0:00:02 > 0:00:03Hello, and welcome to the programme.
0:00:03 > 0:00:07Now, auctions are really interesting places to buy property,
0:00:07 > 0:00:10which is probably why they've become so popular over the years.
0:00:10 > 0:00:14Yes, thousands of very different lots are offered for sale
0:00:14 > 0:00:18each year, so why not think about buying your home under the hammer?
0:00:44 > 0:00:48People who buy regularly at auction know all the tricks of the trade.
0:00:48 > 0:00:52One way to make sure you're not inheriting a whole load of problems
0:00:52 > 0:00:55is to read the legal pack before you buy.
0:00:55 > 0:00:57Yes, it's definitely better to be safe than sorry.
0:00:57 > 0:01:01So, here are the properties that inspired our buyers on today's show.
0:01:03 > 0:01:06In County Durham, I don't know where I am with this topsy-turvy house.
0:01:06 > 0:01:10Is this the back or the front?
0:01:10 > 0:01:11I don't know!
0:01:14 > 0:01:18I'm off to a holiday park in Kent, with all I need for the viewing.
0:01:18 > 0:01:22Red coat? Check. Key? Check.
0:01:22 > 0:01:26And this three-bed semi in Cheshire may be
0:01:26 > 0:01:29a non-standard construction, but it's not all bad.
0:01:29 > 0:01:32As a liveable space, you can't complain.
0:01:32 > 0:01:35All these properties have been sold at auction,
0:01:35 > 0:01:39and we'll find out who bought them and what they paid for them
0:01:39 > 0:01:41when they went under the hammer.
0:01:41 > 0:01:42Your lot, sir. Well done.
0:01:45 > 0:01:50Today, I'm in the little village of Annfield Plain near Stanley,
0:01:50 > 0:01:53which is halfway between Durham and Newcastle.
0:01:53 > 0:01:57The village came about to house the miners who worked in the local pit.
0:01:57 > 0:02:00Sadly, they closed in the '80s and '90s,
0:02:00 > 0:02:04but much of the mining folklore and character of the place remain.
0:02:04 > 0:02:09In recent years, its closeness to Durham, Sunderland, Gateshead
0:02:09 > 0:02:13and Newcastle have meant it's attracted a fair number
0:02:13 > 0:02:15of commuters wanting to escape the city.
0:02:15 > 0:02:19That's pushed up house prices in the area. Good news, for some.
0:02:21 > 0:02:24The property I'm here to see was a four-bedroom mid-terrace,
0:02:24 > 0:02:28had a guide price of £25,000 plus.
0:02:28 > 0:02:30That's it behind me.
0:02:30 > 0:02:32Sounds like quite a lot of property for the money,
0:02:32 > 0:02:38but maybe one reason for that is... Is this the back or the front?
0:02:40 > 0:02:41I don't know!
0:02:41 > 0:02:46MUSIC: "Back To Front" by Eliza Doolittle
0:02:46 > 0:02:49Strictly speaking, this is the back of the property.
0:02:49 > 0:02:51But with access and parking out here,
0:02:51 > 0:02:53you can see why this door would get used more.
0:02:55 > 0:02:57That means that the front of the property,
0:02:57 > 0:03:00along with its enormous garden, is inevitably used as the back.
0:03:03 > 0:03:05Confused? Hopefully not for long.
0:03:08 > 0:03:13I guess, given that you don't generally come through
0:03:13 > 0:03:15the front door into your kitchen, that this is in fact
0:03:15 > 0:03:18the rear of the property.
0:03:18 > 0:03:21But into the kitchen you do come, if you come in that way.
0:03:21 > 0:03:24It's a good size. The units are very old, but I like the space.
0:03:24 > 0:03:28It's been knocked through here into this, which makes it
0:03:28 > 0:03:32a kitchen/family play, dining, living area.
0:03:32 > 0:03:34I like that, a very modern way to live.
0:03:34 > 0:03:37It works well for a lot of people.
0:03:37 > 0:03:41Not quite sure what this is. Maybe we'll investigate that in a minute.
0:03:41 > 0:03:43Some kind of lift.
0:03:43 > 0:03:46But through into a corridor, which leads to the front, back,
0:03:46 > 0:03:49whatever you want to call it, door there.
0:03:49 > 0:03:52A downstairs loo and bathroom,
0:03:52 > 0:03:55round the corner to your main living area.
0:03:55 > 0:03:58You can see straightaway that this is a sizeable property.
0:04:00 > 0:04:03Lots of wood on the walls, if you like that kind of thing.
0:04:03 > 0:04:05The gas fire looks like it's seen better days.
0:04:05 > 0:04:08Definitely make a feature in there,
0:04:08 > 0:04:11possibly think about putting patio doors out into the garden.
0:04:11 > 0:04:13But a lot of space!
0:04:14 > 0:04:17Yes, there's no shortage of room here.
0:04:17 > 0:04:20It's more a question of looking at the layout
0:04:20 > 0:04:22and updating the tired decor.
0:04:23 > 0:04:27MUSIC: "A Change Will Do You Good" by Sheryl Crow
0:04:31 > 0:04:34Time to see what we've got upstairs in this house.
0:04:34 > 0:04:37And at a guide price of £25,000 plus on auction day.
0:04:39 > 0:04:43So, upstairs, and four good-size double bedrooms.
0:04:43 > 0:04:47And the answer to the question of what was
0:04:47 > 0:04:49that metalwork downstairs in the lounge.
0:04:49 > 0:04:50It's actually this.
0:04:50 > 0:04:54A disabled lift, which takes a wheelchair, or a disabled person,
0:04:54 > 0:04:58from downstairs in the lounge, up here to the bedroom.
0:04:58 > 0:05:01A fantastic piece of kit, which would be a godsend
0:05:01 > 0:05:02if you were disabled.
0:05:02 > 0:05:05If you bought this place and weren't disabled,
0:05:05 > 0:05:08you'd look to give it to someone who would find it useful, because that's
0:05:08 > 0:05:10a fantastic thing to have.
0:05:12 > 0:05:15Of the three other bedrooms, one's a fair size,
0:05:15 > 0:05:17but the other two are singles.
0:05:19 > 0:05:21However, with four bedrooms,
0:05:21 > 0:05:24there's the possibility of moving the bathroom upstairs.
0:05:26 > 0:05:29This back-to-front house is just as puzzling
0:05:29 > 0:05:31when you come out of the other door.
0:05:33 > 0:05:36At this side, there's a narrow pathway to give access,
0:05:36 > 0:05:40and it's really the other side, I think, that you would use
0:05:40 > 0:05:41most of the time.
0:05:41 > 0:05:43But what you've got here at the back, front,
0:05:43 > 0:05:46or whatever you want to call it, is a really good-sized garden.
0:05:46 > 0:05:50No, trust me, underneath all these weeds, there's a lot of space.
0:05:50 > 0:05:53So, lay this to turf, maybe a little vegetable plot,
0:05:53 > 0:05:55and it's a really lovely family area.
0:05:57 > 0:06:00Just pop on your rose-tinted glasses
0:06:00 > 0:06:03and you'll see this really could be heavenly.
0:06:03 > 0:06:07MUSIC: "Garden of Eden" by Joe Valino
0:06:10 > 0:06:15So, what suggestions will the local estate agent have to unlock
0:06:15 > 0:06:17the potential here?
0:06:18 > 0:06:22First impressions of the property are that it's a good size.
0:06:22 > 0:06:24It's a slightly unusual layout.
0:06:24 > 0:06:28There's quite a bit of work required here, either to get it
0:06:28 > 0:06:31to a lettable standard or for potential resale.
0:06:31 > 0:06:34Any new owner may wish to look at possibly putting a bathroom
0:06:34 > 0:06:39upstairs, but in doing so, they may have to lose one of the bedrooms.
0:06:39 > 0:06:42So, a fair bit of work and expense.
0:06:42 > 0:06:46But given the guide price of just £25,000, how much does
0:06:46 > 0:06:49he think the house could be worth after a full renovation?
0:06:51 > 0:06:54Once this house has been renovated to a reasonable standard, I would expect
0:06:54 > 0:07:01we'd be looking at a resale value of approximately 85 to £90,000.
0:07:01 > 0:07:03What about the rental potential?
0:07:03 > 0:07:05If the property were to be let, once renovated,
0:07:05 > 0:07:08in the current market, I would expect it to achieve
0:07:08 > 0:07:11in the region of 475 to £500 per calendar month.
0:07:13 > 0:07:16So, is this back-to-front house a good one to go for?
0:07:16 > 0:07:19I certainly think you're getting a lot of property for the money,
0:07:19 > 0:07:20so I'd say yes.
0:07:20 > 0:07:22Let's see who agreed when it went under the hammer.
0:07:22 > 0:07:25We're going to move to Annfield Plain.
0:07:25 > 0:07:28A four bed, mid-terrace property.
0:07:28 > 0:07:31It needs complete modernisation refurbishment.
0:07:31 > 0:07:35I need to start at £25,000. Do I have 25,000 anywhere?
0:07:35 > 0:07:3825,000 on the left, bid. 27 anywhere else?
0:07:38 > 0:07:41I've got one bid at 25,000. 27 bid.
0:07:41 > 0:07:4329? 29 bid.
0:07:43 > 0:07:4531? 31 bid.
0:07:45 > 0:07:4833? 35? 37?
0:07:48 > 0:07:5139? 41?
0:07:53 > 0:07:5540? No?
0:07:55 > 0:07:5839,000, I'm selling at £39,000.
0:07:58 > 0:08:0040,000 in. 41?
0:08:02 > 0:08:0542. 43. 44.
0:08:05 > 0:08:0945? At 45,000. Are you coming again?
0:08:09 > 0:08:12It's at £45,000. Do I have 46 anywhere else?
0:08:12 > 0:08:14I'll take a half?
0:08:14 > 0:08:17At £45,000. 45,500 on the back wall.
0:08:17 > 0:08:2146? 46,500.
0:08:21 > 0:08:2447? 47,500.
0:08:25 > 0:08:2848. 48?
0:08:28 > 0:08:30You're both out.
0:08:30 > 0:08:33I'm selling it once at 47,500.
0:08:33 > 0:08:37Second time, at £47,500.
0:08:37 > 0:08:38Sold, to the gentleman on the back wall.
0:08:38 > 0:08:44With that final bid of £47,500, the new owner of the mid-terrace is Lee.
0:08:45 > 0:08:48He's married with two young kids.
0:08:48 > 0:08:51Lee's a quantity surveyor of 22 years' experience
0:08:51 > 0:08:56who's recently decided to turn his hand to property developing as well.
0:08:56 > 0:08:58I met him back at his first investment purchase
0:08:58 > 0:09:00to find out more.
0:09:00 > 0:09:04- Lee! Good to meet you. Congratulations.- Thank you.
0:09:04 > 0:09:06Tell me why you wanted to buy this house.
0:09:06 > 0:09:10It's something we've been looking to do for a while.
0:09:10 > 0:09:14We've done a few properties previously while we've lived in them,
0:09:14 > 0:09:17but we've now got a family home and we're quite settled in that.
0:09:17 > 0:09:21- I'm finding I need something to do, a little bit of hobby.- Hobby?
0:09:21 > 0:09:26Just to fill in a bit of time alongside my main job.
0:09:26 > 0:09:29- Right, which is what?- I'm a freelance quantity surveyor.- Oh, OK.
0:09:29 > 0:09:33So I work for different clients, helping them out with
0:09:33 > 0:09:36quantity-surveying estimates, and that sort of thing.
0:09:36 > 0:09:40- Very useful skill to have. - Yes, I have a bit of knowledge.
0:09:40 > 0:09:43Talk me through what a quantity surveyor does.
0:09:43 > 0:09:47Basically, we manage the financial side of a building company.
0:09:47 > 0:09:51So we make sure you get paid on time, we pay the subcontractors,
0:09:51 > 0:09:55we make sure all of the inventory's up to date.
0:09:57 > 0:09:59Basically the cash-flow of a business.
0:09:59 > 0:10:03It's not just going around, estimating how much it's going to cost to do slating or roofs?
0:10:03 > 0:10:05No, that's an element of it, the initial part,
0:10:05 > 0:10:08but a quantity surveyor spends more of his time
0:10:08 > 0:10:10on site, as the project's ongoing.
0:10:10 > 0:10:13So what kind of skills from your day job will you be able to
0:10:13 > 0:10:14bring into a project like this?
0:10:14 > 0:10:17I'm hoping cost management.
0:10:17 > 0:10:20I'm hoping to be able to bring it in at the right price.
0:10:20 > 0:10:23Manage my prices right.
0:10:23 > 0:10:25And the normal budget you'd have to spend on a project would be what?
0:10:25 > 0:10:31It could be anything. We do anything from 50,000 to £1 million.
0:10:31 > 0:10:34I've worked abroad and done £140 million jobs.
0:10:34 > 0:10:38So, from £140 million budget to budget for this place of...?
0:10:38 > 0:10:41Round about 20,000!
0:10:44 > 0:10:48- The same principles apply! - It's just less zeros.
0:10:48 > 0:10:52Lee lives locally and has been looking for a property
0:10:52 > 0:10:54here for some time.
0:10:54 > 0:10:56Knowing what they can sell for,
0:10:56 > 0:10:59he knew this was a potential bargain within his budget.
0:10:59 > 0:11:01So, what plans does he have for it?
0:11:03 > 0:11:06The first one is to get that lift out.
0:11:06 > 0:11:08Find someone that can remove that for me.
0:11:08 > 0:11:11It would be nice to think it might go to a home...
0:11:11 > 0:11:13Hopefully, someone could reuse it.
0:11:13 > 0:11:17So I've got some investigation to do on that. And then it's strip it back.
0:11:17 > 0:11:19And in terms of the layout,
0:11:19 > 0:11:21what are you going to do with it, downstairs and up?
0:11:21 > 0:11:25Downstairs will probably remain the same, albeit the shower room,
0:11:25 > 0:11:30I'm going to change to a downstairs toilet, and possibly a utility area.
0:11:30 > 0:11:33And then move the bathroom up to the first floor
0:11:33 > 0:11:35and make a smaller bedroom upstairs.
0:11:35 > 0:11:38But basically, leave the layout more or less the same.
0:11:38 > 0:11:41In order to keep costs down,
0:11:41 > 0:11:45Lee will do most of the labour himself, calling on trades people
0:11:45 > 0:11:50to do the more specialist work, such as plumbing or electrics.
0:11:50 > 0:11:55He hopes to get it finished within four to five months and sell it on.
0:11:55 > 0:11:58But what about his family? Will they get involved?
0:11:58 > 0:12:02My wife tends to give me the interior-design element of it.
0:12:02 > 0:12:04She helps me out quite a lot with that.
0:12:04 > 0:12:06And I get to do all the dirty work, so...
0:12:08 > 0:12:10Talking of dirty work,
0:12:10 > 0:12:13Lee has plans for the outside of the property, too.
0:12:15 > 0:12:18That's an interesting layout in terms of
0:12:18 > 0:12:21- the front's at the back and the back's at the front.- Yeah.
0:12:21 > 0:12:23What are you going to do? Are you keeping it as it is?
0:12:23 > 0:12:25Yes, it'll stay like that.
0:12:25 > 0:12:27At the moment, the back is a yard area,
0:12:27 > 0:12:29which I plan to knock the back wall down,
0:12:29 > 0:12:33to turn it into some off-street parking.
0:12:33 > 0:12:38The front garden, I'll cut down the weeds and turf it, so it gives
0:12:38 > 0:12:41a pleasant outlook out the front, and a bit of space for a family.
0:12:41 > 0:12:43- Well, congratulations, good luck with it.- Thank you.
0:12:43 > 0:12:46- We'll look forward to seeing how you get on.- Great, thanks.
0:12:46 > 0:12:49Well, Lee has clearly got one vital bit of experience in terms of making
0:12:49 > 0:12:53this project a success, because keeping a tight rein on the cash is
0:12:53 > 0:12:56one of the most important parts of any project.
0:12:56 > 0:13:00But how will he get on managing a £20,000 budget as supposed to
0:13:00 > 0:13:02a £140 million one?
0:13:02 > 0:13:04You can find out later in the show.
0:13:07 > 0:13:11Now, this is one of the more unusual auction lots we've featured
0:13:11 > 0:13:13on Homes Under The Hammer.
0:13:13 > 0:13:16The property I'm here to see is just over there.
0:13:16 > 0:13:21But this used to be a 1950s holiday camp.
0:13:21 > 0:13:26It was really buzzing in its heyday.
0:13:26 > 0:13:29So, was the guide price Hi-de-Hi or Hi-de-Low?
0:13:29 > 0:13:31I'm pleased to announce the property was
0:13:31 > 0:13:37guided at an incredibly low 30 to £35,000.
0:13:37 > 0:13:40Red coat? Check! Key? Check!
0:13:40 > 0:13:42All that's left to do now is check in.
0:13:54 > 0:13:58We're in a holiday mood on the Kent coast, not far from Deal.
0:13:58 > 0:13:59But deal or no deal,
0:13:59 > 0:14:02this one is going to be something out of the ordinary.
0:14:06 > 0:14:09Now, this holiday park doesn't really have a '50s feel to it,
0:14:09 > 0:14:12and that's because it was redeveloped in the '80s.
0:14:12 > 0:14:16And they didn't opt for a typically British look, either.
0:14:16 > 0:14:20No, Scandinavian lodges!
0:14:20 > 0:14:22Personally, I love it.
0:14:25 > 0:14:28No need to look out for birch twigs just yet.
0:14:28 > 0:14:30But they sure have, wait for it,
0:14:30 > 0:14:35SAUNA lot of trees down to make these timber-framed chalets!
0:14:35 > 0:14:36And the good news is,
0:14:36 > 0:14:40they look to be standing the test of time pretty well.
0:14:43 > 0:14:45What a great lodge this is!
0:14:45 > 0:14:47It's got a sort of beach-house effect going on,
0:14:47 > 0:14:51with all this tunnel-grooved, white-painted wood.
0:14:51 > 0:14:54Really cosy in here, a great entertaining space.
0:14:54 > 0:14:56I suppose you could upgrade it.
0:14:56 > 0:15:00You could think about painting this white to match the interior.
0:15:00 > 0:15:02But it's going to be a holiday home,
0:15:02 > 0:15:04so I wouldn't be spending too much money in here.
0:15:04 > 0:15:08The kitchen, you know, look, it really is in good working order.
0:15:08 > 0:15:11I don't think you'd have to change this.
0:15:11 > 0:15:15I could imagine having great summers here with my family.
0:15:15 > 0:15:18For the guide price, I think this would be an absolute steal
0:15:18 > 0:15:20if it went for anywhere near that.
0:15:22 > 0:15:26And for that 30 to £35,000 guide price,
0:15:26 > 0:15:29you get a sitting room and kitchen, for starters,
0:15:29 > 0:15:33and two little rooms downstairs, which, at a push, could be bedrooms.
0:15:33 > 0:15:36MUSIC: "I Have A Dream" by ABBA
0:15:37 > 0:15:40The bathroom's down here, too.
0:15:40 > 0:15:41Then, up the stairs,
0:15:41 > 0:15:45and you're straight into a decent-sized bedroom,
0:15:45 > 0:15:47and another bedroom.
0:15:47 > 0:15:49Out back, there's a pleasant little paved area,
0:15:49 > 0:15:51ideal for a secluded barbeque on a summer's evening.
0:15:51 > 0:15:55It's worth bearing in mind that this is a leasehold property,
0:15:55 > 0:15:58with just 70 years remaining.
0:15:58 > 0:16:01So you might want to look into renewing the lease if possible,
0:16:01 > 0:16:05which would certainly make it easier to sell on in the future.
0:16:05 > 0:16:10One more thing - this is a holiday home, so it has restricted use.
0:16:10 > 0:16:13This property can't be occupied by the same person for more than
0:16:13 > 0:16:15a set number of days per year.
0:16:15 > 0:16:19This is to stop it being used as a permanent home.
0:16:19 > 0:16:22The local council are keen to maintain tourism,
0:16:22 > 0:16:25and so you can see why these restrictions are in place.
0:16:25 > 0:16:28But I happen to know that with this particular site,
0:16:28 > 0:16:31it's closed over the cold winter months, but it's open for
0:16:31 > 0:16:36Christmas and New Year, and I think that's great news for families.
0:16:39 > 0:16:42Besides, I really wouldn't be put off by those restrictions.
0:16:42 > 0:16:45I mean, this is a holiday park after all,
0:16:45 > 0:16:48and a very neat and tidy one at that.
0:16:48 > 0:16:49Now, here's some good news.
0:16:49 > 0:16:53The exterior of the property is maintained by the holiday park.
0:16:53 > 0:16:55They like these properties to have this look,
0:16:55 > 0:16:59and they're keen to keep up the standards here,
0:16:59 > 0:17:01ensuring they're in tiptop condition.
0:17:01 > 0:17:05So, that is all great. But it does come at a price, I'm afraid.
0:17:05 > 0:17:11The service charge is a fairly hefty three grand a year.
0:17:11 > 0:17:14Let's hope you get something else for that. I'm going on a search.
0:17:18 > 0:17:21Seek and ye shall find.
0:17:21 > 0:17:24Tennis court, crazy golf, children's play park.
0:17:24 > 0:17:27Plus, a private beach, no less. And the icing on the cake?
0:17:27 > 0:17:32An indoor swimming pool. What's not to like?
0:17:32 > 0:17:35We asked along a local estate agent to hear what
0:17:35 > 0:17:37he makes of this holiday home.
0:17:39 > 0:17:40These are good properties.
0:17:40 > 0:17:42They're very well designed for their purpose,
0:17:42 > 0:17:44and it's a wonderful setting.
0:17:46 > 0:17:48What could this holiday home rent out for?
0:17:51 > 0:17:54The rents vary depending on the season and time of year.
0:17:54 > 0:17:57Between 200 and £250 per week.
0:17:57 > 0:18:00And that's just in the low season.
0:18:00 > 0:18:04You can double or even treble that figure at the height of the summer.
0:18:06 > 0:18:08What if the purchaser did it up and sold it on?
0:18:08 > 0:18:11In good condition,
0:18:11 > 0:18:15the resale value of this is probably in the order of 50 to £55,000.
0:18:17 > 0:18:20A Scandinavian lodge beside the seaside?
0:18:20 > 0:18:22It just sounds too good to be true.
0:18:22 > 0:18:24It won't be for everybody, of course.
0:18:24 > 0:18:25The high service charge
0:18:25 > 0:18:29and restricted use may put some people off.
0:18:29 > 0:18:32But if someone's looking for an investment or holiday home,
0:18:32 > 0:18:35this could be the perfect lot to go for.
0:18:35 > 0:18:38Let's find out who fancied it as we go to auction.
0:18:40 > 0:18:45Lot 75. It's a Scandinavian-style holiday lodge.
0:18:45 > 0:18:4830 to 35,000, the guide. Start me at 30.
0:18:48 > 0:18:5225? £25,000, I can lip read.
0:18:52 > 0:18:56And 26. And 28.
0:18:56 > 0:18:58And 30.
0:18:58 > 0:19:0032? 32.
0:19:00 > 0:19:0333, 34, and 35, and 36.
0:19:05 > 0:19:0735 is the gentleman's bid.
0:19:07 > 0:19:0935,000. Out behind at 35,000.
0:19:09 > 0:19:1236, do I see? 36, I have.
0:19:12 > 0:19:14At 37. No?
0:19:14 > 0:19:1736,000 in the distance. At 36,000.
0:19:17 > 0:19:1937, do I see? And a half?
0:19:19 > 0:19:24I don't mind, I've got all evening. And 37.
0:19:24 > 0:19:26And a half again? No?
0:19:26 > 0:19:30At £37,000 at the back of the room, at 37,000.
0:19:30 > 0:19:35And a half, do I see? Selling for the first time, then, at 37,000.
0:19:35 > 0:19:40For the second time at 37,000. You're out sitting at the front.
0:19:40 > 0:19:42At 37,000. And a half.
0:19:42 > 0:19:46You're in danger of missing. 38?
0:19:46 > 0:19:50And 38, I'm bid. And a half. Bit quicker next time, please.
0:19:50 > 0:19:5338 is at the back of the room. And a half again?
0:19:53 > 0:19:55You said that last time.
0:19:55 > 0:19:5838,000 at the back of the room, for the first time.
0:19:58 > 0:20:0038,000 for the second time.
0:20:00 > 0:20:0238,000, third and final time.
0:20:02 > 0:20:04Are you all done?
0:20:07 > 0:20:09It was Andy and his wife Anna
0:20:09 > 0:20:12who snapped up the holiday home for £38,000.
0:20:12 > 0:20:15They live about an hour's drive away in Kent,
0:20:15 > 0:20:17and run their own engineering company.
0:20:18 > 0:20:21I met the couple back at the holiday park
0:20:21 > 0:20:24to see if they'd brought their A-game to this A-frame,
0:20:24 > 0:20:27or whether this Scandinavian chalet would be their Waterloo.
0:20:29 > 0:20:32Andy and Anna, congratulations,
0:20:32 > 0:20:34you've got yourselves a great little place here.
0:20:34 > 0:20:37- Yes.- So, what's the story behind you wanting to buy this?
0:20:37 > 0:20:42Well, we've been thinking about getting a caravan,
0:20:42 > 0:20:45but we saw this come up in the auction, and we came and visited
0:20:45 > 0:20:50the site, and once we'd visited the site, we fell in love with it.
0:20:50 > 0:20:53It's just lovely, it's a beautiful site.
0:20:53 > 0:20:56So quiet and peaceful, basically.
0:20:56 > 0:20:57It's amazing.
0:20:57 > 0:21:00I walked around it myself and was like, "This is brilliant!"
0:21:00 > 0:21:02It's really beautiful, you can see the sea.
0:21:02 > 0:21:05So were you emotionally tied, Anna?
0:21:05 > 0:21:09Had you bought the cushions and sofa-bed, painted the ceiling?
0:21:09 > 0:21:10Oh, yes. Definitely.
0:21:10 > 0:21:15Andy and Anna fell for this one hook, line and sinker.
0:21:15 > 0:21:17And who can blame them?
0:21:17 > 0:21:21They intend to make good use at the chalet with friends
0:21:21 > 0:21:23and family, including their two grandchildren.
0:21:23 > 0:21:26I think they'll all love it here.
0:21:26 > 0:21:28Now, while you might think the chalet is good to go,
0:21:28 > 0:21:30this couple have plans for it.
0:21:30 > 0:21:34Obviously this needs some work doing on it, so, you know...
0:21:34 > 0:21:36Yeah, but not that much!
0:21:36 > 0:21:39Ah, yes, but you don't know my aspirations!
0:21:39 > 0:21:41Oh, Anna! I am so excited.
0:21:41 > 0:21:45Because as far as I can see, it looks pretty good to me.
0:21:45 > 0:21:50It's probably not going to change that much in here, but the bathroom
0:21:50 > 0:21:54is the original bathroom, so we're going to put a new bathroom in.
0:21:54 > 0:21:57We're going to revamp the kitchen area, perhaps new worktops
0:21:57 > 0:22:02and a new cooker, put all new beds, et cetera upstairs.
0:22:02 > 0:22:04- There's a lot of Artex... - That we want to get rid of.
0:22:04 > 0:22:08So we're going to have that plastered over, so it's plastered flat.
0:22:08 > 0:22:11Are you? You really are going to go to that extent
0:22:11 > 0:22:12- of having it plastered.- Yeah.
0:22:12 > 0:22:15- It bothers you that much?- Yeah.
0:22:15 > 0:22:18The thing is, I think we're thinking that if we're going to use it,
0:22:18 > 0:22:22we might as well do all the work that we want to get done now,
0:22:22 > 0:22:24and then it's just done.
0:22:24 > 0:22:26- Then we can relax when we come down here.- That's it, yeah.
0:22:26 > 0:22:28Are you going to do the work?
0:22:28 > 0:22:30- Most of it, probably.- Are you?
0:22:30 > 0:22:33- You're going to be plastering? - I won't do the plastering, no.
0:22:33 > 0:22:36I won't do the plastering, but I'll do the rest.
0:22:36 > 0:22:41I think a cup of tea's in order before Andy gets stuck in.
0:22:41 > 0:22:44Anna wants the chalet to be more luxurious than their own home.
0:22:44 > 0:22:47So, how much is that likely to cost?
0:22:48 > 0:22:51Around about eight to 10,000.
0:22:51 > 0:22:53What? That's a lot of money.
0:22:53 > 0:22:57Eight to 10,000? You only paid 38 for it.
0:22:57 > 0:22:58How long do you think it's going to take you
0:22:58 > 0:23:00to get cracking and do the work?
0:23:00 > 0:23:02How quickly can we come back?
0:23:02 > 0:23:04- Approximately about six months. - Six months?
0:23:04 > 0:23:07- Hopefully do it over the winter. - That is funny.
0:23:07 > 0:23:10It's much more a budget than I thought, and a longer timescale!
0:23:10 > 0:23:13Six months? People do a whole flat in that time.
0:23:13 > 0:23:15Why are you going to take so long doing it up?
0:23:15 > 0:23:17There's no rush - we can do it during the winter
0:23:17 > 0:23:19so we've got it for next summer.
0:23:22 > 0:23:26Then they'll have the perfect little retreat to enjoy with their family.
0:23:26 > 0:23:30That's what we've bought it for. It's for the family.
0:23:30 > 0:23:34We're lucky enough to have lovely close friends, and their families.
0:23:34 > 0:23:37- That's it, yeah.- We're lucky to have been able to get it,
0:23:37 > 0:23:39and we want everybody to enjoy it.
0:23:39 > 0:23:41So in six months time, it'll be looking fantastic?
0:23:41 > 0:23:43- Hopefully, yes.- It better be!
0:23:44 > 0:23:46It will be.
0:23:46 > 0:23:48Well, guys, it's been fantastic meeting you.
0:23:48 > 0:23:50- I can't wait to see what you do. - Thank you.- Thanks.
0:23:50 > 0:23:53- And I hope you'll be very happy here.- I'm sure we will, thanks.
0:23:53 > 0:23:56- And congratulations. Well done, Andy.- Thank you.
0:23:56 > 0:23:58I love it.
0:23:58 > 0:24:02Anna wants to make this lodge more luxurious than her own home!
0:24:02 > 0:24:05I'm sure that eight to £10,000 budget will cover it,
0:24:05 > 0:24:09but will Andy be able to reign her in and keep those finances on track?
0:24:09 > 0:24:13And is he going to do this up in six months? I hope so!
0:24:13 > 0:24:17You can find out how the couple get on later in the programme.
0:24:19 > 0:24:23Coming up, this semi in Cheshire has a nasty surprise up its sleeve.
0:24:23 > 0:24:27That is asbestos. It needs to be taken out by a professional.
0:24:29 > 0:24:31In Kent, Andy and Anna have really gone to town
0:24:31 > 0:24:33on their dream holiday home.
0:24:33 > 0:24:36Everything. All the little bits and pieces...
0:24:36 > 0:24:37- They just add up.- They do.
0:24:40 > 0:24:43But first, in County Durham, Lee has pulled out all the stops.
0:24:43 > 0:24:47I've done weekends and nights just to try and push it on.
0:24:53 > 0:24:56Back now to Annfield Plain, a village midway between
0:24:56 > 0:24:58Durham and Newcastle.
0:24:58 > 0:25:01Here, Lee, a freelance quantity surveyor,
0:25:01 > 0:25:05had bought this four-bedroom mid-terrace for £47,500.
0:25:07 > 0:25:09Like the neighbouring properties,
0:25:09 > 0:25:12the back of the house was used as the main entrance...
0:25:16 > 0:25:20..as the front had a big garden and no road access.
0:25:20 > 0:25:23This was his first auction purchase, which he planned
0:25:23 > 0:25:25to refurbish and sell on.
0:25:25 > 0:25:27He had a few changes planned.
0:25:28 > 0:25:31Downstairs will probably remain the same, albeit the shower room,
0:25:31 > 0:25:37I'm going to change to a downstairs toilet and possibly a utility area.
0:25:37 > 0:25:41And then move the bathroom onto the first floor
0:25:41 > 0:25:42and make a smaller bedroom upstairs.
0:25:42 > 0:25:45But basically leave the layout more or less the same.
0:25:45 > 0:25:47It's a good-sized layout.
0:25:49 > 0:25:51It's now nearly seven months later,
0:25:51 > 0:25:54and we're back again to catch up with Lee.
0:25:54 > 0:25:57The wall at the back of the yard has been removed,
0:25:57 > 0:26:00and there's now off-road parking for a couple of cars.
0:26:03 > 0:26:05Once inside, the refitted kitchen looks most impressive...
0:26:09 > 0:26:11..with new units and appliances...
0:26:14 > 0:26:16..and a slate-effect floor.
0:26:18 > 0:26:21Every wall and ceiling in the house has been re-plastered.
0:26:21 > 0:26:23There are new doors,
0:26:23 > 0:26:26and the decoration throughout is to a high standard.
0:26:27 > 0:26:29The house has been elevated to a new level.
0:26:29 > 0:26:34But removing the lift that went from the dining room downstairs
0:26:34 > 0:26:37to the bedroom wasn't easy, as Lee explains.
0:26:39 > 0:26:43We made enquiries with the company that installed it initially,
0:26:43 > 0:26:46and they quoted us a figure of over £1,000 just to remove the lift.
0:26:46 > 0:26:49Then we'd obviously have to make everything good.
0:26:49 > 0:26:54So myself and my dad decided that we'd have a go of it ourselves.
0:26:54 > 0:26:57Took us nearly two days to remove this structure.
0:26:57 > 0:27:03Lee did look into finding a new home for the lift, but unfortunately
0:27:03 > 0:27:07the costs were so prohibitive that scrapping it was the only option.
0:27:07 > 0:27:11The former shower room on the ground floor is now a utility room,
0:27:11 > 0:27:16housing the boiler for the newly-installed central heating.
0:27:16 > 0:27:20And Lee sensibly retained a downstairs loo.
0:27:22 > 0:27:25Upstairs, the bedrooms have been finished to an equally
0:27:25 > 0:27:29impressive standard, and the layout has been changed to incorporate
0:27:29 > 0:27:33an upstairs bathroom, with the space coming from two rear bedrooms.
0:27:33 > 0:27:36So, how did they do it?
0:27:36 > 0:27:41We formed a new wall at this end and moved a wall at this side
0:27:41 > 0:27:44a little bit further back, just to create the space.
0:27:44 > 0:27:48Also added the new window, which gives a lot of light for this room.
0:27:48 > 0:27:51We then installed the new floor, new ceiling,
0:27:51 > 0:27:54new bathroom suite and new radiator.
0:27:56 > 0:28:00So, the house still has four bedrooms,
0:28:00 > 0:28:03and with the bathroom upstairs, it'll be an ideal family home.
0:28:05 > 0:28:08And there could be an ideal area for kids to play at the front,
0:28:08 > 0:28:11now that Lee has cleared and levelled the garden.
0:28:12 > 0:28:15Get that turfed and it'll be great.
0:28:16 > 0:28:20So, how did Lee fit all this work in along with his job?
0:28:20 > 0:28:25I tried to allocate at least a day or two days a week to this project.
0:28:25 > 0:28:29I've done weekends and nights just to try and push it on.
0:28:29 > 0:28:32But I have had to get a lot of work on the house done by others
0:28:32 > 0:28:35which I would have liked to do myself.
0:28:35 > 0:28:38Lee's family and friends lent a hand and he contracted
0:28:38 > 0:28:43some of the work out to contacts he has in the building industry.
0:28:43 > 0:28:46So, how much has it cost him to replace the windows and doors
0:28:46 > 0:28:50and completely rewire the house?
0:28:51 > 0:28:53My original budget, with a contingency,
0:28:53 > 0:28:56was around about the £20,000 mark.
0:28:56 > 0:28:59I've come in under that, without using the contingency.
0:28:59 > 0:29:03Obviously, that excludes all the time I've spent on it.
0:29:03 > 0:29:05And family and friends.
0:29:05 > 0:29:09If Lee has held his budget to around 19,000, then, added to
0:29:09 > 0:29:11the £47,500 he spent at auction,
0:29:11 > 0:29:16it means he has £66,500 invested here.
0:29:18 > 0:29:21So, have his plans for the property remained the same?
0:29:22 > 0:29:24Hopefully, if the market is starting to pick up,
0:29:24 > 0:29:26I'd really like to sell it on.
0:29:26 > 0:29:30I've had six people knock on the door to rent it already,
0:29:30 > 0:29:33so there's definitely a market out there for rentals.
0:29:33 > 0:29:34We'll see what comes up.
0:29:37 > 0:29:40We invited two local estate agents to give their opinions of this house
0:29:40 > 0:29:43that Lee has finished to such a high standard.
0:29:43 > 0:29:46Overall, I think the finish of the property is brilliant.
0:29:46 > 0:29:49They've spent a lot of time and care making sure it's perfect.
0:29:49 > 0:29:50Same colour scheme throughout.
0:29:50 > 0:29:53The sort of property you could put your own stamp on.
0:29:53 > 0:29:55A big improvement outside.
0:29:55 > 0:29:56It's been tidied up to the front and rear.
0:29:56 > 0:30:00The rear yard's been gravelled, making it low-maintenance.
0:30:00 > 0:30:03The front garden is now a blank canvas for someone to come in
0:30:03 > 0:30:05and do what they would like to do with it.
0:30:05 > 0:30:07Lee hopes that the high standard of finish
0:30:07 > 0:30:11he achieved here will be reflected in the evaluations and
0:30:11 > 0:30:12ensure him a quick sale.
0:30:12 > 0:30:16So, is the house worth over 66,500?
0:30:16 > 0:30:18I would suggest, in the current sales market,
0:30:18 > 0:30:22a value of somewhere around 65 to £70,000.
0:30:22 > 0:30:24I think if the owner were to look to put this property
0:30:24 > 0:30:26on the market for sale,
0:30:26 > 0:30:29you'd be hoping to achieve somewhere in the region of 80 to £85,000.
0:30:29 > 0:30:35Well, that high evaluation range of 80 to 85,000 would generate
0:30:35 > 0:30:41a gross profit of between 13,500 and £18,500, before the usual expenses.
0:30:41 > 0:30:45That's more what we were sort of looking for,
0:30:45 > 0:30:46what we worked our figures on.
0:30:46 > 0:30:50So, that would be more respectable.
0:30:50 > 0:30:54What rental income could the place generate?
0:30:54 > 0:30:56I think you would put the property on the market
0:30:56 > 0:30:59to rent in the region of £425 per calendar month.
0:30:59 > 0:31:02Rental-wise, with it being a four-bedroom,
0:31:02 > 0:31:05anywhere from 450 to £475 per calendar month.
0:31:05 > 0:31:10Those rental valuations would represent a yield of around
0:31:10 > 0:31:167.5 to 8.5%, which is great for his first investment property.
0:31:16 > 0:31:19So, now he's finished, is developing a path he is keen to follow?
0:31:20 > 0:31:24I'd like to do another one, gradually bigger houses,
0:31:24 > 0:31:25if I can work my way up.
0:31:25 > 0:31:28We'll just have to see how it all works out.
0:31:33 > 0:31:35This is Madeley in Staffordshire,
0:31:35 > 0:31:38close to the border with Cheshire and Shropshire.
0:31:38 > 0:31:41It's a pretty village, with a pond
0:31:41 > 0:31:43called the Madeley Pool at its heart.
0:31:43 > 0:31:46So, will today's auction lot have me ducking and diving for cover?
0:31:46 > 0:31:48I hope not.
0:31:48 > 0:31:52The house I'm here to see is on this nice residential estate.
0:31:52 > 0:31:55However, the first thing you might notice,
0:31:55 > 0:31:59because I certainly did, is the houses are slightly unusual.
0:31:59 > 0:32:03The ones over that side have kind of got this...
0:32:03 > 0:32:05They look almost like beehives in some way.
0:32:05 > 0:32:08On this side, they're more bricky. So what's going on?
0:32:08 > 0:32:10Well, in case you hadn't guessed,
0:32:10 > 0:32:13the houses on this estate are all non-standard construction.
0:32:13 > 0:32:19Basically, they're made of concrete blocks set on concrete pillars.
0:32:19 > 0:32:22It's called Cornish Unit. This is the house I'm here to see.
0:32:22 > 0:32:24It's made in exactly that style.
0:32:24 > 0:32:27As you can see, other houses have had bricks put in front of them.
0:32:27 > 0:32:30That makes them mortgageable. But in their current state, they're not.
0:32:30 > 0:32:35Hence the guide price. Three bedrooms, semi-detached. 40 grand.
0:32:35 > 0:32:36Let's take a look.
0:32:36 > 0:32:3930,000 of these Cornish Units were made
0:32:39 > 0:32:42over a 20-year period, post-war.
0:32:42 > 0:32:45So, in fact, they're not that unusual,
0:32:45 > 0:32:48and have proved to be very practical homes.
0:32:48 > 0:32:54MUSIC: "It's Not Unusual" by Tom Jones
0:32:54 > 0:32:56The thing is,
0:32:56 > 0:33:00when you step inside, you really wouldn't know there was a problem.
0:33:00 > 0:33:02And actually, there's quite a lot of space.
0:33:02 > 0:33:06Living-room area here is a bit dark, but it's obviously been
0:33:06 > 0:33:11refurbished at some point, and it's quite a nice space.
0:33:11 > 0:33:13Then, through into the kitchen.
0:33:14 > 0:33:18A new boiler, that's about the only positive thing that I can see
0:33:18 > 0:33:22in here, because it's in a bit of a shambles, to be honest.
0:33:22 > 0:33:25I don't know what this wall is doing here.
0:33:25 > 0:33:29It's a partition, it's been put in to create a kitchen/dining area.
0:33:29 > 0:33:32This wants to come out to open up the space.
0:33:32 > 0:33:34New units at the same time.
0:33:34 > 0:33:36It would be a really nice kitchen,
0:33:36 > 0:33:40but talking about being inside and not actually having a clue to
0:33:40 > 0:33:44some of the problems, here in the kitchen, even more serious problems.
0:33:44 > 0:33:47That is asbestos.
0:33:47 > 0:33:53It was used as insulation, and you do not want to be smashing it apart
0:33:53 > 0:33:56with hammers or cutting into it with whatever.
0:33:56 > 0:33:59The dust that it would create is obviously highly dangerous.
0:33:59 > 0:34:03So, it needs to be taken out by a professional.
0:34:03 > 0:34:07While you're doing that, maybe doors out onto the garden, or whatever.
0:34:08 > 0:34:11As a liveable space, you can't complain.
0:34:15 > 0:34:19Certainly not for the £40,000 guide price, which is roughly a quarter
0:34:19 > 0:34:21of the price of a three-bed
0:34:21 > 0:34:24standard-construction house in the area.
0:34:24 > 0:34:26And overall, it's not a bad size.
0:34:26 > 0:34:28Upstairs, there's a separate bathroom
0:34:28 > 0:34:32and toilet, which could easily be knocked into one if you so wished.
0:34:32 > 0:34:37But certainly a good clean of the bath would not go amiss. Yuck!
0:34:37 > 0:34:40There are three reasonably-sized bedrooms,
0:34:40 > 0:34:44all in need of refurbishment and redecoration,
0:34:44 > 0:34:47plus a very-decent sized, if overgrown, back garden.
0:34:48 > 0:34:52So, there's not much wrong with the interior layout -
0:34:52 > 0:34:55it's just the design and construction of the shell
0:34:55 > 0:34:58that's the issue.
0:34:58 > 0:35:02So, how much of a problem is this non-standard construction
0:35:02 > 0:35:04really likely to pose?
0:35:04 > 0:35:08Well, on the face of it, this house has actually done pretty well.
0:35:08 > 0:35:10They were built around the 1950s
0:35:10 > 0:35:13and had an estimated life span of 30-odd years.
0:35:13 > 0:35:16So, here we are 60 years later, and they're still standing.
0:35:16 > 0:35:20The problem is, it's what you can't see going on in the concrete.
0:35:20 > 0:35:22There's lots of chemicals interreacting,
0:35:22 > 0:35:25which sometimes results in the concrete splitting apart.
0:35:25 > 0:35:27The beams do the same thing.
0:35:27 > 0:35:30Then, of course, you've got to consider the asbestos insulation
0:35:30 > 0:35:31that's all over the place.
0:35:31 > 0:35:34It's no surprise that mortgage companies are
0:35:34 > 0:35:36not that keen on lending on these.
0:35:36 > 0:35:38Not that keen - that's an understatement.
0:35:38 > 0:35:41But you've got to assess how much work is to be done,
0:35:41 > 0:35:43how bad is the concrete and, one thing for sure,
0:35:43 > 0:35:48you've got to make sure you've got the funds to buy them in cash.
0:35:48 > 0:35:52MUSIC: "Brass In Pocket" by The Pretenders
0:35:56 > 0:36:01Well, no brass in pocket, and this house is a non-starter,
0:36:01 > 0:36:03as borrowing is unlikely to be an option,
0:36:03 > 0:36:07and subsequently, it may be tricky to sell on.
0:36:07 > 0:36:09But as a home or rental property,
0:36:09 > 0:36:12the type of construction is less of a worry.
0:36:16 > 0:36:18So, can this place stack up as an investment?
0:36:18 > 0:36:21What does the local estate agent make of it?
0:36:23 > 0:36:25The construction isn't the only issue here.
0:36:25 > 0:36:28This property does require a full refit.
0:36:28 > 0:36:33It needs a new kitchen, new bathroom, completely re-plastering...
0:36:35 > 0:36:38..new decoration and new fittings.
0:36:38 > 0:36:42But if an extensive refurbishment was carried out on this house
0:36:42 > 0:36:47that was guided at 40,000, would it be a worthwhile investment?
0:36:47 > 0:36:53In its present condition, this property is worth on today's market
0:36:53 > 0:36:56somewhere between 50 and £60,000.
0:36:56 > 0:37:00If the construction was solved and brick skin was installed,
0:37:00 > 0:37:06the property would then increase to somewhere between 85 and £90,000.
0:37:06 > 0:37:12So, a brick skin would increase its value by 20 to 30 grand.
0:37:12 > 0:37:15It could cost that same amount to do, but would make it
0:37:15 > 0:37:19mortgageable, and therefore easier to sell on in the long run.
0:37:19 > 0:37:23Does it make any difference to its rental potential?
0:37:23 > 0:37:25As regards the rental market,
0:37:25 > 0:37:29the non-standard construction isn't too much of an issue.
0:37:29 > 0:37:31You would see figures of
0:37:31 > 0:37:35approximately £550 per calendar month.
0:37:35 > 0:37:39Well, it's quite difficult to know how to categorise this one.
0:37:39 > 0:37:43Long-term investment? Well, you'll have to spend quite a bit of money
0:37:43 > 0:37:46sorting out the problems with the non-standard construction,
0:37:46 > 0:37:48which certainly won't last forever.
0:37:48 > 0:37:50Short-term investment?
0:37:50 > 0:37:53Well, as it is, I don't think you're going to get much money back
0:37:53 > 0:37:54in terms of a resell.
0:37:54 > 0:37:58I guess it sits in the medium-term investment bracket, because
0:37:58 > 0:37:59do it up, rent it out,
0:37:59 > 0:38:02it could generate a nice bit of money on a regular basis.
0:38:02 > 0:38:04Let's see who fancied the opportunity
0:38:04 > 0:38:06when it went under the hammer.
0:38:09 > 0:38:12Lot 37. It's a three-bedroom semi-detached house.
0:38:12 > 0:38:15It's of non-standard construction.
0:38:15 > 0:38:1730, then. Anybody going at 30?
0:38:17 > 0:38:19Thank you. At £30,000.
0:38:19 > 0:38:2035, going to say now.
0:38:20 > 0:38:2235? 35.
0:38:22 > 0:38:25At 35,000. 40?
0:38:25 > 0:38:27At £40,000. 45?
0:38:29 > 0:38:3045.
0:38:30 > 0:38:3250.
0:38:32 > 0:38:3555? 56? 56.
0:38:35 > 0:38:3757.
0:38:37 > 0:38:3958? 58.
0:38:39 > 0:38:4059?
0:38:40 > 0:38:4260?
0:38:42 > 0:38:45Yes? 60.
0:38:45 > 0:38:4961? At 61, then. Bid's there. I'm not hanging about.
0:38:49 > 0:38:51£61,000. Another one?
0:38:53 > 0:38:55If not, £61,000 then, first time.
0:38:55 > 0:38:57£61,000, second time.
0:38:59 > 0:39:02Third and final time, are we all done at £61,000?
0:39:04 > 0:39:06Your lot, sir. Well done.
0:39:06 > 0:39:09Sold for £61,000 - that's £21,000 over the guide price.
0:39:09 > 0:39:14The successful bidder was local beef farmer Francis.
0:39:14 > 0:39:19But it was Francis' daughter Sarah and her partner Rob
0:39:19 > 0:39:22who met me back at the three-bed Madeley house.
0:39:22 > 0:39:25- Sarah, Rob, lovely to meet you both. - And you.
0:39:25 > 0:39:26- Congratulations.- Thank you.
0:39:26 > 0:39:28Tell me why you wanted to buy this place.
0:39:28 > 0:39:31Well, I think the main reason was my father's actually bought it.
0:39:31 > 0:39:33Your father's bought it?
0:39:33 > 0:39:37Yes, so at the auction there was myself, Rob and my dad.
0:39:37 > 0:39:41And he's bought it primarily because he owns the one next door,
0:39:41 > 0:39:43so it made sense to buy this one as well.
0:39:43 > 0:39:47So this is your dad's investment, then? What's your involvement?
0:39:47 > 0:39:49My dad just buys it and then we'll just do it up.
0:39:49 > 0:39:53So we'll be managing the trades and getting people in to do things.
0:39:53 > 0:39:55- That'll be me. - And you'll be doing some as well!
0:39:55 > 0:39:59I'll be managing the trades and I'll be doing the majority of the work.
0:39:59 > 0:40:02The plan is to rent it out when it's finished,
0:40:02 > 0:40:05so they're not concerned about the non-standard construction.
0:40:05 > 0:40:08And although Sarah's dad Francis purchased the house,
0:40:08 > 0:40:10his sole involvement from now on will be
0:40:10 > 0:40:13to provide the funds for the renovation.
0:40:13 > 0:40:15That leaves it up to Sarah, Rob
0:40:15 > 0:40:19and other family members to organise and carry out the work.
0:40:19 > 0:40:23Even though this isn't the first renovation project Sarah and Rob
0:40:23 > 0:40:25have been involved in, it still represents
0:40:25 > 0:40:27quite a lifestyle change for them both.
0:40:30 > 0:40:31We're kind of like downshifters.
0:40:31 > 0:40:35I moved up from down south because I was fed up with the rat race,
0:40:35 > 0:40:36didn't want to work down there anymore.
0:40:36 > 0:40:38I work part time,
0:40:38 > 0:40:40and the rest of the time, I look after my daughter.
0:40:40 > 0:40:44- So I look after our daughter the other half of the time.- Oh, right.
0:40:44 > 0:40:47And yeah, so just looking after properties.
0:40:47 > 0:40:48Did anything specific cause that,
0:40:48 > 0:40:51or did you just think, "I've had enough of this"?
0:40:51 > 0:40:53I just think I was commuting too much for me.
0:40:53 > 0:40:56There's a great logo on the M40, where I used to drive,
0:40:56 > 0:40:59it's on the side of the wall, and it says,
0:40:59 > 0:41:02"What am I doing here, sitting in my car?"
0:41:02 > 0:41:03I think I took that to heart and thought,
0:41:03 > 0:41:06"Yeah, what am I doing here, sitting in my car?!"
0:41:06 > 0:41:10# And I wonder, what am I doing here?
0:41:11 > 0:41:16# And I wonder, what am I doing here? #
0:41:17 > 0:41:20Rob worked for 20 years in the family motor racing company
0:41:20 > 0:41:24he ran with his sister before he decided to step back and become
0:41:24 > 0:41:29a househusband, whilst also helping with the family properties.
0:41:29 > 0:41:32They will be aided on this one by Sarah's brother James,
0:41:32 > 0:41:34who has also downshifted.
0:41:34 > 0:41:37He moved back north from Brighton
0:41:37 > 0:41:40and reduced his working hours as a doctor
0:41:40 > 0:41:43for the less-stressful lifestyle he desired.
0:41:43 > 0:41:46So, what are the team planning to do here?
0:41:46 > 0:41:49We're going to change the kitchen, and all the bathrooms need doing.
0:41:49 > 0:41:53That's not something I do - we'll get people in to do that.
0:41:53 > 0:41:57- And once all the construction work's done, I can take over.- Right.
0:41:57 > 0:42:01- So I do all the nice bits.- The painting and the interior design.
0:42:01 > 0:42:02- Exactly, yes.- Oh, great.
0:42:02 > 0:42:04- So that's the plan.- Right.
0:42:04 > 0:42:07So, what's the budget for the work?
0:42:07 > 0:42:10- 15,000.- And the timescale for doing it?
0:42:10 > 0:42:14I think we've got to give ourselves six months, cos we've only got...
0:42:14 > 0:42:16We'll be working weekends, my brother will be working,
0:42:16 > 0:42:18so it's a team, there'll be lots of us working here.
0:42:18 > 0:42:21We just love it, we absolutely love doing stuff like this.
0:42:21 > 0:42:24Oh, that's great! What will your involvement be on a daily basis?
0:42:24 > 0:42:29- Making sure everyone's where they should be.- Cracking the whip.
0:42:29 > 0:42:32Is that right? What about getting hands dirty?
0:42:32 > 0:42:33- Yeah.- Oh, yeah.
0:42:33 > 0:42:35Absolutely no problem getting hands dirty.
0:42:35 > 0:42:38We both grew up on farms, albeit Rob's was a stud farm.
0:42:38 > 0:42:40Mine was very definitely a working farm.
0:42:40 > 0:42:43We're used to a bit of muck and tat.
0:42:43 > 0:42:46Right. Listen, congratulations. Good luck with it.
0:42:46 > 0:42:50- We look forward to seeing how you get on.- Thank you.- Good stuff.
0:42:51 > 0:42:55Well, as we predicted, Rob and Sarah have got themselves
0:42:55 > 0:42:58a great little investment property to add to their dad's portfolio.
0:42:58 > 0:43:01They're not bothered about the non-standard construction
0:43:01 > 0:43:02or about putting bricks on it -
0:43:02 > 0:43:04all they want is an easy project
0:43:04 > 0:43:07to fit in with their new, relaxed lifestyle.
0:43:07 > 0:43:10Good luck to them. You can find out how they get on later in the show.
0:43:13 > 0:43:16I wonder if our buyers' plans have all worked out,
0:43:16 > 0:43:18or have there been problems?
0:43:18 > 0:43:22Time has passed - it's the day of reckoning.
0:43:22 > 0:43:24Let's go back and find out!
0:43:26 > 0:43:28Back now to this holiday park,
0:43:28 > 0:43:31sandwiched between Dover and Deal on the Kent coast,
0:43:31 > 0:43:33and this Scandinavian-style chalet,
0:43:33 > 0:43:39which Andy and Anna bought at auction for £38,000.
0:43:39 > 0:43:43But initially, they hadn't set out to buy a holiday home.
0:43:43 > 0:43:48We've been thinking about getting a caravan, but we saw this come up
0:43:48 > 0:43:51in the auction, and we came and visited the site.
0:43:51 > 0:43:54Once we'd visited the site, we fell in love with it, and we said...
0:43:54 > 0:43:58- Oh, yeah, it's just lovely, it's just a beautiful site.- Yeah.
0:43:58 > 0:44:00- So quiet and peaceful, basically, yeah.- It's amazing.
0:44:00 > 0:44:04I walked around here myself and I was like, "This is brilliant!"
0:44:04 > 0:44:07It's just beautiful, you can see the sea...
0:44:10 > 0:44:13In fact, there was NOR-WAY they were going to do anything
0:44:13 > 0:44:19but spend six months and between eight and £10,000 taking on
0:44:19 > 0:44:21and furnishing the Scandinavian lodge.
0:44:21 > 0:44:24Eight months after our first visit, we're back to see
0:44:24 > 0:44:28if the SWEDE smell of success is in the air, or whether
0:44:28 > 0:44:33making their mark on the chalet was enough to FINNISH the couple off.
0:44:33 > 0:44:37# Take on me
0:44:37 > 0:44:38# Take on me
0:44:38 > 0:44:43# Take me on
0:44:43 > 0:44:44# Take on me
0:44:44 > 0:44:49# I'll be gone
0:44:49 > 0:44:56# In a day or two... #
0:44:56 > 0:44:59Well, if there was a Nobel prize for renovation,
0:44:59 > 0:45:01these guys would be up for it.
0:45:01 > 0:45:04They really can holiday in the lap of luxury now.
0:45:06 > 0:45:09We have completely had the place plastered,
0:45:09 > 0:45:11which took away all the Artex.
0:45:11 > 0:45:14And then we painted the whole place.
0:45:14 > 0:45:16New bathroom,
0:45:16 > 0:45:17new kitchen,
0:45:17 > 0:45:19new flooring.
0:45:19 > 0:45:21- New windows.- New windows.
0:45:21 > 0:45:26So, really, a complete revamp on the inside, yeah.
0:45:27 > 0:45:29And an extremely lovely job they've done of it, too.
0:45:29 > 0:45:34Over the winter, Andy and Anna came down here regularly
0:45:34 > 0:45:35to work on the chalet.
0:45:35 > 0:45:37But the winter was unusually harsh,
0:45:37 > 0:45:41and caused them one small problem in particular.
0:45:41 > 0:45:45When we actually had the beds delivered,
0:45:45 > 0:45:50it was the snowiest day of the year.
0:45:50 > 0:45:54So the lorry that actually had the beds on them
0:45:54 > 0:45:57couldn't actually get up to anywhere near the chalet.
0:45:57 > 0:45:59Luckily, we've got a pick-up.
0:45:59 > 0:46:03Andy was having to drive down to the bottom of the park,
0:46:03 > 0:46:06put a bed on the pick-up, with the delivery driver,
0:46:06 > 0:46:09drive up here and then sort of literally carry the beds across.
0:46:09 > 0:46:13Carry it across, in the snow. Worst day of the year.
0:46:13 > 0:46:15Yeah, it was the worst day!
0:46:15 > 0:46:19But we'd already chosen the delivery day once,
0:46:19 > 0:46:22so it was probably our fault, really!
0:46:23 > 0:46:25But worth it in the end.
0:46:26 > 0:46:30What do their grandchildren make of the holiday house?
0:46:30 > 0:46:32When they saw their room...
0:46:32 > 0:46:36Our granddaughter thinks she's the Little Mermaid anyway,
0:46:36 > 0:46:40so it was just lovely, and they think it's wonderful.
0:46:40 > 0:46:45# O que que e, esse amor d'agua?
0:46:46 > 0:46:51# Eu sei que eu nao quero mais nada... #
0:46:53 > 0:46:57Andy and Anna didn't hurry, but they didn't shilly-shally either,
0:46:57 > 0:47:01so managed to stick to their six-month timescale.
0:47:01 > 0:47:05But how have they done with their budget of eight to £10,000,
0:47:05 > 0:47:07including furnishing the chalet?
0:47:08 > 0:47:14On the fabric of the building itself, we spent about 9,000,
0:47:14 > 0:47:17but that included double glazing, which we're really pleased with.
0:47:17 > 0:47:19That really makes a difference.
0:47:19 > 0:47:24And then we spent about 5,500 on furniture,
0:47:24 > 0:47:28but it was like doing a two-bedroomed house from scratch,
0:47:28 > 0:47:30because it's not just your furniture,
0:47:30 > 0:47:34it's things like cutlery, crockery...
0:47:34 > 0:47:36you know, bedding...
0:47:36 > 0:47:40- Everything.- All the little bits and pieces just add up.
0:47:40 > 0:47:41Yeah, they do.
0:47:44 > 0:47:48So, the £14,500 that Anna and Andy have spent here
0:47:48 > 0:47:52brings their total outlay on the chalet to £52,500.
0:47:52 > 0:47:53We asked two local estate agents
0:47:53 > 0:47:55what they made of the transformation.
0:47:57 > 0:48:00The refurb here has been very nicely done.
0:48:00 > 0:48:03They've done good things to it, replaced all the right things
0:48:03 > 0:48:06and decorated it very stylishly throughout.
0:48:06 > 0:48:08I think it's a very pleasant little chalet bungalow,
0:48:08 > 0:48:12and if you were coming down for a week's holiday or longer,
0:48:12 > 0:48:14I think it would be a very nice stay.
0:48:15 > 0:48:19Now clearly, Andy and Anna intend to make use of the chalet
0:48:19 > 0:48:22as a holiday house for many years to come, but if they did want
0:48:22 > 0:48:26to sell on, what do the experts think the chalet could fetch?
0:48:26 > 0:48:29I think it would go on the market for £55,000,
0:48:29 > 0:48:32and hopefully achieve £50,000.
0:48:32 > 0:48:37The market value here now is about £55,000.
0:48:37 > 0:48:42- That's good, yeah, very good. - Yeah, I think so.
0:48:42 > 0:48:45- I think that's a realistic price. - Realistic, yeah.
0:48:46 > 0:48:51At best, Andy and Anna might make a profit of £2,500,
0:48:51 > 0:48:55but they might actually lose money if they sold the chalet on.
0:48:55 > 0:48:57They seem very comfortable here for now.
0:48:58 > 0:49:00If they rented out the holiday house,
0:49:00 > 0:49:05what kind of weekly rent could it achieve in low season?
0:49:05 > 0:49:10The rental values here are between 200 and £350 per week.
0:49:10 > 0:49:12And then as the season progresses to high season,
0:49:12 > 0:49:15right up as far as £750 per week.
0:49:15 > 0:49:20When the golf is on at Sandwich, they were getting 2,700,
0:49:20 > 0:49:22I think, for a week's rent!
0:49:22 > 0:49:25So when the golf's on at Sandwich again,
0:49:25 > 0:49:28we possibly will be renting it out for a week!
0:49:36 > 0:49:37If Andy and Anna do let the chalet,
0:49:37 > 0:49:40there's a decent return to be made there.
0:49:40 > 0:49:44How have they enjoyed the process of doing up their dream holiday home?
0:49:47 > 0:49:50We thought it was just going to be a quick makeover and that was it.
0:49:50 > 0:49:54Yeah, but it did prove to be sort of quite a mammoth task.
0:49:54 > 0:49:58But now it's done, we can just reap the benefits,
0:49:58 > 0:49:59so we're really pleased.
0:49:59 > 0:50:01It's just lovely.
0:50:05 > 0:50:08It was in Madeley, Staffordshire, where we came across
0:50:08 > 0:50:12a fairly unusual three-bed semi-detached house.
0:50:12 > 0:50:16Built post-war using concrete slabs, its non-standard construction
0:50:16 > 0:50:19meant it was hard to get a mortgage on.
0:50:19 > 0:50:23There was also a potential problem with decay of the concrete,
0:50:23 > 0:50:26all of which considerably reduced its resell value.
0:50:26 > 0:50:31But it was bought at auction for £61,000 by local farmer Francis.
0:50:32 > 0:50:35The idea was to do the place up for the rental market,
0:50:35 > 0:50:40and Francis' daughter Sarah and her husband Rob were going to be
0:50:40 > 0:50:42in charge of the renovation.
0:50:43 > 0:50:46They had downshifted and moved back to the Midlands,
0:50:46 > 0:50:49away from the hustle and bustle of London.
0:50:49 > 0:50:51# Working for the rat race
0:50:51 > 0:50:54# You know you're wasting your time... #
0:50:54 > 0:50:55We're kind of like downshifters.
0:50:55 > 0:50:57I moved up from down south
0:50:57 > 0:50:59because I was fed up of the rat race,
0:50:59 > 0:51:02didn't want to work down there anymore. I work part-time,
0:51:02 > 0:51:04and the rest of the time, I look after my daughter.
0:51:04 > 0:51:09- So, I look after our daughter the other half of the time.- Right.
0:51:09 > 0:51:12- And yeah, so just looking after properties.- Great.
0:51:12 > 0:51:14So you've had the hectic nine-to-five desk jobs
0:51:14 > 0:51:16- in the city...- Yeah, well, yeah.
0:51:16 > 0:51:19..and discovered a different way of living?
0:51:21 > 0:51:24Previously, Sarah worked in finance in London,
0:51:24 > 0:51:28while husband Rob ran a motor racing school.
0:51:28 > 0:51:31But having moved back to the Midlands, the focus was
0:51:31 > 0:51:35much more on their family and part-time property renovation.
0:51:35 > 0:51:38They were to be joined on this project by Sarah's brother, James,
0:51:38 > 0:51:41who works as a part-time doctor,
0:51:41 > 0:51:43having also stepped back from the rat race.
0:51:43 > 0:51:47So, armed with a £15,000 budget and a timescale of around six months,
0:51:47 > 0:51:51they plan to make the house ready for the rental market.
0:51:53 > 0:51:55And so, six months later, we're back.
0:51:55 > 0:51:59With Rob away on business, we caught up with sister and brother
0:51:59 > 0:52:03Sarah and James to see how they'd got on with the project.
0:52:04 > 0:52:07Well, outside, the tree's gone,
0:52:07 > 0:52:09the front area's been cleared
0:52:09 > 0:52:13and it's now ready to be laid to lawn.
0:52:13 > 0:52:15But what about inside?
0:52:15 > 0:52:18Is that sorry old kitchen now a thing of the past?
0:52:20 > 0:52:21It certainly is!
0:52:21 > 0:52:24It's been replaced by a much more modern, contemporary kitchen.
0:52:26 > 0:52:30Well, we knocked the partition wall out, we've knocked it all through.
0:52:30 > 0:52:33There's been a new floor, which was very difficult to level,
0:52:33 > 0:52:35because it was really not straight.
0:52:35 > 0:52:39Obviously, new kitchen units. There's still a few things in here to do.
0:52:39 > 0:52:40We've got to have a new back door,
0:52:40 > 0:52:43and there's still some painting and decorating to be done in here.
0:52:43 > 0:52:45So we're not quite finished.
0:52:47 > 0:52:50And with the kitchen now brought into the 21st century,
0:52:50 > 0:52:54they could turn their attention to that rather dark, gloomy lounge.
0:52:55 > 0:52:59OK, well, obviously in this room, we have decorated it throughout.
0:52:59 > 0:53:02We've had to firmly insulate the walls,
0:53:02 > 0:53:04because of the structure of the building.
0:53:04 > 0:53:06It's just a single concrete skin outside.
0:53:06 > 0:53:10We've also filled in this area here, which was an old doorway.
0:53:10 > 0:53:13We've managed to retain the old fireplace,
0:53:13 > 0:53:16which is a gas fire, and it's still working.
0:53:16 > 0:53:18I think it's a lovely front room now.
0:53:21 > 0:53:23And the changes continue upstairs...
0:53:26 > 0:53:31..with the three bedrooms fully decorated, carpeted
0:53:31 > 0:53:33and ready for the rental market.
0:53:35 > 0:53:39And as for that separate toilet and bathroom?
0:53:39 > 0:53:44Well, they've been combined, to make a much-improved family bathroom.
0:53:45 > 0:53:48Sarah coordinated the tradesmen they brought in.
0:53:48 > 0:53:51Her brother James did much of the decorating,
0:53:51 > 0:53:54and Sarah's husband Rob helped with the decoration
0:53:54 > 0:53:56and straightened out the garden.
0:53:56 > 0:54:00With so many family members involved, how did they all get on?
0:54:01 > 0:54:04I've been doing most of the decorating inside.
0:54:04 > 0:54:06I haven't really had to make any decisions,
0:54:06 > 0:54:09cos Sarah's been basically project managing. It's been quite relaxing.
0:54:09 > 0:54:12When I've been here, I've been able to shut myself away
0:54:12 > 0:54:15and just spend some nice quality time alone.
0:54:15 > 0:54:17It's been very good.
0:54:17 > 0:54:18And it's been great for me,
0:54:18 > 0:54:22because I just basically tell people what to do, and they do it.
0:54:22 > 0:54:23So it's been good!
0:54:23 > 0:54:25# Listen to me
0:54:25 > 0:54:27# Hear what I say
0:54:27 > 0:54:29# Listen closely to me... #
0:54:29 > 0:54:32Sarah might be in charge, but the house was bought
0:54:32 > 0:54:37and paid for by her father, Francis, as an investment for the family.
0:54:37 > 0:54:40Apparently, he's really pleased with what they've achieved here.
0:54:40 > 0:54:44But has Sarah been able to keep to the £15,000 budget?
0:54:44 > 0:54:46Currently, we've spent 11,000.
0:54:46 > 0:54:50I think, with the bits that we have left to do and the legal fees,
0:54:50 > 0:54:52it'll be about 13,000.
0:54:52 > 0:54:59So a £13,000 spend on top of the £61,000 purchase price
0:54:59 > 0:55:02takes the total investment here to £74,000.
0:55:02 > 0:55:07So, how will the family's fortunes fare with this property?
0:55:07 > 0:55:10What do two local estate agents reckon?
0:55:10 > 0:55:13Well, the changes are, internally, quite dramatic.
0:55:13 > 0:55:19Everything appears new, clean, fresh, neutral.
0:55:19 > 0:55:21They've done a very, very good job indeed.
0:55:21 > 0:55:23I've had a look around. I think they've done a good job.
0:55:23 > 0:55:25It's a good three-bed, semi-detached house.
0:55:25 > 0:55:29The non-standard construction limits its market, and hence its value.
0:55:29 > 0:55:33So, has their £74,000 investment overshot the ceiling price
0:55:33 > 0:55:35for this type of property?
0:55:35 > 0:55:39You are looking at a figure somewhere in the region
0:55:39 > 0:55:44of 55 or 60,000, as the property stands.
0:55:44 > 0:55:48As it stands, I would imagine around 65 to £69,000.
0:55:48 > 0:55:50I'm not surprised by that at all.
0:55:50 > 0:55:53It's a cheap house in a fantastic location,
0:55:53 > 0:55:57it'll rent all day long, and we really have no plans to sell it.
0:55:57 > 0:56:00So, resell wise, they could struggle to make a return,
0:56:00 > 0:56:04but as Sarah said, for them it's all about rental.
0:56:04 > 0:56:10I would suggest a figure of £550 per calendar month.
0:56:10 > 0:56:13For rental, I think they should look at about £550 a month.
0:56:13 > 0:56:15That's more than we anticipated,
0:56:15 > 0:56:17so we're really pleased with that.
0:56:17 > 0:56:23A rental income of £550 per calendar month would see a healthy yield
0:56:23 > 0:56:25of just below 9%.
0:56:25 > 0:56:28So, this place looks like it will deliver exactly
0:56:28 > 0:56:30what they'd hoped from it.
0:56:30 > 0:56:34So, will there be any more family ventures?
0:56:34 > 0:56:37I'd be quite willing to take another one on.
0:56:37 > 0:56:39I've quite got the appetite for it now.
0:56:39 > 0:56:42I don't think we'll be doing that for a bit, though!
0:56:46 > 0:56:48Well, we hope you've enjoyed watching
0:56:48 > 0:56:50the properties on today's show.
0:56:50 > 0:56:53- We'll have lots more for you where they came from.- Exactly.
0:56:53 > 0:56:57- More white-knuckle rides for you next time. See you soon.- Goodbye.
0:56:57 > 0:56:58Bye-bye.
0:57:19 > 0:57:22Subtitles by Red Bee Media Ltd