Episode 42 Homes Under the Hammer


Episode 42

Property auction series. Martin Roberts and Lucy Alexander visit a property in Cardiff, an upmarket area in west London and a house in Derby.


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Transcript


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Hello! In today's current climate,

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it may be difficult to find your little piece of house heaven.

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But whether it's large or small,

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auctions can often be a very good place to start.

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So today we follow our brave buyers

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who try their luck buying their homes under the hammer!

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If you've decided to gamble and place a bet on property developing,

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you may want to buy at auction.

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The atmosphere is electric, the action fast and furious.

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Let's look at the properties up for auction on today's show.

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In Cardiff, I show why you should not be fooled by innocent-looking twigs.

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That is a nightmare!

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I find myself going up-market in West London.

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It's not often on this programme I find myself on a street

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quite as grand as this.

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And I think a complete re-design is called for in this Derby house.

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A lot of space, but I don't think it's being utilised well at all.

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All these properties were sold at auction.

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We'll find out who bought them and what they paid for them when they went under the hammer.

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The first property today is just outside the vibrant city of Cardiff

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in the quieter outskirts.

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Judging by the surrounding houses, I've got a good feeling about this one.

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This is a highly desirable leafy residential suburb.

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The property I'm here to see sounds great.

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It's a former caretaker's cottage for a private school, with a guide price of 95,000 quid. That's it.

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Built around 1870. Looks OK.

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However, one big problem I've spotted already. That tree.

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Leafy suburb is great, but not when there's an oak tree like that in your garden.

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It's within two to three feet of the house.

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It'll be playing havoc with the foundations and the drains.

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Not a good start. Let's take a look inside.

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So I'd hope the first thing to go would be that tree.

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It's worth checking with the local authority that there aren't any tree preservation orders on it

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before you rev up the chainsaw.

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That also goes for another tree at the side, which ideally should be removed.

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Apart from that, this traditionally-built stone house looks promising,

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from outside at least.

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In a house of this age, you'd hope for some nice character features, but so far it's not looking good.

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A big front reception room there, though, which is nice to see.

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And some interesting tiles on the floor here.

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But I think they may be beyond repair.

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But this corridor itself disappears off down there,

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basically into an under-stairs cupboard. Strange! Stairs.

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Then into a rear reception room.

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Again, not a bad space. I'd like to see higher ceilings.

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But I'm seeing something potentially much more important you can do with this room.

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And that is take out this wall between the reception room and the kitchen.

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The kitchen itself is absolutely tiny. It's built into this extension at the rear of the house.

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As you see, it's dreadful for the size of the property.

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And it gets worse. Just by the side of the kitchen

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is the only loo and bathroom in the house.

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What on earth were they thinking when they did this?

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# Move it, move it, I like to move it, move it

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# I like to move it! #

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But where could it be moved to? I need to look upstairs.

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Upstairs is quite an interesting layout.

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It starts well with this big landing which is nice.

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It gives a feeling of space.

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And three reasonable sized bedrooms.

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I'm concerned about the ceiling in this one. Looks like water damage.

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But I'm more concerned about that bathroom and toilet downstairs.

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Ideally, you want them up here. But I can't really see

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where you'd put it without a bit of careful messing around with these walls.

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Hmm. It's not obvious.

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# With no particular place to go #

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Maybe a loft extension could be the answer.

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You could put a bedroom up there, freeing up the small bedroom

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perhaps to become a bathroom.

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Alternatively, you might sneak a shower room into the recesses around the chimney breast.

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Or perhaps better still...

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I can see one way of resolving that bathroom issue, and that's out the back here.

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You can see it would be possible to build a really good extension

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to solve the problems and increase the size of the house.

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Problem solved. There's another one that's just sprung up.

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Look at that. What does it look like to you?

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Just a bit of garden weed?

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That is a nightmare!

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It's called Japanese knotweed.

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Introduced into this country cos it looked quite pretty, now it is a certifiable plant.

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If you get it, you have to tell the council. It's a nightmare for buildings.

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It digs its way through concrete, it grows at a phenomenal rate,

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a tennis court's-worth in a year.

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This one has been killed, but if its roots haven't been destroyed,

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you get the picture? This is horrendous.

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It's here and it's very expensive to get rid of.

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Concrete-munching weeds aside,

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I think this house has got a lot going for it.

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It's in a great location with plenty of character.

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With thought, it could be turned into something special.

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To some buyers, the problems here might seem off-putting.

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But how worried should they be?

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What does a local estate agent think?

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I like the look of the house, stone-fronted.

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And I like the shape of the house.

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But we have had an instance recently

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where a mortgage has been declined because of Japanese knotweed.

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In the instance of the bathroom, that needs to go upstairs.

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We'd probably lose a bedroom at the front

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but if we could extend across the back of the kitchen here,

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then we could get the three bedrooms back quite easily.

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To get that layout would take a lot of effort, time and money.

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Would it be worth it for a house guided at £95,000 at the auction?

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I would probably expect to get about 220 to £230,000 for the property.

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If it were extended and we put the bathroom upstairs

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and came out with a third bedroom over the kitchen,

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then I think we're looking at £250,000.

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If the potential resale value is encouraging,

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how about rental?

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If it was done to a really nice standard, you'd get about £900 per calendar month as a rental income.

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This house may not be without its problems,

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but with a bit of effort it might also bring decent rewards.

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So, a house with loads of character

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that would benefit from internal modifications,

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not least the kitchen, and moving the bathroom upstairs.

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The biggest issues are outside - the oak tree and the naughty knotweed!

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Let's find out who bought Rose Cottage despite that when it went to auction.

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Lot number 28 in your catalogue. Put that in.

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Who's going to start me off?

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Can I see 150,000, anybody, to start me?

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140, then, to start.

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I'm in your hands. Bid me.

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100, all right, but it's not enough. It's worth more.

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100 I've taken there. Five.

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Thank you. 105. And ten, if you like.

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Ten. Thank you. 15, there. 115. Your bid, sir.

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20 on my left. At 120. And five seated in the back.

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130. At 130. Five in the back.

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135. 40 if you like. The bid is seated at the back.

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140, is it. 40, thank you. 140.

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You're out, sir. Five. 145.

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150, thank you.

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At 150. I'll take them two at a time now, if you like.

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152 I'm bid, seated there.

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At 152. And four, can I?

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At 152 seated in the back.

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154 is bid. And six is bid. At 156. You're out there, sir.

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Eight, thank you. At 158. 60.

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160 is bid.

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Two. 162. Four, thank you. 164. You're still out.

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Six. 166.

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168, if you like, sir.

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Thank you, sir. 168.

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170 if you like now.

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170, can I, please? He says no.

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There is my bid at 168.

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170 - you heard it shouted out.

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At 170.

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He's going to get it with one bid. Two? 172.

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-At 172.

-174.

-Thank you. 174 on the phone.

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It's hard to find one of these. Six. Thank you. 176.

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At 176. Tell him to come in again quickly on the phone, please.

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-This has a lot of potential.

-178.

-178.

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At 178. Am I missing... 80, thank you, in the back of the room.

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-And two more if he likes. Quickly.

-182.

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182, thank you. 182.

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Four, can I? Thank you, sir.

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Four I'm bid. At 184.

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Shout if I'm missing anybody. The hammer's up.

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I'm going to sell it at 184.

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He says no on the phone.

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Have you all done? At £184,000.

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It's yours, sir. Thank you very much. Buyer 291.

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184,000.

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Wow!

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So, for practically double the guide price,

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at £184,000,

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the new owner of the stone-built Cardiff property is local man, Richard.

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-Richard, congratulations.

-Thank you.

-A very good solid house.

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-Let's hope so!

-Why did you want to buy it?

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I'd been looking for a couple of months on the internet

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of various auction sites.

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I'd been to see this one outside three times. I hadn't seen it before internally before I bought it.

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You visited three times, why didn't you visit once to look inside?

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I couldn't quite make any of the appointments.

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The other thing to mention is the day I went to the auction.

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I was in two minds whether to go to Nottingham to a car auction!

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I decided I couldn't be bothered to drive to Nottingham so I went to the house auction in Cardiff!

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-So you bought a house instead of a car!

-Yes!

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How do you feel about the purchase having gone down that route?

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I think I've done really well. I can see myself living here.

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I'm very excited about doing the work and moving in.

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Richard plans to sell his current house and make this his home.

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Even if he has to keep his old car!

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The move to a new home is just one of a number of changes in his life.

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I just decided that having worked for the last 25 years

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that it was time to take a six-month career break to decide what I wanted to do with my life.

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-How's it gone so far?

-Very well. I've set up my own consultancy

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that's dealing with how businesses can react to incidents that occur

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-and unforeseen disasters or emergencies.

-Crisis management.

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Right. OK. Any other big life changes?

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-In the last two to three months, I've lost two stone in weight.

-Wow!

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It's been a huge phenomena for me. I can now do 20 miles on my pushbike

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without being out of breath.

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-I feel much better for it.

-So big life changes there.

-Yeah, huge.

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# I know it's never too late

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# To make a brand-new start. #

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What brand-new start does he plan for the house?

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Well, this kitchen we're in now is going to be demolished completely.

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A double extension going up.

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We're bringing the roof line out so it's level with the back of the house.

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The gabled end is going to be in glass.

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And we're going to have a mezzanine floor going from the first floor into that gabled area.

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-Wow! What's the view that you'll see from there?

-Behind the house is a lovely local authority-owned park.

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I'll look directly into the park.

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It's going to be a room with a wow factor. And it'll return back into the original attic space.

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So it'll be this huge space.

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-Have you got planning permission for that already?

-Not yet!

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So that could be a problem, then!

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But if he does get permission - and boy, does it sound impressive -

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it will enable the bathroom to be moved upstairs, yet he'd still have three to four bedrooms.

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But before any building can start, he'll need to sort those concrete-eating weeds out.

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There is one slight fly in the ointment. Well, actually, a weed in the garden.

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What about the Japanese knotweed?

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Well, there is the Japanese knotweed.

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However, it's been treated by the local authority before I bought the house.

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I'm fortunate that my neighbour was the head gardener for the local authority.

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-Right.

-I've spoken to a friend of mine who works at Kew Gardens

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and she's getting an expert on knotweed to look into it.

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But where it is, I think it's the ideal spot for a hot tub!

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Put something on the top of it!

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-Keep it down.

-Lovely foliage all around it!

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I guess he might be able to train it up to make a suitable screen if all else fails!

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In reality, it's less likely to hamper his plans than the local planners.

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But if all this comes to fruition, it will be at a high price.

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-How much have you put aside to do the work?

-60,000.

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Hopefully, I'll come in under it, but that's what I've got to spend.

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That's the maximum amount.

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What kind of experience do you have in projects like this?

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House projects? I've refurbished my own house completely.

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-But it took me four years to put a cooker hood up!

-Four years to put up a cooker hood?

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-Yes.

-Richard, how come that took you four years?

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That was before the life change!

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At least he's just project managing the work here.

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Because if he was doing it, his dream house might just remain that!

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So, a change of life and a change of house for Richard.

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What about those plans? Absolutely spectacular.

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But of course he has to get the plans through the planners

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and that's not guaranteed.

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And his budget of 60,000 quid could soon disappear.

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

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Location is usually the key to the value of a property,

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and nowhere is that more true than in London.

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You can't get a much more prestigious location to live in London than Kensington.

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OK, so West Kensington is something of the poorer relative,

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but it's hardly on the bread line.

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It's stacked full of beautiful properties,

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its fair share of gastro-pub delights and it's well connected.

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All looking rather attractive, if you ask me!

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This area straddles the border between the boroughs of Kensington,

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Hammersmith and Fulham.

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As far as claims to fame go,

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Freddie Mercury once lived here in W14.

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You know, it's not often on this programme

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I find myself on a street quite as grand as this.

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Look at these Victorian terraces with their Grecian columns

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and sheer over-the-top size.

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They really are quite staggering.

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I'm delighted to tell you the property I'm here to see is right here.

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It's a one-bedroom first floor flat with a guide of just £245,000.

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When I say "just", I know that's a lot of money,

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but we are in a prime London location.

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When I tell you a one-bedroom flat round here regularly achieves well over 300 grand,

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it doesn't sound quite so shocking.

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Do you know, it's quite cramped in here

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but it's as you'd expect from a West London flat.

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We're in the centre of London.

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You've got a kitchen to the right, with double doors leading to a balcony, which is fab.

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You've got, I think, a bedroom there.

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I'm drawn to this amazing window. Look at this, it's almost double my height.

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You can't beat looking out there

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onto those wonderful London stucco-fronted properties.

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That really is a fantastic view.

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But coming back to this room,

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a bit of a woodchip nightmare, it's everywhere.

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And when you think about getting two sofas in here,

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it could be a little bit on the small side.

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Not so great. Let's look around the rest of the property.

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The narrowness of this room belies the fact that these were originally big wide rooms

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that have since been partitioned.

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I'm not sure if that was successful.

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The place is oddly laid out with the bathroom a few steps down from the bedroom at the back.

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Even though it doubles up as a utility area, it still feels a waste of space.

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OK, here's a thought.

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This is a very old-fashioned layout.

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How about turning the bedroom into your lounge and the bathroom into the kitchen?

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Then you'd be left with two potential bedrooms where the living room and kitchen are now.

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It may sound crazy, but it's something plenty of developers have done around here,

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convert a one-bed into a two-bed.

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Despite the huge amount of work involved and huge costs,

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I think it could still be worth it.

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As it stands, the size of this flat as a one-bed in this area is a luxury.

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If I wanted to make some cash on this,

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I'd look at getting as much out of it as I could.

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For many Londoners, postcode is more important than square footage.

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So I think this re-jig, well, it might just work.

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So sitting room into bedroom one.

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kitchen into bedroom two,

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bathroom to kitchen,

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bedroom to sitting room,

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squeeze a bathroom in somewhere and hey presto!

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A two-bedroomed flat. Does the idea have legs?

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What does a local estate agent think?

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There's plenty of scope to make a good bit of money out of this flat.

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I think the best angle would be to turn it into a two-bed flat.

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There's enough floor space and it should be quite a simple building project.

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If you carried out such a project, what change in rental revenue might you see?

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As a one-bedroomed flat,

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this would be achieving 260, maybe 270 per week, depending on the spec.

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If you convert it to a two-bed flat with a similar spec,

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then we'd achieve as much as 330, 340 per week, I'd suggest.

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So an extra bedroom adds over 20% in rental revenue.

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Would it be the same for resale?

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In its present condition I would expect this flat

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to achieve in the region of 280, maybe £290,000.

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Once converted to a two-bedroomed flat,

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you could achieve as much as 375, perhaps.

0:19:260:19:29

If it was just refurbished as a one-bedroomed flat,

0:19:290:19:33

maybe you'd achieve as much as 320.

0:19:330:19:36

So that 245,000 guide price

0:19:360:19:39

may be more attractive than it first appears.

0:19:390:19:41

This flat is more than just a fair bet.

0:19:440:19:46

I think it's a super property that it would be hard to lose money on.

0:19:460:19:50

Get that second bedroom in and you could see profits soaring.

0:19:500:19:54

Of course, all this depends on what it went for at the auction.

0:19:540:19:58

Lot 30.

0:20:020:20:03

West Ken. Flat. Got those nice deep windows.

0:20:030:20:08

I don't know. West Ken. Where would you like to start?

0:20:080:20:11

220 down here. 225 anywhere?

0:20:110:20:15

This lady's first. 225.

0:20:150:20:17

230.

0:20:170:20:18

235. 240.

0:20:180:20:21

245.

0:20:220:20:24

250. 255.

0:20:240:20:27

Should have got there first.

0:20:270:20:29

250. 255 over here.

0:20:290:20:32

251. 252.

0:20:320:20:34

253. 254.

0:20:340:20:37

255.

0:20:370:20:39

256.

0:20:390:20:40

257.

0:20:400:20:42

258.

0:20:420:20:44

259.

0:20:440:20:46

260.

0:20:460:20:47

261. Yeah?

0:20:470:20:50

Yes? 261.

0:20:500:20:51

Back in. 262.

0:20:510:20:53

263.

0:20:530:20:55

263.

0:20:550:20:57

I love it!

0:20:570:20:58

264.

0:20:580:21:00

265.

0:21:000:21:02

266.

0:21:020:21:04

267?

0:21:050:21:07

266 down here. 267 elsewhere?

0:21:080:21:11

If not, 266. First time,

0:21:110:21:14

second time,

0:21:140:21:15

third and last time. Have you all done?

0:21:150:21:18

Sold 266. Well done.

0:21:190:21:21

Nice lot, that.

0:21:210:21:23

At just a little over the guide price,

0:21:230:21:26

for 266,000, the new owners of the Kensington flat

0:21:260:21:29

are first-time property developers Kamal and his wife Pavine.

0:21:290:21:33

Whilst Pavine looked round their new acquisition,

0:21:330:21:36

I chatted to Kamal.

0:21:360:21:38

-Kamal, congratulations.

-Thank you.

0:21:400:21:42

You started the bidding off on auction day. You were there!

0:21:420:21:45

-Indeed I was.

-How much did you want to buy this flat?

0:21:450:21:48

I actually was prepared to go up to 300,000.

0:21:480:21:54

-Do you feel you've got yourself a bargain?

-I think I did.

0:21:540:21:59

How well do you know this area?

0:21:590:22:01

Not at all!

0:22:010:22:03

I was advised by a friend of mine

0:22:030:22:05

and he said, "I think it's a good location."

0:22:050:22:09

-Where do you live?

-I live in Kent.

-What do you do with your time at the moment?

0:22:090:22:14

Well, I'm a retired doctor.

0:22:140:22:17

I don't do anything now. Nothing in particular.

0:22:170:22:20

So who is responsible for you buying this flat, then?

0:22:200:22:24

Well, actually, it's my wife who is the banker.

0:22:240:22:29

-Yes.

-And the investor. So she was working and I was chasing after the property.

0:22:290:22:35

So with a bit of encouragement from his wife and his property developing friend,

0:22:350:22:41

and a fair amount of trust,

0:22:410:22:43

Kamal has taken the plunge into the property market.

0:22:430:22:46

-What are you going to do to this place?

-We're going to refurbish it internally.

0:22:500:22:57

And we're going to convert it into a two-bedroom flat

0:22:570:23:00

with a new kitchen/diner.

0:23:000:23:03

Where are you putting the second bedroom?

0:23:030:23:05

The second bedroom will be in the present kitchen.

0:23:050:23:09

The kitchen will go to the rear,

0:23:090:23:12

where there is a large bathroom and toilet.

0:23:120:23:16

-What will you use this room for?

-This room will be the lounge.

0:23:160:23:20

So, great minds think alike!

0:23:200:23:23

Switch lounge and bedroom around, turn the bathroom into a kitchen,

0:23:230:23:26

the kitchen into a bedroom and you have two bedrooms.

0:23:260:23:29

But we're missing something.

0:23:290:23:32

The burning question. Where's the bathroom going?

0:23:320:23:35

Now, the bathroom, we have to find a place in the middle of the flat for the bathroom.

0:23:350:23:41

That will be between the future lounge and the bedroom.

0:23:410:23:47

It will be a shower cubicle

0:23:470:23:49

and a toilet. No bath.

0:23:490:23:51

-So we can't even call it a bathroom.

-No.

0:23:510:23:54

The plan is to rent out this flat. So without a bath, the shower room

0:23:550:23:59

will have to be top-notch to attract potential tenants.

0:23:590:24:03

So no scrimping here!

0:24:030:24:05

What sort of budget are you looking at to do the work?

0:24:050:24:08

-My budget is 35 to 40,000.

-OK.

0:24:080:24:11

Will you be driving up from Kent most days or just a few days a week?

0:24:110:24:17

I'll stay here in my son's place in Barking.

0:24:170:24:21

I will be supervising all the work

0:24:210:24:25

so I'll come and look at what's going on.

0:24:250:24:27

-How does your wife feel about this? Excited?

-Very excited.

0:24:270:24:31

She thinks it's a great idea.

0:24:310:24:35

Well, it might be a great idea for her,

0:24:350:24:38

but it's Kamal who'll be driving the project.

0:24:380:24:40

Let's hope that everyone's faith in each other is justified.

0:24:400:24:44

This flat is in dire need of some surgery.

0:24:480:24:51

Retired doctor Kamal is the man to do it.

0:24:510:24:54

This is a big operation, though, for a novice developer.

0:24:540:24:58

Will Kamal resuscitate this flat?

0:24:580:25:01

Will it make him a fortune?

0:25:010:25:02

You can find out later on in the programme.

0:25:020:25:05

Coming up: Parts of this Derby house might call for drastic action.

0:25:070:25:12

One course of action is to knock it down and start again.

0:25:120:25:16

Back in London, it's never too late to acquire new skills.

0:25:180:25:22

I've learned quite a bit. I never had any experience before.

0:25:220:25:26

First, we're off to Wales to see how Richard's plans worked out.

0:25:280:25:32

It wasn't quite what I wanted, but we had far more than I expected.

0:25:320:25:36

Just a few miles from Cardiff city centre,

0:25:380:25:41

local man Richard bought this three-bed end-of-terrace stone-built house

0:25:410:25:45

for £184,000.

0:25:450:25:49

This was to be his new home

0:25:490:25:51

under the element of a change in direction and approach to life.

0:25:510:25:55

I just decided that having worked for the last 25 years

0:25:560:26:00

I would take a six-month career break to decide what I wanted to do with my life.

0:26:000:26:05

Over the last two to three months, I've lost two stone in weight.

0:26:050:26:09

It's been a huge phenomena for me.

0:26:090:26:12

So, in a relatively short time,

0:26:140:26:16

Richard's managed to make a big change to both his work and physical well-being.

0:26:160:26:21

But was he as successful in changing his Cardiff cottage?

0:26:210:26:25

It's now 11 months later and we're back to find out.

0:26:250:26:29

Yes, the tree has gone.

0:26:290:26:32

Inside, the place is almost unrecognisable,

0:26:370:26:41

with laminate floors and newly-plastered and decorated walls.

0:26:410:26:45

From the dining room, you can now reach a stunning new kitchen.

0:26:460:26:51

As you can see, when you came last time

0:27:050:27:08

there was a very small kitchen here

0:27:080:27:10

with a bathroom and toilet on this side.

0:27:100:27:13

We've more than doubled the size of this room.

0:27:130:27:16

I've put in water under floor heating.

0:27:160:27:19

Obviously the fitted kitchen.

0:27:190:27:21

And my favourite feature of the whole house

0:27:210:27:25

are the electric Velux windows.

0:27:250:27:28

The Velux windows are just part of Richard's fabulous new rear addition.

0:27:320:27:37

There's a single-storey kitchen extension.

0:27:400:27:44

The end gable wall has been extended and extra windows added.

0:27:440:27:48

We went to the planners and said, "This is what we want."

0:27:500:27:53

I doubled up on everything. I went for double width and double depth on three floors,

0:27:530:27:59

hoping that we would get the double on the bottom and standard on the top.

0:27:590:28:05

We did a bit of negotiations and we had to think about a metre deeper on the top two floors.

0:28:050:28:12

So it wasn't quite what I wanted,

0:28:120:28:14

but we had far more than what I expected.

0:28:140:28:16

It's the gable extension that's enabled Richard to change the upstairs layout.

0:28:180:28:23

It was originally one decent-sized bedroom with two quirky bedrooms.

0:28:230:28:28

Now I think I've got more or less four double bedrooms

0:28:280:28:32

and the bonus room upstairs.

0:28:320:28:34

And you could get a double bed in there if you wanted.

0:28:340:28:37

But it can be used as a studio or an office.

0:28:370:28:39

Upstairs now consists of some revamped old rooms

0:28:390:28:43

but mainly new spaces.

0:28:430:28:45

The rooms in the extension show where the original outer wall was.

0:28:450:28:49

The master bedroom is en-suite.

0:28:580:29:01

And yes, there is now a bathroom upstairs.

0:29:090:29:13

A stunning loft conversion provides even more rooms.

0:29:140:29:18

And Richard has now got the views he'd hoped for across to the park.

0:29:250:29:31

When it started off, I had the bright idea of taking a break from work,

0:29:350:29:39

this would be my project. Then a job came up in Wales's leading cancer centre

0:29:390:29:45

and it was a job I really wanted to go and do for my own personal reasons

0:29:450:29:49

and therefore I was very lucky that the work was carried out in the capable hands of my builder.

0:29:490:29:54

Fortunately, they started work at 7.00am and didn't finish till after I got home

0:29:540:29:59

so I was here every single day and every weekend, to make sure things were going to plan.

0:29:590:30:04

Richard may have played a more background role than he first thought,

0:30:040:30:08

but he was also hoping that the dreaded Japanese knotweed in the garden

0:30:080:30:12

would remain low-profile, too.

0:30:120:30:14

The knotty little problem with the knotweed - touch wood - is under control at the moment.

0:30:150:30:21

It's obviously not going to go away. I've got a coping mechanism. It'll take three years to finish,

0:30:210:30:27

but so far, so good!

0:30:270:30:29

As to the hot tub, let's see what the summer brings.

0:30:290:30:32

And as to the garden, that's obviously the next project!

0:30:320:30:36

So the hot tub and sorting the garden out are more to add to his current expenditure.

0:30:360:30:43

The original budget was 60,000, but that was a guess off the top of my head.

0:30:470:30:51

When I sat down with the architect, a more realistic budget was 80,000.

0:30:510:30:55

That's what I've come in at.

0:30:550:30:57

£80,000 is quite an investment.

0:30:570:31:00

But this is going to be Richard's new home. Isn't it?

0:31:000:31:04

I'm planning to live in for a short period.

0:31:040:31:06

It could be the long period. It depends on your valuations!

0:31:060:31:09

# So you gotta let me know

0:31:110:31:15

# Should I stay or should I go? #

0:31:150:31:17

Richard bought this place for £184,000 and spent another £80,000

0:31:170:31:23

on it. With costs, he's sunk nearly £270,000 into it.

0:31:230:31:28

So to help him decide whether to take the money and run or get ready to move in,

0:31:280:31:33

we asked along two local property experts.

0:31:330:31:36

Lovely property. Bright and airy.

0:31:390:31:41

A very large property with the two-storey extension at the rear.

0:31:410:31:45

It's a very popular residential area.

0:31:450:31:48

I think could have done a bit better retaining some original features.

0:31:480:31:54

It might be a bit bland for some buyers in this area.

0:31:540:31:57

But overall, a very nice job.

0:31:570:32:00

It's a very nice house.

0:32:000:32:01

The finish that's been done is very, very good.

0:32:010:32:04

Lovely kitchen. Nice addition with multiple bathrooms.

0:32:040:32:09

A lovely feature in the attic room, as well.

0:32:090:32:11

An enthusiastic response.

0:32:110:32:13

But does it mean Richard's invested around £270,000 wisely?

0:32:130:32:19

I would market this property somewhere in the region of £350,000.

0:32:190:32:23

I would look to market this property for £325,000.

0:32:230:32:27

Well, if I go in my pocket and look at my valuation here that I worked out before,

0:32:270:32:34

it was a conservative 320 because I didn't want to be too disappointed. So I'm delighted.

0:32:340:32:39

Does that mean he will sell it now or move in?

0:32:390:32:43

I'll put it on the market at the higher end

0:32:460:32:49

and see if I get any bites.

0:32:490:32:51

In fact, Richard has put it on the market for £360,000.

0:32:510:32:56

Judging by the interest he's already had,

0:32:560:32:58

the signs are he will sell it and move on to a new challenge.

0:32:580:33:03

I'm in Derby, in the Midlands, visiting a property two miles from the city centre,

0:33:140:33:20

in the large, well-established suburb of Chaddesden.

0:33:200:33:23

This is Wiltshire Road, reasonably well located for Derby city centre.

0:33:230:33:28

I'm here to see a three-bedroomed semi-detached.

0:33:280:33:32

That's it. Let's take a look.

0:33:320:33:34

This is quite a busy road, next to a bus stop

0:33:340:33:38

and opposite a fire station, so not exactly a quiet suburban retreat.

0:33:380:33:42

But the house looks OK from the outside,

0:33:420:33:44

with its own driveway, lots of off-street parking, and it's double-glazed.

0:33:440:33:49

The guide price was 88,000 quid, so what do you get for your money?

0:33:540:33:58

Doesn't look too bad to start off with.

0:33:580:34:00

Entrance hall, a front sitting room there,

0:34:000:34:04

but as you move to the rear of the property, it goes horribly wrong.

0:34:040:34:08

That's the kitchen - very long, very narrow.

0:34:080:34:11

Through to rear sitting room, or this could be your main living room.

0:34:110:34:15

Not a bad size. But when you get to the rear, you have a little extension.

0:34:150:34:19

Another little entrance through to the kitchen.

0:34:190:34:22

It's just a bit too corridors and walls that don't need to be there.

0:34:220:34:26

So a lot of space, but I don't think it's being utilised well at all.

0:34:260:34:31

This is obviously a property where someone's stopped half-way through renovation or maybe just given up.

0:34:320:34:39

There's quite a bit of making-good left to do.

0:34:390:34:42

Upstairs, a bathroom that's seen better days, but is at least a reasonable size.

0:34:470:34:51

A single bedroom and two doubles. Nothing untoward.

0:34:510:34:54

Until you walk in to the front double. Look at that.

0:34:540:34:58

That's not good news. My guess

0:34:580:35:00

is that the roof is either leaking

0:35:000:35:02

or the gulley between this and the neighbouring property has got some sort of problem.

0:35:020:35:07

Either way, you want to get that sorted out

0:35:070:35:09

before the damage that it could create gets much worse.

0:35:090:35:13

At the rear of the property is an extension which is a reasonable size

0:35:220:35:26

but unfortunately has the words "bodge job" written in huge neon letters all over it.

0:35:260:35:31

The lintel above the top of the window is all over the place.

0:35:310:35:34

The brickwork doesn't match up.

0:35:340:35:36

I don't know what's been going on, but bits have been filled in over time.

0:35:360:35:41

It hasn't even been properly keyed in to the main body of the house.

0:35:410:35:45

So the most radical course of action is knock it down and start again.

0:35:450:35:50

But you have to factor that into the costs.

0:35:500:35:52

All in all, a bit of a shame, a blight on the property.

0:35:520:35:56

An extension like this probably wouldn't have needed planning permission

0:35:560:36:00

but best to check it had building regulation approval.

0:36:000:36:03

If that's OK, the cheapest option

0:36:030:36:06

would be to cover up the dodgy brickwork by rendering it.

0:36:060:36:11

So was this property a good buy?

0:36:110:36:13

Let's ask the auctioneer who sold it.

0:36:130:36:16

Three-bedroomed houses like this have a fair demand in Chaddesden.

0:36:180:36:22

It's not the most popular of residential suburbs,

0:36:220:36:25

it's average housing, average price scale,

0:36:250:36:28

but generally, they do sell fairly well.

0:36:280:36:30

What could it make if rented out?

0:36:300:36:33

Once improved, finished off and so on,

0:36:340:36:37

and in presentable condition,

0:36:370:36:39

this would have a rental value of about 525 to £550 a calendar month.

0:36:390:36:45

And if re-sale was on the cards?

0:36:450:36:48

Properties here tend to have a ceiling value.

0:36:490:36:52

I would say it's probably going to have an absolute maximum value

0:36:520:36:55

of about 130,000.

0:36:550:36:57

The possibility is you might struggle to get that much on today's market.

0:36:570:37:02

Still, with a guide price of £88,000,

0:37:020:37:05

if it were to achieve £130,000 at re-sale,

0:37:050:37:09

there could be money in it.

0:37:090:37:11

So, a solid enough property, but one that you could really add value to,

0:37:110:37:16

primarily by playing around with the downstairs layout.

0:37:160:37:19

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

0:37:190:37:23

Where do you want to be on this one, ladies and gentlemen? 88, guide price.

0:37:260:37:31

88. 85. I'll take 85 to start.

0:37:310:37:34

86, somewhere? 86 is bid on the left.

0:37:340:37:37

At £86,000.

0:37:370:37:39

87. 87. 88.

0:37:390:37:41

89.

0:37:410:37:43

89. 90? 90,000 is bid.

0:37:430:37:46

At 90,000. 91.

0:37:460:37:48

92.

0:37:480:37:49

93. 94.

0:37:490:37:51

94. 95.

0:37:510:37:54

96 is bid.

0:37:540:37:55

97.

0:37:550:37:56

-100.

-100,000.

0:37:560:37:59

At £100,000.

0:37:590:38:00

500.

0:38:000:38:02

101.

0:38:020:38:04

Yes, 101. 500.

0:38:040:38:06

102. 102?

0:38:060:38:08

500. 103.

0:38:080:38:10

103,500.

0:38:100:38:13

104.

0:38:130:38:14

104 and a half.

0:38:150:38:17

£104,500. On the right.

0:38:170:38:20

Once.

0:38:200:38:21

Twice. Third time.

0:38:210:38:23

Sold at 104,500.

0:38:230:38:26

The happy couple who made that final bid of 104,500

0:38:270:38:32

are husband and wife Gary and Cathy.

0:38:320:38:35

I met them back at their new property to find out more.

0:38:350:38:39

Good to meet you both. Congratulations!

0:38:390:38:42

-Tell me why you wanted to buy the house.

-Price, really.

0:38:420:38:45

We've been to auction before and been out-bid. The 100,000 mark was our price

0:38:450:38:51

and this property was that amount.

0:38:510:38:53

-Do you know the area?

-Not at all, no.

-Never been here before!

0:38:530:38:57

Once, to see the house!

0:38:570:38:58

-Where are you from?

-We've been living in Spain.

0:38:590:39:03

Spain? What were you doing in Spain?

0:39:030:39:05

-Estate agency and letting office.

-Wow.

0:39:050:39:08

-Must have been tough in recent years?

-Very tough.

-OK.

0:39:080:39:11

So why Derby? Is this where you're located and based in general?

0:39:110:39:15

-No.

-No.

-We're in Norfolk at the moment.

-Norfolk?

-Yeah.

0:39:150:39:20

We'll be here in the week and Norfolk at weekends.

0:39:200:39:23

Gary and Cathy's current home in Norfolk is three-and-a-half hours away.

0:39:230:39:28

That's quite some commute while they're working on the house.

0:39:280:39:31

They plan to stay on-site during the week

0:39:310:39:34

and go back to Norfolk at weekends.

0:39:340:39:37

-You're going to live in the house while you do it up?

-Yeah.

0:39:370:39:40

-We bought a bed yesterday!

-The plan is to do up one of the bedrooms

0:39:420:39:46

and get it really nice so we've got a nice room to go to

0:39:460:39:49

when we're finished.

0:39:490:39:51

Get the central heating before we move in.

0:39:510:39:53

So at least it's sort of warm, and we'll work around it.

0:39:530:39:58

Have you done this before?

0:39:580:39:59

I used to be a painter and decorator.

0:39:590:40:02

I've learnt how to fit kitchens, fit bathrooms, tile floors, walls.

0:40:020:40:07

Most things, really.

0:40:070:40:10

-And Cathy?

-I can shop! I can buy things and tidy up, I guess.

0:40:100:40:14

-Support for Gary, really.

-Right.

0:40:140:40:16

-The main thing is, you're doing it together.

-Yeah.

0:40:160:40:19

Which is great. How hard has it been coming back from Spain?

0:40:190:40:22

For me, it's been quite easy because I missed England.

0:40:220:40:26

-I'm happy to be back in England. But Gary...

-I like the sun.

0:40:260:40:31

That's the main part I'll miss.

0:40:310:40:33

But we weren't earning any money in Spain, so we had to come back, unfortunately.

0:40:330:40:37

We'll make the most of it.

0:40:370:40:39

-Definitely. And you start in a new direction in lots of ways.

-Yes.

0:40:390:40:44

Gary and Cathy returned from Spain just four months ago.

0:40:460:40:50

With no jobs to come back to,

0:40:500:40:52

they decided to develop property as a self-generating job creation scheme.

0:40:520:40:57

What are their specific ideas for this Derby house?

0:40:570:41:00

Just modernise it generally. Upstairs isn't too bad.

0:41:030:41:06

The bedroom's a bit small, the smallest one. The others are doubles.

0:41:060:41:09

Just put a nice bathroom in and a nice kitchen

0:41:090:41:13

and just generally bring it up to modern standards.

0:41:130:41:16

Downstairs at the back is higgledy-piggledy.

0:41:160:41:19

It's got to be sorted out some way or other, which we're working on.

0:41:190:41:23

-This extension looks like it's been bodged.

-Terrible.

-Yeah.

0:41:230:41:27

Get an open plan kitchen in,

0:41:270:41:29

a downstairs loo if we can.

0:41:290:41:32

Re-jig it totally.

0:41:320:41:33

Any idea how much it's going to cost, to do what you want to do?

0:41:330:41:37

We'd like to bring it in at a total cost of about 115, all in.

0:41:370:41:42

-So ten, really.

-Probably about just under ten.

0:41:420:41:46

-See how we go.

-She spends more money than me!

0:41:460:41:48

See how we go. Keep it as low as we can, really.

0:41:480:41:52

It's tight, but if you're doing it yourself,

0:41:520:41:54

you should be all right.

0:41:540:41:56

Most of the money should go on materials cos the labour's free.

0:41:560:42:01

And the big picture plan if this goes well?

0:42:010:42:04

How big will the portfolio be?

0:42:040:42:06

I don't know if it's about portfolio size.

0:42:060:42:09

It's maybe going from one place to another place,

0:42:090:42:12

and see how we go. It's early days. Just test the water and see if we're any good at it. That's the plan.

0:42:120:42:18

Great. Good luck. Congratulations.

0:42:180:42:20

Look forward to seeing how you get on.

0:42:200:42:22

Thank you.

0:42:220:42:25

This is no small project for a first time development.

0:42:250:42:29

Gary and Cathy are pinning a lot on its success

0:42:290:42:32

but with Gary's practical skills and Cathy's support,

0:42:320:42:35

they're off to a flying start.

0:42:350:42:37

The issues Gary and Cathy face doing this house up will be more emotional than practical.

0:42:370:42:42

Moving from sunny Spain to fairly cold Derby,

0:42:420:42:45

living in the house while they're doing it up, and having their home so far away in Norfolk.

0:42:450:42:50

All things to resolve. How will they get on?

0:42:500:42:53

You can find out later in the show!

0:42:530:42:55

The moment of reckoning has arrived.

0:42:580:43:00

Have those property gambles paid off

0:43:000:43:03

-or have our buyers backed the wrong horse?

-Let's find out.

0:43:030:43:07

Time to rush back to West Kensington in London

0:43:080:43:11

to see how retired doctor Kamal and his wife Pavine's

0:43:110:43:13

£266,000 flat is recovering after what sounded like a major operation!

0:43:130:43:20

What are you going to do to this place?

0:43:200:43:23

We're going to convert it into a two-bedroom flat.

0:43:230:43:26

The second bedroom will be in the present kitchen.

0:43:260:43:30

The kitchen will go to the rear,

0:43:300:43:33

where there is a large bathroom and toilet.

0:43:330:43:37

Just three months later, we're back to check on the patient's progress.

0:43:380:43:42

Although the outer skin still needs some cosmetic surgery,

0:43:420:43:46

inside, the reconstruction work has begun.

0:43:460:43:49

Rooms have been switched around, there are now laminate floors,

0:43:490:43:54

and it's been redecorated throughout.

0:43:540:43:56

# Changes Turn and face the strain

0:43:560:43:59

# Changes Oh, look out... #

0:43:590:44:02

So the kitchen is now a bedroom while the bathroom is the kitchen.

0:44:020:44:06

# Turn and face the strain

0:44:060:44:08

# Changes... #

0:44:080:44:09

This room was the bathroom and toilet.

0:44:090:44:12

And now where you're standing is the kitchen/diner.

0:44:120:44:16

So it's a completely new kitchen

0:44:160:44:21

and we're quite happy about the outcome of the kitchen

0:44:210:44:26

although it needs more polishing to the finish

0:44:260:44:30

and I'm hoping that in two weeks' time, it will be complete.

0:44:300:44:36

So it's well underway.

0:44:360:44:38

But the tricky part was to find room for the bathroom

0:44:380:44:41

or, more accurately, the shower room.

0:44:410:44:44

Kamal and his builders have cleverly managed to insert one

0:44:440:44:47

between the bedroom and lounge...

0:44:470:44:49

..to complete what is now a two-bed flat.

0:44:510:44:54

So Kamal and his wife, Pavine, have nearly achieved what they set out to do.

0:44:570:45:01

How do they feel about it all?

0:45:010:45:03

When we came first time, I thought we had made a mistake.

0:45:030:45:07

Then afterwards, I got used to this place and I started liking it.

0:45:070:45:12

This flat was bought as an investment to top up their pension.

0:45:120:45:15

But taking on a project like this is hardly taking it easy in retirement.

0:45:150:45:20

Every morning I was here, almost,

0:45:200:45:22

and I used to co-ordinate with the builder,

0:45:220:45:26

the architect, the structural engineer,

0:45:260:45:29

the electrician.

0:45:290:45:31

He kept a brave face, though I could see from his face he was tired.

0:45:310:45:35

At the end of the day, when he came home,

0:45:350:45:38

he would just read the newspaper and go to sleep.

0:45:380:45:42

So that's how tired he was!

0:45:420:45:45

I have learned quite a bit.

0:45:450:45:47

I never had any experience before!

0:45:470:45:49

Kamal has a property developer friend who organised the work and sorted out builders

0:45:490:45:55

while Kamal oversaw the project and paid the bills.

0:45:550:45:58

I thought it would be about 35,000

0:45:580:46:01

but I have been given an invoice of 44,600 and something.

0:46:010:46:07

But there will be little pluses as well.

0:46:070:46:09

I think it will be well over 45,000.

0:46:090:46:12

£45,000 on top of a purchase price of 266,000, plus costs,

0:46:130:46:20

brings Kamal and Pavine's total expenditure

0:46:200:46:23

to around 320,000.

0:46:230:46:25

That sounds a lot, but this is West Kensington.

0:46:250:46:29

What do two local estate agents think of the progress so far?

0:46:290:46:33

My first impression of the property is he's done a good job.

0:46:330:46:37

It looks as if it's aimed for the rental market.

0:46:370:46:40

Wood floors, nice and clean, high ceilings.

0:46:400:46:42

I'm a little disappointed.

0:46:420:46:44

I was expecting the finish to be of a higher quality.

0:46:440:46:48

The flooring's very nice.

0:46:480:46:49

Not entirely convinced with the layout.

0:46:490:46:52

Quite honestly, that bedroom is tiny,

0:46:520:46:55

and it may lend itself better as the kitchen which was originally there.

0:46:550:47:00

Hmm.

0:47:000:47:01

Does this mean they've got a costly mistake on their hands,

0:47:010:47:05

with £320,000 of their retirement fund invested here?

0:47:050:47:09

When this flat is completed, I would expect to market it at £350,000.

0:47:090:47:14

To market this property, I'd look to market it at £350,000.

0:47:140:47:17

Oh, my goodness, that's very good.

0:47:170:47:19

Good. That's nice. So I'm not losing.

0:47:190:47:24

Phew! So some signs of potential profit.

0:47:240:47:28

But first and foremost, this was intended for the rental market.

0:47:280:47:32

To rent out, I'd put it on the market for £1,250 per calendar month.

0:47:350:47:40

If this came on the market for rental, obviously in a finished condition,

0:47:400:47:44

I'd put it on the market at £1,350 per calendar month.

0:47:440:47:47

Those rental figures equate to around £15,000 a year,

0:47:470:47:52

just under a five per cent yield.

0:47:520:47:54

Solid, but not spectacular.

0:47:540:47:57

So, has it been worth the effort?

0:47:570:48:00

Yes, I think we're quite pleased that we've taken it on

0:48:000:48:03

after finding out the price it will be.

0:48:030:48:05

And the rental value as well.

0:48:050:48:07

Hopefully we will get whatever we were hoping for.

0:48:070:48:12

Well, if you're pleased, so am I!

0:48:120:48:14

# Take a holiday in Spain

0:48:200:48:24

# Leave my wings behind me

0:48:240:48:27

# Flush my worries down the drain

0:48:280:48:32

# And fly away to somewhere new. #

0:48:320:48:36

For many people, the idea of moving to Spain to live would be a dream come true.

0:48:360:48:40

But for Gary and Cathy, after three years of running a lettings agency there,

0:48:400:48:45

the desire to be home was stronger than the Spanish sun.

0:48:450:48:48

So they returned to England, got a house in Norfolk to live in,

0:48:480:48:51

and embarked on a property developing career.

0:48:510:48:54

For £104,500, their first purchase was a three-bed semi in Derby

0:48:540:49:00

over 150 miles away from their Norfolk home.

0:49:000:49:04

-You're going to live here while you do it up?

-Yeah.

0:49:060:49:10

-We bought a bed yesterday.

-The plan is to do up one of the bedrooms

0:49:100:49:14

and get it nice so we've got a nice room to go to when we're finished.

0:49:140:49:18

So, after swapping Spanish sun for six months of Derbyshire winter,

0:49:200:49:24

how had the project fared?

0:49:240:49:27

From the outside, it's certainly looking good.

0:49:290:49:32

And inside? Well, the front room has really come on with an elegant makeover.

0:49:400:49:46

The furnishings give it a lift.

0:49:460:49:48

But it's the back dining room that's been completely transformed with a fabulous kitchen/diner.

0:49:490:49:55

And a complete reorganisation of the other living spaces.

0:49:550:49:59

The main change in the house is the kitchen which used to be in the utility room.

0:50:100:50:15

Which is now in through here. There was a lot of work putting in a new drain.

0:50:150:50:20

We've blocked off one of the walls here and a doorway here and another doorway here.

0:50:200:50:25

We've put an RSJ in to create an opening in what will be the dining room.

0:50:250:50:29

We've taken out the chimney breast so we could fit a nice cooker in

0:50:290:50:33

and build the kitchen around that.

0:50:330:50:36

And we're pleased with the result.

0:50:360:50:38

I think the new layout is fantastic.

0:50:440:50:47

It's open, bright, and makes the most of both Derbyshire sunshine

0:50:470:50:51

and the new revitalised flat roof extension.

0:50:510:50:54

From the new decking and patio, you can reach the good sized family garden.

0:50:580:51:02

Upstairs, there's been impressive progress as well.

0:51:070:51:11

The layout upstairs has pretty much stayed the same.

0:51:120:51:16

This is the master bedroom.

0:51:160:51:18

We put in fitted wardrobes. I put the doors up this morning. It has to be boxed in.

0:51:180:51:22

I've sorted out the leak on the roof, filled in the hole in the ceiling,

0:51:220:51:26

and this is pretty much nearly finished now.

0:51:260:51:30

The other two bedrooms also have a bit of work to do before they're finished,

0:51:320:51:36

but they're on their way.

0:51:360:51:37

As is the bathroom.

0:51:460:51:48

With all this work, it's clear it must have been a building site at times

0:51:530:51:57

and no picnic living here. So how was it?

0:51:570:52:00

It hasn't worked that well. We've only been home twice.

0:52:000:52:04

It's not been ideal.

0:52:040:52:06

But it's a double-edged sword, really.

0:52:060:52:10

It's good to be here because you can carry on working and get up and start working,

0:52:100:52:14

but it's nice to go home to a nice clean house.

0:52:140:52:17

The worst thing is the dust.

0:52:170:52:19

Every day, you have to spend an hour every day at the end,

0:52:190:52:23

just clearing up dust cos you don't want it all upstairs.

0:52:230:52:27

-Living in one room was...

-Hard.

-Quite hard.

0:52:270:52:30

We didn't want to change the bathroom straightaway

0:52:300:52:34

cos you were getting so dirty taking out walls

0:52:340:52:36

so having to use someone else's horrible old bath wasn't pleasant, either!

0:52:360:52:41

It's never easy living in a house you're working on.

0:52:410:52:44

Not only is there the mess, but you're constantly reminded of the jobs that need to be done.

0:52:440:52:50

We had a contractor in to run a new drain cos we moved the kitchen.

0:52:500:52:55

And we had somebody come and do the two chimney breasts for us.

0:52:550:53:00

-And that's it.

-Apart from that, we've done everything ourselves.

0:53:000:53:03

-Well, you have!

-I have, yeah.

0:53:030:53:05

Just the dogsbody is what I've been!

0:53:050:53:09

You've saved us a lot of money by going to boot sales.

0:53:090:53:12

We've been sourcing things as cheaply as possible.

0:53:120:53:15

Buying at car boot sales and doing most of the work themselves

0:53:160:53:20

should have kept the budget under control.

0:53:200:53:23

The budget's gone well. We're over by a thousand, so it's 11,000.

0:53:240:53:28

We've bought everything we need to buy now,

0:53:280:53:31

so I think we've done quite well on that budget.

0:53:310:53:34

It really is impressive to have done all this work for just £11,000.

0:53:340:53:39

But with no siestas, a lot of dust and hard work,

0:53:390:53:42

Spain must seem a long way away!

0:53:420:53:45

It's been so, so cold and no central heating,

0:53:450:53:49

so it's been hard, I think, don't you?

0:53:490:53:52

-Yeah. And the views are not as nice!

-No!

0:53:520:53:54

We had a beach-side flat, so that's hard to get used to again.

0:53:540:53:59

OK. The outlook from the house might not be as good as their one in Spain,

0:54:050:54:10

but what about its financial outlook?

0:54:100:54:12

That £11,000 budget,

0:54:120:54:15

plus the £104,500 purchase price, with costs,

0:54:150:54:18

takes the couple's total spend to around £120,000.

0:54:180:54:22

So, has switching from sun and sand

0:54:220:54:25

to sawdust and sandpaper paid off?

0:54:250:54:28

What do two local property experts think?

0:54:280:54:30

I've had a look round and it's fantastic.

0:54:300:54:33

It's a really, really nice job.

0:54:330:54:35

They've got some nice design ideas, so it's come up good.

0:54:350:54:39

The house has changed a lot, certainly on the ground floor.

0:54:390:54:42

It was a bit of a mess before, if I can say that nicely.

0:54:420:54:46

But now first impressions are really positive

0:54:460:54:49

and change it around, it looks good.

0:54:490:54:51

The kitchen/living area is brilliant.

0:54:510:54:54

It's just what people are looking for

0:54:540:54:56

and some of the touches with lights and flooring finish it off nicely.

0:54:560:55:00

Getting those finishing touches right is vital.

0:55:000:55:03

It should help appeal to the rental market.

0:55:030:55:06

I would suggest that it would have a rental value

0:55:080:55:11

of between 550 and £575 a calendar month.

0:55:110:55:16

If I put this property on the market for rental, we would get £550 per calendar month,

0:55:160:55:20

due to the standard of finish.

0:55:200:55:22

-That's not too bad, is it?

-That's a good return.

-That's OK.

0:55:220:55:26

That's a healthy rental return.

0:55:260:55:29

But ideally, Cathy and Gary hope to sell their £120,000 investment.

0:55:290:55:34

On completion, I would value the property at about £135,000.

0:55:360:55:39

I would value this property at £150,000.

0:55:390:55:42

Can I have the number of the agent that said 150,000, please?

0:55:420:55:46

-Delighted with that.

-That's higher than what we expected.

0:55:460:55:49

-We thought around the 130, 135 mark.

-Yeah.

0:55:490:55:54

-So very pleased.

-Pleased with that.

0:55:540:55:56

Certainly that £150,000 valuation would mean significant profit

0:55:560:56:02

and that it had been a successful project.

0:56:020:56:05

Cos it was our very first one, we weren't looking for a massive profit.

0:56:050:56:11

We were looking mainly not to lose any money.

0:56:110:56:14

-And a wage.

-And make a wage for the time we've spent here.

0:56:140:56:17

-So to make a bit of profit on top is...

-Fantastic.

-Fantastic. Good result.

0:56:170:56:22

Coming home to England seems to have paid off.

0:56:220:56:26

But they need to finish this house off completely

0:56:260:56:28

not only to bring in some income but also so they can get back home to Norfolk.

0:56:280:56:35

# That's why I tell you

0:56:350:56:37

# You'd better be home

0:56:390:56:42

# Soon. #

0:56:430:56:46

Whether you're a property novice or an old hand,

0:56:490:56:54

make sure you join us next time

0:56:540:56:55

for more stories from the auction rooms.

0:56:550:56:58

-Tune in to more Homes under the Hammer!

-See you then.

-Bye!

-Bye!

0:56:580:57:01

Subtitles by Red Bee Media Ltd

0:57:220:57:25

Martin Roberts and Lucy Alexander visit a property in Cardiff, an upmarket area in west London and a house in Derby.

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


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