0:00:02 > 0:00:05Property continues to fascinate us, even though the current conditions
0:00:05 > 0:00:08mean that it's harder to finalise a deal.
0:00:08 > 0:00:12Buying at the right price is imperative if you want to get any profit at the end of the day.
0:00:12 > 0:00:15Yeah, and going to your local auction is a good place to start.
0:00:41 > 0:00:45The properties on the show today are all very different.
0:00:45 > 0:00:49But their owners will all have the same hopes for them, that they make them some money.
0:00:49 > 0:00:51So let's find out what they bought.
0:00:52 > 0:00:57In Hemlington near Middlesbrough there's something that reflects quite badly on this bungalow.
0:00:59 > 0:01:01Don't like glass like that. I'll come back to that in a minute.
0:01:02 > 0:01:06I have high hopes for a London property that could be on the up.
0:01:06 > 0:01:10Let's hope it gets better the higher up we go. Onwards!
0:01:12 > 0:01:18And in Bolton there's a house that's off to a false start!
0:01:18 > 0:01:22All in all, not a bad... I was going to say "not a bad start", but what is that?
0:01:23 > 0:01:28All these properties are being sold at auction and we'll find out who bought them
0:01:28 > 0:01:30and what they paid for them when they went under the hammer.
0:01:30 > 0:01:32Third and final time.
0:01:35 > 0:01:40Ten minutes' drive from busy industrial Middlesbrough brings you to Hemlington,
0:01:40 > 0:01:42a surprisingly green suburb.
0:01:42 > 0:01:47A farming community until the 1960s, you don't have to go far to get your fix of fields.
0:01:47 > 0:01:53So for those who like a taste of the outdoors within reach of a city, it might be worth a spin.
0:01:53 > 0:01:58Well, I'm on this rather nice estate, especially pleasant in this sunshine,
0:01:58 > 0:02:02here to see, I don't know, a pretty attractive-looking little bungalow.
0:02:02 > 0:02:06Got a lovely driveway here, you've got a garage, two bedrooms,
0:02:06 > 0:02:13at a guide price of £59,950. What does that get you for your money? Let's find out.
0:02:13 > 0:02:16The area gives a taste of suburbia, and this two-bed semidetached bungalow
0:02:16 > 0:02:23comes with a single garage and easy-to-maintain gardens at the front, side and back,
0:02:23 > 0:02:27so there'll be no messing with the outside. But what about inside?
0:02:27 > 0:02:32Well, you find all sorts of different layouts in bungalows. I wonder what this one will be like.
0:02:33 > 0:02:39OK. Well, in through the front door. First bedroom there. Not a massive size, but...mmm
0:02:39 > 0:02:41OK, we can live with that, I suppose.
0:02:42 > 0:02:45Don't like glass like that. I'll come back to that in a minute.
0:02:45 > 0:02:49That's your living room. You've got a bathroom, a little bit tired and dated,
0:02:49 > 0:02:52but at least it's clean and it's white and you could definitely live with that.
0:02:52 > 0:02:56Much bigger bedroom at the back. That's certainly much better news.
0:02:56 > 0:02:59Then, wow! Look at this. Absolutely lovely.
0:02:59 > 0:03:01It might not be to everyone's taste,
0:03:01 > 0:03:04but it's fairly new and perfectly serviceable.
0:03:04 > 0:03:09So I'm already thinking this bungalow doesn't need a lot of effort to sort it out.
0:03:09 > 0:03:16So the kitchen's already cooking on gas, but the rest of the house is in need of some updating.
0:03:16 > 0:03:20It's clear to me this wobbly window should be first for the chop.
0:03:21 > 0:03:25So we come to that living room. The first thing I'd do is get rid of this glass.
0:03:25 > 0:03:30Glass indoors, glass in panels like that is such a dangerous thing.
0:03:30 > 0:03:35So certainly replace that. But in here, it's a good size, but again very dated.
0:03:35 > 0:03:38So what are we going to do to this place to sort it out?
0:03:38 > 0:03:40Well, despite the fact you've got good schools around here,
0:03:40 > 0:03:44I think the reality is not that much room to extend,
0:03:44 > 0:03:46so it's more likely to go to maybe a retired couple.
0:03:46 > 0:03:52In that case, try and make it as... Well, sort it out as possible,
0:03:52 > 0:03:56so, you know, clean walls, maybe laminate flooring,
0:03:56 > 0:03:59just give it that sense that there's no jobs to be done,
0:03:59 > 0:04:03and you could just live here and enjoy it.
0:04:03 > 0:04:08You know what? I think if you made it feel like it was built yesterday, you'd find a buyer tomorrow.
0:04:08 > 0:04:10At the right price, of course.
0:04:10 > 0:04:14But the cost of modernising this bungalow wouldn't need to be a budget-buster.
0:04:14 > 0:04:18And there's always added value in good outside space.
0:04:18 > 0:04:20# Let's go outside... #
0:04:22 > 0:04:27So...a real surprise out here!
0:04:27 > 0:04:31A good-sized garden. And I like the fact that it's fairly low maintenance.
0:04:31 > 0:04:36You've got this shingle. At least there's a bit of interest going on with this little pathway.
0:04:36 > 0:04:42But it's not only over this side. It gets better. Because round the other side of the bungalow,
0:04:42 > 0:04:44towards the back... Keep going!
0:04:44 > 0:04:47..there is this enormous extra space.
0:04:47 > 0:04:51Yeah, more shingle, more low-maintenance shrubs.
0:04:51 > 0:04:56But a real bonus. I mean, you could even think about opening it out with some French doors.
0:04:56 > 0:04:59And of course as the sun tracks round you could move your sun-lounger and your glass of wine.
0:04:59 > 0:05:01How great is that?
0:05:02 > 0:05:07This semidetached bungalow had a guide price of £59,950.
0:05:07 > 0:05:11We asked a local estate agent to take a look
0:05:11 > 0:05:14and give us his take on who'd be best suited to live here.
0:05:14 > 0:05:17I think the bungalow would appeal to a range of different people,
0:05:17 > 0:05:20going from younger couples up to the older generation.
0:05:20 > 0:05:22Definitely, a retired couple, it would be ideal for them.
0:05:22 > 0:05:24You've got easy-to-maintain gardens.
0:05:24 > 0:05:26Just a nice good-sized bungalow.
0:05:26 > 0:05:31It doesn't need a great deal of work. Maybe a new bathroom suite, new decoration, new flooring,
0:05:31 > 0:05:33and you've got yourself a nice little bungalow.
0:05:33 > 0:05:37If that work was done, how much could it sell for?
0:05:37 > 0:05:42Once fully renovated I would expect the property to achieve around about £110,000.
0:05:42 > 0:05:45How easily would it rent out and for how much?
0:05:45 > 0:05:50This property would rent well. Looking around about £450 per calendar month.
0:05:52 > 0:05:58Well, at that guide price this place almost seems too good to be true, but I can't see much wrong with it.
0:05:58 > 0:06:02Yes, it needs a bit of smartening up, but similar bungalows around here,
0:06:02 > 0:06:05well, they're going to sell for a lot more than that, so there's money to be made.
0:06:05 > 0:06:08Let's see who spotted it when it went under the hammer.
0:06:12 > 0:06:14Anybody want to start me at 60?
0:06:14 > 0:06:16Anybody in the room?
0:06:16 > 0:06:18I'll take 58 to start.
0:06:18 > 0:06:20Is that a bid at the back? 58 bid.
0:06:20 > 0:06:2259. 60?
0:06:22 > 0:06:2461. 62.
0:06:24 > 0:06:2663. 64.
0:06:26 > 0:06:2865.
0:06:28 > 0:06:3166,000. New bidder at 67.
0:06:31 > 0:06:3468. 69. 70.
0:06:34 > 0:06:3670,000 bid.
0:06:36 > 0:06:3771. 72.
0:06:39 > 0:06:4073. 74.
0:06:43 > 0:06:44I'll take 500.
0:06:44 > 0:06:4973 and a half. 74. 74 and a half? 74 and a half.
0:06:49 > 0:06:5275? 75 bid. And a half?
0:06:52 > 0:06:54New bidder. 75 and a half.
0:06:55 > 0:06:5876, yeah? 76 bid.
0:06:58 > 0:07:0176 and a half. 77.
0:07:01 > 0:07:0576 and a half. Gentleman in the black T-shirt. Selling it once...
0:07:05 > 0:07:07Going to sell for the second time
0:07:07 > 0:07:10at £76,500.
0:07:10 > 0:07:11For the third and final time.
0:07:11 > 0:07:16Sold. 76 and a half. Gentleman in the middle.
0:07:17 > 0:07:21# Bungalow
0:07:21 > 0:07:25# Bungalow... #
0:07:25 > 0:07:29Successful with his bid of £76,500 was Chris,
0:07:29 > 0:07:34bidding on behalf of himself and future father-in-law Andrew.
0:07:34 > 0:07:36The pair have recently become business partners
0:07:36 > 0:07:39with a view to becoming full-time property developers,
0:07:39 > 0:07:41but did the bargain for a bungalow?
0:07:41 > 0:07:44# Bungalow... #
0:07:44 > 0:07:49Chris, Andrew, lovely to meet you both. Congratulations. Tell me why you wanted to buy the bungalow.
0:07:49 > 0:07:53- Well, it was a bit of an accident, really.- An accident?- Yeah.
0:07:53 > 0:07:56We were actually at the auction to buy a different property,
0:07:56 > 0:07:59and the price went a lot higher than what we were prepared to pay.
0:07:59 > 0:08:02We'd seen this one in the brochure. I know the area quite well,
0:08:02 > 0:08:07and thought it was quite a reasonable starting price, so we went in for it.
0:08:07 > 0:08:12That was basically it. We had actually bought another one at the auction as well.
0:08:12 > 0:08:17- Wow!- Both in Middlesbrough without even seeing them, so...two accidents, really.
0:08:17 > 0:08:19So we've got our hands full!
0:08:19 > 0:08:22This is a classic case of having money in your pocket burning, isn't it?
0:08:22 > 0:08:25Especially when it's someone else's, yeah!
0:08:25 > 0:08:29- So, having seen them, how have they turned out? Are they OK?- They're great.
0:08:29 > 0:08:30Soon as we walked in this one, especially,
0:08:30 > 0:08:35we instantly knew that there wasn't much that we needed to do. It's not going to take us very long.
0:08:35 > 0:08:41We're going to whizz round it quite quickly, just modernise it, you know, bring everything up to date,
0:08:41 > 0:08:43but the main things like the kitchen, that's OK,
0:08:43 > 0:08:46but the bathroom could do with maybe bringing it up to date.
0:08:46 > 0:08:50- But buying like you did, it could have been a disaster, couldn't it? - Yeah.
0:08:50 > 0:08:54It could have been, but I was quite confident because I know the area very well.
0:08:54 > 0:08:59And I know the type of house. Saw some...we saw the photos,
0:08:59 > 0:09:02and sometimes you have to take a bit of a chance, don't you?
0:09:02 > 0:09:04It's a lot of money to take a chance on!
0:09:05 > 0:09:06Yeah!
0:09:07 > 0:09:09I've done it before.
0:09:10 > 0:09:13Do you sail by the seat of your pants in life in general?
0:09:13 > 0:09:17- Sometimes. - Sometimes you have to.- Sometimes you get your fingers burned, but...
0:09:17 > 0:09:20you know, if you don't try, you'll never know, will you?
0:09:20 > 0:09:26There's also the expression "try before you buy", but these two are a gutsy pair.
0:09:26 > 0:09:30They've bought five properties together so far and the plan here is to do some work, then sell it on,
0:09:30 > 0:09:35possibly to an investor. But what are they going to do to make it more saleable?
0:09:37 > 0:09:42In this room, especially, I think, obviously, take the wallpaper off, probably re-skim,
0:09:42 > 0:09:45skirting boards off, flooring up...
0:09:45 > 0:09:48- We don't know whether we're going to do wood or carpet yet, do we? - No, we're not sure.
0:09:48 > 0:09:54- We're not sure yet.- That's coming out.- We'll take the frame out and put some nice double doors in.
0:09:54 > 0:09:59Some of the houses we've already done, you know, have been in really bad condition.
0:09:59 > 0:10:04So this one's going to be quite a pleasant surprise to work in, isn't it?
0:10:04 > 0:10:07- Definitely.- Bathroom, I think we should put that right and retile it.
0:10:07 > 0:10:13When we take it out, we'll probably come across some nasty surprises anyway
0:10:13 > 0:10:15once we've pulled everything out,
0:10:15 > 0:10:19so if we have it in our head that we're going to do the full lot,
0:10:19 > 0:10:22- then we can't go wrong from there really, can we?- No.
0:10:22 > 0:10:28And how are you going to divide the workload between the two of you? What will each of you do?
0:10:28 > 0:10:30Well, I'm going to do very little. Chris is going to do it all.
0:10:30 > 0:10:33Which is the case in most houses.
0:10:33 > 0:10:39Basically, I'm quite hands-on, but Andrew helps out in most of the...
0:10:39 > 0:10:41- I help. - He's usually my labourer, so...
0:10:41 > 0:10:44- He's quite a good one. He's a well-paid labourer.- No kidding!
0:10:44 > 0:10:47- Do you actually both do the sort of graft?- Yeah.- Yeah.
0:10:47 > 0:10:52- We get our hands dirty, yeah. - We're both in it. It'll just be us two on this, definitely.
0:10:52 > 0:10:53So how did you two meet?
0:10:53 > 0:10:55I'll let you tell that story.
0:10:56 > 0:11:01- Well, I'm engaged to his daughter. - Oh, really?- Yeah.
0:11:01 > 0:11:04- Yeah, we've got two kids now, so... - Fantastic!
0:11:04 > 0:11:10So that's how it came about, wasn't it? Andrew was in the mortgage business and I was driving machines,
0:11:10 > 0:11:16and then obviously with the houses, we got close, and we started doing a bit together, didn't we?
0:11:16 > 0:11:20- And it just developed from there. - At what point did you meet his daughter? Before or after?
0:11:20 > 0:11:25- No, before. She came first. - The kids came first as well! Yeah!
0:11:25 > 0:11:29Just started enjoying my life a little bit and then the grandkids came along and I'm tied up now!
0:11:29 > 0:11:32You don't look old enough to be a granddad, I have to say.
0:11:32 > 0:11:37- Don't say that! - Is he going to be unbearable now, is he?- I knew you might say that!
0:11:37 > 0:11:41Andrew's 41 in case you were wondering.
0:11:41 > 0:11:45The timescale they have to turn this place around is one month. Sounds reasonable,
0:11:45 > 0:11:47but both are in full-time jobs,
0:11:47 > 0:11:51so will be relying on evenings and weekends to get it done. Brave chaps!
0:11:51 > 0:11:55How much are they expecting to spend here?
0:11:55 > 0:11:58We were sort of thinking maybe spend about £5,000 on it.
0:11:58 > 0:12:04But now we've been back, I think it might be a little bit more, maybe another couple of thousand quid.
0:12:04 > 0:12:09- I think we might do it for 5,000 yet. - We'll see.- Yeah, we'll see. - I know what you're like!
0:12:09 > 0:12:12How does the financial arrangement work between you?
0:12:12 > 0:12:14We don't know!
0:12:14 > 0:12:18No... Obviously in the past we've been working full-time through the week,
0:12:18 > 0:12:23so on a weekend it's just been a case of getting in at the properties, getting them done,
0:12:23 > 0:12:29and it's been a bit of like sort of light-heartedness, but now it's serious, it's basically 50/50,
0:12:29 > 0:12:31so what we'll do is I'm financing it,
0:12:31 > 0:12:36after the finance costs, whatever we make on the properties is split 50/50.
0:12:36 > 0:12:39Obviously, that's the only fair way to do it.
0:12:39 > 0:12:41What next?
0:12:41 > 0:12:43- Buy more.- Buy more, yeah.
0:12:43 > 0:12:46- Sell, buy... - It's what we want to do full-time.
0:12:46 > 0:12:50Basically be doing it five days a week and having the weekend off,
0:12:50 > 0:12:52instead of working five days a week and working the weekend.
0:12:52 > 0:12:56Well, listen, congratulations. Good luck with it and we look forward to seeing how you get on.
0:12:56 > 0:12:58Cheers.
0:12:59 > 0:13:02"If you don't try, you never know"?
0:13:02 > 0:13:05Well, yes, but if you don't look at property before you buy it,
0:13:05 > 0:13:09you could get yourself into a whole heap of trouble.
0:13:09 > 0:13:14However, in Chris and Andrew's case, I think they've actually ended up falling on their feet
0:13:14 > 0:13:18with this lovely little bungalow. How will they get on restoring it?
0:13:18 > 0:13:20You can find out later in the show.
0:13:22 > 0:13:27North London now, and our next auction lot's in Stoke Newington.
0:13:27 > 0:13:32Known to locals as Stokey, it's a buzzing, vibrant area that attracts young professionals,
0:13:32 > 0:13:36which pushes up property prices accordingly.
0:13:36 > 0:13:39Arguably, the most desirable road in the area is this one,
0:13:39 > 0:13:41with bars and restaurants just that way
0:13:41 > 0:13:46and Clissold Park literally there and stacks of lovely houses,
0:13:46 > 0:13:51and that is what English Heritage thought because vast swathes of these properties are Grade-2 listed,
0:13:51 > 0:13:55including this one I'm here to see today.
0:13:55 > 0:13:59In fact it's not one property, it's four one-bedroomed flats,
0:13:59 > 0:14:04all with a guide price of only £440,000-480,000.
0:14:04 > 0:14:09One-bedroomed flats around here can go for over 250,000,
0:14:09 > 0:14:12so with that guide price it sounds like you get four flats for the price of two!
0:14:12 > 0:14:19A straight-up double-your-money bargain? You and I know it's rarely that simple.
0:14:19 > 0:14:23Not a great start when you have to walk in through a metal security door!
0:14:23 > 0:14:28It's a bit grotty in here, holes in the walls, it's dark and dingy...
0:14:28 > 0:14:34I think that was the kitchen down there. Another metal grille on the door. A bedroom and a bathroom.
0:14:34 > 0:14:35It's fair to say it's in a bit of a state,
0:14:35 > 0:14:41but all is forgiven when you walk into a lovely big room like this. OK...
0:14:41 > 0:14:43it needs a lot doing to it, this space,
0:14:43 > 0:14:47and when you think that it's in a conservation area, it's a listed building,
0:14:47 > 0:14:50there are no beautiful hidden features anywhere, but that is something you can rectify,
0:14:50 > 0:14:55you can put those back in. So I would say not a great start.
0:14:55 > 0:14:59Let's hope it gets better the higher up we go. Onwards!
0:14:59 > 0:15:01# The only way is up... #
0:15:01 > 0:15:07You can't blame me for wanting to get out of here fast. It's not exactly a pleasant flat.
0:15:07 > 0:15:10Is that asbestos in the kitchen ceilings?
0:15:10 > 0:15:14And the bathroom... Well! Will I have more luck in the first-floor flat?
0:15:14 > 0:15:18Oh, well, I'm pleased to say this flat's in better condition.
0:15:18 > 0:15:23You've got the bathroom as you walk through the door, but I like it!
0:15:23 > 0:15:25Look at the size of this room.
0:15:25 > 0:15:29You've got a huge bedroom there with double doors leading out to a little balcony,
0:15:29 > 0:15:31wonderful ceiling height in here.
0:15:31 > 0:15:38You've got cornicing, deep skirting boards. This is a truly impressive room. I love it!
0:15:38 > 0:15:40And of course you've got the kitchen through here.
0:15:40 > 0:15:45Now, quite a small space, but I think it's quite nice that it's separate from the living area.
0:15:45 > 0:15:49And of course look at this, a wonderful bay window,
0:15:49 > 0:15:50and of course look at that view!
0:15:50 > 0:15:54I wouldn't get tired of looking at that park all day. Just fantastic!
0:15:54 > 0:15:59These beautiful sashes make a world of difference to this property.
0:15:59 > 0:16:03In fact, the bay window isn't original. It was added in Victorian times
0:16:03 > 0:16:08following the latest architectural fashion, but the house was built in the mid-1700s.
0:16:08 > 0:16:12But another bonus is the space here. This house is starting to win me over.
0:16:12 > 0:16:16Will that continue in the top-floor flat?
0:16:16 > 0:16:17It feels really spacious!
0:16:17 > 0:16:19It feels a lot bigger than the one downstairs.
0:16:19 > 0:16:21You've got the bathroom here on the half-landing,
0:16:21 > 0:16:27You've got this sort of double void area, a nice, big window here, a window through there,
0:16:27 > 0:16:33so loads of light, a really good-sized double bedroom. That's what I love to see!
0:16:33 > 0:16:36You've got the kitchen here. I think somebody's already started ripping that out.
0:16:36 > 0:16:40And to the front of the property, a fabulous sitting room,
0:16:40 > 0:16:42and all the rooms are really big.
0:16:42 > 0:16:47In other parts of London, developers would be knocking walls down to try and create another bedroom,
0:16:47 > 0:16:52but do you know what? I think it would be criminal to carve this space up,
0:16:52 > 0:16:56because it works so well as a one-bedroom.
0:16:56 > 0:16:58It's beautiful, I'd leave it as it is.
0:17:00 > 0:17:04The final flat's on the lower ground floor and doesn't convey such a positive feeling.
0:17:04 > 0:17:08The rooms are serviceable but pretty desperate
0:17:08 > 0:17:12and could really do with some work to bring them back to life.
0:17:12 > 0:17:14One way forward could be with a ground-floor extension,
0:17:14 > 0:17:16taking advantage of the huge back garden,
0:17:16 > 0:17:19but there are already some substandard add-ons here,
0:17:19 > 0:17:23and before you can say "planning permission", I've found a potential problem.
0:17:27 > 0:17:31If you have a listed building, it doesn't mean that you can't make alterations,
0:17:31 > 0:17:35especially if they would improve the house, as in this case,
0:17:35 > 0:17:41but it wouldn't necessarily be easy and you would need listed-building consent before you touched a brick.
0:17:41 > 0:17:45Now, the rules are there to make sure you don't alter the character of the property
0:17:45 > 0:17:47or destroy what makes a building special.
0:17:49 > 0:17:54Unfortunately, in this case, the listings department have stated that the rear of the property
0:17:54 > 0:17:56is an integral part of the building's character.
0:17:56 > 0:18:01So getting planning permission to change it might be problematic. That's disappointing,
0:18:01 > 0:18:04as it's the bit you'd probably want to alter,
0:18:04 > 0:18:09but the properties either side have large extensions, so maybe it's negotiable.
0:18:11 > 0:18:16Overall I'm impressed, bearing in mind that guide price of 440-480k.
0:18:16 > 0:18:21We asked along a local estate agent to hear what he thought was the best way forward.
0:18:21 > 0:18:25In my opinion, I wouldn't spoil these flats.
0:18:25 > 0:18:28There is a very fine dividing line between getting a good rent
0:18:28 > 0:18:30or selling well
0:18:30 > 0:18:32a very nice large one-bedroomed flat,
0:18:32 > 0:18:37or spoiling it and getting disproportionately small rooms.
0:18:37 > 0:18:41So my view would be leave it as it is, make them nice,
0:18:41 > 0:18:45and they will either sell or let very easily.
0:18:45 > 0:18:51My opinion exactly. But with the agent reckoning the house will need about £125,000 of renovation,
0:18:51 > 0:18:53would the returns be good?
0:18:53 > 0:18:55First, if sold?
0:18:55 > 0:19:03If you extended the downstairs flat and it were a very attractive, large one-bedroom flat,
0:19:03 > 0:19:05possibly 300,
0:19:05 > 0:19:11and then probably 250-260, 265 for the upper flats.
0:19:12 > 0:19:16Obviously the cost of the renovation will have to be factored in,
0:19:16 > 0:19:21but those figures could mean the final value of the house could be over one million pounds.
0:19:21 > 0:19:24What about rental values?
0:19:24 > 0:19:30For a one-bed lower ground-floor flat, extended, I would say probably around £300 a week mark,
0:19:30 > 0:19:33which would be £1,300 per calendar month.
0:19:33 > 0:19:40And with the upper flats, I would say most probably about £1,150-1,200 per calendar month.
0:19:41 > 0:19:45This lot is worth double the guide price and more.
0:19:45 > 0:19:49But that is in good condition and it's certainly a long way off that at the moment.
0:19:49 > 0:19:51But you are in amazing location. I love it!
0:19:51 > 0:19:53And it's a fantastic opportunity,
0:19:53 > 0:19:59but suited to somebody with deep pockets and lots of patience to work with this Grade-2 listing.
0:19:59 > 0:20:02Let's see who that was at the auction.
0:20:05 > 0:20:06Lot 136.
0:20:06 > 0:20:10- Somebody start me at 450?- 500. - Thank you.
0:20:10 > 0:20:14That's a very nice bid. 500 I'm bid. 510 may I say?
0:20:14 > 0:20:16510. Thank you, sir.
0:20:16 > 0:20:17520, somebody?
0:20:17 > 0:20:20520. 530? 530. 540?
0:20:20 > 0:20:22540. 550?
0:20:22 > 0:20:26550. 560? 550 here. 560 anywhere else?
0:20:26 > 0:20:29560 at the back. 570?
0:20:29 > 0:20:31570 now. 580, sir?
0:20:32 > 0:20:36570 here with you, in the brown jacket.
0:20:36 > 0:20:37570,000 I'm bid.
0:20:37 > 0:20:41This property was clearly generating a lot of interest,
0:20:41 > 0:20:47and its original upper guide price of 480,000 was left far behind.
0:20:47 > 0:20:51We rejoin the bidding at a whopping 700 grand.
0:20:51 > 0:20:54700, thank you. And 5?
0:20:54 > 0:20:57And 5. 10, sir? 705.
0:20:57 > 0:20:59Back with the lady. Any more?
0:20:59 > 0:21:04At £705,000, then, against you, sir, just here on the left.
0:21:04 > 0:21:06First time at 705.
0:21:08 > 0:21:13It is your bid, madam. Don't worry, I've got you. Second time at 705.
0:21:13 > 0:21:16Thank you, sir. 710. 715?
0:21:16 > 0:21:19715? 715.
0:21:19 > 0:21:22720, sir?
0:21:22 > 0:21:26715, we're back with the lady at the back. First time at 715.
0:21:26 > 0:21:30Second time at 715. Third and final time. It is your bid, madam.
0:21:30 > 0:21:35Are you ready to buy it? There you go. Sold to you, madam.
0:21:35 > 0:21:40That successful bid of £715,000 was made by Viv.
0:21:40 > 0:21:43A Hackney local, a professional electrician,
0:21:43 > 0:21:47Viv's the woman who will hopefully put a spark back into this place.
0:21:47 > 0:21:53I met her in my favourite flat on the first floor to find out more.
0:21:53 > 0:21:57- Viv, how lovely to meet you. - Lovely to meet you.
0:21:57 > 0:22:00That auction, I have to say, was quite funny because you did outbid yourself a few times!
0:22:00 > 0:22:03Were you unaware of what was going on?
0:22:03 > 0:22:07I was a bit unaware! And when they kept saying, "The bid's with the person at the back,"
0:22:07 > 0:22:11I was thinking, "Well, am I at the back or is it the people behind me?"
0:22:11 > 0:22:14I was getting very anxious. I was determined to have the house!
0:22:14 > 0:22:19- You must be so pleased? - I am really pleased. It's a bit of a dream project for me, so...
0:22:19 > 0:22:22You did pay a fair bit over the guide price.
0:22:22 > 0:22:27I was expecting it to go well over the guide price, so I wasn't surprised by that.
0:22:27 > 0:22:33It would have been fantastic to have got it less, obviously, but I think we got a fair price for it.
0:22:33 > 0:22:35How well do you know this part of London now?
0:22:35 > 0:22:38I know this part of London really, really well.
0:22:38 > 0:22:43Clissold Park, I brought my children here pretty much three or four times a week for about 10 or 15 years.
0:22:43 > 0:22:48- So we know it very well.- What do your kids think? I know you've got your son living downstairs currently.
0:22:48 > 0:22:51That's right. He's looking after the building for us,
0:22:51 > 0:22:55because it has had a history of being squatted and we were a little bit anxious about that.
0:22:55 > 0:23:00So he's moved in here, he's looking after the development just before we can really get cracking on the works.
0:23:02 > 0:23:07When the work does start up, Rory, her son, who's just finished a fine arts degree at university,
0:23:07 > 0:23:12will take on a new role as trainee project manager. Viv herself is no newcomer to redevelopment,
0:23:12 > 0:23:17as she's done several projects with her partner over the past nine years.
0:23:17 > 0:23:23She's built up a small rental portfolio, but I was keen to find out more about her main day job.
0:23:25 > 0:23:27You don't meet too many female electricians.
0:23:27 > 0:23:32There's not too many of us, but there are a fair few tradeswomen around doing our thing, you know?
0:23:32 > 0:23:36But mainly we are sort of self-employed.
0:23:36 > 0:23:39We don't tend to really like to work on the big construction sites,
0:23:39 > 0:23:43we don't feel too comfortable there, so mainly we're working in people's houses.
0:23:43 > 0:23:47They're normally comfortable for us to be there and we like that.
0:23:47 > 0:23:52With 30 years' experience in the business, Viv's picked up a lot of other skills,
0:23:52 > 0:23:55which should some in handy on a job this size.
0:23:55 > 0:23:57Although she's never tackled a listed building before,
0:23:57 > 0:24:02it seems the future of this lovely house is in safe hands.
0:24:02 > 0:24:07We are going to keep it as four flats. It's pretty much going to stay the layout pretty much as it is.
0:24:07 > 0:24:12- It is a listed building...- I know. - And that means we do need listed-building consent
0:24:12 > 0:24:17on anything we that we want to do. We can't actually start doing any work until we get that,
0:24:17 > 0:24:25so that's quite a constraint. On the other hand, it is a beautiful house, with beautifully proportioned rooms,
0:24:25 > 0:24:28and it would be a shame to cut it all up into very small rooms.
0:24:28 > 0:24:33I did notice you've got those big old outbuildings downstairs outside.
0:24:33 > 0:24:36- They're a bit ugly. I think they need to be linked up in some way, don't they?- Yes.
0:24:36 > 0:24:41That's where the major part of the work's going to be, and probably the largest expenditure
0:24:41 > 0:24:46is we would hope to take both of those little extensions back down and rebuild them,
0:24:46 > 0:24:48hopefully, going across.
0:24:48 > 0:24:51That's where I'm a little bit worried about planning
0:24:51 > 0:24:56is whether they consider any of that the original structure from Georgian times.
0:24:56 > 0:25:00If we have to keep that, that will rather scupper any plans of linking them up,
0:25:00 > 0:25:02but I'm hopeful.
0:25:02 > 0:25:06Are you worried about the cost implications? It can start to get quite expensive.
0:25:06 > 0:25:10- I am very worried about that. - There are quite a lot of time delays as well.
0:25:10 > 0:25:11Yes, I am very worried about that.
0:25:11 > 0:25:16That's why I'm trying to, as far as possible, work out what they want in advance,
0:25:16 > 0:25:20so that we can get the planning process through with the minimum of hold-ups.
0:25:20 > 0:25:24I'm afraid Viv will just have to keep her nerve on this project,
0:25:24 > 0:25:27and it may not be easy to get the necessary paperwork signed and sealed.
0:25:27 > 0:25:32Having borrowed a good chunk of the money to help finance this purchase,
0:25:32 > 0:25:35what did she have in mind for her renovation budget?
0:25:36 > 0:25:42- My absolute top-whack budget... - Today!- ..is £350,000.- And that's it?
0:25:42 > 0:25:44I can't squeeze any more pennies out of you?
0:25:44 > 0:25:48Well, I really, really hope I don't have to, because obviously I can't stop part way,
0:25:48 > 0:25:52but as soon as I know what the plan is then I can start getting the prices in,
0:25:52 > 0:25:54so it's a little bit of an unknown at the moment,
0:25:54 > 0:25:59mainly because I don't know what Listed Buildings are going to want me to do.
0:25:59 > 0:26:03- That takes this whole building to well over a million that you've invested.- Yes.
0:26:03 > 0:26:05- A lot of money. - It is a lot of money.
0:26:05 > 0:26:08Does it make you nervous that you've taken on quite a big project here?
0:26:08 > 0:26:14It does make me a bit nervous, but I'm hoping that I've done my research well enough,
0:26:14 > 0:26:18and, if everything progresses well, I think we should be all right.
0:26:20 > 0:26:23This project is the chance of a lifetime.
0:26:23 > 0:26:26It's a sensational property, I love it!
0:26:26 > 0:26:29But it requires serious commitment and vision from Viv.
0:26:29 > 0:26:34She's the right woman for the job, but will she overcome the listing loopholes,
0:26:34 > 0:26:37and will she see the profit that she's hoping for?
0:26:37 > 0:26:40Find out what happens later on in the programme.
0:26:41 > 0:26:46Coming up, this Bolton pad proves it's a dedicated follower of fashion.
0:26:46 > 0:26:50I was laughing at this, because... This is back in fashion, you know?
0:26:51 > 0:26:57In London, we discover whether Viv survived the rigours of renovating four flats.
0:26:57 > 0:27:01I don't think I could do the property development full-time. It really is full-on.
0:27:02 > 0:27:07But first, did Chris and Andrew come to blows over the bungalow?
0:27:07 > 0:27:11I came back in and Chris had knocked them off the wall, so I didn't really get a say in that one.
0:27:13 > 0:27:16We're heading back to Hemlington near Middlesbrough
0:27:16 > 0:27:23where Andrew and future son-in-law Chris bagged themselves a bungalow for 76 grand.
0:27:23 > 0:27:26It was a risky purchase as they hadn't even viewed it before the auction,
0:27:26 > 0:27:29but they took it all in their stride.
0:27:29 > 0:27:33- Sometimes you have to take a bit of a chance, don't you?- It's a lot of money to take a chance on!
0:27:33 > 0:27:34Yeah!
0:27:36 > 0:27:41Did their gamble pay off? The grand plan was to turn this place around,
0:27:41 > 0:27:46doing the majority of the work themselves, despite both having full-time jobs to juggle too.
0:27:46 > 0:27:50Well, two months later, and the property is transformed
0:27:50 > 0:27:54from the '70s throwback to contemporary cool!
0:28:06 > 0:28:12The kitchen was the one area of the house which had already recently been done,
0:28:12 > 0:28:17but a new floor has been put in to make it in keeping with the rest of the property's new look.
0:28:17 > 0:28:21But what about the living room with the wobbly windows and the old-fashioned carpets?
0:28:31 > 0:28:34Yeah...what we started with was the doors.
0:28:34 > 0:28:38Obviously we needed to replace the old glass panelling and the old door.
0:28:38 > 0:28:42We put a new doorframe in, replaced the doors with nice glass doors.
0:28:42 > 0:28:47We then took the old skirting boards off and replaced them with new.
0:28:47 > 0:28:51Took all the wallpaper off, sanded the walls, redecorated right through to brighten the room up,
0:28:51 > 0:28:57new fireplace, and obviously we've wallpapered the chimney breast.
0:28:57 > 0:29:03Put new carpet down, but the main thing was to brighten the room up and make it nice and homely.
0:29:03 > 0:29:07And it's not the only area to have undergone a big change.
0:29:16 > 0:29:21So basically what we had out here was a lean-to of greenhouse/conservatory.
0:29:21 > 0:29:24So we took it all down and we were left with a base.
0:29:24 > 0:29:27We weren't sure if we should break up the base,
0:29:27 > 0:29:32and then Andrew came up with the idea of putting a deck on top of it, so that's what we did,
0:29:32 > 0:29:34and I think it looks really well.
0:29:34 > 0:29:40The bathroom has benefited from the addition of a bath and some new tiles,
0:29:40 > 0:29:42which was a bit of a surprise to Andrew.
0:29:42 > 0:29:46We had a bit of an incident with the tiles because I was hoping we were going to keep those.
0:29:46 > 0:29:48I popped out to get some materials,
0:29:48 > 0:29:52and came back and Chris had knocked them off the wall, so I didn't really get a say in that one.
0:29:52 > 0:29:57Cheeky Chris! Hopefully, Tilegate wasn't enough to put them off working together again.
0:30:00 > 0:30:06It's nice to work with Andrew, because we both have similar ideas of how we want the house to look
0:30:06 > 0:30:08at the end of the day, so it's quite easy,
0:30:08 > 0:30:10cos we do get on like best mates.
0:30:10 > 0:30:14# He's my best friend... #
0:30:14 > 0:30:18The aims was to do the work for £5,000.
0:30:18 > 0:30:22£4,000 is what we spent, because we did all the work ourselves.
0:30:22 > 0:30:27Kept the cost down quite a bit. So I think we did well.
0:30:27 > 0:30:3020% under budget is certainly doing well.
0:30:30 > 0:30:35And not only that but they also beat their original four-week timescale.
0:30:35 > 0:30:41Our original timescale was a month. but we just pushed on and got it finished in the three-week margin.
0:30:41 > 0:30:46Our original plan was to sell the property but a couple got in touch with us about renting the place,
0:30:46 > 0:30:52and basically they came, viewed it, we were still undecided,
0:30:52 > 0:30:57but as soon as they'd viewed it, they were really positive and wanted to move in straightaway basically,
0:30:57 > 0:31:03so we are a bit undecided on what route we'll go in the future, but we're not in any rush.
0:31:03 > 0:31:06# I'm gonna get lucky
0:31:06 > 0:31:08# I'm gonna get lucky this time... #
0:31:08 > 0:31:12It sounds as if luck has really been on their side and they've landed on their feet.
0:31:12 > 0:31:17But I can't stress enough that purchasing a property without viewing it
0:31:17 > 0:31:20is not something that you should do, even if Andrew might.
0:31:20 > 0:31:24I think we will view them in the future, but if we are at an auction and a property comes up
0:31:24 > 0:31:27and it's the right price, I still would take a risk.
0:31:27 > 0:31:33They have now both committed to property development full-time, which was a big part of the plan,
0:31:33 > 0:31:36and is paying off in more ways than one.
0:31:36 > 0:31:38It gives us a lot more freedom than a 9-to-5
0:31:38 > 0:31:43especially when we're doing a couple of properties at the same time, we can jump from one to the other,
0:31:43 > 0:31:48so it's the freedom and obviously the finished result as well, when we've finished the house
0:31:48 > 0:31:51and you can sit back and look at what you've done. That's the enjoyment we get.
0:31:53 > 0:31:55Let's hear what two local estate agents
0:31:55 > 0:31:56have to say about the property
0:31:56 > 0:31:59now it's undergone a revamp.
0:32:01 > 0:32:03This is the second time I've seen the property.
0:32:03 > 0:32:06They've done a really good job, kept the property nice and neutral,
0:32:06 > 0:32:08it's ideal for a resale.
0:32:08 > 0:32:10I think the vendors have done a good job.
0:32:10 > 0:32:13It's neat and tidy, it's got nice, neutral colours throughout,
0:32:13 > 0:32:16good kitchen, good bathroom. Yeah, they've done a good job.
0:32:16 > 0:32:21I think this is ideal for the rental market, again, nice clean bathroom suite,
0:32:21 > 0:32:24nice and neutral, ideal in that it's what tenants are looking for.
0:32:24 > 0:32:32Although not in any rush to sell, if they put it up for sale, how much could they expect to achieve?
0:32:32 > 0:32:35I would put this property on the resale market for £110,000.
0:32:35 > 0:32:39I would put this property on the market for resale for £110,000.
0:32:39 > 0:32:42That's good, considering we only paid 76.
0:32:42 > 0:32:46- Yeah, definitely. Happy with that. - Yeah, I'm happy with that, yeah.
0:32:46 > 0:32:51Well, they actually paid 76,500 and spent £4,000 on the work,
0:32:51 > 0:32:58making their total outlay 80,500, so they could make a pre-tax profit of 29,500,
0:32:58 > 0:33:00minus the usual selling expenses.
0:33:00 > 0:33:03The property's already tenanted, so are they getting the right return?
0:33:03 > 0:33:08I'd put this property on the market for rent at £550 per calendar month.
0:33:08 > 0:33:12I'd put it on to the rental market for £550 per calendar month.
0:33:12 > 0:33:18- Yeah, that's what we're getting. - Yeah.- We'd agree with that as well. - Yeah, we'd agree with that.
0:33:18 > 0:33:23£500 per calendar month is giving them an impressive rental yield of over 8%,
0:33:23 > 0:33:29so the boys have done well, but do they think it was worth the leap of faith?
0:33:29 > 0:33:35Yeah, I'm definitely enjoying my new career here. It's all been pretty plain sailing at the minute...
0:33:35 > 0:33:40- Don't tempt fate, though! - No, I won't tempt fate, but it's been really enjoyable,
0:33:40 > 0:33:42and hopefully there'll be many more to come.
0:33:44 > 0:33:48I'm in Bolton, a town in Greater Manchester,
0:33:48 > 0:33:52ten miles northwest of Manchester city itself.
0:33:52 > 0:33:54Well, this part of Bolton is called Tonge Moor,
0:33:54 > 0:34:01which apparently is derived from the old English word "tang" or "twang" meaning "fork in the river".
0:34:01 > 0:34:05Well, the property I'm here to see is this two-bed mid-terrace.
0:34:05 > 0:34:08It had a guide price of £42,000.
0:34:08 > 0:34:15Not sure about fork... I wonder if it might be a "knife" little earner! Oh...!
0:34:15 > 0:34:19The property is in a great location about a mile from the town centre.
0:34:19 > 0:34:23There's easy access to motorways and two primary schools close by,
0:34:23 > 0:34:25so it could be an attractive purchase.
0:34:27 > 0:34:32So, through the door, and straightaway, I love the fact it's got this little porch.
0:34:32 > 0:34:37That really keeps the outside cold and noise out of the main lounge area.
0:34:37 > 0:34:40Fairly standard layout apart from that.
0:34:40 > 0:34:44Straightaway I can see a bit of damp on this wall,
0:34:44 > 0:34:48and you never quite know if that's gone into the floorboards or the joists,
0:34:48 > 0:34:50although it feels pretty sound.
0:34:50 > 0:34:53Definitely have a closer look at that if you had a bit more time.
0:34:53 > 0:34:56Er...a real fire...
0:34:56 > 0:35:00I was laughing at this, because... This is back in fashion, you know?
0:35:00 > 0:35:05To have basically a fairly simple room and a very interesting chimney breast
0:35:05 > 0:35:09with some fairly wacky wallpaper. So you might even leave that like it is,
0:35:09 > 0:35:11but open that up to make a central feature.
0:35:11 > 0:35:16All in all, not a bad... I was going to say "not a bad start", but what is that?
0:35:16 > 0:35:21Oh, dear! I don't know what's going on there, but parcel tape holding a ceiling together
0:35:21 > 0:35:26is never a promising sign. This is possibly indicative of a water leak
0:35:26 > 0:35:29and will need some attention or at least replastering.
0:35:29 > 0:35:32# Drip-drip, drippity-drip... #
0:35:33 > 0:35:36So good news at the back here. The kitchen is a good size.
0:35:36 > 0:35:40The bad news? It needs complete refurbishment.
0:35:40 > 0:35:45But I reckon spend £1,500-2,000 and you'd really transform this place.
0:35:45 > 0:35:49While I was doing that, though, I would certainly get rid of this wall.
0:35:49 > 0:35:53It's just partition, it would be very easy to take out, and it would open it up.
0:35:53 > 0:35:55What it's there for, I've got no idea.
0:35:55 > 0:35:58Another slightly unusual feature is this!
0:35:58 > 0:36:01It throws quite a lot of light into the room, but apart from that...
0:36:01 > 0:36:04You know what? I think you're going to have to leave that,
0:36:04 > 0:36:07because it'll be far too expensive to do anything with it. Mmm!
0:36:07 > 0:36:09It's a frustrating feature
0:36:09 > 0:36:15because having a bay window here prevents a straight run of units against this wall...not ideal!
0:36:15 > 0:36:18But what does this property have to offer in terms of outside space?
0:36:18 > 0:36:23Well, definitely a bit of sprucing-up needed here. Yuck!
0:36:23 > 0:36:26You can also see the source of that damp in the kitchen.
0:36:26 > 0:36:33There seems to be water penetration from outside, so a damp-proof course may be necessary.
0:36:35 > 0:36:40Well, upstairs it's a case of more good news and bad. The bathroom is at least upstairs,
0:36:40 > 0:36:44which is the good news. The bad news again, it needs a bit of money spending on it.
0:36:44 > 0:36:49But, you know...I'd trade having it up here for the fact it needs a bit of refurbishment any day!
0:36:49 > 0:36:54Two bedrooms, quite a smaller ones there and a very large one at the front.
0:36:54 > 0:36:58I like the layout of this house, and I think it really works.
0:36:58 > 0:37:06With a guide price of 42,000, is it a tempting prospect or just a terribly tired terrace?
0:37:06 > 0:37:09We asked along a local estate agent to give us his views.
0:37:09 > 0:37:11The property's a good-sized,
0:37:11 > 0:37:13two-bedroomed terraced house.
0:37:13 > 0:37:16Nice big lounge, good-sized dining-kitchen,
0:37:16 > 0:37:20two good bedrooms for renting the property, and a good-sized bathroom.
0:37:21 > 0:37:26So let's talk cash. In terms of resale and rental values, once the house is renovated,
0:37:26 > 0:37:31- how much could it achieve? - The rental that we'd achieve for this property
0:37:31 > 0:37:35would be £425-450 per calendar month.
0:37:35 > 0:37:41If we were marketing this property, we'd put it on the market at roughly £65,000.
0:37:42 > 0:37:45Well, I like this place. For a first-time buyer
0:37:45 > 0:37:48or somebody who wants to get themselves on the investment property ladder,
0:37:48 > 0:37:52a good one to go for. Let's see who bought it when it went under the hammer.
0:37:55 > 0:37:58Vacant two-bedroomed terraced house,
0:37:58 > 0:38:01£30,000 I'm bid, and we're away at 30,000.
0:38:01 > 0:38:06£30,000. 30,000 bid. I'll take yours at 32. At 32,000. 34.
0:38:06 > 0:38:09At 34. 36. At 36?
0:38:09 > 0:38:13No, 35. Good grief! 35. 36? At 36,000?
0:38:13 > 0:38:1735,500? 35,500. Same to you. 36?
0:38:17 > 0:38:1936. 36,500?
0:38:19 > 0:38:2136,500. 37.
0:38:22 > 0:38:2637. 37,500? 37,500. 38?
0:38:26 > 0:38:27At 38,000?
0:38:27 > 0:38:3338,500. At 39? 39,000. At 39,500. Give me 40.
0:38:33 > 0:38:39At 40,000. No? At 39,500. What's going to make it? 39,000. 39,750?
0:38:39 > 0:38:4139,750. 40?
0:38:41 > 0:38:44At 40,000. 40,250?
0:38:44 > 0:38:47Shake your head. No. Forget it. At £40,000, then.
0:38:47 > 0:38:51At £40,000... Sorry, 40,250.
0:38:51 > 0:38:5440,500. 40,250 for the first time.
0:38:54 > 0:38:58Second time at 40... There we go, so it's 40,500.
0:38:58 > 0:39:0140,750. 41.
0:39:01 > 0:39:0341,250. 41,500.
0:39:03 > 0:39:0541,750. 42.
0:39:05 > 0:39:0842,250. 42,500.
0:39:08 > 0:39:1442,500. 42,750. 43. 43,250. It keeps going up there. 43,250.
0:39:14 > 0:39:1943,500. 43,750. 44. Shall we make it easy? 45.
0:39:19 > 0:39:21At 45. 46.
0:39:21 > 0:39:23At 46,000. 47. 48.
0:39:23 > 0:39:24At 48. 49.
0:39:24 > 0:39:2750. 51. 52.
0:39:27 > 0:39:2953. 54. No.
0:39:29 > 0:39:3453,000, then. 53,500? Try another 250.
0:39:34 > 0:39:36Might as well. We've done it all the way along.
0:39:36 > 0:39:4053,250? 53,250. 53,500.
0:39:40 > 0:39:43No? At 53,500, then, for the first time.
0:39:43 > 0:39:48Second time at 53,500. Third and final time at 53,500.
0:39:48 > 0:39:53That successful bid was made by retired fireman Bob.
0:39:53 > 0:39:56# Yeah, they call me the fireman
0:39:56 > 0:39:58# That's my name... #
0:39:58 > 0:40:01He's a regular at property auctions.
0:40:01 > 0:40:04I met him at his new Bolton house to find out more.
0:40:04 > 0:40:07- Bob, congratulations.- Thank you. - Well done.
0:40:07 > 0:40:11- Tell me why you wanted to buy this place.- Mainly as an investment,
0:40:11 > 0:40:13and refurbish it...
0:40:13 > 0:40:18Perhaps look to sell it on. If not, I'll be renting it out.
0:40:18 > 0:40:23- Have you done this sort of thing before?- Yes, it's the fourth property I have.
0:40:23 > 0:40:27Done over a period of four years, I've just done one a year.
0:40:27 > 0:40:32I don't consider myself a property developer, but I have four properties.
0:40:32 > 0:40:36And is the idea you buy them, do them up and sell them or do you keep them?
0:40:36 > 0:40:40I've always bought them with a view to doing them up to a nice standard,
0:40:40 > 0:40:45then trying to sell them. Obviously, the market like it is at the moment,
0:40:45 > 0:40:48- all the properties have ended up being rented out.- Have they?
0:40:48 > 0:40:49I was going to say.
0:40:49 > 0:40:53The four years you've been doing it have been topsy-turvy times in the property world, haven't they?
0:40:53 > 0:40:58Absolutely, but more by good fortune, it's all worked out in my favour.
0:40:58 > 0:41:03So Bob's plan is to do this up and sell it on.
0:41:03 > 0:41:07But if that doesn't pan out, he'll let it just like the other properties he owns.
0:41:07 > 0:41:13He's been doing up houses for four years now, but has actually been rescuing them for much longer.
0:41:15 > 0:41:19- So tell me more about you. What's your background? - I was a fireman for 32 years.
0:41:19 > 0:41:23- Oh, congratulations! - Up until retiring four years ago.
0:41:23 > 0:41:28And since then I've done one property each year, during the winter months.
0:41:28 > 0:41:33Keeps me occupied and I have all the summer to myself.
0:41:33 > 0:41:37- Great! That presumably supplements your pension a little bit?- Yes.
0:41:37 > 0:41:42Like I say, it just keeps me occupied during the winter months. It's something to do.
0:41:42 > 0:41:45# In the summertime when the weather is high
0:41:45 > 0:41:48# You can stretch right up and touch the sky... #
0:41:48 > 0:41:53Bob keeps himself busy doing renovations during the winter months,
0:41:53 > 0:41:58then, once the weather improves, he and his wife Helen enjoy travelling. Sounds great,
0:41:58 > 0:42:05but before he can jet off to sunnier climes he's got a house to fix up. So what's his plan here?
0:42:05 > 0:42:08First of all, I'm going to get the fabric of the building checked over,
0:42:08 > 0:42:13the roof, the damp-proof course, obviously, the services, the gas and electric,
0:42:13 > 0:42:15that'll all be done straightaway.
0:42:15 > 0:42:21- Then I intend moving the wall in the kitchen, make it a large kitchen-diner.- Oh, wow!
0:42:21 > 0:42:27Hopefully! Change the front doors. The windows are already uPVC,
0:42:27 > 0:42:29but the doors haven't been done, so I will be doing those.
0:42:29 > 0:42:34And when we've got the main fabric of the building all sorted out,
0:42:34 > 0:42:41I'll plaster it up, then we'll get a new bathroom, new kitchen, and decorating all the way through.
0:42:41 > 0:42:43It's quite a comprehensive programme of refurbishment, that.
0:42:43 > 0:42:46I'll be nice when it's done.
0:42:46 > 0:42:51It certainly sounds like Bob will be doing a full job on this house.
0:42:51 > 0:42:55He's expecting to get it done in three months. How much is he planning to spend?
0:42:57 > 0:43:01- I don't expect to be going much over £8,000.- Right.
0:43:01 > 0:43:09I do most of the work myself anyway, but I do have a network of good builders at good prices,
0:43:09 > 0:43:13good quality works, and I will call on friends and family.
0:43:13 > 0:43:17- Well, congratulations. Good luck with it.- Thanks.- I look forward to seeing how you get on.- Thank you.
0:43:17 > 0:43:23Well, former fireman Bob certainly seems to have got his work-life balance just about right,
0:43:23 > 0:43:27working on properties in the winter and having the summer off. Sounds idyllic.
0:43:27 > 0:43:30But can he really get this place sorted out for just £8,000?
0:43:30 > 0:43:33You can find out later in the show.
0:43:36 > 0:43:40Doing up property can be time-consuming and expensive.
0:43:40 > 0:43:43So have our new owners managed to stick to their timescales and budgets?
0:43:43 > 0:43:45Let's find out.
0:43:46 > 0:43:52We've returned to Stoke Newington where electrician Viv bought this Grade-2 listed building
0:43:52 > 0:43:55for £715,000.
0:43:55 > 0:43:59Ripe for redevelopment, it comprised not one but four separate flats.
0:43:59 > 0:44:03She's a brave lady to take on this job and a half!
0:44:03 > 0:44:06Does it make you nervous that you've taken on quite a big project here?
0:44:06 > 0:44:12It does make me a bit nervous, but I'm hoping that I've done my research well enough,
0:44:12 > 0:44:16and, if everything progresses well, I think we should be all right.
0:44:16 > 0:44:19But did her optimism pay off?
0:44:19 > 0:44:25And she manage to get the planning permission necessary to make the changes she wanted?
0:44:44 > 0:44:47It's now 16 months since her purchase of the property
0:44:47 > 0:44:51and some major changes have taken shape in the two top flats.
0:44:51 > 0:44:57Viv has completely transformed them in a contemporary style and has really opened up the space.
0:44:59 > 0:45:04This room was originally two rooms. We decided to make it one kitchen-living room.
0:45:04 > 0:45:07We've replaced the windows with double-glazed windows
0:45:07 > 0:45:10and incorporated a lot of shelving and extra storage.
0:45:10 > 0:45:16Finally, we've laid this lovely oak floor, and I'm really pleased with the finished result.
0:45:23 > 0:45:27The bottom two flats have been gutted and are ready for decoration.
0:45:29 > 0:45:34But first Viv had to get rid of some old extensions to allow for something a little different.
0:45:37 > 0:45:41This is the area that was between the two existing extensions which we've demolished.
0:45:41 > 0:45:45And Hackney Planning allowed us to put this lovely glazed extension on,
0:45:45 > 0:45:48so that we could get maximum light into the two bottom flats.
0:45:48 > 0:45:50I think it's worked really well.
0:45:50 > 0:45:53This is an inspired idea of Viv's.
0:45:53 > 0:45:58By tweaking the layouts, this has created more space in both lower flats.
0:45:58 > 0:46:03Luckily, getting that crucial planning permission wasn't the headache it often is.
0:46:03 > 0:46:06Planning permission wasn't as difficult as we imagined.
0:46:06 > 0:46:10We met with the local conservation officer here at the property,
0:46:10 > 0:46:14and she ran through with us what would be acceptable and what wouldn't be.
0:46:14 > 0:46:19Hackney Council seem to be quite comfortable with combining the traditional and the modern,
0:46:19 > 0:46:22so I thought they were very accommodating.
0:46:22 > 0:46:27As an experienced tradeswoman herself, Viv was unafraid to get her hands dirty.
0:46:27 > 0:46:33I've done all of the electrics, but I've also done all the project management of all the other trades
0:46:33 > 0:46:36and the design, so I've been very hands-on.
0:46:36 > 0:46:39And I'm very proud of what we've managed to achieve.
0:46:39 > 0:46:41As well she should be!
0:46:41 > 0:46:44# London pride has been handed down to us
0:46:44 > 0:46:48# London pride is a flower that's green... #
0:46:48 > 0:46:51Viv seems to have really poured her heart and soul into this place,
0:46:51 > 0:46:54and so far it looks absolutely fantastic.
0:46:54 > 0:46:58She'd aimed to spend a maximum of 350,000 on it
0:46:58 > 0:47:00and have it finished in just over a year.
0:47:00 > 0:47:03But once she got stuck in...
0:47:03 > 0:47:06The top two flats have been completed for about a month now.
0:47:06 > 0:47:11We're continuing work on the basement and ground-floor flats.
0:47:11 > 0:47:15I would really hope that both of those are finished in about three months' time.
0:47:15 > 0:47:18Our final spend will be about £420,000.
0:47:19 > 0:47:23So she's gone over her original budget by about 70,000.
0:47:23 > 0:47:27We invited two estate agents to ask if she'll see a return
0:47:27 > 0:47:28on her investment.
0:47:28 > 0:47:32It's lovely. Cracking terrace as a whole. The whole building is very, very attractive.
0:47:32 > 0:47:34And I...
0:47:34 > 0:47:38sense the owner is very passionate about the finished product,
0:47:38 > 0:47:40so, yeah, very impressive.
0:47:40 > 0:47:41Sometimes with period buildings,
0:47:41 > 0:47:45people can almost make them into museums, and it's quite nice
0:47:45 > 0:47:49to see something where you've got a real mixture of contemporary architecture
0:47:49 > 0:47:52that blends in well with the original building.
0:47:52 > 0:47:57The estate agents gave rental estimates for all four flats
0:47:57 > 0:48:00of between £1,300 and £1,800 a month,
0:48:00 > 0:48:02but Viv's plan was always to sell.
0:48:02 > 0:48:06So what could the flats reach on the market?
0:48:06 > 0:48:08The resale value for the flats...
0:48:08 > 0:48:11For the top two, the first and the top floor,
0:48:11 > 0:48:15I would put those on the market for £375,000.
0:48:15 > 0:48:21Particularly on your top floor you'd be looking to achieve somewhere in excess of £350,000.
0:48:21 > 0:48:25The one-bedroom flat below, smaller, but with the terrace,
0:48:25 > 0:48:27a similar figure, 350,000.
0:48:27 > 0:48:34For the ground floor and the lower ground floor flats with the garden and the extension,
0:48:34 > 0:48:38I would put those on for £500,000.
0:48:38 > 0:48:41The raised ground floor would be the most popular unit.
0:48:41 > 0:48:46I think that could be nudging close to 500,000, but I don't think it'll go above that point.
0:48:46 > 0:48:49The lower ground floor, slightly smaller garden, little bit darker,
0:48:49 > 0:48:52£450,000, £460,000.
0:48:52 > 0:48:57I'm very excited about the resale prices for the bottom two flats.
0:48:57 > 0:49:00I wasn't expecting them to be valued so highly, so that's brilliant.
0:49:00 > 0:49:04The top two flats are much in line with my expectations.
0:49:05 > 0:49:11Viv's total outlay has been £1,135,000.
0:49:11 > 0:49:18The top valuations from the estate agents would put the four flats at £1,750,000,
0:49:18 > 0:49:22so that could be an incredible pre-tax profit of 615,000,
0:49:22 > 0:49:25minus the usual selling expenses,
0:49:25 > 0:49:31but, even with those impressive figures, Viv's not tempted by a career change yet!
0:49:34 > 0:49:38I don't think I could do the property development full-time. It really is full-on
0:49:38 > 0:49:41for the time that you're doing it, and I need a little rest from that.
0:49:41 > 0:49:45But I will always be keeping my eye open for a good development opportunity.
0:49:48 > 0:49:52# Yeah, they call me the fireman That's my name... #
0:49:52 > 0:49:59We're going back to Bolton where former fireman Bob purchased this two-bedroom mid-terrace for £53,500.
0:49:59 > 0:50:03This was the fourth property he'd bought to renovate since retiring,
0:50:03 > 0:50:06when he discovered the key to a perfect work-life balance.
0:50:06 > 0:50:10I've done one property each year, during the winter months.
0:50:10 > 0:50:15Keeps me occupied and then I have all the summer to myself.
0:50:17 > 0:50:21So did Bob manage to see the sunny side of this fixer-upper?
0:50:21 > 0:50:24His aim was to complete the work in three months.
0:50:26 > 0:50:31Well, five months later, and is the house shipshape and Bolton fashion?
0:50:56 > 0:50:59Downstairs the funky wallpaper's been ditched
0:50:59 > 0:51:03and Bob's chosen cream and a funky fireplace instead.
0:51:03 > 0:51:08And that nasty-looking taped-up hole in the ceiling is a distant memory.
0:51:09 > 0:51:15So...in the lounge we had an old-fashioned fireplace in situ.
0:51:15 > 0:51:18That's now been replaced with a nice feature fire
0:51:18 > 0:51:22which was a bargain off an auction site.
0:51:24 > 0:51:31We had surface-mounted main gas supply pipes the full length of the walls.
0:51:31 > 0:51:38Fortunately, the gas engineer was able to replace them and put them underneath the floorboards.
0:51:38 > 0:51:41That makes our look a lot more tidy.
0:51:41 > 0:51:49It certainly does. In the kitchen, that pesky bay window has been taken out, and new units fitted.
0:51:51 > 0:51:53Something else is missing here now.
0:51:53 > 0:51:58One of the walls is no longer and the kitchen feels much more spacious.
0:52:04 > 0:52:08The kitchen initially had a wall into a corridor.
0:52:08 > 0:52:13We've removed that wall, we've moved the bay back level with the wall,
0:52:13 > 0:52:17which allowed us then to get a good run of units.
0:52:17 > 0:52:23There was another window towards the corner of the kitchen, which we blocked up.
0:52:23 > 0:52:25We didn't want to move the boiler,
0:52:25 > 0:52:32but by blocking that window up, it's now allowed us to get a good run of cupboards, wall units
0:52:32 > 0:52:34and base units.
0:52:34 > 0:52:37It's now made the kitchen a whole lot more practical.
0:52:37 > 0:52:41Bob's clearly grafted hard to turn this place around.
0:52:41 > 0:52:44The house has been completely gutted.
0:52:44 > 0:52:48A number of the walls and ceilings had to be replastered.
0:52:48 > 0:52:52And walls have been knocked down, structural work...
0:52:52 > 0:52:54new doors put in...
0:52:54 > 0:52:56a new bathroom, new kitchen,
0:52:56 > 0:52:59and completely decorated all the way through.
0:52:59 > 0:53:02The damp-proof course was fine.
0:53:02 > 0:53:06The problem however was the gutters at the top had failed.
0:53:06 > 0:53:12As a result, we had to have the gutters replaced at the back. It's been quite a lot of work.
0:53:12 > 0:53:14That is an awful lot of work.
0:53:14 > 0:53:19Was it possible to do all that and keep within his £8,000 budget?
0:53:19 > 0:53:24It's come in probably just short of 9,500.
0:53:25 > 0:53:30There was a few hidden costs that I hadn't taken into account early on.
0:53:34 > 0:53:41I still think that for this sort of transformation, less than £10,000 is pretty good going.
0:53:41 > 0:53:44Bob was able to achieve this with a little help from his friends.
0:53:44 > 0:53:48# I get by with a little help from my friends... #
0:53:50 > 0:53:57I used the same lads, a builder, gas engineer, electricians...
0:53:57 > 0:54:02They're all good lads and they all look after me and come in at the right price.
0:54:02 > 0:54:04Is he happy with the end result?
0:54:04 > 0:54:07It's nice, fresh, modern.
0:54:07 > 0:54:13Anybody who gets the house has got a nice sturdy house that looks the part.
0:54:13 > 0:54:16Despite a harsh winter holding up his start date,
0:54:16 > 0:54:21Bob did complete the work within his three-month timescale.
0:54:23 > 0:54:25What do two local estate agents
0:54:25 > 0:54:27make of Bob's latest project?
0:54:27 > 0:54:29It's finished to a very high standard.
0:54:29 > 0:54:32It's got a new kitchen, new bathroom,
0:54:32 > 0:54:35two good-sized bedrooms.
0:54:35 > 0:54:40It's very well-decorated the front and rear of the property, extremely well presented.
0:54:40 > 0:54:42The finish itself is very, very good.
0:54:42 > 0:54:45Normally, at this level, it can be questionable, but here,
0:54:45 > 0:54:48as you can see, all of the fittings are of a very good standard,
0:54:48 > 0:54:52the paint finish is very good and it will portray the property in a good light.
0:54:52 > 0:54:57So far so good. Bob's plan is to sell. What sort of price could the property be marketed for?
0:54:57 > 0:55:02If I was to put the property on the market for sale, we'd be looking to achieve £75,000,
0:55:02 > 0:55:07and as a result we'd put an asking price on it of around £78,000.
0:55:07 > 0:55:11I'd be looking to place this property on the market in the region of £77,000,
0:55:11 > 0:55:14with a view to achieve £75,000.
0:55:14 > 0:55:22That's ideal. My target right from the outset has been to achieve 75,000 as a sale price.
0:55:22 > 0:55:25If I can achieve that, I will sell.
0:55:25 > 0:55:30With the purchase price of £53,500, plus £9,500 on the work,
0:55:30 > 0:55:34Bob's total outlay is £63,000.
0:55:34 > 0:55:41So selling for 75,000 would give him a pre-tax profit of £12,000, minus the usual selling expenses.
0:55:41 > 0:55:46If this is not achievable in the current market, he's willing to consider renting.
0:55:46 > 0:55:49What sort of rental could he make here?
0:55:49 > 0:55:52You'd be looking between £425 and £450 per calendar month.
0:55:52 > 0:55:57To rent the property we'd be looking to achieve around £475 per calendar month.
0:55:57 > 0:56:02I've had a number of inquiries already from local people
0:56:02 > 0:56:05who are prepared to pay £450...
0:56:05 > 0:56:13which will give me over an 8% yield, so that's ideal if I can achieve that as well.
0:56:13 > 0:56:15Despite a well-earned break over the summer,
0:56:15 > 0:56:20ex-fireman Bob won't be giving up on property renovating any time soon.
0:56:20 > 0:56:21It's enjoyable,
0:56:21 > 0:56:28hard work, but ultimately it's nice when you see the end result,
0:56:28 > 0:56:30and it's nice when it's finished.
0:56:30 > 0:56:34# Goodness gracious, great balls of fire! #
0:56:37 > 0:56:38Well, that's it for now.
0:56:38 > 0:56:42We'll have another selection box of properties for you to take your pick from next time.
0:56:42 > 0:56:45- So make sure you join us then. See you.- Goodbye.- Goodbye.
0:56:50 > 0:56:54Subtitles by Red Bee Media Ltd
0:56:54 > 0:56:59E-mail subtitling@bbc.co.uk