0:00:02 > 0:00:04Hello. Now, if you're buying property,
0:00:04 > 0:00:07you'll want to make sure that you're buying at the right price. Not always easy!
0:00:07 > 0:00:11So how do you know what the market is doing? Will it rise or will it fall?
0:00:11 > 0:00:15Well, one way is to take a trip to your local auction house.
0:00:40 > 0:00:44Now, auctions are very exciting and it can be quite tempting to buy,
0:00:44 > 0:00:48but to stand the best chance of success you need to do your homework first.
0:00:48 > 0:00:52So let's see what properties created interest on today's programme.
0:00:53 > 0:00:57I'm in my element in this garden in Perthshire.
0:00:57 > 0:01:02One of the nicest things is you've got your own little summer house. I love sheds and summer houses!
0:01:04 > 0:01:08In Hampshire, is there potential in this rather slim-line property?
0:01:09 > 0:01:13One room, do with it what you will!
0:01:15 > 0:01:19And I think this three-bed house in Derby needs a bit of reorganising.
0:01:19 > 0:01:23Because, as it is, it's all a bit "corridory"!
0:01:24 > 0:01:27All these properties have been sold at auction.
0:01:27 > 0:01:31We find out who bought them and for how much when they went under the hammer!
0:01:31 > 0:01:32Sold!
0:01:35 > 0:01:36- BAGPIPES PLAY - Misty hills,
0:01:36 > 0:01:44ancient royal palaces and roaming wildlife. Yes! We are in the heart of Scotland in Perthshire,
0:01:44 > 0:01:47specifically Scone, a village near Perth.
0:01:47 > 0:01:51It's just an hour's drive to Edinburgh and half an hour to Dundee.
0:01:51 > 0:01:58It's home to the famous Scone Palace where the Kings of Scotland were once crowned.
0:01:58 > 0:02:01But, hopefully, the property I'm here to see won't cost a king's ransom!
0:02:01 > 0:02:06So, not surprisingly, Scone is a really desirable place to live.
0:02:06 > 0:02:09So when you hear about a five-bedroom detached property up for auction,
0:02:09 > 0:02:16with a guide price of £305,000-£315,000, it's time to get very excited.
0:02:16 > 0:02:20And you know what? From the outside, it looks pretty big!
0:02:20 > 0:02:22Fantastic!
0:02:22 > 0:02:27And there's loads of space out the front to park a couple of cars!
0:02:27 > 0:02:29It's all promising so far.
0:02:31 > 0:02:36Well, inside this place does not disappoint. You come through the door and it is huge.
0:02:36 > 0:02:40Lots of rooms going all over the place. You've got a downstairs loo, there, kitchen there,
0:02:40 > 0:02:46dining room, whatever it is, over that way. It's so big that you might even consider splitting the house up
0:02:46 > 0:02:49maybe to create a granny annex or just a separate little flat.
0:02:49 > 0:02:53But, on the other hand, why not just make the most of it as it is? I mean, look at this lounge!
0:02:53 > 0:02:57It's absolutely huge! What a wonderful family home this would make.
0:02:57 > 0:03:01It's great. You've even got your own fireplace here.
0:03:01 > 0:03:06I can just imagine the invites from the local gentry there to the local garden party...
0:03:06 > 0:03:08yeah...wonderful.
0:03:08 > 0:03:10# Let's have a party... #
0:03:10 > 0:03:13OK, so I'm getting a little bit carried away,
0:03:13 > 0:03:15but it's tempting to imagine this house
0:03:15 > 0:03:22brimming with friends and family at parties and social occasions, but how about upstairs?
0:03:24 > 0:03:29Well, upstairs here, the space just goes on and on and on.
0:03:29 > 0:03:33I mean, there are five bedrooms, a family bathroom, there's a little en-suite here.
0:03:33 > 0:03:37I mean, it's just superb. What is there not to like about this property?
0:03:37 > 0:03:43In fact, you know what? If Scone Palace up the road was full, this place would be fit for a king!
0:03:43 > 0:03:48And out the back, there's plenty of space for a royal garden party!
0:03:56 > 0:03:59Well, at the rear of the property there is a really good-sized garden.
0:03:59 > 0:04:02In fact, the whole house is surrounded by some really nice patches of garden.
0:04:02 > 0:04:04At the side there, there's another bit.
0:04:04 > 0:04:09Across the road, actually, you own a small bit of land which you could use as a vegetable plot, perhaps,
0:04:09 > 0:04:12but, more importantly, it preserves your view
0:04:12 > 0:04:14across to the playing fields or whatever that is over there.
0:04:14 > 0:04:16But, in terms of the garden,
0:04:16 > 0:04:20one of the nicest things is you've got your own little summer house. I love sheds and summer houses!
0:04:20 > 0:04:23So this just tops it off!
0:04:23 > 0:04:27# And the summer house
0:04:27 > 0:04:36# Where we found new games to play... #
0:04:36 > 0:04:41I'm certainly enjoying playing with the remote control for the garage round the front.
0:04:41 > 0:04:44This place really has it all...
0:04:44 > 0:04:48spacious rooms, a huge garden, beautiful surroundings,
0:04:48 > 0:04:54and all at a guide price of between £305,000 and £315,000.
0:04:54 > 0:04:56But, to get a second opinion,
0:04:56 > 0:05:01I've invited the auctioneer who sold the property to give me his thoughts on it.
0:05:05 > 0:05:09Scone's a village about two miles north of Perth,
0:05:09 > 0:05:13and Perth itself is an hour from Edinburgh.
0:05:13 > 0:05:16There's a railway station, it's got good links,
0:05:16 > 0:05:20it's a good jumping-off point also to Dundee which is only about half-an-hour to the east.
0:05:20 > 0:05:24My first impression of the property was that it was a good-sized family house,
0:05:24 > 0:05:28plenty of potential here. A total of five bedrooms, couple of bathrooms,
0:05:28 > 0:05:32good-sized family/public accommodation ,
0:05:32 > 0:05:34really nice house, well-built.
0:05:34 > 0:05:39The house itself looks as though it could do with a coat of paint on the outside,
0:05:39 > 0:05:41but otherwise it's in very good condition.
0:05:41 > 0:05:45It's got a nice bit of mature garden ground to the front and rear.
0:05:45 > 0:05:50There is also a small area of ground across the road, directly opposite the house,
0:05:50 > 0:05:54which doesn't look big enough to do any development on,
0:05:54 > 0:05:58but has the benefit of securing the view across the open playing fields.
0:05:58 > 0:06:01The house doesn't need much work doing to it,
0:06:01 > 0:06:04just a spruce-up with some new fresh paint and decoration.
0:06:04 > 0:06:08So, what could it resell for once the work has been done?
0:06:10 > 0:06:17I would have thought we're probably looking at £350,000, perhaps £360,000, once it's all done up.
0:06:18 > 0:06:21What if the purchaser wanted to rent it out?
0:06:22 > 0:06:29In terms of rental value, I'm not sure how strong the market would be for this type of property.
0:06:29 > 0:06:31It would have to be an executive let,
0:06:31 > 0:06:36and I would have thought you must be talking in terms of perhaps £1,000 a month.
0:06:37 > 0:06:44So, a lot of property for the money, and the nice thing is it's pretty much ready to move in as it is.
0:06:44 > 0:06:47It would make a great family home. Not only have you got the five bedrooms,
0:06:47 > 0:06:51you've got all those separate areas downstairs for the kids to be in one bit, Mum and Dad in the others.
0:06:51 > 0:06:55No, it's brilliant. A bit of work to do inside, especially getting rid of all the woodchip,
0:06:55 > 0:07:02but for £305,000-£315,000, a great one to go for. Let's see who spotted it at the auction.
0:07:02 > 0:07:04OK, lot 21.
0:07:04 > 0:07:06What are we going to say for this? 250?
0:07:06 > 0:07:10Thank you, sir. 250. Sitting down in the front. 250.
0:07:10 > 0:07:11Do I have 260 anywhere?
0:07:11 > 0:07:14I've got 250... 260. Thank you, sir. 260.
0:07:14 > 0:07:17270?
0:07:17 > 0:07:19It's against you, sir. 270?
0:07:19 > 0:07:21270.
0:07:21 > 0:07:22280?
0:07:22 > 0:07:24280.
0:07:24 > 0:07:27290? Take a half at 285?
0:07:27 > 0:07:29285? 285.
0:07:29 > 0:07:31290?
0:07:32 > 0:07:33290.
0:07:33 > 0:07:36295? Shaking his head.
0:07:36 > 0:07:39It's with you, sir, at 290. 295 anywhere?
0:07:39 > 0:07:42295 at the back. 295.
0:07:42 > 0:07:43300?
0:07:43 > 0:07:45300. Thank you, sir. 300.
0:07:45 > 0:07:48305? 305?
0:07:48 > 0:07:51No further bids at the back at the moment at 305...
0:07:51 > 0:07:55At 300, it's with you, sir. It's against you, sir, in the black jacket down here.
0:07:55 > 0:07:58I'm going to sell at 300,000 if that's the best we can do.
0:07:58 > 0:08:02I'm looking for 305. I'll take 1 if it helps anybody.
0:08:02 > 0:08:04301 anywhere?
0:08:04 > 0:08:07We all done? At £300,000,
0:08:07 > 0:08:11going once, twice, third and final time.
0:08:11 > 0:08:12Gentleman halfway back.
0:08:14 > 0:08:18That successful bid of £300,000 was from Lee and his wife Kawa.
0:08:19 > 0:08:24Kawa, who is originally from South Korea, and Lee already live in Scone
0:08:24 > 0:08:26and have had their eye on this property for a while.
0:08:26 > 0:08:30# The more I see you
0:08:30 > 0:08:34# The more I want you... #
0:08:34 > 0:08:36Lee's an offshore electrician,
0:08:36 > 0:08:41while Kawa is a full-time mum to their two children, Conner and Kayleigh.
0:08:41 > 0:08:45Along with their two dogs, this house is going to be a bustling family home.
0:08:45 > 0:08:48I met them back at the property to find out more.
0:08:48 > 0:08:53Lee, Kawa, lovely to meet you both. Congratulations. How was the auction for you?
0:08:53 > 0:08:59Daunting! First one I've done, the biggest purchase I'll probably make and it was quite scary.
0:08:59 > 0:09:02It was very rushed, I would say...
0:09:02 > 0:09:10from us seeing the house, doing a viewing... We then went away on our anniversary to Paris,
0:09:10 > 0:09:13came back from Paris on the Monday,
0:09:13 > 0:09:16got the viewing and the survey...
0:09:16 > 0:09:21and finally...got the solicitor on the Tuesday, and the auction was on the Wednesday,
0:09:21 > 0:09:22so it was a bit of a rush.
0:09:22 > 0:09:26It may have been a rush, but it turned out brilliantly for them in the end,
0:09:26 > 0:09:33since they paid just £300,000. That was £5,000 under the lower guide price.
0:09:33 > 0:09:36Not bad for your first time at auction!
0:09:36 > 0:09:38So, how did you two meet?
0:09:38 > 0:09:43I was working in a shipyard, Daewoo Shipyard, over in South Korea,
0:09:43 > 0:09:48- commissioning to oil rigs...- Right. - And I met Kawa over there.
0:09:48 > 0:09:54- Wow!- So it was just fell in love and then she came back over to the UK with me.- Wow!
0:09:54 > 0:10:00- Fantastic! Do you know the area well, then?- We've lived in Scone for nine years now,
0:10:00 > 0:10:05so we've just moved up the road, just to a bigger house, basically. We love the area.
0:10:05 > 0:10:09- A bigger house and closer to the school as well.- Yeah.- The school's right in front of the house.
0:10:09 > 0:10:13- The school your children go to is right across the green? - Across the road, yeah.
0:10:13 > 0:10:17So basically they just go across the street and into school and come back for lunch.
0:10:17 > 0:10:19They're going to love it.
0:10:19 > 0:10:22- So have they seen the house? - They love the space.- They love it.
0:10:22 > 0:10:28And the bathroom as well. They always argue about the bathroom, the one bathroom,
0:10:28 > 0:10:31but now there's three, so I think they're going to be happier.
0:10:31 > 0:10:34- So no more waiting outside, banging on the door?- No!
0:10:34 > 0:10:37I think one of the best things is we've got the spare bedroom
0:10:37 > 0:10:40for my mother to come so she can baby-sit more.
0:10:42 > 0:10:44- Best thing!- That's the best thing.
0:10:44 > 0:10:49Perfect! There's even room for a babysitting grandma when she comes to visit.
0:10:53 > 0:10:56This house is perfect for a family.
0:10:56 > 0:11:01Loads of space for the two kids to grow up in, especially that garden.
0:11:01 > 0:11:07Lee and Kawa hope to move in as soon as possible and rent out their current house.
0:11:07 > 0:11:10They'll do the renovations while they live here.
0:11:10 > 0:11:14The work may be a little stop and start with their busy lifestyle,
0:11:14 > 0:11:16so they reckon it'll take six months to do up.
0:11:16 > 0:11:19What exactly are they planning to do here?
0:11:19 > 0:11:24Kawa wants to...that wall behind us...she wanted to open-plan it,
0:11:24 > 0:11:26but I prefer to have two separate rooms,
0:11:26 > 0:11:32so we've come to a compromise. We're going to put in glass opening doors between here and the dining room,
0:11:32 > 0:11:36cos we do have quite a lot of parties and entertain quite a lot,
0:11:36 > 0:11:41so we want to have the ability to extend into that room.
0:11:41 > 0:11:43That sounds like a great compromise.
0:11:43 > 0:11:47A glass door should allow plenty of natural light to flood into the kitchen
0:11:47 > 0:11:50from those south-facing dining-room windows.
0:11:50 > 0:11:53And there are exciting plans for those bathrooms too.
0:11:54 > 0:11:58- The bathrooms we're wanting to make into wetrooms...- All the bathrooms.
0:11:58 > 0:12:04- All tiles.- All tiled, yeah. - Cos in Korea that's what they have. It's more efficient and practical.
0:12:04 > 0:12:07- And who's going to do the work? - I'm going to do a lot.
0:12:07 > 0:12:12I've got friends who are in the building trade as well. My best friend's a joiner,
0:12:12 > 0:12:15so he's going to come in and do a lot of work with me.
0:12:15 > 0:12:19I'm, obviously, an electrical engineer, I'm going to do the electrical side of things.
0:12:19 > 0:12:21Kawa's going to be doing some painting, I think.
0:12:21 > 0:12:25- So...- Your uncle's going to help us. - Yeah, my uncle's an architect,
0:12:25 > 0:12:29so he's going to help us with all the plans and anything we need.
0:12:29 > 0:12:34Seems like they're sorted, then. And with a budget of between £10,000 and £15,000,
0:12:34 > 0:12:37there should be more than enough money in the pot.
0:12:39 > 0:12:43Well, what a great property this is for Lee, Kawa and their family.
0:12:43 > 0:12:46Even the dogs can have their own room now!
0:12:46 > 0:12:51But, you know what? Doing this place up while living in it is never going to be easy,
0:12:51 > 0:12:56so find out how they get on turning this house into a home later in the show.
0:12:59 > 0:13:06I'm in Totton in Hampshire. Its main claim to fame is that is used to be the largest village in England,
0:13:06 > 0:13:10until it was promoted to being a town in 1974.
0:13:10 > 0:13:14# This is my kinda town... #
0:13:14 > 0:13:17Totton has great road and rail links,
0:13:17 > 0:13:21handy for commuting to nearby Southampton, Bournemouth or Salisbury.
0:13:23 > 0:13:27The property I'm here to see has had a somewhat varied history.
0:13:27 > 0:13:33Now, it's been a bookie's, a cobbler's, a dentist's and, finally, a sandwich shop!
0:13:33 > 0:13:40Well, today it's empty and it was up for auction with a guide price of £35,000-£40,000.
0:13:40 > 0:13:43Let's get inside and see if it still cuts the mustard!
0:13:43 > 0:13:47# I'm hungry for something
0:13:47 > 0:13:53# But it seems so far away
0:13:53 > 0:13:56# That sentimental sandwich
0:13:56 > 0:14:02# That we shared one day... #
0:14:02 > 0:14:05Even though it looks like it's got a great spot on the High Street,
0:14:05 > 0:14:09the fact that so many different business have come and gone over the years
0:14:09 > 0:14:14does make me concerned about how good passing trade is around here.
0:14:14 > 0:14:16First impressions?
0:14:16 > 0:14:18It's really small in here!
0:14:18 > 0:14:23Not much room at all. You can see this is the old counter where they would have served the sandwiches.
0:14:23 > 0:14:29Around here would have been where they prepared the sandwiches and done a little bit of washing-up.
0:14:29 > 0:14:31And that's really it!
0:14:31 > 0:14:36Not much more I can tell you. One room, do with it what you will!
0:14:36 > 0:14:38I'm going to go upstairs.
0:14:39 > 0:14:43You certainly wouldn't want to be running up and down these steep stairs
0:14:43 > 0:14:45for jars of mayonnaise on a busy lunchtime.
0:14:47 > 0:14:52So, up the narrowest stairs ever and it doesn't get any bigger up here!
0:14:52 > 0:14:57You've got a little loo and a sink, but I would say it's a perfect little office space,
0:14:57 > 0:15:01because you've got nice, big windows over here. So what could you do here?
0:15:01 > 0:15:07Well, it's got A1 usage already, so that covers your shops, hairdresser's, sandwich bars,
0:15:07 > 0:15:10although your punters couldn't eat their food on the premises.
0:15:10 > 0:15:13It is a pretty broad category and it opens up plenty of options,
0:15:13 > 0:15:19but it's not all about what you can do, it's about what you should do from a business perspective.
0:15:19 > 0:15:21So, what is the best use for this little shop?
0:15:21 > 0:15:26To find the answer to that, I think I need to go back outside.
0:15:27 > 0:15:32As with many small towns, the building of the local bypass and out-of-town retail parks
0:15:32 > 0:15:35has affected shops in the centre of Totton.
0:15:35 > 0:15:41It certainly doesn't help that this property doesn't have any on-street parking for customers.
0:15:41 > 0:15:43So this may be the High Street,
0:15:43 > 0:15:46but I think that's really by name only,
0:15:46 > 0:15:51because it's hardly a busy, bustling street, and that impacts on your options here.
0:15:51 > 0:15:54You've got some houses, a few industrial buildings,
0:15:54 > 0:15:58but little passing trade which may be why that sandwich shop is no more.
0:15:58 > 0:16:02You really need to make this little commercial unit a destination
0:16:02 > 0:16:05and that is the challenge for whoever takes this on.
0:16:05 > 0:16:10# Take on me... Take on me
0:16:10 > 0:16:16# Take me on... Take on me... #
0:16:16 > 0:16:20At that guide price of £35,000-£40,000,
0:16:20 > 0:16:23if they get it right, it could pay great dividends.
0:16:23 > 0:16:27I asked along a local property expert to tell us what he thought.
0:16:31 > 0:16:32The High Street in Totton,
0:16:32 > 0:16:36like a lot of High Streets, probably it's become a secondary location.
0:16:36 > 0:16:41It's really now more associated with small sort of commercial businesses.
0:16:41 > 0:16:46The space is compact. Obviously the property's sort of like a one-up one-down arrangement.
0:16:46 > 0:16:51There's no wasted space. You've got the storage room upstairs and a WC,
0:16:51 > 0:16:55and the main preparation area, surface area downstairs.
0:16:55 > 0:17:00What kind of business might succeed on this spot?
0:17:01 > 0:17:07I think the sort of business that this is suited for is something that's got to draw in local trade,
0:17:07 > 0:17:10cos there are a lot of businesses, more so commercial, round here.
0:17:10 > 0:17:15So you're not going to get the footfall that the normal High Street would have got
0:17:15 > 0:17:16with shoppers and that sort of thing, really.
0:17:16 > 0:17:19So you've got to aim at something that's going to appeal to local businesses,
0:17:19 > 0:17:21ie, their staff, that sort of thing.
0:17:21 > 0:17:23It's not an easy business proposition,
0:17:23 > 0:17:28but I think anybody willing to get really stuck in and work hard can make this business venture work.
0:17:28 > 0:17:32So what valuation would he give the property as it stands?
0:17:33 > 0:17:38Value for sale at the moment is probably between £35,000-£40,000.
0:17:38 > 0:17:44For rental purposes you're probably looking at around £350 per calendar month.
0:17:45 > 0:17:48In the grand scheme of things, this is a cheap investment.
0:17:48 > 0:17:53Now, it doesn't need much work, but it does need imagination to make it a successful business.
0:17:53 > 0:17:56Let's see which bright spark bought it at the auction.
0:17:56 > 0:18:01Lot number 8, a single commercial unit over two floors.
0:18:01 > 0:18:05Opening bidder at 30? Do we have a bidder of £30,000?
0:18:05 > 0:18:1030,000 on the steps I have. 30,000 underway. Now I'll take this up in ones.
0:18:10 > 0:18:12Looking for 31. I have a bid of 30.
0:18:12 > 0:18:1631,000 I have got here, down here on my left. 31. 32?
0:18:16 > 0:18:18No. 32 is no.
0:18:18 > 0:18:2432? Somebody come? 32,000. Thank you. 32. It's all down this left-hand side. 33.
0:18:24 > 0:18:2633 we have. 4?
0:18:26 > 0:18:2734. Thank you.
0:18:27 > 0:18:3035? 35's there. 36?
0:18:32 > 0:18:3336 we have. 7?
0:18:33 > 0:18:35Shake of the head. 36,000.
0:18:35 > 0:18:39Needs 37,000 from somewhere else.
0:18:39 > 0:18:44Back in at 37! Just chatting. 37. 38? Keep it on ones. Might make it do it.
0:18:44 > 0:18:4638? Yeah?
0:18:46 > 0:18:4838,000 we've got.
0:18:48 > 0:18:5239? Shaking the head now. Told you it might do it. 38,000 I have got.
0:18:52 > 0:18:55Anyone else wish to jump in? 38,000.
0:18:55 > 0:18:57You are... 39.
0:18:57 > 0:18:5939. Came in late.
0:18:59 > 0:19:03Round it up to 40, might do the job. Took a long time coming back at that one.
0:19:03 > 0:19:0540,000? Yeah.
0:19:05 > 0:19:0940,000 we have got. 40,000 we have at the rear. Are you back in?
0:19:09 > 0:19:10I'll give you the half now.
0:19:10 > 0:19:16No? 40's with you, then, sir. Give anyone else a half a chance. It's at £40,000.
0:19:16 > 0:19:23Make no mistake, we're in the room and selling. £40,000 that I have on my left-hand side for the first...
0:19:23 > 0:19:26£40,000 for the second...
0:19:27 > 0:19:3140,000, coming back, third and final time...
0:19:31 > 0:19:34Well done. Your number? 40,000. Your number, please, sir.
0:19:34 > 0:19:41They got there in the end. That successful bid of £40,000 came from brothers Jason and James.
0:19:41 > 0:19:47They live locally and have bought this slim property, hoping for a fat return.
0:19:47 > 0:19:51But what exactly have they got planned for it? I went in search of the answer.
0:19:51 > 0:19:53# I've got a great idea
0:19:55 > 0:19:57# Wouldn't you like to know?
0:19:58 > 0:20:00# You probably can't bear it
0:20:00 > 0:20:03# So I guess I'll have to share it
0:20:03 > 0:20:06# I thought of it a moment ago... #
0:20:07 > 0:20:10- Guys, congratulations.- Thank you. - Well done.
0:20:10 > 0:20:14£40,000 you paid. Quite a diddy little place, though, isn't it?
0:20:14 > 0:20:18- Just a little bit! - Yes, it's quite perky, yes.- Just surprised we all got in here today.
0:20:18 > 0:20:23So, first things first, what are you going to do with this? Why have you bought it?
0:20:23 > 0:20:28Well, we thought it was a good investment at the price we paid.
0:20:28 > 0:20:31And we're going to turn it, hopefully, into a barber's shop.
0:20:31 > 0:20:36- Really?- Mm-hm.- Wow! So what's your background? Are you hairdressers? - No, no, definitely not.
0:20:36 > 0:20:42I'm a motor trader. Been in the business for about 20 years now.
0:20:42 > 0:20:46- James?- My game is transport. I've got a small transport company.
0:20:46 > 0:20:50And this was just another outlet I thought I'd have a go at.
0:20:50 > 0:20:55So, chaps, call me stupid... why have you decided to turn this into a barber's shop?
0:20:55 > 0:20:57Well, it is kind of small to do anything else really with,
0:20:57 > 0:21:03and we thought it we could take out the chimney breast here and give us some width,
0:21:03 > 0:21:08there's room for two chairs here. Make it sort of quite trendy, nice tiled floors,
0:21:08 > 0:21:11- nice full-length mirror, nice lighting...- An inviting place
0:21:11 > 0:21:16for the younger and older generation to come in and have their hair cut.
0:21:16 > 0:21:19But you know nothing about hairdressing. Do you know any barbers?
0:21:19 > 0:21:23- A couple of people have come forward. They want to have a go. - We're starting to learn about it.
0:21:23 > 0:21:31We'll find out as we go along. But we just wanted a place where we've not got to run it, basically,
0:21:31 > 0:21:32it can run itself.
0:21:33 > 0:21:38To help make it the snazziest barber's in town, they've set aside £5,000
0:21:38 > 0:21:44plus an extra 1,000 as contingency. And they think they'll be finished in just one month.
0:21:44 > 0:21:49So what are you going to do with the upstairs? You've got the narrowest staircase I think I've ever seen!
0:21:49 > 0:21:52- I could just about get up there myself.- It is very narrow.
0:21:52 > 0:21:57We're going to gut the place upstairs as well, go right through it, pretty it up,
0:21:57 > 0:22:00and I think we're both going to use it as an office for ourselves.
0:22:00 > 0:22:04It's a handy one to have. Get rid of the paperwork at home and get the third bedroom back.
0:22:04 > 0:22:09It might be a handy office space, but will the boys be doing much business?
0:22:09 > 0:22:11I'm still a little worried about passing trade,
0:22:11 > 0:22:16so do they think they'll be able to rustle up enough customers?
0:22:17 > 0:22:21Well, we're hoping to, because just down the road there's a lorry park there,
0:22:21 > 0:22:25we've got the local school not far away, a little bit busy up and down,
0:22:25 > 0:22:28- and, hopefully, we should pick up some passing trade. - Do you ever wake up and think,
0:22:28 > 0:22:32"Hold on a minute! What are we doing? Are we really going to make this a success?"
0:22:32 > 0:22:36No, we feel confident that we can do it and it'll be a success.
0:22:40 > 0:22:43Well, I'm not worried about the lads' confidence or their business plan,
0:22:43 > 0:22:47I'm not even worried about the renovation work they're going to do,
0:22:47 > 0:22:50but I am worried about who's going to cut the hair!
0:22:50 > 0:22:54# Who cut your hair?
0:22:54 > 0:22:56# Who cut your hair...? #
0:22:56 > 0:23:01So, have you got the staff ready? Are they ready, standing by?
0:23:01 > 0:23:07- We've got one or two.- You've got one or two? No, seriously, have you got the people to do the haircuts?
0:23:07 > 0:23:11We've got someone who's really interested and wants to come and join us and give it a go.
0:23:11 > 0:23:14- We need your men ready to shave heads standing by. - They'll be here!- It's sweet!
0:23:14 > 0:23:18Once they see it all done, ready to go, been on your show...
0:23:18 > 0:23:22- You won't be able to keep them away! - They'll be in!- Chaps, you're obviously really excited.
0:23:22 > 0:23:29- It's been lovely meeting you both today.- Thank you.- Thank you so much. - Thank you.- Good luck.
0:23:29 > 0:23:31So it's free haircuts all round!
0:23:31 > 0:23:36Now I think Jason and James have got good plans for this place, but will it make money?
0:23:36 > 0:23:38Well, that's not cut and dried.
0:23:38 > 0:23:45You can find out if it's going to be a permanent success or a close shave later on in the show.
0:23:46 > 0:23:51Coming up, I'm still perplexed by the layout of this property in Derby.
0:23:51 > 0:23:55Again, very, very strange and not ideal at all.
0:23:56 > 0:24:01Back in Hampshire it sounds like the deadline has gone out of the window.
0:24:01 > 0:24:06What we thought we could do it in obviously changed when we started uncovering bad things.
0:24:08 > 0:24:11And in Perthshire have Kawa's demands been too high?
0:24:11 > 0:24:15She wanted to put underfloor heating throughout the whole house... that would have been a bit too much.
0:24:18 > 0:24:21Now we're heading back to Scone in Perthshire,
0:24:21 > 0:24:28where Lee and Kawa bought this massive five-bedroomed family home for £300,000.
0:24:28 > 0:24:33They wanted it to become, well, THEIR new massive five-bedroomed family home!
0:24:34 > 0:24:37We've lived in Scone for nine years now,
0:24:37 > 0:24:42so we've just moved up the road, just to a bigger house, basically. We love the area.
0:24:42 > 0:24:46- A bigger house and closer to the school as well.- Yeah.- The school's right in front of the house.
0:24:46 > 0:24:50# Don't mind doing it for the kids... #
0:24:50 > 0:24:56So it's handy for their two young children, Connor and Kayleigh, to get to school quicker,
0:24:56 > 0:25:01but, even better, there was that huge garden for them and their two family dogs to play in.
0:25:01 > 0:25:06Ten months later, we caught up with them to find how they've settled in.
0:25:07 > 0:25:10# I'm gonna give it all of my lovin'
0:25:10 > 0:25:12# It's gonna take up all of my love
0:25:12 > 0:25:15# I'm gonna give it all of my lovin'
0:25:15 > 0:25:17# It's gonna take up all of my love... #
0:25:19 > 0:25:24There's no doubt that they've put their heart and soul into this place,
0:25:24 > 0:25:27transforming it into a stunning family home.
0:25:27 > 0:25:30Apart from the obvious decorating that's been done,
0:25:30 > 0:25:36Lee, an electrical engineer, has rewired, refloored and replumbed throughout.
0:25:36 > 0:25:43There's been some structural work too, but they decided against installing glass doors
0:25:43 > 0:25:45leading through from the kitchen to the dining room.
0:25:45 > 0:25:49They did have grander plans but, sadly, they didn't quite come off.
0:25:49 > 0:25:52Yeah, we were going to knock the wall right back
0:25:52 > 0:25:55and then open-plan it all,
0:25:55 > 0:25:59but we found out it's a load-bearing wall so it's not possible to do that,
0:25:59 > 0:26:04so we've had a look... investigated opening this area,
0:26:04 > 0:26:09and when we started to take it back, we found that it was already open and had just been plastered up
0:26:09 > 0:26:12and made into the window, so it was a lot easier than we thought it was going to be
0:26:12 > 0:26:15to open it to the way we wanted it.
0:26:15 > 0:26:18Yes, I think actually it worked out better.
0:26:18 > 0:26:24Because one side is open plan and this other side is kind of a closed, cosy sitting area,
0:26:24 > 0:26:26so I think it's better.
0:26:27 > 0:26:31The kitchen isn't the only thing they've opened up here.
0:26:31 > 0:26:34Somehow they managed to squeeze a bath into the upstairs bathroom.
0:26:36 > 0:26:40- We found that the bath would fit in there perfectly... - In the cupboard.- In the cupboard.
0:26:40 > 0:26:45So we put in the L-shaped shower-bath and then it opened up the whole room a lot better.
0:26:45 > 0:26:48And the underfloor heating in there is just...it's great.
0:26:48 > 0:26:54She wanted to put underfloor heating throughout the whole house... that would have been a bit too much.
0:26:54 > 0:27:01Kawa is obviously a lady with luxury tastes. She may not have got all the underfloor heating she wanted,
0:27:01 > 0:27:06but she did manage to furnish all the loos in the house with electric toilet seats,
0:27:06 > 0:27:09perfect for those chilly winter months.
0:27:09 > 0:27:12# Baby, you're sitting on a hot seat! #
0:27:12 > 0:27:15Where I'm from, in South Korea,
0:27:15 > 0:27:20it's quite normal to have electric toilet seats with a bidet.
0:27:20 > 0:27:23It's great! It's warm.
0:27:23 > 0:27:26It's hygienic... and the kids love it.
0:27:26 > 0:27:29With Scone Palace just down the road,
0:27:29 > 0:27:35I'm sure any passing dignitaries caught short would be more than happy to sit on this throne.
0:27:35 > 0:27:38Originally, they wanted to make all the bathrooms wetrooms,
0:27:38 > 0:27:41but time and money meant it was too big a job,
0:27:41 > 0:27:46so they chose to do more work downstairs on the new kitchen and utility room.
0:27:48 > 0:27:53So, basically, we've changed the floor in here from the ceramic tiles into this laminate flooring,
0:27:53 > 0:27:55because the floor was damaged.
0:27:56 > 0:28:03We've then went and opened this up here which was basically just a brick wall,
0:28:03 > 0:28:06because the door went through there.
0:28:06 > 0:28:11And, basically, we said it's more sensible to take the dogs into the utility room with their dirty paws
0:28:11 > 0:28:13rather than into the kitchen and then into the utility room.
0:28:15 > 0:28:22It's a great solution to help stop dogs' and children's feet dragging mud in from the garden.
0:28:22 > 0:28:24# Dogs are everywhere
0:28:25 > 0:28:27# Almost everywhere
0:28:27 > 0:28:30# That I go... #
0:28:30 > 0:28:34In fact, it's only the garden that's still awaiting a makeover,
0:28:34 > 0:28:39but there are plans afoot for decking. That would be perfect for those visiting relatives
0:28:39 > 0:28:43like Lee's mum Irene and Kawa's mum Chungwok.
0:28:43 > 0:28:49The work on the house took around nine months which is already three months longer than they hoped,
0:28:49 > 0:28:54but they did do a lot more than they had originally planned which, of course, affected the budget too.
0:28:54 > 0:28:59I think we blew the budget out the water! It kind of... we overstepped it slightly.
0:28:59 > 0:29:04I think we estimated between 10,000 and 15,000...
0:29:04 > 0:29:08and it's more in the region of 30,000 we've spent.
0:29:09 > 0:29:12But has it all been worth it?
0:29:12 > 0:29:14We asked along two local property experts
0:29:14 > 0:29:17to tell us what they thought of the work.
0:29:18 > 0:29:20Absolutely stunning.
0:29:20 > 0:29:23The property's been well laid out for family living
0:29:23 > 0:29:25and it's been done very, very well.
0:29:25 > 0:29:27I thought, "Wow! What a difference!"
0:29:27 > 0:29:31When I saw this property back in November last year,
0:29:31 > 0:29:37it was a cross between a typical sort of manse and a house that needed a lot of improvement.
0:29:37 > 0:29:39It's just chalk and cheese.
0:29:39 > 0:29:43They've taken a lot of time and thought into what they've done, particularly with the utility area.
0:29:43 > 0:29:47Having two dogs in the family, it's nice to come into the utility area
0:29:47 > 0:29:51and get dried off before you actually come into the house. They've thought the property through very well.
0:29:51 > 0:29:56Well, the area they seem to have spent the most money on is doing the kitchen and the utility area.
0:29:56 > 0:30:00And they've obviously installed a brand-new kitchen. It's a really impressive job.
0:30:00 > 0:30:07Scone in Perthshire's a very popular location and something presented to this standard is very desirable.
0:30:08 > 0:30:13So how much profit do the experts think Lee and Kawa have made here?
0:30:13 > 0:30:18Remember they paid £300,000 at auction and have spent £30,000 on the work,
0:30:18 > 0:30:22so the figure needs to be more than £330,000 to show a profit.
0:30:24 > 0:30:27In the current marketplace, which is still a buyer's marketplace,
0:30:27 > 0:30:32I would still expect this property to do somewhere between £380,000 and £385,000.
0:30:32 > 0:30:38If we were putting this property on the market now, I would think £400,000 might be a fair figure.
0:30:38 > 0:30:43- That's good!- Yeah, very happy with that.- Big difference now.
0:30:43 > 0:30:45Yes. Oh, very good.
0:30:46 > 0:30:54With that healthy potential pre-tax profit of up to 70 grand, all that hard work has paid off.
0:30:54 > 0:30:59The family can finally sit back and enjoy their new home
0:30:59 > 0:31:02and think about their plans for the future which are...
0:31:02 > 0:31:05- To live here for...- Ever.
0:31:06 > 0:31:10# Together forever and never to part
0:31:10 > 0:31:14# Together forever we two... #
0:31:19 > 0:31:22I'm in Derby in the East Midlands.
0:31:22 > 0:31:26It's home to a large university, Rolls-Royce, Crown Derby china,
0:31:26 > 0:31:31and is also, reputedly, the real ale capital of Britain.
0:31:33 > 0:31:37Well, Derby has a rich industrial heritage,
0:31:37 > 0:31:42and one of the by-products of that is streets and streets of terraced houses.
0:31:42 > 0:31:47They can all be a little bit samey, so how do you choose between them?
0:31:47 > 0:31:51Well, location is the key, and the property I'm here to see certainly ticks those boxes.
0:31:51 > 0:31:55It's very close to the city centre, the hospital is also really close by
0:31:55 > 0:31:57which is good news when it comes to rental.
0:31:57 > 0:32:03Three-bed mid-terrace at a guide price of £68,000. Let's take a look.
0:32:05 > 0:32:10So what have we got? Well, through a nice double-glazed entrance there, but, oh...! Lovely!
0:32:10 > 0:32:13Original features, that's what we're hoping for.
0:32:13 > 0:32:16A little porch area here and this nice old door.
0:32:16 > 0:32:19Nice original knobs and everything on it. We like that.
0:32:19 > 0:32:22Oh, yes. All the doors are original. That's lovely.
0:32:22 > 0:32:25Have those dipped and stripped. They'd cost you a fortune if you were to replace them.
0:32:25 > 0:32:28They've got so much character more than modern doors.
0:32:28 > 0:32:30Things like... you've got this tiled floor here.
0:32:30 > 0:32:33I'm already thinking great, great, great!
0:32:33 > 0:32:35There's lots of character left in this place.
0:32:35 > 0:32:40And this is unusual. I mean, I must have been in hundreds of terraced properties in my time,
0:32:40 > 0:32:43but I can't remember seeing one where the staircase is round this way.
0:32:43 > 0:32:49I can't quite decide whether or not it works, because it does make this part of the house feel quite dark.
0:32:49 > 0:32:53Maybe you could think about taking this wall out... I'm not sure.
0:32:53 > 0:32:56Because as it is it's all a bit "corridory"!
0:32:57 > 0:33:02The front reception room has already been stripped back to bare plaster.
0:33:02 > 0:33:06A shame that the original fireplace has been removed, though.
0:33:06 > 0:33:12One bonus is that the property was reroofed and had new double glazing installed a few years ago
0:33:12 > 0:33:14under a government grant scheme.
0:33:14 > 0:33:17So those are a couple of jobs you won't have to do here.
0:33:18 > 0:33:22Down here... this is the second reception room.
0:33:22 > 0:33:26And it's a nice size but it just feels a little bit isolated from the rest of the house.
0:33:26 > 0:33:30And then yet more corridor which leads through to the kitchen,
0:33:30 > 0:33:34right at the back of the property, and the fact you have to travel down all these corridors
0:33:34 > 0:33:36just makes it feel even more isolated.
0:33:36 > 0:33:38It's not a bad-sized space, though,
0:33:38 > 0:33:41although this area here, which has got the only loo in the property in it,
0:33:41 > 0:33:45I think should be integrated more with the kitchen. All in all,
0:33:45 > 0:33:52this is just... I quite like the quirkiness, but as a layout I'm really not sure it works.
0:33:52 > 0:33:56The rear reception looks out on to the patio area next to the kitchen,
0:33:56 > 0:34:03but beyond that the garden is pretty big. Overgrown, yes, but potentially a real selling point.
0:34:04 > 0:34:10And structurally the outside of the house looks fine with its new roof and windows.
0:34:11 > 0:34:17Back inside the house, which went to auction guided at £68,000, there are three bedrooms
0:34:17 > 0:34:23up on the first floor. They're all a good size, certainly doubles, but the third one is smaller.
0:34:23 > 0:34:25Again, all stripped back,
0:34:25 > 0:34:30but at least most of the original cast-iron fireplaces, if not always in situ, are still around,
0:34:30 > 0:34:32and can be refitted.
0:34:33 > 0:34:36Well, up here on the landing, some very interesting features.
0:34:36 > 0:34:42First of all there's this roof light in the ceiling which lets light down into the stairway area here,
0:34:42 > 0:34:45partly coming through an actual window light in the roof itself.
0:34:45 > 0:34:50Well, it's nice feature and actually it's got stained glass in there, so that would be nice on a sunny day.
0:34:50 > 0:34:52What I don't like, though, is this.
0:34:52 > 0:34:55This is the only bathroom in the property,
0:34:55 > 0:34:57and, as you can see, it's sort of tucked away here on the stairs.
0:34:57 > 0:35:01It just doesn't work. There's no loo, that's right at the back of the property, as I said before.
0:35:01 > 0:35:04All in all, you're going to have to play about with the layout
0:35:04 > 0:35:08because again, very, very strange and not ideal at all!
0:35:11 > 0:35:15And there's another stained-glass roof light above the bath.
0:35:19 > 0:35:22There's a most peculiar layout in this place,
0:35:22 > 0:35:25though in some respects that's also its charm.
0:35:25 > 0:35:28But what does the auctioneer who sold it at auction
0:35:28 > 0:35:33think of this property? It went under the hammer guided at £68,000.
0:35:35 > 0:35:37It's a lovely old house.
0:35:37 > 0:35:41It's Victorian, very genuine. It's not been spoiled, nothing's been done to it
0:35:41 > 0:35:45to try and sort of drag it into the 20th century, let alone the 21st!
0:35:45 > 0:35:49It's quite spacious, it's got a lovely feel about it.
0:35:49 > 0:35:51I like it.
0:35:51 > 0:35:54What I would do if it was my house is I would resite the bathroom,
0:35:54 > 0:35:57I'd open up that landing area and make that a feature.
0:35:57 > 0:36:00I suppose the obvious place to put it is in the back bedroom
0:36:00 > 0:36:03and then you'd do a loft conversion and make a nice roof room.
0:36:03 > 0:36:07As always, the crucial thing when considering a loft conversion or extension is...
0:36:07 > 0:36:11don't expect more value from a house than the local market can afford.
0:36:11 > 0:36:14So, is it viable here?
0:36:14 > 0:36:18To do the sort of schedule that I've outlined is obviously going to cost quite a lot of money.
0:36:18 > 0:36:23I think you probably would get the money back, you wouldn't make any profit on it,
0:36:23 > 0:36:26but I think it would cover its costs.
0:36:27 > 0:36:29If a buy-to-let investor were tempted by the house,
0:36:29 > 0:36:34would they find tenants easily and what sort of income could they make?
0:36:37 > 0:36:41Because we're right sort of right on the city-centre fringe,
0:36:41 > 0:36:46we're not even quarter of a mile away from the city centre, it's a good letting area,
0:36:46 > 0:36:48and this would rent out very readily,
0:36:48 > 0:36:52and I guess you would probably get about £500 a calendar month for it.
0:36:52 > 0:36:56What about a resell valuation once the renovations have been done?
0:36:59 > 0:37:01Do a good renovation schedule on what is here,
0:37:01 > 0:37:06somehow reconfigure the bathroom without doing a loft conversion,
0:37:06 > 0:37:10I think you could probably push its value up to about £110,000.
0:37:10 > 0:37:16If you did the loft conversion, you might be able to get up towards £120,000 for it.
0:37:20 > 0:37:26Well, it's a bit of tired terrace, but sort it out with a new kitchen and bathroom and a tarting up,
0:37:26 > 0:37:30I think you'll have a lovely property here. I like its quirkiness and I like the location.
0:37:30 > 0:37:33Let's see who went for it when it went under the hammer.
0:37:33 > 0:37:35Lot number 8.
0:37:35 > 0:37:38It's a classical Victorian townhouse.
0:37:38 > 0:37:42It's got scope for upgrading and improvement, but excellent potential to it,
0:37:42 > 0:37:45all set out for you in your catalogue, lot number 8. What am I said for this one?
0:37:45 > 0:37:4868's the guide price to start me.
0:37:48 > 0:37:52Opening it at 65 to move on. He will, thank you. 65 I'm bid.
0:37:52 > 0:37:54£65,000 opening bid.
0:37:54 > 0:37:5666. 66,000.
0:37:56 > 0:38:0067 is bid. 67. 68.
0:38:00 > 0:38:0269. 70,000.
0:38:02 > 0:38:0671, 72. 73?
0:38:06 > 0:38:10It's in the market, it's going to get sold. The bid is £72,000.
0:38:10 > 0:38:1373. 73, 4.
0:38:13 > 0:38:1574,000. 75?
0:38:15 > 0:38:1774 on the right.
0:38:17 > 0:38:2275 quickly? At £74,000...I thought it might make a touch more.
0:38:22 > 0:38:29At £74,000 and for the first time, second time, third and last opportunity. Any higher bid?
0:38:29 > 0:38:32Sold at £74,000. Thank you.
0:38:32 > 0:38:39That final bid of 74,000 was made by John. He's from Derbyshire and is no stranger to the auction room
0:38:39 > 0:38:43as he's been a property developer for 20 years.
0:38:43 > 0:38:47I caught up with him back at his latest purchase to find out more.
0:38:49 > 0:38:54- John, congratulations. Nice place. - Thank you. - Tell me why you wanted to buy it.
0:38:54 > 0:39:00As an investment to pass on and make a profit on it.
0:39:00 > 0:39:05- OK. So come in, do it up, sell it on, sort of thing?- Yeah, yeah.
0:39:05 > 0:39:09- Is this something you do? - Yeah, I've been doing this for a number of years now.
0:39:09 > 0:39:11So why this particular house?
0:39:11 > 0:39:17Well, I think I can turn this round quickly. I can do it up and sell it.
0:39:17 > 0:39:20I had an option of two when I went to the auction.
0:39:20 > 0:39:28- And the first one went for 95,000 and I picked this up at 74. - Right, and were they similar?
0:39:28 > 0:39:33- Absolutely similar, yes.- Oh, wow! So you saved yourself 20,000?- Yeah.
0:39:33 > 0:39:37- What do you put that down to? - Cos there was nobody else interested in this one.
0:39:37 > 0:39:43- Lucky dip, a bit of a lottery, really.- What was it that you liked about it?- Nothing specifically.
0:39:43 > 0:39:48I mean, this house has got a new roof, it's got PVC windows, double-glazed units...
0:39:48 > 0:39:51you know, that's a good part of the work done already.
0:39:51 > 0:39:57- Apart from that, it's a mid-terraced house, nothing special.- Unusual layout!
0:39:57 > 0:40:03I haven't come across one before with the stairs going up the way they do. Have you seen that before?
0:40:03 > 0:40:10I can't say that I have. But you were saying it's unusual... I just think it's a staircase...
0:40:10 > 0:40:12leading to the first floor!
0:40:13 > 0:40:19Well, John seemed to take a very practical rather than detached approach to property,
0:40:19 > 0:40:21but, then, he has been developing for 20 years.
0:40:21 > 0:40:28However, he hasn't always bought to do up and sell on as he has done in this case.
0:40:28 > 0:40:34I did used to have a rental portfolio, I used to hang on to the houses and let them,
0:40:34 > 0:40:38but in the last couple to three years I've been doing them up and selling them.
0:40:38 > 0:40:41So, tell me exactly what you're going to do to this place?
0:40:41 > 0:40:44Well, apart from a lick of paint, I'm going to rewire it,
0:40:44 > 0:40:51put central heating in, new boiler, new kitchen, new bathroom...
0:40:51 > 0:40:54new doors, internal doors...
0:40:54 > 0:40:57- The doors are beautiful.- Do you think so?- Yeah! Why change them?
0:40:57 > 0:41:01- I think they need upgrading. - Ah, dip and strip them, they'll look beautiful.
0:41:01 > 0:41:06- Add a bit of character.- It's cheaper to buy a new door.- It's not just about cheapness, it's character!
0:41:06 > 0:41:09Well, possibly, yes. I know what you're saying...yeah.
0:41:09 > 0:41:11Yeah...mmm.
0:41:11 > 0:41:14I'm a developer, aren't I?
0:41:14 > 0:41:18I haven't got time to be sympathetic.
0:41:21 > 0:41:25Oh, well, obviously, pragmatism rules in John's world!
0:41:25 > 0:41:31I personally think character features can help sell a property and add to its appeal.
0:41:31 > 0:41:37But they do often mean renovation costs and in business it's usually the bottom line that counts.
0:41:37 > 0:41:41I just hope that John doesn't rip the heart out of this place.
0:41:41 > 0:41:45- So what sort of budget have you got for doing the work? - I reckon I'll spend about 15k.- OK.
0:41:45 > 0:41:46And timescales?
0:41:46 > 0:41:50- Two months. - Do you do anything else other than buying and selling properties?
0:41:50 > 0:41:53- Well, I run a maintenance business. - Oh, OK.
0:41:53 > 0:41:58- So the guys will do that?- Yeah, the crew will come from that business.
0:41:58 > 0:42:03So, John's maintenance team will do the work and it'll basically be a cosmetic overhaul.
0:42:03 > 0:42:08He's keeping it simple and not planning any major layout changes or anything structural.
0:42:08 > 0:42:13The only thing he might add is a bathroom in the utility area off the back of the kitchen.
0:42:13 > 0:42:17This would allow the possibility of making the front reception room into an extra bedroom.
0:42:17 > 0:42:23That might attract buyers wanting to purchase an investment property to let out.
0:42:23 > 0:42:26- Well, good luck with it!- Thank you. - We look forward to seeing how you get on.
0:42:28 > 0:42:33Well, I think John and I would have a heated discussion down the pub about property renovation.
0:42:33 > 0:42:38I tend to try and keep character in a property, John being a little bit more pragmatic.
0:42:38 > 0:42:42And if you're in this just for the money and the business, then I suppose that's how you should be.
0:42:42 > 0:42:46How will he get on? Find out later in the show.
0:42:49 > 0:42:55It's always very easy to put things off until tomorrow, but time is money and delays can be expensive.
0:42:55 > 0:43:02So have our buyers been busy or let the grass grow underneath their feet? Let's go back and find out.
0:43:04 > 0:43:07Now we're back in Hampshire
0:43:07 > 0:43:12where this slim-line retail property in Totton sold at auction for 40,000.
0:43:12 > 0:43:16Brothers Jason and James who both work in the transport industry
0:43:16 > 0:43:19wanted to turn it into a barber's shop.
0:43:19 > 0:43:22# Got a devil's haircut in my mind... #
0:43:23 > 0:43:26But you know nothing about hairdressing. Do you know any barbers?
0:43:26 > 0:43:30- A couple of people have come forward. They want to have a go. - We're starting to learn about it.
0:43:32 > 0:43:35Well, they may not know much about hairdressing,
0:43:35 > 0:43:38but we caught up with younger brother Jason five months later
0:43:38 > 0:43:41to see how much they know about renovation.
0:43:50 > 0:43:55Well, there's a fresh sign on the window and inside it's all ready for business,
0:43:55 > 0:43:58with tenants lined up and set to move in very soon.
0:44:08 > 0:44:12Well, as you can see, we've taken away... This was all plastered and boarded up.
0:44:12 > 0:44:18We discovered these nice spindles. Over this side, new sink, shower unit. There was an old kitchen here
0:44:18 > 0:44:22that was pretty nasty. Taken that all down.
0:44:22 > 0:44:27Chimney breast used to be here which created a lot more room through taking it out.
0:44:27 > 0:44:29So, yeah, we're well pleased with it.
0:44:31 > 0:44:36They've done really well to squeeze more space out of this rather narrow property.
0:44:36 > 0:44:38There wasn't much they could do about those steep stairs,
0:44:38 > 0:44:43but at the top they have managed to find space to install a shower in the bathroom.
0:44:43 > 0:44:50Before it was a nasty yellow, covered in Artex, with a small sink and toilet,
0:44:50 > 0:44:54pretty nasty...so we added a touch with a shower, new bathroom suite,
0:44:54 > 0:44:57retiled all the way through full to the bottom.
0:44:57 > 0:45:00Yeah, pleased how this turned out.
0:45:00 > 0:45:05It's a welcome little extra for the staff to have that shower unit,
0:45:05 > 0:45:09and it's certainly a lot more pleasant for them than that dingy old toilet.
0:45:09 > 0:45:15Next door, the boys have decided against an office space and gone for a staff kitchen instead.
0:45:15 > 0:45:19Well, I'd rather have a cup of tea than do my books any day!
0:45:20 > 0:45:24Chimney breast was here which has opened it up a bit.
0:45:24 > 0:45:30We took this out about a foot and a half so we can create the kitchen and make the bathroom a touch bigger,
0:45:30 > 0:45:35and made it a good little chill-out room, I think, for the staff to come up and make a coffee
0:45:35 > 0:45:37and wait for the next customer to come in.
0:45:37 > 0:45:40The brothers' budget was five grand.
0:45:40 > 0:45:46But they did have a contingency of 1,000, so how much did the work cost them?
0:45:46 > 0:45:49Well, we're well pleased, we came in on £6,000.
0:45:49 > 0:45:54So all good there, then, but not such good news on the timescale front,
0:45:54 > 0:45:57as they'd originally planned for one month.
0:45:57 > 0:46:00The timescale, what we thought we could do it in,
0:46:00 > 0:46:04obviously changed when we started uncovering bad things.
0:46:04 > 0:46:08and the timescale, it's been about five months.
0:46:08 > 0:46:12When Jason and James' builders removed that chimney breast,
0:46:12 > 0:46:15they discovered electrical problems and some damp,
0:46:15 > 0:46:19but in an old place like this, that's par for the course.
0:46:19 > 0:46:23But there was a much more interesting discovery about the building's past.
0:46:26 > 0:46:33The guy next door had a book on Totton history and this building's in there.
0:46:33 > 0:46:38And the very first thing it was used for was an abattoir, believe it or not.
0:46:38 > 0:46:43But since then it's been a chip shop, a dentist, a betting shop, a cobbler's,
0:46:43 > 0:46:46and now a barber's shop.
0:46:46 > 0:46:49# One man's meat is another man's poison... #
0:46:50 > 0:46:53So this is one property with a rich and varied history,
0:46:53 > 0:46:58but will its new lease of life as a barber's shop make a neat and tidy profit?
0:46:58 > 0:47:01We asked two local property experts
0:47:01 > 0:47:03to tell us what they thought.
0:47:06 > 0:47:10I think it's very nice, great little refurb. Nicely laid out.
0:47:10 > 0:47:13They've made good use of the space, that sort of thing.
0:47:13 > 0:47:16- I particularly like the staff kitchen upstairs. - Well, it all looks good.
0:47:16 > 0:47:20It's had a refurbishment. It's nice and light and bright
0:47:20 > 0:47:23and attractive to a potential tenant.
0:47:24 > 0:47:28I think the shower would be useful. Occupiers looking for a beauty use or salon-type use
0:47:28 > 0:47:31will often need a shower for their facilities.
0:47:31 > 0:47:34I think it'll work quite well as a business.
0:47:34 > 0:47:36It'll get a certain amount of passing trade.
0:47:36 > 0:47:40There are a number of commercial and industrial units dotted around, that sort of thing.
0:47:40 > 0:47:46So the current owner's obviously done his research and I think running it as a barber's is a good idea.
0:47:47 > 0:47:52Remember, Jason and James paid 40,000 for the property and spent £6,000 on the work.
0:47:52 > 0:48:00That makes a total spend of £46,000 plus legal fees. So, have they added any value here?
0:48:01 > 0:48:04I'd look to put this property on the market at £50,000.
0:48:04 > 0:48:08I think with the right purchaser it could be worth up to £50,000.
0:48:08 > 0:48:10Well, I think that's a bit of a low valuation.
0:48:10 > 0:48:14You can't really buy much for £50,000, considering what we've done here.
0:48:14 > 0:48:17I think that's very low.
0:48:18 > 0:48:22Those may not be the kind of figures that Jason wanted to hear,
0:48:22 > 0:48:25but remember the markets are not buoyant at the moment,
0:48:25 > 0:48:30so in the future he could see an improvement. What do the experts think it could rent for?
0:48:31 > 0:48:35On an annual basis, you'd look to achieve around £4,500 per annum.
0:48:35 > 0:48:39I think it could be rented for approximately 3,500 a year.
0:48:39 > 0:48:42The rental sounds a bit better than the sale price,
0:48:42 > 0:48:44so quite happy with the rental price.
0:48:44 > 0:48:52Those figures work out at between £290 and £375 per calendar month.
0:48:52 > 0:48:57In fact, the brothers have managed to secure £600 a month from their tenants,
0:48:57 > 0:49:02a tidy income of £7,200 a year. That just leaves one thing...
0:49:02 > 0:49:05was there any sibling rivalry?
0:49:06 > 0:49:11Well, we both stuck together. Obviously, sometimes, like brothers do,
0:49:11 > 0:49:16you can disagree on something, but we get together in the end and make our decision and we agree on it.
0:49:16 > 0:49:22We both worked well, got on with the job, got it finished and ready to roll.
0:49:22 > 0:49:26# You gotta roll with it You gotta take your time
0:49:26 > 0:49:31# You gotta say what you say Don't let anybody get in your way
0:49:31 > 0:49:36# Cos it's all too much for me to take... #
0:49:39 > 0:49:41Now we're back in Derby.
0:49:41 > 0:49:48Remember this large three-bed terraced house? It sold at auction for £74,000 to John,
0:49:48 > 0:49:53a full-time property developer who buys, renovates and sell houses on.
0:49:53 > 0:49:56I was a bit worried about the scale of modernising he had in mind here,
0:49:56 > 0:50:01especially on those lovely period features, like doors.
0:50:01 > 0:50:05- The doors are beautiful.- Do you think so?- Yeah! Why change them?
0:50:05 > 0:50:08- I think they need upgrading. - Ah, dip and strip them, they'll look beautiful.
0:50:08 > 0:50:14- Add a bit of character.- It's cheaper to buy a new door.- It's not just about cheapness, it's character!
0:50:14 > 0:50:17Well, possibly, yes. I know what you're saying...yeah.
0:50:17 > 0:50:19Yeah...mmm.
0:50:19 > 0:50:26But John's a businessman through and through, and on top of developing he manages his own maintenance business
0:50:26 > 0:50:28and has bought and sold countless properties.
0:50:32 > 0:50:36So how have John and his team got on with his latest buy,
0:50:36 > 0:50:39and will any of those original character features remain?
0:50:39 > 0:50:42We've returned three months later to find out.
0:50:52 > 0:50:56Well, everything has changed in terms of a full upgrade,
0:50:56 > 0:50:59a full refurbishment has taken place.
0:50:59 > 0:51:02We've put in two new bathrooms...
0:51:03 > 0:51:04..new kitchen...
0:51:08 > 0:51:15..rewired, new central-heating system, decorated, carpets, curtains,
0:51:15 > 0:51:17a full scope of refurbishment, really.
0:51:17 > 0:51:22It's light, bright, fresh as a daisy and modern to boot! A bit too modern for me, though.
0:51:22 > 0:51:30I think it's a shame that he's lost the period features like the doors, tiling and the fireplaces,
0:51:30 > 0:51:36but, thankfully, that old lonely-looking loo has benefited from a complete overhaul.
0:51:36 > 0:51:43There was merely a toilet in this back room. I've moved the door. The door was in the corner initially.
0:51:43 > 0:51:49So I've centralised the door to give some more wall-unit space,
0:51:49 > 0:51:53and I've out a new kitchen in, obviously, incorporating a hob and oven.
0:51:53 > 0:52:00I guess, you know, you tend to try and maximise the amount of base and wall units
0:52:00 > 0:52:03you can put it in a confined space, and I think we've achieved that.
0:52:03 > 0:52:11John project-managed the renovation. His team of builders have completed the project for around £10,000,
0:52:11 > 0:52:13which is 5,000 under his original budget.
0:52:13 > 0:52:17# Shake your money, shake, shake your money... #
0:52:21 > 0:52:27He went slightly over the two-month timescale to finish due to other jobs John had the builders on,
0:52:27 > 0:52:29but this one is now totally ready for market.
0:52:29 > 0:52:32You can walk in here and you don't have to do anything.
0:52:32 > 0:52:37The curtains are up, the carpets are down. You just have to introduce a couple of beds,
0:52:37 > 0:52:39a bit of furniture...
0:52:39 > 0:52:43er...a few pots and pans in the kitchen...
0:52:43 > 0:52:45bottle of wine.
0:52:45 > 0:52:49# Here we sit enjoying the shade... Hey, brother, pour the wine
0:52:49 > 0:52:53# Drink the drink that I have made... Hey, brother, pour the wine... #
0:52:53 > 0:52:56I'm sure John's own team of employees will raise a glass to him
0:52:56 > 0:53:02as, although this wasn't a passion project, it will certainly help pay the bills.
0:53:02 > 0:53:08I'm just doing it to keep my employees in work,
0:53:08 > 0:53:14to keep money rolling in...
0:53:14 > 0:53:17and, er...yeah, commerce, really.
0:53:17 > 0:53:21# Go on, take the money and run Yeah, yeah, yeah
0:53:21 > 0:53:26# Go on, take the money and run... #
0:53:26 > 0:53:30So how has this latest venture paid off for John?
0:53:31 > 0:53:34We asked along two local property experts
0:53:34 > 0:53:38to tell us what they thought of the work and of the house's potential on the market.
0:53:38 > 0:53:41I think he's done a fabulous job with the renovation.
0:53:41 > 0:53:46The owner has really gone to town on making sure it's very neutral,
0:53:46 > 0:53:48it will suit anybody that views it.
0:53:48 > 0:53:51It's nice, it's fresh, it's clean, it's modern.
0:53:51 > 0:53:54I think he's done a good job with it, except it tends to be,
0:53:54 > 0:53:57in my terminology, just a little bit standard.
0:53:57 > 0:54:00It's all magnolia paint, it's all the same contract carpet.
0:54:00 > 0:54:04And I'm slightly disappointed, I think he's taken away some of the character of the house.
0:54:04 > 0:54:10Whilst that's not a huge issue, it's a nice, clean, tidy house, but I think it's lost something.
0:54:10 > 0:54:14I particularly like the fact that he's put another bathroom in the property.
0:54:14 > 0:54:17I think that's a very good selling point, having an extra shower room upstairs
0:54:17 > 0:54:22and a bath downstairs is certainly more appealing to the wider audience.
0:54:22 > 0:54:27I think what he's achieved is probably the optimum out of the house as a shell of a property,
0:54:27 > 0:54:33without going the second mile. The second mile would have been to have done a loft conversion,
0:54:33 > 0:54:39but you're talking quite a lot of money, and I'm not sure you would get your money back in this location.
0:54:39 > 0:54:42There is certainly a good rental market in the area,
0:54:42 > 0:54:46there are a lot of people looking for city-centre apartments,
0:54:46 > 0:54:49it's permit parking which is fantastic for this part of town.
0:54:49 > 0:54:55However, there is also a good selling market for this particular area.
0:54:55 > 0:55:00Its close proximity to the city centre means it's perfect for commuters.
0:55:00 > 0:55:07So it could be in healthy demand either way, but what could John hope to achieve if he did rent it out?
0:55:09 > 0:55:12I think if it was let as a single three-bedroomed house,
0:55:12 > 0:55:16the rental value would probably be about £525 a calendar month.
0:55:16 > 0:55:21I believe rental price on the property as a three-bedroom property
0:55:21 > 0:55:26would be between £500 and £525 per calendar month.
0:55:26 > 0:55:31I think they've got it about right. These are the experts!
0:55:31 > 0:55:36But, I mean, estate agents do differ on their valuations.
0:55:36 > 0:55:40But John's plan is to resell the house.
0:55:40 > 0:55:43So how much value have his efforts added here?
0:55:43 > 0:55:47Remember he paid £74,000 and has spent £10,000 on the work,
0:55:47 > 0:55:52so this figure needs to be more than £84,000 to show a profit.
0:55:52 > 0:55:56If this property came to market for sale in the current market,
0:55:56 > 0:56:02I would suggest a sale price of between £105,000 and £110,000.
0:56:02 > 0:56:06The asking price would probably be just short of £110,000.
0:56:06 > 0:56:11I would hope that he'd get somewhere between £100,000 and £105,000.
0:56:11 > 0:56:13Yeah, I'm happy with those figures.
0:56:14 > 0:56:19Yeah, yeah... I think it's good news all round.
0:56:19 > 0:56:24# I'm taking care of business Taking care of business... #
0:56:24 > 0:56:31In the end, John decided to test the market and put the property on sale for £115,000.
0:56:31 > 0:56:36He has since had an offer of 110,000 which he'll probably accept.
0:56:36 > 0:56:39So, all in all, that's good news.
0:56:42 > 0:56:47Join us next time when we'll have more interesting properties sold under the hammer.
0:56:47 > 0:56:51Absolutely! Flats, maisonettes, plots of land, we'll follow them all as they develop.
0:56:51 > 0:56:54- See you soon.- Goodbye.- Goodbye.
0:57:00 > 0:57:04Subtitles by Red Bee Media Ltd
0:57:04 > 0:57:08E-mail subtitling@bbc.co.uk