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-Welcome to Homes Under The Hammer. -For many buying at auction | 0:00:02 | 0:00:04 | |
gives the chance to buy properties in need of some work. | 0:00:04 | 0:00:06 | |
Many like to put their own stamp and style on their property and, hopefully, make a bit of a profit. | 0:00:06 | 0:00:12 | |
And there's a good opportunity you could do that when you buy your home under the hammer! | 0:00:12 | 0:00:16 | |
Martin and I love the buzz of the auction room. | 0:00:42 | 0:00:45 | |
You can really sense the hope and frustration in the air. | 0:00:45 | 0:00:48 | |
But you never know what's going to happen until the very last second. | 0:00:48 | 0:00:51 | |
So let's see what tempted the buyers on today's show. | 0:00:51 | 0:00:55 | |
Don't be put off by the state of this semi in Devon. | 0:00:56 | 0:00:59 | |
It's a mess but I think you could really work with this house to create something very special. | 0:00:59 | 0:01:05 | |
When we first showed you this Southampton house, the refurbishment had been delayed. | 0:01:06 | 0:01:10 | |
Well, it's taken 18 months but now you can see the stunning finished result. | 0:01:10 | 0:01:15 | |
And there are three flats in this Kent property with lots of rooms, so it's easy to get confused. | 0:01:17 | 0:01:23 | |
Where the heck's the bedroom? | 0:01:23 | 0:01:26 | |
All of these properties went to auction and we'll find out who bought them and what they paid | 0:01:28 | 0:01:32 | |
when they went under the hammer. | 0:01:32 | 0:01:34 | |
..Out! | 0:01:34 | 0:01:36 | |
I'm in Brixham in South Devon, known as the English Riviera... | 0:01:46 | 0:01:52 | |
Brixham, Paignton, Torquay... I mean, it is a stunning spot! | 0:01:52 | 0:01:58 | |
Even in the rain! | 0:01:58 | 0:01:59 | |
# It's raining again... # | 0:01:59 | 0:02:03 | |
It certainly is pouring down today, but the house I'm here to see is in the village of Galmpton. | 0:02:03 | 0:02:09 | |
It has all the amenities you'd need day to day. Nearby Torquay and Brixham provide the beaches | 0:02:09 | 0:02:15 | |
for that year-round holiday feeling, even when it's a bit wetter than you might like. | 0:02:15 | 0:02:20 | |
Well, when you've finished with your bucket and spade and it's time to head back to reality, | 0:02:23 | 0:02:27 | |
the property I'm here to see sounds pretty promising. 1935 it was built, it's got four bedrooms, | 0:02:27 | 0:02:32 | |
semidetached, had a guide price of £140,000, | 0:02:32 | 0:02:36 | |
it's on a bus route, close to shops, a restaurant...I mean, whoo! Let's take a look inside. | 0:02:36 | 0:02:41 | |
Well, the rain may still be falling but I don't think this place will be a washout. | 0:02:43 | 0:02:48 | |
Nice big entrance hall, we like that, and then through into the lounge. | 0:02:51 | 0:02:54 | |
Big bay window, lots of light flooding in, so that's a good start, | 0:02:54 | 0:02:58 | |
but from that point on it starts to get a little bit weird, partly due to the number of doors. | 0:02:58 | 0:03:03 | |
There's one door there which I just came through, this completely superfluous door here, | 0:03:03 | 0:03:07 | |
another door there into the kitchen. Maybe the person who owned it was into knock-knock jokes! | 0:03:07 | 0:03:13 | |
You've then got this middle area with this fairly odd fireplace... | 0:03:13 | 0:03:18 | |
Carry on through...and it is a big house, you have to say, you come to this area on the end. | 0:03:18 | 0:03:24 | |
It's a very useful space actually. | 0:03:24 | 0:03:27 | |
This, I think, could be made fantastic. It's sort of like a family area, | 0:03:27 | 0:03:31 | |
not least because it joins the kitchen. | 0:03:31 | 0:03:34 | |
It's a mess, but I think you could really work with this house to create something very special. | 0:03:34 | 0:03:42 | |
The ground floor would look amazing if it were almost completely open-plan. | 0:03:47 | 0:03:52 | |
Of course that would mean enlisting the help of a structural engineer | 0:03:52 | 0:03:55 | |
to ensure that none of the walls are supporting ones. | 0:03:55 | 0:03:58 | |
So...upstairs. Love the fact you've got this huge great window on the landing there, loads of light, | 0:04:03 | 0:04:08 | |
even a view of the hills, which is good to see. And then up here... I mean, it's a big house! | 0:04:08 | 0:04:13 | |
We've got four double bedrooms, absolutely brilliant! | 0:04:13 | 0:04:17 | |
The only thing that lets it down in terms of a family house is the bathroom, | 0:04:17 | 0:04:20 | |
because you've got a separate loo and a bathroom, so that's not ideal. | 0:04:20 | 0:04:24 | |
In terms of expansion, then, what would you do? | 0:04:24 | 0:04:25 | |
Well, I know there's a market in this area for five-bedroomed houses, | 0:04:25 | 0:04:29 | |
so you might think it's worthwhile to go up into the loft. | 0:04:29 | 0:04:32 | |
That would add, well, around, £15,000 to the value, and I don't reckon it would cost more to do it, | 0:04:32 | 0:04:38 | |
so that's worth considering! Another you shouldn't do is throw away the bathroom. | 0:04:38 | 0:04:41 | |
That walk-in bath actually has a value in the second-hand market, | 0:04:41 | 0:04:46 | |
so make sure you take it out carefully when you replace the suite. | 0:04:46 | 0:04:49 | |
Space certainly isn't an issue here. It's not in a bad state, | 0:04:51 | 0:04:54 | |
with just some cracks and woodwork that need attention upstairs. | 0:04:54 | 0:04:58 | |
But the question is what's outside beneath those rain clouds? | 0:04:58 | 0:05:03 | |
So a good-sized garden which just adds to the appeal of this as a family house. | 0:05:05 | 0:05:09 | |
Something which isn't so good is the garage, which, I suppose, is functional but not all pretty... | 0:05:09 | 0:05:14 | |
very like this extension which has been put on. | 0:05:14 | 0:05:17 | |
I didn't actually notice this when I was inside, but look at it! It's absolutely monstrous. | 0:05:17 | 0:05:23 | |
You'd want to try and enclose this because as it is it looks like a real eyesore, | 0:05:23 | 0:05:27 | |
and like it might fall down at any point. | 0:05:27 | 0:05:29 | |
There's no getting away from it, there's an awful lot to do here, | 0:05:29 | 0:05:32 | |
but at what was a guide price of £140,000, I think it has great potential. | 0:05:32 | 0:05:37 | |
Let's see if a local estate agent agrees. | 0:05:37 | 0:05:41 | |
I feel the property needs quite a lot... | 0:05:41 | 0:05:43 | |
doing to it. | 0:05:43 | 0:05:45 | |
We need to look at definitely a lot of decor, new bathroom, kitchen, | 0:05:45 | 0:05:50 | |
possibly a bit of a jig around, and maybe sort of rewiring. | 0:05:50 | 0:05:55 | |
You're looking at most probably | 0:05:55 | 0:05:57 | |
spending about sort of £30,000 to get it up to scratch, depending on what you wanted to do it. | 0:05:57 | 0:06:03 | |
Not a small budget, but it would be enough to transform the place, so what are the prospects here? | 0:06:03 | 0:06:09 | |
In this property you could also go up into the loft. There's plenty of space to do that, | 0:06:11 | 0:06:16 | |
there are others along the road that have done that and there's plenty of space on the landing here | 0:06:16 | 0:06:21 | |
to be able to go up and not make any of the other rooms smaller. | 0:06:21 | 0:06:24 | |
As I thought, going up into the loft would be a good solution to add value to this house. | 0:06:24 | 0:06:30 | |
But it would also add quite a chunk to any renovation budget. What about the rental possibilities? | 0:06:30 | 0:06:36 | |
I feel this property is more ideal for resale, but if you were to look into renting this property, | 0:06:37 | 0:06:43 | |
you're looking at about £750 a month. | 0:06:43 | 0:06:48 | |
That's a fair income for this area and worth considering for investment purposes. | 0:06:48 | 0:06:53 | |
What about putting it up for resale? | 0:06:53 | 0:06:55 | |
I feel this property would be worth, once renovated, around £240,000. | 0:06:57 | 0:07:04 | |
Well, Galmpton is a lovely spot. It looks like a fantastic place to live, | 0:07:04 | 0:07:09 | |
and what you've got here is a fantastic family house for 140 grand as guide price, | 0:07:09 | 0:07:14 | |
with the option of doing a bit of work to improve it, maybe going up into the loft with another room... | 0:07:14 | 0:07:20 | |
It's a great one to go for. Let's see who fancied it at the auction. | 0:07:20 | 0:07:23 | |
Who's going to say just nice and simply 140, shown in the guide? | 0:07:26 | 0:07:30 | |
140, we do. At 140. | 0:07:30 | 0:07:32 | |
150. | 0:07:32 | 0:07:34 | |
160, do I? 160. | 0:07:34 | 0:07:36 | |
170. | 0:07:36 | 0:07:37 | |
175 and a half. | 0:07:37 | 0:07:39 | |
175...and a half. | 0:07:42 | 0:07:43 | |
Once... | 0:07:43 | 0:07:44 | |
176. | 0:07:44 | 0:07:46 | |
176 and a half. | 0:07:46 | 0:07:48 | |
177. | 0:07:48 | 0:07:50 | |
It's a big house, a lot of accommodation. It's going to go away from you for the sake of £500. | 0:07:52 | 0:07:57 | |
You sure and done? Going to be sold at... One more. | 0:07:57 | 0:08:00 | |
177 and a half. 177 and a half. | 0:08:00 | 0:08:02 | |
178. Oh... | 0:08:02 | 0:08:05 | |
At 178, young man's in. | 0:08:05 | 0:08:07 | |
178 once, twice, third and last time...here we go...at 178 and out. | 0:08:07 | 0:08:12 | |
Young man, well done. Hard luck, madam. Thanks for pushing it up. | 0:08:13 | 0:08:15 | |
So for £178,000, 38,000 over the guide price, | 0:08:17 | 0:08:22 | |
Mark and his wife Loretta bought this house for themselves, | 0:08:22 | 0:08:26 | |
their two-year-old son and their impending arrival. | 0:08:26 | 0:08:29 | |
# Ooh, baby love, my baby love... # | 0:08:29 | 0:08:34 | |
They both work for Loretta's family plumbing and distribution business, which will be handy for contacts! | 0:08:34 | 0:08:41 | |
They intend to make this their first family home. | 0:08:41 | 0:08:44 | |
Mark, Loretta, lovely to meet you both. Congratulations. Tell me why you wanted to buy the house. | 0:08:46 | 0:08:49 | |
We weren't openly looking actually but my parents live in this village so we drive past here a lot, | 0:08:49 | 0:08:57 | |
and basically saw it and nosiness got the better of us and we thought, "Well, let's go and have a look." | 0:08:57 | 0:09:01 | |
Nice village, good primary school. We have a little boy who's 2 and a half, nearly three. | 0:09:01 | 0:09:06 | |
-Great! -So we thought, "Well, we'll just go and have a look." | 0:09:06 | 0:09:09 | |
And we came in and we thought, "Wow! It's big and it's got potential..." | 0:09:09 | 0:09:13 | |
-So this is your first home, your first family home? -Yeah. -Yeah. | 0:09:13 | 0:09:17 | |
-It is. -Yeah, it's amazing. -What a great house to have as your first family house. | 0:09:17 | 0:09:20 | |
Until now the family have been living in rented accommodation, | 0:09:22 | 0:09:25 | |
but with three soon becoming four, they felt it was time to invest in a home. | 0:09:25 | 0:09:31 | |
-When's the baby due? -End of October, early November. | 0:09:32 | 0:09:35 | |
-Oh...! -We're hoping to be in. | 0:09:35 | 0:09:38 | |
So that's only three months or so away? | 0:09:38 | 0:09:41 | |
Pretty tight on timescales but we have a very handy brother-in-law, which should help us out. | 0:09:41 | 0:09:47 | |
-No pressure on him! -He's a builder. -He's a builder? -He's a builder, and we brought him along actually... | 0:09:47 | 0:09:51 | |
and he's, like, "Yeah, that's doable and potential..." That was it really. | 0:09:51 | 0:09:55 | |
We thought, "Right, if he's on board and he thinks it's a good idea, we can afford it, we'll have a go." | 0:09:55 | 0:10:00 | |
Great to have brought somebody who actually knows what they're doing around as well, | 0:10:00 | 0:10:04 | |
so that you know it isn't falling to pieces. | 0:10:04 | 0:10:06 | |
So how much did he indicate you might need to spend to get it sorted out? | 0:10:06 | 0:10:10 | |
Well, early days, before he'd done a little more exploration, | 0:10:10 | 0:10:14 | |
he said something around sort of late 20s...thousands... | 0:10:14 | 0:10:18 | |
but I think after, you know, a few more things that we want to add to the property, | 0:10:18 | 0:10:23 | |
then we're probably looking at closer to 40, I'd have thought, something around that sort of budget. | 0:10:23 | 0:10:28 | |
You end up with a stonking house for that, don't you? | 0:10:28 | 0:10:30 | |
Mark and Loretta have grand plans to remove virtually all the walls on the ground floor, | 0:10:30 | 0:10:36 | |
making it completely open-plan. They want a new kitchen and bathroom, new flooring and extra radiators. | 0:10:36 | 0:10:43 | |
Even with £40,000 it's a big ask to get it all done in three months. | 0:10:43 | 0:10:48 | |
What do you realistically think you can achieve in that time? | 0:10:52 | 0:10:55 | |
I think the structural downstairs and the kitchen things will be in, the bathroom will be in. | 0:10:55 | 0:11:00 | |
How much we will have managed to do decoratively, we don't know, | 0:11:00 | 0:11:03 | |
but I'm really positive...I'm going to remain really positive that we'll get all of the big stuff done. | 0:11:03 | 0:11:09 | |
Loretta's not going to be content with magnolia walls. | 0:11:10 | 0:11:14 | |
She has creative ideas for the decor as well. | 0:11:14 | 0:11:18 | |
We've had the notebook... I'm sorry, I had to get it in! | 0:11:23 | 0:11:26 | |
-What's the notebook? -With all of the moods... -My scrapbook! -A mood book? That's a great thing to have! | 0:11:26 | 0:11:32 | |
Thinking about how I want to use the space and what's important to me... | 0:11:32 | 0:11:35 | |
and with small children and things like that, it's been... | 0:11:35 | 0:11:38 | |
-And because it's the whole house, it's a lot to think about. -Did you get cuttings from magazines? | 0:11:38 | 0:11:44 | |
-I loved it, it's been great! -Bits of fabric... A mood book's a great idea. | 0:11:44 | 0:11:47 | |
-You need to show us your mood book when we come back. -Yeah... | 0:11:47 | 0:11:50 | |
-we'd love to. We'll see how close I get to my vision. -Yeah, definitely! | 0:11:50 | 0:11:54 | |
# If you want it You've got to believe... # | 0:11:54 | 0:11:59 | |
The couple obviously have the vision to see what a great family home this could be, | 0:11:59 | 0:12:04 | |
and it's an exciting first step on to that property ladder. | 0:12:04 | 0:12:08 | |
Well, how wonderful that Mark and Loretta have got this place and are going to turn it into a family home, | 0:12:10 | 0:12:15 | |
because a most wonderful family home it will most certainly make. | 0:12:15 | 0:12:19 | |
And how great that they've got Loretta's brother-in-law to help them out. | 0:12:19 | 0:12:23 | |
But, of course, we are on a deadline. We've got a baby on the way. | 0:12:23 | 0:12:26 | |
So will how they get on with budgets, builders and babies? You can find out later in the show. | 0:12:26 | 0:12:33 | |
We're now returning to a property we first showed you in November 2008. | 0:12:35 | 0:12:40 | |
It was close to the River Itchen in Southampton in the suburb of Bitterne on Athelstone Road. | 0:12:40 | 0:12:46 | |
Well, just off this busy main road is today's lot. | 0:12:46 | 0:12:49 | |
It's a three-bedroomed semidetached house | 0:12:49 | 0:12:52 | |
and the guide price is 130,000. Let's see if it's worth the money. | 0:12:52 | 0:12:57 | |
The name of the road Athelstone derives from an old English word, meaning "noble stone", | 0:12:57 | 0:13:03 | |
but from the front here there's not much that lives up to that. There's moss on the roof tiles, | 0:13:03 | 0:13:08 | |
and signs of wear and tear. So it's not off to a spectacular start. | 0:13:08 | 0:13:14 | |
Well, my first impression of this house once you walk in is that it's really tired and dated. | 0:13:14 | 0:13:19 | |
And you can see the previous owner has left a lot of possessions lying around, | 0:13:19 | 0:13:23 | |
so it's quite hard to see some of the rooms. But what I do like about 1920s houses | 0:13:23 | 0:13:30 | |
is that you get big, big spaces! | 0:13:30 | 0:13:31 | |
You've got two lovely reception rooms here, but I can detect Artex everywhere, | 0:13:31 | 0:13:37 | |
on all the ceilings, so that's something I think I'd have to address. | 0:13:37 | 0:13:40 | |
But at the back of the house, you've got a really nice long galley kitchen, | 0:13:40 | 0:13:43 | |
a bit dated, you will have to update this. | 0:13:43 | 0:13:46 | |
You've got enough room at the end to put a table and chairs, but what I really like about this room... | 0:13:46 | 0:13:51 | |
is that cracking little view over River Itchen. That's the real selling point here, those views. | 0:13:51 | 0:13:58 | |
People are prepared to pay a premium to look out over the river, | 0:13:58 | 0:14:02 | |
but something buyers do not like paying for is problems, and there's a fair share of those here. | 0:14:02 | 0:14:07 | |
There's the crack in the ceiling for starters and also signs of damp throughout. | 0:14:07 | 0:14:11 | |
Well, upstairs we've got this really nice light landing area, all down to this lovely big sunny window here. | 0:14:11 | 0:14:17 | |
The boxroom, again with the fantastic view, and two really good-sized doubles. | 0:14:17 | 0:14:21 | |
The bathroom suite...avocado... it's got to go! Replace it with something white. | 0:14:21 | 0:14:27 | |
And in this room, you've got a really nice-sized double bedroom. | 0:14:27 | 0:14:31 | |
It'll be lovely to see these stripes stripped | 0:14:31 | 0:14:34 | |
and this room painted in something more contemporary and modern. | 0:14:34 | 0:14:37 | |
These stripes aren't the only thing to go. The heating here is by old storage heaters and gas fires, | 0:14:37 | 0:14:44 | |
so you'd have to consider installing new central heating. | 0:14:44 | 0:14:47 | |
But the bones of this place are solid. | 0:14:47 | 0:14:49 | |
Get past that dated decor and you've got the makings of a well-configured family house. | 0:14:49 | 0:14:56 | |
And we haven't gone outside yet. | 0:14:56 | 0:14:58 | |
So here's the back garden. | 0:14:58 | 0:15:00 | |
You may think it's really interesting with all these little paths and winding walkways, | 0:15:00 | 0:15:05 | |
but let's not forget this is a family house | 0:15:05 | 0:15:08 | |
and this garden could be very difficult for kids to play in. | 0:15:08 | 0:15:11 | |
To get this levelled out would be a very expensive job, but in my opinion worth thinking about. | 0:15:11 | 0:15:17 | |
What really sets this garden off, though, is that view. | 0:15:17 | 0:15:20 | |
But just to let you know, folks, it's a winter view only. | 0:15:20 | 0:15:24 | |
In the summer, the leaves will be back and the view will be gone. | 0:15:24 | 0:15:28 | |
This must be one of the few properties I've visited on Homes Under The Hammer | 0:15:28 | 0:15:32 | |
that could have me longing for the cooler days of winter! But back to the house... | 0:15:32 | 0:15:35 | |
The back looks very much like the front. Everything needs some work, | 0:15:35 | 0:15:39 | |
and though that rendering isn't easy on the eye, it is at least low maintenance. | 0:15:39 | 0:15:44 | |
This little 1920s house is in good order. It does require work and it needs a new kitchen and bathroom, | 0:15:44 | 0:15:51 | |
but it's in a desirable area with great views from the garden. | 0:15:51 | 0:15:55 | |
And the guide is realistically set at 130,000. Let's see who went for this property as we go to auction. | 0:15:55 | 0:16:02 | |
Number 21 in your catalogue. | 0:16:05 | 0:16:08 | |
Somebody prepared to start | 0:16:08 | 0:16:10 | |
at just 110,000? You do, sir? 110 we have. | 0:16:10 | 0:16:14 | |
112 here in the front. 112,000. | 0:16:14 | 0:16:18 | |
114's bid in the back. 116. | 0:16:18 | 0:16:20 | |
116 here in the front. | 0:16:20 | 0:16:23 | |
118 we have got. | 0:16:23 | 0:16:25 | |
120 in the front here. | 0:16:25 | 0:16:27 | |
122? I'll do a 1 now if that's going to help you. | 0:16:27 | 0:16:31 | |
121 we have got. | 0:16:31 | 0:16:33 | |
Fresh bid at 122. | 0:16:33 | 0:16:35 | |
123? 123. | 0:16:35 | 0:16:38 | |
124. | 0:16:38 | 0:16:40 | |
124,000. | 0:16:40 | 0:16:41 | |
Bid's against you now, 125 is what I need. | 0:16:41 | 0:16:44 | |
No, back in at 125. | 0:16:44 | 0:16:46 | |
126. Thank you, sir. | 0:16:46 | 0:16:48 | |
127? | 0:16:48 | 0:16:50 | |
No? You're out. £126,000, then, with you, sir. | 0:16:50 | 0:16:54 | |
£126,000. 127. | 0:16:54 | 0:16:57 | |
Now we're talking 127. | 0:16:57 | 0:17:00 | |
Gentleman's back at 128. | 0:17:00 | 0:17:02 | |
128. 129? | 0:17:02 | 0:17:04 | |
129. | 0:17:04 | 0:17:07 | |
Gentleman's back in at 130. He looks committed. | 0:17:07 | 0:17:10 | |
131. | 0:17:10 | 0:17:12 | |
No? You're out. You sure? They're out, sir. It's with you at 130, then. | 0:17:12 | 0:17:16 | |
I have 130,000 on Athelstone Road for the first... | 0:17:16 | 0:17:20 | |
I have 130,000 for the second... | 0:17:20 | 0:17:23 | |
I have £130,000 for the third and final time... Your property. Well done. | 0:17:23 | 0:17:29 | |
Your number, please, sir? | 0:17:29 | 0:17:30 | |
After that battle in the auction room, it was retired couple Roger and Linsday who emerged victorious. | 0:17:31 | 0:17:37 | |
They got this property for spot on the guide price of £130,000. | 0:17:37 | 0:17:42 | |
-Roger and Lindsay, congratulations. -Thank you. -You pulled it off. | 0:17:42 | 0:17:46 | |
-Yes, we did. -You got it for the guide price. -We did. -Yes. -Very lucky. | 0:17:46 | 0:17:51 | |
How much would you have gone up to? I love asking people that! | 0:17:51 | 0:17:54 | |
You may not believe this but I was stopping on 130. I wasn't going further. | 0:17:54 | 0:17:58 | |
-So you got it bang on the guide price. -On the nail. -Roger, why was this the right house for you? | 0:17:58 | 0:18:04 | |
Because our son lives about three streets away and is just about to have some work done on his house, | 0:18:04 | 0:18:11 | |
which means he's going to have a lot of demolition done, | 0:18:11 | 0:18:14 | |
so we thought it would be a good idea if they move into here while the builders are in. | 0:18:14 | 0:18:18 | |
Building works can be very messy affairs, so Roger and Lindsay are definitely providing their son | 0:18:18 | 0:18:24 | |
and his family with a great alternative. | 0:18:24 | 0:18:26 | |
But there's another personal reason for buying this house. | 0:18:26 | 0:18:30 | |
So were you looking for property for them or it just happened to fall into place? | 0:18:30 | 0:18:34 | |
Just happened to fall into place, really, cos I really wanted to have a go at doing a property myself. | 0:18:34 | 0:18:39 | |
I'd done my own house up a few years ago, | 0:18:39 | 0:18:42 | |
and I thought, "Well, when I retire it'll keep me out of mischief!" | 0:18:42 | 0:18:45 | |
-Now, Lindsay, do you agree with that? -Yes! | 0:18:45 | 0:18:48 | |
Is this something Roger's wanted to do for quite a while? | 0:18:48 | 0:18:51 | |
He has. And since he's retired last year, he's always said he'd like to do something property... | 0:18:51 | 0:18:57 | |
and DIY he's very good at, so this is ideal. It'll keep him out of mischief. | 0:18:57 | 0:19:03 | |
-You're raring to go, aren't you? -Absolutely. Toolbox is ready! | 0:19:03 | 0:19:07 | |
# I've spent a lifetime Waiting for the right time... # | 0:19:07 | 0:19:13 | |
Well, it's time for all the talking to stop and for Roger to prove himself. | 0:19:13 | 0:19:18 | |
This house certainly provides plenty to test his DIY skills. | 0:19:18 | 0:19:22 | |
# ..It's now or never... # | 0:19:22 | 0:19:24 | |
The couple plan to install a new central-heating system, replace the double glazing | 0:19:24 | 0:19:29 | |
and put in an updated kitchen and bathroom. | 0:19:29 | 0:19:32 | |
As for those cracks, a survey has revealed no subsidence here, | 0:19:32 | 0:19:37 | |
so no structural changes are planned, but there's still a fair amount to do, | 0:19:37 | 0:19:42 | |
and the couple have given themselves a comfortable 30-grand renovation budget. | 0:19:42 | 0:19:47 | |
-How are you going to get involved in this, Lindsay? -I shall be helping, probably labouring a little bit | 0:19:47 | 0:19:52 | |
and doing the gardening and just supervising now and again, probably. | 0:19:52 | 0:19:57 | |
-You've made that clear from the off? -I've made that clear, yes! | 0:19:57 | 0:20:01 | |
Though looking at the state of this garden, I think Lindsay may have drawn the short straw here! | 0:20:01 | 0:20:06 | |
Their son's family plan to move in, | 0:20:06 | 0:20:09 | |
but it's got some way to go before being child-friendly | 0:20:09 | 0:20:12 | |
and the slope rather restricts their options. | 0:20:12 | 0:20:15 | |
But as for the rest of the house, well, Roger and Lindsay hope to have it ready in three months, | 0:20:15 | 0:20:20 | |
though I reckon they might get a bit distracted by looking out the back window. | 0:20:20 | 0:20:24 | |
What about that view? What about that winter view? | 0:20:24 | 0:20:27 | |
-Fantastic. Well, I'm a sailor myself. -Lovely. -Are you? | 0:20:27 | 0:20:30 | |
So looking out and seeing that view which wasn't there when we came to look at it a couple of months ago... | 0:20:30 | 0:20:35 | |
-I think that's really an added little bonus to this house. -Yes. | 0:20:35 | 0:20:38 | |
When we looked out this morning with the blue sky and the yachts moored out there, it's really lovely. | 0:20:38 | 0:20:42 | |
And you know it's not going to be built on behind. That's one good thing. | 0:20:42 | 0:20:46 | |
Stay with us to find out why things were on hold the first time we went back. | 0:20:47 | 0:20:53 | |
In December I'd a total knee replacement, so... | 0:20:55 | 0:21:00 | |
I've been a few months getting back to strength. | 0:21:00 | 0:21:02 | |
But you'll see the fantastic completed property later on in the programme. | 0:21:03 | 0:21:08 | |
Coming up...if you leave this Kent property as separate flats, you could be in the money! | 0:21:09 | 0:21:14 | |
This house suddenly turns into a big income-generating machine. | 0:21:14 | 0:21:18 | |
We go back to Southampton to show you the finished house overlooking the river. | 0:21:20 | 0:21:25 | |
But first, in Devon, they were sure they'd thought of everything. | 0:21:31 | 0:21:34 | |
It would all work in a nice, orderly fashion. | 0:21:34 | 0:21:37 | |
Obviously that didn't happen. | 0:21:37 | 0:21:39 | |
Earlier when we were in the Devon village of Galmpton, I met Mark and his wife Loretta. | 0:21:41 | 0:21:47 | |
They'd just paid £178,000 for this semi-detached property | 0:21:47 | 0:21:50 | |
which was going to be their new home. It had a first-floor extension that you couldn't miss, | 0:21:50 | 0:21:55 | |
but the house had got the thumbs-up from their brother-in-law who's a builder. | 0:21:55 | 0:22:00 | |
When we left them they were about to embark on an ambitious building project. | 0:22:00 | 0:22:06 | |
They were expecting their second child so had set themselves a three-month deadline. | 0:22:06 | 0:22:11 | |
Well, now, over eight months later we met up again with Mark, Loretta and their two children, | 0:22:12 | 0:22:19 | |
-Hayden and his new sister Aliza. -# Baby love... # | 0:22:19 | 0:22:23 | |
The refurbishment of the house is complete. Downstairs two rooms were already knocked into one, | 0:22:23 | 0:22:29 | |
but now the wall to the kitchen is gone as well, and a huge open-plan living space has been born. | 0:22:29 | 0:22:36 | |
But Mark and Loretta knew timing was critical if they were to create such an ambitious new house | 0:22:36 | 0:22:41 | |
involving so much work. | 0:22:41 | 0:22:44 | |
We bought the house about eight months ago. | 0:22:45 | 0:22:49 | |
We needed about eight weeks in which to do the main construction work downstairs, putting in the steels | 0:22:49 | 0:22:56 | |
and replastering and rebuilding walls, and then our daughter was born six months ago, | 0:22:56 | 0:23:02 | |
and we moved in the week after she was born. | 0:23:02 | 0:23:05 | |
We had expected we'd move in and then the baby would come, | 0:23:05 | 0:23:07 | |
and it would all work in a nice, orderly fashion. Obviously that didn't happen. | 0:23:07 | 0:23:12 | |
Isn't that always the way with these things? | 0:23:12 | 0:23:15 | |
It was a tight timescale with having had baby Aliza, and we were very lucky. | 0:23:17 | 0:23:22 | |
We called in friends and family. We've had a tremendous amount of help. | 0:23:22 | 0:23:27 | |
It was tight, it was military almost, but, yeah, we did it. | 0:23:27 | 0:23:31 | |
Getting the nursery finished upstairs was vital, as well as Hayden's bedroom. | 0:23:32 | 0:23:37 | |
But downstairs modifying the kitchen was a challenge. | 0:23:37 | 0:23:41 | |
There was once a door here and then a long wall running up here, closing off the kitchen quite a bit. | 0:23:41 | 0:23:47 | |
We did actually have an external door over there, but it's all changed, | 0:23:47 | 0:23:51 | |
and we've opened it up to have that open living space for all the family, really. | 0:23:51 | 0:23:55 | |
It was nice putting the big steels in. That was a big day when we came on to site and saw that happening. | 0:23:55 | 0:24:02 | |
One of the big attractions here was the very generous accommodation. | 0:24:02 | 0:24:05 | |
The look Loretta created from the pages of her mood book is fantastic! So who did the work? | 0:24:05 | 0:24:11 | |
Most of the work was done initially by my brother-in-law and his team of builders. | 0:24:12 | 0:24:16 | |
When his work finished, Mark and our team of family and friends, who we will be forever grateful to, | 0:24:16 | 0:24:25 | |
came in in their masses and worked until midnight, | 0:24:25 | 0:24:27 | |
they would come after work and at the weekends, so they were fantastic. | 0:24:27 | 0:24:32 | |
There were some unexpected problems, though. | 0:24:32 | 0:24:34 | |
The old plaster was falling off, so 90% of the house has been replastered. | 0:24:34 | 0:24:40 | |
The electrics and boiler have been changed, but outside the garage remains at least for the time being. | 0:24:40 | 0:24:46 | |
It's been great for storing all the building materials. | 0:24:46 | 0:24:50 | |
The new cladding around the main bedroom is a real improvement. | 0:24:50 | 0:24:55 | |
With two young children, Mark and Loretta's bedroom has become a great place to escape to | 0:24:55 | 0:25:00 | |
for some well-earned relaxation. | 0:25:00 | 0:25:03 | |
Well, this room needed not an awful lot doing to it, so we decorated and had new windows put in. | 0:25:03 | 0:25:10 | |
We had to have a new roof put on, and then we also actually added an en-suite which was a very clever idea | 0:25:10 | 0:25:16 | |
from our builder, who's my brother-in-law, just to steal a bit of space from the bathroom, | 0:25:16 | 0:25:21 | |
and tag a little shower room on. So it's a godsend, it's lovely, | 0:25:21 | 0:25:25 | |
and it's a child-free space for Mark and I just to go and have a nice powerful shower, | 0:25:25 | 0:25:31 | |
and it's really added actually to the house. It's given us that extra... not a full bathroom, but it's great. | 0:25:31 | 0:25:36 | |
Friends and family have all pitched in to help and a lot of the work has been done at mates' rates, I'm sure, | 0:25:36 | 0:25:43 | |
but how much has it all cost on top of the £178,000 they paid at auction? | 0:25:43 | 0:25:49 | |
Well, we did quite well. We were hoping to spend around 30 to 35, but in actual fact we went up to 40. | 0:25:49 | 0:25:57 | |
Time to see if two local estate agents are impressed | 0:25:58 | 0:26:02 | |
by the open-plan design downstairs and quality finish throughout. | 0:26:02 | 0:26:05 | |
It's absolutely lovely. Couldn't ask for anything better. | 0:26:05 | 0:26:09 | |
They've done so much. Everything sort of inside has completely changed. | 0:26:09 | 0:26:14 | |
It's a great property as you walk through the door. | 0:26:14 | 0:26:16 | |
This living room here is a fabulous open space. | 0:26:16 | 0:26:19 | |
I quite like the downstairs, it all flows really nice. | 0:26:19 | 0:26:23 | |
Also upstairs in the master bedroom | 0:26:23 | 0:26:25 | |
they've done that really well by putting in an en-suite which wasn't there before. | 0:26:25 | 0:26:30 | |
They've done a great job inside, but unfortunately your first appearance from the outside is the driveway. | 0:26:30 | 0:26:36 | |
That would be the icing on the cake to finish that off. | 0:26:36 | 0:26:40 | |
If the couple did change their minds and decide to move, | 0:26:42 | 0:26:46 | |
what sort of income could they generate if they were to look for tenants? | 0:26:46 | 0:26:50 | |
If you were to rent this property, I think you would get £900 or £950 per calendar month. | 0:26:50 | 0:26:55 | |
Well, I would think rental market at the moment, you'd be looking at £800 to £850 per calendar month. | 0:26:55 | 0:27:03 | |
Well, we've got no plans for rental, so that really wouldn't be a temptation. | 0:27:03 | 0:27:09 | |
-It's interesting to know but this is our family house. -Yeah. | 0:27:09 | 0:27:12 | |
How much is the house now worth? Remember they paid £178,000 at auction, | 0:27:12 | 0:27:18 | |
and spent £40,000 on the refurbishment, making a total of £218,000. | 0:27:18 | 0:27:24 | |
I would suggest putting it on the market at an asking price in the region of £265,000. | 0:27:24 | 0:27:30 | |
If you were to put this property on the market, you would get £270,000. | 0:27:30 | 0:27:35 | |
They could look at possibly finishing off the garden, the garage, and possibly going up also into the loft. | 0:27:35 | 0:27:43 | |
They'd be looking at achieving then around £290,000. | 0:27:43 | 0:27:47 | |
So potentially about £50,000 gross profit before the usual selling expenses. | 0:27:49 | 0:27:54 | |
That figure could rise to around £70,000 if the extra work was done with a loft conversion. | 0:27:54 | 0:28:00 | |
-What do they think of that? -That's fantastic! -That's good. | 0:28:00 | 0:28:05 | |
-That's good news. -That's really good. Better than we thought, I think. | 0:28:05 | 0:28:10 | |
-Makes all the hard work very worthwhile. -Yeah. -Excellent. | 0:28:10 | 0:28:14 | |
We really want to enjoy this place now that we've obviously made our mark on it, settle down for a while, | 0:28:15 | 0:28:20 | |
cos it's been a busy six months with baby and the new house. | 0:28:20 | 0:28:23 | |
We're just happy to be in and enjoy, we're close to the beach, | 0:28:23 | 0:28:26 | |
we're close to the river...it's an ideal place to live for a family. | 0:28:26 | 0:28:30 | |
This is historic Rochester in Kent, home to over 750 listed buildings, including the Cathedral | 0:28:44 | 0:28:52 | |
and the historic Castle. The whole area was a great favourite of the novelist Charles Dickens | 0:28:52 | 0:28:57 | |
who based many of his stories here. Well, you know what? The property I'm here to see... | 0:28:57 | 0:29:02 | |
I've got great expectations! | 0:29:02 | 0:29:04 | |
Rochester and other Medway towns have recently benefited from big investment | 0:29:05 | 0:29:10 | |
that's planned to continue. And property in this part of Rochester has always been highly sought after. | 0:29:10 | 0:29:17 | |
Well, the property that came up for auction is just a few minutes' walk from the town centre. | 0:29:17 | 0:29:23 | |
And it's this, a Victorian mid-terrace property, three storeys at a guide price of £140-150,000. | 0:29:23 | 0:29:29 | |
It's currently separated out into three individual flats and it's in need of serious modernisation. | 0:29:29 | 0:29:35 | |
Let's take a look. | 0:29:35 | 0:29:37 | |
You never know quite what to expect when catalogues say "modernisation", | 0:29:40 | 0:29:45 | |
but in fact this doesn't look too bad. Yes, it's woodchip city, but it's all right. | 0:29:45 | 0:29:51 | |
This is the first flat. Not too bad size. This is the sort of front sitting room area there. | 0:29:53 | 0:29:57 | |
You've got that bay window and some open fires which it would be nice to see fully operational. | 0:29:57 | 0:30:02 | |
Obviously you'd want to have those swept. This is a kind of a rear sitting room area here... | 0:30:02 | 0:30:06 | |
and then where the heck's the bedroom? Must be through the kitchen. That can't be right. | 0:30:06 | 0:30:12 | |
So through to the kitchen, and, well, the bedroom's not in here, | 0:30:13 | 0:30:17 | |
though what is here is a pretty tired and dated old bathroom, | 0:30:17 | 0:30:21 | |
and you need to get rid of that for starters! | 0:30:21 | 0:30:25 | |
# Rip it up and start again | 0:30:25 | 0:30:27 | |
# I said rip it up and start again... # | 0:30:27 | 0:30:33 | |
Ooh! Well, I guess that must be the bedroom... which I suppose is fair enough... | 0:30:33 | 0:30:40 | |
It is only a one-bedroomed flat. It's the fireplace that throws me. | 0:30:40 | 0:30:44 | |
Oh, well, that said, not a bad size. Let's carry on. | 0:30:44 | 0:30:48 | |
The ground-floor flat also comes with a garden and this strikingly colourful cellar. | 0:30:49 | 0:30:54 | |
Flat B on the first floor is smaller than the flat below and in a worse state of repair. | 0:30:54 | 0:31:00 | |
I'd replace both the bathroom and the kitchen and get rid of that woodchip. | 0:31:00 | 0:31:05 | |
However, the saving grace, is that great bay-fronted window, flooding the room with light. | 0:31:05 | 0:31:12 | |
So up on to the top floor and the third of the three flats. Now this one is decidedly tiny, | 0:31:12 | 0:31:18 | |
basically one big room here, and then a kitchen and a loo off it. | 0:31:18 | 0:31:22 | |
So...what do you do with this property, then? Here's the dilemma. | 0:31:22 | 0:31:26 | |
Do you convert it back into a house? I mean, it would make a wonderful family home, for sure, | 0:31:26 | 0:31:31 | |
or just stick with three flats when it's already got the permission to be that? | 0:31:31 | 0:31:34 | |
And I reckon that's what you should do. Cos even something as small as this is going to get you, what, | 0:31:34 | 0:31:39 | |
£80, £90 a week? So keep it as three flats, | 0:31:39 | 0:31:42 | |
this house suddenly turns into a big income-generating machine. | 0:31:42 | 0:31:46 | |
# Money, money, money, money, money, money, money, money... | 0:31:46 | 0:31:52 | |
# From that money machine... # | 0:31:52 | 0:31:54 | |
Let's hear what a local estate agent thinks about the place. | 0:31:56 | 0:32:00 | |
In this particular area, the majority of houses are big houses, | 0:32:00 | 0:32:04 | |
and there are one or two that have been converted into flats, | 0:32:04 | 0:32:09 | |
but the majority are still family homes. | 0:32:09 | 0:32:11 | |
So we know what needs to be done in terms of renovation, but would it be best to keep it as flats? | 0:32:11 | 0:32:18 | |
With this property, as it's already converted, I would tend to leave it. | 0:32:18 | 0:32:22 | |
I think to put it back into a family home would cost an awful lot of money | 0:32:22 | 0:32:26 | |
and I think an income that you can get on this would be far better. | 0:32:26 | 0:32:29 | |
Speaking of incomes... | 0:32:29 | 0:32:32 | |
For the top flat being smaller, then I think we're looking at £500 per calendar month. | 0:32:32 | 0:32:36 | |
This one on the middle floor, being slightly bigger, then about £550 to £600 per calendar month, | 0:32:36 | 0:32:43 | |
and the bottom one, the bigger one, 600-650 per calendar month. | 0:32:43 | 0:32:47 | |
Going by these figures, the combined rental for the three flats could be a substantial income | 0:32:47 | 0:32:54 | |
of around £20,000 a year. Not to be sniffed at! | 0:32:54 | 0:32:58 | |
Well, I do love these kind of properties | 0:32:59 | 0:33:02 | |
and it would make a fantastic family home, | 0:33:02 | 0:33:05 | |
but I think logically and financially the best thing to do is to stick with what it is, | 0:33:05 | 0:33:10 | |
three flats, do them up, bit of refurbishment, get them back on the market, get people in there, | 0:33:10 | 0:33:14 | |
it turns itself into a money-making machine. Let's see who fancied that when it went to the auction. | 0:33:14 | 0:33:20 | |
Where do you want to start? Guide 140-150. | 0:33:26 | 0:33:28 | |
Start me 150? I'm obliged. Right in the middle of the aisle. 150, I'm away. | 0:33:28 | 0:33:33 | |
Now, 155. At 155. | 0:33:33 | 0:33:35 | |
155...and 60. 160 and 5. | 0:33:35 | 0:33:39 | |
165. 165 and 70? | 0:33:39 | 0:33:42 | |
And 5. 175. 175 and 80. | 0:33:42 | 0:33:46 | |
180 and 5. | 0:33:46 | 0:33:48 | |
185 I'm looking for. 185 I've got. 190. 190 and 5? | 0:33:48 | 0:33:54 | |
200. 200 and 5. | 0:33:54 | 0:33:56 | |
202. | 0:33:56 | 0:33:59 | |
205. | 0:33:59 | 0:34:00 | |
And 7. 207. And 10. | 0:34:00 | 0:34:03 | |
210. And 12. | 0:34:03 | 0:34:05 | |
Absolutely worth it. 212 I've got. I'll take 214 from you. | 0:34:05 | 0:34:09 | |
214 and 16? | 0:34:09 | 0:34:11 | |
There it's with you at 216. 218, 218 and 20. 220? | 0:34:11 | 0:34:16 | |
220, it's with you again. 222. Up to 222. | 0:34:16 | 0:34:19 | |
And 4. Now it's with you, 226. | 0:34:19 | 0:34:22 | |
For the first time at 226... If anybody else is coming in, now's your chance. | 0:34:22 | 0:34:26 | |
£226,000 for the second time. | 0:34:26 | 0:34:28 | |
226, third and final time. All done, that's yours at 226. | 0:34:28 | 0:34:34 | |
This potentially lucrative property was secured by Colin for £226,000, | 0:34:34 | 0:34:41 | |
a whopping £76,000 over the guide price. | 0:34:41 | 0:34:44 | |
And taking no notice of that guide price wasn't the only golden rule he broke when he bought it at auction. | 0:34:44 | 0:34:52 | |
-Colin, great to meet you. -You too. -Congratulations. Tell me why you wanted to buy the house. | 0:34:52 | 0:34:57 | |
Well, Roebuck Road's a good location within Rochester. I mean, just at the end of the road | 0:34:57 | 0:35:01 | |
you've got a road takes you straight into Rochester High Street behind the Castle. | 0:35:01 | 0:35:05 | |
So really it was a location issue. I didn't actually look inside the house before the auction, | 0:35:05 | 0:35:10 | |
-so it was a surprise to me coming through the front door as it was to you today. -You didn't look at it? | 0:35:10 | 0:35:15 | |
I did everything that you probably say don't do! Which is didn't look at it, didn't check the legals, | 0:35:15 | 0:35:19 | |
didn't do anything. Just turned up at the auction and bought it because of the location. That's the truth. | 0:35:19 | 0:35:24 | |
-Wow! -Hmm. -It's a lot of money to gamble in that way, don't you think? | 0:35:24 | 0:35:29 | |
It is, but again I've done a little bit of buy-to-let before. | 0:35:29 | 0:35:33 | |
If you look at the location, you look at the three flats, | 0:35:33 | 0:35:36 | |
yeah, it could have been pretty awful on the way in, but perhaps I like a little gamble now and again. | 0:35:36 | 0:35:41 | |
Wow! | 0:35:41 | 0:35:43 | |
At what point did you decide you were going to buy it, then? | 0:35:44 | 0:35:47 | |
On the way into auction, I think... this was the favourite property I had. | 0:35:47 | 0:35:50 | |
There was about four or five at the auction I was looking at, and this was my favourite, so... | 0:35:50 | 0:35:55 | |
I think when...we went a little bit over what I'd set as my limit, I'd say... | 0:35:55 | 0:35:59 | |
-So you went over your limit as well? -As well! | 0:35:59 | 0:36:02 | |
-On the tick box, you've got all crosses so far! -We went over. | 0:36:02 | 0:36:06 | |
Yeah, exactly. By some £26,000, yeah. | 0:36:06 | 0:36:10 | |
-By what? -Well, I think we got into a competition. | 0:36:10 | 0:36:12 | |
You know what happens at auction. Did all the things wrong again. | 0:36:12 | 0:36:16 | |
# You've got to know when to hold 'em | 0:36:17 | 0:36:20 | |
# Know when to fold 'em | 0:36:20 | 0:36:23 | |
# Know when to walk away Know when to run... # | 0:36:23 | 0:36:28 | |
What did you think when you first walked through the door, having spent your money? | 0:36:28 | 0:36:32 | |
I was pleasantly surprised in the ground floor. I like the ground floor a lot. | 0:36:32 | 0:36:35 | |
I think the ground floor flat with the garden, someone's cared for this at some stage. | 0:36:35 | 0:36:39 | |
The garden's been actually looked after. You can see it could be very nice place to live. | 0:36:39 | 0:36:43 | |
Mid-floor could be nice but has had some kind of damage. | 0:36:43 | 0:36:47 | |
The top floor, the benefits of the great view of the Castle and the Cathedral but it's quite small, | 0:36:47 | 0:36:53 | |
so, yeah, I wasn't disappointed. | 0:36:53 | 0:36:55 | |
It was as I probably expected it to be in terms of quality, so I'm not too disappointed. | 0:36:55 | 0:37:00 | |
Colin owned his own recycling business which he sold a couple of years ago, | 0:37:01 | 0:37:05 | |
but this isn't the first property he's bought and renovated. | 0:37:05 | 0:37:09 | |
# There'll be time enough for countin' when the dealin's done... # | 0:37:09 | 0:37:14 | |
I've done a couple of buy-to-lets previously and got out of it sort of mid-2000s, 2005, 2006, | 0:37:14 | 0:37:21 | |
-sold up, and then decided to come back in now, yeah. -Right. | 0:37:21 | 0:37:25 | |
-That's not bad timing, was it? You got out before... -We did very well, did very well. | 0:37:25 | 0:37:30 | |
Bought in the late '90s, so we did very well on a couple of properties. | 0:37:30 | 0:37:34 | |
And that was just really the sort of semi-pension scheme and decided to get out when it was peaky. | 0:37:34 | 0:37:38 | |
It's all about timing and he seems to have got that spot on. | 0:37:38 | 0:37:44 | |
# Know when to walk away Know when to run... # | 0:37:44 | 0:37:49 | |
Talk me through exactly what you're going to do to the flats, then. | 0:37:49 | 0:37:52 | |
OK, flat by flat. Flat A, the ground-floor flat that we're in now. | 0:37:52 | 0:37:57 | |
I mean, this is a refurb in terms of decoration, really. | 0:37:57 | 0:38:00 | |
The fireplaces will probably get opened up, but not used. | 0:38:00 | 0:38:03 | |
They'll be sealed but opened to make them look reasonable. Then it's purely electrics. | 0:38:03 | 0:38:07 | |
New bathroom. New bathroom goes in tomorrow, so there'll be a new suite. New flooring throughout. | 0:38:07 | 0:38:12 | |
-Kitchen? -Kitchen, no. I think we can make it good. -Yeah. -I think the kitchen's reasonable. | 0:38:12 | 0:38:17 | |
So on this floor no kitchen. On floor B, on the mid floor, that's going to end up with a new kitchen. | 0:38:17 | 0:38:24 | |
It's going to end up with some bathroom changes, a shower put in certainly. New doors as well, | 0:38:24 | 0:38:29 | |
I think, throughout. And up to the top floor. Top floor is a bit tight on space as you've seen, but... | 0:38:29 | 0:38:37 | |
I've looked at it with a few people. | 0:38:37 | 0:38:39 | |
I don't think there's much we can do except perhaps make it a bit more user-friendly. | 0:38:39 | 0:38:42 | |
The shower room's going to get changed, the kitchen's going to get changed a little, | 0:38:42 | 0:38:47 | |
to try and get in the kind of equipment we need in there. But that's it, really, | 0:38:47 | 0:38:51 | |
-and then it's going to be decorated throughout. -Have you been through the numbers? What do you think? | 0:38:51 | 0:38:57 | |
A little. | 0:38:57 | 0:38:59 | |
I mean, we've spent 226 on the purchase. | 0:38:59 | 0:39:02 | |
The refurb could cost us of course between a pound and 30-something thousand pounds, | 0:39:02 | 0:39:08 | |
depending how far we go, but let's put a figure on it of 24, to take it to 250, | 0:39:08 | 0:39:12 | |
cos it gives you nice round numbers... | 0:39:12 | 0:39:14 | |
I think the rental value to me will be between 15 and 18 thousand a year on the three flats, | 0:39:14 | 0:39:21 | |
-so the percentage isn't bad when you consider the bank rates today are so poor. -Right. | 0:39:21 | 0:39:26 | |
At the moment there's a demand in this area. | 0:39:26 | 0:39:28 | |
As it was told to me by a letting agent, you can let them in this area all day long, so cross our fingers. | 0:39:28 | 0:39:34 | |
Colin's looking at an annual yield of between 6% and 8% if he gets those sort of rental incomes | 0:39:34 | 0:39:40 | |
and sticks to his renovation budget and timescale. So this gamble may just pay off. | 0:39:40 | 0:39:46 | |
So Colin breaking all the rules when it comes to buying properties - | 0:39:46 | 0:39:51 | |
not seeing it before, not reading the legal, paying too much, getting carried away at the auction. | 0:39:51 | 0:39:55 | |
Well, he may have got away with it, but really, really, really it is not something you should do. | 0:39:55 | 0:40:00 | |
Because he could have got himself into a lot of problems, he really could. | 0:40:00 | 0:40:05 | |
As it turns out, he's probably going to do exactly the right thing - | 0:40:05 | 0:40:08 | |
keep it as three flats and turn it into a money-making machine. | 0:40:08 | 0:40:12 | |
How will he get on? You can find out later in the show. | 0:40:12 | 0:40:15 | |
Well, finding good tradespeople to do the work can often be the key to getting things done well and on time | 0:40:18 | 0:40:25 | |
but some people decide to do it themselves to maximise profit. | 0:40:25 | 0:40:29 | |
So have our buyers been getting stuck in or just stuck? Let's find out. | 0:40:29 | 0:40:34 | |
Earlier in the programme we met retired couple Roger and Lindsay | 0:40:35 | 0:40:39 | |
who bought | 0:40:39 | 0:40:41 | |
this rundown three-bedroomed semi in Bitterne, Southampton, for £130,000. | 0:40:41 | 0:40:45 | |
They were planning to renovate and use it as a temporary home for their son and family. | 0:40:45 | 0:40:50 | |
And for Roger it was a chance to pursue his dream of refurbishing a property and, he hoped, selling it. | 0:40:50 | 0:40:56 | |
But when we first returned seven months later, | 0:40:59 | 0:41:02 | |
outside, the house still looked in a deep sleep. | 0:41:02 | 0:41:05 | |
No work had started and inside there was no evidence of any refurbishment or of their son moving in. | 0:41:07 | 0:41:14 | |
Roger explained the unexpected delay. | 0:41:15 | 0:41:17 | |
In December I'd a total knee replacement, so... | 0:41:18 | 0:41:22 | |
I've been a few months getting back to strength. | 0:41:22 | 0:41:25 | |
My son has used the house to store furniture and goods | 0:41:25 | 0:41:29 | |
while he's had his house renovated and...building work. | 0:41:29 | 0:41:34 | |
As he was able to work around the builders, Roger and Lindsay's son had decided not to move in, | 0:41:34 | 0:41:39 | |
taking the pressure off Roger getting the renovation done. | 0:41:39 | 0:41:42 | |
While that gave him time for his knee to heal, it also provided an opportunity | 0:41:42 | 0:41:47 | |
to think about the layout. | 0:41:47 | 0:41:48 | |
Right, well, out here, once I've got the new roof on, and the double glazing, | 0:41:48 | 0:41:53 | |
we're going to knock the extension down here | 0:41:53 | 0:41:56 | |
and build a new extension right across the back and open up with a nice big kitchen-living room really, | 0:41:56 | 0:42:02 | |
so it'll all conform quite nicely and the whole thing should look really good. | 0:42:02 | 0:42:07 | |
Even though seven months had passed since buying the house, | 0:42:08 | 0:42:12 | |
the pressure was off as their son's family didn't need to move in. | 0:42:12 | 0:42:17 | |
Roger was content to wait for property prices to rise following the credit crunch. | 0:42:17 | 0:42:21 | |
Now, after another four months, Roger and his team of builders | 0:42:21 | 0:42:26 | |
have completed the refurbishment. The property has been transformed | 0:42:26 | 0:42:29 | |
and the kerb appeal is 10 out of 10. Roger and his wife Lindsay | 0:42:29 | 0:42:33 | |
came to show us around. New windows and a door have been installed and a new porch, | 0:42:33 | 0:42:40 | |
plus the roof's been replaced. | 0:42:40 | 0:42:41 | |
Inside, the front living room that had stored their son's furniture, is now a stripe-free zone. | 0:42:44 | 0:42:51 | |
It's been painted magnolia and they've added a fine new fire. | 0:42:51 | 0:42:55 | |
Remember, the house was a fairly standard layout with a dining room and a kitchen. | 0:42:55 | 0:43:01 | |
Now, after some serious modifications, there's a fantastic and huge kitchen-diner, | 0:43:01 | 0:43:07 | |
using the two original rooms, plus the new extension that Roger's built. | 0:43:07 | 0:43:11 | |
Right, well, we're coming into the new room now. This was the old kitchen before. | 0:43:16 | 0:43:20 | |
It had an entrance through a door in that wall which we've completed, filled that in, | 0:43:20 | 0:43:25 | |
knocked the wall down between the kitchen and the dining room here, | 0:43:25 | 0:43:29 | |
and then we had this whole wall knocked out, which was the back of the house previously... | 0:43:29 | 0:43:34 | |
the new extension is there with the skylights. | 0:43:34 | 0:43:37 | |
The kitchen just completed last week and now we're practically there so a few little bits just to finish off. | 0:43:37 | 0:43:43 | |
Although their son had managed to stay in his house during his building work, | 0:43:43 | 0:43:48 | |
Roger didn't start the refurbishment immediately. | 0:43:48 | 0:43:51 | |
He was waiting for the builders he'd used before to become available, | 0:43:51 | 0:43:54 | |
but when they did things really got underway. | 0:43:54 | 0:43:58 | |
To start with, my nephew did all the double glazing for me, and I think I followed that | 0:43:58 | 0:44:02 | |
by having a completely new synthetic roof on, kept all the slates which we then used to build the extension | 0:44:02 | 0:44:09 | |
and front porch. | 0:44:09 | 0:44:10 | |
All the walls were redone, all the ceilings redone, central heating... | 0:44:10 | 0:44:16 | |
Absolutely all the services have all been renewed right the way through, so in fact there's really nothing | 0:44:16 | 0:44:21 | |
that has been left all. | 0:44:21 | 0:44:23 | |
He's even managed to create a loo in the cupboard under the stairs. | 0:44:23 | 0:44:26 | |
Roger's wife Lindsay loves the layout. | 0:44:26 | 0:44:29 | |
You feel good about it, you know, seeing the house as it is, | 0:44:31 | 0:44:35 | |
because we did wonder if ever we would get there sometimes, but it's there. | 0:44:35 | 0:44:39 | |
Roger got planning permission for the extension | 0:44:40 | 0:44:43 | |
and the garage, but decided to leave the garage for the new owner to build if required. | 0:44:43 | 0:44:48 | |
As for the garden with its views across the river, Roger did his level best to save money. | 0:44:48 | 0:44:54 | |
I really didn't initially know what I was going to do with it, | 0:44:55 | 0:44:59 | |
but then once we started knocking walls down and digging out the foundations, | 0:44:59 | 0:45:03 | |
it suddenly twigged that I could use all of that material, instead of paying for it to be taken away, | 0:45:03 | 0:45:08 | |
to fill in the slope and level off the garden. | 0:45:08 | 0:45:11 | |
The project has been Roger's baby, something he's wanted to do for years, so what was Lindsay's role? | 0:45:11 | 0:45:18 | |
I haven't helped much here...because it's been mostly knocking walls down, putting walls up, | 0:45:19 | 0:45:26 | |
and I'd have got in the way, so I've left it to the chaps. | 0:45:26 | 0:45:30 | |
Upstairs the layout of the rooms hasn't changed, but that's about the only detail that remains the same. | 0:45:30 | 0:45:36 | |
Well, upstairs all the three bedrooms and the bathroom ceilings have all been replastered. | 0:45:38 | 0:45:43 | |
Of course the three bedrooms benefit from new windows and the rewiring that's been done throughout. | 0:45:43 | 0:45:49 | |
So in this room we've got rid of the stripy wallpaper, | 0:45:51 | 0:45:55 | |
and all the rooms we have magnolia, so all nice and clean and fresh. | 0:45:55 | 0:46:01 | |
As the extension was only on the ground floor, there wasn't room to modify upstairs at all, | 0:46:01 | 0:46:07 | |
but what about the bathroom? | 0:46:07 | 0:46:09 | |
This is the small family bathroom. It doesn't look anything like it did when I first came in here. | 0:46:11 | 0:46:16 | |
Put a nice new shower suite in. Strangely enough, the tiles... they looked very shoddy | 0:46:16 | 0:46:21 | |
but by the time I polished them up with some sugar soap, it looks really shiny, | 0:46:21 | 0:46:24 | |
really nice, and it's turned out really good. | 0:46:24 | 0:46:27 | |
So let's hear about the finances. How much did Roger's refurbishment cost | 0:46:28 | 0:46:33 | |
on top of the £130,000 he paid at the auction? | 0:46:33 | 0:46:37 | |
The original budget was 30,000 and I really didn't want to spend any more than that, | 0:46:37 | 0:46:42 | |
I thought that would be our maximum but, as things do happen, it went up to £50,000, | 0:46:42 | 0:46:48 | |
but more than happy for that. | 0:46:48 | 0:46:51 | |
It seems Roger's had a whale of a time working on this project. | 0:46:51 | 0:46:55 | |
He's been here most days helping the builders to fulfil his dream. | 0:46:55 | 0:46:59 | |
I got very used to the view over the river...just sat, having my lunch, looking out, | 0:47:01 | 0:47:05 | |
and it's been really lovely. | 0:47:05 | 0:47:07 | |
Something he's always wanted to do when he retired, so hopefully he's fulfilled his ambition now | 0:47:07 | 0:47:12 | |
and will have a rest. | 0:47:12 | 0:47:14 | |
Well, I'm not so sure about that! | 0:47:14 | 0:47:17 | |
I should need the summer, I think, for my golf and my sailing, and perhaps take a holiday... | 0:47:17 | 0:47:21 | |
and maybe in the autumn have a look at maybe doing the same again. | 0:47:21 | 0:47:26 | |
It's a lovely house. I just hope it sells quickly. | 0:47:26 | 0:47:30 | |
Well, time to get some expert marketing advice | 0:47:30 | 0:47:34 | |
from two local estate agents. | 0:47:34 | 0:47:35 | |
The thing I most like | 0:47:39 | 0:47:40 | |
about the property is the extension, | 0:47:40 | 0:47:42 | |
and what he's done to the back room, i.e. kitchen-family room. | 0:47:42 | 0:47:46 | |
I think the finish is pretty good. I like the extension to the rear | 0:47:46 | 0:47:49 | |
and the open-plan dining room-kitchen, that sort of thing. | 0:47:49 | 0:47:53 | |
Massive kitchen area which is great. | 0:47:53 | 0:47:55 | |
The garden's obviously changed quite a bit from our last visit. | 0:47:55 | 0:47:58 | |
It had quite a bit of a drop going down, it's been levelled out, | 0:47:58 | 0:48:01 | |
and, as you know, you can benefit from the views of Southampton Waters. | 0:48:01 | 0:48:05 | |
Before this house was pretty dated, it was a pretty tired house... | 0:48:05 | 0:48:09 | |
now it's got the feel of a new house. | 0:48:09 | 0:48:12 | |
Lots of boxes ticked, but how much is the house now worth? | 0:48:12 | 0:48:16 | |
Remember, the couple paid £130,000 at the auction and have spent £50,000 on the work, | 0:48:16 | 0:48:22 | |
making £180,000 in total. | 0:48:22 | 0:48:26 | |
I value the property at £195,000. | 0:48:26 | 0:48:29 | |
I recommend you put this on the market at around £210,000. | 0:48:29 | 0:48:32 | |
On those evaluations that's at least £15,000 gross profit before the usual deductions. | 0:48:32 | 0:48:39 | |
I should feel confident that we've covered everything if we got somewhere in the region of £200,000, | 0:48:40 | 0:48:46 | |
but anything over that would be a bonus, | 0:48:46 | 0:48:48 | |
-so, yeah...so 195 to 210, yeah. So round about 200 sounds really good. -Good. | 0:48:48 | 0:48:55 | |
A long project but very satisfying, and I've done a lot more to it than what I'd originally thought, | 0:48:59 | 0:49:05 | |
-but fulfilled what I wanted to do. -Yeah. | 0:49:05 | 0:49:08 | |
I think we've probably transformed it from the worst house in the street to... | 0:49:08 | 0:49:13 | |
-The best. -One of the best, anyway. | 0:49:13 | 0:49:15 | |
And I think the views in the garden are to die for, | 0:49:15 | 0:49:18 | |
and by the time we've got a nice lawn on it before we leave, then it'll be nice for a family home. | 0:49:18 | 0:49:23 | |
We return now to Rochester in Kent. | 0:49:27 | 0:49:30 | |
Colin bought this Victorian house which had been converted into three one-bedroom flats | 0:49:30 | 0:49:35 | |
at auction for £226,000. Colin had sold his recycling business | 0:49:35 | 0:49:41 | |
and thought he'd give property development a go, but he broke a few golden rules. | 0:49:41 | 0:49:48 | |
I did everything that you probably say don't do! I didn't look at it, didn't check the legals, | 0:49:48 | 0:49:52 | |
didn't do anything. Just turned up and bought it because of the location. | 0:49:52 | 0:49:55 | |
But it turned out the property was in a conservation area, | 0:49:55 | 0:50:00 | |
so remember - always read the paperwork. | 0:50:00 | 0:50:02 | |
Now, three-and-a-half months later, Colin's builders have finished. So what's been achieved? | 0:50:02 | 0:50:07 | |
The ground-floor single-bedroom flat has been redecorated and had the floors recovered throughout. | 0:50:09 | 0:50:15 | |
The kitchen units were OK, so they've been kept, | 0:50:17 | 0:50:19 | |
but thankfully the avocado bathroom suite has gone to be replaced with a white suite and a new shower. | 0:50:19 | 0:50:26 | |
Even the cellar's had a lick of paint. | 0:50:29 | 0:50:32 | |
Upstairs the one-bedroom first-floor flat has been completely redecorated | 0:50:33 | 0:50:38 | |
and an original fireplace was uncovered. | 0:50:38 | 0:50:41 | |
Although the bathroom has got a new suite, Colin decided against keeping the bath in favour of a shower, | 0:50:41 | 0:50:48 | |
but the main layout change has been how you access the kitchen and the bathroom beyond it. | 0:50:48 | 0:50:53 | |
Before we did the work, you entered the kitchen in this space here, | 0:50:56 | 0:51:01 | |
came through a smaller gap here, there were some units on this side, and there was a door over there | 0:51:01 | 0:51:06 | |
which leads to a bathroom with a bath and a toilet here. | 0:51:06 | 0:51:09 | |
And we've struggled with how to make this a more useable space, | 0:51:09 | 0:51:12 | |
but we've ended up by changing the wall configurations, | 0:51:12 | 0:51:15 | |
so we now have the doorway here and we go through to a more useable kitchen in this space, | 0:51:15 | 0:51:19 | |
and I think this works out an awful lot better. | 0:51:19 | 0:51:22 | |
You still enter the kitchen from the living room in the same place, | 0:51:22 | 0:51:25 | |
but by moving the door to the bathroom, the kitchen now has three uninterrupted walls for the units, | 0:51:25 | 0:51:31 | |
which is much better. | 0:51:31 | 0:51:34 | |
The top-floor studio flat with its lounge-cum-bedroom has also been decorated throughout. | 0:51:34 | 0:51:40 | |
It's much brighter up here now, and, although the kitchen units remain, the shower has been replaced. | 0:51:40 | 0:51:46 | |
The whole property now has a modern feel to it, | 0:51:46 | 0:51:49 | |
though Colin has also managed to bring back some of the original character. | 0:51:49 | 0:51:53 | |
The fireplace was sealed up originally, | 0:51:55 | 0:51:57 | |
so when we took over the flat all the fireplaces had been sealed, boards nailed against the wall... | 0:51:57 | 0:52:03 | |
We uncovered three fireplaces | 0:52:03 | 0:52:05 | |
and found that they were original Victorian cast-iron fires still in place, | 0:52:05 | 0:52:09 | |
and in this particular fire, the grate had just been hidden up the chimney | 0:52:09 | 0:52:14 | |
with a whole load of soot and things like that | 0:52:14 | 0:52:15 | |
that all came falling out at the same time, | 0:52:15 | 0:52:17 | |
so we've put it back as a feature which I think makes the room. | 0:52:17 | 0:52:21 | |
Colin used contractors to do all the work here which can't have been cheap. | 0:52:24 | 0:52:27 | |
His original budget was £35,000 maximum. Has using professionals meant going over that? | 0:52:27 | 0:52:34 | |
We ended up spending just over £24,000 which is within budget, which I'm pleased about. | 0:52:36 | 0:52:42 | |
I'd set a total budget, because you weren't sure when you buy something at auction... | 0:52:42 | 0:52:46 | |
perhaps the level of problem you might find in a house that's a Victorian house... | 0:52:46 | 0:52:50 | |
Structurally this house is sound. There's been no real problems. It's been a cosmetic journey, really, | 0:52:50 | 0:52:55 | |
just to make the place look and feel nicer for the tenants that are going to come through it. | 0:52:55 | 0:53:00 | |
It's taken nearly 12 weeks to complete the job, a month longer than expected, | 0:53:01 | 0:53:07 | |
but Colin's ended up with three very good flats, so what's the plan for them? | 0:53:07 | 0:53:11 | |
Well, at this moment, I think I intend to let the three flats, | 0:53:12 | 0:53:16 | |
and, again, taking a long-term view, we'll look at it and say, | 0:53:16 | 0:53:20 | |
"Well, we want a revenue stream for the next ten years." Beyond ten years, who knows? | 0:53:20 | 0:53:24 | |
But I think I'm quite comfortable to sit with the house, look after it for ten years and then see. | 0:53:24 | 0:53:30 | |
If there were ever an opportunity to return it to being a family home in the future, if the market allowed, | 0:53:30 | 0:53:35 | |
then I'd look at that as well. | 0:53:35 | 0:53:36 | |
It's good to see that he's keeping his options open for the future. | 0:53:36 | 0:53:40 | |
We invited two local estate agents to take a look | 0:53:44 | 0:53:47 | |
and tell us how they think Colin's done. | 0:53:47 | 0:53:50 | |
Clean, it's tidy. | 0:53:52 | 0:53:54 | |
It's going to make it, if he decides to rent them out, | 0:53:54 | 0:53:57 | |
a nice rentable property for young couples or single people. | 0:53:57 | 0:54:01 | |
I think it's had a very clean, tidy makeover. | 0:54:01 | 0:54:05 | |
The only drawbacks would be the lack of space | 0:54:05 | 0:54:09 | |
for fitting an oven and hob in the first-floor apartment. | 0:54:09 | 0:54:13 | |
If he was going to sell it, then I would say he should have upgraded a bit more, | 0:54:13 | 0:54:16 | |
perhaps rather than storage heaters, putting gas central heating | 0:54:16 | 0:54:20 | |
to each have their own systems, | 0:54:20 | 0:54:21 | |
decorate the walls and make it a little bit more warm and perhaps better carpets. | 0:54:21 | 0:54:25 | |
I would suggest if he was going to sell to sell the whole lot as one block to an investor. | 0:54:25 | 0:54:30 | |
It's not what Colin intended but, out of interest, what would he get for that? | 0:54:30 | 0:54:35 | |
Remember the property originally cost £226,000 at auction, | 0:54:35 | 0:54:40 | |
a massive £76,000 over the upper guide price. | 0:54:40 | 0:54:44 | |
Colin spent just over £24,000 renovating it, making a total spend of £250,000, | 0:54:44 | 0:54:51 | |
plus legal fees and expenses. | 0:54:51 | 0:54:53 | |
I think if he put the whole lot on the market and an investor would take it on, | 0:54:55 | 0:55:00 | |
he'd be looking round about £300,000, maybe a bit more with all the interest he would achieve. | 0:55:00 | 0:55:06 | |
To sell this property to an investor we'd be looking at achieving £325,000. | 0:55:06 | 0:55:12 | |
That's better than I would have thought, actually, | 0:55:12 | 0:55:14 | |
because clearly I purchased above the guide price that was at the auction by some way... | 0:55:14 | 0:55:20 | |
and it stands me in at about 250, so, I mean, that's a good upside. | 0:55:20 | 0:55:25 | |
His plan has always been to rent the flats out individually. | 0:55:25 | 0:55:29 | |
The ground-floor flat has the advantage of a garden, so how much would he get for that one? | 0:55:29 | 0:55:34 | |
The ground-floor flat, with the garden, I would anticipate we should achieve £650 per calendar month. | 0:55:35 | 0:55:43 | |
I would be looking at achieving 525 per calendar month. | 0:55:43 | 0:55:46 | |
What about the medium-sized flat on the first floor? | 0:55:46 | 0:55:50 | |
I would have said we'd be looking round about £600 per calendar month on that one. | 0:55:50 | 0:55:55 | |
I would achieve around about £500 per calendar month. | 0:55:55 | 0:56:00 | |
And, finally, the small studio flat? | 0:56:00 | 0:56:03 | |
The top flat, I think, we would be looking around £500 to £550 per calendar month. | 0:56:03 | 0:56:10 | |
I would try to achieve 450 per calendar month. | 0:56:10 | 0:56:14 | |
I think somewhere between the two agents' estimations is about where I'm figuring, | 0:56:14 | 0:56:19 | |
so those figures do sound fair to me, yeah. | 0:56:19 | 0:56:22 | |
Potentially that's a combined rental income of up to £1,800 a month. | 0:56:22 | 0:56:27 | |
That represents a healthy yield of around 7 to 8.5%. | 0:56:27 | 0:56:31 | |
Colin used to have his own recycling business, | 0:56:31 | 0:56:34 | |
so how has he found the challenge of recycling these three flats? | 0:56:34 | 0:56:38 | |
I've enjoyed working on it. My personal involvement hasn't been great. | 0:56:38 | 0:56:41 | |
I've not done an awful lot of work myself if...hardly any. | 0:56:41 | 0:56:44 | |
But it's a fun project to do. It's nice to see the property return to some good fashion. | 0:56:44 | 0:56:50 | |
Would I do it again? I'd do it again if the right location came up, yes. | 0:56:50 | 0:56:53 | |
Make sure you join us next time for more properties going under the hammer! | 0:56:56 | 0:57:00 | |
-We'll see you then. Goodbye. -Goodbye. | 0:57:00 | 0:57:01 | |
Subtitles by Red Bee Media Ltd | 0:57:03 | 0:57:08 | |
E-mail [email protected] | 0:57:08 | 0:57:12 |