Episode 78 Homes Under the Hammer


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Episode 78

Martin Roberts and Lucy Alexander visit a two-bed house in Lincolnshire, a commercial unit in Kent and a standard semi in Cornwall.


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Transcript


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-Hello, and welcome to the show.

-They say a house tells a story,

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and over the years Martin and I have found this to be true.

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Yes, there are tales to be told

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and secrets to uncover when you buy your home under the hammer.

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At auction, properties are bought on a buyer-beware basis,

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so it's up to you to do your homework before you bid.

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Or you could be in for some nasty surprises.

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Let's see if the bidders on today's show got lucky.

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Coming up, in Lincolnshire, this two-bed house may have character,

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but there's something not on the level here.

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Clearly not good, is it?

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This commercial unit in Dartford may take you to infinity and beyond!

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Space has always got me so excited!

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And in Cornwall, a standard semi hides something in the garden

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that's bigger than your normal potting shed!

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There's this huge, great... Well, I don't know what it is, to be honest, garage or something.

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All these properties are being sold at auction,

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

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Well done, thank you.

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I'm in Gainsborough, Lincolnshire. Recently, the historic riverside area has been transformed

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by a £20-million regeneration project.

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With a wide range of shops and amenities, it really is a town on the up.

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The variation in Victorian property always amazes me.

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You get little rows of terraced houses, you get grand villas, all sorts of things,

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and, in this case, semi-detached houses.

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I mean, look at this. It's actually bigger than it looks from the outside.

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It's only two bedrooms, though, at a guide price of £35,000-£39,000. Let's take a look inside.

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For such a big sturdy block of a house, under 40,000 doesn't sound half bad.

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And it's a very attractive road, only a short walk to the town centre.

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Still, on second thoughts, that low guide price could be too good to be true.

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The exterior paintwork could do with a bit of a touch-up.

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Into the corridor and, yes, inside, not terribly presentable,

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although it looks like at some stage it's had some damp-proofing,

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because the lower part of the wall here, that's new plaster, which is a good indication of that.

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You've got your living room there at the front. Love the fireplace! You know, that's really attractive.

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Understairs cupboard, through into your rear sitting room,

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and again some indications that work has been done at some stage.

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That's obviously been channelled out for some new electrics over the way.

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So that doesn't particularly cause me a problem, but the overall feeling of...

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well, a major bit of decoration being required.

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Er...yeah... Wow!

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But in terms of space I like it. I mean, through here,

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you've got this kitchen, it's a good size.

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You've only got a sink, so you're going to have to put some units in there.

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But I think you've got a really presentable shell that you could do all sorts of things with.

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And, surprisingly, I must say, I actually like it.

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# You've got the love You've got the love... #

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Yes, the ceiling is black, but that just requires elbow grease and paint.

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There's lots you could do here to improve this house,

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like knocking the kitchen through into the second reception room, for instance.

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And maybe making some doors out to the garden which needs a little bit more than a weekend's work.

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So the house looks bad, but as a shell, it's a decent one.

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Or have I spoken too soon?

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So up here, and...

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a bit of a shock, to be honest.

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This front bedroom... I can't remember seeing a floor quite like this before.

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It is...bowed! I mean it goes down to that corner over there, down to this wall here,

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and it's literally got a high point here.

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Look at this.

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It's clearly not good, is it?

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And...uh-oh.

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That's not good either.

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On the front wall of the property, this... Right, OK.

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Take those bits out. There's obviously some serious cracking going on.

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Look at the state of those bricks. I don't want to touch those any more.

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It's gone from slightly cosmetic to very worrying.

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# Well, worry, worry, worry... #

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It's very hard to recognise the extent of the bulge unless you are standing on it,

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but, believe me, it's there, very there, and very worrying.

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I wouldn't touch this property without a full structural survey.

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So apart from the bowing floor and the dicey front wall there, not a bad-sized room

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for a front bedroom.

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The rear bedroom is here and it's also a really good size.

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And you come down this dark and dingy corridor, not helped by the green wallpaper on the walls,

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to the smallest room which obviously was the loo at one point and has now got the immersion heater in it.

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Well, maybe get rid of that, put a combination boiler downstairs.

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And then down a step into the bathroom.

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Now, that smallest room has got me actually thinking...

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is there an opportunity to convert this possibly into a three-bed?

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Maybe you could steal some space off the second bedroom,

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maybe do a bit of jiggery-pokery, move the toilet's location...

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You've got a few issues with levels going on, but, it would be nice to get a third bedroom.

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It's all going to come down to cost and effort required. Mmm.

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This doesn't feel like a two-bedroomed house, more like a three-bed one.

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But the configuration's making that tricky.

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It just depends on whether you'd get any more money for a three-bed

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in this wonderfully spacious two-bedroomed home.

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To find out more, we invited a local estate agent along

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to this property

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which had an auction guide price of £35,000-£39,000.

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Today we're in a central area of Gainsborough

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within short walking distance to local schools.

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The road is reasonably regarded as quite a decent area to be,

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a mix of two-, three-, some four-bedroomed semi-detached houses

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and some two-bedroomed mid-terraced as well.

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How would the place do on the rental market?

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You'd find the tenants for the property nice and easily.

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You'd probably get between sort of 400 and 425 per calendar month.

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What about its resale potential?

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Currently I'd put the property at around £35,000-40,000,

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and, potentially, once all the work has been done to it, then probably towards the 80,000, maximum 85,000.

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Well, despite the fairly grubby interior

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and the potentially serious structural work that needs to be sorted out on this place,

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I still like this property.

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I'd like to try and get a third bedroom in, but, either way, I reckon it's a great one to go for.

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

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Lot number 1.

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40,000 anybody to get on? 40, is it? Thank you, sir.

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41. 42.

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43. 44.

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45, 45,000.

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At £45,000 I'm bid. £46,000.

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47. 48.

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49. 50,000?

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49,500. 50,000. 50,500.

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51,000. 51,500.

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52,000.

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52,500. 53,000.

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53,500.

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54,000. 54,500? 55,000. 55,500.

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56,000. 56,500?

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At £56,000.

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£56,000 for the first time.

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For the second. Third and last time at £56,000. Any more bids?

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Well done, sir.

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Valuable time spent in the office today. Gentleman in front...

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Madam's very happy, I can see that.

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And very pleased with their successful bid of £56,000 were husband and wife Bob and Catherine.

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Bob's a truck driver and Catherine is in healthcare.

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But will they be able to nurse this potentially subsiding semi back to health?

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-Bob, Catherine, good to meet you both. Congratulations.

-Thank you.

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-You looked jolly excited there.

-I was very excited.

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-It was the one that we really wanted right from the beginning.

-Why did it give you that feeling so much?

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Because I like old houses. We looked at four separate terraced houses.

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This was the first one we looked at, and straightaway I knew this was the one,

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-because I could actually live in this.

-Tell me about you two. Is this something you do a lot of?

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-No.

-Never.

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-First one.

-Yeah. We've never done anything like this before,

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although we've spoken about it for a couple of years.

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What prompted your first sort of foray into property investment?

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Er...just been watching your programme, actually.

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-Oh, great! Well done.

-I'm on nights, so for the last four years,

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I've been watching your programme, so I thought, "I can do that!"

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Why this area, then?

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-Well, we...

-We live five minutes away.

-Yeah.

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And Gainsborough is, so they tell us, an up-and-coming town,

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so they're doing lots of changes, so houses are still a reasonable price,

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you know, and I think there's some money to be made.

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# I do it, I do it, I do it for money... #

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Absolutely, if you've got the funds and the know-how.

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Certainly there's money to be made, so what are they going to do to make that cash?

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-Well, we're going to knock through into the kitchen.

-Oh, OK? Get rid of the dividing wall?

-Yeah.

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And then there's a utility room waiting to be discovered behind that wall.

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-So we're going to knock through there as well.

-Wow!

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Pretty much upstairs leave as it is apart from the bathroom.

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We will knock down where the tank is and make the bathroom bigger.

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Any thoughts about creating an extra bedroom.

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Yeah, we thought about it, but I think it would make the second two bedrooms too small,

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-and I think it's a spacious house, and I think two double bedrooms is going to be...

-It's better.

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Who's going to do the work?

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-Both of us.

-Well, we're going to...

-There'll be a few tradesmen in.

-Yeah, there'll be a few tradesmen!

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I don't trust Bob to do anything to be honest!

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-I'm Frank Spencer!

-His nickname's Frank Spencer, so that says a lot, doesn't it? You know...

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-Your nickname is Frank Spencer?

-Yeah, sometimes it does go wrong, so...

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-Tell me.

-One of the cottages that he had, he decided to rotavate the back garden

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and went through the main cable and nearly took out the whole street with the electricity, so...

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-Yeah, but it didn't go right through, did it?

-Oh, that's all right, then!

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-Good job the reinforced wire was there.

-So he's going to do as little as possible, I think.

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We're going to have a laugh.

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MUSIC: "Some Mothers Do 'Ave 'Em" Theme

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So Bob is a real-life Frank Spencer! Well, some mothers do 'ave 'em!

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As long as he stays away from any DIY disasters, then I'm sure it will all be fine.

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They hope to sell the property once renovated, although they are prepared to rent it out

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or even move in themselves if necessary.

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So they're keeping their options open. But what about that all-important budget?

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-10,000-12,000.

-Yeah, 10-12.

-No more than that.

-Quite a lot of work to do for the budget, then.

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Going to call in a few favours from people that I know.

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-Hopefully that will keep the budget down.

-I don't think it looks as bad as it is, maybe, I don't know...

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You don't think it looks as bad as it is? You mean...

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-you don't think it is as bad as it looks?

-Yeah, yeah.

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-That as well?

-Yeah. That way round.

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Well, what a Freudian slip! And I'm worried she was right the first time.

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But actually I do think it looks as bad as it is,

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and we haven't covered what's wrong with that floor, so have they done their homework?

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I think it's movement when it was built.

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I had a chap round. He looked at it and said, "No problem now, but at one time it did move."

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And once you've done this project, what's next on the cards?

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-To do another one.

-Yeah.

-That's the plan. We want to keep doing them.

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Well, listen, congratulations. Good luck with it. I'm delighted that we've inspired you.

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-Thank you very much. Nice to meet you.

-Nice to meet you.

-You too. We'll see how you get on.

-Thank you.

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Well, having a laugh when you're doing up a property is all well and good,

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but this place is going to need some serious effort to sort it out.

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And I think that budget might be a little bit tight.

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Still, I do intrinsically like this place and I love their enthusiasm, so how are they going to get on?

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You can find out later in the show.

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I'm in Dartford, Kent, a town with great transport links.

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It's served by several train stations which will get you to central London in less than an hour,

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making it ideal commuter territory.

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# Train, train... #

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I'm here to see a substantial auction lot.

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The square footage is generous to say the least, over 7,000 square feet.

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Now, we're all desperate for more living space,

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but I think that amount would be too much for the majority of us.

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The heating bill would be extortionate. And cleaning? Well, it would be an all-day operation.

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But I'm not here to see a residential property, it's commercial.

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And it's certainly substantial.

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This is a well-located town-centre unit which had an auction guide price of 380,000-400,000.

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Straightaway I can see it offers a variety of business opportunities,

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especially given the potential for passing trade and parking space at the front.

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Built in the '80s, this commercial building has B1 usage.

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Now, that covers offices and light industry businesses.

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Until recently this place housed a printing company, but what can you do with it now?

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Well, let's explore these premises and have a think about what could work here.

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Could this old printer's be a licence to print money?

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There are some really nice-sized offices which could give you all kinds of options.

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As these are only partition walls, you could play about with the layout here.

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I think there's great potential to turn this into some sort of retail space, and talking of space...

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Space has always got me so excited!

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Do you know what? I think it harks back to the day of being a little girl in the park!

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Look at all this room.

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Wow! It's like a huge empty hangar! Well, it is.

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Now, you've got lots of little rooms going off.

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You can really imagine this as a printer's. I bet so much hard work went on in here.

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But there's just lots of room to do lots of different things.

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It's going to be very interesting finding out what this is used for.

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I know I could spend quite a lot of afternoons just going, "Whee!"

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Anyway, enough of that! We've got some work to do. I'm going to explore.

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# I'm in a wide open space... #

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To reach the upstairs part of this unit, you have to go outside and up. It's a separate entity entirely,

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and it's being used as an office space.

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Again, it's a series of small office rooms leading off one big, open-plan room.

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There's also the possibility of adding an extra floor here,

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which gives the whole place so much scope.

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I have to admit I'm a real fan of this unit, so why am I so positive about this auction lot?

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A new public car park has opened up over the road, perfect for your customers.

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There's scope to extend, should you wish to create even more space.

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And there are so many options for business use.

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Perhaps you'd like to turn this into a retail unit, a showroom, a garage...

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All these things are possible, but, before you start making too many plans,

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it's best to contact your local council and find out your chances of obtaining a change of business use.

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So there's an incredible amount of potential here.

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We invited along a local estate agent

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to get his take on this vast commercial unit

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which had an auction guide price

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of 380,000-400,000.

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The property is a nice big unit, particularly on the ground floor.

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It could also be extended at first-floor level

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to create extra space and that only helps to add

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to the number of different uses that it could be put to.

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I imagine that the local authority would be quite amenable to a change of use

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as it is unlikely that the property would be put to an industrial or print-type use again.

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How much could this unit rent for?

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I think that the two constituent parts of the property, being the ground-floor industrial office area

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and the first-floor separate office suite,

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could be rented out in total for a figure in the order of £45,000-50,000 per annum.

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And if it was sold on?

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Once developed and refurbished and assuming the use stays the same as it is at present,

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I would predict that the property could be sold on for a figure in the region of £475,000-500,000.

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Assuming perhaps a future leisure-type use for the property,

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I would predict that it could be sold on for perhaps £550,000-575,000.

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There are so many options here and that is what's so exciting about this auction lot.

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What will the new owner choose to do with this vast building?

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Let's find out as we go to auction.

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Lot 37. Where'd you want me to start?

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380. Start me where you will.

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370 if you like.

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370. I'm on the way at £370,000.

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380 may I say?

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380 I'm bid.

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380 I have.

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385? 385. And 390.

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390 bid I have.

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395. Bid it up to 400.

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400.

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405? Anybody else coming in? 405.

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410? 410.

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415. And 420.

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420 I'm bid.

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425 in the...? 425. 430.

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435? 435. 440.

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440. 445?

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At 445. Do you want to say 450 and knock him out of the scene?

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Yeah? 450 I've got.

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451? No? At £450,000 I have the first time.

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£450,000 for the second time.

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Third and final time. With you, sir, at £450,000. We're all done.

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I think you came here to buy that, didn't you?

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It was commercial builder Chris who made the final bid of £450,000.

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He was bidding on behalf of his clients Emma and Jason

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who plan to turn the property into a dance studio and fitness centre,

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with Chris project-managing the work. I met up with Emma at the unit to find out more.

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Emma, it's great to meet you today. Thank you for coming along.

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-No problem.

-Now, you weren't the person bidding at the auction for this lot.

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No, we had Chris who does a lot of our building work and contracting work for our other sites as well.

0:19:370:19:44

He went for me.

0:19:440:19:46

So had you set a limit on auction day to buy this lot?

0:19:460:19:49

Yes. There was a ceiling that I said he could not go over,

0:19:490:19:55

but fortunately we got it for less than that, so we were quite pleased in the end.

0:19:550:19:58

-How much less than that did you end up?

-About £60,000 less which was great, we were really pleased.

0:19:580:20:05

-That's fantastic!

-I didn't really want to go to the top, but, you know, there has to be a limit.

0:20:050:20:12

And it's good that I don't go because I get quite excited at auction.

0:20:120:20:15

Emma and Jason already own three health clubs. One of these is a dance studio

0:20:150:20:19

which has become so busy that they needed new premises, hence this purchase,

0:20:190:20:25

and it returns Emma to her old stomping, or should I say, dancing ground.

0:20:250:20:31

I had my first fitness gym and dance studio just around the corner.

0:20:310:20:36

So we started in Dartford and it's like us coming home now.

0:20:360:20:39

We started that 12 years ago. I started as a dancer myself,

0:20:390:20:44

and really enjoyed teaching young people and giving them confidence and giving them skill

0:20:440:20:50

that they could use and enjoy themselves in a fantastic and rewarding career.

0:20:500:20:53

What an exciting career you have! I mean, how fabulous!

0:20:530:20:57

But now, look, you've got all this ahead of you, so what I want to know is

0:20:570:21:00

where are you going to start, what are you going to do here

0:21:000:21:03

and what are you going to use that huge hangar down there for?

0:21:030:21:05

Well, that hangar's going to be three really big studios

0:21:050:21:10

with a moveable acoustic wall that we can take away and have a theatre space.

0:21:100:21:17

So we can deliver masterclasses, we can have theatre productions,

0:21:170:21:21

it'll be one great big space that we can use, but we can also section it off and have classes,

0:21:210:21:27

so it's going to be great.

0:21:270:21:28

Up here we're going to have another studio, so we'll have four big rooms.

0:21:280:21:31

There'll be a recreation-rest room and another musical theatre space for acting and singing.

0:21:310:21:37

So we've got quite a lot planned.

0:21:370:21:39

Emma and Jason have £100,000 budget and a three-month timescale.

0:21:410:21:46

Project manager Chris is the man in charge of realising their vision.

0:21:460:21:50

He joined me to tell me more about his involvement.

0:21:500:21:53

Tell me, what are you going to do here?

0:21:530:21:55

How's it going to work? Are you going to get your teeth into this?

0:21:550:21:58

Definitely, yeah. It's a big open space, so we thought about it, we got an architect onboard,

0:21:580:22:04

who'll put all the plans in for building regs and the planning. Obviously there's change of use.

0:22:040:22:07

Then we're going to come in. We're going to rip all the inside out, put all new walls up,

0:22:070:22:13

acoustic walls, because obviously with it being a dance studio they don't want sound transference,

0:22:130:22:17

so we're going to do all that. That's quite technical.

0:22:170:22:20

OK, something I'm a little bit worried about is the three-month timescale.

0:22:200:22:24

I know Emma needs to get her students in here. Gosh! Can you really work to that?

0:22:240:22:29

Oh, no problem. We've got quite a large staff,

0:22:290:22:31

we've also got a lot of subcontractors we can call on if necessary,

0:22:310:22:35

but basically tomorrow morning there'll be ten people here making a start.

0:22:350:22:40

So do you think this is going to be a huge success for her?

0:22:400:22:43

I think it's going to be a massive success.

0:22:430:22:45

And also there is options in a couple of years' time to bring the back up two storeys,

0:22:450:22:49

so I'm hoping it's going to be such a success she'll have us back in two years

0:22:490:22:53

to put, you know, a second storey on. Great for me, great for them.

0:22:530:22:57

# I'm in the mood for dancing... #

0:22:570:23:00

These guys have done so well here. They are just so close to the train station

0:23:000:23:05

and having a car park opposite is going to prove popular with their students,

0:23:050:23:09

but the pressure is on. There's just over three months before enrolment. They have their work cut out.

0:23:090:23:15

Will they meet their deadline date? You can find out later in the programme.

0:23:150:23:21

Still to come, in Cornwall, the kitchen in this house looks decidedly risky.

0:23:220:23:27

Whatever is above us...

0:23:270:23:28

could be coming down to join us quite quickly.

0:23:280:23:31

In Dartford, has Emma turned this huge space into what she wanted?

0:23:320:23:37

Two studios and we can divide them for classes and singing, acting...

0:23:370:23:42

But first, in Lincolnshire, did Bob live up to his reputation for DIY?

0:23:430:23:49

-The whole thing collapsed.

-Me and the ladder in the bath.

0:23:490:23:52

It's back to the river town of Gainsborough in Lincolnshire now,

0:23:570:23:59

and this two-bed semi-detached house which, despite the name of the town, wasn't exactly an oil painting.

0:23:590:24:06

It may have had character outside, but inside it was distinctly grubby.

0:24:060:24:12

And something told me the bedroom floor wasn't on the level.

0:24:120:24:17

There was a lot to be done to get this place up and running.

0:24:170:24:20

It was bought by first-time developers Bob and Catherine for £56,000,

0:24:200:24:25

and it seemed this was a job the novices were up for.

0:24:250:24:29

Who's going to do the work?

0:24:290:24:31

-Both of us.

-Well, we're going to...

-There'll be a few tradesmen in.

-Yeah, there'll be a few tradesmen!

0:24:310:24:37

I don't trust Bob to do anything to be honest!

0:24:370:24:40

-I'm Frank Spencer!

-His nickname's Frank Spencer, so that says a lot, doesn't it?

0:24:400:24:43

Well, let's hope Bob didn't make a whoopsie out of this place, Betty!

0:24:430:24:47

But, joking apart, this will be an interesting start to their developing careers.

0:24:470:24:52

The couple reckoned that a £10,000-12,000 budget and a timescale of three months

0:24:520:24:56

would be enough for the job. So, four months later, we've returned to see how they've got on.

0:24:560:25:02

From the outside, a tidy-up of the front yard and a lick of paint have done wonders for its kerb appeal.

0:25:050:25:10

Inside, the living room looks far more appealing in soft neutral tones,

0:25:110:25:16

livened up with a contrasting feature wall. So far so good.

0:25:160:25:20

And at the rear...

0:25:200:25:22

..a wonderful new open-plan kitchen and dining room have been created.

0:25:240:25:28

When we first bought the property, there was the wall here with the door.

0:25:350:25:40

We've taken that completely down to open this up into a kitchen-diner.

0:25:400:25:45

We've knocked through to what used to be the old bathroom

0:25:450:25:49

and that we've made into a utility room. It's still a work in project at the moment.

0:25:490:25:55

I've probably got another week on it and hopefully then I should have it done, but I'm very pleased.

0:25:550:25:59

It's come out exactly as I would like it to. When it's finished, it'll be absolutely lovely.

0:25:590:26:03

I'm very, very happy with it.

0:26:030:26:05

I'm not surprised! For someone who's been sold as a DIY disaster zone,

0:26:050:26:10

Bob's done a great job here, creating a spacious open-plan kitchen-diner.

0:26:100:26:15

Upstairs, the two bedrooms have been made over in the same style, with soft tones and carpeting,

0:26:170:26:23

which strike the right note for the current property market.

0:26:230:26:27

But the bathroom's a different story altogether.

0:26:280:26:31

It was quite a big bathroom when we first came and looked at the house, when we first bought the house.

0:26:310:26:37

There was another room here which had the cistern and the tank in there,

0:26:370:26:42

so we decided to knock that out, so that made the bathroom even bigger.

0:26:420:26:48

And we got a nice big shower and plenty of space as well.

0:26:480:26:52

We've probably spent more on the bathroom than we really maybe should have done,

0:26:520:26:56

thinking about the budget, but we're so pleased with it.

0:26:560:27:00

It's certainly got the wow factor.

0:27:000:27:02

The bathroom may have had the wow factor, but, remember, the bedroom with its sloping floor

0:27:020:27:08

had something of a whoa factor!

0:27:080:27:12

Well, I had a friend round who's a builder and he's had a look at it,

0:27:120:27:16

and it's history from where the house has subsided on that side, that whole complete wall dropped.

0:27:160:27:22

So we had the floorboards up and it's been all braced and rectified

0:27:220:27:26

to put it back to how it was.

0:27:260:27:29

That had been the problem Bob and Catherine were most worried about when they started the project,

0:27:290:27:34

but it seems there was something more unappealing waiting round the corner for them.

0:27:340:27:40

We thought everything was better than it was.

0:27:400:27:43

When we started taking wallpaper off, the plaster fell like it had blown and it fell off the walls,

0:27:430:27:51

so I would say nearly all the walls have had to be replastered.

0:27:510:27:57

But that was as far as the major problems went.

0:27:570:28:00

Outside the back garden has been cleared and returfed, and is now a tidy and manageable space.

0:28:000:28:06

Apart from the qualified tradesmen that were needed,

0:28:060:28:09

the whole renovation was down to Bob and Catherine, working in any spare time they had from their day jobs.

0:28:090:28:15

And they've done a really top-notch job here.

0:28:150:28:20

But it seems as though Bob wasn't able to shake off his Frank Spencer reputation totally on this project.

0:28:200:28:26

-We'd just got the bathroom in, hadn't we?

-That's right.

0:28:260:28:29

And the entrance to the loft is directly above the roll-top bath,

0:28:290:28:32

and he's got the ladder sort of over the bath, and he was trying to force his body...

0:28:320:28:38

and he's not a small guy... trying to force his body up into the loft space

0:28:380:28:43

-and the whole thing collapsed.

-Me and the ladder in the bath.

-Yeah.

0:28:430:28:48

So it did actually make a couple of chips on the roll-top bath.

0:28:480:28:54

Fixing the bath did incur a cost, talking of which...

0:28:560:28:59

the couple's renovation budget did stretch from £12,000 to £15,000

0:28:590:29:04

and their timescale overran from three to four months.

0:29:040:29:07

But there's a good reason why they overspent and overran.

0:29:090:29:12

The main idea is to put the house on the market and sell it.

0:29:140:29:17

-If we can't...we'll probably give it three months...if it's not sold...

-Move in.

0:29:170:29:24

..Then we're probably going to move in.

0:29:240:29:26

Bob and Catherine bought the house for 56,000.

0:29:280:29:32

Add that to their £15,000 spend and the total outlay is 71,000.

0:29:320:29:37

Time to find out what two local estate agents make of the couple's first-ever development.

0:29:370:29:42

First impressions of the property are very positive.

0:29:420:29:46

It's been completed to a very high standard.

0:29:460:29:49

I like the way

0:29:490:29:51

the bathroom's been finished. It's a fantastic bathroom.

0:29:510:29:55

And the kitchen's been opened out very well and the extra utility made so it's added to the property.

0:29:550:30:02

They've done some really good work on it,

0:30:020:30:04

knocking through the kitchen and opening there.

0:30:040:30:08

An open-plan living space is far more in keeping with modern-day living, really.

0:30:080:30:12

So with the couple having spent 71,000, what could the house achieve if sold?

0:30:120:30:17

If I was to put the property on the market for sale,

0:30:180:30:21

I would be looking to ask for £90,000,

0:30:210:30:25

and hopefully achieve a price in the 80,000 region.

0:30:250:30:29

If I was to put this property up for sale today, today's market,

0:30:290:30:32

I'd hope to achieve around £75,000 for it.

0:30:320:30:35

Not going to sell it at that price,

0:30:350:30:37

cos, you know, we would make nothing on it, so, you know...

0:30:370:30:41

-so definitely keep it, probably move in it and...

-See what happens with the market.

-Go with that, yeah.

0:30:410:30:47

As Bob and Catherine aren't likely to get the sort of resale value they'd hoped for,

0:30:470:30:52

it looks like they may be moving in. But if they decided to let the house out,

0:30:520:30:57

what sort of rental income could they earn?

0:30:570:30:59

Rental value per calendar month would be £425.

0:30:590:31:05

If the property was to go on the rental market,

0:31:050:31:08

I think it would achieve around the £425 per calendar month mark.

0:31:080:31:12

-I think that's really good, actually. I'm pleased with that.

-Yeah, that's OK.

0:31:120:31:16

-A bit more than we thought.

-Yeah, it is more than I thought. Yeah, that's good.

0:31:160:31:21

That rental income could give them an annual yield of just over 7%,

0:31:220:31:27

but for now it looks like they're the ones who'll be enjoying the fruits of their efforts.

0:31:270:31:32

We're happy about that because we've done it with us in mind as well,

0:31:340:31:39

so we've made a good job of it and done it to a good standard, so we're pleased with that.

0:31:390:31:45

I'm in the Indian Queens area of North Cornwall.

0:31:470:31:53

There are plenty of stories explaining who the Indian Queen was, but none are conclusive.

0:31:530:31:59

But whoever she was she gave her name to the local coach house.

0:31:590:32:02

The name of the pub changed over the years and the building was demolished in the 1960s,

0:32:020:32:07

but the pub's name plaque still exists today.

0:32:070:32:09

The village has other heritage too.

0:32:090:32:12

In days gone by, Indian Queens was well-known for one thing and one thing alone, traffic jams!

0:32:120:32:19

This was one of the major routes in and out of Cornwall

0:32:190:32:23

until the bypass, the A30 as it is now, was built,

0:32:230:32:26

this would be literally bumper to bumper during the summer months.

0:32:260:32:30

Nowadays it's quiet, but it still has those great transport links.

0:32:300:32:35

So that's good news, and this is what I'm here to see.

0:32:350:32:37

Three/four-bedroomed semi-detached, had a guide price of £110,000. Let's take a look.

0:32:370:32:42

Well, so much for the Queen of Indians.

0:32:420:32:44

Let's hope this house hasn't been visited by the king of cowboys!

0:32:440:32:49

So the question is, are you getting more than a tepee for your money?

0:32:490:32:54

Well, I think probably so... Interesting colour of paint for the hallway.

0:32:540:32:58

Stairs up to the bedrooms there and then through into your lounge.

0:32:580:33:02

You've got a big space here. Nice to have the open fire.

0:33:020:33:05

You definitely want to make sure you've got good double-glazing on that side

0:33:050:33:09

because that road is still quite busy.

0:33:090:33:10

But it's a good-sized space... Clearly needs a bit of sorting out, but it's looking good.

0:33:100:33:16

Through to the kitchen, and clearly this is an extension to the original property.

0:33:160:33:21

And it's a good-sized space, a sort of kitchen-family living area, so we like that.

0:33:210:33:26

Obviously all the units need to go, but you've got space to work with. However...

0:33:260:33:31

Coming into properties that have been extended should set a few alarm bells ringing...

0:33:320:33:38

and when I see a construction like this, clearly a structural part of the property...

0:33:380:33:43

this is some kind of a supporting beam here... When I see another one going this way

0:33:430:33:47

which is sort of joined on without going that way as well, it just starts to worry me a bit.

0:33:470:33:51

Now, it's probably absolutely fine, but I'd want to take off whatever this stuff is on the surface here

0:33:510:33:56

and just see that that has been actually properly done underneath,

0:33:560:33:59

because if it hasn't been properly done...

0:33:590:34:01

whatever is above us... could be coming down to join us quite quickly.

0:34:010:34:06

# I see trouble in the air up above my head... #

0:34:060:34:11

You can never be too careful with things like this.

0:34:110:34:15

It might be perfectly safe, but if it doesn't meet building regulations,

0:34:150:34:19

you may struggle to get a mortgage on the house.

0:34:190:34:21

Then you could end up with a property you can't sell.

0:34:210:34:24

That would be a shame, because with the amount of space and light,

0:34:240:34:27

the vibe down here is pretty good.

0:34:270:34:29

So...top of the stairs, probably where it should be, the bathroom.

0:34:310:34:36

Good size, I have to say, nice big corner bath there.

0:34:360:34:39

However that concerns me somewhat because that is actually situated right above the kitchen

0:34:390:34:44

where that not necessarily but possibly slightly dodgy bit of construction and support was.

0:34:440:34:49

Now, with an average bath holding around 225 litres of water

0:34:490:34:53

and an average litre of water weighing 1kg, that's 225kg of water...

0:34:530:34:58

add in the weight of the person in the bath, 80kg, that's 300kg of water there...

0:34:580:35:02

waiting, poised...

0:35:020:35:04

Ooh!

0:35:040:35:06

Definitely get a structural engineer to check that beam out.

0:35:060:35:10

But what have we got apart from that? Reasonable-sized bedroom there.

0:35:100:35:14

Reasonable-sized double bedroom there, small boxroom there,

0:35:140:35:17

and then a spiral staircase leading up to the "stroke fourth bedroom".

0:35:170:35:21

The reason they say "stroke fourth" is because really you can't class that as a bedroom

0:35:210:35:25

unless this has passed building regulations,

0:35:250:35:28

and judging by this...and what I can see by glancing up there, I don't think it has.

0:35:280:35:34

That's unfortunate because it's not a bad space.

0:35:340:35:37

But at worst it could be used as a great storage area.

0:35:370:35:41

But there are three bedrooms here so it's not short on rooms.

0:35:410:35:44

Certainly in terms of size, it could still appeal to a family.

0:35:440:35:49

However, the outside space is perhaps less appealing.

0:35:490:35:53

Well, at the rear of the property, lots and lots of space,

0:35:530:35:57

but also lots and lots and lots of concrete and this stuff can actually be a nightmare to get rid of.

0:35:570:36:02

So take my advice. Hire yourself a mini digger for the weekend, scrape it up into a few skips,

0:36:020:36:09

and job done. But also at the back here

0:36:090:36:10

there's this huge, great... Well, I don't know what it is, to be honest, garage or something.

0:36:100:36:15

Oh, wow! Look at this!

0:36:150:36:17

Fantastic!

0:36:170:36:18

It's a huge great workshop, I suppose...

0:36:180:36:21

Imagine if you were into your classic cars or your motorbikes or just wanted a bit of space

0:36:210:36:25

for something like gym equipment...

0:36:250:36:27

Great thing to have. Quite surprising. You could even run a business from here, I suppose,

0:36:270:36:31

subject to the local planning permission, of course, but actually a great bonus, fantastic!

0:36:310:36:36

# It's like concrete... #

0:36:380:36:42

It may be all concrete and steel on the outside,

0:36:420:36:45

but I'm rather worried about the strength of some of the inside.

0:36:450:36:48

What does a local estate agent feel

0:36:480:36:50

-about what's on offer here?

-Needs some work,

0:36:500:36:53

definitely, but they're the kind of things people like to buy now,

0:36:530:36:56

because money's very, very tight,

0:36:560:36:58

so everything's got to come out of one budget,

0:36:580:37:00

which means they can put their own stamp on it. I think it's definitely saleable

0:37:000:37:04

I think there'd be quite a few different groups that would be interested in this property.

0:37:040:37:08

The property may attract purchasers but is the workshop in the garden a positive or a negative?

0:37:080:37:14

It's taking a huge chunk off the garden,

0:37:140:37:17

and taking into account the size that it is at the moment,

0:37:170:37:20

internally you can see that originally it was a big double garage/workshop anyway,

0:37:200:37:26

I would maybe recommend that it was taken back to its original length,

0:37:260:37:31

giving you more useful space for the garden.

0:37:310:37:33

So perhaps the outside area needs some work,

0:37:330:37:37

but could this auction lot that was guided at just £110,000 be a sound investment?

0:37:370:37:42

The resale of this property, once finished, would be in the region of £150,000.

0:37:420:37:48

The rental valuation on this property, once finished, would be in the region

0:37:480:37:53

of £650-695 per calendar month.

0:37:530:37:56

Well, this house in Indian Queens certainly offers a lot of property for the money.

0:37:570:38:02

Work to be done but I think there's also money to be made

0:38:020:38:06

as long as whoever bought it doesn't get the cowboy builders in.

0:38:060:38:09

Let's see who that was when it went to the auction.

0:38:090:38:13

We now move to lot 12. May I say £80,000?

0:38:160:38:19

£80,000? £80,000 I'm bid.

0:38:190:38:22

Is there 85 anywhere? 85 I'm bid.

0:38:220:38:25

May I say £90,000? 90 I'm bid.

0:38:250:38:28

95 I'm bid.

0:38:280:38:29

And 100 I'm bid.

0:38:290:38:30

105 I'm bid.

0:38:300:38:32

Go 1 if it helps. 106? 106 I'm bid. And 107? 107 I'm bid.

0:38:320:38:38

And 108?

0:38:380:38:40

108, sir. 108 I'm bid.

0:38:400:38:42

109? 109 I'm bid.

0:38:420:38:45

And 110? 110 I'm bid.

0:38:450:38:46

And 111? 111? At £110,000 right in the front row here.

0:38:460:38:51

May I say 111? 111? At £110,000 in the front row

0:38:510:38:56

for the first time. At £110,000 for the second time.

0:38:560:39:00

At £110,000 and selling for the third and last time. Congratulations, it's yours, sir.

0:39:000:39:03

For £110,000 the successful bidder was local man Martin.

0:39:030:39:09

He works as an area manager for a dental company and does property developing as a sideline.

0:39:090:39:15

If you think his face is familiar, it is.

0:39:150:39:18

Martin was on the programme quite recently.

0:39:180:39:21

-Martin, good to meet you again.

-Thank you.

-It wasn't that long ago when we met you before.

0:39:210:39:26

-Couple of months?

-Yeah, I finished one project, went to an auction and this one came up,

0:39:260:39:34

-so away I went.

-Straight on.

0:39:340:39:35

# Let's go round again

0:39:350:39:37

# Maybe we'll turn back the hands of time... #

0:39:390:39:41

Martin's previous property was a few miles away in Par.

0:39:410:39:44

Although very different in appearance to this house,

0:39:440:39:47

the work needed wasn't so different as it needed a complete refurbishment.

0:39:470:39:51

Martin did that and eventually sold it, making a profit of around £20,000.

0:39:510:39:56

Now he's on to this one.

0:39:560:39:58

Tell me why you wanted to buy this place.

0:39:590:40:02

Well, I actually went to buy another property at the auction.

0:40:020:40:06

However, this came up prior and went for such a good price that I couldn't let it go by.

0:40:060:40:12

Right, so it was literally the price. Had you seen it beforehand?

0:40:120:40:15

Yeah, I'd done my research. I'd looked online and then I'd come and had a look through the windows.

0:40:150:40:20

-I hadn't actually been through the front door.

-Oh, wow!

0:40:200:40:23

But I could see where it was and I could see the kind of work that would need to be done.

0:40:230:40:28

When it went for such a good price at auction, I thought whatever happens and no matter what I found inside,

0:40:280:40:34

there was a worthwhile amount of money to be made.

0:40:340:40:39

So Martin's taken a small gamble here,

0:40:390:40:41

but he knows the local market and whether he rents or sells,

0:40:410:40:44

he's confident this will be a money-spinner once refurbished.

0:40:440:40:48

So tell me exactly what you're going to do to the house itself to sort it out?

0:40:480:40:52

OK. Inside it's a top-to-bottom refurbishment.

0:40:520:40:54

So, basically, I'll be changing the doors, taking out the carpet,

0:40:540:40:57

and I'll basically shell the property, refresh the bathroom,

0:40:570:41:01

-and redo the kitchen.

-What about in the kitchen here?

0:41:010:41:05

I was a little bit concerned... it's not necessarily a problem, but I'd like it to be investigated,

0:41:050:41:09

-this construction on the roof, holding up the bathroom upstairs.

-I've had a look at it,

0:41:090:41:13

and the construction of it... I'm quite convinced that it's all good.

0:41:130:41:19

What about the sort of fourth bedroom? It really can't be called a fourth bedroom, can it?

0:41:190:41:23

It's got the spiral staircase, it doesn't really meet planning regulations.

0:41:230:41:27

-What are you going to do with that?

-I think I'll leave it as it is.

0:41:270:41:30

I think it would make a really good sort of playroom. I certainly won't be taking the stairs away.

0:41:300:41:34

I think it's a useful addition. It adds value, rather than just putting a loft hatch over it, so...

0:41:340:41:39

Martin plans a pretty modest refurbishment here, reflected in his budget of 4,000-5,000.

0:41:390:41:45

Timescale-wise he hopes to turn it around in just a couple of months.

0:41:450:41:50

That will be pretty good going with his full-time dental job as well.

0:41:500:41:55

-What about outside, then? Cos that is a real surprise, isn't it?

-Exactly.

0:41:550:42:00

The building outside could lend itself to a number of uses.

0:42:000:42:04

It was actually used as a coach refitting business some years ago,

0:42:040:42:08

so they've got planning permission to use it for commercial use.

0:42:080:42:12

Personally, what I would do with it is present it in a good state

0:42:120:42:18

so that people can see what they've got there.

0:42:180:42:20

And, obviously, then it maximises the opportunities and potential.

0:42:200:42:25

So the garage-cum-workshop could be a real bonus for Martin.

0:42:250:42:28

And there's certainly plenty of work to sink his teeth into here.

0:42:280:42:32

So lots of options for Martin with this place,

0:42:320:42:35

but just £4,000 to sort it out? Sounds a bit tight to me,

0:42:350:42:39

especially if it turns out that there is structural work required.

0:42:390:42:43

You can find out how he gets on later in the show.

0:42:430:42:46

Well, transforming a property from a worn-out shell into a home can be a very rewarding experience.

0:42:490:42:56

Did everything go to plan for our buyers today? Let's find out.

0:42:560:43:00

Back now to Dartford where dance teacher Emma and her husband Jason bought this former printworks

0:43:010:43:07

at auction for 450,000. They hoped to turn the place into a performing arts centre,

0:43:070:43:14

and their plans were certainly ambitious.

0:43:140:43:18

Downstairs we're going to put studios, there'll be a musical theatre room.

0:43:180:43:21

Up here we're going to have another studio, so we'll have four big rooms.

0:43:210:43:26

There'll be a recreation-rest room and another musical theatre space for acting and singing.

0:43:260:43:32

So we've got quite a lot planned.

0:43:320:43:33

The couple had a budget of 100,000 to do the work and a tight schedule of just three months

0:43:330:43:39

to be up and running. But with commercial builder Chris employed to manage the project,

0:43:390:43:44

it seems like they were in safe hands.

0:43:440:43:47

We're back three-and-a-half months later to find out if they've quickstepped their way to success

0:43:470:43:53

or if they've been tripped up by two left feet!

0:43:530:43:57

Well, the outside has undergone a makeover. What about inside?

0:43:580:44:03

# Dancing in the moonlight... #

0:44:030:44:07

The former huge hangar-like space is still undergoing some work,

0:44:070:44:10

but it's clear the complex is taking shape with four separate studios being created,

0:44:100:44:16

large, light and all with enough room to swing a leg.

0:44:160:44:20

Upstairs, it's been a total transformation.

0:44:220:44:26

The former office area has been stripped and partitioned off into two studios,

0:44:270:44:32

each soundproofed and a great site for practising those moves, plies or just belting out a song.

0:44:320:44:39

We met up with Emma and Jason who told us they'd certainly belted along to get this project finished.

0:44:400:44:48

Well, it's certainly been a busy few months.

0:44:480:44:50

We've completely transformed the site, so very close.

0:44:500:44:55

It's just the finishing up, the finishing touches on the walls,

0:44:550:44:59

the builders are just finishing up and tidying around

0:44:590:45:01

and the last bits of carpet going down, so it's very close.

0:45:010:45:04

In fact, so close that 300 students have already enrolled

0:45:040:45:09

in the various dance and arts programmes run by the centre.

0:45:090:45:12

It looks like some are already going through their paces.

0:45:120:45:15

MUSIC: "Rhythm Is a Dancer" by Snap

0:45:150:45:19

It's the ground-floor space that will put the perform in performance as Emma explains.

0:45:260:45:32

Well, it's two studios and we can divide them for classes and things like that, singing, acting...

0:45:320:45:39

We can also open up the space and have Studio 2 as the theatre

0:45:390:45:43

and the seating in Studio 1 and have a really good performance space.

0:45:430:45:47

But this transformation is not all just about putting on a show.

0:45:470:45:51

There's a business to run,

0:45:510:45:54

and on the ground floor the reception has been opened up and made more client-friendly.

0:45:540:45:58

And once inside there are new changing rooms and a kitchen.

0:45:580:46:02

It's a big renovation and was made possible by a team that Emma and Jason have known for ten years.

0:46:040:46:10

Project manager Chris and surveyor Deborah have played key roles.

0:46:100:46:15

They've worked very closely with Emma and Jason

0:46:150:46:18

to make this studio literally all singing and all dancing!

0:46:180:46:22

So are they the Fred and Ginger of project managing?

0:46:220:46:27

We work really well together. We've both got different skills, different things that we're good at,

0:46:270:46:31

but, you know, bringing that together means that the company works really well together

0:46:310:46:35

and the projects get finished because you've both got different ways of working,

0:46:350:46:39

but bringing it all together, which means the clients get the best of both worlds.

0:46:390:46:42

The couple faced a few minor problems changing the usage of the unit

0:46:420:46:48

to a performing arts centre.

0:46:480:46:49

To avoid any excessive music affecting the neighbours,

0:46:490:46:52

the windows at the front had to be closed and ventilation has been added to the first-floor studio.

0:46:520:46:59

But things have pretty much run to schedule.

0:46:590:47:01

A few days left to finish and it's due Friday week,

0:47:010:47:05

and we will, sort of Wednesday, have the contract cleaners come in and the clients are very happy.

0:47:050:47:11

As for the £100,000 budget, well, Emma and Jason have now added a theatre into the equation,

0:47:110:47:17

so expect that to be exceeded, and there were other problems.

0:47:170:47:22

Mainly all of the wiring had to be changed because it had been ripped out for the copper.

0:47:220:47:28

All the copper pipes were removed, which we didn't expect.

0:47:280:47:31

And there were a few changes that the Building Control required.

0:47:310:47:35

And the additional things that we added so it pushed the budget up to 180,000-190,000 in the end.

0:47:350:47:42

Emma and Jason paid 450,000 at auction for the property,

0:47:440:47:49

and with their renovation costs reaching about 190,000,

0:47:490:47:51

that makes an overall outlay of £640,000.

0:47:510:47:56

Time to find out what two local estate agents think of the couple's new performing arts centre,

0:47:560:48:02

and whether it's worth making a song and dance about.

0:48:020:48:04

It's been finished to a very high standard.

0:48:060:48:08

Obviously, it's still a work in progress, but once it's finished,

0:48:080:48:11

I think this is going to be a very modern useable space.

0:48:110:48:15

Very good space for this sort of use.

0:48:150:48:17

It's obviously built as a factory unit,

0:48:170:48:20

but it's good per eaves height,

0:48:200:48:22

I would have thought ideal for performing arts.

0:48:220:48:24

How much could the unit be worth on the resale market?

0:48:240:48:29

For marketing purposes I would suggest putting it on at £550,000.

0:48:290:48:34

I would put this commercial property on the market for £550,000.

0:48:340:48:39

-It's a reasonable...

-Given the current climate.

0:48:390:48:42

Yeah, and it's quite specific, you know, our use for the building.

0:48:420:48:46

So sort of as an empty building for use for something else, it seems a reasonable valuation.

0:48:460:48:53

That valuation means that Emma and Jason would stand to lose 90,000.

0:48:530:48:59

# Every day is so wonderful

0:49:020:49:05

# And suddenly... #

0:49:050:49:07

However a quick resale was never part of the plan.

0:49:070:49:12

A performing arts centre is a long-term project for the couple.

0:49:120:49:15

If the business is successful then the real value won't be in the short-term price of the building.

0:49:150:49:21

It'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!

0:49:210:49:28

-The lovely thing is to see the students' faces, see what they think of it.

-Yeah.

0:49:280:49:31

That's what I'm looking forward to, seeing it full of people, that'll be great.

0:49:310:49:35

# I am beautiful

0:49:350:49:38

# No matter what they say

0:49:380:49:40

# Words can't bring me down... #

0:49:400:49:46

Earlier we were in the village of Indian Queens in Cornwall where we met Martin.

0:49:480:49:53

He's an area manager for a dental company who bought this three- or four-bedroomed detached house

0:49:530:49:59

for 110,000.

0:49:590:50:01

Martin was on the show before when he refurbished a property in nearby Par,

0:50:050:50:10

and was well-prepared to take this place on.

0:50:100:50:12

As much of the work was superficial,

0:50:120:50:14

and as there was a huge garage in the garden, ripe with possibilities,

0:50:140:50:19

he knew he'd got himself a bargain here.

0:50:190:50:21

When it went for such a good price at auction,

0:50:210:50:24

I thought whatever happens and no matter what I found inside,

0:50:240:50:28

there was a worthwhile amount of money to be made.

0:50:280:50:33

Armed with a budget of just 4,000-5,000, Martin had plans to refurbish the house

0:50:330:50:39

in just a couple of months and get it on to the rental market.

0:50:390:50:43

But it was nine months later when we returned.

0:50:430:50:45

From the outside, a fresh lick of paint on the walls

0:50:450:50:49

and a tidy-up in the garden makes the frontage more appealing,

0:50:490:50:53

and inside...

0:50:530:50:54

Well, the living room has been stripped bare and it's obvious there's still a lot to do here.

0:50:550:51:01

But the kitchen...

0:51:010:51:03

Martin has decked this out with new units, new tiling, new everything!

0:51:050:51:12

Well, nearly everything.

0:51:120:51:15

The kitchen was quite dated and old.

0:51:150:51:18

It had dark units...

0:51:180:51:20

lino floor...

0:51:200:51:21

Over here we had the arched recess with the heron window.

0:51:210:51:26

I decided not to keep that.

0:51:260:51:28

Although it let light into the front room,

0:51:280:51:30

I didn't think it was in keeping with the rest of the property.

0:51:300:51:33

I managed to retain the original sink. I feel it was good quality.

0:51:330:51:38

It went really well with the rest of the units and the worktops.

0:51:380:51:40

I tiled the floor and flashbacks. I think the end result's really good.

0:51:400:51:45

Martin installed the kitchen himself and seems to have done a grand job.

0:51:450:51:50

He also did the changes upstairs,

0:51:520:51:54

decorating the three bedrooms, recarpeting and adding a new door...

0:51:540:51:59

He applied the same style of makeover to the loft.

0:52:000:52:03

And the bathroom? Well, that hasn't been replaced, but it's been updated with new flooring

0:52:030:52:09

and a new sink and shower,

0:52:090:52:11

all achieved with Martin's DIY skills.

0:52:110:52:14

So was he able to do anything with the garage at the back?

0:52:170:52:20

I think the garage is a real positive for this property.

0:52:220:52:26

Although it didn't look very appealing when I bought the property,

0:52:260:52:29

having replaced the industrial-looking metal doors with a modern roller shutter,

0:52:290:52:35

I think I've turned something that was quite unappealing into a real asset to the property.

0:52:350:52:39

Certainly when it comes to sell, I think this is a real selling feature and will appeal to a lot of buyers.

0:52:390:52:45

Any future owner who is into car restoration

0:52:450:52:48

or perhaps wants to run a small business from here

0:52:480:52:50

would go crazy for the sort of space offered.

0:52:500:52:53

So this large garage certainly does have the potential to put the pounds on to any resale price.

0:52:530:52:59

And with the garden tidied up, it all ends up being a solid transformation

0:53:000:53:05

from that tired house that Martin bought.

0:53:050:53:08

Getting to this fresh look should have been straightforward, though, shouldn't it?

0:53:080:53:12

If you look at a room and think,

0:53:120:53:15

"I can paint that in a day," by the time you take off the wallpaper

0:53:150:53:18

and then replaster the bits that are falling off,

0:53:180:53:21

and then notice there's doorframes that had woodworm...

0:53:210:53:25

and you factor that in that's going to take a day to replace as well,

0:53:250:53:28

that bedroom that was going to take you a day could end up taking you a week.

0:53:280:53:31

Obviously, throughout the house, if you look at those little issues,

0:53:310:53:35

they all add up and that's where the time goes and that's where the money goes.

0:53:350:53:39

In any renovation, discovering woodworm would open up a can of, well, worms!

0:53:390:53:44

But the message here is, as always, allow some leeway for unexpected hold-ups.

0:53:440:53:49

As it is, Martin now plans to live here.

0:53:490:53:52

He had aimed to finished the project in two months, but a mini disaster,

0:53:520:53:56

where sewage leaked into the kitchen created a stink with the schedule,

0:53:560:54:00

and that wasn't the only hold-up.

0:54:000:54:03

Well, it's been a busy sort of eight months.

0:54:040:54:07

I was hoping to get the work done a lot quicker.

0:54:070:54:09

However, work commitments meant I was working in South Wales a lot of the time,

0:54:090:54:13

so a lot of weeks nothing got done, so things kind of dragged on.

0:54:130:54:18

It looks as though there are still a few more weeks left to get this place across the finishing line,

0:54:190:54:24

but as he's run so far over schedule how did Martin's budget hold up?

0:54:240:54:29

My original budget was 4,000.

0:54:290:54:30

With some of the problems I had with regard to losing items due to sort of flood damage,

0:54:300:54:37

it's gone up to 6,000 now.

0:54:370:54:40

Add that to his purchase price of 110,000

0:54:420:54:46

and Martin's total outlay here is 116,000.

0:54:460:54:50

Time to ask two local estate agents what they think of his investment.

0:54:500:54:55

I like it very much.

0:54:570:54:59

I think the finish that he's done... there's a little bit to do yet,

0:54:590:55:02

but what's been done so far is very good.

0:55:020:55:05

I like the flooring, I like the colour schemes that he's chosen,

0:55:050:55:09

and I like how he's sort of concentrated on the garage as well.

0:55:090:55:12

I think that's a very good selling point.

0:55:120:55:14

It's got a lot of potential, obviously still not quite finished.

0:55:140:55:17

Upstairs the work I've seen I've been very impressed with,

0:55:170:55:21

done to a very high standard.

0:55:210:55:22

Martin's current plans are to stay put for a few months and make this his new home,

0:55:220:55:29

although he does aim to sell eventually.

0:55:290:55:31

Having spent £116,000 here, what could he expect to achieve on a resale?

0:55:310:55:37

I would market it for £165,000 to achieve in the region of £155,000.

0:55:370:55:44

I would look at putting it on the market for between £160,000 and £165,000.

0:55:440:55:50

They're really positive figures. Taking into account what I paid for the property and the money I spent,

0:55:500:55:56

there should be quite a good return on my effort.

0:55:560:55:58

You're right there, Martin! If those sale prices could be achieved,

0:55:580:56:03

he could make a possible £39,000-£49,000 profit, minus the usual taxes and expenses.

0:56:030:56:09

And with a potential rental income of £750 per calendar month,

0:56:090:56:14

he could make a healthy annual yield of just under 8%.

0:56:140:56:17

While this renovation may have taken its time,

0:56:220:56:25

this house could still offer some healthy returns in the future for Martin.

0:56:250:56:29

Now he's getting the knack of this developing game, he has a clear philosophy on getting the job done.

0:56:290:56:36

When things go wrong, just keep your eyes on your prize,

0:56:360:56:39

and when things do go wrong, keep calm and carry on.

0:56:390:56:43

Well, whether you're a seasoned professional or a property novice,

0:56:460:56:50

there are always thing to be learned about buying property.

0:56:500:56:53

So make sure you join us next time for more Homes Under The Hammer.

0:56:530:56:56

-See you then.

-Goodbye.

-Goodbye.

0:56:560:56:57

Subtitles by Red Bee Media Ltd

0:57:020:57:06

E-mail [email protected]

0:57:060:57:10

Martin Roberts and Lucy Alexander visit a two-bed house in Lincolnshire, a commercial unit in Dartford, Kent, and a standard semi in Cornwall. All of the properties have been sold at auction - find out who bought them and what they paid when they went under the hammer.