Episode 28

Download Subtitles

Transcript

0:00:02 > 0:00:06It's always exciting opening an auction catalogue.

0:00:06 > 0:00:09From bungalows to barns

0:00:09 > 0:00:12to beautiful cottages, it's all there.

0:00:12 > 0:00:18Look hard enough and you can find just what you're looking for when you buy under the hammer.

0:00:43 > 0:00:49These turbulent financial times don't necessarily mean your dreams are on hold.

0:00:49 > 0:00:55When your watchwords are budget and save, the auction rooms could be just the place.

0:00:55 > 0:00:58So let's see who grabbed a bargain.

0:00:58 > 0:01:03'This property in Mid Glamorgan has a rather unruly garden.'

0:01:03 > 0:01:08It could do with sorting out. Luckily, they've left a strimmer.

0:01:08 > 0:01:12'In London, there are problems cooking up in this kitchen.'

0:01:12 > 0:01:19Or should I say lack of it? Just a Belfast sink. I mean, that is it!

0:01:19 > 0:01:25'And remember this old telephone exchange in Devon? We return after two years

0:01:25 > 0:01:29'to see how it's been completely transformed.'

0:01:31 > 0:01:38All these properties have been sold at auction and we'll find out who bought them and for how much.

0:01:42 > 0:01:49'The village of Rhydyfelin in South Wales is 10 miles from Cardiff and just 3 miles from Pontypridd.

0:01:49 > 0:01:54'Incidentally, it's the home town of the band Lostprophets.

0:01:56 > 0:02:01'But let's hope there are no lost profits under these rooftops.'

0:02:01 > 0:02:04So I'm here to see

0:02:04 > 0:02:09a three-bedroomed mid-link house on a large estate, built in the 1960s,

0:02:09 > 0:02:15so architecturally maybe not everyone's cup of tea, but there's this nice little area outside here,

0:02:15 > 0:02:23there's a garage, double glazing AND the key point is the guide price was just 54,000 quid.

0:02:23 > 0:02:26Let's see what's behind the door.

0:02:26 > 0:02:33'All in all, it looks pretty good from the outside. There's an enclosed garden at the back.

0:02:33 > 0:02:37'Perfect for barbecues. But what's it like inside?'

0:02:38 > 0:02:43So what do you get for £54,000? Well, you might be quite surprised.

0:02:43 > 0:02:50Not only do you get the garage, but when you come in, do you know what? It's not bad.

0:02:50 > 0:02:53Down here, one big, open-plan living area.

0:02:53 > 0:02:57This is the kitchen. Tiled floor is very practical.

0:02:57 > 0:03:01The actual units are pretty serviceable, I would say.

0:03:01 > 0:03:09You'll have to put in new appliances - a cooker, a hob and an extractor, which was taken,

0:03:09 > 0:03:15but it's a nice-sized space. Then you come through this archway to the main living area.

0:03:15 > 0:03:19It's big, it's open-plan, it's light, it's airy... Hello!

0:03:19 > 0:03:23Light fitting there. Big patio doors out onto the garden.

0:03:23 > 0:03:28The garden... What can you say? It's a usable space.

0:03:28 > 0:03:32It could do with sorting out. Luckily, someone's left a strimmer.

0:03:32 > 0:03:35All in all, pretty good news.

0:03:35 > 0:03:40'And that's handy. The grass could do with a good mowing,

0:03:40 > 0:03:44'but is the rest of the house trim and tidy?'

0:03:51 > 0:03:54So, upstairs no great surprises.

0:03:54 > 0:03:59Three bedrooms - two doubles and a single. Bathroom and separate loo.

0:03:59 > 0:04:04Do you knock those into one? I'm a fan of keeping them separate.

0:04:04 > 0:04:08But in reasonable nick. The whole house, you have to say,

0:04:08 > 0:04:15it needs a bit of smartening up, but a lick of paint, new carpets and it's fantastic for rental.

0:04:15 > 0:04:22Or a lovely family home. It is what it is. I think it's pretty good.

0:04:30 > 0:04:37'The place may be worn and dated, but that shouldn't cost more than a few thousand pounds to sort out.

0:04:37 > 0:04:44'I asked a local estate agent along to hear what she thought of the house and the local area.'

0:04:45 > 0:04:47It's the upper part of Rhydyfelin,

0:04:47 > 0:04:52an ex-local authority estate. Quite a popular location.

0:04:52 > 0:04:56You've got the local supermarket, the local shops,

0:04:56 > 0:05:00and it's on a bus route. It's a good area.

0:05:00 > 0:05:07'So the location gets the thumbs up and it sounds like she thinks the property isn't too shabby.'

0:05:07 > 0:05:11There's minimal work that needs to be done. It's purely cosmetic,

0:05:11 > 0:05:15and getting it to a standard for renting out or somebody moving in.

0:05:15 > 0:05:20'After that work is done, how much could it rent out for?'

0:05:20 > 0:05:26Approximately, you'd be looking at £350-£400 per calendar month on this property.

0:05:26 > 0:05:31'So if the house went for £54,000, that could mean a great return.

0:05:31 > 0:05:34'What if the new buyer decides to sell it on?'

0:05:34 > 0:05:38We would achieve £65,000-£70,000 on this property.

0:05:38 > 0:05:43'So at a guide price of £54,000 and a couple of thousand to renovate it,

0:05:43 > 0:05:47'that could mean a pre-tax profit of £9,000-£14,000.'

0:05:53 > 0:06:01So, all in all, a very good property with a very attractive guide price. Let's see who fancied it.

0:06:01 > 0:06:04Lot number 18 now, ladies and gentlemen.

0:06:04 > 0:06:09Who's going to bid me 50? OK, sir, but it's worth a lot more.

0:06:09 > 0:06:1250 I'm bid. Thank you. 2. 52.

0:06:12 > 0:06:174. 54. 6. Thank you. At 56. I should think so. At 56.

0:06:17 > 0:06:20At 56. I'll take one if it helps you.

0:06:20 > 0:06:22At 56,000. This is no money for it.

0:06:22 > 0:06:26At £56,000, shout if I'm missing you. There is the bid.

0:06:26 > 0:06:31At 56. 7, thank you. At 57. Fresh bidder. At 57.

0:06:31 > 0:06:3558. 9, is it, in the back? 9 in the back.

0:06:35 > 0:06:37There's my bid.

0:06:37 > 0:06:42At 59,000. Quick, if you want it. There's my bid in the back.

0:06:42 > 0:06:50Have you all done, then? At £59,000. In the back of the room. Have you got a number now?

0:06:50 > 0:06:52No? All right, I know who it is.

0:06:52 > 0:06:58'I'm glad HE does! The winning bidder, somewhere up at the back was local businessman Ian

0:06:58 > 0:07:01'who runs Barry Island Pleasure Park.

0:07:01 > 0:07:09'Ian got the house for £59,000, just five grand over the guide price. Now, regular viewers

0:07:09 > 0:07:13'may recognise Ian as he's been on the show before.

0:07:13 > 0:07:17'The last time we met him, he'd started buying property to let.'

0:07:17 > 0:07:22It's something I've been looking to get into for quite some time.

0:07:22 > 0:07:29'I met up with Ian back at his purchase to see what he thought of his latest deal.'

0:07:29 > 0:07:32- Congratulations. Very good to see you again.- And you.

0:07:32 > 0:07:37Remind me about what's happened since the last time we met.

0:07:37 > 0:07:41Em, well, the last time I bought a property in Barry,

0:07:41 > 0:07:46which was really the first one, to do up and renovate.

0:07:46 > 0:07:53Since then, I've gone to an auction and picked up a couple more. So I'm on a roll, so to speak.

0:07:53 > 0:07:57'In fact, this is the sixth property he's bought to let

0:07:57 > 0:08:02'and it sounds like he's developed a cavalier approach at auctions.'

0:08:02 > 0:08:07I was looking at a completely different property locally in Barry.

0:08:07 > 0:08:14Erm, and I purchased that and I was at the auction just looking through the catalogue.

0:08:14 > 0:08:21And I saw this one in the catalogue and thought, "Ooh, that looks... That looks quite cheap."

0:08:21 > 0:08:28- I've never been to this area before so it was completely blind apart from the photo.- Ah!- Yeah.

0:08:28 > 0:08:34- Well, I just put my hand up and it was mine. - So you hadn't seen it.

0:08:34 > 0:08:36- Had you read the legal pack?- No.

0:08:36 > 0:08:39Oh, mate(!)

0:08:39 > 0:08:45- You're supposed to be a big, grown-up, sensible businessman! - I know.- And there you are

0:08:45 > 0:08:52- doing the cardinal sin.- I know. But sometimes making mistakes is the quickest way to learn.- Oh, yeah!

0:08:52 > 0:08:54It can cost you a lot, though!

0:08:54 > 0:09:01'Buying blind is a very risky game to play. There could be all sorts of unforeseen problems

0:09:01 > 0:09:07'lying behind a perfectly promising exterior, but on this occasion luck was on Ian's side.'

0:09:14 > 0:09:20- What did you think when you saw it for the first time? - I was pleasantly surprised.

0:09:20 > 0:09:26It's a nice property for the money I've paid for it, so I'm well pleased.

0:09:26 > 0:09:28And the area?

0:09:28 > 0:09:34The area was a little bit frightening because just down the road there was three properties boarded up.

0:09:34 > 0:09:37I couldn't get my head round why.

0:09:37 > 0:09:40So that frightened me a little bit.

0:09:40 > 0:09:46But, to be honest, after speaking to the neighbours and people surrounding the area,

0:09:46 > 0:09:49it is quite a nice area.

0:09:49 > 0:09:55'It turned out they were not boarded up for any more sinister reason than repair work after flooding,

0:09:55 > 0:10:02'so again Ian's luck was in. Now that he's seen it, I wondered what he was going to do with it.'

0:10:02 > 0:10:07We're looking to put the toilet and bathroom into one, totally re-carpet,

0:10:07 > 0:10:13redecorate from top to bottom. A couple of windows need replacing. Central heating needs looked at.

0:10:13 > 0:10:17So a complete overhaul, really.

0:10:17 > 0:10:22'And it certainly needs it. How much has he set aside to do the work?'

0:10:22 > 0:10:28I always put a budget on every property of sort of 10K. You just don't know.

0:10:28 > 0:10:34But, realistically, I think this one will be less than five to sort out, but we don't know.

0:10:34 > 0:10:40I opened the window earlier on and it's not looking too good, so it'll be changed.

0:10:40 > 0:10:44So there's another £1,000 that I didn't bank on.

0:10:45 > 0:10:50'Ian only paid £5,000 over the guide price.

0:10:50 > 0:10:56'Even if he spends the full budget he's going to realise a very healthy 9% yield

0:10:56 > 0:11:04'and he's already got a tenant lined up for it. Will this man's run of luck never end?'

0:11:05 > 0:11:09When I came to view the property and collect the keys,

0:11:09 > 0:11:13the lady next door said, "My daughter's looking for a property."

0:11:13 > 0:11:18So we worked out a rent and, you know, she's moving in.

0:11:18 > 0:11:24You must think this property lark is a piece of cake! You buy a place blind and it turns out all right,

0:11:24 > 0:11:29your next door neighbour says, "Would you like a tenant?"

0:11:29 > 0:11:33It is feeling that way! I keep falling on my feet.

0:11:33 > 0:11:38So from that point of view, I'm quite chuffed at the moment.

0:11:38 > 0:11:46But I'm sure in the future I will perhaps come a cropper along the line.

0:11:46 > 0:11:53- Hopefully not!- No, hopefully not, but I have had no bad experiences at the moment, so I'm very happy.

0:11:53 > 0:11:57- Well, good luck and may that luck continue.- Thank you.

0:11:57 > 0:12:00I'll see how you get on. Cheers, Ian.

0:12:03 > 0:12:07Today I'm in Enfield, just 12 miles from the centre of London.

0:12:07 > 0:12:13It used to be a very small market town and take about a day to travel into the city.

0:12:13 > 0:12:17Transport links have much improved since the days of horse and carts

0:12:17 > 0:12:22and trains whisk you from here to the centre of town in half an hour.

0:12:27 > 0:12:33'The clippety-clop has been replaced by the speedy whoosh of a fast link train

0:12:33 > 0:12:40'and Enfield is better for it. Commuters love the accessibility and cheaper house prices.

0:12:40 > 0:12:47'According to the Land Registry, the average London property is currently £380,000.

0:12:47 > 0:12:50'In Enfield, it's £235,000.'

0:12:50 > 0:12:56A short walk from the town and I'm here on Halstead Road to see today's auction lot.

0:12:56 > 0:13:01The auction catalogue tells me the house has been in the same ownership for 80 years.

0:13:01 > 0:13:08That makes me very excited indeed. I'm imagining it hasn't been renovated much in all that time.

0:13:08 > 0:13:12So somebody taking this on can only do one thing - add value.

0:13:12 > 0:13:17The guide on this three-bedroom terrace is only £125,000.

0:13:19 > 0:13:25'The pebble-dash exterior isn't to everyone's taste, but makes for easy maintenance.

0:13:25 > 0:13:32'There are sash windows, but they could do with being spruced up. What's it like on the inside?'

0:13:34 > 0:13:38Just as I expected, a right old state!

0:13:38 > 0:13:45Things just haven't been touched in years. You only need to look at the electrics. Lovely light switch.

0:13:45 > 0:13:52You have this wonderful old cornicing, a lovely fireplace, nice, deep skirting boards.

0:13:52 > 0:13:59The beautiful old sash windows. Lots of lovely untouched gems - I love it.

0:13:59 > 0:14:03Into the second reception room and a bit disappointing.

0:14:03 > 0:14:07You've got a 1930s fireplace instead of Victorian.

0:14:07 > 0:14:13You could think of knocking this wall down to have a through lounge, but that's all personal choice.

0:14:13 > 0:14:16And the kitchen...

0:14:16 > 0:14:18Or should I say lack of it?

0:14:18 > 0:14:22Just a Belfast sink. That is it!

0:14:22 > 0:14:26You'd have problems cooking up a nice little feast in here.

0:14:26 > 0:14:30'Lack of kitchen amenities is the least of your problems.

0:14:30 > 0:14:34'Cracked ceilings, damp walls, bare floorboards and old electrics.

0:14:34 > 0:14:38'Altogether, it's one scary challenge for a buyer.'

0:14:47 > 0:14:51So upstairs it carries on in the same vein.

0:14:51 > 0:14:55You've got bedroom one, two and three.

0:14:55 > 0:15:00In here, well, look. It looks to have a very, very bad leak.

0:15:00 > 0:15:04That could be down to years of neglect and missing roof tiles.

0:15:04 > 0:15:10It's the first thing that needs attention and it could add thousands so beware.

0:15:10 > 0:15:16'It's not only the plumbing that needs sorting. All the electrics need replaced.

0:15:16 > 0:15:22'So that guide price of £125,000 may be cheap, but the renovation certainly won't be.

0:15:25 > 0:15:32'Round the back, one part of the house is in full working order although it's hardly convenient.'

0:15:32 > 0:15:39Outside to the only bit of plumbing in the house. Downstairs bathroom? No.

0:15:39 > 0:15:42Outside toilet? Oh, yes!

0:15:42 > 0:15:49'This may have been the way it was 100 years ago, but sitting outside on the toilet in the cold and dark

0:15:49 > 0:15:54'isn't a modern family's preferred way of using the facilities.

0:15:54 > 0:15:59'One of those upstairs rooms would be much better suited to a new bathroom suite

0:15:59 > 0:16:02'and a lot warmer in the winter.

0:16:02 > 0:16:06'There is another great development opportunity behind the house -

0:16:06 > 0:16:11'a wild, unkempt garden crying out for a good tidy up.'

0:16:19 > 0:16:24In need of some landscaping? Yes, I do think so.

0:16:24 > 0:16:29But imagine what this could be. It often amazes me that people think nothing

0:16:29 > 0:16:35of spending 10 grand on a kitchen. yet resent spending money on the garden. It really is a feature

0:16:35 > 0:16:41and you must make it a selling point. People are impressed by mature shrubbery.

0:16:41 > 0:16:48You can add colour with plants in pots. A well-conceived garden can add thousands to the end value

0:16:48 > 0:16:50so don't overlook it.

0:16:50 > 0:16:55'That old battered conservatory can be flattened and replaced

0:16:55 > 0:16:59'as it's an ideal space to enjoy that soon-to-be-perfect garden.

0:17:01 > 0:17:06'I wondered what a local estate agent would make of it all.'

0:17:10 > 0:17:15It's a great house, actually. There's lots of original features.

0:17:15 > 0:17:17The owner's got their work cut out,

0:17:17 > 0:17:22but it's a lovely little road and close to the town centre.

0:17:22 > 0:17:28It obviously needs the complete works. It needs central heating, it needs a kitchen

0:17:28 > 0:17:33and a bathroom of some sort because it doesn't have one at all.

0:17:33 > 0:17:40It's got loads of character, a really nice cosy feel. It's a big project, but great potential.

0:17:42 > 0:17:48'It will certainly be a big project and it could cost an extra £30,000 to do those renovations.

0:17:49 > 0:17:55'Once all the work was done, what could the property go for?'

0:17:55 > 0:18:00The property has a ceiling because there is a stamp duty threshold at £250,000.

0:18:00 > 0:18:07Even if a property is worth slightly more than that, it's sometimes difficult to get people to pay more.

0:18:07 > 0:18:11So that's about the ceiling until the market picks up again.

0:18:11 > 0:18:16'The stamp duty rate jumps from 1% to 3% over that ceiling.

0:18:16 > 0:18:22'So it would need to sell for a good bit over 250 grand to make it worthwhile for the seller,

0:18:22 > 0:18:28'so while it waits for the resale market to become more buoyant, what could it rent for?'

0:18:28 > 0:18:35If the property was rented, it's likely to achieve in the region of £950, possibly £1,000 per month.

0:18:35 > 0:18:42'So it sounds like it could return healthy profits - almost as healthy as those weeds.'

0:18:43 > 0:18:50Lonely house would like to meet new owner. Sense of humour is essential and cash would be good, too.

0:18:50 > 0:18:56Let's find out who answered this house's lonely hearts ad as we go to the auction.

0:18:56 > 0:19:01The auction room was certainly busy and bidding began in earnest.

0:19:02 > 0:19:05130. Yeah? 130.

0:19:05 > 0:19:06140. 150.

0:19:06 > 0:19:10155. 160. 170.

0:19:10 > 0:19:115?

0:19:11 > 0:19:1378, sir. 79?

0:19:13 > 0:19:1579. 80.

0:19:15 > 0:19:16190.

0:19:17 > 0:19:20191. 92.

0:19:20 > 0:19:2394. 195.

0:19:23 > 0:19:25196. 198.

0:19:25 > 0:19:2699?

0:19:26 > 0:19:29199. At 200,000.

0:19:29 > 0:19:32200. And 1?

0:19:32 > 0:19:34201. And 2?

0:19:34 > 0:19:37202. 203?

0:19:38 > 0:19:40203. 204? 204.

0:19:40 > 0:19:43205? No.

0:19:43 > 0:19:47Gentleman with the red jumper round his waist. £205,000.

0:19:47 > 0:19:51First time at 205. 206. Back with me down here. 207.

0:19:51 > 0:19:56208? You won't let it go, will you? 208?

0:19:56 > 0:19:59208. 209? 210.

0:19:59 > 0:20:02And 11? And 12?

0:20:02 > 0:20:05No. 211 standing.

0:20:05 > 0:20:07First time at 211.

0:20:08 > 0:20:15Second time at 211. You're going to miss it. Third and last time at 211. 212.

0:20:15 > 0:20:18213? 213. 214?

0:20:18 > 0:20:20214. And 15. And 16?

0:20:22 > 0:20:24And 17. And 18.

0:20:24 > 0:20:27And 19.

0:20:27 > 0:20:29220? 221?

0:20:29 > 0:20:3122?

0:20:34 > 0:20:36No. 221, then.

0:20:36 > 0:20:41First time at 221,000. Second time at 221,000. Over here.

0:20:41 > 0:20:45Third and last time at £221,000. Last chance.

0:20:46 > 0:20:49Sold for £221,000.

0:20:49 > 0:20:53'The final bid was from father and son Pat and Joe

0:20:53 > 0:20:58'who paid £221,000 - 96 grand over the guide price.

0:20:58 > 0:21:04'They're from Ireland and have come to Britain to try property development.

0:21:04 > 0:21:10'Unfortunately, Joe couldn't make it today but we have the next best thing - his twin brother Colin!

0:21:10 > 0:21:16'All three of them plan to do up the house so I wondered why they were trying their luck over here.'

0:21:21 > 0:21:25We decided to come over here and try our hand in England.

0:21:25 > 0:21:33We're builders back home in Ireland. Nothing much is happening there, so we thought we'd try this.

0:21:33 > 0:21:35Just getting our feet in the door.

0:21:35 > 0:21:41'And what a way to get started as they paid £96,000 over the guide price.

0:21:41 > 0:21:46'That's seen some of their potential profit flushed away.'

0:21:46 > 0:21:51Were you pleased with the price? £221,000. Is that what you expected?

0:21:51 > 0:21:54Not as much as that. A little bit less,

0:21:54 > 0:21:58but I did like the area and I know it.

0:21:58 > 0:22:04'This is Pat's first property in London. He has renovated a flat and a five-bedroom house in Ireland,

0:22:04 > 0:22:08'but the latter has been on the market for two years.

0:22:08 > 0:22:10'He hopes to do better in London.'

0:22:21 > 0:22:27So, Colin, are you as a family going to uproot all of you and move over to England?

0:22:27 > 0:22:32Not permanently, but for now to get this place finished

0:22:32 > 0:22:36and if this works out, we'll go again because it's lovely over here

0:22:36 > 0:22:39and God knows the weather is better!

0:22:39 > 0:22:44- Have you left anybody in Ireland? - Yeah, my wife and the huskies.

0:22:44 > 0:22:51- You've got huskies?- I've got two gorgeous ones. They replaced the twins when they left.

0:22:51 > 0:22:56- They are now treated better than we are.- They do what they're told!

0:22:56 > 0:22:58So, you know...you didn't!

0:23:04 > 0:23:10'When it comes to building, though, Joe and Colin certainly do what their dad tells them.

0:23:10 > 0:23:16'They've been helping him since he renovated the family home and Pat has 20 years' experience.

0:23:16 > 0:23:21'How big a job does he think this is?'

0:23:21 > 0:23:25We hope to do it in two months. We'll be here six days a week

0:23:25 > 0:23:31and I've known from previous experience we work well as a team. Each guy knows what the next will do

0:23:31 > 0:23:34and, yeah, I think we'll do it.

0:23:36 > 0:23:43'Pat reckons they'll need a budget of £25,000, bringing the total cost of the project to £240,000 -

0:23:43 > 0:23:49'just ten grand under the estimated resale value. That's not a massive profit,

0:23:49 > 0:23:52'but will give them the start they want.

0:23:52 > 0:23:58'Before I let the boys get on, there was one piece of family history I wanted to shed light on.'

0:23:59 > 0:24:06- So, Colin, tell me about your background.- My background would be very different to this.

0:24:06 > 0:24:11I was in a band for about maybe three or four years. We were spotted by Louie Walsh.

0:24:11 > 0:24:17- We had a couple of singles out. - So you were a pop star!

0:24:17 > 0:24:22- I never looked at myself... And he never!- Did you have fan mail?

0:24:22 > 0:24:26- We had a lot of fans. - Then you're a pop star.

0:24:37 > 0:24:43'So from stage curtains to rather less glamorous ones, I'll catch up with Pat and the twins later

0:24:43 > 0:24:46'to find out how they get on.'

0:24:46 > 0:24:51Coming up: we'll find out, two years down the line,

0:24:51 > 0:24:56how this former telephone exchange in Devon had its cobwebs blown away.

0:24:56 > 0:25:01Back in London, have there been more problems than expected?

0:25:01 > 0:25:07We had to strip everything back to the brick, which meant all the wiring, plumbing...

0:25:09 > 0:25:12But, first, in Wales is Ian's luck still in?

0:25:12 > 0:25:17I'm sure in the future I will, perhaps, come a cropper.

0:25:21 > 0:25:27'Back in Rhydyfelin, Mid Glamorgan, we catch up with pleasure park owner and local businessman Ian.

0:25:27 > 0:25:33'He snapped up this three-bedroom property for £59,000. It needed to be redecorated

0:25:33 > 0:25:40'and freshened up, but not much else. Lucky for Ian - he hadn't even seen it before the auction.'

0:25:40 > 0:25:45I've never been to this area before, so it was completely blind.

0:25:45 > 0:25:51I was at the auction and, well, I just put my hand up and it was mine.

0:25:51 > 0:25:57'He managed to get this property for only £5,000 over the guide price.

0:25:57 > 0:26:01'We went to see what he'd done with the place since.'

0:26:01 > 0:26:06We've decorated right the way through.

0:26:06 > 0:26:11We've renewed a couple of the windows and done the kitchen downstairs.

0:26:12 > 0:26:17We knocked the toilet into the bathroom so it's all in one

0:26:17 > 0:26:22- and just a general paint and decorate.- 'What an improvement.

0:26:22 > 0:26:28'Ian has really brightened up the house with modern colours and wallpaper throughout.

0:26:28 > 0:26:34'They were chosen specially for his new tenant, the daughter of a neighbour and her two children.'

0:26:34 > 0:26:38The tenant has had some input with this particular room.

0:26:38 > 0:26:41The colour for the little boy.

0:26:41 > 0:26:45And there's pink for the little girl next door.

0:26:45 > 0:26:51'They asked him for a door for easy access to the garage and he obliged.

0:26:51 > 0:26:57'Ian allowed himself and his team of builders three weeks for the work until the tenant moved in,

0:26:57 > 0:27:03- 'but during that time he went on holiday.'- There was a deadline on this project

0:27:03 > 0:27:06because we've got a tenant moving in

0:27:06 > 0:27:12and, with hindsight, I shouldn't have gone away, but that was an impossibility.

0:27:12 > 0:27:19'Without Ian to supervise, the work ran over by a week and could still do with more time.'

0:27:19 > 0:27:24The schedule's pretty much there. Another four days would do it.

0:27:24 > 0:27:28So an extra 10 days on top of the three weeks.

0:27:28 > 0:27:33'Despite that, he's achieved a lot, but perhaps the holiday timing wasn't ideal.'

0:27:33 > 0:27:37If I had been hands on with the project,

0:27:37 > 0:27:42then it would definitely have been done in those three weeks.

0:27:42 > 0:27:48'As you can see from the paint pots and dustsheets, Ian still has a couple of jobs to get finished.'

0:27:52 > 0:27:55There's still a few touches.

0:27:55 > 0:27:59I wanted to put a patio on the back door. Ran out of time.

0:27:59 > 0:28:05- Still got a shower to put in. - 'At least Ian's coming clean about the work he still has to do.

0:28:07 > 0:28:14'He'd originally set aside six grand for it, so how much did he end up spending here?'

0:28:14 > 0:28:19At the moment, it's just under £2.5K, so I'm very happy with that.

0:28:19 > 0:28:23'Including the £59,000 he paid at auction for the house,

0:28:23 > 0:28:31'Ian has spent around £61,000. I wondered if the work he'd done here would make its future rosy.

0:28:34 > 0:28:39'We asked two local estate agents for their opinion of the standard

0:28:39 > 0:28:41'of these renovations.'

0:28:41 > 0:28:43Having looked round,

0:28:43 > 0:28:48I'm very impressed by the standard of decoration and quality of finish.

0:28:48 > 0:28:52The changes they have made are very nice. It was purely cosmetic.

0:28:52 > 0:28:54They've made a very good job.

0:28:54 > 0:28:59'I wouldn't have knocked the toilet into the bathroom.'

0:28:59 > 0:29:02I'd have kept them separate.

0:29:02 > 0:29:08I don't think there's anything different that should have been done to this property.

0:29:08 > 0:29:14'Well, what a glowing report. What do they think Ian could rent this property out for?'

0:29:15 > 0:29:19In this area, I'd expect a property of this quality to let for

0:29:19 > 0:29:24the region of £450-£475 per calendar month.

0:29:24 > 0:29:30This is a good rental area. There's quite a good demand for properties like this.

0:29:30 > 0:29:35I would say that you could achieve between £450 and £500 per month.

0:29:35 > 0:29:39I think that's about right and, yeah,

0:29:39 > 0:29:43the person that I've got coming in is paying 495,

0:29:43 > 0:29:48so I would say that the two estimates there are in line, really.

0:29:48 > 0:29:53'That could be a fantastic yield of 9.75%

0:29:53 > 0:29:57'so he's hit the nail on the head with his rental price.

0:29:57 > 0:30:04'With all that new decor and improvements, how much could the house now sell for?'

0:30:04 > 0:30:08I'd value it in the region of £69,000-£72,000.

0:30:08 > 0:30:14We would market it at £70,000-£75,000 and estimate to achieve about £72,500.

0:30:14 > 0:30:18I'm very, very pleased actually with that valuation.

0:30:18 > 0:30:23The lady next to us said that hers was valued very similar to that,

0:30:23 > 0:30:26but I'm not looking to sell, just rent.

0:30:27 > 0:30:33'It's good to know that if he did sell it, he could make a great pre-tax profit of 11 grand.

0:30:33 > 0:30:40'Not bad for one month's work. Ian's been really lucky, as he bought it without seeing it.

0:30:40 > 0:30:43'Will he take that risk again?'

0:30:47 > 0:30:51I'm not sure. I don't think I would buy blind in the future.

0:30:51 > 0:30:58And I definitely won't be going on holiday again when we get a project together

0:30:58 > 0:31:01that needs to be done very quickly. Time is money.

0:31:01 > 0:31:06'And let's hope he finally gets round to cutting that grass.'

0:31:13 > 0:31:17'In the autumn of 2007, a stroll down this Devon lane

0:31:17 > 0:31:20'brought me to an engaging little property

0:31:20 > 0:31:23'that really wasn't too dear.'

0:31:23 > 0:31:27Well, views of Devon don't get much better than that.

0:31:27 > 0:31:34The rolling hills, the sea in the distance. I'm right in the middle of the countryside

0:31:34 > 0:31:40and it is a gorgeous area, so property prices around here are indeed extremely expensive.

0:31:40 > 0:31:47So if I said there was a property up for auction with a guide of £25,000,

0:31:47 > 0:31:51oh, yes, you'd be interested. And that's it.

0:31:51 > 0:31:57It doesn't look too bad from the outside, does it? But there's a catch.

0:31:57 > 0:32:02'You'll need to hang on - I'll explain when I get inside.

0:32:02 > 0:32:08'Outside, the windows are boarded up or smashed, but the roof looks in good condition.

0:32:08 > 0:32:13'The setting is glorious and this building is well connected.

0:32:13 > 0:32:17'So what's on the inside behind that door? Just putting you through.'

0:32:17 > 0:32:20This is it. Basically, it's a room.

0:32:20 > 0:32:27It is, in fact, the old telephone exchange. Why on earth you would need one here I have no idea.

0:32:27 > 0:32:29There must be about three houses.

0:32:29 > 0:32:36But it's a building, so it starts to get exciting. That view is extraordinary.

0:32:36 > 0:32:43So what shall we do? Massive glass front in there or put some eco-friendly house on the plot?

0:32:43 > 0:32:47A kitchen that looks over the view? It would be fantastic.

0:32:47 > 0:32:54But the planners say absolutely not. This has to stay exactly like it is and you can't live here.

0:32:54 > 0:32:59Basically... it's quite an expensive shed.

0:32:59 > 0:33:05'The former telephone exchange went to auction with a guide price of £25,000.

0:33:05 > 0:33:11'Any investor hoping to convince the planners to allow the slightest change in use will face

0:33:11 > 0:33:14'a very difficult challenge.

0:33:18 > 0:33:25'But there is some good news. The property comes with permitted development rights

0:33:25 > 0:33:30'which allow the owners to do various things for 28 days a year.'

0:33:30 > 0:33:34The planning, as it stands, would allow you to spend 28 nights here.

0:33:34 > 0:33:40So maybe you could put bunk beds in there, you could use this as a hideaway,

0:33:40 > 0:33:43a retreat away from the rat race.

0:33:43 > 0:33:49But it's just crying out, this rear wall, for windows in there looking out at that view.

0:33:49 > 0:33:53'You might think it was worth £25,000 for the view alone,

0:33:53 > 0:33:59'but without windows on that side and little hope of planning permission,

0:33:59 > 0:34:03'it was a case of standing outside and looking across the valley

0:34:03 > 0:34:07'and possibly just using the former exchange as a shelter if it rained.'

0:34:10 > 0:34:16Well, before you engage your brain and think about ringing the changes on this one,

0:34:16 > 0:34:22you might as well forget it. This is never going to be anything other than what it is.

0:34:22 > 0:34:26Still, somebody at the auction bought it. Let's find out who.

0:34:26 > 0:34:32OK, we have the former telephone exchange. What can I tell you?

0:34:32 > 0:34:35It's a nice little square plot,

0:34:35 > 0:34:39virtually square plot up on the hills, woodland behind you,

0:34:39 > 0:34:44looking estuary towards. Fantastic spot. A little hideaway.

0:34:44 > 0:34:47Someone's going to surely say to me £30,000.

0:34:47 > 0:34:54How about 25, then, cos you know it won't make that? Just put your hand up. 25.

0:34:54 > 0:35:01We do have... Wendy, ask him if he'll do the decent thing and offer us 25 to get going.

0:35:01 > 0:35:04Thank you. 25 I've got. We're away.

0:35:04 > 0:35:0625 I've got. At 25.

0:35:06 > 0:35:11At 25,000. 26. 27 in the middle. Wendy, 28 or not?

0:35:12 > 0:35:1528. 29.

0:35:15 > 0:35:1730.

0:35:17 > 0:35:1931? 31.

0:35:19 > 0:35:2132? 32 I've got.

0:35:21 > 0:35:2433? 33.

0:35:24 > 0:35:26Oh. 33. 34 or not?

0:35:26 > 0:35:3034? 34. 35.

0:35:30 > 0:35:3435. Fresh bid. 35. 36 or not?

0:35:34 > 0:35:3636. At 36.

0:35:36 > 0:35:38At £36,000, then.

0:35:38 > 0:35:45At £36,000 once. You're going to miss it for 500 quid? Seriously?

0:35:45 > 0:35:47£500. £500.

0:35:47 > 0:35:5036 and a half. 37? 37.

0:35:50 > 0:35:54At 37 I've got. At 37. 37 and a half.

0:35:54 > 0:35:5737 and a half. 38.

0:35:57 > 0:35:5938. At 38.

0:35:59 > 0:36:01At 38. 38 and a half.

0:36:01 > 0:36:0439 or not?

0:36:05 > 0:36:0739. At 39.

0:36:07 > 0:36:10At 39. Half. 39 and a half.

0:36:10 > 0:36:1239 and a half.

0:36:12 > 0:36:1540 she goes. At 40.

0:36:15 > 0:36:17At 40. I'm looking for a half.

0:36:17 > 0:36:1940 I've got.

0:36:19 > 0:36:21First time. Serious now.

0:36:21 > 0:36:25Second time. At £40,000, you're sure and done?

0:36:25 > 0:36:28Last chance. Being sold at £40,000.

0:36:28 > 0:36:35- Your bidder, Wendy.- 'How appropriate! This former telephone exchange was bought by a telephone bidder.

0:36:37 > 0:36:42'I met up with Beatrice at her purchase.

0:36:42 > 0:36:48'In the past, she's worked as a hairdresser on a cruise ship, run a rest home and developed properties.

0:36:48 > 0:36:53'Maybe she now fancies being a telephone operator.'

0:36:53 > 0:36:58- We didn't see you at the auction. - You didn't. I was unable to go.

0:36:58 > 0:37:02I had an operation on my foot, had my foot in a plaster.

0:37:02 > 0:37:06I'd read all about it and I'd been out walking and seen it.

0:37:06 > 0:37:12When I saw it in the catalogue, I thought I'd make a call.

0:37:12 > 0:37:16- So why did you buy it? - Because this is my dream.

0:37:16 > 0:37:21A sanctuary, a little bolt hole. It's something really nice.

0:37:21 > 0:37:26- What do you know about the area? - I do walk a lot in this area.

0:37:26 > 0:37:28I'm walking most weekends.

0:37:28 > 0:37:36And I would like to come and overnight here, bring the dog, do some walking, bring friends round.

0:37:36 > 0:37:43Perhaps have a log burner in there and just not spoil the environment but be part of it. It'd be lovely.

0:37:43 > 0:37:47'Beatrice paid £40,000 for the telephone exchange.

0:37:47 > 0:37:51'Not surprisingly, it's the location she fell for.

0:37:51 > 0:37:57'Simply using the building as a place to sleep overnight could prove a problem,

0:37:57 > 0:37:59'but what an outlook.'

0:37:59 > 0:38:04- That's the best bit - the view. - It is.- There are no windows.

0:38:04 > 0:38:11I would just adore some windows to look at the view and I'm sure you could tidy up the trees a bit

0:38:11 > 0:38:16so you could look out and still see the view without damaging the trees. I'm sure you could.

0:38:16 > 0:38:22- But that means putting windows in. - It does and I would need planning permission for that.

0:38:24 > 0:38:29'Beatrice is under no illusions about the planning application.

0:38:30 > 0:38:34'She's spoken to the council and it doesn't sound promising.'

0:38:37 > 0:38:43- What do you know about the planning restrictions?- They're going to be very difficult, they are.

0:38:43 > 0:38:49They wouldn't really like any changes at all and they don't really want anybody staying.

0:38:49 > 0:38:56I'm told if I could further the tourism industry, I might have more of a chance.

0:38:56 > 0:39:00I'm thinking of opening the smallest B&B in the area!

0:39:00 > 0:39:06'I THINK she's joking! But maybe a business use could unlock the potential.'

0:39:06 > 0:39:12- What are you going to do with it? - I decided I must track down a local architect. I'm not local.

0:39:12 > 0:39:19I brought him out. He didn't say what my friends have said, "You must be mad." He really liked it.

0:39:19 > 0:39:22What does he think you can do?

0:39:22 > 0:39:29He thinks because I work that I could possibly have it as a work office.

0:39:29 > 0:39:35But I don't want to work until I am 100. So I could then say, "I don't want to work any more,

0:39:35 > 0:39:38"so now may I take up residency?"

0:39:38 > 0:39:43- It would be a really long-term thing. - Planning permission by stealth.

0:39:44 > 0:39:52'I've got my doubts that would get the result Beatrice is after, but her architect is on the case.'

0:39:53 > 0:39:56So talk me through the project plan.

0:39:56 > 0:40:03Well, the project plan is that a proper plan will be submitted through the right channels

0:40:03 > 0:40:07by the architect who knows what he's doing. I don't.

0:40:07 > 0:40:12And he said I must be prepared that they will turn it down

0:40:12 > 0:40:20and we could appeal and find out what they would allow and it could be a few months...a year, possibly.

0:40:20 > 0:40:24But this is my long-term - I don't ever want to let go of this.

0:40:24 > 0:40:29I don't. This is for me. So if it takes a long time, it doesn't matter.

0:40:29 > 0:40:34- It sounds like you've found something that's a bit of a dream. - Oh, it is.

0:40:34 > 0:40:40'Well, back in 2007 it seemed a very distant and unlikely dream,

0:40:40 > 0:40:46'but as you'll see later in the programme, occasionally, dreams do come true.'

0:40:50 > 0:40:54Some time has passed since we met the buyers of our second property.

0:40:54 > 0:41:00- Have things gone according to plan or were those plans ripped up? - Let's find out.

0:41:00 > 0:41:07'Back in Enfield, London, Pat and his twin sons, Colin and Joe bought this mid-terrace,

0:41:07 > 0:41:14'three-bedroom house at auction for £221,000 - £96,000 over the guide price.

0:41:14 > 0:41:21'They're builders by trade and they would need those skills to fix up this neglected property,

0:41:21 > 0:41:25'but Pat was confident the work would be done quickly.'

0:41:25 > 0:41:28We hope two months. We'll be here six days a week.

0:41:28 > 0:41:32'But in those two months, they had a lot to do.

0:41:32 > 0:41:40'The whole place needed redecorated, a new kitchen and an inside toilet would be an improvement, too.

0:41:40 > 0:41:46'We've returned to meet Pat and Colin at the house. They're still some way from the finish line

0:41:46 > 0:41:50'and have gone over the original schedule by another month.

0:41:50 > 0:41:55'Sounds like they had a bigger job than they first thought.'

0:41:55 > 0:42:01Everything had to be done in this house, unfortunately. We had to strip everything back to the brick,

0:42:01 > 0:42:05which meant all the wiring had to be done, plumbing, everything else.

0:42:05 > 0:42:11'So that old, worn floor has been ripped out and replaced with beautiful wooden flooring.

0:42:17 > 0:42:23'All those old rotting windows have gone, too, so no more nasty draughts on chilly nights.

0:42:24 > 0:42:29'As you can see, the house is still a building site,

0:42:29 > 0:42:35'but all it needs is decoration. The cracks have been filled and the wiring installed,

0:42:35 > 0:42:42'so it's not far from finished. Colin explained the major structural changes in the front room.'

0:42:42 > 0:42:50We've divided this room here. These two rooms, there was obviously an original wall here.

0:42:50 > 0:42:57It's load-bearing, so we had to put in a girder to carry it. It came out very nice.

0:42:57 > 0:43:01We had the option of putting in double doors.

0:43:01 > 0:43:05If need be in the future, they can do that themselves.

0:43:05 > 0:43:12It's still two rooms, but gives the impression of one room. We're really happy with the end result.

0:43:12 > 0:43:17'And they've also tackled that outdated toilet situation.'

0:43:18 > 0:43:25We finally have a bathroom inside. Upstairs we divided a room. There were three bedrooms.

0:43:25 > 0:43:29We divided one room into two and got a bathroom in. It's fine.

0:43:29 > 0:43:33It's not a waste of space. It worked out very well.

0:43:33 > 0:43:38'So the bathroom is in place, which is more than can be said for the other facilities.

0:43:38 > 0:43:45'They haven't had time to fix up the kitchen yet because of one unforeseen problem

0:43:45 > 0:43:49'that was a major drain on their time.'

0:43:50 > 0:43:54We hadn't intended doing the roof, but it had to be done.

0:43:54 > 0:44:00We didn't see it at first, but when we got up there it had to be done.

0:44:02 > 0:44:06'So in the end, the whole roof had to be retiled.

0:44:06 > 0:44:12'The extra time spent on the roof plus the extra time to replace all those windows meant

0:44:12 > 0:44:16'the work took longer than expected.'

0:44:16 > 0:44:21It was going to be two months. Unfortunately, with the roof having to be done

0:44:21 > 0:44:28and the windows delaying us, we would have had the kitchen units in and it would be painted,

0:44:28 > 0:44:33but these things happen in building. You have to go with the flow and make the most of it.

0:44:33 > 0:44:40'They're certainly making the most of this property. The garden was a great space, too, but wasted.

0:44:40 > 0:44:44'But they have now cleared it, so it's ready for landscaping.

0:44:47 > 0:44:54'There was also a battered old conservatory which they've ripped out for more garden room.

0:44:54 > 0:44:59'The original budget was £25,000, but with the extra expense,

0:44:59 > 0:45:05'Pat reckons they'll probably end up spending 30 grand. He was meant to be staying with the boys in London

0:45:05 > 0:45:12'to do the work. Unfortunately, he caught flu and had to take it easy, so Colin was left to oversee.

0:45:12 > 0:45:17'He's more than happy with the result.'

0:45:17 > 0:45:21It was a huge challenge for him because he was really on his own.

0:45:21 > 0:45:25He did a fantastic job money-wise and work-wise.

0:45:32 > 0:45:37'This was their first renovation outside Ireland. Has it paid off?

0:45:37 > 0:45:41'We asked two local experts for their opinions.'

0:45:41 > 0:45:45I think my impressions of the property are really good.

0:45:45 > 0:45:47He's opened it all up.

0:45:47 > 0:45:52And the arrangement upstairs with the bathroom is very good.

0:45:52 > 0:45:56Having a look around, the property has great potential.

0:45:56 > 0:46:03Love the layout downstairs. The through lounge is lovely and then down into the kitchen,

0:46:03 > 0:46:06which will work really well.

0:46:06 > 0:46:10'Despite the fact it's unfinished, they see the property's potential.

0:46:11 > 0:46:16'So what do they think it could sell for on the open market?'

0:46:16 > 0:46:23I think when the work's all done, the property is going to resale for £275,000-£280,000.

0:46:23 > 0:46:28And if it was mine, I'd try for £285,000.

0:46:28 > 0:46:32I would put this property on the open market for £285,000.

0:46:32 > 0:46:37That's pretty good. That's more or less what we had anticipated.

0:46:37 > 0:46:42'In total, the boys would have spent £251,000 here.

0:46:42 > 0:46:46'So that's a great profit of 34 grand.

0:46:46 > 0:46:48'What could it earn if rented out?'

0:46:49 > 0:46:56If they went for the rental option, it's likely to rent for in the region of £1,100-£1,200 per calendar month.

0:46:56 > 0:47:00I would put this property up for rent for £1,100-£1,200 per month.

0:47:02 > 0:47:09'That's an impressive yield of 9.5%, but would that be enough to tempt him to rent it out instead?'

0:47:10 > 0:47:15With what we've invested, it definitely is a good return.

0:47:15 > 0:47:19So, yeah, we might. We'll see how the sales go.

0:47:19 > 0:47:25But we might rent it for a year or two. It's an option. We'll see what happens when it's finished.

0:47:25 > 0:47:30'They might even be able to afford to sort out the back garden

0:47:30 > 0:47:32'as they have at the front.

0:47:32 > 0:47:38'Pat seems confident about handing over the reins to Colin for the next one.'

0:47:38 > 0:47:44He's proved he can do it here. He doesn't need me any more. The world is his oyster!

0:47:44 > 0:47:50'Property development is quite a departure from Colin's previous career in pop music.

0:47:50 > 0:47:57- 'Is he hooked on houses now?' - I will definitely stay at this and get a couple of years out of it.

0:47:57 > 0:48:03We tried the music earlier on and had a lot of fun doing it, had a couple of singles out,

0:48:03 > 0:48:08so I imagine I'll stay at what we're doing now. I'm really enjoying it.

0:48:08 > 0:48:12It's great fun. Every day is different, every month is.

0:48:12 > 0:48:16Yeah, just keep going. You never know what the future might bring.

0:48:16 > 0:48:22'It sounds like Colin is more than happy to progress from boy band to builder.'

0:48:26 > 0:48:30'It was the autumn of 2007 when I first ventured

0:48:30 > 0:48:35'into the lovely rural location of Mamhead near Exeter in Devon.

0:48:35 > 0:48:42'The setting was the biggest issue with getting this telephone exchange connected back to modern life.

0:48:42 > 0:48:47'Planners weren't keen on any kind of residential dwelling here,

0:48:47 > 0:48:53'but, undaunted, businesswoman Beatrice decided that £40,000 seemed well worth paying

0:48:53 > 0:48:56'just to own such a tranquil spot.

0:48:56 > 0:48:59'At first that was all she was going to get.

0:48:59 > 0:49:06'Initially, she got her wires crossed with her architect by going for a work/living space,

0:49:06 > 0:49:08'which was rejected by planners.

0:49:08 > 0:49:12'But when we last saw Beatrice in 2008, she'd just had good news.'

0:49:12 > 0:49:16On Tuesday I got a phone call to say that, verbally,

0:49:16 > 0:49:20they've given me planning permission for holiday use

0:49:20 > 0:49:28and it would be made official - when the notice has been on the outside of the building for eight weeks,

0:49:28 > 0:49:30then I will get it in writing.

0:49:30 > 0:49:36'So after a year of planning limbo, Beatrice was given the green light for holiday lets.

0:49:37 > 0:49:44'Finally, the derelict exchange could be taken off hold and Beatrice could ring the changes.

0:49:54 > 0:50:00'We catch up with her now 18 months after she first bought it and, boy, what a transformation.

0:50:00 > 0:50:04'She's wrung every last drop of potential out of it.'

0:50:18 > 0:50:26What I want is I want it to be I'm here in a beautiful area and I want to be IN that area.

0:50:28 > 0:50:32As soon as the sun comes out, as soon as it's tolerable at all,

0:50:32 > 0:50:37I want that whole wall to disappear and I want to be inside outside.

0:50:42 > 0:50:46And I want to feel a feeling that you flow through the building.

0:50:46 > 0:50:50You can flow through the outside space and come back in again.

0:50:58 > 0:51:05I'm afraid when I was asked about colours, it's just got to be white. It brings the light in.

0:51:13 > 0:51:17Well, here's my kitchen, just the way I thought it would be.

0:51:17 > 0:51:24This is the only extension, really, apart from the little bathroom. It's made it grow a weenie bit.

0:51:24 > 0:51:31This is the living area. I've got wonderful views, I've got the woodburner, just as I dreamed.

0:51:31 > 0:51:38And I've got the wet room here and then we go on to the bedroom and the view here as well.

0:51:38 > 0:51:45'It hardly seems possible that this holiday cottage could have been created from essentially one room.

0:51:45 > 0:51:51'There's tremendous attention to detail. Beatrice even travelled miles to get the perfect basin.

0:51:51 > 0:51:55'And it's not just the looks that she went the extra distance.'

0:51:55 > 0:52:01When I did a recce, I walked the whole area, a nine-mile radius of this area.

0:52:01 > 0:52:07I know every transport cafe, every fish and chip shop, every nice restaurant and pub.

0:52:07 > 0:52:12I've put details here for visitors. But I also found, to my amazement,

0:52:12 > 0:52:17- that this is the area where all the disabled walking is. - 'With this in mind,

0:52:17 > 0:52:25'Beatrice made her holiday home disabled-friendly, installing a wet room, ramp and special pathway.'

0:52:26 > 0:52:32I particularly wanted to get the disabled access in. I want everybody to enjoy this view.

0:52:32 > 0:52:37I'm thrilled we got this window in. It was not on the original plan.

0:52:37 > 0:52:41The view there is just as lovely as the other views.

0:52:41 > 0:52:47We can come round here and if we open up these doors we can see that view there

0:52:47 > 0:52:52which is just absolutely fantastic. It's just lovely.

0:52:52 > 0:52:56I knew this would be lovely, but it's twice as good as I thought.

0:52:56 > 0:53:00'She's really done a fantastic job with such a small area,

0:53:00 > 0:53:04'but it isn't just the space that was limiting.'

0:53:04 > 0:53:11The planning quite clearly states that I must promote the tourist industry and make sure that it's let

0:53:11 > 0:53:16as regularly as possible. It's not let all the time, so I get use too.

0:53:16 > 0:53:22But it is the Mamhead village councillors I have to thank for being here.

0:53:22 > 0:53:28They sent a letter on my behalf saying they'd really like someone here because it had been vandalised

0:53:28 > 0:53:31and they were sick of it.

0:53:31 > 0:53:35'This is one holiday home the locals really wanted.

0:53:35 > 0:53:39'Their goodwill has helped Beatrice fulfil the building potential

0:53:39 > 0:53:44'along with a lot of input from her architect and her builder, Preston.'

0:53:44 > 0:53:50When I first saw the plans, I thought it's not worth doing and she's a bit mad to have bought it,

0:53:50 > 0:53:54but after two or three weeks, I've realised it's really good

0:53:54 > 0:53:59and she can make a nice holiday place. She done well on it.

0:53:59 > 0:54:05'As he created this dream holiday home for her, Preston will also get the benefits for a while himself.'

0:54:05 > 0:54:11I spoke to Beatrice and she said she will let me stay here for a week, free of charge.

0:54:11 > 0:54:17'Preston might get a free week's holiday, but for Beatrice, realising this amazing transformation

0:54:17 > 0:54:20'was anything but free.'

0:54:20 > 0:54:24I think my end budget, when I'm absolutely finished,

0:54:24 > 0:54:29will be £41,000. And I am now ready, with all the things that are in,

0:54:29 > 0:54:32to spend the first weekend here.

0:54:32 > 0:54:40'The initial purchase price of £40,000, her spend of £41,000, plus fees and planning costs

0:54:40 > 0:54:45'adds up to a total outlay of around £85,000 for Beatrice.

0:54:45 > 0:54:51'So how successfully has she rung the changes here? We asked along a lettings agent

0:54:51 > 0:54:53'and the auctioneer who sold it.'

0:54:53 > 0:54:56It's the most unbelievable creation

0:54:56 > 0:54:59of what I sold to what it could be.

0:54:59 > 0:55:04My first impressions are the situation and the view,

0:55:04 > 0:55:07out across the valley to the sea. Lovely area.

0:55:07 > 0:55:10Nice space, very compact.

0:55:10 > 0:55:15Easily sellable and rentable as a holiday cottage.

0:55:15 > 0:55:21I'd sleep in a septic tank if this was my view and my surrounds. It's just a fantastic spot.

0:55:21 > 0:55:27'First and foremost, this is a holiday cottage. How much rental per week could it achieve?'

0:55:27 > 0:55:33Peak price per week, I'd say £300-£350.

0:55:33 > 0:55:36Peak season rent per week would be about £500.

0:55:36 > 0:55:42'Based on that higher estimate and 40% occupancy, that could be an annual return of over £10,000.

0:55:42 > 0:55:45'How does Beatrice feel about that?'

0:55:45 > 0:55:52I'm not a great doubter, but that sounds a great deal of money for a very tiny property.

0:55:52 > 0:55:58'Those are pretty impressive rental figures. How does it stack up on the resale market?

0:55:58 > 0:56:03The resale price today would be in the region of £130,000-£140,000.

0:56:03 > 0:56:06That's absolutely marvellous.

0:56:06 > 0:56:08I'm just so thrilled with it.

0:56:08 > 0:56:12'It may have been a long, drawn-out process, but it paid off for her.'

0:56:12 > 0:56:17It's come absolutely spot-on to what I dreamed of.

0:56:17 > 0:56:22It's all turned out more than perfect. I wouldn't change a thing.

0:56:26 > 0:56:32'Beatrice's story just goes to prove that sometimes you don't need to pay telephone number prices

0:56:32 > 0:56:35'for dreams to come true.'

0:56:49 > 0:56:53We've proved that even the smallest project has tales to tell.

0:56:53 > 0:56:58So join us for more surprising stories next time.

0:57:12 > 0:57:16Subtitles by Subtext for Red Bee Media Ltd - 2010