Episode 72 Homes Under the Hammer


Episode 72

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Bidding at auction may seem an odd way of buying something

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as important as property,

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but lots of people do it.

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It's quick, it's easy, and it could be just right for you.

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Stay with us, and find out how three properties went under the hammer on today's show.

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Buying at auction should be a very simple and straightforward thing.

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So, we're here to demystify the process.

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That's just the beginning, because when the hammer comes down,

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you've got to make the property habitable

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and that can be quite tiresome.

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So let's see what inspired the buyers on today's show.

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I find the perfect combination of location and property in Devon.

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However...

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Straightaway I'm thinking, work to be done!

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There's a plot in Kent for just 18,000,

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but before you get too excited...

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No bargain houses for that sum, I'm afraid. It's land.

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And just when you thought it was safe to go to the auction...

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It really is a Hammer house of horror.

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..There's this house in Manchester.

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All these properties went to auction

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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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Teignmouth in Devon is a beautiful seaside town,

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which was originally a fishing port,

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but became a popular holiday resort in Victorian times.

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Today you'll find an unspoilt sandy beach,

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with clear waves lapping the shore,

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as well as a climate reportedly several degrees warmer than inland.

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Well, a few miles and a few hill starts out of the centre,

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you find yourself in Hazel Down Road,

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in the very desirable east side of town.

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So, what have we got? Well, that very rare breed.

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It's a bungalow,

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it's got two bedrooms and a guide price of 150,000 quid.

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It would be a major work out to walk from the beach,

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but as it's in such an elevated position,

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it would be well worth the effort on a lovely day like this.

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The road is pleasantly lined with similar bungalows

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and at the crest of the hill,

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it feels like being on top of the world.

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Let's see if the property hits such a high note.

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OK, straight into this lean-to area.

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Now, this is the front door of the property.

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But, there's something kind of strange going on this way.

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Because, the lean-to continues.

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It's outside the kitchen window, and it carries on round.

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All the way round to the back door.

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This just doesn't feel right.

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It's been tacked on at some stage.

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It's dirty, it's... I don't know, it's something.

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You come into the kitchen, and likewise it's tired, it's dated.

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Without doubt, it needs updating.

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Not a bad sized space,

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but that's the biggest issue as far as I'm concerned.

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Straightaway, I'm thinking, work to be done!

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Unless you want to do laps around the inside of your own home,

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this inadequate extension serves little purpose.

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I'd like to see it taken down straightaway,

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or perhaps you could incorporate it into the main body of the house.

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So two bedrooms, one at the back, fairly small

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and then this is your master. And some rather dated wardrobes.

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You remember this material? A big hit in the '70s I think.

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You might be forgiven

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for thinking that this is yet another cupboard, but no...

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It's actually an en-suite bathroom.

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Well, again, nice to have, but just look at the ceiling height,

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it's kind of been tacked-on,

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the whole house is a bit ad hoc hotchpotch.

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It needs to be sorted.

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This hotchpotch has created rooms of vastly different sizes

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from the enormous lounge, to the small bathroom and second bedroom.

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And with a hidden, dated en-suite, and galley-style kitchen,

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the sense of balance and proportion all feels wrong.

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If adding bits and pieces here were meant to jazz it up,

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then this free-form jazz number hits the wrong note with me.

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In a nutshell, what we've got is a tired bungalow

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that's a bit of a mish-mash.

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You know what? I've saved the best bit till last.

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Because what sets this bungalow apart is the view from the back.

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Absolutely spectacular, looking out over the sea,

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and the estuary of the river. Fantastic.

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Now, there's this conservatory on the back of the bungalow.

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I don't think it makes the most of that view.

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I'd want to see this expanded, maybe decking,

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maybe some steps out down to the garden, whatever you do,

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because that view puts this bungalow into a completely different league.

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From the garden level,

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this view is more of rooftops and shrubs than endless sea.

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But from the bungalow windows, it's a very different vista -

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miles and miles of ocean, cliffs and boats.

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That's what you really want to see and what people want to buy.

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Well, in a Devon seaside town like this,

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you probably think that bungalows attract a premium.

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You'd be right, particularly from people looking to retire here.

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But I think this would make a wonderful family home.

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You just need to be creative about how you expand it.

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You've got all these corridors and things that don't quite work.

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Maybe, do something better with the garage.

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Expand out this way, anything to make most of the view this way.

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You could always go up into a dormer,

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subject to planning.

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That would be spectacular.

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Can you imagine the view from up there?

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I think it would be uninterrupted all the way to France.

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However, this is one tired bungalow

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that has potential written all over it.

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Let's see if a local estate agent is just as uplifted,

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or will she bring me crashing back to earth?

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There's a little bit of work with garage and bathrooms and extensions,

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with the right planning and layout you could extend the property,

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put a third bedroom on, perchance go up in the loft as well.

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That should add value. But how much?

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If you were to have it as it was, in terms of value,

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I'd say the property is worth around £175,000, possibly get a little more,

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but general price.

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If you were to renovate the property, extend, put a third bedroom on,

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I would see the property value looking at around £250,000.

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That's with obviously kitchens, bathrooms, and redecoration through.

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In terms of rental, there is a possibility.

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I would say value-wise,

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you would make around £600 to £625 per calendar month.

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It might not just be a quick turnaround project to maximise this bungalow.

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You're probably going to need planning permission

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and to do a lot of work.

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But if you take the long view,

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it should be a rock-solid investment.

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Well, a lot of work to do

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to get this tired little bungalow up to scratch.

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But the location, well, it definitely deserves it.

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But you are going to need deep pockets.

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Not necessarily a money spinner, but I think still it's a great catch.

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Let's see who agreed at the auction.

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Number 30.

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Teignmouth, spacious two double bedroom detached bungalow,

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needs a right good seeing-to.

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Who gives 150 straight in? 150 straight in, nice and simple? 150? That's the way to do business.

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150 we've got, at 150.

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At 150, 152, the lady here.

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152, 154, 156?

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156. 158.

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160 I've got.

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160?

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162, 164.

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164, have a think.

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164, we've got the lady here. 164.

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Looking around the room, 164 I've got. 166?

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168, 168?

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At 168.

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170, 172, 172?

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172, shame to miss it.

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174. At 174. A little one?

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175?

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Treat you exactly the same, sir. Single if it'll help. At 175?

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Six. 176, an even littler one?

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176 and a half? 176 and a half.

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176 and a half, I'll glance back.

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177, 177. Ooh.

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At 177 on my right, at 177.

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At 177 once, twice...

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178, madam? Thank you.

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178. 178.

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At 178. At 178?

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At 178. Here it is, at 178 together,

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once, twice, third and last time.

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178 and done.

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Well done.

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For 178,000, the winning bidders were engaged couple John and Zoe.

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John is a pilot, while Zoe works for the local coastguard,

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co-ordinating search and rescue in the area.

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I was intrigued to know how they were gonna rescue this little bungalow.

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# Rescue me

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# Oh, take me in your arms

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# Rescue me... #

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Zoe, John, nice to meet you both. You both look terribly cheerful.

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-Yeah!

-Obviously happy with your purchase.

-Yeah!

-Great!

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So, the idea was to buy it, why? For what?

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To move in. To live.

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We live on the other side of town at the moment,

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and it's closer to our families.

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When I go away with work, she's a few minutes closer.

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You say you go away, what do you do?

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I'm in the Navy,

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so I'm deploying to Afghanistan a couple of times a year.

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Right. I thought Afghanistan was landlocked?

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-Yes, it is.

-Right. So, where does the Navy come in?

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-I fly helicopters.

-OK.

-We're flying the guys around in theatre.

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You all right? Is it scary?

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I've only been shot at a couple of times.

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OK, that's all right then. How is it when he goes away?

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The house stays tidier! I get to buy...

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I buy new handbags whilst he's not about.

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That's all right then.

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It can't be easy though, when you wave goodbye.

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There's always that vague risk, isn't there?

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It's not great but, you know, it's what he signed up for.

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That's what I signed up for, when I said I'd marry him. Yep.

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-And she keeps herself occupied by going to auctions and buying houses.

-178 and done.

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You weren't at the actual auction, were you?

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I got an e-mail in theatre saying, "You've just bought a house."

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-Tell me more, you say in theatre, that's war?

-In Afghanistan.

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So you were at war, in Afghanistan, helicopter flying,

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bullets flying around,

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you get an e-mail saying, "We've just bought a house."

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That has got to be one of the most surreal scenarios ever.

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But you did get to see it before you went away, once.

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She showed me round, introduced me to the smell,

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and sort of said, the auction is on the 17th or whatever it was.

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I got back from flying one day, checked my e-mails

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-and found I'd bought a house. It was amazing.

-Wow!

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So, as John battled it out in Afghanistan,

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Zoe was doing battle in the auction room

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and not just with the other bidders.

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It was in fact her mum who ignored their set limit of 177,000.

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She took it into her own hands and made that winning bid of 178,000

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which clinched the deal.

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Let's move on to how you're going to transform this place.

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What are you going to do?

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Not one room is going to stay in the same place, really.

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Couple of walls, that's about it that's staying.

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I don't know what the deal is, you probably wouldn't get it,

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but you didn't think about trying to make a dormer or something?

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-That's a later plan.

-Is it?

-The current plans...

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What do you mean no? You're saying no, he's saying yes.

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There's not enough height in it to go up there properly.

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John is going to have a room. He's having some Veluxes put up there.

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The plans would allow for a couple of windows into the attic.

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-Oh, great.

-I'm going to at least get some flooring up there,

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and then, we've got the view, which is even better than this one.

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-Yeah.

-Then, at a later date,

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if we've got the money, I can convert it into something.

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-Cinema room or something?

-Yeah.

-Golly.

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Why such dramatic changes inside?

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-We need a challenge.

-A challenge?

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-We had the funding and...

-We haven't got the funding!

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We thought we might as well make it the dream house.

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You're going to tailor it to exactly what you want?

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John owns a place in Cornwall,

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and the couple live in Zoe's house in Teignmouth.

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So they have two properties to sell.

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The proceeds from those would fund them to buy this

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and turn it into their dream home. They're not hanging around either,

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as they've already got plans drawn up to submit for approval.

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Talk me through these incredible plans that you have.

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Yeah, well... Where we're stood at the moment

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is going to be decking off the conservatory,

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and off what will be the lounge.

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-So quite elevated?

-Yep.

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We've knocked down the garage that's there at the moment

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and brought the walls in line with the house that's there at the moment,

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making that an en-suite walk-in wardrobe.

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With the bathroom, we've moved both the walls,

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actually all the walls in the bathroom.

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The third bedroom,

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we've come out as far as where the lean-to is at the moment.

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We've made enough space for a lobby,

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hopefully we'll have a cupboard there for our coats and things like that.

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Where the lounge is at the moment, we've made that into a kitchen diner.

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-It'll actually have doors out into the conservatory.

-Fantastic plans.

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-What about John's idea of the upper floor, where's that?

-He's dreaming.

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# In my dreams

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# It's never quite as it seems

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# Cos you're a dream to me... #

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Well, it's always good to dream,

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but even without that upper floor,

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this is certainly a comprehensive renovation

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and it's not likely to be cheap.

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What kind of budget have you set aside for this?

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70,000.

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-OK. Wow! So a really healthy budget.

-Yeah.

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-Quite a lot to do for the budget.

-Any idea of timescales?

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We're looking at starting work two months from now,

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and it should be about three months to finish the work.

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And in the meantime you'll be living where you're still living?

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Well, where we live at the moment.

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But if we sell where we're living at the moment,

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-we're gonna have to move in with my parents.

-Every man's ideal dream!

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But John's going away for three months, so it won't matter.

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-Suddenly Afghanistan looks quite appealing!

-Yeah!

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-Are you off again then?

-Yes, back out in three months.

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So you will be leaving in the middle of the works?

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-How long's your tour of duty?

-Three months.

-Right, OK.

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-So just walk away at a convenient time once again, really.

-Absolutely.

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And come back to a finished house. How marvellous is that?

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Well, I really like John and Zoe's plans

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and I think they're going to create a spectacular place to live.

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The only big question is what will it be like

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when John returns from Afghanistan and will he get his boys' room?

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You can find out later in the show.

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Situated on the River Medway, Rainham in Kent has views out over the water

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or inland to the fertile fields famous for fruit and hop growing.

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Just one mile from all that Rainham has to offer and I'm here on Pump Lane.

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It's a popular residential area in a semi-rural location.

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I'm here to see a lot with a £18,000 to £22,000 guide price.

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No bargain houses for that sum, I'm afraid. It's land,

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but land with the potential to develop, and that's what gives it its price tag.

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So what might 18,000 to 22,000 get you?

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It's a good sized plot and although it isn't level, it does have access.

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That's extremely important when you plan to develop on land.

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Unfortunately, though, there's something else.

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The auction catalogue does hint at development

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but it also tells me that water drains run through the site.

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Drains of any sort are going to cause problems

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to a developer, especially if they are serving an entire community.

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Moving them could cost thousands.

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Or it might even be impossible.

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Anybody interested in this plot has to make a thorough inquiry before bidding.

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Fail to research this and you could be left eating a lot of blackberry crumble.

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# Goodbye, blackberry way... #

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Although I love the idea of living the good life,

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I don't think I would pay over 20 grand just to grow some spuds and carrots.

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And it's not just the drains that could have you running from the site.

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There's a railway line at the back and a house very close by as well.

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I can't imagine the neighbours would be too pleased if a development goes up.

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What does the local estate agent make of this parcel of land?

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It's an unusual plot of land.

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It's restricted as to who's going to buy this.

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I would imagine it would be very difficult to get a property on here.

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It may well be that somebody might use it as a yard or something simple

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for storage but I cannot see a detached property being built here so close to the railway.

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Because of that it's probably worth no more than about £15,000, even once it's cleared.

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However, if a developer looked into planning, they would have to be wary of those drains,

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otherwise they could be bogged down by costs which would flood their finances

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and leave this land as unlikely to be built on as the nearby marshes.

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This lot has a serious question mark over it.

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There are series of water drains running underneath and that could scupper a developer's plans.

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Get over that problem and you have got neighbours to consider.

0:18:070:18:11

They may object to any plans at all for the simple reason of just being overlooked.

0:18:110:18:16

There's an awful lot to consider here, but somebody wanted it. Let's go to auction.

0:18:160:18:22

Lot 41, the land adjoining 185 Pump Lane in Rainham.

0:18:240:18:30

It's a 0.11 acre plot.

0:18:300:18:33

£20,000 to start me? 15, then,

0:18:330:18:36

£15,000 I'm bid.

0:18:360:18:39

16, 17, 18, 19, 20,

0:18:390:18:43

20 on my left, 21?

0:18:430:18:47

20,000 on my left. At 20,000. 21, do I see?

0:18:470:18:52

21 I have, 22,

0:18:520:18:54

22 is bid, 23?

0:18:540:18:57

That was short and sweet, wasn't it? One bid, finished, end of story.

0:18:570:19:01

£22,000 I'm bid, 23 for anyone else?

0:19:010:19:04

At £22,000 in the room, being sold at 22,000, 23 do I see?

0:19:040:19:10

For the first time at 22,000, the gentleman on the left-hand side,

0:19:100:19:14

white T-shirt, at 22,000 for the second time,

0:19:140:19:19

22,000 the third and final time - are you all done?

0:19:190:19:23

Sold at 22,000.

0:19:230:19:24

And your bidder's number, sir?

0:19:240:19:26

For 22,000, the new owners are Pat and Paul,

0:19:290:19:33

along with their three children, Shannon, Katy and James.

0:19:330:19:39

The reason they wanted this land so much is because they live right next door.

0:19:390:19:44

Guys, hello there!

0:19:460:19:50

-Pat, Paul?

-Nice to meet you.

0:19:500:19:51

What a fantastic story.

0:19:510:19:55

You must be so pleased.

0:19:550:19:56

-We are very happy.

-Pat, how did you feel on auction day?

0:19:560:20:00

I was extremely nervous.

0:20:000:20:03

We had to sit through quite a lot of other things,

0:20:030:20:08

so by the time it got to that I was very, very nervous. Over the moon when we got it.

0:20:080:20:13

-You nearly fainted, didn't you?

-I'm surprised I didn't.

0:20:130:20:16

Nearly passed out when the hammer went down.

0:20:160:20:18

Had to grab hold of him. We were so worried about not getting it.

0:20:180:20:22

-Out of 10, how much did you want this plot of land?

-20!

0:20:220:20:25

It's freezing cold today. I know you've got a lovely, warm house just there.

0:20:270:20:31

-Shall we go inside?

-I'll make a cup of tea.

0:20:310:20:33

You've won me over.

0:20:330:20:35

So with a reviving cup of tea in hand, it was time to find out more

0:20:410:20:45

about the couple's plans for their purchase.

0:20:450:20:47

This is better, isn't it? Much more cosy.

0:20:470:20:51

-A bit warmer, yes.

-Now you've got the land, what are you going to do with it?

0:20:510:20:55

We haven't really thought about that, actually.

0:20:550:20:59

You just spent 22,000!

0:20:590:21:01

It was more to get it because it was the opportunity to buy it.

0:21:010:21:05

It was more peace of mind for us that we actually own it now.

0:21:050:21:10

I just didn't want anyone

0:21:100:21:12

being there overlooking us. We have recently moved from London, we were in the middle of a council estate.

0:21:120:21:18

That was one of the big selling points for us for this house,

0:21:180:21:21

that it wasn't overlooked, so obviously that would have gone.

0:21:210:21:24

Bus driver Paul and teaching assistant Pat have been together

0:21:260:21:29

for 15 years but only got married eight months ago.

0:21:290:21:33

They moved to Rainham two years ago to get a better quality of life with more space for the children.

0:21:330:21:39

When you bought this house two years ago, did you know anything about that plot of land?

0:21:390:21:43

Did you think about the plot of land next door?

0:21:430:21:46

We initially looked into buying it.

0:21:460:21:50

we found out it was owned by the council. They said it's not for sale.

0:21:500:21:53

The next thing we know, the auction board goes up,

0:21:530:21:55

someone's up there looking at it, saying it's up for auction.

0:21:550:21:58

That was when panic set in for me, wasn't it?

0:21:580:22:02

Because we live next door, every time somebody went to look at it,

0:22:020:22:06

we could see and I found that really difficult

0:22:060:22:09

because then you know more people are interested

0:22:090:22:12

and then the price might go up to more than we can afford.

0:22:120:22:16

-For me it would have been, it didn't matter how much it cost.

-Really?

-I wanted it.

0:22:160:22:21

That's why I had the card!

0:22:210:22:24

Done, sold at 22,000.

0:22:240:22:27

At the end of the day, if someone else had have bought it,

0:22:270:22:30

and developed it and built a house on it,

0:22:300:22:33

you've got to weigh up how much that would have knocked off the price of our house.

0:22:330:22:39

That's the rational way of thinking.

0:22:390:22:41

-I was thinking with my heart, "I want it."

-Because you love this house and...

0:22:410:22:46

I love the house and I didn't want to...

0:22:460:22:48

I felt that we would have to move.

0:22:480:22:49

I felt that we would have to move if somebody built there.

0:22:490:22:52

When you consider moving costs, or, as Paul mentioned, the potential devaluation of their house

0:22:520:22:58

if there was any development on the land, £22,000 doesn't seem a vast sum.

0:22:580:23:04

Now they've got it, they can probably add value

0:23:040:23:06

to their own property and generate some income from the plot itself.

0:23:060:23:10

When we bought the plot of land we were told that it had access

0:23:100:23:13

for the railway people, that they had to get there.

0:23:130:23:16

We've recently found out that they have no rights of access at all in writing.

0:23:160:23:21

So we've been approached by them to come to some agreement

0:23:210:23:25

whereby they can use the land and we either fence a bit off,

0:23:250:23:29

and they have said they will pay us an annual sum or one lump sum.

0:23:290:23:33

At the moment we will probably just clear it and open up our garden

0:23:330:23:37

into it so it gives the kids a bigger playing area.

0:23:370:23:42

And what have you promised the kids? Come on.

0:23:420:23:44

Trampoline! We've promised them a trampoline

0:23:440:23:48

and we've already got them a swimming pool to use next summer when it's warmer.

0:23:480:23:52

A swimming pool that you blow up?

0:23:520:23:54

Yes, we've got them a really big one, haven't we?

0:23:540:23:57

It looks likely at first it would be the children who will benefit

0:23:570:24:01

from the extra land as they will have more room to play outside.

0:24:010:24:05

If an estate agent said, "It's not going to add any value

0:24:050:24:09

"to your house, it would just be a piece of land that you'll never be able to do anything with,"

0:24:090:24:14

would you still have gone ahead?

0:24:140:24:16

Yeah, because it wasn't for financial reasons.

0:24:160:24:19

You passionately wanted to not have anybody living on it. Don't start crying!

0:24:190:24:24

-You're still very emotional about it.

-The money didn't matter.

0:24:240:24:27

It's the children's happiness, isn't it?

0:24:270:24:31

This is a brilliant story for me.

0:24:310:24:36

It's lovely to see such a happy ending and I'm so glad it went your way on auction day.

0:24:360:24:40

Thank you. Cheers.

0:24:400:24:42

-Thank you.

-Well done, you guys.

0:24:420:24:44

This has really been an emotional journey for the couple and a purchase of passion.

0:24:470:24:52

I want to see the kids bouncing up and down on their new trampoline, enjoying all that space.

0:24:520:24:58

And will the railway be able to help put some money back in their pockets?

0:24:580:25:02

See how Pat and Paul get on later in the programme.

0:25:020:25:06

Coming up, there's not much property to the pound at this lot in Manchester.

0:25:070:25:12

Nope. Even plaster on the walls is an optional extra.

0:25:120:25:16

We return to Kent were Paul and Pat got more than they bargained for.

0:25:170:25:22

Bricks, and I think I found two Hoovers, bits of car, it was unbelievable.

0:25:220:25:27

But first, back to Devon where Zoe has only one more detail to worry about.

0:25:280:25:33

I hope he likes it when he comes home at the weekend.

0:25:330:25:36

In picturesque Teignmouth in Devon, there was a bungalow in dire need of rescue.

0:25:390:25:45

Who better suited to that job than a Coast Guard co-ordinator and a Navy helicopter pilot?

0:25:450:25:51

Engaged couple Zoe and John bought it for £178,000 and planned their dream property together.

0:25:510:25:58

But as he's currently serving in Afghanistan, John wasn't going to be around all that much.

0:25:580:26:04

-Are you off again, then?

-Yeah, I'm back out in three months.

0:26:040:26:09

OK. So just walk away at a convenient time once again, really!

0:26:090:26:12

And come back to a finished house! How marvellous is that?

0:26:120:26:17

A-ha! But five months on, has it all gone to plan?

0:26:170:26:20

Was the bungalow ready for John's return?

0:26:200:26:23

The main things that have happened since you were last here is, outside,

0:26:310:26:36

the garage has been knocked down and replaced with a bedroom.

0:26:360:26:40

This large master bedroom comes with its own en-suite and walk-in wardrobe.

0:26:470:26:53

Inside, most of the walls have changed place and we have gone to three bedrooms from two.

0:26:560:27:02

The bedrooms used to be at the back of the bungalow,

0:27:070:27:10

but by moving them to the front, they can now use the rear for the living areas.

0:27:100:27:15

The main rooms, the kitchen and the lounge,

0:27:170:27:19

are at the front of the house. The kitchen was at the back.

0:27:190:27:22

Which is a great idea, as it allows those stunning views to be enjoyed from the communal areas.

0:27:220:27:29

All in all, it's been a massive change in just five months.

0:27:290:27:33

But renovating this property is only half the story.

0:27:330:27:37

It has been fairly manic sense you were last here.

0:27:370:27:39

We got married a few months ago now.

0:27:390:27:42

It seems like forever ago.

0:27:420:27:45

John's been away with work the whole time the building work was going on, rather conveniently!

0:27:450:27:50

Even to the extent that he's gone away again this week just as we needed to move in.

0:27:500:27:54

I'm also pregnant. So it's all been happening in the last sort of five months or so.

0:27:540:28:01

That's enough to keep anyone busy.

0:28:030:28:06

And if that wasn't enough, they've also been trying to sell their two houses.

0:28:060:28:11

The deals for those should go through any day now.

0:28:110:28:13

And Zoe has had her Coast Guard work to do as well as project managing here.

0:28:130:28:18

The kitchen is very black.

0:28:180:28:21

My choice of colour.

0:28:210:28:23

I kept looking at the wood ones, but kept going back to the high gloss.

0:28:230:28:27

I think I might regret it with sticky fingers and things all over it, but never mind.

0:28:270:28:32

It's all built in so I've got built-in dishwasher, fridge and freezer

0:28:320:28:37

and obviously the ceramic hob and oven.

0:28:370:28:40

I did make one mistake not having a draining board.

0:28:400:28:44

John thinks I'm mad. But that's what a dishwasher's for.

0:28:440:28:47

I'll put it all in there. And my little bit was the under the cupboard lights and also plinth lights.

0:28:470:28:53

As John has yet to see the finished kitchen, Zoe has her fingers crossed that he'll like it.

0:28:530:28:59

This is the lounge. It was previously the main bedroom.

0:29:000:29:05

Obviously there was a hole through the wall here to the en-suite.

0:29:050:29:09

It's a nice-sized living room and we've got the patio doors already there

0:29:090:29:14

when we do decide to do the decking, so they are already in place.

0:29:140:29:19

A great view when you're sat on the sofa, out to sea over Teignmouth.

0:29:190:29:24

The decking was part of their initial planning application

0:29:240:29:28

but they were advised that without some kind of screening,

0:29:280:29:31

the neighbours might object to being overlooked.

0:29:310:29:33

So rather than jeopardise the whole planning application,

0:29:330:29:36

they decided to sort out the decking at a later date.

0:29:360:29:39

At least that gives John something to do on his return.

0:29:390:29:42

John's had minimal input, really. I've been left to do most of it by myself.

0:29:440:29:49

He did say he wanted mirrored tiles in the bathroom,

0:29:490:29:51

which we have achieved and he has got mirrored tiles in the bathroom.

0:29:510:29:55

I think he will be shocked at the kitchen cupboards.

0:29:550:29:59

He'll wonder where all his pictures are. They're up in the loft, ready for him, up there.

0:29:590:30:04

Other than that, I hope he likes it when he comes home at the weekend.

0:30:040:30:09

So, while John's doing an important and dangerous job abroad,

0:30:090:30:13

his new and now pregnant wife has been doing a great job creating their home.

0:30:130:30:18

But rescuing this place was never going to be cheap.

0:30:180:30:22

My budget was 70,000 and it's gone fairly well.

0:30:220:30:26

We didn't have the decking, and I've kind of respent that money inside on doors and a few other bits

0:30:260:30:33

but overall, including having a garden done, which wasn't in the original plans, about 75,000.

0:30:330:30:39

£75,000 spent on a property bought at auction for £178,000

0:30:390:30:44

means that with costs, they'll have invested around £260,000 in total.

0:30:440:30:50

But although the views are great from here, is the outlook equally good from a financial point of view?

0:30:500:30:56

What do two local estate agents think?

0:30:560:30:58

My first impressions are that they have done an absolutely super job

0:30:580:31:03

and they have managed to turn it around in such a short time frame.

0:31:030:31:06

They have done a very good job.

0:31:060:31:08

They've made the most of the living space

0:31:080:31:11

towards the back of the property to make the most of the views out to sea.

0:31:110:31:16

I think the kitchen area,

0:31:160:31:18

with the sun lounge on the front looking out over the view

0:31:180:31:21

is spectacular, I think it's superb.

0:31:210:31:23

The layout works very well.

0:31:230:31:25

It's got a nice flow to it.

0:31:250:31:27

They've got an open-plan kitchen diner which is obviously what people

0:31:270:31:31

want now and bedrooms towards the back of the property.

0:31:310:31:34

I like what they have done with the master bedroom

0:31:340:31:36

and the en-suite, with the little dressing room as well.

0:31:360:31:39

This has been a tremendous success in terms of the now much more practical layout.

0:31:390:31:45

But remember, the couple have spent £75,000 to make the changes so,

0:31:450:31:49

with costs, their total expenditure will be around £260,000.

0:31:490:31:53

I'd put this property on the market for £265,000.

0:31:550:32:00

If I was to put the property on the market at the moment, I would suggest an asking price of £295,000.

0:32:000:32:07

Quite different valuations then but both indicate this should be a sound investment. What does Zoe think?

0:32:070:32:13

I'm really pleased with the values we have got.

0:32:130:32:16

We would hopefully have covered our costs if we were to sell today, but more importantly,

0:32:160:32:20

it's a house to live in, and that's what we bought it for, so that's good.

0:32:200:32:24

Perhaps, at the end of the day, it's not whether the estate agents are happy with the changes here.

0:32:240:32:29

It will be John's opinion of the finished property that will be most important to Zoe. Quite right, too.

0:32:290:32:34

I think John will be really pleased.

0:32:360:32:38

I'm sure he will pick me up on something small that he doesn't like

0:32:380:32:42

but I'm here most of the time, so I'll take the flak.

0:32:420:32:45

For now, all Zoe can do is wait, keeping an eye out for John

0:32:450:32:49

and checking that the coast is clear for any problems ahead.

0:32:490:32:53

Welcome to Miles Platting, the new home of Manchester City Football Club.

0:33:000:33:05

After years of neglect, this is an area definitely on the up.

0:33:050:33:10

It's also the location for the property I'm here to see, specifically in Canada Street.

0:33:120:33:17

But there isn't a Mountie or a moose in sight

0:33:170:33:20

and I reckon is going to be a bit of a Rockies road

0:33:200:33:23

before this property turns over a new Maple Leaf.

0:33:230:33:27

The guide in this instance for a two-up-two-down mid-terrace was just £20,000-£25,000.

0:33:290:33:37

That's because it looks like this.

0:33:370:33:40

From the outside at least this place looks derelict with a capital D.

0:33:400:33:45

There's no roof to speak of and signs of fire damage.

0:33:450:33:49

Not good.

0:33:490:33:51

For that kind of money you probably don't think you're going to get very much at all.

0:33:510:33:56

And you'd be absolutely right.

0:33:560:33:58

You might have expected floorboards, possibly a ceiling, windows, doors perhaps.

0:33:580:34:04

Nope. Even plaster on the walls is an optional extra.

0:34:040:34:09

No surprises that you don't get the kitchen either.

0:34:090:34:13

This is the space what I guess a kitchen would be.

0:34:130:34:15

Not a bad sized room

0:34:150:34:17

and you could make a lovely feature of that open fireplace there.

0:34:170:34:21

But I mean, joking apart, this is a major renovation job.

0:34:210:34:25

It's a shell. You don't know how much damage has been done to the floorboards.

0:34:250:34:29

You've got to assume the worst.

0:34:290:34:33

It really is a Hammer House of Horror.

0:34:330:34:35

This empty, ripped out shell of a building is a scary project.

0:34:370:34:41

It's the stuff of DIY-ers' nightmares.

0:34:410:34:45

The only way this one could work

0:34:490:34:52

is with an experienced builder coming in with a team

0:34:520:34:55

to put it back together, bit by bit.

0:34:550:34:58

Upstairs there are two bedrooms but it is too dangerous to go up there.

0:35:020:35:06

However, our part cameraman, part action hero, has agreed to show you around.

0:35:060:35:13

What a hero! Now he's up here, what have we got?

0:35:130:35:19

Well, it's just two rooms.

0:35:190:35:21

I hope the hat isn't all that remains of the last cameraman who came up here.

0:35:240:35:30

There is one nice feature, an original fireplace.

0:35:300:35:33

Who'd have thought it? Some architectural salvage in this house.

0:35:330:35:38

At the back of the property, the horror continues.

0:35:380:35:41

As you can see, it's a right old state,

0:35:410:35:43

what I AM seeing here is a reasonable sized garden and also potential.

0:35:430:35:47

On either side the properties have built a single-storey extension.

0:35:470:35:50

That's exactly what I would do here.

0:35:500:35:52

Increase the size of the kitchen and, overall, the size of the house, quite dramatically.

0:35:520:35:56

Without compromising too much at all.

0:35:560:35:59

It makes sense to do that now while the building's just a shell.

0:35:590:36:03

You can easily sort out the electrics and plumbing,

0:36:030:36:05

and incorporate an extension into the build.

0:36:050:36:08

Whichever way you look at it, this is a massive task.

0:36:080:36:12

That £20,000-£25,000 guide price

0:36:120:36:14

could pale into insignificance

0:36:140:36:16

compared with the refurbishment costs.

0:36:160:36:18

So what's a local estate agent's opinion?

0:36:180:36:22

It's been empty for some time.

0:36:220:36:23

It's obvious that the property's been vandalised

0:36:230:36:26

and suffered some fire damage.

0:36:260:36:28

There are similar properties on this street

0:36:280:36:31

in similar condition but the majority are of a reasonable standard.

0:36:310:36:34

Any derelict property on a street is likely to depress a house's value

0:36:340:36:39

and there may be a ceiling price around here.

0:36:390:36:43

I think once the property is renovated,

0:36:430:36:45

we'd be looking at somewhere in the region of 50,000-55,000.

0:36:450:36:49

That's this ceiling price that we've had so far on this road, in this area.

0:36:490:36:54

That means this isn't a property for a quick return.

0:36:540:36:57

But perhaps better suited to the rental market.

0:36:570:37:00

You could rent this property out for probably around 400 a month,

0:37:000:37:04

maybe 450 depending on the standard of the property once it's completed,

0:37:040:37:08

but certainly 400 I would have thought.

0:37:080:37:10

Not bad. That's where some value's to be had.

0:37:100:37:13

Buy this and do it up for, say, a total of 60,000

0:37:130:37:17

and with nearly £5,000 annual rental,

0:37:170:37:20

you could get a healthy 8% yield.

0:37:200:37:22

So, where do we go with this one?

0:37:250:37:28

It's clearly in a right old state

0:37:280:37:29

and with a ceiling price for similar properties in the area of 55 grand,

0:37:290:37:33

whoever does it up is going to have to be very careful not to spend too much on their budget

0:37:330:37:38

otherwise they will never get their money back.

0:37:380:37:41

Let's see who fancied the challenge at the auction.

0:37:410:37:43

Lot 127. It's a vacant mid-terraced house.

0:37:450:37:49

There's been some fire damage.

0:37:490:37:51

12 anywhere?

0:37:510:37:53

12, 14, 16, 18, 20, 22?

0:37:530:38:00

With you, sir, at 20.

0:38:000:38:03

I'll take 21. 21,000? 21,000?

0:38:030:38:06

I've got it.

0:38:060:38:09

22. 23.

0:38:090:38:11

Nope? I'll take 500.

0:38:110:38:15

22,500. 23.

0:38:150:38:18

23,500. 24. 24,500.

0:38:180:38:21

25. 25,500? 26? 26,500?

0:38:210:38:28

27, sir. 27,500?

0:38:300:38:34

Nope? Up to £27,000 then.

0:38:340:38:38

With you, sir, at 27. Looking for another 500.

0:38:380:38:41

Selling to you, sir, at £27,000.

0:38:410:38:44

First time at 27, second time at £27,000.

0:38:440:38:48

It's your property, sir.

0:38:480:38:50

For £27,000, local man Harold bought this old shell of a property

0:38:500:38:56

which you can just about call a two bedroomed house.

0:38:560:39:01

He joined me there on what was a very special day for him.

0:39:010:39:04

# Happy birthday, to you, happy birthday to you

0:39:040:39:08

# Happy birthday.#

0:39:080:39:13

Harold, congratulations. This is one heck of a birthday present.

0:39:140:39:18

Yes, it is a birthday present.

0:39:180:39:20

You're obviously a man who likes a challenge.

0:39:200:39:23

Yes.

0:39:230:39:24

I do, actually, but I didn't realise how bad this was until I've bought it.

0:39:240:39:29

You didn't realise?

0:39:290:39:32

I had looked at it from the outside but looking from the outside

0:39:320:39:35

obviously, it's the same inside, so...

0:39:350:39:37

So what did you think when you walked through the door for the first time?

0:39:370:39:40

Not a lot. I just thought it was a complete job, rather than patch up,

0:39:420:39:47

we're doing the whole thing, then you know it's all new and everything will be right.

0:39:470:39:51

-There will be nothing patched up.

-So have you done anything like this before?

-Yes, I have, yes.

0:39:510:39:56

I bought a shop in Stretford, near Manchester United's ground there,

0:39:560:40:00

which is very similar to a property like this when I was younger.

0:40:000:40:05

I paid £200 for that. And I got a grant off the council to do it

0:40:050:40:10

and we made it a fabulous house and I made a lot of money on that one.

0:40:100:40:14

Also, I've got another property around the corner.

0:40:140:40:18

Which, again, was not as bad as this but in a similar condition which is all finished off now and looks nice.

0:40:180:40:26

Harold may have the skills to do this one but he's not a property developer by profession.

0:40:260:40:32

My trade is painting and decorating, which I've done for a long time, I still do that.

0:40:320:40:37

But, I've done houses up before, which I'm doing now here.

0:40:370:40:41

I like a challenge, if I can find a cheap house and I can do it up and make money, I will do.

0:40:410:40:46

In this case, I don't think I will be making money. It will be, do it up and perhaps rent it out.

0:40:460:40:52

Right. So why take on something in this kind of state?

0:40:520:40:55

I've got other labour people I use, plasterers, electricians, joiners.

0:40:550:41:01

They're not busy at the moment with work being like it is and it's something for them to keep going.

0:41:010:41:08

Harold's clearly passionate about reviving derelict properties.

0:41:080:41:12

He'd rather see this type of house renovated than knocked down

0:41:120:41:16

and his previous experience means he's not phased by the state it's in.

0:41:160:41:20

# When things look hopeless

0:41:200:41:22

# Just write me and then

0:41:220:41:26

# I'll put you together again. #

0:41:260:41:31

Where do you start with something that is so

0:41:340:41:38

-decimated, for want of a better word, as this place.

-Well, you take everything back to the brick.

0:41:380:41:43

See what's needed to be done, and then you just...

0:41:430:41:46

The roof's obviously gone, a new roof,

0:41:460:41:49

everywhere will have to be plastered, rewired, and we've got all the build on the back here to do.

0:41:490:41:54

Take all the back down, rebuild the top,

0:41:540:41:58

put an extension on the back, sort the garden out.

0:41:580:42:03

New doors, bathroom suite, central heating, everything.

0:42:030:42:06

Tell me more about the extension.

0:42:060:42:08

The extension's going to be a large kitchen extension which will make the dining room here

0:42:080:42:14

nearly twice as big, hopefully.

0:42:140:42:16

And we've got a nice garden at the back there.

0:42:160:42:19

We might put it into a garden or have car parking at the back there.

0:42:190:42:22

-OK.

-So, it'll be nice, and it'll be a sloping roof.

0:42:220:42:26

Both sides have got flat roofs, which looks OK but water can get in,

0:42:260:42:29

so we're going to put a sloping roof on it which will look quite nice.

0:42:290:42:33

-A single storey?

-A single storey, yes. The same as the two houses there, yeah.

0:42:330:42:37

How much do think it's going to cost to do all that work?

0:42:370:42:40

Well, between 20 and 25.

0:42:400:42:43

Harold's getting a lot for his £25,000 budget.

0:42:430:42:47

That's the advantage of being in the trade.

0:42:470:42:49

But it will still take his total spend to that £55,000 ceiling price for houses in the area

0:42:490:42:55

so this will only work financially as a long-term rental.

0:42:550:42:59

What do you think the biggest challenge is going to be?

0:43:010:43:04

I don't think there is one to be honest with you.

0:43:040:43:06

I've done it before so I don't think there is one.

0:43:060:43:09

There's no structural damage or anything

0:43:090:43:12

and I don't think there's any mining straight underneath

0:43:120:43:15

from what I can gather so, no, there's nothing really.

0:43:150:43:18

It'll all come together and be a lovely house for somebody to live in.

0:43:180:43:22

And if it's all nice, they should appreciate it,

0:43:220:43:25

and the neighbours both sides will be quite happy to see this.

0:43:250:43:28

I believe it's been empty for about 40 years. So, nobody seems to know who lived in it.

0:43:280:43:33

I thought I might find some hidden treasure. You never know. And then leave the job.

0:43:330:43:38

We'll see what happens.

0:43:380:43:40

Well, what decent birthday party would be without a treasure hunt.

0:43:400:43:44

I fear that in this case Harold's more likely to find rotting woodwork

0:43:440:43:48

and broken planks than anything of value.

0:43:480:43:51

This wreck of a house is going to need a fair amount of work before it's shipshape again.

0:43:510:43:56

Happy birthday, Harold, although I'm not sure I'd buy that as my birthday present to myself.

0:44:000:44:04

A heck of a challenge to take on although he seems to have the experience to make it a success.

0:44:040:44:08

The big question is, will he have his cake and eat it

0:44:080:44:12

or will he be singing, 'It's My Party and I'll Cry If I Want To'?

0:44:120:44:15

When we come back you can find out later in the show.

0:44:150:44:18

Well, it's a while now since we met our purchasers

0:44:210:44:24

and heard about their hopes and dreams for their properties.

0:44:240:44:27

How did they get on after we left them? Let's find out.

0:44:270:44:30

Back in Rainham, Kent, the family who live next door to it

0:44:320:44:37

bought this small plot of land for 22,000.

0:44:370:44:40

Bus driver, Paul, and teaching assistant, Pat,

0:44:400:44:43

were particularly worried about the possibility of development on it.

0:44:430:44:47

So for Pat, this was a must have purchase.

0:44:470:44:52

-I mean, for me, it didn't matter how much it cost.

-Really!

0:44:520:44:56

That's why I had the card.

0:44:560:44:59

But their "must-have" purchase was a sea of brambles and scrub.

0:45:030:45:07

Eight months later, how have they got on?

0:45:070:45:12

Well, when we first got it, it was very, very overgrown with mostly brambles.

0:45:120:45:17

We started off by cutting all those down and trying to get rid of as much as we could. Digging them all out.

0:45:170:45:23

Obviously, it hadn't been cut down for such a long time and nothing had been done with it.

0:45:260:45:30

There was stuff dumped in there.

0:45:300:45:33

Parts of cars, lots of pot plants and things.

0:45:330:45:37

Bricks, I think I found two Hoovers, bits of car.

0:45:370:45:41

It was just unbelievable. It was almost like cutting down

0:45:410:45:44

a rubbish tip, once you got it levelled out, anyway.

0:45:440:45:48

Now it's been cleared to form an extra garden and play area for the kids.

0:45:560:46:01

OK, well, what we've done out here is, we did originally have a really big shed here.

0:46:010:46:07

We've taken that down, completely opened it all up.

0:46:070:46:10

So that we've got this big area here, which is sort of for us.

0:46:100:46:14

We've also taken out part of our fence here.

0:46:140:46:17

We didn't want to take the whole fence down

0:46:170:46:19

because we do want to keep it separate,

0:46:190:46:21

in case we do want to sell later on.

0:46:210:46:24

What we have is that as the children's garden and this is now our area, sort of our garden.

0:46:240:46:30

This is a really sensible way of doing it.

0:46:300:46:34

It keeps all of their options open for any future plans for the land.

0:46:340:46:38

Obviously we had to secure the land so we put this fence up, which was about £700.

0:46:380:46:44

We've had to set it at least five metres back from the road,

0:46:440:46:49

because otherwise, it needed planning permission.

0:46:490:46:52

Which obviously leaves this area here, which in time we'll tidy up and use as off-street parking.

0:46:520:46:59

Initially, the main purposes of buying this were to make sure that they weren't overlooked by any

0:46:590:47:04

potential new development and to provide extra space for their three children.

0:47:040:47:10

The first time the kids came out it was really, really lovely for them.

0:47:110:47:15

They'd done lots of jobs to help to get it all cleared and ready for them.

0:47:150:47:20

When it was finished being cut down, we went around and picked

0:47:200:47:23

up the stones to put the swimming pool down because we didn't want it to go through.

0:47:230:47:28

There was a lot of rubbish, so we had to pick up all of that.

0:47:280:47:31

We were really glad that we finished it, because now we don't have to do any hard work.

0:47:310:47:35

But it's not just the children who have benefited from all their hard work.

0:47:350:47:41

We have lots of animals now. We were already quite animal-friendly here.

0:47:440:47:48

We already had our cats, we've got three cats.

0:47:480:47:51

We've got two guinea-pigs and one of them was pregnant,

0:47:510:47:55

and we got two little babies and they're called Rolo and Fudge.

0:47:550:48:00

And we've got another rabbit called Thumper.

0:48:000:48:02

In time, they'll probably come over here and it'll be nice to have our own little zoo, maybe.

0:48:050:48:09

Apart from turning it into a wildlife park,

0:48:110:48:13

do they have any long-term plans for their extended garden?

0:48:130:48:17

Ideally, I would like, in about eight years' time,

0:48:170:48:20

a developer to come and say, "We'll buy your house and the land, there's a load of money, off you go."

0:48:200:48:26

And then you won't have the hassles. But, I mean, there's so many options. So many options.

0:48:260:48:30

Paul and Pat paid 22,000 at auction to get all those options

0:48:320:48:36

and so far have spent just £1,000 on fencing and clearing the site.

0:48:360:48:41

What do two local estate agents think about the best use for the land now?

0:48:410:48:46

Coming here the second time, it's quite surprising to see how big this piece of land is.

0:48:460:48:50

Because when we came originally, there were so many brambles,

0:48:500:48:54

it was so overgrown that you couldn't really see how large it was.

0:48:540:48:58

I think the plot is a good plot. It's a very good size.

0:48:580:49:01

It's reasonably level, although it does slope a bit

0:49:010:49:05

to the front, but it wouldn't be too much of a problem for a development.

0:49:050:49:10

I would advise the current owners to think in terms of putting another extension on the side.

0:49:100:49:15

If the house they have at the moment is big enough for them,

0:49:150:49:18

then put another one on the side that they could develop and rent out.

0:49:180:49:21

They would then get a decent income which would be ideal for a pension plan or something later on for them.

0:49:210:49:27

Though this may be the best proposal and financially could

0:49:270:49:30

bring in a decent return, it would go against exactly why Paul and Pat bought the land in the first place.

0:49:300:49:36

I think their best option would be to see if they can get planning permission

0:49:360:49:40

and then, when they move, sell on the land with that attached.

0:49:400:49:44

A plot of this size, if you were to achieve the planning permission, and sell it on as just a plot,

0:49:440:49:50

I would expect a figure in the region of £60,000.

0:49:500:49:53

So for a few hundred pounds, if they could get planning permission,

0:49:530:49:58

they could make a healthy 30 to 40 grand profit.

0:49:580:50:01

What are their thoughts on that?

0:50:010:50:04

Where's the for sale sign? No, that's a joke.

0:50:040:50:07

We didn't buy it for that.

0:50:070:50:09

-It's going to remain as it is for the time...

-For the foreseeable, isn't it?

0:50:090:50:14

We're not planning to move so for the time being, we're happy with it just being a garden for the children.

0:50:140:50:19

Later on we will try to maximise the value of it if we can, because at the end of the day, we'd be silly not to.

0:50:230:50:30

And they're dead right. This is an asset.

0:50:330:50:36

Not just for now but for the future.

0:50:360:50:37

If all it ever is is a play area for the children, then that's no bad thing either.

0:50:400:50:45

Now, this is the moment when, if you're a nervous property developer, you should hide behind the couch.

0:50:540:51:01

It's time to return to Miles Platting in Manchester,

0:51:010:51:04

where there was only one thing to say about this lot.

0:51:040:51:08

It really is a "Hammer House of Horror"!

0:51:080:51:11

But little details, like no roof, floors, or windows, didn't deter

0:51:150:51:20

painter and decorator Harold from buying it at auction for £27,000.

0:51:200:51:24

He had plans to nurse it back to health and onto the market.

0:51:240:51:29

We gave him six months before returning to find out how he'd got on with this thrilling property.

0:51:290:51:35

It's like a new house now.

0:51:400:51:43

It was, it was just...

0:51:430:51:47

It was just a shell, basically.

0:51:470:51:49

# Back to life

0:51:490:51:52

# Back to reality

0:51:520:51:54

# Back to life

0:51:540:51:56

# Back to reality

0:51:560:51:59

# Back to the here and now, yeah... #

0:51:590:52:03

Wow! What a difference. After nearly four decades of darkness,

0:52:030:52:08

Harold has brought this property back from the brink

0:52:080:52:11

and was keen to show us how.

0:52:110:52:13

As you can see, this is where we were stood last time we filmed it and it is completely transformed now.

0:52:130:52:19

It's got the new kitchen extension on and it's like a new house.

0:52:190:52:25

All the original brick that was taken down because of having to

0:52:250:52:29

rebuild the rear wall has been incorporated back into the house.

0:52:290:52:32

Harold even found some old Yorkshire slabs which will be used as a pathway.

0:52:320:52:38

But while many of the original features have been removed, Harold has added some of his own.

0:52:380:52:43

We decided while we had the house under construction we may as well put

0:52:430:52:48

another staircase in and utilise the loft space.

0:52:480:52:52

So, we put another two bedrooms, or maybe just one bedroom, it's up to whoever buys the house or whatever

0:52:520:52:58

we do with the house, but it's made a big difference to the house, space wise.

0:52:580:53:04

It's a fantastic renovation job and Harold is very popular with the neighbours for sorting out the wreck

0:53:040:53:11

they've had to live next door to for almost 40 years.

0:53:110:53:15

Everybody in the street loves me. I don't know why!

0:53:150:53:17

They let on to me, even if they don't know me.

0:53:170:53:20

They're all sort of pleased that it's been done I think.

0:53:200:53:24

And also, the council now are putting gates on the back entries,

0:53:240:53:29

which is good, because it will make the place a bit more secure now for people.

0:53:290:53:33

They're pleased about that. So things are happening in the street.

0:53:330:53:37

Other people are starting to do things, I've started something off!

0:53:370:53:42

# I need a hero

0:53:420:53:43

# I'm holding out for a hero till the end of the night... #

0:53:430:53:47

Still, Harold isn't doing this just for accolades. This is about making a profit.

0:53:470:53:52

He bought the place for 27,000.

0:53:520:53:54

How much more has he spent on it?

0:53:540:53:56

All told, it's 25,000.

0:53:580:54:01

That's a total of £52,000 to buy and transform this property.

0:54:020:54:07

There's about a month's more work to do,

0:54:070:54:09

but how does Harold feel about bringing this place back to life?

0:54:090:54:14

It gives you a buzz. You think, oh, aye. I've done that. You can see what you've done.

0:54:150:54:21

Some people work at a desk all day long, they do writing, accountancy, this and that.

0:54:210:54:25

But when you've got something, you can walk in, and every time you walk in you can say, I did that.

0:54:250:54:31

# Back to life

0:54:310:54:33

# Back to reality

0:54:330:54:36

# Back to the here and now... #

0:54:360:54:37

It's certainly a legacy, but will it be a profitable one?

0:54:370:54:40

Harold bought this "Hammer House of Horror" at auction for 27,000

0:54:400:54:45

and spent 25,000 on turning it into a desirable home.

0:54:450:54:49

What will two local estate agents think of it?

0:54:490:54:52

Very, very nice. Refurbished to a high standard.

0:55:040:55:07

Kitchen and bathrooms are excellent.

0:55:070:55:09

And he's added a little bit of extra space with the loft and playroom.

0:55:090:55:13

I think the property is good throughout.

0:55:130:55:16

It's certainly one of the best examples I've seen

0:55:160:55:18

on this particular street and would suit either a rental market

0:55:180:55:22

or potentially a first-time buyer, a younger family.

0:55:220:55:25

Rentals are doing well. The terraces are probably doing better

0:55:250:55:28

than the three-bed semis or four-bed detached.

0:55:280:55:30

So very, very good, can't complain.

0:55:300:55:33

With a good rental return in the area,

0:55:340:55:36

what could Harold get if he planned to hold on to it for a while?

0:55:360:55:40

I would rent this property out for approximately £425 per calendar month.

0:55:400:55:45

I would rent this, per calendar month, in the region of £450.

0:55:450:55:49

This house has cost a total of £52,000 to buy and renovate.

0:55:490:55:54

What do two local estate agents think it'll be worth once finished?

0:55:540:55:58

At the moment, on this market, I would value the property at £70,000.

0:55:580:56:02

I would put this property on the market for 74,950 with a view of achieving offers around £70,000.

0:56:020:56:09

Yeah. Sounds OK. We'll look for a little bit more.

0:56:120:56:15

I think we'll rent out for a year and see how the market goes and then put it on the market then.

0:56:150:56:20

Because the market's moving at the moment, so, yeah.

0:56:200:56:23

Perhaps it's not quite as much as Harold was hoping,

0:56:230:56:26

but he's made a profit and he has also certainly rescued this property and helped improve the area.

0:56:260:56:33

It makes you feel good that somebody can live in it and the council get some money

0:56:330:56:37

and it is getting rid of dereliction in the area,

0:56:370:56:41

which people need to do, because the area is coming up all the time

0:56:410:56:45

and it's a good area now. So yeah, I'm pleased.

0:56:450:56:48

That's all we have time for today, make sure you join us next time for more Homes Under the Hammer.

0:56:500:56:55

-We'll see you then.

-Goodbye.

-Goodbye.

0:56:550:56:57

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0:57:150:57:18

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0:57:180:57:21

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