0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:05Now, there are property auctions held all over the UK,
0:00:05 > 0:00:10selling literally billions of pounds worth of property every year.
0:00:10 > 0:00:13So if you want to find out more about buying and selling under the hammer,
0:00:13 > 0:00:15well, you've come to the right place.
0:00:41 > 0:00:46They always say you should do your research before buying at auction, but what exactly does that mean?
0:00:46 > 0:00:49You should go and see the property if you can,
0:00:49 > 0:00:51find out about it and the area.
0:00:51 > 0:00:54Yes, it always pays to be prepared.
0:00:54 > 0:00:57So what tempted our buyers on today's show?
0:00:58 > 0:01:02This old fisherman's cottage in Redcar could be a good catch.
0:01:02 > 0:01:05The units are making the most of what's on offer.
0:01:05 > 0:01:07But this could be fantastic.
0:01:08 > 0:01:13In Kent, this four-bed terrace has big rooms and three storeys.
0:01:13 > 0:01:16There's a certain amount of character with it too. Look at this.
0:01:18 > 0:01:22And in Melksham, Wiltshire, there's a semi with three bedrooms
0:01:22 > 0:01:26and great views, that's a real knockout.
0:01:27 > 0:01:28Not good.
0:01:29 > 0:01:32All of these properties went to auction.
0:01:32 > 0:01:35We'll find out who bought them and what they paid
0:01:35 > 0:01:37when they went under the hammer.
0:01:42 > 0:01:46This is the seaside town of Redcar on the North Yorkshire coast.
0:01:46 > 0:01:51Known more recently for the steel and chemical industries,
0:01:51 > 0:01:53it was originally a fishing port
0:01:53 > 0:01:56and there are still a few boats that continue fishing to this day.
0:01:56 > 0:01:59Just five minutes walk from Redcar town centre
0:01:59 > 0:02:02brings you to a place affectionately known as Fisherman's Square.
0:02:02 > 0:02:05The old fishing boats, the lobster pots.
0:02:05 > 0:02:08You really get a sense of the fishing legacy of the area when you come here.
0:02:08 > 0:02:12The house I'm here to see, two-bedroom mid-terrace,
0:02:12 > 0:02:16had a guide price of £49,950 and appropriately enough,
0:02:16 > 0:02:21just adjoining here on a place affectionately known as Fisherman's Row.
0:02:22 > 0:02:25# You will have a fishy On a little dishy
0:02:25 > 0:02:28# You will have a fishy When the boat comes in. #
0:02:28 > 0:02:31And set back from the square is indeed a row of fishermen's houses.
0:02:31 > 0:02:33Built in the 1850s,
0:02:33 > 0:02:36these brick-built terrace cottages offered a welcome retreat
0:02:36 > 0:02:40for fishermen returning from the wilds of the North Sea.
0:02:41 > 0:02:44Right, what have we got?
0:02:44 > 0:02:45Well, first glance,
0:02:45 > 0:02:49surprisingly big compared to what it looks like outside.
0:02:49 > 0:02:52Through the front door into a porch area.
0:02:52 > 0:02:55Then you've got stairs, a little return and then up.
0:02:57 > 0:03:00A big-ish lounge and the first inklings
0:03:00 > 0:03:04that maybe there is some fun stuff in this property.
0:03:04 > 0:03:08Look at this old range, I suppose you'd call it.
0:03:08 > 0:03:12The fire would have gone in here. These are two ovens. Wow!
0:03:12 > 0:03:16That's one of those things that, erm, practically,
0:03:16 > 0:03:18I don't know if you'd end up keeping that,
0:03:18 > 0:03:20although it is absolutely charming.
0:03:20 > 0:03:24So I guess that's down to whoever bought the place.
0:03:24 > 0:03:28But through from the lounge into the kitchen, and what a surprise.
0:03:28 > 0:03:32A really big space. High ceilings, as well.
0:03:32 > 0:03:38Clearly, the units aren't making the most of what is on offer.
0:03:38 > 0:03:41But this could be fantastic.
0:03:41 > 0:03:45Then through to the bathroom and loo. That's obviously not ideal.
0:03:45 > 0:03:51But this has got great potential. It's got a lovely feel to it.
0:03:52 > 0:03:55It needs a bit of rearranging to make the best of the space.
0:03:55 > 0:03:57Obviously, it's looking tired,
0:03:57 > 0:04:00but there are some properties so steeped in history,
0:04:00 > 0:04:03they can't fail to give you a warm fuzzy feeling
0:04:03 > 0:04:05and this is one of them.
0:04:05 > 0:04:07# I simply love you
0:04:07 > 0:04:10# Love you Love you
0:04:10 > 0:04:12# You know that I love you
0:04:12 > 0:04:13# Simply love you
0:04:13 > 0:04:17# Love you Love you
0:04:17 > 0:04:18# You know that I do. #
0:04:20 > 0:04:23Upstairs and at the front of the property,
0:04:23 > 0:04:27a really nice sized bedroom.
0:04:27 > 0:04:30Absolutely great. You've got built in storage there.
0:04:30 > 0:04:33Obviously, somebody's built this. You might want to get rid of it.
0:04:33 > 0:04:35But the best thing by far
0:04:35 > 0:04:40is that you've got these beautiful sash windows and then to cap it all,
0:04:40 > 0:04:44not only a view over Fisherman's Square, but out to the sea.
0:04:44 > 0:04:46Perfect!
0:04:46 > 0:04:50# Right from the start (Right from the start)
0:04:50 > 0:04:54# Straight to my heart. #
0:04:54 > 0:04:56I'm so loving this quaint house.
0:04:56 > 0:04:59OK, the view from the other bedroom at the back
0:04:59 > 0:05:01is of the less stunning backyard.
0:05:01 > 0:05:06But there's a small box room off it and I think perhaps that with some thought,
0:05:06 > 0:05:08it might be possible to get the bathroom up here.
0:05:08 > 0:05:11That would be a definite bonus and speaking of bonuses...
0:05:15 > 0:05:19If you walk out of the rear of the property down through the rear yard,
0:05:19 > 0:05:23past all the various buildings and out into the rear yard here,
0:05:23 > 0:05:27turn left and through this door, you come into this little building.
0:05:27 > 0:05:32It's actually a bait house. It actually belongs to the property.
0:05:32 > 0:05:35But this is where they would prepare for their fishing trips.
0:05:35 > 0:05:40It doesn't feel like it's changed in goodness knows how many years.
0:05:40 > 0:05:43This fire, they would have sat round to keep warm in the winter.
0:05:43 > 0:05:48You can imagine the various bits of shellfish or whatever they were using as bait.
0:05:48 > 0:05:51Some old cables and stuff like that.
0:05:53 > 0:05:55Have a look at that.
0:05:55 > 0:05:59That's actually a branding iron which they would have used
0:05:59 > 0:06:03to actually mark the lobster pots so that people knew they were theirs.
0:06:04 > 0:06:09To say this place has charm would be an understatement.
0:06:09 > 0:06:14# I'm hooked on you
0:06:14 > 0:06:15# Girl
0:06:15 > 0:06:20# I'm hooked on you
0:06:20 > 0:06:22# Girl. #
0:06:22 > 0:06:26Yes, I'm hooked on this auction lot. It just has so much potential.
0:06:26 > 0:06:29But could it be a good investment catch?
0:06:32 > 0:06:35What does a local estate agent think?
0:06:36 > 0:06:40The positives of this property would certainly be the location.
0:06:40 > 0:06:41It's really close to the beach.
0:06:41 > 0:06:44Good for the town centre and transport links.
0:06:44 > 0:06:48The main negatives to the property has to be the condition.
0:06:48 > 0:06:51It's very, very tired and in need of some repair.
0:06:51 > 0:06:54But it could be a great investment.
0:06:54 > 0:06:57But just how solid an investment could this cottage be,
0:06:57 > 0:07:01bearing in mind its £49,950-plus guide price?
0:07:01 > 0:07:04I would expect this property to sell,
0:07:04 > 0:07:06if finished to a decent specification,
0:07:06 > 0:07:09somewhere between £90,000 and £95,000.
0:07:09 > 0:07:11The current rental market is really buoyant.
0:07:11 > 0:07:15I would expect at least £500 per calendar month.
0:07:15 > 0:07:19So potentially, this old fisherman's cottage could return a net profit.
0:07:21 > 0:07:25This is a very special little house in an absolutely lovely location.
0:07:25 > 0:07:28Yes, there's work to be done,
0:07:28 > 0:07:31but I'm absolutely convinced somebody would have fallen
0:07:31 > 0:07:35completely head over heels with this one when it went under the hammer.
0:07:37 > 0:07:39We're going to move down now to Redcar.
0:07:39 > 0:07:41This is for lot number three.
0:07:41 > 0:07:45In need of updating, a two bed mid-terrace. Details are there.
0:07:45 > 0:07:4843 anywhere? Left hand, right at the back.
0:07:48 > 0:07:52£43,000. 44,000, gentleman standing.
0:07:52 > 0:07:5945. 46. 47. 48. 49. 50.
0:08:00 > 0:08:0350,000 bid. 51. 52.
0:08:04 > 0:08:0653.
0:08:06 > 0:08:0953 bid. 54. 54. Five.
0:08:10 > 0:08:1556. 57. 58. 59.
0:08:16 > 0:08:1860. 61.
0:08:19 > 0:08:2562. 63. 64. 65. 66.
0:08:25 > 0:08:2866 bid. 67.
0:08:28 > 0:08:3368. 67,500. 67,500 bid. 68.
0:08:33 > 0:08:3668 bid. And a half?
0:08:38 > 0:08:42No? You have to be quick. 68. I'll take 500. I'm selling once at 68.
0:08:42 > 0:08:45For the second time at £68,000.
0:08:45 > 0:08:49Sold to the man in the grey jumper at £68,000.
0:08:49 > 0:08:54For £68,000, the new owners of the fishermen's cottage in Redcar
0:08:54 > 0:08:56are local couple Paul and Mandy.
0:08:58 > 0:09:00Paul's retired from the local steelworks
0:09:00 > 0:09:02while Mandy works in a nearby shop.
0:09:02 > 0:09:05They're hoping to turn the old cottage into their new home.
0:09:07 > 0:09:11Mandy, Paul, lovely to meet you both. Congratulations.
0:09:11 > 0:09:14- What an interesting house. - Very interesting, yes.
0:09:14 > 0:09:18It just seems to ooze history and it's like it's got stories to tell.
0:09:18 > 0:09:22- Yes. Not half! - Tell me why you wanted to buy it.
0:09:22 > 0:09:24Just the history of the place.
0:09:24 > 0:09:28It's an old fishing family from Redcar's property since the '30s.
0:09:28 > 0:09:32As a kid, I can remember coming around here with my dad.
0:09:32 > 0:09:35Tell me about what your dad used to do.
0:09:35 > 0:09:39He was a full-time fishermen most of his life.
0:09:39 > 0:09:43That's from the sort of late 50s until he retired in the 90s.
0:09:43 > 0:09:46The old bait house at the back,
0:09:46 > 0:09:51my dad used to rent one, four doors down, out the back in the '60s.
0:09:51 > 0:09:53I'm told, I can't remember this bit,
0:09:53 > 0:09:56I was this tall and I would be toddling around from my mum and dad's
0:09:56 > 0:09:59round the corner on my little bike and come to see my dad.
0:09:59 > 0:10:02So a lot of links with the fishing side of it.
0:10:02 > 0:10:05In fact, there is another link between Paul's family
0:10:05 > 0:10:09and the fishing family who lived here, called the Thompsons.
0:10:10 > 0:10:15The Thompsons had a fishing boat they got built in about '55,
0:10:15 > 0:10:17and then in the '70s, my dad bought it.
0:10:17 > 0:10:19It was called the Joan Rose.
0:10:19 > 0:10:22So there's a link again between the families.
0:10:22 > 0:10:25Did you know that boat?
0:10:25 > 0:10:29For four years, I went regular with my dad in the late '80s.
0:10:29 > 0:10:32His mate packed in, and despite the fact
0:10:32 > 0:10:36I was doing shifts at the then British Steel,
0:10:36 > 0:10:39he wanted me to go with him until he got a mate
0:10:39 > 0:10:41and I went with him for four years!
0:10:41 > 0:10:44Good grief! Tough life.
0:10:44 > 0:10:46Tough but so rewarding.
0:10:46 > 0:10:49Fresh air. What more can you want?
0:10:49 > 0:10:52# Glory days
0:10:52 > 0:10:55# Glory days. #
0:10:55 > 0:10:59That's fantastic. Not only to know the cottage in its heyday,
0:10:59 > 0:11:01but also to be part of the fishing community
0:11:01 > 0:11:03the cottages were built for.
0:11:03 > 0:11:06So clearly, Paul has a passion for this place,
0:11:06 > 0:11:08but does Mandy feel the same?
0:11:09 > 0:11:11What about your links, Mandy?
0:11:11 > 0:11:15I've known Paul... We've known each other 13 years, just as friends,
0:11:15 > 0:11:18but we officially got together two years ago
0:11:18 > 0:11:21and it's just been nice following him along,
0:11:21 > 0:11:23seeing how excited he is about getting this.
0:11:23 > 0:11:27He's so determined when he wants something.
0:11:27 > 0:11:29I knew on the way up there in the car,
0:11:29 > 0:11:33I thought no matter what, he'll come back successful.
0:11:33 > 0:11:36- And now he's talking about making it your home.- Yes.
0:11:36 > 0:11:38What do you feel about that?
0:11:38 > 0:11:41Again, I'm more excited, now we're actually in and can see.
0:11:41 > 0:11:43I'd only actually viewed it the once
0:11:43 > 0:11:46but I've been to a couple down the road
0:11:46 > 0:11:49and seen how nice they can be made, so it's exciting.
0:11:49 > 0:11:53So Paul, obviously, the responsibility you've got now,
0:11:53 > 0:11:56you own the place, but what are you going to do to it?
0:11:56 > 0:11:59There's a big, ugly extension out the back
0:11:59 > 0:12:01which has been there about 60 years.
0:12:01 > 0:12:04Only in the respect it's got a concrete slab on the top.
0:12:04 > 0:12:10So we want to take that off and pitch roof integrated into the main house.
0:12:10 > 0:12:14Bathroom upstairs. Split the back room into two.
0:12:14 > 0:12:16And just keep this room...
0:12:16 > 0:12:18This is a lovely, big room with the sash windows.
0:12:18 > 0:12:20Just keep that as it is, really.
0:12:20 > 0:12:23- Will that be your bedroom? - That will be our bedroom, yeah.
0:12:23 > 0:12:25And what about the kitchen?
0:12:25 > 0:12:27The kitchen, same size,
0:12:27 > 0:12:31but we're thinking of blocking up the back door where it is now
0:12:31 > 0:12:33to make a couple of long rooms for units
0:12:33 > 0:12:38and putting the back door out of the current downstairs bathroom.
0:12:38 > 0:12:40And maybe even blocking the stairs there
0:12:40 > 0:12:43- and having the stairs straight up from the front door.- Right, OK.
0:12:45 > 0:12:48The main task will be sorting the place out,
0:12:48 > 0:12:51with plans to turn the bait shed into a workshop at a later date.
0:12:51 > 0:12:54Paul hopes to do much of the work himself,
0:12:54 > 0:12:57but when he needs help, not only has he the skills
0:12:57 > 0:12:59of the fishing community to call on,
0:12:59 > 0:13:03but both his and Mandy's sons are in the building trade.
0:13:03 > 0:13:07- So, what is the budget for the work? - Well, 68, it cost us.
0:13:07 > 0:13:09If it's 90 in total... So, 22.
0:13:09 > 0:13:14If I can come out with the house all pristine, for the market value,
0:13:14 > 0:13:16any less would be a bonus.
0:13:16 > 0:13:19It's not really making money that's the end of it, really.
0:13:19 > 0:13:22- Congratulations. Good luck. - Thank you.
0:13:22 > 0:13:26We look forward to seeing what you do to transform it.
0:13:26 > 0:13:28So do we.
0:13:29 > 0:13:33It would seem meant to be for Paul and Mandy to own this cottage,
0:13:33 > 0:13:37due to the history and their personal experience. And now,
0:13:37 > 0:13:40the opportunity to convert it into their new home.
0:13:40 > 0:13:42What a great story.
0:13:42 > 0:13:45Find out how they get on later in the show.
0:13:45 > 0:13:49# Let's go fishing for a dream
0:13:50 > 0:13:54# Let's find some place new... #
0:13:57 > 0:14:03# Come with me, my love
0:14:03 > 0:14:08# To the sea, the sea of love... #
0:14:08 > 0:14:11Oh! I do like to be beside the seaside,
0:14:11 > 0:14:13and I especially like it
0:14:13 > 0:14:16when the journey down to the coast is an easy one.
0:14:16 > 0:14:18I'm in Deal, in Kent today,
0:14:18 > 0:14:22and the high-speed rail link has cut the journey time to London
0:14:22 > 0:14:26from two hours, 15 minutes, to just 80 minutes.
0:14:26 > 0:14:29Now, the new service was only introduced a couple of months ago
0:14:29 > 0:14:34and Kent County Council is supporting the £150,000 cost
0:14:34 > 0:14:37of the extra train routes in an attempt
0:14:37 > 0:14:40to attract investment to the area.
0:14:40 > 0:14:43I'd say that's a good deal for Deal.
0:14:47 > 0:14:49So, there's a real commitment to the area.
0:14:49 > 0:14:52So, hopefully, this investment will bare fruit.
0:14:52 > 0:14:55Having defended itself in the past from invading marauders,
0:14:55 > 0:14:59Deal is now keen to be seen as not just somewhere to visit
0:14:59 > 0:15:00but also to live.
0:15:00 > 0:15:04Today's auction lot is ideally placed just off the town centre
0:15:04 > 0:15:08and five-minutes' walk from the train station.
0:15:08 > 0:15:10I've done my research.
0:15:10 > 0:15:16The last terraced property to sell on this road achieved 195,000.
0:15:16 > 0:15:18The terraced house I'm here to see today had a guide price
0:15:18 > 0:15:22of just £120,000 to £125,000.
0:15:22 > 0:15:24Ah-ha! Here it is.
0:15:24 > 0:15:27Looks good from the outside, so let's get up close and personal.
0:15:27 > 0:15:31- # But I'd like to get to know you - Yes, I would
0:15:31 > 0:15:36- # Yes, I'd like to get to know you - If I could...- #
0:15:36 > 0:15:39What else is there to know about this four-bed, three-storey terrace?
0:15:39 > 0:15:43Well, there is a decent wrought-iron fence surrounding a scruffy bit
0:15:43 > 0:15:45of land at the front.
0:15:45 > 0:15:50It sits on quite a narrow and fairly busy road, but it is double-glazed,
0:15:50 > 0:15:53though the window felt looks like it may need replacing.
0:15:53 > 0:15:56A great little family house, this,
0:15:56 > 0:15:58because you've got two reception rooms on the ground floor.
0:15:58 > 0:16:01This is one of them. Nice and spacious.
0:16:01 > 0:16:04You've got this big bay window here, double-glazed already,
0:16:04 > 0:16:05so that's a bonus.
0:16:05 > 0:16:07Central heating system's already in
0:16:07 > 0:16:10and there is a certain amount of character with it, too.
0:16:10 > 0:16:13I mean, look at this, you've got a cast-iron fireplace down here.
0:16:13 > 0:16:14Really nice.
0:16:15 > 0:16:17Yes, it's great to see some character features,
0:16:17 > 0:16:21and with a bay window, this room has a great feel to it.
0:16:21 > 0:16:23And the back reception room is not bad either,
0:16:23 > 0:16:27with French doors leading out onto a decent-sized garden.
0:16:27 > 0:16:31Also, like the neighbouring property,
0:16:31 > 0:16:34there could be an opportunity to add an extension.
0:16:34 > 0:16:36That's certainly worth thinking about when you see
0:16:36 > 0:16:39the rather small and narrow kitchen.
0:16:44 > 0:16:48Upstairs, the bathroom will need to be completely refurbished,
0:16:48 > 0:16:51but it's a really good size.
0:16:53 > 0:16:57The two bedrooms on this floor aren't too shabby, either.
0:16:59 > 0:17:04Then, there's the real bonus of a top floor with two more bedrooms.
0:17:05 > 0:17:08Hm, I've spotted a bit of water damage around the dormer window
0:17:08 > 0:17:11that will need to be sorted. But all in all,
0:17:11 > 0:17:14this house that looks small from the outside,
0:17:14 > 0:17:17certainly packs a punch inside.
0:17:17 > 0:17:21It was all going so well, there just had to be a negative, didn't there?
0:17:21 > 0:17:24And, unfortunately, I found it.
0:17:24 > 0:17:26Double yellow lines everywhere.
0:17:26 > 0:17:30There are no restrictions on the other side of the road,
0:17:30 > 0:17:34but as you can see, finding a space is almost impossible.
0:17:34 > 0:17:37This could be a deal breaker for some people.
0:17:37 > 0:17:41# Ain't that a shame
0:17:41 > 0:17:44# My tears fell like rain
0:17:44 > 0:17:48# Ain't that a shame. #
0:17:48 > 0:17:49That is a real shame.
0:17:49 > 0:17:53You really have no options. There's a small alleyway at the back,
0:17:53 > 0:17:57great if you have a bike, but not if you have a car.
0:17:57 > 0:18:01So, all you can do is hope to find a parking space nearby,
0:18:01 > 0:18:03far from ideal.
0:18:05 > 0:18:07So, what does the local estate agent make
0:18:07 > 0:18:09of this deceptively large house
0:18:09 > 0:18:13and how much of an issue is that lack of parking?
0:18:13 > 0:18:16We would anticipate a local market would be interested
0:18:16 > 0:18:20in this property. Therefore, they'd be aware of the pitfalls.
0:18:20 > 0:18:24They are generally a family home, but that said,
0:18:24 > 0:18:26it will put some people off, yeah.
0:18:26 > 0:18:29OK, but there is no way round that,
0:18:29 > 0:18:31but the house itself could be in better shape.
0:18:31 > 0:18:35So, if it was fully renovated, what sort of numbers could we see
0:18:35 > 0:18:39on the current market for this lot that was guided
0:18:39 > 0:18:42at 120 to 125 grand?
0:18:42 > 0:18:44In tiptop condition,
0:18:44 > 0:18:49I would expect this property to achieve £195,000.
0:18:49 > 0:18:51And on the rental market?
0:18:51 > 0:18:56I would expect the rental value in the region of £850 to £900
0:18:56 > 0:18:58per calendar month.
0:18:58 > 0:19:01A freehold, four-bedroom house in a prime location,
0:19:01 > 0:19:04close to the train station and the sea,
0:19:04 > 0:19:06hey, what is not to like?
0:19:06 > 0:19:10Well, the lack of parking will undoubtedly put people off.
0:19:10 > 0:19:12Somebody wanted this, though.
0:19:12 > 0:19:15Let's find out who that was as we go to auction.
0:19:15 > 0:19:18Right, lot 13, we go to, now.
0:19:18 > 0:19:21It's a freehold, four-bedroom house
0:19:21 > 0:19:24for investment, with gas heating, double glazing.
0:19:24 > 0:19:29Start me where you will. 110. I'm on the way. I should think so, too.
0:19:29 > 0:19:33At £110,000, I have sitting down in the middle, in the red.
0:19:33 > 0:19:36And 112 I am looking for now. 112?
0:19:36 > 0:19:38Don't want to rush you, just get there.
0:19:38 > 0:19:39112, I'm bid.
0:19:39 > 0:19:41And to you at 14.
0:19:41 > 0:19:45At 14. And 16. At 16. At 18.
0:19:45 > 0:19:47At 18. At 20.
0:19:47 > 0:19:51At 120. And two? 122, can I say?
0:19:51 > 0:19:53Is that a one? 121.
0:19:53 > 0:19:57We're on the limit. 121. 122. 122.
0:19:57 > 0:20:02123. It's only money. 123.
0:20:02 > 0:20:04At 122,000, I have. 123, I would like.
0:20:04 > 0:20:07If not, I will sell for £122,000.
0:20:07 > 0:20:10For the first time, it's against you.
0:20:10 > 0:20:14£122,000, selling for the second time.
0:20:14 > 0:20:17Third and final time at 122,000.
0:20:17 > 0:20:21Yours at 122. And it's 7,340.
0:20:21 > 0:20:25That final bid was made on behalf of the purchaser,
0:20:25 > 0:20:29Brian, who bought the four-bed terrace for 122,000.
0:20:29 > 0:20:34Brian is a retired dentist who owns a few investment properties.
0:20:34 > 0:20:36He lives in London, so I was intrigued to know
0:20:36 > 0:20:39why he was buying a house on the Kent coast.
0:20:40 > 0:20:43Brian, thanks for coming today. Lovely to meet you.
0:20:43 > 0:20:48- So, why this house? - Because I know the area very well.
0:20:48 > 0:20:53I think it's a very good value in a rapidly gentrifying area.
0:20:53 > 0:20:56- I think it is a good investment. - So, are you from this area?
0:20:56 > 0:20:59No, but I have been coming down here since I was ten years old.
0:20:59 > 0:21:02I used to camp here with a Jewish Lads Brigade up in Kingsdown.
0:21:02 > 0:21:05- I used to March through here in a uniform.- Did you really?
0:21:05 > 0:21:09You wouldn't think an old hippie like me would do a thing like that.
0:21:09 > 0:21:13- So, you've really seen the area gentrify over the years.- Absolutely.
0:21:13 > 0:21:15It used to be just a working-class area.
0:21:15 > 0:21:18There were still fishermen here when I first came, as I remember it,
0:21:18 > 0:21:19and almost no cars.
0:21:19 > 0:21:22So, do you like to holiday here? Do you spend many a weekend
0:21:22 > 0:21:24walking up and down the seafront?
0:21:24 > 0:21:27I've got a weekend place just up the coast in Kingsdown,
0:21:27 > 0:21:31and I do in fact walk up and down the beach skimming stones.
0:21:32 > 0:21:36In recent times, Brian has also tried his hand at developing,
0:21:36 > 0:21:39splashing out on a number of properties in London and Margate.
0:21:40 > 0:21:43But this is his first property in Deal.
0:21:43 > 0:21:47- So, £122,000. The hammer went down, it was yours.- Yes.
0:21:47 > 0:21:49Were you excited, pleased?
0:21:49 > 0:21:52- Did you expect to get it for that? - I did three cartwheels.
0:21:52 > 0:21:54What was it about this house that you thought,
0:21:54 > 0:21:56"I'm going to bid for this?"
0:21:56 > 0:21:59It's, I think, the poorest presented house on the entire road,
0:21:59 > 0:22:02which, of course, is the thing to go for.
0:22:02 > 0:22:04- Do you really think it is? - I think it is.- You see,
0:22:04 > 0:22:06on first inspection, I actually thought,
0:22:06 > 0:22:08"It's a good, solid house."
0:22:08 > 0:22:10It is a good solid house.
0:22:10 > 0:22:12I wouldn't have anything with a major crack in the wall.
0:22:12 > 0:22:14I've been down that road. I think it needs
0:22:14 > 0:22:18a little more than cleaning up and decorating.
0:22:18 > 0:22:21I mean, you've got lots of options with the downstairs space.
0:22:21 > 0:22:24I actually think it works as it is, but you could start knocking
0:22:24 > 0:22:26walls down, kitchen-diner.
0:22:26 > 0:22:29You could knock the two downstairs reception rooms together.
0:22:29 > 0:22:30Will you leave it, play around with it?
0:22:30 > 0:22:33I'm going to leave it alone as far as possible.
0:22:33 > 0:22:38Obviously, it needs a new kitchen. That is a bit of a horror story.
0:22:38 > 0:22:43- I'm thinking of putting a toilet underneath the stairs.- Great idea.
0:22:43 > 0:22:46I think an extra toilet in the place is always a good sale feature.
0:22:46 > 0:22:48So, what about on the first floor?
0:22:48 > 0:22:51Bathroom, of course. The bathroom is very big.
0:22:51 > 0:22:53It might be possible to get a central bath, I'm told.
0:22:53 > 0:22:56- We'll think about that. - I think that would look superb.
0:22:56 > 0:23:00It's a very spacious bathroom. Now, that bonus floor, how great is that?
0:23:00 > 0:23:05- To have the two bedrooms already up there.- Bonuses are always good.
0:23:05 > 0:23:07Absolutely. So, what about those two rooms?
0:23:07 > 0:23:09There's a problem around one of the windows.
0:23:09 > 0:23:11Yes, that's underneath the dormer.
0:23:11 > 0:23:13There might be water penetration there.
0:23:13 > 0:23:16Certainly, the dormer needs going over. So, we'll do that first.
0:23:16 > 0:23:19Brian hopes to renovate the house and sell it.
0:23:19 > 0:23:23There's a fair amount of work for the retired dentist
0:23:23 > 0:23:24to get his teeth into.
0:23:24 > 0:23:26But he lives a couple of hours away
0:23:26 > 0:23:30in North London, which always makes refurbishment more difficult.
0:23:30 > 0:23:32So, how does it work for you?
0:23:32 > 0:23:35Day to day, will you be on board, getting your hands dirty,
0:23:35 > 0:23:39working with builders, or do you just pass it over to a building company?
0:23:39 > 0:23:41I couldn't knock a nail in straight
0:23:41 > 0:23:44and I certainly have no idea for horizontal and vertical.
0:23:44 > 0:23:46Hold on a minute, you're a dentist!
0:23:46 > 0:23:49- Of course you can! - It was all right in those days.
0:23:49 > 0:23:51I'm retired now.
0:23:51 > 0:23:54I've got a builder, also a friend of mine
0:23:54 > 0:23:57who's done a lot of work for me before and I trust him.
0:23:57 > 0:24:00And I think he'll make a really good job of this.
0:24:00 > 0:24:02And your budget for the work completely?
0:24:02 > 0:24:07He says 17, I say 12, and if we land on 15, I'll be happy.
0:24:07 > 0:24:10You'll be happy. So, is time on your side?
0:24:10 > 0:24:13I'm hoping to have this finished within a couple of months.
0:24:13 > 0:24:14Will you be commuting backwards
0:24:14 > 0:24:18- and forwards or will you be staying in the property?- I won't stay here!
0:24:18 > 0:24:22No, I'll be commuting every week to see how things are getting on.
0:24:22 > 0:24:24Hustle things along a bit.
0:24:24 > 0:24:26I'm excited to see what you do here.
0:24:26 > 0:24:29Good luck with this property. Lovely to meet you.
0:24:29 > 0:24:31Lovely to meet you, Lucy.
0:24:31 > 0:24:33Brian has got a great attitude
0:24:33 > 0:24:35when it comes to developing property -
0:24:35 > 0:24:37have someone else do all the work.
0:24:37 > 0:24:42The question is, will he achieve a top asking price
0:24:42 > 0:24:44and be cartwheeling when we come back?
0:24:44 > 0:24:47You can find out how he gets on later in the programme.
0:24:47 > 0:24:52Coming up, in Wiltshire, there are three bedrooms in this semi,
0:24:52 > 0:24:54plus an old conservatory.
0:24:54 > 0:24:55And this is the kitchen.
0:24:55 > 0:24:58Um, that doesn't work very well, does it?
0:24:58 > 0:25:02Back in Kent, was the retired dentist's project a simple check-up?
0:25:02 > 0:25:05It is been more difficult than I thought.
0:25:05 > 0:25:08It wasn't simply cosmetic.
0:25:09 > 0:25:14But first, we'll return to Redcar, where Paul called up his mates.
0:25:14 > 0:25:17The roofers that we got in were kids I went to school with.
0:25:17 > 0:25:18It was all local people.
0:25:22 > 0:25:24In the North Yorkshire town of Redcar,
0:25:24 > 0:25:26set back a little from the sea,
0:25:26 > 0:25:28an old fisherman's cottage went up for auction.
0:25:30 > 0:25:34It was bought for £68,000 by local couple Mandy and Paul,
0:25:34 > 0:25:37who fell for it hook, line and sinker.
0:25:38 > 0:25:42# Let's go fishing for a dream
0:25:43 > 0:25:47# Let's find some place new... #
0:25:47 > 0:25:50Not just because of its undoubted character and charm,
0:25:50 > 0:25:53but also because of Paul's association with it in the past.
0:25:53 > 0:25:57As a kid, I can remember coming around here with my dad.
0:25:57 > 0:25:59- Tell me about what your dad used to do.- Well,
0:25:59 > 0:26:01he was a full-time fisherman most of his life,
0:26:01 > 0:26:05from late '50s till he retired in the '90s.
0:26:05 > 0:26:08The old bait house at the back...
0:26:08 > 0:26:10my dad used to rent one four doors down.
0:26:10 > 0:26:12- And now you're talking about making it your home?- Yeah.
0:26:12 > 0:26:16- What do you feel about that?- By now, we are actually in and can see.
0:26:16 > 0:26:18Cos I had only actually viewed it the once.
0:26:18 > 0:26:20But I've been to a couple down the road
0:26:20 > 0:26:24and seen how nice they can be made. It's...it's exciting.
0:26:24 > 0:26:28So, it seems the cottage just wasn't going to be part of Paul's past,
0:26:28 > 0:26:31but very much part of his and Mandy's future.
0:26:31 > 0:26:33Armed with a £22,000 budget,
0:26:33 > 0:26:36retired steel worker Paul hoped, with the help of
0:26:36 > 0:26:40friends and family, to restore the house lovingly over a few months,
0:26:40 > 0:26:44turning it into what he hoped would be his and Randy's dream home.
0:26:48 > 0:26:52And just under seven months later, we are back.
0:26:52 > 0:26:56# I'm working on a dream
0:26:56 > 0:27:00# And our love will make it real some day... #
0:27:00 > 0:27:03Wow, they certainly have been working hard to turn this
0:27:03 > 0:27:05into their dream home.
0:27:05 > 0:27:10There is a fantastic new kitchen space, complete with new units
0:27:10 > 0:27:13and a wood burning stove.
0:27:14 > 0:27:17The old downstairs bathroom has gone...
0:27:17 > 0:27:20and is now utility and cloakroom.
0:27:24 > 0:27:26In the front reception,
0:27:26 > 0:27:29the old range has been replaced with a wood burning stove
0:27:29 > 0:27:31and the room has been replastered,
0:27:31 > 0:27:35re-floored and has had a damp proof course installed.
0:27:35 > 0:27:38The stairs have been altered, too, and now go straight up
0:27:38 > 0:27:40from the entrance hallway.
0:27:40 > 0:27:43Upstairs, the refurbished master bedroom at the front
0:27:43 > 0:27:46now has its own en suite shower room.
0:27:49 > 0:27:51And that's not the only change upstairs.
0:27:53 > 0:27:55All right, upstairs now, we've got a small landing,
0:27:55 > 0:27:57which separates the three rooms.
0:27:57 > 0:28:00It was originally two rooms, two big bedrooms here,
0:28:00 > 0:28:04which have been split. We have now got a small guest bedroom.
0:28:04 > 0:28:06We put an original fireplace back in there.
0:28:06 > 0:28:09We've got the bathroom next-door which is a huge advantage
0:28:09 > 0:28:11having an upstairs bathroom.
0:28:11 > 0:28:15And we lead through to the study, which has been made a lot cosier.
0:28:15 > 0:28:17It has had the ceiling lowered,
0:28:17 > 0:28:20an extra window added into the end
0:28:20 > 0:28:22and it is just nice and bright and sunny.
0:28:22 > 0:28:24The extra window definitely helps,
0:28:24 > 0:28:27but it is a massive bonus getting the bathroom upstairs.
0:28:29 > 0:28:33So, they are nearly finished inside, but what about outside?
0:28:34 > 0:28:37The exterior, we've done a lot of work trying to bring a bit
0:28:37 > 0:28:41of symmetry back to it, because it was a bit of a hodgepodge originally.
0:28:41 > 0:28:44We've renewed the sandstone wall, kind of made a bit of symmetry
0:28:44 > 0:28:47on the back by putting the windows, the two new windows in,
0:28:47 > 0:28:52and doors again on the extension. I think it's my favourite bit.
0:28:52 > 0:28:57There is no doubting there has been some hard graft here.
0:28:57 > 0:29:00Paul has removed the old brick house at the back, but also replaced
0:29:00 > 0:29:02the flat concrete roof on the extension
0:29:02 > 0:29:03with a pitched one.
0:29:03 > 0:29:07So, he certainly has been busy these last seven months.
0:29:07 > 0:29:12Actually, I was just working mainly with a friend of mine, a builder.
0:29:12 > 0:29:15The roofers that we got in were kids I went to school with.
0:29:15 > 0:29:18So, everybody... it was all local people.
0:29:18 > 0:29:19The only fella I didn't know
0:29:19 > 0:29:21was the chimney sweep. When he came around
0:29:21 > 0:29:24to sweep the chimneys, it turned out that he actually sweeps
0:29:24 > 0:29:27the chimney of the son of one of the brothers that lived here.
0:29:27 > 0:29:31- So, we call it a tenuous link, I think.- Yeah.
0:29:31 > 0:29:34Well, the connections with the cottage just continue.
0:29:34 > 0:29:37It wasn't just the local help, but the use of local materials,
0:29:37 > 0:29:41like a fireplace fabricated from wood found on the nearby beaches.
0:29:43 > 0:29:46But this wasn't just Paul's project, it was Mandy's, as well.
0:29:46 > 0:29:49So, how much did she get involved?
0:29:49 > 0:29:52Give some widgets and helped tidy up.
0:29:52 > 0:29:55I used to come in the evening and brush around and tidy up
0:29:55 > 0:29:58and then come the next day and it was just all the same again.
0:29:58 > 0:30:01Yeah, but don't underestimate what she did,
0:30:01 > 0:30:04because she is a great tidy-upper, trust me.
0:30:05 > 0:30:07In more recent weeks,
0:30:07 > 0:30:10Mandy has been doing a lot of the decoration
0:30:10 > 0:30:13and started to prepare the cottage for them to move in.
0:30:13 > 0:30:16How much has it cost to make this their home?
0:30:16 > 0:30:19We bought it for 68.
0:30:19 > 0:30:22The original budget was 90, so 22 to spend.
0:30:22 > 0:30:24We didn't stick to it.
0:30:24 > 0:30:26We've gone to about 97.
0:30:26 > 0:30:30But, as I said, as we went along, we opened the fires,
0:30:30 > 0:30:33we bought new fires, shower room
0:30:33 > 0:30:37and, obviously, more labour because of that.
0:30:37 > 0:30:39So, I don't think it has gone kind of out of control.
0:30:40 > 0:30:44But with the total spend of £97,000 on buying and renovating
0:30:44 > 0:30:49the house, has this real labour of love been a worthwhile investment?
0:30:49 > 0:30:52What do two local estate agents reckon?
0:30:54 > 0:30:57I think it's delightful. I think it has been greatly improved,
0:30:57 > 0:31:00whilst it has retained a lot of its charm and character.
0:31:00 > 0:31:03I really like the way the bathroom has been taken upstairs.
0:31:03 > 0:31:06With the former bathroom now,
0:31:06 > 0:31:07a utility room.
0:31:07 > 0:31:10I really like the way he's separated
0:31:10 > 0:31:12the bedrooms upstairs and I think it works really well.
0:31:12 > 0:31:15Well, the changes have been given the thumbs up,
0:31:15 > 0:31:17but what about its current value?
0:31:17 > 0:31:22With the couple having spent £97,000 to create their new home.
0:31:22 > 0:31:24I think in the current sales market,
0:31:24 > 0:31:27this house could achieve very much a ceiling price for this road.
0:31:27 > 0:31:30I would think £105,000.
0:31:30 > 0:31:33The current market, I would estimate the property should be worth
0:31:33 > 0:31:35in the region of £100,000.
0:31:35 > 0:31:36Yeah, we like the three figures.
0:31:36 > 0:31:39Anything above what we spent on it is a bonus.
0:31:39 > 0:31:43So, as it stands, the cottage is at about breakeven point.
0:31:43 > 0:31:47The estate agents estimate a rental value of around £500
0:31:47 > 0:31:48per calendar month.
0:31:48 > 0:31:51But somehow I don't think this project was ever about money.
0:31:51 > 0:31:55So, what's next for Mandy and Paul?
0:31:55 > 0:31:58We are just going to settle in and live there happily ever after.
0:31:58 > 0:32:00Irrespective of the market price.
0:32:03 > 0:32:06This is Melksham, in Wiltshire.
0:32:07 > 0:32:12By the mid-14th century, it was a busy weaving town,
0:32:12 > 0:32:15the chief product being broad, white cloth.
0:32:15 > 0:32:18Melksham's cloth industry may be a thing of the past,
0:32:18 > 0:32:22but the town's proximity to Bath and Corsham, make it
0:32:22 > 0:32:26a very attractive prospect for modern-day property hunters.
0:32:26 > 0:32:29Well, just on the outskirts of Melksham,
0:32:29 > 0:32:32is the property I'm here to see. Three bedrooms, semi-detached,
0:32:32 > 0:32:34guide price was 120,000 quid.
0:32:34 > 0:32:36Hang on a minute. That's interesting.
0:32:36 > 0:32:39On this telegraph post here, right outside the property,
0:32:39 > 0:32:41is a planning application.
0:32:41 > 0:32:43Now, whenever you do a planning application
0:32:43 > 0:32:45for any building works on a property,
0:32:45 > 0:32:49the Council have to put a notice like this in the immediate vicinity.
0:32:49 > 0:32:54And, yes, in fact this does relate to this particular property.
0:32:54 > 0:32:56Oh, interesting.
0:32:57 > 0:32:58More of that later.
0:33:02 > 0:33:06So, first impressions are promising, with double-glazed windows,
0:33:06 > 0:33:09a garage and off-street parking.
0:33:09 > 0:33:14# You got accentuate the positive
0:33:14 > 0:33:18# Eliminate the negative... #
0:33:18 > 0:33:21At least somebody stripped the wallpaper for you.
0:33:21 > 0:33:23As soon as I enter,
0:33:23 > 0:33:26I'm led straight to the back of the property, down the hall.
0:33:26 > 0:33:27So, down the corridor,
0:33:27 > 0:33:31and it's already feeling terribly claustrophobic.
0:33:31 > 0:33:34This is the only entrance into the rear of the property.
0:33:34 > 0:33:36And my guess is that a doorway has been blocked up there
0:33:36 > 0:33:39at some stage. But you've got this little under-stairs cupboard
0:33:39 > 0:33:42and then through into this sort of rear sitting-room area.
0:33:42 > 0:33:46And this is the kitchen. Um, that doesn't work very well, does it?
0:33:46 > 0:33:49Um, I guess...
0:33:49 > 0:33:52This is the... some kind of a lean-to area.
0:33:52 > 0:33:54It just feels already like it's been kind of botched around
0:33:54 > 0:33:57and bolted on.
0:33:57 > 0:33:58In terms of a layout, not good.
0:33:58 > 0:34:01Maybe it gets better through here.
0:34:02 > 0:34:06Ah, well... Mediumly no.
0:34:06 > 0:34:09I mean, blocking off that door over there has definitely made
0:34:09 > 0:34:13the room have more walls you can do things with.
0:34:13 > 0:34:16But I think I would open that up,
0:34:16 > 0:34:19really, to create a bit more of a flow in this house.
0:34:19 > 0:34:20That is what is missing.
0:34:20 > 0:34:23All the walls stripped again. It's a clean-up job.
0:34:23 > 0:34:26Before that, you've really got to figure out how the layout
0:34:26 > 0:34:27down here is going to work.
0:34:27 > 0:34:31Get that right and then think about the wallpaper and stuff like that.
0:34:31 > 0:34:33It is odd to come through the front door and be led
0:34:33 > 0:34:36directly to the back of the house.
0:34:36 > 0:34:40But one positive at the rear is that the garden is a great size
0:34:40 > 0:34:44with a lovely outlook across wide, open countryside.
0:34:44 > 0:34:47So, upstairs are two double bedrooms and a single.
0:34:47 > 0:34:50That is not too much of a problem. However, this could be.
0:34:50 > 0:34:53That is the only bathroom in the property and,
0:34:53 > 0:34:54as you can see, it doesn't have a bath,
0:34:54 > 0:34:57it's just a shower and a loo. And the other big issue,
0:34:57 > 0:34:58as far as I'm concerned,
0:34:58 > 0:35:01is somebody could be in there as somebody is walking up the stairs
0:35:01 > 0:35:02and...
0:35:02 > 0:35:05Not good. So, some sorting out to be done here.
0:35:07 > 0:35:11So, this house that went to auction gutted at 120,000 needs
0:35:11 > 0:35:14a lot of updating and decorating, and has some issues
0:35:14 > 0:35:19in terms of layout, but those can all be easily resolved.
0:35:19 > 0:35:24Now, going back to that planning notice outside.
0:35:24 > 0:35:26It has a reference number on it.
0:35:26 > 0:35:29If you want to find out exactly what plans are in the process
0:35:29 > 0:35:33of being passed or, in fact, have been passed, as in this case,
0:35:33 > 0:35:36you can go on the Planning Authority website
0:35:36 > 0:35:39and just literally print them off, which is what I did.
0:35:39 > 0:35:43And what is proposed is an extension single-storey on the back here
0:35:43 > 0:35:48to replace what's here and, more importantly,
0:35:48 > 0:35:52an extension double-storey above the garage to create
0:35:52 > 0:35:56a bigger bathroom than what's there and a fourth bedroom.
0:35:56 > 0:36:00Now, the big issue about that, to my mind is, is it worth doing?
0:36:00 > 0:36:04Will the cost of it be repaid when it comes to selling it?
0:36:04 > 0:36:07I can see how this would work, but in terms of that bid,
0:36:07 > 0:36:08I'm not too sure.
0:36:08 > 0:36:10But either way, the plans have been passed,
0:36:10 > 0:36:13so whether or not they are done, is just up to the new buyer.
0:36:13 > 0:36:15But do the sums add up?
0:36:15 > 0:36:16Time to ask
0:36:16 > 0:36:18a local property expert what he thinks.
0:36:18 > 0:36:23Is doing both extensions and adding that fourth bedroom
0:36:23 > 0:36:24really financially worthwhile?
0:36:24 > 0:36:27How much value would an extra bedroom add?
0:36:27 > 0:36:31In my opinion, in good condition throughout,
0:36:31 > 0:36:33I would expect to achieve somewhere in the region
0:36:33 > 0:36:37of £160,000 to £165,000,
0:36:37 > 0:36:38for a three-bedroom.
0:36:38 > 0:36:41As a four-bedroom extended, I'd expect to achieve
0:36:41 > 0:36:46somewhere in the region of £185,000 to £190,000.
0:36:46 > 0:36:49So you might cover the cost of extending if sold on,
0:36:49 > 0:36:51but what about as a rental?
0:36:51 > 0:36:52In my opinion,
0:36:52 > 0:36:56the property would achieve somewhere in the region of £700 to £725
0:36:56 > 0:36:59per calendar month as a three-bedroom.
0:36:59 > 0:37:02And if extended to make into a four-bedroom, I'd expect
0:37:02 > 0:37:06to achieve somewhere in the region of £825 per calendar month.
0:37:06 > 0:37:09Well, this is a really nice, little property, close to the town
0:37:09 > 0:37:12and yet, you've got this lovely countryside adjoining it
0:37:12 > 0:37:16and the benefit of that planning permission for an extension.
0:37:16 > 0:37:18Let's see who fancied the opportunity
0:37:18 > 0:37:20when it went under the hammer.
0:37:20 > 0:37:21So, we go to 24.
0:37:21 > 0:37:24Semi-detached house, there we are.
0:37:24 > 0:37:27Backing onto the countryside. Needs a bit doing to it, you know.
0:37:27 > 0:37:31There is planning consent, also, to extend it.
0:37:31 > 0:37:34120? Bid 115 on it if you like.
0:37:34 > 0:37:36At 115. OK, we'll start there again, shall we? At 115.
0:37:36 > 0:37:38We'll go in twos in a minute.
0:37:38 > 0:37:40116. 118 I'll take.
0:37:40 > 0:37:43At 116, 118 I'll take.
0:37:43 > 0:37:45At £118,000.
0:37:45 > 0:37:48120. I've got OK at 120 round the corner.
0:37:48 > 0:37:50I'll take one. At £120,000.
0:37:50 > 0:37:52At 121, OK.
0:37:52 > 0:37:55122. 23. 24.
0:37:55 > 0:37:57And five, I'll take.
0:37:57 > 0:38:00At £124,000. 125 I've got,
0:38:00 > 0:38:02sir with the hand. OK at 125.
0:38:02 > 0:38:06126. 127. To you, sir, at 127. 128.
0:38:06 > 0:38:09129 to you. 129, OK. 130?
0:38:09 > 0:38:13At a £129,000, far right it is. At 129.
0:38:13 > 0:38:1730, anyone? This is going to be sold in the room at £129,000.
0:38:17 > 0:38:20For the first time. You over there. At 129.
0:38:20 > 0:38:22It's your bid then, sir. For the second time.
0:38:22 > 0:38:26At 129, third and last time. Bid on 129.
0:38:26 > 0:38:28Your number, sir, is?
0:38:28 > 0:38:34That final bid of £129,000 came from Wiltshire-based Paul,
0:38:34 > 0:38:37who was at the auction with his partner, Lynn.
0:38:37 > 0:38:41# You bought it, you bought it... #
0:38:41 > 0:38:45Lynn works at a local call centre for the elderly
0:38:45 > 0:38:47and Paul has been a plasterer all his life.
0:38:47 > 0:38:49I met up with them
0:38:49 > 0:38:52to find out why they bid on this particular three-bed semi.
0:38:53 > 0:38:57- Lynn, Paul, lovely to meet you both. - Hiya.- Congratulations.- Yeah.
0:38:57 > 0:39:01Yeah. Wow. Tell me why you wanted to buy this place.
0:39:01 > 0:39:06We'd been looking for a project to do together for a while.
0:39:06 > 0:39:11The opportunity only came up cos I sold my house.
0:39:11 > 0:39:14So, what was it about this place that really appealed?
0:39:14 > 0:39:17I think the garden backing onto fields is a big plus.
0:39:17 > 0:39:21- Yeah.- And it's got potential. And a planning on it,
0:39:21 > 0:39:26you know, permission already there. It was a bonus.
0:39:26 > 0:39:28So, you bought it for yourself, then, to live in?
0:39:28 > 0:39:31It's possibly an investment.
0:39:31 > 0:39:33That was the initial idea,
0:39:33 > 0:39:36that we were going to turn it round and sell it,
0:39:36 > 0:39:38but we're starting to like a bit.
0:39:38 > 0:39:41We'll see what we get on the market, I think.
0:39:41 > 0:39:44- You're in a rental accommodation at the moment?- Yeah.
0:39:44 > 0:39:46- So, it could be a home for you, perhaps?- Yeah.
0:39:46 > 0:39:50And then we've got some plans for next year, we'd like to travel.
0:39:50 > 0:39:52It might fit in once we've done it up.
0:39:52 > 0:39:55That might be ideal, put it on the market while we are away.
0:39:55 > 0:39:58- Right, where are you going? - South America and Australia and that.
0:39:58 > 0:40:01Oh, wow! So, you are both going to do that.
0:40:01 > 0:40:04It would work well to rent the house in that time.
0:40:04 > 0:40:07Turn it around, yeah, and put it on the market.
0:40:07 > 0:40:10- That's another option, then. - Renting is an option, yes.
0:40:10 > 0:40:12Everything's up in the air. You could live in it,
0:40:12 > 0:40:14- you could rent it, you could sell it.- Oh, dear!
0:40:14 > 0:40:18- We better make some decisions quickly.- We're quite indecisive.
0:40:18 > 0:40:24# Yes, this is the year to make your decision
0:40:24 > 0:40:26# You've got to get it together... #
0:40:26 > 0:40:30Well, Lynn and Paul certainly seem to be keeping their options open,
0:40:30 > 0:40:32to say the least.
0:40:32 > 0:40:34Let's just hope they're more decisive
0:40:34 > 0:40:36when it comes the refurbishment.
0:40:38 > 0:40:42So, tell me what you are going to do to the place.
0:40:42 > 0:40:46It has got permission for an extension, two-storey,
0:40:46 > 0:40:48on the side and one on the back.
0:40:48 > 0:40:51But I don't think it will pay to have the one on the side.
0:40:51 > 0:40:55- Right.- So, we will almost certainly put something on the back,
0:40:55 > 0:40:57which we're just getting the costings.
0:40:57 > 0:40:59It's either going to be a conservatory
0:40:59 > 0:41:02or a straightforward extension.
0:41:02 > 0:41:04Single storey. So, we're definitely doing that.
0:41:04 > 0:41:07The bathroom upstairs is just a very small shower room.
0:41:07 > 0:41:10We are going to take the wall down and move that
0:41:10 > 0:41:11across a couple of foot.
0:41:11 > 0:41:15Just a few bits and pieces, then. So, who's going to do the work?
0:41:15 > 0:41:19- Mostly me.- Right. What sort of experience have you got?
0:41:19 > 0:41:22Well, obviously, I've been plastering for a long time.
0:41:22 > 0:41:25So, there is that experience.
0:41:25 > 0:41:27I've been involved in other building work, bits of roofing, etc,
0:41:27 > 0:41:31over the years, so, you know.
0:41:31 > 0:41:34I could do a lot of preparation and that, you know.
0:41:34 > 0:41:39But I wouldn't actually do the tiling myself, etc. I know a man that can.
0:41:39 > 0:41:44# If you feel no-one can help you
0:41:46 > 0:41:52# Well, I know a man who can... #
0:41:53 > 0:41:57Mates' rates always help when it comes to balancing the budget.
0:41:57 > 0:42:00How much have they set aside for the work here?
0:42:01 > 0:42:05- So what, what is the budget? - Well, there is...
0:42:05 > 0:42:09- 25 is the tops, but I would hope to do under 20.- Right.
0:42:09 > 0:42:12- That's including building the extension on the back?- Yeah, yeah.
0:42:12 > 0:42:14So, what is the timescale?
0:42:14 > 0:42:19- Six months.- And then, off round the world?- Yeah.
0:42:19 > 0:42:22- Listen, congratulations. - Thank you.- Good luck with it.
0:42:22 > 0:42:26- We'll see how you get on.- OK. - Thanks a lot.- Thank you.
0:42:26 > 0:42:30Well, a few things to do to sort this place out,
0:42:30 > 0:42:33and that budget could be tight, even with mates' rates.
0:42:33 > 0:42:37But more important than that, a few decisions to be made by Lynn
0:42:37 > 0:42:39and Paul before they set off on their travels.
0:42:39 > 0:42:43Will they rent it out, will they sell it or will they move in?
0:42:43 > 0:42:44What do you think?
0:42:44 > 0:42:46You can find out later in the show.
0:42:49 > 0:42:51Well, it's that part of the programme where we go back
0:42:51 > 0:42:54and find out if all those promises were fulfilled.
0:42:54 > 0:42:56Did our buyers do everything they had hoped to
0:42:56 > 0:42:58or were there hazards in their path?
0:42:58 > 0:43:00Let's find out.
0:43:01 > 0:43:04It was in the Kent coastal town of Deal
0:43:04 > 0:43:06that we came across a three-storey,
0:43:06 > 0:43:08four-bedroom townhouse.
0:43:08 > 0:43:10This tired and dated property was certainly
0:43:10 > 0:43:12a little down in the mouth
0:43:12 > 0:43:13and needed to be freshened up.
0:43:13 > 0:43:19And who better to take on the task than retired dentist Brian?
0:43:19 > 0:43:22He paid 122,000 at auction to get his teeth
0:43:22 > 0:43:26into his latest property purchase.
0:43:26 > 0:43:27So, how does it work for you? Day to day,
0:43:27 > 0:43:29will you be on board, getting your hands dirty,
0:43:29 > 0:43:34working with builders or do you just pass it over to a building company?
0:43:34 > 0:43:36I couldn't knock a nail in straight.
0:43:36 > 0:43:39I certainly have no idea of horizontal and vertical.
0:43:39 > 0:43:41Hold on a minute, you are a dentist.
0:43:41 > 0:43:44- Of course you can! - It was all right in those days.
0:43:44 > 0:43:45I'm retired now.
0:43:45 > 0:43:48Not only did he lack DIY skills,
0:43:48 > 0:43:52but Brian was also based over two hours away in London,
0:43:52 > 0:43:54so he was reliant on builders to do
0:43:54 > 0:43:59the work for him while he supervised and visited from time to time.
0:43:59 > 0:44:01He was hoping he could get it renovated
0:44:01 > 0:44:03and back up for sale in two months.
0:44:03 > 0:44:06All on a budget of around 15,000.
0:44:09 > 0:44:12Now, a full six months have ticked by.
0:44:12 > 0:44:15So, how has Brian been getting on?
0:44:18 > 0:44:21The front area has definitely been tidied up
0:44:21 > 0:44:25and it looks like the dormer window and guttering have been repaired.
0:44:25 > 0:44:28But what about the inside?
0:44:29 > 0:44:32Now, there's a much more welcoming hallway.
0:44:34 > 0:44:39And the front reception room has new central heating and a new fireplace.
0:44:39 > 0:44:43The rear reception room also boasts an elegant fire surround.
0:44:45 > 0:44:47But what about that sorry-looking kitchen?
0:44:51 > 0:44:56Well, that is now looking much brighter and more up-to-date.
0:44:56 > 0:44:59Well, the kitchen before was filthy dirty.
0:44:59 > 0:45:02The units were broken, everything stank.
0:45:02 > 0:45:05We had to rip it all out and we started again.
0:45:05 > 0:45:09Upstairs, Brian has taken the same rip-out-and-start-again approach
0:45:09 > 0:45:11with the old bathroom...
0:45:13 > 0:45:18..completely transforming it with a stylish new suite,
0:45:18 > 0:45:20and contemporary black tiles.
0:45:26 > 0:45:30The two first-floor bedrooms are now fully refurbished.
0:45:32 > 0:45:36As are the two bedrooms on the top floor.
0:45:37 > 0:45:40So, inside it is all finished, but it's taken
0:45:40 > 0:45:42six months instead of two.
0:45:42 > 0:45:46The delay was because he felt badly let down by his builders
0:45:46 > 0:45:50and decided he had no option but to do the work all over again.
0:45:51 > 0:45:55My own fault, partly, in that I got ill for a couple of months
0:45:55 > 0:45:57and wasn't able to supervise,
0:45:57 > 0:46:01but also my managing... My building manager
0:46:01 > 0:46:04had to go and have a new hip.
0:46:05 > 0:46:08With Brian and his build manager both ill
0:46:08 > 0:46:11and the work done by the builders, but unsupervised,
0:46:11 > 0:46:13Brian was not happy with the end result,
0:46:13 > 0:46:16so he took the big decision to start again,
0:46:16 > 0:46:18effectively with a new team.
0:46:18 > 0:46:22That really hit the renovation hard in terms of time and,
0:46:22 > 0:46:24no doubt, money.
0:46:24 > 0:46:26And as if that wasn't enough,
0:46:26 > 0:46:29Brian found there was more to do than he bargained for.
0:46:30 > 0:46:33It wasn't simply cosmetic.
0:46:33 > 0:46:38We had to do a lot on the roof and up there, all the pipework,
0:46:38 > 0:46:39the drains.
0:46:39 > 0:46:42There was a lot of hidden things which needed doing.
0:46:42 > 0:46:46Things like the dormer window had to be comprehensively refurbished,
0:46:46 > 0:46:49along with the work on the roof and the down pipes.
0:46:49 > 0:46:52With all his trials and tribulations,
0:46:52 > 0:46:54Brian's got there in the end.
0:46:54 > 0:46:57# All right now, baby, it's... #
0:46:57 > 0:47:00I think the bathrooms came out well.
0:47:00 > 0:47:02I think that kitchen has come out well.
0:47:02 > 0:47:05Many of the features, doors and so on, are original.
0:47:05 > 0:47:08And I quite like the fireplaces. I think it really gives
0:47:08 > 0:47:11the place a bit of twang.
0:47:12 > 0:47:15Whoa, twang, that's a new one on me, but I see what he means.
0:47:15 > 0:47:18There is a certain amount of twang about this place.
0:47:18 > 0:47:23But what did all this twang do to his proposed £15,000 budget?
0:47:23 > 0:47:26It went way over the moon,
0:47:26 > 0:47:29and we ended up with a budget which probably works out at about 50,000.
0:47:29 > 0:47:31The place would simply not have sold at all,
0:47:31 > 0:47:34I think, if I'd have left it the way they left it
0:47:34 > 0:47:36when they told me it was completed.
0:47:38 > 0:47:4350,000 instead of 15,000 is certainly some over-spend.
0:47:43 > 0:47:48So, added to the £122,000 purchase price,
0:47:48 > 0:47:53Brian's invested a total of 172 grand, minus costs and fees.
0:47:53 > 0:47:57So, has his Deal townhouse been a good deal?
0:47:57 > 0:48:00What do two local estate agents think?
0:48:00 > 0:48:04The refurbishment has been done very sympathetically to the property,
0:48:04 > 0:48:06with a contemporary slant to the kitchen
0:48:06 > 0:48:09and bathroom area, with some stylish tiling.
0:48:09 > 0:48:11This has been nicely renovated.
0:48:11 > 0:48:14They've done the right and appropriate things to it,
0:48:14 > 0:48:15put in a new kitchen,
0:48:15 > 0:48:17quite a stylish bathroom.
0:48:17 > 0:48:21Brian is really looking to sell the house on, but in a relatively
0:48:21 > 0:48:26slow resale market, he may have to consider rental.
0:48:26 > 0:48:28If this were to be let with a accommodation it has,
0:48:28 > 0:48:32it would achieve probably £800 per calendar month.
0:48:32 > 0:48:37I would expect to achieve a value of £800 per calendar month.
0:48:37 > 0:48:40I don't intend to rent unless it fails to sell,
0:48:40 > 0:48:42but that is not a bad price.
0:48:42 > 0:48:44£800 per calendar month
0:48:44 > 0:48:47would give Brian an annual yield of around 5%.
0:48:47 > 0:48:49But more importantly for him,
0:48:49 > 0:48:54how would his £172,000 investment fare in the resale market?
0:48:54 > 0:48:57If this house went to the market now,
0:48:57 > 0:49:02you'd be looking at a value probably in excess of £200,000.
0:49:02 > 0:49:06I would expect to achieve £200,000 to £210,000.
0:49:06 > 0:49:09I am hoping for a bit more than that.
0:49:09 > 0:49:11It is on the market for 230,
0:49:11 > 0:49:14I am hoping for 220. We'll see what happens.
0:49:14 > 0:49:17Even if he achieves only the estate agents' valuation,
0:49:17 > 0:49:21he could still see a pre-tax profit of between 28,000
0:49:21 > 0:49:24and 38,000 before the usual deductions.
0:49:26 > 0:49:28Despite all the issues here,
0:49:28 > 0:49:30it still looks to be a pretty good money-making venture.
0:49:30 > 0:49:36But looking back, how does retired dentist Brian feel about it now?
0:49:36 > 0:49:38It has been quite enjoyable doing it.
0:49:38 > 0:49:42Just the price has been a little bit tight on the teeth.
0:49:44 > 0:49:47Back now to the Wiltshire town of Melksham,
0:49:47 > 0:49:50where earlier in the programme, this semi
0:49:50 > 0:49:54was bought for £129,000 by Paul,
0:49:54 > 0:49:58a plasterer, and his partner, Lynn, a call centre manager.
0:49:59 > 0:50:04The house had planning permission to extend at the side and the rear.
0:50:04 > 0:50:07But Paul and Lynn seemed unsure about their plans.
0:50:07 > 0:50:10So, did you buy it for yourselves to live in?
0:50:10 > 0:50:14It is possibly an investment.
0:50:14 > 0:50:18That was the initial idea, that we were going to turn it round
0:50:18 > 0:50:19and sell it.
0:50:19 > 0:50:22But we are starting to like it a bit.
0:50:22 > 0:50:27They were falling for the place, but would they moved in or sell?
0:50:27 > 0:50:31They had another love in their life, and that was travel.
0:50:31 > 0:50:34# Let's fly away
0:50:34 > 0:50:37# And find a land that's warm and Tropic... #
0:50:37 > 0:50:39So, once the house was refurbished,
0:50:39 > 0:50:44they've planned a long trip to Australia and South America.
0:50:44 > 0:50:47So, it went well to rent the house during that time and then...?
0:50:47 > 0:50:50- Turn it round.- See how you feel. - Put it on the market.
0:50:50 > 0:50:53- That is another option, then. - Renting is an option, yes.
0:50:53 > 0:50:56Everything is up in the air. You could live in it, rent it, sell it.
0:50:56 > 0:50:58Oh, dear.
0:50:58 > 0:51:02Well, now it's 6.5 months later and we have returned.
0:51:02 > 0:51:06The house now has a second off-road parking space,
0:51:06 > 0:51:11his and hers, because Lynn and Paul have moved in to make it their home.
0:51:14 > 0:51:17At the back of the property, the old conservatory has been replaced,
0:51:17 > 0:51:19but for the time being,
0:51:19 > 0:51:23they've decided against the full extension that had been approved.
0:51:23 > 0:51:25The tiny kitchen has been extended into the living room
0:51:25 > 0:51:28and it will be a great kitchen-diner.
0:51:35 > 0:51:39The front living room has been replastered and decorated.
0:51:39 > 0:51:41It is now reached through this arch,
0:51:41 > 0:51:46which has created a lovely flow on the ground floor, as Paul explains.
0:51:46 > 0:51:49Yeah, we've replaced the ceilings throughout
0:51:49 > 0:51:53and we've opened up from the living room to the kitchen area.
0:51:53 > 0:51:56We put an arch in there. There were sliding doors,
0:51:56 > 0:51:58but it made it quite dark.
0:51:58 > 0:52:00The kitchen was very small, it was just over
0:52:00 > 0:52:02in a little alcove there.
0:52:02 > 0:52:06And there was not much to it, really, you know, a sink and a worktop,
0:52:06 > 0:52:08barely any units.
0:52:08 > 0:52:09So, we've done the whole room.
0:52:09 > 0:52:11It is much bigger now.
0:52:11 > 0:52:14A new floor has got to go down, it's just concrete at the moment.
0:52:14 > 0:52:16And there's French doors ready to go in.
0:52:16 > 0:52:18Out to the conservatory.
0:52:18 > 0:52:20Apart from finishing off the kitchen-diner,
0:52:20 > 0:52:24Paul is going to add a loo under the stairs.
0:52:24 > 0:52:29But upstairs, work is finished in the two front bedrooms.
0:52:30 > 0:52:33There's a large double and a small third bedroom.
0:52:36 > 0:52:40Bedroom two at the back is still a decent-sized double,
0:52:40 > 0:52:44even though it has given up a bit of its space to the bathroom.
0:52:46 > 0:52:50Which now has a bath and looks great!
0:52:50 > 0:52:54So, what convinced them to move in and make it home?
0:52:54 > 0:52:59We moved in after three months. The key was the bathroom was finished.
0:52:59 > 0:53:01The kitchen was half done.
0:53:01 > 0:53:05But Paul worked quite hard then to get the cooker,
0:53:05 > 0:53:09the sink and the plumbing installed down here,
0:53:09 > 0:53:11so we had half a kitchen for a few weeks.
0:53:11 > 0:53:13What is left to do?
0:53:14 > 0:53:18The inside of the house is probably 95% finished,
0:53:18 > 0:53:20and then it'll have to be to the garden,
0:53:20 > 0:53:22the garage and the shower room at the back,
0:53:22 > 0:53:25which we have got plans for.
0:53:25 > 0:53:27They'll end up with a shower room downstairs
0:53:27 > 0:53:30to compliment the bathroom upstairs, very practical.
0:53:32 > 0:53:36The garden is a real bonus here, as it overlooks open fields.
0:53:36 > 0:53:39So, why did they only build a conservatory
0:53:39 > 0:53:43and not the larger extension that they had planning approval for?
0:53:43 > 0:53:48I don't think economically it would have been worth doing
0:53:48 > 0:53:50and it's more than big enough for us, anyway, at the moment.
0:53:50 > 0:53:53Once we finish, it'll be as attractive
0:53:53 > 0:53:55as possible for the money spent.
0:53:55 > 0:54:00How has their budget fared? Did they stick to the £20,000 to £25,000
0:54:00 > 0:54:02they had allowed?
0:54:02 > 0:54:07We are more nearer to the 25 than to the 20, but I think
0:54:07 > 0:54:12we've seen the benefits for spending that little bit more.
0:54:12 > 0:54:16That £25,000 on top of the £129,000 they paid at auction
0:54:16 > 0:54:21takes their total investment to £154,000.
0:54:21 > 0:54:24And what about their big travel adventure
0:54:24 > 0:54:28to South America or Australia? Are they packing their bags?
0:54:29 > 0:54:33With time and money etc., we won't be able to go to Peru this year,
0:54:33 > 0:54:36but we're going to Australia for a few weeks.
0:54:36 > 0:54:38So, we're really looking forward to that.
0:54:38 > 0:54:40And Peru maybe next year.
0:54:40 > 0:54:43Time to see what two local estate agents think of the property
0:54:43 > 0:54:46now it's almost finished.
0:54:46 > 0:54:48I think they finished the kitchen
0:54:48 > 0:54:50to a very good specification.
0:54:50 > 0:54:52It'll appeal to a lot of people, but not everyone.
0:54:52 > 0:54:54It is not the biggest of kitchens.
0:54:54 > 0:54:57It has been done to a nice standard and they've obviously got a few
0:54:57 > 0:55:00bits and pieces to finish off, but I think once it's all finished,
0:55:00 > 0:55:01it should be a really nice family home.
0:55:01 > 0:55:03In the current market at the moment,
0:55:03 > 0:55:06it was a good decision not to extend it at the moment.
0:55:06 > 0:55:09No-one knows what is going to happen with the market.
0:55:09 > 0:55:11It was a good thing to have the conservatory on the back there.
0:55:11 > 0:55:15It gives it an extra reception room, somewhere to put the dining table.
0:55:15 > 0:55:18How much do experts think the house could let for if Paul
0:55:18 > 0:55:20and Lynn went for that option?
0:55:20 > 0:55:24I'd expect the property to achieve in the region of 675 to 700
0:55:24 > 0:55:26per calendar month.
0:55:26 > 0:55:28If we were to place this property on the rental market,
0:55:28 > 0:55:32we'd expect to achieve somewhere in the region of £675 to £700
0:55:32 > 0:55:33per calendar month.
0:55:33 > 0:55:35- That's good, yeah.- Pretty good.
0:55:35 > 0:55:39That would be if we were going to rent it. It might be an option.
0:55:39 > 0:55:43How much is the property now worth if it was put up for sale?
0:55:43 > 0:55:47More than the £154,000 it's cost Lynn and Paul?
0:55:47 > 0:55:51If I were to market this property, I would expect to achieve
0:55:51 > 0:55:55somewhere in the region of £175,000 to £180,000.
0:55:55 > 0:55:59I'd expect this property to achieve in the region of £180,000.
0:56:00 > 0:56:06Those valuations of 175,000 and 180,000 could generate
0:56:06 > 0:56:11a gross profit of £21,000 to £26,000 before expenses.
0:56:11 > 0:56:16- Wow, that's good.- I would've thought 175...I'd have been happy at.
0:56:16 > 0:56:19So, that sounds very good, actually.
0:56:21 > 0:56:24Well, Lynn and Paul have definitely got the travel bug,
0:56:24 > 0:56:26so after this successful refurbishment,
0:56:26 > 0:56:30maybe they could combine development with travel.
0:56:31 > 0:56:35Yeah, that would be great. I mean, if I won the lottery, a big one,
0:56:35 > 0:56:38I would buy lots of teeny, little properties all round the world
0:56:38 > 0:56:42and when they had a light bulb blow, I'd go and change it.
0:56:42 > 0:56:44That would be my ideal, all said.
0:56:47 > 0:56:48Well, that is it for now.
0:56:48 > 0:56:52We'll be back next time with more property auction stories.
0:56:52 > 0:56:54Some successful, others less so,
0:56:54 > 0:56:57but all showing the infinite possibilities
0:56:57 > 0:56:59in the world of property.
0:56:59 > 0:57:02- We look forward to seeing you then. - Goodbye for now.- Goodbye.
0:57:05 > 0:57:10Subtitles by Red Bee Media Ltd