0:00:02 > 0:00:03Welcome to the show.
0:00:03 > 0:00:06If you've ever bought a house and got caught in a property chain,
0:00:06 > 0:00:07you'll know what a nightmare it is.
0:00:07 > 0:00:10Yes, so how can you avoid that situation?
0:00:10 > 0:00:14One effective way to cut through the links of the property chain
0:00:14 > 0:00:15is to buy your home at auction.
0:00:41 > 0:00:44All sorts of people go to auction with different budgets
0:00:44 > 0:00:46looking for many sorts of property.
0:00:46 > 0:00:48There are all sorts of choices available,
0:00:48 > 0:00:51so what did our buyers bid for on today's show?
0:00:52 > 0:00:56There's only one thing to say about this £160,000 semi
0:00:56 > 0:00:58in Wootton Bassett, Wiltshire.
0:00:58 > 0:01:02This is a lot of house for the money.
0:01:02 > 0:01:06In Tonbridge, Kent, will this three-bed terrace hit the spot?
0:01:06 > 0:01:08The first thing that hits me
0:01:08 > 0:01:12when you walk in this property is the interesting artwork.
0:01:12 > 0:01:18And in Dawley, Shropshire, this house has the potential to satisfy.
0:01:18 > 0:01:21When you look at what's on offer for the money,
0:01:21 > 0:01:22you can't go wrong, can you?
0:01:24 > 0:01:26All these properties have been sold at auction,
0:01:26 > 0:01:29and we find out who bought them and what they paid
0:01:29 > 0:01:31- when they went under the hammer. - Your lot, sir.
0:01:36 > 0:01:39I'm near Swindon in the market town of Wootton Bassett,
0:01:39 > 0:01:42which has recently become synonymous with the military.
0:01:42 > 0:01:45It also has a great architectural heritage,
0:01:45 > 0:01:48and you only need to look at the high street
0:01:48 > 0:01:51to spot some of its Georgian buildings.
0:01:51 > 0:01:55The location's pretty handy too, just two miles from the M4
0:01:55 > 0:01:58and close to the extensive facilities of Swindon.
0:02:01 > 0:02:04Well, just a short walk from Wootton Bassett high street
0:02:04 > 0:02:06is this quiet residential area,
0:02:06 > 0:02:09made up of largely 1950s ex-local authority houses.
0:02:09 > 0:02:11Now, this is the one I'm here to see.
0:02:11 > 0:02:13Three bedroom, had a guide price of £160,000.
0:02:13 > 0:02:15Looks pretty good from the outside, let's take a look.
0:02:17 > 0:02:18This house is on a corner,
0:02:18 > 0:02:22which means it benefits from a little more driveway space.
0:02:24 > 0:02:28And seeing as these properties are very likely to appeal
0:02:28 > 0:02:31to families, extra parking certainly won't go amiss.
0:02:33 > 0:02:35I'm a huge fan of ex-local authority houses,
0:02:35 > 0:02:38because, generally, they're really well made
0:02:38 > 0:02:39and there's lots of space.
0:02:39 > 0:02:42And this one is actually proving that's no exception.
0:02:42 > 0:02:45Big entrance hall, here, and then through into your lounge.
0:02:45 > 0:02:48Big space and, it get's better, it's been knocked through.
0:02:48 > 0:02:51Whether or not this is an extension, I don't know,
0:02:51 > 0:02:53but I really like that it's a big open plan area, here.
0:02:53 > 0:02:57Views out on to the garden through the double doors.
0:02:57 > 0:03:00Lots of space, lots of light, and then through into the kitchen.
0:03:00 > 0:03:04Well, no surprises in here, it's a good-sized space.
0:03:04 > 0:03:08However, as you can see, it is very old-fashioned.
0:03:08 > 0:03:10This is a room I think you could spend some money on
0:03:10 > 0:03:13and totally transform the house.
0:03:13 > 0:03:15Just put a beautiful kitchen in here,
0:03:15 > 0:03:18you've certainly got the space for it, and...
0:03:18 > 0:03:20Wow. I'm loving this place.
0:03:20 > 0:03:24# Could it be I'm falling in love With you, baby
0:03:24 > 0:03:29# Could it be I'm falling in love Whoo-oh-oh... #
0:03:29 > 0:03:33And it goes on. Just off the kitchen and leading you back
0:03:33 > 0:03:36to the entrance hallway is this second reception room.
0:03:36 > 0:03:40It has an interesting fireplace, which some might want to update.
0:03:40 > 0:03:43But I can see this either as a dining room, playroom
0:03:43 > 0:03:45or just a cosy snug.
0:03:45 > 0:03:50So, upstairs, as you might imagine, lots more space.
0:03:50 > 0:03:52Bit of an odd layout, I have to say.
0:03:52 > 0:03:54This, kind of, very small landing area here,
0:03:54 > 0:03:58and then two bedrooms going off it. I mean, good-sized rooms, though.
0:03:58 > 0:04:02But then you, sort of, wiggle your way round to this little corridor.
0:04:02 > 0:04:06Again, good news, you've got your main bathroom and toilet here,
0:04:06 > 0:04:08but, again, spend some money on that
0:04:08 > 0:04:10because it makes the house look a lot older
0:04:10 > 0:04:13than, actually, it could do if you put a nice new suite in there.
0:04:13 > 0:04:15Then through to the rear of the property,
0:04:15 > 0:04:19another big double bedroom, views out on to the garden.
0:04:19 > 0:04:21I mean, this is a lot of house for the money.
0:04:23 > 0:04:26It certainly needs decoration up here, but structurally,
0:04:26 > 0:04:29there doesn't seem to be anything to worry about.
0:04:29 > 0:04:32There's another bonus downstairs, a second loo by the back door.
0:04:32 > 0:04:37That's useful in a family home, and handy when you're gardening.
0:04:37 > 0:04:39Well, come into the rear of the property, here,
0:04:39 > 0:04:41and, once again, you just get that impression
0:04:41 > 0:04:44that that is a house that has really been
0:04:44 > 0:04:45looked after, lived in and loved.
0:04:45 > 0:04:48Not only have you have got that little bit of grass, there,
0:04:48 > 0:04:51you've then got these green houses with tomato plants,
0:04:51 > 0:04:55and here, a vegetable plot that's obviously really been set up well,
0:04:55 > 0:04:58and given somebody, probably, a lot of pleasure.
0:04:59 > 0:05:03I think this well-loved property would be a great investment.
0:05:03 > 0:05:07It certainly needs some cosmetic work, but it's pretty sound.
0:05:07 > 0:05:10Let's see if a local estate agent agrees.
0:05:13 > 0:05:16The condition of the house is rather dated,
0:05:16 > 0:05:19and, as a result, just needs complete modernisation, now.
0:05:19 > 0:05:21The layout on the first floor,
0:05:21 > 0:05:24you've got three very good-sized bedrooms and a family bathroom.
0:05:24 > 0:05:29The bedroom sizes and the layout I don't think need to be changed,
0:05:29 > 0:05:32but it would be quite nice if there was something you could do
0:05:32 > 0:05:35to alter the size and layout of the family bathroom.
0:05:35 > 0:05:38But if you did want to develop the house
0:05:38 > 0:05:43and make the most of all that space, what are the options?
0:05:43 > 0:05:46There is potential to extend the property to the side
0:05:46 > 0:05:48and to the rear.
0:05:48 > 0:05:50I think to the rear, you would be restricted
0:05:50 > 0:05:52to perhaps a single-storey extension,
0:05:52 > 0:05:54kitchen, breakfast room, that type of thing
0:05:54 > 0:05:57whereas, to the side, I think you might be able to,
0:05:57 > 0:06:01subject to planning, get a double-storey extension.
0:06:01 > 0:06:04Lots of alternatives, but how do the figures stack up?
0:06:04 > 0:06:06Putting all planning issues aside,
0:06:06 > 0:06:08what could it make on the resale market
0:06:08 > 0:06:12if renovated as it is, a three-bed house?
0:06:12 > 0:06:16Remember, its guide price was £160,000.
0:06:16 > 0:06:20Once renovated, I believe the property would sell
0:06:20 > 0:06:23in the region of £210,000 to £220,000.
0:06:23 > 0:06:26How about on the rental market?
0:06:26 > 0:06:31I believe that you'd be able to achieve £750 per calendar month.
0:06:31 > 0:06:33If the new owner did extend the property
0:06:33 > 0:06:38to make it a four-bed house, how would that alter its sale price?
0:06:38 > 0:06:41We sold a property just recently at the end of the road.
0:06:41 > 0:06:45A four-bed semi, very similar layout and size,
0:06:45 > 0:06:47and we sold that for £240,000.
0:06:47 > 0:06:50And what about rental value?
0:06:50 > 0:06:52I believe he could rent the property
0:06:52 > 0:06:54for approximately £800 per calendar month.
0:06:56 > 0:06:58Well, yes, there's a bit of modernisation required,
0:06:58 > 0:07:01but what you've got here is a really solid house
0:07:01 > 0:07:05that would make a great family home. Well, what is there not to like?
0:07:05 > 0:07:07Let's see who bought it at the auction.
0:07:07 > 0:07:11Lot a 15, a semi-detached house close to the centre.
0:07:11 > 0:07:14Somebody, 160, someone? Or somewhere near?
0:07:14 > 0:07:16150, if you like. Maybe drag it up through.
0:07:16 > 0:07:19At £150,000 I'll take two. 152, thank you.
0:07:19 > 0:07:21154. At 154,
0:07:21 > 0:07:25156, to you, sir. At 156.
0:07:25 > 0:07:26158. 160.
0:07:26 > 0:07:29161, OK. 161. 162, 163,
0:07:29 > 0:07:32164. 165, anyone?
0:07:32 > 0:07:37165, just the middle. 166 to you, sir, it's against you now.
0:07:37 > 0:07:38166? 166.
0:07:38 > 0:07:40167 in the middle, sir? 167?
0:07:40 > 0:07:43No? At 167, in the red shirt.
0:07:43 > 0:07:45At 167, smack in the middle, for the first time...
0:07:45 > 0:07:48I'll take 500, sir.
0:07:48 > 0:07:52167 and a half. 168, you, sir. 168 and a half. 168 and a half.
0:07:52 > 0:07:54169...
0:07:54 > 0:07:57and a half, 170? No?
0:07:57 > 0:07:59At £170,000.
0:07:59 > 0:08:03I think he means it this time. £170,000, then, for the first time.
0:08:03 > 0:08:06£170,000, then, for the second time.
0:08:06 > 0:08:09And 170, third and last time. You're done.
0:08:09 > 0:08:12It was seasoned property developer Nick
0:08:12 > 0:08:16who picked up the house for £170,000.
0:08:18 > 0:08:22I caught up with him to find out what he had planned for the place.
0:08:24 > 0:08:26Nick, nice to meet you. Congratulations.
0:08:26 > 0:08:28Tell me why you wanted to buy this place.
0:08:28 > 0:08:30Well, I normally do new home builds,
0:08:30 > 0:08:34but the property market is such that there aren't many of those about.
0:08:34 > 0:08:37This came up in the right area for me
0:08:37 > 0:08:40so we decided that if it was at the right price, we would go for it.
0:08:40 > 0:08:43So, tell me a bit more about you and your background.
0:08:43 > 0:08:47I'm trained in surveying, got a degree in land management.
0:08:47 > 0:08:50I worked my way through the ranks in an estate agency,
0:08:50 > 0:08:52left in, about, 2000 and started my own company
0:08:52 > 0:08:55because I had been doing property development
0:08:55 > 0:08:58for four or five years prior to that whilst working.
0:08:58 > 0:09:01Thought to myself, "Well, it's a better job, better lifestyle."
0:09:01 > 0:09:05Nick certainly has plenty of experience in the housing arena,
0:09:05 > 0:09:08but surprisingly, as he's always focused on new builds,
0:09:08 > 0:09:11this is actually his first renovation of an old property.
0:09:11 > 0:09:14So, why did he go for this particular one?
0:09:14 > 0:09:18It needed some essentials, a new bathroom, new kitchen,
0:09:18 > 0:09:19decorating throughout.
0:09:19 > 0:09:22And at the end of the day, we're here to make a profit,
0:09:22 > 0:09:24so there was an opportunity for that within this house.
0:09:24 > 0:09:28OK, talk me through the potential thought processes
0:09:28 > 0:09:29on the potential profit.
0:09:29 > 0:09:35You need to buy at a figure that, once you've spent the money on it,
0:09:35 > 0:09:37gives you a return.
0:09:37 > 0:09:41I had a figure in my mind as to what I wanted as a return.
0:09:41 > 0:09:45This one, at the right price, with the work that needed doing,
0:09:45 > 0:09:46gave me that return.
0:09:46 > 0:09:49Can you talk me through the actual numbers?
0:09:49 > 0:09:52With this house, I'd think that it would cost £25,000 to refurb it.
0:09:52 > 0:09:54170 was the purchase price
0:09:54 > 0:10:00and they reckon it would sell for about 220, 225 when done.
0:10:00 > 0:10:03So, the figures worked out at, sort of, £20,000, £30,000 profit.
0:10:05 > 0:10:07Nick's certainly got his business head on,
0:10:07 > 0:10:10and there's definitely some profit to be made on this place,
0:10:10 > 0:10:12But what will he do to sort it out?
0:10:12 > 0:10:16First of all, I'm going to come in, take out everything that's old.
0:10:16 > 0:10:20The kitchen, the bathroom. Maybe doors, skirtings, architraves.
0:10:20 > 0:10:23And then start again. New kitchen.
0:10:23 > 0:10:27Bit of a "wow" factor in the kitchen, cos that sells houses.
0:10:27 > 0:10:31As does the bathroom. We hope to put an en suite in the main bedroom
0:10:31 > 0:10:35because, again, that's something that this house doesn't have
0:10:35 > 0:10:36and people like nowadays.
0:10:36 > 0:10:40The garden is very vegetable orientated,
0:10:40 > 0:10:43and I think we need to make that more of a lawn,
0:10:43 > 0:10:48so we are going to take out all the vegetables and lay it all to lawn
0:10:48 > 0:10:50and hopefully make it look a lot bigger, as well.
0:10:50 > 0:10:53So, sadly, it's goodbye to the vegetable patch.
0:10:53 > 0:10:57But, as Nick plans to resell the property,
0:10:57 > 0:11:00it's a good idea to make it as attractive to buyers as possible.
0:11:00 > 0:11:03Nick has his own team of tradesmen ready to do the job,
0:11:03 > 0:11:07including builders, carpenters, plumbers and electricians.
0:11:07 > 0:11:10He will also do some of the work himself with the help of his dad.
0:11:10 > 0:11:12With so many hands on deck,
0:11:12 > 0:11:15presumably he's aiming for a quick turnaround.
0:11:15 > 0:11:19Well, not unknown, but it's difficult to say exactly,
0:11:19 > 0:11:22but I'm hoping to have it done between six and eight weeks.
0:11:22 > 0:11:25Wow. So, how many people will be working on it?
0:11:25 > 0:11:29If you came in here when we're at full bore, you'll probably have
0:11:29 > 0:11:32six to eight people working in here at any one time.
0:11:32 > 0:11:36Electricians, plumbers, carpenters, builders outside.
0:11:36 > 0:11:38So, even doing it with professionals,
0:11:38 > 0:11:41you're still going to manage to stick to the £25,000 budget?
0:11:41 > 0:11:46Yes. You know, you have to be tight with the budget,
0:11:46 > 0:11:50and, you know, the guys know they've got certain lengths of time to do it.
0:11:50 > 0:11:53I've tied a few of them down on the prices of things
0:11:53 > 0:11:56such as the plumbing and the kitchen.
0:11:56 > 0:11:58- But you're confident you can do it for that?- I am, yeah.
0:11:58 > 0:12:00Well, listen, congratulations.
0:12:00 > 0:12:04Good luck with it, and we look forward to seeing how you get on.
0:12:04 > 0:12:06Well, Nick's certainly got the experience
0:12:06 > 0:12:08to make a success of this project,
0:12:08 > 0:12:11but with so many professionals working on it
0:12:11 > 0:12:14can he really keep to that £25,000 budget?
0:12:14 > 0:12:16You can find out later in the show.
0:12:21 > 0:12:24I am in the market town of Tonbridge in Kent.
0:12:24 > 0:12:28It's got one of the best-preserved Motte-and-Bailey castles in the country,
0:12:28 > 0:12:31and the town is home to double Olympic gold medal winner
0:12:31 > 0:12:33Dame Kelly Holmes.
0:12:33 > 0:12:37But is the property that went to auction going for gold too?
0:12:37 > 0:12:39Now, I'm in the southern part of Tonbridge today,
0:12:39 > 0:12:42and I'm here to see this three-bedroom mid-terrace house.
0:12:42 > 0:12:48It had a guide price at auction of £120,000 to £125,000. Let's go in.
0:12:50 > 0:12:52The property is close to the town centre
0:12:52 > 0:12:54and train station in a cul-de-sac.
0:12:54 > 0:12:56The downside of that location
0:12:56 > 0:12:59is that on-street parking is very limited.
0:13:04 > 0:13:08But the house does have the bonus of already being double-glazed.
0:13:08 > 0:13:12Right, first thing that hits me when you walk in this property
0:13:12 > 0:13:15is the interesting artwork on the walls.
0:13:15 > 0:13:19I'm not quite sure about that. But looking at the room dimensions,
0:13:19 > 0:13:22it doesn't feel too cottagey here. The ceilings aren't too low.
0:13:22 > 0:13:25Quite a good space, and if you walk towards the back, here,
0:13:25 > 0:13:28we've got a room almost identical in size.
0:13:28 > 0:13:31Now, this is a great shape for a kitchen,
0:13:31 > 0:13:33although it will need a complete refurb.
0:13:33 > 0:13:36Brand new kitchen, all of the wallpaper needs stripping off,
0:13:36 > 0:13:39and if you come through here,
0:13:39 > 0:13:41you can see there's a toilet and a bathroom
0:13:41 > 0:13:43and I happen to know, that is the only one in the house,
0:13:43 > 0:13:46which is a really big downside for me.
0:13:46 > 0:13:48I know there's three bedrooms upstairs.
0:13:48 > 0:13:51I'm just wondering whether you could get a bathroom up there.
0:13:51 > 0:13:53Let's have a look.
0:13:54 > 0:13:58The existing bathroom down here is in a pretty poor state,
0:13:58 > 0:14:01so even if you don't move it, it definitely needs
0:14:01 > 0:14:04a complete overhaul, and my preference would be,
0:14:04 > 0:14:06if possible, to just rip it out.
0:14:09 > 0:14:12So, the main bedroom is to the front of the property,
0:14:12 > 0:14:15and at the back, you've got a small double.
0:14:15 > 0:14:16Third bedroom?
0:14:18 > 0:14:20Yes, this is not a cupboard, I have to say,
0:14:20 > 0:14:24There's some rather steep stairs going up to the loft space,
0:14:24 > 0:14:26and the third bedroom is up there.
0:14:26 > 0:14:28Now, can you get a bathroom up here?
0:14:28 > 0:14:30Yes, I would like to think so.
0:14:30 > 0:14:33What I would do would be to put a wall up here,
0:14:33 > 0:14:35bathroom in there,
0:14:35 > 0:14:37corridor through here.
0:14:37 > 0:14:39So, you've got bedroom one,
0:14:39 > 0:14:40bedroom two,
0:14:40 > 0:14:43upstairs bathroom. Sorted.
0:14:46 > 0:14:48Of course, moving the bathroom up here
0:14:48 > 0:14:50would reduce this place to just two bedrooms,
0:14:50 > 0:14:53which could affect its value.
0:14:53 > 0:14:56However, because you have to access the top floor
0:14:56 > 0:14:59through this bedroom, it's pretty impractical as it is.
0:14:59 > 0:15:04Outside, the property benefits from a good-sized but narrow garden,
0:15:04 > 0:15:05which, like the rest of the house,
0:15:05 > 0:15:07needs a good tidy up.
0:15:09 > 0:15:13Now, the auction catalogue mentions there's potential for an extension
0:15:13 > 0:15:16to the rear of the property, subject to all necessary consent.
0:15:16 > 0:15:20Now, with these new regulations concerning permitted development,
0:15:20 > 0:15:23you can extend a terrace house at the rear up to three metres
0:15:23 > 0:15:26for a single storey, and that's without going through planning.
0:15:26 > 0:15:28It does get a little bit more complicated
0:15:28 > 0:15:30when you want to go up two storeys,
0:15:30 > 0:15:32as it depends how close you are to the boundary line.
0:15:32 > 0:15:35Personally, I don't think I would bother extending here,
0:15:35 > 0:15:38because if you're doing this to make money,
0:15:38 > 0:15:41I don't think you'd recoup all your costs straightaway.
0:15:42 > 0:15:45There are some big decisions to be made
0:15:45 > 0:15:47about how to renovate this property.
0:15:47 > 0:15:52It had an auction guide price of between £120,000 and £125,000.
0:15:52 > 0:15:56Let's hear the views of a local estate agent.
0:15:56 > 0:15:57If I was going to rent it out,
0:15:57 > 0:15:59I would just do a complete refurb inside,
0:15:59 > 0:16:03leave the bathroom where it is and keep it to a minimum. Rent it.
0:16:03 > 0:16:05If I was looking, long-term, to stay
0:16:05 > 0:16:08then I would definitely consider extending the kitchen
0:16:08 > 0:16:10and move the bathroom upstairs.
0:16:10 > 0:16:11That's good advice.
0:16:11 > 0:16:16What sort of rental income could this terrace house generate?
0:16:16 > 0:16:19Rental per calendar month, you'd be looking in the region of £750
0:16:19 > 0:16:22once the various works have been carried out.
0:16:22 > 0:16:25And the resale value once renovated?
0:16:26 > 0:16:30Market value, once the property's been refurbished,
0:16:30 > 0:16:34you'd be looking for resale between £175,000 to £180,000.
0:16:35 > 0:16:38Would my idea of moving the bathroom to the first floor
0:16:38 > 0:16:41significantly affect the value?
0:16:41 > 0:16:45Making a bathroom on the first floor and losing a bedroom,
0:16:45 > 0:16:52you would still be looking for resale of more around the £175,000 range.
0:16:52 > 0:16:55This Victorian terrace needs quite a bit of work,
0:16:55 > 0:16:58but I think the biggest renovation decision here
0:16:58 > 0:17:01is whether to move that bathroom upstairs and so lose a bedroom.
0:17:01 > 0:17:05I personally think that would be the right decision in this instance.
0:17:05 > 0:17:08I don't think the value would be too badly affected
0:17:08 > 0:17:10by making this into a two-bedder,
0:17:10 > 0:17:13but will the new owner think it's a sacrifice worth making?
0:17:13 > 0:17:17Let's find out who bought this Tonbridge terrace at auction.
0:17:17 > 0:17:19It's a vacant house for improvement
0:17:19 > 0:17:22in a pleasant cul-de-sac in the town centre.
0:17:22 > 0:17:25Where are you going to start me on that one?
0:17:25 > 0:17:26120,000, anywhere?
0:17:26 > 0:17:29Give me 110, then. I'm obliged.
0:17:29 > 0:17:32115, now, do I see? Thank you, madam, 120.
0:17:32 > 0:17:34And five. 125.
0:17:34 > 0:17:37125 and seven, 127. 130.
0:17:38 > 0:17:41And two from the gentleman, 132, and four and six.
0:17:41 > 0:17:45136 at the back. 138 now.
0:17:45 > 0:17:48And 40. 140, it's with you. And two,
0:17:48 > 0:17:52142. And five, in the aisle, first bid, sitting down, 145.
0:17:52 > 0:17:54147 anywhere else? 147, madam, thank you.
0:17:54 > 0:18:00148. 148, I'm bid. 149. I'm looking for 149 in a fresh place.
0:18:00 > 0:18:04150 sitting down, can I say? At 149, might be the lucky bid.
0:18:04 > 0:18:08149, I've got. 150, now, if you'd like. Thank you, madam, 150.
0:18:08 > 0:18:13And one. 151? 151. And two? 152?
0:18:13 > 0:18:14152?
0:18:14 > 0:18:19At 151,000, then, I'm selling on my left for the first time.
0:18:19 > 0:18:24£151,000 for the second time. At £151,000 over on my left.
0:18:24 > 0:18:28Are you all done? It's yours at £151,000, sir.
0:18:28 > 0:18:34The final bid of 151,000 came from local man Ian.
0:18:34 > 0:18:38But Ian actually bought the property for his eldest son.
0:18:38 > 0:18:4021-year-old Martin, on the right here.
0:18:40 > 0:18:44But Ian's youngest son, 19-year-old Sean, on the left here,
0:18:44 > 0:18:46is in on the deal, too.
0:18:46 > 0:18:49Confused? Well, I certainly was,
0:18:49 > 0:18:52so I met up with both Martin and Sean to hear more.
0:18:52 > 0:18:53Guys, congratulations.
0:18:53 > 0:18:56Now, who is it that's bought this house? Is it both of you?
0:18:56 > 0:19:01No, it's my house. Sean, my brother, was at the auction for us,
0:19:01 > 0:19:02he bought the house.
0:19:02 > 0:19:05Right, so, already I'm confused. So, tell me the story.
0:19:05 > 0:19:10Actually, it's his house for him eventually to live in, hopefully.
0:19:10 > 0:19:14And then I'm going to be doing it up by my own, mainly.
0:19:14 > 0:19:18We might bring other people in to do the work I can't do, obviously.
0:19:19 > 0:19:24So, Martin, why just "hopefully" might you be living in this house?
0:19:24 > 0:19:28Well, I mean, if the profit is going to be quite a bit
0:19:28 > 0:19:31then, obviously, I may sell and move on and do the same again.
0:19:31 > 0:19:35But if there's not a lot of profit then live here for a little while
0:19:35 > 0:19:37and then see what it's like in a few years.
0:19:37 > 0:19:39So it's a great exercise for both of you, really.
0:19:39 > 0:19:41You're prepared to do all the hard work,
0:19:41 > 0:19:45you're hopefully going to live here, depending on how good his work is!
0:19:53 > 0:19:55Both of them are carpenters by trade
0:19:55 > 0:19:57and younger brother Sean has just left college.
0:19:57 > 0:20:01This will be his first big project, and he'll be under massive pressure,
0:20:01 > 0:20:04as he's doing the work for his older brother.
0:20:05 > 0:20:07I'll be going and inspecting his work.
0:20:07 > 0:20:10So, he won't get away with any little bits.
0:20:10 > 0:20:12I'll be snagging all of his work, that's for sure.
0:20:12 > 0:20:15I'll be here, probably, most nights and Saturdays and Sundays
0:20:15 > 0:20:17just to check up and help him out when he needs to.
0:20:17 > 0:20:20Sean, you are under huge pressure, mate.
0:20:20 > 0:20:22- Yep, quite a bit.- Sorry, but you really are, aren't you?
0:20:22 > 0:20:24I know. It's going to be a bit scary
0:20:24 > 0:20:27but it's a bit of an experience, isn't it? So it's got to be done.
0:20:27 > 0:20:30And it's great that it is your brother,
0:20:30 > 0:20:32so, obviously, you can all work on this together.
0:20:32 > 0:20:34Yeah, and he can't moan at me too much!
0:20:38 > 0:20:40Sean doesn't seem to fazed
0:20:40 > 0:20:44by having his big brother's watchful eye over him.
0:20:44 > 0:20:47But I think he's going to have his work cut out with this property.
0:20:49 > 0:20:51You have got a downside to this property,
0:20:51 > 0:20:54and that is the fact you have a bathroom here,
0:20:54 > 0:20:57three bedrooms up there, but two of them a little bit tricky
0:20:57 > 0:20:59because you have to go through one to get to the other.
0:20:59 > 0:21:02How are you going to work that out in terms of layout?
0:21:02 > 0:21:05If we can, we would like to go up at the back, here,
0:21:05 > 0:21:07just to give another room on the first floor.
0:21:07 > 0:21:10That is a big thing, trying to get the bathroom upstairs.
0:21:10 > 0:21:14so we'll put the planning in for that and see what we get out of it.
0:21:14 > 0:21:18A two-storey extension would certainly transform the house,
0:21:18 > 0:21:21but I'd be concerned you might not make your money back
0:21:21 > 0:21:25on what would be quite expensive and extensive work.
0:21:26 > 0:21:28So, if you decide not to have an extension
0:21:28 > 0:21:31and just want to leave it as it is, how do you think you will do that?
0:21:31 > 0:21:36I think the corridor up in that bedroom, just to separate it.
0:21:36 > 0:21:40Otherwise the privacy for whoever's in that bedroom... There is none.
0:21:40 > 0:21:42You will then leave the bathroom downstairs?
0:21:42 > 0:21:45We would look at getting maybe a toilet, just a small toilet
0:21:45 > 0:21:47with a sink, upstairs somewhere
0:21:47 > 0:21:50if we can find the space for it. They are already small bedrooms.
0:21:50 > 0:21:51And have you thought about
0:21:51 > 0:21:54just having two good bedrooms with a bathroom upstairs
0:21:54 > 0:21:57and not really worrying about the third bedroom?
0:21:57 > 0:22:00Well, I mean, we're trying to take all accounts into it.
0:22:00 > 0:22:02We haven't had a real good sit down yet,
0:22:02 > 0:22:04and gone through and planned everything out.
0:22:04 > 0:22:06We are still looking at ideas
0:22:06 > 0:22:09and looking at other houses so we can get ideas from it.
0:22:09 > 0:22:11But nothing's a "no".
0:22:11 > 0:22:14Sounds like the lads need to get their thinking caps on.
0:22:14 > 0:22:16But it's good to hear
0:22:16 > 0:22:19that they're keeping their options open at this stage.
0:22:19 > 0:22:21What's your budget, then?
0:22:21 > 0:22:23We've got a budget of around £15,000.
0:22:23 > 0:22:26It's not definite yet, obviously. We'll see how it goes.
0:22:26 > 0:22:27It could be more, it could be less.
0:22:27 > 0:22:29Is that including your wages?
0:22:29 > 0:22:32Give or take, yeah, probably.
0:22:32 > 0:22:35Have you worked out the hours and the timesheet and all of that?
0:22:35 > 0:22:38It's going to take a while to do on my own, yeah, but...
0:22:38 > 0:22:41Time, I'm not bothered, I'm living at home, so...
0:22:41 > 0:22:44If he takes four months, he takes... Well, it better not take a year!
0:22:46 > 0:22:47No. I hope not.
0:22:47 > 0:22:50The sooner the better, but I'm not going to rush him.
0:22:50 > 0:22:52He's learning, so... I'll be here to help, so...
0:22:52 > 0:22:54And how do you feel about the fact
0:22:54 > 0:22:56that your dad has done a really good thing,
0:22:56 > 0:23:00really helped both of you out, get your foot on the property ladder?
0:23:00 > 0:23:03Well, it's been a lot of help, we couldn't have done it without him.
0:23:03 > 0:23:05It's a big thanks to him.
0:23:05 > 0:23:08And I'm sure he will be on our backs just as much as I'll be on his back.
0:23:08 > 0:23:12In other words, a lot of pressure on me. So, we'll see how it goes.
0:23:12 > 0:23:15So, you really are going to be checking up on him, aren't you?
0:23:15 > 0:23:16Yeah. All the time.
0:23:16 > 0:23:18Guys, good luck with this,
0:23:18 > 0:23:20it's going to be a great project for both of you.
0:23:20 > 0:23:23Martin, well done. Sean, thank you.
0:23:25 > 0:23:27Now, forgive me if I'm wrong, it seems to me
0:23:27 > 0:23:29that Martin is on to quite a good deal, here.
0:23:29 > 0:23:32Dad bought it, brother Sean is doing most of the work,
0:23:32 > 0:23:35and he just gets to decide whether to move in or sell on.
0:23:35 > 0:23:37So, will it all go smoothly
0:23:37 > 0:23:41and will Martin approve of his little brother's workmanship?
0:23:41 > 0:23:44You can find out how it all goes later in the show.
0:23:45 > 0:23:50Coming up, will this three-bed in Shropshire have a fairy-tale ending?
0:23:50 > 0:23:55This ugly duckling could certainly deliver an interesting nest egg.
0:23:55 > 0:24:01In Kent, did Martin play the role of big brother to Sean?
0:24:01 > 0:24:02I kept him on his toes,
0:24:02 > 0:24:05making sure that his finishing skills were up to scratch.
0:24:07 > 0:24:08But first, in Wiltshire,
0:24:08 > 0:24:12did Nick give the doomed vegetable plot a reprieve?
0:24:12 > 0:24:14The other vegetables went in the composter.
0:24:18 > 0:24:23In the Wiltshire town of Wootton Bassett, this three-bed semi
0:24:23 > 0:24:26offered a fresh challenge for full-time property developer Nick.
0:24:34 > 0:24:36I normally do new home builds
0:24:36 > 0:24:40but the property market is such that there aren't many of those about.
0:24:40 > 0:24:42This came up in the right area for me
0:24:42 > 0:24:45and we decided, if it was at the right price, we would go for it.
0:24:45 > 0:24:50And that right price turned out to be 170,000.
0:24:50 > 0:24:52170, third and last time, you're done.
0:24:54 > 0:24:58Armed with a £25,000 budget and his team of professional tradesmen,
0:24:58 > 0:25:01Nick set about his renovation project.
0:25:01 > 0:25:04Just 11 weeks later, we are back. So, what's changed?
0:25:09 > 0:25:11The exterior is now looking clean and fresh,
0:25:11 > 0:25:17and the driveway has been tidied up with new gravel and re-Tarmacked
0:25:17 > 0:25:20But what about the interior?
0:25:22 > 0:25:26We've basically stripped the house out completely.
0:25:27 > 0:25:28Rewired it,
0:25:28 > 0:25:30re-plumbed it,
0:25:30 > 0:25:32re-plastered it.
0:25:34 > 0:25:37So, it's out with the pink and red
0:25:37 > 0:25:39and in with a warmer, more neutral feel.
0:25:43 > 0:25:45New kitchen.
0:25:48 > 0:25:49What a kitchen!
0:25:49 > 0:25:52It's now been completely refurbished
0:25:52 > 0:25:55and comes with everything a buyer or tenant could desire.
0:25:55 > 0:25:57Originally the kitchen was very old-fashioned.
0:25:57 > 0:25:59We had an old-fashioned breakfast bar, here
0:25:59 > 0:26:02and all the units were very dated, very 1960s.
0:26:02 > 0:26:05So we decided to rip the whole lot out and start again.
0:26:05 > 0:26:08When we did it, we thought, "We need to have modern appliances,"
0:26:08 > 0:26:11so we've got integrated dishwasher,
0:26:11 > 0:26:14integrated washer dryer, obviously a hob extractor.
0:26:14 > 0:26:18We put little touches such as the plinth lighting,
0:26:18 > 0:26:20just to give it a bit of ambience
0:26:20 > 0:26:23and, to be honest, I'm very pleased with the way it's come out.
0:26:23 > 0:26:27Downstairs, Nick has worked with the existing layout.
0:26:27 > 0:26:29But what about upstairs?
0:26:30 > 0:26:34We've created a fourth bedroom by changing the staircase.
0:26:34 > 0:26:37By turning the stairway through 90 degrees
0:26:37 > 0:26:41he was able to take space off both the landing and the bathroom.
0:26:41 > 0:26:44This left him, still, with a decent-sized bathroom,
0:26:44 > 0:26:46but he also made an extra bedroom,
0:26:46 > 0:26:49which turned this into a four-bed house.
0:26:56 > 0:27:00We've put an en suite in the master bedroom.
0:27:00 > 0:27:03Not only has he got an extra bedroom,
0:27:03 > 0:27:05but the master bedroom is now en suite.
0:27:05 > 0:27:08And the inside of the house is looking great.
0:27:08 > 0:27:11We've changed the garden completely.
0:27:15 > 0:27:21Well, the garden before was a mismatch of vegetables, tomatoes,
0:27:21 > 0:27:24greenhouses, sheds, paths...
0:27:24 > 0:27:28You name it, it was here. So, we decided to clear the lot.
0:27:28 > 0:27:33We took the wall down cos it was falling over, put a new fence up
0:27:33 > 0:27:36and re-turfed the whole lawn to make it far more family friendly.
0:27:36 > 0:27:39I'm really pleased with the way it's turned out.
0:27:39 > 0:27:42It is a much more practical garden than was here before,
0:27:42 > 0:27:45but what happened to all of those lovely vegetables
0:27:45 > 0:27:48we saw growing here on our last visit?
0:27:53 > 0:27:56The vegetables were plentiful.
0:27:56 > 0:28:00Scott, my carpenter, is very keen on gardening.
0:28:00 > 0:28:04He stripped all the tomatoes and, I think, made tomato puree out of it.
0:28:04 > 0:28:06He's yet to give me a tin, I need to ask him for that.
0:28:06 > 0:28:08Or a jar of that, so...
0:28:08 > 0:28:11But the rest of the vegetables went in the composter
0:28:11 > 0:28:15because they were at the end of their lives, really.
0:28:15 > 0:28:18Well, he may have had some benefit from what he found in the garden,
0:28:18 > 0:28:21but by turning those three bedrooms into four,
0:28:21 > 0:28:23he has certainly maximised the space in the house,
0:28:23 > 0:28:25particularly upstairs.
0:28:27 > 0:28:30Working out layout changes was a new challenge for Nick.
0:28:30 > 0:28:32Normally he specialises in new builds,
0:28:32 > 0:28:36where he's following plans and building to an agreed specification.
0:28:36 > 0:28:41Of course, here, he had to work with what he'd got.
0:28:41 > 0:28:44The big difference with this is the shell was already here,
0:28:44 > 0:28:47so there was no muddy groundworks to do.
0:28:47 > 0:28:50I would still want to do new builds but I would definitely look
0:28:50 > 0:28:53for another quick turnaround one, like this, again.
0:28:53 > 0:28:56Nick originally looked at doing property renovations
0:28:56 > 0:28:57rather than new builds
0:28:57 > 0:29:00because of the downturn in the new-build market.
0:29:00 > 0:29:03He and his team actually managed to turn this around
0:29:03 > 0:29:06in just a few months. It's much quicker than a new build
0:29:06 > 0:29:09and there's a much smaller budget to manage.
0:29:09 > 0:29:11The budget was 25.
0:29:11 > 0:29:14The extras that I didn't anticipate doing
0:29:14 > 0:29:17are things like changing the staircase around.
0:29:17 > 0:29:19We weren't going to make it into a four bed,
0:29:19 > 0:29:22so, that's an extra expense.
0:29:22 > 0:29:25We put a new boiler in, spending, from the 25 original budget,
0:29:25 > 0:29:27we ended up spending about 32.
0:29:27 > 0:29:32A £32,000 spend on top of the purchase price of £170,000
0:29:32 > 0:29:38along with costs would see a total expenditure of nearly £205,000.
0:29:38 > 0:29:41So, has this change of direction worked out well?
0:29:43 > 0:29:46Kitchen and bathroom have obviously been done to a high standard.
0:29:46 > 0:29:50The neutral decor throughout is obviously good.
0:29:50 > 0:29:53I think the addition of the fourth bedroom was a very good move.
0:29:53 > 0:29:55It's certainly going to allow the developers
0:29:55 > 0:29:57to ask a premium for the property.
0:29:57 > 0:29:59Ideally, Nick would sell,
0:29:59 > 0:30:04but in a slow-moving market he may have to consider renting it.
0:30:04 > 0:30:07He'd be looking at around £800 per calendar month.
0:30:07 > 0:30:11I'd look to market this property, in terms of rental valuation,
0:30:11 > 0:30:14for an initial price of £850 per calendar month.
0:30:14 > 0:30:17It's probably about where I thought.
0:30:17 > 0:30:20800 to 850? Yes, that's pretty good.
0:30:20 > 0:30:24Those valuations mean it would just about reach tick-over point,
0:30:24 > 0:30:27with an annual yield of about 4.5%.
0:30:27 > 0:30:31But how has this £205,000 investment fared?
0:30:31 > 0:30:36I'd place this property on the market at £240,000 to £245,000.
0:30:36 > 0:30:39I'd look to put this property on the market
0:30:39 > 0:30:42for approximately £250,000 to £260,000.
0:30:42 > 0:30:46Yeah, I'm pleased with the higher one, conservative for the lower one.
0:30:46 > 0:30:48But, you know. Just wait and see what happens.
0:30:48 > 0:30:52As £250,000 is the stamp duty threshold at the moment,
0:30:52 > 0:30:55it may not go for more than that figure.
0:30:55 > 0:30:59But the estate agents' valuations could see it make a potential
0:30:59 > 0:31:02pre-tax profit of between 35 and 55 grand,
0:31:02 > 0:31:06pretty good going for such a fast turnaround renovation.
0:31:06 > 0:31:09It's been a very enjoyable project.
0:31:09 > 0:31:13Different to a new build but one that I would definitely do again.
0:31:13 > 0:31:14I've thoroughly enjoyed doing it.
0:31:14 > 0:31:18I think all the guys who work for me have also enjoyed doing it,
0:31:18 > 0:31:19something different for them.
0:31:19 > 0:31:22So, yes, it's been a good eight weeks
0:31:22 > 0:31:24and I look forward to doing another one.
0:31:28 > 0:31:30So, it looks like Nick's change of direction
0:31:30 > 0:31:34has worked out well for him, and you know what they say...
0:31:34 > 0:31:36a change can often be as good as a rest.
0:31:46 > 0:31:51This is Dawley in Shropshire, on the outskirts of Telford.
0:31:51 > 0:31:55It is the birthplace of Captain Matthew Webb, who, in 1875,
0:31:55 > 0:31:59became the first person ever to swim the English Channel.
0:31:59 > 0:32:01# ..Night swimming
0:32:01 > 0:32:04# Deserves a quiet night... #
0:32:04 > 0:32:08So let's see if the next property will sink or swim.
0:32:08 > 0:32:10Well, the property I'm here to see
0:32:10 > 0:32:14is on a housing estate built in the 1960s, early 1970s.
0:32:14 > 0:32:17Um, not necessarily the most attractive-looking house
0:32:17 > 0:32:21from the outside, but let's hope you can't judge a book by its cover,
0:32:21 > 0:32:24cos what we've got here is a three-bedroomed house
0:32:24 > 0:32:27which has the guide price of just £55,000.
0:32:27 > 0:32:30The house is tucked away on the edge of an estate
0:32:30 > 0:32:33with lots of trees and a patch of greenery in the middle
0:32:33 > 0:32:35to help pretty things up.
0:32:35 > 0:32:38So, what's on offer?
0:32:38 > 0:32:41OK, interesting start, I like the fact there's a downstairs loo there,
0:32:41 > 0:32:44that's very practical, and a nice little area here,
0:32:44 > 0:32:46somewhere to hang your coats and put your clutter.
0:32:46 > 0:32:49Already I'm liking the practicality of the house.
0:32:49 > 0:32:52Through to your front sitting room area, not a bad size room.
0:32:52 > 0:32:55I mean, it's obviously in need of a fair old bit of decoration,
0:32:55 > 0:32:58but I'm liking the space. Although I have to say,
0:32:58 > 0:33:01I would have expected that wall not to be there,
0:33:01 > 0:33:04make a really nice, sort of, kitchen/dining room.
0:33:04 > 0:33:07Look at your costing, see if that's worth doing, it may well be.
0:33:07 > 0:33:11But something that's quite nice, obviously the central heating's
0:33:11 > 0:33:13been updated in the not-too-distant past.
0:33:13 > 0:33:16All in all... Yup, good start.
0:33:16 > 0:33:19It may be basic, but it's also bare,
0:33:19 > 0:33:22which means less to clear and no wasted time
0:33:22 > 0:33:25lugging someone else's stuff out.
0:33:25 > 0:33:29The kitchen is small, but at least it's practically square,
0:33:29 > 0:33:32and as I mentioned, you could look at knocking through
0:33:32 > 0:33:34into the dining room to make more space.
0:33:34 > 0:33:37Well, upstairs, again, you've got to see through the, kind of,
0:33:37 > 0:33:40state of the decoration to the layout of the property,
0:33:40 > 0:33:44and the combination on offer which, again, is really good.
0:33:44 > 0:33:47Upstairs bathroom and loo, lots of storage space here,
0:33:47 > 0:33:49that's got the central heating stuff in it.
0:33:49 > 0:33:51This is a big cupboard, there.
0:33:51 > 0:33:54Two good-sized bedrooms, a double at the back
0:33:54 > 0:33:56a double one at the front, there.
0:33:56 > 0:33:58I mean, even the third bedroom isn't a bad size,
0:33:58 > 0:34:01so, all in all, when you look at what's on offer for the money,
0:34:01 > 0:34:03you can't go wrong, can you?
0:34:03 > 0:34:07# ..Pretty in pink
0:34:07 > 0:34:08# Isn't she? #
0:34:08 > 0:34:12So, it seems as though this property is likely to leave you tickled pink,
0:34:12 > 0:34:17but, more importantly, will it put your bank balance in the black?
0:34:17 > 0:34:20It looks like it will only need some cosmetic work here,
0:34:20 > 0:34:23so it shouldn't cost much to get this place looking better.
0:34:23 > 0:34:27But will it add up to a solid investment?
0:34:27 > 0:34:31So, we're all agreed that the property doesn't need that much
0:34:31 > 0:34:34to liven it up, but could it liven up your pension pot?
0:34:34 > 0:34:37Well, I think it might. Say you bought this for £55,000,
0:34:37 > 0:34:40spent £10,000 on it, that's £65,000,
0:34:40 > 0:34:44you could rent it out for around £550 a month.
0:34:44 > 0:34:46That's a 10% yield.
0:34:46 > 0:34:49Well, when the banks are struggling to give you, what, 3 or 4%,
0:34:49 > 0:34:52that is very interesting indeed.
0:34:52 > 0:34:57It might not be ever a golden swan, but this ugly duckling
0:34:57 > 0:35:01could certainly deliver an interesting nest egg.
0:35:01 > 0:35:03It's certainly something to consider.
0:35:03 > 0:35:06This is a perfect family pad, with three bedrooms
0:35:06 > 0:35:09and a good-sized garden, in a pleasant, quiet spot.
0:35:09 > 0:35:12Not too far from here is a possible bonus
0:35:12 > 0:35:15that could make this whole proposition more exciting
0:35:15 > 0:35:17and potentially more lucrative.
0:35:17 > 0:35:22Well, it's never good when the house you are thinking about buying
0:35:22 > 0:35:24is opposite a bit of wasteland like this.
0:35:24 > 0:35:28However, that all changes when you see this,
0:35:28 > 0:35:30because not only is the high street being done up,
0:35:30 > 0:35:33but the regeneration is filtering down here.
0:35:33 > 0:35:36One of the first things I'd do is phone the council,
0:35:36 > 0:35:38find out what's planned, cos it could turn out
0:35:38 > 0:35:41that the property is in the middle of something very exciting.
0:35:41 > 0:35:46Every developer wants to be the one to find the next hot spot,
0:35:46 > 0:35:49and for those in Telford, this could be it.
0:35:49 > 0:35:52At that £55,000 guide price, this typical terrace
0:35:52 > 0:35:55becomes a whole lot more attractive.
0:35:55 > 0:35:58Time to find out what a local estate agent
0:35:58 > 0:36:01makes of this three-bed terraced property.
0:36:01 > 0:36:05This house is a very good-sized accommodation,
0:36:05 > 0:36:07all the bedrooms are a very good size.
0:36:07 > 0:36:09Downstairs is OK in terms of sizing.
0:36:09 > 0:36:11The only disappointment, I would say,
0:36:11 > 0:36:14compared to the rest of the house, is the size of the kitchen.
0:36:14 > 0:36:17Most people prefer open-plan kitchen diners now
0:36:17 > 0:36:20as opposed to small kitchens and big dining rooms.
0:36:20 > 0:36:24That could be the way forward, so, what would be the cost
0:36:24 > 0:36:28of a full renovation, plus creating an open-plan kitchen dining area?
0:36:28 > 0:36:30I would anticipate, probably,
0:36:30 > 0:36:33depending on whether you did the work yourself,
0:36:33 > 0:36:35but it would certainly cost between £5,000 and £10,000
0:36:35 > 0:36:37to complete all the work.
0:36:37 > 0:36:41After a renovation, how would the numbers stack up here?
0:36:42 > 0:36:46The ceiling price for this property once the works have been done,
0:36:46 > 0:36:49I would say is around about £85,000 £90,000.
0:36:49 > 0:36:53I would expect to achieve, in rental terms,
0:36:53 > 0:36:55approximately £550 per calendar month.
0:36:59 > 0:37:01Well, there's work to be done,
0:37:01 > 0:37:04but it is a solid, practical little house.
0:37:04 > 0:37:05It's practically risk free.
0:37:05 > 0:37:08It could also be a great little investment
0:37:08 > 0:37:09if you got it at the right price.
0:37:09 > 0:37:13So, let's waste no more time, and see what it sold for at the auction.
0:37:17 > 0:37:20Lot number four, 40 to start.
0:37:20 > 0:37:2335, then. Start me at 35.
0:37:24 > 0:37:2835, I'm bid. Thank you very much. At £35,000.
0:37:28 > 0:37:3140, can I say now? Yes, 40. At £40,000.
0:37:31 > 0:37:35£45, can I say? At 40... £45,000, seated.
0:37:35 > 0:37:38At £45,000 seated.
0:37:38 > 0:37:4050, can I say?
0:37:40 > 0:37:42£50,000 standing there,
0:37:42 > 0:37:4355,
0:37:43 > 0:37:4560,000, now.
0:37:45 > 0:37:4960, 65, 70.
0:37:49 > 0:37:54I'll take ones if it helps. 66, 67,
0:37:54 > 0:37:5668, now. 68...
0:37:58 > 0:38:00..69. 70...
0:38:01 > 0:38:05He's shaking his head. £70,000, standing, then.
0:38:05 > 0:38:07At £70,000 for lot number four.
0:38:07 > 0:38:10At 70,000 and I'm selling it for the first time,
0:38:10 > 0:38:12for the second time,
0:38:12 > 0:38:15third and final time at £70,000...
0:38:15 > 0:38:17Your lot, sir. Well done.
0:38:17 > 0:38:20It was local taxi driver Chiranjit
0:38:20 > 0:38:23who picked up the auction lot for £70,000,
0:38:23 > 0:38:27£15,000 over the guide price, but it was his wife, Baljit who I met
0:38:27 > 0:38:32to hear about what they had planned to do with this place.
0:38:32 > 0:38:34Baljit, lovely to meet you.
0:38:34 > 0:38:36Tell me why you wanted to buy this place.
0:38:36 > 0:38:39Why I wanted to buy it? Didn't really want to buy it.
0:38:39 > 0:38:42- Right, that's interesting. - We weren't quite ready to buy it.
0:38:42 > 0:38:45How do you mean you weren't quite ready?
0:38:45 > 0:38:47We just went to the auction to just have a look round,
0:38:47 > 0:38:49see what was there and that was it.
0:38:49 > 0:38:51What was it that made you plump for it?
0:38:51 > 0:38:54I think my husband just took the plunge. And just thought,
0:38:54 > 0:38:57"OK, that seems like a good price," and just went on with it.
0:38:57 > 0:39:01- So, had you been to visit it beforehand?- No.- Not at all?- No.
0:39:01 > 0:39:04- No handling of the legal pack? - No. Nothing.
0:39:04 > 0:39:07So it's literally a spur-of-the-moment decision?
0:39:07 > 0:39:10- Yes, literally.- What was so appealing in that spur of the moment?
0:39:10 > 0:39:14I don't know, I think something just took over him,
0:39:14 > 0:39:18and he just didn't bother asking, telling, he went on with it.
0:39:18 > 0:39:22So, at what point did you know that your husband was going to bid?
0:39:22 > 0:39:25When he put the bid in, and my son goes, "What's he doing?!"
0:39:25 > 0:39:27I said, "I don't know!"
0:39:27 > 0:39:31Is property development or investment something which you and your family have done a lot of?
0:39:31 > 0:39:34No. No, it's the first time.
0:39:34 > 0:39:38What prompted the move into doing it? What took you to the auction?
0:39:38 > 0:39:40- Your programme.- Oh, really?
0:39:40 > 0:39:43- We've watched you for years. - So it was all my fault, then?
0:39:43 > 0:39:44Yes!
0:39:44 > 0:39:47Well, let's hope I'm not in the doghouse
0:39:47 > 0:39:50if things don't work out on this impulse purchase.
0:39:50 > 0:39:55# It was the heat of the moment
0:39:55 > 0:39:57# Telling me what my heart... #
0:39:57 > 0:40:00I always recommend a detailed research
0:40:00 > 0:40:02before bidding on any property.
0:40:02 > 0:40:05But how do Baljit and her husband intend to ensure
0:40:05 > 0:40:07this heat-of-the-moment purchase doesn't boil over?
0:40:07 > 0:40:10Well, obviously it just needs plastering,
0:40:10 > 0:40:13and the kitchen needs doing.
0:40:13 > 0:40:17The bath will probably get a tidy up, and the flooring. Stuff like that.
0:40:17 > 0:40:21- Right. Who's going to do the work? - That's undecided as well, yet.
0:40:21 > 0:40:23We haven't decided whether I'm going to do it,
0:40:23 > 0:40:26my son or my husband so, we're still working on that.
0:40:26 > 0:40:30Right. Uh, "budget", he says, expecting an answer...?
0:40:30 > 0:40:33Around £1,600, maybe £2,000.
0:40:33 > 0:40:35Oh, wow. Quite low, then. Keeping it low.
0:40:35 > 0:40:38Yeah, so, I think that's an indication
0:40:38 > 0:40:40of us trying to do a major part of it.
0:40:40 > 0:40:43So, can you do it for those kinds of numbers?
0:40:43 > 0:40:45I don't know. We shall have to wait and see.
0:40:45 > 0:40:46You'll have to excuse me,
0:40:46 > 0:40:48but it seems a bit random, this whole thing.
0:40:48 > 0:40:51It is. It is completely.
0:40:51 > 0:40:52Yes.
0:40:52 > 0:40:55Gosh, I don't know what we've let ourselves in for!
0:40:55 > 0:40:59# Suddenly I'm in too deep
0:40:59 > 0:41:02# To ever get out... #
0:41:02 > 0:41:05Similar properties in this area have sold for up to £90,000,
0:41:05 > 0:41:09so that £70,000 purchase is starting to look good value,
0:41:09 > 0:41:13whether they decide to sell or rent it out.
0:41:13 > 0:41:17It's a bit undecided whether we're going to do it up and sell or let,
0:41:17 > 0:41:19so we're just looking at our options at the moment.
0:41:19 > 0:41:21Have you looked into the numbers
0:41:21 > 0:41:24in terms of how much you could potentially get from renting it out?
0:41:24 > 0:41:27Yeah, we've made a few phone calls, so they said around 500, 550,
0:41:27 > 0:41:30depending on whether it's furnished or unfurnished.
0:41:30 > 0:41:33That's a good return on the money you've had to pay for it.
0:41:33 > 0:41:36Yeah, yeah. Well, I don't do all the maths or adding up,
0:41:36 > 0:41:40I just leave that to my blokes! I just let them do it.
0:41:40 > 0:41:43For Baljit, it seems that when it comes to your husband,
0:41:43 > 0:41:45it's best to expect the unexpected!
0:41:45 > 0:41:49But she does expect her daughter, 17-year-old Happy,
0:41:49 > 0:41:51and the rest of the family to help.
0:41:51 > 0:41:54So, what's the timescale?
0:41:54 > 0:41:56We're hoping not to take more than a month
0:41:56 > 0:41:59if we're going to put it up for rent.
0:41:59 > 0:42:00You know, it's not a bad investment.
0:42:00 > 0:42:04It's a very good investment, actually. You've done really well.
0:42:04 > 0:42:07But, you know, the first time's always nerve-wracking.
0:42:07 > 0:42:09Is it something you would do again?
0:42:09 > 0:42:13I think we're going to have to take this a step at a time first.
0:42:13 > 0:42:16- Deal with this one.- Right. - And see where it goes.
0:42:16 > 0:42:18Well, wow. Well, it's an interesting story.
0:42:18 > 0:42:21But congratulations, anyway. And I think in the long run,
0:42:21 > 0:42:24I'm sure it'll turn out just fine. Good luck with it.
0:42:24 > 0:42:26Thank you.
0:42:26 > 0:42:30Well, Baljit's certainly got a few decisions to make on this one,
0:42:30 > 0:42:32and it does all seem a little bit random, doesn't it?
0:42:32 > 0:42:36However, I don't think she's been as daft as she thinks she has.
0:42:36 > 0:42:38In terms of buying it, it's a good investment
0:42:38 > 0:42:40and could be a great little earner.
0:42:40 > 0:42:43Find out how they get on later in the show.
0:42:46 > 0:42:50Time has passed, and we hope that the money has been well spent.
0:42:50 > 0:42:53It would be wonderful if all those splendid plans had worked out.
0:42:53 > 0:42:55Let's go back and find out.
0:42:57 > 0:42:59It is back now to Tonbridge in Kent,
0:42:59 > 0:43:02where earlier we saw this three-bedroom cottage
0:43:02 > 0:43:04sell at auction for 151,000.
0:43:04 > 0:43:08It was bought by Martin, here on the right, with help from his dad, Ian,
0:43:08 > 0:43:11to give him a start on the property ladder.
0:43:11 > 0:43:14But it will be his brother, Sean,
0:43:14 > 0:43:16who will attempt his first renovation, here.
0:43:16 > 0:43:18As the brothers are both carpenters,
0:43:18 > 0:43:21there will be some serious quality control.
0:43:21 > 0:43:23I'll be inspecting his work,
0:43:23 > 0:43:25So, he won't get away with any little bits,
0:43:25 > 0:43:27I'll be snagging all of his work, that's for sure.
0:43:27 > 0:43:31It's great that it's your brother, so you can work on this together.
0:43:31 > 0:43:34Yeah, and he can't moan at me too much, so...
0:43:34 > 0:43:37Well, the whole house may have needed total renovation,
0:43:37 > 0:43:42and the less-than-perfect layout definitely needed fixing.
0:43:42 > 0:43:46But for Sean, it seemed the real test was to give big brother Martin
0:43:46 > 0:43:48a product to be proud of.
0:43:48 > 0:43:50Well, it's been eight months, now,
0:43:50 > 0:43:52so it's time to catch up with the brothers.
0:43:52 > 0:43:56From the outside, the house is looking tidier and smarter.
0:43:57 > 0:44:01Inside, the living room has been refurbished,
0:44:01 > 0:44:03and it's now a fresher space,
0:44:03 > 0:44:07with a tasteful Victorian fireplace giving it character.
0:44:07 > 0:44:11The old kitchen is now a dining room, with the staircase exposed.
0:44:14 > 0:44:19And the bathroom has become a warm, stylish and practical kitchen.
0:44:21 > 0:44:23How did the boys get on upstairs?
0:44:33 > 0:44:36The first major thing that we've done upstairs
0:44:36 > 0:44:40is open this staircase right out to give it the feel of more space,
0:44:40 > 0:44:43and to let more light through to downstairs,
0:44:43 > 0:44:45obviously, in through the whole place.
0:44:45 > 0:44:50This was originally the door for the entrance to the second bedroom
0:44:50 > 0:44:52and access upstairs to the third bedroom.
0:44:52 > 0:44:55But as you can see, we've opened it right out,
0:44:55 > 0:44:58created the hallway and opened it out for the bathroom.
0:44:58 > 0:45:00So, this is, obviously, the bathroom,
0:45:00 > 0:45:04we've got a bath and a shower in here now, a towel rail,
0:45:04 > 0:45:06your basin and your toilet.
0:45:06 > 0:45:10We've built this out, just so that you can't see no pipes,
0:45:10 > 0:45:12to make everything more tidy.
0:45:12 > 0:45:15We raised the bath slightly to give a really nice finish
0:45:15 > 0:45:19on the window, to give it that more flowing feeling to it.
0:45:19 > 0:45:21I think it's made such a difference to the house,
0:45:21 > 0:45:25bringing the bathroom upstairs, and the space you have got in here,
0:45:25 > 0:45:28to fit a bath and a shower in here and still have room,
0:45:28 > 0:45:31I think is pretty good going, really.
0:45:33 > 0:45:36I am so pleased they chose to put in a bathroom upstairs,
0:45:36 > 0:45:40even though by doing this they had to lose a bedroom in the process.
0:45:40 > 0:45:43There are still two others, one at the front...
0:45:45 > 0:45:47..and one at the top.
0:45:47 > 0:45:50And, as you guessed, both spacious and airy.
0:45:50 > 0:45:52What about the kitchen?
0:45:52 > 0:45:55When we bought the place, this was originally the bathroom.
0:45:55 > 0:45:58Had a wall straight down the middle, here, with a doorway into it.
0:45:58 > 0:46:02So, we got the whole place re-plastered, new electricity,
0:46:02 > 0:46:05new plumbing. Went and bought a new kitchen, fitted it all.
0:46:05 > 0:46:09Bit of a nightmare because the walls are absolutely miles out,
0:46:09 > 0:46:12but we managed to get around that, and just fit the whole thing.
0:46:12 > 0:46:14And it's come out quite nicely.
0:46:14 > 0:46:17Along with that bathroom, these two spaces
0:46:17 > 0:46:19certainly add "wow" factor to the place.
0:46:19 > 0:46:21But it wasn't just down to Sean.
0:46:21 > 0:46:24Martin's work commitments came to an end,
0:46:24 > 0:46:27so he was able to lend his younger brother a hand.
0:46:29 > 0:46:32I kept him on his toes, making sure that his finishing skills
0:46:32 > 0:46:34were up to scratch. But I mean, no, he's good at working,
0:46:34 > 0:46:37he knows what to do anyway. So, no, we both cracked on
0:46:37 > 0:46:39and made sure we got everything done correctly.
0:46:39 > 0:46:41Got it done a lot quicker, that's for sure.
0:46:41 > 0:46:45With Martin on board, the brothers managed to do this renovation
0:46:45 > 0:46:47within their timescale of four months,
0:46:47 > 0:46:50though, in fact, it was spread over eight months.
0:46:50 > 0:46:54At the back, Sean and Martin turned the shabby yard into something
0:46:54 > 0:46:58that will be a lot more appealing when it comes to barbecue time.
0:46:58 > 0:47:01So, has Martin decided if he's the one who will be cooking here?
0:47:01 > 0:47:04Plan for the house is that I'm going to move in
0:47:04 > 0:47:07once I get furniture and stuff sorted out.
0:47:07 > 0:47:11When did he make this extremely difficult decision?
0:47:11 > 0:47:13As it was getting to the end of the job,
0:47:13 > 0:47:15when it started to look really nice!
0:47:15 > 0:47:18I didn't fancy moving in at the beginning, that was for sure.
0:47:18 > 0:47:21I certainly don't blame you, Martin.
0:47:21 > 0:47:25# You take me up Oh-oh
0:47:25 > 0:47:30# You take me up to a higher ground... #
0:47:30 > 0:47:32As mum, Cheryl, and dad, Ian,
0:47:32 > 0:47:34helped them to get on the property ladder,
0:47:34 > 0:47:37were they impressed by the outcome of the renovation?
0:47:37 > 0:47:39I think they've done an absolutely fantastic job.
0:47:39 > 0:47:42Really, really proud of them. Yeah, they worked very hard.
0:47:42 > 0:47:45Yeah. I think their attention to detail
0:47:45 > 0:47:47has been a lot better than expected, so...
0:47:47 > 0:47:49Yeah, very pleased to come in,
0:47:49 > 0:47:52and I'll certainly let them loose on my house now.
0:47:52 > 0:47:54Real praise coming from Ian, there.
0:47:54 > 0:47:56And Cheryl hopes that Martin will discover the virtues
0:47:56 > 0:47:58of being house-proud.
0:47:58 > 0:48:03Yes, yes. His carpets, his kitchen, it'll be clean. Unlike at home.
0:48:05 > 0:48:07It's a possibility. We'll find out, I think.
0:48:07 > 0:48:10Come back in a few weeks and see what happens.
0:48:10 > 0:48:13I reckon that even Martin might keep this place spick-and-span,
0:48:13 > 0:48:16considering the work he and Sean have put into it,
0:48:16 > 0:48:19and the money they've spent.
0:48:19 > 0:48:22I think we originally said £15,000 to do the whole place,
0:48:22 > 0:48:25and we did it, I think it was just over £17,000 where it ended up,
0:48:25 > 0:48:28for the whole lot. So, yeah, it's worked out pretty good.
0:48:29 > 0:48:32For such a good renovation, that's not much of an overspend.
0:48:32 > 0:48:35Add to that the purchase price of 151,000,
0:48:35 > 0:48:39and the total outlay, here, is 168 grand.
0:48:39 > 0:48:44For a first-time job, Martin and Sean have a lot to be proud of.
0:48:44 > 0:48:46When I walk in the front door, it makes you swell,
0:48:46 > 0:48:48cos I think we've done such a good job.
0:48:48 > 0:48:50I'm very pleased with it.
0:48:50 > 0:48:52It shows what me and my brother can do, cos this is
0:48:52 > 0:48:54the first property we've done together
0:48:54 > 0:48:56and it just shows what can be done.
0:48:58 > 0:49:01With a total investment of 168,000,
0:49:01 > 0:49:05it's time to find out what two local estate agents think
0:49:05 > 0:49:06of the brothers' work.
0:49:07 > 0:49:12First impressions of the property, outstanding. The finish is wonderful.
0:49:12 > 0:49:15The bathroom in particular has been done to a great standard,
0:49:15 > 0:49:20including the shower cubicle, is something that people want.
0:49:20 > 0:49:22I think the overall impression is 100% excellent
0:49:22 > 0:49:25and it would fall into rental and for-sale purposes.
0:49:25 > 0:49:30The kitchen is first rate, bathroom moved up to the first floor,
0:49:30 > 0:49:32including a shower cubicle, is excellent.
0:49:32 > 0:49:36Both estate agents thought moving the bathroom upstairs
0:49:36 > 0:49:37at the expense of a bedroom
0:49:37 > 0:49:40actually improved the potential of the house.
0:49:40 > 0:49:42But has it raised its value?
0:49:42 > 0:49:46Remember, the lads' total outlay was 168,000.
0:49:46 > 0:49:48So, what could it sell for?
0:49:49 > 0:49:51If the property was to go up for sale now,
0:49:51 > 0:49:54it would be on the market at £185,000.
0:49:54 > 0:49:58This property, on the market, would go for about £190,000.
0:49:58 > 0:50:00Well, if you could get 190 for it
0:50:00 > 0:50:02that would be quite a bit of profit, wouldn't it?
0:50:02 > 0:50:06Yeah, so that wouldn't be bad, yeah, if it sells for that amount of money.
0:50:06 > 0:50:10We would make money in this sort of market, so, yeah, that'd be good.
0:50:10 > 0:50:14There could be a possible pre-tax profit of 22,000, here.
0:50:14 > 0:50:17If Martin decides to rent,
0:50:17 > 0:50:20they could expect a possible £750 per calendar month,
0:50:20 > 0:50:23adding up to a healthy annual yield of 5%.
0:50:23 > 0:50:26So, either way, they should be smiling.
0:50:31 > 0:50:34For now, though, Martin will move in and enjoy the results
0:50:34 > 0:50:37of all his and brother Sean's hard graft,
0:50:37 > 0:50:40but I reckon this has whet their appetites for more.
0:50:40 > 0:50:42Well, by the way this one's gone
0:50:42 > 0:50:45we'll definitely go into property development,
0:50:45 > 0:50:47buying other properties and doing the same as this,
0:50:47 > 0:50:49cos it's worked out quite well, hasn't it?
0:50:49 > 0:50:51Yeah, we've enjoyed doing this
0:50:51 > 0:50:54and we know that we can do a decent job doing it so, yeah,
0:50:54 > 0:50:55carry on, definitely.
0:50:59 > 0:51:03We return now to Dawley in Shropshire, where earlier,
0:51:03 > 0:51:07this three-bed terraced house sold at auction for £70,000.
0:51:07 > 0:51:10Chiranjit, a local taxi driver, bought it,
0:51:10 > 0:51:14but it was his wife, Baljit, who came to meet me
0:51:14 > 0:51:16and explain why they wanted this property.
0:51:16 > 0:51:17Didn't really want to buy it.
0:51:17 > 0:51:20- Right, that's interesting. - We weren't quite ready to buy it...
0:51:20 > 0:51:23How do you mean you weren't quite ready to buy it?
0:51:23 > 0:51:26We just went to the auction to have a look round,
0:51:26 > 0:51:28see what was there and that was it.
0:51:28 > 0:51:31I didn't think this would be a decision Baljit would regret.
0:51:31 > 0:51:35With Dawley going through a regeneration process
0:51:35 > 0:51:37and a development plan just across the road,
0:51:37 > 0:51:42once brought up to scratch, this house could be worth 90,000.
0:51:42 > 0:51:44But whether to sell or to rent?
0:51:44 > 0:51:47That was the big dilemma for the family.
0:51:47 > 0:51:51So, the plan was to do a basic refurbishment.
0:51:51 > 0:51:55Four months later, we met up with Baljit and her daughter Happy
0:51:55 > 0:51:59to see if they managed to get this house earning, one way or another.
0:52:02 > 0:52:05The tired through-lounge has been redecorated
0:52:05 > 0:52:09in fresh, neutral colours, and new laminate flooring put down.
0:52:12 > 0:52:15Next door, the kitchen has had some redecoration
0:52:15 > 0:52:19and new doors added to the carcasses and, again, some new flooring.
0:52:19 > 0:52:24Well, downstairs the floorboards, you know, they were really gone.
0:52:24 > 0:52:25And upstairs in the bathroom
0:52:25 > 0:52:28there was nothing there on the floor either.
0:52:28 > 0:52:31So, we just decided to lino
0:52:31 > 0:52:34and, in the kitchen also, we had to put lino in.
0:52:34 > 0:52:38The rooms were just floorboards as well, so we thought we'd carpet them.
0:52:38 > 0:52:41The same carpeting was laid throughout upstairs.
0:52:41 > 0:52:43Although it may not be to everyone's tastes,
0:52:43 > 0:52:47it's enabled the family not to exceed their £1,500 budget.
0:52:47 > 0:52:50But with only one room decorated,
0:52:50 > 0:52:53it's obvious there's still a good deal to do.
0:52:53 > 0:52:55Sadly, due to a family bereavement,
0:52:55 > 0:52:58they haven't been able to devote as much time and energy
0:52:58 > 0:53:00to the house as they would have liked.
0:53:00 > 0:53:03Meanwhile, they've decided to rent it out.
0:53:03 > 0:53:06My husband heard that the council was running a scheme
0:53:06 > 0:53:10for people who couldn't afford housing, so we went to them
0:53:10 > 0:53:13and they brought us a client.
0:53:13 > 0:53:15He's going to sign a 12-month contract
0:53:15 > 0:53:20and he said he's willing to do the rest of the house up
0:53:20 > 0:53:23in a way that he likes it. So, that would be great.
0:53:25 > 0:53:28It's great news that the house is paying for itself
0:53:28 > 0:53:31and that the tenant is planning to finish off the renovation.
0:53:31 > 0:53:33So, there are positive signs that this place
0:53:33 > 0:53:35could soon be looking good.
0:53:37 > 0:53:41But getting it this far was down to Baljit and her daughter, Happy.
0:53:42 > 0:53:46I just couldn't believe that my parents bought a house like this.
0:53:46 > 0:53:48I was just a bit like, "Why?"
0:53:48 > 0:53:51There was a lot of, after school, coming here
0:53:51 > 0:53:53and stripping paper and...
0:53:53 > 0:53:55It was a lot to do.
0:53:55 > 0:54:00Well, she's been a star, and she helped me strip the paper,
0:54:00 > 0:54:04put it on, paint and...everything, really.
0:54:07 > 0:54:11Baljit and Happy should be very proud of what they've achieved here.
0:54:11 > 0:54:14With that £1,500 spent,
0:54:14 > 0:54:17they kept well within their £2,000 original budget.
0:54:17 > 0:54:19Added to the £70,000 purchase price,
0:54:19 > 0:54:22that makes a total outlay of £71,500.
0:54:24 > 0:54:27How long has it taken them to get to this point?
0:54:27 > 0:54:29Ages. Too long.
0:54:31 > 0:54:34Yeah, I think it's taken us a good four, five months.
0:54:34 > 0:54:36Maybe six, I don't know. I haven't counted.
0:54:36 > 0:54:40Maybe this basic renovation doesn't set the world alight,
0:54:40 > 0:54:43but with a tenant lined up, the house is paying its way.
0:54:43 > 0:54:47And with that regeneration scheme coming soon just across the road,
0:54:47 > 0:54:51its location will definitely give it a front seat on the rental market.
0:54:55 > 0:54:58Now it's time to hear what two local estate agents think
0:54:58 > 0:55:01of the family's £71,500 investment.
0:55:01 > 0:55:03There are some positives with the property.
0:55:03 > 0:55:07Good-spaced accommodation, double glazing's already in
0:55:07 > 0:55:10and, obviously, it's got gas-fired central heating
0:55:10 > 0:55:12with what looks like a fairly recent boiler.
0:55:12 > 0:55:18Um, so... Some work does need to be done, but it's not a total refurb.
0:55:18 > 0:55:20The positives on a property like this
0:55:20 > 0:55:23are that the rooms are a great size, ideal for families and, generally,
0:55:23 > 0:55:26the area's fairly nice as well.
0:55:26 > 0:55:28The house already has a tenant lined up,
0:55:28 > 0:55:31but have Baljit and her family got the best deal?
0:55:31 > 0:55:33What rent do the estate agents think could be charged
0:55:33 > 0:55:35in its current state?
0:55:37 > 0:55:41I would suggest a rental value of £450 to £500 per calendar month.
0:55:41 > 0:55:44I would recommend a rental value
0:55:44 > 0:55:47between £475 and £500 per calendar month.
0:55:47 > 0:55:50Um, yeah, I think that's...
0:55:50 > 0:55:55We're achieving between 500 and 550, so we're OK with that.
0:55:55 > 0:55:58Their rental income gives them a whopping 9% annual yield,
0:55:58 > 0:56:01so that's excellent news for Baljit.
0:56:01 > 0:56:04But what would the house achieve if the family decided to sell?
0:56:04 > 0:56:08Remember, their total outlay so far is £71,500.
0:56:10 > 0:56:14I would suggest a marketing price on this property of £70,000.
0:56:14 > 0:56:19I would put this on the open market for £72,950.
0:56:19 > 0:56:24Yeah, um, well, when we come to sell, we'll think about everything then.
0:56:24 > 0:56:27But at the moment we're OK in renting it.
0:56:27 > 0:56:29But if Baljit and her family can renovate
0:56:29 > 0:56:32with a new kitchen, bathroom and decoration,
0:56:32 > 0:56:35the resale value could reach £90,000.
0:56:35 > 0:56:37They hadn't really planned to buy this one,
0:56:37 > 0:56:39but with that sort of potential profit,
0:56:39 > 0:56:42would they consider buying at auction again?
0:56:44 > 0:56:45No.
0:56:45 > 0:56:48Not if we have anything to do with it. We wouldn't do it.
0:56:52 > 0:56:53Well, that's it for now.
0:56:53 > 0:56:56Did we inspire you or put you off trying for yourselves?
0:56:56 > 0:56:59Well, either way, we'll have more stories for you next time,
0:56:59 > 0:57:00on Homes Under The Hammer.
0:57:00 > 0:57:02- See you then.- Goodbye.- Goodbye.
0:57:18 > 0:57:22Subtitles by Red Bee Media Ltd
0:57:22 > 0:57:26Email subtitling@bbc.co.uk