0:00:02 > 0:00:05There's nothing like the auction room when it comes to property.
0:00:05 > 0:00:08With all those fast-paced bids and pounding hearts,
0:00:08 > 0:00:10the atmosphere can be electric.
0:00:10 > 0:00:13So join us now on the roller-coaster ride that is the auction room
0:00:13 > 0:00:16as we follow three properties that went under the hammer!
0:00:41 > 0:00:46Well, whether it's flats in Faversham, a semi in Surrey or a bolthole in Bolton,
0:00:46 > 0:00:50it's possible the auctions will have just what you're looking for.
0:00:50 > 0:00:54And today, we're meeting more people who hopefully will have found their perfect property.
0:00:54 > 0:00:57Let's see what tickled their fancy.
0:00:57 > 0:00:59You may need to find the end of the rainbow
0:00:59 > 0:01:02before investing in this property in London.
0:01:02 > 0:01:06Imagination required, and also, I have to say, a pot of money.
0:01:06 > 0:01:11The last owner of this house in Kent only held on to it for a month
0:01:11 > 0:01:13before putting it back into auction.
0:01:13 > 0:01:17Alarm bells are ringing. Why did they not develop it themselves?
0:01:17 > 0:01:22And in Cheshire, this detached three-bedroom farmhouse has extras
0:01:22 > 0:01:24that could cultivate some profit!
0:01:24 > 0:01:28The good news is, you didn't just get the farmhouse for your money.
0:01:28 > 0:01:31All these properties have been sold at auction.
0:01:31 > 0:01:37- We'll find out who bought them and what they paid for them when they went under the hammer.- Yours.
0:01:39 > 0:01:41This is fashionable south-west London.
0:01:41 > 0:01:48I'm here to see if one of the most expensive boroughs of the capital has any bargains to offer.
0:01:48 > 0:01:52I am in the Sands End area of Fulham.
0:01:52 > 0:01:55Now, with its industry and high-rise, this isn't really
0:01:55 > 0:01:58as glitzy and glam as the northern part of the borough.
0:01:58 > 0:02:02However, it's been promised an overland railway station, which will help regeneration.
0:02:02 > 0:02:05Hasn't happened yet, but it is on the cards.
0:02:05 > 0:02:08What I'm here to see, I'm in Stevendale Road, and this is it.
0:02:08 > 0:02:14It's a shop unit with a maisonette, at a guide price of £275,000.
0:02:14 > 0:02:15Let's take a look.
0:02:20 > 0:02:25Well, if you like fish and chips and the odd flutter, this might be the place for you.
0:02:25 > 0:02:29But from a retail point of view, it's not exactly a prime position.
0:02:29 > 0:02:32With limited space at the rear of the property, converting this
0:02:32 > 0:02:35into a residential family home doesn't make much sense either.
0:02:35 > 0:02:37So what are the options here?
0:02:37 > 0:02:40At the moment, you can't get into the shop unit
0:02:40 > 0:02:45from the front, but the good news is there is this separate entrance into the maisonette.
0:02:45 > 0:02:49Very important. As soon as you come through the front door,
0:02:49 > 0:02:51this place is in a bit of a state.
0:02:51 > 0:02:56Lots of holes all over the place, including this one here, which...
0:02:56 > 0:02:59that looks like it goes through to the shop. How strange.
0:02:59 > 0:03:03It's obviously been fairly unloved for quite a while,
0:03:03 > 0:03:06and yet it looks like someone has been living here, so I guess,
0:03:06 > 0:03:09possibly unwelcome guests.
0:03:09 > 0:03:12Work to be done for sure!
0:03:14 > 0:03:18Apart from the shop space, there's a storeroom-cum-utility area
0:03:18 > 0:03:23that leads out on to the back yard on the ground floor.
0:03:23 > 0:03:28Meanwhile, the self-contained maisonette consists of a kitchen,
0:03:28 > 0:03:31bathroom and separate loo on the first floor.
0:03:35 > 0:03:39Then there's a split level up to the two bedrooms on an upper floor.
0:03:39 > 0:03:45So, through to the front room, and more evidence of people living here in fairly squalid conditions.
0:03:45 > 0:03:48Obviously, very sad to see.
0:03:48 > 0:03:53And you've got to see through this when you view properties like this before an auction.
0:03:53 > 0:03:56Intrinsically, though, it's a good room.
0:03:56 > 0:04:01High ceilings, lots of light coming in through the windows, once you get rid of those shutters.
0:04:01 > 0:04:06Imagination required, and also, I have to say, a pot of money.
0:04:12 > 0:04:17One of the first tasks would be to clear up the house in order to get a proper look at what's here.
0:04:17 > 0:04:20That's because it's not the holes you can see that worry me.
0:04:20 > 0:04:24It's the ones you can't which could be a cause for concern.
0:04:33 > 0:04:36Well, apart from the slightly odd entrance, the shop unit here
0:04:36 > 0:04:39is actually in better condition than the rest of the property.
0:04:39 > 0:04:42The key here is that it's got A1 planning permission,
0:04:42 > 0:04:45which basically means you could use the shop as a shop.
0:04:45 > 0:04:48It could also be a hairdresser's, maybe a cafe,
0:04:48 > 0:04:51as long as you didn't prepare and cook food on the promises.
0:04:51 > 0:04:55So all in all, quite a lot of options, and it's nice to have
0:04:55 > 0:04:57in addition to everything else the property's got(!)
0:04:59 > 0:05:04It's not only on the inside where some consideration about changes is required.
0:05:04 > 0:05:08There's plenty of food for thought on the outside, too.
0:05:08 > 0:05:11Now time for a bit of good news.
0:05:11 > 0:05:14What I haven't told you is this place had planning permission
0:05:14 > 0:05:16for conversion to a single family dwelling.
0:05:16 > 0:05:19Unfortunately, that planning permission has lapsed.
0:05:19 > 0:05:21However, I don't think it's the right thing to do.
0:05:21 > 0:05:24I would definitely convert this into flats.
0:05:24 > 0:05:28Looking around, the good news is that a lot of the houses on the street
0:05:28 > 0:05:31have actually done that, they've increased the height by going up a floor.
0:05:31 > 0:05:34So in theory, you could get three flats in here.
0:05:34 > 0:05:37Now we're talking about a lot of money!
0:05:39 > 0:05:42An extra flat is worth thousands of pounds.
0:05:42 > 0:05:47More revenue in both resale potential and rental income.
0:05:47 > 0:05:51So it's certainly worth considering, especially if you bear in mind
0:05:51 > 0:05:57that the guide price of £275,000 won't even get you one flat around here, let alone three!
0:05:57 > 0:06:02But without planning permission, it's a gamble, so is it one worth taking?
0:06:02 > 0:06:04What does a local estate agent think?
0:06:04 > 0:06:07It would be probably better to turn this into flats
0:06:07 > 0:06:11rather than one dwelling, as the family market would probably want
0:06:11 > 0:06:13a large garden, also, where we are located,
0:06:13 > 0:06:16there are probably better houses that are more conventional.
0:06:16 > 0:06:20Not only will flats be more appropriate for the area,
0:06:20 > 0:06:23but potentially more lucrative, particularly for rental.
0:06:23 > 0:06:27If it was one dwelling for rental, you'd be looking somewhere in the region of £470 per week.
0:06:27 > 0:06:32If you were to split it into flats, you'd be looking somewhere in the region of £220 per unit.
0:06:32 > 0:06:37How do the options compare on resale?
0:06:37 > 0:06:42You could create two very good two-bedroom flats, and they would be upwards of £420,000 each,
0:06:42 > 0:06:47or you could create three one-bedroom flats and they would be in the region of £250,000 each.
0:06:47 > 0:06:51Obviously, there are build costs, and planning to consider.
0:06:51 > 0:06:56But get three flats here, and you could have a building worth over £750,000.
0:06:56 > 0:07:02Well, there are almost too many options with this place, there's certainly money to be made,
0:07:02 > 0:07:08but the market's struggling, and this place could definitely be a money pit if you're not careful.
0:07:08 > 0:07:12Still, let's find out who decided to take on this conundrum at the auction.
0:07:15 > 0:07:20Lot nine is 119 Stevendale Road, Fulham, SW6.
0:07:20 > 0:07:23Someone give me 200 to begin with.
0:07:23 > 0:07:26200. 210 anywhere?
0:07:26 > 0:07:29210. 230. 240.
0:07:29 > 0:07:31250. 260.
0:07:31 > 0:07:33270.
0:07:33 > 0:07:36270 with you.
0:07:36 > 0:07:42280. 290. 300.
0:07:42 > 0:07:45300. 310.
0:07:45 > 0:07:47310. 315.
0:07:47 > 0:07:51315. 316.
0:07:51 > 0:07:58316. Well done! 317. Hard luck, 318?
0:07:58 > 0:08:01318? 317 with you, anyone else?
0:08:01 > 0:08:06317 first time...second time - third and last time, all done.
0:08:06 > 0:08:10Sold, 317. Canny bidder!
0:08:10 > 0:08:14And for 317,000, the new owner became Raj.
0:08:14 > 0:08:20He has developed six projects in the past, and was on the lookout for a new challenge.
0:08:20 > 0:08:22He certainly found one here!
0:08:22 > 0:08:25- Raj, good to meet you. Congratulations.- Thank you.
0:08:25 > 0:08:27Tell me why you wanted to buy this.
0:08:27 > 0:08:30I was looking for some developing opportunities.
0:08:30 > 0:08:35I've done a few things in the past, so when I looked around from outside, I saw neighbours,
0:08:35 > 0:08:39big extension in the loft. I'm going to apply for double storey extension
0:08:39 > 0:08:42at the back, which will give extra bedroom
0:08:42 > 0:08:45on the first floor, an extra bedroom on the ground floor.
0:08:45 > 0:08:50- But I'm hoping to get a flat out in the loft.- Wow, build an extra floor! - Yes.
0:08:50 > 0:08:55So if all goes well and if planning permission allows, I would like to have three flats and a shop.
0:08:55 > 0:09:00- How many bedrooms?- A two-bedroom flat on the ground floor,
0:09:00 > 0:09:04one-bedroom flat/two-bedroom flat and a studio/one-bed flat on the top floor.
0:09:04 > 0:09:06Raj is still weighing up his options, and of course,
0:09:06 > 0:09:11the planners will have plenty to say about what he can and can't do.
0:09:11 > 0:09:13But he seems to have done careful research,
0:09:13 > 0:09:16and it looks like it's all been meticulously planned, hasn't it?
0:09:16 > 0:09:19It's quite an unusual property, yet it sounds like
0:09:19 > 0:09:23it perfectly fits what you were looking for in some ways?
0:09:23 > 0:09:27I think so. I hadn't seen the property before the auction, so...
0:09:27 > 0:09:30- You bought this place without seeing it?- Exactly, yeah.
0:09:30 > 0:09:35- You spent over £250,000 on something without looking at it? - Exactly, yeah!
0:09:35 > 0:09:36How can you justify that?!
0:09:38 > 0:09:42I suppose if you can afford to lose 31k, you can take a big gamble.
0:09:42 > 0:09:45- What's the 31k?- 10% deposit.
0:09:45 > 0:09:47Can you afford to lose 31k?
0:09:47 > 0:09:54Not really, but if this place was really burned down, and there was nothing in there,
0:09:54 > 0:09:57then...possibly, I could!
0:09:57 > 0:10:00I know it's a bad thing to say,
0:10:00 > 0:10:06- but I only gamble what I can afford, which is, I suppose...- Wow!
0:10:06 > 0:10:10But it turned out to be a nice gamble, and I'm very pleased with the price I got it for.
0:10:10 > 0:10:15OK, so perhaps it's not quite as meticulously planned as I thought,
0:10:15 > 0:10:21but as he's done six other properties before, at least Raj is an experienced developer.
0:10:21 > 0:10:24Tell me more about you, Raj.
0:10:24 > 0:10:27- I'm a chef by profession.- A chef? - Yes.- Right.
0:10:27 > 0:10:29I work in the City, but I do this...
0:10:29 > 0:10:33- What kind of a chef? - European, French, Italian.
0:10:33 > 0:10:36It's quite a well-paid job and I do this on the side.
0:10:36 > 0:10:39- And that's my passion, you know?- How does it fit in with being a chef?
0:10:39 > 0:10:43Well, chef has helped me with time, because it's taught me how to be
0:10:43 > 0:10:48organised, and I have a lot of people I manage at work that taught me the management.
0:10:48 > 0:10:50But major things come with the creation.
0:10:50 > 0:10:54Being a chef, I need to create a lot of things, and the same rule applies here.
0:10:54 > 0:10:58- It's a bit like a plate, the house is a bit like a plate.- Right...
0:10:58 > 0:11:02Which means you put this potato here, and if you put it in the wrong place it doesn't look as nice.
0:11:02 > 0:11:06So the house is a big plate, so you have to put the bathroom
0:11:06 > 0:11:08in the right place or it won't work.
0:11:08 > 0:11:10So you're going to start off with burger and chips
0:11:10 > 0:11:13and then you're going to end up hopefully with a Michelin star?
0:11:13 > 0:11:16You never know, it might be, yes!
0:11:16 > 0:11:21We wait and see. It all depends on the plan and the finance, I need to sort out the financial side of it.
0:11:21 > 0:11:25If all the plans go through, chef Raj has set aside
0:11:25 > 0:11:29a budget of £80-100,000 to convert it into three flats.
0:11:29 > 0:11:34But if that development is the main course, he's got a little starter in mind to kick things off.
0:11:34 > 0:11:36What's the timescale for everything?
0:11:36 > 0:11:42I think the plan is to do it quickly, do it up in a couple of weeks turnaround...
0:11:42 > 0:11:45- What?!- No, no, I don't mean...
0:11:45 > 0:11:51Stage one is spend a couple of weeks building work to let it out as it is.
0:11:51 > 0:11:56- Let what out?- The property out. - What, two weeks you can get this place sorted out?- Yes.
0:11:56 > 0:11:59- How many people have you got working with you?- Seven.
0:11:59 > 0:12:02- And they work 24 hours a day? - Six days a week, yes.- Do they?
0:12:02 > 0:12:05Yes, and I work day and night, so...
0:12:05 > 0:12:09We don't need to do major work to it, just cosmetic, painting, remove all this wood.
0:12:09 > 0:12:11What about kitchens and bathrooms?
0:12:11 > 0:12:14I'm not going to put a fantastic kitchen to start off with,
0:12:14 > 0:12:19it's going to be a temporary kitchen and bathroom, which is already existing, just needs things doing up.
0:12:19 > 0:12:24But in a couple of weeks' time, I can get this place to rent out cheaply compared to what's going on
0:12:24 > 0:12:29in the market. Let's say we're talking about £200, £300 less in a month.
0:12:29 > 0:12:34Phase one is to get this habitable in a couple of weeks and rent it out cheaply.
0:12:34 > 0:12:39Then, not only would it generate income, but should secure the building from squatters.
0:12:39 > 0:12:45Then, once he's sorted out all the planning issues, he hopes to start phase two in five months' time.
0:12:45 > 0:12:49So, with all these options, combined with Raj's skills and enthusiasm,
0:12:49 > 0:12:52I think he has the ingredients to make this a successful project.
0:12:59 > 0:13:01Well, Raj clearly knows his onions.
0:13:01 > 0:13:03You could say he's a very smart cook...ie.
0:13:03 > 0:13:07The question is, what kind of a meal is he going to create with this place?
0:13:07 > 0:13:11Will it be a greasy spoon dinner or a gourmet banquet?
0:13:11 > 0:13:13You can find out later in the show.
0:13:20 > 0:13:24I'm in Kent, in one of the UK's most prosperous places to live.
0:13:24 > 0:13:30Quality of life is said to be high in this town, council taxes and crime rates low,
0:13:30 > 0:13:36it's surrounded by beautiful countryside, and boasts more hours of sunshine than anywhere in the UK.
0:13:36 > 0:13:37That sounds like bliss!
0:13:37 > 0:13:40Well, actually, I'm just in Ashford in Kent.
0:13:40 > 0:13:45Let's see if all those statistics add up to a good place to invest.
0:13:45 > 0:13:49Add to that Ashford's high-speed rail link which goes to London
0:13:49 > 0:13:54in little over half an hour, and, bingo, you've got yourself a great little town.
0:13:57 > 0:14:01So will the next auction property hit the jackpot?
0:14:01 > 0:14:04Here on Pemberton Road, I'm here to see a two bedroom
0:14:04 > 0:14:09end of terrace, it's got a guide price of £85-90,000.
0:14:09 > 0:14:13That may sound like a good deal, but I've just found out
0:14:13 > 0:14:19that only two months ago the same terrace sold for £76,500.
0:14:19 > 0:14:22So why is it back up for sale?
0:14:22 > 0:14:25Alarm bells are ringing. Why did they not develop it themselves?
0:14:25 > 0:14:28I'm going to go inside and see if I can find out.
0:14:33 > 0:14:37Maybe the previous owners saw a quick buck here and sold it on,
0:14:37 > 0:14:40or perhaps it was due to personal circumstances.
0:14:40 > 0:14:46But from the look of the exterior, I'm worried it's something else.
0:14:49 > 0:14:56OK, so, not an exciting start, I've got to say.
0:14:56 > 0:15:02Extremely dated in here, really naff old wallpaper, dated carpet, polystyrene tiles on the ceiling,
0:15:02 > 0:15:08which I say all the time, they are a fire hazard, they need to come down.
0:15:08 > 0:15:12We've got the first reception room here. Again, it's in need of a complete overhaul.
0:15:12 > 0:15:15A '30s fireplace, and not a nice one.
0:15:15 > 0:15:19You've got a lovely bay window area, but a lot of work needs to be done.
0:15:19 > 0:15:23This is the second reception room at the back of the property.
0:15:23 > 0:15:27It's not looking great, is it? You've got all this fake
0:15:27 > 0:15:33wood cladding. Again, more polystyrene tiles, and, uh-oh, come and look at this. Look at that.
0:15:33 > 0:15:35That is a whopping crack.
0:15:35 > 0:15:37I would like to get that looked at.
0:15:37 > 0:15:42It may be something structural, it may not be, but whatever, I would get that looked at.
0:15:42 > 0:15:46Not a good start. The catalogue says, "In need of some renovation".
0:15:46 > 0:15:48They weren't kidding.
0:15:55 > 0:16:00I'm used to properties being in a state, and this is no worse than many others I've seen.
0:16:00 > 0:16:01It just needs everything done to it.
0:16:01 > 0:16:05But I'm not really loving the proportions, either. It's small.
0:16:05 > 0:16:09You'd struggle to get a three-piece suite in that front room.
0:16:09 > 0:16:11And the kitchen is tiny.
0:16:11 > 0:16:14So far, I've not found many redeeming features.
0:16:14 > 0:16:18Let's hope upstairs holds more promise.
0:16:18 > 0:16:21At the top of the stairs is a rather large bathroom.
0:16:21 > 0:16:24Originally, when this house was built, that would've been a bedroom.
0:16:24 > 0:16:28It's interesting, though, because that's the most recently decorated room,
0:16:28 > 0:16:29and it's still really old-fashioned.
0:16:29 > 0:16:31We've got a bedroom through here.
0:16:31 > 0:16:35Quite small, could be hiding a little interesting fireplace in there.
0:16:35 > 0:16:39Towards the front of the property, you've got the main bedroom.
0:16:39 > 0:16:42There's definitely a quirkiness to this house,
0:16:42 > 0:16:46it has a certain amount of character, but it just needs so much doing.
0:16:46 > 0:16:51There are no radiators anywhere, so you're going to need new electrics, new plumbing, a kitchen.
0:16:51 > 0:16:54It just needs a lot of money spending on it,
0:16:54 > 0:16:59and whoever buys this has got one big project on their hands.
0:16:59 > 0:17:03I'm afraid quirky will only get you so far in my book,
0:17:03 > 0:17:07and that's not far at all if I'm emptying my wallet at every turn.
0:17:07 > 0:17:10Let's see if a local estate agent agrees with me.
0:17:12 > 0:17:14It needs a good deal of work doing to it.
0:17:14 > 0:17:15Double-glazing, certainly.
0:17:15 > 0:17:20The property needs rewiring, central heating, new kitchen, new bathroom,
0:17:20 > 0:17:22and total redecoration throughout.
0:17:22 > 0:17:27The garden needs attention, front and back, to bring it up to present-day standards.
0:17:28 > 0:17:35So if the property went for its top guide price of 90,000 and the new owner spent £15,000 renovating it,
0:17:35 > 0:17:40that would be a total outlay of £105,000.
0:17:40 > 0:17:42Might there be any money to be made here?
0:17:44 > 0:17:47Probably see a realising price of £130-135,000.
0:17:47 > 0:17:51Is renting a viable option?
0:17:51 > 0:17:54It's a very good residential rental area, close to town.
0:17:54 > 0:17:58I would say it would realise in the region of 625-650 per calendar month.
0:17:58 > 0:18:02Well, you're never going to make a fortune on this place, but from what I can gather,
0:18:02 > 0:18:06there was no major reason why this was put back into an auction,
0:18:06 > 0:18:09other than a change in personal circumstances or, of course,
0:18:09 > 0:18:11the opportunity to turn a fast profit.
0:18:11 > 0:18:15But would any potential developer be able to do the same?
0:18:15 > 0:18:21I'm not so sure. The house needs a fair old bit of work and, in this market, the margins are tight.
0:18:21 > 0:18:23Find out who went for it at the auction.
0:18:27 > 0:18:31It's a bay fronted end-of-terrace house for improvement and refurbishment.
0:18:31 > 0:18:3480,000, then. Can't start for less than that, surely?
0:18:34 > 0:18:37£80,000, 80,000 I have, thank you.
0:18:37 > 0:18:43£80,000 is bid. At 82 for anyone else? 82 is bid, 84 is bid, at 86?
0:18:43 > 0:18:4786 I'm bid. At 88? 88 I have. And 90?
0:18:47 > 0:18:4990 is bid. 90,000 I'm bid.
0:18:49 > 0:18:53Lady's bid, £90,000 I have. At 90,000, then, it's being sold...
0:18:53 > 0:18:5591 is bid.
0:18:55 > 0:18:5792? 93, sir? 93, lady's bid.
0:18:57 > 0:19:0194? 94 is bid, and 95? 95 is bid.
0:19:01 > 0:19:0496 is bid. And 97?
0:19:04 > 0:19:0897 is bid. And 98? 98 is bid. And 99?
0:19:08 > 0:19:1199 is bid. 100,000?
0:19:11 > 0:19:17100,000 I have. No? 100,000, are you all done?
0:19:17 > 0:19:20Sold at 100,000, thank you very much indeed.
0:19:20 > 0:19:26The successful bid of £100,000, ten grand over the top guide price, came from Alison.
0:19:26 > 0:19:31She was so keen to move to this area that she bought the house without even seeing it.
0:19:31 > 0:19:37I was on hand to give her the very first tour around what she hopes will be her new home.
0:19:37 > 0:19:42OK, Alison, this is the first time you've ever looked at the house you've just bought.
0:19:42 > 0:19:44I'm going to guide you through.
0:19:44 > 0:19:46First impressions?
0:19:46 > 0:19:48Very pleased the stairs are here.
0:19:48 > 0:19:53- That was my first concern, so that's good.- State of it?
0:19:53 > 0:19:56Er... The state of it, yes...
0:19:56 > 0:20:00Hmm. Well, obviously the wallpaper needs renewing.
0:20:00 > 0:20:06- Very old electrics. Yeah, but... - It's quite tired, isn't it?
0:20:06 > 0:20:10It's tired. It's got no junk in it, which is a good thing!
0:20:10 > 0:20:15It's got no junk, until you get to this room.
0:20:15 > 0:20:18- Right. - This is the second reception room.
0:20:18 > 0:20:22- Mm-hmm.- What now?
0:20:22 > 0:20:24I see.
0:20:25 > 0:20:28Yes. Not going for this in a big way.
0:20:28 > 0:20:30Are you looking at the crack that I'm looking at?
0:20:30 > 0:20:35- I did see that, that did catch my eye, yes.- How do you feel about that?
0:20:35 > 0:20:38Probably... Bag of Polyfilla.
0:20:38 > 0:20:42Polyfilla?! At least Alison hasn't lost her sense of humour, then.
0:20:42 > 0:20:47But I hope she's joking, as she definitely needs to get a professional to look at that.
0:20:49 > 0:20:55So you're not too disappointed? Are you not standing here now thinking, "Why didn't I view this property?"
0:20:55 > 0:20:58No, no, I can't wait to get my hands going on it, yes.
0:20:58 > 0:20:59It needs a lot of work.
0:20:59 > 0:21:01I think it does, yes.
0:21:01 > 0:21:06It's got a little cottagy feel to it, somehow.
0:21:06 > 0:21:08So this hasn't put you off so far?
0:21:08 > 0:21:11Not so far. Have you got something that is going to put me off?!
0:21:14 > 0:21:16'I think the kitchen may do just that.'
0:21:20 > 0:21:22So what are you seeing through there?
0:21:22 > 0:21:28Mmm. Tiles coming off and, yeah, probably quite a lot more work than I had anticipated.
0:21:38 > 0:21:43I left Alison alone to take in the enormity of the project she'd taken on.
0:21:43 > 0:21:47Alison, thank you very much for letting me show you around your home today.
0:21:47 > 0:21:50What I want to know is, why didn't you view it first?
0:21:50 > 0:21:53Yes, that was a little bit of a hiccup.
0:21:53 > 0:21:56I did, in fact, go to the auction
0:21:56 > 0:22:02just to get a feel for whether the properties were meeting the guide prices.
0:22:02 > 0:22:04So you went for research purposes only?
0:22:04 > 0:22:12I did think, if this property was available at the guide price, I would take a chance on it.
0:22:14 > 0:22:16Obviously I got a little bit carried away,
0:22:16 > 0:22:22as it sold for 10,000 above the upper guide price limit,
0:22:22 > 0:22:26so I think I was taken by auction fever.
0:22:26 > 0:22:30Oh, dear. She's broken all the cardinal rules of buying at auction.
0:22:30 > 0:22:35She didn't view inside, read the legal pack, or set herself a top price limit.
0:22:35 > 0:22:39And she's only allowed herself a budget of 20,000 to turn it round.
0:22:39 > 0:22:44I don't think £20,000 is going to completely do this place up, do you?
0:22:45 > 0:22:47Well, I think it will have to.
0:22:47 > 0:22:51Do you think you could renovate this on a budget of 20 grand?
0:22:51 > 0:22:57Yes, I think you could make a good inroad into improving the property.
0:22:57 > 0:23:01Well, 20,000 should take care of installing central heating,
0:23:01 > 0:23:05sorting the electrics and hopefully giving the kitchen a much-needed facelift.
0:23:05 > 0:23:08But I'm really not sure that's going to be enough for Alison.
0:23:13 > 0:23:15Now you're inside, what do you think?
0:23:15 > 0:23:17"Yeah, I love it, I'm glad I bought this!"
0:23:17 > 0:23:20Come on, give me some positive energy!
0:23:20 > 0:23:23- No, sorry, I'm not feeling any of that!- Are you not?- No.
0:23:23 > 0:23:27I'm feeling that you're not loving it? Are you not loving your house?
0:23:27 > 0:23:30- Mmm.- Oh, no?
0:23:30 > 0:23:32Not particularly, no.
0:23:33 > 0:23:36Let's hope she finds something good behind there.
0:23:40 > 0:23:43Well, that is a far from happy auction goer.
0:23:43 > 0:23:50I really do feel for Alison, but I can't stress enough how important it is to try before you buy.
0:23:50 > 0:23:54I wonder if she will fall in love with this place.
0:23:54 > 0:23:56Or is it headed straight back to auction?
0:23:56 > 0:23:59You can find out what happens later on in the show.
0:24:00 > 0:24:06Coming up, a barn conversion might be perfect to grow profits at this former dairy farm in Cheshire.
0:24:06 > 0:24:10Get some plans in, get them passed, and you could be on to an absolute winner.
0:24:12 > 0:24:15Was Alison overwhelmed by all the work she'd taken on in Kent?
0:24:15 > 0:24:21It was a bit of a daunting task, but one that I was ready to get on with.
0:24:23 > 0:24:27But first, a seven-day working week has been the order of the day in London.
0:24:27 > 0:24:30I haven't had one day off since we started work.
0:24:33 > 0:24:39Having a Fulham address tends to command quite a high premium on property prices, even for London.
0:24:39 > 0:24:42But it's not all chic des reses.
0:24:42 > 0:24:46It is possible to pick up a relative bargain if you're prepared to take a gamble.
0:24:46 > 0:24:51And that's exactly what executive chef and part-time developer Raj did.
0:24:51 > 0:24:56He paid £317,000 for an old furniture shop and self-contained flat,
0:24:56 > 0:25:00but hadn't even been inside before he bought it at auction.
0:25:00 > 0:25:01Tell me why you wanted to buy this?
0:25:01 > 0:25:06If all goes well and planning permission allows, I would like to have three flats and a shop.
0:25:06 > 0:25:10All his ideas were subject to planning permission,
0:25:10 > 0:25:12so rather than leave the building unoccupied,
0:25:12 > 0:25:15Raj set what he called stage one in motion.
0:25:15 > 0:25:19He did a basic makeover in just two weeks so he could rent the rooms out
0:25:19 > 0:25:22while he waited for that all-important planning consent.
0:25:22 > 0:25:25Now, over a year later, we're back.
0:25:25 > 0:25:28How did his 14-day makeover go?
0:25:29 > 0:25:34I managed to do the work in nine days when I got fully completed.
0:25:34 > 0:25:37Within nine days, I had all the rooms let out.
0:25:37 > 0:25:43For pretty much an average of £300 per room, which is quite cheap in this area,
0:25:43 > 0:25:45but was good enough for me.
0:25:45 > 0:25:50Altogether I had five rooms let out for 1,500, that was covering my mortgage.
0:25:50 > 0:25:53Wow. So, phase one wasn't bad for starters.
0:25:53 > 0:25:58But now he's properly started phase two and I can't wait to see what he's served up.
0:26:01 > 0:26:04Any sign that this was once a shop is now a distant memory,
0:26:04 > 0:26:09with the shop front gone and new windows and a door put on the side.
0:26:09 > 0:26:12All we have now is just the two side walls, party walls.
0:26:12 > 0:26:16Apart from that, everything else has been changed,
0:26:16 > 0:26:19completely chucked out and started again.
0:26:19 > 0:26:22After removing most of the internal walls, it was then a matter of
0:26:22 > 0:26:27reconfiguring and putting the place back together again. But into what?
0:26:27 > 0:26:31Remember, his original plan was for three flats and a shop.
0:26:31 > 0:26:34We eventually got planning permission for two flats.
0:26:34 > 0:26:38Downstairs we've got a two bedroom, two bathroom, small garden flat
0:26:38 > 0:26:41with open-plan living dining.
0:26:41 > 0:26:46Raj abandoned plans for a shop, worried that it would affect the saleability of the flats.
0:26:46 > 0:26:49When plans for three flats were rejected, he opted to press on
0:26:49 > 0:26:52with two, with additions to the existing structures.
0:26:52 > 0:26:59As planning was only approved in the last few months, the ground floor two bed flat is still taking shape.
0:26:59 > 0:27:02But what will the rest of the building be like?
0:27:02 > 0:27:05We've got one maisonette on the top floor, which is the first floor
0:27:05 > 0:27:10and second floor, which is three bedroomed flat, one en-suite bathroom.
0:27:12 > 0:27:16So although Raj only has two flats when he'd hoped for three,
0:27:16 > 0:27:20they're both quite sizeable, particularly the maisonette
0:27:20 > 0:27:23with three bedrooms, one of which is en-suite.
0:27:31 > 0:27:33There's a new bathroom and a shower room.
0:27:37 > 0:27:42Plus, he's gone into the loft to create a fantastic open-plan living area.
0:27:45 > 0:27:49With the addition of a dormer extension at the back,
0:27:49 > 0:27:53he's managed to create a kitchen most chefs would be proud of.
0:27:56 > 0:28:01Here in the kitchen I've gone for bright colours as I like it,
0:28:01 > 0:28:07and as my market I'm aiming for is young professionals, so it's nice and neat.
0:28:07 > 0:28:10We've got gas hob here. It's fully fitted,
0:28:10 > 0:28:14nice extractor fan, and then we've also got a built-in washing machine,
0:28:14 > 0:28:20dishwasher and, behind you, it'll be a nice American-style fridge freezer.
0:28:20 > 0:28:24Perhaps not surprisingly, Raj has created a fabulous kitchen space
0:28:24 > 0:28:27and finished the maisonette to a high standard.
0:28:27 > 0:28:31But he's done more than just kitchen design.
0:28:31 > 0:28:36Recently I got some holiday so I took a few weeks off and I started work.
0:28:36 > 0:28:42Also, my family, my wife is very supportive to me and she's quite happy, looks after the kids for me.
0:28:42 > 0:28:45Although it's a bit of pressure, she manages quite well.
0:28:45 > 0:28:50And I have a good reasonable hour job, so I usually come in the evening and work,
0:28:50 > 0:28:53and all the weekends I'm here, so I haven't had one day off
0:28:53 > 0:28:57since we started work, which is about three months now.
0:28:57 > 0:28:59Hopefully it's going to be another month's work.
0:29:00 > 0:29:02Crikey, that's a punishing schedule,
0:29:02 > 0:29:05but at last Raj can see light at the end of the tunnel,
0:29:05 > 0:29:08and all his hard work's starting to pay off.
0:29:08 > 0:29:11Did he keep check on his £80,000 budget?
0:29:11 > 0:29:19I'm probably spending another 6-8k extra, so that might stretch up to £86,000, £88,000.
0:29:19 > 0:29:25So £86,000 on top of his £317,000 purchase price,
0:29:25 > 0:29:29with architects fees, mortgage payments when the place was empty,
0:29:29 > 0:29:35plus other costs, takes the total expenditure to around £450,000. A serious investment.
0:29:35 > 0:29:42The plan is now to perhaps move in here and sell it,
0:29:42 > 0:29:44rather than having an empty property.
0:29:44 > 0:29:49I'd rather move in here and perhaps sell it maybe a few months or a year later.
0:29:50 > 0:29:54So how long will chef Raj have to leave this one to stew
0:29:54 > 0:29:59until his 450 grand investment makes the sort of return that's to his taste?
0:29:59 > 0:30:03What did two local estate agents think of what he's dished up so far?
0:30:11 > 0:30:14The ground-floor flat is brilliant. He's got a very big,
0:30:14 > 0:30:15open reception room to the rear
0:30:15 > 0:30:19with double doors onto an outside space, a patio garden.
0:30:19 > 0:30:22Good-sized double bedrooms. He's managed to get an en suite in
0:30:22 > 0:30:25and a family bathroom. He's done an excellent job.
0:30:25 > 0:30:28The ground floor two-bedroomed flat is well designed
0:30:28 > 0:30:30with nice bathrooms, a good kitchen,
0:30:30 > 0:30:33a bit of outside space and it's exactly what people
0:30:33 > 0:30:34are looking for in this area.
0:30:34 > 0:30:37The upper maisonette he's worked very well.
0:30:37 > 0:30:41He's created the top floor reception room which gives it extra light and a separate kitchen
0:30:41 > 0:30:44which is brilliant. The bedrooms he's working very well.
0:30:44 > 0:30:48He's brought in a lot of light, the right number of bedrooms. He's done a good job.
0:30:48 > 0:30:52The three-bedroomed flat is over a few levels. It's nice and spacious.
0:30:52 > 0:30:56Three double bedrooms are important, good kitchens, good bathrooms.
0:30:56 > 0:31:03With nearly £450,000 invested here, Raj is keen to make the flats earn their keep as soon as possible.
0:31:03 > 0:31:06Might rental be the answer?
0:31:07 > 0:31:11The upper maisonette would achieve £435 per week
0:31:11 > 0:31:15and the ground-floor apartment would achieve £375 - £395 per week.
0:31:15 > 0:31:18The ground-floor flat should go for about £400 a week
0:31:18 > 0:31:22and the upper flat, something in the region of £550 a week.
0:31:22 > 0:31:25They're both more than I expected.
0:31:27 > 0:31:31Those levels of rent could bring in a whopping £46,000 per annum.
0:31:31 > 0:31:35Amazing! So what about resale values?
0:31:36 > 0:31:41The ground floor maisonette, I'd look to achieve £450,000.
0:31:41 > 0:31:46And for the upper property I'd look to achieve £475,000-£485,000.
0:31:46 > 0:31:53The ground floor flat for sale we'd put on the market to achieve £425,000.
0:31:53 > 0:32:00The upper flat, £525,000 on the market to achieve anywhere around £500,000.
0:32:00 > 0:32:05Wow, that's actually far much more than what I expected.
0:32:05 > 0:32:09I was hoping to get somewhere in the region of 350 for downstairs
0:32:09 > 0:32:14and 400 for upstairs, so they're a lot higher. I'm really pleased with it.
0:32:14 > 0:32:15No wonder he's smiling.
0:32:15 > 0:32:21If even the conservative estimates are around £900,000 in total,
0:32:21 > 0:32:24that would mean a sizeable profit.
0:32:24 > 0:32:30If the estate agent has it valued properly, I'd be clearing £400,000.
0:32:30 > 0:32:33That's a lot of profit to be made on one project.
0:32:33 > 0:32:36I'm really amazed and shocked by it.
0:32:36 > 0:32:43It may have taken over a year of hassle and hard work but Raj used the ingredients he had here well.
0:32:43 > 0:32:47And with that fantastic potential £400,000 pre-tax profit,
0:32:47 > 0:32:50he's definitely found the recipe for success.
0:33:01 > 0:33:05I'm in the rural hamlet of Brereton just outside the ancient market town
0:33:05 > 0:33:11of Sandbach in Cheshire, where up for auction was something which sounds and looks pretty good.
0:33:11 > 0:33:16It's a farmhouse and the guide price is £300,000-£350,000 but the good news is
0:33:16 > 0:33:20you don't just get the farmhouse for your money.
0:33:20 > 0:33:21Let's take a look inside.
0:33:21 > 0:33:28The three-bed farmhouse is situated on a very busy bypass but it's well set back from the road
0:33:28 > 0:33:32and shielded slightly by a hedge, so not too bad.
0:33:37 > 0:33:38What have we got?
0:33:38 > 0:33:41A nice bit of stained glass, that's a good start.
0:33:41 > 0:33:44I love that, a really lovely tiled floor.
0:33:44 > 0:33:47It gives a nice feeling straight away.
0:33:47 > 0:33:50A house with character we hope. A living room there.
0:33:50 > 0:33:54An old fireplace, probably back in fashion.
0:33:54 > 0:33:57Actually, not a bad start.
0:33:58 > 0:34:03The rest of the ground floor is in pretty good nick, if a bit dated.
0:34:03 > 0:34:09But there's a good-sized kitchen, albeit with no units, leading to a fair-sized larder.
0:34:09 > 0:34:12I like the feel of this place.
0:34:12 > 0:34:14It's definitely got character.
0:34:15 > 0:34:19Upstairs a reasonable sized bathroom and loo, kind of tired and dated
0:34:19 > 0:34:22and a lot of cupboard in there which I'd probably get rid of.
0:34:22 > 0:34:26You can put a shower cubicle or something like that in there.
0:34:26 > 0:34:32Three bedrooms, one at the back, a big one at the front and another big one over that side.
0:34:32 > 0:34:34Then there's the box room.
0:34:34 > 0:34:36I say box...
0:34:36 > 0:34:40a kind of box for a hamster if nothing else.
0:34:43 > 0:34:45See what I mean?
0:34:45 > 0:34:48Still, all useful storage and kind of quirky.
0:34:48 > 0:34:52I'd definitely be looking to keep the original features here,
0:34:52 > 0:34:57along with a few modern additions like double-glazing to keep the heat in and that road noise out.
0:34:57 > 0:35:04I'd update the electrics as well and once the house has been modernised, there's still scope for improvement.
0:35:08 > 0:35:12Out here it starts to get really, really exciting because not only does the property come
0:35:12 > 0:35:19with a whopping 1.9 acres of land, it's also got a load of outbuildings.
0:35:19 > 0:35:24It used to be a dairy farm and as you can see the stalls, where the cows would've come in to be fed,
0:35:24 > 0:35:28are still here. But clearly unless you're planning to have your own
0:35:28 > 0:35:34dairy herd, what you want to be doing is knocking this thing down or building something in its place.
0:35:34 > 0:35:40The good news is that this building has got its own access, which the planners will love.
0:35:40 > 0:35:45I reckon get some plans in, get them passed and you could be on to an absolute winner.
0:35:45 > 0:35:47Talk about milking it!
0:35:47 > 0:35:49COW MOOS
0:35:49 > 0:35:55At what was a guide price of £300-£350,000 this might be a property developer's dream.
0:35:55 > 0:35:57What does the local estate agent think?
0:35:57 > 0:36:04What you've got is a paddock and an access to that off the road, which is quite useful
0:36:04 > 0:36:05because if somebody wanted
0:36:05 > 0:36:08to maybe convert the barn, they can use the paddock
0:36:08 > 0:36:12as an access subject to planning and building regulation approval
0:36:12 > 0:36:14but it should work quite well.
0:36:14 > 0:36:19Once done up, what could this place sell for?
0:36:19 > 0:36:23If you renovated this house with its barn and with its land, it's going
0:36:23 > 0:36:29to be worth somewhere in the order of 500, 550 when you've finished it.
0:36:29 > 0:36:32What about rental?
0:36:32 > 0:36:34There is a rental potential.
0:36:34 > 0:36:37In its present state it would be difficult to let.
0:36:37 > 0:36:40I think done up suitably, looking good,
0:36:40 > 0:36:46you're probably looking at getting something like £1,250 a month.
0:36:46 > 0:36:50It's a good sized house on a really good-sized plot.
0:36:50 > 0:36:53Personally, I wouldn't think about extending the house.
0:36:53 > 0:36:57For me the real key to making money out of this one
0:36:57 > 0:37:00is those outbuildings and what you could do with them.
0:37:00 > 0:37:03It's a pot of gold, if you get it right.
0:37:03 > 0:37:06Let's see who spotted the opportunity at the auction.
0:37:09 > 0:37:12How much for it, ladies and gentlemen?
0:37:12 > 0:37:15250 I've got.
0:37:15 > 0:37:18260, 270, 280, 280,000. 290, 300.
0:37:18 > 0:37:23At 300. 310. 320, I've got it.
0:37:23 > 0:37:26At 320. At 320,000.
0:37:26 > 0:37:30325 at the back. 330 here.
0:37:30 > 0:37:34At 330. 335 at the back.
0:37:34 > 0:37:38340, five at the back, 350,
0:37:38 > 0:37:44350, it's here. 355, at 360, 365,
0:37:44 > 0:37:49370, 375, 380, at 380 at the front.
0:37:49 > 0:37:56385, 390, at 390. 400, at 400 here.
0:37:56 > 0:37:59Two-and-a-half? Come on. 402 and a half.
0:37:59 > 0:38:04Five? Sorry. 405. At 405.
0:38:04 > 0:38:09Six? At 405,000, once, twice,
0:38:09 > 0:38:12at 405,000 the third time... Yours, sir.
0:38:18 > 0:38:24Local couple Stephen and Christina were the successful bidders for this lot, forking out £405,000.
0:38:24 > 0:38:30I caught up with them at the farmhouse to find out what made them buy it.
0:38:38 > 0:38:41Stephen, Christina, congratulations.
0:38:41 > 0:38:43A big house with lots of ground.
0:38:43 > 0:38:45Why did you want to buy it?
0:38:45 > 0:38:47Because it's there.
0:38:47 > 0:38:49It's a bit like a mountain to climb, I guess.
0:38:49 > 0:38:52Did you know the house then?
0:38:52 > 0:38:55- We live not far from it, don't we? - Yeah.
0:38:55 > 0:38:58Only about a mile and a half, so we've always known the house.
0:38:58 > 0:39:01You've got a house already, what does this have?
0:39:01 > 0:39:07We've got a house, a farm down the road and we've got two children.
0:39:07 > 0:39:10- They're 31, twins. - Not still living at home?
0:39:10 > 0:39:13Yeah, they won't move out, so we're going.
0:39:15 > 0:39:17You know...
0:39:17 > 0:39:20- Are you serious?- Yeah.
0:39:21 > 0:39:26It's not just their children that Stephen and Christina will be leaving at their current farm.
0:39:26 > 0:39:30- I'm a farmer.- What do you farm?
0:39:30 > 0:39:34- Free-range eggs, chickens.- Fantastic.
0:39:34 > 0:39:37- How many chickens have you got? - 26,000.
0:39:37 > 0:39:40- 26,000! Free-range?- Yeah.
0:39:40 > 0:39:43I need quite a lot to pay for this.
0:39:43 > 0:39:45No kidding!
0:39:45 > 0:39:49- Yeah, £26,000. - So have you put all your eggs in one basket in this place?- Yes.
0:39:51 > 0:39:57Christina recently retired from working in a fashion store and was looking forward to lots of holidays.
0:39:57 > 0:40:00But when Stephen saw this, he just had to have it.
0:40:00 > 0:40:04So what was it about this place particularly that appealed?
0:40:04 > 0:40:09Well, it's on its own. The buildings haven't been made into housing.
0:40:09 > 0:40:15I like somewhere to do my welding at night, you know, a workshop which could be made into one.
0:40:15 > 0:40:17And it's a nice house.
0:40:17 > 0:40:22It just needs modernising inside.
0:40:22 > 0:40:25- It's on a good bus route. - A good bus route?- Yes.
0:40:25 > 0:40:27There's a bus stop outside.
0:40:27 > 0:40:32When we get us bus passes, we could go that way if we don't want to drive.
0:40:34 > 0:40:37Right, fantastic.
0:40:37 > 0:40:42In fact, egg-cellent. Sorry, so many puns, so little time.
0:40:42 > 0:40:45Let's move swiftly onto their budget.
0:40:45 > 0:40:48What sort of money have you put aside for doing the work?
0:40:48 > 0:40:50About 40,000.
0:40:50 > 0:40:53One of the big things for me was the outbuildings
0:40:53 > 0:40:56and the land, so what are you going to do with both of them?
0:40:56 > 0:41:02Well, it could be made into a double garage for cars.
0:41:02 > 0:41:06And the rest, a workshop or whatever I want. I collect a few old tractors.
0:41:06 > 0:41:09- They could go in there.- Old tractors?
0:41:09 > 0:41:11Yeah.
0:41:11 > 0:41:16They are potentially, those outbuildings, a fantastic development opportunity.
0:41:16 > 0:41:20Yeah, but you spoil the place's privacy then, don't you?
0:41:20 > 0:41:25Well, I could have somewhere for my old tractors.
0:41:29 > 0:41:32Stephen and Christina have a six-month timescale to sort this
0:41:32 > 0:41:36place out but it looks like those outbuildings will be staying put.
0:41:36 > 0:41:39Still, a nice little nest egg for the children.
0:41:39 > 0:41:41Sorry. OK, no more puns, I promise!
0:41:44 > 0:41:50Do any of your friends or children think you're eccentric at all?
0:41:50 > 0:41:53- Possibly.- Yeah, I hope so.
0:41:53 > 0:41:55- Yes.- I think they do.
0:41:59 > 0:42:05I think it's been a bit of a shock in the village, you know, that we bought it and it was going there.
0:42:05 > 0:42:11- There's been a lot of talk on that, hasn't there? Yeah, there has. - What have they been saying?
0:42:11 > 0:42:17Well, who was going there and I said we'd bought it for a love nest and different things!
0:42:18 > 0:42:23Isn't that great? It just goes to prove it isn't always just about money.
0:42:23 > 0:42:27Christina and Stephen are buying this place to turn it into their love nest.
0:42:27 > 0:42:31But by not doing the outbuildings at the back up, the amount of money
0:42:31 > 0:42:37they could potentially lose is certainly not "chicken feed" or a "poultry" amount.
0:42:37 > 0:42:42And, of course, will the kids come home to roost here once it's all done up?
0:42:42 > 0:42:47You can find out exactly what happens later in the show.
0:42:50 > 0:42:56Well, when we left our auction aficionados, they had their fingers crossed and high hopes of success.
0:42:56 > 0:42:59But have the purchasers been having sleepless nights?
0:42:59 > 0:43:00Let's go back and find out.
0:43:00 > 0:43:04Back in Ashford in Kent, auction fever had got the better of Alison.
0:43:04 > 0:43:11She ended up buying her new home for £100,000 without ever having seen inside.
0:43:16 > 0:43:20So not only was my first visit a chance to meet Alison,
0:43:20 > 0:43:24but it was also an opportunity to introduce her to her new home.
0:43:26 > 0:43:31OK, Alison, this is the first time you have ever looked at the house you've just bought.
0:43:31 > 0:43:34Now, I'm going to guide you through.
0:43:34 > 0:43:37OK, so this is the second reception room.
0:43:37 > 0:43:41I mean, you know, what now?
0:43:41 > 0:43:43I see.
0:43:43 > 0:43:46So what are you seeing through there?
0:43:46 > 0:43:52Tiles coming off and, yeah, probably quite a lot more work than I had anticipated.
0:43:52 > 0:43:57Now you're inside, what do you think? "Yeah, I love it. I'm glad I bought this"?
0:43:57 > 0:43:59Come on, give me some positive energy.
0:43:59 > 0:44:03No, sorry, I'm not feeling any of that at all.
0:44:03 > 0:44:07- Are you not?- No.- I'm feeling that you're not loving it. Are you not loving your house?
0:44:07 > 0:44:08- Mm.- Oh, no!
0:44:08 > 0:44:11Yes, not particularly, no.
0:44:11 > 0:44:13Oh, dear.
0:44:13 > 0:44:17It seems she was kicking herself for not checking more thoroughly.
0:44:20 > 0:44:23But six months later, has she been able to turn it from despair
0:44:23 > 0:44:26and disappointment into a desirable new home?
0:44:30 > 0:44:34Well, from the outside it's certainly looking of promising.
0:44:36 > 0:44:42Initially, I was a little bit stunned, having gone to auction and purchased the property
0:44:42 > 0:44:47and then realised exactly the extent of the works that needed to be done.
0:44:51 > 0:44:56It was a bit of a daunting task but one that I was ready to get on with.
0:44:56 > 0:44:59And, boy, has she got on with it.
0:44:59 > 0:45:04Where once there were drab, dingy spaces, there are now warm and vibrant rooms...
0:45:06 > 0:45:08..from the comfortable lounge...
0:45:11 > 0:45:13...to the breakfast/dining area.
0:45:22 > 0:45:24And a fabulous new kitchen.
0:45:24 > 0:45:29Alison has certainly transformed this house and lifted the gloom.
0:45:33 > 0:45:37So this space in here was rather dark and quite dismal.
0:45:37 > 0:45:42It's got a sink here and a cabinet there.
0:45:42 > 0:45:47And there was also the toilet at the back.
0:45:47 > 0:45:54The wall's been knocked down, it's all been opened up a little bit and it's made it quite a lot brighter.
0:45:54 > 0:46:01New kitchen cabinets that have been fitted, and the down lights give it a nice finish.
0:46:04 > 0:46:10The success story continues upstairs with the two bedrooms brought bang up-to-date.
0:46:27 > 0:46:32The bathroom has been cleverly changed using a mixture of old and new.
0:46:32 > 0:46:37Now that the outside area is sorted too, Alison has made this a house to be really proud of.
0:46:41 > 0:46:47Juggling work and the renovation project was quite difficult but fortunately I did have
0:46:47 > 0:46:52a good team of builders on side and quite a lot of the organisation
0:46:52 > 0:46:59was taken on from them, which also actually allowed me to go on holiday, which was quite nice.
0:46:59 > 0:47:04Alison used to live in Dover yet works as a railway signaller in Ashford.
0:47:04 > 0:47:07So her new home means less travelling now.
0:47:07 > 0:47:11But even though the builders were given the green light to crack on,
0:47:11 > 0:47:14this was a project that didn't always stay on track.
0:47:17 > 0:47:23Progress was quite slow, slower than had been anticipated because there were more problems
0:47:23 > 0:47:27than were initially perceived, particularly with the plastering work.
0:47:27 > 0:47:32We thought we could get away with just skimming over what was already there.
0:47:32 > 0:47:36As the work progressed that wasn't the case. It was more in-depth.
0:47:36 > 0:47:40And the back of the house needed tying into the main building
0:47:40 > 0:47:46because that, in effect, has been an extension to the rear of the property.
0:47:46 > 0:47:51So the timescale was derailed because there was more involved than she initially expected.
0:47:51 > 0:47:56And you know what they say, time is money.
0:47:56 > 0:48:00I would say I've spent in the region of £20,000.
0:48:00 > 0:48:02Between £20,000 and £25,000.
0:48:04 > 0:48:10So with her £25,000 spend plus the original purchase price of £100,000
0:48:10 > 0:48:17and the usual costs and fees, Alison's invested over 130,000 on this spur-of-the-moment purchase.
0:48:17 > 0:48:20So was it a rash one or inspired?
0:48:20 > 0:48:22Let's hear from a local estate agent.
0:48:24 > 0:48:26I think it's lovely. It's a lovely property.
0:48:26 > 0:48:29It's been refurbished to a very high standard
0:48:29 > 0:48:31and it's located in a very sought-after location.
0:48:31 > 0:48:35Should she have been more ambitious with the renovation?
0:48:35 > 0:48:38This is a spacious two-bedroom property, and if you did try
0:48:38 > 0:48:42to extend it into a three-bed, I think it might compromise on the size, so it's better to have
0:48:42 > 0:48:47two large bedrooms and a large family bathroom, as is the case here, than smaller accommodation.
0:48:48 > 0:48:54Although this is Alison's home at present, if she moved, she would aim to rent it out.
0:48:54 > 0:48:55But would it pay its way?
0:48:57 > 0:49:01We'd rent this property out for £675 per calendar month.
0:49:01 > 0:49:06I'm quite surprised that a two-bedroom place would command such a high rental.
0:49:06 > 0:49:09Yes, that rental return is encouraging
0:49:09 > 0:49:12but the key thing is whether this has been a solid investment.
0:49:12 > 0:49:16Remember, Alison spent over 130,000 here.
0:49:16 > 0:49:19We'd market this property at £155,000.
0:49:19 > 0:49:22155, my goodness!
0:49:22 > 0:49:25Wow! That is a huge amount,
0:49:25 > 0:49:29a lot more than I had anticipated.
0:49:30 > 0:49:35So a potential £20,000 profit in the current market.
0:49:35 > 0:49:37That's very encouraging.
0:49:37 > 0:49:43Yeah, it's been a bit of a struggle, but I think it's going to be worthwhile.
0:49:43 > 0:49:46And, yeah, I'd definitely do it again.
0:49:48 > 0:49:52So despondency has turned into delight and Alison appears made up
0:49:52 > 0:49:55with the result she has achieved here.
0:50:09 > 0:50:13This four-bedroom farmhouse in Brereton, Cheshire was bought
0:50:13 > 0:50:19at auction by egg producer Stephen and his wife Christina for £405,000.
0:50:19 > 0:50:24They plan to make it their love nest and escape their grown-up kids.
0:50:27 > 0:50:31We've got a house, well, it's a farm, down the road,
0:50:31 > 0:50:34with two children. Well, they're 31, twins.
0:50:34 > 0:50:38- Not still living at home?- Yeah, they won't move out, so we're going.
0:50:40 > 0:50:42The house itself was in pretty good nick.
0:50:42 > 0:50:45All it really needed was a bit of modernisation.
0:50:45 > 0:50:48The real potential lay in the outbuildings.
0:50:48 > 0:50:52They could be converted into a home office or even,
0:50:52 > 0:50:55given the right planning permission, a separate dwelling.
0:50:55 > 0:51:01So six months later, have Stephen and Christina decided against using it as extra space for themselves
0:51:01 > 0:51:04and to cash in by converting it?
0:51:07 > 0:51:13Well, it seems that privacy and space are still more important to the couple than making money.
0:51:13 > 0:51:17We've altered nothing in the building yet, but we shall do.
0:51:17 > 0:51:19Nothing outside, just inside.
0:51:19 > 0:51:22Just to make it into a workshop.
0:51:22 > 0:51:26I do a bit of welding and I have some vintage tractors
0:51:26 > 0:51:31that I play around with when I'm not working.
0:51:31 > 0:51:35It's good to hear it's not all work and no play for Stephen.
0:51:35 > 0:51:38But what about the house? Any changes there?
0:51:41 > 0:51:43Now, that looks a little different.
0:51:46 > 0:51:52The kitchen has been completely overhauled with modern appliances and fitted cupboards.
0:51:57 > 0:52:02The dining room has been given a new lease of life and a fantastic tiled floor.
0:52:04 > 0:52:07The larder, which was always a useful space, has been made
0:52:07 > 0:52:11doubly so with the addition of a ground-floor shower room.
0:52:11 > 0:52:14And the changes continue upstairs.
0:52:15 > 0:52:21All the bedrooms have been re-plastered, painted and had new carpets fitted.
0:52:24 > 0:52:30The tired-looking bathroom has been replaced by a sleek and stylish shower room.
0:52:30 > 0:52:33In fact, the only room that hasn't changed is the box room.
0:52:34 > 0:52:40But they were slightly limited on what they could do with one square metre.
0:52:40 > 0:52:47We've had new windows, it's been re- plastered, rewired, decorated.
0:52:47 > 0:52:51All the central heating's been done throughout.
0:52:51 > 0:52:54Downstairs shower and toilet, which wasn't in.
0:52:54 > 0:53:00Now, when I'm getting too old to go upstairs, I can have a shower downstairs.
0:53:00 > 0:53:06That downstairs shower isn't the only little luxury Stephen has afforded himself.
0:53:06 > 0:53:13New fireplace, grate and log-effect fire with the remote control which stokes it,
0:53:13 > 0:53:17without us even getting off our chairs.
0:53:17 > 0:53:23And this is where I'll spend my days when I'm getting older.
0:53:24 > 0:53:28And Christina seems pleased as well.
0:53:28 > 0:53:36We went looking at quite a lot of kitchens and there's quite a lot of cream colours
0:53:36 > 0:53:41and wood, but I fancied something different, so I went for blue.
0:53:41 > 0:53:45And the tiles match lovely and I'm really pleased with it.
0:53:45 > 0:53:52The couple were hoping to get all the renovations completed within six months and all has gone to plan.
0:53:52 > 0:53:54With just the finishing touches to be done,
0:53:54 > 0:53:58they hope to move into their love nest for two in a fortnight.
0:53:58 > 0:54:04That leaves their grown-up twin son and daughter at their current farm just a mile down the road.
0:54:04 > 0:54:08Our daughter said she'd feel like an orphan.
0:54:08 > 0:54:11And then she decided she can have plenty of parties.
0:54:11 > 0:54:16Plenty of parties, like young ones do.
0:54:16 > 0:54:18I don't think we'll be missed.
0:54:18 > 0:54:25Stephen and Christina had a budget of £40,000 to bring the farmhouse into the 21st century.
0:54:25 > 0:54:30To date, they have spent £32,000, so they're on time and under budget.
0:54:30 > 0:54:34Perfect scenario but has all their time and money been well spent?
0:54:38 > 0:54:41Well, I'm amazed. I think they've done incredibly well.
0:54:41 > 0:54:44It's quite a surprise, really, when I look at it.
0:54:44 > 0:54:47Everything's been refurbished. It looks wonderful.
0:54:49 > 0:54:54I think it's very nice. I like what they've done with regard to the windows.
0:54:54 > 0:54:57And they've kept it quite traditionally laid out.
0:54:57 > 0:55:02The only thing I would have done is I would have put a bath in the bathroom.
0:55:02 > 0:55:04Other than that, I think it works very well.
0:55:04 > 0:55:07It's not just the house that's the big selling point here.
0:55:07 > 0:55:10There are also those outbuildings.
0:55:10 > 0:55:14If it could be developed as a separate property, there's obviously
0:55:14 > 0:55:16potential to make a bit of money there.
0:55:16 > 0:55:20If they converted it into a two-storey barn conversion
0:55:20 > 0:55:25with at least three bedrooms, 375,000 to 400,000, depending on the specification that they fitted it.
0:55:25 > 0:55:30It's got to be somewhere round about 375 - 400,000.
0:55:30 > 0:55:36Whoa! So could that change the couple's minds about leaving the outbuildings untouched?
0:55:36 > 0:55:40Only if we had to. But it wouldn't be very private.
0:55:40 > 0:55:47Stephen and Christina paid £405,000 for the house and its surrounding 1.9 acres.
0:55:47 > 0:55:54They spent £32,000 modernising the place, so if they sold, could they recoup that?
0:55:54 > 0:55:59I would value this property for £475,000 - £500,000.
0:55:59 > 0:56:02I think we'd be looking at somewhere round about £500,000.
0:56:02 > 0:56:09So a potential profit of around £60,000 before tax and other costs are deducted.
0:56:09 > 0:56:12That's an awful lot of chicken feed for farmer Stephen.
0:56:12 > 0:56:18It's somewhere where I think it could be but we're not tempted.
0:56:18 > 0:56:23I think it will go more than that in future.
0:56:23 > 0:56:27But we've bought it to live at and we're going to live at it.
0:56:27 > 0:56:30The farmhouse was never bought as an investment.
0:56:30 > 0:56:35It was always destined to be a little haven for Stephen and Christina to retire to,
0:56:35 > 0:56:39and that's exactly what they're going to do.
0:56:39 > 0:56:43I think it will be very nice to be on us own.
0:56:43 > 0:56:46We can watch what we want on television.
0:56:46 > 0:56:48Yeah, it'll be very nice.
0:56:48 > 0:56:52Back to where we were when it all started.
0:56:55 > 0:56:59- Join us next time... - for more thrills and spills from the auction room.
0:56:59 > 0:57:00- See you then.- Goodbye.- Goodbye.
0:57:05 > 0:57:07Subtitles by Red Bee Media Ltd
0:57:07 > 0:57:09Email subtitling@bbc.co.uk