0:28:510:28:56

That was the windows that we decided to add.

0:28:560:28:58

We have put in £1,500 for the windows and we have doubled that

0:28:580:29:02

and spent three, which is the only way we have gone over budget.

0:29:020:29:05

Otherwise, we would have been very good.

0:29:050:29:07

We had to be.

0:29:070:29:08

Hopefully, that should leave Richard with what he wanted from this venture and that is a profit.

0:29:080:29:15

How does he feel about the result?

0:29:150:29:18

We are pleased, it has come out well.

0:29:180:29:20

The lightness and the brightness of the space has come out very well.

0:29:200:29:24

The flexible accommodation we have created, we have achieved what we have set out to do. We are pleased.

0:29:240:29:29

# From the dark end of the street

0:29:290:29:31

# To the bright side of the road... #

0:29:310:29:35

Inside, Richard has done a fantastic job and outside fresh paint makes this bungalow look years younger.

0:29:350:29:43

He has spent a total of £200,000 buying and renovating his property, so will it brighten the day

0:29:430:29:50

of two local estate agents when they come back to take a look?

0:29:500:29:54

On my return to the bungalow, I think they've done a very good job.

0:30:080:30:12

They've extended it very well to give a very good balance of accommodation.

0:30:120:30:16

The standard of finish is very, very high.

0:30:160:30:20

They've extended the property, which gives it what it would

0:30:200:30:23

have been missing before, so it's got the extra rooms now.

0:30:230:30:25

Very, very good property.

0:30:250:30:27

To market this property now would be a three-bedroom, also

0:30:270:30:30

having the kitchen-breakfast room and the garden still remains a good size.

0:30:300:30:34

It would appeal to more buyers now.

0:30:340:30:36

In the past, it would be generally older people, but

0:30:360:30:39

from our experience now, bungalows are open to everybody, and it's big enough

0:30:390:30:42

for a family, the school is very close by, so it would certainly appeal to a lot more people now.

0:30:420:30:47

Many people used to avoid buying bungalows, but this is changing nowadays.

0:30:470:30:52

By adding the third bedroom, Richard has really opened up his potential market.

0:30:520:30:56

When he comes to sell, how much could he make from his investment of around 200,000?

0:30:560:31:02

I'd put this property to the market at £225,000 to £235,000.

0:31:020:31:09

I'd be looking to put this property on the market for somewhere in the region of £220,000 to £230,000.

0:31:090:31:15

I think the finishing touches will make a difference.

0:31:150:31:17

They've seen it today and it's still a bit of a building site.

0:31:170:31:20

The finishes aren't in, the appliances aren't in, we haven't done the bathroom.

0:31:200:31:24

So maybe once that's done, it might help them sneak the price up a little bit.

0:31:240:31:28

Certainly will help sell it, I'm sure of that.

0:31:280:31:30

Once finished, I think this would make a fantastic family home,

0:31:300:31:34

especially with that school so nearby.

0:31:340:31:37

Will Richard be moving on to another property

0:31:370:31:38

or buying another classic car to add to the nine he has already?

0:31:380:31:42

Now I'm back at work, I'm very, very busy and really enjoying it so

0:31:460:31:50

I'll be travelling in the near future and then some car rallies coming up towards the end of the year -

0:31:500:31:55

there's three rallies we're going to be doing between now and year-end, which will be great fun.

0:31:550:31:59

I'm looking forward to those as we get into the winter,

0:31:590:32:02

cos winter rallying is very different to summer rallying and should be fun.

0:32:020:32:05

I'm in Stoke-on-Trent, just a couple of miles from the centre.

0:32:080:32:12

It's a thriving university city with a profitable buy-to-let market.

0:32:120:32:16

But the property I'm here to see is in Oak Hill, an area popular with families.

0:32:160:32:23

This is a really good start.

0:32:250:32:26

A really nice residential area.

0:32:260:32:28

Lots of civic amenities, like the bowling green there.

0:32:280:32:31

Absolutely great to see.

0:32:310:32:32

The property I'm here to visit is a two-bedroomed semi-detached.

0:32:320:32:38

The guide price is £75,000.

0:32:380:32:41

Let's take a look.

0:32:410:32:43

So what do you get for £75,000?

0:32:430:32:46

It's a red-brick, bay-fronted house with a conservatory, garage and off-street parking.

0:32:460:32:53

The auction catalogue said it needed cosmetic improvement and modernisation -

0:32:530:32:58

so nothing specific, and it's not looking to bad from the outside.

0:32:580:33:03

OK, well, the catalogue was right - it does need a bit of modernisation.

0:33:050:33:09

Nice it's got an alarm, though.

0:33:090:33:12

Reasonable layout. Basically, one big living room area down here, which is quite nice.

0:33:120:33:17

Bay window - we like that.

0:33:170:33:20

And there's no smell of damp or obvious signs of any problems with the walls.

0:33:200:33:24

I think down here it's more a case of layout and not making the most of the space.

0:33:240:33:28

I'd like to see French windows there.

0:33:280:33:31

Then the kitchen - I don't know what's going on.

0:33:310:33:34

There seems to be this wall here dividing the kitchen off from this area.

0:33:340:33:38

I would get rid of that to create a really nice kitchen/dining area.

0:33:380:33:43

The kitchen is obviously in need of sorting out.

0:33:430:33:46

It's not particularly big, the units very tired and dated.

0:33:460:33:50

But a nice little additional feature - there is a loo there, which is always good to have.

0:33:500:33:56

Whilst the rest of the house is fairly together, this lean-to most certainly is not.

0:33:560:34:01

You'd want to replace this with something fairly soon cos it really lets the house down.

0:34:010:34:06

The good news, though, is, out the back here, there is a good-sized garden.

0:34:060:34:11

OK, it's a bit overgrown, but this really adds to this being a great family home.

0:34:110:34:15

For around that guide price of 75,000, I think you'd get real value for money here.

0:34:150:34:22

There's even room out the back to extend - as long as you get planning permission of course.

0:34:220:34:27

But what about the current living accommodation?

0:34:270:34:30

Upstairs, bathroom and loo, looks to be in reasonable condition,

0:34:300:34:34

and two bedrooms, although it feels like this house could be more.

0:34:340:34:36

A reasonable one at the back and then a big one at the front.

0:34:360:34:40

But just while I'm up here, it's a bit unusual. I don't know if you can see this door frame.

0:34:400:34:44

It looks to be at a strange angle, and there's this fillet of wood put onto the door itself to make it fit.

0:34:440:34:50

Normally that would set off alarm bells ringing for me, an indication of some kind of subsidence.

0:34:500:34:56

But it is on an internal wall and there don't seem to be any obvious signs of cracking,

0:34:560:35:01

so if there was any subsidence, it's probably historic and more likely that's just a bad bit of DIY.

0:35:010:35:08

Whoever did the door obviously didn't have a hand in the bathroom.

0:35:080:35:12

It's in great condition and looks fairly new.

0:35:120:35:14

So that's one less renovation to consider when planning the budget - always good news.

0:35:140:35:21

Now, there is a bit of a problem with this property and it's concerning the deeds.

0:35:240:35:29

There aren't any. At some stage in history, they have been lost or maybe they never even existed.

0:35:290:35:34

That is an issue when it comes to getting things like mortgages.

0:35:340:35:37

The good news is that at some stage over the last ten years somebody has

0:35:370:35:41

registered this property, so it is now in the process of getting what they call possessory title.

0:35:410:35:46

And after 12 years, you can then apply for full title on the property. In the meantime, there is

0:35:460:35:53

a risk that somebody could come along and say, "Actually, that house is mine."

0:35:530:35:56

But in order to make sure that doesn't happen, you can take out an insurance policy which

0:35:560:36:00

will cover you against any losses that you might incur as a result.

0:36:000:36:04

There are mortgage companies that specialise in properties with problems like this

0:36:040:36:09

so it shouldn't be too difficult for the new owner to get one.

0:36:090:36:11

Will it affect the potential resale value of this place once renovated?

0:36:110:36:16

Still without absolute title,

0:36:190:36:20

I would put the property somewhere in the early 90s, 92, 93.

0:36:200:36:26

With deeds, I would say £100,000.

0:36:260:36:30

And if the purchaser planned to rent this out, what kind of return could be expected?

0:36:300:36:36

Rental valuation on this property, £450 per calendar month.

0:36:370:36:42

Nothing really negative to say about this place at all.

0:36:440:36:46

A few bits and pieces to sort, but nothing that even an enthusiastic amateur couldn't cope with.

0:36:460:36:51

The only issue is the deeds, or rather the lack of them,

0:36:510:36:54

and that can be resolved by taking out an insurance policy.

0:36:540:36:57

So a great one to go for.

0:36:570:36:59

Let's see who fancied it when it went under the hammer.

0:36:590:37:01

So what shall we say for Lot 30?

0:37:050:37:07

1, Watson Road, Oakhill in Stoke-on-Trent.

0:37:070:37:11

Can we start it at 65?

0:37:110:37:13

Lot number 30.

0:37:130:37:15

65 in the aisle, thank you.

0:37:150:37:17

At £65,000. 70 going to say now?

0:37:170:37:21

At £65,000. 70. At £70,000. 75?

0:37:210:37:27

£75,000.

0:37:270:37:29

Yes, 80. At 80,000. 85?

0:37:290:37:33

No. At £80,000. Standing at £80,000.

0:37:330:37:38

At 80,000. I'll take one if it helps.

0:37:380:37:41

81,000. At 81,000. One to you, sir?

0:37:410:37:46

£82,000. £83,000? Another one?

0:37:460:37:52

No?

0:37:520:37:54

All right, 83,000. The bid's in the aisle.

0:37:540:37:56

I'm selling it at £83,000.

0:37:560:37:58

Another 500 anywhere else?

0:37:580:38:00

At 83, first time...

0:38:000:38:02

At 83 second time...

0:38:020:38:05

Third and final time at £83,000...

0:38:050:38:07

It's yours.

0:38:090:38:10

Local roofer Glynn made the winning bid of £83,000.

0:38:110:38:16

With his background in building, Glynn is used to renovating properties.

0:38:190:38:24

But this is the first one he's bought as an investment opportunity.

0:38:240:38:28

-Glynn, congratulations.

-Thanks, Martin.

-Why did you want to buy this house?

0:38:280:38:32

What we're looking for is getting into the investment type properties, getting some rentals.

0:38:320:38:40

This is the first one that we're looking at doing.

0:38:400:38:44

So there you are pottering along and presumably doing quite well doing your roofing.

0:38:440:38:48

What made you decide to go into doing it yourself after...how long?

0:38:480:38:53

-How long have you been doing the roofing?

-The roofing business has been going for well over 40 years.

0:38:530:38:58

-It's a family thing.

-So 40 years on, how come?

0:38:580:39:02

I think it's the right time to buy.

0:39:020:39:04

We've been looking around at the property market.

0:39:040:39:06

The properties are going down.

0:39:060:39:09

They're at a reasonable price now, where you can buy and get a decent return for your rental.

0:39:090:39:15

It's the buy-to-let market that Glynn's interested in.

0:39:150:39:18

Along with his brother and father, they've decided it's the right time to invest in property.

0:39:180:39:24

As they live just round the corner, they know the area well and knew exactly what they wanted.

0:39:240:39:29

We did put a couple of offers in prior to auction that were rejected.

0:39:320:39:35

-What price did you put in?

-I think the last of offer we put in was 82,000.

-Oh, OK.

0:39:350:39:42

But the person that was selling the property decided they wanted to go to auction,

0:39:420:39:48

-so we said, "We'll hang fire and wait for that."

-You just paid a little bit more.

0:39:480:39:52

A little bit more. I think we paid 83, so it was more or less roundabout what we were looking at paying, so

0:39:520:39:59

-we were quite happy with that.

-Tell me about your partners.

0:39:590:40:02

My brother and my father, we all work together.

0:40:020:40:05

We're with each other more or less 24/7 anyway.

0:40:050:40:08

So to go in a project all together, it seems the sensible thing to do.

0:40:080:40:14

Did your father stop the business?

0:40:140:40:16

Originally, it was my father's father.

0:40:160:40:18

-Your grandfather?

-Yes. So we're into third generation now.

0:40:180:40:23

-Gosh.

-So, fingers crossed, it might go on to the fourth.

0:40:230:40:26

It sounds like Glynn has a close-knit family

0:40:260:40:30

and I think they'll all pitch in to help on this project.

0:40:300:40:33

But as they've never invested in a property they didn't intend to live in, this was a big step for them.

0:40:330:40:39

However, with three generations of building experience between them, I think they'll manage just fine.

0:40:390:40:44

-So what are you planning to do to it?

-Very little, to be honest.

0:40:470:40:50

A new kitchen's got to go in.

0:40:500:40:53

A chimney breast needs to come out upstairs, a wall to be removed in the kitchen, and then really

0:40:530:41:01

it's cosmetic work.

0:41:010:41:03

Tell me about the wall you're going to take out.

0:41:030:41:05

It's this wall.

0:41:050:41:07

-But you'll keep this one here?

-This one will stay so it can be more of

0:41:070:41:11

a partition so we can keep this area a bit more private from the kitchen

0:41:110:41:16

but it'll be more open plan.

0:41:160:41:18

-Than the rest of it?

-Yes.

0:41:180:41:20

-Should give it a nice flow.

-Other than the work mentioned, most of the renovations will be cosmetic.

0:41:200:41:26

As all the labour will be done by the family,

0:41:260:41:29

they reckon a budget of £5,000 to £6,000 is enough to cover it.

0:41:290:41:33

But, as is often the case with auction properties, there's a rather significant issue to consider.

0:41:330:41:39

Obviously, one big issue with this house is the deeds, or rather the lack of them.

0:41:400:41:44

-What do you know about that?

-The possessory title

0:41:440:41:49

that the property has got was sorted out by the previous purchaser about 10, 11 years ago.

0:41:490:41:55

So he'd registered the property with the Land Registry.

0:41:550:42:00

When we bought the property, that passes on to ourselves.

0:42:000:42:03

After 12 years, we can apply for title absolute.

0:42:030:42:07

If in the meantime anybody comes along and says, "We've got a valid claim on this property,"

0:42:070:42:11

then we took an insurance indemnity out to cover ourselves against the purchase price of the property.

0:42:110:42:17

-How much was that policy?

-It was around about £80.

0:42:170:42:20

It's not a lot of money, is it?

0:42:200:42:22

No, but it does protect your initial investment.

0:42:220:42:25

The only thing that the solicitor did say to us was that if we're looking at doing a major refurb job,

0:42:250:42:31

by putting extensions and things like that on, the indemnity might not cover the extension side of things.

0:42:310:42:37

So if you spend £20,000, £30,000 on top of the purchase price, it may not

0:42:370:42:41

be covered in your indemnity policy for that extra that you've spent.

0:42:410:42:44

But it does cover you for the amount you've bought the property for.

0:42:440:42:49

So we were quite happy with that and it's only another 18 months and we can apply for the title absolute.

0:42:490:42:55

-So are you all excited about this?

-Yes, we're looking forward to getting started.

0:42:550:43:01

Good luck. Congratulations. I can't wait to see how you get on.

0:43:010:43:04

Thank you.

0:43:040:43:05

How nice that Glynn and his family found somewhere so close to home for

0:43:080:43:12

their first project together, and it is a good house.

0:43:120:43:15

However, even the best houses throw up all sorts of unforeseen issues.

0:43:150:43:19

So how are they going to get on? You can find out later in the show.

0:43:190:43:22

So, after several months, have our buyers realised their hopes and dreams?

0:43:250:43:31

Or have they had to step back and have a radical rethink?

0:43:310:43:34

It's time to go back and find out.

0:43:340:43:37

Back in Borehamwood, on an estate built on the former MGM studios' back lot,

0:43:390:43:43

this house was an environmental health inspector's nightmare.

0:43:430:43:48

It was filthy. But buyer Stan had a strong stomach and reckoned he'd sniffed out a bargain at £231,000.

0:43:480:43:57

We gave him two months to scrub the place up.

0:43:590:44:02

As soon as you enter, you appreciate that everything has come up smelling of roses.

0:44:020:44:07

In the living room, the dirty, foul carpet has gone,

0:44:070:44:10

and you're greeted with a neutral, show-house colour scheme.

0:44:100:44:15

And, although the dirty, pongy kitchen has now got a new floor, the units somehow survived.

0:44:170:44:27

Upstairs, the mess has gone, new carpets have been laid and the only waft now is of fresh paint.

0:44:270:44:34

So if you've got a stain, Stan's your man.

0:44:340:44:37

What we've done is basically give the place a good old clean-up because it was really a good house.

0:44:370:44:41

It was just, through the pets situation, in a bit of a smelly condition.

0:44:410:44:46

So we cleaned the house, then we decorated it and renewed all floor finishes.

0:44:460:44:53

Remember, those carpets were absolutely disgusting, so it must have been a revolting job.

0:44:530:44:59

Who did the work?

0:44:590:45:01

Getting rid of the carpets and underlay, I done that myself,

0:45:010:45:04

and it was just, you know, steel yourself and get on with it.

0:45:040:45:08

It only took a day, or less than a day, to get all the carpets and

0:45:080:45:11

underlay out into the skip, and it was a bit of a relief

0:45:110:45:13

to know that when that was done, it was going to reduce the smell by a large percentage.

0:45:130:45:18

Well, it's not smellyvision, so you'll just have to take my word.

0:45:180:45:22

Believe me, the pong's definitely gone, and the house looks and smells great!

0:45:220:45:28

Yeah, here in the living room, basically we took up the carpets,

0:45:280:45:32

cleaned and disinfected all the surfaces

0:45:320:45:36

and cleaned the fireplace up, including washing each piece of coal individually.

0:45:360:45:41

And we put some new light fittings in. They were halogen lights.

0:45:410:45:46

I think these are much more...loungey type than the halogen.

0:45:460:45:52

Apart from the unsavoury condition, were there any other major problems here?

0:45:520:45:57

I think the house is only 12 years old. It was very good,

0:45:570:45:59

no major hidden problems, other than the kitchen floor.

0:45:590:46:03

Due to an old leak caused by the washing machine drain,

0:46:030:46:08

we had to take the floor up in the kitchen and renew it.

0:46:080:46:12

I decided to retain the kitchen fitments, the wall units and

0:46:120:46:15

the base units, because they're not in too bad condition.

0:46:150:46:20

I put some new lighting in, cleaned everything up, redecorated it.

0:46:200:46:25

With Stan scrubbing and scouring, he must have saved on his budget, so how much has he spent?

0:46:250:46:32

Budgetwise, I had a little add-up the other day, and it came to about 3,200.

0:46:320:46:38

While others held their noses, Stan held his nerve as he could see the potential here.

0:46:380:46:44

He paid 231,000 at the auction, spent 3,200 on a deep clean and has created a great house.

0:46:440:46:52

The upstairs virtually is a repeat of what happened downstairs.

0:46:520:46:57

It's carpets up, clean it and redecorate.

0:46:570:47:01

The bathroom here, I decided to keep the sanitaryware, which were all sound, just needed

0:47:010:47:07

some spirits and salts to bring them back up to the white.

0:47:070:47:11

I replaced all the taps and shower fitting, put a new shower screen in, and the result is that it's nice and

0:47:110:47:18

clean and presentable, and I'm very pleased with the bathroom.

0:47:180:47:22

Now both floors of this once grubby property are spotless, Stan's hoping to clean up financially as well.

0:47:220:47:27

I've decided to rent the property, and I've also decided to give it to

0:47:270:47:34

an agent to manage, for about 5%, so that takes the hassle away from me.

0:47:340:47:39

While Stan found tenants for the inside, his mate made a discovery out in the garden.

0:47:390:47:45

One of the things that I did do was to get a guy in,

0:47:450:47:47

a friend of mine, to get the grass down and sort the garden out.

0:47:470:47:52

And in doing that, he came running to the house with his one leg soaking wet up to his knee, and apparently

0:47:520:47:59

he'd stepped into what is a pond out the back, and he found two goldfish.

0:47:590:48:05

So how they'd survived for a couple of months with no food and in manky water, I just do not know, but

0:48:050:48:12

he took them away, and he tells me that they're doing fine now, they are thriving in his pond.

0:48:120:48:17

But could there be a catch with his house?

0:48:170:48:20

Time to see how two local estate agents will rate it,

0:48:200:48:24

now they don't need smelling salts.

0:48:240:48:28

My first impressions are, "Wow!"

0:48:280:48:29

It's been an amazing transformation. The property looks totally different.

0:48:290:48:32

It's bright, its area, it's spacious, well decorated, and there's no smell at all.

0:48:320:48:35

The property is very, very spacious throughout. It's been to have a very high standard.

0:48:350:48:40

It's very, very neutral in the colours that the owner has chosen,

0:48:400:48:43

and it feels very, very bright.

0:48:430:48:46

A great size family home.

0:48:460:48:49

If he's renting the property, then I think he's done the

0:48:490:48:50

right thing in keeping the kitchen and bathroom the same.

0:48:500:48:53

If he was thinking of selling the property, I would have suggested

0:48:530:48:56

he replaced the kitchen and the bathroom to maximise the price.

0:48:560:49:00

Stan has already got a tenant lined up, but how much rent should he be charging?

0:49:000:49:06

There's a big demand for rental properties in this particular area,

0:49:060:49:08

and this property would rent for around £1,300 per month.

0:49:080:49:11

Rental valuation, we'd be looking to achieve 1,300 per calendar month.

0:49:110:49:15

Yeah, that's nice, that's approximately what I was told.

0:49:150:49:19

There will be a bit of a surplus between

0:49:190:49:21

my expenses and mortgage et cetera, that income, so that's excellent.

0:49:210:49:26

How much could be house now be worth?

0:49:260:49:28

Remember, Stan paid 231,000 at the auction and spent £3,200 on it,

0:49:280:49:34

so anything over 235,000 would be profit.

0:49:340:49:39

The property value today would lie somewhere in the region of around £300,000.

0:49:390:49:43

I would expect this property to achieve in the region of the £310-315,000.

0:49:430:49:48

That's a fantastic figure, and a lot more than what I expected.

0:49:480:49:52

Yeah, that's amazing.

0:49:520:49:54

Blimey! So it's true, where there's muck, there's brass all right.

0:49:540:49:59

He's made about 60K gross profit after just two months, so might he now sell?

0:49:590:50:05

£60,000 profit, tempted to walk away with it, I don't think so.

0:50:050:50:09

I think I want to get some value out of the rental situation,

0:50:090:50:13

because when I come to resell it, which will be three or four years'

0:50:130:50:16

time hopefully, I'll put a new bathroom in and a new kitchen.

0:50:160:50:20

I don't want to start building again.

0:50:200:50:22

Whatever he decides to do, remember that

0:50:220:50:25

where many feared to tread, Stan has certainly made a profit not to be sniffed at.

0:50:250:50:30

It's been three months since we met roofer Glynn.

0:50:330:50:37

He bought this two-bedroom semi-detached in Stoke-on-Trent for £83,000.

0:50:370:50:44

Together with his father and brother, they decided to utilise

0:50:440:50:47

three generations of building experience and move into buy-to-lets.

0:50:470:50:52

But as they were used to renovating other people's houses, this time the risk was all theirs.

0:50:520:50:57

However, if the exterior is anything to go by, they've done well.

0:50:570:51:01

So we've replaced the front door, and we've replaced the canopy over the top, which gives it

0:51:030:51:09

a more modern look from the main road, and we're pleased with that, they turned out well.

0:51:090:51:14

We've also replaced the conservatory.

0:51:140:51:17

We removed the old garage and the old conservatory that were here.

0:51:170:51:21

They were completely rotten,

0:51:210:51:23

so we've replaced it with a new, modern uPVC conservatory,

0:51:230:51:26

and we've also replaced the windows on the side of the property as well.

0:51:260:51:30

In the conservatory, we've put the fittings for washing machine and other appliances.

0:51:300:51:35

With the kitchen being quite small, it's gone to make it a really nice

0:51:350:51:39

utility area, and we're really pleased with the way it's turned out.

0:51:390:51:42

Glynn is used to getting on top of properties in his day job,

0:51:420:51:46

but this time he's done it without having to set foot on the roof.

0:51:460:51:50

# Shout to the top

0:51:500:51:51

# Oh, we're gonna shout to the top

0:51:520:51:54

# We're gonna shout to the top

0:51:560:51:57

# Ooh, we're gonna shout to the top... #

0:51:570:52:01

As well as improving the kerb appeal, they played a new floor

0:52:010:52:04

in the living room, making it feel much bigger,

0:52:040:52:08

but the main change has been removing that wall to make a fantastic kitchen diner.

0:52:080:52:12

In the kitchen, what we've done

0:52:160:52:19

is removed the toilet out of from under the stairs.

0:52:190:52:22

It's made a really good storage area.

0:52:220:52:25

And then we've put a really nice fitted kitchen in now that we've

0:52:250:52:29

got rid of this wall that was here, separating it away from the dining area.

0:52:290:52:34

I think now, with a dining table in, somebody working in the kitchen, it's going to be a nice space, nice area.

0:52:340:52:42

Upstairs, the bathroom needed very little done to it.

0:52:420:52:46

Removing the chimney breast from the second bedroom has created a lot more room.

0:52:460:52:50

From here, you can see the garden has been cleared and a new patio has been laid.

0:52:500:52:55

It's fair to say that no stone has been left unturned, but did they manage to do it all for just £6,000?

0:52:550:53:03

There's been a little bit of extra cost. I think in total it's cost us about 7,500,

0:53:030:53:08

but we have done extra work really to make it more maintenance-free.

0:53:080:53:14

We've replaced the facia, sockets and guttering, which is something that we weren't going to do.

0:53:140:53:19

The same with the front doors and back doors.

0:53:190:53:21

We were not gonna replace those, but at least we can see

0:53:210:53:24

where we've spent every extra penny that wasn't in the budget originally.

0:53:240:53:28

So they're a little over-budget, but I think it's been worth it.

0:53:280:53:33

All the worries regarding the deeds to this house will be forgotten

0:53:330:53:36

when they get the new deeds in their names in a couple of months.

0:53:360:53:40

All that's left to do is find a tenant.

0:53:400:53:44

We've got a tenant moving in in the next seven to ten days.

0:53:440:53:48

We're basically renting it out to that person for £425 per calendar month, which were quite happy with.

0:53:500:53:56

Well, there doesn't seem to be much that Glynn and his family have overlooked.

0:53:560:54:01

From the auction price of 83,000 to the renovation costs of 7,500,

0:54:010:54:06

it's hard to believe that this is only their first investment property.

0:54:060:54:11

They've even got a tenant lined up already, but will it get the thumbs up from two local property experts?

0:54:110:54:18

A good selling point to this one is you can just walk in,

0:54:310:54:33

plug your telly in, put your pictures on the wall.

0:54:330:54:35

There is absolutely nothing to do - it's all done for you.

0:54:350:54:38

I think one of the things he's done really well

0:54:380:54:41

is opening the kitchen out, taking the wall down, making it open-plan.

0:54:410:54:46

A very small kitchen before, hadn't got a lot of potential.

0:54:460:54:51

It now feels very open and airy.

0:54:510:54:53

The finish in the property is exactly what's needed, really.

0:54:530:54:56

It doesn't need to have massive money spent on it.

0:54:560:54:58

It's all reasonable quality stuff, but it's finished off well.

0:54:580:55:01

So Glynn spent eight weeks and a total of around £91,000 turning this property around.

0:55:010:55:08

He has a tenant lined up for £425 a month.

0:55:080:55:12

How does that compare with the agents' estimates?

0:55:120:55:16

£450-475 per calendar month.

0:55:160:55:20

I've let similar properties in this area in as good a condition for around 450 per calendar month.

0:55:200:55:25

Yeah, it's nice to know that we could get a little bit more if this tenant

0:55:250:55:28

decides to go, so yeah, no, that's fine.

0:55:280:55:31

Although Glynn has no plans to sell now,

0:55:310:55:35

has he managed to increase the value of his overall investment here of 91 grand?

0:55:350:55:40

Current market value on this property, I'd be putting it on for 100,000.

0:55:420:55:45

I would suggest an asking price of 99,950, just tuck it under

0:55:450:55:50

the 100,000 mark, and he should get very, very close to that.

0:55:500:55:54

I would have thought a little bit more than that, but I'm quite pleased with it.

0:55:540:55:59

We've kept it within the budget, but there is a little profit in there now.

0:55:590:56:04

We are going to keep it as an investment for the next few years, so yeah, we're quite pleased with that.

0:56:040:56:10

So from the heady heights of roofing to property developing, Glynn

0:56:100:56:14

and his family have successfully entered the world of buy-to-lets.

0:56:140:56:18

Is this a one-off or the start of something bigger?

0:56:180:56:21

It is something that we are probably going to look into doing,

0:56:220:56:26

but to be honest I think I need a month off first before I start again.

0:56:260:56:30

But yeah, I mean, I think in future the way that we're going to look at it now

0:56:300:56:34

is to perhaps get another property, get that one done.

0:56:340:56:38

Perhaps one that doesn't need quite as much work doing to it, so more of a paint job.

0:56:380:56:44

But I think it's definitely something that were going to be looking at doing in the future.

0:56:440:56:47

And there's a taster of what it's like to buy your home under the hammer.

0:56:500:56:53

And we'll be hot on the heels of more auction property buyers next time.

0:56:530:56:57

-See you then!

-Goodbye.

-Goodbye.

0:56:570:56:59

Subtitles by Red Bee Media Ltd

0:56:590:57:02

E-mail [email protected]

0:57:020:57:07

Martin Roberts and Lucy Alexander visit a bungalow in Wiltshire, a three-bedroomed house in Hertfordshire and a semi-detached house in Stoke-on-Trent.

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.