Episode 67 Homes Under the Hammer


Episode 67

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Transcript


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-Hello! Welcome to the programme.

-Auctions are an interesting place to buy and sell property.

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Perhaps that's why they've become so popular over the years.

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Thousands of different lots are for sale each year under the hammer.

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People who buy regularly at auction know all the tricks of the trade.

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One way to make sure you're not inheriting a load of problems

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is to read the legal pack of the property you want to buy.

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It's better to be safe than sorry.

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Here are the properties that got our buyers interested on today's show.

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This end-of-terrace in Macclesfield only has two bedrooms

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but could prove a knock-out!

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It's a small property, but it packs a punch!

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In Plaistow, east London, there's a full-time job on offer.

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This is a 24-hours-a-day, seven-days-a-week job!

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And this former office in Cardiff

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has two floors and some deadly dry rot.

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It may look pretty, but in terms of a building, it's horrendous!

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All these properties went to auction

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and we'll find out who bought them and what they paid when they went under the hammer.

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I'm in the market town of Macclesfield in Cheshire.

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It has great rail links to Manchester and Stoke

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and a buzzing high street.

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The King's School here is over 500 years old.

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Its motto is "No terror except of the bad."

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So let's hope that's not what we find here!

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So will the place I'm here to view get top marks?

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The property I'm here to see is about a mile and a half from the town centre.

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It's a two-bedroomed mews house built in the 1970s.

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It had a guide price of 85,000 quid. It's tucked away at the end of this road.

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Doesn't look too big from the outside, but as they say, nice things come in small packages.

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It's looking pretty tidy from the front.

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But will this property deliver the goods when we go through the door?

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So what's it like inside?

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There's a little porch area, somewhere to hang coats.

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Always useful. Then through into basically the main room downstairs.

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The living area. Open stairs up to the bedrooms.

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It's not a bad size and there's lots of light

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coming through the windows.

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Then through to the only other room downstairs, the kitchen.

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Again, not a bad size.

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There's enough room for a dining table, I'd say, there.

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Obviously the units, you can see the state they're in.

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Rip them out, put a new kitchen in here.

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It would definitely dramatically affect it.

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But overall, it's... It's OK!

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So appearances certainly seem to be deceptive in this case.

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It feels much bigger inside than you might anticipate from the street.

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So, upstairs, no great surprises. A good-sized double on the front,

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a smaller double at the rear, then through to the bathroom.

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This is good news. I reckon with a bit of grouting in here,

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keep these units, take out this cupboard to create more space.

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Overall you've got yourself not a bad bit of space.

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And in general, it's a small property,

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but it packs a punch!

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And with its guide price of 85,000, there's an added bonus

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with this two-bedroomed mews property.

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At the front is this garage, the first one on this block, right by the house.

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And there's another bonus round the back.

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A nice stable door there. Out of the rear of the property into this courtyard area.

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Most of the garden is laid to flags.

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Very low maintenance, especially if you want to rent it out.

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And then a real bonus.

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At the top of the garden is this shed. It's a pretty decent size.

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So that could possibly be even something like a home office, perhaps,

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or just a really good workshop for activities and pastimes.

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A nice thing to have. The outside area is a big plus.

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So I'd give top marks to this place.

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But is it going to get such a high score from a local estate agent

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familiar with the housing stock round here?

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How does this house compare to others?

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The biggest selling feature is its end of cul de sac location.

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It's a modern mews property, not in too bad a condition.

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It shouldn't need much money spent on it. It's cosmetic - kitchen, bathroom, et cetera.

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How much could this achieve after refurbishment to the house and summer house?

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The summer house is an asset which will help it sell.

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It has electricity connected, but needs money spent on it.

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Once renovated, the property should reach in the region of £125,000.

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Is there potential here for a buy-to-let investor?

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How much income could it generate?

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Should the property go up for rent,

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I'd consider an open rental figure in the region of 600 to £650 per calendar month.

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So did this two-bed property that had a guide price of 85,000

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appeal to a buy-to-let investor

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or a developer looking to refurbish and sell it on?

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Time to find out as it goes under the hammer.

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Lot 34.

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A two-bedroomed end mews.

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What's this worth?

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Who's going to give me 80? 80,000?

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80,000. At 80,000.

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75. No lower. 75 bid. Thank you.

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75,000. I have 75. Do we see 76?

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76. 77.

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77. 78? 78,000, then.

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79? 79.

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80. At £80,000.

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80. 81. 82.

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83?

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84. 85.

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86. 87.

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87,000.

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At 87,000 for the first time.

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88. New bid. Ooh.

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89.

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90. 91.

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90 and a half. Here we go!

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91. 91 and a half.

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91. 91 and a half. 91 and a half. 92.

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92 and a half.

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92 and a half. 93.

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93 and a half. 94.

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94 and a half? No. At 94,000, then for the first time.

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Second time at 94,000.

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Are we all done at £94,000?

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There you go, sir. Your paddle number?

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That final successful bid of 94,000 was made by John.

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He's now retired, but used to work in sales.

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He and his partner, Sue, are keen golfers

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and have built up a small portfolio of buy-to-let properties over the years.

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I met John back at their new purchase to hear the plans for it.

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-John, lovely to meet you. Congratulations.

-Thank you.

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-Tell me why you wanted to buy this place.

-I wanted to keep fit!

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-OK!

-So it's a mental exercise and I also wanted to turn a profit.

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So your first priority was to have something that kept you active.

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I'm retired and I play a lot of golf.

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It was just something to spark an interest.

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Not a primary residence. Something to do up and sell on?

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Primarily to do up and sell on.

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If the market's not right, I'll let it.

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Tell me about you. What did you do before you retired?

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I was a facilities manager for a company.

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I looked after 20 offices they had through the UK.

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And I was a buying manager and also looked after a fleet of executive cars.

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-Nothing to do with property?

-I looked after 20 offices.

-Right.

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There was a fair involvement in the property side there.

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I've got some buy-to-let properties as well.

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-So why this place?

-It looked easy.

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There's nothing wrong with it structurally. There's no damp.

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It's just cosmetic. So it looked fairly easy.

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-Will you do the work yourself?

-The intention was that I'd do the labouring

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and there's a lot of it to do.

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Decorating. But unfortunately, since the auction, I've had a heart attack!

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-A heart attack?!

-Yes!

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Silly thing to do, I know. I wasn't doing anything stressful.

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I don't know what it was. But I've had a heart attack

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so I'm bringing people in to do some of the heavy work.

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-How are you?

-Fit as a fiddle! I feel really well.

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Really up to the challenge.

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But the doctor says, "Take it easy and don't do too much."

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So how will that affect what you do?

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It's going to cost a bit more, so the budgets have increased

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because of bringing other people in.

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But we'll do exactly the same work as we were going to do.

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It's great that John's made a good recovery from his heart attack.

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But I'm very glad to hear he'll get help with this project.

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Tell me what work you're going to do.

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I'm going to do the kitchen. That's the first priority.

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There's a lot of work to do in the garden. Trees to be cut back.

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There's a summer house that I intend to make a feature of. I'll carpet that.

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Hopefully, when we sell it,

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I'll advertise that as either a home office or art studio or music studio.

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I hope that'll be a real add-on to the property.

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Then carpets throughout, it'll need decorating.

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Some of the double glazing is shot.

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So that needs to be sorted out.

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But there's nothing major.

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-What about the bathroom?

-The bathroom is fairly new.

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There's a bit of mildew, so clean it up, re-grout some of it.

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The floor looks good, so we'll retain the bathroom.

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-Will your partner get involved?

-Yes, she's golfing, but she's my style guru.

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She'll pick the kitchen, work out colour schemes. I'm colour blind, so...

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-Right.

-So that's really difficult, so she'll do all of that.

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-And she's a part funder.

-As in funding the...

-As in putting money in.

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So if John was left to it, we could find some interesting colour schemes!

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But thankfully his partner and fellow golfer Sue is there to help out.

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But she's also a joint investor, so John will have to watch his pennies.

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So what was the budget before the heart attack and what is it now?

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Seven and a half, now nine.

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-OK.

-A thousand contingency. So it's got to be brought in for ten.

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Otherwise the maths won't work. But I did a lot of research on the property.

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I'm sure I know what the sale price will be when it's done.

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Working backwards from that sets your budget, profit margin, price at the auction.

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-So to me it's a mathematical exercise.

-Very sensible indeed.

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Talk me through the numbers.

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I think it should sell for 125, done up.

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After a budget of ten, 115.

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I bought it at auction for 94.

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So there's a little profit gap.

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Hopefully!

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-What's the time scale for getting it all sorted?

-Well,

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it was a tight four weeks. Now I'm saying four to six.

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It gives me that extra time for planning round the edges

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and bring people in if necessary.

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How strict on yourself are you going to be in terms of not doing anything?

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I played my first 18 holes of golf yesterday!

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I worked all afternoon and went to a concert last night!

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-Right!

-I have a real problem in slowing down!

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I have a very strong partner at home

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and she will stop me

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from doing too much!

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A relaxed round of golf I'm sure is fine, but ripping out units is a big no-no!

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-I start on the kitchen this afternoon.

-What...

-I start on it. I'm doing it!

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What?!

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Well, it can't be that difficult!

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It's not difficult, it's the physical exertion!

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We'll take it very easy. Hour slots.

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Are you sure you're doing the right thing?

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Yeah.

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Congratulations and good luck.

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-Thanks very much.

-Good health to you.

-Very kind of you.

-We'll see how you get on.

-OK.

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Well, an inspirational story from John, there.

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But I really hope he gets proper advice

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before he takes on too much work.

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In terms of sorting the place out, not too many challenges ahead.

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I can't wait to see how he gets on.

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Find out later in the show.

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I'm in the East End, today, a place called Plaistow.

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The average price of a terraced house here is just over £200,000.

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That represents fantastic value

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when you consider the average property price in the capital

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is over 380 grand!

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Wow!

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With excellent transport links into the city,

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this is a hugely popular part of the capital.

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It has a proud established heritage that's evident everywhere,

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a fabulously fruity market,

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and in the middle of it all, the West Ham football ground stands tall.

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-#

-I'm forever blowing bubbles...

-#

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I'm here to see a property that's in the new city triangle.

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A cluster of roads that are deemed to be desirable by local estate agents.

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The houses along here are well kept

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and retain a lot of lovely Victorian features that we all crave.

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So I'm looking forward to seeing today's auction lot.

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Not so great from the outside,

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but I won't let those boards deter me.

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The guide for this two-bed terrace is £100,000.

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Let's go and see if it gets better on the inside.

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And on a sunny day like today, let's hope I see the property in its best light.

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Hmm. Maybe not!

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Whoa!

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If that front door is anything to go by,

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I think this is going to be a pretty grim viewing!

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I cannot tell you what it's like to be on the inside in here.

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It really, really smells of damp.

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It feels damp. It's quite cold in here, yet it's a warm sunny day.

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Look at the old electrics, the Bakelite there.

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The whole place just needs an overhaul. It's incredibly dated.

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Health and Safety hazards down here.

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There are holes in the floorboards,

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holes in the walls.

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At any point you feel like you're going to go through the floorboards.

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There's probably woodworm everywhere.

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Come and look over here.

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Even the pipe work underneath is completely rusted away.

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There's the kitchen but there's a shower in the middle of it!

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There's nothing to make you think it's a kitchen. It really needs to be taken back

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to the absolute bare bone.

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This is going to need full-time commitment.

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This really is a 24-hour-a-day, seven-day-a-week job.

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No slackers need apply!

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This property that was guided at £100,000

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is damaged, dirty and in dire need of attention.

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The back and the bizarre kitchen/shower room is in such a state

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I can't get through to look at the garden.

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I had to make do with peering through the window.

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And upstairs, bedroom one - you've guessed it - needs loads of work.

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And through there, much the same. This is bedroom two,

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and as you see, it needs a lot of work.

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And there's nowhere to move that downstairs bathroom up here.

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Bit of a shame.

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This had a guide price of £100,000.

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We asked a local estate agent to give us his opinion

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on this conundrum of a property.

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The property needs a lot of work.

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It's quite confusing as to where you'd put the kitchen and bathroom.

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It'll take some imagination in planning.

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But what to do once the work's done? Is this a good rental investment

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or is the real money to be made by selling this on?

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With everything that's happening in the local area and projections for the next four to five years,

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I'd suggest an initial rental and wait for an upturn in the market to sell in future.

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Depending on how the property was finished,

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we'd rent it between £950 per calendar month

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to 1,050 per calendar month.

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But if the buyer has their heart set on selling?

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I would value a finished product somewhere between £205,000

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and £210,000.

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A downstairs bathroom is a real turn-off for me

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but buyers in this area, they come to accept it.

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It does require a lot of work, but once complete,

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I think it could be a nice little home or great rental investment.

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Let's see who wanted this as we go to auction.

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Who'd like to kick it off?

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-120.

-120. Bold bids get it. Don't forget that.

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121. 122.

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123. 124.

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125.

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126.

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127. 128.

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129.

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130. 131.

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132. 133.

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133. Sorry.

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134. 135.

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136. 137.

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138.

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145?

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Ah, 140. 141.

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'The bidding continued at a pace.

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'We rejoin it as it reaches 150,000.'

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158.

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159. 160.

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161. 162.

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161 on my right. First time.

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Second time.

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Third and last time. Have you all done?

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Sold 161. Well done, sir.

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And it was Daniel who was successful with his £161,000 bid.

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He runs a recruitment company

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but also has several investment properties in West London.

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His move east is a new venture for him.

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He brought along a couple of side-kicks to check out this danger zone of a property!

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Daniel, great to meet you. Why did you want to buy this house?

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It wasn't that I set out to actually buy this.

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I was looking at another area, Hounslow,

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where I have property, ten properties over there.

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I went to the auction. The property I was going for was over-priced.

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I was going in at about 200,000. It went for 280.

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I hadn't picked this house. I hadn't actually, if I admit, seen inside it!

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-Uh-oh!

-It went roughly... I had marked out about 150,000.

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I went into the auction, got carried away and then bought the place.

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-Did you buy it blind?

-Erm...

-Tell Lucy!

0:20:440:20:47

I did!

0:20:470:20:49

-OK.

-Blind inside, but I've done research on the area.

0:20:490:20:52

-Did you even peer through the letter box?

-No, it was boarded up!

0:20:520:20:56

OK, so you literally bought the house... Did you even visit the street?

0:20:560:21:00

-I did the area. Not this exact street.

-Not the street.

-No.

0:21:000:21:06

But I had done research on the area, the letting area, the potential of the area.

0:21:060:21:10

And this is what I was after.

0:21:100:21:13

And it's in the price range.

0:21:130:21:15

OK, I think we all know that is a good dead cert rental area.

0:21:150:21:20

It's a really nice road, you only need to go up and down.

0:21:200:21:23

It's when you get inside that all the problems start!

0:21:230:21:26

How did you feel when you walked in here for the first time?

0:21:260:21:30

Because it's not great, is it?

0:21:300:21:33

When I came in the first time, I must admit, the place was a shambles.

0:21:330:21:38

I did put my hands to my head and said, "What have I done?"

0:21:380:21:41

I went around, looked upstairs, tried to look for positive things.

0:21:410:21:46

The best thing was there's two good rooms upstairs. I love these houses where

0:21:460:21:51

I can get in, I'm going to get a skip outside, everything out,

0:21:510:21:54

the floors, the walls, put new electrics, new plumbing.

0:21:540:21:58

-This is going to be a kitchen/diner area.

-You're going to open the space up?

-I'll open up the space.

0:21:580:22:04

I was looking at it. It's not enough potential to do it up to sell.

0:22:040:22:08

I'll do it up to rent and make an investment that way.

0:22:080:22:12

So it's a rental investment. Long term, what a fine investment.

0:22:120:22:17

I'm going to put in 30,000, bring it up to about 190.

0:22:170:22:23

I hope to get it valued at 215.

0:22:230:22:25

You think £30,000 is going to be enough to really turn it around?

0:22:250:22:30

I'm going to put 15 in labour, 15 in all the work, and the plumbing work.

0:22:300:22:38

I have a 5,000 contingency on that.

0:22:380:22:41

Daniel's imagination will certainly need to go at full speed to turn this place around,

0:22:520:22:57

particularly to sort out that odd kitchen/bathroom combo.

0:22:570:23:02

Does the prospect fill him with delight or dread?

0:23:020:23:06

Are you excited by the fact you've got to rip this place back to the bare bone?

0:23:060:23:10

I'm beginning to love it. I'm dying to get into it, I really am.

0:23:100:23:14

When I say I'm dying to get into it,

0:23:140:23:16

I have a team of two builders, they come in, I use the head and plan it all

0:23:160:23:22

and go ahead like that.

0:23:220:23:23

We hope to start work next Tuesday

0:23:230:23:27

-and within three months I will have this finished.

-Really?

0:23:270:23:30

-To the spec, yes.

-Something I said when I first viewed this property was no slackers need apply

0:23:300:23:36

because it needs somebody to come in here and graft.

0:23:360:23:40

It's the type of job I love. I love to get a property,

0:23:400:23:43

normally I go for probate properties.

0:23:430:23:45

But a property where you take out everything,

0:23:450:23:47

and even though I have the recruitment business,

0:23:470:23:50

I would like to get back into the property market,

0:23:500:23:53

look at an area like West Ham, it's up and coming for the prices.

0:23:530:23:57

You're going to make money on the buy-to-let.

0:23:570:24:00

Anything you're worried about, having bought this at auction?

0:24:000:24:03

If you'd asked me five minutes after coming into the house,

0:24:030:24:08

I'd have said, "What the hell have I done?"

0:24:080:24:11

I went outside, had a cigar, came back and said, "No, it's something I like."

0:24:110:24:15

I've been out here today, looked at the area and I really like the area, the people, the road outside.

0:24:150:24:22

Daniel, it's been wonderful meeting you. I'm sure you'll do a fine job. Can't wait to see it!

0:24:220:24:27

-I hope you'll have fallen in love with it.

-I believe I will. Thank you very much.

-Thank you.

0:24:270:24:32

Buying blind is always a no-no in my book.

0:24:390:24:41

Luckily for Daniel, things seem to have worked out for him.

0:24:410:24:45

So we all need this house is in desperate need of an overhaul.

0:24:450:24:49

But he seems to have a firm plan in place.

0:24:490:24:51

Question is, will he do it all in three months

0:24:510:24:54

and stick to that £30,000 budget?

0:24:540:24:57

Find out what happens later in the programme.

0:24:570:25:00

Coming up: in Cardiff, there could be a new lease of life for this office.

0:25:010:25:05

With some clever designs, you could get four, five, maybe six flats in here.

0:25:050:25:10

We return to east London to discover what Daniel discovered at the back.

0:25:110:25:16

The garden was terrible. You couldn't get into it. We didn't know what was there.

0:25:160:25:21

But first, we return to Macclesfield to find that the shed's finished.

0:25:220:25:27

The electrics have all been checked out. So it's all ready to go.

0:25:270:25:31

Back to Macclesfield in Cheshire, now,

0:25:350:25:37

where earlier in the programme this two-bed end-of-terrace

0:25:370:25:41

with a large summer house was bought for £94,000 by John and his partner, Sue.

0:25:410:25:46

He's a retired facilities manager and Sue's a lecturer.

0:25:470:25:50

They're both keen golfers and have a small portfolio of buy-to-let properties.

0:25:500:25:55

But the plan here was to refurbish the house and sell it.

0:25:550:25:59

-Will you do most of the work yourself?

-The intention was that I'd do the labouring,

0:26:010:26:05

and there's a lot of it to do, decorating.

0:26:050:26:08

But unfortunately, since the auction, I've had a heart attack!

0:26:080:26:12

-A heart attack?!

-Yes! Silly thing to do, I know.

0:26:120:26:17

How strict on yourself are you going to be in terms of not doing anything?

0:26:170:26:22

-I'll start on the kitchen this afternoon!

-What?

-I start. I'm doing it.

0:26:220:26:27

What?!

0:26:270:26:29

-Are you sure you're doing the right thing?

-Yeah.

0:26:290:26:33

It's now two months later and John's invited us back to see the end result.

0:26:350:26:41

Well, the garage door's been painted, so a good start.

0:26:420:26:46

The paved garden has been jet-washed and the summer house has been repainted.

0:26:460:26:52

More on that later.

0:26:520:26:54

Inside, the living room has been carpeted and decorated.

0:26:560:27:00

Even the lobby by the front door looks much better.

0:27:000:27:03

The kitchen was a decent size, but the units were past it.

0:27:040:27:09

Now the new flooring and classy white units have been installed, it looks fantastic.

0:27:110:27:16

And despite my concerns, it was the first job that John tackled.

0:27:160:27:20

When I walked in, the kitchen was very dated and very worn.

0:27:210:27:26

So my first job was to rip it out and start again.

0:27:260:27:30

My partner suggested putting the colour stripe in to lift the whole kitchen,

0:27:300:27:35

but I particularly wanted the clean look of the gloss white.

0:27:350:27:39

We've put a larder unit in to cover the boiler.

0:27:390:27:43

All in all, it's turned out very well indeed. I'm pleased with it.

0:27:430:27:46

Upstairs, the two bedrooms have been decorated. The colour scheme is down to Sue.

0:27:490:27:55

Fortunately, the bathroom was in good condition when we came in. But the grout was really dirty.

0:28:000:28:06

So we've re-grouted it, put a bath screen in,

0:28:060:28:09

new toilet seat, and generally cleaned it very, very well.

0:28:090:28:14

Prior to John's heart attack, he'd set a timescale of four weeks.

0:28:160:28:20

He then extended it by two weeks and the work has been finished in six.

0:28:200:28:24

The outside looks great.

0:28:240:28:26

The summer house was one of the main attractions to the property.

0:28:260:28:30

We've refurbished that, put a new floor in,

0:28:300:28:33

and waterproof membrane.

0:28:330:28:35

We've carpeted it. The electrics were already there. They've been checked out.

0:28:350:28:40

So it's all ready to go.

0:28:400:28:42

Former salesman John's hunch that the summer house was the USP of this property

0:28:420:28:48

proved right on the day we very first met him.

0:28:480:28:52

In the afternoon, I started to take out the kitchen.

0:28:520:28:56

Within two hours, somebody knocked on the door and wanted to buy the property

0:28:560:29:00

because of the summer house. They wanted to use it as a dark room.

0:29:000:29:05

So that's been a very successful project!

0:29:050:29:08

John has increased his initial budget from six to 10,000

0:29:080:29:12

to allow for the work he was sensibly not going to tackle.

0:29:120:29:16

-So how much has he had to spend?

-I've brought it in for 9,700.

0:29:160:29:20

So I'm very satisfied with that.

0:29:200:29:23

Time to see what two local property experts think of the property

0:29:250:29:29

with its garage and summer house.

0:29:290:29:31

I think the vendor's made a fantastic job of the property.

0:29:330:29:36

Good finish with the kitchen and bathroom.

0:29:360:29:38

The summer house is great.

0:29:380:29:40

With the additional benefit of the garage and parking,

0:29:400:29:43

it's a great job.

0:29:430:29:45

The kitchen's come up extremely well.

0:29:450:29:48

He's chosen the right kind of units, high-gloss white with the red tile.

0:29:480:29:52

The bathroom is superb. Beautiful.

0:29:520:29:55

-Again, white and chrome.

-I particularly like the summer house.

0:29:550:29:59

The parking is especially good. Many properties here don't have parking and a garage.

0:29:590:30:03

How much is the place now worth? John paid £94,000 at the auction,

0:30:030:30:10

and has spent 9,700, making a total of just under 104,000.

0:30:100:30:15

You could put this on the open market for around 120 to £127,500.

0:30:150:30:20

I would market the property for £130,000.

0:30:200:30:24

That valuation range will produce a gross profit for John

0:30:240:30:28

of between 16 and £26,000.

0:30:280:30:31

When I purchased the property,

0:30:320:30:35

I thought it would fetch about 125 because that's the stamp duty level.

0:30:350:30:40

So I'm pleasantly surprised. If I can get 130, that'll be terrific.

0:30:400:30:43

If John had to rent the property out, what income could it produce?

0:30:430:30:48

You'd be looking on the open market for rental in the region of 600 to £650 per calendar month.

0:30:480:30:53

I would be able to rent this property out for £600 per calendar month.

0:30:530:30:57

I have buy-to-let properties, but on this particular venture,

0:30:570:31:01

what I really wanted to do was renovate the property and sell it straight on.

0:31:010:31:06

It seems I've been successful.

0:31:060:31:08

Fantastic. The person who knocked on the door decided to buy.

0:31:090:31:14

How much did John achieve from the sale?

0:31:140:31:16

Because of the stamp duty level at 125, I've said the price is 125

0:31:160:31:23

and that's what they've agreed to pay.

0:31:230:31:25

Before the auction, John had done his research

0:31:250:31:28

and calculated that there was potential profit here.

0:31:280:31:31

Even though his budget expanded because of his health scare, he's been proved right.

0:31:310:31:37

The house is finished, he's got a buyer and hopefully his health scare is behind him. So what next?

0:31:370:31:43

If I was to buy again, I would certainly go to auction.

0:31:430:31:47

But I don't think I'll be doing it in the short term or the medium term!

0:31:470:31:52

Perhaps not even the long term. I deserve a rest at the moment, so I'm not even thinking about it.

0:31:520:31:57

I'm in Cardiff Bay in South Wales.

0:32:030:32:05

Nowadays, a trendy area with bars, shops and restaurants.

0:32:050:32:09

But this is a very important part of Cardiff's history.

0:32:090:32:12

Because it was from here that the coal from the South Wales' mines

0:32:120:32:16

was exported to the rest of the world.

0:32:160:32:18

And that helped develop Cardiff into the capital city that it is today.

0:32:180:32:22

But sadly, as the mines began shutting, most of the industry closed down as well

0:32:250:32:30

and the area became derelict. But it's now been regenerated

0:32:300:32:34

with the building of the Cardiff Bay barrage.

0:32:340:32:37

This is just round the corner from the heart of Cardiff Bay.

0:32:390:32:43

A mix of commercial and residential properties.

0:32:430:32:46

I'm here to see an old office building. Two storeys, a guide price of 59,000 quid.

0:32:460:32:50

Let's take a look inside.

0:32:500:32:53

Ooh. An interesting shape! Got an industrial feel to it straightaway.

0:33:000:33:05

And I'm also seeing, boy oh boy, one big space

0:33:050:33:09

in need of a lot of renovation.

0:33:090:33:12

Tell you what, that's not good!

0:33:120:33:15

This part of the ceiling has completely collapsed, as you can see.

0:33:160:33:20

My guess is that water's come through the roof at some point.

0:33:200:33:24

It's gone through the floorboards and it's collected here.

0:33:240:33:28

Before the ceiling itself collapsed,

0:33:280:33:30

that created the perfect conditions for the growth of dry rot, as you see there.

0:33:300:33:35

A beautiful specimen!

0:33:350:33:37

May look pretty, but in terms of a building, it is horrendous.

0:33:370:33:41

They call it building cancer, for a good reason.

0:33:410:33:44

It spreads through wood, through stone and concrete

0:33:440:33:48

and the only thing to do is cut that out and burn the wood.

0:33:480:33:52

Not good news. Expensive to fix.

0:33:520:33:55

# There's a problem at the office

0:33:580:34:01

# He can't seem to solve

0:34:010:34:04

# There's a problem at the office

0:34:060:34:10

# We need to talk about. #

0:34:100:34:14

Well, not a great start. But when looking past the nasty rot,

0:34:140:34:19

there's a large opening on the ground floor area with a handy kitchen unit at the back.

0:34:190:34:24

There are two ways to get to the first floor.

0:34:260:34:28

Through this hatch or by the rear staircase.

0:34:280:34:31

There are two toilets at the top of the stairs. That's the route I'm taking.

0:34:310:34:35

Whoa! That's a nice surprise. A really big-sized space up here.

0:34:380:34:43

Here's the top side of all that dry rot and damaged ceiling.

0:34:430:34:50

That's where the water's come in.

0:34:500:34:52

But a big space. A few things I see straightaway.

0:34:520:34:55

A major part of it these pillars.

0:34:550:34:58

They form a serious part of the structure of the building

0:34:580:35:01

and whatever you do with this internal space, you have to look at how to get rid of those.

0:35:010:35:06

They're terribly in the way.

0:35:060:35:08

A big space. What are you going to do with it?

0:35:080:35:10

You could try and renovate it as a commercial unit.

0:35:100:35:14

But I think the money in this one is to think about converting to flats.

0:35:140:35:18

It's a great location, close to the heart of the action.

0:35:180:35:21

With some clever playing around and clever designs

0:35:210:35:25

you could get four, five, maybe even six flats in here.

0:35:250:35:28

Now it's interesting!

0:35:280:35:30

But any investor thinking of converting the property

0:35:330:35:36

would require planning permission for this former office that went to auction guided at £59,000.

0:35:360:35:43

There's an added bonus of a rear entrance

0:35:430:35:46

so the opportunity here looks promising.

0:35:460:35:48

What does a local estate agent think of the chances of getting

0:35:480:35:52

all-important planning consent?

0:35:520:35:54

The prospect for any buyer to consider

0:35:540:35:57

converting to residential would need to take a value judgement.

0:35:570:36:01

If you look at the adjoining properties here,

0:36:010:36:04

they are converted lofts and residential

0:36:040:36:07

so there is a precedent already for apartments.

0:36:070:36:10

It's worthwhile speaking to the planners what their view is for converting

0:36:100:36:14

and I think it's likely it would be favourable

0:36:140:36:18

as they are endeavouring to make this zone more residential.

0:36:180:36:22

Good news. But what would be the best use of this space?

0:36:220:36:26

At present, it's two floors. Looking at adjoining properties,

0:36:260:36:30

there's a possibility of three or even four, in view of the height.

0:36:300:36:34

But I would be thinking in terms of having good quality spacious apartments,

0:36:340:36:40

perhaps one on each floor.

0:36:400:36:42

What sort of money could you make if you went down that route?

0:36:420:36:46

In my opinion, if this was converted to three spacious apartments,

0:36:470:36:51

each apartment would be worth in the region of £145,000 each.

0:36:510:36:57

-And rental income?

-Each apartment

0:36:570:36:59

would command a rental figure of 500 to £600 per calendar month.

0:36:590:37:05

What about the valuation if the property was just renovated and left as an office?

0:37:050:37:10

If this was renovated as offices,

0:37:100:37:14

to modern standards, the realisation value would be in the region of £200,000.

0:37:140:37:20

So, some work to be done to sort this place out.

0:37:200:37:22

But quite a lot of potential with this building.

0:37:220:37:25

Would you keep it as a commercial unit or convert it to flats?

0:37:250:37:29

Let's see what the person who bought it decided to do

0:37:290:37:32

when it went to auction.

0:37:320:37:34

Now we go on to Lot 20.

0:37:340:37:36

The vacant office premises in need of refurbishment.

0:37:360:37:41

Approximately 2,000 square feet.

0:37:410:37:43

Two miles from the city centre. Ideal location.

0:37:430:37:47

Can I see 60 to get on?

0:37:470:37:50

60 I'm bid, at the back. Thank you.

0:37:500:37:52

Can I see two now?

0:37:520:37:54

Two. Your bid, sir, at 62,000.

0:37:540:37:57

At 62. I'll take three, then. 63.

0:37:570:37:59

Fresh bid at four.

0:37:590:38:01

65 standing in the back.

0:38:010:38:02

66, thank you. At 67 standing in the back.

0:38:020:38:06

68 I'm bid. Nine I'm bid.

0:38:060:38:09

At 69. Fill it up. 70, now. 70 I'm bid.

0:38:090:38:12

At 70 and one if you like. 71.

0:38:120:38:15

Two, can I? Two. 72. 73 standing in the back.

0:38:150:38:20

Four. 74.

0:38:200:38:21

Gentleman on the steps. I've got him. 75.

0:38:210:38:25

And six. 76. Seven on the steps.

0:38:250:38:29

At seven. Eight. 78. Against you. Nine on the steps.

0:38:290:38:32

At 79. Fill it up. 80, will you sir?

0:38:320:38:35

80 I'm bid. One is bid.

0:38:350:38:37

81 on the steps. Two. 82.

0:38:370:38:40

The gentleman on the steps shouted 90. That's the way to do it!

0:38:400:38:45

At 90. You heard the bid.

0:38:450:38:47

92. Thank you. At 92.

0:38:470:38:49

Four. 96. There we are.

0:38:490:38:52

Eight, can I? Eight.

0:38:520:38:54

98. 100, then? 100 I'm bid.

0:38:540:38:57

At 100 on the steps. And two, will you sir? Or you?

0:38:570:39:01

Two. At 102.

0:39:010:39:03

110.

0:39:030:39:04

At 110 I'm bid. 12, if you like, sir.

0:39:040:39:08

At 110 on the steps.

0:39:080:39:10

12, either of you? He's driven you out. I didn't think you'd let him do that.

0:39:100:39:15

Have you all done at £110,000?

0:39:150:39:19

It's yours, sir. Your number, please?

0:39:190:39:22

What an auction!

0:39:230:39:24

That determined bidder who wasn't going to give up was Barry,

0:39:240:39:28

who paid 110,000.

0:39:280:39:31

He's run his own lettings agency in Cardiff for over 10 years.

0:39:310:39:34

I met up with him to find out his plans.

0:39:340:39:37

Barry, congratulations. Well done.

0:39:390:39:42

So why did you want to buy this place?

0:39:420:39:44

-To make some money.

-OK. In a nutshell.

-Yes.

0:39:440:39:47

-How will you do that?

-We plan to convert it from a derelict office building

0:39:470:39:54

to six modern one-bedroomed flats

0:39:540:39:58

which should be worth in the region of 80 to 85,000 each.

0:39:580:40:01

The build should come in at around 200,000

0:40:010:40:05

with disbursements.

0:40:050:40:06

So there's a hefty profit in that.

0:40:060:40:08

You paid quite a lot over the guide price, but you obviously felt it was worth it.

0:40:080:40:13

I'd inspected the property before, we'd done some figures.

0:40:130:40:17

I thought we could get an extra floor in above.

0:40:170:40:20

We spoke to planning. Planning are not averse to going up a floor.

0:40:200:40:24

-So we're actually trying for eight flats.

-Eight? Wow.

0:40:240:40:27

We don't expect to get it, but you've got to try! So.

0:40:270:40:31

-Four, six, eight flats. Perfect.

-Right.

0:40:310:40:34

Tell me about you. Is this something you do?

0:40:340:40:36

Yeah, I do a little bit. I've got 20 investment properties I let out.

0:40:360:40:43

-I run an estate agent's, with four Cardiff branches.

-Wow.

0:40:430:40:47

So everything I do is surrounding property.

0:40:470:40:50

The plans that Barry's architect has submitted

0:40:500:40:54

are for two flats on each of the current floors.

0:40:540:40:56

They hope to add one or even two further floors

0:40:560:41:00

if their grand plans for eight flats are accepted.

0:41:000:41:03

So any idea of the timescale for what you're planning here?

0:41:030:41:08

Fingers crossed, 12 months and it'll be up and running.

0:41:080:41:12

-On the market.

-Right.

0:41:120:41:15

-Is the idea to sell on?

-We'll see nearer the time.

0:41:150:41:18

I might rent them out. There's a good return if we rent them out.

0:41:180:41:22

What would you expect for a one-bed flat?

0:41:220:41:25

I'd expect them to achieve about 475.

0:41:250:41:27

Per calendar month. But we'll see nearer the time.

0:41:270:41:31

Barry seems to know the local market very well.

0:41:310:41:35

But the space here is restricted when it comes to the layout.

0:41:350:41:39

My concern is that the flats could end up being quite narrow

0:41:390:41:43

and getting enough natural light in could be an issue.

0:41:430:41:46

This is an ambitious project he's taken on.

0:41:460:41:48

So anything about the building which concerns you at all?

0:41:480:41:52

Obviously the dry rot which I spotted when I came round.

0:41:520:41:55

There is dry rot. Possibly structural issues.

0:41:550:41:59

But because we're ripping it apart, we're raising the roof,

0:41:590:42:03

we're starting again, so it doesn't make much difference.

0:42:030:42:07

-Have you had plans already drawn up?

-Yes.

-Shall we take a look?

-Yes.

-After you.

0:42:070:42:13

So Barry's bought the office space and has a clear idea of what he's got planned for it.

0:42:140:42:20

He's done his sums so he can see this could be a real money-spinner.

0:42:200:42:25

-Talk me through it. This is the front elevation.

-Yes.

0:42:250:42:28

We've got four floors and eight flats.

0:42:280:42:32

We don't really expect to get eight. We expect planning for six.

0:42:320:42:35

-We'll see.

-So if you get planning for six, you'll build one extra floor,

0:42:350:42:39

-and if it's eight, you'll add two floors?

-Yes.

0:42:390:42:42

We've got four floors, two flats on each floor.

0:42:420:42:46

Each flat has to be quite long and thin

0:42:460:42:48

but we're restricted to the shape of the existing plot.

0:42:480:42:52

One thing that strikes me is lack of light.

0:42:520:42:56

How will you get natural light in?

0:42:560:42:59

You've got windows at the front

0:42:590:43:01

but a dark area in the middle near the shower room.

0:43:010:43:04

We don't need as much light in these areas as we do in the living room and bedroom.

0:43:040:43:09

So we'll put these rooms at the front and rear to make sure they get adequate light.

0:43:090:43:13

The bathroom doesn't need any light, so we've put it at the darkest spot.

0:43:130:43:18

-We may borrow some light from the bedrooms.

-Right.

0:43:180:43:22

But it's not an issue at this stage. Get it through planning and take it from there.

0:43:220:43:27

-Good luck with that. Congratulations.

-Thank you.

0:43:270:43:30

-We look forward to seeing how you get on.

-Good man.

0:43:300:43:32

So, Barry on for potentially quite a big profit with this project.

0:43:320:43:38

Still a few hurdles to cross.

0:43:380:43:40

One, planning permission, and two, I'm not sure about the design of the flats.

0:43:400:43:45

Will they be what people want to buy?

0:43:450:43:48

Find out how he gets on later in the show.

0:43:480:43:51

I wonder if our buyers' plans have turned out OK or if there have been problems?

0:43:540:44:00

Time has passed. Now is the day of reckoning. Let's go back and reveal all.

0:44:000:44:05

We return now to Plaistow in east London

0:44:080:44:11

where Daniel bought this derelict mid-terrace property for 161,000.

0:44:110:44:16

He runs a recruiting company and has several investment properties in west London.

0:44:160:44:21

He had recently decided to increase his portfolio in the East End.

0:44:210:44:25

He bought this house in the property danger zone without looking inside first.

0:44:320:44:38

When I came in the first time, I have to admit, the place was a shambles.

0:44:380:44:42

I did put my hands to my head and said, "Oh, what have I done?"

0:44:420:44:46

I went around, looked upstairs, tried to look for the positive things.

0:44:460:44:51

The best thing was there's two good rooms upstairs.

0:44:510:44:54

It's now three and a half months later.

0:44:550:44:58

Daniel's arranged to show us around the completed property.

0:44:580:45:02

Wow!

0:45:050:45:06

The crumbling concrete has gone and the beautiful features of the house are restored.

0:45:060:45:11

There are new windows, roof and door.

0:45:160:45:19

Inside a front reception room has lost the chimney breast

0:45:190:45:22

and a wall's been removed to create a lovely spacious living area.

0:45:220:45:26

The former rear diner is now a classy kitchen...

0:45:300:45:33

with work surfaces on two sides of the room and a pleasing pastel colour scheme.

0:45:370:45:42

Originally when we purchased the property, we had two separate rooms.

0:45:430:45:47

What I decided, as you can see, I took out this wall

0:45:470:45:52

and we put a kitchen/diner to give it that liveable open air feeling.

0:45:520:45:59

It turned out very nice and I'm very pleased with it, as you can see.

0:45:590:46:04

Upstairs, Daniel's retained the two bedrooms.

0:46:080:46:11

They're both good-sized doubles.

0:46:140:46:16

And the property now has central heating plus replacement electrics and plumbing.

0:46:160:46:22

It's really been a complete rip out and start again job.

0:46:240:46:27

It really was terrible.

0:46:290:46:32

We actually rewired, re-plumbed, new flooring, and re-plastered.

0:46:320:46:38

It was a whole fit out.

0:46:380:46:40

So there's now a cracking new kitchen.

0:46:410:46:44

But what happened to that empty room at the back, a cross between a kitchen and a shower room!

0:46:440:46:51

I decided to put the bathroom here

0:46:510:46:53

and we put in a new door to the side.

0:46:530:46:56

And then we put in this partitioning wall. The effect is lovely.

0:46:560:47:01

On this East End project, Daniel used the same builders

0:47:010:47:05

he's worked with on other properties in west London.

0:47:050:47:08

And if the inside seemed a challenge,

0:47:080:47:11

outside, the rear was something else!

0:47:110:47:14

The garden was terrible. You couldn't get out into it. We didn't know what was at the back.

0:47:140:47:19

But we went through and four skips, it's a well done job.

0:47:190:47:24

I think I'll take my builders out tonight and congratulate them!

0:47:240:47:28

Well deserved. But will the toast be to a refurbishment that stayed on budget?

0:47:280:47:34

My original budget was 30,000.

0:47:340:47:38

I came in, in total, at 32.

0:47:380:47:41

The labour comes in at 13.

0:47:410:47:43

12,000 for all the materials, plus the furniture, plus the kitchen.

0:47:430:47:48

7,000 for the additional, the solicitors,

0:47:480:47:54

the interest up to date. So 32.

0:47:540:47:56

Time to see if two local estate agents

0:47:580:48:00

think it's money well spent.

0:48:000:48:02

It's been done to a very high standard. I'm very impressed with the finish.

0:48:030:48:08

The accommodation is very good.

0:48:080:48:10

Two bedrooms, open-plan lounge and kitchen.

0:48:100:48:13

It's done to a high specification.

0:48:130:48:16

The bedrooms are very large. Two doubles.

0:48:160:48:19

I think it would very well suit two sharers.

0:48:190:48:22

The property has got a downstairs bathroom.

0:48:220:48:24

In this area, it's not really a problem.

0:48:240:48:27

Most Victorian terraces have ground-floor bathrooms. People expect it.

0:48:270:48:31

Daniel paid £161,000 at the auction. His gross budget is sitting at 32,000,

0:48:310:48:38

making a total outlay of £193,000.

0:48:380:48:42

How much would local experts value the property at?

0:48:420:48:45

I'd suggest this goes on the market for £220,000.

0:48:450:48:49

I'd put this on the market for £210,000 to £215,000.

0:48:490:48:56

That valuation range would generate

0:48:560:48:59

17 to £27,000 pre-tax profit for Daniel.

0:48:590:49:03

Oh! Lovely!

0:49:030:49:05

That is very nice because I had targeted about 210.

0:49:050:49:09

So that's lovely.

0:49:090:49:12

A lovely little investment. I'm very pleased with that.

0:49:120:49:15

Daniel's going to rent the property out, so how much could that generate?

0:49:150:49:19

I would put this on the market for rental at £1,000 per month

0:49:200:49:26

to 1,050 per calendar month.

0:49:260:49:30

Rental per calendar month I'd say £1,100 per calendar month.

0:49:300:49:34

I'm very pleased with that.

0:49:340:49:35

Originally, I'd come in, looked at the area. It was about 950.

0:49:350:49:40

So I'm very pleased with that.

0:49:400:49:42

Daniel's decision to buy property in the east of London was a shrewd decision.

0:49:430:49:48

But initially he had his doubts!

0:49:480:49:51

Those first two weeks, you think, "God, what have I done?"

0:49:530:49:56

Feels like a Jekyll and Hyde experience. First it was a rubbish place and now it's brought to life.

0:49:560:50:04

It's a great experience. I would tell anyone to just try it.

0:50:040:50:08

It's great!

0:50:080:50:09

We're returning to Cardiff, where earlier, Barry, who runs a local lettings agency,

0:50:150:50:20

bought this office block for £110,000,

0:50:200:50:24

£51,000 over the guide price.

0:50:240:50:27

The property had severe damp problems

0:50:310:50:34

and would need a total refurbishment.

0:50:340:50:36

Barry was going to apply for planning permission

0:50:360:50:39

to change the property from commercial to residential use.

0:50:390:50:43

You paid a lot over the guide price, but you obviously felt that was worth it.

0:50:430:50:47

I'd inspected the property. We'd done some figures.

0:50:470:50:51

I thought we could get an extra floor in above.

0:50:510:50:54

We spoke to planning. Planning are not averse to going up a floor.

0:50:540:50:59

-So we're trying for eight flats.

-Eight? Wow.

0:50:590:51:02

We don't expect to get it, but you've got to try!

0:51:020:51:05

It's now 13 months later.

0:51:050:51:08

And Barry has successfully converted the former offices into residential accommodation.

0:51:100:51:16

A new floor has been added with dormer windows.

0:51:180:51:21

There are a total of six narrow flats, two on each floor.

0:51:220:51:27

The ground floor is divided in half.

0:51:290:51:32

Both flats have a kitchen/diner at the front...

0:51:320:51:35

..a bedroom at the rear...

0:51:360:51:38

..and a bathroom in the middle.

0:51:410:51:43

The three doors on the street lead to a communal staircase

0:51:440:51:48

for the upper floors and the two ground-floor flats.

0:51:480:51:51

We met Barry in the left-hand one.

0:51:510:51:54

We're in the ground floor flat. The kitchen layout is unique to the flat.

0:51:540:52:00

We had some issues getting the right layout.

0:52:000:52:03

Originally the kitchen came around the corner

0:52:030:52:06

and returned on this wall.

0:52:060:52:08

So there was no separation between the kitchen and the lounge.

0:52:080:52:11

So we amended the kitchen as it was going in and moved the electrics to the other side.

0:52:110:52:17

We think it's far improved.

0:52:170:52:20

The severe damp issues in the building have been cured

0:52:210:52:24

and the whole building was refurbished.

0:52:240:52:27

Access to the four other flats is via this communal staircase.

0:52:270:52:32

The room layout on the first floor is the same

0:52:340:52:37

but Barry's added touches to each flat to personalise them.

0:52:370:52:41

Structurally we've gone up a floor, from two storeys to three storeys.

0:52:430:52:48

We were hoping for four storeys, but planning weren't too keen.

0:52:480:52:53

We think we could have perhaps got planning on appeal,

0:52:530:52:58

but we didn't want to delay. It would have taken 12 to 18 months.

0:52:580:53:01

We made the call to carry on with six flats.

0:53:010:53:04

At the top of the building are the last two flats.

0:53:040:53:08

Here we are on the top floor.

0:53:100:53:13

Flats either side.

0:53:130:53:15

The layouts are all the same per side.

0:53:150:53:19

We have light tunnels in each flat,

0:53:190:53:22

getting light into the hallways of each flat.

0:53:220:53:26

On this side we have a door.

0:53:260:53:28

On the other side, no door.

0:53:280:53:32

It's still en-route from Amsterdam.

0:53:320:53:34

Well, the project has overrun a little due to the damp issues and delivery timescales.

0:53:340:53:41

-So how much longer will it take?

-We're not far away.

0:53:410:53:44

Probably another four weeks. The heaters have arrived

0:53:440:53:48

and are on the wall.

0:53:480:53:50

The doors have been an issue with a three-month delay.

0:53:500:53:53

But four weeks and we should be out.

0:53:530:53:56

So, six flats almost finished in just about one year.

0:53:560:53:59

We always knew the building was tight. Very narrow.

0:53:590:54:03

But they're pretty much as we expected.

0:54:030:54:06

We've got fairly wide kitchen/lounges to the front.

0:54:060:54:10

The bedrooms are tight at the rear. The bathrooms had to go in the middle

0:54:100:54:15

to utilise every single inch of these flats cos they're quite compact.

0:54:150:54:19

How much has the conversion cost? Barry paid £110,000 at auction.

0:54:190:54:24

But did he stick to his budget?

0:54:240:54:27

Our budget was 200,000.

0:54:270:54:28

We are roughly, give or take, at 200,000

0:54:280:54:32

so the only fees left then would be to sell.

0:54:320:54:37

Time to get the opinions of two local property experts.

0:54:370:54:41

What will they think of the six apartments created here?

0:54:410:54:45

First impression coming down the street, fantastic.

0:54:450:54:49

It's in-keeping with the style of the street.

0:54:490:54:52

It's got the dormers, three-storey,

0:54:520:54:55

and it blends in well with the street scene.

0:54:550:54:58

Considering the square footage isn't enormous, the layout with the open plan area,

0:54:580:55:03

separate bedroom and bathroom is quite good.

0:55:030:55:07

Very clever use of portholes in the penthouse apartments.

0:55:070:55:12

I think the finish is very good.

0:55:120:55:14

The bathrooms are a very high standard.

0:55:140:55:17

The bedrooms are narrow. Although they're long,

0:55:170:55:20

putting furniture in might be a tight squeeze.

0:55:200:55:23

Although Barry has a portfolio of other buy-to-let properties,

0:55:230:55:28

his plan is to sell this development.

0:55:280:55:31

With his budget sitting at £200,000 on top of the £110,000 paid at auction,

0:55:310:55:36

he'll be looking for more than 310,000 to see any profit here.

0:55:360:55:41

What's the likely valuation of the individual flats?

0:55:410:55:44

In my opinion, the value of the ground floor flat is £95,000.

0:55:460:55:51

The first and second floor apartments, the value of those is between 95,000 and £100,000.

0:55:510:55:58

I think these properties would re-sell individually

0:55:580:56:01

between 95 and £99,950.

0:56:010:56:05

If all six flats were sold for 95,000

0:56:050:56:08

that would realise £570,000.

0:56:080:56:12

That's a healthy £260,000 gross profit before selling expenses and taxes.

0:56:120:56:19

I'm ecstatic. Amazing.

0:56:200:56:23

But you've got to be realistic in these times.

0:56:230:56:26

If we gained an average of 85 per flat, we'd be more than happy.

0:56:260:56:31

So what's next? Will he add to his buy-to-let portfolio

0:56:310:56:35

or do another refurbishment to sell on?

0:56:350:56:38

We have another one on the go. Nine much larger flats around the corner.

0:56:380:56:43

We've got planning in for others. So it's certainly a good sideline.

0:56:430:56:48

We hope you've enjoyed watching the properties on today's show.

0:56:500:56:54

-We'll have more thrills and spills from the auction room next time!

-See you.

-Bye!

-Bye!

0:56:540:56:59

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