0:00:02 > 0:00:05- Hello, welcome to the show.- With the property market in a state of flux,
0:00:05 > 0:00:10you really do have to make your own decisions. You've got to do your research and be competitive.
0:00:10 > 0:00:13Yes, and the best thing is if you can see things for yourself.
0:00:13 > 0:00:16And one way to do that is to visit your local property auction.
0:00:42 > 0:00:47Thousands of properties go up for auction. There are loads of different types of lots on sale
0:00:47 > 0:00:52- every month all over the country. - So why not go down to your local auction room
0:00:52 > 0:00:56and find out what is on sale? Here's the properties we've found for you for today's show.
0:00:57 > 0:01:03'It sounds like the plans for this former studio in Fife struck the right note.'
0:01:03 > 0:01:07What they're basically saying is, "We think this place should be redeveloped."
0:01:07 > 0:01:11'This plot of land in Kent went to auction with an added bonus.'
0:01:11 > 0:01:16It already has full planning permission granted to build two chalet bungalows here.
0:01:17 > 0:01:23'In Cheshire, this bungalow needs a full refurbishment but the rooms are much bigger than I'd expected.'
0:01:23 > 0:01:27So all in all, I have to say, I'm pleasantly surprised.
0:01:28 > 0:01:31- 'All these properties went to auction...'- Thank you, sir.
0:01:31 > 0:01:37'..and we'll find out who bought them and what they paid for them when they went under the hammer.'
0:01:42 > 0:01:47'I'm in Cupar, Fife, an old market town that's on the up and looking to the future.'
0:01:47 > 0:01:53And with the news that the council are ploughing literally millions of pounds into the area
0:01:53 > 0:01:56to rejuvenate it, things can only get better.
0:01:58 > 0:02:04'It's a charming place, for sure, and the property that went to auction is in a prime location,
0:02:04 > 0:02:06'bang in the middle of town.'
0:02:06 > 0:02:12The property I'm here to see had a guide price of just 50,000 quid.
0:02:12 > 0:02:15So why the low guide?
0:02:15 > 0:02:19Well, it's cos it's this. It's an old disused warehouse.
0:02:19 > 0:02:25However, I have some news which could turn this ugly duckling
0:02:25 > 0:02:27into a bit of a swan.
0:02:27 > 0:02:30# There once was an ugly duckling
0:02:30 > 0:02:34# With feathers all stubby and brown
0:02:34 > 0:02:38# And the other birds in so many words said
0:02:38 > 0:02:42# Get out of town
0:02:42 > 0:02:46'The lot is made up of the former warehouse plus this ruined bothy.
0:02:46 > 0:02:54'I'd get stonework checked out, but what we have here is a 300-plus square metre blank canvas
0:02:54 > 0:02:56'with plenty of scope for improvement.'
0:02:56 > 0:03:00Until relatively recently, it was used for, well,
0:03:00 > 0:03:04the CDs should give it away, a recording studio.
0:03:04 > 0:03:07Prior to that, it was a snooker hall.
0:03:08 > 0:03:12'There's a distinct lack of natural light on the ground floor
0:03:12 > 0:03:16'but unbricking those windows would transform the place in a jiffy.
0:03:16 > 0:03:20'Beyond that, well, it's potential, potential, potential.'
0:03:24 > 0:03:29So, what's the good news? Well, the local council did a public consultation
0:03:29 > 0:03:31about the general plan for the area
0:03:31 > 0:03:35and when it came to talking about this site in particular,
0:03:35 > 0:03:40it says, and I quote, "The site is a development opportunity". Fantastic.
0:03:40 > 0:03:43"Preferred use is housing." Even better.
0:03:43 > 0:03:47"It has the potential to contribute to the housing land supply,
0:03:47 > 0:03:51"the revitalisation of the town centre, the local infrastructure and amenities."
0:03:51 > 0:03:55They're basically saying, "We think this place should be redeveloped."
0:03:55 > 0:03:58It hasn't got planning yet, but if the council's saying that,
0:03:58 > 0:04:01you're pretty convinced that you're going to get it.
0:04:01 > 0:04:04What can you build on here? Flats, houses, who cares?
0:04:04 > 0:04:06It's a money-making opportunity.
0:04:07 > 0:04:13'We're not talking break-even here, we're talking maximum break, pot black
0:04:13 > 0:04:16'and any other snooker metaphor you'd care to mention.
0:04:16 > 0:04:19'There's tonnes more space upstairs,
0:04:19 > 0:04:22'room for two generous two-bedroom flats at least.
0:04:22 > 0:04:25'The same could potentially be built downstairs.
0:04:25 > 0:04:28'And don't forget the dilapidated bothy out back.
0:04:28 > 0:04:31'The development possibilities are endless.
0:04:33 > 0:04:37'We spoke to the auctioneer who sold it to see if he's snooker-loopy
0:04:37 > 0:04:39'about the property.'
0:04:40 > 0:04:44I think the building offers a lot of opportunities.
0:04:44 > 0:04:46We're very close to the town centre.
0:04:46 > 0:04:49In the local plan, it's identified as
0:04:49 > 0:04:54a site for redevelopment and the preferred option is residential use.
0:04:54 > 0:04:57'If residential use it is,
0:04:57 > 0:05:01'what could be the best way forward for this former snooker hall?'
0:05:01 > 0:05:05Probably, if you're looking at a conversion, it's flats.
0:05:05 > 0:05:09And I think that probably, in the current market, is the best way forward.
0:05:09 > 0:05:12I suppose you could knock the whole thing down and start again
0:05:12 > 0:05:16and put in a couple of detached or semi-detached units.
0:05:16 > 0:05:20I really think it's a flatted scheme rather than houses, shall we say.
0:05:20 > 0:05:25'There's scope here for four flats at the very least.
0:05:25 > 0:05:28'How much does the auctioneer think they might sell for?'
0:05:28 > 0:05:31If we're talking two-bed flats, in Cupar,
0:05:31 > 0:05:36we're roughly talking about around £100,000 per unit, perhaps a little less.
0:05:37 > 0:05:40'And if rented out?'
0:05:40 > 0:05:45In terms of rental values, probably £450 to £550 per calendar month.
0:05:46 > 0:05:49Well, even without the planning permission being in place,
0:05:49 > 0:05:52I reckon the potential for this property is enormous.
0:05:52 > 0:05:55And it is a bit of a developer's dream.
0:05:55 > 0:05:58Let's see who spotted it when it went under the hammer.
0:05:58 > 0:06:03'This lot was one of the later ones which explains the empty seats.'
0:06:03 > 0:06:06Interesting property, this. Residential potential here.
0:06:06 > 0:06:10What are we going to say for that? Somebody start me at £50,000.
0:06:10 > 0:06:1340 to get me going. 30 anywhere?
0:06:13 > 0:06:16Is that a 20? Thank you, sir.
0:06:16 > 0:06:1820 sitting down in the body of the room.
0:06:18 > 0:06:21£20,000. Have I got 25 anywhere?
0:06:21 > 0:06:23Thank you, sir. Sitting down, 25.
0:06:23 > 0:06:2730? 30. 35? 35.
0:06:27 > 0:06:2940. 45?
0:06:29 > 0:06:32It's with you, sir, in the blue at £40,000.
0:06:32 > 0:06:37Looking for 41 anywhere? 41 down here. 42. 3.
0:06:37 > 0:06:394. 5.
0:06:39 > 0:06:426. 7.
0:06:42 > 0:06:4546. Blue top, in the middle, £46,000.
0:06:45 > 0:06:48I'm going to sell at 46 if that's the best we can do.
0:06:48 > 0:06:50At £46,000.
0:06:50 > 0:06:54Are we all done? With the gentleman in the blue at £46,000.
0:06:54 > 0:06:56Going once.
0:06:56 > 0:06:58Twice. Third and final time.
0:06:58 > 0:07:01- £46,000, gentleman in the blue. Thank you very much. - HAMMER BANGS
0:07:01 > 0:07:05'The successful bid of £46,000 was made by Steve.
0:07:05 > 0:07:11'He retired from the Air Force five years ago and started developing property full-time.
0:07:11 > 0:07:14'He'll be assisted on this development by his three sons,
0:07:14 > 0:07:17'Jason, Michael and Stephen.'
0:07:18 > 0:07:21# The boys are back in town
0:07:21 > 0:07:25# The boys are back in town, boys are back in town
0:07:25 > 0:07:29'I met up with Steve and his son Stephen back at the property.'
0:07:30 > 0:07:35Steve and Stephen, good to meet you both. Congratulations. Why did you want to buy this place?
0:07:35 > 0:07:39I love a bargain, like a challenge and I think it's something we can make flats out of.
0:07:39 > 0:07:45- Tell me more about you.- I got involved in property six or seven years ago on a more serious scale.
0:07:45 > 0:07:48I did renovations on and off since leaving the Air Force.
0:07:48 > 0:07:51The boys left school, started to come and work with me.
0:07:51 > 0:07:54Young Stephen joined the Air Force for a few years, came back,
0:07:54 > 0:08:00he's now my right-hand man. If I'm not there, Stephen will keep things ticking along.
0:08:00 > 0:08:03So family business. That's great. Tell me who's involved.
0:08:03 > 0:08:07Well, we've got Dad at the top, and when he's not around, I'm running the show
0:08:07 > 0:08:11with help from my two younger brothers who are both keen joiners.
0:08:11 > 0:08:14Was it a natural progression for you all to go into this?
0:08:14 > 0:08:20Well, my first memory is when I was seven, stone-picking for ten pence a bucket of stones in the garden.
0:08:20 > 0:08:24And it's kind of just gone on from there. We've learnt to drive the diggers
0:08:24 > 0:08:30and learn the skills off the tradesmen, right up until now, basically.
0:08:30 > 0:08:33Driving diggers as a boy! That must have been fantastic!
0:08:33 > 0:08:38- Brilliant fun. Especially on the farms.- How does it work, working together as a family?
0:08:38 > 0:08:4390 percent of the time, it's OK. There are a few times where Steve and I have a disagreement
0:08:43 > 0:08:46and he's bigger than me, but that means nothing. THEY LAUGH
0:08:46 > 0:08:52Then we come to a compromise and at the end of the day, the job has to get done and that's why we're here,
0:08:52 > 0:08:56- to get the end result.- You cannot agree on everything all the time.
0:08:56 > 0:08:59- We have different opinions on some things.- Yep.
0:08:59 > 0:09:03- Was it always your intention to get your sons involved in the business? - No.
0:09:03 > 0:09:08It was up to them to take their own paths and whichever way they wanted to go, we encouraged them.
0:09:08 > 0:09:12And they just kept on coming back, working for me, so it seemed to work.
0:09:12 > 0:09:17Good workers, I know them, they know me, and we just seen to work well, so it's a good team.
0:09:17 > 0:09:21But I guess paying them 10p for a bucket of stones was a good place to start.
0:09:21 > 0:09:25It's actually only 15p for a bucket now. That's why I keep them employed.
0:09:25 > 0:09:29No, I'm only joking. But it's a good way of getting them learning,
0:09:29 > 0:09:34cos at the end of the day, you've got to take care of your pennies and appreciate what you've got,
0:09:34 > 0:09:38cos it doesn't come easy, and that was what it was all about, another learning skill.
0:09:40 > 0:09:44'So these local boys have been well trained by their dad.
0:09:44 > 0:09:47'But what's in store for the old snooker hall?'
0:09:48 > 0:09:51OK, so why this place?
0:09:51 > 0:09:53Because it's on our doorstep.
0:09:53 > 0:09:56It's easy. This, to me, is an absolute doddle.
0:09:56 > 0:09:59I would buy these all day long if they kept coming up.
0:09:59 > 0:10:05The footprint and size for the money we paid, you can't go wrong. We'll retain 70 percent of this building
0:10:05 > 0:10:10to reuse, so it's not a big job to convert this into units, that we're looking to do.
0:10:10 > 0:10:13Steve, what do you think about this project?
0:10:13 > 0:10:16I think it's a cracking project. It is right on our doorstep.
0:10:16 > 0:10:18Our workshop is literally round the corner.
0:10:18 > 0:10:24And most of the work is internal partitions. There's only a few extensions to be put on.
0:10:24 > 0:10:26And it's stuff we do every day.
0:10:26 > 0:10:32- Tell me exactly what you're planning to do here.- We're going to convert this into four residential units.
0:10:32 > 0:10:37This wall will be taken down and extended out to give us more room on this smaller side of the building.
0:10:37 > 0:10:43And then as Steve said, the main part is ready, that's only internal partitions.
0:10:43 > 0:10:49Open up the existing windows, new services, drainage and central heating to be installed.
0:10:49 > 0:10:52We'll be looking to put a two-bedroom house in the bothy.
0:10:52 > 0:10:56So no problems there. But there is a problem in that there isn't any planning.
0:10:56 > 0:11:01No. I've spoke to the planners. We've had them on site for a meeting and they seem to be in favour of...
0:11:01 > 0:11:07These smaller units in towns like this, they're looking for residential units cos there's a shortage.
0:11:07 > 0:11:10We've got a lot of stuff for rent round about this area
0:11:10 > 0:11:12and there's not enough rental properties available.
0:11:12 > 0:11:16So that's why this is good for them, cos it keeps their council house list down.
0:11:16 > 0:11:21They're taking on properties from the private sector to rent because there's not enough.
0:11:21 > 0:11:26But with planning, there always is the possibility that it might be turned down.
0:11:26 > 0:11:30That is a gamble. Life is a gamble. But for £46,000, I don't see it as a gamble.
0:11:30 > 0:11:34Having done this for a number of years, you get to feel...
0:11:34 > 0:11:38You get an inkling for what's going to be in and what's not,
0:11:38 > 0:11:40and having had a site meeting with the planners,
0:11:40 > 0:11:46- they seemed to be in favour. I don't think it'll be a problem.- What kind of costs have you got for it?
0:11:46 > 0:11:50- I'm expecting it shouldn't be any more than about £100,000.- To build...
0:11:50 > 0:11:53- To renovate this into five units. - Really?- Yeah.- Wow.
0:11:53 > 0:11:57I don't take a wage. I don't have a salary.
0:11:57 > 0:12:00My salary comes at the end, or when I get a rent, I'll take that.
0:12:00 > 0:12:04When I do a project, I don't go, "I'm going to make £20,000".
0:12:04 > 0:12:09Whatever's left is what I make. When you start something, you've got to keep spending till it's done.
0:12:09 > 0:12:13Do you have any idea of the sort of total potential value of things
0:12:13 > 0:12:18- once it's all done?- On this site, if I get the planning for the bothy, probably half a million pounds.
0:12:18 > 0:12:21- And it's going to cost you 150 in total.- Yeah.
0:12:21 > 0:12:25So potentially, then, £350,00 profit.
0:12:25 > 0:12:27Bingo!
0:12:27 > 0:12:32- Yeah, well, it's just...- And that's the other reason why we did it, as well as it being on the doorstep.
0:12:32 > 0:12:35This is my nest egg. This is the last one for me.
0:12:35 > 0:12:40Then it's time for me to go and start enjoying life. I've worked since I can remember, so this is my exit.
0:12:40 > 0:12:43So after this, the boys are on their own. HE LAUGHS
0:12:43 > 0:12:47Good luck with it. We look forward to seeing how you get on.
0:12:47 > 0:12:53Well, from buckets of stone for 10p to bucketloads of potential profit on this place.
0:12:53 > 0:12:55350,000 quid. Wow!
0:12:55 > 0:13:00Still, there is that all-important planning permission to get first.
0:13:00 > 0:13:04Find out how this family of developers gets on later in the show.
0:13:08 > 0:13:13'This is Ashford in Kent. The journey time from London via high-speed train
0:13:13 > 0:13:16'is now less than 40 minutes, and what's more,
0:13:16 > 0:13:20'it's been earmarked by the government as a key growth area for the South East.
0:13:20 > 0:13:25'So there'll be 13,000 new homes built here by 2016.'
0:13:25 > 0:13:29We're actually in a suburb of Ashford today in a place called Kennington.
0:13:29 > 0:13:32It's about a mile and a half from the town centre.
0:13:32 > 0:13:35This place was built as a local authority housing estate.
0:13:35 > 0:13:39But I'm not here to see a house today. I'm here to see a plot of land.
0:13:39 > 0:13:42And it's accessed down this little track.
0:13:42 > 0:13:48'The guide price at auction for this plot was set between 60,000 and 70,000.'
0:13:48 > 0:13:52So here it is. Now, I know this plot was formally council-owned
0:13:52 > 0:13:57and was once occupied by garages which, as you can see, have since been cleared.
0:13:57 > 0:14:00Now, it is a good rectangular shape,
0:14:00 > 0:14:04it's pretty even and because it's surrounded by houses,
0:14:04 > 0:14:07there's access to all the services. Water, electricity, gas.
0:14:07 > 0:14:11So it shouldn't be an issue getting any of those connected.
0:14:11 > 0:14:17And even better, it already has full planning permission granted to build two chalet bungalows here.
0:14:17 > 0:14:22'Finding a plot which already has full planning permission will save a lot of time.
0:14:22 > 0:14:26'As soon as the land's yours, you can pretty much start building straight away.'
0:14:26 > 0:14:30So here are the proposed plans that have been passed.
0:14:30 > 0:14:36Now, it's quite interesting to look at it on paper. You've got two semi-detached chalet bungalows here.
0:14:36 > 0:14:40This is the front elevation, which will actually sit this way round
0:14:40 > 0:14:43with the car parking to the front.
0:14:43 > 0:14:45And this is the rear elevation here.
0:14:45 > 0:14:49Now, once you go inside, you've got two bedrooms.
0:14:49 > 0:14:54And on the ground floor, you've got a really nice dining lounge area,
0:14:54 > 0:14:59a study, a little kitchen and a bathroom. That's all on the ground floor.
0:14:59 > 0:15:05Then upstairs on the first floor, you've got bedroom one, bedroom two and a very small en suite.
0:15:05 > 0:15:08So it offers two bathrooms. And it's all looking rather good.
0:15:08 > 0:15:12'So plans are approved for two chalet bungalows,
0:15:12 > 0:15:15'a style of bungalow with living space on the first floor.
0:15:17 > 0:15:21'Of course, you could choose to build something else completely,
0:15:21 > 0:15:25'but any major changes would mean going through the planning process again,
0:15:25 > 0:15:28'which could add months to your schedule.'
0:15:28 > 0:15:30So far, it's all looking rather good.
0:15:30 > 0:15:34Just one slight issue. There is a public right of way here,
0:15:34 > 0:15:37a footpath which has to stay.
0:15:37 > 0:15:41On the plans, it does go across the bottom of the parking area,
0:15:41 > 0:15:43so it shouldn't be too intrusive.
0:15:43 > 0:15:46I've been here all morning and I've not seen a soul,
0:15:46 > 0:15:50so it's something I don't think I'd worry about too much.
0:15:50 > 0:15:54# Let's build a house where we can stay
0:15:54 > 0:15:56# B-B-B-B-Build
0:15:56 > 0:16:00'Time to start building, you might think. But will you be able to sell what you've built?
0:16:00 > 0:16:03'Let's ask a local estate agent
0:16:03 > 0:16:07'what he thinks of the proposed development.'
0:16:07 > 0:16:10The layout of the properties I think is absolutely fine.
0:16:10 > 0:16:15You've got parking spaces, which is fantastic, and rear garden.
0:16:15 > 0:16:17You've also got an en suite to the master bedroom,
0:16:17 > 0:16:21and given the fact that the main bathroom is on the ground floor,
0:16:21 > 0:16:24that's an added benefit. Also there's a study,
0:16:24 > 0:16:26adding to the living space downstairs.
0:16:26 > 0:16:28# Let's build
0:16:28 > 0:16:33'So if you went ahead and built the two two-bed semis as per the plans,
0:16:33 > 0:16:37'would you be able to let them out and what rent could you get for them?'
0:16:37 > 0:16:40You don't see many properties around here come onto the rental market.
0:16:40 > 0:16:44Being an ex-local authority area could deter some people.
0:16:44 > 0:16:48I would say a rental value of around 625 to 650 per calendar month.
0:16:48 > 0:16:52'But, of course, once you've built them, you might want to sell them.
0:16:52 > 0:16:54'So what could that make?'
0:16:54 > 0:16:58Once the properties have been built, I'd estimate a resale value of £160,000 to £170,000.
0:16:59 > 0:17:03So a plot with planning and full planning permission at that.
0:17:03 > 0:17:06If this was my land, I'd go with what's already been passed
0:17:06 > 0:17:11and I'd start building those two semi-detached bungalows straight away, no delays.
0:17:11 > 0:17:13A lot of the hard work has already been done here.
0:17:13 > 0:17:18But will the new owners stick to the plans or will they go their own way?
0:17:18 > 0:17:21We can find out who bought it when we head to auction.
0:17:23 > 0:17:26We move to Ashford, to Kennington to be precise.
0:17:26 > 0:17:30It's got planning permission for two chalet bungalows.
0:17:30 > 0:17:35Guided at 60 to 70. What may I say? Start me at £60,000?
0:17:35 > 0:17:37May I hear 60? 60 I have. Thank you.
0:17:37 > 0:17:40£60,000 is bid. 62. And 64?
0:17:40 > 0:17:4364 is bid. And 66?
0:17:43 > 0:17:4666. And 68? 68 I have.
0:17:46 > 0:17:49And 70. 72 in a fresh place. 74.
0:17:49 > 0:17:5274 is bid. And 76 I have. 78?
0:17:52 > 0:17:5578 is bid. And 80 I have. And 82?
0:17:55 > 0:17:5882 I have. 84 is bid. And 86?
0:17:58 > 0:18:0286 is bid. 88 I have. And 90?
0:18:02 > 0:18:0590 is bid. 92 is bid.
0:18:05 > 0:18:08And 94 on my right hand side. 96?
0:18:08 > 0:18:1196 is bid. 98 is bid.
0:18:11 > 0:18:14100? 100 I have. 102.
0:18:14 > 0:18:16And 5. 108.
0:18:16 > 0:18:18108 is bid. And 110.
0:18:18 > 0:18:21110 is bid. 112 is bid.
0:18:21 > 0:18:25115 I have. 118 is bid. 120?
0:18:25 > 0:18:27120 is bid. 122.
0:18:27 > 0:18:30125. 128. And 130.
0:18:30 > 0:18:33130 is bid. 132 is bid.
0:18:33 > 0:18:38134 do I see? Being sold, then, for the first time at 132.
0:18:38 > 0:18:44Gentleman's bid on the right hand side unless I see another bid. 132,000 for the second.
0:18:44 > 0:18:48£132,000 for the third and final call.
0:18:48 > 0:18:52- Are you all done? - HAMMER BANGS - Sold at £132,000.
0:18:52 > 0:18:56'The plot finally sold for nearly twice the original guide price
0:18:56 > 0:18:58'and the buyers didn't even bid themselves.
0:18:58 > 0:19:02'The new owners are local couple Angela and Bob.
0:19:02 > 0:19:05'They've had their eye on this particular plot for years
0:19:05 > 0:19:10'and even tried to buy it from the council several times before it went to auction.
0:19:10 > 0:19:14'But why was Angela so keen on the plot but not so keen on the bidding?'
0:19:14 > 0:19:17Angela, congratulations. Great to meet you.
0:19:17 > 0:19:20- Thank you.- Why did you choose a family friend to bid for you?
0:19:20 > 0:19:23Because my husband and I were so nervous and we didn't have a clue,
0:19:23 > 0:19:26we've never been to an auction, so we wanted someone...
0:19:26 > 0:19:30He's been before, he's bought land before, so he was the ideal person.
0:19:30 > 0:19:35- You did pay considerably over the guide price.- Yes, we did.
0:19:35 > 0:19:38Did you expect to go to that sort of level?
0:19:38 > 0:19:42We didn't really have a ceiling, because we desperately wanted this piece of land
0:19:42 > 0:19:45and whatever it would've gone to, we would've paid, really.
0:19:45 > 0:19:50I know this site comes with planning permission for two chalet bungalows.
0:19:50 > 0:19:56- Yes.- So what's the plan? Are you not thinking about living in one and selling the other?- No.
0:19:56 > 0:19:59Our son, who's 29 now, had an accident ten years ago.
0:19:59 > 0:20:04He lives with us in our house. My husband built a room on the back
0:20:04 > 0:20:08and a shower room on the front for him to come and live with us, cos he's wheelchair-bound.
0:20:08 > 0:20:12And he needs to have his own independent living accommodation.
0:20:12 > 0:20:15And this is what we're going to build on this land.
0:20:15 > 0:20:18A purpose-built bungalow for Paul
0:20:18 > 0:20:21with living accommodation upstairs for carers
0:20:21 > 0:20:26so that he can live independent from us and it's local to us,
0:20:26 > 0:20:29his brother, the people that he's grown up with all his life.
0:20:29 > 0:20:35We've lived in Kennington for 30 years, so it's absolutely... It'll never come again.
0:20:35 > 0:20:40- So that's why we needed to get this plot of land.- Wow. That really is such an incredible story.
0:20:40 > 0:20:44- This has got your name on it. - That's right.- You had to have this! - Absolutely.
0:20:45 > 0:20:51'So Paul, pictured here with his dad Bob, is wheelchair-bound and not able to communication fully.
0:20:51 > 0:20:55'He'll be coming to live in a house purpose-built for him on this plot.
0:20:55 > 0:21:01'The family had to get this piece of land as it backs directly onto the garden of Paul's brother Keith.'
0:21:03 > 0:21:06So you're not planning on building two properties here?
0:21:06 > 0:21:10No, just one. The same footprint size as the two,
0:21:10 > 0:21:14but my husband said to tweak it and to make it into one bungalow.
0:21:14 > 0:21:16Have you already spoken to the council?
0:21:16 > 0:21:19An architect on our behalf has spoken to the council
0:21:19 > 0:21:22and sent in an outline of what we'd like to do.
0:21:22 > 0:21:26This is before we went to the auction, to make sure that it was viable,
0:21:26 > 0:21:30and without committing themselves, they said they could see no problem with it
0:21:30 > 0:21:33because it wasn't going to go higher or further.
0:21:33 > 0:21:37- Have you got any potential builders? - My husband.- He's a builder?
0:21:37 > 0:21:41- Yeah, he's a builder.- Fantastic! - And my sons are ground workers.
0:21:41 > 0:21:45One's an electrician, and they both do ground works.
0:21:45 > 0:21:49So it's in the family. We're going to build it as a family.
0:21:51 > 0:21:54'This build's really going to be a family affair.
0:21:54 > 0:21:59'They will all pull together to build Paul his own home
0:21:59 > 0:22:03'with a constant supply of cups of tea coming over the fence from Keith's house.'
0:22:05 > 0:22:08So tell me, how does Paul feel about this? Is he excited?
0:22:08 > 0:22:13He's absolutely over the moon. Yeah, he can't believe it.
0:22:13 > 0:22:17He's really excited. He keeps saying, "Come on, Bob".
0:22:17 > 0:22:20Cos he calls my husband, even though he's his dad, he calls him Bob.
0:22:20 > 0:22:25"Come on, Bob, go and start it!" And it was Keith's birthday on the 5th, Sunday,
0:22:25 > 0:22:28and he bought Keith a spade to start coming to dig!
0:22:28 > 0:22:31It's just going to be a life-changing thing for him, isn't it?
0:22:31 > 0:22:37Absolutely. And he'll be able to play his music as loud as he wants, which he loves to do.
0:22:37 > 0:22:40So it'll be a dream come true for him. An absolute dream.
0:22:41 > 0:22:44'The family waited so long to get this plot
0:22:44 > 0:22:47'that they want to make sure there are no more delays.
0:22:47 > 0:22:52'They've already got new plans drawn up for one bespoke chalet bungalow.'
0:22:52 > 0:22:57- Talk me through what we've got on the ground floor. - You come into the main entrance
0:22:57 > 0:23:01and then a lovely open-plan living/dining area for Paul.
0:23:01 > 0:23:04Straight on to a kitchen, no doors or anything.
0:23:04 > 0:23:10And then back along the corridor, this will be his wet room straight off from his bedroom,
0:23:10 > 0:23:15so he doesn't have to come out into any other areas. Like a disabled en suite.
0:23:15 > 0:23:20- So he doesn't have to get in and out of a bath. He can do all of that by himself.- Yeah.- Where's the hi-fi?
0:23:20 > 0:23:23- SHE LAUGHS - Where's that music centre going?
0:23:23 > 0:23:25I'd imagine in here.
0:23:26 > 0:23:29'Paul's been involved with the plans since the word go.
0:23:29 > 0:23:33'He'll be choosing all the colour schemes, carpets and curtains.
0:23:33 > 0:23:38'They've got a budget of £60,000 and estimate it will take six months to complete the build.
0:23:38 > 0:23:42'And it won't just be Paul who will live here.'
0:23:42 > 0:23:46The upstairs will be where the live-in carer will live.
0:23:46 > 0:23:49They'll do it on a rota basis, two weeks on, two weeks off.
0:23:49 > 0:23:54As Paul lives downstairs, they've got to live there like you would live in your own home.
0:23:54 > 0:23:59So you've got to make it comfortable for them. It's not like coming in for two hours a day.
0:23:59 > 0:24:02So it's got to be quite comfortable for them, as well.
0:24:02 > 0:24:06It's been lovely to meet you. I'm so excited to see the outcome of this property.
0:24:06 > 0:24:10- Well done.- Thanks. - Good luck to you and your family. - Thank you very much.
0:24:10 > 0:24:14Well, that is a great outcome for Angela and Bob.
0:24:14 > 0:24:17They've had their eye on this plot for a long time
0:24:17 > 0:24:20and their patience has finally paid off and they now own it!
0:24:20 > 0:24:24Not only that, building a bungalow here for their son
0:24:24 > 0:24:29will mean a fresh start for everyone and much-deserved independence for Paul.
0:24:29 > 0:24:34But they still have to get their new plans approved before they can start building.
0:24:34 > 0:24:38Well, we'll be back later in the show to find out how they get on.
0:24:39 > 0:24:44'Coming up, in Cheshire, you could be knocked out by this bungalow.'
0:24:44 > 0:24:48That, er, carpet-wallpaper combination certainly hits you as soon as you come in.
0:24:49 > 0:24:56'We return to Kent and the wait's been worth it, as Paul's about to move into his new home.'
0:24:56 > 0:24:59A little bit longer than what we thought, but we've got there.
0:25:00 > 0:25:05'But first back to Fife, where Steve's sons have been busy.'
0:25:05 > 0:25:09As far as the hands-on work is concerned, all three of us were on site all year.
0:25:11 > 0:25:16'Time now to return to the Fife town of Cupar.
0:25:16 > 0:25:21'This derelict warehouse building, formerly a recording studio and snooker hall,
0:25:21 > 0:25:26'was bought at auction for £46,000 by full-time property developer Steve.
0:25:26 > 0:25:30'He works with his three sons and they had some ambitious plans for the site,
0:25:30 > 0:25:34'which they hoped wouldn't be snookered by the planners.'
0:25:34 > 0:25:40- Tell me exactly what you're planning to do here.- We're going to convert this into four residential units.
0:25:40 > 0:25:45This wall will be taken down and extended out to give us more room in this small side of the building
0:25:45 > 0:25:49and the main part is actually ready. That's only internal partitions.
0:25:49 > 0:25:52And we'll be looking to put a two-bedroom house in the bothy.
0:25:52 > 0:25:56'Steve was hoping this would be his final big job
0:25:56 > 0:26:01'before handing everything over to his sons so he could enjoy the fruits of his labour.'
0:26:01 > 0:26:06This is my nest egg. This is the last one for me and then it's time for me to go and start enjoying life.
0:26:06 > 0:26:11I've worked since I can remember, so this is my exit. After this, the boys are on their own.
0:26:11 > 0:26:16'It's now 14 months later and we're back to meet Steve's eldest son Stephen.
0:26:16 > 0:26:20'And they've certainly been busy boys.
0:26:20 > 0:26:25'They've turned the dilapidated site into five residential units.
0:26:25 > 0:26:29'The old warehouse is now four separate flats.
0:26:29 > 0:26:33'On the left, a two-bed on the first floor and a three-bed on the ground.
0:26:33 > 0:26:38'And in the middle, a three-bed on the first floor and a two-bed on the ground.
0:26:42 > 0:26:46'But the piece de resistance is the old bothy,
0:26:46 > 0:26:50'which has been turned into a fabulous two-bedroom townhouse.
0:26:50 > 0:26:55'Downstairs, the open-plan kitchen-diner has the same flooring throughout,
0:26:55 > 0:26:59'and there's a separate cloakroom.
0:26:59 > 0:27:04'These stairs lead up to the first floor and I do hope Steve's going to fit a handrail.
0:27:04 > 0:27:09'Upstairs, the L-shaped bathroom does make better use of the space, as it's not that big.'
0:27:09 > 0:27:16It's essentially a townhouse which, although it's semi-detached, is actually off the original building.
0:27:16 > 0:27:20This was a courtyard when we bought it, so there was literally one wall at the back.
0:27:20 > 0:27:22And now it's a two-bedroom house.
0:27:22 > 0:27:27'Steve liked it so much, he's moved in, and he's already right at home,
0:27:27 > 0:27:31'having turned one of the bedrooms into his own entertainment area.
0:27:34 > 0:27:37'The four flats in the warehouse are all tenanted,
0:27:37 > 0:27:40'but we got access to the two-bedroom flat on the first floor.
0:27:42 > 0:27:46'Not surprisingly, the layout has completely changed.
0:27:47 > 0:27:53'The windowless recording studio now has a double-aspect living room.
0:27:53 > 0:27:57'It's been transformed from a dingy old warehouse
0:27:57 > 0:28:00'into a contemporary two-bedroom flat.
0:28:04 > 0:28:07'The boys really have done a great job.
0:28:07 > 0:28:12'But building on a site like this certainly wasn't without its challenges.'
0:28:12 > 0:28:15We're actually standing at the back of the building here.
0:28:15 > 0:28:22It presented a few problems in the sense that it's actually three metres lower down than the front.
0:28:22 > 0:28:25We couldn't get access to the back as it's blocked at both ends,
0:28:25 > 0:28:29and tiles and the timber trusses were brought from the front of the building,
0:28:29 > 0:28:31which was a laborious exercise in itself.
0:28:31 > 0:28:35Eventually, we'd like to get access from the bottom for all the flats,
0:28:35 > 0:28:41open it back up again and then maybe have a drying area in the garden to the side for the tenants, as well.
0:28:41 > 0:28:46'On top of that, they've bought the adjacent land on which they're hoping to build more houses.
0:28:46 > 0:28:51'This monster project has required the whole family to pitch in.'
0:28:51 > 0:28:54All four of us were on site pretty much the whole of the time.
0:28:54 > 0:28:59Dad did a lot of organising, which requires going to merchants and the architects and stuff.
0:28:59 > 0:29:04But as far as the hands-on work is concerned, all three of us were on site for the whole year.
0:29:04 > 0:29:10'This has been a really huge endeavour and I can't help but notice that Dad's not around.
0:29:10 > 0:29:13'So where is he now?'
0:29:13 > 0:29:17Unfortunately, my dad's on holiday at the moment. He's on a sailing course.
0:29:17 > 0:29:19So that's why he's not here.
0:29:19 > 0:29:23'Can't blame him. A well-earned rest after that mammoth job.
0:29:23 > 0:29:27'How much have they had to spend to get the properties to this stage?'
0:29:28 > 0:29:34We've spent about £250,000 so far, and that's with buying the land next door, as well.
0:29:34 > 0:29:39So we've done pretty well to get five units and a new plot out of that, I think.
0:29:39 > 0:29:43'Time to find out what two local property experts think
0:29:43 > 0:29:46'of the former snooker room and recording studio.'
0:29:46 > 0:29:50'Has it got the X factor to be a hit?'
0:29:50 > 0:29:53What a transformation! Dark, dingy studios
0:29:53 > 0:29:57are now a very light, bright development of flats and houses.
0:29:57 > 0:30:02I think they've done extremely well to fit this amount of accommodation
0:30:02 > 0:30:05into this space. I particularly like the fact that they've got
0:30:05 > 0:30:09open-plan living areas. The combined kitchen and lounge works very well.
0:30:09 > 0:30:14I understand that they had acquired the land on the right hand side of the access drive.
0:30:14 > 0:30:17I think that's an excellent investment.
0:30:17 > 0:30:22'Steve's moved into the three-bed house and his brothers and his dad
0:30:22 > 0:30:26'have let the four flats out already. What's the going rate?'
0:30:26 > 0:30:31The rental market in Cupar seems to be quite widely spread.
0:30:31 > 0:30:34There is evidence suggesting that two-bed flats
0:30:34 > 0:30:37possibly would go for around about £500 per calendar month,
0:30:37 > 0:30:40up to about £750 per calendar month.
0:30:40 > 0:30:46I think, for the two-bedroom flats, you should be looking to achieve £500 per calendar month.
0:30:46 > 0:30:50For the three-bedroom, slightly more £525 per calendar month.
0:30:50 > 0:30:55'Well, their tenants are paying £500 per calendar month for the two-bedroom flats
0:30:55 > 0:30:59'and they're getting £550 per calendar month for the three-beds.
0:30:59 > 0:31:03'So how much could the whole development now be worth?
0:31:03 > 0:31:05'They paid £46,000 at the auction
0:31:05 > 0:31:09'and have spent £250,000 including buying the extra land.
0:31:09 > 0:31:13'A total of just under £300,000.'
0:31:13 > 0:31:17I think if you were aiming the property at an investor trying to buy the whole accommodation,
0:31:17 > 0:31:23you should be looking to achieve between £390,000 and £420,000.
0:31:23 > 0:31:26If you put the entire property on the market,
0:31:26 > 0:31:31you're probably talking somewhere between £550,000 and £600,000.
0:31:31 > 0:31:36'That valuation range, from £390,000 to £600,000,
0:31:36 > 0:31:40'could generate an estimated profit of between £90,000 and £300,000.
0:31:40 > 0:31:45'Quite a wide margin. But the family have no plans to sell.'
0:31:47 > 0:31:50At the moment, we're just looking to rent them out.
0:31:50 > 0:31:53Once we develop the land next door,
0:31:53 > 0:31:56if we put townhouses or flats on there, we'll rent them out
0:31:56 > 0:32:00and just keep them going as rental properties, I think, until the market picks up.
0:32:02 > 0:32:05'Now that the reins of the business have been handed over to Stephen,
0:32:05 > 0:32:08'what's he learnt about buying at auction?'
0:32:08 > 0:32:15Don't be hasty in what you buy. Look for the bargain. And be prepared to put in a lot of hard work.
0:32:15 > 0:32:18Cos if no-one else is bidding, there's a lot of work to be done.
0:32:20 > 0:32:27Well, I'm 16 miles from the centre of Manchester, in the Cheshire village of Mobberley.
0:32:27 > 0:32:32Now, there has been a church here since Norman times,
0:32:32 > 0:32:36and the oldest parts of this date back to 1245.
0:32:36 > 0:32:41But they extended the roof and widened the aisles in 1450.
0:32:41 > 0:32:44And in 1533 they added the tower.
0:32:44 > 0:32:48Which all goes to prove we've always loved property restoration.
0:32:48 > 0:32:55'Set in the North Cheshire green belt, Mobberley is a rural village surrounded by fields.
0:32:55 > 0:33:01'It's one of England's oldest parishes. And just a short walk from the church is this area.'
0:33:01 > 0:33:06Well, right by the property I'm here to see you've got a parade of shops.
0:33:06 > 0:33:09You've got a chemist, you've got a takeaway, you have a bakers there.
0:33:09 > 0:33:13That's fantastic, because I'm here to see a bungalow,
0:33:13 > 0:33:18which might suit somebody who, maybe not that easy for them to walk so far.
0:33:18 > 0:33:20So that kind of facility is great to have on hand.
0:33:20 > 0:33:26It's in this pleasant line of similar bungalows with a guide price of 95,000 quid.
0:33:26 > 0:33:28Two bedrooms.
0:33:28 > 0:33:30Let's take a look.
0:33:30 > 0:33:34'Well, you can't argue about the location, and as it's a popular cul-de-sac,
0:33:34 > 0:33:38'with a retired population, what more could you ask?
0:33:38 > 0:33:43'If you can see past the slightly overgrown garden, it's rather sweet.'
0:33:43 > 0:33:47So what have we got? Wow! Gosh!
0:33:47 > 0:33:51That carpet-wallpaper combination hits you as soon as you come in.
0:33:51 > 0:33:55A bit of redecoration required, methinks.
0:33:55 > 0:34:01But not a bad size. From the size of the bungalow on the outside, it's not going to be huge.
0:34:01 > 0:34:05But I'm pleasantly surprised. Bedroom one there, bedroom two at the back.
0:34:05 > 0:34:09Your loo there and through to the dining room. Again, not a bad size.
0:34:09 > 0:34:15Different carpet again. Hm. An old fireplace. Get that checked out.
0:34:15 > 0:34:19I think there's an open fire in there, which is quite good. A nice focal point.
0:34:19 > 0:34:22Then through to the kitchen.
0:34:22 > 0:34:27Now, clearly it is in need of a bit of tarting up.
0:34:27 > 0:34:32But not a bad size space. I'm pleasantly surprised, if a little dazzled by the wallpaper.
0:34:32 > 0:34:38'Tastes have changed in recent times. And if you're looking to buy a house to do up and sell on,
0:34:38 > 0:34:41'the key word when it comes to decoration is neutral.
0:34:41 > 0:34:44'Clearly someone has given this place a really personal touch.
0:34:44 > 0:34:48'But, sadly, that won't appeal to the modern market.
0:34:48 > 0:34:51'Still, at least we can sit back and enjoy the flowers.'
0:34:51 > 0:34:55# Flowers, yeah
0:34:55 > 0:34:57# Flowers
0:34:59 > 0:35:02# Flowers, yeah
0:35:02 > 0:35:07'But does the garden hold as many floral delights?'
0:35:07 > 0:35:11So, out of the rear of the property you've got a garden.
0:35:11 > 0:35:15One nice thing, you've got a separate entrance to it there, down a covered alleyway.
0:35:15 > 0:35:19Flagstones, some outbuildings here,
0:35:19 > 0:35:24quite useful storage space, or maybe a place for a washing machine.
0:35:24 > 0:35:29As I said, flagstones here, a bit of grass. The garden does need a bit of tender loving care.
0:35:29 > 0:35:35But I like the fact that you've got privacy, but a reasonable amount of space. So, yeah, a big tick.
0:35:37 > 0:35:42'This all seems pretty straightforward, a well-proportioned property in good condition.
0:35:42 > 0:35:48'All it needs is a decor overhaul, upgrades to the kitchen and bathroom and some TLC in the garden.
0:35:48 > 0:35:54'But hold on, this is a bungalow, and what's the most obvious way to add value to one of these?
0:35:54 > 0:35:57'Yep. Check out the roof space.'
0:35:57 > 0:36:02Well, you've got a decent enough size entry up into the loft there.
0:36:02 > 0:36:06And from the outside, it looks like you've got enough roof height.
0:36:06 > 0:36:09One thing I would like to check out is the actual construction of the roof,
0:36:09 > 0:36:12to see if it's going to be easy or not to put that dormer in.
0:36:12 > 0:36:15And then it's going to come down to a question of cost.
0:36:15 > 0:36:19How much is it going to cost to do it, and how much will it add to the value of the property?
0:36:19 > 0:36:21And then you make your decision.
0:36:21 > 0:36:26'We invited a local estate agent round to see what he thought.'
0:36:26 > 0:36:31The bungalow does require modernisation. It's rather tired and dated.
0:36:31 > 0:36:34But great location. It's got the basics here.
0:36:34 > 0:36:38It's double-glazed, but it does now want central heating,
0:36:38 > 0:36:43a general scheme of decoration, carpets, curtains, kitchen and a bathroom.
0:36:43 > 0:36:46'How much might it cost to get this place up to scratch?'
0:36:46 > 0:36:52The layperson would probably spend between £15,000 and £20,000 on modernising the bungalow.
0:36:52 > 0:36:55If you're handy, you can do it for a lot less.
0:36:55 > 0:36:59'This property had an auction guide price of £95,000.
0:36:59 > 0:37:04'But once renovated, how much could you sell it or rent it out for?'
0:37:04 > 0:37:09Likely resale value of the bungalow once fully modernised is probably in the region of £150,000.
0:37:09 > 0:37:14Likely rental value is between £600 and £650 per calendar month.
0:37:16 > 0:37:20Well, really nothing to dislike about this bungalow, apart from possibly the decor.
0:37:20 > 0:37:25And with similar properties selling for around the £150,000 mark,
0:37:25 > 0:37:30if it was bought for anything like that £95,000 guide price, there's money to be made.
0:37:30 > 0:37:33Let's see who bought it when it went under the hammer.
0:37:37 > 0:37:40Guide on this I think is a sensible guide.
0:37:40 > 0:37:42I've got a bid at 90,000, any advance on 90?
0:37:42 > 0:37:45I'll take 92. 92,000 then.
0:37:45 > 0:37:4994,000. 94. 96. 96,000. 98.
0:37:49 > 0:37:54100. 100,000. At 100,000. 101 on the phone.
0:37:54 > 0:37:59At 100 I have, at 101. 101. 102. 103.
0:37:59 > 0:38:04104. 105? 105. 106. 107.
0:38:05 > 0:38:10107. 108. 109. 110.
0:38:10 > 0:38:14111. There's three of you now. 111.
0:38:14 > 0:38:17112. 113. 114.
0:38:17 > 0:38:20115. 116. 117.
0:38:20 > 0:38:24118. 119. 120? No, 500?
0:38:24 > 0:38:29119,500. 120. could be the last bid, I think it might be. 120.
0:38:29 > 0:38:33At 120,000 for the first time. 120 and a half, he's back in. 121?
0:38:33 > 0:38:38At 120,500. 121? Yes? No?
0:38:38 > 0:38:43121. No. At £121,000 for the first time.
0:38:43 > 0:38:47Second time at £121,000. Are we all done at £121,000?
0:38:47 > 0:38:51That's yours at 121, paddle 462.
0:38:51 > 0:38:57'With their successful bid of £121,000, £26,000 over the guide price,
0:38:57 > 0:39:01'were friends Kevin, on the left, and Graham, on the right.
0:39:01 > 0:39:04'They both have a background in gardening and landscaping.
0:39:04 > 0:39:09'I caught up with them at the bungalow to find out what made them dig so deep for this place.'
0:39:09 > 0:39:11# Just the two of us
0:39:11 > 0:39:15- Graham, Kevin, good to meet you both. Congratulations. - Pleased to meet you.
0:39:15 > 0:39:18Tell me why you wanted to buy the bungalow.
0:39:18 > 0:39:22- Kevin came up with the idea. - That's right, yeah.
0:39:22 > 0:39:27It came up for sale at auction. We thought it could be a good investment.
0:39:27 > 0:39:32We could buy it right at the auction, so we went. Paid slightly over the odds, didn't we?
0:39:32 > 0:39:36- That's right, yeah.- More than we expected to pay for it. We bought it. We're going to do it all up,
0:39:36 > 0:39:41- modernise it, put it back on the market quick as we can. - Easy as that. So it was your idea?
0:39:41 > 0:39:46That's right, yes. My idea. I've lived in the village all my life, more or less, until I got married.
0:39:46 > 0:39:50These properties don't come up for sale very often.
0:39:50 > 0:39:55Erm, and when they have come up for sale, they have sold very quickly.
0:39:55 > 0:39:59- I own the one next door, as well. - You own the one next door? - Which I rent out.
0:39:59 > 0:40:02This one, me and Graham are in partnership to do it up.
0:40:02 > 0:40:07It's a nice little venture for us both, turn it around and hopefully make a small profit.
0:40:07 > 0:40:10That's the idea. Nice desirable bungalow in a nice area.
0:40:10 > 0:40:15- What about the property next door, literally next door?- Literally next door, yeah. Joined to this.
0:40:15 > 0:40:20My gran used to live there. We've owned the property for eight years. We rent it out now.
0:40:20 > 0:40:23It's been rented out for about the last three years.
0:40:23 > 0:40:28It's a good return, so I'll always keep hold of that, never sell that. That's my roots back to the village.
0:40:28 > 0:40:33- Lovely.- Probably wants to retire there himself. - Maybe one day, you never know.
0:40:33 > 0:40:38'The time to retire is a while away if these two are planning to get into the property development game.
0:40:38 > 0:40:43'And what better place to start than right next door to a house you already own?
0:40:43 > 0:40:49'Graham and Kevin are sure this is a sound investment and are keen to get cracking pronto.'
0:40:49 > 0:40:55Starting over the weekend, ripping everything out and we're starting the joiner to put a new kitchen in,
0:40:55 > 0:41:00then the heating engineers are coming in to kit all the heating system out, boiler and gas.
0:41:00 > 0:41:04Then it's a matter of redecorating the bungalow afterwards.
0:41:04 > 0:41:09- So what about budget, how much are you spending? - We are looking at spending £9,000
0:41:09 > 0:41:15on remodernising the complete house, including estate agents fees, as well, if possible.
0:41:15 > 0:41:18Fairly tight as we went over budget at auction. That's what we're aiming for.
0:41:18 > 0:41:24- We will be hands-on ourselves. - We'll strip all the wallpaper. Do the painting, emulsioning ourselves.
0:41:24 > 0:41:29The garden, we'll do between us. We'll reflag it and put a lawn at the back.
0:41:29 > 0:41:32- Replant it out, that's our business anyway.- Oh, is it? What?
0:41:32 > 0:41:37- I have a wholesale nursery.- Great. - Kevin's got a wholesale nursery and landscape business.
0:41:37 > 0:41:42- So that side of it, not a problem at all.- That's right.- We should be able to do the outside between us.
0:41:42 > 0:41:47The front garden will have to be nice because first impressions count. First thing people see.
0:41:47 > 0:41:53- Right. So timescale for doing it all?- Six weeks. Start to finish.
0:41:53 > 0:41:58- Everybody is in place ready to start now. So we're looking forward to it. - And then on the market.
0:41:58 > 0:42:03- Straight on the market. - In terms of what you expect you might get for this, how much?
0:42:03 > 0:42:10We expect to get £150,000 for it. We do feel it is worth £150,000.
0:42:10 > 0:42:15One has recently sold for around that price. We are going to put it on for a little bit more,
0:42:15 > 0:42:20just see how things go, maybe give it three or four weeks, see what interest is created.
0:42:20 > 0:42:25- We can always come down in price. - We can always come down.- We think the bottom line is £150,000.
0:42:25 > 0:42:31- So that will leave you £10,000 each, if you're splitting it. - That's right.- £20,000 in total.
0:42:31 > 0:42:35- For a six week project... - That's very good.
0:42:35 > 0:42:39- Is this the first venture between the two of you? - First joint venture, yes.
0:42:39 > 0:42:41Are you nervous about that?
0:42:41 > 0:42:46No, we've known each other that long, we trust each other so there's not a problem there at all.
0:42:46 > 0:42:50- How do you know each other?- I used to work for Graham when I was 18.
0:42:50 > 0:42:54We've been good friends and good work colleagues ever since.
0:42:54 > 0:42:56So that's how we know each other.
0:42:56 > 0:42:59- Fantastic!- It's about 30 years now. - It is, yeah.
0:42:59 > 0:43:02It's taken you a while to get together to run a business, though.
0:43:02 > 0:43:06- It has, yes.- We've done business together plant-wise, nursery-wise.
0:43:06 > 0:43:10That's right, but not property, no.
0:43:10 > 0:43:15Well, Graham and Kevin clearly know the area and the property well.
0:43:15 > 0:43:21But I think they may well have just spent a little bit too much, which means that budget has been squeezed.
0:43:21 > 0:43:28Can they do it for £9,000? And in just six weeks? You can find out later in the show.
0:43:31 > 0:43:37Well, time waits for no man, and the weeks and months have passed.
0:43:37 > 0:43:42- So, have those properties changed? - Here's the moment of truth. Let's find out.
0:43:45 > 0:43:50'Earlier in the programme, in the Kent town of Kennington near Ashford,
0:43:50 > 0:43:56'this building plot was bought for £132,000 by Angela and her husband Bob
0:43:56 > 0:43:58'who live about five minutes away.
0:43:58 > 0:44:01'Angela works in a supermarket and Bob is a bricklayer.
0:44:02 > 0:44:07'The plot had planning permission for a pair of two-bed semis.
0:44:07 > 0:44:11'But they planned to resubmit revised plans for one single chalet bungalow.
0:44:11 > 0:44:16'It wasn't for themselves but for their 29 year-old son Paul,
0:44:16 > 0:44:21'who's wheelchair-bound after being knocked over by a car ten years ago.'
0:44:21 > 0:44:25He lives with us in our house. My husband built a room on the back
0:44:25 > 0:44:29and a shower room on the front for him to live with us because he's wheelchair-bound.
0:44:29 > 0:44:35He's 29 and he needs to have his own independent living accommodation.
0:44:35 > 0:44:37And this is what we're going to build on this land,
0:44:37 > 0:44:42a purpose-built bungalow for Paul, with living accommodation upstairs for carers
0:44:42 > 0:44:47so he can live independent from us, because we won't be here forever.
0:44:48 > 0:44:54'Angela and Bob have lived locally for 30 years and have three sons and a daughter, all in their twenties.
0:44:54 > 0:44:57'Paul is the eldest and his two brothers, who are both builders,
0:44:57 > 0:45:00'were going to help their dad, Bob, build the house.
0:45:02 > 0:45:05'Well, 17 months later, we've returned.
0:45:08 > 0:45:12'And back at the plot, Paul's chalet bungalow is built.
0:45:16 > 0:45:21'The property, which sits centrally on the plot, has yet to be landscaped at the front.
0:45:22 > 0:45:26'But Paul's entrance ramp is already there.
0:45:29 > 0:45:35'At the back, a large patio has already been laid, giving Paul plenty of space to move around.
0:45:38 > 0:45:42'Inside, to the left of the large entrance hall, is the living room.
0:45:42 > 0:45:46'It's currently home to the appliances that are yet to be installed
0:45:46 > 0:45:49'in the beautiful kitchen that overlooks the patio.
0:45:51 > 0:45:54'At the other end of the bungalow, right of the entrance hall,
0:45:54 > 0:45:59'this bedroom is almost ready for Paul to move into.'
0:45:59 > 0:46:05Well, this is Paul's bedroom. It's really big and spacious because Paul's got a massive wheelchair.
0:46:05 > 0:46:12It takes up a lot of room, a lot of turning space. And he's got an adjustable bed, higher and lower bed.
0:46:12 > 0:46:18So we need lots of room for that. And then this is Paul's wet room, which is purposely built.
0:46:18 > 0:46:24Lovely wide doors so they can wheel him in in a shower chair. Loads of room, then back out into his bedroom.
0:46:25 > 0:46:29'Work couldn't start for about four months until revised planning permission was granted.
0:46:29 > 0:46:33'But how did the timetable pan out after that?'
0:46:34 > 0:46:40We started building about a year ago. And we're pretty sure we're going to be finished in a couple of months.
0:46:40 > 0:46:44A little bit longer than what we thought, but we've got there.
0:46:46 > 0:46:51'The bungalow has been designed to give Paul the necessary space he needs to manoeuvre his wheelchair,
0:46:51 > 0:46:56'wide corridors and door openings, and low windows so he can see out.
0:46:58 > 0:47:01'And Paul needs help 24 hours a day.'
0:47:01 > 0:47:07He has to have a carer, so the carer has got an independent bedroom of their own, with a built-in en suite.
0:47:07 > 0:47:11And then upstairs there's a completely self-contained flat.
0:47:12 > 0:47:18'Angela and Bob hope the upstairs accommodation could potentially generate an income for Paul.
0:47:18 > 0:47:22'There's no separate access, so it could only be let to a family friend.
0:47:22 > 0:47:25'But the first tenants are already lined up.'
0:47:25 > 0:47:28Right, this is upstairs.
0:47:28 > 0:47:34This is a self-contained flat with a kitchen, dining room, living room and shower room,
0:47:34 > 0:47:38and this is where my daughter and her partner are coming to live.
0:47:38 > 0:47:41Actually she is going to be the sleep-in carer at night.
0:47:43 > 0:47:48'The location of the building plot couldn't have been better, five minutes from Angela and Bob.
0:47:48 > 0:47:55'It also adjoins Paul's brother's house. That's why they paid almost double the guide price to secure it.
0:47:57 > 0:48:03'But did they manage to stick to their projected build cost for the bungalow of £60,000?'
0:48:03 > 0:48:07Well, we purchased the land for £135,000.
0:48:07 > 0:48:11And we're pretty sure we've spent about £150,000 building it.
0:48:11 > 0:48:17But that will be furnished and complete. £150,000.
0:48:18 > 0:48:22'Time to hear what two local estate agents think of the bungalow.'
0:48:24 > 0:48:29My first impression is it's a beautifully-built property, very high standard of finish.
0:48:29 > 0:48:31Nicely secluded away from the road.
0:48:31 > 0:48:34Perhaps a bit over spec for the area.
0:48:34 > 0:48:39But when you get here, it's a lovely result.
0:48:39 > 0:48:41I saw the plot of land before the property was built.
0:48:41 > 0:48:45They've made best use of the space for its intended use.
0:48:45 > 0:48:48The ground floor layout is very wide, very spacious, very open.
0:48:48 > 0:48:55The outside space will include a tarmaced driveway, ramps for the gentleman who is going to live here,
0:48:55 > 0:48:59and a patio space at the back, all paved, beautifully done.
0:48:59 > 0:49:04As a self-contained area the upstairs works well. But if it was a traditional build,
0:49:04 > 0:49:09the room sizes would probably be too large. But for its intended use, it works very well.
0:49:11 > 0:49:17'The building plot cost £135,000 and they've spent £150,000 getting the house built.
0:49:17 > 0:49:23'Making a total of £285,000. What could it now be worth?'
0:49:24 > 0:49:29The resale value of this property would be in the region of £240,000 to £250,000.
0:49:29 > 0:49:34On resale value, in line with other properties in the area and its size,
0:49:34 > 0:49:38I see a resale value of £240,000 to £250,000.
0:49:38 > 0:49:42'No profit, but that's not what this project has been about.'
0:49:45 > 0:49:50We didn't do it for financial gain. We wanted to build it for Paul, and that's what it's for.
0:49:50 > 0:49:52So I hope it is going to be a social hub for Paul.
0:49:52 > 0:49:55He's 30 now, so he's spent 30 years of his life in Kennington.
0:49:55 > 0:49:59All the neighbours, the shopkeepers, he's very well-known,
0:49:59 > 0:50:03so hopefully lots of people will drop in and see him.
0:50:03 > 0:50:05It's just what he wanted.
0:50:08 > 0:50:13'So Paul has a wonderful purpose-built home that will give him some independence
0:50:13 > 0:50:19'whilst retaining the support he needs. And in terms of value, you can't really put a price on that.'
0:50:27 > 0:50:32'We're heading back to the charming rural village of Mobberley in Cheshire.
0:50:32 > 0:50:39'Old friends Kevin and Graham bought this rather colourful bungalow for £121,000.
0:50:39 > 0:50:44'At £26,000 over the guide price, this meant their renovation budget was squeezed.'
0:50:44 > 0:50:49We're looking at spending £9,000, including estate agents fees, as well.
0:50:49 > 0:50:52Fairly tight because we went over budget at the auction.
0:50:52 > 0:50:56'And their timescale for completing the work was just as tight.
0:50:56 > 0:51:01'They wanted to have it done and dusted and ready to sell in six weeks.
0:51:01 > 0:51:05'We've returned seven weeks later and things are looking promising.
0:51:08 > 0:51:11'Inside, the dated decor is no more.
0:51:14 > 0:51:19'There's an updated bathroom and the swirly carpet has gone from the living room.
0:51:25 > 0:51:30'The kitchen has now got a worktop and new appliances.
0:51:32 > 0:51:36'They've really turned this place from kitsch to clean.
0:51:37 > 0:51:41'Kevin and Graham both own landscaping businesses,
0:51:41 > 0:51:45'so getting the garden looking spick and span tapped into their expertise.'
0:51:45 > 0:51:50With the garden, we've opened the garden up, it was very overgrown.
0:51:50 > 0:51:54So we've cut everything back, removed the old shrubs, put new shrubs in
0:51:54 > 0:51:57which should appeal to people interested in buying a property.
0:51:57 > 0:52:01Re-turfed the actual lawn, as well, put that back to nice grass.
0:52:01 > 0:52:05And it's really opened the garden up. We've pruned all the trees back, as well.
0:52:05 > 0:52:09We've cleaned the patio off. We'd have liked to put a new patio down,
0:52:09 > 0:52:12but we've reached our budget now, so see how it goes.
0:52:12 > 0:52:19We think we have achieved what we wanted by opening it up and make it a useable space for the house,
0:52:19 > 0:52:22in making it seem bigger than what it actually is.
0:52:22 > 0:52:26'And it's not the only area he's pleased with.'
0:52:26 > 0:52:32In the kitchen, we had a brick cupboard there, very old sliding doors,
0:52:32 > 0:52:34we took that cupboard completely out.
0:52:34 > 0:52:40We basically put the sink back where it was, the cooker virtually where it was,
0:52:40 > 0:52:44obviously all new cupboards, new worktops,
0:52:44 > 0:52:47new tiles, everything's been rewired in the kitchen, replumbed.
0:52:47 > 0:52:52And vinyl on the floor. Very pleased with the kitchen. Probably my favourite room in the house.
0:52:52 > 0:52:55It's made good use of the size of it, space-wise.
0:52:55 > 0:53:00It's nice and light and airy so we're pleased with the kitchen, it's turned out well.
0:53:01 > 0:53:06# He was a friend of mine
0:53:06 > 0:53:09'Although they have been friends for years,
0:53:09 > 0:53:13'this was the first property development Graham and Kevin had tackled together.
0:53:13 > 0:53:15'Did their friendship survive?'
0:53:15 > 0:53:21We've known each other for over 30 years so we got on really well. No problem at all. As far as I know.
0:53:21 > 0:53:24No problem at all, we get on well, we always have done.
0:53:24 > 0:53:28And if something else comes up in a similar price range, we'll have a go at it.
0:53:28 > 0:53:33'Planning their next one already? Sounds a success to me.
0:53:34 > 0:53:41'With a bungalow, there's often the option of extending into the roof, but they decided not to do that.'
0:53:41 > 0:53:43# I was looking up
0:53:43 > 0:53:49Well, we could have put an extra room up in the loft but the cost, something like £25,000,
0:53:49 > 0:53:52I don't think we'd have got the cost back. It's up to somebody if they move in,
0:53:52 > 0:53:57they can make a decision and if they want to do that, they can pay the £25,000.
0:53:57 > 0:54:02'And talking of the figures, the budget was set at £9,000.
0:54:02 > 0:54:04'It sounded a tad tight to me.'
0:54:04 > 0:54:08# Money talks, money talks
0:54:08 > 0:54:12# Dirty cash I want you, dirty cash I need you, oh
0:54:12 > 0:54:17We are virtually to budget. We've gone over a little bit, by about £800 to £1,000.
0:54:17 > 0:54:20We're thereabouts, so I'm pleased with it, really.
0:54:21 > 0:54:23'Time to ask a couple of estate agents
0:54:23 > 0:54:28'to cast their expert eyes over it and share their thoughts.'
0:54:28 > 0:54:30I think the property is very nice.
0:54:30 > 0:54:34Nice front garden, nice rear garden, well located, close to Knutsford.
0:54:34 > 0:54:38What they've done to the bungalow is right for the market.
0:54:38 > 0:54:42It's relatively neutral. It has a walk-in feel.
0:54:42 > 0:54:45What the market wants is what they have here.
0:54:45 > 0:54:49It's a neutral bathroom, fixtures and fittings. It's ready to walk into.
0:54:49 > 0:54:55'If they wanted to rent the property out, what sort of return could they expect?'
0:54:55 > 0:54:57The bungalow would rent. There is a good market.
0:54:57 > 0:55:01And I would suggest somewhere in the region of £650 per calendar month.
0:55:01 > 0:55:04I think the rental value is about £600 per calendar month.
0:55:04 > 0:55:09- I think that's good.- That's good, yeah.- We expected around the £600 mark, if we were to rent it out.
0:55:09 > 0:55:13- We're very happy with that? - 'Are they tempted to rent, then?'
0:55:13 > 0:55:18- I think we'd both prefer to sell. - Yeah, we'd prefer to sell it and move on, yeah.- Yeah.
0:55:18 > 0:55:25'With their hearts set on selling, what do the estate agents recommend it be put on the market for?'
0:55:25 > 0:55:29The bungalow would sell. There's little, if nothing, that compares here at the moment.
0:55:29 > 0:55:34Therefore I would suggest an initial asking price of £155,000.
0:55:34 > 0:55:37I'd market this property at £165,000.
0:55:37 > 0:55:43'So after buying the bungalow for £121,000 and the cost of the work coming to around £10,000,
0:55:43 > 0:55:46'their total spend was £131,000.
0:55:46 > 0:55:50'So, going by the estate agents' estimates, they could stand to make a pre-tax profit
0:55:50 > 0:55:55'of between £24,000 and £34,000, minus the usual selling expenses.'
0:55:59 > 0:56:05We're happy with the valuations, really, aren't we? It's what we anticipated it to be at.
0:56:05 > 0:56:11We've pitched it at something like 157, 158.
0:56:11 > 0:56:17So it's on the market for £155,000, so they're pretty much spot on. We're happy with that, yeah.
0:56:17 > 0:56:21We've turned it round in seven weeks, so the return is good, yeah.
0:56:21 > 0:56:26We're happy with the return on it for the amount of time it's taken to do it.
0:56:26 > 0:56:28'It just goes to show, even now,
0:56:28 > 0:56:33'if you know the area, do your research and waste no time getting the work done,
0:56:33 > 0:56:37- 'you can reap the rewards.' - # You will get
0:56:37 > 0:56:40# Your reward
0:56:44 > 0:56:48Well, that's it for now. We'll have lots more auction properties for you next time.
0:56:48 > 0:56:54- So join us then to find out more of what happens when that hammer comes down.- Goodbye.- Goodbye.
0:56:56 > 0:57:00Subtitles by Red Bee Media Ltd
0:57:00 > 0:57:04E-mail subtitling@bbc.co.uk
0:57:04 > 0:57:04.