0:00:02 > 0:00:04Hello. If you're a property investor,
0:00:04 > 0:00:07the thing you'll want to focus on is how much money you'll make.
0:00:07 > 0:00:10Of course, you can't see a return until you've bought somewhere.
0:00:10 > 0:00:14But one good way to do that could be by buying your next place
0:00:14 > 0:00:15under the hammer.
0:00:40 > 0:00:44Let's face it - we all love snooping around other people's houses.
0:00:44 > 0:00:47Yes, whether it's a stately home or a humble bungalow,
0:00:47 > 0:00:50there's always something interesting to talk about.
0:00:50 > 0:00:53So let's take a look at the properties that got us excited.
0:00:54 > 0:00:58'There's a bungalow in Lincolnshire that came with its own grain silo
0:00:58 > 0:01:00'and three acres of land.'
0:01:00 > 0:01:03It's your chance to create your very own good life.
0:01:03 > 0:01:08'In Buckinghamshire, this roomy maisonette has loads of space inside
0:01:08 > 0:01:10'and somewhere to sit outside.'
0:01:10 > 0:01:14That's if you don't mind the noisy road below.
0:01:14 > 0:01:18'And in Nottingham, this three-storey, three-bedroom house
0:01:18 > 0:01:20'leads me down the garden path.'
0:01:20 > 0:01:22Hang on a minute.
0:01:22 > 0:01:24That is the garden. Fantastic!
0:01:26 > 0:01:28'All these properties are being sold at auction
0:01:28 > 0:01:31'and we'll find out who bought them and what they paid for them
0:01:31 > 0:01:33'when they went under the hammer.'
0:01:36 > 0:01:41'Today I'm in Lincolnshire, home to splendid Lincoln Cathedral,
0:01:41 > 0:01:44'but I'm some miles from that bustling city
0:01:44 > 0:01:45'and out in the countryside.'
0:01:45 > 0:01:49MUSIC: "The Good Life" by Tony Bennett
0:01:51 > 0:01:55Well, about half an hour from Lincoln is the village of Weston,
0:01:55 > 0:01:58surrounded by beautiful countryside and farms
0:01:58 > 0:02:00and actually, it's a farm that was up for auction.
0:02:00 > 0:02:02It was split into nine individual lots.
0:02:02 > 0:02:09Now, earlier this year, the lot I'm here to see was on the market for £300,000.
0:02:09 > 0:02:12A four-bedroom bungalow with 1.5 acres of land.
0:02:12 > 0:02:16Well, the guide price has just been reduced to £250,000
0:02:16 > 0:02:19and the amount of land you get doubled to three acres.
0:02:19 > 0:02:22It's got to be worth a look.
0:02:22 > 0:02:26'Built in 1955, this property seems to be in better condition
0:02:26 > 0:02:29'than some of the surrounding farm buildings.
0:02:29 > 0:02:31'While not a stunner,
0:02:31 > 0:02:35'the question is, who might it attract in today's market?'
0:02:35 > 0:02:38So straight inside, and this is a bit of a nice start.
0:02:38 > 0:02:41Kind of a utility area. Now, we are in the country,
0:02:41 > 0:02:43so an area like this in the house is great to have.
0:02:43 > 0:02:46Practical. You can take your wellies off here
0:02:46 > 0:02:49to keep dirt out. Also somewhere to have a washing machine,
0:02:49 > 0:02:51there's a boiler room there. That's great.
0:02:51 > 0:02:53However, the kitchen isn't so brilliant.
0:02:53 > 0:02:56It's small for the size of the bungalow
0:02:56 > 0:02:58and, as you can see, very dated,
0:02:58 > 0:03:02so you'd certainly want to put new units in, that's for sure.
0:03:02 > 0:03:04I'd think about something a bit more serious.
0:03:04 > 0:03:06Maybe think about taking out this wall
0:03:06 > 0:03:10because what you could create then is this great kitchen/living area.
0:03:10 > 0:03:14Nice feel to the property. It's clean, it's tidy.
0:03:14 > 0:03:17There doesn't seem to be too much damp, which is good,
0:03:17 > 0:03:19but clearly, it's in need of updating.
0:03:19 > 0:03:21Look at this fireplace! It's a classic.
0:03:21 > 0:03:24But as a starting point, a nice bungalow.
0:03:24 > 0:03:28MUSIC: "Country House" by Blur
0:03:29 > 0:03:33'In fact, it's a large and pleasant bungalow.
0:03:33 > 0:03:35'Each of the four bedrooms is a fair size,
0:03:35 > 0:03:39'although I do feel a bit dizzy from all the clashing floral designs.
0:03:39 > 0:03:43'But, surprisingly for such a large property, there's no proper bathroom.
0:03:43 > 0:03:48'There's just a shower and WC, which is a little basic for modern tastes.
0:03:52 > 0:03:56You don't have to be an expert in interior design to realise
0:03:56 > 0:03:59there's something horribly wrong in the middle of this bungalow.
0:03:59 > 0:04:02There is this massive, great corridor area.
0:04:02 > 0:04:05The bedrooms are smaller than they need to be. It's a complete waste of space.
0:04:05 > 0:04:12It gets worse, cos you come through these doors into what is obviously an add-on extension bit.
0:04:12 > 0:04:16It feels like a waiting room. It's supposed to be a sun room, but it's just horrible.
0:04:16 > 0:04:18Take out those windows for goodness' sake!
0:04:18 > 0:04:23Make this a much more sort of cohesive extension
0:04:23 > 0:04:25and then you'd have a really nice space.
0:04:25 > 0:04:29Out onto the garden, maybe increase the size of the windows or doors.
0:04:29 > 0:04:34Then it starts to become a usable space, as opposed to a waiting room.
0:04:34 > 0:04:38'With such a large footprint, there is scope to extend this property,
0:04:38 > 0:04:40'but it's outside where the real space is.'
0:04:42 > 0:04:45You've got quite a few options with this place.
0:04:45 > 0:04:48You could basically restore it as it is and live in it,
0:04:48 > 0:04:51maybe put in a dormer bedroom. That'd be nice.
0:04:51 > 0:04:53You're not in a conservation area.
0:04:53 > 0:04:56I think the planners would support knocking it down and starting again.
0:04:56 > 0:05:00But there's more to this lot than just the property itself.
0:05:00 > 0:05:04It's that land - three acres - surely enough for a small holding.
0:05:04 > 0:05:07Yes, get some chickens, maybe a goat, a pig,
0:05:07 > 0:05:10grow your own vegetables, knit your own jumpers.
0:05:10 > 0:05:13You could dye your own wool with nettles.
0:05:13 > 0:05:17It's your chance to create your very own good life.
0:05:17 > 0:05:19Tom and Barbara would be proud!
0:05:19 > 0:05:23'I can see it now - rows of well-tended vegetables
0:05:23 > 0:05:25'and hens clucking and strutting about.
0:05:25 > 0:05:28'You've even got your very own grain silo.
0:05:28 > 0:05:32'Before it was sold, there used to be a piggery on this land.
0:05:32 > 0:05:37'With all this space, it was probably the best piggery for miles around.
0:05:37 > 0:05:41'But a green dream isn't the only thing at the end of the garden.
0:05:41 > 0:05:43'There's also an express train line.
0:05:43 > 0:05:47'Hmm. That doesn't quite fit in with the rural idyll.
0:05:47 > 0:05:50'What about the rest of the farm buildings
0:05:50 > 0:05:52'and land sold in separate lots?
0:05:52 > 0:05:55'Could they sour the taste of the country life?'
0:05:56 > 0:06:02Whenever an estate like this is split into lots of individual lots,
0:06:02 > 0:06:05there are bound to be restrictions and covenants put in place
0:06:05 > 0:06:08on those individual lots, and there's no change here.
0:06:08 > 0:06:11In terms of this bungalow, they aren't too onerous.
0:06:11 > 0:06:13You have to put a fence on the northern boundary.
0:06:13 > 0:06:17One of the adjoining buildings is allowed to use your water supply,
0:06:17 > 0:06:19but they have to pay you for the privilege.
0:06:19 > 0:06:23In fact, it goes in your favour. One of the restrictive covenants on the place next door
0:06:23 > 0:06:26is it can't be used for intensive pig or chicken farming,
0:06:26 > 0:06:30which means the sweet smelling air will remain.
0:06:30 > 0:06:33To get a professional view of all this,
0:06:33 > 0:06:37I invited along a local property expert to give us an assessment.
0:06:39 > 0:06:44I think the main selling point of this particular lot, Redruth Farm,
0:06:44 > 0:06:49is you've got a utilitarian building you can do a lot with.
0:06:49 > 0:06:52But I think it's the setting that's most important to it.
0:06:52 > 0:06:55The land in itself is actually quite a great opportunity.
0:06:55 > 0:07:00I mean, a lot of people won't necessarily want to grow turnips out of it.
0:07:00 > 0:07:05It's more amenity land. People seem to be buying land just for the space
0:07:05 > 0:07:07and the privacy element as well.
0:07:07 > 0:07:11'Well, as the old saying goes, "Where there's muck, there's brass."
0:07:11 > 0:07:17'So, what value could the property, outhouses and the three expansive acres of land have?'
0:07:17 > 0:07:23I think I would put a value on the property as it stands today at around £280,000.
0:07:24 > 0:07:27Well, you're not just buying a lot with this one -
0:07:27 > 0:07:30you're buying a plot, a very nice bungalow,
0:07:30 > 0:07:33but also this piece of land that's big enough for you,
0:07:33 > 0:07:35if you wanted to become self-sufficient -
0:07:35 > 0:07:36a dream for a lot of people.
0:07:36 > 0:07:39And for a £250,000 guide price,
0:07:39 > 0:07:41let's see who went for it at the auction.
0:07:44 > 0:07:50Guided at £250,000, where would you like to start me here?
0:07:50 > 0:07:51At 220, thank you, sir.
0:07:51 > 0:07:53At £220,000.
0:07:53 > 0:07:58225, at 225, 230,
0:07:58 > 0:08:04230, 235, at £235,000.
0:08:04 > 0:08:07At 240, fresh place. At 240,000.
0:08:07 > 0:08:13At £240,000. At 245, 245.
0:08:13 > 0:08:16At £245,000.
0:08:16 > 0:08:21At £245,000 - once, £245,000 twice,
0:08:21 > 0:08:25third and the last time. 246, 246,
0:08:25 > 0:08:33247, 247, 248, 249, 249, 250.
0:08:33 > 0:08:38At £250,000. Against you in the middle of the room at £250,000.
0:08:38 > 0:08:44At £250,000 once, £250,000 twice,
0:08:44 > 0:08:49third and the last time of asking - at £250,000, are we all done?
0:08:49 > 0:08:54Gentleman on the left, £250,000. Thank you.
0:08:55 > 0:09:00'Paul and his wife, Jane, bought the property for 250,000.
0:09:00 > 0:09:07'They live three miles down the road with their two children - Luke, who's 17, and Emily, who's 19.
0:09:07 > 0:09:12'Paul works in the haulage business and has never even had an allotment,
0:09:12 > 0:09:15'so this will be a new adventure.'
0:09:15 > 0:09:18Paul, congratulations. You got yourself a bungalow and a bit of land.
0:09:18 > 0:09:21Actually, a lot of land. Why did you want to buy it?
0:09:21 > 0:09:23A bit of a project, really -
0:09:23 > 0:09:26something we've always wanted to do, so we went for it.
0:09:26 > 0:09:30What was it about the property that made you so keen on it?
0:09:30 > 0:09:36I think the open aspect of it. It's pretty much a blank canvas. We can do what we like with it
0:09:36 > 0:09:43within reason and planning consent and one thing or another. I think I'll enjoy doing it.
0:09:43 > 0:09:47In terms of what you plan to use it for, what is that? Is it for you?
0:09:47 > 0:09:52It is for us. The end result will probably be a pension plan,
0:09:52 > 0:09:59but initially just for us to move into and enjoy as a family, really.
0:09:59 > 0:10:01So tell me what you're planning to do to this place.
0:10:01 > 0:10:08We will take the kitchen and move it, open it up into the front room.
0:10:08 > 0:10:10We're looking to open this up.
0:10:10 > 0:10:13Obviously we'll have to look at the ceilings and the roof.
0:10:13 > 0:10:17I think there's asbestos on top of here anyway, and the ceiling heights,
0:10:17 > 0:10:23open it all up. I will put planning permission in to extend at the back,
0:10:23 > 0:10:27probably go for a dormer, give it a bit of a feature out the back
0:10:27 > 0:10:32and move more of the bedroom space and that to the back of the bungalow
0:10:32 > 0:10:35and utilise this as a living area.
0:10:35 > 0:10:38Any idea of a budget, how much it's all going to cost?
0:10:38 > 0:10:45- Um, budget? We would say 100,000. - Oh, wow!- Yeah.
0:10:45 > 0:10:49- You've got grand plans, then. - We have, yeah, yeah!
0:10:49 > 0:10:54What about sort of knocking it down and starting again as an option?
0:10:54 > 0:10:55Well, we've looked at that.
0:10:55 > 0:10:58I mean, that is an option obviously, subject to planning.
0:10:58 > 0:11:00It would make a lovely plot to do that.
0:11:00 > 0:11:05MUSIC: "Wide Open Space" by Mansun
0:11:05 > 0:11:08'While the work is under way, Paul plans to move his family
0:11:08 > 0:11:11'from their existing, comfortable home, which he's selling,
0:11:11 > 0:11:16'into a caravan, though not this one, which came with the lot.
0:11:16 > 0:11:18'It's a proposition that has had mixed reactions
0:11:18 > 0:11:21'from their teenage children.'
0:11:21 > 0:11:24My daughter's a bit...getting that teenage way, saying -
0:11:24 > 0:11:27"Well, I'm not doing this and I'm not doing that."
0:11:27 > 0:11:30The son, he's really into it. He can't wait, he can't wait.
0:11:30 > 0:11:32But we're getting there. Three out of four ain't bad.
0:11:34 > 0:11:37What about the land? What will do with your three acres?
0:11:37 > 0:11:42It was a bonus with the auction, really, so it's something I haven't really thought about.
0:11:42 > 0:11:46I have mentioned Christmas trees and there's all sorts - paddock...
0:11:46 > 0:11:47Christmas trees?
0:11:47 > 0:11:49Yeah. Well, it would bring a bit of money in.
0:11:49 > 0:11:53- What? Selling Christmas trees?- Yeah.
0:11:53 > 0:11:55They're a bit of a long-term sort of plan -
0:11:55 > 0:11:58plant them and then, 50 years later, harvest some kind of a profit.
0:11:58 > 0:12:01Yeah, you could push them on a bit.
0:12:01 > 0:12:02'Christmas trees?!
0:12:02 > 0:12:07'Well, it seems my self-sufficiency dream is just an illusion,
0:12:07 > 0:12:09'but the family won't be celebrating the festive season
0:12:09 > 0:12:14'in the bungalow either, as Paul's estimated it'll take at least a year to finish all the work here.'
0:12:16 > 0:12:19- Are you keen to get on with it as soon as possible?- Definitely.
0:12:19 > 0:12:24Yeah, the sooner we can get moved in and get plans moved in,
0:12:24 > 0:12:26we can go ahead with it.
0:12:26 > 0:12:29Well, good luck! I can't wait to see how you get on.
0:12:29 > 0:12:32- Thank you.- I hope it turns out really well.- I'm sure it will.
0:12:32 > 0:12:36I shall be back for my Christmas tree in 2020 or something!
0:12:38 > 0:12:41You can have the first pick.
0:12:41 > 0:12:44Well, there you go.
0:12:44 > 0:12:48Paul's got three acres of land and he doesn't really care.
0:12:48 > 0:12:53What will he do with this place? Will he knock it down, which I think, to be honest, is what I'd do,
0:12:53 > 0:12:58or will he rebuild? Either way, it looks like his family will move out of their beautiful house
0:12:58 > 0:13:00into a caravan in the garden. How will that go down?
0:13:00 > 0:13:07And will I be able to come back to buy Christmas trees in a few years? You can find out later in the show.
0:13:10 > 0:13:13'High Wycombe is a town in Buckinghamshire
0:13:13 > 0:13:17'with easy access to London via motorway and railway
0:13:17 > 0:13:18'which are both close by.
0:13:18 > 0:13:21'In recent years, it's had some redevelopment,
0:13:21 > 0:13:24'with the centre benefiting from new investment
0:13:24 > 0:13:26'and expansion of the university.
0:13:26 > 0:13:30'It's a popular and pleasant place to live.'
0:13:31 > 0:13:36Well, I'm here to see a two-bedroom maisonette built around the 1960s
0:13:36 > 0:13:39with a guide price of 85,000-plus.
0:13:39 > 0:13:43Now, that plus indicates it's more likely to go over the guide
0:13:43 > 0:13:45and for a commuter town like High Wycombe,
0:13:45 > 0:13:49well, it sounds like this will be a popular lot.
0:13:50 > 0:13:53Well, I've got a smile on my face today.
0:13:53 > 0:13:56Do you know, I really like maisonette properties.
0:13:56 > 0:13:59I think it's great you've got your own front door - it's a real bonus -
0:13:59 > 0:14:02and this property is tucked away right on the end
0:14:02 > 0:14:05so you have a bit of privacy here as well, which is nice.
0:14:05 > 0:14:09Upstairs, I mean, look - you get such a feeling of space.
0:14:09 > 0:14:12You've got the sleeping area upstairs,
0:14:12 > 0:14:14downstairs, the living quarters,
0:14:14 > 0:14:16through here a really big lounge area.
0:14:16 > 0:14:18I mean, that is fantastic.
0:14:18 > 0:14:21You've got the kitchen to the front of the property.
0:14:21 > 0:14:23Now, this will completely need ripping out
0:14:23 > 0:14:26and a brand-new kitchen fitted.
0:14:26 > 0:14:29Also, I'm detecting there are no radiators anywhere,
0:14:29 > 0:14:32so I think central heating will need to be installed.
0:14:32 > 0:14:35And it all needs a bit of modernising and updating,
0:14:35 > 0:14:39but overall, this place has got a really good feel about it.
0:14:41 > 0:14:45'Moving up a floor, and the bathroom certainly needs attention.
0:14:45 > 0:14:48'All the fittings here are showing their age.'
0:14:50 > 0:14:54The bedrooms are a really good size, and as you own the floor below
0:14:54 > 0:14:58as part of your maisonette, you're unlikely to get too much noise from your neighbours
0:14:58 > 0:15:03which is something you should always consider when you're buying in a communal block of flats.
0:15:03 > 0:15:08Now, talking of noise, you can hear all the traffic outside.
0:15:08 > 0:15:13And that is down to the fact that these windows are the original Crittall ones.
0:15:13 > 0:15:19They're single glazed, so the first thing I would do is get in touch with the residents' association
0:15:19 > 0:15:24and find out if you're allowed to upgrade these to something a lot more modern and quiet.
0:15:26 > 0:15:31MUSIC: "The Sound of Silence" by Simon and Garfunkel
0:15:31 > 0:15:37'Replacing those old metal-framed windows will provide both sound proofing and heat insulation.
0:15:37 > 0:15:41'But that's not to say that on a pleasant summer day
0:15:41 > 0:15:46'you can't enjoy the outdoors, courtesy of your own balcony.'
0:15:46 > 0:15:51Well, coming out onto this balcony, I think it's great to have this space just off your lounge
0:15:51 > 0:15:55and it's always good to get a bit of fresh air. That's if you don't mind the noisy road below.
0:15:55 > 0:16:00Now, this property also comes with communal gardens, which you can see right down there.
0:16:00 > 0:16:04Having a communal area is great, especially in a block like this,
0:16:04 > 0:16:08which is normally unlikely to have any outside space at all.
0:16:08 > 0:16:11But of course that does indicate there might be a service charge.
0:16:11 > 0:16:15Let's hope it isn't too high or that could really add to your outgoings.
0:16:17 > 0:16:20'So, to weigh up the pros and cons of this place,
0:16:20 > 0:16:24'I invited along a local estate agent to give me his view.'
0:16:26 > 0:16:28It's very much what I expected.
0:16:28 > 0:16:32There's three very similar apartment blocks.
0:16:32 > 0:16:36The split-level apartments, like this one, are particularly spacious.
0:16:36 > 0:16:39They've got two big double bedrooms, nice-sized living room.
0:16:39 > 0:16:44The property really hasn't had any work done to it since it was built.
0:16:44 > 0:16:47This particular apartment will require complete refurbishment -
0:16:47 > 0:16:50a new kitchen, bathroom, decoration all the way through.
0:16:50 > 0:16:52It has no heating at present.
0:16:52 > 0:16:56On the positive side, this area is extremely popular with people
0:16:56 > 0:16:59who wish to buy these type of apartments in order to let them out.
0:16:59 > 0:17:03'Once this property is brought into the 21st century,
0:17:03 > 0:17:05'what rental could it achieve?'
0:17:05 > 0:17:10Once renovated, the property should achieve around £800 a month.
0:17:10 > 0:17:14'What about its value on the resale market, once done up?
0:17:14 > 0:17:19'Remember, the guide price was 85,000-plus.'
0:17:19 > 0:17:23I would anticipate achieving between £165,000 and £170,000.
0:17:23 > 0:17:28'So, after some renovation, if it was bought for close to the guide price,
0:17:28 > 0:17:30'there could be the chance of a good profit here.'
0:17:32 > 0:17:37I think this maisonette has a lot going for it with its guide of 85,000-plus.
0:17:37 > 0:17:39I like it for its convenient location,
0:17:39 > 0:17:42it appeals to renters, but it does need work doing to it.
0:17:42 > 0:17:45You've got to update the decor, change the kitchen and bathroom,
0:17:45 > 0:17:48plus there's the central heating to install.
0:17:48 > 0:17:51That'll certainly take a chunk out of the budget.
0:17:51 > 0:17:53So, how much did it go for?
0:17:53 > 0:17:55Let's find out who bought it and at what price
0:17:55 > 0:17:57when it went under the hammer.
0:17:58 > 0:18:02So, who'd like to give me a start on this?
0:18:02 > 0:18:04I don't know, 100,000 anywhere?
0:18:04 > 0:18:08Yeah, we'll start at 100, thank you. 100 I've got. Anybody else?
0:18:08 > 0:18:11I've got £100,000 for lot 110.
0:18:11 > 0:18:15Anybody else? How much? 101, sir? Yeah, 101, thanks.
0:18:15 > 0:18:19102, 103, 104, 105,
0:18:19 > 0:18:22110, 111, 112,
0:18:22 > 0:18:26113, 114, 115,
0:18:26 > 0:18:29125, 126, 127?
0:18:31 > 0:18:33One more? Leave you to it.
0:18:33 > 0:18:38127, new place, 128, 129,
0:18:38 > 0:18:42130, 132, new place, 133,
0:18:42 > 0:18:49134, 135, 136, 137. Sure?
0:18:49 > 0:18:52138. 138, sir?
0:18:52 > 0:18:59Go on, then - 137.5, 138...and 500.
0:18:59 > 0:19:06139... 500? 139.5 on my left for the first, 139 and 140.
0:19:06 > 0:19:10Good sense! 140.5? I killed him off.
0:19:10 > 0:19:15The bid's with you at £140,000. Anybody else for lot 110?
0:19:15 > 0:19:19140 for the first, 140 for the second,
0:19:19 > 0:19:22140 for the third and final time. We're all done.
0:19:22 > 0:19:24- BANGS GAVEL - Sold to you, sir, 140. Well bought!
0:19:24 > 0:19:31'Terry bought the property for 140,000 - £55,000 over the guide price.
0:19:31 > 0:19:38'This first-time development project will be a family venture, with his wife and two sons all involved.
0:19:38 > 0:19:43'It will be Anton - Terry's youngest son - who'll do the majority of the work
0:19:43 > 0:19:46'because, at the moment, he's between jobs.
0:19:46 > 0:19:49'I caught up with him to hear about the plans for this place.'
0:19:51 > 0:19:55- Anton, congratulations!- Thank you. - Happy with your purchase? - Very happy indeed, yeah.
0:19:55 > 0:20:01- Let's talk about the guide price, 85,000, but you paid 140,000.- Yes.
0:20:01 > 0:20:04So you did go quite a bit over the guide price there.
0:20:04 > 0:20:10Yeah, we certainly did, yeah, but we had a property in one of the blocks further down.
0:20:10 > 0:20:15We understood what we bought that for and what we could sell it for then. We knew it was a good price.
0:20:15 > 0:20:18Why did you choose this property to buy on auction day?
0:20:18 > 0:20:22It was a property we'd found, actually. We went specifically for it.
0:20:22 > 0:20:24There wasn't anything else we were looking for
0:20:24 > 0:20:27and it's five minutes away from the train station, walking,
0:20:27 > 0:20:31it's 40 minutes from Marylebone, so it's very close to London.
0:20:31 > 0:20:33We'll rent it out as an investment property.
0:20:33 > 0:20:38We'll put some money into it to bring it up to levels that people expect
0:20:38 > 0:20:41and we'll probably keep hold of it for as long as we possibly can
0:20:41 > 0:20:43and maybe sell it in ten years or so.
0:20:43 > 0:20:46You said a family member has lived in one of these before.
0:20:46 > 0:20:52Yeah, my brother Daniel, he lives in Dubai now, but previously he had a property in the next block down.
0:20:52 > 0:20:57- So you're going to become landlords, you're going to get a tenant in this property.- We are.
0:20:57 > 0:21:00- What will you do to bring up to standard?- Yes.
0:21:00 > 0:21:03I'm looking at those polystyrene tiles. It needs a fair bit of work in here.
0:21:03 > 0:21:09Yeah, it needs everything basically. We haven't got any central heating -
0:21:09 > 0:21:10why we're all a bit cold.
0:21:10 > 0:21:13What sort of budget have you got for the work here?
0:21:13 > 0:21:16Well, we don't really want to spend any more than £14,000.
0:21:16 > 0:21:20We took a view as a family that we would bring the house, or the flat,
0:21:20 > 0:21:23back up to the levels that we would be prepared to live in.
0:21:26 > 0:21:28'Anton and his family are all playing a part here.
0:21:28 > 0:21:33'His dad, Terry, who's semi-retired from the building trade, will act as project manager
0:21:33 > 0:21:35'and Mum will take charge of the redesign.
0:21:35 > 0:21:40'His brother Daniel, who found the property, has also put up some cash from his home in Dubai,
0:21:40 > 0:21:44'leaving Anton with all the labouring work.'
0:21:44 > 0:21:48- You're looking for a job as well, aren't you?- I am. - How will you fit all this in?
0:21:48 > 0:21:52Well, hopefully I'll get a job very soon, and if that is the case,
0:21:52 > 0:21:56we're looking at probably a 12-week to 16-week programme.
0:21:56 > 0:21:58If I don't get a job, I have more time to put into this,
0:21:58 > 0:22:01so hopefully finish it within eight weeks.
0:22:01 > 0:22:05Getting in and out, old baths, new fixtures and fittings,
0:22:05 > 0:22:10I can see somewhere that you need a skip. I can't actually see anywhere to put a skip.
0:22:10 > 0:22:13How will you get around that? It's a bit of a problem there.
0:22:13 > 0:22:18It is. Rubble bags, skip bags, and lots and lots of journeys to the dump, basically.
0:22:18 > 0:22:23- And that'll be you!- Yes, yes, that will be me, so...- That'll really be hard graft for you.
0:22:23 > 0:22:27It will be, yeah, indeed, but it's cheaper than going to the gym, so...
0:22:27 > 0:22:29- It's a good way of looking at it. - Indeed.
0:22:29 > 0:22:31As soon as you leave, I'm starting.
0:22:31 > 0:22:34- Are you excited about this? - Very, very much so.- Ah!
0:22:34 > 0:22:37- It's been lovely meeting you today. - You too.- Congratulations.- Thank you.
0:22:37 > 0:22:40Sounds like an all-family adventure with this project.
0:22:40 > 0:22:43Anton and his dad will be hands-on with the work,
0:22:43 > 0:22:50his mum choosing the decor, and his brother Daniel, the local knowledge, thousands of miles away in Dubai.
0:22:50 > 0:22:53But will everyone come together, though, to make this renovation work?
0:22:53 > 0:22:56Or are there too many decision-makers on this job?
0:22:56 > 0:23:00You can find out how they get on later in the programme.
0:23:01 > 0:23:06'Coming up: In Nottingham, this three-storey house needs a DIY addict to knock it into shape.'
0:23:06 > 0:23:10It looks like a project that somebody started, but hasn't quite finished.
0:23:13 > 0:23:18'We return to High Wycombe to find that pride in your work can go too far.'
0:23:18 > 0:23:21We were worried about people coming in and making a mark on the wall.
0:23:22 > 0:23:28'But first, in Lincolnshire, when you can't make up your mind, there's only one option left.'
0:23:28 > 0:23:31We decided it'd probably be better to start afresh.
0:23:34 > 0:23:38'We've returned to Lincolnshire to catch up with Paul and his wife, Jane.
0:23:40 > 0:23:46'They bought this four-bedroom bungalow with a three-acre plot for 250,000.
0:23:46 > 0:23:53'When we were last here over two years ago, Paul had big plans for the property and all that land.'
0:23:53 > 0:23:55What will you do with your three acres?
0:23:55 > 0:23:57It was a bonus with the auction, really.
0:23:57 > 0:24:01- I've mentioned Christmas trees. There's all sorts - paddock... - Christmas trees?
0:24:01 > 0:24:04Yeah. Well, it would bring a bit of money in.
0:24:04 > 0:24:08'Well, there's no signs of Christmas trees here.
0:24:08 > 0:24:11'Unfortunately, the soil wasn't suited to them.
0:24:11 > 0:24:16'Instead, Paul planted 42 flowering cherry trees and some silver birch.
0:24:16 > 0:24:21'They'll provide a windbreak and a boundary, but no income.
0:24:21 > 0:24:25'Elsewhere, there's been some landscaping and an ornamental pond.
0:24:25 > 0:24:29'At least the fish from his previous house have settled in.
0:24:29 > 0:24:32'Inside the bungalow there's no evidence of any alterations
0:24:32 > 0:24:34'to the layout.
0:24:34 > 0:24:37'Paul and Jane have made their new home comfortable
0:24:37 > 0:24:40'with some carpeting, wallpaper and a fresh coat of paint.
0:24:40 > 0:24:44'The renovations and extensions Paul talked about must be happening soon
0:24:44 > 0:24:47'or is there a different plan?'
0:24:47 > 0:24:50We've actually decided to demolish and rebuild.
0:24:50 > 0:24:52The renovation was a bit too much
0:24:52 > 0:24:55and, to be quite honest, the cost implications of it,
0:24:55 > 0:24:57I think it's the better way to go.
0:24:57 > 0:25:01When we started looking around, the building was a '50s building,
0:25:01 > 0:25:04so we decided it would probably be better to start afresh.
0:25:04 > 0:25:05'Well, that was always an option
0:25:05 > 0:25:07'since there were very few restrictions
0:25:07 > 0:25:09'attached to the property.
0:25:09 > 0:25:13'So, what's their new grand plan?'
0:25:13 > 0:25:21Well, we started off with a chalet bungalow then we went to a dormer. We didn't really want a house.
0:25:21 > 0:25:27Then, with the implications of looking at first-floor plans and one thing or another,
0:25:27 > 0:25:34we decided we'd go for like a barn, two-storey house type, to fit in.
0:25:34 > 0:25:38'So, let's see how the new place might appear.'
0:25:38 > 0:25:44The west elevations, you can see we've put the front entrance,
0:25:44 > 0:25:46we've tried to make that a sort of a bit of a feature.
0:25:46 > 0:25:50The room sizes - they are quite large.
0:25:50 > 0:25:55Downstairs, Jane wanted a big kitchen diner, sort of general living area
0:25:55 > 0:26:00and it's pretty much as it is now, but more open plan and bigger.
0:26:00 > 0:26:02The dining room and the hall...
0:26:02 > 0:26:06Again, that was Jane and probably architect's idea to make that
0:26:06 > 0:26:08sort of the main centre of the building
0:26:08 > 0:26:11and it works quite well when you look at it.
0:26:11 > 0:26:15The lounge, we've moved that to the far end of the property
0:26:15 > 0:26:17because we don't use it that much.
0:26:17 > 0:26:20Jane's played a big role in it. Jane's had a lot of input - more to the interior
0:26:20 > 0:26:24than to the exteriors. It was a joint effort.
0:26:24 > 0:26:27I'm really excited about the plans that have been submitted.
0:26:27 > 0:26:32The children have got their own bedrooms, bathrooms, their own space
0:26:32 > 0:26:38and we've got the openness of bringing the outside in, into the property.
0:26:38 > 0:26:42Obviously she wants to put her stamp on what she wanted
0:26:42 > 0:26:48and like anything with a new build, when you've started from scratch, it's nice to have the input into it.
0:26:48 > 0:26:54'When it comes to their three acres, Jane has both a practical and novel idea to make best use of them.'
0:26:54 > 0:26:59Joking apart, I think probably we'd have some cattle.
0:26:59 > 0:27:03I'd like a donkey, but I've been told I can't have one of those...
0:27:03 > 0:27:06'A donkey! How cute would that be?!
0:27:06 > 0:27:08'Come on, Paul. Don't be as stubborn as a mule!
0:27:08 > 0:27:11'Give her what she wants. It won't cost much!
0:27:11 > 0:27:15'After all, the original budget for doing the renovation was around 100,000.
0:27:15 > 0:27:20'Now that they've abandoned that plan, how much have they spent so far,
0:27:20 > 0:27:24'given the condition of the land and the covenants they had to fulfil?'
0:27:24 > 0:27:29We've spent probably 8,000-10,000 on drainage,
0:27:29 > 0:27:34a lot of the stuff, you know, fencing, demolition.
0:27:34 > 0:27:37We've cleared what we had to clear.
0:27:37 > 0:27:40'They bought both the bungalow and the three acres for 250,000.
0:27:40 > 0:27:43'They spent another 8,000-10,000 on repairs and redecoration,
0:27:43 > 0:27:47'making a total of around 260,000.
0:27:47 > 0:27:51'Does Paul have an estimate for the cost of the new build?'
0:27:55 > 0:27:59I think we'll come in at about 185,000-200,000.
0:27:59 > 0:28:07It's just a rough guess at the moment, but based on the footage and the input of work I've put into it,
0:28:07 > 0:28:09I think that's about where we'll be.
0:28:09 > 0:28:12I'm quite hands-on, so I want to do quite a lot of it.
0:28:12 > 0:28:16I don't want to be travelling and locking up at night, coming back.
0:28:16 > 0:28:19I want to be on the site, so we will definitely be in a caravan.
0:28:19 > 0:28:26'To find out what the new property might be worth once the existing bungalow is demolished,
0:28:26 > 0:28:31'we invited two local estate agents to give their assessment.'
0:28:31 > 0:28:36What I like about the plans is the space the dwelling will provide.
0:28:36 > 0:28:41Obviously at the minute it's modest, but on the basis that these get approved,
0:28:41 > 0:28:47then what's here now gets levelled, starts again and a decent-sized property.
0:28:47 > 0:28:50It's got very generous room sizes.
0:28:50 > 0:28:52It will be absolutely fantastic on here.
0:28:52 > 0:28:56The development you could do here with the way that the property
0:28:56 > 0:28:58would be built far enough away from the road,
0:28:58 > 0:29:03it's pretty central and the views are fantastic and it would look amazing, I'm sure.
0:29:05 > 0:29:09'What value would they put on the property, based on the architect's drawings?
0:29:09 > 0:29:15'Remember, Paul and Jane have spent around £260,000 already
0:29:15 > 0:29:17'and estimate around £200,000 for the new build.
0:29:17 > 0:29:22'That makes a total cost of around 460,000.'
0:29:22 > 0:29:27The value of the finished property depends very much on the finish.
0:29:27 > 0:29:33However, I think that the value's likely to be in the range of £600,000 to £800,000.
0:29:33 > 0:29:38Once the property has been built and the sheer size and the volume of the property,
0:29:38 > 0:29:44with the size of the land that the plot's got, you're looking at least in excess of 600,000.
0:29:44 > 0:29:47- Excellent, yeah, I'm pleased. - Yeah, that good, yeah.
0:29:47 > 0:29:49Not that we'll sell it on cos we'll live here.
0:29:49 > 0:29:52It's a family home, but that's good. Yeah.
0:29:52 > 0:29:54I'm happy with that.
0:29:54 > 0:29:57'So the new build certainly seems like the best way forward
0:29:57 > 0:30:02'with a potential profit of over £300,000, according to these valuations.
0:30:02 > 0:30:07'That puts Paul and Jane in a secure position, which must feel good.'
0:30:09 > 0:30:14We've lived in the village all our lives, so we feel at home here. This is our home.
0:30:14 > 0:30:21We can see where we got married from here, so I think it will be long term and we'll enjoy living here.
0:30:25 > 0:30:29This is Langley Mill in Nottinghamshire.
0:30:29 > 0:30:32Well, that's not, strictly speaking, true -
0:30:32 > 0:30:36it also has the curious distinction of being in Derbyshire as well.
0:30:36 > 0:30:37Let me explain.
0:30:37 > 0:30:40The post code here is NG which would normally be Nottingham.
0:30:40 > 0:30:45But you can use either Nottinghamshire or Derbyshire as the county.
0:30:45 > 0:30:50Confused? Well, let me explain.
0:30:50 > 0:30:55'The original boundary used to be the River Erewash in Nottingham, but the canal basin moved
0:30:55 > 0:30:58'from Nottinghamshire to Derbyshire a few years ago
0:30:58 > 0:31:02'and now the A610 is the new boundary.
0:31:02 > 0:31:04'So, that's that cleared up, then.'
0:31:06 > 0:31:10Well, the property I'm here to see is definitely in Langley Mill.
0:31:10 > 0:31:12It had a guide price of 48,000 quid,
0:31:12 > 0:31:15which for a three-bedroomed, three-storey mid-terrace
0:31:15 > 0:31:20sounds pretty good, wherever it's located.
0:31:20 > 0:31:23'From outside, the house appears in reasonable condition,
0:31:23 > 0:31:26'but the windows do show signs of age and wear.
0:31:26 > 0:31:29'It looks as though the roof has been totally repaired,
0:31:29 > 0:31:32'which is great and will save the new owner money.
0:31:32 > 0:31:36'But the catalogue states that the property is still in need of some work,
0:31:36 > 0:31:40'so there are obviously a few issues still to be sorted inside.
0:31:40 > 0:31:45'Let's hope number 13 isn't a bad omen.'
0:31:46 > 0:31:51Whoa! Well, it's like it's work in progress.
0:31:51 > 0:31:54All the walls have been stripped back to the brick.
0:31:54 > 0:31:57Looks like the electrics have been replaced - good news, at least.
0:31:57 > 0:31:59A nice new fuse box there.
0:31:59 > 0:32:02I love this fireplace. I'd keep that.
0:32:02 > 0:32:04Definitely don't cover that up.
0:32:04 > 0:32:07But yeah, it looks like a project that somebody started
0:32:07 > 0:32:11but hasn't quite finished and it carries on through here.
0:32:11 > 0:32:13Oh, whoa!
0:32:13 > 0:32:17This is like one of those books where you have like a cross section
0:32:17 > 0:32:20through a house or a boat or something.
0:32:20 > 0:32:22You can see the internal workings. Amazing!
0:32:22 > 0:32:25All these floorboards have been taken off.
0:32:25 > 0:32:29The nice thing is you can actually see the work that's been done and the quality of it.
0:32:29 > 0:32:31So nice joists have been put in there.
0:32:31 > 0:32:35Again, electrics have been sorted, floorboards been taken out.
0:32:35 > 0:32:39There's a lot to do, but at least the work done already has been done to a good standard.
0:32:39 > 0:32:44'This is daunting project that will put off a lot of potential bidders
0:32:44 > 0:32:47'as it needs more than just a spot of renovation.
0:32:47 > 0:32:53'It will take an experienced builder to turn this place around as it's crying out for attention.
0:32:53 > 0:33:01MUSIC: "Don't Leave Me This Way" by Thelma Houston
0:33:05 > 0:33:11Well, at the rear of the property, there's this narrow passageway which leads down to the garden.
0:33:11 > 0:33:14Oh, no, hang on a minute!
0:33:14 > 0:33:17That is the garden. Fantastic!
0:33:17 > 0:33:19Wouldn't need much of a mower, would you?
0:33:19 > 0:33:24MUSIC: "The Other Man's Grass Is Always Greener"
0:33:24 > 0:33:30'Not much chance of "lawn envy" here then, but you could just about squeeze in a shed.
0:33:30 > 0:33:33'Returning inside, and on the ground floor,
0:33:33 > 0:33:36'the bathroom at the back of the house has been plastered and painted
0:33:36 > 0:33:39'and has a new shower, sink and toilet.
0:33:40 > 0:33:46'One floor up, and of the two double bedrooms here, one at least is in an advanced state of decoration
0:33:46 > 0:33:49'and just about ready for its fixtures and fittings.
0:33:51 > 0:33:56'It looks as if the work done has been to a high standard.'
0:33:58 > 0:34:04Well, up yet more stairs onto the third floor
0:34:04 > 0:34:07and the restoration project continues.
0:34:07 > 0:34:11Really interesting to see the building like this, but what would you do with this?
0:34:11 > 0:34:14You've got the bedroom there - a really nice size.
0:34:14 > 0:34:17This side of the loft, obviously someone's converted it.
0:34:17 > 0:34:19You could have another bedroom, an en suite.
0:34:19 > 0:34:22The potential is enormous. Nice to see underneath here
0:34:22 > 0:34:27somebody's actually spent a lot of time and trouble doing the roof, so the infrastructure's been sorted.
0:34:27 > 0:34:30I mean, it's not a project for a weekend DIY-er
0:34:30 > 0:34:34but for somebody with a bit of experience, a really interesting thing to take on.
0:34:34 > 0:34:38'Time to get some information about the property
0:34:38 > 0:34:41'from the auctioneer who handled the sale.'
0:34:43 > 0:34:46To see a house like this in this condition is somewhat unusual.
0:34:46 > 0:34:50I mean, you'll either see a house that's totally neglected and needs everything doing to it
0:34:50 > 0:34:55or you see it in a later stage of refurbishment, but half and half is quite unusual.
0:34:55 > 0:34:58One of the big points here is that a lot of the first fix
0:34:58 > 0:35:01of electrics and plumbing is already in place.
0:35:01 > 0:35:06It doesn't look anywhere near reaching a stage of completion.
0:35:06 > 0:35:11'It may not seem like much work, but it all takes time and money.
0:35:11 > 0:35:15'The question is, would the new owner make anything like a profit from such an investment?'
0:35:15 > 0:35:21The guide price of 48,000 is really a reflection of the fact that the owner really needs to sell it,
0:35:21 > 0:35:24because if you spend £15,000 to £20,000 on completing it,
0:35:24 > 0:35:28you'll have a property that's well worth £90,000 to £100,000.
0:35:28 > 0:35:32'That's a calculation worth serious consideration.
0:35:32 > 0:35:35'What's the rental potential here?'
0:35:35 > 0:35:41Once renovated, this would have a rental value in the order of £450 a calendar month.
0:35:41 > 0:35:45'That would bring in nearly £5,500 a year,
0:35:45 > 0:35:48'so renting could prove to be a good option here too
0:35:48 > 0:35:51'once the work's been finished.'
0:35:54 > 0:35:58Well, it was a lot of property for that £48,000 guide price.
0:35:58 > 0:36:00Shed-loads of work to sort it out
0:36:00 > 0:36:03but it will be beautiful when it's finished.
0:36:03 > 0:36:06Who fancied the challenge at the auction?
0:36:10 > 0:36:12Start me where you like. 45,000?
0:36:12 > 0:36:1545? 45, thank you.
0:36:15 > 0:36:18At £45,000, at 45,000.
0:36:18 > 0:36:2146 somewhere? 46 is bid.
0:36:21 > 0:36:2346, 47, 47, 48?
0:36:23 > 0:36:2648, 47 on the left. It's in the market, ladies and gentlemen.
0:36:26 > 0:36:28We're going to sell it.
0:36:28 > 0:36:32At 47,500. 48, sir? 48,
0:36:32 > 0:36:3748,500, 500, 49. 49 is bid.
0:36:37 > 0:36:45The bids are yours. 49, 49,500, 50,000...and a half? 50,500. 51?
0:36:45 > 0:36:5051, 51 five, 52,000
0:36:50 > 0:36:5352 five, 53,000,
0:36:53 > 0:36:5753 five, 54, 54 five,
0:36:57 > 0:37:00£55,000, 55,500,
0:37:00 > 0:37:0860, £60,000, 60,500, 61,
0:37:08 > 0:37:1461 five. Sure? £61,500 at the back of the room.
0:37:14 > 0:37:18All done? For the first time at 61,500.
0:37:18 > 0:37:21For the second time at 61,500. Third and last chance.
0:37:21 > 0:37:26We're selling 62, 62,500, 62 five.
0:37:26 > 0:37:28You said that last time.
0:37:28 > 0:37:3562,500, once, twice. Second thoughts quickly. Third time? £62,500.
0:37:37 > 0:37:39Sold at 62,500, gentleman at the back, thank you.
0:37:39 > 0:37:44'John made the successful bid at £62,500 -
0:37:44 > 0:37:47'14,500 over the guide price.
0:37:47 > 0:37:50'He's a local lad who's recently started his own business,
0:37:50 > 0:37:53'working as a freelance joiner.'
0:37:55 > 0:38:01- Congratulations!- Thank you. - You got yourself a cutaway house. - You can say that, literally, yeah!
0:38:01 > 0:38:04Absolutely! So, why did you want to take it on?
0:38:04 > 0:38:09Just, I think it got to that point in my life where things had changed, you know, personal circumstances,
0:38:09 > 0:38:11and I always wanted to buy a property,
0:38:11 > 0:38:14so I thought the auction would be the best place to get a bargain,
0:38:14 > 0:38:18so I had a feel for the place and yeah, took the big step as you call it, so yeah...
0:38:18 > 0:38:19That's interesting.
0:38:19 > 0:38:23The first thing you say is that it was about personal circumstances
0:38:23 > 0:38:26rather than money, rather than being a property developer, it was a...
0:38:26 > 0:38:28Can you tell me more?
0:38:28 > 0:38:31Yeah, basically I've just come out of a long-term relationship.
0:38:31 > 0:38:36That kind of broke down. I think I didn't have any ties, and when you've got no ties,
0:38:36 > 0:38:41it was kind of like, "Right, I can concentrate on myself. It'll give me something to work towards."
0:38:41 > 0:38:45I felt this was probably the right time to look into this sort of property
0:38:45 > 0:38:46and keep me busy for a bit really.
0:38:46 > 0:38:51So, why this specific house, then?
0:38:51 > 0:38:54I think what originally attracted it to me was probably the price.
0:38:54 > 0:38:57The guide price was probably the lowest on the day
0:38:57 > 0:38:59for the auction. I've always wanted to buy a terraced property
0:38:59 > 0:39:02and I think once I got here, I walked through the door
0:39:02 > 0:39:06I came with my dad, he had a really good feeling and he's normally quite a negative person.
0:39:06 > 0:39:09'Well, those negative vibes don't stand a chance.
0:39:09 > 0:39:13'John seems to have some emotional investment in this place already.
0:39:13 > 0:39:15'This will surely be a labour of love
0:39:15 > 0:39:17'since he's certainly got his work cut out.'
0:39:17 > 0:39:20MUSIC: "Could It Be I'm Falling In Love?"
0:39:24 > 0:39:29Quite a challenge and an element of, sort of, a bit of a lonely thing to do, isn't it? Or not?
0:39:29 > 0:39:33- I mean, how do you see it? - I suppose I'll get lonely here some dark nights in winter.
0:39:33 > 0:39:35- JOHN LAUGHS - I'll get a bit lonely,
0:39:35 > 0:39:40but no, I think get a stereo on, I'll just keep plugging away, putting some plaster boards up
0:39:40 > 0:39:45and doing some flooring. Once I get cracked on with it, I'll quite enjoy it, I think.
0:39:45 > 0:39:48- Quite therapeutic in some ways actually.- Yeah, yeah,
0:39:48 > 0:39:54- but rather than retail therapy, it's more DIY therapy, yeah. - Oh, I love that thought, yes!
0:39:54 > 0:39:57- OK, so where are you going to start, then?- Good question.
0:39:57 > 0:39:59Where will start? What do you reckon?
0:39:59 > 0:40:04I think I might start at the top and work my way down. I'll need to plan as much as I can ahead,
0:40:04 > 0:40:08get it all in my head where I want things moving, electrics and piping,
0:40:08 > 0:40:10how I'm going to... where I want things,
0:40:10 > 0:40:13get the whole place first fixed and then windows,
0:40:13 > 0:40:16probably get them in first to keep the place warm over winter,
0:40:16 > 0:40:18might be an idea, some double glazing in, so yeah.
0:40:18 > 0:40:21Just going to get a plan thought through first
0:40:21 > 0:40:23and then take it from there really.
0:40:23 > 0:40:28'John's ambitious time scale is to complete this project in just four months.
0:40:28 > 0:40:32'So, considering he's already started his own joinery business,
0:40:32 > 0:40:34'bang go his evenings and weekends.
0:40:34 > 0:40:37'What kind of budget has he set aside?
0:40:39 > 0:40:43- I've got a budget of £10,000, so that's kind of what I'm working towards.- Wow!
0:40:43 > 0:40:47So that's my kind of maximum budget and see what I can get for my money.
0:40:47 > 0:40:49But I think I should be all right with that sort of budget.
0:40:49 > 0:40:55- A lot of the labour will be done by myself so keeps the cost down. - And the future for you, then?
0:40:55 > 0:40:59- I'll see how this one goes. - You're young, free and single, so...- That's it, yeah.
0:40:59 > 0:41:03That's one thing, so socially I've got to keep busy, away from working here.
0:41:03 > 0:41:08Definitely got to keep out and about. Yeah... I want to see how this property goes.
0:41:08 > 0:41:12Probably, hopefully move in here. If I like doing it and there's money to be made,
0:41:12 > 0:41:16I'll probably look at buying somewhere else at the auctions again.
0:41:16 > 0:41:18I quite like the process. It's quite simple,
0:41:18 > 0:41:21so I can see myself doing this for a few years,
0:41:21 > 0:41:24- so I'm looking forward to it. - Great! Good luck.- Thank you.
0:41:24 > 0:41:27- I look forward to seeing how you get on.- Thanks. Cheers!
0:41:28 > 0:41:36So a very important project to John in more ways than one and I'm sure it will be very therapeutic for him
0:41:36 > 0:41:40and hopefully make him some money. He has to stick to his budget, though, for sure.
0:41:40 > 0:41:43How is he going to get on with sorting this place out?
0:41:43 > 0:41:46It's a big job. You can find out later in the show.
0:41:49 > 0:41:52Well, our intrepid investors have had time to get stuck in.
0:41:52 > 0:41:58- But has it been a hard slog or plain sailing?- Time to find out.
0:42:00 > 0:42:03'This end-of-terrace, two-bedroomed maisonette in High Wycombe,
0:42:03 > 0:42:11'Buckinghamshire, was bought for 140,000 as a family venture for dad Terry and his sons Daniel and Anton.
0:42:11 > 0:42:15'Three months later, we're back to see how it all went.
0:42:15 > 0:42:20'Anton was going to do most of the work while he was in between jobs.'
0:42:20 > 0:42:22That'll be hard graft for you, isn't it?
0:42:22 > 0:42:25It will be, but it's cheaper than going to the gym, so...
0:42:25 > 0:42:28- That's a good way of looking at it. - Indeed.
0:42:29 > 0:42:32'Anton certainly has given himself a good workout
0:42:32 > 0:42:36'and the flat has also benefited from being given a new lease of life.
0:42:36 > 0:42:40'All the rooms have been upgraded with new plastering, paint
0:42:40 > 0:42:43'and carpets throughout.
0:42:44 > 0:42:47'The bathroom has been ripped out and rearranged...
0:42:49 > 0:42:53'..there's a newly installed central heating boiler...
0:42:53 > 0:42:57'..and the kitchen has had a significant facelift.
0:42:57 > 0:43:02'Anton has now started a new job so his dad, Terry, was on hand
0:43:02 > 0:43:04'to show us around the renovated property.'
0:43:07 > 0:43:10What you're seeing here now is he's done all the cabinetry works,
0:43:10 > 0:43:11he's done the wall tiling,
0:43:11 > 0:43:14he's done the floor tiling. I've been labourer
0:43:14 > 0:43:19along with my lady wife, and we've done the painting and decorating.
0:43:19 > 0:43:22We've had professional people in to do the other bits and pieces
0:43:22 > 0:43:24but Anton spent a lot of time on this part of it.
0:43:24 > 0:43:28He's now found himself... Well, he hadn't found himself a job - he didn't look -
0:43:28 > 0:43:31but as soon as he wanted to get back into the workplace he did
0:43:31 > 0:43:35and it came along quickly, so we've had to finish it off.
0:43:35 > 0:43:40Anton's an amateur. He's got more tools than most professionals which are now in my garage,
0:43:40 > 0:43:44but no, he's first class. We had a great deal of fun working together.
0:43:44 > 0:43:51'This father-and-son team were not sentimental about keeping any of the maisonette's original "charms",
0:43:51 > 0:43:58'like the stipple-effect walls, metal-framed Crittall windows or polystyrene ceiling tiles.'
0:43:58 > 0:44:03The walls were all stipple finished and were pretty horrible.
0:44:03 > 0:44:07The windows were the old Crittall windows and we had to take them out.
0:44:07 > 0:44:10They were falling out really so we put these lovely windows in
0:44:10 > 0:44:12which has cut down the noise dramatically.
0:44:12 > 0:44:16It keeps the place lovely and warm, so they're well worth the money.
0:44:16 > 0:44:21Obviously the ceiling, once we'd taken off those tiles, it was just very bad,
0:44:21 > 0:44:24so the ceilings were skimmed. The walls were also skimmed
0:44:24 > 0:44:26because of the stipple they put on there.
0:44:26 > 0:44:29Obviously it's been rewired. We changed the television point
0:44:29 > 0:44:33because Anton insists this is the place to put a plasma screen.
0:44:33 > 0:44:35I think he's thinking of renting it himself,
0:44:35 > 0:44:39but he said they sat over there and they watched, so we moved the television area.
0:44:39 > 0:44:47And then it's down to decoration, so nice, warm, simple colours, good carpet and it's ready to go.
0:44:47 > 0:44:50'It seems as though particular attention was given
0:44:50 > 0:44:53'to fitting out the kitchen to a very high standard.'
0:44:53 > 0:44:55The old kitchen - and there wasn't a lot of it -
0:44:55 > 0:44:59has been completely stripped out and we've totally refitted it.
0:44:59 > 0:45:01We wanted to let it to professional people,
0:45:01 > 0:45:04so there's nowhere here to dry your clothes
0:45:04 > 0:45:09so we've got a wash-drier, a dishwasher, a freezer, a fridge
0:45:09 > 0:45:14and plenty of cupboards, a lovely cooker and it's a very pleasant room now.
0:45:14 > 0:45:18There's lighting control on dimmer switches, under-bench lighting,
0:45:18 > 0:45:21so it really is a nice kitchen - not big, but it's very workable
0:45:21 > 0:45:24and you can get two people in here quite comfortably.
0:45:26 > 0:45:29'The whole flat now appears airy and spacious.
0:45:29 > 0:45:33'But it's the smallest room that is Terry's particular pride and joy.'
0:45:33 > 0:45:36This is my favourite because it was awful.
0:45:36 > 0:45:40There was a great big enamel bath in bright green
0:45:40 > 0:45:42and it was at that end of the bathroom.
0:45:42 > 0:45:46The WC was at that end, which made no sense at all.
0:45:46 > 0:45:52The tiling on the walls had gone back into - ooh, I don't know, the '70s, the late '60s -
0:45:52 > 0:45:57and it was set with thick concrete. And on the ceiling were those wonderful polystyrene tiles,
0:45:57 > 0:45:59now banned, so we had to wreck it completely, and we did.
0:45:59 > 0:46:03We took everything off. It took ages to get the tiles off.
0:46:03 > 0:46:08The amount of dust and junk that came out of this little, tiny room was amazing.
0:46:08 > 0:46:12But my number two son Anton did all this wonderful tiling.
0:46:12 > 0:46:15We got a plumber to plumb in the bath for us
0:46:15 > 0:46:18and move the WC up that end, which wasn't easy, but we managed,
0:46:18 > 0:46:22set the sink there, tiled all the way around,
0:46:22 > 0:46:26put a wonderful shower unit in which I think you'll agree is lovely
0:46:26 > 0:46:29and I'm chuffed to bits with it. It's a lovely room.
0:46:29 > 0:46:32'Even with the benefit of Anton's workmanship,
0:46:32 > 0:46:39'the scale and cost of the works must have had an impact on their original budget - around £14,000.'
0:46:40 > 0:46:46We have overspent. We've spent 16,500, which was probably around £2,000 more than we expected.
0:46:46 > 0:46:49Most of that is because of the plastering.
0:46:49 > 0:46:53It just had to be done and I think it's money well spent
0:46:53 > 0:46:56because it's given a good finish now to a lovely old flat.
0:46:56 > 0:47:00We've become quite fond of this flat now.
0:47:00 > 0:47:02All of us worked on it for such a long time
0:47:02 > 0:47:04that we've become almost protective of it
0:47:04 > 0:47:07and one of the reasons we thought about selling it
0:47:07 > 0:47:09is cos it'll never look this good again
0:47:09 > 0:47:11and we were worried about people coming in
0:47:11 > 0:47:13and sort of making a mark on the wall.
0:47:13 > 0:47:17We're getting too protective, so we've had to forget that really.
0:47:18 > 0:47:21'To see if they could be tempted
0:47:21 > 0:47:23'to have the flat prized from their hands,
0:47:23 > 0:47:26'we invited two local estate agents round to value it.
0:47:26 > 0:47:33'Remember, they bought it for 140,000 and spent £16,000 on decoration,
0:47:33 > 0:47:38'making a total of £156,000.'
0:47:38 > 0:47:41The flat itself, I think, is fantastically well presented.
0:47:41 > 0:47:42It's split level.
0:47:42 > 0:47:46It's been updated to a very good standard throughout
0:47:46 > 0:47:50and provides great accommodation for the commuter.
0:47:50 > 0:47:53I think the current owner has done a huge amount of improvements
0:47:53 > 0:47:59and it's now an extremely saleable apartment in today's market place.
0:47:59 > 0:48:03The finish the owners have gone for is a very neutral and contemporary finish
0:48:03 > 0:48:06which will appeal to the first-time buyer and the executive buyer.
0:48:06 > 0:48:10'Terry and Anton have a tenant lined up to rent the flat out soon.
0:48:10 > 0:48:13'What do the professionals think the rental income should be?'
0:48:13 > 0:48:17The rental that I would anticipate achieving for this flat
0:48:17 > 0:48:21at the present time would be in the region of £775 per calendar month
0:48:21 > 0:48:25and possibly as much as £790 per calendar month.
0:48:25 > 0:48:32The value for rental purposes of this particular apartment would be £750 per calendar month.
0:48:32 > 0:48:37'That means potential yield of around 6%, which isn't bad.
0:48:37 > 0:48:40'How does that compare with what Terry will be charging?'
0:48:42 > 0:48:47We've got the lower end of that already but I think we're happy anyway and we'll go with it,
0:48:47 > 0:48:52but yeah, it just shows you it can be done. We thought it was a good spot and we were right.
0:48:52 > 0:48:59'With that 156,000 spend in mind, what would they estimate is the resale value of the property?'
0:48:59 > 0:49:04The value of this apartment today currently would be £175,000.
0:49:04 > 0:49:10I would be happy to bring it to the market quoting an asking price of £175,000.
0:49:10 > 0:49:15Really and truly, I thought, when we bought it, we'd spend enough money so we'd break even,
0:49:15 > 0:49:21so to actually come in and make a profit on it, if we need to, is very good and we've got equity in it
0:49:21 > 0:49:25and I'm delighted, and I'm sure my partners will be as well.
0:49:27 > 0:49:31'We're back in Langley Mill, Nottingham, to catch up
0:49:31 > 0:49:35'with freelance joiner and recent singleton John.
0:49:35 > 0:49:40'He bought this three-storey, mid-terraced house for £62,500.
0:49:40 > 0:49:46'It was already in a state of redevelopment by the previous owner when he got it,
0:49:46 > 0:49:50'so he certainly had his work cut out turning it into a home.'
0:49:50 > 0:49:53A bit of a lonely thing to do, is it or not? How do you see it?
0:49:53 > 0:49:58No, I think get a stereo on, I'll just keep plugging away, putting some plaster boards up.
0:50:00 > 0:50:06'Well, plugging away may have been the original plan, but it's clear to see that, in over a year,
0:50:06 > 0:50:11'although work has been going on, not much is finished.
0:50:11 > 0:50:16'Where once there was a disordered mess, there is now, well, more of an ordered mess.
0:50:16 > 0:50:18'And the reason for this?
0:50:18 > 0:50:21'Well, it seems that a new business, a new house and a new girlfriend
0:50:21 > 0:50:27- 'have been happy distractions.' - Since buying the property at auction
0:50:27 > 0:50:31it took me around, I'd say, a year and three months to get to this sort of point.
0:50:31 > 0:50:35It obviously took a lot longer than I expected due to a work commitment,
0:50:35 > 0:50:39so starting my business at the same sort of time I bought this took a lot of time.
0:50:39 > 0:50:43Financial as well, I bought another property last year,
0:50:43 > 0:50:48so last year I wanted to get that done before Christmas. That was, again, a renovation project,
0:50:48 > 0:50:51so me and my partner have moved into that before Christmas,
0:50:51 > 0:50:53so that's been a priority for me at the minute.
0:50:53 > 0:50:56When I've not been too busy, I've been down here, working.
0:50:56 > 0:51:04MUSIC: "Working On A Dream" by Bruce Springsteen
0:51:04 > 0:51:06'Despite all John's other commitments
0:51:06 > 0:51:09'he has completed a fair amount of work here.'
0:51:10 > 0:51:15Since I've had the property, I've been busy trying to get it back up to standard.
0:51:15 > 0:51:19I've ripped a lot of plaster off, put new ceilings in, new joists in.
0:51:19 > 0:51:24A lot of stuff, like lintels, I've had to change, with it being wooden, to put concrete ones in.
0:51:24 > 0:51:28And obviously I started from the top and kind of worked my way down,
0:51:28 > 0:51:34sort of put new plaster boards on and I'd say new floors have gone in and things like that really.
0:51:34 > 0:51:38I think it's starting to look more like a house. I think having a bit of plaster on the walls
0:51:38 > 0:51:43and I'd say putting ceilings and floors in it, it feels more user-friendly for working in.
0:51:43 > 0:51:47I think the neighbours appreciate it looking a bit more like something's being done
0:51:47 > 0:51:51and I've put new windows in and things like that really,
0:51:51 > 0:51:53so you've just got to do it in the right order -
0:51:53 > 0:51:57start the structural things and I'm sort of getting towards the decorative bits now -
0:51:57 > 0:51:59the skimming and some architraves and doors
0:51:59 > 0:52:01and hopefully get a kitchen in.
0:52:03 > 0:52:09'Now that he's running his own business, being in the trade has had some surprising benefits for John.'
0:52:10 > 0:52:16As you can see, this is the kitchen I have to fit in the other room.
0:52:16 > 0:52:18I got these at a job I was working on a few weeks ago.
0:52:18 > 0:52:23The owner of the property was having a new kitchen fitted and was going to chuck it in the skip
0:52:23 > 0:52:26so I asked if I could have it and gladly took it off their hands.
0:52:26 > 0:52:31It needs a bit of sorting out, but will hopefully fit quite nicely. It'll do for rental accommodation.
0:52:31 > 0:52:34'He also managed to blag a bathroom suite from his friend
0:52:34 > 0:52:36'to fit in the attic space.'
0:52:36 > 0:52:40'But it's not all been this easy. Some things needed to be redone
0:52:40 > 0:52:43'and this has had an impact on his budget.'
0:52:43 > 0:52:44The joists that were in,
0:52:44 > 0:52:47I didn't really think were suitable structurally,
0:52:47 > 0:52:52so I've replaced all of them and put new singular pieces in rather than joints in it.
0:52:52 > 0:52:57Again, upstairs in the attic room I put new ceilings in cos they were slightly rotten and bowed,
0:52:57 > 0:53:01so rather than mess about, I thought this is the time to put new timber in.
0:53:01 > 0:53:04I've changed a few things I didn't think I'd have to do.
0:53:04 > 0:53:07But apart from that, everything's sort of gone how I expected to go.
0:53:07 > 0:53:09Trying to think about how much I've sort of spent
0:53:09 > 0:53:13on the properties is always difficult when you're doing the work yourself
0:53:13 > 0:53:15and you're buying bits and bobs as you go along.
0:53:15 > 0:53:20I did originally try and keep a tally on my computer but that's been blown out the window.
0:53:20 > 0:53:25I would say I've probably spent around the 8,000-9,000 mark so far -
0:53:25 > 0:53:27not too bad with new windows and stuff.
0:53:27 > 0:53:30Once everything's completely decorated and furnished,
0:53:30 > 0:53:36the carpet's down, I'm hoping I don't spend more than £11,000 to £12,000.
0:53:36 > 0:53:40'John bought the property for £62,500
0:53:40 > 0:53:45'and looks likely to spend nearly £12,000 on finishing the place.
0:53:45 > 0:53:48'That's a total of £74,500.
0:53:48 > 0:53:51'Can he hope to make any money from his endeavours?
0:53:53 > 0:53:55'We invited along a couple of local estate agents
0:53:55 > 0:54:02'to view it in its still unfinished state and give their evaluation.'
0:54:02 > 0:54:04My first impressions of the property are
0:54:04 > 0:54:08he's put a lot of work into starting the basics really - rewiring and plumbing -
0:54:08 > 0:54:12which are really important because that'll help us get it through a survey.
0:54:12 > 0:54:16He's got to finish the cosmetic side of things which will help attract a buyer.
0:54:16 > 0:54:19My first impressions are the property does need finishing,
0:54:19 > 0:54:22the kitchen needs to go into the rear,
0:54:22 > 0:54:25replaster the walls, put all the electricity in,
0:54:25 > 0:54:28and then I think it will be a nice property.
0:54:28 > 0:54:33The positives of this property I would say are the amount of space. It's a three-storey property.
0:54:33 > 0:54:35The second en suite upstairs is a good idea.
0:54:35 > 0:54:38Gives it something to offer that the others haven't got.
0:54:38 > 0:54:39And the position of it.
0:54:39 > 0:54:43It's quite handy for the railway station, appealing to people working in Nottingham.
0:54:43 > 0:54:45The only negative side of the property would be
0:54:45 > 0:54:49the size of the rear garden. It's only like a small yard.
0:54:49 > 0:54:52You've go the storage shed to the rear. And there's no parking.
0:54:52 > 0:54:57'So when John has completed the work, what do they think he could rent the house out for?'
0:54:59 > 0:55:04Once finished, I would offer this property for rent at £450 a month.
0:55:04 > 0:55:08The rent I would hope to receive for a property like this would be around £450 a month.
0:55:08 > 0:55:13I think £450 is a fair rental income for this kind of property.
0:55:13 > 0:55:16It's what I was looking at getting. I've done a bit of market research
0:55:16 > 0:55:21and 450 is kind of on the money really for what I expected. I'm fairly pleased with that.
0:55:21 > 0:55:26'That would give John a little over a 7% yield which is a decent income.
0:55:26 > 0:55:30'He reckons his total spend will be around £74,500.
0:55:30 > 0:55:33'But if he were to put the property on the resale market,
0:55:33 > 0:55:37'could he hope to recoup his expenditure?'
0:55:37 > 0:55:40I would market this property at £90,000
0:55:40 > 0:55:43with a view to achieving a sale hopefully in excess of £85,000.
0:55:43 > 0:55:47Resale valuation - I'd hope to achieve around £95,000.
0:55:47 > 0:55:49I'd hope to get around £90,000 for the property
0:55:49 > 0:55:53if I was going to resell it, but I think at the minute I'd hang on to the property
0:55:53 > 0:55:58due to the current market not being at its best and hopefully in the future, things will pick up,
0:55:58 > 0:56:00and I might get a better price for it.
0:56:06 > 0:56:10'John has already been working on this house for over a year
0:56:10 > 0:56:13'and has sometimes felt he was losing heart.'
0:56:13 > 0:56:19At times, it's been very tough. I've been very tempted to go back to the auction and get rid of it
0:56:19 > 0:56:25and cash in, as you could say, get my money back off the property and buy a nice car or something,
0:56:25 > 0:56:27but I suppose I try and look at the bigger picture and look further down the line than at the minute,
0:56:27 > 0:56:33and you just persevere with it and eventually things get done.
0:56:33 > 0:56:37It doesn't look like things are getting done and it gets a bit frustrating at times,
0:56:37 > 0:56:40but no, I'm glad I'm sticking with it.
0:56:42 > 0:56:47That's it for today's show. Tune in next time for more Homes Under The Hammer.
0:56:47 > 0:56:49- We'll see you then.- Goodbye. - Goodbye.
0:56:49 > 0:56:53Subtitles by Red Bee Media Ltd
0:56:53 > 0:56:57E-mail subtitling@bbc.co.uk