Episode 12 Homes Under the Hammer


Episode 12

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Transcript


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Hello, we find property absolutely absorbing.

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Yes, in order to do well, you must buy at the right price.

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And one way to do that is to buy your next home under the hammer.

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You need to do your homework if you buy at auction,

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but once it's proved the one for you, you could get a real bargain.

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So I wonder if there are any bargains on today's show. Let's find out.

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This terraced house in Devon is full of character,

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but the kitchen's a bit of a shock.

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You're not going to believe it because this... is it.

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In London, this house has already had some DIY.

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Somebody's done some modern adaptions. Double doors leading through to the lounge.

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And this two-bed bungalow in Leeds

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has a lounge, a kitchen, plus a paved garden.

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What we haven't got is any plaster. That's a bit unusual.

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All these went to auction. We'll find out who bought them and what they paid

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when they went under the hammer.

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And it's sold.

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The first property we're looking at today is in Okehampton,

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North Devon.

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The auction catalogue describes the property as "handsome",

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which definitely sets it up for a bit of a fall.

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The big question is,

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will it be mildly attractive or devilishly good-looking?

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Well, from the outside,

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I don't think it would stand up that well in a beauty pageant.

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Maybe it gets better inside. Let's take a look.

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# I am beautiful no matter what they say

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# Words can't bring me down... #

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With an exterior that's a little rough around the edges,

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the house went to auction with a guide price of £125,000.

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This conservatory that sits in front of the living room

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looks like it's on its last legs.

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It certainly needs some attention.

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And those upstairs windows don't look too hopeful either.

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Let's hope it's better inside.

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Nice big hallway.

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Er, ooh, look at these floorboards as well. That's a good start.

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Ooh, exciting!

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It is the simplest things that get me going in a house like this.

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For instance, I know that underneath the paint on here

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is a gorgeous pine door just waiting to get out.

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And things like this, the original skirting boards here.

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You don't see this height in modern skirting boards.

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Again, strip those back, it'll be lovely.

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But look at this. Fantastic old fireplace. And I just wonder...

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Oh, look at that. Absolutely beautiful.

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Plenty of plusses in the living room,

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but there's also a downside.

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These doors that lead out onto the ramshackle sun room

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don't do the room any favours at all.

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It needs to be addressed.

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Maybe a stylish conservatory that's an integral part of the room could be built at the front.

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But the good news is the character of the house.

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What else does the property have to offer?

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So, through to the rear of the property, where you would expect to find the kitchen.

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But you don't. This is almost like a dining room.

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Nice views out of the windows, again, beautiful floorboards.

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But the kitchen, well, you're not going to believe it,

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because this... is it.

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No, really.

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And it gets worse.

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Because this is the nearest thing to a bathroom that the property has.

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Well, they say, "If you can't stand the heat, get out of the kitchen."

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If you can't stand the heat in here, you can always hop in the shower.

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# If you can't stand the heat Keep out of the kitchen... #

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The auction catalogue described this as a three-storey property,

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but the third level is not up in the loft, it's down in the basement.

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It's a fair-size space down here,

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and with natural light coming in,

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could be ideal to convert into another room, a utility area, maybe.

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Or what about a huge wet room,

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as that shower in the kitchen has to go?

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It gets even weirder because halfway up the stairs is the loo.

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Now, I personally think this is disastrous.

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It's dangerous because you've got this very small area outside it, it doesn't work.

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It reminds me of that song, Halfway Down The Stairs Is The Stair Where I Sit.

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# Halfway down the stairs Is a stair where I sit... #

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So what are we going to do about it?

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Well, you've got to try and get a bathroom upstairs.

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Thankfully, there is a lot of space up here,

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and I think with some rejiggling, you could get your bathroom up here.

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Frankly, you've got to, haven't you?

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There is enough space to do that,

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but I'd hate to eat into this lovely landing.

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So much light comes in here, making it a great bonus.

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The character continues in the three bedrooms.

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The largest two have lovely fireplaces,

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and the views from the windows are tremendous.

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The garden could do with attention, and some grass wouldn't go amiss.

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The windows and the wall need some work as well,

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and I'd definitely change the colour scheme.

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One thing to be aware of is the shared access at the back.

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You'd have to get on with your neighbours, as they'll be traipsing through to put out their rubbish.

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I've invited a local estate agent

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to come and see this Okehampton property.

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The location's good, with easy access to the coast and the A30,

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but how does the property compare to others locally?

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I think it's nice house,

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It's got a nice, warm feel about it,

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and it's going to make somebody a good family home.

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It would need a new kitchen, new bathroom,

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and decorating, and just basically upgrading.

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OK, let's talk figures. The property went to auction guided at £125,000.

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But once it's had some money spent on it,

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how much could it be worth if resold?

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And what rental income could it generate?

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Because it's situated in a nice location,

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rental would be quite popular,

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and I think it could achieve in the region of £600 per calendar month.

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If I was going to re-market this property, I'd put it on the market at £189,950,

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with an absolute bottom line figure to achieve £180,000.

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Well, such a lot of house for that guide price, and I love it.

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It's quirky, it's unusual, beautiful views and a nice area.

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Obviously needs sorting out, especially the whole bathroom and toilet situation.

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But a great opportunity.

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Let's see who fell in love with it

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and bought it when it went to the auction.

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Character house, Okehampton,

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right at the top of the town.

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Nice garden, lovely view out the front.

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Paddocky bit there. Private lane.

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Really, really pretty. Just got something about it.

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Who's going to say to us, er, £125,000? It's not a bad shout.

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125.

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120?

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It's a nice house. 110 is as low as... 110. Thank you. At 110.

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At 110. 112.

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115.

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118.

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120. 120.

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At 120.

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122. 124.

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124?

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126.

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At 126. 128. 128.

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130.

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At 130.

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It's a lovely spot. At 130 once.

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At 130 twice.

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At 130, are you sure and done?

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500 will do it, but at 130 it's going to be sold. You're missing one. At 130.

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-GAVEL

-That's a nice house.

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That final successful bid of £130,000

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was made by Andy and his partner Ingrid.

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Andy is a carpenter and site manager

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while Ingrid's a swimming teacher.

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I met them to see if they'd be able to keep their heads above water on this project.

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Lovely to meet you. Congratulations. Why did you want to buy the house?

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Well, it's, er very nice, um, period features,

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and we knew the area, we used to live down the road.

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And we'd come back from France recently and saw it

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and just fell in love with it.

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So have you bought it to live in?

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Yeah, it's going to be our home, as well as a project, yeah.

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-So tell me more about you two.

-I'm a carpenter and I trained as a site manager as well.

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Um, for the last 18 months,

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we've taken some time out to do a couple of ski seasons up in the Alps,

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and some time out to do a little bit of travelling as well.

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When they left, the market was at its peak.

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But just 18 months later, a character property like this has become more affordable.

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What was it about the house that you particularly loved?

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I love the space, it feels really elegant because it's quite big,

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and, like Andy said, we've got the period features as well, all the fireplaces.

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It's got a nice feel about it.

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Just immediately, on walking in, it felt like a really nice house.

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Obviously, as Andy explained, we knew the location,

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so really positive.

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So, I mean, quite a challenge. Is it daunting at all?

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Um, no, cos Andrew's a carpenter,

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and he's done a lot of renovations before for other people.

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So actually, it's quite exciting.

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We're looking forward to owning it and being able to do what we want.

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What are you planning to do with it?

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-I'm planning to add a bathroom downstairs.

-Where?

-In the basement.

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And then, create a bathroom downstairs,

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and a kitchen in the dining room.

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Why the bathroom right at the bottom of the house?

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We don't particularly want to break up the bedrooms

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because we'll lose space in the bedrooms,

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and it sort of loses part of the character of the house as well, which we love.

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What about the loo on the stairs?

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Really weird, but are you going to keep that?

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-Definitely.

-We love it.

-You love the loo on the stairs?

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It's a bit quirky, isn't it?

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And having the bathroom in the basement, we really need something upstairs.

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Especially if we resell it and a family wants to buy it,

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the children can go to the toilet at night

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without going all the way to the basement.

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Whilst the quirky loo location is a feature they can live with,...

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Strange place to have a toilet.

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..the same definitely can't be said about the shower.

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Bit bizarre, to be honest.

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Um, having a shower in the kitchen is nothing I've seen ever before.

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So that's a bit quirky,

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but generally the rest of the house layout is a good layout, I think.

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Tell me what you're going to do

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to restore some of the original features.

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The fireplaces upstairs, we're going to take out and have them sandblasted

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so they go back to the metal, and then have them blackened so you can see all the detail.

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The fireplace in the living room, we'll clean the tiles on the inside,

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the original tiles, and replace the ones on the hearth

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with a beautiful emerald green-type colour.

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The floorboards, we're going to sand,

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just keep them as they are and sand them and give them a lacquer.

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And just, yeah, just kind of take it back to its glory, really.

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The house has plenty of lovely features and real character.

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I get the impression that Andy and Ingrid

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are really keen to restore this period property sensitively.

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So much so that they plan to spend up to a year on the renovation while they live here.

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But it's going to be quite a challenge.

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What are you going to do about the front of the house? Cos it's a bit shoddy.

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Yeah, we're going to replace all the wood and re-glaze it,

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put new panels up on the roof,

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just bring out the character of the house.

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What money have you set aside for renovations?

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Around about £10,000 to put into it,

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but we want to work on a tight budget

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so we'd like to save some of our money.

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A lot of work to do for £10,000. You sure you can do it for that?

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I know it sounds a very unrealistic budget,

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um, but most of the work will be done ourselves.

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And I used to work in this area,

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so I've got friends which I can pull in to save the cost,

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cos it's usually labour costs which span out instead of materials.

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Congratulations. Good luck and look forward to seeing how you get on.

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Thanks very much.

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So, Andy and Ingrid, truly delighted with their purchase,

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and quite right too.

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I think they got a great buy at that price.

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However, there is a lot of money to spend sorting this place out,

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and it could be a money pit.

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They'll have to watch their budget.

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Find out how they get on later in the show.

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I'm in Clapton, East London,

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an area which hasn't always been considered the most desirable.

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However, with good transport links into the city

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and some charming period properties lining the streets,

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it could be about to gain a new lease of life.

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The property I'm here to see is in Lower Clapton.

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It's a Victorian end-of-terrace,

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it's got a guide price of £170,000 plus.

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Now, a lot of this area looks much like it did

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when it was first developed in the second half of the 19th century.

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Let's see if there's anything left of the Victorian era in this place.

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Well, the exterior is in pretty fair condition

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with these lovely sash windows.

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The property definitely has some appeal.

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So inside, it's quite typical of a Victorian terraced house.

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It's not absolutely bursting with features,

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but you've got this nice dado rail here

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and this lovely curved wall,

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and quite an interesting staircase with some nice sort of spindles.

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But interestingly, someone's done some modern adaptions.

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Look, double doors leading through to the lounge.

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And somebody's already knocked through here.

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You can see this arch.

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So it makes it an incredibly huge entertaining space.

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There's no lovely Victorian fireplace

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but you have got this beautiful bay window here with gorgeous sashes.

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So once you've done this room, it could look quite nice.

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I'm just wondering, where's the kitchen?

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There's a lot to be done here.

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I'd lose this flooring, for a start.

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There could be original floorboards underneath, which would be a great feature.

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# Tell me That you'll open your eyes... #

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A property like this requires you to look at it through developers' eyes

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to imagine the potential.

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OK, well, apart from this house needing a complete overhaul,...

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I mean, look at the state of this kitchen. Frankly, it's a dump.

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..I think there is so much space to play with, and it quite excites me, actually.

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One thing I'd do would be to knock this wall down here

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and have a kitchen-diner,

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and I would probably put that wall back up in the lounge area

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so you could have this as a lovely big kitchen-dining space.

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Though you could get a table and chairs here.

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What I really like is that it's got a door and you can go straight out to the back garden.

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Sounds promising, let's take a look.

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Garden? More like back yard, I think,

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which could appeal to a professional couple

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with not much time for watering the roses.

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As a family home, I think you'd find this outside space a bit restrictive.

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It's small. So a bit disappointing on the outside front.

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There's another tiny strip of land just to the side of the kitchen,

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up to the neighbours' fence, but it's not very big,

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and I'm afraid there are no far-reaching views from this garden.

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Upstairs in this three-bedroom house that's guided at £170,000,

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bedroom two overlooks the yard and is not huge.

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But it appears as though the bathroom suite could be salvaged.

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Up here, you've got bedroom number two.

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Again, you could call it a double. Bit on the small side.

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And this is the master bedroom.

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Now, pretty impressive.

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You've got loads of space here, this beautiful bay window with the sashes.

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Needs a bit of work.

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All in all, a fair bit of space to play with,

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and you've got the potential to go up into the loft.

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Loft conversions aren't cheap, so you'd want to add perhaps two bedrooms up there

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and I'm not sure if it would be worth it.

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But Clapton is attracting a lot of interest, so it might be a favourable time to buy here.

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To find out if this area is moving up in the world,

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I asked a local estate agent for his assessment.

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The street still has a way to go.

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There are three or four, a small network of roads round here that are better.

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But there's only so many houses on those streets,

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so this will move into that category sooner or later.

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And what about this house? What's his advice about changing layout? Is it a good idea?

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I think you shouldn't mess with these houses too much.

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I think you should leave them as they are.

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They were designed the way they were because that's the best way.

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Most people that buy them really want them to have that period feel.

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The more you mess with them, the less desirable they become.

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Once this place has had a full refurbishment,

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leaving aside any loft conversion,

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how much would it be worth?

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Once the house is finished to a reasonably good standard,

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depending what you do with the house,

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you'd be looking at somewhere in the region of £375,000 to £380,000.

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Could this be a viable rental?

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It is only two double bedrooms.

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The third bedroom, I'd call more of a study than anything else.

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And whilst it remains to be a study,

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you would only be able to rent this for in the region of £330 to £350 a week.

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That could mean a monthly rental income of between about £1,300 and £1,400.

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So a great house.

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A lot of work, but structurally, well there doesn't seem to be anything alarmingly wrong with it.

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It just needs a total overhaul.

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Let's see who snapped this up at the auction.

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Er, Clapton, E5.

0:19:170:19:20

Three-bed, end-of-terrace house.

0:19:200:19:22

Start 150 on this and go up.

0:19:220:19:25

150 down here.

0:19:250:19:27

155?

0:19:270:19:28

155.

0:19:280:19:30

160.

0:19:300:19:31

165.

0:19:310:19:32

170.

0:19:320:19:34

175.

0:19:340:19:35

180.

0:19:350:19:37

185 with you.

0:19:370:19:39

190.

0:19:390:19:41

190. 195.

0:19:410:19:42

200.

0:19:420:19:44

205.

0:19:440:19:45

210.

0:19:450:19:47

215.

0:19:470:19:48

220.

0:19:480:19:50

225.

0:19:500:19:52

230.

0:19:520:19:53

235.

0:19:530:19:56

240.

0:19:560:19:58

245.

0:19:580:20:00

245.

0:20:000:20:02

250.

0:20:020:20:03

255.

0:20:030:20:06

260.

0:20:060:20:07

265.

0:20:070:20:09

270.

0:20:090:20:11

275.

0:20:110:20:12

280.

0:20:120:20:14

285.

0:20:140:20:16

290.

0:20:160:20:18

295.

0:20:180:20:20

300.

0:20:200:20:22

305.

0:20:220:20:24

305.

0:20:240:20:26

310.

0:20:260:20:28

311.

0:20:280:20:30

Have a think.

0:20:300:20:31

311. New spot.

0:20:310:20:33

It's cheap. 312.

0:20:330:20:35

312

0:20:370:20:39

313.

0:20:390:20:41

You can't bid once and that's it.

0:20:410:20:44

Er, where am I? 313.

0:20:440:20:46

313. 314.

0:20:460:20:48

You're back in. 314.

0:20:480:20:50

315.

0:20:500:20:52

316.

0:20:520:20:54

317.

0:20:540:20:56

318.

0:20:580:21:00

319.

0:21:000:21:02

319? 320.

0:21:020:21:04

319. First time.

0:21:060:21:08

As long as you bid again.

0:21:080:21:10

320.

0:21:100:21:12

321.

0:21:120:21:14

322?

0:21:150:21:17

321. First time, second time, third and last time if you're done.

0:21:170:21:22

-GAVEL

-Sold. 321. Well done.

0:21:220:21:25

Goodness, that's staying power for you.

0:21:250:21:27

That final bid of £321,000 came from Phil and Genevieve.

0:21:270:21:34

After graduating from art college,

0:21:340:21:36

they set up their own spatial design company,

0:21:360:21:39

and have lived in nearby Hackney for three years.

0:21:390:21:42

Apart from their own home, the couple have renovated two other properties.

0:21:420:21:47

They sold one and are currently letting out the other.

0:21:470:21:50

I caught up with them at their latest purchase to find out the plans.

0:21:500:21:55

-Congratulations, Genevieve, Phil.

-Thank you.

0:21:550:21:58

-Well done.

-Yeah, it's exciting.

0:21:580:22:00

You paid £321,000. Bit different from the £170,000 guide price.

0:22:000:22:05

Yeah, it was. But I think we knew the market,

0:22:050:22:08

we know this area very well, we know the market value,

0:22:080:22:11

so even though it went quite a bit above what we hoped for,

0:22:110:22:15

it's still within an OK range for us to make a profit, hopefully.

0:22:150:22:19

Phil, tell me about your background in design.

0:22:190:22:22

Well, I have a... I'm a sculptor by trade,

0:22:220:22:25

so I began sculpting in bronze and stone.

0:22:250:22:30

So, for this project, particularly,

0:22:300:22:32

while we'll be designing the house as a whole,

0:22:320:22:36

I'll also be doing some stonework.

0:22:360:22:38

For example, we'll be reinstating the fireplace, putting in a new fireplace in stone.

0:22:380:22:44

So, what are we going to see when we come back?

0:22:440:22:47

-You may not see bronze, depending on how things work out.

-On budget.

0:22:470:22:51

But you certainly will see some stonework around the place.

0:22:510:22:54

Um, Genevieve will be designing a new staircase.

0:22:540:22:58

Yeah. A lot of the original features have been ripped out.

0:22:580:23:01

We haven't been left with much inside, so lots to play with.

0:23:010:23:05

So the staircase when you come in,

0:23:050:23:07

well, it's quite rickety and a bit falling apart,

0:23:070:23:10

so we'll put in a statement staircase as the initial thing you see when you come in,

0:23:100:23:15

then basically open up the living space to get as much light in as possible.

0:23:150:23:19

We're going to keep the kitchen separate, with bi-fold doors and a picture window

0:23:190:23:24

to get as much light into the kitchen as possible.

0:23:240:23:27

Wow. Phil and Genevieve have some inspirational ideas.

0:23:270:23:31

Sounds like they're really going to use their design expertise

0:23:310:23:35

to put their own, individual stamp on the place.

0:23:350:23:38

Does Phil intend to do any of the work himself?

0:23:390:23:43

I will be doing some of it.

0:23:430:23:45

Er, but for a lot of the work, we'll be getting guys in.

0:23:450:23:49

Talk me through what's going to happen upstairs.

0:23:490:23:52

The three bedrooms are staying as they are.

0:23:520:23:55

We'll take out the mouldy, gross carpet, and sand down the floors.

0:23:550:23:58

Interior design is what will happen with them,

0:23:580:24:01

whereas the bathroom, we'll shift some of the walls to get more space.

0:24:010:24:05

Let's get number-crunching. What's your budget?

0:24:050:24:08

Our budget is £30,000.

0:24:080:24:10

We'll get a carpenter to make bespoke cabinets for the kitchen

0:24:100:24:14

so a lot of the cash will go into the kitchen.

0:24:140:24:17

-You're very passionate about this house, aren't you?

-We are.

0:24:170:24:20

-What is it that you love?

-We always like to renovate Victorian houses.

0:24:200:24:24

When we saw the facade, we just loved it.

0:24:240:24:27

So anything that's a complete doer-upper, that we can change the space and redesign,

0:24:270:24:31

is something we're interested in.

0:24:310:24:33

I shouldn't say this, but I think it's going to look stunning. Good luck.

0:24:330:24:38

-I can see you're excited by it. Well done.

-Thank you so much.

0:24:380:24:41

-Thanks a million.

-Thanks, Phil.

0:24:410:24:43

Genevieve and Phil have got pretty ambitious plans for this place.

0:24:490:24:53

If anybody can breathe life into this house and give it the contemporary edge it needs, it's them.

0:24:530:24:59

I just hope they don't get carried away and spend more than they should,

0:24:590:25:03

even though I am sure this house is going to look fantastic.

0:25:030:25:08

Join me later in the programme and see what happens.

0:25:080:25:11

Coming up, this bungalow in Leeds has some work to finish off,

0:25:120:25:15

but what goes where?

0:25:150:25:17

Sitting room? Bedroom, perhaps? Hm.

0:25:170:25:21

Back in London, what will this design team create?

0:25:220:25:25

We found when we stripped the paint off from 150 years ago,

0:25:250:25:29

it was beautiful underneath, so we decided to keep it.

0:25:290:25:33

But first in Devon, did skiers Andy and Ingrid find this refurb all downhill?

0:25:330:25:39

This house really needed a lot of work.

0:25:390:25:41

Time now to return to Okehampton in Devon.

0:25:440:25:47

Earlier in the programme,

0:25:470:25:48

Andy and Ingrid had paid £125,000 for this unusual mid-terrace.

0:25:480:25:54

Apart from a tired old conservatory at the front,

0:25:540:25:57

it had a tiny kitchen with a shower in it,

0:25:570:26:00

a loo halfway up the stairs, and a cellar.

0:26:000:26:04

Andy's a carpenter who's done several refurbishments for other people.

0:26:040:26:08

Ingrid's a swimming teacher, and they were certainly about to take the plunge here.

0:26:080:26:13

What are you planning to do?

0:26:130:26:15

I'm planning to add a bathroom downstairs.

0:26:150:26:18

-Where?

-In the basement.

0:26:180:26:20

And then create a bathroom downstairs and a kitchen in the dining room.

0:26:200:26:25

So why the bathroom right at the bottom of the house?

0:26:250:26:28

We don't want to break up the bedrooms

0:26:280:26:31

because we'll lose space in the bedrooms,

0:26:310:26:33

and it loses part of the character of the house, as well.

0:26:330:26:37

Andy and Ingrid plan to take a year for the project,

0:26:370:26:40

however they spend the winter working for a ski chalet company in the French Alps,

0:26:400:26:44

so it's been a bit stop and start.

0:26:440:26:47

16 months later we met up again with the couple,

0:26:470:26:51

and congratulations are in order

0:26:510:26:53

because since we last saw them, they've tied the knot.

0:26:530:26:56

So what's changed, property-wise?

0:26:560:26:59

Well, the house has been painted,

0:26:590:27:02

and it now blends in far better with the neighbours.

0:27:020:27:05

Whilst inside, they've done the sensible thing

0:27:060:27:09

and relocated the kitchen to the old dining room,

0:27:090:27:12

and kitted it out with all mod cons.

0:27:120:27:15

The former kitchen is now a utility room with a new boiler installed,

0:27:160:27:21

and yes, the shower has gone.

0:27:210:27:24

Upstairs, apart from a few finishing touches,

0:27:260:27:29

the bedrooms are almost ready for use.

0:27:290:27:31

And the neutral colour scheme

0:27:360:27:37

has made these rooms feel fresh and spacious.

0:27:370:27:41

So in here, when we took the wallpaper off,

0:27:450:27:48

the plaster was coming away, so Andy re-plastered all the walls,

0:27:480:27:51

and we've decorated, and the floors have been sanded and lacquered,

0:27:510:27:55

and we've sandblasted the fireplaces

0:27:550:27:58

and put them back in their original place.

0:27:580:28:01

The landing also looks stunning,

0:28:010:28:03

with the waxed floorboards and the glossed staircase.

0:28:030:28:06

But where's the bathroom?

0:28:060:28:08

Well, they've kept that quirky but practical toilet

0:28:080:28:11

on the halfway landing,

0:28:110:28:13

but the bathroom itself is a bit further away,

0:28:130:28:16

and is still work-in-progress.

0:28:160:28:18

We decided to put the bathroom in the basement

0:28:200:28:22

to avoid cutting into the rooms upstairs.

0:28:220:28:25

We also decided we needed to make it special

0:28:250:28:28

because people have got to go down an extra level to get to it.

0:28:280:28:31

We decided to build a shower like a wet room,

0:28:310:28:35

re-use some old roofing slates, which have come up beautifully.

0:28:350:28:38

We're really pleased with it.

0:28:380:28:40

Andy had to dig down two feet

0:28:400:28:42

to maximise the head height down there,

0:28:420:28:44

and the walls have had to be tanked as well.

0:28:440:28:47

But it's not just the bathroom

0:28:470:28:49

that's still going through its makeover.

0:28:490:28:51

Back on the ground floor, the hall and living room have been completely replastered

0:28:510:28:56

and are just waiting to be redecorated and finished off.

0:28:560:28:59

Through those French doors are signs that Andy has put his carpentry skills to good use.

0:28:590:29:05

This conservatory, I built last year before going off to the Alps.

0:29:050:29:08

The way I styled it was slightly mimicking what was there originally.

0:29:080:29:13

With this detailing, what I've done is,

0:29:130:29:15

the stop chamfers are the same distance apart from the glazing bars

0:29:150:29:22

and just try and basically keep it the same as it was

0:29:220:29:26

but in a good condition.

0:29:260:29:28

I think it's a good idea to use traditional timbers for their conservatory,

0:29:290:29:33

as it gives the frontage a more natural feel.

0:29:330:29:36

At the back, the soil that Andy dug out of the cellar

0:29:370:29:40

has been used to level out the back garden.

0:29:400:29:43

Now it's been laid to lawn, and what a difference.

0:29:430:29:47

It's been a big project.

0:29:470:29:48

The house has been rewired, new plumbing's gone in,

0:29:480:29:52

and there's still lot of work to do, especially down in the cellar.

0:29:520:29:56

But how much have they had to spend

0:29:560:29:58

on top of the £125,000 they paid at auction?

0:29:580:30:01

Have they stuck to their £10,000 budget?

0:30:010:30:04

I think what we've put into it material-wise so far

0:30:040:30:09

and with the labour as well,

0:30:090:30:11

got to be around about the £15,000 mark.

0:30:110:30:15

There's not much left to be spent because the major works are done,

0:30:150:30:19

and the major things have been bought, like the bathroom suite, which has yet to go in.

0:30:190:30:24

So £1,000 to £2,000 should finish it because we'll be doing the work ourselves.

0:30:240:30:29

They reckon they've got another £1,000 to £2,000 to spend,

0:30:290:30:32

but the finish line is still some way off.

0:30:320:30:35

We're heading back to France in six weeks' time,

0:30:360:30:39

and we're going to be working the winter out there,

0:30:390:30:42

then we'll come back and finish it off before we put it on the market.

0:30:420:30:46

Put it on the market?

0:30:460:30:48

Well, that's because after all their hard work,

0:30:480:30:51

the couple are now considering a more permanent move to France.

0:30:510:30:55

So what could they make?

0:30:550:30:58

Time to hear some advice from two local estate agents.

0:30:580:31:02

Will they like Andy and Ingrid's plans for the cellar

0:31:020:31:05

and layout of the house?

0:31:050:31:07

Ground floor layout's great. It's very much suited to a family.

0:31:080:31:12

It's got the breakfast room table in the kitchen,

0:31:120:31:15

the living room's big and has great original features, the fireplace and windows.

0:31:150:31:20

The layout's very good now.

0:31:200:31:21

Previously there was the bathroom upstairs and the half landing.

0:31:210:31:25

Having a big bathroom downstairs now benefits the property.

0:31:250:31:29

Retaining the landing toilet, there's access from the bedrooms.

0:31:290:31:33

I think the bathroom on the lower ground floor is superb.

0:31:330:31:36

It's clearly going to be one of the wow factors.

0:31:360:31:39

It's not ready to sell just yet,

0:31:390:31:41

but in the current market,

0:31:410:31:43

what valuation would the experts put on the house?

0:31:430:31:46

Remember, Andy and Ingrid paid £125,000 at the auction,

0:31:460:31:50

and anticipate the final budget being £17,000

0:31:500:31:54

making a total outlay of £142,000.

0:31:540:31:57

So could there be a profit here?

0:31:570:31:59

Er, it's my opinion that when the property's completed,

0:31:590:32:03

it should fetch between £185,000 to £190,000.

0:32:030:32:06

When the property's complete,

0:32:060:32:07

I would suggest a retail or marketing value between £190,000 and £200,000.

0:32:070:32:12

Well, that spread of valuations from £185,000 to £200,000

0:32:120:32:17

would produce a gross profit, before the usual selling expenses,

0:32:170:32:21

ranging from £43,000 to £58,000.

0:32:210:32:25

That's pretty much what we expected, but it's nice to hear.

0:32:250:32:28

Yes, it's reassuring after all the hard work.

0:32:280:32:31

Let's hope that the property market gets its strength back

0:32:310:32:34

when they come to sell in around six months' time.

0:32:340:32:37

So have these newly-weds enjoyed their first renovation together?

0:32:370:32:43

Yeah, really proud, actually.

0:32:440:32:46

It's really nice to see it in a more finished state

0:32:460:32:49

and look at it through other people's eyes.

0:32:490:32:51

This house needed a lot of work,

0:32:510:32:53

and it's nice to actually see it come together,

0:32:530:32:57

and it'll be fantastic to see the house finished and rejuvenated,

0:32:570:33:01

and hopefully give a lot of pleasure to the people living in it after us.

0:33:010:33:05

I'm in Belle Isle, a large suburb,

0:33:110:33:13

three miles to the south of Leeds city centre.

0:33:130:33:16

Local development is on the increase around here,

0:33:160:33:19

and as far as property goes, it represents value for money,

0:33:190:33:23

with a good variety of house styles on offer.

0:33:230:33:26

Despite its great connections,

0:33:280:33:30

properties on the south side of Leeds are cheaper than in the north.

0:33:300:33:34

In fact, 15 to 20 per cent cheaper.

0:33:340:33:36

So I'm hoping to find something to suit my developer's pocket.

0:33:360:33:40

And in fact, this might be it.

0:33:400:33:41

1960s bungalow, two bedrooms,

0:33:410:33:43

and a guide price of £55,000 to £75,000.

0:33:430:33:47

Let's take a look.

0:33:470:33:48

First impressions are promising for this semi-detached bungalow.

0:33:480:33:52

The roof appears sound, as do the windows,

0:33:520:33:55

and this access ramp is a useful addition.

0:33:550:33:58

Let's check out inside.

0:33:580:34:00

So what have we got?

0:34:010:34:02

Well, er, straight away, what we haven't got is any plaster.

0:34:020:34:06

That's a bit unusual. Somebody's done a bit of preparation for you.

0:34:060:34:11

Kitchen there, at least I think it is. No units.

0:34:110:34:14

Um, in fact, this whole thing could be guess work in terms of what the different rooms are.

0:34:140:34:19

Um, reasonably-sized room at the back here,

0:34:190:34:22

um, rear sitting room, bedroom perhaps?

0:34:220:34:25

Um, don't know.

0:34:250:34:27

Um, that, ah, now that looks more like a living room and it's a reasonable size.

0:34:270:34:32

Nice fireplace there too.

0:34:320:34:34

Bathroom there. At least I know what that is.

0:34:340:34:36

They're old and dated so you probably want to take them out,

0:34:360:34:40

but I suppose at a push, you could live with it.

0:34:400:34:43

And through to the front of the property, where there is, I guess, your second bedroom.

0:34:430:34:48

All in all, bit of a guessing game, but it's not a bad property.

0:34:480:34:51

# Guessing game

0:34:510:34:54

# I don't wanna play no guessing game

0:34:540:34:57

# Please don't make me play No guessing game... #

0:34:570:35:01

You could argue that since the plaster's been taken off most of the walls,

0:35:010:35:06

this house has little to hide.

0:35:060:35:09

So the question is, would you bother changing the internal layout around?

0:35:100:35:15

Let's look through the options.

0:35:150:35:17

This is your rear, well, I guess your bedroom area.

0:35:170:35:20

Maybe you think about creating this more as a living area.

0:35:200:35:24

Move this wall over, make that a bedroom,

0:35:240:35:26

maybe think about knocking that wall

0:35:260:35:28

to create more of a sort of kitchen/living room/dining area.

0:35:280:35:32

And then, the logical thing to do would be to take that out there,

0:35:320:35:36

put a set of double doors onto the garden.

0:35:360:35:38

That would create a nice living area at the back with smaller bedrooms at the front.

0:35:380:35:43

Maybe. Is it worth doing? The amount of effort, nah.

0:35:430:35:47

If you're looking to rent this property out, or sell it on to make a quick return,

0:35:470:35:52

I'm not sure restructuring the layout would justify the cost.

0:35:520:35:55

Another option worth considering could be to build a conservatory,

0:35:550:35:59

as the back garden's a good size,

0:35:590:36:01

though it's in need of a good tidy-up.

0:36:010:36:04

To find out more about the potential of this bungalow

0:36:040:36:07

which went to auction guided at between £55,000 and £75,000,

0:36:070:36:11

I asked a local property expert for his opinion.

0:36:110:36:13

The superficial, cosmetic condition is-is poor.

0:36:170:36:21

There's rooms where there's no plaster on the walls,

0:36:210:36:24

the skirtings are missing, the kitchen's been taken out.

0:36:240:36:28

But it won't be rocket science

0:36:280:36:30

to put this bungalow back in a very nice way.

0:36:300:36:32

And it'll be very bonny when it's done.

0:36:320:36:35

Once the property's been completely done up and refurbished,

0:36:350:36:38

what would he advise is the best course of action?

0:36:380:36:41

I think if this property was finished to the sort of standard I have in my mind's eye,

0:36:430:36:48

it would let at about £400 a calendar month.

0:36:480:36:50

So a good rental potential here.

0:36:510:36:53

What could be the resell value once all the work here is done?

0:36:530:36:57

I see a very hard ceiling of value for this property, fully done,

0:36:590:37:03

at just under £100,000.

0:37:030:37:05

Well, there are works to be done,

0:37:070:37:09

but I think this could work for somebody's bank balance,

0:37:090:37:13

as there are profits to be made.

0:37:130:37:15

Let's see who fancied the opportunity when it went under the hammer.

0:37:150:37:19

Lot 22, two-bedroom, semi-detached bungalow.

0:37:190:37:22

Very sensibly priced to reflect the need for total refurbishment.

0:37:220:37:26

Anyone like to start the bidding at £55,000?

0:37:260:37:28

55, I have. 55.

0:37:280:37:30

57, I'm looking for.

0:37:300:37:31

57,000 on my left.

0:37:310:37:34

Do I have 59?

0:37:340:37:35

£59,000.

0:37:350:37:37

61? 61 on my left.

0:37:370:37:39

I'm looking for 63.

0:37:390:37:41

63 I have. 65, sir?

0:37:410:37:43

Take it in ones if you like. 64?

0:37:430:37:45

£64,000. 65.

0:37:450:37:48

65? Yes, it was a nod.

0:37:480:37:50

66, sir? £66,000 I have.

0:37:500:37:53

67, thank you. £67,000.

0:37:530:37:55

68.

0:37:550:37:57

£68,000, sir. At the back on the left, now.

0:37:570:38:00

69?

0:38:000:38:01

£69,000. 70, sir?

0:38:010:38:03

£70,000. Looking for 71.

0:38:040:38:07

71?

0:38:070:38:08

71. Thank you very much indeed. 72, sir?

0:38:080:38:11

£72,000 I'm bid. £73?

0:38:110:38:14

Shake of the head. Any further bids?

0:38:140:38:16

Selling at £72,000 unless I get a catalogue in the air.

0:38:160:38:19

£73,000 at the front. Thank you very much indeed. 73 on my right.

0:38:190:38:23

74? Out at 74.

0:38:230:38:26

73 at the front here on my right.

0:38:260:38:28

It's going for the first time,

0:38:280:38:30

it's going for the second.

0:38:300:38:32

-GAVEL

-Sold, sir. Congratulations. £73,000.

0:38:320:38:35

That final successful bid of £73,000 was made by Andy

0:38:350:38:39

who was at the auction with his wife Lynne.

0:38:390:38:42

They live in Leeds, and a year ago, sold their IT and project managing training company.

0:38:420:38:47

They took a year off to spend more time at their holiday home in Spain.

0:38:470:38:52

Andy went on a training course, and is now a qualified electrician.

0:38:520:38:57

I met up with him at the bungalow to find out the plans.

0:38:570:39:01

-Andy, good to meet you. Congratulations.

-Thank you.

0:39:040:39:08

Tell me why you wanted to buy this bungalow.

0:39:080:39:10

Basically to find something to do.

0:39:100:39:12

I've been very lucky enough to have a year off with my family,

0:39:120:39:16

and my wife had got to the point where I was under her feet a little,

0:39:160:39:20

and I ought to go out and do something,

0:39:200:39:23

so we decided that with our best friends, Dale and Gemma,

0:39:230:39:26

-we'd set up a property redevelopment business.

-Oh, great.

0:39:260:39:30

Which we did, then went to the auction in Leeds,

0:39:300:39:34

decided to buy this place, and here we are today.

0:39:340:39:38

-This is numero uno.

-This is numero uno of however many we get to.

0:39:380:39:42

How come you got to have a year off?

0:39:420:39:44

I used to run a training company in Leeds

0:39:440:39:46

with a business partner of mine,

0:39:460:39:48

and I sold it last September.

0:39:480:39:50

And it put me in the situation where I was fortunate enough

0:39:500:39:54

to have a year off with family and my young son, Red.

0:39:540:39:57

-What did you do for a year?

-Spent a lot of time on holiday in the sun.

0:39:570:40:01

-Great.

-Which was very nice.

0:40:010:40:03

But, as I said, it's time to get on and do something else.

0:40:030:40:06

So why this property for your first venture?

0:40:060:40:08

Well, we looked at probably five or six different auctions,

0:40:080:40:12

picked out three or four different properties in each auction,

0:40:120:40:16

then really came and had a look at it,

0:40:160:40:18

decided that it stood one of the best potentials for making a small amount of money on,

0:40:180:40:23

and the experience was what we wanted to get started with.

0:40:230:40:27

Part of the work has been done.

0:40:270:40:29

Yeah, they've done the easy bit,

0:40:290:40:31

which is taking it all down and throwing things away.

0:40:310:40:34

They've had the fun bit.

0:40:340:40:35

Now we've got to put it all back and make it work.

0:40:350:40:38

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

0:40:380:40:41

Um, basically, it needs completely rewiring,

0:40:410:40:44

I'm going to put gas central heating in it, a new kitchen.

0:40:440:40:47

Basically, bring it back up to a decent standard.

0:40:470:40:50

-With a view to what?

-Initially with a view to selling it.

0:40:500:40:53

But obviously, it depends on what the market's going to be like in six weeks' time.

0:40:530:40:58

If we decide it's better to rent it while the market picks up, we'll do that.

0:40:580:41:03

Right. And why have you gone into a business venture with a partner?

0:41:030:41:08

Um, I've had experience of it before

0:41:080:41:10

and I think sometimes one, two, three, four heads

0:41:100:41:13

are sometimes better than just one.

0:41:130:41:16

Especially when it comes to budgeting with my wife.

0:41:160:41:19

You can imagine that I'll put something forward,

0:41:190:41:22

and Lynne will say, "We need to cut back, Andrew, we don't need to spend that."

0:41:220:41:27

Good to have more than one head.

0:41:270:41:29

-You've brought in arbitration.

-We've brought in arbitration, yes.

0:41:290:41:32

Well, that arbitration might get called on.

0:41:320:41:35

Going into business with friends can be tricky, and doing up houses can be stressful.

0:41:350:41:40

With all four of them planning to do the work when they can,

0:41:400:41:43

I'm sure tempers could flare occasionally,

0:41:430:41:46

even if only about whose turn it is to make the tea.

0:41:460:41:49

They only paid £73,000 for the bungalow,

0:41:530:41:56

but doing the renovation won't be cheap, bearing in mind the state of the inside.

0:41:560:42:01

-So what is the budget?

-£14,200.

0:42:030:42:07

-Approximately?

-Well, £14,178 if you want it exactly.

0:42:070:42:11

-Have you got it down to the penny or the pound?

-Down to the penny or the pound.

0:42:110:42:15

Whether we stick there or not is a different question.

0:42:150:42:18

Hopefully we'll do it cheaper.

0:42:180:42:20

What are the plans for the business?

0:42:200:42:22

Initially, the plans were to attempt ten to 12 properties a year,

0:42:220:42:26

but once we started budget plans,

0:42:260:42:28

figuring out how long it would take, if we were lucky,

0:42:280:42:31

then we had to cut that back.

0:42:310:42:33

It depends on how we get on, to be honest.

0:42:330:42:35

Right. But in your ideal world?

0:42:350:42:37

Well, in my ideal world, in five years' time, I'll be retiring again.

0:42:370:42:42

-Congratulations. Well done.

-Thank you very much.

0:42:420:42:45

-Look forward to seeing how you get on.

-Look forward to seeing you.

0:42:450:42:49

Well, a good property for Andy to begin

0:42:510:42:55

the path to his second retirement.

0:42:550:42:58

But how will he and the team get on restoring this property?

0:42:580:43:02

And will they stick to that £14,178 budget?

0:43:020:43:06

What do you think?

0:43:060:43:08

You can find out later in the show.

0:43:080:43:10

Well, time has passed since we saw those properties.

0:43:130:43:16

Do they look any different now?

0:43:160:43:18

Has time and money been well spent?

0:43:180:43:20

Let's go back and find out.

0:43:200:43:23

Earlier in the programme, we were in Clapton, East London,

0:43:240:43:27

where Genevieve and Phil had bought this semi-detached for £321,000.

0:43:270:43:32

The couple are both art college graduates and have a spatial design company.

0:43:350:43:39

This property is the third house they've bought to redesign and then sell.

0:43:390:43:44

-You're very passionate about this house, aren't you?

-We are.

0:43:460:43:49

-What is it that you love?

-We like renovating Victorian houses,

0:43:490:43:53

so when we saw the facade, we just loved it.

0:43:530:43:55

So anything that's a complete doer-upper

0:43:550:43:58

that we can change the space and redesign, is something we're very interested in.

0:43:580:44:03

Three months later, we met up again with Genevieve and Phil

0:44:060:44:09

back at the property, to check on the progress.

0:44:090:44:13

Outside, the house is looking very smart.

0:44:150:44:18

The original features now really stand out.

0:44:180:44:21

Once you're through the front door,

0:44:240:44:26

you're now met with a wonderful, open living space.

0:44:260:44:30

The two original rooms had already been knocked into one,

0:44:310:44:35

but removing the walls to the hall really opens the space up,

0:44:350:44:39

and makes a real design statement.

0:44:390:44:41

At the back, the large kitchen now has sharp, clean lines

0:44:430:44:48

and looks stunning.

0:44:480:44:50

Patio doors draw your eye through towards the lovely outside courtyard.

0:44:550:44:59

Upstairs, the front master bedroom

0:45:000:45:03

continues with the subtle colour scheme,

0:45:030:45:05

set off by this striking period-style bed.

0:45:050:45:09

And the new bathroom also looks very contemporary.

0:45:110:45:14

But as Genevieve explains,

0:45:200:45:21

it's the ground floor layout where the main changes have taken place.

0:45:210:45:26

We kept the original staircase.

0:45:260:45:28

We initially were going to take it away,

0:45:280:45:31

but when we stripped all the paint off it from 150 years ago,

0:45:310:45:34

it was actually beautiful underneath so we decided to keep it.

0:45:340:45:38

We fit this oak veneer panelling to clean it up,

0:45:380:45:41

make it a bit more modern, streamlined.

0:45:410:45:43

We put in quite a dramatic wallpaper

0:45:430:45:45

but I felt the space was big enough

0:45:450:45:47

to be able to deal with that big, bold print.

0:45:470:45:50

And it just kind of zones off this dining area

0:45:500:45:53

from the other seating lounge area.

0:45:530:45:56

Remember, Phil's a sculptor, and he intended to make a stone fireplace.

0:45:560:46:00

So what happened to those plans?

0:46:000:46:03

Well, there isn't a fireplace there because

0:46:030:46:06

we thought we would just knock back a bit of the wall

0:46:060:46:09

and open up this old fireplace.

0:46:090:46:11

But we discovered that somebody prior to us

0:46:110:46:15

had taken out the entire chimney breast,

0:46:150:46:18

so we tried to create something instead of it

0:46:180:46:20

by using a concrete shelf with a light underneath.

0:46:200:46:25

And Phil has designed a feature in the kitchen.

0:46:250:46:28

Not in bronze or stone, but with a different material.

0:46:280:46:33

This is the concrete tabletop that I've designed.

0:46:330:46:36

It's got three angular points that meet the glass top.

0:46:360:46:39

It took a while to design

0:46:390:46:41

because there were a number of issues.

0:46:410:46:43

I began designing the top and bottom

0:46:430:46:46

and then it became on the side and I ended up having to make it thinner.

0:46:460:46:50

But in the end, I think it looks well and I'm very pleased with it.

0:46:500:46:54

Using their spatial design skills,

0:46:540:46:56

the couple have managed to get the most out of every room in this house.

0:46:560:47:01

The bathroom upstairs was very, very small,

0:47:010:47:04

and the bath ran along one side of the whole wall,

0:47:040:47:07

so just by moving the bath round

0:47:070:47:09

and incorporating the shower and bath, it feels a lot bigger in there.

0:47:090:47:13

And it's not the only loo,

0:47:130:47:15

as they've also built a cloakroom under the stairs

0:47:150:47:18

and designed it with a very contemporary look.

0:47:180:47:21

Once the kitchen had been gutted,

0:47:220:47:24

it was ready for Phil and Genevieve to add their design skills,

0:47:240:47:28

but as it's a kitchen, you still have to have somewhere to store the food.

0:47:280:47:33

We took out a lot of units in the kitchen. They ran both sides.

0:47:340:47:38

Because we took that space away,

0:47:380:47:40

we've created kind of four big larders

0:47:400:47:43

that are made of oak veneer.

0:47:430:47:44

So it's just to have a space to put away all the junk.

0:47:440:47:48

How much has it all cost?

0:47:480:47:50

Did they manage to stick to their £30,000 budget?

0:47:500:47:53

Well, we ended up spending more like in the region of £36,000,

0:47:530:47:59

so we went over what was planned.

0:47:590:48:02

The wiring was a big cost. We've ended up rewiring the whole house.

0:48:020:48:06

And it's oak flooring, which was a big cost again.

0:48:060:48:08

Time to find out what two local estate agents think

0:48:130:48:16

of the refurbishment of this Clapton property.

0:48:160:48:19

In terms of the ground floor space,

0:48:190:48:21

it's not what you'd expect to find in one of these houses.

0:48:210:48:25

It makes the place feel a bit bigger.

0:48:250:48:27

The property does feel very contemporary.

0:48:270:48:30

It's presented quite nicely.

0:48:300:48:31

The kitchen is nice and modern, the bathroom is fully-fitted.

0:48:310:48:35

Not much garden at the back,

0:48:350:48:37

but I don't think that will take away much from the value.

0:48:370:48:40

Selling features, I would say, the kitchen.

0:48:400:48:43

It's a great space, they've done a great job, gone very high-end.

0:48:430:48:47

The bathroom's a good finish.

0:48:470:48:48

Phil and Genevieve plan to sell and move on to their next project.

0:48:480:48:53

They paid £321,000 for the house at auction,

0:48:530:48:56

and have spent £36,000 on the work,

0:48:560:48:59

making a total of £357,000.

0:48:590:49:02

How much is it now worth?

0:49:020:49:05

I would say this property would sell for around £425,000.

0:49:080:49:12

Er, I would consider putting the property on the market for £400,000.

0:49:120:49:17

That range of valuations from £400,000 to £425,000

0:49:170:49:22

would produce a pre-tax profit of between £43,000 and £68,000.

0:49:220:49:26

Is that around what they expected?

0:49:260:49:29

We have spoken to a few local agents

0:49:300:49:33

who've come around £425,000, £435,000,

0:49:330:49:35

so that's kind of what we've been told, so yeah, it's good, positive.

0:49:350:49:40

And if it works out like that, we're doing OK.

0:49:400:49:42

So it's not too bad.

0:49:420:49:44

It's not actually the buying and selling of a house,

0:49:440:49:47

it's the blank canvas that we can just go for.

0:49:470:49:50

This is the fourth project we've worked on.

0:49:500:49:52

We're not crazy. We realise we need to make money out of it.

0:49:520:49:56

But for us, the real buzz is that.

0:49:560:49:59

So if we can do both, fantastic.

0:49:590:50:02

Back now to the Leeds suburb of Belle Isle.

0:50:080:50:11

Earlier in the programme,

0:50:110:50:12

Andy, his wife, and their two best friends

0:50:120:50:15

bought this two-bed bungalow for £73,000.

0:50:150:50:19

Refurbishment had already been started previously,

0:50:190:50:22

but there was still plenty to do.

0:50:220:50:24

After selling their business,

0:50:240:50:26

Andy and his wife Lynne had taken a year out of the rat race

0:50:260:50:29

to spend more time at their home in Spain.

0:50:290:50:32

During that time, Andy studied part-time and qualified as an electrician.

0:50:320:50:37

They've now set up a property development company

0:50:370:50:40

with their two best friends, and this is their first project.

0:50:400:50:43

Andy was very precise when it came to his estimated outlay here.

0:50:430:50:49

-So what is the budget?

-£14,200.

0:50:540:50:57

-Approximately?

-Well, £14,178 if you want it exactly.

0:50:570:51:02

-You've got it down to the penny or the pound?

-Yeah, to the penny or the pound.

0:51:020:51:07

Well, it's now seven weeks later.

0:51:070:51:09

Back in Leeds, the weather's not been as sunny as Spain,

0:51:090:51:12

which has held up the outside work.

0:51:120:51:15

But inside, the bungalow's been plastered, rewired,

0:51:180:51:22

and they've added cavity wall insulation.

0:51:220:51:25

Andy and the team have installed a new kitchen,

0:51:250:51:28

which, despite the tight budget, looks high-quality.

0:51:280:51:31

Plus gas central heating's been added.

0:51:350:51:38

The bathroom's been stripped out and re-tiled.

0:51:400:51:43

The bath has been installed, but the rest of the suite is still in storage in the bedroom.

0:51:430:51:49

Once the walls have been painted, the room looks ready for new carpet.

0:51:490:51:53

The sitting room at the front is the largest room in the house.

0:51:550:51:59

What had to be done here?

0:51:590:52:01

OK, this is one of the rooms that needed very little doing to it

0:52:030:52:07

other than we had to take the old fireplace out.

0:52:070:52:10

A lot of the work, you really can't see.

0:52:100:52:12

The majority of the floorboards have come up,

0:52:120:52:15

we've installed central heating, as you can see,

0:52:150:52:18

the house has been completely rewired

0:52:180:52:20

and we've installed new downlighters in here to make it more modern.

0:52:200:52:24

As I said, most of it is quite hidden, but it was a lengthy task to get it this far.

0:52:240:52:29

The previous owner had already done quite a lot of work in this room.

0:52:290:52:33

It was one of the most advanced.

0:52:330:52:35

But Andy wasn't happy with the plaster, so that's been redone.

0:52:350:52:39

Andy's got a novel way of keeping track of the progress.

0:52:390:52:43

# That writing on the wall... #

0:52:430:52:46

There are a few things left to do

0:52:470:52:49

and you can probably see over my shoulder about seven lists, which have been there a while.

0:52:490:52:54

Still a few bits left to do, but hopefully only minor.

0:52:540:52:57

Going into business with friends can cause friction.

0:52:570:53:01

This team have got on well, tackling most of the work together.

0:53:010:53:05

Between myself, Dale and the girls,

0:53:050:53:07

we've done the majority of the work ourselves.

0:53:070:53:10

So far, we've had about eight days of other people

0:53:100:53:14

on top of the work we've done.

0:53:140:53:16

As Andy's a qualified electrician, he was able to do the wiring.

0:53:160:53:20

But of course, they had to employ a registered fitter

0:53:200:53:23

to attend to the boiler and all gas appliances.

0:53:230:53:26

One of my closest friends, Jason, helped me with the plastering,

0:53:270:53:31

and one thing I discovered is,

0:53:310:53:33

you can do no work whatsoever when the plasterers are in the house.

0:53:330:53:37

They run madly from one room to another, and you can't get anything else done at all.

0:53:370:53:42

That delayed the work inside by about a week,

0:53:420:53:44

whilst the weather stalled the progress outside.

0:53:440:53:48

Andy reckons it'll take a couple of weeks to finish both inside and out.

0:53:480:53:52

Then they plan to put the bungalow on the market and sell.

0:53:520:53:56

But the big question is,

0:53:560:53:57

did they keep to that very precise budget of £14,178?

0:53:570:54:03

Well, believe it or not, although it was extremely supposedly accurate,

0:54:060:54:10

we're actually still about £2,000 under budget.

0:54:100:54:13

We've got about another £500 allocated to landscape the garden,

0:54:130:54:17

so we should come in well under budget.

0:54:170:54:20

Time now to see what two local property experts

0:54:250:54:28

will make of the refurbishment that's taking place here.

0:54:280:54:32

It's been done to a good standard

0:54:320:54:34

and it's ready for someone to move into.

0:54:340:54:37

Nice and neutral and modern so if they want to change it, it's a blank canvas.

0:54:370:54:41

It's sparkly, it's minty.

0:54:410:54:43

It's freshly done, everything's new,

0:54:430:54:45

everything's been done to a standard rather than to a price.

0:54:450:54:49

You walk in and think, "That's a proper man done that."

0:54:490:54:52

Still some work to be done in the front and rear gardens.

0:54:520:54:56

The only other thing you could have done is go up into the loft,

0:54:560:54:59

but in this market, you might not get your money back for what you'd spend on it.

0:54:590:55:04

This first property for their new development company

0:55:040:55:07

cost £73,000 at auction.

0:55:070:55:10

They then spent £12,678 doing it up,

0:55:100:55:14

making a total outlay of £85,678.

0:55:140:55:18

So what could its resell value be?

0:55:180:55:21

The sales market is flat,

0:55:210:55:23

and there is an over-supply of broadly similar bungalows within a 500-yard radius,

0:55:230:55:29

and they're not going anywhere.

0:55:290:55:31

This bungalow is worth £110,000.

0:55:310:55:33

In my opinion, we'd be looking to market this property at £104,950.

0:55:330:55:38

Well, that valuation range between £104,950 and £110,000

0:55:390:55:44

would generate a gross profit of between approximately £19,000 and £24,000.

0:55:440:55:49

Does Andy think that's a satisfactory return?

0:55:490:55:53

There are a number of properties around here pretty much identical

0:55:560:56:00

for sale at £125,000 to £135,000.

0:56:000:56:03

So I'd certainly try and aim to achieve a bit more than that,

0:56:030:56:06

um, but either way, we won't have lost money.

0:56:060:56:09

After taking a year off to spend more time at his holiday home in Spain,

0:56:090:56:14

Andy and his new development company look to have picked a good property.

0:56:140:56:19

The experts think the bungalow could rent out

0:56:190:56:22

for between £495 and £525 per calendar month.

0:56:220:56:26

That's certainly gone up from what they said seven weeks ago, which can only be good.

0:56:280:56:33

Might those rental figures change Andy's plans here?

0:56:330:56:36

Er, not really. Still put it up for sale, still sell it.

0:56:380:56:41

But if I don't make enough on it, I might go back to Spain.

0:56:410:56:46

And on a day like this, I can see the appeal.

0:56:460:56:48

We hope you've enjoyed watching, and perhaps learned some lessons.

0:56:540:56:58

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

-See you then.

-Bye.

0:56:580:57:02

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