Episode 80 Homes Under the Hammer


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Episode 80

Martin Roberts and Lucy Alexander visit a three-bedroom semi-detached property in Kent, a house in Cardiff and a cottage in Cornwall. Find out who bought these properties.


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-Welcome to Homes Under The Hammer.

-Where we bring you

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the best auction action and the renovation highs and lows.

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There's no doubt all sorts can happen when you buy your home under the hammer.

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Now, you should always work out your maximum ceiling price before you head to the auctions.

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And don't forget to factor in those extra expenses like legal fees and stamp duty.

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Yes, wise investors always allow for a contingency fund.

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So let's see what tempted the buyers on today's show.

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'This three-bedroom semi-detached in rural Kent

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'might need some work but still ticks all the boxes.'

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What can I say? It's a great house.

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'In Cardiff, if you want a blank canvas, this could be just the place.'

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Spindles, yep, they've already gone, as well. This house has really been stripped back.

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'And this Cornish cottage has plenty of accommodation on three floors, some big and some tiny.'

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How odd!

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'All of these properties went to auction. We'll find out who bought them and what they paid

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-'when they went under the hammer.'

-HAMMER BANGS

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'I'm in Kent in Hartlip near Sittingbourne,

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'an idyllic spot in England's beautiful countryside.'

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# There will be peace in the valley

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# For me someday

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The property I'm here to see is right out in the countryside and it sounds like a big one.

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The property itself actually doesn't look that huge. Three-bedroom semi-detached.

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But it comes with four acres of land.

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The guide price was £240,000 to £250,000. Let's take a look inside.

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'The property was built in the 1950s by the local water board

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'who own some of the land surrounding it.

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'Apart from the next-door neighbours, this location is really remote,

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'so if you enjoy the peace of the countryside then this is ideal.'

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OK, what have we got? That's a good start. A nice big entrance foyer here.

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Somewhere to put your coats and your boots.

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You're in the country here, that's what practically you need.

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Living room on there. It's already got a sort of 50s/60s feel to it

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and I'm not sure how much work's been done since that time.

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It all goes a little bit problematic when you step through to the rear of the property

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where you've got the kitchen. Now, in a house like this,

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I want to see a big, open-plan, farmhouse-type kitchen.

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What you've got is this fairly 60s, 70s bit of stuff. Get rid of that, basically.

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Good news is, though, dining room there, and I reckon not too much work to take out that wall

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to create that really big, family kitchen/dining room that you need.

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So, I'm enjoying this place.

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# Enjoy yourself

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# It's later than you think

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'At first glance, you may not see why I'm so excited.

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'But look past that dated decor, all this place needs is some money spent on it

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'and it could be a cosy family country home. And there's even more potential through the back.'

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# Enjoy yourself, enjoy yourself

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# It's later than you think

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So, through the kitchen and, good news, a downstairs loo,

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perfect for that country lifestyle.

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And then on the side of the property, this conservatory.

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Now, it's not to everyone's taste, but it is a useful space.

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It seems to have been a little bit patched together, the electrics stuck on the walls

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and pipes everywhere. I'd want to see this ideally replaced by something a bit more in keeping.

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But opening out the whole property to this glorious countryside that's all around,

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it's a good size space, it just needs to be sorted out a bit.

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'So what has this property got in store for me upstairs?'

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Upstairs you've got a bathroom. Well, it is a bit dated but it's a reasonable size

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so you could sort that out without too much trouble. I really like this big open landing area.

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It gives a feeling of space. Really good sized double bedroom at the back,

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double bedroom at the front and then a smaller box room there.

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What can I say? It's a great house.

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'But of course, at the guide price of £240,000 to £250,000,

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'you don't just get a house, you get four acres of land.

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'But all I can see out at the back is a great size garden and nothing else.'

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# Something, something

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# Something is missing

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Well, sadly, the land that comes with the property isn't directly adjoining it.

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It's just up this lane.

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'The water board own the land between the property and the fields that come with it,

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'but it's only a short brisk walk away, giving you time to fill your lungs with some fresh country air.

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'And when you get there, you won't be disappointed. The space is vast

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'and there are even some old stables. Handy if the buyer has any ponies.'

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First of all you've got this stable block. It's not in bad condition.

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You could use it as it is. But much more important from my point of view

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is that a precedent has been established. There is a building here so the planner can't argue

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about you either restoring it or putting something else of a similar style in its place.

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That's because we are actually on green belt land,

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so the idea of doing something with the land itself, your four acres behind me,

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well, if you're thinking about building on it, forget it. And it would be a shame anyway.

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So what can you do? At the moment, it's separated out into four paddocks,

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so you could keep it like that, you could rent it out to local people,

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you could use it for your own livestock,

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or why not just have it as a great big fantastic back garden?

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'There's plenty of potential both inside and outside this place.

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'We asked a local property expert for his opinion.'

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The potential of this property is phenomenal.

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It offers a lot for people with or without horses.

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It's just a nice location, nice sized house.

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Personally, I think the property would benefit from an extension,

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as you're looking at the front of the property, to the left a double storey to make the aspect wider.

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Properties like this very rarely come up with as many as four acres.

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The fact it's not attached to the property, it's just slightly away from it,

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is probably a bit of a deterrent for some people.

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However, I understand that the water board are likely to lease a strip across

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so you can connect it to the property. That'll make it very popular.

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'The land and property went to auction at a guide price of £240,000 to £250,000.

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'What could it be worth once renovated?'

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I should hope that if the property was modernised and kept to the same layout as it is,

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just decorating and new kitchen, bathrooms, just brought up to a modern-day standard,

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we should be getting about £320,000.

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'What if the buyer decided to let it out?'

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Rental potential is kind of limited because of where it is.

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However, I think you should be getting around £950 per calendar month.

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Well, there are some houses that just have so much going for them and this is certainly one.

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Yes, it needs a bit of tender loving care

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and a few modifications to the house,

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but you know what, can't knock the location, you've got the land,

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somebody is absolutely going to fall in love with it. Let's see who that was when it went under the hammer.

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Where do you want to start me? 230 to start me. £230,000.

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At 230. 230.

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230, I've got you. £230,000. I'm obliged. 230, I'm on the way.

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At £230,000. Now 235 if you like.

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235 I've got. 235. And 40.

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240. 240 I've got. And 5 now if you like.

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At 245. Are you all done at £240,000?

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245 in a fresh place on my right-hand side.

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At £245,000. He's just made one bid.

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248 I'll take from either of you if it helps you.

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248. 248, otherwise at 245, make no mistake, it's in the room, then,

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to sell it for £245,000 for the first time.

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It's worth one more go. 246 to either of you.

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At 245,000 for the second.

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-Third and final time if you're sure you're all done at £245,000.

-HAMMER BANGS

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It's yours at £245,000. Well done.

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'That successful bid of £245,000

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'came from husband and wife Bill and Debbie.

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'They live near Chatham, just ten minutes drive away,

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'but want to move somewhere more rural.

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'Debbie works with children as a community liaison officer for the council

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'while Bill is a builder. That's going to be handy in this place.

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'I caught up with Debbie back at the house to find out their plans.'

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# Yes, I'm going to be a country girl again

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-Debbie, lovely to meet you.

-And you.

-Congratulations.

-Thank you very much.

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You looked quite excited at the auction there.

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-Yes. Over the moon. Couldn't believe it.

-Really?

-Couldn't believe our luck.

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Right. So why did you want to buy it?

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It's our dream. We just were...

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We weren't actually looking for a place at the time,

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our house is up for sale but we didn't think we would come across anything like this.

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Someone made an offer on our house and we just thought, "Right, we need to have a look".

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-Right.

-And the catalogue came through the door,

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and we just thought every day, all day long, we'd like something like this, the land, the house.

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This just showed so much potential, although we hadn't seen inside.

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-You bought it without seeing inside?

-Yeah.

-How come?

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My husband's a builder so we just...

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We'd driven past, had a look,

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bumped into the daughter of the seller

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and she said it was a sound property. We had it surveyed.

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-Oh, right, so you'd had it surveyed.

-Yes.

-But you hadn't looked round it.

-No.

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'Luckily for Debbie and Bill, the survey didn't find anything of concern, just some surface cracks.

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'But builder Bill should easily be able to deal with those.'

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So tell me what you're going to do to sort it out.

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We'd like to open-plan the kitchen and the dining room.

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We will possibly rebuild the conservatory and go up a level,

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just to put on an extra bedroom. We're quite social people, as well,

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so when people come over, having found the location,

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it's nice to have a glass of wine and be able to stay the night, I think.

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'Debbie and Bill have three children but only one who still lives at home,

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'so the size of this house is perfect for them and any visitors that stay over.

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'The property itself wasn't the only attraction.

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'Those four acres of land were ideal for Debbie's plans.'

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Why was the land so important to you? Have you got horses?

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I haven't got horses. I would like to rescue some animals, potentially.

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I'm a huge animal lover,

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so that's part of the dream,

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just to be able to house a few animals,

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have a few chucks running around the back garden.

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I'm quite keen on alpacas, although I've never owned one.

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-Alpacas?

-Alpacas, yeah.

-Like fluffy llama type things?

-Yeah.

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Bill would like a couple of pigs, but that's way down the line.

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-Wow!

-We've got to get this sorted first.

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# On animal farm

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# My animal home

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'There's certainly plenty of space for a whole menagerie of animals.

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'But wisely, before they start filling those stables and fields,

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'they're going to tackle the work in the house.

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'Of course, Bill will do most of it. They have around £10,000 to play with,

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'or maybe more when they sell their other property. What's their timescale?'

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I think within the next six months, we'd like to be in.

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So that will be the major house work done.

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-Great. Congratulations.

-Thank you very much.

-I'm delighted for you. Good luck.

-Thank you.

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Well, how fantastic that Debbie and her family have got this place.

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How are they going to get on turning it into a home

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and an animal sanctuary?

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You can find out later in the show.

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'Today I'm in Ely in South Wales, about three miles from Cardiff city centre.

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'The area has a lot to offer, with close-knit communities, affordable housing

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'and great transport links into the Welsh capital.'

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The properties on this cul-de-sac are quite typical of this area

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in that they were built by the local authority.

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The house I'm here to see, well, it should be really easy to spot

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because I'm told it's been shuttered up with security shutters,

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which means, ah, it'll be that one.

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Yeah, it's not particularly inviting so far, but let's not judge a book by its temporary cover.

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You can see there's a decent space at the front

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and inside, well, I think I might need this to investigate further.

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'The house had a guide price of £49,000.

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'Apart from the shuttering on the windows,

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'the guttering needs to be fixed, but the brickwork looks OK.

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'And once you've cleared the rubbish, there's off-street parking, so that's a bonus.'

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Yes, I'd like to get rid of those shutters straight away.

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This is the living room and with those windows uncovered,

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I know this will be quite a big, light space.

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Actually, I don't even need this. It's not as bad as what I thought, so a good start.

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But I don't like these horrible old cold floor tiles.

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I'd like to rip these up and put something a little more homely down.

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So far it's just cosmetic work.

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Maybe we could even reinstate this fireplace here,

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open it up, it will give it some character, because I think this room needs that.

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Through here is the kitchen but, oops...

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# Where did it go?

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# Where did it go?

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'It looks like this one's been raided for parts

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'because there's nothing here at all. So, you know what that means.'

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You're going to have to think about shelling out for a brand new kitchen, rewiring, replumbing.

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And you're definitely going to have to clear out that garden.

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'So you have to look past the piles of rubbish to what could be a great garden.

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'You just need a bit of imagination, some green fingers,

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'a big skip and you could make a massive difference out here.

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'And although the windows are all shuttered, like the front,

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'the brickwork doesn't look too bad. At the back door there's even a little porch

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'and a cupboard which could either be used as a handy storage area or converted into a downstairs loo.

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'Time to head upstairs and see what else you get

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'or don't get in this house that was guided at £49,000.'

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Oops. Spindles, yep, they've already gone, as well.

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This house has really been stripped back.

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You've got the bathroom here. Looks like the loo seat is all that's needed in there, and a good scrub.

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And you've got two decent size bedrooms on this floor.

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There's also a little loft room.

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That is a bonus space up there, but before you get all excited,

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I would check it's got building regulations, because my guess,

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by the look of this narrow, wobbly staircase,

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you'd need to investigate further before you can call that bedroom number three.

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'Still, this loft is a usable space

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'and the new owners could look at bringing it into line with building regulations

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'to make the house officially three bedrooms.

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'But what potential does the rest of the place have?

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'We asked a local property expert to take a look

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'and give us his opinion.'

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First impressions of the property is quite frightening.

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But if you look through all that, it is an area which is established,

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it's a family area, and in real terms,

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a very good community area.

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'So how much could the house be worth once renovated?'

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In my opinion, the value of this property when fully renovated

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would be in the region of £75,000.

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'How much rent could the house earn as a two-bedroom?

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'Or if building regulations were obtained for the attic, as a three-bed?'

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In my opinion, this property would rent to a private family

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in the region of £525 per calendar month.

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If, however, it was let to a local authority and a housing benefit scheme,

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it could achieve £550 per calendar month if two bedrooms.

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If it's classified as three bedrooms,

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then that rental figure could be £650 per calendar month.

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'So a property with potential but needing a lot of work.'

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For starters, you've got to put everything back in this house and you've got to tidy it up.

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So there is quite a bit to be done.

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But if you look past those security shutters, there could be a great opportunity here.

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The guide price of £49,000 could make this an affordable step onto the property ladder

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or a fairly sound investment for somebody.

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

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We're now onto the mid-terrace house for improvement.

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It's a freehold interest, ladies and gentlemen. Lot ten.

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45 if you like. Let's get on.

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40, thank you. I should think so. Couple of you. 42.

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You're out. 4. 44.

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At 44. And 6 can I now?

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5 then, all right. 45 I'm bid. At 45.

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Make it 6. Thank you. 46.

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Quick if you want it. The hammer's up at 46,000.

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7. Thank you. 47.

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All right, a half. 47 and a half.

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48 for the lady there. 48 and a half.

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At 48 and a half. 49. And a half.

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49 and a half. 50 will you, madam?

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50 for the lady seated in the back. You're both out down here.

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At £50,000, I'm going to sell it.

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Make no mistake. Are you all done? It's your bid, madam, at £50,000.

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-HAMMER BANGS

-Lady's bid. Thank you.

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'Those successful and happy bidders who paid £50,000

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'were Val and her husband Terry.

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'Terry's recovering from a knee operation,

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'so it's Val who's going to tell me all about their latest project.

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'Although retired, the couple have kept busy renovating houses for the rental market.

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'They appeared on the programme once before

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'when they gave another Cardiff property a basic refurbishment.

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'They installed a new bath there and Val had to confess the reason why.'

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We put a new bath in because the old bath had marks on it

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and they weren't going to come out without a lot of scrubbing. I don't do scrubbing.

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'I can't wait to find out what she has planned for this place.'

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-Val, congratulations.

-Thank you.

-So you're still buying.

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Yes. We didn't mean to buy.

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We viewed it on the Monday, went to the auction on the Tuesday

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and was amazed when people stopped bidding.

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And it was ours.

0:20:280:20:30

Val, what made you want to buy in Ely? Because I know this is a local authority estate,

0:20:300:20:35

-it's quite lively.

-Yeah. It's good social housing

0:20:350:20:39

and this is a nice cul-de-sac with families,

0:20:390:20:42

it's a good place to rent, a good place to live.

0:20:420:20:46

Let's start downstairs. Tell me what you're going to do.

0:20:460:20:49

We're going to put the boiler in the utility room

0:20:490:20:55

instead of in the bedroom.

0:20:550:20:57

We're going to refit the kitchen, obviously, relay a floor in the kitchen, relay a floor here.

0:20:570:21:03

We might open the fireplace and just put a fake surround,

0:21:030:21:06

just to have a focal point.

0:21:060:21:10

Let's talk about the upstairs, you've got the loft room on the top floor.

0:21:100:21:14

Yeah. It's not a bedroom.

0:21:140:21:17

It hasn't had all the building regs or the planning permission for the attic room.

0:21:170:21:22

So would you like to get building regs on that and apply for planning permission to do it properly?

0:21:220:21:27

Because I think if you did it properly, it would be a fantastic room, but at the moment,

0:21:270:21:32

-you just can't really call it a bedroom.

-No.

0:21:320:21:34

We might do. It depends how much it would cost.

0:21:340:21:38

# I feel a change coming on

0:21:400:21:42

'There's no doubt there's a lot of work to do here.

0:21:420:21:46

'Val also plans to knock down the boiler cupboard, which mysteriously is missing the boiler.

0:21:460:21:51

'They will also redecorate and recarpet the bedrooms and the hallway. What about the bathroom?'

0:21:510:21:58

I don't know. We might put a new bathroom suite in.

0:21:580:22:02

It depends how it cleans up. But as my daughter keeps telling me, in the last interview, I said,

0:22:020:22:07

"I don't do scrubbing" and it still holds true now.

0:22:070:22:10

I don't do scrubbing. So if the bath doesn't clean with one easy wipe, it's renewed.

0:22:100:22:15

-You do not do scrubbing.

-I do not do scrubbing.

0:22:150:22:18

If you're property developing, you have to do scrubbing! Get the rubber gloves on, scour in hand!

0:22:180:22:24

Baths are cheap enough. I don't scrub them.

0:22:240:22:27

'With Val taking such a firm stance on scrubbing,

0:22:270:22:30

'maybe her husband Terry will have to be a bit more hands-on.'

0:22:300:22:35

Are you going to be missing Terry throughout this project or is he there to support you?

0:22:350:22:39

Oh, he'll be here to support me. He won't be able to do as much

0:22:390:22:43

and he's got to rest his leg, but he will be here...nagging.

0:22:430:22:48

Ah. I can just picture him in his armchair in the corner,

0:22:480:22:51

pointing his finger, saying, "You've missed a bit, ooh, and a bit more."

0:22:510:22:55

That's it. Oh, he's good at that. We both are, that's the problem.

0:22:550:22:58

# Don't stop me now, yes, I'm having a good time, I don't want to stop at all

0:22:580:23:03

'It looks like these two will rely on their trusty team of builders to do all the hard graft.

0:23:030:23:08

'But Val has a secret weapon.

0:23:080:23:10

'She'll be drafting in her granddaughter Issy to help out.'

0:23:100:23:14

-Issy! You are a brave lady attacking this garden! How are you doing?

-OK.

0:23:140:23:21

Listen, how are you going to be helping out your nan?

0:23:210:23:24

I'm going to help planting the plants and painting the walls and stuff.

0:23:240:23:29

What about inside? How are you going to be involved there?

0:23:290:23:32

I'm going to help paint the walls and make it all nice and tidy.

0:23:320:23:35

-Have you done anything like this before?

-No.

0:23:350:23:38

-So are you quite looking forward to it?

-Yeah.

0:23:380:23:41

-Good luck.

-OK.

-Can't wait to see how it turns out when you get rid of all the junk!

0:23:410:23:45

# Gotta be working, working day and night

0:23:450:23:47

'There's a lot to oversee inside and out,

0:23:470:23:50

'but Val's confident that in six weeks' time,

0:23:500:23:52

'this will make a lovely family home.

0:23:520:23:54

'Will it make her and Terry a profit, as well?'

0:23:540:23:58

So have you had a chance to sit down and do your maths,

0:23:590:24:02

-work out your sums, know how much money you can spend?

-Yeah.

0:24:020:24:05

-To then work out the profit.

-Yeah. We're going to spend about £10,000

0:24:050:24:11

and we can get a minimum of £550 a month for it.

0:24:110:24:16

So it's a good return.

0:24:160:24:18

-So you've done it again, Val!

-I know!

0:24:180:24:21

-Well, I hope.

-When are you going to take it easy and kick back?

0:24:210:24:24

-Or is this your retirement?

-This is my retirement.

0:24:240:24:28

I enjoy doing it. It's, erm, yeah, it's interesting.

0:24:280:24:32

I like getting tenants,

0:24:320:24:34

I like helping the tenants.

0:24:340:24:37

It's just something I enjoy.

0:24:370:24:40

# Working, working day and night

0:24:400:24:42

Val and husband Terry's experience should stand them in good stead when tackling this mess.

0:24:430:24:49

And they do seem to have all those figures neatly worked out. I like that.

0:24:490:24:52

So once they've tidied this place up, they should be on course to make a tidy profit, as well.

0:24:520:24:58

But will they be able to stay on budget and on time with this much work to oversee?

0:24:580:25:03

I don't know. All will be revealed later on in the show.

0:25:030:25:06

'Coming up, in Cornwall, this three-storey terrace

0:25:070:25:10

'has plenty going for it if the ground floor is anything to go by.'

0:25:100:25:14

I haven't even been upstairs yet. Looking good!

0:25:140:25:16

'We return to Cardiff where Val struggled to find support for this property.'

0:25:170:25:22

The back bedroom floor was only held up by the ceiling.

0:25:220:25:27

'But first, has this renovation in Kent been a labour of love for Debbie?'

0:25:280:25:33

Whenever we've been here to work, you don't want to go home.

0:25:330:25:37

'Back now to Kent, to the village of Hartlip near Sittingbourne

0:25:390:25:43

'where this three-bedroom semi-detached property sold at auction for £245,000.

0:25:430:25:50

'The inside wasn't quite as full of country charm as I'd hoped,

0:25:500:25:55

'but the setting more than made up for it, as did the four acres of land that came with it.

0:25:550:26:00

'And the buyers of this property certainly thought it was a stable investment.

0:26:000:26:04

'It was Debbie and her husband Bill who snapped it up at the auction.

0:26:040:26:09

'They planned to renovate it as a home, but not just for family and friends to stay in.'

0:26:110:26:16

I would like to rescue some animals, potentially.

0:26:180:26:21

Huge animal lover.

0:26:210:26:24

So that's part of the dream,

0:26:240:26:26

just to be able to house a few animals,

0:26:260:26:31

have a few chucks running around the back garden.

0:26:310:26:34

'Eight months later, we've caught up with Debbie back at the house

0:26:340:26:38

'and it looks like that dream has become a reality.

0:26:380:26:41

'Those hens aren't the only ones to have found a cosy new home.

0:26:410:26:46

'Inside the transformation is simply stunning.'

0:26:460:26:50

# Everything has changed

0:26:530:26:55

# Everything has changed

0:26:550:26:57

'The rooms have been modernised in a really stylish but homely way.

0:26:570:27:03

'Every little detail oozes quality.

0:27:030:27:06

'And how about that new bathroom?'

0:27:060:27:09

# Everything has changed

0:27:120:27:14

# Everything has changed

0:27:140:27:17

'And if you like that, you will adore this new country-style kitchen.'

0:27:170:27:22

# Everything has changed

0:27:230:27:26

'They've opened it right up to create a bright and spacious room.

0:27:260:27:30

'When I first saw this house, I knew it had bags of potential

0:27:320:27:35

'and Debbie and Bill really have done it justice.'

0:27:350:27:39

It needed attention, so hopefully it shows

0:27:390:27:44

and we've put a lot of heart and soul into this

0:27:440:27:47

and Bill has worked so, so hard.

0:27:470:27:50

'Debbie's husband Bill did a lot of the work himself

0:27:500:27:53

'as he's a builder by trade.

0:27:530:27:55

'He needed to get help in for plumbing, electrics and tiling and to install the stove,

0:27:550:28:00

'but he's certainly been putting in the hours.'

0:28:000:28:03

He will leave first thing in the morning to do his normal day job

0:28:040:28:08

as a builder and then would come straight here

0:28:080:28:12

and there were evenings where I wouldn't see him until ten o'clock at night.

0:28:120:28:18

At one stage, I was a bit worried about him, but he just reassured me

0:28:180:28:22

and said, "I love being over there, I love doing the work."

0:28:220:28:26

'It's so rewarding to see such a lovingly done property renovation

0:28:260:28:31

'and it really couldn't have been more of a passion project for them.'

0:28:310:28:35

Whenever we've been here to work, you don't want to go home.

0:28:370:28:42

And even driving over here, your whole mood changes.

0:28:420:28:45

And every single time, we're reluctant to leave,

0:28:450:28:49

so I know we're going to be happy here

0:28:490:28:51

and it's all... A lot of it is down to Bill's hard work.

0:28:510:28:56

He's done a fabulous job. I love him to bits.

0:28:560:29:00

# Take a look at this world

0:29:000:29:03

# It makes me smile

0:29:030:29:05

# You make me smile

0:29:050:29:08

# In a very special way

0:29:080:29:10

'It was Debbie's love of animals that was a major factor in buying this place, as well.

0:29:100:29:16

'And it's not only chickens she has roaming the four acres of land.

0:29:160:29:19

'She's looking after some horses for a friend

0:29:190:29:22

'and I'm sure it won't be long before they get the company of those alpacas.'

0:29:220:29:26

Ideally, I will rescue some animals.

0:29:270:29:32

For my birthday, Bill bought me a hen house, which I was so excited about.

0:29:320:29:37

My daughter would like

0:29:370:29:40

a couple of ducks.

0:29:400:29:42

So we'll probably go for that, as well.

0:29:420:29:44

# Make me smile

0:29:440:29:46

'Until Debbie gets those other animals,

0:29:460:29:49

'it looks as though she's looking after all the local bird life in the back garden in the meantime.'

0:29:490:29:54

# Make me smile

0:29:540:29:56

'They completed all the work in seven months.

0:29:560:29:59

'They had a budget of £10,000 to start with,

0:29:590:30:03

'but after selling their other home, they managed to raise more funds

0:30:030:30:07

'to afford the finish they really wanted.'

0:30:070:30:10

I would estimate that we've spent approximately £50,000.

0:30:100:30:16

But we have got everything that we wanted as we wanted it.

0:30:160:30:22

'That £50,000, plus the £245,000 they paid at auction,

0:30:220:30:27

'means the total outlay here has been £295,000.

0:30:270:30:33

'So what kind of value have they added?

0:30:330:30:35

'We asked two local property experts to give us their thoughts.'

0:30:350:30:39

The condition of the property is very good.

0:30:410:30:43

The owner's spent a lot of money on it.

0:30:430:30:45

The fixtures and fittings are superb. You can tell they've done it to live in rather than refurb it.

0:30:450:30:50

So all credit to the owner.

0:30:500:30:53

With regards to the proportions of the rooms, they flow very well,

0:30:530:30:56

very generous, even the third room

0:30:560:30:58

which is historically a box, is well proportioned.

0:30:580:31:02

The garden's fantastic. It's a nice big size for a three-bedroom semi,

0:31:040:31:08

but obviously with this property, you've got the acres of land and the paddock. Fantastic property.

0:31:080:31:13

'If Debbie and Bill were to sell it, how much has the renovation they've done on the property added?

0:31:130:31:19

'Remember, they bought it for £245,000 and have spent another £50,000 on it,

0:31:190:31:25

'making a total outlay of £295,000.

0:31:250:31:28

'What do the experts think it's worth now?'

0:31:280:31:32

I would be looking at valuing this in the region of £325,000 to £350,000.

0:31:330:31:39

We could market the property at £350,000.

0:31:390:31:42

Wow. That's good. That's really good.

0:31:420:31:46

'So, on those valuations, that's a potential pre-tax profit of between £30,000 and £55,000,

0:31:460:31:53

'minus the usual selling expenses.

0:31:530:31:56

'But something tells me Debbie and Bill have no plans to move on just yet.'

0:31:560:32:00

None whatsoever. Absolutely none.

0:32:010:32:04

I don't think, to quote my husband, anyone could offer us enough money

0:32:040:32:09

to move out of this now. We've put heart and soul into it.

0:32:090:32:13

So it's irrelevant to what the property is now worth.

0:32:130:32:19

'I'm sure they're going to have many, many years of happiness in their new home.'

0:32:190:32:25

Today I'm in Cornwall, home of pasties, Cornish cream teas,

0:32:350:32:40

a beautiful coastline and home of one particular property that I'm here to see.

0:32:400:32:46

Three storey, two-bedroom house, had a guide price of just 70,000 quid,

0:32:460:32:51

in this cute little village. Let's take a look inside.

0:32:510:32:54

'Not many windows, but at least they look fairly new

0:32:540:32:57

'as does the guttering, so that's promising.'

0:32:570:33:01

OK. Polystyrene tiles greet you as you come through the front door,

0:33:020:33:06

but a reasonably wide corridor. What's going on here?

0:33:060:33:10

This is a glass panelled, what looks to me like a stud partition wall.

0:33:100:33:15

I'll look at the other side in a second. That could be good news cos you may be able to get rid of it.

0:33:150:33:20

Stairs up to the bedrooms there. Then through, it gets a bit cramped at this point, to the kitchen.

0:33:200:33:25

'This is a pleasant surprise. It looks like this kitchen's only recently been installed.

0:33:250:33:30

'But it's only on one side of the kitchen and I'm in two minds about the space here.'

0:33:300:33:36

I was going to say it's a bit small, but for the size of the property, it's not a bad size

0:33:360:33:41

and I think if you're a bit creative about what you did here, you could make a nice little space,

0:33:410:33:46

although relatively, the ceiling does feel quite low.

0:33:460:33:49

And then through to the front lounge.

0:33:490:33:52

Oh, what? Now, look. That ceiling is, erm, surprising to say the least.

0:33:560:34:03

Would look fantastic in a country house, but in a little cottage in Cornwall, erm, no, it needs to go.

0:34:030:34:09

The other thing that really needs to go, as I said, is this wall here.

0:34:090:34:14

Get rid of the glass, get rid of this stud partition,

0:34:140:34:17

open up the whole thing to create a really nice size space.

0:34:170:34:21

This place is a surprise cos from the outside it's not that huge.

0:34:210:34:25

Come in here, you've got the open fire, this big living room,

0:34:250:34:29

and I haven't even discovered upstairs yet. Looking good.

0:34:290:34:32

'There's certainly potential here. There's so much wasted space.

0:34:330:34:37

'The layout needs a good rethink.

0:34:370:34:40

'I wonder if it gets any better upstairs.'

0:34:400:34:42

So, up onto the first floor

0:34:420:34:46

and massive bathroom. That's a really nice thing to have.

0:34:460:34:50

Stairs up to the second floor. Through to the first of the bedrooms

0:34:500:34:54

and apart from the fact that the ceiling looks like it's a bit bowed, it's a nice size space

0:34:540:34:59

and I love that big fireplace. But what's this?

0:34:590:35:03

How odd! It's like this little anteroom which doesn't actually do anything.

0:35:050:35:09

You've got this horrible breeze block. This is only a stud partition

0:35:090:35:13

so maybe you could consider taking this out and this room then could become

0:35:130:35:18

either a very big bedroom with an en suite or maybe two bedrooms.

0:35:180:35:23

Either way, you've going to need light and ventilation in here.

0:35:230:35:27

'Up another flight of stairs to the top of the house

0:35:270:35:30

'and this attic room is a really lovely space.

0:35:300:35:33

'But the boxing-in squad have been at it again,

0:35:330:35:37

'although there's a lot more light up here thanks to the roof windows.

0:35:370:35:41

'The property sits right on the road and you've got no front garden.

0:35:410:35:44

'So is there any space at the back?'

0:35:440:35:47

So, at the rear of the property, a bit of a strange arrangement.

0:35:470:35:50

You've got this courtyard which gives access up to a garden which is way up there,

0:35:500:35:56

but there's also a right of access for the neighbouring property through here to get to their garden.

0:35:560:36:01

But this bit is certainly yours and within it, look at this.

0:36:010:36:04

This is a massive, homemade by the look of things, retaining structure

0:36:040:36:10

to stop this garden wall here presumably falling down.

0:36:100:36:13

Really that needs to be rebuilt, which will cost you £5,000 to £10,000.

0:36:130:36:18

You might want to consider at the same time extending the property into the courtyard

0:36:180:36:23

and combining the work you do on that bit there with that much-needed extension to the property.

0:36:230:36:28

'Up these steps there's a great bonus.'

0:36:280:36:31

# The view from the top

0:36:310:36:35

# Can be oh so very lonely

0:36:350:36:42

'We asked a local estate agent for his opinion on this property

0:36:450:36:49

'that was guided at £70,000.'

0:36:490:36:52

I would reconfigure the property to maximise on value

0:36:520:36:55

by the creation of a third bedroom with additional en suite.

0:36:550:36:58

This property would rent out as a two-bed for in the region of £550 per calendar month.

0:36:580:37:04

Should the vendor reconfigure the layout to a three-bedroom, we could be looking to achieve £600 to £625.

0:37:040:37:09

'Once done up, how much could the place be worth?'

0:37:090:37:12

I'd be happy to re-market this property in good order as a two-bedroom

0:37:120:37:16

for in the region of £140,000.

0:37:160:37:18

Should the vendor decide to convert into a three-bedroom,

0:37:180:37:23

I'd be happy to market this property in the region of £155,000 to £160,000.

0:37:230:37:27

Well, there are certainly issues with this property

0:37:270:37:30

and it's going to take a lot of time, imagination and money to sort it out.

0:37:300:37:34

But at the end of the day, it is a big house for the money,

0:37:340:37:38

so I think there's cash to be made on this one. Let's see who bought it at the auction.

0:37:380:37:43

24 is next.

0:37:450:37:47

A lot of property. Who's going to say to us £60,000?

0:37:470:37:51

Who will start me at £60,000? At 60, thank you.

0:37:510:37:55

62. 62 is against you stood. 64.

0:37:550:37:58

65. At 65.

0:37:580:38:00

66. 67.

0:38:000:38:04

68. At 68.

0:38:040:38:06

70? 70 he's gone to.

0:38:060:38:09

At 70. 71.

0:38:090:38:12

72. At 72. 73 straight back.

0:38:120:38:15

73. 74. 75.

0:38:150:38:18

76. 77.

0:38:180:38:21

78.

0:38:210:38:24

And a half.

0:38:240:38:26

79. And a half.

0:38:260:38:30

And 80. 80 and a half.

0:38:300:38:34

82. 82.

0:38:340:38:37

83. Half.

0:38:370:38:39

83 and a half. 84.

0:38:390:38:42

At 84. 85.

0:38:420:38:44

85 he says. 85.

0:38:440:38:46

85 once. 85 twice.

0:38:460:38:50

-At 85 and done.

-HAMMER BANGS

-Sir, yours.

0:38:500:38:54

'That final successful bid at £85,000 was made by Chris and his stepson Gareth.

0:38:540:39:01

'Chris and his wife run a ski chalet business in Slovenia,

0:39:010:39:04

'but he used to live in Cornwall so knows the area well.

0:39:040:39:07

'Gareth is a professional equestrian rider based in Cornwall.

0:39:070:39:12

'I met up with them to find out why they jumped for this property at the auction.'

0:39:170:39:22

-Good to meet you both.

-Nice to meet you.

0:39:220:39:25

Congratulations. Tell me why you wanted to buy the house.

0:39:250:39:28

It was quite a spur of the moment thing

0:39:280:39:30

because Gareth has got a property he has just sold in Plymouth

0:39:300:39:34

and we thought we would go to an auction to see what was available, how the process would work,

0:39:340:39:39

how to stretch his money. I was meant to be demonstrating and the third lot came and we bought it.

0:39:390:39:44

-Right. And whose money is it? Let me be absolutely clear.

-Mine. THEY LAUGH

0:39:440:39:50

So Chris took you to the auction to show you the ropes,

0:39:500:39:53

-and ended up spending your money for you.

-Yes.

0:39:530:39:56

-So had you read the legal pack?

-No.

-You hadn't been to see it.

-No.

0:39:560:40:00

And you hadn't done much planning about buying it at all.

0:40:000:40:03

No, other than I looked at the auction particulars.

0:40:030:40:07

-You may reconsider who you ask for advice in the future.

-I might do.

0:40:070:40:10

I was pre-warned by my mum, actually, before I left.

0:40:100:40:15

So tell me more about what you do when you're not doing this. What are your jobs and things?

0:40:150:40:20

-Well, I ride horses for a living and compete.

-Tell me more, what kind of competing?

0:40:200:40:25

A variety of things, really. Show jumping, eventing, showing.

0:40:250:40:29

-Basically whatever I'll get paid for.

-Right. And are you good at it?

0:40:290:40:33

Yeah, I do win quite a bit locally,

0:40:330:40:37

and aiming, obviously, to go on further and continue that as my career.

0:40:370:40:43

'Chris is just as active, running his skiing holiday business, so he's well used to organising.

0:40:430:40:49

'No sloping off for him.'

0:40:490:40:51

# Jump around

0:40:510:40:53

# Jump around

0:40:530:40:56

'But will he and his show jumping stepson Gareth have a clear round with this property?

0:40:560:41:02

'Or fall at the first fence?'

0:41:020:41:05

So what's the plan for the property? Tell me what you're going to do to it.

0:41:050:41:10

On the top floor we're hoping to change it into two bedrooms.

0:41:100:41:14

And then make an en suite for the master bedroom, and open-plan this slightly.

0:41:140:41:20

And basically modernise the whole thing.

0:41:200:41:23

-It needs a few more windows at the front, doesn't it?

-Yes, it does.

0:41:230:41:26

So what we're hoping, if you look at the house next door, a carbon copy of this, the mirror image,

0:41:260:41:32

has got two small windows above the front door

0:41:320:41:35

and we're hoping to get permission to put two windows exactly to mirror those next door.

0:41:350:41:40

'So Chris helped Gareth select this property to invest his money in.

0:41:410:41:46

'It certainly looks like a cottage with potential,

0:41:460:41:49

'but there could be major structural issues on the outside.'

0:41:490:41:53

Let's talk about the retaining wall there. Obviously a bit of a problem. What are your plans for that?

0:41:550:42:00

We've had a survey done while in the process of buying the property.

0:42:000:42:04

The temporary structure is supporting the wall quite well.

0:42:040:42:07

So the urgency has been taken out of the equation.

0:42:070:42:10

The lady who owned the property before us had a quote to rebuild the wall four years ago for £10,000.

0:42:100:42:16

But before we make a decision, we need to decide if we'll extend the whole back of the house

0:42:160:42:21

and utilise the new supporting wall as part of the house extension,

0:42:210:42:25

-or just invest in keeping the courtyard there.

-What kind of budget have you set aside?

0:42:250:42:30

-Up to about £30,000 at the moment is what we think we will be able to do it for.

-And timescale?

0:42:300:42:35

We're hoping to have it done in six months or as soon as we can.

0:42:350:42:38

The plan is to have it ready for next spring.

0:42:380:42:41

Well, listen, I know it's a bit of a spur of the moment thing, and probably a bit of a shock,

0:42:410:42:46

-but good luck with it, and I hope it turns out really well for you.

-Thank you very much.

0:42:460:42:50

-We're going to have an adventure and you can see it when it's finished.

-Yes, you bet.

0:42:500:42:54

And the moral of the story is

0:42:570:43:00

be very careful who you choose to go to the auction with you as your mentor.

0:43:000:43:05

But by hook or by crook, I think Chris and Gareth have ended up with a great property here.

0:43:050:43:09

Lots of work to do. How will they get on? You can find out later in the show.

0:43:090:43:13

So what will our buyers reveal to us today?

0:43:160:43:19

-Yes, will they have worked hard? Will they have earned themselves a profit?

-Let's find out.

0:43:190:43:26

'Earlier in the programme we were in Cardiff,

0:43:260:43:29

'where retired couple Val and Terry bought this boarded-up mid-terrace for £50,000.

0:43:290:43:34

'They have nine rental properties and have now added this to their portfolio.

0:43:340:43:39

'But the place had been stripped bare. There was no boiler, no copper piping, and not even a kitchen.

0:43:390:43:46

'So it needed a lot of work.

0:43:460:43:49

'Val's granddaughter Issy was going to help out as husband Terry was recovering from a knee operation.

0:43:500:43:55

'But Val suspected he would still have an input.'

0:43:550:44:00

He will be here nagging.

0:44:000:44:02

I can just picture him in his armchair in the corner, pointing his finger, telling you,

0:44:020:44:07

"You've missed a bit. And a bit more."

0:44:070:44:10

'It's now two months later and Val and Terry have invited us back. The shutters have come off.

0:44:110:44:17

'And the damaged window panes have been replaced. And there's a new front door.

0:44:200:44:25

'The lounge has been decorated and there is now laminate flooring.

0:44:300:44:34

'A new fire adds a focal point.

0:44:360:44:38

'And that shell of a kitchen has been kitted out.'

0:44:400:44:43

# You'd better come on

0:44:450:44:47

# In my kitchen

0:44:470:44:49

'The wasted space behind the kitchen is now a utility area, and a new back door has been installed.'

0:44:530:44:59

# Doo, doo, doo, looking out my back door

0:44:590:45:04

'And what a different view you get now!

0:45:040:45:07

'This empty shell of a house is well on its way to recovery, and Terry is back from his recuperation.

0:45:110:45:16

'So has he been doing any of the DIY?'

0:45:160:45:19

I didn't do any work on the property, I basically project managed it. DIY is not my thing.

0:45:190:45:25

In fact I'm pretty useless at it.

0:45:250:45:28

I'd rather just pay somebody in the first place and ensure that the job gets done properly.

0:45:280:45:33

'The couple have a team of builders they've used on other properties, so it was down to them.

0:45:340:45:39

'What turned out to be the greatest challenge?'

0:45:390:45:42

The biggest surprise was the fact that the back bedroom floor

0:45:420:45:48

was only held up by the ceiling downstairs.

0:45:480:45:51

Somebody had knocked down a supporting wall

0:45:510:45:54

and if somebody had jumped in the corner, they would have ended up in the lounge.

0:45:540:45:59

'So they discovered a potentially dangerous situation there, just in the nick of time.

0:46:000:46:05

'They had to put supports in the bedroom floor, which made the ceiling in the lounge drop,

0:46:050:46:10

'which in turn meant the ceiling had to be replaced.

0:46:100:46:13

'The makeover continued in the front bedroom.

0:46:130:46:16

'But the attic room still can't be classified as a third bedroom.

0:46:180:46:22

'So the room can only be used as a study or storage space.

0:46:220:46:27

'And the big news is that Val was happy with the bath.

0:46:280:46:32

'The bathroom just has a new loo seat and some flooring, so no scrubbing for Val.

0:46:320:46:39

'Terry has been supervising, but what about their granddaughter?'

0:46:390:46:43

Issy's been a big help. She came along and helped Val clearing the garden.

0:46:430:46:48

Because that was in a right mess when we first saw it.

0:46:480:46:51

I did start clearing it out but there was too much rubbish so I had to let the builders clear it out

0:46:510:46:57

but then I helped weed it and things like that.

0:46:570:47:01

'It took the builders almost a week to clear the garden,

0:47:010:47:05

'and even on a day like today, it looks great!'

0:47:050:47:09

# 'Twas just a garden in the rain

0:47:090:47:14

'Issy has been helping with the finishing touches on the inside.

0:47:140:47:18

'So how has she got on with her property developing grandparents?'

0:47:180:47:22

Erm, they're really nice and nice to get along with.

0:47:220:47:25

My granddad, he loves saving lots of money,

0:47:250:47:29

and trying to find ways not to spend too much.

0:47:290:47:32

'Well, replacing the lounge ceiling was an unforeseen expense,

0:47:340:47:37

'and the cost of replacing all the copper piping was much more than expected.

0:47:370:47:41

'So what effect has this had on their budget?'

0:47:410:47:45

Well, the original was about ten. And we ended up spending, we haven't had the exact figures in yet,

0:47:450:47:51

but it's going to be about 13.

0:47:510:47:53

'And with the 50 grand they paid at auction, this takes their total outlay to £63,000.

0:47:530:47:59

'Their plan is still to rent the property out.

0:47:590:48:02

'Time to see if two local estate agents will think that

0:48:020:48:06

'all their hard work has been worthwhile.'

0:48:060:48:08

Very light, spacious, ideal for a first-time buyer or young family.

0:48:080:48:14

The addition of the loft room is ideal for a playroom or a study.

0:48:140:48:18

It's a great finish to the property.

0:48:180:48:21

It's got double glazing in the property, really spacious rooms,

0:48:210:48:25

you've got the kitchen-diner there, and it's got a really tidy, well-presented garden, as well.

0:48:250:48:30

'Val and Terry spent £63,000,

0:48:300:48:33

'so how much is the house now likely to achieve on the open market?'

0:48:330:48:38

I value this property at £75,000.

0:48:380:48:41

I'd look at putting this property on the market at between £75,000 and £80,000.

0:48:410:48:46

'And that valuation range of £75,000 to £80,000

0:48:460:48:50

'could produce a gross profit of between 12 and 17 grand,

0:48:500:48:55

'before the usual selling expenses.'

0:48:550:48:57

It's about what we'd expect. I don't think we'd get 80 but we could hope for it.

0:48:570:49:04

'What's the likely rental income here?'

0:49:040:49:07

This property would rent for about £550 per calendar month.

0:49:070:49:11

We could be looking at putting this property on the market at £550 per calendar month.

0:49:110:49:15

£550 is good. We've got it on with an agent for £575.

0:49:150:49:20

But if we got £550, it would be OK.

0:49:200:49:23

'Whether it's £550 or £575 a month,

0:49:230:49:28

'Val and Terry are still looking at an impressive yield of between 10 and 11 percent.

0:49:280:49:33

'And they've returned a good family-sized property that was in a very poor state of repair

0:49:330:49:38

'to the region's housing stock. Great news for the area and its next tenants.'

0:49:380:49:44

When we first saw it, Val's reaction was, "We're never going to buy that!"

0:49:450:49:49

But as it turned out, it's been a success.

0:49:490:49:55

'Earlier on the programme, when we were last in Torpoint, Cornwall,

0:49:570:50:02

'Chris and his stepson Gareth bought this mid-terrace cottage right on the road for £85,000.

0:50:020:50:08

'Chris runs a ski chalet business in Slovenia and moved there three years ago,

0:50:080:50:13

'but used to live in Cornwall, so knows the area well.

0:50:130:50:16

'Gareth is an equestrian rider based in Cornwall.'

0:50:160:50:20

So what's the plan for the property? Tell me what you are going to do to it.

0:50:250:50:29

On the top floor, we're hoping to change it into two bedrooms,

0:50:290:50:32

and then make an en suite to the master bedroom.

0:50:320:50:36

-It needs a few more windows at the front, doesn't it?

-Yes.

0:50:360:50:39

Next door, which is a mirror image of this, has got two small windows directly above the front door.

0:50:390:50:45

We're hoping to get permission to put two windows to mirror the ones next door.

0:50:450:50:49

'Well, it's now 11 and a half months later

0:50:520:50:55

'and one of the new windows has been installed at the top of the house.

0:50:550:51:00

'Inside, the living room has been completely stripped back to the brickwork,

0:51:050:51:09

'and major construction is underway.

0:51:090:51:12

'The partition wall in the hall has been removed

0:51:160:51:19

'and the original entrance to the kitchen is bricked up.

0:51:190:51:22

'There are new timbers and the original Cornish stone wall has been exposed,

0:51:230:51:28

'but there's still a lot of work to do.'

0:51:280:51:30

We've actually gone into quite an interesting adventure.

0:51:310:51:35

We thought we were going to buy something and quite quickly get into it.

0:51:350:51:38

We found that our original makeover was more difficult than we thought,

0:51:380:51:42

we had rotten floors, a lot more woodworm than we thought.

0:51:420:51:45

We ended up gutting the whole building, rebuilding a few walls, but we've fallen in love with it.

0:51:450:51:51

# Love is the sweetest thing

0:51:510:51:55

'But it's been more a labour of love for Chris and Gareth.

0:51:560:51:59

'Their builder was taken ill so they had to find a replacement,

0:51:590:52:04

'and the major work didn't stop on the ground floor.

0:52:040:52:07

'On the first floor, the bedroom has been stripped back to brick,

0:52:100:52:13

'and the flooring and ceiling timbers have been replaced.

0:52:130:52:17

'The wall to the original cupboard has been moved to enlarge it into a single bedroom.

0:52:180:52:23

'And the planned second window at the front is about to go in.

0:52:230:52:27

'Along the landing, the bathroom is going through a similar major refit.

0:52:270:52:33

'Up on the top floor, the attic bedroom does at least have a bed.

0:52:410:52:46

'But the en suite is a long way from completion.

0:52:470:52:50

'Like the floor below, the former cupboard has been extended, and it's got the new window.

0:52:520:52:57

'The plan is for it to be another single bedroom.

0:52:570:53:01

-'So, what's been Gareth's involvement?'

-Er, Gareth and I started the project together.

0:53:010:53:08

His life changed slightly just after our first meeting

0:53:080:53:11

and he's now got a job and has moved up country just outside London,

0:53:110:53:15

so we are both still managing the project together, we discuss it all.

0:53:150:53:19

As we had to put more money into it, the feeling was it would be quite good to put more in

0:53:190:53:24

and do it up to a higher standard. To do that, I suggested I'd take it on for a couple of years,

0:53:240:53:29

get it sorted, to make sure we know what's done.

0:53:290:53:31

We were worried about the housing market anyway,

0:53:310:53:34

and we felt if we get it tip-top, then consider moving it.

0:53:340:53:37

'Apart from the problems inside,

0:53:370:53:39

'outside, Chris took advice from two structural engineers about the retaining wall.

0:53:390:53:44

'What was the verdict?'

0:53:440:53:46

Actually less changes than we thought. When we first came here it was all shored up,

0:53:460:53:51

if you remember, there was beams everywhere. The wall looks bowed but is actually fairly straight.

0:53:510:53:57

And once we took everything off it, it stands reasonably.

0:53:570:54:00

We've taken a lot of the stuff away. We found an old fireplace here,

0:54:000:54:04

which we intend to turn into a barbecue.

0:54:040:54:07

'It should be lovely when this patio area is all finished.

0:54:070:54:10

'But the main garden is on a steep incline.

0:54:100:54:13

'It was overgrown with old sheds and no pathways, but it's been transformed.'

0:54:130:54:20

We were presented with something which was five levels of wilderness,

0:54:260:54:30

and we turned it into something which we can live with and are beginning to love.

0:54:300:54:34

We're waiting for a summer house and we're nearly there.

0:54:340:54:37

'What a bonus. I reckon these fabulous views could be what sells this house.

0:54:380:54:45

'How much have Chris and Gareth had to spend so far?'

0:54:450:54:48

Our original budget was £30,000, we allowed some tolerance in that.

0:54:480:54:52

I reckon we have gone around £10,000 beyond our original budget.

0:54:520:54:56

But we're cheating because we'll live in it for a couple of years

0:54:560:54:59

and do quite a lot of the painting and finishing touches ourselves.

0:54:590:55:03

'Time to find out what two local estate agents think of the place.'

0:55:040:55:08

I think they've done a great job.

0:55:100:55:12

He's extracted the potential from what it was originally, two-bedroom,

0:55:120:55:15

now a four-bedroom with an en suite which enhances the saleability.

0:55:150:55:19

And he's followed that through externally to the rear garden.

0:55:190:55:22

I like the property. It's got a nice layout with the living area

0:55:220:55:26

and the kitchen on the ground floor.

0:55:260:55:29

And I think the bedrooms are of a good size for an older property.

0:55:290:55:34

'Chris and Gareth are in no hurry.

0:55:340:55:37

'They intend to hold onto the cottage for a couple of years to get it finished.

0:55:370:55:41

'They paid £85,000 at the auction, and their budget stands at around £40,000.

0:55:410:55:46

'So they've spent £125,000 so far.

0:55:460:55:49

'How much do the estate agents think it could be worth if it's finished to the high standards they plan?'

0:55:490:55:55

I would put an asking price on this property of £174,950.

0:55:550:56:02

I would like to bring this property to the market for £185,000.

0:56:020:56:06

'Well, that valuation range from around £175,000 to £185,000

0:56:060:56:10

'would generate a gross profit before the usual selling expenses of £50,000 to £60,000.'

0:56:100:56:17

I'm delighted. I was expecting a figure somewhere just over 160 in my mind.

0:56:190:56:24

With those figures, it justifies the extra work we've been through and what has been a fun journey to do.

0:56:240:56:31

I would definitely go back and do it again, but I would recommend people do a bit more research than I did.

0:56:310:56:37

Well, we hope you've learnt something and been entertained on today's show.

0:56:390:56:44

And Martin and I look forward to seeing you next time

0:56:440:56:47

-for more Homes Under The Hammer.

-Goodbye.

-Goodbye.

0:56:470:56:50

Subtitles by Red Bee Media Ltd

0:56:520:56:56

E-mail [email protected]

0:56:560:57:00

.

0:57:000:57:00

Martin Roberts and Lucy Alexander visit a three-bedroom semi-detached property in Kent, a house in Cardiff and a cottage in Cornwall. All of these properties have been sold at auction - find out who bought them and what they paid when they went under the hammer.