0:00:02 > 0:00:06Whether you're a seasoned property developer or a first-time buyer, you'll want to get value for money.
0:00:06 > 0:00:10And that can be quite difficult in a fluctuating property market,
0:00:10 > 0:00:13which is why more and more people are heading to the auctions
0:00:13 > 0:00:15to buy their home under the hammer.
0:00:41 > 0:00:45There are property auctions held all over the country
0:00:45 > 0:00:48and throughout the year, so you really are spoilt for choice.
0:00:48 > 0:00:51So let's take a look at which properties made our buyers
0:00:51 > 0:00:54part with their cash on today's show.
0:00:55 > 0:00:57'At this property in Wiltshire,
0:00:57 > 0:01:00'it's not just the foliage that needs to go.'
0:01:00 > 0:01:04For me, there are just too many walls.
0:01:05 > 0:01:07'In Stoke, some of the fixtures in this two-bed house
0:01:07 > 0:01:10'could be museum pieces.'
0:01:10 > 0:01:11That generally means
0:01:11 > 0:01:14the wiring hasn't been replaced for a long time!
0:01:15 > 0:01:18'And this two-bed ground-floor flat in south-east London
0:01:18 > 0:01:20'is harbouring a nasty surprise.'
0:01:20 > 0:01:25This could be a very big problem for the new owner - dry rot.
0:01:26 > 0:01:29All these properties have been sold at auction, and we'll find out
0:01:29 > 0:01:32who bought them what they paid for them
0:01:32 > 0:01:34- when they went under the hammer. - That's your property, sir.
0:01:39 > 0:01:43I'm in the heart of Wiltshire in the historic market town of Devizes.
0:01:43 > 0:01:48Founded in Norman times, the town prospered during the Georgian era,
0:01:48 > 0:01:51when many of its finest buildings were erected.
0:01:51 > 0:01:55Today, it retains much of its old charm with museums,
0:01:55 > 0:01:58independent shops, and some truly beautiful architecture.
0:02:00 > 0:02:04Devizes in Wiltshire may not have its own train station -
0:02:04 > 0:02:07the nearest one is six miles away in Melksham -
0:02:07 > 0:02:09but what it lacks in transport links
0:02:09 > 0:02:12it makes up for in historical buildings.
0:02:12 > 0:02:15There are over 500 listed properties in this town alone.
0:02:17 > 0:02:20'The property I'm here to see may not be a listed building,
0:02:20 > 0:02:24'but it does have a lot of other things going for it.'
0:02:24 > 0:02:26I'm here to see a semi-detached house
0:02:26 > 0:02:29that had an exciting guide price.
0:02:29 > 0:02:33The last house that sold on this road was for £240,000.
0:02:33 > 0:02:37I'm here to see a similar three-bedroom property
0:02:37 > 0:02:42that had a guide price of just £125,000.
0:02:42 > 0:02:44Interested? I am.
0:02:44 > 0:02:45# How, how
0:02:45 > 0:02:48# Interesting, interesting Interesting #
0:02:49 > 0:02:53'If adding value is your game, then picking up a property
0:02:53 > 0:02:56'at a price below market rate should be your aim.
0:02:56 > 0:03:00'That guide price does suggest it will require a lot of work,
0:03:00 > 0:03:03'and not necessarily just on the inside.'
0:03:03 > 0:03:07That hedge needs a bit of taming. You can hardly see what's in there!
0:03:07 > 0:03:10I'm going to check it out.
0:03:10 > 0:03:12# Welcome to the jungle
0:03:12 > 0:03:14# We've got fun and games
0:03:14 > 0:03:17# We've got everything you want... #
0:03:17 > 0:03:19It really is a jungle in here.
0:03:19 > 0:03:22However, once you've hacked your way through the undergrowth,
0:03:22 > 0:03:25you get a much better idea of what's on offer.
0:03:25 > 0:03:28A quick peek next door shows you what it could be like.
0:03:28 > 0:03:30Both houses seem to have been built at the same time
0:03:30 > 0:03:33and it gives a great idea of the possibilities here.
0:03:37 > 0:03:40Look! This ivy is as keen to get in the house as I am!
0:03:40 > 0:03:44Ooh, perhaps I'm not so keen now.
0:03:44 > 0:03:46Bit of a disappointment on the inside.
0:03:46 > 0:03:48Woodchip wallpaper absolutely everywhere,
0:03:48 > 0:03:51although there is a little bit of character to the house.
0:03:51 > 0:03:56You've got a nice newel post there. Not a bad-sized room here,
0:03:56 > 0:03:58although the kitchen, a little bit on the small side.
0:03:58 > 0:04:01I'm just wondering if you could perhaps open the space up.
0:04:01 > 0:04:05For me, there are just too many walls.
0:04:05 > 0:04:10# Too many walls have been built in between us
0:04:10 > 0:04:15# Too many dreams have been shattered around us #
0:04:15 > 0:04:20This 1920s semi has the potential to be a great family home,
0:04:20 > 0:04:23but the downstairs floor plan just doesn't work for me.
0:04:23 > 0:04:26The two reception rooms and kitchen all feel smaller than they are.
0:04:26 > 0:04:30I think you need to knock some walls down and open it up.
0:04:32 > 0:04:35Upstairs there are two spacious bedrooms,
0:04:35 > 0:04:38one box room and a family bathroom.
0:04:38 > 0:04:39There's a loft hatch, too,
0:04:39 > 0:04:41which could mean potential to expand upwards.
0:04:41 > 0:04:45But it's not the only way to make this place bigger and better.
0:04:46 > 0:04:51Believe it or not, this property comes with a 100ft garden.
0:04:51 > 0:04:54You would never believe it, standing here.
0:04:54 > 0:04:56That's just perfect for lounging about.
0:04:56 > 0:04:59And it's also great if you want to extend your home.
0:04:59 > 0:05:03Losing some space in an already huge garden isn't going to bother you, really.
0:05:03 > 0:05:05Take the lead from your neighbours.
0:05:05 > 0:05:09They all seem to be enjoying their larger houses.
0:05:09 > 0:05:13Plus, it will add thousands to the end value. Win-win.
0:05:14 > 0:05:17'While we're taking inspiration
0:05:17 > 0:05:20'from the neighbouring properties, what about the outside?'
0:05:20 > 0:05:22I don't know whether you can see in there,
0:05:22 > 0:05:25but that hedge certainly needs to go. Agreed?
0:05:25 > 0:05:26But what do you put in its place?
0:05:26 > 0:05:28A nice wall, some flowers perhaps,
0:05:28 > 0:05:31a water feature, a rockery maybe.
0:05:31 > 0:05:34Well, that is not what I see.
0:05:34 > 0:05:39I see a way we can make some money - off-road parking.
0:05:39 > 0:05:41Having spoken to local agents,
0:05:41 > 0:05:44I know that could add as much as £15,000 to the sale price.
0:05:44 > 0:05:49It's great to think that a £3,000 outlay could add
0:05:49 > 0:05:53almost 7% to the end value.
0:05:54 > 0:05:58And if that doesn't convince you, then these definitely should -
0:05:58 > 0:06:02double yellow lines - a nightmare for both you and your visitors.
0:06:05 > 0:06:07What would a local estate agent make
0:06:07 > 0:06:12of this property, with its unruly garden and £125,000 guide price?
0:06:12 > 0:06:15We invited one along to tell us.
0:06:15 > 0:06:16I really like the property.
0:06:16 > 0:06:19I think it's got a lot of potential, quite a lot needs to be done.
0:06:19 > 0:06:23Kitchen and bathroom are both very old.
0:06:23 > 0:06:25I imagine the heating is very aged.
0:06:25 > 0:06:28The windows, whilst double-glazed, are old, too.
0:06:28 > 0:06:29So you're pretty much starting again.
0:06:29 > 0:06:35Let's talk figures. How much could you achieve on the rental market?
0:06:35 > 0:06:38If you extended the property and added parking to it,
0:06:38 > 0:06:41you could possibly get a rental of around £750 per calendar month.
0:06:42 > 0:06:44What could it sell for?
0:06:44 > 0:06:47If you extended the property at the back
0:06:47 > 0:06:52and created a larger living space, you could sell it for up to £235,000.
0:06:52 > 0:06:55If you went into the roof, creating a fourth bedroom,
0:06:55 > 0:06:58it's possible to achieve a figure up to £250,000.
0:07:01 > 0:07:03OK, so you'll need more than a strimmer
0:07:03 > 0:07:05if you want to take this property on.
0:07:05 > 0:07:08But, if you're green-fingered and fancy a challenge,
0:07:08 > 0:07:10you could add real value here.
0:07:10 > 0:07:14Let's see who wanted this when it went under the hammer.
0:07:17 > 0:07:19130. Put me in.
0:07:19 > 0:07:21At £130,000. I'll take 2. 132.
0:07:21 > 0:07:24At 132. 134. And 6, may I say?
0:07:24 > 0:07:27138. Do you mean 140? 140, thank you.
0:07:27 > 0:07:30142. 144?
0:07:30 > 0:07:33144 down here. 146 at the back, OK?
0:07:33 > 0:07:34At £148,000.
0:07:34 > 0:07:38The bid's over there. 150 I've got. 152.
0:07:38 > 0:07:43At 154. 156. 158, sir, it's against you. 158.
0:07:43 > 0:07:47At 160... Yes, or no?
0:07:47 > 0:07:50159. OK. 160. 161. OK.
0:07:50 > 0:07:52At 161. 162, sir.
0:07:52 > 0:07:55163. 64. 65.
0:07:55 > 0:07:5666.
0:07:56 > 0:07:5867. 68.
0:07:59 > 0:08:0069.
0:08:00 > 0:08:03170. 171.
0:08:03 > 0:08:05172.
0:08:05 > 0:08:07I do mean it - for the first time, 172.
0:08:07 > 0:08:09For the second time.
0:08:09 > 0:08:14At £172,000. The third and last time at the back, are you done? 172.
0:08:14 > 0:08:17It's yours, sir, at 172. Well done.
0:08:17 > 0:08:21It was local lad Matthew who made the final bid of 172,000.
0:08:21 > 0:08:24He's a self-employed electrician who bought
0:08:24 > 0:08:26this property along with his girlfriend Amy
0:08:26 > 0:08:28as their first home together.
0:08:28 > 0:08:31Unfortunately, Amy couldn't make it today,
0:08:31 > 0:08:33so I met up with Matthew to get the lowdown.
0:08:35 > 0:08:37Matthew, congratulations, brilliant. Really good news.
0:08:37 > 0:08:40Tell me, why did you want to buy this at auction?
0:08:40 > 0:08:43Myself and my girlfriend have been looking for about a year for a property to move into.
0:08:43 > 0:08:46We didn't specifically want it to be at auction,
0:08:46 > 0:08:47but this house showed itself,
0:08:47 > 0:08:49so we had to take a look and it worked out.
0:08:49 > 0:08:51So were you nervous
0:08:51 > 0:08:54about buying your first property in an auction room?
0:08:54 > 0:08:57Yeah, actually, it got the pulse racing when it started.
0:08:57 > 0:09:01But it was a great way to buy, I think. I quite enjoyed it.
0:09:01 > 0:09:02What did you like about it?
0:09:02 > 0:09:06I don't know. It was how it was fast-paced and you felt involved.
0:09:06 > 0:09:08It wasn't dragged out. Once you've done it, you've done it.
0:09:08 > 0:09:09When you view a house,
0:09:09 > 0:09:12we've looked at a few before, and you go back and forth,
0:09:12 > 0:09:17and it takes for ever, whereas that was it, it was done. Now we've got to live with it.
0:09:17 > 0:09:19And you loved it enough to buy it.
0:09:19 > 0:09:21We actually bought it on a ten-minute viewing.
0:09:21 > 0:09:24We didn't see much of it, but we know the area and we like it.
0:09:24 > 0:09:27- So you saw the house for ten minutes?- Yeah.- Seriously?- Yeah!
0:09:27 > 0:09:29What did you say? You walked in through the front door, then what?
0:09:29 > 0:09:33We split. I went straight upstairs. She went to the back of the house.
0:09:33 > 0:09:37We had a look round, met in the garden, which there isn't much of. We loved it straight away.
0:09:37 > 0:09:40- What about that garden? What is that garden about?- It's a monster.
0:09:40 > 0:09:41It's almost a forest.
0:09:41 > 0:09:44'Well, "forest" is one way of describing it,
0:09:44 > 0:09:46'but I'm still getting more of a jungle vibe.'
0:09:46 > 0:09:49# Jungle, jungle, jungle, jungle rock
0:09:49 > 0:09:52# Jungle, jungle, jungle, jungle rock
0:09:52 > 0:09:55# Jungle, jungle, jungle, jungle rock
0:09:55 > 0:09:58'Matthew must be brave to take on a first property
0:09:58 > 0:10:00'that comes with all of this.'
0:10:00 > 0:10:03Matthew, were you looking for a project?
0:10:03 > 0:10:08Yes, really. We wanted something we could put our stamp on as we're a couple getting our first home.
0:10:08 > 0:10:11We did look at new houses, but they didn't take our fancy, really.
0:10:11 > 0:10:14I want to know, is it your first home together?
0:10:14 > 0:10:16Yes, our first home full stop.
0:10:16 > 0:10:19We both live with our parents and it's going to be a real journey.
0:10:19 > 0:10:22It's going to be so exciting for you both, but, of course,
0:10:22 > 0:10:25you've got so much work to do. You only need to look around.
0:10:25 > 0:10:27Every single wall needs to be stripped.
0:10:27 > 0:10:29Where are you going to start?
0:10:29 > 0:10:32We're going to empty the house out, clear the gardens,
0:10:32 > 0:10:36get a blank canvas and work with that, really.
0:10:36 > 0:10:40We've got quite grand plans, but you've got to start small.
0:10:40 > 0:10:42Come on, tell me your grand plans. If you could have your wish list,
0:10:42 > 0:10:44what would you do with this house?
0:10:44 > 0:10:48For now, we're going from the kitchen through to the dining room, giving us one big living area.
0:10:48 > 0:10:51We're going to close up the door and have a nice U-shaped kitchen.
0:10:51 > 0:10:54Just gut the entire house. Redo the lot. Rewire.
0:10:54 > 0:10:57It needs central heating. All the boring stuff.
0:10:57 > 0:10:59We've got parking going in out the front,
0:10:59 > 0:11:02and we'd love to do something good with the rear garden if we could.
0:11:02 > 0:11:06What about extensions? I've been looking at the neighbouring properties.
0:11:06 > 0:11:10Some people have extended out that way. Some people have gone into the loft.
0:11:10 > 0:11:12We'd like a two-storey extension on the back,
0:11:12 > 0:11:13but, for now, we'll keep it as it is.
0:11:13 > 0:11:17We may go up into the loft, if the budget will allow. We'll have to see.
0:11:17 > 0:11:21- What sort of budget have you got? - We've allowed ourselves 15 to 20,000.
0:11:21 > 0:11:23We are doing most of the work ourselves,
0:11:23 > 0:11:25but it'll run over, as they do.
0:11:25 > 0:11:27Have you got any contacts between you?
0:11:27 > 0:11:29Yes, luckily her father is a builder
0:11:29 > 0:11:32and I work in the building industry,
0:11:32 > 0:11:34so we know enough people to get ourselves through.
0:11:34 > 0:11:38- What do you do? - Myself and my brother have set up an electrical installation company.
0:11:38 > 0:11:40So we've got that side of things covered.
0:11:40 > 0:11:42# Danger, danger!
0:11:42 > 0:11:45# High voltage when we touch
0:11:45 > 0:11:47# When we kiss When we touch
0:11:47 > 0:11:48# When we kiss Lover! #
0:11:48 > 0:11:54Having contacts is a huge advantage when taking on a project like this.
0:11:54 > 0:11:56It's also a handy way of keeping the budget down.
0:11:56 > 0:11:59We've talked about how much it will cost,
0:11:59 > 0:12:02but how long does Matthew think it will take to iron out this lot?
0:12:05 > 0:12:08We've given ourselves six to eight months to be completed.
0:12:08 > 0:12:10We would like to be in after five or six,
0:12:10 > 0:12:12but we'll see how things go being done on evenings and weekends.
0:12:12 > 0:12:14You never know how long it can take.
0:12:14 > 0:12:16Are you not going to move in until you've done it?
0:12:16 > 0:12:19No, we want it quite nicely finished before we get in.
0:12:19 > 0:12:22Oh, you see, you've got the luxury of living with Mummy and Daddy! Both of you.
0:12:22 > 0:12:24They don't want to let us go!
0:12:24 > 0:12:28- How will your parents be? Are they supportive?- They are. I'm not sure how financially supportive,
0:12:28 > 0:12:30but they're happy about the property.
0:12:30 > 0:12:32We'll have to wait and see when we come back.
0:12:32 > 0:12:34It's been fantastic meeting you.
0:12:34 > 0:12:38I'm really excited you've got yourselves a fantastic house and a lovely first home.
0:12:38 > 0:12:40- Excellent, thank you. - Congratulations.
0:12:40 > 0:12:44Matthew and his girlfriend are well connected,
0:12:44 > 0:12:47so I can't really see this house posing too many issues.
0:12:47 > 0:12:49But as we well know,
0:12:49 > 0:12:53you're never quite sure what problems a house will throw up.
0:12:53 > 0:12:54You can find out how, and if,
0:12:54 > 0:12:58they tame this jungle later in the programme.
0:13:00 > 0:13:05I'm in Burslem, one of the famous pottery towns -
0:13:05 > 0:13:07actually undergoing a resurgence at the moment
0:13:07 > 0:13:11of interest in ceramics and other fine art.
0:13:11 > 0:13:12'Burslem is one of the six towns
0:13:12 > 0:13:16'that make up the city of Stoke-on-Trent.
0:13:16 > 0:13:19'And evidence of its ceramic heritage both past and present
0:13:19 > 0:13:22'can be seen dotted around the town centre.
0:13:26 > 0:13:29'It's also well located for reaching the surrounding areas
0:13:29 > 0:13:32'and onto the M6 motorway.'
0:13:32 > 0:13:36Close to the centre of town, in this really popular residential area,
0:13:36 > 0:13:38is the property I'm here to see.
0:13:38 > 0:13:41It's a two-bedroom mid-terrace.
0:13:41 > 0:13:45Had a guide price of 45,000 quid. It looks pretty promising from the outside.
0:13:49 > 0:13:52I do like houses which are in a slightly elevated position.
0:13:52 > 0:13:56Clearly not that good for disabled access, but, in terms of things like damp,
0:13:56 > 0:13:59you get an impression that you're probably not going
0:13:59 > 0:14:03to suffer quite as much damp problems as you might if the house wasn't elevated.
0:14:03 > 0:14:05Whether that's the case or not, I'm not sure.
0:14:05 > 0:14:07But it certainly feels like that.
0:14:07 > 0:14:09But fairly traditional layout with the property.
0:14:09 > 0:14:14Corridor leading to this point where you've got a living room area
0:14:14 > 0:14:16with a gas fire.
0:14:16 > 0:14:19A few original features look like they've been left, which is good.
0:14:19 > 0:14:20Through to the rear of the property,
0:14:20 > 0:14:22where you've got your rear sitting room.
0:14:22 > 0:14:25A fire there. I'd like to see that opened up
0:14:25 > 0:14:29to give yourself a real focal point. So all good so far.
0:14:29 > 0:14:33It's a little bit in need of more tender, loving care
0:14:33 > 0:14:35when you come into the kitchen.
0:14:35 > 0:14:39Not many units. They are pretty, ooh, creaky!
0:14:39 > 0:14:41- HE LAUGHS - And poor quality.
0:14:41 > 0:14:48So you could certainly increase the initial impact of the house
0:14:48 > 0:14:50by improving this area.
0:14:50 > 0:14:53Again, very traditional layout for this kind of property.
0:14:53 > 0:14:57The loo and bathroom are actually off the kitchen here.
0:14:57 > 0:15:00Again, spend a little bit of time and effort in these two areas
0:15:00 > 0:15:05and you would give the whole house a much-needed uplift.
0:15:05 > 0:15:08# Give a little bit
0:15:08 > 0:15:12# Give a little bit of your love to me #
0:15:12 > 0:15:13'That's all it needs.
0:15:13 > 0:15:18'Some cosmetic work and the ground floor will be smiling again.
0:15:18 > 0:15:21'Although you may not be grinning from ear to ear about this backyard,
0:15:21 > 0:15:24'at least the exterior of the house looks in good order.
0:15:24 > 0:15:29'There's double glazing for the bathroom and kitchen windows, although the two large ones
0:15:29 > 0:15:33'are single-glazed, so best get those upgraded.
0:15:33 > 0:15:37'Upstairs, there's a decent-sized double bedroom to the rear
0:15:37 > 0:15:40'with a swirly-whirly carpet and a hot water tank.'
0:15:41 > 0:15:45At the front of the property, another good-sized double bedroom.
0:15:45 > 0:15:48But one thing I am noticing is the electrics.
0:15:48 > 0:15:52If you look at this, it's a really old-fashioned light switch.
0:15:52 > 0:15:55It's called Bakelite. It's kind of like plastic stuff.
0:15:55 > 0:16:00That generally means the wiring hasn't been replaced for a long time!
0:16:00 > 0:16:02So that'll need to be checked out.
0:16:02 > 0:16:07Something else in here which is not good news is this.
0:16:07 > 0:16:09A horrible, nasty hole in the ceiling
0:16:09 > 0:16:11and signs of water ingress.
0:16:11 > 0:16:12Stained underfelt on the floor
0:16:12 > 0:16:18and this bucket collecting water. Obviously a problem.
0:16:18 > 0:16:20Without further investigation, I don't know why that is.
0:16:20 > 0:16:23It's obviously something in the loft.
0:16:23 > 0:16:25Maybe a slipped tile on the roof.
0:16:25 > 0:16:29It could be the flashing around the chimney breast.
0:16:29 > 0:16:31Either way, you need to check first the loft
0:16:31 > 0:16:34and then get a professional up there on the roof to see what's going on.
0:16:34 > 0:16:37Might not be expensive to fix, but it's certainly causing damage,
0:16:37 > 0:16:40so it does need to be fixed soon.
0:16:40 > 0:16:46'Step outside and it's obvious the roof is short of a few tiles, which could be the problem.
0:16:46 > 0:16:50'But with two front windows double-glazed and the space out front just needing a tidy up,
0:16:50 > 0:16:55'this seems to be a good, solid house with well-proportioned rooms.
0:16:55 > 0:16:57'Although it's not the prettiest picture right now,
0:16:57 > 0:17:01'it wouldn't need a great artist to bring it up to scratch.'
0:17:06 > 0:17:11So, with a guide price of £45,000, does it look like a good investment?
0:17:11 > 0:17:14We asked along a local estate agent to hear his thoughts
0:17:14 > 0:17:17on this mid-terrace in Burslem, Stoke-on-Trent.
0:17:17 > 0:17:22Is it a disappointing lot, or does it have a lot of potential?
0:17:22 > 0:17:26First impressions of this property are that it is a little tired
0:17:26 > 0:17:29and it does need some modernisation.
0:17:29 > 0:17:33Kitchen, bathroom, there are signs of old wiring in the property,
0:17:33 > 0:17:36so there is a possibility it needs a new rewire.
0:17:36 > 0:17:38But the majority of work is probably cosmetic.
0:17:38 > 0:17:40So no dramatic work needed
0:17:40 > 0:17:42to bring it up to a decent standard,
0:17:42 > 0:17:44but how do the numbers stack up?
0:17:44 > 0:17:47Bearing in mind its £45,000 guide price,
0:17:47 > 0:17:49what could a resale achieve?
0:17:51 > 0:17:54After renovation, depending on the standard,
0:17:54 > 0:17:56I would suggest in the region of £70,000.
0:17:56 > 0:17:59What about the rental figures?
0:17:59 > 0:18:01The rental income, after modernisation,
0:18:01 > 0:18:07would be in the region of £400-£425 per calendar month.
0:18:07 > 0:18:10It just goes to show that your money goes a long way
0:18:10 > 0:18:13when it comes to buying in certain parts of the country.
0:18:13 > 0:18:14Here in Burslem you are getting
0:18:14 > 0:18:17a lot of house for that £45,000 guide price.
0:18:17 > 0:18:20Yes, a few bits and pieces to do to sort out the leak upstairs,
0:18:20 > 0:18:22but other than that, a great one to go for.
0:18:22 > 0:18:25Let's see who agreed when it went under the hammer.
0:18:30 > 0:18:3240 to start me.
0:18:32 > 0:18:3435, then, start me at 35.
0:18:34 > 0:18:36It's got to be 35 to start. 35 bid. Thank you.
0:18:36 > 0:18:38At £35,000.
0:18:38 > 0:18:4136 can I say? At... 36.
0:18:41 > 0:18:44At 36,000. 37? 37.
0:18:44 > 0:18:4838. 39. 40.
0:18:48 > 0:18:5041. 42.
0:18:50 > 0:18:53New bidder, £43,000.
0:18:53 > 0:18:56At 43. 44 now. 44...
0:18:56 > 0:18:5845,000 on the back.
0:18:58 > 0:19:01Against you there, if the bid is right. No mistakes.
0:19:01 > 0:19:04At £45,000 for the first time.
0:19:04 > 0:19:08At £45,000 for the second time.
0:19:08 > 0:19:12Third and final time at £45,000.
0:19:12 > 0:19:14Your lot, sir. Well done.
0:19:14 > 0:19:17And the successful bidders who got the lot
0:19:17 > 0:19:22for bang on the guide price of 45,000 were Geoff, on the right, and Adian.
0:19:25 > 0:19:28But it wasn't them who I met up with, but Geoff's father-in-law
0:19:28 > 0:19:30and business partner Bill.
0:19:30 > 0:19:33He's a retired electrical engineer who came to tell me
0:19:33 > 0:19:35what sparked their interest in the house.
0:19:36 > 0:19:38- Bill, good to meet you.- Hello there.
0:19:38 > 0:19:41- HE CHUCKLES - Congratulations.
0:19:41 > 0:19:42Tell me why you wanted to buy this.
0:19:42 > 0:19:47Well, really, it's for my foster son. He's been with us
0:19:47 > 0:19:49for 11 years now.
0:19:49 > 0:19:53He's originally from Albania and me and my business partner,
0:19:53 > 0:19:57who were at the auction, sort of...were thinking about buying a property
0:19:57 > 0:20:00and where better to go than to an auction, which is where they went.
0:20:00 > 0:20:05I didn't actually go to the auction, but Adi, who is my foster son,
0:20:05 > 0:20:10he's in Albania, seeing his parents, so here I am.
0:20:10 > 0:20:16- Wow. So how did you end up fostering?- Really, it was the wife.
0:20:16 > 0:20:21She had this maternal instinct - as well as having her own family,
0:20:21 > 0:20:24we wanted to foster kids, as well.
0:20:24 > 0:20:28So we've been doing it - oh, how long now? - about 15 years.
0:20:28 > 0:20:30Wow.
0:20:30 > 0:20:32But we don't do it now, because we're retired.
0:20:32 > 0:20:36- But why children from Albania? - Well, not particularly.
0:20:36 > 0:20:41We foster English children, as well, but there was Adi
0:20:41 > 0:20:46and a friend who had recently come over from Albania, seeking asylum.
0:20:46 > 0:20:49And we were asked if they could stay with us.
0:20:49 > 0:20:50How old were they at the time?
0:20:50 > 0:20:54Adi was 14 at the time,
0:20:54 > 0:20:58so, mathematically, it will make him 25 now.
0:20:58 > 0:21:01And how has the whole fostering experience been?
0:21:01 > 0:21:03I think any foster parent will tell you it does have its ups
0:21:03 > 0:21:08and its downs, but it is a rewarding thing to do.
0:21:08 > 0:21:11# I can help
0:21:11 > 0:21:12# I've got two strong arms
0:21:12 > 0:21:15# I can help
0:21:16 > 0:21:20# It would sure do me good
0:21:20 > 0:21:22# To do you good Let me help #
0:21:22 > 0:21:26Bill is a full-time carer for his wife
0:21:26 > 0:21:28and also a local lay preacher in the church.
0:21:28 > 0:21:32Along with his son-in-law, Geoff, they've bought
0:21:32 > 0:21:35and renovated four properties and this is their latest purchase.
0:21:35 > 0:21:39With a little bit of work, it will become Adian's new home.
0:21:39 > 0:21:45They'd also hoped he could move in straight away - if it wasn't for a little misunderstanding.
0:21:45 > 0:21:48When we came to look at it, the house was furnished
0:21:48 > 0:21:51and in our naivete,
0:21:51 > 0:21:54- we thought the furniture was included in the sale.- Ooh-er.
0:21:54 > 0:21:59What happened was when we actually had the key and came and looked,
0:21:59 > 0:22:00all the furniture was gone.
0:22:00 > 0:22:04So we naturally thought, "Have we been robbed?"
0:22:04 > 0:22:06Or have we misread the...
0:22:06 > 0:22:10- It did say fixtures and fittings. - Ah. That's not furniture.
0:22:10 > 0:22:13Perhaps it isn't, but, normally when we look at a property,
0:22:13 > 0:22:17before we go to the auction, it's bare, like this.
0:22:17 > 0:22:19With it having the furniture in,
0:22:19 > 0:22:22we naturally assumed that the furniture was staying.
0:22:22 > 0:22:26But it's a word of warning that you do have to check
0:22:26 > 0:22:27if furniture is included.
0:22:27 > 0:22:34Yes. We'll know that if we ever get involved again.
0:22:34 > 0:22:36Tell me what you are going to do to sort it out.
0:22:36 > 0:22:40We've got to sort the ceiling out in the bedroom,
0:22:40 > 0:22:45so Geoff, who's my business partner, he's going to do the work upstairs.
0:22:45 > 0:22:47As you can see, this room is Artexed,
0:22:47 > 0:22:50which is not everybody's cup of tea.
0:22:50 > 0:22:54I don't know how you feel about Artexing, but I don't like it, really.
0:22:54 > 0:22:56But then again I'm not going to live in the house,
0:22:56 > 0:22:59so we'll have to see where we go from there.
0:22:59 > 0:23:01'So the Artex may stay or go.
0:23:01 > 0:23:04'But Bill will look at the wiring,
0:23:04 > 0:23:09'sort out that ceiling, put in double-glazed units at the rear,
0:23:09 > 0:23:11'and possibly replace the kitchen.
0:23:13 > 0:23:17'All in six to eight weeks and with a budget of £3,000 -
0:23:17 > 0:23:20'but we should always remember this is still an investment,
0:23:20 > 0:23:24'and with Adian starting up his own computer-repair business,
0:23:24 > 0:23:28'this is going to be a massive financial help to him.'
0:23:28 > 0:23:31He's got a lot of overheads. He's only 25.
0:23:31 > 0:23:32He's setting his own business up,
0:23:32 > 0:23:36so obviously he's got a lot of bills to pay.
0:23:36 > 0:23:40He's just finished university, so he's got fees to pay there.
0:23:40 > 0:23:43So just at the moment, he's not got the cash,
0:23:43 > 0:23:48but, hopefully, if things go well and the business goes really well,
0:23:48 > 0:23:54in ten years, he will be able to buy this house if he still wants it.
0:23:54 > 0:23:56- Originally, he's going to rent it. - Right.
0:23:56 > 0:23:59- That's the idea. - He's going to rent it from you?
0:23:59 > 0:24:02- That's right, yes.- Good. Congratulations. - Thank you very much.
0:24:02 > 0:24:05Well done, and I look forward to seeing how you get it sorted out.
0:24:05 > 0:24:07Yeah, yes, thank you.
0:24:08 > 0:24:11Well, people buy properties for all sorts of different reasons
0:24:11 > 0:24:16and in this case, Bill doing a lovely thing for foster son Adi,
0:24:16 > 0:24:19getting him on the property ladder and really helping him out.
0:24:19 > 0:24:22Will he end up keeping the Artex or not,
0:24:22 > 0:24:25and will that £3,000 budget go very far?
0:24:25 > 0:24:27You can find out later in the show.
0:24:28 > 0:24:33Still to come: In London, this flat needs a simple lesson about attracting buyers.
0:24:33 > 0:24:37Look at the state of that! Zero kerb appeal.
0:24:38 > 0:24:40In Stoke-on-Trent, has Adian
0:24:40 > 0:24:43told Bill the truth about living on his own?
0:24:43 > 0:24:45You can manage, can't you?
0:24:45 > 0:24:47- Yes, he can. - Yes, I can - on takeaways.
0:24:49 > 0:24:52But first, in Devizes, Wiltshire,
0:24:52 > 0:24:54did Matthew get help on the renovation?
0:24:54 > 0:24:57The girlfriend did a lot of the decorating, but it's been mostly down to myself.
0:25:02 > 0:25:07It's back now to the historic town of Devizes in Wiltshire.
0:25:07 > 0:25:09It's a place with over 500 listed buildings,
0:25:09 > 0:25:12but unfortunately, the property we saw earlier wasn't one of them.
0:25:12 > 0:25:16It even hid from view behind its overgrown front garden.
0:25:17 > 0:25:19But that didn't put off Matthew -
0:25:19 > 0:25:21a local lad and an electrician,
0:25:21 > 0:25:26who, along with his girlfriend Amy, bought this for 172,000.
0:25:26 > 0:25:28It was to be their first home together.
0:25:28 > 0:25:30He had grand plans to open it out
0:25:30 > 0:25:33and bring it back to life.
0:25:33 > 0:25:35We're giving ourselves six to eight months to be completed.
0:25:35 > 0:25:37We'd like to be in after sort of five or six,
0:25:37 > 0:25:42but we'll just see how things go with being done on evenings and weekends. Never know how long it'll take.
0:25:42 > 0:25:44So, are you not going to move in until you've done it?
0:25:44 > 0:25:47No, we want it quite nicely finished before we get in.
0:25:47 > 0:25:49You see, you've got the luxury of living with Mummy and Daddy!
0:25:49 > 0:25:52That's it. They don't want to let us go, so it was ideal.
0:25:52 > 0:25:55But before Matthew and Amy could move in,
0:25:55 > 0:25:57there was quite a bit to do.
0:25:57 > 0:26:00And if you thought the front was a jungle, just check out the back.
0:26:01 > 0:26:06We return seven-and-a-half months later to see if this house
0:26:06 > 0:26:09was now good enough to show its face.
0:26:11 > 0:26:14Well, the foliage has been exfoliated
0:26:14 > 0:26:16and the stone wall removed,
0:26:16 > 0:26:18to give Matthew a temporary drive to help get the works done.
0:26:18 > 0:26:21And has he been busy?
0:26:25 > 0:26:27The front living room has been renovated
0:26:27 > 0:26:29into a cool, stylish lounge,
0:26:29 > 0:26:32with new wood flooring and a traditional fireplace installed.
0:26:34 > 0:26:37But what's happened at the back of the house?
0:26:39 > 0:26:41Wow!
0:26:41 > 0:26:45A wonderful open-plan kitchen dining area has been created.
0:26:47 > 0:26:49I don't know if you remember, this used to be two rooms.
0:26:49 > 0:26:52We've taken the wall down between the kitchen and living room,
0:26:52 > 0:26:55fitted a new kitchen, we've taken the window out
0:26:55 > 0:26:57and fitted patio doors.
0:26:57 > 0:26:59Opened up the fireplace.
0:26:59 > 0:27:03Pleased with how it's worked out, but still a few bits to do. Oak flooring to go in.
0:27:04 > 0:27:08Very happy with the finish we've achieved and I really like the space.
0:27:10 > 0:27:13The renovation certainly looks impressive so far,
0:27:13 > 0:27:16and it continues upstairs, with the two main bedrooms fully refurbished
0:27:16 > 0:27:19and just waiting for some flooring to be added.
0:27:19 > 0:27:23And while the old bathroom was definitely not pretty in pink,
0:27:23 > 0:27:27this stylish new suite is certainly a welcome replacement.
0:27:27 > 0:27:30And the room is even bigger now, taking up the space of the old
0:27:30 > 0:27:33airing cupboard that was formerly in the smaller bedroom.
0:27:35 > 0:27:39Matthew has also found a way to add more square footage
0:27:39 > 0:27:41to this house.
0:27:41 > 0:27:45Well, this is the loft. We're going to convert it to a fourth bedroom and an en suite.
0:27:45 > 0:27:48Just now it's used for storage cos it's a long-term project,
0:27:48 > 0:27:50but I think it would be a good idea if we do it.
0:27:50 > 0:27:53It would certainly increase the value,
0:27:53 > 0:27:55but talking about maximising space,
0:27:55 > 0:27:57have a look outside.
0:27:59 > 0:28:01Now that the garden has been cleared,
0:28:01 > 0:28:04its true size can be fully appreciated.
0:28:04 > 0:28:06There's easily enough room for an extension,
0:28:06 > 0:28:08but that's for the future.
0:28:08 > 0:28:11For now, this first-time renovation for Matthew is looking good,
0:28:11 > 0:28:15and he did it by starting from scratch.
0:28:15 > 0:28:19We had to start with the basics. We had to clear the place out and clear the gardens,
0:28:19 > 0:28:21get a fresh canvas to start with.
0:28:21 > 0:28:24We removed old electrics and plumbing, a lot of plaster came off the walls.
0:28:24 > 0:28:27So, it had a full rewire, new heating system, and got fully plastered.
0:28:27 > 0:28:29We've knocked a couple of the rooms through,
0:28:29 > 0:28:31taken the airing cupboard out the bathroom.
0:28:33 > 0:28:36There's still some finishing off to be done inside and out.
0:28:36 > 0:28:38There's a new driveway to be added,
0:28:38 > 0:28:40the garden to be tidied
0:28:40 > 0:28:42and the exterior re-rendered.
0:28:42 > 0:28:47But fortunately for Matthew, this house had no hidden nasty surprises.
0:28:47 > 0:28:49It was a straightforward, back-to-basics renovation.
0:28:53 > 0:28:56- But, was this a one-man show? - I've done everything I could.
0:28:56 > 0:28:59Obviously, I had my brother to help me do all the plumbing work.
0:28:59 > 0:29:02The girlfriend did a lot of the decorating, as those were her choices.
0:29:02 > 0:29:04But, yeah, it's been mostly down to myself,
0:29:04 > 0:29:06but everyone's mucked in as they can.
0:29:06 > 0:29:08To do such a grand job here,
0:29:08 > 0:29:12Matthew has devoted long nights and weekends to the project.
0:29:12 > 0:29:16# You're a hard-working man, ye-e-ah!
0:29:16 > 0:29:19# A hard-working man, ye-e-ah! #
0:29:19 > 0:29:21Fortunately, the end is in sight.
0:29:21 > 0:29:24Well, I've spent the best part of seven or eight months,
0:29:24 > 0:29:26and we've got a lot of small work to do which takes up time,
0:29:26 > 0:29:29so in another month, tops, we should be in the property.
0:29:29 > 0:29:33Getting such a big job done in nine months is pretty impressive,
0:29:33 > 0:29:37especially considering this is Matthew's first-ever renovation.
0:29:37 > 0:29:40So, let's hope there's more good news about his handling
0:29:40 > 0:29:42of the £15,000 to £20,000 budget.
0:29:42 > 0:29:46By the time we'd got the driveway finished and the rendering done, it came to 15,000.
0:29:46 > 0:29:49But we've just been spending it as we go,
0:29:49 > 0:29:51but it's worked out all right, I think.
0:29:51 > 0:29:57Add that 15 grand to the original price of 172,000,
0:29:57 > 0:30:00and the total outlay is now £187,000.
0:30:00 > 0:30:04And when the loft conversion is finally complete,
0:30:04 > 0:30:06the changeover from a three to a four-bed house
0:30:06 > 0:30:08will make this a good investment.
0:30:08 > 0:30:11But turning a profit on this place isn't the ONLY thing that
0:30:11 > 0:30:14Matthew and Amy are looking forward to.
0:30:14 > 0:30:16We're quite excited to get in, being our first home.
0:30:16 > 0:30:19It'll be a nice change, and hope it works out all right.
0:30:24 > 0:30:26But would the local property market get excited
0:30:26 > 0:30:31about Matthew's hard work and that £187,000 investment?
0:30:31 > 0:30:35We asked two local estate agents for their thoughts on it.
0:30:36 > 0:30:40From where the property was when they purchased the property to now
0:30:40 > 0:30:41is a vast, vast difference.
0:30:41 > 0:30:45I especially like what they've done upstairs going into the loft space.
0:30:45 > 0:30:47I think that will add definite value to the property.
0:30:49 > 0:30:51I think they've done a great job.
0:30:51 > 0:30:55He's obviously put a lot of attention to detail.
0:30:55 > 0:30:56Surprised, actually,
0:30:56 > 0:31:00that he's gone into the roof rather than extend it out the back.
0:31:00 > 0:31:03Looking at some of the other houses in the road,
0:31:03 > 0:31:05quite a few of them have extended.
0:31:06 > 0:31:08But will the place make money?
0:31:08 > 0:31:12Remember, the couple have spent 187,000,
0:31:12 > 0:31:14and though the plan is to live here,
0:31:14 > 0:31:17what could they get if they sold it on?
0:31:17 > 0:31:21As a three-bed, you'd be looking at £250,000.
0:31:21 > 0:31:26I would look at, at the moment, around about 270,000.
0:31:26 > 0:31:30And when the loft's converted into the fourth bedroom?
0:31:30 > 0:31:31Four-bed, you'd be looking,
0:31:31 > 0:31:34we think, at the 275-280 mark.
0:31:34 > 0:31:37We'd be looking at 280-285.
0:31:37 > 0:31:40Those are quite good figures. While we live here it's not an issue,
0:31:40 > 0:31:41but for the future that's good to know.
0:31:41 > 0:31:45Wow! As a three-bed, the couple could make
0:31:45 > 0:31:49a potential pre-tax profit of between 63 and 83,000.
0:31:49 > 0:31:54And as a four-bed, a possible 88 to 98,000,
0:31:54 > 0:31:56minus the usual taxes and expenses.
0:31:56 > 0:31:58So, has that turned Matthew's head?
0:32:00 > 0:32:03All the effort we've put in we'd better live in it for a while.
0:32:03 > 0:32:05But we'll always look for the next one.
0:32:05 > 0:32:09So, after all that work, Matthew and Amy are going to enjoy the house as it is.
0:32:09 > 0:32:11But get that fourth bedroom in,
0:32:11 > 0:32:14and there's a potential rental income
0:32:14 > 0:32:19of £775 to £800 per calendar month, IF they decide to let the house out.
0:32:19 > 0:32:22So, what will be their next move?
0:32:22 > 0:32:25Finish this property, and then, I think, we'd like to live somewhere
0:32:25 > 0:32:28outside the town, so we'll have to see what we can find there.
0:32:30 > 0:32:33I'm in Upper Norwood in south-east London.
0:32:33 > 0:32:36It's a popular area as it's close to Crystal Palace,
0:32:36 > 0:32:41with its beautiful parks and fantastic transport links.
0:32:41 > 0:32:43# To live in a crystal palace
0:32:43 > 0:32:45# Everyone will see... #
0:32:45 > 0:32:48I'm here to see a two-bedroom ground floor flat
0:32:48 > 0:32:52that had a guide price of £90,000.
0:32:52 > 0:32:55Now, it's a property with a nice long lease -
0:32:55 > 0:32:57it's 118 years.
0:32:57 > 0:33:02So, that is great news, but there's also some bad news, I'm afraid.
0:33:02 > 0:33:07Somebody is using the front of the property as a dumping ground.
0:33:07 > 0:33:08Look at the state of that!
0:33:08 > 0:33:10ZERO kerb appeal.
0:33:10 > 0:33:15The new owner will have to find out who is responsible or clear it themselves.
0:33:15 > 0:33:19Whatever happens, this lot has to be shifted.
0:33:19 > 0:33:21Onwards and upwards, hopefully.
0:33:21 > 0:33:24# Now, my old man's a dustman
0:33:24 > 0:33:26# He wears a dustman's hat
0:33:26 > 0:33:28# He wears cor blimey trousers
0:33:28 > 0:33:30# And he lives in a council flat. #
0:33:30 > 0:33:32First impressions of a property are all-important
0:33:32 > 0:33:35when it comes to securing a buyer or a tenant.
0:33:35 > 0:33:37And something as minor as this unsightly rubbish
0:33:37 > 0:33:40can tarnish an otherwise perfectly presented home.
0:33:40 > 0:33:42SHE LAUGHS
0:33:42 > 0:33:44Forgive me, but am I missing something?
0:33:44 > 0:33:46You're going to have to come with me.
0:33:46 > 0:33:50Shouldn't there be a front door here? Shouldn't there be?!
0:33:50 > 0:33:51It's really weird.
0:33:51 > 0:33:55It's almost as if that's the front door and somebody's taken it.
0:33:55 > 0:33:58Anyway, let's move on. I think that needs to be reinstated!
0:33:58 > 0:34:01But a really generous, GENEROUS room.
0:34:01 > 0:34:05It's very sunny, very spacious,
0:34:05 > 0:34:07although a big downside...
0:34:07 > 0:34:09single-pane windows.
0:34:09 > 0:34:11You need to put double glazing in there,
0:34:11 > 0:34:15because you've got a very busy road and it's going to be noisy.
0:34:15 > 0:34:18But, big high ceilings, gas central heating,
0:34:18 > 0:34:20a really good space to work with.
0:34:20 > 0:34:23Yes, I like it. I think you could do a lot to improve it,
0:34:23 > 0:34:24but so far, so good.
0:34:24 > 0:34:30# You've got to accen-tu-ate the positive
0:34:30 > 0:34:33# Eli-min-ate the negative. #
0:34:33 > 0:34:36There are definitely more positives than negatives so far,
0:34:36 > 0:34:40though this corridor feels a little narrow and dark.
0:34:40 > 0:34:44But some clever decorating could make it feel much more spacious.
0:34:44 > 0:34:46The first bedroom has good proportions,
0:34:46 > 0:34:49and the bathroom is a decent size as well.
0:34:49 > 0:34:53Overall, however, the property needs a dose of TLC,
0:34:53 > 0:34:56and the kitchen isn't much better, I'm afraid.
0:34:56 > 0:34:58There's definitely room for improvement.
0:34:58 > 0:35:01If you can see through all the dinginess,
0:35:01 > 0:35:05the kitchen's a really good size, so I'm happy with that.
0:35:05 > 0:35:08Obviously, it needs a complete overhaul, but look at this.
0:35:08 > 0:35:11This is currently the back bedroom.
0:35:11 > 0:35:14I think there's a huge opportunity that's missed.
0:35:14 > 0:35:17I would like to take down this wall,
0:35:17 > 0:35:20open up that wonderful kitchen into this area...
0:35:20 > 0:35:23Woah! Just going to walk the plank.
0:35:23 > 0:35:27And, therefore, you could have kitchen, dining space, lounge,
0:35:27 > 0:35:29put some BIG French doors there,
0:35:29 > 0:35:32because you've got a wonderful garden outside.
0:35:32 > 0:35:36It would be such a nicer way to live. I think whoever takes this on
0:35:36 > 0:35:40should really think about looking into changing this space.
0:35:40 > 0:35:44Because, currently, as it's laid out, it doesn't really work for me.
0:35:45 > 0:35:49Yes, it will require some work, but I think it would be worth it.
0:35:49 > 0:35:54This flat needs some wow factor, while at the moment it's got the "oh-no factor".
0:35:54 > 0:35:57And the misery doesn't end there, I'm afraid.
0:35:58 > 0:36:04Now, this could be a very big problem for the new owner.
0:36:04 > 0:36:06Dry rot.
0:36:06 > 0:36:10Now, I'm not an expert, so I'd have this checked out by a professional.
0:36:10 > 0:36:12BUT, if it's what I think it is...
0:36:12 > 0:36:15that could be a very costly job to cure.
0:36:15 > 0:36:19It's a fungus that can penetrate timber and brickwork.
0:36:19 > 0:36:21It may have just affected this room -
0:36:21 > 0:36:24let's keep our fingers crossed - but who knows?
0:36:24 > 0:36:28It could have worked its way through this whole flat,
0:36:28 > 0:36:31causing serious amounts of damage.
0:36:31 > 0:36:34I hope whoever took this on paid for a thorough survey,
0:36:34 > 0:36:39because the cost of treating that could run into thousands of pounds.
0:36:39 > 0:36:42# You're the devil in disguise
0:36:42 > 0:36:44# Oh, yes, you are! #
0:36:44 > 0:36:48Dry rot - a devil in disguise for any renovation project,
0:36:48 > 0:36:52and potentially an extremely expensive problem to fix.
0:36:52 > 0:36:57I know I'm always pointing out the benefits of having transport links
0:36:57 > 0:37:02and close proximity, but I'm not sure I'd want them THIS close.
0:37:02 > 0:37:05This bus stop is directly outside the property,
0:37:05 > 0:37:10and a bus stopping then pulling off can be very, very noisy.
0:37:10 > 0:37:13Plus, you've got members of the public waiting outside,
0:37:13 > 0:37:15which might put some buyers off.
0:37:16 > 0:37:19Not really ideal, if I'm honest.
0:37:19 > 0:37:21# I don't want to cause no fuss
0:37:21 > 0:37:23# Too much, Magic Bus
0:37:23 > 0:37:26# Can I buy your Magic Bus? #
0:37:26 > 0:37:29We asked along a local estate agent to see what he would make
0:37:29 > 0:37:33of this property in Upper Norwood, guided at £90,000.
0:37:33 > 0:37:36First impressions of the property, coming in,
0:37:36 > 0:37:38is that it looks like it's been painted over a lot
0:37:38 > 0:37:41to hide a multitude of sins.
0:37:41 > 0:37:42So, anybody buying this,
0:37:42 > 0:37:45I think they really do need to get a really detailed survey done,
0:37:45 > 0:37:49timber and damp done, and really look into what they're going to have to do to the property.
0:37:49 > 0:37:53How much could it sell for once renovated?
0:37:53 > 0:37:55Once the property's been done,
0:37:55 > 0:37:59it would be valued between £170,000 and £180,000.
0:37:59 > 0:38:01And for rental?
0:38:01 > 0:38:03If put on the rental market in good condition,
0:38:03 > 0:38:09the property would gain a rental of between £800 per calendar month and £850 per calendar month.
0:38:09 > 0:38:14This property is in the worst state it's ever probably going to be in.
0:38:14 > 0:38:16There are a few positives, but unfortunately,
0:38:16 > 0:38:19there are also a number of negatives.
0:38:19 > 0:38:23This flat is going to require a lot of work and a lot of money,
0:38:23 > 0:38:26but, if somebody can keep to a strict budget,
0:38:26 > 0:38:29there COULD be some cash to be made here.
0:38:29 > 0:38:33Let's see who fancied this challenge when it went under the hammer.
0:38:33 > 0:38:34100,000, anywhere?
0:38:35 > 0:38:37What about 90?
0:38:37 > 0:38:39We'll try and work our way up from there.
0:38:39 > 0:38:41Thank you, 90 I've got.
0:38:41 > 0:38:4391, anywhere?
0:38:43 > 0:38:44Thank you. 91...
0:38:44 > 0:38:4692...
0:38:46 > 0:38:4893...
0:38:48 > 0:38:5094...95...
0:38:50 > 0:38:5296...
0:38:52 > 0:38:55New place, more competition. 96...97...
0:38:55 > 0:38:5698...
0:38:56 > 0:38:5899...
0:38:58 > 0:38:59100,000...
0:38:59 > 0:39:01101...
0:39:01 > 0:39:02102...
0:39:02 > 0:39:03103...
0:39:03 > 0:39:05104...105...
0:39:05 > 0:39:08106...107...
0:39:08 > 0:39:09108...
0:39:09 > 0:39:10109...
0:39:10 > 0:39:12110,000...
0:39:12 > 0:39:14111...
0:39:14 > 0:39:17If not, 110 for the first,
0:39:17 > 0:39:19110 for the second,
0:39:19 > 0:39:23- 110 for the third and final time... All done. - HE BANGS GAVEL
0:39:23 > 0:39:24Sold. 110.
0:39:26 > 0:39:30The successful bidder who bought this lot for 110,000 was Caroline.
0:39:30 > 0:39:33# Sweet Caroline... #
0:39:35 > 0:39:36Caroline is a finance manager.
0:39:36 > 0:39:39She and her husband Gary, a former fire investigator
0:39:39 > 0:39:44who has retrained as a cabbie, plan to renovate the flat.
0:39:44 > 0:39:47I met them in Upper Norwood to find out more.
0:39:47 > 0:39:50Guys, congratulations. What was it like for you on auction day?
0:39:50 > 0:39:51Caroline, explain to me.
0:39:51 > 0:39:56Well, I wanted to go and Gary said...
0:39:56 > 0:39:59"It'll probably go for more than we're prepared to pay."
0:39:59 > 0:40:03But it didn't, it went for 5,000 less than we were prepared to pay,
0:40:03 > 0:40:06so I rang him up and said, you know, "I've bought it."
0:40:06 > 0:40:10- Na-na-na-na-na!- Yeah.- So what did you think when you saw it?
0:40:10 > 0:40:12It was as I expected. It was a bit of a wreck, really.
0:40:12 > 0:40:16Everything that could need doing looked as though it needed doing.
0:40:16 > 0:40:20When I had a look round, all the floors were bouncing and it smelled of damp,
0:40:20 > 0:40:22so it was the worst possible scenario.
0:40:22 > 0:40:24But that's what I expected.
0:40:24 > 0:40:27So, when you buy a property like this at auction,
0:40:27 > 0:40:29there's a leasehold.
0:40:29 > 0:40:32It's quite important to chat to the freeholder.
0:40:32 > 0:40:37We'd like to buy the freehold, so that's why we approached him.
0:40:37 > 0:40:40Is the landlord singing the right songs? Is it something he's willing to do?
0:40:40 > 0:40:42He said he will.
0:40:42 > 0:40:46We're just negotiating the price, really, now, so...
0:40:46 > 0:40:48He asked us to make him an offer for the freehold and the flat,
0:40:48 > 0:40:52which we did, and then, obviously, he said that it's not enough,
0:40:52 > 0:40:55so he's going to think about it and come back to us.
0:40:55 > 0:40:57So we hope to hear very soon.
0:40:57 > 0:40:59# Let the price be right
0:40:59 > 0:41:03# Come on down tonight
0:41:03 > 0:41:05# If the price is right! #
0:41:05 > 0:41:09Finding the money to pay that price wasn't easy, though.
0:41:09 > 0:41:11Caroline and Gary had problems getting a mortgage
0:41:11 > 0:41:15as the property had previously been bought and sold within six months.
0:41:15 > 0:41:18Not only that, but the mortgage valuer had given it
0:41:18 > 0:41:21a very high valuation.
0:41:21 > 0:41:24They valued it at 190,000 in its present condition,
0:41:24 > 0:41:27and 220 when it's finished.
0:41:27 > 0:41:29That's really good news! And you paid...?
0:41:29 > 0:41:31- 110.- Wow!
0:41:31 > 0:41:33- Yes.- I mean, that is incredible.
0:41:33 > 0:41:35- Yeah.- So guys,
0:41:35 > 0:41:39does that leave many pennies left over in the bank for you to spend on this property?
0:41:39 > 0:41:42Just about enough, I think.
0:41:42 > 0:41:49We've budgeted we need to spend about 22,000 to bring it up to the sort of standard that we'd like.
0:41:49 > 0:41:52So, Gary, what is that money going to be spent on?
0:41:52 > 0:41:54Talk me through what you're going to be doing here.
0:41:54 > 0:41:57Right, we're going to have new damp proof course.
0:41:57 > 0:42:00So we've got to tack all the plaster off, reinstate the plaster.
0:42:00 > 0:42:02New ceilings...
0:42:02 > 0:42:04Going to have new floors,
0:42:04 > 0:42:05because we have dry rot and some wet rot.
0:42:05 > 0:42:09We're going to have new windows, new bathroom, new kitchen,
0:42:09 > 0:42:12new plumbing and central heating, and of course, rewired.
0:42:12 > 0:42:14- That's everything! - And that new door.
0:42:14 > 0:42:17- And the garden.- The garden. - Even more to the list!
0:42:17 > 0:42:20So, basically, you're going to do everything inside,
0:42:20 > 0:42:23- but just keep the walls up.- Yes.
0:42:23 > 0:42:25- Have you two ever done anything like this before?- Yes.
0:42:25 > 0:42:28We've moved quite a lot in our married life,
0:42:28 > 0:42:31and we've bought places that are like this...
0:42:31 > 0:42:35And actually lived in them and worked around it.
0:42:35 > 0:42:38- So you're not fazed at all at the moment?- No.- No.
0:42:38 > 0:42:42Caroline is going to stand back and tell me what she wants, and I'll get on and do it, I suppose.
0:42:42 > 0:42:46- That's a good relationship! So how long have you been married? - 29 years now.
0:42:46 > 0:42:4829 years!
0:42:48 > 0:42:51- We look too young, don't we? - You do.- Thank you.
0:42:51 > 0:42:53- Guys, congratulations. - I bet you cut that out!
0:42:53 > 0:42:55Congratulations, it's been fantastic meeting you.
0:42:55 > 0:42:57- Thank you. Thanks very much.- Thanks.
0:42:57 > 0:43:01Will we come back to a front bedroom
0:43:01 > 0:43:06and an AMAZING open-plan kitchen-lounge-diner?
0:43:06 > 0:43:10You can find out how the couple get on later in the programme.
0:43:12 > 0:43:17Well, there has been plenty of time for our buyers to have started work on their properties.
0:43:17 > 0:43:19But have they actually done anything, Martin,
0:43:19 > 0:43:21or have they been delayed by problems?
0:43:21 > 0:43:25Yes, time is money, so they made any or lost out?
0:43:25 > 0:43:27Let's go back and see what they've been up to.
0:43:31 > 0:43:35We head back now to the town of Burslem in Stoke-on-Trent,
0:43:35 > 0:43:40where this two-bedroom mid-terraced house sold at auction for 45,000.
0:43:40 > 0:43:41Your lot, sir. Well done.
0:43:41 > 0:43:46It was bought by Geoff on the right, and Adian.
0:43:46 > 0:43:51But it was Bill - a retired electrical engineer and Adian's foster father -
0:43:51 > 0:43:55that we met to find out more about the story behind getting this place.
0:43:57 > 0:44:01Well, it really is for my foster son. He's been with us for 11 years now.
0:44:01 > 0:44:04He's originally from Albania,
0:44:04 > 0:44:06and me and my business partner who were at the auction...
0:44:06 > 0:44:09were thinking about buying a property,
0:44:09 > 0:44:12and where better to go than to an auction?
0:44:12 > 0:44:15And how has the whole fostering experience been?
0:44:15 > 0:44:19I think any foster parent will tell you it does have its ups and downs,
0:44:19 > 0:44:23but it is a rewarding thing to do, you know?
0:44:23 > 0:44:28Well, renovating a property also has its ups and downs.
0:44:28 > 0:44:30While this place looked tired and dated,
0:44:30 > 0:44:33the fact that no urgent works were needed was a huge advantage.
0:44:33 > 0:44:35So, two months later,
0:44:35 > 0:44:38we met up with Bill, and this time, Adian came along
0:44:38 > 0:44:40to show us his new home.
0:44:43 > 0:44:47Inside, the living room wallpaper has had a fresh lick of paint.
0:44:47 > 0:44:50And, with new carpets laid, it's now a bedroom.
0:44:51 > 0:44:54That reception room has become the sitting room,
0:44:54 > 0:44:57and has also had the same treatment...
0:44:57 > 0:45:02while the kitchen is still waiting for its changes, as Adian explains.
0:45:02 > 0:45:06I've still got quite a bit to do in this room.
0:45:06 > 0:45:08Got a new cooker,
0:45:08 > 0:45:10new washing machine there.
0:45:10 > 0:45:11I still need to tile the whole room.
0:45:11 > 0:45:13Need to put new tiles on the floor.
0:45:13 > 0:45:17In the bathroom, going to need to put a new bath, and in the toilet,
0:45:17 > 0:45:20need to brick up the window, because it's quite close to the street.
0:45:20 > 0:45:24But once all that is done, it should look really nice.
0:45:24 > 0:45:26But for the time being, I just can't wait to move in.
0:45:26 > 0:45:31With everything in working order, Adian feels there's no urgency
0:45:31 > 0:45:35to get anything replaced. But that wasn't the situation in the main front bedroom.
0:45:37 > 0:45:40Well, who'd have believed that three months ago,
0:45:40 > 0:45:41there was a hole there?
0:45:41 > 0:45:44And a big bucket to catch all the water?
0:45:44 > 0:45:47What happened was, we went onto the roof.
0:45:47 > 0:45:50I held the ladder, while a building friend of ours went on
0:45:50 > 0:45:53and we found there was a lot of tiles
0:45:53 > 0:45:55that had come loose.
0:45:55 > 0:45:58We put the tiles back on, put them into place
0:45:58 > 0:46:01and then we actually boarded the ceiling
0:46:01 > 0:46:03and plastered it and hey presto!
0:46:03 > 0:46:07It looks absolutely fantastic. We're dead pleased with it.
0:46:08 > 0:46:11In fact, all the rooms have had a fresh coat of paint
0:46:11 > 0:46:14and new carpeting to bring them back to life.
0:46:15 > 0:46:18Out back, the yard has been tidied up and, most importantly,
0:46:18 > 0:46:21the battered single-glazed windows
0:46:21 > 0:46:25have been replaced, with two new double-glazed units.
0:46:25 > 0:46:28Although the refurbishment's been kept quite simple
0:46:28 > 0:46:30to make it comfortable for Adian to live in,
0:46:30 > 0:46:32he and his foster dad, Bill,
0:46:32 > 0:46:36have injected a freshness to the interior.
0:46:36 > 0:46:38So, who can claim the credit?
0:46:38 > 0:46:40Myself, I haven't done much.
0:46:40 > 0:46:42I've been more involved in arranging, speaking to the builders,
0:46:42 > 0:46:45speaking to the plasterer and everyone, arranging everything.
0:46:45 > 0:46:48Because with me being so busy with my work,
0:46:48 > 0:46:50I haven't had much time to get stuck in myself.
0:46:50 > 0:46:54We have had a lot of team effort on the job, you know -
0:46:54 > 0:46:57I think he's the team, and I'm the effort.
0:46:58 > 0:47:02Bill checked out the wiring and with the thumbs up on that score,
0:47:02 > 0:47:05it looks like those Bakelite switches will be around
0:47:05 > 0:47:06just a little while longer.
0:47:06 > 0:47:11The central heating also got a clean bill of health.
0:47:11 > 0:47:15With the plastering and window fitting done by professionals, this makeover has meant
0:47:15 > 0:47:19Bill stayed under his £3,000 budget by a couple of hundred pounds,
0:47:19 > 0:47:22but there's still the kitchen and bathroom to do.
0:47:22 > 0:47:24It's going to cost a bit extra,
0:47:24 > 0:47:26but that's a cost for later on.
0:47:26 > 0:47:30- At the moment, it's fine the way it is.- Yeah.
0:47:30 > 0:47:34- You can manage, can't you? Yes, he can definitely manage!- On takeaways.
0:47:35 > 0:47:40Add that to their purchase price of 45,000, and the total outlay here
0:47:40 > 0:47:43is just under £48,000.
0:47:43 > 0:47:45That's good value for a solid house
0:47:45 > 0:47:47and a no-frills makeover.
0:47:49 > 0:47:52And it seems like Bill's had second thoughts
0:47:52 > 0:47:55on how to make money here.
0:47:55 > 0:47:58Well, Adian's paying us back, so we won't be charging him a rent.
0:47:58 > 0:48:00We're not working like that.
0:48:00 > 0:48:04It won't be a rent, but I'll pay in towards the whole cost of the house.
0:48:04 > 0:48:07It's a really good help, so I'm having to pay them
0:48:07 > 0:48:11without having to take a huge mortgage on the house, which would have been really...
0:48:11 > 0:48:16I would have been paying double or triple what it actually costs.
0:48:16 > 0:48:20It's a very big help, thanks to Mr Bill and Geoff. I'm really pleased with that.
0:48:22 > 0:48:26So, despite the property staying in Adian's hands for now,
0:48:26 > 0:48:31it's time to find out what two local estate agents think of his new home.
0:48:31 > 0:48:34The refurbishment of the property has basically been done
0:48:34 > 0:48:37in a minimal way in order to make the property habitable
0:48:37 > 0:48:42and although the property is very basic, it is habitable.
0:48:42 > 0:48:45I think this property has had reasonable refurbishment work.
0:48:45 > 0:48:47A little more attention could have been paid in parts, but you
0:48:47 > 0:48:51can see that they've redecorated throughout and changed the windows.
0:48:51 > 0:48:54But if Bill and Adian have a change of heart and decide to sell,
0:48:54 > 0:48:59could they make a profit on their spend of just under £48,000?
0:49:00 > 0:49:02The property, in its present condition,
0:49:02 > 0:49:04would go on the market for £59,950.
0:49:04 > 0:49:08With the basic improvements carried out, I would place this property
0:49:08 > 0:49:11on the market in the region of £55,000.
0:49:11 > 0:49:14Yes, that is really good. Straight away you can
0:49:14 > 0:49:17see your money hasn't gone to waste.
0:49:17 > 0:49:19That is brilliant. Straight away there's something there
0:49:19 > 0:49:22but anyway, wouldn't be looking to sell it just yet.
0:49:22 > 0:49:25So, even with the refurbishment not yet complete,
0:49:25 > 0:49:28those estimates of the house's current worth could return
0:49:28 > 0:49:33a potential pre-tax profit of £7,500 to £12,500,
0:49:33 > 0:49:37which after a couple of months, is not bad going!
0:49:42 > 0:49:46For now, however, Adian is looking forward to moving into his new home,
0:49:46 > 0:49:49and he knows where the thanks for that are due.
0:49:52 > 0:49:54They've helped me out so much.
0:49:54 > 0:49:57I mean, they've helped me out in the past with lots of other things
0:49:57 > 0:49:59and this is absolutely brilliant.
0:49:59 > 0:50:02Because, as you know, it's very hard to be able to afford
0:50:02 > 0:50:05something like this all on my own, so it's a great help.
0:50:05 > 0:50:08I'm really thankful for everything they've done for me.
0:50:08 > 0:50:12# Thank you for being a friend I want to thank you
0:50:12 > 0:50:17# Thank you for being a friend I want to thank you. #
0:50:22 > 0:50:25Back now to Upper Norwood in south-east London,
0:50:25 > 0:50:29where finance manager, Caroline, and her husband, Gary, a former
0:50:29 > 0:50:32fire investigator, now retrained as a taxi driver,
0:50:32 > 0:50:36had bought this two-bedroom ground floor flat for 110,000.
0:50:36 > 0:50:40And having experience of renovating houses before,
0:50:40 > 0:50:42they were under no illusions about what to expect.
0:50:44 > 0:50:47- What did you think when you saw it?- It was as I expected.
0:50:47 > 0:50:49It was a bit of a wreck, really.
0:50:49 > 0:50:52Everything that could need doing looked as though it needed doing.
0:50:52 > 0:50:55When I had a look round, all the floors were bouncing
0:50:55 > 0:50:59and it smelt of damp, so that was the worst possible scenario,
0:50:59 > 0:51:00but that's what I expected.
0:51:00 > 0:51:04Gary may have been expecting a bit of a challenge,
0:51:04 > 0:51:07but absolutely everything needed to be replaced, from the rotting
0:51:07 > 0:51:11joists with dry rot to a ceiling which definitely needed looking at.
0:51:11 > 0:51:15It wasn't TLC this property needed, but tough love.
0:51:15 > 0:51:18Undaunted by the scale of the project,
0:51:18 > 0:51:21Caroline and Gary set to work.
0:51:21 > 0:51:25We visited just three months later, to see how they had got on.
0:51:32 > 0:51:35This was originally a separate kitchen
0:51:35 > 0:51:37and a bedroom with a hallway,
0:51:37 > 0:51:40so you'd walk through that door
0:51:40 > 0:51:43which was set back further, come along and there would be
0:51:43 > 0:51:45a door for the kitchen, come through to the kitchen -
0:51:45 > 0:51:48I'm actually standing where the wall had been,
0:51:48 > 0:51:51and behind me, where the window is, was a door.
0:51:51 > 0:51:53That was the only way out to the garden.
0:51:53 > 0:51:57We knocked all that down, and we've reinstated a window and then towards
0:51:57 > 0:52:02the end of the living area, we've opened the window, in what used to
0:52:02 > 0:52:05be the bedroom, which is now French doors, to go out onto the garden.
0:52:05 > 0:52:08It feels a bit more airy in here now.
0:52:08 > 0:52:12# That's a good idea Yes, it is
0:52:12 > 0:52:15# A real groovy idea. #
0:52:16 > 0:52:19Gary and Caroline have created a good-sized open-plan
0:52:19 > 0:52:22area at the rear, by taking the living space from the front.
0:52:24 > 0:52:26What was the living room is now
0:52:26 > 0:52:29the second bedroom at the front of the property.
0:52:29 > 0:52:32I was worried that the front bedroom,
0:52:32 > 0:52:35having had the hallway taking part of the room,
0:52:35 > 0:52:38it would be too small, but with
0:52:38 > 0:52:40the chimney breast taken out,
0:52:40 > 0:52:44I think it's a reasonable-sized double bedroom, so I was
0:52:44 > 0:52:47concerned about that and now we've got the double glazing,
0:52:47 > 0:52:51it's not too noisy, so I think that sort of, was one concern that
0:52:51 > 0:52:53seems to have turned out OK.
0:52:53 > 0:52:57Caroline and Gary approached this project with a good idea
0:52:57 > 0:53:02of the extent of the work required, but what was actually involved?
0:53:02 > 0:53:05We knew there was a lot of rot, but we had to take the floors up completely.
0:53:05 > 0:53:09It was down to earth on the floor. We had new timber floors.
0:53:09 > 0:53:11Every bit of plaster was off the walls.
0:53:11 > 0:53:13We've had the walls replastered.
0:53:13 > 0:53:16All the ceilings were done, new ceilings. We've repositioned
0:53:16 > 0:53:18some of the walls,
0:53:18 > 0:53:21to change the internal layout a little bit. New windows,
0:53:21 > 0:53:24rewired and replumbed.
0:53:24 > 0:53:27We're nearly finished but we've still got the painting to do,
0:53:27 > 0:53:29so another week or so and we should be finished.
0:53:29 > 0:53:34Sounds like a pretty comprehensive makeover. As project manager,
0:53:34 > 0:53:36did Gary take it all in his stride?
0:53:37 > 0:53:40No, he's not particularly kept calm,
0:53:40 > 0:53:43because I think the contractors did annoy him a bit,
0:53:43 > 0:53:47because they wouldn't work together and Gary's quite a can-do person,
0:53:47 > 0:53:51so when people say they can't, it really does aggravate him.
0:53:51 > 0:53:56I did use to calm him down at times.
0:53:56 > 0:53:59# Be calm
0:53:59 > 0:54:01# Be calm
0:54:01 > 0:54:04# I know you feel like you are breaking down. #
0:54:04 > 0:54:07Deep breaths, Gary. Deep breaths.
0:54:07 > 0:54:11But despite that, did he find project managing enjoyable?
0:54:11 > 0:54:12Er... No.
0:54:14 > 0:54:15I've done it before.
0:54:15 > 0:54:19I enjoy it now we're getting to the end of it, but no, there
0:54:19 > 0:54:22was other things I wanted to be doing rather than be here every day.
0:54:22 > 0:54:27The couple did have plans to rent the flat out which depended on them
0:54:27 > 0:54:29purchasing the freehold,
0:54:29 > 0:54:33but failure to acquire that has meant they've decided to sell it on.
0:54:33 > 0:54:37Their original planned timescale was three months,
0:54:37 > 0:54:40which Caroline and Gary have managed to stick to.
0:54:40 > 0:54:43Can the same be said for the budget?
0:54:43 > 0:54:47We budgeted, I think Gary said 20,000 originally,
0:54:47 > 0:54:49I thought 22.
0:54:49 > 0:54:52We've not done a final calculation because we've still got
0:54:52 > 0:54:56the floors to do, but it's in excess of £30,000 so,
0:54:56 > 0:54:59quite a lot of money.
0:55:00 > 0:55:04The couple paid 110,000 at auction for the property
0:55:04 > 0:55:07and spent a further £30,000 on renovations.
0:55:07 > 0:55:11So their total outlay is around £140,000.
0:55:11 > 0:55:14We invited along two local property experts,
0:55:14 > 0:55:17to find out if this was money well spent.
0:55:17 > 0:55:19I think it's lovely.
0:55:19 > 0:55:22From last coming here, it's a huge improvement.
0:55:22 > 0:55:26The layout's been reorganised which gives a much better flow to the property.
0:55:26 > 0:55:28They're now able to incorporate the garden
0:55:28 > 0:55:30as part of the house, which is fantastic.
0:55:30 > 0:55:32It feels very open, light, welcoming.
0:55:32 > 0:55:35It's a very nice property. It's got a good feel to it.
0:55:35 > 0:55:38First impressions of the property - they've done a very good job
0:55:38 > 0:55:41with regards to the finish. Obviously, still a few things to be done,
0:55:41 > 0:55:46but overall, the size and the condition, it's a good flat.
0:55:46 > 0:55:50Now that Caroline and Gary are planning to sell the property,
0:55:50 > 0:55:54what kind of resale values can they expect?
0:55:54 > 0:55:57In terms of resale, selling the property, on the market,
0:55:57 > 0:56:00price would be £179,000.
0:56:00 > 0:56:03To put the property onto the market for sale, I would expect to be
0:56:03 > 0:56:06achieving anything between £200 to £210,000 for the property.
0:56:06 > 0:56:10So, with a total spend of around 140,000
0:56:10 > 0:56:14and a sale price of between 179 and 210,000,
0:56:14 > 0:56:16Caroline and Gary could make a potential profit
0:56:16 > 0:56:20of between £39 and £70,000,
0:56:20 > 0:56:22before taxes and other costs.
0:56:22 > 0:56:25I think both of them are much higher than what we thought,
0:56:25 > 0:56:28- so it's good news. - That's good.- Great.
0:56:28 > 0:56:31- Worthwhile, hopefully.- Yes.
0:56:31 > 0:56:34Since filming, the property is now under offer
0:56:34 > 0:56:36for £170,000.
0:56:36 > 0:56:40That would give them a potential pre-tax profit of 30,000,
0:56:40 > 0:56:42minus, of course, the usual selling costs.
0:56:42 > 0:56:46So I reckon that sounds like a job well done
0:56:46 > 0:56:48by Gary and Caroline.
0:56:52 > 0:56:56Well, we'll have lots more auction stories for you next time
0:56:56 > 0:56:59to warn or inspire.
0:56:59 > 0:57:02- See you then for more Homes Under The Hammer.- Goodbye.- Goodbye.
0:57:24 > 0:57:25Subtitles by Red Bee Media Ltd