0:00:02 > 0:00:05Hello! If you're tempted to go to an auction, now's the time.
0:00:05 > 0:00:08There is so much variety in the catalogues.
0:00:08 > 0:00:11Yes, every month there are literally thousands of lots on offer.
0:00:11 > 0:00:13Why not nip down to your local auction house
0:00:13 > 0:00:15and check out an auction?
0:00:40 > 0:00:45Now, people often ask us how to get the best results in the auction room.
0:00:45 > 0:00:47A couple of tips, always stand where you can be
0:00:47 > 0:00:50seen by the auctioneer and always set yourself a price limit.
0:00:50 > 0:00:53And if you are going to bid, make sure you clear,
0:00:53 > 0:00:56you are visible and don't exceed your limit.
0:00:56 > 0:00:58So, what were the lots that got our bidders
0:00:58 > 0:01:00bidding on today's show?
0:01:02 > 0:01:06Things are not as bad as they look at this empty shell in Nottinghamshire.
0:01:06 > 0:01:10Actually, if you look at this from a building point of view, it is great news.
0:01:11 > 0:01:15This compact two-bed flat in Bakers Arms, East London,
0:01:15 > 0:01:18takes me completely by surprise.
0:01:18 > 0:01:20I can't believe how nice this flat is!
0:01:21 > 0:01:25And in Cornwall, we see what the auction catalogue described as a character cottage.
0:01:25 > 0:01:29Now, that either means dilapidated or charming.
0:01:29 > 0:01:31In this case, it might be both.
0:01:32 > 0:01:34All these properties have been sold at auction
0:01:34 > 0:01:37and we will find out who bought them and what they paid for them
0:01:37 > 0:01:41- when they went under the hammer. - Sold, 112.
0:01:43 > 0:01:48The property I have come to see today is in Nottinghamshire,
0:01:48 > 0:01:50close to Mansfield and Chesterfield.
0:01:50 > 0:01:54This is Plesley, a former mining village in Nottinghamshire.
0:01:54 > 0:01:57The plot I'm here to see sounds attractive.
0:01:57 > 0:02:01From the auction catalogue description, it has views over open countryside.
0:02:02 > 0:02:07Ah-ha! Sadly, the views of the property itself,
0:02:07 > 0:02:10from the outside at least, are not quite so pleasant.
0:02:11 > 0:02:15'The guide price for this three-bed corner terrace was just £48,000,
0:02:15 > 0:02:18'but no wonder, as it is just an empty shell.'
0:02:18 > 0:02:21The render has been removed from the brickwork
0:02:21 > 0:02:25and the windows are just plastic-covered holes in the walls.
0:02:25 > 0:02:27There are new stone lintels in place
0:02:27 > 0:02:32so some restoration work has been started here, which is encouraging.
0:02:32 > 0:02:33Time to head inside.
0:02:33 > 0:02:38OK, inside, no great surprises.
0:02:38 > 0:02:41Like the outside, it has been pretty much stripped back.
0:02:41 > 0:02:44You walk through the door here into what I imagine was the kitchen.
0:02:44 > 0:02:46Again, imagination required.
0:02:46 > 0:02:50But, you know what, I am looking at this and thinking, great.
0:02:50 > 0:02:53No, I am not completely losing it!
0:02:53 > 0:02:57Because somebody has done a lot of the work for you here.
0:02:57 > 0:03:01They have got rid of all the stuff you probably would have taken out anyway, so actually,
0:03:01 > 0:03:05if you look at this from a building point of view, it is great news.
0:03:05 > 0:03:09Coming through here, for instance, into what would, I imagine, be the lounge...
0:03:09 > 0:03:11..Yes, you've got nothing on the walls at the moment,
0:03:11 > 0:03:15but you'd have probably had to take that off to put new plasterwork on anyway.
0:03:15 > 0:03:18I love the fact you can see what's actually here,
0:03:18 > 0:03:21there's nothing hidden, everything's been taken off.
0:03:21 > 0:03:25But very interesting, look at this for a bit of social history.
0:03:25 > 0:03:33Back to 1984, just bringing you back to the fact that this is and was a coal-mining area.
0:03:33 > 0:03:37"Scargill, 1984, the year of the great coal strike."
0:03:37 > 0:03:38Blimey.
0:03:38 > 0:03:40Interesting stuff.
0:03:42 > 0:03:45'This house has obviously had quite a history,
0:03:45 > 0:03:49'but what does its future hold, and who would buy it?
0:03:49 > 0:03:53'Because there's no kitchen, bathroom, or running water,
0:03:53 > 0:03:56'this house would be deemed uninhabitable,
0:03:56 > 0:03:58'and therefore unmortgageable by most lenders.
0:03:58 > 0:04:01'So, it's cash buyers only for this one.
0:04:01 > 0:04:05'The good news is that there's already planning permission to extend at the back.
0:04:05 > 0:04:09'More of that in a moment. First, let's see upstairs.'
0:04:09 > 0:04:12Well, upstairs, as you can see, like downstairs,
0:04:12 > 0:04:14everything's been pretty much ripped out,
0:04:14 > 0:04:18all the stud partitions have been removed, which, again, saves you so much effort.
0:04:18 > 0:04:22Originally it was three bedrooms, there wasn't a bathroom up here, that was downstairs.
0:04:22 > 0:04:25So, when it comes to putting this place together, what do you do?
0:04:25 > 0:04:30Ideally, keep those three bedrooms, extend out using the extension that's planned,
0:04:30 > 0:04:34get your bathroom, and hopefully, an en-suite upstairs
0:04:34 > 0:04:36and you've got a really nice space.
0:04:36 > 0:04:38I love the feel up here, I like the beams,
0:04:38 > 0:04:41I like the fact the ceiling's got this character to it.
0:04:41 > 0:04:45For me, this could be quite sensational.
0:04:48 > 0:04:53'What's exciting about this property is its potential.
0:04:53 > 0:04:55'It might not be one for novices,
0:04:55 > 0:04:58'but with the right experience, you could turn it into something special.
0:04:58 > 0:05:01'And the already-approved plans are a great bonus.'
0:05:01 > 0:05:05So, a pretty decent house already, but, as I said,
0:05:05 > 0:05:07there have been plans passed for an extension.
0:05:07 > 0:05:09What's it like? It's not huge, to be fair,
0:05:09 > 0:05:11only comes out about two metres.
0:05:11 > 0:05:14Goes up two storeys, though, and what it does do,
0:05:14 > 0:05:18even in that small space, is it gives you some really vital extra room,
0:05:18 > 0:05:22especially upstairs, where it enables that en-suite bathroom.
0:05:22 > 0:05:28What have we basically got? Downstairs, an extended kitchen/diner, that's good to have.
0:05:28 > 0:05:32Then upstairs, that all-important en-suite and bathroom.
0:05:32 > 0:05:37Big, it might not be, but terribly practical, it most certainly is.
0:05:37 > 0:05:43The plans also include a detached garage to replace the dilapidated one that already exists.
0:05:43 > 0:05:47This will be sited closer to the road, making the garden more private.
0:05:47 > 0:05:50The guide price was 48,000.
0:05:50 > 0:05:53What does a local estate agent make of this property?
0:05:53 > 0:05:59This house came to auction after an investor bought it to renovate it.
0:05:59 > 0:06:03She bought it as a project, has done some work to it, has overhauled the roof,
0:06:03 > 0:06:06put some new floors in and put new windowsills in.
0:06:06 > 0:06:09But lost the heart to finish it off and decided to sell it on
0:06:09 > 0:06:14and leave for someone else to take it on as a project and that's why it was sold at auction.
0:06:15 > 0:06:18Obviously the place needs a lot of work to make it habitable,
0:06:18 > 0:06:22but once that's done, is there much of a rental market around here?
0:06:22 > 0:06:28If the buyers chose to rent it out, they'd have no problem renting it out at all.
0:06:28 > 0:06:31It would achieve a higher rent as a three bedroom,
0:06:31 > 0:06:37although it probably wouldn't achieve more rent with extension than it would without the extension.
0:06:37 > 0:06:42If that was the plan, to rent it out, I'd probably just renovate the existing property.
0:06:42 > 0:06:45So, extended or not, you'd earn a rent of around
0:06:45 > 0:06:49£400 per calendar month here, depending on the finish.
0:06:49 > 0:06:53What about the sale value once the house is renovated?
0:06:53 > 0:06:57If the property's extended in accordance with the plans we've seen,
0:06:57 > 0:07:01three bedrooms, en-suite, new garage, it takes it into a new price bracket.
0:07:01 > 0:07:03I'd have thought around £130,000 could be achieved.
0:07:05 > 0:07:09Well, buy this place and you're literally getting a blank canvas.
0:07:09 > 0:07:11A lot of the preparation work's been done.
0:07:11 > 0:07:15All it needs is a bit of finishing off, but more than a weekend's work.
0:07:15 > 0:07:18Let's see who fancied it when it went under the hammer.
0:07:25 > 0:07:29An attractive town house, right on the edge of the village.
0:07:29 > 0:07:33It requires completion of a scheme of renovation and improvement,
0:07:33 > 0:07:34which has been started.
0:07:34 > 0:07:37Where do you want to bid on this one? Start me where you like.
0:07:37 > 0:07:40£50,000 is bid. At 50,000.
0:07:40 > 0:07:45Opening bid at £50,000. 51 somewhere else? At 50,000.
0:07:45 > 0:07:4851 is bid here. At 51. 52, I've got.
0:07:48 > 0:07:5652, 53, 53, 54, 55,000. 56 is bid.
0:07:56 > 0:08:00At 56. 56,500.
0:08:00 > 0:08:0457. 57,000. 500.
0:08:04 > 0:08:0757,500. 58?
0:08:07 > 0:08:1058 on the phone. At 58.
0:08:10 > 0:08:1558,500 in the room. 59? 59. At 59,500.
0:08:15 > 0:08:17At 59,000 for the first time.
0:08:17 > 0:08:19500.
0:08:19 > 0:08:2159,500. 60?
0:08:21 > 0:08:2459,500 is bid. 60, quickly?
0:08:24 > 0:08:27At 59,500 in the corner.
0:08:27 > 0:08:32For the first time, for the second time, third and last chance.
0:08:32 > 0:08:34Sold at 59,500, thank you.
0:08:34 > 0:08:36449.
0:08:37 > 0:08:42After placing just one bid, the property was bought for 59,500,
0:08:42 > 0:08:46by brothers and property developing business partners, Jason and Ian.
0:08:46 > 0:08:50I met them both at the house to find out their plans.
0:08:50 > 0:08:54Jason, Ian, lovely to meet you both. Congratulations.
0:08:54 > 0:08:58- A bit of work to be done then? - Just a bit, yes.
0:08:58 > 0:09:01Tell me why you wanted to buy the house.
0:09:01 > 0:09:03Basically, it's the sort of project we do.
0:09:03 > 0:09:07Someone's already started it and done half the work for us.
0:09:07 > 0:09:10We've just got to concentrate on the rebuild side. So, half done.
0:09:10 > 0:09:14- Saved us a bit of time. - Saved us time and money.
0:09:14 > 0:09:19It's got planning consent for the extension on the side, which has saved us time and money.
0:09:19 > 0:09:24We can get outside straightaway, start moving the earth around, get the extension up
0:09:24 > 0:09:26and get straight in and start first fixing.
0:09:26 > 0:09:30The plaster's off the wall, the render's off the outside.
0:09:30 > 0:09:32We can start throwing pipes and wires about.
0:09:32 > 0:09:35While the extension's going up, we can start working on this side.
0:09:35 > 0:09:39Where most people will look at it and go, derelict property, what a mess,
0:09:39 > 0:09:41you go, somebody's done quite a lot of work.
0:09:41 > 0:09:46They've saved us four weeks of work basically, stripping it out.
0:09:46 > 0:09:48It works well for us.
0:09:48 > 0:09:51Get some windows in first so it can be secured, but other than that.
0:09:54 > 0:09:59The brothers have just finished another renovation nearby,
0:09:59 > 0:10:01so buying this house fitted in perfectly
0:10:01 > 0:10:03with their need for another project.
0:10:03 > 0:10:07Tell me more about you two, the business and your relationship.
0:10:07 > 0:10:10Five years ago, we started the business together,
0:10:10 > 0:10:13doing properties, buying, renovating, selling.
0:10:13 > 0:10:15A couple of rentals, as well.
0:10:15 > 0:10:17We keep a portfolio to rent out,
0:10:17 > 0:10:21but other than that, most of them is buying something disgusting
0:10:21 > 0:10:23and turn it into something to live in.
0:10:23 > 0:10:26- That's the plan.- Right. - And it's worked OK so far.
0:10:26 > 0:10:27And if you can't sell this?
0:10:29 > 0:10:32- Shock horror!- Somebody'll always buy it, at some money.
0:10:32 > 0:10:36The brothers intend to stick to the existing plans exactly.
0:10:36 > 0:10:39They'll build a small extension, making a larger kitchen/diner.
0:10:39 > 0:10:43Upstairs will have three bedrooms, a family bathroom
0:10:43 > 0:10:45and an en-suite in the master bedroom.
0:10:45 > 0:10:50We've got the planning consent, so it just costs us time to go
0:10:50 > 0:10:51and amend it.
0:10:51 > 0:10:54There's nothing wrong with the plans we've got, so we'll use them.
0:10:54 > 0:10:56We just need building regs drawings,
0:10:56 > 0:10:59which are being built up, and that's it.
0:10:59 > 0:11:02- So who's going to do the work? - Us. We do most of it.
0:11:02 > 0:11:06We hire in people as and when we need them,
0:11:06 > 0:11:09but generally, most of our properties,
0:11:09 > 0:11:12we bring in subcontract plastering, and that's about it.
0:11:12 > 0:11:15- The rest of it, Jason's a qualified electrician.- Oh, great!
0:11:15 > 0:11:18We do the rest of the work between us.
0:11:18 > 0:11:20We've got a lad that works for us.
0:11:20 > 0:11:21So there's three of us -
0:11:21 > 0:11:25well, five if you include the two dogs that come with us every day!
0:11:25 > 0:11:27That is a big job for such a small team.
0:11:27 > 0:11:29Even if you include the dogs.
0:11:29 > 0:11:31So I wonder how long they think it'll take.
0:11:33 > 0:11:36- What's the timescale for this, then?- About 16 weeks.
0:11:36 > 0:11:39- We'll give ourselves 16 weeks. - 16 weeks?
0:11:39 > 0:11:4316 weeks, but we're hoping to push that forward from that.
0:11:43 > 0:11:46We may fetch some extra labour in,
0:11:46 > 0:11:48because we could do with doing this one quickly
0:11:48 > 0:11:49to move on to the next one.
0:11:49 > 0:11:52We'll probably get somebody to do the extension.
0:11:52 > 0:11:55It's a rendered property, so it'll go up quick, cos it's in blockwork.
0:11:55 > 0:11:58So we can put the extension up fairly quickly.
0:11:58 > 0:12:02The shell should go up fairly quick, and that'll cut down a bit of time.
0:12:02 > 0:12:06And once it's all wind and watertight, then, you know,
0:12:06 > 0:12:08you can move quite quickly on the inside.
0:12:08 > 0:12:10And what about the budget?
0:12:10 > 0:12:12Should cost us around 30,000,
0:12:12 > 0:12:15- all told.- Is that all? - Yeah. Should do.
0:12:15 > 0:12:18There's our labour cost as well, what we pay ourselves,
0:12:18 > 0:12:21but because we do the work ourselves,
0:12:21 > 0:12:24we don't pay inflated labour costs.
0:12:24 > 0:12:30The majority is, virtually, materials and some subcontract labour.
0:12:30 > 0:12:32And the pittance that we pay ourselves!
0:12:32 > 0:12:34MARTIN LAUGHS
0:12:34 > 0:12:36It'll be a heck of a transformation
0:12:36 > 0:12:39when we come back, and we're looking forward to seeing it.
0:12:39 > 0:12:42- Good luck with it.- Thank you. - Congratulations.
0:12:42 > 0:12:46Well, there you go, brothers Jason and Ian consider it a bonus
0:12:46 > 0:12:49that the property is in the state that it is.
0:12:49 > 0:12:51Still, even with their experience,
0:12:51 > 0:12:54a 16-week timescale and just a £30,000 budget,
0:12:54 > 0:12:58including building the extension, can they do it for that?
0:12:58 > 0:13:00You can find out later in the show.
0:13:12 > 0:13:16Today, I'm in Leighton in the East of London.
0:13:16 > 0:13:18The main route through the town is the High Road,
0:13:18 > 0:13:21which formed part of the ancient route to Waltham Abbey.
0:13:21 > 0:13:24The surrounding area is known as "Bakers Arms"
0:13:24 > 0:13:27named after a local hostelry.
0:13:30 > 0:13:33There's no longer a pub here, but the name lives on.
0:13:33 > 0:13:35Originally it came from the nearby alms houses,
0:13:35 > 0:13:38set up for retired bakery workers.
0:13:38 > 0:13:42So, how much "bread" could you make on the property I'm here to see today?
0:13:42 > 0:13:48Just around the corner from the High Road is a two-bedroom first floor flat.
0:13:48 > 0:13:51It's got a guide price of £110,000.
0:13:51 > 0:13:54Now, it's not far from Whipps Cross University Hospital,
0:13:54 > 0:13:58so there may be rental potential from doctors and nurses.
0:13:58 > 0:14:04You can see it's an end of terrace period property. Let's see what's on offer inside.
0:14:04 > 0:14:09'From outside, the building certainly has plenty of kerb appeal
0:14:09 > 0:14:14'and the communal areas are in excellent order. So, another box ticked.
0:14:14 > 0:14:16'And when it comes to the inside of this first floor flat,
0:14:16 > 0:14:18'I'm in for another pleasant surprise.'
0:14:18 > 0:14:22So, we're sandwiched between two flats. One above, one below.
0:14:22 > 0:14:24We're actually on the middle floor.
0:14:24 > 0:14:26Can't believe how nice this flat is!
0:14:26 > 0:14:31It's already been decorated, really big bedroom at the end there.
0:14:31 > 0:14:32And a tiny bedroom here.
0:14:32 > 0:14:36If you can even call it that.
0:14:36 > 0:14:38That's more of a sort of nursery/study room.
0:14:38 > 0:14:40A bathroom, nice tiles on the floor.
0:14:40 > 0:14:43And quite a bijou little lounge.
0:14:43 > 0:14:46I don't really know what to say about it.
0:14:46 > 0:14:51There's not many features here. Some new double glazing.
0:14:51 > 0:14:53It looks as though it's been freshly decorated.
0:14:53 > 0:14:56It could potentially do with a new carpet.
0:14:56 > 0:14:59Possibly think about changing the layout.
0:14:59 > 0:15:02I'd like to think you could open this space up.
0:15:02 > 0:15:05There may be a solution.
0:15:05 > 0:15:08Follow me, if you will, out of the sitting room,
0:15:08 > 0:15:11into the kitchen next door.
0:15:11 > 0:15:15Well, this is where you could really make a difference to this flat.
0:15:15 > 0:15:20I would take this wall down, box in all of that down there,
0:15:20 > 0:15:22add some more units along here.
0:15:22 > 0:15:23You could even block up this doorway,
0:15:23 > 0:15:26because you don't really need it.
0:15:26 > 0:15:28And I'd put some lovely tiles along here.
0:15:28 > 0:15:31The kitchen's not great, I think it would glam it up a bit.
0:15:31 > 0:15:34Then, you'd be walking into a big sunny room,
0:15:34 > 0:15:36with two period-style windows.
0:15:36 > 0:15:40I think it would really give this small flat a bit more wow factor
0:15:40 > 0:15:44and increase its rental potential and saleability.
0:15:46 > 0:15:48Compared with some properties I see,
0:15:48 > 0:15:52there's not an awful lot that needs doing here.
0:15:52 > 0:15:54Opening up the kitchen and sitting room would be an option,
0:15:54 > 0:15:57and a decent shower over the bath wouldn't go amiss either.
0:15:59 > 0:16:01But as far as the rest of the place goes,
0:16:01 > 0:16:05you can see someone's already done a lot of the hard graft.
0:16:07 > 0:16:13We asked an estate agent to cast a professional eye over this flat.
0:16:13 > 0:16:16Guide price - £110,000.
0:16:16 > 0:16:19It's quite small, if I'm honest, for a two-bedroom.
0:16:19 > 0:16:21I think the second bedroom is more like a boxroom.
0:16:21 > 0:16:24But it's in reasonable decorative order.
0:16:24 > 0:16:29What might it take to transform this place from plain ordinary
0:16:29 > 0:16:31to something with the wow factor?
0:16:32 > 0:16:35In order to complete the renovation of the flat,
0:16:35 > 0:16:37I believe it would cost £5,000-£7,000.
0:16:37 > 0:16:41How much might that affect the resale price?
0:16:41 > 0:16:43Once the flat has been completely refurbished,
0:16:43 > 0:16:47I would say the resale value would be £125-£130,000.
0:16:48 > 0:16:50And the rent?
0:16:50 > 0:16:54I believe the rental value would be £750 per calendar month.
0:16:54 > 0:16:58Well, a bit of a mystery here with this half-finished renovation job.
0:16:58 > 0:17:02And a dream for someone who doesn't want to get their hands too dirty.
0:17:02 > 0:17:05As far as I can tell, all it needs is a bit of furniture.
0:17:05 > 0:17:07Let's see who fancied it at the auction.
0:17:09 > 0:17:15Lot 46. A two-bed flat. Reasonable condition.
0:17:15 > 0:17:17Start at 100.
0:17:18 > 0:17:22Yes? 100,000 straight off. 100 with you.
0:17:22 > 0:17:25100,000. Do I have 101?
0:17:25 > 0:17:28101 with you. 102.
0:17:31 > 0:17:34102. 103? 104.
0:17:36 > 0:17:38105.
0:17:38 > 0:17:41On my left, 105. 106?
0:17:41 > 0:17:43106.
0:17:43 > 0:17:44107.
0:17:44 > 0:17:45108.
0:17:47 > 0:17:48Back to you. 107.
0:17:48 > 0:17:50108.
0:17:51 > 0:17:54Anyone else? 107. First time.
0:17:54 > 0:17:55Second... 108.
0:17:58 > 0:17:59109.
0:17:59 > 0:18:01110.
0:18:01 > 0:18:02It's against you now. 110.
0:18:04 > 0:18:06101. 111.
0:18:06 > 0:18:08111.
0:18:08 > 0:18:09112.
0:18:13 > 0:18:14112.
0:18:14 > 0:18:16113.
0:18:16 > 0:18:18112. Back to you.
0:18:19 > 0:18:21112, sitting down.
0:18:21 > 0:18:23Anyone else? 112.
0:18:23 > 0:18:25First time.
0:18:25 > 0:18:26Second time.
0:18:26 > 0:18:28With you at 112.
0:18:28 > 0:18:30Third and last time, if you're all done.
0:18:31 > 0:18:33Sold, 112.
0:18:33 > 0:18:40Not quite realising that she held that final bid of £112,000 was Colleen.
0:18:40 > 0:18:42She was at the auction with her niece Jade
0:18:42 > 0:18:45and her business partner and brother Wayne.
0:18:45 > 0:18:47And yes, we have met them before.
0:18:47 > 0:18:49# He's my brother... #
0:18:49 > 0:18:54Cab driver and scientist Colleen are part-time property developers.
0:18:54 > 0:18:57I first met them in 2010
0:18:57 > 0:19:00when they did up this one-bed garden flat in Plumstead, Southeast London
0:19:00 > 0:19:02to great effect.
0:19:02 > 0:19:05They clearly got a lot out of the experience.
0:19:05 > 0:19:09- It's been a fantastic project. I really enjoyed doing it.- Yeah.
0:19:09 > 0:19:13Me and my sister have got on really well and I'm really pleased.
0:19:13 > 0:19:15Yeah, I'm quite pleased with the finish too.
0:19:15 > 0:19:17- We work well as a team.- Good.
0:19:19 > 0:19:22'So, less than a year since we first met, I caught up with them
0:19:22 > 0:19:26'to find out whether the dough was going to rise or fall for the siblings
0:19:26 > 0:19:28'at this Bakers Arms property.'
0:19:28 > 0:19:31Guys, it's lovely to see you. Well done!
0:19:31 > 0:19:35I am glad that you're both climbing up the property ladder still.
0:19:35 > 0:19:37- We are. - And you got this for 112,000!
0:19:37 > 0:19:39- Yes, excellent. We couldn't believe it.- Fantastic.
0:19:39 > 0:19:43So what was it, Wayne, that just ticked all the boxes for you?
0:19:43 > 0:19:45I cam in and looked around, and it looked very clean.
0:19:45 > 0:19:49The bathroom was nice. You just need the wall taking down
0:19:49 > 0:19:51in the front room to make it open-plan.
0:19:51 > 0:19:53I was very happy with this flat, actually.
0:19:53 > 0:19:56I would say it doesn't really need anything doing to it.
0:19:56 > 0:19:59It's not a typical auction property for me.
0:19:59 > 0:20:02Well, we're going to add our little touches to it as we normally do.
0:20:02 > 0:20:03So, what are your special touches?
0:20:03 > 0:20:07Wood floors, nice kitchen, just give it a nice feel.
0:20:07 > 0:20:09Do you really think you need to take the kitchen out?
0:20:09 > 0:20:12Yes. We want to add a bit more character to the place.
0:20:12 > 0:20:15There's nothing wrong with the kitchen, but we don't like it.
0:20:15 > 0:20:17We could save some of the carcasses,
0:20:17 > 0:20:20because the kitchen looks quite new, and just change the fronts.
0:20:22 > 0:20:25Giving the kitchen a makeover sounds like a much better plan.
0:20:25 > 0:20:28As the saying goes, if it ain't broke, don't fix it.
0:20:30 > 0:20:33- So guys, any other layout alterations?- No.
0:20:33 > 0:20:36I think we'll leave all the other walls as they are.
0:20:36 > 0:20:39The main wall is the living room wall,
0:20:39 > 0:20:42and then probably we'll update the bathroom. Although there's tiles
0:20:42 > 0:20:46on there, but we have a signature that we use on all our properties.
0:20:46 > 0:20:49Yeah, I'm trying to get her out of that at the moment.
0:20:49 > 0:20:52Wait a minute, you're trying to get her out of what?
0:20:52 > 0:20:55- Of our signature in the bathroom. - What is your signature in the bathroom?
0:20:55 > 0:20:59Tiles all the way round, a border tile all the way around.
0:20:59 > 0:21:02I'm just trying to go with bigger tiles, two-foot tiles.
0:21:02 > 0:21:04We'll see if he can convince me.
0:21:06 > 0:21:12'Much of Wayne and Colleen's success comes from their formulaic approach to property developing.
0:21:12 > 0:21:17'They save a lot of time and money by installing the same fixtures and fittings in all their properties.
0:21:17 > 0:21:21'It sounds as if Wayne wants to spread his creative wings a little,
0:21:21 > 0:21:24'but his business-savvy sister Colleen isn't keen.
0:21:24 > 0:21:30'Could this be the first crack in this beautiful relationship, and all over some bathroom tiles?'
0:21:30 > 0:21:33Being a brother and sister team, does it really work for you?
0:21:33 > 0:21:36- Yeah, we sometimes have a little... - But nothing major.
0:21:36 > 0:21:40- We have a, sometimes a little... - Older sister or older brother?
0:21:40 > 0:21:44- Older sister.- Yeah, you can tell, can't you?- Little brother!
0:21:46 > 0:21:50Funnily enough, me and my sister have the same mindset when it comes to property.
0:21:50 > 0:21:53We think the same, so I don't really have to explain a lot to her
0:21:53 > 0:21:56about it, she knows what I like, and we just get on.
0:21:57 > 0:22:02'So, family breakdown averted for the time being at least.
0:22:02 > 0:22:07'But I'm still worried that this dynamic duo might be throwing money at this flat unnecessarily,
0:22:07 > 0:22:10'especially in that bathroom.'
0:22:10 > 0:22:14- What is your budget?- Probably about £8,000.- That is a healthy budget
0:22:14 > 0:22:16for the work you need to do.
0:22:16 > 0:22:21- I think it might be less, but £8,000 including any contingency. - Yeah.
0:22:21 > 0:22:24I bet you guys do a good job, but again, I don't think you need to spend all that money,
0:22:24 > 0:22:28I think you need to add a shower but I don't think you need to change it.
0:22:28 > 0:22:30Yes, we do need to put a shower in.
0:22:32 > 0:22:37Just because they are plain tiles, we thought we would make it look slightly better.
0:22:37 > 0:22:40- How long is it going to take you?- Five or six weeks.
0:22:40 > 0:22:43We'll give the builder a bit longer on this one in case he has problems.
0:22:43 > 0:22:47'Five or six weeks should do it, although they will have to fit it
0:22:47 > 0:22:50'all around their main occupations, of course.
0:22:50 > 0:22:53'Colleen isn't just working full-time as a scientist,
0:22:53 > 0:22:59'she's also in the middle of studying for a PhD, and there's Wayne's job as a taxi driver to work around, too.'
0:22:59 > 0:23:04I suppose it works for you, driving a cab, you get to be here, there and everywhere?
0:23:04 > 0:23:08I've got time when I just shook off from my job, come down and have a check on the builders,
0:23:08 > 0:23:10so I run the building side of it.
0:23:10 > 0:23:12You are more hands-on. Colleen, what is your role?
0:23:12 > 0:23:16I tend to check all the legal documents and to liaise with
0:23:16 > 0:23:20the solicitors and organise loans and whatever else we need,
0:23:20 > 0:23:22so I tend to do more the technical side.
0:23:22 > 0:23:26Since we use the same format for every building,
0:23:26 > 0:23:29we have already worked out what kind of flooring and that,
0:23:29 > 0:23:35so I don't need to do that as much, so it is more all the paperwork, I'm very analytical.
0:23:35 > 0:23:40I look for all the possible clauses that might trip us up!
0:23:40 > 0:23:45- Do you really enjoy this?- Yes, I love it.- Or is it about the money?
0:23:45 > 0:23:47It's not about the money, it's about being creative.
0:23:47 > 0:23:49I like being creative.
0:23:49 > 0:23:52This property, there's not much to do but I like something where
0:23:52 > 0:23:56there's a bit more work to do and change the whole place.
0:23:56 > 0:23:59Good luck with this. I'm sure it's going to be a piece of cake for you
0:23:59 > 0:24:03both, but well done, and I'm glad you are still buying more properties.
0:24:03 > 0:24:04- Well done!- Thank you.
0:24:04 > 0:24:09Colleen and Wayne got themselves a real bargain here.
0:24:09 > 0:24:14But five weeks to renovate and a £8,000 budget?
0:24:14 > 0:24:19I'm not sure that they will even need that amount of cash and that amount of time.
0:24:19 > 0:24:23Join us later in the programme and you can see how they get on.
0:24:24 > 0:24:29Coming up in Cornwall, the layout of this cosy cottage leaves a lot to be desired.
0:24:29 > 0:24:33I mean this hot water tank here is just dreadful.
0:24:35 > 0:24:41In this two-bed East London flat, Wayne sets high standards when it comes to redeveloping.
0:24:41 > 0:24:43I wouldn't to a property unless I could live there myself.
0:24:45 > 0:24:51But first, in Nottinghamshire, work on this three-bed end terrace is affected by bad weather.
0:24:51 > 0:24:54It was so cold, we were putting milk in the fridge to stop it freezing.
0:24:56 > 0:24:59We are back to check on this three-bed end-of-terrace
0:24:59 > 0:25:04in Pleasley, Nottinghamshire, which was little more than an empty shell last time.
0:25:04 > 0:25:12# Start new when your heart is an empty room... #
0:25:13 > 0:25:21'Property-developing brothers Ian and Jason paid £59,500 at auction for this rather forlorn house.
0:25:21 > 0:25:26'But for Ian and Jason, the half-finished state of the building was to their advantage.'
0:25:26 > 0:25:29Basically, it's the sort of project we do. Someone has
0:25:29 > 0:25:34already started it and done half the work for us, we just have to concentrate on the rebuild.
0:25:34 > 0:25:37'With plenty of experience, a £30,000 budget
0:25:37 > 0:25:41'and a 16-week timescale, the brothers were confident
0:25:41 > 0:25:45'they could turn the building around as they have on previous projects.'
0:25:45 > 0:25:48The majority of them is, buy something pretty disgusting and
0:25:48 > 0:25:51turn it into something quite nice for somebody to live in.
0:25:51 > 0:25:53- Right.- It has worked OK so far.
0:25:55 > 0:25:58'Well, five and a half months after our first visit,
0:25:58 > 0:26:01'we're back to see how they got on dealing with this empty shell.'
0:26:03 > 0:26:09# Hey, show some love You ain't so tough
0:26:09 > 0:26:14# Come fill my little world right up, right up
0:26:14 > 0:26:21# Some day you're going to realise I want you
0:26:21 > 0:26:28# So fill my little world right up, right up, right up... #
0:26:28 > 0:26:33Wow, that is a seriously impressive transformation
0:26:33 > 0:26:38Ian and Jason have taken this blank canvas and created a masterpiece.
0:26:40 > 0:26:43Apart from the external walls, it's almost all brand-spanking-new.
0:26:43 > 0:26:49All the plumbing and electrics is all brand-new, fully re-plastered throughout.
0:26:49 > 0:26:53New windows, new doors, new staircase.
0:26:53 > 0:26:56A new floor in the kitchen, new kitchen, new bathroom,
0:26:56 > 0:27:00- new appliances - it's just a new house in an old shell.- Yeah.
0:27:00 > 0:27:07# So fill my little world right up, right up, right up. #
0:27:07 > 0:27:10The rear extension looks like it's always been there
0:27:10 > 0:27:15and it has allowed the brothers to create a really practical family kitchen.
0:27:16 > 0:27:19We're now into the new extension part.
0:27:19 > 0:27:25As you can see, this has made a nice big kitchen-dining area.
0:27:25 > 0:27:28Although the extension is only two metres at the most,
0:27:28 > 0:27:31it gives quite a lot more space.
0:27:31 > 0:27:36This would be where the original door was into the original house now.
0:27:36 > 0:27:41We put a country-style kitchen in to fit in keeping with the cottage style of the house
0:27:41 > 0:27:44and we finished it off with a natural stone floor,
0:27:44 > 0:27:48which we think has put a good finish onto the overall look.
0:27:48 > 0:27:51Upstairs, they have created a family bathroom
0:27:51 > 0:27:54and three bedrooms, one of which is en suite.
0:27:54 > 0:27:58It's a perfect family home now.
0:28:00 > 0:28:03Their hard work is also evident outside.
0:28:03 > 0:28:07The old garage has been replaced and the garden has been given a makeover, too.
0:28:07 > 0:28:10None of this has been lost on the neighbours.
0:28:11 > 0:28:16Since we've been working here, everybody locally has really liked it.
0:28:16 > 0:28:20Everybody has stopped and said what a good job we are making, which is really nice.
0:28:20 > 0:28:23Somebody stopped the car yesterday and said people
0:28:23 > 0:28:27in the village are talking about it, about what a nice job we'd done.
0:28:27 > 0:28:32It was heart-warming yesterday. We were really pleased, it makes the job worthwhile almost.
0:28:33 > 0:28:38The boys' timescale has slipped from 16 weeks to 5.5 months,
0:28:38 > 0:28:41mainly down to working through an exceptionally hard winter.
0:28:41 > 0:28:47We didn't work a great deal of December at all, a week or more, because of the snow.
0:28:47 > 0:28:52In fact it was so cold in here, we were putting the milk in the fridge to stop it from freezing.
0:28:53 > 0:28:56It was that bad. It was -19 in here one morning.
0:28:57 > 0:29:02And they're still waiting to get the mains gas connected for the central heating.
0:29:02 > 0:29:05But what about their £30,000 budget?
0:29:05 > 0:29:11The works come to about £33,000, so we were there or thereabouts.
0:29:13 > 0:29:18That £33,000 brings their total outlay to £92,500.
0:29:18 > 0:29:21We asked two local estate agents to look around
0:29:21 > 0:29:26and give us their verdict on Ian and Jason's work.
0:29:26 > 0:29:30First impressions of this property is that it's absolutely fantastic.
0:29:30 > 0:29:32It's an incredible transformation.
0:29:32 > 0:29:35It was very run-down, almost derelict.
0:29:35 > 0:29:36Now it looks fantastic.
0:29:38 > 0:29:42Probably one of the best selling aspects of the property now is its complete refurbishment,
0:29:42 > 0:29:46so anybody that buys it has got very little to do for a long time now.
0:29:46 > 0:29:52What do these experts think the property might fetch on the rental market?
0:29:52 > 0:29:56It's rare to get rental accommodation of this quality,
0:29:56 > 0:30:00and as such, I think it could attract almost £500 per calendar month.
0:30:00 > 0:30:05From a rental point of view, I'd be looking between £500 and £525 per calendar month.
0:30:05 > 0:30:10What could Ian and Jason expect to sell it for?
0:30:11 > 0:30:17Current resale of the property in the climate would be £115,000 to £120,000.
0:30:17 > 0:30:21The resale value of this property is around £140,000, and I think
0:30:21 > 0:30:24it's one of those houses where the first the first to see will buy.
0:30:27 > 0:30:31Those re-sell valuations would mean a pre-tax profit
0:30:31 > 0:30:35of between £22,500 and £47,500 for the brothers.
0:30:35 > 0:30:38What do they make of that?
0:30:38 > 0:30:45We were hoping for £130,00 to £140,000, that was the initial figure we had in mind.
0:30:45 > 0:30:48£120,000 does seem a bit low to what we were hoping,
0:30:48 > 0:30:51and £140,000 is at the top end of what we were expecting,
0:30:51 > 0:30:52so it's somewhere in between.
0:30:52 > 0:31:00We've had it valued ourselves as well, and they said £140,000 as well, so I guess they agree more with
0:31:00 > 0:31:03the second valuation than the first, but in this market, who knows?
0:31:05 > 0:31:10Are they happy with the transformation from empty shell to full-blown family home?
0:31:10 > 0:31:14Yes, I think so. I think it's turned out quite nice.
0:31:14 > 0:31:17It's turned out as good, if not better, than we would have expected.
0:31:17 > 0:31:20You know, the little touches like the floor in the kitchen,
0:31:20 > 0:31:24they've kept that cottagey feel.
0:31:24 > 0:31:27I think it's turned out nice from the outside
0:31:27 > 0:31:29and from the inside - it's a nice house.
0:31:29 > 0:31:33What's next for this three-bed end of terrace?
0:31:33 > 0:31:37There is some local interest and hopefully we're going to get some viewings out of that.
0:31:37 > 0:31:40There's one lady that wants to come in a couple of days' time
0:31:40 > 0:31:47and she, hopefully - you never know - will buy it and save us some estate agent fees.
0:31:47 > 0:31:51If not, I think it will sell to somebody local or somebody who knows somebody local.
0:31:51 > 0:31:54I hope he's right.
0:31:54 > 0:31:57They've turned an eyesore into a sight to behold
0:31:57 > 0:32:00and really deserve to have their hard work rewarded.
0:32:02 > 0:32:06For the next place that went under the hammer I'm in Cornwall
0:32:06 > 0:32:10and on this dull, drizzly day
0:32:10 > 0:32:13I'd like to request a property bargain to lift my spirits.
0:32:16 > 0:32:19Well, four miles outside Liskeard
0:32:19 > 0:32:23is the village of Pensilva and I'm here to see
0:32:23 > 0:32:26what the auction catalogue described as "a character cottage."
0:32:26 > 0:32:30Now that either means dilapidated or charming.
0:32:30 > 0:32:33In this case...it might be both.
0:32:35 > 0:32:39This 19th century, two-bed cottage is certainly showing its age.
0:32:39 > 0:32:44Its auction guide price of 65,000 reflected its rather run-down state.
0:32:44 > 0:32:48This one might call for some divine intervention.
0:32:48 > 0:32:52# Oh, we're halfway there
0:32:52 > 0:32:56# Oh, oh, living on a prayer. #
0:32:56 > 0:32:59It does have a lovely outlook at the front,
0:32:59 > 0:33:02though not so good at the back.
0:33:02 > 0:33:03What's on offer inside?
0:33:03 > 0:33:06It's really not looking brilliant, I have to say.
0:33:06 > 0:33:12This little lean-to or sun room, as it's called, ha-ha, that'll be one of the first things to go.
0:33:12 > 0:33:17Then through into the cottage, look at the thickness of these walls.
0:33:17 > 0:33:18They must be about that thick.
0:33:18 > 0:33:21I guess that's what you get with a 200-year-old cottage.
0:33:21 > 0:33:24Then basically it's into this one room
0:33:24 > 0:33:27and downstairs this is pretty much what you've got.
0:33:27 > 0:33:30It's nice to see these beams, although I have to say, "Yikes."
0:33:30 > 0:33:33The ceiling looks like it's in a right old state.
0:33:33 > 0:33:38Open fire, I doubt this is the original fireplace.
0:33:38 > 0:33:42You can have some fun with that, for sure. What else have we got in here?
0:33:43 > 0:33:46Doorway leading to...
0:33:46 > 0:33:49an under-stairs cupboard. And the kitchen.
0:33:51 > 0:33:55Wow! That's small!
0:33:59 > 0:34:02This kitchen isn't just small, it's positively tiny.
0:34:02 > 0:34:06It's only just wide enough for the sink and you look out through
0:34:06 > 0:34:10the window, not at the view, but that conservatory.
0:34:10 > 0:34:14But it could be enlarged if you were to knock through to the under-stairs cupboard.
0:34:14 > 0:34:20So, upstairs, lots of staining. I guess nicotine stains. Urgh!
0:34:20 > 0:34:26Anyway, very small bedroom. Just about big enough for a single bed.
0:34:26 > 0:34:33A bathroom there which isn't quite big enough to put the sink in.
0:34:33 > 0:34:37I know that because the sink's actually in the second bedroom here.
0:34:37 > 0:34:42Here it is. Clearly you're going to have to do something about that. This room, not a bad size I suppose,
0:34:42 > 0:34:47but having this hot water tank here is just dreadful.
0:34:47 > 0:34:51You'll have to play around with it, sort out the ceilings, sort out the floors,
0:34:51 > 0:34:53gut the whole place and start again.
0:34:53 > 0:34:57And even after you've done that, it's still a very small cottage.
0:34:58 > 0:35:02Small, dinky, compact, call it what you will - there's going to have to be some creative thinking
0:35:02 > 0:35:08when it comes to renovating this cottage and, guess what? I've an idea that might just help.
0:35:10 > 0:35:13I've been giving it some thought in terms of how you can
0:35:13 > 0:35:17actually increase what is a tiny cottage here.
0:35:17 > 0:35:19I'm getting inspiration from next door.
0:35:19 > 0:35:26They've converted this conservatory/lean-to into a proper extension.
0:35:26 > 0:35:31You'll need planning permission, but the fact that that is next door is definitely in your favour.
0:35:31 > 0:35:34You could then use this as an extension to the lounge,
0:35:34 > 0:35:37you could even possibly think about going up two storeys
0:35:37 > 0:35:39and increasing the size of the bedrooms.
0:35:39 > 0:35:45Either way you'll end up with at last a kitchen and a bit of breathing space in what,
0:35:45 > 0:35:48apart from the lack of space, is a very charming little place.
0:35:51 > 0:35:55The cottage has been in the same ownership for over 40 years
0:35:55 > 0:35:58and time and the elements have taken their toll.
0:35:58 > 0:36:01But it has got a quirky bonus outside.
0:36:05 > 0:36:09Now, most houses have either a front garden or a back garden
0:36:09 > 0:36:14but in this case, this particular property doesn't have either.
0:36:14 > 0:36:21It actually has a plot of land which you have to negotiate across this bit of land here to get to.
0:36:21 > 0:36:24That's the garden of the next door neighbour.
0:36:24 > 0:36:26This is your plot of land and it gets worse
0:36:26 > 0:36:30because this plot of land here is actually your other neighbour's.
0:36:30 > 0:36:32So they have access to this over your land
0:36:32 > 0:36:36you have access to this over your neighbour's land. It's a nightmare.
0:36:36 > 0:36:40You'd really want to talk to the neighbours about changing this,
0:36:40 > 0:36:42so you have the strips of land running like this.
0:36:42 > 0:36:43It's going to cost a bit,
0:36:43 > 0:36:47you'll have to get solicitors involved, but it's got to be done.
0:36:49 > 0:36:54The property went under the hammer guided at 65,000.
0:36:54 > 0:36:56We invited the auctioneer who sold it to give his opinion
0:36:56 > 0:36:58on this tiny two-bed cottage.
0:36:59 > 0:37:01What could be the solution here?
0:37:03 > 0:37:08Downstairs you've got really quite a big living room and a tiny kitchen.
0:37:08 > 0:37:12You could knock the wall out and make it a combined kitchen/living room
0:37:12 > 0:37:14which I think would be a bit of a shame.
0:37:14 > 0:37:18Or you could do what the right-hand neighbour has done
0:37:18 > 0:37:22and build out a bit, put your kitchen in there,
0:37:22 > 0:37:24looking straight down the garden and down the woods.
0:37:24 > 0:37:28Then have a larger living room space.
0:37:28 > 0:37:31I think that would be the best outcome.
0:37:32 > 0:37:34There's plenty of hard graft to be done.
0:37:34 > 0:37:38It will have to be replastered and rewired.
0:37:38 > 0:37:41The plumbing needs to be looked at and there could be a damp issue,
0:37:41 > 0:37:43but once the renovation is complete,
0:37:43 > 0:37:45and brought up to modern standards,
0:37:45 > 0:37:49this cottage could have a bright future on the rental market.
0:37:50 > 0:37:54From a rental point of view it would rent out quite easily
0:37:54 > 0:38:00on a month-to-month basis at £500-£550 a calendar month.
0:38:01 > 0:38:04What could it be worth once the work's finished?
0:38:06 > 0:38:10Its maximum value, as lovely as it could possibly be,
0:38:10 > 0:38:14would be around £140,000-£145,000.
0:38:16 > 0:38:21Well, quirky, quaint, cute - this cottage is all those things.
0:38:21 > 0:38:23It's also one heck of a lot of work.
0:38:23 > 0:38:26Still, for around that £65,000 guide price
0:38:26 > 0:38:29I reckon there's money in it for someone.
0:38:29 > 0:38:31Let's see who fancied it when it went under the hammer.
0:38:31 > 0:38:36Pretty little cottage. Nice garden.
0:38:36 > 0:38:38It's got two bedrooms and a bathroom.
0:38:38 > 0:38:41Needs a refurb, but that's a nice cottage in a well thought of village.
0:38:41 > 0:38:44Who's going to kick me off at 70,000?
0:38:44 > 0:38:46How about 60?
0:38:47 > 0:38:5160, thank you. 60, at 60. At 60. 60.
0:38:51 > 0:38:5361, you're sat. 62 is stood.
0:38:53 > 0:38:5562, at 62.
0:38:55 > 0:38:5663, at 63.
0:38:56 > 0:38:59At 63 is sat.
0:38:59 > 0:39:02At 63, half, 63, half is stood.
0:39:02 > 0:39:0464, at 64.
0:39:04 > 0:39:0564 is sat.
0:39:05 > 0:39:0864 and a half, 64 and a half is front right.
0:39:08 > 0:39:1064 and a half, 65.
0:39:10 > 0:39:12At 65, 65 and a half.
0:39:12 > 0:39:1465 and a half.
0:39:14 > 0:39:1766, at 66.
0:39:17 > 0:39:19At 66 and a half. And a half I do.
0:39:19 > 0:39:2467, at 67. Shake of the head, 67, you're in, sat at the back.
0:39:24 > 0:39:26At 67, at 67.
0:39:26 > 0:39:29Here we go at 67, all out.
0:39:29 > 0:39:32At 67 and done. Sat has it. 67. Well done, sir.
0:39:32 > 0:39:38That final bid of £67,000 was made by Joe who was at the auction
0:39:38 > 0:39:41with his wife, Michelle.
0:39:42 > 0:39:45This will be the third property that they've renovated,
0:39:45 > 0:39:47but their first as an investment.
0:39:47 > 0:39:51They live in the next road and have been renovating their current house
0:39:51 > 0:39:55since 2003, so they know plenty of local tradesmen.
0:39:57 > 0:40:01Joe worked in the container business for many years and now does
0:40:01 > 0:40:05consultancy work, whilst Michelle used to be in accountancy.
0:40:06 > 0:40:09I met up with Joe at the cottage to hear about the plans.
0:40:09 > 0:40:13- Nice to meet you, Joe, congratulations.- Thank you.
0:40:13 > 0:40:16Got yourself a nice little cottage. Tell me why you wanted to buy it.
0:40:16 > 0:40:21We're looking for a project for 2010 and we live just around the corner.
0:40:21 > 0:40:23So we bought it as an investment.
0:40:23 > 0:40:26Do it up and probably rent it or sell it.
0:40:26 > 0:40:29- What was it about the place that you liked?- Erm, the price.
0:40:29 > 0:40:34It was cheap! And, as I say, it was very close to where we live.
0:40:34 > 0:40:37It's a sweet little cottage. Emphasis on the little.
0:40:37 > 0:40:40- So, what are you going to do to it? - Just about everything.
0:40:40 > 0:40:42Gut it out completely.
0:40:42 > 0:40:45We'll even take the plaster off the walls, probably.
0:40:45 > 0:40:51Damp proof it, insulate it and we'll probably knock down the porch,
0:40:51 > 0:40:54talk to planning about what they'll let us do there.
0:40:54 > 0:40:56How are you going to create a kitchen?
0:40:56 > 0:40:59We'll have to find out what we can do with the porch first
0:40:59 > 0:41:02and then once we've got that, we'll do the designs.
0:41:02 > 0:41:06Upstairs I think we'll need to change the layout of the bathroom.
0:41:06 > 0:41:09The two bedrooms are about right, the relative size, I think.
0:41:09 > 0:41:12We may keep the partition wall between the two bedrooms.
0:41:12 > 0:41:15We'll certainly do something about the bathroom.
0:41:17 > 0:41:21I'm sure it's going to be an interesting challenge for Joe.
0:41:21 > 0:41:24He needs to maximise all the available space in this cottage
0:41:24 > 0:41:29which he bought for £67,000 as a buy-to-let investment.
0:41:29 > 0:41:32It could be hiding some fantastic original features
0:41:32 > 0:41:36but he's just as likely to unearth problems
0:41:36 > 0:41:39if the condition of the outside is anything to go by.
0:41:39 > 0:41:43And, the worries don't stop at the bricks and mortar.
0:41:43 > 0:41:47A big issue is the daft, daft layout of the garden.
0:41:47 > 0:41:49What are you going to do about that?
0:41:49 > 0:41:54If the neighbours aren't interested in changing it, there's nothing we can do about it.
0:41:54 > 0:41:56But if they feel they want to change it
0:41:56 > 0:41:59we could come to an arrangement, I suppose.
0:41:59 > 0:42:03We're going to rent it out. I suppose it'd depend on the tenant,
0:42:03 > 0:42:06whether they felt that was an issue or not.
0:42:06 > 0:42:09He will need to do his sums carefully.
0:42:09 > 0:42:12The legal costs could outweigh the potential increase in value
0:42:12 > 0:42:17of the cottage and might prove to be a long, drawn-out process.
0:42:17 > 0:42:21So back to the bricks and mortar. Has Joe set a budget yet?
0:42:24 > 0:42:26Erm, we haven't. We don't really do budgets
0:42:26 > 0:42:30because we'll do whatever is necessary to do a good job here.
0:42:30 > 0:42:34- Roughly, how much do you think you might spend?- I don't know!
0:42:34 > 0:42:38I've only done a back-of-the-envelope calculation. I really don't know.
0:42:38 > 0:42:41- What kind of timescale is there? - A few months, I suppose.
0:42:41 > 0:42:45- Up to a year.- A bit of a random budget and timescale.
0:42:45 > 0:42:47Listen, congratulations and good luck.
0:42:47 > 0:42:50- We look forward to seeing how you get on.- Thank you very much.
0:42:51 > 0:42:56Well, having no timescale is one thing, but no budget...?
0:42:56 > 0:42:57Not so sure about that.
0:42:57 > 0:43:00You know what, even though it's small, a cottage like this
0:43:00 > 0:43:05that hasn't been touched for a long time, could easily swallow up 30,000 quid.
0:43:05 > 0:43:10So how is Joe going to get on in his slightly hazard world of property development?
0:43:10 > 0:43:12You can find out later in the show.
0:43:15 > 0:43:20Well, work often takes longer than you're expecting when you do up a property,
0:43:20 > 0:43:23so you need to factor delays into your calculations.
0:43:23 > 0:43:27So have our buyers hit their budgets and their deadlines? Let's find out.
0:43:30 > 0:43:33We're back in Baker's Arms, Leyton, East London,
0:43:33 > 0:43:38to see how brother/sister combo and Homes Under The Hammer veterans
0:43:38 > 0:43:41Wayne and Coleen fared renovating this two-bedroomed first floor flat.
0:43:41 > 0:43:46They bought it at auction for 112,000.
0:43:46 > 0:43:52Beyond knocking through the kitchen and living room I thought there was actually very little to do here.
0:43:52 > 0:43:55But with a generous budget of £8,000 Wayne and Coleen
0:43:55 > 0:43:58were determined to stamp their usual mark on the place.
0:44:01 > 0:44:04We have a signature that we use in all our properties.
0:44:04 > 0:44:08And I'm trying to get around that at the moment. We'll see what happens.
0:44:08 > 0:44:12- So, wait a minute, you're trying to get her out of what? - Our signature in the bathroom.
0:44:12 > 0:44:18- What is your signature in the bathroom?- Tiles all the way round, border tile all the way round.
0:44:18 > 0:44:23- I'm trying to go with bigger tiles - two-foot tiles.- We'll see if he can convince me.- We'll see.
0:44:23 > 0:44:30So who would win in the battle of the bathroom tiles - big sister Colleen or little brother Wayne?
0:44:30 > 0:44:36We're back three months later to see if it's happy families or squabbling siblings.
0:44:50 > 0:44:56Looks like Wayne and Colleen have replaced the carpet with laminate flooring.
0:44:56 > 0:44:59The sockets and light fittings are all new and shiny.
0:44:59 > 0:45:04And the bathroom? Talk us through the changes here, Wayne.
0:45:04 > 0:45:10We've taken out the old unit and we've put in a corner unit to save space.
0:45:10 > 0:45:14We've changed the toilet and we've put in a shower and all new bath fittings.
0:45:14 > 0:45:19Also, we've done our signature tile look, which we do in all our properties.
0:45:19 > 0:45:26So it looks like big sister Colleen has had her way. The signature lives on.
0:45:26 > 0:45:30Spookily, the bathroom here is almost tile-for-tile the same
0:45:30 > 0:45:35as on their other property last time they were on the show.
0:45:35 > 0:45:40In the end, we went for the signature look. She overwhelmed me in the end and we went for it.
0:45:40 > 0:45:44You may not have won this time, Wayne, but why mess with a winning formula?
0:45:44 > 0:45:50And what about the front of the property? It seems they've taken my advice and opened it up.
0:45:50 > 0:45:54What was once a non-descript lounge and narrow galley kitchen
0:45:54 > 0:46:00is now a light and spacious kitchen/living area much better suited to modern living.
0:46:00 > 0:46:07Basically, this was two separate rooms, so we've taken down the dividing wall
0:46:07 > 0:46:13and we decided that we couldn't use the original kitchen units because it was too small,
0:46:13 > 0:46:15so we've redesigned it to maximise the space,
0:46:15 > 0:46:19put in a dishwasher, and washing machine, and new hob.
0:46:19 > 0:46:24We've boxed in the boiler and it's given a more open, airy feeling to the flat.
0:46:24 > 0:46:28Have they enjoyed the process of doing up this flat?
0:46:28 > 0:46:33I came in this property and when I saw it, it was old, it needed a lot of things doing
0:46:33 > 0:46:38and I like changing something into something that people can live in.
0:46:38 > 0:46:42I get enjoyment out of bringing a property into somewhere that people can live in.
0:46:42 > 0:46:46I wouldn't do a property unless I could live in there myself.
0:46:46 > 0:46:51Wayne and Colleen gave themselves five to six weeks to do the refurbishment.
0:46:51 > 0:46:55Their builder of choice was unavailable for some of that period,
0:46:55 > 0:47:02so the project ended up taking 12 weeks to complete. Do they have any change from their generous budget?
0:47:02 > 0:47:07The budget was £8,000. £1,000 of that was a contingency plan
0:47:07 > 0:47:12and we've actually spent £7,000, so we're in budget.
0:47:12 > 0:47:17That £7,000 spend brings Wayne and Colleen's total outlay
0:47:17 > 0:47:23to £119,000, including the purchase price at auction.
0:47:23 > 0:47:26Have they made the most of their money?
0:47:26 > 0:47:29We asked two estate agents to look around and give us their thoughts.
0:47:29 > 0:47:33A reasonable job. They've opened the kitchen, so it's open-plan,
0:47:33 > 0:47:35which is the desired effect these days.
0:47:35 > 0:47:39Other than that, they haven't made too many improvements.
0:47:39 > 0:47:45They've done some work to the bathroom and put a new floor in, but it's similar to how they bought it.
0:47:45 > 0:47:48It was the first time in the property.
0:47:48 > 0:47:54It is a nice flat. They've made the most of the space available to them.
0:47:54 > 0:47:56It's a small flat, a Victorian conversion.
0:47:56 > 0:48:00They're not going to spend thousands and thousands on the finish,
0:48:00 > 0:48:04but they want to make it marketable and sellable and it is that.
0:48:04 > 0:48:12What kind of price tag would these experts put on the property if it were to be sold?
0:48:12 > 0:48:15I'd market this property between £135,000-£140,000.
0:48:15 > 0:48:19I'd put this property on the market at £145,000.
0:48:19 > 0:48:25That means Wayne and Colleen would be looking at a profit of between £16,000 and £26,000,
0:48:25 > 0:48:28minus tax and expenses if they decided to sell,
0:48:28 > 0:48:33but this precious pad is being added to their growing buy-to-let portfolio,
0:48:33 > 0:48:36so what kind of rental income could it earn?
0:48:36 > 0:48:42For rental, I'd put it on the market for between £750 and £800 per calendar month.
0:48:42 > 0:48:46I'd put this property on the rental market for £800 per calendar month.
0:48:46 > 0:48:53That's a healthy yield of between 7.5 and 8%, what do they make of that?
0:48:53 > 0:48:56- It's fantastic, that's more than I expected to get.- Yeah.
0:48:56 > 0:49:00- We were reckoning around £650, so that's excellent.- Fantastic.
0:49:00 > 0:49:07What does the future hold for this dream team? Are they planning to climb further up the property ladder?
0:49:07 > 0:49:12- We've got one in progress.- We're going to do the work on it now.
0:49:12 > 0:49:15Then we'll expand bigger.
0:49:18 > 0:49:25Time now to return to Cornwall, where earlier in the programme Joe paid £67,000
0:49:25 > 0:49:30for this 19th-century, mid-terrace, two-bedroomed cottage.
0:49:30 > 0:49:33He planned to renovate it either for rental or resale.
0:49:33 > 0:49:38Joe's a consultant in the container industry and lives locally.
0:49:38 > 0:49:43Although he's renovated three properties, this was his first development.
0:49:43 > 0:49:45He wasn't too concerned about the money.
0:49:45 > 0:49:48- Roughly, how much do you think you might spend?- Don't know.
0:49:48 > 0:49:53I've only done a back-of-the-envelope calculation. I really don't know.
0:49:53 > 0:49:56- What kind of timescale is there? - A few months, I suppose, up to a year.
0:49:56 > 0:50:04It's a little over a year since our first visit. We've returned to see what Joe's achieved.
0:50:10 > 0:50:11And what a transformation!
0:50:11 > 0:50:15At the front of the property, the dilapidated lean-to
0:50:15 > 0:50:19has been replaced with a new stone-built single-storey extension,
0:50:19 > 0:50:21with a bigger footprint.
0:50:21 > 0:50:24The chimney and roof have been replaced
0:50:24 > 0:50:26and gone is the rotten rendering,
0:50:26 > 0:50:29with beautiful exposed Cornish stonework in its place.
0:50:30 > 0:50:33Inside is one large, open-plan living area,
0:50:33 > 0:50:37with a contemporary kitchen to the left as you walk into the cottage.
0:50:37 > 0:50:39There's now a gorgeous fireplace
0:50:39 > 0:50:43and the stairs have been moved to the back wall.
0:50:43 > 0:50:46And it all started when the lean-to got the heave-ho,
0:50:46 > 0:50:48as Joe explains.
0:50:48 > 0:50:51Er, right. As far as the layout is concerned,
0:50:51 > 0:50:54where I'm standing now, this was where the old lean-to was.
0:50:54 > 0:50:59It's now the new extension with the front door here.
0:50:59 > 0:51:03We've put the kitchen all down this wall, as you can see
0:51:03 > 0:51:08and then this here was the original wall of the old cottage,
0:51:08 > 0:51:11where the steel beams are now.
0:51:11 > 0:51:15The old staircase used to start somewhere here,
0:51:15 > 0:51:17and go up a straight flight up that way.
0:51:17 > 0:51:22We've turned it around so it now winds around to the top.
0:51:22 > 0:51:26This is the lounge area around the fireplace.
0:51:28 > 0:51:32Upstairs, the poky bathroom and bedroom-cum-boiler room
0:51:32 > 0:51:36have been knocked through to create one spacious double bedroom.
0:51:36 > 0:51:42The smaller bedroom has been sacrificed to become a shower room.
0:51:42 > 0:51:45Upstairs, we've changed the layout quite a bit.
0:51:45 > 0:51:48We're standing in what is now the only bedroom.
0:51:48 > 0:51:51There used to be a second bedroom through there.
0:51:51 > 0:51:53There was a bathroom in this corner
0:51:53 > 0:51:56with just the bath and the loo in that corner.
0:51:56 > 0:52:00The basin was actually inside the bedroom.
0:52:00 > 0:52:03We decided that wasn't really up to scratch,
0:52:03 > 0:52:06so we made a much bigger bathroom over there now,
0:52:06 > 0:52:09which meant there wasn't really room for a second bedroom.
0:52:09 > 0:52:14All in all, I think it makes quite a nice one-bedroomed house.
0:52:14 > 0:52:17It was really too small for two bedrooms.
0:52:17 > 0:52:21Time will tell whether losing a bedroom will mean Joe loses out
0:52:21 > 0:52:23on a bigger profit.
0:52:23 > 0:52:27But I agree that the accommodation makes much more sense now.
0:52:27 > 0:52:31Back downstairs, the wood burner gives tremendous character and heat.
0:52:31 > 0:52:35Joe's also had gas central heating installed,
0:52:35 > 0:52:39and the property's been rewired and insulated throughout.
0:52:39 > 0:52:43With no parking in front, access proved a real headache
0:52:43 > 0:52:47as the building materials had to be carried on site by hand.
0:52:47 > 0:52:50And because neither of Joe's neighbours are interested
0:52:50 > 0:52:53in changing the unusual horizontal garden arrangement,
0:52:53 > 0:52:56it will remain as it is for the time being.
0:52:56 > 0:53:01How long has it taken to transform the cottage?
0:53:01 > 0:53:05We didn't start for about five months after the auction,
0:53:05 > 0:53:10so it's taken around about nine or ten months to finish.
0:53:10 > 0:53:15I was here most days. I did most of the fetching and carrying
0:53:15 > 0:53:18and some of the manual work, a few other little jobs,
0:53:18 > 0:53:21but mainly down to the builders.
0:53:21 > 0:53:24Now the work's finished, Joe should know what the budget ran to,
0:53:24 > 0:53:27so how much has it all cost?
0:53:27 > 0:53:32In the end, I think we spent nearly £50,000 doing the job.
0:53:32 > 0:53:37£50,000 on top of his purchase price means a total outlay here
0:53:37 > 0:53:38of £117,000.
0:53:38 > 0:53:42Has Joe spent his money wisely?
0:53:42 > 0:53:45Let's find out what two local property experts think
0:53:45 > 0:53:48of the renovation and his investment.
0:53:48 > 0:53:53As you approach the cottage, great feature walling by the front door.
0:53:53 > 0:53:55but it continues as you come in
0:53:55 > 0:53:58and the fireplace is really eye-catching. Really like that.
0:53:58 > 0:54:01One reception room downstairs is a little bit limiting,
0:54:01 > 0:54:05but in this condition, people can put their own mark on it.
0:54:05 > 0:54:07An attractive cottage.
0:54:07 > 0:54:10It was two bedrooms, but they were really small.
0:54:10 > 0:54:16So actually, to have one great big, really show-off bedroom...
0:54:16 > 0:54:18I don't think's a great harm.
0:54:18 > 0:54:22Bathroom, shower, bath, good size.
0:54:22 > 0:54:24Immaculately presented again.
0:54:24 > 0:54:28The garden is slightly detached, which is a bit of a shame,
0:54:28 > 0:54:32but would it put someone off, fundamentally? Nah.
0:54:32 > 0:54:35Has all the hard work been worth it?
0:54:35 > 0:54:39Remember, Joe paid £67,000 at the auction
0:54:39 > 0:54:41and spent another £50,000 on it,
0:54:41 > 0:54:43making a total of £117,000.
0:54:43 > 0:54:49So what's the valuation now for the property?
0:54:49 > 0:54:53I would look to put an asking price on this property of £129,950
0:54:53 > 0:54:55to achieve in the region of £125,000.
0:54:55 > 0:55:00I think the value of the cottage is about £130,000.
0:55:01 > 0:55:06That valuation range of between £125,000 and £130,000
0:55:06 > 0:55:10would produce a gross profit of £8,000-£13,000
0:55:10 > 0:55:14before the usual selling expenses.
0:55:14 > 0:55:16I doubt we'll sell it straightaway.
0:55:16 > 0:55:19That would have had to be very attractive for us to sell it
0:55:19 > 0:55:21cos the plan was always to rent it.
0:55:21 > 0:55:26But, yeah, there's a little bit of a profit margin there, so that's OK.
0:55:26 > 0:55:28His intention is to let the cottage out.
0:55:28 > 0:55:32So, how much rental income could it generate?
0:55:32 > 0:55:36The rental value of this property, he would be looking at between
0:55:36 > 0:55:39£450 and £495 per calendar month.
0:55:39 > 0:55:43If the cottage was rented out on ordinary residential tenancy,
0:55:43 > 0:55:48I'd expect to achieve about £500 per calendar month.
0:55:48 > 0:55:51I thought £500 would be about right. £450 sounds a bit low.
0:55:51 > 0:55:52Anyway, that's fine, too.
0:55:53 > 0:55:56Joe may have taken a bit of a gamble,
0:55:56 > 0:56:00converting this tiny two-bed cottage into a larger one-bedroomed property,
0:56:00 > 0:56:04but it's certainly benefited from the love and attention it deserved.
0:56:04 > 0:56:08And Joe's confident he made the right decision.
0:56:08 > 0:56:12My approach to it is always that you try and do it right
0:56:12 > 0:56:16and you take as long as it takes and spend as much as it needs
0:56:16 > 0:56:18and then hope for the best.
0:56:18 > 0:56:20That's always worked for me in the past
0:56:20 > 0:56:22and seems to have done this time.
0:56:22 > 0:56:26In fact, it's worked a treat this time because, since filming,
0:56:26 > 0:56:29Joe has secured a tenant who is paying rent
0:56:29 > 0:56:31at the top end of those valuations.
0:56:31 > 0:56:34Naturally, he'd delighted.
0:56:42 > 0:56:46That's the stories from today's show but, as you know,
0:56:46 > 0:56:49anything can happen, and DOES happen, on Planet Property.
0:56:49 > 0:56:52So make sure you join us next time for more Homes Under The Hammer.
0:56:52 > 0:56:54- 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