Episode 68 Homes Under the Hammer


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Episode 68

Martin Roberts and Lucy Alexander visit a property by a busy road in Pleasley, Nottinghamshire; a mid-terrace in Poplar, east London; and a house in Carlisle.


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Welcome to Homes Under the Hammer.

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Sometimes the property market's quiet.

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Other times, it is positively booming.

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Either way, you need to know what you're purchasing is going to be a good investment.

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Yes. One way to do that is to nip down to the auctions

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and buy your home under the hammer.

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Well, it doesn't matter what kind of property you're looking for,

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you should be able to find it at the auction.

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So here's what our buyers spent their money on on today's programme.

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In Pleasley, Nottinghamshire, it's back to school

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for some driving lessons.

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You're right by the side of this fairly busy dual carriageway.

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I find a mid-terrace in Poplar, East London, with curve appeal.

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I know I get excited, don't I? But look at this curved wall.

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That's so nice.

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And in Carlisle, there's a house that is clearly not all it is cracked up to be.

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But I'd certainly want to hear from a structural engineer before I bought the place.

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All of these properties have been sold at auctions

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and we will find out who bought them and what they paid for them

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-when they went under the hammer.

-Sold.

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This is Pleasley in Nottinghamshire, which is close to both Mansfield and Chesterfield.

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Coal was king here, but the local colliery closed in the early 1980s.

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It's now a scheduled ancient monument and being developed into a mining heritage site.

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You can actually see the colliery from the auction lot I'm viewing today.

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Unlike many properties in this area,

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it wasn't destined to house local miners.

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Well, the property I'm here to see was built in the early 1900s

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as the home for the headmaster of the local school.

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It had a guide price of £60,000, which for a detached,

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two-bedroomed house seems quite cheap.

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You know what? From the outside,

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it looks like you're getting a lot of house for the money.

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I think I might have spotted the main reason for that very low guide price.

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Well, the one down side as far as I can see with this house

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is the fact that you're right by the side of this fairly busy dual carriageway.

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So what can you do about that?

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Well, first thing of all, there is a wall here,

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but it's only - what - four foot high?

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So I would straightaway put some kind of extension on this,

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possibly inward.

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You can buy specialist panel that will get rid some of the sound,

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but first of all, try garden panels and see what that does.

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Make sure you get really big ones and hopefully that'll help.

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In fact, you can erect a two-metre

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or 6'7" boundary fence

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without having to go through planning.

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And fencing round the garden, most of which is at the front, will also make it more private.

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But back to the property.

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So what have we got?

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Ooh, quite a nice, impressive kind of entrance here,

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stairs up to the bedrooms. Look at this banister.

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It doesn't look much at the moment because it's been covered in layers of white paint,

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but strip that back - not the easiest of jobs but it would be absolutely beautiful.

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A little bit of an entrance here, through to your front sitting room.

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I love these big windows.

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I have to say, windows potentially equals lots of noise from the road,

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but at least somebody's tried to lose that by this double and treble glazing, in fact.

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But it's a good size, lots of nice little features left here,

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and just straightaway I'm beginning to feel this is a really good, solid house.

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Although originally built for the headmaster, in more recent years,

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this place housed the local school caretaker.

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But when they moved out a year ago,

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the house became surplus to requirements.

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Funnily enough, the most disappointing room is the kitchen.

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I'll come to that. It actually leads off this rear reception room

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and maybe that could be a bit of a saviour to us.

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But this is the kitchen, not very big at all,

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especially if you're going to make this

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into the beautiful family home it could become.

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The units aren't bad, but... What's the options?

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There's a strange little porch area at the back.

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I would consider perhaps extending that slightly.

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You could do that under permitted development rules

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to maybe just extend the kitchen more that way,

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take out that window, build a small single-storey extension.

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The other option is to somehow integrate this room with that room,

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maybe even make that the kitchen and this a utility.

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Well, you'd lose a kind of loungey / sitting room area,

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but you'd create a nice family living space.

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That's what the house needs.

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So upstairs, small landing. It's nice to have that anyway.

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Then a very large bathroom.

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That is suitable for a family. Lovely to see that.

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Then just two bedrooms, but they're good-sized.

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Double there and a double at the front.

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But up here...yeah.

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One of the things you'll definitely have to do before long,

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central heating because these electric things,

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blowers or storage radiators, they need replacing.

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Over to the front of the property and...

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Well, that's not too good - damp.

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However, I don't think it's too serious.

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I think it's more likely to be a bit of penetrating damp.

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The house possibly not being lived in for a while

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and it is actually a solid wall.

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It may not look it from the outside, but there's a way of telling

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and I'm going to show you.

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If you look at the brickwork, if you notice,

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the long way the bricks go in there

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and the short end-on way the bricks go in.

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Look at how many end-on bits there are.

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Normally you'd get one at the end, but here they're all over the place.

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There's one there. There's one there.

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That is the clue that this is a solid wall.

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It's called a Flemish design or a Flemish way of construction

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and that's your clue and it could lead to damp problems. Just something to be aware of.

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In older properties like this, solid walls are common and these are

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much more likely to need a damp course

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than modern-day cavity walls.

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What does a local estate agent think of this place,

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that had a guide price of £60,000?

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Is it time for lines and detention, or is it top of the class?

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There's a quite a lot of ways you could add value.

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It requires a general scheme of modernisation -

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new kitchen, new bathroom, new central-heating system.

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That kind of thing.

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But there's some nice old features to work with, put a modern spin on it and make a really nice house.

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Worth a small kitchen extension. Nothing too great

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because there's not an enormous outside space and if you do too big an extension

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you're just reducing that amount further.

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If it's a single storey, under permitted development

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you can extend up to four meters at the rear of a detached property

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without getting planning permission.

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If the property is renovated to a good standard,

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I could see this property on the market for £115,000 to £120,000.

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Yes, there's a bit of damp to sort out

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and yes, the kitchen could do with improving

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and yes, in general it needs a bit of a tidying up,

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but you've got a lot of house for the money.

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

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Lot 23, needs a bit of upgrading and improvement, ladies and gentlemen.

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Start me where you like. 50.

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£50,000, opening bid.

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At £50,000, it's a low opener. 51 I've got.

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At 51, 52.

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52,000. 53 is bid. 54.

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55,000. 56.

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At £55,000, a disappointing price.

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At 55,500. 56 on this side.

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56,500. 57,000.

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57,500.

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58,000.

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58,500.

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£59,000.

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59,500.

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At 60.

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£60,000. 60,500.

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61.

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61,500.

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62.

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62,500.

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63 is bid.

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63,500.

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64.

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64,500.

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65, sir. 65,000.

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At £65,000, for the first time.

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For the second time.

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Third and last chance.

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Sold at 65,000. Thank you.

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The winning bid was made by Nottinghamshire couple

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Chris and an extremely relieved Jane.

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The husband-and-wife team bought their current house at auction

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and this is their second purchase under the hammer.

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I met them at the schoolhouse to hear what lessons they'd learnt.

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Lovely to meet you both.

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-Pleased to meet you.

-Congratulations.

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A lot of house for the money.

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Pretty much. What a bargain.

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Is it a bargain around these parts or is this the sort of thing...?

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It's pretty cheap - two-bed detached house.

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You can't get a lot for £65,000.

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-No, but it's really nice. Really solid.

-It's a good-built house.

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-So why did you want to buy it?

-The price.

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It needed a lot of work doing to it. It suits us down to the ground.

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-Tell me a bit more about you two.

-I'm a plumber.

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My wife works for the Nottinghamshire Police.

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We both like doing renovations.

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Our last property was bought at auction and we've done that up.

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Now we're selling that

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and moving on to pastures new, which is this property.

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-Is this for you, then?

-This is where we're going to live, yes.

-Oh great.

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The fairly busy road - is that an issue?

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That's an issue. We're going to put up a six-foot fence

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around the perimeter as of tomorrow

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and then probably plant it with shrubs to deaden some of the noise.

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It's not ideal, but we knew about the road.

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Yeah. And you can always contemplate triple glazing.

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-Absolutely.

-Yep.

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'In fact, Jane and Chris didn't have plans to start another project so soon.

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'They'd just put their bungalow on the market

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'and hadn't even started looking, but then they spotted this property

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'and managed to view it just three days before the auction.'

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Did you start the mortgage process before you went to the auction?

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No.

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HE GASPS

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No. Well, pretty much...

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We begged, stole and borrowed with me mum and me cousin to do this for the deposit.

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The family lent us some, well, all the money for the deposit.

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And we rang up and had to do some additional borrowing over the phone

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the night before the auction to get the full deposit together,

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the 25% deposit for the mortgage and then we went to auction and bought.

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You knew when you went to auction you could get a mortgage?

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Kind of. The mortgage adviser knew we wanted a mortgage,

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-but nothing was carved in stone.

-Mm-hm!

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You know that's really dangerous ground you were treading on there?

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-Absolutely. We could lose our deposit.

-Yeah and more.

-£8,000.

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Blimey. Not a good idea, I'd just like to point out.

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You need to get your finances in place before you go to the auction.

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Absolutely.

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HE LAUGHS

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'Jane and Chris took a financial risk,

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'but luckily for them, their mortgage was approved.

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'Now they have just got to start the process

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'of turning this old schoolmaster's house into a home.'

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-What are you planning to do to it?

-I plan to take out this wall,

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make it into one large living room, living / dining room,

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extend the kitchen, given we get the bungalow sold,

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new bathroom and redecorate.

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What's the time scale for that in terms of what you are going to do?

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A lot of it depends on the sale of the bungalow.

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If it sells quickly, six months.

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-And if it doesn't?

-A year, maybe.

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-So you are reliant on your other place selling?

-Pretty much.

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We have got a very small amount of money to get initial things done,

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central heating, boundary fence.

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The fence will be started tomorrow. The perimeter fence will probably take me two or three days

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and central heating will be in before the end of the week.

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What kind of budget have you got for the first part?

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About £4,000.

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-Including putting central heating in?

-Yes.

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-It will be tight.

-Best of luck.

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Congratulations, you have got a lovely house.

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I look forward to seeing how you get on sorting it out.

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-Thank you very much, Martin.

-Good luck with it.

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Well, Chris and Jane are clearly delighted with their new home

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and absolutely quite right they should be.

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Still, living in a property while you're doing it up

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is never easy and when the budget is so tight,

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I wonder if there are going to be difficult times ahead?

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I hope not. You can find out how they get on later in the show.

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Today's auction lot is in East London

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in a place called Poplar, fantastic transport links,

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good local amenities and affordable property attracts buyers and investors to this area

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and with the average property costing £300,000,

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popular Poplar is on my property radar.

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# Red alert... #

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'With Canary Wharf on the doorstep and fleets of buses available to take you here, there and everywhere,

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'why wouldn't you consider this part of East London?'

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The guide for today's auction lot was set at £185,000.

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So let's have a look at it.

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Well, here it is, it is a three-bed property.

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It does look tired and dated from the outside,

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but it does retain those beautiful Victorian features.

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There is the original sash windows, you have got exposed brickwork here, really nice to see.

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Let's go in and see what it is like on the inside.

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'The housing stock in this area is varied

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'and you can zip up through the years in one fell swoop,

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'from the 1900s to the 1960s, but enough of flower power,

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'let's get back to the property I'm actually here to view.'

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Well, it's certainly a lot bigger on the inside.

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It's quite surprising when you walk through a front door, you never know what you're going to see.

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You've got a beautiful big old staircase there.

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You can imagine what this will be like once it's painted. It is actually very welcoming.

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I know I get excited, don't I? But look at this curved wall.

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That's so nice and it looks amazing from out here as well.

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This is the lounge.

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You've got some interesting cornicing up there, which is quite nice.

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I'm not sure about that,

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I quite like the exposed brick work on the outside,

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but I don't think it looks too hot on the inside.

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I did check out that was a flat-roofed area above the bay

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so I think a bit of water has been penetrating in through that,

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I wouldn't worry too much about it, but I'd get it looked at.

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You have this lovely window area.

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Maybe you'd need to change these windows because they look old.

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But a good room.

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I'm sure this house has got a certain amount of character and I want to explore.

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# In the sunshine of your love... #

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'Its all very yellow here,

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'but colours aside, the proportions are cracking

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'and these two good-sized reception rooms

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'could be knocked together to make a knockout downstairs area.'

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There really is such wonderful space everywhere.

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You've got lovely large windows in this room,

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but no kitchen, which is what I would've expected in here.

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You can see there is a really tatty old bathroom here

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and it needs loads of attention, but a bit of information for you,

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this property has been arranged as two flats,

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but it's not been legally converted

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so if you wanted to keep the original layout as two flats,

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you would have to apply for planning permission.

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It will probably be more financially profitable,

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but I would love to get my hands on this place and turn it into a family home.

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It could look absolutely stunning with the old period features that are left here,

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but I know it's not the most lucrative of options.

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'There's plenty of unused space outside

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'so you could think about extending there

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'if you wanted to gain extra room for a ground-floor flat.

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'There's a fair-sized garden at the back, but there's one more thing that is well proportioned -

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'this imposing wall, it's huge

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'but does shield you from the busy A13, so it serves a purpose.

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'Back inside and up the yellow stairs to the first floor...'

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Aha! So here's the kitchen.

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Nothing in this house is where you'd expect it to be.

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So let's think about the money aspect.

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What kind of return could you expect here?

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The big money spinner is of course conversion.

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If you were able to obtain permission to legally call these two flats,

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then you could sell them on for almost £200,000 apiece.

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The less lucrative option, as I said downstairs,

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would be to refurbish this and sell on as a three-bed house.

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The figures are not as appealing, but there is still money to be made

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if you do stick to that strict budget.

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'A family home could achieve £300,000 top whack,

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'but with a guide price of 185,000,

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'your biggest profit here would clearly some from flats.'

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# Sunshine came softly through my window today... #

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'On this floor, the whacky layout continues

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'so leading off from the kitchen, there's the shower room and toilet. Lovely.

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'As well as the kitchen with adjoining shower,

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'there are two other really good-sized rooms on this level.

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'With a guide price of £185,000,

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'for a house from which you can see the financial area of the City,

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'what does an estate agent make of it?'

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The property obviously requires a lot of work,

0:18:330:18:35

besides the aesthetics, which need to be addressed

0:18:350:18:40

and the layout of the property is not of any use to anyone at the moment.

0:18:400:18:45

'What about the fact that this mid-terrace house

0:18:450:18:48

'is very nearly two flats, but not quite?'

0:18:480:18:51

Because they have had no planning permission when they have converted the units,

0:18:530:18:58

in order to have them used as two separate units,

0:18:580:19:01

planning permission must first be obtained,

0:19:010:19:03

then the building regulations necessary to go with it must also be taken in place.

0:19:030:19:08

# And it was all yellow... #

0:19:080:19:13

I think you'll agree there is some pluses and minuses with this property.

0:19:130:19:16

It's tired and dated, but there's certainly money to be made here,

0:19:160:19:20

especially if you're able to secure the planning

0:19:200:19:23

for two one-bedroom flats.

0:19:230:19:25

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

0:19:250:19:28

So move on to lot 56, mid-terraced two-storey house,

0:19:280:19:33

arranged as two non-self-contained flats.

0:19:330:19:37

170, 170, right at the back.

0:19:370:19:41

170, 175, 180,

0:19:410:19:44

185, another spot.

0:19:440:19:46

185, 190, 195, 200,

0:19:460:19:51

201, 202.

0:19:510:19:52

210, 210, 211 anywhere? 211, 212,

0:19:550:19:59

215, 216, 217?

0:20:020:20:06

218?

0:20:060:20:08

218, 219, 220,

0:20:090:20:12

221, 221, first time, second time,

0:20:120:20:17

223 by the door, yeah?

0:20:170:20:19

223, 224.

0:20:190:20:21

224 at the back, 225,

0:20:210:20:24

226, new spot, 226, 227,

0:20:240:20:28

228, 229,

0:20:300:20:32

230, 230, 231, 230 at the back.

0:20:340:20:39

First time, second time,

0:20:390:20:41

third and last time. Have you all done?

0:20:410:20:44

'Well, we missed him at the auction,

0:20:460:20:48

'but caught up with Steve, the successful bidder at his new purchase.

0:20:480:20:52

'He runs his own painting and decorating firm

0:20:520:20:54

'and Martin has met him on the show before.

0:20:540:20:57

'He purchased a substantial property in Hastings and transformed it.

0:20:570:21:01

'Will he perform the same magic on this one?'

0:21:010:21:04

-Steve, congratulations.

-Thank you.

0:21:040:21:06

Here you are buying another house. It's obviously going well?

0:21:060:21:10

It's been going good.

0:21:100:21:11

So tell us about why you want to buy this house in Poplar?

0:21:110:21:14

When I come round to look at it, it was down as two flats.

0:21:140:21:19

But it is sort of illegal, but there is two meters in for each.

0:21:190:21:23

I found out it was shared with just the bathroom

0:21:230:21:26

and I took a gamble that I would get the planning

0:21:260:21:29

so I could make it into two legal one-bedroom luxury flats,

0:21:290:21:33

because the profit is a little bit more than keeping it as a three-bedroom.

0:21:330:21:39

It is a gamble really that I get the planning.

0:21:390:21:41

If you don't get planning permission for two flats,

0:21:410:21:44

will you be happy to keep this as a family home

0:21:440:21:47

-and convert it into a family home?

-That's what we will do.

0:21:470:21:51

-It won't be a lucrative, though, will it?

-We'll still make profit on the house...

0:21:510:21:55

we'll still the value of return that we wanted.

0:21:550:21:59

How much research have you done? Have you spoken to the council?

0:21:590:22:02

Have you looked up and down the road to see how many houses have done that?

0:22:020:22:06

There is at least five that have been converted. Next door is into one-bedroom flats.

0:22:060:22:11

There are three-bedroom houses, four-bedroom houses,

0:22:110:22:14

so there is plenty of family houses here anyway,

0:22:140:22:18

it is just literally, been in touch with the planning, got to wait about eight weeks.

0:22:180:22:24

I only got the keys yesterday for this place so I haven't had drawings made up,

0:22:240:22:30

but I come in with the architects and I'm just letting him get on with it.

0:22:300:22:35

'And while the plans are being considered by the planners,

0:22:350:22:39

'Steve's not planning to let the grass grow under his feet.'

0:22:390:22:43

I can't wait, but I'll still be working on it anyway, all the windows can come out.

0:22:430:22:47

I have got brickwork to be done, problem with the drain out there,

0:22:470:22:50

all the plaster will come off the walls.

0:22:500:22:53

Depending on the plans we get back, the chimney stacks will probably go,

0:22:530:22:56

if they are in the flats, just to open it all up for everybody.

0:22:560:23:00

All floorboards will have to come up.

0:23:000:23:02

I have got a little bit of work before we start finishing.

0:23:020:23:05

'If it all gets too much, at least he can pop round to his family for a chat and a cuppa.

0:23:090:23:15

I did my early schooling in Poplar. I was born up the road, Stepney.

0:23:150:23:19

I've got a lot of friends in the area. I lived in Canning Town, over the water there

0:23:190:23:24

and Plaistow so basically it is me home.

0:23:240:23:26

I'm 49 now. I've lived in the area for 43 years.

0:23:260:23:31

-And where are you living now?

-Epsom.

0:23:310:23:33

So really this is like a homecoming?

0:23:330:23:35

I am never away from here, all my family is here,

0:23:350:23:38

basically a homecoming, I suppose.

0:23:380:23:41

'There really is no place like home,

0:23:410:23:44

'especially if you're trying to buy property to make profit.

0:23:440:23:47

'Knowledge of an area is worth its weight in gold.'

0:23:470:23:51

So tell me what your budget is.

0:23:510:23:53

If I convert it into two flats,

0:23:530:23:55

the budget for the whole house was 35 just to leave it as a three-bedroom house,

0:23:550:23:59

but into flats, extra kitchen, extra bathroom,

0:23:590:24:04

it will be knocking on near enough 45.

0:24:040:24:08

I'm so excited for you and I can't wait to find out the outcome. Good luck.

0:24:080:24:12

-Thank you, Lucy.

-Thank you.

0:24:120:24:14

Steve has come home.

0:24:140:24:16

I always advise people to buy in an area they know well.

0:24:160:24:19

Well, I think Steve knows Poplar like the back of his hand.

0:24:190:24:22

Is this going to be enough to make it a success though?

0:24:220:24:25

How is he going to get on with the planning permission to turn this into flats?

0:24:250:24:30

You can find out what happens later in the programme.

0:24:300:24:33

'Coming up in Carlisle, is it love at first sight?'

0:24:330:24:37

No, it isn't. Look at this!

0:24:370:24:40

It is disastrous!

0:24:410:24:43

'In popular Poplar, is it tears before sale time for Steve?'

0:24:430:24:49

I'm not going to cry about it because at the end of the day, it had to be done.

0:24:490:24:53

But first, we return to Nottinghamshire

0:24:550:24:57

for some instruction.

0:24:570:24:59

I say go for it, but don't just live in it.

0:24:590:25:02

We're back in Pleasley, Nottinghamshire to see how plumber Chris and his wife Jane

0:25:100:25:15

got on with their ex-schoolhouse by the very busy road.

0:25:150:25:19

Is it a teacher's pet or a must try harder?

0:25:190:25:22

Inside, the two-bedroomed house was very dated and neglected.

0:25:230:25:26

No-one had lived there for a year and it showed -

0:25:260:25:30

damp patches, paper peeling off walls,

0:25:300:25:32

but there were some good features buried under years of paint.

0:25:320:25:36

Chris and Jane had put their previous bungalow on the market

0:25:370:25:40

and bought this property before they had even sorted out their finances.

0:25:400:25:44

Family lent us some of the money for the deposit, well, all of the money for the deposit and...

0:25:440:25:50

-then we went to auction.

-You knew when you went to the auction you couldn't get a mortgage?

0:25:500:25:54

Kind of. The mortgage adviser knew we wanted a mortgage,

0:25:560:26:00

but nothing was carved in stone.

0:26:000:26:02

Blimey. NOT a good idea, I'd just like to point out.

0:26:020:26:06

You need to get your finances in place before going to the auction!

0:26:060:26:09

The couple had scraped the cash together to buy this two-bedroomed house

0:26:090:26:13

for £65,000 and had a very tight cash budget

0:26:130:26:17

of £4,000 for refurbishment.

0:26:170:26:21

Superman Chris planned to work all day at his job

0:26:210:26:23

and every evening and weekend here.

0:26:230:26:27

He thought it would take them around three months to finish,

0:26:270:26:30

but if they sold their bungalow they'd have more cash to spend here.

0:26:300:26:35

We've returned nine months later to see if Chris and Jane

0:26:350:26:38

are top of the class or in detention.

0:26:380:26:40

Outside, there are great improvements.

0:26:460:26:49

The huge trees have gone and the old house is now much more protected

0:26:490:26:54

from its A-road neighbour.

0:26:540:26:55

And that unwelcoming living room has become the heart of this new home.

0:26:580:27:02

It has doubled in size as Chris and Jane have turned two good-sized

0:27:020:27:07

downstairs rooms into one huge sitting room-cum-dining room.

0:27:070:27:10

In this room, we have, erm...

0:27:130:27:16

taken down the main wall, divided it into two rooms.

0:27:160:27:20

Good reason is because they built the wall on a timber beam

0:27:200:27:25

and over the period of 100 years, the timber had crushed and the wall

0:27:250:27:29

had cracked so a necessity, really, of taking down the wall.

0:27:290:27:33

We've also bricked up the kitchen doorway to open up

0:27:330:27:38

a new doorway in the hallway to lead into the kitchen.

0:27:380:27:42

Chris and Jane had planned to build an extension to the kitchen

0:27:420:27:45

and although that hasn't happened, they have managed to turn

0:27:450:27:49

the galley kitchen into a much more useful space.

0:27:490:27:53

We've completely ripped the kitchen out and added new units,

0:27:530:27:56

a work surfaces and tiled, moved the washer

0:27:560:27:59

and put it to the back of the kitchen, that's more like a bit

0:27:590:28:03

of a laundry area so we've got more units in the kitchen area itself.

0:28:030:28:07

The refurbishment of this house, depended on Chris and Jane

0:28:070:28:11

selling their bungalow, which they failed to do!

0:28:110:28:14

It did put us under a reasonable amount of strain.

0:28:160:28:19

We'd planned at having free cash to do all the project.

0:28:190:28:23

Because we hadn't sold our property that we was in before,

0:28:230:28:26

we had to sell the car and sell the caravan

0:28:260:28:30

to raise some cash.

0:28:300:28:32

I think we have managed to stay £14,000, £14,500...

0:28:320:28:37

Although cash was in short supply, energy and enthusiasm weren't.

0:28:370:28:42

The couple tackled all the problems this roadside schoolhouse presented.

0:28:420:28:46

Since you were last here, we've completely taken the house back to brick and replastered,

0:28:460:28:51

redecorated and completely overhauled the garden.

0:28:510:28:55

When we started the property, we moved straight in.

0:28:550:28:59

Dust and everything.

0:28:590:29:01

I think you've got to have a lot of patience with each other as well.

0:29:010:29:05

Which we have, luckily! SHE LAUGHS

0:29:050:29:07

-We make a good team.

-We do.

0:29:070:29:09

Upstairs, the bathroom is unrecognisable.

0:29:110:29:15

And just how do you do that if you're a bit strapped for cash?

0:29:180:29:23

The bath and the shower enclosure,

0:29:230:29:25

they're green, they're reused.

0:29:250:29:28

The shower enclosure had been in a job I'd done. It'd been in a year

0:29:280:29:32

and I took it out and I refitted it here.

0:29:320:29:34

The bathroom probably only cost us £500.

0:29:340:29:36

It was pretty much brand-new so it seemed a shame to skip it, really.

0:29:360:29:40

Canny Chris and Jane have spent their tight budget wisely.

0:29:400:29:45

Elsewhere, upstairs, the master bedroom

0:29:450:29:48

no longer features mould and damp.

0:29:480:29:50

It's now a warm and welcoming retreat,

0:29:500:29:53

and the good-sized second bedroom has also had a thorough facelift.

0:29:530:29:57

But if anything was going to hamper the sale of this property, it was the outside space.

0:29:570:30:02

The house is right beside a busy and noisy road.

0:30:020:30:06

In the garden, one of the main things we've done is put a new fence

0:30:060:30:10

to the property. It blanks off the road.

0:30:100:30:13

We've also taken out a row of conifers

0:30:130:30:17

that were literally pulled out

0:30:170:30:19

with a van to open up the garden to make it more of a usable area.

0:30:190:30:23

We've put a driveway in with limestone chippings

0:30:230:30:27

and we've turfed the other part of the garden

0:30:270:30:31

to bring it more into the property.

0:30:310:30:34

Chris and Jane have begged, borrowed and worked their fingers

0:30:340:30:38

to the bone to bring this old schoolhouse back to life.

0:30:380:30:42

They bought it for £65,000

0:30:420:30:45

and spent £14,500 on refurbishment,

0:30:450:30:48

bringing their total outlay to £79,500.

0:30:480:30:51

Time to find out what grade two local property experts

0:30:510:30:54

will give their work.

0:30:540:30:56

First impressions of the property are very good.

0:30:560:30:59

It's been finished to a very high standard internally

0:30:590:31:01

and a lot of work has been done outside as well.

0:31:010:31:04

This property is best suited for the resale market.

0:31:040:31:07

If you rent it out,

0:31:070:31:08

you could find in six to 12 months' time

0:31:080:31:11

that it's not in excellent condition and the finish that you've got now that really adds to the value

0:31:110:31:15

might not quite be there.

0:31:150:31:17

How much could the property sell for?

0:31:170:31:20

Resale, from what I have seen today, I would be looking £110 to £115,000

0:31:220:31:27

at this moment in time.

0:31:270:31:29

If this property went on the open market, I'd expect it to achieve in the region of £110 to £115,000.

0:31:290:31:34

Those valuations would give the couple

0:31:340:31:36

a profit of between £30,500 and £35,500

0:31:360:31:39

before costs and expenses.

0:31:390:31:42

What might they achieve if the property was put up for rent?

0:31:420:31:46

From the rental point of view, I would be looking £450 to £475 per calendar month.

0:31:510:31:56

I would expect it to achieve in the region of £500 to £550 per calendar month.

0:31:560:32:00

-I think we're happy with that.

-Yeah!

0:32:000:32:03

Since they struggled to finance this one,

0:32:030:32:06

what's on their crib sheet for any other property investors?

0:32:060:32:10

I say go for it, but just don't live in it.

0:32:110:32:14

And make sure you've got the funds to complete the project.

0:32:140:32:17

The financial burden can be quite testing

0:32:170:32:19

if you've not got the funds.

0:32:190:32:21

This is historic Carlisle, with its great medieval fortress,

0:32:230:32:27

castle and semi-intact city walls.

0:32:270:32:31

This was once the most besieged place in the British Isles.

0:32:310:32:34

So will today's property be a secure fortress, or a battle-scarred bomb site?

0:32:340:32:38

Well, the property I'm here to see is just a few minutes

0:32:380:32:41

from the city centre right on this fairly busy main road,

0:32:410:32:45

although you do have a bus route,

0:32:450:32:47

obviously which is good news.

0:32:470:32:49

It looks reasonably solid from the outside,

0:32:490:32:52

maybe not up to medieval standards,

0:32:520:32:54

but it's a two-bed terrace with a yard at the back. Let's take a look.

0:32:540:32:58

The property went to auction with a guide price of £50,000 to £60,000.

0:32:580:33:02

Well, blimey, sticky door and what's more important,

0:33:060:33:09

not a double-glazed door, and I doubt...

0:33:090:33:13

No, thin double glazing. Clearly with the noise from that road,

0:33:130:33:16

the first thing I'd want to do is put a really thick double-glazed door in there

0:33:160:33:22

and double-, if not triple-glazing in the windows.

0:33:220:33:25

But this is your lounge so again straight off the road there,

0:33:250:33:28

lots of wind and noise and cold coming in so that's not ideal.

0:33:280:33:33

The room itself is what it is. It's not a bad-sized space, I suppose.

0:33:330:33:36

Somebody's gone to a bit of trouble to put a slightly new fire in there,

0:33:360:33:40

but I'd rather see an original open fire.

0:33:400:33:43

So all in all, let's hope it gets better.

0:33:430:33:46

Well, actually, on the surface, it does!

0:33:480:33:53

The kitchen, not too bad.

0:33:530:33:54

These units were not the most expensive units in the world, but at least they are reasonably new,

0:33:540:33:59

and, you know, you could almost live in this.

0:33:590:34:02

It's not a bad-sized space either, but it's unusual

0:34:020:34:04

that the ceiling is lower than the ceiling in the front room there.

0:34:040:34:08

Views out over the rear little courtyard, and then,

0:34:080:34:12

as is often the case with these kind of properties,

0:34:120:34:15

you come though here, back door there

0:34:150:34:17

and then this is your loo and your bath.

0:34:170:34:21

This is it.

0:34:210:34:22

So in order to access it from the bedrooms, down the stairs,

0:34:220:34:26

through the lounge, through the kitchen and here you have it.

0:34:260:34:31

Mind you, with this kind of property, it is what you expect,

0:34:310:34:34

so it doesn't really matter.

0:34:340:34:36

Changing the layout is never easy in these classic two-up, two-down terrace cottages.

0:34:360:34:41

The bathroom is already in an extension at the back

0:34:410:34:45

of the original property.

0:34:450:34:47

From out in the yard you can see work is needed,

0:34:470:34:50

but it could be quite pleasant out here if the wall

0:34:500:34:53

was re-rendered and the gate replaced.

0:34:530:34:55

Upstairs, this house, that went to auction guided at 50,000 to 60,000,

0:35:000:35:06

retains the layout of the original two bedrooms.

0:35:060:35:11

So upstairs, smaller bedroom at the back

0:35:110:35:14

and then a reasonable-sized double bedroom at the front.

0:35:140:35:17

So it's all looking pretty good, isn't it?

0:35:170:35:20

No, it isn't, look at this!

0:35:200:35:22

It is disastrous! This massive crack running up the side of the bedroom.

0:35:220:35:27

I bet if I pull some of this, it just continues up.

0:35:270:35:32

Now, that is very serious.

0:35:320:35:34

As you can see, the whole of this wall is separating out from this wall here.

0:35:340:35:38

What is going on underneath this property, I do not know.

0:35:380:35:41

But I'd certainly want to hear from a structural engineer before I bought the place.

0:35:410:35:46

'It could prove to be a costly concern

0:35:470:35:50

'if that crack is a sign of major structural problems.

0:35:500:35:54

'But if you can get it sorted,

0:35:540:35:56

'there doesn't seem to be much else wrong with this place.

0:35:560:35:59

'Somebody has already stripped all the wallpaper off in every room.

0:35:590:36:03

'Apart from this nasty crack, everywhere else looks pretty good.

0:36:030:36:07

'We asked the auctioneer who sold it to take a look around

0:36:070:36:10

'and give his verdict on this handy city property.'

0:36:100:36:15

I'm pleasantly surprised.

0:36:150:36:16

I think it is a property in reasonably good condition.

0:36:160:36:20

It needs some home improvements,

0:36:200:36:21

but overall it is in reasonable condition.

0:36:210:36:24

'Once the house has been refurbished,

0:36:240:36:27

'bearing in mind its prime location and the competition around here,

0:36:270:36:31

'how much could the house fetch in the current sales market?'

0:36:310:36:35

I think in a refurbished condition,

0:36:350:36:37

it would be achieve a price of between £75,000 and £80,000.

0:36:370:36:43

'What about rental income?'

0:36:430:36:45

The potential renal income would be in the region of £395 per calendar month.

0:36:450:36:51

'Not a bad return, then,

0:36:510:36:53

'considering the guide price of 50,000 to 60,000.'

0:36:530:36:58

Well, clearly a house, not without its problems.

0:36:580:37:02

You have got the road, that terrible crack,

0:37:020:37:04

but still the guide price was pretty reasonable.

0:37:040:37:08

So let's see who fancied the opportunity when it went under the hammer.

0:37:080:37:12

Right, lot number 22 in your catalogue,

0:37:120:37:15

two-bedroom terraced house with gas central heating,

0:37:150:37:18

50 to 60 is the last quoted guide. So 50 anywhere?

0:37:180:37:21

50 I have in the door. At £50,000.

0:37:210:37:26

At £50,000.

0:37:260:37:27

At 51, I have, 52 may I say?

0:37:280:37:30

A shake of the head at 52,

0:37:330:37:35

at 51 to my right-hand side.

0:37:350:37:37

At 51. Are we all done?

0:37:370:37:39

Take a half, sir. Half I've got.

0:37:390:37:42

52, shake of the head.

0:37:420:37:44

Back with you at 51,500, for the first time.

0:37:440:37:48

At 51,500 for the second time. All done?

0:37:490:37:53

At 51,500 for the third and final time, are you out?

0:37:540:37:58

Sold to the room, the big fella.

0:37:590:38:01

'That final successful bid of £51,500

0:38:010:38:05

'was made by Martin who lives about six miles away.

0:38:050:38:09

'He is a qualified HGV mechanic, but for the last seven years

0:38:090:38:13

'has been running his own window-cleaning business.

0:38:130:38:16

'I met him back at the property to hear about his plans.'

0:38:160:38:20

-Martin, good to meet you.

-Nice to meet you, Martin.

-Congratulations.

0:38:200:38:24

Tell me why you wanted to buy this place.

0:38:240:38:26

Basically because the money that was in the bank is not making too much at the minute.

0:38:260:38:31

You see a lot of people renting houses out

0:38:310:38:34

for, like their pension later on in life

0:38:340:38:37

so that's basically me idea, as an investment.

0:38:370:38:39

Right. Have you done anything like this before?

0:38:390:38:42

-No, this is the first time.

-So why this particular house then?

0:38:420:38:46

Just because it goes for the smaller market.

0:38:460:38:49

It is not going to be too stupid rental.

0:38:490:38:52

Just to go for basic market really.

0:38:520:38:54

What do you do when you are not doing this?

0:38:540:38:56

I'm actually a window cleaner, I have got me own window cleaning round.

0:38:560:39:01

-I was an HGV mechanic before that.

-What took you into window cleaning?

0:39:010:39:04

Basically my dad was retiring so his round was up for grabs basically

0:39:040:39:10

so I thought I would just try something different.

0:39:100:39:13

# What's my life? I'm happy cleaning windows... #

0:39:130:39:19

'Martin knows the area well.

0:39:190:39:22

'Getting his first investment property so close to town

0:39:220:39:26

'and to the bottom of the guide price was a great first step on the property ladder.'

0:39:260:39:32

# I'm a working man in my prime

0:39:320:39:35

# Cleaning windows... #

0:39:350:39:37

Tell me what you're going to do to the house.

0:39:390:39:42

I'm going to get new doors, possibly new windows,

0:39:420:39:46

I'm going to look to see if there's any damp in the house.

0:39:460:39:49

The roof's leaking, so I'm going to have a look at that,

0:39:490:39:52

insulation for efficiency,

0:39:520:39:54

and also obviously plastering, where it needs done and redecorating.

0:39:540:39:59

The back yard needs a new gate on, so I'm going to sort that out.

0:39:590:40:02

Cavity in the walls outside as well

0:40:020:40:04

and that's about it, I think.

0:40:040:40:06

And what about the crack upstairs?

0:40:060:40:09

Ah, yes. There's a crack upstairs. I'll get that investigated as well

0:40:090:40:13

just to make sure the house isn't moving or anything like that.

0:40:130:40:16

What kind of money have you got set aside for doing the work?

0:40:160:40:19

Well, I was looking about £5,000,

0:40:190:40:22

maybe up to £8,000 if that crack is going to be anything serious.

0:40:220:40:28

Well, that crack could add major costs to this renovation,

0:40:280:40:31

but surely Martin must have spotted it before he bought it.

0:40:310:40:36

So did you come and see the house before you bought it?

0:40:370:40:40

Unfortunately, I didn't.

0:40:400:40:42

I went to the auction to look at another two different properties

0:40:420:40:45

which I was bidding on, so basically I bought this blind,

0:40:450:40:49

which I wouldn't advise anybody to do.

0:40:490:40:51

An unusual thing to do on your first purchase.

0:40:510:40:54

Sometimes people with a lot more experience buy blind - I'd still never recommend it -

0:40:540:40:58

but for your first one to buy blind...

0:40:580:41:01

How was it when you walked through the door?

0:41:010:41:03

I was anxious at first cos I hadn't seen the property,

0:41:030:41:06

but as soon as I viewed it, I was fairly happy.

0:41:060:41:10

And had you read the legal pack?

0:41:100:41:12

I had a quick look, but it was only five minutes

0:41:120:41:15

so obviously I couldn't look at it properly.

0:41:150:41:17

So tell me what you're going to do next time you buy a house?

0:41:170:41:20

I'm certainly going to view it properly first!

0:41:200:41:24

Take a bit more... Obviously look at the legal pack a bit better.

0:41:240:41:28

It's all a learning experience for us.

0:41:300:41:32

Well, the budget's set.

0:41:320:41:35

Martin thinks he can still pull the whole thing off in three months

0:41:350:41:38

with the help of friends and by picking up valuable tips along the way.

0:41:380:41:42

The idea then is to keep it, rent it out or to sell it?

0:41:440:41:48

Keep it and to rent it out.

0:41:480:41:50

-Congratulations. Good luck. I look forward to seeing how you get on.

-Thank you very much.

0:41:500:41:54

Well, it's great that window cleaner Martin has got himself on the property ladder,

0:41:540:42:00

however I do think he'll be squeegee-ing the budget a bit

0:42:000:42:04

to get all this done for £6,000 - especially that crack.

0:42:040:42:08

Will he end up spending a bucket-load of cash?

0:42:080:42:11

You can find out later in the show.

0:42:110:42:13

Time has passed, money's been spent. Are the results worth it?

0:42:170:42:22

Have our buyers got on with the work or let the grass grow under their tootsies?

0:42:220:42:26

Let's find out!

0:42:260:42:28

We're back in Poplar, East London,

0:42:280:42:30

to find out if painter and decorator Steve's mid-terrace

0:42:300:42:34

is now a pair of flats or a family home.

0:42:340:42:37

And does the sun still shine indoors?

0:42:370:42:38

# They call me Mellow Yellow #.

0:42:380:42:41

Inside, as well as many shades of yellow,

0:42:410:42:45

the house was packed with unique features,

0:42:450:42:48

curved walls and cornices galore,

0:42:480:42:50

but no one had taken care of it for years and leaky bay windows had left it damp and mouldy.

0:42:500:42:55

The property had one kitchen, two bathrooms

0:42:570:43:01

and separate meters for power so it was very nearly two flats,

0:43:010:43:04

or rather illegally nearly two flats.

0:43:040:43:07

No-one had applied for permission to divide it

0:43:070:43:10

and that was where the real money lay.

0:43:100:43:12

As a house, it would sell for around 300,000.

0:43:130:43:16

And as a local boy, Steve knew exactly what the flats could be worth.

0:43:160:43:20

It took a gamble that I'd get the planning

0:43:200:43:24

so I could make it into two legal one-bedroom luxury flats.

0:43:240:43:28

Steve bought it for 230,000

0:43:300:43:32

and planned to spend £35,000 on it if he was refurbishing a house

0:43:320:43:37

and around 45,000 if he got permission for the flats.

0:43:370:43:40

We've come back after three months to see if the planners played along.

0:43:400:43:45

How does it look now?

0:43:450:43:47

# I'm walking on sunshine

0:43:530:43:55

# Whoa

0:43:550:43:57

# I'm walking on sunshine

0:43:570:44:00

# Whoa

0:44:000:44:02

# And don't it feel good... #

0:44:020:44:04

The run-down leaky house with its lurid colour scheme

0:44:040:44:07

is now a distant memory.

0:44:070:44:10

Downstairs, walls have disappeared, bathrooms have gone

0:44:100:44:14

and these spacious rooms are now looking their very best.

0:44:140:44:17

But come on, Steve, am I looking at two flats or one house?

0:44:190:44:23

I got in touch with the council

0:44:240:44:27

and they advised us that they would go against it

0:44:270:44:30

and even if we did appeal, they would object to it again

0:44:300:44:34

because of the developments of flats in the area.

0:44:340:44:38

If it's a family home, they want to keep the family homes now

0:44:380:44:42

cos there's not enough of 'em about.

0:44:420:44:44

We went down that route.

0:44:440:44:46

OK, so Steve's ideal development didn't happen,

0:44:460:44:50

but he has worked wonders and realised my vision

0:44:500:44:53

by turning an unwieldy mess of rooms into this lovely family home.

0:44:530:44:59

As you remember, this was just a lounge.

0:45:000:45:04

Um... And over there was a shower room, swimming pool area

0:45:040:45:09

because of the damp, I suppose,

0:45:090:45:11

the fireplaces, one here and one in the bathroom,

0:45:110:45:14

we took them right the way up, to the ceiling to the roof.

0:45:140:45:19

And basically, this was a bay window,

0:45:190:45:23

so I've took it out, put a door in to make it a little bit spacious and a nice design feature,

0:45:230:45:29

it's a kitchen to die for,

0:45:290:45:31

there's enough there for the street, basically.

0:45:310:45:35

There's enough room here for a dining table.

0:45:350:45:40

Nice lighting, under-lighting under the pelmets.

0:45:400:45:44

To me, I think it works very well.

0:45:440:45:47

And I'm pretty proud of it, to be honest with you. There we go.

0:45:470:45:50

Steve is right to be proud of his handiwork,

0:45:530:45:57

and I think the kitchen is exactly what buyers are seeking.

0:45:570:46:02

Outside, he's opened up access to the garden

0:46:020:46:05

and made the outside space as fresh, contemporary and welcoming as the indoors,

0:46:050:46:10

although sacrifices had to be made to get the layout he wanted downstairs.

0:46:100:46:15

As you can see, I've opened it up, it was two reception rooms.

0:46:190:46:22

As you come through the door,

0:46:220:46:24

a door there, a door with an arch, a bit of wall.

0:46:240:46:27

Sorry, Lucy, but it had to go, I know you liked it,

0:46:270:46:30

but we're in the 21st century now and this is the way we're going.

0:46:300:46:34

I took the banisters out.

0:46:340:46:36

Designed this little bit of a feature wall to go up the staircase.

0:46:360:46:40

Come over to here, wall's hidden, empty space,

0:46:400:46:43

I've opened this up, it's a closet, a little toilet and hand basin and everything in it.

0:46:430:46:49

Over here, we had the window.

0:46:490:46:51

Took this out, opened it up, made it more spacious with the French doors,

0:46:510:46:55

into the garden, and the fireplace, sort of just leave it as it was a little bit drab,

0:46:550:47:00

so I opened it up and stuck this shelving unit in.

0:47:000:47:04

It's pretty effective to me.

0:47:040:47:07

On the other fireplace,

0:47:070:47:08

we've got the electric fire, wall-hung fire there.

0:47:080:47:13

It's open.

0:47:130:47:14

There's enough space in here to even break it up into two rooms

0:47:140:47:18

with your furniture, really,

0:47:180:47:20

and like the kitchen, I think it goes well.

0:47:200:47:23

I'm well pleased with it.

0:47:230:47:25

Before Steve got his hands on it, the only kitchen was upstairs.

0:47:250:47:29

By moving the kitchen downstairs, Steve had room to make a large family bathroom up here

0:47:290:47:35

and squeeze in an extra bedroom.

0:47:350:47:38

That gives the house three good-sized bedrooms, making it ideal for a family.

0:47:380:47:43

But with so much building work,

0:47:480:47:50

just how close did Steve come to his £35,000 budget?

0:47:500:47:54

60. But there we go. That is it.

0:47:540:47:58

I'm not going to cry about it, because at the end of the day, it had to be done.

0:47:580:48:02

If I didn't spend it, I could never hand it over to anyone,

0:48:020:48:05

and there's no way I'm going to do that.

0:48:050:48:08

Some of the fittings are a bit more than your high street,

0:48:080:48:11

it's what people want, especially in this market.

0:48:110:48:15

I want people to go, wow, and when they go, wow,

0:48:150:48:18

you know you'll get your money in the end and it'll always come.

0:48:180:48:21

Steve bought the property for 230,000

0:48:210:48:25

and completed the renovation work for 60,000,

0:48:250:48:29

bringing his total outlay to £290,000.

0:48:290:48:33

Time to find out what two estate agents think of his handiwork.

0:48:330:48:36

The property has undergone a lot of improvements.

0:48:360:48:39

Everything from the ground up has been stripped down and put together again.

0:48:390:48:43

There are some beautiful open spaces downstairs,

0:48:430:48:47

a brand-new beautiful kitchen,

0:48:470:48:48

the wooden flooring

0:48:480:48:50

and the attention to detail is absolutely paramount.

0:48:500:48:53

People in this area are expecting this sort of finish

0:48:530:48:57

as they are across most of London, really.

0:48:570:49:00

Everyone wants a good finish, so it fits in really well.

0:49:000:49:03

High praise indeed from the local experts.

0:49:030:49:08

How much do they think the property's worth now?

0:49:080:49:11

We would look to begin marketing the property at £350,000.

0:49:130:49:17

I believe this property should be marketed at 325,000,

0:49:180:49:22

although I would suggest putting it on slightly higher to test the market.

0:49:220:49:27

Those valuations would mean a profit of between 35,000 and 60,000 before costs and expenses.

0:49:300:49:37

Not bad going for only four months' work.

0:49:390:49:43

350 is pushing it a bit.

0:49:430:49:44

If I sell it for 330, 335, I'll be happy with it.

0:49:440:49:49

10% on top of the purchase price.

0:49:490:49:51

The money I spent on it, I will pay myself wages as well,

0:49:510:49:55

so profit's profit at the end of the day.

0:49:550:49:58

Is painter and decorator Steve tempted to trade in his paintbrushes for a new career in property?

0:50:010:50:09

I love it. Basically. Even though I've got my other work,

0:50:090:50:13

this is where I want to go, really.

0:50:130:50:16

But obviously I can't give up the bread-and-butter work.

0:50:160:50:19

As long as you ain't greedy and you enjoy what you're doing, carry on, and I'm going to carry on.

0:50:190:50:25

I'd never lose money at it.

0:50:250:50:28

So £1 is a profit.

0:50:280:50:30

When we were last in Carlisle,

0:50:320:50:34

Martin, a self-employed window cleaner, had paid £51,500

0:50:340:50:40

for this mid-terraced house that he planned to rent out.

0:50:400:50:44

# What's my life

0:50:450:50:48

# I'm happy cleaning windows... #

0:50:480:50:51

But he broke two of the golden rules of buying at auction.

0:50:510:50:55

He hadn't looked around it or read the legal pack,

0:50:550:50:58

and the property had a potentially major structural problem.

0:50:580:51:03

# I'm a working man in my prime

0:51:030:51:05

# Cleaning windows... #

0:51:070:51:08

What experience do you have of property renovation?

0:51:100:51:13

Not many, really, to be honest.

0:51:130:51:16

I'm basically going to use mainly my friends

0:51:160:51:18

who have got a lot of trades behind them and watch what they're doing

0:51:180:51:22

and try to pick a few things up myself.

0:51:220:51:25

And what about the crack upstairs?

0:51:250:51:27

I'm going to get that investigated as well just to make sure

0:51:270:51:31

the house isn't moving or anything like that.

0:51:310:51:34

It's now six weeks later and we meet Martin again back at the property.

0:51:350:51:40

The house now has new windows and front door,

0:51:450:51:49

plus the tiny garden is ready for planting.

0:51:490:51:54

It's a classic terrace,

0:51:540:51:55

so you step straight off the street into the living room,

0:51:550:51:59

which is now neutrally decorated and boosts a new fire and carpet.

0:51:590:52:04

Behind the central staircase is the kitchen where Martin's been able

0:52:060:52:09

to keep the original fittings.

0:52:090:52:12

I had a new ceiling fitted,

0:52:150:52:17

new plastered walls,

0:52:170:52:19

new windows, new lino on the floor,

0:52:190:52:23

painted, spent a bit of time cleaning the kitchen units up,

0:52:230:52:27

saved a bit of money by doing that and not having to replace the kitchen

0:52:270:52:30

and I'm just very pleased how it's turned out.

0:52:300:52:34

On this, his first property development,

0:52:350:52:38

Martin enlisted a lot of help from his friends and family.

0:52:380:52:42

Behind the kitchen in the extension is the back door

0:52:420:52:46

and the bathroom which, like the kitchen,

0:52:460:52:49

was in pretty good condition.

0:52:490:52:51

So it only needed a good clean and some new flooring,

0:52:510:52:54

but what about the gaping hole in the in the front bedroom?

0:52:540:52:57

How big a problem did that prove to be?

0:52:570:53:00

There was a crack in the bigger bedroom upstairs.

0:53:010:53:06

I got a builder to come and have a look at it.

0:53:060:53:08

He said there was nothing to be concerned about

0:53:080:53:11

so I just filled it in with a bit of cement and it was OK.

0:53:110:53:16

Excellent news. It looks like Martin's got away with his gamble

0:53:160:53:19

of buying a place without seeing it first.

0:53:190:53:21

The second rear bedroom has lost the cupboard

0:53:210:53:25

that boxed in the boiler, but it has gained a new window

0:53:250:53:28

and been replastered, decorated and carpeted.

0:53:280:53:32

So what's gone on at the back?

0:53:320:53:34

Basically, we've had the roof repaired.

0:53:370:53:40

We've also had new windows fitted, the gutters cleaned out,

0:53:400:53:43

also had the walls painted,

0:53:430:53:47

levelled off because there was glass in the top of the walls,

0:53:470:53:51

cleaned the post,

0:53:510:53:53

and a new gate fitted.

0:53:530:53:55

I'm very pleased how the rear yard is looking now.

0:53:550:53:59

OK, the walls are a bit rough, but what a difference

0:53:590:54:03

a splash of paint and a basic gate from a superstore have made.

0:54:030:54:07

What about Martin's five-to-eight-grand budget

0:54:070:54:10

that was to cover the potential problem of that crack?

0:54:100:54:14

We spent £6,500, obviously with help of friends and family,

0:54:140:54:19

just to keep costs down a little bit.

0:54:190:54:22

Window cleaner Martin helped with the new window installation

0:54:230:54:26

and the decorating and he's been watching his mates

0:54:260:54:30

and picking up skills to take forward to his future projects.

0:54:300:54:35

Time to hear what two local property experts make

0:54:360:54:41

of Martin's first buy-to-let.

0:54:410:54:43

Having looked round the property, they've done a good refurb of it.

0:54:440:54:48

It's a good size.

0:54:480:54:49

There's a nice kitchen and the bathroom

0:54:490:54:51

and a good-size yard at the back as well. It's good.

0:54:510:54:53

I particularly like the light, airy feel to it.

0:54:530:54:56

He's kept it minimalistic and it's a good job.

0:54:560:55:01

What valuation would the experts now put on the house?

0:55:010:55:04

Martin paid £51,500 at auction and has spent 6,500,

0:55:040:55:10

so is it worth more than 58 grand?

0:55:100:55:13

I think this property could resell for £75,000.

0:55:150:55:18

The property will resale at £75,000.

0:55:180:55:22

That would generate a gross profit of 17,000

0:55:220:55:26

before the usual selling expenses.

0:55:260:55:29

Very happy with that price, roughly what I was thinking.

0:55:300:55:34

Yeah, I'm more than happy about that.

0:55:340:55:36

Would Martin now consider selling?

0:55:360:55:40

No, I'm doing it for the long-term, for rental purposes.

0:55:400:55:43

OK, so what about rental income?

0:55:430:55:46

The property would rent at £400 per calendar month.

0:55:460:55:50

I think this property could rent for £400 per calendar month.

0:55:500:55:54

Well, I've got £400 a month. That sounds bang on as well.

0:55:540:55:59

I've found a nice young little couple

0:55:590:56:02

that are going to rent the property.

0:56:020:56:04

My mum's a taxi driver and she had this young couple in her taxi

0:56:040:56:09

and they were looking for a new place to move to, and my mother gave them

0:56:090:56:13

my number and they've just got in touch and it went from there.

0:56:130:56:18

Well done, Mum. Never miss an opportunity to find a tenant.

0:56:190:56:24

This window cleaner-cum-rookie property developer

0:56:240:56:26

looks like he's cleaned up here.

0:56:260:56:28

Now he's got a foot on the property ladder, what next?

0:56:280:56:32

I would like to get a portfolio,

0:56:320:56:35

if everything works out for us. I'm certainly going to try.

0:56:350:56:38

There's another one on next month

0:56:380:56:40

so I'm planning on going to that one again.

0:56:400:56:43

Hopefully, fingers crossed, I'll get another property

0:56:430:56:46

and it'll go as good as this one.

0:56:460:56:48

Well, that's it for now.

0:56:500:56:51

Join us next time for more auction action on Homes Under the Hammer.

0:56:510:56:55

-Look forward to seeing you then.

-Goodbye.

-Goodbye.

0:56:550:56:57

Subtitles by Red Bee Media Ltd

0:57:140:57:17

Email [email protected]

0:57:170:57:20

Martin Roberts and Lucy Alexander visit a property by a busy road in Pleasley, Nottinghamshire; a mid-terrace in Poplar, east London; and a house in Carlisle. All of these properties have been sold at auction; Martin and Lucy find out who bought them and what they paid when they went under the hammer.