0:00:02 > 0:00:06Buying a property at auction doesn't necessarily mean you get a bargain.
0:00:06 > 0:00:10But when the hammer goes down, it does mean you pay a fair price.
0:00:10 > 0:00:15And whatever you paid becomes the value the buyer hopes to improve on.
0:00:15 > 0:00:20So settle down and listen to some stories from Homes Under The Hammer.
0:00:45 > 0:00:49Buying a property is one of your biggest financial commitments.
0:00:49 > 0:00:55- So doing your research is so important. - And buying property at auction
0:00:55 > 0:01:00you spend thousands of pounds in the blink of an eye.
0:01:00 > 0:01:03So how prepared were our bidders for today's properties?
0:01:04 > 0:01:10In Swindon, it's not just the house that is key to this auction lot.
0:01:10 > 0:01:14This is absolutely vital to the practicality of the property.
0:01:14 > 0:01:19Going round this flat in London turns out to be a bit of a drag.
0:01:19 > 0:01:24There's a really strong smell of nicotine as soon as you walk in.
0:01:24 > 0:01:29And we first saw this fabulous manor farm house near Lincoln in 2007.
0:01:29 > 0:01:35If you thought it looked good then, wait till you see how it looks now.
0:01:36 > 0:01:42All these properties have been sold at auction. We'll find out who bought them and what they paid.
0:01:42 > 0:01:44Sold!
0:01:55 > 0:01:59Amongst other things, Swindon is famous for its roundabouts.
0:01:59 > 0:02:03There's even a calendar with a different roundabout every month.
0:02:03 > 0:02:07I'm not sure where you buy that, but I must find out(!)
0:02:08 > 0:02:12Anyway, the big question is will today's property be a real turn-off,
0:02:12 > 0:02:19will the person who buys it need an exit strategy or will they end up going round in circles?
0:02:25 > 0:02:29# O-o-oh Round and round and... #
0:02:29 > 0:02:34Well, that is the property that was up for auction. Guide price of 70,000 quid.
0:02:34 > 0:02:40Two-bedroomed mid-terrace. Let's see what's in store behind the door.
0:02:40 > 0:02:47'So is this all it's cracked up to be? The exterior's not great, but I have seen worse.
0:02:47 > 0:02:49'Much worse, actually.
0:02:49 > 0:02:54'I like the bay window, but there's no parking and it's on a bus route.
0:02:54 > 0:02:58'The back is a concrete jungle. Low maintenance, though!'
0:02:58 > 0:03:04Interesting little entrance vestibule there with its plastic folding door.
0:03:04 > 0:03:08Through into the front living room. It's not a bad size space.
0:03:08 > 0:03:10A bit natural wood gone mad.
0:03:10 > 0:03:15But then through to another wood gone mad area at the rear.
0:03:15 > 0:03:20Again it's a nice size space and I like the open-plan feel.
0:03:20 > 0:03:25It's linked through to the kitchen. My guess is that this bit is an extension.
0:03:25 > 0:03:31Down here has a lot of space. The kitchen is very tired, needs sorting out,
0:03:31 > 0:03:37but you have got room to move. At the very rear, you've got a bathroom and loo.
0:03:37 > 0:03:40All in all, deceptively large.
0:03:40 > 0:03:47'It's not great having a downstairs bathroom and the kitchen and bathroom units need to be replaced,
0:03:47 > 0:03:51'but it's the panelling here that's overwhelming.'
0:03:51 > 0:03:54# I better knock on wood
0:03:54 > 0:03:57# Baby... #
0:03:58 > 0:04:03'A small forest in Norway must have been felled to deck this place out.
0:04:03 > 0:04:07'It's everywhere! And really makes this house feel dark.'
0:04:08 > 0:04:12Upstairs, a fairly traditional layout. Just two bedrooms.
0:04:12 > 0:04:16Often when I'm wandering round properties, there are hidden dangers
0:04:16 > 0:04:21that I'm not aware of. But in this case there aren't any.
0:04:21 > 0:04:24# You ain't seen nothin' yet
0:04:24 > 0:04:27# B-B-Baby, you just ain't seen n-nothin' yet... #
0:04:27 > 0:04:32'Well, perhaps there's one thing. That's definitely not the best place for a hot water tank.
0:04:32 > 0:04:37'A very strange place to put it, but it can be easily rectified
0:04:37 > 0:04:41'along with the polystyrene tiles and crumbling plaster.'
0:04:41 > 0:04:47Great news - out the back you've got a garden. Laid to paving at the moment.
0:04:47 > 0:04:53That's good. What's much better is that here you've got hard standing for a car
0:04:53 > 0:05:00and access at the back. It's double yellow lines at the front, so this is absolutely vital.
0:05:00 > 0:05:05Well, now I really have seen it all and what I've seen I like.
0:05:05 > 0:05:11There's potential to develop off-street parking and perhaps some garden space.
0:05:13 > 0:05:16So what are the options here?
0:05:16 > 0:05:22Would this be better rented out or sold on? What does a local estate agent think?
0:05:22 > 0:05:27As the property stands today, it offers spacious accommodation,
0:05:27 > 0:05:29an awful lot of room for improvement,
0:05:29 > 0:05:34but would make a fantastic first-time buy or buy-to-let investment.
0:05:34 > 0:05:38Let's talk numbers for this house, which was guided at £70,000.
0:05:38 > 0:05:44Per calendar month, we would suggest a price of around £550.
0:05:44 > 0:05:49When renovated, you could put the property on the market for £115,000.
0:05:49 > 0:05:53That sounds like a reasonably sound investment.
0:05:53 > 0:05:59So in a city famous for its roundabouts, will this property lead a potential purchaser
0:05:59 > 0:06:05in the right direction? It might. Let's see what happened at auction.
0:06:06 > 0:06:11Needs some work doing on it, but close to the town centre.
0:06:11 > 0:06:13£70,000, somebody?
0:06:13 > 0:06:1660, then, if you like. 60 I've got.
0:06:16 > 0:06:1962? 64. 66.
0:06:19 > 0:06:2168. 70. 72.
0:06:21 > 0:06:2474. 76. 78.
0:06:24 > 0:06:2880. 81. Back to you, sir.
0:06:28 > 0:06:3182. 83.
0:06:31 > 0:06:3384. 85.
0:06:33 > 0:06:3586.
0:06:35 > 0:06:40At 86. The bid's over there on the left. Back to where we were.
0:06:40 > 0:06:44£86,000. That's for the first time. £86,000 first time.
0:06:44 > 0:06:47£86,000 for the second time.
0:06:47 > 0:06:54At £86,000, third and last time. Your number, sir, is...? Thank you very much. 24.
0:06:56 > 0:07:03'Kerry and Paul, an engaged local couple, made that final bid of £86,000.
0:07:03 > 0:07:07'For them, this purchase really was all about the location.'
0:07:08 > 0:07:13- Kerry, Paul, lovely to meet you. Congratulations.- Thank you.
0:07:13 > 0:07:19- Why did you buy the house?- Well... we've got two other properties in this street already,
0:07:19 > 0:07:25which we rent out and we saw this one and thought, "Why not?"
0:07:25 > 0:07:27Why so many in this street?
0:07:27 > 0:07:31When Paul and I started going out together, Paul already had one here.
0:07:31 > 0:07:35We've got happy memories here, so, you know...
0:07:35 > 0:07:39It's an unusual strategy! But why not?
0:07:39 > 0:07:44# All at once am I several storeys high
0:07:44 > 0:07:50# Knowing I'm on the street where you live... #
0:07:50 > 0:07:58'So this will be the third house here that Kerry and Paul own and they let all of them out.
0:07:58 > 0:08:03'It's quite a selective approach, but a strategy that has paid off so far.'
0:08:03 > 0:08:07Tell me more about you two. What do you do?
0:08:07 > 0:08:13- I work for a utility company. I'm a personal assistant. And Paul's a builder.- Convenient.
0:08:13 > 0:08:19- Well, you know what things cost. - Do you work on the properties?- No.
0:08:19 > 0:08:24- How come?- I've got my own job. Quite busy at work, so we'll get contractors in.
0:08:24 > 0:08:28- You're a builder getting contractors in?- It's Kerry's project.
0:08:28 > 0:08:34I poach Paul's contacts and he's here to give me advice. I've got very much a free rein.
0:08:34 > 0:08:39'That's probably not a bad idea, keeping business and pleasure apart,
0:08:39 > 0:08:46'particularly with money involved. After all, Paul and Kerry are due to be married soon.'
0:08:46 > 0:08:51- What is your involvement in it? - Just trying to advise Kerry
0:08:51 > 0:08:57- and steer her in the right direction with the right contractors. - And not to go over budget!
0:08:57 > 0:09:01Paul knows how much materials cost a lot more than I do.
0:09:01 > 0:09:04So, you know, he helps me that way.
0:09:04 > 0:09:12- So if you come in halfway through and see a bodged job... - I shall be coming in most days.
0:09:12 > 0:09:18- Will they be OK with you telling them...?- I've worked with them before, so...
0:09:18 > 0:09:24We've got a team of local builders that we use. We've got quite a good rapport with them, so to speak.
0:09:24 > 0:09:27- I think we're OK.- Right.
0:09:27 > 0:09:33'This is a great position to be in, not only to have a team of trusted builders,
0:09:33 > 0:09:39'but also someone experienced enough to check everything's done right and a good deal.
0:09:39 > 0:09:43'Also Paul can advise Kerry on what can and can't be done easily.'
0:09:43 > 0:09:48I'll put in a small kitchen extension, replace the bathroom,
0:09:48 > 0:09:51strip all the walls down, replaster,
0:09:51 > 0:09:55new skirting boards, doors, architraves, redecoration.
0:09:55 > 0:10:01- Roughly how much will it cost?- I've got a budget of £12,000-£15,000.
0:10:01 > 0:10:07- I can't believe you're not itching to do it yourself.- No, I'm quite busy at work. I have commitments,
0:10:07 > 0:10:13- stuff I can't get away from.- Right. - He doesn't want to be bossed about by me, really!
0:10:13 > 0:10:17- What were you about to say? - Something along those lines!
0:10:19 > 0:10:21# I was standing
0:10:23 > 0:10:25# You were there
0:10:25 > 0:10:28# Two worlds colliding
0:10:30 > 0:10:32# And they can never
0:10:32 > 0:10:36# Ever tear us apart... #
0:10:36 > 0:10:40'I'm sure that this couple will turn this property around.'
0:10:43 > 0:10:47Kerry certainly seems to know exactly what she's doing.
0:10:47 > 0:10:52This strategy of buying a lot of properties in a very close area is good.
0:10:52 > 0:10:59The only question is will the builders match up to Paul's expectations? Find out later.
0:11:02 > 0:11:07I'm in Neasden, which can roughly be translated from Old English
0:11:07 > 0:11:13as "nose-shaped hill". You could see that hill years ago in the early 1850s
0:11:13 > 0:11:18when this rural farming hamlet had a population of about 110 people.
0:11:18 > 0:11:24When the railways came at the turn of the century and then the North Circular Road in the 1920s,
0:11:24 > 0:11:29Neasden then became a very busy and popular suburb.
0:11:29 > 0:11:34'Thos nose-shaped hill is only a sniff away from London, just 20 minutes by train,
0:11:34 > 0:11:36'so it's perfect for commuters.
0:11:37 > 0:11:41'The property is tucked away off the main road
0:11:41 > 0:11:46'in a smart, quiet cul-de-sac. It would be perfect for a family,
0:11:46 > 0:11:51'especially as there's a school right next door.' So this is what I'm here to see.
0:11:51 > 0:11:55It's a first-floor flat with a guide price of £120,000.
0:11:55 > 0:12:02From here it looks like those windows have seen better days when compared to neighbouring properties,
0:12:02 > 0:12:09so that's the first job to do. But I do like the bays. Let's go inside and see what there is.
0:12:10 > 0:12:16'Despite the family-friendly street, inside the flat I found a rather unfriendly entrance.'
0:12:18 > 0:12:22As soon as you walk through the front door you've got these stairs.
0:12:22 > 0:12:27Straight away, mums with pushchairs and the elderly may be put off.
0:12:27 > 0:12:32And there's a really strong smell of nicotine as soon as you walk in.
0:12:32 > 0:12:38Let's have a look around. You've got the kitchen behind me. There's only a sink in there.
0:12:38 > 0:12:44That needs a complete overhaul. Bedroom through there with a water tank hanging off the wall.
0:12:44 > 0:12:48This flat is in a state. You've got a bathroom there.
0:12:48 > 0:12:53The lounge in here. Polystyrene tiles everywhere - a fire hazard.
0:12:53 > 0:12:59There are no redeeming features at all apart from, of course, this lovely bay window.
0:12:59 > 0:13:04But when you look closely, I mean, look. They're disgusting.
0:13:04 > 0:13:08They need completely cleaning up or just put some new ones in.
0:13:08 > 0:13:14The thing that's worrying me is so much money needs to be spent on it.
0:13:14 > 0:13:20Rewiring, replumbing, all the carpets, wallpaper. The whole flat needs starting over.
0:13:20 > 0:13:28'OK, on the face of it, not appealing - rotting windows, shabby woodwork and nicotine-stained walls.
0:13:30 > 0:13:35'But with a guide price of £120,000, it has tremendous potential.
0:13:35 > 0:13:40'It's in a great location with good transport links nearby.
0:13:40 > 0:13:45'Those big, light rooms are ripe for renovation, some more than others.'
0:13:46 > 0:13:53The bathroom. You'd hardly call it a relaxing space where you'd want to sit and lounge in the bath
0:13:53 > 0:13:56in the state it's in at the moment.
0:13:56 > 0:14:00But it's quite a big room and could look fantastic.
0:14:00 > 0:14:05But at the moment you've got a great big damp patch with water from the pipes
0:14:05 > 0:14:10and down here, well, I don't quite know what is going on here.
0:14:10 > 0:14:15Look. Just coming out in my hand. A bit of a worry, really.
0:14:17 > 0:14:21'There are even more signs of disrepair on the roof terrace,
0:14:21 > 0:14:27'but it's a good space that overlooks a large shared garden, ideal during the summer months.'
0:14:27 > 0:14:33Now being on the first floor means there is the option to extend up into the loft
0:14:33 > 0:14:37to create that much-needed second bedroom, like our neighbours.
0:14:37 > 0:14:43However, a word of caution - there is a ceiling price and would it be viable?
0:14:43 > 0:14:49Other houses on this street did it, so there is the chance you'd get planning permission,
0:14:49 > 0:14:52but make sure you do your maths.
0:14:52 > 0:14:58A two-bedroom flat in this area wouldn't fetch much more than £260,000,
0:14:58 > 0:15:00even in a buoyant market.
0:15:00 > 0:15:06'I invited a local estate agent along to give me his expert thoughts on the property.'
0:15:07 > 0:15:12I think this flat, basically, needs complete renovation.
0:15:12 > 0:15:19It needs gas, electric, new windows, doors and it will probably need a damp course through it as well.
0:15:19 > 0:15:22Extending into the loft and roof terrace are both good.
0:15:22 > 0:15:27'But if all those changes were made, what could it sell for?'
0:15:27 > 0:15:32Once the property's renovated, it would be about £165,000.
0:15:32 > 0:15:37'That's not bad at all. How would it fare on the rental market?'
0:15:37 > 0:15:43Rental for a standard one-bed here close to the Tube, you're looking at about £850 a month.
0:15:43 > 0:15:49'So that's a possible yield of just over 7%. It sounds like a good return.
0:15:49 > 0:15:53'Will it be as difficult to pull out as those weeds?'
0:15:53 > 0:15:59You could spend a lot of money here if you're not careful, especially if you extend into that loft space,
0:15:59 > 0:16:03but it will be viable if you get it near to the guide price.
0:16:03 > 0:16:09It is a good rental property and it does have those great transport links.
0:16:09 > 0:16:13Who had a nose for a bargain? Let's find out.
0:16:13 > 0:16:16Move on now to Lot 70.
0:16:16 > 0:16:19Northview Crescent, Neasden, NW10.
0:16:19 > 0:16:23Who wants to give me a start? Yeah? 120 I've got.
0:16:23 > 0:16:25121.
0:16:25 > 0:16:28122. 123?
0:16:28 > 0:16:30124.
0:16:30 > 0:16:33OK, 130. Yeah, 131.
0:16:33 > 0:16:36132. OK, 133.
0:16:36 > 0:16:40134. You bidding? 136. More competition.
0:16:40 > 0:16:43139. 140. 141.
0:16:43 > 0:16:45141 and a half.
0:16:45 > 0:16:48144. 145.
0:16:48 > 0:16:50146. 147.
0:16:50 > 0:16:52148. 149.
0:16:54 > 0:16:56150.
0:16:56 > 0:16:59151. 152.
0:16:59 > 0:17:01153? Want to come in?
0:17:01 > 0:17:04153. 154.
0:17:04 > 0:17:06155. 156.
0:17:06 > 0:17:08157. 158.
0:17:08 > 0:17:11159. Yeah, 160.
0:17:11 > 0:17:14OK. New competition.
0:17:14 > 0:17:17160,500. 161.
0:17:17 > 0:17:19And 500.
0:17:19 > 0:17:22162? 500?
0:17:24 > 0:17:25No?
0:17:25 > 0:17:31It's with the gentleman on my left at the back. The bid is £162,000.
0:17:31 > 0:17:36It's against you on my right. 162 for the first. 162 for the second.
0:17:36 > 0:17:41162 for the third and final time. Are we all done?
0:17:41 > 0:17:43Sold. 162.
0:17:43 > 0:17:47'There were a lot of interested parties at that auction.
0:17:47 > 0:17:53'The winning bid came from Jacob, a retired technical manager from the food industry.
0:17:53 > 0:18:01'He hopes this will be the first property investment of many. He paid £42,000 over the guide of £120,000.
0:18:01 > 0:18:05'I went to meet him to hear about his plans for the place.'
0:18:05 > 0:18:11- What was it that made you want to bid for this? - I used to live around this area.
0:18:11 > 0:18:16I know this area. I feel like I need a small project for me to start.
0:18:16 > 0:18:19This is the right property for me.
0:18:19 > 0:18:24- So why do you need a small project? Are you not working? - I'm retired now.
0:18:24 > 0:18:30And I felt like I've got this energy and I felt like I need to do something.
0:18:30 > 0:18:36So you spent £162,000 to keep yourself entertained, basically?!
0:18:37 > 0:18:40# Oh, when you're smiling
0:18:43 > 0:18:46# When you're smiling... #
0:18:46 > 0:18:53'Jacob's clearly happy with his purchase, but remember he paid £42,000 over the guide price
0:18:53 > 0:18:59'plus he'll have renovation costs. The last thing I want to do is wipe that smile off his face,
0:18:59 > 0:19:03'but it could be a tight squeeze to make a profit.'
0:19:03 > 0:19:10My concern about this whole project is I'm worried that you just can't afford to spend too much on this
0:19:10 > 0:19:15if you still want to walk away with a profit. You must be so careful.
0:19:15 > 0:19:19That's right. That's the reason why I'll do most of the work.
0:19:19 > 0:19:24I'll strip it down myself. The painting I can do myself.
0:19:24 > 0:19:30The kitchen units I can put up myself. Even the bathroom I can put up myself.
0:19:30 > 0:19:37When it comes to the gas, I need CORGI-registered people to do that for me,
0:19:37 > 0:19:40and I'll need an electrician.
0:19:40 > 0:19:45'So Jacob reckons he'll get all the work done for £8,000.
0:19:45 > 0:19:49'That brings his total outlay to £170,000 for the whole flat.
0:19:49 > 0:19:52'What does he hope to sell it for?'
0:19:52 > 0:19:58How much money do you think this flat is worth, all singing and dancing, on the open market?
0:19:58 > 0:20:03After we've done it up, I think it will be worth about £186,000.
0:20:03 > 0:20:07OK, so you're not looking at that much profit, are you?
0:20:09 > 0:20:14Not much, but at least it will get me started.
0:20:14 > 0:20:20'It sounds like Jacob isn't going to spend his retirement pottering around in that shed.
0:20:20 > 0:20:24'He's doing the place up by himself as his wife has passed away,
0:20:24 > 0:20:28'but his three children are right behind him.'
0:20:28 > 0:20:35They knew that this has been something, the passion that I had hidden inside me
0:20:35 > 0:20:39and I've been telling them about a lot. If I get this thing together,
0:20:39 > 0:20:42I'll be able to do it.
0:20:42 > 0:20:50And they've been supporting me as well, saying, "OK, if you can do it, why not, Dad?"
0:20:50 > 0:20:54And this is it and I have to get on with it.
0:20:54 > 0:21:00I've got a sneaky feeling that you are going to really enjoy doing this place up, aren't you?
0:21:00 > 0:21:05- Yes, yes, yes.- Are you really looking forward to it?- Yeah.
0:21:05 > 0:21:10I've got this energy, the drive to say, "Yes, I'm able to do this."
0:21:10 > 0:21:14You can't wait to get started! I need to calm you down a bit!
0:21:14 > 0:21:17Calm down, Jacob!
0:21:17 > 0:21:21'I can't wait to see the end result of all that enthusiasm,
0:21:21 > 0:21:25'but I'm sure that no matter what happens, he'll still be smiling.'
0:21:25 > 0:21:28# Keep on smiling... #
0:21:28 > 0:21:34Jacob is a man with a masterplan and he has certainly got the energy for this type of project,
0:21:34 > 0:21:38but I still think he may have paid too much at the auction.
0:21:38 > 0:21:42I'm worried he won't be able to get enough profit to move on.
0:21:42 > 0:21:48Fingers crossed for him, though. I can't wait to find out. Join me later.
0:21:49 > 0:21:54Coming up: we first saw this fabulous Lincolnshire manor farm in 2007.
0:21:54 > 0:21:58Watch how it had to get worse before it was finally transformed.
0:22:00 > 0:22:06We return to Neasden in London to see how Jacob got on with his first renovation.
0:22:06 > 0:22:09I have enjoyed this enormously.
0:22:11 > 0:22:16But first, can builder Paul stay away from fiancee Kerry's project?
0:22:16 > 0:22:19He doesn't want to be bossed by me.
0:22:21 > 0:22:27'In developing, it's not always clear what is the best direction to follow,
0:22:27 > 0:22:31'but in Swindon Kerry and Paul were not to be diverted.
0:22:31 > 0:22:35'For them there was a definite route to success.'
0:22:36 > 0:22:43Well, we've got two other properties in this street already, which we rent out at the moment.
0:22:43 > 0:22:47We saw this one come up and we thought, "Why not?"
0:22:47 > 0:22:52'So for £86,000 they acquired house number three on this street.
0:22:52 > 0:22:58'Paul's a builder, but he felt it would be best just to assist Kerry from the sidelines.
0:22:58 > 0:23:05'Well, just eight weeks later we're back to check on the progress of Paul's recommended team.
0:23:06 > 0:23:10'First things to note are those new windows and doors.
0:23:10 > 0:23:14'Inside, has the panelling gone for good? Oh, yes.
0:23:14 > 0:23:16'It certainly has.
0:23:20 > 0:23:25'And doesn't it make the whole place feel so much lighter?
0:23:25 > 0:23:31'But it's the back reception room and that tired kitchen which have changed beyond all recognition.'
0:23:46 > 0:23:51I think the biggest transformation of this property is now the kitchen.
0:23:51 > 0:23:55We wanted to create a nice, bright, light space.
0:23:55 > 0:24:01So we've put on a small kitchen extension, whereby we've knocked the existing archway down
0:24:01 > 0:24:03and put steel across.
0:24:03 > 0:24:08We've also made it a little bit wider, with a sloping ceiling
0:24:08 > 0:24:12with some Velux windows for extra lighting.
0:24:12 > 0:24:17And the bathroom has come out a little bit more, so it's bigger.
0:24:17 > 0:24:22For me, this has been the most successful room in this property.
0:24:22 > 0:24:29'The addition of a small extension makes a big difference to the shape and functionality of the kitchen.
0:24:29 > 0:24:33'The pitched roof adds a lot of character and light.
0:24:33 > 0:24:39'By keeping the bathroom downstairs, the two bedrooms upstairs both remain good-sized doubles.
0:24:42 > 0:24:50'The very dated and dangerous polystyrene tiles and tired old blue paint were consigned to the dustbin.
0:24:58 > 0:25:04'And, yes, thank goodness, that bizarrely placed hot water tank has been removed.
0:25:04 > 0:25:11'So it's all looking great, but did Paul really not get involved in any of the work?'
0:25:11 > 0:25:17- Em...- Yeah, you have a bit. - I've helped Kerry organising things, but she ran it from start to finish.
0:25:17 > 0:25:19He can't help getting involved.
0:25:19 > 0:25:26'Paul has helped Kerry sort out the budget and even if he doesn't do the work, he knows who to bring in.
0:25:26 > 0:25:31'And he's always on hand if Kerry needs any additional advice.'
0:25:31 > 0:25:37It's been quite easy to project manage. We've got a great gang of contractors we use.
0:25:37 > 0:25:45They're used to working with me or Paul. They've stayed late, come in at weekends. Whatever we've asked.
0:25:45 > 0:25:51'They've certainly turned this around quickly from the sorry state it was in just eight weeks ago.
0:25:51 > 0:25:58'The extra hours and more work on the floor and new windows meant their original budget was stretched.
0:25:58 > 0:26:02Originally, we set a budget of between £15,000 and £20,000,
0:26:02 > 0:26:08but we've actually come in at £15,000, so pretty pleased with that.
0:26:08 > 0:26:14'So on time and on budget. It seems the partnership works well. Would they do it again?'
0:26:14 > 0:26:19I'd like to think so, yeah. Still together so couldn't be that bad.
0:26:19 > 0:26:23# And they can never tear us apart... #
0:26:25 > 0:26:31'Kerry and Paul seem to be happy with the way it's gone, but what do two local estate agents think
0:26:31 > 0:26:36of the house they bought for £86,000 and have laid out £15,000 on so far?
0:26:36 > 0:26:40Have they spent around £101,000 wisely?
0:26:40 > 0:26:44I'll be honest. I didn't recognise it. Absolutely fantastic.
0:26:44 > 0:26:50The owners have done a very good modernisation of the property.
0:26:50 > 0:26:55I like the extension, the Velux windows. It draws in a lot of light.
0:26:55 > 0:26:59The dining room space is a big positive.
0:26:59 > 0:27:07We've got parking at the rear, which is good. New kitchen, new bathroom, a benefit to any buyer.
0:27:07 > 0:27:13A negative with the property is that the bathroom, unfortunately, is still downstairs.
0:27:13 > 0:27:17'This was always to be for rental, but was it a sound investment
0:27:17 > 0:27:23'as they have now committed a total of around £105,000, including the usual fees?'
0:27:23 > 0:27:29Resale value on this property as it stands today, I would expect approximately £120,000.
0:27:29 > 0:27:34If I put this on the market, I would test it at £127,500.
0:27:34 > 0:27:40That's more than what we thought. We were kind of looking at the £119,995 mark,
0:27:40 > 0:27:44- so that's a pleasant surprise. - Pleased with that.
0:27:44 > 0:27:49'So potentially a healthy £20,000 profit if they sold,
0:27:49 > 0:27:53'but this was always more about rental returns.'
0:27:53 > 0:27:57Per calendar month, I would expect to get in the region of £550.
0:27:57 > 0:28:01Rent, we'd be looking at £575 per calendar month.
0:28:01 > 0:28:07Yeah, again that's a fair price, but we've actually got a tenant signed up for £600 a month,
0:28:07 > 0:28:09So we're pleased.
0:28:09 > 0:28:15'That's fantastic. They already have an income, just three months after buying it.
0:28:15 > 0:28:19'Buying yet another house on this street has certainly paid off.
0:28:19 > 0:28:24- 'So presumably it's more of the same?'- Now this property's finished,
0:28:24 > 0:28:28the next things on our list are extending our own property,
0:28:28 > 0:28:34but we're also planning a wedding, so we'll throw ourselves back into that now
0:28:34 > 0:28:37and not worry about doing up properties!
0:28:37 > 0:28:41'So doorbells will be replaced by wedding bells.
0:28:41 > 0:28:46'Then after that, maybe, it will be back to the street they both love.'
0:28:46 > 0:28:51# Let me be
0:28:51 > 0:28:54# On the street
0:28:55 > 0:29:02# Where you live... #
0:29:09 > 0:29:16'In 2007, on the outskirts of Lincoln, I found a real gem of a property.'
0:29:18 > 0:29:22This is the little village of Heighington in Lincolnshire.
0:29:22 > 0:29:28A pretty place. Good couple of pubs, a supermarket, a post office. Everything you could need.
0:29:28 > 0:29:33And yet you're only 4 miles outside the cathedral city of Lincoln.
0:29:33 > 0:29:39'So a real prime spot for property. In Heighington, it seems you CAN have it all -
0:29:39 > 0:29:41'country living and city connections.'
0:29:41 > 0:29:45From the outside, this house looks fairly unassuming.
0:29:45 > 0:29:50But boy, oh, boy, are first impressions wrong in this instance
0:29:50 > 0:29:53because behind these gates...
0:29:53 > 0:29:59are the grounds of one of the most spectacular properties I've seen on the show.
0:30:04 > 0:30:06See what I mean?
0:30:06 > 0:30:14'And the price tag for this big country manor farm house? Well, it was guided at £750,000-£775,000,
0:30:14 > 0:30:18'so it's certainly not cheap. But what do you get for your money?'
0:30:18 > 0:30:22It's bound to be fairly disastrous inside, isn't it?
0:30:22 > 0:30:24No, it isn't. It's amazing!
0:30:24 > 0:30:30Fairly low ceilings, but the whole house was built around the 1700s, so you expect it.
0:30:30 > 0:30:34Original beams, huge great fireplaces.
0:30:34 > 0:30:40OK, not authentic that, but it's amazing. Lots of narrow corridors, little rooms,
0:30:40 > 0:30:44staircases - that's all part of its charm.
0:30:44 > 0:30:48Through to the kitchen. Again, a fantastic large fireplace.
0:30:48 > 0:30:52The units are a bit dated. You'd probably want to update this,
0:30:52 > 0:30:55but, you know, it's amazing.
0:30:57 > 0:31:03'This place is almost too much to take in. There are nine rooms downstairs alone,
0:31:03 > 0:31:11'including four reception rooms, a utility room, downstairs shower cloakroom and even a pantry.
0:31:11 > 0:31:13'It's absolutely vast!'
0:31:20 > 0:31:25Well, upstairs, there are higgledy-piggledy corridors. Five bedrooms.
0:31:25 > 0:31:30One there, bathroom, another bedroom there.
0:31:30 > 0:31:36Down a long corridor - imagine putting antiques there - through to the master bedroom.
0:31:36 > 0:31:41This is glorious. Exposed beams. And it goes on. There's an annexe.
0:31:41 > 0:31:44You could get lost in this house.
0:31:47 > 0:31:53'It's maybe an overused cliche, but I'm going to use it anyway.
0:31:53 > 0:31:59'This property really does just ooze character. Each room is different, beams everywhere
0:31:59 > 0:32:05'and it's equipped to modern standards. There's central heating and en suite bedrooms. Spectacular!
0:32:05 > 0:32:08'And it doesn't stop with the house.
0:32:16 > 0:32:21This place really is starting to make me feel a bit dizzy!
0:32:21 > 0:32:26You've got this courtyard the garage area, stables,
0:32:26 > 0:32:29and you have got a barn
0:32:29 > 0:32:35and not just some ramshackle, needing thousands of pounds spending on it pile of rubble,
0:32:35 > 0:32:37but a barn somebody has restored.
0:32:37 > 0:32:43Look - the roof's in good condition, you've got this glorious gallery area there.
0:32:43 > 0:32:49This is a property in its own right. You could convert this or just hold parties.
0:32:49 > 0:32:51And it comes with the house!
0:32:53 > 0:32:57'And as if this fantastic barn wasn't enough, there's even more.'
0:33:01 > 0:33:06It doesn't end there because you also get this.
0:33:06 > 0:33:12Over three-quarters of an acre of land. With the barn there, you've got this area here.
0:33:12 > 0:33:16It is absolutely amazing.
0:33:23 > 0:33:26'The guide price might have been £750,000,
0:33:26 > 0:33:31'but for a fabulous house, plus all those outbuildings,
0:33:31 > 0:33:36'three-quarters of an acre of land and a barn that's been used as a village hall,
0:33:36 > 0:33:41'this definitely adds up to more than the sum of its parts.'
0:33:48 > 0:33:54I wasn't at the auction, but I'd have been sorely tempted to bid on this myself.
0:33:54 > 0:33:59Let's find out who was lucky enough to buy it under the hammer.
0:34:02 > 0:34:04Lot number 80.
0:34:04 > 0:34:06Manor Farm, Heighington.
0:34:06 > 0:34:10Let's start by going right down to £700,000.
0:34:10 > 0:34:16Let's get started at 700,000. £700,000 I'm bid, seated at the back of the room on my right.
0:34:16 > 0:34:21710. 720. At £720,000.
0:34:21 > 0:34:23730.
0:34:23 > 0:34:26At 730. 740.
0:34:26 > 0:34:28At £740,000.
0:34:28 > 0:34:30745.
0:34:30 > 0:34:35745. The bid is here, seated, at £745,000.
0:34:35 > 0:34:41I'll take £1,000 from either of you. At £745,000. 746. 746.
0:34:41 > 0:34:44At 747.
0:34:44 > 0:34:46At £747,000.
0:34:46 > 0:34:50At £747,000, the bid is seated on my right.
0:34:50 > 0:34:52At £747,000.
0:34:52 > 0:34:57Going once. At £747,000.
0:34:57 > 0:35:02Going twice at £747,000.
0:35:02 > 0:35:06For the third and last time of asking at £747,000.
0:35:06 > 0:35:12Are we all done? The gentleman seated. Thank you, sir. 809.
0:35:12 > 0:35:17'And surprisingly, at under the guide price, for £747,000,
0:35:17 > 0:35:23'the new owners of Manor Farm with all its buildings and land are Rachel and Steve.
0:35:23 > 0:35:28'This is to be a new family home for themselves and their two boys.'
0:35:28 > 0:35:31Steve... I hate you(!)
0:35:31 > 0:35:33You lucky person!
0:35:33 > 0:35:35Yeah. Yeah, it's great.
0:35:35 > 0:35:41What a great house for a family this is - kids running in between all the different rooms downstairs!
0:35:41 > 0:35:45- You'll never find 'em. - Well, that's an advantage(!)
0:35:46 > 0:35:51'I can definitely see the appeal from a family point of view.
0:35:51 > 0:35:55'It's got space, yet with the walled garden, it's self-contained.
0:35:55 > 0:36:00'I want to know more about Steve. Is there more to this purchase than meets the eye?'
0:36:00 > 0:36:05- So, tell me a bit about you. - Well, I'm a property developer.
0:36:05 > 0:36:10And we built our property last year, moved into it,
0:36:10 > 0:36:14then since then, we've bought another patch of land to develop,
0:36:14 > 0:36:19but as soon as this came on the market, it just meant that changed totally.
0:36:19 > 0:36:26- So, was the land and the buildings a significant thing to have?- Yes, because of the development potential.
0:36:26 > 0:36:30- Right.- We don't necessarily want to over-develop,
0:36:30 > 0:36:34but if the potential is there, that is a big plus for us.
0:36:34 > 0:36:40'Steve works in the family firm with two other brothers and previously with his dad who recently retired.
0:36:40 > 0:36:45'It's the firm that has bought Manor Farm, even though it will be Steve's family home,
0:36:45 > 0:36:50'so it was always viewed as more than just a property purchase.'
0:36:50 > 0:36:56When you do that though, doesn't the thought of having another person living quite close by
0:36:56 > 0:36:58and another person even closer...
0:36:58 > 0:37:02Do you not think, "If I'm living here, maybe I'll keep it for me?"
0:37:02 > 0:37:05It would be nice to keep it exactly as it is,
0:37:05 > 0:37:10but even though the grounds around the place are so fantastic and well-kept,
0:37:10 > 0:37:16it just means there's a lot of work, especially with a young family, to maintain all that,
0:37:16 > 0:37:22so to lose some of it, as long as it didn't have any detrimental effect to the house...
0:37:22 > 0:37:28'To get a better idea about the development plans, Steve and I took a stroll across to the barn.'
0:37:31 > 0:37:36- The grounds are just gorgeous, aren't they?- Yeah.- And then this!
0:37:36 > 0:37:39I mean, what a fantastic bonus!
0:37:39 > 0:37:42Definitely. A big surprise, really.
0:37:42 > 0:37:47When you book a viewing, you're obviously coming to look at the house,
0:37:47 > 0:37:52and then to come across the barn which was so well cared for as well,
0:37:52 > 0:37:55- it was another wow factor.- Yeah.
0:37:55 > 0:37:57What are you going to do with this?
0:37:57 > 0:37:59Hoping for a barn conversion.
0:37:59 > 0:38:04You know, basically down to local authority approval.
0:38:04 > 0:38:10- And converting it into a house? - Into a residential property, yeah. - What about access?
0:38:10 > 0:38:12There's access at the rear of the property,
0:38:12 > 0:38:19but we've also got one on the other side of the property, so it wouldn't be a problem to separate the two.
0:38:19 > 0:38:23And then you've got this huge, great area of land here as well.
0:38:23 > 0:38:26What would you do with this?
0:38:26 > 0:38:31Well, there's also a possibility for a building plot in the future,
0:38:31 > 0:38:37but again it's down to local authority approval, really.
0:38:37 > 0:38:41- So you could have that as one unit, then something else here?- Yes.
0:38:41 > 0:38:45So, any idea of what that would cost to build?
0:38:45 > 0:38:50- It would probably cost something like 300,000 to build.- Each?- Yeah.
0:38:50 > 0:38:55- And what would they be worth? - Probably just under 500.- Right.
0:38:55 > 0:39:00If you do that, you'd make 200 on each of these. That's half paid for your house.
0:39:00 > 0:39:02That's the idea.
0:39:02 > 0:39:06'That was back in 2007
0:39:06 > 0:39:10'and boy, was I envious of Steve's amazing purchase!
0:39:10 > 0:39:17'Eight months later, the size of the task he and has family had taken on was evident for all to see.
0:39:17 > 0:39:22'Stay with us to see how, in the end, all the hard work pays off
0:39:22 > 0:39:25'and this really becomes a very special home.'
0:39:28 > 0:39:34Time now to check on our second property. What happened after we packed up the cameras?
0:39:34 > 0:39:39Did it all go smoothly or were there nightmares in store? Let's find out.
0:39:39 > 0:39:42Back now to Neasden in London
0:39:42 > 0:39:48where we catch up with Jacob, a retired technical manager from the food industry.
0:39:48 > 0:39:53But rather than put his feet up, he's delving into the world of property developing.
0:39:53 > 0:39:57I've got this energy and I need to do something.
0:39:57 > 0:40:02So Jacob bought this first floor, one-bedroom flat in Northview Crescent.
0:40:02 > 0:40:09It went to auction with a guide price of £120,000, but he ended up paying £162,000 for it.
0:40:09 > 0:40:16It needed to be redecorated throughout and have a brand-new kitchen, so how has he got on?
0:40:16 > 0:40:20We had to... We gutted everything.
0:40:20 > 0:40:23And we re-plaster, re-paint
0:40:23 > 0:40:26and make sure that it looks OK.
0:40:26 > 0:40:29We managed to change the windows,
0:40:29 > 0:40:33so we had to get double glazing and they look pretty well.
0:40:33 > 0:40:37He's also replaced those nasty, nicotine-stained walls
0:40:37 > 0:40:41and the polystyrene fire hazard tiles on the ceilings.
0:40:41 > 0:40:46Apart from the cosmetic changes, Jacob had to rip out the bathroom completely
0:40:46 > 0:40:50and replace all the lead piping underneath.
0:40:51 > 0:40:54The kitchen was taken out too
0:40:54 > 0:40:58to make way for a completely new one which Jacob designed himself.
0:40:58 > 0:41:01We're going to be having the sink over there
0:41:01 > 0:41:07and we're going to be having the oven and the hob over there.
0:41:07 > 0:41:13There we're going to be having the boiler and also the fridge will be around this area.
0:41:13 > 0:41:16I designed this kitchen and it will be lovely.
0:41:16 > 0:41:19I cannot wait to see it finished.
0:41:19 > 0:41:25The work on the kitchen and the whole flat has been delayed by one major problem - the gas supply.
0:41:25 > 0:41:30# But it's all right I'm Jumpin' Jack Flash It's a gas, gas, gas... #
0:41:30 > 0:41:36We were told that there wasn't any gas, so the National Grid had to do a "live and dead" check.
0:41:36 > 0:41:41And this came out to be dead. Obviously, there was no gas.
0:41:41 > 0:41:45So we had to make sure we bring the gas into the property.
0:41:45 > 0:41:49We have to dig the trench ourselves.
0:41:49 > 0:41:52I dug the trench, really.
0:41:52 > 0:41:55I dug the trench! And it was OK.
0:41:55 > 0:41:58# Can you dig it?
0:41:58 > 0:42:00# Oh, yeah
0:42:00 > 0:42:03# Can you dig it...? #
0:42:03 > 0:42:08Digging a trench? Even in retirement, Jacob is no slacker.
0:42:08 > 0:42:12In fact, he has done all the work on the house himself.
0:42:12 > 0:42:17But has he stayed within his original budget of 8,000?
0:42:17 > 0:42:21I believe I will have to spend another extra £2,000,
0:42:21 > 0:42:25and the reason being for the flooring.
0:42:26 > 0:42:31We're going to do laminated flooring and the carpet to the stairs.
0:42:31 > 0:42:35That's 10,000 in total for the work,
0:42:35 > 0:42:40so, added to the price he paid at auction, that comes to £172,000.
0:42:40 > 0:42:43Will Jacob see a return for his money?
0:42:44 > 0:42:49We asked two local estate agents to give us their thoughts on the place.
0:42:52 > 0:42:56Obviously, it's still got quite a way to go with the refurbishment.
0:42:56 > 0:43:00The windows are all in and he's made a start on the kitchen and bathroom.
0:43:00 > 0:43:06The standard of the finish is basic, but I'd like to think that he'll bring it up when he finishes it off.
0:43:06 > 0:43:11From what I can see, it will be a nice flat once it's all finished.
0:43:12 > 0:43:15How much could it re-sell for on the market?
0:43:15 > 0:43:22Once the property is renovated, I believe it will sell for around £175,000.
0:43:22 > 0:43:27I think once the property is finished, it will have a value of in the region of £170,000.
0:43:27 > 0:43:31Oh, well, I've already asked local agents here.
0:43:31 > 0:43:36They're the people that told me that they can put it on
0:43:36 > 0:43:39for 190,000 to 200,000.
0:43:39 > 0:43:45Jacob hopes to sell the property for a higher price, so fingers crossed that he does.
0:43:45 > 0:43:48But if he decided to rent it out, what could he expect?
0:43:48 > 0:43:52I think if he put the property on the market to rent,
0:43:52 > 0:43:59he'd be looking in the region of £750 per calendar month, as long as it was finished to a good standard.
0:43:59 > 0:44:02Per calendar month, the property would rent for £850.
0:44:02 > 0:44:06Well, the 850 is nearer
0:44:06 > 0:44:14because the same agent told me they've got a one-bed flat on this road that goes for 900.
0:44:14 > 0:44:18Of course, Jacob plans to sell the flat,
0:44:18 > 0:44:24but it looks like even though he's cleared that garden, he won't clear much of a profit.
0:44:24 > 0:44:29But he's still proud of his achievements on this - his first property venture.
0:44:29 > 0:44:33I have enjoyed this enormously, you know.
0:44:33 > 0:44:35I set myself a challenge
0:44:35 > 0:44:39and I believe I've already gone the length
0:44:39 > 0:44:44to make sure that I can achieve what I've set my goals on.
0:44:44 > 0:44:46# Keep on the sunny side
0:44:46 > 0:44:49# Always on the sunny side
0:44:49 > 0:44:52# Keep on the sunny side of life... #
0:44:52 > 0:44:57Whatever he goes into next, we certainly wish him all the best.
0:45:00 > 0:45:05It was in October 2007 that I first visited
0:45:05 > 0:45:09this simply amazing old farmhouse in the village of Heighington
0:45:09 > 0:45:11just outside Lincoln.
0:45:11 > 0:45:15It was by no means a run-of-the-mill auction lot.
0:45:15 > 0:45:21Not only was there a fantastic five-bedroom stone farmhouse, set in three-quarters of an acre of land,
0:45:21 > 0:45:25but also several outbuildings and a big barn.
0:45:25 > 0:45:30It was a mixture of development potential and a great family home.
0:45:30 > 0:45:35The lucky man who snapped this lot up for £747,000 was Steve.
0:45:35 > 0:45:39Initially, he bought it on behalf of the family building firm.
0:45:39 > 0:45:46The plan was to make it into a family home for him, his wife Rachel and two young boys, Luke and Jacob.
0:45:46 > 0:45:50The company planned to develop the barn and outbuildings
0:45:50 > 0:45:56and then possibly put two new builds on some of the very large garden plot.
0:45:57 > 0:46:01But when we first went back to see them just eight months later,
0:46:01 > 0:46:05the house renovation alone was turning into a massive project.
0:46:05 > 0:46:08# It takes a little time sometimes
0:46:08 > 0:46:12# To get the Titanic turned back around
0:46:12 > 0:46:14# It takes a little time... #
0:46:14 > 0:46:18It was pretty much living accommodation when you were last here
0:46:18 > 0:46:21and we found damp issues, other issues
0:46:21 > 0:46:25and there was a sign that it needed modernising anyway,
0:46:25 > 0:46:30so we decided at that stage then to take it right back to the basics
0:46:30 > 0:46:34and produce new, basically, all the way through.
0:46:46 > 0:46:49Sometimes things have to get worse before they get better,
0:46:49 > 0:46:54but what did his wife Rachel feel about what would be their new home?
0:46:54 > 0:46:57It's a really exciting project.
0:46:57 > 0:47:03It's obviously looking a long way from being finished, but it can all come together really quickly.
0:47:03 > 0:47:07I think it will be fantastic when it all comes together.
0:47:07 > 0:47:10That was in 2008.
0:47:10 > 0:47:16Now, another year on, had they finally managed to turn this project around?
0:47:23 > 0:47:26Well, yes, it certainly looks that way.
0:47:26 > 0:47:30Steve and Rachel have transformed this from dated and rustic
0:47:30 > 0:47:33into a beautiful, contemporary home.
0:47:35 > 0:47:41Yet they've retained the old character features that made the place so special.
0:47:42 > 0:47:47Mixing old with new was a fresh challenge for Steve.
0:47:47 > 0:47:51The process of renovating something like this has been a learning curve
0:47:51 > 0:47:56because we've generally been involved in new build, so everything is square,
0:47:56 > 0:48:02and to come in here and see everything isn't square to start with goes against the grain.
0:48:02 > 0:48:08But wow, haven't they risen to the challenge by creating spaces that flow from one area to another
0:48:08 > 0:48:13while retaining the integrity of the old stone-built farmhouse!
0:48:17 > 0:48:21Where once there was a traditional farmhouse kitchen,
0:48:21 > 0:48:24there is now their own modern interpretation of one.
0:48:36 > 0:48:42It's definitely a challenge! I'm not so keen on a challenge now. They're nice once in a while.
0:48:42 > 0:48:47Part of that challenge was living on a building site with two young children,
0:48:47 > 0:48:51but the reward for all that hardship and discomfort
0:48:51 > 0:48:55is a large family home with bedrooms for both of their boys.
0:49:08 > 0:49:11There is a fantastic family bathroom.
0:49:17 > 0:49:19And a stunning master bedroom.
0:49:19 > 0:49:22Just look at those beams!
0:49:25 > 0:49:31And as if the space they had wasn't enough, they've also created some extra guest accommodation.
0:49:31 > 0:49:34This room originally was a landing.
0:49:34 > 0:49:40We had a staircase out of the kitchen in the corner of the room and also a small walkway,
0:49:40 > 0:49:44so the room was a bit idle, it didn't really have a purpose.
0:49:44 > 0:49:50What we've done is separated the two wings of the house and created a guest bedroom.
0:49:50 > 0:49:56This approach of utilising space to the maximum continues upstairs in the attic room.
0:49:57 > 0:50:01It's been transformed into yet another bedroom,
0:50:01 > 0:50:05complete with en-suite and a rather interesting bath.
0:50:05 > 0:50:10As in all the other rooms, this one reflects the care that's gone into the look and design
0:50:10 > 0:50:12which is mainly down to Rachel.
0:50:12 > 0:50:18I love building, I love the structures, I love the external design and some of the internal,
0:50:18 > 0:50:23but as far as soft furnishings, colour matching, hard surfaces
0:50:23 > 0:50:25and things like that come together,
0:50:25 > 0:50:31she just makes a big effort to get everything to gel together and it always does.
0:50:31 > 0:50:36Stephen has got a fantastic vision for properties. He knows exactly what will work.
0:50:36 > 0:50:39The vision for this place is nearly finished.
0:50:39 > 0:50:45Once we've created the office space at the end of the building, this place is complete.
0:50:45 > 0:50:47The rest of it is the next stage.
0:50:47 > 0:50:54Yes, from now on, it's not about renovation. It's about developing the rest of the site.
0:50:54 > 0:50:59We've finally got planning approval for a barn conversion in the outbuildings
0:50:59 > 0:51:03and also another four-bedroom property in the other outbuildings.
0:51:03 > 0:51:08We're going to extend the barn in line with what it is at the moment
0:51:08 > 0:51:12and incorporate these cart sheds up to this point
0:51:12 > 0:51:14with a glazed frontage,
0:51:14 > 0:51:18with a kitchen, dining, living space.
0:51:18 > 0:51:24And on from that, we're retaining the last part of the cart shed with Manor Farm House,
0:51:24 > 0:51:27purely because the bedrooms are above.
0:51:27 > 0:51:31And the other property starts as Manor Farm finishes
0:51:31 > 0:51:35and extends a good 20 metres down in that direction
0:51:35 > 0:51:38with bedrooms in the roof space.
0:51:38 > 0:51:43Originally, they had hoped to get two more new builds on the land as well,
0:51:43 > 0:51:48but that plan is on hold for now, meaning that the large outside spaces remain intact.
0:51:48 > 0:51:51Good news for their boys!
0:51:51 > 0:51:54The boys think it's fantastic. The garden, they love.
0:51:54 > 0:51:58I come down the stairs, open the back door and they're off,
0:51:58 > 0:52:01enjoying all the den finding
0:52:01 > 0:52:05and the trampoline and kicking the ball around and they love it.
0:52:05 > 0:52:11They only use it as a hotel! As soon as breakfast is finished, they're out the door.
0:52:11 > 0:52:15Then we have to call them in for lunch, so that aspect is great.
0:52:15 > 0:52:20And it's a great family garden with practically everything a child could desire.
0:52:20 > 0:52:24But creating that ideal home and garden didn't come cheap.
0:52:24 > 0:52:29We thought we would spend somewhere in the region of 200,000 on this property
0:52:29 > 0:52:33and so far, we're probably about 110,
0:52:33 > 0:52:39but we have got a barn to use as a double garage and there's a little bit of accommodation above
0:52:39 > 0:52:44and we've still got some external renovations and window replacements to do.
0:52:44 > 0:52:48On listed buildings, that can become a bit of an open chequebook scenario!
0:52:48 > 0:52:53Originally, through their firm, they bought the whole plot,
0:52:53 > 0:52:56including the farmhouse, for £747,000.
0:52:56 > 0:53:03Since then, Steve and Rachel have bought just the farmhouse from the family firm for 300,000.
0:53:03 > 0:53:09Bearing in mind their potential £180,000 to £200,000 outlay,
0:53:09 > 0:53:14the couple's investment here could be nearly half a million pounds.
0:53:15 > 0:53:18I think the overall finish is stunning.
0:53:18 > 0:53:23I haven't seen a property finished to this standard for quite some time.
0:53:23 > 0:53:27I think the changes they've made to the property have been fantastic.
0:53:27 > 0:53:31It's easier to walk through, it's improved the flow of the property.
0:53:31 > 0:53:34I think what I particularly like here
0:53:34 > 0:53:39is how the vendors have combined the very traditional mainstays of the property,
0:53:39 > 0:53:43but brought out a contemporary twist to them at the same time.
0:53:43 > 0:53:46The garden is excellent. It's a good size
0:53:46 > 0:53:50and is not overlooked by another property, so a real selling point.
0:53:50 > 0:53:57So the estate agents are definitely impressed, but have Steve and Rachel invested their £500,000 wisely?
0:53:57 > 0:54:02I think I would be looking to put it on at around the 550, 560 mark.
0:54:02 > 0:54:06I'd recommend putting it on the market for 575.
0:54:06 > 0:54:09- Sounds good to me.- Yeah, very good.
0:54:09 > 0:54:13It's probably... It's probably a bit more than we thought, isn't it?
0:54:13 > 0:54:19At the moment, yeah. It's not quite as good as we thought it was going to be 12 months ago.
0:54:19 > 0:54:24- But certainly quite positive for this present climate.- Yes.
0:54:24 > 0:54:28So the house at least looks like it's coming up trumps,
0:54:28 > 0:54:31but will the barn conversions fare equally well?
0:54:31 > 0:54:35Now concentrate. This is the slightly complicated bit.
0:54:35 > 0:54:42The barns and outbuildings are still owned by the family firm for which they paid around £447,000.
0:54:42 > 0:54:48The estimated cost of doing the conversion of the two barns is 365,000,
0:54:48 > 0:54:53so the company firm would have invested around 812,000 quid
0:54:53 > 0:54:57on bringing the barns to the residential market.
0:54:57 > 0:54:59So would they see a return?
0:54:59 > 0:55:04I think the larger barn, a four-bed, which, if it was finished to this standard,
0:55:04 > 0:55:09would at least be worth around the £450,000 mark,
0:55:09 > 0:55:15whereas the smaller one, I think, would even in this current market be worth around £350,000.
0:55:15 > 0:55:21After the conversion has been done, the larger four-bedroom, the barn, probably in the region of 385
0:55:21 > 0:55:26and the smaller one probably 325, somewhere around that region.
0:55:26 > 0:55:30In the present climate, that means only breaking even,
0:55:30 > 0:55:36so perhaps they'll have to wait a while before realising the maximum potential of the whole site,
0:55:36 > 0:55:41but for now at least, Steve and Rachel have one gorgeous house.
0:55:41 > 0:55:44But is it a great home?
0:55:44 > 0:55:50It does feel like home. Wherever you have your family, you can create that if your children are happy.
0:55:50 > 0:55:56You can see how they enjoy it, then it becomes your home. But it is a lovely place.
0:55:56 > 0:55:58- The setting is fabulous.- It is.
0:55:58 > 0:56:04With the grounds and the big family kitchen, there's space for everybody.
0:56:04 > 0:56:08# There's a million places I can go
0:56:08 > 0:56:11# But without you it ain't... #
0:56:11 > 0:56:13Rachel's so right.
0:56:13 > 0:56:17It's not just what the house looks like or costs.
0:56:17 > 0:56:22It's about being a space to live and the people in a house that makes it a home.
0:56:22 > 0:56:24We wish them well with it.
0:56:24 > 0:56:29# And I've learned the only truth that I need to know
0:56:29 > 0:56:34# There's a million places I can go
0:56:34 > 0:56:39# But without you it ain't...home
0:56:42 > 0:56:45# It ain't home... #
0:56:49 > 0:56:54That's it for today, but there are plenty more properties out there.
0:56:54 > 0:56:59- Join us next time for more homes under the hammer. - See you then.- Goodbye.- Goodbye.