0:00:02 > 0:00:05Sometimes the property market is quiet
0:00:05 > 0:00:07and sometimes it's positively booming.
0:00:07 > 0:00:10But whatever the situation, you need to know...
0:00:10 > 0:00:13..whatever you're purchasing is a solid investment.
0:00:13 > 0:00:16So you need to buy carefully and you need to buy well.
0:00:16 > 0:00:19One way you could potentially buy those properties
0:00:19 > 0:00:20is under the hammer.
0:00:46 > 0:00:49It doesn't matter what kind of property you're looking for,
0:00:49 > 0:00:51you should be able to find it at an auction.
0:00:51 > 0:00:54The choice is usually pretty wide!
0:00:54 > 0:00:58Here's how our buyers spent their money on today's programme.
0:00:59 > 0:01:04This flat in Fulham has the potential to go up in the world.
0:01:04 > 0:01:08That is a sure-fire way of adding a lot of value to this place.
0:01:09 > 0:01:14First impressions of this bungalow in Bradford are deceptive.
0:01:14 > 0:01:18Real on the bottom, plastic on the top. Lovely!
0:01:19 > 0:01:22And in Chorley, Lancashire, if you're after accommodation
0:01:22 > 0:01:26there's a nice surprise once you get inside this property.
0:01:26 > 0:01:29Look at all this space! I love it!
0:01:30 > 0:01:33- All these properties went to auction. - 350...
0:01:33 > 0:01:36And we'll find out who bought them and what they paid
0:01:36 > 0:01:38when they went under the hammer.
0:01:44 > 0:01:50Today, I'm in one of the most sought-after corners of south-west London,
0:01:50 > 0:01:53Fulham, SW6 to precise.
0:01:53 > 0:01:57Having an SW6 postcode is extremely desirable,
0:01:57 > 0:02:01but the properties usually come with a hefty price tag around here.
0:02:01 > 0:02:05Houses on this road have sold in excess of a million quid.
0:02:05 > 0:02:08I'm here today to see a two-bedroom flat.
0:02:08 > 0:02:11It had a guide price of £250,000,
0:02:11 > 0:02:16so there could be a nice profit margin here, if somebody plays their cards right.
0:02:16 > 0:02:20Let's go inside and see what you get for all that money.
0:02:21 > 0:02:24It's a self-contained, two-bed, split-level flat,
0:02:24 > 0:02:27occupying the first floor and upwards
0:02:27 > 0:02:29of this very attractive building,
0:02:29 > 0:02:32with a mezzanine floor at the rear.
0:02:32 > 0:02:35All in all, it's a promising start.
0:02:35 > 0:02:39Lots of stairs everywhere, but some people like that. It gives you the feeling of space.
0:02:39 > 0:02:42You've got a really good-size kitchen down there,
0:02:42 > 0:02:47a good-size bedroom, a lounge and there's another bedroom and bathroom upstairs.
0:02:47 > 0:02:52What I like about this is, there's enough room to add an extra staircase.
0:02:52 > 0:02:55Why would I want to do that? You only need to go out there
0:02:55 > 0:03:00and see the amount of builders adding loft extensions.
0:03:00 > 0:03:02You can see up there there's a big old space.
0:03:02 > 0:03:05I'd love to have a dig around and see if you could convert that.
0:03:05 > 0:03:08I think, judging by the neighbours, you probably could,
0:03:08 > 0:03:13and that is a sure-fire way of adding a lot of value to this place.
0:03:15 > 0:03:18It's great that there's already a precedent set
0:03:18 > 0:03:20with other loft conversions on the street.
0:03:20 > 0:03:22So, as long as you're not greedy,
0:03:22 > 0:03:26getting the planners onside should be straightforward.
0:03:26 > 0:03:30And as it stands, the attic rooms do feel a bit cramped,
0:03:30 > 0:03:34so a flat-roof Mansard extension gets my vote.
0:03:34 > 0:03:37But out back this flat has an added bonus.
0:03:38 > 0:03:43With a first-floor flat in London, you might presume you get a little balcony.
0:03:43 > 0:03:46But no! You get a garden!
0:03:46 > 0:03:48# Daydream
0:03:48 > 0:03:51# I fell asleep amid the flowers
0:03:51 > 0:03:54# For a couple of hours
0:03:54 > 0:03:59# On a beautiful day #
0:03:59 > 0:04:03With your very own patch of garden, the flat appears to have it all.
0:04:03 > 0:04:08But as is so often the case, I'm afraid there is a catch.
0:04:08 > 0:04:12There's always something with an auction property, isn't there?
0:04:12 > 0:04:15Unfortunately, this flat comes with a covenant
0:04:15 > 0:04:17that will put some people off.
0:04:17 > 0:04:21The vendor cannot sell this property to a purchaser
0:04:21 > 0:04:26who intends to occupy this house as his or her principal home.
0:04:26 > 0:04:29That will be a serious restriction for some
0:04:29 > 0:04:31and emphasises the importance
0:04:31 > 0:04:35of reading the legal pack before going to auction.
0:04:38 > 0:04:40The vendors are the local council
0:04:40 > 0:04:43and the covenant ensures that the income from the sale
0:04:43 > 0:04:47goes directly to them and not to Central Government.
0:04:47 > 0:04:52It means that you'll either have to do this one up and let it, or sell on.
0:04:52 > 0:04:54So investors only, please.
0:04:54 > 0:04:58We asked along a local estate agent to give us his take on the flat,
0:04:58 > 0:05:04which went to auction with a guide price of £250,000.
0:05:04 > 0:05:07I personally think it's fantastic. I love it.
0:05:07 > 0:05:09It's the sort of property I like getting my teeth into.
0:05:09 > 0:05:12It's got huge potential. It needs a lot of work.
0:05:12 > 0:05:16The return you get is not only personal
0:05:16 > 0:05:19but there's a sense of gratification of seeing the finished article.
0:05:20 > 0:05:24If the purchaser kept the existing layout, did the flat up,
0:05:24 > 0:05:27what could they put it on the market for?
0:05:27 > 0:05:30If I put this property on the market in good condition,
0:05:30 > 0:05:34I'd look to achieve in excess of £475,000.
0:05:35 > 0:05:38What about the rental income?
0:05:38 > 0:05:42I would look to rent this out for £1,700 per calendar month.
0:05:43 > 0:05:47If they added a bedroom by extending into the loft space,
0:05:47 > 0:05:49what might the flat be worth?
0:05:49 > 0:05:55If the property was fully extended, I'd look to achieve in excess of £550,000.
0:05:55 > 0:05:59What would that do to the potential rental income?
0:05:59 > 0:06:04As a three-bedroom, I would look to rent this out at £2,000 per calendar month.
0:06:04 > 0:06:07This could be a great flat -
0:06:07 > 0:06:10it's in a fabulous location, there's scope to add value,
0:06:10 > 0:06:13but that covenant will put some people off.
0:06:13 > 0:06:17Let's see who was brave enough to bid at the auction.
0:06:18 > 0:06:20Lot 90.
0:06:20 > 0:06:25A two-bed, self-contained flat. First-floor flat.
0:06:25 > 0:06:28I've got a proxy bid with me here.
0:06:28 > 0:06:31Who'd like to kick off on this?
0:06:31 > 0:06:32220!
0:06:32 > 0:06:36Er, 300 with me. Now what?
0:06:36 > 0:06:39305?
0:06:39 > 0:06:42Oh, God, you don't have to look! 305!
0:06:42 > 0:06:46310. 315. 320. 325.
0:06:46 > 0:06:49320 with me, with a proxy bid.
0:06:49 > 0:06:53325? 325. 330.
0:06:53 > 0:06:55335.
0:06:55 > 0:06:58350. 355.
0:06:58 > 0:07:01Three...
0:07:01 > 0:07:04..sixty with me. 365.
0:07:06 > 0:07:08365. 370 with me.
0:07:08 > 0:07:11375.
0:07:12 > 0:07:15375, with the gent down here.
0:07:15 > 0:07:19- 380.- With the proxy bidder out of the picture,
0:07:19 > 0:07:22this one was between two interested parties,
0:07:22 > 0:07:27and the bidding was soon up over the £400,000 mark.
0:07:27 > 0:07:29..404?
0:07:29 > 0:07:32405? 406?
0:07:33 > 0:07:35Yes? No? 405, sitting down.
0:07:35 > 0:07:40I feel someone else is coming in. 406. 406?
0:07:40 > 0:07:43If not, 405, first time.
0:07:43 > 0:07:47406. 407. 408.
0:07:47 > 0:07:50409. 410.
0:07:50 > 0:07:54410. 411. 412.
0:07:54 > 0:07:57412. 413.
0:07:57 > 0:08:00414.
0:08:00 > 0:08:02413, first time.
0:08:02 > 0:08:06Second time. Third and last time.
0:08:06 > 0:08:08Sold, 413.
0:08:08 > 0:08:14That successful bid of £413,000 was made by London-based Anthony,
0:08:14 > 0:08:17who runs a construction and property-development company.
0:08:17 > 0:08:22I met up with Anthony and his pet Yorkie Frankie...
0:08:22 > 0:08:23# Hey, Frankie! #
0:08:23 > 0:08:27..back at the flat to find out his plans.
0:08:27 > 0:08:29# Hey, Frankie
0:08:30 > 0:08:32# Do you remember me?
0:08:32 > 0:08:35# Frankie
0:08:36 > 0:08:39# Do you remember? #
0:08:40 > 0:08:42It's great to meet you today.
0:08:42 > 0:08:44You were rather lively at the auction.
0:08:44 > 0:08:47Well, I put in the low starting price
0:08:47 > 0:08:50and obviously it went up a lot further,
0:08:50 > 0:08:53but I got it in the end.
0:08:53 > 0:08:56You paid £413,000 for this property.
0:08:56 > 0:09:01How much research did you do into the road and the area and the flat?
0:09:01 > 0:09:03Well, I know the area pretty well,
0:09:03 > 0:09:06in fact, we refurbished a pad just round the corner,
0:09:06 > 0:09:10so I'm quite au fait with Fulham, I know it quite well.
0:09:10 > 0:09:14Are you in the business?
0:09:14 > 0:09:18I have been for about 20 years, something like that.
0:09:18 > 0:09:23Yes, I've got a property construction company, so, yes.
0:09:23 > 0:09:26Tell me how that all started.
0:09:26 > 0:09:31Ooh, crumbs! Well, I was a drummer, funnily enough, in quite a few bands.
0:09:31 > 0:09:33I lived in America for a while and played over there
0:09:33 > 0:09:36and suddenly thought, "I've got to earn a bit of money!"
0:09:36 > 0:09:40So I came back to England and bought my first property in Wimbledon
0:09:40 > 0:09:44and, erm, just carried on from there, so...
0:09:44 > 0:09:49It was a good way to make a bit of money. Drumming didn't!
0:09:49 > 0:09:54- Are you drumming any more? - I still have my drum kit set up!
0:09:54 > 0:09:59I sit in at weddings and balls and that kind of thing, when I'm allowed!
0:09:59 > 0:10:02- Not so noisy, then!- Yes!
0:10:02 > 0:10:04# Hear the drummer get wicked! #
0:10:09 > 0:10:13And the music to my ears is that Anthony has big plans for the flat,
0:10:13 > 0:10:18including converting the loft and really opening the place up.
0:10:18 > 0:10:21We're going to knock through on this particular wall.
0:10:21 > 0:10:27We're going to completely strip out all the electrics, the plumbing.
0:10:27 > 0:10:30Every single wall and ceiling will be coming down.
0:10:30 > 0:10:35Then we're going to be putting the stairs in just over there
0:10:35 > 0:10:38and basically extending it like that.
0:10:38 > 0:10:42Theoretically, we'll get three bedrooms, three bathrooms out of it.
0:10:42 > 0:10:47Do you think there's going to be any problems or do you still think you've got a good buy?
0:10:47 > 0:10:51Well, I'm just trying to sort out the party wall agreements,
0:10:51 > 0:10:56which can be a little bit complicated, with the neighbours,
0:10:56 > 0:10:58so we're just sorting that out at the moment.
0:10:58 > 0:11:04But, touch wood, we should be all right!
0:11:04 > 0:11:08How long do you think this is going to take you, this whole project?
0:11:08 > 0:11:11Well, the planning's already gone in
0:11:11 > 0:11:17and we should, hopefully, get an answer back within about six weeks,
0:11:17 > 0:11:20and, hopefully, it shouldn't be too much of a problem
0:11:20 > 0:11:23because we're emulating what they've done next door.
0:11:23 > 0:11:25Er, about four months.
0:11:25 > 0:11:28So, the grand plan - rent or sell?
0:11:28 > 0:11:33Er, I'll see how I feel at the end of it, to be honest.
0:11:33 > 0:11:40I may well rent it, but I'll see how the market's doing in a few months.
0:11:42 > 0:11:46Well, this drummer-turned- property developer appears to have this one taped.
0:11:46 > 0:11:51He's no stranger to developing property in the swankier pads of London,
0:11:51 > 0:11:56so it sounds like he might do things to a pretty high standard here.
0:11:57 > 0:12:00What sort of budget are you looking at to spend?
0:12:00 > 0:12:04- About, er, roughly round about £90,000.- OK.
0:12:04 > 0:12:07And you've done so many properties like this before,
0:12:07 > 0:12:09this is just another one to add to your list.
0:12:09 > 0:12:11- True!- Tell me how it works for you.
0:12:11 > 0:12:15Do you just get a team of guys and off you go?
0:12:15 > 0:12:19I've got quite a lot of builders who work full time
0:12:19 > 0:12:22and, yes, they're great.
0:12:22 > 0:12:26We've got a couple of projects going on at the moment
0:12:26 > 0:12:28over in Chelsea,
0:12:28 > 0:12:31which is mainly my base of where we work,
0:12:31 > 0:12:32sort of Chelsea, Belgravia.
0:12:32 > 0:12:35- So I expect to see top spec here. - Ah, yes!
0:12:35 > 0:12:39- Walnut.- Yes.- Low lighting.- Yes. - Mirrors.- Yes.
0:12:39 > 0:12:41- It's going to be gorgeous.- Oh, yes!
0:12:41 > 0:12:45It's been great meeting you today. Well done. Congratulations.
0:12:45 > 0:12:47- Thank you.- Thank you.
0:12:47 > 0:12:51With years of experience behind him and his own building firm,
0:12:51 > 0:12:54I can't see many problems for Anthony.
0:12:54 > 0:12:59But how will he get on with the planners? Will he obtain permission to transform this property?
0:12:59 > 0:13:03And what's going to happen about that party wall agreement?
0:13:03 > 0:13:05Is he going to do this in less than six months?
0:13:05 > 0:13:09Join us later and find out what happens.
0:13:12 > 0:13:15This is Wibsey, a suburb of Bradford.
0:13:15 > 0:13:17It used to be a village in its own right,
0:13:17 > 0:13:23and in times gone by, what's now The White Swan pub was used as a courtroom
0:13:23 > 0:13:26and its barrel-vaulted cellars used to lock up criminals.
0:13:26 > 0:13:30But it's property, not people, that I'm here to pass judgement on.
0:13:30 > 0:13:36So it's a pleasant area and the property I'm here to see doesn't sound too bad either.
0:13:36 > 0:13:40It's a dormer bungalow, guide price £100-110,000.
0:13:40 > 0:13:42Let's take a look!
0:13:42 > 0:13:46This two-bedroom property is hardly what I'd call run of the mill.
0:13:46 > 0:13:50It's definitely a bungalow that wants to be a house,
0:13:50 > 0:13:54with a substantial dormer extension, big windows and a decent front garden.
0:13:54 > 0:13:57It even has a garage.
0:13:57 > 0:14:00So, what have we got? Quite a nice little entrance foyer here.
0:14:00 > 0:14:06The stairs, unusual though they are, lead up to the bedrooms!
0:14:06 > 0:14:11And interesting colours! Can't wait to see what the rest of the house is like.
0:14:11 > 0:14:13Groovy!
0:14:14 > 0:14:17But it's not only the wallpaper that's showing its age.
0:14:17 > 0:14:19That brick finish and antiquated radiator
0:14:19 > 0:14:22shows that this property has become stuck in a time warp.
0:14:22 > 0:14:27So through to the kitchen and, actually, I really like this space.
0:14:27 > 0:14:31Yes, it needs some new units in there and get rid of the polystyrene tiles,
0:14:31 > 0:14:33but as a space, it works.
0:14:33 > 0:14:35And then out here,
0:14:35 > 0:14:37well, it's a bit shabby,
0:14:37 > 0:14:42but the concept of having this kind of space would work really well.
0:14:42 > 0:14:46So stick a much nicer conservatory on here
0:14:46 > 0:14:49and that would be really pleasant.
0:14:49 > 0:14:53# Let the sun shine Let the sun shine, baby
0:14:53 > 0:14:56# Let it all go Just let it all go, baby #
0:14:56 > 0:14:59A new conservatory here would create a lovely place to sit
0:14:59 > 0:15:02when the sun actually shines.
0:15:02 > 0:15:06But there's another tacked onto the side of the property,
0:15:06 > 0:15:12overlooking the side garden and backing onto a small dining room.
0:15:12 > 0:15:16With a downstairs cloakroom, the tour of this floor is nearly complete.
0:15:16 > 0:15:20So the only room left to discover is the living room, and here it is,
0:15:20 > 0:15:22he says, almost banging his head on the light fitting!
0:15:22 > 0:15:27I mean, like the rest of the house, a very '70s/'60s feel to it!
0:15:27 > 0:15:31But a good-sized space. Lots of light coming in through the windows.
0:15:31 > 0:15:33Look at that - fantastic.
0:15:33 > 0:15:38And then this fireplace, which is...
0:15:38 > 0:15:40Well, you either love it or hate it!
0:15:40 > 0:15:42Real on the bottom,
0:15:42 > 0:15:45plastic on the top! Lovely!
0:15:45 > 0:15:48# Isn't she lovely?
0:15:48 > 0:15:52# Isn't she wonderful? #
0:15:52 > 0:15:57OK, maybe it's not quite as attractive as it was in its prime,
0:15:57 > 0:16:02but what else is in store in the rest of this wonderfully retro house?
0:16:03 > 0:16:07Well, upstairs, the large dormer area contains two large bedrooms
0:16:07 > 0:16:11and both have plenty of storage space.
0:16:13 > 0:16:18There's also a small box-room and, surprise, surprise, a rather dated bathroom suite.
0:16:18 > 0:16:23But along with a decent-size plot, this is quite a substantial property.
0:16:26 > 0:16:29What does a local estate agent make of what's on offer here
0:16:29 > 0:16:31and its current condition?
0:16:33 > 0:16:35You can clearly see it's a 1960s build.
0:16:35 > 0:16:38It's in need of a lot of work.
0:16:38 > 0:16:39It needs rewiring,
0:16:39 > 0:16:44a lot doing to the roof and a complete overhaul inside.
0:16:44 > 0:16:48If the work was carried out, what kind of returns could this bungalow,
0:16:48 > 0:16:52guided at £100-110,000, yield?
0:16:52 > 0:16:58I think it would probably go for £150-155,000.
0:16:58 > 0:17:02The rental market, it'd probably go for about 550 per calendar month.
0:17:02 > 0:17:06Well, it's a lot of house, in a good area,
0:17:06 > 0:17:08at a very attractive guide price.
0:17:08 > 0:17:11I'm sure there was lots of interest when it went under the hammer.
0:17:11 > 0:17:13As the lot came up near the end of the day,
0:17:13 > 0:17:19it was a quieter auction room that prepared itself for the battle for this bungalow.
0:17:19 > 0:17:23Lot number 121, the vacant, detached two-bed dormer bungalow in need of renovation.
0:17:23 > 0:17:27Start me off, if you will, at the bottom of the guide,
0:17:27 > 0:17:29£100,000.
0:17:29 > 0:17:32£100,000 for it. Thank you. Straight in at 100,000.
0:17:32 > 0:17:34110.
0:17:34 > 0:17:38120. 130. 131. 132.
0:17:38 > 0:17:40133.
0:17:40 > 0:17:44One more? OK. 133. 134. She's still going.
0:17:44 > 0:17:48135. 135. Still going. 136.
0:17:48 > 0:17:51137.
0:17:51 > 0:17:53138. 139.
0:17:53 > 0:17:57Shaking his head. It's 138,000, lady's bid.
0:17:57 > 0:18:01He's going to be a gent and let her have it. £138,000 we have.
0:18:01 > 0:18:07139. Not such a gentleman after all, perhaps! 139. 140.
0:18:07 > 0:18:11141. Again, sir?
0:18:11 > 0:18:15141, he will. 142. 143.
0:18:15 > 0:18:19143, he will. 144. She's still going. 145.
0:18:20 > 0:18:22146.
0:18:22 > 0:18:25147.
0:18:26 > 0:18:29148. 149.
0:18:29 > 0:18:32150. 151.
0:18:32 > 0:18:35No? Shaking his head. Selling for the first time.
0:18:35 > 0:18:41150. Second. Third and final time, all done.
0:18:41 > 0:18:43Thank you, madam. Well done.
0:18:43 > 0:18:45So for £150,000,
0:18:45 > 0:18:49the delighted new owners of the dormer bungalow in Wibsey are Jackie and Steve.
0:18:49 > 0:18:54Jackie's an administrator at Leeds University,
0:18:54 > 0:18:56while husband Steve is a compliance officer
0:18:56 > 0:18:59for the electrical department at a hospital.
0:18:59 > 0:19:03Although they had seen the property prior to auction,
0:19:03 > 0:19:06it wasn't quite as they remembered or expected.
0:19:06 > 0:19:09- Steve, Jackie, lovely to meet you both.- Hiya!
0:19:09 > 0:19:11Congratulations. Tell me...
0:19:11 > 0:19:16Why did you raise your eyebrows like that?!
0:19:16 > 0:19:19I was about to say congratulations on buying this place, but...
0:19:19 > 0:19:23It was an interesting walk through the door!
0:19:23 > 0:19:27- How? You'd seen it before you bought it.- Well, yes, very quickly.
0:19:27 > 0:19:30Very quickly, yes, about half an hour.
0:19:30 > 0:19:33So, what did you think when you walked through the door?
0:19:33 > 0:19:36- "Help!" - THEY LAUGH
0:19:36 > 0:19:38Politely...!
0:19:38 > 0:19:40Why?
0:19:40 > 0:19:44Er, we knew it needed work,
0:19:44 > 0:19:50but then reality dawned just how much Steve has got to do.
0:19:50 > 0:19:54Ooh. And you were thinking at this point?
0:19:54 > 0:19:59- "Ooh."- Ahh. - Hopefully, it's all just decorative.
0:19:59 > 0:20:03# Ooh, ahh, just a little bit Ooh, ahh, a little bit more
0:20:03 > 0:20:07Ooh, er! There is a little more work than the couple first thought.
0:20:07 > 0:20:10As they've already paid £150,000 for it,
0:20:10 > 0:20:13£40,000 over the guide price,
0:20:13 > 0:20:16I can't see this being much of a money-making venture.
0:20:16 > 0:20:21Tell me about you two, then. What's brought you into this line of, well, adventure, I suppose?
0:20:21 > 0:20:26We have a daughter who lives only a couple of miles away, having her second child,
0:20:26 > 0:20:31so grandparents, close at hand to help.
0:20:31 > 0:20:36- So you've bought it for you or...? - Oh, yes.- For us to be nearer her.
0:20:36 > 0:20:38It's not a money-making venture.
0:20:38 > 0:20:45The initial idea was to downsize to a semi, really, smaller,
0:20:45 > 0:20:47and we just got carried away!
0:20:47 > 0:20:51It must've had something to make you get excited, because you went to auction and bought it.
0:20:51 > 0:20:53It's different!
0:20:53 > 0:20:55- Each house that we've - - We tend to buy different houses,
0:20:55 > 0:21:01not like the ones adjacent, not like your next-door neighbours'.
0:21:01 > 0:21:04# If you don't want to Do what the rest do
0:21:04 > 0:21:08# Dare to be different #
0:21:08 > 0:21:12Well, there's no doubt that this dormer bungalow is different,
0:21:12 > 0:21:15but some of those differences are less welcome than others.
0:21:15 > 0:21:18Tell me what you're going to do to sort it out.
0:21:18 > 0:21:21I'm going to rewire the property.
0:21:21 > 0:21:26I've got a friend that's a plumber. Hopefully, he will help us with the central heating.
0:21:26 > 0:21:31I've got a son that's a plasterer, so he'll re-skim all the walls.
0:21:31 > 0:21:33New kitchen, new bathroom.
0:21:33 > 0:21:37- There's quite a bit of work, then. - There is quite a bit.
0:21:37 > 0:21:39He hasn't got to my list yet!
0:21:39 > 0:21:41What does your list entail?
0:21:41 > 0:21:45The downstairs loo, I want a shower room in there.
0:21:45 > 0:21:51Upstairs, the bathroom reconfiguring to get a shower.
0:21:51 > 0:21:56Looking to split this large bedroom into two.
0:21:56 > 0:21:59So she's added a few things to your list, Steve.
0:21:59 > 0:22:03- Indeed, yes! - He did know some of them!
0:22:03 > 0:22:05# You've got to help me
0:22:06 > 0:22:08# I can't do it all by myself #
0:22:08 > 0:22:10So Steve will be busy,
0:22:10 > 0:22:13but he's enlisted his son to help him.
0:22:13 > 0:22:15They'll bring in tradesmen for any building work
0:22:15 > 0:22:19so the entire burden isn't on Steve's shoulders.
0:22:19 > 0:22:22What's the budget for all the work?
0:22:22 > 0:22:26We have taken a loan for £50,000.
0:22:26 > 0:22:28What about the timescale?
0:22:28 > 0:22:32- We'd like to think five to six months, wouldn't we?- Yes.
0:22:32 > 0:22:35But it's whatever to get it the way we want it.
0:22:35 > 0:22:37- Well, congratulations.- Thank you.
0:22:37 > 0:22:40- I look forward to seeing how you get on.- Thank you.
0:22:40 > 0:22:43- And, er, all the best.- OK!
0:22:43 > 0:22:49Well, it seems that Steve has slightly more on his to-do list than he originally thought.
0:22:49 > 0:22:53And as for downsizing, I don't think that's quite gone to plan either.
0:22:53 > 0:22:58Find out if the renovations turn out as they hope later in the show.
0:22:59 > 0:23:05Coming up, in Chorley, Lancashire, this mid-terrace has many positives.
0:23:05 > 0:23:08But there is that niggly negative that is "no bath"!
0:23:09 > 0:23:15Back in Bradford, Jackie's delighted that Steve's lived up to his reputation.
0:23:15 > 0:23:19His name in the family is Mr Fix-it!
0:23:20 > 0:23:25But first, in London, what's the expert's opinion of Anthony's conversion?
0:23:25 > 0:23:29If I had the money I would buy it in a heartbeat.
0:23:37 > 0:23:42In the rather swanky surrounds of south-west London, Fulham, to be exact,
0:23:42 > 0:23:45a two-bedroom first-floor flat in an elegant white-fronted building
0:23:45 > 0:23:48was bought at auction.
0:23:48 > 0:23:53The split-level flat not only came with well-proportioned rooms and period features,
0:23:53 > 0:23:57but also had access to a rear garden.
0:23:57 > 0:24:01And with the possibility to add a loft conversion to increase its size,
0:24:01 > 0:24:04this looked like a great opportunity.
0:24:04 > 0:24:07It was bought for £413,000 by Anthony,
0:24:07 > 0:24:12who has run his own construction and property-developing company for the last 20 years.
0:24:13 > 0:24:18With his budget of £90,000 and a five-to-six month timescale,
0:24:18 > 0:24:20this former drummer in several bands
0:24:20 > 0:24:24was hoping this property would be his next hit.
0:24:24 > 0:24:28Tell me how it works for you. Do you just get a team of guys and off you go?
0:24:28 > 0:24:33I've got quite a lot of builders who work full time
0:24:33 > 0:24:34and, yes, they're great.
0:24:34 > 0:24:37- So I expect to see top spec here. - Ah, yes!
0:24:37 > 0:24:41- Walnut.- Yes.- Low lighting.- Yes. - Mirrors.- Yes.
0:24:41 > 0:24:43- It's going to be gorgeous.- Oh, yes!
0:24:44 > 0:24:47Even with plans for a loft conversion,
0:24:47 > 0:24:49for a professional like Anthony
0:24:49 > 0:24:53this refurbishment should be pretty straightforward.
0:24:54 > 0:24:5815 months later, we're back with Anthony and his dog Frankie
0:24:58 > 0:25:03to see if it really did go as smoothly as he'd hoped.
0:25:03 > 0:25:08# No need to ask He's a smooth operator
0:25:09 > 0:25:13# Smooth...operator
0:25:13 > 0:25:16# Smooth operator
0:25:17 > 0:25:21# Smooth operator #
0:25:21 > 0:25:23With the bedroom turned into the kitchen
0:25:23 > 0:25:26and the old kitchen turned into an ensuite bedroom,
0:25:26 > 0:25:30this property has been completely transformed.
0:25:32 > 0:25:35With a fully comprehensive refurbishment throughout,
0:25:35 > 0:25:39this flat is almost unrecognisable.
0:25:39 > 0:25:43But what does Anthony think about what has been achieved here?
0:25:43 > 0:25:47It was pretty nasty when I first came in!
0:25:47 > 0:25:52Hopefully, I've brought a little bit of style back to it,
0:25:52 > 0:25:55which has brought it back to its possible heyday.
0:25:55 > 0:25:59He's certainly done that, plus a bit more...
0:26:07 > 0:26:12..with a stunning loft conversion which houses a high-spec family bathroom...
0:26:15 > 0:26:20..and another bedroom, complete with an ensuite shower room.
0:26:20 > 0:26:23This is now a three-bedroom flat.
0:26:25 > 0:26:28So, did it really all go to plan?
0:26:28 > 0:26:31I very much stuck to the original plan
0:26:31 > 0:26:35that the architects did the drawings for,
0:26:35 > 0:26:39which was basically emulating what they'd done next door.
0:26:39 > 0:26:45So there was actually no great issue with the planning. That came through very easily.
0:26:45 > 0:26:48It was purely time buying the freehold,
0:26:48 > 0:26:51which, er, took the time, from the council.
0:26:52 > 0:26:56In order to do the loft conversion, Anthony needed to buy the freehold.
0:26:56 > 0:26:59In conjunction with the downstairs-flat owner,
0:26:59 > 0:27:03they eventually managed to buy it for 25,000,
0:27:03 > 0:27:06with Anthony paying £17,000 of that.
0:27:06 > 0:27:11This process took several months and significantly held up the building work.
0:27:11 > 0:27:15In fact, in spite us being back 15 months later,
0:27:15 > 0:27:19the whole project took only seven months,
0:27:19 > 0:27:21with the flat stripped right back to a shell
0:27:22 > 0:27:25and then rebuilt in the new layout.
0:27:26 > 0:27:29So we've widened this door,
0:27:29 > 0:27:31that was quite a bit smaller originally,
0:27:31 > 0:27:35and we blocked off a bedroom door just on the left-hand side there.
0:27:35 > 0:27:39Obviously, we did this knock-through here, as well.
0:27:39 > 0:27:43We had to put a lot of steelwork in
0:27:43 > 0:27:46to basically keep the upstairs up.
0:27:46 > 0:27:51And we actually dropped this floor and the floor in the bedroom downstairs, as well.
0:27:51 > 0:27:55We took the chimney breast out here,
0:27:55 > 0:27:57so it's widened the space up,
0:27:57 > 0:28:00and put a lovely kitchen in.
0:28:00 > 0:28:02So, what do you think about that, Frankie?
0:28:02 > 0:28:04"Rubbish!"
0:28:05 > 0:28:07Well, this is far from rubbish!
0:28:07 > 0:28:12With granite work surfaces and magnificent walnut floors,
0:28:12 > 0:28:16this is a high-spec kitchen to go with that fabulous lounge
0:28:16 > 0:28:21in what is now a three-bedroom flat, two of which are ensuite.
0:28:21 > 0:28:24And then there's that beautiful family bathroom.
0:28:24 > 0:28:28But a finish like this doesn't come cheap.
0:28:28 > 0:28:34I initially budgeted for round about £90,000 to do the project,
0:28:34 > 0:28:36but I ended up spending around £100,000 on it.
0:28:37 > 0:28:39A £100,000 spend,
0:28:39 > 0:28:43on top of Anthony's £413,000 purchase price,
0:28:43 > 0:28:47and 17 grand to buy the freehold,
0:28:47 > 0:28:51would mean a total outlay of 530,000.
0:28:51 > 0:28:55So, has this property been worth the wait?
0:28:55 > 0:28:58What do two local estate agents think?
0:28:58 > 0:29:00The developer's done an excellent job.
0:29:00 > 0:29:04There's a superb blend of modern and contemporary features
0:29:04 > 0:29:07and this offers an excellent opportunity for the eventual buyer.
0:29:07 > 0:29:11I think the finish has been finished to a good standard.
0:29:11 > 0:29:15I particularly like the walnut floors and the work surfaces in the kitchen.
0:29:15 > 0:29:19And to have three really good-sized double bedrooms, as well, is a real bonus.
0:29:19 > 0:29:23I had an instant gut feeling, and it is definitely something I would live in.
0:29:23 > 0:29:26If I had the money, I'd buy it in a heartbeat.
0:29:26 > 0:29:30Of course, if you don't have the money to buy, you could always rent it.
0:29:30 > 0:29:33How much would you have to pay for that?
0:29:33 > 0:29:39I expect this property to achieve a figure in the region of £2,600 per calendar month.
0:29:39 > 0:29:43I think this would rent out for £2,600 per calendar month.
0:29:43 > 0:29:47Great! To be honest, I hadn't looked into the rental situation as yet,
0:29:47 > 0:29:52but it's something I'll consider over the next couple of days.
0:29:52 > 0:29:55But, yes, that's a happy prize.
0:29:56 > 0:30:00Rental values of £2,600 per calendar month
0:30:00 > 0:30:04would see a rental yield of around six percent, which isn't bad.
0:30:04 > 0:30:06But more importantly,
0:30:06 > 0:30:09how will his £530,000 investment fare
0:30:09 > 0:30:12on the resale market?
0:30:12 > 0:30:16I expect this property to achieve a figure in the region of £650,000.
0:30:16 > 0:30:18I think this would sell for £650,000.
0:30:18 > 0:30:24I budgeted for, erm, round about sort of 600, 610,
0:30:24 > 0:30:29so anything over that was going to always be a benefit.
0:30:29 > 0:30:32So, yes, I'm very happy with the outcome.
0:30:32 > 0:30:37In fact, since filming he's accepted an offer of £675,000,
0:30:37 > 0:30:41meaning a pre-tax profit of £145,000.
0:30:41 > 0:30:44So, how does he feel about it now?
0:30:44 > 0:30:46Glad that it's over, to be honest!
0:30:46 > 0:30:52but I'll certainly be moving on to the next one pretty quickly.
0:30:56 > 0:31:02For the next property that went under the hammer at auction I've come to Lancashire.
0:31:02 > 0:31:04I'm in a village called Coppull,
0:31:04 > 0:31:07just five minutes drive from Chorley Town Centre.
0:31:07 > 0:31:11I'm here to see this terraced property. It's got two bedrooms.
0:31:11 > 0:31:14The last house to sell on this road
0:31:14 > 0:31:17achieved over £99,000,
0:31:17 > 0:31:22so I was really interested when I heard about today's lot.
0:31:22 > 0:31:27It went to auction with a guide price of £49,000.
0:31:28 > 0:31:31An attractive price, and the house seems pretty good, too.
0:31:31 > 0:31:37It could probably do with a fresh coat of paint, but the brickwork appears OK.
0:31:37 > 0:31:41The roof and guttering look original, so I'd get those checked out
0:31:41 > 0:31:43and maybe lift the slabs in the garden.
0:31:43 > 0:31:47A bit of turf would make a more favourable impression.
0:31:48 > 0:31:52Wow! Proportionally, I was not expecting this!
0:31:52 > 0:31:55Look at this space in here! Gosh, it's incredible!
0:31:55 > 0:31:57You've got double glazing,
0:31:57 > 0:32:01your feature wall taken care of, it's been nicely wallpapered.
0:32:01 > 0:32:06A rather modern fireplace, some people will love that.
0:32:06 > 0:32:08And lots of space to put your furniture.
0:32:08 > 0:32:11All in all, a really good start.
0:32:11 > 0:32:16This is the kitchen at the back. Again, look at this space! I love it!
0:32:16 > 0:32:20Little nooks and crannies! You can put storage cupboards everywhere.
0:32:20 > 0:32:24It's fantastic. Really, you could keep it as it is.
0:32:24 > 0:32:29And right at the back you've got, well, it's not a toilet,
0:32:29 > 0:32:34it's not a bathroom because there's no bath, sadly. It's a shower room.
0:32:34 > 0:32:39That's a disappointment. I'm wondering whether they've managed to sneak in a bath upstairs.
0:32:39 > 0:32:42I'm going to investigate.
0:32:42 > 0:32:44If I do find the bath upstairs,
0:32:44 > 0:32:50you could turn the shower room into a really useful utility room.
0:32:50 > 0:32:55It already houses the boiler and is positioned right behind the kitchen.
0:32:55 > 0:32:58Upstairs, turn right at the top
0:32:58 > 0:33:01and there's a huge master bedroom at the front.
0:33:01 > 0:33:05It could be even bigger if the wardrobe was removed.
0:33:05 > 0:33:08And I wonder what's behind the radiator.
0:33:08 > 0:33:11An original fireplace maybe?
0:33:12 > 0:33:17Across the landing to the left, the second bedroom at the back is a fair size, as well,
0:33:17 > 0:33:22even though it's lost some space to the airing cupboard behind the door.
0:33:22 > 0:33:27And next to the bedroom, has someone found enough room for a proper bathroom?
0:33:27 > 0:33:31There's already a small space housing a loo and a sink up here.
0:33:31 > 0:33:35I'm not sure you could get a bath in there. It would be so cramped!
0:33:35 > 0:33:40That answers my question. A bath needs to be installed downstairs.
0:33:40 > 0:33:45I would turn this into a really nice shower room for the family.
0:33:45 > 0:33:47There's also plenty of room in the master suite next door
0:33:47 > 0:33:52if you feel the need for luxuriating in the bath upstairs.
0:33:53 > 0:33:59Out the back of this mid-terrace, guided at 49,000, it's not great.
0:33:59 > 0:34:02There's a huge garage taking up valuable garden space
0:34:02 > 0:34:05so you're left with only a strip of concrete,
0:34:05 > 0:34:08although off-street parking is a bonus.
0:34:08 > 0:34:11What would a local estate agent make of this place?
0:34:11 > 0:34:14We invited one along to hear what he'd recommend
0:34:14 > 0:34:17as the best solution for the lack of bath.
0:34:17 > 0:34:21I'd say to keep the toilet upstairs as a toilet and a shower room if possible.
0:34:21 > 0:34:24I don't think there'd be enough room to put a bathroom upstairs.
0:34:24 > 0:34:28Downstairs, I'd put a bathroom where the original bathroom is now.
0:34:28 > 0:34:30I'd put a bath in there, as well.
0:34:30 > 0:34:35The kitchen doesn't need that much doing to it. The windows look quite recently fitted.
0:34:35 > 0:34:38So it's basically just a bit of refurbishment, really.
0:34:38 > 0:34:40So, what's the best option here -
0:34:40 > 0:34:46a full renovation and look to sell, or a quick makeover and let?
0:34:46 > 0:34:49It's probably worthwhile refurbing and renting out.
0:34:49 > 0:34:51By the time you spend the money on refurbing it,
0:34:51 > 0:34:54you're not going to make a great deal of money back.
0:34:54 > 0:34:58OK, let's talk figures. What's the potential sale price
0:34:58 > 0:35:01compared to the rental income?
0:35:01 > 0:35:04When refurbished, I could put this on the market for £90,000.
0:35:04 > 0:35:10On the rental market, you're probably looking between £450 and £475 per calendar month.
0:35:10 > 0:35:13Whoever takes this on will need to do some minor alterations.
0:35:13 > 0:35:17There's lots of positives, but there is that niggly negative
0:35:17 > 0:35:21that is "no bath"! But that is easily solved.
0:35:21 > 0:35:25Let's go to auction and find out what the future holds for this little house.
0:35:25 > 0:35:30Lot 33, a two-bedroom, traditional terraced house, with garage.
0:35:30 > 0:35:34Lot 33. Bid me on this one. May I say 52 for it?
0:35:34 > 0:35:3850. 48, under the guide. 48 I have. Thank you.
0:35:38 > 0:35:41At 48,000. 49.
0:35:41 > 0:35:4449. At 50. 51. 51.
0:35:44 > 0:35:4652? 52.
0:35:46 > 0:35:4952 and a half, either of you?
0:35:49 > 0:35:5353? 53 and a half.
0:35:53 > 0:35:5654. No? 54 and a half?
0:35:56 > 0:36:0155? And a half? 56? And a half?
0:36:01 > 0:36:0557? And a half? 58? And a half?
0:36:05 > 0:36:0759? And a half?
0:36:07 > 0:36:1060. You're quite enjoying this, aren't you? 60,000.
0:36:10 > 0:36:13Don't be put off by them. And a half?
0:36:13 > 0:36:1660 and a half. 61? And a half.
0:36:16 > 0:36:2162? And a half? 63? And a half?
0:36:21 > 0:36:2464. Are you sure?
0:36:24 > 0:36:28£64,000, the lady's bid. 500 somewhere else?
0:36:28 > 0:36:31At £64,000, then, for the first time.
0:36:31 > 0:36:35Second time. Third and last opportunity.
0:36:35 > 0:36:37Sold at 64,000.
0:36:37 > 0:36:42And those enthusiastic bidders who secured the property for 64,000
0:36:42 > 0:36:46were Hayley and her daughter Jessica.
0:36:47 > 0:36:51Hayley gave up her job in a supermarket a couple of years ago
0:36:51 > 0:36:56to start property developing with her husband David.
0:36:56 > 0:37:02But it's Hayley who'll be overseeing the work, with a helping hand from her daughter Jessica.
0:37:03 > 0:37:06Ladies, it's lovely to meet you. Congratulations.
0:37:06 > 0:37:07What's the story?
0:37:07 > 0:37:10I just started a couple of years ago
0:37:10 > 0:37:12with investments for when the kids get older.
0:37:12 > 0:37:17It's very difficult for them to get on the property ladder unless they've got plenty money.
0:37:17 > 0:37:19So we've got our house
0:37:19 > 0:37:25and we want to make sure the kids have got a house each if anything happens to us.
0:37:26 > 0:37:30Hayley's taking the long-term view, so she's holding on to the properties she acquires.
0:37:30 > 0:37:34She and her husband David, an electrical engineer,
0:37:34 > 0:37:39have already renovated and rented out three other properties.
0:37:39 > 0:37:41In this unstable economic climate,
0:37:41 > 0:37:45a lot of people are very wary of buying a lot of property.
0:37:45 > 0:37:48- You don't seem to be too worried about it.- No, not...
0:37:48 > 0:37:53We do all the finding the houses and my husband sorts out all the finances.
0:37:53 > 0:37:55He's the brains.
0:37:55 > 0:37:59- He's the brains behind the operation.- Behind the money, yes!
0:37:59 > 0:38:01So you all work really well together.
0:38:01 > 0:38:04And then there's my boyfriend, who comes in,
0:38:04 > 0:38:07and he'll be ripping wardrobes out and all that.
0:38:07 > 0:38:13- There's all of us, isn't there? - Everybody gets involved. Everybody will do their bit.
0:38:14 > 0:38:18Well, if everyone chips in, they could have this done in no time.
0:38:18 > 0:38:20But just what is the plan?
0:38:20 > 0:38:24Definitely putting a new bathroom in or an ensuite in each bedroom,
0:38:24 > 0:38:28depending on the plumbing works for the toilets.
0:38:28 > 0:38:33That is going to be quite costly, getting the plumbing to the bedroom across the stairs.
0:38:33 > 0:38:38My idea was to have a good quality, lovely big shower-room up there
0:38:38 > 0:38:44so you do have the facilities to wash and shower upstairs, with a toilet and sink,
0:38:44 > 0:38:47and then just have a really nice bathroom downstairs
0:38:47 > 0:38:50so you can still have your bath.
0:38:50 > 0:38:53I know it's not ideal and people would prefer a bathroom upstairs,
0:38:53 > 0:38:58but I think you've got to be careful not to exceed your upper limit.
0:38:58 > 0:39:04That's it, yes. We'll have to wait and see how much things are going to cost.
0:39:04 > 0:39:07If we put a full bathroom in upstairs,
0:39:07 > 0:39:11we'll take a few feet off the smaller bedroom
0:39:11 > 0:39:15and then the builders will knock walls down
0:39:15 > 0:39:18and put a new one up and put a bathroom suite in.
0:39:18 > 0:39:22But hold on. Have you actually really thought about that?
0:39:22 > 0:39:27I'm not so sure you could even get a small bath up there in that small room.
0:39:27 > 0:39:30- You can. We've got a good builder! - But you need to move the wall.
0:39:30 > 0:39:35You can't encroach on the window. It would be extremely tight.
0:39:35 > 0:39:39Yes, he said he'd be able to do it, yeah.
0:39:39 > 0:39:43One way or another, Hayley's determined to get a bath upstairs
0:39:43 > 0:39:46or implement her other idea of two ensuites,
0:39:46 > 0:39:50which still sounds pretty ambitious to me.
0:39:50 > 0:39:54It does mean the downstairs shower room would be freed up to become a utility room.
0:39:54 > 0:39:58But how much is all this going to cost her?
0:39:58 > 0:40:01What sort of budget have you got?
0:40:01 > 0:40:07We did have a bigger budget, but we've just bought another one, so it's 5-6,000 now.
0:40:07 > 0:40:12So with the money that was supposed to be the budget, you bought another property? What?!
0:40:12 > 0:40:17Since Hayley started buying properties, it seems there's no stopping her.
0:40:17 > 0:40:20This is her and David's fourth property
0:40:20 > 0:40:22and they've already purchased their fifth.
0:40:22 > 0:40:26With the family rallying around, Hayley's not concerned about the workload
0:40:26 > 0:40:30and hopes to get the place finished in around six weeks.
0:40:30 > 0:40:34How are you feeling about this, Hayley? You seem quite calm.
0:40:34 > 0:40:39Calm about this, yes. Houses don't stress me out, really.
0:40:39 > 0:40:41How do you two see yourselves -
0:40:41 > 0:40:44out there, two new property developers!
0:40:44 > 0:40:46Just two mad blondes!
0:40:46 > 0:40:50Two mad blondes doing extremely well on the property market!
0:40:50 > 0:40:52It's been lovely meeting you. Good luck.
0:40:52 > 0:40:56- I can't wait to see how it turns out. Well done.- Thank you very much.
0:40:59 > 0:41:04The question is, two ensuites or one family bathroom?
0:41:04 > 0:41:08I do worry that Hayley is going overboard with those renovations.
0:41:08 > 0:41:11Two ensuites sounds a little bit excessive.
0:41:11 > 0:41:16Will she end up overdeveloping this property and overspending?
0:41:16 > 0:41:20Find out how Hayley and Jessica get on later in the programme.
0:41:23 > 0:41:27So, Martin, time has passed, money has been spent, but has it been worth it?
0:41:27 > 0:41:32Yes, have our buyers been busy or have they let the grass grow under their feet?
0:41:32 > 0:41:34Time to go back and find out.
0:41:34 > 0:41:37We head back to Bradford now, and the suburb of Wibsey
0:41:37 > 0:41:40where we first saw this two-bedroom bungalow
0:41:40 > 0:41:44with an interior like a time capsule from the '70s.
0:41:44 > 0:41:46Ahh, the memories came flooding back.
0:41:46 > 0:41:50It took me back to the days of Sta-Prest flares.
0:41:50 > 0:41:53MUSIC: Soul Bossa Nova (Theme from "Austin Powers")
0:41:54 > 0:42:00But enough of that. It was bought at auction for a very up-to-date figure of £150,000 by Jackie,
0:42:00 > 0:42:02an admin officer at Leeds University,
0:42:02 > 0:42:07and her husband Steve, an electrical compliance officer for the NHS.
0:42:08 > 0:42:13When I first met them, they'd forgotten how the place looked!
0:42:13 > 0:42:15So, what did you think when you walked through the door?
0:42:15 > 0:42:18- "Help!" - THEY LAUGH
0:42:18 > 0:42:20- Politely...!- Why?
0:42:20 > 0:42:24We knew it needed work,
0:42:24 > 0:42:29but then reality dawned just how much Steve has got to do.
0:42:30 > 0:42:34As it was going to be their new home to be nearer their grandchildren,
0:42:34 > 0:42:38the couple had a £50,000 budget and a five-to-six month turnaround
0:42:38 > 0:42:42to drag this place into the 21st century.
0:42:42 > 0:42:46But it was 12 months later when we returned
0:42:46 > 0:42:48to see just what they had done here.
0:42:52 > 0:42:58Well, on the outside, new windows and cladding have been installed.
0:42:58 > 0:43:01And take a peak round the side
0:43:01 > 0:43:04and the old lean-to has been replaced by a new extension.
0:43:04 > 0:43:08That means with the removal of the old toilet and rear kitchen,
0:43:08 > 0:43:13a fantastic, spacious open-plan kitchen area has been created inside.
0:43:13 > 0:43:16What a stunner!
0:43:23 > 0:43:27At the front, the living room has been brought right up to date,
0:43:27 > 0:43:31with light, neutral tones creating a spacious feel.
0:43:32 > 0:43:35And that fireplace has gone
0:43:35 > 0:43:38but we'll let Jackie tell us all about that.
0:43:40 > 0:43:43In this room the fireplace was, let's say, interesting.
0:43:43 > 0:43:48We had to rip one, two and then three fires out
0:43:48 > 0:43:53before starting to bring it up to today's standards
0:43:53 > 0:43:57and to give what I think is a nice-looking fireplace.
0:43:57 > 0:44:00To get this bungalow up to today's standards,
0:44:00 > 0:44:04the upstairs space has been tackled in a big way.
0:44:04 > 0:44:06The new staircase takes you up to a rejigged layout.
0:44:06 > 0:44:11Walls have been moved, splitting the main bedroom into a double bedroom with patio doors,
0:44:11 > 0:44:14originally hidden by a wardrobe.
0:44:16 > 0:44:19And a single bedroom...
0:44:21 > 0:44:26Repositioning the walls has also created another double bedroom.
0:44:28 > 0:44:32And a beautiful bathroom, which is now larger than before,
0:44:32 > 0:44:35as Steve explains...
0:44:35 > 0:44:42I initially installed the bath where the existing bath was, and a shower in the corner,
0:44:42 > 0:44:46but it made the bathroom very compact,
0:44:46 > 0:44:51so I decided to knock through the wall and install a shower cubicle.
0:44:51 > 0:44:57I then moved the bath onto the wall where the shower had been installed
0:44:57 > 0:45:00and I think that makes the bathroom a lot more spacious.
0:45:02 > 0:45:05Back downstairs, a new loo has been installed
0:45:05 > 0:45:08and the dining room and conservatory have been made over,
0:45:08 > 0:45:12looking out over a beautiful little garden.
0:45:13 > 0:45:15It's an amazing transformation
0:45:15 > 0:45:18from the dated bungalow to a modern des res.
0:45:18 > 0:45:21But it wasn't without its share of troubles.
0:45:21 > 0:45:24The schedule overran by six months to a year
0:45:24 > 0:45:29because they felt badly let down by their builder and redid much of the work.
0:45:29 > 0:45:32So, who took the job on?
0:45:32 > 0:45:36- Steve did it! - You just take it in your stride
0:45:36 > 0:45:40and put right what was not right, as it were.
0:45:40 > 0:45:46He's a very modest man, but he's extremely resourceful.
0:45:46 > 0:45:51His name in the family is Mr Fix-it!
0:45:51 > 0:45:53# Yeah, I can do it!
0:45:53 > 0:45:56# Yeah, I can do it!
0:45:56 > 0:45:59# Yeah-eah-eah #
0:46:03 > 0:46:08Sincere congratulations to Steve, who did everything from the plumbing to central heating,
0:46:08 > 0:46:12the electrical work, fitting the kitchen and bathroom
0:46:12 > 0:46:17and helping his son, a plasterer, to replaster the bungalow.
0:46:17 > 0:46:21It's a great finish and a lot to be proud of.
0:46:21 > 0:46:26But it seems the old groovy wall coverings aren't consigned to the past.
0:46:26 > 0:46:29We've kept some of each of the wallpaper.
0:46:29 > 0:46:32I intend to make a collage of that
0:46:32 > 0:46:35and that's going to go in the study.
0:46:35 > 0:46:39# Memories...
0:46:40 > 0:46:43# Like the corners...
0:46:43 > 0:46:46# ..of my mind #
0:46:46 > 0:46:48It's lovely to preserve some things from the past,
0:46:48 > 0:46:51but with all the troubles and schedule overrun,
0:46:51 > 0:46:54did they manage to preserve that budget?
0:46:54 > 0:47:00Well, we had what we thought was an amazing budget of 50,000...
0:47:01 > 0:47:04..but that soon disappeared,
0:47:04 > 0:47:08though we have kept just within it.
0:47:09 > 0:47:12Add that £50,000 spend on the bungalow
0:47:12 > 0:47:15to the purchase price of £150,000,
0:47:15 > 0:47:20and Jackie and Steve's total outlay is £200,000.
0:47:21 > 0:47:24So it's time to hear from two local estate agents
0:47:24 > 0:47:27whether they think the couple's hard work has paid off.
0:47:27 > 0:47:29I really like what they've done with it.
0:47:29 > 0:47:33I think it offers quite versatile accommodation.
0:47:33 > 0:47:36It's vastly improved from last time I saw it.
0:47:36 > 0:47:42They've obviously spent quite a bit of money on it, but they've done a really nice job.
0:47:42 > 0:47:44The estate agents like it.
0:47:44 > 0:47:48But let's remember, it's to be Jackie and Steve's new home,
0:47:48 > 0:47:52so any market value placed on the property is purely academic.
0:47:52 > 0:47:54But if circumstances changed,
0:47:54 > 0:47:59bearing in mind their £200,000 spend, what could a resell achieve?
0:47:59 > 0:48:03It would probably achieve around about £175,000.
0:48:03 > 0:48:06I see this property fetching £165,000.
0:48:06 > 0:48:08I think that's probably about right,
0:48:08 > 0:48:12because we realised at auction that we'd gone...
0:48:12 > 0:48:16..£25,000 over what we should've done.
0:48:16 > 0:48:21So that, and considering we've spent 200,000 altogether,
0:48:21 > 0:48:23it's probably about right.
0:48:23 > 0:48:30Although there's no profit to be made on this property, Jackie and Steve are happy with their new home.
0:48:30 > 0:48:32But should they ever decide to let the bungalow,
0:48:32 > 0:48:35the estate agents gave valuations
0:48:35 > 0:48:38ranging from £600 to £650 per calendar month.
0:48:39 > 0:48:44The couple could make a rental yield of three to four percent.
0:48:44 > 0:48:47So, how does that sound?
0:48:47 > 0:48:50I never considered renting it!
0:48:50 > 0:48:52We're doing it to live here,
0:48:52 > 0:48:55not for someone else. It's for meself!
0:48:55 > 0:48:59That's why Steve put all that hard work into this bungalow.
0:48:59 > 0:49:01So while the couple enjoy a well-deserved cuppa
0:49:01 > 0:49:05after all the trials and tribulations of this renovation,
0:49:05 > 0:49:09what advice would they give to anyone thinking of buying property at auction?
0:49:09 > 0:49:11Don't get carried away!
0:49:11 > 0:49:15I think it's so easy to have thought,
0:49:15 > 0:49:18"Just one more, just one more."
0:49:18 > 0:49:20Keep that level head.
0:49:24 > 0:49:27Back now to the Lancashire village of Coppull, near Chorley,
0:49:27 > 0:49:29where earlier in the programme
0:49:29 > 0:49:32I met Hayley and her daughter Jessica.
0:49:32 > 0:49:37Hayley bought this two-bed terrace with her husband David for £64,000
0:49:37 > 0:49:40to add to their growing portfolio.
0:49:40 > 0:49:44With help from Jessica, family members and her builder,
0:49:44 > 0:49:47she planned a refurbishment and a rejig.
0:49:47 > 0:49:51She wanted to turn the downstairs shower room into a utility room
0:49:51 > 0:49:55and to convert the upstairs loo into the family bathroom.
0:49:55 > 0:49:58But I had my doubts.
0:49:58 > 0:50:00Hold on. Have you actually really thought about that?
0:50:00 > 0:50:06I'm not so sure you could even get a small bath in that small room.
0:50:06 > 0:50:10- You can. We've got a good builder! - But you need to move the wall.
0:50:10 > 0:50:14You can't encroach on the window. It would be extremely tight.
0:50:14 > 0:50:17Yes, he said he'd be able to do it.
0:50:19 > 0:50:23Well, nearly three months later, we're back.
0:50:23 > 0:50:26Before we check out how they solved that bothersome bathroom issue,
0:50:26 > 0:50:29let's take a tour of the ground floor.
0:50:31 > 0:50:35The living room has retained the entrance area...
0:50:35 > 0:50:40..but the room has a new fireplace and colour scheme.
0:50:42 > 0:50:48They've kept the wallpaper and salvaged as much as they could in the kitchen.
0:50:48 > 0:50:50But a new oven, flooring and wall tiles
0:50:50 > 0:50:52have helped to transform the room.
0:50:52 > 0:50:57It seems to have been a case of "if it ain't broke, don't fix it".
0:50:57 > 0:51:01In the kitchen, we managed to save quite a few of the units
0:51:01 > 0:51:05because they're quite modern and they're all pretty decent.
0:51:05 > 0:51:07We managed to save the worktops,
0:51:07 > 0:51:11we've had a new oven put in and all tiled behind,
0:51:11 > 0:51:13new flooring put down.
0:51:13 > 0:51:17It's saved us quite a bit of money and was an added bonus.
0:51:17 > 0:51:18Good to hear it.
0:51:18 > 0:51:23But wait till you see what's behind the kitchen at the back.
0:51:24 > 0:51:29Well, it turns out that the former shower room has had a major refit,
0:51:29 > 0:51:33but not to convert it into a utility room, as Hayley planned.
0:51:33 > 0:51:38There are new wall and floor tiles and a modern white suite has been installed.
0:51:38 > 0:51:40Best of all, it's a proper family bathroom,
0:51:40 > 0:51:42complete with a bath!
0:51:42 > 0:51:45I always thought that would work better.
0:51:46 > 0:51:49Upstairs, they've had a change of plan, as well.
0:51:49 > 0:51:53The loo that was next to the rear bedroom has been removed...
0:51:55 > 0:51:58..creating a much bigger room.
0:51:58 > 0:52:03Jessica's delighted with the solution they eventually decided upon upstairs,
0:52:03 > 0:52:06which was creating a Jack-and-Jill toilet between both bedrooms.
0:52:06 > 0:52:08What a neat idea.
0:52:08 > 0:52:12There was an ensuite here with just a basin and a toilet,
0:52:12 > 0:52:16which we knocked down to make two decent-size double bedrooms.
0:52:16 > 0:52:19But we decided it wasn't practical enough without an upstairs toilet
0:52:19 > 0:52:22if there was a mother, say, with a child,
0:52:22 > 0:52:26so we built the Jack-and-Jill ensuite with a basin and toilet.
0:52:26 > 0:52:30What I was thinking was, if I lived here with my little boy and he had that room,
0:52:30 > 0:52:33this ensuite would be perfect.
0:52:33 > 0:52:36Well, it's a good compromise - keeping the bath downstairs
0:52:36 > 0:52:41and building a new loo above the staircase
0:52:41 > 0:52:45with access from the back and front bedrooms.
0:52:45 > 0:52:50But it meant walls had to be removed and two new doorways created.
0:52:50 > 0:52:53So, at what stage was all that done?
0:52:53 > 0:52:56Them walls came down quite soon, didn't they?
0:52:56 > 0:52:59Yes. She got excited with the sledgehammer.
0:52:59 > 0:53:01The two walls came down!
0:53:01 > 0:53:04Well, once you've checked it's safe to do so,
0:53:04 > 0:53:06it's always fun knocking things down.
0:53:06 > 0:53:09It's the rebuilding that's the challenge.
0:53:09 > 0:53:13But family and friends chipped in, plus experts when required.
0:53:13 > 0:53:17We've had to get workmen to do the gas and electrics.
0:53:17 > 0:53:21Apart from that, we've done 99 percent of it ourselves.
0:53:21 > 0:53:26My granddad's been hanging the doors and the frame for the bathroom upstairs.
0:53:26 > 0:53:30My boyfriend and the little boy's been helping, as well.
0:53:30 > 0:53:32But as they'd almost finished the refurbishment,
0:53:32 > 0:53:36they discovered a potentially fatal problem.
0:53:36 > 0:53:41We had a gas leak. The kitchen was done and in here was done,
0:53:41 > 0:53:45and when we went to pop a new fire in, there was a gas leak.
0:53:45 > 0:53:51We had to put new pipes in going halfway round the house.
0:53:51 > 0:53:54That was a biggie that we didn't expect!
0:53:54 > 0:53:59It meant they had to employ two qualified gas fitters for a couple of days
0:53:59 > 0:54:03to repair the leaking pipework and ensure everything was safe.
0:54:03 > 0:54:06Hayley then decided to fit an electric fire in the lounge.
0:54:06 > 0:54:10What effect did that have on the budget?
0:54:10 > 0:54:14I think the budget was about five grand
0:54:14 > 0:54:18and we've gone a bit over at 6.5, which isn't too bad,
0:54:18 > 0:54:21because we had things like the gas leak
0:54:21 > 0:54:24and ended up having a complete new bathroom in,
0:54:24 > 0:54:27so it's not been too bad really.
0:54:27 > 0:54:29That £6,500 spend,
0:54:29 > 0:54:31on top of the £64,000 paid at auction
0:54:31 > 0:54:36takes their total outlay to £70,500.
0:54:36 > 0:54:39At the back, the yard and garage have been tidied up
0:54:39 > 0:54:42and a couple of tiles replaced on the roof.
0:54:42 > 0:54:45There are just a few finishing touches to complete.
0:54:45 > 0:54:49So, do they still plan to add the house to their rental portfolio?
0:54:49 > 0:54:53We're going to rent it out. We've got a few rentals.
0:54:53 > 0:54:56Keeps an inheritance for these lot!
0:54:56 > 0:55:00Time to hear what two local estate agents think of the house
0:55:00 > 0:55:05with its relocated upstairs loo and new downstairs bath.
0:55:05 > 0:55:09It's very nice. It's a good level of refurbishment.
0:55:09 > 0:55:12It's nice and bright as you come in, there's two good-size room upstairs
0:55:12 > 0:55:14and it's got a garage to the rear.
0:55:14 > 0:55:17I think it's very stylishly presented
0:55:17 > 0:55:22and it's complimented by the decent-quality sanitary kitchenware.
0:55:22 > 0:55:27What rental income could Hayley and Jessica expect?
0:55:27 > 0:55:32I think it should go on at £475 per calendar month.
0:55:32 > 0:55:34If we were offering this to let,
0:55:34 > 0:55:39I would expect that we would be looking to achieve a rental
0:55:39 > 0:55:43of about £485-495 per calendar month.
0:55:44 > 0:55:50Well, those rental valuations of £475 to £495 per calendar month
0:55:50 > 0:55:54would generate a yield of at least eight percent.
0:55:55 > 0:55:57- That's...- About right. - That's about right, yes.
0:55:57 > 0:56:00We were expecting about 480, 485 a month,
0:56:00 > 0:56:03- so it sounds about right. - Pleased with that.- It's good.
0:56:04 > 0:56:07How much do the experts reckon the house is now worth?
0:56:07 > 0:56:11More than the £70,500 invested here?
0:56:11 > 0:56:16I think for a resale valuation, I think it should go on the market at £85,000.
0:56:16 > 0:56:20If we were launching this on the market,
0:56:20 > 0:56:25I would expect that we would be quoting an asking price of £89,500.
0:56:25 > 0:56:32So a potential gross profit of 14,500 to 19,000
0:56:32 > 0:56:34before expenses and fees.
0:56:34 > 0:56:37- That's good. - We were expecting around about 85.
0:56:37 > 0:56:40- So the second one's better.- Yes.
0:56:40 > 0:56:43My husband will be happy! That will please him!
0:56:46 > 0:56:50We've seen them all over the years - former chapels, railways stations,
0:56:50 > 0:56:54telephone exchanges, listed buildings, all on the programme!
0:56:54 > 0:56:59The variety is huge, so make sure you join us next time for more Homes Under the Hammer.
0:56:59 > 0:57:01- We'll see you then.- BOTH: Goodbye.
0:57:01 > 0:57:05Subtitles by Red Bee Media Ltd