Episode 9 Homes Under the Hammer


Episode 9

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Whether you're looking for a "do-er upper" or a plot of land...

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An investment property or a place to live...

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..you can find them all at the auction on Homes Under the Hammer.

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There are several key things to remember when buying at auction.

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Do your research and sort your finances out in plenty of time.

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So did today's buyers do their homework?

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This Victorian villa in Derby is enchanting, but the period features seem to have vanished.

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Just bring back the magic of this property.

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In South West London, I discover a flat that's just perfect for trainspotters.

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The flat...

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the railway line.

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And this two-bedroomed apartment in Sunderland has all mod cons

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and running water... But not where you'd want it.

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I mean, look at that. That's not good.

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All these properties have been sold at auction.

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-And we'll find out who bought them and what they paid for them when they went under the hammer.

-Sold!

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I'm in Derby in the East Midlands.

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It's the heart of England, which means it has excellent transport links to the rest of the UK,

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and East Midlands Airport is only about 15 miles away.

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Derby's real boom time was during the Industrial Revolution in the Victorian era, so it's

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not surprising there are a lot of Victorian two-up, two-down terraces.

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But there are also grander properties such as

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in Belper Road here, where up for auction was a Victorian villa.

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Six bedrooms, had a guide price of £155,000.

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It looks pretty grand from the outside, and it seems some initial renovation has already been done.

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There's also a new blockwork drive and path, which is a bonus.

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The house forms part of this larger block of houses, which at some stage

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in the past were knocked together to create a large care home.

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Now, at some stage more recently they've actually re-converted back into individual houses.

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Work has commenced, it hasn't been finished, so let's find out what it's like inside.

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Ah, there you go...

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Bit of a clue as to the previous use of this property.

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Obviously this was an adjoining door through to the other houses in this block here.

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It's been blocked up now, but it's left you with quite a lot of damage to repair,

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especially the skirting board. That is beautiful.

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Those classic 9-10 inch skirting boards, so Victorian.

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You'd want to put the same thing back.

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You're either going to have to go to an architectural salvage place

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or get a bit of a specialist company in to replace that as it was.

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While I'm on the floor, look at these beautiful Minton tiles.

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Again it's going to take a bit of a specialist to sort those out.

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But definitely worth doing.

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You want to try and just get some of the magic of this house back.

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You've got big rooms to work with, but they've been messed about with.

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Somebody's put these odd walls in there.

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They've taken out the original wall from there.

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And it's ruined the flow that these houses really have.

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Fireplace... I mean, for goodness sake, I suppose this was a care home,

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so fireplaces weren't important. But you want to put

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a lovely old Victorian fireplace back there.

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Basically, just bring back the magic of this property.

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At the back of the house is another large reception room, and along the corridor, a downstairs toilet.

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Further along, a room that was once a canteen.

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There's also an office.

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If all these rooms were knocked together, there'd be space for a good sized family kitchen.

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But all these corridors make the property feel rather institutional.

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One big disappointment with the property, unfortunately, is here at the back.

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It is a disaster. You've got this area here where there's obviously been some kind of outbuilding.

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And then the garden, well it's just a concrete slab.

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There's no access really at the back, apart from a pathway.

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This needs to be a beautiful Victorian garden.

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As it is, it's a car park.

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Back inside, on the first floor there's a family

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bathroom that needs upgrading, and three more spacious bedrooms.

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At present these are all stripped back to bare walls, and need a great deal of attention.

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Up here in one of the bedrooms you can see,

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fairly horrible, a door from the days when this was a care home.

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Obviously you want to replace that with something a little more in keeping.

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This partition wall, again the layout of the room has been changed completely.

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You want to think about that, but the partition is not going to be difficult to get rid of.

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When it comes to the windows, these are actually fairly new.

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They're double glazed.

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However, as you can see, they are not that pleasant.

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They don't fit in with the house.

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And as it turns out, legally there is a stipulation that whoever buys this property

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has to replace these windows with something more in keeping.

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Sash windows, wooden ones, still be double glazed, whatever.

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They've got to look better than this. Thank goodness!

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# I don't really want you, I don't really need you.

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# I don't want to have you I don't really love you... #

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Returning inside, and on the second floor things are looking a lot better.

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There are signs that the previous owner had already started to renovate this part of the property.

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Up here on the top floor, three more bedrooms, although one of them is fairly small.

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At this point you could be thinking, why not convert this house into flats?

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Well, apart from being a great shame, you can't do it legally.

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The legal pack stipulates that this can't be converted back into a care home, it has to

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remain for residential use, and it can't be converted into flats.

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If you bought this place thinking, I'll convert it into flats,

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and you hadn't read the legal pack, you'd be in trouble.

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So, always read the small print.

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This spacious house with its six bedrooms, one toilet, bathroom and no apparent kitchen,

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is going to present the new owner with a huge challenge.

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I asked the auctioneer who sold it for his opinion.

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We're on the north side of Derby,

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just half a mile from the city centre.

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In a very desirable area.

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These were very fashionable houses some years ago.

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I think as a single house it's got very limited rental prospects.

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Not very many people want a six-bedroomed house, unless they've got a very large family.

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When renovated as a single family residence,

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on today's market this would probably have a valuation of around £275,000.

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It would be easy to get carried away and spend around £100,000 renovating this place, restoring the original

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period features and bringing it back to its former glory.

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If bought for close to the guide price of 155,000,

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and renovation costs were kept low, that valuation of 275,000 could still mean a decent profit.

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Well, you can see what a grand old place this once was.

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But you can also see the amount of effort it's going to take to get it back to its former glory.

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So, who was willing to take on the challenge when it went to auction?

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Six-bedroomed accommodation.

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Start me on the guide at 155.

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150,000? 150, may I say?

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150? 150 I have.

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At 150,000, thank you.

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Who'll raise it by £1,000?

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At 150... Opening bid, 151.

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152 is bid. 152... 153. 154.

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154 and five. 155. 156 in the middle.

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156. 157 on the right. 58 is bid.

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158. 159.

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160. 160,000... 61.

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Seated bid, 61.

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162. 163.

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64. 165.

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166.

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166 and seven. 168.

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169.

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170.

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At £170,000 for the first time...

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For the second time...

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Out on this side, no mistakes. Third and last time, all done at £170,000!

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Sold, sir. It's yours, 170.

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Thank you.

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IT worker Nick and his partner, Cath, an accountant,

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bought the property for 170,000 - 15,000 over the guide price.

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They'll have their work cut out to make this into a comfortable home.

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While Cath looked around, I asked Nick why they needed such a huge property.

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Well, there are five of us at the moment, and I've

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got another couple of children that don't live with us but come to visit.

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It's impractical, the house we're in.

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-Did the state of it put you off at all?

-Eh...

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No, we knew what to expect, really.

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So tell me what you're going to do to it?

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I'm going to try to put it back to its original state.

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Knock out a lot of walls, recreate all the big rooms that it had.

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Knock all the back out, create a big kitchen there.

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Just get it back to the state it would have originally been in.

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Who's going to take it on? Who's going to do the work?

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A combination of us and contacts.

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Some of it we can do ourselves, but I'm not going

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to run in a gas supply or rewire the house, or that sort of stuff.

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For Nick and Cath, this will be their

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first major renovation project, and they have ambitious plans.

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But they're going to need a lot of cash to make them work.

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How much have you set aside to sort it out?

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Between 70 and 100.

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Oh, wow! A realistic budget.

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Well actually, a very big budget.

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Well, we're hoping to do it for the bottom end of that.

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It just depends what needs doing, really.

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We don't know if there's lots of surprises waiting for us when we start knocking it about.

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So what about a timescale for the work?

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I'll probably start in about six weeks, and would hope to have the house habitable within six months.

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Not finished. The idea is to move in whilst it still needs work.

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And then hopefully have it done within about a year.

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So listen, good luck with it all. Congratulations.

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I really look forward to seeing how you transform it back to its former glory.

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Or as close as we can get it!

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Well, Nick and the family know they've taken on a major project here.

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And although they've set aside a very reasonable budget, I think it

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won't be long before that 70,000 quid is spent. It's a big house.

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And once you start putting back the original features it's crying out for, the cash will soon go.

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Anyway, you can find out how they get on bringing this glorious place back to life, later in the show.

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I'm in Colliers Wood, South West London, an area with the dubious honour of being home to this.

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According to a BBC poll taken a few years ago,

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the disused Colliers Wood Tower is London's most hated building.

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Let's hope our property is rather more pleasing to the eye.

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The property I'm here to see is slap bang between Colliers Wood and

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Tooting Broadway Tube stations, and a short walk from each.

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So, in 30 minutes you could be living it up in Leicester Square, or busy in the City at Bank - perfect.

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Now the property itself is this 1940 end-of-terrace.

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It's a flat with four rooms, kitchen and bathroom, and it's got a guide price of 130,000.

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But there's something else you don't know.

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The flat...

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the railway line.

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Oh, dear. It all seemed so promising.

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I am disappointed.

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The railway line couldn't be much closer.

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Noisy neighbours are a common enough problem, but a rail track so close to your property takes the biscuit.

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The road out front is pleasant though, and at least you have your own front door.

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So let's start by getting that fake leather screen out of the way.

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It doesn't really bode well.

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So we're upstairs in the flat, and to the front the property

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you've got three rooms - two fairly good size and one box room.

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Now at the back of the property you've got what would have been the living area.

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And straightaway I'm walking into a room that's incredibly small.

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It doesn't feel spacious in this flat at all.

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You can tell somebody obviously took care of this property.

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But it's just extremely dated. It's old, it needs modernising.

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I mean, look at the wallpaper.

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Polystyrene tiles up here, which are a fire hazard.

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You've got an old fire here with an old fire surround.

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It all needs starting again.

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So for me,

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it's not a great start.

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The configuration is odd, to say the least.

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As this is a maisonette, these flats would have been designed this way,

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and not be the result of a later conversion.

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This room is a very good size. If you removed those cupboards, there'd be even more space to play with.

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The little pink box room is just that, but convertible into an office or nursery.

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The middle bedroom seems to be something in between.

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But where's the kitchen?

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Hello! Now you could be forgiven for thinking you found me in a cupboard!

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But no, this is the kitchen, or kitchenette. A bit small.

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I don't know what you'd call it apart from utterly inadequate.

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And to top it off, the bathroom is next door.

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But at least you can check your spuds aren't boiling over while you're having a bath.

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Bijou, snug and cosy are terms that could describe this flat.

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But I can't help feeling a bit boxed in.

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# I'm-a living in a box, I'm-a living in a cardboard box

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# I'm-a living in a box. #

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To create some space, relocating the bathroom into the box room would be an ideal solution.

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But it's a big job when you contemplate the plumbing needed.

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I'd certainly get the kitchen out of here, and put it where the lounge is.

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But to do that probably means losing another room, since you'd still need somewhere to sit and relax.

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So it's all a bit of a compromise once you start thinking about it.

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But when it comes to compromises, that garden's in a league of its own.

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So you've had a hard day in the city,

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the sun's out, you want to relax in your own private garden - perfect.

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Well, not quite - because of that!

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It's not the busiest line, granted, and you can expect trains every 15 minutes or so.

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But that's just enough time to sit down, glass of wine in hand, doze

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off - only to be rudely awoken by the clattering of the 18:32!

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That's not the best way to relax now, is it?

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The new owner of this property may wish that the trains didn't run on time.

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And the impact of the railway doesn't end here.

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So how's the view from the front window?

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Train track.

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Oh, and what about the middle room?

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Train track.

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And finally, the living room.

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So, go on, I bet you never guess what's behind this curtain - go on, guess? Leaning Tower of Pisa?

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No! The train track!

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I hate to say it, but I can't shake the feeling of being surrounded.

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The garden could be lovely, but with a view only trainspotters could love, it's a bit of a letdown.

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To get an independent opinion, I invited around a local estate agent to see what he thought.

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'I don't think there's much you can do to change it around.'

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It's not got a big footprint to do anything fantastic with it, or exceptional.

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But what I would do is move the kitchen from where it is,

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bring it forward into the room before there,

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and maybe turn that into a small utility room out there.

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Also, it gives you room to maybe expand the bathroom a little bit, which is a little bit small.

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But generally, the rest of the flat is a good size.

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'It looks in good condition, it just needs redecorating.'

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I think the property will rent, but once again it will be subject to price.

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I think you're looking at realistically somewhere between

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750 per calendar month to 825 per calendar month.

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As I see the property today, I'd value it at around the 175, 180 mark.

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It possibly could be worth, after work's done to it, up in the early two hundreds.

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200,000, 205, 210,000, depending on what's done to it.

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Well, there's no getting away from it - this place

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is in a bit of a state and needs some serious reorganising.

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And that train line is loud.

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But I still think this flat could be something to shout about.

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At that guide price and in this convenient location,

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if you're careful it could be a fast track to a good profit.

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Let's find out who spotted it at the auction.

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Colliers Wood now, Lot 30.

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A four-room purpose-built flat.

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Start low, 120.

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120 anywhere?

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Thank you, 120.

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125?

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Anyone else?

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120, first time... Second time...

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Third and last time...

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135, madam?

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140.

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145.

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150 on the phone.

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151...

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It's going at 151...

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First time... second time...

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Third and last time... 152.

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152 to the phone, first time, second time, third... 153 in the room.

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153 in the room.

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First time, second time...

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154.

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155.

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155 in the room.

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First time, second time... Third and last time...

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Have you all done?

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156, aren't I?

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157.

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157, sir. 157. 158.

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157, first time, second time...

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Third and last time - have you all done?

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Sold, 157. Well done.

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Hard luck, the telephone.

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That winning bid of 157,000 came from Basim.

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Originally from Lebanon, he now lives in Surrey and works as an oil and gas engineer.

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Buying property is a brand-new venture for him.

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So, what are his plans for this Colliers Wood flat, and more importantly, does he like trains?

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What did you think when you first saw the train line on your viewing?

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I thought it might be a problem.

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But the estate agent said it'll put some buyers off, but it won't put everybody off.

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It's not like a big bad thing, because he said

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you get used to the trains. There were people living here,

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and there will always be people living beside the train lines, in all the other houses.

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Therefore, you'll find some buyers that will compromise and say,

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"That's OK, we've got the windows, for example, for extra light."

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How did you find the auction? A little bit nervous, were you?

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Nervous, yes. Very nervous, actually.

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It's all coming out, the truth! So, tell me how you were feeling while you were bidding.

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I wasn't going to bid.

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I went there thinking that I was just going to test it and experience the whole auction.

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But, then, the price was going for quite cheap compared to what I thought.

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I held my hand up, and then another one bid against me.

0:20:580:21:02

It went up, up, up.

0:21:020:21:04

I thought no, then yes, then no.

0:21:040:21:06

Then I came up to 157, and then nobody bid over me.

0:21:060:21:10

Then the hammer stuck down and I took it, so I was quite shocked, thinking,

0:21:100:21:15

"What have I done? Did I make a mistake?"

0:21:150:21:18

So, what are you going to do, Basim, to really make this flat stand out?

0:21:180:21:21

The bathroom, I'm going to make it bigger.

0:21:210:21:24

And then the kitchen, get rid of it.

0:21:240:21:28

And move it in here, to the lounge.

0:21:280:21:31

And then the other lounge stays as a lounge, and there will be a bedroom in the bedroom.

0:21:310:21:36

Redecorate all the bedrooms, paint them, get rid of the ceiling which is polystyrene right now.

0:21:360:21:41

And these tiles.

0:21:410:21:43

Yes, all these tiles. Rewire it all, because we've got to rewire, because right now I think it's illegal.

0:21:430:21:47

And do the plumbing. And then put central heating system everywhere.

0:21:470:21:52

How much money have you got to spend on all this?

0:21:520:21:54

At the beginning, I thought it was going to be £10,000.

0:21:540:21:57

-But I think that's wrong.

-I think you can at least double that.

0:21:570:22:00

Yes. That's what the builder said, he said between 15 to tops 20.

0:22:000:22:04

So, you've purely bought this flat to make money, Basim?

0:22:040:22:06

You've got to be extremely careful about your budget.

0:22:060:22:10

You can't let it run away.

0:22:100:22:11

-No.

-Are you already feeling slightly bogged down by all the choices and all the decisions you have to make?

0:22:110:22:17

-Not slightly, a lot, actually.

-So you're feeling quite bogged down at the moment?

-I am, yes.

0:22:170:22:21

Because I work full-time, and then I've got to do all this other stuff,

0:22:210:22:25

and obviously I've got to finish it on time so I can sell it.

0:22:250:22:27

Because I got some help from my dad, actually, with this flat.

0:22:270:22:31

So it's kind of critical, and he wants to see some profit too.

0:22:310:22:35

So he wants his boy to be phoning him up at the end of the day saying,

0:22:350:22:39

"Dad, I've just made loads of money on this flat in London."

0:22:390:22:41

Exactly.

0:22:410:22:42

Basim, good luck with this.

0:22:420:22:44

-You've got a lot of hard work ahead, well done.

-Thank you very much.

0:22:440:22:47

-Thank you.

-Nice meeting you.

0:22:470:22:50

The pressure is on for Basim to turn a profit here.

0:22:500:22:53

But if he does his sums, well, this flat could just be the ticket.

0:22:530:22:57

But will he be able to keep his eyes on the builders, will his first development go off the rails?

0:22:570:23:04

Well, you can find out later on in the programme.

0:23:040:23:07

In Sunderland, this two-bedroom flat looks too good to be true.

0:23:080:23:11

And it is.

0:23:110:23:13

That would put a lot of people off.

0:23:130:23:16

We return to south-west London to see if things are on track for this novice developer.

0:23:190:23:25

For one month it was very, very difficult and very busy.

0:23:250:23:28

But first, we reveal the secret of design harmony.

0:23:300:23:33

The colour scheme was a joint decision. Kath picks it and I agree.

0:23:330:23:38

We're back in Derby, where local couple Kath and Nick paid £170,000

0:23:410:23:46

for one of these houses, which had previously formed part of a care home.

0:23:460:23:52

It was going to take a lot of effort,

0:23:520:23:54

and a serious budget, to bring this place back to its former glory.

0:23:540:23:58

How much have you set aside to sort it out?

0:23:580:24:01

Between 70 and 100.

0:24:010:24:04

Wow! A realistic budget.

0:24:040:24:06

Well, actually, a very big budget.

0:24:060:24:08

Well, we're hoping to do it for the bottom end of that.

0:24:080:24:11

Well, a year later, we've returned to see how they fared turning it into a home.

0:24:110:24:17

Needing lots of refurbishment and modernisation, this three-storey late Victorian villa

0:24:170:24:23

came with six bedrooms and space for a sitting room and dining room.

0:24:230:24:27

There was a family bathroom in pink and chocolate, not everyone's favourite colour scheme.

0:24:290:24:37

And a back garden crying out for some TLC.

0:24:370:24:41

Well, the first time I saw it, I thought, "It's a bit of a tip."

0:24:430:24:47

But it's just the size.

0:24:470:24:50

I had a look round and thought there was a lot of work here, but it

0:24:500:24:52

wasn't structural work, it was more cosmetic, really.

0:24:520:24:56

-To be honest, we just fell in love with it, Nick.

-Well...

0:24:560:24:59

But the price of love can be steep.

0:25:010:25:04

Even with a reasonable budget of between 70 and 100,000,

0:25:040:25:09

it was going to take a lot of effort to turn this near derelict interior into a comfortable family home.

0:25:090:25:15

Our kids have been a big help.

0:25:230:25:25

They came in right at the start and did a lot of the hard physical work

0:25:250:25:29

of knocking down doors and taking the rubble out and everything.

0:25:290:25:32

And then they've come back in later and helped with the decorating.

0:25:320:25:35

The colour scheme is a joint decision.

0:25:350:25:37

Basically, Kath picks it and I agree.

0:25:370:25:39

That's the way it tends to work out.

0:25:390:25:42

Nick, Kath and their children had hoped to move in after six months.

0:25:420:25:47

And then to complete all the work within a year. So, how did they do?

0:25:470:25:51

Well, they bought the house without a survey, and have had to completely replace the roof.

0:25:540:25:59

All the rooms have been re-plastered and painted.

0:26:020:26:05

And the vintage skirting boards have also been restored.

0:26:090:26:15

The skirtings, what we did was chopped out an original piece of the skirting and took it down

0:26:150:26:19

to a local carpenter, who then had a mould made, and ran off

0:26:190:26:25

100 metres or whatever it took.

0:26:250:26:28

New doors have been fitted throughout.

0:26:280:26:31

That helps remove any lingering institutional feel after its days as a care home.

0:26:310:26:38

The house has been fully rewired and replumbed, which unfortunately gave them their biggest headache.

0:26:380:26:43

So this is the master bedroom.

0:26:430:26:45

It was originally two rooms, but we decided we wanted an en suite, so we knocked through into this room.

0:26:450:26:50

This is where we encountered a problem with the plumbing.

0:26:500:26:53

But there's a big steel girder across the front of the house, which meant we had to run it round

0:26:530:26:57

this way, and make the appliances fit the plumbing.

0:26:570:27:00

Which left us with a little bit of a problem getting into the shower.

0:27:000:27:04

But generally, it's good. It's a good bathroom, we like it.

0:27:040:27:08

The main family bathroom on the first floor has been thoroughly

0:27:110:27:15

modernised, with stylish new fittings.

0:27:150:27:18

There's new flooring and carpeting throughout.

0:27:180:27:21

And the fireplaces have been reinstated in

0:27:240:27:26

the ground floor reception rooms to complete the homely feel.

0:27:260:27:31

But the piece de resistance is undoubtedly the brand-new kitchen.

0:27:320:27:37

Kath's pride and joy.

0:27:370:27:39

This is the kitchen.

0:27:410:27:42

Originally, it was a corridor and two rooms.

0:27:420:27:46

We've taken the dividing walls out, so now we've got a kitchen that we really like. It's big.

0:27:460:27:54

We've got the cooker that we really love.

0:27:540:27:57

We brought a lot of the stuff with us from the old house.

0:27:570:28:01

We've sort of fitted it into how we like the kitchen to be.

0:28:010:28:05

It looks like they've spent most of their renovation budget.

0:28:070:28:10

Yet there are still some areas needing attention.

0:28:100:28:15

We've spent about £75,000 so far.

0:28:150:28:18

But we reckon there's a bit more to come.

0:28:180:28:20

The work left to do, really, is the hall and stairs.

0:28:200:28:24

Sorting out the floor in the hall where there's a bit of damp.

0:28:240:28:27

Getting the stairs stripped down and repainted.

0:28:270:28:30

Carpeted. That's the main part of the work.

0:28:300:28:32

Then there's the garden which is just going to have to wait.

0:28:320:28:35

With that damp in the hallway, what's happened about those beautiful old Minton tiles?

0:28:370:28:43

The Minton tiles are quite badly damaged, but luckily, our neighbour had an identical

0:28:430:28:47

which he's taken up, so he's given us all his old tiles.

0:28:470:28:52

So we reckon, between the tiles we've got and the tiles he's given

0:28:520:28:55

us, it should be possible to restore it back to its original condition.

0:28:550:28:59

That's good news. But remember those awful modern windows?

0:28:590:29:03

As they're in a conservation area, they were replaced with double

0:29:030:29:07

glazed wooden units, more in keeping with the surrounding properties.

0:29:070:29:12

Nick and Kath have taken great care to turn his back into a really elegant home.

0:29:150:29:19

So, has the money and time spent been a good investment?

0:29:190:29:23

We invited back the auctioneer who sold the property to them,

0:29:260:29:28

and another local estate agent, to give us their opinions.

0:29:280:29:33

I'm really impressed. It's a lovely house, anyway, lots and lots

0:29:330:29:37

of character to it as these old Victorian town houses used to have.

0:29:370:29:41

But he's put it back into a single residence, lots of space. Really appealing.

0:29:410:29:47

They've certainly retained many of the original features.

0:29:470:29:49

I noticed the original tiled flooring in the hallway,

0:29:490:29:52

and the wooden sash windows at the front

0:29:520:29:56

of the property, which is in keeping with the conservation area.

0:29:560:29:59

They bought the property for £170,000,

0:30:010:30:03

invested £75,000 on refurbishing it, and plan to spend another £5,000 on the remaining work.

0:30:030:30:10

That's a total of £250,000.

0:30:100:30:13

Could they hope to see any profit if they were to sell?

0:30:130:30:17

I think he's done an intelligent job

0:30:180:30:21

in altering the accommodation to what it is now.

0:30:210:30:25

It works as a family house.

0:30:250:30:28

-It's good.

-It's certainly an eye-catching property.

0:30:280:30:32

It's presented over three floors, really high ceilings, so it's got

0:30:320:30:36

the wow factor when you walk in.

0:30:360:30:38

On today's market I think it would probably achieve something in the region of £275,000.

0:30:380:30:43

I'd value this property at between £275,000 and £295,000.

0:30:430:30:49

That's a potential pre-tax profit of up to £40,000.

0:30:490:30:54

Are they at all tempted?

0:30:540:30:56

We've done this really because we wanted a bigger house, we haven't looked at it as an investment.

0:30:560:31:02

We haven't looked to make any money out of it.

0:31:020:31:05

It's good that it's held its value and we won't lose anything out of doing it.

0:31:050:31:10

It's our home.

0:31:100:31:11

The value has held and

0:31:110:31:15

I think it'll probably go up in value as the market changes.

0:31:150:31:20

So, it's good that it's worth more than we've spent. It's not easy,

0:31:200:31:25

but you survive

0:31:250:31:27

and it's worth it in the end. And it is good fun.

0:31:270:31:30

I'm in Sunderland in the north-east of England at the mouth of the River Wear.

0:31:350:31:39

Once known for its shipping industry, the area is now famous for a different reason.

0:31:390:31:44

Technology-friendly Wearside now has more digital TV viewers than anywhere else in Britain.

0:31:440:31:52

Apparently.

0:31:520:31:54

Well, the property I'm here to see is in the middle of this techno-mad community.

0:31:550:32:01

It's in this building here.

0:32:010:32:03

Hammerton Hall, which used to be a hospital in the First World War.

0:32:030:32:07

It's a two-bedroomed flat at a guide price of £55,000.

0:32:070:32:12

The big question is, will it need emergency surgery or be fit and ready for discharge?

0:32:120:32:18

Hammerton Hall has been extensively modernised, and is now made up of eight privately-owned flats.

0:32:180:32:25

More important, though, is the fact that in 2007 this flat sold for £170,000.

0:32:250:32:31

That's an amazing 115,000 more than the guide price it went to auction for this time round.

0:32:310:32:39

Nice room. I love the shape of this, I guess

0:32:400:32:43

that's what you get with flats that are converted from old buildings.

0:32:430:32:46

You've got the lovely windows there, floor-to-ceiling with the lead light in them. What this?

0:32:460:32:51

Yes, an en suite.

0:32:510:32:53

Looking good.

0:32:530:32:54

Second bedroom. Another sizable space and,

0:32:570:33:01

another en suite.

0:33:010:33:03

This is looking REALLY good.

0:33:030:33:06

This spacious two-bedroom flat seems to be in really good condition.

0:33:060:33:09

It might have storage heaters rather than central heating,

0:33:090:33:12

and the colour scheme may not be to everyone's taste, but there's a beautiful communal garden outside.

0:33:120:33:22

Two en suite bedrooms.

0:33:220:33:24

And a smart bathroom, all for a guide price of £55,000.

0:33:240:33:30

But something is not quite right here.

0:33:310:33:34

Another bathroom, there. Fab, fab, fab. And then through into

0:33:370:33:41

this, which is a large open-plan living area.

0:33:410:33:44

I mean what a gorgeous flat.

0:33:440:33:47

But there's a problem. And it's here

0:33:490:33:52

in the open-plan kitchen area.

0:33:520:33:55

I mean,

0:33:550:33:56

look at that. That's not good.

0:33:560:33:59

This is a really serious problem, because it's a leak which is coming

0:33:590:34:04

from the flat above here, you can see water has been dripping down.

0:34:040:34:08

It's caused the plasterboard in this place just to fall away, there's

0:34:080:34:11

water all over the floor that will be going down into the flat below.

0:34:110:34:14

Thankfully, most of the water is dripping into the sink,

0:34:140:34:17

otherwise goodness knows how many problems there would have been.

0:34:170:34:19

Theoretically, this is the responsibility of the management company of the building.

0:34:190:34:24

But you've got to get access to the flat above, so what if that's empty? What if you can't get in there?

0:34:240:34:28

You need to fix that, and you need to fix it soon. So maybe you could fix it from down here.

0:34:280:34:33

Maybe you could take this plasterboard down and there

0:34:330:34:35

are pipes, but how are you going to turn the water off?

0:34:350:34:37

Maybe you could freeze it. But they aren't your pipes to fix.

0:34:370:34:41

All in all, that is a big problem.

0:34:410:34:44

That's probably why the guide price was so low.

0:34:440:34:48

So, is this property a poisoned chalice or a solid gold investment?

0:34:480:34:54

I asked a local estate agent for his opinion.

0:35:000:35:02

The guide price was quite a low guide price, but I think

0:35:050:35:08

that's the impact of the apartments within the Sunderland market.

0:35:080:35:12

'In reference to the water damage in the kitchen, I don't think that's going to put any buyers off,

0:35:120:35:17

'because I think the asking price for the property was at a price

0:35:170:35:21

'where you'd expect to come in and do some work, generally, to the property, anyway.'

0:35:210:35:25

I'd put this property on the market for rent at a region of £500-£550 per calendar month.

0:35:250:35:33

That sounds pretty healthy.

0:35:330:35:35

What if the buyer decides to do it up for resale?

0:35:350:35:38

Once renovation has been carried out on this

0:35:380:35:41

apartment, I'd recommend an asking price of around about £100,000.

0:35:410:35:46

100,000? If a new owner snapped up the property close to the £55,000

0:35:460:35:52

guide price, they could make quite a profit, even after the cost of

0:35:520:35:56

repairing the leak and redecoration.

0:35:560:35:59

Not a bad afternoon's work.

0:35:590:36:01

Well, bearing in mind the financial history of this place, remember it was sold for

0:36:010:36:06

£170,000 around two years ago, the fact this had a guide price of £55,000 is almost unbelievable.

0:36:060:36:14

And yet, that would put a lot of people off.

0:36:140:36:18

And it's not necessarily going to be that easy to sort it out.

0:36:180:36:21

So, a bit of a gamble?

0:36:210:36:23

Let's find out who was willing to take it on when it went under the hammer.

0:36:230:36:27

This auction took place late in the day,

0:36:270:36:30

so there weren't many people around to bid.

0:36:300:36:33

Lot 179 in Sunderland.

0:36:330:36:35

Self-contained first floor flat.

0:36:350:36:37

Somebody bid me 40,000. In Sunderland.

0:36:370:36:39

40,000, may I say?

0:36:390:36:41

Thank you. 40, 41?

0:36:410:36:44

41, 42, 43, 44.

0:36:440:36:48

OK, 45, why not? 46. 47.

0:36:480:36:52

48.

0:36:520:36:54

49 and 50. 51?

0:36:540:36:57

No? Gentlemen standing back in the blue T-shirt at 50,000.

0:36:580:37:02

Is there 51 anywhere else? It's against you, sat down.

0:37:020:37:06

For the first time at 50.

0:37:070:37:09

For the second time at 50.

0:37:090:37:11

For the third and final time at £50,000, gentleman

0:37:110:37:16

at the back. We're all done?

0:37:160:37:17

Sold to you, sir.

0:37:170:37:19

So, after just 40 seconds, the flat was snapped up for £50,000, £5,000 below the guide price.

0:37:190:37:27

It was bought by Steven and his wife Carol, who run their own business in Sheffield.

0:37:270:37:32

They already have a small portfolio of properties which they rent out.

0:37:320:37:37

I wasted no time in asking them the crucial question on all our minds.

0:37:370:37:42

What about the leaking roof? When was the first time you discovered it, when you walked into the door?

0:37:420:37:45

-When we walked in today, yes.

-No!

-That's right.

0:37:450:37:48

-So, what did you think?

-What have we done?

0:37:510:37:54

Well, it's only cosmetic. It'll repair.

0:37:540:37:56

What do you mean, only cosmetic?

0:37:560:37:58

It'll not take much repairing.

0:37:580:38:01

-You hope!

-We hope.

0:38:020:38:04

If we can find where the leak is.

0:38:040:38:06

That's the issue, you see. Because it's up there somewhere, and you don't know where it is.

0:38:060:38:10

-That's the problem.

-Also, it might not be your pipes.

0:38:100:38:12

So you can't necessarily go mending it, can you?

0:38:120:38:14

True. Time will tell.

0:38:140:38:19

Let's hope it doesn't take too much time or money to fix this.

0:38:230:38:27

It's always risky not viewing a property before an auction,

0:38:270:38:29

even though Steve and Carol were buying on recommendation.

0:38:290:38:34

-A friend of ours had viewed it, but we hadn't.

-What did they say?

0:38:340:38:37

He was looking at it to buy for himself, and then things didn't work out.

0:38:370:38:42

So he showed interest in something else and

0:38:420:38:46

-we went for it.

-What did he say it was like?

0:38:460:38:49

He said that he couldn't believe that it would go for anything like

0:38:510:38:55

-50K, he thought it would go for a lot more money than that.

-Right.

0:38:550:38:59

And he didn't tell us about the leaking roof.

0:38:590:39:03

-He didn't tell you about the leaking roof?!

-No.

0:39:030:39:07

-Have you spoken to him since?

-Not very often.

0:39:090:39:13

So, what's the process for sorting this out, do you think?

0:39:130:39:18

I think we've got to establish where the leak is actually coming from.

0:39:180:39:21

So, the only way to do that is to take this ceiling down.

0:39:210:39:27

I don't think it'll need a lot of help to come down.

0:39:270:39:29

There's a danger, of course, that there's a million gallons of water up there.

0:39:290:39:32

That when you take the ceiling down, there's going to be a big gush

0:39:320:39:36

and this flat and the one below will get flooded.

0:39:360:39:38

Possibly.

0:39:380:39:41

Just bring a brolly!

0:39:410:39:42

So, what's the kind of timescale for sorting it out?

0:39:440:39:48

Start to finish, we hope six to eight weeks it'll be sorted.

0:39:480:39:51

And how much money have you put aside to sort things out?

0:39:510:39:54

Other than paying damages

0:39:540:39:57

-and compensation!

-Maximum 5K.

-5,000 quid?

-Yes.

0:39:570:40:01

I mean, intrinsically, it's a fantastic flat, isn't it?

0:40:010:40:03

It's a brilliant place, it's just this one issue that needs to be sorted out.

0:40:030:40:06

And then what's the plan for it? What are you going to do with it?

0:40:060:40:09

We hope to rent it out until the property market improves.

0:40:090:40:14

Right. Any idea how much you're going to rent it for?

0:40:140:40:18

The local estate agent said we could get, if we put reasonable-quality

0:40:180:40:22

furniture in it, round about £600 a month.

0:40:220:40:25

Wow! For a £50,000 investment?

0:40:250:40:27

-What a return, eh?

-Mm-hm.

-Brilliant.

0:40:270:40:30

So, is this going to spur you on to other investments of the like?

0:40:300:40:33

If it all goes smoothly.

0:40:330:40:35

Yes.

0:40:350:40:37

If we don't get too many lawsuits when we sort that out.

0:40:370:40:41

-Good luck.

-We might need it.

0:40:410:40:44

Well, there you go. It just goes to show the importance of looking at properties before you buy them.

0:40:450:40:51

And watch out, the residents of Hammerton Hall, when Steve goes prodding around with that ceiling.

0:40:510:40:58

Literally gallons of water could come pouring through.

0:40:580:41:01

You don't know what sort of things he's going to find.

0:41:010:41:03

However, let's face it. I think they've still got a bargain.

0:41:030:41:08

You can come back

0:41:080:41:10

to the soggy remains of Hammerton Hall later in the show.

0:41:100:41:15

In the property world, time is money.

0:41:180:41:21

So the aim is to work quickly and get things done.

0:41:210:41:24

So, have our new owners been successful or has time been their enemy? Let's find out.

0:41:240:41:30

We're back at Dinton Road in south-west London, where first-time property developer Basim

0:41:320:41:38

had bought a first-floor maisonette for 157,000.

0:41:380:41:42

But there was a surprise waiting for him in the back garden.

0:41:420:41:45

What did you think when you first saw the train line on your viewing?

0:41:480:41:51

I thought that it might be a problem.

0:41:510:41:55

But the estate agent said it is not like a big, big bad thing.

0:41:550:41:59

# Train kept a-rolling all night long

0:41:590:42:02

# Train kept a-rolling all night long

0:42:020:42:04

# Train kept a-rolling all night long

0:42:040:42:07

# Train kept a-rolling all night long... #

0:42:070:42:09

Basim still has a realistic attitude to the train track that runs outside his flat.

0:42:090:42:14

After all, it's something he can't change.

0:42:140:42:18

His intention was to spend between 15 and 20,000

0:42:180:42:23

getting the property back into shape and then sell it straightaway.

0:42:230:42:27

Although not spacious, the flat had four rooms and a tiny bathroom, with an unusual en suite kitchen.

0:42:300:42:37

The bathroom has been upgraded, with new fixtures and fittings.

0:42:390:42:42

And the kitchen has been turned into a utility room, housing a new central-heating boiler.

0:42:450:42:50

So, where is the kitchen now?

0:42:500:42:53

Well, it's in the rear reception room, transforming this dowdy,

0:42:530:42:57

dated space into a contemporary, stylish living area.

0:42:570:43:01

We've put the new kitchen in here, so what we can see that we have discovered is a very nice fireplace.

0:43:060:43:13

There used to be a sheet of plywood on it.

0:43:130:43:16

We took it out and then we found the nice tiles.

0:43:160:43:20

The fireplace has now been fully restored, and the room has become a relaxing, family-friendly space.

0:43:200:43:27

Although this has meant losing one room, the flat still has a decent-sized double bedroom...

0:43:270:43:33

..and a single room suitable for a child.

0:43:350:43:38

There is also a bright, spacious living room at the front.

0:43:410:43:44

So what is Basim most proud of?

0:43:440:43:48

The thing I'm most pleased with is the bathroom and kitchen, actually,

0:43:480:43:51

because they looked a really bad before that and now they look really, really nice.

0:43:510:43:55

And I think this is what differentiates any flat from other flats.

0:43:550:43:59

Most of the other rooms are basically rooms.

0:43:590:44:02

Now the kitchen is big. You can move around.

0:44:020:44:04

You can even have a dining table in there, where people have breakfast and stuff like that, for example.

0:44:040:44:09

So I think it made a huge difference and made the flat look more modern than what it used to be.

0:44:090:44:15

Did he manage to do all this within his initial budget?

0:44:160:44:20

I spent, overall, £18,000.

0:44:200:44:24

The only thing that I cut back on was the garden, where I was thinking of actually doing it all up.

0:44:240:44:29

The garden would indeed have been a challenge, but

0:44:290:44:32

for the sake of a quick turnaround, Basim has focused on the interior.

0:44:320:44:37

But it's not all been easy for him.

0:44:370:44:39

He has a very demanding job as an engineer,

0:44:390:44:41

so fitting in the refurbishment has put him under a lot of pressure.

0:44:410:44:46

A lot of times I was at work until ten o'clock,

0:44:460:44:49

finishing my work and then staying in the office doing this work, the paperwork and all the other stuff.

0:44:490:44:53

So then, for one month I think it was very, very difficult and very busy.

0:44:530:44:59

But now, once you've finished it off, you think,

0:44:590:45:03

"Thank God for that!"

0:45:030:45:05

Now that his time doing double shifts is over, what are his plans for the flat?

0:45:070:45:13

The plan right now for the property is to actually try to sell it and see how it goes.

0:45:130:45:18

If I get the price I want, then I will sell it.

0:45:180:45:20

If not, then I might rent it for a year or two years and then see how it goes afterwards.

0:45:200:45:25

I'm hoping to achieve £200,000.

0:45:250:45:27

And if I do achieve that, I'll be very happy.

0:45:270:45:31

I think that's the right price for it, which would give me a healthy profit.

0:45:310:45:34

What about his dad, who part-funded the purchase?

0:45:340:45:37

Is he in for a cut of the profit?

0:45:370:45:40

My dad? I think I'll try to take all my profit myself!

0:45:400:45:45

No! No, my dad is hoping to get some profit out of it, yes.

0:45:450:45:48

To get an idea of what Basim and his dad might pocket if the property

0:45:500:45:54

were sold, we asked two local estate agents for their thoughts.

0:45:540:45:58

Really like it. They've made a lot of use of the space.

0:46:020:46:05

'It's great that it's got its own garden, and it's a pretty good location as well.

0:46:050:46:11

'Being next to a train line is the kind of thing that will bother some people, won't bother other people.

0:46:110:46:17

'But you can overcome that by saying, look, if you want to live in London,'

0:46:170:46:20

you are either going to get road noise, plane noise or train noise.

0:46:200:46:23

You are in a cul-de-sac here,

0:46:230:46:24

so you're going to have no traffic noise,

0:46:240:46:26

and at the end of the day you do know when the trains are going to stop, whereas traffic is constant.

0:46:260:46:30

Looking at the property now, I think he's done very, very well.

0:46:300:46:34

Even with the train line there, I think he's done it to the right

0:46:340:46:37

standard and level that he will recoup all of his money.

0:46:370:46:40

There won't be a problem.

0:46:400:46:41

The train line is a negative, but then, most properties do have them.

0:46:410:46:44

Looking around, they have done a fantastic job on the re-plastering, re-wiring.

0:46:440:46:48

The kitchen and bathroom look really, really great.

0:46:480:46:50

They've done a really good job.

0:46:500:46:52

The movement of the kitchen from where it was now has given

0:46:520:46:55

a proper kitchen, a functional kitchen, which is perfect. I like it a lot.

0:46:550:46:59

If Basim were to put this on furnished flat on the rental market, what kind of return could he expect?

0:46:590:47:06

If I had to put it on the rental market, I would ask

0:47:060:47:09

£950 per calendar month and hope to achieve around the £900 mark.

0:47:090:47:13

If I were putting the property up for rent, I believe it would achieve around £850 per calendar month.

0:47:130:47:18

At around 6%, that's a decent yield.

0:47:180:47:23

It could tempt me to rent, but the problem with renting

0:47:230:47:27

is that if I do it, the money is stuck in one place,

0:47:270:47:30

whereas if I sell, I can keep using the money for other projects.

0:47:300:47:34

He bought the flat for 157,000

0:47:380:47:41

and spent £18,000 refurbishing and decorating it.

0:47:410:47:44

So if he was to stick to his original plan of selling it quickly,

0:47:440:47:49

what return might he get on his £175,000 investment?

0:47:490:47:54

If I was putting this up for sale,

0:47:540:47:57

I'd put it up for 199,950, looking to take an offer of about £195,000.

0:47:570:48:03

If I had to put the property up for sale, I'd put it on the market for £199,950.

0:48:030:48:09

Obviously, 200 is perfect for me. If I get that, I'll be very happy.

0:48:090:48:13

So, after four and a half months of hard work, Basim and his dad can see

0:48:140:48:19

a potential pre-tax profit of nearly £25,000.

0:48:190:48:23

Has he caught the property-developing bug?

0:48:260:48:28

I think the learning experience was very, very enjoyable.

0:48:280:48:32

At some points, of course, I was thinking, "Why did I do this?

0:48:320:48:35

I should have just stayed working in my normal full-time job."

0:48:350:48:38

I would do this again. With a bigger project, actually.

0:48:380:48:42

I'm hoping the next one will be my own house.

0:48:420:48:46

We've returned to Sunderland, where Sheffield-based couple Steven and Carol bought

0:48:500:48:56

a two-bedroom flat in Hammerton Hall sight unseen for only 50,000 quid.

0:48:560:49:02

The catch was that the open-plan kitchen was turning into

0:49:020:49:06

open water thanks to a leak from the ceiling above.

0:49:060:49:10

There is a danger, of course, that there's a million gallons of water up there, that when

0:49:100:49:14

you take the ceiling down there's going to be a big gush and this flat and the one below will get flooded.

0:49:140:49:20

Possibly.

0:49:200:49:22

Since that meeting, events have worked out largely to Steven and Carol's benefit.

0:49:220:49:27

Their bargain-priced flat did not need a great deal of work to make it ready for the market.

0:49:270:49:33

The only issue was what to do about that leaky ceiling.

0:49:330:49:37

The leak?

0:49:370:49:39

It wasn't as bad as we thought it was going to be, actually.

0:49:390:49:41

When we did eventually get into the place, there was mushrooms growing on the wall.

0:49:410:49:48

Obviously, the floor was very badly damaged.

0:49:480:49:50

But we knew it could be mended, we knew we could get contractors in to deal with it.

0:49:500:49:55

So, hey, we knew we'd got a good bargain.

0:49:550:49:58

We ended up getting an emergency plumber out, expected there'd be a pipe there that needed repaired.

0:49:580:50:04

When he took the ceiling down, there wasn't a pipe, so we found that the leak was coming from the flat above.

0:50:040:50:09

After contacting the property's management company,

0:50:090:50:13

Steven discovered the whole building was covered by insurance.

0:50:130:50:17

An assessor came round to gauge the damage.

0:50:170:50:20

We had an original estimated budget of about £5,000.

0:50:200:50:25

The insurance came back to us and made us an offer in cash

0:50:250:50:31

or they would appoint a contractor to go ahead and do all the repair work.

0:50:310:50:35

We took the cash offer and got the work done ourselves.

0:50:350:50:40

And that covered more or less everything, really.

0:50:400:50:42

I can't wait any longer. Let's have a look at the new kitchen.

0:50:420:50:45

This is where most of the damage was.

0:50:450:50:48

The ceiling was down here,

0:50:480:50:51

the water coming through the light fittings, dripping onto here.

0:50:510:50:56

Damaged all the floor. And also, the floor in there was...

0:50:560:50:59

was a mess.

0:50:590:51:02

That beautiful oak flooring was in a sorry state before, but now it's come up a treat.

0:51:020:51:08

When the contractor came in, he had to remove this wall,

0:51:080:51:12

take these units out.

0:51:120:51:14

He managed to save the tiles. Repaired the kitchen units.

0:51:140:51:18

And he suggested, rather than try to match the floor, that we tile the floor.

0:51:180:51:23

And we've just put ceramic tiles down.

0:51:230:51:26

So that saved a chunk of the budget, really.

0:51:260:51:30

And we're quite pleased with it. It works well.

0:51:310:51:34

# I should be so lucky, lucky, lucky, lucky

0:51:340:51:37

# I should be so lucky in love... #

0:51:370:51:41

Steven and Carol have certainly been lucky.

0:51:410:51:45

They've got a fabulous new kitchen all covered by that insurance claim.

0:51:450:51:49

This means that they haven't had to dip into the £5,000 pot they set aside to do the work.

0:51:490:51:55

And their good fortune doesn't end there.

0:51:550:51:58

There was a bit left over from the insurance, so that went

0:51:580:52:01

towards some of the painting and things.

0:52:010:52:03

But with regards to the rest of it, probably about 1,500 we've spent.

0:52:030:52:08

Most of this money was spent on sprucing the place up,

0:52:080:52:13

re-plastering the walls, fitted carpet and new furnishings for the living room and bedrooms.

0:52:130:52:19

But it hasn't all been plain sailing in this Sunderland flat.

0:52:220:52:26

The couple had been project-managing the whole operation from Sheffield, where they live.

0:52:260:52:31

Managing it from 120, 130 miles away is difficult.

0:52:320:52:36

You can't just nip out in a morning, meet someone and go back to work.

0:52:360:52:40

It's a full day's job

0:52:400:52:43

and we've had to stay in hotels overnight and things whilst

0:52:430:52:46

we've been here getting some of the repair work done and some of the painting done etc, etc.

0:52:460:52:51

What are their plans now?

0:52:510:52:55

We intend, short term, to rent it out.

0:52:550:52:58

Next two or three years, see what happens to the markets.

0:52:580:53:00

We think we it got a bargain when we bought it at 50.

0:53:000:53:04

We were very, very surprised when we came in and saw what we'd got.

0:53:040:53:07

We hope that it's worth at least double that now.

0:53:070:53:12

We don't really want to sell it, but if someone came in with the right offer, we'd perhaps look at it.

0:53:120:53:17

But at this moment in time, we think the rental market is the best option for us.

0:53:170:53:22

Steven and Carol snapped up this property for an amazing £50,000.

0:53:240:53:29

Thanks to the insurance claim, they've only spent around £1,500 doing it up.

0:53:290:53:35

Altogether, that is still £3,500 below the auction guide price.

0:53:350:53:40

So, what do two local estate agents think of the flat now?

0:53:400:53:45

'I think they have done it to a really, really good standard.'

0:53:460:53:49

I think it's nice and fresh when you come in.

0:53:490:53:52

Obviously, the new carpets, new decor, it really looks good.

0:53:520:53:55

'I think they've utilised the space really well.

0:53:550:53:58

'I think the lounge is a good example of that, and the fact that your master bedroom,

0:53:580:54:02

'you can get a good-sized bed in there and you still have space for the wardrobes and things.'

0:54:020:54:07

My first impressions of the apartment are

0:54:070:54:09

it's of an excellent size, it's got a lot of period feature.

0:54:090:54:15

'It is nicely specced up, it's got good-quality fittings in.

0:54:150:54:18

'It's in a Grade II listed building.

0:54:180:54:20

'So it still retains a lot of its character.'

0:54:200:54:24

It's a lovely apartment.

0:54:240:54:27

They bought the flat with the intention of renting it out, so what rental could it earn?

0:54:270:54:32

This would rent out on the market at the moment at around about £495 per calendar month.

0:54:320:54:39

The rental valuation on this particular property

0:54:390:54:43

would look to be around £550 per calendar month.

0:54:430:54:46

It seems their good fortune here continues.

0:54:460:54:50

That's a very decent 12% yield.

0:54:500:54:54

-OK.

-That's about right. The second one.

-We thought a bit more.

0:54:540:54:58

-Yeah.

-We thought furnished, we thought 550, 575, just under the 600.

0:54:580:55:03

If they were to put this apartment back onto the market, how much could they get for it?

0:55:030:55:09

Resale valuation of this flat at the moment would be around £100,000, £110,000.

0:55:110:55:18

In a good market, this is potentially going to be worth 100,000 plus.

0:55:180:55:24

At this moment in time, the market isn't fantastic, but I would still imagine

0:55:240:55:28

it's going to carry an asking price of around about £100,000.

0:55:280:55:33

So, they have potentially doubled their money in just three and a half months.

0:55:330:55:37

Impressive. They must be well chuffed about that.

0:55:370:55:40

-Yes.

-For what we've paid, we're winning.

0:55:420:55:44

-Very pleased.

-We're very pleased with it, aren't we? Yeah, that's great.

0:55:440:55:47

With such great rental and resell returns on their investment, are they tempted to cash in now?

0:55:490:55:55

I think we'll run the market a couple of years and see what happens to the market, really. We think that

0:55:550:56:03

things can only go up, really.

0:56:030:56:04

I'm satisfied with the

0:56:040:56:07

valuation but greedy!

0:56:070:56:09

We were lucky, I guess, buying it the way we bought it,

0:56:090:56:12

and lucky that we got the insurance claim, which paid for it all as well. So we've done very well.

0:56:120:56:18

It is a win/win situation for us,

0:56:180:56:20

especially on this time. But it doesn't always happen.

0:56:200:56:23

In fact, Steven and Carol have found a tenant and are now

0:56:230:56:27

renting the flat out at £550 per calendar month.

0:56:270:56:31

so their luck is still very much in.

0:56:310:56:34

# I should be so lucky, lucky, lucky, lucky... #

0:56:340:56:38

Well, that really is it for today's properties.

0:56:390:56:42

-Join us next time for more Homes Under The Hammer.

-We'll see you then.

-Goodbye.

-Goodbye.

0:56:420:56:47

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0:57:040:57:07

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