0:00:02 > 0:00:05Hello. Now, if you ever fancied buying a property at auction
0:00:05 > 0:00:07but haven't yet taken the plunge, maybe now is the time.
0:00:07 > 0:00:10There is so much variety in those auction catalogues.
0:00:10 > 0:00:13Thousands of lots are offered each month for sale,
0:00:13 > 0:00:17so why not get down to your local auction house and check out the action.
0:00:42 > 0:00:45People often ask us how to behave in an auction room.
0:00:45 > 0:00:49Well, there are no hard and fast rules, but here are a few tips.
0:00:49 > 0:00:53Always stand or sit where you can be seen by the auctioneer, and set yourself a price limit.
0:00:53 > 0:00:58If you want to bid, make sure you are clear, you're visible, and don't exceed you limit.
0:00:58 > 0:01:01So, here are the properties that people bid on in today's show.
0:01:03 > 0:01:07In Goudhurst, Kent, there's a chance to own a unique building.
0:01:07 > 0:01:13The auction catalogue calls it "a fabulous opportunity." I'm excited.
0:01:13 > 0:01:18In County Durham, I reveal my powers of deduction when it comes to tracing damp.
0:01:20 > 0:01:23That could have something to do with it.
0:01:24 > 0:01:28And in the small Cornish village of Antony, not even cats could have
0:01:28 > 0:01:31a swinging time in this cottage kitchen.
0:01:32 > 0:01:34HE LAUGHS
0:01:35 > 0:01:39All these properties are being sold at auction. We'll find out who bought them
0:01:39 > 0:01:43- and what they paid for them when they went under the hammer.- Sold!
0:01:49 > 0:01:52Goudhurst in Kent is one of those classic English villages.
0:01:52 > 0:01:56There is a duck pond in the middle, and lots of character buildings.
0:01:56 > 0:01:58It's delightfully quaint.
0:02:01 > 0:02:05I'm here to see a detached property in this village. It had a guide price
0:02:05 > 0:02:11of just £180,000 to £200,000, and the auction catalogue calls it
0:02:11 > 0:02:14"a fabulous opportunity." I'm excited!
0:02:16 > 0:02:20And here it is - a former chapel. How impressive!
0:02:20 > 0:02:25The 19th century chapel was built on a lovely elevated site,
0:02:25 > 0:02:26so has some stunning views.
0:02:26 > 0:02:30The building has some really attractive architectural features,
0:02:30 > 0:02:36but as it's been lying vacant, I suppose it might take more than a little faith to get into shape.
0:02:39 > 0:02:42Wow! This is an incredible space.
0:02:42 > 0:02:45The acoustics... Ah! Ah!
0:02:45 > 0:02:50I love spaces like this. I know it's been vacant for eight years.
0:02:50 > 0:02:56It was built in 1878, and you can see this Methodist chapel is just incredible.
0:02:56 > 0:02:58Look at these windows!
0:02:58 > 0:03:04This would make an incredible home, it's absolutely beautiful in here.
0:03:04 > 0:03:08You can imagine raising the floor here, creating a mezzanine level
0:03:08 > 0:03:13so you've got two areas to live. What a brilliant family home!
0:03:13 > 0:03:17With a bit of imagination, this could be a stunning individual property.
0:03:17 > 0:03:23Amazingly, the chapel isn't listed, but I hope that some of the really beautiful features will remain.
0:03:27 > 0:03:32There is a separate, smaller building on the site of the main chapel
0:03:32 > 0:03:37that used to be the Sunday school. At one end, there is a raised area with a small kitchen,
0:03:37 > 0:03:41and just when I thought I couldn't praise this property any more,
0:03:41 > 0:03:45there's another revelation about this chapel.
0:03:45 > 0:03:48So, here's a really exciting bit of news.
0:03:48 > 0:03:53Somebody has already taken the trouble to apply for full planning permission
0:03:53 > 0:03:59to turn this into living quarters. And I've got the plans right here.
0:03:59 > 0:04:04Now, you can see on the ground floor you've got a lovely, big, spacious living room.
0:04:04 > 0:04:07There is a study. You've got a huge kitchen/dining area.
0:04:07 > 0:04:09A little downstairs office with a lobby,
0:04:09 > 0:04:14and it goes out onto a beautiful walled garden, which will be amazing in the summer.
0:04:14 > 0:04:17I mean, the grounds here are already spectacular.
0:04:17 > 0:04:20And then upstairs you've got four lovely bedrooms
0:04:20 > 0:04:23with an en suite bathroom and a dressing room,
0:04:23 > 0:04:25and another huge bathroom to the side, here.
0:04:25 > 0:04:28So you can see it's really, really spacious.
0:04:28 > 0:04:30It's got really nice doors leading out to the garden.
0:04:30 > 0:04:33Planning permission has been granted.
0:04:33 > 0:04:36Can you imagine what it would be like to live in this place?
0:04:36 > 0:04:40It's already got quite a special feeling here.
0:04:40 > 0:04:45The plans that have been passed will allow the demolition of the former Sunday school building.
0:04:45 > 0:04:50The land that that frees up will be turned into a walled garden for the new house.
0:04:52 > 0:04:56But in the main chapel, there are many signs of damp on the walls.
0:04:58 > 0:05:04So, whoever bought the chapel would definitely need to get the roof checked out for leaks.
0:05:04 > 0:05:08Apart from the all-important planning permission that comes with this property,
0:05:08 > 0:05:12it's also got a sizeable extra chunk of land to the side.
0:05:12 > 0:05:17So, the plans are great, but what if you wanted to tweak them or change them altogether?
0:05:17 > 0:05:22Maybe demolish this building and build two semi-detached houses?
0:05:22 > 0:05:26Well, looking into the planning history here, it could prove difficult.
0:05:26 > 0:05:32Now, in 2004, the idea of demolishing and creating two houses was refused.
0:05:32 > 0:05:37In 2005, somebody had the idea of creating four flats here.
0:05:37 > 0:05:41That was also rejected. So, looking at several rejections,
0:05:41 > 0:05:45I would say you may have to settle for the plan in place.
0:05:45 > 0:05:49To find out more about the prospects here, we invited a local
0:05:49 > 0:05:52estate agent to come and have a look at this chapel that comes with that
0:05:52 > 0:05:54crucial planning permission.
0:05:54 > 0:05:58I think the plans are very good, but they've obviously been prepared
0:05:58 > 0:06:01to get planning permission. I think a revisit, planning-wise,
0:06:01 > 0:06:03would be a very good idea.
0:06:03 > 0:06:07The room that currently I am standing in is the former Sunday school building,
0:06:07 > 0:06:11and I think there's a lot of potential here that could be used.
0:06:11 > 0:06:15Changing the plans could prove problematic, given its planning history.
0:06:15 > 0:06:18And what about the financial implications?
0:06:18 > 0:06:24How much could this former chapel generate in rental income after it's been converted?
0:06:24 > 0:06:28I would expect to get about £2,500 per month for it.
0:06:28 > 0:06:34And the potential resale value after a full conversion into a four-bedroomed house?
0:06:34 > 0:06:37If it was done along the lines of the present planning permission
0:06:37 > 0:06:44with a good developer, I would anticipate achieving somewhere between £650,000 to £680,000.
0:06:44 > 0:06:47This is an individual property for an individual buyer,
0:06:47 > 0:06:52and once the work has been carried out, well, it's going to make somebody an amazing home.
0:06:52 > 0:06:57I would love to live here. Let's find out who wanted this chapel as we go to auction.
0:06:57 > 0:07:00Now we go to lot 94, which is the former Methodist chapel.
0:07:00 > 0:07:03It's in a quarter of an acre with planning for
0:07:03 > 0:07:05a four-bedroom detached house.
0:07:05 > 0:07:09Excellent conversion project. Start me where you will on that one.
0:07:09 > 0:07:13180 can I say? 180? Where are you going to start me?
0:07:13 > 0:07:17£180,000 bid, I am on the way. 180 I have. And 5, do I see?
0:07:17 > 0:07:21185 do I see? 185, standing at the back.
0:07:21 > 0:07:25190. And 5. 195. And 2? At 200. And 5, and 10,
0:07:25 > 0:07:27and 15, and 20.
0:07:27 > 0:07:31And 5. 25, and 30.
0:07:31 > 0:07:34230. And 5. 235?
0:07:34 > 0:07:38235. And 40. 240, and 5.
0:07:38 > 0:07:44240 I have. And 5, may I say, at the back? Are you out of it at the back?
0:07:44 > 0:07:48We're all done at 240. 5 in a fresh place. 245. And 50.
0:07:48 > 0:07:51250. And 5. 255 at the back.
0:07:51 > 0:07:55255, and 60. And 5. 265.
0:07:55 > 0:08:00265 is against you at the back, sir.
0:08:00 > 0:08:06265 I have, 270. 270? Yep. 270, and 5.
0:08:06 > 0:08:12275. And 80. 280 and 5. 285.
0:08:12 > 0:08:16And 90. No? At 285,000, open neck shirt at the back.
0:08:16 > 0:08:18290 I am looking for.
0:08:18 > 0:08:22287 I will take, if it were just two more. You've been with it all this time.
0:08:22 > 0:08:25But I've got 285 at the back for the first time.
0:08:25 > 0:08:29285. 287. 290. One more go.
0:08:29 > 0:08:31290 I've got. And 2, no?
0:08:31 > 0:08:36At £290,000 I have, and I will sell for the first time.
0:08:36 > 0:08:38290 for the second time.
0:08:38 > 0:08:42Third and final time for 290,000, standing at the back,
0:08:42 > 0:08:45are we all done? 290. Well done, sir. And the number is...
0:08:45 > 0:08:50The victors in that epic auction battle were Nick and Sonia,
0:08:50 > 0:08:55who paid £290,000. They are both experienced developers in their own right,
0:08:55 > 0:09:00and this is their second project together. Nick is a quantity surveyor,
0:09:00 > 0:09:05and Sonia is an accountant by profession, and has also run her own building company.
0:09:05 > 0:09:07I met up with them back at the chapel to hear
0:09:07 > 0:09:09what they are praying for with this place.
0:09:10 > 0:09:14- Guys, congratulations.- Thank you. - This is brilliant news.
0:09:14 > 0:09:17I mean, I love it here. What are you two going to do with it?
0:09:17 > 0:09:20In a nutshell, we hope to turn it into a lovely family home.
0:09:20 > 0:09:22For you guys to live in?
0:09:22 > 0:09:26Yes, that is the likelihood at the moment, is that we're going to live here ourselves.
0:09:26 > 0:09:29So, Sonia, what is the story behind you finding this?
0:09:29 > 0:09:35Well, we moved to Goudhurst just over a year ago, and my daughter's school's local,
0:09:35 > 0:09:39so I drove past this building every day taking her to school,
0:09:39 > 0:09:43and noticed it was empty, and we approached the Methodists
0:09:43 > 0:09:46to see if we could buy it, but unfortunately at the time they said no,
0:09:46 > 0:09:48and it would have to be sold at auction.
0:09:48 > 0:09:51So, we sort of followed it from there.
0:09:51 > 0:09:54So we have been tracking it for some time.
0:09:54 > 0:09:58The couple are currently renovating another property in Rochester, Kent.
0:09:58 > 0:10:04They plan to complete the work there before starting work on this former chapel.
0:10:04 > 0:10:07Although planning permission has already been granted,
0:10:07 > 0:10:11they are looking to resubmit revised plans.
0:10:11 > 0:10:16Our view is that it's not the right design for this building.
0:10:16 > 0:10:17And why do you say that?
0:10:17 > 0:10:21Because it doesn't do justice to the space that is here.
0:10:21 > 0:10:25Basically, they are intending to put a floor all the way through here,
0:10:25 > 0:10:28and ruin the potential of having some double height space in it.
0:10:28 > 0:10:31It virtually demolishes all of the Sunday school room
0:10:31 > 0:10:35at the back which we don't think is also appropriate.
0:10:35 > 0:10:38We have an architect on board who is starting to draw up
0:10:38 > 0:10:43and hopefully interpret our vision for it, and put his own mark on it, too.
0:10:43 > 0:10:46And we believe we'll end up with a better product at the end of the day.
0:10:46 > 0:10:49So, how are you going to do that without cutting back on space?
0:10:49 > 0:10:53If you want to keep this as one and not use it as, you know, two floors,
0:10:53 > 0:10:55how are you going to do that in terms of space?
0:10:55 > 0:10:58There will be a part floor running through,
0:10:58 > 0:11:02but what we want to do is keep the dramatic two-storey space
0:11:02 > 0:11:04around the two sides where the tall windows are.
0:11:04 > 0:11:09The new plans sound fantastic, but they've got to get them passed,
0:11:09 > 0:11:11and that will take time and money.
0:11:11 > 0:11:14They've set a total budget of £200,000,
0:11:14 > 0:11:18including fees and other expenses.
0:11:18 > 0:11:23Added to the £290,000 they paid at auction, that takes the couple's projected total outlay
0:11:23 > 0:11:27to around nearly £500,000.
0:11:27 > 0:11:31And they're reckoning on about one year to get the work done.
0:11:31 > 0:11:34So, it's just one dwelling that you are looking at building?
0:11:34 > 0:11:39At the moment, the intention is just to build one, but we are looking at the possibility
0:11:39 > 0:11:43of a second property on the adjoining land which was part of the purchase.
0:11:43 > 0:11:47Guys, all I'm going to say is good luck with the planning,
0:11:47 > 0:11:51- and I hope it goes your way. Thank you.- Thank you, thank you. - Thank you very much.
0:11:54 > 0:11:58Nick and Sonia want to change the plans which came with their auction purchase,
0:11:58 > 0:12:03but given the planning history, this approach isn't without some degree of risk.
0:12:03 > 0:12:05You know, I hope for them it works out,
0:12:05 > 0:12:11but the big question here is will the sell on, will they rent out, or move in?
0:12:11 > 0:12:14You can find out what they do later on in the programme.
0:12:18 > 0:12:23Welcome to West Cornforth in County Durham. It's a former mining village,
0:12:23 > 0:12:28so the majority of properties built here were for the pit workers and their families.
0:12:29 > 0:12:34So, the property I'm here to see is a former coal miner's cottage.
0:12:34 > 0:12:39It's a terrace, two bedrooms. Around six years ago, this same property
0:12:39 > 0:12:45sold for around £56,000, but the guide price at auction was just under £20,000.
0:12:45 > 0:12:49That just goes to show what the current economic climate
0:12:49 > 0:12:54has done to property prices around here. That's just, like, a third of the price.
0:12:55 > 0:13:00From the front, it doesn't look too bad. There are fairly new double glazed windows,
0:13:00 > 0:13:03and it's set a little back from the road. Not a bad start
0:13:03 > 0:13:06for a guide price of £19,950.
0:13:07 > 0:13:11Expectations set relatively low, then.
0:13:11 > 0:13:14So, what have we got?
0:13:14 > 0:13:16Looks all right, first glance.
0:13:16 > 0:13:20Very standard layout, front door straight in front of the stairs to the bedrooms,
0:13:20 > 0:13:22through into the front sitting room.
0:13:22 > 0:13:25I reckon these floorboards could be quite nice stripped back,
0:13:25 > 0:13:28and double glazing on the front, which is good.
0:13:28 > 0:13:30It's definitely a nice little space.
0:13:30 > 0:13:34Through to your rear sitting room, as I said, very traditional layout.
0:13:34 > 0:13:36But again, nothing untoward as yet.
0:13:36 > 0:13:39I would have liked to have seen an open fire in there,
0:13:39 > 0:13:43and I'm concerned that's been blocked up and there is no air brick there
0:13:43 > 0:13:45to give a flow of air, so that might cause a few damp issues.
0:13:45 > 0:13:47Open that up, that'd be a really nice space.
0:13:47 > 0:13:51And something you might want to consider doing is knocking down this wall here
0:13:51 > 0:13:53or at least putting some kind of archway through,
0:13:53 > 0:13:56because then you'd create a really lovely living space.
0:13:56 > 0:13:59Sort of dining area there, and kitchen.
0:13:59 > 0:14:01Because this is the kitchen as it stands.
0:14:01 > 0:14:05It is small, and again, going back to this whole traditional thing,
0:14:05 > 0:14:07I would have expected to find a loo there,
0:14:07 > 0:14:10so, good news - it's obviously been moved upstairs.
0:14:10 > 0:14:13One issue in here, though, it does smell very damp,
0:14:13 > 0:14:17and there is definitely signs of water ingress up there.
0:14:17 > 0:14:20Hmm...
0:14:24 > 0:14:27That could have someone to do with it.
0:14:27 > 0:14:31Oh! It makes me so cross! Look, it would have cost, literally...
0:14:31 > 0:14:34You don't even have to buy some new guttering.
0:14:34 > 0:14:38They would have spent, I don't know, an hour, maybe, to put that in place.
0:14:38 > 0:14:41The amount of damage that has done,
0:14:41 > 0:14:46just for a simple lack of maintenance! Grrr!
0:14:46 > 0:14:50# Said, I'm angry Just looking at you... #
0:14:50 > 0:14:52And breathe.
0:14:52 > 0:14:58You may have gathered that I get a tad irritated at the neglect of perfectly sound property.
0:14:58 > 0:15:02The bottom line is that trying to save money by NOT doing repairs
0:15:02 > 0:15:07only leads to more repairs and more expenditure. It's just a false economy.
0:15:07 > 0:15:09Rant over.
0:15:11 > 0:15:15Anyway, let's see if my mood can be improved by the upstairs layout.
0:15:15 > 0:15:19There are two bedrooms, a decent sized master, and a single to the rear.
0:15:19 > 0:15:22Thankfully no sign of any water penetration here.
0:15:22 > 0:15:25And really, apart from redecoration and flooring,
0:15:25 > 0:15:30there is not as much to say or do for that matter.
0:15:30 > 0:15:33# I can't begin to tell you all the reasons why
0:15:33 > 0:15:36- # You're making me crazy - Crazy... #
0:15:36 > 0:15:40The upstairs bathroom has been configured as a wet room,
0:15:40 > 0:15:43but for the average buyer a bath is still the business.
0:15:43 > 0:15:48And with a shower fitted above it, that would suit most families, too.
0:15:53 > 0:15:57We invited a local estate agent to give us his opinion on this
0:15:57 > 0:16:03property, which had a guide price of £19,950.
0:16:03 > 0:16:05The property is a good little house.
0:16:05 > 0:16:06Needs considerable updating, I would say.
0:16:06 > 0:16:10Predominantly there are some damp issues in the kitchen.
0:16:10 > 0:16:14Needs a new kitchen, new bathroom. I perceive that when the property is fully refurbished
0:16:14 > 0:16:17it would more appeal to the rental market rather than the sales market,
0:16:17 > 0:16:20just given local conditions at the moment.
0:16:22 > 0:16:27If this is to be a rental property, what sort of rental income could this place earn?
0:16:27 > 0:16:31I would anticipate on the rental market it would achieve
0:16:31 > 0:16:36somewhere in the region of £320, £325 per calendar month.
0:16:36 > 0:16:39What about renovating the property for sale?
0:16:39 > 0:16:41The guide price does seem very attractive,
0:16:41 > 0:16:45but there is significant work to be done. So, if you bought it,
0:16:45 > 0:16:48you'd have to make sure you did your homework.
0:16:48 > 0:16:51On the basis of the final sale price, there always needs to be
0:16:51 > 0:16:53a budget in mind when you are refurbishing properties.
0:16:53 > 0:16:55It's always key not to spend too much,
0:16:55 > 0:16:57as there is a ceiling price for the area.
0:16:57 > 0:17:00And what might that ceiling price be?
0:17:00 > 0:17:05I would anticipate a final sale price somewhere in the region of £50,000
0:17:05 > 0:17:07once the property is fully refurbished.
0:17:07 > 0:17:11Well, a bit of work required to get this place shipshape,
0:17:11 > 0:17:15but for that guide price, I think this is a great investment opportunity
0:17:15 > 0:17:17as a rental or a pleasant place to live.
0:17:17 > 0:17:20Let's find out who bought it when it went under the hammer.
0:17:22 > 0:17:27Down to West Cornforth, it's your two-bed, mid-terrace house.
0:17:27 > 0:17:30It's got the vacant possession, it does require some modernisation.
0:17:30 > 0:17:33It's got the double glazing. Do we have a bid at 20?
0:17:33 > 0:17:3519?
0:17:37 > 0:17:4219,000 bid on the second row. We are up and going at 19,000.
0:17:42 > 0:17:44Do I have 20,000 anywhere else?
0:17:44 > 0:17:47We're here at 19, right in the centre, at 20,000.
0:17:47 > 0:17:5021,000. 22,000.
0:17:50 > 0:17:5223,000. 24,000.
0:17:52 > 0:17:54Shaking your head. Are you sure?
0:17:54 > 0:17:57Second row, at £23,000. I've got your bid, sir, at 23,000.
0:17:57 > 0:17:59Are you coming back in at 24?
0:17:59 > 0:18:02No? I'm in at £23,000,
0:18:02 > 0:18:05I'll take 500 if it helps.
0:18:05 > 0:18:08No? I'm here, I'm selling, at £23,000.
0:18:08 > 0:18:14Selling once at 23,000, I'm selling for the second time at £23,000.
0:18:14 > 0:18:21The hammer fell on a successful bid of £23,000 from Ken, who's an electrician by trade.
0:18:24 > 0:18:2920 years ago he purchased, renovated and sold properties regularly,
0:18:29 > 0:18:32but this is his first development since then.
0:18:32 > 0:18:35I met Ken and his sister, Eileen, back at the terrace.
0:18:39 > 0:18:44Lovely to meet you both. Congratulations. Tell me why you wanted to buy this place.
0:18:44 > 0:18:50Well, it was investment, really. And I like the area. It's up-and-coming.
0:18:50 > 0:18:54- So, the auction, how was that? - It was great. It was good fun.
0:18:54 > 0:18:57Yes, he rang me up before he went. He said, "I'm not
0:18:57 > 0:19:00"going to buy a house, I'm just going to have a look."
0:19:00 > 0:19:02I said, "All right then, that's great. Not yet."
0:19:02 > 0:19:06Then I rang her back and said, "I bought one."
0:19:06 > 0:19:09- And what did you say? - "Oh, God!" - THEY LAUGH
0:19:09 > 0:19:12Ken is an industrial electrician by trade,
0:19:12 > 0:19:15and while this house held no shocks for him,
0:19:15 > 0:19:18its purchase certainly did for his sister, Eileen.
0:19:18 > 0:19:20# Electric shock... #
0:19:20 > 0:19:24So, Eileen, tell me about your involvement in all this.
0:19:24 > 0:19:27- Well, I'm going to do the decorating.- Right.- No hard stuff.
0:19:27 > 0:19:31- Well, to some people, decorating is hard.- I might be able to find you something.
0:19:31 > 0:19:33THEY LAUGH
0:19:33 > 0:19:38- Free labour.- Free labour.- You can use your artist talents.- Oh, yes.
0:19:38 > 0:19:41What are you going to give her to say thanks?
0:19:41 > 0:19:45- A bottle of champagne, he said today.- Did he?
0:19:45 > 0:19:46There will be a bonus.
0:19:46 > 0:19:53# Let's get together and do this Over a glass of champagne... #
0:19:53 > 0:19:57Well, it may be best to keep the champagne on ice for now.
0:19:57 > 0:19:59So, what tempted you into this?
0:19:59 > 0:20:02Well, it's something I used to do a lot of years ago,
0:20:02 > 0:20:06but then I lived in Hull and I had a partner then.
0:20:06 > 0:20:10- And we bought and sold quite a lot of houses.- Right.
0:20:10 > 0:20:13- But I'm an electrician by trade. - OK, that helps.
0:20:13 > 0:20:19And work's a little bit in short supply at the moment, so you've got to diversify, do other things.
0:20:19 > 0:20:23- So what kind of electrician are you? - Mostly industrial.- OK.
0:20:23 > 0:20:26I haven't done a great deal of domestic. I know how to do it,
0:20:26 > 0:20:29but I haven't done a great deal of it.
0:20:29 > 0:20:33So you've got all the qualifications and everything you need to sort of do the wiring on the house?
0:20:33 > 0:20:39Yes, I'm fully qualified to rewire the house and do a test and inspection.
0:20:39 > 0:20:43But it'll also be a feather in my cap, because then I'll be able
0:20:43 > 0:20:51- to join one of the regulating bodies and hopefully work should come from it.- Right.
0:20:51 > 0:20:55Ken has only recently become certified to do domestic electrics.
0:20:55 > 0:20:59In order to join the regulatory body, his work has to be inspected,
0:20:59 > 0:21:03and this property should prove the perfect test subject.
0:21:04 > 0:21:07So, what's the plan? What are you going to do?
0:21:07 > 0:21:14Well, basically make it watertight, because there is a few misplaced slates and guttering to replace.
0:21:14 > 0:21:18- Going to make this dining room into a kitchen/dinette.- OK.
0:21:18 > 0:21:23So, I'm going to fit a new kitchen, and make that through there, the old kitchen,
0:21:23 > 0:21:27- I'll make that a utility. - OK, that'll be nice. - What else were we going to do?
0:21:27 > 0:21:31- Bathroom.- Decorate top to bottom. Bathroom. Redo the bathroom.
0:21:31 > 0:21:34- Bathroom.- Tile the floors and basically modernise the house.
0:21:34 > 0:21:37Just to bring it up-to-date, make it modern.
0:21:37 > 0:21:40So, the plans, then, are once you've done it to do what?
0:21:40 > 0:21:42Put it back on the market straight away.
0:21:42 > 0:21:46What kind of amount of money are you hoping to make?
0:21:46 > 0:21:49Well, the going rate seems to be about 56,000.
0:21:51 > 0:21:57A property developer has to know the local sales market, and this one is a tricky one.
0:21:57 > 0:22:01The estate agent thought the house could sell for £50,000.
0:22:01 > 0:22:06Ken thinks 56,000. Remember, it sold for the same some six years ago.
0:22:06 > 0:22:10I hope he's not overestimated the profit that can be made here,
0:22:10 > 0:22:13and that he keeps a tight rein on the budget.
0:22:13 > 0:22:15What is the budget?
0:22:15 > 0:22:21Well, I'm thinking about 10,000, but it might be a bit more. Maybe less.
0:22:21 > 0:22:25- So, what's the kind of timescale for the work?- Two-and-a-half months.
0:22:25 > 0:22:30- OK. Is that in between your normal work?- No, I'll be here.
0:22:30 > 0:22:34- That's it?- Two-and-a-half months. - And are you doing...?- Most of it.
0:22:34 > 0:22:36Well, good luck with all of that,
0:22:36 > 0:22:41- and we look forward to seeing how you get on.- Thanks very much, yeah. - Thank you.- Thanks a lot.
0:22:44 > 0:22:48Well, it's unusual for someone to buy a house BECAUSE it needs the electrics done,
0:22:48 > 0:22:52but in Ken's case it works perfectly. And with Eileen's help,
0:22:52 > 0:22:54he should be able to sort this place out.
0:22:54 > 0:22:57He's certainly going to improve its current condition.
0:22:57 > 0:23:00Let's hope there's no shocks in store when we return.
0:23:00 > 0:23:03You can find out how he gets on later in the show.
0:23:04 > 0:23:08Coming up - in Cornwall I discover whether small really is beautiful.
0:23:08 > 0:23:12It's a good working space. You don't have to reach very far to get the things you need.
0:23:14 > 0:23:18Back in County Durham, will Ken ever clean up on his two-bedroom property?
0:23:18 > 0:23:24Just horrendous, the amount of dust. In fact, I'm still having trouble now trying to get rid of the dust.
0:23:26 > 0:23:30But first, it's back to the chapel in Kent to see if Nick and Sonia
0:23:30 > 0:23:33have the fabulous home they'd hoped for.
0:23:39 > 0:23:41In the pretty Kent village of Goudhurst,
0:23:41 > 0:23:45earlier in the programme we saw this extraordinary development opportunity.
0:23:45 > 0:23:48Built in 1878, the former Methodist chapel
0:23:48 > 0:23:53was a wonderful building with high ceilings and long windows,
0:23:53 > 0:23:55through which the light just flooded in.
0:23:55 > 0:23:58Sitting on a decent sized plot,
0:23:58 > 0:24:03not only did it come with a rather less elegant former Sunday school building attached,
0:24:03 > 0:24:06but also with something much more valuable -
0:24:06 > 0:24:12the all-important planning permission to convert it into a four-bedroom house.
0:24:12 > 0:24:17For 290,000, it was snapped up at auction by local couple, Nick and Sonia,
0:24:17 > 0:24:20to be their new family home.
0:24:22 > 0:24:27Sonia's an accountant who has also run her own building firm,
0:24:27 > 0:24:31while Nick is a quantity surveyor, so together they were well qualified
0:24:31 > 0:24:37to take on such a large project, and also had their own plans for how to maximise the space.
0:24:37 > 0:24:43- Our view is that it's not the right design for this building. - And why do you say that?
0:24:43 > 0:24:47Because it doesn't do justice to the space that is here.
0:24:47 > 0:24:50Basically they are intending to put a floor all the way through here,
0:24:50 > 0:24:54and ruin the potential of having some double height space in it.
0:24:54 > 0:24:57We have an architect on board who is starting to draw up and hopefully
0:24:57 > 0:25:02interpret our vision for it, and put his own mark on it, too.
0:25:02 > 0:25:07And we believe we'll end up with a better product at the end of the day.
0:25:07 > 0:25:11Not only were they hoping to change the plans for the chapel conversion,
0:25:11 > 0:25:17they also hoped to get planning permission to build a detached house on the land adjacent to the chapel.
0:25:17 > 0:25:22They had given themselves a budget of £200,000 for the chapel conversion alone,
0:25:22 > 0:25:25and a realistic timescale of one year.
0:25:25 > 0:25:28Now, 14 months later, we're back.
0:25:34 > 0:25:40And it looks like they are well on their way to achieving something very special here.
0:25:44 > 0:25:52# Oh, heaven, oh, heaven I wake with good intentions
0:25:52 > 0:25:58# Then I'm gone, then I'm gone Then I'm gone, then I'm gone
0:25:58 > 0:26:06# Then I'm gone, then I'm gone Then I'm gone, then I'm gone... #
0:26:08 > 0:26:14Wow! What a transformation! The main chapel space has certainly gone,
0:26:14 > 0:26:17and it's been turned into a fantastic living area.
0:26:19 > 0:26:26Tried to develop a palette of colours as well as a particular
0:26:26 > 0:26:30blend of materials, and so the slates were reclaimed and reused
0:26:30 > 0:26:34and supplemented where necessary. The bricks from the original chapel were...
0:26:34 > 0:26:39It was hand demolished and all salvaged and used in the reconstruction of the walls.
0:26:39 > 0:26:44As we came to the house, we wanted to keep some nice light, open spaces
0:26:44 > 0:26:51but keeping a palette of largely white, grey and black with some splashes of colour.
0:26:54 > 0:27:00They've mixed traditional with modern, with a high-tech study area hidden behind the lounge.
0:27:01 > 0:27:06Then there is a doorway that leads to the fantastic, oak-beamed glass extension.
0:27:06 > 0:27:09So where the old Sunday school once stood, there is now
0:27:09 > 0:27:13an amazing high-specification kitchen diner.
0:27:21 > 0:27:25With everything anyone could want and more.
0:27:25 > 0:27:28The kitchen - we wanted to use natural materials,
0:27:28 > 0:27:32and we wanted to use oak to continue the oak frame outside,
0:27:32 > 0:27:36and we also wanted to introduce the darker colours to mimic
0:27:36 > 0:27:40the slate on the roof and the dark flooring,
0:27:40 > 0:27:43but also white to lighten it up, really.
0:27:43 > 0:27:48As if that wasn't enough, there's even a utility room and cloakroom.
0:27:48 > 0:27:52Then there's the upper floor with that redesigned mezzanine level.
0:27:52 > 0:27:57We've been in a number of church buildings that have been converted,
0:27:57 > 0:28:02and one of the issues always is, particularly from the external elevations,
0:28:02 > 0:28:05when you put a floor across at a high level,
0:28:05 > 0:28:09it spoils the lines and chops the windows in half,
0:28:09 > 0:28:12so we were aware that we didn't really want to do that.
0:28:12 > 0:28:15We wanted to bring the floors back from the windows,
0:28:15 > 0:28:18but there's always a compromise and a balance between having some
0:28:18 > 0:28:22floor space upstairs to stand on and to use as bedrooms.
0:28:22 > 0:28:25Hopefully what we've achieved is some quite dramatic space,
0:28:25 > 0:28:30and the church from the outside largely looks as it was when it was first built.
0:28:34 > 0:28:39And off this beautifully designed mezzanine floor there's a great family bathroom.
0:28:41 > 0:28:42And three bedrooms.
0:28:47 > 0:28:51Two reasonably sized ones, one of which is just a storeroom at present
0:28:55 > 0:28:59and then there's an amazing, light, en suite master bedroom...
0:29:02 > 0:29:09..complete with sliding doors that lead out onto a balcony.
0:29:09 > 0:29:15Wow! This is just breathtaking, and if the chapel alone wasn't impressive enough,
0:29:15 > 0:29:20they've also got planning permission to build on the plot beside the chapel.
0:29:20 > 0:29:24What we're envisaging building is a three-storey house,
0:29:24 > 0:29:28one level of which is subterranean,
0:29:28 > 0:29:31bar the front elevation, which will be largely glass.
0:29:31 > 0:29:36It's going to be an ICF construction, which is an insulated concrete formwork,
0:29:36 > 0:29:40so basically you put a load of polystyrene Lego bricks together
0:29:40 > 0:29:45with lots of steel in them, and you pour the concrete, and it will actually be...
0:29:45 > 0:29:50Well, we're hoping it will be a passive house. It will not need any heating.
0:29:50 > 0:29:53Nick and Sonia have five children between them.
0:29:53 > 0:29:58The plan is for the new build and chapel to be home for their entire family.
0:29:58 > 0:30:04They hope to construct the new build for 200,000. But how much has the chapel cost
0:30:04 > 0:30:07to convert into this fantastic family home?
0:30:07 > 0:30:14On the chapel we have spent about 350,000. It includes a little bit of
0:30:14 > 0:30:18money relating to the site next door, enabling some drainage works
0:30:18 > 0:30:23and the construction of a shed at the back which we needed to do
0:30:23 > 0:30:26prior to excavating the main dig.
0:30:26 > 0:30:33350,000 on top of their £290,000 purchase price for the chapel
0:30:33 > 0:30:39and the building plot takes their total outlay to 640,000, without costs and fees.
0:30:39 > 0:30:43So, in addition to creating a fabulous new home,
0:30:43 > 0:30:46have they made a wise investment?
0:30:46 > 0:30:48What do two local estate agents think?
0:30:50 > 0:30:53Unbelievable, I think, is the best way of describing it.
0:30:53 > 0:30:54It is a fabulous building.
0:30:54 > 0:30:57When I left here two years ago, and was looking at it then,
0:30:57 > 0:31:01I had to say to myself, "I'm really not sure they're going to be
0:31:01 > 0:31:06"able to manage this." And it's been an outstanding example of what
0:31:06 > 0:31:10someone can do with something like this with a broad, open-plan sheet of paper.
0:31:10 > 0:31:16Oh, it's outstanding, isn't it? The position of the property,
0:31:16 > 0:31:18the character, the improvements.
0:31:18 > 0:31:21In fact, it's probably one of the best conversions
0:31:21 > 0:31:24I've ever seen. The workmanship is first class.
0:31:24 > 0:31:28Yes, I definitely agree with him. I think it's one of the best
0:31:28 > 0:31:31conversions I've ever seen, too.
0:31:31 > 0:31:36But it cost them £640,000 to do, so was it worth it?
0:31:36 > 0:31:38With regard to the price of the property, I think it is going to be
0:31:38 > 0:31:43somewhere between £650,000 and £700,000, and then with regard to
0:31:43 > 0:31:46the property next door, once it's built,
0:31:46 > 0:31:50it's going to be somewhere between £450,000 and £500,000.
0:31:50 > 0:31:53I'd probably put a value on it of 690,000.
0:31:53 > 0:31:58With regards to the building plot, probably about £490,000.
0:31:58 > 0:32:04They were pretty much as expected, but yeah, they are pleasing values.
0:32:04 > 0:32:09Even with the £200,000 cost for the new build, the combined development
0:32:09 > 0:32:15could see a pre-tax profit of between 260,000 and 360,000,
0:32:15 > 0:32:18making the whole renovation very worthwhile.
0:32:18 > 0:32:23So, will they take on any more big property projects?
0:32:23 > 0:32:28- We're just about to.- Snap!- To the extent, obviously, we have the other
0:32:28 > 0:32:33property to do next door. But I think we've both said that
0:32:33 > 0:32:37maybe one more sometime in the future,
0:32:37 > 0:32:39and not necessarily in this country.
0:32:43 > 0:32:48But before they do that, I think they need to live in this
0:32:48 > 0:32:51fantastic house and really enjoy making it a home.
0:33:00 > 0:33:05Today I'm in Cornwall, and this is the Rame Peninsula.
0:33:05 > 0:33:08It's known as the forgotten corner of Cornwall,
0:33:08 > 0:33:12but once seen, who could ever forget this simply stunning coastline?
0:33:14 > 0:33:18The auction lot I'm visiting is in the little village of Antony,
0:33:18 > 0:33:22and with a local shop, school, pub and village hall,
0:33:22 > 0:33:25what more could you ask for?
0:33:25 > 0:33:28# Little Anthony... #
0:33:31 > 0:33:35Well, just a few miles from that beautiful scenery in the small
0:33:35 > 0:33:39and friendly village of Antony - I feel bit of a theme coming on here -
0:33:39 > 0:33:45is the property I'm going to see. And it, too, is described as, well, fairly petite.
0:33:45 > 0:33:49And so was the guide price. £45,000 for a one-bedroom cottage.
0:33:49 > 0:33:51This is it. Let's have a look inside.
0:33:54 > 0:33:58Small it may be, but let's hope it's perfectly formed.
0:33:58 > 0:34:01# My little lovely... #
0:34:01 > 0:34:05So, what's on offer for your money?
0:34:05 > 0:34:08Well, not a particularly large amount,
0:34:08 > 0:34:12but what there is looks to be in fairly decent condition.
0:34:12 > 0:34:17From the front door straight into this room, which is basically,
0:34:17 > 0:34:20apart from the thing I'm about to go into, your one room downstairs.
0:34:20 > 0:34:23You've got an open fire, which makes it really kind of cosy,
0:34:23 > 0:34:26but it's got character, that's for sure.
0:34:26 > 0:34:28Moving towards the rear of the property,
0:34:28 > 0:34:35- as I said, the only other room down here is the kitchen. Well... - HE LAUGHS
0:34:35 > 0:34:40It's a good working space, you don't have to reach very far to get the things you need.
0:34:40 > 0:34:43It's cute, though, isn't it? I mean, it's cute.
0:34:43 > 0:34:46# Cutie pie... #
0:34:48 > 0:34:52Good luck squeezing a washing machine or dishwasher in here.
0:34:52 > 0:34:58But perhaps the solution would be to do a small extension into the private garden at the rear.
0:35:00 > 0:35:02There's obviously no garden at the front of the cottage,
0:35:02 > 0:35:05you're straight onto the road, but at the back there is at least
0:35:05 > 0:35:07this small little courtyard area.
0:35:07 > 0:35:09The other issue out here is this retaining wall.
0:35:09 > 0:35:15You've got a big bank of soil here, and you just hope that
0:35:15 > 0:35:18that retaining wall has been put in properly, because if not,
0:35:18 > 0:35:22that could give you all sorts of problems, and to correct that and put another wall
0:35:22 > 0:35:26in its place is going to cost you a lot of money. Innocuous though it may look, it could be a problem.
0:35:28 > 0:35:31Well worth getting checked out by a structural engineer.
0:35:31 > 0:35:34But in the summer, this garden could be really lovely.
0:35:34 > 0:35:36Let's take a little look upstairs.
0:35:42 > 0:35:45Thankfully, there is a classic, white bathroom suite.
0:35:45 > 0:35:49I'm not so sure about the brown colour scheme throughout, though.
0:35:49 > 0:35:53In such a small space, you really need as much light as possible.
0:35:53 > 0:35:55Across the hall is the bedroom.
0:35:55 > 0:35:58There is no sign of central heating, so installing that
0:35:58 > 0:36:02should be factored in to the new owner's renovation budget.
0:36:02 > 0:36:04But all in all, this is a lovely little cottage.
0:36:13 > 0:36:17We invited a local estate agent to give us his opinion on this property
0:36:17 > 0:36:20which had a guide price of £45,000 plus.
0:36:21 > 0:36:25My first impressions of the property, it's got two good-sized rooms,
0:36:25 > 0:36:29bedroom and lounge, and to have a bathroom in a property of this size
0:36:29 > 0:36:31on the first floor is definitely a bonus.
0:36:31 > 0:36:33Due to the size of the property,
0:36:33 > 0:36:36it's a relatively small amount of money needs spending on it,
0:36:36 > 0:36:38really just to bring it up to that next level.
0:36:38 > 0:36:41New kitchen, new bathroom, general decor,
0:36:41 > 0:36:45and maybe some sort of heating would really add extra value to the property.
0:36:46 > 0:36:52So, if those works were carried out, how much could this property be worth?
0:36:52 > 0:36:59When renovated, we'd be looking to market this property at between £75,000 and £80,000.
0:36:59 > 0:37:01And the rental?
0:37:01 > 0:37:05If we were looking to do a short-term tenancy on this property,
0:37:05 > 0:37:10we'd be looking to mark it up in the region of about £500 per calendar month.
0:37:12 > 0:37:18I think this place has the potential to be a lovely, little retreat for holidaymakers in Cornwall.
0:37:18 > 0:37:22So, how much could it achieve as a holiday let?
0:37:23 > 0:37:29For holiday lets, we'd be looking for about £500 per week in the summer months.
0:37:32 > 0:37:37Well, it's a lovely location, that's for sure. And the cottage itself
0:37:37 > 0:37:42may be small, but it certainly packs a financial punch. Oh, yeah.
0:37:42 > 0:37:47With great possible rental returns either as a short-term or as a holiday let.
0:37:47 > 0:37:50Let's see who fancied it when it went under the hammer.
0:37:51 > 0:37:55So, lot 229 is a two-storey, one bed mid-terrace cottage for modest
0:37:55 > 0:37:59improvement. Located in the well thought of village of Antony.
0:37:59 > 0:38:02It's freehold. So, who'd like to start me off at 45,000?
0:38:02 > 0:38:04Someone to start at 45,000.
0:38:04 > 0:38:06£45,000 standing here on the right.
0:38:06 > 0:38:10That's good place to start. At 45, I'll go in ones if I can.
0:38:10 > 0:38:13I have 45, looking for 46 now.
0:38:13 > 0:38:1445,000. 46 now.
0:38:14 > 0:38:1746. 47. 47.
0:38:17 > 0:38:2048. 47,000 here,
0:38:20 > 0:38:2248 now.
0:38:23 > 0:38:2648,000. 49.
0:38:26 > 0:38:31At 48,000, 49. It's against you. £49,000.
0:38:31 > 0:38:3450, now, if I can, or a half will do.
0:38:35 > 0:38:40£50,000, seated here. £50,000, it's now against both of you at £50,000.
0:38:40 > 0:38:4351. Sure? You are both done? The rest of the room done?
0:38:43 > 0:38:49At £50,000. £50,000 it is here, seated, then.
0:38:49 > 0:38:53First time of calling, £50,000 here. Second time.
0:38:53 > 0:38:55Third and last time of calling,
0:38:55 > 0:39:00seated here at £50,000, if there is no further advance. GAVEL FALLS
0:39:00 > 0:39:04The cool customers with their successful bid of £50,000
0:39:04 > 0:39:07are husband and wife, Nigel and Elizabeth.
0:39:10 > 0:39:15They farm cattle 20 miles from the village of Antony.
0:39:15 > 0:39:18While they have bought properties at auction, renovated and sold them on before,
0:39:18 > 0:39:21this is their first investment purchase in many years.
0:39:24 > 0:39:28- Nigel, Liz.- Hello.- Hello.- Lovely to meet you both. Congratulations.
0:39:28 > 0:39:33- Thank you.- Tell me why you wanted to buy this little cottage.
0:39:33 > 0:39:37An investment, really. We are actually farmers, and farming's a hard way of life,
0:39:37 > 0:39:43so we thought we'd put some money into this for future retirement funds.
0:39:43 > 0:39:47Great, and is this the first project of its kind you've taken on?
0:39:47 > 0:39:49The first one that we are hopefully going to rent out.
0:39:49 > 0:39:51We've done a couple of building ones and sold on before.
0:39:51 > 0:39:56And what was it about this one, Liz, that you thought, "Yeah, this is the one to go for"?
0:39:56 > 0:40:01- It doesn't need an awful lot of work doing to it, and we thought it was quite reasonable.- Yeah?
0:40:01 > 0:40:04- And the area? It's in a lovely spot, isn't it?- Yeah, nice, little area,
0:40:04 > 0:40:08near a couple of National Trust places, quite close to Plymouth on the ferry.
0:40:08 > 0:40:10So we thought it might be good for renting.
0:40:10 > 0:40:12So, what did you think about it when you came to see it?
0:40:12 > 0:40:17We actually came to view the next-door property, because that's in quite a bad state.
0:40:17 > 0:40:19- Bit more of a challenge. - Bit more of a challenge.
0:40:19 > 0:40:23- Was that for sale as well?- That was for sale at the same auction.- Right.
0:40:23 > 0:40:26Then we saw this one, and we thought this is more
0:40:26 > 0:40:29- of a bargain than that one almost was.- Right!
0:40:29 > 0:40:31So we ended up buying this one.
0:40:31 > 0:40:35It remains to be seen whether changing their mind at the last minute
0:40:35 > 0:40:37will be an astute move. Let's hope so.
0:40:37 > 0:40:40So, what are you doing to do to the place to sort it out?
0:40:40 > 0:40:43It doesn't need an awful lot doing to it.
0:40:43 > 0:40:46We need a new kitchen, decorate it throughout. New carpets.
0:40:46 > 0:40:50- Some sort of heating system. Yeah, just general tidying up, really. - Tidy the garden.
0:40:50 > 0:40:53- Tidy the garden up.- Yeah. - That's about it.
0:40:53 > 0:40:56You talked about the garden, one thing that did concern me a bit is
0:40:56 > 0:40:59you have a massive retaining wall here, haven't you?
0:40:59 > 0:41:04Have you looked into how that is and the condition of that and its effectiveness?
0:41:04 > 0:41:09We did briefly look through the bushes at it. It all looks in fairly good order,
0:41:09 > 0:41:14so until we clear the garden we won't really know 100%,
0:41:14 > 0:41:16but I'm hoping it will be OK.
0:41:16 > 0:41:18And if this works well, back to the auctions?
0:41:18 > 0:41:20- Definitely.- Definitely, yeah.
0:41:20 > 0:41:24We're used to auctions, obviously, because in farming we deal a lot
0:41:24 > 0:41:28with auctions anyway, so it's just a little bit more money when you buy a house rather than a cow.
0:41:28 > 0:41:31- Although, some cows, I understand, can go for...- You could buy a bull
0:41:31 > 0:41:35- for the same price as this house, yeah. - THEY LAUGH
0:41:35 > 0:41:39Oh, yes, it's true - a pedigree bull could cost more than the £50,000
0:41:39 > 0:41:44Nigel and Elizabeth paid for this property, and that's no cock and bull story.
0:41:44 > 0:41:48The couple certainly seem prepared to grab the bull by the horns
0:41:48 > 0:41:51when it comes to renovating this cottage.
0:41:51 > 0:41:53So what kind of budget have you put aside for the work?
0:41:53 > 0:41:59About 5,000, which should hopefully cover it, really. Want to do a fairly nice job.
0:41:59 > 0:42:02- And who's doing the work?- We'll do most of the work. I'll probably get
0:42:02 > 0:42:05someone in to sort the electrics and maybe for the kitchen.
0:42:05 > 0:42:08But we'll do a lot of the work ourselves. Being farmers...
0:42:08 > 0:42:10Working that roller.
0:42:10 > 0:42:14Being farmers we've got harvesting and things to do, so can't be here all the time.
0:42:14 > 0:42:17And what's the timescale for sorting it all out?
0:42:17 > 0:42:22Hopefully about two to three months depending on other workloads
0:42:22 > 0:42:24and what we find when we go through the house.
0:42:24 > 0:42:27- Well, congratulations.- Thank you very much.- Good luck with it,
0:42:27 > 0:42:31- and we look forward to seeing how you get on.- Thank you. - Thank you very much.
0:42:31 > 0:42:36Elizabeth and Nigel are diversifying from farming into property,
0:42:36 > 0:42:40spending their money on property rather than a prize bull.
0:42:40 > 0:42:44- So, can this small house become a cash cow? - HE CHUCKLES
0:42:44 > 0:42:45You can find out later in the show.
0:42:50 > 0:42:53Work always takes a lot longer when you are doing up properties,
0:42:53 > 0:42:56so you must factor that in when you are doing the work.
0:42:56 > 0:43:01- So, have our buyers hit their timescales and budgets? - Let's find out.
0:43:05 > 0:43:09We are back in Cornforth in County Durham to see how
0:43:09 > 0:43:12industrial electrician Ken got on with that mid-terrace.
0:43:12 > 0:43:16He picked it up for a remarkable £23,000 -
0:43:16 > 0:43:18less than the cost of many new cars.
0:43:18 > 0:43:21Downstairs there was a damp and smelly tiny kitchen,
0:43:21 > 0:43:26and I saw red when I noticed the cause was simply not repairing a gutter.
0:43:26 > 0:43:28Oh! It makes me so cross!
0:43:28 > 0:43:31Look! The amount of damage that that's done,
0:43:31 > 0:43:36just for a simple lack of maintenance. Grrr!
0:43:37 > 0:43:41But annoying as that was, luckily the water damage didn't
0:43:41 > 0:43:44extend to the two bedrooms upstairs, and I did appreciate
0:43:44 > 0:43:48the new double glazing and layout of this two-bedroom house.
0:43:48 > 0:43:50The good news being that the bathroom was upstairs,
0:43:50 > 0:43:55but it really needed to be turned back into a traditional bathroom.
0:43:55 > 0:44:00Ken bought the place for 23,000 and saw this as his way back into
0:44:00 > 0:44:04property developing after taking a break for just over 20 years.
0:44:04 > 0:44:07His sister Eileen was around to help with the finishing touches.
0:44:07 > 0:44:11- Free labour. - You can use your artist talents.
0:44:11 > 0:44:15- Oh, yes.- What are you going to give her to say thanks?
0:44:15 > 0:44:18A bottle of champagne, he said today.
0:44:19 > 0:44:24Ken planned to spend around £10,000 and ten weeks renovating the house.
0:44:24 > 0:44:26He was going to do most of the work himself,
0:44:26 > 0:44:28pulling in help from family and friends.
0:44:30 > 0:44:34Well, we've returned 12 weeks later to find out if it's
0:44:34 > 0:44:38fizz and family fun, or a frazzled family relationship.
0:44:40 > 0:44:43With a fresh lick of paint round the windows and a tidy front garden,
0:44:43 > 0:44:47someone has been making this house look whole lot better.
0:44:47 > 0:44:51Inside, the unloved front sitting room has been re-plastered,
0:44:51 > 0:44:55re-papered and all in all re-loved.
0:44:55 > 0:44:59But that dingy dining room is where the biggest change of all has taken place.
0:44:59 > 0:45:02# Ah, ah, ah, ah
0:45:02 > 0:45:05- # Ain't nobody - Nobody
0:45:05 > 0:45:07- # Loves me better - Loves me better
0:45:07 > 0:45:12# Makes me happy Makes me feel this way
0:45:12 > 0:45:14- # Ain't nobody - Ain't nobody
0:45:14 > 0:45:17# Loves me better... #
0:45:17 > 0:45:23This was the back sitting room in the house,
0:45:23 > 0:45:27so I've turned this into a kitchen/dinette.
0:45:27 > 0:45:29This was the major job.
0:45:29 > 0:45:31It's been a big achievement.
0:45:32 > 0:45:36By relocating the kitchen from the tiny area at the back,
0:45:36 > 0:45:40Ken has made use of the space for a brand-new utility room,
0:45:40 > 0:45:44and he's even found space for a downstairs loo - a very good idea.
0:45:45 > 0:45:51This was originally the old kitchen. There was a lot of work to do in here.
0:45:51 > 0:45:55The roof was leaking, there was water coming in.
0:45:55 > 0:46:00We had to repair all the guttering, we had to have the extension re-roofed.
0:46:00 > 0:46:03So, no problems with dampness downstairs, then(!)
0:46:03 > 0:46:07But what about that electrical work that Ken was keen to get stuck into?
0:46:07 > 0:46:10Well, the re-wire was pretty straightforward,
0:46:10 > 0:46:13and it's not difficult when you've got an empty house.
0:46:13 > 0:46:17This rewiring has taken Ken one step closer to his move from being
0:46:17 > 0:46:21an industrial electrician to a domestic one.
0:46:21 > 0:46:25But this old house still had a few shocks in store for him.
0:46:25 > 0:46:28The major work was stripping the walls.
0:46:28 > 0:46:31And the dust and the dirt was just amazing.
0:46:31 > 0:46:36All these houses were built with black plaster.
0:46:36 > 0:46:41You try and do anything with the walls, it's black.
0:46:41 > 0:46:43It was just horrendous, the amount of dust.
0:46:43 > 0:46:47In fact, I'm still having trouble now try to get rid of the dust.
0:46:47 > 0:46:53But the house itself, although it was in a bad condition inside,
0:46:53 > 0:46:55it's a well-built house.
0:46:57 > 0:47:01Upstairs, Ken has taken the duo of dowdy bedrooms
0:47:01 > 0:47:04and given them the same fresh, neutral makeover.
0:47:04 > 0:47:06But not everything is finished.
0:47:06 > 0:47:08- # I got work to do - Work to do
0:47:08 > 0:47:10# Got so much work, yeah... #
0:47:11 > 0:47:16The bathroom still needs tiling and final declaration, but Ken knows
0:47:16 > 0:47:20he'd be a lot further behind without the help of family and friends.
0:47:20 > 0:47:23My brother-in-law, Barry, he's a fitter by trade.
0:47:23 > 0:47:28And my sister, she was the one who decided on the decor,
0:47:28 > 0:47:33what colours things should be done, and they've been a great help.
0:47:33 > 0:47:38A great help to me. I wouldn't have got it done without them.
0:47:38 > 0:47:41And Ken hasn't exactly been sitting around, either.
0:47:41 > 0:47:45Initially he thought it would only take ten weeks to renovate this house.
0:47:45 > 0:47:48It's taken about five months to do the house.
0:47:48 > 0:47:51I was here just about every day.
0:47:51 > 0:47:54Sometimes Saturdays, sometimes Sundays as well.
0:47:54 > 0:47:57Ken went well over his timescale, but what about his budget?
0:47:57 > 0:48:03He bought the house for £23,000 and planned to spend £10,000 renovating it.
0:48:03 > 0:48:05The refurbishment cost 16,000,
0:48:05 > 0:48:08bringing his total investment here to £39,000.
0:48:08 > 0:48:10So, was it money well spent?
0:48:13 > 0:48:17We invited two local estate agents to give us their opinions.
0:48:20 > 0:48:22I think the owner has done a fantastic job in refurbishing
0:48:22 > 0:48:24what was a fairly tired property beforehand.
0:48:24 > 0:48:26Bringing the kitchen back into the dining room,
0:48:26 > 0:48:28or what was the dining room,
0:48:28 > 0:48:31now means you've got a much more family-orientated space,
0:48:31 > 0:48:33and there's space to put a table in
0:48:33 > 0:48:35to be able to eat around in the kitchen.
0:48:35 > 0:48:38I do like the use of the space at the back that used to be the kitchen.
0:48:38 > 0:48:40That's now an extra utility room. I do like the kitchen.
0:48:40 > 0:48:43It's nice to see a very good standard of kitchen.
0:48:43 > 0:48:47And what might this property earn if let?
0:48:47 > 0:48:54It would probably achieve rental market around £300 to £350 per calendar month.
0:48:54 > 0:48:56On the rental market at the moment I would anticipate
0:48:56 > 0:49:01a price in the region of £375 per calendar month.
0:49:01 > 0:49:07Those rental figures would mean a yield of between 9.5% and 11.5%.
0:49:07 > 0:49:11That's very good for the area, yes. I think that's reasonable.
0:49:13 > 0:49:17What do the estate agents reckon the property is worth now?
0:49:17 > 0:49:23I would probably think that it would fetch around £40,000 in the current market.
0:49:23 > 0:49:27In the current market conditions, there is some rather strange pricing out in the local area.
0:49:27 > 0:49:32However, I would anticipate a sale price just over the £50,000 mark.
0:49:34 > 0:49:39Those widely varying prices would give a profit of between £1,000 and £11,000,
0:49:39 > 0:49:42minus taxes and expenses, of course.
0:49:42 > 0:49:46If I could get 50,000, I would be happy with that.
0:49:46 > 0:49:50Hopefully I'll put it back on the market. This is a new thing for me.
0:49:50 > 0:49:54I hope to sell it on, and then I can go back to the auctions and get another one.
0:49:54 > 0:49:56HE LAUGHS
0:49:56 > 0:49:59Ken certainly sounds keen to get back to another auction.
0:49:59 > 0:50:02What has he learned from this renovation?
0:50:02 > 0:50:06You need a good team to be able to get things done.
0:50:07 > 0:50:10That's... Teamwork is paramount.
0:50:16 > 0:50:21Six miles from Plymouth, and on the beautiful Rame Peninsula is the small village of Antony.
0:50:23 > 0:50:29It was here that we came across what might best be described as a compact property.
0:50:33 > 0:50:36Yes, this mid-terrace cottage wasn't the biggest in the world,
0:50:36 > 0:50:41with just one bedroom, albeit quite a reasonable sized double bedroom.
0:50:43 > 0:50:45But it wasn't in too bad a state,
0:50:45 > 0:50:48and really just needed a bit of renovation work.
0:50:48 > 0:50:52It was bought for £50,000 by Nigel and Elizabeth.
0:50:54 > 0:50:57Tell me why you wanted to buy this little cottage?
0:50:57 > 0:50:59An investment, really.
0:50:59 > 0:51:03We are actually farmers, and farming is a hard way of life,
0:51:03 > 0:51:08so we thought we'd put some money into this for future retirement funds.
0:51:10 > 0:51:14The couple have a beef cattle farm 20 minutes away in Liskeard.
0:51:15 > 0:51:20With a budget of £5,000, they had hoped to complete the refurbishment
0:51:20 > 0:51:23in two to three months, doing it in between their farming commitments.
0:51:26 > 0:51:30Now, 12 weeks later, we return to see if small really is beautiful.
0:51:32 > 0:51:37# It's a tiny world out there
0:51:37 > 0:51:42# It's a tiny world It's a tiny world
0:51:42 > 0:51:48# It's a tiny world Running all over... #
0:51:52 > 0:51:55With the dividing wall between kitchen and lounge removed,
0:51:55 > 0:51:59there is now a much improved kitchen/diner, and upstairs...
0:52:01 > 0:52:04Well, the one bedroom is now modern and bright.
0:52:04 > 0:52:08They've fitted electric heaters throughout. And what about the bathroom?
0:52:10 > 0:52:13In here, a new toilet, tiling, flooring
0:52:13 > 0:52:16and redecoration has certainly done the trick.
0:52:19 > 0:52:22Then there was that rather overgrown garden.
0:52:24 > 0:52:27Yes, when we came here it was quite a jungle out here, so we managed
0:52:27 > 0:52:31to clear all the brambles and weeds, reveal the back wall.
0:52:31 > 0:52:34That seemed in a good state, so that was a relief.
0:52:34 > 0:52:38It was quite wet out here also, so we dug down and put in some drains,
0:52:38 > 0:52:40put some gravel on top.
0:52:40 > 0:52:44Made a little raised border, a few plants, herbs etc.
0:52:44 > 0:52:51Our neighbour and us put up the fence so we can make a nice, secluded garden,
0:52:51 > 0:52:55and we've just started painting the outside of the house, so, yes.
0:52:55 > 0:52:57Quite an improvement, I think.
0:52:57 > 0:53:00This IS a pretty impressive transformation.
0:53:00 > 0:53:02With the wilderness tamed,
0:53:02 > 0:53:06they've turned it into a much more manageable and practical space.
0:53:06 > 0:53:10But undoubtedly the most impressive change is in the kitchen.
0:53:10 > 0:53:13Right, well, in the kitchen there was a partition wall that
0:53:13 > 0:53:15came across about here, which we removed
0:53:15 > 0:53:18because it was impossible to get anything in the kitchen.
0:53:18 > 0:53:22Put in new appliances. Put in the fridge at this angle
0:53:22 > 0:53:24because it was the only way that we could get it in.
0:53:24 > 0:53:28And new flooring. And that was about it in the kitchen.
0:53:28 > 0:53:31I really think they've made the most of the space they had.
0:53:31 > 0:53:35It's amazing what a change in the decor will do for a place.
0:53:35 > 0:53:39But how has it been trying to fit the work in around running a farm?
0:53:40 > 0:53:43We've managed to do it in between harvest.
0:53:43 > 0:53:48If I've been busy on the farm, then Elizabeth has come down on her own, so it's worked quite well.
0:53:48 > 0:53:51I've done quite a bit of painting, which is obviously fairly
0:53:51 > 0:53:54straightforward and not too high, so can't fall off a ladder, can I?
0:53:54 > 0:53:57Other than the kitchen, the carpets and obviously an electrician
0:53:57 > 0:54:00to check all the electrics, we've basically done it all, haven't we?
0:54:00 > 0:54:03I think they've managed the balancing act pretty well,
0:54:03 > 0:54:08and they just have a few small jobs to do before it's ready for the rental market.
0:54:08 > 0:54:13But what I really want to know is did they keep to that £5,000 budget?
0:54:13 > 0:54:16# I want to know now, now... #
0:54:17 > 0:54:19I don't think we're too far off.
0:54:19 > 0:54:23We've got one or two more bits and pieces to come in, but yeah, we're around about 5,000.
0:54:23 > 0:54:27We were hoping to come in under. Yeah, I don't think we're five.
0:54:27 > 0:54:32So, a £5,000 spend on top of a £50,000 purchase price
0:54:32 > 0:54:38takes Nigel and Elizabeth's total outlay to £55,000 without costs and fees.
0:54:38 > 0:54:42Have they harvested the maximum potential from this tiny terrace?
0:54:42 > 0:54:46What do two local estate agents think?
0:54:46 > 0:54:49I think it's been finished off to a good standard.
0:54:49 > 0:54:53It offers cosy accommodation, ideal for one or two people.
0:54:53 > 0:54:56Beautiful garden to the rear which is a sun trap.
0:54:56 > 0:55:00Ideal for your patio table and chairs, and barbecue when the weather is good.
0:55:00 > 0:55:01Yeah, I really like it.
0:55:01 > 0:55:04The property has had a fantastic transformation.
0:55:04 > 0:55:05It's not a huge property,
0:55:05 > 0:55:09so the money that they have spent on it has really made a big difference.
0:55:09 > 0:55:14Nigel and Elizabeth have invested £55,000 into this one-bedroom house,
0:55:14 > 0:55:19so have they successfully managed to grow their investment?
0:55:19 > 0:55:23In the present market we'd be looking at marketing this property at between £75,000 and £80,000.
0:55:23 > 0:55:25In the current marketplace,
0:55:25 > 0:55:28I would suggest this property is worth in the region of £80,000.
0:55:28 > 0:55:30Yeah, it's about where we thought.
0:55:30 > 0:55:32Pretty much what we thought, yes, really.
0:55:32 > 0:55:36That's a potential pre-tax profit of between £20,000 and £25,000,
0:55:36 > 0:55:42but it was the rental market where Nigel and Elizabeth were predominantly aiming the house.
0:55:42 > 0:55:46In the rental market, we would look at marketing
0:55:46 > 0:55:50the property at about £450 to £500 per calendar month.
0:55:50 > 0:55:54On a rental basis, on an assured short-hold tenancy, I would suggest
0:55:54 > 0:55:58the yield would be in the region of £475 per calendar month.
0:55:58 > 0:56:03We've got somebody in mind that would like to rent it between those figures,
0:56:03 > 0:56:06so I think that's the way we might go.
0:56:06 > 0:56:10Rental values in the region of £450 to £500 per calendar month
0:56:10 > 0:56:14would see an annual rental yield above 9%, which is pretty healthy.
0:56:15 > 0:56:18Although they hope to get a long-term tenant,
0:56:18 > 0:56:21the estate agents also reckon they could get
0:56:21 > 0:56:25up to £600 a week in the high season as a holiday let.
0:56:25 > 0:56:29So, it seems that whichever way they go with this small house,
0:56:29 > 0:56:31they could reap big rewards.
0:56:31 > 0:56:34How do they reflect on this investment project?
0:56:35 > 0:56:37I've really enjoyed it.
0:56:37 > 0:56:41Yeah, it's been the smallest one we've ever done,
0:56:41 > 0:56:44so, yes, it was quite a relief to get it done rather quick.
0:56:46 > 0:56:49Well, that's what happened to the buyers on today's show,
0:56:49 > 0:56:54but anything can and does happen on planet property.
0:56:54 > 0:56:57Make sure you join us next time for more Homes Under The Hammer.
0:56:57 > 0:56:59- We will see you then. - Goodbye.- Goodbye.
0:57:02 > 0:57:05Subtitles by Red Bee Media Ltd