Episode 25 Homes Under the Hammer


Episode 25

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Transcript


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You don't need experience to buy at a property auction.

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But you do need to do your research and get your finances sorted.

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And then all you need is courage

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to stick up your hand and bid and buy your home under the hammer.

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You'll find all sorts of properties in the auction catalogues,

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from commercial units, to mansions, to cosy cottages.

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So let's see what features on today's programme.

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In Margate, in Kent,

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surely the days are numbered for the decor in this house?

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It's got to come off soon.

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For me, it's sun, sea and shocks in Bournemouth, Dorset.

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Oh, my goodness!

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And we first saw this house in Nottinghamshire in 2007.

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Three years on, it finally represents the good life.

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All these properties have been sold at auction

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and we'll find who bought them and what they paid for them

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when they went under the hammer.

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Congratulations.

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I'm in Cliftonville

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which used to be the fashionable hotel area of Margate

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when British seaside holidays were the only holidays to go on.

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Well, times have of course changed and many of these hotels

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are now flats and bedsits.

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But they've stood the test of time and they're still hugely desirable.

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While there has been a downturn in the fortunes of some seaside towns,

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if you're looking for a turn of the century property

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with Victorian charm,

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then look no further than the south-east coast.

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Well, the property I'm here to see is in Norfolk Road.

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It's a five-bedroom, end-of-terrace Victorian property.

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At a guide price of 95-105,000 quid and you know what,

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from the outside, it looks pretty grand and impressive.

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And I love these bay windows, some original features there.

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Let's take a look around.

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The house is typical of the area,

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grand and spacious but a little run-down.

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It was built in the early 1900s and, according to the catalogue,

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"offers extensive accommodation over two floors."

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I like the sound of that.

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So the big question is will any original features remain?

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Well, that's a nice start. Here in the porch, bit of lead glasswork.

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Lovely. Through into the entrance and wow.

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Big, high ceilings. And yes, there's some original coving. Hallelujah.

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What have we got, though? Front living room there.

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Not so much of an original fireplace. We don't like that.

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But, you know, nice bay window.

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Lots of light. What on earth is that?

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This pipe work, is fairly new.

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But who in their right minds would put it in like that?

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It's really shoddy, isn't it? I hate it when you see things like that.

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It's in the way of these light switches. Oh!

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Very annoying indeed. Rear living room there.

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Again, the original fireplace looks like it's gone.

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Down this corridor, then, to the rear of the property and,

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you have to say, is big. This is the kitchen.

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Not original units, obviously, but it's a good-sized space.

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You could really do things with this with a bit of imagination.

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Lots of light coming through the windows again.

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So, yeah, a big sort of family kitchen area.

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And it gets better as you go through here into like a rear utility area.

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There's a loo at the back of it.

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It's a very practical house straightaway.

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It's a really good start.

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There may be a lot of work needed to get this place up and running,

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but those large rooms

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and great period features have certainly got

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what potential developers look for.

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And I haven't even been upstairs yet.

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You know, I love these kind of houses.

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They're a bit higgledy-piggledy, all over the place,

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but that's what gives them character.

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This kind of, like, this middle floor.

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Bedroom at the back. More horrendous pipe work on display, I'm afraid.

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Smaller bedroom there. Bathroom and separate loo.

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Do you know what I mean? A bit of a knick-knacky place.

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It's great. Up a few more stairs on to this next landing.

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Look at the height of the ceilings.

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I love the fact that you've got lots of light coming in.

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That was a very Victorian style feature.

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Something that's not so good, stairs up to the attic.

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Clearly, they don't meet building regulations.

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However, as long as you don't call that a room to be used

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and you just have it as an attic,

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I reckon they're better than one of those retractable loft ladders.

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Not least because of the fact you're going to have a real job

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getting a ladder that reaches down 10 feet.

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So, more bedrooms there. And then through into this room here.

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Now, what on earth has gone on with the walls which have been,

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well, covered in this artexy stuff.

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Thankfully... It doesn't look like it's too hard to get off.

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There's one thing for sure. It's got to come off soon.

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Just like the ground floor,

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the decor up here definitely needs overhauling.

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In fact, I'd say the kitchen is just about the only salvageable room.

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I reckon whoever takes this on

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will have to be prepared for some serious plumbing work.

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Now, the rooms are all a good size and there's

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indications that in the past it's been split up into bedsits.

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That I think is a very good use for this property

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if you're looking to maximise your income.

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But if you are going to run it as an HMO, a house in

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multiple occupation, you are going to have to pass current regulations.

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You could have a bit of a battle on your hands

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because that mezzanine floor could be construed

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as a separate floor in its own right,

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in which case you'd have to be a licensed HMO.

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Something to look into.

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But in terms of a money-making venture?

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One that's definitely considering.

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So, lots to think about on the inside and it looks like

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the back garden will need some care and attention as well.

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But a great bonus is some rear parking via the side access road.

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So, a lot of pros and cons with this property.

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But I think for that £95-£105,000 guide price,

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it could represent a good investment.

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But what does a local estate agent feel about it?

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My first impressions of this property is it needs a bit of work.

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It would be well worth the effort.

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It's nice to see a large property

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of this era still intact with some of the features.

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But I think it's going to cost quite a lot of money to put right.

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Bearing in mind that top guide price of 105,000, if you spent, say,

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£40,000 to put it right, you'd be looking at £145,000 spend here.

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So, could the returns justify the outlay?

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In a good buoyant market,

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this would have been achieving approximately £200,000.

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If this were to be rented, in the present market I would expect

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it to achieve approximately £800 per calendar month.

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Well, you get a lot of property for that

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£95-£105,000 guide price and I think a lot of options with this one.

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It's a great investment opportunity.

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Let's see who agreed with me when it went under the hammer.

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Lot number 50.

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Where are you going to start on this? 95-105?

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Is there a bid of a 100 to start me? £100,000.

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Where do you want to start me?

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Start me at 90, then. At 90,000. 90 I'm on.

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90 I've got. Now 95. At 95. At 95.

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At 100. At 100. And five. 105.

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105. 105 sitting down. And 10.

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Shaking his head.

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110 from anybody else? I'll take 108 if it helps you.

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108 standing at the back.

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108 standing at the back.

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110 I'm looking for. 110 sitting.

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112, it's against you at the back.

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112.

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You saw his catalogue go up. 112 I've got. And 14?

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114. 114, he says, "Yes."

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116, it's against you.

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115 I've got. 116. Keep with it. You won't get another chance.

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These don't come around very often.

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At £115,000 and bid at the back then, for the first time.

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At £115,000 for the second.

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Third and final time, if you're sure you're all done.

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It's going to be sold. It's yours, sir, for 115,000 at the back.

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For 115,000 quid, the new owner of the Margate property is Terry.

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He got it for £10,000 over the top guide price.

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I met him and his son, Gavin,

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back at the house to find out their plans.

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Terry, Gavin, lovely to meet you both. Congratulations.

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A lot of house for the money.

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Absolutely. Yes.

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-Tell me why you wanted to buy it.

-It was the worst house in the road.

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And it's big. It's got all the coving, everything's still here.

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And it was cheap.

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Why did the fact that it was the worst house appeal?

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I like to get involved in taking houses apart

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and putting them back together. Love Victorian houses.

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-What is it about the Victorian era that you particularly like?

-I know they're very well made.

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Construction's good. The windows are usually solid.

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And I love the sash windows here as well. So that was a bonus for me.

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Enthusiastic or what?

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Terry's got that look in his eye that tells me he's not just in it

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for the money, but that this is going to be a labour of love.

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Will his son, Gavin, feel the same?

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What's your involvement in all of this?

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I'll be ripping everything out and then pretty much getting

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the labourers and plasterers and electricians in to do all the work.

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And then just bring it back to its original glory.

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-Former glory.

-Yes, a lot of work. A hell of a lot of work.

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A lot of work, yes, but with no structural problems,

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it's going to be a straightforward internal renovation.

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They aim to gut the interior and start afresh.

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They do plan some major changes, though.

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The steep staircase is going.

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The bathroom and toilet will be combined into one.

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And the two back bedrooms

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will be joined into one larger room with an en suite.

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That would turn this five-bedroomed house into a four-bed.

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You've looked into what the demand in this specific area is

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in terms of people would want

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bigger rooms, rather than more rooms.

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-That's a really important thing to do, isn't it?

-Definitely so.

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The four-bed is obviously perfect for a nice family to move into.

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So, there are two quite large areas up in the loft which, obviously,

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with the right work, people can open up and use

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whenever they want in the future to add to, if they wish.

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We're not going to do that. We're just going

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to clean it up, basically, and let somebody else do that later on.

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So, Terry, how did this collaboration

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on what you're doing now begin?

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What's your background? How did you two start working together?

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I've got a lot of time off on holiday because I'm a schoolteacher.

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-Right.

-And it gives me time to, you know, do houses up.

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Gavin is very good. He keeps an eye on the money for me.

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I'm the one who spends the money but he keeps tabs on me.

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It should be the other way around shouldn't it?

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If I see something, I'd like to buy it. He stops me usually.

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-Your son is stopping your dad. Really?

-Yeah, I know.

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There's a bit of role reversal going on here as son, Gavin,

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will project manage but his father, Terry,

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is happy to let him get on with it.

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With Gavin controlling those purse strings,

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the duo have a budget of £17,500.

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It doesn't seem much for the task ahead, but as Gavin runs a business

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fitting kitchens, he'll have the right connections

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to get the job done.

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What will Terry be doing?

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I'll be allowed to do the staircase. That's my forte, the staircase.

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What specifically about the staircase?

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It's the shape of the spindles and everything.

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Just love doing staircases.

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It's very therapeutic, painting those.

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I'm happy for him to paint those.

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Do you scrape off all the old paint, and stuff?

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No, just rub down, make good, and then primer, undercoat, and topcoat.

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They come up beautifully.

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Well, it looks like Terry's got his stairway to heaven here.

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But it's a time sapping job if ever there was one.

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Five other people will help Gavin and Terry here.

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They hope to complete it in eight to ten weeks.

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A tough deadline, if you ask me.

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Are you confident you're going to be able to complete it

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within the timescales?

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Absolutely. I've got all the workmen there to do the work with me.

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I'll be on site most of the time.

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Obviously, in about a week and a half's time,

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I'm off to Poland to get married so...

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Oh.

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Yeah. I'm off to Poland to get married.

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-Congratulations.

-Thank you.

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-I'll be here to crack the whip. Yes.

-It'll be absolutely fine.

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I trust him. He'll do a good job.

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Well, I'm sure you'll agree that Gavin and Terry

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got a lot of property for their money.

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An interesting reversal of roles

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with Gavin controlling the purse strings.

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But, of course, he's off on his wedding.

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Will his team really do the kind of job he hopes?

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You can find out later in the show.

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This is the beautiful seaside resort of Bournemouth in Dorset.

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Not long ago in a survey,

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it was found to be the happiest place in Britain.

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So I'm just hoping the property I'm here to see,

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a quarter of a mile from the town centre,

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a walking distance to the beach, will make me happy.

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Now, a lot of larger period buildings

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along this street have been converted into flats,

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just like this one.

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It's on this private driveway, set in these wonderful communal grounds.

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It's a ground-floor one-bedroom flat.

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It had a guide price of just £55,000.

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Quite an exciting start, I think.

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The house, probably Victorian, was converted into six flats in 1938.

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And stepping through that communal entrance,

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it looks like there's a treat ahead.

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Oh, my goodness.

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This is a bit of a tangerine dream.

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Not so much of a dream, as a nightmare.

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Orange, orange everywhere.

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Look, different shades.

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But all is forgiven.

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Just look at this amazing room.

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It's huge! You've got these sash windows, beautiful cornicing,

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lovely ceiling height, you've got all this light coming in.

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If the rest of the flat is like this, fantastic!

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Uh, unfortunately, it's not.

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In fact, I wish I'd bought my sunglasses

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because everywhere I look it's orange overload.

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Although in moderation it's a gorgeous colour,

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it makes the internal hallway dark and uninviting.

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Whoever decorated this must have realised

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oranges aren't the only fruit.

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What a shame. There's a double bedroom with small bathroom

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off and then into this kitchen.

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The trouble is it's a disproportionate layout.

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You had the enormous living room and at the back of the property this

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comparatively small kitchen which is disappointing.

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I think they should re-jig the layout to balance it out

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and maybe even fit in a second bedroom.

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That's an instant way of adding value.

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One way would be to make that huge living room a kitchen lounge area

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freeing up the back garden.

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Despite the decor disaster, there are possibilities.

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Of course, as this is a leasehold flat, permission would be needed

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from the freeholder for any structural changes.

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So the flat seems great, doesn't it?

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But of course there's a catch.

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This property only has a short lease with approximately 50 years left,

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which means it's not mortgageable.

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Once bought, you can't apply to extend the lease

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until you've owned the property for at least two years.

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If you wanted to buy this and turn it quickly for a fast buck,

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you can forget it.

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The short lease reduces its value and desirability too much.

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This is best kept as a long-term investment.

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The cost of renewing the lease is usually tied up to the improvement

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in value of the property once the lease is extended.

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So the shorter the lease, the greater the cost to renew.

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What's more, if the solicitor and freeholder drag their heels,

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the whole process could take up to 12 months.

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So that attractive guide price of 55,000 did come with its drawbacks.

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But there's no denying the potential of this one-bedroom flat.

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I asked a local estate agent what he thought.

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The negatives is we can see it needs a lot of work doing.

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It needs some money spending on it.

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Positively, it's a good size, it's got character and original features.

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Properties like this are few and far between in Bournemouth.

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It's in a desirable area and it's a good size.

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So how do the figures stack up?

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Assuming the property would be renovated,

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rental would be fairly easy.

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For a one-bed you'd be looking to achieve £600 a month,

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for a two-bed up to £725 per calendar month.

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Assuming the lease can be extended, what could this place be worth?

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Once renovated, if this was a two-bedroom property,

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we'd market this to achieve £135,000.

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If it's a one-bedroom property,

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we'd market this to achieve approximately £115,000.

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Basically, this is a large desirable flat with a small undesirable lease.

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If you can get the lease sorted and change the layout and ideally

0:18:150:18:19

make it into a two-bedroom property,

0:18:190:18:22

you've got a great long-term investment.

0:18:220:18:24

So, who had their eyes set squarely on the future?

0:18:240:18:28

Let's find out when we go to auction.

0:18:280:18:30

Somebody start the bidding for just £50,000. 50 I have straight away.

0:18:310:18:38

50, I have. 55. Nice and prompt. 60?

0:18:380:18:43

65, seated. 70 we have in front. 75, we have. Round 80?

0:18:430:18:49

80,000. 85? 85,000, we have.

0:18:490:18:53

90? 90, I now have. 91? 91,000 here?

0:18:530:18:58

Nope, shake of the head. It's with you, sir, at 91,000.

0:18:580:19:02

Take 500 anywhere else in the room?

0:19:020:19:04

91,500 on my right-hand side.

0:19:040:19:08

I lip-read that!

0:19:080:19:11

I can't say what he said.

0:19:140:19:17

91 and a half is there. Back with you at 92?

0:19:190:19:21

91 and a half over on the right.

0:19:210:19:23

92 anywhere else in the room?

0:19:230:19:25

91 and a half on the right for the first. 91 and a half for the second.

0:19:250:19:30

92. They've come back. 92,000.

0:19:300:19:34

92 and a half on the right.

0:19:340:19:37

Wave me away in disgust.

0:19:370:19:39

92 and a half on the right for the first,

0:19:390:19:42

92 and a half on the right for the second,

0:19:420:19:45

92 and a half for the third and final time.

0:19:450:19:49

Congratulations. Your number, please?

0:19:490:19:51

So, for £92,500 those successful last-minute gatecrashers were local

0:19:510:19:57

Bournemouth man Sergio and his partner Kelly.

0:19:570:20:00

I met them back at their new purchase to hear about their plans.

0:20:000:20:05

Guys, congratulations. This is a wonderful flat. I love it.

0:20:050:20:08

What was it you really liked?

0:20:080:20:10

It's got a lot of character. It's not your standard boxy-type property.

0:20:100:20:15

We were looking for something we could get stuck into.

0:20:150:20:20

Kelly wanted a project and it had character.

0:20:200:20:23

-He's blaming you.

-I've got one!

0:20:230:20:25

You're going to be busy, hon.

0:20:250:20:28

I didn't want to get involved at all, really.

0:20:280:20:30

Kelly is going to be down here.

0:20:300:20:32

It's not the first time I've seen her dusting

0:20:320:20:35

with a paintbrush in her hands.

0:20:350:20:37

It'll be quite nice seeing her come home worn out at night...

0:20:370:20:40

Looking like a white pit bull.

0:20:400:20:42

I'm glad to hear the tangerine terror is to be terminated.

0:20:420:20:47

Kelly will be here full time project managing the renovation.

0:20:470:20:51

It's a joint venture with Sergio,

0:20:510:20:53

who happens to work in residential lettings and property management.

0:20:530:20:57

That should prove handy when dealing with the tricky problem

0:20:570:21:00

of negotiating that short lease.

0:21:000:21:01

We're in the process of having a chat with the landowner

0:21:030:21:08

to see whether we can extend that.

0:21:080:21:10

If they don't want do that, we'll wait two years.

0:21:100:21:14

So you did by this with an element of risk attached, didn't you?

0:21:140:21:18

You don't know how much you might have to stump up for the lease.

0:21:180:21:22

We have a rough idea. We have asked.

0:21:220:21:24

About 20,000.

0:21:240:21:27

They have a couple of years before facing that pay-out

0:21:270:21:32

but with a two-year wait before they can extend the lease

0:21:320:21:36

and realise some profit on the flat,

0:21:360:21:38

it's bound for the rental market.

0:21:380:21:40

They've already got some tenants in mind.

0:21:400:21:43

I'm thinking about putting my mum and dad in.

0:21:430:21:45

They've recently moved from Blackpool

0:21:450:21:47

down to Bournemouth and they're living with my sister at the moment.

0:21:470:21:50

It would be nice for them.

0:21:500:21:51

-Have they seen it?

-Yeah!

0:21:510:21:54

-What did they say?

-Ooh!

-"Oooh, it's a bit orange!"

-Yeah.

0:21:540:21:59

What you think about the layout?

0:21:590:22:01

Because it's rather strange, isn't it?

0:22:010:22:03

Yeah. This lounge is way too big

0:22:030:22:05

when you look at the rest of the flat.

0:22:050:22:07

I'm hoping to move the kitchen,

0:22:070:22:09

lounge, dine, everything in this room. Live in this room, really.

0:22:090:22:13

Turning this huge room into a kitchen lounge

0:22:130:22:16

would free up the old kitchen to create a second bedroom.

0:22:160:22:19

That would maximise the space,

0:22:190:22:22

giving Sergio and Kelly

0:22:220:22:23

that important value-adding second bedroom.

0:22:230:22:27

Don't forget, they would need the freeholder's permission

0:22:270:22:31

not to mention a healthy budget.

0:22:310:22:33

-What's your budget?

-Ooh!

-Are you going to agree on this, or not?

0:22:330:22:38

No, we've had a discussion.

0:22:380:22:40

We put some money by, so we initially have stuck £20,000 away

0:22:400:22:44

but I don't think it will get there.

0:22:440:22:47

We have said to ourselves there's going to be a couple of pounds over.

0:22:470:22:52

Hopefully just a couple of pounds.

0:22:520:22:54

And you've got to make sure you stick to the budget.

0:22:540:22:56

Are you going to be on hand to help her?

0:22:560:22:58

I think I'll get told off, probably.

0:22:580:23:01

I think I'll leave her to it and wait for the bad news.

0:23:010:23:05

Come on, give the girl some encouragement!

0:23:050:23:07

Seriously though, a project like this could easily

0:23:070:23:11

eat up that £20,000 budget.

0:23:110:23:13

Kelly plans to do the renovation in four months.

0:23:130:23:16

I reckon for this pair, the future's bright.

0:23:160:23:19

But hopefully not this bright!

0:23:190:23:21

Sergio and Kelly have bagged themselves

0:23:240:23:26

a great Bournemouth bargain here.

0:23:260:23:28

This was still a risky purchase.

0:23:280:23:31

They'll have to hang on to this property for a couple of years

0:23:310:23:34

in order to extend the lease,

0:23:340:23:36

otherwise they will never realise this flat's full value.

0:23:360:23:39

Extending the lease can be

0:23:390:23:40

an expensive and time-consuming business.

0:23:400:23:43

On top of that, there's no guarantee

0:23:430:23:45

they'll be able to make these internal changes that they want,

0:23:450:23:49

so will they be able to turn it into a lovely two-bed flat,

0:23:490:23:52

or will they be stuck with a lousy lay-out?

0:23:520:23:55

You can find out later in the programme.

0:23:550:23:57

Coming up, in Nottinghamshire we catch up

0:23:580:24:01

with this amazing farmhouse we first saw in 2007.

0:24:010:24:04

It was far from finished then, but now it's past the winning post.

0:24:040:24:09

Back in Bournemouth,

0:24:090:24:10

is Sergio getting twitchy over this flat refurbishment?

0:24:100:24:14

I'm not really that concerned. He says, hopefully.

0:24:140:24:18

But first, it's all about teamwork in Kent.

0:24:220:24:25

We agree to disagree on a few things.

0:24:250:24:28

Back to Cliftonville, Margate, in Kent

0:24:310:24:34

where earlier we met father and son team Terry and Gavin.

0:24:340:24:39

They had bought this run-down, five-bedroomed house for 115 grand.

0:24:390:24:42

They plan to restore it to its full glory but neither of them

0:24:420:24:46

were experienced developers.

0:24:460:24:47

There was a role reversal going on as well.

0:24:470:24:51

Gavin was project managing for the first time while his father

0:24:510:24:54

Terry was going to be in the background

0:24:540:24:56

just so he could indulge in one of his passions.

0:24:560:24:59

I just love doing staircases.

0:24:590:25:02

That's my forte, staircases.

0:25:020:25:04

The shape of the spindles and everything. It's very therapeutic.

0:25:040:25:08

I'm happy for him to paint those!

0:25:080:25:10

I'm with you, Gavin. The duo were generally exciting about bringing this tired interior back to life.

0:25:100:25:16

Four months later we got the call to see how they'd got on.

0:25:160:25:20

And the result?

0:25:200:25:22

Well, from the outside it looks pretty impressive.

0:25:260:25:28

Fresh and inviting.

0:25:280:25:31

And inside...

0:25:310:25:32

The living room now feels like an oasis of calm.

0:25:360:25:40

While the middle room has been transformed by the addition of

0:25:400:25:44

French doors, perfect for letting in all that natural light.

0:25:440:25:50

At the top of the stairs, the steep static stairway has now gone

0:25:500:25:54

leaving an open landing that bathes this space in light.

0:25:540:25:59

And there have been other major changes elsewhere.

0:26:010:26:04

There was a door here leading into a small toilet.

0:26:040:26:08

We've boxed that in and moved across to the main bathroom

0:26:080:26:12

and created a larger space by forfeiting the box bedroom that was there.

0:26:120:26:18

The box bedroom was so small we decided to remove that and create a larger bedroom in here

0:26:180:26:24

and an en suite, which is a good trade-off to create a beautiful house for a family to move into.

0:26:240:26:32

Losing that small box room has given the house just four bedrooms instead of five.

0:26:320:26:39

But they're all good sizes and, as expected, airy and beautifully done.

0:26:390:26:45

When it comes to finishing, Terry is especially proud of his showpiece.

0:26:450:26:49

This is my favourite part of the house, the staircase.

0:26:490:26:53

As you can see, the newel post at the end was scraped down with the hot airgun.

0:26:530:27:00

This took me about four days to do, just this one newel post.

0:27:000:27:04

Then the handrail which was again all stripped off,

0:27:040:27:07

right down to the bare wood, sanded down, again about an hour and a half just to sand the rail.

0:27:070:27:13

Then, the spindles came out, they were dipped, they came back, three coats of paint.

0:27:130:27:21

It all went back in.

0:27:210:27:23

The spindles at the top didn't come out.

0:27:230:27:26

They were kept in because they were in such bad condition but they were all plastered up

0:27:260:27:31

and made to look as if they were brand new like the others.

0:27:310:27:36

It's clear to see why Terry is pleased with his efforts.

0:27:360:27:41

But judging by the rest of the house, I reckon they should both be puffing their chests out.

0:27:410:27:46

Despite the amount of work done,

0:27:460:27:48

it's been a pretty pain-free process - well, almost, as Gavin explains.

0:27:480:27:53

The big job was the ceilings.

0:27:530:27:55

They were so rotten that at one point one of the doors was shut and the ceiling fell down.

0:27:550:28:01

So we had a lot of work to cut around the coving to keep that and plasterboard and have it plastered.

0:28:010:28:09

A lot of work.

0:28:090:28:10

Terry and Gavin had all the ceilings and walls taken him right back to

0:28:100:28:15

the plaster, while all the original woodwork was stripped and repainted.

0:28:150:28:20

In fact, except for the original features, the house has been totally

0:28:200:28:24

renovated from top to bottom with new salvaged fireplaces to give it some classic style.

0:28:240:28:31

I think it's a beautiful house now.

0:28:310:28:33

It's really come back to what it was originally, and I think even better, because it's got new walls,

0:28:330:28:39

ceilings, windows. Everything is new.

0:28:390:28:42

The kitchen and back room are still unfinished but you can be sure

0:28:420:28:47

they'll blend in seamlessly with the rest of the house.

0:28:470:28:50

For Gavin, project managing for the first time was fairly straightforward.

0:28:500:28:55

He credits the team they put together for making it a great renovation.

0:28:550:28:59

But did they get it all done for less than the original budget?

0:28:590:29:03

Budget was 17 to 20,000.

0:29:030:29:06

It's gone a big above that, it's about 22-23,000,

0:29:060:29:10

with maybe another 1,000 to finish everything off.

0:29:100:29:13

Now it's only got the kitchen and bathrooms to finish and it'll be complete.

0:29:130:29:18

On top of the purchase price of 115,000, that would take their total spend to £139,000.

0:29:200:29:27

They aim to recoup the lot by selling the house.

0:29:270:29:30

While they overran the schedule by three weeks to a total of 12 weeks,

0:29:300:29:34

that's to be expected on a job this size.

0:29:340:29:37

And with the role reversal of father and son, a difference of opinion isn't unusual.

0:29:370:29:43

There were obviously a lot of ups and a lot of downs where we may not have seen eye to eye,

0:29:450:29:52

but we talked it through and everything came right in the end. We made some good decisions.

0:29:520:29:59

-We agreed to disagree on quite a few things.

-A few things. But...

0:29:590:30:02

But I think the final article here is absolutely fantastic.

0:30:020:30:05

He's done an excellent job. Now we've got

0:30:050:30:08

a beautiful house.

0:30:080:30:10

Well, I reckon they're certainly right on that score.

0:30:100:30:14

But will their efforts get the local property market talking?

0:30:170:30:21

We asked along two local estate agents

0:30:210:30:23

to hear what they thought of Terry and Gavin's renovation.

0:30:230:30:27

First impressions, now that I've come back, very good.

0:30:310:30:34

What does it for me is that they've managed to retain

0:30:340:30:37

a lot of the original features,

0:30:370:30:38

which is something that buyers will be keen to see are still in place.

0:30:380:30:41

It's very light, very airy and I think they've done a very good quality job.

0:30:410:30:45

I think the attention to detail is very good.

0:30:450:30:48

They've retained the original features with a contemporary feel,

0:30:480:30:52

keeping it quite neutral so that people can come in and make their own mark.

0:30:520:30:56

It seems that Terry and Gavin's hard work has paid off.

0:30:560:31:00

But will the returns match the reviews?

0:31:000:31:04

Remember, the boys have a possible total outlay of £139,000 here

0:31:040:31:08

so, if they were to sell, what could they expect to achieve?

0:31:080:31:13

Once finished I would suggest marketing the property at £175,000.

0:31:130:31:16

Once this has all been completed and cleaned right through, I would

0:31:160:31:20

want to see this on the market between £175,000 and £185,000.

0:31:200:31:25

I'm a bit disappointed.

0:31:250:31:27

I think it's worth about 200,000

0:31:270:31:30

in its current state.

0:31:300:31:32

And what's actually been put into it.

0:31:320:31:34

But if Terry and Gavin decide to change their minds, both estate agents feel this is a perfect rental

0:31:340:31:41

property that could realise a healthy 7% yield.

0:31:410:31:44

But they're happy with what they've achieved and Gavin's keen to take on another project.

0:31:440:31:51

I'll definitely look to buy another property.

0:31:510:31:54

Maybe, obviously, hopefully with Dad, something of this size again.

0:31:540:32:00

I love to tackle huge jobs and I feel it's a challenge and obviously

0:32:000:32:04

the outcome just speaks for itself, really.

0:32:040:32:08

It's Gavin's first project

0:32:080:32:11

as project manager, and I'm really proud of him.

0:32:110:32:15

He's done an excellent job.

0:32:150:32:17

In December of 2006, despite the crisp, cold day,

0:32:210:32:25

I came across an auction lot that warmed the cockles of my heart.

0:32:250:32:31

I'm in Bramcote just outside Nottingham.

0:32:310:32:35

It's a winter's morning, there's a light dusting of snow on the ground,

0:32:350:32:39

I'm in a quiet country lane

0:32:390:32:41

and I'm so excited about the property that's up for auction that I'm going to show you.

0:32:410:32:48

It's a four-bedroomed former farmhouse.

0:32:490:32:54

It comes with two acres of land and it sounds incredible.

0:32:540:32:57

It's got an annex at the back... It's not in the best of states, but talk about potential.

0:32:570:33:02

Fantastic.

0:33:020:33:04

Gems like this don't come up that often.

0:33:040:33:07

From the outside it looks structurally sound and the tiles seem fairly new.

0:33:070:33:12

Considering it went to auction

0:33:120:33:15

at a guide price of £200,000, it's pretty attractive on the wallet as well.

0:33:150:33:20

Can't wait to check out the inside.

0:33:200:33:23

So what have we got?

0:33:230:33:25

Well, a project it seems someone's started but not finished.

0:33:250:33:30

Things like insulation on the walls, there's a new beam going across there.

0:33:300:33:34

But through the front door into a nice large room.

0:33:340:33:37

Good to see there's an open fire.

0:33:370:33:39

And an unusual thing for this kind of property, from my experience -

0:33:390:33:42

a cellar down there, which is nice to see.

0:33:420:33:45

Main room there then through into the rear of the property.

0:33:450:33:48

Again, someone's obviously cleared all of this out to create this nice big space in here.

0:33:480:33:53

You can imagine a big family kitchen in here, farmhouse kitchen.

0:33:530:33:56

I've got a feeling there's more to be found behind there.

0:33:560:33:59

And then another room, probably a dining room, over this way.

0:33:590:34:02

Upstairs it seems like a bit more of the work has been completed

0:34:070:34:10

than downstairs and actually I really like the layout up here.

0:34:100:34:14

A small kind of landing area with four large bedrooms coming off it

0:34:140:34:18

and what looks to be a potential family bathroom, which has been partially completed.

0:34:180:34:23

One of the really nice things

0:34:230:34:24

is a lot of the materials you're going to need to complete the project are already on site.

0:34:240:34:29

Things like floorboards, the electrics have been partially completed,

0:34:290:34:33

as has some of the central heating.

0:34:330:34:35

So that's good news but just a word of caution, you don't know how well the work has been done -

0:34:350:34:40

if the person who installed, say, the electrics was qualified to do that.

0:34:400:34:44

So before you just accept that it's OK, maybe get a good builder or an architect in just to check it out.

0:34:440:34:49

But a good start.

0:34:490:34:51

But I'm still puzzled why, after doing so much work, the previous owner of the farmhouse

0:34:520:34:57

decided to put it up at auction at a guide price of just £200,000.

0:34:570:35:03

Maybe the answer lies at the back of the house.

0:35:030:35:07

Well, the property comes with a pretty sizable garden.

0:35:070:35:10

It's in a right old state at the moment, more than a few hours with a strimmer required.

0:35:100:35:14

But once you've done that it would be fantastic.

0:35:140:35:16

Come out to the rear of the property, and you start to get a real feeling for the size of it.

0:35:160:35:20

That's the main house there. This is an annex,

0:35:200:35:23

and then this great big hole was actually dug for the foundations for an extension,

0:35:230:35:28

which there's planning permission for.

0:35:280:35:30

But you've got to ask yourself, the amount of money it's going to cost to build that,

0:35:300:35:34

are you really going to get that back on a property this size?

0:35:340:35:37

I'm not so sure that it's actually worth doing.

0:35:370:35:40

One condition of the planning approval for the extension is that it must remain as a single house.

0:35:410:35:46

Maybe that's the reason the owners decided to sell.

0:35:460:35:49

Although some work has started in the annex, it's a long way short of the finish in the farmhouse.

0:35:490:35:55

But if you knock the two buildings together you'd create one very large

0:35:550:35:59

house without having all that extra building expense.

0:35:590:36:03

Not a project for the faint-hearted, but a superb opportunity to create the most wonderful home.

0:36:030:36:09

Who's going to buy it? Well, maybe a developer,

0:36:090:36:12

but I really hope it goes to somebody who actually turns this place into a family home.

0:36:120:36:16

How wonderful that would be.

0:36:160:36:18

Only one way to find out, let's go to the auction.

0:36:180:36:20

Lot number 45.

0:36:220:36:24

A large former farmhouse

0:36:240:36:26

with planning permission for a two storey rear extension.

0:36:260:36:30

Would you like to start me at 230?

0:36:300:36:31

£230,000?

0:36:310:36:34

235? 35 is bid.

0:36:340:36:36

£240,000.

0:36:360:36:38

245. 250.

0:36:380:36:40

55. 260. 265. £265,000.

0:36:400:36:47

Both out standing at the back.

0:36:470:36:49

270. And 71.

0:36:490:36:52

272. 273.

0:36:520:36:54

74, 75, 76. 277. £277,000. It's against you.

0:36:540:37:02

You're not going to be buying it? All right.

0:37:020:37:04

277,000 once,

0:37:040:37:06

twice, third and last chance.

0:37:060:37:08

-Sold at 277. Thank you.

-The successful bid of £277,000 was made by Chris.

0:37:100:37:16

He was bidding on behalf of his son James and his wife Lindsey. They've only been married for six months,

0:37:160:37:22

but both fell in love with the farmhouse and tried unsuccessfully to buy it a few months ago.

0:37:220:37:27

Now, thanks to Dad's bid, it's theirs.

0:37:270:37:30

I met up with them to find out their plans.

0:37:300:37:34

-James and Lindsey, lovely to meet you both.

-And you.

0:37:340:37:36

You didn't look very excited there, did you(?)

0:37:360:37:39

-We were quite happy, weren't we? Yes.

-Yeah.

0:37:390:37:41

Tell me, why did you buy this place?

0:37:410:37:44

I think we'd always wanted to buy somewhere with land and buy something with a bit of character

0:37:440:37:48

and just somewhere you could do up, and finding somewhere around here for this sort of price is very rare.

0:37:480:37:54

Neither of you are property developers or have property developing experience?

0:37:540:37:58

Not at all, no.

0:37:580:38:00

No skills to do this up at all.

0:38:000:38:02

Right. So starting with a nice simple project, then(?)

0:38:020:38:06

Straight in at the deep end.

0:38:060:38:08

James is a national account manager for a rucksack company and Lindsey is an accountant.

0:38:080:38:14

To get the cash they need for this project, they're going to sell

0:38:140:38:18

their current home plus another property that they rent out and hope to raise £100,000.

0:38:180:38:23

Although plans have been granted for an extension, they're not planning to build at present.

0:38:230:38:28

They're just going to restore the annex and the farmhouse.

0:38:280:38:31

But it's not just the buildings that caught Lindsey's eye.

0:38:310:38:35

What is it that you particular love, Lindsey?

0:38:350:38:38

The land, really. I want to build some stables out the back so that I can have some horses,

0:38:380:38:43

chickens, that kind of thing.

0:38:430:38:44

-The Good Life?

-Yeah.

0:38:440:38:47

-Tom and Barbara.

-Fantastic.

0:38:470:38:50

Well, they've got plenty of garden here for planting or exercising in,

0:38:560:39:00

plus the two acres that they're own across the lane.

0:39:000:39:03

Top of Lindsey's list is stabling for her horses, but James isn't galloping ahead quite as fast.

0:39:040:39:11

The first thing we need to do is get all the services attached.

0:39:120:39:15

Currently, there's no drainage, no running water, no gas and no electric.

0:39:150:39:19

So that's obviously the first thing to get cracked,

0:39:190:39:22

which we're hoping to do as soon as we get in, really.

0:39:220:39:25

After that we need to make it liveable so we can live here.

0:39:250:39:28

So I think it will be bathroom, kitchen, and just make it liveable, really.

0:39:280:39:32

They plan to finish the refurbishment that's already started at the front of the property.

0:39:320:39:38

Upstairs, the bedrooms and bathrooms will be tackled and downstairs

0:39:380:39:41

they're going to knock through and incorporate the existing annex.

0:39:410:39:46

Right, so, we're going to have this as our kitchen area.

0:39:490:39:52

We are going to knock through the wall here

0:39:520:39:55

to make it as open plan as possible coming through from the dining room.

0:39:550:39:59

Eventually we are going to knock this wall out, have in the back a cloakroom,

0:39:590:40:03

a little tack room, then we're going to take these stairs out completely.

0:40:030:40:07

Upstairs is only going to be accessed through the upstairs bedrooms.

0:40:070:40:10

That's going to be the master bedroom with an en suite.

0:40:100:40:13

James and Lindsey have taken on one massive project here.

0:40:130:40:17

They're inexperienced, so the advice and help they will get from friends and family

0:40:170:40:22

will be critical in getting the job done.

0:40:220:40:25

Prioritising the work is crucial.

0:40:250:40:28

You mentioned about stables and stuff, where does that come in the priority list?

0:40:280:40:32

Presumably in your wish list it's fairly high?

0:40:320:40:34

Yeah. I think that the most important thing is getting it habitable, getting us in.

0:40:340:40:39

After that I would like to get the stables up fairly soon.

0:40:390:40:43

Get using the land, get the land all fenced in. Quite quickly, I think.

0:40:430:40:48

-There you go.

-Yes, I've been told.

0:40:480:40:51

That was over three years ago.

0:40:530:40:55

When we first went back some areas had galloped ahead.

0:40:550:40:59

Lindsey's priorities come first and the horses are in.

0:40:590:41:02

While others had been left a long way behind.

0:41:020:41:05

They were far from leading the good life but we've gone back

0:41:050:41:08

again since then and you can see the amazing results later in the show.

0:41:080:41:13

Well, time is your enemy when property developing.

0:41:170:41:20

Every day over budget is going to cost you money.

0:41:200:41:23

So did our owner's timescales go adrift or did they stay on track and on budget?

0:41:230:41:29

Let's find out.

0:41:290:41:30

In the Dorset town of Bournemouth, you might see lots of yellows and orange -

0:41:310:41:36

but you'd normally expect to see those on ice lollies, not in one-bedroom ground-floor flats.

0:41:360:41:41

But despite the colour, local couple Sergio and Kelly

0:41:410:41:44

weren't put off and bought this flat at auction for £92,500.

0:41:440:41:50

We were looking for something that we could really get stuck into

0:41:500:41:54

and Kelly wanted a project and it just had the character.

0:41:540:41:58

He's blaming you. There you go, you're going to be busy, hon.

0:41:580:42:02

Absolutely. It was time to roll up their sleeves and get painting.

0:42:020:42:07

So, eight months later, how has Sergio and, more importantly, Kelly's project been going?

0:42:070:42:12

Well, for a start it's a lot less orange, but more than colour changes have taken place here.

0:42:120:42:18

The bathroom was actually in the master bedroom

0:42:180:42:22

with a lowered ceiling on to the window and it just looked a mess.

0:42:220:42:26

It was all a bit higgledy-piggledy. We moved the bathroom out of there,

0:42:260:42:30

made the single toilet in the extension bigger to create a bathroom

0:42:300:42:36

and by moving the kitchen into the lounge, we created a second bedroom.

0:42:360:42:43

That second bedroom also has its own patio doors out onto the communal garden.

0:42:430:42:48

And as for the kitchen diner, wow, what a kitchen diner.

0:42:550:42:59

OK. With the kitchen we went for something modern,

0:43:010:43:07

wooden worktops, I think it fits nicely with the lounge.

0:43:070:43:11

Undermounted sink so we didn't have to look at a drainer.

0:43:110:43:14

All integrated appliances, fridge-freezer,

0:43:140:43:16

all fits in nicely and I'm really pleased with the kitchen.

0:43:160:43:20

And so she should be.

0:43:200:43:22

The dark wooden floor really complements the work surfaces.

0:43:220:43:25

And by matching the units to the wall colours in the kitchen fits seamlessly into the space.

0:43:250:43:31

Mind you, Kelly didn't always get the colours quite right.

0:43:310:43:34

I love the colour in the lounge and I got one of those cards with

0:43:340:43:39

the four different shades and I thought I'd go for a paler shade for the rest of the flat

0:43:390:43:45

and had 20 litres mixed after looking at a test pot and then it was just pink.

0:43:450:43:52

I couldn't bear it in the hall so I've changed to that back to white

0:43:520:43:55

and then just kept it in the two bedrooms.

0:43:550:43:58

It's a subtle pretty pink, hardly the vivid colour from before, so no real disaster.

0:44:000:44:07

But sometimes things don't always go to plan.

0:44:070:44:12

The plan was that my parents would move into the flat short-term.

0:44:120:44:17

But because it was only short term, they have decided a couple of weeks

0:44:170:44:22

ago that they would move into their own place.

0:44:220:44:26

So like the paint shades, a minor hiccup.

0:44:260:44:28

No a great problem, but the big issue wasn't paint colours

0:44:280:44:32

or Kelly's parents becoming tenants or not, it was whether Sergio would pleased with all Kelly's efforts.

0:44:320:44:38

I really wanted to leave Kelly to do everything because I'm out doing work during the day.

0:44:400:44:47

Serge has pretty much left me to it.

0:44:470:44:49

Obviously he works full-time, so he's busy himself.

0:44:490:44:52

I think I've lived through all the stress with her, but it's something she wanted to do.

0:44:520:44:57

He didn't really want any aggravation.

0:44:570:45:00

Got a little bit towards the end but not too much.

0:45:000:45:03

All the moaning and whingeing and all the rest of it that I've done,

0:45:030:45:07

it's been worthwhile and I'm really proud of her. A good result.

0:45:070:45:11

Sergio works as a lettings agent and he's given it the thumbs up, so that's encouraging.

0:45:110:45:15

It's not always just the quality of an end product that's important.

0:45:150:45:21

It's also the financial bottom line.

0:45:210:45:23

Serge is quite laid-back. He did start twitching a bit when I asked him for an extra £10,000!

0:45:230:45:28

But no, everything's fine.

0:45:280:45:31

Yes we have spent more money here but hopefully there's still

0:45:310:45:35

a margin in it that will keep us both happy.

0:45:350:45:38

The total budget now, originally we said £20,000, but we're actually up to £34,500 now.

0:45:380:45:46

I know these things happen and there's nothing you can do about it. I'm not really that concerned.

0:45:460:45:51

So... He says, hopefully!

0:45:510:45:54

No, hopefully it'll be OK.

0:45:540:45:56

Does he have cause for worry?

0:45:560:45:59

Along with the £92,500 to buy the flat,

0:45:590:46:02

and Kelly's £34,000 spend, it's on a very short lease

0:46:020:46:06

that would make it difficult to sell.

0:46:060:46:09

To renew the lease will cost in the region of 20 - 30,000,

0:46:090:46:13

so if they did that, their total investment would be around £150,000.

0:46:130:46:18

I think it's a very nicely designed apartment.

0:46:180:46:22

And the space, it's spacious and they have made the best use of the space available.

0:46:220:46:27

The change of layout has improved the property.

0:46:270:46:29

By adding a second bedroom you've obviously offered more accommodation

0:46:290:46:33

and subsequently will increase the value.

0:46:330:46:35

An extension to the lease, I'm sure, could be negotiated and I think

0:46:350:46:39

that would be essential if you were selling.

0:46:390:46:41

Without the lease extension, resell isn't really an option for a couple of years.

0:46:410:46:47

If they got it, would it make Sergio and Kelly's outlay of around £150,000 worthwhile?

0:46:470:46:53

With an extended lease, I consider this property would sell

0:46:530:46:59

between £185,000 - £195,000.

0:46:590:47:02

With an extended lease, I feel this property would be marketed between £170,000 - £180,000.

0:47:020:47:08

I think the £195,000 mark would be something that we'd be more interested in,

0:47:080:47:13

being the higher one, obviously!

0:47:130:47:15

That's encouraging. It clearly is worth getting the lease extended.

0:47:160:47:20

But, for now, the flat will go on the rental market.

0:47:200:47:25

I consider this property to be worth approximately £800 per calendar month.

0:47:250:47:29

Rental value per calendar month, I would say would be between £750 - £800.

0:47:290:47:34

Pretty spot on.

0:47:340:47:37

I'm in the rental business and I valued it myself at 795.

0:47:370:47:41

To achieve 795, we don't want to take any chips on that.

0:47:410:47:44

795 a month is a good rental income for a flat.

0:47:450:47:49

Is there anyone likely to pay that?

0:47:490:47:52

I'd like to rent it!

0:47:520:47:54

Hopefully. If she kicks me out.

0:47:540:47:57

I'd like to move in!

0:47:570:47:58

Ah! There you go then, Sergio.

0:48:000:48:04

Tenants all sorted!

0:48:040:48:06

Back in 2007, we first saw this amazing farmhouse

0:48:130:48:17

and land in Nottinghamshire.

0:48:170:48:19

This was a strange lot because work on the house and annex,

0:48:190:48:23

which went with it, had already been started

0:48:230:48:26

yet abandoned halfway through, so it was more like a building site.

0:48:260:48:30

That didn't put off newly-wed couple James and Lindsey, who planned to combine the two properties...

0:48:300:48:36

I think it's about here if we knock through into the annex section.

0:48:360:48:40

..to make a dream home for them and their animals.

0:48:400:48:43

You mentioned about stables and stuff like that, where does that come on the priority list?

0:48:430:48:49

Presumably in your wish-list, it's fairly high.

0:48:490:48:52

Yes, I think that the most important thing is getting it habitable, getting us in.

0:48:520:48:56

But then after that, I would like to get the stables up quite quickly, I think.

0:48:560:49:02

-There you go.

-Yes, I've been told.

0:49:020:49:05

When we returned the first time, over a year later,

0:49:060:49:09

it was the horses who seemed to have galloped ahead in importance.

0:49:090:49:13

While they had great new accommodation and a place to roam,

0:49:130:49:17

James and Lindsey were still some way off getting their new home.

0:49:170:49:20

The stable block is one area where Lindsey got her own way.

0:49:200:49:23

In my idea we would get the house done and be living in here first.

0:49:230:49:27

But as with Lindsey, the priorities come first and the horses are in.

0:49:270:49:32

Progress on the house was also slowed by the lack of services.

0:49:320:49:36

Gas, water, electrics and the like.

0:49:360:49:39

So it was far from habitable.

0:49:390:49:42

Now, three years later, we're back

0:49:430:49:46

and hey, it's not just the horses who can enjoy accommodation!

0:49:460:49:50

At last the race has ended and they've passed the winning post.

0:49:510:49:56

With a generous sized lounge

0:50:020:50:04

that mixes farmhouse traditional with contemporary style.

0:50:040:50:08

As does the rather magnificent kitchen.

0:50:110:50:15

And with a dining and work areas, the house now has a great flow and feeling of space.

0:50:210:50:28

It's quite a contrast to where they've been living recently.

0:50:320:50:36

We've been missing in a static caravan for 16 months and, oh...

0:50:360:50:40

-it's just...

-Never again.

-No. It's driving us mad.

0:50:400:50:44

There's no space and so to move in here with all this space, it was absolutely fantastic, wasn't it?

0:50:440:50:49

We never want to see a caravan again.

0:50:490:50:52

Not only has it got much more room than a caravan,

0:50:520:50:55

it's also got stairs, and what stairs they are!

0:50:550:50:58

OK, so this is our staircase that we designed ourselves.

0:50:580:51:02

We had this big window put in because we wanted to let in

0:51:020:51:05

lots of light to both the downstairs and the upstairs.

0:51:050:51:07

We designed this staircase around it, really.

0:51:070:51:10

We had a joiner make all this bespoke oak for us and we've

0:51:100:51:15

had this glass installed, which really finishes it off. so we're very pleased with it.

0:51:150:51:19

Those custom build stairs lead up to the 4th bedroom.

0:51:190:51:24

This is the master bedroom.

0:51:280:51:30

We've got double entrance doors which are the same hand-made oak that we've got throughout the rest of the house.

0:51:300:51:36

When we bought the house, this room had no ceiling and no floors, so that gave us

0:51:360:51:40

the idea of raising the roof height above the purlins to give the idea of more space and light.

0:51:400:51:45

Here we've got our en suite and this is the sliding door that disappears into the wall.

0:51:450:51:50

We're really pleased with it, really glad that we persevered.

0:51:500:51:53

Along with the master bedroom there are three other bedrooms, all a good size.

0:51:570:52:03

One of them has the luxury of an en suite.

0:52:160:52:19

Whereas the other two are catered for with a fabulous modern bathroom.

0:52:210:52:25

There's been an impressive amount of work done here in the last few years.

0:52:250:52:29

Towards the end, I was very hands-on. To start with, we had this main contractor

0:52:290:52:34

who did a lot of the work.

0:52:340:52:35

In the end, due to finance and timings, we had to take a lot of that ourselves.

0:52:350:52:40

So it from the finish point of view, it was, a lot of it was me really.

0:52:400:52:43

So it was really hands-on and I've got calluses where I've never had them before.

0:52:430:52:47

And, yes, I don't want to be doing that again in a hurry.

0:52:470:52:49

They also got a lot of help from friends and family.

0:52:490:52:53

And, after three years of hard struggle, at last it's finished.

0:52:530:52:57

It must have been a fantastic feeling to stay here for the first time.

0:53:010:53:07

You actually had the first night in here without me, didn't you?

0:53:070:53:10

Yes, I offered to host my friend's hen weekend

0:53:100:53:12

because we thought it was going to be finished months before but it wasn't.

0:53:120:53:15

We had a final push so me and about 20 girls had the first night in the house.

0:53:150:53:21

-You were sent off to her boyfriend's, weren't you?

-I was kicked out for the night.

0:53:210:53:25

So they were all staying in my house before I was.

0:53:250:53:27

So it seems it's not just horses but also hens that come before James!

0:53:270:53:33

I guess he knows where he stands in the pecking order.

0:53:330:53:36

Since the addition of feathered hens, ducks,

0:53:380:53:40

three dogs and now three horses, one in foal, they're starting to live the good life they'd hoped for.

0:53:400:53:47

But the total cost of all this can't have been chicken feed.

0:53:470:53:51

I think in the end we've ended up spending around £200,000.

0:53:520:53:57

That did include the stables which wasn't in our original £100,000 budget,

0:53:570:54:02

which was probably getting on for £50,000.

0:54:020:54:05

But yes, we've seriously overspent but we don't intend to move,

0:54:050:54:08

so as long as we like it, it was worth it.

0:54:080:54:10

They bought the house and land for a pretty reasonable £277,000.

0:54:120:54:17

But their £200,000 spend on it means a total outlay of around £477,000.

0:54:170:54:25

Is that value-for-money in the current market?

0:54:250:54:27

What do two local estate agents think?

0:54:270:54:31

I really love this house. The owner's done a fantastic job

0:54:310:54:34

in making an older house really contemporary inside.

0:54:340:54:37

It's finished to a superb standard with the oak floors, kitchen,

0:54:370:54:41

bathroom, they look excellent.

0:54:410:54:42

I think the garden's great. It's mainly lawned, it's lovely for a family and it's very, very private.

0:54:420:54:49

The stable block definitely adds value, for those with equestrian interests

0:54:490:54:53

it would be the difference between them buying the property and not.

0:54:530:54:56

When we first returned to the property 18 months ago it was valued between £695,000 - £720,000.

0:54:570:55:05

But that was pre-credit crunch. What about today?

0:55:050:55:08

I think we'll market the property at about £575,000 to achieve something in the region of £550,000.

0:55:080:55:15

It's a difficult property to put a price on. I would expect to achieve around £550,000.

0:55:150:55:20

With their £477,000 spend, £550,000 would still see some profit.

0:55:200:55:28

But the property slump has knocked over £150,000 off its current value.

0:55:280:55:33

How do they feel about that?

0:55:330:55:35

Yes, I think in the current climate we knew that the valuation would probably go down.

0:55:350:55:41

-And as we're not selling it doesn't really...

-Doesn't really matter at all.

0:55:410:55:45

That is the key. It's their home.

0:55:450:55:49

Although they'd hoped it was a good investment, it wasn't all about profit.

0:55:490:55:53

Would they ever take on such a large project again?

0:55:530:55:56

I think we might take another project on in the future,

0:55:560:55:59

once we've had a few years to relax and enjoy this one.

0:55:590:56:02

Perhaps more than a few years.

0:56:020:56:04

In the distant future, maybe. Maybe.

0:56:040:56:06

# Give me just a little more time

0:56:060:56:09

# Baby, please, baby... #

0:56:100:56:13

I think that after the tough three years James and Lindsey have had,

0:56:130:56:17

they should take a well-earned break and enjoy their fabulous new home.

0:56:170:56:22

For the time being, there's absolutely no need to look for pastures new.

0:56:220:56:27

Well, that's all we have time for on today's Homes Under The Hammer.

0:56:340:56:37

But do join us next time for more news from the trenches of the property battlefield.

0:56:370:56:42

-We'll see you then.

-Goodbye.

-Goodbye.

0:56:420:56:44

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0:56:510:56:54

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0:56:540:56:57

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