Episode 89 Homes Under the Hammer


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Episode 89

Martin Roberts and Lucy Alexander visit an end-of-terrace in Manchester, a three-bed house in Kent and a two-bed semi in Derby.


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Hello! Buying at auction gives people the chance

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to buy properties in need of a bit of work.

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People like to put their own stamp and style on a property

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and, hopefully, make a profit along the way.

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You might be able to do that buying your next home under the hammer.

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We both love the buzz of an auction room.

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You can sense the hope and frustration in the air.

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Yes, and you never know quite how it's going to go until the last minute.

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Let's see what tempted the buyers on today's show.

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In Ramsbottom, Greater Manchester,

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this end-of-terrace could sweep you off your feet.

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..this overall feeling of, like, falling backwards!

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There's a three-bed house in Kent with an odd layout,

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which leads to a rare decision for me.

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I would leave it exactly as it is.

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And in Ripley, Derbyshire,

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I'm suspicious about the state of this two-bed semi.

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I wonder if somebody's trying to cover something up.

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All these properties have been sold at auction.

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

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It's yours, sir. Well done.

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I'm in Ramsbottom, and this is the marketplace

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where I've come to find this incredible sculpture

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called the Tilted Vase.

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Ramsbottom's located in the Greater Manchester area,

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about four miles north of Bury.

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The Tilted Vase was created to reflect the town's industrial heritage.

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# Oh, industry!

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# Whatever will become of me? #

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Well, Ramsbottom developed in the 19th century

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around the spinning, weaving and printing industries.

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Nowadays, as well as being home to this two-tonne piece of art,

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it's a lively market town

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within easy striking distance of Manchester City Centre.

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Don't be fooled by words like "industry" and "city centre".

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Lively it may be, but it's also surrounded by some stunning countryside,

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so you get the best of both worlds.

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# You're gonna find me

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# Way out in the country #

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The property I'm here to see is about five minutes outside Ramsbottom

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in this semi-rural area.

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The view is extremely pretty.

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Not so good is the fact that we are on a very busy main road.

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You get trucks, farm machinery and allsorts of things thundering down here.

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It is still a very popular area, so I'm excited about the property.

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This is it. It's an end-of-terrace, two bedrooms, at a guide price of ?60-65,000.

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Let's take a look inside.

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So one of the first things I'm going to be looking for is soundproofing.

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Got double-glazing on that window and this little porch thing,

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which not only will keep the cold out

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but, all importantly, keep the noise out, as well.

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Although, in its current state, that's not going to do much at all.

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Still, the idea is good!

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So into this front lounge. Big fireplace scenario going on.

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I think you want to improve that. It's a bit dated.

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Big room. But straight away I'm a bit concerned

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because it looks to me like the floors are actually...

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..sloping off down here

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and the ceilings look a bit wonky. That's interesting.

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Another thing I'm looking out for is any signs of damp,

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because in a stone-built property like this,

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damp can be a potential issue.

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All in all, apart from the wonkiness, a nice-size space.

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But then look what happens! You come into this kitchen!

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What an odd shape! I guess this is because it's an end-of-terrace

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and it's been shaped to make access possible down this side road.

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But it leaves you with this kitchen which is triangular!

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Fantastic if you like certain types of cheese and chocolate,

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but other than that, it's a bit weird!

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The triangular kitchen leads to the back, where there's an access road

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but no real outside space to speak of.

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However, stunning views like this on your doorstep

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do go some way to making up for that.

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The exterior looks solid, although I would advise a thorough investigation by a surveyor

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to try and get to the bottom of those sloping floors.

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So upstairs then.

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Two reasonable-sized bedrooms.

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I'm quite excited about the fact that the ceilings are really high,

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and up there, access to the loft,

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which could give you an option to extend up there.

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But, again, this overall feeling of falling backwards into this side of the property

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as the slope is so intense!

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But through to what I think is one of my favourite rooms in the house, strangely, the bathroom.

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The shape of it gives it this really nice-sized space.

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Yes, it's tired and dated, but spend a bit money and you'd have a lovely family bathroom.

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Although, if you were in the bath,

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you might find your rubber ducky floated around in an odd way!

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# Splish-splash, I was taking a bath

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# Long about a Saturday night

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# A rub dub, just relaxing in the tub

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# Thinking everything was all right #

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And if you thought everything else was to your taste,

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sorting out the sloping floors would be well worth it.

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It came with a guide price of ?60-65,000.

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Time to ask the auctioneer who sold it

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what he makes of the unique shape of the place.

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The first impressions are that it needs some modernisation.

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It's an odd shape,

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which makes it a little bit quirky and maybe not for everybody,

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but it's a good property

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and I think you're stuck with the layout.

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What sort of figures could someone make here?

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I think in the current market, in the current condition,

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this property's worth around ?60,000.

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When all the work's done it could be worth up towards 100, if not a little more,

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but I have a feeling that 100 is the limit

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because of that lack of outside space.

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A ?40,000 margin to be working with is not too shabby!

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What about the rental returns?

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From a rental point of view,

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I think that we're looking at something in the region of ?525 to ?550 per calendar month.

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Well, the busy road, the lack of outdoor space

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and the quirky design inside

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means the property isn't going to appeal to everybody.

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But I still think the location and the space you've got here

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means that it is an attractive opportunity for someone.

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Let's find out who that was when it went under the hammer.

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Lot 129.

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I'm looking for ?40,000 to start. Straight in at 40,000.

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42,000? 42 I've got. 44. 46.

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48. Is that 50? It is. 50. 52. 54.

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54 we've got. 56. Got it. 58?

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No? It's with you, then, sir, at 56,000.

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I'll take one if it helps you at 57,000. 58.

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59. 60. 61, then. 62. 62 we've got. 63.

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Got it. 66. Shaking his head.

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Are we all done at 65?

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First time I'm going to sell it, at ?65,000. We're all finished.

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Second time at 65,000. We're all done.

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Ooh. That was close!

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65,000 I had. Is that 66? It is.

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67. Shaking your head. It's with you, then, sir at 66,000.

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First time at 66. Second time at 66,000.

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Are we all finished? Yes, we are. Sold to you at 66.

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Snapping it up with that successful last-ditch bid of 66,000 was Mick.

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He's a full-time developer

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with 14 years of experience under his belt.

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I've met him on the show before, back in 2007,

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when he purchased a property in Bolton.

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What properties do you go for? Mainly terraced.

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First-time buyers. They seem easier to shift.

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Anything where there's a profit in it, if I'm honest.

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I caught up again with Mick and his wife Nicola

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to hear about their plans for this place.

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Nicola, Mick, good to see you. BOTH: Hi.

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Mick, nice to see you again! It's been a few years. It has.

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How did that all end up? It was fine. We made a good profit.

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But shortly after that, the market went steeply downhill and things went from bad to worse.

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We couldn't borrow money, we couldn't sell anything, couldn't remortgage.

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It was tough, tough times. But we had the good times before, so you can't complain.

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Mick, we've met. Nicola, we haven't. We've not met before.

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What's gone on here since we last met!

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We met just after we filmed the last one. Oh, right! And we got married last year.

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Congratulations! Thank you. Fantastic.

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But you're now both involved in doing the property stuff.

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Yes. Michael's been asking me to get involved

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and I've kept out, because I've got a job myself doing hairdressing.

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But he knows I'm really interested, so I agreed and said yes.

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Are you going to carry on hairdressing, as well? Yes.

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How was the auction for you? The auction's superb.

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The auctions at the minute, you can pick some pretty good stuff up.

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It seems to be a good gauge of where the market's at.

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During the lean period, we'd go and there'd be plenty people, but nobody was buying,

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but a lot of stuff seems to be selling now, for a reasonable price.

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Probably the reserve prices are set at a more realistic level. Yes, definitely.

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So despite a few difficult years for the market,

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Mick's not been put off.

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It seems as though buying at auction has continued to be a fruitful avenue for him.

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Let's come on to this house, then. Why did you decide to buy this?

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I didn't go for this. I was looking at a couple of other things, which I got outbid on.

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But it came up, and I know the area, I know the property-ish,

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I'd not seen it before, but it was the right money so I thought I'd go for it.

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So, it was the price that attracted you?

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Yes, you've got to buy and sell cheap if you're going to do anything.

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There's a lot of competition and not a lot of buyers with mortgages.

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So, what did you think about this house when you first saw it?

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It's lovely. It's a nice house. I love the area.

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I think the house, once it's done...

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We're going to keep it contemporary and nice.

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Nice, quirky little house.

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It is unusual, with the triangular shape.

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There's somebody for every house. I don't think we'll do too bad out of it.

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# Solid

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# Solid as a rock #

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So a solid purchase in Mick's eyes,

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but one that still needs a lot of attention.

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Tell me what you're going to do. We're going to rip it out completely, back to the brickwork.

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We'll rewire it, plaster it. Basically everything. New kitchen, bathroom.

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I think we'll put something a little nicer than we usually do.

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Unique. Let Nicola design the bathroom. Yes.

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Put something a bit more unusual in and see how we go.

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Tell me what you're going to do. I'll keep the bathroom white.

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I fancy doing the clawed bath.

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Oh! Something a bit different than the P-shaped bath.

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And we're going to keep the kitchen nice and light,

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more higher units.

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It'll be good. I'm excited.

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Mick hopes to turn the house around in six to eight weeks

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on a budget of ?15,000.

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Nicola will focus on the finishing touches to make it look good.

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# Make it good, make it good Somehow #

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Once finished, Mick plans to put it back on the market.

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What price are you going to pitch it at? Round about 100, 110,

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see what response we get.

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I think I'll do well at that sort of figure. Yes.

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So, there's money to be made in it? Not a massive amount, but a decent profit, hopefully.

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Is that the way it's gone in recent times - doing more and getting less from each one?

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In the old days, we'd get them and put the price up 10,000 before we'd finished

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because everybody wanted to buy.

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But at the minute, you've got to turn them round quicker

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and get out quicker and onto the next.

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Congratulations. Good luck. Maybe we'll meet again in another few years. Hopefully!

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Thank you very much. Thank you.

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Mick, like many people in the property investment world,

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experiencing tough times in the last few years,

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but things do seem to be on the up.

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The key is, as he spotted, buying properties at the right price,

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spending carefully in doing them up and selling at a realistic level.

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A few issues, of course, with the road and lack of outdoor space,

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but he has got Nicola's help.

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So, will it be a success? Find out later in the show.

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I'm in the Kent town of Gravesend,

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a place definitely on the fast track to success.

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# Train of love's a-coming

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# Big black wheels a-humming #

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Gravesend is benefitting from the Ebbsfleet factor.

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That's what the local agents will have you believe anyway.

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I think the improved transport links signal good things for this part of Kent.

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The high-speed link brings commuters into the capital in 22 minutes

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I'm here to see this three-bedroom terrace

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and the guide is 95 to 105,000.

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The last property to sell on this road

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achieved ?144,000.

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That gives you an idea of the margin you could achieve here.

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But beware! Paying too much over that guide price could see you out of pocket.

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Light, airy and spacious are not words that I would use to describe a terrace house,

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but walking in here, that's what it feels like!

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There's so much light coming in through the window

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and I really like the way this whole space has been opened up.

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It's great the way the stairs have been used as a natural divider

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so you've still got your sitting room,

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your nice kitchen/diner through here.

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OK, it's terribly dated.

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You'll need to spend some money to bring it up to standard.

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You've got your flock wallpaper.

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I think it's great the way this area has already been opened up.

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I think people are going to enjoy this contemporary space,

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because it's quite a modern way to live.

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I'm not so keen on the fact that you've got a very small bathroom down here.

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I think that's been put down here for a reason. We'll touch on that a little later.

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But as I said, with some money, with some thought behind it,

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I think you've got yourself a really nice little house.

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Whilst the bathroom doesn't look too happy at the moment,

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it's amazing what some new tiling could do to lift it.

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The kitchen is in a shoddy state of repair

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and the whole of this open-plan reception area

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definitely needs cheering up.

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But what about the upstairs? There's one front bedroom here with good proportions.

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Fine. But at the back, there are two other bedrooms that do have issues

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and they're to do with the layout.

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Viewers, you have heard me banging on about this before.

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It's a common dilemma with these houses

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so I've got to get this off my chest.

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How do you access this room? Look.

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Now, I don't think it would work putting a corridor along here.

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You'd have to get rid of this chimney breast,

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but then you would lose this window here

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and that's not good! Are you with me?

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Or you could think about moving the bathroom from downstairs

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and putting it in this room.

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But then you've got all the plumbing to cost out

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and that's not a great idea.

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Or you could just leave it all as it is

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and have a huge extra room to use as an office

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or, ladies, a walk-in wardrobe.

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Now, what would I do as a developer?

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Well, I'd be looking at maximum profit, minimum spend.

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I'd have to be honest on this occasion,

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I would leave it exactly as it is.

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# I love just the way you are #

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Well, maybe "love" is a bit too strong to describe this,

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but sometimes you have to accept what you're given.

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An alternative could be to turn the stairs

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to come out on the other side of the room.

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That could cost as much as 20,000,

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and with the guide price at ?95 to ?105 grand,

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and a ceiling value of no more than 150,000 in the current market,

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that wouldn't leave much room for profit.

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Still, if you're looking to make this a long-term home, a big spend could be the way to go.

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This lean-to doesn't aesthetically add anything to the property.

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needs to be replaced with a more suitable material

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that might fit in a little better with this house.

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While we're here, the garden is as you'd expect.

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It needs a haircut and a bit of a tidy.

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So roll your sleeves up and get to it.

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The garden does need to be reintroduced to the lawnmower.

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A little bonus is the rear entrance,

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which will prove invaluable during the renovation

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as it's handy for moving materials in and out.

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But for a second opinion on this house,

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guided at 95 to 105,000,

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we asked an estate agent for his thoughts

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on the best way forward.

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With the staircase, I really would recommend reversing it

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or getting it up the flank wall

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so you can get a landing on that top floor.

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Even if you leave it as a three-bedroom,

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having that landing and corridor would make a difference.

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If you make it a bathroom, you've got to have a corridor.

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Would changing the layout have any effect on the value?

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If they lost a bedroom, it really wouldn't make much difference.

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A three-bed with a ground-floor bathroom

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is worth as much as a two-bed with a first-floor bathroom.

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Hmm... Food for thought there.

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How do the figures stack up? First, resale...

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In good condition, this could be sold for ?150,000.

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And rental?

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This could be rented for around ?700 per month.

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The downstairs bathroom has to stay where it is,

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but that's only to keep costs down.

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However, creating a corridor upstairs to separate the bedroom is a good option,

0:19:140:19:19

but for somebody who wants to live here long-term,

0:19:190:19:22

not for an instant profit.

0:19:220:19:25

Let's see who wanted this lot as we go to auction.

0:19:250:19:28

Then we go to lot eight.

0:19:310:19:33

Give me 95 if you like. 95. It doesn't matter where we start.

0:19:330:19:36

?95,000 I have. I'm on the way. 95 I have.

0:19:360:19:41

100, I'm looking for. 100 bid at the back. 100.

0:19:410:19:44

And five do I see? 105, can I see?

0:19:440:19:47

102 if you like. 102, I'm bid. 102.

0:19:470:19:51

104 I'm bid. 106 do I see?

0:19:510:19:55

105 on the phone.

0:19:550:19:56

106. He's out of it again. 107 now. 107.

0:19:560:20:01

106 I have. 107 I want.

0:20:010:20:03

Are we all done at ?106,000

0:20:030:20:05

for the first, second, third and final time?

0:20:050:20:09

Are you all done? 106. Thank you, sir.

0:20:090:20:12

That successful bid of 106,000, one grand over the guide price,

0:20:150:20:20

came from Mark.

0:20:200:20:22

He lives 16 miles away in Bromley, Kent,

0:20:240:20:26

but has lived in Gravesend before.

0:20:260:20:29

He's planning a career change to start developing properties.

0:20:290:20:32

This is his first project

0:20:320:20:34

and he can bring some unique skills to it.

0:20:340:20:36

I met him back at the house to find out more.

0:20:360:20:39

It's great to meet you. Good to meet you.

0:20:390:20:41

What I want to know is, why did you want to buy this house?

0:20:410:20:45

Change of career, really. Yes? Yes.

0:20:450:20:48

I've been in the building game 30 years. I want to do something different.

0:20:480:20:52

What spurred you on to want to do this?

0:20:520:20:55

The opportunity arose last year that I sold a house,

0:20:550:20:57

got some equity out of it and that's how I'm financing it.

0:20:570:21:00

Just a change of career and onwards and upwards.

0:21:000:21:03

You were in the building game, doing what? Fibrous plastering.

0:21:030:21:07

Tell me all about that!

0:21:070:21:09

Decorative and ornamental plasterwork, really.

0:21:090:21:12

Restoring old buildings, ceilings, columns, arches, that sort of stuff.

0:21:120:21:16

That is quite a specialist job. Have you done any exciting ones recently?

0:21:160:21:20

I was in the Savoy Hotel for four months last year...

0:21:200:21:23

Wow! ..doing bits and pieces in there.

0:21:230:21:25

And most London theatres, worked in those doing bits and pieces and restoration.

0:21:250:21:31

Are we going to come back and find unbelievable cornicing, ceiling roses? No, no, no!

0:21:310:21:36

It's all going to be contemporary. There's going to be some cornice,

0:21:360:21:39

but contemporary rather than ultra traditional,

0:21:390:21:43

just to fit in with the style of the rest of the house.

0:21:430:21:46

Glad to hear it, Mark.

0:21:460:21:48

Lovely as it would be to see lots of ornate plasterwork, this is a business venture

0:21:480:21:52

and Mark sees it as the right time to start.

0:21:520:21:55

# That this is the time # This is the time

0:21:550:21:58

# The time for action # This is the time to be seen

0:21:580:22:01

# Time to be seen # This is the time for action

0:22:010:22:04

# Time to be seen #

0:22:040:22:09

Mark aims to sell on once the renovation's complete.

0:22:090:22:12

So, what are his plans?

0:22:120:22:14

Nothing really structural needs doing,

0:22:140:22:17

apart from knocking one wall down between the kitchen and bathroom

0:22:170:22:20

to create a bigger kitchen, and move the bathroom upstairs.

0:22:200:22:24

That's the major stuff. The rest of it is decorating and replastering.

0:22:240:22:29

How are you going to reconfigure the upstairs to accommodate the bathroom?

0:22:290:22:33

There's a chimney breast that runs with cupboards.

0:22:330:22:36

I hope to take those out and create a decent corridor,

0:22:360:22:39

and put some stud work up to create a room within a room.

0:22:390:22:43

Put some glass panels on the top to let some natural light in.

0:22:430:22:47

So, that room won't actually have its own natural daylight?

0:22:470:22:50

Not natural daylight, but I hope to put some light tubes in there to get some light bouncing around.

0:22:500:22:56

I think I'd be more inclined to create a bathroom in the middle of the property,

0:22:560:23:00

because having a windowless bedroom is far from ideal.

0:23:000:23:05

I haven't ruled anything out at the moment.

0:23:050:23:08

I know it's going to be a compromise. But the plumbing involved

0:23:080:23:11

and the cost of moving the bathroom to the centre of the house

0:23:110:23:15

is a little bit restrictive.

0:23:150:23:18

I haven't made any decisions 100 percent,

0:23:180:23:21

but we'll have to wait and see, I think.

0:23:210:23:23

I don't think Mark's getting the best out of the configuration, but at least he's open to options.

0:23:230:23:29

Considering this is his first renovation,

0:23:290:23:32

he shouldn't make life too difficult for himself.

0:23:320:23:36

He does have a ?10,000 budget, which should get the job done,

0:23:360:23:41

but I'm going to try and persuade him one more time to reconsider that layout.

0:23:410:23:45

How about if I said to you you could do it on six grand

0:23:450:23:49

if you didn't create the corridor,

0:23:490:23:52

move the bathroom and you left it as it was? Yes.

0:23:520:23:55

Would that appeal to you? It would, yes.

0:23:550:23:58

Ultimately, I'm not going to live here, so it's the best deal financially

0:23:580:24:03

and aesthetically to whoever's moving in.

0:24:030:24:07

So, yes, the cheaper the better.

0:24:070:24:10

I get the feeling you want to make this really good.

0:24:100:24:12

I've got to, because it's a day job and I've got to make money out of it,

0:24:120:24:16

otherwise I'm back on the building sites in the cold and wet.

0:24:160:24:20

It's good to see Mark hasn't set his plans in concrete

0:24:210:24:24

and understands that keeping the budget down is the only way to make a profit.

0:24:240:24:29

He's confident he can turn it around in eight to ten weeks

0:24:290:24:32

and seems fairly relaxed about his first ever renovation.

0:24:320:24:36

I'm a pretty unfazed bloke. Get on with it and see what happens.

0:24:370:24:40

Where do you get your confidence from? Am I confident? Yes!

0:24:400:24:43

It's just me, you know? It's just the way I am.

0:24:430:24:45

Is it the lucky ring? I hope so! It's going to bring you luck. Touch it for luck.

0:24:450:24:50

Good luck. This is an exciting time for this chapter in your life.

0:24:500:24:54

Well done. Thanks very much. Thank you.

0:24:540:24:56

A windowless bedroom?

0:24:570:24:59

I would rather a downstairs bathroom if faced with that option,

0:24:590:25:02

and I think would-be buyers would agree.

0:25:020:25:05

It's fair to say, there are a few options here.

0:25:050:25:07

But if it's purely a money-making scheme for Mark,

0:25:070:25:11

I would make the best of that downstairs bathroom.

0:25:110:25:14

Let's hope his little beard ring brings him some developer's luck!

0:25:140:25:19

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

0:25:190:25:21

Coming up... In Ripley, this property seems to be suffering from an age-old problem.

0:25:220:25:27

More indications, well, of damp.

0:25:270:25:31

In Gravesend, Kent,

0:25:320:25:35

did renovating this three-bed house go smoothly for plasterer Mark?

0:25:350:25:39

The plastering was a bit hard, every room, every wall.

0:25:390:25:42

But first, how did experienced developer Mick

0:25:430:25:47

and first-timer Nicola get on?

0:25:470:25:50

We've had no heated moments!

0:25:500:25:52

We're returning to Ramsbottom in Manchester now.

0:25:570:26:00

Here, property old-hand

0:26:000:26:02

and Homes Under the Hammer aficionado Mick

0:26:020:26:05

purchased this end-of-terrace house at auction for 66,000.

0:26:050:26:09

This time, he convinced wife Nicola to lend him a hand.

0:26:090:26:14

You're not both involved in the property stuff? Yes.

0:26:140:26:17

Michael's been asking me to get involved

0:26:170:26:19

and I've kept out, because I've got a job myself doing hairdressing.

0:26:190:26:24

But he knows I'm really interested, so I agreed and said yes.

0:26:240:26:28

The plan was to rip everything out and start again.

0:26:280:26:32

We've come back just under three months later

0:26:320:26:36

to see if the couple have worked their magic on this quirky house.

0:26:360:26:39

So it's back to basics, as Nicola and Mick have gone for a neutral finish throughout.

0:27:010:27:06

The house looks all the better for it.

0:27:060:27:09

Even the outside has had a wash and brush up,

0:27:090:27:11

giving it some all-important kerb appeal.

0:27:110:27:15

One of the downsides of this property

0:27:150:27:17

was the sloping floors.

0:27:170:27:20

The floors were quite uneven.

0:27:200:27:23

We thought this was due to some settlement,

0:27:230:27:26

but after stripping everything back, we found some old stone flooring,

0:27:260:27:29

probably down for about 150 years.

0:27:290:27:31

Some of it had settled in parts, so we pulled it up, levelled it out,

0:27:310:27:35

re-concreted and re-asphalted.

0:27:350:27:38

The money we got for the flags paid for the rest of the floor, so everyone's a winner.

0:27:380:27:43

Selling the old stone flooring to pay for new was a great idea

0:27:430:27:48

and a novel way of keeping the budget on track.

0:27:480:27:51

The original budget was about 15,000.

0:27:510:27:53

I've actually spent a couple of thousand less, which is a bonus.

0:27:530:27:57

For their ?13,000, Mick and Nicola ripped everything out.

0:27:590:28:03

They rewired, replastered, redecorated,

0:28:030:28:06

put in a new staircase and kitchen,

0:28:060:28:09

as well as a new bathroom.

0:28:090:28:11

As you can see, we've gone for a Victorian-style suite.

0:28:150:28:20

We've got a roll-top bath and clawed feet.

0:28:200:28:24

This was the room that I'm really excited about.

0:28:240:28:27

Here, this is what was the cupboard and it had the water tank in.

0:28:270:28:31

We've ripped that out and put in a walk-in shower,

0:28:310:28:33

because I think people like the choice of a bath or a shower.

0:28:330:28:37

Yes, I've enjoyed doing this room. I'm pleased with the bath, everything.

0:28:370:28:42

Although Mick's been renovating properties for years,

0:28:430:28:46

this was the first time Nicola had come on board.

0:28:460:28:49

It looks as though she's done a lovely job here.

0:28:490:28:52

But did she enjoy it?

0:28:520:28:54

Me having an input, the first time I've actually worked with Mick,

0:28:540:28:58

I've enjoyed everything about it. The kitchen, the bathroom...

0:28:580:29:02

I've enjoyed working with the lads. We've had good input together.

0:29:020:29:05

It's been good. We've had no heated moments, so yes, we're going to do another one. Yes.

0:29:050:29:10

With Mick's experience, Nicola's fresh eyes and a reliable team to do the work,

0:29:120:29:16

it seems to have been a slick operation.

0:29:160:29:20

Everything's gone pretty smoothly. We have a team of lads.

0:29:200:29:23

At the moment, we're on with about three or four houses.

0:29:230:29:26

The lads go in first and rip it out

0:29:260:29:29

then the electrician goes in, then the plasterers.

0:29:290:29:31

It's quite a smooth process really.

0:29:310:29:33

This all sounds too good to be true.

0:29:330:29:36

Surely there was something that didn't go to plan.

0:29:360:29:40

We planned for six or eight weeks. It took a bit longer, due to the fact I've got other properties.

0:29:400:29:44

You get a problem on one, you've got to take the lads off.

0:29:440:29:48

But all in all, it's not dragged on too long.

0:29:480:29:50

We're pleased with how long it's taken and the result.

0:29:500:29:53

With the couple sounding positive,

0:29:550:29:57

we invited an estate agent and the auctioneer who sold the property

0:29:570:30:01

to take a look around.

0:30:010:30:03

The property looks really good.

0:30:030:30:05

The buyer's refurbed what was here rather than changing any layout,

0:30:050:30:11

which probably would've been difficult anyway.

0:30:110:30:14

He's done a fantastic job. Very straightforward and neat. It looks really good.

0:30:140:30:19

I particularly like the bathroom and the fireplace.

0:30:190:30:22

I think they go with the feel of the cottage-style property

0:30:220:30:26

and they keep that with the modern feel of the kitchen

0:30:260:30:30

and the plaster walls.

0:30:300:30:33

I really like the kitchen and bathroom fittings.

0:30:330:30:36

I think they've got that little bit more detail than the standard

0:30:360:30:40

and shows thought has gone into it, and they look really exceptional.

0:30:400:30:44

So high praise for the house. But what about the finances?

0:30:440:30:48

It cost ?66,000 at auction

0:30:480:30:52

and the work another ?13,000,

0:30:520:30:54

bringing their total outlay to ?79,000.

0:30:540:31:08

we're probably going to have a ceiling, because of the lack of outside space, at ?100,000.

0:31:080:31:14

I can't see anybody paying much more.

0:31:140:31:16

I might be wrong, but I think that's its ceiling price.

0:31:160:31:20

I think, in the current market, we'd be able to achieve ?100,000.

0:31:200:31:27

I'm happy with that. There's still good profit in it.

0:31:270:31:31

Given those values,

0:31:310:31:32

the potential profit here is ?21,000 minus all the usual expenses,

0:31:320:31:37

an all-round great purchase and renovation.

0:31:370:31:40

We couldn't leave with asking Mick and Nicola

0:31:400:31:43

for their tips on buying at auction.

0:31:430:31:46

Set yourself a limit if you see a property.

0:31:460:31:49

It's very easy to get carried away, bidding well over what you want to pay.

0:31:490:31:53

When you're doing the property up, don't do it for yourself.

0:31:530:31:57

Do it that somebody else is going to want to live there.

0:31:570:32:00

If you get too personal, you spend too much money

0:32:000:32:02

and you won't make any, and that's what you're doing it for.

0:32:020:32:05

I'm in Ripley, an old industrial Derbyshire town

0:32:110:32:23

makes it an ideal commuter town.

0:32:230:32:25

The property I'm here to see is on this fairly quiet cul-de-sac.

0:32:250:32:30

One of the first things I notice, though, is that it has mixed use.

0:32:300:32:33

What I mean by that is, not only have you got residential,

0:32:330:32:37

you've also got these commercial units.

0:32:370:32:39

That could be an issue, but I'll come to that later.

0:32:390:32:42

The property itself looks pretty good.

0:32:420:32:45

It's bay-fronted, semi-detached, at a guide price of ?56,000.

0:32:450:32:48

Let's take a look inside.

0:32:480:32:51

What have we got?

0:32:520:32:54

DOOR BANGS Ooh!

0:32:540:32:56

A door that doesn't quite have anywhere to go!

0:32:560:33:00

Front sitting room over that way and into your rear sitting room.

0:33:000:33:04

It's not a bad space.

0:33:040:33:06

But straight away I'm spotting a potential problem.

0:33:060:33:08

This is a chimney breast and it's been blocked up.

0:33:080:33:11

You should always have some kind of breathing block that allows air in,

0:33:110:33:16

otherwise that is a potential damp problem.

0:33:160:33:19

It's been freshly painted. I wonder if somebody's trying to cover something up.

0:33:190:33:23

We'll play around with that later. But not a bad-sized space.

0:33:230:33:27

And then off there, into this area of the property, the kitchen.

0:33:270:33:32

Not, again, a bad size.

0:33:320:33:34

It's a bit tired and dated. It could do with some new units.

0:33:340:33:38

But if you were renting it out, you could clean it up and make do.

0:33:380:33:41

If you were planning on doing something a bit more ambitious,

0:33:410:33:45

there's a bit of building work that you could play around with.

0:33:450:33:49

There's this little ante area here, in between the kitchen and the loo.

0:33:490:33:53

It probably dates back to the days when it was a building regulation

0:33:530:33:56

to have two doors between a loo and a kitchen.

0:33:560:33:59

You now only need one door,

0:33:590:34:01

so you could get rid of this space and integrate it into the kitchen.

0:34:010:34:05

That, I think, would give you a much better feel in this part.

0:34:050:34:09

But all in all, it's OK.

0:34:090:34:12

The front room isn't a bad size and the house does have double glazing and gas central heating.

0:34:120:34:18

It's good to have those two attributes already under your belt.

0:34:180:34:22

There are signs of damp, although I don't think it's too serious.

0:34:220:34:26

A bit of investigation upstairs could shed some light on the cause.

0:34:260:34:30

Two double bedrooms, one at the front and another here.

0:34:300:34:34

There's a corridor which leads down to the bathroom.

0:34:340:34:37

I think that bathroom, as well as providing useful facilities,

0:34:370:34:41

is creating some of the problems,

0:34:410:34:43

Because up here, more indications of damp.

0:34:430:34:48

But not damp caused by water coming through the walls, but actually condensation.

0:34:480:34:54

Living in a house, using a house, creates moisture in the air.

0:34:540:34:58

When that hits an exterior wall,

0:34:580:35:01

it condenses on the surface and then you get this mould.

0:35:010:35:05

Old houses were built to recognise that and to compensate for it.

0:35:050:35:08

There were lots of air bricks, lots of natural ventilation.

0:35:080:35:12

But you get a house like this, you stick double glazing in,

0:35:120:35:15

you stop that natural flow and this is what happens.

0:35:150:35:18

The simple solution - get more air into the property

0:35:180:35:22

and then problems like this will go away.

0:35:220:35:25

# Breath

0:35:260:35:28

# Breath in the air #

0:35:280:35:30

Getting the ventilation right in here wouldn't take much.

0:35:330:35:36

You could put in air vents into the chimney breasts,

0:35:360:35:40

extractor fans in the bathrooms and kitchens,

0:35:400:35:42

or just regularly opening windows would help significantly.

0:35:420:35:46

If you want more fresh air, there's a pleasant garden at the back.

0:35:460:35:50

It's long and laid to lawn

0:35:500:35:52

and just needs a bit of trimming back.

0:35:520:35:55

But more of an issue are the neighbours on the right.

0:35:550:35:58

Next door is a car repairs garage,

0:35:580:36:01

which could put off lenders and therefore potential purchasers.

0:36:010:36:05

It could affect the marketability of the property.

0:36:050:36:08

The good news that a planning application's been submitted to convert the garage into houses,

0:36:080:36:13

in which case, the value of this one could rise.

0:36:130:36:16

We asked along a local estate agent to get his view on this two-bed semi

0:36:190:36:24

which had an auction guide price of ?56,000-plus.

0:36:240:36:27

With the garage next door having planning,

0:36:270:36:29

that may well be a concern,

0:36:290:36:31

not quite knowing what's going to happen in the future.

0:36:310:36:34

When the scheme's finally completed, that'll be good news.

0:36:340:36:38

In the meantime, it's a little disconcerting.

0:36:380:36:40

Whether or not a new development goes ahead,

0:36:400:36:44

how do the investment figures stack up?

0:36:440:36:46

First, resale.

0:36:460:36:48

Once the basic works have been carries out,

0:36:480:36:51

it ought to be marketed for sale just shy of the ?80,000 mark.

0:36:510:36:55

And the rental? Locally, the rental market is strong.

0:36:550:36:59

we ought to return somewhere between 400 and 425 per calendar month

0:36:590:37:04

once the house is in good order.

0:37:040:37:06

Well, taking everything into consideration,

0:37:060:37:09

I think this is a great little opportunity.

0:37:090:37:13

Yes, there's work to be done, but for that guide price, a good one to go for.

0:37:130:37:16

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

0:37:160:37:20

Lot number 40, a two-bedroom semi with a bay window.

0:37:210:37:25

58,000 at the back. Thank you. At ?58,000.

0:37:250:37:29

59 I have. 59.

0:37:290:37:31

60,000. 61. 61.

0:37:310:37:35

62. 63. 64.

0:37:350:37:38

65. 65. 66, sir?

0:37:380:37:42

66. 67.

0:37:420:37:44

68? 68. 69. 70 for you, sir? 69 and a half?

0:37:440:37:51

70,000, thank you.

0:37:510:37:52

Lady's bid at 70,000. 500 somewhere else? 70 and a half.

0:37:520:37:56

70 and a half. 71. 500.

0:37:560:38:00

72.

0:38:000:38:02

72 and a half.

0:38:020:38:04

73. 73.5.

0:38:040:38:08

74,500.

0:38:080:38:10

500. 75,000.

0:38:100:38:13

75.5. 76.

0:38:130:38:16

?76,000, gentleman's bid.

0:38:160:38:19

At 76,000 for the first time, for the second time,

0:38:190:38:24

third and last opportunity.

0:38:240:38:26

Sold at 76. It's yours, sir. Thank you.

0:38:260:38:28

That successful bid of 76,000 was made by Nigel and Christina.

0:38:280:38:34

For this married couple, who live only a mile away, it's two firsts.

0:38:340:38:39

That was their first ever auction and this will be their first ever development.

0:38:390:38:44

I met them back at the house to find out more.

0:38:440:38:47

Lovely to meet you. And you. Congratulations.

0:38:470:38:50

Tell me why you wanted to buy this place.

0:38:500:38:52

We wanted a rental property locally, something we can keep our eye on,

0:38:520:38:58

and this sort of lended itself for that purpose.

0:38:580:39:03

What was it about it you liked, Christina?

0:39:030:39:06

The location. Definitely the location.

0:39:060:39:08

It's a cul-de-sac, so very few cars coming down here.

0:39:080:39:12

Tell me about you two. Is this something you've done before?

0:39:120:39:15

No. We're novices! Right!

0:39:150:39:18

What prompted you to do it at this particular juncture?

0:39:180:39:21

I recently retired

0:39:210:39:23

and it's going to be something to occupy me.

0:39:230:39:27

And money in the bank's not doing very much these days, so a bit of rental income.

0:39:270:39:32

So, take some savings out and plump it into property? Yes.

0:39:320:39:36

Are you going to work on this full time?

0:39:360:39:38

I won't be, no. We'll have professionals in.

0:39:380:39:40

But there's bits and bobs I can do.

0:39:400:39:42

I'm thinking of insulating the loft, doing the garden, that sort of thing.

0:39:420:39:46

Christina, what about you? I've been made redundant. I'm sorry!

0:39:460:39:50

I'm looking for another job at the moment, so I'll help out where I can.

0:39:500:39:55

Hopefully, I'll have another job... It sounds a bit precarious, financially.

0:39:550:40:00

You retired, you lost your job. Ahh! You just bought a house you have to spend money on!

0:40:000:40:04

I suppose. Put like that, it does sound that way,

0:40:040:40:07

but we have got money put to one side.

0:40:070:40:11

As I say, it's better off in property rather than the bank.

0:40:110:40:15

Fingers crossed. Fingers crossed. This might be a new career!

0:40:150:40:19

You never know, do you? Yes! We'll see how it goes first!

0:40:190:40:23

We are looking around for another one. Oh, really? Yes.

0:40:230:40:27

So if this works out really well, we'll go straight into another one.

0:40:270:40:31

Despite redundancy and retirement,

0:40:320:40:35

Christina and Nigel are going full steam ahead

0:40:350:40:38

and undertaking a major new project.

0:40:380:40:40

But as first-timers, what do they plan to do here?

0:40:400:40:44

One of the best bits of advice we had

0:40:440:40:47

was to make sure that we did it really nicely,

0:40:470:40:50

and that way, we can attract a really good tenant

0:40:500:40:53

and expect not top end of the rental market,

0:40:530:40:58

but go for... The best you can get. The best you can get.

0:40:580:41:01

Good standard decoration, make sure the electrics are sorted out.

0:41:010:41:05

New bathroom, new kitchen, replastered throughout, all the woodwork changing.

0:41:050:41:10

We thought new windows, because we don't think the ventilation is quite right.

0:41:100:41:15

There's a lot of condensation and mould around, so we thought that could fix it.

0:41:150:41:19

That could be air blocks that have been blocked.

0:41:190:41:21

Yes, no ventilation in the chimneys, that sort of thing.

0:41:210:41:25

So, what about things like the kitchen and the loo downstairs?

0:41:250:41:29

It's a bit weird with that extra little room.

0:41:290:41:32

Well... We're still undecided on that, aren't we? Yes.

0:41:320:41:36

I think we'll probably come down and leave it as it is, er...

0:41:360:41:41

Or maybe not. Or maybe not.

0:41:410:41:43

For the sake of taking out a wall, I'd take it out!

0:41:430:41:47

We did go through that thought process.

0:41:470:41:50

And came out the other side thinking? "We'll probably leave it!"

0:41:500:41:55

Bearing in mind the property is to be let out and not sold,

0:41:560:41:59

perhaps leaving the wall and loo as they are is the right choice.

0:41:590:42:04

But do they really need to change the bathroom and kitchen

0:42:040:42:07

and replace the windows with new ones?

0:42:070:42:10

I don't know, but they've set aside a healthy ?15,000 budget

0:42:100:42:14

and a three-to-four month timescale.

0:42:140:42:17

One potential issue is the garage next door

0:42:170:42:21

and what may or may not be done to that.

0:42:210:42:24

What are you aware of that? They've got planning permission.

0:42:240:42:27

They put in a planning application which is about to come to an end.

0:42:270:42:33

Four town houses. I think that's a good thing

0:42:330:42:36

rather than having a garage next door.

0:42:360:42:39

In the short term, for the upheaval of the building of all of that,

0:42:390:42:44

I think in the long term we'll gain from that.

0:42:440:42:47

Congratulations. Good luck with it.

0:42:470:42:49

Thank you. We look forward to seeing how you get on. Thank you.

0:42:490:42:52

I think Nigel and Christina have done well with this, their first investment property.

0:42:520:42:58

I am concerned that they might overspend in terms of sorting it out,

0:42:580:43:02

especially when they know it's for rental.

0:43:020:43:05

In those circumstances, you've got to keep a tight reign on your budget.

0:43:050:43:09

You can find out how they get on later in the show.

0:43:090:43:12

Finding good tradesmen is often the key

0:43:150:43:17

to getting properties done up to a good standard and on time,

0:43:170:43:22

but sometimes people do try to do it themselves to maximise profit.

0:43:220:43:26

Are today's buyers getting stuck in or just stuck?

0:43:260:43:30

Let's find out.

0:43:300:43:32

It's back now to Gravesend in Kent where we met Mark, a plasterer,

0:43:330:43:37

who bought this three-bed mid-terrace house for 106,000.

0:43:370:43:42

His plan was to makeover the entire place, from top to bottom.

0:43:420:43:46

He planned to deal with the odd layout upstairs

0:43:460:43:49

by creating a windowless bedroom,

0:43:490:43:51

but was keeping an open mind on what else to do.

0:43:510:43:55

I haven't ruled anything out.

0:43:550:43:57

I know it's going to be a compromise.

0:43:570:43:59

The plumbing involved and the cost of moving the bathroom to the centre of the house

0:43:590:44:05

is a little bit restrictive.

0:44:050:44:07

I haven't made any decisions 100 percent,

0:44:070:44:10

but we'll have to wait and see, I think.

0:44:100:44:13

As it was his first development,

0:44:130:44:15

it's good to hear Mark hadn't set his ideas in stone.

0:44:150:44:19

With a background as a specialist plasterer,

0:44:190:44:21

restoring decorative and ornamental plasterwork in old buildings and theatres,

0:44:210:44:26

it was going to be fingers crossed

0:44:260:44:28

that his first project didn't end up as a major drama.

0:44:280:44:32

Well, five months later,

0:44:340:44:36

we've returned to see how Mark got on.

0:44:360:44:39

The exterior has certainly been improved

0:44:400:44:42

with a fresh lick of paint, new windows and a door.

0:44:420:44:47

The interior is still going through its renovation,

0:44:490:44:52

but replastered walls have definitely given the place a lift already.

0:44:520:44:57

But the biggest change is in the kitchen.

0:45:030:45:07

OK, initially in here,

0:45:090:45:12

we had a wall dividing the two spaces,

0:45:120:45:14

kitchen and bathroom.

0:45:140:45:16

It wasn't very practical at all, so we've taken the wall down

0:45:160:45:20

and knocked through at the back.

0:45:200:45:23

French windows create an access into the garden

0:45:230:45:25

and a bigger, lighter kitchen and better working space.

0:45:250:45:29

A definite improvement, allowing light to flood through the entire ground floor.

0:45:300:45:35

But where does that leave the bathroom?

0:45:350:45:38

Well, upstairs, it looks as though Mark has made what I think is the right decision.

0:45:380:45:44

What I decided to do here is move the bathroom,

0:45:460:45:50

which was originally going to go in the back bedroom,

0:45:500:45:53

into the centre of the house.

0:45:530:45:55

I feel it works a bit better, people not having to go through bedrooms to get to the bathroom.

0:45:550:46:00

There was a few plumbing issues, but we've managed to sort that out.

0:46:000:46:04

At the end of the day, I think it'll work quite well.

0:46:040:46:07

I'm so glad Mark kept his options open

0:46:070:46:10

and has gone for the bathroom up here.

0:46:100:46:12

That still left him with two sizeable bedrooms, both nearing completion.

0:46:120:46:17

And though the house isn't a three-bed any more,

0:46:170:46:19

it should retain its market value

0:46:190:46:22

because of the new upstairs bathroom.

0:46:220:46:25

And while there's work to do, it's all looking in good shape

0:46:260:46:29

with Mark's plastering skills in evidence throughout.

0:46:290:46:33

But has it all been a bit of a busman's holiday for him?

0:46:330:46:36

It's been good. I've enjoyed doing it.

0:46:360:46:39

Obviously, the plastering was a bit hard, every room, every wall, every ceiling.

0:46:390:46:44

That was the real guts of the job, the rest has been finishing off,

0:46:440:46:49

and I think it's achieved a nice standard on it.

0:46:490:46:52

This wasn't a one-man show, though.

0:46:520:46:55

Mark has had invaluable help from two well qualified friends

0:46:550:46:59

who have replumbed and rewired the entire house.

0:46:590:47:02

Having mates' rates always helps with costs.

0:47:020:47:04

Plus he's got some great bargains, especially on new double glazing.

0:47:040:47:09

Initially, I was going to put the windows in myself.

0:47:090:47:12

I assumed they were standard sizes.

0:47:120:47:14

But once I went round and had a measure up, they weren't.

0:47:140:47:18

I got in touch with a local guy who done them for me

0:47:180:47:21

and a real good price on them.

0:47:210:47:23

I think the market was competitive

0:47:230:47:26

and he was willing to cut me a deal on it.

0:47:260:47:29

Obviously, I didn't have the hassle of fixing them,

0:47:290:47:32

they were fixed for me, so that pushed it on.

0:47:320:47:35

With him and his friends doing most of the work,

0:47:350:47:38

Mark reckons there's only three to four weeks left before it will go on the market.

0:47:380:47:43

So, did keeping his costs down to the minimum help the budget?

0:47:430:47:47

The original budget was 10,000 to 12,000.

0:47:470:47:51

At the moment, I'm 7,300, so I've got a bit of flexibility left.

0:47:510:47:56

But there's going to be bills for finishing off,

0:47:560:47:59

perhaps another ?2,000,

0:47:590:48:02

so I think I'll be spot on with about the 10,000, fingers crossed.

0:48:020:48:07

If Mark's cost stay at 10 grand,

0:48:090:48:12

his total outlay will be ?116,000.

0:48:120:48:16

We asked along two estate agents

0:48:160:48:18

to hear their thoughts on his first renovation project.

0:48:180:48:21

A great improvement where we've already seen changes.

0:48:240:48:27

I love the doors downstairs from the kitchen into the garden

0:48:270:48:31

really bringing the garden into the house.

0:48:310:48:33

I love the openness, the fact the walls are out now.

0:48:330:48:36

Really looking very much better, very different house.

0:48:360:48:39

This is my first time in the property and really, really like the layout.

0:48:410:48:45

Very quirky, very different.

0:48:450:48:49

I like the open-plan layout because it has a modern feel to it.

0:48:490:48:54

I really like the upstairs layout. They've done a good job.

0:48:540:48:57

The estate agents seem to like it. But with Mark investing 116,000,

0:48:570:49:02

he needs to know what it could sell for.

0:49:020:49:05

When complete, I would put this property on the market for ?150,000.

0:49:050:49:10

When completed, I'd put this property on the market

0:49:100:49:13

in the region of ?140-145,000.

0:49:130:49:17

That's about as I expected. I'd like to think I could get 150 for it

0:49:170:49:20

with the work that's been going on, and new appliances throughout.

0:49:200:49:25

That's pretty reasonable. That's what I was looking for.

0:49:250:49:28

That could give Mark a possible pre-tax profit

0:49:280:49:31

of between 24 and 34,000 -

0:49:310:49:34

a great way to start a property-developing career.

0:49:340:49:37

If he decided to let the house out,

0:49:370:49:39

he could earn a healthy annual yield of just under eight percent.

0:49:390:49:44

Mark is using this as a launch pad to go onto more properties.

0:49:500:49:54

But while he finishes off this house,

0:49:540:49:56

he has a hunch about where the good fortune that came with it lies.

0:49:560:50:01

The beard's grown a bit, added another bead or two and...

0:50:010:50:04

..it brought me a bit of luck again. Hopefully!

0:50:040:50:08

Back now to Ripley in Derbyshire,

0:50:160:50:18

where earlier, we met married couple Nigel and Christina.

0:50:180:50:22

They'd bought this two-bedroom semi-detached house for ?76,000

0:50:220:50:27

with plans to do it up and rent it out.

0:50:270:50:29

It should've been a straightforward job

0:50:290:50:31

that their 15-grand budget and three to four-month schedule could easily handle.

0:50:310:50:36

But when it came to renovating properties, they were total novices.

0:50:360:50:40

What prompted you to do it at this juncture?

0:50:400:50:43

I recently retired

0:50:430:50:46

and it's going to be something to occupy me.

0:50:460:50:50

And money in the bank's not doing very much these days, so a bit of rental income.

0:50:500:50:55

Four and a half months later, we met up with Nigel

0:50:550:50:58

to find out if it was a case of novices' nightmare

0:50:580:51:02

or first-time fun.

0:51:020:51:04

Well, from the outside, the front is looking smarter and tidier.

0:51:070:51:11

And inside, both the living room and dining room

0:51:150:51:18

are already looking brighter and fresher,

0:51:180:51:20

despite still needing some work.

0:51:200:51:23

And the kitchen may look new,

0:51:250:51:27

but the changes aren't actually as dramatic as you may think.

0:51:270:51:31

Behind me is the downstairs toilet and ante room.

0:51:320:51:37

We did think about extending the kitchen right the way though,

0:51:370:51:42

but as it's a rental property, we decided against that

0:51:420:51:46

and pretty well kept the downstairs toilet as it is.

0:51:460:51:50

It's had a new toilet seat. I think that's about it.

0:51:500:51:53

We've retained these walls, rather than knocking them out.

0:51:530:51:57

Then you come into the kitchen,

0:51:570:52:00

and the carcases are from the old kitchen.

0:52:000:52:04

All we've done is put on new door fronts and drawer fronts.

0:52:040:52:09

But, of course, new worktops, a new sink,

0:52:090:52:12

new oven, electric oven,

0:52:120:52:14

old gas hob,

0:52:140:52:16

and we've got a new radiator going in here

0:52:160:52:20

that's still got to be hung,

0:52:200:52:22

and generally redecorated.

0:52:220:52:25

Upstairs, both bedrooms still need some finishing off.

0:52:250:52:28

But it's obvious that changes have definitely been for the better.

0:52:280:52:33

Again, the bathroom is not quite complete yet,

0:52:330:52:36

but even so, with new units, new tiles,

0:52:360:52:39

well, new everything, it's the most improved room in the house.

0:52:390:52:43

And for Nigel and Christina, that's not the only improvement.

0:52:430:52:47

Christina's got a new job,

0:52:470:52:49

so probably up until about three or four weeks ago,

0:52:490:52:52

she was helping out here in the house.

0:52:520:52:56

But now she'll have trouble getting time off.

0:52:560:52:59

Well, big congratulations to Christina.

0:52:590:53:02

But were the pair ever tempted to get builders in to do the work?

0:53:020:53:06

It crossed our mind to get a builder to do everything

0:53:070:53:10

and we got a quote for him to do everything.

0:53:100:53:18

We did a lot of work ourselves

0:53:180:53:21

and we used a lot of local contractors.

0:53:210:53:24

The contactors were called in when needed

0:53:240:53:27

to replaster the walls and do some rewiring.

0:53:270:53:30

The house has also had its central heating system upgraded and some radiators moved,

0:53:300:53:35

which helped solve the damp problem, along with the new double glazing.

0:53:350:53:40

We've had all new windows,

0:53:400:53:43

and they've got trickle vents

0:53:430:53:45

where we've had problems with condensation.

0:53:450:53:48

So hopefully, we've cured the condensation side of it

0:53:480:53:52

and made it look neater.

0:53:520:53:55

And it's been insulated, which it wasn't.

0:53:550:53:57

Let's not forget the garden. A trim and tidy up,

0:53:570:54:00

plus a fresh coat of paint on the rear walls

0:54:000:54:03

has made it far more presentable.

0:54:030:54:05

There was a minor damp problem with water from a leaky gutter draining onto the rear wall,

0:54:060:54:12

but it's all been sorted out by Nigel.

0:54:120:54:16

And with only two weeks to go till the work's complete,

0:54:160:54:19

he reckons the level of finish is just right for the rental market,

0:54:190:54:22

which is their current plan.

0:54:220:54:25

For these first-time developers, the renovation presented

0:54:260:54:29

just the right amount of difficulty to make it interesting,

0:54:290:54:33

and it seems the couple didn't fall short of the challenge.

0:54:330:54:36

But how did their ?15-grand budget measure up?

0:54:360:54:40

We did a quick calculation probably last week

0:54:400:54:43

and I think we were just creeping up to ?10,000.

0:54:430:54:47

I think by the time we've finished it all, we're probably about 12.

0:54:470:54:51

Add that to their ?76,000 purchase price

0:54:510:54:54

and Nigel and Christina's total outlay could be a possible ?88,000.

0:54:540:55:00

We asked two estate agents

0:55:020:55:04

what they thought of the couple's first ever renovation.

0:55:040:55:07

My first impressions are that it still needs finishing off.

0:55:070:55:11

It's done to a reasonable standard. It's a nicely proportioned property.

0:55:110:55:15

Two good-size receptions rooms and bedrooms.

0:55:150:55:18

The bathroom's a good size. The kitchen's on the small side,

0:55:180:55:21

but otherwise it's well proportioned.

0:55:210:55:24

The finish in the kitchen and bathroom are good.

0:55:240:55:26

They're not quite finished, but I can see where they're going.

0:55:260:55:30

The bathroom especially has a touch of luxury about it.

0:55:300:55:35

I'd say the finish is reasonable.

0:55:370:55:39

It's been done to a standard for the rental market rather than the sale market.

0:55:390:55:43

If you were to sell it, you'd do it to a higher standard.

0:55:430:55:46

Nigel and Christina still want to rent it out.

0:55:460:55:49

What sort of income could they expect?

0:55:490:55:52

For rent, I think the property is worth

0:55:520:55:54

between ?425 and ?450 per calendar month.

0:55:540:55:58

I would expect it to rent quite comfortably at around about ?450 per calendar month.

0:55:580:56:03

That's pretty well what we thought. That's good.

0:56:030:56:07

If they achieve that sort of rental income,

0:56:070:56:10

the couple could expect a healthy annual yield of just over six percent.

0:56:100:56:14

But if they wanted to sell,

0:56:140:56:16

the estates agents reckon they could achieve a possible ?95,000.

0:56:160:56:20

That would give them a small pre-tax profit of seven grand.

0:56:200:56:24

Hopefully, for Nigel and Christina, this project could be the start of a new venture

0:56:280:56:32

in renovating properties and building up a portfolio.

0:56:320:56:36

This is the first time that we've ever bought a place

0:56:360:56:39

to do this sort of thing, to resell or rent.

0:56:390:56:43

Touch wood, it's all gone pretty well,

0:56:430:56:46

so it may be something we may well do again.

0:56:460:56:50

Well, that's it for now. Join us next time

0:56:520:56:56

as we follow more people buying their homes under the hammer.

0:56:560:57:00

Look forward to seeing you then. BOTH: Goodbye!

0:57:000:57:02

Subtitles by Red Bee Media Ltd

0:57:020:57:06

E-mail [email protected]

0:57:060:57:10

Are you meddling again?

0:57:300:57:33

Possibly.

0:57:330:57:34

You have to tell the police whatever it is that you know.

0:57:340:57:38

She was murdered.

0:57:380:57:39

Quirke! What have you done?!

0:57:390:57:42

Gabriel Byrne is Quirke.

0:57:420:57:43

Martin Roberts and Lucy Alexander visit an end-of-terrace in Manchester, a three-bed house in Kent and a two-bed semi in Derby. Martin and Lucy find out who bought them and what they paid when they went under the hammer.