Episode 29 Homes Under the Hammer

Hello, and welcome to the show.

All sorts of people buy property from auctions these days.

Auctions attract buyers from all walks of life.

That's because there are bargains to be had

buying your home under the hammer.

Well, you'll find all sorts of properties at the auctions,

from disused toilets to bijou flats to grand mansions.

It's often a race to get the best bargains,

but you have you be in it to win it,

so let's see what we're featuring on today's show.

I'm in Whitby, North Yorkshire,

where the rooms in this flat may seem a little small,

but the big thing about this room is that.

I'm in Leybourne in Kent,

where you'll need more than green fingers

if you're taking on this place.

Argh! The overgrown wilderness, argh!

And near St Austell in Cornwall,

this property is in need of a layout re-think.

This really doesn't work.

All these properties have been sold at auction.

We'll find out who bought them and what they paid for them

when they went under the hammer.

# Holiday

# Celebrate

# Holiday... #

I'm in Whitby, on the spectacular North Yorkshire coast.

Once a thriving fishing port and boat-building centre,

it's now a really popular tourist destination, and you can see why.

But probably its most famous connection is with Bram Stoker,

who got inspiration for his Dracula from the town.

So, big question is, will the property I'm here to see

be pulsating with potential or as cold as a tomb?

Each year, Whitby holds a gothic weekend for Bram Stoker fanatics,

who are drawn to its eerie abbey and atmospheric coastline.

But today, it's not just Stoker fans.

The town is buzzing with day trippers and holidaymakers

making the most of this glorious sunshine.

# To go away on a summer's day

# Never seemed so clear... #

So, where ideally would we like the property to be?

Well, how about this for a start?

You've got the harbour on that side, you've got one of the main streets of the town here,

and the property I'm here to see,

a one-bedroom flat with a guide price of 80,000 quid,

is just over there. Morning.

The flat is above commercial premises, which isn't everyone's cup of tea,

but I'm told the boarded-up shop below is in fact a cafe,

so at least you won't have far to travel to get one,

although in this weather, I think an ice cream would be more fitting.

However, getting to the property is proving

to be a slight issue for me today.

Well, it's always nice to be noticed.

# I'm your biggest fan

# I'll follow you until you love me

# Papa, paparazzi... #

Finally, down the alley and around the back of the main street,

I've found it.

Ooh.

And breathe! Right.

So, away from the crowds, what's the property itself like?

Well, through the rear entrance here,

a large kind of living-room area, nice fireplace there.

You've got your one bedroom over to that side, it's a decent size,

and it's got some kind of boiler in there.

I never liked boilers in bedrooms, but maybe you could relocate that.

A good-sized bathroom,

and then through into... Right, another living room.

Fairly questionable fireplace, you want to get rid of that,

but the big thing about this room is that. I mean, how fantastic?

Looking out over the bay,

you've got St Mary's church on the top of the hill there,

lots of people. But what a fantastic location this property is.

But something's not quite working in terms of the layout.

I think there's a trick being missed here, big time.

Why not think about converting this into a two-bedroom flat?

That would definitely increase

the amount of rent you could get, or the value,

and I don't think it would be that difficult.

Put some kind of corridor in there,

leaving access through to the kitchen, create a bedroom there,

then knock out this wall here, in between this room and the kitchen,

to create a really nice open-plan living/kitchen area, with those fantastic views.

Maybe a door out on to the balcony there. Now you're talking.

Opening up the kitchen/living room would work well here,

giving you inside and outside space.

With doors onto the small but useful seating area.

Well, it's not getting quieter down there,

but maybe that's a good thing.

Whitby is, of course, a really popular holiday destination,

so why not consider this place as a holiday let?

Suddenly, the quirky design,

the fact that it's above commercial premises and the fact there's no parking don't matter anymore,

cos people are here on holiday for a week, so who cares?

Does it stack up financially?

Well, yes, I think it might.

In the peak summer season,

you're going to get around £450 a week for this place.

So, let's assume you've got a 12-week season...

You've got probably longer than that, but let's be conservative.

12 weeks, 450 quid a week - that's 5,400 quid.

Not a bad return on your investment.

Another interesting quirk worth investigating is this piece of garden at the back,

which, at the moment, is being let to the property by the council.

I'd certainly try to buy that,

as it could be just the thing to relax in

after a long day on those beautiful beaches.

Bearing in mind its guide price of £80,000,

we asked a local estate agent to pop in and give us his thoughts.

Needs a little bit of TLC.

I would suspect at the very minimum

it probably needs new kitchen, new bathroom.

Adding a second bedroom would always be very good,

because with one bedroom, you're limited to the amount of people who can actually stay here.

But two bedrooms would be good for either holiday let or an occupation,

or a holiday home.

So, let's talk money.

What could this place achieve

on the rental market with its current layout?

In the low season, you'd be looking at

anywhere between £200 and £310 a week.

High season, I would have thought between £400 and £450 a week.

What about once converted into a two-bed?

High season, I would have thought probably around £500 a week.

And how about the resale market?

As a one-bedroom flat, fully renovated,

I would suggest it would probably be worth

in the region of around £100,000.

As a two-bedroom flat, probably around about £120,000.

Well, as a holiday let or a holiday getaway,

if you want a slice of seaside life,

you can't go wrong with this little flat.

Yes, there is work to be done,

but you certainly can't knock the location.

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

Where do you want to start? who will start me at £60,000?

Who'll give me 60? Do I see 60,000 anywhere?

60, thank you, sir. Keep moving, 65?

65, thank you. Do I see 70, 70,000? Thank you.

I'll take ones to keep it moving, 71 anywhere?

71, thank you, fresh bid.

71, 72? 72, thank you.

73, thank you. 74?

74,000, thank you very much. 74.

75? Thank you, sir, 75, you're back in the game, 76?

76. Do I see 77?

77. 78? 78, 78 on the phone.

79? 79 and a half? 79 and a half on the phone, do I see 80?

79, £80,000, £80,000.

80,500, do we see 81?

81. 82?

82. 83? 83. 84?

84, 85?

85, 86?

No, it's your bid, sir, happy at 85, yeah?

85,000, then, for the first time.

85,000 for the second, and absolutely the last time.

Property sold for 85,000, thank you.

The successful bid of 85,000 was made by couple Rachel and David,

who both work in the water-treatment business.

I caught up with them at the property to find out their plans.

David, Rachel, lovely to meet you both.

-And you, hello.

-Hello.

-Congratulations!

-Thank you.

-You've got yourselves a little place in Whitby!

-Tell me why you wanted to buy it.

-We like Whitby, we like the east coast, there's so much to do.

The hustle and bustle is very different from the home life.

We live in a field, really, back in Sheffield.

-A field?

-Yes, no neighbours.

-So, hustle and bustle for the weekend...

is the idea behind it.

In fact, Rachel and David are keen walkers,

and see this as a holiday cottage for their dogs and themselves.

They also have an interesting story about how this place

caught their attention.

-We've been doing some charity work in Scotland.

-Oh.

It was getting late, we hadn't eaten,

so I said, shall we pop to the Magpie for fish and chips?

So we went to the Magpie and saw the "For sale" sign,

and one thing led to another.

-So, your desire for a fish-and-chip supper...

-Cost us a lot of money!

Yes!

Well, the couple aren't at all put off by the crowds of tourists,

and they're both looking forward to

enjoying the local pubs and restaurants,

including fish-and-chip shops, in the area.

So, the flat itself, then.

Obviously, it needs a little bit of work.

Tell me what you're going to do to sort it out.

-We're going to move the back door to start with.

-Right.

Extend the bedroom, and then the area will be kitchen, dining,

full glass at the front.

Ooh, you're talking about lots of glassy things on the front -

that sounds to me like planning permission.

I think sliding doors onto the balcony,

as opposed to perhaps glass all over.

-We'll need to be sure.

-Sure what we can actually do.

-That's great. So, what's the kind of budget for the work?

-40,000.

Wow, that's quite a lot.

-All done and dusted, though.

-Furnishing.

Everything, top to bottom.

-We're talking...

-High quality.

-Yeah.

Yeah. Dead swish.

The reason behind the higher-than-normal budget

for this kind of property is that

Rachel and David are not planning to make a quick profit here.

This holiday home will be for themselves to enjoy.

I think it's a getaway for us.

We'll see how we go. We've never had a holiday home before, have we?

So, what about timescale?

I think if we can be ready for next season...

OK, giving yourselves about a year, then?

Yeah, the building permission is

four to six weeks for the council, et cetera,

so that's going to slow us down a little bit.

Brilliant for you to make this place...

It sounds like it's going to be amazing.

-Hope so.

-Indeed, I think we're really excited about it, yeah.

-I'm delighted for you, congratulations.

-Thank you.

-Really look forward to seeing how you transform the place.

-Thank you.

-Good luck with it.

-Thank you very much.

-Thanks.

Well, it turned out to be an expensive fish-and-chip supper

for Rachel and David,

but I think they've got themselves a cracking little property here,

and some interesting ideas to sort it out too.

Still work to be done,

but I think we'll find a wonderful little flat here in Whitby

when we return later in the show.

Welcome to Leybourne Lakes country park in Kent. How peaceful.

Leybourne is commuter country,

and highly desirable for families looking for semi-rural living.

A five-minute drive from the lakes,

and the views are slightly less lovely,

but the guide price for this four-bedroom home is

still extremely appealing.

£195,000 to £205,000, so we're not talking period charm here,

but I'm hoping there'll be practicality and space in spades.

I'm going to go in and find out.

This quiet cul-de-sac was built in 1985,

when, as you can see, mock Tudor was all the rage.

# '80s

# I'm living in the '80s... #

Just like legwarmers, shoulder pads and ra-ra skirts,

let's hope we escape the mock Tudor grandeur inside.

Well, I know this house was built in the '80s,

and you really get that feeling the minute you walk through the door,

it smacks you in the face.

Lots of dark, oppressive woodwork everywhere,

but saying that, what a fantastic hallway.

A lovely, grand staircase there. It's very open.

You've got a nice-size dining room,

or a study, or a playroom back there.

A lovely sitting room, that would be wonderful for a family.

Now, the kitchen, a great size,

and for the first time ever on the show,

I'm going to say I don't think you need to knock through here

to open the space up, because it's sufficient,

it would serve a family well.

You've got a nice little area at the back here to put a table.

I'd probably get rid of all of this,

because I think there's too much kitchen.

And come with me, because I want to show you the garden.

You're not going to believe it, look!

Argh! The overgrown wilderness, argh!

There is so much going on out there,

but you have got a good-sized garden.

Once that's sorted, you've got a really great house here.

Before getting your hands dirty in the garden,

there's plenty of work to do inside.

The kitchen, with its pastiche screens

and dated units, looks oh, so... Um, what's the word?

# '80s... #

Ah, yes, that's it, but it is big enough to use as a kitchen diner.

The sitting room is a good size, even with the imposing fireplace.

That means the dining room, as I said, could be used as a playroom.

And as for the oh, so...

# '80s... #

..wallpaper, the floral pattern is almost real.

Hold on a minute - the creeping ivy has forced its way through

the crumbling woodwork in the window.

Although the property is double glazed,

the window frames will need remedial work.

First, let's take a look upstairs.

What a lovely, big window. It lets in so much light on this landing.

It's got a galleried feel to it. I really like it upstairs.

Oops - looks as though the ceiling has collapsed.

Now, it might look worse than it is.

There's probably been some sort of leak up there, so I'd definitely check the roof

and check that water's still not coming in.

You'd need to get somebody in to look at that.

So, you've got a rather small bedroom to the front.

A bathroom, very dated avocado suite, you'd need to update that.

Another bedroom here.

Be great if you could get the water tank out

and put that somewhere else, cos that takes a bit of that room up.

Another bedroom to the front.

All the rooms are perfect for a family to move in to this house.

And look at this - this is a wonderful bedroom.

We've got two big windows, again, loads of light coming in,

and obviously, what I love is the en suite here.

So, it needs updating, it needs modernising.

In fact, everything in this whole house does.

So, you've got a great house with great bone structure -

just needs a bit more fashion sense.

# You're out of fashion

# Your moment's over... #

Some say that '80s style is on its way back,

but avocado bathroom suites, I think, are best left behind.

Layout-wise, this property is in tip-top shape,

with a guide price of 195 to £205,000.

Surely, a developer could bestow a makeover on this fashion disaster.

# You're out of fashion... #

We invited a local estate agent

to give us his opinion on this property.

I think it's a very good investment.

You could either renovate it on a budget...

If you spent a lot of money to bring it up to a really high standard,

again, I think there's sufficient profit in it,

so I think it's a very good buy.

How much could this property achieve if sold in its current condition,

and then once renovated?

In its current condition,

I would anticipate it being worth about £250,000.

Renovated to a high standard,

I would anticipate selling for probably between 290

and maybe £300,000 on a good day.

And rental income?

We could probably attract a tenant at about £1,200 per calendar month.

I think this is a big, spacious, solid house

in a great re-sale location.

It needs work, but come on, that's where the money is in property,

and what gets pulses racing at the auction.

Looking for 200,000. 200 all the way.

At 200. Now 205?

205. And 210?

210, and 15?

215, and 20?

And 25?

25, 225,000.

225 sitting down, and 30?

230, at 225 it's with you.

She's not bidding against herself, don't worry.

225, I've got on the right.

230 in a fresh place right at the back.

Now it's your turn, 235. And 40, 245?

250, the lady says, 250, and five?

Sitting down at £250,000.

255, he's back, 260, now, it's against you.

255 then, sitting right at the back, I've got.

255, I've got for the first time.

255 for the second time, if you're sure.

You're all done, you've all had your fair chance.

255 sitting right at the back for the third and final time.

It was John and Martin who made the successful bid of 255,000.

They're semi-retired shop fitters who also dabble in property.

Unfortunately, they exceeded

the stamp duty level of 250,000 by five grand,

making their actual outlay £262,650.

Guys, congratulations.

I bet you're absolutely thrilled to have got this.

What was it that appealed to you, Martin?

Well, we knew the estate and we knew that it was in a good area,

so that really appealed to us,

and we could see that when we came to have a look round

that there wasn't an awful lot to do to the house

to get it back to how we wanted it,

so we thought it would be a really good buy.

We think it's about 23 years old.

When we came in and saw how it had stood up over that period of time,

we thought it would be a really good buy.

And then you see the garden.

Has that just been left for many, many years?

Well, it has. We've spoken to the neighbours,

and they said that it's just been left as it is,

and it's just completely overgrown in those 23 years.

Bearing in mind the local estate agent's top-end valuation

of £300,000 for this house once renovated,

John and Martin must keep control of their spending

in order to maximise their potential profit.

So, how are you going to curb the spending, chaps?

Because it does still need quite a lot doing.

You know, you've got a lot of bathrooms in this house,

it's great that it's big and there are so many bathrooms,

-but you've got to refurb them, you've got to change them.

-Yes.

You've got a nice-size kitchen, are you going to change that?

We are, we're going to completely renew the kitchen

with a modern kitchen with granite worktops.

Do you really need granite in the kitchen?

-You do.

-OK. Right, there you go, that told me! Granite it is, then!

-Would you not like granite in your kitchen?

-I would,

but I would also like a nice, chunky profit to walk away with.

You've got to do a lot of work here.

In my opinion, walk in the door, it's stuck in a time warp,

it's very dated.

It's oppressive because there's so much dark wood everywhere.

What are you going to do to change that?

Some of the dark wood, we might look at trying to change some of it,

but we've also been in the neighbours' houses

to see what they've done,

and actually, the neighbours have kept a lot of the dark wood in it,

and as long as everything else is lightened up,

it doesn't look too bad.

Do you not think to paint everything would give it a more modern edge?

You don't agree, Martin, you don't agree!

I'm not saying we don't agree.

I mean, what we're trying to do is keep costs down as much as we can,

and, um, you know, we will have a look at this sort of thing,

and if we think it's appropriate, we certainly will do it.

John and Martin have a £25,000 budget for the renovation,

and having previously developed several properties in the local area,

they know their market.

Do you guys get stressed while doing it?

Because a lot of people I meet, they get so stressed, everything's very stressful

and it's costly. You seem like you enjoy what you do and it's fun.

We wouldn't be doing it if it stressed us out.

Things will happen, things will go wrong,

we'll end up spending more money than we thought we would,

and we know that from day one.

Why don't you try, on this project, to not spend too much money,

-try and do it on a budget?

-We'll try.

I'm going to hold you to that.

-Martin, it's been lovely talking to you, good luck.

-Nice to speak to you.

-John, thank you so much, good luck.

-You're welcome.

I can't believe this house has been empty for so long

and it's in such good nick.

Martin and John will have to reign each other in

on the spending, though,

because although a shiny, high-end kitchen would be lovely,

the profit margins are reasonably tight here.

Join us later in the show to see, hopefully, a transformed home,

nice, light, painted woodwork, and maybe even a garden.

Coming up, I'm in Cornwall,

where there's an odd odour about this property.

Clear signs of damp to back up the smell.

In Kent, the experts are impressed with John and Martin's handiwork.

The property is one of the best transformations I've seen.

But first, in Whitby, for David and Rachel, there's no doubt who's boss.

I gave my point of view for decorations

and then Rachel decided what we were having.

As we mentioned earlier, Whitby, with its dramatic coastline,

inspired Bram Stoker to write Dracula.

But these days, you're more likely to find rock-licking holidaymakers

than a blood-sucking vampire.

However, Sheffield couple David and Rachel

were looking to sink their teeth into renovating

this one-bedroom apartment on the promenade above a shop premises,

to make it their weekend getaway.

We like Whitby, we like the east coast.

The hustle and bustle is very different from the home life.

We live in a field, really, back in Sheffield.

-A field?

-Yes, no neighbours.

-Some hustle for the weekend.

The couple bought the property at auction for 85,000,

and had a whopping £40,000 budget to create their home from home

to enjoy, as they say, the hustle and bustle of Whitby.

So, after eight months,

have they created the swish seaside getaway they'd hoped?

This looks like an oh, so sweet weekend retreat.

# Everybody got, everybody got something for the weekend... #

David and Rachel have worked wonders, I'm really impressed.

They've created an absolutely beautiful

and stylish open-plan apartment.

# Everybody got, everybody got something for the weekend... #

We went back to bare walls, bare floors,

everything was ripped out and gutted.

Um, the structural element, a lot of beams have been installed.

The couple removed the main support wall, installing a supporting beam,

which allowed them to remodel the flat to their requirements.

For a long time, it was just an open space with no walls,

and it seemed to be a very slow process to getting to the stage

of having internal walls.

David and Rachel increased the size of the bedroom,

taking space from what is now the kitchen

by moving the rear door to where the window used to be.

When you start moving walls, I found it difficult to envisage

and imagine how large rooms would be,

but the highlight for me has been

the kitchen through to the dining room and the balcony.

This part of the flat is changed, probably, more than any other.

This used to be the kitchen area here.

Um, so all the cabinets were on this side,

the patio doors weren't there, that was a solid wall.

We're particularly pleased with the glass work

and the patio doors which slide all the way back,

so if we have a nice summer's day, we can let lots of light in.

Also the brick wall, um,

this is just to hint to the age of the property.

It's fairly modern throughout the rest of the flat, I think,

so this has come up really well with the glazing,

and I think that contrasts well

with the modern chairs and the granite table.

The only area Rachel and David couldn't possibly improve upon is

their wonderful view.

But now they have a lovely balcony to enjoy it from.

-We're looking forward to sitting out there, aren't we?

-Yes, yes.

Hopefully, maybe tonight with a glass of champagne.

Ah, you can't beat drinking a romantic bottle of bubbly

while watching the sunset.

In Sheffield, they have a traditional farmhouse,

so decided to decorate this property in a contemporary style,

with a high-spec finish.

I gave my point of view for decorations,

and then Rachel decided what we were having, so, uh...

The feature wallpaper is a bold statement by Rachel,

and might not be to everyone's taste,

but this is the couple's home from home,

so she has allowed her interior-design instincts to bloom.

-Anybody who's been, actually, has commented on it, haven't they?

-Yes.

And said, "Ooh, we like that, although it's quite loud."

It's different, isn't it?

Possibly a hate or love,

but we've had a lot of positives on the wallpaper.

-Even the boys.

-Yes.

Even the builders.

Mind you, they might not have been telling the truth, really.

The living room is as sleek and stylish

as the kitchen and dining area,

but did the couple scrimp in the bathroom?

Of course not.

They've even treated themselves to an Italian designer glass basin.

That whopping £40,000 budget doesn't seem so whopping after all.

-The original budget we said was 40,000.

-Yes.

And I think we've gone to 60.

Yes, which was, in part, in the heavy part,

due to the structural elements,

having to get in the architect.

And the cost of the beams.

The beams themselves, and the installation,

and then, yes, one or two items.

The kitchen, especially, slid over budget, shall we say?

But I don't think... I think it's money well spent, hopefully.

Included in the £60,000 spend is

the three-year lease from the council for the back garden,

which they've converted into a patio area for easy maintenance.

David and Rachel have created a cool, contemporary weekend retreat,

which I'm sure they'll enjoy for many years to come.

We invited two local estate agents

to give us their opinion of the property.

Remarkably impressed.

I think the apartment has been designed very well

to bring in the light from the front.

Obviously, key is the front view over the sea and the bay,

so I think the design of the place is great.

First impressions are everything, the oak floor,

the matching oak doors, beautiful treatment of the brickwork,

fantastic balcony, that's a great thing.

Bearing in mind David and Rachel's total spend of 145,000,

how much do the experts believe it could sell for?

I think the value of this property in the current market

would be somewhere in the region of £150,000.

There is a premium attached to the location,

the standard of finish that they have in it,

and its overall layout and the general ambience of the whole thing,

um, probably be 160 to £165,000 now.

Those figures would give David and Rachel a pre-tax profit

of between 5 and £20,000, minus the usual selling expenses.

And if they ever decide to rent the property out as a holiday let,

they could get as much as £650 per week in the high season.

So, did the couple enjoy

their auction experience?

-I'd like another one to do!

-Yeah, we've enjoyed this one, I think.

I think the valuation is encouraging,

because we haven't held back with the budget,

I think it's fair to say.

We've gone for quality and nice pieces,

and so there's options to maybe do it again,

and see how we get on.

BIRDSONG

# Sunrise, sunrise

# Looks like morning in your eyes

# But the clock's held 9.15 for hours... #

A glorious sunrise in Cornwall.

What a wonderful way to start my day.

I'm in St Stephen, a former mining village, and even though

the mines have long since closed,

St Stephen has thrived.

So, let's see if there's an opportunity to be mined here.

The property I'm here to see

is right on this main road

that goes through the centre of the village.

Fantastic if you're running a car showroom - lots of passing trade,

but not ideal if you want to have a house with a bit of peace and quiet.

But what we've got here sounds quite interesting -

three bedrooms, guide price £75,000. Let's take a look.

The main road may put off potential purchasers

looking for country village tranquillity,

but for a three-bedroom,

mid-terrace house in this lovely village for just 75 grand,

I'd put up with the hum of traffic.

The catalogue definitely says this is a three-bedroom property

and yet, from the front, it's more like a two-up, two-down.

But here's a clue as to what might have happened,

because at some stage, this has been knocked through to create

this really lovely, big living room area.

You've got an open fire and then this is where the property

probably would have finished.

However, somebody at some stage, has added on this extension to

create an amazing kitchen.

Yes, it's a bit tired and in need of some tender loving care,

but what a fantastic family space this is.

Views out onto the garden and yes, for 75,000 quid,

it's a lot of property for the money.

Maybe it was the delightful dawn this morning or my

naturally sunny disposition,

but I've taken a bit of a shine to these cheery tiles.

The units are salvageable, and with a new worktop and new floor,

you've got a lovely family kitchen diner.

But an absolute must-have is French doors out to the back garden.

Now, here's the tranquillity I was looking for.

Upstairs, and the first thing that greets you is a really bad

smell of damp, which is not a good sign.

But let's just see what we've got. A bathroom here.

Just not an ideal colour for a bathroom suite, I don't think.

That needs to definitely be sorted out.

Clear, visual signs of damp to back up the smell

on this wall, here, so obviously something happening,

maybe on the roof. And then, down this little corridor here,

we've got two really not ideal bedrooms -

one here, which, as you can see, is very long and thin,

and then, the other one on this side.

Somebody's begun to knock through two bedrooms

and my guess is that originally, this was one bedroom.

It's obviously had this stud partition wall put up.

Keep it as two?

Maybe if you just had a family with children here, perhaps,

but otherwise my temptation,

depending on how much it would be affecting the rent, would be

to create one nice-sized room here because this really doesn't work.

Upstairs a decision will need to be taken as to

whether this is a family, or fun-sized, house.

The choices - two small, single rooms at the back,

or one good-sized master bedroom. To the front,

the third bedroom is all odd angles, so perhaps

I was a little premature to be quite so starry-eyed about this property.

# Why am I so starry-eyed?

# Starry-eyed and mystified. #

And, of course, there's the damp.

Could it be that the roof needs to be repaired?

That's never cheap.

We invited a local estate agent to give us

his opinion on this house which had a guide price of £75,000.

My first impressions of the property

are it needs quite a lot of work doing to it.

There are two little rooms at the back of this house.

Tough shout whether to take down the partition wall

and make it one large room, or leave it as two.

Personally, if it was being left down to me,

I'd probably leave it as two, as I think as a rental or

sale, you'll probably achieve slightly more by doing that.

How much could this place be worth in its current condition,

and how much could it achieve once renovated, remaining as

a three-bedroomed house?

The property, as I see it today, is probably worth between 90 and 95,000.

I'd say, with some significant changes,

it will be closer to £125,000.

And rental value?

Once the property is renovated, I'd anticipate a rentable

value of £650 per calendar month.

So, some sorting out to be done, particularly with the layout

upstairs, but it's a good house in a very popular location,

and I think there could even be a bit of a quick profit on this

one, or a great place to live or rental opportunity.

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

£75,000 to start. I'll take 70, if it helps.

65, then.

Well, you do surprise me,

and, I suppose, slightly disappoint me, too.

£65,000.

I'll take your bid - £65,000.

Two more, 65,000 and 67. 69.

69.

69, 71, 71,

and three?

Little bit more squeezing to do here.

73?

You're at your limit, aren't you?

OK, ladies and gentlemen, £71,000 at the back of the room,

if I can't take it any further.

No further advances at £71,000?

I can't quite sell it there, either.

How disappointing.

The property failed to reach its reserve price.

But a deal was done after the auction,

when it sold to retired HGV driver John and market trader Jan,

for £72,500.

They paid £2,500 under the guide price.

I'm certain John is a cool customer.

After all, he's wearing shorts and a T-shirt in winter.

He's a braver man than me!

-Congratulations.

-Thank you.

-Tell me why you wanted to buy this place.

-Erm, I'm not sure really.

-Right!

I just thought I'd have a look to see if there was any

property in our price range, and this one came up and the price

was near enough our price range, so I thought let's give it a go.

-How was the auction?

-Scary.

Like two rabbits in the headlights. Frightened to death.

Especially for John.

I don't think he thought I would put my hand up.

-That was the first shock.

-But I did.

And then we actually bought it post-auction.

We didn't quite reach the price he wanted at the auction itself,

so we had a chat afterwards and come to an agreement.

-And then it was no return.

-Were you happy with what you paid?

-Yes.

I think so. I think looking at it again,

we've had a fairly good deal.

-Have you done anything like this before, at all?

-No, not a thing.

-No.

New adventure. Do or die!

I have to ask you, we're in January and you're wearing shorts.

Is that normal round here or what?

It is for me.

All year round, 365 days of the year, it's shorts, isn't it?

Unless it's a funeral.

And then it's black shorts.

# Who wears short shorts?

# We wear short shorts. #

Jan and John live in the area

and would be on-site most days, project managing.

They'll bring in the different trades as needed

and do some of the general labouring themselves.

-So tell me what you're going to do to sort it out.

-Where do we start?

The kitchen, we're going to just re-jig it, I think,

and give it a bit of a revamp, aren't we?

This will probably come down, because we want to open up the window

that was originally there,

because that's the outside wall,

to get more light into the lounge.

The lounge we'll probably keep as it is. Want to put a woodburner

in there and new heating as well, throughout the house.

What about the number of bedrooms? Are you thinking of changing?

I think we'll probably keep the two small ones as two small bedrooms,

and hope we get a family in with young children.

If it's not possible,

then we'd perhaps make it back into one again,

but as you can see, it needs a bit of help up there.

It's got a big hole in the wall.

And some signs of damp, as well?

Yes. We think it's been cured, we hope.

It seems to be dry up there now,

but it looked like it was a problem

before, so hopefully that's been sorted.

Yeah, well, there's some people had the roof

done each side of us. They checked out our roof, as well.

They put one or two little slates that were loose

back in place.

Right.

-Hopefully, that's cured it.

-That's sorted it.

Jan and John are planning on letting out their new investment.

while the local estate agent believed

'they could maximise their rental income

by retaining its three bedrooms,

I would advise the best option is

to return the property to its original two-bedroom layout,

to avoid compromise,

and disappointing potential tenants.

What is the budget for doing the work?

-Probably between 8,000 and 10,000, we think.

-Something like that.

And the timescale?

SHE LAUGHS

Well, it would be about a couple of months, or more.

Yes. Probably, that's optimistic, isn't it?

Three to six months, maybe.

-Congratulations to you both.

-Thank you.

Lovely to meet you. Wish you all the best.

Look forward to seeing how you get on.

-Right!

-Thank you!

So, a new adventure for this Cornish couple.

It may well have been a bit of a shock for John,

but shorts all year round? He's obviously made of tough stuff,

and can cope with everything.

As long as he gets some good advice along the way.

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

It's been a while now since we last saw those properties.

Has any work been done,

or have they just got stuck in second gear?

Let's find out.

Let's return to Leybourne, in Kent,

where I viewed this four-bedroom house.

The interior was an impressive excess of mock-Tudor grandeur.

But this was no "ye olde manor house".

It was built in the mid-'80s.

MUSIC: "Eighties" by Killing Joke

It was bought at auction for 255,000,

plus £7,650 stamp duty,

by semi-retired shop fitters John and Martin.

'While they thought the dark wood wasn't too bad,

'I was convinced it was time to bring this property

'bang up to date.'

In my opinion,

walking through the door,

it's stuck in a time warp.

What are you going to do to change that?

Some of the dark wood we might have a look at trying to change.

As long as everything else is lightened up,

it doesn't look too bad.

I'm afraid "not too bad" is not good enough,

if this duo are to achieve the top-end price

they need to make a healthy profit.

Three months later, we're back.

I hope we're not going to be disappointed.

MUSIC: "How You Like Me Now?" by The Heavy

Well, I like it a lot.

This cool, contemporary look

is just what this property needed.

The colour scheme has a little bit to do with Lucy.

Because she suggested that we paint everything out one colour.

We was a bit sceptical to start with, but it's worked.

We decided that we didn't want to go for creams and beige,

which is what people usually do when they do refurbishments.

So we just decided to go for very pale colours,

and we've got this very pale off-white colour,

and complemented it with the pale grey carpet.

And I need to compliment John and Martin

on their bold decision-making.

Now, have they delivered on the high-spec kitchen?

Of course they have!

The major selling points of all properties

are the kitchen and bathroom.

I was unsure if investing in a granite worktop was wise,

but having seen the result, I have to admit they proved me wrong.

We always go for quite a high-quality finish.

We think that's what people expect these days.

It's no use refurbishing to a low standard,

so we tend to go as high as we possibly can.

And then, there was the rear garden!

So overgrown, you couldn't even get into it!

John and Martin have now created a lovely space,

another good selling point.

We had to get a mini digger in,

and dig it all out,

and re-laid it all with new turf.

It's come out really well - we're really pleased with it.

And so they should be.

Let's take a little look upstairs.

The master bedroom has been made over in the same colour palette

as downstairs.

John and Martin's dedication to quality can be seen

in the en suite.

One bedroom had a collapsed ceiling,

but is now good as new.

In fact, it's better.

John and Martin are semi-retired shop fitters,

and carried out the majority of the work themselves,

but were they able to keep on-schedule?

We thought it would take three to four months,

but the way things went, we've done in about 2½.

So we're quite pleased with that.

Well done. Ahead of schedule!

But what about that £5,000 budget?

Because quality like this costs a pretty penny.

We ended up spending round about the 30,000 mark,

basically, because we changed the windows,

which we weren't going to do, originally.

But, having looked into it further,

we thought it would make so much difference,

so we decided to go along with that.

John and Martin may have overspent,

but they've overspent wisely,

on areas that will attract potential purchasers.

We asked two local estate agents for their opinions,

including the one who visited the property previously.

My first impression's really good.

They've done an absolutely fabulous job.

I think now the property is, in my view,

one of the best transformations I've seen.

They've really gone to town.

I think they've done a fabulous job.

This property is presented so well.

It's contemporary,

it's modern,

and a really crisp finish to everything that they've done.

The choice of the colour, when I first saw it,

my initial reaction was, "Perhaps that won't be to everybody's taste".

But actually, it grows on you very quickly,

and it becomes very apparent, very quickly,

that it's very sympathetic to the property.

It's of the moment,

and I think most folk are going to really like it.

John and Martin are putting this property up for sale.

They have spent a total

of £292,650,

purchasing and renovating it.

How much do the estate agents believe it could sell for?

My recollection, when I visited the property initially,

suggested that once it was renovated,

it would achieve something in the region of £300,000.

However, now - despite the fact that the market conditions

haven't really changed -

but the quality of the work is so good,

I think we could probably ask as much as £320,000.

I would expect to market this property

around £325,000.

Those figures would give John and Martin

a potential profit of between £27,350

and £32,350 -

minus the usual selling expenses, of course.

What do they think of that?

We believe that's low

for this property.

It's such a nice area,

and we had two agents come out last week,

and both valued it at £350,000 plus.

That's around about where we think it should be - around 350,000.

We'll see how we get on with that.

So what's next for John and Martin?

We're always looking for new projects,

and we'll just keep our eye out

for similar sorts of projects.

As and when they come along, we'll go for them.

Yep - if the opportunity arises, we'll be there.

Let's return to the lovely Cornish village

of St Stephen, near St Austell,

where I saw this three-bedroom house, which had a guide price

of £75,000.

The spacious sitting room...

..the family-sized kitchen,

and delightfully peaceful back garden

had me starry-eyed at this property's potential.

Upstairs, however,

the compromised three bedrooms were poorly partitioned, or oddly angled,

which brought this shooting star crashing down to earth.

It failed to reach its reserve price at auction,

but was purchased afterwards by John and Jan,

for £72,500.

'It was their first auction, and first property development.'

How was the auction?

Scary!

SHE LAUGHS

Like two rabbits in the headlights.

-Have you done anything like this before?

-No.

-Not a thing.

New adventure.

So, three months later, we're back to see

if John and Jan have a star in the making.

MUSIC: "Starry Eyed" by Ellie Goulding

What a wonderfully warm and welcoming sitting room!

By removing the outdated fireplace, and creating a window,

which looks through to the kitchen,

the sitting room now feels even larger,

with the woodburner adding a touch of rural charm.

That continues with these country kitchen-style units.

There's obviously a lot of work still to be done,

but John and Jan have certainly been busy.

We've been here every day,

probably for the last month and a half, haven't we?

Yeah.

Doing something.

And we've had a plumber to do a good part of the work.

The electrician's done a fair bit of work for us, as well.

-And I've just been the labourer.

-You've been a really good labourer.

I've been fitted in wherever they wanted me.

He has all sorts of skills now he didn't have before.

SHE LAUGHS

We're not going on another one to carry on my skills,

I tell you that.

It would appear that John's enthusiasm for property developing

may be on the wane.

But it seems the couple are doing a great job,

and it's already starting to pay dividends.

We've got a tenant ready to move in,

and hopefully she'll be here long-term -

that's her plan.

She didn't want short-term, so...

We're happy with that, aren't we?

And so they should be.

Now, what about the rear bedroom conundrum?

Did they keep two small single bedrooms,

or turn it into one bigger bedroom?

I'm glad to see they've followed my advice.

It's a delightful double bedroom.

We did think maybe about keeping it as three.

We thought maybe it would be better from a rental point of view,

we might get more money.

As it turned out, the lady that wants to move in

has got a teenage son

who really didn't want to sleep in such a small room, did he?

Cos he would have slept in one room,

and his clothes and wardrobe would have been in the other bedroom...

He wasn't happy.

He didn't want to walk all the way round every day, to get dressed.

And now for Jan and John's masterstroke.

The front bedroom

was oddly shaped,

but has been transformed into a bright and spacious double bedroom.

The couple achieved this by turning around the stairs,

allowing the space that was used as hallway

to become part of the bedroom.

All they need to do is fit the banister,

and their great idea will be complete.

Now you can put two beds in that room,

if you wanted to.

Before, you could fit a bed and a matchbox,

and that was just about it.

We're quite pleased that we did it.

Jan and John had a budget of between £8,000 and £10,000.

They believe they'll have spent the full £10,000

when the renovation is complete.

The couple originally had a three-to-six-month schedule,

but with the tenants due to move in in two days' time,

they'd best get cracking with those finishing touches.

It's been hard work, but how have they enjoyed working together?

On the whole, not too bad.

THEY LAUGH

Last couple of days has been a bit of a strain.

A bit fraught, yes.

The air has been a bit blue,

but that's what it's all about, working together.

As you can see, I'm still working.

As you can see, I'm relaxing. I've done my share.

We invited two local estate agents to give us their opinion

on Jan and John's efforts.

Since my last visit, three months ago,

the change has been quite significant.

It looks a lot brighter.

It's been decorated quite nicely,

with new floor coverings, which really helps.

I would say the largest change has been turning the staircase around,

which has drastically altered upstairs.

I like the fact that they've turned this into a two-bedroom,

as opposed to a three.

Inherently, these are quite small properties.

The bedrooms are never usually that big.

But now you have two decent double bedrooms.

Bearing in mind the couple's purchase price of £72,000,

and their projected renovation costs

of 10,000,

how much could this property sell for?

I would value this, for resale purposes -

once all completed -

at around £115,000.

When they finish this property off,

I would imagine it would go on the market at around 120,000,

to achieve around £115,000.

-Ooh, that's not bad.

-That's not bad, is it?

Not bad for a couple of weeks' work, is it?

A couple of months.

Yeah - very pleased with that.

Yeah - not bad. I still ain't going to buy another one!

THEY LAUGH

However, Jan and John are letting this property out,

so how much rental income do the estate agents believe

this house could generate?

I think you're looking around £550 to £575, per calendar month.

I would say the rental income would be

between £550 and £600, per calendar month.

That's spot-on, really.

-Not bad, is it?

-What we were saying.

We thought we'd get around that area.

I'm pleased with that. Definitely.

It ain't that far out.

The couple are in fact

receiving £550 per calendar month,

which gives them a rental yield of 8%.

Not bad at all.

It's been hard work,

but Jan and John are earning their due reward.

So, will they be returning to an auction?

SHE SIGHS

Not a chance!

Not a chance!

THEY LAUGH

No, it's been very hard work, hasn't it?

Yeah. But I'm pleased with it.

Yeah.

-You pleased?

-Yes, I'm pleased.

-Good.

So make sure you join us next time

for more auction ups and downs.

From basements, to bungalows,

to building sites,

you'll find it all on Homes Under The Hammer.

-See you then.

-Goodbye.

-Goodbye.

Subtitles by Red Bee Media Ltd