0:00:02 > 0:00:04- Hello, and welcome to the show. - They say a house tells a story,
0:00:04 > 0:00:07and over the years Martin and I have found this to be true.
0:00:07 > 0:00:09Yes, there are tales to be told
0:00:09 > 0:00:14and secrets to uncover when you buy your home under the hammer.
0:00:39 > 0:00:43At auction, properties are bought on a buyer-beware basis,
0:00:43 > 0:00:46so it's up to you to do your homework before you bid.
0:00:46 > 0:00:48Or you could be in for some nasty surprises.
0:00:48 > 0:00:52Let's see if the bidders on today's show got lucky.
0:00:54 > 0:00:57Coming up, in Lincolnshire, this two-bed house may have character,
0:00:57 > 0:00:59but there's something not on the level here.
0:01:00 > 0:01:02Clearly not good, is it?
0:01:03 > 0:01:08This commercial unit in Dartford may take you to infinity and beyond!
0:01:08 > 0:01:12Space has always got me so excited!
0:01:13 > 0:01:16And in Cornwall, a standard semi hides something in the garden
0:01:16 > 0:01:18that's bigger than your normal potting shed!
0:01:18 > 0:01:23There's this huge, great... Well, I don't know what it is, to be honest, garage or something.
0:01:24 > 0:01:27All these properties are being sold at auction,
0:01:27 > 0:01:31and we'll find out who bought them and what they paid for them when they went under the hammer.
0:01:31 > 0:01:32Well done, thank you.
0:01:35 > 0:01:42I'm in Gainsborough, Lincolnshire. Recently, the historic riverside area has been transformed
0:01:42 > 0:01:46by a £20-million regeneration project.
0:01:46 > 0:01:51With a wide range of shops and amenities, it really is a town on the up.
0:01:51 > 0:01:55The variation in Victorian property always amazes me.
0:01:55 > 0:02:01You get little rows of terraced houses, you get grand villas, all sorts of things,
0:02:01 > 0:02:05and, in this case, semi-detached houses.
0:02:05 > 0:02:09I mean, look at this. It's actually bigger than it looks from the outside.
0:02:09 > 0:02:15It's only two bedrooms, though, at a guide price of £35,000-£39,000. Let's take a look inside.
0:02:15 > 0:02:21For such a big sturdy block of a house, under 40,000 doesn't sound half bad.
0:02:21 > 0:02:25And it's a very attractive road, only a short walk to the town centre.
0:02:25 > 0:02:30Still, on second thoughts, that low guide price could be too good to be true.
0:02:33 > 0:02:37The exterior paintwork could do with a bit of a touch-up.
0:02:37 > 0:02:42Into the corridor and, yes, inside, not terribly presentable,
0:02:42 > 0:02:46although it looks like at some stage it's had some damp-proofing,
0:02:46 > 0:02:50because the lower part of the wall here, that's new plaster, which is a good indication of that.
0:02:50 > 0:02:55You've got your living room there at the front. Love the fireplace! You know, that's really attractive.
0:02:55 > 0:02:59Understairs cupboard, through into your rear sitting room,
0:02:59 > 0:03:02and again some indications that work has been done at some stage.
0:03:02 > 0:03:07That's obviously been channelled out for some new electrics over the way.
0:03:07 > 0:03:12So that doesn't particularly cause me a problem, but the overall feeling of...
0:03:12 > 0:03:17well, a major bit of decoration being required.
0:03:17 > 0:03:18Er...yeah... Wow!
0:03:18 > 0:03:21But in terms of space I like it. I mean, through here,
0:03:21 > 0:03:24you've got this kitchen, it's a good size.
0:03:24 > 0:03:27You've only got a sink, so you're going to have to put some units in there.
0:03:27 > 0:03:32But I think you've got a really presentable shell that you could do all sorts of things with.
0:03:32 > 0:03:36And, surprisingly, I must say, I actually like it.
0:03:36 > 0:03:39# You've got the love You've got the love... #
0:03:39 > 0:03:43Yes, the ceiling is black, but that just requires elbow grease and paint.
0:03:43 > 0:03:46There's lots you could do here to improve this house,
0:03:46 > 0:03:51like knocking the kitchen through into the second reception room, for instance.
0:03:51 > 0:03:57And maybe making some doors out to the garden which needs a little bit more than a weekend's work.
0:03:57 > 0:04:01So the house looks bad, but as a shell, it's a decent one.
0:04:01 > 0:04:03Or have I spoken too soon?
0:04:03 > 0:04:05So up here, and...
0:04:05 > 0:04:08a bit of a shock, to be honest.
0:04:08 > 0:04:13This front bedroom... I can't remember seeing a floor quite like this before.
0:04:13 > 0:04:19It is...bowed! I mean it goes down to that corner over there, down to this wall here,
0:04:19 > 0:04:22and it's literally got a high point here.
0:04:22 > 0:04:24Look at this.
0:04:26 > 0:04:28It's clearly not good, is it?
0:04:28 > 0:04:30And...uh-oh.
0:04:30 > 0:04:32That's not good either.
0:04:32 > 0:04:36On the front wall of the property, this... Right, OK.
0:04:36 > 0:04:40Take those bits out. There's obviously some serious cracking going on.
0:04:40 > 0:04:43Look at the state of those bricks. I don't want to touch those any more.
0:04:44 > 0:04:49It's gone from slightly cosmetic to very worrying.
0:04:49 > 0:04:53# Well, worry, worry, worry... #
0:04:53 > 0:04:59It's very hard to recognise the extent of the bulge unless you are standing on it,
0:04:59 > 0:05:04but, believe me, it's there, very there, and very worrying.
0:05:04 > 0:05:07I wouldn't touch this property without a full structural survey.
0:05:08 > 0:05:13So apart from the bowing floor and the dicey front wall there, not a bad-sized room
0:05:13 > 0:05:15for a front bedroom.
0:05:15 > 0:05:20The rear bedroom is here and it's also a really good size.
0:05:20 > 0:05:25And you come down this dark and dingy corridor, not helped by the green wallpaper on the walls,
0:05:25 > 0:05:30to the smallest room which obviously was the loo at one point and has now got the immersion heater in it.
0:05:30 > 0:05:33Well, maybe get rid of that, put a combination boiler downstairs.
0:05:33 > 0:05:37And then down a step into the bathroom.
0:05:37 > 0:05:39Now, that smallest room has got me actually thinking...
0:05:39 > 0:05:43is there an opportunity to convert this possibly into a three-bed?
0:05:43 > 0:05:47Maybe you could steal some space off the second bedroom,
0:05:47 > 0:05:50maybe do a bit of jiggery-pokery, move the toilet's location...
0:05:50 > 0:05:56You've got a few issues with levels going on, but, it would be nice to get a third bedroom.
0:05:56 > 0:06:01It's all going to come down to cost and effort required. Mmm.
0:06:01 > 0:06:05This doesn't feel like a two-bedroomed house, more like a three-bed one.
0:06:05 > 0:06:09But the configuration's making that tricky.
0:06:09 > 0:06:12It just depends on whether you'd get any more money for a three-bed
0:06:12 > 0:06:15in this wonderfully spacious two-bedroomed home.
0:06:15 > 0:06:19To find out more, we invited a local estate agent along
0:06:19 > 0:06:20to this property
0:06:20 > 0:06:24which had an auction guide price of £35,000-£39,000.
0:06:24 > 0:06:27Today we're in a central area of Gainsborough
0:06:27 > 0:06:30within short walking distance to local schools.
0:06:30 > 0:06:34The road is reasonably regarded as quite a decent area to be,
0:06:34 > 0:06:37a mix of two-, three-, some four-bedroomed semi-detached houses
0:06:37 > 0:06:39and some two-bedroomed mid-terraced as well.
0:06:39 > 0:06:41How would the place do on the rental market?
0:06:43 > 0:06:46You'd find the tenants for the property nice and easily.
0:06:46 > 0:06:48You'd probably get between sort of 400 and 425 per calendar month.
0:06:48 > 0:06:51What about its resale potential?
0:06:51 > 0:06:55Currently I'd put the property at around £35,000-40,000,
0:06:55 > 0:07:02and, potentially, once all the work has been done to it, then probably towards the 80,000, maximum 85,000.
0:07:04 > 0:07:06Well, despite the fairly grubby interior
0:07:06 > 0:07:12and the potentially serious structural work that needs to be sorted out on this place,
0:07:12 > 0:07:14I still like this property.
0:07:14 > 0:07:19I'd like to try and get a third bedroom in, but, either way, I reckon it's a great one to go for.
0:07:19 > 0:07:21Let's see who fancied it when it went under the hammer.
0:07:23 > 0:07:25Lot number 1.
0:07:25 > 0:07:2940,000 anybody to get on? 40, is it? Thank you, sir.
0:07:29 > 0:07:3141. 42.
0:07:31 > 0:07:3343. 44.
0:07:33 > 0:07:3545, 45,000.
0:07:35 > 0:07:38At £45,000 I'm bid. £46,000.
0:07:38 > 0:07:4147. 48.
0:07:41 > 0:07:4349. 50,000?
0:07:43 > 0:07:4749,500. 50,000. 50,500.
0:07:47 > 0:07:5051,000. 51,500.
0:07:50 > 0:07:5152,000.
0:07:51 > 0:07:5452,500. 53,000.
0:07:54 > 0:07:5653,500.
0:07:56 > 0:08:0154,000. 54,500? 55,000. 55,500.
0:08:01 > 0:08:0456,000. 56,500?
0:08:04 > 0:08:06At £56,000.
0:08:06 > 0:08:08£56,000 for the first time.
0:08:08 > 0:08:13For the second. Third and last time at £56,000. Any more bids?
0:08:13 > 0:08:14Well done, sir.
0:08:14 > 0:08:18Valuable time spent in the office today. Gentleman in front...
0:08:18 > 0:08:21Madam's very happy, I can see that.
0:08:21 > 0:08:28And very pleased with their successful bid of £56,000 were husband and wife Bob and Catherine.
0:08:28 > 0:08:31Bob's a truck driver and Catherine is in healthcare.
0:08:31 > 0:08:38But will they be able to nurse this potentially subsiding semi back to health?
0:08:38 > 0:08:41- Bob, Catherine, good to meet you both. Congratulations.- Thank you.
0:08:41 > 0:08:45- You looked jolly excited there. - I was very excited.
0:08:45 > 0:08:50- It was the one that we really wanted right from the beginning.- Why did it give you that feeling so much?
0:08:50 > 0:08:55Because I like old houses. We looked at four separate terraced houses.
0:08:55 > 0:08:59This was the first one we looked at, and straightaway I knew this was the one,
0:08:59 > 0:09:04- because I could actually live in this.- Tell me about you two. Is this something you do a lot of?
0:09:04 > 0:09:05- No.- Never.
0:09:05 > 0:09:09- First one.- Yeah. We've never done anything like this before,
0:09:09 > 0:09:11although we've spoken about it for a couple of years.
0:09:11 > 0:09:15What prompted your first sort of foray into property investment?
0:09:15 > 0:09:17Er...just been watching your programme, actually.
0:09:17 > 0:09:21- Oh, great! Well done.- I'm on nights, so for the last four years,
0:09:21 > 0:09:24I've been watching your programme, so I thought, "I can do that!"
0:09:24 > 0:09:26Why this area, then?
0:09:26 > 0:09:29- Well, we... - We live five minutes away.- Yeah.
0:09:29 > 0:09:32And Gainsborough is, so they tell us, an up-and-coming town,
0:09:32 > 0:09:38so they're doing lots of changes, so houses are still a reasonable price,
0:09:38 > 0:09:42you know, and I think there's some money to be made.
0:09:42 > 0:09:45# I do it, I do it, I do it for money... #
0:09:47 > 0:09:49Absolutely, if you've got the funds and the know-how.
0:09:49 > 0:09:54Certainly there's money to be made, so what are they going to do to make that cash?
0:09:55 > 0:10:00- Well, we're going to knock through into the kitchen.- Oh, OK? Get rid of the dividing wall?- Yeah.
0:10:00 > 0:10:04And then there's a utility room waiting to be discovered behind that wall.
0:10:04 > 0:10:07- So we're going to knock through there as well.- Wow!
0:10:07 > 0:10:10Pretty much upstairs leave as it is apart from the bathroom.
0:10:10 > 0:10:15We will knock down where the tank is and make the bathroom bigger.
0:10:15 > 0:10:18Any thoughts about creating an extra bedroom.
0:10:18 > 0:10:24Yeah, we thought about it, but I think it would make the second two bedrooms too small,
0:10:24 > 0:10:32- and I think it's a spacious house, and I think two double bedrooms is going to be...- It's better.
0:10:32 > 0:10:34Who's going to do the work?
0:10:34 > 0:10:40- Both of us.- Well, we're going to... - There'll be a few tradesmen in. - Yeah, there'll be a few tradesmen!
0:10:40 > 0:10:43I don't trust Bob to do anything to be honest!
0:10:43 > 0:10:47- I'm Frank Spencer!- His nickname's Frank Spencer, so that says a lot, doesn't it? You know...
0:10:49 > 0:10:52- Your nickname is Frank Spencer? - Yeah, sometimes it does go wrong, so...
0:10:52 > 0:10:58- Tell me.- One of the cottages that he had, he decided to rotavate the back garden
0:10:58 > 0:11:04and went through the main cable and nearly took out the whole street with the electricity, so...
0:11:04 > 0:11:08- Yeah, but it didn't go right through, did it? - Oh, that's all right, then!
0:11:08 > 0:11:13- Good job the reinforced wire was there.- So he's going to do as little as possible, I think.
0:11:13 > 0:11:14We're going to have a laugh.
0:11:14 > 0:11:17MUSIC: "Some Mothers Do 'Ave 'Em" Theme
0:11:22 > 0:11:28So Bob is a real-life Frank Spencer! Well, some mothers do 'ave 'em!
0:11:28 > 0:11:33As long as he stays away from any DIY disasters, then I'm sure it will all be fine.
0:11:33 > 0:11:37They hope to sell the property once renovated, although they are prepared to rent it out
0:11:37 > 0:11:40or even move in themselves if necessary.
0:11:40 > 0:11:44So they're keeping their options open. But what about that all-important budget?
0:11:44 > 0:11:48- 10,000-12,000.- Yeah, 10-12.- No more than that.- Quite a lot of work to do for the budget, then.
0:11:48 > 0:11:52Going to call in a few favours from people that I know.
0:11:52 > 0:12:00- Hopefully that will keep the budget down.- I don't think it looks as bad as it is, maybe, I don't know...
0:12:00 > 0:12:03You don't think it looks as bad as it is? You mean...
0:12:03 > 0:12:07- you don't think it is as bad as it looks?- Yeah, yeah.
0:12:07 > 0:12:10- That as well?- Yeah. That way round.
0:12:11 > 0:12:16Well, what a Freudian slip! And I'm worried she was right the first time.
0:12:16 > 0:12:19But actually I do think it looks as bad as it is,
0:12:19 > 0:12:23and we haven't covered what's wrong with that floor, so have they done their homework?
0:12:24 > 0:12:27I think it's movement when it was built.
0:12:27 > 0:12:33I had a chap round. He looked at it and said, "No problem now, but at one time it did move."
0:12:33 > 0:12:36And once you've done this project, what's next on the cards?
0:12:36 > 0:12:41- To do another one.- Yeah.- That's the plan. We want to keep doing them.
0:12:41 > 0:12:44Well, listen, congratulations. Good luck with it. I'm delighted that we've inspired you.
0:12:44 > 0:12:50- Thank you very much. Nice to meet you.- Nice to meet you.- You too. We'll see how you get on.- Thank you.
0:12:50 > 0:12:54Well, having a laugh when you're doing up a property is all well and good,
0:12:54 > 0:12:58but this place is going to need some serious effort to sort it out.
0:12:58 > 0:13:02And I think that budget might be a little bit tight.
0:13:02 > 0:13:08Still, I do intrinsically like this place and I love their enthusiasm, so how are they going to get on?
0:13:08 > 0:13:10You can find out later in the show.
0:13:15 > 0:13:19I'm in Dartford, Kent, a town with great transport links.
0:13:19 > 0:13:24It's served by several train stations which will get you to central London in less than an hour,
0:13:24 > 0:13:26making it ideal commuter territory.
0:13:26 > 0:13:30# Train, train... #
0:13:30 > 0:13:33I'm here to see a substantial auction lot.
0:13:33 > 0:13:39The square footage is generous to say the least, over 7,000 square feet.
0:13:39 > 0:13:41Now, we're all desperate for more living space,
0:13:41 > 0:13:44but I think that amount would be too much for the majority of us.
0:13:44 > 0:13:49The heating bill would be extortionate. And cleaning? Well, it would be an all-day operation.
0:13:49 > 0:13:53But I'm not here to see a residential property, it's commercial.
0:13:53 > 0:13:57And it's certainly substantial.
0:13:57 > 0:14:05This is a well-located town-centre unit which had an auction guide price of 380,000-400,000.
0:14:05 > 0:14:08Straightaway I can see it offers a variety of business opportunities,
0:14:08 > 0:14:14especially given the potential for passing trade and parking space at the front.
0:14:14 > 0:14:18Built in the '80s, this commercial building has B1 usage.
0:14:18 > 0:14:22Now, that covers offices and light industry businesses.
0:14:22 > 0:14:27Until recently this place housed a printing company, but what can you do with it now?
0:14:27 > 0:14:34Well, let's explore these premises and have a think about what could work here.
0:14:34 > 0:14:37Could this old printer's be a licence to print money?
0:14:37 > 0:14:42There are some really nice-sized offices which could give you all kinds of options.
0:14:42 > 0:14:47As these are only partition walls, you could play about with the layout here.
0:14:47 > 0:14:52I think there's great potential to turn this into some sort of retail space, and talking of space...
0:14:55 > 0:14:59Space has always got me so excited!
0:14:59 > 0:15:03Do you know what? I think it harks back to the day of being a little girl in the park!
0:15:03 > 0:15:05Look at all this room.
0:15:05 > 0:15:09Wow! It's like a huge empty hangar! Well, it is.
0:15:09 > 0:15:12Now, you've got lots of little rooms going off.
0:15:12 > 0:15:17You can really imagine this as a printer's. I bet so much hard work went on in here.
0:15:17 > 0:15:21But there's just lots of room to do lots of different things.
0:15:21 > 0:15:25It's going to be very interesting finding out what this is used for.
0:15:25 > 0:15:29I know I could spend quite a lot of afternoons just going, "Whee!"
0:15:29 > 0:15:34Anyway, enough of that! We've got some work to do. I'm going to explore.
0:15:34 > 0:15:39# I'm in a wide open space... #
0:15:39 > 0:15:46To reach the upstairs part of this unit, you have to go outside and up. It's a separate entity entirely,
0:15:46 > 0:15:47and it's being used as an office space.
0:15:47 > 0:15:54Again, it's a series of small office rooms leading off one big, open-plan room.
0:15:54 > 0:15:57There's also the possibility of adding an extra floor here,
0:15:57 > 0:16:00which gives the whole place so much scope.
0:16:00 > 0:16:06I have to admit I'm a real fan of this unit, so why am I so positive about this auction lot?
0:16:06 > 0:16:12A new public car park has opened up over the road, perfect for your customers.
0:16:12 > 0:16:17There's scope to extend, should you wish to create even more space.
0:16:17 > 0:16:21And there are so many options for business use.
0:16:21 > 0:16:26Perhaps you'd like to turn this into a retail unit, a showroom, a garage...
0:16:26 > 0:16:30All these things are possible, but, before you start making too many plans,
0:16:30 > 0:16:37it's best to contact your local council and find out your chances of obtaining a change of business use.
0:16:38 > 0:16:41So there's an incredible amount of potential here.
0:16:41 > 0:16:43We invited along a local estate agent
0:16:43 > 0:16:47to get his take on this vast commercial unit
0:16:47 > 0:16:48which had an auction guide price
0:16:48 > 0:16:51of 380,000-400,000.
0:16:53 > 0:16:57The property is a nice big unit, particularly on the ground floor.
0:16:57 > 0:17:00It could also be extended at first-floor level
0:17:00 > 0:17:02to create extra space and that only helps to add
0:17:02 > 0:17:05to the number of different uses that it could be put to.
0:17:05 > 0:17:08I imagine that the local authority would be quite amenable to a change of use
0:17:08 > 0:17:14as it is unlikely that the property would be put to an industrial or print-type use again.
0:17:14 > 0:17:17How much could this unit rent for?
0:17:17 > 0:17:22I think that the two constituent parts of the property, being the ground-floor industrial office area
0:17:22 > 0:17:24and the first-floor separate office suite,
0:17:24 > 0:17:29could be rented out in total for a figure in the order of £45,000-50,000 per annum.
0:17:29 > 0:17:31And if it was sold on?
0:17:31 > 0:17:36Once developed and refurbished and assuming the use stays the same as it is at present,
0:17:36 > 0:17:42I would predict that the property could be sold on for a figure in the region of £475,000-500,000.
0:17:42 > 0:17:47Assuming perhaps a future leisure-type use for the property,
0:17:47 > 0:17:52I would predict that it could be sold on for perhaps £550,000-575,000.
0:17:52 > 0:17:59There are so many options here and that is what's so exciting about this auction lot.
0:17:59 > 0:18:02What will the new owner choose to do with this vast building?
0:18:02 > 0:18:04Let's find out as we go to auction.
0:18:08 > 0:18:09Lot 37. Where'd you want me to start?
0:18:09 > 0:18:11380. Start me where you will.
0:18:11 > 0:18:13370 if you like.
0:18:13 > 0:18:16370. I'm on the way at £370,000.
0:18:16 > 0:18:18380 may I say?
0:18:18 > 0:18:19380 I'm bid.
0:18:19 > 0:18:21380 I have.
0:18:21 > 0:18:24385? 385. And 390.
0:18:24 > 0:18:27390 bid I have.
0:18:27 > 0:18:29395. Bid it up to 400.
0:18:29 > 0:18:30400.
0:18:30 > 0:18:34405? Anybody else coming in? 405.
0:18:34 > 0:18:36410? 410.
0:18:36 > 0:18:38415. And 420.
0:18:38 > 0:18:40420 I'm bid.
0:18:40 > 0:18:44425 in the...? 425. 430.
0:18:44 > 0:18:47435? 435. 440.
0:18:47 > 0:18:49440. 445?
0:18:49 > 0:18:54At 445. Do you want to say 450 and knock him out of the scene?
0:18:54 > 0:18:56Yeah? 450 I've got.
0:18:56 > 0:19:01451? No? At £450,000 I have the first time.
0:19:01 > 0:19:05£450,000 for the second time.
0:19:05 > 0:19:09Third and final time. With you, sir, at £450,000. We're all done.
0:19:09 > 0:19:11I think you came here to buy that, didn't you?
0:19:11 > 0:19:17It was commercial builder Chris who made the final bid of £450,000.
0:19:17 > 0:19:20He was bidding on behalf of his clients Emma and Jason
0:19:20 > 0:19:24who plan to turn the property into a dance studio and fitness centre,
0:19:24 > 0:19:30with Chris project-managing the work. I met up with Emma at the unit to find out more.
0:19:31 > 0:19:33Emma, it's great to meet you today. Thank you for coming along.
0:19:33 > 0:19:37- No problem.- Now, you weren't the person bidding at the auction for this lot.
0:19:37 > 0:19:44No, we had Chris who does a lot of our building work and contracting work for our other sites as well.
0:19:44 > 0:19:46He went for me.
0:19:46 > 0:19:49So had you set a limit on auction day to buy this lot?
0:19:49 > 0:19:55Yes. There was a ceiling that I said he could not go over,
0:19:55 > 0:19:58but fortunately we got it for less than that, so we were quite pleased in the end.
0:19:58 > 0:20:05- How much less than that did you end up?- About £60,000 less which was great, we were really pleased.
0:20:05 > 0:20:12- That's fantastic!- I didn't really want to go to the top, but, you know, there has to be a limit.
0:20:12 > 0:20:15And it's good that I don't go because I get quite excited at auction.
0:20:15 > 0:20:19Emma and Jason already own three health clubs. One of these is a dance studio
0:20:19 > 0:20:25which has become so busy that they needed new premises, hence this purchase,
0:20:25 > 0:20:31and it returns Emma to her old stomping, or should I say, dancing ground.
0:20:31 > 0:20:36I had my first fitness gym and dance studio just around the corner.
0:20:36 > 0:20:39So we started in Dartford and it's like us coming home now.
0:20:39 > 0:20:44We started that 12 years ago. I started as a dancer myself,
0:20:44 > 0:20:50and really enjoyed teaching young people and giving them confidence and giving them skill
0:20:50 > 0:20:53that they could use and enjoy themselves in a fantastic and rewarding career.
0:20:53 > 0:20:57What an exciting career you have! I mean, how fabulous!
0:20:57 > 0:21:00But now, look, you've got all this ahead of you, so what I want to know is
0:21:00 > 0:21:03where are you going to start, what are you going to do here
0:21:03 > 0:21:05and what are you going to use that huge hangar down there for?
0:21:05 > 0:21:10Well, that hangar's going to be three really big studios
0:21:10 > 0:21:17with a moveable acoustic wall that we can take away and have a theatre space.
0:21:17 > 0:21:21So we can deliver masterclasses, we can have theatre productions,
0:21:21 > 0:21:27it'll be one great big space that we can use, but we can also section it off and have classes,
0:21:27 > 0:21:28so it's going to be great.
0:21:28 > 0:21:31Up here we're going to have another studio, so we'll have four big rooms.
0:21:31 > 0:21:37There'll be a recreation-rest room and another musical theatre space for acting and singing.
0:21:37 > 0:21:39So we've got quite a lot planned.
0:21:41 > 0:21:46Emma and Jason have £100,000 budget and a three-month timescale.
0:21:46 > 0:21:50Project manager Chris is the man in charge of realising their vision.
0:21:50 > 0:21:53He joined me to tell me more about his involvement.
0:21:53 > 0:21:55Tell me, what are you going to do here?
0:21:55 > 0:21:58How's it going to work? Are you going to get your teeth into this?
0:21:58 > 0:22:04Definitely, yeah. It's a big open space, so we thought about it, we got an architect onboard,
0:22:04 > 0:22:07who'll put all the plans in for building regs and the planning. Obviously there's change of use.
0:22:07 > 0:22:13Then we're going to come in. We're going to rip all the inside out, put all new walls up,
0:22:13 > 0:22:17acoustic walls, because obviously with it being a dance studio they don't want sound transference,
0:22:17 > 0:22:20so we're going to do all that. That's quite technical.
0:22:20 > 0:22:24OK, something I'm a little bit worried about is the three-month timescale.
0:22:24 > 0:22:29I know Emma needs to get her students in here. Gosh! Can you really work to that?
0:22:29 > 0:22:31Oh, no problem. We've got quite a large staff,
0:22:31 > 0:22:35we've also got a lot of subcontractors we can call on if necessary,
0:22:35 > 0:22:40but basically tomorrow morning there'll be ten people here making a start.
0:22:40 > 0:22:43So do you think this is going to be a huge success for her?
0:22:43 > 0:22:45I think it's going to be a massive success.
0:22:45 > 0:22:49And also there is options in a couple of years' time to bring the back up two storeys,
0:22:49 > 0:22:53so I'm hoping it's going to be such a success she'll have us back in two years
0:22:53 > 0:22:57to put, you know, a second storey on. Great for me, great for them.
0:22:57 > 0:23:00# I'm in the mood for dancing... #
0:23:00 > 0:23:05These guys have done so well here. They are just so close to the train station
0:23:05 > 0:23:09and having a car park opposite is going to prove popular with their students,
0:23:09 > 0:23:15but the pressure is on. There's just over three months before enrolment. They have their work cut out.
0:23:15 > 0:23:21Will they meet their deadline date? You can find out later in the programme.
0:23:22 > 0:23:27Still to come, in Cornwall, the kitchen in this house looks decidedly risky.
0:23:27 > 0:23:28Whatever is above us...
0:23:28 > 0:23:31could be coming down to join us quite quickly.
0:23:32 > 0:23:37In Dartford, has Emma turned this huge space into what she wanted?
0:23:37 > 0:23:42Two studios and we can divide them for classes and singing, acting...
0:23:43 > 0:23:49But first, in Lincolnshire, did Bob live up to his reputation for DIY?
0:23:49 > 0:23:52- The whole thing collapsed. - Me and the ladder in the bath.
0:23:57 > 0:23:59It's back to the river town of Gainsborough in Lincolnshire now,
0:23:59 > 0:24:06and this two-bed semi-detached house which, despite the name of the town, wasn't exactly an oil painting.
0:24:06 > 0:24:12It may have had character outside, but inside it was distinctly grubby.
0:24:12 > 0:24:17And something told me the bedroom floor wasn't on the level.
0:24:17 > 0:24:20There was a lot to be done to get this place up and running.
0:24:20 > 0:24:25It was bought by first-time developers Bob and Catherine for £56,000,
0:24:25 > 0:24:29and it seemed this was a job the novices were up for.
0:24:29 > 0:24:31Who's going to do the work?
0:24:31 > 0:24:37- Both of us.- Well, we're going to... - There'll be a few tradesmen in. - Yeah, there'll be a few tradesmen!
0:24:37 > 0:24:40I don't trust Bob to do anything to be honest!
0:24:40 > 0:24:43- I'm Frank Spencer! - His nickname's Frank Spencer, so that says a lot, doesn't it?
0:24:43 > 0:24:47Well, let's hope Bob didn't make a whoopsie out of this place, Betty!
0:24:47 > 0:24:52But, joking apart, this will be an interesting start to their developing careers.
0:24:52 > 0:24:56The couple reckoned that a £10,000-12,000 budget and a timescale of three months
0:24:56 > 0:25:02would be enough for the job. So, four months later, we've returned to see how they've got on.
0:25:05 > 0:25:10From the outside, a tidy-up of the front yard and a lick of paint have done wonders for its kerb appeal.
0:25:11 > 0:25:16Inside, the living room looks far more appealing in soft neutral tones,
0:25:16 > 0:25:20livened up with a contrasting feature wall. So far so good.
0:25:20 > 0:25:22And at the rear...
0:25:24 > 0:25:28..a wonderful new open-plan kitchen and dining room have been created.
0:25:35 > 0:25:40When we first bought the property, there was the wall here with the door.
0:25:40 > 0:25:45We've taken that completely down to open this up into a kitchen-diner.
0:25:45 > 0:25:49We've knocked through to what used to be the old bathroom
0:25:49 > 0:25:55and that we've made into a utility room. It's still a work in project at the moment.
0:25:55 > 0:25:59I've probably got another week on it and hopefully then I should have it done, but I'm very pleased.
0:25:59 > 0:26:03It's come out exactly as I would like it to. When it's finished, it'll be absolutely lovely.
0:26:03 > 0:26:05I'm very, very happy with it.
0:26:05 > 0:26:10I'm not surprised! For someone who's been sold as a DIY disaster zone,
0:26:10 > 0:26:15Bob's done a great job here, creating a spacious open-plan kitchen-diner.
0:26:17 > 0:26:23Upstairs, the two bedrooms have been made over in the same style, with soft tones and carpeting,
0:26:23 > 0:26:27which strike the right note for the current property market.
0:26:28 > 0:26:31But the bathroom's a different story altogether.
0:26:31 > 0:26:37It was quite a big bathroom when we first came and looked at the house, when we first bought the house.
0:26:37 > 0:26:42There was another room here which had the cistern and the tank in there,
0:26:42 > 0:26:48so we decided to knock that out, so that made the bathroom even bigger.
0:26:48 > 0:26:52And we got a nice big shower and plenty of space as well.
0:26:52 > 0:26:56We've probably spent more on the bathroom than we really maybe should have done,
0:26:56 > 0:27:00thinking about the budget, but we're so pleased with it.
0:27:00 > 0:27:02It's certainly got the wow factor.
0:27:02 > 0:27:08The bathroom may have had the wow factor, but, remember, the bedroom with its sloping floor
0:27:08 > 0:27:12had something of a whoa factor!
0:27:12 > 0:27:16Well, I had a friend round who's a builder and he's had a look at it,
0:27:16 > 0:27:22and it's history from where the house has subsided on that side, that whole complete wall dropped.
0:27:22 > 0:27:26So we had the floorboards up and it's been all braced and rectified
0:27:26 > 0:27:29to put it back to how it was.
0:27:29 > 0:27:34That had been the problem Bob and Catherine were most worried about when they started the project,
0:27:34 > 0:27:40but it seems there was something more unappealing waiting round the corner for them.
0:27:40 > 0:27:43We thought everything was better than it was.
0:27:43 > 0:27:51When we started taking wallpaper off, the plaster fell like it had blown and it fell off the walls,
0:27:51 > 0:27:57so I would say nearly all the walls have had to be replastered.
0:27:57 > 0:28:00But that was as far as the major problems went.
0:28:00 > 0:28:06Outside the back garden has been cleared and returfed, and is now a tidy and manageable space.
0:28:06 > 0:28:09Apart from the qualified tradesmen that were needed,
0:28:09 > 0:28:15the whole renovation was down to Bob and Catherine, working in any spare time they had from their day jobs.
0:28:15 > 0:28:20And they've done a really top-notch job here.
0:28:20 > 0:28:26But it seems as though Bob wasn't able to shake off his Frank Spencer reputation totally on this project.
0:28:26 > 0:28:29- We'd just got the bathroom in, hadn't we?- That's right.
0:28:29 > 0:28:32And the entrance to the loft is directly above the roll-top bath,
0:28:32 > 0:28:38and he's got the ladder sort of over the bath, and he was trying to force his body...
0:28:38 > 0:28:43and he's not a small guy... trying to force his body up into the loft space
0:28:43 > 0:28:48- and the whole thing collapsed. - Me and the ladder in the bath.- Yeah.
0:28:48 > 0:28:54So it did actually make a couple of chips on the roll-top bath.
0:28:56 > 0:28:59Fixing the bath did incur a cost, talking of which...
0:28:59 > 0:29:04the couple's renovation budget did stretch from £12,000 to £15,000
0:29:04 > 0:29:07and their timescale overran from three to four months.
0:29:09 > 0:29:12But there's a good reason why they overspent and overran.
0:29:14 > 0:29:17The main idea is to put the house on the market and sell it.
0:29:17 > 0:29:24- If we can't...we'll probably give it three months...if it's not sold... - Move in.
0:29:24 > 0:29:26..Then we're probably going to move in.
0:29:28 > 0:29:32Bob and Catherine bought the house for 56,000.
0:29:32 > 0:29:37Add that to their £15,000 spend and the total outlay is 71,000.
0:29:37 > 0:29:42Time to find out what two local estate agents make of the couple's first-ever development.
0:29:42 > 0:29:46First impressions of the property are very positive.
0:29:46 > 0:29:49It's been completed to a very high standard.
0:29:49 > 0:29:51I like the way
0:29:51 > 0:29:55the bathroom's been finished. It's a fantastic bathroom.
0:29:55 > 0:30:02And the kitchen's been opened out very well and the extra utility made so it's added to the property.
0:30:02 > 0:30:04They've done some really good work on it,
0:30:04 > 0:30:08knocking through the kitchen and opening there.
0:30:08 > 0:30:12An open-plan living space is far more in keeping with modern-day living, really.
0:30:12 > 0:30:17So with the couple having spent 71,000, what could the house achieve if sold?
0:30:18 > 0:30:21If I was to put the property on the market for sale,
0:30:21 > 0:30:25I would be looking to ask for £90,000,
0:30:25 > 0:30:29and hopefully achieve a price in the 80,000 region.
0:30:29 > 0:30:32If I was to put this property up for sale today, today's market,
0:30:32 > 0:30:35I'd hope to achieve around £75,000 for it.
0:30:35 > 0:30:37Not going to sell it at that price,
0:30:37 > 0:30:41cos, you know, we would make nothing on it, so, you know...
0:30:41 > 0:30:47- so definitely keep it, probably move in it and...- See what happens with the market.- Go with that, yeah.
0:30:47 > 0:30:52As Bob and Catherine aren't likely to get the sort of resale value they'd hoped for,
0:30:52 > 0:30:57it looks like they may be moving in. But if they decided to let the house out,
0:30:57 > 0:30:59what sort of rental income could they earn?
0:30:59 > 0:31:05Rental value per calendar month would be £425.
0:31:05 > 0:31:08If the property was to go on the rental market,
0:31:08 > 0:31:12I think it would achieve around the £425 per calendar month mark.
0:31:12 > 0:31:16- I think that's really good, actually. I'm pleased with that. - Yeah, that's OK.
0:31:16 > 0:31:21- A bit more than we thought. - Yeah, it is more than I thought. Yeah, that's good.
0:31:22 > 0:31:27That rental income could give them an annual yield of just over 7%,
0:31:27 > 0:31:32but for now it looks like they're the ones who'll be enjoying the fruits of their efforts.
0:31:34 > 0:31:39We're happy about that because we've done it with us in mind as well,
0:31:39 > 0:31:45so we've made a good job of it and done it to a good standard, so we're pleased with that.
0:31:47 > 0:31:53I'm in the Indian Queens area of North Cornwall.
0:31:53 > 0:31:59There are plenty of stories explaining who the Indian Queen was, but none are conclusive.
0:31:59 > 0:32:02But whoever she was she gave her name to the local coach house.
0:32:02 > 0:32:07The name of the pub changed over the years and the building was demolished in the 1960s,
0:32:07 > 0:32:09but the pub's name plaque still exists today.
0:32:09 > 0:32:12The village has other heritage too.
0:32:12 > 0:32:19In days gone by, Indian Queens was well-known for one thing and one thing alone, traffic jams!
0:32:19 > 0:32:23This was one of the major routes in and out of Cornwall
0:32:23 > 0:32:26until the bypass, the A30 as it is now, was built,
0:32:26 > 0:32:30this would be literally bumper to bumper during the summer months.
0:32:30 > 0:32:35Nowadays it's quiet, but it still has those great transport links.
0:32:35 > 0:32:37So that's good news, and this is what I'm here to see.
0:32:37 > 0:32:42Three/four-bedroomed semi-detached, had a guide price of £110,000. Let's take a look.
0:32:42 > 0:32:44Well, so much for the Queen of Indians.
0:32:44 > 0:32:49Let's hope this house hasn't been visited by the king of cowboys!
0:32:49 > 0:32:54So the question is, are you getting more than a tepee for your money?
0:32:54 > 0:32:58Well, I think probably so... Interesting colour of paint for the hallway.
0:32:58 > 0:33:02Stairs up to the bedrooms there and then through into your lounge.
0:33:02 > 0:33:05You've got a big space here. Nice to have the open fire.
0:33:05 > 0:33:09You definitely want to make sure you've got good double-glazing on that side
0:33:09 > 0:33:10because that road is still quite busy.
0:33:10 > 0:33:16But it's a good-sized space... Clearly needs a bit of sorting out, but it's looking good.
0:33:16 > 0:33:21Through to the kitchen, and clearly this is an extension to the original property.
0:33:21 > 0:33:26And it's a good-sized space, a sort of kitchen-family living area, so we like that.
0:33:26 > 0:33:31Obviously all the units need to go, but you've got space to work with. However...
0:33:32 > 0:33:38Coming into properties that have been extended should set a few alarm bells ringing...
0:33:38 > 0:33:43and when I see a construction like this, clearly a structural part of the property...
0:33:43 > 0:33:47this is some kind of a supporting beam here... When I see another one going this way
0:33:47 > 0:33:51which is sort of joined on without going that way as well, it just starts to worry me a bit.
0:33:51 > 0:33:56Now, it's probably absolutely fine, but I'd want to take off whatever this stuff is on the surface here
0:33:56 > 0:33:59and just see that that has been actually properly done underneath,
0:33:59 > 0:34:01because if it hasn't been properly done...
0:34:01 > 0:34:06whatever is above us... could be coming down to join us quite quickly.
0:34:06 > 0:34:11# I see trouble in the air up above my head... #
0:34:11 > 0:34:15You can never be too careful with things like this.
0:34:15 > 0:34:19It might be perfectly safe, but if it doesn't meet building regulations,
0:34:19 > 0:34:21you may struggle to get a mortgage on the house.
0:34:21 > 0:34:24Then you could end up with a property you can't sell.
0:34:24 > 0:34:27That would be a shame, because with the amount of space and light,
0:34:27 > 0:34:29the vibe down here is pretty good.
0:34:31 > 0:34:36So...top of the stairs, probably where it should be, the bathroom.
0:34:36 > 0:34:39Good size, I have to say, nice big corner bath there.
0:34:39 > 0:34:44However that concerns me somewhat because that is actually situated right above the kitchen
0:34:44 > 0:34:49where that not necessarily but possibly slightly dodgy bit of construction and support was.
0:34:49 > 0:34:53Now, with an average bath holding around 225 litres of water
0:34:53 > 0:34:58and an average litre of water weighing 1kg, that's 225kg of water...
0:34:58 > 0:35:02add in the weight of the person in the bath, 80kg, that's 300kg of water there...
0:35:02 > 0:35:04waiting, poised...
0:35:04 > 0:35:06Ooh!
0:35:06 > 0:35:10Definitely get a structural engineer to check that beam out.
0:35:10 > 0:35:14But what have we got apart from that? Reasonable-sized bedroom there.
0:35:14 > 0:35:17Reasonable-sized double bedroom there, small boxroom there,
0:35:17 > 0:35:21and then a spiral staircase leading up to the "stroke fourth bedroom".
0:35:21 > 0:35:25The reason they say "stroke fourth" is because really you can't class that as a bedroom
0:35:25 > 0:35:28unless this has passed building regulations,
0:35:28 > 0:35:34and judging by this...and what I can see by glancing up there, I don't think it has.
0:35:34 > 0:35:37That's unfortunate because it's not a bad space.
0:35:37 > 0:35:41But at worst it could be used as a great storage area.
0:35:41 > 0:35:44But there are three bedrooms here so it's not short on rooms.
0:35:44 > 0:35:49Certainly in terms of size, it could still appeal to a family.
0:35:49 > 0:35:53However, the outside space is perhaps less appealing.
0:35:53 > 0:35:57Well, at the rear of the property, lots and lots of space,
0:35:57 > 0:36:02but also lots and lots and lots of concrete and this stuff can actually be a nightmare to get rid of.
0:36:02 > 0:36:09So take my advice. Hire yourself a mini digger for the weekend, scrape it up into a few skips,
0:36:09 > 0:36:10and job done. But also at the back here
0:36:10 > 0:36:15there's this huge, great... Well, I don't know what it is, to be honest, garage or something.
0:36:15 > 0:36:17Oh, wow! Look at this!
0:36:17 > 0:36:18Fantastic!
0:36:18 > 0:36:21It's a huge great workshop, I suppose...
0:36:21 > 0:36:25Imagine if you were into your classic cars or your motorbikes or just wanted a bit of space
0:36:25 > 0:36:27for something like gym equipment...
0:36:27 > 0:36:31Great thing to have. Quite surprising. You could even run a business from here, I suppose,
0:36:31 > 0:36:36subject to the local planning permission, of course, but actually a great bonus, fantastic!
0:36:38 > 0:36:42# It's like concrete... #
0:36:42 > 0:36:45It may be all concrete and steel on the outside,
0:36:45 > 0:36:48but I'm rather worried about the strength of some of the inside.
0:36:48 > 0:36:50What does a local estate agent feel
0:36:50 > 0:36:53- about what's on offer here? - Needs some work,
0:36:53 > 0:36:56definitely, but they're the kind of things people like to buy now,
0:36:56 > 0:36:58because money's very, very tight,
0:36:58 > 0:37:00so everything's got to come out of one budget,
0:37:00 > 0:37:04which means they can put their own stamp on it. I think it's definitely saleable
0:37:04 > 0:37:08I think there'd be quite a few different groups that would be interested in this property.
0:37:08 > 0:37:14The property may attract purchasers but is the workshop in the garden a positive or a negative?
0:37:14 > 0:37:17It's taking a huge chunk off the garden,
0:37:17 > 0:37:20and taking into account the size that it is at the moment,
0:37:20 > 0:37:26internally you can see that originally it was a big double garage/workshop anyway,
0:37:26 > 0:37:31I would maybe recommend that it was taken back to its original length,
0:37:31 > 0:37:33giving you more useful space for the garden.
0:37:33 > 0:37:37So perhaps the outside area needs some work,
0:37:37 > 0:37:42but could this auction lot that was guided at just £110,000 be a sound investment?
0:37:42 > 0:37:48The resale of this property, once finished, would be in the region of £150,000.
0:37:48 > 0:37:53The rental valuation on this property, once finished, would be in the region
0:37:53 > 0:37:56of £650-695 per calendar month.
0:37:57 > 0:38:02Well, this house in Indian Queens certainly offers a lot of property for the money.
0:38:02 > 0:38:06Work to be done but I think there's also money to be made
0:38:06 > 0:38:09as long as whoever bought it doesn't get the cowboy builders in.
0:38:09 > 0:38:13Let's see who that was when it went to the auction.
0:38:16 > 0:38:19We now move to lot 12. May I say £80,000?
0:38:19 > 0:38:22£80,000? £80,000 I'm bid.
0:38:22 > 0:38:25Is there 85 anywhere? 85 I'm bid.
0:38:25 > 0:38:28May I say £90,000? 90 I'm bid.
0:38:28 > 0:38:2995 I'm bid.
0:38:29 > 0:38:30And 100 I'm bid.
0:38:30 > 0:38:32105 I'm bid.
0:38:32 > 0:38:38Go 1 if it helps. 106? 106 I'm bid. And 107? 107 I'm bid.
0:38:38 > 0:38:40And 108?
0:38:40 > 0:38:42108, sir. 108 I'm bid.
0:38:42 > 0:38:45109? 109 I'm bid.
0:38:45 > 0:38:46And 110? 110 I'm bid.
0:38:46 > 0:38:51And 111? 111? At £110,000 right in the front row here.
0:38:51 > 0:38:56May I say 111? 111? At £110,000 in the front row
0:38:56 > 0:39:00for the first time. At £110,000 for the second time.
0:39:00 > 0:39:03At £110,000 and selling for the third and last time. Congratulations, it's yours, sir.
0:39:03 > 0:39:09For £110,000 the successful bidder was local man Martin.
0:39:09 > 0:39:15He works as an area manager for a dental company and does property developing as a sideline.
0:39:15 > 0:39:18If you think his face is familiar, it is.
0:39:18 > 0:39:21Martin was on the programme quite recently.
0:39:21 > 0:39:26- Martin, good to meet you again. - Thank you.- It wasn't that long ago when we met you before.
0:39:26 > 0:39:34- Couple of months?- Yeah, I finished one project, went to an auction and this one came up,
0:39:34 > 0:39:35- so away I went.- Straight on.
0:39:35 > 0:39:37# Let's go round again
0:39:39 > 0:39:41# Maybe we'll turn back the hands of time... #
0:39:41 > 0:39:44Martin's previous property was a few miles away in Par.
0:39:44 > 0:39:47Although very different in appearance to this house,
0:39:47 > 0:39:51the work needed wasn't so different as it needed a complete refurbishment.
0:39:51 > 0:39:56Martin did that and eventually sold it, making a profit of around £20,000.
0:39:56 > 0:39:58Now he's on to this one.
0:39:59 > 0:40:02Tell me why you wanted to buy this place.
0:40:02 > 0:40:06Well, I actually went to buy another property at the auction.
0:40:06 > 0:40:12However, this came up prior and went for such a good price that I couldn't let it go by.
0:40:12 > 0:40:15Right, so it was literally the price. Had you seen it beforehand?
0:40:15 > 0:40:20Yeah, I'd done my research. I'd looked online and then I'd come and had a look through the windows.
0:40:20 > 0:40:23- I hadn't actually been through the front door.- Oh, wow!
0:40:23 > 0:40:28But I could see where it was and I could see the kind of work that would need to be done.
0:40:28 > 0:40:34When it went for such a good price at auction, I thought whatever happens and no matter what I found inside,
0:40:34 > 0:40:39there was a worthwhile amount of money to be made.
0:40:39 > 0:40:41So Martin's taken a small gamble here,
0:40:41 > 0:40:44but he knows the local market and whether he rents or sells,
0:40:44 > 0:40:48he's confident this will be a money-spinner once refurbished.
0:40:48 > 0:40:52So tell me exactly what you're going to do to the house itself to sort it out?
0:40:52 > 0:40:54OK. Inside it's a top-to-bottom refurbishment.
0:40:54 > 0:40:57So, basically, I'll be changing the doors, taking out the carpet,
0:40:57 > 0:41:01and I'll basically shell the property, refresh the bathroom,
0:41:01 > 0:41:05- and redo the kitchen. - What about in the kitchen here?
0:41:05 > 0:41:09I was a little bit concerned... it's not necessarily a problem, but I'd like it to be investigated,
0:41:09 > 0:41:13- this construction on the roof, holding up the bathroom upstairs. - I've had a look at it,
0:41:13 > 0:41:19and the construction of it... I'm quite convinced that it's all good.
0:41:19 > 0:41:23What about the sort of fourth bedroom? It really can't be called a fourth bedroom, can it?
0:41:23 > 0:41:27It's got the spiral staircase, it doesn't really meet planning regulations.
0:41:27 > 0:41:30- What are you going to do with that? - I think I'll leave it as it is.
0:41:30 > 0:41:34I think it would make a really good sort of playroom. I certainly won't be taking the stairs away.
0:41:34 > 0:41:39I think it's a useful addition. It adds value, rather than just putting a loft hatch over it, so...
0:41:39 > 0:41:45Martin plans a pretty modest refurbishment here, reflected in his budget of 4,000-5,000.
0:41:45 > 0:41:50Timescale-wise he hopes to turn it around in just a couple of months.
0:41:50 > 0:41:55That will be pretty good going with his full-time dental job as well.
0:41:55 > 0:42:00- What about outside, then? Cos that is a real surprise, isn't it?- Exactly.
0:42:00 > 0:42:04The building outside could lend itself to a number of uses.
0:42:04 > 0:42:08It was actually used as a coach refitting business some years ago,
0:42:08 > 0:42:12so they've got planning permission to use it for commercial use.
0:42:12 > 0:42:18Personally, what I would do with it is present it in a good state
0:42:18 > 0:42:20so that people can see what they've got there.
0:42:20 > 0:42:25And, obviously, then it maximises the opportunities and potential.
0:42:25 > 0:42:28So the garage-cum-workshop could be a real bonus for Martin.
0:42:28 > 0:42:32And there's certainly plenty of work to sink his teeth into here.
0:42:32 > 0:42:35So lots of options for Martin with this place,
0:42:35 > 0:42:39but just £4,000 to sort it out? Sounds a bit tight to me,
0:42:39 > 0:42:43especially if it turns out that there is structural work required.
0:42:43 > 0:42:46You can find out how he gets on later in the show.
0:42:49 > 0:42:56Well, transforming a property from a worn-out shell into a home can be a very rewarding experience.
0:42:56 > 0:43:00Did everything go to plan for our buyers today? Let's find out.
0:43:01 > 0:43:07Back now to Dartford where dance teacher Emma and her husband Jason bought this former printworks
0:43:07 > 0:43:14at auction for 450,000. They hoped to turn the place into a performing arts centre,
0:43:14 > 0:43:18and their plans were certainly ambitious.
0:43:18 > 0:43:21Downstairs we're going to put studios, there'll be a musical theatre room.
0:43:21 > 0:43:26Up here we're going to have another studio, so we'll have four big rooms.
0:43:26 > 0:43:32There'll be a recreation-rest room and another musical theatre space for acting and singing.
0:43:32 > 0:43:33So we've got quite a lot planned.
0:43:33 > 0:43:39The couple had a budget of 100,000 to do the work and a tight schedule of just three months
0:43:39 > 0:43:44to be up and running. But with commercial builder Chris employed to manage the project,
0:43:44 > 0:43:47it seems like they were in safe hands.
0:43:47 > 0:43:53We're back three-and-a-half months later to find out if they've quickstepped their way to success
0:43:53 > 0:43:57or if they've been tripped up by two left feet!
0:43:58 > 0:44:03Well, the outside has undergone a makeover. What about inside?
0:44:03 > 0:44:07# Dancing in the moonlight... #
0:44:07 > 0:44:10The former huge hangar-like space is still undergoing some work,
0:44:10 > 0:44:16but it's clear the complex is taking shape with four separate studios being created,
0:44:16 > 0:44:20large, light and all with enough room to swing a leg.
0:44:22 > 0:44:26Upstairs, it's been a total transformation.
0:44:27 > 0:44:32The former office area has been stripped and partitioned off into two studios,
0:44:32 > 0:44:39each soundproofed and a great site for practising those moves, plies or just belting out a song.
0:44:40 > 0:44:48We met up with Emma and Jason who told us they'd certainly belted along to get this project finished.
0:44:48 > 0:44:50Well, it's certainly been a busy few months.
0:44:50 > 0:44:55We've completely transformed the site, so very close.
0:44:55 > 0:44:59It's just the finishing up, the finishing touches on the walls,
0:44:59 > 0:45:01the builders are just finishing up and tidying around
0:45:01 > 0:45:04and the last bits of carpet going down, so it's very close.
0:45:04 > 0:45:09In fact, so close that 300 students have already enrolled
0:45:09 > 0:45:12in the various dance and arts programmes run by the centre.
0:45:12 > 0:45:15It looks like some are already going through their paces.
0:45:15 > 0:45:19MUSIC: "Rhythm Is a Dancer" by Snap
0:45:26 > 0:45:32It's the ground-floor space that will put the perform in performance as Emma explains.
0:45:32 > 0:45:39Well, it's two studios and we can divide them for classes and things like that, singing, acting...
0:45:39 > 0:45:43We can also open up the space and have Studio 2 as the theatre
0:45:43 > 0:45:47and the seating in Studio 1 and have a really good performance space.
0:45:47 > 0:45:51But this transformation is not all just about putting on a show.
0:45:51 > 0:45:54There's a business to run,
0:45:54 > 0:45:58and on the ground floor the reception has been opened up and made more client-friendly.
0:45:58 > 0:46:02And once inside there are new changing rooms and a kitchen.
0:46:04 > 0:46:10It's a big renovation and was made possible by a team that Emma and Jason have known for ten years.
0:46:10 > 0:46:15Project manager Chris and surveyor Deborah have played key roles.
0:46:15 > 0:46:18They've worked very closely with Emma and Jason
0:46:18 > 0:46:22to make this studio literally all singing and all dancing!
0:46:22 > 0:46:27So are they the Fred and Ginger of project managing?
0:46:27 > 0:46:31We work really well together. We've both got different skills, different things that we're good at,
0:46:31 > 0:46:35but, you know, bringing that together means that the company works really well together
0:46:35 > 0:46:39and the projects get finished because you've both got different ways of working,
0:46:39 > 0:46:42but bringing it all together, which means the clients get the best of both worlds.
0:46:42 > 0:46:48The couple faced a few minor problems changing the usage of the unit
0:46:48 > 0:46:49to a performing arts centre.
0:46:49 > 0:46:52To avoid any excessive music affecting the neighbours,
0:46:52 > 0:46:59the windows at the front had to be closed and ventilation has been added to the first-floor studio.
0:46:59 > 0:47:01But things have pretty much run to schedule.
0:47:01 > 0:47:05A few days left to finish and it's due Friday week,
0:47:05 > 0:47:11and we will, sort of Wednesday, have the contract cleaners come in and the clients are very happy.
0:47:11 > 0:47:17As for the £100,000 budget, well, Emma and Jason have now added a theatre into the equation,
0:47:17 > 0:47:22so expect that to be exceeded, and there were other problems.
0:47:22 > 0:47:28Mainly all of the wiring had to be changed because it had been ripped out for the copper.
0:47:28 > 0:47:31All the copper pipes were removed, which we didn't expect.
0:47:31 > 0:47:35And there were a few changes that the Building Control required.
0:47:35 > 0:47:42And the additional things that we added so it pushed the budget up to 180,000-190,000 in the end.
0:47:44 > 0:47:49Emma and Jason paid 450,000 at auction for the property,
0:47:49 > 0:47:51and with their renovation costs reaching about 190,000,
0:47:51 > 0:47:56that makes an overall outlay of £640,000.
0:47:56 > 0:48:02Time to find out what two local estate agents think of the couple's new performing arts centre,
0:48:02 > 0:48:04and whether it's worth making a song and dance about.
0:48:06 > 0:48:08It's been finished to a very high standard.
0:48:08 > 0:48:11Obviously, it's still a work in progress, but once it's finished,
0:48:11 > 0:48:15I think this is going to be a very modern useable space.
0:48:15 > 0:48:17Very good space for this sort of use.
0:48:17 > 0:48:20It's obviously built as a factory unit,
0:48:20 > 0:48:22but it's good per eaves height,
0:48:22 > 0:48:24I would have thought ideal for performing arts.
0:48:24 > 0:48:29How much could the unit be worth on the resale market?
0:48:29 > 0:48:34For marketing purposes I would suggest putting it on at £550,000.
0:48:34 > 0:48:39I would put this commercial property on the market for £550,000.
0:48:39 > 0:48:42- It's a reasonable... - Given the current climate.
0:48:42 > 0:48:46Yeah, and it's quite specific, you know, our use for the building.
0:48:46 > 0:48:53So sort of as an empty building for use for something else, it seems a reasonable valuation.
0:48:53 > 0:48:59That valuation means that Emma and Jason would stand to lose 90,000.
0:49:02 > 0:49:05# Every day is so wonderful
0:49:05 > 0:49:07# And suddenly... #
0:49:07 > 0:49:12However a quick resale was never part of the plan.
0:49:12 > 0:49:15A performing arts centre is a long-term project for the couple.
0:49:15 > 0:49:21If the business is successful then the real value won't be in the short-term price of the building.
0:49:21 > 0:49:28It's great that it's now coming to the end and we don't need to moan at anybody any more, so that's great!
0:49:28 > 0:49:31- The lovely thing is to see the students' faces, see what they think of it.- Yeah.
0:49:31 > 0:49:35That's what I'm looking forward to, seeing it full of people, that'll be great.
0:49:35 > 0:49:38# I am beautiful
0:49:38 > 0:49:40# No matter what they say
0:49:40 > 0:49:46# Words can't bring me down... #
0:49:48 > 0:49:53Earlier we were in the village of Indian Queens in Cornwall where we met Martin.
0:49:53 > 0:49:59He's an area manager for a dental company who bought this three- or four-bedroomed detached house
0:49:59 > 0:50:01for 110,000.
0:50:05 > 0:50:10Martin was on the show before when he refurbished a property in nearby Par,
0:50:10 > 0:50:12and was well-prepared to take this place on.
0:50:12 > 0:50:14As much of the work was superficial,
0:50:14 > 0:50:19and as there was a huge garage in the garden, ripe with possibilities,
0:50:19 > 0:50:21he knew he'd got himself a bargain here.
0:50:21 > 0:50:24When it went for such a good price at auction,
0:50:24 > 0:50:28I thought whatever happens and no matter what I found inside,
0:50:28 > 0:50:33there was a worthwhile amount of money to be made.
0:50:33 > 0:50:39Armed with a budget of just 4,000-5,000, Martin had plans to refurbish the house
0:50:39 > 0:50:43in just a couple of months and get it on to the rental market.
0:50:43 > 0:50:45But it was nine months later when we returned.
0:50:45 > 0:50:49From the outside, a fresh lick of paint on the walls
0:50:49 > 0:50:53and a tidy-up in the garden makes the frontage more appealing,
0:50:53 > 0:50:54and inside...
0:50:55 > 0:51:01Well, the living room has been stripped bare and it's obvious there's still a lot to do here.
0:51:01 > 0:51:03But the kitchen...
0:51:05 > 0:51:12Martin has decked this out with new units, new tiling, new everything!
0:51:12 > 0:51:15Well, nearly everything.
0:51:15 > 0:51:18The kitchen was quite dated and old.
0:51:18 > 0:51:20It had dark units...
0:51:20 > 0:51:21lino floor...
0:51:21 > 0:51:26Over here we had the arched recess with the heron window.
0:51:26 > 0:51:28I decided not to keep that.
0:51:28 > 0:51:30Although it let light into the front room,
0:51:30 > 0:51:33I didn't think it was in keeping with the rest of the property.
0:51:33 > 0:51:38I managed to retain the original sink. I feel it was good quality.
0:51:38 > 0:51:40It went really well with the rest of the units and the worktops.
0:51:40 > 0:51:45I tiled the floor and flashbacks. I think the end result's really good.
0:51:45 > 0:51:50Martin installed the kitchen himself and seems to have done a grand job.
0:51:52 > 0:51:54He also did the changes upstairs,
0:51:54 > 0:51:59decorating the three bedrooms, recarpeting and adding a new door...
0:52:00 > 0:52:03He applied the same style of makeover to the loft.
0:52:03 > 0:52:09And the bathroom? Well, that hasn't been replaced, but it's been updated with new flooring
0:52:09 > 0:52:11and a new sink and shower,
0:52:11 > 0:52:14all achieved with Martin's DIY skills.
0:52:17 > 0:52:20So was he able to do anything with the garage at the back?
0:52:22 > 0:52:26I think the garage is a real positive for this property.
0:52:26 > 0:52:29Although it didn't look very appealing when I bought the property,
0:52:29 > 0:52:35having replaced the industrial-looking metal doors with a modern roller shutter,
0:52:35 > 0:52:39I think I've turned something that was quite unappealing into a real asset to the property.
0:52:39 > 0:52:45Certainly when it comes to sell, I think this is a real selling feature and will appeal to a lot of buyers.
0:52:45 > 0:52:48Any future owner who is into car restoration
0:52:48 > 0:52:50or perhaps wants to run a small business from here
0:52:50 > 0:52:53would go crazy for the sort of space offered.
0:52:53 > 0:52:59So this large garage certainly does have the potential to put the pounds on to any resale price.
0:53:00 > 0:53:05And with the garden tidied up, it all ends up being a solid transformation
0:53:05 > 0:53:08from that tired house that Martin bought.
0:53:08 > 0:53:12Getting to this fresh look should have been straightforward, though, shouldn't it?
0:53:12 > 0:53:15If you look at a room and think,
0:53:15 > 0:53:18"I can paint that in a day," by the time you take off the wallpaper
0:53:18 > 0:53:21and then replaster the bits that are falling off,
0:53:21 > 0:53:25and then notice there's doorframes that had woodworm...
0:53:25 > 0:53:28and you factor that in that's going to take a day to replace as well,
0:53:28 > 0:53:31that bedroom that was going to take you a day could end up taking you a week.
0:53:31 > 0:53:35Obviously, throughout the house, if you look at those little issues,
0:53:35 > 0:53:39they all add up and that's where the time goes and that's where the money goes.
0:53:39 > 0:53:44In any renovation, discovering woodworm would open up a can of, well, worms!
0:53:44 > 0:53:49But the message here is, as always, allow some leeway for unexpected hold-ups.
0:53:49 > 0:53:52As it is, Martin now plans to live here.
0:53:52 > 0:53:56He had aimed to finished the project in two months, but a mini disaster,
0:53:56 > 0:54:00where sewage leaked into the kitchen created a stink with the schedule,
0:54:00 > 0:54:03and that wasn't the only hold-up.
0:54:04 > 0:54:07Well, it's been a busy sort of eight months.
0:54:07 > 0:54:09I was hoping to get the work done a lot quicker.
0:54:09 > 0:54:13However, work commitments meant I was working in South Wales a lot of the time,
0:54:13 > 0:54:18so a lot of weeks nothing got done, so things kind of dragged on.
0:54:19 > 0:54:24It looks as though there are still a few more weeks left to get this place across the finishing line,
0:54:24 > 0:54:29but as he's run so far over schedule how did Martin's budget hold up?
0:54:29 > 0:54:30My original budget was 4,000.
0:54:30 > 0:54:37With some of the problems I had with regard to losing items due to sort of flood damage,
0:54:37 > 0:54:40it's gone up to 6,000 now.
0:54:42 > 0:54:46Add that to his purchase price of 110,000
0:54:46 > 0:54:50and Martin's total outlay here is 116,000.
0:54:50 > 0:54:55Time to ask two local estate agents what they think of his investment.
0:54:57 > 0:54:59I like it very much.
0:54:59 > 0:55:02I think the finish that he's done... there's a little bit to do yet,
0:55:02 > 0:55:05but what's been done so far is very good.
0:55:05 > 0:55:09I like the flooring, I like the colour schemes that he's chosen,
0:55:09 > 0:55:12and I like how he's sort of concentrated on the garage as well.
0:55:12 > 0:55:14I think that's a very good selling point.
0:55:14 > 0:55:17It's got a lot of potential, obviously still not quite finished.
0:55:17 > 0:55:21Upstairs the work I've seen I've been very impressed with,
0:55:21 > 0:55:22done to a very high standard.
0:55:22 > 0:55:29Martin's current plans are to stay put for a few months and make this his new home,
0:55:29 > 0:55:31although he does aim to sell eventually.
0:55:31 > 0:55:37Having spent £116,000 here, what could he expect to achieve on a resale?
0:55:37 > 0:55:44I would market it for £165,000 to achieve in the region of £155,000.
0:55:44 > 0:55:50I would look at putting it on the market for between £160,000 and £165,000.
0:55:50 > 0:55:56They're really positive figures. Taking into account what I paid for the property and the money I spent,
0:55:56 > 0:55:58there should be quite a good return on my effort.
0:55:58 > 0:56:03You're right there, Martin! If those sale prices could be achieved,
0:56:03 > 0:56:09he could make a possible £39,000-£49,000 profit, minus the usual taxes and expenses.
0:56:09 > 0:56:14And with a potential rental income of £750 per calendar month,
0:56:14 > 0:56:17he could make a healthy annual yield of just under 8%.
0:56:22 > 0:56:25While this renovation may have taken its time,
0:56:25 > 0:56:29this house could still offer some healthy returns in the future for Martin.
0:56:29 > 0:56:36Now he's getting the knack of this developing game, he has a clear philosophy on getting the job done.
0:56:36 > 0:56:39When things go wrong, just keep your eyes on your prize,
0:56:39 > 0:56:43and when things do go wrong, keep calm and carry on.
0:56:46 > 0:56:50Well, whether you're a seasoned professional or a property novice,
0:56:50 > 0:56:53there are always thing to be learned about buying property.
0:56:53 > 0:56:56So make sure you join us next time for more Homes Under The Hammer.
0:56:56 > 0:56:57- See you then.- Goodbye.- Goodbye.
0:57:02 > 0:57:06Subtitles by Red Bee Media Ltd
0:57:06 > 0:57:10E-mail subtitling@bbc.co.uk