0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:05Even in the current more challenging market,
0:00:05 > 0:00:08Martin and I still love to dabble in property.
0:00:08 > 0:00:12We love the idea of getting a good deal but that is not always easy to do.
0:00:12 > 0:00:14One way you still stand a good chance is
0:00:14 > 0:00:16if you buy your property at auction.
0:00:42 > 0:00:47Buying property under the hammer has become more popular.
0:00:47 > 0:00:50Millions of pounds' worth of property is sold every month.
0:00:50 > 0:00:55Here are the properties that sold at auction on today's show.
0:00:56 > 0:01:00In Devon, it's important to keep the spending under control
0:01:00 > 0:01:05because you are going to have to save some of your budget to sort this out.
0:01:06 > 0:01:11This Victorian gatehouse in Dover gets my seal of approval
0:01:11 > 0:01:15because I think it rocks!
0:01:17 > 0:01:21And in Telford, Shropshire, the right answer proves illusive.
0:01:21 > 0:01:24Six of one and half a dozen of the other...
0:01:27 > 0:01:30All three of these properties went to auction.
0:01:30 > 0:01:35We'll find out who bought them and how much they went for under the hammer.
0:01:40 > 0:01:43I'm in Devon and Plymouth city centre
0:01:43 > 0:01:46and Dartmoor National Park are both a few miles away.
0:01:46 > 0:01:51This is Roborough, just outside Plymouth. Got a really nice village feel to it.
0:01:51 > 0:01:54Good pub, what more could you want?
0:01:54 > 0:01:58The property I'm here to see is a three-bed cottage.
0:01:58 > 0:02:01Guide price was a £125,000-£135,000.
0:02:01 > 0:02:04Looks all right from the outside, double glazing.
0:02:04 > 0:02:07Let's take a look inside.
0:02:07 > 0:02:12If you're tall, you will have to watch your head.
0:02:12 > 0:02:14I guess you could call that charm.
0:02:14 > 0:02:20Through the front door, stairs up to the bedrooms and bathroom
0:02:20 > 0:02:24and I'm seeing that it's in need of a bit of attention.
0:02:24 > 0:02:28Lots of interesting features. Sliding doors, terribly dated.
0:02:28 > 0:02:33Don't care about that but what I do care about is...
0:02:33 > 0:02:34HOLLOW POUNDING
0:02:35 > 0:02:37..bit strange.
0:02:37 > 0:02:41Clearly there is something obnoxious going on underneath there!
0:02:41 > 0:02:46Dear, oh, dear! That feels really damp to me.
0:02:46 > 0:02:52I never like to find dampness which hasn't got any air
0:02:52 > 0:02:56flowing around it because that's when you get dry rot.
0:02:56 > 0:03:01This is your front room. It's not a bad size. Low ceilings.
0:03:01 > 0:03:04I suppose that's what you would expect. Let's carry on.
0:03:04 > 0:03:07The damp is due to the front wall being below street level.
0:03:07 > 0:03:13The wall may need to be tanked to stop the water penetrating.
0:03:13 > 0:03:18Let's hope there are no problems at the back of the cottage.
0:03:18 > 0:03:23The interesting thing is all the walls, they are not solid,
0:03:23 > 0:03:27they're almost as if they were made of wood. They are stud partitions.
0:03:27 > 0:03:32There's an opportunity to do something about it without spending too much money
0:03:32 > 0:03:36because you will have to save some of your budget to sort this out.
0:03:36 > 0:03:38It's at the back, the kitchen.
0:03:38 > 0:03:43It's almost an extension, is it a lean-to?
0:03:43 > 0:03:48It needs to be got rid of. There is a downstairs loo, which is good news.
0:03:48 > 0:03:52More walls need to come down and this area needs attention.
0:03:52 > 0:03:55There is a possible solution to the lack of space in the kitchen.
0:03:55 > 0:03:58To see that, I have to head outside.
0:03:58 > 0:04:05At the rear, you've got this garden and also a garage.
0:04:05 > 0:04:10OK, that is potentially very good news
0:04:10 > 0:04:16until you delve into the legalities of the land
0:04:16 > 0:04:21when you discover, unfortunately, you only have pedestrian access
0:04:21 > 0:04:26over this bit of land which is the entrance to the garage.
0:04:26 > 0:04:31The reality is that it has been used for vehicle access over the years
0:04:31 > 0:04:34because how else would you get cars into the garage
0:04:34 > 0:04:39and access to this electricity sub-station?
0:04:39 > 0:04:43If you could prove that you have had access,
0:04:43 > 0:04:49you may be able to get this bit adopted as something you could have legal access to.
0:04:49 > 0:04:52If that's not going to work, what's your options?
0:04:52 > 0:04:57You could integrate the garage into the house to give you extra space.
0:04:57 > 0:04:59Either way, food for thought.
0:05:01 > 0:05:05You could move the garage door to the front roadside of the property
0:05:05 > 0:05:10thereby circumventing the access issue.
0:05:10 > 0:05:17But whatever you opt to do, the garage will need work as it's in a pretty poor state.
0:05:18 > 0:05:21Let's hope the upstairs that went to auction
0:05:21 > 0:05:27at a guide price of £125,000-£135,000 is a little better.
0:05:31 > 0:05:36Bit strange, this. Upstairs, apart from a fairly wonky-feeling floor,
0:05:36 > 0:05:41it feels like there's more space than there is downstairs.
0:05:41 > 0:05:44You've got three bedrooms, two decent, one small.
0:05:44 > 0:05:49Some signs of damp and I'm hoping that dip in the floor
0:05:49 > 0:05:54is just because of the age of the property and not because of anything more serious.
0:05:54 > 0:05:57In terms of space, the cottage has redeemed itself.
0:05:57 > 0:06:01The bathroom is not left wanting on the size front either.
0:06:01 > 0:06:07You'd probably want to put in a new suite but what's here is usable.
0:06:07 > 0:06:12It looks as if there is a fairly new boiler here.
0:06:12 > 0:06:18What does the auctioneer who sold the property think of it?
0:06:18 > 0:06:22It's a classic cottage in a nice location
0:06:22 > 0:06:25but it needs new kitchen, new bathroom.
0:06:25 > 0:06:29What about integrating the garage into the house?
0:06:29 > 0:06:33What effect could that have on the rental value after a full refurbishment?
0:06:33 > 0:06:38If the cottage was done up and the garage remained as a garage,
0:06:38 > 0:06:43I would expect to make towards £700 per calendar month.
0:06:43 > 0:06:46If you incorporated the garage into the house,
0:06:46 > 0:06:53it would give you a better chance of getting £675-£700. It won't make a material difference.
0:06:53 > 0:06:58- And the sale value?- If the garage was to remain as a garage,
0:06:58 > 0:07:04I would expect the cottage to be worth in the region of about £170,000.
0:07:04 > 0:07:08You turn the garage into a reception room,
0:07:08 > 0:07:12you could be looking at £185-£190,000.
0:07:12 > 0:07:15It's charming and it's in a good location
0:07:15 > 0:07:17but there's a lot of work to sort it out.
0:07:17 > 0:07:21Let's see who fancied the challenge when it went under the hammer.
0:07:21 > 0:07:27This lot was late in the day, but although there are a few empty seats,
0:07:27 > 0:07:29it still proved a popular property.
0:07:29 > 0:07:35125, straight in. 120, 115, at 115, yeah?
0:07:35 > 0:07:36Thank you, 115.
0:07:36 > 0:07:43At 115, worth it for him. It's worth it to you, sir. 116. 116. 120. 120.
0:07:43 > 0:07:47At 120, 121, 122, 123.
0:07:47 > 0:07:52124, 124, 125, 125.
0:07:52 > 0:07:55At 125, first time... Ooh!
0:07:55 > 0:08:01126. 126. 127. 127. 128.
0:08:01 > 0:08:06128. At 128, first time on my right. Is there a half?
0:08:06 > 0:08:09128 second time.
0:08:09 > 0:08:14At 128, are you sure and done? Here we go, at 128.
0:08:14 > 0:08:16Sir, yours. 128.
0:08:16 > 0:08:19That final bid of £128,000 was made by Dave
0:08:19 > 0:08:22who was at the auction with his wife, Sue.
0:08:24 > 0:08:29'This retired couple currently live about three miles from the cottage.
0:08:29 > 0:08:33'Why did they want to buy it? I met up with them to find out.'
0:08:33 > 0:08:38Sue, Dave, lovely to meet you both. Congratulations.
0:08:38 > 0:08:43- Why do you raise your eyes? - A lot of work but never mind.
0:08:43 > 0:08:47Something must have appealed because you spent money on it.
0:08:47 > 0:08:52Yes. We are trying to save fuel because my husband's local.
0:08:52 > 0:08:55I don't know what it's going to cost us in beer
0:08:55 > 0:08:58but it will save us on fuel.
0:08:58 > 0:09:01We bought it to get nearer to Plymouth
0:09:01 > 0:09:04- because I look after five grandchildren.- Oh, wow!
0:09:04 > 0:09:08- They live close by, do they? - Yes, in Plymouth.
0:09:08 > 0:09:12Let me get this exactly right, the pub across the road is your local.
0:09:12 > 0:09:17- Yes, for 25 years. - It was a bit of a crafty move.
0:09:19 > 0:09:22What a dream for lots of people to buy a house so close to their local!
0:09:22 > 0:09:26Exactly. Save on fuel but it's going to cost a lot in beer!
0:09:30 > 0:09:37That's a first to me! Sue and Dave bought this place because it's near their local.
0:09:37 > 0:09:42They plan to do it up and make it their new home.
0:09:42 > 0:09:44What appealed about this place?
0:09:44 > 0:09:49It needs all doing. I enjoy working anyway. It keeps me busy.
0:09:49 > 0:09:53- I'm retired. - What experience do you have?
0:09:53 > 0:09:57- I was at Kelly Construction at Plymouth CFE.- What's CFE? - College for Further Education.
0:09:57 > 0:10:02I am gas trained, plumbing trained, got a brickwork qualification.
0:10:02 > 0:10:08- You should be doing more of this! - Well, I'm retired. - He's supposed to be!
0:10:08 > 0:10:14- What? Retired or supposed to be doing more?- I'd have him doing more!
0:10:14 > 0:10:16Sue and Dave have developed properties before.
0:10:16 > 0:10:23They've converted an old leisure centre into two houses and done three new builds over the years.
0:10:23 > 0:10:27They were looking for a plot of land to build a new house
0:10:27 > 0:10:32when they spotted this one and decided to go for it instead.
0:10:32 > 0:10:34What are you going to do to sort it out?
0:10:34 > 0:10:41Take all these walls down, all the ceilings down, all upstairs down, all new joists.
0:10:41 > 0:10:45Turn the garage into a kitchen-cum-dining room. It's not used as an access.
0:10:45 > 0:10:50What about the back because the kitchen is in a bit of a non-descript area.
0:10:50 > 0:10:55Just as an utility room, I'll put a Velux window in to get more light -
0:10:55 > 0:10:59a bigger window and a fresh downstairs toilet, a pretty big lounge with oak floor
0:10:59 > 0:11:02and that will lead into the kitchen in there.
0:11:02 > 0:11:08A breakfast bar with a butler sink and there will be French doors leading out to the garden.
0:11:08 > 0:11:11- It will be nice.- Wow! Upstairs? - Refurbish all the bedrooms.
0:11:11 > 0:11:14New lights. Raise the door heights. New bathroom suite upstairs.
0:11:14 > 0:11:17- That's a lot of work!- We don't mind.
0:11:17 > 0:11:22By the time you've done the first bit, there's going to be nothing left apart from a shell.
0:11:22 > 0:11:26Nothing at all, all the way up to the rafters.
0:11:26 > 0:11:29- That's right, yes. - Completely empty shell.
0:11:29 > 0:11:32- The roof is all right. - Come back next Friday!
0:11:32 > 0:11:35# Speedy Gonzales Speedy Gonzales
0:11:35 > 0:11:37# Why don't he come home?
0:11:37 > 0:11:39# Speedy Gonzales
0:11:39 > 0:11:42# The roof is leaking like a strainer
0:11:42 > 0:11:46# We need some lino in the hall. #
0:11:46 > 0:11:48'By the time Dave's finished demolishing,
0:11:48 > 0:11:53'all that will be left will be the outside walls and the roof.
0:11:53 > 0:11:57'So, just how fast is Dave going to work?'
0:11:57 > 0:12:03- What's the timescale for this project?- About 12-14 weeks.
0:12:03 > 0:12:06- You are going to be hurtling into it.- Push on.- And cost?
0:12:06 > 0:12:10Probably about £25,000 because the garage is going to cost a lot of money
0:12:10 > 0:12:14to get it insulated properly for the building regs.
0:12:14 > 0:12:18- Are you going to do it all?- Yes. - Apart from the tanking.
0:12:18 > 0:12:21Just organise for someone to come in for plastering.
0:12:21 > 0:12:26- The bathrooms and the kitchen... - I'll do those myself.- ..Dave can do.
0:12:26 > 0:12:29That's why I married him!
0:12:29 > 0:12:35- A handy bloke to have around.- Yes! - Congratulations.
0:12:35 > 0:12:41One of the most inspiring reasons for buying a property.
0:12:41 > 0:12:44Not sure that's the right word!
0:12:44 > 0:12:50- We wish you all the best! Good luck with it!- Thank you.- Pub's open!
0:12:50 > 0:12:54It's the strangest things that guide you to properties.
0:12:54 > 0:12:59In Dave and Sue's case, it was his local. The house is right opposite it.
0:12:59 > 0:13:03Lots of work to be done on this one and he is being radical about his plans.
0:13:03 > 0:13:08That is going to require time and for that, he needs to be out of the pub.
0:13:08 > 0:13:12Find out how they get on sorting this place out later in the show.
0:13:15 > 0:13:20This is Dover in Kent, famed for its iconic White Cliffs
0:13:20 > 0:13:25which still resonates for many as an image of their homeland.
0:13:29 > 0:13:33They say an Englishman's home is his castle.
0:13:33 > 0:13:36Today, I might have one to show you
0:13:36 > 0:13:40because this was the lot that went under the hammer.
0:13:40 > 0:13:44It's only a little castle, a one-bedroom castle in fact,
0:13:44 > 0:13:45but it's incredible! I love it!
0:13:45 > 0:13:51It's the Gothic gatehouse designed to guard the imposing row of terraces here.
0:13:51 > 0:13:54It really was a fortress of sorts.
0:13:54 > 0:14:00I can't wait to get inside and see what our own little Dover castle has to offer.
0:14:00 > 0:14:04I'm told this grand, classical terrace to build to house officers from the local garrison.
0:14:04 > 0:14:10They stand in complete contrast to the over-the-top grandeur
0:14:10 > 0:14:13of this little one-bedroom gatehouse built around 1850.
0:14:13 > 0:14:20But while they enjoy views over Dover to the rear, our little lot guided at £55,000-£60,000
0:14:20 > 0:14:25has to put up with this rather busy road.
0:14:25 > 0:14:30# Come with me to my castle in the sky. #
0:14:30 > 0:14:36I'm walking straight into the turret area of this little mini castle.
0:14:36 > 0:14:39How fabulous it is too! Look at that front door!
0:14:39 > 0:14:43Oh, I'm so excited. This is so unusual.
0:14:43 > 0:14:50But the first thing that hits me is the smell of damp! It's not pleasant.
0:14:50 > 0:14:55It's actually disappointing for me because there aren't many original features.
0:14:55 > 0:14:58These beams are not real, that aertex wouldn't have been there.
0:14:58 > 0:15:02The fireplace, that's not how it would have been.
0:15:02 > 0:15:06You can see a lot of work needs to be done in here but it's not a bad size.
0:15:06 > 0:15:10A snug little area here. You can walk into the dining room.
0:15:10 > 0:15:14There is just enough room for a table and chairs.
0:15:14 > 0:15:18Look at all this, tongue and groove wood. That needs to be ripped out.
0:15:18 > 0:15:23You really need to think about reinstating some wonderful, old, original features.
0:15:23 > 0:15:27Get rid of these ugly net curtains. Don't like those!
0:15:27 > 0:15:30The kitchen, not bad! I like the way it's all open plan.
0:15:30 > 0:15:33You could see your guests.
0:15:33 > 0:15:38You could do with rearranging the space in here. New units.
0:15:38 > 0:15:43The damp is worrying me but I would love to the owner of a castle like this
0:15:43 > 0:15:47because, quite frankly, I think it rocks!
0:15:47 > 0:15:52# I met her dancing to the castle rock. #
0:15:53 > 0:15:56Up the stairs is the main bedroom,
0:15:56 > 0:16:00emulating the medieval Gothic style in miniature
0:16:00 > 0:16:06and there's a very cute bathroom with bags of character and a gorgeous bath.
0:16:06 > 0:16:10It's a decent size which is more than can be said for the length of the lease
0:16:10 > 0:16:12which has just 77.5 years left.
0:16:12 > 0:16:15The tiny gatehouse oozes charm and personality.
0:16:15 > 0:16:20It's typical of the Victorian fashion for grabbing a style
0:16:20 > 0:16:24they like and just running with it and they've done a lovely job here.
0:16:24 > 0:16:27It comes as no surprise that it's Grade II listed
0:16:27 > 0:16:31which is something to consider for whoever takes this on.
0:16:31 > 0:16:35I think it's great fun. If I think it's fun, others will too.
0:16:35 > 0:16:38That is when you have to think,
0:16:38 > 0:16:42is there a way this mini castle can make some big money?
0:16:43 > 0:16:48Dover may not be like Brighton in terms of boutique-y weekends away
0:16:48 > 0:16:50but the White Cliffs still draw the crowds.
0:16:50 > 0:16:53Dover Castle is a major tourist attraction.
0:16:53 > 0:16:56Why not think about offering holiday-makers
0:16:56 > 0:17:00the chance to stay in their very own castle in Dover?
0:17:00 > 0:17:03We asked a local estate agent for his thoughts.
0:17:03 > 0:17:07This property is great. It's unique. It needs a lot of work.
0:17:07 > 0:17:11It has got a lot of features and it would be lovely for someone.
0:17:11 > 0:17:13What about holiday lets?
0:17:13 > 0:17:16Could that be the key to unlocking the potential here?
0:17:16 > 0:17:18It could be an idea.
0:17:18 > 0:17:21There is no off-road parking which a lot of people like
0:17:21 > 0:17:25but it is close to historical places.
0:17:25 > 0:17:28It could be a good idea.
0:17:28 > 0:17:33What could it make on the rental market?
0:17:33 > 0:17:37On a normal tenancy, £450-£475 per calendar month.
0:17:37 > 0:17:42I reckon it could make the same amount per week as a holiday let in peak season.
0:17:42 > 0:17:45But what about re-sale?
0:17:45 > 0:17:51If I was to value the property, it would be worth around £75,000.
0:17:51 > 0:17:55Once the work has been carried out, you could go up to £100,000.
0:17:55 > 0:17:59Not without its issues and not for everyone.
0:17:59 > 0:18:04What an exciting property which could, given the right care and attention,
0:18:04 > 0:18:07provide a reasonable return for someone.
0:18:07 > 0:18:11Let's find out who fancied this Gothic gatehouse at the auction.
0:18:12 > 0:18:15We start at 50. I've got you, sir, 50 I've got.
0:18:15 > 0:18:18I've just seen you at the back.
0:18:18 > 0:18:2352 if you like. At 52, 52. And 5. 55 and 8. 58.
0:18:23 > 0:18:2858 and 60. 62 I've got and 4.
0:18:28 > 0:18:3264. At 66 and 8, that's 68.
0:18:32 > 0:18:35Already, £8,000 above the top guide price.
0:18:35 > 0:18:39This unusual property is certainly generating a lot of interest.
0:18:39 > 0:18:42We rejoin the action
0:18:42 > 0:18:46when it's reached £33,000 over the top guide price.
0:18:46 > 0:18:52- And it's still rising!- 93 and 4, 94. And 5 is against you again.
0:18:52 > 0:18:5695. 96.
0:18:56 > 0:18:5996. 96.
0:18:59 > 0:19:03And 7. We are going with 97.
0:19:03 > 0:19:05At 97, are you bidding? 97.
0:19:05 > 0:19:07Shaking his head this time.
0:19:07 > 0:19:12Back to you at 96 for the first time, 96 for the second,
0:19:12 > 0:19:17third and final time. Sure you're all done. You've all had a fair chance.
0:19:17 > 0:19:22£96,000 third and final time. Well done, sir.
0:19:22 > 0:19:24# You're the keeper of the castle. #
0:19:27 > 0:19:30The winning bidders were Michelle and Jez.
0:19:30 > 0:19:35Jez works in IT for a pharmaceutical company. They have a few buy-to-lets
0:19:35 > 0:19:39and a holiday cottage which Michelle manages.
0:19:39 > 0:19:42I can see where this story is heading.
0:19:42 > 0:19:46Guys, congratulations! You've bought yourselves a bit of history.
0:19:46 > 0:19:51- We have, yes.- Tell me why you wanted this gatehouse?
0:19:51 > 0:19:56We'd been looking for another holiday let for such a long time
0:19:56 > 0:19:58and nothing has fitted the bill.
0:19:58 > 0:20:02Nothing has been unusual or would look right in the brochure.
0:20:02 > 0:20:06We saw this and thought it was perfect.
0:20:06 > 0:20:11It's different, it's unusual, quirky and it is in a good location
0:20:11 > 0:20:16because of the castle and it looks like a miniature castle! Who wouldn't want to stay in a castle?
0:20:16 > 0:20:21I have to say it's gorgeous. It's so attractive.
0:20:21 > 0:20:23Jez, is that your line of business?
0:20:23 > 0:20:27I work for the pharmaceutical industry as an IT contractor.
0:20:27 > 0:20:29As well as that, we've got some rentals,
0:20:29 > 0:20:34standard buy-to-let rentals and one holiday cottage.
0:20:34 > 0:20:38How has the holiday cottage worked for you? Has it been easy to let?
0:20:38 > 0:20:42We've let it out for two years and it's been pretty much fully booked.
0:20:42 > 0:20:46It has done so well, rather than doing a bog-standard rental,
0:20:46 > 0:20:52which is a bit boring, the holiday lets are really nice because you have contact with guests
0:20:52 > 0:20:58and they chat about where to go and it's just something more interesting.
0:20:58 > 0:21:02That's why we wanted to look for another one.
0:21:02 > 0:21:06It's for our financial security for later on.
0:21:06 > 0:21:11- When you saw this in the catalogue, what went through your minds? - Wow! I want it.
0:21:11 > 0:21:16- Really? Is that what she was like?- Absolutely.
0:21:16 > 0:21:20It didn't even stop until we won it in the bidding, she kept hitting me.
0:21:20 > 0:21:22I was like, bid, bid!
0:21:22 > 0:21:24# Hit me with your rhythm stick
0:21:24 > 0:21:27# It's nice to be a lunatic
0:21:27 > 0:21:29# Hit me, hit me, hit me. #
0:21:29 > 0:21:32The pair know they have the lease to sort out
0:21:32 > 0:21:35and there's a question about how much of the garden they own.
0:21:35 > 0:21:38These are issues a solicitor should be able to deal with
0:21:38 > 0:21:42and won't make a difference to the holiday-makers.
0:21:42 > 0:21:46How are they going to sort out the inside, which is a mess?
0:21:46 > 0:21:49It is at the moment. It won't be when we have finished with it.
0:21:49 > 0:21:51What are you going to do with it?
0:21:51 > 0:21:57Try and uncover some of the original features rather than this fireplace.
0:21:57 > 0:22:02Proper flooring, tidied up, make the most of all the beams.
0:22:02 > 0:22:04Luxury bathroom and kitchen.
0:22:04 > 0:22:09We can't fit a four-poster bed in but we are going to get some sort of feature in there.
0:22:09 > 0:22:14- Make the most of the turrets. - What is the feel going to be inside?
0:22:14 > 0:22:16Looking for warm and cosy.
0:22:16 > 0:22:19Deep reds would be the way to go because of all the wood
0:22:19 > 0:22:25and the fireplaces. A deep-red squishy sofa.
0:22:25 > 0:22:29Deep-red curtains, that feel of warmth and luxury,
0:22:29 > 0:22:35just make it comfortable so people want to stay here and want to come again.
0:22:35 > 0:22:38What about the smell of damp? It's obvious it's lurking.
0:22:38 > 0:22:43- Have you had time to investigate that?- We had a quick look.
0:22:43 > 0:22:48There are plants growth on the gullies.
0:22:48 > 0:22:51All it is plants blocking the gullies
0:22:51 > 0:22:54and the water is seeping through in a few places.
0:22:54 > 0:22:59It all seems to fit. I don't think it's a major issue at all.
0:22:59 > 0:23:03It might involve chipping off a bit of the plaster and patching
0:23:03 > 0:23:05but I don't think it's a major problem.
0:23:05 > 0:23:09Have you got a budget for the work you're going to do?
0:23:09 > 0:23:12Erm, not really.
0:23:12 > 0:23:17We tend to think about every expense and is it necessary?
0:23:17 > 0:23:22Can we do it for less? And just do it that way.
0:23:22 > 0:23:25When we've done developments in the past,
0:23:25 > 0:23:28we've not let the budget spiral out of control
0:23:28 > 0:23:33but we know we don't want to set an artificially low limit and not do it properly.
0:23:41 > 0:23:48In fact, the couple reckon they have £15,000 to spend which might be a bit tight
0:23:48 > 0:23:52but once they are done, what a return this place will give them!
0:23:52 > 0:23:57How much would you achieve for a holiday let in peak season?
0:23:57 > 0:24:02- £500.- £500 to stay in the gatehouse. Yes. I think that's a good deal.
0:24:02 > 0:24:08- I would quite like to stay here for a week.- You know where we are.
0:24:08 > 0:24:10Guys, it has been lovely meeting you.
0:24:10 > 0:24:14I'm so excited to see how it all turns out. Good luck with this.
0:24:14 > 0:24:18- Thank you.- It's fantastic, I love it.- Thank you.
0:24:18 > 0:24:21- King and queen of the castle. You are that.- Yes.
0:24:21 > 0:24:27Damp, lease issues, I don't think anything would have put Michelle off this little gatehouse.
0:24:27 > 0:24:31I can see why because it is a super opportunity as a holiday let.
0:24:31 > 0:24:37They have got their work cut out to make it as impressive inside as it is on the outside.
0:24:37 > 0:24:41Find out how this restoration goes later in the show.
0:24:42 > 0:24:47Coming up in Telford, Shropshire, I find everything as it should be.
0:24:47 > 0:24:52Straightaway, I'm seeing nothing that concerns me.
0:24:52 > 0:24:56This mini castle in Dover has impressed one property expert.
0:24:56 > 0:24:59It looks beautiful when you drive towards it.
0:24:59 > 0:25:02As soon as you open the door, it just gets better.
0:25:03 > 0:25:07Back in Roborough in Devon, Dave has something on his mind.
0:25:07 > 0:25:12He wasn't thinking about me, he was thinking about the stairs and this place.
0:25:16 > 0:25:23We return to Roborough near Plymouth in Devon where we saw
0:25:23 > 0:25:29this run-down three-bedroom cottage bought for £128,000 by retired couple Sue and Dave.
0:25:29 > 0:25:33He was formerly head of the construction department at Plymouth College
0:25:33 > 0:25:39so was the perfect person to take on this project of renovating the entire house top to bottom.
0:25:39 > 0:25:45It sounded like thirsty work and that's an excellent reason to buy the place.
0:25:45 > 0:25:48Because my husband's local is over the road
0:25:48 > 0:25:52but basically we bought it just to get nearer to Plymouth
0:25:52 > 0:25:55because I look after five grandchildren.
0:25:55 > 0:26:00- Let me get this right, the pub across the road is your local. - Yes, for 25 years.
0:26:01 > 0:26:04That was a bit of a crafty move.
0:26:04 > 0:26:08What a dream that must be for lots to buy a house so close to their local.
0:26:08 > 0:26:13Exactly. Save on fuel but it's going to cost a lot in beer!
0:26:13 > 0:26:17A project like this should have been pretty easy to somebody like Dave.
0:26:17 > 0:26:20Four-and-a-half months later, we returned to see
0:26:20 > 0:26:23if this place will be something to raise a glass to.
0:26:23 > 0:26:28The outside looks as little has changed but step inside...
0:26:36 > 0:26:42Wow! All the partition walls are down to create one fantastic open-plan living area.
0:26:44 > 0:26:47A new staircase has been installed
0:26:47 > 0:26:55and there's a new kitchen area which Sue will talk us through.
0:26:55 > 0:27:02We've opened up this part of the kitchen because it used to be a very narrow entrance.
0:27:02 > 0:27:07There used to be a toilet here. We've knocked that down.
0:27:07 > 0:27:12Dave was going to put one Velux in but he decided on two
0:27:12 > 0:27:16which makes it really light and the sun just streams in.
0:27:16 > 0:27:20We've managed to get all the appliances into the kitchen.
0:27:20 > 0:27:23Washing machine, dishwasher.
0:27:23 > 0:27:28I think I can see myself creating in this kitchen! I love it.
0:27:32 > 0:27:37Up those new stairs and the three bedrooms have all been beautifully renovated
0:27:37 > 0:27:42and finished off in a neutral but warm decor.
0:27:42 > 0:27:46The bathroom has also been transformed
0:27:46 > 0:27:48into something far more modern and relaxing.
0:27:48 > 0:27:52All round, it's an excellent finish. But as Dave explains,
0:27:52 > 0:27:56there were some issues to deal with at the very start.
0:27:56 > 0:28:00There was dry rot, woodworm, asbestos in the walls,
0:28:00 > 0:28:05damp coming through the front walls. I took out the pair of walls.
0:28:05 > 0:28:10It was an open box. It's easier to start with an empty room than trying to work around it.
0:28:12 > 0:28:17Dave and a friend gutted the house and with no designs on the final look,
0:28:17 > 0:28:20started to put the place together.
0:28:20 > 0:28:24There wasn't anything planned at all. We took the walls apart.
0:28:24 > 0:28:27We thought, we'll just try this and that. That's how it is now.
0:28:27 > 0:28:32This meant Dave and Sue would create higher ceilings in the open-plan living area
0:28:32 > 0:28:34and map the rooms out in the best way.
0:28:34 > 0:28:40Although getting the new stair layout didn't come easy.
0:28:40 > 0:28:43He was lying in bed thinking about it and one morning, he said,
0:28:43 > 0:28:46"I know what I'm going to do with those stairs.
0:28:46 > 0:28:51"I think it will fit in, I'll try. But it's brilliant!"
0:28:51 > 0:28:54It doesn't take a lot off the main living area.
0:28:54 > 0:29:00But it gives us that extra room in that bedroom. He must have been thinking about it.
0:29:00 > 0:29:05He wasn't thinking about me, he was thinking about stairs and this place.
0:29:16 > 0:29:20Not only has removing the old staircase meant that the hall
0:29:20 > 0:29:23now has a new downstairs loo but the small bedroom has benefited
0:29:23 > 0:29:27from taking some of the old landing space.
0:29:27 > 0:29:31Perfect for some little visitors that Sue is expecting.
0:29:31 > 0:29:35The grand-kids have got their eye on the little one.
0:29:35 > 0:29:39That has got to be a little pink, a bit of purple and blue for the boys and girls.
0:29:39 > 0:29:43They've got their eye on that one.
0:29:43 > 0:29:46But what about the garage?
0:29:46 > 0:29:50Plans are on hold due to negotiations about access rights.
0:29:50 > 0:29:53There are now structural issues to sort.
0:29:53 > 0:29:57Sue and Dave still harbour long-term plans for this space.
0:29:57 > 0:30:02But talking of space, there is a good reason why that kitchen is, well, on the small side.
0:30:02 > 0:30:07Dave doesn't cook so it'll be in there anyway!
0:30:07 > 0:30:09He don't even make a cup of tea.
0:30:09 > 0:30:13So, it'll be me in there and that's room enough for me.
0:30:13 > 0:30:19Sue and Dave, along with some help from their friend have certainly done an amazing job here.
0:30:19 > 0:30:21The renovation has taken around four months,
0:30:21 > 0:30:24a month more than anticipated.
0:30:25 > 0:30:30Did that £25,000 budget get pushed as well?
0:30:30 > 0:30:32We spent just under 23. £23,000.
0:30:32 > 0:30:34We spent more than we should have done
0:30:34 > 0:30:36because we bought oak flooring downstairs
0:30:36 > 0:30:39and a gas fire and the kitchen units. It's worked out really well.
0:30:39 > 0:30:43I'd say! All this for £23,000.
0:30:43 > 0:30:47And if you add that to their purchase price of £128,000
0:30:47 > 0:30:52the couple's total outlay is £151,000.
0:30:54 > 0:30:56But is it money well spent?
0:30:56 > 0:30:59Time to hear what two local property experts think
0:30:59 > 0:31:01of Sue and Dave's work.
0:31:03 > 0:31:05My first impressions of the property coming in -
0:31:05 > 0:31:09it's crisp, it's clean, it flows beautifully.
0:31:09 > 0:31:11It's very, very nicely presented.
0:31:11 > 0:31:13The thing I most like about the cottage
0:31:13 > 0:31:16is once you've dishevelled yourself
0:31:16 > 0:31:20in the hall, the space opens up in front of you
0:31:20 > 0:31:24and it's nicely zonal, horrible word, but it just is.
0:31:24 > 0:31:27It really, really works well.
0:31:27 > 0:31:32The standard of work is very, very, I would say, a very good quality.
0:31:32 > 0:31:35They've done a really, really nice job.
0:31:35 > 0:31:37Well, the experts seem to like the new house.
0:31:37 > 0:31:40But if Sue and Dave ever decided to up and move,
0:31:40 > 0:31:44would they make any profit on their £151,000 investment?
0:31:44 > 0:31:47If I was putting the property up for sale now,
0:31:47 > 0:31:50I would expect the property to achieve £185,000.
0:31:50 > 0:31:56As I see it today, the cottage would go on the market at about £190,000.
0:31:56 > 0:32:00So, a re-sale of the house could make a potential pre-tax profit
0:32:00 > 0:32:03of between £34,000-£39,000.
0:32:03 > 0:32:06Are they happy with that?
0:32:06 > 0:32:08- Really pleased.- Happy with it.
0:32:08 > 0:32:10It is going to be our home
0:32:10 > 0:32:14but it's still nice to know that we haven't lost by it.
0:32:14 > 0:32:21And there's a potential rental income of between £700-£750 per calendar month in the offing,
0:32:21 > 0:32:25should Dave and Sue's circumstances change.
0:32:25 > 0:32:28But with the grand-kids nearby and their local over the road,
0:32:28 > 0:32:31I think it's fair to say they're here to stay.
0:32:31 > 0:32:36That's certainly something worth raising a glass to.
0:32:43 > 0:32:46I'm in the town of Telford, the largest in Shropshire.
0:32:46 > 0:32:49Named after civil engineer, Thomas Telford,
0:32:49 > 0:32:52it was purpose built in the 1960s and '70s.
0:32:52 > 0:32:56It boasts a busy commercial centre, shopping malls
0:32:56 > 0:32:59and great transport links to further afield.
0:32:59 > 0:33:03I'm just north of the town centre in an area called Ketley Bank,
0:33:03 > 0:33:06an established residential and lettings area.
0:33:06 > 0:33:09The property I'm here to see sounds ideal -
0:33:09 > 0:33:12three bedroomed, ex-local authority, semi detached
0:33:12 > 0:33:14at a guide price of £65,000.
0:33:18 > 0:33:22These ex-local authority houses are generally well built
0:33:22 > 0:33:27and this one seems in really good condition on the outside at least.
0:33:28 > 0:33:31Not expecting too many surprises in terms of that lay out
0:33:31 > 0:33:33and I would be right, actually.
0:33:35 > 0:33:36Entrance foyer there.
0:33:36 > 0:33:39I like the fact there's a bit of storage under the stairs,
0:33:39 > 0:33:42somewhere to put your shopping or whatever when you come in.
0:33:42 > 0:33:45Stairs up to the bedrooms. Through into your front living room.
0:33:45 > 0:33:49Nice to see it's got double glazing which is good.
0:33:49 > 0:33:53It certainly feels pretty nice and warm which is good.
0:33:53 > 0:33:55The central heating seems to be working.
0:33:55 > 0:33:58Layout - we've got the front living room are here.
0:33:58 > 0:34:03This, obviously, opened up to reveal the rear living area.
0:34:03 > 0:34:08The one that's screaming out to me, you want to open that up,
0:34:08 > 0:34:10put some patio doors out into the garden.
0:34:10 > 0:34:12That would open this room up.
0:34:12 > 0:34:15And then, no surprises, through here into the kitchen.
0:34:17 > 0:34:19Tired old units.
0:34:19 > 0:34:21Needs replacing.
0:34:21 > 0:34:24But straightaway I'm seeing nothing that concerns me.
0:34:24 > 0:34:27It's a fairly standard renovation job,
0:34:27 > 0:34:29a chance to put your mark on the place
0:34:29 > 0:34:32but without too many major structural things to do.
0:34:32 > 0:34:34Good start.
0:34:34 > 0:34:36# Love me up
0:34:36 > 0:34:39# You've gotta start me up. #
0:34:39 > 0:34:42There are definitely cosmetic improvements to be made
0:34:42 > 0:34:45like putting a lovely fireplace in this room which, I think,
0:34:45 > 0:34:47would make a big difference.
0:34:47 > 0:34:51Upstairs, and there's a separate toilet and bathroom
0:34:51 > 0:34:53which raises the age-old question.
0:34:57 > 0:35:00Up here the only other bit of structural work
0:35:00 > 0:35:05you might want to consider is taking out this wall between the loo and the bathroom.
0:35:05 > 0:35:10I hate to go on about this. It's one of those debates. Do you? Don't you?
0:35:10 > 0:35:14I think having a separate loo works really well if it's a family house.
0:35:14 > 0:35:18On the other hand, some people like a really nice, spacious bathroom.
0:35:18 > 0:35:21Ow, it's six of one and half a dozen of the other.
0:35:21 > 0:35:25Down to you, really, or down to whoever bought the place.
0:35:25 > 0:35:27# I never seem to know what to do
0:35:27 > 0:35:29# I just can't decide for myself... #
0:35:29 > 0:35:33Whatever you decide, I think the suite could do with being replaced.
0:35:34 > 0:35:37The bedrooms are also upstairs.
0:35:37 > 0:35:39At the front, there's a rather small single
0:35:39 > 0:35:42but the other two are well-proportioned doubles.
0:35:42 > 0:35:44A lick of paint, some new floor covering
0:35:44 > 0:35:46and you could be good to go.
0:35:48 > 0:35:50And it gets better outside because the garden is a great size.
0:35:50 > 0:35:53It's in a really good condition
0:35:53 > 0:35:57and there are even a couple of handy sheds out here.
0:35:57 > 0:36:02I think this place, guided at £65,000, could be ideal for a first time investor
0:36:02 > 0:36:06as I can't see any major issues to deal with here.
0:36:06 > 0:36:09Let's see what a local estate agent thinks.
0:36:09 > 0:36:12First impressions of the property, it's in a good position,
0:36:12 > 0:36:15centrally located in Telford.
0:36:15 > 0:36:18Apart form one or two cosmetic improvements,
0:36:18 > 0:36:21it seems to be in pretty good order.
0:36:21 > 0:36:24But what about the numbers? How much is this worth?
0:36:26 > 0:36:29Once renovated, erm, if it was done to a higher spec
0:36:29 > 0:36:32with a conversion of the bathroom,
0:36:32 > 0:36:37I would suggest an asking price of between £100,000-105,000.
0:36:37 > 0:36:40So, money to be made then if put up for sale.
0:36:40 > 0:36:43But this is also a good area for letting out
0:36:43 > 0:36:45so what rental income could it earn?
0:36:45 > 0:36:48If this was to go on the rental market,
0:36:48 > 0:36:52I would suggest a rental value of £550 per calendar month.
0:36:52 > 0:36:55Well, I hope you can see the potential for this place
0:36:55 > 0:36:59either as a nice place to live or a great rental opportunity.
0:36:59 > 0:37:03Not too much to do, it's mostly cosmetic. A good one to go for.
0:37:03 > 0:37:06Let's see who spotted it when it went under the hammer.
0:37:06 > 0:37:09£50,000 to start me on this.
0:37:10 > 0:37:13Good looking semi-detached house, three bedrooms.
0:37:13 > 0:37:1550 could we say to start.
0:37:15 > 0:37:1950 bid seated right. At £50,000.
0:37:19 > 0:37:2155 I'm going to say now.
0:37:21 > 0:37:23At 55. At 55,000.
0:37:23 > 0:37:2660. £60,000.
0:37:26 > 0:37:2865? Do you want to go one now?
0:37:29 > 0:37:32You do. 61.
0:37:32 > 0:37:3462.
0:37:34 > 0:37:36At...63.
0:37:36 > 0:37:3864? 64.
0:37:38 > 0:37:42Gotcha. £65,000.
0:37:42 > 0:37:4466. 67.
0:37:44 > 0:37:49This three-bedroom semi-detached house proved a popular lot
0:37:49 > 0:37:53and bidding increased to well above the £65,000 guide price.
0:37:55 > 0:37:5778, back in seated.
0:37:57 > 0:37:5979.
0:37:59 > 0:38:0080?
0:38:00 > 0:38:0280 anywhere else?
0:38:03 > 0:38:05That's 79 for the first time.
0:38:05 > 0:38:09At 79 for the second time.
0:38:09 > 0:38:14Third and final time. We're all done at £79,000.
0:38:14 > 0:38:16Just in time, 80.
0:38:16 > 0:38:1880,000. Seated then at £80,000.
0:38:18 > 0:38:20All done now.
0:38:20 > 0:38:2380 first time.
0:38:23 > 0:38:2480 second time.
0:38:24 > 0:38:28No mistake bid seated. 80 third and last time.
0:38:28 > 0:38:32All done. Your lot, sir. Well done.
0:38:32 > 0:38:36That successful bid of £80,000, 15,000 over the guide price,
0:38:36 > 0:38:40was made by the nephew of Marion, here on the left,
0:38:40 > 0:38:42with her daughter Sylvia.
0:38:42 > 0:38:46Marion's a retired care worker and is originally from Shropshire.
0:38:46 > 0:38:50She bought the property with her daughter as their first joint investment.
0:38:50 > 0:38:52I met them there to find out more.
0:38:55 > 0:38:59- Sylvia, Marion, lovely to meet you both.- Thank you.- Congratulations.
0:38:59 > 0:39:01Tell me why you wanted to buy this place.
0:39:01 > 0:39:03We were thinking about it for some time
0:39:03 > 0:39:08and we thought the time might be right to make a possible investment.
0:39:08 > 0:39:12We just heard from a relative that they went to the auctions
0:39:12 > 0:39:14and bought a property.
0:39:14 > 0:39:16We thought we'd give it a go.
0:39:16 > 0:39:21How does the idea of working together and going into property come about?
0:39:21 > 0:39:25Well, we're very close. We've always had a close relationship.
0:39:25 > 0:39:30We've come to the point now we feel we want to make an investment and...
0:39:30 > 0:39:31An investment at the moment.
0:39:31 > 0:39:35And just see what we can do with the possibility
0:39:35 > 0:39:39of getting a property and seeing what we can do to make a change.
0:39:39 > 0:39:42So, why this one specifically?
0:39:42 > 0:39:44I liked the look of it when it was advertised
0:39:44 > 0:39:48but I wasn't sure about a few other ones,
0:39:48 > 0:39:50but I did like this one.
0:39:50 > 0:39:54And, er, we decided to come and see it first of all.
0:39:54 > 0:39:59And then when I looked around I thought this may be the one.
0:39:59 > 0:40:03# I want you, you, you You, you, you, you
0:40:03 > 0:40:04# I, I, I, I, I want you... #
0:40:04 > 0:40:07They both own their own homes in London
0:40:07 > 0:40:11and live only ten minutes from each other.
0:40:11 > 0:40:15But as Sylvia works in social work full time, it will up to Marion
0:40:15 > 0:40:19and her husband Julius to come to Telford and oversee the renovation.
0:40:19 > 0:40:23Tell me what you're going to do to sort it out.
0:40:23 > 0:40:27We've got a person who's going to help us, a builder as well.
0:40:27 > 0:40:29So, we're speaking with them
0:40:29 > 0:40:32to see what possibilities can be done to improve the house.
0:40:32 > 0:40:36We're likely to start on the upstairs first of all
0:40:36 > 0:40:39and work our way downstairs.
0:40:39 > 0:40:41It will be a case of redecorating.
0:40:41 > 0:40:45The skirting and the flooring will be changed.
0:40:45 > 0:40:49And the television aerial. Not television, the other.
0:40:49 > 0:40:53Quite a bit of wires around so we'll probably clear all of that.
0:40:54 > 0:40:58So, TVs in every room will be a thing of the past.
0:40:58 > 0:41:02But as Marion thinks this is likely to rent to a family
0:41:02 > 0:41:06they're going to keep the WC and bathroom separate with new fittings.
0:41:06 > 0:41:09Downstairs, they think they might knock down a wall to create
0:41:09 > 0:41:11an open-plan kitchen/diner.
0:41:11 > 0:41:15Although they're not keen on my idea of patio doors out onto the garden,
0:41:15 > 0:41:19they might go a step further in future and add a conservatory.
0:41:19 > 0:41:24There are still quite a few ifs, buts and maybes
0:41:24 > 0:41:27but one thing they need to work out is what's it all going cost.
0:41:27 > 0:41:32# No matter, baby, what they're calling you... #
0:41:32 > 0:41:35What is the budget for doing the work?
0:41:35 > 0:41:38- About 6,000-7,000. - Could be something like that.
0:41:38 > 0:41:41And the timescale for it?
0:41:41 > 0:41:45- Maybe, if we get on very well, maybe just two months.- Right.
0:41:45 > 0:41:49And then the plan for the future is to do more together or will you see how this goes?
0:41:49 > 0:41:52See how this goes and if we're happy and it's a success
0:41:52 > 0:41:56then we can certainly think about it in the future.
0:41:56 > 0:41:58- Right.- Yes, yes. - Congratulations.
0:41:58 > 0:42:02Good luck to you both and we look forward to seeing how you get on.
0:42:02 > 0:42:04- Thank you very much. - Thank you very much.
0:42:07 > 0:42:09Mother and daughter, Marion and Sylvia,
0:42:09 > 0:42:14seem to chosen well with this, their first property development project.
0:42:14 > 0:42:17I think, possibly, Marion's got the short end of the straw
0:42:17 > 0:42:20as she'll be administering most of the work
0:42:20 > 0:42:23but she seems to be looking forward to that.
0:42:23 > 0:42:27No particular firm plans as yet, it all seems pretty much in the air.
0:42:27 > 0:42:30But you can find out what they end up doing later on in the show.
0:42:33 > 0:42:36It's been a while since we saw those properties.
0:42:36 > 0:42:39There should have been work done but you can't bank on it.
0:42:39 > 0:42:42All sorts of problems can arise.
0:42:42 > 0:42:44Let's find out what they've been up to.
0:42:46 > 0:42:49Back now to Dover in Kent where Jez and Michelle
0:42:49 > 0:42:51had snapped up a small piece of history at auction
0:42:51 > 0:42:56by buying this one bedroom, Victorian Gothic-style gatehouse.
0:42:56 > 0:42:59I think it's fair to say Michelle was dead keen.
0:43:00 > 0:43:04When you saw this in the catalogue what went through your minds?
0:43:04 > 0:43:07Wow! I want it!
0:43:07 > 0:43:10- Really?- Yes.- Is that what she was like?- Absolutely.
0:43:10 > 0:43:13It didn't even stop until we'd won it in the bidding.
0:43:13 > 0:43:15- She kept hitting me.- Bid, bid!
0:43:17 > 0:43:21They paid £96,000 for this property
0:43:21 > 0:43:25which was a whopping £36,000 above the top guide price.
0:43:25 > 0:43:30The plan was to run this as a business and rent it out as holiday accommodation.
0:43:30 > 0:43:33They already have one property they successfully lease for holidays
0:43:33 > 0:43:36and this mock fairy-tale castle has the eye-catching looks
0:43:36 > 0:43:39to make it stand out in any holiday brochure.
0:43:43 > 0:43:46The couple have invited us back almost four months
0:43:46 > 0:43:50after our first visit to take a look at the property now.
0:43:54 > 0:43:57They've created a sympathetic and cosy feel
0:43:57 > 0:43:59to this castle in miniature.
0:43:59 > 0:44:01On the ground floor warm colours have been introduced
0:44:01 > 0:44:03to the soft furnishings.
0:44:03 > 0:44:07The beams have been cleaned and restored and laminate flooring laid.
0:44:07 > 0:44:09The kitchen's been replaced
0:44:09 > 0:44:13and the partition removed for a more open and spacious look.
0:44:13 > 0:44:17The fireplace is a beautiful feature in this Grade II listed building.
0:44:17 > 0:44:21The fireplace that was in here was unusable
0:44:21 > 0:44:23because there was no hearth or anything here.
0:44:23 > 0:44:27We were a bit worried about removing something that might be original
0:44:27 > 0:44:31but an expert told us it couldn't have been original to the building.
0:44:31 > 0:44:35When we pulled it out we found all sorts of modern brickwork behind there
0:44:35 > 0:44:38and it just fitted perfectly into the dining room.
0:44:38 > 0:44:42# And I smile as I sit because I've found my perfect fit
0:44:42 > 0:44:44# And it is you... #
0:44:44 > 0:44:48It's lovely when things work out so beautifully.
0:44:48 > 0:44:49Just take a look up the stairs.
0:44:49 > 0:44:52The old bathroom has been banished
0:44:52 > 0:44:56and the small window which is still there has been covered to protect it
0:44:56 > 0:45:00from water damage and help create a more private and enclosed space.
0:45:00 > 0:45:03They were disappointed to replace the stand-alone bath
0:45:03 > 0:45:09but the other period style fittings and muted colours give it a warm and relaxing feel.
0:45:12 > 0:45:15And the bedroom? It's loved-up and lush.
0:45:15 > 0:45:17A perfect romantic hideaway.
0:45:20 > 0:45:25I chose the decor in particular to feel sumptuous and comfortable and luxurious.
0:45:25 > 0:45:27I wanted it to have a warm feeling
0:45:27 > 0:45:30and to also fit in with the miniature castle feel of the building
0:45:30 > 0:45:34with its turret and beams and fireplaces.
0:45:34 > 0:45:40The bedroom, I wanted it to feel very unlike the sort of thing people would have at home with the canopy bed
0:45:40 > 0:45:44and to feel a bit special for people coming on holiday.
0:45:44 > 0:45:47Jez and Michelle have certainly stamped their mark here
0:45:47 > 0:45:51but sorting out this room, which included the turret,
0:45:51 > 0:45:53wasn't without its problems.
0:45:53 > 0:45:57The biggest problem we had was the guttering round the turret was blocked
0:45:57 > 0:46:01so all the rain that fell on the turret was overflowing the gutters
0:46:01 > 0:46:03and it was pouring in through the walls.
0:46:03 > 0:46:08We eventually cleared it by removing a piece of the glass here,
0:46:08 > 0:46:10clearing a small hole and all the water drained through.
0:46:10 > 0:46:13We just watched the gutters empty
0:46:13 > 0:46:15and within minutes the water stopped running in
0:46:15 > 0:46:18and then it was a case of getting dehumidifiers on all the walls
0:46:18 > 0:46:21for the next few weeks.
0:46:21 > 0:46:25# Some places they get mildew, and others get too hot
0:46:25 > 0:46:30# Some places are so damp everything you got just rots... #
0:46:30 > 0:46:34The electrics also needed major work and a potential future expense
0:46:34 > 0:46:40will be extending the 77-year lease and perhaps even buying the freehold.
0:46:40 > 0:46:42But for now with just a few bits
0:46:42 > 0:46:45to finish the plan is to focus on letting this out.
0:46:45 > 0:46:48They've already got their first let booked in three weeks time.
0:46:48 > 0:46:51How much have they spent?
0:46:51 > 0:46:55The building work has come in at about £12,500
0:46:55 > 0:47:02and the additional furnishings and additional costs related to the cottage business
0:47:02 > 0:47:04has come in at about six.
0:47:04 > 0:47:07In practice, if we'd been doing something up for sale
0:47:07 > 0:47:09it would have come in a lot cheaper than that
0:47:09 > 0:47:12but we've tried to get a better quality finish.
0:47:12 > 0:47:15Yes, what you spend and how you spend it
0:47:15 > 0:47:18definitely depends upon your target market.
0:47:18 > 0:47:21Let's tot up some figures.
0:47:21 > 0:47:25Jez and Michelle have spent £18,500 on the renovation and refurbishment
0:47:25 > 0:47:32plus £96,000 on the purchase, making a total of £114,500.
0:47:35 > 0:47:38Has this been a good investment? Let's see what a local estate agent
0:47:38 > 0:47:40and a holiday let expert think.
0:47:43 > 0:47:46This property has a really unique appearance
0:47:46 > 0:47:48and a lovely history to go with it.
0:47:48 > 0:47:51I think it looks beautiful when you drive towards it
0:47:51 > 0:47:54and as soon as you open the door, it gets better.
0:47:54 > 0:47:57First impressions are very good. It's a nice Grade II listed property
0:47:57 > 0:48:01and the renovation works they've carried out are to a good level.
0:48:02 > 0:48:06Jez and Michelle have invested £114,500 here
0:48:06 > 0:48:08but have they added value?
0:48:08 > 0:48:10What could it be worth if sold on?
0:48:12 > 0:48:14If I was putting this property on the market,
0:48:14 > 0:48:17I'd place it on the market at around £100,000-110,000.
0:48:17 > 0:48:24We always knew we probably paid too much for a house at the auction
0:48:24 > 0:48:29but what we bought was a holiday rental businesses rather than a house.
0:48:29 > 0:48:34Providing we get enough weeks booked, the numbers should still stack up.
0:48:34 > 0:48:38At that top re-sale estimate of £110,000,
0:48:38 > 0:48:40they're probably just about breaking even.
0:48:40 > 0:48:44If you take into account the extra expense involved in renovating
0:48:44 > 0:48:46this listed building as a holiday let,
0:48:46 > 0:48:49that meant meeting all the inherent rules and regulations,
0:48:49 > 0:48:51such as fire safety.
0:48:53 > 0:48:56Time to get that all-important holiday let valuation
0:48:56 > 0:48:57from a lady in the know.
0:49:00 > 0:49:03This holiday home would generate a weekly income
0:49:03 > 0:49:05of £500 during peak season.
0:49:05 > 0:49:11Low season you'd be looking nearer £250-270 per week.
0:49:11 > 0:49:14Mid-season would be somewhere between the two.
0:49:14 > 0:49:17Those figures are about what we expected.
0:49:17 > 0:49:21It's now a case of finding out how many weeks we're going to get booked throughout the year.
0:49:21 > 0:49:24We've got quite a few bookings already
0:49:24 > 0:49:28so that's a really good start. We've just got to build on that.
0:49:30 > 0:49:33Michelle and Jez's aim was to bring out the charm
0:49:33 > 0:49:36and personality that this fairy-tale gatehouse needed
0:49:36 > 0:49:40to turn it into an attractive holiday let.
0:49:40 > 0:49:44The rental valuations suggests that's the ideal use for the property
0:49:44 > 0:49:48and it's good to hear that bookings are already starting to fill the calendar.
0:49:48 > 0:49:50But is this where the tale ends?
0:49:51 > 0:49:54We're always on the lookout for other cottages
0:49:54 > 0:49:59or other rental properties or even places we can do up and sell on.
0:49:59 > 0:50:01So, we're always on the lookout.
0:50:04 > 0:50:07Time to return to Telford in Shropshire
0:50:07 > 0:50:09where this three-bedroom, semi-detached property
0:50:09 > 0:50:13was bought for £80,000 by Sylvia and her mother Marion
0:50:13 > 0:50:15who was a retired care worker.
0:50:17 > 0:50:20The house was in pretty good nick which was just as well
0:50:20 > 0:50:24because this was their first investment property and their first time in auction too.
0:50:24 > 0:50:27Tell me why you wanted to buy this place?
0:50:27 > 0:50:30We were thinking about it for some time
0:50:30 > 0:50:35and we thought the time might be right to make a possible investment.
0:50:35 > 0:50:38We just, you know, heard from a relative
0:50:38 > 0:50:40that they went to the auctions and bought a property.
0:50:40 > 0:50:43We thought we'd give it a go.
0:50:43 > 0:50:44# Time was right
0:50:47 > 0:50:49# Right now. #
0:50:50 > 0:50:53Mother and daughter live just ten minutes away from each other
0:50:53 > 0:50:56but in London not Telford.
0:50:56 > 0:51:00With a builder lined up there were no plans for them to be hands on with this project.
0:51:00 > 0:51:02Sylvia works full time
0:51:02 > 0:51:05so it would be up to Marion, who's originally from the area,
0:51:05 > 0:51:09to oversee the refurbishment, albeit from a distance.
0:51:09 > 0:51:12Two months after we first met them
0:51:12 > 0:51:16we're back to give their first property project the once-over.
0:51:38 > 0:51:42What's changed in this room is we've created a doorway here
0:51:42 > 0:51:45so you walk straight in because that was blocked before.
0:51:45 > 0:51:48In the kitchen we've changed the units.
0:51:48 > 0:51:52We've completely changed them, new sink and everything.
0:51:52 > 0:51:56Across here there was a wall with some units.
0:51:56 > 0:52:00We've taken the wall down and there's an RSJ which is in the ceiling.
0:52:00 > 0:52:03We've got an open dining room.
0:52:03 > 0:52:08It's so much bigger and it would be ideal for a family.
0:52:08 > 0:52:11It's perfect, it works so well.
0:52:11 > 0:52:14Upstairs, the redecoration continues with each of the bedrooms
0:52:14 > 0:52:20sporting a clean, fresh feel and there are new carpets throughout.
0:52:20 > 0:52:23The toilet and bathroom have been kept separate
0:52:23 > 0:52:27but a new suite has been installed including a new electric shower
0:52:27 > 0:52:29and floor-to-ceiling tiling in the bathroom.
0:52:29 > 0:52:33So this area has all gone to Marion's plan.
0:52:33 > 0:52:39Of course, I do prefer a separate WC and bathroom for a family, as you probably know.
0:52:39 > 0:52:41'So, who did they get to do the work in the end
0:52:41 > 0:52:45'and how easy was it to project-manage from a distance?'
0:52:45 > 0:52:49We got somebody locally that we know to do the building work.
0:52:49 > 0:52:52We kept into touch with them by telephone
0:52:52 > 0:52:53and we've been up a few times.
0:52:53 > 0:52:56Luckily, it went quite smoothly.
0:52:56 > 0:53:00# I'm glad that things worked out so well. #
0:53:00 > 0:53:03Outside, the property looks to have changed little
0:53:03 > 0:53:07although the idea of patio doors or even a conservatory
0:53:07 > 0:53:09has not been ruled out for a later date.
0:53:09 > 0:53:12But for a first property development, I'm impressed.
0:53:12 > 0:53:16They've done the body of the refurbishment within the timescale they planned.
0:53:17 > 0:53:19# But did it all go to plan? #
0:53:20 > 0:53:24When we first said two months we thought that's being extra positive
0:53:24 > 0:53:28but we were very fortunate that it took us two months.
0:53:28 > 0:53:32- We've got a few little things to do, but overall, yeah, we're quite fortunate.- Yes.
0:53:36 > 0:53:40What about their £6,000-£7,000 budget?
0:53:40 > 0:53:45I spent about £8,000-£9,000 on it.
0:53:45 > 0:53:50We actually chose a different carpet that cost a bit more.
0:53:50 > 0:53:52Also the kitchen as well.
0:53:52 > 0:53:56We weren't sure whether we'd get to do the kitchen but we thought we'll change the kitchen.
0:53:56 > 0:54:01When we did decide to do that, it obviously increased the expenditure.
0:54:01 > 0:54:03Yes, it did.
0:54:04 > 0:54:08'I think Sylvia and Marion chose very well with their first development project.
0:54:08 > 0:54:11'It's been a pretty straightforward refurbishment for them
0:54:11 > 0:54:13'to dip their toes into.
0:54:13 > 0:54:15'But, come on, spill the beans you two.
0:54:15 > 0:54:18'Was it really this easy or have there been any family squabbles?'
0:54:18 > 0:54:20No, not at all.
0:54:20 > 0:54:23No, we got on really well!
0:54:23 > 0:54:25No, it was OK.
0:54:25 > 0:54:30We discussed it in advance and we hoped it would go well and it did.
0:54:30 > 0:54:35I can see it did. But what do two local estate agents think?
0:54:35 > 0:54:39Sylvia and Marion have invested just under £90,000 on this property
0:54:39 > 0:54:42including the £80,000 purchase price.
0:54:42 > 0:54:45Was it money well spent? Time to find out.
0:54:46 > 0:54:49I think the vendors have maintained it to a fantastic standard.
0:54:49 > 0:54:52The kitchen is a great selling point for any perspective purchaser.
0:54:52 > 0:54:55It's a large kitchen to be able to put a dining table in.
0:54:55 > 0:54:59I believe families will like that when they come to either rent or purchase the property.
0:54:59 > 0:55:03Decor is extremely modern which is a good factor for us when it comes to promoting it.
0:55:03 > 0:55:06One thing I particularly like is they've opened up the kitchen
0:55:06 > 0:55:09an made it into an open-plan kitchen/diner
0:55:09 > 0:55:13which, when trying to sell a house, makes it more appealing.
0:55:13 > 0:55:15That's good to know.
0:55:15 > 0:55:17Since we're on the subject of re-sale,
0:55:17 > 0:55:21have Marion and Sylvia's improvements added any value here?
0:55:21 > 0:55:26What's the property worth now bearing in mind they've spent nearly £90,000 on it?
0:55:26 > 0:55:30I would market this property for £100,000.
0:55:30 > 0:55:35If you put this on the open market, the market is now moving a bit more
0:55:35 > 0:55:38and I would suggest an asking price of around £100,000.
0:55:38 > 0:55:43I would have thought it to be a bit under. I expected more.
0:55:43 > 0:55:47Maybe 20,000 more, perhaps.
0:55:47 > 0:55:50OK, a little disappointed.
0:55:50 > 0:55:53The estate agents valuations would see the pair with a pre-tax profit
0:55:53 > 0:55:55of just over £10,000.
0:55:55 > 0:55:59But Marion and Sylvia always intended it as a buy-to-let.
0:55:59 > 0:56:03So, could the property do better in the local rental market?
0:56:03 > 0:56:05If I was to put this on the rental market,
0:56:05 > 0:56:10I would recommend a rental value of £550 per calendar month.
0:56:10 > 0:56:14If the vendors were to rent this property, I believe they'd get £575 per calendar month.
0:56:14 > 0:56:19What I expected, really. I think, yeah, not surprised at all.
0:56:19 > 0:56:21It's good.
0:56:21 > 0:56:24The estate agents' estimate would give Marion and Sylvia
0:56:24 > 0:56:26a well-deserved yield of somewhere
0:56:26 > 0:56:31between 7.5%-8%, meaning rental is the best route here.
0:56:31 > 0:56:34Overall, I reckon these fledgling property developers
0:56:34 > 0:56:38are ready to fly the nest and try another on.
0:56:38 > 0:56:39But what do they think?
0:56:39 > 0:56:44Seeing how this is going first and venture out probably later or something.
0:56:44 > 0:56:48We're not quite... We'll see how this goes first.
0:56:50 > 0:56:55In the ever-changing world of property, there are always new things to learn
0:56:55 > 0:56:58so we'll have more advice for you next time.
0:56:58 > 0:57:01- Look forward to seeing you then, goodbye.- Goodbye.
0:57:05 > 0:57:07Subtitles by Red Bee Media Ltd