0:00:02 > 0:00:05Hello. More and more people would love to have a property portfolio
0:00:05 > 0:00:08and that doesn't have to be as grand as it sounds.
0:00:08 > 0:00:13No. Even if you can raise a small sum, you can usually find something to buy.
0:00:13 > 0:00:17And then you'll have your foot firmly on the property developing ladder.
0:00:17 > 0:00:20But where do you get started? One good place - at the auction.
0:00:43 > 0:00:47Well, because of the variety of property on offer,
0:00:47 > 0:00:50auctions are an ideal place to go.
0:00:50 > 0:00:54If you've done careful research and you've got your finances available,
0:00:54 > 0:00:56you should be able to make a success of it.
0:00:56 > 0:00:59So what inspired our buyers on today's show?
0:01:00 > 0:01:04'In Cornwall, I find a house with an indoor garden.'
0:01:04 > 0:01:09More signs of damp. Some very interesting mushroom things going on up there.
0:01:10 > 0:01:15'It's a bad skin day for this 50s end-terrace in Wiltshire.'
0:01:15 > 0:01:19Most mortgage lenders will regard this as a high-risk investment.
0:01:20 > 0:01:26'And near Manchester, there's an intoxicating little number with a £20,000 guide price.'
0:01:26 > 0:01:30There's no way it went for anything like as low as that. Or is there?
0:01:31 > 0:01:36'All these properties have been sold at auctions and we'll find out who bought them
0:01:36 > 0:01:40- 'and what they paid for them when they went under the hammer.' - Your property.
0:01:44 > 0:01:49'I've come to one of the most beautiful parts of the country, Cornwall,
0:01:49 > 0:01:53'a county that usually conjures up images of sandy beaches and lapping sea.
0:01:57 > 0:02:01'But I'm as far away from the coastline as you can get here.
0:02:01 > 0:02:06'I'm in the town of Bodmin, which is equidistant from the north and south coasts.
0:02:06 > 0:02:09'So no paddling for me today, then.
0:02:09 > 0:02:14'It may not have the sea, but Bodmin has a busy little town centre
0:02:14 > 0:02:17'and good commuter links to Newquay, Truro and Plymouth.'
0:02:18 > 0:02:23Just a stone's throw from the centre of Bodmin is the property I'm here to see.
0:02:23 > 0:02:26Not ideal that it is on such a busy road,
0:02:26 > 0:02:30so double glazing is one of the first things I'll be looking out for.
0:02:30 > 0:02:32This is it. I like the stonework on the outside.
0:02:32 > 0:02:36Had a guide price of 70,000 quid, three bedrooms, let's take a look.
0:02:38 > 0:02:41'From the front, the windows look reasonably new,
0:02:41 > 0:02:45'but there really is a constant stream of traffic along here.
0:02:45 > 0:02:49'With no front garden, either, you step straight off the pavement into this property,
0:02:49 > 0:02:52'so there's nothing out here to buffer the sound.'
0:02:52 > 0:02:55So, what's on offer?
0:02:55 > 0:02:59Ooh! I love that door. Look at that! That bodes well.
0:02:59 > 0:03:04It hasn't been taken away. Maybe there'll be more original features in the property like that glass.
0:03:04 > 0:03:09Absolutely gorgeous. Front sitting room there. Big old fireplace.
0:03:09 > 0:03:14Not quite as tasteful, I have to say. But play around with that. At least there is an open fire.
0:03:14 > 0:03:19You've got your stairs up to your bedrooms. Through to the rear sitting room. Oh, dear.
0:03:19 > 0:03:23Not liking the look of that. That's a bit of damp here.
0:03:23 > 0:03:28All that paper's come off and it feels really damp on my hand.
0:03:28 > 0:03:31Problems around this window which you'd need to sort.
0:03:31 > 0:03:36And as usual, I'd be concerned that that's gone down into the floorboards and the joists perhaps.
0:03:36 > 0:03:40But let's look at a positive for this room. Lovely fireplace.
0:03:40 > 0:03:43# Don't give it away
0:03:43 > 0:03:46# Get some cash for your trash, yeah
0:03:46 > 0:03:49'So, although you do get a very nice fireplace,
0:03:49 > 0:03:53'the main feature of this house is all the stuff that's been left here.
0:03:53 > 0:03:56'Remember, when you buy a property at auction,
0:03:56 > 0:03:59'you own everything that's left behind inside, as well.'
0:04:01 > 0:04:06Ugh. Through to the kitchen, and I really don't like the fact that you come through this little corridor.
0:04:06 > 0:04:12It feels very cramped. And when you get in here, the placement of this cupboard doesn't work either,
0:04:12 > 0:04:14because it feels very claustrophobic.
0:04:14 > 0:04:17The units I would say you could possibly salvage,
0:04:17 > 0:04:21but probably best off trying to do something with this.
0:04:21 > 0:04:25That is a very strange thing going on there. It takes up such an amount of space
0:04:25 > 0:04:28and you've got a utility area beyond there.
0:04:28 > 0:04:33Again in here, more signs of damp. Some very interesting mushroomy things going on up there.
0:04:33 > 0:04:38Apart from that... Well, no, there is nothing particularly positive to say.
0:04:38 > 0:04:40Erm, needs a bit of work.
0:04:40 > 0:04:45'Those mushrooms are a sign that damp has been here for a while, which is quite worrying.
0:04:45 > 0:04:50'Still, at least they're growing in the kitchen. Mushroom soup, anybody?
0:04:50 > 0:04:54'On the up side, you have got space to knock through into the utility area
0:04:54 > 0:05:00'and make the kitchen more spacious. I'd try and keep that downstairs loo, though. Always a bonus.'
0:05:00 > 0:05:06Well, upstairs you've got bathroom and loo. It looks like the bathroom's had a little bit of work,
0:05:06 > 0:05:10but I think you'd probably want to rip it all out and start again.
0:05:10 > 0:05:13And there's an interesting landing thing going on here.
0:05:13 > 0:05:17Bit of a waste of space. But that is going to be expensive to sort out.
0:05:17 > 0:05:20Three bedrooms, though. Fairly small one there.
0:05:20 > 0:05:24Second slightly larger one on the other side at the front
0:05:24 > 0:05:29and then through to the rear of the property. I suppose this is your master bedroom. Not massive.
0:05:29 > 0:05:33Reasonable double. I'm being slightly distracted by...
0:05:34 > 0:05:39Over by the window, look. This is actually above that bit of damp downstairs.
0:05:39 > 0:05:41I thought downstairs was bad, but...
0:05:43 > 0:05:46It's really quite serious.
0:05:46 > 0:05:48# Until you came
0:05:48 > 0:05:53# It felt like my world was falling apart at the seams
0:05:53 > 0:05:57'Anyway, moving on. Unfortunately, the back of the property
0:05:57 > 0:05:59'seems to be in keeping with the rest of the place.
0:05:59 > 0:06:03'It's fairly tatty and needs some TLC.
0:06:03 > 0:06:07'There's a little courtyard and then, separated by a shared pathway,
0:06:07 > 0:06:10'there's a small garden. If you can find it, that is.
0:06:10 > 0:06:14'So, could you hit the bullseye with this three-bedroom house
0:06:14 > 0:06:17'with its guide price of £70,000 plus?
0:06:18 > 0:06:21'We asked a local estate agent to tell us more about it.'
0:06:21 > 0:06:25The property could certainly benefit from some refreshment.
0:06:25 > 0:06:30There has been some upkeep throughout the years, double glazing, gas central heating system.
0:06:30 > 0:06:34The property may lend itself to subdivision, with its two accesses.
0:06:34 > 0:06:39It's got a front door and there is access through the arch to the side.
0:06:39 > 0:06:43'Sticking to the current layout, if the place was renovated to a decent standard,
0:06:43 > 0:06:46'what could it sell on or rent out for?'
0:06:48 > 0:06:52Resale value with this property would be approximately £125,000.
0:06:52 > 0:06:58Once renovated, I'd expect it to achieve a rental income between £550 and £595 a month.
0:07:00 > 0:07:04Well, look behind all the clutter and the mess and the damp
0:07:04 > 0:07:10and I think there is a fairly pleasant property desperate to get out here.
0:07:10 > 0:07:15It is still on the busy main road and it's going to take a lot of money to sort it.
0:07:15 > 0:07:21But who fancied the opportunity? Let's find out when it went under the hammer.
0:07:21 > 0:07:24I'm going to move on to Bodmin.
0:07:24 > 0:07:27A three-bedroom mid-terraced townhouse.
0:07:27 > 0:07:29What about starting at the guide price? £70,000.
0:07:29 > 0:07:31Who's going to have a go at £70,000?
0:07:31 > 0:07:36It's always worth a go. No-one bidding on this one? 65 here.
0:07:36 > 0:07:38£66,000 on my left.
0:07:38 > 0:07:4167, sir. 68. We're rolling now.
0:07:41 > 0:07:4368. 69. £70,000.
0:07:43 > 0:07:4571. You're in at 71.
0:07:45 > 0:07:5071. £75,000 spoken. I'll go to 76 if it makes life easy for you.
0:07:50 > 0:07:5376. 77.
0:07:53 > 0:07:5678, sir? 78. Are you done?
0:07:56 > 0:07:58Last chance at £78,000.
0:07:58 > 0:08:01Back in at 79. I need 80 now.
0:08:02 > 0:08:0679 and a half. 80. 80 and a half. 81.
0:08:06 > 0:08:09500. 82.
0:08:09 > 0:08:11500. 83. 500, new place.
0:08:11 > 0:08:1483,500. 84.
0:08:14 > 0:08:16£84,000. 500. I need 85.
0:08:16 > 0:08:18Have to hurry you. £85,000 it is.
0:08:18 > 0:08:22500. Yes or no? 86.
0:08:22 > 0:08:25£86,000. Yours at 86.
0:08:25 > 0:08:28500 to tempt the room.
0:08:28 > 0:08:31Definitely finished on my left.
0:08:31 > 0:08:36- HAMMER BANGS - Congratulations. Sold to the gentleman next to the lady in red.
0:08:36 > 0:08:38Congratulations to you, sir.
0:08:38 > 0:08:44'Sales engineer Mark and his wife Debbie bought the property for £86,000.
0:08:44 > 0:08:48'I caught up with them to see what it was about this damp and messy house
0:08:48 > 0:08:51'that put a smile on their faces.'
0:08:51 > 0:08:54Debbie, Mark, lovely to meet you both. Congratulations.
0:08:54 > 0:08:57Tell me why you wanted to take on this place.
0:08:57 > 0:09:01Well, we think it's a good investment for our future
0:09:01 > 0:09:06and hopefully we'll rent it for a few years and it'll accumulate a little bit of value.
0:09:06 > 0:09:10- Debbie, what did you think when you first walked in?- Oh, my God.
0:09:10 > 0:09:13- THEY LAUGH - What have I let myself in for?
0:09:13 > 0:09:17But I think every house in our married life has been dirty.
0:09:17 > 0:09:22We viewed it with the agent when we were looking at another property. We liked it
0:09:22 > 0:09:24and put in an offer prior to the auction.
0:09:24 > 0:09:29At the 11th hour, they decided that the property had to go to auction.
0:09:29 > 0:09:31And did you end up paying less or more?
0:09:31 > 0:09:35- We actually paid £1,500 less than we had agreed to pay previously.- Oh!
0:09:35 > 0:09:39- Wow! So that's a good result, then! - Well, yeah, we liked it.
0:09:39 > 0:09:41'Ha-ha! That's what's made them smile.
0:09:41 > 0:09:44'That trip to the auction certainly paid off for these two.
0:09:44 > 0:09:47'But there's a serious amount of work to be done here.'
0:09:47 > 0:09:50So tell me what you're going to do to it to sort it out.
0:09:50 > 0:09:53Well, as you can see, virtually everything.
0:09:53 > 0:09:58The first thing is to clear it, get it stripped back and then get some guys in to look at the problems,
0:09:58 > 0:10:02- work our way through it. - There is quite a serious potential damp problem.
0:10:02 > 0:10:07Well, not potential damp, definitely a damp problem. Do you have any ideas about what's causing that?
0:10:07 > 0:10:11We think it's the guttering, which has come away from the roof,
0:10:11 > 0:10:15so the water's coming straight down the wall and penetrating through.
0:10:15 > 0:10:20- Hopefully that's the main problem. - Talk me through exactly what you're going to do.
0:10:20 > 0:10:24Initially, we were toying with converting it into flats.
0:10:24 > 0:10:27But I don't think we will.
0:10:27 > 0:10:31The time constraints and the additional costs
0:10:31 > 0:10:36doesn't really stack up. It doesn't make a huge difference to the value of the property.
0:10:36 > 0:10:39So I think we'll probably leave the layout pretty much as it is.
0:10:39 > 0:10:44What about the kitchen? That's one room I think can definitely do with a bit of sorting out.
0:10:44 > 0:10:47The kitchen, I'd like to look at knocking out the back wall,
0:10:47 > 0:10:53if possible. But it's all down to cost. But it would make it a nice space.
0:10:53 > 0:10:55At the moment, it's a little bit disjointed.
0:10:55 > 0:11:00'I think that's definitely the right approach for this place - strip it all back.
0:11:00 > 0:11:04'They want to keep their costs down, but I think a decent kitchen would be worth investing in
0:11:04 > 0:11:07'as it can add a lot more appeal to a property.'
0:11:08 > 0:11:14- So what kind of involvement are you going to be having in all this, Debbie?- I'll be doing the cleaning,
0:11:14 > 0:11:20the clearing out, rubbing down, painting. You name it, I'll be doing it.
0:11:20 > 0:11:24- So you're both very much involved in a hands-on kind of way. - We will.- Yeah.
0:11:24 > 0:11:29We're going to have to get a team of builders in, otherwise we'll still be here in two years' time!
0:11:29 > 0:11:32So in terms of the costings you've got, what's the budget?
0:11:32 > 0:11:36We're hoping to bring it in for about £15,000.
0:11:36 > 0:11:42- But until you start getting into it, you don't know what you're going to uncover.- What about timescales?
0:11:43 > 0:11:45We said six months, didn't we?
0:11:45 > 0:11:48I think it probably will be. I'd like to do it in a lot less,
0:11:48 > 0:11:51- but realistically, probably four to six months.- Right.
0:11:51 > 0:11:55What kind of experience have you got in property renovation?
0:11:55 > 0:12:01No more than DIY skills. But we've been doing our own properties for a lot of years
0:12:01 > 0:12:05and there's nothing that I wouldn't have a go at.
0:12:05 > 0:12:08'It sounds as though Mark and Debbie make a good team,
0:12:08 > 0:12:12'but I'm glad to hear they're getting the builders in to tackle the big jobs.
0:12:12 > 0:12:16'Although they're stripping the house right back to its bare bones,
0:12:16 > 0:12:20'they're taking care to retain those features which give the place its character.'
0:12:20 > 0:12:24All the features we can keep, we'll definitely keep.
0:12:24 > 0:12:29- The fireplaces and the stained glass, you've got to keep all those.- Great.
0:12:29 > 0:12:32Good to hear that and congratulations and good luck with it.
0:12:32 > 0:12:34- Thanks.- Look forward to seeing how you get on.- Thank you.
0:12:36 > 0:12:41Well, lots of work for Debbie and Mark to do to sort this place out
0:12:41 > 0:12:46and the problem with damp is, you really don't know how much damage has been done
0:12:46 > 0:12:49until you start hacking off the plaster and looking underneath.
0:12:49 > 0:12:52What's there? How will they get on?
0:12:52 > 0:12:55You can find out later in the show.
0:13:00 > 0:13:04In the Middle Ages, Chippenham was a centre for the wool trade.
0:13:04 > 0:13:07Now it's still a popular and lively market town
0:13:07 > 0:13:11within the so-called golden belt between London and Bristol.
0:13:11 > 0:13:17It's well connected to both the capital and the West Country by rail and the M4 motorway.
0:13:17 > 0:13:22The property I'm here to see is just over a mile from here.
0:13:22 > 0:13:25'So a short journey from the town centre
0:13:25 > 0:13:30'brings me to a quiet tree-lined street on the edge of Chippenham.'
0:13:30 > 0:13:33So here it is, a three-bedroom semi with a garage to the front.
0:13:33 > 0:13:35And it's got off-road parking.
0:13:35 > 0:13:38The guide price, just £55,000.
0:13:38 > 0:13:43Now, three-bed semis around here can go for at least three times that amount.
0:13:43 > 0:13:45So why the low guide price?
0:13:45 > 0:13:47I'm going to go inside and investigate.
0:13:47 > 0:13:52'First impressions are that it looks OK and well-maintained from the outside.
0:13:52 > 0:13:56'The windows are even double-glazed. So no issues there.'
0:13:56 > 0:14:01So what's lying behind this front door? Well, I'm quite excited to find out.
0:14:01 > 0:14:04Bit of character in here. I didn't think there would be.
0:14:04 > 0:14:07It was built in the 50s, so they've got these lovely old doors.
0:14:07 > 0:14:12You've got a rather slim kitchen, but these interesting 50s cabinets.
0:14:12 > 0:14:17They're actually worth quite a bit of money. They're not very practical but they look good.
0:14:17 > 0:14:20Really nice size lounge. Much bigger than I expected.
0:14:20 > 0:14:24A little chimney breast over here. You could put a little fire in there.
0:14:24 > 0:14:28But you can see whoever lived here has really taken a lot of care in this place.
0:14:28 > 0:14:31It's in quite good condition considering.
0:14:31 > 0:14:34Outside in the garden, straight away I can see there's an oil tank,
0:14:34 > 0:14:37so this is obviously oil-fired central heating.
0:14:37 > 0:14:41Not to everybody's taste. But a pretty garden. Look at that.
0:14:41 > 0:14:45Somebody with green fingers would love to spend hours out there.
0:14:45 > 0:14:48So overall, quite a bit of DIY needs to be done in this place.
0:14:48 > 0:14:53It's terribly dated. But once done up to a really good standard,
0:14:53 > 0:14:57I think it could be quite a cosy home in here.
0:14:57 > 0:15:00'Yes, there may be just two main spaces downstairs,
0:15:00 > 0:15:05'but when they're a good size lounge and serviceable kitchen with a utility area off it,
0:15:05 > 0:15:10'well, I'm encouraged. There's no indication as to why the guide price was just £55,000.
0:15:10 > 0:15:13'Maybe upstairs will give me more clues.'
0:15:13 > 0:15:17It's actually quite spacious upstairs. You've got two doubles and a single.
0:15:17 > 0:15:22But something I have noticed about this house. In every room everywhere, there are these.
0:15:22 > 0:15:25Polystyrene tiles.
0:15:25 > 0:15:29Get them down, get rid of them, because they are a fire hazard.
0:15:29 > 0:15:35# I'm on fire
0:15:35 > 0:15:39'Ceiling tiles aside, upstairs is also in pretty good condition.
0:15:39 > 0:15:43'It's all just a bit dated and could do with a spruce up.
0:15:43 > 0:15:47'Also, the bathroom only has a shower, no bath.
0:15:47 > 0:15:51'But I reckon you could reinstate one in here if that's what you'd prefer.'
0:15:51 > 0:15:55Well, this house is OK inside, it just needs a cosmetic overhaul.
0:15:55 > 0:15:57So why that low guide price?
0:15:57 > 0:16:00Basically, this house is non-traditional construction
0:16:00 > 0:16:05which means it's made of pre-cast concrete panels and reinforced with steel
0:16:05 > 0:16:07rather than traditional bricks and mortar.
0:16:07 > 0:16:12The problem with this type of property is that, over the years, the steel can corrode,
0:16:12 > 0:16:14causing these concrete panels to crack.
0:16:14 > 0:16:19This means most mortgage lenders will regard this as a high-risk investment.
0:16:19 > 0:16:23Most won't lend, and if they do, they expect large deposits.
0:16:23 > 0:16:26So because these houses are so hard to get mortgages on,
0:16:26 > 0:16:28they're even harder to sell on.
0:16:28 > 0:16:31# I've got you
0:16:31 > 0:16:34# Under my skin
0:16:34 > 0:16:39'The concrete skin on this house was used on over 24,000 houses
0:16:39 > 0:16:42'which were built from 1953 onwards.
0:16:42 > 0:16:45'It was a time when traditional building materials
0:16:45 > 0:16:48'and skilled craftsmen were in short supply
0:16:48 > 0:16:51'and concrete was a cheap solution.'
0:16:51 > 0:16:55So what are the options here? Do a bit of refurbishment and you could just let this out,
0:16:55 > 0:16:59getting a financial return that way. Or you could do remedial work,
0:16:59 > 0:17:05basically replacing the exterior concrete panels with a brick skin, like this one over here.
0:17:05 > 0:17:10Once done and with the correct certification, you should find it easier to get a mortgage.
0:17:10 > 0:17:15'But it doesn't come cheap. It could cost up to £50,000.
0:17:15 > 0:17:18'And that's not far short of the guide price for this house.
0:17:18 > 0:17:21'So what does a local estate agent think of this property?
0:17:21 > 0:17:25'Would it be financially worthwhile doing the remedial work?
0:17:25 > 0:17:28'Would it increase the value here?'
0:17:29 > 0:17:32The value of the property changes,
0:17:32 > 0:17:37but usually it isn't a great increase on value
0:17:37 > 0:17:40over the cost of actually doing those repair works.
0:17:40 > 0:17:45So I think it's for the buyer that probably thinks they might be in the property for some time.
0:17:45 > 0:17:49Or it could be a property that might be poorer condition than this one
0:17:49 > 0:17:53where they would be doing quite a comprehensive refurbishment
0:17:53 > 0:17:56and therefore there would be more money in it, so to speak.
0:17:56 > 0:17:59'What would be the best approach as an investment?
0:17:59 > 0:18:01'How could it do on the rental market?'
0:18:02 > 0:18:06This property is a good subject for rental
0:18:06 > 0:18:10and we would expect it to be between £600 and £625 per calendar month.
0:18:10 > 0:18:14'What about the sale value once renovated?'
0:18:14 > 0:18:18If it's just the tidy up without the full remedial work,
0:18:18 > 0:18:20it'd probably be in the region of £100,000.
0:18:20 > 0:18:26If you did the remedial work, then I would expect the value to increase to around £150,000.
0:18:27 > 0:18:32So you've got a three-bed semi here with a concrete heart.
0:18:32 > 0:18:35Did the non-standard construction put buyers off?
0:18:35 > 0:18:37Let's find out when we head to auction.
0:18:40 > 0:18:43Number 30, it's non-traditional, we know.
0:18:43 > 0:18:46Three-bedroom house. Nice position. Where are we going to start?
0:18:46 > 0:18:49£60,000. It's here to be sold.
0:18:49 > 0:18:5160 I've got. Thank you very much. We'll go in twos. 62.
0:18:51 > 0:18:5464. Got you. 66.
0:18:54 > 0:18:5866. Against you. 68, sir, if you like. 68.
0:18:58 > 0:19:01And somebody 70 at the back. 2 to you, sir.
0:19:01 > 0:19:0472. 74 at the back.
0:19:04 > 0:19:0976. 78 at the back if you like. 78, new blood.
0:19:09 > 0:19:1278. 79, sir? 79 to you. OK.
0:19:12 > 0:19:15I'll take 80 now. 81, sir?
0:19:15 > 0:19:1781. And a half, sir.
0:19:17 > 0:19:20And 2, sir. 2.
0:19:20 > 0:19:23And a half. And 3. Got the hang of it now.
0:19:23 > 0:19:26And a half. Yeah. 4.
0:19:26 > 0:19:304. And a half.
0:19:30 > 0:19:315.
0:19:33 > 0:19:36She'd love it. And a half.
0:19:36 > 0:19:38At £85,500.
0:19:38 > 0:19:41£85,500 for the first time.
0:19:41 > 0:19:44£85,500 for the second time.
0:19:44 > 0:19:47- Shan't dwell. £85,500 for the last time. - HAMMER BANGS
0:19:47 > 0:19:49Your number, sir, is...16.
0:19:49 > 0:19:53'John and Lorraine made that successful bid of £85,500.
0:19:53 > 0:19:57'They pitched up in their camper van to talk me through
0:19:57 > 0:20:00'why they made the big decision to up sticks from Cornwall
0:20:00 > 0:20:03'to be close to their family in Chippenham.'
0:20:03 > 0:20:06# Closer, closer
0:20:07 > 0:20:12We wanted to be in Chippenham to be near our son, who lives here, and the grandchildren.
0:20:12 > 0:20:17- Has it been tough on you not being close to them for so many years? - Yes, we miss out a lot.
0:20:17 > 0:20:21Cornwall is quite a distance to just pop in the car and see them
0:20:21 > 0:20:24when they're at school, something like that, doing a production.
0:20:24 > 0:20:28- We've missed out lots. - Yeah.- So have you guys sold your house in Cornwall?- Yes.
0:20:28 > 0:20:32- And where are you living at the moment?- In the camper van. - For how long?
0:20:32 > 0:20:36- About eight weeks, I think. - Yeah.- Just over.
0:20:36 > 0:20:39So you've got this house now. You could move in straight away.
0:20:39 > 0:20:43- Yes. Well...- We're going to park on the drive, live out of the van,
0:20:43 > 0:20:48- do the destructive work...- And then hopefully get some rooms ready,
0:20:48 > 0:20:54like the bathroom, kitchen, one room to sleep in, and then take it from there.
0:20:54 > 0:20:58# One step at a time, boy, just one step at a time
0:20:58 > 0:21:01'So the idea is not to rush this.
0:21:01 > 0:21:05'They'll live in the house for a while to get a sense of what they want to do with it.
0:21:05 > 0:21:08'But Lorraine does have some plans already.'
0:21:08 > 0:21:12- How would you like to improve this house?- Er, put a patio there.
0:21:12 > 0:21:15Patio doors, open it out onto the garden
0:21:15 > 0:21:18so that you're sitting around, got a nice view into the garden.
0:21:18 > 0:21:25I'd like to extend the kitchen a bit out, perhaps a dining room on the end and the other two rooms.
0:21:25 > 0:21:30- But at the moment, it's just thinking about everything. - And the bathroom.
0:21:30 > 0:21:34Would you do the remedial work, like your neighbours, putting on the brick skin?
0:21:34 > 0:21:39We're going to think about that. We got in touch with the company that does the bricks,
0:21:39 > 0:21:43where they take off the concrete and all the rest of it, so we're looking into that.
0:21:43 > 0:21:47- But we may not do it straight away. - What is your budget? - I think we've got to say
0:21:47 > 0:21:50it's going to be 15 inside.
0:21:50 > 0:21:53And if we clad it,
0:21:53 > 0:21:55then we might have to go a lot more.
0:21:55 > 0:21:59'Yes, with cladding costs as high as £50,000
0:21:59 > 0:22:02'they may have to spend a whole lot more.
0:22:02 > 0:22:05'So John may need to keep working for a little longer.'
0:22:05 > 0:22:09- John, what do you do? - I do bespoke leather-bound books.
0:22:09 > 0:22:12I work for myself. I don't do massive quantities.
0:22:12 > 0:22:15I've done a few fishing books,
0:22:15 > 0:22:19I've done a couple of Harry Potter books for JK.
0:22:19 > 0:22:23- When you say you do leather books, what do you actually do? - I take the pages
0:22:23 > 0:22:25that are sent to me, I hand sew them,
0:22:25 > 0:22:28put them together, wrap them in leather, the boards,
0:22:28 > 0:22:31and I do gold tooling on the inside
0:22:31 > 0:22:35and raised bands and set caps with gilt edges, everything.
0:22:35 > 0:22:39So are you still doing that? And where do you do that?
0:22:39 > 0:22:43I do it in a unit in Cornwall at the moment, but there's a tin shed in the garden
0:22:43 > 0:22:47and I'm going to be using that. Once we've cleaned it out
0:22:47 > 0:22:50and get it set up, cos it is quite dry, that will be the new bindery.
0:22:50 > 0:22:52'Actually, that's the perfect solution.
0:22:52 > 0:22:55'So for this couple at least, it looks as though,
0:22:55 > 0:22:59'despite the type of construction, this house is ideal.'
0:22:59 > 0:23:04- Are you guys really excited about this?- We are in a way. - It's a rollercoaster.
0:23:04 > 0:23:07It's just a rollercoaster at the moment. We're up, we're down.
0:23:07 > 0:23:11- It'll be a love-hate relationship. - Till we get it sorted.
0:23:11 > 0:23:15- But we've got to get on with it.- And then you'll love each other again. - Without a doubt.
0:23:15 > 0:23:18- Oh, yeah.- That was never in doubt. - We're joined at the hip.
0:23:18 > 0:23:21- We've been married 38 years, haven't we?- Yeah.
0:23:21 > 0:23:24So you can't really tell the difference, who does what.
0:23:24 > 0:23:27John, what are you looking forward to the most here?
0:23:27 > 0:23:31I'll be near my son. We'll be able to watch football together, won't we?
0:23:31 > 0:23:35- He's just down the road. - And you'll be looking after all the grandchildren!- Yeah!
0:23:35 > 0:23:38- Well, one of them.- Lots of games, lots of playing.- Lots of fun.
0:23:38 > 0:23:41Do you think you're going to live here for many years?
0:23:41 > 0:23:46- This is it. This is our forever home.- This is it, I think. - We've got to make it work.
0:23:46 > 0:23:51- So you've spent £85,500 really wisely, haven't you? - Hopefully, yes.- Yes.
0:23:51 > 0:23:54# This is it
0:23:54 > 0:23:58# Oh, this time I know it's the real thing
0:23:59 > 0:24:02'So for now, John and Lorraine begin the task
0:24:02 > 0:24:05'of turning this house into their home.'
0:24:05 > 0:24:07# This is it
0:24:07 > 0:24:11For most, this concrete construction would be viewed as a problem property.
0:24:11 > 0:24:15But for John and Lorraine, well, it offers an affordable way
0:24:15 > 0:24:18for them to buy somewhere to live close to their family.
0:24:18 > 0:24:23And compared to a camper van, well, this provides pretty spacious accommodation.
0:24:23 > 0:24:27For this lovely couple, it's a home for life. How nice is that?
0:24:27 > 0:24:31Join me later in the programme and you can find out how they get on.
0:24:32 > 0:24:37'Coming up, in Swinton near Manchester, I meet a house with a fight on its hands.'
0:24:37 > 0:24:41Somebody's obviously tried to break in, nick whatever's in here I presume.
0:24:42 > 0:24:46'In Wiltshire, Lorraine and John are loving their new home.'
0:24:46 > 0:24:51- We couldn't leave it now. It's lovely.- Well, we could. Someone else would have to finish it.
0:24:52 > 0:24:55'But first, we return to Bodmin in Cornwall
0:24:55 > 0:24:58'to find out if all that stuff was covering up a house of horrors.'
0:24:58 > 0:25:02The real nasties we knew about. The main problem was the damp.
0:25:04 > 0:25:08'We're back in Bodmin, slap-bang in the heart of Cornwall,
0:25:08 > 0:25:11'to see if sales agent Mark and his wife Debbie
0:25:11 > 0:25:14'have managed to dry out a soggy mid-terrace.
0:25:14 > 0:25:18'Inside, the house was very dated and neglected.
0:25:18 > 0:25:22'Every room had mould of some kind and the building was riddled with damp.
0:25:22 > 0:25:25'It was also full of the previous inhabitants' belongings.
0:25:25 > 0:25:28'And with only DIY skills, Mark and Debbie knew
0:25:28 > 0:25:32'they'd have to draft in professionals to tackle the building's bigger problems.'
0:25:32 > 0:25:36To deal with the major work, we'll have to get a team of builders in.
0:25:36 > 0:25:39Otherwise we'll still be here in two years' time.
0:25:39 > 0:25:43'The couple bought this three-bed mid-terrace for £86,000
0:25:43 > 0:25:47'and planned to spend £15,000 on renovation work.
0:25:47 > 0:25:52'They thought it would take them between four and six months to get it ready for sale or let.
0:25:53 > 0:25:55'We've come back seven months later
0:25:55 > 0:26:01'to see if Mark and Debbie have banished the damp and the mould and, of course, all that stuff.'
0:26:01 > 0:26:04# Got the love, got the love
0:26:04 > 0:26:07'Out front, things are looking good.
0:26:07 > 0:26:11'And round the back, it's goodbye to stained and cracked render
0:26:11 > 0:26:15'and hello to a spick and span patio and garden.'
0:26:15 > 0:26:18# Got the love, got the love
0:26:18 > 0:26:21'They've scrubbed, scoured and cleared this house.
0:26:22 > 0:26:26# You've got to make it work on you
0:26:28 > 0:26:32Well, I think you can see, everything has virtually changed.
0:26:32 > 0:26:36Plasterwork, paintwork, just everything.
0:26:36 > 0:26:39I think we were lucky, because I had the house surveyed,
0:26:39 > 0:26:42so the real nasties we knew about.
0:26:42 > 0:26:49And the main problem was the damp caused by the guttering down the back walls and the kitchen.
0:26:49 > 0:26:53'Though the kitchen was a dark, narrow and mouldy extension,
0:26:53 > 0:26:57'now it's bright, fresh, clean and mould-free.
0:26:58 > 0:27:03'I had suggested knocking down a wall or two to open it up as a dining-kitchen,
0:27:03 > 0:27:08'but fixing the fabric of this house took all the budget that Mark and Debbie had.'
0:27:10 > 0:27:15In this room, we've had a fireplace there, which we took out.
0:27:15 > 0:27:19We were going to knock it down, but we found it so expensive,
0:27:19 > 0:27:22so we used the space to put a double oven in.
0:27:22 > 0:27:25In here, we've boxed the boiler in,
0:27:25 > 0:27:29which I thought made a nice little nifty idea.
0:27:29 > 0:27:34The toilet, we knocked the wall down and did it better.
0:27:34 > 0:27:37Utility room, a better overlooking window.
0:27:37 > 0:27:40Tiles right through. Just looking nice.
0:27:40 > 0:27:44'The biggest problem with this house, however, was the damp.
0:27:44 > 0:27:48'Throughout the back, there was black mould and peeling paper.
0:27:48 > 0:27:51# I got a house
0:27:51 > 0:27:53# That leaks
0:27:54 > 0:27:59To address the damp issues, we had the back of the house hacked off,
0:27:59 > 0:28:03re-rendered, and then got it dry.
0:28:03 > 0:28:08'Upstairs, some improvements had already been started in the large family bathroom,
0:28:08 > 0:28:11'but Mark and Debbie spotted a better layout
0:28:11 > 0:28:16'and now the separate shower no longer blocks the small second window.
0:28:19 > 0:28:25'The three bedrooms have been reclaimed from under the piles and piles of furniture and knick-knacks
0:28:25 > 0:28:28'and, of course, from the damp and mould. True to their word,
0:28:28 > 0:28:33'Mark and Debbie have lovingly restored as many of the original features as they could.'
0:28:34 > 0:28:38Well, as you can see, we've put in the new Victorian fireplace,
0:28:38 > 0:28:41which we picked up online, but it's an original one.
0:28:41 > 0:28:45And then completely new ceiling.
0:28:45 > 0:28:49And outside, to cure the damp problem we had down this wall,
0:28:49 > 0:28:53new fascias, gutterings, and that's really cured the problem.
0:28:54 > 0:28:57'Well, it took seven months, but have the couple done enough
0:28:57 > 0:28:59'to this mid-terrace to save it from the elements?
0:28:59 > 0:29:03'We asked two local property experts for their opinions.'
0:29:04 > 0:29:08I think the changes that have been made to the property are superb.
0:29:08 > 0:29:11They really have enhanced it, really brought it up to the modern day
0:29:11 > 0:29:15but still retained an awful lot of its original character and charm.
0:29:15 > 0:29:20I love the mix of the modern with the old. The kitchen and bathroom are fitted to a modern standard.
0:29:20 > 0:29:23Very impressed. They've done a wonderful job with the house.
0:29:23 > 0:29:28It's important to keep the period features in a house like this.
0:29:28 > 0:29:31So many people take them away and destroy the soul of a house.
0:29:31 > 0:29:34They've done it well. A lot of people prefer this
0:29:34 > 0:29:38to the bland finish, if I dare say, of a lot of modern houses.
0:29:38 > 0:29:44'They bought the property for £86,000 and completed the renovation work for £18,000,
0:29:44 > 0:29:47'bringing their total outlay to £104,000.
0:29:47 > 0:29:52'It's time to find out what the estate agent think it could sell for.'
0:29:53 > 0:29:58I would put this property to the market at £129,950
0:29:58 > 0:30:02with the stamp duty level of £125,000 in mind.
0:30:02 > 0:30:06I think that we would recommend an asking price of £125,000
0:30:06 > 0:30:10to take possible offers as low as 120 but no less.
0:30:11 > 0:30:17'Those valuations would give them a profit of between £16,000 and just under £26,000
0:30:17 > 0:30:20'before costs and expenses.'
0:30:20 > 0:30:24That's pretty much where we thought the property would be.
0:30:24 > 0:30:29And I'd like to get the 125 for the property if we decide to sell it.
0:30:29 > 0:30:33'What do the property experts estimate the rental values are for this terraced house?'
0:30:33 > 0:30:36If the property was offered in the rental market,
0:30:36 > 0:30:41I think that it would achieve between £600 and £625 per calendar month.
0:30:41 > 0:30:47I would expect it to achieve between £585 and £600 per calendar month.
0:30:47 > 0:30:52However, it is a particularly nice finish and really up to modern standards,
0:30:52 > 0:30:57so could possibly eclipse £600 a month, perhaps £615, £620.
0:30:57 > 0:31:02I think that's broadly in line with what we expected for the position of the property.
0:31:02 > 0:31:05- So, yeah, it's good. Happy with that. - Pleased, yeah.
0:31:05 > 0:31:10'But for Mark and Debbie, it's not just about the value they've added to the property.'
0:31:12 > 0:31:18I think it's very satisfying to take a property that was in a right old mess
0:31:18 > 0:31:22and turn it into something that makes a nice family home.
0:31:22 > 0:31:24I agree with that.
0:31:26 > 0:31:33'I'm just three miles from Manchester City Centre in the town of Swinton.
0:31:33 > 0:31:36'The name is thought to derive from "town of swine".
0:31:36 > 0:31:42'So no prizes for guessing that there may have been a pig or two around here at some point.
0:31:42 > 0:31:47'There are plenty of shops, two railways stations and motorways just a couple of miles away.'
0:31:47 > 0:31:52The property I'm here to see is right opposite the park, which is nice.
0:31:52 > 0:31:57Not so potentially good is the fact that you're literally right next to the pub
0:31:57 > 0:32:01and on the side of this very busy main road,
0:32:01 > 0:32:03so a few issues with noise, for sure.
0:32:03 > 0:32:07Still, neither of those things really explain the guide price,
0:32:07 > 0:32:12which was just £20,000. For a two-bed terrace?
0:32:12 > 0:32:17Sounds ridiculous. It certainly doesn't look too bad from the outside. Let's look inside.
0:32:18 > 0:32:22Well, I can see one simple solution to the problem straight away,
0:32:22 > 0:32:26and that is put a double-glazed front door in place.
0:32:26 > 0:32:30There's double glazing in the rest of the house, which clearly is necessary.
0:32:30 > 0:32:35I might even think about treble glazing. But come through there into the main body of the house down here
0:32:35 > 0:32:39and you've got a nice big space. Lots of light coming into this room.
0:32:39 > 0:32:43It's been knocked through at some stage, so you've got a living/dining room area.
0:32:43 > 0:32:48Central heating, that doesn't look too old. So not a bad start. Let's find the kitchen.
0:32:48 > 0:32:51# Here in my pocket
0:32:51 > 0:32:56# I got the story of the blues
0:32:56 > 0:33:03'Did I mention that they were very keen on blue when they painted this house? Perhaps a shade too keen.'
0:33:03 > 0:33:08Well, the first thing that strikes you, it doesn't look to be in too bad condition, to be honest.
0:33:08 > 0:33:11Nice reasonably new units.
0:33:11 > 0:33:16Certainly if you were thinking about renting this place out, perfectly adequate. Just need tidying up.
0:33:16 > 0:33:20But I have to say, overriding that, as soon as you come in here, you notice this.
0:33:20 > 0:33:24It seems that, well,
0:33:24 > 0:33:28the rear door frame has been kicked out.
0:33:28 > 0:33:34I say that because I understand this has happened in between exchange of contracts and completion.
0:33:34 > 0:33:37Somebody's obviously tried to break in,
0:33:37 > 0:33:41nick whatever's in here I presume. An interesting point.
0:33:41 > 0:33:45You as the purchaser are responsible for the house from exchange of contracts,
0:33:45 > 0:33:51so it's really important, if you do buy a property at auction, that you get insurance on the property
0:33:51 > 0:33:56from the moment exchange of contracts takes place. That way they pay for this damage, not you.
0:33:56 > 0:33:59# Call the cops
0:34:00 > 0:34:04'That is unfortunate. But with every negative, there can be a positive
0:34:04 > 0:34:08'and it wouldn't take too much to kick this kitchen back into shape.
0:34:08 > 0:34:12'Downstairs, there's a cellar of fairly generous proportions,
0:34:12 > 0:34:16'adding further potential to this property. Time for a look upstairs.'
0:34:16 > 0:34:20So, upstairs, and the layout pretty much as you might expect.
0:34:20 > 0:34:24Toilet and bathroom at the top of the stairs, where it should be.
0:34:24 > 0:34:27It looks to be in reasonable condition, so that's good news.
0:34:27 > 0:34:32Bit more good news - double bedroom at the back here, which looks to be in good condition.
0:34:32 > 0:34:34Nice landing. Big entry up into the loft,
0:34:34 > 0:34:38so you might want to investigate whether or not you could expand
0:34:38 > 0:34:41or maybe put some kind of an extension up there.
0:34:41 > 0:34:44Then through into your second bedroom. Again, a good size.
0:34:44 > 0:34:49Again, in good condition, and benefitting from lots of light coming in through the windows.
0:34:49 > 0:34:52Of course, there is the problem with the road. But great news.
0:34:52 > 0:34:55A lovely view out across to the park.
0:34:55 > 0:35:00'It's just so lovely being across from the park, it kind of makes up for the busy road.
0:35:00 > 0:35:02'But that about the pub?
0:35:02 > 0:35:07'At the back of the property, the garden is right next door to the pub's beer garden.
0:35:07 > 0:35:11'You could literally leap over the fence and join your friends for a pint.
0:35:11 > 0:35:14'As for the backyard itself, it's a thin strip of land
0:35:14 > 0:35:18'which wraps around two sides of the house.
0:35:18 > 0:35:22'Clearly this could do with a little extra security to stop any more unwelcome visitors.
0:35:22 > 0:35:27'But remember, the guide price for this property was only £20,000 plus.
0:35:27 > 0:35:30'Let's see what a local estate agent has to say about it.
0:35:30 > 0:35:34'And how accurate was the cheap as chips guide price?'
0:35:34 > 0:35:38With the market as it is at the moment, it's a very awkward climate.
0:35:38 > 0:35:41Quite possibly if the property's done up to a very high standard,
0:35:41 > 0:35:43it may be able to get around £90,000.
0:35:43 > 0:35:47But there are properties on side streets which are getting that figure.
0:35:47 > 0:35:49So unfortunately, as this is on a main road,
0:35:49 > 0:35:52it might only achieve around about 85.
0:35:52 > 0:35:58'So you'd only make any money if you did manage to buy it for around that £20,000.
0:35:58 > 0:36:00'What about renting it out?'
0:36:00 > 0:36:06This property would be popular for the rental market. It would possibly achieve £450 per calendar month.
0:36:06 > 0:36:12Well, clearly the location isn't ideal with the busy road and the proximity to the pub,
0:36:12 > 0:36:15but really, there's not that much wrong with this property.
0:36:15 > 0:36:19So £20,000 as a guide price?
0:36:19 > 0:36:23There's no way it went for anything like as low as that. Or is there?
0:36:23 > 0:36:26Let's find out when it went under the hammer.
0:36:26 > 0:36:30So, lot number 143 in Swinton.
0:36:30 > 0:36:33Vacant two-bedroom end-terrace house.
0:36:33 > 0:36:37Start off with 20,000 for it? 20,000. 20 there.
0:36:37 > 0:36:3925, then? 25 there.
0:36:39 > 0:36:4230 at the back. 35.
0:36:42 > 0:36:4540. 45 anywhere?
0:36:45 > 0:36:4845, new bidder, right at the back. 50, sir?
0:36:48 > 0:36:5150 I've got. 55 at the back. No.
0:36:51 > 0:36:53At £50,000. Looking for 55.
0:36:53 > 0:36:5755 here. So for the first time at £55,000, then.
0:36:57 > 0:37:0056, right at the back. 57 in the aisle.
0:37:00 > 0:37:0358. 59.
0:37:03 > 0:37:0659 I have. 60 I need, sir. Shaking his head.
0:37:06 > 0:37:09It's with you, sir, at £59,000. Centre aisle.
0:37:09 > 0:37:1460, he's back. At £60,000 with you, sir, on my left.
0:37:14 > 0:37:17First time. Second time. 61.
0:37:17 > 0:37:1962, sir? No.
0:37:19 > 0:37:22He's walking away. Gentleman centre aisle at £61,000, then.
0:37:22 > 0:37:27First time at 61. Second time at 61. Gentleman centre aisle.
0:37:27 > 0:37:31- Are we done? Yes, we are. - HAMMER BANGS - It's your property, sir.
0:37:31 > 0:37:36'So it sold for £61,000 to Dave, who bought it with a business partner.
0:37:36 > 0:37:40'Well, it was always unlikely to go for just £20,000.
0:37:40 > 0:37:43'Ex-racing driver Dave has had a varied career,
0:37:43 > 0:37:46'from running a gym to his own property business.'
0:37:46 > 0:37:51- Dave, lovely to meet you. Congratulations.- Thank you.- Tell me why you wanted to buy this place.
0:37:51 > 0:37:54I was looking for something that was in quite nice condition,
0:37:54 > 0:37:57ready to renovate but without too much to do,
0:37:57 > 0:38:00and we think we've hit lucky with this one. It's quite nice.
0:38:00 > 0:38:03Right. Why this area? Are you familiar with this area?
0:38:03 > 0:38:09I do have a bunch of rented properties just about 30 miles away,
0:38:09 > 0:38:11so I'm reasonably familiar.
0:38:11 > 0:38:14It's the sort of place where you can buy a bargain
0:38:14 > 0:38:16and hopefully move it on fairly easily
0:38:16 > 0:38:19without getting too involved with great big mortgages.
0:38:19 > 0:38:22Down south, where I'm from, everything is £300,000.
0:38:22 > 0:38:26Unless you've got a whole bucketload of cash, you can't do this sort of thing.
0:38:26 > 0:38:31- So it's a lot easier to do with less money.- Tell me what you're going to do to it to sort it out.
0:38:31 > 0:38:36- I've only seen it briefly this morning. Before that, I only looked through windows.- Oh, right!
0:38:36 > 0:38:41You could see it was in reasonably good order. It's better than we thought. We hadn't seen the kitchen
0:38:41 > 0:38:47and the bathroom, and they're quite decent, so there's a bit less work than we thought, so we're pleased.
0:38:47 > 0:38:51- Why didn't you look at it before you bought it?- It's really time.
0:38:51 > 0:38:55It takes me four and a half hours to drive here from my place on a good day.
0:38:57 > 0:39:02'Although Dave lives in London, he buys properties around this area and in Burnley
0:39:02 > 0:39:04'and gets agents to look after them for him.
0:39:04 > 0:39:07'So he tends not to look at them first. Dangerous.
0:39:07 > 0:39:11'But surely he read the background information beforehand.'
0:39:11 > 0:39:14What about the legal pack? Did you glance through that?
0:39:14 > 0:39:18- No. MARTIN GASPS - Why?
0:39:18 > 0:39:22I was ready to bid for at least six properties that day.
0:39:22 > 0:39:25I looked that this one on the way to the auction in the morning.
0:39:25 > 0:39:28By the time I got there, there was no time for that.
0:39:28 > 0:39:33- There's been no nasty surprises at all.- It could've been completely different, though.
0:39:33 > 0:39:36Oh, yeah. I mean, you have to take a bit of a risk with these things.
0:39:36 > 0:39:39If you do everything belt and braces as you go,
0:39:39 > 0:39:43it will take you so much time and so much extra money and you'd lose in another way.
0:39:43 > 0:39:47But it is something... I wouldn't say don't do it if you're not experienced,
0:39:47 > 0:39:53but really make sure you learn about the pitfalls of what can go wrong if you're buying at auction beforehand.
0:39:53 > 0:39:57'Wise words from this developer from the Big Smoke.
0:39:57 > 0:40:01'So what's on his to-do list to sort out this property?'
0:40:01 > 0:40:04Well, it's basically going to be completely redecorated.
0:40:04 > 0:40:09The kitchen we're going to smarten up. We're not quite sure how, but the cupboards are in nice condition.
0:40:09 > 0:40:13The bathroom is in very good condition. We're not sure about the tile design.
0:40:13 > 0:40:19So we're going to think about that. It is very nicely tiled. It just wouldn't be our colour scheme.
0:40:19 > 0:40:23So I'm going to get a couple of local agents to see how it would go down here,
0:40:23 > 0:40:27my taste might be a little different from down south, and decide whether to do that.
0:40:27 > 0:40:34But the rest of it, we'll spruce the property up. We don't understand why we've got damp staining,
0:40:34 > 0:40:38because it's too high, in the middle of the house, so it can't be rising damp.
0:40:38 > 0:40:44We need to look into that and find out why. It's going to be a light refurb.
0:40:44 > 0:40:49- What do you anticipate spending? - We're hoping to keep it below £5,000.
0:40:49 > 0:40:54It's a matter of stripping the wallpaper, re-wallpapering it. We'll do carpets, front door.
0:40:54 > 0:40:59- It's not a tremendously big spend. - So what do you do when you're not doing this kind of thing?
0:40:59 > 0:41:02Well, this is what I do with quite a large part of my time.
0:41:02 > 0:41:05It's my main way of making money.
0:41:05 > 0:41:08'When he's not buying property, former racing driver Dave
0:41:08 > 0:41:12'is not exactly reaching for his pipe and slippers.'
0:41:12 > 0:41:16I like to do unusual and amusing stunts and stuff.
0:41:16 > 0:41:20Like I've got a milk crate.
0:41:20 > 0:41:26- A milk crate. What's that? - Literally a milk crate that they used to deliver milk in.- Right.
0:41:26 > 0:41:30We put a metal sheet under it with some heat-proofing, attach it to the back of the car, I sit on it
0:41:30 > 0:41:35- and I get towed behind that at high speed, like 120 miles an hour.- What?
0:41:40 > 0:41:45- On a milk crate?- On a milk crate. I've been around Brands Hatch in a shopping trolley.
0:41:49 > 0:41:52It was a bit of a miracle that we got Brands Hatch to let us to do it.
0:41:52 > 0:41:57Brands Hatch own five circuits so we said, "Next year we want to do it on all the circuits".
0:41:57 > 0:42:00They said it was too much trouble to organise. We were disappointed.
0:42:00 > 0:42:06- We badly wanted to do it. I've still got plans to do some other circuits. - Really?- I still have the trolley.
0:42:06 > 0:42:08- Please don't try this at home. - HE LAUGHS
0:42:08 > 0:42:12Compared to that, restoring property is going to be a doddle, isn't it?
0:42:12 > 0:42:18Well, when you say, "Did I take a risk in buying it?" I have got a bit of a risk-taker in me.
0:42:18 > 0:42:23Lovely to talk to you. Good luck with it and we look forward to seeing how you get on.
0:42:25 > 0:42:30Well, there you go. It just goes to prove, you never know the characters you are going to meet
0:42:30 > 0:42:33on Homes Under The Hammer.
0:42:33 > 0:42:37Is David completely off his trolley to buy this place? I don't think so.
0:42:37 > 0:42:41You can find out how he gets on restoring it later in the show.
0:42:43 > 0:42:48It's time to find out if our plucky buyers have made money from their investments.
0:42:48 > 0:42:50Has all their hard work paid off?
0:42:50 > 0:42:55Yes, time has passed. Let's go back and see what their properties look like now.
0:42:57 > 0:43:02'We're back in Chippenham, Wiltshire to find out if book-binder John and his wife Lorraine
0:43:02 > 0:43:05'have turned this concrete-covered semi into their new home.
0:43:05 > 0:43:10'And did the move to be nearer to their children and grandchildren work out for them?
0:43:10 > 0:43:13'Inside, the house was stuck in the 1950s.
0:43:13 > 0:43:17'I liked some of the original doors and kitchen fittings,
0:43:17 > 0:43:23'but not the polystyrene tiles on every single ceiling. A safety risk, apart from anything else.
0:43:23 > 0:43:26'Outside, however, lay the biggest problem.
0:43:26 > 0:43:29'A concrete skin was a cheap solution to post-war building.
0:43:29 > 0:43:34'But it means that it's hard to get a mortgage. Removing it would cost around £50,000.
0:43:34 > 0:43:37'Quite a dilemma for our home-buyers.'
0:43:37 > 0:43:41We're going to think about it. We got in touch with a company that does the bricks,
0:43:41 > 0:43:44you know, the full thing where they take off the concrete.
0:43:44 > 0:43:48So we're looking into that. But we may not do it straight away.
0:43:48 > 0:43:52'John and Lorraine bought the house for £85,500
0:43:52 > 0:43:56'and plan to spend £15,000 on refurbishing the interior.
0:43:56 > 0:44:01'They reckoned it would take them six months. We returned nine months later,
0:44:01 > 0:44:05'to see if it's camping, glamping, or homestay.'
0:44:05 > 0:44:10# Let's take it nice and easy
0:44:10 > 0:44:14# It's gonna be so easy
0:44:14 > 0:44:16'Well, the camper van is still there,
0:44:16 > 0:44:21'and outside, the green painted concrete cladding is very much in evidence.
0:44:21 > 0:44:25'Inside, however, there's a brand new bathroom.'
0:44:25 > 0:44:27# What's your hurry
0:44:27 > 0:44:32- # Relax and don't you worry - 'But it's not as far on as I hoped it would be.
0:44:32 > 0:44:37'So, did the bespoke book-binder get into a bit of a bind himself?'
0:44:38 > 0:44:43Well, we're partially living here, and we're partially living in Cornwall at the moment.
0:44:43 > 0:44:48We are having to go down and bind the books down there when they come in, which is taking up a lot of time.
0:44:48 > 0:44:52So we've had to do all that, so things have fallen out of schedule.
0:44:52 > 0:44:55But hey, that's life, isn't it?
0:44:55 > 0:44:58# Cos nice and easy
0:44:58 > 0:45:01# Does it every time
0:45:01 > 0:45:05'Well, that explains it. The book-binder had tomes to take care of,
0:45:05 > 0:45:08'so their home slipped down the list of priorities.'
0:45:08 > 0:45:12- We've just got to make it a bit more liveable.- We couldn't leave it now. It's lovely.
0:45:12 > 0:45:16Well, we could. Someone else would have to finish it.
0:45:16 > 0:45:22'Since John and Lorraine plan to live here, they're in no particular race to get the house finished.
0:45:22 > 0:45:25'They'd rather do it right than do it twice.
0:45:25 > 0:45:30'There are huge implications for some of their decisions, so best not to rush them.'
0:45:30 > 0:45:35We need to sort out the fireplace. We are thinking about putting a log burner in.
0:45:35 > 0:45:40But we've had quotes for air heating and everything, really.
0:45:40 > 0:45:43So it's making the big decisions next.
0:45:43 > 0:45:45At the moment, everything is liveable. It works.
0:45:45 > 0:45:48So why fix it if it's working?
0:45:48 > 0:45:51'Quite right.
0:45:51 > 0:45:56'But the couple have not been sitting around binding books in Cornwall all that time.'
0:45:56 > 0:45:58# Good times
0:45:59 > 0:46:04Right, what we had to do in here was strip all the wallpaper off
0:46:04 > 0:46:07and then have the ceiling done. We had a brand new ceiling put in.
0:46:07 > 0:46:11Once we got the paper off, we realised that the walls were really bad,
0:46:11 > 0:46:16so we had to fill, sand it right down, take it right back,
0:46:16 > 0:46:20and then we could get it ready for wallpapering, wallpapered, brand new carpet.
0:46:20 > 0:46:24And that's it. And we're hoping the whole house will look like this.
0:46:24 > 0:46:27# Good times, good times, good times
0:46:27 > 0:46:31'Upstairs, the three bedrooms are now smart, clean and ready to finish.
0:46:31 > 0:46:35'I like John and Lorraine's attitude. It's very laid-back.
0:46:35 > 0:46:39'But perhaps camper van living has made them a little bit too laid-back.'
0:46:39 > 0:46:44Well, we were in within six weeks, which is what we planned, albeit camping out in here.
0:46:44 > 0:46:51- We're still camping out here. We bring the mattress in out of the van. We camp in here.- Yeah.
0:46:51 > 0:46:54We've got to be honest, we don't know when we'll be fully moved in.
0:46:54 > 0:46:58Obviously, this has got to be done, the hall has to be done before we can start.
0:46:58 > 0:47:03I mean, there's no point bringing all the stuff in and working round it.
0:47:03 > 0:47:07- It would be pointless, wouldn't it? - Yes, it's nice not having to move things around rooms.
0:47:07 > 0:47:11So we think another couple of weeks and we'll be bringing our things up.
0:47:11 > 0:47:15- Well, no, after the road trip. - Oh, yeah, road trip. - SHE LAUGHS
0:47:15 > 0:47:20# Don't fence me in
0:47:20 > 0:47:23'So it's the lure of the open road which is making the schedule slip.
0:47:23 > 0:47:26'But when you're in control of your own timetable
0:47:26 > 0:47:29'and you don't mind roughing it a bit, your priorities change.'
0:47:29 > 0:47:31I think the garden has taken up a bit of time.
0:47:31 > 0:47:36We tried to resist the garden but we had to get out there. It was lovely.
0:47:36 > 0:47:39We have put quite a few plants in the garden.
0:47:39 > 0:47:41# It's
0:47:41 > 0:47:42# The
0:47:42 > 0:47:45# Good life
0:47:45 > 0:47:49# Full of fun seems to be the ideal
0:47:49 > 0:47:54'The reason John and Lorraine came to Wiltshire was to be close to their family.'
0:47:54 > 0:47:57- Very nice. It's lovely. It's wonderful.- Yeah, we see them.
0:47:57 > 0:48:01And Chippenham is great fun. We've always got festivals, lovely folk festivals,
0:48:01 > 0:48:06so our social life and family life has taken precedence over the house, to be honest.
0:48:07 > 0:48:12'But they have done quite a lot of work to the place. And I'm sure they'll finish it.
0:48:12 > 0:48:14'How's the budget been going?'
0:48:14 > 0:48:17- It's gone well, hasn't it? - Yeah, we haven't spent £5,000.
0:48:17 > 0:48:21And we've kept the other ten for the heating.
0:48:21 > 0:48:24- So, we've still got a lot to play with.- We're frugal.
0:48:24 > 0:48:29We look for bargains. But who doesn't in the modern world?
0:48:29 > 0:48:35- The bathroom suite we bought with taps, everything, all the fittings, everything.- It was ex-display.
0:48:35 > 0:48:40- 150 quid. So we did quite well.- Yeah. - Free delivery, as well. Not bad.
0:48:40 > 0:48:45'John and Lorraine bought the house for £85,500,
0:48:45 > 0:48:48'and so far, have only spent £5,000 on refurbishment.
0:48:48 > 0:48:54'Bringing their total outlay to £90,500. It's time to find out
0:48:54 > 0:48:57'what two local property experts think of their work so far.'
0:48:57 > 0:49:01After having a look at the property, there are some good selling points.
0:49:01 > 0:49:04I really like the sitting room. It's an excellent size.
0:49:04 > 0:49:07I like the way it has an aspect onto the garden, which is also nice.
0:49:07 > 0:49:09Yeah. Lots of good things.
0:49:09 > 0:49:14Bedrooms and bathroom, absolutely fantastic. Bathroom a big improvement on what it was before.
0:49:14 > 0:49:18Very nice finish in the bedrooms. So, yeah, good work so far.
0:49:18 > 0:49:20What they're doing here to enhance the value
0:49:20 > 0:49:24and make a comfortable home is spot on, really.
0:49:24 > 0:49:28I don't think there's anything vastly that they can do to enhance the value.
0:49:28 > 0:49:31Obviously, with it being non-traditional construction,
0:49:31 > 0:49:37the brickwork skin is the thing that will change the value. But that comes at considerable cost, as well.
0:49:37 > 0:49:42If these vendors are really looking for a home, they may not choose to do that.
0:49:43 > 0:49:48'What value could this property have without doing the brick skin?'
0:49:48 > 0:49:54Realistic sales price without the remedial work done I would estimate to be in the region of £100,000.
0:49:54 > 0:49:58I would expect the sale value of this property without the brick skin
0:49:58 > 0:50:01to be in the region of £95,000 to £100,000.
0:50:01 > 0:50:04And with the brick skin, between £140,000 and £150,000.
0:50:04 > 0:50:09'Those estimates mean John and Lorraine could make a profit
0:50:09 > 0:50:15'of between just £4,500 and £9,500 before costs and expenses.'
0:50:15 > 0:50:20- That's all right. That's more than what we paid for it.- Hm.- Yeah. Good.
0:50:20 > 0:50:25I think we've got a lovely house for that price, haven't we?
0:50:25 > 0:50:29- Yeah.- So there's no temptation there at all.- No.
0:50:29 > 0:50:34'What do they think of their very first time bidding at an auction?'
0:50:34 > 0:50:38- This was a real bargain for us. - Yeah.
0:50:38 > 0:50:41- I wouldn't do it again. - Steep learning curve.
0:50:46 > 0:50:49'We're back in Swinton near Manchester
0:50:49 > 0:50:53'to see how crate-racing, stunt driver Dave is getting on
0:50:53 > 0:50:56'with that end-of-terrace with its adjacent beer garden.
0:50:56 > 0:51:01'Inside, the two-bedroom house was very dated and neglected.
0:51:01 > 0:51:07'Every room needed redecoration. But although the kitchen had been under attack, the units had survived
0:51:07 > 0:51:12'and Dave was not convinced that he needed to refit the kitchen and bathroom.'
0:51:12 > 0:51:17The kitchen we're going to smarten up. Not quite sure how, but the cupboards are in nice condition.
0:51:17 > 0:51:21The bathroom is in very good condition, we're not sure about the tile design.
0:51:21 > 0:51:26- So we'll think about that. - 'Dave and his business partner bought this two-bedroom end-terrace
0:51:26 > 0:51:31'for £61,000 and plan to spend £5,000 on redecorating.
0:51:31 > 0:51:34'He thought it would take about a month.
0:51:36 > 0:51:41'We've come back three months later to see if Dave has been intoxicated with the house
0:51:41 > 0:51:43'or by the pub next door.
0:51:48 > 0:51:51'Downstairs, Dave has banished the blues from the sitting room.
0:51:51 > 0:51:55'This spacious room is now calm and welcoming.
0:51:55 > 0:51:59'And all it took was a new carpet, some plaster and a lick of paint.
0:51:59 > 0:52:04'True to his word, Dave's kept as much as he could throughout the house.'
0:52:05 > 0:52:08The whole fireplace surround we kept the same.
0:52:08 > 0:52:11But we've changed the fire and updated it to a modern-looking fire.
0:52:11 > 0:52:15And just cleaned it up, really, because we like the surround and that.
0:52:15 > 0:52:18And it just brings the room a little bit more up-to-date.
0:52:18 > 0:52:22'I'm a fan of the "if it ain't broke, don't fix it" principle,
0:52:22 > 0:52:27'but I would've refreshed the kitchen with new tiles and possibly a worktop,
0:52:27 > 0:52:30'even if I kept the units.
0:52:32 > 0:52:36'Upstairs, the two good-sized bedrooms are now less dated.
0:52:39 > 0:52:42'Throughout the house there is a warm, neutral tone,
0:52:42 > 0:52:47'which replaces the chill of the previous cold blue colour scheme.'
0:52:47 > 0:52:50Well, before, it was very dated.
0:52:50 > 0:52:53We haven't changed much, except for really the decor.
0:52:53 > 0:52:58The bathroom is the same, the kitchen is the same, we haven't knocked down any walls or put any up.
0:52:58 > 0:53:02It's really trying to change the look with the colour of the decorating,
0:53:02 > 0:53:06putting some nicer carpets down, cos they were pretty horrible.
0:53:06 > 0:53:10And just really spruce it up. Make it look like a nice, cared-for house.
0:53:10 > 0:53:12# If it's good enough for you
0:53:12 > 0:53:14# It's good enough for me
0:53:14 > 0:53:19'The bathroom has a new tiled floor. But apart from that, it has stayed exactly the same.'
0:53:19 > 0:53:21# If it's good enough for you
0:53:21 > 0:53:23# It's good enough for me
0:53:23 > 0:53:28'But Dave has spent cash on the fabric. Although it's mainly outside that has benefited.
0:53:29 > 0:53:35'The whole of the exterior has been painted. And there's new guttering and a new front door.
0:53:35 > 0:53:38'Dave even painted the next door neighbours' house for a really low rate,
0:53:38 > 0:53:41'just to improve his own kerb appeal.
0:53:41 > 0:53:45'But what about the other neighbour, the one with the beer garden?'
0:53:45 > 0:53:47Well, we had a few minor problems, not in the house,
0:53:47 > 0:53:51but my workman who was going to be up here working for me,
0:53:51 > 0:53:57he does like his drink, and the pub is really nice and friendly. He spent pretty much all the time in the pub,
0:53:57 > 0:54:00and he made some great friends but I didn't get any work done.
0:54:00 > 0:54:05'But luckily for Dave, the publican's daughter had a builder for a boyfriend,
0:54:05 > 0:54:08'and Mike was available to take over the work.'
0:54:08 > 0:54:11I like to get on with work. I'm an early bird.
0:54:11 > 0:54:14I like to get up early. I like to get my job done
0:54:14 > 0:54:18so the client is happy with what I've done in that day.
0:54:18 > 0:54:23I eat a lot, really. And go for a pint after work.
0:54:23 > 0:54:27The pub is a distraction, as far as the price of the property.
0:54:27 > 0:54:32It's not a good thing to have a pub next door. It's not noisy, the pub, you don't get any trouble.
0:54:32 > 0:54:36It's such a friendly community here. I think a lot of people would be very happy here.
0:54:36 > 0:54:39It's such a nice little house to live in.
0:54:39 > 0:54:43'Dave and his business partner bought the property for £61,000
0:54:43 > 0:54:49'and completed the renovation work for £5,000, bringing the total outlay to £66,000.
0:54:50 > 0:54:55'Dave was keen to sell it on. So we asked two local property experts
0:54:55 > 0:54:57'to give us their opinions.'
0:54:57 > 0:55:02Finish-wise, if he was going to put some students in here for letting,
0:55:02 > 0:55:04then, yes, it would be perfect.
0:55:04 > 0:55:08But to sell on, he would need to touch it up a bit more.
0:55:08 > 0:55:12Basically, I think everything has been done to a minimum standard.
0:55:12 > 0:55:18I think the kitchen and the bathroom, in particular, are fairly dated.
0:55:18 > 0:55:21I think, probably, for a first-time buyer,
0:55:21 > 0:55:24they'd be looking at doing those things as a minimum.
0:55:24 > 0:55:29'Not an over-enthusiastic response from the estate agents, then.
0:55:29 > 0:55:31'So what do they think the property could sell for?'
0:55:31 > 0:55:34If this property was being offered for sale,
0:55:34 > 0:55:39I would envisage a maximum price of £75,000.
0:55:39 > 0:55:41I could put this on the market for £75,000.
0:55:41 > 0:55:47'Those valuations would give Dave and his partner a profit of £9,000
0:55:47 > 0:55:49'before costs and expenses.'
0:55:51 > 0:55:54OK. That's not very good, is it?
0:55:54 > 0:55:56Not as much as we wanted.
0:55:57 > 0:56:01'What about the rental values for the property?'
0:56:01 > 0:56:05I think the maximum at the moment would be £450 per calendar month.
0:56:05 > 0:56:07If this property was to be let,
0:56:07 > 0:56:12I envisage that we'd achieve £475 per calendar month.
0:56:12 > 0:56:18That's not bad. That's what we expected, although our first preference is to sell it.
0:56:18 > 0:56:23It's going to be very easy to let. I've got a queue of people who would like to let it.
0:56:24 > 0:56:29'So, since Dave may need to put his plans for a quick sale on hold,
0:56:29 > 0:56:32'has he had his fingers burnt buying property up north?'
0:56:32 > 0:56:35Not every one can work out exactly the way you want them.
0:56:35 > 0:56:40And I think it'll be a very good rented property, anyway. In the long-term, I think it's a winner.
0:56:42 > 0:56:48Well, we hope you've enjoyed the programme and perhaps got some inspiration from our buyers.
0:56:48 > 0:56:51Yes, we will see you next time for more property updates from the front line.
0:56:51 > 0:56:54- See you then.- Goodbye.- Goodbye.
0:56:55 > 0:56:59Subtitles by Red Bee Media Ltd
0:56:59 > 0:57:03E-mail subtitling@bbc.co.uk
0:57:03 > 0:57:03.