0:00:02 > 0:00:06Hello! Have you ever thought about changing your career?
0:00:06 > 0:00:10Property developing appeals to many people looking for a change of lifestyle.
0:00:10 > 0:00:13But it's not always as easy as it seems,
0:00:13 > 0:00:16but one way to get off to a flying start is to visit your local auction.
0:00:42 > 0:00:46Well the lure of the auction room is very strong,
0:00:46 > 0:00:48but what should you spend your money on?
0:00:48 > 0:00:53You may well set your heart on something only to find you're out-bid.
0:00:53 > 0:00:57You've got to do your research on several properties and keep your options open.
0:00:57 > 0:01:00Let's see what today's buyers grabbed hold of.
0:01:00 > 0:01:07This Cornish house could be just the thing if you hate DIY and have a big family.
0:01:07 > 0:01:11There's not a lot to be done and it's a good-sized family house.
0:01:11 > 0:01:17There's a large flat in West London that will have you jumping for joy.
0:01:17 > 0:01:19I'm quite excited, I love the space.
0:01:19 > 0:01:21I think this is going to be a good one.
0:01:21 > 0:01:24And this Lincolnshire terrace hides some secrets.
0:01:24 > 0:01:27Don't be shy, there's only one way to find out.
0:01:27 > 0:01:33Open it! This is what you've got to do when you look around houses because cupboards reveal things!
0:01:33 > 0:01:37All these properties went to auction and we'll find out who bought them
0:01:37 > 0:01:40and what they paid for them when they went under the hammer.
0:01:40 > 0:01:43Thank you, gentlemen.
0:01:44 > 0:01:46This is Torpoint in Cornwall.
0:01:46 > 0:01:50Not your traditional cobbled fishing village,
0:01:50 > 0:01:55but it certainly has a stretch of water to be proud of and gorgeous views to boot.
0:01:55 > 0:01:58In fact, the town developed as a base for workers at the dockyard
0:01:58 > 0:02:03in neighbouring Plymouth, which is only a short hop across the estuary.
0:02:11 > 0:02:14So, Cornish by identity but with Devon connections
0:02:14 > 0:02:20and reasonable house prices, I think Torpoint is well worth a look.
0:02:24 > 0:02:28The property I'm here to see isn't right on the waterfront, which is a shame.
0:02:28 > 0:02:31However it's only three minutes walk away so you can hardly complain.
0:02:31 > 0:02:35The good news is that properties that are slightly set back,
0:02:35 > 0:02:37and about 20% cheaper than those on the front.
0:02:37 > 0:02:40So what we've got here is a three bed.
0:02:40 > 0:02:44It had a guide price of 92,000 quid. Let's take a look inside.
0:02:44 > 0:02:46From the outside, it doesn't look bad.
0:02:46 > 0:02:50Quite pretty in almost pink and its pebble dashed exterior
0:02:50 > 0:02:53certainly doesn't suggest any horrors.
0:02:53 > 0:02:56Let's hope the inside will be as rosy.
0:02:58 > 0:03:00So, through the front door.
0:03:00 > 0:03:02Nice little entrance area to keep the drafts out.
0:03:02 > 0:03:05You've got this cloakroom which doesn't have a loo in it
0:03:05 > 0:03:09but has space to put one in so that's an improvement you might consider.
0:03:09 > 0:03:11Stairs up to your bedrooms there.
0:03:11 > 0:03:16Front living room, an outdated fire but a good-sized space, I like the bay window.
0:03:16 > 0:03:20Then it starts going a little bit wrong because that's the kitchen.
0:03:20 > 0:03:22Hmm!
0:03:22 > 0:03:26But over here is, I guess, your rear reception room.
0:03:26 > 0:03:29Clearly what needs to be done is to take out this wall
0:03:29 > 0:03:33and open this all up because the kitchen as it stands is a bit too small
0:03:33 > 0:03:35and what you want to really create
0:03:35 > 0:03:38is a good-sized family living area.
0:03:38 > 0:03:41The whole place needs to be updated.
0:03:41 > 0:03:44I think this structural work is a must.
0:03:44 > 0:03:48The kitchen's an odd shape and will need to be ripped out and refitted.
0:03:48 > 0:03:52Through the cat flap there's a tiny conservatory
0:03:52 > 0:03:53and a good-sized garden.
0:03:53 > 0:03:55Not laid turf but concrete.
0:03:55 > 0:04:00But there is a brick workshop and a garage, so they're a bonus.
0:04:00 > 0:04:04What's on offer on the first floor of this mid-terrace
0:04:04 > 0:04:07that went to auction guided at £92,000?
0:04:11 > 0:04:14So upstairs and on this mezzanine level,
0:04:14 > 0:04:16you've got the loo and bathroom.
0:04:16 > 0:04:20Not huge and as you can see, in a bit of a state.
0:04:20 > 0:04:23I particularly like the water feature in the double-glazed unit!
0:04:23 > 0:04:27Clearly that needs to be replaced, but money to be spent there.
0:04:27 > 0:04:29Quite quirky though, I quite like that.
0:04:29 > 0:04:32The rear of the property, a big double bedroom
0:04:32 > 0:04:35and a single bedroom on the left-hand side
0:04:35 > 0:04:38and through into a big second double.
0:04:38 > 0:04:42There's a lot of space in this property, for a family home, big ticks.
0:04:42 > 0:04:44A couple of things I do notice, only one radiator up here.
0:04:44 > 0:04:48You're going to have to pay for the central heating to be expanded,
0:04:48 > 0:04:49but all in all....
0:04:49 > 0:04:54there's not a not to be done and it's a good-sized family house.
0:04:56 > 0:04:58# No use crying for you babe, cos there's
0:04:58 > 0:05:00# Too many fish in the sea
0:05:00 > 0:05:03# Too many fish in the sea... #
0:05:05 > 0:05:08The fish tank feature window is a first for me!
0:05:08 > 0:05:12But at a guide price of 92,000, I don't think you're swimming
0:05:12 > 0:05:15against the financial tide with this place.
0:05:15 > 0:05:19It's a solid little house so it's all looking quite promising.
0:05:19 > 0:05:22But hang on, what's that I spy in the hall cupboard?
0:05:22 > 0:05:26Look at this here in the cloakroom on the rear wall.
0:05:26 > 0:05:29You might think, ah! Damp!
0:05:29 > 0:05:33But in fact, it's not damp at all. It's actually just condensation.
0:05:33 > 0:05:38A lot of modern houses and older houses tightly sealed with double glazing
0:05:38 > 0:05:42and things like that do suffer from condensation.
0:05:42 > 0:05:45How many times have you seen a property where there's water
0:05:45 > 0:05:46on the insides of the windows?
0:05:46 > 0:05:50It's basically caused by hot damp air inside,
0:05:50 > 0:05:52hitting a cold wall or a window.
0:05:52 > 0:05:55In this case there's probably been something pushed
0:05:55 > 0:06:00against that wall, hot air inside, cold wall, water's formed and you're left with that.
0:06:00 > 0:06:03Simple solution, either open the window,
0:06:03 > 0:06:05or just keep the temperature down a bit.
0:06:11 > 0:06:14So it's thermostat down and jumpers on
0:06:14 > 0:06:17if you want to avoid nasty looking black mouldy patches.
0:06:17 > 0:06:22But my advice would always be if you see any signs of damp, check it out.
0:06:22 > 0:06:27The good news here is there's no smell of damp so I reckon we're OK.
0:06:28 > 0:06:31So although there is work to be done here,
0:06:31 > 0:06:34I don't think this place is a disaster.
0:06:34 > 0:06:37Time to get some advice from a local estate agent
0:06:37 > 0:06:39familiar with the Torpoint area.
0:06:40 > 0:06:43The house is generally in quite good order.
0:06:43 > 0:06:47There are remedial things that need to be done to the property.
0:06:47 > 0:06:49There are areas of modernisation required.
0:06:49 > 0:06:52The windows, central heating and such like that.
0:06:52 > 0:06:57You look at your bathroom and your kitchen as being main areas for modernisation.
0:06:57 > 0:07:02I think by focusing on those areas, it would refresh the property
0:07:02 > 0:07:03and give it a new lease of life.
0:07:03 > 0:07:06Once the house has had a refurbishment from top to bottom,
0:07:06 > 0:07:10how much could it be worth on the open market?
0:07:10 > 0:07:15At the moment the property's worth probably between 115 to 120,000.
0:07:15 > 0:07:18In a fully renovated and modernised condition,
0:07:18 > 0:07:22you'd be looking around about 150,000, maybe a little bit more.
0:07:22 > 0:07:25And if the purchaser were a buy-to-let investor,
0:07:25 > 0:07:29what sort of income could the house generate if it was rented out?
0:07:29 > 0:07:31Once fully renovated, this property
0:07:31 > 0:07:36would rent for between £650 to £700 per calendar month.
0:07:37 > 0:07:40Well, this is a large house for that guide price
0:07:40 > 0:07:43and with the added value of being so close to the water.
0:07:43 > 0:07:45Spend just a little bit sorting it out
0:07:45 > 0:07:47and I think you could make some money on this one.
0:07:47 > 0:07:51Let's see who agreed when it went under the hammer.
0:07:51 > 0:07:54Move on to lot number 144.
0:07:54 > 0:07:58We have a mid-terraced three-bedroom house here for refurbishment.
0:07:58 > 0:08:03Guide price, round about 110. Start me at £100,000.
0:08:03 > 0:08:04Help yourselves.
0:08:04 > 0:08:0890,000 to get going. Let's get cracking. £90,000, straight in.
0:08:08 > 0:08:13Got a bid of £90,000. 92? You both went up at the same time.
0:08:13 > 0:08:15Your bid is first at 92.
0:08:15 > 0:08:18I'll come back to you at 94. I've taken 94, it's against you.
0:08:18 > 0:08:23£96,000. The bid is here. Are we finished at £96,000? 98.
0:08:23 > 0:08:26100. 102, sir?
0:08:26 > 0:08:30102. Right at the back of the room, you're out at the moment. 104.
0:08:30 > 0:08:34£104,000. 106?
0:08:34 > 0:08:39£106,000 it is. It's the standing bid, not seated. Coming again, sir?
0:08:39 > 0:08:42£106,000. 107? Go 108, please?
0:08:43 > 0:08:49£108,000. 109. 110? 11? 12?
0:08:50 > 0:08:53112. It's yours at the moment. I've got 112 already.
0:08:53 > 0:08:56You're in control. 113. You need another bid now, sir. 114, please?
0:08:56 > 0:09:01114, it's the standing bid, not the seated bid at 115.
0:09:01 > 0:09:07116, please? Have to hurry you, 116. £116,000. 117.
0:09:07 > 0:09:10At £117,000.
0:09:10 > 0:09:13117.5? 118, please?
0:09:13 > 0:09:17£118,000, I don't want to leave you out. 118.5, sir?
0:09:17 > 0:09:21118.5 standing. You're both out here.
0:09:21 > 0:09:25Standing bid at 118.5. I need another half.
0:09:25 > 0:09:28Last chance, folks at the front. Anybody else?
0:09:28 > 0:09:32Be very quick indeed, there was a good interest here before auction.
0:09:32 > 0:09:39- Sold. - That final successful bid of £118,500 came from Gavin.
0:09:39 > 0:09:42He's a mortgage broker in Torpoint
0:09:42 > 0:09:45so he only had to stroll from his office around the corner.
0:09:45 > 0:09:48It's the second investment property he's bought
0:09:48 > 0:09:51and I met up with him back at his purchase to find out more.
0:09:51 > 0:09:54Gavin, lovely to meet you, congratulations.
0:09:54 > 0:09:57- Thank you very much.- Tell me why you wanted to buy this place?
0:09:57 > 0:10:00Basically, it's for my brother.
0:10:00 > 0:10:04He's looking at buying a place in the future,
0:10:04 > 0:10:07so I brought him round here to have a look,
0:10:07 > 0:10:10and he wants to buy a place for him and his wife,
0:10:10 > 0:10:12and I decided I would buy it for them.
0:10:12 > 0:10:16They're going to buy it, perhaps in a couple of years, back off me,
0:10:16 > 0:10:18so we're going to rent it and then he's going to buy it back.
0:10:18 > 0:10:23- You are a very nice brother to have, aren't you?!- Not too bad, yeah!
0:10:23 > 0:10:25The situation with the properties as they are,
0:10:25 > 0:10:30it's a good time to buy, and they like the position of it,
0:10:30 > 0:10:33so we went to auction and decided to buy it.
0:10:34 > 0:10:38# Who squeezed toothpaste round the hall?
0:10:38 > 0:10:40# Who put soot in the baby's ball?
0:10:40 > 0:10:43# Who drew things on the garden wall?
0:10:43 > 0:10:45# My brother. #
0:10:45 > 0:10:49- Tell me a bit about you, what do you do?- I'm a mortgage adviser in the town.
0:10:49 > 0:10:53Been established in the industry about 16 years now.
0:10:53 > 0:10:58I've got my own premises, been doing that for about four years in Torpoint.
0:10:58 > 0:11:02I guess the times over the last few years must have been really tough?
0:11:02 > 0:11:05It has been tough, trying to find mortgages has been difficult
0:11:05 > 0:11:09and with the economic market as it is, it's been...I've been a bit slow.
0:11:09 > 0:11:14- Is mortgage broking something you've always done?- No, I've been doing it about 16 years.
0:11:14 > 0:11:18I used to be a welder fabricator in the dockyard across the river.
0:11:18 > 0:11:22I used to work on the submarines and the frigates, welded them up.
0:11:22 > 0:11:26- A bit of a shift of career?- Yeah, a very, very interesting shift, yes.
0:11:26 > 0:11:29Very different to go into an office from manual work.
0:11:29 > 0:11:31But I do prefer this.
0:11:31 > 0:11:33Cleaner and fresher!
0:11:33 > 0:11:34In my experience,
0:11:34 > 0:11:38dealing with property is not always particularly clean and fresh,
0:11:38 > 0:11:41but in this case I don't think the house is too bad.
0:11:41 > 0:11:46What are this ex-submarine welder's plans for the property
0:11:46 > 0:11:49into which he's sunk £118,500?
0:11:50 > 0:11:54I've got a tenant coming in within a week,
0:11:54 > 0:11:56so we're just going to basically revamp it,
0:11:56 > 0:11:58just quickly touch it up,
0:11:58 > 0:12:01and they're in for six, seven months,
0:12:01 > 0:12:03and then they're moving away,
0:12:03 > 0:12:07and we're just going to come in then for a month and get it all ready.
0:12:07 > 0:12:10My brother's going to plan everything out to what he wants
0:12:10 > 0:12:13for when he moves in, and that's how we're going to work it.
0:12:13 > 0:12:16And after six months, what are you going to do?
0:12:16 > 0:12:19We hope to put this into a kitchen-diner straightaway,
0:12:19 > 0:12:24knock down the conservatory, double doors out here.
0:12:24 > 0:12:27Revamp the bathroom, which definitely needs it,
0:12:27 > 0:12:31bring back the fireplaces and, if possible, get the original doors back.
0:12:31 > 0:12:34So what's the cost for the immediate simple touch-up job
0:12:34 > 0:12:36and also the bigger picture in the future?
0:12:36 > 0:12:41We're looking at, immediate work is just touch-up, painting,
0:12:41 > 0:12:43cleaning, £1,000 now just for someone to come in
0:12:43 > 0:12:46and actually live in it immediately.
0:12:46 > 0:12:50In the future plans, we're looking at around seven-and-a-half
0:12:50 > 0:12:52to 10,000 to do the rest of the work.
0:12:52 > 0:12:57- At what point will your brother decide whether he's ready to move in?- We're looking two years.
0:12:57 > 0:13:01Well, lucky brother, getting what will essentially be
0:13:01 > 0:13:04a brand-new house full of character to move into.
0:13:04 > 0:13:06But that's what families are for.
0:13:06 > 0:13:10Gavin has certainly done his brother a favour, and talking of families,
0:13:10 > 0:13:12who's going to be on hand to help him out?
0:13:15 > 0:13:18My immediate family, especially my youngest one,
0:13:18 > 0:13:22Liam, he'll be in to help out cos he wants to get his teeth into it
0:13:22 > 0:13:26and learn a bit about DIY and all that,
0:13:26 > 0:13:29so it'll be interesting for him to get his hands dirty.
0:13:29 > 0:13:32- Well, congratulations and good luck with it.- Thank you very much.
0:13:33 > 0:13:37Well, from submarines to substandard properties,
0:13:37 > 0:13:40Gavin's career has certainly made a shift in direction.
0:13:40 > 0:13:42Let's hope in this case it's not a nosedive.
0:13:42 > 0:13:44Realistically, I don't think so.
0:13:44 > 0:13:48I'm sure he and his brother will do very nicely out of this place.
0:13:48 > 0:13:51You can find out how they get on later in the show.
0:13:53 > 0:13:57Next up, I'm in Shepherd's Bush, West London.
0:13:57 > 0:14:03The opening of a large shopping centre a few years ago really helped raise the area's profile,
0:14:03 > 0:14:08and with four tube stations nearby, there can be no complaints about the transport links.
0:14:10 > 0:14:13So I'm about half a mile from Shepherd's Bush Green,
0:14:13 > 0:14:17and I'm here to see this lower ground floor one-bedroom flat.
0:14:17 > 0:14:20At the front, there's a reasonably sized garden
0:14:20 > 0:14:25belonging solely to the property, which is a real bonus.
0:14:25 > 0:14:30So, with a guide price of 180,000, this place is definitely promising.
0:14:30 > 0:14:35To have your own front door in a lower ground floor flat is fantastic.
0:14:35 > 0:14:39A bit disappointing when you walk in because it's a bit scruffy, isn't it?
0:14:39 > 0:14:41Really, really is. It needs decorating,
0:14:41 > 0:14:46but you've got a nice spacious hallway, a bathroom in there,
0:14:46 > 0:14:49and this is down as the bedroom on the catalogue description.
0:14:49 > 0:14:53I'm laughing because it's massive!
0:14:53 > 0:14:56This is a really big room for a flat in London.
0:14:56 > 0:15:00You can see there's breeze blocks over the windows,
0:15:00 > 0:15:03that's probably to prevent people from breaking in.
0:15:03 > 0:15:07It feels dark and dingy, but that's because of the breeze blocks there.
0:15:07 > 0:15:11I think it'll be quite light and airy and spacious once they come off.
0:15:11 > 0:15:13There's no amazing features in here.
0:15:13 > 0:15:17This, maybe, years and years ago, was an old fireplace,
0:15:17 > 0:15:19so I'd like to add a little bit more to this room,
0:15:19 > 0:15:22but I'm quite excited, I love the space.
0:15:22 > 0:15:24I think this is going to be a good one.
0:15:24 > 0:15:27This flat has bags of potential.
0:15:27 > 0:15:30For me, the one downside is the bathroom.
0:15:30 > 0:15:32It's more a wet room, and I'm not keen on that.
0:15:32 > 0:15:36I'm a firm believer you should really squeeze in a bath if you can.
0:15:36 > 0:15:39However, there is this extra storage space,
0:15:39 > 0:15:46and whilst I'm not sure what you could use it for, in London every inch of room counts.
0:15:46 > 0:15:49At the back of the property, your living area,!
0:15:49 > 0:15:51A huge amount of storage in here,
0:15:51 > 0:15:55and I keep saying this, but another really, really good sized room.
0:15:55 > 0:16:00Now, something that does worry me is this big old stain up here on the ceiling.
0:16:00 > 0:16:03I don't know how long that's been there,
0:16:03 > 0:16:06but you may have to think about negotiating with the neighbour
0:16:06 > 0:16:08if there's any cost repairs.
0:16:08 > 0:16:10You've got to get up there, have a good old look around
0:16:10 > 0:16:13and see if there's water penetrating through,
0:16:13 > 0:16:15because that would worry me.
0:16:15 > 0:16:17You've got the breeze blocks again here,
0:16:17 > 0:16:20so you can't actually see how light it is in this room.
0:16:20 > 0:16:24And through here, I'm going to say a disappointing room.
0:16:24 > 0:16:26It's not big at all. This is the kitchen,
0:16:26 > 0:16:30but something that is totally brilliant,
0:16:30 > 0:16:32and it's not in the catalogue,
0:16:32 > 0:16:35so it just goes to show how much it pays to do your research,
0:16:35 > 0:16:40behind here is a door, and there's a communal garden.
0:16:40 > 0:16:44So with this flat you get some outside space, which is fantastic.
0:16:44 > 0:16:47I really like this property.
0:16:47 > 0:16:52# I'm going to move into
0:16:52 > 0:16:58# A house without windows... #
0:16:58 > 0:17:01As there's no other access to the rear of the property,
0:17:01 > 0:17:05until those breeze blocks come down, what lies behind the door is anybody's guess,
0:17:05 > 0:17:08so there could be a mystery prize there.
0:17:08 > 0:17:10As a developer,
0:17:10 > 0:17:13I think the best way to make money is to add square footage
0:17:13 > 0:17:14and add bedrooms.
0:17:14 > 0:17:19Now, as I've said, this is a really big flat for a one-bedder, so maybe
0:17:19 > 0:17:24you could reconfigure the space and squeeze in an extra bedroom.
0:17:24 > 0:17:26It could be this kitchen.
0:17:26 > 0:17:28Now, it is a bit small,
0:17:28 > 0:17:30but you would have access through here,
0:17:30 > 0:17:34and of course you could move the kitchen into this room
0:17:34 > 0:17:36and make it an open plan living space.
0:17:36 > 0:17:40You could put in a door here so it leads out to the garden.
0:17:40 > 0:17:44However, you do have to weigh up the costs with these things.
0:17:44 > 0:17:47There are a lot of supporting walls with this property,
0:17:47 > 0:17:51and more importantly you will need permission from the freeholder.
0:17:51 > 0:17:54Something to consider, and a good option.
0:17:54 > 0:17:58Despite the scruffy, tired state and its dark, dingy feel,
0:17:58 > 0:18:01I like this flat. It's big, with lots of potential.
0:18:01 > 0:18:05It just needs modernising. So far, so good.
0:18:05 > 0:18:09However, there is one small technical hitch,
0:18:09 > 0:18:12a legal clause imposed by the vendor,
0:18:12 > 0:18:14in this case, the local council,
0:18:14 > 0:18:17meant that this flat could only be sold to someone
0:18:17 > 0:18:20who was not intending to use it as their main residence,
0:18:20 > 0:18:24so basically they had to be an investor who bought this
0:18:24 > 0:18:26to either do up to let, or to sell on.
0:18:26 > 0:18:30This restrictive clause is essentially a way for the council
0:18:30 > 0:18:32to keep all the money made from the sale.
0:18:32 > 0:18:34If the buyer lived in the flat,
0:18:34 > 0:18:37the government would receive 75% of the capital,
0:18:37 > 0:18:39so it's good for the council,
0:18:39 > 0:18:42but of course that does limit its attraction to buyers.
0:18:44 > 0:18:48What will a local property expert think of this spacious one-bed flat?
0:18:48 > 0:18:51Is it a solid investment, or not worth a cent?
0:18:52 > 0:18:55I think the property does require updating,
0:18:55 > 0:18:58but it's quite a spacious one-bedroom and has a lot of potential.
0:18:58 > 0:19:01In terms of the layout, I think you're dictated by
0:19:01 > 0:19:06a lot of load-bearing walls, so I think how it's laid out at the moment
0:19:06 > 0:19:08is probably the best route to stay, due to the cost.
0:19:08 > 0:19:12Altering those structural walls would increase an investor's budget,
0:19:12 > 0:19:16but would making it a two-bed flat be worth the outlay?
0:19:16 > 0:19:19With turning the property into a two-bedroom flat,
0:19:19 > 0:19:22you're still going to have the same square footage,
0:19:22 > 0:19:25and I would say a quality one-bedroom is better than a cramped two-bedroom.
0:19:25 > 0:19:30So if kept as a one-bed flat, what rent could you charge
0:19:30 > 0:19:31if you let it out?
0:19:31 > 0:19:36There would be a high demand for a rental property like this once completed,
0:19:36 > 0:19:40and I believe you'd be looking at £1,100 per calendar month rental.
0:19:40 > 0:19:42How would resale look for this one-bed flat?
0:19:42 > 0:19:44I believe that the value of the property
0:19:44 > 0:19:50once the works are completed would be in the region of £250-£265,000.
0:19:50 > 0:19:51I like this flat.
0:19:51 > 0:19:55It's in a good location, you've got the option to convert it into a two-bedder,
0:19:55 > 0:19:59and the bonus of that access to a rear garden.
0:19:59 > 0:20:03So let's see who shared my enthusiasm at the auction.
0:20:06 > 0:20:08Move over to Shepherd's Bush now.
0:20:08 > 0:20:11One bedroom, lower ground floor flat. What shall we say on this?
0:20:11 > 0:20:13150, then? I'm not going to go below 150.
0:20:13 > 0:20:17I'll take it at the back, 150.
0:20:17 > 0:20:19155, sir?
0:20:19 > 0:20:23160. 165?
0:20:23 > 0:20:28170. 175.
0:20:28 > 0:20:31180. 185. 186...
0:20:31 > 0:20:34The property generated a lot of interest,
0:20:34 > 0:20:36and there were several bidders going for it.
0:20:36 > 0:20:40We return when the bidding reaches 215,000.
0:20:40 > 0:20:44215 on the phone.
0:20:44 > 0:20:47216. 217 on the phone.
0:20:47 > 0:20:51217, 218, 219 on the phone.
0:20:52 > 0:20:57218 in the room, first time, second time, third and last time.
0:20:57 > 0:20:59Have you all done?
0:20:59 > 0:21:02Where? Blimey, sorry. I shouldn't have forgot you.
0:21:02 > 0:21:05Where am I, 218 or 219?
0:21:05 > 0:21:07218. You almost got it.
0:21:07 > 0:21:14219, 220. 221, 222.
0:21:14 > 0:21:17221, back to you.
0:21:17 > 0:21:22First time, second time, third and last time. Have you all done?
0:21:22 > 0:21:24Sold, 221.
0:21:24 > 0:21:28Those persistent and ultimately successful bidders
0:21:28 > 0:21:34with their final bid of 221,000, were Andy and Anya.
0:21:34 > 0:21:38They've been on the show before when they bought and renovated
0:21:38 > 0:21:40a one-bedroom flat in Kilburn.
0:21:40 > 0:21:44Six months on, these two are still buying property.
0:21:44 > 0:21:48I met them at their latest purchase to find out more.
0:21:48 > 0:21:50Guys, it's brilliant to see you both again.
0:21:50 > 0:21:53The last time I saw you was at your Kilburn flat.
0:21:53 > 0:21:55Did you sell that on, or are you still renting it?
0:21:55 > 0:22:01We rented it. We had a couple of offers on it at the higher price,
0:22:01 > 0:22:04but the banks weren't lending, really,
0:22:04 > 0:22:09so we decided to put it onto rental and within half an hour it rented.
0:22:09 > 0:22:14- So what property number we are up to now?- This is property...- Six?- Seven.
0:22:14 > 0:22:17- So am I right in thinking property is the love of your lives...- Yes.
0:22:17 > 0:22:20- ..apart from each other? - Yeah, I'd say that.
0:22:20 > 0:22:23It means we can work together.
0:22:23 > 0:22:27- Anya can do all her design work, which is good.- It's exciting.
0:22:27 > 0:22:30It's something new always, always looking for something,
0:22:30 > 0:22:33and I love shopping, it doesn't matter which one!
0:22:33 > 0:22:34Well, with seven properties,
0:22:34 > 0:22:38it looks like Anya can indulge in her favourite past time.
0:22:38 > 0:22:42# We're S-H-O-P-P-I-N-G
0:22:42 > 0:22:45# We're shopping. #
0:22:45 > 0:22:48Anya, originally from Poland,
0:22:48 > 0:22:51occasionally worked as a voice-over artist and translator,
0:22:51 > 0:22:53while Andy used to work in IT.
0:22:53 > 0:22:56But after being made redundant in 2009,
0:22:56 > 0:22:59he pushed himself into property developing.
0:22:59 > 0:23:03Together, they can now devote all their time to their properties.
0:23:03 > 0:23:05Why did you want to buy this?
0:23:05 > 0:23:09- How did it tick all the right boxes for you?- Shopping centre!
0:23:09 > 0:23:12When we originally looked at it,
0:23:12 > 0:23:16Westfield is only about half a mile up the road, and when we were driving out,
0:23:16 > 0:23:18Anya saw it and went, "We've got to have that one!"
0:23:18 > 0:23:21It is more tongue-in-cheek, really, than anything.
0:23:21 > 0:23:24The other reason was it's huge. It is a big one-bed,
0:23:24 > 0:23:28and it seemed to not need a great deal of work to it.
0:23:28 > 0:23:31I know it looks awful, but a lot of it is cosmetic.
0:23:31 > 0:23:34Giving this one-bedroom flat a spruce up wouldn't take too long.
0:23:34 > 0:23:38The space here means the couple are considering adding a second bedroom.
0:23:38 > 0:23:41The aim is to do up and sell this flat on.
0:23:41 > 0:23:43Being careful developers,
0:23:43 > 0:23:47the legal clause restricting the sale of this property to investors
0:23:47 > 0:23:51didn't come as a surprise to them, unlike the mystery back garden.
0:23:51 > 0:23:55We didn't know when we bought the flat,
0:23:55 > 0:23:58and later when we got all the documents, we read and found out,
0:23:58 > 0:24:05but, yes, it's quite nice to have extra space outside.
0:24:05 > 0:24:09We don't know what the back garden's like cos we haven't been able to see it at all.
0:24:09 > 0:24:12Once the bricks come off, we'll have a look.
0:24:12 > 0:24:16It could be like the Hanging Gardens of Babylon, it could be like a safari park!
0:24:16 > 0:24:20Until the breeze blocks come down, the rear garden will remain a mystery,
0:24:20 > 0:24:22but with the work they've planned,
0:24:22 > 0:24:26I think their proposed budget's also rather puzzling.
0:24:26 > 0:24:28This time we've got 5,000 only.
0:24:28 > 0:24:32I don't think you're going to be able to convert this into a two-bed for five grand.
0:24:32 > 0:24:35There will be a lot of configuring to be done.
0:24:35 > 0:24:39That wouldn't be expensive, because he would do that,
0:24:39 > 0:24:43- so that's not really the cost. - It's the labour which costs the most,
0:24:43 > 0:24:46and because we're doing it ourselves, we don't have to pay labour.
0:24:46 > 0:24:53Of course, when it comes to the electrical work, Andy will have to employ a qualified electrician.
0:24:53 > 0:24:56Even so, the couple have a proposed turnaround of three months,
0:24:56 > 0:25:00and I just can't help thinking five grand won't be enough,
0:25:00 > 0:25:03even if Andy does most of the hard work.
0:25:03 > 0:25:07Andy, you're not Superman, how about if you get somebody else in to give you a hand?
0:25:07 > 0:25:11I would think about doing that, the biggest problem is I'm a perfectionist
0:25:11 > 0:25:14and I'd much rather do it myself and get it right
0:25:14 > 0:25:16than have someone else do it and get it wrong.
0:25:16 > 0:25:21- I think it's a control thing as well. - So are you a control freak?
0:25:21 > 0:25:25- Possibly! - Anya, you have to deal with that!
0:25:25 > 0:25:27Guys, good luck.
0:25:27 > 0:25:29I'm looking forward to seeing how this works out for you.
0:25:29 > 0:25:31- Congratulations. - Thank you.- Thank you.
0:25:33 > 0:25:37So, the plan is to refurbish this to a good standard,
0:25:37 > 0:25:39but spend a low amount.
0:25:39 > 0:25:41Not sure that weighs up exactly,
0:25:41 > 0:25:46and let's not forget, Andy is a perfectionist!
0:25:46 > 0:25:50So, will Anya and Andy really manage this,
0:25:50 > 0:25:52and will they add that extra bedroom?
0:25:52 > 0:25:54You can find out later in the programme.
0:25:54 > 0:25:58Coming up, the accommodation in this Lincolnshire terrace
0:25:58 > 0:26:01is bigger than you might first think.
0:26:01 > 0:26:05Somebody's obviously put an extension on the back to create that really nice sized kitchen.
0:26:05 > 0:26:12We return to West London to see just what was behind the bricked-up kitchen door.
0:26:12 > 0:26:15When we opened the back door for the first time, "That's huge!"
0:26:17 > 0:26:21But first we go back to Cornwall and this house could've got the cream.
0:26:21 > 0:26:25We've kind of gone higher spec than we originally were going to go.
0:26:27 > 0:26:31Earlier in the programme when we were in Torpoint, Cornwall,
0:26:31 > 0:26:37Gavin, a local mortgage broker, had paid £118,500 for this mid-terrace.
0:26:37 > 0:26:40He already has one other investment property,
0:26:40 > 0:26:43but he brought this one with someone else in mind.
0:26:46 > 0:26:49Basically, it's for my brother.
0:26:49 > 0:26:53He wants to buy a place for him and his wife
0:26:53 > 0:26:55and I decided I would buy it for them.
0:26:55 > 0:26:59They're going to buy it, perhaps in a couple of years, back off me,
0:26:59 > 0:27:01so we're going to rent it and then he'll buy it back.
0:27:01 > 0:27:06- You are a very nice brother to have, aren't you?!- Not too bad, yeah!
0:27:06 > 0:27:09So, the plan was to rent it out to friends initially,
0:27:09 > 0:27:12and then eventually his brother, Richard, would move in.
0:27:12 > 0:27:17Now, it's just three months later when we meet up with Gavin again
0:27:17 > 0:27:19back at the refurbished property.
0:27:19 > 0:27:22The red paintwork that matched the neighbouring properties
0:27:22 > 0:27:26has gone, along with the glass-panelled front door.
0:27:32 > 0:27:36At the back of the house, the conservatory remains,
0:27:36 > 0:27:39and the garage has been converted into a carport.
0:27:39 > 0:27:44Inside, the front living room has a replacement fireplace,
0:27:44 > 0:27:48a two-tone colour scheme, and is already furnished.
0:27:48 > 0:27:52The drab hallway is now gloss white with laminate flooring
0:27:52 > 0:27:56and leads you to the stunning kitchen-diner that's been created.
0:27:56 > 0:27:58It's a stylish room,
0:27:58 > 0:28:02much better suited to today's living requirements.
0:28:04 > 0:28:08In here was the major work of the house, really.
0:28:08 > 0:28:14We've taken down all this wall here, opened it up into open plan.
0:28:14 > 0:28:17Back here there was an outside toilet with a wall.
0:28:17 > 0:28:20We've taken that down, new boiler.
0:28:20 > 0:28:25We've completely re-plastered, new windows,
0:28:25 > 0:28:28and basically opened this up for an open plan kitchen-diner,
0:28:28 > 0:28:30which I think works well in this house
0:28:30 > 0:28:34because it was a very narrow aperture going through here and outside,
0:28:34 > 0:28:36and I think that the overall look is very nice.
0:28:36 > 0:28:38Definitely!
0:28:38 > 0:28:43I could see the potential in creating the kitchen-diner when I first looked round,
0:28:43 > 0:28:46but wasn't the plan just to freshen up the house for his friends
0:28:46 > 0:28:50to rent for six months and then do the majority of the work?
0:28:51 > 0:28:53There was a change of plan.
0:28:53 > 0:28:56Basically, we were going to rent it out right away,
0:28:56 > 0:28:59but due to the fact there was quite a bit of work to do,
0:28:59 > 0:29:01we decided to do the work right away
0:29:01 > 0:29:04and then get all the house finished completely,
0:29:04 > 0:29:06and as my brother was already renting,
0:29:06 > 0:29:09we thought it'd be an ideal situation that he came in and rented from me.
0:29:09 > 0:29:14It's meant Gavin's brother Richard, his partner Zoe,
0:29:14 > 0:29:19and their cat Murphy, have been able to make a big impact on the style of the house.
0:29:19 > 0:29:24Upstairs, a fabulous fireplace was discovered in the front bedroom,
0:29:24 > 0:29:29and the floral feature wall...Well, it certainly makes a statement.
0:29:29 > 0:29:33Gavin has already spotted the fireplace in the back bedroom
0:29:33 > 0:29:36and that room has been decorated in classic white.
0:29:36 > 0:29:40The fish tank in the bathroom window sunk without trace
0:29:40 > 0:29:42when the window was replaced.
0:29:42 > 0:29:47The new white suite and colour-coordinated floor now look a lot better.
0:29:50 > 0:29:52As you can see, this is the front living room.
0:29:52 > 0:29:54We've done quite a lot in this room, actually.
0:29:54 > 0:29:57There was quite a lot of damp in the corner
0:29:57 > 0:30:01so we've had all the damp course done, injected.
0:30:01 > 0:30:05We've also had the windows done and the bay all renewed.
0:30:05 > 0:30:08The whole room's been completely replastered.
0:30:08 > 0:30:12Bit more work than we expected, but overall,
0:30:12 > 0:30:14I think the finish has been superb.
0:30:14 > 0:30:20Originally, Gavin had set a budget of £7,500 to £10,000.
0:30:20 > 0:30:22So what happened?
0:30:22 > 0:30:25Well, we've definitely gone over that.
0:30:25 > 0:30:29We've kind of gone higher spec than we originally were going to go.
0:30:29 > 0:30:34We've spent in the region of £15,500.
0:30:34 > 0:30:38By the end of it, we should be up around £16,000 total on that.
0:30:39 > 0:30:43Time to get the views of two local property experts.
0:30:46 > 0:30:48The property was in a good state,
0:30:48 > 0:30:52but the work that has been done has enhanced it.
0:30:52 > 0:30:53He's done a good job, really.
0:30:53 > 0:30:55Everything that needed doing has been done.
0:30:55 > 0:30:57Done in a nice neutral manner.
0:30:57 > 0:30:59Period features are really popular,
0:30:59 > 0:31:02especially in the older style properties.
0:31:02 > 0:31:07Having cast iron fireplaces in both bedrooms will definitely help saleability,
0:31:07 > 0:31:09if they choose to go down that route.
0:31:09 > 0:31:12Gavin's brother is now renting the house.
0:31:12 > 0:31:14The long-term plan is for him to buy it,
0:31:14 > 0:31:18but how much rental income should Gavin be receiving?
0:31:18 > 0:31:22You'd rent this for between £650 and £700 per calendar month.
0:31:22 > 0:31:27I feel we could achieve around £575 to £600 per calendar month.
0:31:27 > 0:31:30A lot more than I expected, actually.
0:31:30 > 0:31:33Cos we're renting at the moment for £600 a month.
0:31:33 > 0:31:36Perhaps I'm doing it a little bit cheap!
0:31:36 > 0:31:38No, he's your brother
0:31:38 > 0:31:40and he's planning to buy it in a couple of years!
0:31:40 > 0:31:46Gavin paid £118,500 at auction and has spent £16,000,
0:31:46 > 0:31:51so is the house now worth more than £134,500?
0:31:54 > 0:31:57If we were looking to market this property,
0:31:57 > 0:32:00we would look to market between £155,000 and £165,000.
0:32:00 > 0:32:04I would value the house at around £155,000 to £160,000.
0:32:04 > 0:32:10On those valuations, there's around 20-30 grand profit here.
0:32:10 > 0:32:13Is that around what Gavin was expecting?
0:32:13 > 0:32:16Um, yeah, a little bit higher than I thought.
0:32:16 > 0:32:21I was expecting £145,000 to £150,000. So that is a bonus.
0:32:21 > 0:32:25That's very nice to hear, actually. So all the hard work's been worth it.
0:32:25 > 0:32:29Well, there's been a change of plan, as Gavin's brother is now renting
0:32:29 > 0:32:33and thanks to the whole family pitching in, the place has been transformed.
0:32:33 > 0:32:35So what's next for Gavin?
0:32:35 > 0:32:39I provided the finance, but I just helped out here and there.
0:32:39 > 0:32:44I would love to do it again and I'm already looking for houses, but I wouldn't be hands-on.
0:32:44 > 0:32:47I would just make sure I get a workforce in to do it for me.
0:32:50 > 0:32:54This is Gainsborough, a small market town in Lincolnshire.
0:32:54 > 0:32:58Once a port, the historic riverside area of Gainsborough
0:32:58 > 0:33:03has recently been transformed by a £20 million regeneration project.
0:33:03 > 0:33:08And the town certainly has its fair share of grand buildings.
0:33:08 > 0:33:10If you like being close to your local amenities,
0:33:10 > 0:33:13you will love the place I am here to see.
0:33:13 > 0:33:18That's the local supermarket, this is the road the house is in - it's almost like it's Aisle 17!
0:33:18 > 0:33:22This is the property I'm here to see. It's a two-bed Victorian terrace
0:33:22 > 0:33:28at a guide price of 30 to 35,000 quid. Looks a bit grubby from the outside. Let's take a look inside.
0:33:28 > 0:33:31So, very handy if you run out of milk.
0:33:31 > 0:33:35# I took her to a supermarket... #
0:33:35 > 0:33:38But judging by the exterior,
0:33:38 > 0:33:42you might also need to nip in for some filler and paint as well.
0:33:42 > 0:33:45Okey-cokey, what have we got?
0:33:45 > 0:33:48Lots of space for coats, that's for sure!
0:33:48 > 0:33:50And... that is a stud partition wall.
0:33:50 > 0:33:54So I'm thinking straight away, do we need that wall there?
0:33:54 > 0:33:57I mean, maybe put a porch on instead or something.
0:33:57 > 0:34:00That's straight into your living room at the front.
0:34:00 > 0:34:03It just takes off too much space, as far as I am concerned.
0:34:03 > 0:34:05I don't think you need that corridor. A useful cupboard.
0:34:05 > 0:34:10And then, a nice surprise. Into the rear of the property, a second living area.
0:34:10 > 0:34:14I reckon you'd spend most of your time in here. You've got the open fire.
0:34:14 > 0:34:17It's a bit grubby. Smells a bit damp.
0:34:17 > 0:34:20But it's surprisingly likeable, I have to say.
0:34:20 > 0:34:26At some point somebody has obviously put an extension on the back to create that nice-sized kitchen.
0:34:26 > 0:34:31So, what at the front seems like quite a small property,
0:34:31 > 0:34:35surprise, surprise...it's great.
0:34:35 > 0:34:37# Surprise, surprise, surprise...
0:34:37 > 0:34:40# Surprise, surprise, surprise... #
0:34:40 > 0:34:43The kitchen is really quite long
0:34:43 > 0:34:46and you could get a good number of units in here.
0:34:46 > 0:34:51Upstairs, in this house that went to auction at between 30 and 35,000,
0:34:51 > 0:34:55the front bedroom retains some interesting original features.
0:34:55 > 0:34:58The rear bedroom has some '70s wallpaper.
0:34:58 > 0:35:01But again, a great door and fireplace.
0:35:01 > 0:35:06It's a shame the original windows have gone.
0:35:06 > 0:35:09At the end of the corridor, you step down into the bathroom
0:35:09 > 0:35:13built into the extension above the kitchen.
0:35:17 > 0:35:21At the rear of the property you can see the extension which has been added on
0:35:21 > 0:35:24at some point to give you that nice-sized kitchen.
0:35:24 > 0:35:29There's also an outside loo. You might expect the garden or rear space to end about here.
0:35:29 > 0:35:34But no, it carries on. There are these sheds. Then it carries on even further.
0:35:34 > 0:35:38You've got this extra space, another shed. But more importantly,
0:35:38 > 0:35:40that is a little access road at the back.
0:35:40 > 0:35:45So, what would I do? Basically the same as the properties on either side have done.
0:35:45 > 0:35:49Knock out this wall, put a gate in there and then you can get your car in the back
0:35:49 > 0:35:53to create that all-important off-street parking.
0:35:53 > 0:35:57And in difficult market conditions, adding something extra
0:35:57 > 0:36:02like parking, could improve the potential for the property.
0:36:02 > 0:36:08I'm impressed with this place, especially when you remember the guide price of £30-£35,000.
0:36:08 > 0:36:14But where there's the prospect of a bargain, there also often lurks an issue.
0:36:14 > 0:36:17So here I am in the lounge. And here is a cupboard.
0:36:17 > 0:36:21What could I tell you about this cupboard? Will I say you may want to strip it back
0:36:21 > 0:36:25to create the lovely architectural effect of the original features?
0:36:25 > 0:36:27Er, no. I'm actually going to say, open it.
0:36:27 > 0:36:31This is what you've got to do when you look at houses. Cupboards reveal things,
0:36:31 > 0:36:33apart from lots of dust and cobwebs.
0:36:33 > 0:36:37This cupboard, for instance, not that interesting apart from this wall.
0:36:37 > 0:36:40The start of a clue...
0:36:40 > 0:36:43which is even more revealed when you go to the lower cupboard.
0:36:43 > 0:36:47Look at this. Damp! Pull this off.
0:36:47 > 0:36:51More often than not, people try to disguise the fact...
0:36:51 > 0:36:55Wow, The English Picture Calendar from when? Fantastic.
0:36:55 > 0:36:59Anyway, to disguise the fact that there are some damp issues.
0:36:59 > 0:37:02Inside this cupboard, it is in a right old state.
0:37:02 > 0:37:07So, when you are looking round houses, make sure that you delve into the cupboards.
0:37:07 > 0:37:09In this case, though, the damp is not difficult to spot,
0:37:09 > 0:37:10cos it's on this wall.
0:37:10 > 0:37:13Penetrating damp from outside, whatever happens,
0:37:13 > 0:37:15it needs to be sorted out.
0:37:15 > 0:37:18That was your tip for the day. Check the cupboards!
0:37:18 > 0:37:21# Cat's in the cupboard
0:37:21 > 0:37:22# You've got to set him free
0:37:22 > 0:37:25# Cat's in the cupboard... #
0:37:25 > 0:37:27We invited along a local property expert
0:37:27 > 0:37:30to give us his views on this mid-terrace.
0:37:30 > 0:37:34There's definitely some character hiding in this house.
0:37:34 > 0:37:38But are there any other positive features here?
0:37:42 > 0:37:45The main plus point is having a separate first floor bathroom.
0:37:45 > 0:37:48Most terraced houses like this have a ground floor
0:37:48 > 0:37:50or bathroom off a bedroom.
0:37:50 > 0:37:54Once refurbished, how much could it be worth on the open market?
0:37:54 > 0:37:58With full renovation, I could expect the property to achieve
0:37:58 > 0:38:00somewhere in the region of 65-£70,000.
0:38:00 > 0:38:02And for a buy-to-let investor,
0:38:02 > 0:38:05how much rental income could it generate?
0:38:05 > 0:38:08Fully renovated, I would expect the property to achieve
0:38:08 > 0:38:10about £350 per calendar month.
0:38:10 > 0:38:13Well, there's obviously work to be done here.
0:38:13 > 0:38:16- But that- is- reflected in the guide price. And personally,
0:38:16 > 0:38:18I think you are getting a lot of house for the money.
0:38:18 > 0:38:22The layout works for me. You've got space at the back,
0:38:22 > 0:38:24and you're certainly well located.
0:38:24 > 0:38:27Let's see who fancied it when it went under the hammer.
0:38:27 > 0:38:32Right. Lot number 15, two-bedroomed terraced house.
0:38:32 > 0:38:35If you forget something, it's very handy for the supermarket.
0:38:35 > 0:38:38Property for modernisation...
0:38:39 > 0:38:4220,000, thank you. At 20,000, 21.
0:38:42 > 0:38:4522. 23. 24.
0:38:45 > 0:38:4825. 25, 26.
0:38:48 > 0:38:5027. 28.
0:38:50 > 0:38:5329, near going. 29. 30,000.
0:38:53 > 0:38:56£30,000 I'm bid. At £30,000 I'm bid.
0:38:56 > 0:38:59At £30,000. 500 anywhere? All done, then?
0:38:59 > 0:39:0230,500. Are you both going? All right.
0:39:02 > 0:39:0730,500, 31. 500. 32. 500.
0:39:07 > 0:39:09Do you want it 500 again?
0:39:09 > 0:39:11At £32,000, then, it's going to be sold.
0:39:11 > 0:39:12For the first time, for the second,
0:39:12 > 0:39:16for the third and last time at £32,000.
0:39:16 > 0:39:18Any more bids? Thank you, gentlemen.
0:39:20 > 0:39:24That final successful bid of £32,000
0:39:24 > 0:39:27was made by local developer, Joe.
0:39:27 > 0:39:31He had spent 12 years in the army before leaving to develop property.
0:39:31 > 0:39:33That led from houses to care homes,
0:39:33 > 0:39:36where the bulk of his business now lies.
0:39:36 > 0:39:40I met up with Joe at the property to find out what his plans are here.
0:39:41 > 0:39:45- Joe, lovely to meet you. Congratulations. - Thank you very much.
0:39:45 > 0:39:49- Tell me why you wanted to buy this place.- Well, the yields were good.
0:39:49 > 0:39:51Property prices have come down.
0:39:51 > 0:39:55And I've got an aunty and my cousin coming from Australia
0:39:55 > 0:39:58in about two months' time. Now, I've never met them.
0:39:58 > 0:40:02I've bought this for them to live in, while they're here.
0:40:02 > 0:40:03And I'll rent it afterwards.
0:40:03 > 0:40:07So you bought the property primarily for some relatives you've never met,
0:40:07 > 0:40:09- who are coming to stay for a couple of months?- Yes.
0:40:09 > 0:40:12That, I think, is the most obscure reason I've ever heard
0:40:12 > 0:40:15for somebody buying a property on the show!
0:40:15 > 0:40:17- Do they have any idea that you're buying a house for them?- Yeah.
0:40:17 > 0:40:19All the family's chipping in a bit
0:40:19 > 0:40:22towards the purchase of getting them over here.
0:40:22 > 0:40:25You know, buying the tickets and things like that.
0:40:25 > 0:40:27And my bit was putting them up, so...
0:40:27 > 0:40:31- What's the story of the visit? - My aunty emigrated to Australia 44 years ago. She's never been back.
0:40:31 > 0:40:33- Wow. - So before it gets too late, you know,
0:40:33 > 0:40:36everyone's chipping in to bring her back.
0:40:36 > 0:40:40It's as a surprise for my dad, as well. It's 44 years since they left.
0:40:40 > 0:40:42- And he's got no idea she's coming? - Absolutely no idea.
0:40:42 > 0:40:44So you're going to have some sort of big party?
0:40:44 > 0:40:47Yes, we've got family coming from all over.
0:40:47 > 0:40:50- So I'm going to have a party. - That'll be quite some party, I'm sure!
0:40:50 > 0:40:53It'll be great to see his father's face,
0:40:53 > 0:40:57and that of his 86-year-old Australian aunt,
0:40:57 > 0:40:59when she sees her new temporary home.
0:41:01 > 0:41:02# In Australia
0:41:04 > 0:41:06# In Australia.... #
0:41:08 > 0:41:10What was it about the property you liked?
0:41:10 > 0:41:13This wasn't the property I went to the auction to buy.
0:41:13 > 0:41:16There was another one that went for about £20,000 over the asking price.
0:41:16 > 0:41:19And I thought that was a silly, ridiculous price for the property.
0:41:19 > 0:41:21And this was towards the end.
0:41:21 > 0:41:23I had a drive around the day of the auction.
0:41:23 > 0:41:26It looked OK, a bit of a sag on the roof and a bit of damp, but nothing serious.
0:41:26 > 0:41:29So... you know, the price was attractive.
0:41:29 > 0:41:33- So this is the one I went for.- So had you been inside the property?- No.
0:41:33 > 0:41:36I had a drive around the day before. I had a look through the windows.
0:41:36 > 0:41:38So the structure looked OK, a bit of damp.
0:41:38 > 0:41:40So what are you going to do to it?
0:41:40 > 0:41:42What they call a slap and mag job.
0:41:42 > 0:41:45- A slap and what? - A slap and mag job.
0:41:45 > 0:41:46Slap in a new kitchen,
0:41:46 > 0:41:49slap in a new bathroom, and slap a bit of magnolia everywhere.
0:41:49 > 0:41:52I love it! It's all in a day's bidding for Joe, isn't it?
0:41:52 > 0:41:56Buy it without a viewing, and then give it a quick "slap and mag" job.
0:41:56 > 0:41:58And £10,000 later, Bob's your uncle.
0:41:58 > 0:42:03Or Mary is your 86-year-old Australian aunt, in this case.
0:42:06 > 0:42:07He's already got a builder lined up.
0:42:07 > 0:42:11So what exactly is he going to do here?
0:42:13 > 0:42:16New bay window, new front door.
0:42:16 > 0:42:20Take the wall out to enlargen the front room. New kitchen.
0:42:20 > 0:42:23Move the bathroom upstairs and make it into a three bedroom.
0:42:23 > 0:42:25Three? How are you going to get a third bedroom in?
0:42:25 > 0:42:28The second bedroom, we're going to cut it off,
0:42:28 > 0:42:29make an internal bathroom.
0:42:29 > 0:42:33When I do get to rent it out, I'll get more for a three-bed than a two-bed.
0:42:33 > 0:42:35- When do they arrive? - They're arriving in two months.
0:42:35 > 0:42:38So you've got to get this place sorted out by then?
0:42:38 > 0:42:41Yeah. I've got a builder who works for me on a regular basis, Daz.
0:42:41 > 0:42:45And he reckons about six weeks to sort it out completely.
0:42:45 > 0:42:50- Congratulations. Good luck. We look forward to seeing how it all turns out.- Thank you.
0:42:50 > 0:42:56Well, of all the reasons for buying a house, that one is a real corker.
0:42:56 > 0:42:59Still, Joe's Aussie aunt is arriving in eight weeks,
0:42:59 > 0:43:02so he really needs to get his skates on sorting the place out.
0:43:02 > 0:43:05I'm not sure about that third bedroom idea.
0:43:05 > 0:43:09And what is a "slap and mag job" going to look like?
0:43:09 > 0:43:12You can find out later in the show.
0:43:15 > 0:43:19Well, we hope our buyers have been working away on their investments,
0:43:19 > 0:43:21and making themselves a tidy profit.
0:43:21 > 0:43:25Have they been busy, or have they had disappointing delays?
0:43:25 > 0:43:27Let's go back and find out.
0:43:27 > 0:43:32It's back now to Shepherd's Bush, west London, where earlier
0:43:32 > 0:43:37we met Andy and Anya, who bought this one-bed flat for 221,000.
0:43:37 > 0:43:40They've been on the show before, when they bought another flat,
0:43:40 > 0:43:43and this was their seventh venture into developing.
0:43:43 > 0:43:45The flat needed work,
0:43:45 > 0:43:49and Andy now had a lot of experience in doing up properties.
0:43:49 > 0:43:52But he's also picked up one habit that could slow him down.
0:43:55 > 0:43:57Biggest problem is I'm a perfectionist and I'd rather
0:43:57 > 0:44:03do it myself and get it right than have someone else do it and get it wrong.
0:44:03 > 0:44:07- And I think it's a control thing as well.- So are you a control freak?
0:44:07 > 0:44:09Possibly.
0:44:09 > 0:44:12Well, with possible plans to turn this into a two-bed flat
0:44:12 > 0:44:16on a budget of only five grand, that could go against him.
0:44:16 > 0:44:19Andy and Anya had reckoned on a three-month turnaround,
0:44:19 > 0:44:25but it's six months later and, from the outside, the flat doesn't seem to have changed much.
0:44:25 > 0:44:30But inside, removing the breeze blocks has flooded the room
0:44:30 > 0:44:34with light, showing those two sash windows off perfectly
0:44:34 > 0:44:37and revealing a total replastering job.
0:44:38 > 0:44:41The refurb continues at the rear and, while the renovation
0:44:41 > 0:44:46is still ongoing, there are now signs of a rear garden.
0:44:50 > 0:44:53And a new kitchen, which is now larger, as Andy explains.
0:44:53 > 0:44:57We originally had a doorway here, so we opened it out into this lovely
0:44:57 > 0:45:01big arch, purely to give it more light and make it look a lot bigger.
0:45:01 > 0:45:04We also chose a nice gloss white kitchen so it can reflect
0:45:04 > 0:45:09the light and really sort of maximise the space available to us.
0:45:09 > 0:45:13I think it complements the flat beautifully and I really like it.
0:45:13 > 0:45:18Expanding the doorway does help to create a more open-plan feel -
0:45:18 > 0:45:20exactly what the flat needed.
0:45:21 > 0:45:25But back along the corridor, the bathroom is still an ongoing
0:45:25 > 0:45:28project with the final aim of keeping it as a wet room.
0:45:30 > 0:45:34What happened to the other plans to create a second bedroom?
0:45:34 > 0:45:39We were not really allowed to open up and do two bedrooms.
0:45:39 > 0:45:42And another thing, I don't think I would like to.
0:45:42 > 0:45:44I like spacious flats and houses
0:45:44 > 0:45:49so I would rather have one big bed than two little bedrooms.
0:45:49 > 0:45:54With steel structure walls, reconfiguring the layout down here would have been a costly affair.
0:45:54 > 0:45:58But, as it turns out, they have a great sized one-bedroom flat here,
0:45:58 > 0:46:03and it's all blessed with a previously unseen garden.
0:46:03 > 0:46:10# There's a secret garden she hides. #
0:46:10 > 0:46:12The communal garden's a lot bigger than we thought.
0:46:12 > 0:46:15We thought it was going to be selected to this plot,
0:46:15 > 0:46:19which seems to be across of about four or five properties, which has helped.
0:46:19 > 0:46:24When we opened the back door for the first time it was sort of, "That's huge."
0:46:24 > 0:46:26While the renovation is soon coming to an end,
0:46:26 > 0:46:31getting there wasn't straightforward because of that council clause
0:46:31 > 0:46:33stating owners can't live in the flat.
0:46:33 > 0:46:35Parking has been horrendous.
0:46:35 > 0:46:39Even though we own it, they won't give as a permit unless we pay council tax.
0:46:39 > 0:46:42When we bought the place, part of the stipulation was that we weren't
0:46:42 > 0:46:45allowed to ever live here, so, by rights, you can't have a council tax.
0:46:45 > 0:46:48They won't give us contractor parking,
0:46:48 > 0:46:52so basically we've been leaving the cars and vehicles at one of our
0:46:52 > 0:46:55other properties in London and then commuting by bus,
0:46:55 > 0:46:58so it sort of makes sense to someone, but not me, I'm afraid.
0:47:01 > 0:47:04Why did the schedule overrun from three to six months?
0:47:04 > 0:47:07Apart from some water leaks from the flat upstairs
0:47:07 > 0:47:10that set the renovation back a few weeks,
0:47:10 > 0:47:14Andy and Anya have been investing in some bigger projects,
0:47:14 > 0:47:18notably a four-bedroom house for their family in Surrey.
0:47:18 > 0:47:21That needed work, so that took priority for them.
0:47:21 > 0:47:26And they also found time to buy a go-karting race track business.
0:47:30 > 0:47:34Was Andy able to put all his DIY experience to good use on this flat?
0:47:36 > 0:47:39I've done all the work myself apart from the plastering.
0:47:39 > 0:47:41The electrics, I'm not allowed to touch by law.
0:47:41 > 0:47:44Um, other than that, everything else has been down to me.
0:47:44 > 0:47:46He's done a really good job here.
0:47:46 > 0:47:50Especially doing, by himself, almost everything.
0:47:50 > 0:47:53There was a lot of trunking which he had to do.
0:47:53 > 0:47:56That was the most biggest and heavy job.
0:47:56 > 0:48:00Er, otherwise, he's doing really perfect, really great.
0:48:00 > 0:48:03The couple reckon there are only seven full days of work
0:48:03 > 0:48:07left to finish the renovation, but with other commitments,
0:48:07 > 0:48:09that will probably be spread over the next month.
0:48:09 > 0:48:12How did the budget hold out?
0:48:14 > 0:48:17I think we should still be online for the £6,000 mark
0:48:17 > 0:48:20because it's purely been labour and we do it ourselves.
0:48:21 > 0:48:26Well, add that to the original purchase price of 221,000
0:48:26 > 0:48:31and their total outlay so far is 227 grand.
0:48:33 > 0:48:36Time to find out what two local estate agents think
0:48:36 > 0:48:38of what the couple have achieved so far.
0:48:41 > 0:48:44I think it's a very nice refurbishment underway.
0:48:44 > 0:48:46It will be nice to see it when it's completed.
0:48:46 > 0:48:49You've got a good-sized lounge and bedroom,
0:48:49 > 0:48:52the kitchen works very well, walking onto the garden,
0:48:52 > 0:48:54which is nice to have, although it's shared.
0:48:54 > 0:49:00I think it's a good flat. Basement flats can often be dark, this isn't.
0:49:00 > 0:49:05It's quite bright, it's well proportioned with the kitchen and bathroom being good sizes.
0:49:05 > 0:49:08What sort of returns could be made here, first, as a rental?
0:49:08 > 0:49:11Once completed, I would recommend
0:49:11 > 0:49:14this flat would rent for £1,250 per calendar month.
0:49:14 > 0:49:17If this flat came on the rental market, you would easily achieve
0:49:17 > 0:49:20£1,250 per calendar month.
0:49:20 > 0:49:23That puts the rental just under £300 a week,
0:49:23 > 0:49:25which is probably what we were looking at.
0:49:25 > 0:49:29We'd probably put it about 285, 290 a week.
0:49:29 > 0:49:33But with a total spend of 227,000,
0:49:33 > 0:49:36what could they expect to sell it for?
0:49:36 > 0:49:38Once this flat is completed,
0:49:38 > 0:49:42I would estimate the resale value to be £310,000.
0:49:42 > 0:49:44If this were to come on the market for sale,
0:49:44 > 0:49:48I would suggest a marketing figure of £285,000.
0:49:48 > 0:49:51That would give them a possible pre-tax profit
0:49:51 > 0:49:54of between 58 and 83,000.
0:49:55 > 0:49:58- Um, amazed!- Surprised.
0:49:58 > 0:50:01Very nice. That's a lot more than we were expecting.
0:50:01 > 0:50:02A lot more than we were expecting.
0:50:02 > 0:50:07Unsurprisingly, with that sort of resale figure possible,
0:50:07 > 0:50:10Andy and Anya plan to sell.
0:50:10 > 0:50:13But they've both had a hectic couple of months
0:50:13 > 0:50:16so can they now relax and enjoy any profits they make?
0:50:16 > 0:50:21We've got a holiday coming up soon at the end of next month,
0:50:21 > 0:50:23which should be relaxation.
0:50:23 > 0:50:27We've just bought a new house, so Anya's deep in designing all that
0:50:27 > 0:50:30and, obviously, we've got the karting business as well.
0:50:30 > 0:50:34So it's going to be a pretty fun-packed year, at least.
0:50:37 > 0:50:40We return now to Gainsborough in Lincolnshire
0:50:40 > 0:50:45where, earlier in the programme, Joe, and ex-army engineer,
0:50:45 > 0:50:49had paid £32,000 for this mid-terraced house.
0:50:49 > 0:50:52He's got plenty of experience with property developing.
0:50:52 > 0:50:55He specialises in care home facilities,
0:50:55 > 0:50:59but was going to add this one to his buy-to-let portfolio.
0:50:59 > 0:51:03But that wasn't the only reason he bought it under the hammer.
0:51:03 > 0:51:06The yields were good, property prices have come down
0:51:06 > 0:51:09and I've got an aunty and my cousin coming from Australia
0:51:09 > 0:51:11in about two months.
0:51:11 > 0:51:14I've never met them so I bought this for them to live in
0:51:14 > 0:51:17while they're here then rent it afterwards.
0:51:17 > 0:51:20That, I think, is the most obscure reason I've ever heard
0:51:20 > 0:51:23for somebody buying a property on this show.
0:51:27 > 0:51:31Well, it's just nine weeks later and Joe's been busy
0:51:31 > 0:51:33transforming the house ready for his aunt's arrival.
0:51:38 > 0:51:41Outside the house retains lots of the original character
0:51:41 > 0:51:44and a new bay window has been fitted.
0:51:47 > 0:51:51Inside, as promised, Joe's decorated the house in magnolia.
0:51:51 > 0:51:55The cupboard and damp have gone from the rear living room
0:51:55 > 0:52:00and new doors have been fitted leading out onto the garden.
0:52:00 > 0:52:04That's opened up the living room into a large dining room
0:52:04 > 0:52:07which extends into a spacious refitted kitchen.
0:52:07 > 0:52:11The bay-fronted living room at the front has gained some space,
0:52:11 > 0:52:13as Joe explains.
0:52:13 > 0:52:16In here originally, there was a hallway and a small lounge.
0:52:16 > 0:52:21We took the stud walling away to make a larger room for modern living,
0:52:21 > 0:52:25new carpets, we've repaired the original plaster work,
0:52:25 > 0:52:29central heating and there was a door here with a stud wall
0:52:29 > 0:52:33which wasn't safe, so we just moved it back a bit.
0:52:33 > 0:52:36The ground floor looks great, but Joe and his builders
0:52:36 > 0:52:40have been working to a deadline and the clock's been ticking.
0:52:43 > 0:52:47My cousin and my aunty coming from Australia, they're arriving today,
0:52:47 > 0:52:49so the inside of the house had to be finished
0:52:49 > 0:52:51for them to sleep here tonight.
0:52:51 > 0:52:53Just got to move some furniture in now.
0:52:53 > 0:52:57Goodness, Joe's sailing pretty close to the wind,
0:52:57 > 0:52:59but hopefully there will be enough accommodation
0:52:59 > 0:53:03because upstairs he's created an extra bedroom.
0:53:03 > 0:53:06The front bedroom remains the same,
0:53:06 > 0:53:10but it's a shame the original fireplace has gone.
0:53:10 > 0:53:13The second bedroom's lost it's fire as well as half the room
0:53:13 > 0:53:15because it's now the bathroom.
0:53:17 > 0:53:21At the other end of the corridor, the original bathroom
0:53:21 > 0:53:23is now the second bedroom.
0:53:25 > 0:53:28While the remaining part of the original bedroom,
0:53:28 > 0:53:31that's not being used for the bathroom, takes the total to three.
0:53:31 > 0:53:35Joe had originally set a timescale of six weeks,
0:53:35 > 0:53:39but there were some delays as his previous job overran
0:53:39 > 0:53:41and he had to change the window fitters halfway.
0:53:41 > 0:53:44There's still work to do at the back.
0:53:46 > 0:53:48Out here, all we've done is clear it off.
0:53:48 > 0:53:51Originally there were two sheds here,
0:53:51 > 0:53:54a potting table across here and a rotten fence.
0:53:54 > 0:53:59So we've taken all them away. Behind you there, we're going to put
0:53:59 > 0:54:02a car parking space, a six foot fence along here,
0:54:02 > 0:54:06a patio, a path that runs down the side of the property and a back door.
0:54:06 > 0:54:09But that'll have to wait as the priority now
0:54:09 > 0:54:13is to get the furniture in for the guests who arrive later TODAY.
0:54:13 > 0:54:17Joe funded the £32,000 purchase with cash.
0:54:17 > 0:54:19Did he manage to stick to his budget?
0:54:19 > 0:54:23Er, the original budget was £10,000.
0:54:23 > 0:54:28I've come in under budget, £9,372. I'm quite happy with that.
0:54:29 > 0:54:33Time to hear what two local property experts think of the house
0:54:33 > 0:54:36that Joe refurbished for his Australian aunt.
0:54:36 > 0:54:40I think the property's been very well finished to a good standard.
0:54:40 > 0:54:44It's been particularly improved by the fact
0:54:44 > 0:54:48it now has a double bedroom and two singles.
0:54:48 > 0:54:52I'm very impressed. I particularly like the open-plan
0:54:52 > 0:54:55dining/kitchen area which I think would work well for a young family
0:54:55 > 0:54:57or professional couple.
0:54:57 > 0:55:01I think they've done a great job on the kitchen, made it a long kitchen
0:55:01 > 0:55:04fitted with all new appliances.
0:55:07 > 0:55:09Joe paid £32,000 at auction
0:55:09 > 0:55:12and his spend is just under 9,400.
0:55:12 > 0:55:18So, is the house now worth more than £41,400?
0:55:18 > 0:55:20In my opinion, the property would be worth
0:55:20 > 0:55:23somewhere in the region of 70 - £75,000.
0:55:23 > 0:55:28I think they've got a property now worth in the region of 75 - £80,000.
0:55:28 > 0:55:33That valuation range of 70 - 80 grand would generate
0:55:33 > 0:55:37a potential gross profit of between 28 and 38,600
0:55:37 > 0:55:40before the usual selling expenses.
0:55:43 > 0:55:45Yeah, happy with that.
0:55:45 > 0:55:46Yeah, very good.
0:55:46 > 0:55:48Once Joe's Australian aunt has left,
0:55:48 > 0:55:52how much rental income could he achieve here?
0:55:54 > 0:55:58Rental market in Gainsborough is very strong at the minute
0:55:58 > 0:56:01and I would expect this property to fetch
0:56:01 > 0:56:05about £425 - £450 per calendar month.
0:56:05 > 0:56:09In my opinion, the property would rent for somewhere in the region of
0:56:09 > 0:56:11between £475 - £495 per calendar month.
0:56:11 > 0:56:14My own agent, that I've been dealing with for many years,
0:56:14 > 0:56:18has put a value at 475 and she's got someone in mind for the property.
0:56:18 > 0:56:22Although Joe specialises in providing care home accommodation,
0:56:22 > 0:56:26he bought this property to add to his buy-to-let portfolio,
0:56:26 > 0:56:28but judging by the valuation here,
0:56:28 > 0:56:31it looks like this one is already on the up
0:56:31 > 0:56:35to the top of the property market. So, what's next for Joe?
0:56:37 > 0:56:41The next project we're moving on to, starting next week,
0:56:41 > 0:56:45is a scheme of seven bungalows and then keep on going from there.
0:56:45 > 0:56:48My long-term aim is to have six rentals in town
0:56:48 > 0:56:50and develop my care business.
0:56:52 > 0:56:56That's it for today's show. We'll have lots more properties
0:56:56 > 0:56:58and enthusiastic buyers for you next time.
0:56:58 > 0:57:01- So make sure you join us then. Goodbye.- Goodbye.
0:57:20 > 0:57:23Subtitles by Red Bee Media Ltd
0:57:23 > 0:57:25E-mail subtitling@bbc.co.uk