0:00:02 > 0:00:05When you buy property, make sure you bought wisely.
0:00:05 > 0:00:10It may be difficult to find, but you're looking for value for money.
0:00:10 > 0:00:13One way to find that is at auction.
0:00:38 > 0:00:43From flats to mansions, there's always something on offer at auction.
0:00:43 > 0:00:48Here are the lots that made our buyers put their hands in their pockets.
0:00:49 > 0:00:54'I might have found treasure at the bottom of this garden
0:00:54 > 0:00:55'in Stoke-on-Trent.'
0:00:55 > 0:00:58Ooh, that's exciting.
0:00:59 > 0:01:03'At this house in London, there's a kitchen with layout issues.'
0:01:03 > 0:01:08If I wanted to get the potatoes out, then needed to get in the cupboard!
0:01:09 > 0:01:15'Just outside Tonypandy in Mid Glamorgan, there's a lot that seems too good to be true.'
0:01:15 > 0:01:19Great place to live or to rent out. No-brainer!
0:01:21 > 0:01:23'These properties sold at auction.
0:01:23 > 0:01:28'Find out who bought them and what they paid when they went under the hammer.'
0:01:31 > 0:01:35'Stoke-on-Trent is made up of six older towns
0:01:35 > 0:01:39'which form a linear city 12 miles long.'
0:01:41 > 0:01:45I'm in the Stoke-on-Trent suburb of Penkhull, a very popular place.
0:01:45 > 0:01:51It's got schools, shops and a very fine view over the city.
0:01:58 > 0:02:02'Penkhull was probably the earliest inhabited place
0:02:02 > 0:02:05'in the area we know as the Potteries.
0:02:05 > 0:02:11'The name derives from a Saxon word meaning "wood at the end of a hill."
0:02:11 > 0:02:16'I don't think today's house will be quite that ancient.'
0:02:16 > 0:02:20The property I'm here to see is on a popular residential street.
0:02:20 > 0:02:25It's a mid-terrace Victorian house at a guide price of 60,000 quid.
0:02:25 > 0:02:30We're quite close to the university. We're quite close to the hospital.
0:02:30 > 0:02:34So you've got students and nurses. Rental possibility?
0:02:34 > 0:02:37Let's take a look and find out.
0:02:37 > 0:02:42'You'd be forgiven for thinking this doesn't look anything special,
0:02:42 > 0:02:46'but you know what they say, never judge a book by its cover.'
0:02:46 > 0:02:50Wo! Now, THAT's a surprise.
0:02:50 > 0:02:52Stairs up to the bedrooms.
0:02:52 > 0:02:57Then this massive great living room. Fantastic space!
0:02:57 > 0:03:02Having the stairs open plan really gives a feeling of space.
0:03:02 > 0:03:06Strange little corridor, then into a rear sitting room.
0:03:06 > 0:03:09Again, really good size. Lots of clutter.
0:03:09 > 0:03:11Previous owners' belongings.
0:03:11 > 0:03:15But the house just goes on and on backwards.
0:03:15 > 0:03:20This is the kitchen. It needs a lot of work but in terms of...
0:03:20 > 0:03:23What's gone on with the roof?
0:03:23 > 0:03:27In terms of the actual space, this is great!
0:03:27 > 0:03:29Really surprising.
0:03:29 > 0:03:33# So I thought I'd get a little messy... #
0:03:33 > 0:03:38'Well, great in terms of space, but not in terms of its condition.
0:03:38 > 0:03:41'It looks as though someone started work.
0:03:41 > 0:03:45'The hacked-off plaster suggests there might have been damp issues,
0:03:45 > 0:03:48'but I'm encouraged by what I see.'
0:03:48 > 0:03:52Given the space downstairs, you have great hopes upstairs.
0:03:52 > 0:03:56Actually, it's a bit disappointing. There are only two bedrooms.
0:03:56 > 0:04:02That said, front room extremely big. Second bedroom, a good size.
0:04:02 > 0:04:05Down a corridor, then it starts to get strange.
0:04:05 > 0:04:10Come down into the main bathroom. It's not a bad size.
0:04:10 > 0:04:14There's lots of light. The suite clearly needs to be replaced.
0:04:14 > 0:04:17Big space, and I think it's too big.
0:04:17 > 0:04:22In fact, the whole of this upstairs, to my mind, is just wrong.
0:04:22 > 0:04:26Two massive bedrooms, this bathroom which doesn't quite work.
0:04:26 > 0:04:31I would take out all the dividing walls up here and reconfigure it.
0:04:31 > 0:04:36I'd move this bathroom into the middle and make this a bedroom,
0:04:36 > 0:04:39and that would make much better use of the space.
0:04:39 > 0:04:41# More, more, more
0:04:41 > 0:04:44# How do you like it? How do you like it?
0:04:44 > 0:04:46# More, more, more
0:04:46 > 0:04:48# How do you like it? How do you like it? #
0:04:48 > 0:04:51'It's about catering to the market.
0:04:51 > 0:04:54'This is a prime rental location.
0:04:54 > 0:04:57'Renting each room separately means maximum return.
0:04:57 > 0:05:02'More rooms equal more money. You just figure out how to do it.'
0:05:02 > 0:05:06At the rear of the property, a real surprise!
0:05:06 > 0:05:10An absolutely ginormous long garden!
0:05:10 > 0:05:13So, what could you do with it?
0:05:13 > 0:05:16At some point, there has been a garage here.
0:05:16 > 0:05:20That's because there's access at the back. Fantastic.
0:05:20 > 0:05:26Maybe put the garage back? If you rent this place out, the garden is maybe not brilliant.
0:05:26 > 0:05:33As there's access, is there any chance you'd get planning permission for building another property here?
0:05:33 > 0:05:36Ooh. That's exciting.
0:05:36 > 0:05:38'That could be very sweet.
0:05:38 > 0:05:42'No plans came with the plot and no other properties are built here.
0:05:42 > 0:05:45'It doesn't mean it's a non-starter.
0:05:45 > 0:05:49'A chat with the planning department could be worth it.
0:05:49 > 0:05:54'What does a local property expert think about what's on offer?'
0:05:57 > 0:06:00There's a lot of potential with this property.
0:06:00 > 0:06:05It needs to, obviously, be completely renovated,
0:06:05 > 0:06:09and the rooms need to be reorganised.
0:06:09 > 0:06:13The garden has got great potential to put a garage in,
0:06:13 > 0:06:15car parking.
0:06:15 > 0:06:20You may even get planning permission for another dwelling.
0:06:20 > 0:06:25'So there is, perhaps, potential at the end of the garden.
0:06:25 > 0:06:29'How much would the house alone fetch as a two or three-bedder?'
0:06:29 > 0:06:31Once fully renovated,
0:06:31 > 0:06:35from a sales point of view, for a two-bedroom property,
0:06:35 > 0:06:40I would suggest an asking price of £105,000 to £110,000.
0:06:40 > 0:06:46And a three-bedroom property, £110,000 to £115,000.
0:06:46 > 0:06:49From a rental point of view,
0:06:49 > 0:06:54as a two-bed property, you'd be looking at figures in the region of
0:06:54 > 0:07:00£425 to £450 per calendar month.
0:07:00 > 0:07:07As a three-bedroom property, you'd be looking at £475 to £500 per calendar month.
0:07:12 > 0:07:15So there you go, here is a classic example
0:07:15 > 0:07:20of why you must come and view properties before the auction.
0:07:20 > 0:07:24From the outside, this place doesn't look much at all.
0:07:24 > 0:07:29But you go through the door... Wow! What an amazing little house.
0:07:29 > 0:07:32Who spotted it when it went under the hammer?
0:07:36 > 0:07:40This is a spacious mid-terrace house in need of modernisation.
0:07:40 > 0:07:4545, then. Start me at 45, please, for lot 28?
0:07:45 > 0:07:5045? 45 I'm bid. Thank you. At £45,000. 50 can I say, now?
0:07:50 > 0:07:53At 50, is it? 50. Thank you.
0:07:53 > 0:07:56At £50,000. 55, can I say?
0:07:56 > 0:08:0055 it is. At £55,000. 60 now?
0:08:00 > 0:08:0260.
0:08:02 > 0:08:06At £60,000 on the phone to my left. 65.
0:08:06 > 0:08:0970. 70,000 on the phone.
0:08:10 > 0:08:1575. 80. 80,000. The bid's in the aisle. Are we all done?
0:08:15 > 0:08:17New bidder. 81.
0:08:17 > 0:08:1982. 83.
0:08:19 > 0:08:2184.
0:08:22 > 0:08:2484 and a half.
0:08:24 > 0:08:2685.
0:08:26 > 0:08:30Are you sure? I'm selling for the first time.
0:08:30 > 0:08:33At £85,000 for the second time.
0:08:33 > 0:08:38Third and final time at £85,000...
0:08:39 > 0:08:41Your lot, sir. Well done.
0:08:41 > 0:08:44'For £85,000, 25,000 over the guide price,
0:08:44 > 0:08:48'the two-bed terrace in Penkhull was bought by Mike and Vicky.
0:08:48 > 0:08:52'Vicky works as a nurse, while Mike's a landscape gardener.'
0:08:52 > 0:08:57- Vicky, Mike. Congratulations. - Thank you.- Tell me why you wanted to buy this.
0:08:57 > 0:09:04When we arrived, the feeling of open space, the view was just wonderful.
0:09:04 > 0:09:10The off-road parking behind, in the garden, we thought that's a bonus.
0:09:10 > 0:09:15It's really surprising. From the front, it doesn't look like much.
0:09:15 > 0:09:19It's quite big, once you get inside and see the potential.
0:09:19 > 0:09:22We were blown away.
0:09:22 > 0:09:25'This is Mike and Vicky's first property venture.
0:09:25 > 0:09:27'As both work full time,
0:09:27 > 0:09:34'they hope to make it a family project with daughters Lucy and Amy lined up to lend a hand.'
0:09:34 > 0:09:37What about the idea of property development?
0:09:37 > 0:09:40What tempted you to do that?
0:09:40 > 0:09:46I'm self-employed, so I was thinking that was something I could do in the winter.
0:09:46 > 0:09:49I do garden maintenance and landscaping.
0:09:49 > 0:09:51So you bought it in the spring!
0:09:51 > 0:09:56Yeah! Should have been a few months earlier but that is the plan.
0:09:56 > 0:10:00- What about you, Vicky? - I'm a nurse two days a week.
0:10:00 > 0:10:05Then I work with Mike for two days as well, outside in the gardens.
0:10:05 > 0:10:09- Are you going to get involved in the renovation?- Absolutely.
0:10:09 > 0:10:12I'm not scared of getting my hands dirty.
0:10:12 > 0:10:15What about your daughters? Are they excited?
0:10:15 > 0:10:20Yes. We're encouraged cos they are really motivated.
0:10:20 > 0:10:26'17-year-old Lucy and 13-year-old Amy think they know where they could be most useful.'
0:10:26 > 0:10:30We'll work together because Mum and Dad haven't got much taste!
0:10:30 > 0:10:33No style! It's awful!
0:10:33 > 0:10:37'OK, style gurus, what's the plan for the interior?
0:10:37 > 0:10:42'Wow me. Funky modern colours, feature walls, mirrors?'
0:10:42 > 0:10:48We're going to keep it neutral because Mum and Dad are thinking about renting it.
0:10:48 > 0:10:54You've got to accommodate everyone so we're not allowed to personalise it too much.
0:10:54 > 0:10:56We want to add a bit of a twist.
0:10:56 > 0:11:01- Don't we?- Yeah. A bit of character. - Else it's a bit of an empty shell.
0:11:01 > 0:11:05'But before any interior design or painting can take place,
0:11:05 > 0:11:09'the house has to be brought back into shape.'
0:11:09 > 0:11:11What are you going to do?
0:11:11 > 0:11:14We're going to do it all up to let it.
0:11:14 > 0:11:19So total decoration and new windows all through.
0:11:19 > 0:11:23Front door, back door, new bathroom, new kitchen.
0:11:23 > 0:11:27- Then decorate.- What about the internal layout? Any ideas for that?
0:11:27 > 0:11:33We're taking out the wall of the corridor from the lounge to the kitchen.
0:11:33 > 0:11:37That will take one door of four out of the kitchen
0:11:37 > 0:11:39and give more kitchen space.
0:11:39 > 0:11:42I did think it could be three bedrooms.
0:11:42 > 0:11:48You could move the bathroom into the middle. Any ideas for that?
0:11:48 > 0:11:53We've just seen it as it is and thought, for rental, we'd keep it.
0:11:53 > 0:11:58The expenditure bill's rising very quickly,
0:11:58 > 0:12:02so maybe it might put the budget up too much.
0:12:02 > 0:12:07- What kind of budget have you got? - About £15,000, give or take.
0:12:07 > 0:12:10'They might need every penny of that.
0:12:10 > 0:12:15'There may be the opportunity to get some extra revenue.'
0:12:15 > 0:12:20- The garden is quite extraordinary. - It is! It's actually two gardens.
0:12:20 > 0:12:27- They purchased the far end a number of years ago.- Oh!
0:12:27 > 0:12:31- That was another property. - It was another property?
0:12:31 > 0:12:35That's why it's such a long garden.
0:12:35 > 0:12:42- The fact there was another property there means you could put another property back.- I suppose so.
0:12:42 > 0:12:46- It's a building plot.- It would be small.- Who cares? A building plot!
0:12:46 > 0:12:51- Could be. Yeah.- This is not something you considered but...?- No.
0:12:51 > 0:12:55- We didn't know till we read all the documents.- The legal pack?- Yeah.
0:12:55 > 0:13:01'Maybe there IS treasure to be unearthed at the bottom of the garden!'
0:13:01 > 0:13:05# Can you dig it? Oh, yeah... #
0:13:05 > 0:13:09Vicky and Mike have got themselves a great property.
0:13:09 > 0:13:13It's lovely the whole family are involved,
0:13:13 > 0:13:18although I think they really should consider creating an extra bedroom.
0:13:18 > 0:13:25For me, the real joy is to discover there was a house previously at the end of the garden.
0:13:25 > 0:13:28Which turns that into a potential building plot,
0:13:28 > 0:13:33which also turns it into a pot of gold at the end of the garden.
0:13:33 > 0:13:37Find out how they get on later in the show.
0:13:39 > 0:13:42'Our next property is a split personality.
0:13:42 > 0:13:45'It doesn't know if it's here or there.'
0:13:45 > 0:13:49Downham is in Kent, but it's also classed as part of London.
0:13:49 > 0:13:52Look at how close we are to the City.
0:13:52 > 0:13:56That is Canary Wharf! Wow!
0:13:56 > 0:13:59The property is just over here.
0:13:59 > 0:14:02# Take back the city for yourself tonight... #
0:14:02 > 0:14:07'It takes 25 minutes to get from Downham into central London by train
0:14:07 > 0:14:10'from the mainline station at Grove Park.'
0:14:10 > 0:14:15It's on this ex Local Authority estate, a mile from the station.
0:14:15 > 0:14:18It's got three bedrooms. It's end of terrace.
0:14:18 > 0:14:21It had a guide of £120,000 to £125,000.
0:14:21 > 0:14:25I think the property looks pretty good and solid.
0:14:25 > 0:14:30Of course, there's off-street parking, so very promising.
0:14:30 > 0:14:32Let's go inside.
0:14:32 > 0:14:34'Hedge obviously needs a trim!
0:14:34 > 0:14:38'With off-road parking and double glazing in place,
0:14:38 > 0:14:42'the house looks reasonably well maintained.'
0:14:42 > 0:14:46I kind of expected this dated decor on the inside.
0:14:46 > 0:14:49What this house does have is space.
0:14:49 > 0:14:53It feels like a good solid family house.
0:14:53 > 0:14:57I'm not sure about the flock ceiling wallpaper.
0:14:57 > 0:15:03It always worries me. It may be hiding a multitude of sins there.
0:15:03 > 0:15:05I'd get that down.
0:15:05 > 0:15:08You've got two really good rooms.
0:15:08 > 0:15:12There's a lot you could do. I can see a family enjoying this.
0:15:12 > 0:15:17It just needs updating. It's a bit grubby. It needs a clean.
0:15:17 > 0:15:20And it certainly needs a good paint job.
0:15:20 > 0:15:26'So far, it's just cosmetic. Nothing a good makeover can't fix.
0:15:26 > 0:15:28'Then there's the kitchen.'
0:15:28 > 0:15:31Not impressed with this kitchen!
0:15:31 > 0:15:36If you're an air-hostess, it could work. It's very long and narrow.
0:15:36 > 0:15:42There's not much room. This is a three-bedroom family house!
0:15:42 > 0:15:46I don't think you could get more than one person in here.
0:15:46 > 0:15:51If I wanted to get the potatoes out, then needed to get in the cupboard.
0:15:51 > 0:15:54There is just not enough room!
0:15:54 > 0:15:59You could think about knocking through into the reception room.
0:15:59 > 0:16:02Then you'd have the kitchen there
0:16:02 > 0:16:07and the lounge would be far too small at the end there.
0:16:07 > 0:16:11You could think about taking this side of the units out,
0:16:11 > 0:16:15blocking up that door and having one row of units.
0:16:15 > 0:16:17Or there's another solution.
0:16:18 > 0:16:23You could extend out the back, but it's a small garden
0:16:23 > 0:16:26and it would only make that kitchen longer.
0:16:26 > 0:16:31Or extend to the side. The house across the road has done that.
0:16:31 > 0:16:36A two-storey extension, so you gain a bedroom and a bigger kitchen.
0:16:36 > 0:16:41But if you buy this as an investment, you must be careful
0:16:41 > 0:16:44not to exceed the ceiling price of this area.
0:16:44 > 0:16:48Adding an extension may not add up in the short term.
0:16:48 > 0:16:52'If you buy to sell or rent, extensions don't make much sense.
0:16:52 > 0:16:59'They cost too much time and money when you want to turn the property round quickly.
0:16:59 > 0:17:03'If this is to be your home, an extension may be worth it.
0:17:03 > 0:17:07'A two-storey one would increase the size of upstairs and downstairs.'
0:17:07 > 0:17:12Upstairs, there are three bedrooms. You've got a small room,
0:17:12 > 0:17:16enough to get a single bed in, two good sized doubles
0:17:16 > 0:17:18and the family bathroom.
0:17:18 > 0:17:23What I think is impressive is all the rooms are a good square shape.
0:17:23 > 0:17:25You've got built-in storage.
0:17:25 > 0:17:30It needs a bit of work, but upstairs is in pretty good nick.
0:17:30 > 0:17:32'There's tidying-up to do here.
0:17:32 > 0:17:36'The immersion tank should be boxed in or, ideally, moved.
0:17:36 > 0:17:39'The decor needs sprucing up.
0:17:39 > 0:17:42'Pink's fine, but not so attractive to a boy.
0:17:42 > 0:17:46'A more neutral approach would be preferable.
0:17:46 > 0:17:50'The bathroom, actually, is in pretty good shape.
0:17:50 > 0:17:54'For rental, you might not need to change it.
0:17:54 > 0:17:59'What does the local property expert think of this three-bed semi?'
0:17:59 > 0:18:03A bit dated. The kitchen and bathroom a bit untidy.
0:18:03 > 0:18:07Colour schemes are very tired now. Small garden.
0:18:07 > 0:18:14Nice end of the road, quite a pretty tree-lined road. It's got good potential.
0:18:14 > 0:18:17'If you fulfilled its potential, say, by extending,
0:18:17 > 0:18:22'could that pay off for a house guided at £120,000 to £125,000?'
0:18:22 > 0:18:30As a three-bedroom house, refurbished, you're looking in the region of £175,000 to £185,000.
0:18:30 > 0:18:36As an extended four-bedroom, you're looking in the region of £200,000.
0:18:39 > 0:18:43The rental demand here is pretty strong.
0:18:43 > 0:18:47You're looking, if it was modernised to a reasonable standard,
0:18:47 > 0:18:50in the region of £1,100 per calendar month.
0:18:50 > 0:18:54If you made it four bedrooms, it could put it up to £1,200, £1,250.
0:18:54 > 0:18:58'That would be a fantastic yield of over 10%.
0:18:58 > 0:19:04'Rent or resale, there could be a really good return for relatively little effort.'
0:19:06 > 0:19:12This property doesn't need that much work doing to it. The main issue is that tiny kitchen.
0:19:12 > 0:19:19You could extend or just do it up quickly, put it back on the market, make a profit and move on.
0:19:19 > 0:19:23If only property developing was always that easy!
0:19:23 > 0:19:26Let's find out who bid for this at auction.
0:19:29 > 0:19:34A freehold terrace house. All as catalogued. Where are you going to start?
0:19:34 > 0:19:36Can I see 125,000 to start me?
0:19:36 > 0:19:40120, then? 120 I've got. Thank you.
0:19:40 > 0:19:43123? 123. 125?
0:19:43 > 0:19:46125. 127? At £125,000.
0:19:46 > 0:19:49Seven I'm looking for. 127.
0:19:49 > 0:19:52And 30. And two? 132? 132.
0:19:52 > 0:19:54And five? 135.
0:19:54 > 0:19:58And seven? 137? £135,000 I've got.
0:19:58 > 0:20:00137 I'm looking for.
0:20:00 > 0:20:05£135,000 bid I have. Unless I get another one. For the first time.
0:20:05 > 0:20:11£135,000 bid for the second time. Third and final time at £135,000...
0:20:11 > 0:20:15Yours at 135, sir. And the number is A204.
0:20:15 > 0:20:22'At just £10,000 over the top guide price, for £135,000,
0:20:22 > 0:20:25'George is the new owner of this semi in Downham.
0:20:25 > 0:20:33'With his father, Ernie, George joined me to explain what they plan to do with their purchase.'
0:20:33 > 0:20:38- Congratulations.- Thank you. - Why did you want to buy this house?
0:20:38 > 0:20:43Well, we wanted an investment and hopefully this will be the one.
0:20:43 > 0:20:47I've done it before and it's something I enjoy.
0:20:47 > 0:20:50- Is this something that you've always done?- No. No.
0:20:50 > 0:20:54I had a company, which I sold on a couple of years ago.
0:20:54 > 0:20:58Which has made me able to do this.
0:20:58 > 0:21:05- Do you have spare time to do other stuff as well?- Yeah. Enjoy meself! - How do you enjoy yourself?
0:21:05 > 0:21:11I spend a lot of time in Spain and thoroughly enjoy my early retirement.
0:21:11 > 0:21:14'Based in England, George, his wife and daughter
0:21:14 > 0:21:17'soak up the Spanish sun as much as they can.
0:21:17 > 0:21:22'George knows he still needs an income so, with his dad, Ernie,
0:21:22 > 0:21:26'he's looking at property development to achieve that.'
0:21:26 > 0:21:30- Ernie, what is your involvement with this?- I'm a retired electrician.
0:21:30 > 0:21:36I also used to do what we call M&E, mechanical and electrical. Plumbing.
0:21:36 > 0:21:39I can do everything except gas fitting.
0:21:39 > 0:21:45And I'm not a bad carpenter. I've hung doors and that sort of thing.
0:21:45 > 0:21:50And overseeing the building when George isn't around.
0:21:50 > 0:21:54- How involved are you going to be? - Quite involved.
0:21:54 > 0:21:58I'll certainly do the organising of people,
0:21:58 > 0:22:02whatever work needs doing that we have to get from outside.
0:22:02 > 0:22:05Other than that, decorating
0:22:05 > 0:22:07and most of the handiwork.
0:22:07 > 0:22:09Yeah. I'll be doing that.
0:22:09 > 0:22:14- Who will make sure the contractors turn up?- Me.- You'll phone Dad. Dad will make sure...
0:22:14 > 0:22:17It's a bit of a triangle.
0:22:17 > 0:22:20- Yeah. But it worked last time. - It works.
0:22:20 > 0:22:24When I'm here, it'll be all hands on deck and I'll crack on with it.
0:22:24 > 0:22:28'It's all about finding a work-life balance.
0:22:28 > 0:22:32'It seems that George, with Ernie's help, has got it sussed.
0:22:32 > 0:22:37'But buying houses isn't a hobby. He needs to make it pay.'
0:22:37 > 0:22:40What do you need to do to bring this up to scratch?
0:22:40 > 0:22:46It needs a bit of work. It's mainly cosmetic. The kitchen is very small.
0:22:46 > 0:22:51We intend to fit a new kitchen and remove the back door.
0:22:51 > 0:22:58- And place patio doors in the other room.- What budget have you got to spend in this property?
0:22:58 > 0:23:06Well, doing the sums, we think between 7,500 to 10,000. Yeah.
0:23:06 > 0:23:10- Have you set yourselves a time limit?- Y-yes.
0:23:10 > 0:23:13ERNIE CHUCKLES We're hoping eight weeks.
0:23:13 > 0:23:18I want to get it done quickly so I can spend more time in Spain.
0:23:18 > 0:23:21- Having a lovely time with your family!- Quite right!
0:23:21 > 0:23:25- That's a really nice family way of life.- Oh, lovely.
0:23:25 > 0:23:29- Ernie, you get to stay with them. - Exactly, thoroughly enjoy it.
0:23:29 > 0:23:34It's been lovely meeting you and I hope it turns out really well.
0:23:34 > 0:23:36Thank you very much.
0:23:36 > 0:23:41'Before sangria and sunshine, there's painting and sanding!
0:23:41 > 0:23:45'Then the race is on to get to those sun loungers.'
0:23:48 > 0:23:52It's great that the whole family is involved in this project.
0:23:52 > 0:23:57George says he's doing this so he can spend more time in Spain.
0:23:57 > 0:24:02But he could end up spending more time in the UK renovating property.
0:24:02 > 0:24:07Will it mean more paella for George, or will he get delayed in Downham?
0:24:07 > 0:24:10Stay with us and find out what happens.
0:24:11 > 0:24:17'Coming up, in Mid Glamorgan, is it me or are bedrooms getting smaller?'
0:24:17 > 0:24:21Why not call this large cupboard a fourth bedroom(?)
0:24:22 > 0:24:26'We return to Downham to see if George is missing the Spanish sun.'
0:24:26 > 0:24:31I'm not ready to just live in Spain. I've got to have something to do.
0:24:33 > 0:24:37'Back in Staffordshire, who won the battle of the styles?'
0:24:37 > 0:24:41We've proved that Mum and Dad have got taste after all!
0:24:43 > 0:24:46'Near the centre of Stoke-on-Trent in Penkhull,
0:24:46 > 0:24:51'a deceptively spacious two-bed mid-terrace went up for auction.
0:24:51 > 0:24:54'It needed a thorough renovation throughout.
0:24:54 > 0:24:57'There were also layout issues,
0:24:57 > 0:25:01'with odd corridors and a large bathroom but only two bedrooms.
0:25:01 > 0:25:06'It came with a large overgrown garden, a potential building plot.
0:25:06 > 0:25:13'For 85,000, it was bought by landscape gardener Mike and his wife Vicky, who's a nurse.
0:25:13 > 0:25:17'The house was their first property development.'
0:25:17 > 0:25:20# Can you dig it? Oh, yeah... #
0:25:23 > 0:25:30What about the idea of property development? What tempted you to do that?
0:25:30 > 0:25:36I'm self-employed so I was thinking that was something I could do in the winter.
0:25:36 > 0:25:43- So you bought this in the spring! - Yeah. Should have been a few months earlier, but that is the plan.
0:25:43 > 0:25:46'So Mike had made it hard for himself,
0:25:46 > 0:25:50'working on the house whilst being busy on his full-time job.
0:25:50 > 0:25:54'But the hope was that this would be a family effort,
0:25:54 > 0:25:58'with daughters Amy and Lucy helping on the interior design.'
0:25:58 > 0:26:02We'll work together, cos Mum and Dad haven't really got much taste.
0:26:02 > 0:26:04No style at all. It's awful.
0:26:04 > 0:26:07'Mike and Vicky were to do the donkey work,
0:26:07 > 0:26:10'whilst Amy and Lucy added style.
0:26:10 > 0:26:15'Nearly eight months later, had it all gone to plan?
0:26:18 > 0:26:22'The outside looks fantastic, with a new bay window
0:26:22 > 0:26:27'and double glazing throughout, a new door and fresh paintwork.'
0:26:27 > 0:26:32It's been a lot of hard work and... in an ideal world,
0:26:32 > 0:26:35we wouldn't have bought it when we did. We'd buy it now.
0:26:35 > 0:26:40'But with help from Vicky's sister, all their hard work has paid off,
0:26:40 > 0:26:43'as they transformed this house.
0:26:43 > 0:26:46'Not only has it got that new bay window,
0:26:46 > 0:26:50'but there are now new patio doors leading into the garden.
0:26:50 > 0:26:53'There's also been an alteration in the layout.'
0:26:53 > 0:26:58We've taken out the internal wall that was in the dining room.
0:26:58 > 0:27:01Then blocked off under the stairs
0:27:01 > 0:27:04'That created cupboard space
0:27:04 > 0:27:07'and reduced the number of doors leading off the kitchen,
0:27:07 > 0:27:10'allowing this area to be redesigned.'
0:27:10 > 0:27:15The kitchen was a huge job. It was just to take everything out.
0:27:15 > 0:27:20We took the ceiling down, plaster off the walls, put a damp course in.
0:27:20 > 0:27:24'The kitchen has been completely transformed.
0:27:24 > 0:27:30'That dingy falling down area is now bright and modern.
0:27:30 > 0:27:34'The front bedroom has been redecorated
0:27:34 > 0:27:36'but remains structurally unchanged,
0:27:36 > 0:27:40'whereas they rejigged the layout in the other rooms.'
0:27:40 > 0:27:42This was the original bathroom.
0:27:42 > 0:27:47It was quite lost, so we've turned this into a second bedroom.
0:27:47 > 0:27:53Then, moving on, this is now the third bedroom, a single bedroom.
0:27:53 > 0:27:58Then the internal bathroom is here and it worked really well.
0:27:58 > 0:28:03All the plumbing was quite simple and it's quite effective.
0:28:03 > 0:28:06'Splitting that room is a great idea.
0:28:06 > 0:28:10'Making this a three-bed house turns it into a family home.
0:28:10 > 0:28:14'And what does one of those need? A good garden.
0:28:14 > 0:28:18'With Mike's landscaping skills, it's certainly got that now.'
0:28:19 > 0:28:24The garden, if you can remember, was in a terrible state.
0:28:24 > 0:28:29The soil was up the wall, so a lot of soil has been removed.
0:28:29 > 0:28:35That gave me a good opportunity to do my landscaping skills.
0:28:35 > 0:28:37We put sleepers in here.
0:28:37 > 0:28:40It's blended in quite nicely.
0:28:40 > 0:28:45It's an old property so the railway sleepers blend in well.
0:28:45 > 0:28:49'They seem to have fulfilled the potential
0:28:49 > 0:28:51'and transformed the outside space.
0:28:51 > 0:28:56'But there was also the potential of a building plot at the far end.'
0:28:56 > 0:29:02We've put all of our energies into the house and the garden.
0:29:02 > 0:29:07Now we can think more about what we do with the top of the garden.
0:29:07 > 0:29:13'So, for the time being, it remains useful off-street parking.
0:29:13 > 0:29:18'Something for another day. Maybe a reward for the hard work.'
0:29:18 > 0:29:20'Lucy and Amy were really keen.'
0:29:20 > 0:29:24When we started clearing out the house, they loved it.
0:29:24 > 0:29:27They were moving all the rubbish.
0:29:27 > 0:29:32When it came to the heavy work, I couldn't expect them to help then.
0:29:32 > 0:29:34They sat back a bit.
0:29:34 > 0:29:38They enjoyed seeing it coming on and at various points
0:29:38 > 0:29:42they've come over and seen the plastering and the carpets down.
0:29:42 > 0:29:46Just entering into the whole excitement of it.
0:29:46 > 0:29:50'How do they think their no-style parents have done?'
0:29:52 > 0:29:58- They've done pretty well, actually. - We've helped along the way. - We've given them advice.
0:29:58 > 0:30:03They've seen the project come along and they like what we've done,
0:30:03 > 0:30:07the choice of carpets, tiles, kitchen.
0:30:07 > 0:30:09I put me foot down on the kitchen.
0:30:09 > 0:30:13They chose a...ooh, horrible thing.
0:30:13 > 0:30:20It's all been, "Wow!" Perhaps we've proved that Mum and Dad have got taste after all!
0:30:20 > 0:30:22- Yeah(!)- Don't think so!
0:30:22 > 0:30:27'Well, there may be a difference of opinion on style and taste,
0:30:27 > 0:30:31'but it's a balance between not over-personalising
0:30:31 > 0:30:34'and getting a good finish at reasonable cost.
0:30:34 > 0:30:39'If you're renting it out, you're not turning it into the Ritz.'
0:30:39 > 0:30:41# If you're blue And you don't know
0:30:41 > 0:30:44# Where to go to Why don't you go
0:30:44 > 0:30:47# Where fashion sits
0:30:47 > 0:30:50# Putting on the Ritz... #
0:30:50 > 0:30:55The budget, we have gone over. We'd allowed 15,000.
0:30:55 > 0:30:59We'd got an extra 5,000 as a back-up plan,
0:30:59 > 0:31:01but we've gone through that as well.
0:31:01 > 0:31:06I think, up to press, we stand at about £23,000.
0:31:06 > 0:31:11'The £23,000 budget on top of the £85,000 purchase price
0:31:11 > 0:31:16'plus costs and fees, makes their total outlay £110,000.
0:31:16 > 0:31:20'Is Mike and Vicky's property sideline going to bear fruit?
0:31:20 > 0:31:23'What do two local property experts think?'
0:31:23 > 0:31:28I think they've done a great job. Nice clean lines throughout.
0:31:28 > 0:31:32Neutral colours, great kitchen, good bathroom. Very good job.
0:31:37 > 0:31:41Quality of work is very good. The fireplaces, kitchen, bathroom
0:31:41 > 0:31:45and the garden should make it very easy to sell.
0:31:45 > 0:31:48'Mike and Vicky would prefer to rent the house out.
0:31:48 > 0:31:54'How would their £110,000 investment fare if they put it up for sale?'
0:31:54 > 0:32:01I would put this property on the market for 123,000, looking to achieve 120,000.
0:32:01 > 0:32:07I would put it on the market in the region of 120,000 to 125,000.
0:32:07 > 0:32:11- That's pretty much what we were expecting.- That sounds pretty good.
0:32:11 > 0:32:16'At present, there isn't a massive mark-up, perhaps 10,000.
0:32:16 > 0:32:20'Long-term, with a building plot to sell on,
0:32:20 > 0:32:25'it should be a sound investment and rental values are more important.'
0:32:25 > 0:32:30This property should realise between £500 and £525 per calendar month.
0:32:30 > 0:32:35From a rental point of view, I would expect £525 per calendar month.
0:32:35 > 0:32:38That's what we expected. Yeah.
0:32:38 > 0:32:42We'll rent it for a number of years then see how the market's going.
0:32:42 > 0:32:45But we're quite happy to rent it.
0:32:45 > 0:32:50'£525 per month rental should mean the house is at tick-over value
0:32:50 > 0:32:53'and able to financially look after itself.
0:32:53 > 0:32:57'Perhaps that would allow the family to do another property.'
0:32:57 > 0:32:59I really enjoyed it. We'd do it again.
0:32:59 > 0:33:05- Not just yet.- No. Give it 12 months. - We may be raring to go then.
0:33:05 > 0:33:10- 12 months' time. Work on it through winter.- That'd be the ideal time.
0:33:10 > 0:33:14# ..The seasons turn, turn, turn
0:33:14 > 0:33:17# And a time to every purpose... #
0:33:17 > 0:33:21'They made it hard work for themselves,
0:33:21 > 0:33:23'but they still did a great job.
0:33:23 > 0:33:26'After they've done a few more,
0:33:26 > 0:33:29'they'll be seasoned property developers.'
0:33:37 > 0:33:39Today, I'm in Tonypandy,
0:33:39 > 0:33:44in the former coal mining Mecca of the Rhondda Valley in south Wales.
0:33:44 > 0:33:49It's not a centre for colliers now. Most people go to Cardiff to work.
0:33:49 > 0:33:54But there's a great train link, so what more could you want?
0:33:54 > 0:33:57# ..Gonna get myself Gonna get myself connected... #
0:33:57 > 0:34:00'The coal industry first drew people here.
0:34:00 > 0:34:05'Now it appeals to commuters who work in Cardiff but don't want to live there.'
0:34:05 > 0:34:09A short distance from Tonypandy is Williamstown.
0:34:09 > 0:34:12Not much here apart from a few shops and a hospital,
0:34:12 > 0:34:16with the potential to rent to doctors and nurses.
0:34:16 > 0:34:19The property, well, this is it.
0:34:19 > 0:34:21Three-bed detached house.
0:34:21 > 0:34:28Had a guide price of 59,000 quid. Looks a bit shabby. Let's take a look inside.
0:34:29 > 0:34:33For 59,000 quid, you're probably not expecting much.
0:34:33 > 0:34:37You know what? You're in for a very pleasant surprise.
0:34:37 > 0:34:43In through the front door, then a big open-plan living area.
0:34:43 > 0:34:47Big living room area here, then a dining area at the back,
0:34:47 > 0:34:50which is quite sensibly adjoining the kitchen.
0:34:50 > 0:34:52What a very, very sensible layout!
0:34:52 > 0:34:58It could do with freshening up, but I reckon, a bit of spit and polish,
0:34:58 > 0:35:00you'd sort it out in five minutes.
0:35:00 > 0:35:03Great start! Great start!
0:35:04 > 0:35:08# ..Take it easy
0:35:08 > 0:35:11# For there is nothing that we can do... #
0:35:11 > 0:35:17'With detergent and a bit of elbow grease, and at very little cost,
0:35:17 > 0:35:20'you could sort the downstairs.'
0:35:21 > 0:35:25Upstairs, let's start with the good news - the bathroom!
0:35:25 > 0:35:30A decent size. Doesn't have a shower but you could put one in.
0:35:30 > 0:35:34It starts to go wrong when it comes to the bedrooms.
0:35:34 > 0:35:39There are three, it is true. One at the back, a reasonable sized double.
0:35:39 > 0:35:43One towards the front, bordering on a single, I would say.
0:35:43 > 0:35:45Then this, your classic box room.
0:35:45 > 0:35:50You could just about get maybe a kid's bed in there.
0:35:50 > 0:35:53Really, to call this a bedroom? Bit sneaky.
0:35:53 > 0:35:58Why not call this large cupboard the fourth bedroom, for goodness' sake!
0:35:58 > 0:36:03# Livin' in a cardboard box Livin' in a box! #
0:36:03 > 0:36:08Apart from the "third bedroom" being a box room,
0:36:08 > 0:36:13there's a serviceable bathroom suite, so it could be turned around fast.
0:36:13 > 0:36:16I mentioned good commuter links to Cardiff.
0:36:16 > 0:36:20Unfortunately, one of the main roads is at the rear of the property.
0:36:20 > 0:36:26The house has got double glazing so inside it should be quite quiet.
0:36:26 > 0:36:29- The garden, not ideal. - TRAFFIC ROARS
0:36:29 > 0:36:33The garden I don't think has been done from when the house was built.
0:36:33 > 0:36:39It's not a bad size space so, apart from the noise, nice to have.
0:36:39 > 0:36:43'The garden is the most neglected part of the property.
0:36:43 > 0:36:47'It could be improved enormously by replacing fencing,
0:36:47 > 0:36:50'mowing the lawn and laying a patio area.
0:36:50 > 0:36:53'The road, if you want to rent this out,
0:36:53 > 0:36:57'that wouldn't be an issue but it might put off buyers.
0:36:57 > 0:37:01'What does a local estate agent make of this house?'
0:37:01 > 0:37:06I was pleasantly surprised seeing the condition of the property.
0:37:06 > 0:37:09The kitchen could do with tidying up.
0:37:09 > 0:37:13And the garden needs work.
0:37:13 > 0:37:17On the whole, the property's in good condition.
0:37:17 > 0:37:24'Sometimes, buying properties in good condition isn't a great idea because it can be hard to add value.
0:37:24 > 0:37:29'So is this house, with a £59,000 guide price, such a property?'
0:37:29 > 0:37:33In its current state, you're looking in the region
0:37:33 > 0:37:36of around £120,000.
0:37:36 > 0:37:44Once it's been renovated, I would expect to market the property for around 130,000.
0:37:44 > 0:37:50'That's amazing! £60,000 to £70,000 above the guide price for not much work.
0:37:50 > 0:37:53'How could it do as a rental property?'
0:37:53 > 0:37:56The rental market is quite good in this area.
0:37:56 > 0:38:02You're looking in the region of around £500 to £550 per calendar month.
0:38:02 > 0:38:08'This ordinary looking house could yield some extraordinary returns.'
0:38:10 > 0:38:15It goes to show, £59,000 can buy you a lot of house.
0:38:15 > 0:38:19Not much to do to sort this one out. Great place to live or to rent out.
0:38:19 > 0:38:24No-brainer. Let's see who bought it when it went under the hammer.
0:38:29 > 0:38:35On to the modernised detached house with three bedrooms and gas central heating in the Rhondda.
0:38:35 > 0:38:38I'll take 58 to start me. 58.
0:38:38 > 0:38:4060 on the phone. Thank you.
0:38:40 > 0:38:45You coming in, too, sir? At £60,000 and one if you like.
0:38:45 > 0:38:48One, thank you. 61 I'm bid. Two if you like.
0:38:48 > 0:38:53At 61 down here. Two, can I? Is he coming on the phone?
0:38:53 > 0:38:56Yes or no? 62, thank you.
0:38:56 > 0:39:00At 62, and three is it, down here? At 62... Three, I've seen you.
0:39:00 > 0:39:0363 seated. He's out on the phone.
0:39:03 > 0:39:08Ask him to bid quickly, please. 64 I'm bid on the phone. 64.
0:39:08 > 0:39:10Five if you like. Five is bid.
0:39:10 > 0:39:14At 65,000 seated. 65. Make it six.
0:39:14 > 0:39:1666 on the phone.
0:39:16 > 0:39:19At 66. Don't get driven out, sir.
0:39:19 > 0:39:24At 66. Try another one quickly. At £66,000 on the telephone.
0:39:24 > 0:39:26It's a cheap property at that. Seven.
0:39:26 > 0:39:31At 67. You're both weakening. Quick if you want it on the phone.
0:39:31 > 0:39:3668. 68's on the telephone. I thought you were going to get it.
0:39:36 > 0:39:41At 68,000. And nine will you now? Is that a bid? Nine, thank you.
0:39:41 > 0:39:4670 I'm bid on the telephone. At 70. One, can I?
0:39:46 > 0:39:50One is it? 71 here. At 71,000. They're out on the phone.
0:39:50 > 0:39:54At 71,000. Make it two, surely?
0:39:54 > 0:39:57All right, I'll take the half there.
0:39:57 > 0:40:01At 71 and a half. Two for you, sir? Drive them out!
0:40:01 > 0:40:0472. Thank you. That's the way!
0:40:04 > 0:40:08At 72,000. I told you to go the full one!
0:40:08 > 0:40:12At 72,000. Now it's costing them more.
0:40:12 > 0:40:15Are you coming again? You're out on the phone.
0:40:15 > 0:40:17At £72,000...
0:40:17 > 0:40:21Down here's the buyer. Thank you, sir. Buyer number 10.
0:40:21 > 0:40:26'For £13,000 over the guide price, but still a reasonable £72,000,
0:40:26 > 0:40:33'local couple Mark and Tanya bought this detached three-bed house in Williamstown.
0:40:33 > 0:40:38'This was just the start of what they hope will be a new venture.'
0:40:38 > 0:40:44# ..You wanna be starting something You gotta be starting something... #
0:40:44 > 0:40:49- Congratulations.- Thank you. - Tell me why you wanted to buy this.
0:40:49 > 0:40:55The main thing about it was, the way interests are in the bank,
0:40:55 > 0:40:57money not making a thing.
0:40:57 > 0:41:04We've got family involved in property and they advised us to look at investing in property.
0:41:04 > 0:41:07Which is why we've bought this.
0:41:07 > 0:41:09Is this the first one you've bought?
0:41:09 > 0:41:12This WAS the first one we bought.
0:41:12 > 0:41:16- Since then, we've bought other properties.- How many?- Four.
0:41:16 > 0:41:20How long ago did you buy this?
0:41:20 > 0:41:26- Er, four weeks.- In the last four weeks, you bought five properties? - Yeah.
0:41:26 > 0:41:32'Mark's an engineer, and it seems he and Tanya don't do things by halves.
0:41:32 > 0:41:36'They were advised to invest in property, and boy have they done it!
0:41:36 > 0:41:42'They funded their purchasing spree with a mixture of earnings and savings.'
0:41:42 > 0:41:47- What kind of things have you bought? - Three-bedroomed, quite close by.
0:41:47 > 0:41:49Terrace.
0:41:49 > 0:41:53The same mid-terrace in Abercynon.
0:41:53 > 0:41:58- We bought these two properties here. - Two?
0:41:58 > 0:42:01We bought next door as well. LAUGHTER
0:42:01 > 0:42:05Any more houses on the street that we don't know about?
0:42:05 > 0:42:11And we've bought a development site, an old school, to demolish and put new houses on.
0:42:11 > 0:42:15- In four weeks?- Yeah.- Hm.
0:42:15 > 0:42:19- Right. - So that's going to keep us busy!
0:42:19 > 0:42:25- No kidding? So what experience have you got in property development?- None.
0:42:26 > 0:42:29- None at all?- None whatsoever. No.
0:42:29 > 0:42:36'They may appear a bit green, but they have family members who are developers, builders and decorators.
0:42:36 > 0:42:38'So they will rely heavily on them.
0:42:38 > 0:42:44'Work will be project managed by Tanya's brother, an experienced developer.
0:42:44 > 0:42:49'In essence, their job is to provide direction, but mainly the funding.'
0:42:49 > 0:42:52So, Tanya, why this house?
0:42:52 > 0:42:55There's not an awful lot to do in it.
0:42:55 > 0:43:00- It's a quick turnaround. - New kitchen, bathroom.
0:43:00 > 0:43:03- Basically, smarten it up.- Yeah.
0:43:03 > 0:43:09- What sort of budget have you got? - We'd like to keep it within 15,000.
0:43:09 > 0:43:13Do you wake up and sort of go, "What?"
0:43:13 > 0:43:16In slight disbelief in what has happened?
0:43:16 > 0:43:20- Don't have time to.- Not in the mornings. Usually in the evenings.
0:43:20 > 0:43:23"Oh, my God!"
0:43:23 > 0:43:26- Are you enjoying it?- Yeah.
0:43:26 > 0:43:29# Don't stop me now Cos I'm having a good time
0:43:29 > 0:43:32# Don't stop me now Yes, I'm having a good time
0:43:32 > 0:43:37# I don't want to stop at all... #
0:43:37 > 0:43:44Like the road behind, Tanya and Mark are entering the fast lane of property development.
0:43:44 > 0:43:49I am a bit concerned about the speed with which they're doing it.
0:43:49 > 0:43:53Have they got too many eggs in the property basket? Find out later in the show.
0:43:56 > 0:44:00The clock's been ticking and work should be well under way.
0:44:00 > 0:44:06- Have those piles of bricks and bags of cement gone? Is the paint dry? - Let's find out.
0:44:08 > 0:44:11'Back in Downham, not far from the City of London,
0:44:11 > 0:44:17'a promising three-bed terrace property was bought for £135,000 by George.
0:44:17 > 0:44:21'With his father, Ernie, he planned to do a quick refurbishment,
0:44:21 > 0:44:27'then sell the house on so that he could continue his leisurely lifestyle.'
0:44:32 > 0:44:36- Do you have spare time to do other stuff?- Yeah. Enjoy meself.
0:44:36 > 0:44:41- How do you enjoy yourself? - I spend a lot of time in Spain.
0:44:41 > 0:44:45Yeah, I thoroughly enjoy my early retirement.
0:44:45 > 0:44:49'George owned a road-marking business but sold it a few years ago.
0:44:49 > 0:44:54'Now the family divide their time between the UK and Spain.
0:44:54 > 0:45:00'In order to fund the family's time in the Spanish sun, he needs his purchases to pay their way.
0:45:00 > 0:45:05'Two months later, we're back to see if this one has done that.
0:45:05 > 0:45:10'The front has been spruced up, as has the back patio area.
0:45:15 > 0:45:18'There's been a bit of musical doors,
0:45:18 > 0:45:22'with the kitchen door blocked up and patio doors put in.
0:45:25 > 0:45:28'The laminate floors have given way to carpet
0:45:28 > 0:45:31'and there's fresh decor throughout.
0:45:33 > 0:45:38'The kitchen hasn't been enlarged, but it's bright and updated.'
0:45:38 > 0:45:41With the kitchen, even though it was quite small,
0:45:41 > 0:45:46we decided not to knock through to the other room.
0:45:46 > 0:45:51We took all the units out, removed the door,
0:45:51 > 0:45:53and we changed...
0:45:53 > 0:45:58Obviously, put new lighter units in,
0:45:58 > 0:46:01a nice bright cooker and hood.
0:46:01 > 0:46:04We believe it turned out very well.
0:46:04 > 0:46:08'Downstairs is ready to go. What about upstairs?
0:46:11 > 0:46:17'It's been a case of giving a more uniform look to all three bedrooms.
0:46:25 > 0:46:30'The orientation of the bath has been changed, along with the suite,
0:46:30 > 0:46:33'so George has been busy.'
0:46:33 > 0:46:40The role I've played is, I've, basically, put me hand to everything that's been doing.
0:46:40 > 0:46:43And also a supervisory role.
0:46:43 > 0:46:48My wife, again, she's got her hands dirty and done very well.
0:46:48 > 0:46:51So has my daughter, Becky.
0:46:51 > 0:46:57Sandra has been watching the pennies and I've been spending them.
0:46:57 > 0:47:02'The other key family member on this project was George's father, Ernie.'
0:47:02 > 0:47:06He was an electrical engineer when he worked.
0:47:06 > 0:47:12So, yes, lots of advice and he's been ever so good with helping out.
0:47:12 > 0:47:16There's not been a cross word and it's been enjoyable.
0:47:16 > 0:47:21We've had a great time. Looking forward to the next project.
0:47:21 > 0:47:25'George seems to have relished doing the work on this house.
0:47:25 > 0:47:30'Surely, he'd rather have been relaxing by the pool in Spain?'
0:47:30 > 0:47:33When I initially went to Spain,
0:47:33 > 0:47:38I thought I'd be more comfortable than I am.
0:47:38 > 0:47:41But now it's actually a reality, it's...
0:47:41 > 0:47:46I couldn't point a finger at what I'm missing,
0:47:46 > 0:47:49but I'm not ready to just live in Spain.
0:47:49 > 0:47:52I've got to have something to do.
0:47:52 > 0:47:56'It's not just something to do. George also needs some income.
0:47:56 > 0:48:01'So he has to make his purchases work hard for him,
0:48:01 > 0:48:03'bringing in a decent return.'
0:48:03 > 0:48:10We've done very well with the budget. A shade under 9,000 we've spent.
0:48:10 > 0:48:14Which is good but, again, my wife's got an eye for a bargain!
0:48:14 > 0:48:17She's done well and looked around,
0:48:17 > 0:48:21and we found some lovely things at very good prices.
0:48:21 > 0:48:27'He paid 135,000 at auction and had a £9,000 budget.
0:48:27 > 0:48:32'That takes his outlay, along with costs and fees, to nearly £150,000.
0:48:32 > 0:48:37'So, will it be paella and sangria or fish and chips on the menu?
0:48:37 > 0:48:39'What do two local estate agents think?'
0:48:39 > 0:48:44It's changed a lot. It's much more practical now.
0:48:44 > 0:48:48The door being lost from the kitchen, it's much more useable.
0:48:48 > 0:48:51If I'm brutally honest, I'm a little disappointed
0:48:51 > 0:48:54there's no tiles in the kitchen or bathroom
0:48:54 > 0:48:57to give it that bit extra finish.
0:49:01 > 0:49:05The property's been done to a very good standard.
0:49:05 > 0:49:11It's got a contemporary feel and it will appeal to a good range within the market.
0:49:11 > 0:49:16'In an ideal world, George would sell this property and move on.
0:49:16 > 0:49:20'In a slow-moving market, he may have to rent it out.'
0:49:20 > 0:49:26For rental, I'd expect it to achieve £1,000 to £1,100 per calendar month.
0:49:26 > 0:49:31You're looking between £950 and £1,000 per calendar month rental.
0:49:31 > 0:49:35That's what I expected on a rental value,
0:49:35 > 0:49:38but we're probably favouring to sell.
0:49:38 > 0:49:43'So, could a quick resale bring in a decent return, bearing in mind
0:49:43 > 0:49:49'that George spent close to 150,000 bringing this house up to date?'
0:49:49 > 0:49:53I would put it on the market in the region of £200,000.
0:49:53 > 0:49:59Putting the property up for sale on the open market, it would fetch between £200,000 and £205,000.
0:49:59 > 0:50:07'A potential £50,000 pre-tax profit for just over eight weeks of effort. Nice work if you can get it!'
0:50:07 > 0:50:11205 would be very nice! Thank you very much.
0:50:11 > 0:50:14'This has turned out really well for George.
0:50:14 > 0:50:18'Rent or sell, there's a more than decent financial return.
0:50:18 > 0:50:24'So, is the plan to continue mixing work, rest and play?'
0:50:28 > 0:50:32Yeah. In the future, I'd like to come back,
0:50:32 > 0:50:37just do a project for a few weeks, and then go back to Spain...
0:50:37 > 0:50:39LAUGHING: ..top up me tan!
0:50:40 > 0:50:47# I'm gonna soak up the sun I'm gonna tell everyone... #
0:50:47 > 0:50:50'I'm sure once he's topped up his tan,
0:50:50 > 0:50:56'he'll be back over here to do more property developing in the future.'
0:50:59 > 0:51:02'With Cardiff booming in recent years,
0:51:02 > 0:51:06'there's been a knock-on effect on outlying towns and villages.
0:51:06 > 0:51:11'Places once dominated by the coal industry are commuter belt areas.
0:51:11 > 0:51:15'One such place is Williamstown, just outside Tonypandy,
0:51:15 > 0:51:19'where a three-bed detached house went up for auction.
0:51:19 > 0:51:22'I say three-bed, but the third bedroom
0:51:22 > 0:51:25'was not much more than a box room.
0:51:25 > 0:51:28'However, it was in pretty good order.
0:51:28 > 0:51:34'Local couple Mark and Tanya snapped it up for £72,000
0:51:34 > 0:51:38'as part of what was becoming a property spending spree.'
0:51:38 > 0:51:40Is this the first one you've bought?
0:51:40 > 0:51:43This WAS the first one we bought.
0:51:43 > 0:51:47- Since then, we've bought other properties.- How many?- Four.
0:51:47 > 0:51:51How long ago did you buy this, roughly?
0:51:51 > 0:51:53Er...four weeks.
0:51:53 > 0:51:57- In the last four weeks, you've bought five properties?- Yeah.
0:51:57 > 0:51:59# Can't help myself... #
0:51:59 > 0:52:03'Five properties in four weeks! That's going some!
0:52:03 > 0:52:09'Mark's an engineer and neither he nor Tanya had developing experience.
0:52:09 > 0:52:16'On the face of it, buying property like it was going out of fashion seemed a bit rash.
0:52:16 > 0:52:19'But they had family members in the building trade,
0:52:19 > 0:52:23'and Tanya's brother's an experienced developer.
0:52:23 > 0:52:30'They were able to act predominantly as investors, and relax while the work was being done.
0:52:30 > 0:52:35'Two months later, we're back to see if it has been that straightforward.
0:52:40 > 0:52:44'At the front, the uncared-for look is now gone.
0:52:44 > 0:52:51'With the ramshackle fence removed, there's off-street parking.'
0:52:51 > 0:52:53# ..Take it easy
0:52:53 > 0:52:57# For there is nothing that we can do... #
0:52:57 > 0:53:01'Inside, fitting carpets has helped the flow of the rooms.
0:53:01 > 0:53:06'How much involvement did Mike and Tanya have?'
0:53:06 > 0:53:09We didn't seem to do a lot.
0:53:09 > 0:53:12When I say we didn't seem to do a lot,
0:53:12 > 0:53:17the ground work and the professional work, we had contractors in.
0:53:17 > 0:53:20We had our brother-in-law, who property managed it.
0:53:20 > 0:53:23He did a lot of the running around.
0:53:23 > 0:53:26'They may not have carried out the work,
0:53:26 > 0:53:31'but there have been significant changes, especially in the kitchen.
0:53:31 > 0:53:35'Upstairs, there have been no layout alterations.
0:53:35 > 0:53:39'It's been a case of tidying up, skimming a few ceilings
0:53:39 > 0:53:41'and giving them a lick of paint.
0:53:41 > 0:53:47'The bathroom has undergone the greatest transformation.
0:53:47 > 0:53:52'Outside, the garden has been sorted out, creating a more useable space.'
0:53:52 > 0:53:56# ..Relax, take it easy... #
0:53:56 > 0:54:00When we bought the property, it was all overgrown,
0:54:00 > 0:54:04lots of rubbish we had to clear away.
0:54:04 > 0:54:07We've laid the patio and the lawn,
0:54:07 > 0:54:10put a shingle path and a nice edging.
0:54:10 > 0:54:13We've also renewed the fencing.
0:54:13 > 0:54:17We've tried to keep it as maintenance-free as possible.
0:54:17 > 0:54:20'This place is ready to rent or, ideally, sell.
0:54:20 > 0:54:23'It's one of their portfolio,
0:54:23 > 0:54:28'which includes a youth club and the house next door to this one.
0:54:28 > 0:54:31'How's progress on their other purchases?'
0:54:31 > 0:54:34One of them, we're just renting it out now.
0:54:34 > 0:54:38The youth club property, we had to wait for reports,
0:54:38 > 0:54:41so we were held up on that.
0:54:41 > 0:54:46And there's another two properties being worked on at the moment.
0:54:46 > 0:54:51'The work on these properties may be done by Tanya's brother,
0:54:51 > 0:54:54'but they're the ones providing the money.
0:54:54 > 0:54:57'Clearly, it's a costly time for them.'
0:54:57 > 0:55:01We honestly thought it was going to be between eight and 12.
0:55:01 > 0:55:05We've actually spent 13 and a half
0:55:05 > 0:55:08but, all in all, I think we've spent well.
0:55:10 > 0:55:14'£13,500 spent on top of the £72,000 purchase price
0:55:14 > 0:55:20'with costs, will take their outlay to around £90,000.
0:55:20 > 0:55:25'Has this, their first investment, got them off to a good start?'
0:55:25 > 0:55:29The finish is pretty good. A good quality kitchen.
0:55:29 > 0:55:31A pretty basic bathroom,
0:55:31 > 0:55:37but suitable for the purpose of selling or renting the property.
0:55:40 > 0:55:42It's a great standard.
0:55:42 > 0:55:46They've put the work and money in. It'll help sell the property well.
0:55:46 > 0:55:49'Favourable comments but, for Mark and Tanya,
0:55:49 > 0:55:56'this is very much an investment and they need to see some return on their £90,000.'
0:55:56 > 0:56:00I would recommend putting it on the market for £140,000.
0:56:00 > 0:56:04I would put it on the market at 135,000,
0:56:04 > 0:56:07to look at offers for £130,000.
0:56:07 > 0:56:12- Yes.- That's good.- Pleased with that. Yeah, nice turnaround.
0:56:12 > 0:56:14'No wonder they're pleased!
0:56:14 > 0:56:19'That could be a £40,000 or £50,000 pre-tax profit. How would it fare as a rental?'
0:56:19 > 0:56:24I would expect to achieve around about £500 per calendar month.
0:56:24 > 0:56:27- Yeah.- That's good. - Very good. Pleased.
0:56:29 > 0:56:36'£6,000 a year return on a £90,000 investment is a yield of just under 7%.
0:56:36 > 0:56:40'If they did have to rent it out, it should pay its way.
0:56:40 > 0:56:44'How do they feel about their new venture?'
0:56:44 > 0:56:48We seem to have come out of it OK, so it's quite pleasing.
0:56:48 > 0:56:52If we sell it, it'll be good money we get!
0:56:53 > 0:57:00Join us next time, for more brave buyers trying to make a killing or just finding somewhere to live.
0:57:00 > 0:57:02Looking forward to seeing you then. Goodbye.
0:57:20 > 0:57:23Subtitles by Red Bee Media Ltd
0:57:23 > 0:57:26E-mail subtitling@bbc.co.uk