Episode 71 Homes Under the Hammer


Episode 71

Martin Roberts and Lucy Alexander visit a cottage in Orkney, a cottage in Berkshire that they first saw in 2007 and a property in London.


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Transcript


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Hello! In these challenging times, do you think you could hack it

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-in the world of property?

-If you get it right,

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it can be an exciting way to earn money.

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And it can be even more exciting making your purchases under the hammer.

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There are tense moments in the auction room. Who'll make the right bid at the right price?

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Yes, properties can change people's fortunes for better or worse.

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So, what inspired the buyers on today's show?

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'I travel to Orkney to see a cottage that could come at a cost. But...'

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Maybe it's a price that you're willing to pay for such a fantastic location.

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'We revisit a Berkshire cottage I first saw in 2007 when it was in a terrible state.'

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If you're looking for a quick doer-upper, this is not the lot for you.

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'And in Cricklewood, London,

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'this place is crying out for structural improvements, but can they be done?'

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As ever, the key with this is just to talk to the local planners.

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'All these properties have been sold at auction and we find out who bought them and what they paid for them

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-'when they went under the hammer.'

-Sold.

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'Britain is often described as an island nation,

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'but for some parts of the British Isles, that's more true than others.'

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In the time I've been doing this show, I have travelled the length and breadth of the country

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looking at property from Cornwall to Kent,

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from South Wales to Lincolnshire.

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But I've never been this far north.

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In fact, this is about as far north as you can get in the British Isles.

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Welcome to Orkney.

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'For those of you who haven't have the pleasure of visiting the Orkney Islands,

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'they're a collection of about 70 islands, less than a third of which are inhabited.

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'The largest is called the Mainland, on which you'll find Kirkwall, the capital.

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'Understandably, this landscape attracts many tourists, who are an important source of income here.'

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Well, 15 miles from Kirkwall, across a series of causeways,

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is the island of South Ronaldsay and the little village of St Margaret's Hope.

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And that is where the property I'm here to see is located.

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If you think the location is superb and you love seafront property,

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then it doesn't get much better than this.

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It's a cottage at a guide price of 45,000 quid. Let's take a look inside.

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'It's not often that I come across lobster pots outside a property,

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'but then the Noost, as this building is known, was previously a fisherman's store.

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'It was renovated about ten years ago into one house and two one-bedroom cottages.'

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# Wish I was a fisherman

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# Tumbling on the seas

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So, what's it going to be like? Well, it could've gone one of two ways.

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It could've been a cutesy-wootsy, oldy-worldy, run-down place

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or somewhere that's actually been done and, as it turns out, it's the latter.

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As you can see, pretty much in tip-top condition. Not sure about the design they've gone for.

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There's a kitchen unit here

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and this breakfast bar, which really cuts into this room,

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which is primarily, in fact, totally, the only room there is on the ground floor.

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It's not huge. It doesn't have the big fire that I was hoping for.

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But what it does have is a very practical feel,

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and if you were looking at renting this place out, perhaps as a holiday let,

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it's pretty much ready to go. Even things like fire extinguishers. Let's take a look upstairs.

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Don't set your sights too high, I don't think it's going to take too long.

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'There's no mains gas supply to the cottage,

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'so heating is from electric heaters,

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'and the oven it powered by bottled gas.'

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One thing that I do like is that it's really nice and airy and light in here.

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You've got lots of roof lights, which make a big difference.

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Some cottages can feel a bit oppressive, but not this one.

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This is your bathroom and loo, but it's only got a shower and there's not a lot of space

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to get a bath in there. But, if you were renting it out, that would be OK.

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One bedroom. Erm... Ooh, what's that?

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Look at that. That is an interesting bit of damp going on there. I wonder if...

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Look at that. Now, my guess is that above there is the old chimney.

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I noticed there isn't a fire downstairs. That was one of the disappointments.

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But, at some stage, that fireplace has been blocked off and they haven't put a breathe block,

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one of those things with grills on it, in there for air to get into that chimney.

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Water comes down through the chimney at the top, gets trapped inside the cavity wall of the building

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and it causes that kind of damp. I don't know how far it's gone there,

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but it looks like it's down the bottom of the wall, as well.

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Easy thing to solve. Get one of those breathing blocks in there,

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the whole thing will dry out, not a problem. Definitely needs to be done before you redecorate.

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'Apart from the damp, everything appears to be in good order.

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'So what else do you need to know about this charming waterfront cottage?'

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Now, it shouldn't go without saying that, when it comes to buying properties

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right on the side of the sea, there are certain issues.

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Romantic as it is, when you get a high tide here and the wind blowing,

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there is a danger, with this property and other seafront properties, of flooding.

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I do know that five years ago, all the properties here were subject to serious flood damage.

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It hasn't happened a lot, but it may be enough to put some insurance companies off insuring them.

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So it's something to check out, something to be aware of,

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but maybe it's a price that you're willing to pay for such a fantastic location.

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'St Margaret's Hope grew from the herring industry in the 1800s.

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'Fishing doesn't thrive as it once did, although the harbour remains very active.

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'But does a local property expert think this is a good catch?

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'Could someone net any profits here?'

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The condition of the property is in very good order.

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There's a small bit of dampness upstairs in the bedroom,

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but otherwise it's in walk-in condition.

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'As an investment, what sort of return could there be here?'

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If the property was renovated to a high standard, it would be worth around £55,000.

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'And rental?'

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If the property is in good order, for renting, it should get a monthly rent of around £300 per month.

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Because we're sitting in a picturesque village,

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this property would rent out during the holiday season

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for about the middle 16 weeks of the year and you'd probably get a rental of £250 per week.

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Well, the cottage may be small, but it is in pretty good condition.

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You could fairly well rent it out or move into it as it is.

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And who wouldn't want to have the opportunity to spend some time in a place like this?

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Let's find out who bought it when it went under the hammer.

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The next lot I can offer you, what an attractive property.

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A one-bedroom waterfront cottage up in the Orkney Islands.

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Guide price here is just £45,000.

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Bit of interest before the auction. I've also got a proxy bid. I'm going with the proxy bidder

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at £35,000. You in, sir?

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Can I go 36, yes? £36,000. £37,000 with the proxy bidder.

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38. 39.

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40,000. 41.

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42. 43.

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44?

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44. I can go 44 and a half with the proxy bidder.

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£45,000.

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Yep, £45,000 it is. Proxy bidder's out.

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Your bid at £45,000.

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Anyone else coming in? £45,000.

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It's the gentleman's bid at £45,000.

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Your bid then, sir, at £45,000.

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Sold for £45,000. Congratulations.

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'So, for right on the guide price of £45,000,

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'the new owners of the Orkney cottage are retired couple John and Betty.

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'For them, this isn't a voyage into the unknown, more a homecoming.'

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Betty, John, lovely to meet you both. Congratulations.

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Tell me why you wanted to buy this place.

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Well, we originally come from fairly close to this village.

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-Do you? Actually from the islands?

-Yes, indeed.

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Spent our childhood here and left a number of years ago and we've always come back,

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so we saw this place advertised and we decided we would like to have something of our own here.

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When did you move away from the islands?

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-44 years, roughly.

-THEY LAUGH

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'John and Betty may have left Orkney 44 years ago,

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'but they return every year to see family and friends.

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'The island still feels like home to them,

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'and their move away was only because of John's work.'

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-I joined the lighthouse service.

-Oh, great!

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I was a lighthouse keeper for about five years. That was my first movement away from Orkney to live.

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-Where was the lighthouse?

-Aberdeenshire, just off the coast.

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-Rattray Head was the name.

-Was it a proper big, tall, white thing with the swoopy light?

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-Oh, yes, it was.

-Big foghorn.

-Yes, yes.

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-Outside the bedroom window, yes.

-Was it?

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What's it like being a lighthouse keeper?

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-Well, you walk round in circles.

-THEY LAUGH

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# You got me going in circles

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# Oh, oh, oh, round and round I go

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'I'd imagine that being a lighthouse keeper's enough to drive anyone round the bend.

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'And it's not ideal for a married couple. So, after five years, John gave it up.

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'He then tried his hand at being a grocer and worked in insurance.

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'They also bought a guesthouse in Fort William

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'which they did up and ran for a number of years.'

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So, what was it about this little place that appealed?

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It's small, so easy to look after

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and close the door and just go and it's in the village, which was nice.

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

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Probably change the kitchen

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and get rid of this.

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The bathroom, probably tile it and flooring.

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-Flooring.

-Yes. And decoration.

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Right. And then what is the idea for it?

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How are you going to use it? What are you going to use it for?

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Well, mainly for our own use

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and our family's use, just for holidays,

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and then we've friends and so on who can come and use it, as well.

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-Congratulations. I'm delighted for you and I look forward to seeing how you get on.

-Thank you.

-Thank you.

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'With a budget of £3,000 to £4,000 and a timescale of three to four months,

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'John and Betty plan to turn it from its current gloomy state

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'into a brighter, light house.'

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# I am a lighthouse

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# Worn by the weather and the waves

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# And though I am empty

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# I still warn the sailors on their way

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So, John and Betty returning to the place where they grew up and are delighted, and who can blame them?

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So, will they end up renting this place out to people other than family and friends?

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Well, the thing is about family and friends, when they hear you've got a place in such an amazing location,

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people you haven't heard from for a very long time suddenly come out of the woodwork,

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so my guess is they won't. We'll find out how they get on later in the show.

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'It was in the autumn of 2007

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'when I first came across what would appear to be an idyllic period cottage in Berkshire.'

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Welcome to Sonning Village.

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Now, it's a place that's been on the map since Anglo-Saxon times.

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You wouldn't believe from looking around me

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that I'm just three miles from central Reading. It feels a world away.

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But, of course, it's not, and that makes this an attractive location

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which people are prepared to pay a premium for.

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And for £300,000

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you could buy a piece of this historic village.

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'The cottage has two bedrooms and I hope the inside is as charming as the outside.'

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This really is an exciting auction find.

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English Heritage reports that this property dates back to the 16th and 17th century

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and therefore gives it a listed status.

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Down here, we've got a huge, long corridor, there's rooms running off it,

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and at the back there, you can see an old kitchen.

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We've got a reception room here with a period fireplace

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and it's so typically got low ceilings, leaded windows everywhere.

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But, sadly, it's in a real bad state of repair.

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It needs a very kind owner to lavish some attention on it.

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'What a find! It's not every day that you stumble across an old cottage

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'that's so full of character.

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'It's a renovator's dream to put it mildly.

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'But if you think that's a lot of work, take a look at this.

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'No, it's not a garden shed, it's the kitchen/dining room, a place that time forgot.'

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OK, there's a lot of things to do and sort out with this property,

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and I know that will put some people off,

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but dropping this floor would be the first thing I would do.

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Now, I'm only five-foot-five, so you can see how small this doorway really is.

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So the kitchen, a disaster area at the moment.

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But a great size and once these windows are cleaned,

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it'll have lovely views out there to the garden.

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Which, by the way, is 135 feet long.

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'And what a garden it is! Or should I say will be?

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'Yes, the to-do list goes on and on,

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'but the potential is endless, as well.

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'There's a big, open cellar next to the kitchen and a studio room out back

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'that could be converted into a bedroom.

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'But upstairs, well, that's the problem.'

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Up here there are just two rooms.

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If you can see beyond the mess, they are decent sizes,

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but it's just so dark and those windows are tiny.

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For a family, there's no bathroom upstairs,

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which, to me, is always a downside.

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'To fit a bathroom up here, you would definitely need an extension.

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'But that's not so easy with this lot.'

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A listed building is a building of structure

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that is considered to be one of special architectural historical interest.

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Grade II is of special interest, meaning every effort must be made to preserve it.

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Failure to get listed building consent before carrying out alterations is a criminal offence,

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so whoever takes this on can't touch a thing until consent is sought.

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That can often be a lengthy process.

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So if you're looking for a quick doer-upper, this is not the lot for you.

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'No. And I think you might need deep pockets, too.

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'This might have been guided at £300,000,

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'but you'd probably need to spend at least 100 grand here

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'just to get it back into decent condition.'

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It's a period cottage in a beautiful location with a fantastic local pub.

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I think that's all I need to say on this one.

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Well, I most certainly have fallen for its charms.

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Let's see who else fell under its spell as we go to auction.

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What are you going to say? £250,000?

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£250,000 I'm bid there in the middle. Thank you.

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260 now. 260,000.

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260. 270?

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270. 280.

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280 in a new place. 290.

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290. 300,000.

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Split it in half, 295.

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295 I'm bid. 300 now?

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Is there 296 anywhere else? You all done with it? I'm going to sell.

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296. 297, sir.

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298.

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299?

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300,000.

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And 1. Thank you.

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302, I'm bid.

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303, sir?

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304?

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Certain?

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304 anywhere else?

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Thank you. No, no, no, I'll wait while you do the sums. 304,000.

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5.

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305,000.

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Not really OK, is it?

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305,000 bid. For the first time at 305,000.

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Second. Third and last time. All done with it.

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-HE BANGS GAVEL

-Congratulations, sir, it's yours.

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'The winning bid was made by Fran and Nick.

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'The purchase was very close to Nick's heart,

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'as he used to run the local cricket team in Sonning.

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'The family, including their two young children,

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'have lived in Spain for the past two years,

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'but have decided to move back to England for good.'

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# Oh, my life

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# Is changing every day

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# In every possible way

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It sounds to me like you're a very busy lady. What do you do?

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I'm a project manager. I work for a hotel company in their head office and I run projects.

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-In England, but you live in Spain.

-I do. I commute every week.

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So how many days a week do you actually live in England for?

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I'm generally here for four nights, from Sunday to Thursday, or from Tuesday night to Saturday morning.

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So why have you decided to come back to England and live here permanently?

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Erm, I decided to come back because I've been commuting for nearly two years

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and it's been brilliant fun, but I think two years is enough.

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And when I'm away overnight, the childcare aspect of it,

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it does worry me, me being out of the country sometimes

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and because it's very difficult for me to get back before then,

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I just feel it's time to come back. But we do have a property over there

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and we'll keep that and just go back for holidays.

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'Wow. A holiday house in sunny Spain

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'and now a Grade II listed property in Sonning.

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'Fran fell upon this charming cottage quite unexpectedly.'

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I was out on Saturday doing a supermarket shop

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and as I went in, I saw a particular property paper I was looking for

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just literally poking out of the bin.

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It wasn't dirty, so I just grabbed it as I went into the supermarket, opened it

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and there was the house, just staring at me, so I had to have it.

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-It was meant to be.

-It was meant to be.

-What was your first reaction when you saw it in the flesh?

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We came inside and thought, "Oh, my lord" when we saw it,

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but we still liked it and so we made another appointment

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and in the meantime, I phoned up the local council, Wokingham,

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and got in contact with a conservation officer

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to find out if we could do planning upstairs.

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-So you did all of this prior to auction?

-Yes, and the architect.

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We got an architect and got him down here on his own, and then we got them down together.

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'Sounds like project manager Fran has put her skills to good use already.

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'But for her, this is more than just a development. It's going to be her dream family home.'

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# You're a dream to me

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# Dream to me

0:21:070:21:09

'And she's going to do whatever it takes to achieve it.'

0:21:090:21:12

I want an extension at the back as far as we can go to square it up.

0:21:120:21:16

And then, with the upstairs, what would be ideal would be two bedrooms

0:21:160:21:20

but we probably won't get that, so I think we'll go conservative

0:21:200:21:24

and go for one extra bedroom and a bathroom upstairs.

0:21:240:21:28

So what's the worrying thing about this project, do you think?

0:21:280:21:31

Number one I think is getting the plans approved by the council.

0:21:310:21:34

Number two, the length of time the work's going to take, because obviously we can't live here

0:21:340:21:40

and I've got two little children. We're going to rent somewhere for six months.

0:21:400:21:44

If the building isn't ready, I don't want to be extending for another six months.

0:21:440:21:48

And I guess, thirdly, there's always going over the budget, which is always a concern.

0:21:480:21:53

-What's the budget? How much have you got to throw at this?

-About £150,000.

0:21:530:21:57

'That was back in 2007 when, armed with her 150 grand budget

0:21:570:22:03

'and extensive project plan, Fran started turning this from a hovel to a home.

0:22:030:22:08

'But when we returned eight months later, it was still very early stages.'

0:22:080:22:13

Four months ago, we submitted the plans to the council

0:22:130:22:16

and got approval on the target date we expected, which took 12 weeks.

0:22:160:22:20

# Oh, my life

0:22:200:22:24

'Great news for Fran. But this also meant it was time for the real work to begin.

0:22:240:22:28

'Later, you'll see how she transformed this cottage

0:22:280:22:31

'from its run-down state to a fantastic family home.'

0:22:310:22:36

'Coming up, I find a property in Cricklewood, London that might appeal to a minimalist.'

0:22:390:22:44

Look. This is all you've got. A sink.

0:22:440:22:47

'Three years after we first visited this period Berkshire cottage,

0:22:470:22:52

'we see if Mum did actually get it right.'

0:22:520:22:54

I thought my mum had really lost it this time.

0:22:540:22:57

'But first, it's time to test the waters in Orkney.'

0:22:590:23:03

As long as it doesn't come up too high, we'll be OK.

0:23:030:23:07

'If you were after a house by the sea, then the auction lot I saw

0:23:110:23:15

'in the wild and windy but absolutely beautiful Orkney Islands

0:23:150:23:19

'in the fishing village of St Margaret's Hope fitted the bill perfectly.

0:23:190:23:23

'Just yards from the water's edge, this one-bed cottage offered a cosy retreat

0:23:230:23:28

'and seemed ideal as a holiday home or holiday let.

0:23:280:23:31

'For £45,000, it was bought by retired couple John and Betty.

0:23:310:23:35

'They already knew the area well.'

0:23:350:23:37

We originally come from fairly close to this village.

0:23:370:23:41

-Do you? Actually from the islands?

-Yes, indeed.

0:23:410:23:43

Spent our childhood here and left a number of years ago and we've always come back,

0:23:430:23:50

so we saw this place advertised and we decided we would like to have something of our own here.

0:23:500:23:56

'So, armed with a £4,000 budget and a plan to do most of the work themselves,

0:23:570:24:01

'John and Betty set about upgrading the cottage.

0:24:010:24:05

'Nearly four months later, we're back.'

0:24:050:24:07

'From the outside, so far there haven't been any real changes.

0:24:090:24:12

'But step inside...'

0:24:120:24:15

'Time to wave goodbye to the dated old kitchen

0:24:220:24:25

'and bring on a new modern one.'

0:24:250:24:27

We took away the breakfast bar that used to run across here

0:24:370:24:42

and the rest of the older kitchen we took out.

0:24:420:24:44

We put in the new kitchen, tiled the walls,

0:24:440:24:49

we've done the new floor and the new heating system

0:24:490:24:53

and papered and painted the rest of the room.

0:24:530:24:56

'Upstairs in the shower room, the tired suite and flooring have been replaced

0:25:020:25:06

'with a more contemporary look.

0:25:060:25:09

'The large double bedroom has been spruced up and new radiators installed.

0:25:100:25:15

'And by sealing the chimney, the damp is a thing of the past.

0:25:150:25:18

'Along with the rooms, they've also brightened up that previously dark and dingy stairwell.'

0:25:180:25:23

We have stripped the paper off and repapered,

0:25:260:25:31

painted and put a new carpet down.

0:25:310:25:35

'So, despite the cottage being relatively small, it's now beautifully formed and finished.

0:25:360:25:42

'But at what cost?'

0:25:420:25:44

Our original budget was round about £4,000,

0:25:460:25:50

but we've gone over that by probably up to a couple of thousand pounds.

0:25:500:25:56

'They've spent £6,000 so far and there's a little exterior work still to go.

0:25:560:26:01

'But, for a total outlay of around £53,000,

0:26:010:26:03

'John and Betty have got a lovely holiday home in a place they know and love.'

0:26:030:26:08

It's absolutely beautiful. Nothing can beat it, really.

0:26:080:26:12

We live in the highlands and this is just different.

0:26:120:26:17

And we're two minutes off the local ferry when we get here

0:26:170:26:22

and it's just an ideal location,

0:26:220:26:24

sitting beside the water.

0:26:240:26:26

As long as it doesn't come up too high, we'll be OK.

0:26:260:26:29

'Well, John may joke, but flooding is a real concern for houses in the Orkney Islands

0:26:290:26:35

'and can be a factor in keeping property prices relatively low.

0:26:350:26:39

'How much of a gamble does John think they've taken with their seaside cottage?'

0:26:390:26:43

Historically, it doesn't flood very often,

0:26:430:26:46

and the last time it flooded was during a prolonged period of gales

0:26:460:26:50

and it coincided with very high tides,

0:26:500:26:54

and that was an extreme situation.

0:26:540:26:57

And everywhere on the coastline that had low-lying properties had the same problems.

0:26:570:27:02

I've known this area for a long, long time

0:27:020:27:07

and it doesn't suffer these problems on a regular basis.

0:27:070:27:11

'John's pretty confident that all his and Betty's efforts won't be washed away.

0:27:110:27:16

'In Scotland, it's usually solicitors

0:27:160:27:18

'who deal with the property sales, so we asked two of them

0:27:180:27:21

'what they thought of this cottage, with around £53,000 invested in it.'

0:27:210:27:26

It's good to see the house has been decorated, it's nice and bright,

0:27:300:27:33

new floor coverings and they've got rid of the breakfast bar,

0:27:330:27:36

which has made the main room that much bigger.

0:27:360:27:39

Nice property. It's been renovated nicely.

0:27:450:27:49

I've actually marketed this property a lot of years ago

0:27:490:27:53

and it's certainly in better condition than it was then.

0:27:530:27:57

'That's encouraging, although it might be in better condition than it previously was,

0:27:570:28:02

'but it's still in the same location.'

0:28:020:28:04

The main disadvantage is the flood risk.

0:28:060:28:09

That really would be a major concern if they were to sell it on.

0:28:090:28:13

'There are clearly some issues with potential flooding, which undoubtedly affects the value.

0:28:150:28:20

'But with £53,000 invested here,

0:28:200:28:23

'if they were to sell the cottage, what might it be worth?'

0:28:230:28:26

In its current state, I'd expect to get between £55,000 and £60,000.

0:28:260:28:30

Market it at somewhere around £60,000 to £65,000.

0:28:300:28:36

I haven't thought about selling it, but if I did, I would be quite happy with that.

0:28:360:28:41

'Between £2,000 and £12,000 profit is not too bad.

0:28:410:28:44

'And, of course, it would also have some rental potential.'

0:28:440:28:49

I'd expect somewhere around £300 per calendar month.

0:28:490:28:52

I think you could achieve possibly £300 to £320 per calendar month.

0:28:520:28:58

'£300 a month might only bring in £3,600 a year,

0:28:580:29:02

'but there's also the more lucrative holiday let market.'

0:29:020:29:06

Possibly you could achieve as much as £300 to £320 per week as opposed to per calendar month.

0:29:060:29:12

I had that sort of figure in mind myself

0:29:120:29:15

if we did intend to let it out, but we really don't have that intention.

0:29:150:29:20

'Clearly, if you wanted to maximise your return,

0:29:220:29:24

'renting the cottage out for holiday lets would be the way forward.

0:29:240:29:28

'But that's not how John and Betty want to use it.'

0:29:280:29:31

Just to use it as a holiday home and let friends and family use it, just enjoy it.

0:29:320:29:37

'With the views and scenery they have on their doorstep,

0:29:420:29:46

'whatever the weather, it's their perfect home from home.'

0:29:460:29:50

'Cricklewood in Northwest London looks like just another bustling part of the city,

0:29:570:30:01

'with busy roads and shops and businesses all vying to succeed.

0:30:010:30:05

'Yet step back from the main high street and you'll find quiet, tree-lined streets and open spaces.

0:30:080:30:15

'There's a real sense of community spirit here.'

0:30:150:30:18

Nowhere more so than here in Railway Terraces,

0:30:180:30:21

five terraces of cottages built around the 1860s

0:30:210:30:24

to house railway workers and named after prominent railway officials.

0:30:240:30:29

There's evidence that specific rows were for railway workers doing a specific job

0:30:290:30:34

and it enabled the railway company to control the lives of their employees.

0:30:340:30:38

They even had knockers-up to make sure that they got to work on time.

0:30:380:30:42

# Wake up, it's a beautiful morning

0:30:440:30:47

# Feel sun shining...

0:30:470:30:49

'So no need for an alarm clock if you live here. Just wait for the rap at the door.

0:30:490:30:55

'This was a place all about the community working together

0:30:550:30:58

'and even now, some sense of that still prevails.

0:30:580:31:02

'There's a monthly residents' newsletter and even an annual fete.'

0:31:020:31:06

The knockers-up have long gone, but the Victorian houses remain

0:31:060:31:10

and very cute they are, too.

0:31:100:31:12

The property I'm here to see is an end of terrace.

0:31:120:31:14

It has three bedrooms. Guide price - 245,000 quid. Let's take a look inside.

0:31:140:31:20

'From the outside, this end of terrace looks in good condition.

0:31:220:31:26

'There's a little garden at the front and an extension and a yard at the back.'

0:31:260:31:31

OK, through the front door and straight into basically your main living area.

0:31:330:31:37

This is the main part of the house. Nice size space, though.

0:31:370:31:41

I'd open up the fireplace to create a bit of interest.

0:31:410:31:44

Staircase there.

0:31:440:31:47

A strange wall here. I can say that because the kitchen itself

0:31:470:31:50

extends more this way and there's a bit of a dead space here,

0:31:500:31:54

which I would maybe want to utilise.

0:31:540:31:57

I think open-plan is the way to go.

0:31:570:31:59

Maybe take out this wall here, create a much nicer feel. Great thing to do with a small property.

0:31:590:32:04

The kitchen itself is not a bad size, but look, this is all you've got. A sink and this unit.

0:32:040:32:10

So there's scope to improve a lot.

0:32:100:32:14

But it's a good size space, so more like a kitchen family area I'd want to create here.

0:32:140:32:19

Interesting thing about the property, downstairs loo and bathroom.

0:32:190:32:23

I say interesting, because unusual for this part of London, I would say.

0:32:230:32:28

And doubly interesting because if you got rid of that and put it upstairs into one of the bedrooms,

0:32:280:32:34

you'd actually knock value off the house.

0:32:340:32:37

So, not a thing to do without getting some advice.

0:32:370:32:40

'The positioning of the bathroom over the potential loss of a bedroom or bedroom space is a juggling act.

0:32:410:32:48

'It depends on so many factors, from whether it's common in the area

0:32:480:32:52

'to whether you want to rent or sell the house. Weighing up these options is critical.

0:32:520:32:56

'Here, the key issue is whether there's an alternative to start with.

0:32:560:33:00

'Well, there are three bedrooms upstairs

0:33:000:33:03

'and it might be possible to sneak some space out of the master bedroom.

0:33:030:33:07

'But looking at the rather old 70s flat-roof extension at the back, I think there's a better solution.'

0:33:070:33:14

Before you get all excited about an extension,

0:33:140:33:17

there is, of course, the issue of planning.

0:33:170:33:19

So, what I suggest is that, as with all these cases,

0:33:190:33:22

you look at what people in the local area have managed to do.

0:33:220:33:25

For instance, this is what an original cottage would've been like.

0:33:250:33:29

That was the downstairs loo, that was the place you would've stored your coal or whatever.

0:33:290:33:33

That's the starting point. But look what some of the neighbours have achieved.

0:33:330:33:38

Love this one. I like the fact they've used the old brickwork but really modernised it.

0:33:380:33:43

Very nice indeed. The good news is that there doesn't seem to be a theme.

0:33:430:33:46

Lots of the houses have done different things, so that means a precedent has been set,

0:33:460:33:51

so you should be able to do what you want as far as the planners are concerned.

0:33:510:33:55

The only fly in the ointment is that, previously, this wasn't a conservation area

0:33:550:33:59

but recently it was made one, so anything that's already been done can't be used as a precedent.

0:33:590:34:04

As ever, the key with this is just to talk to local planners.

0:34:040:34:08

'But whether you do extend or not, I really like this place.

0:34:090:34:13

'Not only is it old-fashioned and full of character, but it has old-fashioned values, too.

0:34:130:34:18

'Yet we're only 25 minutes from Central London.

0:34:180:34:22

'What can a local estate agent tell us about the house and the area?'

0:34:220:34:25

I think it's a lovely alternative to a larger flat in the area.

0:34:270:34:31

Anybody with a cat, dog or child is going to want this house

0:34:310:34:34

as opposed to a flat without any outside space.

0:34:340:34:37

Here, you've got front and rear gardens. Yeah, it's absolutely lovely.

0:34:370:34:41

'Well, it's certainly charmed the estate agent, but this place does require a lot of work.'

0:34:410:34:47

It needs a lot of imagination.

0:34:480:34:50

It's... Tender loving care is an overused expression,

0:34:500:34:53

but it certainly needs that.

0:34:530:34:56

It needs new kitchen, new bathroom, redecorating,

0:34:560:34:59

it need rewiring, re-plumbing.

0:34:590:35:02

The bathroom is downstairs at the moment, and I think that the owner ought to leave it there,

0:35:020:35:07

because if they moved it upstairs, they'd lose a bedroom

0:35:070:35:11

and therefore it would become a two-bedroom house, which will affect the price adversely.

0:35:110:35:16

'OK, let's talk figures. If someone refurbished it to a high standard, keeping the three bedrooms,

0:35:170:35:23

'how much might they make on this property, that was guided at £245,000?'

0:35:230:35:28

If you were to rent this property out, per calendar month, you'd get in the region of £1,200 to £1,400.

0:35:290:35:34

If this house was finished to a good standard,

0:35:340:35:37

it would go on the market in the region of 350, 375.

0:35:370:35:41

'How much would those values change if you moved the bathroom upstairs and lost a bedroom?

0:35:420:35:47

Two-bedroom cottages on the market in this area at the moment are 325,

0:35:470:35:51

so it would make a significant difference if you moved it.

0:35:510:35:54

Well, a local newsletter and a fete in London.

0:35:540:35:58

Who says a sense of community has gone forever?

0:35:580:36:01

Actually, the house itself is wonderful, as well,

0:36:010:36:05

but I'm sure that whoever bought it was buying into that whole community spirit, as well.

0:36:050:36:10

Let's find out who that was when it went under the hammer.

0:36:100:36:13

Right, where do we go to? Lot 4 is an end-of-terrace three-bed house.

0:36:160:36:21

Do I have 2 anywhere?

0:36:210:36:24

2 sitting down. 200. 205?

0:36:240:36:27

205. 210. 215.

0:36:290:36:32

220. 225.

0:36:320:36:35

230. 235.

0:36:350:36:38

235. 240.

0:36:380:36:41

245. 250.

0:36:410:36:44

Coming to you. 255.

0:36:440:36:46

260. 265.

0:36:460:36:49

270. 270 down here.

0:36:490:36:52

271, coming back in, madam? 271? Just one more go?

0:36:520:36:57

271. Well done.

0:36:580:37:00

That's a crunch. 272.

0:37:000:37:03

Sorry, 272. 273?

0:37:030:37:05

You had a crack, well done. 272 down here.

0:37:050:37:08

273 anywhere else?

0:37:080:37:10

If not, 272. First time, second time,

0:37:100:37:14

third and last time, if you're all done.

0:37:140:37:17

Sold, 272.

0:37:180:37:20

'For £272,000, the successful bidder was Steve.

0:37:200:37:25

'He was actually bidding on behalf of his musician son, Harvey.

0:37:250:37:29

'It was Harvey who joined me back at the house to explain what he planned to do with it.'

0:37:290:37:34

-Harvey, lovely to meet you.

-You, too.

-Congratulations.

-Thank you.

0:37:340:37:38

-I like this little place. Why did you want to buy it?

-Well, we were looking for an end of terrace

0:37:380:37:44

because I'm a musician and it means that the noise is not so much of a problem.

0:37:440:37:50

We saw this place, it didn't look like anything in the brochure, and when we looked around

0:37:500:37:54

and found it was in the middle of these three terraces, totally out of the way,

0:37:540:37:58

doesn't even feel like London. And the house itself, it's in no state at the moment,

0:37:580:38:02

but it's lovely and spacious and I'm going to come and live in it, I hope, when it's all finished.

0:38:020:38:09

Tell me more about you. You're a musician?

0:38:090:38:12

I'm only recently out of university. I studied music

0:38:120:38:15

and I am working as a freelance musician,

0:38:150:38:18

so I run the music at a parish church

0:38:180:38:21

and I teach music two days a week in a school

0:38:210:38:24

and the rest of the time, just do whatever gigs I'm offered.

0:38:240:38:27

-What do you play?

-I play piano and I sing

0:38:270:38:30

-and I do a bit of conducting, as well.

-Wow! What kind of music?

0:38:300:38:34

-It's mostly classical music, but I'm also a jazz pianist.

-Fantastic!

0:38:340:38:38

-You haven't got a piano around for a rendition?

-When you come back.

0:38:380:38:42

-You promise?

-I promise. That's the point of the house.

0:38:420:38:46

We're going to do lots of things to get a grand piano in here, basically.

0:38:460:38:49

# Sing us a song, you're the piano man

0:38:490:38:53

# Sing us a song tonight

0:38:530:38:56

'Before Harvey can tickle the ivories, he has a fair amount of work to do here.'

0:38:570:39:03

We've got two plans. There's the ambitious one and the not so ambitious one.

0:39:030:39:07

The not ambitious one is to do what almost every house,

0:39:070:39:12

many of the houses have done, which is to turn it from a three-bedroom house

0:39:120:39:15

into a luxury two-bed house with a bathroom upstairs.

0:39:150:39:19

But we're thinking more along the lines of keeping three bedrooms

0:39:190:39:23

and trying to max out the space we have.

0:39:230:39:25

Put a bathroom down here, nick a bit out of the kitchen

0:39:250:39:30

and also nick a bit out of the master bedroom and put a small bathroom upstairs, too.

0:39:300:39:34

And knock down the current 1970s extension and build a new one,

0:39:340:39:40

which will end up being a music studio to accommodate the grand piano.

0:39:400:39:44

That comes at a cost. Do you have an idea of how much?

0:39:440:39:47

Well, if we go through with this plan, it's going to be, we think, between £50,000 and £60,000.

0:39:470:39:53

-That's for the ambitious plans with the extension.

-Exactly.

0:39:530:39:57

And the less ambitious plans?

0:39:570:40:00

We'd think of spending up to £25,000 on doing it like that.

0:40:000:40:05

But, at the moment, we're swinging in favour of doing the big job.

0:40:050:40:08

Congratulations. We look forward to returning and hearing you play the piano.

0:40:080:40:12

-Thanks very much.

-Well done.

0:40:120:40:14

# Sing us a song, you're the piano man

0:40:150:40:19

# Sing us a song tonight

0:40:190:40:22

# Well, we're all in the mood for a melody

0:40:220:40:25

Well, what a great first home for Harvey.

0:40:250:40:28

And I think he's got some great ideas.

0:40:280:40:31

But, of course, it all rests on getting planning permission

0:40:310:40:34

for that extension to put his grand piano in,

0:40:340:40:37

and I think his ideas might need some fine tuning

0:40:370:40:39

before he finally pedals it to the local planning authority.

0:40:390:40:43

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

0:40:430:40:46

Well, if you want your property purchases to bloom, timing is critical.

0:40:490:40:54

And you have to be flexible with your plans.

0:40:540:40:57

And not let time pass you by.

0:40:570:41:00

Let's see how today's purchasers got on.

0:41:000:41:02

'It was back in the autumn of 2007 when we first took a trip

0:41:040:41:08

'to the pretty Berkshire village of Sonning

0:41:080:41:10

'to see what, from the outside, at least,

0:41:100:41:12

'looked like an idyllic Grade II listed cottage.

0:41:120:41:15

'With exposed timber frames, it was the type of home that dreams are made of.'

0:41:150:41:20

# And oh, my dreams

0:41:230:41:27

# It's never quite as it seems

0:41:270:41:30

'But step inside...' MUSIC FADES

0:41:310:41:36

'..and it was more the stuff of nightmares.

0:41:360:41:38

'It was in a terrible state, from crumbling walls to holes in the ceiling,

0:41:380:41:43

'and a disaster area of a kitchen.

0:41:430:41:46

'A downstairs bathroom, a jungle of a garden,

0:41:460:41:52

'two dilapidated bedrooms, the list just went on and on.

0:41:520:41:57

'But project manager and mother-of-two Fran

0:42:000:42:03

'was prepared to pay £305,000 for the cottage.

0:42:030:42:07

'For her, it was a case of love at first sight.'

0:42:070:42:10

Well, I was out one Saturday doing a supermarket shop

0:42:100:42:13

and as I went in, I saw a particular property paper I was looking for

0:42:130:42:17

just literally poking out of the bin. So I just grabbed it, opened it

0:42:170:42:21

and there was the house, just staring at me, so I had to have it.

0:42:210:42:25

'Having put pen to paper to buy the cottage, Fran set about the task of making the cottage habitable again.

0:42:250:42:31

'But not only that, she had grand plans to extend and improve it,

0:42:310:42:36

'as she explained when we returned the first time, eight months later.'

0:42:360:42:39

We have planning permission for a bedroom and bathroom upstairs

0:42:410:42:44

and permission for an en suite in the master bedroom, as well.

0:42:440:42:49

'And as if that wasn't enough, they also had permission to extend the property.'

0:42:490:42:54

The kitchen on my right here will be extended three metres towards the back of the property,

0:42:540:42:59

into the garden, to make it a lot bigger.

0:42:590:43:02

The fourth bedroom here is going to be fully refurbished

0:43:020:43:06

and, through a walkway, will be connected, so it becomes part of the property.

0:43:060:43:10

In here, the courtyard will remain open

0:43:100:43:13

with lots of lovely plants in it, and it will let lots of nice light into the property.

0:43:130:43:17

'That was back in 2008. Fran had just got the green light to make it her dream cottage.

0:43:170:43:24

'Now, another two years on,

0:43:250:43:28

'we're back to see if Fran's plans have turned into reality.

0:43:280:43:31

'Not surprisingly, from the front, its appearance really hasn't altered.

0:43:340:43:39

'But is that classic beamed exterior now matched

0:43:390:43:42

'by the rest of the cottage? Well, let's step inside and see.'

0:43:420:43:46

'So, old has been blended with new

0:43:560:43:59

'to produce a really eclectic mix.

0:43:590:44:02

'Not only has Fran done wonders with the rooms that were here,

0:44:190:44:22

'but she's also increased the size of the cottage.'

0:44:220:44:26

Previously, it was very dingy and very narrow.

0:44:260:44:29

There was a massive arch just here and there was two more arches on the left.

0:44:290:44:34

So that's all been opened up now and made into a really big, family room.

0:44:340:44:39

In terms of the step, I did decide to keep it, though it is lower,

0:44:390:44:43

because that houses all our under-floor heating in there.

0:44:430:44:46

The original kitchen ended just here,

0:44:460:44:50

so this is a brand new extension, right out into the back, to make a really big family space.

0:44:500:44:55

'It's so hard to believe it's the same run-down space I saw three years ago.

0:44:550:44:59

'While doing the kitchen extension,

0:45:020:45:04

'Fran's also upgraded the ramshackle out-building,

0:45:040:45:07

'giving her that additional bedroom space.

0:45:070:45:10

'And the courtyard is now a secluded patio area.

0:45:110:45:15

'Despite the extension, the bathroom is still downstairs.

0:45:160:45:20

'But what a bathroom!

0:45:200:45:22

'How does it look upstairs?'

0:45:240:45:26

When I bought the property, there was only two bedrooms.

0:45:260:45:29

They were in a terrible state, full of lots of junk and rubbish.

0:45:290:45:33

It was really awful. And the bedrooms were full of holes, there was no plaster,

0:45:330:45:38

there was no carpet, the wood was falling to pieces on the floor. It was really a total mess.

0:45:380:45:43

First of all, I've done the extension for the third bedroom, which I'm really pleased with.

0:45:430:45:48

That's for my younger daughter, so she has a room.

0:45:480:45:51

And we've fully restored all the bedrooms cosmetically, as well.

0:45:510:45:56

'So with the original large double bedrooms completely refurbished...'

0:45:560:46:01

'..and with that extra bedroom in the extension, along with the downstairs bedroom,

0:46:090:46:14

'this cottage now boasts four bedrooms,

0:46:140:46:17

'so Fran's daughters, Sophie and Stephanie, have a bedroom each,

0:46:170:46:20

'something they certainly didn't expect when they first saw this cottage.'

0:46:200:46:25

It used to be really old and there were cracks in the walls.

0:46:250:46:28

You couldn't really walk into the garden, cos there were so many stinging nettles.

0:46:280:46:33

I thought my mum had really lost it this time.

0:46:330:46:36

'Now, with the cottage nearly complete, what do they think about what their mum has achieved?'

0:46:370:46:42

She achieved building it and putting nice photos up

0:46:420:46:47

and getting all the big tellies for us and making our rooms really nice.

0:46:470:46:51

I think she's done absolutely excellent on it, because she's put so much detail

0:46:510:46:55

and lovely pictures on it and worked so hard.

0:46:550:46:58

'Not only are the girls impressed with their mother's achievement,

0:46:590:47:03

'they also seem to be jumping for joy at getting a new home.

0:47:030:47:06

'But, of course, all these changes come at a price.'

0:47:060:47:09

I wanted to spend about 120 but, to be fair, that was probably a bit unrealistic.

0:47:110:47:15

So we spent just over 150.

0:47:150:47:18

But the finishings for the bathrooms and the kitchens I sourced very cheaply and did a lot of it myself.

0:47:180:47:23

'The £150,000 budget, on top of the £305,000 purchase price, plus costs,

0:47:230:47:30

'will see a total investment of around 460 grand.

0:47:300:47:33

'So, was it worth all the hard work?'

0:47:330:47:37

Whenever you have a listed cottage, it's never going to be perfect,

0:47:370:47:41

but she's adapted it very well indeed.

0:47:410:47:43

You have the benefit of a ground-floor bedroom,

0:47:430:47:45

which could be an office, and the bedrooms are a decent size.

0:47:450:47:49

I think the property is really nice.

0:47:550:47:57

A lot of character elements, exposed beams, high vaulted ceilings.

0:47:570:48:02

I do think that the fact that it's got a downstairs bathroom

0:48:020:48:05

will maybe put some buyers off, also the lack of parking.

0:48:050:48:08

However, it has character and it's in a very popular location.

0:48:080:48:12

'Pretty positive response there.

0:48:130:48:15

'But with nearly £460,000 in total invested here,

0:48:150:48:19

'is it likely to show a good return?'

0:48:190:48:21

I'd put this on the market for £475,000.

0:48:220:48:25

I'd put this on the market for approximately £480,000.

0:48:250:48:29

That's what I expected. That's absolutely fine.

0:48:290:48:32

'So possibly a small profit of £15,000 to £20,000.

0:48:330:48:36

'Not massive, but not bad. But, more importantly, Fran and family have a great new home.

0:48:360:48:43

'What's next?'

0:48:430:48:45

Unfortunately, we're going to sell the house on, because we're going to move

0:48:450:48:49

due to my daughter's secondary school education.

0:48:490:48:52

'So, after all her hard work, Fran wants to move a few miles down the road

0:48:540:48:58

'so they can be closer to Sophie's secondary school.

0:48:580:49:02

'So she's put the house back up for auction. I guess, as a project manager,

0:49:020:49:06

'she's used to finishing projects and then moving on.'

0:49:060:49:10

# It's not over

0:49:100:49:13

It's been a great experience.

0:49:140:49:16

A very hard challenge, very hard work

0:49:160:49:20

and, yes, before I get too old, I will do it again.

0:49:200:49:23

'So, nearly three years hard work has resulted in a fantastic renovated cottage

0:49:230:49:28

'and Fran can take what she's learned here onto her next project,

0:49:280:49:32

'whatever that may be.'

0:49:320:49:35

'If you wanted to get away from the hustle and bustle of modern city life...

0:49:430:49:48

'..this three-bed former railway worker's cottage in Cricklewood, Northwest London, was ideal.'

0:49:490:49:55

# Shh, it's oh so quiet

0:49:550:50:00

'It's set in a row of properties with open communal spaces.'

0:50:000:50:05

# It's oh so still

0:50:050:50:08

'The area felt more like a village than part of the urban sprawl,

0:50:080:50:12

'and for recent music graduate Harvey, it hit all the right notes.'

0:50:120:50:17

# And so peaceful until

0:50:170:50:20

Well, we were looking for an end of terrace, because I'm a musician

0:50:210:50:25

and it means that the noise is not so much of a problem.

0:50:250:50:30

And the house itself, it's in no state at the moment,

0:50:300:50:34

but it's lovely and spacious and I'm going to come and live in it, I hope, when it's all finished.

0:50:340:50:39

'Harvey paid £272,000 at auction.

0:50:390:50:43

'Armed with a budget of between £50,000 and £60,000,

0:50:430:50:46

'he had grand plans not only to move the bathroom upstairs,

0:50:460:50:50

'but to create a music room to practice in.

0:50:500:50:53

'Now, 11 months on, we're back.

0:50:530:50:56

'Well, wow! He clearly got that planning permission

0:51:000:51:04

'as there's a fantastic new bigger and better extension

0:51:040:51:08

'replacing the tired, old one that was there before.'

0:51:080:51:11

I knew nothing about the property market or anything about building,

0:51:110:51:15

so it was very daunting to start with. The auction was terrifying.

0:51:150:51:18

And it's been a massive learning curve for me.

0:51:180:51:23

'Yes, because this hasn't just been a refurbishment.

0:51:230:51:26

'The house has undergone a number of layout changes,

0:51:260:51:29

'with the front door now leading to an open lounge and stairwell.'

0:51:290:51:33

It's been very stressful at times, very frustrating at times.

0:51:330:51:37

Overall, it's been a fantastic experience and I'm so grateful

0:51:410:51:45

to come out of it and have a place to call my own and be set up on the property ladder.

0:51:450:51:50

'And what a place he's ended up with,

0:51:500:51:53

'with a revamped lounge now leading to a completely transformed kitchen.'

0:51:530:51:57

Originally, this was a much bigger space.

0:51:570:52:01

We stripped out the much bigger kitchen and actually made it smaller

0:52:010:52:05

and created a little bathroom.

0:52:050:52:09

So we put completely new central heating and plumbing in

0:52:090:52:13

and everything's new. Granite worktops and all new cupboards

0:52:130:52:19

and appliances, and we're really happy with the finish.

0:52:190:52:22

'For a lot of people, getting the kitchen right is the most important thing. But not for Harvey.

0:52:220:52:27

'There was just one key room that had to work for him.'

0:52:270:52:31

Well, what was here before was a bathroom

0:52:310:52:35

in a much smaller 1970s extension.

0:52:350:52:38

And we knocked that down completely and we rebuilt,

0:52:380:52:44

and it was purposely designed as a music room,

0:52:440:52:47

so we soundproofed the whole thing.

0:52:470:52:49

It turned out well and I'm looking forward to making music here when I move in.

0:52:490:52:53

'Harvey plans to get a grand piano in here soon.

0:52:530:52:57

'Then he can practice to his heart's content in his custom-built room.'

0:52:570:53:01

Upstairs, we've opened up some of the loft space

0:53:010:53:05

to create a nice skylight effect.

0:53:050:53:08

'Though the banister rails need to be installed,

0:53:080:53:11

'this has transformed the gloomy stairwell into a light and open space.'

0:53:110:53:16

We've put a new shower room in.

0:53:180:53:21

We took a little piece out of the master bedroom, so now the rooms are more evenly sized.

0:53:210:53:26

'By taking some of the space in the large master bedroom,

0:53:280:53:31

'he's cleverly got a shower room up here

0:53:310:53:33

'yet retained the three bedrooms.

0:53:330:53:36

'Though he had a lot of input from his builder and architect,

0:53:360:53:39

'Harvey had to project manage the work. That was no easy task

0:53:390:53:42

'when he had so many changes to oversee.'

0:53:420:53:45

At first, I was planning to just spend about a day a week working on the house,

0:53:460:53:52

thinking it would work like that, but managing a building project doesn't work like that,

0:53:520:53:57

as I found out. You really need to be committed to it

0:53:570:54:01

and some weeks I wouldn't do anything, other weeks I'd be running around, finding materials,

0:54:010:54:06

having to make decisions very quickly, so that's been quite difficult to fit in

0:54:060:54:10

with already quite a busy lifestyle that I've got.

0:54:100:54:14

'Harvey teaches music two days a week, is a director of music at a church and a session singer,

0:54:140:54:21

'but he can now also add project manager and accountant to the list.'

0:54:210:54:25

It's cost me, as things stand now, just less than £60,000 for the whole renovation.

0:54:250:54:31

I imagine there's still a bit more money to spend on finishing touches inside and the work outside.

0:54:310:54:37

So I'm thinking it'll end up costing about £65,000.

0:54:370:54:41

'£65,000 spent on top of the £272,000 he paid at auction

0:54:410:54:47

'along with costs and fees takes his total outlay to around £340,000.

0:54:470:54:53

'Have all the changes he's made hit the right note?

0:54:530:54:56

'What do two local estate agents think?'

0:54:560:54:59

I'm pleasantly surprised. He's made what was a complete wreck

0:55:010:55:04

into virtually a family-size accommodation.

0:55:040:55:08

It's highly unusual to see two bathrooms in a house of this size,

0:55:080:55:13

so to actually get a decent size kitchen and a bathroom

0:55:130:55:16

and a second reception room on the ground floor is very impressive.

0:55:160:55:19

The owner's done a very good job. I think he's enhanced

0:55:190:55:22

all the important features of the house,

0:55:220:55:25

he's updated it, all the modern amenities have been included,

0:55:250:55:28

yet it still retains a nice period flavour.

0:55:280:55:31

'Harvey's hoping to take in lodgers to help bring in extra revenue.

0:55:320:55:36

'But what kind of rental return can he expect?'

0:55:360:55:40

I would rent this out in the region of £1,500 per calendar month.

0:55:410:55:45

The rental value for this house is something in the order of £1,500 a month.

0:55:450:55:49

That sounds great to me. It's very useful to have that,

0:55:490:55:53

because I need to think about how much to charge lodgers when they come and live with me.

0:55:530:55:58

'Well, that's encouraging on the rental front,

0:55:580:56:01

'but how would it fare if sold on,

0:56:010:56:03

'remembering that Harvey's invested to the tune of £340,000?'

0:56:030:56:09

I would suggest putting this on the market in the region of £395,000.

0:56:090:56:15

I think it's worth in the order of something approaching £400,000

0:56:150:56:19

and would suggest an asking price of 395.

0:56:190:56:21

That's really wonderful.

0:56:210:56:24

We haven't made a loss, which is fantastic, and there's a profit in there.

0:56:240:56:28

I'm just pleased that I've got my own place and that I haven't lost any money

0:56:280:56:32

and that I don't have to worry about the project any more.

0:56:320:56:35

'With a possible £55,000 profit,

0:56:350:56:38

'it sounds like, for Harvey, this was a really harmonious investment.'

0:56:380:56:43

HE PLAYS CLASSICAL PIECE

0:56:430:56:46

Well, we'll have more great stories for you next time on Homes Under The Hammer.

0:56:540:56:58

-We'll see you then.

-Goodbye.

-Goodbye.

0:56:580:57:01

Subtitles by Red Bee Media Ltd

0:57:020:57:06

E-mail [email protected]

0:57:060:57:10

Martin Roberts and Lucy Alexander visit a cottage in Orkney, a cottage in Berkshire that they first saw in 2007, and a property in London. All of these properties have been sold at auction. Martin and Lucy find out who bought them and what they paid when they went under the hammer.


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