0:00:02 > 0:00:04- Welcome to Homes Under The Hammer. - Where we bring you
0:00:04 > 0:00:07the best auction action and the renovation highs and lows.
0:00:07 > 0:00:11There's no doubt all sorts can happen when you buy your home under the hammer.
0:00:36 > 0:00:41Now, you should always work out your maximum ceiling price before you head to the auctions.
0:00:41 > 0:00:46And don't forget to factor in those extra expenses like legal fees and stamp duty.
0:00:46 > 0:00:50Yes, wise investors always allow for a contingency fund.
0:00:50 > 0:00:53So let's see what tempted the buyers on today's show.
0:00:54 > 0:00:57'This three-bedroom semi-detached in rural Kent
0:00:57 > 0:01:01'might need some work but still ticks all the boxes.'
0:01:01 > 0:01:03What can I say? It's a great house.
0:01:04 > 0:01:08'In Cardiff, if you want a blank canvas, this could be just the place.'
0:01:08 > 0:01:13Spindles, yep, they've already gone, as well. This house has really been stripped back.
0:01:14 > 0:01:21'And this Cornish cottage has plenty of accommodation on three floors, some big and some tiny.'
0:01:22 > 0:01:24How odd!
0:01:25 > 0:01:30'All of these properties went to auction. We'll find out who bought them and what they paid
0:01:30 > 0:01:34- 'when they went under the hammer.' - HAMMER BANGS
0:01:37 > 0:01:40'I'm in Kent in Hartlip near Sittingbourne,
0:01:40 > 0:01:45'an idyllic spot in England's beautiful countryside.'
0:01:46 > 0:01:50# There will be peace in the valley
0:01:50 > 0:01:55# For me someday
0:01:56 > 0:02:02The property I'm here to see is right out in the countryside and it sounds like a big one.
0:02:02 > 0:02:08The property itself actually doesn't look that huge. Three-bedroom semi-detached.
0:02:08 > 0:02:13But it comes with four acres of land.
0:02:13 > 0:02:17The guide price was £240,000 to £250,000. Let's take a look inside.
0:02:19 > 0:02:23'The property was built in the 1950s by the local water board
0:02:23 > 0:02:25'who own some of the land surrounding it.
0:02:25 > 0:02:30'Apart from the next-door neighbours, this location is really remote,
0:02:30 > 0:02:34'so if you enjoy the peace of the countryside then this is ideal.'
0:02:36 > 0:02:40OK, what have we got? That's a good start. A nice big entrance foyer here.
0:02:40 > 0:02:43Somewhere to put your coats and your boots.
0:02:43 > 0:02:47You're in the country here, that's what practically you need.
0:02:47 > 0:02:51Living room on there. It's already got a sort of 50s/60s feel to it
0:02:51 > 0:02:54and I'm not sure how much work's been done since that time.
0:02:54 > 0:02:59It all goes a little bit problematic when you step through to the rear of the property
0:02:59 > 0:03:02where you've got the kitchen. Now, in a house like this,
0:03:02 > 0:03:05I want to see a big, open-plan, farmhouse-type kitchen.
0:03:05 > 0:03:12What you've got is this fairly 60s, 70s bit of stuff. Get rid of that, basically.
0:03:12 > 0:03:17Good news is, though, dining room there, and I reckon not too much work to take out that wall
0:03:17 > 0:03:23to create that really big, family kitchen/dining room that you need.
0:03:23 > 0:03:25So, I'm enjoying this place.
0:03:25 > 0:03:28# Enjoy yourself
0:03:28 > 0:03:30# It's later than you think
0:03:30 > 0:03:34'At first glance, you may not see why I'm so excited.
0:03:34 > 0:03:39'But look past that dated decor, all this place needs is some money spent on it
0:03:39 > 0:03:45'and it could be a cosy family country home. And there's even more potential through the back.'
0:03:45 > 0:03:49# Enjoy yourself, enjoy yourself
0:03:49 > 0:03:52# It's later than you think
0:03:52 > 0:03:56So, through the kitchen and, good news, a downstairs loo,
0:03:56 > 0:03:58perfect for that country lifestyle.
0:03:58 > 0:04:02And then on the side of the property, this conservatory.
0:04:02 > 0:04:05Now, it's not to everyone's taste, but it is a useful space.
0:04:05 > 0:04:10It seems to have been a little bit patched together, the electrics stuck on the walls
0:04:10 > 0:04:15and pipes everywhere. I'd want to see this ideally replaced by something a bit more in keeping.
0:04:15 > 0:04:20But opening out the whole property to this glorious countryside that's all around,
0:04:20 > 0:04:24it's a good size space, it just needs to be sorted out a bit.
0:04:24 > 0:04:28'So what has this property got in store for me upstairs?'
0:04:30 > 0:04:35Upstairs you've got a bathroom. Well, it is a bit dated but it's a reasonable size
0:04:35 > 0:04:41so you could sort that out without too much trouble. I really like this big open landing area.
0:04:41 > 0:04:44It gives a feeling of space. Really good sized double bedroom at the back,
0:04:44 > 0:04:49double bedroom at the front and then a smaller box room there.
0:04:49 > 0:04:51What can I say? It's a great house.
0:04:51 > 0:04:56'But of course, at the guide price of £240,000 to £250,000,
0:04:56 > 0:05:00'you don't just get a house, you get four acres of land.
0:05:00 > 0:05:06'But all I can see out at the back is a great size garden and nothing else.'
0:05:06 > 0:05:09# Something, something
0:05:09 > 0:05:13# Something is missing
0:05:14 > 0:05:19Well, sadly, the land that comes with the property isn't directly adjoining it.
0:05:19 > 0:05:22It's just up this lane.
0:05:22 > 0:05:26'The water board own the land between the property and the fields that come with it,
0:05:26 > 0:05:32'but it's only a short brisk walk away, giving you time to fill your lungs with some fresh country air.
0:05:32 > 0:05:36'And when you get there, you won't be disappointed. The space is vast
0:05:36 > 0:05:41'and there are even some old stables. Handy if the buyer has any ponies.'
0:05:43 > 0:05:48First of all you've got this stable block. It's not in bad condition.
0:05:48 > 0:05:51You could use it as it is. But much more important from my point of view
0:05:51 > 0:05:57is that a precedent has been established. There is a building here so the planner can't argue
0:05:57 > 0:06:03about you either restoring it or putting something else of a similar style in its place.
0:06:03 > 0:06:06That's because we are actually on green belt land,
0:06:06 > 0:06:11so the idea of doing something with the land itself, your four acres behind me,
0:06:11 > 0:06:17well, if you're thinking about building on it, forget it. And it would be a shame anyway.
0:06:17 > 0:06:21So what can you do? At the moment, it's separated out into four paddocks,
0:06:21 > 0:06:25so you could keep it like that, you could rent it out to local people,
0:06:25 > 0:06:27you could use it for your own livestock,
0:06:27 > 0:06:32or why not just have it as a great big fantastic back garden?
0:06:33 > 0:06:37'There's plenty of potential both inside and outside this place.
0:06:37 > 0:06:40'We asked a local property expert for his opinion.'
0:06:42 > 0:06:44The potential of this property is phenomenal.
0:06:44 > 0:06:48It offers a lot for people with or without horses.
0:06:48 > 0:06:51It's just a nice location, nice sized house.
0:06:51 > 0:06:54Personally, I think the property would benefit from an extension,
0:06:54 > 0:07:00as you're looking at the front of the property, to the left a double storey to make the aspect wider.
0:07:00 > 0:07:06Properties like this very rarely come up with as many as four acres.
0:07:06 > 0:07:10The fact it's not attached to the property, it's just slightly away from it,
0:07:10 > 0:07:13is probably a bit of a deterrent for some people.
0:07:13 > 0:07:18However, I understand that the water board are likely to lease a strip across
0:07:18 > 0:07:21so you can connect it to the property. That'll make it very popular.
0:07:22 > 0:07:29'The land and property went to auction at a guide price of £240,000 to £250,000.
0:07:29 > 0:07:32'What could it be worth once renovated?'
0:07:33 > 0:07:38I should hope that if the property was modernised and kept to the same layout as it is,
0:07:38 > 0:07:42just decorating and new kitchen, bathrooms, just brought up to a modern-day standard,
0:07:42 > 0:07:45we should be getting about £320,000.
0:07:45 > 0:07:48'What if the buyer decided to let it out?'
0:07:50 > 0:07:55Rental potential is kind of limited because of where it is.
0:07:55 > 0:07:59However, I think you should be getting around £950 per calendar month.
0:08:01 > 0:08:06Well, there are some houses that just have so much going for them and this is certainly one.
0:08:06 > 0:08:09Yes, it needs a bit of tender loving care
0:08:09 > 0:08:12and a few modifications to the house,
0:08:12 > 0:08:15but you know what, can't knock the location, you've got the land,
0:08:15 > 0:08:21somebody is absolutely going to fall in love with it. Let's see who that was when it went under the hammer.
0:08:22 > 0:08:26Where do you want to start me? 230 to start me. £230,000.
0:08:26 > 0:08:29At 230. 230.
0:08:29 > 0:08:33230, I've got you. £230,000. I'm obliged. 230, I'm on the way.
0:08:33 > 0:08:36At £230,000. Now 235 if you like.
0:08:36 > 0:08:39235 I've got. 235. And 40.
0:08:39 > 0:08:44240. 240 I've got. And 5 now if you like.
0:08:44 > 0:08:47At 245. Are you all done at £240,000?
0:08:47 > 0:08:50245 in a fresh place on my right-hand side.
0:08:50 > 0:08:54At £245,000. He's just made one bid.
0:08:54 > 0:08:57248 I'll take from either of you if it helps you.
0:08:57 > 0:09:02248. 248, otherwise at 245, make no mistake, it's in the room, then,
0:09:02 > 0:09:05to sell it for £245,000 for the first time.
0:09:05 > 0:09:09It's worth one more go. 246 to either of you.
0:09:09 > 0:09:11At 245,000 for the second.
0:09:11 > 0:09:16- Third and final time if you're sure you're all done at £245,000. - HAMMER BANGS
0:09:16 > 0:09:19It's yours at £245,000. Well done.
0:09:19 > 0:09:23'That successful bid of £245,000
0:09:23 > 0:09:26'came from husband and wife Bill and Debbie.
0:09:26 > 0:09:29'They live near Chatham, just ten minutes drive away,
0:09:29 > 0:09:31'but want to move somewhere more rural.
0:09:31 > 0:09:35'Debbie works with children as a community liaison officer for the council
0:09:35 > 0:09:39'while Bill is a builder. That's going to be handy in this place.
0:09:39 > 0:09:43'I caught up with Debbie back at the house to find out their plans.'
0:09:45 > 0:09:49# Yes, I'm going to be a country girl again
0:09:52 > 0:09:56- Debbie, lovely to meet you. - And you.- Congratulations. - Thank you very much.
0:09:56 > 0:09:59You looked quite excited at the auction there.
0:09:59 > 0:10:03- Yes. Over the moon. Couldn't believe it.- Really? - Couldn't believe our luck.
0:10:03 > 0:10:05Right. So why did you want to buy it?
0:10:05 > 0:10:09It's our dream. We just were...
0:10:09 > 0:10:12We weren't actually looking for a place at the time,
0:10:12 > 0:10:17our house is up for sale but we didn't think we would come across anything like this.
0:10:17 > 0:10:22Someone made an offer on our house and we just thought, "Right, we need to have a look".
0:10:22 > 0:10:26- Right.- And the catalogue came through the door,
0:10:26 > 0:10:32and we just thought every day, all day long, we'd like something like this, the land, the house.
0:10:32 > 0:10:36This just showed so much potential, although we hadn't seen inside.
0:10:36 > 0:10:39- You bought it without seeing inside? - Yeah.- How come?
0:10:39 > 0:10:42My husband's a builder so we just...
0:10:42 > 0:10:45We'd driven past, had a look,
0:10:45 > 0:10:50bumped into the daughter of the seller
0:10:50 > 0:10:55and she said it was a sound property. We had it surveyed.
0:10:55 > 0:10:59- Oh, right, so you'd had it surveyed. - Yes.- But you hadn't looked round it. - No.
0:10:59 > 0:11:05'Luckily for Debbie and Bill, the survey didn't find anything of concern, just some surface cracks.
0:11:05 > 0:11:09'But builder Bill should easily be able to deal with those.'
0:11:10 > 0:11:13So tell me what you're going to do to sort it out.
0:11:13 > 0:11:16We'd like to open-plan the kitchen and the dining room.
0:11:16 > 0:11:21We will possibly rebuild the conservatory and go up a level,
0:11:21 > 0:11:25just to put on an extra bedroom. We're quite social people, as well,
0:11:25 > 0:11:29so when people come over, having found the location,
0:11:29 > 0:11:34it's nice to have a glass of wine and be able to stay the night, I think.
0:11:34 > 0:11:39'Debbie and Bill have three children but only one who still lives at home,
0:11:39 > 0:11:43'so the size of this house is perfect for them and any visitors that stay over.
0:11:43 > 0:11:46'The property itself wasn't the only attraction.
0:11:46 > 0:11:50'Those four acres of land were ideal for Debbie's plans.'
0:11:51 > 0:11:55Why was the land so important to you? Have you got horses?
0:11:55 > 0:11:59I haven't got horses. I would like to rescue some animals, potentially.
0:11:59 > 0:12:02I'm a huge animal lover,
0:12:02 > 0:12:05so that's part of the dream,
0:12:05 > 0:12:09just to be able to house a few animals,
0:12:09 > 0:12:13have a few chucks running around the back garden.
0:12:13 > 0:12:17I'm quite keen on alpacas, although I've never owned one.
0:12:17 > 0:12:21- Alpacas?- Alpacas, yeah. - Like fluffy llama type things?- Yeah.
0:12:21 > 0:12:24Bill would like a couple of pigs, but that's way down the line.
0:12:24 > 0:12:27- Wow! - We've got to get this sorted first.
0:12:27 > 0:12:29# On animal farm
0:12:29 > 0:12:33# My animal home
0:12:33 > 0:12:37'There's certainly plenty of space for a whole menagerie of animals.
0:12:37 > 0:12:41'But wisely, before they start filling those stables and fields,
0:12:41 > 0:12:44'they're going to tackle the work in the house.
0:12:44 > 0:12:49'Of course, Bill will do most of it. They have around £10,000 to play with,
0:12:49 > 0:12:54'or maybe more when they sell their other property. What's their timescale?'
0:12:54 > 0:12:59I think within the next six months, we'd like to be in.
0:12:59 > 0:13:02So that will be the major house work done.
0:13:02 > 0:13:06- Great. Congratulations. - Thank you very much.- I'm delighted for you. Good luck.- Thank you.
0:13:08 > 0:13:13Well, how fantastic that Debbie and her family have got this place.
0:13:13 > 0:13:16How are they going to get on turning it into a home
0:13:16 > 0:13:18and an animal sanctuary?
0:13:18 > 0:13:21You can find out later in the show.
0:13:25 > 0:13:30'Today I'm in Ely in South Wales, about three miles from Cardiff city centre.
0:13:32 > 0:13:37'The area has a lot to offer, with close-knit communities, affordable housing
0:13:37 > 0:13:40'and great transport links into the Welsh capital.'
0:13:42 > 0:13:45The properties on this cul-de-sac are quite typical of this area
0:13:45 > 0:13:48in that they were built by the local authority.
0:13:48 > 0:13:52The house I'm here to see, well, it should be really easy to spot
0:13:52 > 0:13:56because I'm told it's been shuttered up with security shutters,
0:13:56 > 0:13:59which means, ah, it'll be that one.
0:14:00 > 0:14:05Yeah, it's not particularly inviting so far, but let's not judge a book by its temporary cover.
0:14:05 > 0:14:08You can see there's a decent space at the front
0:14:08 > 0:14:13and inside, well, I think I might need this to investigate further.
0:14:13 > 0:14:16'The house had a guide price of £49,000.
0:14:16 > 0:14:19'Apart from the shuttering on the windows,
0:14:19 > 0:14:23'the guttering needs to be fixed, but the brickwork looks OK.
0:14:23 > 0:14:29'And once you've cleared the rubbish, there's off-street parking, so that's a bonus.'
0:14:34 > 0:14:38Yes, I'd like to get rid of those shutters straight away.
0:14:38 > 0:14:41This is the living room and with those windows uncovered,
0:14:41 > 0:14:44I know this will be quite a big, light space.
0:14:44 > 0:14:50Actually, I don't even need this. It's not as bad as what I thought, so a good start.
0:14:50 > 0:14:53But I don't like these horrible old cold floor tiles.
0:14:53 > 0:14:58I'd like to rip these up and put something a little more homely down.
0:14:58 > 0:15:00So far it's just cosmetic work.
0:15:00 > 0:15:03Maybe we could even reinstate this fireplace here,
0:15:03 > 0:15:08open it up, it will give it some character, because I think this room needs that.
0:15:08 > 0:15:11Through here is the kitchen but, oops...
0:15:11 > 0:15:14# Where did it go?
0:15:14 > 0:15:16# Where did it go?
0:15:16 > 0:15:20'It looks like this one's been raided for parts
0:15:20 > 0:15:25'because there's nothing here at all. So, you know what that means.'
0:15:25 > 0:15:31You're going to have to think about shelling out for a brand new kitchen, rewiring, replumbing.
0:15:32 > 0:15:36And you're definitely going to have to clear out that garden.
0:15:36 > 0:15:42'So you have to look past the piles of rubbish to what could be a great garden.
0:15:42 > 0:15:46'You just need a bit of imagination, some green fingers,
0:15:46 > 0:15:50'a big skip and you could make a massive difference out here.
0:15:50 > 0:15:53'And although the windows are all shuttered, like the front,
0:15:53 > 0:15:58'the brickwork doesn't look too bad. At the back door there's even a little porch
0:15:58 > 0:16:04'and a cupboard which could either be used as a handy storage area or converted into a downstairs loo.
0:16:04 > 0:16:07'Time to head upstairs and see what else you get
0:16:07 > 0:16:11'or don't get in this house that was guided at £49,000.'
0:16:11 > 0:16:15Oops. Spindles, yep, they've already gone, as well.
0:16:15 > 0:16:18This house has really been stripped back.
0:16:18 > 0:16:23You've got the bathroom here. Looks like the loo seat is all that's needed in there, and a good scrub.
0:16:23 > 0:16:27And you've got two decent size bedrooms on this floor.
0:16:27 > 0:16:29There's also a little loft room.
0:16:29 > 0:16:34That is a bonus space up there, but before you get all excited,
0:16:34 > 0:16:37I would check it's got building regulations, because my guess,
0:16:37 > 0:16:40by the look of this narrow, wobbly staircase,
0:16:40 > 0:16:44you'd need to investigate further before you can call that bedroom number three.
0:16:45 > 0:16:47'Still, this loft is a usable space
0:16:47 > 0:16:52'and the new owners could look at bringing it into line with building regulations
0:16:52 > 0:16:54'to make the house officially three bedrooms.
0:16:55 > 0:16:59'But what potential does the rest of the place have?
0:16:59 > 0:17:02'We asked a local property expert to take a look
0:17:02 > 0:17:04'and give us his opinion.'
0:17:04 > 0:17:08First impressions of the property is quite frightening.
0:17:08 > 0:17:12But if you look through all that, it is an area which is established,
0:17:12 > 0:17:15it's a family area, and in real terms,
0:17:15 > 0:17:18a very good community area.
0:17:18 > 0:17:21'So how much could the house be worth once renovated?'
0:17:21 > 0:17:25In my opinion, the value of this property when fully renovated
0:17:25 > 0:17:27would be in the region of £75,000.
0:17:27 > 0:17:32'How much rent could the house earn as a two-bedroom?
0:17:32 > 0:17:36'Or if building regulations were obtained for the attic, as a three-bed?'
0:17:36 > 0:17:41In my opinion, this property would rent to a private family
0:17:41 > 0:17:44in the region of £525 per calendar month.
0:17:44 > 0:17:50If, however, it was let to a local authority and a housing benefit scheme,
0:17:50 > 0:17:55it could achieve £550 per calendar month if two bedrooms.
0:17:55 > 0:17:58If it's classified as three bedrooms,
0:17:58 > 0:18:03then that rental figure could be £650 per calendar month.
0:18:03 > 0:18:08'So a property with potential but needing a lot of work.'
0:18:09 > 0:18:14For starters, you've got to put everything back in this house and you've got to tidy it up.
0:18:14 > 0:18:17So there is quite a bit to be done.
0:18:17 > 0:18:22But if you look past those security shutters, there could be a great opportunity here.
0:18:22 > 0:18:28The guide price of £49,000 could make this an affordable step onto the property ladder
0:18:28 > 0:18:31or a fairly sound investment for somebody.
0:18:31 > 0:18:34Let's see who wanted it when it went under the hammer.
0:18:34 > 0:18:37We're now onto the mid-terrace house for improvement.
0:18:37 > 0:18:41It's a freehold interest, ladies and gentlemen. Lot ten.
0:18:41 > 0:18:4445 if you like. Let's get on.
0:18:44 > 0:18:4840, thank you. I should think so. Couple of you. 42.
0:18:48 > 0:18:50You're out. 4. 44.
0:18:50 > 0:18:52At 44. And 6 can I now?
0:18:52 > 0:18:555 then, all right. 45 I'm bid. At 45.
0:18:55 > 0:18:58Make it 6. Thank you. 46.
0:18:58 > 0:19:00Quick if you want it. The hammer's up at 46,000.
0:19:00 > 0:19:037. Thank you. 47.
0:19:03 > 0:19:05All right, a half. 47 and a half.
0:19:05 > 0:19:0848 for the lady there. 48 and a half.
0:19:08 > 0:19:12At 48 and a half. 49. And a half.
0:19:12 > 0:19:1549 and a half. 50 will you, madam?
0:19:15 > 0:19:1850 for the lady seated in the back. You're both out down here.
0:19:18 > 0:19:21At £50,000, I'm going to sell it.
0:19:21 > 0:19:26Make no mistake. Are you all done? It's your bid, madam, at £50,000.
0:19:26 > 0:19:28- HAMMER BANGS - Lady's bid. Thank you.
0:19:28 > 0:19:32'Those successful and happy bidders who paid £50,000
0:19:32 > 0:19:34'were Val and her husband Terry.
0:19:34 > 0:19:37'Terry's recovering from a knee operation,
0:19:37 > 0:19:40'so it's Val who's going to tell me all about their latest project.
0:19:40 > 0:19:46'Although retired, the couple have kept busy renovating houses for the rental market.
0:19:46 > 0:19:48'They appeared on the programme once before
0:19:48 > 0:19:53'when they gave another Cardiff property a basic refurbishment.
0:19:53 > 0:19:58'They installed a new bath there and Val had to confess the reason why.'
0:19:58 > 0:20:03We put a new bath in because the old bath had marks on it
0:20:03 > 0:20:07and they weren't going to come out without a lot of scrubbing. I don't do scrubbing.
0:20:07 > 0:20:12'I can't wait to find out what she has planned for this place.'
0:20:13 > 0:20:16- Val, congratulations.- Thank you. - So you're still buying.
0:20:16 > 0:20:20Yes. We didn't mean to buy.
0:20:20 > 0:20:24We viewed it on the Monday, went to the auction on the Tuesday
0:20:24 > 0:20:28and was amazed when people stopped bidding.
0:20:28 > 0:20:30And it was ours.
0:20:30 > 0:20:35Val, what made you want to buy in Ely? Because I know this is a local authority estate,
0:20:35 > 0:20:39- it's quite lively. - Yeah. It's good social housing
0:20:39 > 0:20:42and this is a nice cul-de-sac with families,
0:20:42 > 0:20:46it's a good place to rent, a good place to live.
0:20:46 > 0:20:49Let's start downstairs. Tell me what you're going to do.
0:20:49 > 0:20:55We're going to put the boiler in the utility room
0:20:55 > 0:20:57instead of in the bedroom.
0:20:57 > 0:21:03We're going to refit the kitchen, obviously, relay a floor in the kitchen, relay a floor here.
0:21:03 > 0:21:06We might open the fireplace and just put a fake surround,
0:21:06 > 0:21:10just to have a focal point.
0:21:10 > 0:21:14Let's talk about the upstairs, you've got the loft room on the top floor.
0:21:14 > 0:21:17Yeah. It's not a bedroom.
0:21:17 > 0:21:22It hasn't had all the building regs or the planning permission for the attic room.
0:21:22 > 0:21:27So would you like to get building regs on that and apply for planning permission to do it properly?
0:21:27 > 0:21:32Because I think if you did it properly, it would be a fantastic room, but at the moment,
0:21:32 > 0:21:34- you just can't really call it a bedroom.- No.
0:21:34 > 0:21:38We might do. It depends how much it would cost.
0:21:40 > 0:21:42# I feel a change coming on
0:21:42 > 0:21:46'There's no doubt there's a lot of work to do here.
0:21:46 > 0:21:51'Val also plans to knock down the boiler cupboard, which mysteriously is missing the boiler.
0:21:51 > 0:21:58'They will also redecorate and recarpet the bedrooms and the hallway. What about the bathroom?'
0:21:58 > 0:22:02I don't know. We might put a new bathroom suite in.
0:22:02 > 0:22:07It depends how it cleans up. But as my daughter keeps telling me, in the last interview, I said,
0:22:07 > 0:22:10"I don't do scrubbing" and it still holds true now.
0:22:10 > 0:22:15I don't do scrubbing. So if the bath doesn't clean with one easy wipe, it's renewed.
0:22:15 > 0:22:18- You do not do scrubbing. - I do not do scrubbing.
0:22:18 > 0:22:24If you're property developing, you have to do scrubbing! Get the rubber gloves on, scour in hand!
0:22:24 > 0:22:27Baths are cheap enough. I don't scrub them.
0:22:27 > 0:22:30'With Val taking such a firm stance on scrubbing,
0:22:30 > 0:22:35'maybe her husband Terry will have to be a bit more hands-on.'
0:22:35 > 0:22:39Are you going to be missing Terry throughout this project or is he there to support you?
0:22:39 > 0:22:43Oh, he'll be here to support me. He won't be able to do as much
0:22:43 > 0:22:48and he's got to rest his leg, but he will be here...nagging.
0:22:48 > 0:22:51Ah. I can just picture him in his armchair in the corner,
0:22:51 > 0:22:55pointing his finger, saying, "You've missed a bit, ooh, and a bit more."
0:22:55 > 0:22:58That's it. Oh, he's good at that. We both are, that's the problem.
0:22:58 > 0:23:03# Don't stop me now, yes, I'm having a good time, I don't want to stop at all
0:23:03 > 0:23:08'It looks like these two will rely on their trusty team of builders to do all the hard graft.
0:23:08 > 0:23:10'But Val has a secret weapon.
0:23:10 > 0:23:14'She'll be drafting in her granddaughter Issy to help out.'
0:23:14 > 0:23:21- Issy! You are a brave lady attacking this garden! How are you doing?- OK.
0:23:21 > 0:23:24Listen, how are you going to be helping out your nan?
0:23:24 > 0:23:29I'm going to help planting the plants and painting the walls and stuff.
0:23:29 > 0:23:32What about inside? How are you going to be involved there?
0:23:32 > 0:23:35I'm going to help paint the walls and make it all nice and tidy.
0:23:35 > 0:23:38- Have you done anything like this before?- No.
0:23:38 > 0:23:41- So are you quite looking forward to it?- Yeah.
0:23:41 > 0:23:45- Good luck.- OK.- Can't wait to see how it turns out when you get rid of all the junk!
0:23:45 > 0:23:47# Gotta be working, working day and night
0:23:47 > 0:23:50'There's a lot to oversee inside and out,
0:23:50 > 0:23:52'but Val's confident that in six weeks' time,
0:23:52 > 0:23:54'this will make a lovely family home.
0:23:54 > 0:23:58'Will it make her and Terry a profit, as well?'
0:23:59 > 0:24:02So have you had a chance to sit down and do your maths,
0:24:02 > 0:24:05- work out your sums, know how much money you can spend?- Yeah.
0:24:05 > 0:24:11- To then work out the profit.- Yeah. We're going to spend about £10,000
0:24:11 > 0:24:16and we can get a minimum of £550 a month for it.
0:24:16 > 0:24:18So it's a good return.
0:24:18 > 0:24:21- So you've done it again, Val! - I know!
0:24:21 > 0:24:24- Well, I hope.- When are you going to take it easy and kick back?
0:24:24 > 0:24:28- Or is this your retirement? - This is my retirement.
0:24:28 > 0:24:32I enjoy doing it. It's, erm, yeah, it's interesting.
0:24:32 > 0:24:34I like getting tenants,
0:24:34 > 0:24:37I like helping the tenants.
0:24:37 > 0:24:40It's just something I enjoy.
0:24:40 > 0:24:42# Working, working day and night
0:24:43 > 0:24:49Val and husband Terry's experience should stand them in good stead when tackling this mess.
0:24:49 > 0:24:52And they do seem to have all those figures neatly worked out. I like that.
0:24:52 > 0:24:58So once they've tidied this place up, they should be on course to make a tidy profit, as well.
0:24:58 > 0:25:03But will they be able to stay on budget and on time with this much work to oversee?
0:25:03 > 0:25:06I don't know. All will be revealed later on in the show.
0:25:07 > 0:25:10'Coming up, in Cornwall, this three-storey terrace
0:25:10 > 0:25:14'has plenty going for it if the ground floor is anything to go by.'
0:25:14 > 0:25:16I haven't even been upstairs yet. Looking good!
0:25:17 > 0:25:22'We return to Cardiff where Val struggled to find support for this property.'
0:25:22 > 0:25:27The back bedroom floor was only held up by the ceiling.
0:25:28 > 0:25:33'But first, has this renovation in Kent been a labour of love for Debbie?'
0:25:33 > 0:25:37Whenever we've been here to work, you don't want to go home.
0:25:39 > 0:25:43'Back now to Kent, to the village of Hartlip near Sittingbourne
0:25:43 > 0:25:50'where this three-bedroom semi-detached property sold at auction for £245,000.
0:25:50 > 0:25:55'The inside wasn't quite as full of country charm as I'd hoped,
0:25:55 > 0:26:00'but the setting more than made up for it, as did the four acres of land that came with it.
0:26:00 > 0:26:04'And the buyers of this property certainly thought it was a stable investment.
0:26:04 > 0:26:09'It was Debbie and her husband Bill who snapped it up at the auction.
0:26:11 > 0:26:16'They planned to renovate it as a home, but not just for family and friends to stay in.'
0:26:18 > 0:26:21I would like to rescue some animals, potentially.
0:26:21 > 0:26:24Huge animal lover.
0:26:24 > 0:26:26So that's part of the dream,
0:26:26 > 0:26:31just to be able to house a few animals,
0:26:31 > 0:26:34have a few chucks running around the back garden.
0:26:34 > 0:26:38'Eight months later, we've caught up with Debbie back at the house
0:26:38 > 0:26:41'and it looks like that dream has become a reality.
0:26:41 > 0:26:46'Those hens aren't the only ones to have found a cosy new home.
0:26:46 > 0:26:50'Inside the transformation is simply stunning.'
0:26:53 > 0:26:55# Everything has changed
0:26:55 > 0:26:57# Everything has changed
0:26:57 > 0:27:03'The rooms have been modernised in a really stylish but homely way.
0:27:03 > 0:27:06'Every little detail oozes quality.
0:27:06 > 0:27:09'And how about that new bathroom?'
0:27:12 > 0:27:14# Everything has changed
0:27:14 > 0:27:17# Everything has changed
0:27:17 > 0:27:22'And if you like that, you will adore this new country-style kitchen.'
0:27:23 > 0:27:26# Everything has changed
0:27:26 > 0:27:30'They've opened it right up to create a bright and spacious room.
0:27:32 > 0:27:35'When I first saw this house, I knew it had bags of potential
0:27:35 > 0:27:39'and Debbie and Bill really have done it justice.'
0:27:39 > 0:27:44It needed attention, so hopefully it shows
0:27:44 > 0:27:47and we've put a lot of heart and soul into this
0:27:47 > 0:27:50and Bill has worked so, so hard.
0:27:50 > 0:27:53'Debbie's husband Bill did a lot of the work himself
0:27:53 > 0:27:55'as he's a builder by trade.
0:27:55 > 0:28:00'He needed to get help in for plumbing, electrics and tiling and to install the stove,
0:28:00 > 0:28:03'but he's certainly been putting in the hours.'
0:28:04 > 0:28:08He will leave first thing in the morning to do his normal day job
0:28:08 > 0:28:12as a builder and then would come straight here
0:28:12 > 0:28:18and there were evenings where I wouldn't see him until ten o'clock at night.
0:28:18 > 0:28:22At one stage, I was a bit worried about him, but he just reassured me
0:28:22 > 0:28:26and said, "I love being over there, I love doing the work."
0:28:26 > 0:28:31'It's so rewarding to see such a lovingly done property renovation
0:28:31 > 0:28:35'and it really couldn't have been more of a passion project for them.'
0:28:37 > 0:28:42Whenever we've been here to work, you don't want to go home.
0:28:42 > 0:28:45And even driving over here, your whole mood changes.
0:28:45 > 0:28:49And every single time, we're reluctant to leave,
0:28:49 > 0:28:51so I know we're going to be happy here
0:28:51 > 0:28:56and it's all... A lot of it is down to Bill's hard work.
0:28:56 > 0:29:00He's done a fabulous job. I love him to bits.
0:29:00 > 0:29:03# Take a look at this world
0:29:03 > 0:29:05# It makes me smile
0:29:05 > 0:29:08# You make me smile
0:29:08 > 0:29:10# In a very special way
0:29:10 > 0:29:16'It was Debbie's love of animals that was a major factor in buying this place, as well.
0:29:16 > 0:29:19'And it's not only chickens she has roaming the four acres of land.
0:29:19 > 0:29:22'She's looking after some horses for a friend
0:29:22 > 0:29:26'and I'm sure it won't be long before they get the company of those alpacas.'
0:29:27 > 0:29:32Ideally, I will rescue some animals.
0:29:32 > 0:29:37For my birthday, Bill bought me a hen house, which I was so excited about.
0:29:37 > 0:29:40My daughter would like
0:29:40 > 0:29:42a couple of ducks.
0:29:42 > 0:29:44So we'll probably go for that, as well.
0:29:44 > 0:29:46# Make me smile
0:29:46 > 0:29:49'Until Debbie gets those other animals,
0:29:49 > 0:29:54'it looks as though she's looking after all the local bird life in the back garden in the meantime.'
0:29:54 > 0:29:56# Make me smile
0:29:56 > 0:29:59'They completed all the work in seven months.
0:29:59 > 0:30:03'They had a budget of £10,000 to start with,
0:30:03 > 0:30:07'but after selling their other home, they managed to raise more funds
0:30:07 > 0:30:10'to afford the finish they really wanted.'
0:30:10 > 0:30:16I would estimate that we've spent approximately £50,000.
0:30:16 > 0:30:22But we have got everything that we wanted as we wanted it.
0:30:22 > 0:30:27'That £50,000, plus the £245,000 they paid at auction,
0:30:27 > 0:30:33'means the total outlay here has been £295,000.
0:30:33 > 0:30:35'So what kind of value have they added?
0:30:35 > 0:30:39'We asked two local property experts to give us their thoughts.'
0:30:41 > 0:30:43The condition of the property is very good.
0:30:43 > 0:30:45The owner's spent a lot of money on it.
0:30:45 > 0:30:50The fixtures and fittings are superb. You can tell they've done it to live in rather than refurb it.
0:30:50 > 0:30:53So all credit to the owner.
0:30:53 > 0:30:56With regards to the proportions of the rooms, they flow very well,
0:30:56 > 0:30:58very generous, even the third room
0:30:58 > 0:31:02which is historically a box, is well proportioned.
0:31:04 > 0:31:08The garden's fantastic. It's a nice big size for a three-bedroom semi,
0:31:08 > 0:31:13but obviously with this property, you've got the acres of land and the paddock. Fantastic property.
0:31:13 > 0:31:19'If Debbie and Bill were to sell it, how much has the renovation they've done on the property added?
0:31:19 > 0:31:25'Remember, they bought it for £245,000 and have spent another £50,000 on it,
0:31:25 > 0:31:28'making a total outlay of £295,000.
0:31:28 > 0:31:32'What do the experts think it's worth now?'
0:31:33 > 0:31:39I would be looking at valuing this in the region of £325,000 to £350,000.
0:31:39 > 0:31:42We could market the property at £350,000.
0:31:42 > 0:31:46Wow. That's good. That's really good.
0:31:46 > 0:31:53'So, on those valuations, that's a potential pre-tax profit of between £30,000 and £55,000,
0:31:53 > 0:31:56'minus the usual selling expenses.
0:31:56 > 0:32:00'But something tells me Debbie and Bill have no plans to move on just yet.'
0:32:01 > 0:32:04None whatsoever. Absolutely none.
0:32:04 > 0:32:09I don't think, to quote my husband, anyone could offer us enough money
0:32:09 > 0:32:13to move out of this now. We've put heart and soul into it.
0:32:13 > 0:32:19So it's irrelevant to what the property is now worth.
0:32:19 > 0:32:25'I'm sure they're going to have many, many years of happiness in their new home.'
0:32:35 > 0:32:40Today I'm in Cornwall, home of pasties, Cornish cream teas,
0:32:40 > 0:32:46a beautiful coastline and home of one particular property that I'm here to see.
0:32:46 > 0:32:51Three storey, two-bedroom house, had a guide price of just 70,000 quid,
0:32:51 > 0:32:54in this cute little village. Let's take a look inside.
0:32:54 > 0:32:57'Not many windows, but at least they look fairly new
0:32:57 > 0:33:01'as does the guttering, so that's promising.'
0:33:02 > 0:33:06OK. Polystyrene tiles greet you as you come through the front door,
0:33:06 > 0:33:10but a reasonably wide corridor. What's going on here?
0:33:10 > 0:33:15This is a glass panelled, what looks to me like a stud partition wall.
0:33:15 > 0:33:20I'll look at the other side in a second. That could be good news cos you may be able to get rid of it.
0:33:20 > 0:33:25Stairs up to the bedrooms there. Then through, it gets a bit cramped at this point, to the kitchen.
0:33:25 > 0:33:30'This is a pleasant surprise. It looks like this kitchen's only recently been installed.
0:33:30 > 0:33:36'But it's only on one side of the kitchen and I'm in two minds about the space here.'
0:33:36 > 0:33:41I was going to say it's a bit small, but for the size of the property, it's not a bad size
0:33:41 > 0:33:46and I think if you're a bit creative about what you did here, you could make a nice little space,
0:33:46 > 0:33:49although relatively, the ceiling does feel quite low.
0:33:49 > 0:33:52And then through to the front lounge.
0:33:56 > 0:34:03Oh, what? Now, look. That ceiling is, erm, surprising to say the least.
0:34:03 > 0:34:09Would look fantastic in a country house, but in a little cottage in Cornwall, erm, no, it needs to go.
0:34:09 > 0:34:14The other thing that really needs to go, as I said, is this wall here.
0:34:14 > 0:34:17Get rid of the glass, get rid of this stud partition,
0:34:17 > 0:34:21open up the whole thing to create a really nice size space.
0:34:21 > 0:34:25This place is a surprise cos from the outside it's not that huge.
0:34:25 > 0:34:29Come in here, you've got the open fire, this big living room,
0:34:29 > 0:34:32and I haven't even discovered upstairs yet. Looking good.
0:34:33 > 0:34:37'There's certainly potential here. There's so much wasted space.
0:34:37 > 0:34:40'The layout needs a good rethink.
0:34:40 > 0:34:42'I wonder if it gets any better upstairs.'
0:34:42 > 0:34:46So, up onto the first floor
0:34:46 > 0:34:50and massive bathroom. That's a really nice thing to have.
0:34:50 > 0:34:54Stairs up to the second floor. Through to the first of the bedrooms
0:34:54 > 0:34:59and apart from the fact that the ceiling looks like it's a bit bowed, it's a nice size space
0:34:59 > 0:35:03and I love that big fireplace. But what's this?
0:35:05 > 0:35:09How odd! It's like this little anteroom which doesn't actually do anything.
0:35:09 > 0:35:13You've got this horrible breeze block. This is only a stud partition
0:35:13 > 0:35:18so maybe you could consider taking this out and this room then could become
0:35:18 > 0:35:23either a very big bedroom with an en suite or maybe two bedrooms.
0:35:23 > 0:35:27Either way, you've going to need light and ventilation in here.
0:35:27 > 0:35:30'Up another flight of stairs to the top of the house
0:35:30 > 0:35:33'and this attic room is a really lovely space.
0:35:33 > 0:35:37'But the boxing-in squad have been at it again,
0:35:37 > 0:35:41'although there's a lot more light up here thanks to the roof windows.
0:35:41 > 0:35:44'The property sits right on the road and you've got no front garden.
0:35:44 > 0:35:47'So is there any space at the back?'
0:35:47 > 0:35:50So, at the rear of the property, a bit of a strange arrangement.
0:35:50 > 0:35:56You've got this courtyard which gives access up to a garden which is way up there,
0:35:56 > 0:36:01but there's also a right of access for the neighbouring property through here to get to their garden.
0:36:01 > 0:36:04But this bit is certainly yours and within it, look at this.
0:36:04 > 0:36:10This is a massive, homemade by the look of things, retaining structure
0:36:10 > 0:36:13to stop this garden wall here presumably falling down.
0:36:13 > 0:36:18Really that needs to be rebuilt, which will cost you £5,000 to £10,000.
0:36:18 > 0:36:23You might want to consider at the same time extending the property into the courtyard
0:36:23 > 0:36:28and combining the work you do on that bit there with that much-needed extension to the property.
0:36:28 > 0:36:31'Up these steps there's a great bonus.'
0:36:31 > 0:36:35# The view from the top
0:36:35 > 0:36:42# Can be oh so very lonely
0:36:45 > 0:36:49'We asked a local estate agent for his opinion on this property
0:36:49 > 0:36:52'that was guided at £70,000.'
0:36:52 > 0:36:55I would reconfigure the property to maximise on value
0:36:55 > 0:36:58by the creation of a third bedroom with additional en suite.
0:36:58 > 0:37:04This property would rent out as a two-bed for in the region of £550 per calendar month.
0:37:04 > 0:37:09Should the vendor reconfigure the layout to a three-bedroom, we could be looking to achieve £600 to £625.
0:37:09 > 0:37:12'Once done up, how much could the place be worth?'
0:37:12 > 0:37:16I'd be happy to re-market this property in good order as a two-bedroom
0:37:16 > 0:37:18for in the region of £140,000.
0:37:18 > 0:37:23Should the vendor decide to convert into a three-bedroom,
0:37:23 > 0:37:27I'd be happy to market this property in the region of £155,000 to £160,000.
0:37:27 > 0:37:30Well, there are certainly issues with this property
0:37:30 > 0:37:34and it's going to take a lot of time, imagination and money to sort it out.
0:37:34 > 0:37:38But at the end of the day, it is a big house for the money,
0:37:38 > 0:37:43so I think there's cash to be made on this one. Let's see who bought it at the auction.
0:37:45 > 0:37:4724 is next.
0:37:47 > 0:37:51A lot of property. Who's going to say to us £60,000?
0:37:51 > 0:37:55Who will start me at £60,000? At 60, thank you.
0:37:55 > 0:37:5862. 62 is against you stood. 64.
0:37:58 > 0:38:0065. At 65.
0:38:00 > 0:38:0466. 67.
0:38:04 > 0:38:0668. At 68.
0:38:06 > 0:38:0970? 70 he's gone to.
0:38:09 > 0:38:12At 70. 71.
0:38:12 > 0:38:1572. At 72. 73 straight back.
0:38:15 > 0:38:1873. 74. 75.
0:38:18 > 0:38:2176. 77.
0:38:21 > 0:38:2478.
0:38:24 > 0:38:26And a half.
0:38:26 > 0:38:3079. And a half.
0:38:30 > 0:38:34And 80. 80 and a half.
0:38:34 > 0:38:3782. 82.
0:38:37 > 0:38:3983. Half.
0:38:39 > 0:38:4283 and a half. 84.
0:38:42 > 0:38:44At 84. 85.
0:38:44 > 0:38:4685 he says. 85.
0:38:46 > 0:38:5085 once. 85 twice.
0:38:50 > 0:38:54- At 85 and done. - HAMMER BANGS - Sir, yours.
0:38:54 > 0:39:01'That final successful bid at £85,000 was made by Chris and his stepson Gareth.
0:39:01 > 0:39:04'Chris and his wife run a ski chalet business in Slovenia,
0:39:04 > 0:39:07'but he used to live in Cornwall so knows the area well.
0:39:07 > 0:39:12'Gareth is a professional equestrian rider based in Cornwall.
0:39:17 > 0:39:22'I met up with them to find out why they jumped for this property at the auction.'
0:39:22 > 0:39:25- Good to meet you both. - Nice to meet you.
0:39:25 > 0:39:28Congratulations. Tell me why you wanted to buy the house.
0:39:28 > 0:39:30It was quite a spur of the moment thing
0:39:30 > 0:39:34because Gareth has got a property he has just sold in Plymouth
0:39:34 > 0:39:39and we thought we would go to an auction to see what was available, how the process would work,
0:39:39 > 0:39:44how to stretch his money. I was meant to be demonstrating and the third lot came and we bought it.
0:39:44 > 0:39:50- Right. And whose money is it? Let me be absolutely clear.- Mine. THEY LAUGH
0:39:50 > 0:39:53So Chris took you to the auction to show you the ropes,
0:39:53 > 0:39:56- and ended up spending your money for you.- Yes.
0:39:56 > 0:40:00- So had you read the legal pack?- No. - You hadn't been to see it.- No.
0:40:00 > 0:40:03And you hadn't done much planning about buying it at all.
0:40:03 > 0:40:07No, other than I looked at the auction particulars.
0:40:07 > 0:40:10- You may reconsider who you ask for advice in the future.- I might do.
0:40:10 > 0:40:15I was pre-warned by my mum, actually, before I left.
0:40:15 > 0:40:20So tell me more about what you do when you're not doing this. What are your jobs and things?
0:40:20 > 0:40:25- Well, I ride horses for a living and compete.- Tell me more, what kind of competing?
0:40:25 > 0:40:29A variety of things, really. Show jumping, eventing, showing.
0:40:29 > 0:40:33- Basically whatever I'll get paid for. - Right. And are you good at it?
0:40:33 > 0:40:37Yeah, I do win quite a bit locally,
0:40:37 > 0:40:43and aiming, obviously, to go on further and continue that as my career.
0:40:43 > 0:40:49'Chris is just as active, running his skiing holiday business, so he's well used to organising.
0:40:49 > 0:40:51'No sloping off for him.'
0:40:51 > 0:40:53# Jump around
0:40:53 > 0:40:56# Jump around
0:40:56 > 0:41:02'But will he and his show jumping stepson Gareth have a clear round with this property?
0:41:02 > 0:41:05'Or fall at the first fence?'
0:41:05 > 0:41:10So what's the plan for the property? Tell me what you're going to do to it.
0:41:10 > 0:41:14On the top floor we're hoping to change it into two bedrooms.
0:41:14 > 0:41:20And then make an en suite for the master bedroom, and open-plan this slightly.
0:41:20 > 0:41:23And basically modernise the whole thing.
0:41:23 > 0:41:26- It needs a few more windows at the front, doesn't it?- Yes, it does.
0:41:26 > 0:41:32So what we're hoping, if you look at the house next door, a carbon copy of this, the mirror image,
0:41:32 > 0:41:35has got two small windows above the front door
0:41:35 > 0:41:40and we're hoping to get permission to put two windows exactly to mirror those next door.
0:41:41 > 0:41:46'So Chris helped Gareth select this property to invest his money in.
0:41:46 > 0:41:49'It certainly looks like a cottage with potential,
0:41:49 > 0:41:53'but there could be major structural issues on the outside.'
0:41:55 > 0:42:00Let's talk about the retaining wall there. Obviously a bit of a problem. What are your plans for that?
0:42:00 > 0:42:04We've had a survey done while in the process of buying the property.
0:42:04 > 0:42:07The temporary structure is supporting the wall quite well.
0:42:07 > 0:42:10So the urgency has been taken out of the equation.
0:42:10 > 0:42:16The lady who owned the property before us had a quote to rebuild the wall four years ago for £10,000.
0:42:16 > 0:42:21But before we make a decision, we need to decide if we'll extend the whole back of the house
0:42:21 > 0:42:25and utilise the new supporting wall as part of the house extension,
0:42:25 > 0:42:30- or just invest in keeping the courtyard there.- What kind of budget have you set aside?
0:42:30 > 0:42:35- Up to about £30,000 at the moment is what we think we will be able to do it for.- And timescale?
0:42:35 > 0:42:38We're hoping to have it done in six months or as soon as we can.
0:42:38 > 0:42:41The plan is to have it ready for next spring.
0:42:41 > 0:42:46Well, listen, I know it's a bit of a spur of the moment thing, and probably a bit of a shock,
0:42:46 > 0:42:50- but good luck with it, and I hope it turns out really well for you. - Thank you very much.
0:42:50 > 0:42:54- We're going to have an adventure and you can see it when it's finished.- Yes, you bet.
0:42:57 > 0:43:00And the moral of the story is
0:43:00 > 0:43:05be very careful who you choose to go to the auction with you as your mentor.
0:43:05 > 0:43:09But by hook or by crook, I think Chris and Gareth have ended up with a great property here.
0:43:09 > 0:43:13Lots of work to do. How will they get on? You can find out later in the show.
0:43:16 > 0:43:19So what will our buyers reveal to us today?
0:43:19 > 0:43:26- Yes, will they have worked hard? Will they have earned themselves a profit?- Let's find out.
0:43:26 > 0:43:29'Earlier in the programme we were in Cardiff,
0:43:29 > 0:43:34'where retired couple Val and Terry bought this boarded-up mid-terrace for £50,000.
0:43:34 > 0:43:39'They have nine rental properties and have now added this to their portfolio.
0:43:39 > 0:43:46'But the place had been stripped bare. There was no boiler, no copper piping, and not even a kitchen.
0:43:46 > 0:43:49'So it needed a lot of work.
0:43:50 > 0:43:55'Val's granddaughter Issy was going to help out as husband Terry was recovering from a knee operation.
0:43:55 > 0:44:00'But Val suspected he would still have an input.'
0:44:00 > 0:44:02He will be here nagging.
0:44:02 > 0:44:07I can just picture him in his armchair in the corner, pointing his finger, telling you,
0:44:07 > 0:44:10"You've missed a bit. And a bit more."
0:44:11 > 0:44:17'It's now two months later and Val and Terry have invited us back. The shutters have come off.
0:44:20 > 0:44:25'And the damaged window panes have been replaced. And there's a new front door.
0:44:30 > 0:44:34'The lounge has been decorated and there is now laminate flooring.
0:44:36 > 0:44:38'A new fire adds a focal point.
0:44:40 > 0:44:43'And that shell of a kitchen has been kitted out.'
0:44:45 > 0:44:47# You'd better come on
0:44:47 > 0:44:49# In my kitchen
0:44:53 > 0:44:59'The wasted space behind the kitchen is now a utility area, and a new back door has been installed.'
0:44:59 > 0:45:04# Doo, doo, doo, looking out my back door
0:45:04 > 0:45:07'And what a different view you get now!
0:45:11 > 0:45:16'This empty shell of a house is well on its way to recovery, and Terry is back from his recuperation.
0:45:16 > 0:45:19'So has he been doing any of the DIY?'
0:45:19 > 0:45:25I didn't do any work on the property, I basically project managed it. DIY is not my thing.
0:45:25 > 0:45:28In fact I'm pretty useless at it.
0:45:28 > 0:45:33I'd rather just pay somebody in the first place and ensure that the job gets done properly.
0:45:34 > 0:45:39'The couple have a team of builders they've used on other properties, so it was down to them.
0:45:39 > 0:45:42'What turned out to be the greatest challenge?'
0:45:42 > 0:45:48The biggest surprise was the fact that the back bedroom floor
0:45:48 > 0:45:51was only held up by the ceiling downstairs.
0:45:51 > 0:45:54Somebody had knocked down a supporting wall
0:45:54 > 0:45:59and if somebody had jumped in the corner, they would have ended up in the lounge.
0:46:00 > 0:46:05'So they discovered a potentially dangerous situation there, just in the nick of time.
0:46:05 > 0:46:10'They had to put supports in the bedroom floor, which made the ceiling in the lounge drop,
0:46:10 > 0:46:13'which in turn meant the ceiling had to be replaced.
0:46:13 > 0:46:16'The makeover continued in the front bedroom.
0:46:18 > 0:46:22'But the attic room still can't be classified as a third bedroom.
0:46:22 > 0:46:27'So the room can only be used as a study or storage space.
0:46:28 > 0:46:32'And the big news is that Val was happy with the bath.
0:46:32 > 0:46:39'The bathroom just has a new loo seat and some flooring, so no scrubbing for Val.
0:46:39 > 0:46:43'Terry has been supervising, but what about their granddaughter?'
0:46:43 > 0:46:48Issy's been a big help. She came along and helped Val clearing the garden.
0:46:48 > 0:46:51Because that was in a right mess when we first saw it.
0:46:51 > 0:46:57I did start clearing it out but there was too much rubbish so I had to let the builders clear it out
0:46:57 > 0:47:01but then I helped weed it and things like that.
0:47:01 > 0:47:05'It took the builders almost a week to clear the garden,
0:47:05 > 0:47:09'and even on a day like today, it looks great!'
0:47:09 > 0:47:14# 'Twas just a garden in the rain
0:47:14 > 0:47:18'Issy has been helping with the finishing touches on the inside.
0:47:18 > 0:47:22'So how has she got on with her property developing grandparents?'
0:47:22 > 0:47:25Erm, they're really nice and nice to get along with.
0:47:25 > 0:47:29My granddad, he loves saving lots of money,
0:47:29 > 0:47:32and trying to find ways not to spend too much.
0:47:34 > 0:47:37'Well, replacing the lounge ceiling was an unforeseen expense,
0:47:37 > 0:47:41'and the cost of replacing all the copper piping was much more than expected.
0:47:41 > 0:47:45'So what effect has this had on their budget?'
0:47:45 > 0:47:51Well, the original was about ten. And we ended up spending, we haven't had the exact figures in yet,
0:47:51 > 0:47:53but it's going to be about 13.
0:47:53 > 0:47:59'And with the 50 grand they paid at auction, this takes their total outlay to £63,000.
0:47:59 > 0:48:02'Their plan is still to rent the property out.
0:48:02 > 0:48:06'Time to see if two local estate agents will think that
0:48:06 > 0:48:08'all their hard work has been worthwhile.'
0:48:08 > 0:48:14Very light, spacious, ideal for a first-time buyer or young family.
0:48:14 > 0:48:18The addition of the loft room is ideal for a playroom or a study.
0:48:18 > 0:48:21It's a great finish to the property.
0:48:21 > 0:48:25It's got double glazing in the property, really spacious rooms,
0:48:25 > 0:48:30you've got the kitchen-diner there, and it's got a really tidy, well-presented garden, as well.
0:48:30 > 0:48:33'Val and Terry spent £63,000,
0:48:33 > 0:48:38'so how much is the house now likely to achieve on the open market?'
0:48:38 > 0:48:41I value this property at £75,000.
0:48:41 > 0:48:46I'd look at putting this property on the market at between £75,000 and £80,000.
0:48:46 > 0:48:50'And that valuation range of £75,000 to £80,000
0:48:50 > 0:48:55'could produce a gross profit of between 12 and 17 grand,
0:48:55 > 0:48:57'before the usual selling expenses.'
0:48:57 > 0:49:04It's about what we'd expect. I don't think we'd get 80 but we could hope for it.
0:49:04 > 0:49:07'What's the likely rental income here?'
0:49:07 > 0:49:11This property would rent for about £550 per calendar month.
0:49:11 > 0:49:15We could be looking at putting this property on the market at £550 per calendar month.
0:49:15 > 0:49:20£550 is good. We've got it on with an agent for £575.
0:49:20 > 0:49:23But if we got £550, it would be OK.
0:49:23 > 0:49:28'Whether it's £550 or £575 a month,
0:49:28 > 0:49:33'Val and Terry are still looking at an impressive yield of between 10 and 11 percent.
0:49:33 > 0:49:38'And they've returned a good family-sized property that was in a very poor state of repair
0:49:38 > 0:49:44'to the region's housing stock. Great news for the area and its next tenants.'
0:49:45 > 0:49:49When we first saw it, Val's reaction was, "We're never going to buy that!"
0:49:49 > 0:49:55But as it turned out, it's been a success.
0:49:57 > 0:50:02'Earlier on the programme, when we were last in Torpoint, Cornwall,
0:50:02 > 0:50:08'Chris and his stepson Gareth bought this mid-terrace cottage right on the road for £85,000.
0:50:08 > 0:50:13'Chris runs a ski chalet business in Slovenia and moved there three years ago,
0:50:13 > 0:50:16'but used to live in Cornwall, so knows the area well.
0:50:16 > 0:50:20'Gareth is an equestrian rider based in Cornwall.'
0:50:25 > 0:50:29So what's the plan for the property? Tell me what you are going to do to it.
0:50:29 > 0:50:32On the top floor, we're hoping to change it into two bedrooms,
0:50:32 > 0:50:36and then make an en suite to the master bedroom.
0:50:36 > 0:50:39- It needs a few more windows at the front, doesn't it?- Yes.
0:50:39 > 0:50:45Next door, which is a mirror image of this, has got two small windows directly above the front door.
0:50:45 > 0:50:49We're hoping to get permission to put two windows to mirror the ones next door.
0:50:52 > 0:50:55'Well, it's now 11 and a half months later
0:50:55 > 0:51:00'and one of the new windows has been installed at the top of the house.
0:51:05 > 0:51:09'Inside, the living room has been completely stripped back to the brickwork,
0:51:09 > 0:51:12'and major construction is underway.
0:51:16 > 0:51:19'The partition wall in the hall has been removed
0:51:19 > 0:51:22'and the original entrance to the kitchen is bricked up.
0:51:23 > 0:51:28'There are new timbers and the original Cornish stone wall has been exposed,
0:51:28 > 0:51:30'but there's still a lot of work to do.'
0:51:31 > 0:51:35We've actually gone into quite an interesting adventure.
0:51:35 > 0:51:38We thought we were going to buy something and quite quickly get into it.
0:51:38 > 0:51:42We found that our original makeover was more difficult than we thought,
0:51:42 > 0:51:45we had rotten floors, a lot more woodworm than we thought.
0:51:45 > 0:51:51We ended up gutting the whole building, rebuilding a few walls, but we've fallen in love with it.
0:51:51 > 0:51:55# Love is the sweetest thing
0:51:56 > 0:51:59'But it's been more a labour of love for Chris and Gareth.
0:51:59 > 0:52:04'Their builder was taken ill so they had to find a replacement,
0:52:04 > 0:52:07'and the major work didn't stop on the ground floor.
0:52:10 > 0:52:13'On the first floor, the bedroom has been stripped back to brick,
0:52:13 > 0:52:17'and the flooring and ceiling timbers have been replaced.
0:52:18 > 0:52:23'The wall to the original cupboard has been moved to enlarge it into a single bedroom.
0:52:23 > 0:52:27'And the planned second window at the front is about to go in.
0:52:27 > 0:52:33'Along the landing, the bathroom is going through a similar major refit.
0:52:41 > 0:52:46'Up on the top floor, the attic bedroom does at least have a bed.
0:52:47 > 0:52:50'But the en suite is a long way from completion.
0:52:52 > 0:52:57'Like the floor below, the former cupboard has been extended, and it's got the new window.
0:52:57 > 0:53:01'The plan is for it to be another single bedroom.
0:53:01 > 0:53:08- 'So, what's been Gareth's involvement?'- Er, Gareth and I started the project together.
0:53:08 > 0:53:11His life changed slightly just after our first meeting
0:53:11 > 0:53:15and he's now got a job and has moved up country just outside London,
0:53:15 > 0:53:19so we are both still managing the project together, we discuss it all.
0:53:19 > 0:53:24As we had to put more money into it, the feeling was it would be quite good to put more in
0:53:24 > 0:53:29and do it up to a higher standard. To do that, I suggested I'd take it on for a couple of years,
0:53:29 > 0:53:31get it sorted, to make sure we know what's done.
0:53:31 > 0:53:34We were worried about the housing market anyway,
0:53:34 > 0:53:37and we felt if we get it tip-top, then consider moving it.
0:53:37 > 0:53:39'Apart from the problems inside,
0:53:39 > 0:53:44'outside, Chris took advice from two structural engineers about the retaining wall.
0:53:44 > 0:53:46'What was the verdict?'
0:53:46 > 0:53:51Actually less changes than we thought. When we first came here it was all shored up,
0:53:51 > 0:53:57if you remember, there was beams everywhere. The wall looks bowed but is actually fairly straight.
0:53:57 > 0:54:00And once we took everything off it, it stands reasonably.
0:54:00 > 0:54:04We've taken a lot of the stuff away. We found an old fireplace here,
0:54:04 > 0:54:07which we intend to turn into a barbecue.
0:54:07 > 0:54:10'It should be lovely when this patio area is all finished.
0:54:10 > 0:54:13'But the main garden is on a steep incline.
0:54:13 > 0:54:20'It was overgrown with old sheds and no pathways, but it's been transformed.'
0:54:26 > 0:54:30We were presented with something which was five levels of wilderness,
0:54:30 > 0:54:34and we turned it into something which we can live with and are beginning to love.
0:54:34 > 0:54:37We're waiting for a summer house and we're nearly there.
0:54:38 > 0:54:45'What a bonus. I reckon these fabulous views could be what sells this house.
0:54:45 > 0:54:48'How much have Chris and Gareth had to spend so far?'
0:54:48 > 0:54:52Our original budget was £30,000, we allowed some tolerance in that.
0:54:52 > 0:54:56I reckon we have gone around £10,000 beyond our original budget.
0:54:56 > 0:54:59But we're cheating because we'll live in it for a couple of years
0:54:59 > 0:55:03and do quite a lot of the painting and finishing touches ourselves.
0:55:04 > 0:55:08'Time to find out what two local estate agents think of the place.'
0:55:10 > 0:55:12I think they've done a great job.
0:55:12 > 0:55:15He's extracted the potential from what it was originally, two-bedroom,
0:55:15 > 0:55:19now a four-bedroom with an en suite which enhances the saleability.
0:55:19 > 0:55:22And he's followed that through externally to the rear garden.
0:55:22 > 0:55:26I like the property. It's got a nice layout with the living area
0:55:26 > 0:55:29and the kitchen on the ground floor.
0:55:29 > 0:55:34And I think the bedrooms are of a good size for an older property.
0:55:34 > 0:55:37'Chris and Gareth are in no hurry.
0:55:37 > 0:55:41'They intend to hold onto the cottage for a couple of years to get it finished.
0:55:41 > 0:55:46'They paid £85,000 at the auction, and their budget stands at around £40,000.
0:55:46 > 0:55:49'So they've spent £125,000 so far.
0:55:49 > 0:55:55'How much do the estate agents think it could be worth if it's finished to the high standards they plan?'
0:55:55 > 0:56:02I would put an asking price on this property of £174,950.
0:56:02 > 0:56:06I would like to bring this property to the market for £185,000.
0:56:06 > 0:56:10'Well, that valuation range from around £175,000 to £185,000
0:56:10 > 0:56:17'would generate a gross profit before the usual selling expenses of £50,000 to £60,000.'
0:56:19 > 0:56:24I'm delighted. I was expecting a figure somewhere just over 160 in my mind.
0:56:24 > 0:56:31With those figures, it justifies the extra work we've been through and what has been a fun journey to do.
0:56:31 > 0:56:37I would definitely go back and do it again, but I would recommend people do a bit more research than I did.
0:56:39 > 0:56:44Well, we hope you've learnt something and been entertained on today's show.
0:56:44 > 0:56:47And Martin and I look forward to seeing you next time
0:56:47 > 0:56:50- for more Homes Under The Hammer. - Goodbye.- Goodbye.
0:56:52 > 0:56:56Subtitles by Red Bee Media Ltd
0:56:56 > 0:57:00E-mail subtitling@bbc.co.uk
0:57:00 > 0:57:00.