Episode 70 Homes Under the Hammer


Episode 70

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Transcript


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-Welcome to the show.

-Even in today's turbulent times,

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bricks and mortar can make a very wise and safe investment.

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One place to make a property purchase is in the auction room.

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When you buy at auction, the property is yours on the fall of the hammer.

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It's a great way to buy, but do not forget to get buildings insurance.

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You are legally liable and responsible for the property

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from exchange of contracts, though you haven't completed, so what tempted the buyers on today's show?

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'I'm in Sandbach, Cheshire, to see a property with a guide price that suggests a mystery.'

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Well, maybe upstairs hides the clue.

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'East Dean in Wiltshire is where I'll find out who wants to get away from it all and if they succeed.'

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Not everybody's idea of a country retreat.

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'And in Penryn, Cornwall, will a former B&B book a refurbishment for itself?'

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This place has got some good options.

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'All these properties have been sold at auction and we find out who bought them and how much they paid

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-'when they went under the hammer.'

-Sold to you, sir.

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Let's turn the clock back to 2009 when I first visited a property

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in the pleasant, historic market town of Sandbach in Cheshire.

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Initially, it had been quite puzzling.

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Sandbach is a terribly nice place to live, surrounded by the Cheshire countryside.

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I used to cycle all round here on my bike.

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But I'm a little bit perplexed cos I'm here to see this.

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It's a two-bedroomed end of terrace. It had a guide price of 180,000 quid.

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I don't care how good it is inside. That's a lot of money for a terrace.

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# It's gonna take money

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# A whole lot of spending money

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# It's gonna take plenty of money... #

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The average price for a two-bed terrace on this street is 170,000,

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so £10,000 less than the guide price was for this property.

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Let's investigate why.

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Well, nothing too spectacular so far. Bit of a dark and dingy entrance.

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The front sitting room has some nice floorboards, an open fire which is good to see.

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Stairs up to your bedrooms there.

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Through into the rear living room area... Now, this is nice.

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A big stone fireplace, that's lovely. Not quite worth the money on its own though, I have to say!

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A larder there - useful sort of storage space.

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And maybe the kitchen holds the key.

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It's through here.

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Well, I guess if it had some hand-made, bespoke kitchen units,

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we could see the value, but nope.

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At the end there is the bathroom and the loo.

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No whirlpool bath in there. It's got me flummoxed!

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So why was the guide price 180,000? Hmm, the plot thickens!

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Perhaps this mystery calls for Sherlock Holmes. Pun, of course, intended!

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# It's a mystery

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# Oh, it's a mystery

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# I'm still searching

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# For the clue

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# Is it a mystery... #

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Well, maybe upstairs hides the clue.

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What have we got? Fairly standard layout - bedroom on that side and over here to another bedroom.

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Good-sized doubles, but nothing spectacular at all.

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In reasonable condition. The whole house is in reasonable condition.

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That's the answer.

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# Into the great wide open

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# Under them skies of blue... #

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As you may have guessed, the reason this place had such a high guide price was not the house itself.

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It's the plot of land that's right behind it.

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It is absolutely ginormous.

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Look, it stretches all the way back there.

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That in itself wouldn't necessarily up the value. Well, only a small amount.

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What's key is that this plot of land has outline planning permission for the building of two houses.

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Well, judging by the size, I reckon you could get even more on here.

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So that is a potential windfall, absolutely fantastic.

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The only fly in the ointment is it hasn't got official approval for an access road down the side.

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But that is not a big issue. This is a big money-making opportunity. Kerching!

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Let's face it. Now the mystery was solved,

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that guide price of 180,000 seemed like a bargain.

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Well, the house itself then is fairly cute,

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but of course, the pot of gold in this instance is that building plot which is the garden.

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Fantastic opportunity. Let's see who spotted it at the auction.

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So what shall we say for Lot 10,

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end terrace house with a building plot for two?

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150,000 I'm bid. Standing right at 150,000, opening bid.

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160 can I say?

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At 150... You're saying 155, sir?

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At 155, the bid is seated.

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At 155.

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160?

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At 155. Looking for 160 now.

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New bidder, 160.

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At 160. 165?

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165.

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At 165.

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170, is it? 170.

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175? You're saying 1?

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At 171. 172?

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At 171. 172.

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173. 174.

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175.

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176.

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177. 178.

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179. 180?

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The bid's seated at 179.

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Against you standing at 179.

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A half you're saying? 179 and a half.

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I think he's waning.

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180. At 180. Another half?

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At £180,000, I'm selling it then.

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First time, 180.

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Second time.

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Third and final time at 180. Are we all done?

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You've bought it, sir. Well done.

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'Sandbach residents Chris and his wife Carolyn were the successful bidders.

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'The former hoteliers and restaurant owners are now embarking on a property developing career.

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'I caught up with Carolyn back at the house.'

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-Carolyn, lovely to meet you.

-Nice to meet you.

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I think I know why you wanted to buy this - it's out the back, but why did you want to buy the house?

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The house has a lot of potential for extension.

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-It's just two bedrooms at the moment, two reception and a very peculiar kitchen.

-Yes!

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And a bathroom. With the extra space on the side,

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we can obviously extend to the side, make it three-bedroom, bathroom, en-suite upstairs

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and an extra garage and downstairs room.

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-Tell me more about you.

-About 13 years ago, we bought an old property and doubled its size.

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That became our family home.

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From then, we've done bits and pieces.

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-Just last year, we bought a property for my son to live in at university.

-Oh, great.

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We extended that to four bedrooms instead of three.

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But in terms of pure investment and development projects, is this something you've done before?

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No, not pure investment or development, no.

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'Carolyn was slightly jumping in at the deep end, but I didn't think she'd be out of her depth.

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'She planned to renovate the house in 12 months with a budget of 40 grand for the job,

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'but while she had big plans for the place,

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'Carolyn knew it was outside where the big bucks would be made.'

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Talk me through what you'd like to do with this.

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It's got outline planning permission for two properties.

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That's right. When we came to have a look, we thought that there was definitely potential

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for at least four properties on.

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-Well, I'll show you the plan.

-OK.

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They just gave them outline planning for two,

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but we feel if you come in and round and on to the plot from this position here,

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you can fit two properties there and then two here at least.

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-Have you spoken to the planners to get an idea of whether or not that would be approved?

-No, not yet.

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We've instructed the architects. They had a look round and don't see any problem with what we're suggesting.

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As a first development project, this is a big thing, building houses from scratch. How do you feel about that?

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We wouldn't build them ourselves. We want to get full planning permission and sell the plot on to builders.

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-Oh, wow!

-Yeah.

-So keep the house...?

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Yes, and do that up. Within six months, get full planning permission for the land and sell it on.

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-Right. Why not do it yourself?

-Um...no. We're not builders.

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-You can employ builders.

-We'd rather have the quick turnaround.

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'That was in June 2009.

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'When we first returned 14 months later,

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'Carolyn was true to her word with a new extension added to the side.'

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Well, as you can see, we built a two-storey extension.

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We've got a garage and dining room on the ground floor and an extra bedroom, a bathroom and en-suite

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on the floor above. I'm really pleased with the results. It's made the house into a family home.

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The inside of the cottage had two very tired and dated rooms,

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but the front living room had lost that brick fireplace and a stylish fire was now in its place.

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The whole house had been rewired and had new windows fitted.

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A fabulous new kitchen had been installed in one of the former reception rooms.

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All in all, it was a lovely family home, but it was outside that was crucial, so how had that progressed?

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We were thrilled when we took it to the architect and he started working on it

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because everything fitted in perfectly,

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so we thought there'd be no problem with getting the planning permission.

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But there was a problem. Remember, the outline planning permission was for two detached houses.

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Carolyn's application for four semi-detached properties was initially rejected,

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but after an appeal and various committee hearings, the planners gave the go-ahead.

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Although the plan to sell the existing house remained the same,

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Carolyn and her husband Chris's idea for the building plot had changed.

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We were intending to sell the land on to a builder,

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but we had so many traumas getting the planning permission through

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that we feel really attached to the land now, so we'll build on it ourselves.

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Well, that was 11 months ago.

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Stay with us till later in the show to find out if the couple's decision to do the build themselves

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went as smoothly as they hoped.

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Today's property search finds me in a rural village location -

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East Dean in Wiltshire.

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It's a pretty spot, just over 12 miles from the cathedral city of Salisbury.

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Today's property is impressive. It's a two-bedroom cottage built in the 1800s.

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It's Grade 2 listed and it's in a conservation area.

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With those credentials, it has to be expensive, right?

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Well, no, the guide was set at a very modest £135,000 to £140,000.

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You can see it's got character and I've been told this front door hasn't been opened in ten years.

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I won't start messing with it now. I'll look for the side entrance.

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No amount of knocking will open this door, but it wouldn't take much to reinstate it as the front entrance,

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much more inviting than having to gain access round the back.

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# A change will do you good... #

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Things have been let go here.

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There are signs of moss on the roof, the windows are in a bad state of repair

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and the paintwork and exteriors are crumbling away.

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This little cottage is in need of some serious TLC.

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You know, it's quite eerie inside here.

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It's dark, cold, damp and it's dirty,

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but it still manages to have that old-world charm.

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This kitchen is tiny. It could really do with being extended out this way to improve its size.

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But don't forget, this building is listed, so all improvements have to be approved first.

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These two little cottages were originally for the cooks and the gardeners of East Dean House

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which is a rather grand property just up the road.

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I don't think much has been done to this place over the years, but it's still got beautiful metal windows.

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The electrics, I would say, are completely old and antiquated.

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You can see those plug sockets and light switches.

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My nose tells me there is a definite damp problem inside.

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Look at these walls - wet to the touch. All the wallpaper just comes off.

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I've got to say as well, I feel a little claustrophobic inside. Let's see if it feels any bigger upstairs.

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Well...

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Hmm, no.

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It's small and cramped.

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I would seriously think about having just one large bedroom up here.

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I know that would reduce the cottage from a two-bedroom to a one-bedroom,

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but I think it would make it much more accommodating and, as a result, much more desirable.

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You could also think about an extension, but that's a more radical decision.

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And anything you do must be OK'd by the Listed Building Consent and the conservation bodies.

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It hasn't been lived in for some considerable time and there are tell-tale signs of that.

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Time to wipe away those cobwebs and head outside to what is an extensive garden.

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If you were to extend, you wouldn't miss any space.

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It's semi-rural and there are things you come to expect.

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Peace and quiet? I don't think so.

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There's a train at the end of the garden!

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And it's also on a very fast...

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..country road!

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Thus shattering the illusion of what one expects from a semi-rural location!

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I'm afraid you don't get that here, but what you do get is a rather lovely and characterful cottage.

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Bearing in mind its guide price of between 135,000 and 140,000,

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we invited a local estate agent to view it.

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My first impressions of the house,

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it's a lovely, old, character cottage in need of complete renovation.

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I'm certainly with you there.

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The remedial works needed on this little cottage are extensive.

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Personally, I think the bathroom's got to remain on the first floor.

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I think possibly a two-storey extension would put you in a position

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where you could retain the bathroom on the first floor,

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albeit you are restricted on the planning permission you will get in this area.

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The estate agent believes this house needs an extension,

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but is dubious about obtaining planning permission for that.

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That doesn't bode well for the new owner who would consider adding to this small cottage.

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Once renovated, I would put this property on the market at £250,000.

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And what's the monthly rental value?

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I would look to rent this property at around £1,000 per calendar month.

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If the owner was to extend, how much could he add to those values?

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I think if the property was extended into a three-bedroom, semi-detached property,

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I think you're looking at more £300,000.

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This is a really lovely old cottage with heaps of character,

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but it's sandwiched between a noisy road and a railway track -

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not everybody's idea of a country retreat.

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But somebody did fall in love with its charms. Let's see who that was at auction.

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This is presently a two-bed, semi-detached house.

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It requires extensive renovation and improvement

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and I'm going to start the bidding.

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Somebody open the bidding for me at just 125,000?

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These opportunities don't come up too often.

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125 I have straight away on my left-hand side.

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Now I need somebody at 126.

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Madam, 126. I've got my two bidders.

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126. 127. 128?

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128. And 9? 129.

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Back at 130, madam? 130's bid.

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131.

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132? 132.

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And 3? 133.

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134? 134.

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135? 135 here on the left.

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Back at 136? No? Shake of the head. With you at 135.

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I need 136,000 from someone fresh.

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136 I do have. New bidder, sir. All on this side of the room now.

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137? 137.

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And 8? 138.

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139's bid here.

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140? 140 to the left.

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141 here to the front.

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142's bid. And 3?

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143 here. And 4 bid.

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145? Thank you.

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146? 146 directly there.

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147, sir? 147. No, he's shaking his head. It's with you at 147.

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Still an incredible buy, I think.

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147,000 then I have here once.

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147,000 twice.

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147,000 for the third and final time.

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Your property, 7017. Congratulations.

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'The successful bidder was Jeff who's only too familiar with the road and railway

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'because he already lives next door.

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'He's a post-graduate dean who teaches other doctors.

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'I went to visit him to find out more about his plans for his new property.'

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I've had the property next door

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for nearly 30 years now

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and there was a chance to buy it about 28 years ago.

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I'm very glad it never came through because I think it would have crucified me financially.

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It seemed the sort of place that would go together very well.

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It makes a lovely property - four bedrooms, rather than two and a half. I never thought any more about it.

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Then when my neighbours sadly died, I realised it was going to come on the market

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and I looked out for the sale.

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'Subject to planning permission,

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'Jeff will set about turning these cottages into one large detached property.

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'It's a Grade 2 listed building, so he'll have to obtain the necessary consent before starting any work.'

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What are your plans with this house?

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I wouldn't wish to do very much, just to have access from one to the other. I don't want to make major changes.

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It would really be something... a doorway through in the kitchen.

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I love old buildings. I spent a lot of time working next door and I don't want to do anything to change it.

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So how long do you see this taking?

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I'm in no rush. I live next door.

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I don't have to get it ready to move into it. I can do it at leisure over the next few months and years,

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but it goes into years, not months.

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Jeff, how much money have you got to spend to turn this place into what you want to have it as?

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Well, I'm hopeless at budgeting.

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Plus, there's no rush to do it.

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I'd sort of see it as a continuing, trickle expense in some ways.

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But I have put aside about 15,000 to get certain jobs done.

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You may look at it with more skilled eyes than me,

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but there aren't things that need an enormous expense - yes, bathroom and kitchen stuff.

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If I knock it through, I've got some kitchen next door

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and I won't have the most elaborate bathroom up there.

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I'm going to put a nice shower in and the other stuff, but that's not that expensive.

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'Treating damp and rewiring and re-plumbing is though, Jeff.

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'Whilst a relaxed outlook can be good, I worry that Jeff may be a tad too relaxed.

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'Does his profession hold any clues to his laid-back approach?'

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I have been a consultant neurologist, but I've stopped clinical practice now

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and now I work as an associate post-graduate dean

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which is an administrative job, but it is involved

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with training doctors once qualified from medical school up to becoming consultants.

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'So Jeff is able to keep on top of the fast pace of work which bodes well for this undertaking,

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'so is he worried about anything at all here?'

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It's a solid building, there's nothing major that needs doing.

0:22:230:22:27

It's really a lot of hard work and mostly cosmetic.

0:22:270:22:31

I can see it. It's going to be a four-bedroomed house, two bathrooms, two front rooms

0:22:310:22:37

and a kitchen with a kitchen-dining room. It's mostly cosmetic and decoration.

0:22:370:22:42

If the worst comes to the worst and people come and stay, I'll give them the keys to next door.

0:22:420:22:47

-They'll have their separate wing for their guest quarters.

-Semi-detached.

0:22:470:22:51

-Guest quarters to the left, please.

-Exactly.

0:22:510:22:54

That could happen. They could say, "No, it's got to stay as it is."

0:22:540:22:59

That doesn't worry me unduly because it's a short walk as you found yourself.

0:22:590:23:04

It would be a nuisance, but not the worst thing in the world.

0:23:040:23:07

-I think your guests would rather like that.

-They might like the privacy.

0:23:070:23:12

-Jeff, good luck. You've got a lot of hard and exciting times ahead. Well done.

-Thank you very much indeed.

0:23:120:23:18

# I wanna see a change in you... #

0:23:180:23:20

Jeff's house, Jeff's new house.

0:23:200:23:23

Knock the internal wall down and it becomes Jeff's home.

0:23:230:23:27

Everything, of course, is subject to planning and if nothing is approved,

0:23:270:23:31

he'll have a very beautiful garden and a separate wing for his family and friends to stay in.

0:23:310:23:37

Find out if he's got luck on his side later on in the programme.

0:23:370:23:40

'In Penryn, Cornwall, can this old B&B improve upon its star rating?'

0:23:410:23:47

One, maybe one and a half stars?

0:23:480:23:51

'Back in East Dean, Wiltshire, do Jeff's figures add up?'

0:23:510:23:56

I never really budgeted because of not having to finish it.

0:23:580:24:01

'First, we return to Sandbach, Cheshire, where things may not have entirely gone to plan.'

0:24:030:24:08

I just couldn't understand what the problem was.

0:24:080:24:11

Earlier in the show, we were at a property I first visited back in September 2009.

0:24:160:24:21

It was in Sandbach, Cheshire, where I met Carolyn.

0:24:210:24:26

Along with her husband Chris, she bought this property for 180,000.

0:24:260:24:31

For a tired two-bedroom cottage, that was a lot of money,

0:24:310:24:34

but what they had really paid for was out back.

0:24:340:24:39

This large plot of land was the real gold mine.

0:24:390:24:42

The plan was to renovate the house, then sell the plot on with planning permission for four houses.

0:24:420:24:49

When we first returned in August 2010, Carolyn had done a great job with the first part of her plan,

0:24:490:24:55

but the selling the plot part...?

0:24:550:24:58

We were intending to sell the land on to a builder,

0:24:590:25:03

but we had so many traumas getting the planning permission through

0:25:030:25:07

that we feel really attached to the land now, so we're going to build on it ourselves.

0:25:070:25:12

After all those problems with planning permission, some would have sold the plot on,

0:25:120:25:17

but it seems like Carolyn and her husband are made of sterner stuff.

0:25:170:25:21

So 11 months later, we returned to see if they finally got what was on the plan on to the land.

0:25:210:25:27

And after owning the land for just over two years, they finally got the build they wanted -

0:25:350:25:41

two sets of semi-detached, brand-spanking-new houses.

0:25:410:25:45

Carolyn returned to show us around.

0:25:470:25:49

So when we were talking to the architect about the designs of the houses,

0:25:490:25:55

he suggested that we could have the lounge open-plan up to the stairs,

0:25:550:26:00

but we thought that might make the room quite cold,

0:26:000:26:04

and if we had it enclosed, we could have an under-stair cupboard which would be quite useful.

0:26:040:26:10

But we decided to go open-plan in terms of the arch between the lounge and the kitchen-diner

0:26:100:26:15

to make it a little bit more open and more inviting.

0:26:150:26:19

In terms of the kitchens, we were pleased to be able to buy British.

0:26:190:26:23

In the one kitchen we have here, we went for oak with travertine tiles.

0:26:230:26:28

We had to have a cloakroom downstairs because that's the planning requirements now.

0:26:280:26:33

All four semi-detached houses follow the same layout downstairs and up

0:26:330:26:38

with two bedrooms - one large and a single.

0:26:380:26:41

And there's also a good-sized bathroom.

0:26:410:26:44

Out back, there's a spacious garden, ready to be softened up with some planting.

0:26:480:26:54

So what plans does Carolyn have for the two developments?

0:26:540:26:58

So we're renting out these two houses and we're putting these two houses on the market for sale.

0:27:000:27:06

As you can see from the plot, we've got enough room for off-street parking for two cars each house,

0:27:060:27:12

as well as the gardens.

0:27:120:27:14

Lots of parking, good-sized gardens

0:27:140:27:18

and decent-sized new builds,

0:27:180:27:20

so everything sitting together perfectly.

0:27:200:27:23

It was such a relief when the planning permission came through.

0:27:230:27:27

We couldn't understand how it could be refused because it was an absolutely perfect layout.

0:27:270:27:33

We just couldn't understand what the problem was.

0:27:330:27:36

They've certainly got the most out of the land here.

0:27:380:27:42

You reach the new development by the access road at the side of the original house they bought

0:27:420:27:47

and redeveloped over a year ago.

0:27:470:27:49

My husband actually project-managed the whole job and the two of us were involved in all the decision-making.

0:27:490:27:56

Anything that needed choosing, like the bricks, we made the decision on.

0:27:560:28:01

Being first-timers, I reckon they were wise

0:28:010:28:04

to stick with the tried and trusted builder to get the site developed.

0:28:040:28:09

Apart from the planning problems, this has been a pretty pain-free experience.

0:28:090:28:14

We're really happy that we didn't sell the land on to a builder. We're so pleased with the end result

0:28:140:28:20

and the fact we've got two houses to rent out. I'm really pleased with the decision.

0:28:200:28:25

Carolyn originally estimated it would cost between £140,000 and £160,000

0:28:270:28:33

to build the four houses,

0:28:330:28:35

but the final cost came in at 268,000.

0:28:350:28:39

220 was devoted to the build, while the remaining 48,000 was spent on clearing the site,

0:28:390:28:46

laying the car park and connecting the services.

0:28:460:28:50

Is she pleased with the final result?

0:28:500:28:54

I've very proud of the way the properties fit into the close and the way they look.

0:28:540:28:59

A number of the neighbours have congratulated us and thanked us for making this site really attractive.

0:28:590:29:06

Time to see what two local estate agents make of Carolyn's new build

0:29:080:29:13

and whether that £268,000 outlay was a wise investment.

0:29:130:29:17

My first impressions of the house are it's been built very well, it fits in well with the close

0:29:170:29:23

and the other properties around here. The specification is very good.

0:29:230:29:29

I'm impressed. I'm surprised at the positioning

0:29:300:29:33

on the site and how well they look. They fit in well for this type of property, really.

0:29:330:29:40

'I particularly like the modern concept, the contemporary design, they've fitted them out well.'

0:29:410:29:47

Neutral colours, decoration-wise. Very good.

0:29:470:29:51

'The layout is excellent. The lounge is a good size. The dining room feeds off the kitchen.

0:29:510:29:57

'Patio doors are really nice.'

0:29:570:30:00

The two bedrooms are a good size.

0:30:000:30:02

So the estate agents seem happy, but do they think it will cover Carolyn's £268,000 costs?

0:30:030:30:11

Remember, there are two houses for sale so what price could they achieve?

0:30:110:30:16

I think the resale value on these properties would be around £145,000 to £150,000.

0:30:160:30:22

I think the resale value will be £130,000 to £135,000.

0:30:220:30:28

Gosh, that's quite a big range, isn't it, between the two?

0:30:280:30:32

We've got them on at £149,950 at the moment. As close as we could get to that would be lovely.

0:30:320:30:38

If Carolyn achieves her sale price, the two prices could fetch just under £300,000,

0:30:400:30:45

giving her and her husband a possible pre-tax profit of £32,000.

0:30:450:30:51

There are also another two houses on part of the plot, which she rents out. What should they achieve?

0:30:510:30:57

I think the rental value would be around £550 per calendar month.

0:31:000:31:06

Rental value for this type of property currently is £525-£550 per calendar month.

0:31:060:31:13

We're renting two out at the moment for 550, so that's what I expected.

0:31:130:31:18

That rental income could mean an annual yield of around 10% - that's a result.

0:31:180:31:24

But the real achievement here is how Carolyn and her husband, first-time developers,

0:31:240:31:30

not only extended and fully renovated their property, but also built four new homes.

0:31:300:31:37

They've passed the developing test with flying colours.

0:31:370:31:41

Well, we feel this whole experience has been quite a success.

0:31:410:31:46

We really enjoyed it, apart from the trauma of the planning permission,

0:31:460:31:50

but once we got that it's all been quite plain sailing.

0:31:500:31:54

Up until now, Penryn in Cornwall has perhaps lived in the shadow of its better-known neighbour Falmouth,

0:31:570:32:04

but the last 10 years has seen the arrival of Tremough Campus,

0:32:040:32:08

home to the Combined Universities of Cornwall.

0:32:080:32:11

With Penryn throwing off its "second fiddle to Falmouth" reputation,

0:32:110:32:16

maybe now is the time to invest here. I'm told the property I am here to see

0:32:160:32:22

would be a staggering £50,000 more expensive in Falmouth.

0:32:220:32:26

You certainly seem to be getting a lot for your money. This is it - a former B&B, guide price £295,000.

0:32:260:32:34

Looks all right. Let's take a look inside.

0:32:340:32:37

I'm told this is a lovely spot, raised above the town with views of the water.

0:32:370:32:43

That may be so, but right now it's a bit of a white-out,

0:32:430:32:47

which almost hides the fact that next door, with access past the property is a scrap metal yard.

0:32:470:32:55

Not exactly what you're after at a rural B&B.

0:32:550:32:59

Still, there's no sense in shying away from the reality.

0:32:590:33:04

Let's hope inside is a little more enticing.

0:33:040:33:07

A strange little entrance vestibule there! I suppose it keeps the noise and the cold out.

0:33:070:33:14

But it doesn't quite work. Anyway, into this front little reception room here.

0:33:140:33:20

Stairs up to your bedrooms on this side of the house. Little room there, through a dark corridor

0:33:200:33:26

into the main living room. The old wood-burning stove - we like that.

0:33:260:33:32

And a few clues as to which part of the house it is. It says Private.

0:33:320:33:37

I reckon this is where the people who lived in the property lived

0:33:370:33:41

and then we move into a separate part of the house. It seems to have a different feel.

0:33:410:33:47

It's where the guests would be. Stairs up to the bedrooms there

0:33:470:33:51

then this little living room area here with its own door.

0:33:510:33:56

Really nice that it's divided up and you can retain your own privacy.

0:33:560:34:01

In fact, I think this room was the breakfast room,

0:34:020:34:07

perfectly adequate for the three B&B bedrooms that are on offer.

0:34:070:34:11

There's a main kitchen - a bit elongated, but big enough to fry large amounts of bacon and eggs.

0:34:110:34:16

And there's a very useful separate utility area at the end.

0:34:160:34:21

The general feel of the place is rather characterless and a little tired,

0:34:210:34:26

although the bones are there. Now how are the guest bedrooms?

0:34:260:34:31

Ah, there you are. Well...what have we got?

0:34:310:34:34

Let's pretend we're a hotel inspector. How would we view this room?

0:34:340:34:40

Well...it's not exactly huge. You'd get a double bed in here and there wouldn't be a lot of space.

0:34:400:34:47

It looks a bit tired and dated

0:34:470:34:50

and there are a few shabby bits and pieces here.

0:34:510:34:55

This doesn't work. Not at all desirable.

0:34:550:34:58

Looks like some damp in the corner.

0:34:580:35:02

Because we're at the rear, no views of the sea, which is a shame.

0:35:020:35:07

So that's not too sparkling. Maybe it improves in the en suite.

0:35:070:35:12

Em, well...sadly not.

0:35:120:35:15

In hotels or guest houses or B&Bs, I really love having a bath.

0:35:150:35:20

In this case there's only a shower so that's a negative for me.

0:35:200:35:24

And it's just, again, little touches. Look.

0:35:240:35:28

Cracked tiles. It doesn't give a very good impression.

0:35:280:35:32

If I was to rate it, well, I reckon it's one, maybe one-and-a-half stars?

0:35:320:35:38

If you've got small rooms like these, you need to make them sparkly

0:35:380:35:43

and extra attractive to impress.

0:35:430:35:45

At the moment, they're a bit dull and dated,

0:35:450:35:48

but with a little imagination you could make them 4-star spaces. And the layout works well.

0:35:480:35:55

So what to do with this place? I'd like to walk while I mull over the options.

0:35:550:36:01

How about renting it out to students? Not as daft as it sounds.

0:36:010:36:05

There's a huge demand for student accommodation and, let's say, 7 students paying £70 a week.

0:36:050:36:11

That's around £2,000 a month, £24,000 a year. A good return.

0:36:110:36:16

You could turn it back into a beautiful family home. Nice place to live.

0:36:160:36:21

Or how about keeping it as a bed and breakfast? For some people, it's a really nice lifestyle.

0:36:210:36:27

You live in one part, rent out the rest. Let's say you got £50-£60 a night, bed and breakfast.

0:36:270:36:35

Over a year, if you were fully booked, that would give you around £65,000 before taxes

0:36:350:36:41

and all those other costs. So, all in all, this place has got some good options.

0:36:410:36:48

It also had a guide price of £295,000. We asked a local estate agent for his thoughts.

0:36:480:36:54

It could lend itself to so many uses. You could run it as a B&B.

0:36:570:37:01

Or a beautiful family home - nice garden. Or the student market.

0:37:010:37:06

What's the value of the property if developed as a family home?

0:37:060:37:11

As a family home, you're probably looking somewhere in the region of £340,000-£350,000.

0:37:110:37:17

And if you were to rent the place out as a whole?

0:37:170:37:21

As it currently stands, you're looking somewhere in the region of £1,150 per calendar month.

0:37:210:37:29

Once you've done all the modernisation, you could be looking in the region of £1,350.

0:37:290:37:34

Well, this is interesting. Options galore and all of them exciting.

0:37:360:37:41

It's many people's dream to own a house in a beautiful place like this and then rent part of it out

0:37:410:37:47

to bring in some cash. Fantastic. Let's see who snapped it up when it went under the hammer.

0:37:470:37:54

Lot number 8.

0:37:540:37:57

I would like to start here

0:37:570:37:59

at around about 270.

0:37:590:38:02

And 270,000, then. At 270.

0:38:020:38:05

At the back. 272. I was just going to take his bid, but I'll take yours at 272.

0:38:050:38:11

Now may I say 275? At 275.

0:38:110:38:15

280 on the left.

0:38:150:38:17

285.

0:38:170:38:19

290? 290. 292.

0:38:190:38:23

294?

0:38:230:38:25

294. No? I'll take the one. 295. 295 on the left.

0:38:250:38:31

296 now.

0:38:310:38:33

£296,000.

0:38:330:38:35

No? At 296. I'll call it for the first, for the second and for the third and final time

0:38:350:38:43

at £296,000. It is sold to you on the telephone.

0:38:430:38:48

With their successful bid of £296,000, it was husband and wife Kevin and Sasha.

0:38:480:38:55

It's been a busy time for the local couple as only three weeks ago Sasha had their first child,

0:38:550:39:01

baby Thomas. It seems a family connection has drawn them to this property.

0:39:010:39:06

Kevin, Sasha, lovely to meet you. Congratulations. Tell me why you wanted to buy this place.

0:39:060:39:12

It used to be in our family. It was my gran's house.

0:39:120:39:16

And the family owned the business down at the bottom and both houses.

0:39:160:39:21

So have you been watching it?

0:39:210:39:24

A little bit, yeah. It's been on the market since July, so we've been watching it.

0:39:240:39:30

It started on the market for 375, which we felt was too expensive

0:39:300:39:34

and then we were lucky to get it at auction for 296.

0:39:340:39:38

A good decision, to be sure! It's times like this when auctions pay dividends.

0:39:380:39:44

A place is only worth what someone will pay for it on the day.

0:39:440:39:48

Kevin's training to be a seaman at Trinity House. He does three weeks on the ship and three weeks off,

0:39:480:39:55

so he'll be able to lend a hand during his downtime. And Sasha's dad has been invaluable,

0:39:550:40:00

putting in the investment for them and he'll also help out.

0:40:000:40:04

So tell me more about the plans.

0:40:040:40:07

To come in on Thursday and paint the whole house throughout.

0:40:070:40:11

There are plans eventually to move the septic tank and put it in the field and move the road away,

0:40:110:40:19

so the lorries will no longer go right outside the front door.

0:40:190:40:25

So it's really at the moment just a good lick of paint and giving it some modern decor

0:40:250:40:31

-so we can get open for July.

-Then the idea is to run it as a B&B?

-That's right, yes.

0:40:310:40:37

Now running a B&B is a time-consuming operation. Are you looking forward to it?

0:40:370:40:43

Yes! Yes.

0:40:430:40:46

-It's something we can both get stuck into when I'm on my time off.

-And we'll get help in.

0:40:460:40:51

For when he's away. Cos I think I'll be hard-pushed with baby and the B&B on my own!

0:40:510:40:58

-That is a point. You had a baby how long ago?

-Three weeks ago.

0:40:580:41:02

-And at the auction you were very pregnant.

-I had about 5 days to go. I think they were all a bit concerned

0:41:020:41:09

that the baby might come!

0:41:090:41:12

-Looking after a young baby and a new business - quite a lot on your plate.

-But we like that.

0:41:120:41:19

No one could accuse them of taking time out.

0:41:190:41:22

Thomas is enough to keep them busy all by himself.

0:41:220:41:26

The pair have £8,000-£10,000 to spend on getting the B&B up and running,

0:41:260:41:31

which, if they keep it simple, should be ample.

0:41:310:41:35

They hope to get £50-£60 per room a night, which I reckon is also easily achievable.

0:41:350:41:41

It's all becoming clear, including the weather.

0:41:410:41:45

So what do you see for the future?

0:41:460:41:48

To live here indefinitely. You don't know if 10 years down the line you might want something bigger.

0:41:480:41:55

It's really hard to say. Kevin's at the start of his career at Trinity.

0:41:550:42:00

I've also done quite high-powered sales jobs so I'm looking more to take the back seat

0:42:000:42:05

and let the man bring in a bit more money!

0:42:050:42:09

-And bringing up Thomas.

-Yeah. And look forward to bringing up Thomas.

0:42:090:42:13

It's a nice area. There's lots of walks.

0:42:130:42:17

There's lots of times I can have with Thomas out on the boat and bring Sasha out as well

0:42:170:42:23

-so we can have more days out on the boat.

-I hope you clean it first!

0:42:230:42:28

So your quality of life will be really lovely, actually.

0:42:280:42:32

Yeah. That's what it's all about. Dad's put us in a lovely position to enjoy life with our son.

0:42:320:42:39

-I wish you all the best. Congratulations.

-Cheers.

0:42:390:42:43

Well, I'm glad that Kevin and Sasha like having a lot on their plate

0:42:440:42:49

because I think they may have, with the new family and this exciting project.

0:42:490:42:55

Still, it'll be wonderful to see how they transform this

0:42:550:42:59

and you can find out how they get on with their Cornish B&B later.

0:42:590:43:04

There's no doubt that property developing is unpredictable

0:43:070:43:11

-and so you should expect the unexpected.

-So will we encounter a Hammer House of Horrors today?

0:43:110:43:18

Let's find out.

0:43:180:43:20

Time to revisit the village of East Dean in Wiltshire, where Jeff had grand designs

0:43:240:43:31

right next door. He managed to purchase his neighbour's cottage

0:43:310:43:36

for £147,000, after the property had lain empty for over a year.

0:43:360:43:42

His plan was to turn the two adjoining cottages into one, providing him with double the space

0:43:440:43:50

and a considerable garden.

0:43:500:43:52

The property does have a busy main road at the front

0:43:540:43:59

and a train line at the rear.

0:43:590:44:02

But Jeff is well used to both as he's lived in the adjacent property for over 30 years.

0:44:020:44:08

I'm in no rush. I live next door. I don't have to get it ready to move in to it.

0:44:080:44:14

I can do it at leisure over the next few months and years. It'll be years!

0:44:140:44:19

# Time is on my side... #

0:44:190:44:23

Jeff's prediction of years did prove to be extremely accurate as we return two years later

0:44:230:44:31

to see how he's getting on.

0:44:310:44:34

It's been stripped right down, all the wood replaced,

0:44:390:44:44

all the electricity taken out, all the water taken out.

0:44:440:44:48

Carpets, furniture, everything stripped back. Completely replastered, dry lined all round.

0:44:480:44:54

And now I'm beginning to put it back together. Still a long way to go, but a huge amount, really,

0:44:540:45:00

and a huge amount in the garden, maintaining it, getting rid of dead wood, a caravan, trimming trees.

0:45:000:45:07

A huge amount done, but a fair bit still to do.

0:45:070:45:12

It's very much a work in progress. As yet, Jeff hasn't applied for planning permission

0:45:120:45:17

to knock through to create one big home. In the meantime, it remains two separate houses.

0:45:170:45:23

So what's the timescale now?

0:45:230:45:25

I had hoped that a year after getting this place, we'd have running water upstairs and would be

0:45:250:45:32

at least able to sleep upstairs. That hasn't happened. I had running water and flushed the toilet once

0:45:320:45:40

but we're only now having the toilet installed. Somebody will sleep in here by the end of the summer.

0:45:400:45:47

That's two years to get to that point, but that's doing it myself

0:45:470:45:51

and I think now if I had the right tradespeople doing it, the right specialists doing it,

0:45:510:45:59

it's probably a fortnight's work.

0:45:590:46:01

Jeff does have the luxury of having his comfortable home next door and was never in a rush,

0:46:030:46:10

so having done the work himself, I think he's done rather well.

0:46:100:46:14

This was the kitchen. I don't really remember what it was like because it was a long time ago.

0:46:180:46:24

There were green-painted cupboards with the doors falling off.

0:46:240:46:29

Took everything out, replastered the walls, insulated the outside ones.

0:46:290:46:34

Brand-new window. That's the only major woodwork done by somebody else.

0:46:340:46:38

That's done. I'm not sure at the moment what it's going to be. It can be transformed to a kitchen,

0:46:380:46:44

but if I get permission I'll put a doorway through here to join the two cottages.

0:46:440:46:50

Gives plenty of wall-hanging space.

0:46:500:46:52

Jeff was well aware that the building was Grade 2-listed.

0:46:540:46:58

Any structural changes would require planning permission. Although he has not yet sought consent,

0:46:580:47:05

he's confident it will be granted. His intention is still to make the two houses into one.

0:47:050:47:11

So what about his outlay on the project?

0:47:110:47:15

I find that very difficult to answer because I never really budgeted because of not having to finish it.

0:47:150:47:22

So far, I've probably spent about... I don't know. I mean, £10,000, £15,000. I haven't kept real track.

0:47:220:47:29

I hope to do it for £20,000.

0:47:290:47:32

Jeff bought the property for £147,000 and is currently within his £20,000 budget

0:47:330:47:40

with work left to do.

0:47:400:47:43

We invited two local property experts to provide a professional appraisal of Jeff's handiwork.

0:47:470:47:54

It's a very nice cottage.

0:47:550:47:57

Great area. Super garden as well. I know it's work in progress,

0:47:570:48:02

but with it all being finished, it'll be lovely. Great location.

0:48:020:48:07

'I think it's charming. This is the sort of thing that would attract a young professional couple maybe'

0:48:070:48:14

who are working not necessarily just here, but in Eastleigh

0:48:140:48:20

or Southampton. Or maybe commute up from London.

0:48:200:48:24

Does the proximity of the house to a busy road and railway line affect the value?

0:48:240:48:30

Railway - you can't ignore it, but over time you'd get used to it.

0:48:310:48:36

You compensate that with the garden, which outweighs it.

0:48:360:48:40

The road, again you've got to consider you've got to get to places.

0:48:400:48:44

It's not a main road, but it will take traffic through the village.

0:48:440:48:48

Again, not too much of a problem.

0:48:480:48:51

So what could the value of the property be as it stands as a semi-detached?

0:48:510:48:57

In terms of a completed project,

0:48:580:49:00

I would recommend an asking price or guide price in the region of £185,000-£200,000.

0:49:000:49:07

I could put this on the market for £195,000.

0:49:070:49:12

So if Jeff were to spend all his budget of £20,000, added to the purchase price of £147,000,

0:49:120:49:19

he could stand to make a pre-tax profit of £18,000-£33,000.

0:49:190:49:25

And if Jeff were to complete the project and open an access from one to the other

0:49:280:49:33

and create one four-bedroom house, what difference would this make to the value?

0:49:330:49:39

In my view, you could put it on the market for £450,000.

0:49:400:49:46

In terms of resale, if it was one house, I would recommend a figure in excess of £400,000 as appropriate.

0:49:460:49:52

400-450. I'm pleased with that because I thought they might be worth less

0:49:520:49:58

as a single house than two.

0:49:580:50:00

So Jeff's bought the house next door to create one large home.

0:50:020:50:07

Although it's still a work in progress, he's taken a great deal of satisfaction from doing the work.

0:50:070:50:13

Overall, what are his final thoughts on the project?

0:50:130:50:18

It's been enjoyable, but difficult.

0:50:180:50:21

And I was quite well prepared from having had 20, 30 years' experience on the other side.

0:50:210:50:28

The most nerve-racking bit was the auction. I'm not sure I'd want to go through that again,

0:50:280:50:34

particularly when it's a property I really, really wanted because it was joined to the other one.

0:50:340:50:40

We're back beside the seaside in Penryn, Cornwall,

0:50:430:50:46

to find out how Sasha, Kevin and baby Thomas are getting on

0:50:460:50:51

with their plans to reopen this B&B, purchased for £296,000.

0:50:510:50:55

Sasha's dad, who owns the nearby scrap yard, helped with finance.

0:50:590:51:03

And that's not the only family tie with this property.

0:51:030:51:07

It used to be in our family.

0:51:070:51:09

It was my gran's house.

0:51:090:51:12

It got sold out of the family about eight years ago and we decided we'd like to buy it back as a B&B.

0:51:120:51:19

Sasha and Kevin's idea of returning this property to a business could be a good one.

0:51:210:51:27

Kevin's job allows plenty of time to help out.

0:51:270:51:30

As the property's been vacant for some time, the interior is clearly in need of refurbishment.

0:51:300:51:36

The exterior benefits from sea views, but did have the road,

0:51:360:51:41

which takes heavy industrial traffic to the scrap yard next door, running by the property.

0:51:410:51:46

Sasha and Kevin bought the house for £296,000 and plan to spend

0:51:460:51:52

£8,000-£10,000 getting the bed and breakfast up and running.

0:51:520:51:56

They'd hoped to have the work completed in 3-4 months, ready to open for the summer season,

0:51:560:52:03

so did Sasha, Kevin and baby Thomas manage to complete their renovations

0:52:030:52:09

and are they open for business or are their plans all at sea?

0:52:090:52:14

We've come back four months later to find out.

0:52:140:52:18

Not only has the weather brightened, but so too has the building.

0:52:210:52:25

A lick of paint and the addition of floral displays really helps to give a more inviting feel.

0:52:250:52:31

Inside, gone are the overpowering colours, replaced by a cool, fresh decor.

0:52:310:52:38

The family living space is now a comfortable environment in which to spend time.

0:52:410:52:48

The transformation is impressive, but how was it for the family

0:52:570:53:02

and did the project run on time?

0:53:020:53:06

Much better than we'd hoped, really. We kept to schedule for three months

0:53:060:53:10

and we've started taking business.

0:53:100:53:13

The transformation continues upstairs with all three guest bedrooms looking ship-shape.

0:53:150:53:22

The bathrooms also have a refreshing feel about them.

0:53:220:53:26

In this room, we started off by choosing the wallpaper. We then decorated the whole bedroom,

0:53:270:53:34

had new carpet fitted, chose some furniture, new beds,

0:53:340:53:39

chose the bedding and then we added mirrors, the incidentals for a guest room, such as TVs,

0:53:390:53:46

and your guest trays with tea and coffee.

0:53:460:53:50

And then the final touch was the pictures.

0:53:500:53:53

The original budget for the project was £8,000-£10,000.

0:53:550:53:59

So have Sasha and Kevin managed to trim the main sails and stick to it or have they pushed the boat out?

0:54:010:54:09

I'm not sure how much my dad wanted to spend,

0:54:110:54:15

but as we did more, he saw that we need this and we need that

0:54:150:54:20

so I think we've pushed the boat out a little bit. We have spent about £30,000.

0:54:200:54:25

But I think you can see that it's been money well spent.

0:54:250:54:30

The couple bought the place for £296,000 and have spent a further £30,000 on refurbishment,

0:54:310:54:38

making a total outlay of £326,000.

0:54:380:54:42

We invited two local property experts to see if this money was well invested.

0:54:430:54:49

Since the new owners have been in, they've gone from top to bottom.

0:54:490:54:55

It looks a lot brighter. It's a very contemporary feeling. They've done a very good job.

0:54:550:55:01

The owner's done a very good job of turning the accommodation round

0:55:010:55:06

to make a very attractive property.

0:55:060:55:08

From a resale point of view, the thing that holds it back is the access road out the front.

0:55:080:55:14

It is very close to the front. If it can be moved to allow a little bit of space, that enhances its potential.

0:55:140:55:22

So what value would the experts put on the property now that the work is complete?

0:55:220:55:28

As a purely residential property, we're looking somewhere in the region of £350,000-£360,000.

0:55:280:55:35

If it came back to the open market today, we'd be looking to put a price on at £350,000-£370,000.

0:55:350:55:42

So that's a potential pre-tax profit of £24,000 and £44,000

0:55:420:55:47

before the usual selling expenses are deducted.

0:55:470:55:51

That's really good. That's a quick return on investment in only three months.

0:55:510:55:57

Fantastic.

0:55:570:55:59

While baby Thomas takes a relaxed approach to all the changes,

0:55:590:56:04

might the couple be tempted to put it back on the market?

0:56:040:56:09

-No.

-No.

-No, we're going to crack on with our B&B.

0:56:090:56:14

Sasha and Kevin have taken the opportunity not only to invest in the family history,

0:56:190:56:25

but also to allow themselves to start a bed and breakfast.

0:56:250:56:30

Charging £68 for a double and £46.50 for a single guest, this offers them a healthy return.

0:56:300:56:36

And they can spend more time together as a family.

0:56:360:56:41

The property is now ship-shape and their future looks bright.

0:56:410:56:45

-What would their advice to others in the same boat be?

-Go for it!

0:56:450:56:50

-We hope you've enjoyed the highs and lows of today's show.

-Until the next time, cheerio.

-Goodbye.

0:56:530:57:00

Subtitles by Subtext for Red Bee Media Ltd - 2011

0:57:160:57:21

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0:57:210:57:24

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