Episode 73 Homes Under the Hammer


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Episode 73

Martin Roberts and Lucy Alexander visit a one-bedroom flat in London, a two-bedroom cottage in Derbyshire and a bungalow in Wiltshire.


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Transcript


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-Hello.

-We both know how property prices can fluctuate.

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Yes, but over the years, as we have found,

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property has been a pretty good place to put your money.

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So if you're thinking of investing, why not go down to

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your local auction house and see what's on offer?

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There are literally hundreds of property auctions held

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every year, so you are spoilt for choice.

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Let's take a look at the properties that made our buyers

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part with their hard-earned cash on today's show.

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Coming up in Kilburn, London,

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this one-bed flat won't appeal to any chefs out there.

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The smallest kitchen I think I have ever seen. I mean, that is tiny.

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This two-bed cottage in Derbyshire has a real surprise in store.

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However, what do you think is through this door? A cupboard?

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And in Wiltshire,

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this bungalow doesn't exactly offer a relaxing soak.

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I think I'm right in saying it's just half a bath.

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All these properties are being sold at auction

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

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when they went under the hammer.

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Sold, on the back wall.

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Kilburn may not be the most prestigious part of north London

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but as it rubs shoulders with West Hampstead, St John's Wood

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and Maida Vale, it gains kudos from those areas,

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so buyers who hanker after the attractions of those places

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but can't afford it might well look to Kilburn instead.

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Seven minutes.

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That's all it takes to walk from the tube to the property

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I am here to see, not bad.

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So, the lot has location on its side. But what about curb appeal?

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Mansion blocks aren't everyone's cup of tea, but this one,

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built in the 1930s, is really rather attractive, and inside waits

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a one-bedroom flat that had a guide price of 180,000.

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MUSIC: "My Baby Just Cares For Me" by Nina Simone.

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The block rises from the ground

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rather like a grand old cruise liner.

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It's big and imposing and really rather impressive.

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Inside, it's certainly shipshape with gleaming polished brass,

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spotless stairs and beautifully tended courtyard.

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The entrance to the flat is along an internal walkway.

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Oh, the interior is certainly not as well-maintained

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as the areas outside the property.

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There's a bedroom to the left,

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a really nice reception area and a little seated area here.

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And the smallest kitchen I think I've ever seen. That is tiny.

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It certainly doesn't match the rest of the proportions in the property.

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You have a nice alcove area here

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with a fire that I think was probably installed in the '30s.

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It's obviously an original piece. (But it's going to have to go.)

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Nice big window here of letting lots of light through.

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You can see there's central heating and the bedroom,

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a bit of an odd shape and not huge.

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It's quite strange, this, because you have a big space

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in the middle and then these two little rooms dotted at the end.

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I think I'd need to come in here and rearrange the space.

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Maybe knock a wall down or two. But it's not bad.

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I'm not sure what you can do about the size of the bedroom.

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Get rid of some of those built-in cupboards for sure,

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but I think you're stuck with the proportions of that room.

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On the subject of bedrooms,

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I think you could squeeze more out of this space.

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It might not be the biggest flat in the world but in London,

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believe it or not, it's certainly enough to consider turning this

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into a two-bed.

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Perhaps the only way to do this is to move this kitchen

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into the living room and make this into a kitchen-living-diner.

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All-in-one.

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You could make the kitchen and this seating area the second bedroom.

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That would increase the rental return, for sure.

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But I think it's in the resale you could really see a return.

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It could add as much as 30 grand onto the value.

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Bearing in mind the high guide price and the state of this flat, I would

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go as far as saying that making the change is an absolute must,

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and perhaps your only way to make an instant profit.

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The guide price on this property was 180 grand,

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not far off what a fully renovated one-bedroom in this block goes for.

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So as far as I can see, it's two bedrooms or bust.

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And if you cast your mind back to that beautifully maintained

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courtyard, there's some important information to consider

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when you're doing your sums.

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Buying in a beautifully managed block like this means that

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you have to contribute to the upkeep in the form of service charge.

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It is something that's often overlooked

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but you can be asked to pay up to £1,000 or more per year,

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especially if the blocks have lifts to maintain,

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roofing issues or gardens to tend to.

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Here, I am afraid to say, it's more than that.

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In fact, it's triple that, at £3,000 per year. Ouch. Do the maths.

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It's a whopping £250 per month to find on top of your mortgage,

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or £250 less in rental returns.

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The gardens may look pretty

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but all of this loveliness comes with a hefty price tag.

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It does sound a lot but since that three grand also goes towards paying

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for gas and electricity, it could be worth paying if you are going

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to live here but as an investor, it's not money I would see back

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in terms of rental returns and could make the flat hard to sell.

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It's a tricky one.

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With a guide price of 180,000,

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I asked a local estate agent what he thought.

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My first impression of the flat is it has a very large reception room.

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The bedroom is quite small.

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There is an option to make a second bedroom within the living room.

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So, making it two bedrooms does seem like the best option.

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But how would the returns stack up? First, if rented out.

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As a one-bed, I think this property would rent out

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for approximately £900 per calendar month.

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As a two-bed, this property would rent out

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for approximately £1,200 per calendar month.

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What's the resale value for both of these options?

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The property would be worth approximately 200,000

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as a refurbished one-bedroom property.

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If this property was turned into a two bed,

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I would say it would be worth around £225,000.

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It seems there's a great flat here with potential,

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but it could be hard to make a profit.

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This flat needs work.

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The margins are tight.

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So what happened?

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Let's find out.

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A one bedroomed first floor flat.

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Somebody want to start me off?

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160.

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Thank you. 160 I've got.

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165,

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170, 175... 180.

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185,

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190, 191...

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192...192,

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193,

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194, 195, 196...

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197, 198, new place,

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199.

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200, OK.

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201,

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yeah? 201.

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202, 203, 204,

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205, 206, 207...

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208, 209, 210,

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211, 212,

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no?

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With you again,

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211 for the first, 211 for the second,

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211 for the third and final time... all done?

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Sold, 211.

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That successful bid of 211,000,

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30 grand over the guide price,

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came from Ziad, who bought the flat with his dad.

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I met up with him to find out his plans.

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Ziad, lovely to meet you today. Congratulations.

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-Thank you.

-Why did you want to but this property?

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Well, um... It's a development, basically.

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As the market is quite bad,

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we think it is a good time to buy a property

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and do it up, and hopefully, when the market picks up

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we can sell it on for a profit.

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Where did you spot this property? Was it in the auction catalogue?

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It was in the auction catalogue,

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but I didn't actually see this property before I bought it.

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We saw a couple of other properties which we were interested in at the auction.

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They went for a lot more than we were expecting, and...

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I knew this area,

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I knew this building, kind of, I mean, I've passed it before.

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-So you didn't have a chance to do any background research on this at all?

-No, no, not at all.

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-Did you even know the service charge on a property like this?

-Um...

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-No, I didn't know.

-Do you know the service charge now?

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I do, yeah, but I don't know it off the top of my head right now

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cos I haven't written it down, but it's not unreasonable.

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OK, well, I can tell you what the service charge is - £3,000 a year.

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-Yeah.

-I think that's quite expensive, actually.

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Well, for the area, no, it's not.

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For this area, for where it's located,

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for the kind of building it is, I think it's quite reasonable to pay.

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This is a development, we're going to do it up, we're going to sell the property on.

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So, it's a cost that we'll have to incur for one year, maybe, but I'm not going to keep this property.

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So, it's do up and sell on for Ziad.

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He trained as a carpenter and is studying to be a construction manager,

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so is well placed for this project.

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He's got experience and know-how and was after a blank canvas,

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but does he know how to make money from this place?

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This is a decent-sized one-bedroom property as it stands.

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How are you going to make the most out of this?

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Well, I plan to extend the kitchen, make it bigger and make that into a bedroom.

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And the kitchen will then move into the living room

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and it'll be an open-plan kitchen/living room.

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So are you going to be taking that whole little seated area

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and using that whole space to create a bedroom?

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Not the whole seated area.

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Part of it will be for the bedroom, part of it will be for the kitchen,

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so the kitchen will also be incorporated into the seating area.

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-Really?!

-Yes.

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-SHE SHRIEKS

-That's going to be one tiny bedroom!

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I would've thought you could have taken that whole space,

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that would be adequate for a bedroom.

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Why don't you use all of the space?

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Well, we haven't got set plans, so that is an option.

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The only thing with that is if we use this whole space, the kitchen, where does that go?

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This little alcove, I think, is ideal for a little kitchen.

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You could put a few units, a little cooker,

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you could perhaps turn that into your kitchen space.

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That's an option. That's an option that we could look at,

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cos we haven't actually got any set ideas yet.

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We still have to speak to the freeholder,

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find out what we're allowed to do and can do, but that is an option.

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This is a tricky one, but I'm glad Ziad sees that this is where the money is going to be made here.

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A second bedroom, however small,

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will immediately boost his potential profit.

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# Give me some money

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# Give me some money. #

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So, what sort of budget are you intending on spending on this?

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We haven't done all the calculations for that yet, so we haven't got an exact budget,

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but I'm guessing it'll take at least 20,000 to do everything properly.

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You know, the kind of projects I've done in the past,

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the standard that I've done, they're quite nice,

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so we don't want to do anything less than that.

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Ziad's aim is to have the flat back on the market in three-four months,

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and he plans to give it a high-quality finish.

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If you do it properly up, really well,

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and you make it desirable for people,

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they will be willing to pay a market value for the area.

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I mean, we're in Kilburn, but we're just next to Maida Vale,

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St John's Wood, so I think that will have an impact.

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Ziad, congratulations.

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I really hope this works out for you

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and that you sell this at a profit. Well done.

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-Thank you very much.

-Thank you.

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There are a lot of question marks with Ziad's plans,

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and fair enough, he needs time to think.

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Find out how he gets on later on in the programme.

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I'm in Derbyshire, right beside the River Derwent.

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From here, the beautiful Peak District is only half an hour's drive,

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while Derby is just ten minutes away.

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This is Milford, a pretty little former mill town

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between Belper and Duffield in Derbyshire.

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It is quite gorgeous, and I'm here to see the kind of property

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that will set the auction rooms on fire, cos it's one of those ones

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that people will just fall in love with,

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and it's through this alleyway.

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Now, the only slight problem with the alleyway is the fact

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that that is the only entrance to the property.

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Not too much of an issue on a day-to-day basis,

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but when it comes to restoration work and you're bringing in

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building materials and taking out rubbish, not ideal.

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However, more than compensated for by the property itself.

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It's a two-bedroom cottage, it is cutesy-wootsy beyond belief.

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At a guide price of 58,000 quid, I love it already.

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It's not the only one you could fall for around here.

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Many of the older houses in Milford were built by the Strutt family.

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They owned and ran the mills in the area, and this cottage could

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very well have been home to mill workers back in the 1860s and '70s.

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I'm just hoping it's as lovely inside as it is out.

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Oh, please, please, please be nice inside! Yes!

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Well, no, actually.

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Good start, high ceilings, shame it hasn't got any beams, but, well, one large room here.

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But it talks about a kitchenette in the catalogue and that's it!

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It's pretty small and it gets worse, cos this is the door up to the bedrooms.

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Open that and the kitchenette disappears completely.

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OK, well, this is your living room.

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It's not got a lot of character, but the rest of the house has, so that kind of makes up for it.

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But what it does have...

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for some odd reason, is some very, very damp walls.

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Now, that's too high to be rising damp,

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so my guess is it's coming in from outside -

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possibly a leaky downpipe or something like that.

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I also need to check out the sanitary ware upstairs and see if that's leaking.

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But this is the room here.

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Nice original doors which would be beautiful stripped back.

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Nothing there apart from a sort of small storage area.

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However, what do you think is through this door?

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A cupboard? Oh, no!

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There is a really interesting thing.

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I don't know how I'd describe this. I guess it's some kind of cellar.

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I mean, I'm thinking straight away to some kind of a wine cellar.

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Talk about character, this bit is absolutely brilliant.

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The only problem is you're now underneath the house

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that's actually backing on to this property, so, before you dig around and change things in here,

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you've got to be very careful, cos the last thing you want to do is have their 42-inch plasma screen

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come down on top of your head as you took out a supporting wall.

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Check it out before you do anything, maybe think about digging down.

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Flying freeholds like this could cause a problem on the mortgage,

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so you want to get yourself an indemnity policy, but who cares.

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This, for me, makes the house very interesting indeed.

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In general, it would be an understatement to say this place needs work.

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Aside from the damp and that super-thin kitchen,

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there's no central heating, just old storage heaters.

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The windows need replacing and the decor, well, it is dated.

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Well, much as I love this place, it does start to go a bit wrong when you come upstairs.

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The layout's not ideal at all,

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because in order to access the second bedroom on the second floor,

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you have to come through the first bedroom on the first floor.

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So, really not a good scenario.

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And here's the other slight problem. This is the only bathroom in the property,

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and to say it's the bathroom, it's not actually, it's your shower room. As you can see, it's tiny.

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It's only marginally bigger than the kitchen downstairs,

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so you definitely want to do something about that.

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The problem is, I don't know where you could put it. Still, we still love it.

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# I put a spell on you

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# Cos you're mine... #

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Yet for me, this place oozes a strange sort of charm.

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Even with that second bedroom on the top floor needing a total makeover,

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it still has an original cast iron fireplace to give it a stamp of character.

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But with a guide price of £58,000 I reckon there will have to be

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a pretty hefty renovation budget on top of that to get the best out of this place.

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For a second opinion,

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let's ask the auctioneer who sold the place what he would do with it.

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It's got a lot of character to it because it's on three floors

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and only one room deep effectively.

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Obviously it has got its limitations as to what you can achieve from it.

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There's quite a lot of damp. The window frames need replacing cos they've got wet rot in them.

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I think you've got to improve your bathroom arrangement somehow,

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and clearly the kitchen arrangement is substandard.

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It depends how far you want to take it

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but I think you could spend £15,000 on it in putting it right.

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You might be able to do it for £10,000 if you do it fairly modestly.

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With its guide price of £58,000, how do the potential returns look?

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This would fetch, I would say, on today's market, around £100,000 when it's renovated.

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What about the rental figures?

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You'd rent it for about £350 a calendar month, I would guess.

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Well, if the cottage itself doesn't hook you,

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the view out of the window certainly will. It's great.

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Let's be honest, this is the sort of property

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that people absolutely fall in love with so I'm sure it was

0:18:450:18:49

a very emotional purchase for the person who bought it at the auction.

0:18:490:18:53

Lot 26, where do you want to be on this one, ladies and gentlemen?

0:18:550:18:59

May I say 60,000 to start me?

0:18:590:19:01

£60,000? 58?

0:19:010:19:04

Put it in at 55 if you will?

0:19:040:19:06

55,000 is bid down the centre, thank you.

0:19:060:19:09

At £55,000 it's a cheap house, ladies and gentlemen.

0:19:090:19:13

55 is my opening bid. 56 on the left.

0:19:130:19:16

57, 58 is bid. 59. At 59.

0:19:160:19:20

And a half. 60,000?

0:19:200:19:22

60,000. And a half?

0:19:220:19:24

£60,000.

0:19:240:19:26

60-and-a-half, 61, 61,500?

0:19:260:19:30

61-and-a-half somewhere else?

0:19:300:19:32

And 61,000 it's going to be sold, ladies and gentlemen.

0:19:320:19:36

At 61,000 once, twice,

0:19:360:19:39

third and last chance, all done at £61,000.

0:19:390:19:42

Down the centre, 61,000, sold, thank you.

0:19:420:19:46

That final bid of £61,000 was made by Rachel.

0:19:470:19:51

She's a trained physiotherapist who currently lives in Derby.

0:19:510:19:56

She plans to live here and, although it isn't Rachel's first ever property,

0:19:560:20:00

it will be her first renovation.

0:20:000:20:04

I met her back at the cottage to find out more.

0:20:040:20:06

-Rachel, lovely to meet you.

-Yes, nice to meet you too.

0:20:070:20:10

-Congratulations, this is a lovely little place.

-Yes, it's fantastic isn't it?

0:20:100:20:13

Originally we were kinda looking to do a development type thing.

0:20:130:20:17

We saw it and now I've been round it again, it's for me now, definitely!

0:20:170:20:22

-Really?

-Yes, yes.

-What was it about it that you fell in love with?

0:20:220:20:26

Obviously not the decor! It's just it's the area itself as well,

0:20:260:20:30

when you come in, it's just beautiful. I really love old houses.

0:20:300:20:33

There is just so much potential to put in to make everything

0:20:330:20:38

really lovely and bring it back to life

0:20:380:20:41

and just give it a real homely feeling, really.

0:20:410:20:43

On the one hand it hasn't had a lot of things done to it

0:20:430:20:45

but that's in some ways a positive thing, isn't it?

0:20:450:20:48

Absolutely, it's a blank canvas to work with. It's very exciting.

0:20:480:20:51

I've got lots of ideas and it's going to be a case of

0:20:510:20:53

reigning those ideas in more than anything else, really.

0:20:530:20:56

-So initially it was an investment idea.

-Yes.

0:20:560:21:00

Well, we got the idea of buying at auction

0:21:000:21:03

because there was one near our house in Derby

0:21:030:21:05

and that's when we just kept looking at the web pages and seeing what was coming up.

0:21:050:21:09

When we saw this, it was so different to everything else in the brochure, really,

0:21:090:21:13

so we came and had a look around and that was it, it was like, yes, we can do something with this place.

0:21:130:21:19

-Is this something you've done before?

-Absolutely not, no.

0:21:190:21:22

I bought a house that I live in but it was a case of

0:21:220:21:24

whack some paint on and make it mine. It was nothing like this. So it's...

0:21:240:21:30

I don't know, it's quite brave, I think.

0:21:300:21:32

I reckon that even for an experienced DIY enthusiast,

0:21:320:21:36

this house could be a daunting prospect.

0:21:360:21:38

While the renovation goes ahead, Rachel will continue to live in Derby.

0:21:380:21:43

What do you do when you're not doing this?

0:21:430:21:45

-I'm a physiotherapist and I work in stroke rehab so...

-Oh, wow.

0:21:450:21:49

Yes, it's fantastic. I love it.

0:21:490:21:51

-That's a very, very worthwhile thing, isn't it?

-I think so.

0:21:510:21:55

I really enjoy it and I know that I make a big difference.

0:21:550:21:58

It sounds very corny...

0:21:580:21:59

No, my mum had a stroke and the rehab work

0:21:590:22:03

which your colleagues in other parts of the country did was massively important to her.

0:22:030:22:08

Rachel plans to go back to basics

0:22:090:22:12

and renovate the entire cottage from top to bottom.

0:22:120:22:15

She also intends to move the stairs in the middle bedroom

0:22:150:22:19

to better utilise the space up here.

0:22:190:22:21

But where does that leave the unique back room?

0:22:210:22:24

This is very exciting for me

0:22:260:22:28

cos it is just so different to what you see anywhere else.

0:22:280:22:31

-I struggle to think what we could use it for.

-Wine cellar! Wine cellar!

0:22:310:22:35

-Wine cellar!

-Yes, but our wine never lasts long enough to fill it!

0:22:350:22:39

But, yes, ideally! But we thought we might get the floor lowered

0:22:390:22:43

and then be able to open it up as a bit of a kitchen

0:22:430:22:45

and then have a kitchen-dining area down here,

0:22:450:22:47

and then I'm not really sure.

0:22:470:22:50

If we move the stairs we might be able to put a bathroom down here as well.

0:22:500:22:53

It isn't ideal having a bathroom on the ground floor

0:22:530:22:56

but I think because of the size of the rooms upstairs,

0:22:560:22:58

I wouldn't want compromise much of the space upstairs.

0:22:580:23:01

So this rear room could house a new bathroom which would free up that middle bedroom.

0:23:010:23:06

All this work could throw up many potential problems

0:23:060:23:09

but Rachel's given herself a healthy six-month period to get it done.

0:23:090:23:13

I just hope her budget is equally healthy.

0:23:130:23:17

We've definitely got between £20,000 and £30,000

0:23:170:23:20

and we'll see what we can do with that.

0:23:200:23:22

That's a lot of money.

0:23:220:23:24

Yes, but for example, the damp work.

0:23:240:23:26

Because all the floors have got to come up and everything,

0:23:260:23:29

you're looking at about £10,000 just for that.

0:23:290:23:31

And that's before you have done anything nice to the place.

0:23:310:23:34

Like I say, we've never done this before, we don't know who's good and who's not

0:23:340:23:38

and there are a lot of cowboys out there and it can go wrong.

0:23:380:23:40

We've just had a kitchen fitted and that was a nightmare,

0:23:400:23:43

just getting a kitchen done and not being able to get it done properly.

0:23:430:23:47

That was a tiny project and this is a much bigger project.

0:23:470:23:50

Lots more potential for it to go wrong

0:23:500:23:52

but hopefully lots of potential for it to go right as well.

0:23:520:23:55

-Well, I'm delighted the house found you.

-Thank you.

0:23:550:23:58

And good luck with it all. I can't wait to see what you do with it.

0:23:580:24:02

-Yeah, me too!

-Good luck.

-Thank you.

0:24:020:24:04

Well, it started out as an investment purchase but clearly

0:24:050:24:09

Rachel has completely fallen in love with this place and you can understand why.

0:24:090:24:13

I'm a bit concerned about her budget and the fact she doesn't particularly have a timescale,

0:24:130:24:17

but, whatever, it is going to be a great project.

0:24:170:24:21

Find out how she gets on later in the show.

0:24:210:24:24

In Wiltshire this bungalow has some serious decorating issues.

0:24:250:24:29

Now somebody has really gone to town with that!

0:24:290:24:34

Was Rachel's first-ever renovation in Derbyshire a positive experience?

0:24:350:24:40

I got a builder in and had a bit of a difference of opinion and kind of fell out a little bit.

0:24:400:24:45

But first, did Ziad's ideas for the flat go according to plan?

0:24:460:24:49

The managing company gave us a very good reason why

0:24:490:24:52

we couldn't build the bedroom in the existing kitchen.

0:24:520:24:55

Back to Kilburn in Northwest London,

0:24:590:25:02

where earlier in the programme,

0:25:020:25:04

Ziad bought a one bedroom first floor flat

0:25:040:25:06

in this imposing block, for £211,000.

0:25:060:25:09

A carpenter by trade, he currently lives in West London,

0:25:090:25:12

and is doing a construction management course.

0:25:120:25:15

He has a small portfolio of properties,

0:25:150:25:18

and bought this flat with his dad to renovate and sell on.

0:25:180:25:22

This is a decent-sized one bedroom property, as it stands.

0:25:250:25:28

How will you make the most out of this?

0:25:280:25:29

I plan to extend the kitchen, make it bigger,

0:25:290:25:33

and make that into a bedroom.

0:25:330:25:34

The kitchen will then move into the living room,

0:25:340:25:37

and it'll be an open plan kichen/living room.

0:25:370:25:40

Turning this into a two bedroom flat

0:25:400:25:43

was definitely the right way to go.

0:25:430:25:45

Although the property has a hefty £3,000 annual service charge,

0:25:450:25:49

it does at least cover gas and central heating.

0:25:490:25:53

We return to sunny Kilburn seven months later,

0:25:530:25:56

to see what Ziad has achieved with his flat in this large development.

0:25:560:26:01

The yellow, crumbling lounge is now tastefully decorated

0:26:010:26:05

in various shades of coffee and beige.

0:26:050:26:09

Carpenter Ziad had built a bespoke media centre in the alcove.

0:26:090:26:13

It just needs the 3-D display.

0:26:130:26:16

The layout in the bathroom hasn't changed,

0:26:170:26:21

but the suite most certainly has.

0:26:210:26:24

To maximise the space in the bedroom,

0:26:260:26:28

more purpose-built furniture has been installed.

0:26:280:26:32

The new doors add to the quality appearance here.

0:26:360:26:38

But Ziad's initial plan to convert the kitchen into the second bedroom

0:26:380:26:43

hit problems.

0:26:430:26:45

Originally the idea was,

0:26:460:26:48

"We'll take the kitchen out. We'll move that somewhere else,

0:26:480:26:50

"and do the bedroom in there".

0:26:500:26:52

The managing company gave us a very good reason

0:26:520:26:54

why we couldn't build the bedroom in the existing kitchen.

0:26:540:26:57

All the plumbing in the building runs through the kitchen,

0:26:570:27:00

so we had to rethink our plan,

0:27:000:27:01

and it's worked out better than we originally thought it would.

0:27:010:27:04

What has Ziad done to that kitchen seating area?

0:27:040:27:07

What we did with the second bedroom was,

0:27:070:27:09

this living room was very large and long,

0:27:090:27:11

so we felt we could create a second bedroom.

0:27:110:27:13

We built this third wall, here, at a 45 degree angle,

0:27:130:27:16

to create some extra space between the hallway and the bedroom.

0:27:160:27:19

We blocked the kitchen opening, which is there,

0:27:190:27:22

and we've created a nice, big kitchen opening here.

0:27:220:27:25

Surprisingly, it still creates a lot of space within this living room,

0:27:250:27:29

and we're very happy with that.

0:27:290:27:31

The kitchen's been equipped to a high standard,

0:27:330:27:36

with a washing machine, hob and microwave.

0:27:360:27:38

He's certainly squeezed a lot in.

0:27:380:27:40

The management company for the property

0:27:400:27:43

put on other restrictions as well.

0:27:430:27:45

They wouldn't allow hardwood flooring,

0:27:450:27:48

because of possible noise for the flat below.

0:27:480:27:51

And Ziad's request to replace the window in the new second bedroom

0:27:510:27:54

was also refused.

0:27:540:27:56

But his clever design has certainly maximised the space here.'

0:27:560:28:00

As we did the first fix with the project,

0:28:000:28:02

we realised that we should put the furniture in,

0:28:020:28:05

purely because the main bedroom is quite awkward in shape,

0:28:050:28:08

and putting fitted beds or fitted wardrobes in would make sense.

0:28:080:28:11

Ziad designed the furniture himself,

0:28:110:28:14

and project-managed the team that did the refurbishment.

0:28:140:28:17

I don't do too much building work.

0:28:170:28:19

But when it came to the fitted furniture,

0:28:190:28:21

it's something I like doing, so I helped out in that.

0:28:210:28:25

The work has taken a little longer than planned,

0:28:250:28:28

but there was a delay starting,

0:28:280:28:30

while the management company considered the application

0:28:300:28:33

for the second bedroom.

0:28:330:28:34

So, how much has Ziad had to spend?

0:28:340:28:38

I've spent about £25,000

0:28:380:28:40

in building work on the flat, so far.

0:28:400:28:43

My initial budget was about £20,000.

0:28:450:28:47

Ziad's not concerend that the £3,000 service charge

0:28:470:28:51

might deter potential tenants, or a buyer,

0:28:510:28:53

as he sees it as a fixed cost in a variable market.

0:28:530:28:56

It covers central heating and gas.

0:28:560:29:00

We live in an age where gas prices are going up.

0:29:000:29:02

The service charge is fixed in this building for quite a number of years,

0:29:020:29:06

so I think that's quite attractive to people.

0:29:060:29:09

Time to get some local expert property advice.

0:29:120:29:14

Will the added bedroom get the thumbs up?

0:29:140:29:17

He's done a better than average job here.

0:29:170:29:20

Nicely decorated. He's put some really decent design features in,

0:29:200:29:23

in terms of the custom-built bed,

0:29:230:29:25

the custom-built desk in the living room.

0:29:250:29:28

Nicer than average bathroom.

0:29:280:29:30

Overall, I'm impressed.

0:29:300:29:32

I think it's very nice.

0:29:320:29:33

They've done some nice decorative features with the media centre.

0:29:330:29:36

The kitchen looks very, very nice, as well.

0:29:360:29:38

Both bedrooms are small, but they've actually kept a decent-sized

0:29:380:29:42

living room, which is the most important room in a flat.

0:29:420:29:45

We would market this as a two bedroom flat,

0:29:450:29:46

even though the second bedroom is a little small.

0:29:460:29:49

It possibly lends itself to being a study,

0:29:490:29:52

a separate dining area, or an occasional guestroom.

0:29:520:29:55

Ziad and his father paid £211,000 for the flat,

0:29:550:29:59

and the building costs have hit 25 grand.

0:29:590:30:01

So, is it now worth more than the £236,000 they've invested here?

0:30:010:30:06

This flat should sell for around £275,000.

0:30:090:30:12

If I was to put this on the market, I would certainly put it on

0:30:120:30:15

at £279,950.

0:30:150:30:19

I would expect to get offers in excess of £270,000.

0:30:190:30:22

We just put it on the market last week,

0:30:220:30:25

and it's on the market for £279,950.

0:30:250:30:28

If it sells, we're happy.

0:30:280:30:30

If it doesn't sell, it's a perfect place for rental.

0:30:300:30:32

If the flat did sell at that price of just under £280,000,

0:30:320:30:37

it could generate a gross profit,

0:30:370:30:40

before the usual selling expenses, of 44 grand.

0:30:400:30:44

But, how do the rental figures look?

0:30:440:30:46

I would put this flat on the rental market

0:30:460:30:49

at between £1,500 and £1,300 a month.

0:30:490:30:52

If I was renting this property,

0:30:520:30:54

I would rent it for

0:30:540:30:56

certainly in excess of £1,000 per calendar month.

0:30:560:30:59

And would be disappointed if I got less than £1,200

0:30:590:31:01

per calendar month.

0:31:010:31:04

I'm happy with the rental figures.

0:31:040:31:05

That's exactly what I thought it would go for.

0:31:050:31:08

If it doesn't sell in the time that we've got in mind,

0:31:080:31:11

which is about two months,

0:31:110:31:12

then I don't mind putting it up for rent.

0:31:120:31:14

Since filming, he sold it for £262,000,

0:31:140:31:18

meaning a gross profit of 26 grand.

0:31:180:31:21

Although the management company rejected his initial plan,

0:31:210:31:24

he's created an impressive flat.

0:31:240:31:26

But, would he buy freehold in the future?

0:31:260:31:29

I would like to buy and invest in properties in the future.

0:31:290:31:32

As far as manage block's concerned, I would think long and hard,

0:31:320:31:34

depending on the kind of block it is.

0:31:340:31:36

There were some problems, but they weren't major problems.

0:31:360:31:39

They're problems we can go around. I wouldn't mind doing it again.

0:31:390:31:42

This is the beautiful village of Tisbury, in Wiltshire.

0:31:490:31:52

Popular with commuters because of its direct line links

0:31:520:31:55

to London and Exeter.

0:31:550:31:57

It's also only 13 miles to Salisbury,

0:31:570:32:00

and it's believed stone quarried in this area

0:32:000:32:02

was used to build Salisbury Cathedral.

0:32:020:32:05

Just a short walk from that pretty village centre,

0:32:050:32:09

is the property I'm here to see today.

0:32:090:32:11

It's a three bedroom 1960s bungalow.

0:32:110:32:14

It had a guide price of £200,000 to £225,000.

0:32:140:32:19

Now, I've got to say,

0:32:190:32:21

it's not hugely attractive.

0:32:210:32:23

But bungalows usually prove to be popular,

0:32:230:32:25

because they don't really get built any more.

0:32:250:32:28

I'm going to have a look around.

0:32:280:32:30

They do say looks aren't everything,

0:32:300:32:32

and this bungalow does have a lot to offer.

0:32:320:32:34

For example, it already has double-glazed windows,

0:32:340:32:38

and a detached garage and driveway.

0:32:380:32:41

So, the single-storey house.

0:32:440:32:47

It's not always for everybody,

0:32:470:32:48

but I happen to think it offers so much more space.

0:32:480:32:52

For starters, look at this hallway. It's absolutely huge.

0:32:520:32:55

And really welcoming.

0:32:550:32:57

There are two types of central heating here.

0:32:570:32:59

A bit excessive. I'm not sure why that's there,

0:32:590:33:02

so I'd probably get rid of this.

0:33:020:33:03

You have three really good-sized bedrooms here,

0:33:030:33:07

a kitchen, and let's go in here,

0:33:070:33:10

and look at this rather interesting ceiling.

0:33:100:33:12

Somebody has really gone to town with that. Wow!

0:33:120:33:17

Can't say I'm a huge fan of Artex.

0:33:170:33:19

I think the first thing I would do would be to get rid of that.

0:33:190:33:22

But you have a wonderful room.

0:33:220:33:24

It's dated.

0:33:240:33:26

It could really do with a bit of 2010 modernisation, I think.

0:33:260:33:29

Lovely garden. Yeah, I really like it. It ticks all the boxes.

0:33:290:33:33

MUSIC: "Theme from The Big Country" by Jerome Moross

0:33:330:33:36

It's the space here that's impressive.

0:33:360:33:38

This lounge is massive.

0:33:380:33:40

The kitchen's almost a kitchen/diner,

0:33:400:33:42

and the bedroom sizes aren't too shabby, either.

0:33:420:33:44

Wow! It all looks so spacious.

0:33:440:33:47

And then there's the bathroom.

0:33:470:33:49

STYLUS SCRATCHING VINYL

0:33:490:33:50

"What's she doing in the bath?" I hear you say.

0:33:500:33:53

Well, I'm a small person.

0:33:530:33:55

Which means this is an extremely small bath.

0:33:550:33:59

In fact, I think I'm right in saying

0:33:590:34:02

it's just half a bath. No good.

0:34:020:34:04

When you look at this house, there is space, space, space everywhere.

0:34:040:34:07

All the bedrooms are doubled.

0:34:070:34:09

It's a bit disappointing to get into the only bathroom in the house,

0:34:090:34:13

and find it this small.

0:34:130:34:14

What I think I would do is knock next-door into the loo,

0:34:140:34:17

open this space up,

0:34:170:34:19

and have one lovely luxury room.

0:34:190:34:22

MUSIC: "So Small" by Carrie Underwood

0:34:220:34:25

This bathroom seems so small,

0:34:280:34:30

compared with the rest of the space available here.

0:34:300:34:33

But it really shouldn't be too difficult

0:34:330:34:35

to open this up into a better-sized bathroom.

0:34:350:34:39

And it's not just the inside of the bungalow

0:34:390:34:42

where there's room to relax and unwind.

0:34:420:34:44

This house sits slap bang in the middle of this plot,

0:34:440:34:47

so there's no large garden at the back here.

0:34:470:34:50

Instead, it's sort of wrapped around these three sides.

0:34:500:34:54

So, you could extend out here, I suppose.

0:34:540:34:57

But look at the pitch of this roof.

0:34:570:35:00

I reckon you could easily do a loft extension here.

0:35:000:35:03

You could put a dormer window up there,

0:35:030:35:05

and there you have a master bedroom with its own en suite.

0:35:050:35:08

I think it would really add bucks to this bungalow,

0:35:080:35:11

and take it into another league.

0:35:110:35:13

MUSIC: "Turn It Up" by The Feeling

0:35:130:35:17

Turning this into a dormer bungalow could really turn up the value.

0:35:170:35:20

And, for me, that's got to be the way to go.

0:35:200:35:23

What does the local estate agent think about this Tisbury property?

0:35:260:35:31

It probably has been decorated for 10, 15 years.

0:35:310:35:33

So it does need some tidying up.

0:35:330:35:36

But, other than that, it's in good order.

0:35:360:35:39

It could do with a new kitchen, new bathroom.

0:35:390:35:41

But it's not that bad.

0:35:410:35:43

Would he recommend extending it?

0:35:430:35:46

With regard to extension, probably wouldn't go out.

0:35:460:35:51

Essentially, within its plot, there's not too much to the sides.

0:35:510:35:53

You could put a conservatory off the kitchen.

0:35:530:35:56

What I probably would recommend, though, is,

0:35:560:35:59

because of the pitch on the roof, you could go into the roof,

0:35:590:36:02

and create more rooms there.

0:36:020:36:03

So there are opportunities to improve here,

0:36:030:36:06

but would it be worth it, particularly for the rental market?

0:36:060:36:09

There is a strong rental market, but I don't think you'd get any more

0:36:090:36:13

than about £700/£750 a month.

0:36:130:36:15

Once refurbished, what about the sale value for this place,

0:36:150:36:19

that was guided at between £200,000 and £225,000?

0:36:190:36:23

If you tidied the property up, as it is at the moment,

0:36:230:36:26

I think you could probably put it on the market for £235,000.

0:36:260:36:29

If you went up into the loft space,

0:36:290:36:32

then you could get to £275,000.

0:36:320:36:35

However, stamp duty stands at £250,000,

0:36:350:36:39

so you've got to do a very good job

0:36:390:36:41

to push it substantially above stamp duty at £250,000.

0:36:410:36:45

Financially, the loft extension could be a gamble.

0:36:450:36:48

Done well, it could pay dividends.

0:36:480:36:50

Otherwise, it may not add much value at all.

0:36:500:36:53

This bungalow offers space.

0:36:550:36:58

It only needs a basic refurb and modernisation.

0:36:580:37:01

And it has the potential to go up into the loft, or to extend.

0:37:010:37:04

Hey, what's not to like?

0:37:040:37:06

Let's see what happened when it went under the hammer.

0:37:060:37:09

Lot four is our guide of £200,000 to £225,000.

0:37:120:37:16

Someone like to put me at the higher part of the guide, at £225,000?

0:37:160:37:20

£200,000. Thank you very much.

0:37:200:37:23

Looking for £5,000 bids. £205,000.

0:37:230:37:26

£210,000. £215,000. £220,000.

0:37:260:37:29

£225,000.

0:37:290:37:31

£226,000. Treat you the same?

0:37:310:37:33

£227,000.

0:37:330:37:35

At £227,000.

0:37:350:37:38

£227,000.

0:37:380:37:40

In the stalls, then. At £227,000.

0:37:400:37:42

Hammer comes straight down again.

0:37:420:37:45

At £227,000.

0:37:450:37:49

HAMMER BANGS Well done, Emma.

0:37:490:37:51

The winning bid of £227,000,

0:37:510:37:54

just above the guide price,

0:37:540:37:56

was made by local couple, Emma and Nick.

0:37:560:37:59

Nick's an electrician,

0:37:590:38:00

and Emma works for a patient aftercare service,

0:38:000:38:03

but is currently on maternity leave,

0:38:030:38:05

looking after their five-month-old son, George.

0:38:050:38:08

Guys, congratulations.

0:38:120:38:14

How did you find out about this bungalow, Emma?

0:38:140:38:17

It all started after a conversation with my brother

0:38:170:38:19

about how much we could get for a mortgage.

0:38:190:38:21

We went onto the internet, had a look to see what was about,

0:38:210:38:25

and we saw this property.

0:38:250:38:27

A lightbulb went on in our heads,

0:38:270:38:30

as if, "Can we get it?"

0:38:300:38:31

Within a couple of days, we'd come to see it.

0:38:310:38:35

We put an offer in with the owner,

0:38:350:38:37

to try and get it before the auction, and he refused twice.

0:38:370:38:40

Then we went on to think, "Let's apply for a mortgage.

0:38:420:38:46

"Get a survey done. Talk to a solicitor,

0:38:460:38:48

"and go the auction and see what happens".

0:38:480:38:51

Can I be cheeky and ask you how much did you offer on this,

0:38:510:38:53

prior to auction?

0:38:530:38:55

It was £225,000 to start, and then we went up to £230,000.

0:38:550:38:58

We left it at that when he said he wants substantially more.

0:38:580:39:03

And you paid £227,000? Wow!

0:39:030:39:06

That was such luck for you, wasn't it?

0:39:060:39:08

It was very good, yeah.

0:39:080:39:09

So, at last, they've got the place they wanted.

0:39:090:39:12

As they're currently living in rented accommodation,

0:39:120:39:15

this will be the first property of their own.

0:39:150:39:17

But, even at the price they paid at auction,

0:39:170:39:20

getting the bungalow has been a stretch financially.

0:39:200:39:23

We had a mortgage in the process of being sorted out.

0:39:230:39:27

But then we didn't go with it, in the end.

0:39:270:39:29

On the day, we didn't have a mortgage at all, when we won the house.

0:39:290:39:33

We've managed to get a mortgage, and get it all sorted out

0:39:330:39:37

-in four weeks to the day, wasn't it?

-Mm.

0:39:370:39:39

Oh! So, how stressful has it been for you?

0:39:390:39:43

Yeah, very.

0:39:430:39:45

Probably one of the most stressful things, ever, that's happened,

0:39:450:39:48

because it was looking like they were going to refuse our mortgage.

0:39:480:39:51

In the end, they gave us £13,000 less than we needed.

0:39:510:39:54

So, I've got big thanks to my mum and dad,

0:39:540:39:58

who've bailed us out and lent us the money.

0:39:580:40:01

We're going to repay them, on top of the mortgage we've got.

0:40:010:40:05

How much money has that left you for renovations for this house?

0:40:050:40:09

Zero pounds.

0:40:090:40:12

Literally, you have nothing to spend on this house?

0:40:120:40:15

Well, once we get our deposit back from our rental property,

0:40:150:40:18

we've got £1,000.

0:40:180:40:20

But, until then, nothing.

0:40:200:40:22

MUSIC: "Money's Too Tight To Mention" by Simply Red

0:40:220:40:25

£1,000? That's not much. But this place IS liveable now.

0:40:250:40:29

A few pots of paint would do wonders,

0:40:290:40:32

and Nick's an electrician, so they can do THAT on the cheap.

0:40:320:40:35

They plan to do one of the bedrooms up fully for George,

0:40:350:40:38

then do some work on the living room and garden.

0:40:380:40:41

So, £1,000 is not going to get you very far.

0:40:410:40:43

-No!

-HE LAUGHS

0:40:430:40:46

Have you got a really long-term plan for this?

0:40:460:40:48

-Yes.

-We were thinking about eventually, at some point,

0:40:480:40:53

putting a conservatory off of the kitchen.

0:40:530:40:55

So it would come out in the same place as the patio is now.

0:40:550:40:58

And then maybe extending into the loft.

0:40:580:41:01

I think there's space for another bedroom, an en suite,

0:41:010:41:04

and maybe some storage.

0:41:040:41:05

But, ultimately this is going to be a family home for us,

0:41:050:41:09

hopefully for a good few years.

0:41:090:41:10

So, a fourth bedroom will be handy,

0:41:100:41:12

but it's not so much about the resale,

0:41:120:41:15

it's about making it big enough for us to all live in.

0:41:150:41:18

So, is this your dream home, would you say?

0:41:180:41:21

Have you found the right place for you to mature as a family?

0:41:210:41:24

It's nice cos we have a big garden, we've got a vegetable patch.

0:41:240:41:27

I've got one where we are now. We've got enough room for the chickens.

0:41:270:41:31

It's going to be a good home for life.

0:41:330:41:36

Bar a win on the lottery, I'd say it's what we wanted.

0:41:360:41:40

So, when are you moving in? The big question.

0:41:400:41:43

-Friday.

-Two days.

0:41:430:41:45

In a couple of days' time? Guys, good luck.

0:41:450:41:47

I'm so pleased you managed to get this property in the end,

0:41:470:41:50

and I know George will love his new home.

0:41:500:41:52

-Great. Thank you very much.

-Lovely to meet you.

-Cheers. Thanks.

0:41:520:41:56

MUSIC: "Home At Last" by Steely Dan

0:41:560:41:58

# Could it be that I have found my home at last?

0:41:580:42:02

# Home at last. #

0:42:020:42:05

I love the fact this bungalow will become Em and Nick and baby George's

0:42:070:42:11

"home for life", as Emma says.

0:42:110:42:13

But they basically have next to no budget to do any work here.

0:42:130:42:17

So, will that dated decor still be in place?

0:42:170:42:21

ill that ceiling still have all that Artex smeared all over it?

0:42:210:42:24

I hope not!

0:42:240:42:26

Find out what happens, later on in the programme.

0:42:260:42:29

Work should be well underway on our properties.

0:42:310:42:35

There's been plenty of time to do it.

0:42:350:42:37

When we return, though, will there be pots of paint,

0:42:370:42:40

brick dust, and ladders everywhere?

0:42:400:42:41

Or will they look brand-new?

0:42:410:42:43

I think we should go back, and find out.

0:42:430:42:46

Back by the river Derwent now,

0:42:470:42:49

and the gorgeous village of Milford, near Belper.

0:42:490:42:52

Here, Rachel, a physiotherapist from nearby Derby,

0:42:520:42:56

bought this lovely two bedroomed house for £61,000.

0:42:560:43:01

She didn't exactly have the ideal background or experience

0:43:010:43:04

to tackle a cottage with some serious renovation conundrums.

0:43:040:43:07

None more intriguing than the cellar at the back.

0:43:070:43:11

Is this something you've done before?

0:43:110:43:13

Absolutely not.

0:43:130:43:14

I bought a house, that I live in,

0:43:140:43:16

but it was a case of "wax and paint on, and make it mine".

0:43:160:43:18

But it was nothing like this at all.

0:43:180:43:20

I don't know. It's quite brave, I think.

0:43:220:43:24

That was just under three years ago.

0:43:250:43:28

Most renovations don't take this long,

0:43:280:43:31

so let's see what Rachel has achieved.

0:43:310:43:33

Well, the outside has been given a make over,

0:43:350:43:37

with new windows and a lick of paint.

0:43:370:43:41

Inside, the living room is now light and airy,

0:43:410:43:44

with the added bonus of a beautiful, large open fireplace.

0:43:440:43:48

And that kitchen has gone, so is it where I think it is?

0:43:480:43:52

MUSIC: "Right Moves" by Josh Ritter

0:43:520:43:54

# Am I making all the right moves?

0:43:540:43:56

# Am I singing you the right blues? #

0:43:560:44:01

In here, you had to step up into this room.

0:44:040:44:06

It wasn't really usable space before.

0:44:060:44:09

So, we actually had to have the floor lowered,

0:44:090:44:12

which turned out to be a major piece of work.

0:44:120:44:14

All the walls needed underpinning,

0:44:140:44:16

and this room isn't actually really part of my house.

0:44:160:44:19

It's effectively the cellar of the house above.

0:44:190:44:22

That was a big job, making sure that was done properly.

0:44:220:44:26

I just thought it was perfect space for a kitchen.

0:44:260:44:29

It's turned out really well.

0:44:290:44:31

I've got these oak units in here,

0:44:310:44:33

and I think that looks quite good,

0:44:330:44:35

in keeping with the country cottage-style theme.

0:44:350:44:38

In here, obviously there was a major problem with damp.

0:44:380:44:42

Wallpaper was kind of falling off the walls,

0:44:420:44:44

so I had to take everything back to the stone.

0:44:440:44:47

The only thing in the whole house that didn't need doing,

0:44:470:44:51

at the time when I bought it,

0:44:510:44:53

was the ceiling in this room.

0:44:530:44:54

But actually the pipes burst last winter, so there was a major leak.

0:44:540:44:58

So this ceiling had to come down.

0:44:580:45:01

But, actually, happy accident, cos it has these lovely beams now.

0:45:010:45:04

So, a bit of extra work, but not too much of a problem.

0:45:040:45:07

I like how it's turned out.

0:45:070:45:08

A happy accident, indeed, Rachel.

0:45:080:45:11

The beams have put the cottage look back into this room,

0:45:110:45:15

and the quirky but stylish kitchen looks great, too.

0:45:150:45:18

OK, so there's no natural light at the back,

0:45:180:45:20

but there's still ample lighting to make up for it.

0:45:200:45:22

So that's one problem solved.

0:45:220:45:25

Time to head up to the first floor,

0:45:260:45:30

where Rachel's done some reconfiguration

0:45:300:45:32

to make the space much more practical, and create a corridor.

0:45:320:45:36

So, in here, originally there was a bathroom over in the other corner.

0:45:360:45:42

I got sledgehammer-happy one weekend,

0:45:420:45:44

knocked that down,

0:45:440:45:46

and put up this wall, here,

0:45:460:45:48

to make a separate bathroom.

0:45:480:45:50

And then you've got your separate spare bedroom here.

0:45:500:45:53

Previously you had to walk through the bedroom

0:45:530:45:55

to go up to the main bedroom.

0:45:550:45:57

So it separates everything else.

0:45:570:45:59

Another problem solved, with a bathroom also added.

0:45:590:46:03

Up on the top floor, a total refurbishment

0:46:050:46:08

has given the main bedroom,

0:46:080:46:09

with its original floorboards and doors restored,

0:46:090:46:12

a lovely warm, rustic feel.

0:46:120:46:14

So, was the renovation

0:46:140:46:16

a heart-warming experience for Rachel?

0:46:160:46:19

This room was actually one of my first jobs.

0:46:190:46:22

I set about demolishing all the plaster straightaway,

0:46:220:46:25

but I had to get a professional in.

0:46:250:46:27

I got a builder in, and put my trust in him.

0:46:270:46:30

I had a bit of a difference of opinion, and fell out a little bit.

0:46:300:46:34

And went our separate ways.

0:46:340:46:36

With only half the work complete, the fall out with her builder

0:46:360:46:40

hampered Rachel's enthusiasm for the project.

0:46:400:46:43

So, metaphorically, she closed the door on the renovation

0:46:430:46:47

for over a year and a half.

0:46:470:46:48

If I'm honest, I never really felt the push to get things sorted,

0:46:480:46:52

because, financially, the climate as it is at the moment,

0:46:520:46:55

the market wasn't very good to sell.

0:46:550:46:58

So I knew I had a bit of breathing space, anyway.

0:46:580:47:00

After getting her breath back,

0:47:000:47:02

Rachel restarted the renovation eight months ago,

0:47:020:47:06

and did some of the demolition jobs, as well as project managing.

0:47:060:47:09

There are only a few days' work left

0:47:110:47:14

before the house is 100 percent complete,

0:47:140:47:16

but it seems that Rachel won't be around to enjoy it.

0:47:160:47:20

Unfortunately, three years, obviously lives change.

0:47:200:47:22

I've been very fortunate enough to be given a career break from my job,

0:47:220:47:26

for six months.

0:47:260:47:27

So, I'm actually going travelling.

0:47:270:47:29

It would make more sense for me now to put this on the market,

0:47:290:47:32

and hope that it sells.

0:47:320:47:34

I go in four days,

0:47:340:47:35

so it doesn't give me long to get things tied up.

0:47:350:47:37

But, nothing like living on the edge.

0:47:370:47:39

Good for you, Rachel.

0:47:390:47:40

But, while she may feel she's living on the edge,

0:47:400:47:43

did the long delay push her 20 to 30 grand budget over it?

0:47:430:47:48

I haven't done my final sums yet.

0:47:480:47:50

We're nearly there, but not quite yet.

0:47:500:47:52

But I'm think around the £25,000 to £30,000 mark.

0:47:520:47:56

So it wasn't too far out.

0:47:560:47:58

Add that to her original purchase price, back in 2009,

0:47:580:48:02

of £61,000,

0:48:020:48:05

and her total outlay could be a possible £91,000.

0:48:050:48:09

So, what do two local property experts make of her efforts?

0:48:090:48:13

First impressions are actually quite lovely.

0:48:150:48:18

It's far different to when I first saw it.

0:48:180:48:21

Clean, tidy, appealing.

0:48:210:48:23

And got some lovely character to it, too.

0:48:230:48:25

I suppose it always had that. It's that it's been exploited.

0:48:250:48:28

First impressions, it's been finished very well.

0:48:300:48:32

It's light and bright, which is unusual for a cottage.

0:48:320:48:36

I particularly like that she's put character windows in here,

0:48:360:48:39

that it's got the oak finish in the kitchen,

0:48:390:48:41

the original fireplaces.

0:48:410:48:43

It still has quite a lot of character.

0:48:430:48:45

Looking at the quality of what's been achieved,

0:48:450:48:48

I would say quite a lot of thought,

0:48:480:48:51

quite a lot of care has gone into it.

0:48:510:48:53

And the workmanship appears to be good.

0:48:530:48:55

Specification of the kitchen is fine. Bathroom looks good, too.

0:48:550:48:59

And, looking around,

0:48:590:49:00

I think she's done all she could do with it.

0:49:000:49:02

So, with Rachel planning to sell it,

0:49:020:49:05

and bearing that 91 grand outlay in mind,

0:49:050:49:08

how much could this property achieve, if sold?

0:49:080:49:11

I would suggest it would probably have a value of about £120,000

0:49:120:49:15

to £125,000.

0:49:150:49:18

I'd market this property at £138,000.

0:49:180:49:21

Hopefully to achieve £135,000.

0:49:210:49:24

That range of sales figures

0:49:240:49:26

could give Rachel a potential pre-tax profit

0:49:260:49:28

of between 29,000 and 44,000 quid.

0:49:280:49:32

Obviously, that's a fairly decent profit,

0:49:340:49:37

even if you go for the lower amount, if it was only to fetch £120,000.

0:49:370:49:40

So, I think I'd be happy to say that's quite a good success!

0:49:400:49:44

Well, let's hope that Rachel can make that sort of profit

0:49:440:49:47

before she ups sticks and starts her travels.

0:49:470:49:49

Then, what are her plans for the future?

0:49:490:49:52

# Am I making all the right moves? #

0:49:520:49:56

The plan for me now is obviously, in four days,

0:49:560:49:58

I'm jetting off on my travels, for six months.

0:49:580:50:02

Then, when I come back, I'll definitely be looking

0:50:020:50:06

for somewhere to live, somewhere to buy.

0:50:060:50:09

So, watch this space.

0:50:090:50:11

It's now back to Tisbury, in Wiltshire,

0:50:180:50:20

where earlier we met Emma and Nick,

0:50:200:50:23

and their five-month-old baby, George,

0:50:230:50:25

who bought this three bedroom bungalow for £227,000.

0:50:250:50:29

This was going to be their first family home.

0:50:290:50:32

with lots of space and potential, the future looked rosy.

0:50:320:50:37

OK, the decor was dated,

0:50:370:50:38

and there was a bathroom you had to squeeze to get into,

0:50:380:50:42

but financing the move had put a real squeeze on their finances.

0:50:420:50:47

How much money has that left you for renovations for this house?

0:50:470:50:51

Zero pounds.

0:50:510:50:52

HE LAUGHS

0:50:520:50:54

Literally, you have nothing to spend on this house?

0:50:540:50:58

Well, once we get our deposit back from our rental property,

0:50:580:51:01

we've got £1,000.

0:51:010:51:02

But, until then, nothing.

0:51:020:51:04

It's just as well for Emma and Nick that, apart from its tired state,

0:51:040:51:08

there wasn't a lot wrong with the bungalow.

0:51:080:51:10

But it will be interesting to see what they did

0:51:100:51:13

with that £1,000 budget.

0:51:130:51:15

Well, 13 months later, and the living room hasn't been redecorated.

0:51:180:51:23

But with furnishings, it does now look much more

0:51:230:51:26

like a cosy family space.

0:51:260:51:28

But the kitchen has had a mini make over, as Nick explains.

0:51:310:51:35

Right, this is the kitchen.

0:51:390:51:40

We've done a fair amount of work in here.

0:51:400:51:44

We've painted the cupboards, we've painted the walls.

0:51:440:51:47

We've put in some under-cupboard lighting, as well,

0:51:470:51:50

to give it a nice feel later on in the evening.

0:51:500:51:53

Next step is to change the work surfaces, and then do the floor,

0:51:530:51:57

and then we're done.

0:51:570:51:59

There's also been a splash of paint in the main bedroom,

0:51:590:52:03

with the walls redecorated.

0:52:030:52:05

The spare bedroom has also had the same sort of refurbishment.

0:52:050:52:09

Unfortunately, Nick and Emma's tight budget

0:52:110:52:14

means the bathroom and loo have remained untouched,

0:52:140:52:17

although they hope to rectify that soon.

0:52:170:52:19

But out of all the rooms, it's toddler George, now 17 months,

0:52:190:52:24

whose bedroom had the five-star treatment.

0:52:240:52:28

Right, this is George's room.

0:52:280:52:30

We've painted the walls quite a nice yellow.

0:52:300:52:33

We've re-carpeted it. He really likes it in here.

0:52:330:52:36

He loves sitting in here, and reading his books on his own

0:52:360:52:39

George is in the living room now,

0:52:430:52:45

clearly at home in his new surroundings.

0:52:450:52:48

It appears it didn't take Nick and Emma long

0:52:480:52:50

to get settled in, either.

0:52:500:52:52

The house wasn't unliveable.

0:52:520:52:55

It's just not to our taste.

0:52:550:52:57

We've literally been doing stuff up until two days before you came.

0:52:570:53:01

I was doing stuff last night, I think.

0:53:010:53:04

Yeah. I was sweeping the drive, or trying to.

0:53:040:53:07

So, it's an ongoing project.

0:53:070:53:10

They will redecorate the living room next,

0:53:130:53:15

which means getting to grips with the Artex ceiling,

0:53:150:53:18

and getting that bathroom sorted.

0:53:180:53:20

Fortunately, as their budget was limited,

0:53:200:53:22

there were no big surprises.

0:53:220:53:25

There haven't really been any problems,

0:53:250:53:28

but we both work. We've got George.

0:53:280:53:32

And it's just a matter of time.

0:53:320:53:33

Nick works long hours,

0:53:330:53:35

so by the time he gets home, the last thing he wants to do is DIY.

0:53:350:53:38

But we haven't had any major problems.

0:53:380:53:40

In fact, one area full of changes and surprises was the garden,

0:53:400:53:44

where the couple have embraced the good life.

0:53:440:53:48

And it's not just vegetables they're rearing.

0:53:510:53:53

Nick has built a large chicken coop,

0:53:530:53:56

and, with Woody the dog on guard,

0:53:560:53:57

hopefully there will be lots of fresh eggs on the menu.

0:53:570:54:01

MUSIC: "Do The Funky Chicken" by Rufus Thomas

0:54:010:54:03

# Do the funky chicken now

0:54:030:54:05

# Do the funky chicken now. #

0:54:050:54:08

And it's out here that with their budget already thinly-stretched,

0:54:080:54:11

they had to purchase a new oil tank for the heating.

0:54:110:54:14

Obviously, spending money on the oil tank has been a pain,

0:54:140:54:18

because if we had a choice,

0:54:180:54:20

we wouldn't choose to spend money on an oil tank.

0:54:200:54:24

We'd probably do something different,

0:54:240:54:26

but, unfortunately, that's the way it's happened.

0:54:260:54:28

Yeah. You need heating.

0:54:280:54:31

HE LAUGHS C'est la vie.

0:54:310:54:33

Along with the other improvements,

0:54:330:54:35

the new oil tank has pumped up the budget

0:54:350:54:37

from £1,000 to £2,500.

0:54:370:54:40

Add that to the purchase price of £227,000,

0:54:400:54:43

and the couple's outlay is just under 230 grand.

0:54:430:54:47

Was it money well spent?

0:54:470:54:51

Time to hear the thoughts of two local estate agents.

0:54:530:54:57

I think they've made a good start.

0:54:590:55:01

Obviously, I did expect to see more,

0:55:010:55:03

but they have made a good start, and it looks in good order.

0:55:030:55:06

It's a very nice bungalow, lovely location.

0:55:060:55:09

Tisbury's a very popular village,

0:55:090:55:11

and people look for those aspects when considering a move to an area.

0:55:110:55:14

Both agree that the bungalow still needs upgrading.

0:55:140:55:18

For the present, though, this will be a family home.

0:55:180:55:21

Bearing in mind their total spend of around £230,000,

0:55:210:55:25

what sort of resale figure could it achieve?

0:55:250:55:28

In terms of sale price,

0:55:290:55:31

I would recommend an asking price

0:55:310:55:33

in the region of £250,000 for the property.

0:55:330:55:35

I would see the property selling somewhere in the region of £250,000.

0:55:350:55:40

-That's about right.

-That's what we sort of expected.

0:55:400:55:43

Yeah, I expected that.

0:55:430:55:45

That figure could give the couple

0:55:450:55:47

a possible pre-tax profit of £20,000.

0:55:470:55:50

But the real value for them is having a lovely family home.

0:55:500:55:54

And any work that needs doing, well that can just wait its turn.

0:55:540:55:57

MUSIC: "WE Have All The Time In The World" by Louis Armstrong

0:55:570:56:00

# We have all the time in the world. #

0:56:000:56:04

We are planning to stay here for a long time.

0:56:070:56:11

Moving is so stressful, I don't think I can cope with it again.

0:56:110:56:15

So, we're not intending to move.

0:56:150:56:19

We can build up into the loft,

0:56:190:56:22

and make it a bit bigger,

0:56:220:56:24

and generally I think we can grow into this quite well.

0:56:240:56:27

Yeah. We're really happy here,

0:56:270:56:29

so I don't think there's any reason to move.

0:56:290:56:31

Look forward to seeing you next time, on Homes Under The Hammer.

0:56:420:56:45

Yes, we'll have lots more interesting properties,

0:56:450:56:47

-and ambitious buyers for you then.

-Take care.

-Goodbye.

-Bye.

0:56:470:56:51

Subtitles by Red Bee Media Ltd

0:57:110:57:14

Martin Roberts and Lucy Alexander visit a one-bedroom flat in London, a two-bedroom cottage in Derbyshire and a bungalow in Wiltshire. All of these properties have been sold at auction. Martin and Lucy find out who bought them and what they paid when they went under the hammer.