0:00:00 > 0:00:05Hello! Now, more and more people would love to have their own property portfolio.
0:00:05 > 0:00:08And that doesn't have to be as grand as it sounds.
0:00:08 > 0:00:10No. If it can raise even just a small sum of cash,
0:00:10 > 0:00:13you can usually find something to buy.
0:00:13 > 0:00:16Then at least you'd have your foot on the property developing ladder.
0:00:16 > 0:00:20But where do you start? Well, maybe by heading to the auctions.
0:00:46 > 0:00:48Because of the variety of property available,
0:00:48 > 0:00:51auctions are a great place to get good value for money.
0:00:51 > 0:00:55And if you've done your research and got your finances in place,
0:00:55 > 0:00:57you should be able to make a success of it.
0:00:57 > 0:01:01So let's see what our buyers were interested in on today's programme.
0:01:03 > 0:01:06There's tons of period charm at this Stoke-on-Trent semi,
0:01:06 > 0:01:09but it's been caught short!
0:01:09 > 0:01:11The only loo in the house is downstairs in the outbuilding.
0:01:12 > 0:01:18At a south London mid-terrace, I reveal a childhood wish to be an astronaut!
0:01:18 > 0:01:22Look at the size of this room! I love space!
0:01:23 > 0:01:28And this house in Greater Manchester is a blank canvas with one stroke of genius!
0:01:28 > 0:01:32I've never seen a four-poster bath in all my travels with the show!
0:01:34 > 0:01:36All these properties have been sold at auction.
0:01:36 > 0:01:38We'll find out who bought them and what they paid for them
0:01:38 > 0:01:40when they went under the hammer.
0:01:40 > 0:01:42Your paddle number, please.
0:01:47 > 0:01:49Today, I'm in Stoke-on-Trent.
0:01:49 > 0:01:55For over 300 years, this town's been the centre of England's pottery industry,
0:01:55 > 0:02:00with famous names including Wedgwood and Royal Doulton still having their bases here.
0:02:00 > 0:02:02So, from pottery to property.
0:02:04 > 0:02:06I'm in a suburb called Oakhill,
0:02:06 > 0:02:12a real mixture of housing here from flats to terraces to semi-detached.
0:02:12 > 0:02:18But I'm really excited because in the 50-odd times I've visited Stoke-on-Trent
0:02:18 > 0:02:20in the last few years filming the show,
0:02:20 > 0:02:21I've never seen a house like this.
0:02:21 > 0:02:23It's called a Minton house.
0:02:23 > 0:02:26It's the one on the right there.
0:02:26 > 0:02:28I'll tell you more about the history in a while.
0:02:28 > 0:02:32But for now, £55,000 was the guide price. Two bedrooms. Let's take a look.
0:02:35 > 0:02:41This property has a certain Brothers Grimm fairytale charm to it, I'd say...
0:02:44 > 0:02:48..especially surrounded by these traditional terraces.
0:02:50 > 0:02:52But will it be "Grimm" inside,
0:02:52 > 0:02:55or is it a Sleeping Beauty waiting to be awoken?
0:02:55 > 0:02:59And if so, would that make me Prince Charming?
0:03:01 > 0:03:04Look at this fantastic front door.
0:03:04 > 0:03:07You literally don't have to go very far at all
0:03:07 > 0:03:11before you get the impression this is a very characterful house.
0:03:11 > 0:03:13In terms of that history I was talking about,
0:03:13 > 0:03:18maybe the floor has something to do with it. That's the first clue.
0:03:18 > 0:03:21Through the front door, you've got a sitting room on the front there.
0:03:21 > 0:03:25Nice characterful entrance through into the rear living room area.
0:03:25 > 0:03:29Very traditional of this kind of house to have that kind of thing, front and rear sitting rooms.
0:03:29 > 0:03:35Big open fire, nice to see. Judging by the pipe work, a back boiler in there,
0:03:35 > 0:03:38which, good and bad, probably means there isn't any central heating.
0:03:38 > 0:03:41That's something to factor in to your costs.
0:03:41 > 0:03:44But as a room, yes, actually, it sort of works.
0:03:44 > 0:03:47It sort of works and sort of doesn't.
0:03:47 > 0:03:50Because this is the kitchen, absolutely tiny.
0:03:50 > 0:03:53So straightaway, you take down this wall here
0:03:53 > 0:03:58and create a really nice family kitchen/ living area.
0:04:00 > 0:04:04Opening up this area would be very in-keeping with modern living.
0:04:04 > 0:04:08But it would be at a cost to its historic past
0:04:08 > 0:04:11as sadly, those original floor tiles might have to go.
0:04:14 > 0:04:16But I'd certainly keep the tiles in the hall.
0:04:16 > 0:04:20They'd make a fabulous first impression once restored.
0:04:21 > 0:04:26Through the under-stairs door and it's down to a sizeable cellar.
0:04:26 > 0:04:29This could be converted into further living space,
0:04:29 > 0:04:35but I suspect a developer may have enough work just renovating the rooms up top.
0:04:39 > 0:04:44Let's take a look upstairs where the two bedrooms are.
0:04:44 > 0:04:49My, oh, my, there is no denying this property needs a great deal of attention.
0:04:50 > 0:04:54Yet its character and charm is evident even in this condition.
0:04:54 > 0:04:58I'd recommend that the new owner commissions a structural survey
0:04:58 > 0:05:01as there are large cracks on the walls
0:05:01 > 0:05:07and possible signs of separation between the exterior and interior walls. Never good!
0:05:07 > 0:05:11In the bathroom, I'd keep this lovely roll-top bath
0:05:11 > 0:05:13and expose the claw feet.
0:05:13 > 0:05:17But there's something in here that's desperately lacking.
0:05:17 > 0:05:20One thing you are going to have to put in is a toilet.
0:05:20 > 0:05:23Because there isn't one. The only loo in the house
0:05:23 > 0:05:27is downstairs in the outbuilding. Not ideal!
0:05:28 > 0:05:33Far from it, in fact! Dashing to an outdoor loo from my warm and cosy bed
0:05:33 > 0:05:37is not how I like to spend my nights!
0:05:43 > 0:05:48But for now, cosy down, cos this place has quite a tale to tell.
0:05:48 > 0:05:52So, what is the history of this Minton house?
0:05:52 > 0:05:55Earlier on, when I said it could be something to do with the floor,
0:05:55 > 0:05:57I was throwing you off the scent a bit.
0:05:57 > 0:06:02Cos it's a lot to do with the floor. That, of course, is a Minton floor,
0:06:02 > 0:06:06made in a local factory, the Minton factory, started by Thomas Minton
0:06:06 > 0:06:08in the 18th century.
0:06:08 > 0:06:13Before long, Minton floors became the floor to have.
0:06:13 > 0:06:15So what about the Minton house?
0:06:15 > 0:06:22Well, this was the equivalent of a perk for the higher-ranking people in the Minton factory.
0:06:22 > 0:06:25And, of course, the floors had to be Minton, didn't they?
0:06:25 > 0:06:27And that's the history.
0:06:29 > 0:06:30The property is not listed,
0:06:30 > 0:06:35but taking on a house with all this heritage is quite an undertaking.
0:06:43 > 0:06:47The amount of work needed may have put off potential purchasers.
0:06:48 > 0:06:53I'm sure that whoever bought this place must have a genuine passion for it
0:06:53 > 0:06:57because it's going to need them to put their heart and soul into it.
0:07:04 > 0:07:07We invited a local estate agent
0:07:07 > 0:07:09to give us his opinion on this property,
0:07:09 > 0:07:13which had a guide price of £55,000.
0:07:13 > 0:07:16'This is a marvellous property, full of character
0:07:16 > 0:07:21'history, specific to Stoke-on-Trent itself.'
0:07:21 > 0:07:24You have to be very, very careful with a property of this nature.
0:07:24 > 0:07:29It needs improving, it's desperately in need of modernisation,
0:07:29 > 0:07:35but you've got to be very, very sympathetic not to destroy the history and the character.
0:07:36 > 0:07:40If renovated sympathetically, to a high standard,
0:07:40 > 0:07:41what could it be worth if sold on?
0:07:43 > 0:07:46Once renovated, this property is worth in the region of
0:07:46 > 0:07:48£100,000.
0:07:48 > 0:07:51And as a rental?
0:07:51 > 0:07:58I would say you were looking at £525 per calendar month.
0:08:00 > 0:08:07The house isn't listed, but you almost feel it should have some kind of preservation order on it
0:08:07 > 0:08:11because it is such an important part of the history of the local area.
0:08:11 > 0:08:14I just hope that whoever bought it really looks after it.
0:08:14 > 0:08:17Let's find out who that was when it went under the hammer.
0:08:18 > 0:08:21This was the very last lot of the day
0:08:21 > 0:08:23which explains the empty seats.
0:08:23 > 0:08:25What's this? 50?
0:08:26 > 0:08:3145, then. 45 bid. Thank you. At £45,000.
0:08:31 > 0:08:3350. At £50,000.
0:08:33 > 0:08:3655? 51. 52.
0:08:38 > 0:08:3953.
0:08:40 > 0:08:4254.
0:08:42 > 0:08:44At £54,000.
0:08:44 > 0:08:47£55,000.
0:08:47 > 0:08:49£56,000.
0:08:50 > 0:08:5256 and a half.
0:08:52 > 0:08:5357.
0:08:53 > 0:08:54And a half.
0:08:56 > 0:08:5758.
0:08:57 > 0:08:59And a half.
0:08:59 > 0:09:0459.
0:09:02 > 0:09:04This house was a hot property.
0:09:04 > 0:09:08We rejoin the action at 65,000.
0:09:08 > 0:09:1165 and a half?
0:09:14 > 0:09:1666.
0:09:16 > 0:09:18Another half, sir?
0:09:18 > 0:09:19Are you sure?
0:09:19 > 0:09:2166 with you.
0:09:21 > 0:09:24Seated. At £66,000.
0:09:24 > 0:09:2766 and a half. Are you sure?
0:09:27 > 0:09:31At 66 and a half, then, on the back wall. Are we all done?
0:09:31 > 0:09:33- He's back.- 67.
0:09:33 > 0:09:36Another half, sir? No?
0:09:36 > 0:09:3967. Seated. First time at 67.
0:09:39 > 0:09:42Second time at 67.
0:09:42 > 0:09:45Third and final time. All done at £67,000.
0:09:46 > 0:09:51Clearly delighted with their £67,000 purchase
0:09:51 > 0:09:55are builder, Howard, his wife, Lindy and their daughter, Sam.
0:09:57 > 0:10:00Howard and Lindy both develop properties,
0:10:00 > 0:10:03but this is not their usual type of investment.
0:10:03 > 0:10:06They're helping their daughter Sam to buy her first house.
0:10:06 > 0:10:10Sam has recently returned from travelling in America,
0:10:10 > 0:10:14and she and her parents are splitting this investment 50/50.
0:10:14 > 0:10:16She plans not only to live there,
0:10:16 > 0:10:18but also let rooms to her friends.
0:10:21 > 0:10:22Sam, Lindy, lovely to meet you.
0:10:22 > 0:10:25- Hi.- Congratulations!- Thank you!
0:10:25 > 0:10:27Tell me why you wanted to buy the house.
0:10:27 > 0:10:33We looked at a load of houses in the university area, about five minutes down the road,
0:10:33 > 0:10:38and they're all small terraces. You get off the street into your living room.
0:10:38 > 0:10:41Things like that. So Mum and Dad are helping me out,
0:10:41 > 0:10:48so they found this on the internet and we had a look round. Dad fell in love with it the most.
0:10:48 > 0:10:52- What was it he really loved? - There's a beautiful floor next door
0:10:52 > 0:10:54which we would love to have kept.
0:10:54 > 0:10:57But unfortunately there's been a heave in the floor
0:10:57 > 0:11:01and we tried to lift them to see if we could re-lay it,
0:11:01 > 0:11:04- and they're disintegrating as we're lifting them.- The tiles are.
0:11:04 > 0:11:07Yeah. So we'll be able to keep the hall, which we think is stunning,
0:11:07 > 0:11:10but we think the back room floor will have to go.
0:11:10 > 0:11:14It sounds like you're going to be sympathetic to the history of the place.
0:11:14 > 0:11:18Like you do, you see something and you kind of fall for it, I guess.
0:11:18 > 0:11:23I can understand why you fell in love with this place. It's an amazing house.
0:11:23 > 0:11:28'I'm happy to hear that Sam, her mum Lindy, dad Howard and me
0:11:28 > 0:11:31'are of one mind about the charm of this house.
0:11:32 > 0:11:36'However, it is a shame that the tiles in the rear reception will have to go.'
0:11:36 > 0:11:39So who's doing the work?
0:11:39 > 0:11:41I think we all are, really.
0:11:41 > 0:11:45But it'll be days off, things like that. Me, Mum and Dad really.
0:11:45 > 0:11:49Does your dad do building as a full-time job?
0:11:49 > 0:11:53- Yeah.- So he'll be squeezing it in between other jobs?- Yeah.
0:11:53 > 0:11:57I work part-time, so he will give me instructions.
0:11:57 > 0:11:59Sam, tell me what the plans for it are?
0:11:59 > 0:12:05Well, basically, the upstairs will have a toilet in it, which is probably in the garden!
0:12:05 > 0:12:09We will renovate then the upstairs.
0:12:09 > 0:12:14The back bedroom fireplace is pretty good. It's a nice cast iron piece.
0:12:14 > 0:12:16So we'll put a surround around that.
0:12:16 > 0:12:20So upstairs will stay the same lay-out, with a toilet in the bathroom
0:12:20 > 0:12:23- and a nice new bath suite. - Ooh, talking about the bath.
0:12:23 > 0:12:25Bath, bath, bath. What about the bath?
0:12:25 > 0:12:28- New bath.- "New bath"?! What about the bath that's there?
0:12:28 > 0:12:32It's a roll-top gorgeous, cast iron piece of loveliness!
0:12:32 > 0:12:35- Which needs...- We could get a couple of quid for it!
0:12:35 > 0:12:39- What?!- The enamel's gone, the taps are interesting, and there's no shower.
0:12:39 > 0:12:43The size of the bathroom, it is small by the time you put a sink and toilet in there,
0:12:43 > 0:12:45you can't really make much of a feature of that bath.
0:12:47 > 0:12:49I may be wrong! I may be wrong!
0:12:50 > 0:12:54'So, it's bye-bye, bath tub, unfortunately!
0:12:54 > 0:12:58'Renovating properties can be a stressful experience.
0:12:58 > 0:13:02'With Mum, Dad and daughter all equally involved here,
0:13:02 > 0:13:06'I hope that it doesn't lead to family quarrels and squabbles.'
0:13:06 > 0:13:09How long do you think it'll take to do it?
0:13:09 > 0:13:13- We'd like to take...- I think five months is do-able.
0:13:13 > 0:13:16- We could probably do it in five months.- I would like to think so, yeah.
0:13:16 > 0:13:20- What about a budget?- About 10,000.
0:13:20 > 0:13:22Ten?!
0:13:22 > 0:13:26- Yeah.- Wow! That's because your husband's a builder type thing?
0:13:26 > 0:13:28We can do nearly everything ourselves.
0:13:28 > 0:13:32We'll get a plasterer in. Kitchen's no problem. Taking walls out.
0:13:32 > 0:13:35Simple plastering like chases, I can do that.
0:13:35 > 0:13:39A lot of it you can do yourself if you're prepared to muck in and get it done.
0:13:39 > 0:13:42Congratulations, I'm delighted for you both.
0:13:42 > 0:13:44We look forward to seeing how you get on.
0:13:49 > 0:13:53How great that Sam and Lindy love this house as much as I do.
0:13:53 > 0:13:58They seem to be as sad as I will be to see this floor in the back go.
0:13:58 > 0:14:02But I think they're right. It may be very difficult to preserve it.
0:14:02 > 0:14:05But what a fantastic project to take on.
0:14:05 > 0:14:09One of those projects I just can't wait to see what they do to it.
0:14:09 > 0:14:11You can find out later in the show!
0:14:15 > 0:14:19This is Tooting, an area growing in popularity
0:14:19 > 0:14:22as an alternative to the nearby, but more expensive, Balham.
0:14:22 > 0:14:27Did you know, there's a crater on the planet Mars named after Tooting?
0:14:27 > 0:14:32Quite a claim to fame! Let's hope the place I'm here to see is equally out of this world.
0:14:34 > 0:14:37It's great to be near shops, restaurants and buses.
0:14:37 > 0:14:40But they mean noise and traffic,
0:14:40 > 0:14:44which is why it's so lovely to step off the main thoroughfare
0:14:44 > 0:14:47into a nice quiet residential street like this.
0:14:47 > 0:14:50Amazing what a difference a few paces can make!
0:14:50 > 0:14:54The road itself is attractive, and the property I'm here to see
0:14:54 > 0:14:56looks rather lovely, too.
0:14:56 > 0:15:00It's a first floor flat with a guide price of £185,000.
0:15:03 > 0:15:06The auction catalogue describes this as a four-roomed flat
0:15:06 > 0:15:08with a kitchen and bathroom.
0:15:10 > 0:15:14It's got its own door, and from the outside, it doesn't look in bad nick
0:15:14 > 0:15:16but on the inside, well, it could do better.
0:15:16 > 0:15:19Ooh, a bit tired and dated,
0:15:19 > 0:15:22but you come to expect that, doing my job!
0:15:22 > 0:15:26But what I do like is this little skylight here.
0:15:26 > 0:15:30If you could sort that out, it's wonderful to throw some natural light on this area
0:15:30 > 0:15:34and up here could have the potential for a loft extension,
0:15:34 > 0:15:39but remember, this is leasehold, so you don't actually own that loft space.
0:15:39 > 0:15:41Maybe something to think about in the future.
0:15:41 > 0:15:44But a really nice-sized bedroom there.
0:15:44 > 0:15:46An original fireplace, which is a big bonus,
0:15:46 > 0:15:48and look at the size of this room!
0:15:48 > 0:15:53I love space! A wonderful room to entertain in, a really nice lounge.
0:15:53 > 0:15:55Not an original fireplace.
0:15:55 > 0:15:57I'd like to change that.
0:15:57 > 0:15:59Not beautiful original sash windows,
0:15:59 > 0:16:02but energy-efficient, so we do like that.
0:16:02 > 0:16:05Overall, this is really good.
0:16:05 > 0:16:08I like it. Fantastic!
0:16:09 > 0:16:13I think an open fire would really make this room. I love it.
0:16:15 > 0:16:18The second bedroom is a bit of a squeeze...
0:16:20 > 0:16:24..and then there's a third room, with the kitchen off it.
0:16:24 > 0:16:29At a push, this could be a bedroom, but I'd use it as a dining room.
0:16:30 > 0:16:34Now, this is great. You could have a big table and chairs in here,
0:16:34 > 0:16:37you can imagine having your supper here,
0:16:37 > 0:16:40with a nice window, lots of natural light coming in.
0:16:40 > 0:16:44And you've also got access to your own little garden.
0:16:44 > 0:16:46Bit of a steep staircase, but you can get out to your garden,
0:16:46 > 0:16:49so on a summer's evening, that would be lovely.
0:16:49 > 0:16:52And this is the kitchen. A bit disappointing.
0:16:52 > 0:16:56I'd have to get rid of all of this, cos it's not working for me!
0:16:56 > 0:16:59The kitchen is on the small side, but I could live with it.
0:16:59 > 0:17:02What's this? The broom cupboard?
0:17:02 > 0:17:04Of course it's not!
0:17:04 > 0:17:08That's the bathroom! But there's not even a bath in there,
0:17:08 > 0:17:10it is just a shower room.
0:17:10 > 0:17:11So disappointing.
0:17:11 > 0:17:14That is what lets this flat down.
0:17:14 > 0:17:17So whoever is going to take this flat on,
0:17:17 > 0:17:18has got to sit down with pen and paper
0:17:18 > 0:17:21and think about rearranging the layout.
0:17:21 > 0:17:24Because that is just a big no-no.
0:17:30 > 0:17:33So there's going to have to be a re-jig here
0:17:33 > 0:17:35to put in a bathroom proper.
0:17:35 > 0:17:41Perhaps utilising the dining room space. That would inevitably come at a cost.
0:17:41 > 0:17:44Nevertheless, if it was bought for close to the guide price
0:17:44 > 0:17:46of 185,000,
0:17:46 > 0:17:49I reckon it could be worth the expense.
0:17:49 > 0:17:53The guide for this property is very appealing.
0:17:53 > 0:17:55Very appealing indeed.
0:17:55 > 0:17:59Tooting is still seen as the poor cousin to neighbouring Balham,
0:17:59 > 0:18:02which is well and truly gentrified.
0:18:02 > 0:18:05But it's only one tube stop along on the Northern Line
0:18:05 > 0:18:10and this area is already seeing the trickle of young professionals down the track.
0:18:10 > 0:18:13And crucially, this property, once fully renovated,
0:18:13 > 0:18:16it should break another boundary.
0:18:16 > 0:18:20The three per cent stamp duty threshold at 250,000.
0:18:20 > 0:18:26That is a big financial and mental barrier which often holds property prices back.
0:18:26 > 0:18:29But here in Tooting, not any more!
0:18:29 > 0:18:33When young professionals are prepared to fork out that sort of tax,
0:18:33 > 0:18:35then you know the area's on the up.
0:18:35 > 0:18:38I really believe that spending cash on this Tooting flat
0:18:38 > 0:18:40will see you reap rewards.
0:18:40 > 0:18:43If that spending is kept under control!
0:18:46 > 0:18:50So bearing in mind the guide price was 185,000,
0:18:50 > 0:18:53it's time to ask a local estate agent what he thought
0:18:53 > 0:18:55of this first floor flat.
0:18:55 > 0:18:59First impressions are it's a good buy. Fantastic location with a lot of potential.
0:18:59 > 0:19:03Reconfiguring this layout it the only way forward.
0:19:03 > 0:19:06What could the flat then sell for?
0:19:06 > 0:19:09If the work was done and it was on the market today,
0:19:09 > 0:19:12280 to £285,000.
0:19:12 > 0:19:15How does the rental rate sound?
0:19:15 > 0:19:18If I was going to put this on the rental market with the works done,
0:19:18 > 0:19:22I'd expect to get 1,200 to £1,250 a month.
0:19:22 > 0:19:25The guide price for this property is extremely appealing.
0:19:25 > 0:19:28It's a bit of a clumsy flat at the moment,
0:19:28 > 0:19:31but with some imagination and a reasonable budget,
0:19:31 > 0:19:36you could have a great pad for the young professionals transforming Tooting.
0:19:36 > 0:19:39Let's find out who agreed at the auction.
0:19:41 > 0:19:43Lot seven.
0:19:43 > 0:19:45Who'd like to kick off on this?
0:19:45 > 0:19:49170? Take it with the ladies first. 170.
0:19:49 > 0:19:51175?
0:19:51 > 0:19:53180. 185.
0:19:54 > 0:19:55190.
0:19:55 > 0:19:59195. 200.
0:19:59 > 0:20:01205. 210.
0:20:01 > 0:20:02215?
0:20:02 > 0:20:05215. 220.
0:20:05 > 0:20:07225.
0:20:07 > 0:20:09230.
0:20:09 > 0:20:11226? Can I help?
0:20:11 > 0:20:13225 down here.
0:20:13 > 0:20:15226 elsewhere.
0:20:15 > 0:20:19226 by the door. 227?
0:20:19 > 0:20:22228.
0:20:22 > 0:20:24229.
0:20:24 > 0:20:25230.
0:20:25 > 0:20:27231.
0:20:27 > 0:20:31231. Someone else trying to get in?
0:20:31 > 0:20:33231, new spot.
0:20:33 > 0:20:35232. 233.
0:20:35 > 0:20:39233. Looking for 234.
0:20:39 > 0:20:41234. 235.
0:20:41 > 0:20:43236.
0:20:43 > 0:20:44237.
0:20:44 > 0:20:46238.
0:20:47 > 0:20:48237. 238?
0:20:48 > 0:20:53Someone? 238. 239 at the back.
0:20:53 > 0:20:56240. 241.
0:20:56 > 0:20:58240 down here.
0:20:58 > 0:21:01Looking for another thousand. If not, 240 first time.
0:21:01 > 0:21:04Second time. Third and last time, have you all done?
0:21:06 > 0:21:08Sold 240, down here.
0:21:08 > 0:21:14That successful bid of 240,000, 55 grand over the guide price,
0:21:14 > 0:21:15came from Ray.
0:21:15 > 0:21:18He was bidding on behalf of his good friend, John,
0:21:18 > 0:21:20who was sitting beside him.
0:21:20 > 0:21:22Ray's been on this programme before,
0:21:22 > 0:21:25and since he has plenty of property developing experience,
0:21:25 > 0:21:28he'll be heavily involved with this renovation.
0:21:28 > 0:21:30As John wasn't able to meet me,
0:21:30 > 0:21:33it was Ray who I spoke to at the Tooting purchase,
0:21:33 > 0:21:35to hear more about their plans for it.
0:21:36 > 0:21:37Ray, congratulations!
0:21:37 > 0:21:41- Thank you, Lucy.- You must be pleased you managed to buy this flat.
0:21:41 > 0:21:45Yes, just a bit. It's a good thing to get, this one, actually.
0:21:45 > 0:21:49John had to set himself a budget that he wanted to go up to,
0:21:49 > 0:21:51and he stuck to that to the nail.
0:21:51 > 0:21:53I would have liked to have bought it myself,
0:21:53 > 0:21:56but I just felt 225 would have been my limit,
0:21:56 > 0:22:00so John was happy to go further on and he did and he got it.
0:22:00 > 0:22:02Are you going to be involved from here on?
0:22:02 > 0:22:06Yes, I am. John's a very good friend of mine. I've known him for about 20 years.
0:22:06 > 0:22:14He wanted to renovate this flat for himself. He's going to live here.
0:22:14 > 0:22:18- I want to see it through with him. - I know you can do this, because we've met you before.
0:22:18 > 0:22:21Yes, I'm afraid I have been on before. Yes, for my sins.
0:22:21 > 0:22:22That was in Borough.
0:22:22 > 0:22:25This is very different, but it's a nice area.
0:22:25 > 0:22:27So who's your little friend today?
0:22:27 > 0:22:31- That's Oliver.- Is he going to be involved in this?
0:22:31 > 0:22:35I'm afraid he will be. He's started in the garden already.
0:22:35 > 0:22:40- He's found a few things out there to nibble.- He brings you luck. - He does.
0:22:49 > 0:22:53I don't think they'll need too much luck to make this place special.
0:22:53 > 0:22:55But as John plans to live here
0:22:55 > 0:22:57and doesn't want to lose a bedroom,
0:22:57 > 0:23:00then it will take some thought to sort out the layout,
0:23:00 > 0:23:02as Ray explains.
0:23:03 > 0:23:05I think that room is going to split into two.
0:23:05 > 0:23:08He's going to have a utility room in half of it
0:23:08 > 0:23:10and a wet room in the other half. That's the intention.
0:23:10 > 0:23:14It means that the bathroom will be accessed off the kitchen.
0:23:14 > 0:23:20This will become the kitchen. It isn't perfect, but all the drains are on that side of the building.
0:23:20 > 0:23:25It's going to be such an expense to move it all into what should be the bathroom,
0:23:25 > 0:23:28- the middle bedroom, the little one. - Absolutely.
0:23:28 > 0:23:31- But then you lose a bedroom.- You do. - That's not good, either.
0:23:31 > 0:23:35You could put the bedroom at the back here, but all the drains are the problem.
0:23:35 > 0:23:38I think the most cost-effective way is doing what you're doing.
0:23:38 > 0:23:42Moving the kitchen into this room and splitting that up.
0:23:42 > 0:23:44But you will, again, have quite a small bathroom.
0:23:44 > 0:23:47- It will be quite small. - Have you had a chance to cost this?
0:23:47 > 0:23:52Yes. It keeps moving. We originally thought of moving the bathroom into the middle.
0:23:52 > 0:23:55Thought it would be about 25,000 to include that.
0:23:55 > 0:24:01But we're now downsizing the budget somewhat. Keep it down, and hopefully about 15,000.
0:24:01 > 0:24:06- To do everything here? Or is that just for the bathroom? - No, everything.
0:24:06 > 0:24:12Wow. £15,000 isn't a lot to create and rearrange these three rooms.
0:24:12 > 0:24:17And that's before you get to the rewiring, a new boiler, appliances
0:24:17 > 0:24:19and general updating.
0:24:19 > 0:24:22Hmm. Perhaps they will need Oliver's luck after all!
0:24:24 > 0:24:27But at least the timescale is generous at six months.
0:24:27 > 0:24:30And Ray is confident he'll measure up to the task ahead.
0:24:31 > 0:24:35Have you learnt along the way? What knowledge will you use on this flat
0:24:35 > 0:24:38that perhaps you didn't on the other property?
0:24:38 > 0:24:42Last time, I found there was a long, long gap with trying to sort out the paperwork.
0:24:42 > 0:24:46I don't think John will have the same problem here. It's quite straightforward.
0:24:46 > 0:24:49So we won't be involving the leaseholders.
0:24:49 > 0:24:55I don't think there'll be anything to slow us down on the actual work involved.
0:24:55 > 0:24:58And I'll be here to get on with it.
0:24:58 > 0:25:01Tell me, why has John trusted in you to do this?
0:25:01 > 0:25:05We've known each other a while now. We can trust each other. Hope so!
0:25:05 > 0:25:08- Will you make a success of this? - Yes, I think so.
0:25:08 > 0:25:10I think John will be happy with the product at the end.
0:25:10 > 0:25:12It'll be a really nice flat.
0:25:12 > 0:25:14It's going to retain the character.
0:25:14 > 0:25:18Unfortunately, two windows have to be replaced, the original sash.
0:25:18 > 0:25:20But I think we'll work together well.
0:25:20 > 0:25:22- It'll be a test of the friendship, I don't deny that.- Ray,
0:25:22 > 0:25:26it's been wonderful meeting you. I can't wait to see where the bathroom ends up!
0:25:26 > 0:25:28Thank you, Lucy.
0:25:28 > 0:25:32Ray has an intriguing project here.
0:25:32 > 0:25:36It's a lovely flat, but it is full of difficult decisions.
0:25:36 > 0:25:39Where will John decide he wants the wet room?
0:25:39 > 0:25:40Will they manage to retain some character?
0:25:40 > 0:25:45And most importantly, will their friendship survive this Tooting transformation?
0:25:45 > 0:25:48You can find out later in the show.
0:25:49 > 0:25:53'Coming up, this Greater Manchester end terrace is full of surprises!'
0:25:53 > 0:25:58Oh, wow! Now this is what I call an attic room!
0:25:59 > 0:26:03'Ray reveals that his budget for this first floor flat in London
0:26:03 > 0:26:05'was a work of fiction!'
0:26:05 > 0:26:09I thought 15,000 would do it. But I just plucked that figure out of the air!
0:26:09 > 0:26:15But first, in Stoke-on-Trent, it's been about retaining period features, windows included.
0:26:15 > 0:26:19I think they look brilliant. Sam's dad's done a fantastic job.
0:26:23 > 0:26:26Time to return to Stoke-on-Trent,
0:26:26 > 0:26:31where I was enchanted by the fairytale exterior of this two-bedroomed house.
0:26:36 > 0:26:39Inside, however, was "Grimm"!
0:26:39 > 0:26:45But I believed this property was a Sleeping Beauty waiting to be awoken.
0:26:45 > 0:26:50It was purchased at auction for £67,000...
0:26:50 > 0:26:51£67,000.
0:26:51 > 0:26:55..by Howard, his wife, Lindy, and their daughter, Sam.
0:26:57 > 0:26:58You could tell as soon as the hammer fell
0:26:58 > 0:27:03that they were as smitten with the character and charm of this property as I was.
0:27:03 > 0:27:07I think Dad fell in love with it the most out of the lot of us.
0:27:07 > 0:27:11I can understand why he fell in love with this place. It's an amazing house.
0:27:11 > 0:27:16Like you do, you see something and you kind of fall for it, I guess.
0:27:17 > 0:27:22This property was a 50/50 investment for Sam and her property developing parents.
0:27:22 > 0:27:25The house was to be Sam's new home
0:27:25 > 0:27:27and with the help of her mum and dad,
0:27:27 > 0:27:31she planned to carry out a sympathetic refurbishment.
0:27:31 > 0:27:34So, after six months, we're back.
0:27:34 > 0:27:39Has there been a happy ending for this enchanting place?
0:28:02 > 0:28:06And it looks like Sam and her parents really have waved a magic wand.
0:28:08 > 0:28:13You might remember in the kitchen previously we had a large wall here.
0:28:13 > 0:28:16We obviously needed to maximise the space in the kitchen.
0:28:16 > 0:28:21We really would have loved to have kept the floor that was there originally.
0:28:21 > 0:28:24But they were all cracked.
0:28:24 > 0:28:29So we salvaged as much as we could of the tiles from around the edge
0:28:29 > 0:28:33and then put those together and made a hearth out of it
0:28:33 > 0:28:36so we could kind of get a sense of what used to be here.
0:28:36 > 0:28:39But also bring the house up to date as well.
0:28:43 > 0:28:46In the hall, I'm happy to see the tiles,
0:28:46 > 0:28:51which give this house its distinct charm and character in pride of place.
0:28:51 > 0:28:56The hall has been freshly decorated, and with the sunlight streaming in
0:28:56 > 0:28:58from the lovely arched window,
0:28:58 > 0:29:01the house is looking just as good as I hoped it would.
0:29:09 > 0:29:11The bedrooms were derelict and dilapidated,
0:29:11 > 0:29:15and my fears of possible structural damage proved to be correct.
0:29:18 > 0:29:23Steel bands were fitted, binding the interior and exterior walls together
0:29:23 > 0:29:28to ensure that this historical damage did not get any worse.
0:29:31 > 0:29:33This project is still in progress,
0:29:33 > 0:29:36but I can see great work has been done,
0:29:36 > 0:29:40not only restoring but also modernising the windows.
0:29:42 > 0:29:46Sam's dad originally was going to put plastic windows in,
0:29:46 > 0:29:48and I said, no, I wasn't having it.
0:29:48 > 0:29:50It caused a few words, shall we say.
0:29:50 > 0:29:55Then he said, we'll have to replace them as they are and put in single glazing.
0:29:55 > 0:30:01Again, I mean, we're on a road. You have to accept there's going to be traffic.
0:30:01 > 0:30:05We really wanted the house to be as efficient as possible and put double glazing in.
0:30:05 > 0:30:08So we decided the original frames could be kept
0:30:08 > 0:30:11and we would get away with making slightly deeper sashes
0:30:11 > 0:30:14that would take the thinnest double glazing units you can get.
0:30:14 > 0:30:18I think they look brilliant. Sam's dad's done a fantastic job.
0:30:22 > 0:30:26In the bathroom, I was excited about uncovering this roll-top bath.
0:30:26 > 0:30:31However, Lindy and Sam weren't so keen on this period feature.
0:30:35 > 0:30:41This house is a combination of contemporary comfort and style
0:30:41 > 0:30:46whilst retaining the period features that give it an undeniable allure and charm.
0:30:48 > 0:30:50But it's time to talk cash. What about the budget?
0:30:52 > 0:30:55The original budget I'd said was about £10,000
0:30:55 > 0:30:58with a £5,000 contingency.
0:30:58 > 0:31:05I think we're sitting on about 13,500, and that includes furniture,
0:31:05 > 0:31:07which I probably hadn't factored in in the first place.
0:31:07 > 0:31:10But we're certainly under the contingency,
0:31:10 > 0:31:11so I'm really very pleased with it.
0:31:12 > 0:31:16There is still work to do. The living room is yet to be finished,
0:31:16 > 0:31:22but Lindy predicts they will spend just under £14,500 on the renovation
0:31:22 > 0:31:24which, added to their purchase price,
0:31:24 > 0:31:27means a total outlay of 81,500.
0:31:31 > 0:31:34We asked two local estate agents to give us their opinion
0:31:34 > 0:31:36on the finished result.
0:31:36 > 0:31:41'When you go in the property, it's nice to see the restoration, they've kept the character and floors,'
0:31:41 > 0:31:44picture rails and kept the windows in,
0:31:44 > 0:31:46but enhancing it with double glazing.
0:31:46 > 0:31:50'They've kept a lot of the character which would have been a crime to destroy.'
0:31:50 > 0:31:54But they've installed modern conveniences - new bathroom,
0:31:54 > 0:31:56the kitchen's new.
0:31:59 > 0:32:04Sam has a housemate ready to rent a bedroom for £300 per calendar month.
0:32:04 > 0:32:07Once the sitting room is complete,
0:32:07 > 0:32:09that will also be let as a bedroom.
0:32:09 > 0:32:14For the moment, she's already earning a yield of around four to five per cent.
0:32:14 > 0:32:17But how much value have the family added here?
0:32:17 > 0:32:21Their projected total investment is 81,500.
0:32:21 > 0:32:25I would suggest the resale value of this property
0:32:25 > 0:32:29is somewhere in the region of £105,000.
0:32:29 > 0:32:33In the current climate, I would estimate the property to be worth £105,000.
0:32:36 > 0:32:41That's a potential pre-tax profit of £23,500.
0:32:41 > 0:32:45What do they think of the estate agents' valuations?
0:32:45 > 0:32:47- SAM:- It doesn't matter how much it is, really, for me.
0:32:47 > 0:32:51No, it doesn't. You've got a cracking house
0:32:51 > 0:32:52and big rooms.
0:32:52 > 0:32:54Chuffed!
0:33:02 > 0:33:05Today we're in Radcliffe, Greater Manchester,
0:33:05 > 0:33:09where the transport links make it a hot ticket for commuters.
0:33:10 > 0:33:13I'm in an affordable area of Radcliffe,
0:33:13 > 0:33:16about quarter of a mile from the Metro station.
0:33:16 > 0:33:19So you've got easy access to Manchester to the south
0:33:19 > 0:33:21and Bury to the north.
0:33:21 > 0:33:24The property I'm here to see sounds almost too good to be true. It's this,
0:33:24 > 0:33:27an end of terrace, really substantial,
0:33:27 > 0:33:30had a guide price of 25 to 30,000 quid.
0:33:30 > 0:33:33There are a few signs of some cracking there,
0:33:33 > 0:33:36but nothing too untoward so far!
0:33:39 > 0:33:43Just to be safe, I've got a structural engineer on the case straightaway
0:33:43 > 0:33:45to have a look at those cracks.
0:33:45 > 0:33:48But if you can see past those boarded up windows and doors,
0:33:48 > 0:33:52there's no denying this is a pretty substantial three-bedroom property.
0:33:55 > 0:33:58Oh, my word! It's immaculate! What a surprise!
0:33:58 > 0:34:01OK. I'm actually joking. It's not looking too good.
0:34:01 > 0:34:06However, some nice potential features here. Look at this.
0:34:06 > 0:34:11Some lovely original tiling. I wonder what else is in store?
0:34:11 > 0:34:13Yes, the door's a bit broken,
0:34:13 > 0:34:16but again some nice leadwork over the top there.
0:34:16 > 0:34:19And I'm seeing straightaway that in its day,
0:34:19 > 0:34:22this would have been a really grand house.
0:34:22 > 0:34:26High ceilings, nice coving, plasterwork up there.
0:34:26 > 0:34:27Lovely.
0:34:27 > 0:34:30Large front sitting room.
0:34:30 > 0:34:32Again, lots of space.
0:34:32 > 0:34:35I'm trying to see, as you must do if you visit this kind of property,
0:34:35 > 0:34:37through the mess that is here
0:34:37 > 0:34:43to what this could become with not too much work so far.
0:34:43 > 0:34:47Yes, lots of plasterwork, et cetera, but things like big fireplaces, lovely to see.
0:34:47 > 0:34:52I like the layout as well. Come through there into this rear sitting room area
0:34:52 > 0:34:54and then through to the kitchen.
0:34:54 > 0:34:59Here's another clue as to how this house would have been in its day.
0:34:59 > 0:35:02A really big fireplace, probably a range in its time.
0:35:02 > 0:35:05Obviously it's been taken apart slightly.
0:35:05 > 0:35:09But put something spectacular in here, a range cooker or something.
0:35:09 > 0:35:14You've got a nice sized space. Room out the back there for a utility or whatever.
0:35:14 > 0:35:19So yes, it's a mess, but already I'm thinking, "What was that guide price again?!"
0:35:19 > 0:35:26In fact, the 25 to £30,000 guide price is looking more and more attractive all the time.
0:35:26 > 0:35:30We just have to hope that those props are doing their job
0:35:30 > 0:35:32and it's not touch and go upstairs.
0:35:34 > 0:35:35What have we got here, then?
0:35:39 > 0:35:42It's the bathroom, and a pretty impressive one it is, too.
0:35:42 > 0:35:47I've never seen a four-poster bath in all my travels with the show!
0:35:47 > 0:35:51Interesting! Soon get rid of that, though.
0:35:51 > 0:35:56But it's a great size. Like the rest of the house, in proportion, a good-sized family bathroom.
0:35:56 > 0:35:57Great!
0:36:00 > 0:36:03It may be the most over-engineered shower curtain ever,
0:36:03 > 0:36:06but there's room to play around with the layout here
0:36:06 > 0:36:09and maybe even put in a bath and separate shower.
0:36:09 > 0:36:11What about the rest of upstairs?
0:36:12 > 0:36:15So, a big bedroom at the rear of the property.
0:36:15 > 0:36:18Very large bedroom towards the front,
0:36:18 > 0:36:20but I am a bit concerned about the state of that floor.
0:36:20 > 0:36:23It's bowing down. That's not good.
0:36:23 > 0:36:25But a great size.
0:36:25 > 0:36:28Wonderful. It fits in with the feeling of the house.
0:36:28 > 0:36:30But one bedroom, two bedrooms. We're missing one.
0:36:32 > 0:36:33Upstairs.
0:36:38 > 0:36:40Oh, wow!
0:36:40 > 0:36:43Now this is what I call an attic room!
0:36:43 > 0:36:46How fantastic!
0:36:46 > 0:36:49Enough space to be a bedroom. You could have a snooker table, a Jacuzzi in the corner,
0:36:49 > 0:36:52have your train set out! How wonderful!
0:36:52 > 0:36:57Things like the old fireplace, lots of light coming through the windows.
0:36:57 > 0:37:00I think this would actually count as a bedroom.
0:37:00 > 0:37:03And what an amazing room it could become.
0:37:03 > 0:37:06The icing on the cake!
0:37:11 > 0:37:16But before we gorge ourselves on the delights of this tasty property,
0:37:16 > 0:37:18something's caught my eye in the garden.
0:37:18 > 0:37:22Here at the rear of the property, a few more things to be considered.
0:37:22 > 0:37:26That end gable wall, you can't see that clearly,
0:37:26 > 0:37:28but from this angle it's definitely bowed.
0:37:28 > 0:37:32Don't know why. A structural engineer can answer that question.
0:37:32 > 0:37:35But at the very least, I think that will have to be rebuilt.
0:37:35 > 0:37:38So added to all the other things you're going to do to this property,
0:37:38 > 0:37:40it's going to cost you a pretty penny.
0:37:40 > 0:37:44It may well be worth it, but you need to budget carefully.
0:37:45 > 0:37:48What does the auctioneer who sold the property think?
0:37:48 > 0:37:49Could you really
0:37:49 > 0:37:52have your cake and eat it?
0:37:52 > 0:37:54The main positives for me here
0:37:54 > 0:37:56are the overall size of the property.
0:37:56 > 0:37:58Two reception rooms is fantastic.
0:37:58 > 0:38:03Unusual to find the third bedroom on the second floor.
0:38:03 > 0:38:06But that gives us a great size room on that level.
0:38:06 > 0:38:09So for me, that's the main positive.
0:38:09 > 0:38:11The overall size of it. I think it's great.
0:38:12 > 0:38:16Bearing in mind the auction guide price of 25 to 30,000,
0:38:16 > 0:38:19what could it fetch once renovated?
0:38:20 > 0:38:22Providing the work is done to a good standard
0:38:22 > 0:38:25and the structural issues are looked at,
0:38:25 > 0:38:29then you could easily see a value of £75,000. Possibly £80,000.
0:38:29 > 0:38:32And if the purchaser were to let it?
0:38:32 > 0:38:35We're probably looking, from a rental point of view,
0:38:35 > 0:38:39comfortably £500 per calendar month.
0:38:40 > 0:38:46Well, lots of work to be done and a few possible structural issues to resolve.
0:38:46 > 0:38:49But intrinsically, this is a big, solid house.
0:38:49 > 0:38:52And for that kind of money, I'm sure it generated a lot of interest
0:38:52 > 0:38:54when it went under the hammer.
0:38:55 > 0:38:59Even though this lot came up towards the end of the day,
0:38:59 > 0:39:01bidding was fast and furious.
0:39:01 > 0:39:04I'm looking for £15,000 to start.
0:39:04 > 0:39:0615,000. 15 I've got here.
0:39:06 > 0:39:0916, then. 16 there. 17.
0:39:09 > 0:39:11Got it. 18. 19...
0:39:11 > 0:39:17Before you knew it, the bidding crept up beyond the 25 to £30,000 guide price.
0:39:17 > 0:39:2035. Got that. And a half?
0:39:20 > 0:39:23I've got it. 36. And a half?
0:39:25 > 0:39:2737. I need another half.
0:39:27 > 0:39:29Got it. 38.
0:39:29 > 0:39:33I've got that. 38 and a half. Yes. 39.
0:39:33 > 0:39:34Want to make it 40?
0:39:34 > 0:39:36He does. 40. 41.
0:39:36 > 0:39:38Got it. 42?
0:39:38 > 0:39:41No. £41,000 here.
0:39:41 > 0:39:43Gentleman stood at the back at £41,000.
0:39:43 > 0:39:45I'll take a half again if it helps you.
0:39:45 > 0:39:50Shaking his head. It's with you, stood at the back, sir, at £41,000.
0:39:50 > 0:39:51First time at 41.
0:39:51 > 0:39:55Second time at 41,000. Are we all finished? Yes, we are.
0:39:55 > 0:39:59That successful bid of £41,000
0:39:59 > 0:40:02was placed by Andy, who's a postman.
0:40:13 > 0:40:16Andy and his brother, Paul, an electrician,
0:40:16 > 0:40:18already have three properties that they rent out.
0:40:18 > 0:40:22I met them back at the latest addition to their portfolio.
0:40:24 > 0:40:28- Paul, Andy. Good to see you both. - Hi.- Congratulations.
0:40:28 > 0:40:30What a lot of house for the money.
0:40:30 > 0:40:34- Hmm.- Hmm.- You agree, obviously! - Yeah.- Tell me why you wanted to buy it.
0:40:34 > 0:40:37It's a good size. Doesn't really need a dead lot doing.
0:40:39 > 0:40:41It doesn't!
0:40:41 > 0:40:42So you feel it doesn't need much doing to it?
0:40:42 > 0:40:46- Not a massive amount.- And Paul?
0:40:46 > 0:40:48Hmm.
0:40:49 > 0:40:51Bathroom, kitchen. Roof's a bit dodgy.
0:40:51 > 0:40:54- And it's big, isn't it?- It is big.
0:40:54 > 0:40:58So talk me through what you're going to do to sort it out, then.
0:40:58 > 0:41:00New kitchen.
0:41:00 > 0:41:02Bathroom suite.
0:41:02 > 0:41:05Decorating. We've got somebody to fix the roof.
0:41:05 > 0:41:07There's a few faults on the building itself.
0:41:07 > 0:41:10But we've had an engineer to check it.
0:41:10 > 0:41:11Basically, it's OK.
0:41:11 > 0:41:16- What's his recommendations? - Just replace the broken bricks with new ones.
0:41:16 > 0:41:22Right. What about at the back of the property, there's some bowing. What's going on there?
0:41:22 > 0:41:25The engineer says we need to take the brickwork down
0:41:25 > 0:41:27- and brick it up again straight. - Right.
0:41:27 > 0:41:30He says about £2,000, so we'll go with that.
0:41:30 > 0:41:35- It's a party wall, so hopefully next door will share the costs of that. - Right.
0:41:36 > 0:41:39Well, these guys appear to be taking it all in their stride.
0:41:39 > 0:41:44Rebuilding a party wall wouldn't come top of my list of quick and easy fixes,
0:41:44 > 0:41:47but if they can get the neighbours on their side,
0:41:47 > 0:41:49they're half-way there.
0:41:51 > 0:41:53In terms of budget for doing all the work?
0:41:53 > 0:41:56- 10,000.- Ten? That's not going to go far, is it?
0:41:56 > 0:41:59- I think we'll do it for less. - Do you?- Yeah.
0:41:59 > 0:42:04- Won't cost us more than ten. - But you are the man who doesn't think much needs to be done!
0:42:04 > 0:42:05Well, we'll see.
0:42:07 > 0:42:12- How much do you think it'll be? - I think it will be about ten. Maybe even a bit less.
0:42:12 > 0:42:14- But we'll do it for ten. - Do it for ten.- Yeah.
0:42:14 > 0:42:18- Who's going to be doing the work? - Mostly me.- Mostly you!
0:42:18 > 0:42:20OK.
0:42:20 > 0:42:23- Are you going to charge for your labour?- No.- No.
0:42:23 > 0:42:27OK. Well maybe the budget of ten will be all right, then!
0:42:34 > 0:42:38'Andy and Paul seem reluctant to agree on the budget
0:42:38 > 0:42:41'and on how much work needs doing here.
0:42:41 > 0:42:45'But they have agreed a three-month timescale to get the house ready to let.'
0:42:47 > 0:42:50Congratulations to both of you. Good luck.
0:42:50 > 0:42:52Look forward to seeing how you get on!
0:42:52 > 0:42:57Well, Paul and Andy have got themselves a great property here.
0:42:57 > 0:43:01But I do think they're being a little bit hopeful
0:43:01 > 0:43:03to think they can sort this place out for 10,000 quid.
0:43:03 > 0:43:08And they're making the slight error of not costing in their own time and effort
0:43:08 > 0:43:11which, if this is a business, you must do.
0:43:11 > 0:43:15Still, it's going to be a spectacular transformation, we hope.
0:43:15 > 0:43:17Find out how they get on later in the show.
0:43:20 > 0:43:23Well, the big question is, have our plucky buyers
0:43:23 > 0:43:26made money from their investments?
0:43:26 > 0:43:28Have their efforts paid off?
0:43:28 > 0:43:33Well, time has passed. So let's go back and see what those properties are like now.
0:43:33 > 0:43:37We head back to the south-west London borough of Tooting.
0:43:37 > 0:43:42This first floor flat, made up of four rooms, kitchen and bathroom,
0:43:42 > 0:43:47was perfect at one end with a grand living room complete with large windows.
0:43:48 > 0:43:52But it was not so good at the back, with a tiny run-down kitchen
0:43:52 > 0:43:56and a shower/toilet layout which felt shabby and cramped.
0:43:56 > 0:43:59John, seen here on the far left,
0:43:59 > 0:44:03bought it at auction for 240,000 as a future home.
0:44:03 > 0:44:07But it was his friend Ray who met us at the flat with some ideas
0:44:07 > 0:44:10for solving the dodgy layout.
0:44:10 > 0:44:14I think that room is going to split into two, with a utility room in half of it
0:44:14 > 0:44:15and a wet room in the other half.
0:44:15 > 0:44:17That's the intention.
0:44:17 > 0:44:21It means that the bathroom will be accessed off the kitchen. This will become the kitchen.
0:44:21 > 0:44:25You could put the bedroom at the back here, but it's all the drains are the problem.
0:44:25 > 0:44:28'With a tight budget of 15,000,
0:44:28 > 0:44:30'solving the layout could have drained the coffers
0:44:30 > 0:44:36'and that would be before they even started to give the flat the makeover it desperately needed.
0:44:41 > 0:44:42'Well, that was seven months ago.
0:44:42 > 0:44:45'We've now returned to catch up with Ray.
0:44:45 > 0:44:47'No, he hasn't taken to delivering pizzas!
0:44:47 > 0:44:50'This is for Oliver, his canine companion,
0:44:50 > 0:44:53'and hopefully, for this project, his lucky mascot.
0:44:53 > 0:44:56'So, was this renovation blessed with luck?
0:44:59 > 0:45:02'That living room is looking much grander,
0:45:02 > 0:45:05'with a lick of fresh paint and new carpeting.
0:45:05 > 0:45:09'But how has that kitchen fared in the renovation?
0:45:09 > 0:45:13'Well, this is different from Ray and John's original plans.
0:45:13 > 0:45:16'There's no wet room or utility area.
0:45:16 > 0:45:20'But there's a new double bedroom with wash-hand basin
0:45:20 > 0:45:25'and the kitchen, well, you might have spotted that this leads off from the new bedroom
0:45:25 > 0:45:27'where the dining room used to be.'
0:45:27 > 0:45:32You may remember that originally there was a wall, a corner here,
0:45:32 > 0:45:34which was the shower cubicle.
0:45:34 > 0:45:38And just an opening there where the very basic kitchen was.
0:45:38 > 0:45:45This room, I suppose it might have been classified as a sitting room, almost a dining room area.
0:45:45 > 0:45:48This has now become just the kitchen.
0:45:48 > 0:45:50John, I'm very pleased to say, has kept the window.
0:45:50 > 0:45:53The other windows are uPVC and double glazed
0:45:53 > 0:45:56but this one and the one in the bathroom have remained original.
0:45:56 > 0:45:58They work fine.
0:45:58 > 0:46:00So he's got the sink
0:46:00 > 0:46:06and a nice hob, which cost about as much as most average kitchens would!
0:46:06 > 0:46:07A bit of finishing off to do still.
0:46:07 > 0:46:10Edges.
0:46:10 > 0:46:12But a very presentable little kitchen.
0:46:15 > 0:46:17'So, with no new wet room,
0:46:17 > 0:46:19'where's the bathroom now?
0:46:19 > 0:46:22'It seems the team have gone for that dramatic move
0:46:22 > 0:46:26'and put a new bathroom suite in the small middle bedroom.
0:46:26 > 0:46:29'Removing the old wardrobe has revealed an original fireplace
0:46:29 > 0:46:31'adding character to the new suite.
0:46:31 > 0:46:35'Putting the bathroom here is definitely a great move
0:46:35 > 0:46:37'and one they always had in mind.'
0:46:38 > 0:46:40It was a plan we looked at right at the beginning.
0:46:40 > 0:46:45And it just made sense to actually move it as we did.
0:46:57 > 0:47:01'So, what about the top dog who will be living here?
0:47:01 > 0:47:04'We asked John for his thoughts on the flat now.'
0:47:04 > 0:47:10I'm very, very pleased with the bathroom, because I was keen it should be in the middle of the house
0:47:10 > 0:47:13so people don't have to come through the kitchen to get to the bathroom.
0:47:13 > 0:47:16By putting the bathroom in what was the little bedroom,
0:47:16 > 0:47:18we've been able to create a second double bedroom
0:47:18 > 0:47:21which none of the other flats along this road have.
0:47:23 > 0:47:25'And talking of bedrooms, the original middle double
0:47:25 > 0:47:28'has also been decorated and carpeted.
0:47:29 > 0:47:33'John and Ray have installed new central heating and a combi boiler.
0:47:33 > 0:47:35'The wiring has been upgraded where necessary
0:47:35 > 0:47:39'and they've put sound insulation in throughout the flat.
0:47:39 > 0:47:42'John is very pleased with the final result.'
0:47:42 > 0:47:45I think it's a lovely flat. There's a beautiful feel in the flat.
0:47:45 > 0:47:48There's a good atmosphere and I think it's a very nice space.
0:47:48 > 0:47:53It's been a well worthwhile project, though a lot of hard work.
0:47:53 > 0:47:55A bit more hard work than perhaps we'd thought,
0:47:55 > 0:47:59but without Ray I wouldn't have been able to do anything
0:47:59 > 0:48:03and he's been a really good partner working and helping me in this.
0:48:03 > 0:48:08He's been a really useful person. Our talents have complimented quite a bit.
0:48:08 > 0:48:11'The renovation was relatively pain free
0:48:11 > 0:48:15'and only ran one month over their original six-month schedule.
0:48:15 > 0:48:20'But with all that reconfiguring, how did their budget cope?'
0:48:20 > 0:48:23I thought 15,000 would do it, but I plucked that figure out of the air.
0:48:23 > 0:48:26It was just an optimistic figure.
0:48:26 > 0:48:29If I had done it, I might have spent easily double that.
0:48:29 > 0:48:32But fortunately, John did it,
0:48:32 > 0:48:34and he's kept within a good budget.
0:48:34 > 0:48:38So round about the 20,000 mark, I think, he's paid himself.
0:48:40 > 0:48:44'Ray anticipates a final renovation spend of 24,000.
0:48:44 > 0:48:48So, add that to the original purchase price of 240,000
0:48:48 > 0:48:53and John's total outlay should be £264,000.
0:48:53 > 0:48:58Time to find out what two local estate agents think of the new-look flat.
0:48:58 > 0:49:03My first impressions are that it's been decorated to a very good order.
0:49:03 > 0:49:06It would therefore suit both the sales and letting market currently.
0:49:06 > 0:49:10My first impressions are that the owner has carried out the works very well
0:49:10 > 0:49:12to a good standard.
0:49:12 > 0:49:15He's turned the property into a fine example of its type in this area.
0:49:15 > 0:49:19'Let's not forget that John will be living here.
0:49:19 > 0:49:21'But what could he sell it on for,
0:49:21 > 0:49:26'bearing in mind his £264,000 investment?'
0:49:26 > 0:49:28I would expect this property to achieve on the sales market
0:49:28 > 0:49:30around the £300,000 mark.
0:49:30 > 0:49:32If the owner decided to sell,
0:49:32 > 0:49:36I'd be looking to put it on the market for around about £300,000.
0:49:36 > 0:49:38I think 300 is very good, John.
0:49:38 > 0:49:42I think it's a reasonable sort of price. Yes.
0:49:42 > 0:49:45'Those valuations could give John a tempting pre-tax profit
0:49:45 > 0:49:48'of £36,000.
0:49:48 > 0:49:55'The estate agents reckon it could make between 1,300 and £1,350 a month
0:49:55 > 0:49:57as a rental property.
0:49:57 > 0:50:00Which would be a healthy yield of around six per cent.
0:50:00 > 0:50:03So, as it's been a successful renovation,
0:50:03 > 0:50:07can we expect to see John and Ray on another project together soon?
0:50:07 > 0:50:10I think we will probably go to a few auctions.
0:50:10 > 0:50:14It just depends on what we see there.
0:50:14 > 0:50:17As long as it's not quite so much work as this one,
0:50:17 > 0:50:20it might be possible to do something again.
0:50:24 > 0:50:26'Back now to Radcliffe in Greater Manchester,
0:50:26 > 0:50:32'where this three-bedroom end of terrace was bought at auction for £41,000
0:50:32 > 0:50:37'by brothers Paul, an electrician, and Andy, in the pink shirt, who is a postman.
0:50:39 > 0:50:43'But somewhere along the line, something must have got lost in the post
0:50:43 > 0:50:47'because these two couldn't seem to agree on how much work was needed here,
0:50:47 > 0:50:50'or how much it was going to cost.'
0:50:50 > 0:50:52The budget for doing all the work?
0:50:52 > 0:50:56- 10,000.- Ten?! That's not going to go far!
0:50:56 > 0:50:59- I think we'll do it for less. - Do you?- Yeah.
0:50:59 > 0:51:03- It won't cost us more than ten.- But you are the man who doesn't think much needs to be done!
0:51:03 > 0:51:05Well, we'll see.
0:51:08 > 0:51:12'A ten grand budget and three months to do all the work
0:51:12 > 0:51:15'and have it ready to let seemed pretty ambitious to me,
0:51:15 > 0:51:18'especially when the brothers were going to do most of the work themselves
0:51:18 > 0:51:20'on top of their day jobs.
0:51:20 > 0:51:24'And so, almost nine months after our first visit,
0:51:24 > 0:51:27'we're back to see how Andy and Paul have got on.
0:51:54 > 0:51:57'So close. So very close!
0:51:57 > 0:52:01'Paul and Andy reckon that within a couple of weeks,
0:52:01 > 0:52:03'they'll have the bathroom and kitchen finished off
0:52:03 > 0:52:06'and the whole place shining like a new pin.
0:52:06 > 0:52:09'But the reason for the delay?
0:52:09 > 0:52:12'The boys changed their mind about what to do with the place.'
0:52:12 > 0:52:16Originally, we were just going to tart it up and rent it out.
0:52:16 > 0:52:19But because we decided we'd put it on the market quite early on,
0:52:19 > 0:52:25obviously there was a lot more work done on the property than we'd originally expected.
0:52:25 > 0:52:29The brothers have done a lot of the work here themselves,
0:52:29 > 0:52:31fitting it around their day jobs.
0:52:31 > 0:52:35Andy's replaced the missing front door and fireplaces
0:52:35 > 0:52:38with period pieces from an auction website.
0:52:38 > 0:52:41He's painstakingly stripped and restored the banisters
0:52:41 > 0:52:44and has been busy in the attic bedroom, too.
0:52:44 > 0:52:47We did quite a lot of work in this room.
0:52:47 > 0:52:49We took the ceiling right back
0:52:49 > 0:52:51and we put that wall in there.
0:52:51 > 0:52:53One of the things I quite like, which was a good find,
0:52:53 > 0:52:57was this fireplace. When this house was built in the 1880s,
0:52:57 > 0:52:59this would have been the height of fashion.
0:52:59 > 0:53:02It's a Thomas Jekyll, known as The Songbirds.
0:53:02 > 0:53:06I had to spend about a week stripping off 50 years' worth of paint,
0:53:06 > 0:53:08of every colour of the rainbow,
0:53:08 > 0:53:11but it was worth the effort and I'm quite pleased with it.
0:53:29 > 0:53:33Meanwhile, Paul has busied himself with the more structural side of things.
0:53:33 > 0:53:36Once they had planning permission in place,
0:53:36 > 0:53:38he set about extending the kitchen.
0:53:39 > 0:53:46Originally, there was a fireplace here, or just back here.
0:53:46 > 0:53:48A back wall,
0:53:48 > 0:53:53and we thought we'd knock through to what used to be the outhouse
0:53:53 > 0:53:56and we're very pleased with how it's turned out.
0:53:56 > 0:54:01It's doubled the size of the kitchen and it's a proper family dining area now.
0:54:02 > 0:54:07Their structural engineer got them to replace the cracked bricks at the front
0:54:07 > 0:54:11and at the back, Paul and Andy have had an unused chimney removed
0:54:11 > 0:54:13and the wall straightened.
0:54:13 > 0:54:15So that took care of any issues there.
0:54:15 > 0:54:19But there was an unexpected headache inside.
0:54:19 > 0:54:23Rising damp in the kitchen and both reception rooms.
0:54:23 > 0:54:25They discovered that after they'd plastered,
0:54:25 > 0:54:27so that all had to come off and be re-done.
0:54:27 > 0:54:29What a pain!
0:54:29 > 0:54:32So we know that their timescale has slipped,
0:54:32 > 0:54:36but what about Andy and Paul's £10,000 budget?
0:54:36 > 0:54:38Have they managed to keep to that?
0:54:38 > 0:54:42We're close, but we're a couple of thousand over,
0:54:42 > 0:54:46with the extension and the damp problems.
0:54:46 > 0:54:50We're up to 11,800. Everything's bought now that needs to be bought.
0:54:50 > 0:54:53So we're quite happy with the budget.
0:54:55 > 0:55:00£11,800 on top of their purchase price of 41,000
0:55:00 > 0:55:03makes a total outlay of 52,800,
0:55:03 > 0:55:05which I think is pretty good.
0:55:05 > 0:55:08We asked two local property experts
0:55:08 > 0:55:11to give us their thoughts on this almost refurbished end of terrace.
0:55:11 > 0:55:15First impressions, having had a look round the property,
0:55:15 > 0:55:18is it's a very large house, over three floors.
0:55:18 > 0:55:21The renovation work is partly finished.
0:55:21 > 0:55:23There are some works needed to be done.
0:55:23 > 0:55:26But headway's been made.
0:55:26 > 0:55:29I think it's great they've left some original features in the property,
0:55:29 > 0:55:32like the high skirting boards
0:55:32 > 0:55:37and the two fireplaces in the lounge and separate reception room.
0:55:37 > 0:55:39That will be really appealing to some buyers.
0:55:41 > 0:55:48The experts think the house could let for between 525 and £575 per month.
0:55:48 > 0:55:50So if they did go down that route,
0:55:50 > 0:55:55the brothers could be looking at a phenomenal yield of 12 or 13%.
0:55:56 > 0:55:58But they'd rather sell the property on,
0:55:58 > 0:56:00so bearing in mind their total spend to date
0:56:00 > 0:56:03of £52,800,
0:56:03 > 0:56:06what do the experts think it would fetch on the resale market?
0:56:08 > 0:56:12We're probably looking at an asking price of £85,000.
0:56:12 > 0:56:17I believe that this property should be marketed between 85 and £90,000.
0:56:17 > 0:56:19Yeah. We thought a bit higher, but...
0:56:19 > 0:56:24- It's still a worthwhile profit. - Yeah.- On the work we've done.
0:56:26 > 0:56:32A sale at 85 or 90,000 would mean a pre-tax profit before fees and expenses
0:56:32 > 0:56:37of £32,200 or 37,200.
0:56:37 > 0:56:41So, is it back to an auction for these two to source another project?
0:56:42 > 0:56:43Yep.
0:56:43 > 0:56:45Hmm.
0:56:46 > 0:56:48After a rest!
0:56:50 > 0:56:55We hope you enjoyed the show and perhaps got some inspiration from our buyers.
0:56:55 > 0:56:58We'll see you next time with more property updates from the front line!
0:56:58 > 0:57:00- See you then.- Goodbye!- Goodbye!
0:57:22 > 0:57:24Subtitles by Red Bee Media Ltd