Episode 88 Homes Under the Hammer


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Episode 88

Martin Roberts and Lucy Alexander visit a property in Ilkley, Yorkshire, a semi-detached home in Southampton and an end-of-terrace in Shropshire.


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Hello. When it comes to buying property,

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there's nothing quite like the thrill of the auction room.

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With fast-paced bids and pounding hearts, the auction room can sometimes be electric.

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Yes, so join us now on the exciting rollercoaster ride that is going to the auction.

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Well, whether it's a flat in Fareham, a semi in Stockport

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or a bolthole in Borrowdale, you'll find what you're looking for at the auctions.

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Today we'll meet some people searching for their perfect property.

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Let's see what tickled their fancy,

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'In Ilkley, Yorkshire, there's the whiff of a bargain with a not-so-fragrant neighbour.'

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That is the sewage works.

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'I turn detective at this semi-detached in Southampton.'

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I've got to work out what is going on with this layout.

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And where's the rest of the house?

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'And in Shropshire, there's an end-of-terrace that bugs me.'

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There is a slight fly in what is, up to this point, a pretty good bit of ointment.

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'All these properties have been sold at auctions. We'll find out who bought them and what they paid

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-'when they went under the hammer.'

-HAMMER BANGS

-Sold to you, sir.

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'Ilkley in West Yorkshire is a really lovely spa town and popular tourist destination.

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'The moor above the town is the subject of a cautionary folk song.'

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# On Ilkley Moor baht'at

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'The song warns about courting in the open air without a hat.

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'So will the property I'm here to see leave me cold

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'or will the buyer be crowning themselves in glory?

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'The guide price was £180,000 to £200,000,

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'which on paper sounds like a real bargain.'

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So, I am genuinely very, very excited.

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But that guide price being so low, it's just...

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It's started some alarm bells ringing, for sure.

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This part of town, you could almost say it's the dead end part of the town

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where the cemetery is, is where the property is located.

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Not necessarily a bad thing in its own right. Quiet neighbours, for sure.

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However, it gets worse, because that is the sewage works.

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You can see it but you can't smell it

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and just thank your lucky stars you can't. It is pretty pongy.

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But the property itself...is lovely.

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So maybe there's light at the end of the tunnel. Let's take a look inside.

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# Ooh, that smell

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# Can't you smell that smell?

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'The roof may need a bit of TLC, but I think this property has the whiff of something special about it.'

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So what have we got? Well, straight through the front door, and a nice one it is, too,

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imagine that stripped back, I bet it's beautiful wood,

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into this little reception area. Somewhere to hang your coats.

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First living room over that way and then the second living room here.

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Reasonably high ceilings and it could be in a worse state.

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I like the fact you've got this little reveal here with lots of light coming in.

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And as a second space, it's not bad.

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However, it starts to go a bit wrong when you come over to this side because that is the loo.

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Er, off the living room?

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'It gets even better, because it's not just a loo off the sitting room.

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'In fact, it's your only bathroom off the sitting room.'

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And then through to the kitchen. Again, I'm just not getting that feeling of things being right

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when it comes to the layout. The kitchen itself, well, I suppose you could live with it.

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I'd want to spend some money in here really turning it into something a bit more attractive.

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But more than that, I want to do something with the layout to make it work!

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# Come on, come on, let's work together

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'There's got to be a way of making this layout work.

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'Here's hoping you can move the bathroom off the ground floor.'

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Well, upstairs, and it seems that with every step you take, the problems get worse.

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Wallpaper coming off here. All sorts of damp patches just up there. Then you get onto the landing.

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The bedroom on that side, what is going on there?

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All this wallpaper, lots of mould. I mean, that's the smallest of the bedrooms.

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Let's try and be positive for a second, cos there's two really nice sized doubles here.

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But look at this. Same problem. It probably all goes back to the same thing, a real issue with the roof.

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And it doesn't feel like it's been lived in for a while,

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so all that damp has had a chance to really seep into the property.

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First thing, get that sorted out.

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Second thing, you can start thinking about what you might want to do with this place.

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Given that this is such a big room and that toilet downstairs doesn't really work,

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maybe there's a way of rejigging the layout to incorporate an upstairs bathroom.

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I'd certainly do that as second priority. First priority, the roof.

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# I got a house that leak

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# I got cold, cold in my feet

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'But get a roofer on the case and hopefully things will dry out.

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'Then you can start playing with the layout, and it looks like the garden is ripe for a rejig, too.'

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# Yeah, I'm ready, I'm ready for love

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Well, out through the back door into a little courtyard, but straight away, that smell!

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It's quite intense, to be honest. But anyway, what have we got?

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A little courtyard area.

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A storage area there. You can never have too much of that kind of outdoor storage,

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somewhere to store your mower or your bike. There's another bit here, which is good.

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That could possibly be integrated with the house, but I'd keep it as it is.

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This is your main leisure area. As you can see, it's laid with this gravel stuff.

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And lots more of the natural stone which gives the property its charm.

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This would be an ideal place to have your table and chairs for your outdoor barbecues and stuff.

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But you are going to have to invest quite heavily in scented candles.

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# Because there's something in the air

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'What does a local estate agent make of the place?

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'Remember, its guide price at auction was £180,000 to £200,000.'

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First impressions of the property driving up to it,

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it's a fantastic Victorian building, lots of character.

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First impressions walking through the door, it's in a bit of a state,

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needs quite a lot of work. It's a real doer-upper, a real refurbishment prospect.

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'What could it fetch on the rental market?'

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My thoughts are, in refurbished form, we'd probably be looking at

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in the region of £650 to £700 per calendar month.

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'What about the resale market?'

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I think the challenge is, will it break the stamp duty threshold of £250,000?

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I certainly think, refurbished to a decent standard, £245,000 to £250,000 is very achievable.

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It's just a question of whether you can find somebody to break through and pay that additional stamp duty.

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Well, what you've got here is a really substantial house

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in a much sought-after part of the country.

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The issues, of course, are the graveyard, the light industry and the smells.

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Yes, there's a bit of work to do, but forget that.

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Reality is, in other parts of Ilkley, this would be a lot more expensive.

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So you pays your money, you takes your choice.

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

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Lot 105, the vacant three-bedroom detached stone-built lodge house.

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170 to start things off?

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170 if you will. Thank you, sir.

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Straight away at £170,000. 170 I've got. 171 I need.

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It's £170,000 we have.

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171 somewhere else.

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Are we all done at £170,000? Sorry.

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New bid at 171. 172, then. Yeah? 172. 173?

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It's £172,000 we have.

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173, new bidder. 173.

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174, then? 174 he will. 175.

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176.

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It's £175,000 we have.

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176 I'm looking for.

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Anywhere else at 176?

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It's £175,000 we have.

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Are we all done at £175,000?

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Selling, then, for the first time at £175,000.

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Second.

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-Third and final time, all finished?

-HAMMER BANGS

-Thank you, sir.

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'That successful bid of £175,000 was placed by William.

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'He's a full-time property developer from Leeds

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'who used to run a business hiring out marquees.'

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# William

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# William it was

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# Really nothing

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# William

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# William

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'So, will this venture be all about champagne and celebrations

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'or a bit of a damp squib?'

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-William, great to meet you. Congratulations.

-Thank you.

-What an interesting property.

-Absolutely.

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-It wasn't something I intended to buy at the beginning of the auction.

-What do you mean?

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I was actually there to buy a couple of other lots

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but with this being where it is and what it is,

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I'd seen the guide at between £180,000 and £200,000,

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when the auctioneer was getting bids at 170,

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I thought, "I'll bid it up to 175 and let other local investors take it from there".

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And I took it to 175 and there wasn't a local investor to take it further,

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so it's ended up with me, from Leeds, stepping into the Ilkley market and getting a little bit involved.

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So tell me about this property. What are you going to do to it?

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Well, I think one of the things with orphan properties you often find

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is they tend to be orphans within the property market.

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-What's an orphan property?

-It's one that really, on the open market, can't find its own way.

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-Erm, you know, who has run out of love along the way.

-Aww!

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And a property like this really has. It's a great property.

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It's stone-built, it's got big rooms. It has perhaps gone a little bit too far for a DIYer to say,

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"I'll just jump in and sort that out". It now needs someone who says, "I'm going to throw a team at it,

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"we're going to sort it out quickly, efficiently, bring it back up to standard and spec

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"and then get it back on the open market."

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'Sounds like William might have a career care plan for giving this orphan property a second chance.'

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# Whoa, whoa, whoa, sweet child of mine

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'But this is going to be no walk in the park.'

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What about the roof? Obviously a problem there.

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What you've had, I think, is a situation where over time there's been some lead stolen from the roof

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and then there's been a bad repair, you've got a few slipped tiles.

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So key thing to do is to make the envelope of this house absolutely watertight

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and to bring the roof back up to standard. So I've already got a chap going up on Monday.

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He'll be up on the roof, photographing, preparing a report,

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working out exactly what needs doing, then we'll get that done.

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As soon as we've got that done, we'll have the house ripped out,

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we'll have got all the old carpets, all the old wallpapers, all the old woodwork, everything out.

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We'll reskim the house.

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We'll be adjusting plumbing, electrics, et cetera, as required with all the necessary certification.

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And as soon as we've got that, we'll start bathrooms, kitchens, et cetera.

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'William's plan includes sorting the layout downstairs

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'and moving the bathroom upstairs, which I think is a great idea.

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'He's giving his team 10 to 12 weeks to do the work.

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'How much does he think he'll spend?'

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I've budgeted about £25,000.

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I employ my own staff, so I'm looking at cost of works being the best possible price.

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I'm also very aggressive on getting the best prices for bathrooms, kitchens, et cetera.

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So I feel like I'm well prepared to operate sensibly and within the realistic budget.

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So the things which would've probably put some people off,

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the cemetery, the smell from the surrounding works,

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you've factored that into your calculations?

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The thing is, everything has a price in the marketplace.

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And realistically, for the same price I'm selling this,

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you'd be getting probably a fairly average 1930s semi.

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Now, when you look at the opportunity to have a beautifully stone-built house

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and you think, "There's an opportunity there and there's a buyer for that."

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So you've got to say, "Where's my buyer? At what price can I attract that buyer?

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"And from that price, can I then have enough money to renovate the property

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"and purchase the property while still making, say, £40,000?"

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And that's the sort of margin we're working in with this property.

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Lovely to meet you. Congratulations. Good luck with it.

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-Thank you.

-I look forward to seeing how you get on.

-Absolutely.

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Well, has this orphaned property found a good foster parent in William?

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I think probably so. The bigger question for me is

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will William find a buyer who's so inspired by what he does to the place

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that they put up with the smell that's outside?

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Will William, in fact, come up smelling of roses?

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You can find out later in the show.

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I'm in Southampton in Hampshire, the city with strong maritime history.

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In the early 20th century, the docks were and still are a major employer in the area,

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home to luxury yachts and liners as well as commercial traffic.

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Indeed, in 1912, the doomed Titanic set sail from this very port.

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Southampton is looking at a more buoyant future, however,

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with investments in the town centre, redeveloped docklands and a thriving university

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which constantly achieves status as one of the best in the country.

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I wonder if the property market is more super yacht or sinking ship.

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# Big ship following me

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# Love is a big ship following me

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Here in the suburb of Freemantle, I'm just a couple of miles from Southampton City Centre.

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The property I'm here to see has got two bedrooms,

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it's a semi-detached house and it's got a guide price of £100,000.

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Now, I know that was lowered by the auction house from £115,000 to £120,000,

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presumably to attract more interest.

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Well, here it is. It's a house and a half!

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Let's get inside and see if it's halfway decent.

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# Half a minute

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'Very strange. It's like a chunk has been taken out of the side of the house.

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'It's obvious that a new side extension was added at some point

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'but for whatever reason it was just made single storey.

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'At least there's a decent driveway

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'and from the outside it looks as though the place is in reasonable condition.'

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Well, this is very odd. You walk into the new extension

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and you're confronted with a shower room with no bath

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and then you've got the kitchen.

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It's not been integrated into the main part of the house at all.

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And the general feel of the place is tired and dated.

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But you learn to expect that from auction properties

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and it does give you scope for improvement, which is a good thing.

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But I would suggest a new kitchen, though. Definitely get a bath in that bathroom.

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But before I even think about cosmetics,

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I've got to work out what is going on with this layout. And where's the rest of the house?

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# Upside down

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# Boy, you turn me

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# Inside out

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# And round and round

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'This area feels like a little annex

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'and I hardly think it's practical to have your only bathroom by the front door.

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'Let's hope the rest of the house is, well, more coherent.'

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From the kitchen, you enter this small dining area

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with the narrowest stairs I think I've ever seen. Not good.

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Into this living room. I've walked almost a full circle from the front door.

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But I think the obvious thing to do here would be to put a door here on this wall

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so you've got access from the hall. And personally, I think I'd get rid of this wall, as well,

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to create a large open-plan living space. Now, that means that you will lose the separate dining room,

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but I think it will just feel much more spacious and open.

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Now, one slight worry of mine is that in this far corner down here, can you see this?

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The floor is actually bouncing.

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This half of the house is old, it's Victorian, so it's likely there's some damp down there.

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I'd definitely get that checked out.

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# Confusion

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'I was hoping for coherence, but all I'm getting is confusion.

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'The rest of the house gets even more creative with its layout.

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'There's the tired old extension at the rear, complete with inside/outside loo.

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'Up the teeny-weeny stairs, there's a teeny-weeny bedroom

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'complete with an internal window.

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'At the front of the house, there's a decent size bedroom complete with worrying cracks.

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'One saving grace is this well-proportioned garden

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'and it comes with your very own supply of cheerful garden gnomes.'

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I think the solution to this confusion is clearer from the outside of the house.

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As it stands, we have an extension which is crying out to be continued upwards.

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At the moment, it just looks like the builder ran out of bricks and has chucked on the roof.

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By extending upwards, you'll be able to move the bathroom upstairs and with some clever design,

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fit in another bedroom. Downstairs you could then open up the kitchen into this former shower room

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and still retain a separate living area with access from the front door.

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What needs checking is the reason why this wasn't done in the first place.

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Was it the decision of the owner or was it a planning problem?

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And costs certainly need to be considered here.

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In my opinion, though, this house needs help and I think this is the best way forward.

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# Help, I need somebody

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# Help, not just anybody

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# Help, you know I need someone, help

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'What does the local estate agent think of this odd house

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'with its discounted guide price of £100,000?'

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The house in the layout at the moment is still flawed.

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If this was my property, I'd apply for planning permission

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to take the single-storey extension to a two-storey extension

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and then refurbish it into a two or three-bedroom house from there.

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# Half a minute

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'Although planning permission can't be taken for granted,

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'what would doubling the height of the extension do for the value?'

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I think if the property was converted into a three-bed,

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it would be worth about £165,000.

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This house is a muddle, but there are solutions to the mess.

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It all depends whether you want to do a quick refurb and let it out

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or actually reorganise this semi.

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But it's in a good location and with the lowered guide price, it's much more appealing.

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Let's see who agreed at the auction.

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OK, then, ladies and gentlemen, we'll start with lot number one

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in Freemantle, Southampton.

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Let's start the bidding. Very cheap. Do we have a bid of 80,000?

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We do, sir, thank you. That's 81. Thank you. 81.

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Back to you at 82 in the centre. 82 is bid.

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83? 83, right-hand side. And 4? 84, thank you.

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85 we have. 86? 86 in the centre.

0:20:020:20:07

87 on the right-hand side. 88,000 we have.

0:20:070:20:10

89, back out on the right. 90?

0:20:100:20:14

You're thinking about it. 90.

0:20:140:20:17

91, sir? 91 on the right-hand side.

0:20:170:20:21

Is there 92 elsewhere in the room?

0:20:210:20:23

92, same bidder. 93. 93 is with you, sir.

0:20:230:20:27

Yes, 94, but very laboured.

0:20:270:20:30

95 I have. £95,000 I have for the first time.

0:20:300:20:35

95,000 I have for the second.

0:20:350:20:38

95,000 I have. 96, new bidder on the back wall.

0:20:380:20:42

Nearly had the hammer down then. 96. You were nearly there, sir.

0:20:420:20:46

97? No?

0:20:460:20:48

It's 96 with you. I'll give you 500, you've been there from the start.

0:20:480:20:51

Yep? 96 and a half we've now got.

0:20:510:20:54

96 and a half. 97? No?

0:20:540:20:58

96 and a half still with you, sir. 96 and a half once.

0:20:580:21:01

96 and a half twice.

0:21:010:21:04

-96 and a half for the third and final time.

-HAMMER BANGS

0:21:040:21:07

Sold to you, sir, £96,500. Well done.

0:21:070:21:11

'The successful bidder was builder Andy who lives in the area.'

0:21:110:21:16

# The concrete and the clay beneath my feet begins to crumble

0:21:160:21:20

'Andy usually builds new houses but is taking on his very first renovation

0:21:200:21:25

'and his very first auction purchase.

0:21:250:21:27

'I met him at his wayward new property to hear what plans he had for imposing some order.'

0:21:270:21:32

-Congratulations, Andy.

-Thank you.

-You must be so pleased.

0:21:340:21:37

-I think so.

-What was it about this house that you liked so much?

0:21:370:21:40

It just seemed right that I could maybe convert it into a couple of small houses.

0:21:400:21:46

-Convert it into a couple of small houses?

-Very small.

0:21:460:21:49

It obviously needs a lot of renovating anyway and the house is a strange layout.

0:21:490:21:54

It needs altering and I felt that was maybe a better way to go with it than just creating another two-bed house.

0:21:540:22:01

It's quite incredible that you would think that. When you walk in, you're right, it completely doesn't work.

0:22:010:22:07

But two houses? That is something I didn't even think about myself.

0:22:070:22:11

Have you spoken to the local council?

0:22:110:22:14

We're just doing it at the moment, so nothing's been done yet,

0:22:140:22:18

but we're going down that route now with the planning permission.

0:22:180:22:21

-What do you think the realistic chances of that happening are?

-I think it's fairly good.

0:22:210:22:26

But my worry with that is that you would have two incredible small houses.

0:22:260:22:32

-I mean, this is quite a small house as it is. You would literally have one room above another room.

-Yeah.

0:22:320:22:37

Except we're planning an extension out the back, a fairly big extension,

0:22:370:22:41

and going up on the lean-to at the side to create a two-bedroom house on this side

0:22:410:22:46

and a one-bed on the left-hand side.

0:22:460:22:49

-So you've almost bought one and you're trying to get one free.

-Yeah.

-Buy one, get one.

-That's right.

0:22:490:22:54

'So Andy thinks it's a two-for and there are actually two houses here, not one.

0:22:540:23:00

'He'll do most of the work here himself and he has fellow builder Steve to help him.

0:23:000:23:05

'But I want to hear more about how those figures stack up.'

0:23:050:23:08

-How much is it going to cost you to build the extensions?

-All in all, I could spend £70,000.

0:23:080:23:13

And how long do you think it will take you?

0:23:130:23:16

I think possibly six months when I've got planning permission.

0:23:160:23:19

Would you be happy to hold onto this and try and make it work if you didn't get the go ahead?

0:23:190:23:23

I might be better just to put it back in auction and sell it again if we can't.

0:23:230:23:28

Maybe sort out a few of the obvious things that are wrong. The lean-to on the back is very damp

0:23:280:23:34

and in a dreadful state. That will have to come down and we'll put an extension up out there.

0:23:340:23:39

-What about that square footage upstairs? How will you improve that?

-Well, yeah,

0:23:390:23:44

it needs more square footage upstairs but I think if I don't get planning permission,

0:23:440:23:48

it's going to be costly, on top of the lean-to.

0:23:480:23:52

I don't think I'd get my money back on the property.

0:23:520:23:55

So I might just stick with the downstairs extension and just leave the upstairs as two small bedrooms.

0:23:550:24:01

-And just improve the outside space out here?

-Yes.

0:24:010:24:05

I can see why that would be cost-effective for you, but it is incredibly small upstairs.

0:24:050:24:10

-There's not even a bathroom up there.

-That's right. The bathroom could do with being up there.

0:24:100:24:15

If I move the bathroom upstairs, I will have a room downstairs which I don't know what to do with.

0:24:150:24:19

It could be a small office. But it might be worth me building a two-storey extension out the back

0:24:190:24:24

-and maybe putting the bathroom above that.

-I really think so.

0:24:240:24:28

How much more would it cost you to go up a little bit more?

0:24:280:24:31

Probably about £10,000, £15,000.

0:24:310:24:34

-Andy, congratulations. This will be an exciting project. I hope you get planning permission.

-So do I.

0:24:340:24:40

-Let me know what happens. Well done.

-Thank you.

-Thank you.

0:24:400:24:43

I think Andy's grand plans for two houses makes economic sense

0:24:450:24:49

but I wonder if he's just not making double trouble for himself.

0:24:490:24:53

If he keeps it as one house, I'm glad he's planning to extend

0:24:530:24:56

but I think he really needs to increase that space upstairs.

0:24:560:24:59

This is a tricky one. Find out how it goes later in the show.

0:24:590:25:04

'Coming up, in Telford, what you see isn't necessarily what you get.'

0:25:040:25:10

If you look a bit closer, it's actually just single-glazing.

0:25:100:25:14

'In Southampton, is it double trouble turning one house into two for Andy?'

0:25:150:25:21

I felt like just doing it up, painting and decorating and selling it.

0:25:210:25:24

'But first, it's back to Ilkley to see if the orphan house has a brand new family.'

0:25:260:25:32

I've given it all the fostering it needs.

0:25:320:25:34

'We return now to Ilkley in West Yorkshire where full-time property developer William

0:25:390:25:44

'snapped up this three-bed lodge at auction for £175,000.

0:25:440:25:49

'He was undeterred by the sewage works that's nearby and the graveyard next door.

0:25:490:25:54

'He was determined to give what he described as an orphan property a fresh start in life.'

0:25:540:25:59

-What's an orphan property?

-One that really, on the open market, can't find its own way.

0:25:590:26:05

You know, it's just perhaps gone a little bit far for a DIYer to say, "I'll jump in and sort that out".

0:26:050:26:12

It now needs someone who says, "I'm going to throw a team at it

0:26:120:26:16

"and then get it back on the open market."

0:26:160:26:19

'William gave his team 10 to 12 weeks and a budget of £25,000

0:26:200:26:25

'to fix the leaky roof and rejig the clunky layout.

0:26:250:26:28

'15 weeks after our first visit, we're back to see if this orphan property

0:26:280:26:33

'has turned into a troublesome teen or whether William really is the daddy.'

0:26:330:26:39

# Daddy, daddy cool

0:26:390:26:42

# Daddy, daddy cool

0:26:440:26:46

# Daddy, daddy cool

0:26:480:26:50

# Daddy, daddy cool

0:26:520:26:55

'Ten out of ten for parenting skills, William.

0:26:570:27:00

'First thing to note is that the roof's been totally overhauled. But what about the changes inside?'

0:27:000:27:06

The first thing you notice about this room is the light and space created by the removal of the chimney.

0:27:080:27:13

We had originally a wall straight across here

0:27:130:27:16

which had a good three foot of chimney each side.

0:27:160:27:19

The space that's been generated there

0:27:190:27:21

has created a kitchen which feels big and spacious

0:27:210:27:25

and then also a dining area that has enough space for everything you'd want of your dining space.

0:27:250:27:32

'The old downstairs bathroom has become a bedroom.

0:27:320:27:37

'William has knocked through into one of the old outhouses to make an en suite

0:27:370:27:41

'and into the other outbuilding to make a walk-in cupboard.

0:27:410:27:45

'Upstairs the small bedroom has become a family bathroom,

0:27:450:27:48

'leaving two good size doubles, one of which now has an en suite shower room.

0:27:480:27:53

'It's a proper grownup now.'

0:27:530:27:55

I think I've given it all the fostering it needs.

0:27:550:27:58

You know, we've taken what was a roof that leaked

0:27:580:28:03

and we've got now a roof that doesn't leak.

0:28:030:28:05

We've taken small kitchens and small lounges

0:28:050:28:07

and made them into a big, open-plan, modern living space.

0:28:070:28:10

This house couldn't have asked for any more. We've taken it

0:28:100:28:14

and we have brought it absolutely up to date.

0:28:140:28:17

# She loves her daddy

0:28:170:28:20

'William also moved the wall in the garden, which opened things up

0:28:200:28:24

'and created a really lovely space.

0:28:240:28:27

'But surely the sewage works next door are an issue.'

0:28:270:28:30

I haven't found the smell to be a problem at all.

0:28:300:28:35

When we have done viewings of the property with prospective buyers,

0:28:350:28:39

more of them have actually said that they're not quite sure about being next to a graveyard

0:28:390:28:43

more so than the water treatment plant.

0:28:430:28:46

So I'm really not seeing that as a problem at all.

0:28:460:28:48

'There's still some work to do to finish the downstairs en suite, but how has William found

0:28:490:28:55

'the process of renovating here?'

0:28:550:28:57

It's been a really easy project.

0:28:570:29:00

The contractors are all in place.

0:29:000:29:04

We use the same guys wherever we go.

0:29:040:29:06

They know how I work and they know the quality of finish that I expect

0:29:060:29:10

and there just hasn't been any problems.

0:29:100:29:13

'Since William stuck to his £25,000 budget,

0:29:150:29:18

'his total outlay on the property is £200,000.

0:29:180:29:22

'What do two local estate agents make of the work he's done here?'

0:29:220:29:26

Really nice. There's a great mix of old and new with the style.

0:29:270:29:32

It's in a great location, great part of Ilkley, very popular

0:29:320:29:36

and it's a credit to the owner. He's done a very good job of the property.

0:29:360:29:40

I think the dining/living/kitchen is absolutely superb.

0:29:400:29:44

I think the quality of the finish is extremely good

0:29:440:29:46

and it's a lovely building.

0:29:460:29:48

'What could the property fetch on the rental market?'

0:29:480:29:54

I expect the rental to be in the region of £850 per calendar month.

0:29:540:29:58

We would look to market this property with a rental valuation of £1,200 per calendar month.

0:29:580:30:04

Whether it's £850 or £1,200 a month, it doesn't really matter.

0:30:040:30:07

I'm here to sell the property, not to rent it.

0:30:070:30:10

'What about that all-important resale value?'

0:30:100:30:14

I would put this property on the market at £287,500

0:30:140:30:19

with a view to achieving a figure of £280,000.

0:30:190:30:23

We would look to market this property for sale for prices in the region of £280,000 to £300,000.

0:30:230:30:30

I think £280,000 for this house is exactly right.

0:30:300:30:34

It's exactly what I expected it to be worth given what I've spent on the property

0:30:340:30:39

and what I purchased the property for.

0:30:390:30:42

Looking at it, we've got it on the market at the moment at £310,000.

0:30:420:30:45

It allows for an offer at ten percent below the asking price, which is acceptable to me.

0:30:450:30:50

'A sale at £280,00 could make William a pre-tax profit of around £80,000

0:30:510:30:58

'minus the usual fees and expenses.

0:30:580:31:00

'So has he enjoyed doing this renovation?'

0:31:000:31:03

Working on this property has been an absolute pleasure.

0:31:050:31:08

It's been great to take a house that was unloved, uncherished and orphaned and bring it back to life.

0:31:080:31:13

I can't wait to get it sold and I can't wait to show the new owner round.

0:31:130:31:17

'I'm in Donnington, a suburb of the new town of Telford.

0:31:220:31:26

'It has strong transport links

0:31:260:31:28

'and with many bus routes and motorway access close by,

0:31:280:31:31

'there's easy access to places like Birmingham and Stoke.'

0:31:310:31:35

The property I'm here to see is situated on this little cul-de-sac. Nice and quiet.

0:31:350:31:40

A place for the kids to play. Guide price was £55,000 plus.

0:31:400:31:45

That's the property. Two-bed end-of-terrace. Looks OK from the outside. Let's take a look inside.

0:31:450:31:51

'The roof appears to be in good condition

0:31:510:31:53

'and just look at the size of that garden. It's huge.

0:31:530:31:57

'Also, it seems as though the new owners benefit from double-glazing. Or do they?'

0:31:570:32:03

So, what's on offer? Well, properties like this do tend to have a fairly standard layout,

0:32:030:32:08

so let's see if that's the case in this instance.

0:32:080:32:10

Through the front door, entrance hall here.

0:32:100:32:13

Nice big window, lets lots of light in, so we like that.

0:32:130:32:16

Stairs up to your bedrooms and bathroom.

0:32:160:32:19

Kitchen there. Nothing too untoward so far.

0:32:190:32:22

And then into your lounge/dining room

0:32:220:32:25

which is actually a really nice size space.

0:32:250:32:28

But something to be aware of.

0:32:280:32:31

At first glance, these look like double-glazed windows. You've got the UPVC surrounds.

0:32:310:32:35

But if you look a bit closer, it's actually just single-glazing. You can make it double-glazed,

0:32:350:32:41

but clearly that's not ideal.

0:32:410:32:45

The room, however, I think could be a really nice space once you've got rid of the polystyrene tiles.

0:32:450:32:50

The other thing I'd like to see in here is this door maybe opened out,

0:32:500:32:55

extended with some kind of supporting beam above it

0:32:550:32:58

and patio doors out onto the rear garden.

0:32:580:33:02

And then you've got the makings of an extremely nice little house.

0:33:020:33:07

# If you want my love then take my advice

0:33:070:33:11

# Treat me nice

0:33:120:33:14

'Treat this house nicely and I think you'll end up with something quite desirable.

0:33:140:33:20

'I can't really fault the layout. Sitting room where it should be and the kitchen also in a good position.

0:33:200:33:25

'But then I stumble upon an additional room that I'm not sure about.'

0:33:250:33:30

So, through the kitchen and you come to this rather unusual extension.

0:33:320:33:37

Bit of an oddity, this. It's got this floor which obviously isn't ideal.

0:33:370:33:42

I don't know if that's got a damp-proof course. In terms of the construction, the walls,

0:33:420:33:46

are they single-skinned or double-brick with some kind of air gap in between

0:33:460:33:52

to give you insulation and damp-proofing? I don't know. That needs investigating.

0:33:520:33:56

The other thing I'd want to check out is the ceiling, or rather, the roof underneath there.

0:33:560:34:01

Erm... Oh, dear. That doesn't look good.

0:34:010:34:04

If you go into this little cupboard, you can actually see what's on the roof. It's corrugated sheets.

0:34:040:34:10

Now, judging by the age of this house, my concern would be that they weren't made from concrete

0:34:100:34:16

but from asbestos, and if they are, that's quite serious.

0:34:160:34:19

You have to have them taken away by a specialist company.

0:34:190:34:23

Asbestos, not good.

0:34:230:34:25

But in terms of the fact that it's here, in terms of planning permission and stuff,

0:34:250:34:29

you've got an established unit, it's a useful space which you can build on.

0:34:290:34:34

# Treat me nice

0:34:340:34:36

'Like everything down here, it's tired and needs a serious wake-up call.'

0:34:360:34:41

# If you really want my loving

0:34:410:34:43

# Treat me nice

0:34:430:34:46

Well, upstairs and no great surprises as to the layout.

0:34:480:34:53

Top of the stairs, where it should be, the bathroom and loo.

0:34:530:34:56

Now, at the moment, they are separate. Loo on one side, bathroom with the bath in it on the other.

0:34:560:35:02

It's the age-old debate. Do you knock this wall down to create one large bathroom with a loo combined

0:35:020:35:08

or do you leave it like it is? I tend to err on the side of leaving it where it is

0:35:080:35:12

cos if you've got a family full of people, having access to the loo separately is a good thing.

0:35:120:35:18

But hey-ho, each to his own. Bedroom at the back, a decent size.

0:35:180:35:22

But a really big bedroom at the front here.

0:35:220:35:25

Big enough almost to think about incorporating this little alcove area, currently with the boiler in,

0:35:250:35:33

and possibly making two bedrooms out of this. It would certainly increase the rental potential

0:35:330:35:38

and also the value of the place. So, something to consider.

0:35:380:35:41

But it's not quite that simple because there is a slight fly

0:35:410:35:46

in what is, up to this point, a pretty good bit of ointment

0:35:460:35:51

and that's that before you do any work on this, you have to have the approval of the previous owner.

0:35:510:35:56

There's a covenant on the property. The previous owner wants to protect the integrity of properties here,

0:35:560:36:01

they're a housing association, so before you do any work, you've got to ask them.

0:36:010:36:05

If they say no, you can't do it.

0:36:050:36:08

# No, no, no

0:36:080:36:11

# You don't love me and I know now

0:36:130:36:21

'I'm not necessarily falling out of love with this property,

0:36:210:36:24

'it's just a hurdle you need to jump over before you start any major work.

0:36:240:36:29

'The bedrooms are both good sizes, but yes, if you wanted to maximise your investment,

0:36:290:36:34

'then creating a third bedroom may well be the way to go.

0:36:340:36:38

'At that guide price of £55,000

0:36:380:36:41

'what does a local estate agent think of this place?

0:36:410:36:43

'We invited one along to find out.'

0:36:430:36:47

Donnington's a good family area.

0:36:470:36:49

Most of the properties were built in the 1960s

0:36:490:36:52

and now many of them are in private ownership.

0:36:520:36:54

The property has a fantastic garden, very, very good size,

0:36:540:36:58

and consequently, there's lots of things you can do with the garden.

0:36:580:37:02

You can put decking there or, in the future, there's potential to build a fairly large conservatory.

0:37:020:37:08

'Let's talk figures. What could it achieve on the resale market?'

0:37:080:37:13

As a two-bedroom, I'd put this on the market for £95,000 if it was in good condition.

0:37:130:37:18

'How much could it sell for once you'd converted upstairs and created a third bedroom?'

0:37:180:37:24

As a three-bedroom, I'd be looking to put it on the market for around £105,000.

0:37:240:37:29

Well, a good, solid house here that would benefit from some improvements

0:37:310:37:36

especially in the bathroom and kitchen areas and, of course, that nasty roof to get rid of.

0:37:360:37:40

And the issue with the covenant could be a problem. But, all in all, I think, a good property to go for.

0:37:400:37:46

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

0:37:460:37:49

Right. Lot number nine.

0:37:520:37:54

This is a two-bedroomed end town house in a pleasant position.

0:37:540:37:57

Can we get it going at 45? 45 bid. Thank you. At £45,000.

0:37:570:38:02

50. 55?

0:38:020:38:04

55. At £55,000. 60.

0:38:040:38:07

65.

0:38:070:38:09

70.

0:38:090:38:12

75. Somebody want to bid seated or are they out? You're in. 76.

0:38:120:38:17

It's his first bid. At £76,000 then. First time.

0:38:190:38:24

At... Back in 76 and a half.

0:38:240:38:27

77. Half.

0:38:270:38:29

78. Half.

0:38:290:38:33

79 anywhere else? If not, 78... Back in, 79.

0:38:330:38:36

You're shaking your head now. 79, gentleman seated.

0:38:360:38:39

At £79,000. All done now?

0:38:390:38:42

79 first time.

0:38:420:38:45

79 second time.

0:38:450:38:47

Back in, 79 and a half.

0:38:470:38:49

You're shaking your head now. 79 and a half standing, first time.

0:38:490:38:53

79 and a half standing, second time. Third and final time.

0:38:530:38:57

-At £79,500. Are we all done?

-HAMMER BANGS

0:38:570:39:02

'The successful bid was made by James with his partner Jo.

0:39:030:39:08

'James used to work as a transport and logistics manager, but decided to move into property developing.

0:39:080:39:14

'Jo is a clinical nurse specialist who runs a Botox business in her spare time.

0:39:140:39:19

'This is the very first property in their portfolio.

0:39:190:39:22

'I went to meet them and find out their plans for giving this place a nip and tuck.'

0:39:220:39:27

-Jo, James, good to meet you both. Congratulations.

-Thank you.

-Good morning.

0:39:300:39:34

-Tell me why you wanted to buy this place.

-Well, we looked round a few houses in the auction,

0:39:340:39:39

and it was the worst house in a nice street.

0:39:390:39:43

-So, in area terms, you know the area?

-I do. I used to be a district nurse in this area.

0:39:430:39:49

So I knew it well. We felt that it was a really good location because there's a really good park nearby,

0:39:490:39:55

great garden, it's a cul-de-sac, it's a good family-sized house and location.

0:39:550:39:59

'James is just starting out as a developer. He admits he doesn't have much property developing experience,

0:40:010:40:08

'apart from doing up his own home, but Jo will be there to support him.'

0:40:080:40:12

# Stand by me

0:40:120:40:15

# Oh, stand by me

0:40:150:40:19

I was really supportive of him doing this cos the climate at the moment is rubbish,

0:40:190:40:23

-especially for guys getting on a bit.

-THEY LAUGH

0:40:230:40:27

He doesn't look like he's getting on that much.

0:40:270:40:30

But, no, it's a good time, it's a good time in our life to do it.

0:40:300:40:34

We've got the cash behind us to do it, and why not?

0:40:340:40:37

'For a couple starting out in the world of developing, this is a great house to get stuck into.

0:40:370:40:42

'So, what's the grand plan?'

0:40:420:40:46

This lounge is pretty well going to stay as is. Obviously needs decorating.

0:40:460:40:50

The kitchen and the outside room will be knocked through into one to make a nice big dining/family room

0:40:500:40:56

with some nice French doors opening out onto the patio.

0:40:560:41:00

Then upstairs, we're knocking the bathroom and toilet through to make one big family bathroom.

0:41:000:41:05

The one double bedroom is staying the same, and the large double bedroom will be sectioned off,

0:41:050:41:10

we're going to make a small third nursery/study type bedroom.

0:41:100:41:13

And retain two double bedrooms and one small one, to give a bit of flexibility if people want to rent.

0:41:130:41:19

'James and Jo plan to add a window to the divided room so each room will have a view out.

0:41:190:41:26

'But this house has that special covenant which could interfere with any development plans.'

0:41:260:41:32

The covenant states that any change of structure

0:41:330:41:38

has to be approved by Wrekin Housing Trust who sold the house.

0:41:380:41:41

-Right.

-And all the changes we've proposed seem to be no problem,

0:41:410:41:45

-as long as we get building regs clearance, as well.

-Talk me through the money. What's your budget?

0:41:450:41:51

-THEY LAUGH

-We've done quite a lot of work on the budget.

0:41:510:41:57

We probably don't want to spend more than £10,000 on the property.

0:41:570:42:01

We hope to spend seven or eight but we thought £10,000 gives us a cushion.

0:42:010:42:05

Great. So, in terms of timescales, then?

0:42:050:42:08

-THEY LAUGH

-I love this laughter.

0:42:080:42:11

There's a laughter at the budget, there's a laughter at the timescale. That always worries me.

0:42:110:42:16

Well, the plan is three months to have it all done and somebody in.

0:42:160:42:21

Fingers crossed. If things don't go wrong.

0:42:210:42:23

-Well, listen, good luck with it. Congratulations. And I look forward to seeing how you get on.

-Thank you.

0:42:230:42:30

Well, Jo and James laughing about the timescales and budget.

0:42:310:42:36

Let's hope that laughter doesn't turn to tears because time is money in the business they're now in.

0:42:360:42:42

You can find out how it all goes later in the show.

0:42:420:42:45

Well, when we left our auction aficionados, they had dreams and high hopes of success.

0:42:480:42:54

-Have those properties been giving them sleepless nights?

-Let's go back and find out.

0:42:540:42:58

# Half a minute

0:42:580:43:00

'We're back in Freemantle near Southampton to see how Andy got on

0:43:000:43:04

'with that semi-detached house with a semi-height extension.

0:43:040:43:09

'Externally, it seemed fine. But inside, the layout left a lot to be desired.

0:43:090:43:15

'It was an upside down, topsy-turvy collection of rooms.

0:43:150:43:18

'There was a shower room by the front door.

0:43:180:43:21

'A bedroom with an internal window.

0:43:210:43:24

'A strange little extension out back.

0:43:240:43:27

'And, of course, there was that under-sized one-storey add-on to the side.

0:43:270:43:32

'I thought it would be a simple job to add height to the side extension,

0:43:320:43:36

'then you could shuffle the rooms round to make a lovely three-bed house,

0:43:360:43:39

'but builder Andy had other ideas.'

0:43:390:43:44

I could convert it into a couple of small houses.

0:43:440:43:48

-Convert it into a couple of small houses?

-Very small.

0:43:480:43:51

'So Andy thought he'd bagged himself a proper bargain and bought two houses for the price of one.

0:43:530:43:59

'He paid £96,500 for them

0:43:590:44:03

'and had set aside a budget of around £70,000 to turn one house into two.

0:44:030:44:07

'He thought it would take him around six months.

0:44:070:44:10

'We've come back a whopping three years later to see what took Andy so long!

0:44:100:44:15

'Did he pick up a bargain or were they damaged goods?'

0:44:150:44:19

# Don't stop me cos I'm having a good time, having a good time

0:44:190:44:24

# I'm a shooting star leaping through the sky

0:44:240:44:27

# Like a tiger, defying the laws of gravity

0:44:270:44:31

'Well, it must be double bonus points day for Andy.

0:44:310:44:35

'Those two front doors tell you he obviously got the go-ahead

0:44:350:44:39

'to make two small houses out of one smallish house with a large garden.

0:44:390:44:44

'On the right-hand side, he's squeezed in a two-bedroom house, and on the left there's a one-bedroom.

0:44:440:44:51

'The old lean-to at the side was demolished and he built a brand new one-bedroom house in its place.

0:44:510:44:56

'But this has not been an easy ride for him.

0:44:560:44:59

'What should have taken him six months took almost 36 months.'

0:44:590:45:03

It's taken a lot longer than what I originally said, six months, but that's due to planning issues we had.

0:45:050:45:10

It's been turned down twice for planning by the council.

0:45:100:45:17

And therefore I had to go to appeal.

0:45:170:45:19

Not really a problem, just lots of issues to resolve and time-consuming.

0:45:190:45:24

'One of the problems Andy had to deal with was a party wall.

0:45:240:45:27

'A party wall is when the dividing walls between two neighbouring buildings are shared,

0:45:270:45:33

'or are in close proximity. For any work to be done it requires the cooperation of the neighbours,

0:45:330:45:38

'which can hold things up, especially as in Andy's case he had two to deal with.'

0:45:380:45:44

# Pressure

0:45:440:45:46

# Pushing down on me

0:45:460:45:48

-'But Andy's perseverance paid off.'

-I felt like just doing it up, painting, decorating and selling it,

0:45:480:45:55

but it was not my original plan so I kept on.

0:45:550:45:58

'Andy's one-bedroom house was built on the site of the old half-height side extension,

0:45:580:46:03

'so it's very long and thin.

0:46:030:46:06

'This one has an open-plan kitchen/sitting room combo on the ground floor.

0:46:060:46:10

'And although it's been completely rebuilt, the shower room is still beside the front door.

0:46:100:46:17

'Upstairs there's a tiny toilet and a small double bedroom,

0:46:170:46:23

'but fitting two houses onto such a small site was always ambitious and it has led to compromises.'

0:46:230:46:30

The garden we've split into two.

0:46:310:46:33

I wanted to keep it quite low maintenance so I've laid patio slabs and we put a shed at the end.

0:46:330:46:39

We've laid a synthetic lawn just to add a little bit of colour. And I'm pleased with the way it's turned out.

0:46:390:46:46

'To redesign the original two-bedroom house, Andy demolished the dodgy old rear addition

0:46:460:46:52

'and built a double-height extension at the back.

0:46:520:46:55

'On the ground floor, you enter straight off the street into the living room

0:46:550:46:59

'with stairs off to the upper floor at the back of the room.

0:46:590:47:04

'Leading off the sitting room there's a well laid-out galley kitchen

0:47:040:47:07

'which makes the very most of the available space.

0:47:070:47:12

'Up those same narrow stairs, Andy has squeezed in a bathroom on the first floor,

0:47:120:47:17

'as well as retaining two bedrooms.

0:47:170:47:20

'At the front, there's still a good-sized double bedroom.

0:47:200:47:23

'But at the back he's been left with a very compact single bedroom.'

0:47:230:47:27

I've tried to keep it a nice level of finish but without really spending too much on it.

0:47:280:47:34

I wanted to spend £70,000 on it really,

0:47:340:47:38

and I think, at the moment, it's running at about 68.

0:47:380:47:41

'Andy bought the property for £96,500.

0:47:410:47:46

'And since he's spent £68,000 on the renovations,

0:47:460:47:49

'that brings his total outlay to £164,500.

0:47:490:47:54

'Let's hear what two local property experts think of his endeavours.'

0:47:540:47:59

This is my first time back to the property since the renovation.

0:48:000:48:03

I think the changes have been very good.

0:48:030:48:05

Obviously, there's been some issues with planning.

0:48:050:48:08

And subsequently the properties got slightly smaller.

0:48:080:48:11

But what they've done with it is very, very good. Attention to detail particularly good.

0:48:110:48:16

I think he's done the right thing making it into two properties.

0:48:160:48:20

Obviously, that will raise the resale values.

0:48:200:48:24

And as a buy-to-let investment, you're going to get a greater income.

0:48:240:48:28

Overall finish is very good, to a high standard.

0:48:280:48:31

Perhaps not luxury standard but certainly very good.

0:48:310:48:35

Having parking with the one-bed and the two-bed is a great selling point.

0:48:360:48:40

This particular road is particularly busy, so off-road parking is a great feature.

0:48:400:48:45

'It's time to find out what the properties could sell for.'

0:48:470:48:50

I would look to sell the two-bedroom property for £135,000.

0:48:500:48:55

I would recommend an asking price of £135,000 to £140,000 for the two-bed.

0:48:550:49:01

'And the one-bedroom house?'

0:49:010:49:04

I would look to sell the one-bedroom property at £110,000.

0:49:040:49:07

For the one-bed, I recommend an asking price of £110,000 to £115,000.

0:49:070:49:12

'Those valuations give a combined total

0:49:130:49:16

'of £245,000 to £255,000 for both houses.

0:49:160:49:21

'That would give Andy a profit of between £80,500 and £95,500,

0:49:210:49:28

'before costs and expenses.'

0:49:280:49:31

Yeah. I had hoped for a little bit more for the one-bed. But otherwise I think it sounds very good, very fair.

0:49:310:49:36

# Crazy little thing called love

0:49:360:49:39

'Andy's very first refurbishment has paid off.

0:49:400:49:43

'It might have taken a while but this project filled a gap during a quiet time for new builds.

0:49:430:49:48

'It also paid him a wage, as well as turning a decent profit. So, will he be back for more?'

0:49:480:49:54

It has been worth it because it's kept me employed all this time and I've made some money on it.

0:49:540:49:59

I will go back to auction. I shall keep my eye on the brochure, see what comes up for sale.

0:49:590:50:06

And in the meantime, I'll do my normal work that I do, bathrooms and kitchens and extensions and things

0:50:060:50:11

and go from there.

0:50:110:50:14

'Back to Donnington in Shropshire where earlier we met James and his partner Jo.

0:50:170:50:24

'They'd bought this two-bedroomed end-of-terrace at auction for £79,500.

0:50:240:50:29

'James worked in transport and logistics before starting his property developing company.

0:50:290:50:34

'Jo works as a clinical nurse specialist who also runs a Botox business in her spare time.

0:50:340:50:40

'This was a great starter property for a face lift, but it did have its share of problems.

0:50:410:50:46

'There was a covenant which stated that

0:50:460:50:49

'any changes had to be approved by the housing association before any work started.

0:50:490:50:54

'Work like dividing bedrooms to make more bedrooms, for example.'

0:50:540:50:58

We're going to make a small third nursery/study type bedroom,

0:50:580:51:02

and retain two double bedrooms and one small one for flexibility if people wanted to rent out.

0:51:020:51:08

'Renting was definitely a key goal for James and Jo

0:51:080:51:10

'as this was the first of hopefully many properties for James's new business.

0:51:100:51:15

'We returned four months later to see what's changed.

0:51:150:51:19

'Well, it's work in progress everywhere.

0:51:200:51:24

'There are new double patio doors into the garden,

0:51:240:51:26

'and inside the dark, pokey kitchen is now light, bright and much more family-friendly.

0:51:260:51:33

'The reason it's not complete is James ran into massive problems when he started on the ground floor.'

0:51:330:51:39

I had to start digging the floor up in the extension part.

0:51:390:51:43

And I found a lot of damp underneath it.

0:51:430:51:46

And after investigation around the house, I found damp everywhere.

0:51:460:51:49

It turned out the water supply coming into the house had been leaking since the house was made.

0:51:490:51:54

So subsequently, I had to dig all the floors up and replace the lot.

0:51:540:51:57

'By digging the floors up by hand, James found the leak and fixed it.

0:51:570:52:03

'He could then finally get on with his very first renovation.'

0:52:030:52:06

Right, well, this was the kitchen and an outbuilding,

0:52:070:52:11

and what I've done is put a Catnic across here and then took the wall out

0:52:110:52:16

and in the out-building, replaced it with a proper roof

0:52:160:52:20

and a proper ceiling on the inside here

0:52:200:52:23

with thermal barrier on the inside to bring it up to modern specs.

0:52:230:52:27

Also removed a door and a coalhouse.

0:52:270:52:31

We blocked up the original rear door and put a large French door

0:52:310:52:35

so you can sit down and look out on the garden.

0:52:350:52:38

'Although the garden looks a bit like a building site at the moment,

0:52:390:52:43

'opening up the kitchen has certainly made great use of the space.

0:52:430:52:47

'The extra window and patio door really help brighten up what was once a very dark room.

0:52:470:52:53

'James has also converted the pantry into a downstairs toilet, which is a useful bonus for families.

0:52:530:52:59

'So, what's changed upstairs?'

0:52:590:53:02

Right, well, upstairs there's been quite a few changes.

0:53:100:53:14

The bathroom was originally a separate WC and a very small bathroom alongside it.

0:53:140:53:21

What I've done is remove the wall between the two

0:53:210:53:23

and put one access door of a proper size into the room

0:53:230:53:27

which has made a nice proper family-sized bathroom.

0:53:270:53:31

'James has also utilised the area above the stairwell to create space for a third bedroom.

0:53:320:53:37

'And he's also added an extra window.

0:53:370:53:41

'It's a bit cosy in here, but at least the master bedroom is still a good size.

0:53:410:53:46

'James set up a company with his girlfriend, Jo, to do this and future projects.

0:53:460:53:51

'How has that been going?'

0:53:510:53:53

Jo's helped at weekends and around work but I've been mainly doing all the work myself.

0:53:530:53:58

Doing this job between us has been quite stressful at times. We've had a few...

0:53:580:54:03

..differences of opinions on things.

0:54:030:54:06

But Jo usually tells me and I have to come round to that way in the end.

0:54:070:54:11

'The bathroom and kitchen still have to be installed and the whole place needs painting and decorating.

0:54:110:54:16

'Did they manage to stick to their original budget of ten grand?'

0:54:160:54:20

I did say I had a contingency at the time up to £10,000. I've currently got to £9,500.

0:54:200:54:26

I was hoping to be finished by now, originally,

0:54:260:54:29

but the extra time the floor has taken has added at least another six weeks on,

0:54:290:54:34

so I'm hoping to have things wrapped up in another month.

0:54:340:54:37

'With a purchase price of £79,500 and renovation costs of £9,500,

0:54:390:54:45

'that's a total outlay of £89,000. We asked two local estate agents

0:54:450:54:50

'to give us their opinions on this property.'

0:54:500:54:53

First impressions are he's made it absolutely superb inside.

0:54:550:54:59

With what he'll do to the kitchen, I think he's maximised the space there.

0:54:590:55:03

I think making it into three bedrooms is better saleability,

0:55:030:55:06

He's still got two double rooms and one single, which works really well.

0:55:060:55:10

There's nothing I would have done differently

0:55:100:55:13

with this property with the existing footprint

0:55:130:55:15

to maximise the rental value and the sale price.

0:55:150:55:20

I think the purchasers have done everything they could possibly do to maximise both.

0:55:200:55:25

'Let's talk money. What kind of resale value could you expect here?'

0:55:250:55:29

I would value this, once completed, between £95,000 and £100,000.

0:55:310:55:36

Once finished I believe the property would be on the market for £100,000 to achieve a sale price of £95,000.

0:55:360:55:42

'That's a potential profit of between £6,000 and £11,000 minus taxes and the usual expenses.'

0:55:420:55:49

Slightly disappointed with that. I was hoping for £10,000 or £15,000 more.

0:55:520:55:56

That would definitely make up my mind to keep it for now, rent it out and sell it when the market picks up.

0:55:560:56:01

'So what about rental?'

0:56:010:56:04

I would put this on the rental market at between £550 and £575 per calendar month.

0:56:040:56:11

I feel the rental value of this property is £525 per calendar month.

0:56:110:56:15

'That's a healthy yield of between seven and eight percent per annum.'

0:56:160:56:21

That sounds about what I thought it was going to be.

0:56:210:56:25

Erm, I've got somebody interested who's hopefully moving in at the higher end of that scale.

0:56:250:56:31

'Has James enjoyed developing his first property?'

0:56:310:56:37

I've enjoyed it so much I'm looking to do it again and keep on doing it for the foreseeable future.

0:56:370:56:43

Look forward to seeing you next time on Homes Under The Hammer.

0:56:450:56:48

-We'll have lots more interesting properties and ambitious buyers for you then.

-Take care.

-Goodbye.

-Bye.

0:56:480:56:55

Subtitles by Red Bee Media Ltd

0:56:560:57:00

E-mail [email protected]

0:57:000:57:04

Martin Roberts and Lucy Alexander visit a property in Ilkley, Yorkshire, a semi-detached home in Southampton and an end-of-terrace in Shropshire. Martin and Lucy find out who bought them and what they paid when they went under the hammer.