Episode 31 Homes Under the Hammer


Episode 31

Similar Content

Browse content similar to Episode 31. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

Hello! Whether a seasoned property developer or a first-time buyer,

0:00:020:00:05

you'll want value for money.

0:00:050:00:06

And that can be quite difficult in a fluctuating property market,

0:00:060:00:10

which is why more and more people are heading to the auctions

0:00:100:00:13

to buy their home under the hammer.

0:00:130:00:14

Sometimes you know you've bought a bargain and sometimes, well,

0:00:400:00:44

you're just not quite sure.

0:00:440:00:45

Well, one way to find out is to test the market.

0:00:450:00:48

So, did the buyers on today's show bag themselves a goodie?

0:00:480:00:52

Here's what they bought.

0:00:520:00:53

We return to a house in Stoke that we first saw in March 2010

0:00:540:00:59

when it had a serious problem.

0:00:590:01:00

It's bad! It's really bad.

0:01:000:01:03

In London, one simple solution can solve this cramped studio flat.

0:01:040:01:10

I'm just wondering whether it would be worth taking out this wall.

0:01:100:01:14

And the wide-open spaces of the beautiful Lake District

0:01:140:01:17

can be seen from this place in Arlecdon,

0:01:170:01:20

but this property actually only has this little bit of concrete.

0:01:200:01:24

All these properties have been sold at auction.

0:01:250:01:28

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

0:01:280:01:32

That's your property, sir.

0:01:320:01:34

We're in the Trentham area of Stoke-on-Trent to return to

0:01:380:01:41

a property I first visited in March 2010,

0:01:410:01:45

but it wasn't in this peaceful spot.

0:01:450:01:47

Oh, no.

0:01:470:01:48

It was located right on this very busy road.

0:01:480:01:52

It was a spacious three-storey five-bed period mid townhouse

0:01:520:01:57

that was guided at 125,000.

0:01:570:02:00

Accessed from round the back, it had lain empty for four years

0:02:000:02:04

and was in a very bad way with boarded-up windows

0:02:040:02:07

and a neglected, messed-up garden.

0:02:070:02:10

I'll be honest - I didn't have high hopes for the inside.

0:02:100:02:13

What have we got? Well, there's a little rear area which would be

0:02:130:02:17

a very nice utility room.

0:02:170:02:19

And then through into what was originally the kitchen, I'm sure.

0:02:190:02:23

But straightaway...you don't need to be a

0:02:230:02:26

rocket scientist to figure out it's a house that'll need a bit of work.

0:02:260:02:30

Nice-sized room, though.

0:02:300:02:33

So, through to what was, I imagine, the dining room,

0:02:330:02:36

bearing in mind we're working sort of back to front with this house at the moment.

0:02:360:02:40

But, again, not a bad-sized room,

0:02:400:02:41

although starting to see signs of some really serious dilapidation.

0:02:410:02:46

The ceiling's come down and those beams

0:02:460:02:49

and floorboards look to be rotted.

0:02:490:02:51

So, (a) take care when you're looking upstairs,

0:02:510:02:53

but (b) I think that's going to take a bit of sorting out.

0:02:530:02:56

But then through to the front of the property - big entrance hall here.

0:02:560:02:59

I love this about this age of houses.

0:02:590:03:01

They actually bothered creating a space.

0:03:010:03:03

It gives a real sort of focal point to the house.

0:03:030:03:06

You've got an under-stairs cupboard, really massive lounge area there,

0:03:060:03:10

another sort of sitting room area at the back.

0:03:100:03:13

It's lovely, and there are fantastic features to be uncovered, but...

0:03:130:03:17

I think there's work to be done, he says, understating somewhat.

0:03:180:03:22

You'd expect a bit of wear and tear in a house built over 100 years ago,

0:03:220:03:27

but just maybe not quite this much.

0:03:270:03:30

Well, upstairs onto the first floor,

0:03:300:03:33

and lots more really lovely open areas.

0:03:330:03:35

I really like the layout of the house,

0:03:350:03:37

but the more I look, the more I just see the complete...

0:03:370:03:41

HE SIGHS

0:03:410:03:43

..terrifyingly bad state that this place is in.

0:03:430:03:47

I mean, every single wall you look at, every floor that you look at,

0:03:470:03:52

every ceiling, seems to have a problem,

0:03:520:03:54

nowhere more so than on this wall in this particular bedroom.

0:03:540:03:58

As you can see, there's this massive crack that goes

0:03:580:04:01

all the way down to the corner, all the way up to the other corner.

0:04:010:04:05

You can almost get your finger in there.

0:04:050:04:07

It seems like this main internal wall in the property is sinking.

0:04:070:04:12

I haven't come across that before.

0:04:120:04:15

You'd need to get a structural engineer in.

0:04:150:04:19

It's bad! It's really bad.

0:04:190:04:23

In fact, the drawbacks here are too numerous to list -

0:04:230:04:27

cracks, damp and many structural issues throughout.

0:04:270:04:31

# Where did all the life go?

0:04:310:04:38

# I don't know

0:04:380:04:42

# I don't know... #

0:04:420:04:45

In total, there are three double-sized bedrooms on this floor,

0:04:450:04:50

all with problems.

0:04:500:04:52

And in the loft, two large bedrooms - again, not looking very good.

0:04:520:04:58

Back on the middle floor, there's a loo plus a bathroom,

0:04:580:05:01

which might just be the best-looking room in the house,

0:05:010:05:05

and I do say that with my tongue firmly in my cheek.

0:05:050:05:08

Well, it would be very easy to fall for the charms of this place.

0:05:100:05:14

The room sizes, the location, the canal,

0:05:140:05:17

just the general feel of the property.

0:05:170:05:19

However, do not underestimate the amount of work

0:05:190:05:23

it's going to take to sort this place out.

0:05:230:05:25

It has got some serious structural problems.

0:05:250:05:30

Still, it was 125 grand.

0:05:300:05:31

I'm sure somebody fancied the challenge

0:05:310:05:34

when it went under the hammer.

0:05:340:05:36

Lot 32, we move to the Trentham area of Stoke-on-Trent.

0:05:380:05:42

115 to start, then.

0:05:420:05:44

115. At £115,000.

0:05:440:05:48

120? 120.

0:05:480:05:50

At 120. 125?

0:05:500:05:52

At £120,000...

0:05:540:05:56

121 anywhere?

0:05:560:05:58

At 120...

0:05:580:06:00

121 back in. At 121? 122?

0:06:000:06:03

At 122... 123.

0:06:030:06:05

123. 124?

0:06:050:06:08

124.

0:06:080:06:10

125? 125.

0:06:100:06:12

At £125,000, then, for the first time...

0:06:140:06:18

At £125,000 for the second time...

0:06:180:06:23

Third and final time, at £125,000...

0:06:230:06:27

You've bought it. Well done, sir.

0:06:270:06:30

With his successful bid of 125,000,

0:06:300:06:33

the brave man who's taken on this huge project is Sohail.

0:06:330:06:37

He plans to renovate and restore the house

0:06:370:06:40

with the aim of selling it on,

0:06:400:06:42

but where to start on it?

0:06:420:06:44

I met him there to find out more.

0:06:440:06:47

-Sohail, good to meet you.

-Good to meet you, Martin.

-Congratulations.

0:06:480:06:51

Thank you very much.

0:06:510:06:53

-Wow! You've taken on a bit of a project here, haven't you?

-I certainly have.

0:06:530:06:57

-Why did you want to buy the house?

-Well, it's basically the character it's got.

0:06:570:07:01

Although it needs a lot of work, it has some problems to it,

0:07:010:07:05

but nothing that couldn't be put right,

0:07:050:07:08

and basically restored to its former glory.

0:07:080:07:10

Right. So have you done anything like this before?

0:07:100:07:13

Yeah, I've done a few things, but not to this extent.

0:07:130:07:16

Not sort of, you know, from absolute scratch.

0:07:160:07:19

So is this your main line of work, property developing?

0:07:190:07:23

Well, no. This is basically a sideline that I have.

0:07:230:07:25

-What do you do when not doing this?

-Well, I go fly planes.

-Fly planes?

0:07:250:07:29

-That's right.

-What, for fun or what?

-I'm a pilot.

-A proper pilot?

0:07:290:07:33

Yes. I'm an airline pilot and this is my job, basically.

0:07:330:07:36

# Come fly with me

0:07:360:07:38

# Let's fly, let's fly away... #

0:07:380:07:43

From flying planes to renovating old properties,

0:07:430:07:47

Sohail likes to diversify and he's certainly ambitious.

0:07:470:07:51

But has this high-flyer still got his feet on the ground?

0:07:510:07:55

So let's go on to what you're going to do to sort this place out.

0:07:550:07:58

Let's start with the biggest issue - the major cracking on the internal walls.

0:07:580:08:02

What do you know about that and what will you do to sort it out?

0:08:020:08:05

The major cracking that has been caused to the property is subsidence,

0:08:050:08:09

so we had the structural engineer in here

0:08:090:08:11

and he actually drilled a few holes around the foundations

0:08:110:08:14

of the property and tested the soil underneath.

0:08:140:08:17

What he recommended is that we need to reinforce the middle of the property,

0:08:170:08:21

because the right-hand side is sound and the left-hand side is sound.

0:08:210:08:27

It's just the middle of the property is actually a little bit of

0:08:270:08:31

loose gravel or soil that is actually under the foundation.

0:08:310:08:34

So he's going to reinforce that.

0:08:340:08:36

So, like underpinning?

0:08:360:08:37

It is an underpinning, and that will cure the problem, basically.

0:08:370:08:41

Sohail certainly has a major job on his hands here because it doesn't end there.

0:08:410:08:46

A damaged roof is causing a major part of the damp problem,

0:08:460:08:49

so a new roof is to be installed and then inside,

0:08:490:08:52

the whole house will have to be stripped to the bone and renovated from scratch.

0:08:520:08:58

It's going to be a costly exercise.

0:08:580:09:00

All in all, we've got a budget for it of £100,000...

0:09:000:09:03

-Oh, wow!

-..to put it right.

0:09:030:09:05

-And I think we can do that.

-Yeah, that's healthy, yes.

-Realistic, yes.

0:09:050:09:11

You must be doing this for more than the money.

0:09:110:09:14

There's probably easier ways to make money, aren't there?

0:09:140:09:17

Yes, of course, but I mean, it's passion, really.

0:09:170:09:20

It's getting something like this and developing it,

0:09:200:09:25

and changing it to something so beautiful.

0:09:250:09:27

So that is a sense of achievement.

0:09:270:09:30

Sohail was hoping to achieve that good feeling with the help of

0:09:310:09:35

his longtime friend and builder, Peter, and, with other contractors,

0:09:350:09:39

he hoped to have this house restored to glory in around ten to 12 months.

0:09:390:09:43

But that was back in 2010

0:09:470:09:48

and, when we first returned 15 months later,

0:09:480:09:52

the renovation wasn't complete,

0:09:520:09:54

although significant changes had taken place.

0:09:540:09:57

There was a new roof and windows,

0:09:570:09:59

and the whole house had been underpinned

0:09:590:10:02

to make it structurally sound.

0:10:020:10:04

Internal walls that had been affected by subsidence

0:10:040:10:07

had been rebuilt and, overall,

0:10:070:10:10

the building was looking in a much healthier state.

0:10:100:10:13

With new flooring and plasterwork,

0:10:210:10:23

the rooms are all starting to take shape,

0:10:230:10:25

whilst retaining their character.

0:10:250:10:28

And, beneath the eaves,

0:10:310:10:33

space had been opened up to create cupboards in the top two bedrooms.

0:10:330:10:38

But Sohail's pride and joy was the attic area.

0:10:380:10:41

While we were actually putting the roof on,

0:10:410:10:44

we discovered this massive area and the loft in there,

0:10:440:10:46

so we actually created this opening in here.

0:10:460:10:49

As we come in, there's this massive place which

0:10:490:10:52

we thought we'd create a new beautiful bathroom.

0:10:520:10:55

We installed the window which has given us a lot of nice light,

0:10:550:11:00

and we kept the beams as original, and obviously we changed it into

0:11:000:11:04

a lovely bathroom so people can have a bath in here looking at the stars.

0:11:040:11:09

# All the stars are coming out tonight

0:11:090:11:12

# They're lighting up the sky tonight

0:11:120:11:15

# For you

0:11:150:11:18

# For you... #

0:11:180:11:22

Sohail and his builder Pete had definitely broken the back here,

0:11:220:11:26

but there was still plenty of work to be done.

0:11:260:11:30

Join us later in the show to see how, ten months later,

0:11:300:11:33

Sohail has completely transformed this elegant townhouse.

0:11:330:11:37

I'm in north London today in a place called Stoke Newington

0:11:390:11:44

and this is Church Street.

0:11:440:11:46

It's a mecca of second-hand bookshops, galleries,

0:11:460:11:49

independent designer outlets, and lovely little restaurants.

0:11:490:11:52

And I am finding it very hard to resist the temptation to shop!

0:11:520:11:56

But there is property to view,

0:11:560:11:58

so a slice of organic carrot cake, vintage dresses

0:11:580:12:01

and abstract paintings are just going to have to wait.

0:12:010:12:05

# You are my one temptation

0:12:050:12:08

# You give me the thrill that I'm addicted to... #

0:12:080:12:15

If you tire of shopping here, there's a myriad of bus services

0:12:150:12:19

to whisk you into the city, but the fastest way - take the train.

0:12:190:12:23

From here, you can get to Liverpool Street station

0:12:230:12:26

in the heart of London in just 16 minutes.

0:12:260:12:29

A short walk from Church Street and I'm here to see a studio flat

0:12:290:12:33

in this impressive three-storey Victorian building.

0:12:330:12:36

Now, it's on the first floor

0:12:360:12:38

and it went to auction with an £80,000 guide price.

0:12:380:12:42

Now, I know that might sound like a huge amount of money for a studio flat

0:12:420:12:47

but, honestly, in this area, square footage is pricey.

0:12:470:12:52

The last one-bedroom flat to sell on this road achieved over £245,000,

0:12:520:12:59

so that gives you an idea of how much property is worth

0:12:590:13:02

in this part of north London.

0:13:020:13:04

Put in that context, that £80,000 guide price seems very good value indeed,

0:13:040:13:10

so let's see what you get for that.

0:13:100:13:13

Well, it's such a nice surprise to not have bikes stacked up

0:13:140:13:18

against the wall, months and months of mail, lots of mess.

0:13:180:13:22

You know, my pet hate is messy communal parts.

0:13:220:13:25

But, so far, so good.

0:13:250:13:27

You've even got some lovely original features thrown in. A good start.

0:13:270:13:32

First impressions are good but this flat is tucked away at the

0:13:320:13:36

back of the building, so I hope I haven't got my hopes up too soon.

0:13:360:13:41

# First impressions are misleading... #

0:13:410:13:48

Well, it's certainly what you would expect of a studio flat -

0:13:510:13:55

not much space.

0:13:550:13:57

You have got a separate bathroom, you've also got a separate kitchen.

0:13:570:14:01

They both need updating, that's for sure.

0:14:010:14:04

Now, I'm just wondering whether it would be worth taking out

0:14:040:14:08

this wall so that you could have one large open-plan area,

0:14:080:14:12

because at the moment I just think it's all too cramped

0:14:120:14:15

and all too boxed in.

0:14:150:14:17

Now, you have actually got 23 square metres here to play with,

0:14:170:14:22

but it looks even smaller with all this furniture strewn.

0:14:220:14:25

Now, I know that all this will be cleared before the new owner

0:14:250:14:30

gets the keys but it's a lesson to all auction-goers -

0:14:300:14:33

check with the auction house and find out who is responsible for all of this.

0:14:330:14:38

They will be able to tell you if the furniture comes with the flat or not.

0:14:380:14:42

Now, it may be an added bonus, or it could be an extra headache

0:14:420:14:46

and leave you with a serious clear-out operation.

0:14:460:14:49

# My head aches

0:14:490:14:55

# My head aches... #

0:14:550:15:00

But, fortunately, the good news here is that, in this case,

0:15:000:15:03

the contents of the house will be cleared out.

0:15:030:15:06

Then the new owner can see exactly what they've bought.

0:15:060:15:09

There's a garden temptingly visible from the bedroom window,

0:15:090:15:14

but it's not a shared garden, so no outside space with this lot,

0:15:140:15:17

unless you count this little bonus nearby.

0:15:170:15:20

If it all gets a little cramped in the flat,

0:15:200:15:23

you've got the wonderful Clissold Park right on your doorstep.

0:15:230:15:28

So, a big green space close by, but there's no denying it's a tiny flat.

0:15:280:15:35

Even so, I reckon this would do well

0:15:350:15:37

if done up to a high standard as a buy-to-let.

0:15:370:15:40

Time to get a second opinion from a local estate agent.

0:15:400:15:44

What does she think of this studio flat guided at £80,000

0:15:440:15:48

and the area it's in?

0:15:480:15:49

It's very small...but, you know, it has potential

0:15:490:15:54

and it's in the right post code,

0:15:540:15:56

so, yeah, definitely got potential.

0:15:560:15:58

Sounds encouraging.

0:15:580:16:00

I'm getting all the right vibes that you can add value here.

0:16:000:16:05

It could be a nice little earner, rental-wise, for starters.

0:16:050:16:08

Per calendar month,

0:16:080:16:10

you are probably looking at somewhere in between £850 and £900.

0:16:100:16:14

If it was bought for close to the guide price,

0:16:140:16:18

that is music to my ears,

0:16:180:16:19

but what about its value on the resale market once renovated?

0:16:190:16:23

Resale on this property would probably be anything in between

0:16:230:16:27

£165,000 and £175,000.

0:16:270:16:30

It is certainly a compact studio but it's in a fantastic location,

0:16:300:16:36

and that is key to any successful buy.

0:16:360:16:38

If I took this on, I know what I would do - renovate and rent it out.

0:16:380:16:43

Let's see who wanted this one when it went under the hammer.

0:16:430:16:46

So, studio flat, Stoke Newington.

0:16:460:16:49

I don't know, 70 for five?

0:16:490:16:52

It's cheap at that. 75 down here.

0:16:520:16:55

80. 85.

0:16:550:16:58

90, sir?

0:16:580:16:59

90, new spot. 90.

0:16:590:17:01

95?

0:17:010:17:03

100,000?

0:17:030:17:04

105?

0:17:040:17:06

101? OK, 101.

0:17:060:17:08

102?

0:17:080:17:10

103? 104? 105?

0:17:100:17:14

105 anywhere?

0:17:140:17:16

If not, 104, first time...

0:17:160:17:18

Sec... 105 in the aisle.

0:17:180:17:20

106?

0:17:200:17:22

107?

0:17:220:17:23

Bidding for this small studio flat guided at £80,000 proved popular

0:17:230:17:28

and the price rose rapidly.

0:17:280:17:30

We rejoin the action at a whopping £127,000.

0:17:300:17:35

127? 128?

0:17:350:17:38

129?

0:17:380:17:40

130?

0:17:400:17:41

131?

0:17:410:17:44

130, first time...

0:17:440:17:47

Second time... Third and last time - have you all done?

0:17:470:17:50

-BANGS GAVEL

-Sold. 130, madam. Well done.

0:17:500:17:53

So, not put off by stiff competition was fashion designer Debbie.

0:17:530:17:58

# But I'm always true to you, darlin', in my fashion

0:17:580:18:03

# Yes, I am!

0:18:030:18:05

# I'm always true to you, darlin', in my way... #

0:18:050:18:10

Debbie paid £50,000 over the guide price, getting the studio flat

0:18:100:18:15

for 130,000, as a joint investment with her brother.

0:18:150:18:19

Debbie's a self-confessed property obsessive,

0:18:190:18:23

with big designs on this little place.

0:18:230:18:25

It's all a bit tight in there,

0:18:250:18:27

so we slipped off to a local pub to warm ourselves by the fireside.

0:18:270:18:31

-Debbie, it's lovely to meet you today. Congratulations!

-Thank you.

0:18:310:18:35

-But you nearly got the flat for £104,000, didn't you?

-I know, I was so upset.

0:18:350:18:39

I really, really... I was sitting there, fingers clenched,

0:18:390:18:42

just thinking I was going to get it for 104,

0:18:420:18:44

and then at the third time, someone came in, yeah.

0:18:440:18:47

-And you ended up paying 130.

-Yeah, just a bit over budget.

0:18:470:18:51

My limit was 120.

0:18:510:18:52

So, what is your plan? Do you intend to keep it or sell it on?

0:18:520:18:55

The plan is hopefully to sell it on, but if I need to live in there a short while,

0:18:550:18:59

we'll keep it for a bit or we'll rent it out for a bit,

0:18:590:19:02

but in the long run, it's to sell it on.

0:19:020:19:04

This will be Debbie's fifth property development.

0:19:040:19:07

She's currently working on her third and fourth,

0:19:070:19:10

so has her hands full juggling all three at the moment.

0:19:100:19:14

Luckily for her, this is the smallest project of the trio,

0:19:140:19:17

so she's not overly daunted.

0:19:170:19:19

So what are you going to do to the interior space?

0:19:190:19:22

What are you going to do to improve it?

0:19:220:19:23

Taking out two of the internal walls cos they're not structural walls

0:19:230:19:27

and we're reconfiguring them, so we're setting them further back.

0:19:270:19:30

So where there's currently the kitchen will be the bedroom,

0:19:300:19:33

and where is currently the bedroom will be a kind of living/kitchen room area.

0:19:330:19:36

Have you thought about just taking the wall down from the kitchen and having one big open space?

0:19:360:19:41

We had, but because I'd lived in a studio before that was a quite similar size,

0:19:410:19:44

the way they'd done it, I really liked how you still had that separate sleeping area,

0:19:440:19:48

so you could still sit in your living room and you've got somewhere to eat,

0:19:480:19:52

and then somewhere separate to go on an evening when you go to bed.

0:19:520:19:55

And if you do have guests, you've still got privacy.

0:19:550:19:58

Yeah, I don't think you could fit a guest in there, to be honest!

0:19:580:20:00

-What, is nobody ever going to visit you?

-No.

0:20:000:20:03

# Owner of a lonely heart (Much better than a)

0:20:030:20:07

# Owner of a lonely heart... #

0:20:070:20:11

Well, whether it's Debbie who lives here or not,

0:20:110:20:14

let's hope the future resident enjoys their own company,

0:20:140:20:17

because she's probably right -

0:20:170:20:19

there's not a lot of room for visitors.

0:20:190:20:22

I really do like Debbie's plans for changing the layout and, even before the auction,

0:20:220:20:26

she'd made sure her solicitor contacted the freeholder of the flat to get permission to do the work.

0:20:260:20:32

This girl sure knows her onions!

0:20:320:20:33

But what standard of finish is she aiming for here?

0:20:330:20:37

How much is she and her brother planning to spend?

0:20:370:20:40

Our budget is ten to 15. I'm hoping to keep it nearer to the ten,

0:20:400:20:43

but we'll see, cos I don't want to go really cheap.

0:20:430:20:45

I want to do it quite high-spec, especially for the area,

0:20:450:20:48

Stoke Newington, I think that's what people would expect around here.

0:20:480:20:51

So what do you do?

0:20:510:20:53

I work in fashion, for an online retailer as a fashion designer,

0:20:530:20:56

so I design quite a lot of my own clothes. So it's just a great...

0:20:560:20:59

It's kind of a natural progression to do the interiors as well,

0:20:590:21:03

so I really enjoy doing that, too.

0:21:030:21:04

So why property development for you?

0:21:040:21:07

It makes more money than the day job, to be honest!

0:21:070:21:09

-True.

-Yeah, and I do really enjoy it.

0:21:090:21:12

It is, like I say, that natural progression from fashion.

0:21:120:21:15

I just love getting my hands dirty and it's a good form of exercise,

0:21:150:21:18

which I love doing, the painting and the decorating.

0:21:180:21:21

So be really honest to me now.

0:21:210:21:23

What do you enjoy most, fashion or property?

0:21:230:21:27

-Honestly, property.

-Really?

-Yeah, I do.

0:21:270:21:30

So what are you doing? You need to do this full-time.

0:21:300:21:33

I know, that is the plan in a couple of years. Don't tell my boss!

0:21:330:21:36

In a couple of years' time, this is definitely what I'd rather do.

0:21:360:21:39

Debbie's got her future as a property developer mapped out,

0:21:390:21:43

but if we are to chart their progress here,

0:21:430:21:45

we need to know when we can return.

0:21:450:21:47

How long do you think it will take to get the flat as you want it?

0:21:470:21:51

Well, my brother's told me it will take four weeks.

0:21:510:21:53

I say six to eight,

0:21:530:21:54

so we're going for between four to six weeks. We'll see.

0:21:540:21:57

Four to six weeks, a budget of up to 15,000 and a high-spec finish,

0:21:590:22:02

but how will this fashion designer dress up this property?

0:22:020:22:06

What's hot this season, interior-design-wise?

0:22:060:22:09

Quite minimal.

0:22:100:22:11

I think there'll be a lot of walnut, white walls, high-spec kitchen.

0:22:110:22:15

I'm looking at doing converging doors in the bathroom so the bathroom

0:22:150:22:19

kind of opens up to the rest of the flat, lots of glass in there.

0:22:190:22:22

Have you ever done anything so high-spec before?

0:22:220:22:25

Yeah, my last house that I lived in, I did that quite high-spec

0:22:250:22:28

and I sold that last year, so I'll be taking some of the elements

0:22:280:22:31

that I used in that one and putting it into this smaller space.

0:22:310:22:34

I can't wait to see what you do.

0:22:340:22:36

I can't wait to see what materials you use.

0:22:360:22:38

-Lovely meeting you today, Debbie.

-Thank you.

-Good luck.

-Thanks, Lucy.

0:22:380:22:41

How will Debbie get on with this?

0:22:410:22:43

Will we come back to a stylish super pad?

0:22:430:22:46

Even with her talents, will she be able to make it look bigger

0:22:460:22:49

and build in some profit?

0:22:490:22:51

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

0:22:510:22:55

Coming up, this thin-looking property in Cumbria

0:22:560:22:59

has a trick up its sleeve.

0:22:590:23:00

What seems like a fairly small property from the front...

0:23:000:23:03

Well, what a surprise when you get inside!

0:23:030:23:06

In London, there was one drawback to renovating this small studio flat.

0:23:060:23:10

We didn't realise with the plasterer, electrician and plumber all in

0:23:100:23:14

at the same time, that they wouldn't actually be able to fit in.

0:23:140:23:17

But, first, how did Sohail find that two-year renovation?

0:23:170:23:21

A lot of effort, and it was very, very hard sometimes.

0:23:210:23:25

Earlier in the programme,

0:23:290:23:31

we returned to the Trentham area of Stoke-on-Trent

0:23:310:23:34

to a spacious five-bedroom house we first saw back in 2010.

0:23:340:23:39

Unfortunately, it was one of those properties that scares and excites at the same time.

0:23:400:23:47

It would be a brave person who would ever want to take this on.

0:23:470:23:51

Airline pilot and sometime property developer Sohail

0:23:510:23:56

bought it for £125,000.

0:23:560:23:58

He planned to invest a further £100,000

0:23:580:24:02

in restoring the house to its former glory.

0:24:020:24:04

You must be doing this for more than the money.

0:24:040:24:08

Because there's probably easier ways to make money, aren't there?

0:24:080:24:10

Yes, of course, but I mean, it's passion, really.

0:24:100:24:14

It's getting something like this and changing it to something so beautiful.

0:24:140:24:19

So that is a sense of achievement.

0:24:190:24:21

And when we first returned 15 months later,

0:24:210:24:24

it looks like that

0:24:240:24:26

sense of achievement would have to wait as Sohail was still renovating.

0:24:260:24:29

# You leave me halfway to paradise

0:24:300:24:36

# So near, yet so far away... #

0:24:380:24:44

Finally, more than two years after we first met Sohail,

0:24:480:24:51

we're back again.

0:24:510:24:52

I can't wait to see if he's fulfilled his mission

0:24:520:24:55

and restored the grandeur to this beautiful old house.

0:24:550:24:58

Well, the outside looks stunning.

0:25:010:25:04

With rendered walls, new windows and loads of character,

0:25:050:25:10

but just step inside.

0:25:100:25:11

And that's just the ground floor.

0:25:350:25:37

But while it looks stunning, had Sohail got his sense of achievement?

0:25:370:25:40

Mixed emotions, really,

0:25:450:25:47

but, yeah, I'm very happy it's actually over, it's finished.

0:25:470:25:52

It's taken a lot of work and a lot of effort,

0:25:520:25:56

and it was very, very hard sometimes.

0:25:560:25:59

And you can see more of that hard work on the middle floor,

0:26:020:26:06

where the three large bedrooms are now stylish, light and spacious.

0:26:060:26:11

The bathroom also fits the bill now - a good size and contemporary.

0:26:150:26:20

Up that lovely staircase to the new attic space with its skylight,

0:26:240:26:28

ideal for stargazing, and a new gorgeous bathroom suite -

0:26:280:26:32

modern but with charm and character.

0:26:320:26:34

Finally, the two good-size attic rooms to end what has been

0:26:360:26:41

a grand tour of a grand house.

0:26:410:26:44

Most of the work has been done by contractors and overseen

0:26:480:26:52

by Sohail's builder friend Peter, and the renovation is top-notch.

0:26:520:26:57

The structural issues addressed included everything

0:26:570:27:00

from underpinning the central walls and fixing the leaky roof,

0:27:000:27:04

to bringing out the character details that make this house so special.

0:27:040:27:09

It's actually the feeling of preserving this fantastic feature.

0:27:090:27:14

These features don't come like that any more.

0:27:140:27:17

You don't find them in every house.

0:27:170:27:19

It's a great opportunity to be able to work with these features and preserve them and keep them.

0:27:190:27:24

It means a lot for us as well.

0:27:240:27:26

# Love lift us up where we belong

0:27:260:27:32

# Where the eagles cry

0:27:320:27:36

# On a mountain high

0:27:360:27:40

# Love lift us up where we belong... #

0:27:400:27:45

And that's a rather fitting song for pilot Sohail.

0:27:450:27:49

But there's something that doesn't sit well with this house,

0:27:490:27:52

and it's the noise from that busy road outside.

0:27:520:27:55

These windows are absolutely special.

0:27:550:27:58

As you know, we had, originally, wooden windows all over the house.

0:27:580:28:03

Those ones here we wanted to preserve and, at the same time,

0:28:030:28:07

we wanted to put double-glazing

0:28:070:28:09

to actually protect the property from the noise,

0:28:090:28:12

cos you open the window and it's absolutely so noisy.

0:28:120:28:17

And as you can see, it's a lot better.

0:28:170:28:21

And by doing that, we had to put a UPVC frame within the original wooden frame

0:28:210:28:27

and fix them, and dress them as they are.

0:28:270:28:30

As you can see, it's a great job, and it definitely does the job.

0:28:300:28:34

The new double-glazed units certainly help with the look of the front.

0:28:340:28:39

And the rear looks just as good.

0:28:390:28:41

Sohail has even added a garden.

0:28:410:28:44

But it wasn't easy getting the finished product.

0:28:460:28:49

The first seven months of the renovation were devoted to

0:28:490:28:52

the underpinning and putting on a new roof.

0:28:520:28:55

But there were further delays to Sohail due to illness and workmanship he wasn't happy with,

0:28:550:29:00

which pushed the timescale to just over two years.

0:29:000:29:04

I think it's just taken a little bit longer than I thought it would.

0:29:040:29:07

That's what disappointed me a little bit.

0:29:070:29:10

But instead of rushing through something,

0:29:100:29:13

we've taken our time and we did a fantastic job out of it.

0:29:130:29:15

As yet, Sohail is undecided whether to sell this property or let it

0:29:170:29:22

but, bearing in mind the original purchase price of 125,000,

0:29:220:29:25

how much did he finally spend on the renovation?

0:29:250:29:28

Originally, we thought we'd spend over 100,000 on it

0:29:280:29:33

but, as it stands, it's around 94,400 or something.

0:29:330:29:39

That would take his total outlay on the house to just under 220,000.

0:29:430:29:47

So it's time to ask two local estate agents

0:29:470:29:50

if they're as impressed with the renovation as I am.

0:29:500:29:55

Overall, the final renovation of this property is excellent.

0:29:550:29:59

The standard of workmanship is spot-on.

0:29:590:30:02

They have kept the original features

0:30:020:30:06

but installed up-to-date conveniences, if you like.

0:30:060:30:11

It's clear the owners have spent a lot on this,

0:30:110:30:13

stripping it back to bare brick and renovating it from tip to toe.

0:30:130:30:16

I think they've done a good job.

0:30:160:30:17

The retention of all the fireplaces throughout the property

0:30:170:30:21

does mean that the rooms are a lot more inviting and it keeps it in character.

0:30:210:30:25

The estate agents like the property,

0:30:250:30:27

but reckon its location next to a busy road could be a drawback.

0:30:270:30:30

So what sort of resale figure could Sohail achieve,

0:30:300:30:34

bearing in mind his total spend of just under 220,000?

0:30:340:30:38

I would advise an asking price on this property at £225,000.

0:30:380:30:45

I would put this property on the market at £225,000.

0:30:450:30:49

I don't think so.

0:30:490:30:51

I think it's quite short from what the value of the house is.

0:30:510:30:56

After just over two years' work on the house,

0:30:560:30:59

those possible returns would yield Sohail very little profit.

0:30:590:31:03

Are the rental returns more encouraging?

0:31:030:31:06

I would suggest a figure of £1,200 per calendar month.

0:31:060:31:11

I would put this property on the market for £1,000 per calendar month.

0:31:110:31:15

Those figures could give Sohail an annual rental yield

0:31:150:31:18

of between five and a half and six and a half per cent,

0:31:180:31:21

which is pretty healthy.

0:31:210:31:22

But he believes he can achieve a higher figure of £1,400 per calendar month,

0:31:220:31:27

giving him a seven and a half per cent yield.

0:31:270:31:30

I think Sohail is going to settle for letting it.

0:31:300:31:34

Yeah, I think we'll rent it for a good amount of time

0:31:340:31:37

and then we'll sell it eventually.

0:31:370:31:40

It's been a real labour of love and a long road to reaping those rewards,

0:31:400:31:45

but Sohail hasn't just kept the faith.

0:31:450:31:47

He's up for doing it all over again.

0:31:470:31:50

When I find an opportunity, I will jump on it.

0:31:500:31:53

Whether it was houses or any other structures around that need renovating,

0:31:530:31:59

then I will jump on that.

0:31:590:32:01

Meanwhile, I'll continue flying.

0:32:010:32:03

Well, today, I'm in the western part of the Lake District,

0:32:150:32:19

close to Ennerdale Water, and what a stunning spot it is, too.

0:32:190:32:23

Popular with walkers and holidaymakers and, well,

0:32:230:32:26

what a fantastic place to live.

0:32:260:32:28

There's convenient, cos the property that was up for auction is just by here.

0:32:280:32:33

Arlecdon is a small former mining village

0:32:350:32:37

about five miles from Whitehaven.

0:32:370:32:40

There are rather limited local amenities,

0:32:400:32:43

but it's desirable for holiday lets

0:32:430:32:46

as it's so close to the Lake District.

0:32:460:32:48

Well, the village is made up primarily of just a couple of streets of terraced houses,

0:32:480:32:54

and it's one of those that was up for auction.

0:32:540:32:57

Two bedrooms, two reception rooms, woofy dogs - let's a look.

0:32:570:33:00

This two-bed terrace had a guide price of £35-£45,000,

0:33:020:33:07

but this busy road might put some potential buyers off.

0:33:070:33:11

Let's hope those windows are double-glazed.

0:33:110:33:15

# Take me home down country roads... #

0:33:150:33:20

Well, at least you've got a double-glazed door to keep away

0:33:200:33:24

the noise from the road and straight into the lounge.

0:33:240:33:27

Good news - it doesn't actually smell damp.

0:33:270:33:29

It looks in reasonable condition

0:33:290:33:31

but it could do with a bit of a coat of paint and a redecoration

0:33:310:33:34

but, apart from that, it's pretty altogether.

0:33:340:33:38

Steep stairs up to your bedrooms but lots and lots of

0:33:380:33:40

storage space right underneath there,

0:33:400:33:43

which gives this rear living room area a really nice feel.

0:33:430:33:46

And then the property just keeps on going back and back and back!

0:33:460:33:50

A galley-style kitchen - again, it could do with a bit of tidying up

0:33:500:33:54

and replacement, but it's a good-sized space.

0:33:540:33:58

Toilet and bathroom on the end there, which isn't ideal.

0:33:580:34:01

Obviously, you'd prefer it upstairs but, overall,

0:34:010:34:04

what seems like a fairly small property from the front...

0:34:040:34:07

Well, what a surprise when you get inside!

0:34:070:34:10

"DOCTOR WHO" THEME TUNE

0:34:100:34:12

Yes, it's definitely got that Tardis feel,

0:34:130:34:16

being much more spacious inside than it looks from outside.

0:34:160:34:20

And, whilst it's tired and dated,

0:34:200:34:22

there's really nothing major to do here.

0:34:220:34:26

As a rental or, better still, a holiday let,

0:34:260:34:29

you could save yourself a lot of money and bother

0:34:290:34:32

by leaving the bathroom where it is.

0:34:320:34:34

Upstairs, there are two good-sized double bedrooms

0:34:340:34:37

and the back one has a huge plus point.

0:34:370:34:40

Well, upstairs, you've got

0:34:400:34:42

these really nice, big windows which open out fully,

0:34:420:34:45

which means you can truly appreciate the lovely views out the back.

0:34:450:34:49

# The view from the top

0:34:490:34:55

# Can be oh so very lovely... #

0:34:550:35:01

This lovely view would be much appreciated in that back garden,

0:35:010:35:05

an asset to have in a beautiful rural property like this.

0:35:050:35:09

So, at the rear of the property,

0:35:090:35:11

you've got these lovely open fields and this really nice garden.

0:35:110:35:16

And...here's where the woofing was coming from. Hello.

0:35:160:35:19

DOG BARKS

0:35:190:35:21

Yeah, exactly.

0:35:210:35:22

It's kennels - that's a bit strange.

0:35:220:35:25

Well, maybe it isn't because, actually,

0:35:250:35:28

that garden isn't owned by this property.

0:35:280:35:31

It's owned by the next-door neighbour.

0:35:310:35:34

This property actually only has this little bit of concrete just here.

0:35:340:35:38

Oh, dear.

0:35:410:35:42

# Oh, dear

0:35:420:35:45

# Oh, dear... #

0:35:450:35:46

It seems strange not to have more outdoor space,

0:35:460:35:49

especially considering the great views of the countryside out back,

0:35:490:35:54

and the size of the property.

0:35:540:35:56

So I wonder what the prospects are for this canine cottage.

0:35:560:35:59

With a guide price of 35 to 45,000,

0:36:000:36:02

we asked the auctioneer who sold it

0:36:020:36:05

for his opinion on this two-bed terrace.

0:36:050:36:08

All of these properties had a garden at one time,

0:36:090:36:12

but they've been sold on to the neighbours over the years.

0:36:120:36:16

Some people would want a garden, some people don't want garden.

0:36:160:36:20

This particular one doesn't have one, so it would suit

0:36:200:36:23

the young professional, the holiday home, or the buy-to-let market.

0:36:230:36:27

And what about the noisy neighbours?

0:36:290:36:32

Well, the current neighbours have dogs,

0:36:320:36:35

which could be looked upon as a plus or a minus.

0:36:350:36:38

The plus is you're very unlikely to get burglars.

0:36:380:36:41

The minus might be you wake up early.

0:36:410:36:44

Well, that's looking on the bright side.

0:36:440:36:47

There is always a positive but, with that in mind,

0:36:470:36:50

how much does he think it would fetch as a rental?

0:36:500:36:53

Once this property was refurbished, it would probably achieve,

0:36:530:36:58

in the rental market, £395 per calendar month.

0:36:580:37:01

If it was to be turned into a holiday home,

0:37:010:37:03

you may get up to £400 a week in the peak periods.

0:37:030:37:07

So, as a holiday let, it could be quite lucrative

0:37:090:37:12

and perhaps make the lack of back garden less of an issue here.

0:37:120:37:17

But, out of interest, what could it achieve if sold on?

0:37:170:37:20

Once this property was fully renovated,

0:37:200:37:22

pristine showroom condition, it would probably achieve £65-£70,000.

0:37:220:37:27

Well, it's a nice enough house

0:37:290:37:31

and you certainly can't knock the view over the hills there,

0:37:310:37:34

but this busy road might just put me off.

0:37:340:37:37

Let's see who wasn't put off when it went under the hammer.

0:37:370:37:40

Lovely location, this.

0:37:440:37:46

Two-bedroom terraced property,

0:37:460:37:48

situated in a popular, rural location.

0:37:480:37:51

Start me off at 40.

0:37:510:37:52

30?

0:37:520:37:54

Not going lower.

0:37:540:37:56

25, then.

0:37:560:37:58

25, I've got, back of the room.

0:37:580:38:01

At £25,000...

0:38:010:38:03

26, it's a bid now. 27?

0:38:040:38:06

27, I've got. 28, I've got here, seated.

0:38:060:38:09

29, 30,

0:38:090:38:12

one, two, three.

0:38:120:38:14

33 and a half, 34.

0:38:140:38:16

35, 36?

0:38:160:38:19

Shake of the head.

0:38:190:38:21

It's with you at 35. You've been with me all the way.

0:38:210:38:24

At £35,000, I'm selling this.

0:38:240:38:26

Don't lose it.

0:38:260:38:27

At £35,000, first time...

0:38:270:38:30

At £35,000, second time...

0:38:300:38:32

Third and final time, then...

0:38:320:38:35

All done. Selling away.

0:38:350:38:36

Sold to the rear. Well done.

0:38:360:38:38

That successful bid of £35,000

0:38:390:38:41

was made by retired police officer Joe and his wife Carolyn, who's a crime scene investigator.

0:38:410:38:48

I met Joe back at this Cumbrian hideaway to find out

0:38:480:38:52

if the couple had detected a great little investment here.

0:38:520:38:56

-Joe, really good to meet you.

-And you.

-Congratulations.

-Thank you.

0:38:560:39:00

Tell me why you wanted to buy the house.

0:39:000:39:02

-Erm, well, it's your fault, really.

-Oh.

0:39:020:39:04

Yeah, because if the wife hadn't seen this programme on television

0:39:040:39:07

a couple of year ago and started watching it regularly,

0:39:070:39:10

we wouldn't be here today.

0:39:100:39:12

-We inspired you, then?

-Well, I wouldn't say inspired ME.

0:39:120:39:15

You inspired my wife.

0:39:150:39:16

So do I detect a certain, erm,

0:39:160:39:20

unwilling party to this whole thing about your demeanour?

0:39:200:39:24

To start with, yes. I'm into it now.

0:39:240:39:26

So why this house, particularly?

0:39:260:39:28

It's fairly central for the Lake District.

0:39:280:39:31

We didn't want anything on the coast.

0:39:310:39:34

It's a nice little village and it was a reasonable priced property.

0:39:340:39:38

And what have you bought it for, what are you going to do with it?

0:39:380:39:41

-As a holiday let.

-Oh!

0:39:410:39:44

Have you got any experience in holiday lets or anything like that?

0:39:440:39:47

-Nothing at all.

-OK.

-We're both starting from scratch.

0:39:470:39:50

-OK.

-We're being advised by friends, so we'll just take their advice

0:39:500:39:54

and see what happens.

0:39:540:39:55

Right. And the demand for that kind of thing around here...?

0:39:550:39:59

There's a good demand for it.

0:39:590:40:01

Any friends that we've talked to have got similar houses.

0:40:010:40:05

-They're let most of the year.

-Really?

-Yeah.

0:40:050:40:09

-What, year-round?

-Year-round.

0:40:090:40:11

# Holiday

0:40:110:40:15

# Celebrate... #

0:40:150:40:17

With two double bedrooms

0:40:170:40:19

and even the possibility of a sofa bed in the rear living area,

0:40:190:40:23

you could get up to six people holidaying in this house at a time.

0:40:230:40:27

Joe will need to factor in the cost of furnishing and maintaining it,

0:40:270:40:31

as well as the business side of holiday lets, which can be a lot of work.

0:40:310:40:35

But first things first. What are the renovation plans?

0:40:350:40:39

Strip it to start with, get the wallpaper off, see what the walls are like.

0:40:390:40:43

They look fairly sound. Take the kitchen out, put a new kitchen in.

0:40:430:40:48

We're thinking about blocking the back door up

0:40:480:40:50

and putting the back door further this way to make a bigger bathroom,

0:40:500:40:54

put a bigger bathroom suite in, a shower.

0:40:540:40:57

All the windows are double-glazed so they just need cleaning up.

0:40:570:41:02

Joe also plans to install wooden flooring in the front and back living areas,

0:41:020:41:07

new carpets upstairs in both bedrooms and a new front door.

0:41:070:41:10

He will be working on the property full-time

0:41:120:41:15

with help from his eldest son,

0:41:150:41:16

and will contract in plumbers and electricians as needed.

0:41:160:41:21

What Joe's timescale and budget for the work?

0:41:210:41:24

We think about four to six month.

0:41:240:41:26

We should have its back broken by then.

0:41:260:41:29

Right. And the cost, the budget you've got set aside?

0:41:290:41:32

Up to about £6,000.

0:41:320:41:34

Well, £6,000 might be a little tight for what he's got planned here,

0:41:340:41:39

but Joe has sussed out whether or not the neighbour's dogs

0:41:390:41:42

are likely to turn into a pet hate for holidaying tenants.

0:41:420:41:45

Once they get used to people, they're no problem at all.

0:41:450:41:49

I've just been talking to the lad next door.

0:41:490:41:51

He says, "Once they get used to you, after a couple of hours, "they're no problem at all."

0:41:510:41:56

But at least it tells you when there's anybody knocking about,

0:41:560:41:59

which can't be a bad thing.

0:41:590:42:00

And the fact that you haven't got a garden...

0:42:000:42:03

No, there's nothing at the back.

0:42:030:42:04

Doesn't matter if it's a holiday let, I suppose.

0:42:040:42:07

-It doesn't matter at all, no.

-Congratulations. Good luck with it.

0:42:070:42:10

-Thank you very much.

-I look forward to seeing how you get on.

-OK.

0:42:100:42:12

Well, Joe may well be a reluctant entry into the property rental market

0:42:140:42:19

but, actually, I think he's come to a really good solution for the use of this place,

0:42:190:42:24

which means that the problems of the dogs and the lack of outdoor space don't really matter.

0:42:240:42:30

A holiday let, but don't underestimate the amount of effort

0:42:300:42:33

it takes to successfully run a holiday let.

0:42:330:42:35

There's lots of work to be done to sort this place out before they get their first visitors.

0:42:350:42:40

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

0:42:400:42:43

Well, those plans and ideas seemed so good at the time.

0:42:460:42:49

But now the months have gone by, have those dreams become a reality?

0:42:490:42:54

Hmm, let's find out.

0:42:540:42:55

We head back to Stoke Newington, north London,

0:43:010:43:04

where earlier we met Debbie, a fashion designer.

0:43:040:43:08

She bought the flat at auction for 130,000

0:43:080:43:10

as a joint investment with her brother.

0:43:100:43:13

The exterior promised much,

0:43:130:43:16

but in fashionable Stoke Newington, this is what 130,000 buys you.

0:43:160:43:21

In fact, I should have added the word "studio" in front of "flat"

0:43:210:43:25

but Debbie, who describes herself as obsessed with properties,

0:43:250:43:28

had a big vision for this small property.

0:43:280:43:31

She planned to change the layout to make the most of this space.

0:43:310:43:35

Where is currently the kitchen is going to be the bedroom,

0:43:350:43:38

where is currently the bedroom will be a kind of living/kitchen room area.

0:43:380:43:41

You've got somewhere to eat and somewhere separate to go on an evening when you go to bed.

0:43:410:43:45

If you do have guests, you've still got privacy.

0:43:450:43:47

Yeah, I don't think you could fit a guest in there, to be honest!

0:43:470:43:50

-What, is nobody ever going to visit you?

-No.

0:43:500:43:53

Well, let's hope that's not true because, two months later,

0:43:560:43:59

we return to visit Debbie to see if her fashion designing skills

0:43:590:44:03

had indeed fashioned something out of this cramped space.

0:44:030:44:06

And I reckon the results

0:44:060:44:08

are definitely worthy of a property catwalk.

0:44:080:44:11

Well, the fashion police can turn those sirens off because Debbie

0:44:340:44:38

has created a stunning little number -

0:44:380:44:41

compact, contemporary and stylish.

0:44:410:44:43

Debbie is on hand to talk us through the big changes here.

0:44:460:44:51

So, originally this was the bathroom but the door was here,

0:44:540:44:57

so we've kept the bathroom in the same place,

0:44:570:45:00

but we've put in the converging pocket doors.

0:45:000:45:02

So you can open or close them just to have extra room into the bathroom.

0:45:020:45:07

This used to be the kitchen.

0:45:070:45:09

There used to be a long corridor with a door going into the kitchen.

0:45:090:45:12

We've now changed that and removed the entire corridor

0:45:120:45:15

and put a built-in wardrobe here.

0:45:150:45:17

Then there was a door at the far end that used to be a small studio room,

0:45:170:45:20

so that now the open plan kind of living/kitchen area.

0:45:200:45:23

I think it works much better now cos it's much more open plan.

0:45:230:45:26

It's a clever transformation from its former self,

0:45:280:45:30

with integrated wardrobes and appliances stowed neatly away,

0:45:300:45:34

a place for everything and everything in its place.

0:45:340:45:38

But Debbie did have moments of doubt as to whether this would all work.

0:45:380:45:42

At one point, we took all the walls down - my brother took all the walls himself -

0:45:420:45:46

and it was a bit scary because you could just see it as one room.

0:45:460:45:49

We were a bit worried then that we wouldn't fit everything in because it was so small.

0:45:490:45:53

I mean, it was smaller than an average living room,

0:45:530:45:56

but once we started putting the walls back in, there was room to fit everything.

0:45:560:46:01

That was a relief but there were other problems which Debbie and her brother didn't anticipate.

0:46:010:46:06

We didn't realise until we started getting people in,

0:46:060:46:09

when we had the plasterer, electrician and plumber in at the same time,

0:46:090:46:12

that they wouldn't be able to fit in.

0:46:120:46:13

Also, because the floor had been up, and all the pipeworks were getting changed,

0:46:130:46:17

it wasn't till then you realised you could only fit one person in that the same time.

0:46:170:46:21

# It's a small world after all

0:46:210:46:25

# It's a small, small world... #

0:46:260:46:30

Tradesmen rewired, replumbed and replastered the flat.

0:46:300:46:34

That left the pair to get on with the fun part - creating a new property.

0:46:340:46:38

Myself and my brother have been doing most of the work ourselves,

0:46:380:46:42

so we've been here every day on an evening and at weekends as well.

0:46:420:46:45

My brother fitted most of the kitchen, I did all the painting.

0:46:450:46:49

We've done most things together and designed all the interior ourselves.

0:46:490:46:52

We've been here quite a lot.

0:46:520:46:54

Debbie's fashion background is easy to see,

0:46:550:46:58

judging by the gorgeous styling, colour and tones used here.

0:46:580:47:01

It may be a small flat, but did this modern feel come at the price?

0:47:010:47:06

We've spent £12,000 on the budget, so originally we said ten to 15,

0:47:060:47:10

so we've come in under the 15, which is really good.

0:47:100:47:13

Add that to her £130,000 purchase price

0:47:150:47:18

and the total outlay is 142,000.

0:47:180:47:22

So, with a lot of work and money spent on the place,

0:47:220:47:25

what's the plan now?

0:47:250:47:27

The plan was originally to possibly move in but I think,

0:47:270:47:30

because the finish is how it is now,

0:47:300:47:32

we'd like to keep it that way, and as soon as you move in,

0:47:320:47:35

things start to get a bit ruined, so we just want to sell it now.

0:47:350:47:38

Time to hear what two local estate agents think

0:47:400:47:43

of Debbie's £142,000 investment.

0:47:430:47:45

Well, having seen the property before,

0:47:470:47:49

coming back today, I'm absolutely amazed.

0:47:490:47:51

They've done a really, really good job.

0:47:510:47:53

I think it's just opened it up.

0:47:530:47:55

I think what they've done with it, in terms of the interior, the decor,

0:47:550:47:58

I think it works really, really well.

0:47:580:48:00

My first impressions are the quality of the finish -

0:48:000:48:03

it's been done to a very nice standard,

0:48:030:48:05

and that somewhat compensates for the space.

0:48:050:48:09

What do they think the property could fetch if sold on,

0:48:100:48:14

bearing in mind Debbie's total spend of £142,000?

0:48:140:48:17

I would expect the property to achieve about £150,000,

0:48:200:48:24

which is the threshold for stamp duty.

0:48:240:48:27

I would probably put this on for around about 180,000,

0:48:270:48:32

possibly £185,000.

0:48:320:48:34

One valuation is quite low but the other, I think,

0:48:340:48:36

is what we were hoping for, so if we can make that amount of money on it,

0:48:360:48:40

that's great for two months' work.

0:48:400:48:41

The agents' estimates mean Debbie's potential pre-tax profit

0:48:410:48:46

would be from eight up to £43,000.

0:48:460:48:50

The key is that stamp duty threshold of 150,000.

0:48:500:48:54

But, should she fail to shift the flat,

0:48:540:48:57

the agents reckon the rentals could range from

0:48:570:49:00

750 to 850 per calendar month,

0:49:000:49:02

meaning an annual rental yield of around six to seven per cent.

0:49:020:49:06

But those returns and that quick turnaround haven't

0:49:120:49:16

given Debbie any grand ideas about her next project.

0:49:160:49:20

I think we'll try and take on another one like this,

0:49:200:49:22

another small studio, cos in the amount of time it takes to do,

0:49:220:49:25

the work stacks up quite well on the profit side.

0:49:250:49:27

So, come on, Debbie.

0:49:270:49:29

After this little renovation, is your heart in fashion or property?

0:49:290:49:34

Still property.

0:49:340:49:35

Since filming, Debbie's happily accepted an offer on the flat

0:49:370:49:42

of 182,000, which is great news.

0:49:420:49:45

Earlier, we were in Arlecdon

0:49:500:49:52

on the west side of the beautiful Lake District.

0:49:520:49:56

Here, Joe had purchased this two-bed terrace property at the

0:49:560:50:00

auction for £35,000 after a little cajoling from his wife Carolyn.

0:50:000:50:05

She got the idea from none other than Homes Under The hammer.

0:50:050:50:09

-We inspired you, then.

-Well, I wouldn't say inspired ME.

0:50:090:50:12

You inspired my wife.

0:50:120:50:13

So do I detect a certain, erm,

0:50:130:50:16

unwilling party to this whole thing about your demeanour?

0:50:160:50:20

To start with, yes. Yeah. I'm into it now.

0:50:200:50:23

Well, let's hope that Joe stuck to his words

0:50:230:50:26

when the hard graft started.

0:50:260:50:28

He and Carolyn planned to turn it into a holiday let in four to six months.

0:50:280:50:33

Well, we returned just over seven months later to see

0:50:330:50:36

if it's all been a bit of a breeze.

0:50:360:50:38

Wow, what a difference!

0:50:560:50:58

Joe has definitely listened to this property's SOS call.

0:50:580:51:02

The house has had a complete overall,

0:51:030:51:05

with all the rooms either skimmed or stripped right back to bare brick,

0:51:050:51:09

replastered, redecorated and refloored throughout.

0:51:090:51:13

As a holiday let, it really is a home from home -

0:51:140:51:18

comfortable, clean and fresh.

0:51:180:51:20

Joe's pride and joy is the kitchen.

0:51:200:51:23

Well, this is our new kitchen.

0:51:250:51:27

We got the ceiling lowered so we could have down lights.

0:51:270:51:31

The wall behind us - there was two walls - we got them knocked out.

0:51:310:51:35

That was the main concern - the bathroom and the two walls.

0:51:350:51:38

The bathroom is a lot larger than what it was.

0:51:380:51:42

The breakfast bar is so we didn't have to have

0:51:420:51:47

any table or chairs in the dining room.

0:51:470:51:49

We put up a breakfast bar here and that was it.

0:51:490:51:52

We just love it completely.

0:51:520:51:53

Upstairs, the two bedrooms have also been stripped back

0:51:560:51:59

and brought right up-to-date with bold feature wallpaper

0:51:590:52:03

and colour-coordinated fixtures, fittings and furnishings.

0:52:030:52:06

And, to get upstairs, well, a new staircase has been built.

0:52:080:52:12

It's still to be finished off with glass panels at the side and a wooden handrail,

0:52:120:52:17

but it's not what Joe originally had in mind.

0:52:170:52:20

We wanted to put a circular staircase in the corner but,

0:52:200:52:23

because of the beam up above, we were restricted with height and width,

0:52:230:52:28

so we opted... The next thing was to get an open-plan staircase

0:52:280:52:33

to make it lighter underneath the stairs.

0:52:330:52:36

After that, we decided we'd replace the fireplace.

0:52:360:52:39

We got a marble back and base, and that's it.

0:52:390:52:43

We're very pleased with it.

0:52:430:52:45

And so he should be. He's made the most out of the space

0:52:450:52:48

and created a practical but comfortable holiday rental,

0:52:480:52:51

with some lovely personal touches.

0:52:510:52:54

It's partly because Joe and Carolyn plan to stay here themselves sometimes,

0:52:570:53:01

but this has all come at a cost.

0:53:010:53:02

The original renovation budget was 6,000 but they've spent 15,000,

0:53:020:53:08

though Joe's got no regrets.

0:53:080:53:11

Oh, definitely been worth it.

0:53:110:53:13

When you look around the house now, it's so homely.

0:53:130:53:15

We went slightly over budget but we wanted it as we would like it.

0:53:150:53:20

If we go on holiday, we would like somewhere like this.

0:53:200:53:24

Even though they did go over their budget by £9,000,

0:53:240:53:27

that's not to say they weren't thrifty.

0:53:270:53:30

My wife was scouring the weekend local paper,

0:53:300:53:34

and dragging me out at night-time to eye the pieces of furniture up.

0:53:340:53:39

And then it was put the trailer on the van and go next day and pick the pieces up.

0:53:390:53:45

So that was really quite cheap.

0:53:450:53:48

Hmm, he said she dragged him to the auction, too,

0:53:480:53:51

and look how that turned out!

0:53:510:53:54

I think he may secretly enjoy the things his wife drags him to!

0:53:540:53:57

Joe?

0:53:570:53:58

No.

0:53:580:53:59

Definitely not. I'm not giving in to that.

0:54:010:54:04

Whatever you say, this was the first renovation that Joe and Carolyn have done.

0:54:040:54:09

They managed to do it within their six-month timescale.

0:54:090:54:12

They spent as much time here as possible so, hopefully,

0:54:120:54:15

their hard work was worth it.

0:54:150:54:18

When you see the actual finished product,

0:54:180:54:21

it's been well worth it, but at times,

0:54:210:54:23

the dark nights and the cold nights, you're thinking, "What I doing here?

0:54:230:54:28

"Am I going to do this again?"

0:54:280:54:30

Well, I happen to know that they already have their eye on another property that's up for auction.

0:54:300:54:36

But, before that, we invited two local property experts

0:54:360:54:40

to this holiday pad.

0:54:400:54:41

The property cost £35,000 and Joe and Carolyn spent

0:54:410:54:45

a further £15,000 on the renovation, taking the total to £50,000.

0:54:450:54:51

Let's find out if it's been a good investment.

0:54:510:54:54

I think this property's in a really good condition now.

0:54:540:54:58

They've improved almost every part of the property

0:54:580:55:01

and what they've done, they've done really well.

0:55:010:55:04

I think it's a very, very nice finish

0:55:040:55:06

and I think it'll be very popular.

0:55:060:55:08

I think it's very nice.

0:55:090:55:11

I'm very impressed with the standard of fittings that have been

0:55:110:55:15

put in place and I also like the way that

0:55:150:55:17

they've utilised space in the modernisation process as well.

0:55:170:55:21

According to our research,

0:55:210:55:23

a holiday let like this around here can fetch from around

0:55:230:55:27

£230 per week in low season to just over £480 a week in peak season.

0:55:270:55:32

The couple hope to achieve a healthy average throughout the year

0:55:320:55:37

of around £350 per week if they're very lucky.

0:55:370:55:40

After all this work to turn it into a holiday home,

0:55:400:55:44

could they be a tiny bit tempted to sell,

0:55:440:55:47

remembering the total spend of £50,000?

0:55:470:55:49

Let's find out what it's worth on the resale market.

0:55:490:55:53

I think if this property was exposed to the sales market,

0:55:530:55:56

he would achieve a figure in the region of £70,000.

0:55:560:55:59

Somewhere in the region of £75,000.

0:55:590:56:03

I'm amazed.

0:56:030:56:04

Not that it makes any difference to us cos we're not going to sell it.

0:56:040:56:08

We bought it as a project for a holiday let

0:56:080:56:13

and I'm quite surprised at the price, the valuation.

0:56:130:56:17

Pleasantly surprised.

0:56:170:56:18

Well, we all love nice surprises on this show!

0:56:180:56:22

There's a potential pre-tax profit of £20-£25,000,

0:56:220:56:27

but they're not tempted to sell and no wonder.

0:56:270:56:30

And one last thing to ask Joe before we go -

0:56:300:56:34

did the pooches next door cause them any problems?

0:56:340:56:37

All the dogs are on speaking terms with us, so there was no bother.

0:56:380:56:42

Give them a biscuit and they went quiet.

0:56:420:56:45

We're on first-name terms with them!

0:56:450:56:47

Well, that's it for now.

0:56:500:56:51

Did we inspire you or put you off trying it for yourself?

0:56:510:56:54

Join us next time for more Homes Under The Hammer.

0:56:540:56:57

-See you then.

-Goodbye.

-Goodbye.

0:56:570:56:59

Subtitles by Red Bee Media Ltd

0:57:170:57:21

Download Subtitles

SRT

ASS