0:00:02 > 0:00:07Hello. Whether you want an investment property or a dream home, auctions could be for you.
0:00:07 > 0:00:13In these challenging times, there are still bargains if you avoid the pitfalls.
0:00:13 > 0:00:17So join us now and we'll show you the ropes.
0:00:41 > 0:00:45A wave of a catalogue, a nod of the head or a wink of the eye -
0:00:45 > 0:00:48it doesn't matter how you bid to get the auctioneer's attention.
0:00:48 > 0:00:55Today, hopefully, we'll be meeting some buyers who did just that. Let's see what caught their eye.
0:00:56 > 0:01:01'This former pub in Salisbury has so many rooms you need a clear head to find them.'
0:01:01 > 0:01:05I shall do my best to introduce you to the property.
0:01:06 > 0:01:11'This mid-terrace in Kent is full of original features, but there's a problem.'
0:01:11 > 0:01:15It's in a right old state, but I really, really like it.
0:01:16 > 0:01:22'And in Derby, there are three floors in this house that gets better the higher you go.'
0:01:22 > 0:01:26Now that's a surprise. What a great view.
0:01:27 > 0:01:32All these properties went to auction and we'll find out who bought them
0:01:32 > 0:01:36and what they paid for them when they went under the hammer.
0:01:38 > 0:01:46I'm in the medieval city of Salisbury in Wiltshire, known as "the city in the countryside".
0:01:46 > 0:01:52Visible from miles around is the cathedral, which has the country's tallest spire
0:01:52 > 0:01:58and claims to house the world's oldest working clock. Time I went to find today's property.
0:01:58 > 0:02:03The property I am here to see is two minutes' walk from the city centre.
0:02:03 > 0:02:08Admittedly, on the other side of the bypass, but no matter.
0:02:08 > 0:02:12Built over 500 years ago, it was a former pub.
0:02:12 > 0:02:20Looks pretty impressive from the outside. Well, it needs tarting up, but look at that roof. Fantastic.
0:02:20 > 0:02:27They had a guide price of £150,000. Big question - is it last orders for this place or an extended licence?
0:02:27 > 0:02:30# We're going down the pub
0:02:32 > 0:02:37# We're going down the pub... #
0:02:37 > 0:02:43And the really good news is that it comes complete with detailed planning permission
0:02:43 > 0:02:48to convert it into four separate dwellings. It's in three sections.
0:02:48 > 0:02:52Behind the pub is a larger building that was presumably accommodation.
0:02:52 > 0:02:56Plus there's a separate coach house.
0:02:56 > 0:02:58So what's the inside got to offer?
0:02:58 > 0:03:03So what have we got? Straight away, I see it's a bit of a rabbit warren.
0:03:03 > 0:03:07I shall do my best to introduce you to the property and its potential.
0:03:07 > 0:03:14What have we got here? A kitchen area there, stairs up to one of the higgledy-piggledy bits there.
0:03:14 > 0:03:18Then through to what was the main bar area.
0:03:18 > 0:03:24It's always a bit strange coming in to places like this with no punters, no beer, no roaring log fire.
0:03:24 > 0:03:30But anyway, it's certainly got character - the low beams and things like that fireplace.
0:03:30 > 0:03:34I bet that has an inglenook for sure. Absolutely glorious.
0:03:34 > 0:03:39A lot of work to do straight away, but you have got planning permission
0:03:39 > 0:03:46and that is very interesting, but I can see straight away - it's going to be a lot of work.
0:03:46 > 0:03:53'This place is huge. The pub has two bar areas plus the kitchen we saw to start with.
0:03:53 > 0:03:59'Upstairs there are several bedrooms and numerous passageways linking the two buildings.
0:03:59 > 0:04:02'All the rooms have issues of some kind or another.
0:04:09 > 0:04:16'There are wash basins and plumbing in some rooms. It's not going to be easy to divide into separate units.
0:04:17 > 0:04:22'But it's looking well worth that guide price of £150,000.'
0:04:22 > 0:04:27So how would you go about maximising the investment potential?
0:04:27 > 0:04:33Well, a lot of the work has already been done. Plans have been passed for converting the whole place
0:04:33 > 0:04:41into separate units. Basically, three flats in this bit and the coach house as a separate unit.
0:04:41 > 0:04:48The proposed plans have made the most of the higgledy-piggledy layout of this character property,
0:04:48 > 0:04:52but I'd have liked to have seen a more simplified layout
0:04:52 > 0:04:57as there could be problems with the freeholds of one property over another.
0:04:57 > 0:05:03But the good news is the plans have been passed, so the principle of converting the place into flats
0:05:03 > 0:05:10has been agreed. Let's just clarify what was on offer for the guide price of £150,000.
0:05:10 > 0:05:16The plans at the moment are for three flats in the two main buildings. The rear coach house,
0:05:16 > 0:05:22which we can't get into at the moment, would be a separate dwelling, so plenty of property
0:05:22 > 0:05:26but no outdoor space on offer. Will it be worth it?
0:05:29 > 0:05:35Let's do the maths. What kind of potential profit is there for a spirited investor?
0:05:35 > 0:05:39Well, let's say you get this for the guide price of £150,000.
0:05:39 > 0:05:43You build two two-bedroom flats and one one-bedroom flat
0:05:43 > 0:05:46and that separate unit a two-bedroom house.
0:05:46 > 0:05:52Build cost, around £70,000-£80,000 per unit, so you're in this for a total of around £470,000.
0:05:52 > 0:05:58Two-bedroom flats round here sell for £150,000-£200,000, a one-bedroom about 130,
0:05:58 > 0:06:06and the separate unit about 200, so there's a potential end sale value of £650,000-£700,000.
0:06:06 > 0:06:13Take off your initial £470,000 investment and there's at least 200 grand in this.
0:06:13 > 0:06:17Hmm, worth doing. The drinks would be on you.
0:06:17 > 0:06:23Time to find out what a local estate agent thinks of the opportunity here for this former pub
0:06:23 > 0:06:29built over 500 years ago. The property is listed, so how much of an issue will that be
0:06:29 > 0:06:31for renovation and conversion?
0:06:33 > 0:06:39It'll be a lot more expensive to convert because the Listed Building Officer for Salisbury Council
0:06:39 > 0:06:43has insisted on parts of the building remaining intact.
0:06:43 > 0:06:49There are fireplaces, walls which have to remain the same, timbers which have to be protected.
0:06:49 > 0:06:53How much might it cost to convert the property?
0:06:53 > 0:06:59In my opinion, the cost to convert it will be in the region of £250,000-£300,000.
0:06:59 > 0:07:06With a 500-year-old listed building, inevitably, the restoration and rebuilding costs
0:07:06 > 0:07:11could escalate, but it's the potential profit that's got me excited.
0:07:11 > 0:07:18Well, not a five-minute job to sort this one out, but the hard has been done in terms of planning permission
0:07:18 > 0:07:23and get the figures right and there's a lot of money to be made.
0:07:23 > 0:07:28So let's see who bought the old pub. Let's go to the auction.
0:07:28 > 0:07:30Lot 18.
0:07:30 > 0:07:35Grade 2-listed public house. Our guide is £150,000.
0:07:35 > 0:07:37Put me straight in at 150?
0:07:37 > 0:07:41150, right at the back. 155 on the aisle. 160.
0:07:41 > 0:07:44165, by the door.
0:07:44 > 0:07:46165. 170.
0:07:46 > 0:07:48In green. 170.
0:07:48 > 0:07:51175. Fresh bidding at the front.
0:07:51 > 0:07:55180 in green. 182. 184. 186.
0:07:55 > 0:07:58188. I took him on the aisle.
0:07:58 > 0:08:00190. 190. 2.
0:08:00 > 0:08:02192. 194.
0:08:02 > 0:08:05196 in green. By the door.
0:08:05 > 0:08:08198. 200 in red. Fresh bidding.
0:08:08 > 0:08:11202. 204.
0:08:11 > 0:08:16At 204. 206. In brown, 206. 8.
0:08:16 > 0:08:17208. 210.
0:08:17 > 0:08:20210. 212.
0:08:20 > 0:08:23214. In the aisle at 214.
0:08:23 > 0:08:2516 in red. At 216.
0:08:25 > 0:08:29218. 218. 220.
0:08:29 > 0:08:31At 220. 222.
0:08:31 > 0:08:34224. 224.
0:08:34 > 0:08:36226. 228.
0:08:36 > 0:08:39228. 230.
0:08:39 > 0:08:45232, sir? 232. I'll take one if it helps, sir. 233, on the aisle.
0:08:45 > 0:08:48234. 235.
0:08:48 > 0:08:51On the aisle at 235,000.
0:08:51 > 0:08:56236, sir? 236. For the first time, then. At... 237.
0:08:56 > 0:08:59237. 237.
0:08:59 > 0:09:01238. 238.
0:09:01 > 0:09:05At 238,000, standing tall.
0:09:05 > 0:09:07239. 239.
0:09:07 > 0:09:09240.
0:09:09 > 0:09:15240. First time at 240. For the second time at 240.
0:09:16 > 0:09:19Third and last time, then, at 240.
0:09:19 > 0:09:21Congratulations in red.
0:09:21 > 0:09:26The new owners of the former inn are Jim and his wife Pam.
0:09:26 > 0:09:32They have six children between them, three of whom have come to see what they've bought.
0:09:32 > 0:09:37Pam's background is in business banking and Jim's a carpenter.
0:09:37 > 0:09:44They live on a farm and have two properties they rent out. I was keen to find out their plans.
0:09:44 > 0:09:48- Lovely to meet you both. Congratulations.- Thank you.
0:09:48 > 0:09:54- Got yourselves an old pub.- We have. - Tell me why you wanted it. - I'm a Salisbury boy.
0:09:54 > 0:09:56I'm a carpenter.
0:09:56 > 0:10:00I've worked on a number of old projects in Salisbury.
0:10:00 > 0:10:05Normally, clients buy old buildings that I'll do up for them.
0:10:05 > 0:10:09Pamela said to me, "Wake up, Jimbo. We could do this ourselves."
0:10:09 > 0:10:13Why were you so keen to push Jim into doing this for yourself?
0:10:13 > 0:10:19Well, probably because Jim's spent a long time doing this for other people.
0:10:19 > 0:10:25I said, "We've got a little bit of spare money. Let's try to do something for ourselves."
0:10:25 > 0:10:31So we started looking tentatively and this came up. Then it was like all systems go, really.
0:10:31 > 0:10:36- So we decided we'd go for it. - We didn't like the scheme presented,
0:10:36 > 0:10:41the design of the new units, so we met the Conservation Officer prior to the auction,
0:10:41 > 0:10:44had a meeting with the planners.
0:10:44 > 0:10:52We felt we could produce a better design and a better layout, more sympathetic to these buildings.
0:10:52 > 0:10:58We've presented a new scheme which doesn't split it up into flats.
0:10:58 > 0:11:00It keeps it in block buildings.
0:11:00 > 0:11:05So we are trying to retain the buildings as house units,
0:11:05 > 0:11:08rather than flats stacked above each other.
0:11:08 > 0:11:13Well, full marks for their homework. It sounds like they've done everything by the book
0:11:13 > 0:11:17and carefully calculated how to bring the old pub back to life.
0:11:17 > 0:11:25Jim has some colour-coded plans already drawn up, so I wanted to find out how he'd change the place.
0:11:25 > 0:11:30- Talk me through what we've got, starting with the blue one. - The standalone unit.
0:11:30 > 0:11:32This will be our last project.
0:11:32 > 0:11:38We'll do the orange, pink and green units, the front three, simultaneously.
0:11:38 > 0:11:41With the standalone unit being done last.
0:11:41 > 0:11:46Let's talk about the three, then, the green, pink and orange.
0:11:46 > 0:11:52- This is the tallest unit. The sitting room and above it some bedrooms.- Yes.- However,
0:11:52 > 0:11:58the end section of the building is on three levels - kitchen, study, dressing room.
0:11:58 > 0:12:02- The orange one is a bit more simple. Two storeys.- A one-bedroom unit.
0:12:02 > 0:12:06Finally, the pink unit where we are.
0:12:06 > 0:12:10- Yeah, we're standing here.- Bar and everything's going?- Unfortunately.
0:12:10 > 0:12:14- Fireplace?- It's staying. It's been here forever.
0:12:14 > 0:12:20- It seems to be utilising the space. - It will just make life much easier to block them.
0:12:20 > 0:12:23Instead of having flying freeholds and flats, it's four houses.
0:12:23 > 0:12:28It makes far more sense when we go to split the title.
0:12:28 > 0:12:32Especially for building regs as well, it makes life easier.
0:12:32 > 0:12:38'Pam's banking background will come in handy as she intends to monitor the figures as they go along.
0:12:38 > 0:12:45'She also looks after the finances of their 2.5 acre farm at home, where they keep chickens.
0:12:45 > 0:12:52'But before they can count their chickens with this pub, their planning has got to be approved.
0:12:52 > 0:12:56'They have funded the purchase from savings and borrowed money.'
0:12:57 > 0:13:04- Do you have any idea how much it is going to cost to do? - Yeah, we've done a forecast.
0:13:04 > 0:13:11We imagine that we've probably got to spend in the region of £250,000 on the four.
0:13:11 > 0:13:14We've got to be prepared to go over budget a little bit.
0:13:14 > 0:13:20- I don't think we will. I'll be doing a lot of the work myself. - So what will your involvement be?
0:13:20 > 0:13:25Lovely jobs like stripping the wallpaper. We'll all get involved.
0:13:25 > 0:13:32Jim's got two girls, I've got two boys and between us we have two boys, so we've got six,
0:13:32 > 0:13:35dare I say willing, helpers.
0:13:35 > 0:13:39It's going to be very much a family affair, I think, doing this up.
0:13:39 > 0:13:43# We're going down the pub... #
0:13:43 > 0:13:48So a big project ahead for Jim and Pam.
0:13:48 > 0:13:53I do like the plans they've come up with better than the originals.
0:13:53 > 0:13:59However, when it comes to restoring a place like this, there are going to be unforeseen problems.
0:13:59 > 0:14:02Will they chicken out before the end? You can find out later.
0:14:05 > 0:14:12For the next property that went to auction I've come to Maidstone, the country town of Kent,
0:14:12 > 0:14:14on the beautiful River Medway.
0:14:15 > 0:14:21I'm half an hour from Maidstone town centre and I'm here to see a three-bedroom mid-terrace property.
0:14:21 > 0:14:25It had a guide price of £95,000-£100,000.
0:14:25 > 0:14:30It's in this little cul-de-sac so there's no through traffic.
0:14:30 > 0:14:34But I've got to say it's not the prettiest outlook -
0:14:34 > 0:14:38this car park here, that tower block looming there.
0:14:38 > 0:14:41Not a good start.
0:14:42 > 0:14:47The views may not be attractive, but the terrace is quite pretty.
0:14:47 > 0:14:55I love the fact it's still got the original sash windows and they seem to be in reasonable condition.
0:14:57 > 0:15:03I really like the colour of this front door. I know you can't buy a house for that, but anyway...
0:15:03 > 0:15:08What do I think once I'm inside? It's not looking terribly good.
0:15:08 > 0:15:12It does pong a bit as well. Look at these old spindles.
0:15:12 > 0:15:18What if they were painted a nice modern colour scheme? It could look quite good.
0:15:18 > 0:15:22And, oh my goodness, talking of paint, look over here!
0:15:22 > 0:15:27This is years and years of somebody smoking. Nicotine stains everywhere.
0:15:27 > 0:15:32To you at home, this must look a mustard yellow. It's not great.
0:15:32 > 0:15:37Look at this. These curtains - really crispy to touch.
0:15:37 > 0:15:42You've got to put on the rose-tinted spectacles and see beyond this.
0:15:42 > 0:15:49You have a beautiful characterful window. It could be quite nice once you've decorated.
0:15:49 > 0:15:53I'll root around and see if it gets any better.
0:15:57 > 0:16:01'Slightly less yellow is the second reception room at the back.
0:16:01 > 0:16:06'The room's quite spacious and this fireplace looks worth restoring.
0:16:10 > 0:16:15'I'm already thinking of new doors leading out into that garden. It's a bit overgrown,
0:16:15 > 0:16:22'but is a good size. There's a brick store out here and a small larder off the kitchen.
0:16:22 > 0:16:26'But that's going to need a full refurbishment.'
0:16:28 > 0:16:35So, yup, visually it's still very grim, but I think we all now know it needs a complete overhaul.
0:16:35 > 0:16:40The kitchen, very basic indeed. That all needs ripping out.
0:16:40 > 0:16:45But what I do like about this house is there are a few options to improve it.
0:16:45 > 0:16:51You could knock through here and create a nice kitchen dining space.
0:16:51 > 0:16:55Or with permitted development you can go out three metres
0:16:55 > 0:16:59and perhaps meet the line of the outbuildings.
0:16:59 > 0:17:05So you could knock it all into one and have your kitchen dining space by creating an extension.
0:17:05 > 0:17:11It would be more costly, but you'd keep a second reception room, so that's quite a good idea.
0:17:11 > 0:17:16The guide price might have been £95,000-£100,000
0:17:16 > 0:17:21but even if you decided to do just a basic refurbishment, to rent out,
0:17:21 > 0:17:27there's still a lot of work to do to get this place modernised and up to scratch.
0:17:27 > 0:17:32So upstairs you've got a little single here, two doubles here
0:17:32 > 0:17:38and a bathroom. I don't care what you say about this house - I know it needs loads of work,
0:17:38 > 0:17:45it is in a right old state, but I really, really like it. I see so much character here.
0:17:45 > 0:17:50You've got a lovely wide staircase, all the bedrooms have got lovely little fireplaces.
0:17:50 > 0:17:56You'll need to check the electrics and there are no modern touches anywhere in this house,
0:17:56 > 0:18:02but it just feels really homely and I really like it. It gets a big tick.
0:18:04 > 0:18:08# There's a change in the weather There's a change in the sea
0:18:08 > 0:18:13# From now on there'll be a change in me... #
0:18:16 > 0:18:20What can a local estate agent tell us about this three-bedroom terrace?
0:18:20 > 0:18:26It has some lovely period features. How important would it be to keep those intact?
0:18:26 > 0:18:28I think with this property
0:18:28 > 0:18:34you must keep as much of the originality as you can. They've got all the picture rails.
0:18:34 > 0:18:39Same with the fireplaces and any cupboards built into the recesses.
0:18:39 > 0:18:41It's good to keep them.
0:18:41 > 0:18:45'Once refurbished, would this property work as a rental?'
0:18:45 > 0:18:49This would rent very easily because of where it's located.
0:18:49 > 0:18:56The sort of rental that we'd achieve would be around £750 per calendar month, depending on the spec.
0:18:56 > 0:19:00'And the potential sale value after a makeover?'
0:19:00 > 0:19:04I think in the current market, once all the work is done,
0:19:04 > 0:19:11we'd be looking at marketing it at somewhere around about £180,000-£190,000 for it.
0:19:12 > 0:19:17I really like this little house. I think it's got loads of character.
0:19:17 > 0:19:24You could be onto a winner with this if you get it at the right price. Let's see who was interested.
0:19:24 > 0:19:28Good-looking town centre house. Close to everything you need.
0:19:28 > 0:19:31Needs some refurb. Three bedrooms.
0:19:31 > 0:19:3595,000 to start me? Anybody bid 95,000? 95?
0:19:36 > 0:19:39£90,000. I'm on the way. At 90.
0:19:39 > 0:19:4292 I have. And 4. And 6.
0:19:42 > 0:19:44And 8. 98. And 100.
0:19:44 > 0:19:47At 100 sitting down. And 2.
0:19:47 > 0:19:49102. And 4. 104.
0:19:49 > 0:19:52And 6? 106. And 8?
0:19:52 > 0:19:54108.
0:19:54 > 0:19:56110. And 12?
0:19:56 > 0:20:01112? Shake of the head. Have a think. 112 on my right-hand side. You can see him bidding.
0:20:01 > 0:20:04114 I've got. 116 now.
0:20:04 > 0:20:08It's against both of you. 116. In front of me. 115 he's saying.
0:20:08 > 0:20:10115. And 16.
0:20:10 > 0:20:15116,000 I've got. 117 out on my right-hand side. 118.
0:20:15 > 0:20:19It's against you. 118. And 19.
0:20:19 > 0:20:21And 20. 120. And 1.
0:20:21 > 0:20:24Shake of the head. 121 anyone else?
0:20:24 > 0:20:28I saw this gentleman first at 121. 122 to you? 122. 123.
0:20:28 > 0:20:31And 4. 124, it's with you.
0:20:31 > 0:20:34125? 125. And 6.
0:20:34 > 0:20:36126? 126.
0:20:36 > 0:20:38And 7. 127. And 8?
0:20:38 > 0:20:42128. And 9? 129? 129.
0:20:42 > 0:20:46130. It's against you. 130, it's with you. And 1.
0:20:46 > 0:20:48131. And 2?
0:20:48 > 0:20:50132 I've got.
0:20:50 > 0:20:53And 3? Don't give up now.
0:20:53 > 0:20:57133. And 4? 134? A shake of the head.
0:20:57 > 0:21:00At £133,000 for the first time.
0:21:00 > 0:21:04At 133 for the second. Shaking his head.
0:21:04 > 0:21:08Third and final time. £133,000. It's yours, sir, for 133,000.
0:21:08 > 0:21:16That final bid of £133,000 was made by Kent businessman Wayne, at the auction with his son James.
0:21:16 > 0:21:21I met up with them both at the terrace house to find out their plans.
0:21:21 > 0:21:26- Guys, congratulations.- Thank you. - There you were, bidding for this.
0:21:26 > 0:21:28You paid £133,000.
0:21:28 > 0:21:31- What was your budget?- 133.
0:21:31 > 0:21:36- Right on the nose!- Yeah. One more bid and we wouldn't have got it.
0:21:36 > 0:21:40Is this for you, James, or is it a joint venture?
0:21:40 > 0:21:46- A joint venture.- Yeah. A joint venture.- But James will be doing most of the work.
0:21:46 > 0:21:48Why did you want this property?
0:21:48 > 0:21:53- Just because I've got a property two doors down.- On this street?
0:21:53 > 0:21:57Yeah, on the same street. It's identical to this one.
0:21:57 > 0:22:04And it was in the same sort of condition, so obviously I know what to do. I've done it before.
0:22:04 > 0:22:08It took me 8 months to do that, but I did a lot of it myself.
0:22:08 > 0:22:15- It took a bit longer. - We hope to do this a lot quicker so he knows what to do.
0:22:15 > 0:22:19'James has certainly bought in a location he knows well,
0:22:19 > 0:22:24'but this time the pressure's on to get the job done quickly
0:22:24 > 0:22:27'in time for a very important date.'
0:22:27 > 0:22:35- So why have you done this as a joint venture?- James is getting married and needs extra money
0:22:35 > 0:22:40- to pay for the wedding and his honeymoon.- Tell me more! The big day is looming.
0:22:40 > 0:22:47Yeah, I'm getting married this year, so I need to get this done and get the money in the bank.
0:22:47 > 0:22:54- Guys, have you got much spare time? I gather this isn't your main job. - No, I've got a garden centre.
0:22:54 > 0:23:00So quite busy with that. Hopefully, with James living so close, he can do a lot of an evening.
0:23:00 > 0:23:06- Are you involved in the garden centre as well?- I am, yeah. It's a family business.
0:23:06 > 0:23:09All of the family work there.
0:23:09 > 0:23:13- Are we going to see a spectacular garden out there?- I think so!
0:23:13 > 0:23:17- You can get a cheeky discount, surely!- Yes.
0:23:17 > 0:23:22'The garden centre has been in their family for 40 years.
0:23:22 > 0:23:28'Wayne's run it for 25 of those. When James finished university he joined the business
0:23:28 > 0:23:32'and now deals with administration and the website.'
0:23:32 > 0:23:40So what are the plans for this property? I've never seen such a yellow, nicotine-stained house!
0:23:40 > 0:23:44- It is quite bad, but you can't be put off.- No, no.
0:23:44 > 0:23:50We've got quite big plans. Maybe put the toilet downstairs and knock through the kitchen.
0:23:50 > 0:23:55Take this wall out, put some nice French doors there out to a patio.
0:23:55 > 0:24:00- What about the budget? How much have you set aside? - About £15,000 we hope to do it for.
0:24:00 > 0:24:05Now that we've done it once, we know where we can save money.
0:24:05 > 0:24:10We won't replaster every single room and things like that.
0:24:10 > 0:24:13Are you getting involved, Wayne?
0:24:13 > 0:24:14Not too much.
0:24:14 > 0:24:18Now that I can do it, he doesn't bother any more.
0:24:18 > 0:24:22- But he's stumping up half the cash. - Yeah, that's true.
0:24:22 > 0:24:29- So how long is it going to take you? - Three months maximum. We might even do it quicker.- Yeah, 10 weeks.
0:24:29 > 0:24:35- Something that worries me - is your future wife going to see you? - That is the only problem.
0:24:35 > 0:24:38I might be a bit busy now.
0:24:38 > 0:24:43I can't wait to see what you do with this. And good luck with the wedding, James.
0:24:48 > 0:24:55Now Wayne and James have got some great plans for this place, but will they do it all on budget?
0:24:55 > 0:24:59And will James make enough money to help fund his wedding?
0:24:59 > 0:25:03Let's hope so. You can find out how the boys get on later.
0:25:04 > 0:25:10'Coming up: this Derby terrace has a tiny kitchen, colourful rooms and three floors.'
0:25:10 > 0:25:13All in all, hmm. Quirky.
0:25:14 > 0:25:19'We return to Maidstone to see if this pre-nuptial agreement worked.'
0:25:19 > 0:25:24Working with my dad has been good. It's been nice to have the help.
0:25:25 > 0:25:30But first we're revisiting this 500-year-old pub.
0:25:30 > 0:25:34I enjoy a challenge and this building has been a real challenge!
0:25:38 > 0:25:44Back now to Salisbury where earlier in the programme Jim bought this former pub
0:25:44 > 0:25:51and coach house for £240,000. He specialises in restoring old buildings
0:25:51 > 0:25:57and his wife, Pam, manages the accounts. The buildings have planning permission for flats,
0:25:57 > 0:26:02but Jim was going to submit revised plans to convert them into houses.
0:26:02 > 0:26:06We felt that we could produce a better design and layout,
0:26:06 > 0:26:09more sympathetic to these old listed buildings.
0:26:09 > 0:26:15And we've presented a new scheme which doesn't split it up into flats.
0:26:15 > 0:26:22It keeps it in block buildings, so we are trying to retain the buildings as house units,
0:26:22 > 0:26:25rather than flats stacked above each other.
0:26:25 > 0:26:32It's now 16 months later and we met up again with Jim and Pam to see what's been achieved.
0:26:37 > 0:26:44Outside, there have been some big changes to the former pub and the building directly behind it.
0:26:45 > 0:26:50But the work on the separate coach house has yet to start.
0:26:51 > 0:26:55Inside, the work is completely finished in the former pub,
0:26:55 > 0:27:02where two new houses have been built. The first, a two-bedroom home, has a large open-plan area
0:27:02 > 0:27:05where the former bar was.
0:27:05 > 0:27:10All the timber's been restored as well as the fireplace.
0:27:10 > 0:27:15On the other side of the chimney breast, a lovely kitchen's been built
0:27:15 > 0:27:20and they made a great discovery when they removed the old fireplace.
0:27:21 > 0:27:27When we bought the pub, there was a planted-on fireplace on the front.
0:27:27 > 0:27:32We thought we'd just remove that and we didn't expect anything behind it.
0:27:32 > 0:27:36We took out three fireplaces altogether before this inglenook,
0:27:36 > 0:27:42which unfortunately was not in a good state, so we've had to reconstruct that side
0:27:42 > 0:27:48to match the other side. I think it looks really lovely now. We're really pleased with that.
0:27:48 > 0:27:53Upstairs, there are two bedrooms, both lovingly restored.
0:27:55 > 0:27:59And full of original character and charm.
0:28:04 > 0:28:10The bathroom remains in the same location, but is completely refitted.
0:28:12 > 0:28:18The real bonus is up in the attic where two more rooms have been created.
0:28:18 > 0:28:24Getting access to the attic required a new staircase, as Jim explains.
0:28:24 > 0:28:28We've created a hit-and-miss winder here with a little landing.
0:28:28 > 0:28:31It all works.
0:28:33 > 0:28:37We've had headroom issues, as you can see, as I come down.
0:28:37 > 0:28:39You've just got to mind your head.
0:28:39 > 0:28:44However, we've created something that's now a lot safer than what we did have.
0:28:44 > 0:28:49I've lit the staircase with an old-fashioned skylight, so there's plenty of natural light.
0:28:49 > 0:28:55This was one of the hardest bits, getting the staircase to work with all the winders and everything.
0:28:56 > 0:29:01The second property they've completed is a smaller one-bedroom cottage,
0:29:01 > 0:29:05built on the right-hand side of the former pub.
0:29:05 > 0:29:09Again the ground floor living area and kitchen are really delightful.
0:29:11 > 0:29:15Up on the first floor there may be only one bedroom,
0:29:15 > 0:29:17but it's also beautifully finished
0:29:17 > 0:29:21and they've managed to fit in a separate bathroom.
0:29:26 > 0:29:30The property is over 500 years old and has listed status,
0:29:30 > 0:29:35so any work had to meet the stringent conservation regulations.
0:29:35 > 0:29:37I almost enjoyed every day here.
0:29:37 > 0:29:41I enjoy a challenge and this building has actually been a real challenge.
0:29:41 > 0:29:45The roof needed serious attention to stop the leaks
0:29:45 > 0:29:50and the bricks in the chimney have been removed, repaired and rebuilt.
0:29:50 > 0:29:55But how much have they had to spend so far getting these two houses completed?
0:29:55 > 0:29:58We've spent about 140,000 so far,
0:29:58 > 0:30:02but for that we've done two and a half of the buildings, really.
0:30:02 > 0:30:05The roofs have been done on both of these buildings.
0:30:05 > 0:30:10The building behind has already been plastered and first fixed mainly.
0:30:10 > 0:30:15They anticipate it will take another year to finish the two-bedroom house behind the former pub
0:30:15 > 0:30:21and the two-bedroom coach house. For now, the plan is to rent the two properties out
0:30:21 > 0:30:26with Jim's two daughters Rosie and Catherine moving in to the two-bedroomed house.
0:30:27 > 0:30:31Eldest daughter Rosie has made a great discovery in the bedroom.
0:30:35 > 0:30:39I love this room. It's really spacious and brilliant for storage.
0:30:39 > 0:30:42What's really quirky about this room is this cupboard.
0:30:42 > 0:30:46It's going to be quite useful for shoes.
0:30:47 > 0:30:51Time to get some expert advice from two local estate agents.
0:30:51 > 0:30:56The way they've used the development is an incredible use of space.
0:30:56 > 0:30:59You would never have had a drink in the pub
0:30:59 > 0:31:01and realised so much was available.
0:31:01 > 0:31:06I think particularly what they did with the loft rooms is very clever
0:31:06 > 0:31:11and exposing one of the inglenooks which couldn't be seen before, that's special.
0:31:11 > 0:31:17A fantastic level of finish in a one-bedroom house. Good use of exposed beams. Lovely character.
0:31:17 > 0:31:21What valuation would they estimate for the two finished properties?
0:31:21 > 0:31:28Jim and Pam paid £240,000 at the auction and have spent £140,000 so far,
0:31:28 > 0:31:30making 380,000 in total.
0:31:30 > 0:31:36Re-sale values for the two-bedroom house would be in the region of £235,000 to £240,000.
0:31:36 > 0:31:41For the one-bedroom cottage, we're looking at a re-sale value of between 165 and 175.
0:31:41 > 0:31:48I would say on the two-bedroom unit, we're looking at something in the region of £250,000.
0:31:48 > 0:31:53The one-bedroom cottage, in the region of £175,000.
0:31:53 > 0:32:00Those valuations on the finished properties would generate between £400,000 and £425,000.
0:32:00 > 0:32:04The estate agents think that once completed,
0:32:04 > 0:32:10the rear two-bedroom property could be worth between £225,000 and £250,000
0:32:10 > 0:32:14and the coach house between 235 and 250 grand.
0:32:14 > 0:32:21So all four properties together could sell for an estimated £925,000,
0:32:21 > 0:32:23which would mean a healthy profit.
0:32:23 > 0:32:28- That's probably about what we thought it would be. - That's what we hoped to achieve.
0:32:28 > 0:32:31We were never intending to sell it.
0:32:31 > 0:32:37We were always intending to keep it and add it to our portfolio, so we'll keep them and rent them out.
0:32:38 > 0:32:42What sort of rental income might the two completed houses generate?
0:32:42 > 0:32:48The two-bedroom unit would be in the region of £850 per calendar month.
0:32:48 > 0:32:51The one-bedroom cottage,
0:32:51 > 0:32:54£650 per calendar month.
0:32:54 > 0:32:58For the two-bedroom house, we're looking at £900 per calendar month.
0:32:58 > 0:33:02For the one-bedroom cottage, £650 per calendar month.
0:33:02 > 0:33:06So two of the four properties are all done now.
0:33:06 > 0:33:11Jim has still got two to finish. Would he contemplate taking on another project?
0:33:11 > 0:33:15I can't help looking at auctions and even going to some auctions.
0:33:15 > 0:33:17You get the bug and want to do another one,
0:33:17 > 0:33:22but we mustn't jump into the breach because we need to focus on these.
0:33:22 > 0:33:29- Almost certainly...- We probably will do another one.- We'll do something again. Definitely an auction one.
0:33:39 > 0:33:44Belper has everything you could want from a traditional Derbyshire town -
0:33:44 > 0:33:48a market square, quaint streets, nice shops and some good pubs.
0:33:48 > 0:33:54It was known for its nail-making industry and the local football team are still known as The Nailers.
0:33:54 > 0:33:58So will we manage to nail ourselves a good buy today
0:33:58 > 0:34:01or even hammer out a great bargain?
0:34:01 > 0:34:05# You don't waste no time at all
0:34:05 > 0:34:09# We're just waiting for the hammer to fall... #
0:34:09 > 0:34:14Belper's been attracting some attention lately as somewhere excellent to live,
0:34:14 > 0:34:20so maybe this is a chance to get in before the cafe culture and trendy pubs send property prices sky-high.
0:34:20 > 0:34:27The property I'm here to see is a few minutes' walk from the town centre on a fairly busy road,
0:34:27 > 0:34:34but the property looks pretty good. It's two/three-bedroomed, mid terrace, guide price of 95,000 quid.
0:34:34 > 0:34:36Let's take a look inside.
0:34:37 > 0:34:41So, straight in to the living room and this door isn't double-glazed.
0:34:41 > 0:34:44I'd do that to keep the noise from the road down,
0:34:44 > 0:34:47but the room has a good feel to it - open fire there.
0:34:47 > 0:34:51You've got this bay window which lets in lots of light.
0:34:51 > 0:34:56Stairs up there, and then kind of unusual, more stairs down there.
0:34:56 > 0:35:01Through to a rear room. I reckon this would be classed as the "stroke" third bedroom.
0:35:01 > 0:35:05It's not a bad-sized space, but wow, that's a surprise!
0:35:05 > 0:35:08What a great view!
0:35:08 > 0:35:10# I've got a room
0:35:11 > 0:35:15# I've got a room with a view... #
0:35:15 > 0:35:20It really is a stunning spot - fields, cattle and yes, more fields.
0:35:20 > 0:35:26Upstairs, there are two more bedrooms, both a decent size and both in a similar state.
0:35:26 > 0:35:30Not awful, just not awfully pleasing.
0:35:30 > 0:35:35And there's another window for admiring the view.
0:35:35 > 0:35:41If the views are good downstairs, they are quite spectacular here up on the top floor,
0:35:41 > 0:35:47but apart from that, all you've got is two bedrooms. No loo or bathroom which isn't very convenient.
0:35:47 > 0:35:51Still, I think you can suffer that with views like this.
0:35:52 > 0:35:54Oh, haven't I gone all romantic!
0:35:54 > 0:35:58Nowhere to relieve yourself in the middle of the night,
0:35:58 > 0:36:01but don't worry, outside your window are rolling fields.
0:36:01 > 0:36:06Hmm, I'm not sure how long this feeling is going to last.
0:36:06 > 0:36:09# I've got a room with a view... #
0:36:09 > 0:36:14Not long at all because the bathroom inconveniently is down on the lower ground floor,
0:36:14 > 0:36:17down these stairs and then down these ones.
0:36:17 > 0:36:20And believe me, they are steep.
0:36:20 > 0:36:25Two flights of stairs down in the basement - I'm not sure if you could suffer it,
0:36:25 > 0:36:29especially in the middle of the night, coming down to the loo.
0:36:29 > 0:36:34I'm not sure what you could do to change it. I can't see anywhere else that it might go.
0:36:34 > 0:36:40Down on the basement floor, you've got this room. I'm not quite sure what this is.
0:36:40 > 0:36:44Then the kitchen is tucked away in another kind of dark hovel there.
0:36:44 > 0:36:48It really isn't working. The kitchen wants to be brought out here,
0:36:48 > 0:36:52so you've got views while you're doing the washing-up or whatever.
0:36:52 > 0:36:57Use that as a utility room, but there is still the problem of the bathroom.
0:36:57 > 0:36:59So all in all, hmm, quirky!
0:36:59 > 0:37:03Right now, "quirky" doesn't cut the mustard in my book.
0:37:03 > 0:37:09I like unusual, I love interesting, but this is just plain inconvenient.
0:37:09 > 0:37:14Still, once you've got the kitchen sorted out, this could be a lovely space.
0:37:14 > 0:37:20In the summer, you'd find yourself living down here because again I'm being teased into changing my mind
0:37:20 > 0:37:23by what lies through the back door.
0:37:23 > 0:37:29At the rear of the property, a little terrace and then steps down on to a long garden,
0:37:29 > 0:37:31leading out on to open fields.
0:37:31 > 0:37:36I know I'm going on about it, but the fact that you've got this open aspect,
0:37:36 > 0:37:41as opposed to looking on to the back of terraced houses, it really makes this property for me.
0:37:43 > 0:37:46This house does have its issues,
0:37:46 > 0:37:50but ultimately, it also has saleability.
0:37:50 > 0:37:55To find out to what extent, we asked a local estate agent for her opinion.
0:37:55 > 0:37:57It is an interesting property.
0:37:57 > 0:38:01You don't imagine you've got a lower ground floor.
0:38:01 > 0:38:06Then at the back of the property when you see the stunning views, it is a surprise.
0:38:06 > 0:38:09What kind of value could this have?
0:38:09 > 0:38:11These properties have a ceiling price
0:38:11 > 0:38:15because of where they are, the road and things like that,
0:38:15 > 0:38:18but once they're beautifully modernised
0:38:18 > 0:38:24and it's ready for somebody to move straight in, you'd be looking at a ceiling price of around 150.
0:38:24 > 0:38:28- How about rental?- These properties are popular. They do rent very well.
0:38:28 > 0:38:33In my opinion, you would get £550 to £575 per calendar month.
0:38:33 > 0:38:38So, all in all, a quirky property that may well be a bit too quirky for some people,
0:38:38 > 0:38:43but you certainly can't knock the view and the guide price is attractive,
0:38:43 > 0:38:47so let's find out who bought it when it went under the hammer.
0:38:47 > 0:38:52Lot 32, a mostly completed, very large, three-bedroomed townhouse.
0:38:52 > 0:38:55Start me where you will on this? 90,000 to start?
0:38:55 > 0:38:59Yes, 90,000 here, thank you. 91 in the corner.
0:38:59 > 0:39:0292 here. 92,000.
0:39:02 > 0:39:0493 back there. 93. 94?
0:39:04 > 0:39:0794,000. 95...
0:39:07 > 0:39:0996 is bid.
0:39:09 > 0:39:13I'll take a half. 96 and a half. 97 is bid.
0:39:13 > 0:39:15And a half.
0:39:15 > 0:39:1798.
0:39:17 > 0:39:2098 and a half.
0:39:20 > 0:39:2199.
0:39:21 > 0:39:2599,000. Lovely little house. 99 and a half.
0:39:26 > 0:39:28£100,000.
0:39:28 > 0:39:31And a half. The bid's against you.
0:39:31 > 0:39:35At £100,000 once...
0:39:35 > 0:39:37Twice. Third chance.
0:39:37 > 0:39:39Sold here at 100,000, thank you.
0:39:39 > 0:39:43'The winning bidders were local couple, Alison and Tim.
0:39:45 > 0:39:49'Tim works in IT and Alison in local government.
0:39:49 > 0:39:53'The question is, will they be able to tame this quirky cottage?
0:39:53 > 0:39:56'I met them back on the terrace to find out more.'
0:39:56 > 0:40:00- Alison, Tim, lovely to meet you. Congratulations.- Thank you.
0:40:00 > 0:40:04- Why did you want to buy this place? - We saw the potential in it
0:40:04 > 0:40:07and we wanted to buy somewhere to develop and sell on.
0:40:07 > 0:40:11- So why this house particularly? - It's just down the road.
0:40:11 > 0:40:15- Is it? OK. So, easy to get to, for sure.- Yeah.
0:40:15 > 0:40:19The location is... Certainly the view here is quite spectacular.
0:40:19 > 0:40:22- It is.- Is that what drew you to it?
0:40:22 > 0:40:28It has the best of both worlds. It's close to Belper town. It's not too far from Derby.
0:40:28 > 0:40:31Then you've got the benefits of the countryside as well.
0:40:31 > 0:40:34# Somewhere only we know
0:40:36 > 0:40:40# Somewhere only we know... #
0:40:40 > 0:40:43'As they live just down the road,
0:40:43 > 0:40:48'the pair were in a good position to know what the right price was for this place.
0:40:48 > 0:40:53'In fact, Tim renovated their current home when he bought it a few years ago,
0:40:53 > 0:40:57'so this will be quirky property project mark two for him.
0:40:57 > 0:41:00'How will they make the quirks here work for them?'
0:41:00 > 0:41:03What will you do with the property?
0:41:03 > 0:41:08It's only been part double-glazed previously, so that needs completing.
0:41:09 > 0:41:11It needs central heating in it.
0:41:11 > 0:41:15The wooden flooring we're looking to expose as well.
0:41:15 > 0:41:20We're looking to bring the kitchen into the back part of the house.
0:41:20 > 0:41:24- Right.- And change what is currently the kitchen into the utility area.
0:41:24 > 0:41:27- Perfect.- Which makes more sense in terms of layout.
0:41:27 > 0:41:35And just really decorating it to a better standard, so it's more appealing really.
0:41:35 > 0:41:39# Can you read my mind?
0:41:42 > 0:41:47# Can you read my mind...? #
0:41:47 > 0:41:51What will you do about the bathroom? That is the biggest bugbear here.
0:41:51 > 0:41:56We're thinking of putting an en-suite bathroom in for the top back bedroom...
0:41:56 > 0:42:00- Ah.- ..in the stairwell cavity.
0:42:00 > 0:42:04We'll be able to fit a toilet, shower and sink in there.
0:42:04 > 0:42:10- That'll make a big difference. It's not too good to have to come down two flights of stairs.- No.
0:42:10 > 0:42:16'The creation of an en-suite on the top floor is a great idea and vital in my opinion.
0:42:16 > 0:42:21'It should be doable within the £20,000 budget they've set themselves.
0:42:21 > 0:42:24'How long is it all going to take?'
0:42:24 > 0:42:29- Probably about 12 months.- Oh, wow! - We're quite flexible on timescale, really.
0:42:29 > 0:42:35We both work full-time, so it's going to be an "every evening and weekend" job really for us.
0:42:35 > 0:42:39We'll have people coming in and doing some work for us,
0:42:39 > 0:42:43but we want to do as much as we can ourselves.
0:42:43 > 0:42:47How is it going to work between you two working together?
0:42:47 > 0:42:50I think Tim will probably lead.
0:42:51 > 0:42:56Tim's done a lot of renovation work on his home before
0:42:56 > 0:42:59and he's very much into DIY and things,
0:42:59 > 0:43:02so I'll kind of follow his expertise, really.
0:43:02 > 0:43:05- You'll still argue with me. - Yeah, I will.
0:43:06 > 0:43:10But it's healthy, so I think it'll be fine.
0:43:10 > 0:43:16- How do you feel about the whole concept?- I'm sure it'll be OK. I'll get my way in the end, I think.
0:43:16 > 0:43:23- Listen, good luck. Congratulations. We look forward to seeing how you get on.- OK.- Thank you.- Thank you.
0:43:23 > 0:43:28Well, lots of work for Alison and Tim to do to get the place sorted out,
0:43:28 > 0:43:32but I'm delighted that they're putting in that en-suite.
0:43:32 > 0:43:36It'll make all the difference, along with moving the kitchen.
0:43:36 > 0:43:40I can't wait to see what it turns out like when we come back later.
0:43:43 > 0:43:47Our would-be property sharks were eager beavers when we left them.
0:43:47 > 0:43:51- But did they grab the bull by the horns?- Let's see how they got on.
0:43:51 > 0:43:54'Back now to Maidstone in Kent
0:43:54 > 0:44:01'where Wayne and his son James bought this three-bedroom, mid-terrace property for £133,000.
0:44:05 > 0:44:08'Although it had now stopped smoking,
0:44:08 > 0:44:11'it still had a large nicotine patch,
0:44:11 > 0:44:16'which meant the wallpaper and paint all had to be stripped back before any refurbishment could start.
0:44:16 > 0:44:22'James lives on the same street and they planned to sell this house once the work was done.'
0:44:22 > 0:44:25Guys, why have you done this as a joint venture?
0:44:25 > 0:44:29James is getting married and he needs a bit of extra money
0:44:29 > 0:44:31to pay for the wedding and his honeymoon.
0:44:31 > 0:44:35They both work for the family's garden centre business,
0:44:35 > 0:44:41so I can't wait to see if this nicotine-stained house has come up smelling of roses.
0:44:41 > 0:44:46Three months have now passed and we're back with James and Wayne to find out.
0:44:49 > 0:44:56Well, there's a new front door, but the windows and roof haven't been changed.
0:44:56 > 0:45:00The front garden has shingle, rather than grass.
0:45:00 > 0:45:06Inside, at the back of the house, they've taken down the wall between the kitchen and dining room.
0:45:06 > 0:45:12The resulting large space is now ready for the kitchen units to be installed.
0:45:12 > 0:45:15There are new windows and a patio door.
0:45:15 > 0:45:20And that smoke-stained, yellow front room has scrubbed up very well.
0:45:20 > 0:45:25It could still do with some gloss paint and the chimney breast needs plastering,
0:45:25 > 0:45:29but that musty smell of smoke has definitely disappeared.
0:45:31 > 0:45:37It was very yellow and smoky, so we had to strip off a lot of the wallpaper.
0:45:37 > 0:45:41It took a long while to get rid of the actual smell,
0:45:41 > 0:45:47but once we started painting, ripped everything out and re-plastered a few walls, it got better.
0:45:50 > 0:45:52Upstairs, the layout hasn't changed.
0:45:53 > 0:45:59The large front bedroom retains the original sash windows and the fireplace.
0:45:59 > 0:46:02It should be lovely once the carpets go down in there.
0:46:03 > 0:46:07The bathroom remains at the front of the house.
0:46:07 > 0:46:10It's been re-tiled and a white suite installed.
0:46:12 > 0:46:17How have this father-and-son team got on with this job?
0:46:17 > 0:46:22Working with my dad has been good. It's been nice to have the help.
0:46:22 > 0:46:24I'm really impressed with him.
0:46:24 > 0:46:30He's done all the plumbing and when he finished it and tested it, there wasn't one leak. If I'd done that,
0:46:30 > 0:46:33we'd all be standing here in our life jackets.
0:46:33 > 0:46:39The smallest of the three bedrooms which overlooks the garden has been decorated and flooring put down.
0:46:39 > 0:46:44I'm pleased to see the sash windows remain here too.
0:46:44 > 0:46:48The window in the largest second bedroom at the back remains as well,
0:46:48 > 0:46:52although they have lost the original cupboard and picture rail.
0:46:52 > 0:46:55This room was in fairly good condition, really.
0:46:55 > 0:46:58We just had to take off the wallpaper.
0:46:58 > 0:47:04It's nice that we kept some of the original features like the sash windows there
0:47:04 > 0:47:06and of course, the fireplace.
0:47:06 > 0:47:12Outside, the brick-built store remains - potential for a utility room later perhaps.
0:47:12 > 0:47:16They've added a new decking terrace which looks good.
0:47:16 > 0:47:20There's still a fair amount of work to do in the garden,
0:47:20 > 0:47:25but seeing as they run a garden centre, well, that shouldn't present any problems.
0:47:26 > 0:47:31We're going to cut the hedge down on the left-hand side and then re-turf it
0:47:31 > 0:47:36and probably put a fence and some plants. It'll look nice when it's all finished.
0:47:36 > 0:47:39It should be great. It's a big garden.
0:47:39 > 0:47:45Meanwhile, although new central heating has been installed and the property rewired,
0:47:45 > 0:47:48there is still lots to do. How is the budget faring?
0:47:48 > 0:47:53Originally, it was 15,000 we were hoping to spend.
0:47:53 > 0:47:56We've spent 22 at the moment, so we have gone over.
0:47:56 > 0:48:02I'm getting married in a couple of months, so the sale of this house is very important
0:48:02 > 0:48:07to give me some money to help with that, paying for the wedding and the honeymoon.
0:48:07 > 0:48:10Fingers crossed that two local estate agents
0:48:10 > 0:48:13can be the bearers of good news.
0:48:13 > 0:48:17I like the accommodation because it has three separate bedrooms upstairs.
0:48:17 > 0:48:20And I think what most people do like
0:48:20 > 0:48:23is having an upstairs bathroom.
0:48:23 > 0:48:25The layout downstairs is very sociable.
0:48:25 > 0:48:29It's now more commonplace to have the kitchen and dining room together
0:48:29 > 0:48:33because it allows families to mix. That's going to work very well.
0:48:33 > 0:48:39One of the main things they haven't done is they've only partially done the double glazing at the back.
0:48:39 > 0:48:43It ought to be double-glazed at the front as well.
0:48:43 > 0:48:48I think the owners have done the right thing leaving the windows.
0:48:48 > 0:48:53It matches the other houses along the terrace, so it doesn't spoil the look.
0:48:53 > 0:48:58So will there be any profit to put towards James's wedding?
0:48:58 > 0:49:03The house cost 133,000 at auction and the outlay so far is 22,000,
0:49:03 > 0:49:08making a total of 155 grand. How much could it now be worth?
0:49:08 > 0:49:13If I were to put this property on the market, I would do so for £175,000.
0:49:13 > 0:49:17On the basis that they're going to finish it to a nice standard,
0:49:17 > 0:49:22I'd be looking at marketing it somewhere in the region of £180,000.
0:49:22 > 0:49:28Those valuations are £20,000 to £25,000 more than they've spent so far,
0:49:28 > 0:49:34but the gross profit will be reduced as they still have to finish off the house,
0:49:34 > 0:49:38so can the wedding arrangements now be signed off?
0:49:38 > 0:49:42What's it cost us now? I think about 155.
0:49:42 > 0:49:47So 175, yeah, we'd be happy. That'd pay for your honeymoon, wouldn't it? Just about.
0:49:48 > 0:49:52Well, I'm sure James has lots of other things on his mind now,
0:49:52 > 0:49:56but once the house is sold and James returns from his honeymoon,
0:49:56 > 0:50:00would they go to another auction and buy another property?
0:50:00 > 0:50:07- Yeah, we would.- Yeah, definitely. Keep looking and if the right house comes along, we'd be interested.
0:50:12 > 0:50:18'Back now to the Derbyshire town of Belper where this mid-terrace property was bought
0:50:18 > 0:50:22'for £100,000 by Alison and Tim who live on the same road.
0:50:22 > 0:50:24'The houses are deceptive.
0:50:24 > 0:50:30'There are actually three storeys with fabulous views to the back over open land.
0:50:30 > 0:50:34'The property had already undergone a lot of refurbishment,
0:50:34 > 0:50:38'but there was still plenty of potential to add value to it.
0:50:38 > 0:50:44'Tim and Alison's plan was to complete the refurbishment and then sell.'
0:50:44 > 0:50:47How will it work between you two working together?
0:50:47 > 0:50:49I think Tim will probably lead.
0:50:51 > 0:50:56I mean, Tim's done a lot of renovation work on his home before
0:50:56 > 0:51:00and he's very much into DIY and things,
0:51:00 > 0:51:03so I'll kind of follow his expertise, really.
0:51:03 > 0:51:06Well, it's now one year later.
0:51:07 > 0:51:10And there is some great news in the back garden.
0:51:10 > 0:51:14The view is even better now that the area has been cleared.
0:51:14 > 0:51:19And the other headline is that Alison is due to give birth in a few weeks.
0:51:19 > 0:51:26They've added a new terraced decking on the same level in the house as the front living room
0:51:26 > 0:51:29where the floor has been sanded and varnished.
0:51:29 > 0:51:35The couple have also exposed the chimney breast which gives an attractive first impression.
0:51:37 > 0:51:42The chimney is on show in the rear living room as well.
0:51:42 > 0:51:48New central heating has been installed and the property has been re-plastered throughout.
0:51:49 > 0:51:53Downstairs, the unused room at the back has been transformed.
0:51:53 > 0:51:55It's now a beautiful kitchen
0:51:55 > 0:52:01with another exposed chimney breast, quality floor tiling and appliances.
0:52:02 > 0:52:05They've converted the original kitchen
0:52:05 > 0:52:07into a utility room.
0:52:08 > 0:52:12When we bought it, none of this was here, obviously.
0:52:12 > 0:52:16This was all plastered over and there was a gas fire there.
0:52:16 > 0:52:23The floor was tiled, but it wasn't very nice, so we decided to tile over and put the kitchen in
0:52:23 > 0:52:25and expose the chimney breast.
0:52:25 > 0:52:28The arch was quite a bit lower originally,
0:52:28 > 0:52:32so we had to take the bricks out and raise the arch up.
0:52:32 > 0:52:34It worked out really well.
0:52:34 > 0:52:37The bathroom was also on the lower floor.
0:52:37 > 0:52:43Although it had been refurbished, Tim and Alison have refitted some of that as well.
0:52:43 > 0:52:46The couple have done a lot of work themselves,
0:52:46 > 0:52:50but must have had professional tradesmen in for some of it.
0:52:50 > 0:52:56Yeah, I mean for the things you need to have people in for like the electrics and the gas work.
0:52:56 > 0:52:59Also, the plastering, we've had to have people in,
0:52:59 > 0:53:03but I've tried to do as much of the work as I can.
0:53:03 > 0:53:09Up two floors to the top of the property now where the two bedrooms have been completely re-plastered.
0:53:11 > 0:53:14In the master bedroom, they've added an en-suite.
0:53:15 > 0:53:21So we started off by moving... Originally, there was a walk-in cupboard here.
0:53:21 > 0:53:24We raised the flooring level to allow for drainage
0:53:24 > 0:53:27and Tim also knocked out the wall here
0:53:27 > 0:53:34in order to allow for the sink and the glass bricks to be put in and just to create a bit more space.
0:53:34 > 0:53:37Then we had the plumber and the electrician in
0:53:37 > 0:53:42to put in the main plumbing work and the electric shower for us and the lighting.
0:53:42 > 0:53:46Quite handy as the family bathroom is down two flights of stairs.
0:53:48 > 0:53:53The garden and the view over it is a major selling point for these properties,
0:53:53 > 0:53:57but clearing all the clutter from it must have been a challenge.
0:53:57 > 0:54:04The garden was a nightmare. On two days, we had some helpers round, good friends.
0:54:04 > 0:54:08We managed to fill two eight-yard skips full of concrete.
0:54:08 > 0:54:12It was a mammoth task, but we're really pleased with the results.
0:54:12 > 0:54:19Alison and Tim had full-time jobs, so they had to fit the refurbishment in to evenings and weekends.
0:54:19 > 0:54:26All the work has taken a year, but how much did they spend on top of the £100,000 they paid at auction?
0:54:26 > 0:54:31We, um... We originally budgeted for around about £20,000.
0:54:31 > 0:54:33We're creeping up to around 25.
0:54:33 > 0:54:37The property now needs carpeting and some final finishing touches,
0:54:37 > 0:54:41but have their plans for it remained the same?
0:54:41 > 0:54:44Our intention was to sell this place when it was completed.
0:54:44 > 0:54:50Obviously, my money is tied into this house and Tim owns the house that we live in,
0:54:50 > 0:54:54so it would just make more sense to combine our assets really.
0:54:54 > 0:54:58Time to see what two local property experts think of their efforts.
0:54:58 > 0:55:02It's deceptive. A roadside inspection does not do the property justice.
0:55:02 > 0:55:07You go upstairs and you've got an en-suite to the master bedroom
0:55:07 > 0:55:13that is simply stunning. Downstairs, you have a super kitchen and bathroom with a separate shower.
0:55:13 > 0:55:15They've done a first-class job.
0:55:15 > 0:55:18With the bathroom so far away from the bedrooms,
0:55:18 > 0:55:21the en-suite is a neat solution to that problem.
0:55:21 > 0:55:28The finish is very good. They've used travertine on the tile splashbacks in the kitchen and in the bathrooms
0:55:28 > 0:55:31and stone on the floor. It's a very high standard.
0:55:31 > 0:55:34The view from the back is outstanding
0:55:34 > 0:55:39and you've got a super-sized garden that just leads straight into that view.
0:55:39 > 0:55:44I think it's the USP of this place for sure, but will that be reflected in the valuation?
0:55:44 > 0:55:51Tim and Alison paid £100,000 for it and have spent another £25,000, so what's it worth now?
0:55:52 > 0:55:56We'd hope to sell this on for between £140,000 and £150,000.
0:55:56 > 0:55:59This property will sell at about £140,000.
0:55:59 > 0:56:05That valuation range would generate a gross profit of between 15 and 25 grand.
0:56:05 > 0:56:08Is that the level they were expecting?
0:56:08 > 0:56:13They're lower than what we kind of had valued before.
0:56:13 > 0:56:16Hopefully, we can try and get a bit more for it.
0:56:16 > 0:56:22The project has taken longer than planned and the potential profit isn't quite as high as expected,
0:56:22 > 0:56:28so has the experience put them off or would they consider another refurbishment in the future?
0:56:28 > 0:56:32We kind of knew what we were getting ourselves into.
0:56:32 > 0:56:38We both tend to be drawn towards properties that need some element of work doing to them,
0:56:38 > 0:56:44but I don't think we would be necessarily as hands-on in the future with anything else we look at buying.
0:56:44 > 0:56:47It hasn't completely put us off. Put it that way.
0:56:51 > 0:56:57Well, from dream homes to perfect investments, join us next time for more Homes Under The Hammer.
0:56:57 > 0:56:59- See you then.- Goodbye.- Goodbye.
0:57:15 > 0:57:19Subtitles by Subtext for Red Bee Media Ltd 2011
0:57:19 > 0:57:22Email subtitling@bbc.co.uk