0:00:02 > 0:00:05- Hello, and welcome to the programme. - Now, it's fairly mild today
0:00:05 > 0:00:07but how do you tell the temperature of the property market?
0:00:07 > 0:00:11Sometimes it's difficult to tell whether it's blowing hot or cold.
0:00:11 > 0:00:15But one way to suss it out for yourself is to visit your local property auction.
0:00:40 > 0:00:43Now, when you go along to an auction
0:00:43 > 0:00:46you can soon tell whether there's optimism in the room
0:00:46 > 0:00:48or if everyone is playing a bit of a cautious game.
0:00:48 > 0:00:52It's a very revealing snapshot of the property market,
0:00:52 > 0:00:55so let's see how the land lies with the properties
0:00:55 > 0:00:57that were up for auction on today's show.
0:00:58 > 0:01:00'In Hammersmith, West London,
0:01:00 > 0:01:03'we dig deep to find a one-bedroom wreck with potential.'
0:01:03 > 0:01:05A lot of space
0:01:05 > 0:01:07and a lot of work.
0:01:07 > 0:01:10'There's a model property on offer in Gillingham, Kent.'
0:01:10 > 0:01:15It's sort of like a doll's house, really. Strange.
0:01:18 > 0:01:22'And in Stockport, will there be a fairy-tale ending
0:01:22 > 0:01:23'for this drab 1930s semi?'
0:01:23 > 0:01:27Well, you don't have to say mirror, mirror on the wall, what's the problem with this hall?
0:01:30 > 0:01:33'All these properties are being sold at auctions and we'll find out
0:01:33 > 0:01:37'who bought them and what they paid for them when they went under the hammer.'
0:01:37 > 0:01:38Sold.
0:01:41 > 0:01:45'With its tree-lined streets, period properties and great
0:01:45 > 0:01:47'transport links, Hammersmith in West London
0:01:47 > 0:01:50'is a popular and colourful part of the capital.'
0:01:50 > 0:01:53Just a short walk from the tube station,
0:01:53 > 0:02:00I'm here to see a one-bedroom flat which had a guide price of £190,000.
0:02:00 > 0:02:03For a one-bedroom flat, that sound like a lot of money.
0:02:03 > 0:02:06However, when I tell you that houses on this street have sold
0:02:06 > 0:02:11for around £2 million, suddenly, maybe it's not such a lot.
0:02:13 > 0:02:16'It's a very attractive property from the outside,
0:02:16 > 0:02:19'although the side entrance is less appealing.
0:02:19 > 0:02:21'I would have preferred to climb the steps
0:02:21 > 0:02:23'but this is a ground-floor flat
0:02:23 > 0:02:25'and something as simple as a new door
0:02:25 > 0:02:28'could improve first impressions.'
0:02:30 > 0:02:31Oh.
0:02:31 > 0:02:33Talk about disappointing!
0:02:33 > 0:02:37A beautiful building on the outside and walk in here and...
0:02:37 > 0:02:39well, look at it.
0:02:41 > 0:02:44What a wreck. What a shame.
0:02:44 > 0:02:48Still, let's try and see through the fact it's not quite what I anticipated.
0:02:48 > 0:02:52It's got a lot of space, bearing in mind it's a ground-floor flat.
0:02:52 > 0:02:54A lot of space
0:02:54 > 0:02:57and a lot of work.
0:02:57 > 0:03:00# It's sad, so sad
0:03:00 > 0:03:04# It's a sad, sad situation... #
0:03:04 > 0:03:06Well, quite.
0:03:06 > 0:03:10It is a sad situation, but let's look on the bright side if we can.
0:03:10 > 0:03:13The property comes with a garage, three large rooms
0:03:13 > 0:03:16and some period features that may be salvageable,
0:03:16 > 0:03:20although there's nothing salvageable about that bathroom.
0:03:20 > 0:03:24But then things go from tragic to magic.
0:03:24 > 0:03:27# Oh, oh, oh, it's magic... #
0:03:27 > 0:03:31'This isn't just a garden, it's a building plot.
0:03:31 > 0:03:35'There's huge scope for an extension and if you're able to achieve
0:03:35 > 0:03:37'half of what the next-door neighbours managed,
0:03:37 > 0:03:39'you could create something pretty fabulous.
0:03:39 > 0:03:43'But there's another consideration if you're planning to branch out here.'
0:03:43 > 0:03:45Trees. I love them.
0:03:45 > 0:03:49However, they're not so brilliant close by your property.
0:03:49 > 0:03:51As a rule, you have to assume that the roots
0:03:51 > 0:03:54will extend out as far as the tree extends upwards.
0:03:54 > 0:03:57In this case, you can see the damage it's done to the pavement,
0:03:57 > 0:04:00and there's a big drain running through here
0:04:00 > 0:04:05so before you do any work extending or modifying this place, you need to get it checked out
0:04:05 > 0:04:09and make sure that these roots aren't going to cause any damage in the future.
0:04:09 > 0:04:17# There's a tree in the meadow... #
0:04:17 > 0:04:22'Trees may be lovely, but cracks in your foundations aren't.
0:04:22 > 0:04:26'But you must always check with the local council if you have any plans to chop them down.
0:04:26 > 0:04:28'What did a local estate agent
0:04:28 > 0:04:33'make of this ground-floor flat with bags of potential?'
0:04:33 > 0:04:35First impressions about this property,
0:04:35 > 0:04:39it's a bit of a wreck, isn't it? You don't come across
0:04:39 > 0:04:43these unmodernised properties too often. Huge potential, though.
0:04:43 > 0:04:45Definitely potential to extend out.
0:04:45 > 0:04:47The precedent has been set next door.
0:04:47 > 0:04:51You're potentially looking at two bedrooms, three bedrooms.
0:04:51 > 0:04:52A property with a lovely outside space.
0:04:54 > 0:04:55But unlike next door,
0:04:55 > 0:04:59you won't be able to build up as this is a basement flat.
0:04:59 > 0:05:03However, turning it from a one-bedroom to a two or three
0:05:03 > 0:05:04is where the real money lies.
0:05:04 > 0:05:08So, how much could the flat be worth if that happens?
0:05:08 > 0:05:12Extending this property to a two, potentially three-bedroom property,
0:05:12 > 0:05:14would see us achieving 475,000,
0:05:14 > 0:05:17maybe just shy of £500,000 at a push.
0:05:17 > 0:05:22So, a one-bedroom flat with its own garden and a garage
0:05:22 > 0:05:24and the potential to expand it.
0:05:24 > 0:05:28What is there not to like about this flat in this good location?
0:05:28 > 0:05:31Nothing. Let's find out who bought it at the auction.
0:05:35 > 0:05:38Lot seven, who'd like to kick off?
0:05:38 > 0:05:41Well done. 200 there. 205, 210.
0:05:41 > 0:05:45Ladies first, sorry. 215. 220.
0:05:45 > 0:05:50'A popular property at the auction, the bidding escalated
0:05:50 > 0:05:53'and we rejoin as the price reaches £290,000.'
0:05:54 > 0:05:56290. 291.
0:05:56 > 0:05:58292.
0:06:00 > 0:06:02292 back in, 293.
0:06:02 > 0:06:04293 with you.
0:06:04 > 0:06:07The first time, second time.
0:06:07 > 0:06:09294. 295.
0:06:09 > 0:06:14296 in the front.
0:06:14 > 0:06:18295 standing up. First time, second time,
0:06:18 > 0:06:21third and last time. 296.
0:06:21 > 0:06:23297.
0:06:24 > 0:06:28298, 299? 299.
0:06:28 > 0:06:29300.
0:06:29 > 0:06:32301? 300 with you.
0:06:32 > 0:06:36First time, second time, third and last time if you're all done.
0:06:36 > 0:06:40It's got a garage and garden. Sold, 300.
0:06:42 > 0:06:45# He's a winner, he's number one... #
0:06:45 > 0:06:47'With a successful bid of £300,000,
0:06:47 > 0:06:53'a whopping £110,000 over the guide, was ex-property surveyor Chris.
0:06:53 > 0:06:57'He was bidding on the flat for himself and business partner Robbie.
0:06:57 > 0:07:01'They recently started a property business and have big plans for this pad.'
0:07:01 > 0:07:05- Robbie, Chris, good to meet you both. Congratulations.- Thank you.
0:07:05 > 0:07:09- Why did you want to buy this? - We bought this property because, first of all,
0:07:09 > 0:07:11it was in our search area.
0:07:11 > 0:07:14Secondly, as you can see, it's a bit of a project
0:07:14 > 0:07:19so there's a fair bit of work to be done, and we think value to be added.
0:07:19 > 0:07:22Right. What kind of projects do you look for?
0:07:22 > 0:07:26Generally we look for, as Chris said, anything we can add value to.
0:07:26 > 0:07:28That's the key to our criteria and this one here
0:07:28 > 0:07:30has got a garage in the demise, and we know
0:07:30 > 0:07:34we can actually go from a one-bedroom to a three-bedroom, so that's key.
0:07:34 > 0:07:36You paid quite a lot over the guide price.
0:07:36 > 0:07:39Do you think the guide price was unrealistic?
0:07:39 > 0:07:44We tend to find that the guide prices are generally set fairly low to generate interest.
0:07:44 > 0:07:47We've paid, yes, significantly over the guide price.
0:07:47 > 0:07:53That said, we probably would have went another 20, 30,000 to get it.
0:07:53 > 0:07:57We think that we paid 300, that's a reasonable price.
0:07:57 > 0:08:00We could have gone slightly higher.
0:08:00 > 0:08:03We think there's profit in there at that price.
0:08:03 > 0:08:05Well, hopefully we've done our numbers right.
0:08:05 > 0:08:07Tell me more about you two.
0:08:07 > 0:08:09Our backgrounds are a little bit different.
0:08:09 > 0:08:12Chris is from more of a professional background.
0:08:12 > 0:08:14I played professional sport for ten years.
0:08:14 > 0:08:18- Oh, right, what? - Rugby League, back in Australia.
0:08:18 > 0:08:21I came over in 2006 and I ended up working for
0:08:21 > 0:08:25the same investment firm that Chris was doing some property consulting for.
0:08:25 > 0:08:27We were sitting side by side
0:08:27 > 0:08:30and hit it off and thought we'd give it a crack.
0:08:30 > 0:08:32And what about you, Chris?
0:08:32 > 0:08:37My background's commercial property so I was buying and selling
0:08:37 > 0:08:40shops and offices, industrial buildings,
0:08:40 > 0:08:43and developing much larger buildings than this.
0:08:43 > 0:08:47I decided to do it with our own capital.
0:08:47 > 0:08:49It's pretty much the same process.
0:08:49 > 0:08:53The numbers are a bit smaller but the risks are a bit more personal.
0:08:53 > 0:08:55We saw on opportunity and weren't going to waste it
0:08:55 > 0:08:57so we thought, let's do it ourselves.
0:08:57 > 0:09:00Let's put our money together and do it ourselves.
0:09:00 > 0:09:03Now, it's all up to us and all our money's in.
0:09:03 > 0:09:05This is a joint venture, as it?
0:09:05 > 0:09:07- Definitely. - What kind of roles do you both play?
0:09:07 > 0:09:09Whoever's got experience in one area,
0:09:09 > 0:09:12we tend to let that person get on with it. So I do everything.
0:09:15 > 0:09:18I've turned into his handyman, really.
0:09:18 > 0:09:23But Chris is brilliant with the numbers and the legals and so forth.
0:09:23 > 0:09:26Essentially, I'll just project manage then.
0:09:26 > 0:09:30We're fairly hands-on and as you can see there's a fair bit of work to be done,
0:09:30 > 0:09:36but we'll get contractors in to do the job and we'll share the work.
0:09:36 > 0:09:40# Together forever and never to part
0:09:40 > 0:09:44# Together forever, we two... #
0:09:44 > 0:09:46'Sounds like a great game plan to me.
0:09:46 > 0:09:49'Considering a three-bed garden flat in this location
0:09:49 > 0:09:52'could command as much as half a million pounds,
0:09:52 > 0:09:55'there's definitely money to be made here
0:09:55 > 0:09:57'if the guys have as good a plan for the renovation.'
0:09:57 > 0:10:02So, tell me exactly what you're going to do with this place.
0:10:02 > 0:10:05To the right-hand side is the garage, accessed from the main hall.
0:10:05 > 0:10:09We intend to knock the garage down and build a bedroom at the front,
0:10:09 > 0:10:12a bathroom in between
0:10:12 > 0:10:14and then a further bedroom fronting onto the garden.
0:10:14 > 0:10:17That second bedroom will have an en suite
0:10:17 > 0:10:19so it will become a three-bedroom
0:10:19 > 0:10:22and there will be a rear extension out the back here
0:10:22 > 0:10:25with bifold doors opening onto the garden.
0:10:25 > 0:10:29All this garden area here will be either decked or paved.
0:10:29 > 0:10:32Right. Have you applied for planning permission yet?
0:10:32 > 0:10:33We have, actually.
0:10:33 > 0:10:36Have you had discussions with the planners as to whether or not
0:10:36 > 0:10:37- they will say yes? - Yes, we have.- And?
0:10:37 > 0:10:41You can never tell, but the feedback's been positive.
0:10:41 > 0:10:45I think the important thing is that next door have done
0:10:45 > 0:10:48exactly what we want to do, so a precedent's been set, so to speak.
0:10:48 > 0:10:50We know we want to extend like they have,
0:10:50 > 0:10:54and they've also turned their garage into bedrooms as well.
0:10:54 > 0:10:56Also, this property you can see here,
0:10:56 > 0:10:58the building line is exactly where we want to build out to.
0:10:58 > 0:11:01We're not going two storeys so we are confident that
0:11:01 > 0:11:04we are going to get something along the lines we want.
0:11:04 > 0:11:07You can never be sure what concessions you'll have to make.
0:11:07 > 0:11:10And if they say no, worst-case scenario,
0:11:10 > 0:11:13would you just restore it as it is?
0:11:13 > 0:11:16- Yeah.- But you don't think that's going to happen?
0:11:16 > 0:11:18Well, let's see what happens, but we're confident
0:11:18 > 0:11:22we should be what to get a rear extension at least
0:11:22 > 0:11:24and we should be able to demolish the garage
0:11:24 > 0:11:26and actually put those bedrooms in.
0:11:26 > 0:11:28Whether it be one bedroom or the two bedrooms.
0:11:31 > 0:11:36'The boys have set a budget for the work of £100,000,
0:11:36 > 0:11:39'so if planning permission is granted and all goes well,
0:11:39 > 0:11:42'they stand to make up to £100,000 in profit.
0:11:42 > 0:11:45'They've got experience on their side.
0:11:45 > 0:11:48'This will be the third project these two have tackled together.'
0:11:48 > 0:11:50What's the timescale for sorting this out?
0:11:50 > 0:11:53We've got a timescale of nine months
0:11:53 > 0:11:56and we think there will be two months involved in the planning process,
0:11:56 > 0:12:00probably four months on site, four to six months on site doing the work.
0:12:00 > 0:12:03Then three months on the other side selling.
0:12:03 > 0:12:04Well, I'm really excited to see when it's finished.
0:12:04 > 0:12:08I think you're going to do an amazing job so good luck with it.
0:12:08 > 0:12:11- Thank you very much.- We look forward to seeing how you get on. - Great, cheers.
0:12:11 > 0:12:15Well, Robbie's certainly got the skills to make light work
0:12:15 > 0:12:18of this project and surveyor Chris didn't have too many problems
0:12:18 > 0:12:22with those structural issues. They make a great team, actually.
0:12:22 > 0:12:25I just hope they get that planning permission that they so want.
0:12:25 > 0:12:27Find out how they get on later in the show.
0:12:30 > 0:12:33# And this I give for all mankind
0:12:33 > 0:12:36# Sail away on an ocean wave... #
0:12:39 > 0:12:42'Two English miles from Rochester and one mile from Chatham,
0:12:42 > 0:12:44'where the king's ships do lie.
0:12:44 > 0:12:47'So Gillingham was described in the 1500s.
0:12:47 > 0:12:50'Today, it's still next to Rochester and Chatham,
0:12:50 > 0:12:53'but you'll find fewer of the king's ships
0:12:53 > 0:12:58'and more super-fast trains to London. How times change.'
0:12:58 > 0:13:01The property I'm here to see is minutes from the shops
0:13:01 > 0:13:05and a short walk to the train station, which is lovely.
0:13:05 > 0:13:09It's also less than ten staggering steps from this pub.
0:13:09 > 0:13:11Great if it's your local, far from good
0:13:11 > 0:13:15if it turns out they do karaoke till late every Friday night.
0:13:15 > 0:13:16It's never simple, is it?
0:13:16 > 0:13:19The house itself is here, it's got three bedrooms
0:13:19 > 0:13:23and it had a guide price of £70 - 75,000.
0:13:25 > 0:13:27Well, do you know how happy it makes me
0:13:27 > 0:13:31when I walk into a house and I can't smell any damp?
0:13:31 > 0:13:34So far, so good. I mean, you can see it's terribly dated.
0:13:34 > 0:13:39You've got this old gas fire down here, the windows are single glazed.
0:13:39 > 0:13:41A bit noisy out there and it's quite cold
0:13:41 > 0:13:44so I'd definitely look at getting the windows replaced.
0:13:44 > 0:13:48The good news is central heating has been installed. Look at all the pipework here.
0:13:48 > 0:13:50Probably get that boxed in,
0:13:50 > 0:13:55but you've got so much work to do to bring this house up to date, it's a joke.
0:13:55 > 0:13:57Look up there - polystyrene tiles, a fire hazard.
0:13:57 > 0:14:00You've got to change those.
0:14:00 > 0:14:04Down here, oh yes, it's a big spooky cellar,
0:14:04 > 0:14:07but great for extra storage space.
0:14:07 > 0:14:10The only thing I would say about this property -
0:14:10 > 0:14:12it's a bit on the small side.
0:14:12 > 0:14:17Feels a little bit cramped, it's sort of like a doll's house, really.
0:14:17 > 0:14:19Strange.
0:14:19 > 0:14:21# Got a hammer, nail and a hunk of wood
0:14:21 > 0:14:23# I'll build a doll house... #
0:14:23 > 0:14:27'Victorian builders worked to standard designs of houses,
0:14:27 > 0:14:29'often tweaking them to give them a personal touch.
0:14:29 > 0:14:31'This house is definitely on the small side
0:14:31 > 0:14:34'and with that massive fireplace in the second reception,
0:14:34 > 0:14:40'you'd really struggle to fit in all the furniture needed for a dining room or lounge.
0:14:40 > 0:14:43'On the plus side, you'd only need to buy one three-piece suite.
0:14:43 > 0:14:46'You could put some of it in the front and some at the back.'
0:14:46 > 0:14:49# Cutest place you'll ever see
0:14:49 > 0:14:52# Big enough for you and me... #
0:14:52 > 0:14:56'No surprises that the kitchen is also fairly mini,
0:14:56 > 0:14:58'and unfortunately the bathroom is at the rear,
0:14:58 > 0:15:01'as dated as the rest of the ground floor.
0:15:01 > 0:15:03'But it's here that I have an idea.'
0:15:03 > 0:15:08So why am I staring at that little space there?
0:15:08 > 0:15:12That little space actually gives you options and that excites me.
0:15:12 > 0:15:15What you could do is take this wall out here, block up this doorway
0:15:15 > 0:15:18and just have a much bigger bathroom.
0:15:18 > 0:15:21That really may appeal to some people.
0:15:21 > 0:15:26But for me, how about using this little room here as a utility area,
0:15:26 > 0:15:29somewhere to stack your washing machine, your drier,
0:15:29 > 0:15:32because when you look at your kitchen it's very small
0:15:32 > 0:15:36and there's nowhere to put anything like that in that space.
0:15:36 > 0:15:39I just think then you could hang up your socks and pants
0:15:39 > 0:15:42and it would really work and make this space a lot more usable.
0:15:42 > 0:15:45'Of course, you'd still need access into your garden
0:15:45 > 0:15:47'but you could solve the problem
0:15:47 > 0:15:50'by putting a door in the back sitting room,
0:15:50 > 0:15:52'where the window currently is.
0:15:52 > 0:15:55'The garden itself is a bit of a conundrum.
0:15:55 > 0:15:57'In fact, you only get half of this lawn.
0:15:57 > 0:16:00'The other half belongs to the house next door.
0:16:00 > 0:16:03'I wonder how many people spotted that at the viewing.
0:16:03 > 0:16:08'Upstairs there are two bedrooms, or three depending how slim you are.
0:16:08 > 0:16:11'There's a good sized double at the front with features
0:16:11 > 0:16:16'potentially lurking behind that boarded-up fireplace.
0:16:16 > 0:16:20'At the rear, there's another double bedroom with that odd little third room adjoining it.'
0:16:20 > 0:16:24The funny thing about this house is the stairs are really steep,
0:16:24 > 0:16:27there's a big step to get up in here and then if you walk over here,
0:16:27 > 0:16:31look, there's another big step down into here.
0:16:31 > 0:16:35I've said it once but I'm going to say it again, it feels very small,
0:16:35 > 0:16:39very bijou, this property. Like a little cottage.
0:16:39 > 0:16:43Now, there are options upstairs, of course. I've said this a million times.
0:16:43 > 0:16:46You could create a corridor along here
0:16:46 > 0:16:48so that you turn the stairs around
0:16:48 > 0:16:50and use a bit of the space next door.
0:16:50 > 0:16:54You then have private access to this area through here.
0:16:54 > 0:16:56Now, this room isn't a particularly big room.
0:16:56 > 0:16:59In fact, it's rather much on the small side.
0:16:59 > 0:17:04Of course, you would lose a lot of space in here by creating the corridor.
0:17:04 > 0:17:07So in fact, you'd have two very small spaces
0:17:07 > 0:17:09so I really don't think it's worth doing that.
0:17:09 > 0:17:11I would use this bedroom as it is.
0:17:11 > 0:17:15Potentially you could think about putting a little shower in there,
0:17:15 > 0:17:17but it's probably not worth spending the money.
0:17:17 > 0:17:21I think you have to look at an office or a little nursery.
0:17:21 > 0:17:23Really, they're your options.
0:17:23 > 0:17:28# Big enough for you and me. #
0:17:28 > 0:17:31'This house is not for the tall or broad,
0:17:31 > 0:17:34'but it's cute and there are ways of making it work a lot better,
0:17:34 > 0:17:36'and I like it.
0:17:36 > 0:17:39'To see if it's worth the £70 - £75,000 guide price,
0:17:39 > 0:17:43'we asked a local property expert for her opinion.'
0:17:43 > 0:17:46This road in particular is very close to the high street
0:17:46 > 0:17:48and it has very good transport links.
0:17:48 > 0:17:51I think you need to be very careful about how much you spend.
0:17:51 > 0:17:55I don't think spending massive amounts would add particularly
0:17:55 > 0:17:56a lot of value to the property.
0:17:56 > 0:18:00'But if someone is not afraid of hard work,
0:18:00 > 0:18:05'what price could the property command on the rental and sale market?'
0:18:05 > 0:18:07After being fully renovated,
0:18:07 > 0:18:11the ceiling price I would say would be about 115 to 120.
0:18:12 > 0:18:17'What rental could this refurbished skinny terraced house earn?'
0:18:17 > 0:18:21This property would fetch about £550 per calendar month.
0:18:22 > 0:18:25This place needs a bit more than a good old tidy-up.
0:18:25 > 0:18:27It's not terrible, but it's far from terrific
0:18:27 > 0:18:31and you would need to buy at the right price to ensure an instant profit.
0:18:31 > 0:18:34Let's see who took the plunge at the auction.
0:18:34 > 0:18:36Lot six, we go to.
0:18:36 > 0:18:39It's well-presented, it's got two reception rooms.
0:18:39 > 0:18:41What it needs now is a buyer.
0:18:41 > 0:18:45£70,000, not a lot of money for a terraced house. 70 I'm looking for.
0:18:45 > 0:18:48- 60.- 60, I'm obliged. 60 I have.
0:18:48 > 0:18:49Give me 2 if you like.
0:18:49 > 0:18:5462, 62, 65 and 7, 67.
0:18:54 > 0:18:58And 70, at 70 and 2, 72.
0:18:58 > 0:19:03One more, 73. That's a £73,000 bid I've got, 4 I'm looking for.
0:19:03 > 0:19:0674 I'm obliged, 75 right at the back.
0:19:06 > 0:19:1076 may I say, 76 I've got. 7, do I see?
0:19:10 > 0:19:14At £76,000 sitting down I will sell for the first time.
0:19:14 > 0:19:17£76,000, 77 I've got, right at the back.
0:19:17 > 0:19:2278 now. One more. You won't buy houses for this money.
0:19:22 > 0:19:2578, I've got. Fresh bid in the front row.
0:19:25 > 0:19:2779, £80,000 I've got and one.
0:19:27 > 0:19:3181. Just the one bid and that's it?
0:19:31 > 0:19:3681 right at the back, 82 it's against you. 82 and he's still smiling.
0:19:36 > 0:19:38£82,000 sitting down.
0:19:38 > 0:19:41The first time at £82,000,
0:19:41 > 0:19:43second time at £82,000.
0:19:43 > 0:19:4583, got it. 83.
0:19:45 > 0:19:48Why not say 85, try and knock him out?
0:19:48 > 0:19:50It works sometimes, works for me anyway.
0:19:50 > 0:19:5385, could I say? 85 bid I've got.
0:19:53 > 0:19:57£85,000 bid I've got sitting down for the first time,
0:19:57 > 0:20:00£85,000 bid for the second time.
0:20:00 > 0:20:03I'm selling at 85 for the third and final time.
0:20:03 > 0:20:05Yours, sir. Well done, you stuck with it.
0:20:05 > 0:20:09'The successful bidder was Mick, who was at the auction with his daughter, Catherine.
0:20:09 > 0:20:12'He paid £85,000 for the slimline terrace
0:20:12 > 0:20:16'and will be working with his son, Simon, on the development.
0:20:16 > 0:20:20'Dad Mick has remortgaged his house to finance this and Simon,
0:20:20 > 0:20:24'who is a trained carpenter, will do most of the work.'
0:20:24 > 0:20:26Guys, congratulations.
0:20:26 > 0:20:29- Thank you.- It's quite a busy, bustling auction, wasn't it? - Yeah, it was.
0:20:29 > 0:20:33- Did you always think you were going to get this, Mick? - We were trying to.
0:20:33 > 0:20:36We had a limit where we could go to and it went just below that limit.
0:20:36 > 0:20:41- What was your absolute top limit? - 86.- And you paid?- 85.
0:20:41 > 0:20:44- So you must be thrilled to bits, really?- Yeah. I really am.
0:20:44 > 0:20:49So, father-and-son team here. Is this the first time we've worked together?
0:20:49 > 0:20:50- Yeah.- Yeah.
0:20:50 > 0:20:54- So why has this come about then? - Basically, to get Simon on the ladder.
0:20:54 > 0:20:57Get him started because I see him working so hard
0:20:57 > 0:21:00and he's not getting anywhere in the sense that
0:21:00 > 0:21:02he can't get the deposit to get his own house.
0:21:02 > 0:21:07We thought the best way is buy cheap and get him started.
0:21:07 > 0:21:09So, Simon, what is your plan?
0:21:09 > 0:21:11You bought this for £85,000 to do it up and sell it on,
0:21:11 > 0:21:13or is this a house for you?
0:21:13 > 0:21:17We want to do it up and sell it on as quick as possible, really. Then buy another one.
0:21:17 > 0:21:23How many of these do you intend on doing before you get your dream home, Simon?
0:21:23 > 0:21:26Well, I'm happy living with Mum and Dad at the moment.
0:21:26 > 0:21:30Hold on a minute! I don't think you're going to get rid of this one.
0:21:30 > 0:21:32That's the problem, have you told your wife?
0:21:34 > 0:21:41'Kids these days. They've got the right idea, stay at home and get the washing done.
0:21:41 > 0:21:43'But actually, this is a very real problem.
0:21:43 > 0:21:48'With mortgages hard to come by and deposits prohibitively high,
0:21:48 > 0:21:50'it's either bank of Mum and Dad or pay rent.
0:21:50 > 0:21:53'But Simon isn't just here for a free ride.
0:21:53 > 0:21:58'As he's a carpenter, he'll be working full-time to get this place ready.'
0:21:58 > 0:22:00So, Mick, talk me through the renovations.
0:22:00 > 0:22:04- What are you going to do here? - We're going to skin all the walls.
0:22:04 > 0:22:07Obviously putting a new kitchen in, new bathroom in.
0:22:07 > 0:22:12We're taking the wall down between the bathroom and the kitchen.
0:22:12 > 0:22:15I was thinking of leaving the bathroom where it is
0:22:15 > 0:22:18but just having, in front of the door that leads out to the garden,
0:22:18 > 0:22:20your washer and drier
0:22:20 > 0:22:23and making that a little space for your utility area.
0:22:23 > 0:22:25What do you think of that?
0:22:25 > 0:22:28- I hadn't thought of that. - Something to think about, isn't it?
0:22:28 > 0:22:32Because where you going to put your washing machine, your tumble dryer?
0:22:32 > 0:22:34There is actually an integrated one for our new kitchen.
0:22:34 > 0:22:36But that's quite a small space, isn't it?
0:22:36 > 0:22:39That's quite a good area to put a washer dryer,
0:22:39 > 0:22:41in that little area, and then at least
0:22:41 > 0:22:45there's enough room for a clothes horse, you can hang up your socks and your pants and your towels.
0:22:45 > 0:22:49- Good idea, actually. - It's just an idea. - Yeah, it's worth thinking about.
0:22:49 > 0:22:52'I really do think it's worth thinking about.
0:22:52 > 0:22:56'This all seems to be well planned but a little bird told me
0:22:56 > 0:23:00'that it's wife and mum, Joyce, who got this all knocked into shape.
0:23:00 > 0:23:04'She's a schoolteacher and certainly knows her way around a timetable.'
0:23:04 > 0:23:07# I love, I love, I love My calendar girl... #
0:23:07 > 0:23:11I've been a little bit nosy.
0:23:11 > 0:23:14I couldn't help but stumble across this today.
0:23:14 > 0:23:17So, on Wednesday 16th March, what's happening?
0:23:17 > 0:23:19No idea.
0:23:19 > 0:23:21LAUGHTER
0:23:21 > 0:23:23What's going to happen on Saturday 19th March?
0:23:23 > 0:23:25Don't know.
0:23:25 > 0:23:27Stripping out the carpets.
0:23:27 > 0:23:30You're having your bathroom fittings delivered. That's unbelievable.
0:23:30 > 0:23:35- It's good, isn't it?- I love that. All of you have got a job, a time...
0:23:35 > 0:23:37I've never seen anything like it.
0:23:37 > 0:23:40Is it like, "tonight, This Is Your Life."?
0:23:40 > 0:23:44Are you sticking with that? It's brilliant to have something like that.
0:23:44 > 0:23:48Changing it a little bit as we go, but it's all fitting in.
0:23:48 > 0:23:50Do you know what, your wife will be devastated
0:23:50 > 0:23:53if there's lots of scrubbing out and changing
0:23:53 > 0:23:55and arrows going from Wednesday to Friday,
0:23:55 > 0:23:58because that is probably what's going to end up happening with that.
0:23:58 > 0:24:00Nah, don't believe that. No, it'll be lovely.
0:24:00 > 0:24:04Guys, I'm really excited for you both. It's been fun meeting you.
0:24:04 > 0:24:07Good luck with this project, and stick to that schedule.
0:24:07 > 0:24:10- We will, we will. - Thank you.- Thank you.- Thank you.
0:24:10 > 0:24:13So, I don't think Simon and Mick
0:24:13 > 0:24:16will be wondering what to do on a day-to-day basis.
0:24:16 > 0:24:19There is no such thing as free will in this renovation.
0:24:19 > 0:24:23I loved their enthusiasm and I can't wait to see how it turns out,
0:24:23 > 0:24:24but let's be honest,
0:24:24 > 0:24:28all I really want to know is, are they going to stick to that list?
0:24:28 > 0:24:31You can join me later in the programme to find out.
0:24:32 > 0:24:37'Coming up - in Stockport there's an emergency for a three-bed semi.'
0:24:37 > 0:24:41I think I'm going to have to call International Rescue. Hello?
0:24:42 > 0:24:47In Gillingham, we find out if the boys have a two or three-bed house.
0:24:47 > 0:24:50We class it as a bedroom.
0:24:53 > 0:24:57'But first, we tracked down that Hammersmith hideaway to find out
0:24:57 > 0:24:59'if it's finished to perfection.'
0:24:59 > 0:25:01I thought I was a perfectionist until I met Robbie.
0:25:06 > 0:25:09'Time to head over to Hammersmith in West London,
0:25:09 > 0:25:13'where property developer Chris and former rugby player Robbie
0:25:13 > 0:25:16'took on a one-bedroom ground-floor flat for £300,000.
0:25:16 > 0:25:20'They had big plans for this place, but first they had to tackle
0:25:20 > 0:25:22'the division of labour.'
0:25:22 > 0:25:24Whoever's got experience in one area
0:25:24 > 0:25:27then we tend to let that person get on with it, so I do everything.
0:25:29 > 0:25:34'The property was a bit of a wreck, but had potential written all over it.
0:25:34 > 0:25:37'So, nine months later, have Robbie and Chris managed to
0:25:37 > 0:25:39'turn this place from shabby to chic?'
0:25:56 > 0:25:58'Oh, yes. They certainly have.
0:25:58 > 0:26:03'This is unrecognisable as the drab pad with bricked-up windows
0:26:03 > 0:26:05'and holes in the floor.
0:26:05 > 0:26:10'The wide-open hallway allows lots of light into the new bathroom.
0:26:10 > 0:26:11'And not one but three bedrooms,
0:26:11 > 0:26:15'one of which used to be the dingy garage.
0:26:15 > 0:26:19'At the back of the property is a huge open-plan kitchen
0:26:19 > 0:26:21'all done to the highest of specs.'
0:26:22 > 0:26:28So we're in the kitchen-diner. This will be the area for a dining table.
0:26:28 > 0:26:30Obviously, there's an island here.
0:26:30 > 0:26:32We've got an in-built music system which you can plug in
0:26:32 > 0:26:37your NP3 player and there's an amplifier here for the music system.
0:26:38 > 0:26:44Then here, island with the sink
0:26:44 > 0:26:50and we've got a boiling hot water tap and filtered cold water there.
0:26:50 > 0:26:52Underfloor heating in the floor.
0:26:52 > 0:26:56Obviously, you can see it's all oak flooring.
0:26:56 > 0:27:00You can see from the finishes we tried to go the extra mile
0:27:00 > 0:27:03in producing a property that's of a very high standard.
0:27:03 > 0:27:09'He's not kidding, but sometimes it's what's on the outside that counts,
0:27:09 > 0:27:14'and that garden has gone from dumping ground to open-plan oasis.'
0:27:24 > 0:27:28Well, I suppose the unique selling point of this property
0:27:28 > 0:27:34is the fact we were able to actually get an extension to the side and to the rear.
0:27:34 > 0:27:37Formerly, there was a garage to the left-hand side of the property
0:27:37 > 0:27:42and we were able to actually not only come out to the side but also come back.
0:27:42 > 0:27:45It allowed us to get another two bedrooms there
0:27:45 > 0:27:47and also en suite and the main bathroom.
0:27:47 > 0:27:51What we wanted to do was create open-plan living in the kitchen
0:27:51 > 0:27:53and the living room, bringing that all in together
0:27:53 > 0:27:56and also integrating that into the garden.
0:27:56 > 0:27:59I think we've successfully been able to do that
0:27:59 > 0:28:01and that's the wow factor.
0:28:01 > 0:28:04When most people walk in down the hall, they can see the garden
0:28:04 > 0:28:06straight through the middle of the property.
0:28:06 > 0:28:10The fact that we've been able to come out the side and also the rear,
0:28:10 > 0:28:15we've doubled the floor space so have gone from 700 square feet to 1,400 square feet.
0:28:15 > 0:28:18That's essentially where the profits have been.
0:28:18 > 0:28:21'You could easily forget you're in the heart of London here.
0:28:21 > 0:28:24'A transformation like this doesn't come easily
0:28:24 > 0:28:28'and Chris and Robbie weren't afraid to get their hands dirty.'
0:28:28 > 0:28:32At one point, we had gas masks on, goggles, hard hats.
0:28:32 > 0:28:33It was like being in a coal mine.
0:28:33 > 0:28:37It was pretty messy, but that's part of the job.
0:28:37 > 0:28:39You have to roll your sleeves up.
0:28:39 > 0:28:43You can't expect to sit in an office and hope things turn out.
0:28:43 > 0:28:45You have to get involved.
0:28:45 > 0:28:49We quite like the early part, getting in and tearing it apart,
0:28:49 > 0:28:51because that's when you see the opportunities.
0:28:51 > 0:28:54If you're not on site, if you've got a builder doing that,
0:28:54 > 0:28:57you're missing opportunities and missing adding that extra value.
0:29:01 > 0:29:04'It sure looks as though they haven't missed a trick here,
0:29:04 > 0:29:07'and no wonder with Robbie's eagle eye on hand.'
0:29:07 > 0:29:11Attention to detail is what we pride ourselves on.
0:29:11 > 0:29:15I thought I was a perfectionist until I met Robbie.
0:29:15 > 0:29:17Everything we do, it's "Is that right?
0:29:17 > 0:29:19"Does it look straight?" etc, etc.
0:29:20 > 0:29:24They do say great minds think alike. Well, some of the time.
0:29:24 > 0:29:27Sometimes we fight it out, sometimes we actually toss a coin.
0:29:27 > 0:29:29The floor was because I won the toss.
0:29:29 > 0:29:32Chris wanted something completely different,
0:29:32 > 0:29:35which probably would have devalued the property.
0:29:35 > 0:29:38Things like that, you do need that discussion and debate
0:29:38 > 0:29:41to work out the best scenario.
0:29:41 > 0:29:44Talk about the best scenario, they've done a stunning job here.
0:29:45 > 0:29:48After a few months to get the necessary planning consents,
0:29:48 > 0:29:52the guys were able to stick to their four-month timescale for the work.
0:29:52 > 0:29:54But with a high-end finish like this,
0:29:54 > 0:29:58surely they went over their £100,000 budget.
0:30:00 > 0:30:02We've increased the spec, so accordingly,
0:30:02 > 0:30:05our budget has gone up a little bit. We've gone 30,000 over that.
0:30:05 > 0:30:08So we're at 130,000 in total.
0:30:08 > 0:30:12The way we weigh it up is that if we spend £1 and we make £2 out of it,
0:30:12 > 0:30:15it might be worth doing.
0:30:17 > 0:30:20Let's see if two local estate agents agree that the extra spend
0:30:20 > 0:30:24on high-end fittings was worth it.
0:30:24 > 0:30:28The standard of finish for this property is incredibly high.
0:30:28 > 0:30:31It has beautiful integrated appliances.
0:30:31 > 0:30:34It's finished throughout to a very high standard.
0:30:34 > 0:30:38We don't see many properties of this sort of quality.
0:30:38 > 0:30:41The finish and the size is really unique.
0:30:41 > 0:30:44I particularly like the size of the garden.
0:30:44 > 0:30:47The fact that you have access to a garden of this size
0:30:47 > 0:30:50in this location is fantastic.
0:30:50 > 0:30:54If they were to put it up for rent, what return could the boys expect?
0:30:54 > 0:30:56If you put this property on the rentals market,
0:30:56 > 0:31:00you could expect to achieve in the region of £3,000 per calendar month.
0:31:00 > 0:31:04This property would be ideal for tenants we have looking in the area
0:31:04 > 0:31:07and it would be £3,500 per calendar month.
0:31:07 > 0:31:11We were told a little bit higher than that - three bedroom in this area -
0:31:11 > 0:31:14but to be honest, we're not in the rental-market game.
0:31:14 > 0:31:18So it's the moment of truth. They paid £300,000 for the property
0:31:18 > 0:31:22at auction and spend £130,000 on the renovations.
0:31:22 > 0:31:26With that total spend of £430,000, will the boys be looking
0:31:26 > 0:31:30at a high-end return for their high-spec finish?
0:31:30 > 0:31:34I would expect this property to achieve in the region of 750,000.
0:31:34 > 0:31:36If we were to put the property up for sale,
0:31:36 > 0:31:39we'd expect to achieve figures in the region of 800,000.
0:31:39 > 0:31:42These figures give a potential pre-tax profit
0:31:42 > 0:31:45of between £320,000 and £370,000,
0:31:45 > 0:31:48minus the usual selling expenses.
0:31:48 > 0:31:52However, quick off the mark, Chris and Robbie have already sold it
0:31:52 > 0:31:58and for the very tidy sum of 850,000 quid!
0:31:59 > 0:32:03We're quite happy with the price we've agreed because the buyer...
0:32:03 > 0:32:07It's not just about price for us, it's about the speed of completion
0:32:07 > 0:32:10and the position of the buyer.
0:32:10 > 0:32:14They're in a strong cash position and can do a deal quickly.
0:32:14 > 0:32:17We want to reinvest the money as quickly as possible.
0:32:17 > 0:32:19Absolutely amazing!
0:32:19 > 0:32:24That sale price gives them a profit, before tax, of £420,000,
0:32:24 > 0:32:26nearly double their money.
0:32:26 > 0:32:29And with their next project already in the pipeline,
0:32:29 > 0:32:32they must really love the property-development game.
0:32:33 > 0:32:36You have to get your hands dirty and that's not for everyone
0:32:36 > 0:32:38but we love it.
0:32:38 > 0:32:40Agreed.
0:32:47 > 0:32:49I'm in Stockport, Greater Manchester.
0:32:49 > 0:32:52Once thought of as one of the smokiest, dustiest places
0:32:52 > 0:32:56in the whole of the industrial area, nowadays it's cleaned up its act
0:32:56 > 0:33:01with a revitalised town centre and a historic marketplace.
0:33:01 > 0:33:05This is one of the suburbs of Stockport - Woodley - and I'm here
0:33:05 > 0:33:07to see a three-bed, semi-detached house
0:33:07 > 0:33:11with a guide price of 90,000 quid.
0:33:11 > 0:33:15That doesn't sound like a lot to me for around here
0:33:15 > 0:33:18but judging by the exterior...
0:33:18 > 0:33:21I think I know why it might be so cheap.
0:33:23 > 0:33:26The birds have taken up residence in the bay window,
0:33:26 > 0:33:30the tiles are slipping and the fascia boards are flaking.
0:33:30 > 0:33:33This house doesn't look good close-up.
0:33:35 > 0:33:38Well, you don't have to say, "Mirror, mirror, on the wall,
0:33:38 > 0:33:40"what's the problem with this hall?"
0:33:40 > 0:33:43Because pretty much like the rest of the house,
0:33:43 > 0:33:45it's in a fairly shoddy state.
0:33:45 > 0:33:48You don't even have to come through the door before you see
0:33:48 > 0:33:51not a lot of maintenance has gone on here.
0:33:51 > 0:33:53All the paintwork is cracked and everything.
0:33:53 > 0:33:55It doesn't necessarily bode well.
0:33:55 > 0:33:59You come in here and it's pretty much as I might have predicted.
0:33:59 > 0:34:02It's a house that needs basically updating.
0:34:02 > 0:34:04It hasn't had a lot of work done to it.
0:34:04 > 0:34:07A fairly standard layout, stairs up to the bedrooms there.
0:34:07 > 0:34:10Down the corridor, we come to the kitchen.
0:34:10 > 0:34:13Very small for the size of property
0:34:13 > 0:34:17and I think you're going to focus your attention on what you can do
0:34:17 > 0:34:19to this area to turn this house into something
0:34:19 > 0:34:21that's a bit more practical.
0:34:21 > 0:34:23At the moment, it doesn't quite work.
0:34:23 > 0:34:27But perhaps the solution is right outside the back door.
0:34:27 > 0:34:30Now, a blindingly obvious thing to do with his particular property
0:34:30 > 0:34:34is put an extension on the side here, maybe keep the garage
0:34:34 > 0:34:36as the ground floor of the extension,
0:34:36 > 0:34:39extend the kitchen out this way, put another bedroom on the top,
0:34:39 > 0:34:41maybe an en suite or something.
0:34:41 > 0:34:45Under normal circumstances, I'm really, really careful
0:34:45 > 0:34:47about doing that kind of thing because you don't know
0:34:47 > 0:34:49if you're going to get the money back.
0:34:49 > 0:34:52It's all about the ceiling price of properties in the area
0:34:52 > 0:34:55but when it comes to Woodley,
0:34:55 > 0:34:58you'll definitely get your money back so that's what I'd do.
0:35:00 > 0:35:02Of course, if you wanted to do more than break even
0:35:02 > 0:35:07and make a bit more profit instead, a cheaper alternative to extending
0:35:07 > 0:35:11would be to knock the kitchen through into the large lounge,
0:35:11 > 0:35:15making downstairs one big open-plan kitchen/dining/living space.
0:35:17 > 0:35:23Upstairs, the dated decor continues throughout the three bedrooms.
0:35:25 > 0:35:29There are no radiators so no central heating.
0:35:29 > 0:35:32But there's a sunbed so you can top up your tan while you freeze(!)
0:35:33 > 0:35:38The bathroom definitely needs modernising.
0:35:38 > 0:35:41So, one single bedroom, one double bedroom
0:35:41 > 0:35:44and at the front of the property, another good-sized double.
0:35:44 > 0:35:49But, more indications of the refurbishment work you going to have to do.
0:35:49 > 0:35:52What's that? Thought it was a cobweb.
0:35:52 > 0:35:56But no, just another example of what's falling apart,
0:35:56 > 0:35:58and this whole area certainly is.
0:35:58 > 0:36:00All these windows will have to come out,
0:36:00 > 0:36:03as you can see they're completely rotten.
0:36:03 > 0:36:05What's probably caused it, one thing for sure, not having your
0:36:05 > 0:36:08lead flashing in place isn't going to help.
0:36:08 > 0:36:13You know what? I think we're going to have to call International Rescue.
0:36:13 > 0:36:16Hello. We need help.
0:36:16 > 0:36:19While we wait for Mr Tracy to reply,
0:36:19 > 0:36:22we asked a local property expert for his opinion on the chances of
0:36:22 > 0:36:27recovery for this house, which had a guide price of 90,000.
0:36:27 > 0:36:30The kitchen size in a 1930s traditional house,
0:36:30 > 0:36:33that's how they were built.
0:36:33 > 0:36:36It's worth extending, you've just got to weigh up the value
0:36:36 > 0:36:39of the extension versus the cost.
0:36:39 > 0:36:46The choice is, do it up and rent it out or do it up and sell it on?
0:36:46 > 0:36:48If this house was going on the rental market,
0:36:48 > 0:36:51we'd expect to get £650 per calendar month.
0:36:51 > 0:36:54If we were selling this property in today's market,
0:36:54 > 0:36:57we'd expect to get around 150,000.
0:36:57 > 0:37:00Well, I think this is a perfect auction property
0:37:00 > 0:37:02and what you should be looking out for.
0:37:02 > 0:37:04Yes, the house needs quite of lot of work,
0:37:04 > 0:37:07but nothing too structural and you're buying into this lovely area.
0:37:07 > 0:37:11Let's see who fancied it when it went under the hammer.
0:37:11 > 0:37:15Lot 12 is three-bedroom semi-detached property.
0:37:15 > 0:37:17What's this one worth?
0:37:17 > 0:37:20Start me off, I'm looking for £80,000.
0:37:20 > 0:37:2480, your bid, madam, at £80,000 I have.
0:37:24 > 0:37:28Do I see 85? 85 bid, thank you. 90,000, 91, 91,000.
0:37:28 > 0:37:3292 it's against, 92, 93?
0:37:32 > 0:37:34At 93, 94? At 94, 95?
0:37:34 > 0:37:37At 95,000 then, give me 96.
0:37:37 > 0:37:40I'm going to sell at £96,000 to the gentleman. No.
0:37:40 > 0:37:45Another bid, it's your bed at 95 then, 155 at 96. 97?
0:37:45 > 0:37:4997. 98, 99, round it up, 100.
0:37:49 > 0:37:53101, 102, 103, 104,
0:37:53 > 0:37:59105. 106, 107, 108, 109? 110?
0:37:59 > 0:38:03110,500? 110,500. 111?
0:38:03 > 0:38:06111, no at 111,000, are we all done?
0:38:06 > 0:38:11111,500, 112? 112, 112,500, 113?
0:38:11 > 0:38:16113,500, 114. 114,500. 115.
0:38:16 > 0:38:20No, at 114,500, the lady's bid for the first time.
0:38:20 > 0:38:25At 114,500 for the second and final time. Are we all done at £114,500?
0:38:25 > 0:38:29- That's yours.- The successful bid was made by Laura who was at the auction
0:38:29 > 0:38:31with her sister, Eleanor.
0:38:31 > 0:38:34This was Laura's first time buying at auction
0:38:34 > 0:38:37but not her first time buying a property.
0:38:37 > 0:38:40She joined the family property business four years ago.
0:38:40 > 0:38:45I went to meet her, along with her dad, Graham.
0:38:45 > 0:38:48- Laura, Graham, lovely to meet you. - Hello.- Congratulations.- Thank you.
0:38:48 > 0:38:51Tell me why you wanted to buy this place.
0:38:51 > 0:38:54Well, it's what I do for a living actually.
0:38:54 > 0:38:58Buy and then do up this type of house and then we rent them out
0:38:58 > 0:39:00mainly at the moment.
0:39:00 > 0:39:02Tell me about the business.
0:39:02 > 0:39:05- The family started it in 2002. - That's Dad?
0:39:05 > 0:39:06Yes.
0:39:06 > 0:39:09And then after I finished university in 2006,
0:39:09 > 0:39:12I took it over as a full-time job and I've been doing it ever since,
0:39:12 > 0:39:18- about two a year isn't it?- Yes. - So we've got a portfolio of 11 at the moment.
0:39:18 > 0:39:23- Great.- 11 rented and two in progress, so to speak.
0:39:23 > 0:39:26- You must be proud of the way it's all developing? - Yes, she's doing very well.
0:39:29 > 0:39:32Laura spotted this particular property by chance.
0:39:32 > 0:39:36The family own another up the road and Laura was driving by,
0:39:36 > 0:39:41going to check on that one on saw the auction sign outside this house.
0:39:43 > 0:39:46Tell me what you're going to do to sort this place out.
0:39:46 > 0:39:51I think our plans at the moment are to knock through to make
0:39:51 > 0:39:54a bigger kitchen/diner. Just to make it a bigger room
0:39:54 > 0:39:58- because the kitchen at the moment is just too small. - What about this room here?
0:39:58 > 0:40:01It used to have a door coming in here.
0:40:01 > 0:40:05We'll open that back up and then block the two receptions off again
0:40:05 > 0:40:10so it'll be a big kitchen/diner and this front room as a single room.
0:40:10 > 0:40:13Instead of having a completely open-plan downstairs.
0:40:13 > 0:40:17So create a more open-plan kitchen, living area and this as a room?
0:40:17 > 0:40:20- As the living room?- Yes. - I like that idea.
0:40:20 > 0:40:23Central heating needs putting in, new windows and doors,
0:40:23 > 0:40:26sort out a bit of roofing, but the rest of it's just cosmetic.
0:40:26 > 0:40:29New kitchen, new bathroom, redecorate.
0:40:29 > 0:40:33- A lot of work outside. - A lot of work outside, yes. - Like what?
0:40:33 > 0:40:37Just needs tidying up because it's a bit of a jungle at the moment.
0:40:37 > 0:40:41Get rid of the two sheds that are in the back garden and then
0:40:41 > 0:40:44possibly put some French doors out of the kitchen/diner on to a decking area
0:40:44 > 0:40:50and then level off the lawned area at the bottom of the garden.
0:40:50 > 0:40:52And what will be your involvement in that?
0:40:52 > 0:40:55I basically come in and fill skips. That's what I'll be doing -
0:40:55 > 0:41:01stripping out wallpaper, stripping the doors and the old kitchen and the old bathroom.
0:41:01 > 0:41:07And then from there, just be organising external tradesmen to come in and go from there.
0:41:07 > 0:41:09You like the ripping out stuff?
0:41:09 > 0:41:12Yes, yes. It's fairly satisfying with a lump hammer.
0:41:12 > 0:41:16- And Dad, what will your involvement be?- I pop back occasionally
0:41:16 > 0:41:21when Laura needs some heavy lifting doing or the big lump hammer using.
0:41:21 > 0:41:25But, really, most of the technical stuff like putting joists in
0:41:25 > 0:41:27and taking walls out and that sort of thing,
0:41:27 > 0:41:29we leave to the professionals.
0:41:29 > 0:41:32We're very much at DIY skills level in terms of what we can do.
0:41:32 > 0:41:36So anything beyond that we always feel it's best to get experts in
0:41:36 > 0:41:40- so the place doesn't fall down. - Yes.- A very wise move.
0:41:40 > 0:41:44Laura's parents are always on hand to give advice and design tips.
0:41:44 > 0:41:49So although they're officially taking a back seat in the business,
0:41:49 > 0:41:54they're still involved and providing support from the sidelines.
0:41:54 > 0:41:56What's your budget for what you're planning?
0:41:56 > 0:41:59I think we've budgeted a fair amount, which is 20,000,
0:41:59 > 0:42:02but with around about 5,000 contingency.
0:42:02 > 0:42:06Because we may find things that need doing
0:42:06 > 0:42:10that we haven't thought of so far, like the wiring might need completely redoing.
0:42:10 > 0:42:13And if we find something wrong with the roof
0:42:13 > 0:42:17when we get that sorted, that might have to be upped as well.
0:42:17 > 0:42:20- That's a healthy budget. - Yes.- It should be OK.
0:42:20 > 0:42:24We're hoping to come under it, so we've left ourselves a generous one.
0:42:24 > 0:42:29Now, one of the things I thought you might consider is an extension -
0:42:29 > 0:42:34to do a two-storey extension over the garage.
0:42:34 > 0:42:37- Have you contemplated that? - It's got the potential,
0:42:37 > 0:42:39but at the moment we're not looking at that.
0:42:39 > 0:42:43It could be something in the future because our plans is to get it rented
0:42:43 > 0:42:47and then maybe in a couple of years we might look at an extension.
0:42:47 > 0:42:52I think given the rental market, you'd not get the extra rent to justify the expense.
0:42:52 > 0:42:56And, just at the moment, I don't think it's time to be selling anything.
0:42:56 > 0:43:01Obviously if someone comes and wants to buy this at a sensible price
0:43:01 > 0:43:03when it's done, we'd let it go.
0:43:03 > 0:43:09But we're not banking on that at all because the market is still so slow as far as buyers are concerned.
0:43:09 > 0:43:12What kind of timescale have you've got for the work?
0:43:12 > 0:43:16We're hoping to have it done and dusted within six months.
0:43:16 > 0:43:18You're allowing time to find a tenant as well?
0:43:18 > 0:43:23Yes, to find a talent as well, so everything done with a new tenant in.
0:43:23 > 0:43:26- Are you proud of your daughter? - Absolutely, very proud.
0:43:26 > 0:43:29She's made a real fist of this and she enjoys it.
0:43:29 > 0:43:32I've always been fairly enthusiastic about doing this sort of thing
0:43:32 > 0:43:34so I'm very happy, yes.
0:43:34 > 0:43:38Congratulations, good luck and we look forward to seeing the transformation.
0:43:38 > 0:43:40Thanks very much.
0:43:41 > 0:43:44Well, Laura certainly has the experience,
0:43:44 > 0:43:48the enthusiasm, to make a success of this project and a healthy budget and timescale.
0:43:48 > 0:43:50But with old properties like this,
0:43:50 > 0:43:54you never know what you might find, so how will she get on?
0:43:54 > 0:43:56You can find out later in the show.
0:43:58 > 0:44:01It's time now to go back to those properties
0:44:01 > 0:44:03and see how the owners have got on.
0:44:03 > 0:44:06Have they managed to stick to their timescales and budgets?
0:44:06 > 0:44:08Let's find out.
0:44:09 > 0:44:11# Son of my father... #
0:44:11 > 0:44:16We're back in Gillingham, Kent to see how Simon and his father, Mick
0:44:16 > 0:44:18got on with this long, thin terraced property.
0:44:18 > 0:44:22Mick remortgaged his own house to buy this development,
0:44:22 > 0:44:25he wanted to help his son Simon get on the property ladder.
0:44:25 > 0:44:28Joiner son Simon was going to do his bit
0:44:28 > 0:44:33and schoolteacher mum, Joyce, made her special contribution too.
0:44:33 > 0:44:37On Wednesday 16th March, what's happening?
0:44:37 > 0:44:38No idea.
0:44:38 > 0:44:42What's going to happen on Saturday 19th March?
0:44:42 > 0:44:44I don't know yet.
0:44:44 > 0:44:49J & S stripping out the carpets. You're having your bathroom fittings delivered. That's unbelievable.
0:44:49 > 0:44:51It's good, isn't it?
0:44:51 > 0:44:53I love that, all of you've got a job, a time,
0:44:53 > 0:44:56my goodness, I've never seen anything like it.
0:44:56 > 0:45:00With lots of small rooms and steps in odd places,
0:45:00 > 0:45:04this terrace fell like a doll's house than a real house.
0:45:04 > 0:45:07# Cutest place you'll ever see
0:45:07 > 0:45:09# Big enough for you and me... #
0:45:09 > 0:45:11The kitchen was a narrow galley
0:45:11 > 0:45:16and everywhere there were strange little under-used spaces.
0:45:16 > 0:45:19Mick bought this terrace for 85,000
0:45:19 > 0:45:23and they estimated that 15,000 would put it back together again.
0:45:25 > 0:45:29It's been three months since we first met Simon and Mick,
0:45:29 > 0:45:35so we've returned to find out if they stuck to mum's timetable and their budget.
0:45:39 > 0:45:42# Beautiful stranger... #
0:45:42 > 0:45:47Mick and Simon have turned this outdated, unworkable Victorian house
0:45:47 > 0:45:53into a bright and welcoming first-time buyer's home.
0:45:53 > 0:45:57It wasn't bursting with kerb appeal before, but it is now.
0:45:57 > 0:46:01The front of the property was quite old and looked very dull.
0:46:01 > 0:46:05So Simon put a new door on and we got new double glazing
0:46:05 > 0:46:07and I spent about three days painting it, with the help
0:46:07 > 0:46:11from the people across the road telling me where I'd missed bits.
0:46:11 > 0:46:12So that was quite fun.
0:46:12 > 0:46:15The first thing we did was rip out the kitchen then
0:46:15 > 0:46:18we worked our way through the rest of the house.
0:46:18 > 0:46:22# To know you, is to love you... #
0:46:22 > 0:46:28Downstairs, the tiny, badly-laid-out kitchen is unrecognisable.
0:46:28 > 0:46:30# Beautiful stranger... #
0:46:30 > 0:46:36This is the kitchen. When we got it, it was very dingy.
0:46:36 > 0:46:40We put new windows in. Obviously, completely new kitchen.
0:46:40 > 0:46:45Even my wife, Joyce, she done the tiling, which is very proud of.
0:46:45 > 0:46:50Integral fridge, washing machine, cooker, hob and cupboards.
0:46:50 > 0:46:55All the mod cons what you can hope for.
0:46:55 > 0:47:00Obviously, new floor and then into the bathroom.
0:47:00 > 0:47:02This was a very, very small bathroom.
0:47:02 > 0:47:06There used to be a back door here which we bricked up
0:47:06 > 0:47:11and we took down the wall and we've made it this nice big bathroom.
0:47:16 > 0:47:19Closing off the badly positioned doorway to the garden meant
0:47:19 > 0:47:22opening a new door from the dining room.
0:47:22 > 0:47:24This is much more practical and gave Simon
0:47:24 > 0:47:28and Mick that extra space for the bathroom.
0:47:28 > 0:47:31Outside, they plan to finish off the landscaping
0:47:31 > 0:47:35and mark the division between the shared gardens with a small fence.
0:47:35 > 0:47:39Upstairs, the room layout hasn't changed.
0:47:39 > 0:47:43There are still two good-sized bedrooms, now fresh and inviting.
0:47:45 > 0:47:49They are still the same odds steps up and down between rooms.
0:47:49 > 0:47:52Now, bedrooms. How many of those does this terrace have?
0:47:52 > 0:47:56Erm...
0:47:56 > 0:48:01We class it as a bedroom, it's still a bedroom, so it's three bedrooms.
0:48:01 > 0:48:03Two decent-sized and one little bedroom.
0:48:03 > 0:48:07I think they're been rather optimistic
0:48:07 > 0:48:11calling this big walk-in cupboard a bedroom, but it could be a home office.
0:48:11 > 0:48:16This was a family effort and of course there was that secret weapon in the boys' arsenal.
0:48:16 > 0:48:19- BOTH: Mum! - She's the boss.
0:48:19 > 0:48:23School teacher Joyce certainly knew her way around a timetable
0:48:23 > 0:48:26and it was a big help to her boys.
0:48:26 > 0:48:30Joyce chose all the colour scheme and the flooring and everything.
0:48:30 > 0:48:32She was the boss and we did it.
0:48:32 > 0:48:37Simon's done the floor, the kitchen, all the doors.
0:48:37 > 0:48:39Everything to do with wood.
0:48:41 > 0:48:45Joyce has done the tiling in the kitchen, all the painting
0:48:45 > 0:48:49and chosen all the materials and gone out and price them all up.
0:48:49 > 0:48:52And me, well I've just come along for the ride.
0:48:54 > 0:48:56Time to find out if it's a family fortune
0:48:56 > 0:48:59or another five years in the nest for Simon.
0:48:59 > 0:49:03We asked two local property experts for their opinion.
0:49:03 > 0:49:06Kerb appeal, if you look at the road itself,
0:49:06 > 0:49:08it does stand out from the rest.
0:49:08 > 0:49:12Therefore the expenditure on the external painting
0:49:12 > 0:49:15will have rewards at the end.
0:49:15 > 0:49:19Moving the back door into the second reception room is a good thing.
0:49:19 > 0:49:23It's increases the space in the kitchen area and also the bathroom.
0:49:23 > 0:49:26It adds a lot of light into the reception room as well,
0:49:26 > 0:49:29which makes the house feel a lot more light and airy.
0:49:31 > 0:49:35Simon and Mick bought this mid-terrace for 85,000.
0:49:35 > 0:49:39They spent £14,000 refurbishing it,
0:49:39 > 0:49:42bringing their total investment to £99,000.
0:49:42 > 0:49:46What price could the property sell for?
0:49:46 > 0:49:54I think the potential resale value of this property would be between £115-120,000.
0:49:54 > 0:49:57The resale value of this property would be £120,000.
0:49:57 > 0:50:02- Oh, right.- Yes, that's right. - That's OK. Just where we want it.
0:50:02 > 0:50:06# Son of my father... #
0:50:06 > 0:50:11Those figures would give them a profit of between about 16 and 21,000.
0:50:11 > 0:50:13Before costs and expenses.
0:50:13 > 0:50:18But is it enough to get Simon on the very first rung of the property ladder and out of the nest?
0:50:18 > 0:50:22Yeah, it is definitely a step towards getting on the property ladder
0:50:22 > 0:50:26but it is just convenience living with my mum and dad at the moment.
0:50:26 > 0:50:28Managed to go a couple of holidays a year,
0:50:28 > 0:50:31so...that's the important thing.
0:50:36 > 0:50:39We're back in Woodley, near Stockport, to see if Laura and her father,
0:50:39 > 0:50:44Graham, have reclaimed this house from its 1930s time warp.
0:50:44 > 0:50:48This three-bedroom property had been left untouched
0:50:48 > 0:50:51since it was built and needed a complete overhaul.
0:50:51 > 0:50:57The tiny kitchen was impractical but there was ample space above the garage to fix that
0:50:57 > 0:51:01and add a bedroom but Laura and Graham had other ideas.
0:51:01 > 0:51:03We're going to block the two receptions off again
0:51:03 > 0:51:08so it would be a big kitchen/diner, and then this front room as a single room.
0:51:08 > 0:51:16Laura and her father bought this semi-detached house for 114,500.
0:51:16 > 0:51:18They'd set £25,000 aside for the refurbishment
0:51:18 > 0:51:20but if the house was covering up other problems,
0:51:20 > 0:51:24they would need to dig deeper.
0:51:24 > 0:51:28We may find things that need doing which we hadn't thought of so far
0:51:28 > 0:51:31like the wiring might need completely redoing.
0:51:31 > 0:51:36If we find something wrong with the roof, that might have to be upped as well.
0:51:36 > 0:51:40We've returned to see if Laura has ditched the 1930s layout
0:51:40 > 0:51:45for something more suited to modern life.
0:51:45 > 0:51:47# I wished I lived in the golden age
0:51:47 > 0:51:50# Giving it up on the Broadway stage
0:51:50 > 0:51:53# Hang with the rats and smoke cigars
0:51:53 > 0:51:56# Have a break with Frank and count the stars
0:51:56 > 0:51:58# Oh! Sing it out loud Gonna get back honey... #
0:52:01 > 0:52:06Laura has transformed this tired old semi into a really lovely family home
0:52:06 > 0:52:11but the biggest problem here was the itsy-bitsy, teeny-weeny kitchenette.
0:52:14 > 0:52:17The kitchen, before, started here on an angled door
0:52:17 > 0:52:22and there was one double unit here, a cooker here, and a sink.
0:52:22 > 0:52:25And that was it. So what we have done, we've knocked down a wall
0:52:25 > 0:52:27to create a big kitchen diner
0:52:27 > 0:52:31and made a U-shaped kitchen with all the amenities you would need,
0:52:31 > 0:52:34with a nice space for a dining room.
0:52:34 > 0:52:38To get all that extra space in the kitchen, Laura and her father
0:52:38 > 0:52:43ditched the glass doors between the two ground-floor reception rooms.
0:52:43 > 0:52:47They also closed off the old kitchen access to the garden.
0:52:47 > 0:52:52Adding much more useful patio doors from the new dining room onto the new decking.
0:52:52 > 0:52:55The house before was a real state.
0:52:55 > 0:53:00It'd not been lived in since 2008 and I am not sure it had been touched since it was built.
0:53:00 > 0:53:02There was a lot of carpet and wallpaper in,
0:53:02 > 0:53:06and it took a fair few skips to get rid of that.
0:53:06 > 0:53:10I personally had to take off layer and layer of wallpaper,
0:53:10 > 0:53:16which took a while and that wasn't fun during the winter but we got through it.
0:53:16 > 0:53:19Upstairs, the room layout hasn't changed but the three bedrooms
0:53:19 > 0:53:23have each been replastered and repainted.
0:53:27 > 0:53:30The bathroom, before, was very old-fashioned.
0:53:30 > 0:53:35It was in avocado green which was lovely but my dad spent
0:53:35 > 0:53:39most of the time breaking up the cast-iron bath which he had much fun at.
0:53:39 > 0:53:42But what we have done here is re-tile everything
0:53:42 > 0:53:46and put a brand-new suite in with a separate shower.
0:53:46 > 0:53:53The refurbishment has taken six months, which is exactly as long as Laura expected.
0:53:53 > 0:53:57I like the task of seeing something and then seeing past
0:53:57 > 0:54:00what it is at that state and turning it into something new.
0:54:00 > 0:54:03It's always nice to bring something from
0:54:03 > 0:54:08where it was into something which somebody can use and love.
0:54:08 > 0:54:13But completely refurbishing a three-bedroomed terrace house does not come cheap.
0:54:15 > 0:54:18Our original budget was 20 to 25.
0:54:18 > 0:54:23We have gone over slightly - we've gone over by 5. So all in about 30,000.
0:54:23 > 0:54:26We had to plaster a lot more than we thought we did.
0:54:26 > 0:54:30The whole of the downstairs has been replastered and a lot more of the upstairs.
0:54:30 > 0:54:34The general cost of things, we found have gone up in price
0:54:34 > 0:54:37so that was an expense we weren't expecting.
0:54:38 > 0:54:42It's time to call in two local property experts to see
0:54:42 > 0:54:45if all that time and money has been well spent.
0:54:47 > 0:54:50They've done an amazing job actually, the level of finish is excellent.
0:54:50 > 0:54:54They made sure where the walls needed replastering, they've been done.
0:54:54 > 0:54:57The doors are nice, the kitchen and bathroom is really well-finished.
0:54:57 > 0:55:01The condition of the house - it was original.
0:55:01 > 0:55:05So, you could have stepped back to 1930, roughly when it was built
0:55:05 > 0:55:07and you saw the same house.
0:55:07 > 0:55:10It had just aged and not aged well.
0:55:10 > 0:55:15They had a big challenge on their hands, a lot to do and, yeah, they've done a really good job.
0:55:15 > 0:55:17They've done a nice job of the refurb,
0:55:17 > 0:55:19particularly the kitchen is quite smart.
0:55:19 > 0:55:22The bathroom, as well, is a high standard of finish.
0:55:22 > 0:55:27I like what they've done to the garden, I think the decking and the lawn is nice.
0:55:27 > 0:55:30Laura and her father bought the house for 114,500.
0:55:30 > 0:55:34They spent £30,000 on the refurbishment,
0:55:34 > 0:55:37bringing their total spend to 144,500.
0:55:37 > 0:55:41What could the property be worth now?
0:55:41 > 0:55:46The price we'd expect to sell this for would be around £165,000.
0:55:46 > 0:55:47In its current condition,
0:55:47 > 0:55:51I'd put it in the market at 160 to £165,000.
0:55:51 > 0:55:55So if the house was sold it could make a profit of
0:55:55 > 0:56:01between 15,500 and £20,500, before tax and selling costs.
0:56:01 > 0:56:05The resale figures are generous I think for the market we're in,
0:56:05 > 0:56:09because I know some people are struggling to sell their houses.
0:56:09 > 0:56:11But that is why we decided to rent for a couple of years
0:56:11 > 0:56:14and then in a couple of years' time we will reassess.
0:56:14 > 0:56:18So, what kind of rent could it attract?
0:56:18 > 0:56:23I think we could rent this house out for £675 per calendar month.
0:56:23 > 0:56:27We would expect to rent this property out for £650 per calendar month.
0:56:27 > 0:56:30I think that's what we'd expect for a three-bedroom house in this area.
0:56:30 > 0:56:32We're actually getting 675.
0:56:32 > 0:56:37With a tenant all set to move in, and a tough six months of hard work
0:56:37 > 0:56:41behind her, will Laura's very first auction be her last?
0:56:41 > 0:56:44I think we would go back to an auction cos we've had a good experience with this.
0:56:44 > 0:56:46I think you can find some gems.
0:56:50 > 0:56:51Well, that's it for now.
0:56:51 > 0:56:55We'll have more tantalising tales from the auction rooms next time.
0:56:55 > 0:56:59So make sure you join us then to hear about the highs and the lows.
0:56:59 > 0:57:01BOTH: Goodbye.
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