Episode 63 Homes Under the Hammer


Episode 63

Martin Roberts and Lucy Alexander visit a three-bedroom semi in Cornwall, a one-bedroom flat in London and a house in Gwent, learning how much they sold for at auction.


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Transcript


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-Welcome to the show.

-Buying property and doing it up is a dream for some,

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but for others it's a wonderful reality.

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So are you a doer or a dreamer when it comes to Homes Under The Hammer?

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Buying a property at auction can be very exciting,

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but it can also be very stressful.

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In a split second, a property could be yours.

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So if you are planning on buying a property at auction,

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do make sure you're prepared.

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So what got our buyers interested on today's show?

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I'm at this three-bedroom semi in Cornwall,

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where everything appears fine from the outside,

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but what on Earth is this?

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This one-bedroom flat in London could do with some TLC.

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It does feel quite small in here,

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I've got say, it's not oozing with character.

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And I'm a bit confused by the interior decoration

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at this house in Gwent.

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There's units and things that are quite pleasant,

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but they haven't bothered with things like tiles, or actually decoration.

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All these properties have been sold at auction.

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We find out who bought them, and for how much,

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when they went under the hammer.

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I'm in the harbour village of Par on the beautiful Cornish coast.

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There's plenty on offer here for tourists and home-buyers alike.

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I'm here to see a property that's called Shangri-La,

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which literally means an imaginary paradise here on Earth.

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Let's hope this three-bedroom semi,

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with a guide price of £95,000 lives up to expectations.

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# Now that you've found your paradise

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# This is your kingdom to command

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# You can go outside and polish your car

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# Or sit by the fire in your Shangri-La. #

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The first positive thing to say, nice little porch there

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to keep the cold out, into a little entrance area.

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Nice size space, actually, somewhere to hang your coat.

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This age house generally had these kind of open areas, which is good to see.

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The kitchen there, and then,

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through to your knocked through lounge sort of dining room area.

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I like this, with these sliding doors.

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It's a bit dated. You'd probably want to tidy that up a bit. But it's a good size space. Big windows.

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Gas fire there, and through to the rear here,

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where you've got this big dining room area, looking out to the back garden.

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Very nice. But what on Earth is this?

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That, to my mind, should be a door. It's actually just a pane of glass.

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Practically, that's rubbish, because you want to get out into the garden,

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but actually, from a safety point of view, I think that could be pretty dangerous.

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People would bang into it, dogs, whatever, thinking it was going to be a door,

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so that is something I'd look to replace. Bit of a shame.

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Probably done because that's going to be a lot cheaper than a door,

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but a bit of a false economy as far as I'm concerned.

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It wouldn't cost too much to replace that, with the door opening out into the garden

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so you could stroll out there on a summer's eve.

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Ah, perfect!

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But there is access from the kitchen,

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which is functional, but desperately needs modernising.

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Upstairs, three good-sized bedrooms, actually. Fantastic wallpaper(!)

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I think there's a little bit of re-decoration required.

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But it's a good-sized space.

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Primarily a fantastic family home.

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But THAT looks like great fun.

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Now, don't get your hopes up.

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It doesn't take too much to get me excited.

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I reckon this bathroom was probably the original one that was put in

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when the house was built in the 1960s.

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Your first inclination is probably to rip it out and put a white one in,

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but don't be too hasty.

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You know what? I reckon with the right fittings, the right tiles,

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this could actually look really nice.

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No, I'm not being silly, honestly.

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Look at that. You don't see taps like that any more. Fantastic.

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I love the period features in the bathroom, but elsewhere in the house,

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there are some things I'd really like to consign to history.

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The decor, for a start.

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# And kiss your past goodbye

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# Kiss your past goodbye, aah

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# Kiss your past goodbye, yeah... #

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Much like everything else in the house, the heating is old and dated,

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a mix of electric and gas, which is uneconomical and not very efficient.

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But all in all, for the £90,000 guide price, I reckon this was a great little buy.

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What does a local expert make of it?

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I asked the auctioneer who sold it to give me his opinion.

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It's three bedrooms, long through reception room and kitchen,

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garage on the side. It just ticks a lot of boxes.

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The house is a classic example of the near-perfect ratio

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between internal accommodation and outside space.

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Good front garden, even better back garden,

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garage, and the ability to create off-street parking as well.

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It's nearly perfect.

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The house is essentially a good, solid square box.

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But it does need pretty well everything done cosmetically.

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It's basically decoration and superficial fittings from top to toe.

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How much might it cost to bring this house back to life?

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Paint is probably going to be your biggest expenditure in the house.

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But overall, you're looking at close on £10,000

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if you're fairly handy yourself as the buyer.

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Otherwise, you're looking perhaps towards £15,000

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if you're employing all the trades.

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So, once that work was done, what could it sell on for?

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If the house is brought up to nice scratch,

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it would fetch something in the region of £150,000.

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What if the new owners were to rent it out?

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When the house has been refurbished, a rental market would probably

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not quite pay £600 per calendar month, but getting up towards it.

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So, not much to do to turn this into a good little rental property or a family home.

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Let's see who fancied their own bit of Cornish paradise

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when it went under the hammer.

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We are to Shangri-La.

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It's 100. Thank you, sir.

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100, we're away. 100, simple as that. Madame says two.

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Where it began says two and a half?

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102 and a half is sat where it began.

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103. Madam, 103, and a half. 104.

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And a half. 105 and a half.

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106, and six and a half.

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Seven. New face wants seven and a half. Seven and a half.

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One eight. One eight and a half.

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One nine.

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One nine and a half, do I?

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One nine and a half. One ten.

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One ten and a half.

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One ten, 11. 11. And 12 I have.

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Give me 12 and a half. 12 and a half. 13. Lady goes.

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113 and a half. 114. 114.

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114 and a half.

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115. 116, is it, half? Yeah?

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Looking for 116 somewhere. 116.

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116 and a half. 117 is at the back. 117.

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117 and a half.

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New bidder, 117 and a half. 118.

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118. 118 and a half. 118 and a half.

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119 I've got stood. At 119.

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At 119. So you fellas are all out.

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At 119 once, 119 and a half.

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119 and a half. 119 and a half. Madam.

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120. 120. 120. 120.

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120. At 120 once, then.

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At 120, twice. Right at the back.

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Sorry, 120 and a half just over here.

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120 and a half. 120 and a half. Thank you, madam. 121.

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121. 121 and a half.

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122. 122.

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122 and a half. 123. At 123.

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123 and a half.

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124.

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At 124. Young lady has it at 124.

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At 124, looking for a half.

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At 124 once, 124 twice,

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124, make it big and bold, because otherwise, it's selling at £124,000,

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and out. Madam, right at the back. Lady in red.

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It was Rose who stayed the course and fought off the competition

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to get the property for £124,000.

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She was, in fact, bidding on behalf of her colleague,

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Martin, who lives and works nearby.

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He owns four other properties, but this was his first buy at an auction.

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He works as an area manger for a dental practice,

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so he must be used to filling holes and polishing up old surfaces.

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That will be handy here.

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# Come up and see me

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# Make me smile... #

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Martin, great to meet you. Tell me why you wanted to buy this place.

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I was looking for a general sort of DIY type project.

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This lent itself to that because there was nothing major structural that needed doing.

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I thought I could come in, give it a makeover, and then either sell it on or rent it out.

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It's in good nick, isn't it?

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Yeah, structurally it's looking pretty good for a Cornish house.

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There's no damp, anything nasty like that, so I thought,

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really it's a matter of strip off what's here, give it a fresh coat of paint, new floorings,

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new doors for out, and just give it a lift and a makeover

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to bring it into this century.

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-Doing something like this alongside a day job does have its issues, doesn't it?

-Absolutely.

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My girlfriend won't see much of me in the next couple of months.

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Basically I will just focus on doing this evenings, weekends,

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and when it's done she'll get to see me again.

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Is she OK with that?

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She doesn't have a lot of choice!

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His girlfriend, Ashley, may need to get used to that more in the future,

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as Martin has always wanted to build a full-time career for himself in property development.

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He's using this house as a test

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to see how the current market is faring.

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Tell me exactly what you're going to do with it.

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Basically just rip everything up, new flooring throughout, paint throughout.

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Put a new kitchen in, new bathroom,

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and do something with the heating because there's not proper heating.

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Whether I let it out or sell it on, I think we need to put some heating in there,

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so we'll have a look at the best way of doing that.

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-OK, and budget?

-About £3,000.

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-£3,000?!

-Yeah.

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Obviously, the main thing in this property will be labour,

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which I'll do myself, and also my father's retired and he needs to keep himself busy,

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so he'll be coming over here to do some work as well,

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so really, by the time we've got kitchen, bathroom,

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that'll be about a couple of grand, and then £1,000 for a bit of paint and floor covering, so about £3,000.

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# You're unbelievable... #

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Just £3,000? Well, he may be getting labour cheap,

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but has he forgotten that he'll be putting in a brand new central heating system, amongst other things?

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I'll be interested to see how he does all that on budget. But thankfully,

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the renovation will include that bizarre window in the back room.

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So, what about the door at the end of the dining room that isn't really a door?

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What are you going to do about that?

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I think that, possibly, I'll put in a new door there

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so we can get outside from the living room as well as through the kitchen,

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which will be useful for summer months.

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So, what about timescales for all of this?

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Well, erm, I'm not under any pressure to get it done,

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however I want to get it done as soon as possible to either re-sell or let,

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so I'm looking to get it done in about three months.

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Then I will see a couple of agents,

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see what their valuation is, see what the market's like.

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If the market's not looking too buoyant,

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then I'll let it out for a period of time until things do recover.

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Congratulations. Well done.

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-We look forward to seeing how you get on.

-Thank you.

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# Well you can cry me a river

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# Oh, my darling, oh, my darling Cry me a river... #

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I'm in Plumstead, southeast London.

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It's not the most glamorous stretch of the Thames,

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it's more industrial than chic.

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With Canary Wharf and London City Airport nearby, developments in this area are cropping up all the time.

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Where there are new builds,

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there are bound to be investment opportunities.

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Plumstead really developed in the Victorian times,

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with masses of accommodation built for workers at the nearby Royal Arsenal.

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Rows and rows of little terraces were thrown up to house the men and their families,

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and it's one of those I'm here to see today.

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Well, the ground floor, anyway.

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It's a one-bedroom flat, it's got a guide price of £70,000.

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Yes, you heard right, £70,000 for a one-bedroom flat in London.

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This very flat, in fact,

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sold for £120,000 in 2004, so that's quite a drop.

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Of course, that was before the property market crashed.

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But maybe we'll find other reasons when I get inside.

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Quite disappointing, I have to say.

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It's quite weird seeing the stairs to the flat up there

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straight in front of you with no door,

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and it's quite unusual for these sort of terraces to be divided into two separate properties.

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Maybe there is a reason for that.

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It does feel quite small in here.

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I've got to say, it's not oozing with character, but it does have

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a nice double glazed window to the front.

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And you then negotiate your way through this rather cramped space,

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and you've got a bathroom here, got quite a big storage cupboard through there,

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another storage area here, so a bit of wasted space.

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You could probably utilise this a lot better. And a kitchen here.

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My feeling is it's all rather dark.

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You've got one window to the front and two small windows to the side here,

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but let's not forget that guide price.

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£70,000?

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When you're paying peanuts for a property you can't expect a palace,

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and the general state of this place isn't actually bad at all.

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It doesn't smell damp and it's not horribly dated,

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although both the kitchen and the bathroom could do with a good old scrub.

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Out the back door, through the small bedroom, is a rather nice surprise.

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At least it could be.

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# Oh, it's a jungle out there... #

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So out the back you have a lovely private garden. Or do you?

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In fact, it's not that simple.

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This flat was sold as a garden flat,

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and the only access is via the bedroom.

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But there is nothing in the deeds that states this garden belongs to the property.

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That is a problem, and whoever buys this property needs to get their solicitor on to it straight away,

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since losing this garden could affect the value,

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the saleability, and at the very least, cause no end of complications.

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So it's not just the weeds and shrubs that need to be cleared up here, that legal matter does, too.

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It's probably a mistake on the deeds, but when to comes to property and legal issues,

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you can't assume anything. I'd be on to a solicitor pronto.

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# Listen to your senses And what they have to say

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# Listen to your senses And what they have to say. #

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Everyone is always on the lookout for the next up and coming area,

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and it's a phrase definitely over-used by estate agents

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and those in the industry. So could we call Plumstead up and coming?

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Well, it's certainly getting better, but it's still a long way from the land of boutiques and bistros.

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So why buy here?

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Well, most importantly, in London terms, it's affordable.

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So if you want to be near the city, but you don't have the city salary,

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Plumstead might be worth considering.

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Well, that's what I think, so I asked along a local estate agent

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to see if he agreed.

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The area itself has got a lot of development opportunities.

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There's a lot more applicants being drawn towards Plumstead.

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The local facilities around here, including the transport,

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are giving a lot more options to first time buyers who are looking to purchase,

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and those looking to rent small properties up to the large Victorian houses.

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So we're in agreement on the area. But what does he make of the inside of the flat?

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Truthfully, it's a little bit on the small side.

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I'm quite a big lad, so if I was looking to buy or rent

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I'd be looking for something quite spacious.

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I think with some development opportunities or some modernisation in the property,

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it would be good for a future sell or for rental.

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We don't usually see properties along Plumstead that are small split into one-bedroom flats,

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so it's quite a shame that it's the size that it is.

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I think the person that's done this has purely done it for investment purposes,

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which is why it's such a small flat at the moment.

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So has the split made it a good opportunity for the next owner?

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Its guide price was £70,000.

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What could it re-sell for?

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With some modernisation and some alterations to the property,

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in a good market, you probably could fetch around £115,000 - £120,000.

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What about its rental value?

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Once renovated, per calendar month, I feel the property would achieve £600 to an ideal tenant.

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Most people would prefer to stick around that mark.

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I think it's an achievable price, and it's in a good location.

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I think this property could be a really lovely little investment.

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It's not in bad condition, and it represents the chance to buy in a city

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that so often prices out its residents.

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I'd definitely be looking into the issue with the garden, and get that sorted,

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well, it could be a fabulous one to go for at the auction.

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So who went for it? Let's find out.

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Lot 88, little one-bed flat.

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You bidding? 61, thank you. 62.

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62, 63.

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64.

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Still cheap. 64, 65.

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66.

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66, 67. 68.

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69. 70.

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71. 72. New place. 73.

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74. 75.

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76. 77.

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78. 79.

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It's cheap, 79. One more?

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No? OK, it's with the gentlemen here,

0:19:560:19:59

£78,000, against the lady sitting down on my right.

0:19:590:20:03

78 for the first.

0:20:030:20:06

79, yeah? 79. £80,000. 81?

0:20:060:20:13

81, 82.

0:20:130:20:15

83.

0:20:150:20:18

83. 84.

0:20:180:20:21

84, 85.

0:20:210:20:23

86. No?

0:20:230:20:28

Leave you to it.

0:20:280:20:29

The lady down here bids £85,000 against the gentleman over there.

0:20:290:20:34

85 for the first, 85 for the second, 85 for the third and final time.

0:20:340:20:41

Sold, £85,000.

0:20:410:20:44

At £85,000, those successful bidders were Wayne and Colleen.

0:20:440:20:48

They're brother and sister, and originally from Islington in north London.

0:20:480:20:52

Colleen's day job is a scientist, while Wayne drives a taxi.

0:20:520:20:56

-I caught up with them back at the property to find out what

-drove them

-to buy this flat.

0:20:560:21:02

# Mr Cab Driver won't stop to let me in... #

0:21:020:21:08

Wayne and Colleen, how about getting this flat for £80,000?

0:21:080:21:12

-Yeah, that was a good bargain.

-Fantastic.

-Fantastic.

0:21:120:21:15

So are you happy with the price you paid?

0:21:150:21:17

-We are.

-Did you for one minute think you'd get it for that price?

0:21:170:21:20

We were prepared to pay slightly higher, but more or less, we got it for what we wanted.

0:21:200:21:27

Who was the person that thought this flat had the most potential, and who wanted to bid for it and why?

0:21:270:21:32

We do some teamwork. I sort of look for the flats and I control the finances.

0:21:320:21:36

And I run the budget. So we sort of work as a team.

0:21:360:21:40

That brother and sister teamwork has seen them build up a small portfolio of properties over the years.

0:21:400:21:46

They manage them on a part-time basis.

0:21:460:21:49

What made them want to buy in Plumstead?

0:21:490:21:52

We'd never been to Plumstead before, but basically, I was looking around London

0:21:540:21:58

and I looked to where the figures seemed to work,

0:21:580:22:01

and it seemed to for Plumstead, so we came down to investigate.

0:22:010:22:04

We looked in the auction, there was a property in Plumstead, and so we just went for it.

0:22:040:22:09

What's the potential you both saw in this flat? Tell me about the viewing here.

0:22:090:22:12

Actually, the day we did the viewing, we only had about 15 minutes,

0:22:120:22:16

so we were basically in here, looked around.

0:22:160:22:18

We thought it didn't need much painting.

0:22:180:22:21

But then we thought we might just re-jig the layout and make it more open-plan.

0:22:210:22:25

What we're thinking to do is remove that wall and make it more open-planned

0:22:250:22:29

to make this space bigger, and then bring the kitchen into the living room area,

0:22:290:22:33

so basically we're going to swap over the kitchen to where the bathroom is.

0:22:330:22:37

So that is, if people like open-plan living, you know,

0:22:370:22:40

you'll have a lounge with a kitchen at the end of it.

0:22:400:22:42

-Yes.

-And then move the bathroom to the other end.

0:22:420:22:45

That's nearer the bedroom. It makes more sense.

0:22:450:22:47

# I said something better change

0:22:470:22:49

# I said something better change... #

0:22:510:22:53

Their budget for the work is between £8,000 and £10,000,

0:22:540:22:57

and they hope to do it all within six weeks.

0:22:570:23:00

Did you find out anything about the garden?

0:23:020:23:05

We knew that there was a problem with the garden before we purchased the property,

0:23:050:23:09

so looking through legal, that's the first thing that I spotted, so we thought,

0:23:090:23:13

keep an open mind and we'll come down and look at it,

0:23:130:23:16

and when we looked at it, we realised there's no access to the garden from anywhere else.

0:23:160:23:20

We figured that either the legal work was drawn up incorrectly,

0:23:200:23:24

and so it's not on the lease,

0:23:240:23:27

or the freeholder wants to do a separate deal for the garden.

0:23:270:23:31

Since we didn't know which one was which,

0:23:310:23:33

we thought, "let's bid anyway, keeping in mind that you might need to buy the garden later."

0:23:330:23:37

We're not quite sure of the situation,

0:23:370:23:39

but you have access to the garden, which is the main thing we wanted to know.

0:23:390:23:43

When do you think you're going to find out, Wayne?

0:23:430:23:46

-He's working on that.

-Probably about a couple weeks' time.

-Yeah.

0:23:460:23:50

Are you slightly nervous about that?

0:23:500:23:52

-A bit.

-Do you think maybe you shouldn't have bought,

0:23:520:23:54

because the freeholder may want a large sum of money for that garden?

0:23:540:23:59

-That's a risk...

-That's the risk you take with auction properties.

0:23:590:24:02

At the end of the day, if he wants a large sum of money, we have access to the garden,

0:24:020:24:06

so we can just do it as a rental, and they have access to the garden.

0:24:060:24:09

It would be much better if we own the garden as well.

0:24:090:24:12

I hope this works out for you, and I'll keep my fingers crossed for the garden.

0:24:120:24:15

Let's hope it goes your way. Well done for taking the risk anyway.

0:24:150:24:18

-Thank you.

-Thank you.

-Thank you.

0:24:180:24:22

Wayne and Colleen have got some really interesting and creative plans for this little flat,

0:24:220:24:27

but I'm pretty concerned about this garden.

0:24:270:24:30

I hope Colleen's scientific approach will work its magic,

0:24:300:24:34

-and will cabbie Wayne have

-the knowledge

-to keep the builders in line?

0:24:340:24:38

You can find out what happens later on in the programme.

0:24:380:24:41

Coming up, there's lots of potential at this house in Gwent.

0:24:420:24:46

And think about converting that into a fourth bedroom. Interesting idea.

0:24:460:24:52

Back in Plumstead, it sounds like good news.

0:24:520:24:56

It's been a fantastic project. I really enjoyed doing it.

0:24:560:24:59

-Yeah.

-Me and my sister have got on really well, and I'm really pleased.

0:24:590:25:02

But first, has Martin decided to give up his day job?

0:25:040:25:07

I like the balance of having a full-time job and doing this as a hobby.

0:25:070:25:11

We're back in the coastal village of Par in Cornwall.

0:25:140:25:19

This three-bed house sold for £124,000,

0:25:190:25:23

and needed a lot of work to make it more palatable to modern tastes.

0:25:230:25:26

Luckily, it was bought by Martin,

0:25:260:25:29

who was going to dedicate all his free time to the renovation.

0:25:290:25:33

My girlfriend won't see much of me in the next couple of months.

0:25:330:25:36

Because basically I will just focus on doing this evenings, weekends.

0:25:360:25:41

When it's done, she'll get to see me again.

0:25:410:25:45

Is she OK with that?

0:25:450:25:46

She doesn't have a lot of choice!

0:25:460:25:48

# I've got work to do

0:25:490:25:51

# So much work, yeah, yeah

0:25:510:25:53

# I'm out there trying to make it... #

0:25:530:25:55

Five months later, we've caught up with part-time property developer Martin

0:25:550:26:00

to see if all his hard work paid off, and to find out

0:26:000:26:04

whether his girlfriend Ashley is still speaking to him.

0:26:040:26:07

# You might as well get used to me coming home a little late

0:26:070:26:13

# Cos I I've got work to do... #

0:26:130:26:16

Been quite a hectic four months, weekends, evenings and a couple of weeks' annual leave,

0:26:160:26:22

to really push things on.

0:26:220:26:25

Towards the end I put in some long days, long hours,

0:26:250:26:29

just to keep the momentum going so that I could get it done for a four-month deadline.

0:26:290:26:33

And it's certainly not been wasted time.

0:26:330:26:37

He's ripped everything out and started again.

0:26:370:26:40

New doors, carpets, and thankfully wallpaper too.

0:26:400:26:43

But most striking is the greatly improved kitchen.

0:26:430:26:48

OK. The kitchen was a blank canvas. Took out all the old units.

0:26:500:26:54

Tiled the floor from the front door all the way through to the back door

0:26:540:26:59

so it looks clean and hygienic all the while.

0:26:590:27:03

Put in a fitted cooker and hob.

0:27:030:27:06

Put in a new boiler. Obviously fitted the work surfaces and did some tiling.

0:27:060:27:11

Upstairs, I'm afraid to say, those terrific taps have gone,

0:27:110:27:15

but Martin's gone for a modern look throughout the house,

0:27:150:27:18

and this new bathroom suite looks clean and fresh.

0:27:180:27:22

In the bathroom, the yellow suite was removed, I put in a bath with a shower over with a shower screen,

0:27:220:27:29

tiled top to bottom. I think it gives it a really modern look.

0:27:290:27:32

And he's not just been busy inside, because he's also fitted a new garage door

0:27:320:27:37

to add some all-important kerb appeal.

0:27:370:27:40

And the garden's benefited from being cleared of clutter, too.

0:27:400:27:44

He's certainly been flat out here.

0:27:440:27:46

Basically done everything myself.

0:27:470:27:49

Plastering, plumbing, not a lot of electrical work was to be done,

0:27:490:27:55

so it's really used all of my skills from carpentry for hanging the doors,

0:27:550:28:00

to tiling, plumbing to get all the radiators in, etc,

0:28:000:28:04

so it really has been an all-round job.

0:28:040:28:07

# All by myself

0:28:070:28:09

# All by myself

0:28:100:28:13

# I didn't have nobody to help me I had to do it all by myself... #

0:28:130:28:18

Plastering, tiling, carpentry and plumbing,

0:28:180:28:21

not bad for someone whose day job is area manager for a dental practice.

0:28:210:28:25

But after giving it some thought, there was one thing he decided not to change,

0:28:250:28:29

that patio window at the back.

0:28:290:28:33

I looked at replacing it, however, due to the cost,

0:28:330:28:36

I decided it would stay there.

0:28:360:28:38

It was quite a modern, new unit.

0:28:380:28:40

Obviously anyone who buys the property can look at replacing that,

0:28:400:28:43

putting patio doors out and utilising that space,

0:28:430:28:46

or they may want to put a conservatory across the back of the house,

0:28:460:28:49

so I thought it was best to give potential purchasers that option.

0:28:490:28:54

Martin got help with the finishing touches to the house from his parents and his girlfriend.

0:28:540:29:00

How did their relationship cope under the strain of the work?

0:29:000:29:05

With regards to seeing my girlfriend,

0:29:050:29:07

she's done a lot of work for me here,

0:29:070:29:09

and what we tried to do was balance things where we'd work all day

0:29:090:29:13

and then go out in the evening and then come back here in the evening

0:29:130:29:17

so that we could crack on and get a good weekend's worth of work,

0:29:170:29:22

but still have some fun in between times.

0:29:220:29:24

Martin has been really committed,

0:29:240:29:27

and it's great to hear his girlfriend got involved too.

0:29:270:29:30

But have they managed to keep within that tight £3,000 budget,

0:29:300:29:34

or has that brand-new central heating system pushed it over?

0:29:340:29:38

I set aside £3,000. I've gone slightly over,

0:29:380:29:42

I think about £3,400.

0:29:420:29:46

The main thing that cost more than I'd expected was the heating system.

0:29:460:29:51

I bought brand-new radiators,

0:29:510:29:53

and I was hoping to maybe recycle some old bits and pieces that I had at home.

0:29:530:29:59

Other than that, most things came in as expected.

0:29:590:30:03

What do the experts make of Martin's handiwork?

0:30:040:30:07

We asked along a local estate agent

0:30:070:30:10

and the auctioneer who sold the property to give us their thoughts.

0:30:100:30:14

My first impressions are, "where's the yellow gone?"

0:30:150:30:18

cos the colour scheme was slightly...unique.

0:30:180:30:22

Now it's absolutely going to appeal to everybody.

0:30:220:30:26

I think it's very nice. The fellow who's done it up

0:30:260:30:28

has made a great job. He's put nice floor coverings down.

0:30:280:30:33

He's put the right colours on the walls. It does look very light and airy.

0:30:330:30:37

There's a nice contemporary kitchen and bathroom. I think it's excellent.

0:30:370:30:40

The bathroom looks very nicely fitted, and, very important,

0:30:400:30:44

it's a white suite, which is universally popular.

0:30:440:30:46

It's a real selling feature.

0:30:460:30:48

The kitchen was a bit of its age,

0:30:480:30:52

and now it's a lot brighter and cleaner, and the units are in the right place, and it's today.

0:30:520:31:00

A lot of gardens have got so much foliage in them

0:31:000:31:03

it's really not easy for many to see quite how big they actually are.

0:31:030:31:07

He's done the clever thing, optically, by taking it back nearer to the boundaries,

0:31:070:31:12

so you actually see, "Wow, that's quite a big space".

0:31:120:31:15

There's a nice level garden at the front, and the drive

0:31:150:31:18

does provide plenty of parking with the added bonus of a garage.

0:31:180:31:22

It's got a new door, so there's no work to be done there.

0:31:220:31:25

Martin's spent almost £3,500 on the renovation,

0:31:250:31:28

so, added to the purchase price of £124,000,

0:31:280:31:32

the total outlay here has been just under £128,000.

0:31:320:31:36

How much could the house re-sell for in the current market?

0:31:360:31:40

If the property was brought to the market today,

0:31:420:31:46

I'd expect it to achieve in excess of £150,000,

0:31:460:31:51

but I think that's the cake, and anything over would be icing.

0:31:510:31:54

As an asking price, I would recommend £159,950,

0:31:540:31:58

to achieve around £155,000.

0:31:580:32:01

OK, that's good. That's in line with what I was expecting.

0:32:010:32:05

Taking into account what I spent,

0:32:050:32:08

it would make a good return.

0:32:080:32:10

If it did sell for that higher figure of £155,000,

0:32:120:32:16

that would be an impressive pre-tax profit of around £27,000,

0:32:160:32:20

minus the usual selling expenses.

0:32:200:32:22

In fact, Martin has decided to put the property on the market for £160,000.

0:32:220:32:29

But should he ever change his mind and rent it out, how much could it achieve?

0:32:290:32:34

The rental value of this property would be £695 per calendar month.

0:32:340:32:39

I'd expect the house to achieve about £575 per calendar month rental.

0:32:390:32:45

OK, that's very good. In the event that it doesn't sell

0:32:450:32:48

in the next two, three months, I'll certainly consider letting it out.

0:32:480:32:53

Martin's hard work has paid off on this project,

0:32:530:32:56

but it hasn't tempted him to give up his day job at the dental practice

0:32:560:33:01

in favour of getting his teeth stuck into property developing full-time.

0:33:010:33:05

I like the balance of having a full-time job and doing this as a hobby.

0:33:050:33:10

I think if it became a business and a job it may lose its appeal,

0:33:100:33:14

so I'm quite happy to dabble,

0:33:140:33:17

to keep the day job and do this as a hobby because I enjoy it.

0:33:170:33:21

# Take it easy Take it easy. #

0:33:210:33:29

Well today I'm in Abertillery in south Wales.

0:33:320:33:35

Gwent, in fact. Nice enough little spot.

0:33:350:33:38

A former mining town until the mine closed several years ago.

0:33:380:33:42

Now, it's commuter belt to Cardiff,

0:33:420:33:44

the M4's not too far away, and there's a local train station.

0:33:440:33:48

Let's see what's on offer.

0:33:480:33:50

Well, the mines may have closed in these valleys,

0:33:500:33:54

but this commuter town is still lively,

0:33:540:33:56

and what better area to return to after a day's work in the city?

0:33:560:34:01

# There will be peace in the valley for me some day... #

0:34:010:34:09

I'm here to see a three-bedroomed terraced house.

0:34:090:34:12

At a guide price of £39,000, it's just half a mile from the town centre, which is pretty good.

0:34:120:34:17

It looks all right from the outside.

0:34:170:34:19

'So we're off to a good start, a great price and a lovely location.

0:34:190:34:24

'Hopefully they'll be no nasty surprises behind those welcoming bay windows.'

0:34:240:34:30

So, any great surprises? Well, actually, this room is for sure.

0:34:300:34:34

It's obviously been knocked through at some point

0:34:340:34:36

to create a really nice-sized, well, I guess living room/dining space,

0:34:360:34:40

immediately giving this property a good, open feel to what's in store over there.

0:34:400:34:46

Oh. Not quite as nice in here, although it's a bit odd,

0:34:460:34:50

because we've got units and things which are quite pleasant,

0:34:500:34:53

I like this double sink thing going on there,

0:34:530:34:55

but they haven't bothered with things like tiles or, actually, decoration.

0:34:550:34:58

Not a bad-sized space, though.

0:34:580:35:00

If you clean this up it would actually be quite nice.

0:35:000:35:04

So, to carry on, then, finally, classic sort of layout for this kind of property.

0:35:040:35:08

The loo and bathroom though there.

0:35:080:35:10

And it's much the same story in the bathroom.

0:35:100:35:13

The fixtures and fittings are not bad, but everything's poorly fitted.

0:35:130:35:17

The wiring appears suspect,

0:35:170:35:19

the plumbing's looking dodgy, and even the toilet isn't safe to use.

0:35:190:35:24

Let's hope we have more luck upstairs.

0:35:240:35:27

Here, there are three good-sized bedrooms.

0:35:270:35:29

The front one's the width of the house, so I reckon you could split it in two,

0:35:290:35:33

making another bedroom or even an en suite.

0:35:330:35:36

But I've also spotted a way of sneaking a further bedroom in here.

0:35:360:35:40

Glancing into the loft space, it looks like that has been partially converted,

0:35:400:35:44

so make sure there's planning permission,

0:35:440:35:47

and think about converting that into a fourth bedroom.

0:35:470:35:50

Interesting idea.

0:35:500:35:53

The house also comes with space out the back.

0:35:530:35:56

It's more of a yard than a garden, but it's got a handy access road running behind.

0:35:560:36:01

So all in all, this was a great little buy for its guide price of £39,000.

0:36:010:36:07

Obviously in need of renovation, but with a lot of potential.

0:36:070:36:10

What does a local property expert think? I asked one to take a look.

0:36:100:36:16

It's an interesting property because it's bay fronted

0:36:200:36:24

in a street of mainly terraced houses.

0:36:240:36:27

But it's a nice house, it's quite spacious,

0:36:270:36:29

got a forecourt which is great, very popular,

0:36:290:36:32

because lots of housing here is straight onto the pavement.

0:36:320:36:35

And it's got some scope as to how you could change it round.

0:36:350:36:38

The room here could be divided, make it a four-bed if you wanted.

0:36:380:36:42

You could bring the bathroom up and still split this

0:36:420:36:44

and have three bedrooms, so, yeah, it's got a lot of pluses.

0:36:440:36:50

So with some work done here, what could it make on the resale market?

0:36:500:36:56

If the house was renovated and the outside was smartened up,

0:36:560:37:01

we'd be looking at £65-75,000.

0:37:010:37:05

What if the buyer decided to rent it out?

0:37:050:37:08

If you were going to put this property onto the rental market,

0:37:100:37:13

you'd be looking at £375-400 per calendar month.

0:37:130:37:19

So a bit of work to be done to sort this place out,

0:37:190:37:22

especially the kitchen and bathroom,

0:37:220:37:24

but in general, a good-sized property that would make a lovely home or a great rental property.

0:37:240:37:31

Let's see who went for it when it went to the auction.

0:37:310:37:34

Right, on we go now to lot number 34, ladies and gentlemen.

0:37:340:37:38

Put a bid in at 36. 36, I'm bid, thank you, madam. At 36,000,

0:37:380:37:42

7,000, 8,000, 38.

0:37:420:37:44

39, can I? Nine is bid.

0:37:440:37:47

At 39,000, fill it up, 40 now.

0:37:470:37:49

The hammer's up then at 39.

0:37:490:37:52

40, thank you, at 40,000. At 40 I'm bid, and one if you like it.

0:37:520:37:56

At £40,000, the bid's on my right.

0:37:560:37:58

One, thank you, on my left.

0:37:580:38:00

At 41,000, I'm selling all the time.

0:38:000:38:04

Make no mistake, this is a cheap property at 41,000. The bid's down here.

0:38:040:38:08

You're out behind.

0:38:080:38:10

At £41,000, the hammer's up, he's going to get it, then,

0:38:100:38:14

quick if you want it, are you all done at £41,000?

0:38:140:38:17

It's yours, sir. Buyer's number, please.

0:38:170:38:20

The bidding for this lot was short and sweet, and it was Geoff

0:38:200:38:25

who bought it for £41,000.

0:38:250:38:28

He's no stranger to the area, having moved back to Wales from London

0:38:280:38:32

to start a property developing business here.

0:38:320:38:34

He and his wife, Janet, own a portfolio of 20 buy-to-let properties.

0:38:340:38:39

I caught up with him back at his 21st purchase

0:38:390:38:42

to find out why he'd gone for it.

0:38:420:38:45

-Geoff, lovely to meet you.

-Nice to meet you.

-Congratulations.

0:38:450:38:48

-Thank you very much.

-Tell me why you wanted to buy this place.

0:38:480:38:51

We own one or two properties in the area,

0:38:510:38:53

and we were looking for some more.

0:38:530:38:55

We've got people waiting, tenants waiting to move into some properties.

0:38:550:38:59

-Oh, wow.

-We've been looking for a while but because of the market,

0:38:590:39:02

we've been taking our time.

0:39:020:39:05

My wife saw this, we went to the auction, and here we are.

0:39:050:39:08

Right. What was it about this one you liked?

0:39:080:39:10

Not really, I didn't come here and see it, my wife, she saw it in the catalogue, guide price was right.

0:39:100:39:16

Did a little bit of research and thought there wouldn't be too many people interested

0:39:160:39:21

because it was a leasehold property, not freehold, so we thought that would put people off,

0:39:210:39:25

so hopefully keep the price low.

0:39:250:39:27

So we went to the auction and watched to see what happened,

0:39:270:39:30

and then put a bid in.

0:39:300:39:31

When Geoff got to the auction, there was some confusion as to whether the property was leasehold or freehold.

0:39:310:39:37

Fortunately he and Janet had done their homework when it came to that all-important legal pack.

0:39:370:39:43

# Just checking

0:39:430:39:45

# Just checking... #

0:39:450:39:47

We had a look at the legal pack, my wife does all the research,

0:39:470:39:50

so although we hadn't seen the property,

0:39:500:39:52

we weren't exactly buying it blind because we knew the situation.

0:39:520:39:56

So we just asked our solicitor to look into it,

0:39:560:39:59

find out what the cost of purchasing the lease was, and went from there, really.

0:39:590:40:03

Right. But certainly if you hadn't read the legal pack it could've caught you unawares?

0:40:030:40:07

Yes, well, obviously, and it had a short lease, just over 50 years,

0:40:070:40:11

so if you weren't aware of that and you were looking to remortgage the property, you'd have come unstuck.

0:40:110:40:17

Getting stuck isn't something Geoff likes to do.

0:40:170:40:21

After all, he and his wife moved from London six years ago

0:40:210:40:24

to find a better lifestyle back home back in Wales.

0:40:240:40:27

# We gotta get out of this place

0:40:270:40:30

# If it's the last thing we ever do... #

0:40:300:40:35

-I worked at a bank for 23 years in the City, as did my wife.

-Oh, wow.

0:40:350:40:39

And then we decided we wanted a more relaxed lifestyle,

0:40:390:40:43

so we moved back to Wales, which is where I'm from originally.

0:40:430:40:47

Bought a little guesthouse, which was my wife's idea.

0:40:470:40:50

We ran that for a year, she didn't like that so we closed that and turned it into a family home,

0:40:500:40:55

and then started buying properties and renovating them.

0:40:550:40:58

All with a view to a more stress-free life?

0:40:580:41:01

Yeah, that's right. That was the original idea, anyway!

0:41:010:41:04

Hasn't always been like that, as I'm sure you know.

0:41:040:41:07

So tell me what you're going to do to sort this place out.

0:41:070:41:10

Plumbing and electrics first.

0:41:100:41:12

Get those sorted, make sure it's all safe and working.

0:41:120:41:16

And then it's a decision whether to plaster over the top of the artex or strip it all back.

0:41:160:41:21

Some of the ceilings will have to come down, there's a water leak in here somewhere.

0:41:210:41:26

I think the ceiling sagged,

0:41:260:41:28

I think there's water coming through the roof,

0:41:280:41:31

so make it watertight first. Plumbing, electrics, then go from there.

0:41:310:41:34

So how much will you spend on getting this place up to scratch?

0:41:340:41:38

Between £10-15,000, including purchasing the lease.

0:41:380:41:42

Geoff's solicitor found out that the freehold will cost £6,000,

0:41:430:41:48

so that means Geoff has £9,000 left for the overhaul here.

0:41:480:41:52

To help stay within that budget, he'll do a lot of the work himself.

0:41:520:41:56

In fact, on his return to Wales, he went back to college

0:41:560:41:59

to learn the renovation skills he thought he'd need for his new career in property developing.

0:41:590:42:05

# It's not hard to tell

0:42:050:42:07

# That I've learned my lesson well... #

0:42:070:42:10

Started off with bricklaying, moved on to plastering,

0:42:100:42:14

did carpentry, it was like a year's introductory course for each one.

0:42:140:42:17

Then an introductory course on plumbing, and then subsequently

0:42:170:42:21

I've done two years' plumbing to become a qualified plumber.

0:42:210:42:24

Wow. And have you enjoyed that side of things?

0:42:240:42:26

Yeah, I have. Well, initially because I didn't have a lot of knowledge,

0:42:260:42:30

I wanted to learn how to do it because it's difficult bringing people in

0:42:300:42:33

and trying to supervise them when you don't know what you're talking about,

0:42:330:42:37

so I thought if I had some knowledge, I could tell if they were doing it right or doing it wrong.

0:42:370:42:42

And I learned the hard way. So I've enjoyed it, yeah.

0:42:420:42:45

-Good luck with it.

-Thank you.

-Looking forward to seeing how you get on.

0:42:450:42:49

Well, there you go,

0:42:490:42:50

another example of why you have to read the legal pack before you buy a property at auction.

0:42:500:42:57

This place could have caused somebody a lot of problems by the fact it wasn't freehold.

0:42:570:43:02

Anyway, Geoff certainly seems to know what he's doing,

0:43:020:43:05

he's got the plan worked out, and I'm sure he'll do a great job.

0:43:050:43:08

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

0:43:080:43:11

Making the correct design decisions

0:43:140:43:16

can affect the profit you make on a property.

0:43:160:43:18

It is exciting turning ideas into reality,

0:43:180:43:21

but how did today's buyers get on? Let's find out.

0:43:210:43:25

I'm back down by the River Thames in Plumstead, southeast London.

0:43:290:43:33

This small one-bedroom flat sold at auction for just 85 grand.

0:43:330:43:38

It went to brother and sister Wayne and Colleen,

0:43:380:43:40

who work together managing their property portfolio.

0:43:400:43:44

# Ooh, brother, brother, brother...

0:43:440:43:48

It's not exactly the chic-est of riverside locations,

0:43:480:43:51

but that didn't put them off.

0:43:510:43:54

I was looking around London at where the figures seemed to work,

0:43:540:43:56

and it seemed to for Plumstead, so we thought, "Let's come down and investigate."

0:43:560:44:00

We looked in the auction, there was a property in Plumstead,

0:44:000:44:03

and so we just went for it. This is our first venture into Plumstead.

0:44:030:44:08

So has their adventurous spirit paid off?

0:44:080:44:10

We caught up with Colleen and Wayne four months later to find out.

0:44:100:44:14

Wayne's day job as a cab driver is certainly handy

0:44:140:44:17

for crossing London to visit their little flat.

0:44:170:44:20

Now, did I say little?

0:44:200:44:22

The major thing that's happened is that we've decided to open up the flat,

0:44:290:44:33

so we've taken down the wall in the living room

0:44:330:44:36

and made the kitchen more open-plan, kitchen, living/dining area.

0:44:360:44:42

We put a fireplace in. We've put in laminate flooring, we've remodelled

0:44:420:44:46

the flat by putting spotlights in, and we really worked hard here.

0:44:460:44:52

They certainly have,

0:44:520:44:54

because where that new kitchen is now, used to be the bathroom.

0:44:540:44:58

So where's the bathroom gone?

0:44:580:45:00

Well, that's easy - it's where the kitchen used to be!

0:45:000:45:03

The bathroom was the most complicated bit of the project,

0:45:030:45:06

because actually there was a boiler in this room, this was originally the kitchen,

0:45:060:45:11

and so we've moved the kitchen on the other side,

0:45:110:45:14

but we didn't want to have to relocate the boiler,

0:45:140:45:17

and so to cover that,

0:45:170:45:18

what we've done is actually built a false wall and brought it forward,

0:45:180:45:23

and we've hidden the boiler behind this mirrored cupboard.

0:45:230:45:26

And then because the bathroom was made smaller, we had to compromise by making the bath fittings smaller,

0:45:260:45:32

so we've actually got a smaller size bath,

0:45:320:45:34

and we also then decided to fit a corner sink because

0:45:340:45:38

we were limited with space,

0:45:380:45:40

and actually this is my favourite room in the entire flat.

0:45:400:45:44

On top of that, the old bedroom has been brightened up

0:45:440:45:46

with new flooring, a lick of paint and some updated lighting as well.

0:45:460:45:51

And they've been busy out back too.

0:45:510:45:53

So basically the garden was a bit of a jungle when we arrived,

0:45:560:45:59

so what we've done is we've cleared the garden,

0:45:590:46:02

and we've repainted all the walls, we've fixed the guttering, and when we acquired the property,

0:46:020:46:07

the garden wasn't actually included in the lease,

0:46:070:46:11

but we have our written permission to use the garden,

0:46:110:46:14

and I'm negotiating with the solicitors now about us acquiring the garden,

0:46:140:46:18

so we're just quite happy to have the extra outside space.

0:46:180:46:21

So how did the siblings get on during the build?

0:46:220:46:25

Has it all been happy families?

0:46:250:46:28

We've got a really good relationship, me and my sister.

0:46:280:46:31

We've worked through the project, I've been managing the building

0:46:310:46:35

and she's been really managing the finance, and we've really worked well, I'm pleased.

0:46:350:46:39

We have similar tastes, we like contemporary looks.

0:46:390:46:42

When we're doing a project like this, we usually use the same format

0:46:420:46:46

on all the flats that we do, so it's quite easy to work together.

0:46:460:46:50

# Happy, happy, happy Happy families... #

0:46:500:46:58

Sounds like Wayne and Colleen run a pretty tight ship on their properties,

0:46:580:47:02

but has their budget remained watertight?

0:47:020:47:06

The original budget was 10,000 and we spent 9,500,

0:47:060:47:10

so we're still within budget.

0:47:100:47:12

So added to Wayne and Colleen's purchase price of 85,000,

0:47:120:47:16

that £9,500 budget makes a total spend just short of 95 grand.

0:47:160:47:22

Have they invested that money wisely?

0:47:220:47:25

Let's hear what two local estate agents think.

0:47:250:47:27

First impressions are very nice, very small, but nice finish.

0:47:330:47:37

Good kitchen, good bathroom.

0:47:370:47:39

Nice, clean lines.

0:47:390:47:41

Nice, low-voltage spotlighting,

0:47:410:47:43

so it's a good property, just obviously small.

0:47:430:47:46

First impression is it's a small property.

0:47:460:47:49

Tidy, clean and bright.

0:47:490:47:52

The bathroom is a very nice bathroom,

0:47:520:47:56

they've done a good job on that, small space but they've done a good job on it,

0:47:560:48:00

so I'm quite pleased with the result of the bathroom.

0:48:000:48:03

Personally, I think because of the location, it could be a good buy for the first-time buyer.

0:48:030:48:10

It's a good location for the local amenities, close to the bus routes,

0:48:100:48:14

only about a mile from Woolwich town centre, so it's good for a first-time buyer

0:48:140:48:18

that perhaps can't afford to buy a massive property,

0:48:180:48:21

but to get on the first steps of the ladder.

0:48:210:48:23

Or if the owners decide to let it out,

0:48:230:48:25

it's an easy let, really, the market is very buoyant for rentals.

0:48:250:48:29

Wayne and Colleen hope to add this flat to their growing portfolio of buy-to-let properties.

0:48:290:48:34

What rental income could they earn?

0:48:340:48:36

We could let this for between £600-625 per calendar month.

0:48:360:48:41

I would rent this for £650 per calendar month.

0:48:410:48:45

-That's right on target. Again, what we predicted. Very happy with that.

-Yeah.

0:48:450:48:49

But what if they changed their minds and decided to sell?

0:48:490:48:53

Remember, they've spent just short of 95,000 on the flat in total,

0:48:530:48:58

plus the usual fees and expenses, of course.

0:48:580:49:00

The most I'd put his property on the market for would be £110,000.

0:49:000:49:06

If you do not include the garden in the property, I would put it in the market in between £105-110,000.

0:49:060:49:13

That's fine, at the minute we're planning to rent,

0:49:130:49:15

so that won't affect us while we're sorting out the garden.

0:49:150:49:18

And if it turns out they do own that garden, the experts think

0:49:200:49:23

that could put the resale value up to £120,000.

0:49:230:49:29

That's really excellent, happy with that.

0:49:290:49:31

Yeah, that's exactly what we predicted, actually.

0:49:310:49:33

# Close your eyes

0:49:330:49:36

# Cross your fingers... #

0:49:360:49:38

Let's hope Wayne and Colleen get the result they're hoping for,

0:49:380:49:42

but even if they don't, it certainly won't put them off building up their property business in the future.

0:49:420:49:47

We wish them luck.

0:49:470:49:48

-It's been a fantastic project, I've really enjoyed doing it.

-Yeah.

0:49:480:49:52

Me and my sister have got on really well, and I'm really pleased.

0:49:520:49:55

Yeah, I'm quite pleased with the finish, too.

0:49:550:49:57

-We work well as a team.

-Good.

0:49:570:49:59

We're back in Gwent, south Wales,

0:50:030:50:06

where this three-bedroom house sold for £41,000 at auction.

0:50:060:50:10

It was bought by developer, Geoff, who already had a portfolio of 20 properties.

0:50:100:50:15

He's been renting properties since he gave up his City job in London

0:50:150:50:19

six years ago, and has picked up a few skills on the way.

0:50:190:50:23

Started off with bricklaying, moved on to plastering, did carpentry,

0:50:230:50:28

then an introductory course on plumbing.

0:50:280:50:30

-Then subsequently, I've done two years' plumbing to become a qualified plumber.

-Wow.

0:50:300:50:35

But five months later, it's his wife Janet's gardening skills

0:50:350:50:40

that catch the eye when you first arrive at the property.

0:50:400:50:43

# Roses are red, my love

0:50:430:50:48

# Violets are blue

0:50:480:50:52

# Sugar is sweet, my love But not as sweet as you. #

0:50:520:51:00

Well, at the front basically we just painted over the render.

0:51:000:51:04

It was pebble-dashed, so we just tried to make it look a bit more attractive.

0:51:040:51:08

Then my wife with the flowers, put them all out ready,

0:51:080:51:11

just to give it a bit of kerbside appeal so whatever we do with it,

0:51:110:51:14

if somebody comes to look they'll have it straight away, hopefully.

0:51:140:51:17

Once their attention has been grabbed outside,

0:51:170:51:20

they can appreciate that Geoff has completely transformed the inside too.

0:51:200:51:25

It now looks brighter and more spacious,

0:51:250:51:28

making it even more tempting to potential tenants.

0:51:280:51:31

I replastered all the walls, because they were artexed originally.

0:51:310:51:35

Most of the ceilings were replaced because they were artexed,

0:51:350:51:39

some of them had dropped or sagged, so we just replaced those.

0:51:390:51:43

And then just skimmed it and decorated it throughout.

0:51:430:51:46

But it's not just his plastering and decorating skills that have been put to the test.

0:51:460:51:52

With help from his sons he's re-floored every room throughout the house,

0:51:520:51:55

but it's been in the bathroom and the kitchen that he's been busiest.

0:51:550:52:01

OK, well, in the bathroom here, there was a hole in the ceiling,

0:52:010:52:04

so we replaced the ceiling.

0:52:040:52:07

The bathroom suite was already here, so we took that out,

0:52:070:52:10

skimmed the walls, tiled the walls, replaced the bath, tiled all the floors,

0:52:100:52:16

and then once we'd finished that, we moved into the kitchen.

0:52:160:52:19

In here, the kitchen was all fitted, so we just took it out because the walls were in a bit of a state,

0:52:190:52:25

plastered all the walls, again tiled the windowsill,

0:52:250:52:29

tiled the back of the units, put it all back in,

0:52:290:52:33

tiled the floors, and that's what we did in the kitchen, really.

0:52:330:52:37

Whilst renovating the kitchen, Geoff discovered more leaks in the ceiling,

0:52:370:52:42

and that their source was the roof round the back.

0:52:420:52:45

# I've got a leak in this old building

0:52:450:52:48

# Got a leak

0:52:480:52:50

# Leaking in this old building

0:52:500:52:54

# Leak

0:52:540:52:56

# It gives me a mighty bad feeling... #

0:52:560:52:58

Mostly it was gutters blocked,

0:53:010:53:03

some of the fascias were damaged so we replaced those,

0:53:030:53:06

cleaned all the gutters, replaced some of the pipework, and it was OK.

0:53:060:53:11

Thankfully everything is now watertight,

0:53:110:53:14

which is just as well in the valleys.

0:53:140:53:16

# I get rain, rain, rain

0:53:160:53:19

# I get rain, rain, rain... #

0:53:190:53:21

And there's something else out the back that's a bit more weather-proof, that old shed.

0:53:210:53:26

# There's a hole in this old building... #

0:53:260:53:28

The shed was damaged, so we just replaced some of the wood on the bottom of the shed,

0:53:300:53:34

and then stained it all.

0:53:340:53:35

The next-door neighbours put a new wooden fence up, which was handy.

0:53:350:53:39

Geoff's latest training course came in handy too.

0:53:390:53:43

Two days a week I've been doing a gas course,

0:53:430:53:46

so I can do all the central heating, so I managed to sort that out here.

0:53:460:53:50

One of the bedrooms was missing a radiator, so we put a new radiator in and ran all the pipework,

0:53:500:53:55

so we can now do everything apart from electrics.

0:53:550:53:58

And that's next on the agenda.

0:53:580:54:00

# We'll always be together Together in electric dreams

0:54:000:54:07

Geoff and Janet had budgeted £10,000 for all the work,

0:54:070:54:10

but it actually came in at just under 5,000.

0:54:100:54:13

They did it on schedule as well, taking only around eight weeks.

0:54:130:54:19

But what will a local property expert make of their work?

0:54:190:54:22

We asked one along to have a look.

0:54:220:54:25

The house from the front does actually look quite attractive,

0:54:250:54:29

and having four or five steps up to the front door may preclude

0:54:290:54:32

some of the older buyers we sometimes see,

0:54:320:54:34

but a typical family buyer wouldn't be a problem at all.

0:54:340:54:37

It's been modernised with a fair degree of consideration,

0:54:370:54:42

neutral colours and reasonably good quality fixtures and fittings.

0:54:420:54:46

The kitchen layout is fairly typical of these sort of properties.

0:54:460:54:50

It's been well fitted out with space for a washing machine,

0:54:500:54:53

and of course it's got the oven and hob already built in which is what most people want round here.

0:54:530:54:59

The bathroom has been well fitted out. It's got a shower screen as well,

0:55:010:55:04

electric shower, and Jacuzzi-style bath

0:55:040:55:07

is always a very popular style to have in a property.

0:55:070:55:11

So how much value has Geoff's work added to the house?

0:55:120:55:16

Remember he bought it for £41,000,

0:55:160:55:18

and has spent £6,000 buying the leasehold and £5,000 on the work.

0:55:180:55:23

So a total outlay here of around £52,000 plus legal fees, of course.

0:55:230:55:29

I'd recommend an asking price of £75,000 on this property.

0:55:300:55:33

We've spent about £55,000, so we've made about £20,000 for eight weeks' work, so yeah, more than pleased.

0:55:330:55:40

So a great potential resell profit,

0:55:400:55:42

but Geoff's planning to let it out and has already had interest.

0:55:420:55:47

How much rental should he charge?

0:55:470:55:50

The rental figure for this property should achieve in the region of £425 per calendar month.

0:55:500:55:55

Yeah, that's what we've let it for. It's let for 425.

0:55:550:55:59

So that's spot on. Geoff and Janet really seem to have taken to this new property managing career

0:55:590:56:05

since their move from London six years ago.

0:56:050:56:09

We spend more time together and there's a lot less pressure.

0:56:090:56:12

we both worked for high-street banks in the City,

0:56:120:56:15

and so to come back out to the countryside and take things a little bit easier, it's much nicer.

0:56:150:56:22

We prefer this type of lifestyle.

0:56:220:56:24

Just as well, because they've already been on the lookout for their next project.

0:56:240:56:30

# I just can't get enough I just can't get enough... #

0:56:300:56:34

We've got another project lined up, it's about two miles away, similar sort of property,

0:56:340:56:39

we bought it at auction, different auction, so we should be starting that shortly,

0:56:390:56:44

and we're looking now to find another one ready for Christmas,

0:56:440:56:47

so we'll get a little winter project organised

0:56:470:56:50

so then we're ready, it'll take us into the new year.

0:56:500:56:53

Well, we hope you've enjoyed our insight into the world of auctions.

0:56:560:57:00

So join us next time for more Homes Under The Hammer.

0:57:000:57:03

-We'll see you then.

-Goodbye.

-Goodbye.

0:57:030:57:05

Subtitles by Red Bee Media Ltd

0:57:110:57:14

E-mail [email protected]

0:57:140:57:17

Martin Roberts and Lucy Alexander visit a three-bedroom semi in Cornwall, a one-bedroom flat in London and a house in Gwent. All of these properties went to auction, and Martin and Lucy learn who bought them and what they paid when they went under the hammer.


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