0:00:00 > 0:00:04Hello! Not everyone who buys at auction is there as an investor.
0:00:04 > 0:00:08It can be an effective and very quick way to buy your own home.
0:00:08 > 0:00:12There are hundreds of auctions happening throughout the country.
0:00:12 > 0:00:16So take your seat in the front row for today's Homes Under The Hammer!
0:00:42 > 0:00:46Tackling a run-down property can tack into skills you never knew you had!
0:00:46 > 0:00:48You could discover you're a born decorator
0:00:48 > 0:00:51or maybe you should leave it to the professionals!
0:00:51 > 0:00:54So let's see how the chips fell on today's show.
0:00:55 > 0:01:00This Devon cottage is rough around the edges but has untold potential.
0:01:00 > 0:01:02It clearly needs some work,
0:01:02 > 0:01:04but as a space, imagine what you could do with it!
0:01:05 > 0:01:10In London, is there a gap in the market for this top-floor studio flat?
0:01:10 > 0:01:14You've got a big hole in the ceiling and you can actually see the roof!
0:01:15 > 0:01:22And this end-of-terrace in Manchester has some strangely-shaped rooms!
0:01:23 > 0:01:25Never seen anything like that before!
0:01:26 > 0:01:29All of these properties went to auction
0:01:29 > 0:01:35and we'll find out who bought them and what they paid for them when they went under the hammer.
0:01:38 > 0:01:43For the first property that went under the hammer, I'm on the edge of Dartmoor National Park
0:01:43 > 0:01:46in the beautiful village of Hennock.
0:01:47 > 0:01:53To be honest, it would be a real disappointment if I were to bring you to such a beautiful place
0:01:53 > 0:01:55then show you some dull box of a house.
0:01:55 > 0:02:00Fear not, dear viewer, because the property that was up for auction is this.
0:02:00 > 0:02:03It was the original bakery in the village,
0:02:03 > 0:02:05dating back to the 1700s.
0:02:05 > 0:02:10It has three/four bedrooms, had a guide price of 175,000 quid.
0:02:10 > 0:02:12Let's find out if it was worth the money
0:02:12 > 0:02:14or if it was a bit stale.
0:02:23 > 0:02:28The adjoining house to the right was once the shop which sold the bread.
0:02:28 > 0:02:32The baking took place in the cottage itself, which was also the family home.
0:02:32 > 0:02:35From the outside, it's certainly got character charm,
0:02:35 > 0:02:40but the foliage on the roof makes me wonder if it's a bit past its sell-by date!
0:02:44 > 0:02:46Wow! What a place!
0:02:46 > 0:02:50Huge, thick stone walls,
0:02:50 > 0:02:53lots of natural stone exposed.
0:02:53 > 0:02:57In the catalogue, it's described as having an inverted lay-out.
0:02:57 > 0:03:01We'll find out what that means. Originally, this was your living area.
0:03:01 > 0:03:04A big fireplace there, absolutely marvellous.
0:03:04 > 0:03:07Imagine it opened up and made to be a feature.
0:03:07 > 0:03:11But what's been added on at some stage is this, a loo,
0:03:11 > 0:03:15which makes this an en-suite, an en-suite bedroom.
0:03:15 > 0:03:19So there you go. The house has got the bedrooms downstairs.
0:03:19 > 0:03:22So what's upstairs?
0:03:22 > 0:03:26# Upside down, boy you turn me
0:03:26 > 0:03:30# Inside out and round and round. #
0:03:30 > 0:03:34The rest of the ground floor is made up of two more bedrooms
0:03:34 > 0:03:38and a family bathroom which is in surprisingly good condition.
0:03:39 > 0:03:42And although you couldn't claim it lacks character,
0:03:42 > 0:03:45it does also come with cracks, damp issues
0:03:45 > 0:03:49dodgy wiring and it's quite dark.
0:03:49 > 0:03:51Still, these bare walls have little to hide
0:03:51 > 0:03:54so are there any surprises upstairs?
0:03:54 > 0:03:56Wow!
0:03:56 > 0:03:59This is not what you expect in a cottage.
0:03:59 > 0:04:03Look at the height of the ceilings, this open beam effect.
0:04:03 > 0:04:07It's just so spectacular. So more features,
0:04:07 > 0:04:09more glorious bits of stuff.
0:04:09 > 0:04:11An old fireplace here.
0:04:11 > 0:04:16A bit concerned about that cracking. That wants investigating.
0:04:16 > 0:04:19This area was probably the original kitchen area.
0:04:19 > 0:04:21The old range cooker there.
0:04:21 > 0:04:27It clearly needs some working on, but as a space, can you imagine what you could do with this?
0:04:27 > 0:04:30A loft area, a bit strange. I don't know what that's for.
0:04:30 > 0:04:32But all in all, what a lovely surprise.
0:04:32 > 0:04:34Wow!
0:04:37 > 0:04:39What a turn-up for the books!
0:04:39 > 0:04:45Just when you expected more dark, pokey rooms, you get a wonderfully bright open space like this.
0:04:45 > 0:04:47Such potential!
0:04:47 > 0:04:52And there's another room hidden up here, perfect for a guest bedroom or a small study.
0:04:52 > 0:04:55Question is, how to make the most of this place.
0:04:55 > 0:04:57Time to take a look from the outside.
0:04:58 > 0:05:02So what are you going to do about this place?
0:05:02 > 0:05:07The fact you can walk straight out of the main living area into the garden works extremely well.
0:05:07 > 0:05:13You could think about digging out the garden to get access from downstairs,
0:05:13 > 0:05:16but then you'd lose that whole lofty feeling of the living areas.
0:05:16 > 0:05:20And what do you gain? You gain conventionality.
0:05:20 > 0:05:24People generally like the bedrooms to be upstairs and the living space downstairs.
0:05:24 > 0:05:29Forget that! This house is already charming. It's unique.
0:05:29 > 0:05:31It's quirky.
0:05:31 > 0:05:34But for me, that makes it even more special.
0:05:35 > 0:05:38The garden isn't an average square plot, either.
0:05:38 > 0:05:41The views from the top are spectacular.
0:05:41 > 0:05:45But follow the pathway to the rear of the church and there's more.
0:05:45 > 0:05:46Now, originally,
0:05:46 > 0:05:49this was part of the land of the property that was up for auction.
0:05:49 > 0:05:56But it was separated off and was sold with a separate price of £5,000 as a guide.
0:05:56 > 0:06:01So why would you want to buy it? It's not going to add a lot of value to the property itself.
0:06:01 > 0:06:06But what it does do is it protects your rear outlook.
0:06:06 > 0:06:11I've found out there was a lot of interest in this plot of land particularly for parking.
0:06:11 > 0:06:16And somebody could even buy it and stick a house on there. You wouldn't want that.
0:06:16 > 0:06:20So a guide price of 5,000 quid - I think it's money well spent.
0:06:20 > 0:06:24The guide price was 175,000 for the main auction lot,
0:06:24 > 0:06:27plus 5,000 for the extra bit of land at the back.
0:06:27 > 0:06:31What does a local estate agent make of this place?
0:06:31 > 0:06:34It has the basics of a very good home,
0:06:34 > 0:06:36a really good home for a family.
0:06:36 > 0:06:38But it needs full modernisation.
0:06:38 > 0:06:41A new kitchen, new bathroom, decoration throughout,
0:06:41 > 0:06:46possibly rewiring and replumbing the property as well.
0:06:47 > 0:06:51After it's fully renovated, how much could it achieve on the rental market?
0:06:51 > 0:06:57I think the rental value for this property would be between 900 and £1,000 per calendar month.
0:06:57 > 0:07:00What about its resale value?
0:07:00 > 0:07:03Once it's gone through a full renovation project,
0:07:03 > 0:07:07we'd be looking at around 250 to £275,000.
0:07:07 > 0:07:12Well, this is one whopper of a project, but one I'd love to take on.
0:07:12 > 0:07:15The place is charming, the location, the setting, the village,
0:07:15 > 0:07:17it's all just great.
0:07:17 > 0:07:22However, it will take someone with imagination and a lot of cash to sort it out.
0:07:22 > 0:07:25Let's find out who that was when it went under the hammer.
0:07:27 > 0:07:29So the guide is 175.
0:07:29 > 0:07:33I don't see why it shouldn't make 175 from the start.
0:07:33 > 0:07:35175, somewhere?
0:07:36 > 0:07:38How about 160, then, to get it going?
0:07:38 > 0:07:40160?
0:07:40 > 0:07:43Not going to start there? 160? 160.
0:07:43 > 0:07:46At 160 for lot 26 for the first time, then.
0:07:46 > 0:07:48At... 162.
0:07:48 > 0:07:51162. At 162. 162.
0:07:51 > 0:07:55164. Thank you. Time to think about it. 166.
0:07:55 > 0:07:57168. 170.
0:07:57 > 0:07:59At 170.
0:07:59 > 0:08:02At 170 for the first time.
0:08:02 > 0:08:05At 170 for the second time.
0:08:05 > 0:08:07At 170.
0:08:07 > 0:08:09Sure? It's going to be sold. 172.
0:08:09 > 0:08:11174. 174.
0:08:11 > 0:08:13175?
0:08:13 > 0:08:15Four and a half?
0:08:15 > 0:08:17At 174 for the first time.
0:08:17 > 0:08:20At 174 for the second time.
0:08:20 > 0:08:24At 174. Are you sure and done? The last...
0:08:25 > 0:08:27At 174,500 we've got.
0:08:29 > 0:08:32At 174. And a half! On my right.
0:08:32 > 0:08:34OK?
0:08:34 > 0:08:35At 174,500. Last chance.
0:08:35 > 0:08:40At 174,500. Congratulations, sir. Your home. Well done.
0:08:40 > 0:08:45So, for £174,500, five hundred pounds under the guide price,
0:08:45 > 0:08:49the successful bidders were husband and wife Jim and Verian.
0:08:49 > 0:08:52Along with their baby son, George,
0:08:52 > 0:08:57they've just moved from Sydney, Australia, to Devon, which is where Verian grew up.
0:08:57 > 0:09:01She's a marketing communications expert and Jim is a manufacturing manager.
0:09:01 > 0:09:05I spoke to him first to hear his side of the story.
0:09:05 > 0:09:08- Jim, lovely to meet you.- You, too. - Congratulations.
0:09:08 > 0:09:10- Thanks(!)- It's one great place.
0:09:10 > 0:09:15I'm not sure whether I should be elated. It's a bit of a mess.
0:09:15 > 0:09:17Tell me why you wanted to buy it.
0:09:17 > 0:09:23Well, it's undecided at the moment whether it's going to be a longer term place to live
0:09:23 > 0:09:26or just to renovate and sell.
0:09:26 > 0:09:32So we're basically going to move in and decide. It's been a big couple of weeks since the auction.
0:09:32 > 0:09:37We found out we were pregnant the week after the auction, I got a job.
0:09:37 > 0:09:40So we've moved over here from Sydney.
0:09:40 > 0:09:44We've been over about three months, looking for houses in that time.
0:09:44 > 0:09:49And it all happened fairly quickly, much faster than we anticipated.
0:09:49 > 0:09:51- How cool is that?- All in one week!
0:09:52 > 0:09:55- Well, maybe that's a good omen! - We think so.
0:09:55 > 0:09:59So why this house, then? What was it about it?
0:09:59 > 0:10:03It's the area, mainly. It's still the house we're looking for.
0:10:03 > 0:10:08It offers scope for us to have a good lifestyle with an outdoor area,
0:10:08 > 0:10:12space for a veggie patch, chickens and that sort of thing.
0:10:12 > 0:10:16But it's a good location. It's just off the motorway, it's close to shops
0:10:16 > 0:10:18but in a nice residential village.
0:10:25 > 0:10:30So, it's all about this fabulous location for Jim, Verian and George.
0:10:30 > 0:10:36But with the added bonus that the property's bursting with potential, what are their plans?
0:10:36 > 0:10:42Rip out the carpet and take away all the junk. Take out this sort of stuff, which isn't structural.
0:10:42 > 0:10:46Probably a water tank, new hot water system - a combi boiler - in the boot room.
0:10:46 > 0:10:49New simple, not expensive kitchen,
0:10:49 > 0:10:55and downstairs looking after the damp situation and replastering. Replaster up here.
0:10:55 > 0:10:57Rebuilding work on the chimney.
0:10:57 > 0:10:59New wiring. So it's the works.
0:10:59 > 0:11:02- Great. What about outside? - Out the back,
0:11:02 > 0:11:05we'll get a digger in next weekend.
0:11:05 > 0:11:08Absolutely flatten it, then a bit of simple landscaping.
0:11:08 > 0:11:10Then just tidy it up.
0:11:10 > 0:11:15Jim and Verian have around £30,000 for the renovation,
0:11:15 > 0:11:18but expect that figure may well rise as they progress with the work.
0:11:18 > 0:11:21They hope to complete it within three to six months.
0:11:21 > 0:11:28Now that Verian's expecting their second child, I'm sure that deadline will loom large in their minds.
0:11:28 > 0:11:33By all accounts, it seems as though one was keener than the other to get their teeth into his project.
0:11:33 > 0:11:36I didn't spot Verian at the auction.
0:11:36 > 0:11:39There was a heated conversation the night before. A lengthy one.
0:11:39 > 0:11:43- Heated about?- About whether we bid or not, have a go at it.
0:11:43 > 0:11:47But, you know, I'm glad we did.
0:11:47 > 0:11:53- What was the result of the heated conversation?- Verian said we can't buy it without her looking at it.
0:11:53 > 0:11:57I said, "Why not? Have a go, if it comes in at a good price."
0:11:57 > 0:12:01- So Verian hadn't seen it?- She hadn't seen it.- You'd seen it, had you?
0:12:01 > 0:12:06I'd seen it once, the day before. Then we had the conversation afterwards about it.
0:12:06 > 0:12:09- So very trusting.- But she said no?
0:12:09 > 0:12:12She said no initially, but I talked her round!
0:12:13 > 0:12:17- So you went to the auction with her approval? - With her blessing, absolutely.
0:12:17 > 0:12:21Now, further back, heading away from the house,
0:12:21 > 0:12:26there's a little sort of access to the church and another plot of land.
0:12:26 > 0:12:30- You've bought that plot of land? - That was the expensive bit! - How do you mean?
0:12:30 > 0:12:34They sold the garden plot out the back separately,
0:12:34 > 0:12:36so it was a bit tricky.
0:12:36 > 0:12:40We had to buy this first and then try and get the plot out the back.
0:12:40 > 0:12:47So we didn't have unknown neighbours and caravans and trucks, access in, all that stuff, out the back.
0:12:47 > 0:12:49So to avoid that, we really had to get both.
0:12:49 > 0:12:53It was a bit of a risk, but luckily it paid off.
0:12:53 > 0:13:00- How much did you have to pay for the land?- It was about 12,750.
0:13:00 > 0:13:07So, according to Jim, he bought the house and that expensive extra plot of land with his wife's blessing.
0:13:07 > 0:13:09And everyone was happy.
0:13:09 > 0:13:13I think it's time to find out what Verian has to say about this!
0:13:13 > 0:13:15- Verian, good to meet you.- You, too.
0:13:15 > 0:13:19Now, tell me your side of the story here. What happened?
0:13:19 > 0:13:21I want to know what Jim's told you!
0:13:21 > 0:13:28But Jim came home one day and told me he'd bought a house at auction, and I hadn't seen it.
0:13:28 > 0:13:30But I wasn't too alarmed.
0:13:30 > 0:13:34My family and friends think he's mad and how could I let my husband do that!
0:13:34 > 0:13:38But I knew he was looking for a renovation project.
0:13:38 > 0:13:43This was, first and foremost, a renovation project, then he could sell it.
0:13:43 > 0:13:49But it has so many nice features, he also hoped I would like it and that we could live here as well.
0:13:49 > 0:13:53His story is slightly different to the one you just told me!
0:13:53 > 0:13:56He gave the impression he told you about it the night before,
0:13:56 > 0:13:59you had a long discussion, you were a bit concerned,
0:13:59 > 0:14:04but in the end you sent him to auction with your approval to buy this place.
0:14:04 > 0:14:06No, we did talk about it the night before, yes.
0:14:06 > 0:14:10But I told him I was concerned that I didn't want to buy it.
0:14:10 > 0:14:16And he then went to the auction, saying, "I'll just see how much it goes for, and see what happens."
0:14:16 > 0:14:19And his version of the story to me is that when he was there,
0:14:19 > 0:14:23it was going for such a good price that he couldn't let it go.
0:14:23 > 0:14:26Despite the discrepancies in their stories,
0:14:26 > 0:14:29they do agree this cottage has attractive character.
0:14:29 > 0:14:34But with a new baby on the way, does Verian see this as more than just a renovation project?
0:14:34 > 0:14:37We want to have a home now.
0:14:37 > 0:14:42We moved over three months ago and we need to start settling down well before the baby arrives.
0:14:42 > 0:14:46So my thoughts have turned much more positively towards this house
0:14:46 > 0:14:48and the potential that it has.
0:14:48 > 0:14:54- Congratulations. Good luck with everything.- Thank you.- Look forward to seeing how it goes.- Thank you.
0:14:55 > 0:14:59Well, new house, new job, new baby.
0:14:59 > 0:15:01They say things come in threes.
0:15:01 > 0:15:03In this case, happy things, though.
0:15:03 > 0:15:06This is the most perfect location to bring up a family.
0:15:06 > 0:15:11I can't wait to see how they manage to mix Aussie style with Devon charm!
0:15:11 > 0:15:14You can find out later in the show!
0:15:18 > 0:15:20I'm in Notting Hill, London,
0:15:20 > 0:15:22in the Royal Borough of Kensington and Chelsea.
0:15:22 > 0:15:26It's home to Portobello Market, the Notting Hill carnival,
0:15:26 > 0:15:29and the streets are featured in numerous films.
0:15:29 > 0:15:32It's no surprise, then, that the area is known for attracting
0:15:32 > 0:15:35a creative and fashionable crowd.
0:15:38 > 0:15:42The local area is brimming with stylish boutiques and trendy cafes
0:15:42 > 0:15:45which cater to a Bohemian clientele.
0:15:50 > 0:15:54Notting Hill is also known for its attractive terraces
0:15:54 > 0:15:57of large Victorian town houses.
0:15:57 > 0:15:59So you'll be expecting big things from this place.
0:15:59 > 0:16:04Well, the property I'm here to see had a guide price of £240,000
0:16:04 > 0:16:08and it's on top of this beautiful building.
0:16:08 > 0:16:13So let's go and see if this place is en vogue, or more en vogue!
0:16:16 > 0:16:20Despite the rather grand exterior, the auction lot I'm here to see
0:16:20 > 0:16:24is a humble attic conversion studio apartment.
0:16:24 > 0:16:27It's a long way up, but I'm hoping the view will be well worth it.
0:16:32 > 0:16:35That is some serious stair climbing, I can tell you!
0:16:35 > 0:16:40We're right at the top of the building. In fact, we're in the eaves.
0:16:40 > 0:16:42And it's in a bit of a state!
0:16:42 > 0:16:44Look at all this rubbish everywhere.
0:16:44 > 0:16:49You've got a big hole through the ceiling and you can actually see the roof.
0:16:49 > 0:16:50It is right there.
0:16:50 > 0:16:53So a little bit of work to be done here.
0:16:53 > 0:16:56One of the bonuses, though, it is nice and light.
0:16:56 > 0:17:00You've got a big window there, a lovely big window here.
0:17:00 > 0:17:02It's been cut out of the roof.
0:17:02 > 0:17:06And over here, look at this gorgeous nice big arched window.
0:17:06 > 0:17:08That's such a feature of the room.
0:17:08 > 0:17:15And one of the best things is there's that beautiful church just looking at me.
0:17:15 > 0:17:17I'd never tire of that.
0:17:17 > 0:17:21Now, is there a kitchen in this little bijou place?
0:17:21 > 0:17:27# From my window I see the world pass me by
0:17:27 > 0:17:30# And the world looks fine. #
0:17:30 > 0:17:37The view is glorious and it's a real selling point. But the living space is a right old mess!
0:17:37 > 0:17:40Here's the kitchen. And yes, you've guessed, it's tiny.
0:17:40 > 0:17:46But it's lovely and light, and there's enough space to rustle up a meal.
0:17:46 > 0:17:49Not that you'll want to stay in if you live around here!
0:17:49 > 0:17:53But for the right person, I think this could be such a cool pad.
0:18:00 > 0:18:04As for the bathroom, it's tucked away in a teeny tiny corner.
0:18:04 > 0:18:07Space is at a premium in this apartment.
0:18:07 > 0:18:11But with a little imagination, I reckon it could be reconfigured
0:18:11 > 0:18:15making it comfortable and cosy rather than cramped and confined.
0:18:15 > 0:18:19I notice the properties on both sides have mansard extensions,
0:18:19 > 0:18:22a type of roof conversion with steep slopes.
0:18:22 > 0:18:28Constructing one of these would require planning permission, but would allow you to turn this studio
0:18:28 > 0:18:29into a one-bedroom flat.
0:18:29 > 0:18:33We asked a local estate agent to give us the bottom line
0:18:33 > 0:18:35on this top-floor apartment
0:18:35 > 0:18:38which had a guide price of 240,000.
0:18:38 > 0:18:41This particular part of Notting Hill is very popular
0:18:41 > 0:18:45and has got a lot more so in the last two or three years.
0:18:45 > 0:18:48The type of people that we have traditionally buying here
0:18:48 > 0:18:51tend to be late 20s to late 30s,
0:18:51 > 0:18:55tend to be City or media based, and it's a very popular area.
0:18:57 > 0:19:01I think someone's got the opportunity to create a really nice space here.
0:19:01 > 0:19:05You have got the opportunity to add value here, I feel.
0:19:05 > 0:19:09And you could turn it into a one-bed flat, which would certainly increase the price.
0:19:10 > 0:19:14If the property was renovated to a good standard,
0:19:14 > 0:19:15what could it sell for?
0:19:15 > 0:19:19If the apartment were refurbished in its current layout,
0:19:19 > 0:19:25you'd be looking at a re-sale of between 300 and £320,000.
0:19:25 > 0:19:28If the apartment was converted into a one-bedroom,
0:19:28 > 0:19:31I feel you'd be looking more towards the £400,000 mark.
0:19:31 > 0:19:33And rental income?
0:19:34 > 0:19:40If the apartment was renovated in its current layout, I'd expect to achieve £1,400 per calendar month.
0:19:40 > 0:19:44If the property was converted into a one-bedroom apartment,
0:19:44 > 0:19:47I'd expect it to achieve £1,800 per calendar month.
0:19:48 > 0:19:52In a nutshell, it's like being in a nutshell!
0:19:52 > 0:19:54It is a tiny place.
0:19:54 > 0:19:56But I think it's got heaps of potential.
0:19:56 > 0:20:00And the real selling point of this flat has to be this location.
0:20:00 > 0:20:04Let's see who was nutty about this one over at the auction.
0:20:05 > 0:20:08At 200. It's not going to go below 200. 200.
0:20:08 > 0:20:12205. 210. 215.
0:20:12 > 0:20:13220.
0:20:13 > 0:20:17225. 230.
0:20:17 > 0:20:19235.
0:20:20 > 0:20:21240.
0:20:21 > 0:20:23242.
0:20:23 > 0:20:24243.
0:20:24 > 0:20:26244.
0:20:27 > 0:20:29245.
0:20:29 > 0:20:31246.
0:20:31 > 0:20:33250. 251.
0:20:33 > 0:20:37252. 253?
0:20:37 > 0:20:38It's with you at 252.
0:20:38 > 0:20:40253?
0:20:40 > 0:20:42252 first time.
0:20:42 > 0:20:44Second time.
0:20:44 > 0:20:47Third and last time. Have you all done?
0:20:47 > 0:20:53With his successful bid of 252,000, the buyer was Colin.
0:20:53 > 0:20:57His purchase price was two grand over the stamp duty threshold,
0:20:57 > 0:21:02so that rounds his purchase price up to just under 260,000.
0:21:02 > 0:21:05He's embarking on a career as a property developer
0:21:05 > 0:21:08after ten years running his own bathroom design business.
0:21:10 > 0:21:14- Colin, a fantastic auction! - Yes, I'm very pleased with what I bought.
0:21:14 > 0:21:19You were straight in with your bids. You even went up a few thousand before you should have done!
0:21:19 > 0:21:21I was nervous around the 250 mark
0:21:21 > 0:21:24because of the stamp duty increase.
0:21:24 > 0:21:28When someone else went to 246, I thought I'd try and stop it
0:21:28 > 0:21:30by going to 250.
0:21:30 > 0:21:33- But it didn't work! - You really wanted this place.
0:21:33 > 0:21:36In that auction, I looked at two properties
0:21:36 > 0:21:38and this was the one I really wanted of the two.
0:21:38 > 0:21:42So why did you want it? What is it about this little flat?
0:21:42 > 0:21:44I love the area. It's a super area.
0:21:44 > 0:21:46It's a super property.
0:21:46 > 0:21:50But I also think it's got the potential to be something very different
0:21:50 > 0:21:52and I can do something with it.
0:21:52 > 0:21:55A lot of the other places I saw, I couldn't see that potential.
0:21:55 > 0:22:01- You weren't put off by it? Walk up all those flights of stairs and think, "Uh-oh!"- No, I didn't.
0:22:01 > 0:22:05It was interesting, because the people who were around me who were also looking,
0:22:05 > 0:22:07were all put off by the size.
0:22:07 > 0:22:10People literally rotated and went back downstairs.
0:22:10 > 0:22:15- But I immediately thought, "I can do something here." I was excited. - Why are you excited?
0:22:15 > 0:22:18What do you think you can do with this little tiny flat?
0:22:18 > 0:22:23I can make it a lot bigger. One of the things about this property
0:22:23 > 0:22:26is that the walls either side of it actually sail over the roof.
0:22:26 > 0:22:31I can make it a lot wider by building between them without too much extra work.
0:22:31 > 0:22:34- How are you going to do that? - Basically, take the roof off.
0:22:34 > 0:22:39When this place is underway, half-way through, all you'll see here is a floor.
0:22:39 > 0:22:44Nothing else, just a floor, the two outside walls, and then we'll start again.
0:22:44 > 0:22:48There are planning hoops to jump through. Have you contacted the council?
0:22:48 > 0:22:50I've spoken to them. I haven't got planning.
0:22:50 > 0:22:54But I've discussed it loosely with them and I think I'll be OK.
0:22:54 > 0:22:59However, I've also got to get past the freeholder. I also spoke to them before the auction,
0:22:59 > 0:23:05and they were good enough to email me to say they would be happy to go along with it.
0:23:05 > 0:23:09I'm impressed. Colin's contacted all the right people
0:23:09 > 0:23:12so as to avoid any nasty surprises.
0:23:12 > 0:23:15And, like a true professional, he's done his homework.
0:23:22 > 0:23:26So you're going to convert this from a studio to a one or two-bedroomed flat?
0:23:26 > 0:23:29- It'll make a nice one-bedroomed flat.- How big will it be?
0:23:29 > 0:23:32How much extra square footage will you be adding?
0:23:32 > 0:23:35I think I've worked out it's about an extra 13 square metres
0:23:35 > 0:23:37which is about 150 square feet.
0:23:37 > 0:23:43Which, as I understand it, around here, you get an extra 1,000 quid a square foot,
0:23:43 > 0:23:45so that's quite substantial.
0:23:45 > 0:23:48- That is substantially going to add value.- I hope so.
0:23:48 > 0:23:53You only need to look next door and you see quite a lot of people here have done that.
0:23:53 > 0:23:55That's why I'm not so worried about planning.
0:23:55 > 0:23:59What's it going to be like inside? Will it be uber-contemporary and cool,
0:23:59 > 0:24:01or will you leave it neutral?
0:24:01 > 0:24:06It'll be contemporary. If you're going to do something and you're passionate about it,
0:24:06 > 0:24:10you go by instinct. My instincts are to make it contemporary.
0:24:10 > 0:24:12What will it be worth, once you've done that?
0:24:12 > 0:24:18- I don't want to be...- Go on!- ..too confident, but in excess of 400,000.
0:24:18 > 0:24:24What sort of money have you got to throw at it? It'll cost a bit to take the roof off the property!
0:24:24 > 0:24:29- Yes. I've set aside around 60,000 to do the work. - Colin, what do you do now?
0:24:29 > 0:24:31This is going to be my business.
0:24:31 > 0:24:35I was in a retail business until last year which folded after 11 years.
0:24:35 > 0:24:38So I had to think, "What am I going to do now?"
0:24:38 > 0:24:42There wasn't much I was drawn towards or that I really wanted to do.
0:24:42 > 0:24:46So I sold my house. I'd actually built my previous house.
0:24:46 > 0:24:50It was my dream house, but I thought there was only way I could do this
0:24:50 > 0:24:55so I've sold my place, rented another place, and with the money left over, I decided to do this.
0:24:55 > 0:24:59- Hopefully climbing back up the property ladder.- I hope so.
0:24:59 > 0:25:03Good luck with this. I can't wait to see what it's like when you've finished.
0:25:05 > 0:25:09Wow! Colin has some pretty ambitious plans for this place!
0:25:09 > 0:25:14Replacing the roof? The neighbours are one step ahead and they've already done so.
0:25:14 > 0:25:17So hopefully he won't have any planning problems.
0:25:17 > 0:25:21The question is, will the extra space bring in the extra cash?
0:25:21 > 0:25:25Join us later in the programme and find out what happens.
0:25:26 > 0:25:30Coming up, you're in for a pleasant surprise at this Manchester property.
0:25:30 > 0:25:32You come here expecting a little terrace,
0:25:32 > 0:25:35and you've got a little mansion!
0:25:37 > 0:25:40We return to this top-floor London flat.
0:25:40 > 0:25:43Did the numbers stack up for Colin?
0:25:43 > 0:25:45It's definitely been worth it. More than worth it.
0:25:47 > 0:25:52But first, we're going back to Devon, where the weather's been as big a shock as the property!
0:25:52 > 0:25:55In Australia, we get one season. It's hot and dry all the time!
0:25:59 > 0:26:04Earlier, we were in the little village of Hennock on the edge of Dartmoor National Park.
0:26:04 > 0:26:07This old cottage, which used to be the local bakery,
0:26:07 > 0:26:11had been sold at auction for £174,500.
0:26:11 > 0:26:16It was bought by Aussie Jim and his English wife, Verian,
0:26:16 > 0:26:20as their possible future home, or to renovate and sell on.
0:26:20 > 0:26:26That was uncertain. But then so was, apparently, the decision to buy it.
0:26:26 > 0:26:31- What was the result of the heated conversation?- Verian said we can't buy it without her seeing it.
0:26:31 > 0:26:36- But I talked her round.- So you went to the auction with her approval? - Her blessing.
0:26:36 > 0:26:40That's one side of the story. What about the other?
0:26:40 > 0:26:45We did talk about it the night before. But I said I was concerned and didn't want to buy it.
0:26:45 > 0:26:48Well, they may not agree on how they got here,
0:26:48 > 0:26:51but at least their plans aren't half-baked. Nine months later,
0:26:51 > 0:26:58we returned to see if Jim and Verian had turned this former bakery into the best thing since sliced bread!
0:27:01 > 0:27:05For starters, a fresh lick of paint has got this home glowing again.
0:27:05 > 0:27:08There's a new front door and new double glazing
0:27:08 > 0:27:11but just wait until you see inside!
0:27:17 > 0:27:19Wow!
0:27:19 > 0:27:21The ramshackle, run-down top level
0:27:21 > 0:27:26has now been transformed into a truly stunning open-plan kitchen/dining area.
0:27:26 > 0:27:31The old cracked baking oven is now a convenient home for a woodburning stove
0:27:31 > 0:27:33in the main living area.
0:27:33 > 0:27:37And just off to the side, that wood-panelled room is now a playroom
0:27:37 > 0:27:40for their son George and newly-arrived baby Max.
0:27:41 > 0:27:48For me, the most striking aspect of this top level is the fantastic amount of light available,
0:27:48 > 0:27:50as Verian explains.
0:27:52 > 0:27:55On this level, we've made three main changes.
0:27:55 > 0:27:58Firstly, we've removed the mezzanine level from up here,
0:27:58 > 0:28:02which lets in a lot of light from the two existing skylights.
0:28:02 > 0:28:06We've reinstated the chimney breast which was very badly damaged.
0:28:06 > 0:28:10It had huge cracks in it, lots of rain had been coming in,
0:28:10 > 0:28:14so we've rebuilt those here and in the sitting room area here.
0:28:14 > 0:28:22And also, the stairs were boxed in with a water tank and a boiler precariously balanced on top!
0:28:22 > 0:28:27That was the first thing that Jim removed and that instantly made a difference to this space,
0:28:27 > 0:28:31allowing the light to flow through and making it one big open-plan space.
0:28:31 > 0:28:35It's lovely and sunny and light and breezy.
0:28:36 > 0:28:40The unorthodox layout of the cottage meant the bedrooms were on the ground floor.
0:28:40 > 0:28:46Jim and Verian have kept it that way and the rooms on the ground floor
0:28:46 > 0:28:49carry on the theme of clean, bright and classic decor.
0:28:58 > 0:29:05But they were faced with one significant challenge which Jim in particular wasn't prepared for.
0:29:05 > 0:29:07The good old British weather!
0:29:08 > 0:29:12In Australia we get one season, really. It's hot and dry all the time.
0:29:12 > 0:29:17But I didn't take into account how we'd have to get all the work done
0:29:17 > 0:29:21during the good weather last year, so it was a rush towards the end.
0:29:21 > 0:29:24We had the coldest winter in 100 years, whatever,
0:29:24 > 0:29:27and that caused a bit of trouble at the end.
0:29:27 > 0:29:30And there's even more to this wonderful new home,
0:29:30 > 0:29:33because on a beautiful day like today,
0:29:33 > 0:29:37it's the perfect time to appreciate the other major work at the back.
0:29:38 > 0:29:41Out here, we've tried to keep it as simple as possible
0:29:41 > 0:29:43and make it a useful space.
0:29:43 > 0:29:48We've got simple garden beds on this side, a herb garden there.
0:29:48 > 0:29:51A flower bed that you can see from the bedrooms.
0:29:51 > 0:29:53We've levelled this as a nice grassed area.
0:29:53 > 0:29:57And here we've got paving for kids' bikes and that sort of thing.
0:29:57 > 0:30:04A car park here, which we're looking forward to using. A public access area, all clear for the church.
0:30:04 > 0:30:09And the garden plot where we're going to be growing vegetables and using as much as we can.
0:30:09 > 0:30:13# I'm going to be round my vegetables
0:30:13 > 0:30:16# I'm going to chop down my vegetables
0:30:16 > 0:30:20# I love you most of all. #
0:30:20 > 0:30:23The renovation here is impressive in itself,
0:30:23 > 0:30:26but with this newly-landscaped back garden,
0:30:26 > 0:30:29the whole plot becomes an amazing package.
0:30:34 > 0:30:39Jim and Verian had started off undecided about whether to keep the house or sell it on.
0:30:39 > 0:30:42But now it's complete, they've both fallen in love with the result
0:30:42 > 0:30:46and see their future here for now.
0:30:46 > 0:30:49With his new job over an hour's drive away,
0:30:49 > 0:30:52Jim had to project manage the builders from a distance
0:30:52 > 0:30:57but they've done a great job renovating the entire house from top to bottom,
0:30:57 > 0:30:59wall to wall.
0:30:59 > 0:31:05However, something tells me this renovation might have exceeded their original budget!
0:31:06 > 0:31:12- We did, optimistically, think about 30 to 50.- That's the royal "we"!
0:31:12 > 0:31:16And it's been double. 110, actually.
0:31:16 > 0:31:23And Jim and Verian estimate that figure will rise to 120,000 once everything is finished.
0:31:25 > 0:31:27So, was it money well spent?
0:31:27 > 0:31:29Time to hear from two estate agents
0:31:29 > 0:31:32what they think of Jim and Verian's new home.
0:31:33 > 0:31:37First impressions are they've created a superb property.
0:31:37 > 0:31:42They have the addition of parking, a mixture of old and new, to a superb finish.
0:31:42 > 0:31:46It's worked really well because you walk into big open-plan living,
0:31:46 > 0:31:51each of the bedrooms being on the ground floor, they work really well with the lay-out.
0:31:51 > 0:31:53It's good for family living.
0:31:53 > 0:31:57Ground floor has great size bedrooms, lovely en-suites, wet room,
0:31:57 > 0:31:59a really nice finish, family bathroom
0:31:59 > 0:32:02and the addition of a utility room.
0:32:02 > 0:32:07Sounds like a big thumbs-up from the experts. But has it proved a good investment?
0:32:07 > 0:32:13Jim and Verian's overall spend will be around £307,000
0:32:13 > 0:32:16which includes the extra bit of land they purchased.
0:32:16 > 0:32:19What could it fetch if they wanted to sell it?
0:32:19 > 0:32:24In today's market, I would place the property for sale at £325,000.
0:32:24 > 0:32:29The re-sale value for this property would be between 300 and £325,000.
0:32:29 > 0:32:32We're happy with that valuation. That's fair.
0:32:32 > 0:32:35It takes about six months to a year to sell a place here,
0:32:35 > 0:32:38so no rush. The market might have gone up by then.
0:32:38 > 0:32:41We're happy living here for a few years yet!
0:32:41 > 0:32:46So there's a potential pre-tax profit just short of 20 grand to be made here.
0:32:46 > 0:32:50But what Jim, Verian, George and baby Max have definitely gained
0:32:50 > 0:32:52is a really wonderful home.
0:32:52 > 0:32:55Despite their little disagreement at the start,
0:32:55 > 0:32:58the whole family have certainly come out winners.
0:32:58 > 0:33:02Now that he's renovated it and turned it into a lovely family home,
0:33:02 > 0:33:04I have to eat my words slightly.
0:33:04 > 0:33:10- But I do want to deprive him of the opportunity of saying...- I accept your apology!- ..I told you so!
0:33:10 > 0:33:13But we're both very happy with how it turned out.
0:33:17 > 0:33:21Today I'm in Ashton-under-Lyne, Greater Manchester.
0:33:21 > 0:33:25Prices here are cheaper than the centre of town, but it's a great place to live.
0:33:25 > 0:33:30Brilliant primary school there, and this is the property I'm here to see.
0:33:30 > 0:33:33End-of-terrace, four bedrooms, which is quite unusual,
0:33:33 > 0:33:35guide price 75,000 quid.
0:33:35 > 0:33:37Let's take a look.
0:33:37 > 0:33:41Straightaway, the fact that this property is an end terrace
0:33:41 > 0:33:44is a real plus because of the driveway.
0:33:44 > 0:33:48That can add a nice little five grand onto its asking price.
0:33:48 > 0:33:50Any more bonuses inside?
0:33:50 > 0:33:54So, a fairly standard terrace? Well, you'd think so.
0:33:54 > 0:33:56But absolutely not.
0:33:56 > 0:34:01It's like you've got a terrace here, then you've got a triangular bit stuck on the side.
0:34:01 > 0:34:03Never seen anything like that.
0:34:03 > 0:34:06But it does give a lot of space.
0:34:06 > 0:34:09A lot of space in this entrance area to hang coats, put a bike,
0:34:09 > 0:34:12and a lot of space in the rest of the house.
0:34:12 > 0:34:16A very large living room there, and then through to the rear.
0:34:16 > 0:34:20Where you've got another really large room.
0:34:20 > 0:34:22A rear sitting room area.
0:34:22 > 0:34:25Even with a huge sofa in, you can see how much space you've got.
0:34:25 > 0:34:27The kitchen, a very strange shape.
0:34:27 > 0:34:32Patio doors out to the garden. All in all, it's a lot of property!
0:34:33 > 0:34:36This property really does feel very spacious,
0:34:36 > 0:34:39if a little unusual in its dimensions.
0:34:39 > 0:34:43It seems as though it continues this trend upstairs.
0:34:44 > 0:34:49Upstairs and it does feel very strange, because it's like walking up on an angle.
0:34:49 > 0:34:57But what do we find? A smallish bathroom. I'd increase the size of that if I could.
0:34:57 > 0:34:59But on the plus side, a massive great landing.
0:34:59 > 0:35:04Lots of space, but possibly a waste of space, if you like.
0:35:04 > 0:35:06Stretching off it, four bedrooms,
0:35:06 > 0:35:08all reasonable size,
0:35:08 > 0:35:12but there could be scope for reconfiguring here, even going into the loft.
0:35:12 > 0:35:15Trying to make more of this.
0:35:15 > 0:35:18But all in all, you come here expecting a little terrace,
0:35:18 > 0:35:20and you've got a bit of a mansion, really!
0:35:20 > 0:35:25# The mansion I own
0:35:26 > 0:35:29# Has captured your heart. #
0:35:31 > 0:35:34So a large house with a fair-sized plot around it to boot.
0:35:34 > 0:35:39But in the garden, I have a seed of doubt in my mind.
0:35:39 > 0:35:42Well, the rear of the property could certainly do with a lick of paint.
0:35:42 > 0:35:47What you've got is this paved area and then this bit of grass.
0:35:47 > 0:35:50Now, the interesting thing about this bit of grass
0:35:50 > 0:35:53is that you don't actually own it.
0:35:53 > 0:35:56The council do. You have to pay a ground rent of £100 per year.
0:35:56 > 0:35:58Not too much of an issue in its own right,
0:35:58 > 0:36:01however, if somebody else owns it,
0:36:01 > 0:36:04then you never know quite what they might do with it.
0:36:06 > 0:36:09To get to the root of this issue and find out more,
0:36:09 > 0:36:13we asked a local estate agent for his thoughts on this four-bed house
0:36:13 > 0:36:16that had an auction guide price of £75,000.
0:36:16 > 0:36:20There's obviously a bit of a niche with this property.
0:36:20 > 0:36:23With it being a terraced property with four bedrooms,
0:36:23 > 0:36:26it's not your typical terraced house.
0:36:26 > 0:36:30The garden area at the rear, part of it is owned by the local authority.
0:36:30 > 0:36:34It's let back to the owner/occupier
0:36:34 > 0:36:36or a short-haul tenancy basis.
0:36:36 > 0:36:41They are usually flexible with any new owner/occupier
0:36:41 > 0:36:43retaining the rights over it.
0:36:43 > 0:36:48And the ground rents are fairly nominal and not too onerous.
0:36:48 > 0:36:51How do the numbers stack up?
0:36:51 > 0:36:54How much could it achieve if rented out?
0:36:54 > 0:37:01For rental purposes, I'd expect to achieve approximately 550 to £600 per calendar month.
0:37:02 > 0:37:06And once renovated, what could it sell for?
0:37:06 > 0:37:11I'd expect this property to achieve about 120 to £125,000.
0:37:11 > 0:37:15So, a substantial house for not a substantial amount of money.
0:37:15 > 0:37:18Let's see who fancied it when it went under the hammer.
0:37:24 > 0:37:29Guide price 75,000. I've got a bid here of 75,000 already. At 75,000.
0:37:29 > 0:37:31I have 76 in the room.
0:37:31 > 0:37:3277.
0:37:32 > 0:37:3577,000 on the phone. Do I see 78?
0:37:36 > 0:37:3978,000. 79 it's against.
0:37:39 > 0:37:4079 I have. Do I see 80?
0:37:40 > 0:37:44At 80,000 I have. 80,000 bid. 81?
0:37:44 > 0:37:4582.
0:37:45 > 0:37:4783.
0:37:47 > 0:37:49At 84. At 84,000, then.
0:37:49 > 0:37:5185, if you want to come in on the phone.
0:37:51 > 0:37:5485. He's in. At 85. 86?
0:37:54 > 0:37:56At 86,000.
0:37:56 > 0:37:58No? At 85,000 he's in on the phone.
0:37:58 > 0:38:00At 85,000 for the first time.
0:38:00 > 0:38:03At 85,000 for the second time. Are we all done?
0:38:03 > 0:38:05At £85,000.
0:38:06 > 0:38:09Too late. Sorry. 85,000.
0:38:09 > 0:38:11The successful bid of 85,000
0:38:11 > 0:38:15was made on the phone by Andrew, who lives locally.
0:38:15 > 0:38:18He's a sales manager, and, along with his partner, Cheryl,
0:38:18 > 0:38:20and three-year-old daughter Abigail
0:38:20 > 0:38:23they bought the property as their family home.
0:38:23 > 0:38:27I met him at the house to find out more.
0:38:27 > 0:38:29- Congratulations. - Thank you.- Well done.
0:38:29 > 0:38:31Why did you want to buy the house?
0:38:31 > 0:38:35I first saw the property in January, February time this year.
0:38:35 > 0:38:41It was up for 110. I came to view it, and looking at what needed doing, it put me off.
0:38:41 > 0:38:46So I continued looking round the area, looked at over a dozen properties,
0:38:46 > 0:38:49and we found one we thought we were going to buy,
0:38:49 > 0:38:55but it was down-valued a couple of weeks before exchange of contracts and we couldn't agree a price.
0:38:55 > 0:39:01So we went back to the drawing board and I typed in the wrong number when I was looking online,
0:39:01 > 0:39:05and was starting off looking at four-beds at 150-plus
0:39:05 > 0:39:09and I typed 50 and I saw this come up at 75 at auction.
0:39:09 > 0:39:13So that's how I ended up getting into looking at this property.
0:39:14 > 0:39:17Unfortunately, the auction was while I was on holiday.
0:39:17 > 0:39:24So with very little time to spare, I contacted the estate agents and sorted out a telephone bid.
0:39:24 > 0:39:29- Blimey!- After one or two conversations and arm-twisting,
0:39:29 > 0:39:32I managed to get Cheryl to agree to go for it!
0:39:32 > 0:39:37- Why did she need arm-twisting? - Because the place we thought we were going to get
0:39:37 > 0:39:39was twice the size of this place.
0:39:39 > 0:39:45It's a compromise, but for the next five years, once it's done, it'll suit us and our family needs.
0:39:47 > 0:39:50So, what about those rather unusual dimensions here?
0:39:50 > 0:39:53It's kind of like a terrace-and-a-half.
0:39:53 > 0:39:58It's one of the things that appealed because looking at the kitchen,
0:39:58 > 0:40:01and the shape of some of the bedrooms,
0:40:01 > 0:40:04it means we can do something different with it
0:40:04 > 0:40:06and make it bespoke and unique.
0:40:06 > 0:40:11- Tell me what you're going to do. - Pretty much every room will be gutted.
0:40:11 > 0:40:12It will all be ripped out.
0:40:12 > 0:40:19There'll be a brand new fitted kitchen, the room there will be a dining room,
0:40:19 > 0:40:24I've got people coming on Saturday to tell me if we can build up into the attic.
0:40:24 > 0:40:27It's currently four bedrooms.
0:40:27 > 0:40:32But that's going to change into three with the back two bedrooms being made into one
0:40:32 > 0:40:35with a walk-in wet room area.
0:40:35 > 0:40:41And the current bathroom and separate toilet will be knocked through to make one bathroom.
0:40:41 > 0:40:45Right. What about the landing upstairs? It gives a great feeling of space,
0:40:45 > 0:40:48- but it's kind of a waste of space. - Yes, it is.
0:40:48 > 0:40:51That's another area which...
0:40:51 > 0:40:56I'm doing the labouring. I'm not the expert, so I'm waiting for the people that know what they're doing
0:40:56 > 0:41:00to have a look at that because if I can do something in the attic,
0:41:00 > 0:41:05that area can lend itself to putting stairs in and make the house bigger again.
0:41:07 > 0:41:11Sounds as though Andrew has all the right ideas and is willing to work hard.
0:41:11 > 0:41:14But not everything is in his hands.
0:41:14 > 0:41:18Is he concerned about the issue of not owning the rear half of the garden?
0:41:18 > 0:41:24It's a little worrying, but it won't stop me developing it and making it a nice garden.
0:41:24 > 0:41:30One of the reasons we like it is the grassed area where we can have a play area for Abigail.
0:41:30 > 0:41:35So I'll be keen to get it sorted out as quickly as possible.
0:41:37 > 0:41:41It's a bit of a worry until they can secure the purchase of that land.
0:41:41 > 0:41:44With Cheryl already having reservations,
0:41:44 > 0:41:47how did Andrew convince her this property was the one?
0:41:49 > 0:41:55I've agreed that Cheryl will be the one in charge of what comes in, and the style and colours,
0:41:55 > 0:41:58and the kitchen and bathroom, and everything, really.
0:41:58 > 0:42:01I'm just the hired hand ripping things out!
0:42:01 > 0:42:03What's the timescale for the work?
0:42:03 > 0:42:08Three to four months. I'll be doing the basic work myself.
0:42:08 > 0:42:12Evenings and weekends and using my own annual leave.
0:42:12 > 0:42:17I'll take time off work to get it done. That'll keep costs down.
0:42:17 > 0:42:20For the technical stuff, rewiring, plumbing, electrical,
0:42:20 > 0:42:25kitchen, bathroom fitting et cetera, I have good contacts who I've used before.
0:42:25 > 0:42:30- I'll try to keep a handle on costs and hope it's finished in four months.- What are the costs?
0:42:30 > 0:42:33I've budgeted £20,000 for the property.
0:42:33 > 0:42:38If it takes more, there's resources there to do that as well.
0:42:38 > 0:42:43- Well done. Congratulations. - Thank you.- I hope it's a lovely family home for you.- Thank you.
0:42:44 > 0:42:48Andrew seems delighted about his new purchase,
0:42:48 > 0:42:52although I'm not so sure about what partner Cheryl thinks.
0:42:52 > 0:42:57Will she grow to love it, and will that area of grass prove to be a problem?
0:42:57 > 0:42:59You can find out later in the show.
0:43:02 > 0:43:07They've bought the property, ordered the paint, bathroom suite and are ready to rock'n'roll.
0:43:07 > 0:43:12- But have they got five-star reviews or the thumbs-down? - Let's go back and find out.
0:43:15 > 0:43:18Time to return to fashionable Notting Hill in west London.
0:43:18 > 0:43:24Earlier in the programme, Colin had bought a studio flat in the attic of this imposing building
0:43:24 > 0:43:26for 252,000.
0:43:28 > 0:43:31But the tiny flat needed a total refurbishment.
0:43:33 > 0:43:37Colin had run his own bathroom retail business for 11 years,
0:43:37 > 0:43:39but had been forced to close it.
0:43:39 > 0:43:43So he was hoping that property development would be his future.
0:43:43 > 0:43:48- What can you do with this tiny flat? - I can make it a lot bigger.
0:43:48 > 0:43:53One thing about this property is the walls either side sail over the roof.
0:43:53 > 0:43:59I can make it a lot wider by building between them without too much extra work.
0:44:00 > 0:44:04Four and a half months have passed and we've returned to see how he got on.
0:44:06 > 0:44:09From the outside, things don't look too different.
0:44:12 > 0:44:16It seems as though Colin wasn't able to stick to his original plan
0:44:16 > 0:44:18of extending the roof space.
0:44:22 > 0:44:26But inside, he has completely transformed the place.
0:44:26 > 0:44:29Despite being refused permission to convert the roof,
0:44:29 > 0:44:32he's still managed to alter the layout,
0:44:32 > 0:44:35turning it from a studio into a one-bedroom flat.
0:44:39 > 0:44:44The front of the former living area has been divided into two
0:44:44 > 0:44:47creating a luxury galley kitchen on one side.
0:44:51 > 0:44:55The other side of the divide has been combined with the former kitchen
0:44:55 > 0:44:57and now makes the bedroom.
0:45:00 > 0:45:03The rest of the living space at the back of the flat has been opened up.
0:45:06 > 0:45:10And the bathroom's been transformed into a wet room.
0:45:12 > 0:45:15It has a new skylight and luxury fittings.
0:45:15 > 0:45:17Very classy!
0:45:19 > 0:45:23Because he was refused planning permission to extend,
0:45:23 > 0:45:27Colin had to be creative about how he used the space in this renovation.
0:45:27 > 0:45:31As you come into the flat from the stairs,
0:45:31 > 0:45:35one of the things I thought was most imposing was the wall that was here
0:45:35 > 0:45:37and the door that went across here.
0:45:37 > 0:45:39So I took that out
0:45:39 > 0:45:43and brought this whole space into the hall area,
0:45:43 > 0:45:46which I think makes it feel a lot bigger.
0:45:46 > 0:45:50I've also curved this wall here behind me.
0:45:50 > 0:45:56Over here, I've removed this wall here over a little bit
0:45:56 > 0:46:00to make the kitchen narrower and make the bedroom bigger.
0:46:00 > 0:46:06Coming into the kitchen, one thing I thought would help in a very narrow space was this oven.
0:46:06 > 0:46:09When you pull it down flat, the door tucks away. It's great,
0:46:09 > 0:46:12particularly in a very tight space.
0:46:12 > 0:46:17The flat's been rewired and the plumbing's been replaced.
0:46:17 > 0:46:19Colin's done the vast majority of work himself
0:46:19 > 0:46:22but who else has helped?
0:46:22 > 0:46:25I used an electrician who I'm related to.
0:46:25 > 0:46:29My cousin, he helped out for most of the job. We both did decorating.
0:46:29 > 0:46:34I had a carpenter for six of the ten weeks we were here.
0:46:34 > 0:46:37Other than that, just plasterers.
0:46:37 > 0:46:42With it being a top floor flat, getting materials in and out wasn't easy.
0:46:42 > 0:46:45But judging by the finish, it's been well worth the effort.
0:46:45 > 0:46:48In the eaves here, normally a dead space,
0:46:48 > 0:46:53I've put these sliding cupboards into that space.
0:46:53 > 0:46:56They're the same on both sides.
0:46:56 > 0:46:58There's a drawer in the top here.
0:46:58 > 0:47:01There's a bit of storage in the top here,
0:47:01 > 0:47:07but also a rail in the middle for hanging your clothes underneath there.
0:47:07 > 0:47:10So that's the idea.
0:47:11 > 0:47:15As space was at a premium, Colin used a frameless shower door in the bathroom
0:47:15 > 0:47:17and a wall-hung loo and basin.
0:47:18 > 0:47:22They keep the floor clear, adding to the feeling of space.
0:47:22 > 0:47:25But how much has he had to spend?
0:47:25 > 0:47:27I'd planned to spend around 60,000.
0:47:27 > 0:47:29That was with a new roof.
0:47:29 > 0:47:33I think my budget, in terms of the build cost, is coming in at about 35.
0:47:33 > 0:47:36I would have spent about 20 to 25 on the roof,
0:47:36 > 0:47:40so the numbers have pretty much come up to expectations.
0:47:40 > 0:47:44But Colin did have to arrange some more expensive short-term finance
0:47:44 > 0:47:48to complete on the flat as the original loan fell through.
0:47:50 > 0:47:53What effect did that have on the numbers?
0:47:53 > 0:47:57It's probably easier for me to think in terms of how much I've spent altogether
0:47:57 > 0:48:02including purchase price, stamp duty, solicitors' fees, et cetera.
0:48:02 > 0:48:06I would say the flat owes me about £315,000.
0:48:06 > 0:48:10So whatever I can get for it after that would be my margin.
0:48:10 > 0:48:14Time to get some valuations and professional verdicts
0:48:14 > 0:48:17from two local estate agents.
0:48:18 > 0:48:21I like what they've done with the storage.
0:48:21 > 0:48:24They've put time and thought into it and it's come out well.
0:48:24 > 0:48:29To create that extra space, with the hanging being so low level, they've done well.
0:48:29 > 0:48:31There's not a lot of space to work with.
0:48:31 > 0:48:35But by removing corridors and opening the space up,
0:48:35 > 0:48:38you're getting the most out of the space that's there.
0:48:38 > 0:48:42They've done a good job on the bathroom, with the natural light.
0:48:42 > 0:48:47By raising the loo and the basin, it creates a feeling of bigger floor space.
0:48:47 > 0:48:54The kitchen is designed to a high standard. They've got it all in, despite the limited space.
0:48:54 > 0:48:59How much is the flat now worth? Colin paid 252,000 at auction.
0:48:59 > 0:49:05Taking his outlay into account, he needs over 315,000 to show a profit.
0:49:05 > 0:49:11I'd anticipate being able to achieve around 380,000 for the sale of this property.
0:49:11 > 0:49:17I would expect the property to achieve something in the region of 400,000.
0:49:17 > 0:49:20That valuation range would produce a gross profit
0:49:20 > 0:49:24of between 65 and £85,000.
0:49:24 > 0:49:29380 to 400 is better than I would have thought.
0:49:29 > 0:49:32Either one would be quite good! I'm quite happy with that.
0:49:32 > 0:49:34You have to admire Colin's attitude.
0:49:34 > 0:49:38Having lost his bathroom retail business after 11 years,
0:49:38 > 0:49:40he's certainly picked himself up.
0:49:40 > 0:49:44And judging from this, it looks like this could be a springboard for the future.
0:49:44 > 0:49:47It's definitely been worth it.
0:49:47 > 0:49:49More than worth it.
0:49:49 > 0:49:52Money aside, I've enjoyed it. It's been a great experience.
0:49:52 > 0:49:57But the numbers you've just given me make it even better. I'm very pleased.
0:50:00 > 0:50:03We're back in Ashton-under-Lyne in Greater Manchester
0:50:03 > 0:50:08where this four-bed end-terrace sold at auction for 85,000.
0:50:08 > 0:50:11Sales manager Andrew bought it
0:50:11 > 0:50:17hoping to turn it into a new family home for himself, his partner Cheryl, and daughter Abigail.
0:50:17 > 0:50:22It appears luck played a hand in them even finding out about this auction lot.
0:50:22 > 0:50:25I typed in the wrong number
0:50:25 > 0:50:26when I was looking online.
0:50:26 > 0:50:31I was looking at four-beds at 150-plus,
0:50:31 > 0:50:34and I typed 50. And I saw this come up at 75 at auction.
0:50:34 > 0:50:39When they bought it, Cheryl needed a bit of convincing that this was the right house for them.
0:50:39 > 0:50:43So I wonder if this refurbishment has changed her mind.
0:50:43 > 0:50:46We're back five months later to see how they've got on.
0:50:50 > 0:50:53The hallway downstairs was a bit gloomy and tired
0:50:53 > 0:50:56but it now looks fresh and inviting.
0:50:56 > 0:50:59Andrew has created a doorway to the kitchen
0:50:59 > 0:51:02and installed a new banister on the staircase.
0:51:02 > 0:51:06He's made much more of this space, and it's a great improvement.
0:51:06 > 0:51:09The front sitting room has been turned into the dining room
0:51:09 > 0:51:12and with fresh paint and new wooden floors,
0:51:12 > 0:51:15it should be a great room to enjoy a dinner party.
0:51:16 > 0:51:19The sitting room needed brightening up
0:51:19 > 0:51:24and now, thanks to some light, white walls, new wooden floors and stylish furniture,
0:51:24 > 0:51:26this is a lovely relaxing space.
0:51:28 > 0:51:30The kitchen has been totally modernised.
0:51:30 > 0:51:36The units have been replaced and there's a breakfast bar and huge fridge-freezer.
0:51:36 > 0:51:40But that quirky and awkward shape can't have been easy to work around.
0:51:40 > 0:51:43This part of the kitchen was shaped like a 20p piece!
0:51:43 > 0:51:47I've tried to retain as much of that as I could
0:51:47 > 0:51:50but it did cause some real problems in fitting the kitchen.
0:51:50 > 0:51:55In particular, I wanted to make sure we had room for a range cooker and large fridge-freezer
0:51:55 > 0:51:59and the breakfast bar area for weekday evening meals
0:51:59 > 0:52:03and the plumbing for a built-in washing machine and dishwasher.
0:52:03 > 0:52:08Up the stairs to the first floor and it's like a different house!
0:52:09 > 0:52:13Sparkling white walls and new carpeting throughout.
0:52:13 > 0:52:17This landing used to be a rather wasted area.
0:52:17 > 0:52:20But Andrew has used the space cleverly
0:52:20 > 0:52:23by creating a staircase up into a converted loft area.
0:52:23 > 0:52:26This is now his very own office and sports room
0:52:26 > 0:52:30where he can relax in peace and watch the footie!
0:52:30 > 0:52:34Back to the first floor and the space has been totally reworked.
0:52:34 > 0:52:38The separate toilet and bathroom set-up has been cleverly altered.
0:52:38 > 0:52:43The bathroom now has a new suite including a toilet and luxury roll-top bath.
0:52:46 > 0:52:51The separate toilet has been incorporated into the newly-created master bedroom.
0:52:51 > 0:52:57That was previously two smaller bedrooms which have now been knocked into one.
0:52:57 > 0:53:03Originally this room was two rooms. There was a partition from the middle of that window
0:53:03 > 0:53:05that came across with an entrance to this room
0:53:05 > 0:53:07and an entrance in that wall there.
0:53:07 > 0:53:13So we blocked off one of the doorways, knocked it all down, and made it into one main room.
0:53:13 > 0:53:19We put this doorway in that wasn't here. There was a doorway to a single toilet that we blocked off
0:53:19 > 0:53:23and built an en-suite wet room into that room.
0:53:26 > 0:53:31One of the other bedrooms has been decorated with new carpets and white walls.
0:53:31 > 0:53:33And this bedroom has been transformed
0:53:33 > 0:53:36into the perfect little girl's room for Abigail.
0:53:38 > 0:53:42Outside, the garden has been completely cleared
0:53:42 > 0:53:44with new fence panels erected,
0:53:44 > 0:53:47making it a safe and spacious place for Abigail to play.
0:53:48 > 0:53:51The back of the house has been repainted
0:53:51 > 0:53:53and the entire roof has been replaced.
0:53:57 > 0:54:01Andrew had originally intended to do most of the renovations himself,
0:54:01 > 0:54:05but his job has recently required him to be away from home a fair bit,
0:54:05 > 0:54:06so what impact did that have?
0:54:06 > 0:54:11My original plan was to be working here in the evenings after work.
0:54:11 > 0:54:16That delayed things slightly so I've had to pay more out for labour.
0:54:16 > 0:54:21But what I have been doing when I've been back is working here at weekends and evenings.
0:54:21 > 0:54:25So it's been a struggle but we got there in the end!
0:54:25 > 0:54:27It may have been a struggle
0:54:27 > 0:54:30but he really has transformed the property.
0:54:30 > 0:54:34What about that potentially thorny issue of the plot of land at the back
0:54:34 > 0:54:36which Andrew doesn't own?
0:54:37 > 0:54:42I've been in touch with the local housing association that own part of the rear land.
0:54:42 > 0:54:45They aren't willing to sell me the land at present.
0:54:45 > 0:54:49However, it still stays within the current boundary that I've got
0:54:49 > 0:54:50and is paid on a ground rent.
0:54:50 > 0:54:54Andrew pays £100 a year ground rent to the council
0:54:54 > 0:54:59which doesn't seem too high a price to pay for more green space.
0:54:59 > 0:55:04He's since found out that there are no future plans to develop the land
0:55:04 > 0:55:06so there's nothing to worry about.
0:55:06 > 0:55:10But what about the budget? Did he manage to stick to it?
0:55:10 > 0:55:12Originally, I'd planned to spend 20,000.
0:55:12 > 0:55:16Due to additions like replacing the roof
0:55:16 > 0:55:19and because I'm going to be living here myself,
0:55:19 > 0:55:24I decided to go a bit extra on some items and I've ended up spending 32,000.
0:55:24 > 0:55:29Andrew and Cheryl paid £85,000 for the property at auction
0:55:29 > 0:55:33and spent a further 32,000 on the renovation
0:55:33 > 0:55:35plus £3,000 on fees and expenses.
0:55:35 > 0:55:39That makes a total outlay of £120,000.
0:55:43 > 0:55:47We asked two local property experts for their opinions.
0:55:47 > 0:55:51There's been a massive change to this property, structurally, cosmetically.
0:55:51 > 0:55:53A huge improvement.
0:55:53 > 0:55:58Right the way through, a good final finish. A world away from when I saw it first time.
0:55:58 > 0:56:00Absolutely gorgeous interior.
0:56:00 > 0:56:03It really does impress from the minute you walk in.
0:56:03 > 0:56:07The kitchen is stunning. All the way through a high standard of refurb.
0:56:07 > 0:56:12If they did decide to sell the property, how much could they expect to get for it?
0:56:12 > 0:56:17If I put this on the market I'd be looking at £135,000.
0:56:17 > 0:56:20Today I'd market this at £130,000.
0:56:20 > 0:56:25So that valuation range between 130 and 135,000
0:56:25 > 0:56:29would give Andrew and Cheryl a possible pre-tax profit
0:56:29 > 0:56:34of between ten and £15,000 minus the usual selling expenses of course.
0:56:34 > 0:56:36I think that's pretty reasonable
0:56:36 > 0:56:38considering what I've spent on it
0:56:38 > 0:56:40and the amount I bought it for.
0:56:40 > 0:56:45That's a bit of profit. That wasn't the main aim of the project.
0:56:45 > 0:56:46It was to give a family home.
0:56:46 > 0:56:51But it's good to know I've retained the investment I put into the property. I'm pleased.
0:56:53 > 0:56:56That's all the auction action for today.
0:56:56 > 0:57:00Join us next time for more budding bidders on Homes Under The Hammer.
0:57:00 > 0:57:02- See you then.- Bye.- Bye.
0:57:23 > 0:57:26Subtitles by Red Bee Media Ltd