0:00:02 > 0:00:05Hello, now, there are lots of things to consider when buying a property.
0:00:05 > 0:00:07Price, location, style -
0:00:07 > 0:00:09but exactly how do you buy?
0:00:09 > 0:00:11Now, one way is through an estate agent,
0:00:11 > 0:00:14another way, you could make an offer direct.
0:00:14 > 0:00:16Or you could head to your local property auction.
0:00:16 > 0:00:19Now, there are property auctions held all over the country,
0:00:19 > 0:00:21so there's bound to be one near you.
0:00:21 > 0:00:24So, why not try buying your next home under the hammer?
0:00:49 > 0:00:54We've scoured the UK to find interesting properties to feature today.
0:00:54 > 0:00:57But what will our buyers do? Give them a quick lick of paint,
0:00:57 > 0:00:59or go for a total refurbishment?
0:01:00 > 0:01:03Coming up, a plot of land in Nottingham with that rare asset -
0:01:03 > 0:01:05planning permission.
0:01:05 > 0:01:09And a guide price of 37,000 quid - looking good so far.
0:01:10 > 0:01:12In Southampton, there's a semi
0:01:12 > 0:01:15that's not all it's cracked up to be.
0:01:15 > 0:01:19And look at that, look. The bay is dropping away on either side.
0:01:20 > 0:01:24And there's a mobile home in a retirement park in Lincolnshire.
0:01:24 > 0:01:28But the big question is, is it upwardly mobile?
0:01:32 > 0:01:34All these properties have been sold at auction.
0:01:34 > 0:01:36We'll find out who bought them,
0:01:36 > 0:01:40and what they paid for them when they went under the hammer.
0:01:43 > 0:01:48Today, I'm just outside Nottingham at Sutton In Ashfield,
0:01:48 > 0:01:52famous for, well, the largest sundial in Europe.
0:01:52 > 0:01:56Time to check out the local property market.
0:01:56 > 0:02:01I'm in Sotheby Avenue, just down the road from Sutton Parkway train station,
0:02:01 > 0:02:04where trains will have you in the centre of Nottingham in under 30 minutes.
0:02:04 > 0:02:06It's a popular residential area,
0:02:06 > 0:02:09especially for people looking to upgrade to a bigger house.
0:02:09 > 0:02:11And something is up for auction quite rare.
0:02:11 > 0:02:14It's a plot of land with planning permission for the building
0:02:14 > 0:02:16of a three-bedroom detached house.
0:02:16 > 0:02:21And a guide price of 37,000 quid - looking good so far.
0:02:22 > 0:02:27Finding a plot with planning permission in a sought-after residential area such as this
0:02:27 > 0:02:32is like striking property gold. Let's hope it's not fool's gold.
0:02:33 > 0:02:36The plot was created from the garden of the house next door,
0:02:36 > 0:02:38but it's a good size and reasonably flat,
0:02:38 > 0:02:40which is important for building.
0:02:40 > 0:02:43It's also on a corner, which is nice because you're not overlooked.
0:02:43 > 0:02:48The road's not that busy, and if you plant some shrubs round the side and a fence up,
0:02:48 > 0:02:50it's going to be a really private plot.
0:02:50 > 0:02:54The great thing is that the site hasn't become a fly-tipping zone,
0:02:54 > 0:02:57so there's not a lot of clearing up to do.
0:02:57 > 0:03:01Also, there's no obvious problem with connecting to the utility services.
0:03:01 > 0:03:03So far, so straightforward.
0:03:03 > 0:03:07Now, one of the key things is that it comes with planning permission,
0:03:07 > 0:03:12that's going to save you a lot of hassle. The only downside is you've got to like the plans.
0:03:12 > 0:03:14Well, let's see what's been approved.
0:03:14 > 0:03:16Here we are, this is the plot.
0:03:16 > 0:03:19Here's the house as designed.
0:03:19 > 0:03:22It's probably been done to fit in with what's already here,
0:03:22 > 0:03:25so that 1930s kind of feel to it.
0:03:25 > 0:03:27Makes reasonable use of the plot itself,
0:03:27 > 0:03:30sitting kind of sideways along the line
0:03:30 > 0:03:31of the existing properties.
0:03:31 > 0:03:34Good-sized garden's been left,
0:03:34 > 0:03:38let's take a look at the internal layout and see if there's any great surprises.
0:03:38 > 0:03:41No, I don't think there are. Basically, starting with the downstairs.
0:03:41 > 0:03:44Hallway area here, quite a nice size,
0:03:44 > 0:03:47I like that, but it could be at other rooms' expense.
0:03:47 > 0:03:50Got a kitchen there, and basically just one other room
0:03:50 > 0:03:53which is a living room/dining room.
0:03:53 > 0:03:54Upstairs to three bedrooms,
0:03:54 > 0:03:57with this lateral kind of layout,
0:03:57 > 0:04:00and then the bathroom upstairs. So, all in all,
0:04:00 > 0:04:02no great surprises, and it probably makes the best use of space.
0:04:02 > 0:04:05I reckon it's a nice and easy plan
0:04:05 > 0:04:07to fit on this nice and easy plot.
0:04:07 > 0:04:12The cherry on the cake is that someone has already done the legwork for you and got it passed.
0:04:12 > 0:04:16The only quibble I have with the design is the location of the parking.
0:04:16 > 0:04:21It's actually, at the moment, just a parking space, or two, at this end of the plot.
0:04:21 > 0:04:23There's no indication of a garage.
0:04:23 > 0:04:27You've got to look at the costs, it may well be that it's not cost-effective to build one,
0:04:27 > 0:04:30but it would certainly be nice and help with saleability.
0:04:30 > 0:04:34The issue you might have is that that house has a couple of windows facing the garage,
0:04:34 > 0:04:36and they might complain.
0:04:36 > 0:04:40It's a small comment about what seems a pretty solid investment opportunity.
0:04:40 > 0:04:43But with the economy in its current state,
0:04:43 > 0:04:46my main concern is whether it's the right time to be building at all.
0:04:46 > 0:04:49The plot had a guide price of 37,000.
0:04:49 > 0:04:52I asked a local estate agent what she thought of the potential here.
0:04:57 > 0:04:59Houses are sought-after in this area,
0:04:59 > 0:05:02so plots of land are quite rare,
0:05:02 > 0:05:05so it is a good investment because they are few and far between.
0:05:05 > 0:05:11So there's no doubt about the location, but there is something missing that could add value.
0:05:11 > 0:05:15My first thought was there's no utility room, no en suite,
0:05:15 > 0:05:19because generally modern houses, new builds, do consist of them now.
0:05:19 > 0:05:22So it will bring the price down slightly.
0:05:22 > 0:05:26The estate agent thinks selling the plot on with planning permission
0:05:26 > 0:05:29could achieve a possible £45,000.
0:05:29 > 0:05:35But if the build goes ahead, would the sale and rental figures stack up?
0:05:35 > 0:05:41In this market, I think this property will probably be worth around £165,000 to £175,000.
0:05:41 > 0:05:45There is a very good rental market for this sort of property in this area,
0:05:45 > 0:05:50and the least you'd get in the rental market would be around £600 per calendar month.
0:05:53 > 0:05:57Well, this would be a relatively straightforward plot of land to build on,
0:05:57 > 0:06:00in an area where plots like this don't come up that often.
0:06:00 > 0:06:06However, in these difficult economic times, are you sure you're going to be able to sell whatever you build,
0:06:06 > 0:06:08and if not, are you happy to rent it out?
0:06:08 > 0:06:13It's a tough one. Let's find out who decided to go for it at the auction.
0:06:16 > 0:06:21Lot 34, the building plot on the corner of Southeby Avenue
0:06:21 > 0:06:22in Sutton In Ashfield.
0:06:22 > 0:06:25Start me at 30,000 if you like.
0:06:25 > 0:06:28£30,000. £30,000 here, thank you.
0:06:28 > 0:06:29At £30,000.
0:06:29 > 0:06:33At £30,000. 31, I have. At 31,
0:06:33 > 0:06:3632, the starter's bid. At 32,
0:06:36 > 0:06:3833 is bid. At 33,
0:06:38 > 0:06:3934? 34?
0:06:39 > 0:06:4234, thank you. At 34,
0:06:42 > 0:06:4634, 35? 34 and a half. 35,000.
0:06:46 > 0:06:4735 and a half,
0:06:47 > 0:06:5136? 36 is bid, and a half.
0:06:51 > 0:06:5337?
0:06:53 > 0:06:5537, and a half.
0:06:55 > 0:07:0238? 38. 38-five. 39? No?
0:07:02 > 0:07:0738 and a half behind you, then. At 38,500 for the first time,
0:07:07 > 0:07:1238,500 for the second time. Selling at £38,500.
0:07:12 > 0:07:13Yours, sir.
0:07:17 > 0:07:21The successful bidders were Peter and Judy, a married couple from Derby.
0:07:21 > 0:07:26They've got a number of buy-to-let properties in a portfolio they've built up over the years.
0:07:26 > 0:07:30This is their first new build project.
0:07:30 > 0:07:34I met them at the plot to find out more.
0:07:34 > 0:07:37- Peter, Judy, lovely to meet you both.- Good morning.- Thank you.
0:07:37 > 0:07:39Why did you want to buy the plot?
0:07:39 > 0:07:43Well, I took early retirement last year, in March,
0:07:43 > 0:07:47which is quite young to do that, and I just wanted something to boost the pension a bit,
0:07:47 > 0:07:49you know, to keep the income up.
0:07:49 > 0:07:52Building a house, rather than buying one and doing it up,
0:07:52 > 0:07:54that's an extreme way to go, isn't it?
0:07:54 > 0:07:56We looked at all the options, we did look at refurbishing,
0:07:56 > 0:07:59but at the auction, they seemed to go for more
0:07:59 > 0:08:01than we thought we could make a profit from.
0:08:01 > 0:08:04This was another one, we looked at three,
0:08:04 > 0:08:08and one of the plots we'd looked at had gone prior to auction,
0:08:08 > 0:08:11a house we were interested in went for more than we were prepared to bid,
0:08:11 > 0:08:14and this one came along, which we'd looked at as well,
0:08:14 > 0:08:15and we got it at a price we're happy with.
0:08:15 > 0:08:18Right. What was it that appeals to you, Judy?
0:08:18 > 0:08:23Well, we just wanted a plot that was fairly simple, that we could just start from scratch
0:08:23 > 0:08:25and build a house on it.
0:08:25 > 0:08:29So, this was just the first project we've done like this, and we thought, "start small",
0:08:29 > 0:08:33the price was right, and it just seemed a good way to go.
0:08:33 > 0:08:36And also, to keep him in employment for a bit really!
0:08:36 > 0:08:38Keep him out from under my feet!
0:08:39 > 0:08:44It's funny that when men retire, it seems that wives often want to get them out of the house.
0:08:44 > 0:08:49Two of the top ways seem to be golf and developing property.
0:08:49 > 0:08:51So, it's something you'll be in full-time, is it?
0:08:51 > 0:08:54Erm, I'll be checking on it every week. I'm going to employ a builder.
0:08:54 > 0:08:57That's hardly full-time, is it?!
0:08:57 > 0:08:59Checking on it every week!
0:08:59 > 0:09:02I thought you were going to say, "I'll be here from nine till five every day"!
0:09:02 > 0:09:05- He likes golf!- He'll pop in on a Tuesday afternoon at 3 o'clock,
0:09:05 > 0:09:07"everything alright, guys?"
0:09:07 > 0:09:10That'll be about it, then back to the golf course.
0:09:10 > 0:09:13Well, he may have a low golf handicap,
0:09:13 > 0:09:17but will this project be affected by a lack of leadership?
0:09:17 > 0:09:20Peter and Judy think this is going to be a simple development,
0:09:20 > 0:09:23but no new build is completely straightforward.
0:09:23 > 0:09:26They believe the plan needs only minor alterations,
0:09:26 > 0:09:31and hope that the house will be boosting their pension plan in six to eight months.
0:09:31 > 0:09:34They've already got several quotes for the building work,
0:09:34 > 0:09:37and aim to start the foundations in a few weeks.
0:09:37 > 0:09:42More importantly, they're confident they've got their sums right and there's money to be made.
0:09:42 > 0:09:47We've paid just under 40,000 for the land, plus a few other fees.
0:09:47 > 0:09:52And I've had quotes from builders, for the whole house and landscaping
0:09:52 > 0:09:55of between 75,000 and 85,000.
0:09:55 > 0:09:57If I purchase the materials myself I can get the VAT back,
0:09:57 > 0:09:59which is going to be about £5,000.
0:09:59 > 0:10:03- Wow. That's because it's a new build? - Because it's a new build, yes.
0:10:03 > 0:10:09And then that should put the total cost between 110,000 and 120,000 altogether.
0:10:09 > 0:10:13So do you have any idea in your own mind what this would sell for?
0:10:13 > 0:10:16We've seen others... There aren't many for sale on this estate,
0:10:16 > 0:10:19but there's a three-bedroomed detached not far away
0:10:19 > 0:10:21which is on the market for just under 150,000.
0:10:21 > 0:10:26This being new, you'd hope it might fetch a little bit of a premium over an existing house.
0:10:26 > 0:10:31As long as it's more than 140,000, I'm happy, that would give us about 20,000 profit,
0:10:31 > 0:10:36which is enough to supplement the pension as it is at the moment and keep us going.
0:10:36 > 0:10:40But if not, we could rent. We could keep it for a while and rent it,
0:10:40 > 0:10:42and just wait until the market's right.
0:10:42 > 0:10:46It pays to have a flexible approach in today's property market,
0:10:46 > 0:10:50so it's good to see that Peter and Judy are aware of what could lie ahead.
0:10:53 > 0:10:58Well, Peter and Judy have got themselves a nice retirement project here,
0:10:58 > 0:11:00and, one of the upsides of the current market
0:11:00 > 0:11:03is they have managed to get some good quotes for the building work.
0:11:03 > 0:11:08However, I AM concerned about how little time Peter thinks he's going to have to spend
0:11:08 > 0:11:09overseeing the project.
0:11:09 > 0:11:13Leave it to look after itself, and I think there could be trouble ahead.
0:11:13 > 0:11:17You can find out how they get on, later in the show.
0:11:23 > 0:11:28Our next property is in Bitterne Park, three miles from Southampton city centre.
0:11:28 > 0:11:32It's a desirable area, with good schools,
0:11:32 > 0:11:34a triangle of shops just by a bridge,
0:11:34 > 0:11:38and the bonus of the lovely waterside location.
0:11:39 > 0:11:44So, just a street away from the river is the property I'm here to see today.
0:11:44 > 0:11:50It's a 1930s three-bedroom semi, with a guide of 110,000 to 115,000.
0:11:50 > 0:11:56Here it is. Now, that is good to see, you've got a garage and off-street parking for another car.
0:11:56 > 0:12:00So, a good, practical start. But will the inside instantly impress?
0:12:00 > 0:12:01Let's find out.
0:12:02 > 0:12:04It may be practical, but,
0:12:04 > 0:12:06let's face it, it's not all that pretty.
0:12:06 > 0:12:08There are some cracks that need attention,
0:12:08 > 0:12:12and it has that all-too-familiar air of neglect about it.
0:12:14 > 0:12:19I've got to be honest, it's not love at first sight for me, that's for sure.
0:12:19 > 0:12:22You've got a very grubby and dated hallway with dubious decor,
0:12:22 > 0:12:25but the front reception room is a fantastic size.
0:12:25 > 0:12:27You've got a lovely bay window.
0:12:27 > 0:12:31Now, there is a gas fire. That tells me there's no central heating.
0:12:31 > 0:12:34Round here, at the back of the house...
0:12:34 > 0:12:38Brilliant! Look at this! This is what I was waiting for,
0:12:38 > 0:12:43a really attractive and nearly perfect 1930s little fireplace.
0:12:43 > 0:12:45You know, I love these green tiles down here.
0:12:45 > 0:12:48You always hope for something like this in a house.
0:12:48 > 0:12:50But what you have to think about is,
0:12:50 > 0:12:54where you have original features, you may also have the original wiring.
0:12:54 > 0:13:00And that is not quite so exciting to find, I can assure you!
0:13:00 > 0:13:04You're almost certain to find that whatever lurks beneath the plaster and the floorboards
0:13:04 > 0:13:06means a lot of work.
0:13:06 > 0:13:08When it comes to modern features,
0:13:08 > 0:13:11all this house seems to have is double glazing.
0:13:11 > 0:13:15Let's hope the kitchen has something more to offer.
0:13:15 > 0:13:19I really like 1930s properties, they're very functional
0:13:19 > 0:13:20and well built.
0:13:20 > 0:13:25But this style of semi-detached, well, it was always built with a tiny kitchen.
0:13:25 > 0:13:30A 1930s family didn't see the kitchen as the heart of the home as we do now,
0:13:30 > 0:13:33but as somewhere to just simply prepare food.
0:13:33 > 0:13:34Now, although we haven't got one here,
0:13:34 > 0:13:37you often see serving hatches into the dining room,
0:13:37 > 0:13:41for the housewife to pass dinner through to the hungry hordes.
0:13:41 > 0:13:44Now, these spaces, I think, really do need to be connected,
0:13:44 > 0:13:50and I would certainly knock through into the dining room to create a much bigger and more usable space.
0:13:50 > 0:13:53You often see that type of work done on semis,
0:13:53 > 0:13:56and it can really bring life to these back rooms.
0:13:56 > 0:13:58And while you've got the sledgehammer out,
0:13:58 > 0:14:02why not make that window in the dining room into a set of double doors,
0:14:02 > 0:14:04leading out on to the garden?
0:14:04 > 0:14:05Now you're talking!
0:14:06 > 0:14:09Upstairs, it's again the original layout,
0:14:09 > 0:14:12which always seems to work well. You've got one generous double there,
0:14:12 > 0:14:17and a single bedroom to the rear, with an extremely dated pink bathroom.
0:14:17 > 0:14:19I don't think that's an original feature!
0:14:19 > 0:14:20Well, it's no surprise
0:14:20 > 0:14:24that all this does just need ripping out and starting again.
0:14:24 > 0:14:27Now, the front bedroom, well, I think it's a good size,
0:14:27 > 0:14:30It'll be even better when those wardrobes are ripped out.
0:14:30 > 0:14:32I mean, there is tons of space back there.
0:14:32 > 0:14:36Now, the first thing I've seen that really does worry me, come down here,
0:14:36 > 0:14:39These windows, just take a look at that. Look!
0:14:39 > 0:14:42The bay is dropping away on either side.
0:14:42 > 0:14:44Now, that really does need immediate attention.
0:14:44 > 0:14:47It could just be a badly fitted window,
0:14:47 > 0:14:50but you need to be sure that it's nothing else.
0:14:52 > 0:14:55This is bad news. With the plaster cracking as the bay sinks,
0:14:55 > 0:14:59this could be a case of either hastily fitted double glazing,
0:14:59 > 0:15:03or, more worryingly, there could be serious structural issues.
0:15:03 > 0:15:06Either way, it's pretty alarming,
0:15:06 > 0:15:08so you'd better get it checked out.
0:15:09 > 0:15:12This property is a bit of a mixed bag.
0:15:12 > 0:15:16There's a lot of work, but for that 110,000 to 115,000 guide price,
0:15:16 > 0:15:21I'd say you get a lot of space for your money here.
0:15:22 > 0:15:24Time to find out what a local estate agent
0:15:24 > 0:15:29thinks of the potential of this three-bed house in Southampton.
0:15:29 > 0:15:31First impressions of this property are that
0:15:31 > 0:15:34it does need a complete programme of refurbishment,
0:15:34 > 0:15:36albeit the windows have been replaced. It's a good house,
0:15:36 > 0:15:39once it has been refurbished.
0:15:39 > 0:15:43The garden is a little small if you wanted to be overly critical,
0:15:43 > 0:15:45but the off-road parking is definitely an advantage.
0:15:45 > 0:15:49So, some serious updating needs to be done here.
0:15:49 > 0:15:52How much would a complete refurbishment cost?
0:15:52 > 0:15:55To bring it up to a good standard, you'd look to spend
0:15:55 > 0:15:57between £20,000 and £25,000 on it.
0:15:57 > 0:16:01On top of that 110,000 to 115,000 guide price,
0:16:01 > 0:16:05that could mean a possible outlay of £140,000.
0:16:05 > 0:16:08So, what could it sell for?
0:16:08 > 0:16:14Once renovated, I would say this property would be worth around £180,000 to £185,000.
0:16:14 > 0:16:16What about the rental option?
0:16:16 > 0:16:18If you're looking to rent it,
0:16:18 > 0:16:22you'd receive about £750 to £800 per calendar month.
0:16:25 > 0:16:28This house is a good family home, it's solid,
0:16:28 > 0:16:30and once you've got that kitchen layout sorted,
0:16:30 > 0:16:31well, it's practical.
0:16:31 > 0:16:34But it has been neglected by the modern world,
0:16:34 > 0:16:38and there is a considerable amount of work to do to bring it up to scratch.
0:16:38 > 0:16:40Still, at that guide price, there's money in it.
0:16:40 > 0:16:43Let's see who got lucky at the auction.
0:16:46 > 0:16:47Lot number one in your catalogue,
0:16:47 > 0:16:51somebody prepared to bid me just £100,000?
0:16:51 > 0:16:54Somebody prepared to get me under way, we have a bid in the front of 100.
0:16:54 > 0:16:57Looking for 101, lady on the corner.
0:16:57 > 0:16:58102, and 103.
0:16:58 > 0:17:00104, we have.
0:17:00 > 0:17:02105 on my right.
0:17:02 > 0:17:05106. It's 107 to you, madam.
0:17:05 > 0:17:07107 we have, need a new bid.
0:17:07 > 0:17:09108 there.
0:17:09 > 0:17:10109.
0:17:10 > 0:17:12110? You're there. 110.
0:17:12 > 0:17:14111's there. 112?
0:17:14 > 0:17:16No? Wish to come in at 112?
0:17:16 > 0:17:18New bidder here at 112.
0:17:18 > 0:17:19113, madam?
0:17:19 > 0:17:22114 to the gentleman. 115 to the lady.
0:17:22 > 0:17:24116, sir.
0:17:24 > 0:17:27We have? No? 116,000 to you, sir.
0:17:27 > 0:17:29I shall be selling.
0:17:29 > 0:17:32116...and the lady's come back in at 117.
0:17:32 > 0:17:36118 back to you, sir. Bid's against you, madam.
0:17:36 > 0:17:39No, it's 118,000 with you, sir.
0:17:39 > 0:17:421...new bid, sir. 119.
0:17:42 > 0:17:46120, directly in front of me. 121?
0:17:46 > 0:17:52121 here, on my right. 122, sir. 123?
0:17:52 > 0:17:56No? Give you a half, 122 and a half might do it? No.
0:17:56 > 0:17:59I have £122,000 in front of me going once,
0:17:59 > 0:18:02I have £122,000 twice,
0:18:02 > 0:18:06I have £122,000 for the third and the final time,
0:18:06 > 0:18:08Your property, sir, well done.
0:18:12 > 0:18:14Those happy bidders are Ged and Dawn,
0:18:14 > 0:18:18who've bought this as their first proper home together.
0:18:18 > 0:18:21Ged manages holiday cottages, as well as teaching part-time,
0:18:21 > 0:18:23and Dawn's a carer in the evenings.
0:18:23 > 0:18:30Ged's son lives just down the road, and the couple have been living with Dawn's parents while house hunting.
0:18:30 > 0:18:32So, they must be relieved.
0:18:32 > 0:18:36Guys, congratulations. So, have you bought the house of your dreams?
0:18:36 > 0:18:40Nearly! Almost.
0:18:40 > 0:18:43What did you think of it the first time you viewed it?
0:18:43 > 0:18:44Oh, I really liked it.
0:18:44 > 0:18:49We had just been viewing another property similar to this,
0:18:49 > 0:18:54apart from, in the 1960s, someone had taken out all the chimney breasts
0:18:54 > 0:18:57and knocked all the walls through to try and make it more modern,
0:18:57 > 0:18:59and it was completely soulless, had no character,
0:18:59 > 0:19:03and then to come and look round here, within about half an hour,
0:19:03 > 0:19:05was just fantastic,
0:19:05 > 0:19:09and we were running around and saying "yay, it's got fireplaces!",
0:19:09 > 0:19:12and just being very childish, and quite silly.
0:19:12 > 0:19:14But, no, it was great.
0:19:14 > 0:19:17So were you both on the lookout for a house to buy at auction?
0:19:17 > 0:19:19Yes.
0:19:19 > 0:19:20And why?
0:19:20 > 0:19:25Money, more than anything. Even with the way the property market had dropped,
0:19:25 > 0:19:28we couldn't really afford the prices people were quoting.
0:19:28 > 0:19:32We were both happy to put the extra work in, we were looking for somewhere with some character,
0:19:32 > 0:19:35and this one's hardly been touched since 1933.
0:19:35 > 0:19:39Well, they wanted somewhere with character, and they've certainly got it.
0:19:39 > 0:19:44But with this house comes a lot of essential work to modernise it.
0:19:44 > 0:19:47It's more than an average DIY-er would take on.
0:19:47 > 0:19:51So, what skills can the couple bring to the renovation?
0:19:51 > 0:19:54Most of it is just...hard work.
0:19:54 > 0:19:57It's not particularly badly off structurally,
0:19:57 > 0:20:01and we like it the way it is, so we won't be making too many changes to it.
0:20:01 > 0:20:05Now, Dawn, you say not structurally, you've got a bit of an issue with the front window,
0:20:05 > 0:20:09you really do need to get that checked. What do you guys know about it?
0:20:09 > 0:20:13Erm, well, we believe that this happened upstairs
0:20:13 > 0:20:20when the double glazing was fitted in the bay, and when it was put in down here...
0:20:20 > 0:20:24The weight isn't distributed correctly to keep the bay tied to the house,
0:20:24 > 0:20:25and it's just pulling away.
0:20:25 > 0:20:27It seems they've done their research,
0:20:27 > 0:20:32though I can't help feeling that this is going to be a tricky and expensive job.
0:20:32 > 0:20:36However, they seem enthusiastic about taking on the property.
0:20:36 > 0:20:39For heating, they plan to use two log burners,
0:20:39 > 0:20:42but that isn't straightforward either.
0:20:42 > 0:20:46We don't think we can afford to install them both straight away,
0:20:46 > 0:20:49so we'll probably install one to get us through the winter,
0:20:49 > 0:20:51and the other one in the run-up to next Christmas.
0:20:51 > 0:20:54One log burner throughout the whole winter, for the whole house?
0:20:54 > 0:20:55We'll be all right, we'll wear coats.
0:20:55 > 0:20:58You're going to have to wear lots of jumpers, and vests.
0:20:58 > 0:21:01So, what is your budget? If you had to write it down,
0:21:01 > 0:21:03how much have you got left to spend on this place?
0:21:03 > 0:21:05Er, we've got just under four grand.
0:21:05 > 0:21:07Just under £4,000?
0:21:07 > 0:21:09Yes, which we can't spend all at once.
0:21:09 > 0:21:10Can't spend it all at once?
0:21:10 > 0:21:13Four grand spread over how many months?
0:21:13 > 0:21:16Well, you see, some of that money is for our wedding.
0:21:16 > 0:21:18What?! So you're getting married as well?
0:21:18 > 0:21:22- Yes.- Yes, we are. We're due to get married in four weeks' time.
0:21:22 > 0:21:23Four weeks' time?
0:21:23 > 0:21:27- Mmm.- Mmm.- Oh, I can't take all this on! Oh, God!
0:21:27 > 0:21:32- I'm guessing that you've probably got about £1,000 to spend on this place.- Yes, about that.
0:21:32 > 0:21:36A thousand pounds. Well, young love can get you through a lot,
0:21:36 > 0:21:39but it won't sort out dodgy wiring,
0:21:39 > 0:21:41that pink bathroom,
0:21:41 > 0:21:45or any other unseen problems lurking.
0:21:45 > 0:21:47Still, Ged and Dawn aren't your typical couple,
0:21:47 > 0:21:49as shown by their choice of wedding venue,
0:21:49 > 0:21:52HMS Warrior in Portsmouth harbour!
0:21:52 > 0:21:54And the theme?
0:21:54 > 0:21:56Erm, Victorian steam punk.
0:21:56 > 0:22:00Excuse me? Vic... What is Victorian steam punk?
0:22:00 > 0:22:02That's a very good question!
0:22:02 > 0:22:04Did you make that up?!
0:22:04 > 0:22:07No, no, it does exist.
0:22:07 > 0:22:15Sort of, the clothing and the manners of Victorian or Edwardian Britain,
0:22:15 > 0:22:19but, with, sort of, modern elements and futuristic elements.
0:22:19 > 0:22:24So, things like coal-powered spaceships, and, er...
0:22:24 > 0:22:27Ray guns with unfeasible names.
0:22:27 > 0:22:28So have you two got your outfits sorted?
0:22:28 > 0:22:31- Nearly.- Yes, my mother's made them.
0:22:31 > 0:22:33So you're not in the traditional white gown?
0:22:33 > 0:22:39- No.- A sort of ivory-gold, Chinese style with phoenixes and dragons.
0:22:39 > 0:22:40And what are you wearing, dear?
0:22:40 > 0:22:42No, that's the wedding dress,
0:22:42 > 0:22:45and I'm in a bottle green, sort of Napoleonic coat.
0:22:45 > 0:22:49Well, you two really are right for each other, you SHOULD be getting married!
0:22:49 > 0:22:54Yes, we probably are best paired off, and taken out of general circulation.
0:22:54 > 0:22:57Well, no wonder there's no money left!
0:22:57 > 0:23:00They've got coal-fired rockets and fantasy wedding dresses to order!
0:23:05 > 0:23:08Ged and Dawn have got a lot on their plate,
0:23:08 > 0:23:12and the house could eat up huge amounts of money if they let it.
0:23:12 > 0:23:17And that bay window - well, that could really throw their plans into disarray.
0:23:17 > 0:23:20But, what they lack in cash, they've got in determination and love.
0:23:20 > 0:23:24And, I'll tell you what, it's not just the house I'm excited about,
0:23:24 > 0:23:29how about that wedding! You can find out how it all goes later on in the show.
0:23:30 > 0:23:31Still to come,
0:23:31 > 0:23:34this house in Lincolnshire comes with very strict rules.
0:23:34 > 0:23:36No pets, no children...
0:23:36 > 0:23:39I mean, the list just goes on and on.
0:23:40 > 0:23:46In Southampton, did Ged and Dawn's budget get them through the winter?
0:23:46 > 0:23:51By wearing lots of jumpers... lots of layers and lots of coats.
0:23:52 > 0:23:55But first, in Nottingham, did Peter and Judy
0:23:55 > 0:23:59manage to turn this wasteland into a three-bed des-res?
0:24:03 > 0:24:07Earlier, in Sutton In Ashfield near Nottingham,
0:24:07 > 0:24:11we met Peter and Judy, who bought this piece of wasteland for £38,500.
0:24:11 > 0:24:16But this was no ordinary plot of land, because it came with planning permission
0:24:16 > 0:24:19to build a detached three-bedroomed house.
0:24:19 > 0:24:23Peter and Judy have a portfolio of buy-to-let properties,
0:24:23 > 0:24:26and are used to doing renovation projects.
0:24:26 > 0:24:29But this was going to be their first ever build.
0:24:29 > 0:24:33Armed with an £80,000 budget and a six to eight month timescale,
0:24:33 > 0:24:37I reckon this was going to be a steep learning curve for them.
0:24:37 > 0:24:39I just hope it wasn't too steep.
0:24:44 > 0:24:47Well, seven months later, and it may be a dull day,
0:24:47 > 0:24:50but there's a shiny new development on the row.
0:24:50 > 0:24:54It's even got its own yellow brick road.
0:24:56 > 0:24:59Inside, there's an impressive living room,
0:24:59 > 0:25:03stretching from the back to the front,
0:25:03 > 0:25:06with a stylish coal-effect fire to add some warmth.
0:25:08 > 0:25:10And upstairs?
0:25:10 > 0:25:13Just up the stairs we've got quite a nice wide landing,
0:25:13 > 0:25:16and three bedrooms on the right, all looking out to the front.
0:25:16 > 0:25:19Bedroom one, two, and three.
0:25:21 > 0:25:25At the end of the hallway, a family bathroom.
0:25:27 > 0:25:31I think it's very good for a family, all the bedrooms together.
0:25:31 > 0:25:32The main room's next to the bathroom.
0:25:32 > 0:25:34We've put the same carpeting throughout,
0:25:34 > 0:25:38so somebody can do what they want with their own colour scheme and furniture.
0:25:38 > 0:25:42Well, we just decided to go for the basic magnolia walls and beige carpet,
0:25:42 > 0:25:47it sounds really boring, but that's the best thing to do when you're trying to sell a house.
0:25:47 > 0:25:50It gives anybody a blank canvas to do what they want to do,
0:25:50 > 0:25:52and they can imagine their own furniture in.
0:25:52 > 0:25:58Back downstairs, and a modern, functional kitchen completes our tour of the house.
0:25:59 > 0:26:04Peter and Judy have stayed pretty faithful to the original planned layout,
0:26:04 > 0:26:07with only some minor alterations.
0:26:07 > 0:26:10There was a proposed side bay window for the living room,
0:26:10 > 0:26:13but that was shelved as it was considered too near the road.
0:26:13 > 0:26:16But the best change was at the back.
0:26:18 > 0:26:22Well, what we've done here is we've added this patio door,
0:26:22 > 0:26:25out into this patio area. That wasn't in the original design,
0:26:25 > 0:26:27so we made a separate application to include that.
0:26:27 > 0:26:31We thought it was important that a family can look out onto the back garden,
0:26:31 > 0:26:34and keep an eye on the children in the back garden here.
0:26:34 > 0:26:38And the garden area, obviously you've got quite a big lawned area,
0:26:38 > 0:26:41all fenced in so it's secure for children and pets.
0:26:41 > 0:26:45And through the other side is parking for two cars, off-road.
0:26:45 > 0:26:48We thought about putting in a garage,
0:26:48 > 0:26:49but I talked to a few agents,
0:26:49 > 0:26:52and they said it would help to sell the property,
0:26:52 > 0:26:55but it wouldn't add much value, not as much as it would cost to build.
0:26:55 > 0:27:00I think a garage would have been a plus point when it came to selling the house.
0:27:00 > 0:27:05Patio doors were definitely the missing element in linking the garden and house together,
0:27:05 > 0:27:09so their addition now creates a good flow from inside to outside.
0:27:09 > 0:27:14But unfortunately, not everything flowing from the house was so straightforward.
0:27:14 > 0:27:18The main problem we've had during the construction, really,
0:27:18 > 0:27:22was the connection of the foul water and surface water drains.
0:27:22 > 0:27:24The foul water drain runs down the road outside,
0:27:24 > 0:27:26and it's four metres deep.
0:27:26 > 0:27:29So it was very deep, and it's on the other side of the road.
0:27:29 > 0:27:33The quotes I was getting for the connection were several thousand pounds,
0:27:33 > 0:27:34which actually shocked me.
0:27:44 > 0:27:48In fact, the final cost of connecting the waste water system
0:27:48 > 0:27:51was £7,500.
0:27:51 > 0:27:55Obviously, it's not money down the drain, but it must have hit the final spend.
0:27:55 > 0:27:57In terms of the cost,
0:27:57 > 0:28:01I think I said at the outset something like 75,000 to 85,000,
0:28:01 > 0:28:03and in the end it cost 88,000.
0:28:03 > 0:28:08I think a lot of that was due to this cost of the drainage, which was higher than anticipated.
0:28:08 > 0:28:13As the plot cost Peter and Judy 38,500 plus some additional expenses,
0:28:13 > 0:28:17their total spend rounds up to just under 130,000.
0:28:17 > 0:28:20That's about 10,000 more than they anticipated.
0:28:20 > 0:28:23But that hasn't blunted their enthusiasm for the project,
0:28:23 > 0:28:27or kept Peter from practising his swing!
0:28:27 > 0:28:30I still manage to fit in about three rounds of golf a week,
0:28:30 > 0:28:32because you can plan around it,
0:28:32 > 0:28:34but I was still coming here two or three times a week,
0:28:34 > 0:28:37and towards the end I've been coming out most days to get it finished.
0:28:37 > 0:28:41At the beginning you can't imagine what it's going to end up like, really,
0:28:41 > 0:28:45and now it's all finished, even last week it didn't look anything like this,
0:28:45 > 0:28:47so I'm so pleased.
0:28:47 > 0:28:52I think that, for their first build, Peter and Judy have got a spot-on product.
0:28:52 > 0:28:56There are some minor quibbles, on top of that lack of a garage
0:28:56 > 0:28:59there's also no en suite upstairs for the main bedroom,
0:28:59 > 0:29:01something people do expect in new builds.
0:29:01 > 0:29:04But in general it's a good-sized modern house,
0:29:04 > 0:29:08and a welcome addition in a much sought-after residential area.
0:29:08 > 0:29:13I'm just pleased with the quality of the whole house, and the surroundings.
0:29:13 > 0:29:15I think it's come out as well as I'd hoped.
0:29:15 > 0:29:17I wanted to do a first-class job,
0:29:17 > 0:29:19and I think, for a small three-bedroomed house,
0:29:19 > 0:29:21it's probably as good a quality as you'll find.
0:29:24 > 0:29:28Now the house is finished, Peter and Judy want to get rid of it.
0:29:28 > 0:29:30So, time for two local estate agents to inspect it,
0:29:30 > 0:29:36and tell us what sort of return the couple could expect on their £130,000 development.
0:29:36 > 0:29:40I love how bright and airy it is, there's plenty of natural light which is always good,
0:29:40 > 0:29:43especially on a dull day like this.
0:29:43 > 0:29:46The kitchen is brilliant, the flooring is exceptional,
0:29:46 > 0:29:49and I do think the finish is very high-standard.
0:29:49 > 0:29:51It seems much bigger than I thought it would be,
0:29:51 > 0:29:53because the plot seemed a lot smaller.
0:29:53 > 0:29:55I like the finish on the property,
0:29:55 > 0:29:58although small, it's in a very nice residential area.
0:29:58 > 0:30:03Both estate agents feel the property market is on the upturn,
0:30:03 > 0:30:06so, what could the couple achieve on a re-sale?
0:30:06 > 0:30:10I'd value this house today at 169,950,
0:30:10 > 0:30:14and hope to achieve offers in the region of £165,000.
0:30:14 > 0:30:19I would value this property at between £165,000 and £175,000.
0:30:19 > 0:30:22I think that sounds a little high for this area,
0:30:22 > 0:30:25and also we want to sell it quickly,
0:30:25 > 0:30:28so we're planning to put it on the market asking 160,000,
0:30:28 > 0:30:30and hope to get a quick sale.
0:30:30 > 0:30:35That could give them a possible pre-tax profit of nearly £30,000.
0:30:35 > 0:30:38But, if after three months, no-one takes the bait,
0:30:38 > 0:30:40then what could the rental return be?
0:30:40 > 0:30:43I think, if they got to the right family market,
0:30:43 > 0:30:46they'd look to rent at about £600 per calendar month.
0:30:46 > 0:30:51It would get a rental income of around £550 to £600 per calendar month.
0:30:51 > 0:30:54Yeah, I think the 550 to 600's about the area we expected.
0:30:54 > 0:30:59Maybe asking 600 and getting 575, and if we get to the point where we want to rent it,
0:30:59 > 0:31:01I think we'd be happy with that kind of rental.
0:31:05 > 0:31:10Peter and Judy have had a pretty painless experience with this build, apart from the drains.
0:31:10 > 0:31:15However, they plan to stick to a renovation project next,
0:31:15 > 0:31:17although new builds aren't out of the frame.
0:31:17 > 0:31:21Peter sees them as a learning curve for a more personal project.
0:31:21 > 0:31:25To do this has been part of realising an ambition, which was to build a house,
0:31:25 > 0:31:30it wasn't for us to live in, but I've gone through the process and learned a lot in doing that,
0:31:30 > 0:31:33which will help me a lot the next time, and if we ever do one for ourselves,
0:31:33 > 0:31:36I'll be in a better place to do it.
0:31:51 > 0:31:56Well, in the heart of the beautiful Lincolnshire countryside
0:31:56 > 0:32:00is the village of Torksey, and these, the Fosdyke Navigations.
0:32:00 > 0:32:04Now, these were built by the Romans, and they have the honour of being
0:32:04 > 0:32:07one of the oldest canals in the country. It's 11 miles long.
0:32:07 > 0:32:12That's very interesting, because the property I'm here to see also caters for a more mature marketplace.
0:32:14 > 0:32:17I'm not saying canals are just for the older generation,
0:32:17 > 0:32:22absolutely not. But there is a certain appeal to the slower pace of life.
0:32:22 > 0:32:26It's just that this canal in particular backs on to a quiet, leafy spot
0:32:26 > 0:32:30which looks like a really well-maintained holiday camp.
0:32:30 > 0:32:33It's a place where the ducks are used to being fed by passers-by.
0:32:33 > 0:32:35I think I've got a fan club!
0:32:35 > 0:32:38So, what exactly am I here to see?
0:32:40 > 0:32:44Well, you can get the Hi-De-Hi theme tune out of your head straight away,
0:32:44 > 0:32:50these aren't holiday homes, they're in fact permanent houses for senior members of society.
0:32:50 > 0:32:53It's a luxury complex - there's over 300 of these, and one of them
0:32:53 > 0:32:56was up for auction. It had a guide price of 40,000 quid,
0:32:56 > 0:32:58two bedrooms, let's take a look inside.
0:33:00 > 0:33:03These static mobile homes are all-timber structures,
0:33:03 > 0:33:06designed to last around 60 years.
0:33:06 > 0:33:10The 339 homes are well spaced out, on individual plots,
0:33:10 > 0:33:13so they have their own patches of garden.
0:33:13 > 0:33:17It's all set in extremely well-maintained grounds,
0:33:17 > 0:33:18and if you've never been inside one,
0:33:18 > 0:33:21well, you might be quite surprised by what you find.
0:33:21 > 0:33:24Not a bad sized space, and good ceiling height too,
0:33:24 > 0:33:29although these beams, or fake beams, make it feel a little bit more claustrophobic than it actually is,
0:33:29 > 0:33:32as does the dark carpet, so definitely change those around.
0:33:32 > 0:33:35But it's not a bad sized space. This is your living area,
0:33:35 > 0:33:39you've got an electric fire there, you have got gas central heating,
0:33:39 > 0:33:42propane gas though it may be, so that's quite good.
0:33:42 > 0:33:43Through to the kitchen,
0:33:43 > 0:33:47it's fitted, you've got space for your units,
0:33:47 > 0:33:51it's a fully serviceable kitchen, it obviously needs to be replaced as it's very dated.
0:33:51 > 0:33:55But, of course, do remember, at the end of the day,
0:33:55 > 0:33:58don't spend too much money doing this place up, because,
0:33:58 > 0:34:01when it comes down to it, it is still a caravan.
0:34:01 > 0:34:06Albeit a very well-appointed one, designed for all-year living.
0:34:06 > 0:34:09Overall, it's a well laid-out space.
0:34:09 > 0:34:12There's a shower room in the middle,
0:34:12 > 0:34:16a second bedroom easily big enough for a double once you clear out those units,
0:34:16 > 0:34:19and at the back, a good-sized double.
0:34:19 > 0:34:23At the rear there's an outhouse that could be used for a utility room.
0:34:23 > 0:34:28So, at around that £40,000 guide price, it's a snip
0:34:28 > 0:34:30compared with anything in the nearby village.
0:34:30 > 0:34:34But there are a few things that might not float your boat.
0:34:36 > 0:34:39Well, with this place it's not so much what you could do,
0:34:39 > 0:34:40but what you would be allowed to do.
0:34:40 > 0:34:45There are a whole raft of rules and regulations governing living here.
0:34:45 > 0:34:49You certainly couldn't extend, each of these has its own plot and that is that.
0:34:49 > 0:34:51You can't change the exterior.
0:34:51 > 0:34:53You can't rent the place out,
0:34:53 > 0:34:55you have to use a rotary clothesline,
0:34:55 > 0:34:58I mean, the list just goes on and on.
0:34:58 > 0:35:02And, if the owners don't think you're fitting in with their rules and regulations,
0:35:02 > 0:35:04they won't allow you to live here.
0:35:04 > 0:35:10So, unless you are of a certain age, wanting a very quiet life and are pet-less,
0:35:10 > 0:35:13this really isn't the mobile for you.
0:35:13 > 0:35:18These rules are to maintain a good living environment for the residents,
0:35:18 > 0:35:21but it does limit the market severely,
0:35:21 > 0:35:24and with that no sub-letting rule, this is not an investment
0:35:24 > 0:35:27a developer could simply add to his portfolio.
0:35:27 > 0:35:30In fact, it's not a business proposition at all.
0:35:32 > 0:35:35I can see, however, why this property would appeal.
0:35:35 > 0:35:39It's less to do with the home than the location,
0:35:39 > 0:35:41it is absolutely gorgeous. You've got ten acres of park,
0:35:41 > 0:35:43You've got three fishing lakes,
0:35:43 > 0:35:46you've got the canal, I mean, it's gorgeous,
0:35:46 > 0:35:51so why wouldn't you want to maybe sell up, move somewhere like this where it's safe and secure,
0:35:51 > 0:35:55and live out your retirement here? That's the dream, isn't it?
0:35:55 > 0:35:57It may not be everyone's cup of tea,
0:35:57 > 0:36:03but for some, this place represents the chance to enjoy a great quality of life, at, most importantly,
0:36:03 > 0:36:05an affordable price.
0:36:07 > 0:36:11This unusual property was guided at £40,000.
0:36:11 > 0:36:13I asked a local estate agent
0:36:13 > 0:36:15what he thought of its potential.
0:36:15 > 0:36:17Compared to other developments nearby,
0:36:17 > 0:36:21we've got excellent facilities, the designs are quite unique,
0:36:21 > 0:36:23and built to a good standard.
0:36:23 > 0:36:26Built to a good standard, but it is tired and dated.
0:36:26 > 0:36:30A renovation would cost between £5,000 and £10,000,
0:36:30 > 0:36:33so what does it need, and how much would a sale achieve?
0:36:33 > 0:36:37The property does need some internal refurbishment,
0:36:37 > 0:36:40particularly an update of kitchen, bathroom suites and decoration.
0:36:40 > 0:36:45With the right money spent on it, I believe this property could be worth in the region of £50,000.
0:36:49 > 0:36:54Well, this isn't going to suit everyone, but then the chance to live in a location like this
0:36:54 > 0:36:56doesn't come up every five minutes.
0:36:56 > 0:36:59So, for somebody it will be the perfect choice.
0:36:59 > 0:37:01Let's finds out who that was at the auction.
0:37:06 > 0:37:11Lot number 20, which is 23 Poplar Drive,
0:37:11 > 0:37:13The Elms, Torksey.
0:37:13 > 0:37:19And who'd like to bid me £20,000 for this mobile home? £20,000 for it, please.
0:37:19 > 0:37:2310 you say? OK, we start at £10,000.
0:37:23 > 0:37:25At 10,000. 12. At 12.
0:37:25 > 0:37:2714. 14.
0:37:27 > 0:37:2916, it's right at the back of the room.
0:37:29 > 0:37:30At 16,000.
0:37:30 > 0:37:3318. At 18. At 18,000,
0:37:33 > 0:37:36I'll take another £1,000 if it helps.
0:37:36 > 0:37:3819,000. At 19,000.
0:37:38 > 0:37:4020. At £20,000.
0:37:40 > 0:37:43That's £20,000 I have.
0:37:43 > 0:37:45At 20. 21.
0:37:45 > 0:37:49At £21,000. At £21,000.
0:37:49 > 0:37:52Once, that's £21,000. Twice.
0:37:52 > 0:37:57The third and last time, selling at £21,000.
0:37:57 > 0:37:58The gentleman seated...
0:38:02 > 0:38:08The successful bidders were Stuart and Tracy, who don't look quite old enough to be moving in.
0:38:08 > 0:38:14In fact, they're brother and sister. I met them at the property to find out more.
0:38:14 > 0:38:18- Tracy, Stuart, lovely to meet you both.- Hello. - Why do you want to buy this?
0:38:18 > 0:38:21Well, we actually own The Elms,
0:38:21 > 0:38:23which is a retirement park homes park.
0:38:23 > 0:38:26So when we knew that this property was coming up for auction,
0:38:26 > 0:38:31we wanted to make sure that we secured the property in order to maintain the integrity of the park,
0:38:31 > 0:38:36and, obviously, people that move here have to be retired or semi-retired,
0:38:36 > 0:38:39we have a no pets rule, children aren't resident here,
0:38:39 > 0:38:43and so we thought we'd go along and see if we could make sure it was us that bought the property.
0:38:43 > 0:38:47Oh, wow. Were you surprised in some ways that it ended up at auction?
0:38:47 > 0:38:49Yeah, I mean, it's the first it's ever happened.
0:38:49 > 0:38:52Normally, people can either sell it themselves,
0:38:52 > 0:38:55put it in the hands of an estate agent or will it to their family,
0:38:55 > 0:38:57and it was really totally the wrong type of sale,
0:38:57 > 0:39:02because if a young couple had bought it in their early 20s with children,
0:39:02 > 0:39:04they'd have had the legal right to own the home,
0:39:04 > 0:39:06but not the right to live in it,
0:39:06 > 0:39:08because they didn't conform to the park rules,
0:39:08 > 0:39:12so it could have got really awkward, and a bit tricky.
0:39:12 > 0:39:14- Messy, very messy!- Potentially.
0:39:14 > 0:39:21Stuart and Tracy had tried to buy it before, but the sellers felt they would get a better price at auction.
0:39:21 > 0:39:24As the house went for 21,000, it seems they were right.
0:39:24 > 0:39:27That was more than they anticipated,
0:39:27 > 0:39:34but keeping it was vital, even if it meant going into the competitive environment of the auction room.
0:39:34 > 0:39:37I've never been to an auction before, so that was a bit of fun.
0:39:37 > 0:39:41- I think you've attended auctions before but never bid? - Yeah, I've been before.
0:39:41 > 0:39:46The price tumbled down, it went 40, 30, 20, 10,
0:39:46 > 0:39:49and I was thinking, "this is going to be all right", and then it was like,
0:39:49 > 0:39:5511, 12, 13, and it shot up, and it just seemed to be I was the last person that went "21",
0:39:55 > 0:39:58and it was bought. It was over in seconds.
0:39:58 > 0:40:00Yeah, it does, it goes really quickly.
0:40:00 > 0:40:05We was trying to find out who else was bidding, because I couldn't see anyone else.
0:40:05 > 0:40:10We were trying to see what age group they were as well, are they retired, semi-retired? Can we judge?
0:40:10 > 0:40:12But now they have their hands on it,
0:40:12 > 0:40:17Stuart and Tracy can focus on renovating this tired member of the site's properties.
0:40:17 > 0:40:24The house is only 20 years into its 60-year lifespan, so there are still some legs left in it.
0:40:24 > 0:40:28The aim is to convert it into a show home, to attract more potential customers.
0:40:28 > 0:40:33- What are you going to do to it? - Everything.- Yeah, I think it needs everything,
0:40:33 > 0:40:35we'll do the central heating,
0:40:35 > 0:40:36the windows and doors...
0:40:36 > 0:40:38- Really?- Yeah,
0:40:38 > 0:40:42just absolutely start it again from scratch. The thing is,
0:40:42 > 0:40:46normally people refurbish a property and once they've sold it they can walk away,
0:40:46 > 0:40:48and if they've only sort of titivated it,
0:40:48 > 0:40:52and somebody finds out after, then they've gone and the new owner finds out later,
0:40:52 > 0:40:54whereas we sell a property to somebody,
0:40:54 > 0:40:56and our office is only 100 yards up the road,
0:40:56 > 0:40:59so they'll come knocking on the door, and think,
0:40:59 > 0:41:01"you put a cheap boiler in",
0:41:01 > 0:41:07so, we absolutely scrap everything so that we can sell it and know 100% that, when we've sold it to them,
0:41:07 > 0:41:10nothing's going to go wrong, nothing's going to fall off.
0:41:10 > 0:41:13So, it is a really major job.
0:41:13 > 0:41:15How much money will you spend?
0:41:15 > 0:41:18Erm, we'll probably spend in the region of about 35,000, which...
0:41:18 > 0:41:2035,000?!
0:41:20 > 0:41:22- Yeah, but the thing is... - On a caravan!
0:41:22 > 0:41:25Oh! How dare you!
0:41:26 > 0:41:28I think I touched a bit of a raw nerve there!
0:41:28 > 0:41:31But then the site is more than just a business
0:41:31 > 0:41:32to Stuart, Tracy, and the family.
0:41:32 > 0:41:39This successful enterprise was built up from nothing by their father 40 years ago.
0:41:39 > 0:41:41Was it pretty hard for him at the start?
0:41:41 > 0:41:42Very difficult, yes.
0:41:42 > 0:41:45We moved up here as a family, not much money,
0:41:45 > 0:41:48and Dad was digging holes and working on the site,
0:41:48 > 0:41:52and then he would go and do, well...which pit was he...?
0:41:52 > 0:41:54He went to Bevercotes Colliery...
0:41:54 > 0:41:56So he was a miner?
0:41:56 > 0:41:59Well, he became a miner out of necessity, just to keep things going
0:41:59 > 0:42:02because it was a real struggle in the early days,
0:42:02 > 0:42:07and he did that for about five to six years, which he keeps reminding us about on a regular basis.
0:42:07 > 0:42:10But he was working down the mines at night and here during the day?
0:42:10 > 0:42:15Yeah, he'd go and do his shift down there and then come home,
0:42:15 > 0:42:17and he said some days he'd eat his tea stood up,
0:42:17 > 0:42:19he didn't dare sit down because he was so tired,
0:42:19 > 0:42:21and then he'd work on the park,
0:42:21 > 0:42:24have about four hours' sleep, then get up and do it all over again.
0:42:24 > 0:42:27He did that for years, to give it that push it needed.
0:42:27 > 0:42:28And everybody told him,
0:42:28 > 0:42:32when we moved up here that it would never work, you know,
0:42:32 > 0:42:35"you're in the middle of nowhere, you're dreaming",
0:42:35 > 0:42:38but that, probably, was more of a challenge to Dad.
0:42:38 > 0:42:43He stuck his heels in, he said no, and he's turned it into one of the best parks in the country.
0:42:43 > 0:42:44He's done all the hard work.
0:42:44 > 0:42:46Yeah, he's worked very hard.
0:42:46 > 0:42:48It took a long, long time to get him to retire.
0:42:48 > 0:42:53He's only just really switched off now, he still likes to know what we're doing.
0:42:53 > 0:42:57A very interesting story, but I'm very happy it's turned out the way it has for you.
0:42:57 > 0:42:59- Good luck with it.- Thank you. - Thank you.
0:43:05 > 0:43:10So, this tired little place is destined to be a show home.
0:43:10 > 0:43:15Nice end to the story, and of course Stuart and Tracy protecting the park and their own position.
0:43:15 > 0:43:19However, it does seem like they're going to spend a heck of a lot sorting it out,
0:43:19 > 0:43:22and in today's current market, is that wise?
0:43:22 > 0:43:24You can find out later in the show.
0:43:27 > 0:43:33Rome wasn't built in a day, and property transformations usually take a while, too.
0:43:33 > 0:43:37So, how did our buyers get on? Let's go back and find out.
0:43:39 > 0:43:41Back to Bitterne in Southampton now,
0:43:41 > 0:43:47to find out how Ged and Dawn got on with that three-bedroom house they bought at auction
0:43:47 > 0:43:48for £122,000.
0:43:48 > 0:43:51This was to be their first home together.
0:43:51 > 0:43:56It was the character that had them hooked, and that was just as well.
0:43:56 > 0:43:58With their forthcoming nuptials eating up their savings,
0:43:58 > 0:44:01and that serious crack in the bay window to contend with,
0:44:01 > 0:44:05they only had £1,000 to spend on the house.
0:44:05 > 0:44:09It was going to be a testing time,
0:44:09 > 0:44:13but six months later, it looks as if Ged and Dawn have made it this far.
0:44:13 > 0:44:15The garage has had a new coat of paint,
0:44:15 > 0:44:20but, more importantly, that bay window problem seems to have been sorted.
0:44:21 > 0:44:24Plus some new guttering has been installed.
0:44:24 > 0:44:28Inside, the living room has been decorated,
0:44:28 > 0:44:31and now looks a warm and cosy family room.
0:44:34 > 0:44:38But there's still evidence of the work done to fix that bay window.
0:44:38 > 0:44:42We've had the windows down, the upstairs part of the bay,
0:44:42 > 0:44:45the middle section, we've taken all the bricks out.
0:44:45 > 0:44:48We've taken the bottom windows out and put them back up again,
0:44:48 > 0:44:50but this time with the steel supports in the corners.
0:44:50 > 0:44:52Same windows, but with the steel supports in,
0:44:52 > 0:44:58and then put it all back up again. So, because they tried to cut corners and save themselves £120,
0:44:58 > 0:45:01it's cost us £1,500 to put it right.
0:45:01 > 0:45:08Getting rid of that major crack also seems to have emptied their entire £1,000 budget, plus a bit more.
0:45:08 > 0:45:12So, there was no money left for any big changes.
0:45:12 > 0:45:16Yet the ground floor shows that Ged and Dawn have brought their own individual,
0:45:16 > 0:45:18eclectic style to the interior,
0:45:18 > 0:45:22and some detective work bagged them a few bargains.
0:45:22 > 0:45:24The kitchen's an original 1960s kitchen,
0:45:24 > 0:45:27we bought it cheaply through an internet site,
0:45:27 > 0:45:30about £150 including the cooker. We love the hob,
0:45:30 > 0:45:32it's half gas, half electric,
0:45:32 > 0:45:38so when the door's open the gas won't blow out because we can move simmering things on to the electric.
0:45:38 > 0:45:42Eventually, the plan is to build out sideways,
0:45:42 > 0:45:45there's some wasted space there which isn't really getting used.
0:45:45 > 0:45:48The garden's small so we didn't want to go back,
0:45:48 > 0:45:51but we didn't want to make a kitchen-diner,
0:45:51 > 0:45:54because we really like the proportions of the dining room.
0:45:54 > 0:45:58But even fitting that kitchen wasn't problem-free.
0:45:58 > 0:46:02We moved in, needed a kitchen quickly, started to take up the old lino...
0:46:02 > 0:46:07The plan was just to put down the new lino, put the kitchen in and we'd get it done in a weekend.
0:46:07 > 0:46:12And the floor was rotten, so we had to buy timber and replace the joists
0:46:12 > 0:46:16and the floorboards for about two thirds of the kitchen.
0:46:16 > 0:46:19The bit I'm standing on now doesn't collapse, but would've done before.
0:46:19 > 0:46:22We'd got rot coming in from the coal shed next door,
0:46:22 > 0:46:25and the damp seal had gone, and we've replaced that.
0:46:25 > 0:46:27But all fairly straightforward stuff.
0:46:29 > 0:46:33So that was another unexpected hit on their already endangered finances.
0:46:33 > 0:46:36Where will it end? Well, there, fortunately,
0:46:36 > 0:46:38because all the decoration's been done,
0:46:38 > 0:46:41with budget wallpaper and end-of-the-line paint.
0:46:41 > 0:46:45The house is homelier, and has a warmer atmosphere now.
0:46:45 > 0:46:48However, that's not how it was during the winter,
0:46:48 > 0:46:50as this log burner was their only heat source.
0:46:50 > 0:46:53So, how did they keep warm?
0:46:53 > 0:46:58By wearing lots of jumpers! Lots of layers and lots of coats.
0:46:58 > 0:47:02And hopefully this winter we'll... (LAUGHS)
0:47:02 > 0:47:04we'll live here rather than exist here.
0:47:04 > 0:47:11But, with a few more burners, I don't think they'll need any thermal underwear on this winter.
0:47:11 > 0:47:15For Ged and Dawn, it's been a tough few months getting the house in order.
0:47:15 > 0:47:21Their renovation budget finally totalled £2,500 - more than they could afford,
0:47:21 > 0:47:23but it was essential work.
0:47:23 > 0:47:29Yet, through the dark times, they did have their wedding day to look back on.
0:47:29 > 0:47:30We had a fantastic wedding.
0:47:30 > 0:47:34It went wonderfully well, so many of our friends and family turned up
0:47:34 > 0:47:37wearing the themed clothing, which I wasn't expecting.
0:47:37 > 0:47:41We were very... I was very happy with the clothes that your mum made,
0:47:41 > 0:47:46they made the occasion that much more special, and it couldn't have gone better.
0:47:51 > 0:47:53It's been six months since they bought the house.
0:47:53 > 0:47:56We've invited along two estate agents
0:47:56 > 0:47:59to see if the market has given them a helping hand
0:47:59 > 0:48:02with their £124,500 investment.
0:48:04 > 0:48:08The things I like about this property is that it's a good, family home,
0:48:08 > 0:48:09good sized rooms,
0:48:09 > 0:48:13but it retains some original features such as fireplaces and picture rails.
0:48:13 > 0:48:18My first impressions on this property is, obviously, it's in need of modernisation,
0:48:18 > 0:48:21but overall I would imagine it will be a good project for someone.
0:48:21 > 0:48:24It's a great location, a good school catchment area,
0:48:24 > 0:48:27and, overall, it's a good family property.
0:48:27 > 0:48:30The property, I think, needs a new kitchen,
0:48:30 > 0:48:35but I think it would be worthwhile extending the kitchen at the same time.
0:48:35 > 0:48:39A new bathroom would obviously finish it rather nicely for the family market.
0:48:39 > 0:48:43The agents reckon that in its current state,
0:48:43 > 0:48:47the house could have a rental value of up to £675 per calendar month.
0:48:47 > 0:48:51Ged and Dawn have no plans to rent it out,
0:48:51 > 0:48:52but what if they decide to sell?
0:48:52 > 0:48:55In the current condition, I would value it at £129,000,
0:48:55 > 0:48:58to achieve £125,000.
0:48:58 > 0:49:01In its current condition, I would put this property on the market
0:49:01 > 0:49:04for £135,000 to £140,000.
0:49:04 > 0:49:07I'm certainly happy with the 135 to 140 valuation,
0:49:07 > 0:49:11I think it's more realistic as well looking at the value of properties up and down the road.
0:49:11 > 0:49:18With their total spend of £124,500, that would give them a possible pre-tax profit
0:49:18 > 0:49:21of about 10,000 to 15,000.
0:49:21 > 0:49:25The estate agents estimate that renovating the property could cost
0:49:25 > 0:49:30between 10,000 to 15,000, so what could they sell it for once that's done?
0:49:30 > 0:49:35Once this property's been fully refurbished, I would value this property at £175,000.
0:49:35 > 0:49:39We would be putting this house on the market for £175,000.
0:49:39 > 0:49:46So if renovating the house took their spend to just under 140,000,
0:49:46 > 0:49:53then if they ever decide to sell, they could make a possible pre-tax profit of just over £35,000.
0:49:59 > 0:50:03Both Ged and Dawn have had a tough time getting this place into shape.
0:50:03 > 0:50:05They've still got some way to go,
0:50:05 > 0:50:07but they're here for the long haul,
0:50:07 > 0:50:11and hopefully this house will eventually be their dream come true.
0:50:14 > 0:50:17Is it our dream home? I don't know.
0:50:17 > 0:50:22We'll see in a few years' time, but right now, it's the right home.
0:50:25 > 0:50:29In the village of Torksey near Lincoln,
0:50:29 > 0:50:31we met Stuart and Tracy.
0:50:31 > 0:50:35Along with the rest of their family, they own this award-winning retirement park.
0:50:35 > 0:50:39When one of the mobile homes went to auction,
0:50:39 > 0:50:42they bought it for 21,000 to turn it into a new show home.
0:50:42 > 0:50:46So, something like this wouldn't need a big budget, right?
0:50:46 > 0:50:49We'll probably spend in the region of about 35,000, which I...
0:50:49 > 0:50:53- 35,000!- Yeah, but the thing is... - On a caravan?!
0:50:53 > 0:50:56Oh! How dare you!
0:50:56 > 0:51:00I mentioned the dreaded word there, but I think I got away with it.
0:51:00 > 0:51:04But, seriously, this static mobile home did need some updating.
0:51:04 > 0:51:09I just can't believe it's 35 grand's worth of renovation!
0:51:11 > 0:51:16Well, it's been four months, and, from the outside, it looks a lot cleaner and fresher.
0:51:16 > 0:51:21The garden gravel is now gone, to be replaced by an attractive lawn and paving.
0:51:23 > 0:51:28The tired, dated living room has given way to more contemporary furnishings,
0:51:28 > 0:51:32with lighter tones creating a spacious feel.
0:51:32 > 0:51:37So, when we first started looking at styling and furnishing this home,
0:51:37 > 0:51:40we knew that there were practical issues that we had to consider,
0:51:40 > 0:51:44such as, the wall covering has to be the textured wallpaper,
0:51:44 > 0:51:48to deal with the seams with the timber structure of the property.
0:51:48 > 0:51:51But once we've dealt with one or two issues like that,
0:51:51 > 0:51:53we can then start to look at the nice bits,
0:51:53 > 0:51:57the wall lights and fixtures and fittings, and, obviously,
0:51:57 > 0:51:59the furniture that we place in the home.
0:51:59 > 0:52:02We wanted to keep it classic modern,
0:52:02 > 0:52:05so, modern, but not over the top for our customer base,
0:52:05 > 0:52:07which is the 50+ age group.
0:52:07 > 0:52:10And, we think the styling we've chosen for the home,
0:52:10 > 0:52:12the fact that we've finished and dressed it,
0:52:12 > 0:52:16and finished it off as if you were living in it, almost,
0:52:16 > 0:52:19that we've achieved what we were setting out to do.
0:52:19 > 0:52:23The age of their prospective customers ranges from 50 to 80,
0:52:23 > 0:52:27so Stuart and Tracy seem to have struck the right decorative style here.
0:52:30 > 0:52:35The bedrooms are also decorated in relaxing, neutral tones.
0:52:35 > 0:52:40As there is limited space, there are fitted units rather than freestanding cupboards.
0:52:43 > 0:52:46The old shower room has been totally renovated,
0:52:46 > 0:52:49with the welcome addition of a bath.
0:52:52 > 0:52:55So, all in all a good interior renovation.
0:52:55 > 0:52:58But, don't forget the exterior.
0:52:59 > 0:53:03One of the problems that we had was having to re-skin the outside of the home.
0:53:03 > 0:53:07We thought we'd get away with just a lick of paint,
0:53:07 > 0:53:10and it turned it up to a complete re-skin, which cost a fortune -
0:53:10 > 0:53:11about £4,000.
0:53:11 > 0:53:14But that wasn't the only problem, we had to get the colour right.
0:53:14 > 0:53:19We had to try and darken it by 20 years, by just putting lots of coats of paint on,
0:53:19 > 0:53:22to try and get the colour to match the other properties surrouding.
0:53:22 > 0:53:24Maybe it just wants to stand out,
0:53:24 > 0:53:28though that difference must have browned Tracy and Stuart off.
0:53:28 > 0:53:32But I reckon everything else about this renovation has passed with flying colours.
0:53:32 > 0:53:36So, did the overhaul really cost 35,000?!
0:53:36 > 0:53:42It isn't just a lick of paint, it has been a complete overhaul of the entire property,
0:53:42 > 0:53:44so, to be honest, bar the frame, chassis and roof,
0:53:44 > 0:53:46we've practically replaced the entire property.
0:53:46 > 0:53:51So that's why we've managed to clock up £35,000.
0:53:51 > 0:53:55Add that to their purchase price of 21,000,
0:53:55 > 0:53:58and their total spend will be 56,000 quid.
0:53:58 > 0:54:01They're not likely to see any return soon, because the plan
0:54:01 > 0:54:06is to have this show home on display for the next 18 months.
0:54:06 > 0:54:09We've probably had a little bit bigger budget this time,
0:54:09 > 0:54:13because we wanted it to be something a bit more special to catch people's eye,
0:54:13 > 0:54:14or catch the customers' eyes.
0:54:14 > 0:54:19Stuart and Tracy value the updated home at £90,000,
0:54:19 > 0:54:24but any profit margin they had will be eaten into by paying for insurance,
0:54:24 > 0:54:26rates, and maintaining the garden.
0:54:26 > 0:54:31For now, it's a loss leader, which will hopefully bring in new customers.
0:54:31 > 0:54:32We had an open weekend last weekend,
0:54:32 > 0:54:37and the feedback was really positive, everybody said it was really surprising.
0:54:37 > 0:54:39I think sometimes people that are new to this concept come,
0:54:39 > 0:54:42and are expecting something quite different,
0:54:42 > 0:54:46and they're very surprised when they come and they see that it's just like an ordinary house,
0:54:46 > 0:54:50fresh, modern, comfortable, stable...
0:54:50 > 0:54:53Yeah, usually people are pleasantly surprised, which is great.
0:54:55 > 0:54:57The next people hopefully to be surprised
0:54:57 > 0:55:00are two local estate agents.
0:55:00 > 0:55:05Do they think Stuart and Tracy's efforts are worth their £56,000 investment?
0:55:05 > 0:55:12I think that the finish of this particular property is that good, that it's one of the better ones
0:55:12 > 0:55:15that I've seen, and also my impression of the park in general
0:55:15 > 0:55:17is very good, it's very tidy,
0:55:17 > 0:55:18immaculate, in fact.
0:55:18 > 0:55:20The owners have made great use of the space,
0:55:20 > 0:55:23integrating wardrobes and fittings where possible.
0:55:23 > 0:55:28A new kitchen and bathroom mean it will appeal to any buyer walking through the door.
0:55:28 > 0:55:32Remember, their total spend on this mobile home is 56,000,
0:55:32 > 0:55:35and they value it at £90,000 now.
0:55:35 > 0:55:39So, while the agents don't normally come across this type of property,
0:55:39 > 0:55:41what do they think it could sell for?
0:55:41 > 0:55:46We have very few properties of this type on the market at any one time,
0:55:46 > 0:55:48making it slightly more difficult to value,
0:55:48 > 0:55:51but I would expect that in the current market,
0:55:51 > 0:55:53the property would be worth in the region of £70,000.
0:55:53 > 0:55:57I'd put this property on, probably, 65, somewhere there.
0:55:57 > 0:56:00They're way off the mark, it's not their fault,
0:56:00 > 0:56:03it's a specialist trade and we normally vend the properties,
0:56:03 > 0:56:05so we're the only ones that really know.
0:56:05 > 0:56:09If Stuart and Tracy are right,
0:56:09 > 0:56:13then from that £90,000 sale they could make a possible pre-tax profit
0:56:13 > 0:56:18of £34,000, minus the maintenance costs of the site and the home.
0:56:18 > 0:56:21I reckon this renovation should do the trick,
0:56:21 > 0:56:23and attract more customers to the park.
0:56:23 > 0:56:25That will keep it going for years to come,
0:56:25 > 0:56:28something their father would certainly appreciate.
0:56:28 > 0:56:31He genuinely is very proud of us,
0:56:31 > 0:56:34he's proud we're in the business, and he's pleased with what we're doing,
0:56:34 > 0:56:36and that we're carrying on what he started,
0:56:36 > 0:56:41so I think he would just say, as well as, "work hard",
0:56:41 > 0:56:43"well done, and get on with it".
0:56:46 > 0:56:52Well, that's our trio of tantalising tales from the auction room for you for today's show.
0:56:52 > 0:56:54We'll have plenty more for you next time.
0:56:54 > 0:56:56- We'll see you then.- Goodbye.- Bye.
0:57:12 > 0:57:16Subtitles by Sam Parish Red Bee Media Ltd
0:57:16 > 0:57:19E-mail subtitling@bbc.co.uk