0:00:02 > 0:00:03Welcome to the show!
0:00:03 > 0:00:04If you're interested in buying property,
0:00:04 > 0:00:07you'll want to make sure you do that at the right price.
0:00:07 > 0:00:09How do you know what the market is doing?
0:00:09 > 0:00:11Is it going up or is it going down?
0:00:11 > 0:00:15Well, one way to find out is to take a trip to your local auction house.
0:00:41 > 0:00:45Now, auctions are really exciting and you can easily be tempted
0:00:45 > 0:00:49to buy, but to guarantee success you need to do your homework first.
0:00:49 > 0:00:52Let's find out what properties created interest
0:00:52 > 0:00:54at the auctions on today's show.
0:00:56 > 0:01:00There are big decisions to be made at this farmhouse in Kent
0:01:00 > 0:01:02but who's going to make them?
0:01:02 > 0:01:05There probably will be a few little arguments but
0:01:05 > 0:01:08because there's five of us there'll always be a casting vote, I think.
0:01:11 > 0:01:13There's space to consider in Stoke.
0:01:14 > 0:01:16It's an attic space.
0:01:16 > 0:01:1730 here.
0:01:17 > 0:01:19These properties have been sold at auction.
0:01:19 > 0:01:22We'll find out who bought them and what they paid for them
0:01:22 > 0:01:23when they went under the hammer.
0:01:23 > 0:01:25You bought it, sir, well done.
0:01:28 > 0:01:31I'm in Kent, in the popular market town of Sandwich,
0:01:31 > 0:01:34and I've got a big appetite for finding a property
0:01:34 > 0:01:36that I can really get my teeth stuck into.
0:01:37 > 0:01:39So, here it is.
0:01:39 > 0:01:42It's a pair of semis.
0:01:42 > 0:01:45Well, it looks like one big old farmhouse.
0:01:45 > 0:01:49Now, it could be very attractive from the outside.
0:01:49 > 0:01:54The guide price at auction was set at £150,000-£160,000.
0:01:54 > 0:01:58You're surrounded by all these fields. I'm quite excited.
0:02:00 > 0:02:03But before I get overexcited...
0:02:03 > 0:02:04Aha, now.
0:02:04 > 0:02:07The first problem, before I even get in the front door...
0:02:08 > 0:02:12..cracks, lots of them! Come and have a look at this. Look.
0:02:12 > 0:02:14Now, it really does concern me
0:02:14 > 0:02:17because you can see the lintel is actually cracked.
0:02:17 > 0:02:22Look, there's a big one there, over here. Even down on here.
0:02:22 > 0:02:25Is there problems with the foundations? Has this house moved?
0:02:25 > 0:02:28Does it have subsidence?
0:02:28 > 0:02:31I'd definitely want to get that looked at thoroughly before I even
0:02:31 > 0:02:32thought about buying this.
0:02:34 > 0:02:36There's an air of abandonment about this property.
0:02:36 > 0:02:39It's been split into two houses
0:02:39 > 0:02:42and it's been a while since anyone showed either a bit of love.
0:02:44 > 0:02:49So, from the door to cottage number one. Straight into the lounge here.
0:02:49 > 0:02:52Not a bad space. Little bit disappointing, actually, I thought
0:02:52 > 0:02:56there might be a bit more character - a nicer fireplace,
0:02:56 > 0:02:58traditional windows, perhaps.
0:02:58 > 0:03:00You do have a nice outlook, a lovely big field,
0:03:00 > 0:03:04lots of open space to look at. Bit of storage in here.
0:03:04 > 0:03:08But I can see there's a heater so there's no central heating.
0:03:08 > 0:03:12It feels cold, it feels as though nobody's lived here for many years.
0:03:12 > 0:03:14But a nice spacious kitchen.
0:03:14 > 0:03:16Really good size.
0:03:16 > 0:03:19Downstairs bathroom and
0:03:19 > 0:03:24no access to out there, because that little bit of garden
0:03:24 > 0:03:28belongs to house number two which is round there.
0:03:28 > 0:03:29Bit of a shame, that.
0:03:30 > 0:03:34However, this cottage does come with the land to the front
0:03:34 > 0:03:36so it's not all bad news.
0:03:36 > 0:03:38Well, unless you don't have a lawnmower, that is.
0:03:41 > 0:03:44So, upstairs in the cottage you've got two double bedrooms.
0:03:44 > 0:03:47Really good sizes, actually.
0:03:47 > 0:03:51And I think, once upon a time, this area was completely boarded up.
0:03:51 > 0:03:53But if I was to open the door...
0:03:53 > 0:03:55De-de-de...
0:03:55 > 0:03:56Look!
0:03:56 > 0:03:59That is cottage number two.
0:04:01 > 0:04:02And what a state.
0:04:04 > 0:04:08What a contrast. The first property needed modernising, but this needs,
0:04:08 > 0:04:11well, a complete renovation.
0:04:11 > 0:04:15# There's a house on my block
0:04:15 > 0:04:19# That's abandoned and cold
0:04:21 > 0:04:26# And the folks moved out of it a long time ago... #
0:04:26 > 0:04:29The property was originally one farmhouse which has been
0:04:29 > 0:04:32extended and then subdivided over the years.
0:04:32 > 0:04:35But there are definitely bits of history here
0:04:35 > 0:04:36I could well do without.
0:04:39 > 0:04:43Like its neighbour, it's got two double bedrooms upstairs
0:04:43 > 0:04:46and a living room, kitchen and bathroom downstairs.
0:04:46 > 0:04:48And it's in a sorry old state.
0:04:51 > 0:04:55Also with this lot, well, you get a huge barn.
0:04:56 > 0:04:59It, well, looks nice but it takes up most of the garden space
0:04:59 > 0:05:03so I think I'd be inclined to probably get rid of it.
0:05:03 > 0:05:06So, that leaves us with these two cottages.
0:05:06 > 0:05:10Now, you could make it into one big, large family dwelling.
0:05:10 > 0:05:13You would need planning permission to do that and sometimes
0:05:13 > 0:05:17councils are not that keen to lose housing stock in this way.
0:05:17 > 0:05:19But I think, in this case, where the property
0:05:19 > 0:05:22was so obviously one house originally,
0:05:22 > 0:05:23I think you might just get the go-ahead.
0:05:23 > 0:05:27Whether it's financially the best option, well, that's another matter.
0:05:27 > 0:05:31Or how about losing the barn, as I suggested earlier,
0:05:31 > 0:05:33and - come with me -
0:05:33 > 0:05:36extending right the way out to the side here
0:05:36 > 0:05:39and squeezing in another cottage down there?
0:05:39 > 0:05:41Then you could make three.
0:05:41 > 0:05:44You've got quite a lot of options with this plot and it all depends
0:05:44 > 0:05:48on what your requirements are and if profit is important to you.
0:05:49 > 0:05:50So, it's one house,
0:05:50 > 0:05:54two semis or a three cottage terrace with a guide price
0:05:54 > 0:06:00of between 150,000-160,000. There could be a good investment here.
0:06:00 > 0:06:03The question is which is the right one?
0:06:03 > 0:06:06Perhaps a local property expert could solve the puzzle.
0:06:06 > 0:06:10I think with this house, it stands well as a pair
0:06:10 > 0:06:13and has been used as that for many years.
0:06:13 > 0:06:17It would make sense to continue that use.
0:06:17 > 0:06:20Supposing the cottages remained as two-bedroom semis,
0:06:20 > 0:06:22what would they rent for?
0:06:22 > 0:06:26Rental value of a two-bed cottage, with parking, here in Sandwich,
0:06:26 > 0:06:29is going to be region of £600 per calendar month.
0:06:30 > 0:06:33And what if it was resold?
0:06:33 > 0:06:35A two-bedroom cottage here, with parking,
0:06:35 > 0:06:40is going to be £165,000-£175,000 each.
0:06:41 > 0:06:45But what if the new owner did decide to join the cottages back up again?
0:06:46 > 0:06:48If this was made into a nice four-bedroom house,
0:06:48 > 0:06:52and with the benefit of the barn, it's going to be certainly £400,000.
0:06:53 > 0:06:57Well, will two become one? Or even three?
0:06:57 > 0:07:02Will this duo of cottages become one big family house or will
0:07:02 > 0:07:06the new owner decide two separate semis is the best way to go?
0:07:06 > 0:07:10Whatever option they go for, they have got a lot of work to do first.
0:07:10 > 0:07:14So, let's find out who bought it at the auction.
0:07:14 > 0:07:17Got a guide of 150-160, and what may I say?
0:07:17 > 0:07:19Does that mean 140? 140, thank you.
0:07:19 > 0:07:22144 is bid. And 146?
0:07:22 > 0:07:25146 and 148. And 150?
0:07:27 > 0:07:30Yes? 150. 152?
0:07:30 > 0:07:34No? At £150,000, gentleman's bid on my right-hand side.
0:07:34 > 0:07:38152 and 155. 158?
0:07:38 > 0:07:42158 and 160? 162.
0:07:42 > 0:07:46He's come back, 162, the bid. 165, sir? 165.
0:07:46 > 0:07:49168? He's now walking away.
0:07:49 > 0:07:53At 165,000, then, for the first time...
0:07:53 > 0:07:56..165,000 for the second time,
0:07:56 > 0:08:01165,000, third and final time, are you all done?
0:08:01 > 0:08:03Sold at 165,000.
0:08:04 > 0:08:07And that successful bid was from Oliver.
0:08:07 > 0:08:10He paid £165,000 for the cottages.
0:08:10 > 0:08:12Oliver is a retired building surveyor
0:08:12 > 0:08:15and has bought the property with his wife and three of his children.
0:08:17 > 0:08:20I met up with them to find out what their plans were.
0:08:20 > 0:08:23First, I chatted to Oliver and wife Amanda.
0:08:23 > 0:08:25Congratulations.
0:08:25 > 0:08:28You've bought yourself something serious here at auction.
0:08:28 > 0:08:29Is this a family affair,
0:08:29 > 0:08:33- have you all pooled together as a family to buy this?- Yes, we have.
0:08:33 > 0:08:35All of our children inherited some money from a relative
0:08:35 > 0:08:39a few years ago and it's been sitting in the bank since then.
0:08:39 > 0:08:42We've been talking about the idea of having a family consortium
0:08:42 > 0:08:44and this was the one that just fell in place.
0:08:44 > 0:08:46So, Amanda, how do you feel about this?
0:08:46 > 0:08:48Oh, quite excited, actually.
0:08:48 > 0:08:51Yes, I think it's nice to have a project
0:08:51 > 0:08:53that we can all be involved in.
0:08:54 > 0:08:58Oldest daughter Emma has already invested in her own separate project.
0:08:58 > 0:09:01So this family have a keen interest in property.
0:09:01 > 0:09:03Perhaps they get that from their dad.
0:09:03 > 0:09:06Oliver is a retired surveyor and conservations officer
0:09:06 > 0:09:08and now works as a consultant.
0:09:08 > 0:09:12He's restored many properties before and now he has big plans
0:09:12 > 0:09:14to bring this property back to life.
0:09:14 > 0:09:18We think we can probably get planning consent for a substantial
0:09:18 > 0:09:20extension on the road end.
0:09:20 > 0:09:24And, if that were to be successful, then we think we can get
0:09:24 > 0:09:29two three-bedroom semidetached cottages, quite spacious cottages.
0:09:29 > 0:09:31So, what sort of budget are you looking at for the work here?
0:09:31 > 0:09:35We've got £30,000 allocated to this job.
0:09:35 > 0:09:38And, now, if we end up just refurbishing what we've got
0:09:38 > 0:09:40- that's going to easily cope with it. - Sufficient.
0:09:40 > 0:09:44If we end up building a new extension then we're going to require some
0:09:44 > 0:09:49more funds, in which case we'll just chip in with some more to do that.
0:09:49 > 0:09:52I think you'll need to clear that with the rest of the family first!
0:09:52 > 0:09:55Talking of which, let's hear from the kids.
0:09:55 > 0:09:58Sophie, Alex, John, congratulations.
0:09:58 > 0:10:01I love it that this really is one big family affair.
0:10:01 > 0:10:05Now, your mum and dad said you've all contributed to this project.
0:10:05 > 0:10:08And what a project! How do you feel about it?
0:10:09 > 0:10:12Yeah, it needs a lot of work but, yeah.
0:10:12 > 0:10:14I'm sure we're all going to get involved and do a bit,
0:10:14 > 0:10:18do as much of it as we can ourselves so, yeah, looking forward to it.
0:10:18 > 0:10:19Alex, do you have any experience?
0:10:19 > 0:10:22Because your dad is counting on you guys helping him out, you know.
0:10:22 > 0:10:25Not really. I've been out on a few jobs with my dad,
0:10:25 > 0:10:27to get a little bit of experience,
0:10:27 > 0:10:31but this is going to be, sort of, the main one for me
0:10:31 > 0:10:33in learning a lot about construction and stuff like that,
0:10:33 > 0:10:35so it should be good.
0:10:35 > 0:10:37And Sophie, how involved are you going to get?
0:10:37 > 0:10:40Erm, I think the boys are going to be more hands-on,
0:10:40 > 0:10:43and me and Mum are, sort of, going to be in charge of, like, finances
0:10:43 > 0:10:46and things like that. I'll still get my hands dirty and help out.
0:10:46 > 0:10:48- So, yeah, it's really exciting. - Yeah.
0:10:48 > 0:10:50Do you really think you're all going to get on?
0:10:50 > 0:10:54- Any family squabbles?- There probably will be a few. There'll be arguments,
0:10:54 > 0:10:58but because there's five of us, there'll always be a casting vote, I think, so...
0:10:58 > 0:11:00Good luck. It's a really exciting project,
0:11:00 > 0:11:02I can't wait to see the outcome.
0:11:02 > 0:11:04- ALL:- Thank you.
0:11:04 > 0:11:07This really is going to be a family affair.
0:11:07 > 0:11:10Oliver, Amanda and three of their kids, well,
0:11:10 > 0:11:14they're taking on this project and hoping to make money out of it.
0:11:14 > 0:11:16But will they get planning permission to extend,
0:11:16 > 0:11:21and will there be one, two or even three cottages here?
0:11:22 > 0:11:26Will it be a case of family feuds or fun times for all?
0:11:26 > 0:11:29You can find out how it goes later on in the programme.
0:11:33 > 0:11:35I'm in Heron Cross in Staffordshire,
0:11:35 > 0:11:39and that there is one of the last remaining bottle ovens
0:11:39 > 0:11:44that's actually standing in a pottery, literally, built into the building itself.
0:11:44 > 0:11:46Fascinating and beautiful.
0:11:46 > 0:11:49# Message in a bottle... #
0:11:50 > 0:11:53These legacies of the heydays of the potteries
0:11:53 > 0:11:55are very much part of the character of places
0:11:55 > 0:11:59like Heron Cross, which is a suburb just outside Stoke.
0:11:59 > 0:12:01There are good commuter options via the A50 for the likes
0:12:01 > 0:12:04of Derby and Uttoxeter.
0:12:05 > 0:12:10Well, close to the A50 is the property I'm here to see.
0:12:10 > 0:12:13So, would someone be taking pot luck if they decide to go for it?
0:12:13 > 0:12:18Well, I don't think so. Three-bedroomed mid-terrace.
0:12:18 > 0:12:20Very typical of the area.
0:12:20 > 0:12:23Guide price was £50,000 plus. Let's take a look.
0:12:25 > 0:12:28Oh, nice to see that. Bit of porch action going on.
0:12:28 > 0:12:31I love porches, they're brilliant at keeping the cold
0:12:31 > 0:12:35and the rain and the whatever noise out of the main part of the house.
0:12:35 > 0:12:37And that's actually quite pleasant.
0:12:37 > 0:12:40Big ceilings. High ceilings.
0:12:40 > 0:12:47Good-sized space, and then I really like this open-plan stairway.
0:12:47 > 0:12:51It really gives... I don't know, it opens up the room.
0:12:51 > 0:12:53In these kind of properties it's always a bit of a question,
0:12:53 > 0:12:54where do you put the stairs?
0:12:54 > 0:12:57Sometimes they're in the middle, sometimes they're round the edge.
0:12:57 > 0:13:00But I think that actually works very well.
0:13:00 > 0:13:02And, in fact...
0:13:02 > 0:13:04..everything's looking pretty good.
0:13:04 > 0:13:06- HE CHUCKLES - Continues! Look at this kitchen.
0:13:06 > 0:13:09OK, it might not be to everyone's taste, but...
0:13:09 > 0:13:12..pretty good condition. I mean, a bit of a sparkle up,
0:13:12 > 0:13:16a bit of a, you know, professional clean in here,
0:13:16 > 0:13:18and I'd say this was usable as it is.
0:13:18 > 0:13:23Classic layout, loo at the back, with your bathroom there.
0:13:23 > 0:13:26All in all, fantastic little place.
0:13:27 > 0:13:30Time I took a look up those open-plan stairs
0:13:30 > 0:13:32to see if the joy continues.
0:13:35 > 0:13:40So, upstairs and lots of space. Just a bit of an odd layout.
0:13:40 > 0:13:43You've got the bedroom at the front, there, then a little corridor area
0:13:43 > 0:13:45there leading to a small bedroom there.
0:13:45 > 0:13:47And this, the third, fairly small bedroom.
0:13:47 > 0:13:51I don't know what you could do to change this around
0:13:51 > 0:13:56but it is slightly small in comparison to the downstairs.
0:13:56 > 0:14:02However, this house has one little trick up its sleeve.
0:14:02 > 0:14:04Yes, if you think that's a cupboard over there to the right,
0:14:04 > 0:14:07you'd be wrong, because behind it is a staircase leading up
0:14:07 > 0:14:10to our surprise addition.
0:14:10 > 0:14:12It's an attic space. Now, it's been boarded out
0:14:12 > 0:14:15but my guess is this wouldn't meet any building regulations.
0:14:15 > 0:14:19So, storage, play area but not a bedroom.
0:14:19 > 0:14:22An internal playroom would be the icing on the cake
0:14:22 > 0:14:23in terms of a family home.
0:14:23 > 0:14:28Except for one thing - the outside space is hardly generous.
0:14:28 > 0:14:31However, the inside is in good nick,
0:14:31 > 0:14:34and for a guide price of 50,000, there isn't a lot to do.
0:14:36 > 0:14:39Does a local estate agent rate this property?
0:14:42 > 0:14:45First impressions of this property are that it's a good size.
0:14:45 > 0:14:49And that it's not in too bad condition at all.
0:14:50 > 0:14:54There's even good news on that cramped outside space.
0:14:54 > 0:14:57Behind the yard there is access to a communal garden
0:14:57 > 0:14:58maintained by the council.
0:15:00 > 0:15:05What sets it apart from its compatriots is the communal garden.
0:15:05 > 0:15:09Having sold properties with those recently, they are very popular.
0:15:10 > 0:15:14But is there anything to be made in terms of profit from this property?
0:15:14 > 0:15:17What would it fetch on the open market?
0:15:17 > 0:15:21With a little bit of money spent on it, this property is going
0:15:21 > 0:15:24to be worth somewhere between £60,000-£65,000.
0:15:24 > 0:15:28Well, if that guide price of £50,000 plus is anything to go by,
0:15:28 > 0:15:30then whoever buys this low-maintenance pad
0:15:30 > 0:15:32is in for a healthy profit.
0:15:32 > 0:15:35But how would it do in the rental stakes?
0:15:35 > 0:15:40With, again, a little bit of work done, for the rental market
0:15:40 > 0:15:48I would suggest a figure of somewhere between £425-£475 per calendar month.
0:15:49 > 0:15:51Well, I don't know about you, but I think this is
0:15:51 > 0:15:55a lot of property for that £50,000 plus guide price.
0:15:55 > 0:15:57A great one to go for.
0:15:57 > 0:15:59Let's see who agreed when it went under the hammer.
0:15:59 > 0:16:01Lot 70, back to Stoke-on-Trent.
0:16:01 > 0:16:05Three-bedroom mid-terrace house, communal garden,
0:16:05 > 0:16:08through lounge, diner-kitchen, double glazing, gas, central heating.
0:16:08 > 0:16:10So, lot 70. Guiding this at 50.
0:16:10 > 0:16:12Shall we say 40 to start?
0:16:13 > 0:16:1740 bid on the back row. At £40,000.
0:16:17 > 0:16:20At £40,000. 42 can I say now?
0:16:20 > 0:16:23At £40,000, standing at the back.
0:16:23 > 0:16:26At £42,000. 44?
0:16:27 > 0:16:30£44,000. 46?
0:16:30 > 0:16:32£46,000.
0:16:32 > 0:16:3648? £48,000. 50?
0:16:38 > 0:16:41At £48,000.
0:16:41 > 0:16:44Do you want to go one?
0:16:44 > 0:16:49You do. £49,000. 50? £50,000.
0:16:49 > 0:16:51Another one?
0:16:53 > 0:16:57No? £50,000 then, against the back wall.
0:16:57 > 0:17:00At £50,000, I'm selling it. Are we all done?
0:17:00 > 0:17:05£50,000, then, for the first time, £50,000 for the second time,
0:17:05 > 0:17:08third and final time, at £50,000...
0:17:08 > 0:17:10You bought it, sir, well done.
0:17:10 > 0:17:14Sold to one very chuffed Rob who's got himself a very nice, roomy
0:17:14 > 0:17:17three-bed house for a mere £50,000.
0:17:17 > 0:17:18Nice one.
0:17:18 > 0:17:20Rob has a bouncy castle business
0:17:20 > 0:17:23and is building up a property portfolio.
0:17:23 > 0:17:28I met him and his dad at the house to find out what their plans are.
0:17:28 > 0:17:30- Rob, Bob, great to meet you both. - How do you do?- You all right?
0:17:30 > 0:17:33Good. Yeah. Congratulations.
0:17:33 > 0:17:35Tell me why you wanted to buy this place.
0:17:35 > 0:17:38Well, I've got a few in the area. This came up for auction.
0:17:38 > 0:17:41- Thought we'd go for it.- So, is this a joint venture between both of you?
0:17:41 > 0:17:44- Are you father and son? Is that right?- Father and son, yeah, yeah.
0:17:44 > 0:17:48- I do the buying.- And I do the work. - Oh, right!
0:17:48 > 0:17:51- Some of the work. Some of the work. - What's your background?
0:17:51 > 0:17:54- Well, I was a newsagent for 30 years.- Right!
0:17:54 > 0:17:59You know, when I retired, which was nearly four years now,
0:17:59 > 0:18:04- I decided to go with Robert.- So, Dad stepped in to help out?- Oh, yes.
0:18:04 > 0:18:06- Slave labour.- Yes.- Yes.
0:18:06 > 0:18:09For all them times when you had me doing them paper rounds for nothing.
0:18:09 > 0:18:13- That's right, yes.- You work for me for nothing now.
0:18:13 > 0:18:16- Did you used to get him to do paper rounds for nothing?- Oh, yes.
0:18:16 > 0:18:18- Oh, yes.- For nothing?- Oh, yes.
0:18:18 > 0:18:20- Five o'clock in the morning, on your bike, freezing cold?- Yes.
0:18:20 > 0:18:22Not even a bike, he wouldn't get me a bike.
0:18:22 > 0:18:25- He was on the payroll... - I was when I was 16.
0:18:25 > 0:18:27On the payroll at zero.
0:18:27 > 0:18:31- I started working fulltime for you, didn't I, when I was 16?- Yeah.
0:18:31 > 0:18:33But from the age of 12 it was zero.
0:18:33 > 0:18:36Right. And so did you have an interest in property before?
0:18:36 > 0:18:39- Just as we were selling the shop, I bought my first one.- Right.
0:18:39 > 0:18:41And my aim was to do ten in ten years
0:18:41 > 0:18:44and I've done seven in three and a half now so...
0:18:44 > 0:18:46- Oh, wow.- ..I'm a bit in front of myself.
0:18:46 > 0:18:49Rob's party hire work is seasonal
0:18:49 > 0:18:53so he has the winters to work with his dad on the properties.
0:18:53 > 0:18:55What made him buy this one?
0:18:55 > 0:18:57I thought, "Yeah, it's a good size."
0:18:57 > 0:19:00Yeah, just doesn't need a lot doing to it, as you can see, so...
0:19:02 > 0:19:03..we went for it.
0:19:03 > 0:19:06What did you think when you saw it, Bob, for the first time?
0:19:06 > 0:19:08Well, you want to see all fitted cupboards,
0:19:08 > 0:19:11there's a dishwasher in,
0:19:11 > 0:19:13a fridge-freezer, a freezer.
0:19:13 > 0:19:17So, tell me what you're going to do to turn it around.
0:19:17 > 0:19:22I think a lick of paint, we'll get the stairs painted white,
0:19:22 > 0:19:26fireplace white, get the guys in, check the electrics out,
0:19:26 > 0:19:30get the plumbing checked. There's a room up in the loft.
0:19:30 > 0:19:33Somebody has already started boarding it, so,
0:19:33 > 0:19:38finish boarding it, plaster it out, get the electrics up there.
0:19:38 > 0:19:40That's about it, really. Just a general tidy-up, really.
0:19:40 > 0:19:43Yeah, well, I would have thought so, yes.
0:19:43 > 0:19:47So, what's the budget, then, for a few carpets and a lick of paint?
0:19:49 > 0:19:52I don't think three. About three. 3,000.
0:19:52 > 0:19:53I would've thought so, yeah.
0:19:53 > 0:19:55And how long is it going to take?
0:19:55 > 0:19:58Six weeks. Up to two months.
0:19:58 > 0:20:01- We don't rush, do we? - No. Oh, no. No.
0:20:01 > 0:20:03Unless somebody comes knocking at the door who wants to rent it,
0:20:03 > 0:20:05then we get a bit of a spurt on, so...
0:20:05 > 0:20:07But is it both of you going to be doing the work
0:20:07 > 0:20:12- or is it mostly going to be Dad? - Well...- Mainly me.- I don't know.
0:20:12 > 0:20:16- You do your fair share. - I certainly do!- He's good.
0:20:16 > 0:20:18How could you say a thing like that?
0:20:18 > 0:20:20Is it fun working together?
0:20:20 > 0:20:22It looks like you have a bit of good banter going between the two.
0:20:22 > 0:20:25- Yeah, we don't do too bad, you know...- Sometimes we go home...
0:20:25 > 0:20:26I'm a bit of a perfectionist and,
0:20:26 > 0:20:29"Oh, you shouldn't bother with doing that," like, you know.
0:20:29 > 0:20:32- Sometimes we go home not speaking, don't we?- Yeah.- Oh, really?
0:20:32 > 0:20:34When we've had a bit of a to do.
0:20:34 > 0:20:37What could you possibly argue about when it comes to house renovations?
0:20:37 > 0:20:40You always want to spend money what doesn't need spending, sometimes.
0:20:40 > 0:20:42Yeah, yeah, I do, yeah.
0:20:42 > 0:20:44At the end of the day, I see it as a rental and get it done,
0:20:44 > 0:20:46- get somebody in as quick as we can. - Good stuff.
0:20:46 > 0:20:49- Well, listen, congratulations to both of you.- Thank you.
0:20:49 > 0:20:51- Nice to meet you. - Thank you very much.- Thanks.
0:20:51 > 0:20:55- We look forward to seeing how you get on.- Right.- Thank you.
0:20:55 > 0:20:58While Rob spends his summer inflating bouncy castles,
0:20:58 > 0:21:02will he manage to inflate the value of this place
0:21:02 > 0:21:06with help from dad Bob, or will it be a bouncy ride?
0:21:06 > 0:21:09You can find out later in the show.
0:21:12 > 0:21:15Well, it's easy to put things off till tomorrow
0:21:15 > 0:21:19but time is money, and delays can be expensive.
0:21:19 > 0:21:23So, have our buyers been busy or let the grass grow under their feet?
0:21:23 > 0:21:25Let's check them out.
0:21:27 > 0:21:32Now we head back to the beautiful market town of Sandwich in Kent
0:21:32 > 0:21:35and a tale of two semidetached cottages,
0:21:35 > 0:21:37one of which just needed some renovation,
0:21:37 > 0:21:40while the other needed a total overhaul.
0:21:40 > 0:21:44Originally it was a single house and it had a confusing layout
0:21:44 > 0:21:48which fortunately didn't bamboozle Oliver, his wife Amanda
0:21:48 > 0:21:51and their family, who, seeing its potential,
0:21:51 > 0:21:54bought the house for 165,000.
0:21:54 > 0:21:57They planned to sell the cottages on once they'd been given
0:21:57 > 0:22:01a new lease of life and were even eyeing up the land to the side.
0:22:01 > 0:22:03We think we can probably get planning consent
0:22:03 > 0:22:07for a substantial extension on the road end
0:22:07 > 0:22:10and we think we can get two three-bedroom semidetached cottages.
0:22:10 > 0:22:13Oliver, a retired surveyor and conservations officer,
0:22:13 > 0:22:15was hopeful of getting planning permission
0:22:15 > 0:22:18for the newly extended property but failing that,
0:22:18 > 0:22:22they planned to renovate the two cottages with a £30,000 budget
0:22:22 > 0:22:24and on a six-month schedule.
0:22:24 > 0:22:2713 months later
0:22:27 > 0:22:31and the property looks a whole lot smarter from the outside
0:22:31 > 0:22:35and there's an extension, but not where we expected it,
0:22:35 > 0:22:39so, the question is - is this one house or is it two?
0:22:42 > 0:22:45Wow! What they've delivered is a single stunner
0:22:45 > 0:22:48in the shape of one restored house.
0:22:49 > 0:22:50The dividing walls have gone
0:22:50 > 0:22:54to create one huge open-plan kitchen-dining area.
0:22:57 > 0:22:59The house still has two separate reception rooms
0:22:59 > 0:23:01but, this time, with some real character.
0:23:06 > 0:23:09It's great the family have opted for one large house,
0:23:09 > 0:23:13but when it came to adding a new extension, there was no real choice.
0:23:14 > 0:23:19On the very day that you came last time, we cleared the ground around
0:23:19 > 0:23:22and found the main sewer connection right in the position
0:23:22 > 0:23:25where the foundations to the extension would've gone,
0:23:25 > 0:23:28and so, that would've involved a huge expense in moving it,
0:23:28 > 0:23:31and so, we very quickly started to rethink
0:23:31 > 0:23:34and thought that the idea of putting it back as one property
0:23:34 > 0:23:37was probably going to be the best,
0:23:37 > 0:23:40and then things sort of slotted into place from there.
0:23:43 > 0:23:45Because the new extension fell under
0:23:45 > 0:23:47the permitted development regulations,
0:23:47 > 0:23:49no planning permission was required
0:23:49 > 0:23:52and it now houses a utility room on the ground floor,
0:23:52 > 0:23:57and, above, two en-suite bathrooms for the refurbished side bedrooms.
0:24:01 > 0:24:04Across the landing, the two other bedrooms have been renovated,
0:24:04 > 0:24:07though one has given some space over to a new family bathroom.
0:24:09 > 0:24:11And, while it may look like a new house,
0:24:11 > 0:24:14there's still some of the original charm about it.
0:24:14 > 0:24:17We uncovered lots of features along the way.
0:24:17 > 0:24:19The fireplaces were there, they were just boxed in,
0:24:19 > 0:24:22and we cleaned those up and put them back.
0:24:22 > 0:24:25And the little potbelly stove in the dining area we quite liked,
0:24:25 > 0:24:27so we cleaned that up and put it back even though it's not
0:24:27 > 0:24:30practical to use it.
0:24:30 > 0:24:33Retaining that period feel works well,
0:24:33 > 0:24:36giving the finished product a real touch of class.
0:24:36 > 0:24:39And luckily the cracks that I was so worried about
0:24:39 > 0:24:41turned out to be just superficial.
0:24:41 > 0:24:44I think it's a brilliant family project to take on.
0:24:44 > 0:24:48I think we've all learned a lot along the way and...
0:24:48 > 0:24:51- We certainly have.- ..and I think we're all pleased with what
0:24:51 > 0:24:54we've achieved at the end of it, so it's been brilliant.
0:24:54 > 0:24:57The house has had a complete renovation,
0:24:57 > 0:25:01from replastering to new wiring and while Oliver project-managed,
0:25:01 > 0:25:05Amanda dealt with the decor and sourced the building materials.
0:25:05 > 0:25:08The lads, John and Alex, got stuck into the physical work,
0:25:08 > 0:25:12from dealing with the drainage to painting the final coats.
0:25:12 > 0:25:15A real team effort, as John explains.
0:25:15 > 0:25:16As a whole, it's been all right.
0:25:16 > 0:25:19There's been moments but I think there's always going to be
0:25:19 > 0:25:21working with the family but, no, as a whole,
0:25:21 > 0:25:23I think the project's gone pretty well.
0:25:23 > 0:25:27Yeah, and, there being five of us, we've always had a majority decision
0:25:27 > 0:25:30so we've had different views on different things,
0:25:30 > 0:25:34what we'd like to do, but we've always sort of sat down,
0:25:34 > 0:25:37had a vote and it's always been resolved, so it's quite good.
0:25:39 > 0:25:42From the new extension to the stunning kitchen,
0:25:42 > 0:25:44this has been a first-rate renovation.
0:25:46 > 0:25:49But that does leave the barn, which, while repaired externally,
0:25:49 > 0:25:52still needs work done inside.
0:25:52 > 0:25:55That could very easily be a granny annexe or an office
0:25:55 > 0:25:59or a workshop or all sorts of other possibilities,
0:25:59 > 0:26:02so we've made the decision not to fit it out in one of those options
0:26:02 > 0:26:06which would then restrict the market, so as a repaired shell,
0:26:06 > 0:26:09somebody buying the property could decide what they want to do with it.
0:26:09 > 0:26:12Bad weather forced the team to extend their schedule
0:26:12 > 0:26:14from six to 13 months.
0:26:14 > 0:26:17So, how did their planned budget of 30,000 fare
0:26:17 > 0:26:21after renovating the two cottages and turning them back into one?
0:26:21 > 0:26:26Overall, we've ended up spending around 80,000 on the renovation
0:26:26 > 0:26:31but we have included top spec on a lot of the products
0:26:31 > 0:26:34that we've included in our kitchen, in our bathrooms,
0:26:34 > 0:26:37and putting in a wood stove and things like that,
0:26:37 > 0:26:40which were not really in our calculations to start with.
0:26:41 > 0:26:47Add that spend of £80,000 to their purchase price of £165,000
0:26:47 > 0:26:52and their total outlay is £245,000.
0:26:52 > 0:26:54Time to find out what two local estate agents
0:26:54 > 0:26:56thought of the family's hard work,
0:26:56 > 0:26:59starting with the agent who first viewed the property
0:26:59 > 0:27:01before the renovation.
0:27:01 > 0:27:03I think it's been done up and converted beautifully.
0:27:03 > 0:27:05I think it's a very good layout.
0:27:05 > 0:27:06I like the way the house is presented
0:27:06 > 0:27:11because it retains the nice character, feel and atmosphere
0:27:11 > 0:27:13of the Victorian cottage, and yet, it's combined now
0:27:13 > 0:27:18with a good quality kitchen, and very nice quality bathroom fittings.
0:27:18 > 0:27:19I think what they've done is terrific.
0:27:19 > 0:27:22They've made it into a very presentable family home.
0:27:22 > 0:27:25I think it was a good idea to convert the two cottages
0:27:25 > 0:27:29into one house. It makes it a far more appealing proposition
0:27:29 > 0:27:31in the market today.
0:27:31 > 0:27:33The family do want to sell the house on,
0:27:33 > 0:27:38so, bearing in mind that total spend of 245,000,
0:27:38 > 0:27:40what could a resale achieve?
0:27:40 > 0:27:41If this property were sold now,
0:27:41 > 0:27:43I would expect it to achieve something in the order
0:27:43 > 0:27:47of £350-365,000.
0:27:47 > 0:27:48As a family home,
0:27:48 > 0:27:54this property should achieve in the region of £340-350,000.
0:27:54 > 0:27:59A little disappointed with those kind of values, really.
0:27:59 > 0:28:05We thought that maybe it would head towards the 375, maybe 400,000,
0:28:05 > 0:28:09something like that, because it is a really unique property,
0:28:09 > 0:28:12so we'll just have to wait and see, I think.
0:28:12 > 0:28:14It certainly is a unique property
0:28:14 > 0:28:17and the right buyer may well pay more,
0:28:17 > 0:28:19but even with that top valuation,
0:28:19 > 0:28:24the family could stand to make a pre-tax profit of 120,000,
0:28:24 > 0:28:29which, even after 13 months, is still a pretty good return.
0:28:29 > 0:28:31And if they do decide to let the property,
0:28:31 > 0:28:35there is a possible rental income of £1,100 per calendar month,
0:28:35 > 0:28:39giving them an annual yield of just over 5%.
0:28:39 > 0:28:42Despite the family's success with this renovation,
0:28:42 > 0:28:44it's not likely to be repeated soon.
0:28:45 > 0:28:49Well, we've put a few projects that we're supposed to be doing at home
0:28:49 > 0:28:57on hold, so I'm very hopeful that my new kitchen might happen.
0:28:57 > 0:28:59- I've been waiting a long time for it.- That's next.
0:29:05 > 0:29:08We've taken the A50 back to Heron Cross,
0:29:08 > 0:29:11just two miles from Stoke city centre,
0:29:11 > 0:29:12to this three-bed mid-terrace,
0:29:12 > 0:29:16bought by Rob for £50,000 at auction.
0:29:16 > 0:29:18Rob works with his dad, Bob,
0:29:18 > 0:29:22who was a newsagent before they sold the business to go into property.
0:29:22 > 0:29:24This is their seventh venture
0:29:24 > 0:29:28and they were looking at a £3,000 makeover budget.
0:29:30 > 0:29:36Seven weeks later and we're back to see the changes.
0:29:36 > 0:29:38# Well, change in weather
0:29:38 > 0:29:41# Change in the sea... #
0:29:41 > 0:29:44What have we done? We've replaced windows.
0:29:44 > 0:29:47We've replaced windows on the front,
0:29:47 > 0:29:51frames - put nice golden oak frames in.
0:29:51 > 0:29:52Spruced up the kitchen.
0:29:55 > 0:29:58We've put some downlighters in the kitchen there,
0:29:58 > 0:30:01and some kitchen lighting, as well, underneath the units.
0:30:01 > 0:30:05Spruced up the living room, bathroom,
0:30:05 > 0:30:06downlighters in the bathroom.
0:30:06 > 0:30:09The electrics as well. All the electrics were shot everywhere
0:30:09 > 0:30:12so we've had to do electrics,
0:30:12 > 0:30:15carpeted all through, lick of paint, job done.
0:30:17 > 0:30:21Father and son's property renovation is a winter warmer
0:30:21 > 0:30:25from Rob's summer business of bouncy castle party hire.
0:30:30 > 0:30:34I did actually go away for a week, so I was missing for a week.
0:30:34 > 0:30:36Dad got cracked on.
0:30:36 > 0:30:39- Did a lot of painting, didn't you, while I was gone?- Absolutely did.
0:30:39 > 0:30:42So, yeah, it has been a hell of a lot of painting.
0:30:42 > 0:30:46And not just painting. Remember that half-finished loft space?
0:30:49 > 0:30:52OK, yeah. Up here in the attic,
0:30:52 > 0:30:55we reboarded it, we insulated it all,
0:30:55 > 0:31:01replastered, we've put electrics in, smokes, lighting, repainted.
0:31:01 > 0:31:03It's looking quite well, I think.
0:31:03 > 0:31:06Budget? I think the original budget was about 3,000.
0:31:06 > 0:31:08We've gone over with the electrics
0:31:08 > 0:31:11because there was more electrical work that needed doing.
0:31:11 > 0:31:15We've come in at about three and a half, which is not too bad.
0:31:17 > 0:31:22Rob and Bob's spend so far has totalled £53,500,
0:31:22 > 0:31:24so, how have they done?
0:31:26 > 0:31:29I think the owners have done a great job.
0:31:29 > 0:31:31It's very well presented and I'm sure that it'll appeal
0:31:31 > 0:31:33to tenants and prospective purchasers.
0:31:33 > 0:31:36I feel the property's been done to a good standard throughout.
0:31:36 > 0:31:39New carpets, fresh decoration, modern kitchen and modern bathroom
0:31:39 > 0:31:42and, obviously, central heating and double glazing.
0:31:42 > 0:31:47Do our experts think there's a profit in this property?
0:31:47 > 0:31:50If I was to put this property onto the market for sale,
0:31:50 > 0:31:54I would advertise it at a price of £69,950
0:31:54 > 0:31:56and expect to achieve a sale
0:31:56 > 0:31:59somewhere between that figure and £65,000.
0:31:59 > 0:32:02- Oh.- Yeah, that's what I was thinking about that.- Yeah.
0:32:02 > 0:32:05At the current sales market, I would expect the property to achieve
0:32:05 > 0:32:07in the region of £75,000.
0:32:07 > 0:32:10- That's good, yeah.- That's good. That's good.
0:32:10 > 0:32:15Is a potential profit of between £11,000 and £21,000
0:32:15 > 0:32:17enough to tempt them into selling?
0:32:17 > 0:32:20We've always rented them, haven't we?
0:32:20 > 0:32:22Never any intention of selling them.
0:32:22 > 0:32:25Never sell them. Always rent. Always rent.
0:32:25 > 0:32:27If I was to put this property onto the rental market,
0:32:27 > 0:32:29I would expect it would achieve a figure
0:32:29 > 0:32:33somewhere around £425-450 per calendar month.
0:32:33 > 0:32:35Today's current climate for rental,
0:32:35 > 0:32:39I'd expect the property to achieve around £425 per calendar month.
0:32:39 > 0:32:41No, we're getting a little bit more than that.
0:32:41 > 0:32:47- We're getting 475 per calendar month, so...- It's quite good, yeah.
0:32:47 > 0:32:50Rob and Bob have already lined up a tenant that will earn them
0:32:50 > 0:32:52a yield of over 10%.
0:32:55 > 0:32:58The tenant came down to look at it, she liked it
0:32:58 > 0:33:01and she asked if she could put her own personal touches to it,
0:33:01 > 0:33:05so she's been bobbing down with pictures and curtains
0:33:05 > 0:33:08and she's chose the colour of the, the colour scheme.
0:33:08 > 0:33:11Yes, and even the front windows were double glazed
0:33:11 > 0:33:15but she wanted this brown putting in, so...
0:33:15 > 0:33:17She's seen one at one of my other properties I'd done.
0:33:17 > 0:33:19..we even did that for her.
0:33:19 > 0:33:22Put new windows in, which really didn't need them.
0:33:22 > 0:33:24- We'd have come in under budget then, wouldn't we?- Yeah.
0:33:24 > 0:33:27- BOB LAUGHS - Yeah.
0:33:30 > 0:33:32Well, that's it for today.
0:33:32 > 0:33:35Join us next time when we'll have more interesting properties
0:33:35 > 0:33:36being sold under the hammer.
0:33:36 > 0:33:39Yes, we'll have more flats, maisonettes and plots of land
0:33:39 > 0:33:41for you to follow next time.