0:00:02 > 0:00:04- Welcome to Homes Under The Hammer. - Now if you've ever tried
0:00:04 > 0:00:10buying a property and been caught in the dreaded property chain, you'll know how frustrating it is.
0:00:10 > 0:00:15- So how do you avoid that kind of situation?- Well, one way to slice through the links of the chain
0:00:15 > 0:00:17is to buy your home under the hammer.
0:00:42 > 0:00:49Well, people go to the auctions looking for all sorts of properties, and they have all kinds of budgets.
0:00:49 > 0:00:54There's an enormous choice to bid for, so what did our buyers go for today?
0:00:55 > 0:00:59In Stoke-on-Trent, I step into the unknown.
0:00:59 > 0:01:04It sounds very different from the usual two-up two-down. All I've got to do is find a way in.
0:01:06 > 0:01:11In Herne Bay, Kent, this house has bags of room and loads of possibilities.
0:01:11 > 0:01:14And it could be amazing.
0:01:16 > 0:01:19Whilst just a short distance from Nottingham city centre,
0:01:19 > 0:01:23there's a two-bedroomed flat full of pleasant surprises.
0:01:23 > 0:01:25Joy of joys, look at this!
0:01:26 > 0:01:31All these properties went to auction and we'll find out who bought them and what they paid for them
0:01:31 > 0:01:33when they went under the hammer.
0:01:33 > 0:01:34Third time.
0:01:41 > 0:01:44I'm in the Trenton area of Stoke-on-Trent,
0:01:44 > 0:01:48characterised amongst other things by the Trenton-Mersey Canal,
0:01:48 > 0:01:54used to transport raw materials to and bring back finished products from the Potteries.
0:01:54 > 0:01:57There's a very different feel in this part of the area,
0:01:57 > 0:02:00and you know what? It's a lovely place to live.
0:02:00 > 0:02:04Just a short stroll away is the auction lot I've come to see.
0:02:08 > 0:02:13Unfortunately, the property is also very close to this fairly major road,
0:02:13 > 0:02:17and, in terms of access, a few problems.
0:02:17 > 0:02:20Somewhere around here, I think, through this holly bush,
0:02:20 > 0:02:24there is a house which had a guide price of £125,000.
0:02:24 > 0:02:29It sounds very different from the usual two-up two-down. All I've got to do is find a way in.
0:02:29 > 0:02:31You know what? Let's try the back.
0:02:31 > 0:02:36So far this place scores zero on kerb appeal.
0:02:36 > 0:02:42With boarded-up windows and an overgrown garden, it clearly hasn't been touched for a while.
0:02:42 > 0:02:47So not quite the warm welcome I was hoping for, and I haven't even made it inside yet!
0:02:49 > 0:02:51Eventually!
0:02:51 > 0:02:55Anyway, what have we got? Well, there's a little sort of rear area there,
0:02:55 > 0:02:57which would be a very nice utility room,
0:02:57 > 0:03:01and then through into what was originally the kitchen, I'm sure. But straightaway...
0:03:02 > 0:03:07..you don't need to be a rocket scientist to figure out it's a house that's going to need a bit of work!
0:03:07 > 0:03:09Nice-sized room, though.
0:03:10 > 0:03:13So through to what was, I imagine, the dining room,
0:03:13 > 0:03:17bearing in mind we're working back to front with this house at the moment.
0:03:17 > 0:03:19But again not a bad-sized room,
0:03:19 > 0:03:23although starting to see signs of some really serious dilapidation.
0:03:23 > 0:03:28The ceiling's come down and those beams and floorboards look to be rotted,
0:03:28 > 0:03:31so, A) take care when you're looking upstairs,
0:03:31 > 0:03:34but B) I think that's going to take a bit of sorting out.
0:03:34 > 0:03:37But then through towards the front of the property, big entrance hall here.
0:03:37 > 0:03:41I love this about this age of house is that they actually bothered creating a space.
0:03:41 > 0:03:43It gives a real sort of focal point to the house.
0:03:43 > 0:03:47Got an understairs cupboard, really massive lounge area there,
0:03:47 > 0:03:50another sort of sitting room area at the back.
0:03:50 > 0:03:54It's lovely and there are some fantastic features to be uncovered, but...
0:03:54 > 0:03:59I think there's work to be done, he says, understating somewhat.
0:04:00 > 0:04:08You'd expect a bit of wear and tear in a house built over 100 years ago, but just maybe not quite this much!
0:04:08 > 0:04:12Well, upstairs on to the first floor, and lots more really lovely open areas.
0:04:12 > 0:04:14I really like the layout of the house,
0:04:14 > 0:04:19but the more I look, the more I just see the complete...
0:04:19 > 0:04:25terrifyingly bad state that this place is in.
0:04:25 > 0:04:30I mean, every single wall you look at, every floor that you look at, every ceiling,
0:04:30 > 0:04:36seems to have a problem, I mean, nowhere more so than on this wall in this particular bedroom.
0:04:36 > 0:04:39As you can see, there's this massive crack.
0:04:39 > 0:04:42It goes all the way down from the corner all the way up to the other corner.
0:04:42 > 0:04:44You can almost get your finger in there.
0:04:44 > 0:04:50It seems like this main internal wall in the property is sinking.
0:04:50 > 0:04:52I haven't come across that before.
0:04:52 > 0:04:56You'd need to get a structural engineer in.
0:04:56 > 0:04:58It's bad.
0:04:58 > 0:05:00It's really bad.
0:05:00 > 0:05:04In fact, the drawbacks here are too numerous to list.
0:05:04 > 0:05:08Cracks, damp and many structural issues throughout.
0:05:22 > 0:05:26In total there are three double-sized bedrooms on this floor,
0:05:26 > 0:05:29all with problems.
0:05:29 > 0:05:34And in the loft, two large bedrooms, again not looking very good.
0:05:35 > 0:05:38Back on the middle floor, there's a loo plus a bathroom,
0:05:38 > 0:05:42which might just be the best-looking room in the house!
0:05:42 > 0:05:45And I do say that with my tongue firmly in my cheek!
0:05:47 > 0:05:53So it's easy to see why this large property had the relatively low guide price
0:05:53 > 0:05:56of £125,000.
0:05:58 > 0:06:02This property is very characterful and very spacious.
0:06:02 > 0:06:04However, there are some structural issues.
0:06:04 > 0:06:09It may be long-standing structural movement because of the busy main road.
0:06:09 > 0:06:12It also may be caused by mining
0:06:12 > 0:06:16as one of the local pits was very, very close to this property.
0:06:16 > 0:06:22But with that guide price of £125,000, is there money to be made in this place?
0:06:22 > 0:06:27Once this property is renovated, I would estimate the value to be in the region
0:06:27 > 0:06:31of £225,000.
0:06:31 > 0:06:37Mmm. Well, with the amount of work needed, you might be hard-pressed to see a profit on the resale market.
0:06:37 > 0:06:40Perhaps it would be better rented out?
0:06:40 > 0:06:44If this property was rented as a family home,
0:06:44 > 0:06:48I would suggest a figure of somewhere in the region of £700 per calendar month.
0:06:48 > 0:06:54Well, it would be very easy to fall for the charms of this place,
0:06:54 > 0:07:00the room sizes, the location, the canal, just the general feel of the property.
0:07:00 > 0:07:06However, do not underestimate the amount of work it's going to take to sort this place out.
0:07:06 > 0:07:09It has got some serious structural problems.
0:07:10 > 0:07:12Still, it was 125 grand.
0:07:12 > 0:07:16I'm sure somebody fancied the challenge when it went under the hammer.
0:07:19 > 0:07:22Lot 32. We move to the Trenton area of Stoke-on-Trent.
0:07:22 > 0:07:25115 to start, then?
0:07:25 > 0:07:28115. At £115,000.
0:07:28 > 0:07:30120? 120.
0:07:30 > 0:07:32At 120. 125?
0:07:34 > 0:07:37At £120,000.
0:07:37 > 0:07:38121 anywhere?
0:07:38 > 0:07:40At 120... 121.
0:07:40 > 0:07:42Back in. At 121.
0:07:42 > 0:07:46122? At 122. 123?
0:07:46 > 0:07:48123. 124?
0:07:48 > 0:07:50124.
0:07:50 > 0:07:53125? 125.
0:07:53 > 0:07:55126?
0:07:55 > 0:07:58At 125,000, seated right.
0:07:58 > 0:08:00Another 1,000?
0:08:00 > 0:08:04125,000, the bid seated right. I'm selling it
0:08:04 > 0:08:08at £125,000, then, for the first time...
0:08:08 > 0:08:13at £125,000, for the second time...
0:08:13 > 0:08:17third and final time at £125,000.
0:08:18 > 0:08:20You bought it. Well done, sir.
0:08:20 > 0:08:23With his successful bid of 125,000,
0:08:23 > 0:08:28the brave man who's taking on this huge project is Suhail.
0:08:28 > 0:08:33He plans to renovate and restore the house with the aim of selling it on.
0:08:33 > 0:08:38But where to start on it? I met him there to find out more.
0:08:38 > 0:08:44- Suhail, good to meet you.- Good to meet you, Martin.- Congratulations. - Thank you very much.
0:08:44 > 0:08:47- Wow! You've taken on a bit of a project here.- Certainly I have!
0:08:47 > 0:08:48Why did you want to buy the house?
0:08:48 > 0:08:52Well, it's basically the character it's got that it's got.
0:08:52 > 0:08:56Although it needs a lot of work, it has some problems to it,
0:08:56 > 0:09:01but nothing that couldn't be put right and basically restored to its former glory.
0:09:01 > 0:09:04Right. So have you done anything like this before?
0:09:04 > 0:09:07Yeah, I've done a few things but not to this extent.
0:09:07 > 0:09:10Not sort of from absolute scratch.
0:09:10 > 0:09:12So it this your main line of work, property developing?
0:09:12 > 0:09:17- Well, no, this is basically a sideline that I have.- What do you do when you're not doing this?
0:09:17 > 0:09:20- Well, I go fly planes.- Fly planes?
0:09:20 > 0:09:23- That's right.- What, for fun? - I'm a pilot.- A proper pilot?
0:09:23 > 0:09:26Yes, I'm an airline pilot and this is my job, basically.
0:09:26 > 0:09:29# Come fly with me
0:09:29 > 0:09:32# Let's fly, let's fly away... #
0:09:34 > 0:09:37From flying planes to renovating old properties,
0:09:37 > 0:09:42Suhail likes to diversify, and he's certainly ambitious.
0:09:42 > 0:09:45But has this high-flyer still got his feet on the ground?
0:09:45 > 0:09:49So let's go on to what you're going to do to sort this place out.
0:09:49 > 0:09:52Let's start with the biggest issue, the major cracking on the internal walls.
0:09:52 > 0:09:55What do you know about that and what are you going to do to sort it out?
0:09:55 > 0:09:58The major cracking in the property is basically subsidence.
0:09:58 > 0:10:00We had the structural engineer in here,
0:10:00 > 0:10:06and he actually drilled a few holes around the actual foundations of the property
0:10:06 > 0:10:08and tested the soil underneath.
0:10:08 > 0:10:12What he recommended is that we need to reinforce the middle of the property,
0:10:12 > 0:10:17because the right-hand side is sound and the left-hand side is sound.
0:10:17 > 0:10:22It's just the middle of the property is actually a little bit over loose gravel or soil
0:10:22 > 0:10:25that is actually under the foundation.
0:10:25 > 0:10:27So he's going to reinforce that.
0:10:27 > 0:10:31- So that's like underpinning? - It is an underpinning, and that will cure the problem, basically.
0:10:31 > 0:10:37Suhail certainly has a major job on his hands here, because it doesn't end there.
0:10:37 > 0:10:40A damaged roof is causing a major part of the damp problem,
0:10:40 > 0:10:43so a new roof is to be installed,
0:10:43 > 0:10:48and then inside the whole house will have to be stripped to the bone and renovated from scratch.
0:10:48 > 0:10:51It's going to be a costly exercise.
0:10:51 > 0:10:54All in all, we'll put a budget for it of £100,000.
0:10:54 > 0:10:56- Oh, wow!- To put it right.
0:10:56 > 0:10:58And I think we can do that.
0:10:58 > 0:11:01- Yeah, that's...- Realistic, yeah.
0:11:01 > 0:11:07- You must be doing this for more than the money?- Well...- Because there are easier ways to make money.
0:11:07 > 0:11:11Yes, of course. But, I mean, it's passion, really.
0:11:11 > 0:11:13It's getting something like this,
0:11:13 > 0:11:18and developing it and changing it to something beautiful.
0:11:18 > 0:11:20So that is a sense of achievement there.
0:11:21 > 0:11:25Suhail's hoping to get that good feeling in around 10-12 months,
0:11:25 > 0:11:32but he's not doing it alone. Apart from getting contractors in for the main work, he has Peter,
0:11:32 > 0:11:36a builder and a long-time friend to give him some help and advice.
0:11:36 > 0:11:39He's also hoping to get a hand closer to home.
0:11:41 > 0:11:43What about your family? Are they going to get involved?
0:11:43 > 0:11:47Yes. I think they're just going to come here and say, "My God! The place is haunted!"
0:11:47 > 0:11:53No... Well, yeah... They obviously have a very good idea, especially my wife.
0:11:53 > 0:11:55She's quite involved into what I do.
0:11:55 > 0:12:00She's quite switched on to things as they happen.
0:12:00 > 0:12:02She's well-briefed,
0:12:02 > 0:12:08and she's the one who's going to be the eye on the show, basically, on a day-to-day basis.
0:12:08 > 0:12:10Well, it's very lucky that it's found you.
0:12:10 > 0:12:14You've got a bit of a challenge ahead!
0:12:14 > 0:12:19- But we really look forward to seeing how you get on.- Thanks very much. - Good luck with it.- It's a pleasure.
0:12:20 > 0:12:26Well, thank goodness Suhail is under no illusions about the amount of time, effort and money
0:12:26 > 0:12:29it's going to take to sort this place out.
0:12:29 > 0:12:33However, it's great to see that he has such a passion for this property.
0:12:33 > 0:12:37He really has fallen in love with it. Still, it's going to be a biggy!
0:12:37 > 0:12:41Can't wait to see how he gets on. You can find out later in the show.
0:12:43 > 0:12:51# If you're fond of sand dunes and salty air
0:12:51 > 0:12:57# Quaint little villages here and there... #
0:12:57 > 0:13:02This is Herne Bay on the North Kent coast, just eight miles from Canterbury.
0:13:02 > 0:13:04It really developed 150 years ago
0:13:04 > 0:13:09with the influx of holidaying Victorians who came for the sea and sand.
0:13:09 > 0:13:11Today it's not so busy,
0:13:11 > 0:13:17but, on a bright day like this, you really can't knock that sensation of being beside the sea.
0:13:19 > 0:13:22Today I'm off to suss out an interesting investment.
0:13:22 > 0:13:26It's a...wait for it.. seven-bedroomed property,
0:13:26 > 0:13:28and it's on this pleasant residential street
0:13:28 > 0:13:32with a guide of 220,000-250,000.
0:13:32 > 0:13:39Now, here it is. Quite attractive and a bit unusual with its eyebrow window peeking out from the roof.
0:13:39 > 0:13:42I wonder if the inside will raise eyebrows!
0:13:43 > 0:13:45I like the look of this place.
0:13:45 > 0:13:50It seems well-maintained and is nicely set back off the road with plenty of parking.
0:13:50 > 0:13:54The ramp that leads up to the door gives a clue about its past.
0:13:56 > 0:13:58Now, I know this used to be a residential care home,
0:13:58 > 0:14:02so I'm expecting it to be plain and functional.
0:14:02 > 0:14:06It doesn't really have that warm homely feeling the minute you step into it.
0:14:06 > 0:14:09But you've got a couple of rooms, one here to the left, one to the right.
0:14:09 > 0:14:13It's got a sort of, like, open, big feel to it.
0:14:13 > 0:14:16Let's take a look around and check out the other rooms.
0:14:16 > 0:14:20Now, off this little corridor you've got a bathroom through here,
0:14:20 > 0:14:23some stairs leading up to three bedrooms,
0:14:23 > 0:14:26through to this open-plan area.
0:14:26 > 0:14:29They could easily call this a dining room, it's big, and look at this double doorway
0:14:29 > 0:14:34leading into this massive, huge room!
0:14:34 > 0:14:39Now, this excites me! I love space, I love it open, loads of light coming in.
0:14:39 > 0:14:45These nice doors leading out to a very, very pretty garden. There's so much you could do here.
0:14:45 > 0:14:50It does excite me. It does feel a little dated, a little old.
0:14:50 > 0:14:53You've got this brick wall that's been painted over...
0:14:54 > 0:14:58..but there's even more rooms through there. I'm going to check the rest of them out.
0:14:58 > 0:15:02This is a separate annexe and a bit of a walk on the wild side.
0:15:03 > 0:15:05# It was a jungle, jungle, jungle, jungle rock
0:15:05 > 0:15:08# A jungle, jungle, jungle, jungle rock
0:15:08 > 0:15:11# A jungle, jungle, jungle, jungle rock... #
0:15:11 > 0:15:17Down the corridor there's another, yet larger, bathroom and two further bedrooms
0:15:17 > 0:15:22that look out on the front. They all need taking back to basics and redecorated,
0:15:22 > 0:15:24but structurally it all looks solid.
0:15:24 > 0:15:30Back across that huge room is a large kitchen and utility room, that both look grubby and tired.
0:15:32 > 0:15:37The same can't be said for the garden which is blooming marvellous!
0:15:37 > 0:15:43And remember I said there were seven bedrooms? We've seen four so that leaves another three.
0:15:43 > 0:15:48Now, sometimes space is a little tight in these dormer conversions, but do you know what?
0:15:48 > 0:15:54There's masses of it up here. You've got two really good-sized doubles,
0:15:54 > 0:15:57this lovely corridor along here, which is huge,
0:15:57 > 0:16:02a big family bathroom and a sort of kid's boxroom there.
0:16:02 > 0:16:06But it's done so well, it's got an amazing sold family feel to it,
0:16:06 > 0:16:10and I'd say, as far as space goes, this house really has it all.
0:16:10 > 0:16:14There's over 2,800 square feet to play with here,
0:16:14 > 0:16:21and few people need seven bedrooms, so I think with some thought and a good eye,
0:16:21 > 0:16:25you could really make this house something special, just with fewer rooms.
0:16:29 > 0:16:33But what does a local estate agent make of what was on offer here?
0:16:33 > 0:16:36I think the main plus points of this property are its size...
0:16:36 > 0:16:38obviously, it's just under 3,000 square feet,
0:16:38 > 0:16:43and the flexibility of space it offers the new purchasers.
0:16:43 > 0:16:49The options here are almost endless, but if you did make this a large seven-bedroomed house,
0:16:49 > 0:16:56would you also see a large increase on what was the guide price of £220,000-250,000?
0:16:56 > 0:17:01I think the property today is worth between £270,000 and £280,000
0:17:01 > 0:17:08and on completion back into a family house, I'd presume a value of between £390,000 to £400,000.
0:17:09 > 0:17:13What sort of rental could it earn as a family home?
0:17:13 > 0:17:19In terms of rental value, I'd put this on the market between £1,500 and £1,600 per calendar month.
0:17:19 > 0:17:23Yes, theoretically, this is a seven-bedroomed house,
0:17:23 > 0:17:28but really it's a specious four- or five-bedder, crying out for some imagination.
0:17:28 > 0:17:32And it could be amazing, but amazing costs money,
0:17:32 > 0:17:36and there is a ceiling for houses in this area that you really don't want to breach.
0:17:36 > 0:17:40So whoever takes this on needs a keen eye for how to rework the space
0:17:40 > 0:17:45and a tight hand on the chequebook. Let's see who that was at the auction.
0:17:48 > 0:17:50Lot 25.
0:17:50 > 0:17:52Where are you going to start me?
0:17:52 > 0:17:56Can I say start at the bottom end of the guide? 220, do I see? 220?
0:17:56 > 0:18:00220. I'm on my way at 220. It's in the room to be sold.
0:18:00 > 0:18:02At 220,000 I have.
0:18:02 > 0:18:03225 now, do I see?
0:18:03 > 0:18:04225 I have.
0:18:04 > 0:18:06230?
0:18:06 > 0:18:09230. 235? 235. 240?
0:18:09 > 0:18:11240. 245?
0:18:11 > 0:18:15245. 250. 255? 255. And 260.
0:18:15 > 0:18:17260. 265.
0:18:17 > 0:18:19265. 270?
0:18:19 > 0:18:24270 may I say? At 265 bid I have on the right-hand side.
0:18:24 > 0:18:26270 I'm looking for.
0:18:26 > 0:18:28267 I'll take if it will help.
0:18:28 > 0:18:30If not... 267.
0:18:30 > 0:18:32270 if you like. 270.
0:18:32 > 0:18:34272? 272?
0:18:34 > 0:18:37At 270, then, for the first time...
0:18:37 > 0:18:40270 for the second time... Another 2,000 anywhere?
0:18:40 > 0:18:46If not, for the third and final time at £270,000. Are we all done? I'm selling.
0:18:46 > 0:18:48Yours at 270,000.
0:18:50 > 0:18:56That final successful bid of 270,000 came from Gary and Claire.
0:18:56 > 0:18:58Gary's an electrician and Claire's a travel agent.
0:18:58 > 0:19:03Along with their two children, seven-year-old Charlie and four-year-old Milly,
0:19:03 > 0:19:06they came to the house to tell me their plans.
0:19:06 > 0:19:08Congratulations, guys. You've got a huge house here!
0:19:08 > 0:19:11- So why did you want to buy this at auction?- Why?
0:19:11 > 0:19:17We've got a two-bedroomed house at the moment, and we were going to extend it,
0:19:17 > 0:19:19and while I was doing the extension plans,
0:19:19 > 0:19:22Claire was looking on the internet and came across this little house!
0:19:22 > 0:19:27- "Little house"?- Yes.- Claire, this house has got seven bedrooms.
0:19:27 > 0:19:30- I know.- So you're jumping from a two-bed to a seven-bed house?
0:19:30 > 0:19:34- What is your thinking behind all this?- We've always wanted to live with parents,
0:19:34 > 0:19:39- cos we're quite big on family. - So, Claire, who is actually going to be living here?
0:19:39 > 0:19:44There's going to be me, Gary, my two children, Charlie and Milly,
0:19:44 > 0:19:50- our dog, a golden retriever, my mum, and Gary's mum and dad.- Wow!
0:19:50 > 0:19:54- So it's going to be like the Walton family all over again! - Pretty much, yes.
0:19:54 > 0:19:57MUSIC: "The Waltons" Theme
0:20:01 > 0:20:06Even though it's a house in Herne Bay rather than a mountain in rural Virginia,
0:20:06 > 0:20:11it's not often these days that you find three generations living together under one roof!
0:20:11 > 0:20:16In fact, the family all agreed to buy the place, did their research,
0:20:16 > 0:20:18raised the money, and successfully bid on it.
0:20:18 > 0:20:22So it looks like there's real teamwork going on here.
0:20:22 > 0:20:26I chatted to Claire's mum, Carol, about how she feels about the move.
0:20:26 > 0:20:31- So, Carol, this is very exciting, isn't it?- It is exciting.
0:20:31 > 0:20:36- Are you as excited as Gary and Claire are? - I think so...more, probably.
0:20:36 > 0:20:41I spend a lot of time with them, and we're all a bit squashed in the house,
0:20:41 > 0:20:46and this is perfect because we can be together and I can have my own space, so it'll be excellent.
0:20:46 > 0:20:53- How did they put the idea to you? - Well, to be honest, Claire and I were looking at bigger houses
0:20:53 > 0:20:55without telling Gary.
0:20:56 > 0:20:59And we saw this on the internet
0:20:59 > 0:21:04and we thought, "Oh, that's quite a reasonable price," and I'd recently sold my house
0:21:04 > 0:21:07and kind of didn't know what to do with the money, or some of it, anyway.
0:21:07 > 0:21:10So we thought...we just said, "Shall we go and look at it?"
0:21:10 > 0:21:13And he went, "Oh, well, you know... it's not a possibility,"
0:21:13 > 0:21:19but then everything sort of rolled together, and we asked his parents and they said yes,
0:21:19 > 0:21:24which was a big shock. We all get on really well, though, so, yes, here we are!
0:21:24 > 0:21:27And there they all are,
0:21:27 > 0:21:31but with seven of them to accommodate, what are Gary and Claire's plans here?
0:21:31 > 0:21:34There'll be some structural changes, yes.
0:21:34 > 0:21:38In what's the playroom now which has got the jungle theme,
0:21:38 > 0:21:41the wall between there and the big bathroom will come down,
0:21:41 > 0:21:46and the bathroom will be made smaller so that will be like a kitchenette-living room area.
0:21:46 > 0:21:51And just in the hallway there there's a hot-water tank which will probably be going upstairs.
0:21:51 > 0:21:55And that cupboard will be knocked out to make the bathroom downstairs bigger.
0:21:58 > 0:22:01Sounds like there's a lot of work ahead for Gary and Claire,
0:22:01 > 0:22:08but for the kids, Charlie and Milly, with so many rooms to play in, it promises to be a big adventure.
0:22:08 > 0:22:10What colour are you going to paint your new bedroom?
0:22:10 > 0:22:15- Every single colour in the rainbow. - Every colour in the rainbow?
0:22:15 > 0:22:18Charlie, what do you like about having bought this house?
0:22:18 > 0:22:20That our nans are moving in with us.
0:22:20 > 0:22:25So what's it going to be like for you, having grans and granddads all over the place?
0:22:25 > 0:22:27A bit confusing.
0:22:27 > 0:22:30So you're going to have your mum and dad telling you what to do,
0:22:30 > 0:22:32your nan and granddad telling you what to do, your other nanny...
0:22:32 > 0:22:35- Yeah.- But you are really excited? - Yeah.
0:22:36 > 0:22:41Well, the children might be excited, but it will be down to Gary and Claire to transform this house
0:22:41 > 0:22:43into a large family home.
0:22:43 > 0:22:49Mum and Dad have given themselves just a month to do most of the work before moving in. No pressure, then!
0:22:49 > 0:22:53Their budget is a healthy 20,000-30,000,
0:22:53 > 0:22:57but, remember, that is to cover a pretty large property.
0:22:57 > 0:23:02- Did you ever imagine you'd be buying a house as large as this, ever?- No.
0:23:02 > 0:23:09No...it's... I'm always looking... I'm always looking around for something,
0:23:09 > 0:23:12and Gary says, "Don't look! Don't look!"
0:23:12 > 0:23:16- And of course I found this, so you can't say that to me any more. - No, I can't, no.
0:23:16 > 0:23:21- Gary, she did quite well, didn't she?- She did very well, yes. Very well. I'm very pleased with it.
0:23:21 > 0:23:25So it seems like this has all really worked out for you. I can't wait to find out what happens.
0:23:25 > 0:23:27Hopefully, it'll be great.
0:23:29 > 0:23:32Talk about one big happy family!
0:23:32 > 0:23:35Gary and Claire have made a brave but exciting step here,
0:23:35 > 0:23:39and I'm sure family relations will continue to blossom.
0:23:39 > 0:23:43There's a lot to do here, though, and in a short space of time.
0:23:43 > 0:23:47And building work tests even the strongest of bonds.
0:23:47 > 0:23:51You can find out how it all goes for them all later in the show.
0:23:52 > 0:23:57Coming up, in Nottingham there's a flat which certainly seems to hit the mark.
0:23:57 > 0:24:01Second box ticked!
0:24:02 > 0:24:07We return to Herne Bay, Kent, to see if it's all happy families.
0:24:07 > 0:24:12I think my brother thinks it's really good and I think it's brilliant.
0:24:14 > 0:24:19But first, did Suhail's massive refurbishment keep him on his toes?
0:24:19 > 0:24:22It was a challenge, I had to keep running backwards and forwards.
0:24:24 > 0:24:29In Stoke-on-Trent, Staffordshire, we came across one of those properties that excites,
0:24:29 > 0:24:34disappoints, scares and exhilarates all at the same time.
0:24:34 > 0:24:39Described as "a spacious period three-storey five-bedroomed mid-terrace house",
0:24:39 > 0:24:43this place had seen better days, to put it mildly.
0:24:43 > 0:24:47There was damp and decay and, worst of all, subsidence.
0:24:47 > 0:24:52But with many original features still in situ, there was a glimpse
0:24:52 > 0:24:55of what it once had been and could maybe become again.
0:25:00 > 0:25:05These flashes of its former glory were enough to encourage airline pilot
0:25:05 > 0:25:12and sometime property developer Suhail to part with £125,000 to take on this massive project.
0:25:16 > 0:25:22- You must be doing this for more than the money?- Well...- Because there are easier ways to make money.
0:25:22 > 0:25:25Yes, of course. But, I mean, it's passion, really.
0:25:25 > 0:25:27It's getting something like this,
0:25:27 > 0:25:32and developing it and changing it to something beautiful.
0:25:32 > 0:25:38Having given himself a budget of £100,000, Suhail and a team of builders
0:25:38 > 0:25:41set about returning this house to its former glory.
0:25:41 > 0:25:47Now, 15 months later, we're back to see how high-flyer Suhail has got on.
0:25:55 > 0:25:59Well, underneath the scaffolding there are significant changes.
0:25:59 > 0:26:03There's a new roof, windows and external plasterwork.
0:26:08 > 0:26:12While inside the restoration project is in full swing...
0:26:16 > 0:26:22..with traditional fireplaces planned in modern centrally heated rooms.
0:26:25 > 0:26:31The kitchen area's been opened right up ready for contemporary kitchen units and appliances to be fitted.
0:26:31 > 0:26:37It seems Suhail, along with his main builder, Steve, have broken the back of the work here,
0:26:37 > 0:26:40but let's go right back to the start.
0:26:42 > 0:26:43We had to underpin it first of all.
0:26:43 > 0:26:49We started about three months later, after the underpinning had taken place,
0:26:49 > 0:26:57rebuilding some of the internal walls that were affected previously by the movement,
0:26:57 > 0:27:02so the central wall of the house, basically, has been rebuilt all the way up,
0:27:02 > 0:27:05at least 90% of it, and it's all original bricks that we actually used.
0:27:05 > 0:27:10Once the walls of the house were made sound, there was still a fair amount of internal structure
0:27:10 > 0:27:12that had to be replaced.
0:27:12 > 0:27:17Well, when we inspected all the floors, we found there was a lot of damage there
0:27:17 > 0:27:23because of woodworm and other stuff. So we had to change all the floors in the house completely,
0:27:23 > 0:27:28apart from those, like, six boards in here and maybe about four boards downstairs,
0:27:28 > 0:27:29but everything else is new.
0:27:29 > 0:27:35With walls and floors sorted he was on his way to turning the five bedrooms and bathrooms
0:27:35 > 0:27:38from their previous sorry condition back to their original state.
0:27:38 > 0:27:43# I'm on my way from misery to happiness today
0:27:43 > 0:27:46# Uh-huh, uh-huh, uh-huh
0:27:46 > 0:27:51# I'm on my way from misery to happiness today... #
0:27:51 > 0:27:54Suhail has also enlarged some areas, such as the bathroom,
0:27:54 > 0:27:58to locate what will be a great shower unit.
0:27:58 > 0:28:03And he's opened up beneath the eaves to create extra cupboards in the top two bedrooms.
0:28:03 > 0:28:07This wasn't the only place he found more space.
0:28:09 > 0:28:12OK. Well, while we were actually putting the roof on
0:28:12 > 0:28:15we just discovered this massive area in the loft in there,
0:28:15 > 0:28:18so we actually created this opening in here,
0:28:18 > 0:28:21and as we've gone in there was this massive place,
0:28:21 > 0:28:24which actually we thought of creating a new beautiful bathroom,
0:28:24 > 0:28:31and we kept sort of... Well, we installed the window which has given us a lot of nice light,
0:28:31 > 0:28:37and we kept the beams as original, and obviously we changed it into a lovely bathroom,
0:28:37 > 0:28:40so people can have a bath in here, looking at the stars.
0:28:40 > 0:28:43# All the stars are coming out tonight
0:28:43 > 0:28:49# They're lighting up the sky tonight for you
0:28:49 > 0:28:53# For you... #
0:28:53 > 0:28:58And Suhail's been a bit of a star to take on this house.
0:28:58 > 0:29:04It was in quite a desperate state, and to get it to this stage is some achievement,
0:29:04 > 0:29:08especially when you live 40 minutes away and have a full-time job as an airline pilot.
0:29:08 > 0:29:12It was a challenge, I had to keep running backwards and forwards
0:29:12 > 0:29:16from, you know, where I am and where I work,
0:29:16 > 0:29:21and, again, it's really thanks to my wife as well who's actually been looking after it quite a lot,
0:29:21 > 0:29:25and she's been working quite a lot and actually, you know, keeping it going.
0:29:25 > 0:29:31And, you know, thanks again for people like Steve who's absolutely a bar of gold, five bars of gold!
0:29:31 > 0:29:33He's absolutely great. He's been doing a fantastic job in here.
0:29:33 > 0:29:37If it wasn't for him, really, we'd be well behind.
0:29:37 > 0:29:44Five-gold Steve must have had to work hard as practically everything needed replacing or refurbishing.
0:29:44 > 0:29:47But how many gold bars did it cost to get the job done?
0:29:47 > 0:29:51Well, we set a budget of £100,000 to actually spend on the house,
0:29:51 > 0:29:56and we're hoping we can actually get away with 80,000 maybe or 85,000,
0:29:56 > 0:30:00but, again, it doesn't matter. We're around there.
0:30:01 > 0:30:07But £100,000 spent on a property that was 125,000 at auction
0:30:07 > 0:30:13means, including costs and fees, that his total outlay will be over £225,000.
0:30:13 > 0:30:19So has he flown too high here and burnt his wings? What do two local estate agents think?
0:30:21 > 0:30:23It's a lovely character building, well-sized,
0:30:23 > 0:30:25but still a bit of a work in progress.
0:30:25 > 0:30:31This is a fantastic property, wonderful period property.
0:30:31 > 0:30:37Great room sizes, everything here is large. It is terrific.
0:30:37 > 0:30:41Suhail generally looks to sell his purchases on once completed,
0:30:41 > 0:30:45but if he couldn't immediately sell this house, how much could it rent for?
0:30:45 > 0:30:49Once renovated, I'd put this property on the market for £995 per calendar month.
0:30:49 > 0:30:57I would say that you were looking at somewhere in the region of £850 per calendar month.
0:30:57 > 0:31:03Those rental figures represent between £10,000 and £12,000 a year, or a yield of around 4%.
0:31:03 > 0:31:09So would his £225,000 investment fare better if resold?
0:31:09 > 0:31:14Once the property has been fully renovated, I'd expect to put the property on the market for £240,000.
0:31:14 > 0:31:20Current market value of this property is somewhere in the region of £225,000.
0:31:20 > 0:31:22I think that's a bit low,
0:31:22 > 0:31:26cos there's no houses like it in the street, in the area, that are for sale,
0:31:26 > 0:31:30and I'm very confident I'll get a bit more than that.
0:31:30 > 0:31:34Suhail had a price of around £300,000 in his mind,
0:31:34 > 0:31:38so the figures do seem disappointing, but it's not fully finished,
0:31:38 > 0:31:43which will make a big difference. What does he plan to do with the house now?
0:31:43 > 0:31:48Well, I will aim very much to get the price that I'm actually looking for or even just near it,
0:31:48 > 0:31:51and move on for the next project.
0:31:58 > 0:32:02I'm in Nottinghamshire, in the leafy suburb of Bilborough.
0:32:07 > 0:32:12Well, I'm a few miles from Nottingham city centre to see a two-bedroomed flat
0:32:12 > 0:32:17which the auction catalogue described as being "an ideal investment opportunity".
0:32:17 > 0:32:20Well, one of the key things for such a thing would be location.
0:32:20 > 0:32:23Well, this place certainly stacks up from that point of view.
0:32:23 > 0:32:28So with one box ticked let's see what it's like inside.
0:32:29 > 0:32:35The guide price of this ground-floor flat was quite attractive too, just 42,000.
0:32:35 > 0:32:41Well, the next thing you want to be looking for is a place that doesn't need too much money spending on it
0:32:41 > 0:32:43to bring it up to scratch.
0:32:43 > 0:32:50And I have to say at first glance this place is again doing pretty well. A little corridor there,
0:32:50 > 0:32:55a private corridor, and then into what is a main open-plan living area.
0:32:55 > 0:32:59I really like this room. You've got light coming in from the garden,
0:32:59 > 0:33:02and it's just a really nice-sized space. Leading off it,
0:33:02 > 0:33:07you've got your two bedrooms and your bathroom and then through to the kitchen.
0:33:07 > 0:33:09And, joy of joys, look at this.
0:33:09 > 0:33:14It might not be the most up to date, and certainly, yeuch, it needs a bit of cleaning,
0:33:14 > 0:33:19but I think get a professional cleaner in here and it could be sparkling,
0:33:19 > 0:33:22so second box ticked!
0:33:24 > 0:33:28# Just look to the good, just like I told you that you would.... #
0:33:28 > 0:33:33So far, on the face of it, this leasehold ground-floor flat is looking good.
0:33:33 > 0:33:37It has a decent kitchen, access to a shared garden and plenty of space.
0:33:37 > 0:33:42So, through here, you've got your bathroom. Needs a lick of paint, but looks in reasonable condition.
0:33:42 > 0:33:47And then another thing you really want to look for in rental property is good-sized bedrooms.
0:33:47 > 0:33:50And again the property does tick that particular box.
0:33:50 > 0:33:54Front of the property here, two bedrooms, double-sized. Great stuff.
0:33:54 > 0:33:58However, that's all the pluses out the way. Down to a few negatives.
0:33:58 > 0:34:05Come in here and you can see round all these walls this black, kind of damp thing going on.
0:34:05 > 0:34:10Now, they're on internal walls as well so I really don't know what is causing that.
0:34:10 > 0:34:15My fear would be that the damp-proof course under the floors in some way got damaged.
0:34:15 > 0:34:17In which case that is going to be quite expensive to put right.
0:34:17 > 0:34:23# Some places they get mildew and others get too hot
0:34:23 > 0:34:27# Some places are so damp that everything you've got just rots... #
0:34:27 > 0:34:31This damp is clearly more of an issue that I first thought.
0:34:31 > 0:34:36If you look closely, most of the rooms have some signs of dampness.
0:34:36 > 0:34:40So the first thing to do is to get it checked out and sorted.
0:34:40 > 0:34:43I'd definitely recommend a survey before buying this flat,
0:34:43 > 0:34:47because what might look like a good buy might end up being a bit of damp squib.
0:34:47 > 0:34:51With a leasehold property, it's always worth checking the legal pack.
0:34:51 > 0:34:55If you buy a property with a short lease, it may be difficult to get a mortgage.
0:34:55 > 0:35:01It will cost you money to extend the lease. Luckily this place has a pretty decent 99-year one.
0:35:03 > 0:35:07What does a local estate agent make of this property?
0:35:09 > 0:35:12Basically, if you buy something for rental,
0:35:12 > 0:35:15you don't want to go spending an awful amount of money,
0:35:15 > 0:35:17so with it being double-glazed,
0:35:17 > 0:35:20and the kitchen and bathroom's in, there's no expense there.
0:35:20 > 0:35:24There are signs of damp. It does need major cosmetic work...
0:35:24 > 0:35:29new carpets, redecoration... Kitchen and bathroom are fine.
0:35:29 > 0:35:31Just needs a good general tidy round.
0:35:31 > 0:35:35What could you get in terms of rent for this two-bed flat?
0:35:35 > 0:35:37I think it'll rent very quickly.
0:35:37 > 0:35:40They usually stop on the market for about four-six weeks.
0:35:40 > 0:35:44Figureswise for rent, you're probably looking about £450 per calendar month.
0:35:44 > 0:35:49What about if you tried to sell this flat that was guided at £42,000?
0:35:49 > 0:35:54If it was up for sale, realistic valuation, you're probably looking about £70,000.
0:35:55 > 0:35:59Well, there are some intriguing damp issues to resolve,
0:35:59 > 0:36:03but I think spend a bit of money on this place and it will be a good rental opportunity.
0:36:03 > 0:36:05Let's see who agreed when it went under the hammer.
0:36:07 > 0:36:12Lot 24 is the two-bedroomed ground-floor apartment
0:36:12 > 0:36:16with gas central heating, double glazing. 38 to start me, then?
0:36:16 > 0:36:2038 I have. Thank you. At £38,000.
0:36:20 > 0:36:21At 38. 39 is bid.
0:36:21 > 0:36:2340,000.
0:36:23 > 0:36:2541. 42.
0:36:25 > 0:36:2942. 43? Or 43,500?
0:36:29 > 0:36:3043,500.
0:36:30 > 0:36:3543,500. 44,000. 44,500.
0:36:35 > 0:36:3645,000.
0:36:36 > 0:36:3745,500.
0:36:37 > 0:36:4046,000. 46,500.
0:36:40 > 0:36:4347,000. 47,500.
0:36:43 > 0:36:4748. 48,000. One more. 48,500.
0:36:47 > 0:36:5049. 49 is bid.
0:36:50 > 0:36:5249,500. 50,000.
0:36:52 > 0:36:5450,500?
0:36:55 > 0:36:5750,500.
0:36:57 > 0:36:5951,000.
0:36:59 > 0:37:0151. Bids are all yours.
0:37:01 > 0:37:0451,000. 500 again? 51,500.
0:37:04 > 0:37:0752.
0:37:07 > 0:37:1052,500? 52,500.
0:37:10 > 0:37:1252,500.
0:37:12 > 0:37:17You sure? £52,500, then. Going once.
0:37:17 > 0:37:20Going twice. Third and last time.
0:37:20 > 0:37:24Sold at 52,500 to number 53. Thank you.
0:37:24 > 0:37:27For £52,500, the new owner is Barry.
0:37:27 > 0:37:32He already has a portfolio of ten properties and has bought at auction before,
0:37:32 > 0:37:35but this time, apparently, Barry didn't have time to do
0:37:35 > 0:37:39what I regard as some rather essential pre-auction preparation.
0:37:39 > 0:37:43- Barry, good to meet you. - Good to meet you, Martin. - Congratulations.- Thanks very much.
0:37:43 > 0:37:47- So here we are standing outside the flat you've bought for around £50,000.- That's correct, yeah.
0:37:47 > 0:37:51- Which you haven't seen yet.- No, not inside, no. Just through the window.
0:37:51 > 0:37:55So how do you feel now, standing outside it, having not got a clue what's behind that door?
0:37:55 > 0:37:58A little bit apprehensive because you're here.
0:37:58 > 0:38:03If I'd the luxury of being able to go in on my own, I'd be a little bit more confident.
0:38:03 > 0:38:06But the main things are going to be the bathroom and the kitchen,
0:38:06 > 0:38:10so as long as they're not too bad, then, I think I should be OK.
0:38:10 > 0:38:15- Right. Well, I think the moment has come.- OK.- Lead me into your new house.- I will do.
0:38:15 > 0:38:16Thank you.
0:38:17 > 0:38:19- After you.- OK, thank you.
0:38:19 > 0:38:22I don't know who's more nervous, me or you, actually.
0:38:22 > 0:38:25- But here you go.- Wow!
0:38:25 > 0:38:27Well, no shocks so far.
0:38:28 > 0:38:32- It's quite a nice room, actually. Lots of light coming in from the garden.- Yeah, reasonable size.
0:38:32 > 0:38:37One thing I did notice. A bit of damp on some of the internal and external walls.
0:38:37 > 0:38:41- Obviously I didn't spot that looking through the window.- No kidding! Come through to the kitchen.
0:38:41 > 0:38:43- OK.- I quite like the layout.
0:38:43 > 0:38:48Big space here, bedrooms going off there. Then you come through here into your kitchen.
0:38:48 > 0:38:52Well, that's a result, yes. Reasonable kitchen...
0:38:52 > 0:38:55which was one of my concerns that I was going to have to put a new kitchen in.
0:38:55 > 0:38:59- As a starting point, what do you think?- Yeah, reasonable. I've been in a lot worse.
0:38:59 > 0:39:03- So it's good. - Well, listen, there's the bedrooms and the bathroom for you to explore.
0:39:03 > 0:39:06- You go off and do that and I'll see you in the garden in a minute.- Lovely.
0:39:06 > 0:39:12# I get around, yeah, get around, round, round, I get around... #
0:39:12 > 0:39:16Not only is this the very first time Barry's been inside the flat,
0:39:16 > 0:39:21but he also didn't read the legal pack or get a pre-auction survey.
0:39:21 > 0:39:26Not ideal if you're shelling out £52,000 on a leasehold property.
0:39:26 > 0:39:32But he did at least do some research on the area and how much rental or resale value he might achieve.
0:39:32 > 0:39:36So now you've had a chance to look round the whole flat, what do you think?
0:39:36 > 0:39:38Yeah, it's OK, really. A little bit concerned about the damp.
0:39:38 > 0:39:41I wasn't expecting that because of the age of the property.
0:39:41 > 0:39:46But, yeah, I'll have to get my builders round to look at that and see what needs doing.
0:39:46 > 0:39:52But, yeah, the rest of it, bathroom, kitchen just needs cleaning up and redecorating, really.
0:39:52 > 0:39:56New carpets and then get it on the market to rent.
0:39:56 > 0:40:01So on a happy scale of 0-10 where would you place yourself?
0:40:01 > 0:40:07- Er...about 6 or 7, really.- OK. - If I'd have paid less, I'd be slightly happier.
0:40:07 > 0:40:10Any idea how much you're going to have to spend to sort it out?
0:40:10 > 0:40:16As little as possible, really. Maximum, I'd like to think, couple of thousand, 2,000-3,000,
0:40:16 > 0:40:18depending on what needs doing with regards to the damp.
0:40:18 > 0:40:24- And who's going to do the work? - I've got a good team of builders, plumbers, electricians,
0:40:24 > 0:40:28who, hopefully, as long as they're not tied up on other jobs can get round here pretty sharpish, really.
0:40:28 > 0:40:32£2,000-£3,000 isn't much of a budget.
0:40:32 > 0:40:35Fine if all you need to do is redecorate and carpet,
0:40:35 > 0:40:40but if the damp problem is a major issue, then the budget will have to rise significantly.
0:40:40 > 0:40:44However, with Barry not getting a survey done, this is still an unknown,
0:40:44 > 0:40:48but it seems Barry's not averse to taking the odd risk and relishes a challenge.
0:40:48 > 0:40:50- Tell me a bit more about you.- OK.
0:40:50 > 0:40:54I worked in financial services for about 25 years,
0:40:54 > 0:40:58the last ten of which I was working for myself as a mortgage broker.
0:40:58 > 0:41:01- Oh, wow!- Always dabbled in properties over the years,
0:41:01 > 0:41:04bought and sold my own properties,
0:41:04 > 0:41:09and recently started to build up a small portfolio of buy-to-lets.
0:41:09 > 0:41:12- I built my own house from scratch once...- Golly!
0:41:12 > 0:41:15So now I'm doing more and more of that, really,
0:41:15 > 0:41:20so I've sort of resigned from my business and focusing on properties
0:41:20 > 0:41:25and spend a bit more time doing things I wanted to do, travelling and seeing a bit more of the world,
0:41:25 > 0:41:29- and taking more time out, really. - Right, OK. Well, what inspired that?
0:41:29 > 0:41:34My brother was very ill and, unfortunately, passed away as a result...
0:41:34 > 0:41:37- Oh, no!- ..Just over a year ago. - How old was he?- He was 49.
0:41:37 > 0:41:40- 49?- He was just a few months off his 50th birthday, yes.
0:41:40 > 0:41:45It makes you realise that, you know, you're here for a short time,
0:41:45 > 0:41:49and you should make the most of all the time you've got available.
0:41:49 > 0:41:54So since then, you know, I've been off and rode my motorbike across Europe,
0:41:54 > 0:41:58I've climbed Kilimanjaro... done quite a few things, really.
0:41:58 > 0:42:01- You rode your bike? What kind of bike?- I've got a Harley-Davidson.
0:42:01 > 0:42:05- Have you?- Yeah. A real mid-life crisis bike.
0:42:05 > 0:42:08- You rode your Harley-Davidson across Europe?- That's right, yes. - And climbed Kilimanjaro?
0:42:08 > 0:42:12- Not all at the same time.- No, clearly not.- I did that last year.
0:42:12 > 0:42:17- And you from your financial services background throwing caution to the wind...- I know, it's terrible.
0:42:17 > 0:42:22- Well, listen, congratulations.- Thank you.- Good luck with it.- Thanks. - We'll see how you get on.- OK.
0:42:22 > 0:42:26# Ain't no mountain high enough... #
0:42:27 > 0:42:32Well, Barry broke the cardinal rule when it comes to buying property at auction.
0:42:32 > 0:42:37He didn't see it beforehand and, worse, he didn't even read the legal pack.
0:42:37 > 0:42:40That could have had really horrendous ramifications.
0:42:40 > 0:42:44It seems in this case he got away with it, but, please, don't do it.
0:42:44 > 0:42:47You can find out how he gets on later in the show.
0:42:50 > 0:42:53Time has passed and we need to see if the money has been well spent.
0:42:53 > 0:42:58Yes, have those fine-sounding plans come to fruition?
0:42:58 > 0:43:01Let's go back and find out what's been going on at the properties.
0:43:05 > 0:43:10With its seaside location, Herne Bay in Kent has long attracted holidaymakers,
0:43:10 > 0:43:14but when a former children's residential care home came up for auction,
0:43:14 > 0:43:20it wasn't the sea air or the Blue Flag beaches that attracted married couple Gary and Claire
0:43:20 > 0:43:23and their family to part with 270,000.
0:43:23 > 0:43:27It was the space and possibilities that the property offered them.
0:43:27 > 0:43:32# Let's stick together... #
0:43:32 > 0:43:36So you're jumping from a two-bed to a seven-bed house? What is your thinking behind all this?
0:43:36 > 0:43:39We've always wanted to live with parents,
0:43:39 > 0:43:42cos we're quite big on family,
0:43:42 > 0:43:47so it's kind of a solution that Gary's mum and dad and my mum can come and live with us.
0:43:47 > 0:43:51And it's enough space so everyone can have their own space as well.
0:43:52 > 0:43:56# Let's stick together... #
0:43:56 > 0:44:01So the plan was that the three generations could live together under the same roof,
0:44:01 > 0:44:04yet have different areas of the house to themselves.
0:44:04 > 0:44:07This building looked like it fitted the bill perfectly.
0:44:09 > 0:44:13So, 14 months on, had it all worked out?
0:44:13 > 0:44:18Was the house finished? And, more importantly, were they all living together?
0:44:19 > 0:44:23Well, the outside looks promising with new doors and windows
0:44:23 > 0:44:25and a fresh lick of paint.
0:44:25 > 0:44:29It was a sort of kids' home before, so it looked a bit like a hospital.
0:44:29 > 0:44:34Everything was pastels, blues and pinks so we had to rip it all apart.
0:44:34 > 0:44:39After ripping it apart, Gary started to put it back together again.
0:44:44 > 0:44:48So where there was once a large, sterile, pastel-coloured room,
0:44:48 > 0:44:51there is now a fantastic open lounge
0:44:51 > 0:44:54with laminate floors that run through to the dining area.
0:44:59 > 0:45:06That tired old kitchen has been transformed into a modern family kitchen space with all mod cons.
0:45:06 > 0:45:13We wanted everyone to have their own area, which was important, that we all had our own space.
0:45:13 > 0:45:17The house lent itself nicely to being divided into three,
0:45:17 > 0:45:21with two extension areas off the back and one off the front.
0:45:22 > 0:45:28So the front area extension has been turned into Claire's mother Carol's part of the house...
0:45:28 > 0:45:30with it own lounge...
0:45:36 > 0:45:37..bedroom...
0:45:39 > 0:45:45..and bathroom. And it's all been fitted out and paid for by Carol.
0:45:47 > 0:45:50Whereas one of the extensions at the back has been converted into a separate annexe.
0:45:55 > 0:45:57This was the play area,
0:45:57 > 0:46:03but we wanted to make a separate space for Gary's mum and dad,
0:46:03 > 0:46:07and for them to have their own kitchen area,
0:46:07 > 0:46:11and so we made it open-plan living, and they're really, really happy with it.
0:46:12 > 0:46:17So now Gary's parents Pam and Bob have their own self-contained unit.
0:46:17 > 0:46:23With Bon recovering from throat cancer, it must be great to have his family close at hand.
0:46:23 > 0:46:28And yet they have their own space with two bedrooms and a bathroom
0:46:28 > 0:46:31to go with that big open-plan kitchen area.
0:46:46 > 0:46:49While upstairs there is Gary and Claire's bedroom...
0:46:54 > 0:46:56..seven-year-old Charlie's own room...
0:46:59 > 0:47:02..and a lovely pink room for four-year-old Milly.
0:47:02 > 0:47:08And with another great bathroom suite, this house has just about everything a family needs.
0:47:09 > 0:47:12I feel exhausted just looking at all the work they've done here.
0:47:12 > 0:47:15This was certainly some project!
0:47:15 > 0:47:17It's been a journey, hasn't it?
0:47:17 > 0:47:19It has been a real journey.
0:47:19 > 0:47:22The children have got involved when we were knocking walls down and things,
0:47:22 > 0:47:26- they got really involved, didn't they?- Yeah.- They really enjoyed it.
0:47:26 > 0:47:31In fact, the family moved in just two weeks after we first saw them.
0:47:31 > 0:47:35So Charlie and Milly were not only on hand to help, but to see the changes.
0:47:35 > 0:47:41When we first moved in, my mum painted that wall,
0:47:41 > 0:47:45and then I think she put the butterfly stickers up.
0:47:45 > 0:47:50I think my brother thinks it's really good and I think it's brilliant.
0:47:50 > 0:47:55Well, because at my old house we had to share rooms and everything,
0:47:55 > 0:47:58but now we've got much bigger space.
0:47:58 > 0:48:03The children are so happy with their own rooms, but how has it worked out for other family members?
0:48:03 > 0:48:09Is Carol just as pleased about living under the same roof as the rest of the family?
0:48:09 > 0:48:13I love my grandchildren. I get to see them every day while I'm here.
0:48:13 > 0:48:17And they're a joy to me and I'm really glad that we're all together.
0:48:17 > 0:48:21But doesn't she want her own space occasionally?
0:48:21 > 0:48:26Er...I'd shut the door in between the hall,
0:48:26 > 0:48:29and then it's mine!
0:48:31 > 0:48:34This really is a great arrangement.
0:48:34 > 0:48:37They've all got their own space, even the dog!
0:48:37 > 0:48:41Yet they're all under the same roof and close at hand if they need anything.
0:48:41 > 0:48:44How much did it cost to bring this family together?
0:48:46 > 0:48:50By the time we've finished the conservatory and the utility room and the garden,
0:48:50 > 0:48:53it will be around £45,000, I imagine.
0:48:53 > 0:48:58A £45,000 spend seems fantastic value for what they've achieved.
0:48:58 > 0:49:02But then Gary did do a lot of the work himself.
0:49:02 > 0:49:06They paid 270,000 for the house, so, with costs and fees,
0:49:06 > 0:49:10their total outlay will be around 320,000.
0:49:10 > 0:49:13What do two local estate agents think of their efforts?
0:49:13 > 0:49:17I like the layout of the house. It's done to a high standard.
0:49:17 > 0:49:19It's a good family property.
0:49:19 > 0:49:22However, I would put a separate external door into the granny annexe.
0:49:22 > 0:49:25The house works very well because you've got a central hallway
0:49:25 > 0:49:28and then two wings that go off the hallway
0:49:28 > 0:49:31and space for a very nice conservatory in the back.
0:49:31 > 0:49:34Having tailored this house to their requirements,
0:49:34 > 0:49:37clearly, Claire and Gary aren't planning to sell any time soon,
0:49:37 > 0:49:42but have they invested around £320,000 wisely?
0:49:42 > 0:49:46I'd put it on the market between £395,000 and £425,000.
0:49:46 > 0:49:51If this were to be sold, the value now is about £400,000.
0:49:51 > 0:49:54- Yeah, that's fantastic. - Yeah, it is good.- 400,000.
0:49:54 > 0:49:59- Makes it all worthwhile if we decide to sell it.- Not that we will.- That's really good.
0:49:59 > 0:50:05Yes, so despite a potential pre-tax profit of between £75,000 and £105,000,
0:50:05 > 0:50:08this is to be their home for the foreseeable future.
0:50:08 > 0:50:10What are their current plans?
0:50:10 > 0:50:15A few little bits to do just to finish off, and we're going to sit back and enjoy it.
0:50:15 > 0:50:19- Yeah, definitely.- Enjoy the hard work.- Yeah. Enjoy the life...- Yeah.
0:50:19 > 0:50:23And the generations, you know, cos originally it was my dream to have, you know...
0:50:23 > 0:50:26- and we now just want to live it, don't we?- Yeah.
0:50:26 > 0:50:30# So happy together
0:50:30 > 0:50:34# So happy together...
0:50:34 > 0:50:38# So happy together
0:50:38 > 0:50:42# So happy together... #
0:50:47 > 0:50:51In the Nottingham suburb of Bilborough,
0:50:51 > 0:50:53a two-bedroomed ground-floor flat sold at auction.
0:50:53 > 0:50:58Apart from some worrying signs of damp, it was in pretty good condition.
0:50:58 > 0:51:01That was all news to former mortgage broker Barry
0:51:01 > 0:51:06whose purchase of the flat at £52,000 represented a bit of a gamble.
0:51:07 > 0:51:12- So here we are standing outside the flat you've bought for around £50,000.- That's correct, yeah.
0:51:12 > 0:51:16- Which you haven't seen yet.- No, not inside, no. Just through the window.
0:51:16 > 0:51:20- Right. Well, I think the moment has come.- OK.- Lead me into your new house.- I will do.
0:51:20 > 0:51:21Thank you.
0:51:21 > 0:51:27# I was blind, now I can see
0:51:27 > 0:51:29# You made a believer... #
0:51:29 > 0:51:34Having looked around his blind purchase, Barry decided he could turn this flat around quite quickly.
0:51:37 > 0:51:42And on a budget of just £2,000, which sounded like a bit of a challenge,
0:51:42 > 0:51:45but for a man who'd previously crossed Europe on a motorbike
0:51:45 > 0:51:51and climbed Kilimanjaro for charity, this flat was going to be a walk in the park, wasn't it?
0:51:51 > 0:51:55Well, just one month later, we're back.
0:52:03 > 0:52:08And it certainly looks like Barry's taken this challenge in his stride.
0:52:08 > 0:52:14OK, in the living room, apart from just general decoration and changing plugs and sockets,
0:52:14 > 0:52:16we reinstated the fireplace.
0:52:16 > 0:52:20I managed to pick this up from an internet site.
0:52:20 > 0:52:23Funny thing was when I bought it and brought it into the house,
0:52:23 > 0:52:26it was slightly larger than the chimney breast.
0:52:26 > 0:52:30So we had to extend the chimney breast slightly, but that was only a minor expense.
0:52:30 > 0:52:38The other thing I did in here was replace the double-glazed patio doors and put in just a single door.
0:52:38 > 0:52:40And that was it, really.
0:52:40 > 0:52:44That new single door leads out on to the shared garden.
0:52:44 > 0:52:49With a flat it's always such a bonus to have access to a garden.
0:52:55 > 0:53:00And off the redecorated good-sized lounge is the kitchen
0:53:00 > 0:53:03which just needed a wash and brush-up.
0:53:08 > 0:53:11But there was of course that damp issue.
0:53:16 > 0:53:20OK. Well, as you can probably remember, when we first came in
0:53:20 > 0:53:24there was quite a lot of evidence of damp in this room in particular
0:53:24 > 0:53:26and other rooms throughout the apartment.
0:53:26 > 0:53:28I thought it might have been rising damp,
0:53:28 > 0:53:35but I got a specialist round and he assured me it was condensation, caused by the lack of ventilation.
0:53:35 > 0:53:39So, as you can see here, I've installed two air vents which allow the air to circulate,
0:53:39 > 0:53:44and we've done that in the other bedroom, the kitchen and the lounge.
0:53:44 > 0:53:48And that, together with a bit of replastering, has solved the problem.
0:53:48 > 0:53:53With the condensation sorted, Barry could crack on with the rest of the rooms.
0:53:53 > 0:53:56So the two bedrooms were carpeted and given a lick of paint,
0:53:56 > 0:54:00while the bathroom has had a general tidy-up and been redecorated.
0:54:00 > 0:54:04With the help of some tradesmen, he turned this flat around in just four weeks,
0:54:04 > 0:54:08one week of which he was on holiday in Spain.
0:54:08 > 0:54:13But he still met his three-to-five week deadline for refurbishment.
0:54:13 > 0:54:15Did he also manage to stick to his original budget?
0:54:15 > 0:54:18I was estimating a couple of thousand, really,
0:54:18 > 0:54:23and it turned out to be...I worked it out this morning, it was 2,620.
0:54:25 > 0:54:30A £2,620 budget on top of his £52,000 purchase price,
0:54:30 > 0:54:36with costs and fees, takes Barry's total outlay to around £56,000.
0:54:36 > 0:54:40So will his blind purchase see any decent returns?
0:54:41 > 0:54:44It's in lovely condition. Very, very good sellable area.
0:54:44 > 0:54:46I think all the rooms are a really generous size.
0:54:46 > 0:54:49I think the kitchen's nicely appointed, good general accommodation.
0:54:49 > 0:54:53Very good access to local schools and amenities, so ticks every box.
0:54:58 > 0:55:00It's been nicely finished.
0:55:00 > 0:55:04There are a few areas where it could have been improved slightly.
0:55:04 > 0:55:08I think there's a little bit of competition for this kind of thing on the market at the moment,
0:55:08 > 0:55:12er... but, overall, it's a good finish.
0:55:12 > 0:55:17Barry's now undecided whether to rent or sell his two-bed flat.
0:55:17 > 0:55:20Perhaps the figures will help him make up his mind.
0:55:20 > 0:55:24Rental market, I would consider offers of around £450 per calendar month.
0:55:24 > 0:55:27At the moment in the rental market, unfurnished,
0:55:27 > 0:55:31I would say the property could achieve in the region of £450 per calendar month.
0:55:31 > 0:55:37OK, that's good. Yeah, I was thinking, if I was going to advertise it to rent for 475,
0:55:37 > 0:55:40with a view to accepting 450. So, yeah, that's spot-on.
0:55:40 > 0:55:48£450 a month rental is £5,400 a year or a pretty impressive 9% yield.
0:55:48 > 0:55:53But how would his £56,000 investment fare if sold on?
0:55:53 > 0:55:59Saleswise, I would think about offers in the region of around £75,000.
0:55:59 > 0:56:04At the moment I believe it would achieve in the region of £70,000.
0:56:04 > 0:56:10I'd have put it on for 75 with a view to taking an offer slightly below that,
0:56:10 > 0:56:12but, yeah, that's reasonable.
0:56:12 > 0:56:18In fact, since filming Barry has managed to sell the flat for £74,000,
0:56:18 > 0:56:22giving him a pre-tax profit of around £18,000.
0:56:22 > 0:56:24Not bad for just one month's work.
0:56:24 > 0:56:27Has he any advice for would-be property developers?
0:56:27 > 0:56:30Yeah, do it, go for it. Just don't do it in Nottingham.
0:56:30 > 0:56:32Too much competition!
0:56:32 > 0:56:36# This town ain't big enough for the both of us
0:56:36 > 0:56:38# And it ain't me who's gonna leave... #
0:56:38 > 0:56:43Barry might feel that the city of Nottingham isn't big enough for too many developers,
0:56:43 > 0:56:50but with his experience and instinct for a bargain he will be tough competition for anyone who tries.
0:56:52 > 0:56:58Well, that's it for now. Did we inspire you or put you off trying it for yourselves?
0:56:58 > 0:57:02- Make sure you join us next time for more Homes Under The Hammer.- We'll see you then. Goodbye.- Goodbye.
0:57:05 > 0:57:09Subtitles by Red Bee Media Ltd
0:57:09 > 0:57:13E-mail subtitling@bbc.co.uk