Episode 58 Homes Under the Hammer


Episode 58

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Transcript


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-Hello, and welcome to the programme.

-Now, it's fairly mild today

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but how do you tell the temperature of the property market?

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Sometimes it's difficult to tell whether it's blowing hot or cold.

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But one way to suss it out for yourself is to visit your local property auction.

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Now, when you go along to an auction

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you can soon tell whether there's optimism in the room

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or if everyone is playing a bit of a cautious game.

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It's a very revealing snapshot of the property market,

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so let's see how the land lies with the properties

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that were up for auction on today's show.

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'In Hammersmith, West London,

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'we dig deep to find a one-bedroom wreck with potential.'

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A lot of space

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and a lot of work.

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'There's a model property on offer in Gillingham, Kent.'

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It's sort of like a doll's house, really. Strange.

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'And in Stockport, will there be a fairy-tale ending

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'for this drab 1930s semi?'

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Well, you don't have to say mirror, mirror on the wall, what's the problem with this hall?

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'All these properties are being sold at auctions and we'll find out

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'who bought them and what they paid for them when they went under the hammer.'

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Sold.

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'With its tree-lined streets, period properties and great

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'transport links, Hammersmith in West London

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'is a popular and colourful part of the capital.'

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Just a short walk from the tube station,

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I'm here to see a one-bedroom flat which had a guide price of £190,000.

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For a one-bedroom flat, that sound like a lot of money.

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However, when I tell you that houses on this street have sold

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for around £2 million, suddenly, maybe it's not such a lot.

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'It's a very attractive property from the outside,

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'although the side entrance is less appealing.

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'I would have preferred to climb the steps

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'but this is a ground-floor flat

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'and something as simple as a new door

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'could improve first impressions.'

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Oh.

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Talk about disappointing!

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A beautiful building on the outside and walk in here and...

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well, look at it.

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What a wreck. What a shame.

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Still, let's try and see through the fact it's not quite what I anticipated.

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It's got a lot of space, bearing in mind it's a ground-floor flat.

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A lot of space

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and a lot of work.

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# It's sad, so sad

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# It's a sad, sad situation... #

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Well, quite.

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It is a sad situation, but let's look on the bright side if we can.

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The property comes with a garage, three large rooms

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and some period features that may be salvageable,

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although there's nothing salvageable about that bathroom.

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But then things go from tragic to magic.

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# Oh, oh, oh, it's magic... #

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'This isn't just a garden, it's a building plot.

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'There's huge scope for an extension and if you're able to achieve

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'half of what the next-door neighbours managed,

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'you could create something pretty fabulous.

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'But there's another consideration if you're planning to branch out here.'

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Trees. I love them.

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However, they're not so brilliant close by your property.

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As a rule, you have to assume that the roots

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will extend out as far as the tree extends upwards.

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In this case, you can see the damage it's done to the pavement,

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and there's a big drain running through here

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so before you do any work extending or modifying this place, you need to get it checked out

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and make sure that these roots aren't going to cause any damage in the future.

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# There's a tree in the meadow... #

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'Trees may be lovely, but cracks in your foundations aren't.

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'But you must always check with the local council if you have any plans to chop them down.

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'What did a local estate agent

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'make of this ground-floor flat with bags of potential?'

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First impressions about this property,

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it's a bit of a wreck, isn't it? You don't come across

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these unmodernised properties too often. Huge potential, though.

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Definitely potential to extend out.

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The precedent has been set next door.

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You're potentially looking at two bedrooms, three bedrooms.

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A property with a lovely outside space.

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But unlike next door,

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you won't be able to build up as this is a basement flat.

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However, turning it from a one-bedroom to a two or three

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is where the real money lies.

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So, how much could the flat be worth if that happens?

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Extending this property to a two, potentially three-bedroom property,

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would see us achieving 475,000,

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maybe just shy of £500,000 at a push.

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So, a one-bedroom flat with its own garden and a garage

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and the potential to expand it.

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What is there not to like about this flat in this good location?

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Nothing. Let's find out who bought it at the auction.

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Lot seven, who'd like to kick off?

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Well done. 200 there. 205, 210.

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Ladies first, sorry. 215. 220.

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'A popular property at the auction, the bidding escalated

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'and we rejoin as the price reaches £290,000.'

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290. 291.

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292.

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292 back in, 293.

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293 with you.

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The first time, second time.

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294. 295.

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296 in the front.

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295 standing up. First time, second time,

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third and last time. 296.

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297.

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298, 299? 299.

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300.

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301? 300 with you.

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First time, second time, third and last time if you're all done.

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It's got a garage and garden. Sold, 300.

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# He's a winner, he's number one... #

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'With a successful bid of £300,000,

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'a whopping £110,000 over the guide, was ex-property surveyor Chris.

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'He was bidding on the flat for himself and business partner Robbie.

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'They recently started a property business and have big plans for this pad.'

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-Robbie, Chris, good to meet you both. Congratulations.

-Thank you.

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-Why did you want to buy this?

-We bought this property because, first of all,

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it was in our search area.

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Secondly, as you can see, it's a bit of a project

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so there's a fair bit of work to be done, and we think value to be added.

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Right. What kind of projects do you look for?

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Generally we look for, as Chris said, anything we can add value to.

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That's the key to our criteria and this one here

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has got a garage in the demise, and we know

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we can actually go from a one-bedroom to a three-bedroom, so that's key.

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You paid quite a lot over the guide price.

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Do you think the guide price was unrealistic?

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We tend to find that the guide prices are generally set fairly low to generate interest.

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We've paid, yes, significantly over the guide price.

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That said, we probably would have went another 20, 30,000 to get it.

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We think that we paid 300, that's a reasonable price.

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We could have gone slightly higher.

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We think there's profit in there at that price.

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Well, hopefully we've done our numbers right.

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Tell me more about you two.

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Our backgrounds are a little bit different.

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Chris is from more of a professional background.

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I played professional sport for ten years.

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-Oh, right, what?

-Rugby League, back in Australia.

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I came over in 2006 and I ended up working for

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the same investment firm that Chris was doing some property consulting for.

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We were sitting side by side

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and hit it off and thought we'd give it a crack.

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And what about you, Chris?

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My background's commercial property so I was buying and selling

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shops and offices, industrial buildings,

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and developing much larger buildings than this.

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I decided to do it with our own capital.

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It's pretty much the same process.

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The numbers are a bit smaller but the risks are a bit more personal.

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We saw on opportunity and weren't going to waste it

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so we thought, let's do it ourselves.

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Let's put our money together and do it ourselves.

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Now, it's all up to us and all our money's in.

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This is a joint venture, as it?

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-Definitely.

-What kind of roles do you both play?

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Whoever's got experience in one area,

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we tend to let that person get on with it. So I do everything.

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I've turned into his handyman, really.

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But Chris is brilliant with the numbers and the legals and so forth.

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Essentially, I'll just project manage then.

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We're fairly hands-on and as you can see there's a fair bit of work to be done,

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but we'll get contractors in to do the job and we'll share the work.

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# Together forever and never to part

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# Together forever, we two... #

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'Sounds like a great game plan to me.

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'Considering a three-bed garden flat in this location

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'could command as much as half a million pounds,

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'there's definitely money to be made here

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'if the guys have as good a plan for the renovation.'

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So, tell me exactly what you're going to do with this place.

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To the right-hand side is the garage, accessed from the main hall.

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We intend to knock the garage down and build a bedroom at the front,

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a bathroom in between

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and then a further bedroom fronting onto the garden.

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That second bedroom will have an en suite

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so it will become a three-bedroom

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and there will be a rear extension out the back here

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with bifold doors opening onto the garden.

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All this garden area here will be either decked or paved.

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Right. Have you applied for planning permission yet?

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We have, actually.

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Have you had discussions with the planners as to whether or not

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-they will say yes?

-Yes, we have.

-And?

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You can never tell, but the feedback's been positive.

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I think the important thing is that next door have done

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exactly what we want to do, so a precedent's been set, so to speak.

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We know we want to extend like they have,

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and they've also turned their garage into bedrooms as well.

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Also, this property you can see here,

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the building line is exactly where we want to build out to.

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We're not going two storeys so we are confident that

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we are going to get something along the lines we want.

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You can never be sure what concessions you'll have to make.

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And if they say no, worst-case scenario,

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would you just restore it as it is?

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-Yeah.

-But you don't think that's going to happen?

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Well, let's see what happens, but we're confident

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we should be what to get a rear extension at least

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and we should be able to demolish the garage

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and actually put those bedrooms in.

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Whether it be one bedroom or the two bedrooms.

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'The boys have set a budget for the work of £100,000,

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'so if planning permission is granted and all goes well,

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'they stand to make up to £100,000 in profit.

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'They've got experience on their side.

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'This will be the third project these two have tackled together.'

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What's the timescale for sorting this out?

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We've got a timescale of nine months

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and we think there will be two months involved in the planning process,

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probably four months on site, four to six months on site doing the work.

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Then three months on the other side selling.

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Well, I'm really excited to see when it's finished.

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I think you're going to do an amazing job so good luck with it.

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-Thank you very much.

-We look forward to seeing how you get on.

-Great, cheers.

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Well, Robbie's certainly got the skills to make light work

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of this project and surveyor Chris didn't have too many problems

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with those structural issues. They make a great team, actually.

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I just hope they get that planning permission that they so want.

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Find out how they get on later in the show.

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# And this I give for all mankind

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# Sail away on an ocean wave... #

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'Two English miles from Rochester and one mile from Chatham,

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'where the king's ships do lie.

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'So Gillingham was described in the 1500s.

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'Today, it's still next to Rochester and Chatham,

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'but you'll find fewer of the king's ships

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'and more super-fast trains to London. How times change.'

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The property I'm here to see is minutes from the shops

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and a short walk to the train station, which is lovely.

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It's also less than ten staggering steps from this pub.

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Great if it's your local, far from good

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if it turns out they do karaoke till late every Friday night.

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It's never simple, is it?

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The house itself is here, it's got three bedrooms

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and it had a guide price of £70 - 75,000.

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Well, do you know how happy it makes me

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when I walk into a house and I can't smell any damp?

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So far, so good. I mean, you can see it's terribly dated.

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You've got this old gas fire down here, the windows are single glazed.

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A bit noisy out there and it's quite cold

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so I'd definitely look at getting the windows replaced.

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The good news is central heating has been installed. Look at all the pipework here.

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Probably get that boxed in,

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but you've got so much work to do to bring this house up to date, it's a joke.

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Look up there - polystyrene tiles, a fire hazard.

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You've got to change those.

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Down here, oh yes, it's a big spooky cellar,

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but great for extra storage space.

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The only thing I would say about this property -

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it's a bit on the small side.

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Feels a little bit cramped, it's sort of like a doll's house, really.

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Strange.

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# Got a hammer, nail and a hunk of wood

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# I'll build a doll house... #

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'Victorian builders worked to standard designs of houses,

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'often tweaking them to give them a personal touch.

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'This house is definitely on the small side

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'and with that massive fireplace in the second reception,

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'you'd really struggle to fit in all the furniture needed for a dining room or lounge.

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'On the plus side, you'd only need to buy one three-piece suite.

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'You could put some of it in the front and some at the back.'

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# Cutest place you'll ever see

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# Big enough for you and me... #

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'No surprises that the kitchen is also fairly mini,

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'and unfortunately the bathroom is at the rear,

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'as dated as the rest of the ground floor.

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'But it's here that I have an idea.'

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So why am I staring at that little space there?

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That little space actually gives you options and that excites me.

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What you could do is take this wall out here, block up this doorway

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and just have a much bigger bathroom.

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That really may appeal to some people.

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But for me, how about using this little room here as a utility area,

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somewhere to stack your washing machine, your drier,

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because when you look at your kitchen it's very small

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and there's nowhere to put anything like that in that space.

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I just think then you could hang up your socks and pants

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and it would really work and make this space a lot more usable.

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'Of course, you'd still need access into your garden

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'but you could solve the problem

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'by putting a door in the back sitting room,

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'where the window currently is.

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'The garden itself is a bit of a conundrum.

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'In fact, you only get half of this lawn.

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'The other half belongs to the house next door.

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'I wonder how many people spotted that at the viewing.

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'Upstairs there are two bedrooms, or three depending how slim you are.

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'There's a good sized double at the front with features

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'potentially lurking behind that boarded-up fireplace.

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'At the rear, there's another double bedroom with that odd little third room adjoining it.'

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The funny thing about this house is the stairs are really steep,

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there's a big step to get up in here and then if you walk over here,

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look, there's another big step down into here.

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I've said it once but I'm going to say it again, it feels very small,

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very bijou, this property. Like a little cottage.

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Now, there are options upstairs, of course. I've said this a million times.

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You could create a corridor along here

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so that you turn the stairs around

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and use a bit of the space next door.

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You then have private access to this area through here.

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Now, this room isn't a particularly big room.

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In fact, it's rather much on the small side.

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Of course, you would lose a lot of space in here by creating the corridor.

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So in fact, you'd have two very small spaces

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so I really don't think it's worth doing that.

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I would use this bedroom as it is.

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Potentially you could think about putting a little shower in there,

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but it's probably not worth spending the money.

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I think you have to look at an office or a little nursery.

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Really, they're your options.

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# Big enough for you and me. #

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'This house is not for the tall or broad,

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'but it's cute and there are ways of making it work a lot better,

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'and I like it.

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'To see if it's worth the £70 - £75,000 guide price,

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'we asked a local property expert for her opinion.'

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This road in particular is very close to the high street

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and it has very good transport links.

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I think you need to be very careful about how much you spend.

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I don't think spending massive amounts would add particularly

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a lot of value to the property.

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'But if someone is not afraid of hard work,

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'what price could the property command on the rental and sale market?'

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After being fully renovated,

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the ceiling price I would say would be about 115 to 120.

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'What rental could this refurbished skinny terraced house earn?'

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This property would fetch about £550 per calendar month.

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This place needs a bit more than a good old tidy-up.

0:18:220:18:25

It's not terrible, but it's far from terrific

0:18:250:18:27

and you would need to buy at the right price to ensure an instant profit.

0:18:270:18:31

Let's see who took the plunge at the auction.

0:18:310:18:34

Lot six, we go to.

0:18:340:18:36

It's well-presented, it's got two reception rooms.

0:18:360:18:39

What it needs now is a buyer.

0:18:390:18:41

£70,000, not a lot of money for a terraced house. 70 I'm looking for.

0:18:410:18:45

-60.

-60, I'm obliged. 60 I have.

0:18:450:18:48

Give me 2 if you like.

0:18:480:18:49

62, 62, 65 and 7, 67.

0:18:490:18:54

And 70, at 70 and 2, 72.

0:18:540:18:58

One more, 73. That's a £73,000 bid I've got, 4 I'm looking for.

0:18:580:19:03

74 I'm obliged, 75 right at the back.

0:19:030:19:06

76 may I say, 76 I've got. 7, do I see?

0:19:060:19:10

At £76,000 sitting down I will sell for the first time.

0:19:100:19:14

£76,000, 77 I've got, right at the back.

0:19:140:19:17

78 now. One more. You won't buy houses for this money.

0:19:170:19:22

78, I've got. Fresh bid in the front row.

0:19:220:19:25

79, £80,000 I've got and one.

0:19:250:19:27

81. Just the one bid and that's it?

0:19:270:19:31

81 right at the back, 82 it's against you. 82 and he's still smiling.

0:19:310:19:36

£82,000 sitting down.

0:19:360:19:38

The first time at £82,000,

0:19:380:19:41

second time at £82,000.

0:19:410:19:43

83, got it. 83.

0:19:430:19:45

Why not say 85, try and knock him out?

0:19:450:19:48

It works sometimes, works for me anyway.

0:19:480:19:50

85, could I say? 85 bid I've got.

0:19:500:19:53

£85,000 bid I've got sitting down for the first time,

0:19:530:19:57

£85,000 bid for the second time.

0:19:570:20:00

I'm selling at 85 for the third and final time.

0:20:000:20:03

Yours, sir. Well done, you stuck with it.

0:20:030:20:05

'The successful bidder was Mick, who was at the auction with his daughter, Catherine.

0:20:050:20:09

'He paid £85,000 for the slimline terrace

0:20:090:20:12

'and will be working with his son, Simon, on the development.

0:20:120:20:16

'Dad Mick has remortgaged his house to finance this and Simon,

0:20:160:20:20

'who is a trained carpenter, will do most of the work.'

0:20:200:20:24

Guys, congratulations.

0:20:240:20:26

-Thank you.

-It's quite a busy, bustling auction, wasn't it?

-Yeah, it was.

0:20:260:20:29

-Did you always think you were going to get this, Mick?

-We were trying to.

0:20:290:20:33

We had a limit where we could go to and it went just below that limit.

0:20:330:20:36

-What was your absolute top limit?

-86.

-And you paid?

-85.

0:20:360:20:41

-So you must be thrilled to bits, really?

-Yeah. I really am.

0:20:410:20:44

So, father-and-son team here. Is this the first time we've worked together?

0:20:440:20:49

-Yeah.

-Yeah.

0:20:490:20:50

-So why has this come about then?

-Basically, to get Simon on the ladder.

0:20:500:20:54

Get him started because I see him working so hard

0:20:540:20:57

and he's not getting anywhere in the sense that

0:20:570:21:00

he can't get the deposit to get his own house.

0:21:000:21:02

We thought the best way is buy cheap and get him started.

0:21:020:21:07

So, Simon, what is your plan?

0:21:070:21:09

You bought this for £85,000 to do it up and sell it on,

0:21:090:21:11

or is this a house for you?

0:21:110:21:13

We want to do it up and sell it on as quick as possible, really. Then buy another one.

0:21:130:21:17

How many of these do you intend on doing before you get your dream home, Simon?

0:21:170:21:23

Well, I'm happy living with Mum and Dad at the moment.

0:21:230:21:26

Hold on a minute! I don't think you're going to get rid of this one.

0:21:260:21:30

That's the problem, have you told your wife?

0:21:300:21:32

'Kids these days. They've got the right idea, stay at home and get the washing done.

0:21:340:21:41

'But actually, this is a very real problem.

0:21:410:21:43

'With mortgages hard to come by and deposits prohibitively high,

0:21:430:21:48

'it's either bank of Mum and Dad or pay rent.

0:21:480:21:50

'But Simon isn't just here for a free ride.

0:21:500:21:53

'As he's a carpenter, he'll be working full-time to get this place ready.'

0:21:530:21:58

So, Mick, talk me through the renovations.

0:21:580:22:00

-What are you going to do here?

-We're going to skin all the walls.

0:22:000:22:04

Obviously putting a new kitchen in, new bathroom in.

0:22:040:22:07

We're taking the wall down between the bathroom and the kitchen.

0:22:070:22:12

I was thinking of leaving the bathroom where it is

0:22:120:22:15

but just having, in front of the door that leads out to the garden,

0:22:150:22:18

your washer and drier

0:22:180:22:20

and making that a little space for your utility area.

0:22:200:22:23

What do you think of that?

0:22:230:22:25

-I hadn't thought of that.

-Something to think about, isn't it?

0:22:250:22:28

Because where you going to put your washing machine, your tumble dryer?

0:22:280:22:32

There is actually an integrated one for our new kitchen.

0:22:320:22:34

But that's quite a small space, isn't it?

0:22:340:22:36

That's quite a good area to put a washer dryer,

0:22:360:22:39

in that little area, and then at least

0:22:390:22:41

there's enough room for a clothes horse, you can hang up your socks and your pants and your towels.

0:22:410:22:45

-Good idea, actually.

-It's just an idea.

-Yeah, it's worth thinking about.

0:22:450:22:49

'I really do think it's worth thinking about.

0:22:490:22:52

'This all seems to be well planned but a little bird told me

0:22:520:22:56

'that it's wife and mum, Joyce, who got this all knocked into shape.

0:22:560:23:00

'She's a schoolteacher and certainly knows her way around a timetable.'

0:23:000:23:04

# I love, I love, I love My calendar girl... #

0:23:040:23:07

I've been a little bit nosy.

0:23:070:23:11

I couldn't help but stumble across this today.

0:23:110:23:14

So, on Wednesday 16th March, what's happening?

0:23:140:23:17

No idea.

0:23:170:23:19

LAUGHTER

0:23:190:23:21

What's going to happen on Saturday 19th March?

0:23:210:23:23

Don't know.

0:23:230:23:25

Stripping out the carpets.

0:23:250:23:27

You're having your bathroom fittings delivered. That's unbelievable.

0:23:270:23:30

-It's good, isn't it?

-I love that. All of you have got a job, a time...

0:23:300:23:35

I've never seen anything like it.

0:23:350:23:37

Is it like, "tonight, This Is Your Life."?

0:23:370:23:40

Are you sticking with that? It's brilliant to have something like that.

0:23:400:23:44

Changing it a little bit as we go, but it's all fitting in.

0:23:440:23:48

Do you know what, your wife will be devastated

0:23:480:23:50

if there's lots of scrubbing out and changing

0:23:500:23:53

and arrows going from Wednesday to Friday,

0:23:530:23:55

because that is probably what's going to end up happening with that.

0:23:550:23:58

Nah, don't believe that. No, it'll be lovely.

0:23:580:24:00

Guys, I'm really excited for you both. It's been fun meeting you.

0:24:000:24:04

Good luck with this project, and stick to that schedule.

0:24:040:24:07

-We will, we will.

-Thank you.

-Thank you.

-Thank you.

0:24:070:24:10

So, I don't think Simon and Mick

0:24:100:24:13

will be wondering what to do on a day-to-day basis.

0:24:130:24:16

There is no such thing as free will in this renovation.

0:24:160:24:19

I loved their enthusiasm and I can't wait to see how it turns out,

0:24:190:24:23

but let's be honest,

0:24:230:24:24

all I really want to know is, are they going to stick to that list?

0:24:240:24:28

You can join me later in the programme to find out.

0:24:280:24:31

'Coming up - in Stockport there's an emergency for a three-bed semi.'

0:24:320:24:37

I think I'm going to have to call International Rescue. Hello?

0:24:370:24:41

In Gillingham, we find out if the boys have a two or three-bed house.

0:24:420:24:47

We class it as a bedroom.

0:24:470:24:50

'But first, we tracked down that Hammersmith hideaway to find out

0:24:530:24:57

'if it's finished to perfection.'

0:24:570:24:59

I thought I was a perfectionist until I met Robbie.

0:24:590:25:01

'Time to head over to Hammersmith in West London,

0:25:060:25:09

'where property developer Chris and former rugby player Robbie

0:25:090:25:13

'took on a one-bedroom ground-floor flat for £300,000.

0:25:130:25:16

'They had big plans for this place, but first they had to tackle

0:25:160:25:20

'the division of labour.'

0:25:200:25:22

Whoever's got experience in one area

0:25:220:25:24

then we tend to let that person get on with it, so I do everything.

0:25:240:25:27

'The property was a bit of a wreck, but had potential written all over it.

0:25:290:25:34

'So, nine months later, have Robbie and Chris managed to

0:25:340:25:37

'turn this place from shabby to chic?'

0:25:370:25:39

'Oh, yes. They certainly have.

0:25:560:25:58

'This is unrecognisable as the drab pad with bricked-up windows

0:25:580:26:03

'and holes in the floor.

0:26:030:26:05

'The wide-open hallway allows lots of light into the new bathroom.

0:26:050:26:10

'And not one but three bedrooms,

0:26:100:26:11

'one of which used to be the dingy garage.

0:26:110:26:15

'At the back of the property is a huge open-plan kitchen

0:26:150:26:19

'all done to the highest of specs.'

0:26:190:26:21

So we're in the kitchen-diner. This will be the area for a dining table.

0:26:220:26:28

Obviously, there's an island here.

0:26:280:26:30

We've got an in-built music system which you can plug in

0:26:300:26:32

your NP3 player and there's an amplifier here for the music system.

0:26:320:26:37

Then here, island with the sink

0:26:380:26:44

and we've got a boiling hot water tap and filtered cold water there.

0:26:440:26:50

Underfloor heating in the floor.

0:26:500:26:52

Obviously, you can see it's all oak flooring.

0:26:520:26:56

You can see from the finishes we tried to go the extra mile

0:26:560:27:00

in producing a property that's of a very high standard.

0:27:000:27:03

'He's not kidding, but sometimes it's what's on the outside that counts,

0:27:030:27:09

'and that garden has gone from dumping ground to open-plan oasis.'

0:27:090:27:14

Well, I suppose the unique selling point of this property

0:27:240:27:28

is the fact we were able to actually get an extension to the side and to the rear.

0:27:280:27:34

Formerly, there was a garage to the left-hand side of the property

0:27:340:27:37

and we were able to actually not only come out to the side but also come back.

0:27:370:27:42

It allowed us to get another two bedrooms there

0:27:420:27:45

and also en suite and the main bathroom.

0:27:450:27:47

What we wanted to do was create open-plan living in the kitchen

0:27:470:27:51

and the living room, bringing that all in together

0:27:510:27:53

and also integrating that into the garden.

0:27:530:27:56

I think we've successfully been able to do that

0:27:560:27:59

and that's the wow factor.

0:27:590:28:01

When most people walk in down the hall, they can see the garden

0:28:010:28:04

straight through the middle of the property.

0:28:040:28:06

The fact that we've been able to come out the side and also the rear,

0:28:060:28:10

we've doubled the floor space so have gone from 700 square feet to 1,400 square feet.

0:28:100:28:15

That's essentially where the profits have been.

0:28:150:28:18

'You could easily forget you're in the heart of London here.

0:28:180:28:21

'A transformation like this doesn't come easily

0:28:210:28:24

'and Chris and Robbie weren't afraid to get their hands dirty.'

0:28:240:28:28

At one point, we had gas masks on, goggles, hard hats.

0:28:280:28:32

It was like being in a coal mine.

0:28:320:28:33

It was pretty messy, but that's part of the job.

0:28:330:28:37

You have to roll your sleeves up.

0:28:370:28:39

You can't expect to sit in an office and hope things turn out.

0:28:390:28:43

You have to get involved.

0:28:430:28:45

We quite like the early part, getting in and tearing it apart,

0:28:450:28:49

because that's when you see the opportunities.

0:28:490:28:51

If you're not on site, if you've got a builder doing that,

0:28:510:28:54

you're missing opportunities and missing adding that extra value.

0:28:540:28:57

'It sure looks as though they haven't missed a trick here,

0:29:010:29:04

'and no wonder with Robbie's eagle eye on hand.'

0:29:040:29:07

Attention to detail is what we pride ourselves on.

0:29:070:29:11

I thought I was a perfectionist until I met Robbie.

0:29:110:29:15

Everything we do, it's "Is that right?

0:29:150:29:17

"Does it look straight?" etc, etc.

0:29:170:29:19

They do say great minds think alike. Well, some of the time.

0:29:200:29:24

Sometimes we fight it out, sometimes we actually toss a coin.

0:29:240:29:27

The floor was because I won the toss.

0:29:270:29:29

Chris wanted something completely different,

0:29:290:29:32

which probably would have devalued the property.

0:29:320:29:35

Things like that, you do need that discussion and debate

0:29:350:29:38

to work out the best scenario.

0:29:380:29:41

Talk about the best scenario, they've done a stunning job here.

0:29:410:29:44

After a few months to get the necessary planning consents,

0:29:450:29:48

the guys were able to stick to their four-month timescale for the work.

0:29:480:29:52

But with a high-end finish like this,

0:29:520:29:54

surely they went over their £100,000 budget.

0:29:540:29:58

We've increased the spec, so accordingly,

0:30:000:30:02

our budget has gone up a little bit. We've gone 30,000 over that.

0:30:020:30:05

So we're at 130,000 in total.

0:30:050:30:08

The way we weigh it up is that if we spend £1 and we make £2 out of it,

0:30:080:30:12

it might be worth doing.

0:30:120:30:15

Let's see if two local estate agents agree that the extra spend

0:30:170:30:20

on high-end fittings was worth it.

0:30:200:30:24

The standard of finish for this property is incredibly high.

0:30:240:30:28

It has beautiful integrated appliances.

0:30:280:30:31

It's finished throughout to a very high standard.

0:30:310:30:34

We don't see many properties of this sort of quality.

0:30:340:30:38

The finish and the size is really unique.

0:30:380:30:41

I particularly like the size of the garden.

0:30:410:30:44

The fact that you have access to a garden of this size

0:30:440:30:47

in this location is fantastic.

0:30:470:30:50

If they were to put it up for rent, what return could the boys expect?

0:30:500:30:54

If you put this property on the rentals market,

0:30:540:30:56

you could expect to achieve in the region of £3,000 per calendar month.

0:30:560:31:00

This property would be ideal for tenants we have looking in the area

0:31:000:31:04

and it would be £3,500 per calendar month.

0:31:040:31:07

We were told a little bit higher than that - three bedroom in this area -

0:31:070:31:11

but to be honest, we're not in the rental-market game.

0:31:110:31:14

So it's the moment of truth. They paid £300,000 for the property

0:31:140:31:18

at auction and spend £130,000 on the renovations.

0:31:180:31:22

With that total spend of £430,000, will the boys be looking

0:31:220:31:26

at a high-end return for their high-spec finish?

0:31:260:31:30

I would expect this property to achieve in the region of 750,000.

0:31:300:31:34

If we were to put the property up for sale,

0:31:340:31:36

we'd expect to achieve figures in the region of 800,000.

0:31:360:31:39

These figures give a potential pre-tax profit

0:31:390:31:42

of between £320,000 and £370,000,

0:31:420:31:45

minus the usual selling expenses.

0:31:450:31:48

However, quick off the mark, Chris and Robbie have already sold it

0:31:480:31:52

and for the very tidy sum of 850,000 quid!

0:31:520:31:58

We're quite happy with the price we've agreed because the buyer...

0:31:590:32:03

It's not just about price for us, it's about the speed of completion

0:32:030:32:07

and the position of the buyer.

0:32:070:32:10

They're in a strong cash position and can do a deal quickly.

0:32:100:32:14

We want to reinvest the money as quickly as possible.

0:32:140:32:17

Absolutely amazing!

0:32:170:32:19

That sale price gives them a profit, before tax, of £420,000,

0:32:190:32:24

nearly double their money.

0:32:240:32:26

And with their next project already in the pipeline,

0:32:260:32:29

they must really love the property-development game.

0:32:290:32:32

You have to get your hands dirty and that's not for everyone

0:32:330:32:36

but we love it.

0:32:360:32:38

Agreed.

0:32:380:32:40

I'm in Stockport, Greater Manchester.

0:32:470:32:49

Once thought of as one of the smokiest, dustiest places

0:32:490:32:52

in the whole of the industrial area, nowadays it's cleaned up its act

0:32:520:32:56

with a revitalised town centre and a historic marketplace.

0:32:560:33:01

This is one of the suburbs of Stockport - Woodley - and I'm here

0:33:010:33:05

to see a three-bed, semi-detached house

0:33:050:33:07

with a guide price of 90,000 quid.

0:33:070:33:11

That doesn't sound like a lot to me for around here

0:33:110:33:15

but judging by the exterior...

0:33:150:33:18

I think I know why it might be so cheap.

0:33:180:33:21

The birds have taken up residence in the bay window,

0:33:230:33:26

the tiles are slipping and the fascia boards are flaking.

0:33:260:33:30

This house doesn't look good close-up.

0:33:300:33:33

Well, you don't have to say, "Mirror, mirror, on the wall,

0:33:350:33:38

"what's the problem with this hall?"

0:33:380:33:40

Because pretty much like the rest of the house,

0:33:400:33:43

it's in a fairly shoddy state.

0:33:430:33:45

You don't even have to come through the door before you see

0:33:450:33:48

not a lot of maintenance has gone on here.

0:33:480:33:51

All the paintwork is cracked and everything.

0:33:510:33:53

It doesn't necessarily bode well.

0:33:530:33:55

You come in here and it's pretty much as I might have predicted.

0:33:550:33:59

It's a house that needs basically updating.

0:33:590:34:02

It hasn't had a lot of work done to it.

0:34:020:34:04

A fairly standard layout, stairs up to the bedrooms there.

0:34:040:34:07

Down the corridor, we come to the kitchen.

0:34:070:34:10

Very small for the size of property

0:34:100:34:13

and I think you're going to focus your attention on what you can do

0:34:130:34:17

to this area to turn this house into something

0:34:170:34:19

that's a bit more practical.

0:34:190:34:21

At the moment, it doesn't quite work.

0:34:210:34:23

But perhaps the solution is right outside the back door.

0:34:230:34:27

Now, a blindingly obvious thing to do with his particular property

0:34:270:34:30

is put an extension on the side here, maybe keep the garage

0:34:300:34:34

as the ground floor of the extension,

0:34:340:34:36

extend the kitchen out this way, put another bedroom on the top,

0:34:360:34:39

maybe an en suite or something.

0:34:390:34:41

Under normal circumstances, I'm really, really careful

0:34:410:34:45

about doing that kind of thing because you don't know

0:34:450:34:47

if you're going to get the money back.

0:34:470:34:49

It's all about the ceiling price of properties in the area

0:34:490:34:52

but when it comes to Woodley,

0:34:520:34:55

you'll definitely get your money back so that's what I'd do.

0:34:550:34:58

Of course, if you wanted to do more than break even

0:35:000:35:02

and make a bit more profit instead, a cheaper alternative to extending

0:35:020:35:07

would be to knock the kitchen through into the large lounge,

0:35:070:35:11

making downstairs one big open-plan kitchen/dining/living space.

0:35:110:35:15

Upstairs, the dated decor continues throughout the three bedrooms.

0:35:170:35:23

There are no radiators so no central heating.

0:35:250:35:29

But there's a sunbed so you can top up your tan while you freeze(!)

0:35:290:35:32

The bathroom definitely needs modernising.

0:35:330:35:38

So, one single bedroom, one double bedroom

0:35:380:35:41

and at the front of the property, another good-sized double.

0:35:410:35:44

But, more indications of the refurbishment work you going to have to do.

0:35:440:35:49

What's that? Thought it was a cobweb.

0:35:490:35:52

But no, just another example of what's falling apart,

0:35:520:35:56

and this whole area certainly is.

0:35:560:35:58

All these windows will have to come out,

0:35:580:36:00

as you can see they're completely rotten.

0:36:000:36:03

What's probably caused it, one thing for sure, not having your

0:36:030:36:05

lead flashing in place isn't going to help.

0:36:050:36:08

You know what? I think we're going to have to call International Rescue.

0:36:080:36:13

Hello. We need help.

0:36:130:36:16

While we wait for Mr Tracy to reply,

0:36:160:36:19

we asked a local property expert for his opinion on the chances of

0:36:190:36:22

recovery for this house, which had a guide price of 90,000.

0:36:220:36:27

The kitchen size in a 1930s traditional house,

0:36:270:36:30

that's how they were built.

0:36:300:36:33

It's worth extending, you've just got to weigh up the value

0:36:330:36:36

of the extension versus the cost.

0:36:360:36:39

The choice is, do it up and rent it out or do it up and sell it on?

0:36:390:36:46

If this house was going on the rental market,

0:36:460:36:48

we'd expect to get £650 per calendar month.

0:36:480:36:51

If we were selling this property in today's market,

0:36:510:36:54

we'd expect to get around 150,000.

0:36:540:36:57

Well, I think this is a perfect auction property

0:36:570:37:00

and what you should be looking out for.

0:37:000:37:02

Yes, the house needs quite of lot of work,

0:37:020:37:04

but nothing too structural and you're buying into this lovely area.

0:37:040:37:07

Let's see who fancied it when it went under the hammer.

0:37:070:37:11

Lot 12 is three-bedroom semi-detached property.

0:37:110:37:15

What's this one worth?

0:37:150:37:17

Start me off, I'm looking for £80,000.

0:37:170:37:20

80, your bid, madam, at £80,000 I have.

0:37:200:37:24

Do I see 85? 85 bid, thank you. 90,000, 91, 91,000.

0:37:240:37:28

92 it's against, 92, 93?

0:37:280:37:32

At 93, 94? At 94, 95?

0:37:320:37:34

At 95,000 then, give me 96.

0:37:340:37:37

I'm going to sell at £96,000 to the gentleman. No.

0:37:370:37:40

Another bid, it's your bed at 95 then, 155 at 96. 97?

0:37:400:37:45

97. 98, 99, round it up, 100.

0:37:450:37:49

101, 102, 103, 104,

0:37:490:37:53

105. 106, 107, 108, 109? 110?

0:37:530:37:59

110,500? 110,500. 111?

0:37:590:38:03

111, no at 111,000, are we all done?

0:38:030:38:06

111,500, 112? 112, 112,500, 113?

0:38:060:38:11

113,500, 114. 114,500. 115.

0:38:110:38:16

No, at 114,500, the lady's bid for the first time.

0:38:160:38:20

At 114,500 for the second and final time. Are we all done at £114,500?

0:38:200:38:25

-That's yours.

-The successful bid was made by Laura who was at the auction

0:38:250:38:29

with her sister, Eleanor.

0:38:290:38:31

This was Laura's first time buying at auction

0:38:310:38:34

but not her first time buying a property.

0:38:340:38:37

She joined the family property business four years ago.

0:38:370:38:40

I went to meet her, along with her dad, Graham.

0:38:400:38:45

-Laura, Graham, lovely to meet you.

-Hello.

-Congratulations.

-Thank you.

0:38:450:38:48

Tell me why you wanted to buy this place.

0:38:480:38:51

Well, it's what I do for a living actually.

0:38:510:38:54

Buy and then do up this type of house and then we rent them out

0:38:540:38:58

mainly at the moment.

0:38:580:39:00

Tell me about the business.

0:39:000:39:02

-The family started it in 2002.

-That's Dad?

0:39:020:39:05

Yes.

0:39:050:39:06

And then after I finished university in 2006,

0:39:060:39:09

I took it over as a full-time job and I've been doing it ever since,

0:39:090:39:12

-about two a year isn't it?

-Yes.

-So we've got a portfolio of 11 at the moment.

0:39:120:39:18

-Great.

-11 rented and two in progress, so to speak.

0:39:180:39:23

-You must be proud of the way it's all developing?

-Yes, she's doing very well.

0:39:230:39:26

Laura spotted this particular property by chance.

0:39:290:39:32

The family own another up the road and Laura was driving by,

0:39:320:39:36

going to check on that one on saw the auction sign outside this house.

0:39:360:39:41

Tell me what you're going to do to sort this place out.

0:39:430:39:46

I think our plans at the moment are to knock through to make

0:39:460:39:51

a bigger kitchen/diner. Just to make it a bigger room

0:39:510:39:54

-because the kitchen at the moment is just too small.

-What about this room here?

0:39:540:39:58

It used to have a door coming in here.

0:39:580:40:01

We'll open that back up and then block the two receptions off again

0:40:010:40:05

so it'll be a big kitchen/diner and this front room as a single room.

0:40:050:40:10

Instead of having a completely open-plan downstairs.

0:40:100:40:13

So create a more open-plan kitchen, living area and this as a room?

0:40:130:40:17

-As the living room?

-Yes.

-I like that idea.

0:40:170:40:20

Central heating needs putting in, new windows and doors,

0:40:200:40:23

sort out a bit of roofing, but the rest of it's just cosmetic.

0:40:230:40:26

New kitchen, new bathroom, redecorate.

0:40:260:40:29

-A lot of work outside.

-A lot of work outside, yes.

-Like what?

0:40:290:40:33

Just needs tidying up because it's a bit of a jungle at the moment.

0:40:330:40:37

Get rid of the two sheds that are in the back garden and then

0:40:370:40:41

possibly put some French doors out of the kitchen/diner on to a decking area

0:40:410:40:44

and then level off the lawned area at the bottom of the garden.

0:40:440:40:50

And what will be your involvement in that?

0:40:500:40:52

I basically come in and fill skips. That's what I'll be doing -

0:40:520:40:55

stripping out wallpaper, stripping the doors and the old kitchen and the old bathroom.

0:40:550:41:01

And then from there, just be organising external tradesmen to come in and go from there.

0:41:010:41:07

You like the ripping out stuff?

0:41:070:41:09

Yes, yes. It's fairly satisfying with a lump hammer.

0:41:090:41:12

-And Dad, what will your involvement be?

-I pop back occasionally

0:41:120:41:16

when Laura needs some heavy lifting doing or the big lump hammer using.

0:41:160:41:21

But, really, most of the technical stuff like putting joists in

0:41:210:41:25

and taking walls out and that sort of thing,

0:41:250:41:27

we leave to the professionals.

0:41:270:41:29

We're very much at DIY skills level in terms of what we can do.

0:41:290:41:32

So anything beyond that we always feel it's best to get experts in

0:41:320:41:36

-so the place doesn't fall down.

-Yes.

-A very wise move.

0:41:360:41:40

Laura's parents are always on hand to give advice and design tips.

0:41:400:41:44

So although they're officially taking a back seat in the business,

0:41:440:41:49

they're still involved and providing support from the sidelines.

0:41:490:41:54

What's your budget for what you're planning?

0:41:540:41:56

I think we've budgeted a fair amount, which is 20,000,

0:41:560:41:59

but with around about 5,000 contingency.

0:41:590:42:02

Because we may find things that need doing

0:42:020:42:06

that we haven't thought of so far, like the wiring might need completely redoing.

0:42:060:42:10

And if we find something wrong with the roof

0:42:100:42:13

when we get that sorted, that might have to be upped as well.

0:42:130:42:17

-That's a healthy budget.

-Yes.

-It should be OK.

0:42:170:42:20

We're hoping to come under it, so we've left ourselves a generous one.

0:42:200:42:24

Now, one of the things I thought you might consider is an extension -

0:42:240:42:29

to do a two-storey extension over the garage.

0:42:290:42:34

-Have you contemplated that?

-It's got the potential,

0:42:340:42:37

but at the moment we're not looking at that.

0:42:370:42:39

It could be something in the future because our plans is to get it rented

0:42:390:42:43

and then maybe in a couple of years we might look at an extension.

0:42:430:42:47

I think given the rental market, you'd not get the extra rent to justify the expense.

0:42:470:42:52

And, just at the moment, I don't think it's time to be selling anything.

0:42:520:42:56

Obviously if someone comes and wants to buy this at a sensible price

0:42:560:43:01

when it's done, we'd let it go.

0:43:010:43:03

But we're not banking on that at all because the market is still so slow as far as buyers are concerned.

0:43:030:43:09

What kind of timescale have you've got for the work?

0:43:090:43:12

We're hoping to have it done and dusted within six months.

0:43:120:43:16

You're allowing time to find a tenant as well?

0:43:160:43:18

Yes, to find a talent as well, so everything done with a new tenant in.

0:43:180:43:23

-Are you proud of your daughter?

-Absolutely, very proud.

0:43:230:43:26

She's made a real fist of this and she enjoys it.

0:43:260:43:29

I've always been fairly enthusiastic about doing this sort of thing

0:43:290:43:32

so I'm very happy, yes.

0:43:320:43:34

Congratulations, good luck and we look forward to seeing the transformation.

0:43:340:43:38

Thanks very much.

0:43:380:43:40

Well, Laura certainly has the experience,

0:43:410:43:44

the enthusiasm, to make a success of this project and a healthy budget and timescale.

0:43:440:43:48

But with old properties like this,

0:43:480:43:50

you never know what you might find, so how will she get on?

0:43:500:43:54

You can find out later in the show.

0:43:540:43:56

It's time now to go back to those properties

0:43:580:44:01

and see how the owners have got on.

0:44:010:44:03

Have they managed to stick to their timescales and budgets?

0:44:030:44:06

Let's find out.

0:44:060:44:08

# Son of my father... #

0:44:090:44:11

We're back in Gillingham, Kent to see how Simon and his father, Mick

0:44:110:44:16

got on with this long, thin terraced property.

0:44:160:44:18

Mick remortgaged his own house to buy this development,

0:44:180:44:22

he wanted to help his son Simon get on the property ladder.

0:44:220:44:25

Joiner son Simon was going to do his bit

0:44:250:44:28

and schoolteacher mum, Joyce, made her special contribution too.

0:44:280:44:33

On Wednesday 16th March, what's happening?

0:44:330:44:37

No idea.

0:44:370:44:38

What's going to happen on Saturday 19th March?

0:44:380:44:42

I don't know yet.

0:44:420:44:44

J & S stripping out the carpets. You're having your bathroom fittings delivered. That's unbelievable.

0:44:440:44:49

It's good, isn't it?

0:44:490:44:51

I love that, all of you've got a job, a time,

0:44:510:44:53

my goodness, I've never seen anything like it.

0:44:530:44:56

With lots of small rooms and steps in odd places,

0:44:560:45:00

this terrace fell like a doll's house than a real house.

0:45:000:45:04

# Cutest place you'll ever see

0:45:040:45:07

# Big enough for you and me... #

0:45:070:45:09

The kitchen was a narrow galley

0:45:090:45:11

and everywhere there were strange little under-used spaces.

0:45:110:45:16

Mick bought this terrace for 85,000

0:45:160:45:19

and they estimated that 15,000 would put it back together again.

0:45:190:45:23

It's been three months since we first met Simon and Mick,

0:45:250:45:29

so we've returned to find out if they stuck to mum's timetable and their budget.

0:45:290:45:35

# Beautiful stranger... #

0:45:390:45:42

Mick and Simon have turned this outdated, unworkable Victorian house

0:45:420:45:47

into a bright and welcoming first-time buyer's home.

0:45:470:45:53

It wasn't bursting with kerb appeal before, but it is now.

0:45:530:45:57

The front of the property was quite old and looked very dull.

0:45:570:46:01

So Simon put a new door on and we got new double glazing

0:46:010:46:05

and I spent about three days painting it, with the help

0:46:050:46:07

from the people across the road telling me where I'd missed bits.

0:46:070:46:11

So that was quite fun.

0:46:110:46:12

The first thing we did was rip out the kitchen then

0:46:120:46:15

we worked our way through the rest of the house.

0:46:150:46:18

# To know you, is to love you... #

0:46:180:46:22

Downstairs, the tiny, badly-laid-out kitchen is unrecognisable.

0:46:220:46:28

# Beautiful stranger... #

0:46:280:46:30

This is the kitchen. When we got it, it was very dingy.

0:46:300:46:36

We put new windows in. Obviously, completely new kitchen.

0:46:360:46:40

Even my wife, Joyce, she done the tiling, which is very proud of.

0:46:400:46:45

Integral fridge, washing machine, cooker, hob and cupboards.

0:46:450:46:50

All the mod cons what you can hope for.

0:46:500:46:55

Obviously, new floor and then into the bathroom.

0:46:550:47:00

This was a very, very small bathroom.

0:47:000:47:02

There used to be a back door here which we bricked up

0:47:020:47:06

and we took down the wall and we've made it this nice big bathroom.

0:47:060:47:11

Closing off the badly positioned doorway to the garden meant

0:47:160:47:19

opening a new door from the dining room.

0:47:190:47:22

This is much more practical and gave Simon

0:47:220:47:24

and Mick that extra space for the bathroom.

0:47:240:47:28

Outside, they plan to finish off the landscaping

0:47:280:47:31

and mark the division between the shared gardens with a small fence.

0:47:310:47:35

Upstairs, the room layout hasn't changed.

0:47:350:47:39

There are still two good-sized bedrooms, now fresh and inviting.

0:47:390:47:43

They are still the same odds steps up and down between rooms.

0:47:450:47:49

Now, bedrooms. How many of those does this terrace have?

0:47:490:47:52

Erm...

0:47:520:47:56

We class it as a bedroom, it's still a bedroom, so it's three bedrooms.

0:47:560:48:01

Two decent-sized and one little bedroom.

0:48:010:48:03

I think they're been rather optimistic

0:48:030:48:07

calling this big walk-in cupboard a bedroom, but it could be a home office.

0:48:070:48:11

This was a family effort and of course there was that secret weapon in the boys' arsenal.

0:48:110:48:16

-BOTH: Mum!

-She's the boss.

0:48:160:48:19

School teacher Joyce certainly knew her way around a timetable

0:48:190:48:23

and it was a big help to her boys.

0:48:230:48:26

Joyce chose all the colour scheme and the flooring and everything.

0:48:260:48:30

She was the boss and we did it.

0:48:300:48:32

Simon's done the floor, the kitchen, all the doors.

0:48:320:48:37

Everything to do with wood.

0:48:370:48:39

Joyce has done the tiling in the kitchen, all the painting

0:48:410:48:45

and chosen all the materials and gone out and price them all up.

0:48:450:48:49

And me, well I've just come along for the ride.

0:48:490:48:52

Time to find out if it's a family fortune

0:48:540:48:56

or another five years in the nest for Simon.

0:48:560:48:59

We asked two local property experts for their opinion.

0:48:590:49:03

Kerb appeal, if you look at the road itself,

0:49:030:49:06

it does stand out from the rest.

0:49:060:49:08

Therefore the expenditure on the external painting

0:49:080:49:12

will have rewards at the end.

0:49:120:49:15

Moving the back door into the second reception room is a good thing.

0:49:150:49:19

It's increases the space in the kitchen area and also the bathroom.

0:49:190:49:23

It adds a lot of light into the reception room as well,

0:49:230:49:26

which makes the house feel a lot more light and airy.

0:49:260:49:29

Simon and Mick bought this mid-terrace for 85,000.

0:49:310:49:35

They spent £14,000 refurbishing it,

0:49:350:49:39

bringing their total investment to £99,000.

0:49:390:49:42

What price could the property sell for?

0:49:420:49:46

I think the potential resale value of this property would be between £115-120,000.

0:49:460:49:54

The resale value of this property would be £120,000.

0:49:540:49:57

-Oh, right.

-Yes, that's right.

-That's OK. Just where we want it.

0:49:570:50:02

# Son of my father... #

0:50:020:50:06

Those figures would give them a profit of between about 16 and 21,000.

0:50:060:50:11

Before costs and expenses.

0:50:110:50:13

But is it enough to get Simon on the very first rung of the property ladder and out of the nest?

0:50:130:50:18

Yeah, it is definitely a step towards getting on the property ladder

0:50:180:50:22

but it is just convenience living with my mum and dad at the moment.

0:50:220:50:26

Managed to go a couple of holidays a year,

0:50:260:50:28

so...that's the important thing.

0:50:280:50:31

We're back in Woodley, near Stockport, to see if Laura and her father,

0:50:360:50:39

Graham, have reclaimed this house from its 1930s time warp.

0:50:390:50:44

This three-bedroom property had been left untouched

0:50:440:50:48

since it was built and needed a complete overhaul.

0:50:480:50:51

The tiny kitchen was impractical but there was ample space above the garage to fix that

0:50:510:50:57

and add a bedroom but Laura and Graham had other ideas.

0:50:570:51:01

We're going to block the two receptions off again

0:51:010:51:03

so it would be a big kitchen/diner, and then this front room as a single room.

0:51:030:51:08

Laura and her father bought this semi-detached house for 114,500.

0:51:080:51:16

They'd set £25,000 aside for the refurbishment

0:51:160:51:18

but if the house was covering up other problems,

0:51:180:51:20

they would need to dig deeper.

0:51:200:51:24

We may find things that need doing which we hadn't thought of so far

0:51:240:51:28

like the wiring might need completely redoing.

0:51:280:51:31

If we find something wrong with the roof, that might have to be upped as well.

0:51:310:51:36

We've returned to see if Laura has ditched the 1930s layout

0:51:360:51:40

for something more suited to modern life.

0:51:400:51:45

# I wished I lived in the golden age

0:51:450:51:47

# Giving it up on the Broadway stage

0:51:470:51:50

# Hang with the rats and smoke cigars

0:51:500:51:53

# Have a break with Frank and count the stars

0:51:530:51:56

# Oh! Sing it out loud Gonna get back honey... #

0:51:560:51:58

Laura has transformed this tired old semi into a really lovely family home

0:52:010:52:06

but the biggest problem here was the itsy-bitsy, teeny-weeny kitchenette.

0:52:060:52:11

The kitchen, before, started here on an angled door

0:52:140:52:17

and there was one double unit here, a cooker here, and a sink.

0:52:170:52:22

And that was it. So what we have done, we've knocked down a wall

0:52:220:52:25

to create a big kitchen diner

0:52:250:52:27

and made a U-shaped kitchen with all the amenities you would need,

0:52:270:52:31

with a nice space for a dining room.

0:52:310:52:34

To get all that extra space in the kitchen, Laura and her father

0:52:340:52:38

ditched the glass doors between the two ground-floor reception rooms.

0:52:380:52:43

They also closed off the old kitchen access to the garden.

0:52:430:52:47

Adding much more useful patio doors from the new dining room onto the new decking.

0:52:470:52:52

The house before was a real state.

0:52:520:52:55

It'd not been lived in since 2008 and I am not sure it had been touched since it was built.

0:52:550:53:00

There was a lot of carpet and wallpaper in,

0:53:000:53:02

and it took a fair few skips to get rid of that.

0:53:020:53:06

I personally had to take off layer and layer of wallpaper,

0:53:060:53:10

which took a while and that wasn't fun during the winter but we got through it.

0:53:100:53:16

Upstairs, the room layout hasn't changed but the three bedrooms

0:53:160:53:19

have each been replastered and repainted.

0:53:190:53:23

The bathroom, before, was very old-fashioned.

0:53:270:53:30

It was in avocado green which was lovely but my dad spent

0:53:300:53:35

most of the time breaking up the cast-iron bath which he had much fun at.

0:53:350:53:39

But what we have done here is re-tile everything

0:53:390:53:42

and put a brand-new suite in with a separate shower.

0:53:420:53:46

The refurbishment has taken six months, which is exactly as long as Laura expected.

0:53:460:53:53

I like the task of seeing something and then seeing past

0:53:530:53:57

what it is at that state and turning it into something new.

0:53:570:54:00

It's always nice to bring something from

0:54:000:54:03

where it was into something which somebody can use and love.

0:54:030:54:08

But completely refurbishing a three-bedroomed terrace house does not come cheap.

0:54:080:54:13

Our original budget was 20 to 25.

0:54:150:54:18

We have gone over slightly - we've gone over by 5. So all in about 30,000.

0:54:180:54:23

We had to plaster a lot more than we thought we did.

0:54:230:54:26

The whole of the downstairs has been replastered and a lot more of the upstairs.

0:54:260:54:30

The general cost of things, we found have gone up in price

0:54:300:54:34

so that was an expense we weren't expecting.

0:54:340:54:37

It's time to call in two local property experts to see

0:54:380:54:42

if all that time and money has been well spent.

0:54:420:54:45

They've done an amazing job actually, the level of finish is excellent.

0:54:470:54:50

They made sure where the walls needed replastering, they've been done.

0:54:500:54:54

The doors are nice, the kitchen and bathroom is really well-finished.

0:54:540:54:57

The condition of the house - it was original.

0:54:570:55:01

So, you could have stepped back to 1930, roughly when it was built

0:55:010:55:05

and you saw the same house.

0:55:050:55:07

It had just aged and not aged well.

0:55:070:55:10

They had a big challenge on their hands, a lot to do and, yeah, they've done a really good job.

0:55:100:55:15

They've done a nice job of the refurb,

0:55:150:55:17

particularly the kitchen is quite smart.

0:55:170:55:19

The bathroom, as well, is a high standard of finish.

0:55:190:55:22

I like what they've done to the garden, I think the decking and the lawn is nice.

0:55:220:55:27

Laura and her father bought the house for 114,500.

0:55:270:55:30

They spent £30,000 on the refurbishment,

0:55:300:55:34

bringing their total spend to 144,500.

0:55:340:55:37

What could the property be worth now?

0:55:370:55:41

The price we'd expect to sell this for would be around £165,000.

0:55:410:55:46

In its current condition,

0:55:460:55:47

I'd put it in the market at 160 to £165,000.

0:55:470:55:51

So if the house was sold it could make a profit of

0:55:510:55:55

between 15,500 and £20,500, before tax and selling costs.

0:55:550:56:01

The resale figures are generous I think for the market we're in,

0:56:010:56:05

because I know some people are struggling to sell their houses.

0:56:050:56:09

But that is why we decided to rent for a couple of years

0:56:090:56:11

and then in a couple of years' time we will reassess.

0:56:110:56:14

So, what kind of rent could it attract?

0:56:140:56:18

I think we could rent this house out for £675 per calendar month.

0:56:180:56:23

We would expect to rent this property out for £650 per calendar month.

0:56:230:56:27

I think that's what we'd expect for a three-bedroom house in this area.

0:56:270:56:30

We're actually getting 675.

0:56:300:56:32

With a tenant all set to move in, and a tough six months of hard work

0:56:320:56:37

behind her, will Laura's very first auction be her last?

0:56:370:56:41

I think we would go back to an auction cos we've had a good experience with this.

0:56:410:56:44

I think you can find some gems.

0:56:440:56:46

Well, that's it for now.

0:56:500:56:51

We'll have more tantalising tales from the auction rooms next time.

0:56:510:56:55

So make sure you join us then to hear about the highs and the lows.

0:56:550:56:59

BOTH: Goodbye.

0:56:590:57:01

Subtitles by Red Bee Media Ltd

0:57:200:57:22

E-mail [email protected]

0:57:220:57:25

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