0:00:02 > 0:00:06With the ups and downs of the property market, you need to be able to trust your instincts.
0:00:06 > 0:00:08Nowhere is this more true than in the auction room.
0:00:08 > 0:00:13So join us now as we take the lottery out of property under the hammer.
0:00:38 > 0:00:41Buying at auction doesn't have to be scary.
0:00:41 > 0:00:45If you do your research and you stick to your limit, you can bid with confidence.
0:00:45 > 0:00:48Well, let's meet some buyers who hopefully did that,
0:00:48 > 0:00:52but did they bag a bargain or get more than they bargained for?
0:00:52 > 0:00:55Let's take a look at what they bought.
0:00:57 > 0:01:00I'm in Cheshire, where I've found something rather special.
0:01:00 > 0:01:05The most incredible view... you can wish for.
0:01:05 > 0:01:09I'll be stirring up some passion for this property in Kent.
0:01:09 > 0:01:13This house needs pulling up by the scruff of its neck,
0:01:13 > 0:01:15a good old shake and some love.
0:01:15 > 0:01:20And we'll see if this house in Derby really is a secure investment.
0:01:20 > 0:01:24It was built to last and it's a very practical home to live in.
0:01:24 > 0:01:26You know what, it's great.
0:01:27 > 0:01:29All these properties have been sold at auction.
0:01:29 > 0:01:33We find out who bought them and how much they paid when they went under the hammer.
0:01:33 > 0:01:34It's yours.
0:01:37 > 0:01:39I'm in the village of Swythamley
0:01:39 > 0:01:42on the Cheshire/Staffordshire border.
0:01:42 > 0:01:45Right on the edge of the Peak District. It's a beautiful place.
0:01:45 > 0:01:50Originally a farming community, if you want to live here now you've got to have deep pockets
0:01:50 > 0:01:52because you're competing with the Cheshire set,
0:01:52 > 0:01:58who are looking for space, scenery and sizeable homes.
0:01:58 > 0:02:02Yes, you couldn't really get a much more idyllic setting than this.
0:02:02 > 0:02:06There's beautiful countryside as far as the eye can see.
0:02:07 > 0:02:12The only noisy neighbours around here are that lot.
0:02:12 > 0:02:15But don't let these tranquil surroundings fool you.
0:02:15 > 0:02:20The area has actually had quite a turbulent past.
0:02:20 > 0:02:25The property I'm here to see is rather intriguingly called Gun End Cottage.
0:02:25 > 0:02:30It's named after Gun Hill, where Cromwell was said to have placed one of his cannons
0:02:30 > 0:02:32in preparation for firing it at a neighbouring town.
0:02:32 > 0:02:37And, judging by the property itself, I think we have hit the target.
0:02:37 > 0:02:39Absolutely stunning.
0:02:39 > 0:02:43Built in 1904, it had a guide price of 280,000 quid.
0:02:43 > 0:02:47It was actually built by Sir Philip of Swythamley Hall.
0:02:47 > 0:02:50Well, if it's good enough for him, it's good enough for me.
0:02:52 > 0:02:56The word cottage usually suggests a small whitewashed building,
0:02:56 > 0:02:59not a solid Edwardian house like this.
0:02:59 > 0:03:02There's a little patch of garden out the back
0:03:02 > 0:03:04and if the grass gets too long
0:03:04 > 0:03:09you could just let these sheep do the mowing for you.
0:03:09 > 0:03:14The property is just off the main road that links most of the local villages,
0:03:14 > 0:03:18but let's face it, it's hardly the M25, is it?
0:03:18 > 0:03:22Well, let's just hope that the inside is as nice as the outside.
0:03:22 > 0:03:24Not a bad start, I have to say.
0:03:24 > 0:03:28Original flooring here in the entrance. This is good to see.
0:03:28 > 0:03:31Nice sitting room there with a real fire.
0:03:31 > 0:03:34Low ceilings but I think you can cope with that
0:03:34 > 0:03:36because there's so much else that is wonderful.
0:03:36 > 0:03:39Look at this. This is like the second sitting room.
0:03:39 > 0:03:42Lots of original features like these cupboards built in.
0:03:42 > 0:03:45Get those stripped back. I bet that's beautiful pine under there.
0:03:45 > 0:03:49And then you've got this bay here. Leaded glass in the windows.
0:03:49 > 0:03:51That's actually wood.
0:03:51 > 0:03:53I hoped that might be stone.
0:03:53 > 0:03:55Nevertheless, absolutely gorgeous.
0:03:55 > 0:03:58It's got a fantastic feel straight away.
0:03:58 > 0:04:03Despite the low ceilings, both these rooms feel spacious and bright.
0:04:03 > 0:04:06I love those Edwardian fireplaces.
0:04:06 > 0:04:10Simple in design but effective and elegant.
0:04:12 > 0:04:14The decoration is a little tired
0:04:14 > 0:04:19but I can't see or smell any damp, which is great news.
0:04:19 > 0:04:21So far, so good.
0:04:21 > 0:04:25What's the rest of the house got in store?
0:04:26 > 0:04:28Sadly, the kitchen is a bit of a disappointment.
0:04:28 > 0:04:31A few nice features like this old range cooker,
0:04:31 > 0:04:34which is lovely to have, a real central point to the kitchen.
0:04:34 > 0:04:38It's quite small, though. There's a pantry there. I'd think about
0:04:38 > 0:04:41knocking down this wall to try to create a bit more space.
0:04:41 > 0:04:45And then creating what this should be, a real country-feel kitchen,
0:04:45 > 0:04:47as opposed to this 1970s throwback.
0:04:47 > 0:04:52In terms of anything else you could do, there may be one option.
0:04:52 > 0:04:54Out here is this conservatory
0:04:54 > 0:04:59but it's not just a conservatory, it's a missed opportunity.
0:04:59 > 0:05:01I think you're going to be expanding the kitchen this way.
0:05:01 > 0:05:05There's a downstairs loo there, a utility area there.
0:05:05 > 0:05:08This house is not listed, so you can get rid of this wall,
0:05:08 > 0:05:11extend the kitchen out, put a conservatory on here,
0:05:11 > 0:05:13because what you want to make the most of is that.
0:05:13 > 0:05:18The most incredible view... you could wish for.
0:05:19 > 0:05:22Although that field doesn't come with the property,
0:05:22 > 0:05:24the view certainly does.
0:05:24 > 0:05:27I can't imagine a better spot on a summer's morning...
0:05:27 > 0:05:30well, noon or evening either for that matter.
0:05:41 > 0:05:44Time to look upstairs.
0:05:44 > 0:05:46Nice wide stairs actually, which is good to see.
0:05:46 > 0:05:49Then, up here, three bedrooms, bathroom and loo
0:05:49 > 0:05:52which is good that that's actually upstairs.
0:05:52 > 0:05:55The bedrooms aren't huge, they got these very interesting ceilings.
0:05:55 > 0:05:57Glorious windows, lead-lined,
0:05:57 > 0:06:01and views out onto the surrounding countryside.
0:06:01 > 0:06:05I mean, what can you say, this place has charm oozing out of every brick.
0:06:06 > 0:06:11The other main bedroom is a bright and spacious room,
0:06:11 > 0:06:13it just needs some redecorating.
0:06:13 > 0:06:16There's a bit more to do in the smaller third bedroom
0:06:16 > 0:06:20but it's not a bad size for a children's room perhaps.
0:06:21 > 0:06:25I think this place is delightful and it has all the makings of
0:06:25 > 0:06:28a fabulous country home for a family or maybe even a holiday let.
0:06:28 > 0:06:34I asked along a local estate agent to hear what he thought.
0:06:34 > 0:06:37It's absolutely gorgeous, isn't it?
0:06:37 > 0:06:39It's just got...character.
0:06:39 > 0:06:43it's a bit of an over-used word in this business but it's got lots of it.
0:06:45 > 0:06:49It'll appeal to all sorts of people, different sectors of the market,
0:06:49 > 0:06:51people who'd be quite content to live in it as it is.
0:06:51 > 0:06:55Others would want to spend a lot of money and make a big project of it.
0:06:55 > 0:07:01Really, it's got lots of scope for different types of people.
0:07:01 > 0:07:05The guide price on this property was £280,000.
0:07:05 > 0:07:08Would that represent a good buy?
0:07:08 > 0:07:14I suspect that the value on this could probably reach as high as 400,000,
0:07:14 > 0:07:20because of the fairly limited works you would want to do on it, I suspect.
0:07:20 > 0:07:23So it probably would have a limit of around 400.
0:07:24 > 0:07:30Well, to the Lord of the Manor it may just have been a cottage but I think it is a splendid house.
0:07:30 > 0:07:34Whoever buys it is not only buying a slice of history
0:07:34 > 0:07:38but also getting themselves that much sought after rural lifestyle.
0:07:38 > 0:07:42Let's see who fell for its charms when it went under the hammer.
0:07:42 > 0:07:46Lot number two, Gun End Cottage.
0:07:46 > 0:07:48How much can we say for this one?
0:07:48 > 0:07:50260, at 260,000.
0:07:50 > 0:07:54265, 270, sir? 270. At 270.
0:07:54 > 0:07:59And five, sir? 275. 280. And five, sir?
0:07:59 > 0:08:03285. 290. 295?
0:08:03 > 0:08:08Yes, 295. 300. At 300,000.
0:08:08 > 0:08:11Don't stop on a round figure, it's bad policy.
0:08:11 > 0:08:15One over the top will make all the difference. And five? 305.
0:08:15 > 0:08:18310.
0:08:18 > 0:08:2112.5? We'll help you.
0:08:21 > 0:08:26Come on, you must buy it. 312,500.
0:08:26 > 0:08:28315.
0:08:28 > 0:08:33At 315. We're here to sell it. Make her happy, buy it.
0:08:33 > 0:08:37At 315,000. 17.5?
0:08:37 > 0:08:42It's only money. At 315. I'll take £1,000.
0:08:42 > 0:08:45It's hard times, let's have a thousand.
0:08:45 > 0:08:51At £315,000, it's going to the gentlemen over there once, twice... Another thousand?
0:08:51 > 0:08:57At £315,000 for the third and final time, I'm selling it, quick discussion...
0:08:57 > 0:09:04Yes, 316,000. 317. At 317,000. At 317,000.
0:09:04 > 0:09:10At 317,000 once, twice, the third and final time, it's with you, sir, on my left.
0:09:10 > 0:09:14At 317,000, are we all done? I'm selling it.
0:09:14 > 0:09:17At £317,000.
0:09:18 > 0:09:19It's yours, sir.
0:09:19 > 0:09:24That successful bid of 317,000 was made by a surveyor
0:09:24 > 0:09:28who was bidding on behalf of two sisters, Margaret and Janet.
0:09:28 > 0:09:33They're both housewives with two children each, who live six miles from the property.
0:09:33 > 0:09:37It turns out they have a long-running connection with their new purchase.
0:09:37 > 0:09:40I caught up with them back at the cottage to find out more.
0:09:52 > 0:09:55Margaret, Janet, lovely to meet you both. Congratulations.
0:09:55 > 0:10:00- Thank you.- So why did you want to buy this house, if it's not obvious?
0:10:00 > 0:10:03Well, we've always known this property.
0:10:03 > 0:10:08The land and the farm next door has been in our family since the '60s,
0:10:08 > 0:10:14so we've grown up knowing it and loved it and when it came up for auction...
0:10:14 > 0:10:17we had to try and get it.
0:10:17 > 0:10:21Tell me more about your family in the area. Which buildings, which houses do you own around here?
0:10:21 > 0:10:26Well, my grandparents bought the farm up there in the '60s.
0:10:26 > 0:10:28They farmed it
0:10:28 > 0:10:34right up until 1999, when my parents retired there.
0:10:34 > 0:10:42But sadly my dad is on his own there because we lost Mum in December.
0:10:42 > 0:10:47So you as children, then, cos you're sisters, you knew this house?
0:10:47 > 0:10:53- Did you play near here and that kind of stuff?- Yeah, my gran always brought us down here.
0:10:53 > 0:10:57We've known all the owners of this property.
0:10:57 > 0:10:59Gran used to bring us down when we were children
0:10:59 > 0:11:06and we can remember all the features in there, big fire, big range,
0:11:06 > 0:11:09and we've known all the subsequent owners who've been here.
0:11:09 > 0:11:13We feel as if we know it, it's part of our history.
0:11:13 > 0:11:16So, Janet, how does it feel to have actually bought it?
0:11:16 > 0:11:19It's just fantastic. We never really thought we had a chance.
0:11:19 > 0:11:24We saw it was going on the market and just thought it would be out of our reach.
0:11:24 > 0:11:28We came down at one of the viewings with our children because we thought
0:11:28 > 0:11:31it was perhaps the only chance that they'd get to go in and visit it
0:11:31 > 0:11:35and we noticed the guide price and suddenly we thought we had a chance.
0:11:41 > 0:11:46That £280,000 guide price was just too good to miss.
0:11:46 > 0:11:50They put their funds together and were willing to pay up to 350,000
0:11:50 > 0:11:55but in the end they managed to get it for £317,000.
0:11:57 > 0:12:02- What do you plan to do with it in general?- Short term, we want it to be a holiday let
0:12:02 > 0:12:06because we're not in a position, either of us, to come and live here right now.
0:12:06 > 0:12:11But, long term, we do envisage one of us coming with the family to live here,
0:12:11 > 0:12:14so we're closer to my dad and can look after him.
0:12:14 > 0:12:18And how are you going to decide on that one? Presumably you'd both like to live here!
0:12:18 > 0:12:23We'll cross that bridge when we come to it. We'll have great fun doing the project.
0:12:23 > 0:12:26They may not have to make that choice yet
0:12:26 > 0:12:30but they will have to decide whether to turn this into a holiday let.
0:12:30 > 0:12:34We're going to take out the pantry wall, because I think
0:12:34 > 0:12:38particularly for a holiday let it's not necessary to have a pantry.
0:12:38 > 0:12:42It'll give more space in the kitchen so you can use it to eat in as well.
0:12:42 > 0:12:45And we're going to put a shower room in downstairs.
0:12:45 > 0:12:50- So where are you going to put the shower room? - In what is now the...outhouse.
0:12:50 > 0:12:53So what kind of a budget have you got set aside
0:12:53 > 0:12:55for doing the work that you're going to do?
0:12:55 > 0:13:03Well, because we got it at 317, we have, you know, the remainder, to 350.
0:13:03 > 0:13:06- So we do have about...- 30,000? - 30,000.
0:13:06 > 0:13:12- You're not planning to do anything major, so that's way more than you need, isn't it?- Well, hopefully!
0:13:13 > 0:13:17Margaret and Janet have used the inheritance from their late mother
0:13:17 > 0:13:20to help buy the house and pay for the renovation,
0:13:20 > 0:13:22so this project really does mean a lot to them.
0:13:26 > 0:13:31- So...would you ever sell it? - No.- No.
0:13:31 > 0:13:35- No! Now we've got it, we're not parting with it.- No!
0:13:35 > 0:13:41You looked truly horrified when I asked that question, didn't you?
0:13:41 > 0:13:46Yeah, I did. The thought of it. No. Now we've got it it's not going anywhere.
0:13:46 > 0:13:50- It's in the family and that's that. - Yes.- Yes, sorry, everybody.
0:13:50 > 0:13:54Well, I'm truly delighted for you. Congratulations. Brilliant story.
0:13:54 > 0:13:56- Thank you.- Well done.
0:13:58 > 0:14:02Well, how absolutely perfect that Margaret and Janet have
0:14:02 > 0:14:07got this place, a house that means so much to them and their family.
0:14:07 > 0:14:10I think short-term holiday lets is a great way to go.
0:14:10 > 0:14:15The only big problem is going to be deciding who gets to finally live here.
0:14:15 > 0:14:19How on earth are they going to do that? You can find out later in the show.
0:14:22 > 0:14:25I'm in Hartley in Kent,
0:14:25 > 0:14:29a very desirable area with lots of local shops and amenities.
0:14:29 > 0:14:33I'm here to visit a house just up the road on an old council estate.
0:14:34 > 0:14:38The property I'm here to see today is in this quiet little cul-de-sac.
0:14:38 > 0:14:41It's just minutes away from the local shops.
0:14:41 > 0:14:43Its access is down this little walkway.
0:14:43 > 0:14:48Could be a bit of a disadvantage, it means you can't park right outside your door,
0:14:48 > 0:14:50so it will put some buyers off,
0:14:50 > 0:14:53but it does give you the feel of a private little enclave.
0:14:53 > 0:14:57I'm here to see this 1970s two-bedroom mid-terrace property.
0:14:57 > 0:15:01It looks really well cared for from the outside.
0:15:01 > 0:15:05It's even got double-glazed windows. I'm going to go in and have a look around.
0:15:05 > 0:15:08A lack of parking directly outside is a downside,
0:15:08 > 0:15:10though there is some nearby.
0:15:10 > 0:15:13The guide price of between 100,000 and 110,000
0:15:13 > 0:15:15more than makes up for that.
0:15:15 > 0:15:19You can say what you like about the style of this house,
0:15:19 > 0:15:23not everybody will love it, but the proportions are great.
0:15:23 > 0:15:28You really get the feeling of space inside. Lovely wide hallway.
0:15:28 > 0:15:31You've got lots of space underneath the stairs here and around here.
0:15:31 > 0:15:33The lounge is a good square size,
0:15:33 > 0:15:37with these lovely big sliding doors leading out to that garden.
0:15:37 > 0:15:41What a pretty little garden that is. But you know what?
0:15:41 > 0:15:44This house needs pulling up by the scruff of its neck,
0:15:44 > 0:15:47a good old shake and some love.
0:15:47 > 0:15:51Then you'll have a really nice good solid home here.
0:15:55 > 0:16:00And whilst you're shaking up the dated decor and repainting those tired-looking walls,
0:16:00 > 0:16:06you could also knock through that wall into the cupboard to add some extra space in the living room.
0:16:06 > 0:16:08There's loads of space in the kitchen,
0:16:08 > 0:16:12which runs the length of the house, with big windows to let the sun in,
0:16:12 > 0:16:15as if that tiling wasn't bright enough.
0:16:15 > 0:16:19But it's not the light in the house that concerns me, it's the heat.
0:16:20 > 0:16:25I've noticed that this house has no radiators, just air vents.
0:16:25 > 0:16:28That's because there's a hot-air heating system.
0:16:28 > 0:16:31Basically, what that means is air is heated and then
0:16:31 > 0:16:35it's distributed around the house through ducts and vents like these.
0:16:35 > 0:16:39The disadvantages are that old furnaces can often be noisy
0:16:39 > 0:16:43and old systems can dry the air out and they just spread dust and pollen around the house,
0:16:43 > 0:16:48which can be problematic if you've got skin problems or asthma or even allergies.
0:16:48 > 0:16:54So it really will be worth doing some homework and finding out just how old this system is.
0:16:54 > 0:16:58But a replacement central-heating system with radiators, well,
0:16:58 > 0:17:04it could cost about £3,000 to install but I think it would be more attractive to potential buyers.
0:17:04 > 0:17:07I think that would be money well spent.
0:17:07 > 0:17:11A hot-air system is not ideal and may put off future buyers.
0:17:11 > 0:17:14What else has this place got in store?
0:17:15 > 0:17:19Upstairs there's two bedrooms and a couple of cupboards
0:17:19 > 0:17:20and a bathroom at the end.
0:17:20 > 0:17:24But I can spot a lot of wasted space here.
0:17:24 > 0:17:29One option would be to create a doorway and incorporate this bit of corridor.
0:17:29 > 0:17:31Knock out this cupboard
0:17:31 > 0:17:34and just have a lovely luxurious modern bathroom.
0:17:34 > 0:17:38It would feel more spacious and I think it would work well for a family.
0:17:38 > 0:17:42You may have noticed something missing in here.
0:17:42 > 0:17:44That's right, a toilet.
0:17:49 > 0:17:51That's further down the hall.
0:17:51 > 0:17:53So opening out the cupboard
0:17:53 > 0:17:56would mean you could get the whole suite together at last.
0:17:56 > 0:17:59This house has plenty of potential and had a great guide price
0:17:59 > 0:18:03of between £100,000 and £110,000,
0:18:03 > 0:18:06but let's see what a local estate agent makes of the place.
0:18:08 > 0:18:13It's a nice little house. Needs a bit of work doing to it but it has got good potential.
0:18:13 > 0:18:15If it were my property, I would change
0:18:15 > 0:18:19the central heating system round to traditional radiators.
0:18:19 > 0:18:24Slight downfall not being able to park outside the front door.
0:18:24 > 0:18:29Awkward with children - not knowing whether to take the child or the shopping in first.
0:18:29 > 0:18:33The guide price was £100,000 to £110,000.
0:18:33 > 0:18:36Once renovated, how much could it resell for?
0:18:36 > 0:18:39Once it's all done up,
0:18:39 > 0:18:44the property would be worth somewhere in the region of £175,000.
0:18:44 > 0:18:50That could be a decent profit depending on how much you spend on it.
0:18:50 > 0:18:53Is renting a good option here too?
0:18:53 > 0:18:57From a rental point of view, it's a good area to be renting in.
0:18:57 > 0:19:03Two bedrooms, you're going to be looking in the region of £725 per calendar month.
0:19:04 > 0:19:081970s architecture may not be to everybody's taste,
0:19:08 > 0:19:11but this auction property is in a nice, quiet location.
0:19:11 > 0:19:16There's good schools and amenities and it seems to be structurally sound.
0:19:16 > 0:19:20Replace that hot air heating system, a new kitchen, rejig that bathroom,
0:19:20 > 0:19:23and you've got a nice little property here, I think.
0:19:23 > 0:19:27Let's see who fancied this one as we head to auction?
0:19:27 > 0:19:29Where do you want to start me on this one, £100,000?
0:19:29 > 0:19:33100,000 in the front row, £100,000.
0:19:33 > 0:19:35I'm on the way. 100. 105.
0:19:35 > 0:19:40105. And 10. 110. And 15.
0:19:40 > 0:19:43And 20. And 25. 125, I've got.
0:19:43 > 0:19:46130 I'm looking for. In the room. Someone's going to buy it.
0:19:46 > 0:19:50130 on my right-hand side. 135 is against you in the red jacket.
0:19:50 > 0:19:54132, if you like, if it helps you. Doesn't look like it does a lot.
0:19:54 > 0:19:58At £130,000 on my right-hand side, 132 I'm looking for.
0:19:58 > 0:20:02132 sitting in front. And five. 136.
0:20:02 > 0:20:05136, no? One bid. At 135, I've got.
0:20:05 > 0:20:09136 from anybody else? £136,000. It's in the room to sell it.
0:20:09 > 0:20:14At £135,000, if you're all done at 135 for the first time,
0:20:14 > 0:20:19at £135,000 for the second...
0:20:19 > 0:20:21136, just in time. 137, it's back with you.
0:20:21 > 0:20:24138. And nine. And 40.
0:20:24 > 0:20:28And one. 141, and two. 142. 141.
0:20:28 > 0:20:31It's back with you, madam, for the first time at 141,000.
0:20:31 > 0:20:34142, if anybody else wants to bid.
0:20:34 > 0:20:37For the second time at 141,000.
0:20:37 > 0:20:41Third and final time, if you're sure you're all done, 141, all done.
0:20:42 > 0:20:44Well done, it's yours at 141.
0:20:46 > 0:20:50'The successful bid of £141,000 came from Theresa, who lives locally.
0:20:50 > 0:20:54'She was bidding on behalf of her father.
0:20:54 > 0:20:58'I caught up with Theresa and her son Luke to hear about their plans.'
0:21:01 > 0:21:07Congratulations. This is really good news. Why did you want to buy this house, Theresa?
0:21:07 > 0:21:11Actually, my dad bought the house. He's actually gone away on holiday, so can't be here today.
0:21:11 > 0:21:15He sold the family home last year and he has some spare cash.
0:21:15 > 0:21:19He's moved into a little retirement bungalow with my mum.
0:21:19 > 0:21:24He wanted a property, something he could use as an investment, make his money work,
0:21:24 > 0:21:27so we've been looking for a while.
0:21:27 > 0:21:31But this is local to where we live, so we thought, "Well, we'll come and see it."
0:21:31 > 0:21:36We had a nice feel about it, so we went to the auction and, hey, we got the property.
0:21:36 > 0:21:39You looked like you meant business at the auction.
0:21:39 > 0:21:44- You were like, yes! Yes! You wanted this place, didn't you? - Yes, absolutely.
0:21:44 > 0:21:48But I've got to say, another £2,000 more, I think we'd have stopped.
0:21:48 > 0:21:53And it's my first time bidding at auction, so the whole thing was quite scary, but, yes.
0:21:53 > 0:21:55- So your dad has bought it?- Yeah.
0:21:55 > 0:21:58- And grandson.- Yeah. - What's your involvement going to be?
0:21:58 > 0:22:01I'm going to be doing most of the work on the house
0:22:01 > 0:22:04and then sort of overseeing the other traders that come in,
0:22:04 > 0:22:08the gas, electrical, plumbing, whatever there is to be done,
0:22:08 > 0:22:12- and I'll be doing all the work for my grandad. - What is your speciality, Luke?
0:22:12 > 0:22:15I'm a trained carpenter,
0:22:15 > 0:22:20so all of the woodwork is my speciality, but I'll also be doing the painting and decorating as well.
0:22:20 > 0:22:25- What's the quality of his work like? - He's very good, actually, he comes from a long line.
0:22:25 > 0:22:30Not this grandfather, but his other grandfather is a carpenter, his father is a carpenter,
0:22:30 > 0:22:34so he's got a good sort of back-up of trade behind him. So I think he should be doing...
0:22:34 > 0:22:37Of course I'll be coming down and doing a little check.
0:22:39 > 0:22:44'In fact, Theresa has already overseen other renovations as she and her husband, Andrew,
0:22:44 > 0:22:48'have done up several of the places they've lived in.
0:22:48 > 0:22:53'They've once even turned an old cottage into a six-bedroomed property.'
0:22:53 > 0:22:58- What sort of involvement is your dad going to have?- My dad will be down here, hands on.
0:22:58 > 0:23:03He's 77 and you'd think he's only 57, because anything anyone can do,
0:23:03 > 0:23:07he can do as well, not to say better, but he can do it.
0:23:07 > 0:23:12But no, he wants to be actively involved, so he'll be coming down, being Luke's assistant.
0:23:14 > 0:23:18'The budget Luke will have to play with is £11,000, but that could rise
0:23:18 > 0:23:21'depending on what they choose to do with the property.
0:23:21 > 0:23:26'They still haven't decided if they're going to rent it out or sell.'
0:23:26 > 0:23:31We need to decide rather quickly, because with the heating system that we have in here,
0:23:31 > 0:23:36if we sell it, we feel we need to take it out and put traditional central heating in,
0:23:36 > 0:23:40so we are...undecided.
0:23:40 > 0:23:45- So, you've really got to make some decisions straightaway.- Absolutely.
0:23:45 > 0:23:50'Once they've worked out their plans, they can begin to tackle the work needed here.
0:23:50 > 0:23:54'Hopefully, the decoration will be a little more modern.'
0:23:54 > 0:24:00It is a little bit dated, but we felt that when we walked in, it was quite a sort of homely place,
0:24:00 > 0:24:03so we're going to try and update it, not spend fortunes on it,
0:24:03 > 0:24:09but really try and make it look nice and make it a place that maybe a family would want to move into.
0:24:09 > 0:24:13Is that your a speciality? Are you quite good with the finishing touches, Theresa?
0:24:13 > 0:24:17I have an eye for colour and things like that, or so I'm told.
0:24:17 > 0:24:20And my mum... I'm going to get my mum involved towards the end as well.
0:24:20 > 0:24:25She came down to the auction with us, with maybe choosing tile colours
0:24:25 > 0:24:30and we'll keep the colour scheme neutral throughout, but get her involved in it as well.
0:24:30 > 0:24:33- It really is a big, old family business.- It is, yeah.
0:24:33 > 0:24:35How is it going to work?
0:24:35 > 0:24:36Do you all get on?
0:24:36 > 0:24:42Yes, I think we do. Obviously we've our ups and downs, but yeah, we don't get on too badly, do we?
0:24:42 > 0:24:47- You always work with your dad anyway.- Yeah, we work well together.- No bossy members?
0:24:48 > 0:24:52You do have a tendency, but you know, normally she's all right.
0:24:52 > 0:24:56It'll be interesting to see if there are any family feuds, perhaps?
0:24:56 > 0:24:59No, there won't be any of those! You're allowed an opinion.
0:24:59 > 0:25:01I'm sure it'll be all right, yeah.
0:25:01 > 0:25:04Well, this is certainly going to be a family affair.
0:25:04 > 0:25:08Theresa's son, Luke, and dad, Peter, are putting in some hard graft
0:25:08 > 0:25:11and they are ready to put their mark on this place.
0:25:11 > 0:25:15Will this be the start of a property developing career for them all
0:25:15 > 0:25:18or will there be a few family fall-outs along the way?
0:25:18 > 0:25:21You can find out how they get on later in the show.
0:25:22 > 0:25:27'Coming up: I'll be at this house in Derby where it's rather hard to find fault.'
0:25:27 > 0:25:32It looks like it's been lived in quite recently, it doesn't smell damp, I mean, it's nice.
0:25:36 > 0:25:40'Back in Kent, the renovation hasn't been as speedy as first hoped.'
0:25:40 > 0:25:43For a long time, it was only my grandad doing painting and decorating.
0:25:43 > 0:25:47'But first, there has been no sense of urgency back at this cottage.'
0:25:47 > 0:25:52Whenever there was a decision to be made, we just stopped work and had more tea.
0:25:56 > 0:26:01We've returned to the glorious countryside of Swythamley, Cheshire.
0:26:01 > 0:26:07Sisters Margaret and Janet bought this cottage at auction for £317,000
0:26:07 > 0:26:11and there couldn't have been more perfect owners of this gorgeous property.
0:26:16 > 0:26:21We've always known this property, the land and the farm next door has been in our family since the '60s,
0:26:21 > 0:26:25so we've grown up knowing it and loved it.
0:26:25 > 0:26:28When it came up for auction,
0:26:28 > 0:26:30we had to try and get it.
0:26:32 > 0:26:37Once safely in their hands, they planned to renovate and transform it into a holiday let.
0:26:37 > 0:26:42So, nine months later, how has it all gone?
0:26:42 > 0:26:45We caught up with the sisters back at the cottage to find out.
0:26:55 > 0:27:00And the good news is that the inside now looks as picturesque as the outside.
0:27:00 > 0:27:05The front room has been beautifully decorated, it's modern,
0:27:05 > 0:27:09but there are lovely period details, like the fireplace they've now installed.
0:27:11 > 0:27:18And upstairs, whoever rents out this as a holiday let, will be fighting over the new master bedroom,
0:27:18 > 0:27:23which is now bright, elegant and more importantly, peaceful.
0:27:23 > 0:27:25But then again, so is the second bedroom.
0:27:27 > 0:27:34Janet and Margaret have squeezed two beds in the third room as well, making it perfect for a kids' room.
0:27:36 > 0:27:42Downstairs, the second reception room has been transformed into a fantastic fourth large bedroom.
0:27:45 > 0:27:51They've knocked down that pantry wall and created a beautiful open-plan cottage kitchen
0:27:51 > 0:27:56with brand new worktops, appliances and units.
0:27:56 > 0:28:01This is the kitchen. And you can see, we've created quite a lot more space
0:28:01 > 0:28:03by removing the pantry wall that was about here
0:28:03 > 0:28:09and a friend of ours has built us this settle and table, which comfortably seats eight
0:28:09 > 0:28:13and leaves a lot of space in the kitchen for the work that has to be done.
0:28:13 > 0:28:17This open-plan kitchen is very functional as well as attractive
0:28:17 > 0:28:22for a family or a group of friends to wine and dine on a lovely summer evening.
0:28:22 > 0:28:28And of course, they can also go through and settle down in the conservatory to enjoy the view.
0:28:30 > 0:28:33Just off the conservatory was an old coal store,
0:28:33 > 0:28:37which has now been put to much better use as a second toilet and shower
0:28:37 > 0:28:39to go with the redecorated one upstairs.
0:28:44 > 0:28:47What a fantastic job Janet and Margaret have done here,
0:28:47 > 0:28:52well, I say "Janet and Margaret", but it sounds like they've had quite a few helping hands.
0:28:55 > 0:28:59We got the builder that had just done an extension of our house
0:28:59 > 0:29:05and then we got a plumber to do... The whole central heating needed redoing.
0:29:05 > 0:29:09And then we got a friend who is a carpenter to make the table,
0:29:09 > 0:29:13but he ended up doing the kitchen fittings and the tiling.
0:29:13 > 0:29:18We kept him busy, and our neighbour is an electrician, so he did all the electrical work.
0:29:18 > 0:29:22Yes. And our other builder friend did loads, didn't he?
0:29:22 > 0:29:26He was the one up the ladder with the lead flashing and lots of other...
0:29:26 > 0:29:28Drains, cleaned the drains.
0:29:28 > 0:29:31Yes. And he did the pantry wall removal as well.
0:29:38 > 0:29:40Even the new patio outside
0:29:40 > 0:29:42was laid by a neighbour
0:29:42 > 0:29:43who's a landscaping expert.
0:29:43 > 0:29:49The girls did attempt some of the jobs themselves, but came a little unstuck.
0:29:50 > 0:29:53The wallpaper stripping took forever. We thought we'd finished.
0:29:53 > 0:29:57Then we were told off because we'd left too much glue on the walls.
0:29:57 > 0:30:00We sanded and soaped and washed and finally got that done.
0:30:09 > 0:30:15'Their original budget for all of the renovation and furnishings was around £35,000.
0:30:15 > 0:30:20'So far, they spent well under that, around £22,500. That's all fine, then.
0:30:20 > 0:30:25'But the three-month timescale tripled to nine months, so what happened?'
0:30:25 > 0:30:30We were a bit optimistic, well, I think everyone is when they think how long things are likely to take,
0:30:30 > 0:30:35but we had specific people we really wanted to work on the house.
0:30:35 > 0:30:40They're all local trades people and they're family friends or personal friends,
0:30:40 > 0:30:44so we had to wait to be fitted into their schedules quite often.
0:30:44 > 0:30:49And whenever there was a decision to be made, it didn't matter how major or minor,
0:30:49 > 0:30:51we just stopped work and had more tea.
0:30:51 > 0:30:55So, really, the extra months are all down to the amount of tea we've had.
0:31:03 > 0:31:07Well, at least they're honest. You can't blame them for having a relaxed attitude
0:31:07 > 0:31:09in a place like this.
0:31:11 > 0:31:14The sisters have no intention of selling.
0:31:14 > 0:31:17They want to keep it in the family. How much value have they added
0:31:17 > 0:31:19now that finally all the work is finished?
0:31:19 > 0:31:23We asked two local estate agents for their opinions.
0:31:23 > 0:31:24For a cottage of this style,
0:31:24 > 0:31:26it's been done with taste and sympathy
0:31:26 > 0:31:30to the original architecture and the surrounding area.
0:31:30 > 0:31:37'You've got all mod day cons, all of the up-to-date central heating, you've got the character'
0:31:37 > 0:31:41of the original property, fabulous bathroom and kitchen.
0:31:41 > 0:31:44I like the layout of the property. It works extremely well.
0:31:44 > 0:31:47It's a well-balanced house with three bedrooms upstairs,
0:31:47 > 0:31:50additional bedroom downstairs if required.
0:31:50 > 0:31:53I think generally, the layout works well for a family.
0:31:53 > 0:31:57It'll work very well as a holiday let, most cottages do tend to be
0:31:57 > 0:32:00like the terraces or the apartments and things like that,
0:32:00 > 0:32:02whereas a detached cottage is quite unique.
0:32:06 > 0:32:12So, how much could this cottage rent out for on a year-long lease?
0:32:12 > 0:32:15If the property was to come on the market for rental,
0:32:15 > 0:32:16I'd be suggesting an asking rent
0:32:16 > 0:32:19of between £800-£900 per calendar month.
0:32:19 > 0:32:23If it was for rental on the open market you'd be looking at around
0:32:23 > 0:32:24£700 per calendar month.
0:32:24 > 0:32:27I think if holiday lets turned out to be more work
0:32:27 > 0:32:29than we were expecting, then we'd certainly consider
0:32:29 > 0:32:31- a long-term let, wouldn't we?- Yes.
0:32:31 > 0:32:36The sisters plan to rent out the cottage at a variable seasonal rate
0:32:36 > 0:32:38of between £300-£700 per week.
0:32:38 > 0:32:42But if they did ever decide to sell, what would it be worth?
0:32:42 > 0:32:46Remember they paid £317,000 for it at auction
0:32:46 > 0:32:50and spent a further 22,500 on the work,
0:32:50 > 0:32:54so it would need to be worth at least 340,000 to show any profit.
0:32:56 > 0:33:01I think for resale in today's market conditions you're looking at between 400,000 to 450,000.
0:33:01 > 0:33:05If it was to come on the market now, I'd be recommending
0:33:05 > 0:33:09an asking price of between £400,000 and £425,000.
0:33:09 > 0:33:16- That's OK then.- Gosh.- That's great. - That's unbelievable.
0:33:16 > 0:33:18- It is, isn't it?- Yes, it is.
0:33:18 > 0:33:25- It's incredible.- We thought to add that amount of value, you'd probably have to extend the boundaries.- Yes.
0:33:25 > 0:33:28- That's great.- That is great.- Good.
0:33:30 > 0:33:33With the family connection to the property and the surrounding area,
0:33:33 > 0:33:37I think this cottage will remain in the sisters' family for a long time.
0:33:37 > 0:33:40And I can't think of a better place for it.
0:33:40 > 0:33:46# Yes, always better when we're together... #
0:33:51 > 0:33:55I'm in Derby, in one of the city's largest suburbs,
0:33:55 > 0:33:57Chaddesden, known locally as Chad.
0:33:58 > 0:34:04The whole area was once part of Chaddesden Hall and owned by the wealthy Wilmot family
0:34:04 > 0:34:08but in the 1920s, it was sold to Derbyshire Council
0:34:08 > 0:34:12and they started a building programme so most of the houses around here
0:34:12 > 0:34:16were built between the 1920s and the 1960s and the property I'm here to see is no exception.
0:34:16 > 0:34:20This is it, three-bedroom semi-detached built around the 1940s.
0:34:20 > 0:34:24At a guide price of around £60,000. Let's take a look inside.
0:34:24 > 0:34:29'The house already has double-glazing and looks pretty neat and tidy from outside.'
0:34:29 > 0:34:33# Baby, so far, so good... #
0:34:33 > 0:34:37Nice that you've got that little porch area there, keep the cold and the noise out.
0:34:37 > 0:34:39And somewhere to hang your coats and stuff.
0:34:39 > 0:34:42Into the reception area and then through into the lounge.
0:34:42 > 0:34:46Straightaway I'm seeing this is a house in pretty good condition.
0:34:46 > 0:34:50It looks like it's been lived in quite recently, it doesn't smell damp.
0:34:50 > 0:34:52I mean, it's nice, really nice.
0:34:52 > 0:34:56It's obviously a bit dated, needs new carpets, new wallpaper, that kind of thing.
0:34:56 > 0:34:59Obviously you might want to consider changing that and putting
0:34:59 > 0:35:01a real fire in its place or whatever but it's a good size.
0:35:01 > 0:35:06The living room's good. I love the fact there's patio windows there looking out onto the garden.
0:35:06 > 0:35:07That's a really nice feature.
0:35:07 > 0:35:13You know what, I've got a feeling I'm not going to find anything untoward with this particular house.
0:35:15 > 0:35:21'On the ground floor, there's also a handy loo, then a kitchen which is also in pretty good nick.
0:35:21 > 0:35:26'Again, it's a little dated but pretty serviceable, especially for rental purposes.
0:35:27 > 0:35:34'One thing I notice though, there's no central heating. That's something that needs to be sorted out.'
0:35:34 > 0:35:38# You're as cold as ice... #
0:35:38 > 0:35:41So out through the kitchen and there's this quite useful
0:35:41 > 0:35:45single-storey extension currently being used as a utility room
0:35:45 > 0:35:49and a little storage area. I think you could potentially knock the dividing wall down
0:35:49 > 0:35:52to increase the size of the kitchen.
0:35:52 > 0:35:55But what I'm out here to show you as well, a garage there,
0:35:55 > 0:36:00that's fantastic but by the side of it, that's a parking space owned by next door and you share the driveway
0:36:00 > 0:36:04with your next-door neighbour so your solicitor definitely needs to check
0:36:04 > 0:36:07that you've got right of access across this bit of land
0:36:07 > 0:36:10and it pays to keep on the good side of your neighbour.
0:36:10 > 0:36:16'Possible parking issues aside, the garden really is lovely and, like the house,
0:36:16 > 0:36:19'it's well maintained and perfect for a family.'
0:36:21 > 0:36:24Well, upstairs, no surprises. You've got a bathroom
0:36:24 > 0:36:29and loo. Single bedroom and two doubles. Everything's just really solid.
0:36:29 > 0:36:32Look at that, that's not a stud partition wall, that is brick.
0:36:32 > 0:36:37It's an ex-local authority house, built to last and it's a very practical home to live in.
0:36:37 > 0:36:39You know what, it's great.
0:36:39 > 0:36:43No-one knows better than Marilyn what a great property this is.
0:36:43 > 0:36:48She lived here with her mother whose home it was for over 60 years.
0:36:48 > 0:36:51Marilyn, good to meet you. It's not often we get to meet the vendor actually!
0:36:51 > 0:36:54- No.- Tell me a bit about the history of the house.
0:36:54 > 0:36:59Well, it was built in 1946 and my mum and I moved in
0:36:59 > 0:37:04in January 1947 in the cold winter when my dad was in the Army.
0:37:04 > 0:37:10And they've basically lived here ever since. I just moved out when I got married.
0:37:10 > 0:37:14One thing you get when you walk into the house straight away, it's a very loved house.
0:37:14 > 0:37:18Thank you. Well, my mum was a real home bird
0:37:18 > 0:37:22and she wouldn't, she didn't like being away too long. She just, you know...
0:37:22 > 0:37:28If she babysat for us, she always had to come home at night to sleep in her own bed!
0:37:28 > 0:37:34'Sadly, her mum passed away recently so the house was left to Marilyn and her brother.'
0:37:34 > 0:37:36So why did you sell it?
0:37:36 > 0:37:39- Well we live on a boat.- A boat? - In Yorkshire.
0:37:39 > 0:37:42- Yeah!- Right!- And we're doing it up.
0:37:42 > 0:37:44It's my husband's pet project.
0:37:44 > 0:37:48We were thinking about buying the house off my brother
0:37:48 > 0:37:53who's the other owner and we decided,
0:37:53 > 0:37:59no, we'd use the boat while we still could. Because we're not getting any younger!
0:37:59 > 0:38:03- And hopefully it'll be a happy house for somebody in the future? - Hopefully.
0:38:03 > 0:38:06I hope we've left some happy memories in it.
0:38:07 > 0:38:13This has obviously been a much-loved family home for over 60 years.
0:38:13 > 0:38:17But is it also a good financial investment?
0:38:17 > 0:38:20Let's ask a local estate agent.
0:38:21 > 0:38:25'There's quite a good demand for rental property in the area generally'
0:38:25 > 0:38:29'and being on the Derby side of Chaddesden, it's just about walkable'
0:38:29 > 0:38:32to the city centre.
0:38:32 > 0:38:34I guess that it would be a popular house to rent
0:38:34 > 0:38:39at around £500 per month once it had been brought up to standard.
0:38:39 > 0:38:45What about its market value once it's been renovated and had central heating put in?
0:38:45 > 0:38:49Once this property is all modernised, I would market it for offers around £100,000.
0:38:51 > 0:38:56Well, what you've got here is a fairly standard semi in need of updating and modernisation.
0:38:56 > 0:38:58Central heating will make a big difference.
0:38:58 > 0:39:03But you know what, the feeling you get with this house is that it has been loved and that means a lot.
0:39:03 > 0:39:06Let's see who fancied it when it went under the hammer.
0:39:09 > 0:39:12Lot number seven, 65,000.
0:39:12 > 0:39:1560 I have bid here. At £60,000.
0:39:15 > 0:39:2165, 70,000. 75. 80,000. 500 help you?
0:39:21 > 0:39:27At 80,500. 81. 500? 82.
0:39:27 > 0:39:3082,500? No?
0:39:30 > 0:39:32One-bid wonder.
0:39:32 > 0:39:36Are you bidding again? 82,500, I'll retract what I just said. 82,500, 83?
0:39:36 > 0:39:3983. That's it, is it?
0:39:39 > 0:39:43£83,000. Better to try and fail than not try at all.
0:39:43 > 0:39:47Once, twice, third time. GAVEL BANGS
0:39:47 > 0:39:5083,000, sold to you, madam.
0:39:50 > 0:39:53The final bid of 83,000 came from Derby-based Emma.
0:39:53 > 0:39:59She bought the Chaddesden house with her husband Steve as their first investment property.
0:39:59 > 0:40:03I met Emma back at their purchase to find out more.
0:40:03 > 0:40:09# We've only just begun to live... #
0:40:09 > 0:40:11- Emma, congratulations.- Thank you.
0:40:11 > 0:40:14- Well done.- Thank you. - Why did you want to buy the house?
0:40:14 > 0:40:17Right, well my husband and myself are just starting a family
0:40:17 > 0:40:20and we really wanted to get somewhere as an investment.
0:40:20 > 0:40:23Is the plan then to sell it on or to rent it out?
0:40:23 > 0:40:28Yes, that would be plan A, if we could sell it for a bit of a profit.
0:40:28 > 0:40:31That would be perfect. And learn some lessons along the way.
0:40:31 > 0:40:36But failing that, hopefully we'd be able to get some rental.
0:40:36 > 0:40:39So now though, is this your first...
0:40:39 > 0:40:44- are you pregnant? Yes. Right, so when's your baby due? - I've got 20 more weeks.
0:40:44 > 0:40:4620 down, 20 more to go.
0:40:46 > 0:40:52Right, so taking on a project like this at a time when you've got quite a lot going on anyway, how's that?
0:40:52 > 0:40:55Yeah, fingers crossed, the perfect thing would be if we could
0:40:55 > 0:40:58do the house up and have it ready before the baby comes.
0:40:58 > 0:41:03- So that gives us quite a tight deadline...- Right. - ..but something to work towards.
0:41:03 > 0:41:08# ..And yes, we've just begun... #
0:41:08 > 0:41:11The pressure's really on for Emma and her husband, Steve.
0:41:11 > 0:41:18This is their first property project and both profit margins and timescales will be very tight.
0:41:18 > 0:41:21Let's hope they're keeping this renovation very simple.
0:41:22 > 0:41:25# ..Sharing horizons that are new to us... #
0:41:25 > 0:41:28So what are you planning to do to the house?
0:41:28 > 0:41:33Just a lick of paint, change of carpet, maybe change around in the kitchen a bit.
0:41:33 > 0:41:35Just cosmetic.
0:41:35 > 0:41:39Nothing too major. Any idea how much you've got set aside for doing it?
0:41:39 > 0:41:46We're thinking, we've never done it before so we're not sure on budget but we've got maybe around £12,000.
0:41:46 > 0:41:51- We need to get some central heating put in as well so that'll take a bit. - Who's doing the work?
0:41:51 > 0:41:57Um, well, obviously in my condition, I'm not able to do any heavy lifting or painting!
0:41:57 > 0:41:59So my husband's going to try and get most of it done
0:41:59 > 0:42:05and then, if we do need anything major doing like the kitchen, then we'll just hire people to do it.
0:42:05 > 0:42:07Great, is he looking forward to that?
0:42:07 > 0:42:12- SHE CHUCKLES Erm, yeah!- Why do you laugh so much?
0:42:12 > 0:42:13Well, he's not exactly...
0:42:13 > 0:42:19- um, big on DIY but I think he'll have to learn to be.- Oh, wow!
0:42:19 > 0:42:21So what do you and your husband do when you're not doing this?
0:42:21 > 0:42:25- My husband is an optician...- Right. - ..and I'm a supply teacher now.
0:42:25 > 0:42:29Right, so does your husband have to fit this around his optician's work?
0:42:29 > 0:42:33Yes, he works six days a week at the minute to try and pay
0:42:33 > 0:42:37for the two mortgages we've got and just to save up money at the minute.
0:42:37 > 0:42:41So he's going to be coming here in all his spare time. Aah!
0:42:41 > 0:42:43# ..And yes, we've just begun... #
0:42:43 > 0:42:48Well, that's dedication for you. I wonder if he'll have time to sleep! Oh well.
0:42:48 > 0:42:51All good training for when the baby arrives!
0:42:55 > 0:43:01Well, Emma's done well here and got a great project for their first investment property.
0:43:01 > 0:43:05However, the pressure's on with the baby on the way and a husband who seems like
0:43:05 > 0:43:10he's got enough on his plate already without taking on the DIY of this place.
0:43:10 > 0:43:13Does he have the VISION to see it through? Well, he's an optician, let's hope so.
0:43:13 > 0:43:16Find out how they get on later in the show.
0:43:19 > 0:43:23Time has passed since we last saw our plucky buyers.
0:43:23 > 0:43:27- Have they been firing on all cylinders? - Let's go back and find out.
0:43:33 > 0:43:40We're back at this cul-de-sac in Hartley where this two bedroom house sold at auction for 141,000.
0:43:40 > 0:43:45The new owner is Peter who left his daughter Theresa to oversee the property's renovation
0:43:45 > 0:43:47with a little help from her son, Luke.
0:43:49 > 0:43:53- What's your involvement going to be? - I'm going to be doing most of the work on the house
0:43:53 > 0:43:57and then overseeing the other trades as they come in so the gas, electrical, plumbing,
0:43:57 > 0:44:01whatever there is to be done. Basically I'll be doing all the work for my grandad.
0:44:01 > 0:44:06Three months later, we return to see how their work has turned out.
0:44:10 > 0:44:13And it looks like Luke has been busy.
0:44:13 > 0:44:18Every room in the house has been replastered, recarpeted and redecorated.
0:44:18 > 0:44:21But the job wasn't as simple as that.
0:44:21 > 0:44:25Upstairs, Luke has split up one of the two bedrooms to create a third
0:44:25 > 0:44:30which is a perfect size for a child's room so will appeal to a family.
0:44:30 > 0:44:33He's not only renovated the loo upstairs,
0:44:33 > 0:44:38he's also fitted a second one into that old, cramped bathroom.
0:44:38 > 0:44:41As you can see, it's got a fair bit bigger.
0:44:41 > 0:44:47We used to have a wall just here which housed the old cupboard which had the water tank in it.
0:44:47 > 0:44:51What we've done is taken that wall out, we've moved it all the way back
0:44:51 > 0:44:56and made a fake wall here with an opening cupboard which hides
0:44:56 > 0:45:01the new combi boiler so that there's room for that and it doesn't really intrude anywhere else in the house.
0:45:01 > 0:45:05As you can see, we've got a full suite unit and then you've got a shower in the bath as well.
0:45:05 > 0:45:09So it's changed quite a fair bit since you'd last seen it I think.
0:45:09 > 0:45:13Something else which looks a little different from last time
0:45:13 > 0:45:15is the kitchen.
0:45:17 > 0:45:20Gleaming new work surfaces,
0:45:20 > 0:45:24high-end appliances and units,
0:45:24 > 0:45:27and thank goodness that tiling has gone!
0:45:29 > 0:45:34Luke has done a fantastic job down here and throughout the rest of the house,
0:45:34 > 0:45:37although it turns out he needed a helping hand from his grandad!
0:45:39 > 0:45:44I'm the dirt before the broom, so I've been preparing walls,
0:45:44 > 0:45:48filling cracks and holes up and whatever,
0:45:48 > 0:45:53ripping off the old woodwork because all new woodwork was put on.
0:45:53 > 0:45:59It gradually comes together and you see the results of your work,
0:45:59 > 0:46:02and of course, the family come in as a team.
0:46:02 > 0:46:07Once you get some colour on the walls and colour on the woodwork...
0:46:07 > 0:46:11We've got a lot to do still, but it's coming good.
0:46:11 > 0:46:15And with all that work by Peter, and a few family friends helping out,
0:46:15 > 0:46:19they're only a few weeks over their original six-week schedule.
0:46:19 > 0:46:23That's even more impressive considering they did eventually decide
0:46:23 > 0:46:25to do away with that hot-air system.
0:46:25 > 0:46:31# The answer, my friend is blowing in the wind
0:46:31 > 0:46:36# The answer is blowing in the wind... #
0:46:36 > 0:46:40We've got a new combi boiler system so that gives us a lot more space,
0:46:40 > 0:46:44as before we had the big air unit downstairs,
0:46:44 > 0:46:46but also we had the tank unit upstairs,
0:46:46 > 0:46:51so it took up a lot of space and we've put the combi boiler in there for...
0:46:51 > 0:46:53Just it's more modern, more practical,
0:46:53 > 0:46:57it doesn't take as much maintenance and it supplies the whole house.
0:46:57 > 0:46:58It's a better system, really.
0:46:58 > 0:47:04They managed to land pretty much in the middle of their £11-14,000 budget.
0:47:04 > 0:47:09Their current total is £12,500.
0:47:10 > 0:47:12But how much value have they added?
0:47:12 > 0:47:14We asked two local estate agents
0:47:14 > 0:47:15for their thoughts.
0:47:18 > 0:47:19Really good property,
0:47:19 > 0:47:21very good condition.
0:47:21 > 0:47:24I like particularly, downstairs, the kitchen dining room.
0:47:24 > 0:47:27Upstairs, to have a bathroom and a separate cloakroom
0:47:27 > 0:47:30is going to be a really good advantage in selling.
0:47:30 > 0:47:32I particularly like the kitchen -
0:47:32 > 0:47:34it's very modern, very well finished.
0:47:34 > 0:47:38I think that's going to be a good selling point to the property.
0:47:38 > 0:47:42The look and finish of the property has been done very well,
0:47:42 > 0:47:46it's exactly the type of property buyers would be looking for,
0:47:46 > 0:47:49something they could literally move straight into.
0:47:50 > 0:47:55What do they make of the two bedrooms being turned into three?
0:47:55 > 0:47:58In this original house there were two good-sized bedrooms anyway,
0:47:58 > 0:48:01so splitting gives you still three very good, usable bedrooms,
0:48:01 > 0:48:04either a third bedroom or it could also be a study.
0:48:06 > 0:48:12What could this property earn as a rental once the renovation work is finished?
0:48:13 > 0:48:17Rental amount that this type of property would achieve
0:48:17 > 0:48:23would be approximately £750 to £775 per calendar month.
0:48:23 > 0:48:27Per calendar month here at the moment, you'd achieve £750.
0:48:27 > 0:48:29I think that's roughly what we thought.
0:48:29 > 0:48:32Maybe just a fraction more than we thought, but that's good.
0:48:32 > 0:48:35But no, it's not encouraged us to change our minds
0:48:35 > 0:48:41because, ultimately, we are still going to test out the market and try and sell the house first.
0:48:41 > 0:48:43Renting it is always an option we can fall back on.
0:48:43 > 0:48:47But if they sold it, what could they expect to make?
0:48:47 > 0:48:53Remember they bought it for 141,000 and with the work on top,
0:48:53 > 0:48:59the total spend here so far has been about £153,500.
0:48:59 > 0:49:02What could it be worth now?
0:49:02 > 0:49:05I would value it between £180-185,000.
0:49:05 > 0:49:11I would market this property for £180-185,000.
0:49:11 > 0:49:16- That's good, what we like to hear. - That's good. That's more than we were hoping for so that's great.
0:49:16 > 0:49:19- Happy with that. - We'd be pleased with that.
0:49:19 > 0:49:26And who wouldn't be? With a pre-tax profit of just over £30,000, minus the usual other costs of course.
0:49:26 > 0:49:30Peter's already planning his next renovation, although this time round,
0:49:30 > 0:49:36it sounds like he'll probably put his feet up and let the family do a bit more of the work!
0:49:36 > 0:49:42I'm getting beyond all this rubbing down and up and down ladders.
0:49:42 > 0:49:46I can still do it, but it's beginning to tell on me and I keep telling people,
0:49:46 > 0:49:51"Don't grow old," and none of them will listen to me, including myself!
0:49:51 > 0:49:54# You make me feel so young
0:49:54 > 0:49:59# You make me feel as though spring has sprung
0:49:59 > 0:50:06# And every time I see you grin I'm such a happy individual. #
0:50:09 > 0:50:10Back to Derby now,
0:50:10 > 0:50:17where this three-bedroom semi in Chaddesden sold at auction for £83,000.
0:50:17 > 0:50:20Emma and her husband Steve bought it.
0:50:20 > 0:50:24This was their first investment property and they were also expecting their first child.
0:50:24 > 0:50:27Fingers crossed, the perfect thing would be
0:50:27 > 0:50:34if we could do the house up and have it ready before the baby comes, so that gives us quite a tight deadline.
0:50:34 > 0:50:38Four months later, we've caught up with Emma back at the house.
0:50:38 > 0:50:40She's just two days from her due date,
0:50:40 > 0:50:45but it looks like the work in the house has been safely delivered.
0:50:51 > 0:50:54Well, we've redecorated the house.
0:50:54 > 0:50:59My husband has done pretty much all of the painting, decorating
0:50:59 > 0:51:03and preparing for decorating himself because, unfortunately,
0:51:03 > 0:51:07I didn't realise how much of a hindrance it would be, being heavily pregnant,
0:51:07 > 0:51:10so I've managed to get off the hook with the decorating.
0:51:10 > 0:51:18So Steve's done most of that, and then we've had somebody to do a bit of building work in the kitchen.
0:51:22 > 0:51:24Knocking down that wall to open up the kitchen
0:51:24 > 0:51:30has been the only major structural work needed here, and what a difference it makes.
0:51:32 > 0:51:34The kitchen is a really nice size now.
0:51:34 > 0:51:39We've just knocked the walls through so we've got a bit of extra space.
0:51:39 > 0:51:44New units, obviously new worktops and fittings, and there's plumbing for a dishwasher.
0:51:44 > 0:51:46There's also a utility room in the house,
0:51:46 > 0:51:50so someone can use that for their washing machine and tumble dryer.
0:51:50 > 0:51:55It's quite nice to have it separate, so it's a nice feature of the house, I think.
0:51:56 > 0:51:59The rest of the work has been cosmetic -
0:51:59 > 0:52:03fresh paint, new carpets and new tiles in the bathroom.
0:52:03 > 0:52:06They've also installed central heating throughout the house.
0:52:06 > 0:52:11For some of the trickier jobs, they needed to hire in professionals,
0:52:11 > 0:52:14but it sounds like Steve has been a dab hand too.
0:52:14 > 0:52:19Steve's learnt some DIY skills doing this house,
0:52:19 > 0:52:23which have come in useful in our own house, so that's good news really.
0:52:23 > 0:52:27He's done some wallpapering here and in our own home now.
0:52:27 > 0:52:32# Cos I live and I learn
0:52:32 > 0:52:35# Yes, I live and I learn... #
0:52:35 > 0:52:41Steve has been working non-stop in the evenings and on his only day off in the week from his optician job,
0:52:41 > 0:52:46so I'll let him off with not having done anything to the garden as yet.
0:52:48 > 0:52:53But has Steve managed to do all the work in the house for their original budget of 12,000,
0:52:53 > 0:52:55or was that estimate short-sighted?
0:52:55 > 0:53:00Including all of the fees, including the mortgage arrangement fees,
0:53:00 > 0:53:04solicitor fees and selling fees, it's been about 13,000.
0:53:04 > 0:53:07So it's more or less what we thought.
0:53:07 > 0:53:13Some of the building work and the work we've done in the house has cost a bit less than we thought,
0:53:13 > 0:53:15but the fees have been quite a bit more.
0:53:15 > 0:53:19They wanted to get all the work done here before their baby was born,
0:53:19 > 0:53:25and with Steve's valiant efforts, they've done just that.
0:53:25 > 0:53:27My husband has been having to come after work
0:53:27 > 0:53:32which has been quite a hard thing for him to do, but it has been enjoyable.
0:53:32 > 0:53:39We've learnt some lessons along the way and things. So, yes, it's been a good experience.
0:53:41 > 0:53:45So all's well that ends well, but have they managed
0:53:45 > 0:53:46to add value to the property?
0:53:46 > 0:53:51We asked along two local estate agents to tell us what they think.
0:53:51 > 0:53:55There's a big difference between my last visit to the house and now,
0:53:55 > 0:53:56and they've done a very good job.
0:53:56 > 0:53:59The most striking thing is the kitchen,
0:53:59 > 0:54:02which is a really nice quality job.
0:54:02 > 0:54:06I like the way they've extended the kitchen
0:54:06 > 0:54:10to create a small breakfasting area.
0:54:10 > 0:54:12Nice Shaker-style units in it.
0:54:12 > 0:54:16There are a couple of things I like about the house - one is the size of the garden,
0:54:16 > 0:54:20the other are the fittings in the main bedroom which are nice.
0:54:20 > 0:54:26The artex on the walls could be a little bit of a drawback to any potential buyer.
0:54:26 > 0:54:29It does take a little bit of work to eradicate,
0:54:29 > 0:54:33but that's probably the only thing I would say is a negative.
0:54:33 > 0:54:36So the house should be attractive to a buyer,
0:54:36 > 0:54:40but do the experts feel the house would sell easily in the current climate?
0:54:44 > 0:54:47It's a good prospective as an investment, this property,
0:54:47 > 0:54:49because there aren't many negatives to it.
0:54:49 > 0:54:53The market is OK, there's plenty of "sold" boards about in the area,
0:54:53 > 0:54:56so at the right price this would sell without a doubt.
0:54:56 > 0:55:01So what would be the right price this house could now achieve on the market?
0:55:01 > 0:55:06Remember they bought it for 83,000 and have spent 13,000 on the work,
0:55:06 > 0:55:12so they would need to get more than 96,000 to make any profit at all.
0:55:12 > 0:55:17If the property was put on the market now, it would fetch around £110,000.
0:55:17 > 0:55:22In the current market, I'd look to place this property on the market at £110,000.
0:55:22 > 0:55:26If I achieved £110,000, I would be pleased because that means
0:55:26 > 0:55:31that we've made a £14,000 profit, so I'd be quite pleased with that.
0:55:31 > 0:55:36I've had one or two other valuations and I think we'll market it a couple of thousand more,
0:55:36 > 0:55:40but hopefully achieve that much, so that's good news.
0:55:40 > 0:55:46So a potentially great profit there then, but what about if they wanted to rent it out?
0:55:46 > 0:55:48If the property was available for rental now,
0:55:48 > 0:55:52I would say £500 per calendar month would be the right figure.
0:55:52 > 0:55:56Rental value for this property is roughly about £550 per calendar month.
0:55:56 > 0:56:00As far as rental goes, I haven't really looked into it.
0:56:00 > 0:56:04We don't intend to rent the property, we'd like to sell it on really, that's the plan.
0:56:04 > 0:56:07However, you know, it's interesting to know.
0:56:07 > 0:56:10That's a great result for Emma and Steve.
0:56:10 > 0:56:13It means they can rest easy knowing the work has been worth it,
0:56:13 > 0:56:17especially as they're about to have their hands full with their new baby.
0:56:17 > 0:56:20# So hold on, I'm coming
0:56:20 > 0:56:25# Hold on, I'm coming... #
0:56:26 > 0:56:28He's due in two days' time,
0:56:28 > 0:56:35so I'm starting to get a bit nervous knowing that he could arrive any minute, but excited as well.
0:56:35 > 0:56:39And, nine days after we left, Emma had a son, Archie,
0:56:39 > 0:56:44and the couple have now accepted an offer on the house of 111,000.
0:56:44 > 0:56:47So, a great result all round.
0:56:50 > 0:56:54We'll see you again soon when more brave bidders hit the auction rooms.
0:56:54 > 0:56:56- See you then.- Goodbye.- Goodbye.
0:57:11 > 0:57:14Subtitles by Red Bee Media Ltd
0:57:14 > 0:57:18E-mail subtitling@bbc.co.uk