0:00:02 > 0:00:04Even in the current volatile property market,
0:00:04 > 0:00:06many of us are still hooked on buying.
0:00:06 > 0:00:07Yeah, and that includes the two of us.
0:00:07 > 0:00:10We're fascinated with auctions where, each year,
0:00:10 > 0:00:14thousands of people buy their homes under the hammer.
0:00:39 > 0:00:41We're constantly amazed by the stories
0:00:41 > 0:00:43that follow us from the auction rooms -
0:00:43 > 0:00:46some real-life dramas and some real-life successes.
0:00:46 > 0:00:51Yes, and we have found some more stories for you to share.
0:00:52 > 0:00:55Three years ago, I spotted the potential of this Stoke house.
0:00:55 > 0:00:58This is a solid, well-built, lovely house.
0:00:58 > 0:01:01The new owners weren't sure when work would start.
0:01:02 > 0:01:06There's a flat in this London block with surprisingly big bedrooms.
0:01:06 > 0:01:08A good-sized double bedroom there.
0:01:08 > 0:01:11We've got another really good-sized double there.
0:01:13 > 0:01:17And a mid-terrace in Wiltshire has had some unexpected visitors...
0:01:18 > 0:01:22I reckon that could even be the dreaded dry rot.
0:01:23 > 0:01:25All of these properties went to auction...
0:01:25 > 0:01:2675, somebody?
0:01:26 > 0:01:28- ..we'll find out who bought them...- Is that a bid?
0:01:28 > 0:01:31- ..and what they paid when they went under the hammer.- Sold.
0:01:36 > 0:01:40I'm in the Trentham area of Stoke-on-Trent
0:01:40 > 0:01:43to return to a property we first visited in 2008.
0:01:44 > 0:01:47Guided at £150,000
0:01:47 > 0:01:51was this substantial three-bedroom detached house
0:01:51 > 0:01:53and I just couldn't wait to see inside.
0:01:56 > 0:01:58So what have we got?
0:01:58 > 0:02:02Straight through the front door and I'm thinking, "I like this!"
0:02:02 > 0:02:04It's early 1900s, classic design -
0:02:04 > 0:02:07I mean, look at the floor. That's a great start.
0:02:07 > 0:02:10The rooms themselves look to be in reasonable condition,
0:02:10 > 0:02:12nice, big front sitting room there.
0:02:12 > 0:02:16Stairs that will return up to the bedrooms. Kitchen...
0:02:16 > 0:02:19Well, it doesn't look in too bad condition.
0:02:19 > 0:02:22It looks like it could do with a bit of tarting up,
0:02:22 > 0:02:24but perfectly serviceable.
0:02:24 > 0:02:28Then through into a classic, lovely living room.
0:02:28 > 0:02:32Open fire, good to see. Again, these stripped floors, they're good.
0:02:32 > 0:02:34Some of the original features still here.
0:02:34 > 0:02:37And then this lovely little area here,
0:02:37 > 0:02:38which goes out onto the garden.
0:02:38 > 0:02:41I'm getting a really good feeling about this house.
0:02:46 > 0:02:50Upstairs, I'm still hunting for something wrong with this place
0:02:50 > 0:02:52and I don't think I'm going to find it.
0:02:52 > 0:02:53It's a good size,
0:02:53 > 0:02:55I even like the fact there's a nice landing area here.
0:02:55 > 0:02:57Nice bit of furniture there.
0:02:57 > 0:02:59Three good-sized bedrooms,
0:02:59 > 0:03:01The loo and the bathroom exactly where it should be.
0:03:01 > 0:03:02It needs updating,
0:03:02 > 0:03:05the decorating could certainly benefit from some modernisation,
0:03:05 > 0:03:07but, you know, that is small fry.
0:03:07 > 0:03:09This is a solid, well-built,
0:03:09 > 0:03:12well-designed, lovely house.
0:03:12 > 0:03:16This handsome house was built around 1910
0:03:16 > 0:03:20and the previous owner had been living here since the 1970s.
0:03:20 > 0:03:22It's been well looked after over the years,
0:03:22 > 0:03:25but is now showing signs of age.
0:03:25 > 0:03:27It's a substantial brick-built property
0:03:27 > 0:03:30with its own driveway and a garage.
0:03:31 > 0:03:37# Oh, she's a brick...house
0:03:37 > 0:03:39# I like ladies stacked and that's a fact
0:03:39 > 0:03:42# I ain't holding nothing back... #
0:03:42 > 0:03:45There's not much at fault with the house downstairs.
0:03:45 > 0:03:49The two reception rooms are spacious and well-lit.
0:03:49 > 0:03:52Upstairs, though, there is room for improvement.
0:03:52 > 0:03:54One of the three bedrooms is small
0:03:54 > 0:03:58and probably better suited for storage or a study.
0:04:02 > 0:04:05The bathroom is rather small and outdated.
0:04:05 > 0:04:07I reckon to make the best of this property,
0:04:07 > 0:04:11an extension would really help meet the needs of a modern family.
0:04:16 > 0:04:18Outside, and the three-sided garden
0:04:18 > 0:04:21is a glorious opportunity for someone to develop
0:04:21 > 0:04:24either an idyllic place to relax
0:04:24 > 0:04:26or a chance to start their own vegetable patch.
0:04:26 > 0:04:29In fact, there's easily room for both.
0:04:31 > 0:04:34Well, what is there not to like about this house?
0:04:34 > 0:04:38It would make an absolutely glorious family home
0:04:38 > 0:04:41and, maybe it's a bit to do with the nostalgia, but I don't think so.
0:04:41 > 0:04:43It's a great property
0:04:43 > 0:04:47and for £150,000, let's see who was lucky enough to get this,
0:04:47 > 0:04:49when it went to the auction.
0:04:51 > 0:04:56AUCTIONEER: A substantial, three-bedroom detached house.
0:04:56 > 0:04:59Nice period property, this.
0:04:59 > 0:05:00125, can I say?
0:05:02 > 0:05:04Thank you, 125 I am bid.
0:05:04 > 0:05:07At £125,000.
0:05:07 > 0:05:08Is that a bid in the middle?
0:05:08 > 0:05:10130 in the middle, now.
0:05:10 > 0:05:12135, can I say?
0:05:12 > 0:05:15At 135 it is, at 135.
0:05:15 > 0:05:18140, is it? £140,000.
0:05:18 > 0:05:20At 140.
0:05:20 > 0:05:23Bidder here now, 147.
0:05:23 > 0:05:25At 147.
0:05:25 > 0:05:26148.
0:05:26 > 0:05:29149.
0:05:29 > 0:05:30150, is it?
0:05:30 > 0:05:33At 150,000, on the back row.
0:05:33 > 0:05:36151, 152.
0:05:36 > 0:05:38153?
0:05:40 > 0:05:41153.
0:05:41 > 0:05:46At £153,000 for the first time.
0:05:46 > 0:05:51At 153,000 for the second time.
0:05:51 > 0:05:54At 153,000 for the third and final time.
0:05:54 > 0:06:00No mistake, the bid is seated, at £153,000.
0:06:01 > 0:06:03You bought it, sir, well done.
0:06:03 > 0:06:09The house was bought for £153,000 by husband and wife
0:06:09 > 0:06:12Guy and Emma, who are originally from Stoke.
0:06:12 > 0:06:16They currently live and work 45 miles away in Birmingham,
0:06:16 > 0:06:20where Guy is a sales manager for a water technology company,
0:06:20 > 0:06:22and Emma's a school librarian.
0:06:22 > 0:06:26They have two young daughters and are looking forward to coming home.
0:06:26 > 0:06:29Guy, Emma, congratulations.
0:06:29 > 0:06:32- Thank you. - Thank you very much indeed.
0:06:32 > 0:06:35- This is a great house, isn't it? - Yes, it is.- We're excited.
0:06:35 > 0:06:36Tell me why you bought it.
0:06:36 > 0:06:39Family, very close. Next door, in fact.
0:06:39 > 0:06:41- Next door?!- Extremely close.
0:06:41 > 0:06:43If we look out of our spare bedroom,
0:06:43 > 0:06:46we're looking in at our, my, in-laws' bedroom.
0:06:46 > 0:06:47Right.
0:06:47 > 0:06:49Which doesn't put us off too much,
0:06:49 > 0:06:51but then there's my sister round the corner
0:06:51 > 0:06:53and my parents round the second corner.
0:06:53 > 0:06:56Oh, my goodness. What is extraordinary.
0:06:56 > 0:06:58We left Stoke and we were 18, we're now a bit older than that,
0:06:58 > 0:07:02so we're coming back after a number of years, returning to our families.
0:07:02 > 0:07:06In fact, Emma knows the property very well -
0:07:06 > 0:07:08as a child she used to play here
0:07:08 > 0:07:10with a friend who lived in the house.
0:07:11 > 0:07:13We came to look round and thought,
0:07:13 > 0:07:15"It's got great potential, we can have some fun with this."
0:07:15 > 0:07:18We've done a house before, that's finished and lived in,
0:07:18 > 0:07:20so we're moving to the next project,
0:07:20 > 0:07:23and to shatter my parents' retirement, is the main aim.
0:07:23 > 0:07:26We spend a lot of time back here, anyway, in Stoke-on-Trent,
0:07:26 > 0:07:29because we've got a massive extended family here, and that sort of thing.
0:07:29 > 0:07:30Tell me about you two, then.
0:07:30 > 0:07:33What do you do? What's your sort of backgrounds?
0:07:33 > 0:07:38We met when I was 16 and you were 14, wasn't it? So childhood sweethearts.
0:07:38 > 0:07:41We stayed together, and got married in 2000 for a millennium wedding.
0:07:41 > 0:07:43We just thought, "Let's go for it."
0:07:43 > 0:07:47Tell me about your family situation, you've got kids of your own?
0:07:47 > 0:07:50Yep, two girls, five and two, Sky and Macy.
0:07:50 > 0:07:52Two blonde bombshells, yeah.
0:07:52 > 0:07:55And this is a wonderful family house, isn't it?
0:07:55 > 0:07:57Yes, and it will get even better, I think,
0:07:57 > 0:07:59the plans that we have for it.
0:08:00 > 0:08:05Emma and Guy plan to turn this house into a five-bedroom property
0:08:05 > 0:08:09by demolishing both the garage and the lean-to and extending outwards.
0:08:09 > 0:08:13This will create an open dining and kitchen area on the ground floor
0:08:13 > 0:08:15and two additional bedrooms above.
0:08:17 > 0:08:20The existing kitchen will become a downstairs cloakroom,
0:08:20 > 0:08:23and allow space for a bigger hallway.
0:08:24 > 0:08:26So who's going to do the work?
0:08:26 > 0:08:28And what kind of plans do you have for it,
0:08:28 > 0:08:30in terms of budget and timescales?
0:08:30 > 0:08:34Right, we reckon we're going to plough probably
0:08:34 > 0:08:3670-80,000 into it, I would say.
0:08:36 > 0:08:40We've got lots of contacts, with most of the family in this area,
0:08:40 > 0:08:42so we've got a few sized up already, haven't we?
0:08:42 > 0:08:45So, we're going to do it quickly, yeah.
0:08:45 > 0:08:47So give me an idea of timescales?
0:08:47 > 0:08:49- Within six months. - Definitely. Sooner the better.
0:08:49 > 0:08:51And where are you going to be in the meantime?
0:08:51 > 0:08:55We'll be here most of the time, but when the knock-through happens
0:08:55 > 0:08:58and those sorts of things, we might migrate maybe next door,
0:08:58 > 0:09:01we were thinking, yes, just nip through the fence.
0:09:01 > 0:09:02What about finances for all this?
0:09:02 > 0:09:04Are there any flies in this ointment,
0:09:04 > 0:09:06or is it just a happy story?
0:09:06 > 0:09:08It's a very annoying story in that we can't find any,
0:09:08 > 0:09:10but there may well be some there...
0:09:10 > 0:09:13- Well, we haven't sold our house, that's the problem.- Yeah.
0:09:13 > 0:09:15We've just put ours on the market,
0:09:15 > 0:09:17because this all happened very quickly, clearly.
0:09:17 > 0:09:19- You skipped over that quite...- Yes!
0:09:19 > 0:09:21"Yeah, there is that small problem."
0:09:21 > 0:09:23So until you sell your house in Birmingham,
0:09:23 > 0:09:27you can't really do the work you want to do on this place, then?
0:09:27 > 0:09:28Not the big plans, no.
0:09:28 > 0:09:31We'll do the immediate things so we can live comfortably.
0:09:31 > 0:09:34There is a fly in the ointment, isn't there? Hadn't thought of that.
0:09:34 > 0:09:37Oh, I don't want to bring you down! It's only a small one!
0:09:37 > 0:09:40No, no, you're right, we do need to sell the house,
0:09:40 > 0:09:42but it will go and it will go quickly.
0:09:43 > 0:09:46Well, that was, at the end of 2008.
0:09:46 > 0:09:49But when we returned, just over two years later,
0:09:49 > 0:09:52Guy and Emma had managed to turn the property
0:09:52 > 0:09:54into a very comfortable family home.
0:09:57 > 0:10:01But the plans for the two-storey extension had been put on hold,
0:10:01 > 0:10:02as Emma explained.
0:10:04 > 0:10:07Originally, our plans were to have the extension done
0:10:07 > 0:10:09ready for my husband's 40th birthday.
0:10:09 > 0:10:14Unfortunately, he lost his job during the summer,
0:10:14 > 0:10:16and so, luckily, we put the plans on hold,
0:10:16 > 0:10:19we got them passed, but we didn't get the builders in.
0:10:20 > 0:10:24So, postponing the extension was a sensible move,
0:10:24 > 0:10:26and with a budget of £1,000,
0:10:26 > 0:10:29the couple carried out a cosmetic refurbishment.
0:10:29 > 0:10:33The kitchen got a new cooker and replacement cupboards.
0:10:33 > 0:10:37Upstairs, the small bedroom became a makeshift dressing room,
0:10:37 > 0:10:40and the two other bedrooms were redecorated,
0:10:40 > 0:10:43with the girls' room very pretty in pink.
0:10:44 > 0:10:49Guy was about to start a new job working in green energy technology,
0:10:49 > 0:10:52so the extension plans were back on the table.
0:10:54 > 0:10:57We're moving from a three-bedroomed house
0:10:57 > 0:11:01to a double-fronted, four-bedroomed house,
0:11:01 > 0:11:05with extra bathrooms and bigger downstairs and living area.
0:11:05 > 0:11:09And the existing two bigger bedrooms remain as they are,
0:11:09 > 0:11:14and we're having a solar panel room upstairs,
0:11:14 > 0:11:17that'll then lead into the master bedroom,
0:11:17 > 0:11:21another spare bedroom and a wet room upstairs.
0:11:21 > 0:11:24How much did Emma think this was going to cost?
0:11:25 > 0:11:28We're still looking at a budget of around 70-80,000.
0:11:28 > 0:11:30That will include the total rewire
0:11:30 > 0:11:32of the old, existing part of the house,
0:11:32 > 0:11:35and that should also include any utilities
0:11:35 > 0:11:37that we need to put in and the solar panels.
0:11:37 > 0:11:40So we're hoping we can stay on budget.
0:11:40 > 0:11:42Everything's ready and we're raring to go.
0:11:42 > 0:11:47Join us later in the programme to find out how, two years later,
0:11:47 > 0:11:50Guy and Emma have finally turned this
0:11:50 > 0:11:52into their bigger, better dream home.
0:12:00 > 0:12:03Lots of traffic, lots of people.
0:12:03 > 0:12:06You've guessed it I'm in London for the next auction lot.
0:12:06 > 0:12:10Islington, North London, to be precise, where it's rush hour.
0:12:13 > 0:12:14This is so exciting.
0:12:14 > 0:12:18I am literally a three-minute walk from Angel tube station,
0:12:18 > 0:12:22and I'm already here to see today's auction lot.
0:12:22 > 0:12:27Now, it's got two bedrooms and the guide price was set at £220,000.
0:12:27 > 0:12:30Now, I know that might sound a little bit ridiculous,
0:12:30 > 0:12:32to pay that sort of money for a two-bed flat,
0:12:32 > 0:12:40but having a North-1 postcode really does push the prices up around here.
0:12:40 > 0:12:46And the average two-bed flat in this area is set at over £470,000!
0:12:46 > 0:12:51Suddenly this is starting to look like it could be a bit of a bargain.
0:12:52 > 0:12:56Great area, good transport, so why was the two-bedroom flat here
0:12:56 > 0:12:59guided at less than half the average for the area?
0:13:01 > 0:13:06Mm, maybe this is what's keeping the price down.
0:13:06 > 0:13:10The property is in this block with the shops on the ground floor.
0:13:10 > 0:13:13I'm always cautious about flats over shops.
0:13:13 > 0:13:17Luckily, the one I'm here to see is on the second floor,
0:13:17 > 0:13:21so there's quite a distance between you and the retail premises.
0:13:21 > 0:13:24But still, it's not an ideal scenario.
0:13:24 > 0:13:25- # Better shop around - Shop, shop
0:13:25 > 0:13:27# Whoa, yeah
0:13:27 > 0:13:29# You better shop around
0:13:29 > 0:13:30# Shop, shop... #
0:13:33 > 0:13:37This block of flats and shops was built in the 1960s,
0:13:37 > 0:13:41so I'm hoping for some well-proportioned rooms up there.
0:13:41 > 0:13:43The exposed brickwork looks pretty good,
0:13:43 > 0:13:46and it's great to see there's some remedial work underway.
0:13:46 > 0:13:48And it's not just on the outside
0:13:48 > 0:13:51it's going on inside, too, in the communal areas.
0:13:52 > 0:13:58So, treading carefully, I can't wait to see what the flat's like.
0:13:58 > 0:14:01There's so much work going on out there, the scaffolding's up,
0:14:01 > 0:14:06but that's good news, because it's all going to be upgraded.
0:14:06 > 0:14:08Which is exactly what you need to do inside here.
0:14:08 > 0:14:12So you've got a bathroom there - that could definitely do with reconfiguring.
0:14:12 > 0:14:16You could squeeze a bath in there if you moved the sink around.
0:14:16 > 0:14:18I think it's worth having.
0:14:18 > 0:14:20A good-sized double bedroom there,
0:14:20 > 0:14:22another REALLY good-sized double there.
0:14:22 > 0:14:25This flat doesn't feel cramped.
0:14:25 > 0:14:29Yes, it feels dated, it feels like loads of work needs to be done.
0:14:29 > 0:14:32The kitchen there, again, not a bad size,
0:14:32 > 0:14:34and straight into the living area.
0:14:34 > 0:14:36Now, I really like this space.
0:14:36 > 0:14:39This building must be south facing, because you get loads
0:14:39 > 0:14:42of the natural daylight flooding through that window,
0:14:42 > 0:14:45and you look out onto some beautiful Regency buildings,
0:14:45 > 0:14:47so it feels quite nice in this room.
0:14:47 > 0:14:51You've high ceilings, I'm not loving the polystyrene tiles,
0:14:51 > 0:14:53obviously they have to come down.
0:14:53 > 0:14:56There's no gas central heating, just these old fires here.
0:14:56 > 0:15:00So this property really does need lots of upgrading,
0:15:00 > 0:15:05the carpets need to come out, everything needs to be done.
0:15:05 > 0:15:06But I can't stop thinking,
0:15:06 > 0:15:08you're three minutes away from the tube station,
0:15:08 > 0:15:12you could be to King's Cross and be in France in a couple of hours.
0:15:12 > 0:15:13How fab is that?
0:15:16 > 0:15:20And a trip to France would make a good reward
0:15:20 > 0:15:24for whoever takes on this flat once they've given it a makeover.
0:15:24 > 0:15:26Although there's no structural work needed,
0:15:26 > 0:15:29there's lots of decorative work required,
0:15:29 > 0:15:32but there's something outside that may hamper the builders
0:15:32 > 0:15:36when they arrive in their vans, loaded with tools and materials.
0:15:36 > 0:15:38The road outside is designated a red route,
0:15:38 > 0:15:42which means strict stopping restrictions.
0:15:42 > 0:15:45Of course, that's an absolute nightmare for the builders
0:15:45 > 0:15:48and may also put off buyers and tenants.
0:15:51 > 0:15:55But what will a local estate agent make of this centrally-located flat
0:15:55 > 0:15:59that went to auction with a guide price of £220,000?
0:16:00 > 0:16:02The location of the property is fantastic.
0:16:02 > 0:16:05You are literally on the doorstep of Angel tube station
0:16:05 > 0:16:07and Upper Street, which has all of the restaurants,
0:16:07 > 0:16:10shops, bars and facilities that people love in the area.
0:16:10 > 0:16:14You're also on the City fringes, so in terms of those people working in the City,
0:16:14 > 0:16:18it's very close and easy access in and out of the City.
0:16:18 > 0:16:22So ten out of ten for location but what about the flat itself?
0:16:22 > 0:16:24How does that score?
0:16:24 > 0:16:26My first impressions of the property -
0:16:26 > 0:16:29it's obviously in need of a lot of TLC
0:16:29 > 0:16:31to get it where it should be in terms of quality and finish.
0:16:31 > 0:16:37Everything from kitchens, bathrooms to flooring and wallpapering needs changing quite severely,
0:16:37 > 0:16:41- so it's going to be a big project for the new owner.- Let's talk figures.
0:16:41 > 0:16:45How much rental income could the flat generate after being refurbished?
0:16:45 > 0:16:48I would say the property is worth somewhere in the region
0:16:48 > 0:16:50of £1,700 per calendar month.
0:16:50 > 0:16:53How much might it sell for?
0:16:53 > 0:16:55I would say, when completed,
0:16:55 > 0:17:00the property could be worth somewhere in the region of £330,000.
0:17:00 > 0:17:04The red route directly outside will be a deal breaker for some,
0:17:04 > 0:17:07but for others who want a central location
0:17:07 > 0:17:10and don't mind living above a parade of shops,
0:17:10 > 0:17:12then this is a great one to go for.
0:17:12 > 0:17:15Let's see who did just that when it went under the hammer.
0:17:15 > 0:17:17Islington, hot area, Islington,
0:17:17 > 0:17:21second-floor, purpose-built, two-bed flat.
0:17:21 > 0:17:24I don't know. I haven't seen this one. 250?
0:17:24 > 0:17:26It's worth 250 on my right. 250.
0:17:26 > 0:17:30255. 255 sitting down.
0:17:30 > 0:17:33260. 265.
0:17:33 > 0:17:36270.
0:17:36 > 0:17:40266. Try and help?
0:17:40 > 0:17:43265 in the aisle. 266 in the other aisle.
0:17:43 > 0:17:48267. 268. 269.
0:17:49 > 0:17:51269, yeah? 270.
0:17:51 > 0:17:54Yeah? 271.
0:17:54 > 0:17:57272. 273.
0:17:59 > 0:18:01274.
0:18:01 > 0:18:04273 in the front,
0:18:04 > 0:18:08274 elsewhere. 274, 275.
0:18:08 > 0:18:11275, round off at 275?
0:18:11 > 0:18:14If not, 274, first time, second time...
0:18:14 > 0:18:19You're bidding? 275. 276.
0:18:19 > 0:18:22277. 278.
0:18:22 > 0:18:24279.
0:18:26 > 0:18:31On my left, 278. First time, second time, third and last time, all done?
0:18:31 > 0:18:33Sold, 278, to you, sir.
0:18:35 > 0:18:40After all that bidding, the flat was sold for 278,000.
0:18:41 > 0:18:44Although Adeola was at the auction,
0:18:44 > 0:18:46it was her colleague who did the bidding.
0:18:47 > 0:18:50They both work for a firm that buys properties
0:18:50 > 0:18:55on behalf of clients who are looking for good buy-to-let opportunities.
0:18:55 > 0:19:00Handily, their offices are based just around the corner from this flat.
0:19:00 > 0:19:04I met up with Adeola to find out more.
0:19:04 > 0:19:05- Adeola, congratulations.- Thank you.
0:19:05 > 0:19:10- We didn't see you on auction day, did we?- No.- So explain the story.
0:19:10 > 0:19:14I'm basically an acquisition agent, and my clients come to me,
0:19:14 > 0:19:17they want a property that would always let.
0:19:17 > 0:19:21This property came up at the auction and I decided to go for it.
0:19:21 > 0:19:24The location, it's just perfect.
0:19:24 > 0:19:27If you're not at the station in three minutes, you took a wrong turn.
0:19:27 > 0:19:29The person that you bought this on behalf of,
0:19:29 > 0:19:30have they seen the property?
0:19:30 > 0:19:33- Yes, they have.- And what do they think?- They're happy with it.
0:19:33 > 0:19:36- They love it?- Love it.
0:19:36 > 0:19:39So acquisition agent Adeola
0:19:39 > 0:19:42had sourced this flat for the company she works for.
0:19:42 > 0:19:46It was to meet the requirements of a client who had approached them.
0:19:46 > 0:19:48But their job isn't done yet
0:19:48 > 0:19:52because it's also up to them to do the refurbishment.
0:19:53 > 0:19:56Are you going to be coming in here and doing all the work?
0:19:56 > 0:19:58No, we have a team that are going to do the work.
0:19:58 > 0:20:02- They intend starting work tomorrow. - They're coming in tomorrow?- Yes.
0:20:02 > 0:20:04And what changes are they going to make?
0:20:04 > 0:20:08We're not really changing anything,
0:20:08 > 0:20:11cos space-wise, it's a small flat.
0:20:11 > 0:20:13We're only going to spice it up.
0:20:13 > 0:20:18The only change would be... We're going to reconfigure the bathroom
0:20:18 > 0:20:22and make it into a bath as opposed to the shower there at the moment.
0:20:22 > 0:20:23OK, that's a great idea,
0:20:23 > 0:20:26because there is actually just about enough room
0:20:26 > 0:20:28to squeeze a bath in lengthways,
0:20:28 > 0:20:31that's if you do move the sink across.
0:20:31 > 0:20:33- Yes.- What about the kitchen?
0:20:33 > 0:20:35We're going to make it really nice, a modern kitchen.
0:20:35 > 0:20:38It's going to have everything.
0:20:38 > 0:20:41And what sort of budget have you got to do this?
0:20:41 > 0:20:45So you're looking at a kitchen, bathroom, floors, carpets -
0:20:45 > 0:20:47quite a lot of work to do.
0:20:47 > 0:20:52Yes, it is a lot of work. And we're looking at about £12,000.
0:20:52 > 0:20:53£12,000 for the whole flat?
0:20:53 > 0:20:55Now, we need central heating,
0:20:55 > 0:20:58because you don't have any central heating in here.
0:20:58 > 0:21:02The central heating is going to be the most expensive
0:21:02 > 0:21:04cos we're going to use one of the best combination boilers.
0:21:04 > 0:21:07All for £12,000?
0:21:07 > 0:21:11- That is an incredibly low budget for the work you've got to do here.- Yes.
0:21:11 > 0:21:12We...
0:21:12 > 0:21:16Like I said, we have a team and they do shop around
0:21:16 > 0:21:19and they're going to get the best to make sure it's done perfectly.
0:21:19 > 0:21:23OK, so the guys are coming tomorrow to turn this place around.
0:21:23 > 0:21:24How long is it going to take them?
0:21:24 > 0:21:29- We're looking at about two and a half weeks, tops, three weeks.- Really?!
0:21:29 > 0:21:34- And then...- So you think you can turn this around in three weeks?
0:21:34 > 0:21:38- Yes.- Your guys must work pretty fast. Can I have their number?
0:21:38 > 0:21:39SHE LAUGHS
0:21:40 > 0:21:43Once the completed flat's handed over,
0:21:43 > 0:21:46Adeola's company then act as management agents for it
0:21:46 > 0:21:48on behalf of the new owners.
0:21:49 > 0:21:53- What are the downsides to this property, do you think?- Parking.
0:21:53 > 0:21:57- Yeah.- But it's basically a property for professionals.
0:21:57 > 0:22:01Jump on the tube, go to work, come back in - perfect for professionals.
0:22:01 > 0:22:03Someone that doesn't have a car.
0:22:04 > 0:22:08With the parking restrictions of the red route outside the flat,
0:22:08 > 0:22:11I am concerned they could cause the builders a logistical nightmare.
0:22:11 > 0:22:15Might their nearby business base provide a solution,
0:22:15 > 0:22:18and is Adeola concerned?
0:22:18 > 0:22:21I don't think that should pose any problems
0:22:21 > 0:22:24cos they have the space to offload and they can park the car
0:22:24 > 0:22:27at the garage because we do have a garage around here.
0:22:27 > 0:22:30- So you're not worried about the builders?- No.
0:22:30 > 0:22:33Adeola, good luck with this project, I can't wait to see what you do.
0:22:33 > 0:22:37I just hope you do it in three weeks and with your £12,000 budget.
0:22:37 > 0:22:41- I can assure you we will. - Good luck.- Thank you.
0:22:43 > 0:22:48You've got to love Adeola. She has a definite plan in place
0:22:48 > 0:22:52and she doesn't seem fazed about the lack of parking and the red route.
0:22:52 > 0:22:56Nothing her team of builders can't work around, apparently.
0:22:56 > 0:22:58Now, the question is,
0:22:58 > 0:23:03will they manage to do it in just three weeks and for £12,000?
0:23:03 > 0:23:05It does seem like a small budget for this property.
0:23:05 > 0:23:09You can find out if she does it later on in the programme.
0:23:09 > 0:23:14Coming up, I reckon the layout of this house could be improved.
0:23:14 > 0:23:19Take out that wall, create a really nice kitchen/family living area.
0:23:20 > 0:23:22We go back to London.
0:23:22 > 0:23:26Let's hope Adeola's client is as pleased as she is.
0:23:26 > 0:23:30It's really looking nice. I would love to live here myself.
0:23:32 > 0:23:36But first, we return to Stoke where money's been tight.
0:23:36 > 0:23:38We just thought, "We can't do it.
0:23:38 > 0:23:40"There's no way we can afford to do it."
0:23:44 > 0:23:46Back now to Trentham, Stoke-on-Trent,
0:23:46 > 0:23:48where, earlier in the programme,
0:23:48 > 0:23:52we showed how, back in 2008, Guy and his wife, Emma,
0:23:52 > 0:23:56had bought this three-bedroom detached house for 153,000.
0:23:58 > 0:24:01- Right. Just what we wanted, isn't it? - Yeah.
0:24:01 > 0:24:06They were returning home to Stoke from Birmingham to be near family.
0:24:06 > 0:24:08Guy's parents live next door
0:24:08 > 0:24:12and they had plans to extend their house on both sides.
0:24:12 > 0:24:16We came to look round and thought, "That's got great potential. We can have fun with this."
0:24:17 > 0:24:22But when we first returned in 2010, although they'd moved in,
0:24:22 > 0:24:24the extension plans were postponed
0:24:24 > 0:24:27because Guy's circumstances had changed.
0:24:27 > 0:24:31Unfortunately, he lost his job during the summer.
0:24:31 > 0:24:34Luckily, we put the plans on hold.
0:24:34 > 0:24:37We'd got them passed, but we didn't get the builders in.
0:24:37 > 0:24:41They modified their plans to extend only one side of the house
0:24:41 > 0:24:44and they weren't sure when the work would start.
0:24:48 > 0:24:50Well, another two years had passed
0:24:50 > 0:24:54when we returned to see the completed four-bedroomed house.
0:24:57 > 0:25:01The new extension blends seamlessly in with the original house,
0:25:01 > 0:25:03creating a very imposing property.
0:25:05 > 0:25:09There's a new wing on the right-hand side as you look from the front.
0:25:10 > 0:25:14Once inside, the entrance hall has been widened,
0:25:14 > 0:25:17using space from the former kitchen.
0:25:17 > 0:25:21The door leads to the new extension that's replaced the lean-to
0:25:21 > 0:25:22and the original garage.
0:25:24 > 0:25:27A stunning new kitchen has been created.
0:25:27 > 0:25:31It runs from the middle of the house to the back of the new extension.
0:25:33 > 0:25:37At the front, a bay-fronted family room adds extra accommodation,
0:25:37 > 0:25:40and Emma's delighted.
0:25:40 > 0:25:44This, before, was the old wooden lean-to, if you can remember.
0:25:44 > 0:25:46Really pleased with what we achieved in here.
0:25:46 > 0:25:47With it being so big,
0:25:47 > 0:25:52it gave us the opportunity to have a big family kitchen table and the island.
0:25:52 > 0:25:54We had some really good bargains in here.
0:25:54 > 0:25:58The kitchen cost us less than £3,000.
0:25:58 > 0:26:01The cooker should have been about £1,200 and we got it for £350.
0:26:01 > 0:26:05We used auction sites where possible
0:26:05 > 0:26:08and we used all our old appliances to try and save money as well.
0:26:08 > 0:26:12We managed to redesign it and have it all fitted and ready
0:26:12 > 0:26:14for less than £3,000.
0:26:16 > 0:26:18What was left of the former kitchen
0:26:18 > 0:26:22after the hall extension has become a utility room and loo.
0:26:23 > 0:26:25The front living room in the original house
0:26:25 > 0:26:28is currently an office,
0:26:28 > 0:26:31and the larger rear sitting room looks out onto the garden.
0:26:31 > 0:26:35As Guys explains, after a delayed start,
0:26:35 > 0:26:38there have been big changes here.
0:26:38 > 0:26:40Yeah, we've done a nine-month build on it
0:26:40 > 0:26:45and transformed it from two bedrooms and a large box
0:26:45 > 0:26:47to four double bedrooms.
0:26:47 > 0:26:51Big eat-in kitchen that we always wanted, and a second smaller lounge.
0:26:51 > 0:26:53And numerous bathrooms,
0:26:53 > 0:26:57which we certainly need now with three daughters.
0:26:57 > 0:26:59We've added one to the brood.
0:26:59 > 0:27:02We've extended the family as well as the house!
0:27:04 > 0:27:07It all happened at once - Baby Connie was born
0:27:07 > 0:27:11whilst the builders were still weeks away from completion.
0:27:11 > 0:27:15Her two sisters, Sky and Macy, and Guy and Emma,
0:27:15 > 0:27:19were living next door with Guy's parents for ten weeks.
0:27:21 > 0:27:24But the house is now finished.
0:27:24 > 0:27:28Upstairs, in the new extension, two new bedrooms have been built.
0:27:28 > 0:27:33The master bedroom has an ensuite and a wardrobe-cum-dressing area.
0:27:35 > 0:27:38In the original house, the small box bedroom
0:27:38 > 0:27:42and bathroom were knocked into one new family bathroom.
0:27:45 > 0:27:47The front bedroom is now a guest room.
0:27:49 > 0:27:51And the girls share the back bedroom.
0:27:54 > 0:27:56To save money, apart from the kitchen equipment,
0:27:56 > 0:27:58they sourced the doors, electrical fittings
0:27:58 > 0:28:01and plumbing themselves and made some considerable savings.
0:28:04 > 0:28:06We had some very large quotes from builders
0:28:06 > 0:28:09when we first started getting the quotes in for the extension.
0:28:09 > 0:28:13And that's why we started to say, "Right,
0:28:13 > 0:28:16"if these builders will allow us to source our own certain materials,
0:28:16 > 0:28:19"doors, windows, plumbers, etc, we'll be able to afford it."
0:28:19 > 0:28:22At the time we did it, there was great value out there, wasn't there?
0:28:22 > 0:28:25Being in Stoke as well, all the tiles and all those sort of extras...
0:28:25 > 0:28:28With Emma being heavily pregnant towards the end,
0:28:28 > 0:28:30we were going round these factory shops...
0:28:30 > 0:28:33They were getting me out as quickly as possible. "Take what you like!"
0:28:33 > 0:28:37..some of the deals she struck while the panic was in their eyes...
0:28:37 > 0:28:40"Don't worry, we'll load these in the car for you. Just go, please."
0:28:40 > 0:28:43- "Get going!"- "All the best with your journey ahead."
0:28:43 > 0:28:47So did the shrewd shopping pay off?
0:28:47 > 0:28:51What effect did it have on their £70,000 to £80,000 budget?
0:28:51 > 0:28:54We were absolutely disciplined on cost.
0:28:54 > 0:28:56We kept really on top of it
0:28:56 > 0:28:59and what the final outturn of the project would be.
0:28:59 > 0:29:02- 85 in the end.- Yeah.
0:29:02 > 0:29:07With the £153,000 they paid at auction,
0:29:07 > 0:29:11that takes the total outlay to £238,000.
0:29:12 > 0:29:15Outside, the back garden's lost no space at all
0:29:15 > 0:29:18because the extension replaced the old lean-to.
0:29:18 > 0:29:20It's a great family home.
0:29:20 > 0:29:23What do Sky and Macy think is the best part?
0:29:23 > 0:29:30I like that room when Sky lets me sit on the first cushion.
0:29:30 > 0:29:35From that door to where the island is, that's how big our kitchen was.
0:29:35 > 0:29:38Yes, quite a big change.
0:29:39 > 0:29:44But with the setbacks, it's taken four years to get this far.
0:29:44 > 0:29:47They'd initially delayed the start when Guy lost his job.
0:29:47 > 0:29:51He started another job but after redundancy there,
0:29:51 > 0:29:54he decided to set up in business with a colleague
0:29:54 > 0:29:55and that's been going well.
0:29:55 > 0:29:58So did anything else hold up the work?
0:29:58 > 0:30:01The reason we were a bit late on the whole project
0:30:01 > 0:30:04- was I think down to us. Me, really. - Yes.
0:30:04 > 0:30:08Cos another thing we decided to do ourselves was to actually demolish
0:30:08 > 0:30:10what was there existing,
0:30:10 > 0:30:12which was a really strong, substantial garage, etc,
0:30:12 > 0:30:16and that took me a few more weeks than was initially planned.
0:30:16 > 0:30:19Well, he may have been a demolition dad
0:30:19 > 0:30:22but Guy and Emma really have created a cracking conversion here.
0:30:24 > 0:30:29Time to hear what two local estate agents think of the house.
0:30:29 > 0:30:31My first impressions is they've done a really good job.
0:30:31 > 0:30:34They've made this property bigger with the extension.
0:30:34 > 0:30:36they've not killed the plot and kept the character in.
0:30:36 > 0:30:40This property works because it is so well-balanced.
0:30:40 > 0:30:44You've got what are three good reception rooms downstairs
0:30:44 > 0:30:47plus this living/dining kitchen.
0:30:47 > 0:30:50The reception room off the kitchen is a good idea. A family living space,
0:30:50 > 0:30:52you can watch the kids while cooking.
0:30:52 > 0:30:55The bedrooms upstairs are well sized, the extension bedrooms
0:30:55 > 0:30:58are quite well proportioned, bigger than a typical estate property.
0:30:58 > 0:31:00This is clearly a family home.
0:31:00 > 0:31:02The couple have no intention of renting it out
0:31:02 > 0:31:09but the agents think it could achieve between £995-1,100 per calendar month
0:31:09 > 0:31:12but what's it worth now if sold?
0:31:12 > 0:31:16Will it be more than the £238,000 they've invested here?
0:31:16 > 0:31:18If we were marketing this property today,
0:31:18 > 0:31:25we would be setting an asking price of £275,000.
0:31:25 > 0:31:27I'd put this property on the market for £275,000.
0:31:28 > 0:31:32That would generate a gross profit of £37,000
0:31:32 > 0:31:34before the usual selling expenses.
0:31:34 > 0:31:38I was just hoping we'd covered our costs really. So, right.
0:31:38 > 0:31:41- Right.- Now it's worth more, we can get on and do the rest of it.
0:31:41 > 0:31:43- Yeah, we can borrow some more money against it.- Yeah!
0:31:43 > 0:31:46No, that's a great figure.
0:31:46 > 0:31:50Would they consider taking their profit and selling up?
0:31:50 > 0:31:55- Tempted to sell? Well... - No.- No. No?- No.- No.
0:31:55 > 0:31:59Ooh, sounds like Guy was almost tempted for a second there!
0:31:59 > 0:32:03But it's no surprise that they want to live here after all their hard work.
0:32:05 > 0:32:07So what does the future hold?
0:32:07 > 0:32:11- We've got planning permission for the other side.- Yep.
0:32:11 > 0:32:15- Which has always interested us.- Yeah. - And that's certainly a possibility.
0:32:15 > 0:32:17And any more kids?
0:32:17 > 0:32:20Well, if we have any more kids we'll HAVE to do the extension, won't we?
0:32:20 > 0:32:24- Right.- So one would have to go with the other, really.- Interesting.
0:32:24 > 0:32:26- Yeah.- Four daughters.
0:32:26 > 0:32:27BABY GURGLES
0:32:27 > 0:32:33- That sounds a real plateful.- Yeah. - We'll see.
0:32:33 > 0:32:35To be continued.
0:32:37 > 0:32:41For the next property that went under the hammer,
0:32:41 > 0:32:45I'm in Westbury, a small town in Wiltshire.
0:32:45 > 0:32:49# On white horses, let me ride away... #
0:32:49 > 0:32:51Most famous for its picture of a white horse
0:32:51 > 0:32:54which adorns the side of Salisbury Plain above the town.
0:32:54 > 0:32:59# On white horses, snowy white horses... #
0:32:59 > 0:33:04The property I'm here to view is about 10 minutes' walk from the town centre.
0:33:04 > 0:33:07Well, off the main road, down this little alley,
0:33:07 > 0:33:11is the property I'm here to see so the good news straight away,
0:33:11 > 0:33:14at least you're away from the noise of the road.
0:33:14 > 0:33:18Guide price was £70,000, it's three bedrooms, let's take a look.
0:33:20 > 0:33:24So no parking right outside your door and shiver me timbers,
0:33:24 > 0:33:28the exterior woodwork is showing a bit of wear and tear.
0:33:30 > 0:33:36Er... Oh, straight away, nasty bit of damp on this wall. Look at that.
0:33:36 > 0:33:39Paperwork bulging, paint coming off.
0:33:39 > 0:33:42That is slightly concerning cos that is...
0:33:42 > 0:33:44Well, it's the actually the adjoining wall
0:33:44 > 0:33:45to the next-door property.
0:33:45 > 0:33:48So it could be a problem from their side which will obviously be harder
0:33:48 > 0:33:52to sort out than if it's something completely within your control.
0:33:52 > 0:33:54But entrance hall there, stairs up to the bedrooms.
0:33:54 > 0:33:57Through into your front living room.
0:33:57 > 0:34:01And as you can see, very old ceilings.
0:34:01 > 0:34:04They're going to have to either be skimmed over or, most likely,
0:34:04 > 0:34:08have that taken down and new plasterboard put in its place.
0:34:08 > 0:34:11Very old fireplace, you'd probably want to replace that.
0:34:11 > 0:34:16I'm more concerned, at the moment, about this general damp and rot.
0:34:16 > 0:34:20If we look down here at the skirting board there, nasty.
0:34:20 > 0:34:23There's only one way to really tell how bad it is. Ready?
0:34:28 > 0:34:30Ooh-err.
0:34:31 > 0:34:37Now, look how that's completely and utterly turned to powder.
0:34:38 > 0:34:39Mm.
0:34:41 > 0:34:46Not good. I reckon that could even be the dreaded dry rot.
0:34:46 > 0:34:50So, damp in the hall and dry rot in the living room.
0:34:50 > 0:34:53It seems wherever I go, this house is turning to dust.
0:34:55 > 0:34:57# I'm the sawdust man I'm the music man
0:34:57 > 0:34:59# I'm the talk of the town
0:35:00 > 0:35:03# Stick with me, my little baby
0:35:03 > 0:35:05# I won't let you down... #
0:35:05 > 0:35:08There's definitely money to be spent here.
0:35:08 > 0:35:10Let's hope it gets better towards the back of the house,
0:35:10 > 0:35:15where evidence of its previous residents remains -
0:35:15 > 0:35:16students, apparently.
0:35:16 > 0:35:21So, through to a rear living room area.
0:35:21 > 0:35:22This is quite interesting.
0:35:22 > 0:35:26You've got the kitchen on that side, which seems a little bit small,
0:35:26 > 0:35:28and you've got this area, which I think would be...
0:35:28 > 0:35:30Basically, take out that wall,
0:35:30 > 0:35:34create a really nice kitchen/family living area.
0:35:34 > 0:35:37That would also benefit from these doors out onto the garden.
0:35:37 > 0:35:41A really useful space. I think this could be the centre of the house.
0:35:41 > 0:35:42Yeah, good news.
0:35:42 > 0:35:47The garden is a decent size, so if you were to step out onto a new terrace,
0:35:47 > 0:35:50a kitchen-diner would be brilliant.
0:35:55 > 0:36:01Upstairs - in this house that went to auction guided at £70,000 plus -
0:36:01 > 0:36:03there's a bathroom and three bedrooms.
0:36:03 > 0:36:07Two are doubles, and there's a small single.
0:36:07 > 0:36:10Everything needs a general refurbishment
0:36:10 > 0:36:12and total redecoration.
0:36:13 > 0:36:15One thing you might anticipate having to do
0:36:15 > 0:36:18in any house of this age is replace the windows.
0:36:18 > 0:36:21It's a good opportunity to increase the thermal efficiency
0:36:21 > 0:36:24of the house in general, by putting in double glazing.
0:36:24 > 0:36:28In some instances, it is more urgent than others. In this case...
0:36:28 > 0:36:31Yeah, I think if I push too hard on that it would fall out.
0:36:31 > 0:36:34So definitely high on the list of jobs you need to do.
0:36:37 > 0:36:42So, what does a local estate agent make of this three-bed terrace?
0:36:42 > 0:36:44It needs quite a bit of work so will it be a wise buy,
0:36:44 > 0:36:46or a foolish purchase?
0:36:47 > 0:36:51The essential things that one would need to do to this house to make it
0:36:51 > 0:36:54re-saleable or re-letable would be mainly redecoration work.
0:36:54 > 0:36:58New kitchen, new carpet, work on the windows as well.
0:36:58 > 0:37:00A basic refurb job.
0:37:00 > 0:37:02The fact you can't drive up to the front door,
0:37:02 > 0:37:05that you are just off the main road on a communal pathway,
0:37:05 > 0:37:07will be some sort of issue and will put some people off,
0:37:07 > 0:37:10but I don't see it being too much of a negative factor.
0:37:10 > 0:37:13Once the work has been done to the property,
0:37:13 > 0:37:17will it make a good rental? What could it let out for?
0:37:17 > 0:37:19With regards renting this property out, I think as a three-bed,
0:37:19 > 0:37:22there is a good demand, there aren't many of them about.
0:37:22 > 0:37:25It is close to the town centre.
0:37:25 > 0:37:28In terms of a value for rental properties,
0:37:28 > 0:37:32you're probably looking about £550 to £575 per calendar month.
0:37:32 > 0:37:36Could there be a good sale return once it's done up?
0:37:36 > 0:37:39How much could it sell for after the refurbishment?
0:37:39 > 0:37:42If the property was done up and presented in good order,
0:37:42 > 0:37:46if one wanted to sell it on the open market,
0:37:46 > 0:37:49I would estimate a value somewhere in the region of £110,000.
0:37:49 > 0:37:52I think as a first-time buyer or investment property,
0:37:52 > 0:37:53there is a demand for it.
0:37:55 > 0:37:59Well, a few damp and rot issues and windows that need replacing,
0:37:59 > 0:38:03but all those would probably form part of any refurbishment anyway.
0:38:03 > 0:38:06So, keep a tight rein on the budget and it's a good one to go for.
0:38:06 > 0:38:09Let's see who bought it when it went under the hammer.
0:38:09 > 0:38:14We move on to lot 23 which has three bedrooms, a nice little terrace.
0:38:14 > 0:38:16Where are you going to start me?
0:38:16 > 0:38:1975, somebody? 70?
0:38:19 > 0:38:24You start and we'll get on. 65, OK, shall we? At 65. There we are at 65.
0:38:24 > 0:38:26At 66, we'll go in twos again, at 66,000.
0:38:26 > 0:38:2968, I'll take. 68 over there.
0:38:29 > 0:38:3070, fill it out.
0:38:30 > 0:38:3370 I've got, OK around the corner. Two, do you mean?
0:38:33 > 0:38:3972. At 72. 74? 76? At 76. £76,000.
0:38:39 > 0:38:42I'll take seven if you like, to help you on.
0:38:42 > 0:38:4577, I've got, OK. At 77.
0:38:45 > 0:38:49Now it's going to you, 78. 79 to you, sir? 79, OK.
0:38:49 > 0:38:51At 79,000. 80, I'll take.
0:38:51 > 0:38:54At £79,000, this gentleman sat down at 79.
0:38:54 > 0:38:5680, anybody else? Yes or no?
0:38:56 > 0:38:58otherwise it goes at £79,000 for the first time.
0:39:00 > 0:39:0379, then, for the second time. At 79, third and last time.
0:39:03 > 0:39:05Your number, sir, is...
0:39:07 > 0:39:11That final successful bid of £79,000 was made by Alan,
0:39:11 > 0:39:14who is based in Wiltshire with his partner, Julie.
0:39:17 > 0:39:19Alan's a retired paramedic manager.
0:39:19 > 0:39:23This was the first time the couple had bought a property at auction.
0:39:23 > 0:39:26I met up with them to hear about their plans.
0:39:26 > 0:39:31- Julie, Alan, lovely to meet you both.- Lovely.- Congratulations. - Thank you very much.
0:39:31 > 0:39:32Why did you want to buy this place?
0:39:32 > 0:39:36Well, we wanted to have a little bit of an investment
0:39:36 > 0:39:40and do something sensible with the little bit of money we had
0:39:40 > 0:39:42to try to make some interest.
0:39:42 > 0:39:44Have you done anything like this before?
0:39:44 > 0:39:49We did a house, finished it last year, similar sort of project.
0:39:49 > 0:39:53We were quite pleased with the outcome of that, so we thought we'd try again this year.
0:39:53 > 0:39:57What's the idea? Is it to buy it, do it up and sell it on, or rent it out?
0:39:57 > 0:40:00Hopefully rent it out. We'll see what it's like when it's done,
0:40:00 > 0:40:03but rent it out for a year, watch the market, see what we do after that.
0:40:03 > 0:40:08Alan's sister, Christine, has also invested financially in the project.
0:40:08 > 0:40:11But because she lives quite a distance away in Taunton,
0:40:11 > 0:40:15she won't be as hands-on as Alan and Julie.
0:40:15 > 0:40:17Tell me what you're going to do to the place.
0:40:17 > 0:40:21As you probably can see, we need a new bathroom, kitchen,
0:40:21 > 0:40:27window replacement, decorate throughout, have a look at the damp and see the causes, and rectify that.
0:40:27 > 0:40:29We need to have a look at the roof,
0:40:29 > 0:40:31there might be a bit of work I need to do up on the roof.
0:40:31 > 0:40:36Needs a little bit of love and affection and tidying up.
0:40:36 > 0:40:40Didn't want to spend too much to make it unaffordable,
0:40:40 > 0:40:43but we want it to be nice for whoever comes in.
0:40:43 > 0:40:45One of the bits of damp worried me a bit,
0:40:45 > 0:40:49because it's actually coming through the party wall with the next property.
0:40:49 > 0:40:50Any thoughts on what that might be?
0:40:50 > 0:40:54We have spoken to the neighbour, he's got a bit of damp his side.
0:40:54 > 0:40:56It may be that, um...
0:40:56 > 0:40:58He has had his damp treated, quite a while ago,
0:40:58 > 0:41:01but there's a soil pipe coming down inside the property.
0:41:01 > 0:41:04- A soil pipe?- A soil pipe.
0:41:04 > 0:41:07And the heating pipes are inside that cupboard.
0:41:07 > 0:41:11With a bit of luck, it might just be something as simple as that.
0:41:11 > 0:41:13What feel are you going for decoration?
0:41:13 > 0:41:17Just very clean, fresh, as light as possible so it appeals to a lot of people.
0:41:17 > 0:41:19And kitchen?
0:41:19 > 0:41:20Same, basic.
0:41:20 > 0:41:23- Wood, white?- Whatever's cheapest!
0:41:23 > 0:41:25OK! What ever the offer is in the DIY store.
0:41:25 > 0:41:28- Exactly.- That would be right, yeah.
0:41:30 > 0:41:34It always makes sense to hunt down bargains.
0:41:34 > 0:41:36And saving a few quid might come in handy
0:41:36 > 0:41:40if the damp does prove to be a bigger problem than they were expecting.
0:41:40 > 0:41:42Julie, what will your involvement be?
0:41:42 > 0:41:46Mainly painting, decorating, reparation work, that sort of thing.
0:41:46 > 0:41:48Nothing skilled, really. Just hard labour.
0:41:48 > 0:41:52- What do you do when you're not doing this?- I'm a paramedic.- Wow.
0:41:52 > 0:41:54Alan, what's your job when you're not doing this?
0:41:54 > 0:41:58I'm a retired paramedic manager. I still do a little bit of work.
0:41:58 > 0:42:03I do some work on one of your BBC programmes as an adviser.
0:42:03 > 0:42:05- Which one?- On Casualty.- Oh, great.
0:42:05 > 0:42:08What do you do on that? Making sure they're doing things right?
0:42:08 > 0:42:11That's the idea, yeah, that's the idea.
0:42:13 > 0:42:17Alan will do the bulk of the DIY and Julie will help with the painting,
0:42:17 > 0:42:21so if anyone can breathe new life into this property,
0:42:21 > 0:42:22it will be these two paramedics.
0:42:22 > 0:42:26# Cos I want you to save me
0:42:26 > 0:42:29# Just please save me
0:42:29 > 0:42:32# Save me...#
0:42:33 > 0:42:36So what's the budget for the work?
0:42:36 > 0:42:38We don't want to spend more than 5,000 probably.
0:42:38 > 0:42:415,000 quid. And timescale?
0:42:41 > 0:42:44Probably I'm looking for two months,
0:42:44 > 0:42:46depending on how good the weather is to me.
0:42:46 > 0:42:48And after this, any plans for more?
0:42:48 > 0:42:51Wait and see how this one goes,
0:42:51 > 0:42:54and if we get a tenant in, whether we sell it, wait and see.
0:42:54 > 0:42:58- We're kind of laid back on that sort of thing, aren't we?- Yeah.
0:42:58 > 0:42:59Great. Well, congratulations.
0:42:59 > 0:43:02- And we look forward to seeing how you get on.- Thank you.
0:43:02 > 0:43:07I think Alan and Judy have got themselves a nice, manageable little project here.
0:43:07 > 0:43:11The only concern is that damp cos tracing its source
0:43:11 > 0:43:13can sometimes be a real problem.
0:43:13 > 0:43:16How will they get on? You can find on later in the show.
0:43:19 > 0:43:21Time and tide wait for no-one,
0:43:21 > 0:43:24but in the property world, time usually means money.
0:43:24 > 0:43:28Let's go back and see how that time and money was spent.
0:43:31 > 0:43:35Earlier in the programme, in the North London suburb of Islington,
0:43:35 > 0:43:40a two-bed flat on the second floor of this block was bought for 278,000
0:43:40 > 0:43:45by a property company that Adeola works for as an acquisition agent.
0:43:45 > 0:43:50She'd tracked it down for a client who wanted a flat to rent out.
0:43:50 > 0:43:55Adeola's company would then manage the property for the client,
0:43:55 > 0:43:57by finding tenants to rent it.
0:43:57 > 0:43:59She thought this one was ideal.
0:43:59 > 0:44:03The person you've bought this on behalf of, have they seen the property?
0:44:03 > 0:44:04- Yes, they have.- What do they think?
0:44:04 > 0:44:07- They're happy with it.- They love it? - Love it. Yes.
0:44:07 > 0:44:09What changes are you going to make?
0:44:09 > 0:44:11We're going to reconfigure the bathroom
0:44:11 > 0:44:14and make it into a bath as opposed to the shower there at the moment.
0:44:14 > 0:44:16And what about the kitchen?
0:44:16 > 0:44:18We're going to make it really nice.
0:44:18 > 0:44:21A modern kitchen. It's going to have everything.
0:44:21 > 0:44:25Outside, the landlord of the whole block of flats
0:44:25 > 0:44:29was carrying out a maintenance programme on the communal areas.
0:44:32 > 0:44:36Well, it's now six weeks later and Adeola's invited us back
0:44:36 > 0:44:38to see the completed flat.
0:44:38 > 0:44:41The work on the communal areas is finished.
0:44:43 > 0:44:45And inside, the flat is looking great.
0:44:48 > 0:44:51Through the front door, the first room on the left
0:44:51 > 0:44:53that was the former shower room
0:44:53 > 0:44:57now has a new white suite and a bath has been installed.
0:44:59 > 0:45:03Apart from new plumbing, the flat's also been rewired
0:45:03 > 0:45:04and downlighters put in.
0:45:07 > 0:45:09Plus there's new flooring throughout.
0:45:09 > 0:45:12The new double-glazed windows reduce the outside noise,
0:45:12 > 0:45:15making the bedrooms much more inviting.
0:45:20 > 0:45:24That tatty kitchen has had a full refit...
0:45:25 > 0:45:30..and now looks much larger, as Adeola explains.
0:45:30 > 0:45:35There was a big cabinet here all the way to the top. We got rid of it.
0:45:35 > 0:45:39Changed the boiler to a combi boiler.
0:45:39 > 0:45:42Entirely new kitchen, tiles on the floor.
0:45:42 > 0:45:46Space for fridge and then a space for washing machine,
0:45:46 > 0:45:47and a cabinet as well.
0:45:47 > 0:45:50So far, so good. The client is happy with the outcome.
0:45:50 > 0:45:52The improvements continue in the living room,
0:45:52 > 0:45:57which has been neutrally decorated with new windows and carpeting.
0:45:58 > 0:46:04Adeola's client asked her to track down a suitable flat to let out,
0:46:04 > 0:46:07so what was his verdict on it?
0:46:07 > 0:46:09My client is quite happy with it.
0:46:09 > 0:46:10He's looked around, seen the changes
0:46:10 > 0:46:13and is happy with everything that he's seen.
0:46:14 > 0:46:18As an acquisition agent, Adeola's work starts at the beginning
0:46:18 > 0:46:20by finding the property,
0:46:20 > 0:46:23but was she involved in the refurbishment process?
0:46:23 > 0:46:25I didn't have to manage the builders.
0:46:25 > 0:46:30We have a project manager who does that, so he basically just comes back
0:46:30 > 0:46:33and gives me feedback of what's been going on.
0:46:34 > 0:46:36The report makes good reading.
0:46:36 > 0:46:37The flat's been transformed,
0:46:37 > 0:46:43and nowhere more so than in that tiny former shower room.
0:46:43 > 0:46:47The bathroom was quite small because there were so many wooden shelves
0:46:47 > 0:46:52and all that that were there, so we've taken everything out,
0:46:52 > 0:46:55and that's why we could fit in a bath in there.
0:46:55 > 0:46:58Adeola was adamant that the refurbishment
0:46:58 > 0:47:00would cost no more than £12,000.
0:47:00 > 0:47:03Did the team stick to that figure?
0:47:03 > 0:47:08We actually went over budget by 8,500
0:47:08 > 0:47:11because the doors were slightly more expensive.
0:47:11 > 0:47:14We decided to go for fire doors instead.
0:47:14 > 0:47:17And also the windows, we decided to go for double-glazed
0:47:17 > 0:47:19rather than normal windows.
0:47:19 > 0:47:21Money well spent, I'd say.
0:47:21 > 0:47:26The budget overspend takes the total to £13,500,
0:47:26 > 0:47:28but Adeola's company has found a tenant
0:47:28 > 0:47:30who's happy to take it unfurnished
0:47:30 > 0:47:32so they've saved money
0:47:32 > 0:47:35by not having to buy furniture to put in the flat.
0:47:35 > 0:47:38It was really in a mess, I must say,
0:47:38 > 0:47:41and what it looked like before and what it looks like now,
0:47:41 > 0:47:44there's a big, big difference.
0:47:44 > 0:47:47It was a dump site before but as you can see now,
0:47:47 > 0:47:49it's really looking nice.
0:47:49 > 0:47:52I would love to live here myself.
0:47:52 > 0:47:57With that £13,500 budget and the £278,000 purchase price,
0:47:57 > 0:48:01the total outlay here is £291,500.
0:48:03 > 0:48:06Time to hear what two local estate agents think
0:48:06 > 0:48:09of this converted second-floor flat.
0:48:09 > 0:48:11I think the property's fantastic.
0:48:11 > 0:48:13In terms of overall space, they've done very well.
0:48:13 > 0:48:15They've utilised the bathroom space very well
0:48:15 > 0:48:18and what they've done in the kitchen is excellent,
0:48:18 > 0:48:21so in both markets, it's an easy one for an estate agent to move.
0:48:21 > 0:48:23The bathroom's greatly improved with the bath.
0:48:23 > 0:48:25It gives the option to have either/or,
0:48:25 > 0:48:27which appeals to the wider market.
0:48:27 > 0:48:30The only negative thing in the property is the second bedroom,
0:48:30 > 0:48:32it's slightly smaller.
0:48:32 > 0:48:33I wouldn't say there are any negatives.
0:48:33 > 0:48:36They've made the absolute most of it and I'm very impressed.
0:48:36 > 0:48:42Is the flat worth more than £291,500?
0:48:42 > 0:48:44I'd suggest putting the apartment on the market
0:48:44 > 0:48:46for somewhere in the region of £340,000.
0:48:46 > 0:48:49We would put this on the market at £350,000.
0:48:49 > 0:48:53With that valuation range, there's a potential profit here
0:48:53 > 0:49:00of between £48,500 and £58,500, before tax and expenses.
0:49:00 > 0:49:02That's good.
0:49:02 > 0:49:06What rental income could the flat generate for Adeola's client?
0:49:06 > 0:49:09We could rent this per calendar month at £1,850.
0:49:09 > 0:49:12I would suggest putting the flat on the market
0:49:12 > 0:49:14for somewhere in the region of £1,800 per calendar month.
0:49:14 > 0:49:19I feel that's a bit low, cos at the moment we have on offer
0:49:19 > 0:49:25of £470 per week unfurnished, which comes to 2,036 per month.
0:49:26 > 0:49:31Adeola gets that monthly rental figure of £2,036
0:49:31 > 0:49:36by multiplying the weekly amount by 52, then dividing by 12.
0:49:38 > 0:49:43Since filming, the tenant has moved in and is paying £470 a week.
0:49:43 > 0:49:47That equates to a healthy yield of around 8.5%.
0:49:47 > 0:49:50So job well done, Adeola.
0:49:50 > 0:49:52Will she be heading back to auction again?
0:49:54 > 0:49:56Definitely go back to the auction again.
0:49:56 > 0:50:00It's been absolutely amazing, and the client is absolutely happy.
0:50:00 > 0:50:04I think we've all really done a good job. It's a good achievement.
0:50:13 > 0:50:17We return now to the Wiltshire town of Westbury,
0:50:17 > 0:50:21where earlier in the programme, Alan, a retired paramedic manager,
0:50:21 > 0:50:26and his partner, Julie, had bought this three-bedroom mid-terrace cottage for 79,000.
0:50:26 > 0:50:29It was a joint investment with Alan's sister, Christine.
0:50:32 > 0:50:34The house had been used by students,
0:50:34 > 0:50:37but the graffiti wasn't the main problem.
0:50:37 > 0:50:41There were signs of damp, which needed investigating.
0:50:41 > 0:50:45Tell me what you're going to do to the place.
0:50:45 > 0:50:49We need a new bathroom, kitchen, window replacement,
0:50:49 > 0:50:51decorate throughout, have a look at the damp
0:50:51 > 0:50:54and see the causes of the damp and rectify that.
0:50:54 > 0:50:57So what's the idea, Julie - to sell it on or rent it out?
0:50:57 > 0:51:00Hopefully rent it out. We'll see what it's like when it's done,
0:51:00 > 0:51:03but rent it out for a year and then watch the market after that.
0:51:04 > 0:51:06Two and a half months later,
0:51:06 > 0:51:09we met Alan and Julie back at the cottage again.
0:51:09 > 0:51:13A new front door and replacement windows have been installed.
0:51:14 > 0:51:19Inside, the front living room has lost the old fire surround
0:51:19 > 0:51:22and the freshly-decorated room now has laminate flooring
0:51:22 > 0:51:23and a new ceiling.
0:51:26 > 0:51:28At the back of the cottage,
0:51:28 > 0:51:31the graffiti has gone from the dining room.
0:51:31 > 0:51:33New floor tiles has been laid,
0:51:33 > 0:51:36but the wall hasn't been removed to open up the kitchen.
0:51:39 > 0:51:41But with matching floor tiles,
0:51:41 > 0:51:45a new ceiling, plus new units,
0:51:45 > 0:51:47the kitchen is a vast improvement.
0:51:47 > 0:51:50Why did Alan change his mind about the wall?
0:51:53 > 0:51:56We chose not to take the wall down and make it into one big room
0:51:56 > 0:51:58because it's a structural wall,
0:51:58 > 0:52:02and there's quite a lot of work to put RSJs in and do that sort of work,
0:52:02 > 0:52:06so we opted not to take it out and leave it as two separate rooms.
0:52:06 > 0:52:10Time will tell whether that was the right decision or not,
0:52:10 > 0:52:12but the layout still works here.
0:52:14 > 0:52:17Upstairs, the three bedrooms have new carpets,
0:52:17 > 0:52:19and a neutral colour scheme.
0:52:19 > 0:52:23I'm pleased the rear bedroom has retained the original fireplace,
0:52:23 > 0:52:25and the house is a lot warmer
0:52:25 > 0:52:28now that the rotten windows have been replaced.
0:52:28 > 0:52:31The layout in the bathroom hasn't changed
0:52:31 > 0:52:34but the dated decor and the suite certainly have.
0:52:36 > 0:52:41So how did Julie and Alan divide up the work?
0:52:41 > 0:52:43Alan obviously did the majority of the skilled stuff.
0:52:43 > 0:52:47I did the painting and decorating, a lot of sanding,
0:52:47 > 0:52:50nothing too skilled, and making tea of course.
0:52:50 > 0:52:53# She's always brewing up tea
0:52:53 > 0:52:55# Have a cup of tea...#
0:52:58 > 0:53:03Well, you should never underestimate the importance of a good cup of tea
0:53:03 > 0:53:07in this line of work, so Julie played a vital role.
0:53:07 > 0:53:09We worked really well together.
0:53:09 > 0:53:14It's been hard and it's stressful at times, but we got through.
0:53:14 > 0:53:18Outside, the garden's been tidied, new fencing's been erected,
0:53:18 > 0:53:21but what about the damp issues inside?
0:53:23 > 0:53:26Nasty bit of damp on this wall. Look at that.
0:53:26 > 0:53:28Paperwork bulging, paint coming off.
0:53:28 > 0:53:32Did Alan manage to track down the cause and get it sorted?
0:53:32 > 0:53:35I had a little bit of a leak in one of the down-pipes,
0:53:35 > 0:53:39which was a big cause of the problem but I took off all of the plaster
0:53:39 > 0:53:43around the front of the property, treated with a damp injection,
0:53:43 > 0:53:46finished off all the rendering and painting - it's a done deal.
0:53:46 > 0:53:47We're very pleased.
0:53:47 > 0:53:49What about the finances?
0:53:49 > 0:53:51Did they manage to keep within their tight budget?
0:53:54 > 0:53:58We originally set a budget of 5,000, which was a bit ambitious.
0:53:59 > 0:54:01And we came in on budget.
0:54:01 > 0:54:02Good going -
0:54:02 > 0:54:06with replacement windows and a new bathroom and kitchen.
0:54:06 > 0:54:08So what's their secret?
0:54:08 > 0:54:12Shop around, buy things when they're on special offer,
0:54:12 > 0:54:15don't just buy them when you need them,
0:54:15 > 0:54:18and be very careful where you spend money on the little things, cos they add up.
0:54:18 > 0:54:23That £5,000 plus the 79,000 they paid at auction
0:54:23 > 0:54:28means the total outlay here is £84,000.
0:54:28 > 0:54:31How does Alan feel now that the cottage is finished?
0:54:31 > 0:54:32It's a great relief!
0:54:32 > 0:54:35I'm going to have a little bit of time off
0:54:35 > 0:54:39cos we've put a lot of time and effort in over the last few weeks
0:54:39 > 0:54:41so we're going to have a little break
0:54:41 > 0:54:43and then have a look and see what else is about.
0:54:43 > 0:54:48Time to hear the opinions of two local estate agents.
0:54:48 > 0:54:49I think it's fab.
0:54:49 > 0:54:54The decor is certainly a lot better, neutral, contemporary flooring,
0:54:54 > 0:54:57and they've really made the most of the fireplaces.
0:54:57 > 0:54:59Very impressed. Beautiful inside.
0:54:59 > 0:55:02I can't believe what they've managed to achieve in such a short time.
0:55:02 > 0:55:04Very, very nice property.
0:55:04 > 0:55:07I think it's a great three-bedroom family house
0:55:07 > 0:55:08with a good garden, close to town.
0:55:08 > 0:55:13Alan and his sister have invested £84,000 here,
0:55:13 > 0:55:15so how much is the property now worth?
0:55:15 > 0:55:21I would be valuing this property between 115 to £120,000.
0:55:21 > 0:55:24I would put it on the market for £115,000.
0:55:24 > 0:55:28So if they were to sell, those valuations would generate
0:55:28 > 0:55:32a gross profit of between 31 and £36,000
0:55:32 > 0:55:34after the usual selling expenses,
0:55:34 > 0:55:39but the plan is to rent it out, so what income could that achieve?
0:55:39 > 0:55:44For rental, I would expect it to achieve £575 per calendar month.
0:55:44 > 0:55:46I think you'd be looking at somewhere in the region of
0:55:46 > 0:55:48£620 per calendar month.
0:55:48 > 0:55:52Those valuations would generate a yield of between 8 and 9%
0:55:52 > 0:55:56and that's a great reward for reining in that budget.
0:55:59 > 0:56:01- That's very nice.- Not bad.
0:56:01 > 0:56:04We have actually got a tenant lined up, who's moving in tomorrow.
0:56:04 > 0:56:08It's actually one of the neighbours to the property, his daughter,
0:56:08 > 0:56:11so we were obviously here one day and he came up and said,
0:56:11 > 0:56:15would we be interested in renting it to his daughter, which is perfect.
0:56:15 > 0:56:19That was very nice. No advertising. No agents' fees.
0:56:19 > 0:56:20We're very pleased.
0:56:20 > 0:56:22No wonder!
0:56:22 > 0:56:25No costly fees to pay and a ready-made tenant from next door.
0:56:27 > 0:56:30She'll be paying £525 a month.
0:56:30 > 0:56:33That's what I call a result.
0:56:33 > 0:56:35# R-E-S-U-L-T
0:56:35 > 0:56:38# Oh, what a result
0:56:38 > 0:56:41# To end up with you by my side
0:56:41 > 0:56:45# Oh, what a result
0:56:45 > 0:56:49# Top of the league On a winning streak... #
0:56:51 > 0:56:55We hope you've enjoyed watching today's property portfolio.
0:56:55 > 0:56:58Join us next time for more brave buyers' experiences,
0:56:58 > 0:57:00here on Homes Under The Hammer.
0:57:00 > 0:57:02- Goodbye.- Goodbye.
0:57:23 > 0:57:26Subtitling by Red Bee Media Ltd