0:00:02 > 0:00:04Hello. If you want to buy any kind of property,
0:00:04 > 0:00:06the auction room could be just the place for you.
0:00:06 > 0:00:09That's right. You must make sure you get your bidding strategy right
0:00:09 > 0:00:12so when the hammer falls, you can be victorious.
0:00:12 > 0:00:15Let's find out whose strategy paid off on today's show.
0:00:40 > 0:00:43There are many options in the auction room.
0:00:43 > 0:00:48You can buy a home, an investment flat or even a garage to store your belongings.
0:00:48 > 0:00:52And, if spent wisely, your money could still go a very long way.
0:00:52 > 0:00:56So, let's see who chose to splash the cash on today's show.
0:00:57 > 0:01:00I take a look around this terraced house in Stoke-on-Trent.
0:01:00 > 0:01:04Or, at least, try to...
0:01:04 > 0:01:07I don't think I'm going to go in there. What a mess!
0:01:07 > 0:01:11I've fallen for this 14th century manor house in Kent.
0:01:11 > 0:01:14I could spend hours wandering around here.
0:01:14 > 0:01:16It's just so special.
0:01:17 > 0:01:19And in Bury, Greater Manchester,
0:01:19 > 0:01:22I discovered that this three-bedroomed house
0:01:22 > 0:01:24is a lot bigger than it might first appear.
0:01:24 > 0:01:27Look at the size of this room! Absolutely superb!
0:01:29 > 0:01:31All these properties are being sold at auction.
0:01:31 > 0:01:35We'll find out who bought them and for how much when they went under the hammer.
0:01:35 > 0:01:37Sold...
0:01:41 > 0:01:45I'm in Hanley, one of the six towns that make up the city of Stoke-on-Trent.
0:01:45 > 0:01:49A traditional back alley here, people with their washing hanging up.
0:01:49 > 0:01:54The big question is, will the property I'm here to see be all washed up or will
0:01:54 > 0:01:58they be lining up to buy it? The property is really well-located.
0:01:58 > 0:02:04The main shopping area is only a short walk away, at the end of the road.
0:02:04 > 0:02:07Handy for shopaholics.
0:02:11 > 0:02:15I'm here to see a traditional two-bedroomed terraced house
0:02:15 > 0:02:23at a guide price of £25,000, which, considering we're in 2009, seems like not a lot of money to me.
0:02:23 > 0:02:27You could say once you've seen one of these, you've seen them all.
0:02:27 > 0:02:29However, in that case, I've taught you nothing.
0:02:29 > 0:02:33You don't know what you're going to find until you go inside.
0:02:36 > 0:02:37Good grief!
0:02:37 > 0:02:41It's identical to every other property like this I've been in!
0:02:41 > 0:02:45However, this one I think has got some horror stories in store.
0:02:45 > 0:02:49But basically, straight off the street into your front living room.
0:02:49 > 0:02:51It's nice sometimes to put some kind of a porch on there
0:02:51 > 0:02:55because it does mean this room could be quite noisy and cold.
0:02:55 > 0:02:59Moving through, to the rear room, now, here's a nice little touch.
0:02:59 > 0:03:03I like the fact this has actually been opened up.
0:03:03 > 0:03:06It gives this room much more of an open-plan feel.
0:03:06 > 0:03:11That's good to see. The room itself is obviously in a bit of a state.
0:03:11 > 0:03:15It doesn't have double-glazing but it's pretty much what you'd expect.
0:03:15 > 0:03:17Through to the kitchen.
0:03:17 > 0:03:21Right. OK. In this case, I don't think I'm going to go in there.
0:03:21 > 0:03:23What a mess!
0:03:31 > 0:03:36It's hard to tell if things in here have been ripped out and left or just fallen off the walls.
0:03:36 > 0:03:39But there's a lot of potential.
0:03:39 > 0:03:41It's just well hidden.
0:03:41 > 0:03:45Which is more than could be said for the upstairs pipe work.
0:03:46 > 0:03:50Interesting bit of plumbing going on there with this pipe going across the landing.
0:03:50 > 0:03:52At the very least, that should be boxed in.
0:03:52 > 0:03:54What have we got? Bedroom at the front here.
0:03:54 > 0:03:59It's not a bad size. Then through to the rear bedroom. Now...
0:03:59 > 0:04:01the good news is it's a good size.
0:04:01 > 0:04:03It needs a lot of work.
0:04:03 > 0:04:07But intrinsically it's OK. But I've actually saved the best bit till last
0:04:07 > 0:04:13because the great news is that, unusual for this type of property, there's a bathroom upstairs.
0:04:13 > 0:04:16It's off this bedroom, which isn't ideal because obviously you've to
0:04:16 > 0:04:22get through the bedroom to get to it, but at least it's a good start. Fantastic news!
0:04:22 > 0:04:27Not quite. The bathroom itself is actually a complete disaster.
0:04:28 > 0:04:32Yep, like the kitchen, the bathroom is unusable.
0:04:32 > 0:04:37Cracked windows, bare walls and unconnected plumbing.
0:04:37 > 0:04:40It's more of a junkyard than a bathroom.
0:04:42 > 0:04:46At a guide price of 25 grand, this place is pretty cheap
0:04:46 > 0:04:49but needs a huge amount of work - and not just inside.
0:04:49 > 0:04:55At the back is a derelict yard with an old shed, fit only for demolition.
0:04:55 > 0:05:00But, like the rest of the house, this space could be turned into something much more functional.
0:05:00 > 0:05:05I asked a local estate agent what he thought of the potential here.
0:05:08 > 0:05:11First impressions of this property are that it would
0:05:11 > 0:05:13be suitable to investors or builders
0:05:13 > 0:05:19and it's probably too much for the average first-time buyer to take on.
0:05:19 > 0:05:23It is a selling point that the bathroom is on the first floor, however, I would imagine most
0:05:23 > 0:05:29people would look to partition the main bedroom to avoid access to the bathroom through the bedroom.
0:05:29 > 0:05:32The property is in need of complete renovation.
0:05:32 > 0:05:36Obviously from the kitchen, bathroom, heating, windows
0:05:36 > 0:05:40and possibly damp proof course, possibly wiring.
0:05:40 > 0:05:45Most investors would look to spend between £15,000 and £20,000 on renovation.
0:05:45 > 0:05:49If you did spend that top estimate of £20,000 on the work, then added
0:05:49 > 0:05:56to the guide price of £25,000, that would be an investment of £45,000.
0:05:56 > 0:06:00What could this house achieve on the resale market once renovated?
0:06:00 > 0:06:05The ceiling price of this property after renovation would be in the region of £60,000.
0:06:05 > 0:06:12For a potential pre-tax profit of around £15,000, it could be worth the effort of renovating.
0:06:12 > 0:06:15But what if the buyer decided to let it out?
0:06:15 > 0:06:20The average income would be in the region of £350 per calendar month.
0:06:20 > 0:06:23So renting it out might be a very attractive option.
0:06:23 > 0:06:29As it's so close to town, there should be plenty of tenants interested in moving in.
0:06:29 > 0:06:33You certainly can't knock the location of this one, perfectly placed for the city centre.
0:06:33 > 0:06:37But no bones about it, there is a lot of work to be done, basically.
0:06:37 > 0:06:42A total refurb. But remember that guide price of £25,000.
0:06:42 > 0:06:45Let's see who fancied the opportunity when it went under the hammer.
0:06:48 > 0:06:51Lot 40. 15, can I say...? 15 I'm bid, thank you.
0:06:51 > 0:06:55At £15,000, opening bid. At £15,000.
0:06:55 > 0:06:5820, is it? 20 in the aisle.
0:06:58 > 0:07:01At £20,000. The bid's in the aisle.
0:07:01 > 0:07:04£20,000. 21, can I say?
0:07:04 > 0:07:0721?
0:07:07 > 0:07:1122. Lady's bid now, £22,000.
0:07:11 > 0:07:1423. 24, madam?
0:07:14 > 0:07:1824. £24,000. 24 and a half?
0:07:18 > 0:07:1925.
0:07:23 > 0:07:25Thank you, sir. 25,000 left now.
0:07:25 > 0:07:2825,000, Lot number 40. Bid's at 25.
0:07:28 > 0:07:30Another half anywhere else?
0:07:30 > 0:07:32At £25,000, then, for lot number 40.
0:07:32 > 0:07:35I'm selling it...
0:07:35 > 0:07:39New bidder. £25,500 at the back.
0:07:39 > 0:07:4226. 26. Another half, sir?
0:07:44 > 0:07:4826 and a half. 27.
0:07:48 > 0:07:50Another half?
0:07:50 > 0:07:5527, then. Still seated at £27,000.
0:07:55 > 0:07:59Are we all done now? I'm selling it at £27,000. Seated right.
0:07:59 > 0:08:06Another half anywhere else? 27,000, then. First time. At £27,000.
0:08:06 > 0:08:09Second time.
0:08:09 > 0:08:11Third and final time at £27,000.
0:08:11 > 0:08:14Bought it, sir, well done.
0:08:14 > 0:08:19That successful bid at £27,000 came from Farouk and Imran.
0:08:19 > 0:08:24Farouk is a plasterer, whilst Imran used to work in a bank, though he's had to stop working
0:08:24 > 0:08:28while he recovers from a spinal injury caused by a road accident.
0:08:28 > 0:08:34This is their first property investment together and I met with them to find out their plans.
0:08:34 > 0:08:36Imran, Farouk, lovely to meet you both.
0:08:36 > 0:08:39Congratulations. 27,000 quid.
0:08:39 > 0:08:41Yes. It's a good buy.
0:08:41 > 0:08:43Fantastic, isn't it?
0:08:43 > 0:08:46Tell me why you wanted to buy it.
0:08:46 > 0:08:51Well, it was a venture where we thought that we could do with a little bit of savings
0:08:51 > 0:08:55and we thought why not try it in an auction? That's why we're here.
0:08:55 > 0:08:57Tell me about the relationship between you two.
0:08:57 > 0:08:59Well, me and Farouk, we go a long way down.
0:08:59 > 0:09:03We knew each other from childhood.
0:09:03 > 0:09:08And he came here and became a builder. A plasterer by trade.
0:09:08 > 0:09:13I thought it would be a good thing when we joined together, could do something about it.
0:09:13 > 0:09:15Right, so have you done anything like this before?
0:09:15 > 0:09:20- Not like... Always with somebody else.- You've always been working for other people in the past?
0:09:20 > 0:09:24- Yes.- But is this the first one that you've done?- Yes, it is, yes.
0:09:24 > 0:09:30What sort of made you do it now?
0:09:30 > 0:09:33Well, just the time and the recession, prices have gone down.
0:09:33 > 0:09:36So it was within our budget, it's simple.
0:09:36 > 0:09:38I couldn't put it better myself.
0:09:38 > 0:09:44It can pay to be adventurous. Yet I reckon this property is going to be a steep learning curve for the boys.
0:09:47 > 0:09:51Tell me how you're going to go about sorting the house out.
0:09:51 > 0:09:53Everything is going to be ripped apart.
0:09:53 > 0:09:56Apart from the brick walls, everything is going to be new.
0:09:56 > 0:09:59What about floors? Are you going to replace the joists and things?
0:09:59 > 0:10:04We're not, because everything is fine internally.
0:10:04 > 0:10:05Only cosmetics are going to be changed.
0:10:05 > 0:10:08It requires a lot of electric work.
0:10:08 > 0:10:12New plumbing, central heating, new kitchen, bathroom,
0:10:12 > 0:10:17plastering, ceiling, painting, decorating, windows, you name it.
0:10:17 > 0:10:21It's going to happen, yes.
0:10:21 > 0:10:24Right. It's quite a challenge for your first project, isn't it?
0:10:24 > 0:10:28You're not taking on something that's, you know, just a quick lick of paint and move on.
0:10:28 > 0:10:34Why did you decide to go down the route of buying a place that's quite needy?
0:10:34 > 0:10:37We looked at it in a way that
0:10:37 > 0:10:42whichever property you bought, you'd have to spend a little bit of money on it.
0:10:42 > 0:10:46So we thought that if we make it in a way which we wanted,
0:10:46 > 0:10:50then possibly we could get better returns out of it.
0:10:51 > 0:10:55The friends have estimated between six and eight weeks for the project
0:10:55 > 0:10:58and have set aside £15,000 as their budget.
0:10:58 > 0:11:02To me, that sounds a little on the low side for what's needed here.
0:11:02 > 0:11:07Imran has found it tough being off work due to his injury.
0:11:07 > 0:11:10But overseeing the project whilst Farouk gets involved with the
0:11:10 > 0:11:15physical labour is a good way to stay occupied during his recovery.
0:11:15 > 0:11:18To buy a house of this calibre,
0:11:18 > 0:11:24it's basically... I give it to my injury because if I didn't time and watching TV,
0:11:24 > 0:11:27possibly I would not be here.
0:11:27 > 0:11:31- You mean our show, I hope? - Yes, absolutely right, yes. - We inspired you, did we?
0:11:31 > 0:11:34- Yes, you have. In some ways.- Out of a horrendous situation, obviously,
0:11:34 > 0:11:37hopefully has come as a bit of a positive change of life.
0:11:37 > 0:11:41Yes, I'll look at things positively rather than negatively these days, yes.
0:11:41 > 0:11:45What a wonderful attitude to have and that will be important.
0:11:45 > 0:11:51There are many negatives here, like the fact that Farouk and Imran live 65 miles away in Leicester.
0:11:51 > 0:11:55So they're relying on local labour for much of the work.
0:11:55 > 0:12:01What we're doing is we're finding local traders so we don't have to move up and down every day.
0:12:01 > 0:12:04We're just going to project manage it and communicate with them over the
0:12:04 > 0:12:07telephone and come here once a week, maybe,
0:12:07 > 0:12:11to just see how things are getting along.
0:12:11 > 0:12:15Imran's positive spirit seems to be bringing the boys luck.
0:12:15 > 0:12:20They've already rented the place out before they've started any work at all.
0:12:20 > 0:12:26As soon as I bought the property, I advertised locally in a local newspaper and the council has got
0:12:26 > 0:12:31a website where I put this house and I've got a response where three people are already ready.
0:12:31 > 0:12:34- You've got three people lined up? - Yes. They're ready
0:12:34 > 0:12:38to take this house at any time, whenever I give them a shout.
0:12:38 > 0:12:42Listen, good luck and I hope it turns out well. We look forward to seeing how you get on.
0:12:42 > 0:12:45Thank you very much, Martin.
0:12:45 > 0:12:48Well, at the back of the property here, you really get a true idea
0:12:48 > 0:12:51of the challenge facing Imran and Farouk.
0:12:51 > 0:12:56And I'm not sure their £15,000 budget is going to do it.
0:12:56 > 0:12:59Especially as they're only project managing
0:12:59 > 0:13:02and not doing the work themselves and they live so far away.
0:13:02 > 0:13:06Still, I think they made the right decision to get into property investing
0:13:06 > 0:13:10and, at the end of the day, they paid £27,000 for this place, which can't be bad.
0:13:10 > 0:13:14You can find out how they get on later in the show.
0:13:17 > 0:13:22I'm in the small rural village of Shadoxhurst, just 10 minutes drive from Ashford in Kent.
0:13:22 > 0:13:24But it could be a world away.
0:13:24 > 0:13:29# Come and get a load of sweet country boy love... #
0:13:29 > 0:13:36Set in idyllic countryside, I'm here to see a property that I'm just so excited about.
0:13:36 > 0:13:41In fact, it used to be the local manor house, dating back from the 14th century.
0:13:41 > 0:13:46It's got seven bedrooms, three storeys, just oozing with character
0:13:46 > 0:13:49and just look at that Kent peg-tiled roof.
0:13:49 > 0:13:52It's got these beautiful leaded windows.
0:13:52 > 0:13:57It was guided at 420 to £450,000.
0:13:57 > 0:14:00I'm loving it. I'm going to get inside.
0:14:03 > 0:14:08This property is grade two listed and has seen many changes throughout the years.
0:14:08 > 0:14:13Not only has it been a family home, but at one point it was even a pub.
0:14:15 > 0:14:20This room would originally have been the Great Hall, opening up into the big roof space.
0:14:20 > 0:14:23Imagine how grand that would have been.
0:14:23 > 0:14:26Certainly seen better days. Look at this old panelling here.
0:14:26 > 0:14:29Look at it. It's got an inglenook over here.
0:14:29 > 0:14:31You've got these beautiful old original beams.
0:14:31 > 0:14:35It's no surprise, bearing in mind the age of the house and all these
0:14:35 > 0:14:38amazing features, that this property is listed.
0:14:38 > 0:14:43In fact, all properties built before 1700 are automatically listed.
0:14:43 > 0:14:46And this basically means that this building is protected by law.
0:14:46 > 0:14:52You have to get permission to make any changes outside and in which affect the character of the house.
0:14:52 > 0:14:59So no ripping out any of the original features and no willy-nilly knocking down walls.
0:15:00 > 0:15:07So the renovation is going to have to be carefully planned and the house does need a lot of work.
0:15:07 > 0:15:12For a start, in the living room, the floorboards will have to be replaced.
0:15:12 > 0:15:16And that kitchen could do with more than just a good sweep.
0:15:16 > 0:15:20The house is full of character, though, and down every corridor
0:15:20 > 0:15:24there's another room with inspiring possibilities.
0:15:24 > 0:15:27Even the downstairs toilet has period wooden features.
0:15:31 > 0:15:36And upstairs is a maze of great-sized rooms.
0:15:36 > 0:15:40This really is all so higgledy-piggledy upstairs.
0:15:40 > 0:15:43Lots of doors and corridors, sloping floors.
0:15:43 > 0:15:47Now, this here is the huge tie beam, it would have
0:15:47 > 0:15:51been exposed over the Great Hall, it would have arced its way over.
0:15:51 > 0:15:55And over here, you've got the brace, which is enormous.
0:15:55 > 0:15:58This would have been carved out of a massive piece of timber.
0:15:58 > 0:16:00There's actually a matching one on the other side.
0:16:00 > 0:16:03I could spend hours wandering around here.
0:16:03 > 0:16:06It's just so special.
0:16:06 > 0:16:09I've completely fallen in love with his property.
0:16:09 > 0:16:11It's beautiful. But not everywhere.
0:16:11 > 0:16:15Take a look at what's lurking out back.
0:16:15 > 0:16:16# Hey, babe
0:16:16 > 0:16:18# Take a walk on the wild side... #
0:16:24 > 0:16:30Well, if the house alone isn't enough for you, you also get three acres of land.
0:16:30 > 0:16:34There's a paddock, an old orchard, loads of outbuildings and literally
0:16:34 > 0:16:38hundreds of old fibreglass baths dumped in the garden, look at them!
0:16:38 > 0:16:43If you don't want to be a farmer and you don't want to have horses, what could you do here?
0:16:43 > 0:16:46Perhaps you could use this land as a building plot.
0:16:46 > 0:16:51But there's an overage clause in the legal pack on the land, which means if somebody wants
0:16:51 > 0:16:57to build here, then 30% of the rise in value of the land will go to the original vendor.
0:16:57 > 0:17:04So, basically, if you want to build, you'd lose a huge wad of the profit straightaway.
0:17:04 > 0:17:08That clause is designed to discourage big development on the land.
0:17:08 > 0:17:14So the new owner will have to be careful when building or their potential profit could drain away.
0:17:16 > 0:17:18I asked a local estate agent
0:17:18 > 0:17:21what he thought of this charming country manor.
0:17:22 > 0:17:28It really is a floor to roof restoration.
0:17:30 > 0:17:31The issue being, of course,
0:17:31 > 0:17:35it's grade two listed and it's in the conservation area.
0:17:35 > 0:17:40So it would be very important to get the local parish council involved
0:17:40 > 0:17:42and also English Heritage.
0:17:43 > 0:17:46I imagine there would be a possibility to convert
0:17:46 > 0:17:51some of the outbuildings but, as far as I know, they're also listed grade two.
0:17:51 > 0:17:54So again, that would be quite a lengthy process.
0:17:56 > 0:18:01But if the work was approved, would it have rental potential?
0:18:01 > 0:18:02It could be a very good rental.
0:18:02 > 0:18:06And in today's market with
0:18:06 > 0:18:09more people renting than actually buying,
0:18:09 > 0:18:14you'd probably get in the region of £3,000 to £3,500 a month rent.
0:18:14 > 0:18:22With the guide price at between £420,000 to £450,000, how much could it sell for once renovated?
0:18:22 > 0:18:25With a good level of a refurbishment, I'd value the property
0:18:25 > 0:18:27at between £850,000 and £900,000.
0:18:27 > 0:18:31So if bought for around those guide prices you could see a mark up of
0:18:31 > 0:18:36between £400,000 and £480,000, minus renovation and other costs.
0:18:36 > 0:18:40But there's a whole lot to be done first.
0:18:40 > 0:18:48I love this house. It has character and history and it sits on this amazing plot near a lovely village.
0:18:48 > 0:18:51But it is a huge project and a listed building,
0:18:51 > 0:18:54so renovating this won't be straightforward.
0:18:54 > 0:18:57So who had the courage to take Green Farm on?
0:18:57 > 0:18:59Let's find out at the auction.
0:19:01 > 0:19:03420 I've got, 425 now, if you like.
0:19:03 > 0:19:06425, thank you, sir. 425.
0:19:06 > 0:19:09And 30. It's against you. 430.
0:19:09 > 0:19:12And five. 435. 435.
0:19:12 > 0:19:14And 40.
0:19:14 > 0:19:16And 40. 440.
0:19:16 > 0:19:18Against the original bid. 445.
0:19:18 > 0:19:21And 50. 450.
0:19:21 > 0:19:23At £445,000, I've got.
0:19:23 > 0:19:25450, I'm looking for.
0:19:25 > 0:19:32If we're all done then at 445, I'll sell for the first time, £445,000, second time...
0:19:32 > 0:19:37450, thank you. And five. 455. 455, you won't find a better one.
0:19:37 > 0:19:43455. And 60. 460?
0:19:43 > 0:19:48460? All right, at 455, I have on my left-hand side, he's been with me for a long time.
0:19:48 > 0:19:55I'll sell for the first time at £455,000. Second time at £455,000.
0:19:55 > 0:19:58£455,000 for the third and final time.
0:19:58 > 0:20:00You can't need more opportunity than that.
0:20:00 > 0:20:04All done. You bought it, sir. Big smile on your face, I hope and the number, please.
0:20:04 > 0:20:08And the successful bid of £455,000 came from Mary Ann,
0:20:08 > 0:20:12but it was actually her husband who did the bidding.
0:20:12 > 0:20:18Mary Ann is a London-based property developer, but this house isn't going to be just another project.
0:20:18 > 0:20:21She plans to make her new home.
0:20:23 > 0:20:25Mary Ann, I've just got to say congratulations.
0:20:25 > 0:20:29- Thank you.- Now, how did you fall upon this little gem?
0:20:29 > 0:20:33Well, I've been having my eye on it for a couple of years.
0:20:33 > 0:20:37We heard a rumour that it might be coming on the market and I've been watching it all the time.
0:20:37 > 0:20:41- So why did you want to buy this? - My parents live just up the road.
0:20:41 > 0:20:47And they've had the place since I was nine and I spent most of my childhood in the area.
0:20:47 > 0:20:51And I got married just up the road, about three and a half years ago, literally diagonally opposite.
0:20:51 > 0:20:55So, for years, you must have walked past this house, looking at it fondly.
0:20:55 > 0:20:58I always loved the house. Always loved it.
0:20:58 > 0:21:02So, as Mary Ann and her husband got married just across the road,
0:21:02 > 0:21:06by the sounds of it, this property has found its perfect match.
0:21:06 > 0:21:09# When I fall in love
0:21:12 > 0:21:17# It will be forever... #
0:21:17 > 0:21:21So, now you've managed to buy this at auction, how do you feel?
0:21:21 > 0:21:27Very excited. And, actually, the whole feeling is that you can't
0:21:27 > 0:21:30believe that something you've really wanted actually happens.
0:21:30 > 0:21:35I think it's just fantastic that you have bought it, you're going to live in it.
0:21:35 > 0:21:38What are you going to do to it? How are you going to change it?
0:21:38 > 0:21:43It's quite interesting, because it's a hard one to come up with what you're going to do, because
0:21:43 > 0:21:48you don't want to change it, you want to make the most of the features and bring that out.
0:21:48 > 0:21:53And at the same time because it's grade two listed, there's only a certain amount we can do.
0:21:53 > 0:21:56So the first thought is we got an architect involved,
0:21:56 > 0:21:59and he's coming up with some preliminary plans on Monday.
0:21:59 > 0:22:04We're going to sit and chat and go through some of the options of what we think we'll be allowed to do.
0:22:04 > 0:22:08My feeling is keeping most of the rooms pretty much the same.
0:22:08 > 0:22:12The biggest thing is deciding, seeing if we can move the kitchen,
0:22:12 > 0:22:15because for a big building like this, this would quite a small kitchen.
0:22:15 > 0:22:20And then using this room and exposing some more detail in the beams.
0:22:20 > 0:22:24And having this room perhaps as an office or something.
0:22:24 > 0:22:26For me, it's about keeping it very simple
0:22:26 > 0:22:31and quite minimalist, but bringing out all the features from the actual building itself.
0:22:31 > 0:22:38There's one feature that I hope is going to be completely removed - that strange collection of baths!
0:22:38 > 0:22:40# I cry for help and get it fast
0:22:42 > 0:22:44# Cos there's a spider in the bath... #
0:22:46 > 0:22:49Please tell me, what are you going to do with the baths?
0:22:49 > 0:22:53- Luckily...- I've never seen anything so mad in all my life! You've got a barn full of baths!
0:22:53 > 0:23:00Well, I looked and I was getting very frustrated at finding some way of recycling fibreglass baths.
0:23:00 > 0:23:03Every time, I kept coming up against a brick wall, but suddenly
0:23:03 > 0:23:09I found a company in Brighton that recycle a lot of building products, and he's agreed he'll take them.
0:23:09 > 0:23:13So I was really pleased about that, because my stepson wouldn't let me
0:23:13 > 0:23:16get away with doing anything other than recycling them.
0:23:16 > 0:23:19There could be a never-ending amount of renovation done here,
0:23:19 > 0:23:22so how much has Mary Ann set aside as her budget?
0:23:22 > 0:23:30I think you'd have to say anything from 100,000 up to 200,000 at least.
0:23:30 > 0:23:34- Easily.- Yes.- Depending on how far you want to take it.- Absolutely.
0:23:34 > 0:23:36It's really hard to say at this stage.
0:23:36 > 0:23:40Although Mary Ann's day-job is property developing,
0:23:40 > 0:23:44she won't be applying her usual tight deadlines to this project.
0:23:44 > 0:23:48So how does buying this and developing this differ from your day job?
0:23:48 > 0:23:52Well, my day job, I'd give myself three months, and I'd be...
0:23:52 > 0:23:55On day one of getting the keys, the builders would be in there,
0:23:55 > 0:23:57and three months later it would be rented,
0:23:57 > 0:24:02and I'd be pushing and pushing all the way to get it all done to schedule, really.
0:24:02 > 0:24:05With this, it's just totally different.
0:24:05 > 0:24:12If I try and push things to make them happen quickly, I think I'm going to regret that.
0:24:12 > 0:24:17I think I need to give it time and do it more gradually and be patient.
0:24:17 > 0:24:21I've not taken on a building like this before, where you have to get
0:24:21 > 0:24:24so much permission and stuff, so it's going to be more challenging
0:24:24 > 0:24:26because I've got to slow down a little bit.
0:24:26 > 0:24:30# I need a little time to think it over
0:24:30 > 0:24:34# I need a little space just on my own... #
0:24:34 > 0:24:41And we catch up with Mary Ann later to see if that thinking time helped with planning great changes.
0:24:41 > 0:24:46Coming up, this terraced property in Bury doesn't look very big.
0:24:46 > 0:24:51However there are still three bedrooms, so there must be a compromise somewhere.
0:24:51 > 0:24:57Back in Kent, it's tough making a medieval manor house energy efficient.
0:24:57 > 0:25:02The only way we were going to be able to insulate the roof was to take the roof off.
0:25:05 > 0:25:09But first, we return to Stoke, where there's been a nasty surprise.
0:25:09 > 0:25:11We realised later on that there was wood rot.
0:25:16 > 0:25:20We're back in Hanley, Stoke-on-Trent, where friends
0:25:20 > 0:25:25Imran and Farouk got this two-bedroom terraced property for just £27,000.
0:25:25 > 0:25:31It needed a massive amount of renovation, but the boys, undaunted, had big plans.
0:25:31 > 0:25:33Everything is going to be ripped apart.
0:25:33 > 0:25:36Apart from the brick walls, everything is going to be new.
0:25:38 > 0:25:41Four months later, we caught up with them
0:25:41 > 0:25:46to see how the work had gone, and it looks like they've been busy.
0:25:53 > 0:25:59Although not totally finished yet, they've completely gutted the house and rebuilt almost everything.
0:25:59 > 0:26:03All the plaster and woodwork have been redone.
0:26:03 > 0:26:08Those old cracked windows have been replaced with cracking new ones.
0:26:08 > 0:26:12You'd have been hard pushed to walk in the old kitchen, let alone cook,
0:26:12 > 0:26:16but now it's been cleared and fitted with high-spec units and appliances.
0:26:16 > 0:26:20Those gas stoves aren't the only source of heat in the house -
0:26:20 > 0:26:23a whole new central heating system has been installed,
0:26:23 > 0:26:28with radiators throughout. There are still a few finishing touches to do.
0:26:28 > 0:26:30Some tiling, a bit of painting, and the carpets to be laid.
0:26:30 > 0:26:38The overall look here is simple and clean, and that's all part of Imran and Farouk's masterplan.
0:26:38 > 0:26:44We didn't want to put our personal touch on it because we were very open-minded since day one that we
0:26:44 > 0:26:47didn't even know what we were going to do with it, rent it or sell it.
0:26:47 > 0:26:51So we've kept it simple, completely whitewashed, plain and simple laminate floor.
0:26:51 > 0:26:58And we just put a personal touch on the kitchen, but that would be for everybody's use for a family.
0:26:58 > 0:27:04They kitted out the kitchen with quality units and appliances to attract tenants,
0:27:04 > 0:27:09and it worked, as they have already got a neighbour across the road lined up to rent the place.
0:27:09 > 0:27:12But not everything went smoothly.
0:27:12 > 0:27:16As work began, they found a huge problem - one that cost
0:27:16 > 0:27:21them money and time, pushing the project from about 8 weeks to 16.
0:27:21 > 0:27:24We did a survey of the house, opened up the house
0:27:24 > 0:27:28a little bit, and we realised later on that there was wood rot in the house.
0:27:28 > 0:27:32So that delayed things a little bit.
0:27:32 > 0:27:37And there was no electricity supply, there was no gas supply, so we had to wait.
0:27:37 > 0:27:40We were in other people's hands, basically.
0:27:40 > 0:27:44Wood rot took a little bit of time to sort out
0:27:44 > 0:27:50because we need to give proper time for the chemicals to saturate and you can't work at that time.
0:27:51 > 0:27:54Although the pair brought in local tradesmen,
0:27:54 > 0:27:58it was actually Farouk who did most of the work on the wood rot.
0:27:58 > 0:28:02His plastering skills provided a perfect finish.
0:28:02 > 0:28:06Every single bit of plaster, we knocked it down.
0:28:06 > 0:28:11We took out the floor, we ended up doing double the jobs.
0:28:11 > 0:28:14In fact, all the walls in the house had to be stripped back to brick,
0:28:14 > 0:28:18so Farouk could re-plaster and re-skim them from scratch.
0:28:22 > 0:28:25On top of all that, he still had time to construct this
0:28:25 > 0:28:29fabulous modern archway between the living room and back room.
0:28:31 > 0:28:35Lots of manpower has gone through and I really put hats off to Farouk,
0:28:35 > 0:28:38what he's done, he's put a lot of effort, heart and soul into the property.
0:28:38 > 0:28:42But it's not only Farouk who's put in the hard graft.
0:28:42 > 0:28:47Imran has had to manage the whole thing from his home, 65 miles away in Leicester.
0:28:47 > 0:28:53Project managing is never easy at the best of times, but doing it from such a distance is even tougher.
0:28:58 > 0:29:02There was a communication gap. You have to arrange so many things.
0:29:02 > 0:29:06So we were being very optimistic at six to eight weeks.
0:29:06 > 0:29:10I thought we were pushing our limits over there, honestly speaking.
0:29:10 > 0:29:15Deep down in my heart, I thought it would take about 12, but I wanted to keep the
0:29:15 > 0:29:20limits to eight, so if it stretched to 12, I was in a winning situation.
0:29:20 > 0:29:24But it's taken 16, so...so we've gone beyond it now.
0:29:24 > 0:29:27It's expensive to get a survey done before bidding for a property
0:29:27 > 0:29:30at auction, especially when you may not even get it.
0:29:30 > 0:29:37But not doing so means you're always at risk from hidden problems like wood rot.
0:29:37 > 0:29:40How much damage did the extra work do to their budget?
0:29:40 > 0:29:46Originally we thought the budget would be around £10,000 to £12,000.
0:29:46 > 0:29:52We gave about 20%. We're just around there, we spent nearly 15,000 over here now.
0:29:52 > 0:29:56They reckon they'll need to spend another £5,000 to finish it,
0:29:56 > 0:30:00so that makes £20,000 for the renovation work.
0:30:00 > 0:30:07Added to the £27,000 they paid at auction, that means their total will be about £47,000.
0:30:07 > 0:30:10We asked along two local estate agents
0:30:10 > 0:30:13to see what they thought the property was worth now.
0:30:13 > 0:30:17The parts of the renovation I like are the new kitchen,
0:30:17 > 0:30:20the new bathroom and nice and bright.
0:30:20 > 0:30:22It's a really high standard of work,
0:30:22 > 0:30:23they've put a lot of time and effort in.
0:30:23 > 0:30:28The fixtures and fittings are of a really high standard.
0:30:28 > 0:30:31So, what could this earn on the rental market?
0:30:33 > 0:30:38I would suggest this could achieve around £350 per calendar month.
0:30:38 > 0:30:42I would recommend a rental price of £350 per calendar month.
0:30:42 > 0:30:48I think the estate agents are quite correct, they know the area well, and we've done our own research as well.
0:30:48 > 0:30:51It's spot on, actually.
0:30:52 > 0:30:59That rental valuation could mean a solid yield of almost 9%, but what if they were to resell?
0:31:01 > 0:31:07I would suggest the resale figure would be somewhere around £55,000 to £60,000.
0:31:07 > 0:31:10I would suggest a resale value of £60,000.
0:31:10 > 0:31:18If the total spend does hit £47,000, that's still a £13,000 pre-tax profit.
0:31:18 > 0:31:20Not bad for their first project.
0:31:20 > 0:31:25But what lessons have the two friends learnt that they can take on to the next one?
0:31:25 > 0:31:27Patience is the one word.
0:31:27 > 0:31:34You've got to be patient with building work, you can't do things within days, or whatever you expect.
0:31:34 > 0:31:38It's going to happen within one week, just expect two, basically.
0:31:38 > 0:31:42Because you're at the mercy of a lot of other people, who you can't control.
0:31:42 > 0:31:46That's what the building trade is all about, and that's what we've learnt.
0:32:04 > 0:32:06I'm in Bury, Greater Manchester.
0:32:06 > 0:32:10One of Bury's claims to fame is that it was the birthplace of Sir Robert Peel.
0:32:10 > 0:32:15A former prime minister, he also founded the Metropolitan Police Force,
0:32:15 > 0:32:18or bobbies, as they became known in his honour.
0:32:18 > 0:32:22The question is, are prices in Bury criminal or a fair cop?
0:32:28 > 0:32:30I'm here to see something that sounds quite appealing.
0:32:30 > 0:32:32It's a mid-terrace, three-bedroomed.
0:32:32 > 0:32:37A few years ago this sold for £87,000. Guide price?
0:32:37 > 0:32:40Just recently, 60 - 65,000.
0:32:40 > 0:32:42It's got to be worth a look.
0:32:42 > 0:32:45Although there's a motorway at the end of the road,
0:32:45 > 0:32:50it's surprisingly quiet round here, and it does mean there are great transport links nearby.
0:32:53 > 0:32:56It may look like a typical small terrace,
0:32:56 > 0:33:00but I found out there was loads of space inside to whet my appetite.
0:33:03 > 0:33:06The moment you walk through the front door, actually,
0:33:06 > 0:33:10you get a feeling, this house is bigger than it seems from the outside.
0:33:10 > 0:33:13Bearing in mind it's a terrace, it's huge.
0:33:13 > 0:33:16Nice, big front sitting room area there,
0:33:16 > 0:33:19but look at the size of this room, absolutely superb.
0:33:19 > 0:33:22A rear living room area?
0:33:22 > 0:33:25I don't know, it's massive. Right.
0:33:25 > 0:33:27That doesn't make sense. Look at the kitchen.
0:33:27 > 0:33:29In comparison, it's tiny.
0:33:29 > 0:33:32It looks in reasonable condition, but straightaway
0:33:32 > 0:33:38I'm thinking, why don't you extend the kitchen, or move the kitchen maybe over here,
0:33:38 > 0:33:41create a really lovely kitchen/living area/family room,
0:33:41 > 0:33:46have that as a utility - that makes much more sense.
0:33:46 > 0:33:49Moving those units and redirecting the plumbing should be fairly easy.
0:33:49 > 0:33:56Everything would be more accessible, plus you'd get a view of the garden while doing the washing up.
0:33:56 > 0:34:00Mind you, I say garden, it's not exactly the Hanging Gardens of Babylon,
0:34:00 > 0:34:03though at least it's well-protected.
0:34:03 > 0:34:09While this may not look much, upstairs I've discovered something a lot more exciting.
0:34:09 > 0:34:16So, why am I so excited about this room? It's a bathroom, but it's big, and it's upstairs.
0:34:16 > 0:34:21It's easily big enough to put a shower up here, so that's fantastic news.
0:34:21 > 0:34:23Normally you'd expect this to be downstairs,
0:34:23 > 0:34:26and if not, you would have expected to lose one of the bedrooms.
0:34:26 > 0:34:29However, there are still three bedrooms.
0:34:29 > 0:34:32So there must be a compromise somewhere.
0:34:32 > 0:34:34This house was built in Victorian times,
0:34:34 > 0:34:38when baths were taken in front of the fire, and the toilets were outside.
0:34:38 > 0:34:44So I reckon this used to be a bedroom. How has the property retained its three bedrooms?
0:34:44 > 0:34:49Well, it's not so much a compromise, more an explanation of how this has been done.
0:34:49 > 0:34:53I think this, originally, was one room, and now you've got two.
0:34:53 > 0:34:58dividing wall been put in here, and actually it's a stud partition. Yeah, that makes perfect sense.
0:34:58 > 0:35:01So I think they've done it really well, because in a house like this,
0:35:01 > 0:35:03to have that extra room is really good.
0:35:03 > 0:35:07That might only be quite small but it's still that third bedroom,
0:35:07 > 0:35:11which, when it comes to rental is going to put you into a different league.
0:35:11 > 0:35:18With the other bedroom a decent size as well, this place is perfect for a family in search of a bit of space.
0:35:18 > 0:35:22There's bits of works to do here and there, but there's nothing too serious.
0:35:22 > 0:35:24So far, so straightforward.
0:35:24 > 0:35:26Or is it?
0:35:26 > 0:35:28Well, you know how I like my quirks?
0:35:28 > 0:35:32Well, I've been trying to find one with this property and I think I might have.
0:35:32 > 0:35:33It is actually lease hold.
0:35:33 > 0:35:38Nothing too odd about that, it's got a long lease - almost 900 years - so that's fine,
0:35:38 > 0:35:42and the ground rent of £1.87 per annum ain't going to hurt anybody.
0:35:42 > 0:35:48The issue is that it's got what you call GOOD lease hold, which actually isn't as good as it sounds.
0:35:48 > 0:35:50It's not absolute lease hold.
0:35:50 > 0:35:55Obviously the Land Registry haven't got all the information they need to grant absolute lease hold,
0:35:55 > 0:35:58so there could be some odd things which come up in the future,
0:35:58 > 0:36:00some covenants that people haven't noted.
0:36:00 > 0:36:05However, you can take out insurance against that, and a mortgage company I don't think would care.
0:36:05 > 0:36:08So all in all, it's not a problem, but at least I'm found my quirk.
0:36:08 > 0:36:13This is really for your solicitor to examine carefully and you should be aware of it pre-auction.
0:36:13 > 0:36:18Yet it sounds more complicated than it actually is.
0:36:28 > 0:36:34Overall, I'm impressed with this house. It's a terrace and then a bit more, and it's not in bad condition.
0:36:37 > 0:36:41I asked a local estate agent along to see if he agreed.
0:36:44 > 0:36:48The property is a bit old-fashioned here and there, a bit tired.
0:36:48 > 0:36:50It has got a reasonable kitchen.
0:36:50 > 0:36:53Bathroom wants tidying up. A bit of redecorating.
0:36:53 > 0:36:56Maybe some work to upgrade wiring, that type of thing,
0:36:56 > 0:37:00but, with a little bit of smartening up, it would make a great property.
0:37:00 > 0:37:04Good news, then. How much could the buyer rent it out for?
0:37:06 > 0:37:09You would be looking at about £350 a month.
0:37:09 > 0:37:13With the guide price at 60,000-65,000,
0:37:13 > 0:37:17that could mean a healthy yield of between 6% and 6.5%.
0:37:17 > 0:37:19But what about the resale market?
0:37:19 > 0:37:22If it was tidied up, smartened up, ready to live in,
0:37:22 > 0:37:27you would be looking at maybe a value of 75-80 plus.
0:37:27 > 0:37:31If bought around the guide price of £60,000-£65,000,
0:37:31 > 0:37:36there could be a healthy profit, depending on renovation costs.
0:37:38 > 0:37:43Well, this house on Craven Street is clearly a snip at that guide price.
0:37:43 > 0:37:46You could rent it out pretty much as it is, or just move in,
0:37:46 > 0:37:50and yet there is enough work to do for someone to leave their mark.
0:37:50 > 0:37:52Let's find out who fancied it when it went to auction.
0:37:54 > 0:37:58So the next lot is... £35,000, 35 here.
0:37:58 > 0:38:01Will you give me 40, sir? Yes?
0:38:01 > 0:38:0340 I have. 45?
0:38:03 > 0:38:0450?
0:38:04 > 0:38:0950? Looking for 50. 50 I've got.
0:38:09 > 0:38:1255? No. 52 on the phone. 54, sir?
0:38:14 > 0:38:1853. 55.
0:38:18 > 0:38:2057?
0:38:21 > 0:38:2456 I'll take.
0:38:24 > 0:38:2659. Is that 60? It is.
0:38:26 > 0:38:29I'm looking for 61 on the phone. 61.
0:38:29 > 0:38:3462. 64, sir? I've got it. 66? 66?
0:38:34 > 0:38:3765. 66, you sir?
0:38:37 > 0:38:40No. At 65,000 on the phone. We all finished?
0:38:40 > 0:38:4465,000, first time.
0:38:44 > 0:38:46Second time at 65,000.
0:38:46 > 0:38:49Sold to paddle number 930.
0:38:49 > 0:38:54The successful bidder on the other end of the phone was Natalie.
0:38:54 > 0:38:59She's a legal secretary, who lives just a few minutes walk from her new house.
0:38:59 > 0:39:04She paid £65,000 for the property, bang on the top guide price.
0:39:04 > 0:39:08I met her back in that spacious living room to find out more.
0:39:08 > 0:39:12Natalie, lovely to meet you. Congratulations. Tell me why you want to buy the house.
0:39:12 > 0:39:16To be honest, it's to save some money because I'm renting at the moment.
0:39:16 > 0:39:18I thought, well, buy my own property,
0:39:18 > 0:39:23get back on the property ladder and save some money each month.
0:39:23 > 0:39:26Oh, great. So how much are you paying in rent at the moment?
0:39:26 > 0:39:29- About 500.- How much will the mortgage be?
0:39:29 > 0:39:31Including insurance, 250.
0:39:31 > 0:39:35So you've cut your outgoings in half AND you've bought a home!
0:39:35 > 0:39:39- Yes, exactly. - So why this home particularly?
0:39:39 > 0:39:45As you can see, it's not a bad-sized house, so that's one thing that's going for it.
0:39:45 > 0:39:49Might have three bedrooms but I thought I could use one of the bedrooms as a walk-in wardrobe.
0:39:49 > 0:39:51A walk-in wardrobe?!
0:39:51 > 0:39:54Well, that's at least one room sorted.
0:39:54 > 0:39:57What about her plans for the rest of the house?
0:39:57 > 0:40:01Just over here I've got a back boiler to a fire,
0:40:01 > 0:40:04so that needs coming out, and a combi boiler putting in.
0:40:04 > 0:40:09I think that's my first priority because I like having hot water, etc.
0:40:09 > 0:40:12I don't want to work off the old thermostat.
0:40:12 > 0:40:14So I'm going to do that.
0:40:14 > 0:40:18Change the dining room into a dining kitchen.
0:40:18 > 0:40:24- How will you do that exactly? - Well, obviously what I'm hoping for is to have a gas point still
0:40:24 > 0:40:31where the gas fire and the boiler is, so I can have a range cooker or something like that there,
0:40:31 > 0:40:33and put units round the side.
0:40:33 > 0:40:37Change the kitchen, as it is now, into a utility room.
0:40:37 > 0:40:41Having rented, and it was a big kitchen in there, I want a big kitchen again.
0:40:41 > 0:40:44- So what about upstairs? - Upstairs, not too bad.
0:40:44 > 0:40:49I'm going to put a shower cubicle in the bathroom because I like having a shower better.
0:40:49 > 0:40:53Keep the bath, but have a shower cubicle where one of the cupboards is,
0:40:53 > 0:40:57so take that out and then put a shower cubicle in there.
0:40:57 > 0:41:03- How much have you got set aside for all the work? - Approximately 10,000.
0:41:03 > 0:41:08£10,000 sounds like a very sensible amount for what Natalie hopes to achieve here.
0:41:08 > 0:41:12The place is in a liveable state as it is, which is a bonus.
0:41:12 > 0:41:14So how long till you move in?
0:41:14 > 0:41:19Hopefully a couple of weeks, because I have to give notice on the property where I'm renting
0:41:19 > 0:41:22and then the rest of it I'll do it as I go along.
0:41:22 > 0:41:24It's great that Natalie can move in so quickly,
0:41:24 > 0:41:30as then she won't need to pay rent and mortgage at the same time for long.
0:41:30 > 0:41:34She'll certainly have her hands full with the decorating and structural work,
0:41:34 > 0:41:36but she's well used to multi-tasking.
0:41:40 > 0:41:42I work at a solicitors in Bury.
0:41:42 > 0:41:47I work for Bury Football Club and I work behind the bar at a pub.
0:41:47 > 0:41:49- Oh, great.- So I've got three jobs.
0:41:49 > 0:41:53- What do you do for the football club?- Help with the wages and things like that.- Right.
0:41:53 > 0:41:58And also help with the turnstiles, stewards, that kind of things, pay the referees.
0:41:58 > 0:42:01- How are Bury doing at the moment? - They're not doing too bad.
0:42:01 > 0:42:07They nearly got promoted last season so, fingers crossed, this season's going to be better.
0:42:08 > 0:42:15Well, Bury may have missed out on promotion this season, but Natalie's certainly scored with this house,
0:42:15 > 0:42:17and she's got great plans for it,
0:42:17 > 0:42:22but the big question is will the restoration will be Premier League or Second Division?
0:42:22 > 0:42:24You can find out later in the show.
0:42:27 > 0:42:31Well, time has passed, let's see if our buyers have risen to the challenge.
0:42:31 > 0:42:34Or will they have that sinking feeling?
0:42:34 > 0:42:36Will they be proud of their achievements?
0:42:36 > 0:42:37Let's go back and find out.
0:42:41 > 0:42:48This grand Manor House in Kent was bought for £455,000 at auction by Mary Ann.
0:42:48 > 0:42:52She lives in London now, but actually grew up just down the road.
0:42:52 > 0:42:56I spent most of my childhood in the area and I got married just up the road,
0:42:56 > 0:42:59about three-and-a-half years ago, literally diagonally opposite.
0:42:59 > 0:43:06She is now a property developer and was going to need all her expertise to turn this old farm
0:43:06 > 0:43:07into her new dream home.
0:43:15 > 0:43:20How did she get on? We caught up with her one year later to find out.
0:43:23 > 0:43:29As you can see, it's not exactly finished just yet, but appearances can be deceiving.
0:43:29 > 0:43:33In fact, a huge amount of effort has gone into a very sensitive renovation,
0:43:33 > 0:43:36mainly on the beautiful woodwork throughout.
0:43:36 > 0:43:40We realised that the woodwork on the doors, that was amazing,
0:43:40 > 0:43:46we could keep those, we could work with them, and as we cleared up the other elements of the woodwork
0:43:46 > 0:43:51you could see the beams, and uncovering those and the beautiful detail in those,
0:43:51 > 0:43:53that was really exciting.
0:43:53 > 0:43:59As the house is Grade-II listed, Mary Ann has had to liaise closely with the local conservation office.
0:43:59 > 0:44:04They have had to approve every single detail of the renovation.
0:44:11 > 0:44:16We're using a lot of the traditional lime mortar lathe and plaster materials
0:44:16 > 0:44:18where we're repairing works,
0:44:18 > 0:44:24and when we have been able to get new...we've gone for local oak as much as possible.
0:44:24 > 0:44:29The conservation team do like, if you're actually putting something new in, they do like it to look new.
0:44:29 > 0:44:34They don't like you go to reclamation yards
0:44:34 > 0:44:38because it confuses the reading of the building.
0:44:39 > 0:44:44Mary Ann has also been busy adding en suite bathrooms to some of the bedrooms upstairs
0:44:44 > 0:44:48so no need to run down all those stairs in the middle of the night.
0:44:48 > 0:44:53The renovation has all been done by a local builder, Charlie.
0:44:56 > 0:44:59He's not only done the layout and the wood restoration,
0:44:59 > 0:45:07he's also made the house structurally sound, watertight and re-plastered many of the rooms.
0:45:07 > 0:45:10He's just amazing. He's passionate about the building
0:45:10 > 0:45:14and he really cares and he's got a great team around him and they're all the same.
0:45:14 > 0:45:15They'll do whatever it takes.
0:45:15 > 0:45:21He certainly had to, as there were a few surprises lurking under those floorboards and behind those walls.
0:45:21 > 0:45:26First there was a 40 ft well they uncovered.
0:45:26 > 0:45:30Mary Ann plans to tap into this natural resource to provide water for the whole house,
0:45:30 > 0:45:32including that new bathroom suite.
0:45:41 > 0:45:47Then they uncovered some very rare wood panelling that could date as far back as the 15th century.
0:45:47 > 0:45:52It's called feathered edge boarding because of the way the panels feather over the top of each other.
0:45:52 > 0:45:55It was originally the end wall of the manor's Great Hall.
0:45:55 > 0:45:58It's so unusual that the conservation officer
0:45:58 > 0:46:02had never seen such a fine example of it outside a stately home.
0:46:02 > 0:46:05We had a specialist company to take it out
0:46:05 > 0:46:08because we've had to do some structural repairs.
0:46:08 > 0:46:12Ready for it to be repaired and placed back into its original position
0:46:12 > 0:46:16which is up there, which is where it interlocks.
0:46:16 > 0:46:19It's part of the history, it's grown with the building.
0:46:19 > 0:46:23It belongs to the house and that's where it's got to stay
0:46:23 > 0:46:27and we've got to do whatever we can to conserve it and preserve it.
0:46:27 > 0:46:31The outside of the building has thrown up a few challenges, too.
0:46:31 > 0:46:35Mary Ann wants her house to be sustainable and eco-friendly,
0:46:35 > 0:46:38so insulating the roof was her top priority.
0:46:38 > 0:46:41Though that was a bit trickier than they first expected.
0:46:41 > 0:46:46We knew the building had been a re-roofed a while ago.
0:46:46 > 0:46:52In fact, I think there was scaffolding up outside for about 15 years, or perhaps a bit less.
0:46:52 > 0:46:55So that was the one thing I didn't think I had to do.
0:46:55 > 0:46:58But having decided to go the conservation route,
0:46:58 > 0:47:02the only way we were going to be able to insulate the roof was to take the roof off.
0:47:02 > 0:47:08As we began to take the roof off, we realised we were about 5,000 tiles short
0:47:08 > 0:47:14and that they had been spaced out more so that they didn't need so many tiles.
0:47:14 > 0:47:19So we had to go to the reclamation yard and get some more Kent pegs
0:47:19 > 0:47:24and we had to mix those in so they didn't notice that they were any different.
0:47:24 > 0:47:30The floors have been ripped up throughout and insulated with breathable insulation.
0:47:30 > 0:47:36Mary Ann was never going to rush this project, but hopes to have all the finishing touches done soon.
0:47:36 > 0:47:40Well, we actually bought the place about 12 months ago
0:47:40 > 0:47:44and we were hoping to be in by now.
0:47:44 > 0:47:49I think we've probably got another four or five months until the property is ready.
0:47:49 > 0:47:53This is probably going to be the period when things move really quickly.
0:47:53 > 0:47:59I love to be around at the moment because a day will go by, I'll come back in and a bathroom's done.
0:47:59 > 0:48:02It's just all starting to come together.
0:48:02 > 0:48:06Mary Ann has spent about 200,000 on the work and thinks that the figure
0:48:06 > 0:48:10will be around £300,000 by the time she's finished.
0:48:10 > 0:48:13That could be a total spend of £750,000.
0:48:16 > 0:48:18We asked two local property experts
0:48:18 > 0:48:21what they thought the return here could be.
0:48:24 > 0:48:28My first impressions of the house is that it's a wonderful property.
0:48:28 > 0:48:31Great location. Clearly needs a lot of work doing to it
0:48:31 > 0:48:33but I think it'll make a wonderful family home.
0:48:33 > 0:48:36The living space is fantastic and there's numerous rooms
0:48:36 > 0:48:38that can be used for various different rooms,
0:48:38 > 0:48:42drawing rooms, the lounge has got a fantastic feature fireplace it.
0:48:42 > 0:48:43It's just very good.
0:48:43 > 0:48:48From what I can see here, the builders have really done great attention to detail.
0:48:48 > 0:48:53They've restored it to the book and it's turned out brilliantly.
0:48:53 > 0:48:56The workmanship, in my eyes, is first class.
0:48:56 > 0:49:01The quality of the materials they're using and the workmanship, they're doing a very good job.
0:49:01 > 0:49:05All their hard graft so far is getting a glowing report.
0:49:05 > 0:49:09Once it's finished, how much could it make if put up for sale?
0:49:12 > 0:49:16I think this property will be worth about £950,000 when completed.
0:49:16 > 0:49:20I would look in the region of 900,000 to 950,000.
0:49:20 > 0:49:22I think that's pretty good.
0:49:22 > 0:49:28- Quite pleased with that. - So, if she does end up spending that full £730,000 on the property,
0:49:28 > 0:49:34then that could be a whopping £200,000 grand pre-tax profit if she sold it.
0:49:34 > 0:49:38But by the sounds of it she won't be going anywhere soon!
0:49:38 > 0:49:42This is my house that I'm going to stay in for the rest of my life.
0:49:42 > 0:49:46It's just very special to be moving into something that I've always...
0:49:46 > 0:49:49It's a house at the top of the road that I've always loved.
0:49:49 > 0:49:53And to be somewhere where I grew is just very, very special to me
0:49:53 > 0:49:55and I just can't really wait to move in, really.
0:50:12 > 0:50:15Back in Bury, we caught up with Natalie four months after she bought
0:50:15 > 0:50:19this three-bedroom terraced house at auction for its guide price of £65,000.
0:50:19 > 0:50:26It was deceptively large inside, though they she did have grand plans for that rather pokey kitchen.
0:50:26 > 0:50:29What I'm hoping for is to have a gas pipe still over where the gas fire
0:50:29 > 0:50:34and the boiler is, so we can have a range a cooker or something like that there.
0:50:34 > 0:50:37What an amazing job Natalie's done.
0:50:37 > 0:50:42She's actually put in a brand-new kitchen complete with a range
0:50:42 > 0:50:45and as I thought, the old kitchen was always going to be
0:50:45 > 0:50:48much more suited to being a utility room instead.
0:50:49 > 0:50:53I've decided to go for sort of a clean, modern-looking kitchen.
0:50:53 > 0:50:57I got my range put in which I'm quite proud of.
0:50:57 > 0:51:01Before I could do that, I had to open up the chimney breast
0:51:01 > 0:51:05which an RSJ was put in so it had good support on it.
0:51:05 > 0:51:09But I'm quite proud of how it's come out, actually.
0:51:09 > 0:51:12Obviously the kitchen itself, is nice, clean-looking,
0:51:12 > 0:51:17modern and I've got plenty of worktops, as well, which I do like.
0:51:19 > 0:51:24Natalie has redecorated throughout and turned this place into a cosy and comfortable home.
0:51:27 > 0:51:34She's replaced the window in the second bedroom, which also serves as a fire escape, incidentally.
0:51:34 > 0:51:38But the main change upstairs has been in the bathroom.
0:51:43 > 0:51:49So, the cupboard came out over that side for the shower cubicle to be fitted.
0:51:49 > 0:51:53And also in the other cupboard, I decided to remove the hot-water tank.
0:51:53 > 0:52:00With having a combi boiler downstairs there's no point in having the tank in there, as well,
0:52:00 > 0:52:02which was taking up storage space.
0:52:02 > 0:52:06So now my dad's actually using that to put his fishing rods in.
0:52:14 > 0:52:20There's not much chance they'll catch anything in here, but at least the space is getting used.
0:52:20 > 0:52:24In fact, Natalie's dad has moved in with her temporarily.
0:52:24 > 0:52:27Having him on hand to help her has been very helpful indeed.
0:52:27 > 0:52:33A lot of the other jobs have been done by tradesmen Natalie recruited from a very reliable source -
0:52:33 > 0:52:37the bar she works in part time.
0:52:37 > 0:52:42I work in a pub at the weekends so I know quite a few tradesmen through there. And they've come and helped.
0:52:42 > 0:52:45Especially with the rewire...
0:52:45 > 0:52:48knocking the chimney breast, putting an RSJ in there.
0:52:48 > 0:52:53That's not something I could do myself, I wouldn't even attempt that.
0:52:53 > 0:52:56Decorator, again, is a friend of mine.
0:52:56 > 0:52:59My dad's helped out a hell of a lot with work.
0:53:00 > 0:53:05I've done a little bit but I wouldn't say I've done that much myself!
0:53:05 > 0:53:07I'm not a practical person.
0:53:10 > 0:53:16Natalie may not be very hands-on herself but she has had to oversee the project.
0:53:16 > 0:53:18How did she enjoy that role?
0:53:18 > 0:53:24Probably the most difficult part is trying to project manage things so that you fit it in,
0:53:24 > 0:53:28where as one job finishes, you can start on the next job.
0:53:28 > 0:53:29And also, as well, time.
0:53:29 > 0:53:35We're working all day and still having to sort out for people to come in.
0:53:35 > 0:53:38It's difficult just to find the time to do things.
0:53:38 > 0:53:42Natalie estimates she'll come in on budget at £10,000 for the renovation.
0:53:42 > 0:53:47There are still a few things that need to be done and the main room hasn't been touched yet.
0:53:47 > 0:53:53Because of this, she has slightly overshot her original target of three months.
0:53:53 > 0:53:59The work has actually took longer than I expected, but that's due to working through the day
0:53:59 > 0:54:04and trying to fit people in around different jobs that are being done.
0:54:04 > 0:54:09Now, I do still want to get the work done within the next sort of four or five weeks.
0:54:09 > 0:54:16My next job is actually to move into the front room and finish them room by room.
0:54:16 > 0:54:21I want to have things like a fire put in and that kind of thing. But I'm slowly getting there.
0:54:21 > 0:54:25Judging by what she's done already, I'm sure it will look great.
0:54:25 > 0:54:32We invited along two local property experts to give their verdict on the place so far.
0:54:36 > 0:54:38The property is part refurbished.
0:54:38 > 0:54:40It's 99% of the way there.
0:54:40 > 0:54:42Some of the work has been done very nicely.
0:54:42 > 0:54:47Nice new kitchen, bathroom's been refitted, a lot of it's redecorated, it's looking very good.
0:54:47 > 0:54:50Actually using the dining room now for a house of this size
0:54:50 > 0:54:53isn't very common, so big kitchen with a dining table in there,
0:54:53 > 0:54:57separate utility room is a lot more modern and it tends to be what a lot more people want.
0:54:58 > 0:55:01The features and fittings seem to be very good.
0:55:01 > 0:55:07Again, it needs a bit of finishing off but when it's finished, I'm sure it'll be very nice.
0:55:07 > 0:55:13The property is in a market where you'd normally expect a fair volume to be rental accommodation.
0:55:13 > 0:55:18It's entry level, young families, single parents, that type of property.
0:55:18 > 0:55:21A good market, steady rental all day long.
0:55:21 > 0:55:24So the job Natalie's done gets the thumbs-up.
0:55:24 > 0:55:28She bought the property for £65,000 and will have done
0:55:28 > 0:55:30£10,000 worth of improvements by the time she's finished.
0:55:30 > 0:55:35That's a total of £75,000 invested here.
0:55:35 > 0:55:39What value might it have on the resale market?
0:55:39 > 0:55:43Resale, once finished, £85,000 to £90,000.
0:55:43 > 0:55:46Resale valuation, once finished, £85,000 to £90,000.
0:55:46 > 0:55:52That's not bad, actually, because I was expecting around £80,000 so it's more than what I expected.
0:55:52 > 0:55:57Knowing that she has potentially made a £15,000 pre-tax profit
0:55:57 > 0:56:02will certainly make the rest of the project easier to cope with.
0:56:02 > 0:56:08It was getting a bit of a nightmare. Coming home to dust each night and constantly cleaning up.
0:56:08 > 0:56:11Now I can sort of see a light at the end of the tunnel.
0:56:11 > 0:56:15And we wish Natalie a very bright and happy future in her new home.
0:56:22 > 0:56:25For more Homes Under The Hammer, join us next time.
0:56:25 > 0:56:27- Looking forward to seeing you then. - Goodbye.- Goodbye.
0:56:35 > 0:56:38Subtitles by Red Bee Media Ltd