0:00:02 > 0:00:05Hello. Whether you're a seasoned property developer or a first-timer,
0:00:05 > 0:00:11- you want to make sure you get value for money.- That can be difficult in a fluctuating property market,
0:00:11 > 0:00:15and that's why more and more people are decided to buy at auction.
0:00:40 > 0:00:44Sometimes you know you've bought a bargain and sometimes you're not so sure.
0:00:44 > 0:00:47But the only way to find out is to test the market.
0:00:47 > 0:00:50Here's what today's buyers bought.
0:00:51 > 0:00:55'In Derby, I've spotted a perfect sledgehammer opportunity.'
0:00:55 > 0:01:01Take out this wall, create yourself a really nice kitchen/dining room area.
0:01:01 > 0:01:07'This property in Gravesend, Kent, is crying out for a modern touch.'
0:01:07 > 0:01:11It needs a whole new fresh update.
0:01:11 > 0:01:15'And I'm at this picturesque cottage in Dorset.
0:01:15 > 0:01:18'But is the inside as idyllic as the outside?
0:01:19 > 0:01:21- HE LAUGHS - Fantastic.
0:01:22 > 0:01:26'All these properties have been sold at auction.
0:01:26 > 0:01:30'We find out who bought them and for how much when they went under the hammer.'
0:01:35 > 0:01:39'This is Derby in the East Midlands.
0:01:39 > 0:01:42'As a centre for the industrial revolution in the 18th century,
0:01:42 > 0:01:47'this city had one of the first factories in Britain and the first public park.
0:01:47 > 0:01:51'It's now a university city and development continues today
0:01:51 > 0:01:54'with the construction of a huge new shopping centre.
0:01:54 > 0:01:58'There are further plans for a new bus station and apartments on the riverside.'
0:01:58 > 0:02:02So, two miles from Derby City Centre and just a mile from the university
0:02:02 > 0:02:04is the property I'm here to see.
0:02:04 > 0:02:07Good start. Rental potential, possibly.
0:02:07 > 0:02:11It's a three-bed semi. Had a guide price of 115,000 quid.
0:02:11 > 0:02:14In need of a bit of updating. Looks all right from the outside.
0:02:14 > 0:02:17# Hey, good looking
0:02:18 > 0:02:21# Hey, good looking
0:02:23 > 0:02:28'It looks like a typical solidly-built 1930s semi from the outside
0:02:28 > 0:02:33'with the added benefit of most of the windows being already double-glazed.'
0:02:33 > 0:02:37So, through the front door, what have we go? Fairly nice hallway.
0:02:37 > 0:02:40I like the tiles on the floor. Stairs up to your bedrooms.
0:02:40 > 0:02:46A front reception room there. Gas fire. I'd like to see that opened up to create a nice-feeling place.
0:02:46 > 0:02:51A rear reception room there. We'll come to that in a minute, because I think that has scope.
0:02:51 > 0:02:56Where the property immediately starts to go horribly wrong is in the kitchen. It's very small,
0:02:56 > 0:03:00it's extremely dated, so rather than just replace this with alternative units,
0:03:00 > 0:03:05there isn't a lot of space to do that, why not do something a bit more serious?
0:03:05 > 0:03:09A couple of days with a sledgehammer and somebody who knows what they're doing,
0:03:09 > 0:03:14take out this wall, create yourself a really nice kitchen/dining room area.
0:03:14 > 0:03:19That would create a family area for this house and it's what it needs. Let's take a look upstairs.
0:03:19 > 0:03:21# I wanna be
0:03:23 > 0:03:25# Your sledgehammer
0:03:26 > 0:03:30# Why don't you call my name?
0:03:30 > 0:03:33So, upstairs, no great surprises, apart from the bathroom.
0:03:33 > 0:03:38It's actually a really good size. At the moment, there's just a bath, a basin and a loo.
0:03:38 > 0:03:42I think there's space for a free-standing shower unit, which would be not too expensive
0:03:42 > 0:03:45but a real bonus to have. Good-size double there.
0:03:45 > 0:03:49A box room here. And a third bedroom sort of a cross between the two.
0:03:49 > 0:03:52All in all, a lot of accommodation for the money,
0:03:52 > 0:03:57lots of light coming in through the windows, it's a nice house.
0:03:57 > 0:04:01'So far, so good. There's really no major work to be done here.
0:04:01 > 0:04:05'You could get away with just a cosmetic upgrade,
0:04:05 > 0:04:07'a new kitchen, bathroom and redecoration.
0:04:07 > 0:04:12'But I think this three-bed house has more to offer than meets the eye.'
0:04:14 > 0:04:17At the rear of the property, a lovely find, a really nice garden.
0:04:17 > 0:04:21It's tiered, it's got some lovely shrubs, mature bushes, good to see.
0:04:21 > 0:04:24Also at the back here, I think, some opportunity.
0:04:24 > 0:04:27At the moment, there's this little porch area
0:04:27 > 0:04:30and a fairly shabby exterior toilet.
0:04:30 > 0:04:34Knock those down, replace them with a slightly larger extension.
0:04:34 > 0:04:39On a semi-detached like this, you can come out three metres without getting planning permission.
0:04:39 > 0:04:45That's definitely worth doing. In terms of two-storey, I think that would add too much to the price.
0:04:45 > 0:04:50But single-storey on there, sort out the garden a little bit and you've got yourself a lovely house.
0:05:03 > 0:05:07'You could also do some work on the front.'
0:05:07 > 0:05:12One improvement you might consider doing is to put on off-street parking in the front here.
0:05:12 > 0:05:17You'd have to lower the kerb, apply to the council to do that, take down this wall.
0:05:17 > 0:05:20It's going to be a process that's going to take you about 12 weeks.
0:05:20 > 0:05:25As long as you put down a porous driveway, you don't have to have planning permission. Is it worth it?
0:05:25 > 0:05:30Sounds like a lot of effort to me, but it can add quite a lot of value and saleability to the property.
0:05:32 > 0:05:35'Lots of positives and loads of scope here, then.
0:05:35 > 0:05:38'But what will potential buyers make of the place?
0:05:38 > 0:05:41'I asked the auctioneer who sold it for his opinion.'
0:05:44 > 0:05:48I think there are two main issues with this house in terms of
0:05:48 > 0:05:52making the best out of it. Firstly, you have to get off-road parking,
0:05:52 > 0:05:56and a lot of people have converted their front gardens into forecourts for that purpose.
0:05:56 > 0:06:00I don't think you'd get more than one car on, but one is better than nothing.
0:06:00 > 0:06:04The other thing is, it needs some sort of extension at the back.
0:06:04 > 0:06:07There isn't sufficient space to go sideways.
0:06:07 > 0:06:11Many of these properties have been extended to the back,
0:06:11 > 0:06:15but I think, logically, you'd probably only do a single-storey extension,
0:06:15 > 0:06:18which means the upstairs accommodation stays as it is.
0:06:19 > 0:06:23'In rental terms, what could be achieved here?'
0:06:23 > 0:06:26If you were upgrading the house to let it out as a single unit,
0:06:26 > 0:06:30it would have a rental of about £600 per calendar month.
0:06:30 > 0:06:36If you rented it out to students, you would get £55 per week per room,
0:06:36 > 0:06:39probably not over a full 12-month period.
0:06:39 > 0:06:42It might be a retainer basis over the summer.
0:06:42 > 0:06:45And I suppose you could probably rent out four rooms here.
0:06:45 > 0:06:51'So, as a student let, you'd earn around £880 per calendar month
0:06:51 > 0:06:55'if you rented out the front reception room as a bedroom.
0:06:55 > 0:06:57'But what about its resale value,
0:06:57 > 0:07:02'bearing in mind its guide price at auction was £115,000?'
0:07:02 > 0:07:05I think, if you refurbish the house as it stands now,
0:07:05 > 0:07:09you could probably push its value up to about £165,000,
0:07:09 > 0:07:12but you'd have to do the job really properly to achieve that.
0:07:12 > 0:07:17With a single-storey extension on the back to enlarge the rear living room and the kitchen,
0:07:17 > 0:07:21which would be very sensible but quite pricey, unless you could do it at cost,
0:07:21 > 0:07:24you could probably push it up to about £180,000.
0:07:24 > 0:07:26So, all in all, a pretty solid little house.
0:07:26 > 0:07:32Yeah, there's improvements I'd make, but I reckon you could just tart this place up and rent it out.
0:07:32 > 0:07:34Let's go to the auction and see who bought it.
0:07:34 > 0:07:37Lot 78. Start me at 115.
0:07:37 > 0:07:41115. Thank you, £115,000.
0:07:41 > 0:07:43116 somewhere? 116.
0:07:43 > 0:07:46116, thank you. 117.
0:07:46 > 0:07:49118. 119.
0:07:49 > 0:07:52120. 120,000.
0:07:52 > 0:07:5521 I've got. 122.
0:07:55 > 0:07:5823. 123. 124.
0:07:58 > 0:08:01125. 126 in the corner.
0:08:01 > 0:08:04127 in front of me. 128.
0:08:04 > 0:08:08129. 130. 131 on the right.
0:08:08 > 0:08:10131. 132.
0:08:10 > 0:08:13Either of you? 133. 133. Bids are yours.
0:08:13 > 0:08:16134 in front of me. 135.
0:08:16 > 0:08:19136 I've got. 137.
0:08:19 > 0:08:22137. 138.
0:08:22 > 0:08:25139. £140,000.
0:08:25 > 0:08:29141. 142. 500.
0:08:29 > 0:08:31143. 500.
0:08:31 > 0:08:34144. 500.
0:08:34 > 0:08:36145. 500.
0:08:36 > 0:08:39146. 146,500.
0:08:39 > 0:08:41147. 500.
0:08:41 > 0:08:43148?
0:08:43 > 0:08:46148,000. No?
0:08:46 > 0:08:49148. Sure?
0:08:49 > 0:08:51148,000 once.
0:08:51 > 0:08:55Twice. Third time. Sold at 148.
0:08:55 > 0:09:02'That final bid of £148,000, £33,000 over the guide price, was made by Doug.
0:09:06 > 0:09:09'He and his wife Jo have bought the house together.
0:09:09 > 0:09:13'Jo is originally from Ireland and is a retired care worker,
0:09:13 > 0:09:16'while Doug used to own and run a large dairy farm.
0:09:16 > 0:09:20'So why are this couple buying a semi in the suburbs of Derby?
0:09:20 > 0:09:24'After all, there's not much room in the garden for livestock.
0:09:24 > 0:09:27'I met them back at their purchase to find out more.'
0:09:27 > 0:09:31Doug, Jo, lovely to meet you both. Congratulations. Nice little place.
0:09:31 > 0:09:36- Yes, we think so.- Yes. - Tell me why you wanted to buy it.
0:09:36 > 0:09:41Erm, well, we buy a lot of properties to rent out, really,
0:09:41 > 0:09:45around this area especially, and we usually let them to students
0:09:45 > 0:09:47and, of course, the university is only up the road
0:09:47 > 0:09:50and the town centre is only down the road, really.
0:09:50 > 0:09:55- So why this particular property? - Well, it looked a good investment
0:09:55 > 0:10:01and we thought we'd go for it and do it up and sell it.
0:10:01 > 0:10:04And then we thought, the market doesn't seem to be moving much,
0:10:04 > 0:10:09so maybe we'll let it out to professionals, go down a different route with this one.
0:10:09 > 0:10:12And I would love to get a professional person in
0:10:12 > 0:10:14that will look after this lovely little garden.
0:10:14 > 0:10:17How did you get into property developing?
0:10:17 > 0:10:22Well, when I was full-time farming, I decided to pack most of it in
0:10:22 > 0:10:24- and invest in the houses.- Right.
0:10:24 > 0:10:30- So no more early mornings. - No, no. No more five o'clocks.- Right.
0:10:30 > 0:10:35- Why did you choose to go into property?- We thought it was a good thing at the time, good investments
0:10:35 > 0:10:38- and they have turned out to be.- How are you going to sort the place out?
0:10:38 > 0:10:44We're going to... Because the kitchen is quite narrow,
0:10:44 > 0:10:51we're going to knock it all through and make it into a sort of dining/kitchen.
0:10:51 > 0:10:57And the bathroom is quite a good size and we're going to turn that into a bedroom.
0:10:57 > 0:11:02And one of the bedrooms is more like a little study
0:11:02 > 0:11:08- and we're going to make that into the bathroom.- Oh, OK.
0:11:08 > 0:11:13'So, great ideas which should maximise the space in the property as it is.
0:11:13 > 0:11:18'That should attract that kind of professional tenants they're after, but that's not all.
0:11:18 > 0:11:22'Although they don't intend to create off-street parking at the front,
0:11:22 > 0:11:25'they've got plans for around the back.'
0:11:25 > 0:11:28- So what about an extension? - Yes, that's what we are doing.
0:11:28 > 0:11:32Out to where the old toilet is.
0:11:32 > 0:11:35And make it into a bigger kitchen.
0:11:37 > 0:11:42'The couple expect to spend around £15,000 and be finished in three months.
0:11:42 > 0:11:47'That doesn't sound a lot for a full refurbishment and an extension,
0:11:47 > 0:11:49'but they have a handy helper on board.'
0:11:51 > 0:11:55My son, Paul, will do the work, because he's a builder anyway
0:11:55 > 0:11:58and he's got a good team that works with him.
0:11:58 > 0:12:01He does all our maintenance with our student houses.
0:12:01 > 0:12:07- Congratulations, good luck with it, and we look forward to seeing how you get on.- BOTH: Thank you.
0:12:08 > 0:12:11Well, handy having a builder in the family who can do the work,
0:12:11 > 0:12:16but a bit of a departure from the norm of letting out to students for Doug and Jo.
0:12:16 > 0:12:20And will they end up renting it out or selling it on?
0:12:20 > 0:12:22You can find out later in the show.
0:12:25 > 0:12:28'I'm in the town of Gravesend in Kent.
0:12:28 > 0:12:33'Set on the banks of the Thames, it's within easy commuting distance to London.
0:12:33 > 0:12:36'It's home to the world's oldest cast-iron pier
0:12:36 > 0:12:40'and is also the last resting place of the legendary Pocahontas.
0:12:40 > 0:12:43'She was the daughter of a Native American chief
0:12:43 > 0:12:46'who was the first such person to visit England.'
0:12:48 > 0:12:53Gravesend is the closest major town to Ebbsfleet International Train Station
0:12:53 > 0:12:59which is just two and a half miles away, so you can now get from here to London in around 20 minutes.
0:12:59 > 0:13:03Or you could opt to travel on to Paris instead.
0:13:03 > 0:13:07Regardone a la propriete, or let's go and look at the property.
0:13:09 > 0:13:12'Unfortunately, the approach road isn't the most attractive.
0:13:12 > 0:13:17'It's all garages and graffiti. But don't let that put you off this place.'
0:13:19 > 0:13:24Once you're actually inside this cul-de-sac, well, it's not bad at all.
0:13:24 > 0:13:26I'm here to see this purpose-built flat.
0:13:26 > 0:13:33It's on the ground floor, it's got two bedrooms and it had a guide price of £55,000 to £60,000.
0:13:33 > 0:13:36Let's get a good old look around inside.
0:13:37 > 0:13:40'This property comes with a nice little garden round the back,
0:13:40 > 0:13:44'complete with a little shed. But what's it like inside?'
0:13:45 > 0:13:49OK, look beyond the dated decor, look beyond the electric heater
0:13:49 > 0:13:53and look at this lovely wide hallway.
0:13:53 > 0:13:57First impressions to me, this is good, I really like it.
0:13:57 > 0:14:02It offers loads of space. You've got a really good size double bedroom to the front
0:14:02 > 0:14:07and through here is the sitting room. This is a great size.
0:14:07 > 0:14:10You've got to remember, as well, this flat was built in the 60s
0:14:10 > 0:14:13so there are no beautiful architectural features,
0:14:13 > 0:14:17but what you do have is lovely, big, square rooms.
0:14:17 > 0:14:23I think, once you've thought about the cost of the heating and the general upgrading the flat needs,
0:14:23 > 0:14:27you've got yourself a good little property here, and if you get it anywhere near the guide price
0:14:27 > 0:14:31of £55,000 to £60,000, it could be a bit of a winner.
0:14:31 > 0:14:34'The bathroom is at the back, as is the second bedroom.
0:14:34 > 0:14:37'They need modernising, but at least they're not bad sizes.'
0:14:40 > 0:14:43So here's the little kitchen, tucked at the back of the property.
0:14:43 > 0:14:46A back door leading out to a pretty garden.
0:14:46 > 0:14:49If this were my flat, I don't think I would want to change that much.
0:14:49 > 0:14:53The layout's pretty good, although I would strip this place back to the bare bone.
0:14:53 > 0:15:00As you can see, it's incredibly dated, you've got strip lighting, it needs a whole new, fresh update.
0:15:00 > 0:15:05But then you'd have a really nice, spacious two-bedroom flat here.
0:15:05 > 0:15:08'So far, this property's ticking all the boxes
0:15:08 > 0:15:13'and its guide price of £55,000 to £60,000 makes it even more appealing.
0:15:13 > 0:15:16'But it's not all good news.'
0:15:16 > 0:15:21Now, one major issue with this property is that it only has a short lease.
0:15:21 > 0:15:24There's only 49 years left remaining.
0:15:24 > 0:15:27So this means that the flat is unmortgageable at the moment.
0:15:27 > 0:15:30However, once you've owned it for two years,
0:15:30 > 0:15:33you can apply to the freeholder to extend the leasehold.
0:15:33 > 0:15:36Of course, there will be a charge for this, and generally speaking,
0:15:36 > 0:15:39the shorter the lease left, the more it will cost.
0:15:39 > 0:15:43And the greater the market value of the property, the larger the fee.
0:15:43 > 0:15:46But a new longer lease will increase the value of this flat
0:15:46 > 0:15:50and it will make it much easier to sell on.
0:15:50 > 0:15:52So, in my opinion, it's worth doing.
0:15:52 > 0:15:55# Time
0:15:55 > 0:15:59# Waits for no-one
0:15:59 > 0:16:02# If you wait too long
0:16:04 > 0:16:10# You could turn around and I'll be gone, gone, gone
0:16:10 > 0:16:14'So the purchaser of this flat will need to keep that in mind when budgeting,
0:16:14 > 0:16:18'not only for the renovation work, but also for that extension.
0:16:18 > 0:16:21'What does a local property expert make of this place?
0:16:21 > 0:16:25- 'We asked one along to tell us.' - # Time, time, time
0:16:27 > 0:16:33It would benefit from... I'd say to take down all the wallpaper,
0:16:33 > 0:16:37redo the floor, kitchen, bathroom, tidy up and it'll be perfect.
0:16:37 > 0:16:43'How could the 49-year lease affect the property's new owner?'
0:16:44 > 0:16:48It would always be beneficial to look into that before you make your purchase,
0:16:48 > 0:16:53because you might incur large legal bills if you've made your purchase and then look at extending the lease
0:16:53 > 0:16:58and, at the same time, there's a cost involved with extending the lease.
0:16:59 > 0:17:03'That cost could be anywhere between £5,000 and £15,000.
0:17:03 > 0:17:08'With this in mind, how much does she think this ground-floor flat could sell for?'
0:17:08 > 0:17:11Once the property's renovated and the lease is extended,
0:17:11 > 0:17:15I would expect to achieve around the £125,000 mark.
0:17:15 > 0:17:18'What if the purchaser decided to rent it out?'
0:17:19 > 0:17:25This property would rent very easily and I would expect to achieve around £600 per calendar month.
0:17:25 > 0:17:31This flat needs a cosmetic overhaul, but that's pretty much all you can do with it.
0:17:31 > 0:17:37I wouldn't start knocking walls down. And, don't forget, there's also the issue with the short lease.
0:17:37 > 0:17:42So were the bidders put off or did they buy? Let's find out when we head to auction.
0:17:42 > 0:17:45Onto lot 141. Where do you want to bid me?
0:17:45 > 0:17:49Start me at 60. 60. And 2. 62.
0:17:49 > 0:17:5162. And 4.
0:17:51 > 0:17:5366 at the back. 68.
0:17:53 > 0:17:57It's against all of you in the front. 68, it's with you. 70 I have. And 2
0:17:57 > 0:18:0072. I've got. And 4. 74 at the back.
0:18:00 > 0:18:0376 at the back. 77.
0:18:03 > 0:18:07And 8 at the back. 8 I have.
0:18:07 > 0:18:0979. And 80.
0:18:09 > 0:18:1280 I've got. 81 against you at the back.
0:18:12 > 0:18:1682. 83 in a fresh place on my right.
0:18:16 > 0:18:1884 now. At 84.
0:18:19 > 0:18:25- HE LAUGHS - Well, I've got 84 from you, madam, at the back.
0:18:25 > 0:18:27You were just ahead. 84. 85.
0:18:27 > 0:18:30It's against all of you now. 86 I've got.
0:18:30 > 0:18:3388, it's against you at the back. At 88.
0:18:33 > 0:18:36For the first time at £86,000.
0:18:36 > 0:18:39For the second time at 86. Are you coming back one more time?
0:18:39 > 0:18:43For the third and final time, if you're sure you're all done.
0:18:43 > 0:18:46There we are, 88,000 in a brand new place on the left.
0:18:46 > 0:18:5090. This was a popular lot, wasn't it? Are you going to go for 90?
0:18:50 > 0:18:5490, get there first. 90 I've got. And 2. 92.
0:18:54 > 0:18:5792. And 4. 94.
0:18:58 > 0:19:0195. 96.
0:19:01 > 0:19:03You've got 96. And 7.
0:19:03 > 0:19:0697. You can't say no now.
0:19:06 > 0:19:08One more, 97,000. 97.
0:19:08 > 0:19:11One more go and you might get it. Go on, 97.
0:19:11 > 0:19:13I can't work without you. Well done. 97 I've got.
0:19:13 > 0:19:15And 8. 98.
0:19:15 > 0:19:21He's shaking his head, there you go, I've done you a favour. At £97,000 for the first time.
0:19:21 > 0:19:2597,000 for the second. Third and final time, if all of you are done.
0:19:25 > 0:19:28- Third and final time. - HAMMER BANGS - It's your at £97,000.
0:19:28 > 0:19:34'That final excited bid of 97,000 came from Kevin,
0:19:34 > 0:19:36'who let his son Chris do the bidding.
0:19:36 > 0:19:41'Kevin and his brother Andrew have been property developers for over 20 years now.
0:19:41 > 0:19:46'In fact, we first met them on the programme in 2004.
0:19:46 > 0:19:52'Now, six years on, we've caught up with the brothers at their latest purchase to find out their plans.'
0:19:54 > 0:19:59Guys, lovely to see you again. I'm glad to see you've weathered the storm of the property market
0:19:59 > 0:20:02- and you're still out there buying. - We're still in, holding on.
0:20:02 > 0:20:08- What were you doing at the auction? Obviously buying this.- I went with my son.- He was bidding!- Yeah.
0:20:08 > 0:20:11Got a bit carried away and paid a bit more than I should've done,
0:20:11 > 0:20:14- but we're pleased with it.- I wasn't there to keep an eye on him.
0:20:14 > 0:20:19Wait a minute. You went along, you didn't go, you took your son.
0:20:19 > 0:20:23- I did.- You let him bid far too much for the property. - He got carried away.
0:20:23 > 0:20:26- Was it him that got carried away or you?- No, it was him.
0:20:26 > 0:20:33- But I've got to pay the consequences. - How much had you set in your minds to pay for the property?
0:20:33 > 0:20:37We initially said about 90 top.
0:20:37 > 0:20:40But we just went that little bit more.
0:20:41 > 0:20:44'The success of this developing duo,
0:20:44 > 0:20:47'who have around 18 rental properties in their portfolio,
0:20:47 > 0:20:50'seems to be down to good teamwork.
0:20:50 > 0:20:55'Kevin manages the finances whilst it looks like Andrew may have drawn the short straw.'
0:20:56 > 0:21:03- Who does the actual properties up? - Andrew.- So you do all the hard graft. - About 90 percent of it.
0:21:03 > 0:21:10- Does that annoy you? - No. Well, I'm the better one at it. - I can't do anything.
0:21:10 > 0:21:13He'll strip the wallpaper and I'll do the rest.
0:21:13 > 0:21:16So what are you going to do with this flat?
0:21:16 > 0:21:20Pretty much the usual. We're going to strip it all out,
0:21:20 > 0:21:22replaster all the ceilings, all the walls,
0:21:22 > 0:21:26put in extra sockets where need be, cos there's only a limited amount,
0:21:26 > 0:21:30- new kitchen, new bathroom, and it should look really nice. - And central heating.
0:21:30 > 0:21:34- Oh, yeah, and central heating. - What are you going to do to really make it stand out?
0:21:34 > 0:21:40Because you don't have any hidden little features, do you? It's got that 60s feel to it.
0:21:40 > 0:21:45We'll just try and make the kitchen as nice as we can, the bathroom as nice as we can and...
0:21:45 > 0:21:51- Make it look more modern.- Yeah. - What's your timescale? How long will it take to get this place sorted?
0:21:51 > 0:21:54We should be able to do it in about six weeks, hopefully.
0:21:54 > 0:21:57Yeah, from start to finish, about six weeks.
0:21:59 > 0:22:03'They have an estimated budget of around £4,000 to £5,000 for the work.
0:22:03 > 0:22:08'Kevin thinks it will cost another £9,000 to extend that 49-year lease.
0:22:08 > 0:22:12'But remember, they'll have to wait two years before they can actually do this.'
0:22:13 > 0:22:17Guys, good luck. Let's hope it's not another six years before I see you again.
0:22:17 > 0:22:20- Thank you.- Cheers.- Well done. Thanks.
0:22:21 > 0:22:26It's good to know Kevin and Andrew have managed to weather the property storms of the last few years
0:22:26 > 0:22:30and that their brotherly partnership is still going strong.
0:22:30 > 0:22:34Although I do think they might have paid top dollar for this flat,
0:22:34 > 0:22:37so they will really need to watch their budget when they renovate.
0:22:37 > 0:22:41You can find out how they get on later in the programme.
0:22:42 > 0:22:45'Coming up, I'm in my element at this cottage in Dorset.'
0:22:46 > 0:22:51It's higgledy-piggledy, it's quirky, it's got so much character.
0:22:51 > 0:22:55'Back in Gravesend, not everything's been going to plan.'
0:22:55 > 0:22:59We had the carpet fitter laying all the carpets and just as he was about to finish,
0:22:59 > 0:23:03he'd gone through one of the central heating pipes.
0:23:03 > 0:23:07'But first, in Derby, Jo's builder gets high praise.'
0:23:07 > 0:23:11We're always very pleased with his work. That might sound biased, cos he's my son.
0:23:15 > 0:23:21'We return to Derby now, where this three-bed semi sold at auction for £148,000.
0:23:23 > 0:23:29'It was bought by Jo and Doug, who are spending their retirement investing in property.
0:23:29 > 0:23:33'That's certainly a world away from Doug's previous life as a dairy farmer.
0:23:36 > 0:23:42'They often rent their properties out to students, but they had different ideas this time around.'
0:23:45 > 0:23:50I would love to get a professional person in who will look after this lovely little garden.
0:23:50 > 0:23:53'When we last met them, it was in the height of summer.
0:23:53 > 0:23:57'Now, five months later, the garden may not be in full bloom,
0:23:57 > 0:24:00'but has the interior of the house blossomed?
0:24:00 > 0:24:03'We caught up with them to find out.'
0:24:04 > 0:24:07# The sun and rain
0:24:07 > 0:24:11# Fell from up above
0:24:11 > 0:24:14# And landed on the earth below
0:24:14 > 0:24:16# In my garden of love
0:24:16 > 0:24:19'As you can see, the living room has been transformed
0:24:19 > 0:24:22'into a modern, bright living space
0:24:22 > 0:24:26'with brand new flooring and a chic new fireplace.
0:24:27 > 0:24:32'The back room has been turned into a dining space with new patio doors
0:24:32 > 0:24:37'so you can enjoy a full view of that garden from the comfort of a warm living room.
0:24:37 > 0:24:41'And they've been busy upstairs, as well.'
0:24:42 > 0:24:47Originally, there was two good size bedrooms and a box room
0:24:47 > 0:24:52and we thought if we moved the bathroom into the box room, it would make sense,
0:24:52 > 0:24:55because then we'd have three good size bedrooms.
0:24:55 > 0:24:59Funnily enough, now that the bathroom is in the box room,
0:24:59 > 0:25:01it makes the box room look bigger.
0:25:02 > 0:25:07'The small, cramped kitchen downstairs has also benefitted from a rejig
0:25:07 > 0:25:10'and is now a much more spacious room
0:25:10 > 0:25:13'with a wall knocked through to open it up into the dining area.
0:25:13 > 0:25:16'It's brighter, more modern and much more appealing.'
0:25:19 > 0:25:23Well, the kitchen was very small and narrow
0:25:23 > 0:25:30and we decided, because we'd got an outside loo and a lean-to that needed something doing with it,
0:25:30 > 0:25:36cos it was rubbish, we had a door going out into the yard here
0:25:36 > 0:25:39but we decided to not have a door, just put a nice window there,
0:25:39 > 0:25:41so we're looking out into the garden.
0:25:41 > 0:25:46We had a window here that we removed
0:25:46 > 0:25:50and put these patio doors going out into the yard,
0:25:50 > 0:25:56which I think suits the property and is very modern, as well.
0:25:56 > 0:26:00'The finished result isn't just modern, it's also of a very high standard,
0:26:00 > 0:26:04'as all the work was done by Jo and Doug's builder son, Paul.
0:26:04 > 0:26:07'He insists on nothing but the best.'
0:26:10 > 0:26:12He does go for a high standard always.
0:26:12 > 0:26:16He's a bit of a perfectionist when it comes to doing the houses up for us.
0:26:16 > 0:26:19Sometimes I think he takes a bit too long
0:26:19 > 0:26:23but he always says it's better to do it right than cut corners.
0:26:23 > 0:26:27He's very particular and likes to have it all spot-on
0:26:27 > 0:26:31so he doesn't have to come back and do any of it again.
0:26:31 > 0:26:33We're always very pleased with his work.
0:26:33 > 0:26:36That might sound biased, because he's my son, but...
0:26:36 > 0:26:42- SHE LAUGHS - But, you know, he does a marvellous job,
0:26:42 > 0:26:46- so thank you, Paul, very much. - SHE LAUGHS
0:26:47 > 0:26:48# I want to thank you
0:26:48 > 0:26:51# For being so nice
0:26:51 > 0:26:53'Because of other work commitments,
0:26:53 > 0:26:58'Paul wasn't able to do the job within the two to three months timescale.
0:26:58 > 0:27:00'It's taken nearer five months.
0:27:00 > 0:27:04'But did the project go over that £15,000 budget?'
0:27:07 > 0:27:13It has mounted up to about 19 now, unfortunately.
0:27:13 > 0:27:22But then, saying that, sometimes I think when people say, "It's only going to take £5,000 to £10,000,"
0:27:22 > 0:27:27I think they can't be doing a proper job, personally.
0:27:27 > 0:27:31So you only get what you pay for, really.
0:27:32 > 0:27:35'But has their money been well spent?
0:27:35 > 0:27:38'We asked along two local property experts
0:27:38 > 0:27:40'to tell us what they think of it now.'
0:27:46 > 0:27:50First impressions are great. The property has been finished
0:27:50 > 0:27:54to a very high standard and it's all very neutral, ready to move into.
0:27:54 > 0:27:58It's a lovely property. It's had a really nice scheme of modernisation
0:27:58 > 0:28:01and updating carried out, it's a traditional house,
0:28:01 > 0:28:05popular location, I think it will go very well on the market.
0:28:05 > 0:28:09I think the open space of the kitchen and dining area is fantastic.
0:28:09 > 0:28:14It's a very usable space and going out onto the garden is a fantastic idea.
0:28:14 > 0:28:18The bathroom's got a lovely hotel feel to it.
0:28:18 > 0:28:22Nice big tiles, white suite, very clean. Perfect for this property.
0:28:23 > 0:28:27'How much value do the experts think the renovation has added to the house?
0:28:27 > 0:28:31'Remember, Jo and Doug paid £148,000 at auction
0:28:31 > 0:28:34'and have spent about £19,000 on the work,
0:28:34 > 0:28:39'making a total outlay of around £167,000.'
0:28:40 > 0:28:45If we were to put this property on the market, we would expect it to achieve around £180,000.
0:28:45 > 0:28:50I would expect to sell the property at approximately £180,000.
0:28:50 > 0:28:53- That's round about what we thought. - Mm. Very good indeed.
0:28:54 > 0:29:00'But in the current climate, Jo and Doug have decided to sit tight and let the property out,
0:29:00 > 0:29:05'preferably to professionals if they can, but they may consider students otherwise.
0:29:05 > 0:29:07'How much rent could they expect to charge.'
0:29:11 > 0:29:15If you were to let this property to professionals, I would expect a rental figure
0:29:15 > 0:29:18of approximately £650 per calendar month.
0:29:18 > 0:29:20To students, you can expect a lot more.
0:29:20 > 0:29:23However, the wear and tear on the property is considerably more.
0:29:23 > 0:29:28But I would expect to achieve up to about £900 per calendar month.
0:29:28 > 0:29:31If you were to let the property to professional people,
0:29:31 > 0:29:35I'd expect you would achieve around £600 per calendar month.
0:29:35 > 0:29:38If you were to let the property to students,
0:29:38 > 0:29:41I would expect you would achieve more like £1,000 a month.
0:29:41 > 0:29:45We would actually hope for a bit more, private letting.
0:29:45 > 0:29:48Yes, we would. It's a bit low, that is.
0:29:48 > 0:29:54Yes, it is rather. So we'll just have to see what happens.
0:29:54 > 0:29:57'Going by these valuations alone,
0:29:57 > 0:30:03'they would make a higher yield of over six percent with student lets for around 44 weeks of the year
0:30:03 > 0:30:07'than the four to five percent they'd get for a year-round professional let.
0:30:07 > 0:30:10'So, some serious thinking for Jo and Doug to do,
0:30:10 > 0:30:14'but it certainly hasn't put them off developing further properties.'
0:30:16 > 0:30:22Well, it's keeping me young in some ways, because it's keeping my mind active. I enjoy it.
0:30:22 > 0:30:29- It's just I get tired sometimes, which is to be expected at my age. - SHE LAUGHS
0:30:29 > 0:30:31# Lust for life
0:30:33 > 0:30:35# Got a lust for life
0:30:41 > 0:30:46I'm in the village of Wimborne in Dorset in the southwest of England,
0:30:46 > 0:30:50and glorious it is, too, even when they're building houses just across the road there.
0:30:50 > 0:30:55I'm here to see a property that's of non-standard construction.
0:30:55 > 0:30:59Collective gasps I hear! But don't worry, my little hammers,
0:30:59 > 0:31:02this one, I assure you, is very mortgageable
0:31:02 > 0:31:07and worth every penny of the £275,000 guide price.
0:31:07 > 0:31:12'The property I'm here to see sounds absolutely delightful.
0:31:12 > 0:31:17'It's a grade II listed thatched cottage with three to four bedrooms.
0:31:17 > 0:31:20'It's in a lovely, secluded spot and I can't wait to see it.'
0:31:20 > 0:31:24The property is actually hidden up this little pathway.
0:31:24 > 0:31:29You come through this hedge and then... Oh, wow!
0:31:29 > 0:31:32Look at that!
0:31:32 > 0:31:38Hansel and Gretel, here we come. I just hope it lives up to expectations on the inside.
0:31:38 > 0:31:42# Because you're gorgeous
0:31:42 > 0:31:45# I'd do anything for you
0:31:45 > 0:31:48'This cottage is simply breathtaking.
0:31:48 > 0:31:52'With its glorious thatched roof and cute little porch,
0:31:52 > 0:31:54'it's like something from a fairytale.'
0:32:01 > 0:32:03- HE LAUGHS - Fantastic.
0:32:05 > 0:32:07You know, that's just brilliant.
0:32:07 > 0:32:10Often you come into a house that looks so beautiful from the outside
0:32:10 > 0:32:12and the inside has been so messed about.
0:32:12 > 0:32:18- What a delight. - HE LAUGHS - This is really incredible.
0:32:18 > 0:32:22Look, fantastic old beams. And look at that fireplace.
0:32:22 > 0:32:25I'm sold already. I don't need to see anything else.
0:32:25 > 0:32:30Just this inglenook fireplace. My goodness. Look, it's even got the old bread oven, a place to sit.
0:32:30 > 0:32:34It's obviously had this new wood-burning stove put in to make it more practical.
0:32:34 > 0:32:36What a find!
0:32:36 > 0:32:39# And my heart is heavy
0:32:39 > 0:32:41# As I gaze upon
0:32:43 > 0:32:46# A cottage for sale
0:32:46 > 0:32:51'OK, so, looking beyond its obvious charm, which is hard to do,
0:32:51 > 0:32:53'are there any problems here?
0:32:53 > 0:32:57'Well, there is damp in the sitting room, dining room, kitchen and bathroom.
0:32:57 > 0:32:59'All need extensive work.
0:32:59 > 0:33:03'But I just love the quirky character of the cottage.
0:33:03 > 0:33:09'It'll need a lot of money spent on it, but my word, it'll be spectacular when it's done.'
0:33:10 > 0:33:15This property is clearly everything that a modern house isn't.
0:33:15 > 0:33:22It's higgledy-piggledy, it's quirky, it's got so much character you just don't know what do to with it.
0:33:22 > 0:33:26It's fantastic. Upstairs, you have the bedrooms, one there, one here.
0:33:26 > 0:33:29This is an extension that's been built on at some stage,
0:33:29 > 0:33:34it's not quite as cutesy-wutesy as the rest of it, but it does give you a bit of much-needed space.
0:33:34 > 0:33:39And here, you can really see the construction of this property. It is timber frame, extremely unusual,
0:33:39 > 0:33:43but more importantly, you're really going to have to get an expert,
0:33:43 > 0:33:49a specialist who knows all about this kind of construction to sort it out for any renovation works.
0:33:49 > 0:33:52'That goes for the outside, too.
0:33:52 > 0:33:56'You'd need to find an expert local thatcher to keep it maintained
0:33:56 > 0:33:59'and fireproofed to satisfy insurance companies.
0:34:00 > 0:34:05'The cottage also comes with these outhouses, which are a bit run down.
0:34:05 > 0:34:11'However, the paddock in front of them is perfect if you have some horses or ponies.
0:34:11 > 0:34:16'But it's round the back where I finally discover something I dislike about this place.'
0:34:16 > 0:34:20# Ain't that a shame?
0:34:20 > 0:34:24# My tears fell like rain
0:34:24 > 0:34:28# Ain't that a shame?
0:34:28 > 0:34:31Oh, what is going on here?
0:34:31 > 0:34:38As the rest of the house is beautiful, this conservatory is absolutely horrendous!
0:34:38 > 0:34:42If it was stuck on the side of a modern house, it might be all right,
0:34:42 > 0:34:46but attached to this beautiful property? The irony is,
0:34:46 > 0:34:48depending on when this house was listed,
0:34:48 > 0:34:52this actual new conservatory could form part of that listing,
0:34:52 > 0:34:56because if it was in existence when the listing was done, this would be listed,
0:34:56 > 0:34:59crazy though it may be, and if you want to take it down,
0:34:59 > 0:35:02you've got to get listed buildings approval.
0:35:02 > 0:35:07Hm. Well, whatever, it would be worth the effort, because whatever it took to get rid of this,
0:35:07 > 0:35:09it's got to be done.
0:35:10 > 0:35:15'But I think it's still well worth the £275,000 guide price,
0:35:15 > 0:35:19'although whoever bought it needs a healthy renovation budget.
0:35:19 > 0:35:22'What does a local property expert think?
0:35:22 > 0:35:25'Let's find out if she's as smitten as I am.'
0:35:25 > 0:35:30The cottage is a typical, quintessential English thatched cottage
0:35:30 > 0:35:35and highly desirable because it has a lot of features that people want,
0:35:35 > 0:35:38the beams, the inglenook fireplaces,
0:35:38 > 0:35:42the staircases, even to the well in the front garden.
0:35:42 > 0:35:45This property is in need of complete renovation.
0:35:45 > 0:35:47There are a lot of damp problems.
0:35:47 > 0:35:50The bathrooms need replacing.
0:35:50 > 0:35:54There is quite a lot to do and we would estimate that one could spend
0:35:54 > 0:35:59anything between £70,000 and £100,000 to get it in excellent order.
0:36:00 > 0:36:03'What kind of value could the work add to the cottage?'
0:36:06 > 0:36:13In the current market, we would estimate that it would be valued at between £450,000 and £475,000.
0:36:13 > 0:36:16'What if the buyer decided to rent it out?'
0:36:16 > 0:36:22We would estimate that one could achieve in the region of £900 to £1,000 a month rental.
0:36:22 > 0:36:28Well, properties like this don't come up for auction very often at all,
0:36:28 > 0:36:30and testament to the fact, before the auction,
0:36:30 > 0:36:33over 100 people came to see it.
0:36:33 > 0:36:37Who couldn't fall in love with a place like this?
0:36:37 > 0:36:41Let's see who the lucky bidder was when it went under the hammer.
0:36:41 > 0:36:44We've left it until last because it's the star of the show.
0:36:44 > 0:36:49You've seen it, there's no need for me to say any more. Bid me please.
0:36:49 > 0:36:52250. In the stalls at 250,000.
0:36:52 > 0:36:56Taking £5,000 bids, then. At 250. 250.
0:36:56 > 0:36:59255. 260.
0:36:59 > 0:37:01265. 270.
0:37:01 > 0:37:05275. 280. 285. 290.
0:37:05 > 0:37:09295. 300. 305.
0:37:09 > 0:37:12305. 310. 315.
0:37:12 > 0:37:15320. 325.
0:37:15 > 0:37:17330. 335.
0:37:17 > 0:37:21340. 345. 350.
0:37:21 > 0:37:25355. 355 in the stalls.
0:37:25 > 0:37:28At 355. Thank you for your bidding, sir. 360.
0:37:28 > 0:37:31365. 365.
0:37:31 > 0:37:33At 365,000.
0:37:33 > 0:37:38365,000 in the stalls on my left.
0:37:38 > 0:37:40I'll take 2 if it helps you.
0:37:40 > 0:37:43At £365,000.
0:37:43 > 0:37:45367.
0:37:45 > 0:37:48370. 370.
0:37:48 > 0:37:53370. 370 in the stalls on my left.
0:37:53 > 0:37:56All done and sure? I'll call the bidding three times.
0:37:56 > 0:37:58370 for the first time.
0:37:58 > 0:38:01372. 375.
0:38:01 > 0:38:04375. 375.
0:38:04 > 0:38:08Have another little chat, take some good advice. 375.
0:38:08 > 0:38:13At 375,000 for the first time.
0:38:13 > 0:38:15375 for the second.
0:38:15 > 0:38:21- Third and last time, then, at £375,000. - HAMMER BANGS
0:38:21 > 0:38:23Congratulations, sir.
0:38:23 > 0:38:28'It was Andy who came in with that final bid of £375,000,
0:38:28 > 0:38:32'a whopping £100,000 over the guide price.
0:38:32 > 0:38:37'He was actually bidding for one of his clients and he'll be in charge of the renovation work.
0:38:37 > 0:38:41'He's a chartered surveyor, a property renovation supervisor
0:38:41 > 0:38:45'and has even been a fine art and antiques auctioneer.
0:38:45 > 0:38:49'I caught up with him back at the cottage to hear about his master plan for the place.'
0:38:51 > 0:38:56- Andy, lovely to meet.- And you. - What an amazing property.
0:38:56 > 0:39:01- Fantastic, yeah.- What did you think when you walked down the drive? - I thought, "Fantastic."
0:39:01 > 0:39:05And I was just surprised to find a timber frame in here,
0:39:05 > 0:39:08because it hadn't been mentioned in the agent's particulars.
0:39:08 > 0:39:12And, of course, it's been rendered on the outside, so you can't see it.
0:39:12 > 0:39:15- In general, what do you think about the condition?- Fantastic.
0:39:15 > 0:39:21When you consider that you're standing in something that has been up for about 450 years,
0:39:21 > 0:39:24it is in pretty amazing condition.
0:39:24 > 0:39:29OK, there's things to be done. Obviously, the damp has to be dealt with
0:39:29 > 0:39:34and unfortunately it does mean that all the floors down here we're going to have to take up.
0:39:34 > 0:39:38It's going to be quite a costly job, because it's all going to have to be done by hand,
0:39:38 > 0:39:45and replace it with a concrete floor, fully insulated and damp-proofed.
0:39:45 > 0:39:49And the front wall, as well, it's only a thin wall and it's quite damp,
0:39:49 > 0:39:52so we're going to have to insulate that on the inside
0:39:52 > 0:39:58and we're going to use black wool insulation, so that'll be a natural wool fibre.
0:39:58 > 0:40:04'It seems that Andy's going to give this cottage the sensitive, loving renovation that it deserves.
0:40:04 > 0:40:09'But by the sound of it, the thatched roof will need some major work.'
0:40:12 > 0:40:15The thatch is in pretty good shape.
0:40:15 > 0:40:18It's combed wheat reed, which has a pretty good life expectancy
0:40:18 > 0:40:23The great shame is that, when it was last redone,
0:40:23 > 0:40:27which would've been quite a major job, the opportunity wasn't taken
0:40:27 > 0:40:29to put any fire barriers in.
0:40:29 > 0:40:33I always advise my clients, with thatched roofs,
0:40:33 > 0:40:37when they come to a major overhaul, they should strip the whole lot off
0:40:37 > 0:40:43and completely encapsulate the roof with a fire barrier and then re-thatch.
0:40:43 > 0:40:47'This is obviously going to be a big job.
0:40:47 > 0:40:52'So, in terms of the whole house, how expensive is it going to be?'
0:40:52 > 0:40:55I've advised my client he's going to be looking at about £50,000
0:40:55 > 0:40:58to bring everything up together.
0:40:58 > 0:41:04And then, beyond that, there's the standard fitting out, bathrooms, kitchens, that sort of thing,
0:41:04 > 0:41:08which will be to his budget, and that can be fairly elastic.
0:41:08 > 0:41:11What timescale have you got for sorting this place out?
0:41:11 > 0:41:15We need to get building regulation consent in place,
0:41:15 > 0:41:18so we're looking at starting in about three or four weeks' time
0:41:18 > 0:41:21on the majority of the works.
0:41:21 > 0:41:24Probably an overall period of about six months.
0:41:24 > 0:41:27How does it feel to do this for somebody else's house?
0:41:27 > 0:41:32I've spent my life doing it, so I actually get quite a buzz out of it,
0:41:32 > 0:41:37particularly when you've got a house like this. There's a lot of satisfaction in taking something
0:41:37 > 0:41:41which has been a bit unloved or has got a lot of potential
0:41:41 > 0:41:46and then realising that potential or bringing it back to its former glory.
0:41:46 > 0:41:51- What are you most looking forward to?- Funnily enough, sorting out the rather poorly-planned back
0:41:51 > 0:41:56and that conservatory. I mean, that is such an eyesore.
0:41:56 > 0:41:59It's going to be good to do that.
0:41:59 > 0:42:04It'll be a fascinating project to follow and we'll certainly do that. Congratulations.
0:42:04 > 0:42:06Thank you very much.
0:42:06 > 0:42:12Well, taking on a project like this is always going to be a time-consuming undertaking.
0:42:12 > 0:42:16However, having somebody like Andy to do it for you, it's the best of both worlds, really.
0:42:16 > 0:42:21He's going to have some issues to deal with, digging up that floor will throw up all sorts of problems,
0:42:21 > 0:42:25and everything has to go through the suitable planning authorities.
0:42:25 > 0:42:31I can't wait to see how this place turns out. You can find out later in the show.
0:42:34 > 0:42:37The plans and dreams seemed promising at the time.
0:42:37 > 0:42:41- But have those dreams become a reality?- I think we should find out!
0:42:41 > 0:42:49'Now we're back to Gravesend in Kent where this ground-floor flat sold for £97,000 at auction.
0:42:49 > 0:42:52'Property developing brothers Kevin and Andrew bought it.
0:42:52 > 0:42:56'They'd first appeared on Homes Under The Hammer six years ago.
0:42:56 > 0:43:01'If anyone could inject a bit of oomph into this rather featureless flat, I reckon it would be them.'
0:43:02 > 0:43:07What are you going to do to really make it stand out? Because you don't have any hidden features.
0:43:07 > 0:43:11It's got that 60s feel to it.
0:43:11 > 0:43:13We'll just try and make the kitchen as nice as we can,
0:43:13 > 0:43:17- the bathroom as nice as we can and... - Make it look more modern.- Yeah.
0:43:18 > 0:43:22'So what did they end up with? Well, it was a good-sized two-bedroom flat,
0:43:22 > 0:43:25'perfectly fine, just in need of some modernising.
0:43:25 > 0:43:30'We caught up with the brothers two months later to see how things have gone.'
0:43:40 > 0:43:44Since you were last here, we've stripped all the flat out,
0:43:44 > 0:43:47took all the old coving out,
0:43:47 > 0:43:52stripped all the wallpaper and basically took it back to basics ready to put it all back together.
0:43:52 > 0:43:56We had to rerun all the electrics, put in new wiring.
0:43:56 > 0:43:59We've had to central-heat it,
0:43:59 > 0:44:01renew all the skirtings, plaster it all.
0:44:01 > 0:44:06The bathroom originally had a bath, but we've taken that out. We've got a shower. We've retiled it,
0:44:06 > 0:44:11put in a nice closet-style toilet and new units.
0:44:11 > 0:44:14I think it's come out really well. I think it looks really modern.
0:44:14 > 0:44:19Andrew's worked very, very hard on it and we're really, really pleased.
0:44:20 > 0:44:25'In all the brothers' property ventures, Andrew takes charge of the renovation side of the work.
0:44:25 > 0:44:29'One of the main rooms here that needed money spent on it was the kitchen.'
0:44:31 > 0:44:36If you remember the kitchen before, we had a big built-in cupboard that came across here.
0:44:36 > 0:44:41We've ripped the cupboard out. We had a lot of electrics running up the wall here, so we boxed that in
0:44:41 > 0:44:45and run all new electrics and fitted the kitchen.
0:44:45 > 0:44:48'The design of the kitchen makes much better use of the space.
0:44:48 > 0:44:53'The modern units are less cluttered and they've fitted new workspaces and a gas oven.
0:44:53 > 0:44:58'It may look fantastic now, but it took a while to get it right.'
0:44:59 > 0:45:03We had the people out to design it about three times, and every time they did it,
0:45:03 > 0:45:05we kept having problems, I don't know why.
0:45:05 > 0:45:09Then when they done the last design and Andrew was fitting it in,
0:45:09 > 0:45:13this particular worktop here came across and you couldn't get through.
0:45:13 > 0:45:16So we had to take it all out and change it all over again.
0:45:16 > 0:45:20So it was a little bit of a nightmare. But I think it looks well now and looks really smart.
0:45:20 > 0:45:23'Unfortunately, that wasn't the end of their problems.
0:45:23 > 0:45:27'In fact, they've still got one repair left to do.'
0:45:27 > 0:45:33We only just finished yesterday and we had the carpet-fitter in laying the carpets
0:45:33 > 0:45:37and as he's about to finish, he went through one of our central-heating pipes
0:45:37 > 0:45:41so we had to dig up the back bedroom floor and redo the pipes.
0:45:41 > 0:45:45So a bit of a nightmare, but apart from that, everything's gone well.
0:45:45 > 0:45:50The project's been really good. Everything went quite smoothly.
0:45:50 > 0:45:54A couple of little hiccups on the way, but you expect that.
0:45:54 > 0:45:56So, all in all, it went well.
0:45:56 > 0:46:03'Their original budget for the work was around £4,000 to £5,000. Have they managed to stick to that?'
0:46:05 > 0:46:11We've probably done about £8,000 or £9,000, so we've gone a little bit over-budget,
0:46:11 > 0:46:15but, as you can see by the standard, I think the money's been well spent,
0:46:15 > 0:46:18it's well justified, and I think the flat's come out really well.
0:46:18 > 0:46:22'The reason they spent more than they'd planned on the renovation
0:46:22 > 0:46:25'was that Kevin decided he was going to move into the flat,
0:46:25 > 0:46:29'so he wanted to make it that little bit more special.'
0:46:30 > 0:46:34I'm going to move in, because I've just downsized. I live in the next road.
0:46:34 > 0:46:37My children moved away and they both live in Derbyshire,
0:46:37 > 0:46:41so now that they've left, I've got a chance to downsize and get rid of them,
0:46:41 > 0:46:43so I'm going to move in here.
0:46:45 > 0:46:48'Kevin's son Chris helped him bid at the auction
0:46:48 > 0:46:55'and he's now designated the second bedroom to Chris for when he comes to visit at weekends.'
0:46:55 > 0:47:00My bed's going to go over there and my chair's going to go there.
0:47:00 > 0:47:04It's going to be really big.
0:47:04 > 0:47:06And I'm going to have lots of stuff in here.
0:47:06 > 0:47:12I'm going to have my Xbox here with all my games on top.
0:47:12 > 0:47:16Yeah, it looks good and I can't wait to move in.
0:47:16 > 0:47:19'So the flat gets Chris's thumbs up.
0:47:19 > 0:47:21'But what do two local property experts think?
0:47:21 > 0:47:24'We asked them to tell us their thoughts.'
0:47:25 > 0:47:28First impression, very impressed.
0:47:28 > 0:47:31I think the work that's been carried out
0:47:31 > 0:47:33has been done to a very high standard
0:47:33 > 0:47:36and I think it would sell well in today's market.
0:47:36 > 0:47:41The kitchen particularly, the workmanship that he's put into it,
0:47:41 > 0:47:44the arrangement, as well, because it's a nice square kitchen,
0:47:44 > 0:47:48the appliances are all built-in, it's just organised really well. It's lovely.
0:47:48 > 0:47:52I think the bathroom is very nice. Would suit younger people
0:47:52 > 0:47:57as opposed to older people with the shower, but that shouldn't detract from its saleability.
0:47:57 > 0:48:01I think this property would interest a very wide audience
0:48:01 > 0:48:03because it is a ground-floor flat with a garden.
0:48:03 > 0:48:06It's close to local shops and amenities
0:48:06 > 0:48:10and it's been internally designed and decorated to a modern standard,
0:48:10 > 0:48:12so I think there'll be quite a large audience.
0:48:12 > 0:48:16'If they decide to sell the property in the future,
0:48:16 > 0:48:18'could Kevin and Andrew make a profit?
0:48:18 > 0:48:22'Remember, they paid £97,000 for the flat at auction
0:48:22 > 0:48:25'and have spent around £9,000 on the renovation,
0:48:25 > 0:48:28'making a total outlay of £106,000.'
0:48:30 > 0:48:35If I was to put the property on the market, I would expect it to achieve in the region of £120,000.
0:48:35 > 0:48:38If we put this property up for sale, I think we would achieve
0:48:38 > 0:48:41within the region of £125,000.
0:48:41 > 0:48:44The 125 would definitely be better.
0:48:44 > 0:48:46Yeah, I thought around 120 or so.
0:48:46 > 0:48:51- Anything over that would be really great, especially in the current market.- Yeah, it's good.
0:48:52 > 0:48:56'Remember, there could be further expense of between £5,000 and £15,000
0:48:56 > 0:49:01'should they decide to extend that lease, but for the time being, the brothers are happy to sit back
0:49:01 > 0:49:04'and see how the market fares for this property.
0:49:04 > 0:49:07'If we meet them again in another six years,
0:49:07 > 0:49:10'what do they think they'll be up to then?'
0:49:10 > 0:49:14- We'll still be doing the same thing, probably.- Hopefully.
0:49:14 > 0:49:19- But it's very difficult to find them, but if we can find them, we'll carry on doing them.- Certainly will.
0:49:22 > 0:49:25'Now we're back in Wimborne in Dorset
0:49:25 > 0:49:28'where this delightful thatched cottage
0:49:28 > 0:49:32'sold at auction for £375,000.
0:49:32 > 0:49:36'Chartered surveyor Andrew had bid for it on behalf of a client.
0:49:36 > 0:49:41'He was going to oversee the renovation of this gorgeous grade II listed property
0:49:41 > 0:49:45'and it sounded like it was going to be a passion project for him.'
0:49:45 > 0:49:48I get quite a buzz out of it, particularly with a house like this,
0:49:48 > 0:49:53and there's a lot of satisfaction in taking something which has been a bit unloved
0:49:53 > 0:49:55or has got a lot of potential
0:49:55 > 0:50:00and then realising that potential or bringing it back to its former glory.
0:50:00 > 0:50:03# Give a little, take just a little
0:50:03 > 0:50:05# Let your poor heart bleed a little
0:50:05 > 0:50:10# But baby, that's the glory of love
0:50:10 > 0:50:14'So, has that love and attention paid off?
0:50:14 > 0:50:18'A year later, from the look of the outside, it has.
0:50:18 > 0:50:21'Andy is recovering from a sports injury
0:50:21 > 0:50:24'but, happily, is still able to show us around.'
0:50:30 > 0:50:34'Inside, although there are finishing touches to do,
0:50:34 > 0:50:40'a tremendous amount of thoughtful and sympathetic restoration work has been taking place.
0:50:40 > 0:50:47'The walls have been stripped, insulated, finished with specialist plaster and repainted.
0:50:47 > 0:50:52'The cottage has been carefully rewired and new lighting added.
0:50:52 > 0:50:56'All the flooring on the ground level has been taken up and replaced
0:50:56 > 0:50:58'with under-floor heating now added.
0:50:58 > 0:51:01'And in the kitchen, once permission was granted, of course,
0:51:01 > 0:51:04'the wall was knocked down through to the utility room
0:51:04 > 0:51:07'to create a much more spacious area.'
0:51:07 > 0:51:12Well, here we've gone back to basics, stripped out all the plaster,
0:51:12 > 0:51:15stripped out the floor and the main change is this wall here,
0:51:15 > 0:51:21where we've taken the wall out to open the room and enlarge it into what was an old utility room.
0:51:21 > 0:51:25And it's been replastered, new floor's gone down
0:51:25 > 0:51:29and everything's now ready for the new kitchen to come in.
0:51:29 > 0:51:33'Throughout the rest of the house, the rooms have been treated to the three Rs,
0:51:33 > 0:51:38'they've been replastered, redecorated and restored to their former glory.
0:51:40 > 0:51:44'The former oil-fired heating system has gone and been replaced.
0:51:44 > 0:51:47'No, not with something from a nuclear power station,
0:51:47 > 0:51:51'but a high-tech and eco-friendly air-source heat pump.
0:51:53 > 0:51:57'Bathroom still needs to be fitted, but this will happen soon.
0:51:58 > 0:52:01'As you can see, the house is still being worked on.
0:52:01 > 0:52:05'The tradesmen aren't even stopping for the cameras.
0:52:05 > 0:52:09'Delays have been due to builder availability, getting listed building consent
0:52:09 > 0:52:13'and it's been no easy task to sort out that damp problem.'
0:52:15 > 0:52:20We had to start outside, because the main primary cause of the dampness was the high ground levels.
0:52:20 > 0:52:25The ground had built up enormously over the years. So there's been a huge amount of excavation outside
0:52:25 > 0:52:32and laying of land drains. There'll be landscaping going on over the next month as the final part of that.
0:52:32 > 0:52:38So that's got all the ground below the level of the internal floors so there's no water coming in now.
0:52:38 > 0:52:43Inside the house, we've had to take all the floors up and relay them with damp-proof membranes,
0:52:43 > 0:52:46insulation and under-floor heating.
0:52:46 > 0:52:49And then the walls themselves, which were very thin,
0:52:49 > 0:52:53they've been increased in width,
0:52:53 > 0:52:58insulated with sheep's wool and then replastered using a traditional lime plaster.
0:52:58 > 0:53:03I think it's worked really well. If you didn't know what had happened in here,
0:53:03 > 0:53:06I hope you would think nothing's actually changed.
0:53:06 > 0:53:11# I was still the same old me
0:53:11 > 0:53:16'The cottage's listed status means everything has to be planned in detail
0:53:16 > 0:53:19'and you need to stay on the right side of the conservation officer.
0:53:19 > 0:53:25'It's very important to set realistic timescales in order to do the job properly.'
0:53:25 > 0:53:28It just does take a long time with listed buildings.
0:53:28 > 0:53:34You're using traditional materials which just don't work as quickly as modern materials.
0:53:34 > 0:53:40The lime plaster, for instance, you have to let about ten days between coats.
0:53:40 > 0:53:43With the modern gypsum plaster, it's a day.
0:53:43 > 0:53:47I think the pleasing thing is that, although we have done an enormous amount of work,
0:53:47 > 0:53:51when you're going round, hopefully, it doesn't look as if we've done anything.
0:53:51 > 0:53:56It still looks as it would've done 50, 100, 150 years ago,
0:53:56 > 0:53:59bar the electric lighting. HE LAUGHS
0:53:59 > 0:54:03'So far, the work has cost around £100,000,
0:54:03 > 0:54:07'although Andy thinks he's probably going to spend around another £27,000.
0:54:07 > 0:54:10'Luckily, the roof was in adequate condition
0:54:10 > 0:54:13'and didn't need any upgrade for the time being,
0:54:13 > 0:54:17'so there was no extra cost there.'
0:54:17 > 0:54:19The budget has gone pretty well according to plan.
0:54:19 > 0:54:23The only thing which has really gone over is the air-source heat pump,
0:54:23 > 0:54:26which is a more expensive installation,
0:54:26 > 0:54:29but will reap the rewards in the long term.
0:54:29 > 0:54:35'With that £100,000 for the work, plus the £375,000 paid at auction,
0:54:35 > 0:54:39'the total outlay here has been around £475,000.
0:54:39 > 0:54:42'So have they added any value to it?
0:54:42 > 0:54:47'We asked two local experts to have a look and tell us their thoughts.'
0:54:51 > 0:54:56The current owners have done a super job modernising this property
0:54:56 > 0:54:59whilst retaining the original character and integrity
0:54:59 > 0:55:01of the cottage.
0:55:01 > 0:55:06They've taken advantage of timbers and very much kept the property
0:55:06 > 0:55:11in keeping with the 16th century age of the cottage.
0:55:11 > 0:55:16I think the addition of the heat pump and the under-floor heating are an excellent improvement.
0:55:16 > 0:55:21Whether it will have too much effect on the value, I don't think so,
0:55:21 > 0:55:25but for comfort and convenience, it's a great improvement.
0:55:25 > 0:55:29In my view, this would sell well at the right time of the year,
0:55:29 > 0:55:31which ideally is in the spring or summer,
0:55:31 > 0:55:34and I don't think you'd have a problem finding a purchaser.
0:55:34 > 0:55:38'Andy's client plans to move in once the work is complete.
0:55:38 > 0:55:43'Bearing in mind that the total investment here is around £475,000,
0:55:43 > 0:55:46'if he did decide to resell, what could he hope to get for it?'
0:55:49 > 0:55:51Once this property is completed,
0:55:51 > 0:55:57we would expect to put this property on the market for between £560,000 and £580,000.
0:55:57 > 0:56:01I think it would market at about £600,000.
0:56:01 > 0:56:05I think that's a good price and I think he'll be very happy.
0:56:05 > 0:56:09I always felt he got it at a bargain price at the auction
0:56:09 > 0:56:17and I was confident that it was going to accumulate, which has proved to be the case.
0:56:17 > 0:56:21'I'm sure Andy's client will be delighted with the renovation done here
0:56:21 > 0:56:26'and can look forward to many years living in this very beautiful home.'
0:56:28 > 0:56:31I mean, we are custodians of these properties
0:56:31 > 0:56:38and I think my client will be leaving it in a 100 times better state than when he first took it on
0:56:38 > 0:56:41and it should last a good few hundred years more now.
0:56:41 > 0:56:45# Same old me
0:56:46 > 0:56:50# Same old me
0:56:53 > 0:56:58That's it for now. Join us next time for more news from the front line of the property world.
0:56:58 > 0:57:00- Ooh! See you then!- Goodbye.- Goodbye.
0:57:02 > 0:57:06Subtitles by Red Bee Media Ltd
0:57:06 > 0:57:10E-mail subtitling@bbc.co.uk
0:57:10 > 0:57:10.