Episode 39 Homes Under the Hammer

Hello and welcome to the show.

Now, there are property auctions held all over the UK,

selling literally billions of pounds worth of property every year.

So if you want to find out more about buying and selling under the hammer,

well, you've come to the right place.

They always say you should do your research before buying at auction, but what exactly does that mean?

You should go and see the property if you can,

find out about it and the area.

Yes, it always pays to be prepared.

So what tempted our buyers on today's show?

This old fisherman's cottage in Redcar could be a good catch.

The units are making the most of what's on offer.

But this could be fantastic.

In Kent, this four-bed terrace has big rooms and three storeys.

There's a certain amount of character with it too. Look at this.

And in Melksham, Wiltshire, there's a semi with three bedrooms

and great views, that's a real knockout.

Not good.

All of these properties went to auction.

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

when they went under the hammer.

This is the seaside town of Redcar on the North Yorkshire coast.

Known more recently for the steel and chemical industries,

it was originally a fishing port

and there are still a few boats that continue fishing to this day.

Just five minutes walk from Redcar town centre

brings you to a place affectionately known as Fisherman's Square.

The old fishing boats, the lobster pots.

You really get a sense of the fishing legacy of the area when you come here.

The house I'm here to see, two-bedroom mid-terrace,

had a guide price of £49,950 and appropriately enough,

just adjoining here on a place affectionately known as Fisherman's Row.

# You will have a fishy On a little dishy

# You will have a fishy When the boat comes in. #

And set back from the square is indeed a row of fishermen's houses.

Built in the 1850s,

these brick-built terrace cottages offered a welcome retreat

for fishermen returning from the wilds of the North Sea.

Right, what have we got?

Well, first glance,

surprisingly big compared to what it looks like outside.

Through the front door into a porch area.

Then you've got stairs, a little return and then up.

A big-ish lounge and the first inklings

that maybe there is some fun stuff in this property.

Look at this old range, I suppose you'd call it.

The fire would have gone in here. These are two ovens. Wow!

That's one of those things that, erm, practically,

I don't know if you'd end up keeping that,

although it is absolutely charming.

So I guess that's down to whoever bought the place.

But through from the lounge into the kitchen, and what a surprise.

A really big space. High ceilings, as well.

Clearly, the units aren't making the most of what is on offer.

But this could be fantastic.

Then through to the bathroom and loo. That's obviously not ideal.

But this has got great potential. It's got a lovely feel to it.

It needs a bit of rearranging to make the best of the space.

Obviously, it's looking tired,

but there are some properties so steeped in history,

they can't fail to give you a warm fuzzy feeling

and this is one of them.

# I simply love you

# Love you Love you

# You know that I love you

# Simply love you

# Love you Love you

# You know that I do. #

Upstairs and at the front of the property,

a really nice sized bedroom.

Absolutely great. You've got built in storage there.

Obviously, somebody's built this. You might want to get rid of it.

But the best thing by far

is that you've got these beautiful sash windows and then to cap it all,

not only a view over Fisherman's Square, but out to the sea.

Perfect!

# Right from the start (Right from the start)

# Straight to my heart. #

I'm so loving this quaint house.

OK, the view from the other bedroom at the back

is of the less stunning backyard.

But there's a small box room off it and I think perhaps that with some thought,

it might be possible to get the bathroom up here.

That would be a definite bonus and speaking of bonuses...

If you walk out of the rear of the property down through the rear yard,

past all the various buildings and out into the rear yard here,

turn left and through this door, you come into this little building.

It's actually a bait house. It actually belongs to the property.

But this is where they would prepare for their fishing trips.

It doesn't feel like it's changed in goodness knows how many years.

This fire, they would have sat round to keep warm in the winter.

You can imagine the various bits of shellfish or whatever they were using as bait.

Some old cables and stuff like that.

Have a look at that.

That's actually a branding iron which they would have used

to actually mark the lobster pots so that people knew they were theirs.

To say this place has charm would be an understatement.

# I'm hooked on you

# Girl

# I'm hooked on you

# Girl. #

Yes, I'm hooked on this auction lot. It just has so much potential.

But could it be a good investment catch?

What does a local estate agent think?

The positives of this property would certainly be the location.

It's really close to the beach.

Good for the town centre and transport links.

The main negatives to the property has to be the condition.

It's very, very tired and in need of some repair.

But it could be a great investment.

But just how solid an investment could this cottage be,

bearing in mind its £49,950-plus guide price?

I would expect this property to sell,

if finished to a decent specification,

somewhere between £90,000 and £95,000.

The current rental market is really buoyant.

I would expect at least £500 per calendar month.

So potentially, this old fisherman's cottage could return a net profit.

This is a very special little house in an absolutely lovely location.

Yes, there's work to be done,

but I'm absolutely convinced somebody would have fallen

completely head over heels with this one when it went under the hammer.

We're going to move down now to Redcar.

This is for lot number three.

In need of updating, a two bed mid-terrace. Details are there.

43 anywhere? Left hand, right at the back.

£43,000. 44,000, gentleman standing.

45. 46. 47. 48. 49. 50.

50,000 bid. 51. 52.

53.

53 bid. 54. 54. Five.

56. 57. 58. 59.

60. 61.

62. 63. 64. 65. 66.

66 bid. 67.

68. 67,500. 67,500 bid. 68.

68 bid. And a half?

No? You have to be quick. 68. I'll take 500. I'm selling once at 68.

For the second time at £68,000.

Sold to the man in the grey jumper at £68,000.

For £68,000, the new owners of the fishermen's cottage in Redcar

are local couple Paul and Mandy.

Paul's retired from the local steelworks

while Mandy works in a nearby shop.

They're hoping to turn the old cottage into their new home.

Mandy, Paul, lovely to meet you both. Congratulations.

-What an interesting house.

-Very interesting, yes.

It just seems to ooze history and it's like it's got stories to tell.

-Yes. Not half!

-Tell me why you wanted to buy it.

Just the history of the place.

It's an old fishing family from Redcar's property since the '30s.

As a kid, I can remember coming around here with my dad.

Tell me about what your dad used to do.

He was a full-time fishermen most of his life.

That's from the sort of late 50s until he retired in the 90s.

The old bait house at the back,

my dad used to rent one, four doors down, out the back in the '60s.

I'm told, I can't remember this bit,

I was this tall and I would be toddling around from my mum and dad's

round the corner on my little bike and come to see my dad.

So a lot of links with the fishing side of it.

In fact, there is another link between Paul's family

and the fishing family who lived here, called the Thompsons.

The Thompsons had a fishing boat they got built in about '55,

and then in the '70s, my dad bought it.

It was called the Joan Rose.

So there's a link again between the families.

Did you know that boat?

For four years, I went regular with my dad in the late '80s.

His mate packed in, and despite the fact

I was doing shifts at the then British Steel,

he wanted me to go with him until he got a mate

and I went with him for four years!

Good grief! Tough life.

Tough but so rewarding.

Fresh air. What more can you want?

# Glory days

# Glory days. #

That's fantastic. Not only to know the cottage in its heyday,

but also to be part of the fishing community

the cottages were built for.

So clearly, Paul has a passion for this place,

but does Mandy feel the same?

What about your links, Mandy?

I've known Paul... We've known each other 13 years, just as friends,

but we officially got together two years ago

and it's just been nice following him along,

seeing how excited he is about getting this.

He's so determined when he wants something.

I knew on the way up there in the car,

I thought no matter what, he'll come back successful.

-And now he's talking about making it your home.

-Yes.

What do you feel about that?

Again, I'm more excited, now we're actually in and can see.

I'd only actually viewed it the once

but I've been to a couple down the road

and seen how nice they can be made, so it's exciting.

So Paul, obviously, the responsibility you've got now,

you own the place, but what are you going to do to it?

There's a big, ugly extension out the back

which has been there about 60 years.

Only in the respect it's got a concrete slab on the top.

So we want to take that off and pitch roof integrated into the main house.

Bathroom upstairs. Split the back room into two.

And just keep this room...

This is a lovely, big room with the sash windows.

Just keep that as it is, really.

-Will that be your bedroom?

-That will be our bedroom, yeah.

And what about the kitchen?

The kitchen, same size,

but we're thinking of blocking up the back door where it is now

to make a couple of long rooms for units

and putting the back door out of the current downstairs bathroom.

And maybe even blocking the stairs there

-and having the stairs straight up from the front door.

-Right, OK.

The main task will be sorting the place out,

with plans to turn the bait shed into a workshop at a later date.

Paul hopes to do much of the work himself,

but when he needs help, not only has he the skills

of the fishing community to call on,

but both his and Mandy's sons are in the building trade.

-So, what is the budget for the work?

-Well, 68, it cost us.

If it's 90 in total... So, 22.

If I can come out with the house all pristine, for the market value,

any less would be a bonus.

It's not really making money that's the end of it, really.

-Congratulations. Good luck.

-Thank you.

We look forward to seeing what you do to transform it.

So do we.

It would seem meant to be for Paul and Mandy to own this cottage,

due to the history and their personal experience. And now,

the opportunity to convert it into their new home.

What a great story.

Find out how they get on later in the show.

# Let's go fishing for a dream

# Let's find some place new... #

# Come with me, my love

# To the sea, the sea of love... #

Oh! I do like to be beside the seaside,

and I especially like it

when the journey down to the coast is an easy one.

I'm in Deal, in Kent today,

and the high-speed rail link has cut the journey time to London

from two hours, 15 minutes, to just 80 minutes.

Now, the new service was only introduced a couple of months ago

and Kent County Council is supporting the £150,000 cost

of the extra train routes in an attempt

to attract investment to the area.

I'd say that's a good deal for Deal.

So, there's a real commitment to the area.

So, hopefully, this investment will bare fruit.

Having defended itself in the past from invading marauders,

Deal is now keen to be seen as not just somewhere to visit

but also to live.

Today's auction lot is ideally placed just off the town centre

and five-minutes' walk from the train station.

I've done my research.

The last terraced property to sell on this road achieved 195,000.

The terraced house I'm here to see today had a guide price

of just £120,000 to £125,000.

Ah-ha! Here it is.

Looks good from the outside, so let's get up close and personal.

-# But I'd like to get to know you

-Yes, I would

-# Yes, I'd like to get to know you

-If I could...

-#

What else is there to know about this four-bed, three-storey terrace?

Well, there is a decent wrought-iron fence surrounding a scruffy bit

of land at the front.

It sits on quite a narrow and fairly busy road, but it is double-glazed,

though the window felt looks like it may need replacing.

A great little family house, this,

because you've got two reception rooms on the ground floor.

This is one of them. Nice and spacious.

You've got this big bay window here, double-glazed already,

so that's a bonus.

Central heating system's already in

and there is a certain amount of character with it, too.

I mean, look at this, you've got a cast-iron fireplace down here.

Really nice.

Yes, it's great to see some character features,

and with a bay window, this room has a great feel to it.

And the back reception room is not bad either,

with French doors leading out onto a decent-sized garden.

Also, like the neighbouring property,

there could be an opportunity to add an extension.

That's certainly worth thinking about when you see

the rather small and narrow kitchen.

Upstairs, the bathroom will need to be completely refurbished,

but it's a really good size.

The two bedrooms on this floor aren't too shabby, either.

Then, there's the real bonus of a top floor with two more bedrooms.

Hm, I've spotted a bit of water damage around the dormer window

that will need to be sorted. But all in all,

this house that looks small from the outside,

certainly packs a punch inside.

It was all going so well, there just had to be a negative, didn't there?

And, unfortunately, I found it.

Double yellow lines everywhere.

There are no restrictions on the other side of the road,

but as you can see, finding a space is almost impossible.

This could be a deal breaker for some people.

# Ain't that a shame

# My tears fell like rain

# Ain't that a shame. #

That is a real shame.

You really have no options. There's a small alleyway at the back,

great if you have a bike, but not if you have a car.

So, all you can do is hope to find a parking space nearby,

far from ideal.

So, what does the local estate agent make

of this deceptively large house

and how much of an issue is that lack of parking?

We would anticipate a local market would be interested

in this property. Therefore, they'd be aware of the pitfalls.

They are generally a family home, but that said,

it will put some people off, yeah.

OK, but there is no way round that,

but the house itself could be in better shape.

So, if it was fully renovated, what sort of numbers could we see

on the current market for this lot that was guided

at 120 to 125 grand?

In tiptop condition,

I would expect this property to achieve £195,000.

And on the rental market?

I would expect the rental value in the region of £850 to £900

per calendar month.

A freehold, four-bedroom house in a prime location,

close to the train station and the sea,

hey, what is not to like?

Well, the lack of parking will undoubtedly put people off.

Somebody wanted this, though.

Let's find out who that was as we go to auction.

Right, lot 13, we go to, now.

It's a freehold, four-bedroom house

for investment, with gas heating, double glazing.

Start me where you will. 110. I'm on the way. I should think so, too.

At £110,000, I have sitting down in the middle, in the red.

And 112 I am looking for now. 112?

Don't want to rush you, just get there.

112, I'm bid.

And to you at 14.

At 14. And 16. At 16. At 18.

At 18. At 20.

At 120. And two? 122, can I say?

Is that a one? 121.

We're on the limit. 121. 122. 122.

123. It's only money. 123.

At 122,000, I have. 123, I would like.

If not, I will sell for £122,000.

For the first time, it's against you.

£122,000, selling for the second time.

Third and final time at 122,000.

Yours at 122. And it's 7,340.

That final bid was made on behalf of the purchaser,

Brian, who bought the four-bed terrace for 122,000.

Brian is a retired dentist who owns a few investment properties.

He lives in London, so I was intrigued to know

why he was buying a house on the Kent coast.

Brian, thanks for coming today. Lovely to meet you.

-So, why this house?

-Because I know the area very well.

I think it's a very good value in a rapidly gentrifying area.

-I think it is a good investment.

-So, are you from this area?

No, but I have been coming down here since I was ten years old.

I used to camp here with a Jewish Lads Brigade up in Kingsdown.

-I used to March through here in a uniform.

-Did you really?

You wouldn't think an old hippie like me would do a thing like that.

-So, you've really seen the area gentrify over the years.

-Absolutely.

It used to be just a working-class area.

There were still fishermen here when I first came, as I remember it,

and almost no cars.

So, do you like to holiday here? Do you spend many a weekend

walking up and down the seafront?

I've got a weekend place just up the coast in Kingsdown,

and I do in fact walk up and down the beach skimming stones.

In recent times, Brian has also tried his hand at developing,

splashing out on a number of properties in London and Margate.

But this is his first property in Deal.

-So, £122,000. The hammer went down, it was yours.

-Yes.

Were you excited, pleased?

-Did you expect to get it for that?

-I did three cartwheels.

What was it about this house that you thought,

"I'm going to bid for this?"

It's, I think, the poorest presented house on the entire road,

which, of course, is the thing to go for.

-Do you really think it is?

-I think it is.

-You see,

on first inspection, I actually thought,

"It's a good, solid house."

It is a good solid house.

I wouldn't have anything with a major crack in the wall.

I've been down that road. I think it needs

a little more than cleaning up and decorating.

I mean, you've got lots of options with the downstairs space.

I actually think it works as it is, but you could start knocking

walls down, kitchen-diner.

You could knock the two downstairs reception rooms together.

Will you leave it, play around with it?

I'm going to leave it alone as far as possible.

Obviously, it needs a new kitchen. That is a bit of a horror story.

-I'm thinking of putting a toilet underneath the stairs.

-Great idea.

I think an extra toilet in the place is always a good sale feature.

So, what about on the first floor?

Bathroom, of course. The bathroom is very big.

It might be possible to get a central bath, I'm told.

-We'll think about that.

-I think that would look superb.

It's a very spacious bathroom. Now, that bonus floor, how great is that?

-To have the two bedrooms already up there.

-Bonuses are always good.

Absolutely. So, what about those two rooms?

There's a problem around one of the windows.

Yes, that's underneath the dormer.

There might be water penetration there.

Certainly, the dormer needs going over. So, we'll do that first.

Brian hopes to renovate the house and sell it.

There's a fair amount of work for the retired dentist

to get his teeth into.

But he lives a couple of hours away

in North London, which always makes refurbishment more difficult.

So, how does it work for you?

Day to day, will you be on board, getting your hands dirty,

working with builders, or do you just pass it over to a building company?

I couldn't knock a nail in straight

and I certainly have no idea for horizontal and vertical.

Hold on a minute, you're a dentist!

-Of course you can!

-It was all right in those days.

I'm retired now.

I've got a builder, also a friend of mine

who's done a lot of work for me before and I trust him.

And I think he'll make a really good job of this.

And your budget for the work completely?

He says 17, I say 12, and if we land on 15, I'll be happy.

You'll be happy. So, is time on your side?

I'm hoping to have this finished within a couple of months.

Will you be commuting backwards

-and forwards or will you be staying in the property?

-I won't stay here!

No, I'll be commuting every week to see how things are getting on.

Hustle things along a bit.

I'm excited to see what you do here.

Good luck with this property. Lovely to meet you.

Lovely to meet you, Lucy.

Brian has got a great attitude

when it comes to developing property -

have someone else do all the work.

The question is, will he achieve a top asking price

and be cartwheeling when we come back?

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

Coming up, in Wiltshire, there are three bedrooms in this semi,

plus an old conservatory.

And this is the kitchen.

Um, that doesn't work very well, does it?

Back in Kent, was the retired dentist's project a simple check-up?

It is been more difficult than I thought.

It wasn't simply cosmetic.

But first, we'll return to Redcar, where Paul called up his mates.

The roofers that we got in were kids I went to school with.

It was all local people.

In the North Yorkshire town of Redcar,

set back a little from the sea,

an old fisherman's cottage went up for auction.

It was bought for £68,000 by local couple Mandy and Paul,

who fell for it hook, line and sinker.

# Let's go fishing for a dream

# Let's find some place new... #

Not just because of its undoubted character and charm,

but also because of Paul's association with it in the past.

As a kid, I can remember coming around here with my dad.

-Tell me about what your dad used to do.

-Well,

he was a full-time fisherman most of his life,

from late '50s till he retired in the '90s.

The old bait house at the back...

my dad used to rent one four doors down.

-And now you're talking about making it your home?

-Yeah.

-What do you feel about that?

-By now, we are actually in and can see.

Cos I had only actually viewed it the once.

But I've been to a couple down the road

and seen how nice they can be made. It's...it's exciting.

So, it seems the cottage just wasn't going to be part of Paul's past,

but very much part of his and Mandy's future.

Armed with a £22,000 budget,

retired steel worker Paul hoped, with the help of

friends and family, to restore the house lovingly over a few months,

turning it into what he hoped would be his and Randy's dream home.

And just under seven months later, we are back.

# I'm working on a dream

# And our love will make it real some day... #

Wow, they certainly have been working hard to turn this

into their dream home.

There is a fantastic new kitchen space, complete with new units

and a wood burning stove.

The old downstairs bathroom has gone...

and is now utility and cloakroom.

In the front reception,

the old range has been replaced with a wood burning stove

and the room has been replastered,

re-floored and has had a damp proof course installed.

The stairs have been altered, too, and now go straight up

from the entrance hallway.

Upstairs, the refurbished master bedroom at the front

now has its own en suite shower room.

And that's not the only change upstairs.

All right, upstairs now, we've got a small landing,

which separates the three rooms.

It was originally two rooms, two big bedrooms here,

which have been split. We have now got a small guest bedroom.

We put an original fireplace back in there.

We've got the bathroom next-door which is a huge advantage

having an upstairs bathroom.

And we lead through to the study, which has been made a lot cosier.

It has had the ceiling lowered,

an extra window added into the end

and it is just nice and bright and sunny.

The extra window definitely helps,

but it is a massive bonus getting the bathroom upstairs.

So, they are nearly finished inside, but what about outside?

The exterior, we've done a lot of work trying to bring a bit

of symmetry back to it, because it was a bit of a hodgepodge originally.

We've renewed the sandstone wall, kind of made a bit of symmetry

on the back by putting the windows, the two new windows in,

and doors again on the extension. I think it's my favourite bit.

There is no doubting there has been some hard graft here.

Paul has removed the old brick house at the back, but also replaced

the flat concrete roof on the extension

with a pitched one.

So, he certainly has been busy these last seven months.

Actually, I was just working mainly with a friend of mine, a builder.

The roofers that we got in were kids I went to school with.

So, everybody... it was all local people.

The only fella I didn't know

was the chimney sweep. When he came around

to sweep the chimneys, it turned out that he actually sweeps

the chimney of the son of one of the brothers that lived here.

-So, we call it a tenuous link, I think.

-Yeah.

Well, the connections with the cottage just continue.

It wasn't just the local help, but the use of local materials,

like a fireplace fabricated from wood found on the nearby beaches.

But this wasn't just Paul's project, it was Mandy's, as well.

So, how much did she get involved?

Give some widgets and helped tidy up.

I used to come in the evening and brush around and tidy up

and then come the next day and it was just all the same again.

Yeah, but don't underestimate what she did,

because she is a great tidy-upper, trust me.

In more recent weeks,

Mandy has been doing a lot of the decoration

and started to prepare the cottage for them to move in.

How much has it cost to make this their home?

We bought it for 68.

The original budget was 90, so 22 to spend.

We didn't stick to it.

We've gone to about 97.

But, as I said, as we went along, we opened the fires,

we bought new fires, shower room

and, obviously, more labour because of that.

So, I don't think it has gone kind of out of control.

But with the total spend of £97,000 on buying and renovating

the house, has this real labour of love been a worthwhile investment?

What do two local estate agents reckon?

I think it's delightful. I think it has been greatly improved,

whilst it has retained a lot of its charm and character.

I really like the way the bathroom has been taken upstairs.

With the former bathroom now,

a utility room.

I really like the way he's separated

the bedrooms upstairs and I think it works really well.

Well, the changes have been given the thumbs up,

but what about its current value?

With the couple having spent £97,000 to create their new home.

I think in the current sales market,

this house could achieve very much a ceiling price for this road.

I would think £105,000.

The current market, I would estimate the property should be worth

in the region of £100,000.

Yeah, we like the three figures.

Anything above what we spent on it is a bonus.

So, as it stands, the cottage is at about breakeven point.

The estate agents estimate a rental value of around £500

per calendar month.

But somehow I don't think this project was ever about money.

So, what's next for Mandy and Paul?

We are just going to settle in and live there happily ever after.

Irrespective of the market price.

This is Melksham, in Wiltshire.

By the mid-14th century, it was a busy weaving town,

the chief product being broad, white cloth.

Melksham's cloth industry may be a thing of the past,

but the town's proximity to Bath and Corsham, make it

a very attractive prospect for modern-day property hunters.

Well, just on the outskirts of Melksham,

is the property I'm here to see. Three bedrooms, semi-detached,

guide price was 120,000 quid.

Hang on a minute. That's interesting.

On this telegraph post here, right outside the property,

is a planning application.

Now, whenever you do a planning application

for any building works on a property,

the Council have to put a notice like this in the immediate vicinity.

And, yes, in fact this does relate to this particular property.

Oh, interesting.

More of that later.

So, first impressions are promising, with double-glazed windows,

a garage and off-street parking.

# You got accentuate the positive

# Eliminate the negative... #

At least somebody stripped the wallpaper for you.

As soon as I enter,

I'm led straight to the back of the property, down the hall.

So, down the corridor,

and it's already feeling terribly claustrophobic.

This is the only entrance into the rear of the property.

And my guess is that a doorway has been blocked up there

at some stage. But you've got this little under-stairs cupboard

and then through into this sort of rear sitting-room area.

And this is the kitchen. Um, that doesn't work very well, does it?

Um, I guess...

This is the... some kind of a lean-to area.

It just feels already like it's been kind of botched around

and bolted on.

In terms of a layout, not good.

Maybe it gets better through here.

Ah, well... Mediumly no.

I mean, blocking off that door over there has definitely made

the room have more walls you can do things with.

But I think I would open that up,

really, to create a bit more of a flow in this house.

That is what is missing.

All the walls stripped again. It's a clean-up job.

Before that, you've really got to figure out how the layout

down here is going to work.

Get that right and then think about the wallpaper and stuff like that.

It is odd to come through the front door and be led

directly to the back of the house.

But one positive at the rear is that the garden is a great size

with a lovely outlook across wide, open countryside.

So, upstairs are two double bedrooms and a single.

That is not too much of a problem. However, this could be.

That is the only bathroom in the property and,

as you can see, it doesn't have a bath,

it's just a shower and a loo. And the other big issue,

as far as I'm concerned,

is somebody could be in there as somebody is walking up the stairs

and...

Not good. So, some sorting out to be done here.

So, this house that went to auction gutted at 120,000 needs

a lot of updating and decorating, and has some issues

in terms of layout, but those can all be easily resolved.

Now, going back to that planning notice outside.

It has a reference number on it.

If you want to find out exactly what plans are in the process

of being passed or, in fact, have been passed, as in this case,

you can go on the Planning Authority website

and just literally print them off, which is what I did.

And what is proposed is an extension single-storey on the back here

to replace what's here and, more importantly,

an extension double-storey above the garage to create

a bigger bathroom than what's there and a fourth bedroom.

Now, the big issue about that, to my mind is, is it worth doing?

Will the cost of it be repaid when it comes to selling it?

I can see how this would work, but in terms of that bid,

I'm not too sure.

But either way, the plans have been passed,

so whether or not they are done, is just up to the new buyer.

But do the sums add up?

Time to ask

a local property expert what he thinks.

Is doing both extensions and adding that fourth bedroom

really financially worthwhile?

How much value would an extra bedroom add?

In my opinion, in good condition throughout,

I would expect to achieve somewhere in the region

of £160,000 to £165,000,

for a three-bedroom.

As a four-bedroom extended, I'd expect to achieve

somewhere in the region of £185,000 to £190,000.

So you might cover the cost of extending if sold on,

but what about as a rental?

In my opinion,

the property would achieve somewhere in the region of £700 to £725

per calendar month as a three-bedroom.

And if extended to make into a four-bedroom, I'd expect

to achieve somewhere in the region of £825 per calendar month.

Well, this is a really nice, little property, close to the town

and yet, you've got this lovely countryside adjoining it

and the benefit of that planning permission for an extension.

Let's see who fancied the opportunity

when it went under the hammer.

So, we go to 24.

Semi-detached house, there we are.

Backing onto the countryside. Needs a bit doing to it, you know.

There is planning consent, also, to extend it.

120? Bid 115 on it if you like.

At 115. OK, we'll start there again, shall we? At 115.

We'll go in twos in a minute.

116. 118 I'll take.

At 116, 118 I'll take.

At £118,000.

120. I've got OK at 120 round the corner.

I'll take one. At £120,000.

At 121, OK.

122. 23. 24.

And five, I'll take.

At £124,000. 125 I've got,

sir with the hand. OK at 125.

126. 127. To you, sir, at 127. 128.

129 to you. 129, OK. 130?

At a £129,000, far right it is. At 129.

30, anyone? This is going to be sold in the room at £129,000.

For the first time. You over there. At 129.

It's your bid then, sir. For the second time.

At 129, third and last time. Bid on 129.

Your number, sir, is?

That final bid of £129,000 came from Wiltshire-based Paul,

who was at the auction with his partner, Lynn.

# You bought it, you bought it... #

Lynn works at a local call centre for the elderly

and Paul has been a plasterer all his life.

I met up with them

to find out why they bid on this particular three-bed semi.

-Lynn, Paul, lovely to meet you both.

-Hiya.

-Congratulations.

-Yeah.

Yeah. Wow. Tell me why you wanted to buy this place.

We'd been looking for a project to do together for a while.

The opportunity only came up cos I sold my house.

So, what was it about this place that really appealed?

I think the garden backing onto fields is a big plus.

-Yeah.

-And it's got potential. And a planning on it,

you know, permission already there. It was a bonus.

So, you bought it for yourself, then, to live in?

It's possibly an investment.

That was the initial idea,

that we were going to turn it round and sell it,

but we're starting to like a bit.

We'll see what we get on the market, I think.

-You're in a rental accommodation at the moment?

-Yeah.

-So, it could be a home for you, perhaps?

-Yeah.

And then we've got some plans for next year, we'd like to travel.

It might fit in once we've done it up.

That might be ideal, put it on the market while we are away.

-Right, where are you going?

-South America and Australia and that.

Oh, wow! So, you are both going to do that.

It would work well to rent the house in that time.

Turn it around, yeah, and put it on the market.

-That's another option, then.

-Renting is an option, yes.

Everything's up in the air. You could live in it,

-you could rent it, you could sell it.

-Oh, dear!

-We better make some decisions quickly.

-We're quite indecisive.

# Yes, this is the year to make your decision

# You've got to get it together... #

Well, Lynn and Paul certainly seem to be keeping their options open,

to say the least.

Let's just hope they're more decisive

when it comes the refurbishment.

So, tell me what you are going to do to the place.

It has got permission for an extension, two-storey,

on the side and one on the back.

But I don't think it will pay to have the one on the side.

-Right.

-So, we will almost certainly put something on the back,

which we're just getting the costings.

It's either going to be a conservatory

or a straightforward extension.

Single storey. So, we're definitely doing that.

The bathroom upstairs is just a very small shower room.

We are going to take the wall down and move that

across a couple of foot.

Just a few bits and pieces, then. So, who's going to do the work?

-Mostly me.

-Right. What sort of experience have you got?

Well, obviously, I've been plastering for a long time.

So, there is that experience.

I've been involved in other building work, bits of roofing, etc,

over the years, so, you know.

I could do a lot of preparation and that, you know.

But I wouldn't actually do the tiling myself, etc. I know a man that can.

# If you feel no-one can help you

# Well, I know a man who can... #

Mates' rates always help when it comes to balancing the budget.

How much have they set aside for the work here?

-So what, what is the budget?

-Well, there is...

-25 is the tops, but I would hope to do under 20.

-Right.

-That's including building the extension on the back?

-Yeah, yeah.

So, what is the timescale?

-Six months.

-And then, off round the world?

-Yeah.

-Listen, congratulations.

-Thank you.

-Good luck with it.

-We'll see how you get on.

-OK.

-Thanks a lot.

-Thank you.

Well, a few things to do to sort this place out,

and that budget could be tight, even with mates' rates.

But more important than that, a few decisions to be made by Lynn

and Paul before they set off on their travels.

Will they rent it out, will they sell it or will they move in?

What do you think?

You can find out later in the show.

Well, it's that part of the programme where we go back

and find out if all those promises were fulfilled.

Did our buyers do everything they had hoped to

or were there hazards in their path?

Let's find out.

It was in the Kent coastal town of Deal

that we came across a three-storey,

four-bedroom townhouse.

This tired and dated property was certainly

a little down in the mouth

and needed to be freshened up.

And who better to take on the task than retired dentist Brian?

He paid 122,000 at auction to get his teeth

into his latest property purchase.

So, how does it work for you? Day to day,

will you be on board, getting your hands dirty,

working with builders or do you just pass it over to a building company?

I couldn't knock a nail in straight.

I certainly have no idea of horizontal and vertical.

Hold on a minute, you are a dentist.

-Of course you can!

-It was all right in those days.

I'm retired now.

Not only did he lack DIY skills,

but Brian was also based over two hours away in London,

so he was reliant on builders to do

the work for him while he supervised and visited from time to time.

He was hoping he could get it renovated

and back up for sale in two months.

All on a budget of around 15,000.

Now, a full six months have ticked by.

So, how has Brian been getting on?

The front area has definitely been tidied up

and it looks like the dormer window and guttering have been repaired.

But what about the inside?

Now, there's a much more welcoming hallway.

And the front reception room has new central heating and a new fireplace.

The rear reception room also boasts an elegant fire surround.

But what about that sorry-looking kitchen?

Well, that is now looking much brighter and more up-to-date.

Well, the kitchen before was filthy dirty.

The units were broken, everything stank.

We had to rip it all out and we started again.

Upstairs, Brian has taken the same rip-out-and-start-again approach

with the old bathroom...

..completely transforming it with a stylish new suite,

and contemporary black tiles.

The two first-floor bedrooms are now fully refurbished.

As are the two bedrooms on the top floor.

So, inside it is all finished, but it's taken

six months instead of two.

The delay was because he felt badly let down by his builders

and decided he had no option but to do the work all over again.

My own fault, partly, in that I got ill for a couple of months

and wasn't able to supervise,

but also my managing... My building manager

had to go and have a new hip.

With Brian and his build manager both ill

and the work done by the builders, but unsupervised,

Brian was not happy with the end result,

so he took the big decision to start again,

effectively with a new team.

That really hit the renovation hard in terms of time and,

no doubt, money.

And as if that wasn't enough,

Brian found there was more to do than he bargained for.

It wasn't simply cosmetic.

We had to do a lot on the roof and up there, all the pipework,

the drains.

There was a lot of hidden things which needed doing.

Things like the dormer window had to be comprehensively refurbished,

along with the work on the roof and the down pipes.

With all his trials and tribulations,

Brian's got there in the end.

# All right now, baby, it's... #

I think the bathrooms came out well.

I think that kitchen has come out well.

Many of the features, doors and so on, are original.

And I quite like the fireplaces. I think it really gives

the place a bit of twang.

Whoa, twang, that's a new one on me, but I see what he means.

There is a certain amount of twang about this place.

But what did all this twang do to his proposed £15,000 budget?

It went way over the moon,

and we ended up with a budget which probably works out at about 50,000.

The place would simply not have sold at all,

I think, if I'd have left it the way they left it

when they told me it was completed.

50,000 instead of 15,000 is certainly some over-spend.

So, added to the £122,000 purchase price,

Brian's invested a total of 172 grand, minus costs and fees.

So, has his Deal townhouse been a good deal?

What do two local estate agents think?

The refurbishment has been done very sympathetically to the property,

with a contemporary slant to the kitchen

and bathroom area, with some stylish tiling.

This has been nicely renovated.

They've done the right and appropriate things to it,

put in a new kitchen,

quite a stylish bathroom.

Brian is really looking to sell the house on, but in a relatively

slow resale market, he may have to consider rental.

If this were to be let with a accommodation it has,

it would achieve probably £800 per calendar month.

I would expect to achieve a value of £800 per calendar month.

I don't intend to rent unless it fails to sell,

but that is not a bad price.

£800 per calendar month

would give Brian an annual yield of around 5%.

But more importantly for him,

how would his £172,000 investment fare in the resale market?

If this house went to the market now,

you'd be looking at a value probably in excess of £200,000.

I would expect to achieve £200,000 to £210,000.

I am hoping for a bit more than that.

It is on the market for 230,

I am hoping for 220. We'll see what happens.

Even if he achieves only the estate agents' valuation,

he could still see a pre-tax profit of between 28,000

and 38,000 before the usual deductions.

Despite all the issues here,

it still looks to be a pretty good money-making venture.

But looking back, how does retired dentist Brian feel about it now?

It has been quite enjoyable doing it.

Just the price has been a little bit tight on the teeth.

Back now to the Wiltshire town of Melksham,

where earlier in the programme, this semi

was bought for £129,000 by Paul,

a plasterer, and his partner, Lynn, a call centre manager.

The house had planning permission to extend at the side and the rear.

But Paul and Lynn seemed unsure about their plans.

So, did you buy it for yourselves to live in?

It is possibly an investment.

That was the initial idea, that we were going to turn it round

and sell it.

But we are starting to like it a bit.

They were falling for the place, but would they moved in or sell?

They had another love in their life, and that was travel.

# Let's fly away

# And find a land that's warm and Tropic... #

So, once the house was refurbished,

they've planned a long trip to Australia and South America.

So, it went well to rent the house during that time and then...?

-Turn it round.

-See how you feel.

-Put it on the market.

-That is another option, then.

-Renting is an option, yes.

Everything is up in the air. You could live in it, rent it, sell it.

Oh, dear.

Well, now it's 6.5 months later and we have returned.

The house now has a second off-road parking space,

his and hers, because Lynn and Paul have moved in to make it their home.

At the back of the property, the old conservatory has been replaced,

but for the time being,

they've decided against the full extension that had been approved.

The tiny kitchen has been extended into the living room

and it will be a great kitchen-diner.

The front living room has been replastered and decorated.

It is now reached through this arch,

which has created a lovely flow on the ground floor, as Paul explains.

Yeah, we've replaced the ceilings throughout

and we've opened up from the living room to the kitchen area.

We put an arch in there. There were sliding doors,

but it made it quite dark.

The kitchen was very small, it was just over

in a little alcove there.

And there was not much to it, really, you know, a sink and a worktop,

barely any units.

So, we've done the whole room.

It is much bigger now.

A new floor has got to go down, it's just concrete at the moment.

And there's French doors ready to go in.

Out to the conservatory.

Apart from finishing off the kitchen-diner,

Paul is going to add a loo under the stairs.

But upstairs, work is finished in the two front bedrooms.

There's a large double and a small third bedroom.

Bedroom two at the back is still a decent-sized double,

even though it has given up a bit of its space to the bathroom.

Which now has a bath and looks great!

So, what convinced them to move in and make it home?

We moved in after three months. The key was the bathroom was finished.

The kitchen was half done.

But Paul worked quite hard then to get the cooker,

the sink and the plumbing installed down here,

so we had half a kitchen for a few weeks.

What is left to do?

The inside of the house is probably 95% finished,

and then it'll have to be to the garden,

the garage and the shower room at the back,

which we have got plans for.

They'll end up with a shower room downstairs

to compliment the bathroom upstairs, very practical.

The garden is a real bonus here, as it overlooks open fields.

So, why did they only build a conservatory

and not the larger extension that they had planning approval for?

I don't think economically it would have been worth doing

and it's more than big enough for us, anyway, at the moment.

Once we finish, it'll be as attractive

as possible for the money spent.

How has their budget fared? Did they stick to the £20,000 to £25,000

they had allowed?

We are more nearer to the 25 than to the 20, but I think

we've seen the benefits for spending that little bit more.

That £25,000 on top of the £129,000 they paid at auction

takes their total investment to £154,000.

And what about their big travel adventure

to South America or Australia? Are they packing their bags?

With time and money etc., we won't be able to go to Peru this year,

but we're going to Australia for a few weeks.

So, we're really looking forward to that.

And Peru maybe next year.

Time to see what two local estate agents think of the property

now it's almost finished.

I think they finished the kitchen

to a very good specification.

It'll appeal to a lot of people, but not everyone.

It is not the biggest of kitchens.

It has been done to a nice standard and they've obviously got a few

bits and pieces to finish off, but I think once it's all finished,

it should be a really nice family home.

In the current market at the moment,

it was a good decision not to extend it at the moment.

No-one knows what is going to happen with the market.

It was a good thing to have the conservatory on the back there.

It gives it an extra reception room, somewhere to put the dining table.

How much do experts think the house could let for if Paul

and Lynn went for that option?

I'd expect the property to achieve in the region of 675 to 700

per calendar month.

If we were to place this property on the rental market,

we'd expect to achieve somewhere in the region of £675 to £700

per calendar month.

-That's good, yeah.

-Pretty good.

That would be if we were going to rent it. It might be an option.

How much is the property now worth if it was put up for sale?

More than the £154,000 it's cost Lynn and Paul?

If I were to market this property, I would expect to achieve

somewhere in the region of £175,000 to £180,000.

I'd expect this property to achieve in the region of £180,000.

Those valuations of 175,000 and 180,000 could generate

a gross profit of £21,000 to £26,000 before expenses.

-Wow, that's good.

-I would've thought 175...I'd have been happy at.

So, that sounds very good, actually.

Well, Lynn and Paul have definitely got the travel bug,

so after this successful refurbishment,

maybe they could combine development with travel.

Yeah, that would be great. I mean, if I won the lottery, a big one,

I would buy lots of teeny, little properties all round the world

and when they had a light bulb blow, I'd go and change it.

That would be my ideal, all said.

Well, that is it for now.

We'll be back next time with more property auction stories.

Some successful, others less so,

but all showing the infinite possibilities

in the world of property.

-We look forward to seeing you then.

-Goodbye for now.

-Goodbye.

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