0:00:02 > 0:00:04At auction, the nod of a head can buy you a property.
0:00:04 > 0:00:06And once you've bought it,
0:00:06 > 0:00:09are you going to live in it, turn it for a profit
0:00:09 > 0:00:12or are you going to hold onto it as long-term investment?
0:00:12 > 0:00:16Quite a few options there, so let's see what today's buyers chose to do.
0:00:42 > 0:00:46Buying a home under the hammer can be a quick way to make a property purchase.
0:00:46 > 0:00:52But remember to do your homework otherwise it could be a case of "act in haste, repent at leisure".
0:00:52 > 0:00:55So let's see what properties today's bidders went for?
0:00:55 > 0:00:59This bungalow in Nottingham might get you a little hot under the collar.
0:00:59 > 0:01:04The major point in any lounge of course is the fireplace, and...
0:01:04 > 0:01:06Ta-da!... There it is.
0:01:06 > 0:01:12In south London, the details for this flat say that it's got an en-suite...
0:01:13 > 0:01:16I don't really think I'd call it that!
0:01:16 > 0:01:22And this delightful cottage in Devon is full of character, but could prove a headache.
0:01:22 > 0:01:25If you are tall, it does have slight practical issues.
0:01:28 > 0:01:30All these properties went to auction.
0:01:30 > 0:01:35We'll find out who bought them and what they paid when they went under the hammer.
0:01:39 > 0:01:43Well, seven miles from Nottingham, I'm in Mansfield.
0:01:43 > 0:01:46Now, this is the birthplace of Rebecca Adlington.
0:01:46 > 0:01:52You remember she famously swam herself into the record books, winning two gold medals at
0:01:52 > 0:02:02the Beijing Olympics, so will the property I'm here to see be winning medals or will it fail to qualify?
0:02:02 > 0:02:04Mansfield certainly scores highly.
0:02:04 > 0:02:09The town is one of 64 urban areas in the UK regarded by the Government
0:02:09 > 0:02:15as being city size so it's set for a transformation in the near future.
0:02:15 > 0:02:19According to the auction catalogue, I'm here to see a property that occupies a premier position
0:02:19 > 0:02:26in one of the most sought-after parts of Mansfield, so it must have an astronomical price tag, then.
0:02:26 > 0:02:30Nope, just 80,000 quid.
0:02:30 > 0:02:32Hang on, that sounds extremely cheap for a bungalow that looks
0:02:32 > 0:02:35in surprisingly good order from the outside.
0:02:35 > 0:02:43I hate to sound pessimistic but it always makes me think there could be something unpleasant lurking inside.
0:02:43 > 0:02:45So a little entrance porch there which is good...
0:02:45 > 0:02:50keeps the noise and draughts out, which is brill because this is your lounge.
0:02:50 > 0:02:54A major point in any lounge is the fireplace, and...
0:02:54 > 0:02:56Ta-da!... There it is.
0:02:56 > 0:02:58Slightly disappointing!
0:02:58 > 0:03:03I think you'd want to do something alternative there. That's obviously just been put in temporarily.
0:03:03 > 0:03:06But it's not a bad-sized space and that little window with
0:03:06 > 0:03:09a feature there throwing a bit of light into the place.
0:03:09 > 0:03:13Then this is the kind of central point of the bungalow, and off this go the bedrooms and the loo.
0:03:13 > 0:03:17Well, it depends if you like butterscotch or not.
0:03:17 > 0:03:20I'd probably stick a white suite in there, if I was you.
0:03:20 > 0:03:22And then through to the kitchen.
0:03:22 > 0:03:24Now, this is a room that definitely needs some effort.
0:03:24 > 0:03:29It's not I suppose, too out of proportion in terms of size.
0:03:29 > 0:03:34However, what is kind of weird is this bit out here.
0:03:34 > 0:03:36It's a conservatory that's been put on.
0:03:36 > 0:03:40It's almost like a lean-to, but it's an odd use of space.
0:03:40 > 0:03:43I mean, what I'd contemplate doing, is taking out this wall,
0:03:43 > 0:03:46sticking in an RSJ, taking out the window and creating
0:03:46 > 0:03:52a kitchen/living area here, family room, maybe some doors out onto the garden.
0:03:52 > 0:03:54Now we're talking.
0:03:55 > 0:04:01I reckon, if you did all that, this bungalow wouldn't just be talking, it would be singing and dancing.
0:04:01 > 0:04:06You'd want to modernise the kitchen and bathroom and decorate the living room.
0:04:08 > 0:04:13But the two bedrooms are a decent size and only need a splash of paint.
0:04:13 > 0:04:17And the plus points continue outside.
0:04:17 > 0:04:19Well, out the back here, a really nice thing to have...
0:04:19 > 0:04:22a good-sized garden.
0:04:22 > 0:04:24That's great if you're thinking of a family home but,
0:04:24 > 0:04:28in addition, it gives you space perhaps to extend the bungalow.
0:04:28 > 0:04:31Now, that's what a couple of properties around about
0:04:31 > 0:04:34have done, so it would increase the size of the bungalow,
0:04:34 > 0:04:39and you wouldn't have to necessarily have too many problems with the planners.
0:04:39 > 0:04:44So let's see what a local estate agent makes of this bungalow that was guided at £80,000.
0:04:44 > 0:04:48What plan of action would he recommend here?
0:04:48 > 0:04:51Firstly, I would attack the kitchen and the bathroom.
0:04:51 > 0:04:54They seem to be the main parts that let the property down, but they are
0:04:54 > 0:04:59clean so you could come in and use them straight away if you wanted to live on the job and work it.
0:04:59 > 0:05:02Next thing would be the gardens.
0:05:02 > 0:05:06They do need maintaining heavily and are a great selling point
0:05:06 > 0:05:08that is usually neglected these days.
0:05:08 > 0:05:13Yes, and it's a big plus here, so let's talk figures.
0:05:13 > 0:05:16How much could someone make on this?
0:05:16 > 0:05:22When renovated, I believe it'll fetch about £140,000. Rental...
0:05:22 > 0:05:26with it being a two-bedroom bungalow, we would look around the £500 to £550 per month.
0:05:26 > 0:05:36At a guide price of £80,000, there looks to be a potential profit judging by that £140,000 valuation.
0:05:36 > 0:05:41Well, this is definitely one where it pays to know your local area or do your research, cos I reckon this
0:05:41 > 0:05:47is a bit of a hidden gem, judging by what similar properties in the area have sold for.
0:05:47 > 0:05:50Let's find out who spotted it when it went under the hammer.
0:05:50 > 0:05:54Lot number 16 is 19, Black Scotch Lane
0:05:54 > 0:05:58in Mansfield, a double-fronted, detached, two-bedroom bungalow.
0:05:58 > 0:06:00Start me on this one at 85.
0:06:00 > 0:06:0685? 80,000 for a two-bed detached bungalow? 80? 75?
0:06:06 > 0:06:09£75,000 opening bid.
0:06:09 > 0:06:12At £75,000, 76 somewhere?
0:06:12 > 0:06:1876... 76 is bid. At 76, 77, 78...
0:06:18 > 0:06:2078, 79...
0:06:20 > 0:06:2379, 80,000? 80,000.
0:06:23 > 0:06:25At £80,000... 81 is bid.
0:06:25 > 0:06:28At 81, try another one. 82?
0:06:28 > 0:06:3082, 83?
0:06:30 > 0:06:34£82,000, you're out on the left.
0:06:34 > 0:06:37At £82,000, all finished and done with Black Scotch Lane?
0:06:37 > 0:06:40At £82,000...
0:06:40 > 0:06:4383, got you. 83,000, thank you.
0:06:43 > 0:06:5083, 84, 84, 5, 85, 86? 86?
0:06:50 > 0:06:5385 on this side. 86 against you?
0:06:53 > 0:06:54£85,000, we're going to sell it.
0:06:54 > 0:07:00At 85,000 for the first time, second time, third time...
0:07:00 > 0:07:03Sold at 85,000, thank you.
0:07:03 > 0:07:11That final bid of £85,000 was made by Greg, who bought the bungalow with his wife, Sally.
0:07:11 > 0:07:15As well as their own home, they own two rental investment properties.
0:07:15 > 0:07:19I met up with them at the bungalow to find out their plans.
0:07:21 > 0:07:26Greg, Sally, lovely to meet you both. Congratulations. Why did you want to buy the bungalow?
0:07:26 > 0:07:31Basically, we bought it to try and make some money, really.
0:07:31 > 0:07:36We got gazumped on a house in Mansfield... Our dream house, really, wasn't it?
0:07:36 > 0:07:43and so we bought this to try and make a bit of money to be able to afford what we want, really.
0:07:43 > 0:07:46- You got gazumped at the moment? - In the last week, wasn't it?
0:07:46 > 0:07:48Yeah, the week before completion.
0:07:48 > 0:07:52So you'd gone down the whole route and then lost it at the last minute?
0:07:52 > 0:07:57- I mean, the English way of buying property is annoying at times? - Yeah, definitely.
0:07:57 > 0:07:59So what was the house you were about to buy like?
0:07:59 > 0:08:03It was a bungalow again, but a lot bigger on a big plot of land.
0:08:03 > 0:08:07Yeah, five bedrooms, big plot, next to a good school.
0:08:07 > 0:08:11- Dream house really.- Yeah.- Sorry, I keep bringing it up.
0:08:11 > 0:08:14I'll stop talking about the last house now!
0:08:14 > 0:08:21- Another bungalow.- Yes. - You're probably not the average bungalow-purchasing types, are you?
0:08:21 > 0:08:26No, but there's more potential to change the bungalows and make them bigger.
0:08:26 > 0:08:29You can go into the roof and do stuff like that.
0:08:29 > 0:08:32Not that we're going to do that with this property, are we?
0:08:32 > 0:08:35We're going to keep it simple but if it was one for us
0:08:35 > 0:08:40to live in, then, yeah, you can go up into the roof,
0:08:40 > 0:08:42en-suite, another bedroom?
0:08:42 > 0:08:45But that's not going to happen here.
0:08:45 > 0:08:51The couple have set a strict £10,000 budget so there's no extension planned for this one.
0:08:51 > 0:08:56Once completed, what do Greg and Sally plan to do with the place?
0:08:56 > 0:09:01Renovate it, sell it, and if we can't sell then we'll rent it.
0:09:01 > 0:09:03- But, fingers crossed, sell it.- Right.
0:09:03 > 0:09:07- Make a bit of money to be able to afford the one that we want.- Yeah.
0:09:07 > 0:09:11- So it's a stepping stone to what you're actually after?- Yeah.
0:09:11 > 0:09:15- What do you think about the price you paid?- Brilliant.
0:09:15 > 0:09:21What we bought it for, if we can stick to the budget, just great, if it all goes to plan.
0:09:21 > 0:09:22It'll have been meant to be.
0:09:22 > 0:09:25- Yes.- It's funny the way things work sometimes.
0:09:25 > 0:09:30You can be disappointed but when you look back, you go, "Oh, thank goodness that happened."
0:09:30 > 0:09:33Everybody said it happened for a reason.
0:09:33 > 0:09:37So we're going to get something bigger and better now, hopefully.
0:09:37 > 0:09:41The couple have been together for five years and married for two.
0:09:41 > 0:09:44They're both very busy holding down full-time jobs.
0:09:44 > 0:09:50Sally works for the local newspaper and Greg's a mechanic for the family HGV business.
0:09:52 > 0:09:54So what did you think when you first saw it?
0:09:54 > 0:10:01We came on the Wednesday and had a look round it from the outside, and the auction was on the Thursday,
0:10:01 > 0:10:04- so we came the day before. - Looked through the windows.
0:10:04 > 0:10:07Looked through the windows, thought, "Yeah, it looks all right."
0:10:07 > 0:10:10- But you didn't come inside?- No.
0:10:10 > 0:10:12- Why?- We didn't get time.
0:10:12 > 0:10:17But luckily, when we came back and saw it, we were pleased because
0:10:17 > 0:10:20we thought it'd probably be worse than it actually is.
0:10:20 > 0:10:24So, you're not going to live here, what are you going to do?
0:10:24 > 0:10:27We're going to go down the route of keeping it simple, I think.
0:10:27 > 0:10:32We're going to do the bathroom, the kitchen, take the wall down
0:10:32 > 0:10:35so we'll make a bigger kitchen, more of a feature,
0:10:35 > 0:10:41possibly some patio doors onto the rear garden, and then just decorate, really.
0:10:41 > 0:10:46- New carpets.- New carpets, doors... Oh, and a drive. We're going to put a driveway in, aren't we?
0:10:46 > 0:10:50- And who's going to be doing the work, Sally?- Greg!
0:10:50 > 0:10:55No, I want to get stuck in as well, so I'll probably do more of the painting and a lot of
0:10:55 > 0:11:01the cosmetic work and you can do the knocking of walls down and fitting the kitchen and bathroom.
0:11:01 > 0:11:03Is it something that you've done before?
0:11:03 > 0:11:05- No.- OK...
0:11:05 > 0:11:08We'll be fine.
0:11:08 > 0:11:13If I had a pound for everyone who says that on Homes Under The Hammer, I'd be a rich man indeed.
0:11:13 > 0:11:16It makes me worry when I hear that.
0:11:16 > 0:11:22In my experience, many people underestimate the amount of work necessary to refurbish a property.
0:11:28 > 0:11:32I hope it won't be the case with these two, but hold on...
0:11:32 > 0:11:34Greg does have some experience.
0:11:36 > 0:11:42I've fitted a bathroom suite before in my old house, but um... Yeah, I'll give it a go.
0:11:42 > 0:11:44Are you going to get some advice or...?
0:11:44 > 0:11:48- Yeah, we've got your uncle. - He's really excited, isn't he?
0:11:48 > 0:11:50- Yeah, he's going to come and give us a hand.- What does he do?
0:11:50 > 0:11:53He's just started on his own business,
0:11:53 > 0:11:56He's hopefully going to get a company sorted out.
0:11:56 > 0:12:00He's hopefully going to knock this wall down.
0:12:00 > 0:12:01Oh, is he? Cos that is a big job.
0:12:01 > 0:12:05- Yeah.- Do that wrong and it's bye-bye, bungalow.- That's right.
0:12:05 > 0:12:10# Bye-bye, baby Baby, goodbye... #
0:12:10 > 0:12:15Let's hope that, when we return, the bungalow's still standing, but one thing's for sure,
0:12:15 > 0:12:19it's definitely bye-bye, bathroom and bye-bye to that kitchen layout.
0:12:19 > 0:12:23Great news, and I think that will transform the place.
0:12:23 > 0:12:26- How long do they expect the work to take?- Ten weeks.
0:12:26 > 0:12:28I'm hoping sooner.
0:12:28 > 0:12:31I'm hoping sooner but I don't want to er...
0:12:31 > 0:12:34We just want to turn it round quick and hopefully sell it,
0:12:34 > 0:12:37and onto the next one if we can do a good job on this.
0:12:37 > 0:12:40Just get stuck in. Hopefully friends and family will help.
0:12:40 > 0:12:43- They- will- help.- They- will- help.
0:12:43 > 0:12:47Great. Well, listen, good luck with it all and we'll see how you get on.
0:12:47 > 0:12:53Thank you. # Bye-bye, baby Baby, goodbye... #
0:12:56 > 0:13:00Well, they lost out on their dream house, but maybe this little
0:13:00 > 0:13:03bungalow is a stepping stone to a dream house in the future.
0:13:03 > 0:13:08I'm a bit concerned about the lack of experience they've got in doing DIY, and there's some major work
0:13:08 > 0:13:13that needs to be done, but thankfully we've got Sally's uncle on hand to help out.
0:13:13 > 0:13:15You can see how they get on later in the show.
0:13:20 > 0:13:26Our next property that went under the hammer, I went to Tooting in south-west London.
0:13:26 > 0:13:32It's a suburb close to Clapham and Brixton with some character properties in pleasant leafy streets.
0:13:32 > 0:13:36So what I am I going to see today?
0:13:36 > 0:13:38Well, here it is.
0:13:38 > 0:13:43It's a three-bedroom ground-floor flat with a guide price of £160,000.
0:13:43 > 0:13:47It's in this tree-lined road and it's just a stone's throw
0:13:47 > 0:13:51from Tooting Broadway station, and it looks great from the outside.
0:13:51 > 0:13:55It appears promising so far. The brickwork and pointing
0:13:55 > 0:13:59are sound and the sash windows seem to be in good order.
0:13:59 > 0:14:03Look at these original tiles by the front door. They're still intact,
0:14:03 > 0:14:08just like the period mouldings around the brickwork. Very promising.
0:14:08 > 0:14:11Let's hope the inside is as good.
0:14:11 > 0:14:13Do you know what?
0:14:13 > 0:14:16That is a lovely front door. Look at it.
0:14:16 > 0:14:19Not sure about the colour but this lovely original stained glass...
0:14:19 > 0:14:24you could take these out and put some frosted or etched glass in and it would look fantastic.
0:14:24 > 0:14:29But, boy, a bit of a throwback to the '70s in terms of decor once you walk inside.
0:14:29 > 0:14:34You've got woodchip everywhere, egg-yolk sort of yellow paintwork...
0:14:34 > 0:14:36not looking great.
0:14:36 > 0:14:40Now here we are inside the front room.
0:14:40 > 0:14:42A really good space, I have to say.
0:14:42 > 0:14:45Lovely high ceilings, you've got beautiful cornicing.
0:14:45 > 0:14:48Sadly, you don't have an original fireplace here.
0:14:48 > 0:14:51Some sort of mosaic contraption.
0:14:51 > 0:14:52I think that's got to go.
0:14:52 > 0:14:56Dartboard as well if you fancy a little bit of fun.
0:14:56 > 0:15:01But what I love, and I always go on on this programme, original windows.
0:15:01 > 0:15:03Look at these beautiful windows.
0:15:03 > 0:15:07Now, they are only single-glazed so you do probably get a bit of road noise, but they look
0:15:07 > 0:15:11fantastic, and the good news is, they're in really good condition.
0:15:11 > 0:15:16So, so far, it's a really good start.
0:15:16 > 0:15:20Down the hall and behind the living room is the main bedroom
0:15:20 > 0:15:23with a window overlooking the side of the flat,
0:15:23 > 0:15:29but continue on further towards the back and the layout gets really weird.
0:15:29 > 0:15:36Now, in the auction catalogue, this room is down as being a bedroom with an en-suite bathroom.
0:15:36 > 0:15:38I don't really think I'd call it that!
0:15:38 > 0:15:42There are definitely some layout issues with this property.
0:15:42 > 0:15:43I need to investigate further.
0:15:46 > 0:15:49What a terrible
0:15:49 > 0:15:52- thing to lose... - Yes, it's got to go, but with two
0:15:52 > 0:15:57bedrooms and one shower, what other surprises will this flat reveal?
0:15:57 > 0:16:00So, at the back of the property, we have this sort of back sitting room.
0:16:00 > 0:16:03It needs complete and utter modernisation.
0:16:03 > 0:16:08You've got polystyrene tiles, strip lighting, an old gas fire.
0:16:08 > 0:16:11You really do need to think about bringing this up to scratch,
0:16:11 > 0:16:13but you've got a beautiful old sash window.
0:16:13 > 0:16:17Through this bi-fold sort of '70s contraption...
0:16:17 > 0:16:20Isn't that fantastic, by the way?
0:16:20 > 0:16:26The kitchen, situated right at the back of the property with the toilet next door.
0:16:26 > 0:16:30As I said earlier, I just think you need to think about the layout
0:16:30 > 0:16:33in this flat, because currently it's just not working for me.
0:16:33 > 0:16:38I would put this kitchen into this area here and have a lovely open-plan
0:16:38 > 0:16:42sort of kitchen-diner, I would leave the bedroom as it is and take away
0:16:42 > 0:16:48that shower and put the bathroom at the back of this property.
0:16:48 > 0:16:53Have a really nice, large bathroom and toilet situated at the back here.
0:16:53 > 0:16:56Then you've got yourself a really comfortable two-bedroom flat.
0:16:58 > 0:17:01You also get your own section of the back garden.
0:17:01 > 0:17:03It's small but it is yours all the same...
0:17:03 > 0:17:05quite rare for this part of London.
0:17:05 > 0:17:10Let's see what a local estate agent has to say about the flat.
0:17:10 > 0:17:15To me, it sounds a good investment for that 160,000 guide price.
0:17:15 > 0:17:17Does he agree?
0:17:17 > 0:17:20I think this flat is fantastic.
0:17:20 > 0:17:22I think it's just what first-time buyers would like, especially if
0:17:22 > 0:17:26they don't mind doing a little bit of work to the property,
0:17:26 > 0:17:31has lots of scope to improve, and extension potential as well,
0:17:31 > 0:17:35and being close to amenities and everything, I think it's fantastic.
0:17:35 > 0:17:38What about extending at the back?
0:17:38 > 0:17:42- Is that viable or advisable?- The extension potential is really good.
0:17:42 > 0:17:46What we would do is, from the back of the property, you would actually extend to the rear and to the side,
0:17:46 > 0:17:52which would create a little room, and that would allow this to be a three-bedroom property and so
0:17:52 > 0:17:55you'd be going from the back of the property to create that extension.
0:17:55 > 0:18:00The extension could wait. I'm sure a first-time buyer wouldn't want to tackle that.
0:18:00 > 0:18:02But, as I said, I'd definitely rearrange the layout, convert
0:18:02 > 0:18:06that shower room into a second bedroom and create a kitchen-diner.
0:18:06 > 0:18:10Then these two rooms could become a lounge and a bedroom.
0:18:10 > 0:18:11But what's the potential?
0:18:11 > 0:18:14How much could the flat be worth?
0:18:14 > 0:18:17If I was marketing this property in good order, I'd be looking to put this property
0:18:17 > 0:18:24on the market for about £265,000, but looking to get somewhere around the stamp-duty level of £250,000.
0:18:24 > 0:18:28How much income could a buy-to-let investor generate?
0:18:28 > 0:18:30If we were renting this property,
0:18:30 > 0:18:34I would say put it on the market for £1,000 to £1,050 per calendar month.
0:18:39 > 0:18:45It's a property with a bit of modernisation to do and there's the bathroom issue that won't go away,
0:18:45 > 0:18:50so a few decisions to make, but a decent-sized place all the same.
0:18:50 > 0:18:55Time to find out who decided to bid for the property when it went under the hammer.
0:18:55 > 0:18:58Lot 2, ground-floor flat.
0:18:58 > 0:19:02They're good flats, purpose-built flats, ground-floor flat.
0:19:02 > 0:19:07In the old days, we'd have thought of 240 on improved ones but, anyway, 150?
0:19:07 > 0:19:09150 anywhere?
0:19:09 > 0:19:11I'm not going to go below 150.
0:19:11 > 0:19:14150, 155?
0:19:14 > 0:19:20155 down here. 160? 160, yeah?
0:19:20 > 0:19:23160. 165.
0:19:23 > 0:19:25165, 170.
0:19:25 > 0:19:29Do you want to come forward? I can't... 170. That's OK. 180?
0:19:29 > 0:19:33170 with you. 180 anywhere else?
0:19:33 > 0:19:37180, 185,
0:19:37 > 0:19:39190, 195?
0:19:40 > 0:19:45190 might be lucky. Anyone else?
0:19:45 > 0:19:48195, 200?
0:19:48 > 0:19:54It's a first bid. 196, 197, 198,
0:19:56 > 0:19:58199, 200?
0:20:02 > 0:20:05199 with you. Anyone else?
0:20:05 > 0:20:13199 first time, second time, third and last time if you're all done...
0:20:13 > 0:20:16Sold, 199. Well done.
0:20:16 > 0:20:20So, for 199,000, the new owners are Nigel and his girlfriend Rebecca.
0:20:20 > 0:20:26Nigel used to work as a chef and restaurant owner and Rebecca's doing interior design at the moment.
0:20:26 > 0:20:31I met up with them at the flat to find out what they plan to rustle up here.
0:20:31 > 0:20:38- Nigel and Rebecca, congratulations. - Thank you.- You've got the property you wanted. Well done.- Thank you.
0:20:38 > 0:20:41- So have you bought it to live in yourselves?- We haven't, actually.
0:20:41 > 0:20:46We've decided where we really want to be is, we want to sort of move overseas a little bit so we're using
0:20:46 > 0:20:51it as a sort of stepping stone in order to take that next step. We'd ideally like to go to Brazil.
0:20:51 > 0:20:55But it's quite a new venture for both of us.
0:20:55 > 0:21:00I was involved in the restaurant trade before, but unfortunately had quite a bad motorbike accident
0:21:00 > 0:21:07and I was left unable to work for about six years, so we're now looking at this as hopefully a
0:21:07 > 0:21:13way of going forward without the stresses of working 70, 80 hours a week in a restaurant any more.
0:21:13 > 0:21:19So, after six very traumatic years, the successful refurbishment of this flat is the key
0:21:19 > 0:21:24to a life-changing opportunity in Brazil for Nigel and Rebecca.
0:21:24 > 0:21:26Although the sand, samba and sunshine is beckoning,
0:21:26 > 0:21:31there's plenty of work to be done before they board that plane.
0:21:31 > 0:21:37They intend to renovate and return it to a more habitable condition. So, Rebecca, what is the plan, then?
0:21:37 > 0:21:42- How are you going to go about doing that?- We'll start off by getting all the trades in
0:21:42 > 0:21:48to rewire, replumb, have a jig around of layouts. The bathroom's in quite a strange position.
0:21:48 > 0:21:52Hopefully spend about 10,000 on renovating.
0:21:52 > 0:21:55I think it's quite nice that we've got the original features in the front room.
0:21:55 > 0:21:58We've still got a little bit of the cornicing and possibly we'll
0:21:58 > 0:22:02look around for a fireplace, like a Victorian fireplace that we can put
0:22:02 > 0:22:04back in place which will give the house a bit more of a heart.
0:22:04 > 0:22:08And the shower, that's in what will be our second bedroom...
0:22:08 > 0:22:11I think it looks like a Dalek has landed in there so...
0:22:11 > 0:22:16- Rebecca, your parents have invested money in this, haven't they?- Yeah.
0:22:16 > 0:22:18So you really have got a bit of pressure on your shoulders here.
0:22:18 > 0:22:20I think they've got quite a lot of confidence in me. They've seen what
0:22:20 > 0:22:25we did in the last property so I think they have confidence that we'll succeed and come out.
0:22:25 > 0:22:28Both Nigel and Rebecca have an eye for style
0:22:28 > 0:22:32and have previously renovated the house they share in Brighton.
0:22:34 > 0:22:39- Now, Rebecca, what is it going to look like?- We'll keep it very contemporary, very modern inside,
0:22:39 > 0:22:46use light colours, light floorings, probably go for a white kitchen unit to keep it really clean.
0:22:46 > 0:22:53They've set aside a budget of £10,000 but an extremely short time-scale of just six to eight weeks to do it all.
0:22:55 > 0:23:01- So, guys, you've got a £10,000 budget and you want to do this in eight weeks.- Yes.
0:23:01 > 0:23:05- Yeah.- So there's no chance of you two doing this place up, loving it so much and thinking
0:23:05 > 0:23:07it's fantastic, that you'd want to stay here and live here yourselves?
0:23:07 > 0:23:09No, I think Brazil's far more appealing.
0:23:09 > 0:23:12They plan to chill out in the sun
0:23:12 > 0:23:16and set up a meditation and relaxation centre there.
0:23:16 > 0:23:24Brazil is certainly beckoning for these guys, but there's a lot of hard work to do here in Tooting first.
0:23:24 > 0:23:27Let's hope they meet their deadlines and they sell up in time
0:23:27 > 0:23:31to sample that samba lifestyle they are so looking forward to.
0:23:31 > 0:23:35Join us later in the programme to see if it all works out for them.
0:23:35 > 0:23:37Coming up... Looking for value?
0:23:37 > 0:23:41Well, you get loads of wall for your money with this Devon cottage.
0:23:41 > 0:23:45I mean, it's literally that thick.
0:23:45 > 0:23:49In London, noisy neighbours can be a problem, but not on this refurbishment.
0:23:49 > 0:23:53Really happy with the way it's turned out. The neighbours are really nice as well.
0:23:53 > 0:23:56- They've been bringing us down lots of chocolate and tea.- But first,
0:23:56 > 0:23:59we return to that bungalow that needed everything done.
0:23:59 > 0:24:05When we come back now and open the door and walk in, it's like, "Wow, we've done that!".
0:24:07 > 0:24:10It's back to Mansfield in Nottinghamshire now, where
0:24:10 > 0:24:16Greg and his wife Sally bought this property for £85,000.
0:24:16 > 0:24:20They'd recently been gazumped on a larger bungalow costing £250,000,
0:24:20 > 0:24:22which was to be a dream home,
0:24:22 > 0:24:27so they decided to buy this one at auction to renovate and then sell.
0:24:31 > 0:24:35Just over two months later and the refurbishment's complete.
0:24:35 > 0:24:42The first thing you can't miss is the off-street parking that this new drive has provided.
0:24:42 > 0:24:49Round the back, they waved goodbye to the weeds and installed a patio door in the old conservatory.
0:24:49 > 0:24:54In fact, the conservatory is no more because the wall to the kitchen has
0:24:54 > 0:24:58been removed and a fabulous enlarged kitchen has been created...
0:24:58 > 0:25:02wonderfully light and beautifully kitted out.
0:25:05 > 0:25:09What a transformation, and what hard work in just seven weeks.
0:25:09 > 0:25:12That kitchen looks brilliant!
0:25:15 > 0:25:17Yeah, the kitchen's been a big job, but I thought the driveway
0:25:17 > 0:25:20was the hardest part, like hard work, hard graft.
0:25:20 > 0:25:22Yeah, it took a lot of our friends to do that.
0:25:22 > 0:25:24Yeah, we've got to say a big thank-you to all our friends
0:25:24 > 0:25:27and family cos they chipped in, didn't they?
0:25:27 > 0:25:31No, they couldn't have done it without all that help.
0:25:31 > 0:25:33Every room provided different challenges.
0:25:36 > 0:25:39Previously, there was a very small fireplace here with an old-fashioned hearth.
0:25:39 > 0:25:43We decided to change it to make a modern fireplace.
0:25:43 > 0:25:45We think it makes a great focal point.
0:25:45 > 0:25:48And I think Sally's right.
0:25:48 > 0:25:53Remember, they paid £85,000 for the bungalow at auction,
0:25:53 > 0:25:57but how much has this super-fast refurbishment cost?
0:25:57 > 0:26:04We actually did it in seven weeks and we came in just under the budget of 10,000.
0:26:04 > 0:26:09We came in at 9,980, so we're really pleased with that, aren't we?
0:26:09 > 0:26:13Yes, good going, and no doubt economies were made, thanks to all that help.
0:26:13 > 0:26:16So where has the money been spent?
0:26:16 > 0:26:18Half the money has gone the kitchen...
0:26:18 > 0:26:20taking the wall down, fitting a decent kitchen in.
0:26:20 > 0:26:24The driveway was quite expensive cos we had to pay £620
0:26:24 > 0:26:27for the council to drop the kerb.
0:26:27 > 0:26:32Those sort of costs are a nasty surprise that many people forget to factor in.
0:26:32 > 0:26:36While Sally's uncle Eamonn worked on the kitchen, Greg was busy in the
0:26:36 > 0:26:40front garden, clearing a tree and laying the Tarmac for the drive.
0:26:40 > 0:26:45I was going to do the bathroom but then Eamonn came and started
0:26:45 > 0:26:50doing things and I thought, "No, it makes much better sense for Eamonn to do all the work,"
0:26:50 > 0:26:54- so Eamonn did the bathroom. - Oh, it's great working for family.
0:26:54 > 0:26:57You know you're doing a good job for family.
0:26:57 > 0:27:00You want to help them up the ladder.
0:27:00 > 0:27:03Oh, he's been a huge help, hasn't he? Got really stuck in with the kitchen.
0:27:03 > 0:27:06Brilliant. He's one of the most important parts of it.
0:27:06 > 0:27:10He's been there in the day when we've been at work, just to do things when people have been coming.
0:27:10 > 0:27:12Couldn't have done it without him.
0:27:12 > 0:27:15Working for them's been great. I've really enjoyed doing the work,
0:27:15 > 0:27:19and they intend to get more houses, so hopefully I'm going to be working with them again.
0:27:19 > 0:27:22That's what families are all about.
0:27:22 > 0:27:26And Eamonn unearthed eight very useful things in the garden.
0:27:26 > 0:27:33Decided to move the door from the side and put the French doors in, leading out onto a patio.
0:27:33 > 0:27:38Eammon found these slabs up in the nettles at the end of the garden, so
0:27:38 > 0:27:44we gave them a good clean up and my dad came down and we laid the patio.
0:27:44 > 0:27:47Basically, I think it looks...
0:27:47 > 0:27:51it's a nice feature off the kitchen so, yeah, we're really happy with it.
0:27:51 > 0:27:56Greg and Sally have kept this refurbishment relatively simple.
0:27:56 > 0:28:00Their secret has been to make the most of that wasted space in the old conservatory.
0:28:00 > 0:28:04If they wish, any future owner can still extend out or convert the loft.
0:28:04 > 0:28:08Now the work's finished, are they pleased they took on the project?
0:28:08 > 0:28:13Yes, definitely do it again. If you'd've asked me this question six weeks ago, I'd have said no!
0:28:13 > 0:28:18But now, definitely. I've loved it, loved it. It's been really hard.
0:28:18 > 0:28:20At the start, it was really bad.
0:28:20 > 0:28:24I didn't like it at all. I thought, "What have we done?" But now,
0:28:24 > 0:28:27looking at it to what we've got it to, it's been worth every minute.
0:28:27 > 0:28:32Time for expert valuations from two local estate agents.
0:28:35 > 0:28:36I think it's absolutely fabulous.
0:28:36 > 0:28:40The work that's been carried out is amazing. Transformed it.
0:28:40 > 0:28:42I think it's a really nice property. I think the kitchen's a great room.
0:28:42 > 0:28:45You've got a lot of light in there, it's a good finish for
0:28:45 > 0:28:50the flooring and the units, and the views onto the back garden I think are brilliant as well.
0:28:50 > 0:28:55The parking issue's been improved drastically with the introduction of off-road parking.
0:28:55 > 0:28:57Again, a great benefit to the property.
0:28:57 > 0:29:01If they can't find a buyer and decide to rent it out,
0:29:01 > 0:29:04how much income could it generate?
0:29:04 > 0:29:10I would recommend that this property would rent out for £500 to £525 per calendar month.
0:29:10 > 0:29:16Rental on the property would be in the region of £500 to £550 per calendar month.
0:29:16 > 0:29:19- If we couldn't sell it, we'd definitely look into it.- Yeah, yeah.
0:29:19 > 0:29:25- I'd like to think, because of the area and what we've done, we can hopefully sell it.- Yeah.
0:29:25 > 0:29:29Let's find out how much the experts would advertise the property for.
0:29:29 > 0:29:35Remember, Sally and Greg paid £85,000 at the auction and have spend £10,000 on the refurbishment,
0:29:35 > 0:29:41so they need a figure of over 95 grand to see any profit.
0:29:41 > 0:29:44I'd put the property on the market for £130,000.
0:29:44 > 0:29:47I would comfortably market the property at £140,000 due to the
0:29:47 > 0:29:50standard of the work that's been carried out.
0:29:50 > 0:29:52- Wow!- 140!
0:29:52 > 0:29:54- That's amazing.- Brilliant.
0:29:54 > 0:29:59To have that kind of valuation at this time of year is amazing, isn't it?
0:29:59 > 0:30:01Wow! Yeah, brilliant.
0:30:01 > 0:30:05That would mean a gross profit of around £45,000.
0:30:05 > 0:30:09Even allowing for other expenses, that would leave them a very tidy
0:30:09 > 0:30:12profit to put towards buying their dream home.
0:30:12 > 0:30:15Well, we're a lot nearer to it now.
0:30:15 > 0:30:18If we can sell it and make that kind of profit, we're a lot nearer.
0:30:18 > 0:30:22We'll start looking, and if we see something, then we'll get it.
0:30:22 > 0:30:24If we don't, then we'll buy another one and do another one.
0:30:24 > 0:30:26Yeah.
0:30:32 > 0:30:38Well, today I'm in Devon in the beautiful cob and thatched village
0:30:38 > 0:30:40of Gittisham.
0:30:40 > 0:30:48This has been occupied since Saxon times and, yeah, it's a very desirable place to own property.
0:30:48 > 0:30:50Well, what a beautiful spot.
0:30:50 > 0:30:53This really is a very picturesque village.
0:30:53 > 0:30:56The only thing missing is a pub.
0:30:56 > 0:30:58And in case village life doesn't immediately appeal,
0:30:58 > 0:31:02Exeter is just 15 miles away, and Sidmouth beach just eight.
0:31:02 > 0:31:04The nearby town of Honiton
0:31:04 > 0:31:08has a mainline station with links to London.
0:31:08 > 0:31:13Gittisham was described by none other than Prince Charles himself
0:31:13 > 0:31:16as "the ideal English village",
0:31:16 > 0:31:19so I'm doubly excited to see the property that's on offer.
0:31:19 > 0:31:26It's a two-bedroom, Grade II listed semi-detached cottage at a guide price of 140,000 quid.
0:31:26 > 0:31:28Mind your heads.
0:31:28 > 0:31:31Let's take a look inside.
0:31:31 > 0:31:36Low ceiling height is one of those things that makes cottages like this so charming.
0:31:36 > 0:31:39However, if you are tall, it does have slight practical issues.
0:31:41 > 0:31:44That would drive you mad, actually, after a while! But what have we got here?
0:31:44 > 0:31:49One basic big room downstairs here which is quite nice to see...
0:31:49 > 0:31:54but, I mean, that! The cottage doesn't need any more.
0:31:54 > 0:31:57This fireplace... forget what's on the front here.
0:31:57 > 0:31:59That's hollow.
0:31:59 > 0:32:02I reckon, behind there, judging by the width...
0:32:02 > 0:32:06Oh, my goodness me, yes, that is an inglenook fireplace.
0:32:06 > 0:32:10That kind of thing just hidden here, waiting to be discovered...
0:32:10 > 0:32:14the cottage needs nothing more for me, but we will explore anyway.
0:32:16 > 0:32:21I mean, look at the size of this wall.
0:32:21 > 0:32:24I mean, it's literally that thick.
0:32:24 > 0:32:28About five feet. That's another indication of basically why I'm
0:32:28 > 0:32:32absolutely convinced that there's an inglenook fireplace behind there.
0:32:32 > 0:32:36But through that little corridor, you've got this quite unusual sort of anteroom.
0:32:36 > 0:32:42I guess this could be a dining room perhaps, but I think it would make better use to use this
0:32:42 > 0:32:48as, say, maybe an extra bedroom, but I need to check upstairs to see what there is there first.
0:32:48 > 0:32:53This room is in a single-storey extension to the side.
0:32:53 > 0:32:59Small cottages are pretty, but squeezing everything in can be a challenge. So where's the bathroom?
0:32:59 > 0:33:01Maybe it's up on the first floor.
0:33:03 > 0:33:06Well, upstairs, a very, very odd layout.
0:33:06 > 0:33:12What you've basically got, I think originally, was just one big room cos this is a stud partition wall.
0:33:12 > 0:33:15They've created a separate room there which I suppose is your second bedroom.
0:33:15 > 0:33:19I'd want to think about trying to do something
0:33:19 > 0:33:24better here, maybe even an en-suite, but the thing that distracts me more than anything else is this floor.
0:33:24 > 0:33:26Can you see that I'm actually going up?
0:33:26 > 0:33:28The floor slopes like no floor I've ever seen.
0:33:28 > 0:33:30I don't think it's a problem...
0:33:30 > 0:33:33it's been like this for years...
0:33:33 > 0:33:39but, trust me, getting your furniture to balance is going to be a bit of an issue.
0:33:39 > 0:33:45That's not all, because there are some wobbly floors and very interesting cracks up here.
0:33:45 > 0:33:51With this layout, the most you could squeeze in on the first floor is an en-suite, so where IS the bathroom?
0:33:51 > 0:33:55The bathroom must be downstairs and, yes, there it is, off the kitchen.
0:33:55 > 0:33:57Now, that really is not ideal at all.
0:33:57 > 0:34:03However, moving it is going to be quite an issue, not only in terms of getting the planning permission
0:34:03 > 0:34:10you would most definitely need, but also just the cost, so you may well be left with it there.
0:34:10 > 0:34:11The kitchen here...
0:34:11 > 0:34:17probably one room that lets the property down, but put some really nice, old-fashioned units in here
0:34:17 > 0:34:22to make it a bit more in keeping with the cottage and it could be a nice enough little space.
0:34:22 > 0:34:26The cottage was previously part of the estate in Gittisham, though,
0:34:26 > 0:34:28more recently, they have started to sell some of their properties.
0:34:28 > 0:34:34At the back, you get quite a bit of land which could make a beautiful garden.
0:34:38 > 0:34:41I invited the auctioneer who sold this cottage to tell me more about
0:34:41 > 0:34:46the area, and just how much it could be worth once renovated.
0:34:46 > 0:34:49Gittisham is known for being an archetypal, really pretty,
0:34:49 > 0:34:54good-looking village with a spread of quality, character houses
0:34:54 > 0:34:58that are going to be basically
0:34:58 > 0:35:01to a great extent untouched because of what it looks like.
0:35:01 > 0:35:07It's generally insulated from the machinations of the market
0:35:07 > 0:35:13because it's not totally immune, but it just does OK on the grand scheme of things because it is so pretty.
0:35:13 > 0:35:17Sounds like the location makes it a good prospect as a secure investment
0:35:17 > 0:35:24with a healthy return, but is it feasible to extend here to maximise its potential?
0:35:24 > 0:35:29Physically there is scope for extension, to build above the single storey to the left here,
0:35:29 > 0:35:36but it's a Grade II listed building and this is very precious, and the listed-building officer would
0:35:36 > 0:35:45probably take a lot of persuading to think about letting you actually change the silhouette of the cottage.
0:35:47 > 0:35:50Of course, the listing is there to protect the appearance for
0:35:50 > 0:35:54everybody to enjoy, so I think you'd really have to rule that one out?
0:35:54 > 0:35:58Is there anything else here that's not ideal?
0:35:58 > 0:36:03The only thing I really dislike about the property is that the bathroom's straight off the kitchen.
0:36:03 > 0:36:08Apart from that... Yeah, it's a bit sort of tired and tatty but there's
0:36:08 > 0:36:11an enormous amount of potential here, really shed-loads of it.
0:36:11 > 0:36:14As I said earlier, properties in the village don't come up for sale that
0:36:14 > 0:36:21often, so it's a bit tricky to gauge a price for it but, if renovated, how much could it be worth?
0:36:21 > 0:36:24Assuming that you bring the bathroom up here
0:36:24 > 0:36:31and have your single-storey extension as a second bedroom-cum-second reception room,
0:36:31 > 0:36:35the cottage would probably make £210,000, £220,000.
0:36:41 > 0:36:48Well, what a beautiful cottage in a picture-postcard perfect village this is.
0:36:48 > 0:36:51Fantastic. Somebody will definitely fall in love with it.
0:36:51 > 0:36:55I hope they don't miss out on the fact that you are going to have to get that all-important
0:36:55 > 0:37:01listed-building and planning approval before you do any work but, hey, what a project to take on.
0:37:01 > 0:37:04Let's see who fell in love with it when it went under the hammer.
0:37:04 > 0:37:12The iconic village of Gittisham, pretty cottage, semi, garden to the side and to the rear.
0:37:12 > 0:37:15Nice cottage in a nice village. It ought to be 160 of anybody's money.
0:37:15 > 0:37:20I'll ask 150, then. 150?
0:37:20 > 0:37:23Not going less than the guide price, so unless anybody's here who doesn't want it... 140?
0:37:23 > 0:37:29No? 140, thank you. 140, 142? 145?
0:37:29 > 0:37:33145, 148, 148, 150, thank you.
0:37:33 > 0:37:41150, 152, 154, 154, 156, 156... The bid's on the left.
0:37:41 > 0:37:45Work to be done but what a fantastic cottage it will be.
0:37:45 > 0:37:53At 156 on the left once, at 156 on the left twice, at 156...
0:37:53 > 0:37:568 or not? Are you sure and done? It will be sold.
0:37:56 > 0:38:00At 156, the gentleman's bid on the left, at 156. Yours, sir.
0:38:00 > 0:38:07The new owners are husband and wife Andy and Kerry who paid 156,000,
0:38:07 > 0:38:10just £16,000 over the guide price.
0:38:10 > 0:38:16They've run a painting and decorating business for the last 24 years, so they're no strangers
0:38:16 > 0:38:20to the work needed on houses, but this is their first investment property.
0:38:20 > 0:38:25To hear about what they plan to do with it, I went to the cottage to meet them.
0:38:26 > 0:38:31- Kerry, Andy, lovely to meet you both.- Hi.- Nice to meet you. - Great little village, isn't it?
0:38:31 > 0:38:33It's very pretty.
0:38:33 > 0:38:36Now, tell me, apart from the obvious, why you wanted to buy this place.
0:38:36 > 0:38:38To do up, really.
0:38:38 > 0:38:43- Invest and do up and sell.- We've always wanted to do somewhere, so...
0:38:43 > 0:38:45this came along and seemed ideal.
0:38:45 > 0:38:47Great little village. What do you know about the village?
0:38:47 > 0:38:52- Quite a bit, really. We've obviously decorated a lot of the houses over the years...- Have you?
0:38:52 > 0:38:57Yeah, and the houses were sold off a few years ago from the estate,
0:38:57 > 0:38:59and they've been rented and now they're coming back up.
0:38:59 > 0:39:03We've looked around other towns, but this is...
0:39:03 > 0:39:05- Quite saleable here, I think. - People might want to live here.
0:39:05 > 0:39:07So what are you planning to do with it?
0:39:07 > 0:39:08Just a basic refurb, really.
0:39:08 > 0:39:12- There's not a lot we can do... - Cos it's listed.
0:39:12 > 0:39:17We can't move anything. We can't move any walls or change the windows or anything like that.
0:39:17 > 0:39:19We are hoping to put a bathroom upstairs
0:39:19 > 0:39:24- but we're waiting for planning to come back for that.- What, in place of one of the bedrooms?- Yes.
0:39:24 > 0:39:30- So just a bedroom, bathroom en-suite up there. - I think that's exactly what I'd do.
0:39:30 > 0:39:34Andy and Kerry also plan to turn the reception room in the extension into a second bedroom.
0:39:34 > 0:39:40They're going to leave the bathroom where it is, but what about the potential of that fireplace?
0:39:40 > 0:39:42That's really exciting.
0:39:42 > 0:39:46- What do you think? That doesn't seem quite right, does it?- No.
0:39:46 > 0:39:50- It's not, but we still need planning to take it out.- What do you hope is behind there?
0:39:50 > 0:39:52An inglenook I guess. I mean, the depth of it, there's got to be something in there.
0:39:52 > 0:39:55- But that would just transform this room, wouldn't it?- Absolutely, yeah.
0:39:55 > 0:39:58Yes, I think it'll look really beautiful, yeah.
0:39:58 > 0:40:01Well, that's going to be the most exciting bit of the whole restoration, isn't it?
0:40:01 > 0:40:03- Yeah.- Can't wait, can you?- Yeah.
0:40:03 > 0:40:05Now, it's thatched obviously, which throws up a few issues, although
0:40:05 > 0:40:09I have to say the thatch looks to be in reasonable condition, doesn't it?
0:40:09 > 0:40:12It's four years old, so that should be fine.
0:40:12 > 0:40:16And insurance... An issue again with thatched houses, isn't it?
0:40:16 > 0:40:19It's not as bad as you think, though.
0:40:19 > 0:40:21I think it was something like £600 for the year.
0:40:21 > 0:40:23- Not a lot different than normal.- No. Not everybody does the insurance.
0:40:23 > 0:40:28It was tricky finding the right people to do the insurance.
0:40:28 > 0:40:33A good point to bear in mind. If you are considering a thatched property,
0:40:33 > 0:40:37remember it does have a limited life and will need maintenance work.
0:40:37 > 0:40:42Finding skilled thatchers can be expensive and difficult.
0:40:42 > 0:40:46So how much are you planning on spending doing it up?
0:40:46 > 0:40:49We're hoping to spend 20, but we will go to 30.
0:40:49 > 0:40:51We've got a contingency fund.
0:40:51 > 0:40:54- Which apparently you need! - Yes, absolutely, cos never know what
0:40:54 > 0:40:58you're going to find, especially in an old property like this.
0:40:58 > 0:41:04Since so few properties in this village ever come to market, it's very difficult to value them,
0:41:04 > 0:41:10so it should be really interesting to see how much it's worth when they work is finally completed.
0:41:10 > 0:41:14- So what kind of timescales have you got?- Eight to ten weeks. - And who will be doing the work?
0:41:14 > 0:41:20I will be and a couple of guys that I know... Plumbers and a carpenter.
0:41:20 > 0:41:23So you don't want to use your own staff?
0:41:23 > 0:41:27Well, possibly they might come in at weekends and help, but there's not a great deal of decorating to do,
0:41:27 > 0:41:29really. Once it's all stripped out, it'll be quite easy.
0:41:29 > 0:41:34Great. Well, congratulations and good luck with it all, and we look forward to seeing how you get on.
0:41:34 > 0:41:36- Thank you.- Thanks a lot.
0:41:42 > 0:41:45So Andy and Kerry clearly have got the experience necessary
0:41:45 > 0:41:49to sort this place out, and what a beautiful project to take on.
0:41:49 > 0:41:53However, the fact that it is Grade II listed and it is in this
0:41:53 > 0:41:57gorgeous little village means that they are going to have to jump through hoops
0:41:57 > 0:42:00when it comes to getting the listed-building and planning approval that they're
0:42:00 > 0:42:05going to need to do any work on the property, including sorting out this fireplace.
0:42:05 > 0:42:10I don't know about you, but I can't wait to see what this turns out like.
0:42:10 > 0:42:12Later in the show, we'll have the answer.
0:42:15 > 0:42:19It's time to find out how our purchasers have progressed.
0:42:19 > 0:42:23Has it been an uphill struggle or a walk in the park?
0:42:23 > 0:42:26I can't wait to find out. Let's take a look.
0:42:26 > 0:42:28Back to Tooting in south London.
0:42:28 > 0:42:34This ground-floor flat was bought for £199,000 by former chef Nigel
0:42:34 > 0:42:37and his interior designer girlfriend Rebecca,
0:42:37 > 0:42:40with some financial help from her parents.
0:42:40 > 0:42:45Six years ago, Nigel had a serious bike accident but he's now fully recovered.
0:42:45 > 0:42:50The couple plan to refurbish this property, then sell it and emigrate to Brazil.
0:42:50 > 0:42:55Well, it's taken just six weeks, and the flat IS finished.
0:42:55 > 0:42:59If the front garden's anything to go by, we're in for a treat.
0:42:59 > 0:43:04Inside, Rebecca's design expertise has rejuvenated the place.
0:43:04 > 0:43:10The front living room now has wonderful stained-wood floors and an original Edwardian fireplace.
0:43:10 > 0:43:17You may remember the layout was a bit unusual to say the least, but now a utility room replaces the loo.
0:43:17 > 0:43:21That has been moved into the new bathroom they've created,
0:43:21 > 0:43:23where the original kitchen was.
0:43:23 > 0:43:25It's a simple and classic design
0:43:25 > 0:43:29with quality white fittings and porcelain tiles.
0:43:29 > 0:43:33The flat's been replumbed, rewired and transformed in record time.
0:43:33 > 0:43:35It's been incredibly hectic.
0:43:35 > 0:43:40To try and renovate a property to this standard, where we've literally
0:43:40 > 0:43:44done everything in sort of five or six weeks, is quite a mammoth task.
0:43:44 > 0:43:50Remember, there was no bathroom before, just a shower plonked in one of the bedrooms.
0:43:50 > 0:43:52Thank goodness that's gone!
0:43:52 > 0:43:58The room's been restored to its former glory, as Rebecca explains.
0:43:58 > 0:44:01The two bedrooms... One of them was the bathroom before, so we've moved
0:44:01 > 0:44:06the bathroom to the back of the house to create a small bedroom, and this was an existing bedroom.
0:44:06 > 0:44:10We've removed the cupboards and redecorated.
0:44:10 > 0:44:14So there are now two bedrooms with a bathroom at the rear.
0:44:14 > 0:44:18That meant the former dining room had to be converted into a kitchen.
0:44:23 > 0:44:26As you can see, we've made quite a lot of changes. We've moved the doorway over
0:44:26 > 0:44:31to the end there to create more of a useable space, range cooker,
0:44:31 > 0:44:36fitted kitchen, which is a hand-made kitchen, ceramic sink.
0:44:36 > 0:44:39I'm really pleased with the way it's all turned out. It's probably my favourite room in the house.
0:44:39 > 0:44:44It's the heart of a house, the kitchen, and I hope other people appreciate it too.
0:44:44 > 0:44:48What we've done in the lounge here is, we've taken off the existing wallpaper.
0:44:48 > 0:44:54There was three layers of wallpaper which was quite difficult to get off, and there was a rather large,
0:44:54 > 0:45:00'60s melamine gas fireplace here which we removed and put in an original fireplace
0:45:00 > 0:45:03of the same period. We've reskimmed all the walls.
0:45:03 > 0:45:07We've kept the original cornice throughout and we've
0:45:07 > 0:45:11finished the room off with some nice hand-made blinds across the window.
0:45:11 > 0:45:17The flat shares half the rear garden with the top-floor flat and it's been transformed.
0:45:17 > 0:45:21With new fences and turf, it just looks great.
0:45:24 > 0:45:27The sash windows were in quite bad condition.
0:45:27 > 0:45:30They've been completely refurbished and repainted.
0:45:30 > 0:45:32We kept the original front door.
0:45:32 > 0:45:37We kept the original glass that was at the top, and we've redone the larger panels.
0:45:37 > 0:45:39The furniture that we've used throughout the flat is
0:45:39 > 0:45:43a collection of antiques and things that I've collected over the years
0:45:43 > 0:45:49and I've used a lot of my soft furnishings which I use in my design work as well.
0:45:49 > 0:45:53I think Rebecca's been absolutely amazing. She's really pulled everything together.
0:45:53 > 0:45:57The role that I played during this renovation has mainly
0:45:57 > 0:45:59been managerial, though I have done some of the work myself.
0:45:59 > 0:46:05She was up until early hours of the morning making all the blinds throughout.
0:46:05 > 0:46:10I've made the headboard in the master bedroom and all the cushions throughout, and I've tried to stick
0:46:10 > 0:46:13to using natural and organic fabrics
0:46:13 > 0:46:15and a few antique fabrics
0:46:15 > 0:46:17here and there.
0:46:17 > 0:46:19Rebecca designed the kitchen.
0:46:19 > 0:46:24We came up with a kit company that we wanted to use, but Rebecca basically
0:46:24 > 0:46:27decided how it was going to all look and how things were going to work.
0:46:27 > 0:46:31Working with Nigel... yeah, I think we do make a good team.
0:46:31 > 0:46:34We both add different aspects to the project.
0:46:34 > 0:46:38How much have they spent on this refurbishment?
0:46:38 > 0:46:39The original budget was 10000.
0:46:39 > 0:46:45We've ended up spending about 13700, so near on 14000.
0:46:45 > 0:46:47We've gone for really nice, high-end finishes which
0:46:47 > 0:46:51I think will hopefully make or break the sale of the property.
0:46:51 > 0:46:54Well, you can see where the money's gone. The quality is clearly visible.
0:46:54 > 0:46:57So, with the new range cooker,
0:46:57 > 0:47:03has this former chef cooked up something special for Rebecca yet?
0:47:03 > 0:47:07No, Nigel hasn't cooked me any more meals whilst we've been doing the renovation.
0:47:07 > 0:47:09We're hoping to have a little bit of a celebratory drinks and nibbles
0:47:09 > 0:47:15- tonight, so I've dedicated him to cook the nibbles.- We've made some
0:47:15 > 0:47:18very good friends along the way with the trades and
0:47:18 > 0:47:21hence having a bit of a party to say thank you to everyone this evening.
0:47:21 > 0:47:23Now the flat's finished, is the plan
0:47:23 > 0:47:27still to emigrate and open a yoga and relaxation centre in South America?
0:47:27 > 0:47:29Brazil's definitely on the cards.
0:47:29 > 0:47:34I think, if we can manage to achieve the £250,000 then that would give us
0:47:34 > 0:47:39a nice profit to really sort of help set up a little thing over there.
0:47:41 > 0:47:44Time to hear from two local estate agents.
0:47:44 > 0:47:46What will they think of the refurbishment?
0:47:46 > 0:47:51Could the flat generate the money Nigel and Rebecca need for their new life in Brazil?
0:47:53 > 0:47:55I think the standard of finish is very high.
0:47:55 > 0:48:01What I think works particularly well with this flat is the way the kitchen's been done with the cooker
0:48:01 > 0:48:06in the chimney breast, and another feature is the wooden flooring which is immaculate.
0:48:06 > 0:48:09Having looked at the changes today, I think they're absolutely fantastic.
0:48:09 > 0:48:12It's a real good before and after, and they've really enhanced it.
0:48:12 > 0:48:16They've kept a lot of the period of the property but they've made it very contemporary and modern
0:48:16 > 0:48:20along the same line, so it's really going to appeal to that first-time buyer market.
0:48:20 > 0:48:23Well, like me, they seem to love the place,
0:48:23 > 0:48:25but how much could it be worth?
0:48:25 > 0:48:32Remember, Nigel and Rebecca paid £199,000 at the auction and spent 14,000 on the refurbishment,
0:48:32 > 0:48:35so will there be any profit for them to take to Brazil?
0:48:35 > 0:48:40The current resale value of this property, in my opinion,
0:48:40 > 0:48:42would be £279,950.
0:48:42 > 0:48:47I would put this property on the market for £259,000 and I would expect to achieve £250,000.
0:48:47 > 0:48:49Wow!
0:48:49 > 0:48:54That could mean a profit of between 46,000 and 66,000!
0:48:54 > 0:48:58Maybe their Brazilian dream is getting closer after all.
0:48:58 > 0:49:00That's fantastic.
0:49:00 > 0:49:05- Astonishing.- We were hoping to get 250, so anything above that we would be really happy with.
0:49:05 > 0:49:09I think that would give us a really nice fund for our Brazilian project.
0:49:09 > 0:49:13Sounds like the estate agents from Tooting might have made
0:49:13 > 0:49:18some boys from Brazil very happy, especially if they manufacture tents.
0:49:18 > 0:49:22Yeah, we've seen some wigwams, which we'd like to get a little bit of land and sort of put up these
0:49:22 > 0:49:28wigwams and have them as treatment rooms so, yeah, there's quite a lot
0:49:28 > 0:49:30of exciting plans for the future.
0:49:30 > 0:49:35And the great news is that Nigel and Rebecca sold the flat
0:49:35 > 0:49:39the very next day for £275,000, so they've got about
0:49:39 > 0:49:4562,000 gross profit to put towards setting themselves up in Brazil.
0:49:55 > 0:50:02Earlier, in the beautiful Devon village of Gittisham, Andy and his wife Kerry
0:50:02 > 0:50:07paid £165,000 for this classic Grade II listed thatched cottage.
0:50:07 > 0:50:12The couple run their own painting and decorating business, so are used to long hours holding a paintbrush.
0:50:12 > 0:50:13Just as well.
0:50:13 > 0:50:20Well, now, only two months later, the paint is dry, so let's see what's been achieved.
0:50:21 > 0:50:27I'm so pleased my suspicions were justified because, behind that
0:50:27 > 0:50:32bricked-up fireplace, they discovered an original inglenook fireplace...
0:50:32 > 0:50:36a stunning focal point for this beautiful living room.
0:50:36 > 0:50:41And down the corridor behind that fireplace, a bedroom has been created.
0:50:41 > 0:50:45Kerry and Andy have really made a huge difference to this cottage.
0:50:45 > 0:50:52The kitchen remains where it was but, now, high-quality units have been installed.
0:50:52 > 0:50:57The bathroom is in the same place behind the kitchen but now it looks fantastic,
0:50:57 > 0:51:01but it must've been a real headache working on such a historic building.
0:51:01 > 0:51:06Well, the property's Grade II listed, which we knew when we bought it.
0:51:06 > 0:51:12- The inglenook fireplace was the main one that we wanted to uncover.- Yeah, that was totally hidden, really.
0:51:12 > 0:51:19On the stairs, we took out an airing cupboard which exposed another nice beam and a nice shelf.
0:51:19 > 0:51:22Yes, and we moved a cupboard back and
0:51:22 > 0:51:26exposed the chimney breast, the curves of a chimney breast which was really nice.
0:51:26 > 0:51:30And the doors, the doors were covered with hardboard so they looked like just modern
0:51:30 > 0:51:34flush doors, but now they've got the tongue and groove bead which are original doors.
0:51:34 > 0:51:39More of a restoration project than a conventional refurbishment,
0:51:39 > 0:51:43and that fireplace is every developer's dream.
0:51:43 > 0:51:48What we did here to expose this inglenook, because when we bought the house
0:51:48 > 0:51:55it had a big brick fireplace coming up to about here and then hardboard, and it covered the whole thing.
0:51:55 > 0:51:58On the day we exposed it, we found that somebody had
0:51:58 > 0:52:00filled it up with stones, tons and tons of stones in there.
0:52:00 > 0:52:04We got all that out, exposed this.
0:52:04 > 0:52:08We put a piece in here cos it was all charred and burnt,
0:52:08 > 0:52:11which nearly probably burnt the cottage down at one time.
0:52:11 > 0:52:16But it was good to find it, but hard work, really, to get rid of all the rubble.
0:52:16 > 0:52:20Exciting, though, to unearth the history of this lovely cottage
0:52:20 > 0:52:22with its many great features.
0:52:22 > 0:52:26The traditional staircase now takes you up to the first floor which,
0:52:26 > 0:52:31like downstairs, combines a contemporary feel with the original character.
0:52:31 > 0:52:34When we bought the cottage, this was a room just off the main bedroom.
0:52:34 > 0:52:39We got the planning permission for a bathroom but then they suggested
0:52:39 > 0:52:42that a shower would be better because of the weight of the bath.
0:52:42 > 0:52:45There's a step up because of the level of the floor. It makes it nice and quirky.
0:52:45 > 0:52:50The ceiling's the original ceiling so it's very bumpy but it's really lovely.
0:52:50 > 0:52:53I'm really pleased the way it's turned out.
0:52:53 > 0:52:56So who's been busy doing all the work?
0:52:56 > 0:53:02We've been here every single evening, every weekend and quite a few days as well, just...
0:53:02 > 0:53:05except for a couple of guys, especially one guy that's a plumber,
0:53:05 > 0:53:08but he fitted the kitchen and tiled it.
0:53:08 > 0:53:13Apart from that, we did all the labouring, all the decorating, all the garden ourselves.
0:53:13 > 0:53:16At the back, the overgrown garden has been cleared,
0:53:16 > 0:53:20but the front of the cottage opens right onto the road.
0:53:20 > 0:53:22We couldn't really do a lot with the outside.
0:53:22 > 0:53:26We just basically painted it the same colours as the rest of the village.
0:53:26 > 0:53:30Apart from that, really, we just put decking down, gravel...
0:53:30 > 0:53:37There was a shed in front of the kitchen window. We took that down - the light made a big difference.
0:53:37 > 0:53:42All natural light was gratefully received because the original windows had to stay
0:53:42 > 0:53:45in order to retain the character of the cottage and the village.
0:53:48 > 0:53:55They paid £156,000 at the auction for this cottage. How much did they spend doing the work?
0:53:55 > 0:53:56It was about 24,500.
0:53:56 > 0:54:00Which is between what we had and the contingency, so...
0:54:00 > 0:54:08Yeah, it just makes it a quality cottage, really, rather than just an ordinary cottage.
0:54:08 > 0:54:10Well, time to see what two local property experts
0:54:10 > 0:54:14will make of the refurbishment of this wonderful old cottage.
0:54:14 > 0:54:17First impressions are that I've come back to the wrong house.
0:54:17 > 0:54:20It is absolutely unbelievable.
0:54:20 > 0:54:23This is how development, in my book, should be done.
0:54:23 > 0:54:26Very impressive. It's been done to an exceptional standard
0:54:26 > 0:54:30and certainly looks what the buyer will be looking for.
0:54:30 > 0:54:35They've gone for quality in that they've got a lovely bedroom here with a cracking en-suite...
0:54:35 > 0:54:38the biggest shower I've ever seen in my life.
0:54:38 > 0:54:42It must've been a difficult decision for them to lose the third bedroom
0:54:42 > 0:54:44to turn it into an en-suite but I think it was essential.
0:54:44 > 0:54:48In this day and age, you do need an en-suite bathroom for the master bedroom.
0:54:48 > 0:54:54Remember, they paid £156,000 at the auction and spent about £24,000 doing it up.
0:54:54 > 0:55:00That's a total of £180,000, and they're hoping to sell, so how much can it now be worth?
0:55:00 > 0:55:04If I put it on the open market,
0:55:04 > 0:55:07I'd put it on at £239,950
0:55:07 > 0:55:11and hope to get 230 on a decent day.
0:55:11 > 0:55:17Current pricing in today's market would be £235,000.
0:55:17 > 0:55:20That sounds promising to me, but you do the sums, Andy.
0:55:20 > 0:55:23How much gross profit would that leave you?
0:55:23 > 0:55:26That would leave us, if we got 235,
0:55:26 > 0:55:29we'd get between 45 and 50, wouldn't we?
0:55:29 > 0:55:33- Yes. That's a very good profit. - So, yeah... That's good, very good.
0:55:33 > 0:55:39Don't forget, that would be a GROSS profit, so they'd have to deduct the usual taxes and other expenses.
0:55:39 > 0:55:42It's pretty rare for a cottage to become available in this village
0:55:42 > 0:55:44which is why Andy and Kerry were so keen to buy.
0:55:44 > 0:55:48A lot of the properties are rented here,
0:55:48 > 0:55:51so how much could they achieve if they decided to go down that route?
0:55:51 > 0:55:54What is a typical income for a property like this?
0:55:54 > 0:55:58Rental figure per calendar month, probably about 650 or 700.
0:55:58 > 0:56:06If the cottage was let out on a monthly basis, I'd expect it to achieve £650 a calendar month.
0:56:06 > 0:56:10Oh! That's really good. That's more than I thought.
0:56:10 > 0:56:12- Yeah.- Worth thinking about if we don't sell.
0:56:12 > 0:56:14If we can't sell it, we will rent it, yeah.
0:56:14 > 0:56:18I reckon people will be queuing up, whichever decision they make.
0:56:18 > 0:56:20They must be delighted.
0:56:20 > 0:56:23- Yeah, great. - Yeah, we're pleased we took it on.
0:56:23 > 0:56:26And it's turned what was a bit of a wreck into something decent, really.
0:56:26 > 0:56:28The standard of the work is...
0:56:28 > 0:56:32I wish it was this nice in my own house. It's right on the nail.
0:56:32 > 0:56:36It's nice to have that feedback when we did work hard on it.
0:56:36 > 0:56:38Yes, it makes it worthwhile.
0:56:41 > 0:56:47Well, we hope that our hints have been helpful and our ideas inspiring in these uncertain economic times.
0:56:47 > 0:56:50- See you soon for more Homes Under The Hammer.- Goodbye.- Bye-bye.
0:56:58 > 0:57:02Subtitles by Red Bee Media Ltd
0:57:02 > 0:57:05E-mail subtitling@bbc.co.uk