0:00:02 > 0:00:05- Welcome to the show. - Even in today's turbulent times,
0:00:05 > 0:00:09bricks and mortar can make a very wise and safe investment.
0:00:09 > 0:00:12One place to make a property purchase is in the auction room.
0:00:37 > 0:00:43When you buy at auction, the property is yours on the fall of the hammer.
0:00:43 > 0:00:47It's a great way to buy, but do not forget to get buildings insurance.
0:00:47 > 0:00:50You are legally liable and responsible for the property
0:00:50 > 0:00:57from exchange of contracts, though you haven't completed, so what tempted the buyers on today's show?
0:00:58 > 0:01:03'I'm in Sandbach, Cheshire, to see a property with a guide price that suggests a mystery.'
0:01:03 > 0:01:07Well, maybe upstairs hides the clue.
0:01:08 > 0:01:14'East Dean in Wiltshire is where I'll find out who wants to get away from it all and if they succeed.'
0:01:14 > 0:01:18Not everybody's idea of a country retreat.
0:01:18 > 0:01:23'And in Penryn, Cornwall, will a former B&B book a refurbishment for itself?'
0:01:25 > 0:01:28This place has got some good options.
0:01:29 > 0:01:35'All these properties have been sold at auction and we find out who bought them and how much they paid
0:01:35 > 0:01:39- 'when they went under the hammer.' - Sold to you, sir.
0:01:43 > 0:01:48Let's turn the clock back to 2009 when I first visited a property
0:01:48 > 0:01:52in the pleasant, historic market town of Sandbach in Cheshire.
0:01:52 > 0:01:55Initially, it had been quite puzzling.
0:01:55 > 0:02:00Sandbach is a terribly nice place to live, surrounded by the Cheshire countryside.
0:02:00 > 0:02:03I used to cycle all round here on my bike.
0:02:03 > 0:02:06But I'm a little bit perplexed cos I'm here to see this.
0:02:06 > 0:02:13It's a two-bedroomed end of terrace. It had a guide price of 180,000 quid.
0:02:13 > 0:02:17I don't care how good it is inside. That's a lot of money for a terrace.
0:02:17 > 0:02:20# It's gonna take money
0:02:20 > 0:02:24# A whole lot of spending money
0:02:24 > 0:02:27# It's gonna take plenty of money... #
0:02:27 > 0:02:31The average price for a two-bed terrace on this street is 170,000,
0:02:31 > 0:02:35so £10,000 less than the guide price was for this property.
0:02:35 > 0:02:37Let's investigate why.
0:02:38 > 0:02:43Well, nothing too spectacular so far. Bit of a dark and dingy entrance.
0:02:43 > 0:02:49The front sitting room has some nice floorboards, an open fire which is good to see.
0:02:49 > 0:02:51Stairs up to your bedrooms there.
0:02:51 > 0:02:55Through into the rear living room area... Now, this is nice.
0:02:55 > 0:03:01A big stone fireplace, that's lovely. Not quite worth the money on its own though, I have to say!
0:03:01 > 0:03:04A larder there - useful sort of storage space.
0:03:04 > 0:03:07And maybe the kitchen holds the key.
0:03:07 > 0:03:09It's through here.
0:03:09 > 0:03:14Well, I guess if it had some hand-made, bespoke kitchen units,
0:03:14 > 0:03:17we could see the value, but nope.
0:03:17 > 0:03:21At the end there is the bathroom and the loo.
0:03:21 > 0:03:25No whirlpool bath in there. It's got me flummoxed!
0:03:26 > 0:03:32So why was the guide price 180,000? Hmm, the plot thickens!
0:03:32 > 0:03:37Perhaps this mystery calls for Sherlock Holmes. Pun, of course, intended!
0:03:38 > 0:03:40# It's a mystery
0:03:40 > 0:03:43# Oh, it's a mystery
0:03:43 > 0:03:45# I'm still searching
0:03:45 > 0:03:48# For the clue
0:03:48 > 0:03:50# Is it a mystery... #
0:03:50 > 0:03:53Well, maybe upstairs hides the clue.
0:03:53 > 0:03:59What have we got? Fairly standard layout - bedroom on that side and over here to another bedroom.
0:03:59 > 0:04:03Good-sized doubles, but nothing spectacular at all.
0:04:03 > 0:04:07In reasonable condition. The whole house is in reasonable condition.
0:04:09 > 0:04:11That's the answer.
0:04:11 > 0:04:16# Into the great wide open
0:04:18 > 0:04:21# Under them skies of blue... #
0:04:21 > 0:04:28As you may have guessed, the reason this place had such a high guide price was not the house itself.
0:04:28 > 0:04:31It's the plot of land that's right behind it.
0:04:31 > 0:04:34It is absolutely ginormous.
0:04:34 > 0:04:36Look, it stretches all the way back there.
0:04:36 > 0:04:41That in itself wouldn't necessarily up the value. Well, only a small amount.
0:04:41 > 0:04:47What's key is that this plot of land has outline planning permission for the building of two houses.
0:04:47 > 0:04:51Well, judging by the size, I reckon you could get even more on here.
0:04:51 > 0:04:55So that is a potential windfall, absolutely fantastic.
0:04:55 > 0:05:01The only fly in the ointment is it hasn't got official approval for an access road down the side.
0:05:01 > 0:05:06But that is not a big issue. This is a big money-making opportunity. Kerching!
0:05:08 > 0:05:11Let's face it. Now the mystery was solved,
0:05:11 > 0:05:15that guide price of 180,000 seemed like a bargain.
0:05:18 > 0:05:21Well, the house itself then is fairly cute,
0:05:21 > 0:05:27but of course, the pot of gold in this instance is that building plot which is the garden.
0:05:27 > 0:05:31Fantastic opportunity. Let's see who spotted it at the auction.
0:05:33 > 0:05:35So what shall we say for Lot 10,
0:05:35 > 0:05:38end terrace house with a building plot for two?
0:05:38 > 0:05:42150,000 I'm bid. Standing right at 150,000, opening bid.
0:05:42 > 0:05:44160 can I say?
0:05:44 > 0:05:47At 150... You're saying 155, sir?
0:05:47 > 0:05:50At 155, the bid is seated.
0:05:50 > 0:05:51At 155.
0:05:51 > 0:05:54160?
0:05:54 > 0:05:56At 155. Looking for 160 now.
0:05:56 > 0:05:58New bidder, 160.
0:05:58 > 0:06:01At 160. 165?
0:06:01 > 0:06:03165.
0:06:03 > 0:06:05At 165.
0:06:05 > 0:06:08170, is it? 170.
0:06:09 > 0:06:12175? You're saying 1?
0:06:12 > 0:06:14At 171. 172?
0:06:14 > 0:06:17At 171. 172.
0:06:17 > 0:06:19173. 174.
0:06:19 > 0:06:22175.
0:06:22 > 0:06:23176.
0:06:23 > 0:06:26177. 178.
0:06:26 > 0:06:29179. 180?
0:06:30 > 0:06:32The bid's seated at 179.
0:06:32 > 0:06:35Against you standing at 179.
0:06:35 > 0:06:38A half you're saying? 179 and a half.
0:06:38 > 0:06:40I think he's waning.
0:06:40 > 0:06:43180. At 180. Another half?
0:06:45 > 0:06:48At £180,000, I'm selling it then.
0:06:48 > 0:06:50First time, 180.
0:06:50 > 0:06:52Second time.
0:06:52 > 0:06:56Third and final time at 180. Are we all done?
0:06:56 > 0:06:59You've bought it, sir. Well done.
0:06:59 > 0:07:05'Sandbach residents Chris and his wife Carolyn were the successful bidders.
0:07:10 > 0:07:17'The former hoteliers and restaurant owners are now embarking on a property developing career.
0:07:17 > 0:07:20'I caught up with Carolyn back at the house.'
0:07:20 > 0:07:24- Carolyn, lovely to meet you. - Nice to meet you.
0:07:24 > 0:07:29I think I know why you wanted to buy this - it's out the back, but why did you want to buy the house?
0:07:29 > 0:07:32The house has a lot of potential for extension.
0:07:32 > 0:07:39- It's just two bedrooms at the moment, two reception and a very peculiar kitchen.- Yes!
0:07:39 > 0:07:44And a bathroom. With the extra space on the side,
0:07:44 > 0:07:50we can obviously extend to the side, make it three-bedroom, bathroom, en-suite upstairs
0:07:50 > 0:07:52and an extra garage and downstairs room.
0:07:52 > 0:07:59- Tell me more about you. - About 13 years ago, we bought an old property and doubled its size.
0:07:59 > 0:08:01That became our family home.
0:08:01 > 0:08:03From then, we've done bits and pieces.
0:08:03 > 0:08:09- Just last year, we bought a property for my son to live in at university. - Oh, great.
0:08:09 > 0:08:12We extended that to four bedrooms instead of three.
0:08:12 > 0:08:18But in terms of pure investment and development projects, is this something you've done before?
0:08:18 > 0:08:23No, not pure investment or development, no.
0:08:24 > 0:08:31'Carolyn was slightly jumping in at the deep end, but I didn't think she'd be out of her depth.
0:08:31 > 0:08:37'She planned to renovate the house in 12 months with a budget of 40 grand for the job,
0:08:37 > 0:08:40'but while she had big plans for the place,
0:08:40 > 0:08:44'Carolyn knew it was outside where the big bucks would be made.'
0:08:46 > 0:08:49Talk me through what you'd like to do with this.
0:08:49 > 0:08:53It's got outline planning permission for two properties.
0:08:53 > 0:08:59That's right. When we came to have a look, we thought that there was definitely potential
0:08:59 > 0:09:01for at least four properties on.
0:09:01 > 0:09:04- Well, I'll show you the plan.- OK.
0:09:04 > 0:09:07They just gave them outline planning for two,
0:09:07 > 0:09:13but we feel if you come in and round and on to the plot from this position here,
0:09:13 > 0:09:17you can fit two properties there and then two here at least.
0:09:17 > 0:09:24- Have you spoken to the planners to get an idea of whether or not that would be approved?- No, not yet.
0:09:24 > 0:09:30We've instructed the architects. They had a look round and don't see any problem with what we're suggesting.
0:09:30 > 0:09:37As a first development project, this is a big thing, building houses from scratch. How do you feel about that?
0:09:37 > 0:09:44We wouldn't build them ourselves. We want to get full planning permission and sell the plot on to builders.
0:09:44 > 0:09:47- Oh, wow!- Yeah.- So keep the house...?
0:09:47 > 0:09:53Yes, and do that up. Within six months, get full planning permission for the land and sell it on.
0:09:53 > 0:09:58- Right. Why not do it yourself? - Um...no. We're not builders.
0:09:58 > 0:10:02- You can employ builders.- We'd rather have the quick turnaround.
0:10:03 > 0:10:06'That was in June 2009.
0:10:06 > 0:10:09'When we first returned 14 months later,
0:10:09 > 0:10:14'Carolyn was true to her word with a new extension added to the side.'
0:10:17 > 0:10:22Well, as you can see, we built a two-storey extension.
0:10:22 > 0:10:29We've got a garage and dining room on the ground floor and an extra bedroom, a bathroom and en-suite
0:10:29 > 0:10:35on the floor above. I'm really pleased with the results. It's made the house into a family home.
0:10:36 > 0:10:40The inside of the cottage had two very tired and dated rooms,
0:10:40 > 0:10:46but the front living room had lost that brick fireplace and a stylish fire was now in its place.
0:10:46 > 0:10:49The whole house had been rewired and had new windows fitted.
0:10:49 > 0:10:55A fabulous new kitchen had been installed in one of the former reception rooms.
0:10:59 > 0:11:06All in all, it was a lovely family home, but it was outside that was crucial, so how had that progressed?
0:11:06 > 0:11:11We were thrilled when we took it to the architect and he started working on it
0:11:11 > 0:11:15because everything fitted in perfectly,
0:11:15 > 0:11:19so we thought there'd be no problem with getting the planning permission.
0:11:19 > 0:11:26But there was a problem. Remember, the outline planning permission was for two detached houses.
0:11:26 > 0:11:31Carolyn's application for four semi-detached properties was initially rejected,
0:11:31 > 0:11:36but after an appeal and various committee hearings, the planners gave the go-ahead.
0:11:36 > 0:11:41Although the plan to sell the existing house remained the same,
0:11:41 > 0:11:45Carolyn and her husband Chris's idea for the building plot had changed.
0:11:45 > 0:11:48We were intending to sell the land on to a builder,
0:11:48 > 0:11:52but we had so many traumas getting the planning permission through
0:11:52 > 0:11:57that we feel really attached to the land now, so we'll build on it ourselves.
0:11:57 > 0:12:00Well, that was 11 months ago.
0:12:00 > 0:12:06Stay with us till later in the show to find out if the couple's decision to do the build themselves
0:12:06 > 0:12:09went as smoothly as they hoped.
0:12:15 > 0:12:20Today's property search finds me in a rural village location -
0:12:20 > 0:12:22East Dean in Wiltshire.
0:12:22 > 0:12:27It's a pretty spot, just over 12 miles from the cathedral city of Salisbury.
0:12:27 > 0:12:32Today's property is impressive. It's a two-bedroom cottage built in the 1800s.
0:12:32 > 0:12:36It's Grade 2 listed and it's in a conservation area.
0:12:36 > 0:12:39With those credentials, it has to be expensive, right?
0:12:39 > 0:12:46Well, no, the guide was set at a very modest £135,000 to £140,000.
0:12:46 > 0:12:52You can see it's got character and I've been told this front door hasn't been opened in ten years.
0:12:52 > 0:12:56I won't start messing with it now. I'll look for the side entrance.
0:12:56 > 0:13:03No amount of knocking will open this door, but it wouldn't take much to reinstate it as the front entrance,
0:13:03 > 0:13:07much more inviting than having to gain access round the back.
0:13:07 > 0:13:10# A change will do you good... #
0:13:10 > 0:13:12Things have been let go here.
0:13:12 > 0:13:17There are signs of moss on the roof, the windows are in a bad state of repair
0:13:17 > 0:13:21and the paintwork and exteriors are crumbling away.
0:13:21 > 0:13:25This little cottage is in need of some serious TLC.
0:13:26 > 0:13:29You know, it's quite eerie inside here.
0:13:29 > 0:13:32It's dark, cold, damp and it's dirty,
0:13:32 > 0:13:36but it still manages to have that old-world charm.
0:13:36 > 0:13:42This kitchen is tiny. It could really do with being extended out this way to improve its size.
0:13:42 > 0:13:47But don't forget, this building is listed, so all improvements have to be approved first.
0:13:47 > 0:13:53These two little cottages were originally for the cooks and the gardeners of East Dean House
0:13:53 > 0:13:56which is a rather grand property just up the road.
0:13:56 > 0:14:02I don't think much has been done to this place over the years, but it's still got beautiful metal windows.
0:14:02 > 0:14:07The electrics, I would say, are completely old and antiquated.
0:14:07 > 0:14:10You can see those plug sockets and light switches.
0:14:10 > 0:14:14My nose tells me there is a definite damp problem inside.
0:14:14 > 0:14:19Look at these walls - wet to the touch. All the wallpaper just comes off.
0:14:19 > 0:14:26I've got to say as well, I feel a little claustrophobic inside. Let's see if it feels any bigger upstairs.
0:14:28 > 0:14:30Well...
0:14:30 > 0:14:32Hmm, no.
0:14:32 > 0:14:34It's small and cramped.
0:14:34 > 0:14:38I would seriously think about having just one large bedroom up here.
0:14:38 > 0:14:43I know that would reduce the cottage from a two-bedroom to a one-bedroom,
0:14:43 > 0:14:50but I think it would make it much more accommodating and, as a result, much more desirable.
0:14:51 > 0:14:56You could also think about an extension, but that's a more radical decision.
0:14:56 > 0:15:02And anything you do must be OK'd by the Listed Building Consent and the conservation bodies.
0:15:02 > 0:15:08It hasn't been lived in for some considerable time and there are tell-tale signs of that.
0:15:09 > 0:15:15Time to wipe away those cobwebs and head outside to what is an extensive garden.
0:15:15 > 0:15:18If you were to extend, you wouldn't miss any space.
0:15:18 > 0:15:23It's semi-rural and there are things you come to expect.
0:15:23 > 0:15:26Peace and quiet? I don't think so.
0:15:26 > 0:15:30There's a train at the end of the garden!
0:15:31 > 0:15:34And it's also on a very fast...
0:15:35 > 0:15:37..country road!
0:15:40 > 0:15:46Thus shattering the illusion of what one expects from a semi-rural location!
0:15:46 > 0:15:52I'm afraid you don't get that here, but what you do get is a rather lovely and characterful cottage.
0:15:52 > 0:15:57Bearing in mind its guide price of between 135,000 and 140,000,
0:15:57 > 0:16:00we invited a local estate agent to view it.
0:16:00 > 0:16:03My first impressions of the house,
0:16:03 > 0:16:08it's a lovely, old, character cottage in need of complete renovation.
0:16:08 > 0:16:10I'm certainly with you there.
0:16:10 > 0:16:15The remedial works needed on this little cottage are extensive.
0:16:15 > 0:16:20Personally, I think the bathroom's got to remain on the first floor.
0:16:20 > 0:16:25I think possibly a two-storey extension would put you in a position
0:16:25 > 0:16:28where you could retain the bathroom on the first floor,
0:16:28 > 0:16:33albeit you are restricted on the planning permission you will get in this area.
0:16:33 > 0:16:37The estate agent believes this house needs an extension,
0:16:37 > 0:16:41but is dubious about obtaining planning permission for that.
0:16:41 > 0:16:46That doesn't bode well for the new owner who would consider adding to this small cottage.
0:16:46 > 0:16:51Once renovated, I would put this property on the market at £250,000.
0:16:51 > 0:16:55And what's the monthly rental value?
0:16:55 > 0:17:01I would look to rent this property at around £1,000 per calendar month.
0:17:01 > 0:17:05If the owner was to extend, how much could he add to those values?
0:17:06 > 0:17:12I think if the property was extended into a three-bedroom, semi-detached property,
0:17:12 > 0:17:15I think you're looking at more £300,000.
0:17:15 > 0:17:19This is a really lovely old cottage with heaps of character,
0:17:19 > 0:17:23but it's sandwiched between a noisy road and a railway track -
0:17:23 > 0:17:26not everybody's idea of a country retreat.
0:17:26 > 0:17:31But somebody did fall in love with its charms. Let's see who that was at auction.
0:17:31 > 0:17:34This is presently a two-bed, semi-detached house.
0:17:34 > 0:17:37It requires extensive renovation and improvement
0:17:37 > 0:17:40and I'm going to start the bidding.
0:17:40 > 0:17:44Somebody open the bidding for me at just 125,000?
0:17:44 > 0:17:47These opportunities don't come up too often.
0:17:47 > 0:17:52125 I have straight away on my left-hand side.
0:17:52 > 0:17:55Now I need somebody at 126.
0:17:55 > 0:17:58Madam, 126. I've got my two bidders.
0:17:58 > 0:18:01126. 127. 128?
0:18:01 > 0:18:04128. And 9? 129.
0:18:04 > 0:18:07Back at 130, madam? 130's bid.
0:18:07 > 0:18:08131.
0:18:08 > 0:18:10132? 132.
0:18:10 > 0:18:13And 3? 133.
0:18:13 > 0:18:15134? 134.
0:18:15 > 0:18:18135? 135 here on the left.
0:18:18 > 0:18:23Back at 136? No? Shake of the head. With you at 135.
0:18:23 > 0:18:25I need 136,000 from someone fresh.
0:18:25 > 0:18:30136 I do have. New bidder, sir. All on this side of the room now.
0:18:30 > 0:18:32137? 137.
0:18:32 > 0:18:34And 8? 138.
0:18:34 > 0:18:37139's bid here.
0:18:37 > 0:18:39140? 140 to the left.
0:18:39 > 0:18:42141 here to the front.
0:18:42 > 0:18:44142's bid. And 3?
0:18:44 > 0:18:46143 here. And 4 bid.
0:18:46 > 0:18:48145? Thank you.
0:18:48 > 0:18:51146? 146 directly there.
0:18:51 > 0:18:56147, sir? 147. No, he's shaking his head. It's with you at 147.
0:18:56 > 0:18:58Still an incredible buy, I think.
0:18:58 > 0:19:02147,000 then I have here once.
0:19:03 > 0:19:07147,000 twice.
0:19:07 > 0:19:12147,000 for the third and final time.
0:19:13 > 0:19:16Your property, 7017. Congratulations.
0:19:22 > 0:19:27'The successful bidder was Jeff who's only too familiar with the road and railway
0:19:27 > 0:19:29'because he already lives next door.
0:19:29 > 0:19:33'He's a post-graduate dean who teaches other doctors.
0:19:33 > 0:19:38'I went to visit him to find out more about his plans for his new property.'
0:19:39 > 0:19:41I've had the property next door
0:19:41 > 0:19:43for nearly 30 years now
0:19:43 > 0:19:47and there was a chance to buy it about 28 years ago.
0:19:47 > 0:19:52I'm very glad it never came through because I think it would have crucified me financially.
0:19:52 > 0:19:56It seemed the sort of place that would go together very well.
0:19:56 > 0:20:02It makes a lovely property - four bedrooms, rather than two and a half. I never thought any more about it.
0:20:02 > 0:20:07Then when my neighbours sadly died, I realised it was going to come on the market
0:20:07 > 0:20:09and I looked out for the sale.
0:20:10 > 0:20:13'Subject to planning permission,
0:20:13 > 0:20:18'Jeff will set about turning these cottages into one large detached property.
0:20:18 > 0:20:25'It's a Grade 2 listed building, so he'll have to obtain the necessary consent before starting any work.'
0:20:25 > 0:20:28What are your plans with this house?
0:20:28 > 0:20:34I wouldn't wish to do very much, just to have access from one to the other. I don't want to make major changes.
0:20:34 > 0:20:38It would really be something... a doorway through in the kitchen.
0:20:38 > 0:20:44I love old buildings. I spent a lot of time working next door and I don't want to do anything to change it.
0:20:44 > 0:20:46So how long do you see this taking?
0:20:46 > 0:20:48I'm in no rush. I live next door.
0:20:48 > 0:20:55I don't have to get it ready to move into it. I can do it at leisure over the next few months and years,
0:20:55 > 0:20:57but it goes into years, not months.
0:20:57 > 0:21:04Jeff, how much money have you got to spend to turn this place into what you want to have it as?
0:21:04 > 0:21:06Well, I'm hopeless at budgeting.
0:21:07 > 0:21:09Plus, there's no rush to do it.
0:21:09 > 0:21:14I'd sort of see it as a continuing, trickle expense in some ways.
0:21:14 > 0:21:19But I have put aside about 15,000 to get certain jobs done.
0:21:19 > 0:21:22You may look at it with more skilled eyes than me,
0:21:22 > 0:21:28but there aren't things that need an enormous expense - yes, bathroom and kitchen stuff.
0:21:28 > 0:21:31If I knock it through, I've got some kitchen next door
0:21:31 > 0:21:34and I won't have the most elaborate bathroom up there.
0:21:34 > 0:21:40I'm going to put a nice shower in and the other stuff, but that's not that expensive.
0:21:40 > 0:21:44'Treating damp and rewiring and re-plumbing is though, Jeff.
0:21:44 > 0:21:50'Whilst a relaxed outlook can be good, I worry that Jeff may be a tad too relaxed.
0:21:50 > 0:21:54'Does his profession hold any clues to his laid-back approach?'
0:21:54 > 0:22:00I have been a consultant neurologist, but I've stopped clinical practice now
0:22:00 > 0:22:03and now I work as an associate post-graduate dean
0:22:03 > 0:22:07which is an administrative job, but it is involved
0:22:07 > 0:22:12with training doctors once qualified from medical school up to becoming consultants.
0:22:12 > 0:22:18'So Jeff is able to keep on top of the fast pace of work which bodes well for this undertaking,
0:22:18 > 0:22:21'so is he worried about anything at all here?'
0:22:23 > 0:22:27It's a solid building, there's nothing major that needs doing.
0:22:27 > 0:22:31It's really a lot of hard work and mostly cosmetic.
0:22:31 > 0:22:37I can see it. It's going to be a four-bedroomed house, two bathrooms, two front rooms
0:22:37 > 0:22:42and a kitchen with a kitchen-dining room. It's mostly cosmetic and decoration.
0:22:42 > 0:22:47If the worst comes to the worst and people come and stay, I'll give them the keys to next door.
0:22:47 > 0:22:51- They'll have their separate wing for their guest quarters.- Semi-detached.
0:22:51 > 0:22:54- Guest quarters to the left, please. - Exactly.
0:22:54 > 0:22:59That could happen. They could say, "No, it's got to stay as it is."
0:22:59 > 0:23:04That doesn't worry me unduly because it's a short walk as you found yourself.
0:23:04 > 0:23:07It would be a nuisance, but not the worst thing in the world.
0:23:07 > 0:23:12- I think your guests would rather like that. - They might like the privacy.
0:23:12 > 0:23:18- Jeff, good luck. You've got a lot of hard and exciting times ahead. Well done.- Thank you very much indeed.
0:23:18 > 0:23:20# I wanna see a change in you... #
0:23:20 > 0:23:23Jeff's house, Jeff's new house.
0:23:23 > 0:23:27Knock the internal wall down and it becomes Jeff's home.
0:23:27 > 0:23:31Everything, of course, is subject to planning and if nothing is approved,
0:23:31 > 0:23:37he'll have a very beautiful garden and a separate wing for his family and friends to stay in.
0:23:37 > 0:23:40Find out if he's got luck on his side later on in the programme.
0:23:41 > 0:23:47'In Penryn, Cornwall, can this old B&B improve upon its star rating?'
0:23:48 > 0:23:51One, maybe one and a half stars?
0:23:51 > 0:23:56'Back in East Dean, Wiltshire, do Jeff's figures add up?'
0:23:58 > 0:24:01I never really budgeted because of not having to finish it.
0:24:03 > 0:24:08'First, we return to Sandbach, Cheshire, where things may not have entirely gone to plan.'
0:24:08 > 0:24:11I just couldn't understand what the problem was.
0:24:16 > 0:24:21Earlier in the show, we were at a property I first visited back in September 2009.
0:24:21 > 0:24:26It was in Sandbach, Cheshire, where I met Carolyn.
0:24:26 > 0:24:31Along with her husband Chris, she bought this property for 180,000.
0:24:31 > 0:24:34For a tired two-bedroom cottage, that was a lot of money,
0:24:34 > 0:24:39but what they had really paid for was out back.
0:24:39 > 0:24:42This large plot of land was the real gold mine.
0:24:42 > 0:24:49The plan was to renovate the house, then sell the plot on with planning permission for four houses.
0:24:49 > 0:24:55When we first returned in August 2010, Carolyn had done a great job with the first part of her plan,
0:24:55 > 0:24:58but the selling the plot part...?
0:24:59 > 0:25:03We were intending to sell the land on to a builder,
0:25:03 > 0:25:07but we had so many traumas getting the planning permission through
0:25:07 > 0:25:12that we feel really attached to the land now, so we're going to build on it ourselves.
0:25:12 > 0:25:17After all those problems with planning permission, some would have sold the plot on,
0:25:17 > 0:25:21but it seems like Carolyn and her husband are made of sterner stuff.
0:25:21 > 0:25:27So 11 months later, we returned to see if they finally got what was on the plan on to the land.
0:25:35 > 0:25:41And after owning the land for just over two years, they finally got the build they wanted -
0:25:41 > 0:25:45two sets of semi-detached, brand-spanking-new houses.
0:25:47 > 0:25:49Carolyn returned to show us around.
0:25:49 > 0:25:55So when we were talking to the architect about the designs of the houses,
0:25:55 > 0:26:00he suggested that we could have the lounge open-plan up to the stairs,
0:26:00 > 0:26:04but we thought that might make the room quite cold,
0:26:04 > 0:26:10and if we had it enclosed, we could have an under-stair cupboard which would be quite useful.
0:26:10 > 0:26:15But we decided to go open-plan in terms of the arch between the lounge and the kitchen-diner
0:26:15 > 0:26:19to make it a little bit more open and more inviting.
0:26:19 > 0:26:23In terms of the kitchens, we were pleased to be able to buy British.
0:26:23 > 0:26:28In the one kitchen we have here, we went for oak with travertine tiles.
0:26:28 > 0:26:33We had to have a cloakroom downstairs because that's the planning requirements now.
0:26:33 > 0:26:38All four semi-detached houses follow the same layout downstairs and up
0:26:38 > 0:26:41with two bedrooms - one large and a single.
0:26:41 > 0:26:44And there's also a good-sized bathroom.
0:26:48 > 0:26:54Out back, there's a spacious garden, ready to be softened up with some planting.
0:26:54 > 0:26:58So what plans does Carolyn have for the two developments?
0:27:00 > 0:27:06So we're renting out these two houses and we're putting these two houses on the market for sale.
0:27:06 > 0:27:12As you can see from the plot, we've got enough room for off-street parking for two cars each house,
0:27:12 > 0:27:14as well as the gardens.
0:27:14 > 0:27:18Lots of parking, good-sized gardens
0:27:18 > 0:27:20and decent-sized new builds,
0:27:20 > 0:27:23so everything sitting together perfectly.
0:27:23 > 0:27:27It was such a relief when the planning permission came through.
0:27:27 > 0:27:33We couldn't understand how it could be refused because it was an absolutely perfect layout.
0:27:33 > 0:27:36We just couldn't understand what the problem was.
0:27:38 > 0:27:42They've certainly got the most out of the land here.
0:27:42 > 0:27:47You reach the new development by the access road at the side of the original house they bought
0:27:47 > 0:27:49and redeveloped over a year ago.
0:27:49 > 0:27:56My husband actually project-managed the whole job and the two of us were involved in all the decision-making.
0:27:56 > 0:28:01Anything that needed choosing, like the bricks, we made the decision on.
0:28:01 > 0:28:04Being first-timers, I reckon they were wise
0:28:04 > 0:28:09to stick with the tried and trusted builder to get the site developed.
0:28:09 > 0:28:14Apart from the planning problems, this has been a pretty pain-free experience.
0:28:14 > 0:28:20We're really happy that we didn't sell the land on to a builder. We're so pleased with the end result
0:28:20 > 0:28:25and the fact we've got two houses to rent out. I'm really pleased with the decision.
0:28:27 > 0:28:33Carolyn originally estimated it would cost between £140,000 and £160,000
0:28:33 > 0:28:35to build the four houses,
0:28:35 > 0:28:39but the final cost came in at 268,000.
0:28:39 > 0:28:46220 was devoted to the build, while the remaining 48,000 was spent on clearing the site,
0:28:46 > 0:28:50laying the car park and connecting the services.
0:28:50 > 0:28:54Is she pleased with the final result?
0:28:54 > 0:28:59I've very proud of the way the properties fit into the close and the way they look.
0:28:59 > 0:29:06A number of the neighbours have congratulated us and thanked us for making this site really attractive.
0:29:08 > 0:29:13Time to see what two local estate agents make of Carolyn's new build
0:29:13 > 0:29:17and whether that £268,000 outlay was a wise investment.
0:29:17 > 0:29:23My first impressions of the house are it's been built very well, it fits in well with the close
0:29:23 > 0:29:29and the other properties around here. The specification is very good.
0:29:30 > 0:29:33I'm impressed. I'm surprised at the positioning
0:29:33 > 0:29:40on the site and how well they look. They fit in well for this type of property, really.
0:29:41 > 0:29:47'I particularly like the modern concept, the contemporary design, they've fitted them out well.'
0:29:47 > 0:29:51Neutral colours, decoration-wise. Very good.
0:29:51 > 0:29:57'The layout is excellent. The lounge is a good size. The dining room feeds off the kitchen.
0:29:57 > 0:30:00'Patio doors are really nice.'
0:30:00 > 0:30:02The two bedrooms are a good size.
0:30:03 > 0:30:11So the estate agents seem happy, but do they think it will cover Carolyn's £268,000 costs?
0:30:11 > 0:30:16Remember, there are two houses for sale so what price could they achieve?
0:30:16 > 0:30:22I think the resale value on these properties would be around £145,000 to £150,000.
0:30:22 > 0:30:28I think the resale value will be £130,000 to £135,000.
0:30:28 > 0:30:32Gosh, that's quite a big range, isn't it, between the two?
0:30:32 > 0:30:38We've got them on at £149,950 at the moment. As close as we could get to that would be lovely.
0:30:40 > 0:30:45If Carolyn achieves her sale price, the two prices could fetch just under £300,000,
0:30:45 > 0:30:51giving her and her husband a possible pre-tax profit of £32,000.
0:30:51 > 0:30:57There are also another two houses on part of the plot, which she rents out. What should they achieve?
0:31:00 > 0:31:06I think the rental value would be around £550 per calendar month.
0:31:06 > 0:31:13Rental value for this type of property currently is £525-£550 per calendar month.
0:31:13 > 0:31:18We're renting two out at the moment for 550, so that's what I expected.
0:31:18 > 0:31:24That rental income could mean an annual yield of around 10% - that's a result.
0:31:24 > 0:31:30But the real achievement here is how Carolyn and her husband, first-time developers,
0:31:30 > 0:31:37not only extended and fully renovated their property, but also built four new homes.
0:31:37 > 0:31:41They've passed the developing test with flying colours.
0:31:41 > 0:31:46Well, we feel this whole experience has been quite a success.
0:31:46 > 0:31:50We really enjoyed it, apart from the trauma of the planning permission,
0:31:50 > 0:31:54but once we got that it's all been quite plain sailing.
0:31:57 > 0:32:04Up until now, Penryn in Cornwall has perhaps lived in the shadow of its better-known neighbour Falmouth,
0:32:04 > 0:32:08but the last 10 years has seen the arrival of Tremough Campus,
0:32:08 > 0:32:11home to the Combined Universities of Cornwall.
0:32:11 > 0:32:16With Penryn throwing off its "second fiddle to Falmouth" reputation,
0:32:16 > 0:32:22maybe now is the time to invest here. I'm told the property I am here to see
0:32:22 > 0:32:26would be a staggering £50,000 more expensive in Falmouth.
0:32:26 > 0:32:34You certainly seem to be getting a lot for your money. This is it - a former B&B, guide price £295,000.
0:32:34 > 0:32:37Looks all right. Let's take a look inside.
0:32:37 > 0:32:43I'm told this is a lovely spot, raised above the town with views of the water.
0:32:43 > 0:32:47That may be so, but right now it's a bit of a white-out,
0:32:47 > 0:32:55which almost hides the fact that next door, with access past the property is a scrap metal yard.
0:32:55 > 0:32:59Not exactly what you're after at a rural B&B.
0:32:59 > 0:33:04Still, there's no sense in shying away from the reality.
0:33:04 > 0:33:07Let's hope inside is a little more enticing.
0:33:07 > 0:33:14A strange little entrance vestibule there! I suppose it keeps the noise and the cold out.
0:33:14 > 0:33:20But it doesn't quite work. Anyway, into this front little reception room here.
0:33:20 > 0:33:26Stairs up to your bedrooms on this side of the house. Little room there, through a dark corridor
0:33:26 > 0:33:32into the main living room. The old wood-burning stove - we like that.
0:33:32 > 0:33:37And a few clues as to which part of the house it is. It says Private.
0:33:37 > 0:33:41I reckon this is where the people who lived in the property lived
0:33:41 > 0:33:47and then we move into a separate part of the house. It seems to have a different feel.
0:33:47 > 0:33:51It's where the guests would be. Stairs up to the bedrooms there
0:33:51 > 0:33:56then this little living room area here with its own door.
0:33:56 > 0:34:01Really nice that it's divided up and you can retain your own privacy.
0:34:02 > 0:34:07In fact, I think this room was the breakfast room,
0:34:07 > 0:34:11perfectly adequate for the three B&B bedrooms that are on offer.
0:34:11 > 0:34:16There's a main kitchen - a bit elongated, but big enough to fry large amounts of bacon and eggs.
0:34:16 > 0:34:21And there's a very useful separate utility area at the end.
0:34:21 > 0:34:26The general feel of the place is rather characterless and a little tired,
0:34:26 > 0:34:31although the bones are there. Now how are the guest bedrooms?
0:34:31 > 0:34:34Ah, there you are. Well...what have we got?
0:34:34 > 0:34:40Let's pretend we're a hotel inspector. How would we view this room?
0:34:40 > 0:34:47Well...it's not exactly huge. You'd get a double bed in here and there wouldn't be a lot of space.
0:34:47 > 0:34:50It looks a bit tired and dated
0:34:51 > 0:34:55and there are a few shabby bits and pieces here.
0:34:55 > 0:34:58This doesn't work. Not at all desirable.
0:34:58 > 0:35:02Looks like some damp in the corner.
0:35:02 > 0:35:07Because we're at the rear, no views of the sea, which is a shame.
0:35:07 > 0:35:12So that's not too sparkling. Maybe it improves in the en suite.
0:35:12 > 0:35:15Em, well...sadly not.
0:35:15 > 0:35:20In hotels or guest houses or B&Bs, I really love having a bath.
0:35:20 > 0:35:24In this case there's only a shower so that's a negative for me.
0:35:24 > 0:35:28And it's just, again, little touches. Look.
0:35:28 > 0:35:32Cracked tiles. It doesn't give a very good impression.
0:35:32 > 0:35:38If I was to rate it, well, I reckon it's one, maybe one-and-a-half stars?
0:35:38 > 0:35:43If you've got small rooms like these, you need to make them sparkly
0:35:43 > 0:35:45and extra attractive to impress.
0:35:45 > 0:35:48At the moment, they're a bit dull and dated,
0:35:48 > 0:35:55but with a little imagination you could make them 4-star spaces. And the layout works well.
0:35:55 > 0:36:01So what to do with this place? I'd like to walk while I mull over the options.
0:36:01 > 0:36:05How about renting it out to students? Not as daft as it sounds.
0:36:05 > 0:36:11There's a huge demand for student accommodation and, let's say, 7 students paying £70 a week.
0:36:11 > 0:36:16That's around £2,000 a month, £24,000 a year. A good return.
0:36:16 > 0:36:21You could turn it back into a beautiful family home. Nice place to live.
0:36:21 > 0:36:27Or how about keeping it as a bed and breakfast? For some people, it's a really nice lifestyle.
0:36:27 > 0:36:35You live in one part, rent out the rest. Let's say you got £50-£60 a night, bed and breakfast.
0:36:35 > 0:36:41Over a year, if you were fully booked, that would give you around £65,000 before taxes
0:36:41 > 0:36:48and all those other costs. So, all in all, this place has got some good options.
0:36:48 > 0:36:54It also had a guide price of £295,000. We asked a local estate agent for his thoughts.
0:36:57 > 0:37:01It could lend itself to so many uses. You could run it as a B&B.
0:37:01 > 0:37:06Or a beautiful family home - nice garden. Or the student market.
0:37:06 > 0:37:11What's the value of the property if developed as a family home?
0:37:11 > 0:37:17As a family home, you're probably looking somewhere in the region of £340,000-£350,000.
0:37:17 > 0:37:21And if you were to rent the place out as a whole?
0:37:21 > 0:37:29As it currently stands, you're looking somewhere in the region of £1,150 per calendar month.
0:37:29 > 0:37:34Once you've done all the modernisation, you could be looking in the region of £1,350.
0:37:36 > 0:37:41Well, this is interesting. Options galore and all of them exciting.
0:37:41 > 0:37:47It's many people's dream to own a house in a beautiful place like this and then rent part of it out
0:37:47 > 0:37:54to bring in some cash. Fantastic. Let's see who snapped it up when it went under the hammer.
0:37:54 > 0:37:57Lot number 8.
0:37:57 > 0:37:59I would like to start here
0:37:59 > 0:38:02at around about 270.
0:38:02 > 0:38:05And 270,000, then. At 270.
0:38:05 > 0:38:11At the back. 272. I was just going to take his bid, but I'll take yours at 272.
0:38:11 > 0:38:15Now may I say 275? At 275.
0:38:15 > 0:38:17280 on the left.
0:38:17 > 0:38:19285.
0:38:19 > 0:38:23290? 290. 292.
0:38:23 > 0:38:25294?
0:38:25 > 0:38:31294. No? I'll take the one. 295. 295 on the left.
0:38:31 > 0:38:33296 now.
0:38:33 > 0:38:35£296,000.
0:38:35 > 0:38:43No? At 296. I'll call it for the first, for the second and for the third and final time
0:38:43 > 0:38:48at £296,000. It is sold to you on the telephone.
0:38:48 > 0:38:55With their successful bid of £296,000, it was husband and wife Kevin and Sasha.
0:38:55 > 0:39:01It's been a busy time for the local couple as only three weeks ago Sasha had their first child,
0:39:01 > 0:39:06baby Thomas. It seems a family connection has drawn them to this property.
0:39:06 > 0:39:12Kevin, Sasha, lovely to meet you. Congratulations. Tell me why you wanted to buy this place.
0:39:12 > 0:39:16It used to be in our family. It was my gran's house.
0:39:16 > 0:39:21And the family owned the business down at the bottom and both houses.
0:39:21 > 0:39:24So have you been watching it?
0:39:24 > 0:39:30A little bit, yeah. It's been on the market since July, so we've been watching it.
0:39:30 > 0:39:34It started on the market for 375, which we felt was too expensive
0:39:34 > 0:39:38and then we were lucky to get it at auction for 296.
0:39:38 > 0:39:44A good decision, to be sure! It's times like this when auctions pay dividends.
0:39:44 > 0:39:48A place is only worth what someone will pay for it on the day.
0:39:48 > 0:39:55Kevin's training to be a seaman at Trinity House. He does three weeks on the ship and three weeks off,
0:39:55 > 0:40:00so he'll be able to lend a hand during his downtime. And Sasha's dad has been invaluable,
0:40:00 > 0:40:04putting in the investment for them and he'll also help out.
0:40:04 > 0:40:07So tell me more about the plans.
0:40:07 > 0:40:11To come in on Thursday and paint the whole house throughout.
0:40:11 > 0:40:19There are plans eventually to move the septic tank and put it in the field and move the road away,
0:40:19 > 0:40:25so the lorries will no longer go right outside the front door.
0:40:25 > 0:40:31So it's really at the moment just a good lick of paint and giving it some modern decor
0:40:31 > 0:40:37- so we can get open for July. - Then the idea is to run it as a B&B?- That's right, yes.
0:40:37 > 0:40:43Now running a B&B is a time-consuming operation. Are you looking forward to it?
0:40:43 > 0:40:46Yes! Yes.
0:40:46 > 0:40:51- It's something we can both get stuck into when I'm on my time off. - And we'll get help in.
0:40:51 > 0:40:58For when he's away. Cos I think I'll be hard-pushed with baby and the B&B on my own!
0:40:58 > 0:41:02- That is a point. You had a baby how long ago?- Three weeks ago.
0:41:02 > 0:41:09- And at the auction you were very pregnant.- I had about 5 days to go. I think they were all a bit concerned
0:41:09 > 0:41:12that the baby might come!
0:41:12 > 0:41:19- Looking after a young baby and a new business - quite a lot on your plate.- But we like that.
0:41:19 > 0:41:22No one could accuse them of taking time out.
0:41:22 > 0:41:26Thomas is enough to keep them busy all by himself.
0:41:26 > 0:41:31The pair have £8,000-£10,000 to spend on getting the B&B up and running,
0:41:31 > 0:41:35which, if they keep it simple, should be ample.
0:41:35 > 0:41:41They hope to get £50-£60 per room a night, which I reckon is also easily achievable.
0:41:41 > 0:41:45It's all becoming clear, including the weather.
0:41:46 > 0:41:48So what do you see for the future?
0:41:48 > 0:41:55To live here indefinitely. You don't know if 10 years down the line you might want something bigger.
0:41:55 > 0:42:00It's really hard to say. Kevin's at the start of his career at Trinity.
0:42:00 > 0:42:05I've also done quite high-powered sales jobs so I'm looking more to take the back seat
0:42:05 > 0:42:09and let the man bring in a bit more money!
0:42:09 > 0:42:13- And bringing up Thomas.- Yeah. And look forward to bringing up Thomas.
0:42:13 > 0:42:17It's a nice area. There's lots of walks.
0:42:17 > 0:42:23There's lots of times I can have with Thomas out on the boat and bring Sasha out as well
0:42:23 > 0:42:28- so we can have more days out on the boat.- I hope you clean it first!
0:42:28 > 0:42:32So your quality of life will be really lovely, actually.
0:42:32 > 0:42:39Yeah. That's what it's all about. Dad's put us in a lovely position to enjoy life with our son.
0:42:39 > 0:42:43- I wish you all the best. Congratulations.- Cheers.
0:42:44 > 0:42:49Well, I'm glad that Kevin and Sasha like having a lot on their plate
0:42:49 > 0:42:55because I think they may have, with the new family and this exciting project.
0:42:55 > 0:42:59Still, it'll be wonderful to see how they transform this
0:42:59 > 0:43:04and you can find out how they get on with their Cornish B&B later.
0:43:07 > 0:43:11There's no doubt that property developing is unpredictable
0:43:11 > 0:43:18- and so you should expect the unexpected.- So will we encounter a Hammer House of Horrors today?
0:43:18 > 0:43:20Let's find out.
0:43:24 > 0:43:31Time to revisit the village of East Dean in Wiltshire, where Jeff had grand designs
0:43:31 > 0:43:36right next door. He managed to purchase his neighbour's cottage
0:43:36 > 0:43:42for £147,000, after the property had lain empty for over a year.
0:43:44 > 0:43:50His plan was to turn the two adjoining cottages into one, providing him with double the space
0:43:50 > 0:43:52and a considerable garden.
0:43:54 > 0:43:59The property does have a busy main road at the front
0:43:59 > 0:44:02and a train line at the rear.
0:44:02 > 0:44:08But Jeff is well used to both as he's lived in the adjacent property for over 30 years.
0:44:08 > 0:44:14I'm in no rush. I live next door. I don't have to get it ready to move in to it.
0:44:14 > 0:44:19I can do it at leisure over the next few months and years. It'll be years!
0:44:19 > 0:44:23# Time is on my side... #
0:44:23 > 0:44:31Jeff's prediction of years did prove to be extremely accurate as we return two years later
0:44:31 > 0:44:34to see how he's getting on.
0:44:39 > 0:44:44It's been stripped right down, all the wood replaced,
0:44:44 > 0:44:48all the electricity taken out, all the water taken out.
0:44:48 > 0:44:54Carpets, furniture, everything stripped back. Completely replastered, dry lined all round.
0:44:54 > 0:45:00And now I'm beginning to put it back together. Still a long way to go, but a huge amount, really,
0:45:00 > 0:45:07and a huge amount in the garden, maintaining it, getting rid of dead wood, a caravan, trimming trees.
0:45:07 > 0:45:12A huge amount done, but a fair bit still to do.
0:45:12 > 0:45:17It's very much a work in progress. As yet, Jeff hasn't applied for planning permission
0:45:17 > 0:45:23to knock through to create one big home. In the meantime, it remains two separate houses.
0:45:23 > 0:45:25So what's the timescale now?
0:45:25 > 0:45:32I had hoped that a year after getting this place, we'd have running water upstairs and would be
0:45:32 > 0:45:40at least able to sleep upstairs. That hasn't happened. I had running water and flushed the toilet once
0:45:40 > 0:45:47but we're only now having the toilet installed. Somebody will sleep in here by the end of the summer.
0:45:47 > 0:45:51That's two years to get to that point, but that's doing it myself
0:45:51 > 0:45:59and I think now if I had the right tradespeople doing it, the right specialists doing it,
0:45:59 > 0:46:01it's probably a fortnight's work.
0:46:03 > 0:46:10Jeff does have the luxury of having his comfortable home next door and was never in a rush,
0:46:10 > 0:46:14so having done the work himself, I think he's done rather well.
0:46:18 > 0:46:24This was the kitchen. I don't really remember what it was like because it was a long time ago.
0:46:24 > 0:46:29There were green-painted cupboards with the doors falling off.
0:46:29 > 0:46:34Took everything out, replastered the walls, insulated the outside ones.
0:46:34 > 0:46:38Brand-new window. That's the only major woodwork done by somebody else.
0:46:38 > 0:46:44That's done. I'm not sure at the moment what it's going to be. It can be transformed to a kitchen,
0:46:44 > 0:46:50but if I get permission I'll put a doorway through here to join the two cottages.
0:46:50 > 0:46:52Gives plenty of wall-hanging space.
0:46:54 > 0:46:58Jeff was well aware that the building was Grade 2-listed.
0:46:58 > 0:47:05Any structural changes would require planning permission. Although he has not yet sought consent,
0:47:05 > 0:47:11he's confident it will be granted. His intention is still to make the two houses into one.
0:47:11 > 0:47:15So what about his outlay on the project?
0:47:15 > 0:47:22I find that very difficult to answer because I never really budgeted because of not having to finish it.
0:47:22 > 0:47:29So far, I've probably spent about... I don't know. I mean, £10,000, £15,000. I haven't kept real track.
0:47:29 > 0:47:32I hope to do it for £20,000.
0:47:33 > 0:47:40Jeff bought the property for £147,000 and is currently within his £20,000 budget
0:47:40 > 0:47:43with work left to do.
0:47:47 > 0:47:54We invited two local property experts to provide a professional appraisal of Jeff's handiwork.
0:47:55 > 0:47:57It's a very nice cottage.
0:47:57 > 0:48:02Great area. Super garden as well. I know it's work in progress,
0:48:02 > 0:48:07but with it all being finished, it'll be lovely. Great location.
0:48:07 > 0:48:14'I think it's charming. This is the sort of thing that would attract a young professional couple maybe'
0:48:14 > 0:48:20who are working not necessarily just here, but in Eastleigh
0:48:20 > 0:48:24or Southampton. Or maybe commute up from London.
0:48:24 > 0:48:30Does the proximity of the house to a busy road and railway line affect the value?
0:48:31 > 0:48:36Railway - you can't ignore it, but over time you'd get used to it.
0:48:36 > 0:48:40You compensate that with the garden, which outweighs it.
0:48:40 > 0:48:44The road, again you've got to consider you've got to get to places.
0:48:44 > 0:48:48It's not a main road, but it will take traffic through the village.
0:48:48 > 0:48:51Again, not too much of a problem.
0:48:51 > 0:48:57So what could the value of the property be as it stands as a semi-detached?
0:48:58 > 0:49:00In terms of a completed project,
0:49:00 > 0:49:07I would recommend an asking price or guide price in the region of £185,000-£200,000.
0:49:07 > 0:49:12I could put this on the market for £195,000.
0:49:12 > 0:49:19So if Jeff were to spend all his budget of £20,000, added to the purchase price of £147,000,
0:49:19 > 0:49:25he could stand to make a pre-tax profit of £18,000-£33,000.
0:49:28 > 0:49:33And if Jeff were to complete the project and open an access from one to the other
0:49:33 > 0:49:39and create one four-bedroom house, what difference would this make to the value?
0:49:40 > 0:49:46In my view, you could put it on the market for £450,000.
0:49:46 > 0:49:52In terms of resale, if it was one house, I would recommend a figure in excess of £400,000 as appropriate.
0:49:52 > 0:49:58400-450. I'm pleased with that because I thought they might be worth less
0:49:58 > 0:50:00as a single house than two.
0:50:02 > 0:50:07So Jeff's bought the house next door to create one large home.
0:50:07 > 0:50:13Although it's still a work in progress, he's taken a great deal of satisfaction from doing the work.
0:50:13 > 0:50:18Overall, what are his final thoughts on the project?
0:50:18 > 0:50:21It's been enjoyable, but difficult.
0:50:21 > 0:50:28And I was quite well prepared from having had 20, 30 years' experience on the other side.
0:50:28 > 0:50:34The most nerve-racking bit was the auction. I'm not sure I'd want to go through that again,
0:50:34 > 0:50:40particularly when it's a property I really, really wanted because it was joined to the other one.
0:50:43 > 0:50:46We're back beside the seaside in Penryn, Cornwall,
0:50:46 > 0:50:51to find out how Sasha, Kevin and baby Thomas are getting on
0:50:51 > 0:50:55with their plans to reopen this B&B, purchased for £296,000.
0:50:59 > 0:51:03Sasha's dad, who owns the nearby scrap yard, helped with finance.
0:51:03 > 0:51:07And that's not the only family tie with this property.
0:51:07 > 0:51:09It used to be in our family.
0:51:09 > 0:51:12It was my gran's house.
0:51:12 > 0:51:19It got sold out of the family about eight years ago and we decided we'd like to buy it back as a B&B.
0:51:21 > 0:51:27Sasha and Kevin's idea of returning this property to a business could be a good one.
0:51:27 > 0:51:30Kevin's job allows plenty of time to help out.
0:51:30 > 0:51:36As the property's been vacant for some time, the interior is clearly in need of refurbishment.
0:51:36 > 0:51:41The exterior benefits from sea views, but did have the road,
0:51:41 > 0:51:46which takes heavy industrial traffic to the scrap yard next door, running by the property.
0:51:46 > 0:51:52Sasha and Kevin bought the house for £296,000 and plan to spend
0:51:52 > 0:51:56£8,000-£10,000 getting the bed and breakfast up and running.
0:51:56 > 0:52:03They'd hoped to have the work completed in 3-4 months, ready to open for the summer season,
0:52:03 > 0:52:09so did Sasha, Kevin and baby Thomas manage to complete their renovations
0:52:09 > 0:52:14and are they open for business or are their plans all at sea?
0:52:14 > 0:52:18We've come back four months later to find out.
0:52:21 > 0:52:25Not only has the weather brightened, but so too has the building.
0:52:25 > 0:52:31A lick of paint and the addition of floral displays really helps to give a more inviting feel.
0:52:31 > 0:52:38Inside, gone are the overpowering colours, replaced by a cool, fresh decor.
0:52:41 > 0:52:48The family living space is now a comfortable environment in which to spend time.
0:52:57 > 0:53:02The transformation is impressive, but how was it for the family
0:53:02 > 0:53:06and did the project run on time?
0:53:06 > 0:53:10Much better than we'd hoped, really. We kept to schedule for three months
0:53:10 > 0:53:13and we've started taking business.
0:53:15 > 0:53:22The transformation continues upstairs with all three guest bedrooms looking ship-shape.
0:53:22 > 0:53:26The bathrooms also have a refreshing feel about them.
0:53:27 > 0:53:34In this room, we started off by choosing the wallpaper. We then decorated the whole bedroom,
0:53:34 > 0:53:39had new carpet fitted, chose some furniture, new beds,
0:53:39 > 0:53:46chose the bedding and then we added mirrors, the incidentals for a guest room, such as TVs,
0:53:46 > 0:53:50and your guest trays with tea and coffee.
0:53:50 > 0:53:53And then the final touch was the pictures.
0:53:55 > 0:53:59The original budget for the project was £8,000-£10,000.
0:54:01 > 0:54:09So have Sasha and Kevin managed to trim the main sails and stick to it or have they pushed the boat out?
0:54:11 > 0:54:15I'm not sure how much my dad wanted to spend,
0:54:15 > 0:54:20but as we did more, he saw that we need this and we need that
0:54:20 > 0:54:25so I think we've pushed the boat out a little bit. We have spent about £30,000.
0:54:25 > 0:54:30But I think you can see that it's been money well spent.
0:54:31 > 0:54:38The couple bought the place for £296,000 and have spent a further £30,000 on refurbishment,
0:54:38 > 0:54:42making a total outlay of £326,000.
0:54:43 > 0:54:49We invited two local property experts to see if this money was well invested.
0:54:49 > 0:54:55Since the new owners have been in, they've gone from top to bottom.
0:54:55 > 0:55:01It looks a lot brighter. It's a very contemporary feeling. They've done a very good job.
0:55:01 > 0:55:06The owner's done a very good job of turning the accommodation round
0:55:06 > 0:55:08to make a very attractive property.
0:55:08 > 0:55:14From a resale point of view, the thing that holds it back is the access road out the front.
0:55:14 > 0:55:22It is very close to the front. If it can be moved to allow a little bit of space, that enhances its potential.
0:55:22 > 0:55:28So what value would the experts put on the property now that the work is complete?
0:55:28 > 0:55:35As a purely residential property, we're looking somewhere in the region of £350,000-£360,000.
0:55:35 > 0:55:42If it came back to the open market today, we'd be looking to put a price on at £350,000-£370,000.
0:55:42 > 0:55:47So that's a potential pre-tax profit of £24,000 and £44,000
0:55:47 > 0:55:51before the usual selling expenses are deducted.
0:55:51 > 0:55:57That's really good. That's a quick return on investment in only three months.
0:55:57 > 0:55:59Fantastic.
0:55:59 > 0:56:04While baby Thomas takes a relaxed approach to all the changes,
0:56:04 > 0:56:09might the couple be tempted to put it back on the market?
0:56:09 > 0:56:14- No.- No.- No, we're going to crack on with our B&B.
0:56:19 > 0:56:25Sasha and Kevin have taken the opportunity not only to invest in the family history,
0:56:25 > 0:56:30but also to allow themselves to start a bed and breakfast.
0:56:30 > 0:56:36Charging £68 for a double and £46.50 for a single guest, this offers them a healthy return.
0:56:36 > 0:56:41And they can spend more time together as a family.
0:56:41 > 0:56:45The property is now ship-shape and their future looks bright.
0:56:45 > 0:56:50- What would their advice to others in the same boat be?- Go for it!
0:56:53 > 0:57:00- We hope you've enjoyed the highs and lows of today's show.- Until the next time, cheerio.- Goodbye.
0:57:16 > 0:57:21Subtitles by Subtext for Red Bee Media Ltd - 2011
0:57:21 > 0:57:24Email subtitling@bbc.co.uk