0:00:02 > 0:00:05There's nothing like the thrill of the auction room.
0:00:05 > 0:00:08With all those fast-paced bids and pounding hearts,
0:00:08 > 0:00:10the atmosphere really is electric.
0:00:10 > 0:00:12So come with us now on a high-adrenaline ride
0:00:12 > 0:00:15as we follow three more auction properties.
0:00:41 > 0:00:45Whether it's a flat in Faversham, a semi in Surrey
0:00:45 > 0:00:50or a bolt-hole in Bolton, you could find what you're looking for in the auction rooms.
0:00:50 > 0:00:55So today we meet some more people hoping to find their perfect property.
0:00:56 > 0:00:58I board a boat for a Hammer first,
0:00:58 > 0:01:00a day trip to Rothesay on the Isle of Bute
0:01:00 > 0:01:02to visit a flat there.
0:01:02 > 0:01:04First of all though, I've got to catch the ferry.
0:01:05 > 0:01:10I return to the one-bed property in London I first saw in 2007.
0:01:10 > 0:01:13The first thing that strikes me about this place
0:01:13 > 0:01:15is the sense of space.
0:01:16 > 0:01:20And in Norwich, there's a ground-floor flat with a great garden.
0:01:20 > 0:01:23You've got something that isn't just a little flat.
0:01:23 > 0:01:26It could be a nice little family home.
0:01:27 > 0:01:30All these properties were sold at auction.
0:01:30 > 0:01:32We'll find out who bought them and what they paid for them
0:01:32 > 0:01:35- when they went under the hammer. - It's yours, sir.
0:01:38 > 0:01:41Well, it's a Homes Under The Hammer first. I'm in Scotland
0:01:41 > 0:01:44and I'm about to head across to the Isle of Bute,
0:01:44 > 0:01:48where there's a property that sounds like it could make the perfect holiday retreat.
0:01:48 > 0:01:50But first I've got to catch the ferry.
0:01:55 > 0:02:00I'm sailing from Wemyss Bay and the crossing takes 35 minutes.
0:02:03 > 0:02:06The Isle of Bute lies in the Firth of Clyde,
0:02:06 > 0:02:08just off the west coast of Scotland.
0:02:08 > 0:02:13During the Victorian era, the island was popular with day trippers
0:02:13 > 0:02:15and as a weekend destination.
0:02:15 > 0:02:19The main town of Rothesay would be bustling with holidaymakers,
0:02:19 > 0:02:22who would sail from Glasgow, just a couple of hours away.
0:02:22 > 0:02:24This was called going "doon the watter".
0:02:26 > 0:02:28Well, the sun may not be shining today,
0:02:28 > 0:02:32but I'm not going to let that cast a cloud on my sunny disposition.
0:02:35 > 0:02:38So, two minutes, literally, from the ferry terminal,
0:02:38 > 0:02:41right in the heart of Rothesay, is the property I'm here to see.
0:02:41 > 0:02:45It's a two-bedroom flat at a guide price of £35,000.
0:02:45 > 0:02:47Let's take a look.
0:02:49 > 0:02:50# Come up and see me
0:02:50 > 0:02:54# Make me smile... #
0:02:54 > 0:02:57The stairwell is dark, cold and uninviting.
0:02:57 > 0:03:00Let's hope the flat itself will be more welcoming.
0:03:01 > 0:03:04Well, thankfully, at first glance, it looks like it is.
0:03:04 > 0:03:08In fact, I have to say, the flat looks really big.
0:03:08 > 0:03:12Quite a surprise. You've got two big bedrooms there and there,
0:03:12 > 0:03:13living room area there
0:03:13 > 0:03:17but more than that, what strikes you is the height of the ceilings.
0:03:17 > 0:03:21It gives it a real feeling of space, which is absolutely wonderful.
0:03:21 > 0:03:24And talking of space, another nice thing to have,
0:03:24 > 0:03:26lots of space to put things.
0:03:26 > 0:03:29I mean, cupboards like this, absolutely essential,
0:03:29 > 0:03:32especially if you're using this as a holiday place.
0:03:32 > 0:03:34Great. Good start.
0:03:39 > 0:03:43'This lounge is huge, with the great sea view from large bay windows,
0:03:43 > 0:03:45'it has a lovely airy feel
0:03:45 > 0:03:48'and there are some wonderful period details.
0:03:48 > 0:03:52'After just a little restoration, it could be returned to its former glory.
0:03:52 > 0:03:56'I really do like this property in a big way.'
0:04:00 > 0:04:03So I was slightly expecting to find a disappointing kitchen
0:04:03 > 0:04:05but once again, the flat hasn't let me down.
0:04:05 > 0:04:07A really nice-sized space.
0:04:07 > 0:04:10Yes, the units are very tired and dated, they want to be replaced,
0:04:10 > 0:04:12but this is a really nice area.
0:04:12 > 0:04:15A kitchen table in here would make this the hub of the flat.
0:04:15 > 0:04:19So really, all in all, for entertaining, for living in it,
0:04:19 > 0:04:22or if you're going to use this as a holiday home,
0:04:22 > 0:04:24the whole thing just absolutely works for me.
0:04:26 > 0:04:29The flat has two double bedrooms.
0:04:29 > 0:04:31There's double glazing throughout,
0:04:31 > 0:04:35meaning you can enjoy the view without suffering the chill winds.
0:04:35 > 0:04:39Only the bathroom left to see now.
0:04:40 > 0:04:43# Pink, it's the colour of passion... #
0:04:43 > 0:04:47Mm, what can I say? But the rosy decor is easily sorted
0:04:47 > 0:04:50and I'm certainly tickled pink about this flat,
0:04:50 > 0:04:55especially at that auction guide price of £35,000.
0:04:55 > 0:04:59So what's the best option? Rent it out or sell on?
0:04:59 > 0:05:02I asked a local estate agent for his opinion.
0:05:03 > 0:05:08This is a great flat. It's huge, as far as flats on the island go.
0:05:08 > 0:05:10There's a lot of space in here.
0:05:10 > 0:05:12More than anything else, I think,
0:05:12 > 0:05:14it could benefit from internal decoration.
0:05:14 > 0:05:17There's nothing structural to do, just a touch-up,
0:05:17 > 0:05:21just to make it more their style and comfortable for them to enjoy.
0:05:22 > 0:05:25How much could this place sell for, once done up?
0:05:27 > 0:05:31I think once this is all done and has been renovated,
0:05:31 > 0:05:35we would expect to see this sell for between £80-85,000.
0:05:38 > 0:05:40And rental income?
0:05:40 > 0:05:45Residential rents, the standard rental for a two-bedroom flat on the island
0:05:45 > 0:05:47is about £90-95 a week,
0:05:47 > 0:05:51so we're looking between £390 to £410 per calendar month.
0:05:51 > 0:05:54How about renting to holidaymakers?
0:05:54 > 0:05:58As a holiday home, there are other areas on the island which are better suited
0:05:58 > 0:06:00because they have a much better view.
0:06:00 > 0:06:02There's only one room that has the view.
0:06:02 > 0:06:05However, I would expect that you would probably reach
0:06:05 > 0:06:09between £350 and £400 per week in the summer time.
0:06:10 > 0:06:14Well, it may not be in the best location
0:06:14 > 0:06:16or have the absolute best sea views
0:06:16 > 0:06:19but that guide price was very attractive.
0:06:19 > 0:06:22So let's see who fancied a slice of island life
0:06:22 > 0:06:23when it went under the hammer.
0:06:24 > 0:06:28Lot 319, a traditional two-bedroom flat in Rothesay,
0:06:28 > 0:06:30Isle of Bute, Argyll and Bute, PA20.
0:06:30 > 0:06:34I've got a proxy bid, ladies and gentlemen. I'll bid on their behalf.
0:06:34 > 0:06:38And I will start the bidding with an opening bid at £30,000.
0:06:38 > 0:06:42So £30,000 we've got. Looking for £31,000.
0:06:42 > 0:06:45In front of me at £31,000.
0:06:45 > 0:06:4632 with the proxy bidder.
0:06:46 > 0:06:4833? 33 it is.
0:06:48 > 0:06:5134 with the proxy bidder. 35?
0:06:51 > 0:06:5436. 37?
0:06:54 > 0:06:58£37,000. 38, now. 38 with the proxy bidder. At 38.
0:06:58 > 0:07:0339? £39,000. I can go to £40,000 with the proxy bidder.
0:07:03 > 0:07:05I'll go 500 if it helps you.
0:07:05 > 0:07:06£40,500.
0:07:06 > 0:07:11£40,500. 41, it's with the proxy bidder.
0:07:11 > 0:07:12500?
0:07:12 > 0:07:1641,500, it's in the room. 42 with the proxy bidder.
0:07:16 > 0:07:21Yeah? 42,500. 43 with the proxy bidder.
0:07:21 > 0:07:2543,500. You'll be delighted to know the proxy bidder is out.
0:07:25 > 0:07:29It's your bid. At £43,500.
0:07:29 > 0:07:33£43,500. I'm going to sell at this level, ladies and gentlemen.
0:07:33 > 0:07:37The proxy bidder's out. It's your bid at 43,500.
0:07:37 > 0:07:39Anyone else coming in, be very, very quick.
0:07:42 > 0:07:46Sold at 43,500. Congratulations, well done.
0:07:46 > 0:07:49That surprised yet jubilant winner is Cara.
0:07:52 > 0:07:56Cara's a hospital worker and her husband Steve's a web developer.
0:07:56 > 0:07:58They live and work in Glasgow
0:07:58 > 0:08:01and bought this property for themselves and their three daughters.
0:08:01 > 0:08:05There was no holding the family back from exploring their new property
0:08:05 > 0:08:07when I met them at the flat.
0:08:07 > 0:08:11Cara, Steve, lovely to meet you both. Congratulations.
0:08:11 > 0:08:16- Cara, you looked absolutely shocked, there.- I thought we weren't going to get the flat.
0:08:16 > 0:08:19- I thought we would be outbid but we got it.- You got it.
0:08:19 > 0:08:23# I'm so excited And I just can't hide it
0:08:25 > 0:08:29# I'm about to lose control And I think I like it. #
0:08:29 > 0:08:30So why did you want to buy it?
0:08:30 > 0:08:33We want it as a wee holiday home for ourselves and the family.
0:08:33 > 0:08:38- We've got three girls.- Three girls. It's a fast pace of life.
0:08:38 > 0:08:44Islay's six and May is three, almost four, and Fern's 18 months.
0:08:44 > 0:08:47We've holidayed down here for years, love the place.
0:08:47 > 0:08:50Great for the family, so we've been looking for a house for ages
0:08:50 > 0:08:52- and we were fortunate enough to get this one.- Wow.
0:08:52 > 0:08:55- It's a lovely little flat, isn't it? - Yeah.
0:08:55 > 0:08:58What is it about the island that you love so much?
0:08:58 > 0:09:01I think, for me, it's getting back to basics.
0:09:01 > 0:09:04You can take the kids to the beach, build sandcastles,
0:09:04 > 0:09:05everything's close by
0:09:05 > 0:09:09and it's just like being a world away from the mainland
0:09:09 > 0:09:11but you're really close to Glasgow. It's great.
0:09:11 > 0:09:16Now, it's a bit of a miserable day and it's quite cold.
0:09:16 > 0:09:19- What's it like in the summer here? - It's lovely.- Great.
0:09:19 > 0:09:23There's a lovely promenade down the front and gardens
0:09:23 > 0:09:26and they've got a fountain down at the front as well.
0:09:26 > 0:09:29There's also a lovely bay here, called Ettrick Bay,
0:09:29 > 0:09:33that's got a lovely beach and a cafe down there and that's nice.
0:09:33 > 0:09:38- There's also a really large old house called Mount Stuart.- Great.
0:09:38 > 0:09:41It's got beautiful gardens and it is beautiful.
0:09:41 > 0:09:47It would take more than a little wind and rain to dampen this family's enthusiasm for the island
0:09:47 > 0:09:49and their new holiday home.
0:09:50 > 0:09:52'Why this particular flat?
0:09:52 > 0:09:54'We've been looking for quite a few years.'
0:09:54 > 0:09:57I think it's the high ceilings, the location.
0:09:57 > 0:10:00We're close to the front, close to the ferry, as well,
0:10:00 > 0:10:02and it's just an ideal place.
0:10:02 > 0:10:06- And the price.- And the price.- Right! - The price was definitely right.
0:10:06 > 0:10:09So tell me what you do when you're not buying holiday homes.
0:10:09 > 0:10:12Well, I work in Glasgow, web development,
0:10:12 > 0:10:15Cara works in a busy hospital, so, yeah.
0:10:15 > 0:10:19I scan the pregnant mums in the Princess Royal Infirmary in Glasgow.
0:10:19 > 0:10:21- Oh, great. Ultrasound scans and things.- Yeah.
0:10:21 > 0:10:23- I've been doing that for ten years. - Great.
0:10:23 > 0:10:27- Did you scan yourself when you had your children?- No!
0:10:27 > 0:10:33# Holiday, oh, holiday And the best one of the year... #
0:10:33 > 0:10:36But before the children get to play with their buckets and spades,
0:10:36 > 0:10:38Steve has to get to work with his toolbox.
0:10:39 > 0:10:42So tell me, what are you going to do to it?
0:10:43 > 0:10:45- Well...- Well...
0:10:45 > 0:10:49I think the first thing is probably to replace the kitchen.
0:10:49 > 0:10:52We'll see if we can do that and then just have a look around.
0:10:52 > 0:10:56I think we might have to look at carpets, redecoration.
0:10:56 > 0:11:00- New front door, as well.- New front door possibly, that sort of thing.
0:11:00 > 0:11:04- It's not in too bad a nick. - We've got a very pink bathroom.
0:11:04 > 0:11:07- Yeah!- Which the girls like.- Do they?
0:11:07 > 0:11:10- They want you to keep that, do they? - Yeah.- But Dad...
0:11:10 > 0:11:12I've got a battle on my hands with that one.
0:11:12 > 0:11:15There's a lot of pink in our house already.
0:11:15 > 0:11:18I'm saying, "We'll paint it white," but it might stay pink.
0:11:18 > 0:11:23Having three girls probably means - and four women in the family -
0:11:23 > 0:11:26- you're outnumbered. - I think so, definitely.
0:11:26 > 0:11:28So what kind of budget have you set aside to do it?
0:11:28 > 0:11:31- About 3-4,000.- Three to four.
0:11:31 > 0:11:35If we go over, that's OK. It depends much we can get a kitchen for.
0:11:35 > 0:11:39- And what kind of timescale? - About three months. - Two to three months.
0:11:39 > 0:11:44We stay in Glasgow and we've got some holidays coming up, so we might be able to do some work.
0:11:44 > 0:11:47Three months should probably do us right to get it finished off.
0:11:47 > 0:11:50- And are you going to do the work? - Yeah.- Some of it.
0:11:50 > 0:11:52Probably the painting we'll do
0:11:52 > 0:11:55but in terms of fitted kitchens and things like that,
0:11:55 > 0:11:57then local tradesmen.
0:11:57 > 0:12:00Now, obviously this could be quite valuable as a holiday let.
0:12:00 > 0:12:03- Have you thought about doing that? - We have.
0:12:03 > 0:12:07Probably in the first instance we'll rent it to people that we know
0:12:07 > 0:12:11and then maybe as the girls get older and they want to do things, like go a bit further afield,
0:12:11 > 0:12:15we'd consider renting it out during the summer commercially.
0:12:15 > 0:12:18Cara and Steve are already making plans
0:12:18 > 0:12:22for the first of many holidays in their exciting new purchase.
0:12:22 > 0:12:25So how much of your holidays are you going to spend here?
0:12:25 > 0:12:27- All of them.- All of them.
0:12:27 > 0:12:30- All our holidays, yeah. Can't wait to start using it.- I know.
0:12:30 > 0:12:32- Definitely.- Right.
0:12:32 > 0:12:34- Well, congratulations.- Thank you.
0:12:34 > 0:12:38I really look forward to seeing how you turn this into your holiday home.
0:12:38 > 0:12:41- I know. Thanks very much.- Cheers.
0:12:42 > 0:12:44Well, what a great story.
0:12:44 > 0:12:50Cara, Steve and their family getting a perfect holiday home for them.
0:12:50 > 0:12:53So the big question is will the pink bathroom remain?
0:12:53 > 0:12:56You know what? I think it will.
0:12:56 > 0:12:59Find out how they get on later in the show.
0:13:02 > 0:13:07We now go back to a property we first saw in January 2007.
0:13:07 > 0:13:11Next to the more expensive areas of Clapham and Battersea in southwest London
0:13:11 > 0:13:13is the up and coming Earlsfield.
0:13:13 > 0:13:17In 2007, the average price for a one-bed flat here
0:13:17 > 0:13:22had shot up from 230 to 280,000 in just one year,
0:13:22 > 0:13:25which made this one very intriguing.
0:13:25 > 0:13:30So with those figures in mind, the £135,000 guide price
0:13:30 > 0:13:34for this one-bed flat was quite exciting
0:13:34 > 0:13:37and the first thing that strikes me about this place
0:13:37 > 0:13:39is the sense of space.
0:13:39 > 0:13:42I mean, look - really high ceilings everywhere.
0:13:42 > 0:13:46You've got this beautiful cornicing in really good condition.
0:13:46 > 0:13:49OK, it's a bit tired in here, it needs decorating,
0:13:49 > 0:13:51but that's quite easily resolved.
0:13:51 > 0:13:55I'd get rid of this gas fire and put something more traditional there.
0:13:55 > 0:13:58And this is something for the security conscious.
0:13:58 > 0:14:01These windows have got to go.
0:14:01 > 0:14:04You could pull those slats of glass out straightaway.
0:14:04 > 0:14:07I could see some nice, original sash windows in there.
0:14:07 > 0:14:11But I really like it. It's got a good feeling about it.
0:14:13 > 0:14:16This long corridor leads down to the kitchen and the bedroom
0:14:16 > 0:14:18but it is a bit dark.
0:14:18 > 0:14:20Behind are the other stairs to the upstairs flat.
0:14:20 > 0:14:24My immediate thought would be to open up the space in the understairs cupboard.
0:14:25 > 0:14:28I do like the rooms in this property.
0:14:28 > 0:14:29They're square and solid.
0:14:29 > 0:14:33I've noticed, though, there's an old electric heater down here,
0:14:33 > 0:14:36so you'd need to install central heating to the whole flat.
0:14:36 > 0:14:39Now, the kitchen, it's a good space but very dated.
0:14:39 > 0:14:42You'd need to get rid of all these units
0:14:42 > 0:14:43and install something more modern.
0:14:43 > 0:14:48Over there, Crittall windows. They've got to go.
0:14:48 > 0:14:53Now, talking about windows, when you look out there, that's not the view of your garden.
0:14:53 > 0:14:55It belongs to the next-door neighbour,
0:14:55 > 0:14:58so a bit of that is in order, I think.
0:14:58 > 0:15:02What I don't like is that you have to walk through your kitchen
0:15:02 > 0:15:04to get to your toilet and your bathroom.
0:15:04 > 0:15:08I think a change of layout could work here.
0:15:08 > 0:15:10There's so much space to play with.
0:15:10 > 0:15:13In fact, this is one of the biggest one-bedroom flats
0:15:13 > 0:15:15I've seen in a long time.
0:15:15 > 0:15:17'That's the living room and the kitchen
0:15:17 > 0:15:20'and the bedroom is also a good size.
0:15:25 > 0:15:29'And unlike with the kitchen, you get what you see out of this window.
0:15:29 > 0:15:32'There's a courtyard with a fairly good strip of garden
0:15:32 > 0:15:34'but the window frame certainly needs replacing.
0:15:36 > 0:15:37'This flat has great potential.
0:15:37 > 0:15:39'You could extend out to the side
0:15:39 > 0:15:42'and there's all that wasted space under the stairs.'
0:15:43 > 0:15:47The guide price of £135,000
0:15:47 > 0:15:49looks sure to get the auction room buzzing
0:15:49 > 0:15:51but who can last the course?
0:15:52 > 0:15:54Let's see what happened on the day.
0:15:55 > 0:15:58Lot 22. 200 anywhere?
0:15:58 > 0:16:01If not, it's up to you where you want to start.
0:16:01 > 0:16:03How much? 150 down here.
0:16:04 > 0:16:06155 anywhere?
0:16:07 > 0:16:10155 with you in the aisle. 160.
0:16:10 > 0:16:12165, madam?
0:16:12 > 0:16:15170. 175.
0:16:15 > 0:16:17180. 185.
0:16:17 > 0:16:20190? 195?
0:16:20 > 0:16:23195. 200.
0:16:23 > 0:16:25205?
0:16:26 > 0:16:29210. If not, 212. New spot.
0:16:30 > 0:16:33Someone else comes in now. 215.
0:16:33 > 0:16:36220. 225.
0:16:36 > 0:16:37230?
0:16:37 > 0:16:40235?
0:16:40 > 0:16:41240?
0:16:42 > 0:16:44One more go?
0:16:44 > 0:16:45241?
0:16:45 > 0:16:48241. 242?
0:16:48 > 0:16:50242. 243?
0:16:51 > 0:16:54242, standing at the back.
0:16:54 > 0:16:57243, a new spot. 243.
0:16:57 > 0:17:00244? 244. 245?
0:17:00 > 0:17:02Lost you. 245?
0:17:02 > 0:17:06246? 246?
0:17:06 > 0:17:09245 and a half, yeah? 245 and a half. 246.
0:17:09 > 0:17:12246 and a half.
0:17:12 > 0:17:15247. 247 and a half.
0:17:15 > 0:17:18248. 248 and a half?
0:17:18 > 0:17:22Another five? If not, 248 first time, second time,
0:17:22 > 0:17:25third and last time. If you're all done...
0:17:26 > 0:17:28Sold. 248.
0:17:30 > 0:17:34The winning bid of 248,000 was made by Eamonn and Simon,
0:17:34 > 0:17:37who've got lots of development experience.
0:17:37 > 0:17:40They used to be managers for one of the largest landlords in the country,
0:17:40 > 0:17:43with over 12,000 units.
0:17:43 > 0:17:46But in 2005, they decided to go it alone.
0:17:46 > 0:17:49So far, they've developed seven properties.
0:17:49 > 0:17:53They've sold some of them and have tenants in the rest.
0:17:53 > 0:17:58They paid a whopping £113,000 over the guide price
0:17:58 > 0:17:59for this flat in Earlsfield.
0:17:59 > 0:18:02Clearly, they must think it has potential for them.
0:18:02 > 0:18:06Guys, congratulations. You clinched the deal.
0:18:06 > 0:18:08- 248,000.- We did.- Yeah.
0:18:08 > 0:18:10- Happy with the price?- Not really.
0:18:10 > 0:18:14Slightly more than we'd set for our maximum but...
0:18:14 > 0:18:16What are you guys going to do with it?
0:18:16 > 0:18:22Well, we're going to refurbish it as a one-bed as our fallback,
0:18:22 > 0:18:25with either a look to rental or resale
0:18:25 > 0:18:27but our main plan is to extend at the side,
0:18:27 > 0:18:30because we've got the side garden and the back garden.
0:18:30 > 0:18:33If we can extend to the side and do a bit of rejigging,
0:18:33 > 0:18:38we can get a two-bed with a large open-plan living area, which is what we want.
0:18:38 > 0:18:40In order for the boys to build an extension
0:18:40 > 0:18:42and turn this into a two-bedroom flat,
0:18:42 > 0:18:45they're going to have to apply for planning permission.
0:18:45 > 0:18:49But could they get two bedrooms into the existing footprint?
0:18:49 > 0:18:52Possibly. Possibly. It's big enough that you could do it.
0:18:52 > 0:18:55A lot of properties round here are turned into two beds
0:18:55 > 0:18:57without extending.
0:18:57 > 0:19:00But we're hoping to maximise it with planning, obviously.
0:19:00 > 0:19:04You're hardly going to have any garden at all, any outside space.
0:19:04 > 0:19:07Do you think that's something that might let the property down?
0:19:07 > 0:19:10- I don't think so.- Courtyard gardens, I think, you know.
0:19:10 > 0:19:13Enough room for a barbecue, they'd see that as a bonus.
0:19:13 > 0:19:16Simon and Eamonn are exploring every possibility
0:19:16 > 0:19:18for their £248,000 investment.
0:19:18 > 0:19:22Understandably, they're keen to maximise the potential
0:19:22 > 0:19:24of this large ground floor flat.
0:19:24 > 0:19:27So, tell me, what's it going to look like inside?
0:19:27 > 0:19:29Who's got the eye when it comes to this?
0:19:29 > 0:19:31Simon.
0:19:31 > 0:19:34- That's really nice of him. Isn't that nice of him?- Yeah.
0:19:34 > 0:19:39Erm, we tend to have quite a sort of standard finish on speci's,
0:19:39 > 0:19:42keeping it very neutral, clean, white all the way through, actually.
0:19:42 > 0:19:46Wood floors, we're thinking, the open plan lounge and living area,
0:19:46 > 0:19:48spotlights, the usual,
0:19:48 > 0:19:51everything that market round here basically demands.
0:19:51 > 0:19:54Whilst they're waiting for planning permission for the side extension,
0:19:54 > 0:19:58the boys already have a couple of builders lined up to do some work.
0:19:58 > 0:20:00But who's going to be overseeing the project?
0:20:01 > 0:20:04Probably because it's fairly local to where we're based,
0:20:04 > 0:20:07we'll both be here fairly regularly.
0:20:07 > 0:20:11We like to pop into our sites two, three times a week,
0:20:11 > 0:20:12something like that.
0:20:12 > 0:20:16I do the basic stuff, the sourcing and ordering of materials.
0:20:16 > 0:20:19I probably deal with that side more.
0:20:19 > 0:20:23When it gets more technical in terms of extensions and everything else,
0:20:23 > 0:20:25Eamonn gets more involved in that side.
0:20:25 > 0:20:28So you've each got your strengths, really, haven't you?
0:20:28 > 0:20:31- Yeah.- I think so. Yeah. We complement each other.
0:20:31 > 0:20:34Yeah. The other person is dealing with certain aspects of it
0:20:34 > 0:20:36because it would be too much to deal with,
0:20:36 > 0:20:41considering we've got more than this on the go at any one time - three or four, perhaps.
0:20:41 > 0:20:44And so it is a two-man job.
0:20:44 > 0:20:46One and a half.
0:20:46 > 0:20:48Well, they're certainly not half-hearted
0:20:48 > 0:20:52but the lads are in two minds over the cost of the refurbishment.
0:20:52 > 0:20:55If it was a one-bed without any structural alterations...
0:20:55 > 0:20:58The max we would be looking at about 18, 20, possibly.
0:20:58 > 0:21:00- 15.- All right, 15.
0:21:00 > 0:21:03Ooh, you're not agreeing, boys. I love it. No - 15! Less!
0:21:03 > 0:21:05We've started already.
0:21:05 > 0:21:07So budget for a two-bedroom property?
0:21:07 > 0:21:10With the extension, we're working off 30,000,
0:21:10 > 0:21:12then, obviously, a bit of a rejig inside
0:21:12 > 0:21:14and then a full modernisation.
0:21:14 > 0:21:18Simon and Eamonn were brave to go it alone.
0:21:18 > 0:21:22Though they may have needed to negotiate some tight turns along the road to success,
0:21:22 > 0:21:24they did seem to be on the right track.
0:21:26 > 0:21:29But when we first returned five months later,
0:21:29 > 0:21:32the property was still undergoing major changes.
0:21:32 > 0:21:37The existing flat had been gutted and some internal walls taken down,
0:21:37 > 0:21:40with replastering and rewiring still going on.
0:21:40 > 0:21:43But unfortunately, there was no sign of the extension,
0:21:43 > 0:21:46which Eamonn and Simon were counting on.
0:21:46 > 0:21:49We were concerned about whether we could get planning.
0:21:49 > 0:21:50We knew we could get planning
0:21:50 > 0:21:53but it's whether we could get the size of the extension,
0:21:53 > 0:21:57whether we had to make it smaller that would change the layout.
0:21:58 > 0:22:00Well, planning was approved but join us later
0:22:00 > 0:22:04to see how much they had to compromise on the extension plans
0:22:04 > 0:22:07and what they did manage to achieve in the end.
0:22:11 > 0:22:14Coming up, in Norwich, there's a ground floor, two-bed flat
0:22:14 > 0:22:17that has plenty to offer buyers.
0:22:17 > 0:22:20The place doesn't have a bad feel. It's light and airy.
0:22:21 > 0:22:24Back in 2007, Eamonn was still positive
0:22:24 > 0:22:26about the renovation in Earlsfield.
0:22:26 > 0:22:30In another week or two, the existing flat will look very good.
0:22:32 > 0:22:36But first, is this family still excited about their holiday home
0:22:36 > 0:22:37in Rothesay?
0:22:37 > 0:22:40They're always dead excited and looking forward to coming.
0:22:45 > 0:22:49Time now to sail back to the beautiful Isle of Bute.
0:22:51 > 0:22:54Glasgow-based couple Cara and her husband Steve
0:22:54 > 0:23:00had paid £43,500 for this two-bed flat overlooking the harbour.
0:23:01 > 0:23:05It was going to be the perfect new holiday home for themselves
0:23:05 > 0:23:07and their three girls.
0:23:08 > 0:23:11We've holidayed down here for years, love the place.
0:23:11 > 0:23:14Great for the kids, so we've been looking for a house for ages
0:23:14 > 0:23:15and we got this one.
0:23:17 > 0:23:21It's now four months later and we've caught the ferry again
0:23:21 > 0:23:24to see what they've done with the flat.
0:23:24 > 0:23:28When you head through the front door, the hallway strikes the first note,
0:23:28 > 0:23:31with new carpets and a welcoming colour scheme.
0:23:32 > 0:23:35That large living room with its beautiful bay window
0:23:35 > 0:23:40has been decorated, furnished, and even gained a character fireplace.
0:23:40 > 0:23:45The stylish makeover continues in Cara and Steve's bedroom.
0:23:45 > 0:23:48Having given the flat a full refurbishment,
0:23:48 > 0:23:52did they discover any nasty surprises when they set about the work?
0:23:53 > 0:23:56The flat was in pretty good condition.
0:23:56 > 0:23:58It was needing freshened up. A lot of painting.
0:23:58 > 0:24:02We started off with the kitchen and the back of the flat
0:24:02 > 0:24:07and we decided to make that into a bedroom and make the small bedroom into the kitchen.
0:24:08 > 0:24:11A role reversal if I ever heard one!
0:24:12 > 0:24:14Moving that kitchen sounds a big job
0:24:14 > 0:24:19but as Steve explains, moving the services wasn't all that tricky.
0:24:21 > 0:24:23If you remember, last time, this was a bedroom.
0:24:23 > 0:24:26We've moved all the services through,
0:24:26 > 0:24:29which was quite easy because they're on the same wall.
0:24:29 > 0:24:33We've put a brand-new boiler in and we've put the units in.
0:24:33 > 0:24:36It was good to do this because we've got a bigger room next door,
0:24:36 > 0:24:38more space in the bedroom next door
0:24:38 > 0:24:40and the girls are further away
0:24:40 > 0:24:44and it's quieter for them at night when me and Cara are here, so it's worked very well.
0:24:44 > 0:24:48Well, undoubtedly a much better use of the space here.
0:24:48 > 0:24:51But what impact did the layout change have on their budget?
0:24:51 > 0:24:55Remember, they'd originally set aside between £3-4,000
0:24:55 > 0:24:59but that was just to decorate the place, leaving the rooms where they were.
0:25:00 > 0:25:04Moving the kitchen's probably added on £1,000 to our budget.
0:25:04 > 0:25:07We had to get a new boiler anyway, so that's added on the cost
0:25:07 > 0:25:09but round about £1,000.
0:25:09 > 0:25:13Even though their budget stretched to just over £5,000,
0:25:13 > 0:25:16I reckon they made the right decision.
0:25:16 > 0:25:19Their three daughters now have a lovely large bedroom to enjoy.
0:25:19 > 0:25:24But with three little girls in the house, is everything still rosy in the bathroom?
0:25:24 > 0:25:26The bathroom has stayed pink, as you can see.
0:25:26 > 0:25:29Steven didn't get his way and change the colour,
0:25:29 > 0:25:32so he just has to put up with it and live with it.
0:25:32 > 0:25:35We did a bit of retiling and a bit of new flooring
0:25:35 > 0:25:37and then that was us all done.
0:25:37 > 0:25:42Well, hard luck, Steve, the girls won but I always suspected they would.
0:25:42 > 0:25:44So who's been doing the work?
0:25:46 > 0:25:51Generally decorating, we've been able to do that ourselves.
0:25:51 > 0:25:54We've also been keen to use local contractors and tradesmen
0:25:54 > 0:25:57so that we're putting something back into the island,
0:25:57 > 0:26:00so they've done some of the work, as much as possible.
0:26:00 > 0:26:04We've actually put in a couple of old fireplaces that we had.
0:26:04 > 0:26:07We had them in the shed and we decided to put them in.
0:26:07 > 0:26:12A good call. The two fireplaces add extra character to the flat
0:26:12 > 0:26:16and they compliment the windows and woodwork really well.
0:26:16 > 0:26:18They've obviously done a lot of work here
0:26:18 > 0:26:21but have they had their first holiday in the flat yet?
0:26:21 > 0:26:25We've had one very relaxing week, which was great.
0:26:25 > 0:26:27The kids really enjoyed it. There's loads to do.
0:26:27 > 0:26:30There's a good variety of things to do for the kids.
0:26:30 > 0:26:32They're always excited on the ferry.
0:26:32 > 0:26:35They're always dead excited and looking forward to coming here.
0:26:35 > 0:26:40All the kind of basic stuff you had as a kid, you know.
0:26:40 > 0:26:43Building sandcastles, picking up shells from the beach.
0:26:43 > 0:26:44They seem to really enjoy that.
0:26:44 > 0:26:48Cara and Steve have bought the flat as a long-term holiday retreat
0:26:48 > 0:26:51for themselves, their family and friends to enjoy.
0:26:51 > 0:26:55But would they contemplate renting it out commercially as a holiday let?
0:26:58 > 0:27:00Possibly. It's a consideration.
0:27:00 > 0:27:03It just depends if...
0:27:03 > 0:27:05We've too much attachment at the moment, I think.
0:27:05 > 0:27:10It might be something to think about in two or three years' time.
0:27:10 > 0:27:15Time to find out what two local property experts make of the flat,
0:27:15 > 0:27:18with its harbour views and modified internal layout.
0:27:18 > 0:27:22Coming back today, first impressions are amazing.
0:27:22 > 0:27:24They've done a really good job.
0:27:24 > 0:27:28It's a homely flat, yet it's very spacious. They've done a great job.
0:27:28 > 0:27:31I do like the fact they've put a feature fireplace in the lounge.
0:27:31 > 0:27:33They've made a good job of the kitchen.
0:27:33 > 0:27:36Moving around from the bedroom to the kitchen in here,
0:27:36 > 0:27:39the fact you can get a dining table in is a plus point.
0:27:39 > 0:27:41'Moving the kitchen was a really good idea.'
0:27:41 > 0:27:43'I hadn't thought about it
0:27:43 > 0:27:45'and I'd expected them to keep it there.'
0:27:45 > 0:27:49The lounge is nice with the bay window overlooking the harbour.
0:27:49 > 0:27:53You can see the sea, which folk are looking for when they come to Bute,
0:27:53 > 0:27:56whether it's a holiday let or a permanent home.
0:27:56 > 0:27:59Yes, it is a lovely location with great views
0:27:59 > 0:28:02but how much rental income could the flat generate
0:28:02 > 0:28:05if the couple did think of renting it out long term?
0:28:05 > 0:28:10As a residential let, we would expect this to achieve between £90 and £95 a week,
0:28:10 > 0:28:13so between £390 to £400 per calendar month.
0:28:13 > 0:28:18I would expect it to achieve in the region of £325 to £350 per calendar month.
0:28:18 > 0:28:21What about letting to holidaymakers,
0:28:21 > 0:28:23just in the height of the summer?
0:28:23 > 0:28:25As a holiday let,
0:28:25 > 0:28:28we would expect it to achieve £400 a week, peak season.
0:28:29 > 0:28:32So although this wasn't bought as a buy to let investment,
0:28:32 > 0:28:34there is clearly some potential income here,
0:28:34 > 0:28:37long term or as a holiday let.
0:28:37 > 0:28:39- Brilliant. - That's really good, isn't it?- Yeah.
0:28:39 > 0:28:43It's worth a thought. I didn't really give it any thought before.
0:28:43 > 0:28:47We said it was probably going to be for family and friends
0:28:47 > 0:28:49but that might tempt me to rent it out.
0:28:49 > 0:28:55But what's the flat now worth? They paid £43,500 at the auction
0:28:55 > 0:28:58and they've spent just over £5,000 on the work,
0:28:58 > 0:29:01making a total of around £49,000.
0:29:01 > 0:29:06If it was to go on the market, we'd expect this achieve around £80,000.
0:29:06 > 0:29:08If I was to put the property on the market,
0:29:08 > 0:29:12I would say it could fetch in the region of £80-85,000.
0:29:12 > 0:29:16Goodness. That would represent around £30,000 gross profit
0:29:16 > 0:29:19before the usual selling expenses. Not bad, eh?
0:29:21 > 0:29:23- Great.- That's good. - Brilliant.- Fantastic.
0:29:23 > 0:29:28Compared to what we bought it for and how much we spent doing it up, that is brilliant.
0:29:28 > 0:29:32It's great news that their dream holiday home has risen in value,
0:29:32 > 0:29:35making a real win-win situation.
0:29:35 > 0:29:36So what now?
0:29:36 > 0:29:41'We just going to spend as much time as we can down here because we love it.
0:29:41 > 0:29:43'I just feel we've made a wee home from home.
0:29:43 > 0:29:45'We've got to know people here already
0:29:45 > 0:29:49'and we're going to really enjoy it for the next few years.
0:29:49 > 0:29:51'I feel quite lucky to have it.'
0:30:01 > 0:30:04For over 900 years,
0:30:04 > 0:30:08this Norman cathedral has dominated the Norwich skyline.
0:30:09 > 0:30:13The city is justly proud of its past, but also its present.
0:30:13 > 0:30:16Norwich offers a rare blend of historic interest
0:30:16 > 0:30:18and modern sophistication.
0:30:19 > 0:30:23Well, the property I'm here to see is just north of the city centre.
0:30:23 > 0:30:29It's a two bedroom, ground-floor flat at a guide price of £65,000.
0:30:29 > 0:30:31It's nice it's got this lawn out the front.
0:30:31 > 0:30:33Let's take a look inside.
0:30:34 > 0:30:37'The flat is part of a purpose-built block
0:30:37 > 0:30:40'and the grass and communal areas are well maintained.'
0:30:42 > 0:30:43So what do you get for your money?
0:30:43 > 0:30:46Well, through the front door. Kitchen there.
0:30:46 > 0:30:49Some interesting free-range appliances going on.
0:30:49 > 0:30:52That's going to need sorting out, get some nice units in there
0:30:52 > 0:30:54and that would make a difference.
0:30:54 > 0:30:56The place doesn't have a bad feel to it.
0:30:56 > 0:30:57It's nice and light and airy.
0:30:57 > 0:31:02Loo and bathroom there. That needs to be improved as well.
0:31:02 > 0:31:05But kitchens and bathrooms, a good place to spend your money.
0:31:05 > 0:31:07I'm getting a nice feel from this place.
0:31:07 > 0:31:09This is your main living area. It's a good size.
0:31:09 > 0:31:13There's a gas fire, lots of light from the double-glazed windows -
0:31:13 > 0:31:15all in all, a very good start.
0:31:17 > 0:31:20Someone has obviously started to renovate this place
0:31:20 > 0:31:23but for whatever reason, not finished the job.
0:31:28 > 0:31:33The good news is that whoever takes over won't have to start from scratch.
0:31:33 > 0:31:37The bad news? Well, none so far. It's a great little flat.
0:31:37 > 0:31:39So, rear of the property, two bedrooms,
0:31:39 > 0:31:43smaller double there and a nice-sized double here.
0:31:43 > 0:31:45You've got some built-in cupboards
0:31:45 > 0:31:48and then a nice additional feature, a conservatory.
0:31:48 > 0:31:50Unusual to see it attached to the bedroom
0:31:50 > 0:31:52but I don't know how else you'd have it.
0:31:52 > 0:31:56It opens the house into the garden and it's a nice thing to have.
0:31:57 > 0:32:01This is a reasonably straightforward renovation,
0:32:01 > 0:32:04an ideal first investment for any would-be developer.
0:32:07 > 0:32:09It's all pretty standard so far,
0:32:09 > 0:32:14then at the rear of the property there's a really nice-sized garden.
0:32:14 > 0:32:17Ground floor flats often come with some sort of garden space
0:32:17 > 0:32:19but not normally as big as this.
0:32:19 > 0:32:21So now it isn't just a little flat,
0:32:21 > 0:32:23it could potentially be a nice little family home.
0:32:23 > 0:32:24Excellent.
0:32:25 > 0:32:27# Daydreams
0:32:27 > 0:32:29# I dream of you amid the flowers
0:32:30 > 0:32:32# For a couple of hours
0:32:32 > 0:32:36# Such a beautiful day. #
0:32:37 > 0:32:43This flat has really impressed me. It's small but perfectly formed.
0:32:43 > 0:32:48The guide price was £65,000 and I reckon it's a solid investment.
0:32:48 > 0:32:51I invited a local estate agent along to give us his view.
0:32:54 > 0:32:59The current condition of the property is fairly basic.
0:33:00 > 0:33:02It's got some good starting points.
0:33:02 > 0:33:05You've got double glazing and gas central heating,
0:33:05 > 0:33:07although overall, it does need modernisation.
0:33:07 > 0:33:12What could this flat command if sold on?
0:33:13 > 0:33:15Once renovated to a good standard,
0:33:15 > 0:33:19the resale value would be in the region of £85-90,000.
0:33:19 > 0:33:21And if it were let out?
0:33:22 > 0:33:24If the property was rented out,
0:33:24 > 0:33:27I would expect the rental value per calendar month to be £475.
0:33:29 > 0:33:33So a nice enough little flat, with the benefit of that lovely garden.
0:33:33 > 0:33:37A real simple do-er upper-er or renter-outer-er,
0:33:37 > 0:33:41if there is such a word. Let's see who went for it at the auction.
0:33:43 > 0:33:46Two-bedroom, purpose built ground-floor flat.
0:33:46 > 0:33:49Again, a pretty low guide at 65. Start me there?
0:33:49 > 0:33:5165 for it? 60, if you wish.
0:33:52 > 0:33:5460, give me a start for it. 55, if you wish.
0:33:54 > 0:33:5955 I'm bid. 55. 57 and a half there. 60 for you, sir?
0:33:59 > 0:34:0060,000 bid.
0:34:00 > 0:34:0262. 62.
0:34:02 > 0:34:0464. 66.
0:34:04 > 0:34:0666. 68.
0:34:06 > 0:34:0870. 72.
0:34:08 > 0:34:1074. 76?
0:34:10 > 0:34:1374. I'll take one if you want. 75, if you wish?
0:34:13 > 0:34:1675. 6 for you, sir?
0:34:16 > 0:34:18At £76,000.
0:34:18 > 0:34:22At 76. I'll take 500 if you want.
0:34:22 > 0:34:2476 and a half.
0:34:25 > 0:34:27You're shaking your head too early.
0:34:27 > 0:34:30At 76 and a half. Another 500 might get it for you.
0:34:30 > 0:34:33At 76 and a half, then.
0:34:34 > 0:34:37At £76,500. I'll take 250 if you want.
0:34:37 > 0:34:41At 76,750. 77,000 for you, sir?
0:34:41 > 0:34:43No. Shaking your head.
0:34:43 > 0:34:46At 77,000. At 77,000.
0:34:46 > 0:34:48At £77,000, then.
0:34:48 > 0:34:50Another 250 if you want.
0:34:50 > 0:34:52At 77,250.
0:34:52 > 0:34:5677 and a half, then. At 77 and a half. Are you all done in the room?
0:34:56 > 0:34:59It's out on my right. At 77 and a half. I'm going to sell it.
0:35:00 > 0:35:03First time, second time,
0:35:03 > 0:35:07third and final time at 77 and a half. Yours.
0:35:07 > 0:35:12So who was the mystery bidder hiding behind the pillar at the auction?
0:35:13 > 0:35:17Well, the new owner who bought the flat for £77,500
0:35:17 > 0:35:20was retired funeral director Keith.
0:35:20 > 0:35:24When he's not on the golf course, he's a part-time property developer.
0:35:24 > 0:35:27I met up with him at his new purchase.
0:35:27 > 0:35:31- Nice to meet you.- And you. - Congratulations.- Thank you.
0:35:31 > 0:35:33Tell me why you wanted to buy this place.
0:35:33 > 0:35:38- Erm... money's not making money any more.- Right.
0:35:38 > 0:35:40So you think property.
0:35:40 > 0:35:45- So it's like money that was in savings, it's not getting you much interest.- That's right.
0:35:45 > 0:35:49I've got other properties but I thought I'll put some more money into property
0:35:49 > 0:35:51- and see where we go from there. - Right.
0:35:51 > 0:35:54It's a long-term investment but a better investment
0:35:54 > 0:35:56at this moment in time.
0:35:56 > 0:35:59- So what are you going to do with it? - Completely renovate it.
0:35:59 > 0:36:02New kitchen, new bathroom.
0:36:02 > 0:36:05As you can see, it would be nice to put coving round it,
0:36:05 > 0:36:10decorate it completely and that'll be a twofold thing.
0:36:10 > 0:36:15That'll be done so it could be for sale or to rent, you see?
0:36:15 > 0:36:19So if I do decide to sell it, it'll be of the quality to sell,
0:36:19 > 0:36:23- rather than just...- Make do.- Yeah.
0:36:23 > 0:36:27You know? So... Then that way, I've got the opportunity
0:36:27 > 0:36:30of going either way at the end of it.
0:36:30 > 0:36:34I'll make the final decision then.
0:36:34 > 0:36:38Keith paid £12,500 over the guide price.
0:36:38 > 0:36:41If he wants to make the most of his investment,
0:36:41 > 0:36:43he's wise to keep his options open.
0:36:44 > 0:36:47- So what's your background? - I'm retired.- Right.
0:36:47 > 0:36:51I've been retired now for 11 years.
0:36:51 > 0:36:53- What did you do before? - Funeral director.
0:36:53 > 0:36:55- Wow.- Yeah.
0:36:55 > 0:36:59Keith sold his funeral director's business 12 years ago.
0:36:59 > 0:37:01Although he's enjoying his retirement,
0:37:01 > 0:37:05he admits he misses helping people in their time of need.
0:37:07 > 0:37:10Couldn't get a better job for job satisfaction.
0:37:10 > 0:37:13People telephone you or they come into the office
0:37:13 > 0:37:17and you see them all the way through.
0:37:17 > 0:37:20You help them, you're on the end of the phone all the while
0:37:20 > 0:37:23and that gives you so much satisfaction.
0:37:23 > 0:37:26At the end they say, "Thank you very much for what you've done,"
0:37:26 > 0:37:29and that's genuine, that is really genuine.
0:37:29 > 0:37:34And it's hard to describe to people what that feeling is like, you know?
0:37:34 > 0:37:36And that's the only business I've ever had
0:37:36 > 0:37:39where I've had total satisfaction from it.
0:37:39 > 0:37:44Hmm. So you're really helping people at a time of extreme distress.
0:37:44 > 0:37:46Absolutely. Oh, yeah, absolutely.
0:37:46 > 0:37:49I imagined being a funeral director would be quite a depressing job
0:37:49 > 0:37:51but you're saying it's the opposite.
0:37:51 > 0:37:57That's a perception that people think you're like... you know
0:37:57 > 0:38:00and you walk up the road and this sort of thing
0:38:00 > 0:38:03but at the end of the day, you know, inwardly,
0:38:03 > 0:38:05you know, you're smiling inwardly.
0:38:05 > 0:38:08- You know?- Because you're helping. - That's right.
0:38:08 > 0:38:11While Keith may miss being a funeral director,
0:38:11 > 0:38:14he has thrown himself into property development
0:38:14 > 0:38:16with the same enthusiasm.
0:38:18 > 0:38:21What kind of budget have you got to do the work?
0:38:21 > 0:38:24Around about 5, perhaps £6,000.
0:38:26 > 0:38:29I don't want to be spending more than that. No more than that.
0:38:29 > 0:38:35Obviously, the biggest thing has got to be the kitchen and the bathroom.
0:38:35 > 0:38:39I've got some figures, what I'm going to spend,
0:38:39 > 0:38:42and at the moment, I'm just under what I've got to do.
0:38:42 > 0:38:46- And who's going to do the work? - I'll do most of the work myself,
0:38:46 > 0:38:52all except for the electrician and the gas engineer,
0:38:52 > 0:38:55because obviously, they've got to be certified people to do that.
0:38:55 > 0:38:59Well, I can do it but I wouldn't do it, you know,
0:38:59 > 0:39:03because I wouldn't be allowed to if I'm going to sell it or rent it.
0:39:03 > 0:39:05It's got to be certified.
0:39:05 > 0:39:09- What's the timescale for sorting it out?- Well, I hope to be done...
0:39:09 > 0:39:11about four weeks, five weeks at the most.
0:39:11 > 0:39:13- Wow.- I'll get stuck in and get it done.
0:39:13 > 0:39:15You know, so...
0:39:16 > 0:39:19- Great, well congratulations. - Thank you.- Good luck with it.
0:39:19 > 0:39:22- Look forward to seeing how you get on.- Thanks very much.
0:39:26 > 0:39:31So from being a funeral director to bringing properties back to life,
0:39:31 > 0:39:34Keith has taken on his latest project with this flat.
0:39:34 > 0:39:36I'm sure he'll do a great job.
0:39:36 > 0:39:38Will he end up selling it or renting it?
0:39:38 > 0:39:40You can find out later in the show.
0:39:44 > 0:39:47Well, when we left our auction aficionados
0:39:47 > 0:39:50they had their fingers crossed and high hopes for success.
0:39:50 > 0:39:54But have the purchases been giving them sleepless nights?
0:39:54 > 0:39:55Let's find out.
0:39:56 > 0:39:59Earlier in the programme, we met developers Eamonn and Simon.
0:39:59 > 0:40:05Back in January 2007, they bought this one-bedroom ground-floor flat
0:40:05 > 0:40:09in Earlsfield, southwest London, for £248,000.
0:40:09 > 0:40:12That was 113 grand over the guide price
0:40:12 > 0:40:17but they hoped to extend it into a two-bed and sell it for a big profit.
0:40:17 > 0:40:20That all depended on getting the planning permission
0:40:20 > 0:40:22and rearranging the existing layout.
0:40:22 > 0:40:25Although they had a rough timescale of six months,
0:40:25 > 0:40:27when we went back five months later,
0:40:27 > 0:40:30it was obvious there was still a lot of work to be done.
0:40:31 > 0:40:33Erm... It's coming together.
0:40:33 > 0:40:35It's always the way.
0:40:35 > 0:40:38You want things to be more progressed than they are at the moment
0:40:38 > 0:40:41but I think with another week or two,
0:40:41 > 0:40:44the existing flat will look very good.
0:40:44 > 0:40:47The existing flat had been completely ripped out
0:40:47 > 0:40:50and some of the internal walls removed.
0:40:50 > 0:40:54Rewiring is in progress but there's no sign of an extension,
0:40:54 > 0:40:56which Simon and Eamonn were counting on.
0:40:56 > 0:41:00We were concerned about whether we could get planning.
0:41:00 > 0:41:02We knew we could get planning,
0:41:02 > 0:41:04it's whether we could get the size of the extension.
0:41:04 > 0:41:08If we had to do something smaller, that would change the layout.
0:41:08 > 0:41:12It took them a total of three months to get planning permission
0:41:12 > 0:41:13to extend this property,
0:41:13 > 0:41:16which was the only way they could make the place work.
0:41:16 > 0:41:20With the extension, this would be a great two-bedroom flat.
0:41:20 > 0:41:22That was three years ago,
0:41:22 > 0:41:26so we were keen to find out how the development had turned out.
0:41:29 > 0:41:31The extension is now in place.
0:41:31 > 0:41:35It's impressive on the outside but just look inside!
0:41:42 > 0:41:47The old courtyard has now become a fantastic contemporary living space,
0:41:47 > 0:41:49with an open-plan kitchen.
0:41:51 > 0:41:54And there's still space for a small decked area at the back.
0:41:57 > 0:42:00Well, this is where the extension starts from.
0:42:00 > 0:42:03This originally was the outside wall of the house
0:42:03 > 0:42:07and this was a bedroom with a metal window here.
0:42:07 > 0:42:10So we took the whole wall away, put a steel framework in
0:42:10 > 0:42:14and built this extension, which is the boundary of the property.
0:42:14 > 0:42:16This originally was the garden
0:42:16 > 0:42:20and there was a fence and a gate at the back here.
0:42:20 > 0:42:23So we've built this all the way to the back of the property
0:42:23 > 0:42:28and this was the original bathroom here,
0:42:28 > 0:42:29with the back door.
0:42:29 > 0:42:33So we've taken that away and we've put in an open-plan kitchen
0:42:33 > 0:42:36with a set of nice big doors going out to the garden.
0:42:36 > 0:42:41The original plan was to have a vaulted ceiling here,
0:42:41 > 0:42:46so it was going to go right up with some Velux windows across here.
0:42:46 > 0:42:48But because of the changes to the plan,
0:42:48 > 0:42:50we had to go for a flat roof,
0:42:50 > 0:42:52which meant the ceiling has come right down.
0:42:52 > 0:42:55We were concerned that it would make this room quite enclosed
0:42:55 > 0:42:59but with the additional windows here and the doors at the back,
0:42:59 > 0:43:02we think that it really works.
0:43:02 > 0:43:05The extension is really worth it. It's what makes the flat.
0:43:05 > 0:43:07It's everything that we thought of.
0:43:07 > 0:43:11We're really pleased with it and the kitchen, the floor and everything.
0:43:11 > 0:43:15It's a great-looking space but it doesn't end there.
0:43:15 > 0:43:17The old kitchen is now a cosy bedroom,
0:43:17 > 0:43:20while the front room has been turned into another bedroom.
0:43:20 > 0:43:23So the target of a two-bed flat has been achieved.
0:43:25 > 0:43:30But Eamonn has also worked wonders with a cleverly laid out bathroom.
0:43:31 > 0:43:34This bathroom was originally the understairs cupboard.
0:43:34 > 0:43:38We've put a new wall here, which was in the bedroom,
0:43:38 > 0:43:42and made it slightly larger, put in a walk-in shower,
0:43:42 > 0:43:45tucked the toilet round the corner and tiled the whole thing.
0:43:45 > 0:43:49This bathroom, I think, really works. The tiles, we're really pleased with.
0:43:49 > 0:43:51It could've been quite a dark space
0:43:51 > 0:43:55but with the lighting, the tiling and lots of chrome, it really works.
0:43:55 > 0:43:59That completes the tour but getting here from January 2007
0:43:59 > 0:44:01has been a long haul.
0:44:01 > 0:44:04The slow progress was due in no small part
0:44:04 > 0:44:06to the housing crash in 2007.
0:44:06 > 0:44:11When the recession happened, we were just starting this project
0:44:11 > 0:44:14and it was around about the planning,
0:44:14 > 0:44:17so we felt a bit hands tied behind our back
0:44:17 > 0:44:20because we could see prices tumbling
0:44:20 > 0:44:22and we still hadn't had planning through.
0:44:22 > 0:44:27When that happened, we decided to mothball the property
0:44:27 > 0:44:32and work on other projects until we felt that the market was coming back.
0:44:32 > 0:44:35The project was mothballed for 19 months,
0:44:35 > 0:44:38until the team felt it was time to start again.
0:44:38 > 0:44:41That was in March 2009, and by that point,
0:44:41 > 0:44:44the walls of the extension were already up
0:44:44 > 0:44:46and only the roof needed to be added.
0:44:46 > 0:44:50It was another six months before the place was ready to start making money.
0:44:50 > 0:44:54I'm actually related to one of the tenants, she's my sister-in-law
0:44:54 > 0:44:58and she was vacating her previous property
0:44:58 > 0:45:02when we finally got this one in a habitable condition.
0:45:02 > 0:45:06And it just made sense for her to move in.
0:45:06 > 0:45:09I thought, "This is nice. We've found somewhere that we can stay."
0:45:09 > 0:45:11And it was the nicest place that we had seen.
0:45:11 > 0:45:15One of the most notable things is that everything was brand new.
0:45:15 > 0:45:19You very rarely have that, so that was really nice.
0:45:19 > 0:45:21And there was no furniture at all,
0:45:21 > 0:45:25so we could really think, "What do we want it to look like?"
0:45:25 > 0:45:29The tenants have been in the flat about ten months now
0:45:29 > 0:45:31and are paying £1,000 per month.
0:45:31 > 0:45:34That's an extremely competitive rate for the area they're in
0:45:34 > 0:45:36but everyone is pleased with the arrangement.
0:45:36 > 0:45:40Is this success of this project down to Eamonn alone?
0:45:40 > 0:45:44Simon has played a role in bringing it all together
0:45:44 > 0:45:47and he's doing his own projects now.
0:45:47 > 0:45:52We are looking to do further projects like this in the future.
0:45:52 > 0:45:54At the moment, he's doing his own projects.
0:45:54 > 0:45:58But he was very helpful in finally bringing this altogether.
0:45:58 > 0:46:02The team bought the property for 248,000
0:46:02 > 0:46:05and it took them two and a half years to finish off the project.
0:46:05 > 0:46:09In all that time, did Eamonn ever doubt they were doing the right thing?
0:46:09 > 0:46:11I certainly do have faith in property.
0:46:11 > 0:46:15It's always something that I've done
0:46:15 > 0:46:19and I think if you've been through downturns and problems before,
0:46:19 > 0:46:23then you're more adaptable to getting through them.
0:46:25 > 0:46:28How did their original budget hold up?
0:46:28 > 0:46:32We were originally looking to spend about 30,000 on the project.
0:46:32 > 0:46:35I think we've ended up spending between 42 and 45,000.
0:46:35 > 0:46:40An element of that is the time delay and the changing of the plans.
0:46:40 > 0:46:44Added to their purchase price of 248,000,
0:46:44 > 0:46:49that would give the team an approximate spend of up to 293 grand.
0:46:52 > 0:46:54Bearing in mind their outlay,
0:46:54 > 0:46:58we asked two local estate agents to give us their thoughts
0:46:58 > 0:46:59on Eamonn and Simon's renovation.
0:47:02 > 0:47:06My first impression of the apartment is that it's a superb property.
0:47:06 > 0:47:09It's fantastic light, very contemporary, very modern,
0:47:09 > 0:47:12and will be an excellent purchase for a first-time buyer.
0:47:12 > 0:47:15My impression walking into the property, it's clean and light,
0:47:15 > 0:47:18it's a very well done, professional job - very impressed.
0:47:20 > 0:47:25'The open-plan living-kitchen area is something that's very hit and miss with buyers.'
0:47:25 > 0:47:28Here, it works very well, he's done a very good job
0:47:28 > 0:47:31and I can see a lot of people being interested in it.
0:47:31 > 0:47:34'I think the extension's absolutely crucial to the property
0:47:34 > 0:47:37'because it's enabled them to have more living space.'
0:47:37 > 0:47:40With the extension, they have two proper double bedrooms,
0:47:40 > 0:47:42and fantastic living space,
0:47:42 > 0:47:45so creating the extension was absolutely crucial.
0:47:45 > 0:47:48At the moment, the property would be better for letting,
0:47:48 > 0:47:52for the initial period, and in the long term, hanging onto to it
0:47:52 > 0:47:54and reselling in a couple of years' time.
0:47:54 > 0:47:58'So with the current rental income of £1,000 per month,
0:47:58 > 0:48:02'is the team getting the most out of this flat?'
0:48:02 > 0:48:04If I was to put this property on the market for rent,
0:48:04 > 0:48:08I would expect it to achieve £1,200 to £1,300 per calendar month.
0:48:08 > 0:48:12I think because of the two double bedrooms and the quality of the finish,
0:48:12 > 0:48:17you could ask as much as 1,400 and maybe get £1,300 a month for it.
0:48:17 > 0:48:21Rental figures of 12, 13 or even, 14 hundred pounds a month
0:48:21 > 0:48:22would be fantastic.
0:48:22 > 0:48:25It would be the top end of what we had expected
0:48:25 > 0:48:28but if we could achieve it, it would be brilliant.
0:48:28 > 0:48:30So what does that mean for the tenants?
0:48:30 > 0:48:32They're getting a good deal.
0:48:32 > 0:48:34I reckon he's right, there.
0:48:34 > 0:48:37But if Eamonn and Simon decide to sell, what could the flat fetch?
0:48:37 > 0:48:44Remember, they have a total investment of up to £293,000 here.
0:48:44 > 0:48:47If I was to put this property on the market,
0:48:47 > 0:48:50I would expect it to achieve in the region of £360,000.
0:48:50 > 0:48:52I think if we put the property up for sale,
0:48:52 > 0:48:53we'd be asking £380,000.
0:48:53 > 0:49:00360, 380. That's pretty much what we thought it would be worth at the moment in the current market.
0:49:00 > 0:49:02It's a very good price, considering what we paid for it.
0:49:02 > 0:49:07That could give the duo a possible pre-tax profit of £87,000.
0:49:07 > 0:49:11So despite the slow progress and the ups and downs,
0:49:11 > 0:49:14this flat has turned out to be a great renovation.
0:49:14 > 0:49:19I reckon it was a good investment for this team's portfolio, as well,
0:49:19 > 0:49:22and one on which Eamonn's keen to build.
0:49:22 > 0:49:25When we started this project, we were looking to move on to bigger projects,
0:49:25 > 0:49:27similar sort of conversions,
0:49:27 > 0:49:31and although because of the market we've not been able to achieve that,
0:49:31 > 0:49:34it's the sort of thing we're looking to do now
0:49:34 > 0:49:37and I'd love to get my teeth stuck into it.
0:49:40 > 0:49:43Time to return to the beautiful city of Norwich,
0:49:43 > 0:49:45where earlier, we met Keith.
0:49:45 > 0:49:47He's a retired funeral director
0:49:47 > 0:49:51who bought this one-bed flat for £77,500.
0:49:51 > 0:49:54Keith loves playing golf
0:49:54 > 0:49:56and also finds time to develop properties as a hobby.
0:49:56 > 0:49:58I've got other properties
0:49:58 > 0:50:01but I thought I'll put some more money into property
0:50:01 > 0:50:03- and see where we'll go from there. - Right.
0:50:03 > 0:50:06It's a long-term investment but a better investment
0:50:06 > 0:50:07at this moment in time.
0:50:07 > 0:50:11He couldn't have chosen a more solid property to invest in.
0:50:11 > 0:50:13The flat was in pretty good condition
0:50:13 > 0:50:16and just needed a new kitchen and bathroom.
0:50:16 > 0:50:19Keith reckoned on a four to five week turnaround
0:50:19 > 0:50:22and a five to six grand budget to do the job.
0:50:24 > 0:50:27Well, seven weeks have now passed and we've returned to Norwich
0:50:27 > 0:50:31to see how Keith's renovation has come along.
0:50:32 > 0:50:35Straight away, it's easy to see the difference.
0:50:35 > 0:50:37The living room has had a makeover
0:50:37 > 0:50:41and its lighter, fresher colours make the flat more relaxing.
0:50:41 > 0:50:45The old gas fire has gone, to be replaced by a new electric one.
0:50:46 > 0:50:52And down the hall, a new bathroom suite has been installed.
0:50:52 > 0:50:57But what about the other most important room in a property?
0:50:57 > 0:51:02Well, everything in the kitchen was just taken out and thrown away
0:51:02 > 0:51:05because everything was in a bit of a mess
0:51:05 > 0:51:09and it had just generally deteriorated, I suppose, with age.
0:51:09 > 0:51:11So we took everything out, threw it away,
0:51:11 > 0:51:13started everything complete.
0:51:13 > 0:51:19As you can see, all new cabinets, new cooker and hob.
0:51:19 > 0:51:21Everything in here you see is new.
0:51:21 > 0:51:25There's one thing left to do and that's to just finish off the tiling
0:51:25 > 0:51:27and to box these pipes in here.
0:51:27 > 0:51:30But apart from that, the kitchen's completely finished.
0:51:31 > 0:51:33As for the rest of the place,
0:51:33 > 0:51:37both bedrooms have had a straightforward redecoration and new carpets.
0:51:39 > 0:51:43On the surface, it would be seem that Keith has had an easy ride
0:51:43 > 0:51:45with this flat.
0:51:45 > 0:51:47The main thing that's happened is
0:51:47 > 0:51:51that I found out that the wiring needed doing.
0:51:51 > 0:51:53The ring mains were perfectly all right
0:51:53 > 0:51:56but all the lights didn't have earths,
0:51:56 > 0:52:00so that was an added expense which we didn't realise at the time.
0:52:00 > 0:52:04But the major thing was the bathroom and the kitchen,
0:52:04 > 0:52:06which now have been done.
0:52:06 > 0:52:10The only thing I'm a little bit disappointed with is this room.
0:52:10 > 0:52:15When I looked at the colour charts, the yellow wasn't quite so bright.
0:52:15 > 0:52:18But now that's been put up,
0:52:18 > 0:52:21I'm not so sure whether I shall repaint this room or not
0:52:21 > 0:52:23because it's just a bit too bright.
0:52:23 > 0:52:27# They call me mellow yellow Quite rightly... #
0:52:27 > 0:52:31Looks like Keith might be picking up a paintbrush in the near future.
0:52:31 > 0:52:33Looking out of the back window,
0:52:33 > 0:52:37we can see that there have been some major changes to the garden.
0:52:37 > 0:52:39The huge hedge has been cut back
0:52:39 > 0:52:42but unfortunately, those lovely trees have gone.
0:52:42 > 0:52:47We were going to just trim the tree but the tree had some disease,
0:52:47 > 0:52:48so it had to come out
0:52:48 > 0:52:51and there was another tree on the other side as well,
0:52:51 > 0:52:54only a smallish one, so that had to come out
0:52:54 > 0:52:58and it's put a tremendous amount of light back in the garden.
0:52:59 > 0:53:02Apart from getting an electrician in for the wiring
0:53:02 > 0:53:04and a gas fitter to remove the fire,
0:53:04 > 0:53:06Keith's done all the work himself.
0:53:06 > 0:53:09That definitely helped keep the costs down.
0:53:09 > 0:53:12So did he keep within his five to six grand budget?
0:53:13 > 0:53:17I've actually spent £5,889.
0:53:17 > 0:53:20I can't remember the pence at this moment in time.
0:53:20 > 0:53:22So I'm still within budget
0:53:22 > 0:53:27but of course, £500 overspent on the wiring, you see,
0:53:27 > 0:53:28so you know what I mean?
0:53:28 > 0:53:32But apart from that, we would have been well within budget.
0:53:32 > 0:53:35Add to that to his purchase price of £77,500,
0:53:35 > 0:53:40and Keith's total spend so far is £83,500.
0:53:40 > 0:53:44Although the work isn't finished yet, there isn't much left to push up the costs
0:53:44 > 0:53:48and it seems Keith has already got the flat to start paying its way.
0:53:50 > 0:53:52Originally I was undecided
0:53:52 > 0:53:55but now I've made up my mind and I'm going to rent it.
0:53:55 > 0:53:57I've got a tenant. 525 a month.
0:53:57 > 0:54:03So like all rental properties, really, you've got to be into it for the long term.
0:54:03 > 0:54:07So this'll be here for as long as I ever want it to be, anyway.
0:54:07 > 0:54:09That'll be for my grandchildren.
0:54:09 > 0:54:12It sounds like Keith's in this for the long haul.
0:54:12 > 0:54:16He's managed to fit the renovation into his five-week schedule
0:54:16 > 0:54:18so that it can start earning.
0:54:18 > 0:54:21But was he able to stay off the golf course?
0:54:21 > 0:54:24Normally I'm just, "I'll just go and do that today
0:54:24 > 0:54:27"and then perhaps tomorrow I'll play golf," or whatever
0:54:27 > 0:54:31but this time, I actually got stuck into it
0:54:31 > 0:54:34and I've just kept work, work work, work, work
0:54:34 > 0:54:37and I'm quite pleased I've done it in a way
0:54:37 > 0:54:39because I've done it quicker.
0:54:42 > 0:54:46Bearing in mind his total spend of £83,500,
0:54:46 > 0:54:49we asked two local estate agents to give their opinion
0:54:49 > 0:54:54on whether Keith's efforts score a hole in one or are under par.
0:54:54 > 0:54:59My first impressions are that the vendor's done a really good job with the improvements.
0:54:59 > 0:55:02'The kitchen that's been installed is of a good quality,
0:55:02 > 0:55:05'nice and clean and tidy,
0:55:05 > 0:55:07'which will appeal to new first-time buyers.'
0:55:07 > 0:55:10I think it's obviously been refurbished
0:55:10 > 0:55:12over the last little while.
0:55:12 > 0:55:15There's still some various bits and pieces to finish off.
0:55:15 > 0:55:18I think it's been done reasonably well.
0:55:18 > 0:55:23I think the bathroom, having been fully tiled and being renewed,
0:55:23 > 0:55:24I think is pretty good.
0:55:24 > 0:55:27'I particularly like the garden.'
0:55:27 > 0:55:31Most properties in this price range don't have gardens, so it's a good selling point.
0:55:31 > 0:55:37The estate agents think that if the flat was sold, it could fetch £90,000.
0:55:37 > 0:55:40With Keith's total spend of 83 and a half grand,
0:55:40 > 0:55:43that would make him a pre-tax profit of £6,500.
0:55:43 > 0:55:46But Keith favours the rental option,
0:55:46 > 0:55:49so would that mean a better return on his investment?
0:55:51 > 0:55:56I would expect it to achieve between £475 and £495 per calendar month.
0:55:56 > 0:56:01I would expect to achieve a rental of £500 per month on this property.
0:56:01 > 0:56:03I've already rented it anyway
0:56:03 > 0:56:06for a little bit more than what they've said,
0:56:06 > 0:56:12so, you know, that's their opinion and that's my opinion, so...
0:56:12 > 0:56:14And I think I'm on the right side.
0:56:14 > 0:56:18With Keith getting £525 per calendar month,
0:56:18 > 0:56:21that would give him a healthy annual yield of 7.5%.
0:56:21 > 0:56:25So will that make property developing his number one hobby?
0:56:29 > 0:56:31I prefer golf.
0:56:31 > 0:56:35Well, I don't mind a bit of property development.
0:56:35 > 0:56:39I suppose property development is just a sideline
0:56:39 > 0:56:44because money's not making money in the bank any more,
0:56:44 > 0:56:47so you just think, "I might as well put it into property,"
0:56:47 > 0:56:49and I can play golf any time.
0:56:54 > 0:56:57Well, that's it for now. Join us next time for more auction action.
0:56:57 > 0:56:59- We'll see you then.- Goodbye. - Goodbye.
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0:57:22 > 0:57:24E-mail subtitling@bbc.co.uk