Episode 16 Homes Under the Hammer


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Episode 16

Martin Roberts and Lucy Alexander visit a house in Kent, a property on the Isle of Wight and a property in Ripon, and find out how much they sold for at auction.


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Transcript


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-Hello!

-Even in the currently challenging property market,

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we still both enjoy buying property.

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We like the idea of getting a good deal,

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but in today's competitive market, well, it's not always that easy.

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But one way you could get a bargain is to buy under the hammer.

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Well, buying land and properties at auction is becoming more and more popular these days.

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Million of pounds' worth of property is sold every month

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all around the country in auction rooms everywhere.

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So here are the properties that we're featuring on today's show.

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In Kent there's a house where you'd have to be careful not to bite off more than you can chew.

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This property is going to eat up your money!

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I take a ferry trip over to the beautiful Isle of Wight.

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Let's see if this place has got as much appeal as its surroundings.

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And this property in Ripon, North Yorkshire,

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could be fantastic,

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But there's a lot of work before you get to that stage.

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All these properties have been sold at auction.

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We'll find out who bought them and what they paid

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-when they went under the hammer.

-It's yours, sir.

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Folkestone's had to be adaptable throughout its history.

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Beginning life as a fishing community,

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the port was continually battered by storms.

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Then - hurrah! - in 1843, the railways arrived.

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They linked the town to London, so along came the tourists,

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with all their money. When that industry floundered,

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so, to an extent, did Folkestone. But now, with a high-speed rail link

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that goes to London in under an hour,

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suddenly Folkestone's future looks brighter.

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Sadly the same can't be said of the property I'm here to see.

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Probably the worst one on the street. Three bedrooms.

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Had a guide price of £65,000 to £70,000.

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Let's take a look inside.

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It may be the worst house, but it also seems to be the biggest.

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It's double fronted, with four floors.

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All this for a guide price of £65,000 to £75,000

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doesn't seem to be that bad.

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Or does it?

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So, what are you going to get for your money?

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-Ooh, I say, this is rather pleasant!

-HE LAUGHS

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Surprising! Big double-fronted kind of living-room area here.

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It's in a right mess, obviously, with lots of people's belongings

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left here, but, as a space, quite surprising.

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Lots of light in here as well.

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Um, yeah. I'd certainly do something with this.

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Let's hope it carries on in this vein!

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'Well, it's not a bad start. Through the door,

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'and I've got a choice - up the stairs or down to the basement.

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'Well, I think for now the only way is up.

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'Or maybe not.'

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So, upstairs, and it starts to really deteriorate,

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I'm afraid to say. Believe it or not, that is actually a loo

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on the landing there, but everything is, as you can see, not at all good.

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All the walls are a little skew-whiff.

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The door frames are all over the place.

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That, believe it or not, is a bathroom.

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Absolutely enormous. Far too disproportionately big.

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Maybe what you could consider doing is splitting that in two

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to create an en suite for this bedroom. The bedroom's not bad -

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big window there, letting lots of nice light in.

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But again, it's in a right old state. The floors feel boingy.

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I'm just seeing straight away, this is one of those properties

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that's going to eat up your money.

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SONG: "You've Lost That Lovin' Feeling" by The Righteous Brothers

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All my loving feelings are gradually disappearing, room by room.

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And the top floor doesn't exactly rekindle my affections.

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Low, sloping ceilings, cracks, damp...

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So, we've had the tour -

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or have we?

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Where exactly is the kitchen?

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Oh, dear. It's down in the basement.

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So, here in the basement, a joy to behold,

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or a dark, dingy cavern?

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I'm afraid it's the latter.

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This is where the kitchen is,

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and also some kind of little ancillary area there.

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It's dark, as I've said. It's cold. It's damp.

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And you know what? It's going to take a lot of work to sort this out.

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HE CHUCKLES AND SHIVERS

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"Subterranean" is not a word I want to use

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to describe a kitchen, but there it is.

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However, I may well have a solution.

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Well, that's your outside space. Good news. The bad news is,

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you can't actually get to it at the moment.

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That's because it was added at the last minute to the auction lot,

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so you'd have to create a new door in the property to get to it.

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The good news is, I think that should go in the basement,

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and that would bring a lot of light to that dark, dingy area.

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So all in all a bonus, but yet more work to be done.

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And more money to spend,

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but it's a real chance to add value at the same time.

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I asked a local estate agent what he thought of this four-storey terrace.

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My first impressions are that it's lovely

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to walk into a double-fronted house.

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It's always a pleasure, no matter what street it's in.

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When you walk in, there's rooms either side of the hallway,

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and you get an immediate feeling of spaciousness.

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Well, at least the estate agent can see its potential.

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With a guide price of between £65,000 and £70,000,

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what could the resale value be once renovated?

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I think potentially this property could be worth in the region of £155,000.

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This could be a sound investment, then.

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What about its rental value?

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There's a strong demand for rental property like this

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in the east end of town. I think rent on this house

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would be something in the region of about £650 per calendar month.

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So, potentially a nice little earner, rental-wise.

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There's hope for the old place yet.

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So, the house has lots of space but very little style.

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Adding that is going to cost you money

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in an area where prices are traditionally quite low.

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But spend carefully, and you could still make money on this one.

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So, who saw through the mess and bought it at auction?

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Let's find out.

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We move now to Folkestone, double- fronted house for improvement.

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It's got three bedrooms. And what may I say?

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65,000, bottom end of the guide? I have.

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At £65,000. 70 I have.

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75. And 80.

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80 is bid. And 85. 82.

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85? 83.

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84? 84. And 85?

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85 in a fresh place. And 86?

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86. And 87? No.

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£86,000 I am bid on my left-hand side.

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Coming back in, sir? At £86,000 on my far left-hand side.

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87. At £87,000 I'm bid, front row.

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It's being sold for the first time at 87,000.

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Being sold for the second time at 87,000.

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Gentleman on the front row. Being sold for the third and final time.

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At 87,000, then. Are you all done?

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-HE BANGS HAMMER

-Sold at 87,000.

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For £87,000, 17,000 over the top guide price,

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the new owner is 25-year-old Bradley.

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He's a builder who hopes to start a career in property developing.

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I met him back at his first purchase to hear his plans.

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-Bradley! Great to meet you.

-Thank you.

-Congratulations.

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Why did you want to buy this rather unusual house?

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It's just a property that interested me.

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It's double-fronted, and it needs a lot of work done, so...

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Not fazed by it at all, then?

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No. I've got a strong team, so they'll come in and knock it out.

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What kind of experience have you got in property developing?

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No experience. I've been building for seven years, so...

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You've been building? What kind of stuff?

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Just general maintenance on houses and...

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OK. You've got the experience on the practical side.

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-Who will your team be?

-A team of labourers that I've got.

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I've got a plasterer coming down, an electrician and a plumber.

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-So, why now?

-The money became available,

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-and it was the right property.

-Right.

-So I jumped in.

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SONG: "Jump" by Madonna

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Sometimes that's the best way.

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Bradley lives in Surrey, but decided to invest in Kent

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as the property prices were lower there.

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It's also an easy commute. That's just as well,

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as he plans to work full-time on the house

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to get it finished and on the market so he can move on to another one.

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What was it about this place that made you so enthusiastic to buy it?

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Um, the location, really. It was... Looking on the road,

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all the houses are well maintained,

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so hopefully it'll be a quick-selling property.

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Right.

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And in terms of the internal layout and stuff?

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-I hadn't seen it before I bought it, so -

-What?!

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-How come?

-Just didn't have the opportunity, really.

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I came down to the area to do some investigating,

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but didn't get into the property.

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So what did you think when you walked in?

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Um, first thoughts were...

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it's a lot of work.

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Right.

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But other than that, I was pleased with what I've got here.

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Right. You do know that buying blind is a highly dangerous thing to do?

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Oh, yeah. It was a big gamble.

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Hopefully it'll pay off.

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SONG: "Build It Up, Tear It Down" by Fatboy Slim

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# Tear it down #

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It's a risky business,

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especially when taking on your first project.

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But Bradley's been lucky,

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as there don't seem to be any major structural issues.

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He's given himself three months and £35,000 to get the place sorted,

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so what exactly is he going to do?

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I'm going to juggle things around.

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I'm going to bring the kitchen from downstairs up onto the ground floor.

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-Where we are now?

-Where we are,

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with a dining room, as well.

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And then downstairs I'm going to open it up,

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and make it into one big sitting room,

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and then upstairs just decorate throughout,

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-and put a new bathroom in.

-Where will the bathroom go?

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There's an existing bathroom up there,

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-so I'm looking into splitting that into two.

-Cos it's huge, isn't it?

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Yeah, and putting an en suite for the master bedroom, and one bathroom.

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As for the outside space, Bradley plans to pave the courtyard

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and put in double doors leading from the new living area.

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That's quite a challenge for his first development.

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-Are you at all daunted?

-Um, no, not really.

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Just eager to crack on and get it done, so no looking back.

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What's the big plan for you, then? What's next?

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If this one goes well, which I'm praying it will,

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go on and do more.

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-And will you look at the next one before you buy it?

-Yes, I will.

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-Promise me!

-THEY LAUGH

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Because it's dangerous ground.

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Well, I've said it a thousand times. You should always look at a property

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before you bid on it at auction.

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Bradley taking a big gamble on his very first property purchase.

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There's a lot of space in this property,

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but there's also a lot of work to be done to sort it out.

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Will he make any money out of it? You can find out later in the show.

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SONG: "Welcome To My Little Island" by Patrick Nuo

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# This is paradise

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# You can't deny #

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Lucky old me! I have travelled to the Isle of Wight today.

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Now, it's a popular tourist destination,

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and apparently one of the sunniest places in the UK.

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Now, I'm in the northeast part of the island,

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and stretching out onto the sea is Ryde Pier.

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Now, it was originally built in 1814

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to save sailors traipsing half a mile over wet sand.

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It's still used today as a major transport link into the island.

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TRAIN BELL RINGS

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SONG: "Good Day Sunshine" by The Beatles

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# Good day sunshine...

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Ryde is the second-largest town on the island,

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and is famous for its summer sailing regatta.

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Just off the seafront is the property I'm here to see,

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a two-bedroom first-floor maisonette.

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Now, it's got a guide price of £50,000.

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Let's see if this place has got as much appeal as its surroundings.

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# Good day sunshine #

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Look at me, with a big smile on my face today!

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I really feel in the holiday mood. The sun is shining.

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Let's have a look around this maisonette.

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The geography... It feels quite large.

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You're upstairs. We're towards the back of the property.

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Got a kitchen here, which is not bad.

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We've got a little bedroom, a bathroom,

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second bedroom and lounge to the front of the property.

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What I like is that it's painted peppermint!

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Look at this! A really nice little pastel colour here.

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So all in all it's got a good feel about it,

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but I can smell something rather musty,

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which is not good. I'm going to investigate.

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SONG: "That Smell" by Lynyrd Skynyrd

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# Can't you smell that smell? #

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The foetid fragrance isn't coming from the bathroom or kitchen,

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which is the best thing I can say about these two rooms.

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The two bedrooms are not the source of the stench either.

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Only one room left.

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So, here's the lounge. Well, it's apricot,

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but you've got a nice bay window here which adds character to the place.

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But here's the bad news. You know I mentioned that musty whiff?

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Well, there are signs of damp up here.

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Look! You can see up here, you've got paper peeling.

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Now, that suggests there could be a problem with the roof.

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When the roof is leaking, you are talking big money

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to get things sorted. I would look at getting a damp expert in here

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to inspect this ASAP, and just keep my fingers crossed

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that it won't cost the earth. But if you're in a maisonette,

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it means there could be somebody else to share the cost with you -

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the people living downstairs. Now, there's no hard or fast rules about this,

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so never assume you're going to be able to half the bills,

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because it all depends on your lease and the freeholder of the building.

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So I think there's a bit of homework to do on this property.

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Despite the damp and dingy condition of the maisonette,

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it does have one major plus point.

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This could be a fantastic holiday rental.

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I've chatted to a few local agents,

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and they've told me this would let in peak season

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for £425 per week!

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So the good news is, financially you could make a good return here,

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but the downside - you'd have to let it out in the best months of the year.

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The auction guide price for the property was £50,000.

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I invited a local estate agent to give us her opinion on it.

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This property has excellent potential for holiday lets,

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because the location being just off of Ryde Esplanade,

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with all the transport facilities and the beaches,

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so I think it would be very popular, in the right condition.

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Once the place has been done up, what would the sell-on value be?

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I would estimate the resale value, once the property has been renovated,

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to be in the region of £80,000 to £85,000.

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What if it was let out as a long-term rental?

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Once the property's been renovated, with a modern kitchen and bathroom,

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the rental income per calendar month

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should be in the region of £375 per month

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to £425 per month.

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So, it needs a bit of work. I would get the damp looked at

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and the roof sorted. But for me, the selling point is this location.

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You're in the centre of a beautiful town

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with the beach right on your doorstep.

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What could be more perfect?

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Mmm! Let's see who fancied this maisonette at the auction.

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Does somebody wish to start at just £40,000?

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40,000 we do have. Thank you, madam.

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Bid here straight away of 40.

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45, madam? 45 I have.

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50. I now have 50.

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53? Looking for 53.

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53,000 is now on the phone. 54,000 is in the room.

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54 in the room. Looking for 55.

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55 is on the telephone.

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55 on the phone. 60? 60's here bid in the room.

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60,000 is here in the room. 61 we have.

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61,500.

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62,000, madam, here in the room. You might be getting lucky now on that.

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62,250?

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62,250. 62 and a half now here in the room.

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62,750?

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I have 62,500, then, once...

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62,500 twice...

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62,500...

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62,750. I thought you'd done it then.

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I should have been a bit quicker, shouldn't I?

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I know. 62,750.

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Back at 63, the lady says yes to.

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63 with the lady in the room.

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Is he out? 63,000, then, with you, madam,

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hopefully, then. Once.

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63,000 twice.

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63,000 third, final time.

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It was Helen who made the successful bid of 63,000.

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She lives in London,

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and, with her husband Kieran, owns an IT recruitment agency.

0:18:350:18:38

Helen now leaves the management of the company to her husband

0:18:400:18:44

while she builds their property portfolio.

0:18:440:18:46

-Thanks for inviting us today. It's lovely to meet you.

-You're welcome.

0:18:500:18:54

Why did you want to buy in the Isle of Wight?

0:18:540:18:56

Well, about four years ago we started looking for a seaside bolt hole,

0:18:560:19:01

because we live in Southeast London, and we went further and further south

0:19:010:19:05

and eventually came to the island and loved it,

0:19:050:19:08

and about 18 months ago we bought a second home here,

0:19:080:19:11

and we thought it would be quite a good idea

0:19:110:19:13

to have properties here and combine work and play.

0:19:130:19:17

'Helen's hoping to let this maisonette out.

0:19:170:19:20

'With a second home already on the island,

0:19:200:19:22

'purchasing other properties here is a good way for Helen and her husband

0:19:220:19:26

'to combine work and leisure. The couple have four children

0:19:260:19:30

'aged from seven up to 20, but it's not just property developing

0:19:300:19:34

'and looking after the kids that keeps them busy.'

0:19:340:19:36

What else do you do?

0:19:360:19:38

Well, our other business is an IT recruitment business,

0:19:380:19:41

Headhunters, so I was involved in that a lot

0:19:410:19:45

up to about six years ago,

0:19:450:19:47

and as I got more interested in the property

0:19:470:19:50

and things became more weighted on the building side,

0:19:500:19:53

I decided I'd have to pass to my husband

0:19:530:19:56

and let him deal, really, with that one.

0:19:560:19:58

So, um, yeah. I just don't think about it.

0:19:580:20:01

Just keep moving on.

0:20:010:20:03

# Don't stop moving

0:20:030:20:05

# Find your own way to it

0:20:050:20:06

# Listen to the music #

0:20:060:20:09

Helen and her husband certainly have a lot of plates spinning,

0:20:090:20:12

but she seems to thrive on it.

0:20:120:20:15

So, what sort of potential did you see in this flat?

0:20:170:20:20

Well, I'd been looking at two-bed cottages, actually,

0:20:200:20:24

around this area and in Ryde in general.

0:20:240:20:27

And I thought, well, the rental market is quite strong,

0:20:270:20:31

the holiday-rental situation is quite strong -

0:20:310:20:33

OK, let's talk about the downsides. You walk straight in the door

0:20:330:20:37

and you get that whiff of damp, don't you?

0:20:370:20:39

What kind of investigations have you done?

0:20:390:20:42

I've had my builder round already, and we've looked at what needs doing.

0:20:420:20:47

Also the main thing here really is the roof,

0:20:470:20:50

which we have to sort out sooner rather than later.

0:20:500:20:52

It is a combined-responsibility situation,

0:20:520:20:55

not just with me or the downstairs flat

0:20:550:20:58

but also the building to the left of us.

0:20:580:21:00

We think it's just superficial, but we're going to delve deeper

0:21:000:21:04

to make sure none of the timbers need replacing or anything,

0:21:040:21:07

so that's the first line of attack, really.

0:21:070:21:10

We will do a complete rewiring,

0:21:100:21:13

bring in a new heating system.

0:21:130:21:16

There's no gas in the building, so we have to bring that in, actually.

0:21:160:21:20

New kitchen, new bathroom, flooring, etc.

0:21:200:21:24

What sort of budget have you got in mind to spend here?

0:21:240:21:26

All going well, I'd like to think I could come in

0:21:260:21:30

at less than 26,000. 25, possibly.

0:21:300:21:34

25,000 sounds a healthy amount to play with,

0:21:340:21:37

but if the roof does turn out to be a major problem,

0:21:370:21:40

then, that budget might literally go through the roof,

0:21:400:21:43

and the proposed two-month timescale might also go out the window.

0:21:430:21:47

So, who's going to crack on in here and do all the work?

0:21:490:21:53

Well, I'm going to start doing the stripping off,

0:21:530:21:56

with maybe one or two children, hopefully.

0:21:560:21:59

Not on the sunny days when we should be on the beach, though,

0:21:590:22:02

but I quite like to do things myself,

0:22:020:22:06

and the paint job at the end I'll probably do myself, actually.

0:22:060:22:09

When the work starts, I anticipate being here every four to five days.

0:22:090:22:14

That's what I've done in the past.

0:22:140:22:16

Helen, you've got lots to think about, lots to do here. Good luck.

0:22:160:22:20

-Thank you very much.

-Thank you.

0:22:200:22:22

SONG: "Don't Stop Movin'" by S Club 7

0:22:220:22:26

# Don't stop movin' to the funky funky beat #

0:22:260:22:30

So, Helen is hoping to get a bit more of a work/holiday balance

0:22:300:22:33

in her life. And who wouldn't, in a place like this?

0:22:330:22:36

But I'm still worried about what she might find with that roof.

0:22:360:22:40

Find out how she gets on later in the programme.

0:22:400:22:43

Coming up - in Ripon, North Yorkshire,

0:22:440:22:48

there's a property where you'd be wise to look before you leap.

0:22:480:22:51

A lot of hoops to jump through.

0:22:510:22:54

Back on the Isle of Wight,

0:22:550:22:57

Helen's renovation has been a real family effort.

0:22:570:23:01

They like to be involved, and we do things together.

0:23:020:23:05

But first we return to Folkestone in Kent,

0:23:060:23:09

to see if Bradley regrets buying sight-unseen.

0:23:090:23:12

In future I will definitely have a look round.

0:23:120:23:15

Earlier we met Bradley.

0:23:180:23:20

He'd just bought this three-bed double-fronted terrace in Folkestone

0:23:200:23:24

for £87,000, £17,000 over the guide price.

0:23:240:23:29

And considering that this was his first development,

0:23:300:23:33

he certainly wasn't playing safe.

0:23:330:23:35

-I hadn't seen it before I bought it, so...

-What?!

0:23:360:23:40

-How come?

-Um, just didn't have the opportunity, really.

0:23:400:23:43

I came down to the area to do some investigating,

0:23:430:23:46

but didn't get into the property.

0:23:460:23:48

You do know that buying blind is a highly dangerous thing to do?

0:23:480:23:52

Oh, yeah. It was a big gamble, but hopefully it'll pay off.

0:23:520:23:56

Builder Bradley planned to renovate this four-storey house completely,

0:23:560:24:00

from top to dark-and-dingy bottom, in just three months.

0:24:000:24:05

So, five months later,

0:24:050:24:08

had his gamble paid off?

0:24:080:24:10

From the outside it certainly looks like it's had a bright start.

0:24:110:24:15

But what about inside?

0:24:150:24:18

SONG: "Ray of Light" by Madonna

0:24:180:24:20

Well, he might not have moved the kitchen,

0:24:220:24:24

but the subterranean basement's been transformed

0:24:240:24:27

into a bright, modern kitchen/diner.

0:24:270:24:30

I just can't believe how much bigger it looks.

0:24:300:24:32

# And I feel like I just got home

0:24:320:24:36

# And I feel #

0:24:360:24:38

The living room, one floor up, feels light and fresh.

0:24:400:24:44

The changes continue on the first floor.

0:24:560:24:59

The unnecessarily huge bathroom has made way for a fourth bedroom,

0:24:590:25:04

and a new, albeit compact bathroom has been created

0:25:040:25:09

between the two bedrooms.

0:25:090:25:11

On the top floor, there are two further bedrooms,

0:25:150:25:18

and another bathroom.

0:25:180:25:21

Up here, I've taken a bit of space out of this bedroom

0:25:320:25:36

to create this bathroom.

0:25:360:25:38

I've installed a skylight to give as much light as possible,

0:25:380:25:42

and a new bath suite.

0:25:420:25:45

Bradley's certainly been busy.

0:25:460:25:48

I've done the majority of the work.

0:25:480:25:50

I've called in favours from friends and family,

0:25:500:25:53

but other than that, the work I couldn't do was subcontracted out.

0:25:530:25:57

Bradley has spent long days on the house,

0:25:580:26:01

but by doing the majority of the work himself, he has saved money.

0:26:010:26:05

He originally planned to spend £35,000.

0:26:050:26:09

'I spent under budget. I've gone in at about £32,000,

0:26:090:26:13

'so I'm very happy with that.'

0:26:130:26:15

It was a saving on the boiler,

0:26:150:26:17

because the boiler was here when we first came, which was brand new.

0:26:170:26:21

It's savings like that which have afforded Bradley

0:26:210:26:24

a few little luxuries.

0:26:240:26:27

I've put all new lighting in. There's 84 spotlights throughout the house,

0:26:270:26:31

so it's very light.

0:26:310:26:33

SONG: "Light My Way" by Audioslave

0:26:330:26:36

# Won't you light my way? #

0:26:370:26:39

With 84 spotlights, the words "dark and dingy"

0:26:450:26:49

can never be applied to this place again.

0:26:490:26:52

And adding patio doors leading to the newly created patio area

0:26:520:26:56

brings plenty of light into the revamped kitchen/diner.

0:26:560:27:01

Right. We've knocked through the wall here to create room

0:27:020:27:05

for these double doors. We put a dividing fence through

0:27:050:27:09

and slabbed the whole area. It was a real bonus

0:27:090:27:12

to get this bit of land. It's finished the house off nicely.

0:27:120:27:16

Bradley always planned to use the profits from this house

0:27:170:27:20

to purchase more. So what sort of profit is he hoping for?

0:27:200:27:24

I haven't got an idea of the price range yet.

0:27:240:27:26

Just wait and see, fingers crossed.

0:27:260:27:29

Well, here come two men who can put Bradley out of his misery.

0:27:300:27:33

He paid £87,000 for the property,

0:27:350:27:38

and spent £32,000 completely renovating it,

0:27:380:27:41

making a total outlay of £119,000 plus other costs.

0:27:410:27:45

So, has all his hard work paid off?

0:27:450:27:49

What a change! What a difference from previously!

0:27:510:27:54

The place is full of light, full of nice modern fittings,

0:27:540:27:57

and it's been well finished off.

0:27:570:27:59

It's a difficult property to work with, a kitchen in the basement.

0:27:590:28:03

Some people don't like that. But the way they've designed this,

0:28:030:28:06

I think they've made good use of the space.

0:28:060:28:09

The best selling point of the property

0:28:120:28:14

is probably a combination of the open-plan living/kitchen area

0:28:140:28:18

and the fantastic garden at the back here,

0:28:180:28:21

that's accessible from the patio doors.

0:28:210:28:24

I think they're going to shift the house very quickly.

0:28:240:28:27

Just what he wanted to hear!

0:28:270:28:29

But will the valuations sound as good?

0:28:290:28:32

Remember, his total spend here was 119,000.

0:28:320:28:35

Resale value for this property at the moment, in today's market,

0:28:350:28:39

is between £145,000 and £150,000.

0:28:390:28:42

I think the resale value of this property is about £155,000.

0:28:420:28:48

If Bradley does manage to sell the house for 155,000,

0:28:480:28:52

that would give him a pre-tax profit of £36,000.

0:28:520:28:56

That could provide a decent deposit for his next development.

0:28:560:29:00

If I can achieve them prices, I will be happy.

0:29:000:29:03

But will the rental figures sway his decision to sell?

0:29:030:29:07

On the rental side, I think somewhere between £800 and £850

0:29:070:29:10

per calendar month.

0:29:110:29:12

Realistically, you're looking at about £700 per calendar month in this area.

0:29:120:29:16

I can't afford to rent it out, financially,

0:29:160:29:19

so it's just best for me to sell it and move on with the next one.

0:29:190:29:24

I'm really impressed with the work that Bradley's done on this,

0:29:240:29:27

his first property development.

0:29:270:29:29

I'm sure he'll go from strength to strength,

0:29:290:29:32

but just hope he views his next one before he buys it.

0:29:320:29:36

It hasn't cost me too bad not viewing the property first,

0:29:360:29:39

but in the future I will definitely have a look round.

0:29:390:29:42

Today I'm in the beautiful ancient city of Ripon in North Yorkshire.

0:29:460:29:51

Founded over 1,300 years ago,

0:29:510:29:54

some of the buildings have stood here since the seventh century.

0:29:540:29:58

I'm here to see another historic property,

0:29:580:30:01

this one built in 1750.

0:30:010:30:04

It's a part-commercial, part-residential unit

0:30:040:30:06

with a double frontage onto this road.

0:30:060:30:09

The first thing I'm noticing is that it is on one of the main routes

0:30:090:30:12

into the centre of Ripon, and it's right by this set of traffic lights,

0:30:120:30:16

which could explain the £50,000 guide price.

0:30:160:30:20

Let's take a look inside.

0:30:200:30:22

This roadside position is definitely a big negative.

0:30:240:30:27

With narrow streets and pavements, the house seems to shake and rattle

0:30:270:30:31

every time large vehicles pass by.

0:30:310:30:34

SONG: "Shake, Rattle & Roll" by Bill Haley & His Comets

0:30:340:30:37

Hm! It's hard to imagine this as a shop, really,

0:30:370:30:41

apart from these huge great windows looking out onto the street.

0:30:410:30:45

Given that this is listed, that could be a good or a bad thing,

0:30:450:30:49

because one thing the planners would not want you to do

0:30:490:30:51

is change the windows.

0:30:510:30:54

If this was going to be a residential place,

0:30:540:30:57

big windows like that out onto the main road

0:30:570:30:59

might not be ideal. But, at the moment,

0:30:590:31:01

throwing lots of light in here, which we really like.

0:31:010:31:04

Couple of original features - the fireplace there...

0:31:040:31:07

Through to a sort of second front room.

0:31:070:31:10

Again, not ideal that the rooms are right on that road there,

0:31:100:31:13

right by the set of traffic lights, so not really brilliant.

0:31:130:31:16

Clearly it's in a bit of a state.

0:31:160:31:19

Um... Intriguing, I think is the word!

0:31:190:31:22

Of course there's nothing you can do about the proximity of the road.

0:31:230:31:27

Owing to its listed status,

0:31:270:31:29

UPVC double glazing would be out of the question here,

0:31:290:31:32

so replica windows will have to be made.

0:31:320:31:35

Is there anything else that should make buyers hesitate to buy this?

0:31:350:31:39

None of the door frames standard height.

0:31:390:31:43

If you're tall, you'd be banging your head quite regularly.

0:31:430:31:46

But it does give a certain sense of charm, as does things like this -

0:31:460:31:50

the floor. Yorkshire stone, absolutely beautiful.

0:31:500:31:54

The only issue is, it doesn't have a damp course, I would guess,

0:31:540:31:57

and it's going to be expensive to do something about that.

0:31:570:32:00

Maybe you'd take it up, which would be a shame,

0:32:000:32:02

but that is the only way to get that important damp course in.

0:32:020:32:05

-HE PLAYS A FEW NOTES

-Piano, nice little touch...

0:32:050:32:08

This, I imagine, at some stage was the kitchen,

0:32:080:32:11

judging by the fireplace and things like that.

0:32:110:32:13

At the moment, it's like the rest of the house, a bit higgledy-piggledy.

0:32:130:32:17

You've got this lower-height ceiling in here,

0:32:170:32:20

windows out onto a small courtyard. It is the natural place

0:32:200:32:23

for the kitchen in the house to be.

0:32:230:32:25

But there's a lot of work before you get to that stage.

0:32:250:32:29

'So, there's flooring to be sorted along with damp-proofing.

0:32:290:32:33

'The walls need to be skimmed and plastered.

0:32:330:32:36

'The ceiling's seen better days,

0:32:360:32:38

'and there's probably wood treatment to be done, too.

0:32:380:32:41

'And that's just downstairs.'

0:32:410:32:44

Upstairs here, my guess is that this was the flat

0:32:440:32:46

associated with the shop downstairs. You've got a little room there,

0:32:460:32:50

bedroom there, stairs up to the attic room.

0:32:500:32:52

I'll come back to that. A living-room area there,

0:32:520:32:56

and through to... Well, judging by the fact it's a sink,

0:32:560:32:59

I guess this was where the kitchen was.

0:32:590:33:02

As you can see, it's extremely basic, and it gets worse,

0:33:020:33:05

cos there's also a door which leads onto the bathroom and loo.

0:33:050:33:08

So, not ideal whatsoever.

0:33:080:33:11

However, what this property does offer is options.

0:33:110:33:15

You could potentially keep the unit downstairs as a commercial unit,

0:33:150:33:19

you could convert upstairs into a much better presented flat,

0:33:190:33:22

you could convert downstairs to a flat.

0:33:220:33:25

But don't forget, this is a listed building,

0:33:250:33:27

so all those things will have to have Building Regulations approval,

0:33:270:33:31

planning permission and listed-buildings approval,

0:33:310:33:35

so there's a lot of hoops to jump through.

0:33:350:33:38

But there's a lot of property here, when you bear in mind

0:33:380:33:41

it was guided at just £50,000.

0:33:410:33:44

In addition to the first floor, there's also an attic space

0:33:440:33:48

which could be converted, though that would take a lot of work.

0:33:480:33:51

I'm not sure why there are concrete floors here.

0:33:510:33:54

They definitely need to go. With the large bathroom,

0:33:540:33:57

if you converted this into living accommodation,

0:33:570:34:00

and move the kitchen downstairs, you could make a four-bed house

0:34:000:34:04

with bags of character.

0:34:040:34:05

SONG: "Jump" by Van Halen

0:34:050:34:09

So, would it be worth jumping through all those hoops

0:34:100:34:14

and splashing the cash, or is it too much work for too little return?

0:34:140:34:18

What does the auctioneer who sold it think of this Grade II property?

0:34:180:34:22

I look at this building, which is much larger than one would think

0:34:220:34:27

when you come into it, that it could actually convert into two,

0:34:270:34:30

the ground floor into a one-bed apartment.

0:34:300:34:33

With the upper floor, which is largely what it is now,

0:34:330:34:37

as residential accommodation, in fact it would make a three-bedroom maisonette.

0:34:370:34:42

But the two-flat option would be much more complicated and costly.

0:34:420:34:47

What sort of revenue could that earn?

0:34:470:34:49

In the order of £100,000 for the ground floor,

0:34:490:34:52

and then, for the maisonette, up to 125.

0:34:520:34:55

And as a single house?

0:34:550:34:58

Given the restrictions of location,

0:34:580:35:01

lack of car parking, lack of amenity space,

0:35:010:35:04

I think we're talking £125,000, £130,000.

0:35:040:35:08

So, two flats could almost double the sale value,

0:35:090:35:11

and significantly increase the rental return.

0:35:110:35:14

'Um, for the house as a whole,

0:35:140:35:16

'we're talking maximum £700 per calendar month.'

0:35:160:35:20

As two units, the ground-floor apartment

0:35:200:35:22

would let in the order of £500 a calendar month.

0:35:220:35:25

The maisonette, which would have three bedrooms,

0:35:250:35:28

would be 625 to possibly 650.

0:35:280:35:32

Again, two seems better than one.

0:35:320:35:35

But as the auction guide price was just £50,000,

0:35:350:35:38

either approach could be a winner.

0:35:380:35:40

But I still think this is a case of "buyer beware".

0:35:400:35:43

Well, an interesting property for sure,

0:35:450:35:49

but not one for the faint-hearted or inexperienced.

0:35:490:35:52

This place could swallow money up like there's no tomorrow,

0:35:520:35:56

and one thing for certain - because of the complications of the commercial unit,

0:35:560:36:00

the fact that it's listed, it's well worth getting a solicitor

0:36:000:36:03

to check out the legal pack before you buy.

0:36:030:36:06

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

0:36:060:36:09

OK. Moving on, we come to Ripon now.

0:36:120:36:15

We're skirting around North Yorkshire a bit, aren't we?

0:36:150:36:18

So, two-storey, with a very, very useful attic.

0:36:180:36:21

Somebody give me 40,000 for it.

0:36:210:36:23

40 bid straight away. Thank you. At £40,000,

0:36:230:36:26

and two at the back. 42. 44, will you, sir?

0:36:260:36:29

44. 46, may I now?

0:36:290:36:31

At 46. Will you make it eight, sir?

0:36:310:36:33

At 48 bid. 48 bid. I'll take nine.

0:36:330:36:35

Nine, new bidder. 49 against you, sir. Will you make it 50?

0:36:350:36:39

50 is now bid. Against you, 51.

0:36:390:36:42

52, may I now?

0:36:420:36:44

At 52. 53.

0:36:440:36:46

Four, will you? 54.

0:36:460:36:48

Five, is it? 56, is it now? 56.

0:36:480:36:52

Seven, may I? 57.

0:36:520:36:53

58, will you now? 58 bid. 59, may I?

0:36:530:36:57

60,000.

0:36:570:36:58

61. 62.

0:36:580:37:00

63. Will you make it four, sir?

0:37:000:37:03

64. 65, may I? 65 is bid.

0:37:030:37:08

66, sir? 66?

0:37:080:37:10

And a half if you want it, sir. 66 and a half.

0:37:100:37:13

Seven. 67. 67...

0:37:130:37:15

And half again. 67 and a half.

0:37:150:37:18

68, may I now?

0:37:180:37:20

68 is bid. Eight and a half.

0:37:200:37:23

Nine, may I?

0:37:230:37:25

£68,500, gentleman standing. All out, seated.

0:37:250:37:29

£68,500. All done?

0:37:290:37:32

-HE TAPS HAMMER

-It is yours, sir.

0:37:330:37:35

Thank you very much. And the price is 68,500.

0:37:350:37:38

So, for £68,500,

0:37:380:37:40

the new owners of the Grade II listed corner shop in Ripon

0:37:400:37:44

are Giles and Claire. I met them back at the property

0:37:440:37:47

to hear about their plans.

0:37:470:37:49

Giles, Claire, congratulations!

0:37:520:37:55

-THEY LAUGH

-Thank you!

0:37:550:37:56

-Big property!

-Yeah.

0:37:560:37:58

-Big property for the price.

-Yeah. Absolutely, for the price.

0:37:580:38:02

Why did you want to buy it?

0:38:020:38:04

Um, well, it was really to get on the market,

0:38:040:38:08

to get on the market in the UK. This is the first property that we own.

0:38:080:38:12

-HE CHUCKLES

-Heck of a starter home!

0:38:120:38:14

-Yeah, a good start.

-OK. So, you talk about "in the UK".

0:38:140:38:17

-Have you got...

-We've got a property in the French Alps.

0:38:170:38:20

Oh, wow!

0:38:200:38:22

Yeah. It was just something that we've got as a base here, as well.

0:38:220:38:26

How come you've got a property in the French Alps?

0:38:260:38:29

We run a business there. We run a catered chalet.

0:38:290:38:32

-Oh, great! Whereabouts?

-In La Plagne, Montalbert. Yeah.

0:38:320:38:36

Giles and Claire met in the French Alps.

0:38:360:38:38

They'd always dreamt of running a chalet in France,

0:38:380:38:41

and achieved that in 2004.

0:38:410:38:42

But with that work being very seasonal,

0:38:420:38:46

they decided they needed another project,

0:38:460:38:48

an investment in the UK which they could work on for part of the year.

0:38:480:38:52

SONG: "Ain't No Mountain High Enough" by Diana Ross

0:38:520:38:55

With family and friends in the local area,

0:38:560:38:59

Ripon seemed the ideal spot.

0:38:590:39:01

But, boy, what a project they've taken on!

0:39:010:39:03

-What experience have you got in this kind of thing?

-I can paint!

0:39:040:39:08

-I'm a painter and decorator.

-Are you?

-Yeah.

0:39:080:39:11

-And Giles is a plasterer.

-I'm a general builder by trade,

0:39:110:39:15

-but plastering's my skill.

-Oh, great!

0:39:150:39:17

-OK.

-So that'll keep me busy.

0:39:170:39:20

I thought you were going to say, "I'm excellent at snowboarding,"

0:39:200:39:23

and you were going to say, "I can do some fantastic parallel turns."

0:39:230:39:27

But, no, you can plaster, and you can paint and decorate.

0:39:270:39:30

That's brilliant. Can you both ski, though?

0:39:300:39:32

Yes. Yeah. We can ski quite well, yeah.

0:39:320:39:35

How well?

0:39:350:39:37

Well, I've represented England, and...

0:39:370:39:40

-Er...

-THEY LAUGH

0:39:400:39:42

-Oh, that well, then!

-THEY LAUGH

0:39:420:39:45

-Represented England in what?

-In slalom.

0:39:450:39:47

-Did you?

-Yeah.

0:39:470:39:49

Well, I think Giles's plastering skills

0:39:490:39:51

and Claire's decorating ability might be more useful here.

0:39:510:39:55

But it's going to be an uphill struggle

0:39:550:39:57

to turn this property around.

0:39:570:39:59

What are you going to do with it?

0:39:590:40:01

We're going to have the kitchen downstairs.

0:40:010:40:03

The shop front will be living area, lounge,

0:40:030:40:07

um, and then upstairs...

0:40:070:40:10

three, four double bedrooms,

0:40:100:40:13

and, going into the attic, we'll just renovate that, as well,

0:40:130:40:17

into maybe office space/bedroom.

0:40:170:40:21

How much have you planned to spend?

0:40:210:40:23

Um, probably 20, 25. I mean, a lot of the work -

0:40:230:40:27

-Is going to be self-build.

-Is going to be done between us,

0:40:270:40:31

and family and a few friends,

0:40:310:40:33

so hopefully we could keep it quite low.

0:40:330:40:36

So, what about the legal pack?

0:40:360:40:38

Yeah. That's one thing that we haven't got yet, so -

0:40:380:40:42

-You haven't got yet?!

-THEY LAUGH

0:40:420:40:44

-You still haven't seen it?

-No, we haven't.

0:40:440:40:47

-You're supposed to read it before the auction.

-Yeah, but...

0:40:470:40:50

Especially somewhere like this, that's listed, part commercial...

0:40:500:40:54

Yeah. It's one mistake that we did make,

0:40:540:40:57

but we'll be fine.

0:40:570:40:59

How dangerous a skier were you, when you used to ski?

0:40:590:41:02

Pretty dangerous. THEY LAUGH

0:41:020:41:04

Point down the hill, skis parallel, and zap!

0:41:040:41:07

-That's the one, yeah.

-Right.

0:41:070:41:09

So, it looks like it's heads down and go for it.

0:41:090:41:13

Let's hope it pays off!

0:41:130:41:15

MUSIC: "Ski Sunday Theme"

0:41:150:41:17

Well, Giles and Claire's enthusiasm is without doubt infectious.

0:41:190:41:24

However, I am concerned about the amount of preparation they've done

0:41:240:41:28

before they bought this place, and the hurdles that lie ahead.

0:41:280:41:32

They haven't even read the legal pack,

0:41:320:41:35

which could throw up all sorts of issues.

0:41:350:41:37

It's listed, which WILL throw up all sorts of issues.

0:41:370:41:40

And this place in general I think is going to be a bit of a money pit.

0:41:400:41:44

It's going to be a slippery slope!

0:41:440:41:46

Find out how they get on later in the show.

0:41:460:41:50

It's been a while now since we last visited those properties.

0:41:530:41:56

Now, there should have been some work done, but you never know.

0:41:560:41:59

All sorts of problems can arise. What have our buyers had to deal with? Let's find out.

0:41:590:42:04

Now, we set sail for Ryde on the Isle of Wight,

0:42:070:42:10

and this two-bedroom first-floor maisonette.

0:42:100:42:13

The leaky roof had caused damp,

0:42:160:42:18

and its stale stench permeated through the property.

0:42:180:42:22

But Helen, who has a nose for business and an eye for a bargain,

0:42:220:42:26

purchased it for 63,000.

0:42:260:42:28

She intended to renovate and let it out.

0:42:280:42:31

Helen lives in London with her husband and their four children.

0:42:350:42:39

The family also have a holiday home on the island.

0:42:390:42:42

She intended to tackle the project with a mixture of work and play.

0:42:420:42:47

I'm going to start doing the stripping off

0:42:480:42:51

with maybe one or two children, hopefully.

0:42:510:42:54

Not on the sunny days when we should be on the beach, though.

0:42:540:42:57

Helen planned a complete makeover on this maisonette,

0:42:590:43:03

which would be added to her burgeoning buy-to-let portfolio

0:43:030:43:06

of ten properties.

0:43:060:43:09

Four months later, we were back to take a look at her handiwork.

0:43:130:43:17

SONG: "Hardworking Woman" by BB King

0:43:170:43:19

# She's a hardworking woman

0:43:190:43:22

# She works hard all the time...

0:43:230:43:25

The kitchen is all new and shining bright,

0:43:280:43:31

and, just as importantly, smells fresh.

0:43:310:43:35

No traces of the dank odour of damp now!

0:43:350:43:38

The kitchen's changed an awful lot, as you can see.

0:43:390:43:42

Our first main problem was the wall here,

0:43:420:43:44

which was an uneven return, so we had to level that all out

0:43:440:43:49

to enable us to position the kitchen units

0:43:490:43:51

on the floor and also on the wall.

0:43:510:43:54

We then decided to come round fully in relation to the kitchen units.

0:43:540:43:59

We chopped a bit into the window, introduced a window sill,

0:43:590:44:04

and that enabled us to position the sink here.

0:44:040:44:07

We extended the plumbing all around.

0:44:070:44:09

We had one extra kitchen unit here as well,

0:44:090:44:12

and I think that's worked really well.

0:44:120:44:14

The once mildew-ridden lounge is now fresh, bright and airy.

0:44:170:44:21

# What I like about that woman

0:44:210:44:24

# She won't quit until the job is through #

0:44:250:44:28

And Helen has added a lovely touch to the bay window.

0:44:290:44:32

We introduced this window seat here

0:44:330:44:36

because we had just a bit of a void space here at the window,

0:44:360:44:39

and we thought that we could utilise it a bit better,

0:44:390:44:42

so we built this here as a window seat,

0:44:420:44:46

and some storage underneath,

0:44:460:44:48

and so you can spend a bit of time

0:44:480:44:51

looking out and enjoying the view.

0:44:510:44:54

Helen set aside quite a large chunk of her £26,000 budget

0:44:560:45:01

to repair the leaky roof.

0:45:010:45:03

The section that was damp on the ceiling

0:45:030:45:06

wasn't as bad as what we thought,

0:45:060:45:08

so we just had to replace some tiles and some lead-work and some flashing,

0:45:080:45:14

so that sorted the problem out.

0:45:140:45:16

Money saved on the roof repairs was spent on ensuring a high-quality finish throughout.

0:45:170:45:23

The bathroom has a new suite, plus new tiles on the floor...

0:45:230:45:27

..and the walls,

0:45:290:45:30

and a shower's been fitted.

0:45:300:45:33

So, what was Helen's total outlay?

0:45:340:45:37

The total budget is just slightly above 80,000,

0:45:370:45:42

with the purchase of the flat and what I've put into it,

0:45:420:45:45

so roughly £18,000 is what the cost has been to refurbish the flat.

0:45:450:45:50

So, under budget. But did she come in under her four-month schedule?

0:45:530:45:57

We started the work and finished probably within a six-week period,

0:45:580:46:04

so we started and finished earlier than we thought,

0:46:040:46:07

which was all good at the end.

0:46:070:46:08

That's not bad - a developer who comes in under budget

0:46:080:46:12

and ahead of schedule!

0:46:120:46:14

But, as is evident from the quality of work,

0:46:140:46:17

there's been no skimping on style, making it the model of success.

0:46:170:46:22

But was Helen as successful at corralling her kids

0:46:220:46:25

into lending a helping hand?

0:46:250:46:27

From the outset, the children were very interested

0:46:270:46:30

in seeing what was happening, so they were keen to choose the odd colour

0:46:300:46:34

and the bathroom and the tiles,

0:46:340:46:36

so it helped me in selecting things and buying things

0:46:360:46:39

and transporting things, so they like to be involved, and we do things together.

0:46:390:46:44

Helen has spent a total of 81,000 buying and renovating.

0:46:440:46:48

Has she invested wisely?

0:46:480:46:50

We asked two local estate agents for their opinions.

0:46:500:46:53

Really, really surprised.

0:46:530:46:56

It's lovely compared to the last time.

0:46:560:46:58

The colour schemes are nice. It seems much lighter and brighter.

0:46:580:47:01

She's done it very, very well.

0:47:010:47:03

'The kitchen has wow-factor. The last time I saw it,

0:47:030:47:06

'it was very dated. She's completely modernised the kitchen,

0:47:060:47:10

'and she's placed a sink unit under the window, which is nice, so you've got a nice outlook.'

0:47:100:47:15

The decorative schemes are very nice.

0:47:160:47:18

They've steered away from a simple magnolia.

0:47:180:47:22

And, of course, where it matters, the kitchen, the bathroom,

0:47:220:47:25

they've put a lot of effort into.

0:47:250:47:29

Bearing in mind Helen's total spend of 81,000,

0:47:300:47:34

what could this property achieve if sold?

0:47:340:47:37

The resale value of the property, I would say,

0:47:370:47:40

would be in the region of £90,000.

0:47:400:47:42

In the current market, my feeling is,

0:47:420:47:45

the resale value of this property would be in the region of £95,000.

0:47:450:47:50

Those valuations would mean a pre-tax profit

0:47:500:47:53

of £9,000 to £14,000, if she sold it.

0:47:530:47:57

But for Helen, this is all about rental returns.

0:47:570:48:00

Based on the rental value of the property,

0:48:020:48:05

I would suggest possibly £500 to £525 per calendar month.

0:48:050:48:10

This property would have no problem achieving

0:48:100:48:13

in the order of £525 per calendar month.

0:48:130:48:18

In fact, Helen's done better than that,

0:48:180:48:20

and got a tenant in at £600 a month.

0:48:200:48:23

So not only has she delivered this property under budget

0:48:230:48:27

and ahead of schedule, it's also bringing in a decent income.

0:48:270:48:30

With their holiday home on the island

0:48:300:48:32

and now with this property as well,

0:48:320:48:34

might the family eventually relocate to the Isle of Wight?

0:48:340:48:37

# Welcome to my little island...

0:48:370:48:41

I would like to see us coming here eventually, yes.

0:48:410:48:44

It's not going to be in the near, near future cos my children are still at school.

0:48:440:48:48

# Welcome to my little island...

0:48:480:48:52

So maybe someday it might be her family's permanent base.

0:48:520:48:57

But for now, it's a destination for work and play.

0:48:570:49:00

# Welcome to my little island #

0:49:000:49:04

The city of Ripon in North Yorkshire

0:49:070:49:10

has an abundance of old and historic properties.

0:49:100:49:13

Some of them are in good condition, and others, if not quite ruins,

0:49:130:49:17

have definitely seen better days.

0:49:170:49:20

And that was the case for this 17th-century Grade II listed former shop and flat

0:49:200:49:25

not far from the city centre.

0:49:250:49:27

Built before the advent of the motor car,

0:49:270:49:29

it was on a busy road, and had windows, floors and doors

0:49:290:49:33

from another age. With its rather higgledy-piggledy layout,

0:49:330:49:37

turning it around would be an uphill struggle for most people.

0:49:370:49:41

But for married couple Giles and Claire,

0:49:410:49:44

tackling a mountain of work was nothing new.

0:49:440:49:47

Yeah. We've got a property in the French Alps.

0:49:470:49:50

Oh, wow!

0:49:500:49:51

Yeah. It was just something that we've got as a base here, as well.

0:49:510:49:55

How come you've got a property in the French Alps?

0:49:550:49:58

-We run a business there. We run a catered chalet.

-Oh, great!

0:49:580:50:02

Having paid 68,000 to get a foothold in the UK market,

0:50:020:50:06

and armed with an £11,000 budget,

0:50:060:50:09

former top slalom skier Giles and his wife Claire

0:50:090:50:13

set about turning the old shop and flat into one large home.

0:50:130:50:17

14 months later, we're back to see the results.

0:50:170:50:21

MUSIC: "Ski Sunday Theme"

0:50:210:50:25

Well, the outside's a big improvement,

0:50:250:50:28

with snowy white walls and a new black front door,

0:50:280:50:31

while inside...

0:50:310:50:34

Well, on the face of it, it's not quite so impressive.

0:50:350:50:38

But, as with any assault on a mountain,

0:50:380:50:40

the key to success is preparation.

0:50:400:50:43

OK. As you can see, one of the major changes

0:50:430:50:46

was opening up this wall,

0:50:460:50:48

cos we like the idea of open-plan living.

0:50:480:50:51

Um, and then the other change was,

0:50:510:50:54

we had to, er, take up the old floor,

0:50:540:50:58

one, because of damp issues.

0:50:580:51:00

We took out about five tons of rubble,

0:51:000:51:03

DPC'd and insulated it and put the Indian slate down,

0:51:030:51:07

and now it's just waiting to be plastered and finished.

0:51:070:51:11

So in fact the amount of work done here is deceptive.

0:51:110:51:15

They've made structural changes, rewired,

0:51:150:51:17

re-plumbed and damp-proofed throughout.

0:51:170:51:20

By moving the kitchen downstairs, they've altered the layout,

0:51:200:51:23

so there are now four bedrooms upstairs.

0:51:230:51:25

But owing to the Grade II listing, there were some things they couldn't change.

0:51:250:51:30

With the windows, we decided to make them good ourselves,

0:51:300:51:34

because they'd be too expensive if we got brand-new ones.

0:51:340:51:38

So we burnt off all the old paintwork,

0:51:380:51:40

then sanded them down, filled them and painted them,

0:51:400:51:45

and then we got somebody to help us re-weight them

0:51:450:51:48

and re-cord them, and they've come up pretty good.

0:51:480:51:52

They're good. We're pleased with them.

0:51:520:51:55

Stripping and repainting windows is time-consuming.

0:51:560:52:01

This means there are unfinished bathrooms and an attic space

0:52:010:52:05

where the concrete floor's been removed,

0:52:050:52:07

but it's some way off being habitable.

0:52:070:52:09

Similarly, the outside area is work in progress.

0:52:090:52:13

OK. So, what we did was, we had to replace an old rotten oak beam,

0:52:130:52:17

so we took that out, got some strongboys and supported the wall,

0:52:170:52:23

put a separate lintel here for the door,

0:52:230:52:26

and then we had to put a lintel over the window as well.

0:52:260:52:30

As Giles and Claire run a chalet business in the French Alps,

0:52:300:52:34

they're only here for part of the years,

0:52:340:52:37

so they've made good progress in the four to five months they've worked on the building.

0:52:370:52:41

-How much have they been here?

-All the time.

0:52:410:52:44

-Giles was, all the time.

-This is, I mean...

0:52:440:52:46

The only guys that we've actually had in

0:52:460:52:49

to do the major works is the people doing the floor.

0:52:490:52:54

I got some specialists who worked with groundworks.

0:52:540:52:58

That was it, really. The rest is all myself...

0:52:580:53:01

-Friends and family.

-My brother unfortunately was out of a job,

0:53:010:53:05

so he... I got him in straight away.

0:53:050:53:08

And my father's good at electricals,

0:53:080:53:11

so he was helping our friend who was doing the electrical bit.

0:53:110:53:15

But unfortunately my father fell through the floorboards

0:53:150:53:19

-in the bathroom, but he was OK.

-THEY LAUGH

0:53:190:53:22

He didn't actually end up in the kitchen.

0:53:220:53:25

With friends and relatives dropping in to help,

0:53:340:53:37

quite literally in Claire's father's case,

0:53:370:53:39

they should have been able to keep their costs down.

0:53:390:53:43

I think at the moment we're up to £11,000.

0:53:430:53:48

And I would like to say that we won't go over £25,000.

0:53:480:53:53

A £25,000 spend

0:53:530:53:55

on top of their £68,500 purchase price,

0:53:550:53:58

plus other costs,

0:53:580:54:00

means the couple will have spent about £100,000

0:54:000:54:03

by the time it's all done.

0:54:030:54:05

Then it would be a four-bed house with a family bathroom

0:54:050:54:08

and office space. But will all their efforts be worth it?

0:54:080:54:11

What do two local property experts think of progress so far?

0:54:110:54:15

The work that's been done has been very sympathetic

0:54:150:54:18

and in keeping with the property, done to a very high standard.

0:54:180:54:21

Obviously there's plenty still to do,

0:54:210:54:23

but if the general standard is kept to that level,

0:54:230:54:26

it'll be a fantastic family house.

0:54:260:54:28

I think the only negatives are the fact

0:54:280:54:30

that the parking will be difficult, plus the busy main road outside.

0:54:300:54:35

However, there are plans afoot to possibly pedestrianise the area.

0:54:350:54:39

That would be fantastic if it happens,

0:54:390:54:42

and, long-term, would add value.

0:54:420:54:44

I really like the open-plan aspects that immediately hit you.

0:54:440:54:49

The breakfast-kitchen will be fantastic,

0:54:490:54:51

and the open plan into what will be the family area.

0:54:510:54:55

Going up onto the next two floors, excellent accommodation,

0:54:550:54:59

and very much look forward to seeing it once it's completed.

0:54:590:55:02

Encouraging comments, but will the lack of parking and garden

0:55:040:55:07

limit its rental potential?

0:55:070:55:09

If the property was modernised to a high standard,

0:55:120:55:15

I could see it fetching between £800 and £900 per calendar month for rental.

0:55:150:55:20

I think you're looking between £600 and £650 per calendar month.

0:55:200:55:25

-Well, that's good.

-That is very good.

0:55:250:55:27

-Yeah. Yeah. Pleased with that.

-That's really good!

0:55:270:55:30

Even a rental of £600 a month on a £100,000 investment

0:55:300:55:34

would mean a yield of over seven percent.

0:55:340:55:37

That's not bad. How would it fare if resold?

0:55:370:55:41

I think if the work was finished,

0:55:410:55:43

and it was presented to a good standard,

0:55:430:55:45

you'd be looking at a figure between £170,000 and £180,000.

0:55:450:55:49

I think once renovated, you're looking between £175,000 and £190,000.

0:55:490:55:54

-That's good as well.

-Yeah. I really like that.

0:55:540:55:57

Yeah. Brilliant!

0:55:570:55:59

Wow! No wonder they're pleased. That could be a pre-tax profit

0:55:590:56:02

of between £70,000 and £90,000.

0:56:020:56:04

With the skiing season fast approaching,

0:56:040:56:07

it will be time to down tools and up sticks -

0:56:070:56:09

or should that be ski poles? When they return six months later,

0:56:090:56:13

will they turn it into their home or sell it on?

0:56:130:56:16

We might live in it for a little while,

0:56:160:56:19

and then rent it. See what happens, really, won't we?

0:56:190:56:23

Yeah. Yeah. I think a good idea would be to live in it for a few years.

0:56:230:56:28

SONG: "Slip Slidin' Away" by Paul Simon

0:56:280:56:32

Well, whether it becomes their home or just an investment property,

0:56:350:56:39

in terms of the amount of work here, for the most part

0:56:390:56:42

it should be all downhill from here.

0:56:420:56:44

In the ever-changing world of property,

0:56:480:56:50

there is always something new to learn,

0:56:500:56:52

and we'll have more advice for you next time.

0:56:520:56:54

-So join us then for more Homes Under The Hammer.

-Goodbye.

0:56:540:56:58

Subtitles by Red Bee Media Ltd

0:56:580:57:02

E-mail [email protected]

0:57:020:57:06

.

0:57:060:57:06

Martin Roberts and Lucy Alexander visit a house in Kent, a property on the Isle of Wight and a property in Ripon. All of these properties have been sold at auction; Martin and Lucy find out who bought them, and what they paid for them when they went under the hammer.