Episode 3 Homes Under the Hammer


Episode 3

Martin Roberts and Lucy Alexander visit a two-bedroom house in Derbyshire and revisit an old stable in Kent and a shop with a flat above in Wiltshire.


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Transcript


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Obviously, these are challenging times in the property market

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but there are still bargains to be had if you know what you're doing.

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We're here with tips on how you can find them, and how you can make the current climate work in your favour.

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Join us now to follow three plucky auction purchasers.

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-Before buying at auction, we always advise you to do your homework.

-Absolutely.

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It's vital to check out the property, the area, and how much it'll be worth once renovated.

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Let's see if today's buyers got top marks.

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This two-bedroomed house in Derbyshire has left me a little in the dark.

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It needs light and I don't really know how you're going to get that.

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Last time we visited this old stable in Kent, it wasn't only

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the horses that had bolted, but the building had too!

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We'll return to see its amazing transformation.

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In Wiltshire, I look at this shop and the flat above.

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If only I could find a way in...

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The thing I haven't found yet...

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is the entrance to the flat.

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All these properties have been sold at auction.

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We found out who bought them and for how much when they went under the hammer.

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I'm in Heanor in Derbyshire.

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Just recently, the property I'm here to see was on the open market for £76,000.

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Not bad for a two-bedroomed mid-terrace.

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However, at auction, the guide price was 49,000. That's more like it!

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That's a fantastic price for such a neat little terraced house.

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Inside, I discovered that the old red-brick may not be the only thing holding this house up.

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OK, not quite what you expect, a beamed ceiling.

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It wouldn't be so bad if it had lighter colours, but this dark wood

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is very oppressive in what's quite a small room.

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It gives it character, I suppose.

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The fireplace again, that doesn't really fit in.

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Make something of that. All in all, it's not a bad-sized little space.

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I also like the fact you've got this opening through to the kitchen,

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which is just as well because otherwise this is a very dark, dingy little spot.

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It's not a bad-sized kitchen, like the lounge isn't bad.

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It could do with a new work surface, a new front to these units, rather than throwing out the whole lot.

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More importantly, it needs light. I don't know how you'll get that,

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because on the other side of that wall, you've got your loo.

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This cosy little toilet is already fitted with a shower and bath.

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If you wanted to rent this property out, you wouldn't have to do much in here.

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Well, maybe you could get rid of those frogs!

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I hopped upstairs and found two good-sized bedrooms.

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One needs a carpet, and a lick of paint.

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But the other is newly decorated and thankfully, frog free.

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The big question in a house like this is, do you move the bathroom from downstairs to upstairs?

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My answer is, how much difference will it make in terms of the rent or the value of the property?

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If the figures stack up, then do it.

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But really, I don't think it's worth the bother.

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It's perfectly fine where it is.

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Even though it's a great bargain at its £49,000 guide price, you should be careful not to overspend here.

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Too much spent on decoration could see some of your profits shelved,

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or even worse, it'll be flushed away completely, resulting in a loss.

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Here's hoping whoever bought this has a healthy chunk set aside for landscaping.

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Out the back, one of the longest, thinnest gardens I've seen in a very long time.

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This garden could be ideal for barbecues in the summer.

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In fact, you could probably invite the whole street around.

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I asked a local estate agent to come and have a look at this

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unassuming little terraced house.

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It's a lovely house, nice little cottage property in a good location.

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Ideal for a first-time buyer or to rent, buy to rent out.

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I'd do a very simple renovation job on this property, redecorate, recarpet, just touch up where

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it's rough around the edges and improve those little bits.

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Once that work is done, how much could it sell for?

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When finished, I'd have thought this property would achieve around £70,000-75,000 on the open market.

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If it sold for its £49,000 guide price, that would mean a cracking

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£26,000 pre-tax profit, minus any renovation costs of course.

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What about its rental value?

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I'd expect the property to achieve in the region of £400 - £425 per calendar month.

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So, despite this property's dark interior, its prospects aren't gloomy at all.

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# It's dark as a dungeon

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# Way down in the mine... #

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Well, this is a good little property, isn't it?

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OK, the decor was a bit unusual but apart from that, good location,

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these rent out 10 a penny every day, or a nice place to live, a starter home. A great one to go for.

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Let's see who fancied it when it went under the hammer.

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Lot number nine is 26 Midland Road in Heanor,

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a good investment opportunity.

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Who's got £50,000 to start me? £50,000? 50, 48, 48 I have.

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At £48,000. At £48,000 bid.

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49 on the left, 50,000.

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At £50,000, 51 at the back.

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52, 52, 53, 54. 54,000, and five?

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54 and a half. 55, 55,500.

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56,000, 56,500?

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The bid is here at 56,000, we're going to sell, at £56,000. All done with it?

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56, any higher bid, quickly?

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Once, 56,000, twice.

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Third time, all done?

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Sold at 56,000.

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And the new owner is Brian.

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He runs a computer company and lives in nearby Ashbourne with his partner Karen and daughter Holly.

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He paid £56,000 for the property, Seven grand over the guide price.

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I caught up with him there to find out his plans.

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Brian, lovely to meet you. Congratulations.

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Thank you, very much.

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So, why did you want to buy this house?

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It was bought out of the fact that my money was doing nothing in the bank.

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The interest rates had disappeared and I figured putting the money into

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something is better than putting it into nothing.

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I watch your show all the time.

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-Good man.

-And I know Heanor reasonably well, so I just saw it,

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I looked through the letterbox, and that was it, give it a go.

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-You didn't come round?

-No.

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-GASPS

-You said you watch the show a lot!

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I did read the notes, things to be aware of. I remember that much.

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But my total viewing on this house was looking through the letterbox.

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As Brian is an avid viewer of the show, I'm shocked he bought the house blind.

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It's a very risky thing to do and could end up costing him in the long run.

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What did he think when he finally saw inside?

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-I saw it about two days ago, and I was relieved, I'd say.

-Uh-huh.

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I spoke to people, and it had a roof upstairs and there was no water,

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didn't smell of damp, so I was reasonably confident it would be OK.

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More work than I probably thought, but equally, it's all do-able.

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-What about this really interesting decor?

-HE LAUGHS

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-It's a look, isn't it?

-Yes!

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Hopefully, most of it'll be gone with a bit of luck.

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-Some of it's all right, some of it's quite quaint.

-Well, yeah.

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We're on a terraced street, I wouldn't imagine there used to be wood beams in it.

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I don't know if they're original or not. We'll have to see.

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I'd hazard a guess that they're not, but they're a feature all the same.

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I'd either take them down completely or strip and paint them white,

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making the place look bigger and brighter.

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In fact, there's not much natural light in the rest of the house.

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But Brian has a plan to fix that.

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The idea is to knock walls down, open it up and make it brighter, because it's very dark.

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That's the first thing I noticed.

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If I can do it, that's my first thing to be able to do.

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I mean, keep up some of the charm, then that might help it.

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If I can, take the wall down there, open up the space to a big living room/dining room.

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If I can do it, put a small corridor in upstairs off one of the bedrooms, and put the bathroom upstairs.

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That's what I'm hoping to do. Freshen the place up, brighten it up,

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do the back garden because that needs tweaking, and hopefully make it a much airier space.

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You need light in this kitchen.

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It's very dark in here, very dark.

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Brian has always been interested in property development.

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He started a project a few years ago with his business partner,

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but unfortunately didn't make much money.

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# Money for nothing and the chicks for free... #

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I did one before and I think I made a grand total of about £50, if I was lucky.

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-What?

-I made the fatal error of designing the house for me.

-Ah!

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Even though I was never going to live in it. I spent too much,

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let people buy parts for me I should have bought myself,

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so the lessons learnt, I'll bring into this and hopefully make a profit.

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It's absolutely vital to project manage your building work property.

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But Brian is also going to rely on friends and family to help with some of the work, to keep costs down.

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He's given himself a budget of eight to ten grand for the work, and eight to ten weeks to finish it.

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What's the bigger picture plan? Are you going to do it up, sell it on?

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It changes every time I come in!

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I originally bought it thinking we'd rent it, that's what I thought we'd do, that was the plan,

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to put back the interest I was losing at the back.

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Then I thought, I might have a go at selling it. I'm on the fence.

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I'm leaning towards selling it at the moment. Again, it's the availability of mortgages.

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That might focus us to have to rent it.

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A first-time buyer may well struggle to get a mortgage, so it may well get rented. We'll wait and see.

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I'm hoping to buy one or two more if I can, and get a portfolio going and see where we go from there.

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-Well, congratulations, and we look forward to see how you get on.

-Thank you, very much.

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Well, like many people, Brian decided that his money is much better off in bricks and mortar,

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rather than in the bank getting no interest and I agree with him.

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A bit concerned as to whether or not he's learnt from his mistakes in the past on his renovations,

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but hopefully he has. You can find out later in the show.

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In the autumn of 2007,

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I travelled to Kent to see a rather quirky and interesting lot.

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The two most important factors for a move out of London are commutability and schools.

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Tunbridge Wells offers both, so when you hear of a lot with a guide price

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of just 130-150,000, that makes you sit up and take notice.

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So is it anything like these properties?

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This lot sits on a nice residential road with lovely houses,

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and property prices range from £180-240,000. So that guide price is far too modest,

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until I tell you the lot up for auction today isn't a house, it's a stable.

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It looks more like a dilapidated storage area to me.

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But I'm not downbeat about that, because the auction catalogue hints at something very exciting indeed.

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It says the building is considered suitable for a variety of uses, or perhaps the possibility

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of demolition, knocking it down, and rebuilding something else here,

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subject to all the necessary consents being obtainable of course.

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Now that's interesting.

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It's certainly widened my eyes.

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It's obvious this stable hasn't seen too many horses over the last few months.

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It's funny, it's more like an old workshop. By the looks of things, they've left so much wood.

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It smells really lovely. There's even stacks of the stuff left up there.

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It's hard to imagine building a house on just this footprint alone.

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I'm wondering what's round the back of here. There must be more.

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Despite its recent use as a joinery workshop/timber storage,

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it was a stable, long before the current houses were built.

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The horses have well and truly bolted now.

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What's left is a building rather out of sorts with the rest of the street.

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As well as a substantial stable, you also get a huge plot.

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Imagine those development opportunities.

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Now that 130-150,000 guide price makes more sense.

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What's on offer is an opportunity for a new build, but it'll be a gamble.

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No planning permission has been granted.

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But it's on a residential road and I think a house would sit better here than the current structure.

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But as that's already there, the chances of building something else here are pretty good.

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Maybe someone will want a place to keep their ponies or horses,

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but with such a central location and the hint of development,

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I doubt there will be many equestrians interested in this one.

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This has got speculative developer written all over it.

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Let's go to auction.

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As this lot came at the end of the auction, the room is fairly quiet.

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So, was there the chance of a bargain?

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Lot 170, we move to the stable, Springfield Road,

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Southborough, Tunbridge Wells.

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130 to start me?

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Anybody would like to join in? 120?

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120? Yes, at £120,000 is bid, 125 for anyone else?

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125 I'm bid.

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130, 130 is bid. 135?

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135, 140.

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135, the lady's bid. 140 for you?

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137, 137 is bid. 140?

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140 I have. 142?

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At £140,000, it's the lady's bid, at 140 then I'm selling if you're shaking your head?

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At £140,000 is bid on my left hand side, for the first time at 140,000.

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For the second time at £140,000.

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You lose it at 140,000, third and final time, are you all done?

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Sold at 140.

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Well, I wouldn't really say bargain, but when the hammer fell at 140,000,

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the new owner became local lady, Margaret.

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She's a part time management trainer who dabbles in property development on the side.

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While her daughter Becky explores the site further

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I caught up with Margaret to find out why she wanted this place.

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I knew a builder who was interested and knew the people who owned it,

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and I think he'd been trying to buy it for a few years, and then

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I happened to drive past one day and saw the auction sign and thought, "Right, that's it, I'm going."

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That was three days before the auction, so it was a bit of a mad panic to get all the bits and pieces,

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but we got them and I went and here we are.

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What are you going to do with this place?

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We're planning on putting a four bedroom detached house on it.

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-So you're going to demolish it.

-Yes, completely.

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Take it back to the building line in the street and put a four bedroom, three storey house on it, we hope.

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With or without a builder on board, this is a big project.

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It's got no current planning permission and plans will need to be drawn up and submitted.

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Margaret needs to install the services and then knock down the building to create a new one.

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No mean task.

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So what experience have you got within the property world?

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I've been renovating houses off and on for about 20 years,

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but always just bought renovated, lived in and mainly sort of Victorian properties and things like this,

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but I have always fancied the idea of doing a new build, so this is a step into the unknown.

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So is this your dream, building a brand new house from scratch?

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Yes, I suppose it is. It's a dream that I've held for a while.

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Whether this will be my dream house is a different matter, but certainly

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it's a dream that I've wanted to build something from scratch, yes.

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-Are you going to live here?

-Eventually.

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Once the house is built, yes, I'll sell the house that I'm living in and move in here,

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and then we'll stay here until we find the next project.

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So Margaret is using this as a stepping stone to gain experience of the complex world of new builds.

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But it's an expensive way of learning and she's already paid 140,000 for the stables and land.

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How much money have you got to spend on this?

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If you include bringing in all the services, we're hoping to get the building about 200,000,

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but then probably bringing in, because there's currently no gas, no water, no nothing.

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If you include all the legals and everything, probably about 250,000.

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OK, what do you think the house will be worth once you've done it?

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We'll hopefully be at break even point.

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That kind of budget potentially takes her costs up to £400,000.

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With an estate agent valuation of around 275, I'm already worried

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Margaret could be lining herself up for a big financial fall.

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She's also got a few practical problems, too.

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What are you worried about?

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Getting planning permission, first of all.

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The Japanese knotweed which is currently infesting the garden, which I didn't know anything about.

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Tell me about it. What is it?

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It's a horrendous weed apparently that was brought in by the Victorians.

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It's an ornamental shrub, but is incredibly invasive.

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It's classed as an environmental hazard so you've got to have it cleared by somebody who's licensed

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to clear it, and you've got to get the necessary certification

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because it'll grow through concrete, tarmac, through just about anything and everything.

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So it's got to be treated with care.

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But I've had a company in, they've had a look at it and they think that

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it's not too big a problem, according to them.

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Let's hope they're right because Japanese knotweed could scupper everything.

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There's a legal requirement to remove it to a registered site,

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which could cost between 10,000 and 50,000!

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So potentially a massive blow.

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So do you feel you've taken a huge risk in even buying this place?

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Yeah, I mean...

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Mortgaged up to be hilt at the moment, ready for it, so yes, it is.

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First time I've ever done a new build, so yeah, big risk.

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But exciting as well.

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The pendulum swings from one end to the other and it's kind of, "Oh, my God, what have I done?"

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To "Wow!"

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And all points in between, really.

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That was back in 2007.

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And boy, wasn't Margaret right? This was one tough project for her.

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There were quite a few downs and some extremely knotty problems

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to untangle before finally the old stables became a house.

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You can see the end result later in the show.

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Coming up, from the front this flat in Wiltshire seems quite small.

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And then you discover this room!

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Absolutely superb!

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Back in Tunbridge Wells and some serious problems.

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My thought was, well, it's only a plant, how difficult can it be?

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But I was a bit naive.

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But first we return to Derbyshire to hear whether there were any unforeseen problems.

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My total viewing on this house was looking through the letterbox.

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We're back in Derbyshire at this two bedroom terraced house in Heanor.

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Brian, who runs his own IT company, bought it at auction for £56,000.

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He thought he could make a better return on his money than by leaving it in a bank.

0:20:310:20:35

Interest rates have disappeared. I figured that putting money into something is better than nothing.

0:20:350:20:40

So what has he done here?

0:20:400:20:43

We caught up with him four months later and discovered there have been quite a few changes.

0:20:430:20:48

The main things I've done is completely redesign the whole layout.

0:20:520:20:57

I've moved the bathroom from the back of the house upstairs.

0:21:020:21:05

Moved the kitchen from the middle of the house to the back.

0:21:080:21:11

We've rewired it, we've plumbed it, fitted new windows where necessary,

0:21:150:21:19

we've redecorated it, we've recarpeted it.

0:21:190:21:21

So pretty much a complete refurbish.

0:21:210:21:23

The whole house looks much more modern and attractive.

0:21:230:21:26

The main layout change was downstairs.

0:21:260:21:29

The living room once led on to a kitchen in the middle of the house,

0:21:290:21:33

but now there's a bright kitchen where the bathroom used to be.

0:21:330:21:36

I noticed when I bought the property completely blind, was that this was the kitchen.

0:21:360:21:41

It was really dark and depressing, because there was no natural light.

0:21:410:21:44

One of my key things to do was to move the kitchen backwards,

0:21:440:21:47

towards where the natural light was and bring a window in.

0:21:470:21:50

So we've moved the kitchen to where the bathroom used to be, put that upstairs.

0:21:500:21:55

This is a nice dining area with a separate wall to give us a study.

0:21:550:21:58

We've opened up into a nice kitchen.

0:21:580:22:00

Again, that goes into the utility area and I'm really pleased with it.

0:22:000:22:04

And what a great job he's done.

0:22:040:22:06

The kitchen is smart, bright and flooded with natural light.

0:22:060:22:09

That little extra room will come in handy, too.

0:22:090:22:13

I wanted to create some space downstairs where somebody could have a living room

0:22:130:22:17

and a hobbies area because a lot of people have a computer and that type of thing.

0:22:170:22:20

So we've got a hobbies area and a dining area.

0:22:200:22:23

It's given us a lot more space so you can do different things.

0:22:230:22:26

Somebody can be in the kitchen, the living room or on the computer.

0:22:260:22:29

Rather than being a small terraced house, it's a much bigger feel to it now than it did before.

0:22:290:22:34

Brian shifted the toilet upstairs, which I was hesitant about due to the costs involved.

0:22:340:22:40

But he was determined to 'loo-se' it from downstairs.

0:22:400:22:44

I wouldn't want to live in a house with a downstairs bathroom because the bedrooms are so far away.

0:22:440:22:49

We all want a bathroom upstairs, so we put it upstairs, into the back bedroom,

0:22:490:22:53

but still managed to retain enough space in the bedroom for it to be useful.

0:22:530:22:59

Even after buying the bathroom suite I was worried how we'd get it in.

0:22:590:23:02

We took the window out of the back of the house to bring the bath in.

0:23:020:23:05

So it was a challenge and it's worked out really well.

0:23:050:23:08

And it's a clever renovation, too. Brian has managed to keep the two bedrooms

0:23:080:23:11

whilst opening the whole place up, making it feel much lighter.

0:23:110:23:15

Brian went over his seven and a half grand renovation budget

0:23:210:23:25

as unforeseen problems raised it by four grand to 11,500.

0:23:250:23:29

But that's the risk when you buy blind.

0:23:290:23:31

When I bought the property I didn't look at it at all.

0:23:310:23:34

It was literally through the window, so that was fun.

0:23:340:23:37

Certain things that I thought would probably want doing that I had underestimated.

0:23:370:23:41

Electricity was one of the things. I thought we'd add a few extra sockets, that ended up a complete rewire.

0:23:410:23:46

And damp as well, there was damp in the property

0:23:460:23:49

as I didn't get in the property I wasn't able to have a sniff. So that was a problem.

0:23:490:23:53

Again, those were the two main horrors on the project.

0:23:530:23:56

The rest of it was things that I expected.

0:23:560:23:58

It went over a bit in terms of what I've spent,

0:23:580:24:01

but overall I'd say the wiring up and the damp have been the two unforeseen problems.

0:24:010:24:06

Luckily, help was on hand in the form of his brother Andrew.

0:24:060:24:10

In fact, Brian took a hands off approach to the project.

0:24:100:24:13

It was actually Andrew who was in charge of the day to day work.

0:24:130:24:17

The moment I bought the property, the first person I wanted to get involved was my brother.

0:24:260:24:31

He's very, very hands on. He runs his own business as well, which is really good.

0:24:310:24:35

He knows lots of people who are very good.

0:24:350:24:37

He was the first person I brought in and he's been brilliant. I've enjoyed working with him.

0:24:370:24:42

I've not done as much as I would have liked in terms of labour,

0:24:420:24:45

but I've been very much involved on decision making. It's been brilliant.

0:24:450:24:48

The whole family chipped in. Brian's dad is a keen gardener and sorted out the overgrown mess at the back.

0:24:480:24:56

His mum helped with the decorating, which is just as well as it doesn't

0:24:560:25:00

sound like Brian is too handy around the house.

0:25:000:25:03

I'm absolutely useless when it comes to anything hands on.

0:25:030:25:06

If I opened a tin of paint, I'd have spilt it and caused chaos.

0:25:060:25:10

I'm very much of ideas, and I know what I want.

0:25:100:25:12

I'm good at the vision, but somebody like my brother is

0:25:120:25:15

really good at making the vision a reality and it's been brilliant.

0:25:150:25:18

But has that vision added value to the house?

0:25:180:25:21

Brian has spent a total of £67,000 on it.

0:25:210:25:25

He bought it for 56 grand and spent 11,000 on the work.

0:25:250:25:30

I asked two local property experts for their opinions on the place now.

0:25:300:25:35

My first impressions, coming back to the house, are very good.

0:25:380:25:42

They've done a superb rework of the internal layout of the house

0:25:420:25:45

and also done a very nice job of the decor and finishing up.

0:25:450:25:50

My first impression is they've done a great job,

0:25:500:25:53

certainly the kitchen and bathroom, it's excellent.

0:25:530:25:56

The fact they've moved the bathroom upstairs is a real winner.

0:25:560:25:59

When I first saw the property it was difficult to imagine whether

0:25:590:26:02

you could do it and keep it as a proper two bedroom property.

0:26:020:26:05

They've achieved that, which is really good.

0:26:050:26:07

By moving the bathroom upstairs they've appealed to more buyers.

0:26:070:26:11

A lot of people don't like ground floor bathrooms so it has opened the market up considerably for them.

0:26:110:26:16

The kitchen itself is quite bright and airy, and they've opened it right up.

0:26:190:26:23

It's a nice, family kitchen,

0:26:230:26:25

quite a lot of appliances plus the utility as well,

0:26:250:26:28

which is quite a bonus, really, for a mid-terrace property.

0:26:280:26:30

How much do they think it could resell for in the current market?

0:26:300:26:35

I'd put it on the market for around £85,000.

0:26:350:26:39

If I had to put the property on the market I'd put it on the market in the region of £85,000.

0:26:390:26:43

I think that's great.

0:26:430:26:46

Prior to doing the work, 80 to 85 was what we were looking to achieve.

0:26:460:26:49

Yeah, I think that's very good.

0:26:490:26:51

Better than what we expected to get as well. That's really good.

0:26:510:26:54

As Brian's total spend was £67,500, including building costs,

0:26:540:27:01

that would mean a healthy profit of around £17,500 minus deductions.

0:27:010:27:07

But how much could the property rent for?

0:27:070:27:10

It'll probably achieve in the region of £450 per calendar month on the rental market.

0:27:100:27:14

This property would achieve £450 per calendar month on the open rental market.

0:27:140:27:18

That's a high figure, actually.

0:27:180:27:20

It's a lot higher than you'd expect.

0:27:200:27:22

Yeah, £50 higher than I'd have thought.

0:27:220:27:24

You said 400 to 420, didn't you?

0:27:240:27:26

If that. If they can achieve it, that's a very good figure.

0:27:260:27:29

It sounds like the brothers' first project together has been a success,

0:27:290:27:35

but would they work together again?

0:27:360:27:39

Definitely. I think we definitely will. I've not been here that often, which probably has been fine

0:27:390:27:45

-as you've been able to get on with it.

-Definitely.

0:27:450:27:47

We work well as a team anyway, and we're good friends and brothers as well, so...

0:27:470:27:51

Andrew is even willing to forgive Brian for his lack of DIY skills.

0:27:540:27:59

He's very bad at DIY. He's good at promising me he'll be here,

0:27:590:28:02

but unfortunately he gets tied up so I end up doing most of the work, which I enjoy doing anyway.

0:28:020:28:07

-I give him something to do.

-Ha! Yeah, thanks for that.

0:28:070:28:10

Welcome to Warminster in Wiltshire.

0:28:130:28:17

This pretty town lies southwest of Salisbury Plain at the head of the beautiful

0:28:170:28:21

Wylye Valley with its attractive villages and impressive landscape.

0:28:210:28:25

It's also very near Longleat, home of the UK's first ever safari park.

0:28:250:28:30

But I'm hoping the property I've come to see doesn't turn out to be a white elephant.

0:28:300:28:36

# Love is, love is a big scary animal... #

0:28:360:28:41

Well, I'm right here in the centre of the town.

0:28:410:28:44

Up for auction was a Grade II listed, three storey building.

0:28:440:28:48

It's got a retail unit on the bottom

0:28:480:28:51

and a two bedroom flat above, and a guide price of 130,000 quid -

0:28:510:28:57

that sounds pretty good, doesn't it?

0:28:570:28:59

And it looks pretty good, too.

0:28:590:29:03

There's a period roof with gorgeous little windows upstairs and the commercial premises on

0:29:030:29:07

the ground floor appear to be in tip top condition.

0:29:070:29:10

But it turns out it has a very varied past.

0:29:100:29:13

I've been asking around and apparently this place has been everything from a map shop

0:29:130:29:19

to an optician's to a Chinese restaurant to more recently an interior design show room.

0:29:190:29:24

That does slightly concern me because if all those businesses have failed, well...

0:29:240:29:29

Anyway, what have we got, though? A really nice commercial space here.

0:29:290:29:33

I love the fact it's got these features. A lovely old fireplace.

0:29:330:29:36

This would work well as something like an interior design place.

0:29:360:29:40

Again, as you come through what's a fairly nice open space, another fireplace here.

0:29:400:29:45

Lovely. Then out the back, extra space, which could be an office area

0:29:450:29:50

or whatever you wanted, and further on a bit of a garden area, too.

0:29:500:29:53

So it's all pretty good, light and airy. We like that.

0:29:530:29:56

The only thing I haven't found yet...

0:29:560:29:58

is the entrance to the flat.

0:29:580:30:01

A-ha!

0:30:010:30:02

That's not good, is it? You have to come through the shop to get to the flat.

0:30:050:30:09

# Trying to make some sense of it all,

0:30:090:30:12

# But I can see it makes no sense at all... #

0:30:120:30:16

The property was built in the 18th century and is Grade II listed.

0:30:160:30:20

That means you might not get planning permission to change that entrance to the flat.

0:30:200:30:25

It may not be very convenient, but for now, we're just stuck with it.

0:30:250:30:29

I went up to the top floor to check out those bedrooms.

0:30:360:30:41

When you come up those stairs, you don't know what you'll find,

0:30:410:30:45

and then you discover this room.

0:30:450:30:48

Absolutely superb!

0:30:480:30:50

I love the open beams and the fact that it's got all these angles.

0:30:500:30:54

It's just got so much character.

0:30:540:30:57

Little windows. You are on the high street, so it might be a bit noisy.

0:30:570:31:00

But there's windows at both ends, so lots of light.

0:31:000:31:04

There's also another smaller bedroom on the other side, no windows in that one, but a very useable space.

0:31:040:31:09

And it literally is, for me, the icing on the cake.

0:31:090:31:13

# Sugar...

0:31:130:31:15

# Aw, honey, honey... #

0:31:150:31:19

To sweeten it even more, on the first floor there's a newly-tiled bathroom and a neat kitchen.

0:31:200:31:26

This has a handy serving hatch into a great dining space,

0:31:260:31:30

which in turn leads on to a well-proportioned living area.

0:31:300:31:34

The whole place could do with a little bit of work to polish those edges, but nothing major.

0:31:360:31:43

The cherry on the cake is a massive garden out the back.

0:31:430:31:47

It needs a bit of love and attention but it's a great space.

0:31:470:31:50

What will a local estate agent make of it all?

0:31:520:31:54

I invited one round to have a look.

0:31:540:31:57

It's a small commercial shop which is in fairly good order throughout.

0:31:570:32:00

There is a two-bedroom flat over it which does need some TLC.

0:32:000:32:04

Biggest negative is, the flat is accessed through the commercial property.

0:32:040:32:08

This means that the only buyers will likely be an owner/investor,

0:32:080:32:13

someone who'll live on the property while using downstairs as a shop.

0:32:130:32:17

Despite the large garden at the back, there's no garage, and the parking is limited out the front.

0:32:170:32:25

The property's in the town centre, so parking is to a minimum.

0:32:250:32:27

There is no parking with the property itself.

0:32:270:32:30

However, there are various one-hour, two-hour spaces within easy walking distance.

0:32:300:32:35

So, what can you rent it out for?

0:32:370:32:40

To rent the property out in its entirety, we're looking at around about 7 to 7,500 per annum.

0:32:400:32:46

What if the buyer were to resell?

0:32:460:32:49

Once renovated and someone puts a lick of paint on, changes the kitchen and bathroom upstairs,

0:32:490:32:54

you're looking at the region of 150,000 to possibly £175,000.

0:32:540:32:59

If bought at that guide price of 130,000, that could be a fantastic pre-tax profit of up to 45 grand.

0:32:590:33:08

There may not be any stock on display in the shop just yet,

0:33:080:33:11

but I reckon this property could fly off the shelves.

0:33:110:33:14

This is without doubt a very interesting opportunity.

0:33:140:33:20

You've got the flat and the shop,

0:33:200:33:22

which gives you the opportunity for lots of different revenue streams.

0:33:220:33:26

But previous businesses here have failed,

0:33:260:33:29

and access is definitely an issue,

0:33:290:33:32

so it's not all plain sailing.

0:33:320:33:34

But overall, I'm sure someone fancied the opportunity when it went under the hammer.

0:33:360:33:41

Let's move on, then, to 15, George Street, Warminster.

0:33:410:33:46

120, we'll start there, shall we? £120,000. I'll go in twos. 122. 124.

0:33:460:33:52

At 124,000. 126.

0:33:520:33:55

At £126,000. 128 in the middle.

0:33:550:33:59

At £128,000.

0:33:590:34:02

I'll take 30 from anyone. At 130.

0:34:020:34:04

32. 4. At 134. 136. 38. 40?

0:34:040:34:10

At £138,000. I'll take 140, OK.

0:34:100:34:13

And 2 round the corner. At £140,000. 2, anyone?

0:34:130:34:17

Otherwise, £140,000, for the first time. Take 2 or 1, if you like.

0:34:170:34:21

142, OK, thank you very much at the back. At £142,000.

0:34:210:34:25

I'll take 4 from anyone else. Or 3 if you like, over there.

0:34:250:34:28

Yes or no? Otherwise, £142,000 for the first time.

0:34:280:34:33

Right at the back, £142,000. For the second time at 142.

0:34:330:34:37

Third and last time. Your number, sir, is?

0:34:370:34:41

The successful bidder there was Tom, who lives just round the corner from the property.

0:34:410:34:46

He paid £142,000 for it, 12 grand over the guide price.

0:34:480:34:53

Tom's the co-owner of an eco-conscious furniture retailer.

0:34:530:34:57

I caught up with him back at his new house/shop.

0:34:570:35:01

Tom, good to meet you. Congratulations. Really interesting property.

0:35:030:35:07

-Why did you want to buy it?

-A few life changes have gone on.

0:35:070:35:11

Three years ago, I had a double bypass.

0:35:110:35:13

-I'm a fitness fanatic.

-Right.

0:35:130:35:17

Mountain biking, windsurfing.

0:35:170:35:19

I was out on a 20-mile cycle ride, got back, then the problems started.

0:35:190:35:26

So, rushed to Bath Hospital, five and a half weeks later, double bypass, and that was that.

0:35:260:35:33

Got myself back on track, I went travelling round

0:35:330:35:35

Spain for six months, came back, decided to set up a small business.

0:35:350:35:39

So I've been looking out for something to have a go with.

0:35:390:35:42

So, once Tom recovered, he decided to turn his life around by giving up his furniture-sales job

0:35:420:35:49

to go into business for himself, selling eco-friendly furniture imported from South Africa.

0:35:490:35:55

This property was the ideal place for his latest venture and new home.

0:35:550:35:58

At the moment, he's renting nearby.

0:35:580:36:01

I only live about 100 yards up the road.

0:36:010:36:04

I was walking down the street one evening, saw the sign up there, "To buy",

0:36:040:36:09

and zapped off to auction a week later.

0:36:090:36:13

-Happy with what you paid?

-Totally, yes.

0:36:130:36:16

My figure was probably going to go another 10,000, so it stopped at the right time.

0:36:160:36:20

And with that ten grand he didn't need to spend buying the flat and shop,

0:36:200:36:24

Tom could afford the work needed to fix them up.

0:36:240:36:28

And it's the plan to run the downstairs as a shop and you live upstairs?

0:36:280:36:34

Exactly, yes. Very much so.

0:36:340:36:36

So, on site all the time.

0:36:360:36:38

There is an issue about living and working in the same place.

0:36:380:36:41

Sometimes that doesn't work too well, you can never escape from work. Are you worried?

0:36:410:36:45

No. There's probably be a "Gone windsurfing" sticker

0:36:450:36:50

across the front door most of the time, so see what happens!

0:36:500:36:53

It's good to hear Tom's going to take a relaxed approach, especially after all he's been through.

0:36:590:37:05

He's trying to take the stress out of the work by doing a lot himself and getting some help from friends.

0:37:050:37:11

I've got good friends, electricians, plumbers, so bring the guys in and get it done.

0:37:130:37:18

I've got friends who are shop dressers, hopefully get a few ideas from them,

0:37:180:37:24

-and see what we can come up with.

-Right. What sort of budget have you put aside for the work?

0:37:240:37:28

I think for kitchen, bathroom, carpets, within 10,000 should sort all that out.

0:37:280:37:34

And buying a bit of stock, as well, on top of everything else, probably another 10,000 to do that.

0:37:340:37:40

What kind of timescale have you got to make it work?

0:37:400:37:44

Have you got a cut-off point in your head?

0:37:440:37:46

I wish you all the best, but running a business is never easy,

0:37:460:37:49

so will you draw a line under it if it does work or doesn't work?

0:37:490:37:54

Totally, yeah. The whole thing is whether you could convert it back into a house.

0:37:540:37:58

At the moment, it's paid for, it's done.

0:37:580:38:01

If the business succeeds, it's icing on the cake.

0:38:010:38:04

So... At the moment, I'm renting accommodation, and that's just

0:38:040:38:09

paying money out month after month, so here it's all paid for, done.

0:38:090:38:13

In the worst-case, you've got somewhere to live, so if the business is a success, it's a bonus.

0:38:130:38:18

-Exactly, yeah.

-It certainly sounds like Tom has made a good purchase

0:38:180:38:22

for the new lifestyle he plans for himself.

0:38:220:38:24

Well, a new life for Tom, and I wish him all the best with it.

0:38:250:38:30

The biggest challenge ahead is, will his upmarket furniture business work in Warminster?

0:38:300:38:36

Sorting out the flat I don't think is going to be too much of a problem.

0:38:360:38:39

You can find out how he gets on later in the show.

0:38:390:38:42

Time has passed since we last saw those properties and we are dying to find out what happened to them.

0:38:450:38:50

-Have they been transformed or are they still exactly as they were?

-Let's find out.

0:38:500:38:56

It was back in the autumn of 2007 when I first visited Tunbridge Wells

0:39:000:39:05

and came across a building known locally as The Stables.

0:39:050:39:08

This old workshop-cum-storage area was sandwiched between

0:39:080:39:12

residential properties, and had a reasonable amount of land.

0:39:120:39:16

It seemed ripe for development, but without planning permission in place, buying it was risky.

0:39:160:39:22

But this was a gamble local resident Margaret was prepared to take,

0:39:220:39:26

and she bought it at auction for the not-insignificant sum of £140,000.

0:39:260:39:32

So what are you worried about?

0:39:320:39:34

Getting planning permission, first of all!

0:39:340:39:37

The Japanese knotweed that's currently infesting the garden, which I didn't know anything about.

0:39:370:39:42

When we returned for the first time, ten months later, progress was slow,

0:39:460:39:50

and it seemed Margaret was right to be worried.

0:39:500:39:52

When we found out there was knotweed on the site, initially

0:39:570:39:59

my thought was, "It's only a plant, how difficult can it be?"

0:39:590:40:04

But I was a bit naive in that view.

0:40:040:40:08

Yes, Japanese knotweed is horrible stuff.

0:40:080:40:12

Not only is it very invasive, it can grow through concrete,

0:40:120:40:16

and you need to remove every trace of it, or it'll come back.

0:40:160:40:19

It's incredibly hard to stop.

0:40:190:40:21

Getting rid of it comes at a cost.

0:40:310:40:34

Margaret had to fork out £12,000 to deal with it, and a copper-lined

0:40:340:40:38

membrane was put in place to make sure it can't come back.

0:40:380:40:42

And as if that wasn't enough to contend with, there was the small matter of planning permission.

0:40:420:40:48

The initial planning application was for a three-storey, four-bedroomed

0:40:480:40:51

house, which we felt would be in keeping with the street scene.

0:40:510:40:54

Eventually, after three planning applications, we eventually got a three-bedroomed, two-storey house.

0:40:540:41:02

To say things weren't going too well was an understatement.

0:41:020:41:05

With costs spiralling and the property market falling, Margaret was between a rock and a hard place.

0:41:050:41:11

But she decided she had no option but to push on and build.

0:41:110:41:15

And now, two years after she bought the old Stables, we're back.

0:41:240:41:29

At last, Margaret can walk into the three-bedroom house that she's built.

0:41:390:41:42

But the house is not as big as she'd originally planned, so she decided not to move in.

0:41:500:41:54

But that didn't put her off continuing with the project, and it's a testament to her persistence.

0:41:540:42:00

I don't think there was ever a time where I was going to give up,

0:42:000:42:02

because we couldn't, I couldn't give up. It had to be completed.

0:42:020:42:06

I don't know about being upbeat.

0:42:060:42:08

Sometimes I'd run screaming for the hills!

0:42:080:42:12

But I think you've kind of got to.

0:42:120:42:14

I suppose now we're seeing the end of the project, and hopefully,

0:42:140:42:18

I'm starting to see the light at the end of a very long tunnel.

0:42:180:42:21

It's now nearly ready to go on the market, with a tiled floor

0:42:210:42:25

in the entrance hall, a downstairs cloakroom...

0:42:250:42:29

a good-sized living room...

0:42:350:42:39

and a fabulous modern kitchen area.

0:42:390:42:42

This is one of my favourite rooms in the house.

0:42:450:42:48

It's nice and light and bright with the windows and the doors.

0:42:480:42:52

The kitchen has come up really well, with the wood and the granite.

0:42:520:42:57

There's fitted units, washer,

0:42:570:43:02

fridge freezer is over here.

0:43:020:43:08

So, plenty of storage.

0:43:080:43:12

I think it's going to be a nice family room, which people can enjoy

0:43:120:43:17

and live in, and obviously use the garden if they've got children.

0:43:170:43:21

And it's a great enclosed family garden.

0:43:210:43:24

Thankfully, there's not a knotweed in sight!

0:43:240:43:27

When we changed the design from a three-storey to a two-storey, we

0:43:270:43:30

had to change the layout slightly, so we've now got two bedrooms at the back,

0:43:300:43:35

nice family bathroom, and this is the main bedroom with the en suite.

0:43:350:43:40

There's built-in storage, TV point up on the wall,

0:43:400:43:45

so people can have a flatscreen and lie in bed and watch TV.

0:43:450:43:49

It's south-facing, so it'll be a nice, light, bright, airy room.

0:43:490:43:54

This may not be the biggest house in the world, but Margaret and her architect have made the most of

0:43:540:43:59

the space, and created a really pleasant family home.

0:43:590:44:03

But in reality, Margaret had hoped for so much more.

0:44:030:44:07

The whole planning process, I think I was a little naive, in that I thought that,

0:44:070:44:13

providing we had a reasonable plan that fitted in with the location

0:44:130:44:18

and the street scene, that there wouldn't be a problem.

0:44:180:44:21

I didn't foresee the huge problems that would come out of that process.

0:44:210:44:27

Margaret is clearly disappointed not to have got permission to build a bigger house,

0:44:270:44:32

especially as it now seems rather dwarfed by those beside it.

0:44:320:44:35

Her original plans might have cost more, but could have given her

0:44:350:44:40

a better chance of seeing a reasonable return on the project.

0:44:400:44:43

Well, the original budget was probably about £250,000.

0:44:450:44:50

That got blown out of the water with the knotweed, I'm afraid.

0:44:500:44:53

Because, clearly, that was a huge exercise that we hadn't anticipated.

0:44:530:44:58

I think we're currently running at about 330,000.

0:44:580:45:01

So, Margaret reckons that after buying the stables, getting planning

0:45:020:45:06

permission, the build costs and removing the knotweed, her total spend is £330,000.

0:45:060:45:13

Can she hope to get anything like that for this three-bed house?

0:45:130:45:16

What do two local estate agents think?

0:45:160:45:19

I think she's done a pretty good job.

0:45:230:45:26

A tidy finish to at all.

0:45:260:45:28

It's fitted in the site quite well.

0:45:280:45:29

Got the off-road parking in. Not done a bad job at all.

0:45:290:45:32

A very nice kitchen, breakfast room.

0:45:320:45:35

Living room is a lovely size.

0:45:350:45:37

Sitting room's smaller, but I think families tend to live in kitchen living rooms nowadays.

0:45:370:45:43

She's specced the kitchen up well.

0:45:430:45:45

She's specced the bathrooms up well.

0:45:450:45:47

They've squeezed two bathrooms into a relatively small floor space,

0:45:470:45:52

which I think it is really going to add to it and make it attractive.

0:45:520:45:55

As a new-build,

0:45:550:45:57

it sits in amongst a lot of Edwardian and late-Victorian houses,

0:45:570:46:03

which tend to be a bigger scale than this.

0:46:030:46:06

But it sits quite neatly in the plot that it has.

0:46:060:46:10

So, a reasonably favourable response to the house.

0:46:100:46:15

But is its value anywhere near the £330,000 Margaret has spent on it?

0:46:150:46:20

In the current condition, with the market at the present time, I would

0:46:200:46:23

estimate putting this on the market in the region of £320,000 to £330,000.

0:46:230:46:28

For resale purposes I think that the asking price should be around about the £325,000 mark.

0:46:280:46:35

Both fair, I think. That's round about where we thought it would be, around at the 325 mark.

0:46:350:46:40

Still, obviously it doesn't reach break-even point. But that's just where the market is at the moment.

0:46:400:46:46

So, the resale prices aren't great news, but Margaret was

0:46:460:46:49

thinking about tapping into the rental market.

0:46:490:46:52

I'd have thought we could put it on the market for rental at about £1,200 per calendar month.

0:46:530:46:59

My own thoughts on rent are about £950 to £1,000 per calendar month on a rental basis.

0:46:590:47:07

Those rentals are OK, but will only bring in about 3.5% yield.

0:47:070:47:14

Is that enough to hang on to it or would Margaret rather just get rid of the house and move on?

0:47:140:47:19

I still think it'll be better to rent it out and see where the market goes.

0:47:190:47:23

If we can get a long-term rental, so much the better.

0:47:230:47:26

We'll just hope that the market recovers in the next few years.

0:47:260:47:29

This has been a stressful and draining project for Margaret.

0:47:290:47:32

So, presumably, she'll steer well clear of property developing for a while?

0:47:320:47:37

I'm a bit of a glutton for punishment,

0:47:370:47:39

but I'm going back to what I have always done, which is renovations.

0:47:390:47:42

I've done lots of renovations over 20 years.

0:47:420:47:45

This was the first new-build and, to be quite honest, I don't think I'll be doing another one.

0:47:450:47:50

After her knotweed nightmare, along with the strains of getting planning permission and then the bills,

0:48:020:48:08

you can understand why Margaret might avoid new builds from now on.

0:48:080:48:13

We're back in Warminster, where Tom had bought this shop

0:48:170:48:21

with an upstairs flat at auction for £142,000.

0:48:210:48:26

After a life-changing heart bypass operation, he gave up his sales manager job to become his own boss,

0:48:260:48:33

selling eco-friendly furniture.

0:48:330:48:36

Got myself back on track, went travelling around Spain

0:48:360:48:38

for six months, came back, decided to set up a small business.

0:48:380:48:42

So I've been looking out for something to have a go with.

0:48:420:48:46

So, how has he got on with the property?

0:48:460:48:49

We caught up with him two months later to see what changes have been made on the shop floor.

0:48:490:48:55

And gone is that empty shell.

0:48:580:49:00

The shop has been tastefully decorated with stylish fixtures and

0:49:000:49:04

fittings designed to show off the furniture and accessories on sale.

0:49:040:49:10

There wasn't a lot of work to do with the interior of the shop.

0:49:100:49:12

It was really a bit of a lick of paint.

0:49:120:49:15

It was a matter of putting blinds up on the windows.

0:49:170:49:21

We put some units in to some of the alcoves to display things.

0:49:210:49:27

Apart from that, getting the furniture and

0:49:270:49:29

the accessories have just made the whole thing look pretty good.

0:49:290:49:33

Tom didn't just use his eye for detail on the inside.

0:49:330:49:36

He painted the woodwork outside grey and, although he's happy now,

0:49:360:49:41

the first time round it wasn't dark enough.

0:49:410:49:44

# Don't be afraid of the dark

0:49:440:49:48

# Don't be afraid of the dark... #

0:49:480:49:52

I went back to the local supplier of the paint and got him to add more black.

0:49:520:49:57

Then add some more black, and again.

0:49:570:50:00

Finally, I walked away from the shop and the guy said to me, "Please don't come back and order any more."

0:50:000:50:07

I said, "What's the problem?"

0:50:070:50:09

He said, "Well, I'll never match it."

0:50:090:50:11

He said, "Now we're going to call it Tom's Grey.

0:50:110:50:14

So every time anybody says they like the colour, I tell them to go to the supplier and ask for Tom's Grey.

0:50:140:50:19

Tom's Grey? Hmm, I wonder how much it differs from that sky.

0:50:190:50:24

Upstairs in the flat above the shop, Tom has done another amazing transformation.

0:50:240:50:30

He's really lightened up the rooms and decked the whole place out with chic furniture.

0:50:300:50:36

Well, what do you expect with a whole shop full of stock downstairs?

0:50:370:50:42

The kitchen has been revamped with high-spec units, appliances and worktops.

0:50:420:50:48

But apparently there's no doors.

0:50:480:50:50

I brought in a couple of contractors to help me with this.

0:50:500:50:54

There's quite a bit of work done.

0:50:540:50:58

As you can see from before, we've boarded off the back wall, closed off the serving hatch

0:50:580:51:03

to give them space to put the fridge-freezer and another set of units.

0:51:030:51:10

We've mounted the cooker over the top of the stairs...

0:51:100:51:16

and got my dishwasher,

0:51:170:51:20

and lots of storage for quite a small space.

0:51:200:51:23

We've got a few little details which we're still working on at the moment with the kitchen.

0:51:230:51:28

The floor is an industrial vinyl.

0:51:280:51:32

It's got little metal chips in there which catch the light, which I thought was quite nice.

0:51:320:51:38

And, as you can see at the moment, we haven't got many cupboard doors up there. In fact, none.

0:51:380:51:44

But they've just arrived.

0:51:440:51:46

I'm really pleased with them.

0:51:460:51:47

We've just unwrapped the first one.

0:51:470:51:50

That's going to be the effect of the door.

0:51:500:51:54

So, looking forward to mounting these up here.

0:51:540:51:58

Hopefully, in the next week or so,

0:51:580:52:00

I'll be able to eat out of my kitchen rather than filling myself with takeaways.

0:52:000:52:06

There are a couple of other jobs around the flat still to be done, but nothing major.

0:52:100:52:15

Elsewhere, Tom has transformed the bathroom as well, ripping out that

0:52:150:52:18

old bath and fitting a superb walk-in shower - utilising the space much more effectively.

0:52:180:52:25

As far as the bathroom was concerned,

0:52:250:52:29

there was an interesting issue where the bath seemed to be a couple of inches...

0:52:290:52:35

deeper underneath than it was from the tiled wall.

0:52:350:52:39

I couldn't believe the tiles were so thick.

0:52:390:52:41

So when we took the bath out, we realised that they had studded out quite a bit.

0:52:410:52:46

So we took it right back and put an MDF wall in and tiled on to that for the shower area.

0:52:460:52:53

I gained an inch and a half. It doesn't sound a lot, but in a small space it made the difference.

0:52:530:52:59

So it was quite worthwhile.

0:52:590:53:01

It certainly was. Every inch counts in such a cramped space.

0:53:010:53:06

Although there is a bit of tiling left to do,

0:53:060:53:09

that's nothing compared to how much still has to be done in the garden.

0:53:090:53:13

The garden needs a makeover. But that will be something for the spring.

0:53:160:53:20

The garden hasn't had much attention, but that's because Tom was kept busy in the flat.

0:53:200:53:25

He worked seven days a week, late into the evenings for two months.

0:53:250:53:30

But he did get workmen and friends in to give him a hand.

0:53:300:53:33

I brought in a team for the renovation.

0:53:330:53:35

One guy who was working full-time during the week, he joined me at the end of the day and helped me work

0:53:350:53:42

until eight or nine at night...

0:53:420:53:47

Then I brought in several guys to help on the bathroom and kitchen.

0:53:470:53:51

And electrical work, which is not my forte,

0:53:510:53:54

I've got a good friend who's a very good electrician that's working on things.

0:53:540:54:00

With his team in place, Tom managed to get the shop renovated and fitted.

0:54:010:54:05

But it took longer than expected and the shop's opening was delayed by a few weeks.

0:54:050:54:10

We opened the shop only three days ago.

0:54:100:54:13

So we had a grand opening, very busy, lots of activity.

0:54:130:54:19

A mixture of friends coming in, people from the other shops

0:54:190:54:23

came in to welcome them on board, which was very nice.

0:54:230:54:27

The shop's now operating successfully.

0:54:270:54:30

But what do two local estate agents think of Tom's work so far?

0:54:300:54:35

First impressions, it's beautiful.

0:54:350:54:37

Very stylish, very sleek.

0:54:370:54:39

Nice clean lines throughout. Very, very appealing.

0:54:390:54:42

He's done a really good job.

0:54:420:54:43

Yes, there's a few odds and ends to finish off,

0:54:430:54:45

a bit of decoration, but he's done a really good job.

0:54:450:54:48

I think the redecoration of the property is of a very high standard,

0:54:490:54:54

above what people would expect for this kind of property.

0:54:540:54:57

From what I've seen, the standard of finish is very good.

0:54:570:55:01

It's very attractive, pleasing to the eye.

0:55:010:55:03

It's very neutral. Yes, he's done a very good job.

0:55:030:55:06

So, a glowing report for all Tom's hard graft.

0:55:060:55:10

He paid £142,000 at auction and has spent around £12,000 on the refurbishment.

0:55:100:55:17

What do the experts think that's added to the resale worth of the property?

0:55:170:55:22

I would estimate the value on the current market

0:55:220:55:24

of the whole unit would be in the region of £160,000 to £170,000.

0:55:240:55:29

For resale purposes, as a whole, I would value this property at £185,000.

0:55:290:55:35

Quite a difference, then, in the resale valuations.

0:55:350:55:38

Tom's total spend was £154,000.

0:55:380:55:42

So, those estimates could see him making a pre-tax profit of between £6,000 and £31,000.

0:55:420:55:49

I've not done it to make instant money.

0:55:520:55:54

It's my home and a business to run.

0:55:540:55:57

But it's very pleasing to know that.

0:55:570:56:01

With the lifestyle changes he's made following his heart surgery, Tom is looking ahead to a bright future.

0:56:010:56:09

I spent the last couple years meandering around, trying to keep myself busy.

0:56:090:56:15

It's a great feeling now. You've got a purpose.

0:56:150:56:18

So I'm looking forward to some good sales

0:56:180:56:22

and a happy life in here.

0:56:220:56:24

And after the tough time Tom went through, he certainly deserves that happy life.

0:56:240:56:30

We wish him all the best with his new home and business and health.

0:56:300:56:36

That's all we have time for today, but there'll be plenty more for you next time.

0:56:390:56:43

Join us, why don't you, for more Homes Under The Hammer.

0:56:430:56:46

-We'll see you then.

-Goodbye.

-Goodbye.

0:56:460:56:48

Subtitles by Red Bee Media Ltd

0:57:040:57:07

E-mail [email protected]

0:57:070:57:10

Martin Roberts and Lucy Alexander visit a two-bedroom house in Derbyshire and revisit an old stable in Kent and a shop with a flat above in Wiltshire.

All of these properties have been sold at auction; Martin and Lucy find out who bought them, and what they paid when they went under the hammer.


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