Episode 84 Homes Under the Hammer


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Episode 84

Martin Roberts and Lucy Alexander visit a development in the Kyle of Lochalsh, a property with a converted stable block in Kent and a mid-terrace in Liverpool.


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Transcript


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-Hello and welcome to the programme.

-We love property, especially when it comes to snagging a bargain.

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In today's very competitive market, that's not always easy.

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But you know what? Put the odds in your favour by going to the auction.

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Buying at auction is becoming increasingly popular these days.

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That's because there's no messing.

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When the hammer falls, the property is yours.

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So what were the properties that sold at auction on today's show?

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We revisit a property on Scotland's west coast to see if the planners finally played along.

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Straight away, I'm thinking this could easily be a shop premises.

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I'm backing a winner in Kent with a converted stable block.

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Sometimes, auction lots, well, they just stand out.

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And in Liverpool, there's a mid-terrace that shouldn't take too long to refurbish.

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Somebody has done a lot of the refurbishment work for you, which is a great start.

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All these properties have been sold at auctions and we'll find out who bought them

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and what they paid for them when they went under the hammer.

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Yours! Thank you very much.

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Back in 2010, I headed way up north to the west coast of Scotland

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and stopped off right across the sea from the Isle of Skye in Kyle of Lochalsh.

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It's a popular tourist destination and also a busy fishing port.

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The property I'm here to see is located in the heart of the town.

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With a guide price of £175,000, up for auction was this imposing semi-detached property.

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In terms of getting into it, you're spoilt for choice. One door round the back, two at the front.

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Let's try one of the front ones.

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The auction lot included two separate properties.

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A commercial unit with a four-bedroom flat above it.

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So, through these fairly impressive double doors into the first part of what's a very interesting property.

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And it's the old post office!

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A great-size space, perfectly located on the high street.

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It's going to have the business value

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so straight away I'm thinking, this could easily be a shop premises.

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Ideal, in fact.

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# Wait, oh yes Wait a minute, Mr Postman

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# Wait, wait, wait, Mr Postman. #

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Whatever this property becomes,

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I'd hate to see the lovely timber panels simply ripped out and thrown away.

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# Deliver the letter The sooner the better. #

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And there's more. Much, much more.

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At the back is the old sorting office.

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# Oh, yeah... #

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It's massive, with various rooms leading off the main hall.

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The Royal Mail have a rental agreement on this part of

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the building until 2017, even though it isn't currently in use.

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It could be easily divided from the post office at the front door,

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as it has its own access from the side lane.

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# ..By leaving me a card or a letter

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# Mr Postman... #

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Let's take a look at the four-bed flat, which sits above the Post Office.

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# ..Please, please... #

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So, all good so far. You know what? It just gets better and better.

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Because right next door is a four-bedroomed flat that's included in the lot. So, what have we got?

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Bathroom and loo there. Needs a bit of updating, obviously.

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Kitchen, nice size, needs a bit of work. Definitely some nice units in there would make a big difference.

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Up another level to two attic bedrooms. Third bedroom there, and fourth bedroom there.

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That one definitely looks like it needs a bit of work, hopefully nothing too major.

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Finally, into the living room. I love the feel of this place.

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I like the fact it's on so many levels, I like the light that's pouring in through the windows.

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It does need work, but it could be a fantastic space.

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So this is fantastic, isn't it?

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Looking past the flat's obvious challenges, I'm excited about its potential.

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The entrance stairwell, which is flooded with light from these vast windows,

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could make a striking first impression when renovated.

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And the kitchen could be transformed from tired and tatty, to a warm and welcoming dining kitchen.

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Up top, in the attic conversion, there are two bedrooms.

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The plaster work is crumbling, but they offer views over the town and beyond.

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This property is a gem, hidden behind crumbling walls and ceilings.

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But, with some tender, loving care it could shine.

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And with a guide price of £175,000,

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you're getting a lot of property for the money.

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Well, it's a very interesting opportunity you've got here.

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And one thing for sure, you certainly can't knock the location.

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It doesn't get much better than this. But lots of work to be done.

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Who fancied the challenge when it went under the hammer?

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Somebody give me £200,000. 200,000 anywhere?

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150?

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125, to get us started?

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£125,000, sitting down on the aisle.

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125. Is there 130 anywhere?

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130, 135? 135.

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140? 140. 145?

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150? 155?

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155. 160? 165?

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Are we all done at £160,000?

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165, right at the back. 165.

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170? 170.

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175? 172-and-a-half.

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175? 175.

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At £175,000, going once.

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Twice. Third and final time.

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The successful bidders were Ewan and his sister Rhona.

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Rhona works as a nurse, and Ewan is a property lawyer.

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They bought this auction lot for £175,000 with their sister Mhari and her husband Hector.

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This is a real family affair.

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Rhona, Ewan,

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-lovely to meet you both.

-Nice to meet you.

-What an interesting thing you've bought here!

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-It is. It is.

-Well, hopefully it will be when we are finished.

-Right.

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Tell me why you wanted to buy it.

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Well, it's a sort of family concept.

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We have a fish and chip shop, which both Ewan and I help support financially,

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but my sister runs it with her husband over here.

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And actually it's doing so well that we needed bigger premises.

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And this place came up for auction, and we thought, why not go for it?

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So your sister and her husband run a fish and chip shop?

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Yep, just across the road, actually.

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-With a cafe as well.

-Right.

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So the idea would be, the chip shop will move over here,

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and we'll extend the cafe across the road, making it a bigger cafe.

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The chip shop and the cafe are only a few hundred yards away,

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and they're managed by Mhari and Hector.

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# Fish and chips that's all I want to eat

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# Fish and chips with peas and tea... #

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When did the fish and chip shop start?

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-We've had the fish and chip shop for three years, and the cafe for two years.

-Right. Has it gone well?

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-Very well. Touch wood.

-Touch wood. There's money in fish and chips?

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-There is.

-Indeed there is.

-Plenty.

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-And I bet the fish and chips are fantastic.

-Try them later!

-SHE LAUGHS

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So the old post office is to become a chip shop.

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Rhona and Ewan own two other buy-to-let flats in the area.

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What are their plans for the four-bedroom flat?

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We're going to do the two bedrooms upstairs.

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Downstairs, we would redo the kitchen, making it a kitchen-cum-eating area.

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Toilet, refurbish that.

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And I would quite like to knock through the small room at the front, a single bedroom.

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I would quite like to knock that into the lounge, to give a bigger lounge.

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-However, Ewan doesn't agree.

-I think if there's a family in the flat, or two different people,

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it would be better to leave that as two rooms. So I think we should leave it as it is.

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The family plan to spend four months renovating the flat and then turn their attention to the post office.

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We caught up with them after four months, to see if there was a three- or four-bedroomed flat.

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# Baby, I like it The way you move on the floor

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# Baby, I like it, I-I-I like it... #

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The once drab and dingy lounge is now bright and bold.

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I was delighted to see there were still four bedrooms,

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but what had the pair managed to cook up in the kitchen?

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Well, the tired and tatty units have been replaced, and they've made

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the best use of this rather awkward space.

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We've obviously done quite a lot in here.

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We had to do some work on the ceilings and the walls.

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We re-finished the unit over there.

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And obviously the kitchen's quite narrow, so we had to get special wall units and use them as base units,

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just to maximise the space.

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And obviously new flooring and cooker as well.

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Onwards and upwards to the bedrooms in the attic conversion.

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The bedrooms were in poor condition,

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with broken floorboards and damaged plasterwork.

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But Rhona and Ewan have ensured the work has been carried out

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to their high standards.

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This flat is a buy-to-let investment,

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although the siblings haven't scrimped on quality.

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But did this attention to detail

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push them over their three-month schedule?

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We had been hoping that the flat would have been finished

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by this time last month, so we're about a month behind schedule.

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But in the scheme of things...

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-we're OK with that.

-Yeah.

-We're OK with that.

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More time usually means more money,

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and although they had set aside £10,000,

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they'd already spent £17,500 refurbishing the flat alone.

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But the brother and sister team had bought this property

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not just for the flat, but for the commercial space downstairs.

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The former post office would make an ideal location for their existing family chip shop.

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But change of use requires planning permission,

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which can take time to get.

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We haven't done anything so far.

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We're working through planning at the moment, for the conversion of the old post office to the chip shop.

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And obviously the sorting office is still leased to the Royal Mail.

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So nothing else has been done on the rest of the building, apart from painting the outside.

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You can find out if they manage to get planning permission to move their chip shop

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hook, line and sinker into the old post office

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when we catch up with them later in the show.

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Welcome to the very beautiful village called Shipbourne.

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Now, it's situated between Sevenoaks and Tonbridge,

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and it's a very popular rural area.

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It's incredibly sought-after.

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However, amenities are limited, there's no local shops here,

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I'm afraid, but you do get a local pub.

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Perfect!

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Since this is a classic Kent village, you also get a beautiful green,

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a village hall and very well-appointed tennis courts.

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I don't think I'll have to do any more courting, as I've met my match and fallen in love.

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Shipbourne has my heart!

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Sometimes auction lots, well, they just stand out.

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Today's auction lot is called the Old Stables,

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and straight away, it sounds idyllic, doesn't it?

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Well, I can tell you, it certainly lives up to its attractive name!

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It's a four-bedroomed property

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and the guide was set at £320,000 to £340,000.

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I'm going to have a look around.

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Well, the horses have trotted off into the distance,

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but what a salubrious stable location this must have been!

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The property forms the major part of a two-dwelling conversion

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of the stables, originally undertaken in the early 1960s.

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One obvious downside is the shared access,

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but there's a garage tucked away down there - a real bonus,

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as parking's at a premium in this village.

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Ooh, a nice big entrance hallway.

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The strange thing is, the house is Victorian-looking on the outside,

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and it does have a bit of a '50s makeover feel inside.

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It'd be lovely if all this beautiful parquet flooring

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ran right the way through here.

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I wonder if, underneath this carpet, there's wooden floors.

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But you've got a nice downstairs toilet.

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The kitchen to the side of the property - hmm, a little bit dated.

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And, um, yes, a dated hatch to go with it!

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Now, I would like to get rid of this dining room.

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Do people still have separate dining rooms? I'm not so sure.

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How about taking this wall out

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and opening this space up for a real, good family living space?

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Somewhere really nice to have your breakfast and supper.

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It seems particularly odd that the kitchen is so pokey,

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given the amount of space downstairs.

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The huge double-aspect lounge and well-proportioned dining room

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simply swamp the pine-clad kitchenette.

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Do you know, what I really like about this house is how light and bright it feels.

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I'm not so keen on this '50s-style slatted banister.

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I think I'd have to do something to change this.

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But there's so much flow up here. You've got those two big corridors, lovely rooms,

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great proportions, incredible views...

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Bit of a blue bathroom, but all in all,

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I actually think the upstairs is a bit better than the downstairs.

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So, if the upstairs bedrooms are good,

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and the downstairs layout is bad,

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then what would that leave as the ugly?

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MUSIC: Theme to "The Good, The Bad And The Ugly"

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That blue bathroom certainly needs to be beautified.

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But there's something else up here which you can't change

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and you wouldn't want to change even if you could.

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Check out that view!

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The rear bedrooms of this lovely house

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overlook fields and countryside. Glorious!

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There's one more treat in this property -

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I've spotted a way of adding value.

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There's space up there to add another bedroom.

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A basic loft conversion should start at around £35,000.

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So, if you've got a large family

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it's good that this house offers that potential.

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My only concern is that small garden.

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Therefore, you could be in danger of over-development.

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Neither the front nor the back garden are spacious

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and if you add even more bedrooms then you could be left with a top-heavy house

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that doesn't have the space outside to accommodate the occupants.

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But having said that I'm still pretty keen on this place. It's fantastic!

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But will a local estate agent

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share my enthusiasm for it,

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bearing in mind its £320-340,000 guide price.

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It's set in the most tranquil position.

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Lots of scope for improvements so it could be a lovely family home.

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The garden is small

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but as properties don't become available that often in Shipbourne,

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people will overcome that because you've got all the surrounding countryside.

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Well, he clearly doesn't think the house has too many problems either.

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What could it sell for, once refurbished?

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Depending on what they finally do with the renovation work,

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you would be looking in excess of £500,000

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if the work was done to a high standard.

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Well, this is a lovely property.

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It's got scope to extend up in the loft and add value

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and it's in an incredible setting.

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What's not to like? Well, the shared drive and the small garden.

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I think that may put some buyers off.

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Let's see who wanted this at the auction.

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Now we go to Shipbourne in Kent.

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It's a village house for refurbishment, good views,

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lovely family house.

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Start me where you will on that one. 340, can I say to start me? 340?

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Give me 330 then. Doesn't matter where we start. £330,000 I have.

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330, I have. And 40, do I see?

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340, do I see? 340, sitting down.

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350, it's against you. 350, I'm bid.

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360, do I see? 360, 360 and 70.

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370, do I hear? 370 and 80.

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380, may I say? 380, I've got. 385, madam.

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Just five more. You won't find another one like it.

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I've got 380 with you at the front, sir. 380, I've got.

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And five I'm looking for from anybody else. 385, do I see?

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385, do I see? If not, it will be sold at £380,000.

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Are we all done? I'll take two.

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Otherwise I'm going to be selling for 380. I'll take another two.

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Front row at £380,000, I'm selling for the first time.

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£380,000 bid, for the second time. If I don't see another two.

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£380,000, for the third and final time if you're sure you're all done.

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Well done, you've bought yourself a house.

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# Make me what to cry...#

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Phew, what an emotional rollercoaster that auction was

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for Kate and Tom.

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Kate is pregnant with the couple's second child

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and they were clearly relived and thrilled to buy this house for £380,000.

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I went to meet Kate and Tom and their daughter, Lucy,

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to hear about their plans.

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Guys, what an auction. Now, Kate, you looked like you were crying.

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You had your head in your hands at one point.

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Yeah, it was quite emotional.

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We weren't sure we'd get the house so we were relieved.

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We didn't go in there with any expectations.

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We'd set our limit, but our thoughts were

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it was going to go for so much more.

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When the hammer came down on us and he strung it out for so long

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it was so tense. It was rather emotional at the end.

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Did you think you would walk away with this on the day?

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-No.

-Absolutely not.

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I said to Tom, "Let's sit back and relax and see it as experience

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"because we might find another property at auction.

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"We're not going to get this, so let's just put it down to experience."

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-But we did.

-We very nearly didn't even come.

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Yeah! That is why I love auction. You guys deserve this property.

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So, 380, that was your absolute top limit, was it?

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It was 375 and we changed our mind in the car at the very last minute.

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We thought, we love this house, it's a life house,

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it's for the family and we've got a new one on the way.

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We thought we'd stretch ourselves a bit more

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and we managed to push it out another £5,000 which was lucky.

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-That car journey cost you £5,000!

-Exactly.

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Is it worth £380,000 to you two?

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It is for us, definitely.

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The property market's fluctuating and there's talk about a double dip

0:19:550:20:00

but when you're looking at a house long-term, not as a development opportunity, as a family home,

0:20:000:20:07

hopefully we'll be here for 15-20 years, maybe more.

0:20:070:20:10

So, it really is a long-term project for you.

0:20:100:20:13

Tell me, Kate, how well do you know this house

0:20:130:20:16

and what's the history behind you wanting to buy this?

0:20:160:20:18

We just fell in love with the area.

0:20:180:20:20

We are sort of local, we are ten minutes away.

0:20:200:20:23

Tom's family have lived here for 20 years and we wanted to stay local.

0:20:230:20:27

We just love the house.

0:20:270:20:30

So, how much did you know about this property before you went to auction?

0:20:300:20:34

We knew it was on the market for 450 with the estate agent before,

0:20:340:20:38

which was out of our price range.

0:20:380:20:40

So, you've saved yourselves £70,000 by going to auction to buy this.

0:20:400:20:44

Yeah, yeah.

0:20:440:20:46

Wow, £70,000!

0:20:460:20:49

It's a huge saving on what is clearly their dream home

0:20:490:20:53

in their dream location, although that dream home does need some work.

0:20:530:20:57

But chartered surveyor Tom is ready for action.

0:20:570:21:01

The interior doesn't match up to the outside of the house.

0:21:010:21:04

It's a period building, but you come in and it's quite '50s in its style.

0:21:040:21:09

We're going to put our personal touches on it.

0:21:090:21:12

The hatch in the wall and the colour of the bathroom, the banisters...

0:21:120:21:17

Yes, the banisters. They're not for me.

0:21:170:21:20

Do you like that kind of thing?

0:21:200:21:21

No, we don't. Also, it's a safety thing for the kids.

0:21:210:21:24

They can climb up them and stuff like that. We need the uprights.

0:21:240:21:28

It's a long-term project. We can't afford to do everything in one go.

0:21:280:21:31

I think we're going to strip the walls...

0:21:310:21:35

We're going to live with it for a while, get to know the house...

0:21:350:21:40

-Live with the space.

-..and see what we want to do.

0:21:400:21:42

Sometimes that's the best way, if it's a long-term project

0:21:420:21:46

and you want to live here for a long time.

0:21:460:21:49

Kate and Tom are taking the right approach with this house.

0:21:490:21:52

Since they bought it as their forever family home

0:21:520:21:54

they want to take their time and get it right.

0:21:540:21:58

Plus they did spend every penny they had on the purchase.

0:21:580:22:01

What's your budget for that work?

0:22:010:22:04

Erm, it's not a set budget. I'd say we're within the £10,000 mark.

0:22:040:22:09

We did stretch ourselves, but as we've got a blank canvas

0:22:090:22:13

and this is a long-term project.

0:22:130:22:16

I think, it's clean, it's dated, but it's clean and we can live in it.

0:22:160:22:21

Absolutely. It's habitable, yeah.

0:22:210:22:24

Habitable maybe, but not loveable.

0:22:240:22:26

I think my first task would be to banish the blues from that bathroom.

0:22:260:22:29

But with one young child already and another on the way,

0:22:290:22:33

are the couple worried about taking on too much?

0:22:330:22:37

You've got to do that at some point, take the big step for your family

0:22:370:22:41

and we've managed to do that now, which is great,

0:22:410:22:43

because it's saved time and money because it is expensive moving

0:22:430:22:47

and buying a house as we found out.

0:22:470:22:51

Hopefully we'll be here for the next 25, maybe 30 years

0:22:510:22:56

and watch Lucy grow up and go to school. I think it's perfect for what we dreamt of.

0:22:560:23:01

We didn't think we'd be able to find a house in this area

0:23:010:23:04

and we're absolutely delighted.

0:23:040:23:06

Guys, congratulations, it's been great meeting you today. Well done.

0:23:060:23:09

-Thank you.

-Thank you.

-Thanks, Kate.

0:23:090:23:12

I've seen it so many times over the years this programme has been running.

0:23:130:23:18

Auctions can make homes affordable for people

0:23:180:23:21

who otherwise couldn't afford to buy in their desired area.

0:23:210:23:24

Tom and Kate have saved themselves £70,000 in the process.

0:23:240:23:28

So they're going to need to inject some serious cash into this house

0:23:280:23:32

but before all the finishing is complete,

0:23:320:23:34

the family need to move in.

0:23:340:23:36

You can find out what happens later on in the programme.

0:23:360:23:40

Coming up - In Liverpool I realise you can't judge a book by its cover.

0:23:410:23:45

What on the outside doesn't seem that brilliant

0:23:450:23:48

has, in fact, proved to be a top property.

0:23:480:23:50

In Shipbourne, Kent, have Kate and Tom over-stretched themselves?

0:23:510:23:56

The plaster came off which revealed some cracking and weakness in the walls.

0:23:560:24:00

But back in Kyle of Lochalsh, is extravagance the order of the day?

0:24:020:24:06

-Expensive taste?

-Some better specification.

0:24:060:24:10

It's over a year since we were last in the magnificent West Highlands of Scotland

0:24:130:24:18

in the bustling village of Kyle of Lochalsh.

0:24:180:24:20

Here, brother and sister, Ewan and Rona,

0:24:200:24:23

had bought a substantial building on the main street for £175,000.

0:24:230:24:29

Sister, Mhairi, and brother-in-law Hector,

0:24:290:24:31

already run a chip shop and cafe in Kyle of Lochalsh.

0:24:310:24:34

The family were pulling together to shift the chip shop into a new home

0:24:340:24:38

and expand their successful cafe into the former chip shop space.

0:24:380:24:42

Quite a shuffle around.

0:24:420:24:45

£175,000 buys a lot of space in Kyle of Lochalsh.

0:24:450:24:48

On the ground floor a post office had occupied the front of the building

0:24:480:24:53

while at the rear there was a huge space

0:24:530:24:55

which the Royal Mail will lease as a sorting room until 2017.

0:24:550:24:59

As if that wasn't enough,

0:24:590:25:00

there was also a four-bedroom self-contained flat.

0:25:000:25:03

When we first returned to meet them

0:25:030:25:05

four months after they'd bought the property, they'd done a great job

0:25:050:25:08

on the flat conversion, but the line had snagged on the chip shop.

0:25:080:25:12

We haven't done anything so far.

0:25:140:25:15

I'm working through planning at the moment for the conversion

0:25:150:25:19

of the old Post Office to the chip shop

0:25:190:25:21

and the sorting office is still leased to Royal Mail,

0:25:210:25:24

so nothing else has been done apart from painting the outside.

0:25:240:25:28

It's been just over a year since our last visit

0:25:280:25:30

and 17 months since the siblings splashed out on the building in Kyle of Lochalsh.

0:25:300:25:35

Now it's time to find out if the chip shop has put new SOLE into an old Post Office!

0:25:350:25:40

What a difference.

0:25:510:25:53

With a fresh, contemporary look, Hector and Mhairi's chip shop is definitely good to go.

0:25:530:25:59

Inside, there are state-of-the-art fryers and business is booming.

0:25:590:26:03

We hoped originally to secure planning within three months,

0:26:030:26:06

and that the building work would take a month to six weeks,

0:26:060:26:10

and unfortunately planning took us nearer five months.

0:26:100:26:13

The actual building work took nearer two-and-a-half months.

0:26:130:26:17

Once we'd finalised the design and Hector was comfortable it was

0:26:170:26:21

going to give him all the equipment he needed

0:26:210:26:23

and the layout worked for him, it was a question of going in for planning.

0:26:230:26:27

When it's a hot food takeaway you're dealing with,

0:26:270:26:30

there are obviously concerns, and they have to be addressed.

0:26:300:26:33

With planning permission finally in PLAICE - ha-ha! -

0:26:330:26:36

the chip shop fixtures and fittings could be bought,

0:26:360:26:39

but it turned out they had special requirements, too.

0:26:390:26:42

We had initially thought that the electricity supply would be

0:26:420:26:46

adequate for electric fryers,

0:26:460:26:48

but it became apparent that wasn't going to be the case

0:26:480:26:51

so we had to get a new electricity supply put in.

0:26:510:26:54

The general fabric and structure of the building was sound, which has been a bonus.

0:26:540:26:58

While the bricks and mortar were sound,

0:26:580:27:01

that didn't mean the chip shop simply sailed into the former Post Office.

0:27:010:27:05

Old buildings often have surprises for buyers.

0:27:050:27:09

The first issue we had when we started the work was this wall here -

0:27:090:27:13

it was supposed to be solid, but when the builders started

0:27:130:27:17

they realised there was another wall behind it,

0:27:170:27:18

so we had to open it up, which wasn't part of the original plans.

0:27:180:27:22

The really big issue in this building was the pillar.

0:27:220:27:26

It's structural, so everything, including the fryers,

0:27:260:27:29

has to be designed around it, which caused a few problems

0:27:290:27:32

for the design and for the suppliers, as well.

0:27:320:27:35

And with the practical details finally sorted,

0:27:350:27:38

the fun part of the refit could begin.

0:27:380:27:41

Both of us, and Mhairi and Hector, wanted something very clean cut,

0:27:410:27:45

easily maintained and looked fresh, and it was the architect

0:27:450:27:48

and yourself that came up with the design,

0:27:480:27:51

you very much had hands on, didn't you?

0:27:510:27:53

I think we all wanted something quite contemporary and emphasising

0:27:530:27:57

the quality of food, something that looked high-quality, as well.

0:27:570:28:00

So, with such high-end tastes, how did their budget fare?

0:28:000:28:06

The original budget was about £70,000 for the chip shop.

0:28:060:28:11

We've gone about £7,500 over that,

0:28:110:28:14

and that's been a variety of reasons.

0:28:140:28:17

Some extra equipment, some...

0:28:170:28:20

Expensive taste?

0:28:200:28:22

Some better specification, as I would say,

0:28:220:28:25

on how the chip shop looks.

0:28:250:28:27

Ewan and Rhona bought the former Post Office building for £175,000.

0:28:290:28:34

They spent £17,500 refurbishing the four-bedroom self-contained flat,

0:28:340:28:39

and £77,500 refitting the chip shop in its new location,

0:28:390:28:43

bringing their total outlay to £270,000.

0:28:430:28:47

Time to find out what two local property experts think of their work.

0:28:470:28:51

They've done a great job, it looks really good.

0:28:530:28:55

I like the outside, because it's still very traditional but obviously

0:28:550:28:59

it's very modern and new here, so they've done a really nice job.

0:28:590:29:02

I like the whole fresh approach they've brought in

0:29:020:29:06

and the colour scheme, with the black, white and grey.

0:29:060:29:09

It's very clean, fresh and appealing to customers, I should imagine.

0:29:090:29:14

It's time to hear what they think this property might sell for.

0:29:140:29:18

Remember, it will include the refurbished four-bedroom flat

0:29:180:29:21

and, although it's rented out until 2017, they will also include

0:29:210:29:25

the large sorting room area at the back.

0:29:250:29:28

In the current market, where the whole property

0:29:300:29:33

would be offered to the market as a single lot,

0:29:330:29:35

a figure in the region of £200,000-£210,000 would be about the right mark.

0:29:350:29:41

For all three properties as a job lot,

0:29:410:29:43

you're probably looking at a figure in the region of £210,000.

0:29:430:29:47

Based on those valuations, Ewan and Rhona would make a loss

0:29:470:29:51

of between £60,000 and £70,000 - before costs and expenses.

0:29:510:29:57

That's a load of absolute rubbish.

0:29:570:29:59

It was valuing at more than that when we bought it last year.

0:29:590:30:03

I don't believe the market's dipped

0:30:030:30:05

and we've obviously spent a fair bit of money dealing with some defects

0:30:050:30:09

and bringing back into use the old Post Office.

0:30:090:30:13

So I think it is very, very short.

0:30:130:30:15

Even the flat on its own is a much better spec.

0:30:150:30:20

You know, to us it's totally irrelevant

0:30:200:30:24

because it's an ongoing business with great potential.

0:30:240:30:27

We would definitely get more than that if we decided to sell.

0:30:270:30:30

It certainly seems business is booming and with a tenant in their flat,

0:30:300:30:34

the chip shop is not the end of their plans for their family food empire.

0:30:340:30:39

You can see this is the original cafe,

0:30:390:30:43

which we're hoping over the winter period to extend into the old fish and chip shop.

0:30:430:30:49

We've opened a new one across the road just 150 yards away,

0:30:490:30:53

so it's easily seen for customers that don't know where the new place is.

0:30:530:30:57

Has this family affair been catch of the day or did it flounder?

0:30:570:31:03

It's been pretty plain sailing, I think.

0:31:030:31:06

I think we've all got along and that's stage two finished

0:31:060:31:10

and we're still speaking, so that's a positive.

0:31:100:31:13

# Pigeons, widgeons, seagulls, sparrows

0:31:170:31:19

# All the birds come here to nest

0:31:190:31:21

# But of all God's little creatures

0:31:210:31:24

# Liverpool birds beat all the rest. #

0:31:240:31:26

Today I'm a Liverpool. Famously its symbol, the liver bird,

0:31:260:31:30

sits proudly on top of the famous Liver Building.

0:31:300:31:33

Legend has it that if the liver birds were to fly away,

0:31:330:31:37

Liverpool would cease to exist.

0:31:370:31:39

Well, just 10 minutes from Liverpool city centre is the area of Walton

0:31:420:31:47

and the property I'm here to see.

0:31:470:31:49

It's this three-bed mid-terrace at a guide price of 40,000 quid.

0:31:490:31:53

Let's take a look.

0:31:530:31:54

Straight into the front door

0:31:560:31:58

and straightaway it looks like refurbishment work has been commenced.

0:31:580:32:02

Nice new front door there.

0:32:020:32:04

Plastering being done, ceiling also been plastered with new lights,

0:32:040:32:08

and it seems that the electrics have been done as well.

0:32:080:32:11

Somebody's obviously done a lot of the refurbishment work which is a great start.

0:32:110:32:16

Front sitting room there, good size.

0:32:160:32:18

You can see the walls chased out for the new electrics.

0:32:180:32:21

Through to the rear sitting-room.

0:32:210:32:23

More refurbishment in here,

0:32:230:32:25

if you can see it through the piles of rubble.

0:32:250:32:28

But it's a good-sized space and leading through to

0:32:280:32:32

a fairly standard lay-out.

0:32:320:32:34

The kitchen right at the rear of the property.

0:32:340:32:37

What I'm thinking straightaway is A, somebody's done lots of the work for you,

0:32:370:32:42

but B, the loo isn't down here. I might have expected that.

0:32:420:32:45

That's another big plus because it seems the loo might be upstairs.

0:32:450:32:49

Only one way to find out.

0:32:490:32:51

You can never be guaranteed of the lay-out of this style of terraced property.

0:32:510:32:56

Sometimes the loo and bathroom are at the back with just two bedrooms upstairs.

0:32:560:33:01

But if this house, that went to auction guided at £40,000 plus,

0:33:010:33:05

did originally have the bathroom downstairs,

0:33:050:33:08

there's no sign of it now.

0:33:080:33:10

The catalogue details say the property has three bedrooms.

0:33:100:33:13

Time to investigate further.

0:33:130:33:15

Well, upstairs and straightaway you can see what somebody's done here.

0:33:190:33:23

You've got three bedrooms

0:33:230:33:25

and the one at the back was a pretty decent size.

0:33:250:33:28

It's been sectioned off to create what will be the bathroom and loo.

0:33:280:33:33

It makes that room quite small, but the advantage of having the bathroom up there far outweighs it

0:33:330:33:38

because you've got a pretty decent double there

0:33:380:33:41

and then, highlight of the property for me, this master bedroom.

0:33:410:33:45

Absolutely lovely with the bay window.

0:33:450:33:48

Obviously again it's not quite finished off yet,

0:33:480:33:51

but it's a great space.

0:33:510:33:53

All in all, what on the outside doesn't seem that brilliant

0:33:530:33:57

has in fact proved itself to be a really top property.

0:33:570:34:00

# It's just a nice surprise

0:34:000:34:02

# It's just a nice surprise. #

0:34:020:34:05

Apart from the electrical work and the plumbing in the bathroom,

0:34:050:34:08

it's great that replacement windows have been installed throughout.

0:34:080:34:12

The bay window retains the character of the house

0:34:120:34:15

and I spotted nice original features upstairs and down

0:34:150:34:17

in this partly refurbished property.

0:34:170:34:20

I just hope the new owners will hold onto them.

0:34:200:34:23

A lot of the work has been carried out on the inside.

0:34:240:34:29

But outside on the front, the paintwork's peeling off

0:34:290:34:32

and the cast-iron downpipe looks original,

0:34:320:34:35

so they will need replacing and it's just as bad at the back.

0:34:350:34:39

At the rear of the property, a small courtyard with - ow! - prickles.

0:34:450:34:50

Actually it's not necessarily a bad thing.

0:34:500:34:52

If you're looking to rent it out, a small area outside is a good thing.

0:34:520:34:56

Tenants generally don't look after gardens.

0:34:560:34:59

While I'm out here, double glazing is good.

0:34:590:35:01

It doesn't look to be in too bad a condition.

0:35:010:35:04

You might consider an extension out here

0:35:040:35:06

but I think probably not, pretty much leave it as it is.

0:35:060:35:09

Although the house is in a bit of a mess,

0:35:090:35:11

there is beauty amidst the thorns.

0:35:110:35:14

# There are the roses

0:35:140:35:17

# And there are the thorns... #

0:35:170:35:20

To find out if this will prove to be a prickly property

0:35:200:35:23

or a dandy dwelling,

0:35:230:35:26

we invited an estate agent to dig deeper.

0:35:260:35:28

The property is a good-size three-bed terrace.

0:35:310:35:33

It's been half renovated

0:35:330:35:35

with UPVC double glazing throughout, the doors, French windows.

0:35:350:35:39

A good little buy for somebody.

0:35:390:35:40

What could the house achieve in rental income?

0:35:400:35:44

Rental value I think is about £525 per calendar month.

0:35:450:35:50

Maybe if you're lucky £550.

0:35:500:35:52

I definitely think there is a demand for properties of this type in this area.

0:35:520:35:56

The price you're buying it at and how much you're getting per month equates to a 12% yield.

0:35:560:36:01

What about the sales market?

0:36:010:36:04

Once done up, how much could this house hope to sell for?

0:36:040:36:08

Sales value for this, I would imagine around £70,000.

0:36:080:36:11

Well, a bit of money and effort required to sort this one out

0:36:140:36:17

but I think you'd end up with a good rental property here.

0:36:170:36:20

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

0:36:200:36:23

Property, three bedrooms.

0:36:230:36:25

New rewire, stripped out, ready for re-plastering and refitting.

0:36:250:36:30

Let me see 30,000. Got to sell this one. Bid me 30,000. 30 I'm bid.

0:36:300:36:35

One in front, sir? 31, 32.

0:36:350:36:37

32 here. 33 now. 34. 35.

0:36:370:36:41

36. 37. 38.

0:36:410:36:44

39. 40,000.

0:36:440:36:47

At 39,000, seated bidder.

0:36:480:36:50

Would 500 help? 500.

0:36:500:36:54

40,000. 500, sir? 41.

0:36:540:36:58

500.

0:36:580:37:00

42.

0:37:000:37:02

42,500.

0:37:020:37:03

43. 500. 44.

0:37:030:37:06

44. Seated at 44.

0:37:060:37:10

You'll regret it if you miss it. 44,500.

0:37:100:37:13

44,500 at the back of the room now.

0:37:130:37:16

At 44 500, we'll go for the first call, then. It's going to be sold.

0:37:160:37:20

45,000. New money. At 45,000. 500?

0:37:200:37:24

New bidder at 45,000. First time again, then.

0:37:260:37:29

Second time now. 45,000.

0:37:300:37:33

Third and final time, it's the seated bidder this side.

0:37:330:37:37

Yours. Thank you very much.

0:37:380:37:40

The successful bid at 45,000 was made by Alan.

0:37:420:37:46

After 23 years in the army, he's trying his hand at developing for the very first time.

0:37:460:37:50

He'll be working alongside skilled joiner Kevin.

0:37:500:37:53

I went back to the property to meet them.

0:37:530:37:57

Good to meet you. Congratulations.

0:37:570:37:59

-Thank you.

-Tell me why you wanted to buy this place.

0:37:590:38:01

Well, I left the armed forces back in March.

0:38:010:38:04

I bought a house over on the Wirral.

0:38:040:38:06

It needed quite a bit of work doing to it.

0:38:060:38:08

-Kev was on hand to do most of the work.

-Right.

0:38:080:38:10

But he goes back more as a family friend, going back a fair few years.

0:38:100:38:15

I needed something to do, so it's an outlet for both of us.

0:38:150:38:19

Tell me about the relationship between you two.

0:38:190:38:22

I had my gratuity and some other savings doing nothing in the bank.

0:38:220:38:25

So we came up with a business plan of buying a property at auction, see if it works out.

0:38:250:38:30

Do you provide the financial side of things and you the building expertise?

0:38:300:38:34

A little of both. I'm a joiner. Alan's got a background in electronics, so we'll combine that.

0:38:340:38:41

So why now? Just because now is a good time for you?

0:38:410:38:45

Jobs-wise I've got quite a few interviews coming up

0:38:450:38:48

so at some point in the build and getting the house ready

0:38:480:38:51

I might have to shoot off and start work.

0:38:510:38:54

Right. The idea is to build a portfolio of how many properties, do you think?

0:38:540:38:58

Not necessarily. The idea is to see how this one goes.

0:38:580:39:02

It might be a case of selling straight off and run away with the profits.

0:39:020:39:05

If the market isn't up to it, we might rent it out.

0:39:050:39:08

So these two mates both bring something to the development table.

0:39:080:39:13

The plan is for Kevin to do all the structural work

0:39:130:39:16

while qualified electrician Alan will undertake all the electrical work and everything else.

0:39:160:39:21

-# I got work to do

-I got work to do

0:39:210:39:24

# I got work to do. #

0:39:240:39:25

So it sounds like a good start for this business relationship.

0:39:250:39:30

But what attracted them to this particular half-started property?

0:39:300:39:35

It's local to where Kev works, but a bit further for me.

0:39:350:39:39

He's got lots of building friends, roofing friends that can help out with the project.

0:39:390:39:43

What did you think of the house itself?

0:39:430:39:46

Compared to some of the ones we actually inspected,

0:39:460:39:49

it was in relatively decent condition.

0:39:490:39:52

Quite a bit of work is already completed so it seemed the obvious one to go for.

0:39:520:39:57

Taking on a project somebody has started, what will you do

0:39:570:40:00

to make sure that the work that's been done is up to standard?

0:40:000:40:04

Everything in existence will have to be tested, inspected properly,

0:40:040:40:08

-and we'll go from there.

-What's the plans for it?

0:40:080:40:11

Building-wise we're going to knock downstairs into one through-lounge.

0:40:110:40:16

At the moment it's two separate rooms.

0:40:160:40:19

The roof needs a lot of work doing to it.

0:40:190:40:21

We need a full kitchen, bathroom.

0:40:210:40:23

-So you'll be doing most of the physical building work, Kevin?

-Yes.

0:40:230:40:27

What's the biggest challenge going to be?

0:40:270:40:30

I don't really see any big challenges.

0:40:300:40:32

It's just the order in which we do things

0:40:320:40:37

to try to make sure it's continuous and completed as soon as possible.

0:40:370:40:41

So what is the timescale?

0:40:410:40:42

We're hoping for around four weeks

0:40:420:40:45

but that's dependent on other things.

0:40:450:40:49

There's no power so we have to get the power company in

0:40:490:40:52

and other contractors for the likes of the roof and the gas.

0:40:520:40:56

-What about the budget?

-We've got a budget ceiling of 10,000.

0:40:560:41:01

-We're hoping to come well under that.

-Congratulations. Good luck with it.

0:41:010:41:06

We look forward to seeing how you get on.

0:41:060:41:08

# I got work to do I got work. #

0:41:080:41:12

Well, Kevin's clearly got the experience to make a success of this

0:41:120:41:17

but with him and Alan's plan dependent on the sale of the property in these tough times,

0:41:170:41:23

will it be a success or not? You can find out later in the show.

0:41:230:41:27

It's been a while now since we last saw those properties.

0:41:300:41:33

Yes, work should have been done, but as we know from bitter experience,

0:41:330:41:37

that's not always the case.

0:41:370:41:39

Problems can arise. Let's go back and see what's happened.

0:41:390:41:44

We're back in Shipbourne near Tonbridge in Kent

0:41:460:41:49

to see how Tom and Kate got on with their semi-detached stable conversion.

0:41:490:41:52

Externally the house looked fine

0:41:520:41:55

but inside it needed some serious upgrading.

0:41:550:41:58

It was a mishmash of styles and periods.

0:41:580:42:00

There was that serving hatch leading to a tiny, pine-clad kitchenette.

0:42:000:42:05

Upstairs lurked a psychedelic blue bathroom.

0:42:070:42:11

With one small child and another on the way,

0:42:110:42:15

Tom and Kate had spent almost every penny they had buying the place,

0:42:150:42:19

so they had very little left to fix it up.

0:42:190:42:22

We did stretch ourselves but we've got this blank canvas

0:42:230:42:26

and this is a long-term project.

0:42:260:42:28

You know, it's clean. It's dated, but it's clean and we can live in it. It's fine.

0:42:280:42:33

Absolutely. It's habitable, yes.

0:42:330:42:37

Kate and Tom paid £380,000 for the four-bedroom house.

0:42:370:42:42

They had a budget of £10,000 to sort out the most urgent things.

0:42:420:42:47

The plan was to move in after a couple of months

0:42:470:42:50

and complete the renovation over the longer term.

0:42:500:42:53

We've come back 14 months later

0:42:550:42:57

to see how Kate and Tom's first year has gone.

0:42:570:43:01

Outside, the house has been freshened up

0:43:080:43:11

and in the back garden there's a brand-new double doorway punched through,

0:43:110:43:15

allowing access from the house.

0:43:150:43:17

The pokey pine-clad kitchen has been knocked through to the dining room.

0:43:170:43:21

There is a new flow to the downstairs,

0:43:210:43:24

making the most of the vast amounts of light which bathes the house.

0:43:240:43:29

Kate and Tom have had their hands full with much more than this lovely home.

0:43:290:43:33

Toddler Lucy has a brand-new baby brother, Max.

0:43:330:43:37

And so much for spreading the renovation work over the long-term.

0:43:380:43:42

The place has been completely transformed, from top to bottom.

0:43:420:43:47

This room was the trigger, the catalyst, for the whole project.

0:43:540:43:59

Starting with this, which used to be a wall.

0:43:590:44:02

We took the wall down, which left a wooden beam,

0:44:020:44:07

which we had to strengthen.

0:44:070:44:08

We realised after we'd taken the wall down, that it wasn't strong enough to support upstairs,

0:44:080:44:13

so we had to put some steel plates that we had made either side of that wall

0:44:130:44:18

This used to be where the hatch was

0:44:180:44:20

and there was a very small galley kitchen here.

0:44:200:44:24

We bought a kitchen which I assembled. We got a friend to fit it.

0:44:240:44:28

When I look at this room now, it's a perfect room for a family.

0:44:280:44:31

We've got this doorway that we've put in that used to be a window.

0:44:310:44:35

To connect a large family room and living space with outside

0:44:350:44:39

is what we always wanted in a house.

0:44:390:44:43

# Home is where I want to be

0:44:430:44:46

# But I guess I'm already there. #

0:44:460:44:49

The couple were on a roll

0:44:490:44:51

and their enthusiasm carried them away beyond sorting out the kitchen.

0:44:510:44:56

Well, we knocked the wall down in the kitchen

0:44:570:44:59

and then we decided if we've done that, we should do this and it just snowballed.

0:44:590:45:04

We had to keep costs down because it has been a stretch to buy the house.

0:45:040:45:09

We've had to roll our sleeves up and call on the family for help.

0:45:090:45:13

Not financial help, help as in getting their hands dirty

0:45:130:45:16

and coming here every weekend and helping.

0:45:160:45:19

It got more and more exciting as the project evolved

0:45:190:45:21

and we suddenly saw this house open up and we saw the potential.

0:45:210:45:25

Everything we've done we knew we would do eventually.

0:45:250:45:28

# Hand me that list of what's not to be done

0:45:280:45:33

# And I'll start doing it today. #

0:45:330:45:35

So go on, Tom and Kate, give us the list.

0:45:350:45:40

We've ploughed acres of woodchip off the walls and redecorated.

0:45:400:45:43

We've had to put a damp course in throughout the whole of downstairs,

0:45:430:45:47

so all the plaster came off which revealed some cracking and weakness in the walls.

0:45:470:45:52

So we strengthened those walls with HeliBars.

0:45:520:45:56

-Redid the bathroom.

-We've redone both bathrooms, upstairs and downstairs.

0:45:560:46:00

We've replaced all the electrics.

0:46:000:46:02

We've replaced the boiler system and the heating system.

0:46:020:46:06

We had to tie the roof in and insulate it.

0:46:060:46:10

We replaced a couple of windows as well, didn't we?

0:46:100:46:13

Yes and all of the banisters.

0:46:130:46:14

Re-carpeted the whole house, re-painted the whole house, replaced all the doors.

0:46:140:46:18

-I think that's probably it.

-And we got the fire.

0:46:180:46:22

Yes, we recommissioned the fireplace as well, because you can't live in a cottage without a fire.

0:46:220:46:27

Upstairs the four tatty bedrooms have been transformed.

0:46:270:46:31

Lucy has her bedroom.

0:46:310:46:34

And Max has his.

0:46:340:46:37

Tom and Kate's master bedroom is a haven of peace with a heavenly view.

0:46:390:46:43

During the project we were lucky enough to live at my parents' house,

0:46:450:46:49

which was fantastic because it was a dangerous building site.

0:46:490:46:52

Floorboards coming up, walls coming down, etc.

0:46:520:46:55

So it was a place we didn't really want the children.

0:46:550:46:58

There was no way we could have lived here.

0:46:580:47:01

There was rubble everywhere, the wall was down. It was dangerous, basically.

0:47:010:47:05

No heating, no electrics. So we had to get the project done very quickly.

0:47:050:47:09

We pushed on with it, really.

0:47:090:47:12

Tom and Kate have completed an incredible amount of work here

0:47:120:47:16

but it's taken them every evening and weekend for just over a year

0:47:160:47:19

to make this tired old house into their dream home.

0:47:190:47:24

I think my favourite bit of the house is probably the sitting room.

0:47:240:47:27

It's really nice to sit here in the evening and watch a film.

0:47:270:47:32

Really cosy.

0:47:320:47:34

This works really well as a family home because there's a bedroom each for the children

0:47:340:47:38

and there's just so much space. We love the space here.

0:47:380:47:42

They did almost all the work themselves,

0:47:420:47:44

as well as pulling in help from family and friends.

0:47:440:47:47

So just how did their budget fare?

0:47:470:47:49

We haven't worked out exactly how much we've spent yet

0:47:500:47:54

but I think the figure, give or take a couple of thousand pounds,

0:47:540:47:58

that comes to mind is about £35,000.

0:47:580:48:01

They bought the property for 380,000

0:48:030:48:05

and spent £35,000 on the refurbishment,

0:48:050:48:08

bringing their total outlay to £415,000.

0:48:080:48:12

It's time to find out what two local estate agents think

0:48:130:48:17

of all their hard work.

0:48:170:48:19

First impressions of the property, stunning. The location is fabulous.

0:48:190:48:23

It's a very popular area and it's been done up very well.

0:48:230:48:26

I think the standard that they've finished the whole project to is very good.

0:48:260:48:31

The kitchen having white fittings makes it very light and airy

0:48:310:48:34

and the colour schemes throughout make the property feel very light.

0:48:340:48:38

Clearly Tom and Kate have no intention of selling this house in the short to medium term,

0:48:380:48:44

but what do the local experts think it's worth now?

0:48:440:48:47

I would expect the property to achieve in the current market

0:48:470:48:51

somewhere in the region of £525,000-£550,000.

0:48:510:48:55

I'd expect this property to achieve in the region of £500,000.

0:48:550:48:59

Those valuations would give Kate and Tom a profit

0:48:590:49:02

of between £85,000 and £135,000 before costs and expenses.

0:49:020:49:08

-Wow, that's good.

-Pleased with that. We've done pretty well on that.

0:49:080:49:12

That's more than we expected.

0:49:120:49:14

So with their forever family home in their ideal village,

0:49:140:49:18

have Kate and Tom finally finished tinkering with it?

0:49:180:49:22

We enjoyed the challenge. It was great fun as it went on.

0:49:220:49:26

With houses, these things will continue

0:49:260:49:29

and there is potential with this house to go up into the attic.

0:49:290:49:32

There's a huge room up there

0:49:320:49:33

where we could have an en suite and a separate master bedroom.

0:49:330:49:37

-Perhaps that's something we'd consider in the future.

-Not yet though!

0:49:370:49:40

We're now returning to Liverpool where, earlier in the programme,

0:49:450:49:48

this three-bedroom end of terrace was bought for £45,000 by Alan.

0:49:480:49:54

He had recently left the armed forces after 23 years.

0:49:540:49:57

He's a qualified electrician and although he'd funded the purchase,

0:49:570:50:02

it was a joint investment project with his builder friend Kevin.

0:50:020:50:06

They were going to split any proceeds when the house was sold.

0:50:060:50:09

-So you'll be doing most of the physical building work, Kevin?

-Yes.

0:50:120:50:15

What's the biggest challenge going to be?

0:50:150:50:18

I don't really see any big challenges.

0:50:180:50:21

It's just the order in which we do things

0:50:210:50:25

to try and make sure it's continuous and completed as soon as possible.

0:50:250:50:29

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

0:50:290:50:31

and Alan and Kevin have invited us back.

0:50:310:50:35

The flaky, crumbling exterior has gone.

0:50:350:50:38

It's now repainted red and black.

0:50:380:50:42

Inside, the door to the front room has been bricked up.

0:50:440:50:49

The living room has been knocked through to make one large open-plan room.

0:50:500:50:54

The door to the kitchen is now straight off the living room.

0:50:580:51:02

A mid-range kitchen and appliances have been installed.

0:51:020:51:06

A new boiler has been put in but, as Kevin explains,

0:51:110:51:14

the house had some serious damp issues.

0:51:140:51:17

Obviously the property had been vacant for a while

0:51:170:51:21

and there was an issue with the down spout which had been blocked.

0:51:210:51:26

That had been shedding water down the brickwork which caused rot on the floor.

0:51:260:51:32

The joist we had to replace, damp proof it

0:51:320:51:36

and help the neighbours get a night's sleep

0:51:360:51:38

because Niagara Falls was pouring every time it rained.

0:51:380:51:41

So the leaking downpipes were replaced front and back

0:51:420:51:46

and the brickwork repointed and painted.

0:51:460:51:49

It took longer than they'd initially planned

0:51:490:51:52

as the gas and electricity supplies needed attention.

0:51:520:51:55

But when they'd got that sorted they thought they were ready to crack on.

0:51:550:51:59

As soon as we got power in, we were motoring ahead

0:52:020:52:05

until we hit the brick wall called the roof,

0:52:050:52:08

which was the original roof dating back well over 100 years.

0:52:080:52:12

Everything inside and underneath was rotten.

0:52:120:52:15

When they found the rot, the roof had to be fixed.

0:52:150:52:19

The house had been empty for eight years, we found out from a neighbour.

0:52:190:52:23

Eight years of water seeping through.

0:52:230:52:25

Pretty much every wall had to be torn down and replaced.

0:52:250:52:28

Although the property appeared only to need decorating

0:52:280:52:32

with a new kitchen and bathroom to be installed,

0:52:320:52:35

in fact, behind the plaster, the wall and timbers had damp rot.

0:52:350:52:39

So the whole lot had to be stripped out.

0:52:390:52:44

However, they did at least manage to keep the windows

0:52:450:52:48

and front and back doors.

0:52:480:52:50

Everywhere had to be re-plastered.

0:52:500:52:53

There was rot on the floor that we had to replace.

0:52:530:52:56

All the doorframes, doors. Basically new everything.

0:52:560:53:00

But finally the three bedrooms and bathroom

0:53:010:53:04

are now ready for decorating.

0:53:040:53:06

Upstairs-wise myself and Kevin

0:53:080:53:10

have pretty much got to finish off the electrics, tidy up.

0:53:100:53:14

We've sorted loft access out through the rear and the main access there.

0:53:140:53:19

Finally, we've got to tidy the electrics and the paintwork.

0:53:190:53:23

Then we're done.

0:53:230:53:25

So Kevin's been busy plastering and plumbing in the new central heating.

0:53:250:53:30

But what about all the electrical wiring that had been installed?

0:53:300:53:33

A lot of the electrics, believe it or not, were sound.

0:53:330:53:37

I tidied some of them up.

0:53:370:53:39

There were a few extensions to a few sockets, lights,

0:53:390:53:43

tidying up and making things safe.

0:53:430:53:46

Kevin and Alan worked together to start with

0:53:460:53:48

but when Alan got a job as a plant maintenance technician,

0:53:480:53:52

he could only come down at weekends.

0:53:520:53:54

So who ended up doing all the work?

0:53:540:53:57

I'd say percentage-wise Kev's probably done 70-80% pretty much all by himself.

0:53:570:54:02

What effect does has all that extra work had on the budget

0:54:020:54:06

which Alan had initially set at £10,000?

0:54:060:54:09

How much does it look as though it will cost now?

0:54:090:54:12

We'll either be on budget or slightly over once we've got the carpet in and the wooden floors have been laid.

0:54:140:54:20

Time to see what two local estate agents think of the house,

0:54:210:54:24

with its new roof and open-plan living room.

0:54:240:54:29

A few things that stand out

0:54:290:54:30

about the property are it's a nice kitchen-diner,

0:54:300:54:33

it's quite a nice bathroom fitment as well.

0:54:330:54:36

When it's finished, it will be quite a good job.

0:54:360:54:38

Looks good. They've got a new fitted kitchen, new bathroom suite.

0:54:380:54:43

They've decorated neutral which everybody wants.

0:54:430:54:46

I'm not a great lover of turning two rooms into one.

0:54:460:54:49

I would rather have kept it as two separate rooms and not knocked through into one.

0:54:490:54:54

Alan's plan remains the same - to sell the property

0:54:550:54:57

and hopefully take a profit.

0:54:570:54:59

But if he has to rent it out, how much income could he generate?

0:54:590:55:04

The rental market round here is quite good,

0:55:040:55:07

so it should fetch around about £500 per calendar month.

0:55:070:55:10

Rental-wise I think it will fetch around £550.

0:55:100:55:14

That's £6,000 a year, isn't it, essentially?

0:55:140:55:18

During that time the value of the property can creep up,

0:55:180:55:21

so it's a last option, basically.

0:55:210:55:25

How much could the house sell for?

0:55:250:55:27

Alan paid £45,000 at the auction

0:55:270:55:30

and even with all the problems,

0:55:300:55:32

thinks he should get the budget to come to £10,000.

0:55:320:55:35

So is it worth more than £55,000?

0:55:350:55:38

In the current market this should fetch in the region of £80,000.

0:55:420:55:46

Sales terms, probably around £75,000-£85,000.

0:55:460:55:51

That range of valuations would generate a gross profit

0:55:510:55:55

before the usual selling expenses of £20,000-£30,000.

0:55:550:56:01

A little below what I expected.

0:56:030:56:05

I think by the time we've finished it,

0:56:050:56:07

the property will be a little bit more than that.

0:56:070:56:10

With that leaking roof and all the damp issues,

0:56:100:56:13

this first joint property development project turned into a baptism of fire.

0:56:130:56:18

So has it been a good experience for Kevin?

0:56:180:56:22

Yes. Eventful. It's been emotional.

0:56:230:56:27

So would they do it again?

0:56:280:56:31

-Yes, I would think so.

-Possibly. We'll keep our friendship alive.

0:56:310:56:35

I think the wife's got some ideas of home improvement

0:56:350:56:38

so I think Kev's in the line for that.

0:56:380:56:41

There you have it, another set of property owners who have experienced

0:56:440:56:48

the dizzy heights and worrying lows of buying houses at auction.

0:56:480:56:52

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

0:56:520:56:56

-We'll see you then.

-Goodbye.

0:56:560:56:58

Subtitles by Red Bee Media Ltd

0:57:080:57:12

E-mail [email protected]

0:57:120:57:16

Martin Roberts and Lucy Alexander visit a development in the Kyle of Lochalsh, a property with a converted stable block in Kent and a mid-terrace in Liverpool. All of these properties have been sold at auction - find out who bought them and what they paid when they went under the hammer.