Episode 10 Homes Under the Hammer


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Episode 10

Property redevelopment series. Lucy meets a property-developing family in Kent, and Martin meets a father-and-son team in Stoke.


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Transcript


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Welcome to the show!

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If you're interested in buying property,

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you'll want to make sure you do that at the right price.

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How do you know what the market is doing?

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Is it going up or is it going down?

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Well, one way to find out is to take a trip to your local auction house.

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Now, auctions are really exciting and you can easily be tempted

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to buy, but to guarantee success you need to do your homework first.

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Let's find out what properties created interest

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at the auctions on today's show.

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There are big decisions to be made at this farmhouse in Kent

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but who's going to make them?

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There probably will be a few little arguments but

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because there's five of us there'll always be a casting vote, I think.

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There's space to consider in Stoke.

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It's an attic space.

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30 here.

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These properties have been sold at auction.

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We'll find out who bought them and what they paid for them

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when they went under the hammer.

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You bought it, sir, well done.

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I'm in Kent, in the popular market town of Sandwich,

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and I've got a big appetite for finding a property

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that I can really get my teeth stuck into.

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So, here it is.

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It's a pair of semis.

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Well, it looks like one big old farmhouse.

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Now, it could be very attractive from the outside.

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The guide price at auction was set at £150,000-£160,000.

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You're surrounded by all these fields. I'm quite excited.

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But before I get overexcited...

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Aha, now.

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The first problem, before I even get in the front door...

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..cracks, lots of them! Come and have a look at this. Look.

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Now, it really does concern me

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because you can see the lintel is actually cracked.

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Look, there's a big one there, over here. Even down on here.

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Is there problems with the foundations? Has this house moved?

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Does it have subsidence?

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I'd definitely want to get that looked at thoroughly before I even

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thought about buying this.

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There's an air of abandonment about this property.

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It's been split into two houses

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and it's been a while since anyone showed either a bit of love.

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So, from the door to cottage number one. Straight into the lounge here.

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Not a bad space. Little bit disappointing, actually, I thought

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there might be a bit more character - a nicer fireplace,

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traditional windows, perhaps.

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You do have a nice outlook, a lovely big field,

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lots of open space to look at. Bit of storage in here.

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But I can see there's a heater so there's no central heating.

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It feels cold, it feels as though nobody's lived here for many years.

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But a nice spacious kitchen.

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Really good size.

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Downstairs bathroom and

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no access to out there, because that little bit of garden

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belongs to house number two which is round there.

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Bit of a shame, that.

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However, this cottage does come with the land to the front

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so it's not all bad news.

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Well, unless you don't have a lawnmower, that is.

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So, upstairs in the cottage you've got two double bedrooms.

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Really good sizes, actually.

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And I think, once upon a time, this area was completely boarded up.

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But if I was to open the door...

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De-de-de...

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Look!

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That is cottage number two.

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And what a state.

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What a contrast. The first property needed modernising, but this needs,

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well, a complete renovation.

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# There's a house on my block

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# That's abandoned and cold

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# And the folks moved out of it a long time ago... #

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The property was originally one farmhouse which has been

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extended and then subdivided over the years.

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But there are definitely bits of history here

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I could well do without.

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Like its neighbour, it's got two double bedrooms upstairs

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and a living room, kitchen and bathroom downstairs.

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And it's in a sorry old state.

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Also with this lot, well, you get a huge barn.

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It, well, looks nice but it takes up most of the garden space

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so I think I'd be inclined to probably get rid of it.

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So, that leaves us with these two cottages.

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Now, you could make it into one big, large family dwelling.

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You would need planning permission to do that and sometimes

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councils are not that keen to lose housing stock in this way.

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But I think, in this case, where the property

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was so obviously one house originally,

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I think you might just get the go-ahead.

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Whether it's financially the best option, well, that's another matter.

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Or how about losing the barn, as I suggested earlier,

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and - come with me -

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extending right the way out to the side here

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and squeezing in another cottage down there?

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Then you could make three.

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You've got quite a lot of options with this plot and it all depends

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on what your requirements are and if profit is important to you.

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So, it's one house,

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two semis or a three cottage terrace with a guide price

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of between 150,000-160,000. There could be a good investment here.

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The question is which is the right one?

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Perhaps a local property expert could solve the puzzle.

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I think with this house, it stands well as a pair

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and has been used as that for many years.

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It would make sense to continue that use.

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Supposing the cottages remained as two-bedroom semis,

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what would they rent for?

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Rental value of a two-bed cottage, with parking, here in Sandwich,

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is going to be region of £600 per calendar month.

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And what if it was resold?

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A two-bedroom cottage here, with parking,

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is going to be £165,000-£175,000 each.

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But what if the new owner did decide to join the cottages back up again?

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If this was made into a nice four-bedroom house,

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and with the benefit of the barn, it's going to be certainly £400,000.

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Well, will two become one? Or even three?

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Will this duo of cottages become one big family house or will

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the new owner decide two separate semis is the best way to go?

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Whatever option they go for, they have got a lot of work to do first.

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So, let's find out who bought it at the auction.

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Got a guide of 150-160, and what may I say?

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Does that mean 140? 140, thank you.

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144 is bid. And 146?

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146 and 148. And 150?

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Yes? 150. 152?

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No? At £150,000, gentleman's bid on my right-hand side.

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152 and 155. 158?

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158 and 160? 162.

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He's come back, 162, the bid. 165, sir? 165.

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168? He's now walking away.

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At 165,000, then, for the first time...

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..165,000 for the second time,

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165,000, third and final time, are you all done?

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Sold at 165,000.

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And that successful bid was from Oliver.

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He paid £165,000 for the cottages.

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Oliver is a retired building surveyor

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and has bought the property with his wife and three of his children.

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I met up with them to find out what their plans were.

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First, I chatted to Oliver and wife Amanda.

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Congratulations.

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You've bought yourself something serious here at auction.

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Is this a family affair,

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-have you all pooled together as a family to buy this?

-Yes, we have.

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All of our children inherited some money from a relative

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a few years ago and it's been sitting in the bank since then.

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We've been talking about the idea of having a family consortium

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and this was the one that just fell in place.

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So, Amanda, how do you feel about this?

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Oh, quite excited, actually.

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Yes, I think it's nice to have a project

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that we can all be involved in.

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Oldest daughter Emma has already invested in her own separate project.

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So this family have a keen interest in property.

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Perhaps they get that from their dad.

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Oliver is a retired surveyor and conservations officer

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and now works as a consultant.

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He's restored many properties before and now he has big plans

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to bring this property back to life.

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We think we can probably get planning consent for a substantial

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extension on the road end.

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And, if that were to be successful, then we think we can get

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two three-bedroom semidetached cottages, quite spacious cottages.

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So, what sort of budget are you looking at for the work here?

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We've got £30,000 allocated to this job.

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And, now, if we end up just refurbishing what we've got

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-that's going to easily cope with it.

-Sufficient.

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If we end up building a new extension then we're going to require some

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more funds, in which case we'll just chip in with some more to do that.

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I think you'll need to clear that with the rest of the family first!

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Talking of which, let's hear from the kids.

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Sophie, Alex, John, congratulations.

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I love it that this really is one big family affair.

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Now, your mum and dad said you've all contributed to this project.

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And what a project! How do you feel about it?

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Yeah, it needs a lot of work but, yeah.

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I'm sure we're all going to get involved and do a bit,

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do as much of it as we can ourselves so, yeah, looking forward to it.

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Alex, do you have any experience?

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Because your dad is counting on you guys helping him out, you know.

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Not really. I've been out on a few jobs with my dad,

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to get a little bit of experience,

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but this is going to be, sort of, the main one for me

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in learning a lot about construction and stuff like that,

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so it should be good.

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And Sophie, how involved are you going to get?

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Erm, I think the boys are going to be more hands-on,

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and me and Mum are, sort of, going to be in charge of, like, finances

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and things like that. I'll still get my hands dirty and help out.

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-So, yeah, it's really exciting.

-Yeah.

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Do you really think you're all going to get on?

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-Any family squabbles?

-There probably will be a few. There'll be arguments,

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but because there's five of us, there'll always be a casting vote, I think, so...

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Good luck. It's a really exciting project,

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I can't wait to see the outcome.

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-ALL:

-Thank you.

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This really is going to be a family affair.

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Oliver, Amanda and three of their kids, well,

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they're taking on this project and hoping to make money out of it.

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But will they get planning permission to extend,

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and will there be one, two or even three cottages here?

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Will it be a case of family feuds or fun times for all?

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You can find out how it goes later on in the programme.

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I'm in Heron Cross in Staffordshire,

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and that there is one of the last remaining bottle ovens

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that's actually standing in a pottery, literally, built into the building itself.

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Fascinating and beautiful.

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# Message in a bottle... #

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These legacies of the heydays of the potteries

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are very much part of the character of places

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like Heron Cross, which is a suburb just outside Stoke.

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There are good commuter options via the A50 for the likes

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of Derby and Uttoxeter.

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Well, close to the A50 is the property I'm here to see.

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So, would someone be taking pot luck if they decide to go for it?

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Well, I don't think so. Three-bedroomed mid-terrace.

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Very typical of the area.

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Guide price was £50,000 plus. Let's take a look.

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Oh, nice to see that. Bit of porch action going on.

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I love porches, they're brilliant at keeping the cold

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and the rain and the whatever noise out of the main part of the house.

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And that's actually quite pleasant.

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Big ceilings. High ceilings.

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Good-sized space, and then I really like this open-plan stairway.

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It really gives... I don't know, it opens up the room.

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In these kind of properties it's always a bit of a question,

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where do you put the stairs?

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Sometimes they're in the middle, sometimes they're round the edge.

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But I think that actually works very well.

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And, in fact...

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..everything's looking pretty good.

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-HE CHUCKLES

-Continues! Look at this kitchen.

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OK, it might not be to everyone's taste, but...

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..pretty good condition. I mean, a bit of a sparkle up,

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a bit of a, you know, professional clean in here,

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and I'd say this was usable as it is.

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Classic layout, loo at the back, with your bathroom there.

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All in all, fantastic little place.

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Time I took a look up those open-plan stairs

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to see if the joy continues.

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So, upstairs and lots of space. Just a bit of an odd layout.

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You've got the bedroom at the front, there, then a little corridor area

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there leading to a small bedroom there.

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And this, the third, fairly small bedroom.

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I don't know what you could do to change this around

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but it is slightly small in comparison to the downstairs.

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However, this house has one little trick up its sleeve.

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Yes, if you think that's a cupboard over there to the right,

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you'd be wrong, because behind it is a staircase leading up

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to our surprise addition.

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It's an attic space. Now, it's been boarded out

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but my guess is this wouldn't meet any building regulations.

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So, storage, play area but not a bedroom.

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An internal playroom would be the icing on the cake

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in terms of a family home.

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Except for one thing - the outside space is hardly generous.

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However, the inside is in good nick,

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and for a guide price of 50,000, there isn't a lot to do.

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Does a local estate agent rate this property?

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First impressions of this property are that it's a good size.

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And that it's not in too bad condition at all.

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There's even good news on that cramped outside space.

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Behind the yard there is access to a communal garden

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maintained by the council.

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What sets it apart from its compatriots is the communal garden.

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Having sold properties with those recently, they are very popular.

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But is there anything to be made in terms of profit from this property?

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What would it fetch on the open market?

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With a little bit of money spent on it, this property is going

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to be worth somewhere between £60,000-£65,000.

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Well, if that guide price of £50,000 plus is anything to go by,

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then whoever buys this low-maintenance pad

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is in for a healthy profit.

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But how would it do in the rental stakes?

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With, again, a little bit of work done, for the rental market

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I would suggest a figure of somewhere between £425-£475 per calendar month.

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Well, I don't know about you, but I think this is

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a lot of property for that £50,000 plus guide price.

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A great one to go for.

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Let's see who agreed when it went under the hammer.

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Lot 70, back to Stoke-on-Trent.

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Three-bedroom mid-terrace house, communal garden,

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through lounge, diner-kitchen, double glazing, gas, central heating.

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So, lot 70. Guiding this at 50.

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Shall we say 40 to start?

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40 bid on the back row. At £40,000.

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At £40,000. 42 can I say now?

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At £40,000, standing at the back.

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At £42,000. 44?

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£44,000. 46?

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£46,000.

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48? £48,000. 50?

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At £48,000.

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Do you want to go one?

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You do. £49,000. 50? £50,000.

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Another one?

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No? £50,000 then, against the back wall.

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At £50,000, I'm selling it. Are we all done?

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£50,000, then, for the first time, £50,000 for the second time,

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third and final time, at £50,000...

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You bought it, sir, well done.

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Sold to one very chuffed Rob who's got himself a very nice, roomy

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three-bed house for a mere £50,000.

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Nice one.

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Rob has a bouncy castle business

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and is building up a property portfolio.

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I met him and his dad at the house to find out what their plans are.

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-Rob, Bob, great to meet you both.

-How do you do?

-You all right?

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Good. Yeah. Congratulations.

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Tell me why you wanted to buy this place.

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Well, I've got a few in the area. This came up for auction.

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-Thought we'd go for it.

-So, is this a joint venture between both of you?

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-Are you father and son? Is that right?

-Father and son, yeah, yeah.

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-I do the buying.

-And I do the work.

-Oh, right!

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-Some of the work. Some of the work.

-What's your background?

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-Well, I was a newsagent for 30 years.

-Right!

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You know, when I retired, which was nearly four years now,

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-I decided to go with Robert.

-So, Dad stepped in to help out?

-Oh, yes.

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-Slave labour.

-Yes.

-Yes.

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For all them times when you had me doing them paper rounds for nothing.

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-That's right, yes.

-You work for me for nothing now.

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-Did you used to get him to do paper rounds for nothing?

-Oh, yes.

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-Oh, yes.

-For nothing?

-Oh, yes.

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-Five o'clock in the morning, on your bike, freezing cold?

-Yes.

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Not even a bike, he wouldn't get me a bike.

0:18:200:18:22

-He was on the payroll...

-I was when I was 16.

0:18:220:18:25

On the payroll at zero.

0:18:250:18:27

-I started working fulltime for you, didn't I, when I was 16?

-Yeah.

0:18:270:18:31

But from the age of 12 it was zero.

0:18:310:18:33

Right. And so did you have an interest in property before?

0:18:330:18:36

-Just as we were selling the shop, I bought my first one.

-Right.

0:18:360:18:39

And my aim was to do ten in ten years

0:18:390:18:41

and I've done seven in three and a half now so...

0:18:410:18:44

-Oh, wow.

-..I'm a bit in front of myself.

0:18:440:18:46

Rob's party hire work is seasonal

0:18:460:18:49

so he has the winters to work with his dad on the properties.

0:18:490:18:53

What made him buy this one?

0:18:530:18:55

I thought, "Yeah, it's a good size."

0:18:550:18:57

Yeah, just doesn't need a lot doing to it, as you can see, so...

0:18:570:19:00

..we went for it.

0:19:020:19:03

What did you think when you saw it, Bob, for the first time?

0:19:030:19:06

Well, you want to see all fitted cupboards,

0:19:060:19:08

there's a dishwasher in,

0:19:080:19:11

a fridge-freezer, a freezer.

0:19:110:19:13

So, tell me what you're going to do to turn it around.

0:19:130:19:17

I think a lick of paint, we'll get the stairs painted white,

0:19:170:19:22

fireplace white, get the guys in, check the electrics out,

0:19:220:19:26

get the plumbing checked. There's a room up in the loft.

0:19:260:19:30

Somebody has already started boarding it, so,

0:19:300:19:33

finish boarding it, plaster it out, get the electrics up there.

0:19:330:19:38

That's about it, really. Just a general tidy-up, really.

0:19:380:19:40

Yeah, well, I would have thought so, yes.

0:19:400:19:43

So, what's the budget, then, for a few carpets and a lick of paint?

0:19:430:19:47

I don't think three. About three. 3,000.

0:19:490:19:52

I would've thought so, yeah.

0:19:520:19:53

And how long is it going to take?

0:19:530:19:55

Six weeks. Up to two months.

0:19:550:19:58

-We don't rush, do we?

-No. Oh, no. No.

0:19:580:20:01

Unless somebody comes knocking at the door who wants to rent it,

0:20:010:20:03

then we get a bit of a spurt on, so...

0:20:030:20:05

But is it both of you going to be doing the work

0:20:050:20:07

-or is it mostly going to be Dad?

-Well...

-Mainly me.

-I don't know.

0:20:070:20:12

-You do your fair share.

-I certainly do!

-He's good.

0:20:120:20:16

How could you say a thing like that?

0:20:160:20:18

Is it fun working together?

0:20:180:20:20

It looks like you have a bit of good banter going between the two.

0:20:200:20:22

-Yeah, we don't do too bad, you know...

-Sometimes we go home...

0:20:220:20:25

I'm a bit of a perfectionist and,

0:20:250:20:26

"Oh, you shouldn't bother with doing that," like, you know.

0:20:260:20:29

-Sometimes we go home not speaking, don't we?

-Yeah.

-Oh, really?

0:20:290:20:32

When we've had a bit of a to do.

0:20:320:20:34

What could you possibly argue about when it comes to house renovations?

0:20:340:20:37

You always want to spend money what doesn't need spending, sometimes.

0:20:370:20:40

Yeah, yeah, I do, yeah.

0:20:400:20:42

At the end of the day, I see it as a rental and get it done,

0:20:420:20:44

-get somebody in as quick as we can.

-Good stuff.

0:20:440:20:46

-Well, listen, congratulations to both of you.

-Thank you.

0:20:460:20:49

-Nice to meet you.

-Thank you very much.

-Thanks.

0:20:490:20:51

-We look forward to seeing how you get on.

-Right.

-Thank you.

0:20:510:20:55

While Rob spends his summer inflating bouncy castles,

0:20:550:20:58

will he manage to inflate the value of this place

0:20:580:21:02

with help from dad Bob, or will it be a bouncy ride?

0:21:020:21:06

You can find out later in the show.

0:21:060:21:09

Well, it's easy to put things off till tomorrow

0:21:120:21:15

but time is money, and delays can be expensive.

0:21:150:21:19

So, have our buyers been busy or let the grass grow under their feet?

0:21:190:21:23

Let's check them out.

0:21:230:21:25

Now we head back to the beautiful market town of Sandwich in Kent

0:21:270:21:32

and a tale of two semidetached cottages,

0:21:320:21:35

one of which just needed some renovation,

0:21:350:21:37

while the other needed a total overhaul.

0:21:370:21:40

Originally it was a single house and it had a confusing layout

0:21:400:21:44

which fortunately didn't bamboozle Oliver, his wife Amanda

0:21:440:21:48

and their family, who, seeing its potential,

0:21:480:21:51

bought the house for 165,000.

0:21:510:21:54

They planned to sell the cottages on once they'd been given

0:21:540:21:57

a new lease of life and were even eyeing up the land to the side.

0:21:570:22:01

We think we can probably get planning consent

0:22:010:22:03

for a substantial extension on the road end

0:22:030:22:07

and we think we can get two three-bedroom semidetached cottages.

0:22:070:22:10

Oliver, a retired surveyor and conservations officer,

0:22:100:22:13

was hopeful of getting planning permission

0:22:130:22:15

for the newly extended property but failing that,

0:22:150:22:18

they planned to renovate the two cottages with a £30,000 budget

0:22:180:22:22

and on a six-month schedule.

0:22:220:22:24

13 months later

0:22:240:22:27

and the property looks a whole lot smarter from the outside

0:22:270:22:31

and there's an extension, but not where we expected it,

0:22:310:22:35

so, the question is - is this one house or is it two?

0:22:350:22:39

Wow! What they've delivered is a single stunner

0:22:420:22:45

in the shape of one restored house.

0:22:450:22:48

The dividing walls have gone

0:22:490:22:50

to create one huge open-plan kitchen-dining area.

0:22:500:22:54

The house still has two separate reception rooms

0:22:570:22:59

but, this time, with some real character.

0:22:590:23:01

It's great the family have opted for one large house,

0:23:060:23:09

but when it came to adding a new extension, there was no real choice.

0:23:090:23:13

On the very day that you came last time, we cleared the ground around

0:23:140:23:19

and found the main sewer connection right in the position

0:23:190:23:22

where the foundations to the extension would've gone,

0:23:220:23:25

and so, that would've involved a huge expense in moving it,

0:23:250:23:28

and so, we very quickly started to rethink

0:23:280:23:31

and thought that the idea of putting it back as one property

0:23:310:23:34

was probably going to be the best,

0:23:340:23:37

and then things sort of slotted into place from there.

0:23:370:23:40

Because the new extension fell under

0:23:430:23:45

the permitted development regulations,

0:23:450:23:47

no planning permission was required

0:23:470:23:49

and it now houses a utility room on the ground floor,

0:23:490:23:52

and, above, two en-suite bathrooms for the refurbished side bedrooms.

0:23:520:23:57

Across the landing, the two other bedrooms have been renovated,

0:24:010:24:04

though one has given some space over to a new family bathroom.

0:24:040:24:07

And, while it may look like a new house,

0:24:090:24:11

there's still some of the original charm about it.

0:24:110:24:14

We uncovered lots of features along the way.

0:24:140:24:17

The fireplaces were there, they were just boxed in,

0:24:170:24:19

and we cleaned those up and put them back.

0:24:190:24:22

And the little potbelly stove in the dining area we quite liked,

0:24:220:24:25

so we cleaned that up and put it back even though it's not

0:24:250:24:27

practical to use it.

0:24:270:24:30

Retaining that period feel works well,

0:24:300:24:33

giving the finished product a real touch of class.

0:24:330:24:36

And luckily the cracks that I was so worried about

0:24:360:24:39

turned out to be just superficial.

0:24:390:24:41

I think it's a brilliant family project to take on.

0:24:410:24:44

I think we've all learned a lot along the way and...

0:24:440:24:48

-We certainly have.

-..and I think we're all pleased with what

0:24:480:24:51

we've achieved at the end of it, so it's been brilliant.

0:24:510:24:54

The house has had a complete renovation,

0:24:540:24:57

from replastering to new wiring and while Oliver project-managed,

0:24:570:25:01

Amanda dealt with the decor and sourced the building materials.

0:25:010:25:05

The lads, John and Alex, got stuck into the physical work,

0:25:050:25:08

from dealing with the drainage to painting the final coats.

0:25:080:25:12

A real team effort, as John explains.

0:25:120:25:15

As a whole, it's been all right.

0:25:150:25:16

There's been moments but I think there's always going to be

0:25:160:25:19

working with the family but, no, as a whole,

0:25:190:25:21

I think the project's gone pretty well.

0:25:210:25:23

Yeah, and, there being five of us, we've always had a majority decision

0:25:230:25:27

so we've had different views on different things,

0:25:270:25:30

what we'd like to do, but we've always sort of sat down,

0:25:300:25:34

had a vote and it's always been resolved, so it's quite good.

0:25:340:25:37

From the new extension to the stunning kitchen,

0:25:390:25:42

this has been a first-rate renovation.

0:25:420:25:44

But that does leave the barn, which, while repaired externally,

0:25:460:25:49

still needs work done inside.

0:25:490:25:52

That could very easily be a granny annexe or an office

0:25:520:25:55

or a workshop or all sorts of other possibilities,

0:25:550:25:59

so we've made the decision not to fit it out in one of those options

0:25:590:26:02

which would then restrict the market, so as a repaired shell,

0:26:020:26:06

somebody buying the property could decide what they want to do with it.

0:26:060:26:09

Bad weather forced the team to extend their schedule

0:26:090:26:12

from six to 13 months.

0:26:120:26:14

So, how did their planned budget of 30,000 fare

0:26:140:26:17

after renovating the two cottages and turning them back into one?

0:26:170:26:21

Overall, we've ended up spending around 80,000 on the renovation

0:26:210:26:26

but we have included top spec on a lot of the products

0:26:260:26:31

that we've included in our kitchen, in our bathrooms,

0:26:310:26:34

and putting in a wood stove and things like that,

0:26:340:26:37

which were not really in our calculations to start with.

0:26:370:26:40

Add that spend of £80,000 to their purchase price of £165,000

0:26:410:26:47

and their total outlay is £245,000.

0:26:470:26:52

Time to find out what two local estate agents

0:26:520:26:54

thought of the family's hard work,

0:26:540:26:56

starting with the agent who first viewed the property

0:26:560:26:59

before the renovation.

0:26:590:27:01

I think it's been done up and converted beautifully.

0:27:010:27:03

I think it's a very good layout.

0:27:030:27:05

I like the way the house is presented

0:27:050:27:06

because it retains the nice character, feel and atmosphere

0:27:060:27:11

of the Victorian cottage, and yet, it's combined now

0:27:110:27:13

with a good quality kitchen, and very nice quality bathroom fittings.

0:27:130:27:18

I think what they've done is terrific.

0:27:180:27:19

They've made it into a very presentable family home.

0:27:190:27:22

I think it was a good idea to convert the two cottages

0:27:220:27:25

into one house. It makes it a far more appealing proposition

0:27:250:27:29

in the market today.

0:27:290:27:31

The family do want to sell the house on,

0:27:310:27:33

so, bearing in mind that total spend of 245,000,

0:27:330:27:38

what could a resale achieve?

0:27:380:27:40

If this property were sold now,

0:27:400:27:41

I would expect it to achieve something in the order

0:27:410:27:43

of £350-365,000.

0:27:430:27:47

As a family home,

0:27:470:27:48

this property should achieve in the region of £340-350,000.

0:27:480:27:54

A little disappointed with those kind of values, really.

0:27:540:27:59

We thought that maybe it would head towards the 375, maybe 400,000,

0:27:590:28:05

something like that, because it is a really unique property,

0:28:050:28:09

so we'll just have to wait and see, I think.

0:28:090:28:12

It certainly is a unique property

0:28:120:28:14

and the right buyer may well pay more,

0:28:140:28:17

but even with that top valuation,

0:28:170:28:19

the family could stand to make a pre-tax profit of 120,000,

0:28:190:28:24

which, even after 13 months, is still a pretty good return.

0:28:240:28:29

And if they do decide to let the property,

0:28:290:28:31

there is a possible rental income of £1,100 per calendar month,

0:28:310:28:35

giving them an annual yield of just over 5%.

0:28:350:28:39

Despite the family's success with this renovation,

0:28:390:28:42

it's not likely to be repeated soon.

0:28:420:28:44

Well, we've put a few projects that we're supposed to be doing at home

0:28:450:28:49

on hold, so I'm very hopeful that my new kitchen might happen.

0:28:490:28:57

-I've been waiting a long time for it.

-That's next.

0:28:570:28:59

We've taken the A50 back to Heron Cross,

0:29:050:29:08

just two miles from Stoke city centre,

0:29:080:29:11

to this three-bed mid-terrace,

0:29:110:29:12

bought by Rob for £50,000 at auction.

0:29:120:29:16

Rob works with his dad, Bob,

0:29:160:29:18

who was a newsagent before they sold the business to go into property.

0:29:180:29:22

This is their seventh venture

0:29:220:29:24

and they were looking at a £3,000 makeover budget.

0:29:240:29:28

Seven weeks later and we're back to see the changes.

0:29:300:29:36

# Well, change in weather

0:29:360:29:38

# Change in the sea... #

0:29:380:29:41

What have we done? We've replaced windows.

0:29:410:29:44

We've replaced windows on the front,

0:29:440:29:47

frames - put nice golden oak frames in.

0:29:470:29:51

Spruced up the kitchen.

0:29:510:29:52

We've put some downlighters in the kitchen there,

0:29:550:29:58

and some kitchen lighting, as well, underneath the units.

0:29:580:30:01

Spruced up the living room, bathroom,

0:30:010:30:05

downlighters in the bathroom.

0:30:050:30:06

The electrics as well. All the electrics were shot everywhere

0:30:060:30:09

so we've had to do electrics,

0:30:090:30:12

carpeted all through, lick of paint, job done.

0:30:120:30:15

Father and son's property renovation is a winter warmer

0:30:170:30:21

from Rob's summer business of bouncy castle party hire.

0:30:210:30:25

I did actually go away for a week, so I was missing for a week.

0:30:300:30:34

Dad got cracked on.

0:30:340:30:36

-Did a lot of painting, didn't you, while I was gone?

-Absolutely did.

0:30:360:30:39

So, yeah, it has been a hell of a lot of painting.

0:30:390:30:42

And not just painting. Remember that half-finished loft space?

0:30:420:30:46

OK, yeah. Up here in the attic,

0:30:490:30:52

we reboarded it, we insulated it all,

0:30:520:30:55

replastered, we've put electrics in, smokes, lighting, repainted.

0:30:550:31:01

It's looking quite well, I think.

0:31:010:31:03

Budget? I think the original budget was about 3,000.

0:31:030:31:06

We've gone over with the electrics

0:31:060:31:08

because there was more electrical work that needed doing.

0:31:080:31:11

We've come in at about three and a half, which is not too bad.

0:31:110:31:15

Rob and Bob's spend so far has totalled £53,500,

0:31:170:31:22

so, how have they done?

0:31:220:31:24

I think the owners have done a great job.

0:31:260:31:29

It's very well presented and I'm sure that it'll appeal

0:31:290:31:31

to tenants and prospective purchasers.

0:31:310:31:33

I feel the property's been done to a good standard throughout.

0:31:330:31:36

New carpets, fresh decoration, modern kitchen and modern bathroom

0:31:360:31:39

and, obviously, central heating and double glazing.

0:31:390:31:42

Do our experts think there's a profit in this property?

0:31:420:31:47

If I was to put this property onto the market for sale,

0:31:470:31:50

I would advertise it at a price of £69,950

0:31:500:31:54

and expect to achieve a sale

0:31:540:31:56

somewhere between that figure and £65,000.

0:31:560:31:59

-Oh.

-Yeah, that's what I was thinking about that.

-Yeah.

0:31:590:32:02

At the current sales market, I would expect the property to achieve

0:32:020:32:05

in the region of £75,000.

0:32:050:32:07

-That's good, yeah.

-That's good. That's good.

0:32:070:32:10

Is a potential profit of between £11,000 and £21,000

0:32:100:32:15

enough to tempt them into selling?

0:32:150:32:17

We've always rented them, haven't we?

0:32:170:32:20

Never any intention of selling them.

0:32:200:32:22

Never sell them. Always rent. Always rent.

0:32:220:32:25

If I was to put this property onto the rental market,

0:32:250:32:27

I would expect it would achieve a figure

0:32:270:32:29

somewhere around £425-450 per calendar month.

0:32:290:32:33

Today's current climate for rental,

0:32:330:32:35

I'd expect the property to achieve around £425 per calendar month.

0:32:350:32:39

No, we're getting a little bit more than that.

0:32:390:32:41

-We're getting 475 per calendar month, so...

-It's quite good, yeah.

0:32:410:32:47

Rob and Bob have already lined up a tenant that will earn them

0:32:470:32:50

a yield of over 10%.

0:32:500:32:52

The tenant came down to look at it, she liked it

0:32:550:32:58

and she asked if she could put her own personal touches to it,

0:32:580:33:01

so she's been bobbing down with pictures and curtains

0:33:010:33:05

and she's chose the colour of the, the colour scheme.

0:33:050:33:08

Yes, and even the front windows were double glazed

0:33:080:33:11

but she wanted this brown putting in, so...

0:33:110:33:15

She's seen one at one of my other properties I'd done.

0:33:150:33:17

..we even did that for her.

0:33:170:33:19

Put new windows in, which really didn't need them.

0:33:190:33:22

-We'd have come in under budget then, wouldn't we?

-Yeah.

0:33:220:33:24

-BOB LAUGHS

-Yeah.

0:33:240:33:27

Well, that's it for today.

0:33:300:33:32

Join us next time when we'll have more interesting properties

0:33:320:33:35

being sold under the hammer.

0:33:350:33:36

Yes, we'll have more flats, maisonettes and plots of land

0:33:360:33:39

for you to follow next time.

0:33:390:33:41

Lucy meets a property-developing family in Kent, and Martin meets a father-and-son team in Stoke. But does anyone make a profit?