Episode 50 Homes Under the Hammer


Episode 50

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Transcript


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Welcome to Homes Under The Hammer.

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Both of us have been dealing in property for many years.

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We've witnessed the fluctuations in the market.

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But through it all we've been convinced of one thing,

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you can get really interesting property at auctions.

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We've always been fascinated buying under the hammer.

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The speed, the excitement and the fact that you do actually end up with a property.

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Oh, it's all really exciting!

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Let's see what got our buyers hot under the collar on today's show.

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In Wiltshire, there's a detached house which needs a good scrub.

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Look at the state of that! I don't think I'd like to fry my eggs on there, put it that way.

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A regenerated area of Salford could generate cash for this three-bedder.

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Lick of paint, some wallpaper, new carpets and you could rent this place out like that!

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In Kent, we revisit a property I first saw in October 2008.

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I could spend hours wandering around here.

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It's just so special.

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All these properties have been sold at auction

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

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You've bought it, sir.

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This is the village of Staverton in Wiltshire.

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It lies three miles north of Trowbridge and is close to Bath.

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I'm here to see this chalet-style, three-bedroom property.

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It went to auction with a guide of £200,000. First impressions...

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there's plenty of parking to the front, as you can see, but this property looks pretty run down.

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The guttering's hanging off, there's no down pipes

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and that will cause all sorts of damp problems if it's not sorted.

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So let's hope the inside is in a better state than the outside.

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There's also a worrying crack in the front wall, so I would advise

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getting a survey done here.

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Actually, it's not bad inside.

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Yes, it's incredibly dated, but what I love about these style of properties is the space.

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Look at this! You've got a really big hallway.

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This is probably original parquet floor here, so it could look quite nice once it's been sanded.

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And the kitchen, again, you've got a really good size, a cracking view of that huge front garden.

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But this kitchen, you know, it needs ripping out.

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It was probably fantastic in its time, but it's just incredibly old-fashioned now. And the cooker...

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Look at the state of that!

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Don't think I'd like to fry my eggs on there.

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But this kitchen has just got too many doors.

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A big sliding door there, one to the larder, one to the sun room.

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They just take up too much wall space.

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I think this house needs a bit of a re-juggle.

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The dining area is quite dark, due to all the pine cladding

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and this leads into a sun room.

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There's a rather odd store off the hall, which I suppose could become a study.

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This handy downstairs loo is a bonus, but there's an awful lot of work to be done here.

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The windows are single-glazed, metal Crittall-style,

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so double glazing would be advisable.

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But it's not just the windows.

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More modernisation is needed elsewhere, too.

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This is the main reception room.

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You may have noticed, there are no radiators in this house at all, just these old vents.

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This is a hot-air heating system

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and it means the main boiler

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heats the air then pumps it

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around the house to keep it nice and warm.

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Old systems like these, they can be dusty and dry the air out,

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so not great for allergy sufferers.

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Any big part of the budget for this house I think should be spent

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on either replacing this system with gas central heating or updating it.

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Being a chalet bungalow, the accommodation continues on the first floor.

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There are two double bedrooms, both with built-in wardrobes,

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and a smaller third bedroom, which is a single.

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And there's a bathroom with a corner bath.

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This property sits in almost a quarter of an acre site, which I think is fantastic.

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So there is plenty of potential to extend out here.

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You might not even need planning permission to do so because regulations changed back in 2008

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and now you can extend a dwelling by four metres to the rear, that's if it's single storey,

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or three metres if it's double storey, and that's without waiting for consent.

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It definitely saves time and certainly cuts back on all that red tape.

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Of course, the most obvious place to extend would be at the front

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because that's where most of the acreage lies,

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but that's a little more tricky and time-consuming,

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because any extension, other than a simple porch, still requires planning permission.

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I asked a local estate agent to come and look around the place

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and give his thoughts on this spacious bungalow.

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Is it a good buy?

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I like the property and it has a lot of potential,

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certainly for a buyer that wants to come and put their own mark on it.

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We're looking at a complete schedule of works,

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new kitchen, new bathroom, decoration, probably a new central heating system.

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Possibly go into the roof a little bit more.

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Would this chalet bungalow that went to auction

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at a guide price of £200,000 appeal to buy-to-let investors?

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What sort of rental could be achieved here?

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Properties like this are in demand in the rental market and if it was in good decorative order,

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I think something like this would get £750-£800 per calendar month.

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What's the potential resale value after it's had a thorough makeover?

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Once renovated, I think a house like this would

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probably achieve on the open market £250,000-£270,000.

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Let's face it, this place needs gutting and a total overhaul and,

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with the state it's in, it's easy to forget the major plus point -

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we're in a desirable location on the edge of a pleasant village

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and, as always, it's location that sells a property.

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So remember the rules, buy in a popular spot and you'll always be able to sell.

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Let's find out who bid and bought this one when we head to auction.

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OK, lot number four then. Where are you going to start me?

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200, or somewhere near? 180 then if you like.

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You start me and we'll get on. At £180,000 to put you in.

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160? OK, we'll start the show at £160,000 and selling lot four.

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£160,000 are bid. We're going five.

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It's at 165. 170 may I say?

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At £165,000. 170. At 170.

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We'll go in twos now if you like. At £170,000. Two anyone? At 172.

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Four may I say? At 172,000. Against you on the far right at 172,000.

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Four anyone? At 172,000.

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174, OK. 176. 178 to you. At 178.

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179, OK. 179. 180. 180 I've got, OK.

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It's on the left-hand side, on the wall at £180,000. Shall I take one?

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At £180,000 on the left then.

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It's going to be sold and no mistake at £180,000 then for the first time.

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Anybody else for one? £180,000 then for the second time.

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At 180, third and last time.

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Have you done? The number is 21, OK. Just your age.

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So the Staverton bungalow was finally sold for £180,000, but not to the man bidding.

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It went to his friend, local businessman Andrew, who runs an employment agency.

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I met up with Andrew back at his new property to hear about his plans

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and the reason for keeping such a low profile at the auction.

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So, Andrew, I didn't spot you at the auction.

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You were tucked away, weren't you?

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I had a friend of mine bid for me.

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I felt it was better if I didn't do any bidding.

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So why did you decide to go undercover?

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Because we own all the land around here

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and I felt I was the only one who would actually really want this property.

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If you are possibly the only person who wants it, maybe it would have gone for more than I wanted.

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So you own all of the land surrounding here?

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On two sides, yeah. We own the house that side and up to the boundary down there.

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Obviously, that's why you wanted this house!

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Absolutely, it's a chunk out of the corner.

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It's not the final piece of the puzzle, but it certainly makes it a more acceptable development shape.

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-So you bought this because you wanted the land that it sits on?

-Yes.

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We were never going to get a chance to maximise the value of the land we've got around it.

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Without this, it would have been a lot less valuable.

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So what is your grand plan for this whole development?

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I would think eventually we'll end up knocking this down

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and building maybe a terrace of houses.

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Converting the big house to the left of this into three or four town houses

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and continuing the development on through. So this will probably be knocked down eventually.

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Obviously, in the first instance, we will let it out.

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So a short and a long-term plan for the bungalow that Andrew paid £180,000 for.

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Initially, he will look for tenants and his ambitious redevelopment

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will depend on getting planning permission.

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There's a lot of development going on in the area

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and he's spotted an opportunity on his own doorstep.

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But right on the bungalow's doorstep, he'll find one of this site's main advantages.

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-What I think is incredible is the huge frontage you have to this house.

-Yes.

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I mean, that is amazing, isn't it? You come down that big, long driveway.

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Yeah, it's the same frontage next door, so if it was a terrace,

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they would have a decent front garden.

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And possibly a decent back garden with somewhere to park and pull off the road.

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It could work well with the Highways Agency and the planners. We just have to see.

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Now I have to say, the house next door is a beautiful house.

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-What are you currently doing with that at the moment?

-It's a house of multiple occupation.

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We have an employment agency and when we started recruiting in Poland,

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the workers that came over had to have somewhere to live.

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So we bought that house and they live there.

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So it's a licensed house of multiple occupation.

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Andrew's short-term plan for the bungalow is not to use it as a house of multiple occupation,

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but more as a conventional letting property.

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But before it will appeal to any tenants, he's going to have to do some work on it.

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-So, in the short-term, you're planning on just letting this out?

-Yeah.

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If we can get it fit for people to live in, we will let it out, yeah.

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-Did you view this house prior to the auction?

-No! No, no.

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-You'd never seen inside?

-No, never.

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As a part of the puzzle, it didn't matter what it looked like.

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I knew people were living in it, so it couldn't actually be that bad.

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But you're going to have to spend a bit of money on this to get it fit for people to live in.

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It's got a way to go before it's acceptable, really.

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Yeah, we always knew that, but we paid the right price for it

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at auction, I think, so it is built into the budget, you know.

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£10,000, £15,000, we'd have this in a perfectly habitable state.

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So how soon would you like to start work on this house so you can rent it out?

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We'll start soon. We'll have people in here stripping all the wallpaper and working quickly.

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They'll be skips here by the beginning of next week.

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So it sounds like it's full steam ahead here,

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but the bungalow has got a stay of execution before it's demolished.

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Of course, that will only happen if Andrew's successful with his planning application

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and redeveloping the site is a big project.

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Do you feel that you have the skills and the knowledge

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to go ahead and build houses on this site?

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I have the skills and the knowledge to ask other people.

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That's about it. That's where my skills and my knowledge run to.

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We'll get planning permission. You have to leave something in it

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for someone else, obviously, but we want to get as maximum a development in here as we can.

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We'll get the planning permission, then someone with the funds and the skills will carry on.

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-You certainly have got a long road ahead.

-Yeah, bumpy one, too, I should think.

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-But an exciting one.

-Absolutely. Interesting.

-Good luck with this.

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-It's been great meeting you today.

-And you.

-Thank you very much indeed.

-Thank you very much.

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Andrew definitely had his eye on the bigger picture here.

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He didn't care about the state of the house, didn't even view it.

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What he wanted was the plot.

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Will he really be able to get this place done up and rented out at minimal cost

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and will he be successful with his planning application to build houses on this site?

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Or maybe he'll get tangled up in a red-tape planning nightmare.

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Well, you can find out exactly what happens later on in the programme.

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For the next property that went under the hammer,

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I've come to a north-western city that's seen some changes.

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Well, Salford is not so much on the up.

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You could argue it's a long way there.

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It's been transformed by mass regeneration.

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Media jobs are coming up here.

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You're only five minutes from the centre of Manchester, so it really is the place to be.

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Big question is, is it the place to buy?

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It has certainly smartened up over the years

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and with a massive £650 million in the pot for further regeneration,

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this could be an area for some attractive investments.

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This is Gerald Road, nicely lined with Victorian properties.

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Nothing too unusual so far.

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However, wait until I tell you that the property I'm here to see

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sold in 2002 for £10,000.

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Yes, just £10,000.

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A year later, it sold for £25,000.

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And here we are, seven years on,

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and it went up to the auction with a guide price of 50,000 quid.

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From 10,000 to 50,000?

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Salford's meteoric rise in a nutshell.

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So what is the house like?

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Well, let's find out. Straightaway, that's interesting.

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That wall there in the hallway here

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looks like it's leaning this way a bit. That's a bit frightening.

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-HE LAUGHS

-And in fact there's some cracking up there.

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Certainly, that needs investigating, but basically that's the entrance hall there.

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You've got your first living area here. Looks like it's been converted into one of the bedrooms.

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It's full of...looks to me like student furniture

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and in fact I think this would probably be a student-type let.

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Through to the rear sitting room.

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It's not actually a bad-size space, but it's just full of furniture.

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You can't actually see how big it is, but actually I like this.

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Then through this way to the kitchen.

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That's where you find more evidence of neglect.

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It's all very shabby.

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It's also grubby, dingy and needs ripping out.

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That's disappointing, because outside, the house looks to be in good condition.

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The brickwork's sound and the windows have been replaced and look OK.

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Well, at least at the front.

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I'm afraid the rear of this terraced property isn't so good.

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The roof definitely needs some attention.

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Well, that's the ground floor and the exterior.

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What's it like upstairs?

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So upstairs and you've got the bathroom and loo here.

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That's nice to have. Often in these kind of properties that would be

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out at the rear of the kitchen, so it's good that that's there.

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Then, basically, all you've got is your two bedrooms.

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But they're a good size, especially this one,

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which is basically the full width of the house. Nothing to dislike.

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Not in bad nick. Apart from that wall downstairs, nothing too serious as far as I can see.

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Lick of paint, some wallpaper,

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new carpets and you could rent this place out like that!

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Magic, but there's the worry that when you peel off this industrial-strength wallpaper,

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the plaster will come with it.

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But apart from that, the house is just dated, not dangerous.

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I suspect that in the past it's been let to students,

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with the two bedrooms up here,

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and the lounge downstairs used as a third bedroom.

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And as the university's just ten minutes' walk away, that's the choice I'd make here again.

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But beware, it's not the instant money-maker it used to be.

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A few years ago, this property would have been an absolute dead cert for renting out to students,

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but as time goes on, student tastes get more and more sophisticated.

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They want special rooms where they can have leisure facilities. They want washing facilities.

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They want clean, new accommodation like this.

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When I was at university, if it didn't have a hole in the roof, we considered it a bonus.

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But no, this is the market you're up against now and you've got to bear that in mind

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and if you want to rent to students, you've got to match these standards.

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If you can't, then maybe you need to think about a plan B.

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It might have an industrial look on the outside of the building,

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but in fact it's the modern face of student living -

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broadband, games room, modern kitchen, secure parking.

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Student landlords, take note.

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To find out what this house will need to compete in that market,

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I've invited the local estate agent.

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What does he suggest a buy-to-let investor should tackle first?

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'Students are looking for modern properties and therefore if you were

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'looking to modernise this property,'

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I'd put in a new kitchen and bathroom

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to bring it up to speed with the purpose-built neighbouring properties

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which will be to a far higher specification,

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which means you may have to invest slightly more in this property then potentially was first realised.

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The house went to auction guided at 50,000.

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Once renovated, how much income could the house produce, whether let to students or not?

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If you let this property as a single dwelling, you would aim for 500-550 maximum per calendar month.

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If you were to let to students, dividing it into three bedrooms,

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you'd be aiming for £50 per calendar week per room.

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With three bedrooms, that would generate £600 per calendar month.

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Meanwhile, bearing in mind that guide price of 50,000, how much could it be worth once renovated?

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If you were to sell the property in its current condition, you'd be looking at around £70,000.

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If you were to do the refurbishment throughout,

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you may aim towards 80,000-85,000.

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This Salford semi has shown resilience in the last seven years.

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Its value has gone from 10,000 to £50,000, despite the credit crunch.

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Blooming marvellous!

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So is the future for this property as rosy as its recent past?

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I think it could be. Let's see who went for it at the auction.

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This is a vacant two-bedroom terrace property.

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Guide price 50,000.

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Who's going to open up with 50?

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50 anywhere? 50,000 bid.

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Thank you then. 50 I have.

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Do I see 51? 51,000. 52. 53. 54.

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55. 56. 57. 58. 59.

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60. 61? No. At £60,000.

0:19:340:19:38

60 and a half? 60 and a half. 61?

0:19:380:19:41

61. 61 and a half? 62?

0:19:410:19:43

62 and a half. 63?

0:19:430:19:46

No. At 62,500 then.

0:19:460:19:47

Are we all done? At 62,500 then for the first time.

0:19:470:19:52

63. 63 and a half is against.

0:19:520:19:54

63 and a half. 64?

0:19:540:19:55

63,500.

0:19:550:19:57

63,750? Why not?

0:19:570:20:01

63,750.

0:20:010:20:03

64. At 64,000 then.

0:20:030:20:06

Any advance on 64,000?

0:20:060:20:08

Gentleman's bid at the right. 64,000 for the first time.

0:20:080:20:11

At £64,000 for the second and final time. Are we all done at £64,000?

0:20:110:20:18

Well, you couldn't tell, but the winning bid of £64,000 was made by Gary.

0:20:180:20:23

He's from Manchester and was looking for an investment in sunny Salford.

0:20:230:20:28

I met up with him back at the property to find out what he has planned for it.

0:20:280:20:32

-Gary, good to meet you.

-Likewise.

0:20:320:20:34

Congratulations. We didn't see you at the auction.

0:20:340:20:36

No, I was hiding at the very back, behind a pillar, I believe.

0:20:360:20:40

Oh, OK. Any particular reason for that?

0:20:400:20:43

Well, to keep me eye on what's going on and get a last-minute bid in.

0:20:430:20:46

It's a bit of a ploy there I think. MARTIN LAUGHS

0:20:460:20:49

But as it was, you were bidding earlier on.

0:20:490:20:51

Yeah, on a property across the road

0:20:510:20:53

and I set a target, but it was either/or,

0:20:530:20:56

and the one across the road went for a bit more than I expected to pay,

0:20:560:20:59

-so I thought I'd give this one a whirl. I was lucky and got it.

-Right.

0:20:590:21:03

So why did you want to buy THIS place?

0:21:030:21:05

Well, first and foremost, it's right in the heart of the university complex,

0:21:050:21:10

so it would be ideal for letting to students.

0:21:100:21:13

That's the idea. I bought it as an investment property.

0:21:130:21:16

-Is this something you've done before?

-Yeah, I'm a part-time developer.

0:21:160:21:20

I've always had an aspiration, for many years, to get into property.

0:21:200:21:24

I started about two or three years ago and building up slowly but surely.

0:21:240:21:29

And now I'm at the stage where I've got several under my belt and the plan's going well at the moment.

0:21:290:21:34

-Right.

-And it's a good time to buy, obviously.

0:21:340:21:37

-Yeah, sure. What do you do when you're not...?

-I'm an engineer, an electrical engineer.

0:21:370:21:41

-Great!

-I used to work for the Electricity Board.

0:21:410:21:44

I set up my own company five years ago,

0:21:440:21:45

so I've flipped my time between property development and engineering.

0:21:450:21:49

With his background in the construction industry,

0:21:490:21:52

electrical engineer Gary was well placed to put some spark back in this place.

0:21:520:21:57

He currently has a portfolio of six properties, which he hopes to expand over the next few years.

0:21:570:22:03

With this, his latest purchase, he's sensibly already had a survey.

0:22:030:22:07

That revealed that it needs a damp-proof course

0:22:070:22:10

and that the roof should be checked.

0:22:100:22:12

However, on the positive side,

0:22:120:22:14

that bowed wall in the hall is just the result of some dodgy plastering,

0:22:140:22:18

so that's relatively easy to fix. Unlike his other properties,

0:22:180:22:21

Gary's intention for this house is to let to students.

0:22:210:22:25

It'll be his first time, so this electrical engineer

0:22:250:22:28

might be in for a bit of a shock.

0:22:280:22:29

Students these days demand quite high standards, don't they?

0:22:310:22:34

And they want the Internet, all that stuff built in, and you've got some competition nearby.

0:22:340:22:39

How do you think you'll fare with that kind of competition around?

0:22:390:22:43

It's a good question. I'm pretty flexible. If they want to bring their own stuff in, fine.

0:22:430:22:48

If they want me to furnish it, fine.

0:22:480:22:49

Obviously, there's always a budget with these things

0:22:490:22:52

and I'm not going to give them, you know, wide-screen TVs in every room and Sky TV.

0:22:520:22:57

Within reason, I'm quite happy to accommodate their needs, shall we say,

0:22:570:23:01

and provide a broadband connection.

0:23:010:23:03

So what's the plan for the house?

0:23:030:23:05

Well, first I want to remove the majority of the furniture,

0:23:050:23:08

carpets, get everything cleared out and start from the top, working my way down -

0:23:080:23:13

remove wallpaper, strip it back to bare walls, plaster where it's needed.

0:23:130:23:17

Bath looks in good condition. Toilet seems fine.

0:23:170:23:19

So in the bathroom, literally, just a lick of paint, new flooring,

0:23:190:23:23

replace the tiles and that's done, really.

0:23:230:23:27

The kitchen has had a new boiler, which will save a bit of expense.

0:23:270:23:31

That's one of the first things I look at.

0:23:310:23:33

The doors seem in reasonable condition.

0:23:330:23:35

I think, again, a good cleaning and maybe clean the work surfaces down.

0:23:350:23:39

Remove the wallpaper, a lick of paint, and that's the plan for both to try and keep the cost down.

0:23:390:23:44

-So what's the budget going to be?

-I've deliberated over this.

0:23:440:23:47

I've got myself a budget of around £3,000.

0:23:470:23:50

-Three?!

-£3,000, yeah.

0:23:500:23:52

-It's really tight.

-I always work on a tight budget.

0:23:520:23:55

Sometimes I'm over, sometimes I'm under.

0:23:550:23:58

That includes, obviously, the damp-proof course, which will cost me about 250.

0:23:580:24:02

The only real contractor I can envisage is the damp proof and the flooring contractor

0:24:020:24:07

to put the flooring down and the carpets,

0:24:070:24:09

-but anything else, I'll have a go myself.

-And timescales?

0:24:090:24:12

I've given myself a programme of six weeks.

0:24:120:24:15

I'll be spending the evenings here and weekends, so every spare minute,

0:24:150:24:19

I'll be down here and cracking on with it and getting it done.

0:24:190:24:23

-Congratulations and we look forward to seeing how you get on.

-Thank you.

0:24:230:24:27

Well, I think Gary has got himself

0:24:320:24:34

a great property here, but this is his first venture into student letting

0:24:340:24:40

and will that £3,000 refurbishment be enough to entice students into this property?

0:24:400:24:47

You can find out later in the show.

0:24:470:24:49

Coming up, we return to the manor house

0:24:500:24:53

I first got excited about in 2008.

0:24:530:24:55

It's got seven bedrooms, three storeys, just oozing with character.

0:24:550:24:59

In Salford, did Gary's quick and easy renovation

0:25:010:25:04

go as smoothly as planned?

0:25:040:25:05

When I took the wallpaper off, it took half the wall with it.

0:25:070:25:10

But first, in Wiltshire,

0:25:130:25:14

did Andrew get the best out of this house?

0:25:140:25:16

We've done things on a very...cost-effective basis.

0:25:160:25:20

Time now to head back to Staverton

0:25:230:25:25

in Wiltshire, where earlier in the programme Andrew paid

0:25:250:25:28

£180,000 for this chalet bungalow.

0:25:280:25:31

He already owns a large eight-bedroom property next door

0:25:310:25:34

and a plot of land behind it,

0:25:340:25:36

so buying the bungalow was the last piece in his jigsaw.

0:25:360:25:40

He hoped to get outline planning permission to demolish the bungalow

0:25:400:25:44

and then use that land, along with his existing plot,

0:25:440:25:48

build a new development and convert the neighbouring house he already owns.

0:25:480:25:52

That would obviously take time to come to fruition,

0:25:520:25:55

so he planned to do up the bungalow and rent it out whilst he waited.

0:25:550:26:00

Well, it's almost six months later now

0:26:000:26:02

and his team have given the bungalow a remarkably good refurbishment,

0:26:020:26:06

considering it's destined to be demolished.

0:26:060:26:08

In this room, we put new carpet down, as we have in every other room.

0:26:140:26:18

New curtains.

0:26:180:26:20

We had the gas fire serviced and certificated.

0:26:200:26:23

The heating is still the same as it was. Hot-air heating. Perfectly fine.

0:26:230:26:27

It was serviced and ready to go.

0:26:270:26:30

He's let the house out to tenants already.

0:26:300:26:33

The sprucing up of the bungalow started in the kitchen.

0:26:330:26:37

In here, we put a new floor down, replaced the cooker, obviously.

0:26:400:26:44

That was a mess.

0:26:440:26:46

We've painted it, cleaned it thoroughly,

0:26:460:26:49

and I'm very pleased with it. I think it looks good.

0:26:490:26:52

Andrew's had help from some of the workers who rent his neighbouring property.

0:26:530:26:57

The team have gone through the house from top to bottom, redecorating and refreshing the whole place.

0:26:570:27:03

Yes, the bathroom remains and it's pretty much as it was,

0:27:030:27:06

but considering it's on borrowed time,

0:27:060:27:08

it's all that's required for now.

0:27:080:27:10

And the work hasn't stopped inside.

0:27:120:27:15

We've changed a lot of the external woodwork. A lot of that was rotten. We've replaced that.

0:27:150:27:20

We've done things on a very...cost-effective basis.

0:27:200:27:24

We had a couple of lads come in from the house next door to paint it.

0:27:240:27:27

We've put new carpets down.

0:27:270:27:28

Been very little done.

0:27:280:27:30

So a quick makeover has breathed life into the old bungalow.

0:27:310:27:35

How much has Andrew had to spend on it?

0:27:350:27:38

Probably no more than 4,000 or 5,000.

0:27:380:27:40

Most of it was labour, simply being paint and painting,

0:27:400:27:45

a cooker and carpets, plus the external woodwork.

0:27:450:27:48

Initially, he'd hoped to build four terraced houses

0:27:480:27:51

on the land behind the bungalow,

0:27:510:27:53

but the council indicated that two four-bedroom houses would be more acceptable,

0:27:530:27:58

so Andrew's architect has drawn up a new application for planning permission.

0:27:580:28:03

We have these plans that they seem to like.

0:28:030:28:06

Where there was a big house and a bungalow,

0:28:060:28:09

we now want to put four detached houses alongside the main house,

0:28:090:28:13

which will be split into three.

0:28:130:28:15

So the proposal is to demolish the bungalow

0:28:150:28:18

and build one four-bedroom house in the front garden

0:28:180:28:21

and a second in the back garden, with access from a neighbouring road.

0:28:210:28:24

A further two four-bedroom houses will be built behind that.

0:28:240:28:29

Access is very good on this site,

0:28:290:28:32

because there's two access points to the front of the main house,

0:28:320:28:36

there's one to the rear and there's one to this property.

0:28:360:28:39

So there's four access points.

0:28:390:28:41

The large detached house that Andrew's workers currently rent

0:28:410:28:46

will be divided into three new apartments.

0:28:460:28:48

How much does he anticipate it will cost, if he manages to get the planning permission?

0:28:480:28:54

The costs of 30,000 are what I have in mind and that should be a minute planning detail,

0:28:540:29:01

all the architect's fees. We've had to cut the trees down.

0:29:010:29:05

We might have to cut the sequoias down and replace them.

0:29:050:29:08

I would think that will be our costs.

0:29:080:29:10

He bought the bungalow for 180,000 and there's a fantastic development

0:29:100:29:13

opportunity here, so Andrew must be pleased.

0:29:130:29:19

Yeah, I am thrilled. I am thrilled to get this.

0:29:190:29:21

I think we paid the right price and I think the value of the whole will be greater than the sum of the parts.

0:29:210:29:27

Time to see if two local estate agents share his optimism.

0:29:280:29:32

The house is well located.

0:29:340:29:36

It's had a cosmetic makeover.

0:29:360:29:39

It's rather basic in terms of fittings to the kitchen and

0:29:390:29:42

bathrooms and I believe any family coming in would want to make further

0:29:420:29:46

improvements to enhance the home.

0:29:460:29:48

He's obviously cleaned it up outside. He's taken down the leylandii.

0:29:480:29:51

A bit of a spruce up. Taken some moss

0:29:510:29:53

off the tiles on the roof and made it, what we would class, as rentable.

0:29:530:29:57

The plans I've seen for the site look very good indeed.

0:29:570:30:01

I think it's quite a good development.

0:30:010:30:03

There's obviously been a lot taking place in the local area

0:30:030:30:07

and individual properties on this site would fare well.

0:30:070:30:11

Planners locally are quite strict.

0:30:110:30:12

There will be stipulations and a lot of boxes he'll have to tick,

0:30:120:30:16

but I think if he executes it properly, he should be able to

0:30:160:30:19

produce quite a good build which will have a high development value.

0:30:190:30:23

Don't forget, it depends on getting planning permission.

0:30:230:30:26

But, short-term, Andrew's letting the house out.

0:30:260:30:29

So how much rent should it be earning?

0:30:290:30:32

As the property stands, I think you'd be looking somewhere in the £700 per calendar month mark.

0:30:320:30:37

A rental would be £750 per calendar month, to probably about £800 per calendar month.

0:30:370:30:44

That's fine.

0:30:440:30:45

I'm quite relaxed about that, yeah.

0:30:450:30:48

Actually, that's more than I'd have thought.

0:30:480:30:51

What's the bungalow worth now?

0:30:510:30:53

Remember, Andrew paid £180,000 for it and has spent about another five.

0:30:530:30:58

If he chose to sell the property as is with the work that he's done,

0:30:580:31:01

I think he'd be looking somewhere in the region of 190, £180,000-190,000.

0:31:010:31:07

I'd value the property in the current market at £185,000-£190,000.

0:31:070:31:11

So no profit in this condition.

0:31:110:31:13

However, that's academic, because if Andrew gets planning permission, he'll demolish the

0:31:130:31:17

bungalow, turn the house he already owns next door into three apartments and then sell it all off as one lot.

0:31:170:31:23

How much could that be worth?

0:31:230:31:25

With regard to selling this site as is with planning, one would like to

0:31:250:31:28

think that he'd get somewhere in the region of a million pounds.

0:31:280:31:31

This is a very interesting development site.

0:31:310:31:34

I would place the valuation around one million pounds.

0:31:340:31:36

I'm quite relaxed about a million pounds for the site.

0:31:360:31:40

However, there is the house as well and that has to come into the

0:31:400:31:44

figuring, so I would want between 1.3 and 1.5 million

0:31:440:31:48

for the whole site with the existing house.

0:31:480:31:50

The first hurdle is to get the planning permission and, even then,

0:31:500:31:54

Andrew doesn't have to sell straightaway.

0:31:540:31:58

Maybe the bungalow has more life left in it than we first thought.

0:31:580:32:02

I'm now going to revisit a property in Shadoxhurst,

0:32:040:32:07

ten minutes' drive from Ashford in Kent, although it feels a world away.

0:32:070:32:14

# ..Sweet country boy love... #

0:32:140:32:19

Set in idyllic countryside,

0:32:190:32:22

I'm here to see a property that I'm just so excited about.

0:32:220:32:26

In fact, it used to be the local manor house, dating back from the 14th century.

0:32:260:32:31

It's got seven bedrooms, three storeys, just oozing

0:32:310:32:35

with character and just look at that Kent peg-tiled roof.

0:32:350:32:39

It's got those beautiful leaded light windows.

0:32:390:32:42

Now, it was guided at £420,000-450,000.

0:32:420:32:47

I am loving it. I'm going to get inside.

0:32:470:32:49

This property is Grade II listed and has seen many changes throughout the years.

0:32:530:32:58

Not only has it been a family home, but at one point it was even a pub.

0:32:580:33:03

Well, this room would originally have been the great hall, opening up into the big roof space.

0:33:030:33:10

Imagine how grand that would have been. Certainly seen better days.

0:33:100:33:14

Look at this old panelling here!

0:33:140:33:16

It's got an inglenook over here.

0:33:160:33:18

You've got these beautiful, old original beams.

0:33:180:33:21

It's no surprise, bearing in mind the age of the house and

0:33:210:33:24

all these amazing features, that this property is listed.

0:33:240:33:28

In fact, all properties built before 1700 are automatically listed

0:33:280:33:33

and this basically means that this building is protected by law and you have to get permission to make

0:33:330:33:38

any changes, outside and in, which affect the character of the house.

0:33:380:33:42

So no ripping out any of the original features and no willy-nilly knocking down walls.

0:33:420:33:48

So the renovation is going to have to be carefully planned and the house does need a lot of work.

0:33:480:33:56

For a start, in the living room, the floorboards will have to be replaced.

0:33:560:34:02

And that kitchen could do with more than just a good sweep.

0:34:020:34:06

The house is full of character though and down every corridor

0:34:060:34:09

there's another room with inspiring possibilities.

0:34:090:34:14

And upstairs is a maze of great-sized rooms.

0:34:140:34:19

This really is all so higgledy-piggledy upstairs.

0:34:190:34:24

Lots of doors and corridors, sloping floors.

0:34:240:34:26

Now, this here is the huge tie beam.

0:34:260:34:30

It would have been exposed over the great hall.

0:34:300:34:32

It would have arced its way over. Over here, you've got the brace, which is enormous.

0:34:320:34:38

This would have been carved out of a massive

0:34:380:34:40

piece of timber and there's actually a matching one on the other side.

0:34:400:34:43

I could spend hours wandering around here.

0:34:430:34:46

It's just so special.

0:34:460:34:48

I love this house.

0:34:550:34:56

It has character and history and it sits on this amazing plot near a lovely village.

0:34:560:35:03

But it is a huge project and a listed building, so renovating this won't be straightforward.

0:35:030:35:08

So who had the courage to take Green Farm on?

0:35:080:35:12

Let's find out at the auction.

0:35:120:35:13

Lot ten. Start me where you will.

0:35:170:35:19

Can I say 420 to start me off?

0:35:190:35:22

At 420, I've got. 425 now if you like.

0:35:220:35:25

425. Thank you, sir. 425.

0:35:250:35:27

430. And 5. 435. 435.

0:35:270:35:32

And 40. 440. And 5. 445. And 50.

0:35:320:35:37

450.

0:35:370:35:39

At £445,000 I've got. 450, I'm looking for.

0:35:390:35:43

450. Thank you. And 5. 455.

0:35:430:35:46

455. And 60.

0:35:460:35:50

460. 460.

0:35:500:35:52

455, I have on my left-hand side.

0:35:520:35:54

He's been with it for a long time.

0:35:540:35:56

I will sell for the first time at £455,000. Second time at £455,000.

0:35:560:36:03

455,000, the third and final time.

0:36:030:36:06

Can't need more opportunity than that. All done.

0:36:060:36:08

You've bought it, sir. Big smile on your face, I hope.

0:36:080:36:11

-And the number, please.

-And the successful bid of 455,000 came

0:36:110:36:16

from Mary Ann, but it was actually her husband who did the bidding.

0:36:160:36:19

Mary Ann is a London-based property developer, but this house isn't going to be just another project.

0:36:190:36:26

She plans to make it her new home.

0:36:260:36:28

-Mary Ann, I've just got to say congratulations.

-Thank you.

0:36:310:36:34

Now, how did you fall upon this little gem?

0:36:340:36:38

Well, I've been having my eye on it for about a couple of years.

0:36:380:36:41

We heard a rumour that it might be coming on the market and I've been watching it all the time.

0:36:410:36:46

So why did you want to buy this?

0:36:460:36:47

My parents live just up the road and they have had the place

0:36:470:36:51

since I was nine and I spent most of my childhood in the area.

0:36:510:36:55

And I got married just up the road about three-and-a-half years ago, literally diagonally opposite.

0:36:550:37:00

For years you must have walked past this house, looking at it fondly?

0:37:000:37:03

I have always loved the house, always loved it.

0:37:030:37:06

So as Mary Ann and her husband got married just across the road,

0:37:060:37:10

by the sounds of it, this property has found its perfect match.

0:37:100:37:15

# When I fall in love

0:37:150:37:17

# It will be forever... #

0:37:200:37:25

So now you've managed to buy this at auction, how do you feel?

0:37:250:37:30

Very excited and actually the whole feeling is that you can't

0:37:300:37:35

believe that something you've really wanted actually happens.

0:37:350:37:38

What are going to do to it? How are you going to change it?

0:37:380:37:41

Well, it's quite interesting cos it's a hard one to come up with,

0:37:410:37:45

because you don't want to change it.

0:37:450:37:47

You want to make the most of the features and bring that out.

0:37:470:37:51

And at the same time, because it's Grade II listed, there's only a certain amount we can do.

0:37:510:37:57

So, first, we got an architect involved.

0:37:570:37:59

We'll go through some of the options of what we'll be allowed to do.

0:37:590:38:03

For me, it's about keeping it very simple and quite minimalist but

0:38:030:38:07

bringing out all the features from the actual building.

0:38:070:38:10

There could be a never-ending amount of renovation done here,

0:38:100:38:13

so how much has Mary Ann set aside as her budget?

0:38:130:38:19

I think you'd have to say anything from 100,000 up to 200,000, at least.

0:38:190:38:24

-Easily.

-Yes.

-Depending on how far you want to take this.

0:38:240:38:27

Yeah, absolutely. It's really hard to say.

0:38:270:38:29

So how does buying this and developing this differ from your day job.

0:38:290:38:33

Well, my day job, I would give myself three months and I'd be,

0:38:330:38:37

on day one, getting the keys and the builders would be in there.

0:38:370:38:41

And by three months later, it would be rented.

0:38:410:38:44

With this, it's totally different.

0:38:440:38:46

You know, if I try and push things to make them happen quickly, I think I'm going to sort of regret that.

0:38:460:38:53

I think I need to give it time and do it more gradually.

0:38:530:38:56

It's going to be more challenging, cos I've got to slow down a little bit.

0:38:560:39:00

But when we first returned, the restoration was still a long way from the finish line.

0:39:010:39:08

I bought the place about 12 months ago

0:39:080:39:11

and we were hoping to be in by now. I think we've probably got

0:39:110:39:16

another four or five months until the property's ready.

0:39:160:39:19

Well, it took a bit longer, but we'll show you the stunning result later in the programme.

0:39:190:39:25

Now renovating a property can be a very time-consuming process.

0:39:280:39:32

Especially if things don't go according to plan.

0:39:320:39:35

So did our buyers' plans even get off the drawing board?

0:39:350:39:39

We now return to Salford, near Manchester.

0:39:400:39:44

Earlier in the programme, part-time property developer Gary, who runs his own

0:39:440:39:47

electrical engineering business, paid £64,000 for this mid-terrace.

0:39:470:39:53

It was to add to the other six properties in his portfolio.

0:39:530:39:56

His plan was to give the place a quick makeover and let it out to students.

0:39:560:40:00

Now, just over two months later, we met up again with Gary back at

0:40:000:40:04

the house, to find out what he's achieved.

0:40:040:40:09

Well, the changes are largely cosmetic.

0:40:090:40:12

The living room's lost all the furniture.

0:40:120:40:16

That orange colour scheme had to go and the laminate flooring is

0:40:160:40:19

much more practical for lots of student traffic. Upstairs, the

0:40:190:40:25

two bedrooms are newly carpeted.

0:40:250:40:28

Although the bathroom suite remains, the new shower curtain and matching colour scheme are an improvement.

0:40:290:40:35

How does this refurbishment compare with other properties Gary's worked on?

0:40:350:40:40

I've been pretty lucky.

0:40:400:40:41

Some projects can be a lot more difficult than others, but this one,

0:40:410:40:44

the biggest thing I had to do was a bit of plastering

0:40:440:40:46

in the front bedroom. When I took the old wallpaper off, it took half the wall with it.

0:40:460:40:51

Ouch! Remember, Gary originally planned to strip all the wallpaper, but after that experience in the

0:40:510:40:57

front bedroom, he decided to leave well alone and just paint the walls.

0:40:570:41:02

What we've done in here, we've emulsioned the walls,

0:41:020:41:06

glossed the skirting boards and obviously put flooring down.

0:41:060:41:09

As you can see, a total difference from what it was originally.

0:41:090:41:13

You know, simple colour scheme and flooring sort of finishes it off.

0:41:130:41:17

After he paid £64,000 at auction, you may remember that Gary then had a survey done on the house.

0:41:170:41:23

It identified a damp issue and possible need for a damp course.

0:41:230:41:27

So has this been resolved?

0:41:270:41:29

We put a damp meter on ourselves and we couldn't detect any damp.

0:41:290:41:32

We think it might just have been condensation.

0:41:320:41:35

We had an inspection. We don't think a damp-proof course is required.

0:41:350:41:38

So that would have been one of the most difficult things we needed to do.

0:41:380:41:41

At the back of the house in the kitchen, Gary's wish to keep the sink and the worktop had to change.

0:41:410:41:48

We've replaced the worktops. The old worktops were pretty rotten really.

0:41:480:41:51

A lot of water had got into them.

0:41:510:41:53

We replaced the worktops, put a new sink in, new taps and replaced the tiles.

0:41:530:41:59

All that remains to be done in here now is a couple coats of paint, get the boiler serviced

0:41:590:42:04

and that's it. Give the floor a good clean.

0:42:040:42:06

The only thing with the flooring is, if it doesn't come up pretty good, then we'll have to

0:42:060:42:11

scree the floor and maybe put some vinyl down, just to finish it off.

0:42:110:42:14

As Gary's a qualified electrical engineer with years of experience in

0:42:140:42:18

the construction industry, he turned his hand to most of the work here.

0:42:180:42:23

I did all the decorating and plumbing,

0:42:230:42:25

but to speed the process up, I got a chap in who does a bit of joinery work

0:42:250:42:29

for me and he did the flooring downstairs.

0:42:290:42:31

The carpets were fitted professionally.

0:42:310:42:33

For a couple of months, Gary spent all his spare time here.

0:42:330:42:37

He knows the quicker the house is finished, the quicker it can start generating income.

0:42:370:42:41

How much has he had to spend here?

0:42:410:42:44

Originally, it was £3,000 and the last count we were at £1,850.

0:42:440:42:48

That includes the carpets and the flooring, etc, all the paint and materials.

0:42:480:42:52

On top of that, you've got your legal fees. There's a bit of snagging to do.

0:42:520:42:56

There's a strip of wallpaper missing in the front bay window downstairs.

0:42:560:43:00

We've ordered that from the manufacturer.

0:43:000:43:02

Fit the radiator in the front bedroom. We're pretty much done. Not much else to do.

0:43:020:43:07

I'm a bit concerned that Gary's first buy to let

0:43:070:43:10

is aimed at the student market, but he's not installed all the fancy features they now seem to expect.

0:43:100:43:16

There's a lot of competition.

0:43:160:43:18

So where's the internet access that's now a standard requirement of most students?

0:43:180:43:24

We've got the facility for broadband connected.

0:43:240:43:26

We've just got to get it reconnected at the local server.

0:43:260:43:28

Time to see how two local estate agents will rate the property.

0:43:280:43:33

I think the changes which have been made

0:43:350:43:37

are minimal.

0:43:370:43:38

The basic essentials which you would need

0:43:380:43:41

to transform it from what it was into what it presently is.

0:43:410:43:44

What he has done is good, but it is just the bare essentials.

0:43:440:43:48

It is very basic, but it's very nice and open.

0:43:480:43:51

It's ideal for a student let. It's very close to the university

0:43:510:43:55

and it's been furnished for students, which is great.

0:43:550:43:57

For the student market it should be sufficient for their needs.

0:43:570:44:00

It's got two double bedrooms.

0:44:000:44:02

It has a shower over the bath.

0:44:020:44:03

It should tick all of the boxes.

0:44:030:44:05

If Gary ends up letting out the whole house

0:44:050:44:08

and not on a room-by-room basis to students,

0:44:080:44:11

how much rent could it earn?

0:44:110:44:13

If you were to market the property in its entirety and not per room,

0:44:130:44:17

then you would be looking to market at £550 per calendar month, maximum 575 per calendar month.

0:44:170:44:22

Private market, if you're looking to let it out to a family, around about £500-£550 per calendar month.

0:44:220:44:29

That's pretty much in line with my expectations.

0:44:290:44:31

I was expecting slightly more, but I'd be more than happy with 575 a month

0:44:310:44:35

in terms of rental income. Definitely, it would be a good yield.

0:44:350:44:39

If he got £575 a month, that would generate £6,900 a year,

0:44:390:44:45

so his investment would make a 10% annual return.

0:44:450:44:49

How much could the property make in rental income if Gary let three rooms to students?

0:44:490:44:56

Based on the house being rented as a three-bedroom property,

0:44:560:44:59

you'd achieve £50 per week, per room.

0:44:590:45:01

For a student let, you'd be looking around about £55 per week, per room.

0:45:010:45:05

That's exactly in line with what I thought.

0:45:050:45:08

I did a bit of market research before I purchased the property,

0:45:080:45:11

with regard to student lets, and that's pretty much in line with what I thought. Pleased with that.

0:45:110:45:16

That's a yield of over 11.5%, so no wonder Gary's happy.

0:45:170:45:23

What's the resale value of the house now?

0:45:230:45:26

More than the £67,000 that he's spent?

0:45:260:45:29

I'd value this property between £75,000-£80,000.

0:45:290:45:33

If he was going to finish it and sell it, I'd be saying around about between £80,000 and £85,000.

0:45:330:45:38

I like the second one, 80-85. That would give me a reasonable return.

0:45:380:45:42

I mean, the plan is not to sell it for quite a long time.

0:45:420:45:45

This will form part of the future portfolio.

0:45:450:45:48

Whether he decides to rent it out as a whole house

0:45:480:45:51

or as individual rooms or sell it, Gary looks to be in the money here.

0:45:510:45:56

What's next?

0:45:560:45:57

I've got another property to look at.

0:45:570:46:00

Very similar, mid-terrace, it's coming up for auction as well,

0:46:000:46:03

so hopefully I might be at auction again some time.

0:46:030:46:06

We'll keep an eye out for you, Gary.

0:46:060:46:09

Good luck.

0:46:090:46:11

This grand manor house in Kent

0:46:140:46:17

was bought for £455,000 at auction by Mary Ann.

0:46:170:46:21

She lives in London now,

0:46:210:46:23

but actually grew up just down the road.

0:46:230:46:26

I spent most of my childhood in the area and I got married up the road

0:46:260:46:30

about three and a half years ago, opposite.

0:46:300:46:32

She is now a property developer and is going to need all her expertise

0:46:320:46:37

to turn this old farm into her new dream home.

0:46:370:46:41

When we first returned the property

0:46:460:46:48

was a long way from being habitable,

0:46:480:46:50

but a massive effort had gone into a very sensitive renovation,

0:46:500:46:55

mainly on the beautiful woodwork throughout.

0:46:550:46:57

We realised that the woodwork on the doors, that was amazing.

0:46:590:47:03

We could keep those, we could work with them.

0:47:030:47:06

And as we cleared up the other elements of the woodwork...

0:47:060:47:09

You can see the dais beams, and uncovering those

0:47:090:47:12

and the beautiful detail in those, that was really exciting.

0:47:120:47:16

As the house is Grade II listed, Mary Ann had to liaise closely with the local conservation office.

0:47:160:47:22

They had to approve every single detail of the renovation.

0:47:220:47:25

We're using a lot of the traditional lime mortar,

0:47:250:47:29

lath and plaster materials where we're actually repairing works.

0:47:290:47:33

And when we have been able to get new, we've gone for local oak as much as possible.

0:47:330:47:40

Mary Ann had also been busy adding en-suite bathrooms to some of the bedrooms,

0:47:400:47:44

so there was no need to run down all those stairs in the middle of the night.

0:47:440:47:48

The renovation's been done by a local builder Charlie.

0:47:480:47:52

He and his team made a discovery, a 40ft well.

0:47:520:47:56

Mary Ann hoped to tap into the natural resource

0:47:560:47:58

to provide water for the whole house, including the new bathroom suite.

0:47:580:48:03

Another revelation was some very rare wood panelling, dating back to the 15th century.

0:48:130:48:20

It was originally the end wall of the manor's great hall.

0:48:200:48:23

Mary Ann had never intended to rush this project.

0:48:260:48:30

It was a real labour of love, but there was some light at the end of the tunnel.

0:48:300:48:34

I bought the place about 12 months ago, and we were hoping to be in by now.

0:48:340:48:40

I think we've probably got another four or five months until the property's ready.

0:48:400:48:45

This'll probably be the period when things move quickly.

0:48:450:48:48

I love to be around at the moment because, you know,

0:48:480:48:51

a day will go by, I'll come back in and a bathroom's done.

0:48:510:48:54

It's just all starting to come together.

0:48:540:48:56

Eight months since we last saw Mary Ann.

0:48:560:49:01

We're back to see the finished product and it has certainly all come together.

0:49:010:49:06

The back now has a new patio area and a lovely lawn is taking shape.

0:49:160:49:21

Mary Ann and husband, Martin, moved in few months ago,

0:49:240:49:27

so let's see how the interior looks now.

0:49:270:49:31

Inside, the house has been beautifully done,

0:49:340:49:37

with many of the original timbers restored,

0:49:370:49:40

including that 15th-century feather panelling.

0:49:400:49:44

There are also plenty of modern facilities incorporated into the property.

0:49:500:49:55

You've just got to know where to look.

0:49:550:49:58

And they've made a great feature of the well.

0:49:580:50:01

And while there are not many timbers in the kitchen, it's been equipped to a very high standard.

0:50:060:50:11

The overall impression the house conveys is of the rich, warm textures of the wood.

0:50:110:50:16

Mary Ann and Martin have thoroughly enjoyed watching their house develop.

0:50:210:50:25

Nearly every week you'd come down there was something different.

0:50:250:50:29

It was just very exciting because we'd had to wait so long for the planning permissions.

0:50:290:50:34

Suddenly, we had the go ahead and everyone was pushing to make it happen yesterday.

0:50:340:50:38

It was just amazing how quickly it all came together.

0:50:380:50:41

And the wait's been worth it.

0:50:420:50:44

Oh, we love it.

0:50:440:50:46

It just feels... It feels homely.

0:50:460:50:49

It's large, but it just, you know, it works as a house.

0:50:490:50:54

And what a house!

0:50:540:50:56

We've got seven bedrooms. Our bedroom has an en suite shower room

0:50:560:51:00

and we have two bathrooms - one very, very glamorous bathroom

0:51:000:51:06

and then we have a shower room downstairs.

0:51:060:51:10

And then we've also got loos and toilets in a couple of the rooms.

0:51:100:51:13

So, basically, we've got six toilets and four bathing facilities.

0:51:130:51:18

A very impressive finish all round, but with such an historic,

0:51:190:51:23

Grade II Listed property, some compromises had to be made.

0:51:230:51:27

They had to ensure the plumbing for those bathrooms was concealed,

0:51:270:51:30

so some of the washrooms had to be squeezed into small spaces.

0:51:300:51:34

You can't just run pipes down the outside of this house!

0:51:340:51:38

It's been a real team effort, with skilled craftsmen working to restore the former glory here.

0:51:420:51:49

It's the little touches that stand out, like this stained glass for the coat of arms.

0:51:490:51:54

We've had brilliant tradespeople and builders, obviously, headed up by Charlie.

0:51:560:52:01

We've become close friends with Charlie. We've even named our puppy after him.

0:52:010:52:07

He put together a good crew of people,

0:52:070:52:09

some of whom we've been working with directly,

0:52:090:52:12

most of them local, which was important to us.

0:52:120:52:15

For Mary Ann and Martin, it was important

0:52:180:52:21

to keep the character of the original building very much alive.

0:52:210:52:24

By not hanging heavy curtains or large blinds over the beautiful windows, they've let the simple,

0:52:240:52:29

natural colours enhance a richly textured atmosphere.

0:52:290:52:33

But, as it's Grade II Listed, the windows are only single glazed,

0:52:330:52:36

so keeping the house warm required ingenious solutions.

0:52:360:52:41

We've done a lot of insulating.

0:52:430:52:45

We've put in a ground-source heat pump.

0:52:450:52:48

We've done under-floor heating everywhere. We've modernised it from that point

0:52:480:52:53

of view to make it very comfortable.

0:52:530:52:55

We're expecting it to be very warm and quite economical.

0:52:550:52:59

It's a large house to heat, so I'm sure any savings will be appreciated.

0:53:000:53:04

You may remember, they paid 455,000 for the house at auction.

0:53:040:53:08

Having taken on such a mammoth restoration, the team have had to liaise closely with the conservation

0:53:080:53:14

officer to ensure the strict, correct procedures were followed to the letter.

0:53:140:53:19

In this particular room, we have big supporting oak.

0:53:190:53:22

That had to be pretty good quality oak.

0:53:220:53:26

It's a question of making sure that things aren't contradicting.

0:53:260:53:31

At the same time, with the panelling here, we weren't permitted to sort of

0:53:310:53:36

actually make it all match, so you can see clearly, this is the old bit and this is the new bit.

0:53:360:53:41

So it's making sure you don't confuse the periods of time.

0:53:410:53:44

As the refurbishment progressed, Mary Ann made a decision to use only the best-quality materials.

0:53:460:53:52

She had anticipated spending up to 300,000, so does she know how much it's actually cost?

0:53:520:53:58

Did she go over her budget?

0:53:580:54:00

I think you could say budget, there was no budget, because...

0:54:000:54:05

it became a different project.

0:54:050:54:08

It became a love and a passion, and it puts it into a totally different concept, so we did spend

0:54:080:54:13

a lot more money than I would ever spend on anything probably again.

0:54:130:54:18

Time to hear what two local estate agents make of the property.

0:54:220:54:25

There's been an awful lot of Kentish farmhouses which have been renovated

0:54:290:54:33

and improved since the boom of the market in the late '90s onwards.

0:54:330:54:37

Some have been badly, some have been done well and some, a handful -

0:54:370:54:42

this included - have been done immaculately.

0:54:420:54:44

The finish is absolutely first class, in my opinion.

0:54:440:54:47

They spent a lot of money on the property,

0:54:470:54:50

kept original features here as well, which makes it good.

0:54:500:54:53

The well was unusual. Overall, very impressed.

0:54:530:54:56

What I particularly like is that the character has been retained.

0:54:560:55:00

We've got a lot of timbers here, we're got high-quality floorings,

0:55:000:55:04

we've got tiles, we've got stained glass.

0:55:040:55:06

The attention to detail is brilliant and it's a really good finish.

0:55:060:55:11

I like the fact that they've utilised the space

0:55:110:55:13

with seven double bedrooms and kept a lot of original features.

0:55:130:55:17

The oak flooring's lovely. The beams are absolutely wonderful.

0:55:170:55:21

So how much is the place now worth?

0:55:230:55:26

Remember, they paid 455,000 at auction

0:55:260:55:28

and their costs have been somewhere north of 300,000.

0:55:280:55:32

If I were to put this property up for sale, I would certainly

0:55:330:55:36

hope to achieve somewhere in the order of about £1.2 million.

0:55:360:55:40

If I was to put the property up for sale in today's market,

0:55:400:55:43

I would look at an asking price of £1.2 million.

0:55:430:55:45

Wow! Even if the budget has stretched to 500,000,

0:55:450:55:50

that still means about £250,000 gross profit here.

0:55:500:55:53

Happy?

0:55:530:55:55

Yeah, I think that's a fair price for the state it's in right at this moment.

0:55:550:56:01

-That's about what we expected.

-With that valuation, are they tempted to sell?

0:56:010:56:06

HE LAUGHS

0:56:060:56:07

-No chance!

-Would they ever leave this house?

-No.

-No.

0:56:070:56:12

Mary Ann has been hands on with this project right from the beginning.

0:56:120:56:15

She has seen the house stripped right back to its bare bricks and then expertly rebuilt.

0:56:150:56:20

Now it's complete, that must have been a great advantage.

0:56:200:56:24

It makes a huge difference, because you become really attached to it, really attached.

0:56:240:56:29

Going through the journey

0:56:290:56:32

and gradually sort of growing into it as we went through the journey

0:56:320:56:36

has just made us want to be here the whole time.

0:56:360:56:40

Well, that's it for this show. Join us next time for more tales from the frontline of property developing.

0:56:420:56:49

-So make sure you join us then for more Homes Under The Hammer.

-Bye for now.

-See you then.

0:56:490:56:53

Subtitles by Red Bee Media Ltd

0:57:130:57:17

E-mail [email protected]

0:57:170:57:21

Martin Roberts and Lucy Alexander visit a detached house in Wiltshire, a three-bed house in Salford and a property in Kent.

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


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