Episode 76 Homes Under the Hammer


Episode 76

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Transcript


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-Hello!

-It's not just homes that can be bought at auction,

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there's office space, holiday hideaways

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and even investment properties.

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We've seen allsorts of outcomes and creations over the years

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buying property under the hammer.

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The auction is fast-paced,

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but do your homework and you could be onto a good thing.

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Know your facts. Buy the right property in the right location and at the right price.

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Get the three Rs right and you could be onto a good thing.

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Here are the properties that inspired the buyers on today's show.

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Coming up... In Devon, wild horses couldn't drag me from this former coach house.

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An amazing opportunity for a mind-blowingly brilliant project.

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This Victorian mid-terrace in London has me hooked in more ways than one.

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..10, 11, 12, 13, 14, 15, 16... 17 coat hooks!

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And in Yorkshire, this detached property may look quirky and interesting,

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but inside it doesn't quite match up to those expectations.

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All these properties have been sold at auction.

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We'll find out who bought them and what they paid for them when they went under the hammer.

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It's yours, sir. Well done.

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For the first lot that went under the hammer,

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I'm in Devon, visiting a property close to the village of Exbourne.

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Exbourne is very much a rural Devon village,

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surrounded by beautiful countryside.

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Yet, it's only five miles from Okehampton and all the facilities.

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There's a shop, a post office and, of course, a pub.

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And the property I'm here to see is just down this little lane.

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The property is a former coach house,

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built around 1840.

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It's been a home for the horses, carriages and grooms for the local country house.

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The coach house had a guide price of £150,000

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and is in a great spot, overlooking the fields.

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Let's start on the top floor, formerly the grooms' accommodation.

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Well, those external stairs are the only access

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to the main living accommodation, so that's not ideal.

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But what have we got? Well, straight into this room here,

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which is a living room, I suppose. Little wood-burning stove...

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Very little in the way of heating. It is actually quite cold today!

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You've got storage radiators. Definitely need to sort that. Bedroom there, I imagine.

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You get the feeling straight away it's just one long...

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..kind of linking set of rooms.

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Not at all ideal. In a very shabby state,

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nowhere more so than in the kitchen here,

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which smells damp, it feels damp.

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It's clearly in need of total renovation.

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We're talking about ripping out the whole of the central part of the property,

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leaving the walls, and reconfiguring it properly.

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At the moment, it doesn't work, really, does it?

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I'm wondering how much could be salvaged here.

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There are some lovely fireplaces and original features,

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but so much appears to be patched up.

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The electrics are going to need a full safety check

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and the plumbing will need replacing, as well.

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As for the tiny bathroom and loo,

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well, you can't ignore the damp, the cracks and the smell of mould.

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And the cracks continue downstairs.

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Well, downstairs, depending on your point of view,

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it either gets much worse or actually much better.

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These are the original stables.

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As you can see, a lot of the original fittings are still here.

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But what you've got is a fantastic space.

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Now we're thinking about how we're going to do something with this property,

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whether or not you could try and keep some of the feeling of this stable.

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But either way, suddenly I'm thinking,

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"What an amazing opportunity for a mind-blowingly brilliant project."

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Off the stable area, there are two further rooms.

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There's plenty of square footage here,

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enough to make an excellent kitchen and living space.

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But it's obvious just from having a quick look

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that the structure needs serious attention first.

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Like a lot of rural properties of this kind of age,

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the coach house is made of cob.

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That's a mixture of sand, straw and clay.

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It doesn't sound very stable or long-lasting, does it?

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Actually, it is, as long as the hat and the feet are in good condition.

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Basically, as long as the roof and the foundations are OK.

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But once the render starts to go,

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or you have problems with the roof or the foundations,

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things, as you saw there, just start to crumble

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and then you really have got problems.

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But this coach house, that went to auction at a guide price of £150,000,

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has one last surprise in store, tucked away out of sight.

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Come through this little archway

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and what do you think you're going to find?

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I'll tell you what, I bet you don't expect to find this!

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It's a walled garden

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with all these beautiful conifers.

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I mean, on a frosty morning like this,

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I imagine at any time of the year,

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it's absolutely charming.

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# In my secret garden

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# A rose without a thorn #

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In addition to the garden, there's an area to the front,

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so in total, about half an acre of grounds.

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We invited a local property expert, who works for the auctioneer,

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to tell us more about this unusual period property.

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What are the options for anyone tempted to purchase this former coach house?

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I don't think the planners would be very keen on it being knocked down.

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I think you could retain some of the character,

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the beams and original fabric could be used again on a very nice conversion.

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I think you can extend it under permitted development, I'm sure there'd be no objection,

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and make a really nice three or four-bedroom house.

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So a charming character property in a beautiful setting.

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Once renovated, would there be a rental demand?

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As a newly refurbished house, it would rent very easily.

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Depending on whether it was a three or four-bed,

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I think it would rent for between £900 and £1,000 per calendar month.

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The property went to auction guided at £150,000.

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So, once renovated, what could the place sell for?

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If it was converted to a really good specification,

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I think it would easily fetch £325,000, maybe even £350,000.

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If you made it into a four-bedroom house by extending it,

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you'd probably fetch something in the region of £375,000,

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maybe a bit more.

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Depending on what kind of a person you are, you'll be either thinking,

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"Just no way!" or "What a fantastic opportunity."

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I fall into the second category. I would love to take this place on.

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Gorgeous location, fantastic little garden,

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about as much character as you could possibly hope for...

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Let's see who agreed with me when it went under the hammer.

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On lot 54, we have a telephone bid. Tremendous opportunity here.

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A two-storey former coach house. Guide price is £150,000-plus.

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I've got a property bid, too,

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so I'm going to start the bidding at £150,000.

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I've got a bid of £150,000. Any competition from the phone or the room?

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155. 160. 165. 170.

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Any advance on 170? What about the phone?

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175, new place. 175. 180. £180,000.

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At 182. I've taken 182. You can go 185 or 184.

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184? 185!

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'This auction lot was, not surprisingly, keenly contested.

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'We pick it up later,

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'when the bidding has reached £205,000.'

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205.

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206.

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207. 208. 209.

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£210,000, seated.

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211. 212? 213. 214.

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215. 216.

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Willing to go 217? Big shake of head there.

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£216,000 it is, then. Sold to you, sir.

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That final successful bid of £216,000

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was made by local man John,

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who currently lives nearby in Okehampton.

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John and his wife have been looking for a new property

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to make their home for the last six months,

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and then spotted this old coach house.

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Now they plan to do it up,

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with the help of their son Paul, and move in.

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I met John and Paul back at the coach house to find out more.

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-John, Paul, lovely to meet you. Congratulations.

-Thank you.

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What a great character place you've got here! Tell me why you bought it.

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I think you need a bit of imagination, but...

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I think the garden was the main draw. The garden's absolutely fantastic.

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Cob-wall enclosed. Really super. And the house...

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Let's talk about location. It's pretty good, isn't it?

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Well, that's what we bought it for. It's all about the location.

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I used to live in the village. Paul was brought up in the village,

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my other children were brought up in the village, so we've got a strong local connection.

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How lovely. And in buying this coach house, John is really coming back home.

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And although his son Paul won't be living here,

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he will be heavily involved in the project.

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I'll manage the building works. We'll use various local subcontractors.

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Dad's done the design and it's for me to implement it.

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Paul, do you have experience in building works?

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I have, over the last 15 years, done various construction jobs.

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-My trade is I'm an electrician...

-Oh!

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..but deviated away from that in more major building works

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through various projects with my father.

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-This is going to be your full-time job for a while?

-Yes, for the next, er, well, six months, hopefully.

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What involvement will you have, practically?

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I'll be managing it, getting prices for materials,

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doing more of the stuff away from the site,

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whereas Paul will be managing the contractors on site.

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It's not just on building projects that John and Paul work together.

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They also run an adventure activity site for kids,

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providing hostel accommodation and outdoor activities

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like kayaking and rock climbing.

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Something tells me this renovation,

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of what John hopes will become a four-bedroom family home,

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will be a rather adventurous activity, too.

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Tell me what you're going to do. What are your ideas?

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OK, well, downstairs, this is going to be a lounge.

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Very open-plan. We're trying to keep it simple.

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And the other end of the building is going to be a kitchen-breakfast room.

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We're going to make upstairs just into bedrooms.

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There's going to be four bedrooms and a bathroom.

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It's nice to go onto any project where you start with a blank canvas.

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All of the walls upstairs are false walls, they're not load-bearing,

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so they can all come down and have a new layout.

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There's lots to do to keep us busy, but it'll be fun.

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As for those cob walls, John's worked with cob buildings before.

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Paul also knows the main things to watch out for.

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The hardest thing is keeping the damp out on cob walls

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and that's going to be one of the issues here.

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We found out that the ground level at the back is higher than it is inside,

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so the first step is to take the floor level down out the back

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so that we know no wall is going to be travelling in.

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And the second stage of it is to tank all the walls

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and hold the damp back that way.

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What kind of budget have you got?

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Er, we're hoping about £40,000!

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But 40 to 50,000 is the guide.

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-I wish you both all the best. Congratulations.

-Thank you.

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-I can't wait to see how you finish it off!

-Me, too!

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So John's keeping the renovation fairly simple,

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which I think is a good thing,

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and with the help of son Paul,

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turning this place into the most incredible family home.

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Still, it is a race against time to keep the water out of the walls.

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Hope will they get on? Find out later in the show.

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When it comes to location, the next property is off to a great start.

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It's right beside Victoria Park,

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one of London's finest and most historic green spaces.

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Way back in the 1800s,

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30,000 East-Enders signed a petition and sent it off to Queen Victoria.

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It was a powerful petition

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because it opened this park to the public in 1845.

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Before that time, it was a private royal park.

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Enjoyed by thousands of people ever since,

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Victoria Park is a true East-End asset.

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MUSIC: EastEnders Theme Tune

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Often described as "the lungs of London",

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its parks are considered a vital commodity in the city known as the Big Smoke.

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You can feel a world away from the hustle and bustle,

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but you're always much closer than you think.

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The park is there, the property is here.

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Yes! 10 out of 10 for location, then.

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From where I'm standing, this house looks magnificent.

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There's three storeys, four bedrooms.

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The guide price - £350,000.

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It all sounds a bit too good to be true!

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# Wise men

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# Say

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# Only fools rush in

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# But I can't help

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# Falling in love

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# With you #

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I can't help falling in love with this place already

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and I'm barely through the door!

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Immediately, I've got a great feeling about this place.

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It feels well-maintained.

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And if you're looking to hang up your jacket, look no further!

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There's not one, not two, not even three,

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but four, five, six, seven, eight, nine,

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10, 11, 12, 13, 14, 15, 16... 17 coat hooks!

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You'd need an extensive coat collection or a very big family.

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In here, you've got a wonderful reception area.

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Lovely views of the park through that big bay window.

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On a sunny day like today, it looks amazing.

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The only thing I'd change would be this laminate floor.

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It's not really in keeping with this property

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and I would love to see if the original floors are lurking underneath.

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If they are, I would definitely have them refurbished.

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Reinstated period features are such a joy

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and would make this house even more appealing.

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Downstairs is in good order, save a few areas of dry rot,

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which could easily be fixed.

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At the back, there's a lovely walled garden.

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And upstairs, there are more good-sized rooms, ripe for renovation.

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The relatively low guide price was £350,000,

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and I think all it needs is a healthy dose of TLC.

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So far, so good. A great house for its low guide price.

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So come on, there must be a downside here!

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Do you know what? I think I've found it.

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Unfortunately, at the end of that pretty little garden, complete with its apple trees,

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is the A12, with lorries thundering past day and night!

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Nice!

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Not ideal, but adding some shrubs and installing double glazing should hide the worst of it.

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Whilst I love this house, what would a local estate agent think?

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We invited one along to find out.

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This is a lovely-sized Victorian property.

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It's got some really nice features, the sash windows, the bay windows,

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and it overlooks the fabulous Victoria Park.

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If I was going to renovate this house myself,

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I would take the laminated flooring out,

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strip it back to the original floorboards,

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skim all the walls, leave all the sash windows in

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and just give it a good thorough refurbishment.

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One of the great benefits for property like this is,

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you could renovate it as it is to have a beautiful family home

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or you could split it to make two flats.

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If the buyer were to refurbish and opt for the former,

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what could the house sell for?

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Once renovated to a high standard, this property could go back on the market for round about £575,000,

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possibly more if done really well.

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And if they were to divide it into two separate flats?

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Round about £310,000 for a decent-looking two-bed flat.

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Creating two flats certainly seems to raise the profit margin.

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Rent-wise, the estate agents think they could get up to £1,500 a month each.

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But how much rental income could you get

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if it was renovated as a single house?

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As a whole house,

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I'd certainly be looking at around about...

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..£2,400 per calendar month.

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There are options here.

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You could refurbish this house and turn it into a beautiful family home

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or you could divide it into flats.

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The investor in me has to opt for the second option. I think it's the more profitable.

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Everything is subject to planning, of course,

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but if you receive the green light from the planners for this lot,

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it could make someone a pretty penny.

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Let's see who was up for this East-End property at auction.

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Where would you like to start? I'll take 350.

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355. 360.

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There was a lot of interest in this lot and the price quickly rocketed.

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We rejoin as the price reaches 411,000.

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411.

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412. 413.

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414.

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415. 416?

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One more go. It might be her sort of "That's my limit".

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415. First time.

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Second time. Third and last time. Are we all done?

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Sold. 415. Well done. Well bought. It's a nice property.

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The lucky and clearly delighted buyer is Marta,

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with her bid of 415,000.

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# Well, she always knows her place

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# She's got style, she's got grace She's a winner #

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Marta's a 25-year-old property investor

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with a strong family background in the property market.

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Her parents are successful developers in Portugal.

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This mid-terrace house will be her biggest project to date.

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What was really exciting about watching you at auction,

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at the end, you clenched your fists and you were so happy!

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I can't even remember!

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Were you happy with the price you paid?

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I went out to buy the property, I really wanted to get it and I was determined.

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I'd been looking for something special, so when I did get it I was very happy.

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I was happy with the price because of the size of the property. It's incredible.

0:20:130:20:18

-What would you have paid for this house?

-Erm...

0:20:180:20:21

What would you have gone up to?

0:20:210:20:22

I went in thinking it would go to 400,

0:20:220:20:26

and when it got to 415, I shook my head at the other bidder saying, "No!"

0:20:260:20:32

The auctioneer said, "Maybe she'll give up"

0:20:320:20:34

and I shook my head and said, "No, I'm going for it."

0:20:340:20:38

I probably would've been prepared to pay a little bit higher, going up to 450, I think.

0:20:380:20:43

So it turns out that securing this for £415,000

0:20:430:20:47

was a great deal for Marta,

0:20:470:20:49

and leaves her with a much healthier budget

0:20:490:20:52

to spend on getting it up to scratch.

0:20:520:20:56

I don't need to ask you why you wanted to buy this property.

0:20:560:20:59

It's amazing. I mean, everything about it...

0:20:590:21:02

The location is where I like to look for properties. This is where I've been looking for a while.

0:21:020:21:08

It's where it's happening at the moment

0:21:080:21:11

and I believe it's where people want a house,

0:21:110:21:14

so the resale capability is amazing.

0:21:140:21:16

With the Olympics and the redevelopment of the area, new businesses opening up,

0:21:160:21:21

I think it really was a place that I wanted to be.

0:21:210:21:24

-I think this area will benefit from the ripple effect. It hasn't quite yet, has it?

-No.

0:21:240:21:29

-But I think it will in time.

-It will in time.

0:21:290:21:32

I mean, if you go closer to Old Street and Brick Lane,

0:21:320:21:37

in the space of a year, that has been completely transformed.

0:21:370:21:42

So I'm hoping that in the space of another six months -

0:21:420:21:46

Whoever buys this house is going to be happy to walk out the front door

0:21:460:21:49

and skip along in that wonderful park.

0:21:490:21:53

-It's fantastic, isn't it?

-Amazing.

0:21:530:21:55

On a sunny day, it's incredible. The trees are amazing.

0:21:550:21:58

And it's so quiet and peaceful and I think that's what you want in London.

0:21:580:22:02

Does the front part outweigh the back?

0:22:020:22:05

What I'm intending to do with it is convert it into two maisonettes.

0:22:050:22:09

It has the potential to be two luxurious, high-end flats.

0:22:090:22:14

Each of those flats have their assets.

0:22:140:22:17

One of the flats has these amazing views of the park,

0:22:170:22:21

the other flat will have the beautiful garden.

0:22:210:22:23

Marta carried out a lot of research before buying this property.

0:22:230:22:27

Converting it into two flats could actually halve her risk here,

0:22:270:22:31

as flats in this area are much riper for resale than whole houses.

0:22:310:22:35

Do you have a Plan B? What if you don't get the permission and it has to stay as a house?

0:22:350:22:41

I have to say that I have an advantage in that area,

0:22:410:22:46

given that the house a couple of doors down

0:22:460:22:49

has also achieved planning permission that I'm looking for to turn it into two flats.

0:22:490:22:54

-OK, so the precedent has already been set?

-Yes.

0:22:540:22:57

There shouldn't be any reason why it shouldn't go ahead.

0:22:570:23:00

-Fingers crossed.

-I've got my fingers crossed!

0:23:000:23:02

If all goes well with the planners,

0:23:020:23:05

Marta hopes it will take between four and five months to complete the renovation.

0:23:050:23:09

She has a good budget of around £100,000.

0:23:090:23:13

What are her plans for the overall look?

0:23:130:23:16

I like to go for a contemporary feel, but with original features.

0:23:180:23:22

I want it to feel very warm, but still with a touch of modern.

0:23:220:23:27

I'll put plasterboard ceilings in, spotlights.

0:23:270:23:31

I'm going to try and restore these floorboards

0:23:310:23:34

because underneath this laminate,

0:23:340:23:36

I was shocked and very excited to find out

0:23:360:23:41

-that the real floorboards are here.

-They are!

0:23:410:23:44

-They're all there.

-Good news that there's been laminate over the top...

-Protecting them.

0:23:440:23:48

..to protect them! Fantastic!

0:23:480:23:51

-So, you are going to restore them?

-Absolutely.

0:23:510:23:53

All the original fittings I shall keep and restore because it adds character.

0:23:530:23:58

-Marta, good luck with this project.

-Thank you.

0:23:580:24:01

-It's been so nice meeting you. Take care.

-Thank you.

0:24:010:24:04

Marta is focused,

0:24:050:24:07

but she'll need to be to successfully manage this project.

0:24:070:24:11

With £100,000 budget and a four-to-five-month timescale,

0:24:110:24:14

she's certainly ambitious.

0:24:140:24:16

But it is a large development and I hope she hasn't underestimated the amount of work here.

0:24:160:24:21

How does she get on? Find out later on in the show.

0:24:210:24:25

Still to come... In Barnsley, this former hair salon has me all choked up.

0:24:260:24:32

Did Marta's renovation in east London go smoothly?

0:24:370:24:42

By the time we had permission, the bank would no longer give funds to my company.

0:24:420:24:46

But first, in Devon, John had bigger problems than expected.

0:24:470:24:52

I took some slates off and realised the timbers were in poor condition.

0:24:520:24:56

We're back in rural Devon,

0:25:000:25:02

Exbourne, to be precise,

0:25:020:25:04

where this former coach house, built around 1840,

0:25:040:25:07

sold at auction for £216,000.

0:25:070:25:11

It was bought by John

0:25:110:25:13

for him and his wife Mary to live in.

0:25:130:25:15

Their son Paul, a qualified electrician with renovation experience,

0:25:150:25:20

was going to help manage the project.

0:25:200:25:22

Tell me what you're going to do. What are your ideas?

0:25:220:25:26

OK, well, down here, this is going to be a lounge.

0:25:260:25:30

Very open-plan. We're trying to keep it simple.

0:25:300:25:33

And the other end of the building is going to be a kitchen-breakfast room.

0:25:330:25:38

We're going to make four bedrooms upstairs and a bathroom.

0:25:380:25:41

The cob-built property, with grooms' accommodation on the top floor and stables on the ground,

0:25:410:25:46

was in a very poor state of repair.

0:25:460:25:48

But with a beautiful walled garden

0:25:480:25:51

and character features desperate to be lovingly restored,

0:25:510:25:54

it was surely going to benefit from John's conversion.

0:25:540:25:58

He hoped it would take around six to eight months.

0:25:580:26:02

So seven months later, we're back.

0:26:020:26:04

How is the coach house looking now?

0:26:040:26:07

It seems like John and Paul haven't spared the horses getting this place into shape.

0:26:100:26:15

The exterior has been completely re-rendered,

0:26:150:26:18

with new windows and French doors letting in plenty of light

0:26:180:26:22

to reveal...

0:26:220:26:24

..a rundown workroom now turned into a stunning rural-style kitchen,

0:26:280:26:33

in keeping with the character of the cottage.

0:26:330:26:37

The former stable is now a comfortable lounge area.

0:26:380:26:42

It's an amazing transformation.

0:26:430:26:45

Everywhere there are the warm, inviting textures of wood,

0:26:450:26:49

complemented by the excellent quality of the carpentry.

0:26:490:26:53

So a fantastic final product. But how was the renovation for John?

0:26:530:26:58

It's changed completely.

0:26:580:27:00

We kicked off virtually the day we completed.

0:27:000:27:05

The scaffold went up, we got straight on,

0:27:050:27:08

took some slates off and realised that the timbers were in poor condition.

0:27:080:27:12

We decided to re-roof. That was the biggest job.

0:27:120:27:16

It was worthwhile. Now we've got a nice new roof.

0:27:160:27:19

After the roof was done, we moved straight down and started on the ground floor.

0:27:190:27:24

We took out the stable pens. We took up the cobbles, which we've kept.

0:27:240:27:28

We put underfloor heating in, new floor right the way through.

0:27:280:27:32

New staircase. The staircase was outside before.

0:27:320:27:36

And then we decided that we needed a new chimney.

0:27:360:27:40

Paul managed the project really. I did all the design work.

0:27:400:27:46

Paul was a bit frustrated sometimes

0:27:460:27:49

because the design developed during the build!

0:27:490:27:53

John and Mary took a very conscious decision

0:27:530:27:56

to design this house as a long-term home

0:27:560:27:58

and not with an eye to selling quickly for profit.

0:27:580:28:01

But this did impact on their original design for a four-bed,

0:28:010:28:06

as Mary explains...

0:28:060:28:09

The size could've lent itself to a four bedroom,

0:28:090:28:12

but for us, we were trying to keep the big dimensions of the rooms.

0:28:120:28:16

We decided we'd go for two big rooms and a smaller study.

0:28:160:28:21

But the study is still a decent-size room.

0:28:210:28:23

We didn't feel that there was a need to put ensuites in, as we're just "us two".

0:28:230:28:30

We've designed it very much around us.

0:28:300:28:32

We've got a small bathroom that guests can use.

0:28:320:28:36

We went for the master bedroom at the end,

0:28:360:28:39

where we can look over that walled garden.

0:28:390:28:41

They've got two double bedrooms and a study, rather than four bedrooms.

0:28:410:28:46

But is there potential to extend in future

0:28:460:28:49

without affecting the garden they love so much?

0:28:490:28:53

One of the options that we can do

0:28:530:28:55

is to build a conservatory on this end gable.

0:28:550:28:59

Now, the dilemma is, what do we do about the wall that we love?

0:28:590:29:06

One of the options is that we put an opening into the wall

0:29:060:29:11

so that we build the conservatory on the other side of the wall

0:29:110:29:15

and we can look through the hole and include the garden into the conservatory.

0:29:150:29:20

That's what we're certainly considering.

0:29:200:29:23

Their original budget for this renovation was estimated at between 40 and 50,000 pounds.

0:29:270:29:34

So, did John and Mary stick to their original figures?

0:29:340:29:38

Er, 60,000 we're at at the moment.

0:29:380:29:43

I'm sure there'll be a few more things. We've still got lots of work to go on the garden.

0:29:430:29:47

I'm sure Mary will want lots of things in there!

0:29:470:29:50

So, has all their hard work paid off?

0:29:500:29:54

We invited two local experts to view the property

0:29:540:29:57

and give us their opinion.

0:29:570:29:59

This house has always had a soft spot in my heart.

0:30:000:30:04

It was in a special location and one of those houses that you rarely find.

0:30:040:30:09

As an estate agent, you think, "Wow!"

0:30:090:30:11

I think they've done a fantastic job. It's a lovely home.

0:30:110:30:15

I think they've done a superb job.

0:30:170:30:19

They've paid special attention to retaining some of the character,

0:30:190:30:23

the exposed beams, shaped walls, whilst having all the mod cons.

0:30:230:30:26

I really do think it's a superb property.

0:30:260:30:28

The lounge and kitchen are fantastic living areas.

0:30:280:30:31

The fact that they've made the whole space more or less open-plan

0:30:310:30:35

is in keeping with today's trends.

0:30:350:30:38

John and Mary paid £216,000 originally at auction

0:30:380:30:42

and have spent a further £60,000 on renovations

0:30:420:30:45

during the past seven months.

0:30:450:30:47

That brings their total outlay to £276,000.

0:30:470:30:51

What sale value could the property realise now?

0:30:510:30:55

I would recommend an asking price of £365,000,

0:30:570:31:01

looking to achieve £350,000.

0:31:010:31:04

I would put a guide price of £350,000

0:31:040:31:08

and I would expect to achieve it.

0:31:080:31:10

A resale at £350,000

0:31:110:31:13

would mean a profit of around £74,000, before tax and expenses.

0:31:130:31:19

Considering how little time has passed since they bought it, are they pleased?

0:31:190:31:23

That's pretty spot on on what I thought it was going to be valued.

0:31:230:31:27

-Round about 350, I would've thought.

-Yes.

0:31:270:31:30

But it's not about price, is it? It's about our home.

0:31:300:31:33

So John and Mary have successfully tackled a broken-down coach house

0:31:360:31:40

and transformed it into the place they always dreamt of.

0:31:400:31:45

What do they think is the best thing about their new home?

0:31:450:31:48

One of the best things

0:31:480:31:51

is that we can sit in front of the old coach doors in the new window

0:31:510:31:56

and watch the sun go down.

0:31:560:31:58

It really is stunning.

0:31:580:31:59

It now looks like it should've done when it was built, as a nice, rural cottage.

0:31:590:32:05

It's ideal and we're very pleased with how it's come out.

0:32:050:32:09

Today I've come to Hoyland Common, just outside Barnsley,

0:32:120:32:16

with rows of Victorian houses.

0:32:160:32:18

With many amenities, there's plenty to keep property buyers happy.

0:32:180:32:23

Built around 1890,

0:32:240:32:27

the property I'm here to see is actually a commercial unit.

0:32:270:32:31

At a guide price of £20-25,000,

0:32:310:32:34

and it's this great big detached building,

0:32:340:32:37

from the outside, it looks like it's going to be pretty good value for money!

0:32:370:32:42

It seems to have quite a bit of character -

0:32:420:32:45

exposed brickwork and an arched window on the first floor.

0:32:450:32:48

So judging by the outside, the inside could be quirky and interesting.

0:32:480:32:53

That's a bit of a disappointment!

0:32:540:32:57

This is the bit I could see, which looks like it's in reasonable nick.

0:32:570:33:01

Sadly, inside doesn't quite match up to those expectations.

0:33:010:33:06

The rear of the property, this one room. Very high ceilings.

0:33:060:33:09

It looks like there might be something interesting going on up there in the loft area.

0:33:090:33:15

I'll maybe investigate that later.

0:33:150:33:17

But as you can see, it is in a bit of a state and looks like it's damp.

0:33:170:33:21

Hm. Let's take a look at the front.

0:33:210:33:24

Oh, OK. Thankfully, this front bit looks like it's in slightly better condition.

0:33:240:33:29

A sink unit... That's interesting. Actually, that makes sense

0:33:290:33:33

because up until quite recently, this was a hairdressers.

0:33:330:33:37

No toilet facilities, which is kind of odd.

0:33:370:33:39

Somewhere people sat... Presumably there was a chair where the cutting was done.

0:33:390:33:43

Good window space.

0:33:430:33:45

So if you were planning to use this as a commercial unit, that's good to have.

0:33:450:33:50

Good access from the front.

0:33:500:33:52

It has got that planning permission to be a business,

0:33:520:33:56

so it could be an estate agents or something similar.

0:33:560:34:00

Or you might want to consider converting it into residential,

0:34:000:34:05

which would require permission and may or may not be possible.

0:34:050:34:08

But as it is, it's quite a nice little space, really.

0:34:080:34:13

So my hair's all set, but this property does seem to be having one long bad-hair day.

0:34:180:34:24

# Almost...

0:34:240:34:25

# Cut my hair #

0:34:250:34:29

So, what has this place got going for it?

0:34:290:34:32

Next door, the ladder looks a bit dicey,

0:34:320:34:34

so forget clambering up there to see the first floor.

0:34:340:34:37

But by going outside, I'd say, judging by the pitch of the roof,

0:34:370:34:41

you could comfortably turn this detached commercial unit into a two-bed house,

0:34:410:34:46

subject to planning permission.

0:34:460:34:48

For a second opinion, we asked a local estate agent

0:34:490:34:52

to tell us what he thought of this place, guided from 20-25,000.

0:34:520:34:58

It is unusual in that it's a commercial property

0:35:020:35:05

in an area which is predominantly pre-war terraced housing.

0:35:050:35:08

There are commercial properties close by,

0:35:080:35:11

but this is very isolated in commercial terms.

0:35:110:35:14

The best use of this property would be to convert it to a totally residential property.

0:35:150:35:20

It has limited potential on the basis of a commercial property

0:35:200:35:25

because of the absence of parking and any other commercial property in the immediate proximity.

0:35:250:35:30

If the new owner did decide to let it out as a commercial property,

0:35:300:35:34

they could do that for around £250 per calendar month.

0:35:340:35:38

How much rental could you stand to make

0:35:380:35:40

if this was changed to residential use?

0:35:400:35:43

As a residential property, if it were improved,

0:35:430:35:46

I would anticipate you could get approximately £375 per month.

0:35:460:35:50

That could be £1,500 a year more as a residential property.

0:35:500:35:56

Bearing in mind the guide price of between 20-25,000,

0:35:560:36:00

how much could a resale fetch?

0:36:000:36:02

If the property was comprehensively improved and was two-bedroomed,

0:36:020:36:06

you'd be talking 55 to 60,000.

0:36:060:36:09

Well, it's a bit of a gamble, this one,

0:36:130:36:15

because it doesn't have that planning permission for conversion to residential.

0:36:150:36:20

But I think it's worth the gamble.

0:36:200:36:22

If you got it, this place would double in value overnight.

0:36:220:36:27

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

0:36:270:36:31

Lot 11. A guide of 20-25,000.

0:36:340:36:37

Somebody start me at 15. £15,000.

0:36:370:36:40

Thank you. 15,000. Do I have 16 anywhere? 17, sir?

0:36:400:36:44

18. 19, sir? Thank you. 20? No. 19,000, sat down.

0:36:440:36:49

£19,000, sat down. Anywhere else? I'm looking for £20,000.

0:36:490:36:53

Sir at the bar. Thank you. Is that a half or a full...?

0:36:530:36:57

£20,000. 21, shall we say?

0:36:570:37:00

Half. Yes. £20,500.

0:37:000:37:03

21. 21 and a half? 22. 22 and a half?

0:37:030:37:08

23. 23 and a half. 24. Four and a half?

0:37:080:37:13

25? 25 and a half? 26?

0:37:130:37:17

26,000 at the bar. 26 and a half?

0:37:170:37:21

27? 27 and a half? 27 and a half. 28.

0:37:210:37:26

28 and a half? No? All done?

0:37:260:37:30

£28,000, stood up at the bar, for the first time at 28,000.

0:37:300:37:34

The second time at 28,000. The third and last time at £28,000. Sold. Well done, sir.

0:37:340:37:40

That successful bid of £28,000

0:37:400:37:42

was made by cousins Sean and Andy.

0:37:420:37:45

Andy, on the left here, is an electrician by trade,

0:37:470:37:51

so he'll have the job of putting the spark back into this place.

0:37:510:37:54

Sean's a taxi driver,

0:37:540:37:56

so perhaps he spotted a fare that could give him a good tip.

0:37:560:38:00

-Sean, Andy, good to meet you both.

-All right?

-Congratulations.

0:38:000:38:05

Erm, why did you want to buy this place?

0:38:050:38:08

Well, purely to try and earn some money out of it

0:38:080:38:11

or perhaps rent on and make a bit of income for a pension for the future for us both.

0:38:110:38:16

OK, and why this place

0:38:160:38:18

above any other places you might've bought?

0:38:180:38:21

-It was our third choice.

-Was it?

-Yes.

0:38:210:38:24

-OK. What happened to the other two?

-We got out-bidded by the same person on both our houses!

0:38:240:38:29

Oh, no!

0:38:290:38:30

-So we came for this one.

-Right.

0:38:300:38:32

I drove past it, I was taxiing,

0:38:320:38:35

drove past, saw it, I phoned him up about it

0:38:350:38:37

and says, "I'm interested in something here,

0:38:370:38:41

"but we'll leave it as second or third choice.

0:38:410:38:44

"If we don't get the other, we'll look at this

0:38:440:38:46

"and if it's the right price, we'll go for it."

0:38:460:38:50

# If you want it, here it is Come and get it

0:38:500:38:55

-# Mm...

-# Make your mind up fast #

0:38:550:38:59

And went for it, they did! Luckily, the boys are well connected,

0:38:590:39:03

so they have a team of people all ready to tackle this place once they have a plan of action.

0:39:030:39:09

What do you know about this place?

0:39:090:39:11

From the 1890s, it was a bakery

0:39:110:39:15

and then, er, after that,

0:39:150:39:18

apparently, the back room was breeding for budgies.

0:39:180:39:22

But I think for the last 30 years,

0:39:220:39:25

one lady's owned it as a hairdressers, as you can see.

0:39:250:39:29

So it's been a hairdressers for 30 years.

0:39:290:39:31

Wow. And I understand it didn't close down that long ago.

0:39:310:39:34

I think it was about three months ago, so very recently.

0:39:340:39:38

You might even have former customers knocking on the door!

0:39:380:39:41

I'm prepared to do some haircuts, at the right price!

0:39:410:39:46

Well, since its days as a breeding home for budgies,

0:39:460:39:49

it's not such a pretty boy now.

0:39:490:39:52

And although making it a hairdressers again

0:39:520:39:56

could be a lucrative sideline for the cousins,

0:39:560:39:59

-I reckon the future for this place is, well,

-hair

-today, gone tomorrow.

0:39:590:40:03

-What is the plan for it, then?

-A two-bedroomed house, hopefully,

0:40:030:40:07

if we can turn it from business to residential.

0:40:070:40:09

If not, we'll go for a one-bedroom flat with the business still here.

0:40:090:40:14

But hopefully, a two-bedroom house.

0:40:140:40:17

Everything round here's residential,

0:40:170:40:20

so we thought we've got more chance of swapping it to residential.

0:40:200:40:25

-That was us plan. We'll see what Barnsley Council has to say.

-Right!

0:40:250:40:30

Tell me what you're going to do.

0:40:300:40:32

Presumably, you'll have to see what happens with the planning.

0:40:320:40:36

Well, firstly, we can start by taking it down to the bare shelf, taking all the panelling off.

0:40:360:40:41

Getting it down to bares, you'll see if there's any dampness coming in

0:40:410:40:45

and sorting that before we do anything structurally.

0:40:450:40:48

We can at least make a start on doing some work.

0:40:480:40:53

The big thing is the planning. If we can get that sorted out...

0:40:530:40:57

Basically, we want to drop the ceiling by about,

0:40:570:41:00

I mean, it's higher in there, about a foot and a half, give us more room upstairs.

0:41:000:41:05

If we get planning permission for a dormer on the front, it'll make a big difference.

0:41:050:41:09

Well, planning permission can take time to come through

0:41:090:41:13

and there's no guarantee that the cousins will be successful.

0:41:130:41:16

But these guys have already bought one other investment property together

0:41:160:41:21

and their working partnership is firmly rooted in family history.

0:41:210:41:25

-We've been brought up together...

-We know each other.

0:41:250:41:28

I mean, we've been brought up together

0:41:280:41:31

because my dad and Sean's dad lived within 100 yards of each other.

0:41:310:41:36

-On the same street.

-We've known each other all us life.

0:41:360:41:40

We go out together, we drink together, so...

0:41:400:41:44

And he knows I'm boss, so... THEY LAUGH

0:41:440:41:48

It's always good to know the chain of command,

0:41:480:41:52

even when it's family ties that link you together!

0:41:520:41:55

Andy and Sean have a four-month schedule,

0:41:550:41:58

so I reckon, despite its problems, this property won't test their relationship.

0:41:580:42:03

But the budget... Well, that's a different matter.

0:42:030:42:07

He's got a figure and I've got a figure, and he knows better than me.

0:42:070:42:10

He's saying £15,000 and I'm saying £25,000.

0:42:100:42:13

-Right.

-So we'll work in between that!

0:42:130:42:17

Why do you think it's going to be £10,000 more?

0:42:170:42:19

-I'd rather go by the higher amount, just in case.

-Right.

0:42:190:42:23

Just purely because, er, I don't want to take any risks.

0:42:230:42:27

I think it'll be 25.

0:42:270:42:29

It's one of very few detached properties on the street.

0:42:290:42:33

Nearly every house on the street is a terraced.

0:42:330:42:37

If we can do it right, it'll look nice for all the neighbours,

0:42:370:42:41

we'll sell it on at a reasonable price and we're all happy.

0:42:410:42:46

-Congratulations. Good luck. We'll look forward to seeing how you get on.

-Thank you.

0:42:460:42:50

I think Andy and Sean have known each other long enough that working together shouldn't be a problem.

0:42:520:42:57

But who will be right on that budget?

0:42:570:42:59

Will it be 15 or £25,000?

0:42:590:43:02

And before that, will they manage to get that all-important planning permission?

0:43:020:43:07

Find out later in the show.

0:43:070:43:09

We all know that home is where the heart is.

0:43:120:43:15

Will our buyers be heartbroken or will they have a spring in their step?

0:43:150:43:19

Let's go back and find out.

0:43:190:43:22

Time to head back east - Homerton, east London, to be precise -

0:43:230:43:28

where property investor Marta purchased this four-bedroom Victorian house for £415,000,

0:43:280:43:34

but not before she faced a battle of wills at auction.

0:43:340:43:40

I went in thinking it would go to 400,

0:43:400:43:43

and when it got to 415, I shook my head at the other bidder saying, "No!"

0:43:430:43:48

The auctioneer said, "Maybe she'll give up"

0:43:480:43:51

and I shook my head and said, "No, I'm going for it."

0:43:510:43:55

And she certainly went for it.

0:43:550:43:58

Marta's grand plan was to halve her risk on the resale market

0:43:580:44:02

by splitting her property into two flats.

0:44:020:44:04

She hoped to have the conversion turned around within four to five months.

0:44:040:44:08

21 months later, has Marta managed to realise her vision?

0:44:080:44:14

Even outside, the property has been transformed

0:44:180:44:21

by stripping the paint to reveal the original brickwork underneath.

0:44:210:44:27

Inside, Marta has successfully transformed this large family home

0:44:270:44:31

into two separate three-bedroom flats.

0:44:310:44:35

The lower ground-floor garden flat features a large open kitchen and living space.

0:44:360:44:42

Although a few touches need to be added and the flooring is yet to be revealed,

0:44:420:44:47

it already feels light and spacious.

0:44:470:44:49

There are three bedrooms

0:44:500:44:53

and a new bathroom has been installed.

0:44:530:44:55

At the back there's a good-size garden, ideal for relaxed summer barbeques.

0:44:550:45:00

But what about the flat on those two top floors?

0:45:000:45:04

It, too, has been beautifully renovated.

0:45:040:45:06

Just look at those lovely floorboards!

0:45:060:45:10

To the front, it enjoys great views across Victoria Park.

0:45:100:45:14

As with the ground-floor flat, there are some finishing touches needed here, too.

0:45:140:45:19

And Marta's created a bathroom out of thin air. Well, kind of...

0:45:190:45:24

The bathroom wasn't here initially. It's not finished. It needs a few final details.

0:45:240:45:28

We've actually fit it in between two rooms.

0:45:280:45:32

As you can see, it took a little bit of space from this room here,

0:45:320:45:37

but it's such a huge room, I don't think it really makes a difference,

0:45:370:45:41

and you still have this amazing view of Victoria Park.

0:45:410:45:45

Well, these three certainly seem to be enjoying the view!

0:45:460:45:50

But top of the pecking order must be the heavenly area that Marta didn't even know existed.

0:45:500:45:56

The roof terrace was an absolutely fantastic find.

0:45:560:46:00

We came up here, it was in absolutely terrible condition,

0:46:000:46:04

so we put some decking down and kept the original chimney.

0:46:040:46:08

I didn't think it was a good idea to cover that up. It's so beautiful, it really adds to the view out there

0:46:080:46:14

and these original features in here.

0:46:140:46:17

There are still some safety features to be added here, but what a fantastic space!

0:46:170:46:23

I'm so pleased that Marta has kept so many of the charming original features.

0:46:230:46:28

Quite rightly, she seems pleased with the results.

0:46:280:46:32

And I'm not surprised, because in the process, Marta experienced hold-ups with the planning process

0:46:320:46:38

and difficulties getting the finance needed.

0:46:380:46:41

They contributed to a delay in the renovation,

0:46:410:46:44

though Marta was able to devote her time to another project.

0:46:440:46:48

But this is clearly a good example of "buyer beware".

0:46:480:46:51

Not getting planning permission as soon as you hope can have a real domino effect,

0:46:510:46:56

not only in terms of timescale but funding, too.

0:46:560:46:59

Once these issues were sorted, the work took six months and is nearly complete,

0:46:590:47:03

just slightly over Marta's original four-to-five-month estimate.

0:47:030:47:08

But what about that crucial old chestnut - budget?

0:47:080:47:12

The original budget was 100,000

0:47:120:47:14

and we actually managed to keep within,

0:47:140:47:18

including all the legal fees and stamp duty,

0:47:180:47:20

so, in fact, we spent 100,000 in total.

0:47:200:47:23

No wonder this girl's grinning!

0:47:240:47:27

But not without facing some challenges first.

0:47:270:47:30

Project managing is tough.

0:47:300:47:32

I'm a young girl, which is unusual in this world, but it's quite exciting.

0:47:320:47:36

I buy everything, I'm on site in the morning, all day, and then I go and buy materials.

0:47:360:47:41

So it's a full-time job, obviously.

0:47:410:47:44

It's quite exciting to see the final product.

0:47:440:47:46

I can't wait to see everything absolutely complete, on the market and selling very quickly!

0:47:460:47:52

Sounds like a good time for us to invite two local estate agents

0:47:520:47:56

to cast their eye over the newly split-in-two property.

0:47:560:48:01

The owner squeezed quite a bit of space out of this house

0:48:010:48:06

and we've got two apartments.

0:48:060:48:07

Perhaps the bottom floor's got too many bedrooms,

0:48:070:48:10

they're a bit smallish,

0:48:100:48:13

but apart from that, lovely flats.

0:48:130:48:15

The key selling point is with the top-floor flat.

0:48:150:48:18

A lot of properties have no outside space, so that adds value.

0:48:180:48:22

The same with the ground-floor flat having a garden.

0:48:220:48:26

So estate-agent approval for the appearance...

0:48:260:48:29

But Marta's an investor, so let's talk money.

0:48:290:48:33

She paid £415,000 for the place

0:48:330:48:36

and spent £100,000 on the work,

0:48:360:48:38

bringing her total to £515,000.

0:48:380:48:42

If I was to put the top-floor flat on the market,

0:48:420:48:44

I'd be looking to place it at around about £450,000.

0:48:440:48:48

I'd be looking to market the top-floor flat for around £450,000.

0:48:480:48:53

If we were to put the ground-floor flat on the market,

0:48:530:48:56

we'd be looking to achieve around the £400,000 mark.

0:48:560:48:59

I'd be looking to market the ground-floor flat at around £400,000.

0:48:590:49:03

Wow! Really impressive! That's fantastic news!

0:49:030:49:08

It was such a great investment and it took so much time, love and effort,

0:49:080:49:12

that just puts the cherry on top of the cake!

0:49:120:49:15

No wonder she's happy.

0:49:150:49:18

That's a healthy £335,000 profit,

0:49:180:49:22

minus the usual tax and expenses.

0:49:220:49:24

What about the rental potential?

0:49:240:49:26

The agents reckon the garden flat could make £2,200 per month

0:49:260:49:31

and the roof-terrace flat between £2,300 and £2,600 per month!

0:49:310:49:37

That's an impressive yield of between 10 and 11 percent.

0:49:370:49:42

But Marta always intended to sell.

0:49:420:49:45

Is that still the plan after all her hard work?

0:49:450:49:49

It's been an arduous process. I've put my heart and soul into this project

0:49:490:49:54

and it's so nice to see it all come together at the end.

0:49:540:49:57

I'm actually glad to feel that it's actually over now!

0:49:570:50:00

A little bit sorry to see it go,

0:50:000:50:03

but I'll be very happy to put it on the market and see what I get for it.

0:50:030:50:08

Earlier in the show, we were in Hoyland Common, near Barnsley,

0:50:120:50:15

where we saw this detached property snapped up at auction for £28,000...

0:50:150:50:21

-Sold.

-..by Sean on the left and Andy on the right.

0:50:210:50:26

The pair planned to change it to a two-bed residential property

0:50:260:50:30

from its current status as a commercial unit.

0:50:300:50:34

Until recently, it had been a hairdressers,

0:50:340:50:36

but originally started out as a bakery.

0:50:360:50:39

Funnily enough, they couldn't agree on how much dough they needed to renovate it!

0:50:390:50:44

He's got a figure and I've got a figure, and he knows better.

0:50:440:50:47

He's saying £15,000 and I'm saying £25,000.

0:50:470:50:50

-Right.

-So we'll work in between that!

0:50:500:50:54

For the work necessary, my money was on Sean's higher estimate of £25,000.

0:50:540:51:00

But if they couldn't get planning permission, who knows where they'd end up?

0:51:000:51:04

Ten months later, we return to Hoyland Common

0:51:040:51:07

to see just what Sean and Andy have achieved.

0:51:070:51:12

Outside, the front has new double-glazed units

0:51:120:51:15

and around the corner, new double-glazed windows and doors have been installed -

0:51:150:51:20

altogether far more appealing.

0:51:200:51:22

Let's hope it's the same inside.

0:51:220:51:25

# How d'you like me now?

0:51:250:51:28

# How d'you like me now?

0:51:280:51:30

# How d'you like me now?

0:51:300:51:32

# How d'you like me now? #

0:51:320:51:34

Considering what was here before, this is a stunning transformation.

0:51:360:51:40

And that's just the beginning.

0:51:400:51:43

When we first got the property,

0:51:480:51:50

there was found to be a lot of damp and mould problems in the kitchen.

0:51:500:51:53

When we took the plaster down to the bare brick, it was quite dry.

0:51:530:51:57

That took a lot of problems of what we weren't going to do.

0:51:570:52:00

In the rest of this room,

0:52:000:52:03

we raised to floor up about a foot

0:52:030:52:06

and put Kingspan down to comply with building regs.

0:52:060:52:09

We raised the window up about 18 inches

0:52:090:52:13

and raised the door up about eight to ten inches so we didn't have as many steps.

0:52:130:52:18

All the new windows...

0:52:180:52:21

Then the staircase to get access to the two new bedrooms.

0:52:210:52:24

Two new bedrooms? Well, let's face it, the staircase was a bit of a giveaway.

0:52:240:52:29

But it's great to see that Sean and Andy

0:52:290:52:32

got their planning permission for the changes.

0:52:320:52:35

Originally here, it was an empty shell,

0:52:350:52:38

what was used originally as a bakery for a granary.

0:52:380:52:42

What we've done, we've put VELUX windows in,

0:52:420:52:45

we've insulated the walls.

0:52:450:52:49

We've had four steels put in to support the roof.

0:52:490:52:52

All this has been insulated through.

0:52:520:52:55

Originally, I was told,

0:52:550:52:58

I was advised to go for a one-bedroom house and I personally wanted two bedrooms,

0:52:580:53:03

and we've got two bedrooms.

0:53:030:53:05

We've two bedrooms and a bathroom and I think it looks nice.

0:53:050:53:09

It certainly makes the house far more attractive to first-time buyers,

0:53:090:53:14

a small family or just as a rental.

0:53:140:53:17

Was it straightforward getting that change of use?

0:53:170:53:20

To go through planning permission, because of my inexperience in that area,

0:53:200:53:24

I took care of it, but it was harder than I expected.

0:53:240:53:28

But Barnsley Council were quite flexible

0:53:280:53:30

and answered all my questions and helped me out a lot.

0:53:300:53:34

It's always good to get the planning people on your side.

0:53:340:53:37

But complying with the strict building regulations wasn't easy at all.

0:53:370:53:41

The insulation required on the walls

0:53:410:53:43

meant that the final interior floor space was smaller than before.

0:53:430:53:48

For much of the renovation, Andy was mainly involved with his electrical business,

0:53:480:53:52

leaving Sean to do most of the project management.

0:53:520:53:56

I think Sean's learnt more than me

0:53:560:53:59

on the planning side, the management side.

0:53:590:54:02

He's got a lot of information, a lot of contacts,

0:54:020:54:06

so he can ring people and stuff like that.

0:54:060:54:09

I've got a rough idea what's been done,

0:54:090:54:12

but I think Sean has learnt a hell of a lot on the building-reg side.

0:54:120:54:17

Structural regs, building regs - I've learnt a lot, definitely.

0:54:170:54:21

Unfortunately, that education came at a cost.

0:54:230:54:27

As first-timers, they'd anticipated a turnaround of four months,

0:54:270:54:31

but getting that permission, complying with building regs

0:54:310:54:34

and dealing with the pitfalls of project management

0:54:340:54:37

meant they overran by six months, a total of ten months.

0:54:370:54:41

How did the budget cope?

0:54:410:54:44

Originally, I said about 15,000,

0:54:450:54:48

Sean said about 25,000,

0:54:480:54:51

and I think we're pushing about 30,000

0:54:510:54:56

when it's completely finished.

0:54:560:54:58

Add that £30,000 to their original purchase price of £28,000

0:55:000:55:05

and Sean and Andy's total outlay is £58,000.

0:55:050:55:09

Time for two local estate agents to give us their opinion

0:55:090:55:12

on the cousins' first development.

0:55:120:55:15

My first impressions of the property

0:55:170:55:19

are that it's been done to a very good standard,

0:55:190:55:22

good fitments throughout.

0:55:220:55:24

They don't seem to have cut corners, so all good first impressions.

0:55:240:55:28

I think the property's very nice. It's been done to a good standard.

0:55:280:55:32

Nice new kitchen,

0:55:320:55:35

the bathroom fittings are very nice. It's a very good property.

0:55:350:55:38

Sean and Andy are undecided about whether to rent or sell the house.

0:55:380:55:43

So, what sort of returns could they make?

0:55:430:55:46

Remember, they've invested £58,000 here,

0:55:460:55:49

so, what could a resale achieve?

0:55:490:55:52

My opinion of a resale value, I would suggest £70,000 is achievable.

0:55:520:55:57

I would put this on the market for between 70 and 75,000.

0:55:570:56:01

70, 75 is a little under.

0:56:010:56:03

I think towards the 80,000 mark, personally.

0:56:030:56:06

But it's what I expected them to say. 75,000 - I expected that region.

0:56:060:56:11

A sale of 75,000 could give them a possible pre-tax profit

0:56:130:56:17

of £17,000 on their first ever development.

0:56:170:56:20

And with potential rentals of up to £450 per calendar month,

0:56:200:56:25

they could get an annual yield of just over nine percent.

0:56:250:56:28

With that level of return in prospect,

0:56:280:56:31

are they already planning their next development?

0:56:310:56:34

If we rent it, we may be interested in buying another property.

0:56:340:56:38

But it's down to whether we can sell this. If it sells, we may buy on.

0:56:380:56:44

But like the climate at the moment, if it doesn't sell, we may hold off for a while.

0:56:440:56:49

Well, we hope we've shown you how rewarding renovations can be,

0:56:510:56:57

so long as you're prepared for the unexpected!

0:56:570:57:00

-From the both of us, we'll see you soon.

-BOTH: Goodbye.

0:57:000:57:03

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0:57:030:57:07

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0:57:070:57:11

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