0:00:02 > 0:00:04- Welcome to the show.- They say home is where the heart is,
0:00:04 > 0:00:07but is your heart in buying a property at auction?
0:00:07 > 0:00:11Today we find out who's willing to put their heart and soul
0:00:11 > 0:00:13into buying their home under the hammer.
0:00:39 > 0:00:42Buying at auction can be the road to success,
0:00:42 > 0:00:44but it's important to tread carefully.
0:00:44 > 0:00:47Yes. Even developers can make the wrong moves.
0:00:47 > 0:00:51So what got people excited at the auctions on today's show?
0:00:52 > 0:00:55In Derbyshire, a whole lot of clutter
0:00:55 > 0:00:57leaves me almost lost for words.
0:00:57 > 0:01:00Um... I mean... Well, the thing is, what a mess!
0:01:02 > 0:01:06In Kent, the garden of this semi drives me wild.
0:01:06 > 0:01:10The garden goes all the way down until it reaches farmland.
0:01:10 > 0:01:11I love it!
0:01:12 > 0:01:16And this three-bed mid-terrace in Aberfan, South Wales,
0:01:16 > 0:01:18takes me completely by surprise.
0:01:18 > 0:01:22I continue to be quite shocked! It is so big!
0:01:23 > 0:01:26All these properties have been sold at auction.
0:01:26 > 0:01:29We'll find out who bought them and how much they paid
0:01:29 > 0:01:32- when they went under the hammer. - It's yours, madam. Thank you.
0:01:37 > 0:01:42Today I'm in Riddings in Derbyshire, near the town of Alfreton.
0:01:42 > 0:01:44The village of Riddings originally grew up
0:01:44 > 0:01:48around the heavy industries of iron and coal in the 19th century,
0:01:48 > 0:01:51but the property I'm here to see, on a busy main road,
0:01:51 > 0:01:54has a very different history.
0:01:55 > 0:01:58This is it. It's actually a former commercial unit
0:01:58 > 0:02:01which looks like it's been converted to residential at some point.
0:02:01 > 0:02:05Had a guide price of 38,000 quid. Doesn't look too bad from here!
0:02:05 > 0:02:08With its substantial double-fronted facade,
0:02:08 > 0:02:13you might think commercial use was the way forward for this property,
0:02:13 > 0:02:16but there are a lot of boarded-up shops around Riddings,
0:02:16 > 0:02:19so perhaps residential is the better option.
0:02:19 > 0:02:23From the outside, it doesn't look like the worst I've ever seen.
0:02:23 > 0:02:25- Ah! - HE LAUGHS
0:02:25 > 0:02:27Inside, it seems,
0:02:27 > 0:02:31um, slightly different matter.
0:02:31 > 0:02:34Gosh, it's a bit of a mess, really.
0:02:34 > 0:02:38A few indications of its previous life as a shop.
0:02:38 > 0:02:41There's a suspended ceiling, for one.
0:02:41 > 0:02:44Apart from that, basically just two rooms here,
0:02:44 > 0:02:46separated by this...
0:02:47 > 0:02:50- ..by this... - HE LAUGHS
0:02:51 > 0:02:53- ..stud partition. - HE LAUGHS
0:02:54 > 0:02:57Love it!
0:02:57 > 0:02:59Um... I mean... Well, the thing is, what a mess!
0:02:59 > 0:03:01SONG: "Messy" by Gabriella Cilmi
0:03:01 > 0:03:05# I thought I'd get a little messy
0:03:08 > 0:03:11# One day before it gets too heavy #
0:03:11 > 0:03:14It seems like someone has used this property
0:03:14 > 0:03:18as some kind of dumping ground. But fear not, canny buyers.
0:03:18 > 0:03:20Simply put on your developer's goggles,
0:03:20 > 0:03:23and you'll see right through this clutter to what lies beneath.
0:03:23 > 0:03:27And that is four large reception rooms downstairs,
0:03:27 > 0:03:30plus a smallish kitchen at the rear.
0:03:30 > 0:03:33Space-wise, you're quids in here.
0:03:33 > 0:03:37I know it's hard, but think less "mess" and more "modernise".
0:03:37 > 0:03:40Well, if you thought downstairs was bad,
0:03:40 > 0:03:43upstairs is an absolute disaster!
0:03:43 > 0:03:46Got a bedroom round the corner, bathroom here...
0:03:46 > 0:03:49I mean, it looks like it's been started,
0:03:49 > 0:03:52in terms of the sanitary ware looks reasonably new,
0:03:52 > 0:03:56but then there's these corridors, steps, low ceilings...
0:03:56 > 0:03:59I mean, another bedroom there that you couldn't even get into
0:03:59 > 0:04:03because it's full of clutter, and then through to the third bedroom,
0:04:03 > 0:04:06which is at the front of the property, and, surprise, surprise,
0:04:06 > 0:04:09is absolutely full of rubbish.
0:04:09 > 0:04:12So the first thing you'd have to do with this place is,
0:04:12 > 0:04:14get yourself some skips and get rid of all this stuff,
0:04:14 > 0:04:17and then at least you can see what you've got,
0:04:17 > 0:04:20because actually there's quite a lot of space
0:04:20 > 0:04:23hidden here somewhere.
0:04:23 > 0:04:27You might even find a pot of gold under there if you're very lucky.
0:04:27 > 0:04:31Ever the optimist, I'm still seeing the potential here,
0:04:31 > 0:04:33and I'm determined not to be put off,
0:04:33 > 0:04:36although the area out the back is still to come.
0:04:36 > 0:04:38Well, at the rear of the property,
0:04:38 > 0:04:42you do get a flavour of the poor state of repair this place is in.
0:04:42 > 0:04:45I mean, look at this window frame - falling to pieces.
0:04:45 > 0:04:46Not ideal.
0:04:46 > 0:04:49But a bit of good news - a garden,
0:04:49 > 0:04:51actually a big garden,
0:04:51 > 0:04:54and you got this outbuilding.
0:04:54 > 0:04:56So, yes, it is in a state,
0:04:56 > 0:04:59but it is quite a lot of property for the money.
0:05:03 > 0:05:07We asked a local estate agent to brave the elements
0:05:07 > 0:05:10to give us an opinion on this shop turned house
0:05:10 > 0:05:12turned dumping ground.
0:05:12 > 0:05:15At the auction, the guide price was £38,000.
0:05:17 > 0:05:19It needs entire renovation,
0:05:19 > 0:05:24maybe knocking about completely to make it into a good family home,
0:05:24 > 0:05:28or potentially to change it into two dwellings.
0:05:28 > 0:05:31Apart from all this stuff that needs removing,
0:05:31 > 0:05:33are there any downsides to the property?
0:05:34 > 0:05:38Negatives of a property like this are the lack of parking,
0:05:38 > 0:05:41it's on a very busy main road, and opposite a pub as well.
0:05:41 > 0:05:45No access to the rear garden, and it's straight onto the pavement.
0:05:46 > 0:05:48On the upside?
0:05:48 > 0:05:52Positives of the property, it's got a fairly spacious interior.
0:05:52 > 0:05:56It has got potential to become a good family-size property.
0:05:56 > 0:05:59It also has a very good-sized back garden.
0:05:59 > 0:06:04Let's talk hard figures. If you do the work on this house,
0:06:04 > 0:06:06what could you expect to rent it out for?
0:06:06 > 0:06:10Rental valuation, once the property is completed
0:06:10 > 0:06:13to a three-bedroom dwelling, I would expect to achieve
0:06:13 > 0:06:17a rent of approximately £550 per calendar month.
0:06:18 > 0:06:20And if you were to sell it?
0:06:20 > 0:06:24I would expect to achieve...
0:06:24 > 0:06:27approximately £140,000 to £150,000.
0:06:27 > 0:06:32Just out of interest, what would it be worth on the open market
0:06:32 > 0:06:34as it is now?
0:06:34 > 0:06:36In its current condition...
0:06:36 > 0:06:38Gosh! Um...
0:06:38 > 0:06:40SHE LAUGHS
0:06:40 > 0:06:44It will struggle to achieve 50, I would expect.
0:06:45 > 0:06:47There's clearly profit to be reaped here.
0:06:47 > 0:06:51It just needs a bit of vision and a good deal of hard graft.
0:06:51 > 0:06:55And it would also help if you could block out that traffic noise.
0:06:56 > 0:07:00If you're looking for the quiet life, not the property for you,
0:07:00 > 0:07:03but remember that guide price - 38,000 quid.
0:07:03 > 0:07:07Let's see who fancied it when it went under the hammer.
0:07:09 > 0:07:11Lot number 12,
0:07:11 > 0:07:14extensive double-fronted two-storied property.
0:07:15 > 0:07:17Needs a bit of TLC.
0:07:17 > 0:07:21£40,000 to start me? 40?
0:07:21 > 0:07:2338 to move it on?
0:07:23 > 0:07:2538,000?
0:07:25 > 0:07:28Seven? 37 I've got on the far side, thank you.
0:07:28 > 0:07:31At £37,000, opening bid.
0:07:31 > 0:07:33At 37. 37,500 somewhere else?
0:07:33 > 0:07:3737 and a half? 37,000 is my opening bid.
0:07:37 > 0:07:3937,500, quickly? 37,500.
0:07:39 > 0:07:4137,500. 38,000.
0:07:41 > 0:07:44At 38,500.
0:07:44 > 0:07:4539 is bid.
0:07:45 > 0:07:48At 39,500?
0:07:48 > 0:07:5239,500. At 39. At £40,000.
0:07:52 > 0:07:54At 40,500?
0:07:54 > 0:07:58At £40,000. Out in front of me. 500 somewhere else.
0:07:58 > 0:08:01At £40,000, then. All done with it?
0:08:01 > 0:08:04And a half. 40 and a half.
0:08:04 > 0:08:06At 40 and half. 41.
0:08:06 > 0:08:0741.
0:08:07 > 0:08:10At £40,500.
0:08:10 > 0:08:13All done? For the first time...
0:08:13 > 0:08:16For the second time... Third and last opportunity.
0:08:16 > 0:08:19Any higher bid? I can't do it at 40,500, ladies and gentlemen.
0:08:19 > 0:08:21It's withdrawn.
0:08:21 > 0:08:25Remember, the guide price is not the same as the reserve.
0:08:25 > 0:08:29The minimum price the vendor was willing to sell for here was higher.
0:08:29 > 0:08:33But in this case, setting the reserve didn't do the seller any favours.
0:08:33 > 0:08:36That's because, by doing a deal after the auction,
0:08:36 > 0:08:42Steve and his father Dennis got the property for just 40,000.
0:08:42 > 0:08:45Steve and his dad are full-time developers,
0:08:45 > 0:08:48with a portfolio of around 300 rental properties,
0:08:48 > 0:08:50both commercial and residential.
0:08:50 > 0:08:54I met Steve to find out what's in store for this property.
0:08:54 > 0:08:59They bought it on a whim after successfully bidding for two other properties at the same auction.
0:08:59 > 0:09:02- Steve, good to meet you. - Hello.- Congratulations.
0:09:02 > 0:09:05So, you ended up buying three properties at that auction!
0:09:05 > 0:09:09Had you any idea before you went that you might buy this place?
0:09:09 > 0:09:13No. No. We'd seen it in the brochure,
0:09:13 > 0:09:15but we weren't going to buy it, no.
0:09:15 > 0:09:19- Right. Had you been to visit it beforehand?- No. No.
0:09:19 > 0:09:21- Have you read the legal pack? - No. No.
0:09:21 > 0:09:23MARTIN LAUGHS
0:09:23 > 0:09:28Um... Wow! So...what do you think of it?
0:09:28 > 0:09:32Er, it needs a bit of loving, tender care, don't it?
0:09:32 > 0:09:34Er, sorting out.
0:09:34 > 0:09:37First thing, we'll get it cleaned out and measured up,
0:09:37 > 0:09:39and have a look what wants doing.
0:09:39 > 0:09:42It sounds like it's a bit inconvenient in some ways!
0:09:42 > 0:09:47Well, on the actual details in the auction,
0:09:47 > 0:09:50we looked at it, and we thought, right, we might get the opportunity
0:09:50 > 0:09:53to buy it, get it done up in a couple of months,
0:09:53 > 0:09:56then get some rent on it. But, er,
0:09:56 > 0:09:59might be a bit longer than that, maybe.
0:09:59 > 0:10:01Right. I mean, I always say to people,
0:10:01 > 0:10:04look at the properties before you buy them.
0:10:04 > 0:10:07Um, do you wish you'd looked at it before you bought it?
0:10:07 > 0:10:11- Not really, no. It is what it is. - Not bothered?
0:10:11 > 0:10:14Well, I'd have preferred it to have been a lot better,
0:10:14 > 0:10:17but we've got it and we'll work with it.
0:10:17 > 0:10:21You've got to admire Steve's laid-back approach.
0:10:21 > 0:10:24But it comes from years of doing up and renting out
0:10:24 > 0:10:28places just like this. If you're not as experienced or confident,
0:10:28 > 0:10:31you might find it easier on the old ticker
0:10:31 > 0:10:34to look round the property before the auction at the very least.
0:10:35 > 0:10:38Talk me through exactly what you're going to do.
0:10:38 > 0:10:41Get it cleaned out, measure it up,
0:10:41 > 0:10:45see what wants doing regarding central heating, services,
0:10:45 > 0:10:48if they're all intact. Windows, it needs.
0:10:48 > 0:10:51Get 'em ordered. Get a team of men here and get it done.
0:10:51 > 0:10:54What are you going to do with the contents of the house?
0:10:54 > 0:10:57I'll be coming down tomorrow with three lads
0:10:57 > 0:11:00and a couple of vehicles, and we'll be sorting through it.
0:11:00 > 0:11:04There's three gas fires in there and a cooker
0:11:04 > 0:11:09that'll go to a gas-training college, so they come in use.
0:11:09 > 0:11:14Anything else that's any use, we'll pass on to charity shops or stuff like that.
0:11:14 > 0:11:16Great.
0:11:16 > 0:11:19Any other will be disposed of.
0:11:19 > 0:11:22So the gas fires will be used to train gas fitters how to...
0:11:22 > 0:11:25That's what we've done before. We've passed them on to a college
0:11:25 > 0:11:31that we've used to train people up for gas, so...
0:11:31 > 0:11:33So it will go to good homes.
0:11:33 > 0:11:35Yeah, basically, some of it. Yeah.
0:11:35 > 0:11:38What kind of budget have you put aside for it?
0:11:38 > 0:11:42Er, until we get it cleaned out and have a good look,
0:11:42 > 0:11:46we don't really know, but it won't be anything over 7,000.
0:11:46 > 0:11:50- Nothing over that. - And the timescale for doing it?
0:11:50 > 0:11:52Once we start, from start to finish
0:11:52 > 0:11:55it'll probably be about six to eight weeks, somewhere like that.
0:11:55 > 0:11:58Well, congratulations and good luck with it.
0:11:58 > 0:12:03- It's a bit of a surprise, but I hope it turns out great for you.- Thanks.
0:12:03 > 0:12:07So, a bit of an unexpected purchase for Steve.
0:12:07 > 0:12:10He's certainly got the experience to sort this place out,
0:12:10 > 0:12:14but I really wonder if he knows quite what he's taken on.
0:12:14 > 0:12:17Probably not, because he didn't see it, did he?
0:12:17 > 0:12:20Anyway, you can find out how he gets on later in the show.
0:12:23 > 0:12:25# If you take my advice
0:12:25 > 0:12:27# There's nothing so nice
0:12:27 > 0:12:30# As messing about on the river #
0:12:30 > 0:12:32Today I'm in Kent.
0:12:32 > 0:12:37Here the Hoo peninsula lies between the estuaries of the River Thames
0:12:37 > 0:12:40and the River Medway, which is just here.
0:12:40 > 0:12:42Rumour has it that William the Conqueror
0:12:42 > 0:12:45once gave his brother the large estate of Hoo,
0:12:45 > 0:12:48and that is a pretty generous gift!
0:12:48 > 0:12:52SONG: "Who Are You" by The Who
0:12:55 > 0:12:58Those puns on "Hoo" abound round here,
0:12:58 > 0:13:01and with history that goes back to Saxon times,
0:13:01 > 0:13:05all within easy reach of London, "Hoo" could complain?
0:13:05 > 0:13:10The property I'm here to see is in the popular village of St Werburgh.
0:13:10 > 0:13:12Now, we're on the main road to Rochester,
0:13:12 > 0:13:15not far from the M2 motorway, and that's handy to know,
0:13:15 > 0:13:20especially if this 1960s semi makes me reach for the car keys and a quick exit!
0:13:20 > 0:13:25However, with a guide price of 100,000 to 110,000,
0:13:25 > 0:13:28I think it's definitely worth a look inside.
0:13:29 > 0:13:32'OK, so it may not be steeped in ancient history,
0:13:32 > 0:13:36'but I've a feeling there may be Saxon treasure to unearth here.'
0:13:37 > 0:13:42What's surprising is that this is the main front door into the house.
0:13:42 > 0:13:45I don't know about you, but it feels wrong.
0:13:45 > 0:13:47That's more like a side-door entrance to me.
0:13:47 > 0:13:51And I've got to say, what a kitchen!
0:13:51 > 0:13:53Yes.
0:13:53 > 0:13:57If anything, it needs to be stripped out completely
0:13:57 > 0:14:00and thrown in the skip. Even a clean-up wouldn't suffice in here.
0:14:00 > 0:14:04It really is in a bit of a state. Let's look through the lounge,
0:14:04 > 0:14:06if you go that way...
0:14:06 > 0:14:09Here we go. This is the main lounge to the property.
0:14:09 > 0:14:13As you can see, there are no beautiful architectural features
0:14:13 > 0:14:16in here. It really is what you see is what you get.
0:14:16 > 0:14:20Artex ceiling, which you know is not a favourite of mine.
0:14:20 > 0:14:24The property is lacking a lot of love, a lot of attention.
0:14:24 > 0:14:29I just think it needs completely stripping out and starting over.
0:14:29 > 0:14:32The auction catalogue said it needed a lot of work doing.
0:14:32 > 0:14:34It wasn't kidding!
0:14:34 > 0:14:39SONG: "Should I Laugh Or Cry" by ABBA
0:14:39 > 0:14:42I've got mixed emotions about this one.
0:14:42 > 0:14:46The ground-floor configuration definitely needs a rethink,
0:14:46 > 0:14:49but I think the answers may be at the front.
0:14:49 > 0:14:54Having seen the layout inside now, I can see how you could extend
0:14:54 > 0:14:57to make the most of the land available,
0:14:57 > 0:14:59and you could increase the number or rooms.
0:14:59 > 0:15:01Now, here at the front of the property,
0:15:01 > 0:15:04there's ample space for a single-storey extension,
0:15:04 > 0:15:08just like next door have done, which could mean a decent-size living room
0:15:08 > 0:15:11at the front of the property, along with maybe a porch,
0:15:11 > 0:15:14making a more formal entrance to the house,
0:15:14 > 0:15:16which I personally think this property needs.
0:15:16 > 0:15:20You could also enquire about changing this carport
0:15:20 > 0:15:23into a garage, as you wouldn't need this side door any more.
0:15:23 > 0:15:26You would lose a bit of this front garden out here,
0:15:26 > 0:15:31but a small price to pay for what would definitely increase the amount of room inside
0:15:31 > 0:15:35and add huge amounts of value to this house.
0:15:35 > 0:15:38But hold on.
0:15:38 > 0:15:40There's still more to see.
0:15:40 > 0:15:44Upstairs there's a small and decidedly grubby bathroom
0:15:44 > 0:15:50and three bedrooms, all of which are slightly on the small side.
0:15:51 > 0:15:54Now, this is the master bedroom. It's not that big.
0:15:54 > 0:15:57The size of these rooms up here clearly let this house down.
0:15:57 > 0:16:00There's no radiators, which means no central heating.
0:16:00 > 0:16:03It probably all needs a rewire.
0:16:03 > 0:16:06I can see there's only one plug socket over there.
0:16:06 > 0:16:09But that said, that's a great view.
0:16:11 > 0:16:15Aha! I think we may have found the hidden treasure at this property.
0:16:15 > 0:16:19The back garden is vast - kind of overgrown, but huge.
0:16:19 > 0:16:23I see potential here.
0:16:23 > 0:16:27Outside, you can see there is plenty of space for a rear extension.
0:16:27 > 0:16:30But just look down here!
0:16:30 > 0:16:32This must be the property's main draw.
0:16:32 > 0:16:36The garden goes all the way down until it reaches farmland.
0:16:36 > 0:16:39Absolutely beautiful! And with a bit of landscaping,
0:16:39 > 0:16:43I think it's going to be a real gem of a garden. I love it!
0:16:45 > 0:16:48There's so much garden here
0:16:48 > 0:16:52that a double-storey extension would fit in no problem at all,
0:16:52 > 0:16:54allowing for better-sized rooms upstairs
0:16:54 > 0:16:57and possibly another reception room downstairs.
0:16:57 > 0:17:00The fact that the neighbours have already done it
0:17:00 > 0:17:03is a hopeful precedent for getting planning permission.
0:17:03 > 0:17:06Does a local estate agent share my vision for the property?
0:17:06 > 0:17:10The guide price at auction was £100,000 to £110,000.
0:17:12 > 0:17:14'The property, on my first impression,
0:17:14 > 0:17:17'is very much a 1960s style of house.'
0:17:17 > 0:17:21It hasn't been touched since the day it was built,
0:17:21 > 0:17:23and I think to do anything with it,
0:17:23 > 0:17:26you'll have to do something pretty drastic,
0:17:26 > 0:17:28to give it some sort of lift and some attraction to it.
0:17:28 > 0:17:32In its current condition, the estate agent thinks it might rent
0:17:32 > 0:17:34for 750 per month.
0:17:34 > 0:17:38If you did the work on it, what could you sell it for?
0:17:38 > 0:17:42If they decided to extend it on the back
0:17:42 > 0:17:46and on the front as well, then, I think, if I was to market it now
0:17:46 > 0:17:49with all that work done, block-paved, nice garden,
0:17:49 > 0:17:53I'd be looking to market round about the 200,000,
0:17:53 > 0:17:55maybe a little more, in this market, to test.
0:17:55 > 0:18:00It's a lovely area, and the amount of plot the house is built on
0:18:00 > 0:18:03is big, which means it makes fantastic potential
0:18:03 > 0:18:06for redevelopment, and that really does excite me.
0:18:06 > 0:18:09But the house itself realistically needs an awful lot of time
0:18:09 > 0:18:12and money and love spent on it
0:18:12 > 0:18:15to turn this into a liveable modern home.
0:18:15 > 0:18:19Let's go to auction and find out who bought this Hoo property
0:18:19 > 0:18:20when it went under the hammer.
0:18:20 > 0:18:23Lot 47 now is the vacant semi-detached,
0:18:23 > 0:18:26needs refurbishment. Loads of potential with this one.
0:18:26 > 0:18:29Will you give me £100,000 to start me?
0:18:29 > 0:18:31£100,000 straight in. I'm on the way at 100.
0:18:31 > 0:18:34100. 105. 105 I've got.
0:18:34 > 0:18:36And ten. 110.
0:18:36 > 0:18:39110 in the aisle. 112 I'll take from you if you like.
0:18:39 > 0:18:41112. And 14 again.
0:18:41 > 0:18:43I'll take 116 at the back.
0:18:43 > 0:18:46116. At 18 now. It's against both of you.
0:18:46 > 0:18:49118. 118,000. 118.
0:18:49 > 0:18:51It's back with you. Maiden bidder. 120.
0:18:51 > 0:18:53And two. 122.
0:18:53 > 0:18:56122. At £120,000 I've got.
0:18:56 > 0:18:58122 I'm looking for.
0:18:58 > 0:19:00122 I have. And four. 124. At six.
0:19:02 > 0:19:06126. It's worth it. You won't get another one of these.
0:19:06 > 0:19:09126. And eight. 128.
0:19:09 > 0:19:11And 30. 130.
0:19:11 > 0:19:13With you now at 130. 132.
0:19:13 > 0:19:17132. And four. Got 34? He's shaking his head.
0:19:17 > 0:19:20You're not supposed to do that. £132,000 I've got.
0:19:20 > 0:19:23134 I'm looking for. Are we all done at £132,000?
0:19:23 > 0:19:26Still good value for money. 134 on the right-hand wall.
0:19:26 > 0:19:29136. 136. Keep with him.
0:19:29 > 0:19:33And eight. Still worth it. 138. And 140 now if you like.
0:19:33 > 0:19:35140. And two. 142.
0:19:35 > 0:19:39141, he says. And two. 142.
0:19:39 > 0:19:42142. At three? 143.
0:19:42 > 0:19:43And four. 144.
0:19:43 > 0:19:45144. And five.
0:19:45 > 0:19:49145. At 146? 146?
0:19:49 > 0:19:51147 now. It's against you.
0:19:51 > 0:19:53147.
0:19:53 > 0:19:57No? £146,000 I've got, sitting down, then, towards the back,
0:19:57 > 0:20:00for the first time. £146,000 for the second.
0:20:00 > 0:20:05If you're sure you're all done... Third and final time, £146,000.
0:20:05 > 0:20:09147, just in time. 148. I think you might have it.
0:20:09 > 0:20:11And nine. It's against you again.
0:20:11 > 0:20:12149?
0:20:12 > 0:20:15£148,000 I've got for the first time.
0:20:15 > 0:20:17148 for second.
0:20:17 > 0:20:20Third and final time, if you're sure you're all done.
0:20:20 > 0:20:23- £148,000, third and final time. - HE TAPS HAMMER
0:20:23 > 0:20:26After a hard-fought battle,
0:20:26 > 0:20:29the successful bid of 148,000,
0:20:29 > 0:20:3338 grand over the upper guide price, came from John.
0:20:33 > 0:20:37He's a self-employed plumbing and heating engineer from London.
0:20:37 > 0:20:40SONG: "Who Let The Dogs Out" by Baha Men
0:20:40 > 0:20:43John already lives here in the village,
0:20:43 > 0:20:45but has bought this as his new home.
0:20:51 > 0:20:55I met him at the property with his new bulldog puppy, Winston,
0:20:55 > 0:20:57who was keen to have a sniff around.
0:20:57 > 0:20:59John, congratulations.
0:20:59 > 0:21:03What was the main draw for you about this property?
0:21:03 > 0:21:07The garden. The garden. I bought myself a little dog, Winston,
0:21:07 > 0:21:10and I thought, "I'm not really a park person."
0:21:10 > 0:21:12He's got his own park out the back now.
0:21:12 > 0:21:16- How long have you and Winston been together?- Five or six weeks.
0:21:16 > 0:21:18He's still only a little pup.
0:21:18 > 0:21:21And I just think the garden's going to be great
0:21:21 > 0:21:26for the children when they come over. We'll have a little den for them.
0:21:26 > 0:21:29- So you've got kids and Winston? - Oh, yes. Yes.
0:21:29 > 0:21:31Tell me about the children. What do they think?
0:21:31 > 0:21:34Well, they're quite bemused by the garden.
0:21:34 > 0:21:37It was just so overgrown. I got them down here last weekend
0:21:37 > 0:21:40to help me out, and they weren't that keen on it.
0:21:40 > 0:21:44But I did say to them we would build them a little den down the bottom,
0:21:44 > 0:21:46and they'll have their own space.
0:21:46 > 0:21:49SONG: "Walk On The Wild Side" by Lou Reed
0:21:49 > 0:21:52It's a bit on the wild side at the moment for sure,
0:21:52 > 0:21:56but there's great scope here for a garden of delights
0:21:56 > 0:21:58for John's four children and Winston the dog.
0:21:58 > 0:22:02Hey, you could lose a lot of people here!
0:22:02 > 0:22:04But what about the house?
0:22:04 > 0:22:08So, what plans have you got to change this house?
0:22:08 > 0:22:10Because it does need everything doing to it.
0:22:10 > 0:22:13- I just want a little lick of paint, really.- Come on!
0:22:13 > 0:22:16No. Double extension on the back,
0:22:16 > 0:22:20so the whole back will actually open up completely to the garden.
0:22:20 > 0:22:24The main bedroom would go across the extension with an en suite.
0:22:24 > 0:22:28Kitchen would be a lot bigger. The door will go to the front.
0:22:28 > 0:22:33Hopefully I'll get the permission to put the garage on the side,
0:22:33 > 0:22:35and it'll be a nice-size house.
0:22:35 > 0:22:38So you really are almost going to double in size here.
0:22:38 > 0:22:40Hopefully, yes. That's the way I'm going.
0:22:40 > 0:22:44I don't see a problem, because the neighbours have already done it,
0:22:44 > 0:22:47and one up the road has done it as well.
0:22:47 > 0:22:50That will come at a price. How much have you budgeted for the work?
0:22:50 > 0:22:52Hopefully, um...
0:22:52 > 0:22:55Initially I'm looking at... If I can get it all done and complete
0:22:55 > 0:22:57for under 50 grand, I'll be happy.
0:22:57 > 0:23:01The budget now, with the house... I paid 148.
0:23:01 > 0:23:04If I can keep it under 200 grand, I've got a nice house.
0:23:04 > 0:23:07My only concern is, John,
0:23:07 > 0:23:10that you might exceed the actual value of the property
0:23:10 > 0:23:13with the amount of money you're planning to spend.
0:23:13 > 0:23:16To be honest with you, Lucy, it wasn't an issue.
0:23:16 > 0:23:20It's going to be a family home that, you know, if...
0:23:20 > 0:23:23If it doesn't break even or whatever, it all pans out eventually
0:23:23 > 0:23:26with property, goes up and down.
0:23:26 > 0:23:29- So you're not worried about overspending?- Not at all.
0:23:32 > 0:23:34You might think John's taking a risk here,
0:23:34 > 0:23:36but if he's got his heart set on living here,
0:23:36 > 0:23:40why not push the boat out and go that extra mile?
0:23:41 > 0:23:44John, how long is it going to take you
0:23:44 > 0:23:46before this place is looking fabulous?
0:23:46 > 0:23:49I really hope, in six months, that's my home.
0:23:49 > 0:23:52Hopefully once the planning comes through...
0:23:52 > 0:23:56I will start the other works on the electrics and plumbing.
0:23:56 > 0:23:59There's no heating in here at the moment, so I'll start on that
0:23:59 > 0:24:02while I'm waiting for planning to come through.
0:24:02 > 0:24:04But initially I've got six months.
0:24:04 > 0:24:06Tell me what it's going to look like inside.
0:24:06 > 0:24:09What will the feel of the place be like?
0:24:09 > 0:24:11I want a log-burning fire. I want a modern house,
0:24:11 > 0:24:15- but I've got to have the log-burning stove.- So a bit of tradition...
0:24:15 > 0:24:19Traditional countryside, right, but I want it ultra-modern in here,
0:24:19 > 0:24:21a really nice en suite...
0:24:21 > 0:24:24I have visions of you toasting your marshmallows in the fire
0:24:24 > 0:24:27- and all sorts going on. - Dog burning his nose up against it
0:24:27 > 0:24:32- as he tries to nick 'em.- John, I'm just going to say congratulations.
0:24:32 > 0:24:34I'm so excited for you, and I hope you and Winston
0:24:34 > 0:24:37- both really enjoy living here. - Hopefully. Thank you.
0:24:37 > 0:24:41On a nice day like today, that garden will be a delight,
0:24:41 > 0:24:45and I'm sure Winston will love running round in it whatever the weather.
0:24:45 > 0:24:47However, John's plans for two extensions
0:24:47 > 0:24:51as well as the internal work - well, that's going to take time.
0:24:51 > 0:24:54Will he do it in six months, and on budget?
0:24:54 > 0:24:58You can find out later on in the show.
0:24:59 > 0:25:02Coming up - in rainy Aberfan, my doubts are washed away
0:25:02 > 0:25:05by this three-bed mid-terrace...
0:25:06 > 0:25:08This is a great little property!
0:25:09 > 0:25:14In Kent, an estate agent is blown away by this '60s semi.
0:25:14 > 0:25:17I just cannot believe what the guy has done.
0:25:17 > 0:25:19It's absolutely amazing.
0:25:20 > 0:25:25But first, in Derbyshire the locals get carried away with recycling.
0:25:25 > 0:25:29They actually physically came into the house and took things out!
0:25:31 > 0:25:34We're back in Riddings, Derbyshire,
0:25:34 > 0:25:37to check out the progress at this four-bed house
0:25:37 > 0:25:40and former commercial property. On our first visit,
0:25:40 > 0:25:43there was a whole lot of mess around.
0:25:43 > 0:25:45# Yeah, do the mess-around
0:25:45 > 0:25:47# Everybody's doing the mess-around
0:25:49 > 0:25:51# Now, let me have it there, boy #
0:25:51 > 0:25:54The property, along with all this clutter,
0:25:54 > 0:25:58was bought at auction for £40,000 by full-time property developer Steve
0:25:58 > 0:26:00and his dad Dennis.
0:26:00 > 0:26:03They rent out around 300 properties,
0:26:03 > 0:26:06but broke all the rules by not viewing it before the auction.
0:26:06 > 0:26:10However, with all his experience, Steve didn't seem worried.
0:26:10 > 0:26:14- Do you wish you'd looked at it before you bought it?- Not really.
0:26:14 > 0:26:16It is what it is.
0:26:16 > 0:26:19- What?- Well, I'd have preferred it to be a lot better,
0:26:19 > 0:26:22but I've got it and we'll work with it.
0:26:22 > 0:26:25Steve gave himself a budget of £7,000
0:26:25 > 0:26:28and between six and eight weeks to transform the place
0:26:28 > 0:26:31from dumping ground to tenant-ready family home.
0:26:32 > 0:26:35Well, 16 week after our first visit,
0:26:35 > 0:26:38Steve is here to show us what he's done.
0:26:43 > 0:26:45# No sign of hope
0:26:45 > 0:26:49# As far as I can see
0:26:49 > 0:26:51# Then you came
0:26:51 > 0:26:54# And rescued me #
0:26:56 > 0:26:59Now, that's what I call a proper clean-up,
0:26:59 > 0:27:01inside and out back.
0:27:03 > 0:27:06First question - what happened to all the junk?
0:27:06 > 0:27:08The day after you visited,
0:27:08 > 0:27:11we came down, and it was their bonfire night.
0:27:11 > 0:27:14So we decided to have a bit of a bonfire in the back garden,
0:27:14 > 0:27:18which we did. Er, very successful.
0:27:18 > 0:27:21And there were a lot of other stuff that we couldn't burn,
0:27:21 > 0:27:25so we placed that on the main road, on the pavement,
0:27:25 > 0:27:28to go on the van later on.
0:27:28 > 0:27:32Three or four trucks, vehicles, pickups, whatever, pulled up,
0:27:32 > 0:27:35and they said, "Do you want that?" "No, not really."
0:27:35 > 0:27:38They took it, and I don't know where it went.
0:27:38 > 0:27:40They actually physically came into the house
0:27:40 > 0:27:43and started taking stuff out of the house,
0:27:43 > 0:27:46so they emptied a lot of it for us. There was a lot of stuff in here,
0:27:46 > 0:27:48a lot of stuff.
0:27:48 > 0:27:52That was a recycling stroke of luck if I ever heard it!
0:27:52 > 0:27:56And, true to his promise, Steve has kept the old gas fires
0:27:56 > 0:28:00to donate to local colleges to help train heating engineers.
0:28:00 > 0:28:03With the building cleared, it was time to get cracking on the renovation -
0:28:03 > 0:28:07re-plumbing, rewiring, plastering throughout,
0:28:07 > 0:28:09as well as rejigging the old kitchen
0:28:09 > 0:28:12to give a downstairs shower room and utility.
0:28:12 > 0:28:15Upstairs has had the same treatment as down,
0:28:15 > 0:28:18and Steve really has made the most of the space up here.
0:28:22 > 0:28:25On the first floor,
0:28:25 > 0:28:30we decided to open the staircase up and put a balustrade in,
0:28:30 > 0:28:33bring some light into the staircase, landing and all.
0:28:33 > 0:28:38Also on the first floor, we decided that the bathroom was too big,
0:28:38 > 0:28:43so we decided to contain the bathroom into this area here,
0:28:43 > 0:28:47and therefore was able to provide a fourth bedroom-cum-study
0:28:47 > 0:28:50cum-secondary bathroom, because we've left the services
0:28:50 > 0:28:52just the other side of the stud wall,
0:28:52 > 0:28:56which we constructed to split the bathroom to the bedroom,
0:28:56 > 0:28:59so that room has now got multiple uses.
0:29:00 > 0:29:04You get the feeling Steve's done this before, and he has.
0:29:04 > 0:29:06In fact, the pressures of other projects,
0:29:06 > 0:29:11plus a spell of bad weather, means he's already two months behind schedule.
0:29:11 > 0:29:15How has all this work impacted on his £7,000 budget?
0:29:15 > 0:29:19Well, we paid 40,000. With fees and everything,
0:29:19 > 0:29:22it's come to £41,500.
0:29:22 > 0:29:26And then it'll cost us in the region of £7,000 to £10,000
0:29:26 > 0:29:31by the time we've done. So £51,000 for a four-bedroom house...
0:29:31 > 0:29:33is probably OK.
0:29:33 > 0:29:35OK? I'd say so.
0:29:35 > 0:29:39An estimated total spend of £51,000 by the time he's finished
0:29:39 > 0:29:41really is pretty good going.
0:29:41 > 0:29:44So, what's Steve's plan now?
0:29:45 > 0:29:48We'll hopefully have it done a week today,
0:29:48 > 0:29:53on the market for letting-out purposes.
0:29:55 > 0:29:59We asked two local estate agents to take a look around the property
0:29:59 > 0:30:01and give us their thoughts on the renovation.
0:30:01 > 0:30:04'I think there's been a dramatic difference
0:30:04 > 0:30:07'in the property since I was last here.'
0:30:07 > 0:30:10Everything removed from the house, so a dramatic difference.
0:30:10 > 0:30:14This is an interesting property, with a few options
0:30:14 > 0:30:16as to how it could have been developed.
0:30:16 > 0:30:19The owner has taken a simple view to creating a nice-sized family home.
0:30:19 > 0:30:22'What I like most about the property now
0:30:22 > 0:30:24'is the space inside.'
0:30:24 > 0:30:27The obvious downside is the lack of parking.
0:30:27 > 0:30:30It's a single yellow line out the front,
0:30:30 > 0:30:32so it's very difficult to find parking in the area.
0:30:32 > 0:30:35Even without parking space,
0:30:35 > 0:30:38the estate agents value the place for resale
0:30:38 > 0:30:41at between £120,000 and £140,000.
0:30:41 > 0:30:43That would mean an amazing profit
0:30:43 > 0:30:47of between £69,000 and £89,000.
0:30:47 > 0:30:50But in the current climate, he intends to rent it out,
0:30:50 > 0:30:52so what might it fetch for that?
0:30:53 > 0:30:56In terms of rental, the property's likely to return
0:30:56 > 0:30:59about £525 a calendar month.
0:30:59 > 0:31:04I would expect to achieve between £525 and £550 per calendar month.
0:31:06 > 0:31:11Those rental valuations mean that, given Steve's estimated total spend
0:31:11 > 0:31:14of 51,000, he could be looking at a yield
0:31:14 > 0:31:16of about 12 or 13 percent.
0:31:16 > 0:31:22So, is he happy with a rent between £525 and £550 per month?
0:31:22 > 0:31:25Yeah, it's probably round about that figure.
0:31:25 > 0:31:29It's all going to depend on what the tenant negotiates with us.
0:31:29 > 0:31:33They'll come in and say they'd like it carpeted, for instance,
0:31:33 > 0:31:36so rent will go to its top whack,
0:31:36 > 0:31:40or they'll carpet it themselves and it'll stay at bottom rates.
0:31:40 > 0:31:42That's how we proceed.
0:31:42 > 0:31:46Would he return to an auction and do it all again?
0:31:47 > 0:31:51Yeah, we'd do an auction again. This seems to be quite successful
0:31:51 > 0:31:54with the figures presented.
0:31:54 > 0:31:58Although we've got a large portfolio of assets that we're carrying out,
0:31:58 > 0:32:01we'll be looking after them, but you never know.
0:32:01 > 0:32:03Something comes up, we might have a go.
0:32:05 > 0:32:10Today I'm in a decidedly soggy Aberfan,
0:32:10 > 0:32:1220 miles from Cardiff.
0:32:12 > 0:32:15# Oh, oh, oh
0:32:15 > 0:32:18# Look at the rain...
0:32:18 > 0:32:21Well, I hope you're nice and dry where you are,
0:32:21 > 0:32:25because here in the valleys of South Wales it most certainly is not.
0:32:25 > 0:32:27But the plus side of the property I'm here to see,
0:32:27 > 0:32:30walking distance to the train station,
0:32:30 > 0:32:34guide price 40,000 quid, which for a three-bed terrace
0:32:34 > 0:32:37doesn't seem too bad either. Let's take a look inside.
0:32:37 > 0:32:40# Oh, oh, oh
0:32:40 > 0:32:43# Umbrella day #
0:32:43 > 0:32:46The exterior decoration is rather distinctive,
0:32:46 > 0:32:50but it certainly stands out from the neighbouring properties.
0:32:50 > 0:32:53There's a new UPVC door and double glazing, though,
0:32:53 > 0:32:56which is a good start.
0:32:56 > 0:32:59Whoo! Nice to be out of the rain into the dry.
0:32:59 > 0:33:02What have we got? Reasonably sized entrance foyer here,
0:33:02 > 0:33:06stairs up to your bedrooms, and through into... Wow, look at this!
0:33:06 > 0:33:10Fantastic! A huge great living room/dining room.
0:33:10 > 0:33:14It's obviously been knocked through at some stage
0:33:14 > 0:33:16to create this absolutely massive space,
0:33:16 > 0:33:20not at all what you'd expect for this type of property.
0:33:20 > 0:33:22Obviously it needs a bit of updating here and there,
0:33:22 > 0:33:25but what a fantastic start! Does it get any better?
0:33:25 > 0:33:29Well... The kitchen, again, what a lovely surprise!
0:33:29 > 0:33:33Obviously been refurbished relatively recently.
0:33:33 > 0:33:37Perfectly serviceable, especially if you're renting this place out,
0:33:37 > 0:33:39and there's space for a kitchen table here,
0:33:39 > 0:33:43so it's a real family space. And, better than that,
0:33:43 > 0:33:46you've also got a downstairs bathroom
0:33:46 > 0:33:51with a shower, a loo... I mean, this is a great little property!
0:33:52 > 0:33:55What am I saying? This place is far from small.
0:33:55 > 0:33:57There's a lot of property to love here.
0:33:58 > 0:34:02But go round the back, and things aren't quite so cheery.
0:34:03 > 0:34:06# Will you still love me
0:34:08 > 0:34:10# When I am grey?
0:34:10 > 0:34:16There is a garden of sorts, although today's an indoors kind of day.
0:34:16 > 0:34:18'So, what else does it have to offer?'
0:34:18 > 0:34:22Well, upstairs, and I continue to be quite shocked!
0:34:22 > 0:34:24It is so big inside this property
0:34:24 > 0:34:27compared to what it looks like outside.
0:34:27 > 0:34:31You got three good-size bedrooms. As well as that bathroom downstairs,
0:34:31 > 0:34:34there's a bathroom up here too, which is great to see.
0:34:34 > 0:34:38So...it's fabulous!
0:34:39 > 0:34:42And the decor is equally fabulous.
0:34:42 > 0:34:45Well, at least it was, back in a previous era.
0:34:45 > 0:34:47I'd erase the purple bathroom
0:34:47 > 0:34:51and eradicate the Artex walls without hesitation.
0:34:51 > 0:34:55It's time to haul this outdated but roomy three-bed terrace
0:34:55 > 0:34:57into the 21st century.
0:34:57 > 0:35:00What does a local estate agent make of this place
0:35:00 > 0:35:03that was guided at 45,000?
0:35:03 > 0:35:07First impressions, needs a bit of general upgrading,
0:35:07 > 0:35:10but overall, not a bad property.
0:35:10 > 0:35:14Needing bathroom, shower room and general decor,
0:35:14 > 0:35:16but not too much to do.
0:35:19 > 0:35:21So, how does he see the property post-renovation?
0:35:21 > 0:35:24Would he advise selling or renting it out?
0:35:24 > 0:35:26I think in the current climate, the safest bet
0:35:26 > 0:35:29is probably to look towards the rental market,
0:35:29 > 0:35:32as the sales market is still quite depressed,
0:35:32 > 0:35:34so rental is probably the safest for them.
0:35:34 > 0:35:36What kind of rental income might it generate?
0:35:38 > 0:35:39Rental value here,
0:35:39 > 0:35:44probably somewhere in the region of 450, perhaps 400 to be safe.
0:35:44 > 0:35:47And if the buyer decided to sell?
0:35:47 > 0:35:50When fully renovated, I think the value
0:35:50 > 0:35:53is in the region of about £70,000.
0:35:54 > 0:35:57So, a surprisingly spacious property
0:35:57 > 0:36:01where most of the big things have already been done for you,
0:36:01 > 0:36:05and it is actually just a case of a bit of cosmetic work to be sorted out.
0:36:05 > 0:36:08Let's see who fancied it when it went under the hammer.
0:36:08 > 0:36:12Lot number 24 we're onto now, ladies and gentlemen,
0:36:12 > 0:36:15which is the mid-terraced house for improvement.
0:36:15 > 0:36:18It's a three-bedroomed house. Nice little house here.
0:36:18 > 0:36:22What am I bid for it? Who's got 50 for it?
0:36:22 > 0:36:25Put it in, then. Bid me 48 to start.
0:36:25 > 0:36:2948. 46. Let's get started. 40, can I?
0:36:29 > 0:36:31Thank you, two bids. 42, will you, sir?
0:36:31 > 0:36:3442. 44. Thank you. At 44,000.
0:36:34 > 0:36:37Your bid at 44,000. Five, then, thank you.
0:36:37 > 0:36:40At 45,000. At 45,000.
0:36:40 > 0:36:44This is no money for it. At 45,000. I'll take them one by one
0:36:44 > 0:36:46as I said. It's your bid.
0:36:46 > 0:36:50At £45,000. And six, can I? Six. Thank you.
0:36:50 > 0:36:53At 46,000. At 46.
0:36:53 > 0:36:55Half, then. Thank you. 46 and a half.
0:36:55 > 0:36:58Where was your bid? It's 40... Where...
0:36:59 > 0:37:03Oh, over this side. I can see. Yes, thank you.
0:37:03 > 0:37:06Yeah, you were waving well, too. 47 I'm bid from the lady.
0:37:06 > 0:37:1047. Half behind. 47 and a half.
0:37:10 > 0:37:12Eight. I know where to look now. 48.
0:37:12 > 0:37:16Just... You're out. 48 and a half.
0:37:16 > 0:37:1949, can I? 49 for the lady on the aisle there.
0:37:19 > 0:37:22At 49. You're out behind.
0:37:22 > 0:37:24At 49,000. It's the lady's bid.
0:37:24 > 0:37:27At 49,000. Don't shake your head, sir.
0:37:27 > 0:37:30You don't get them by doing that. At £49,000.
0:37:30 > 0:37:33I'm going to sell it. I'm not going to dwell. Quick if you want it.
0:37:33 > 0:37:36You've been in all the way. It's the lady's bid, though.
0:37:36 > 0:37:38At £49,000... Have you all done?
0:37:38 > 0:37:43At £49,000. It's yours, madam. Thank you.
0:37:44 > 0:37:49The successful bid of £49,000 came from Val and her husband Terry,
0:37:49 > 0:37:53who live in Cardiff. Val used to work for a firm of chartered surveyors,
0:37:53 > 0:37:56while Terry is a retired policeman.
0:37:56 > 0:37:59I met them at the house to hear about their plans.
0:37:59 > 0:38:03- Val, Terry, lovely to meet you both. - And you.- Congratulations.
0:38:03 > 0:38:05- Thank you.- Great house!
0:38:05 > 0:38:08- Yes.- We think so.- Yes.
0:38:08 > 0:38:11- Tell me why you wanted to buy it. - It was the right house
0:38:11 > 0:38:14in the right place. We saw it. We thought it was big,
0:38:14 > 0:38:18didn't have much work doing to it, and we thought we could get a tenant.
0:38:18 > 0:38:21Right. So you bought it to rent it out.
0:38:21 > 0:38:24Where else in Britain can you get a three-bedroom house
0:38:24 > 0:38:28- for less than £50,000? - Well, one in this kind of standard
0:38:28 > 0:38:31and size and everything. So, tell me about you two, Terry.
0:38:31 > 0:38:35- Is it something you've done before? - Yes. I retired from the police
0:38:35 > 0:38:39in 2001, and now I just do some volunteer driving.
0:38:39 > 0:38:41Driving?
0:38:41 > 0:38:44- Yeah, drive for a charity. - Oh, great!
0:38:44 > 0:38:47- Vans and things like that? - Little buses, yeah.
0:38:47 > 0:38:50And the property side of things is a bit of a sideline.
0:38:50 > 0:38:53- Yeah.- A pension type thing? - It's a pension.
0:38:53 > 0:38:56- It's to prop up my pension.- Right.
0:38:56 > 0:38:58Which doesn't exist, basically! SHE LAUGHS
0:38:58 > 0:39:03Many people are looking at property as way of bolstering their pensions.
0:39:03 > 0:39:05Val and Terry have a strong portfolio
0:39:05 > 0:39:10of buy-to-let, including three in their home city of Cardiff,
0:39:10 > 0:39:12which they hope will do just that.
0:39:13 > 0:39:15So, what was it about this particular place
0:39:15 > 0:39:18that you thought, "Yeah, this is it"?
0:39:18 > 0:39:21It was a mid-terrace. We like mid-terraces.
0:39:21 > 0:39:25It was big. Very big! We didn't expect it to be.
0:39:25 > 0:39:30And the kitchen. I loved the kitchen. And that was it, really.
0:39:30 > 0:39:32- Didn't need a great deal of work. - No.
0:39:32 > 0:39:36- What about all the swirly plasterwork stuff?- That's staying.
0:39:36 > 0:39:39Is it? Stuff on the walls and on the ceilings?
0:39:39 > 0:39:42Because you like it, or because...
0:39:42 > 0:39:44No, no. No!
0:39:44 > 0:39:47If we were doing it to sell it,
0:39:47 > 0:39:50we'd probably smooth the ceilings and the walls,
0:39:50 > 0:39:53but there's a tenant coming in here,
0:39:53 > 0:39:57and as long as it's clean and presentable...
0:39:57 > 0:40:00- And they might like swirly walls. - And they might like swirly walls.
0:40:00 > 0:40:04Exactly! Unless they say, "We won't move in unless",
0:40:04 > 0:40:08- it's staying. We're not even going to paint the hall.- You're not?
0:40:08 > 0:40:11- No.- Oh, come on! Stick some magnolia on it,
0:40:11 > 0:40:14- at least!- No, it'll be pink when you come back.
0:40:14 > 0:40:16What's wrong with pink?
0:40:16 > 0:40:18Well, you can't say I didn't try.
0:40:18 > 0:40:22But Val and Terry just cannot be swayed on the swirls.
0:40:22 > 0:40:25They have a super-speedy timescale of just a fortnight
0:40:25 > 0:40:30to get the house ready for some tenants who've already expressed their interest.
0:40:30 > 0:40:32How much are they going to spend in those two weeks?
0:40:32 > 0:40:35We reckon about £5,000.
0:40:35 > 0:40:39Yeah. Maybe a bit more, because we're going to laminate the floor.
0:40:39 > 0:40:42We didn't plan to do that, but, er...
0:40:42 > 0:40:44Given your attitude of doing the minimum possible,
0:40:44 > 0:40:48what's wrong with that carpet? Bit of shampoo on it, it'll be fine!
0:40:48 > 0:40:50The only reason we're doing that
0:40:50 > 0:40:52is because we've got to take the fire out,
0:40:52 > 0:40:56and then we've got to take the stone fireplace out,
0:40:56 > 0:40:59so that will leave a gap, and we couldn't match the carpet.
0:40:59 > 0:41:01- Otherwise you would've done. - We would!
0:41:01 > 0:41:05What we may do is move the carpet to the bedrooms upstairs.
0:41:05 > 0:41:07- You're spendthrifts, aren't you? - We are.
0:41:07 > 0:41:11- Some might say mean. - I was trying to be polite.
0:41:11 > 0:41:14Well, there's a lot to be said for saving money,
0:41:14 > 0:41:17especially if you're renovating somewhere for the rental market
0:41:17 > 0:41:19and already have a tenant lined up
0:41:19 > 0:41:22combined with a timescale of a mere two weeks.
0:41:22 > 0:41:26But when it comes to doing the work, Val will have to get a builder in,
0:41:26 > 0:41:29because it seems DIY just isn't Terry's thing.
0:41:29 > 0:41:31So, how bad is Terry's DIY?
0:41:31 > 0:41:36Oh, he's missing a DIY gene! It's just not there.
0:41:36 > 0:41:40Our sons are good.
0:41:40 > 0:41:43- My father-in-law was good. My husband...- I'm just useless.
0:41:43 > 0:41:46Useless. His brothers are good!
0:41:46 > 0:41:49But somewhere it just avoided him.
0:41:49 > 0:41:52- I tried with a bathroom once. - Oh, yeah.
0:41:52 > 0:41:55I thought it would take me half a day and cost 30 quid.
0:41:55 > 0:41:58It took three days and cost about a hundred quid,
0:41:58 > 0:42:01and I had to pay somebody to do the job in the end anyway, so...
0:42:01 > 0:42:04it's easier to just get somebody else to do it.
0:42:04 > 0:42:07Well, it's important to know your limitations, isn't it?
0:42:07 > 0:42:11Well, listen, congratulations! Good luck with it.
0:42:11 > 0:42:14- Thank you!- We'll come back in a few weeks and see how you've got on.
0:42:14 > 0:42:18- Great! Pink walls!- Yes, pink walls. - THEY LAUGH
0:42:20 > 0:42:24So, Terry missing out on the DIY gene, then,
0:42:24 > 0:42:27but at least he and Val have got a team of builders lined up
0:42:27 > 0:42:30to sort the property out. But can they do it in two weeks?
0:42:30 > 0:42:33You can find out later in the show.
0:42:35 > 0:42:38Getting your property for the right price
0:42:38 > 0:42:40is the first step to success.
0:42:40 > 0:42:43But the next stage is just as important.
0:42:43 > 0:42:47Sticking to timescales and budget is the best way to a decent profit.
0:42:47 > 0:42:51So, let's find out how our purchasers are progressing.
0:42:51 > 0:42:54We're back on the Hoo peninsula in Kent,
0:42:54 > 0:42:57to see how plumbing and heating engineer John
0:42:57 > 0:43:00and his bulldog Winston have got on with renovating
0:43:00 > 0:43:03this rather tired 1960s semi,
0:43:03 > 0:43:07which he bought at auction for 148,000.
0:43:07 > 0:43:11The crowning glory of this place had to be its enormous garden,
0:43:11 > 0:43:15ideal for Winston and John's kids.
0:43:15 > 0:43:18John intended to move into the house once renovated,
0:43:18 > 0:43:21and his plans were on the ambitious side.
0:43:21 > 0:43:23Double extension on the back,
0:43:23 > 0:43:26and main bedroom would go across the extension with an en suite.
0:43:26 > 0:43:30Kitchen will be a lot bigger. Hopefully, if I get permission,
0:43:30 > 0:43:33put a garage on the side, and it'll be a nice-size house.
0:43:34 > 0:43:37John allowed himself a budget of 50,000,
0:43:37 > 0:43:39and six months to do the work.
0:43:39 > 0:43:42One room he was clear about was the lounge.
0:43:42 > 0:43:46I want a modern house, but I've got to have the log-burning stove.
0:43:46 > 0:43:49I've had visions of you toasting your marshmallows in the fire
0:43:49 > 0:43:54- and all sorts going on. - The dog burning his nose up against it as he tries to nick 'em!
0:43:54 > 0:43:57It's now 19 months later.
0:43:57 > 0:44:00Winston, John and John's brother Jason
0:44:00 > 0:44:04are here to show us what they've done to the property.
0:44:16 > 0:44:22It may not be finished, but the house is almost unrecognisable.
0:44:22 > 0:44:25The kitchen and sitting room have practically doubled in size
0:44:25 > 0:44:28thanks to extensions at the front
0:44:28 > 0:44:30and at the back.
0:44:32 > 0:44:34That double-height extension to the rear
0:44:34 > 0:44:38has given John the well proportioned en-suite master bedroom
0:44:38 > 0:44:40he yearned for.
0:44:40 > 0:44:42My favourite part is the en suite bathroom,
0:44:42 > 0:44:46with the bath, where it's positioned, you can actually lay in it
0:44:46 > 0:44:50with the doors open and enjoy the views of the countryside.
0:44:50 > 0:44:53And thankfully, with just garden and fields beyond,
0:44:53 > 0:44:57there won't be anybody taking in the view from the other direction!
0:44:57 > 0:45:01One reason John's already over a year behind schedule
0:45:01 > 0:45:05is that he had to resubmit his application to the planners.
0:45:05 > 0:45:08Originally he wanted to convert the carport to a garage,
0:45:08 > 0:45:10but now, as part of the front extension,
0:45:10 > 0:45:13he's created an annexe he's very proud of.
0:45:14 > 0:45:17Right. Well, this used to be the actual carport.
0:45:17 > 0:45:20We've now done the extensions with a bathroom here,
0:45:20 > 0:45:22bedroom, and then through here...
0:45:24 > 0:45:28..this is a little lounge/dining room,
0:45:28 > 0:45:32and hopefully we're going to put a little small kitchen into the corner,
0:45:32 > 0:45:37so it's fully self-sufficient, and I think it's been maximum use of space.
0:45:38 > 0:45:41It really is a versatile space - play room, home office,
0:45:41 > 0:45:44granny flat, you name it.
0:45:47 > 0:45:50John's brother Jason has helped out with the build
0:45:50 > 0:45:53with a bit of project managing and grafting,
0:45:53 > 0:45:55and has already moved in.
0:45:55 > 0:45:59Originally it started out that I'd just be giving John a hand
0:45:59 > 0:46:01when he needed it. My circumstances changed,
0:46:01 > 0:46:05and I ended up moving in with John, and taking on a more hands-on role.
0:46:06 > 0:46:09John's been juggling work full-time
0:46:09 > 0:46:11as well as doing the build.
0:46:11 > 0:46:14Have there been any big surprises along the way?
0:46:15 > 0:46:18When I was putting the rear roof on, the roofer decided
0:46:18 > 0:46:22it would be a good time to actually strip the roof,
0:46:22 > 0:46:25re-felt, re-batten, complete new fascias.
0:46:25 > 0:46:29The whole house has been completely replastered.
0:46:29 > 0:46:33Everything's brand new skirting-wise, brand-new doors.
0:46:33 > 0:46:35Basically it's like a brand-new house again.
0:46:35 > 0:46:39# Hey, honey, take a walk on the wild side #
0:46:39 > 0:46:42The biggest draw for John was the garden.
0:46:42 > 0:46:45It certainly looks very different now.
0:46:45 > 0:46:47But what's his plan for all this space?
0:46:47 > 0:46:50I want a really big decking.
0:46:50 > 0:46:52I'll probably put borders in the middle,
0:46:52 > 0:46:55and then I want to put a really big summerhouse in.
0:46:55 > 0:46:58I mean, this is going to be a proper party garden.
0:46:59 > 0:47:01Sounds great!
0:47:01 > 0:47:04But I was always worried John might blow his budget completely
0:47:04 > 0:47:08on this project. So how has he fared with the finances?
0:47:08 > 0:47:11The original budget was 50,000,
0:47:11 > 0:47:15and, um, with, obviously, a few other things that I've changed
0:47:15 > 0:47:18along the way, I think it's come out
0:47:18 > 0:47:20to around just under £60,000.
0:47:20 > 0:47:24But that's not including the work in the garden.
0:47:24 > 0:47:27Surely that will cost a bit!
0:47:27 > 0:47:31Look at it realistically. If I can get the driveway done,
0:47:31 > 0:47:36the gardens, for about £20,000, I'd be happy.
0:47:38 > 0:47:42John paid £148,000 for the house at auction.
0:47:42 > 0:47:47Add to that his expected spend of £80,000 plus fees and expenses,
0:47:47 > 0:47:52and that's a total outlay of over £228,000.
0:47:52 > 0:47:55We asked two local property experts to look around
0:47:55 > 0:47:58and see what they thought of the work.
0:47:58 > 0:48:00This is my second time,
0:48:00 > 0:48:02and I just cannot believe what the guy has done.
0:48:02 > 0:48:05It's absolutely amazing,
0:48:05 > 0:48:07and the extensions are wonderful,
0:48:07 > 0:48:10and the quality of work is just so good.
0:48:10 > 0:48:14'There's several very salient features about the property.'
0:48:14 > 0:48:16The views from the rear over the farmland,
0:48:16 > 0:48:19the spacious accommodation in the property,
0:48:19 > 0:48:22having the annexe for the teenage child
0:48:22 > 0:48:25or elderly relative works very well,
0:48:25 > 0:48:27so I think there's a lot going for the property.
0:48:27 > 0:48:30John may have overspent on his budget,
0:48:30 > 0:48:32but could he still have added value?
0:48:32 > 0:48:36Remember his total outlay here, once he's finished,
0:48:36 > 0:48:38will be around 228,000.
0:48:38 > 0:48:42Fully completed, I feel the resale value of the property
0:48:42 > 0:48:45would be in the region of £250,000.
0:48:45 > 0:48:48I would suggest that we put it on as a guide price
0:48:48 > 0:48:52of somewhere around 250,000 or offers in excess of,
0:48:52 > 0:48:54and see what somebody's prepared to pay.
0:48:56 > 0:48:59If John were to sell, he could be looking at a pre-tax profit
0:48:59 > 0:49:03in the region of 22,000. What does he make of that?
0:49:05 > 0:49:09That's not over-surprising. That was the sort of figure I had in mind
0:49:09 > 0:49:13in today's current market. But, you know, to be honest with you,
0:49:13 > 0:49:16it is a house that I want to live in, so whatever I spend on it,
0:49:16 > 0:49:19it is for my own enjoyment, really,
0:49:19 > 0:49:22and I think this could be a lovely house.
0:49:24 > 0:49:27I think it is, too, but there's a bit to do
0:49:27 > 0:49:30before this is home, sweet home. John's next priority,
0:49:30 > 0:49:32to get the place feeling more homely,
0:49:32 > 0:49:37is to install central heating and that all-important wood-burning stove.
0:49:37 > 0:49:40I know someone who'll be happy about that. Good boy, Winston!
0:49:42 > 0:49:44SONG: "Sweet Home Alabama" by Lynyrd Skynyrd
0:49:44 > 0:49:47What's John looking forward to the most here?
0:49:47 > 0:49:50Not having to come home in the evenings,
0:49:50 > 0:49:52do work, do work at the weekends on it.
0:49:52 > 0:49:55I just want all the garden complete,
0:49:55 > 0:50:00and I don't want to do a thing at weekends. Absolutely not.
0:50:04 > 0:50:07We're back in Aberfan, South Wales,
0:50:07 > 0:50:10to see how Val and Terry got on with this three-bed mid-terrace
0:50:10 > 0:50:13which they bought at auction for 49,000.
0:50:13 > 0:50:18With a budget of £5,000 and a timescale of two weeks,
0:50:18 > 0:50:20they weren't planning a major overhaul,
0:50:20 > 0:50:23but I felt the decor was crying out for some attention.
0:50:23 > 0:50:28What about all the swirly plasterwork stuff?
0:50:28 > 0:50:32- That's staying.- Is it? The stuff on the walls and on the ceilings?
0:50:32 > 0:50:35It's staying, and we're not even going to paint the hall.
0:50:35 > 0:50:38Oh, come on! Stick some magnolia on it at least!
0:50:38 > 0:50:42- It'll be pink when you come back. - What's wrong with pink?
0:50:42 > 0:50:46Well, just four weeks have passed since we were last here,
0:50:46 > 0:50:49and we've returned to see how they've got on.
0:50:49 > 0:50:51Nothing has changed out front,
0:50:51 > 0:50:53and at the back it's as grey as ever.
0:50:53 > 0:50:58But it's inside where changes have taken place.
0:51:05 > 0:51:08They haven't touched the kitchen,
0:51:08 > 0:51:11but the downstairs shower room has had an overhaul,
0:51:11 > 0:51:13with a brand-new shower and enclosure.
0:51:14 > 0:51:19True to their word, the pink swirls in the hall have stayed,
0:51:19 > 0:51:22as has the bright-red carpet,
0:51:22 > 0:51:25but the upstairs bedrooms have all had a makeover.
0:51:29 > 0:51:32But hold on! I recognise that carpet.
0:51:32 > 0:51:35That's from the sitting room downstairs.
0:51:35 > 0:51:37We believe in recycling.
0:51:38 > 0:51:42I think it's too easy to get wrapped up in the enthusiasm of things
0:51:42 > 0:51:46and just start spending money that you don't really need to.
0:51:48 > 0:51:51I'm all for a bit of recycling,
0:51:51 > 0:51:55and the upstairs bathroom has also been improved at minimal expense.
0:51:55 > 0:52:00In the bathroom we were hoping to keep the suite,
0:52:00 > 0:52:03and not change much at all,
0:52:03 > 0:52:06but we had to change the cistern, because it was purple.
0:52:06 > 0:52:09That was the main reason we changed the cistern.
0:52:09 > 0:52:14We put a new bath in, because the old bath had marks on it
0:52:14 > 0:52:17and they weren't going to come out without a lot of scrubbing.
0:52:17 > 0:52:21I don't do scrubbing. So that had to be changed,
0:52:21 > 0:52:24but the hand basin and everything else is the same,
0:52:24 > 0:52:28except for the walls. We've papered the walls and painted them,
0:52:28 > 0:52:31and it looks nice and bright and clean.
0:52:31 > 0:52:34It does look quite different,
0:52:34 > 0:52:38and Terry even managed to pinch a few pennies on the sitting room.
0:52:39 > 0:52:43The big fireplace that was the whole length of that wall,
0:52:43 > 0:52:46initially I thought we might get away with keeping it,
0:52:46 > 0:52:50but we found out afterwards that the other fire wasn't safe,
0:52:50 > 0:52:54so if we were going to move it, then we might as well go the whole hog.
0:52:54 > 0:52:56The other problem that presented us with
0:52:56 > 0:52:59was that the carpet wasn't then big enough,
0:52:59 > 0:53:02so we thought about putting laminate floor down,
0:53:02 > 0:53:04which was our original intention,
0:53:04 > 0:53:08but when they took the carpet up, they found the floor was so uneven
0:53:08 > 0:53:11it wasn't possible to do that,
0:53:11 > 0:53:13so we ended up having to use carpet.
0:53:13 > 0:53:17But the good news was, it saved us a bit of money.
0:53:17 > 0:53:19Very canny, Terry!
0:53:19 > 0:53:23They did have to fix a damp patch in the sitting room,
0:53:23 > 0:53:27and still need to install a vent in one of the bedrooms to deal with condensation there.
0:53:27 > 0:53:31Added to having to put in the new shower downstairs,
0:53:31 > 0:53:34these unforeseens mean that Val and Terry's timescale
0:53:34 > 0:53:37has slipped from two weeks to closer to four.
0:53:37 > 0:53:40How have they done on the budget front?
0:53:40 > 0:53:46The builders have cost 4,750, which is under budget.
0:53:46 > 0:53:48They've still got a couple of things to do,
0:53:48 > 0:53:51which will be... I don't know.
0:53:51 > 0:53:53I think that will bring us up to budget.
0:53:53 > 0:53:55We've had to buy a couple of other things on top.
0:53:55 > 0:54:00- We had to buy the carpet. - We bought the fire for the lounge.
0:54:00 > 0:54:02Cost us a hundred quid.
0:54:02 > 0:54:06But then, swings and roundabouts, we had to buy a new shower.
0:54:06 > 0:54:09But if you add the materials,
0:54:09 > 0:54:13- it's probably a little bit over 5,000, but not a great deal.- No.
0:54:16 > 0:54:19Val and Terry bought the property at auction for 49,000.
0:54:19 > 0:54:23If their spend ends up hitting the £5,000 mark,
0:54:23 > 0:54:26their total outlay will come in at around £54,000,
0:54:26 > 0:54:29plus the usual fees and expenses.
0:54:29 > 0:54:32We asked two local estate agents to have a look
0:54:32 > 0:54:35to see what they make of the work done here.
0:54:36 > 0:54:39This is the first time I've been inside the property,
0:54:39 > 0:54:42but it's a nice property. It's a lovely family home.
0:54:42 > 0:54:47'First impressions, not a lot has changed here from the first visit.'
0:54:47 > 0:54:51They've done some cosmetic work, relaid some carpets.
0:54:51 > 0:54:53I was hoping that a little more had been done.
0:54:53 > 0:54:57Well, we appear to have a difference of opinion.
0:54:57 > 0:55:00But can these experts agree on a resale value here?
0:55:00 > 0:55:03If I was to market this property for sale,
0:55:03 > 0:55:08I would advise an asking price of between £55,000 and £60,000.
0:55:08 > 0:55:10If I was to market the property, I'd put it on
0:55:10 > 0:55:12between £70,000 and £80,000.
0:55:12 > 0:55:16Those valuations between 55,000 and 80,000
0:55:16 > 0:55:20could see Val and Terry either just about break even
0:55:20 > 0:55:23or making a pre-tax profit of around 26,000.
0:55:23 > 0:55:27But the rental market is strong in this area,
0:55:27 > 0:55:31and easier to predict, so what do the estate agents feel
0:55:31 > 0:55:33the property could fetch if rented out?
0:55:34 > 0:55:36If I was to put this house on the rental market,
0:55:36 > 0:55:39I would put it on between £425 per calendar month
0:55:39 > 0:55:42and £475 per calendar month.
0:55:42 > 0:55:46If I was to market this property for the rental market,
0:55:46 > 0:55:49I would suggest £450 per calendar month.
0:55:49 > 0:55:52Not such a big difference there.
0:55:52 > 0:55:55Those rental valuations could mean a healthy yield
0:55:55 > 0:55:59of between 9.5 and 10.5 percent for Val and Terry,
0:55:59 > 0:56:02which is not to be sniffed at.
0:56:02 > 0:56:06We have it on for 425, and we have some interest at 425.
0:56:06 > 0:56:09I think in this area,
0:56:09 > 0:56:13you'd struggle to get 450 or 475.
0:56:13 > 0:56:16- They're the experts. - But they're the experts, but...
0:56:16 > 0:56:19I still think you'd struggle.
0:56:19 > 0:56:21We're perfectly happy with 425.
0:56:21 > 0:56:23Good for them!
0:56:23 > 0:56:26So, what do Val and Terry make of the process
0:56:26 > 0:56:28of renovating this property?
0:56:28 > 0:56:31'We've really enjoyed this project. We like the house.'
0:56:31 > 0:56:35We liked working on it. And now it's finished,
0:56:35 > 0:56:37we think it's done well.
0:56:37 > 0:56:40We're pleasantly surprised by the valuations
0:56:40 > 0:56:42and the final result,
0:56:42 > 0:56:44- so perfectly happy.- Yes.
0:56:47 > 0:56:50Has all this whetted your appetite to buy a property at auction?
0:56:50 > 0:56:53If so, we'll have lots more stories from the auction rooms
0:56:53 > 0:56:56- on Homes Under The Hammer. - We'll see you then.- Goodbye.
0:56:56 > 0:57:00Subtitles by Red Bee Media Ltd
0:57:00 > 0:57:04E-mail subtitling@bbc.co.uk
0:57:04 > 0:57:04.