0:00:02 > 0:00:04Even in the current, more challenging, climate,
0:00:04 > 0:00:07Martin and I still love dabbling in property.
0:00:07 > 0:00:08Yeah, and we love to bag a bargain.
0:00:08 > 0:00:10But it's not always easy.
0:00:10 > 0:00:14How can you do it? Well, one way might be to buy your next home under the hammer.
0:00:40 > 0:00:45Well, buying property under the hammer is getting more and more popular.
0:00:45 > 0:00:48Millions of pounds of property is sold each month at auction.
0:00:48 > 0:00:51So here are the three properties
0:00:51 > 0:00:54that inspired the buyers on today's show.
0:00:55 > 0:00:59I'm in two minds about this three-bed semi in Yorkshire.
0:00:59 > 0:01:03It's a house of two opposites. Downstairs, bad, upstairs, great.
0:01:05 > 0:01:07This topsy-turvy property in Kent
0:01:07 > 0:01:09gives me a good workout.
0:01:09 > 0:01:10Now, whoever takes this on
0:01:10 > 0:01:14had better be very fit, because it's all on different levels.
0:01:15 > 0:01:19And I'm starry-eyed about this cottage in Surrey.
0:01:20 > 0:01:24People like Cliff Richard, Tom Jones, John Lennon, Ringo Starr
0:01:24 > 0:01:25have all lived here.
0:01:27 > 0:01:29All these properties were sold at auction.
0:01:29 > 0:01:32We'll find out who bought them and what they paid for them
0:01:32 > 0:01:33when they went under the hammer.
0:01:33 > 0:01:35Sold.
0:01:39 > 0:01:44Today I'm in the pretty village of North Frodingham in the East Riding of Yorkshire.
0:01:45 > 0:01:49Well, right in the centre of North Frodingham is the place I'm here to see.
0:01:49 > 0:01:51It's a three-bed semi-detached,
0:01:51 > 0:01:56double-fronted. Had a guide price of £75,000 to £80,000.
0:01:56 > 0:01:57This is it.
0:01:57 > 0:01:59Looks all right from the outside.
0:01:59 > 0:02:02These red-brick houses do stand the test of time.
0:02:02 > 0:02:06And new uPVC windows help this one look the part.
0:02:06 > 0:02:08So far, so good.
0:02:11 > 0:02:13Okey-dokey, what do we have?
0:02:13 > 0:02:15Well, straight in to your living room.
0:02:15 > 0:02:18And straight into a bit of a disaster zone, to be honest!
0:02:18 > 0:02:21Yikes! OK, lots of work to be done here,
0:02:21 > 0:02:24and a lot of it on the walls. Lots of internal walls
0:02:24 > 0:02:26looking like they've got damp problems,
0:02:26 > 0:02:28which is a bit of a shock.
0:02:28 > 0:02:30Kitchen towards the rear of the property.
0:02:30 > 0:02:31That looks in a right old state.
0:02:31 > 0:02:35So, not seeing much to make me feel particularly happy yet.
0:02:36 > 0:02:39Slightly better news in here. A nice-sized room at least.
0:02:39 > 0:02:42I think it's probably been knocked through at some point.
0:02:42 > 0:02:46You've got the open fire, the double aspect. Road on one side - thankfully, double glazing.
0:02:46 > 0:02:48Views out onto the garden there.
0:02:48 > 0:02:53But obviously, again, a real issue with damp on virtually every wall.
0:02:53 > 0:02:57So what we're concluding here is that it's basically a bit of a rip-out and start again.
0:02:57 > 0:02:58Let's take a look upstairs.
0:03:02 > 0:03:04It may not be for the faint-hearted, this one,
0:03:04 > 0:03:06but strip it back to the brickwork,
0:03:06 > 0:03:08and you've got a good-sized space to work with.
0:03:08 > 0:03:12Fingers crossed things are looking up up there.
0:03:13 > 0:03:16That's a good start - bathroom pretty much where it should be,
0:03:16 > 0:03:17at the top of the stairs.
0:03:17 > 0:03:21It looks in reasonable condition. I mean, very old and dated suite.
0:03:21 > 0:03:23It's not a bad-sized space, so that's good.
0:03:23 > 0:03:26Cupboard there with your hot-water cylinder in it.
0:03:26 > 0:03:29Then really nice-sized double bedroom on that side.
0:03:29 > 0:03:31A smaller single bedroom there,
0:03:31 > 0:03:35then through to your second very large double bedroom.
0:03:35 > 0:03:37The ceiling's quite low.
0:03:37 > 0:03:41You might want to consider taking that out, even opening it up to the eaves of the property.
0:03:41 > 0:03:43I'm surprised,
0:03:43 > 0:03:46because downstairs, I have to say, great disappointment.
0:03:46 > 0:03:51Upstairs, I'm not sure I'd change this layout at all. It's almost like it's a house of two opposites.
0:03:51 > 0:03:53Downstairs, bad, upstairs, great.
0:03:56 > 0:03:58You could swing a pride of lions up here,
0:03:58 > 0:04:00never mind the proverbial cat.
0:04:00 > 0:04:02And although there are more signs of damp,
0:04:02 > 0:04:06again, it looks like a good starting point for a total refurbishment.
0:04:06 > 0:04:09Hold on a second. The back garden...
0:04:09 > 0:04:10is enormous!
0:04:11 > 0:04:13So, out the back door,
0:04:13 > 0:04:15and a really big...garden.
0:04:17 > 0:04:18That...
0:04:19 > 0:04:21..is a real nasty surprise.
0:04:23 > 0:04:26Looks like a bit of a garden shrub or plant or something.
0:04:26 > 0:04:29It is, in fact, Japanese knotweed.
0:04:29 > 0:04:32It's a horrible, horrible plant
0:04:32 > 0:04:35that gets into foundations.
0:04:35 > 0:04:36Its roots spread through concrete.
0:04:36 > 0:04:40It's so bad, it's notifiable to the council if you've got it.
0:04:40 > 0:04:42And it needs to be disposed of extremely carefully.
0:04:42 > 0:04:45I'm very worried it's there, because I don't know what damage
0:04:45 > 0:04:48it might have done to the foundations, the drains, goodness knows what.
0:04:48 > 0:04:51Another slight problem out the back here is...
0:04:51 > 0:04:54This is the next-door neighbour's, that's fine.
0:04:54 > 0:04:55But this is your garden,
0:04:55 > 0:04:59so, literally, the next-door neighbours have got a very narrow pathway there.
0:04:59 > 0:05:01And this is the land that comes with the property,
0:05:01 > 0:05:05so I think there's probably some conversations to be had with them at some point.
0:05:05 > 0:05:08But the garden itself - well, you can't complain at that.
0:05:08 > 0:05:10It's massive.
0:05:10 > 0:05:11Let's explore.
0:05:11 > 0:05:15# In the jungle, the mighty jungle
0:05:15 > 0:05:18# The lion sleeps tonight
0:05:20 > 0:05:22# Wimoweh, wimoweh... #
0:05:26 > 0:05:28Need a machete to get through here at the moment,
0:05:28 > 0:05:32but it just goes on and on, past that funny little building there,
0:05:32 > 0:05:36and look - all the way to the fence at the end.
0:05:36 > 0:05:38That is a real surprise.
0:05:38 > 0:05:41It's almost disproportionately big for the property.
0:05:41 > 0:05:43Clear it out, see what you've got,
0:05:43 > 0:05:46and then decide what you're going to do with it.
0:05:49 > 0:05:52The property, and all this garden, went to the auction
0:05:52 > 0:05:55with a guide price of £75,000 to £80,000.
0:05:55 > 0:05:57We asked a local estate agent
0:05:57 > 0:06:01to tell us whether he thought it was worth a rumble in the jungle.
0:06:01 > 0:06:02Interesting. Slightly neglected.
0:06:02 > 0:06:05Needs quite a considerable amount of work,
0:06:05 > 0:06:07but generally, a nice-looking house
0:06:07 > 0:06:09that should provide a good home for someone.
0:06:14 > 0:06:17What might the renovated property fetch on the rental market?
0:06:17 > 0:06:20For rental purposes, I'd expect a property like this,
0:06:20 > 0:06:24in good order, to achieve somewhere in the region of £575 per calendar month.
0:06:27 > 0:06:29What about the resale value?
0:06:31 > 0:06:35When fully renovated, providing works have been done to a good standard,
0:06:35 > 0:06:37I would expect a property like this
0:06:37 > 0:06:40to achieve about £140,000.
0:06:41 > 0:06:43Well, it's a nice little village,
0:06:43 > 0:06:45and the house certainly has potential,
0:06:45 > 0:06:47but it does need quite a lot of work.
0:06:47 > 0:06:50And by far the most worrying thing for me is in the garden.
0:06:50 > 0:06:51The garden itself is great.
0:06:51 > 0:06:53This plant...
0:06:54 > 0:06:55Not good news.
0:06:56 > 0:06:59Let's see who fancied the challenge when it went under the hammer.
0:07:02 > 0:07:03On to lot number 40.
0:07:03 > 0:07:0580 for it? £80,000?
0:07:06 > 0:07:0870, then.
0:07:08 > 0:07:09I've £60,000 bid.
0:07:09 > 0:07:11£60,000 I'm bid.
0:07:11 > 0:07:13£62,000. 62. 4?
0:07:13 > 0:07:15£64,000.
0:07:15 > 0:07:166.
0:07:16 > 0:07:188. £68,000. 70.
0:07:18 > 0:07:20At 2. 72.
0:07:20 > 0:07:213. 73.
0:07:21 > 0:07:23Half. £73,500.
0:07:23 > 0:07:24At £73,500.
0:07:24 > 0:07:26Anybody else?
0:07:26 > 0:07:274. 74.
0:07:27 > 0:07:28At £74,000.
0:07:28 > 0:07:31At £74,000.
0:07:31 > 0:07:33Are we all done? At £74,000...
0:07:33 > 0:07:35Any more bidders? At 74 once,
0:07:35 > 0:07:37£74,000 twice,
0:07:37 > 0:07:39third and last time of asking.
0:07:39 > 0:07:40£74,000.
0:07:40 > 0:07:41You have it, sir.
0:07:41 > 0:07:44It was 22-year-old electrician Tom
0:07:44 > 0:07:46who snapped up the property,
0:07:46 > 0:07:50with that below-the-guide bid of £74,000.
0:07:50 > 0:07:53He attended the auction with his dad, John.
0:07:55 > 0:07:58I caught up with them both back at the house to find out their plans for it.
0:07:58 > 0:08:00Tom, John, good to meet you both.
0:08:00 > 0:08:02Congratulations.
0:08:02 > 0:08:04Tell me why you wanted to buy the house.
0:08:04 > 0:08:07Well, I live across the street, and it just came up
0:08:07 > 0:08:10and I thought it seemed to be quite a good price
0:08:10 > 0:08:14and it was an auction. Never been to an auction before,
0:08:14 > 0:08:17so that was exciting. Good price, and big garden.
0:08:17 > 0:08:18Quite a few rooms in it.
0:08:18 > 0:08:21- So is it a house for you, then?- Yes.
0:08:21 > 0:08:22- Me and my girlfriend.- Great.
0:08:22 > 0:08:25- And that's the family home across the road?- Yes.
0:08:25 > 0:08:27So how well do you know the village?
0:08:27 > 0:08:30I know it quite well. My mum and dad used to...
0:08:30 > 0:08:34actually came and lived in that side of this pair of houses.
0:08:34 > 0:08:36- Your mum and dad actually lived in the house next door?- Yes.
0:08:36 > 0:08:38Fantastic.
0:08:38 > 0:08:40- So the house...have you been inside it at all?- Yes.
0:08:40 > 0:08:43We've been to view it twice, and had a good look round it.
0:08:43 > 0:08:48- Obviously, it needs a lot doing to it, but I'm an electrician, my dad's a joiner.- Oh.
0:08:48 > 0:08:51My girlfriend's brother is a plasterer, so...
0:08:51 > 0:08:55I've got a few people sorted out for that.
0:08:58 > 0:09:00Just as well they've got a team of trades people on board,
0:09:00 > 0:09:02because this won't be a small job.
0:09:02 > 0:09:04So, what's their plan of attack?
0:09:06 > 0:09:08We're going to start at the roof.
0:09:08 > 0:09:09It wants refelting.
0:09:09 > 0:09:13Get it watertight, then we can concentrate on the inside.
0:09:13 > 0:09:15It'll want a damp course.
0:09:15 > 0:09:19But it's all well within what I've been used to doing, anyway.
0:09:19 > 0:09:23- Right.- I've seen many a house nearly as bad, if not worse.
0:09:23 > 0:09:26And then, of course, the electrics you'll be able to do,
0:09:26 > 0:09:27- which is a major saving.- Yes.
0:09:27 > 0:09:30- Kitchen and bathroom and all that. - Kitchen and bathroom, yeah.
0:09:30 > 0:09:32Needs a full kitchen. Bathroom's...
0:09:32 > 0:09:34- Blue.- Well, yeah, blue!
0:09:34 > 0:09:36Bathroom's OK, but it's blue,
0:09:36 > 0:09:38so it could do with a nice white bathroom.
0:09:38 > 0:09:41Um...just get it a bit more modern.
0:09:43 > 0:09:44So what's the budget for the work?
0:09:44 > 0:09:46Tops, we think it'll be about £25,000.
0:09:46 > 0:09:51- Wow.- Cos we're doing the work ourselves, we'll save quite a lot.
0:09:51 > 0:09:53So how long to get it sorted out?
0:09:53 > 0:09:56We'd like to have it done in about a year.
0:09:56 > 0:09:57- A year?!- Yeah.
0:09:57 > 0:09:58Why a year?
0:09:58 > 0:10:02- You can do it quicker than that, can't you?- We could do, yeah.
0:10:02 > 0:10:03Definitely.
0:10:03 > 0:10:05- But...- It's open-ended.
0:10:07 > 0:10:08But you're currently living at home?
0:10:08 > 0:10:11Yeah, I'm living at home, which is across the road, so...
0:10:11 > 0:10:16We could do bits every now and again and on the weekends, sort of thing.
0:10:16 > 0:10:18- There are some advantages to living at home.- Yeah.
0:10:18 > 0:10:20Fed well, as well!
0:10:20 > 0:10:22Yeah, well, washing done, fed well!
0:10:23 > 0:10:25# And it's going to take some time
0:10:25 > 0:10:31# This time... #
0:10:31 > 0:10:34Tom might not be in a hurry to move out of his parents' house,
0:10:34 > 0:10:36and who can blame him?
0:10:36 > 0:10:39But one thing that really can't wait too long
0:10:39 > 0:10:43is that garden, especially what's growing outside the back door.
0:10:43 > 0:10:45That'll have to be dealt with.
0:10:45 > 0:10:48- Were you aware of that before you bought it?- It was written on the notes,
0:10:48 > 0:10:50just before we started bidding for it.
0:10:50 > 0:10:54So we read it there, but we hadn't seen it or heard anything about it until the day of the auction.
0:10:54 > 0:10:57Did that throw up a note of caution or were you...?
0:10:57 > 0:10:58Well, it did, but we thought...
0:10:58 > 0:11:01- It can be dealt with. - It can be dealt with, yeah.
0:11:01 > 0:11:05- And it can. There's ways of doing it, but it definitely can be dealt with.- Yeah.
0:11:05 > 0:11:08Now, the garden, which is obviously huge...
0:11:08 > 0:11:11But it's right behind the neighbouring property, isn't it?
0:11:11 > 0:11:12How does that all work?
0:11:12 > 0:11:15They can use the garden as they like for now.
0:11:15 > 0:11:20- I think there's plenty of potential to do something with the garden, with it being so big.- Brilliant.
0:11:20 > 0:11:24- Listen, congratulations. Good luck with it, Tom.- Thank you.- Look forward to seeing how you get on.
0:11:24 > 0:11:27- Lovely, thank you. - Thank you very much.
0:11:28 > 0:11:33Well, Tom clearly in no hurry whatsoever to get this place sorted out. A year?!
0:11:33 > 0:11:36For goodness sake! I suppose when you're living at home,
0:11:36 > 0:11:40having all your food cooked and your washing done, maybe the incentive isn't that great.
0:11:40 > 0:11:43And I guess, when you're also doing it for your day job,
0:11:43 > 0:11:46coming home in the evenings and weekends
0:11:46 > 0:11:48and doing more of the same is never easy.
0:11:48 > 0:11:52You can find out how he and the family get on sorting this place out later in the show.
0:11:56 > 0:12:00# Not gonna wait, gonna wait For the weekend
0:12:01 > 0:12:06# The seaside needs us more than ever... #
0:12:06 > 0:12:08This is Margate, on the Kent coast.
0:12:08 > 0:12:12The seaside town has seen its fortunes rise recently,
0:12:12 > 0:12:16with the multi-million-pound Turner Contemporary art gallery
0:12:16 > 0:12:18spearheading regeneration.
0:12:19 > 0:12:23The old town is now filling up with boutiques, cafes and galleries,
0:12:23 > 0:12:28and on top of that, millions of pounds are about to be spent on Margate's seafront.
0:12:30 > 0:12:33The property I'm here to see is not far from the seafront
0:12:33 > 0:12:35and the Turner Contemporary Centre.
0:12:35 > 0:12:37But it's on this busy main road.
0:12:37 > 0:12:40So, here it is. It's a former accountant's office
0:12:40 > 0:12:42which has two flats attached.
0:12:42 > 0:12:47The guide price at auction, £95,000 to £100,000.
0:12:47 > 0:12:48Let's take a closer look.
0:12:53 > 0:12:56Now, the business space consists of two office areas,
0:12:56 > 0:12:57one here, one here.
0:12:57 > 0:13:00And as a former accountant's, it will have A2 business usage,
0:13:00 > 0:13:06so you can continue to use it for professional and financial services,
0:13:06 > 0:13:07such as a building society,
0:13:07 > 0:13:10an estate and employment agency,
0:13:10 > 0:13:12a betting office, even.
0:13:12 > 0:13:15It's also relatively straightforward to change the use of this
0:13:15 > 0:13:17to retail.
0:13:17 > 0:13:21But whether a commercial premises like this would be in demand
0:13:21 > 0:13:24in this area - well, that's another matter entirely.
0:13:24 > 0:13:27I noticed quite a few empty units along this road,
0:13:27 > 0:13:30and it might be pretty tough finding a suitable tenant
0:13:30 > 0:13:32in today's difficult economic climate.
0:13:34 > 0:13:38But there's more to this property than just a couple of office spaces.
0:13:38 > 0:13:39There are two flats as well.
0:13:39 > 0:13:41First, the lower ground floor.
0:13:45 > 0:13:48What really appeals to me is this little studio flat
0:13:48 > 0:13:50has its own independent access.
0:13:50 > 0:13:53So I suppose this would be the sleeping area.
0:13:53 > 0:13:56You've got a wardrobe space there. Little shower room through there.
0:13:56 > 0:13:59And this... It's brilliant!
0:13:59 > 0:14:00I mean, look how big it is!
0:14:00 > 0:14:03You've got the kitchen area, enough room for a sofa,
0:14:03 > 0:14:07a table, and also, you've got another door with another entrance,
0:14:07 > 0:14:10because you could even use the back gate.
0:14:10 > 0:14:13So this little unit, well, it's a really nice one.
0:14:18 > 0:14:22Even the outside space is pretty good for a town-centre property.
0:14:22 > 0:14:24The only fly in the ointment down here
0:14:24 > 0:14:26is that the sleeping area at the back
0:14:26 > 0:14:30will not actually comply with building regulations.
0:14:30 > 0:14:31To qualify as a bedroom,
0:14:31 > 0:14:34a room needs to have a window to supply natural light,
0:14:34 > 0:14:36ventilation, and a fire escape.
0:14:38 > 0:14:41If you were to buy this place, it would be best to check with the local council
0:14:41 > 0:14:44that the layout here adheres to the rules.
0:14:44 > 0:14:46Talking of layout,
0:14:46 > 0:14:49above the office space, on the two upper floors,
0:14:49 > 0:14:50there's a maisonette flat,
0:14:50 > 0:14:53and a very steep staircase to negotiate.
0:14:56 > 0:14:58This is the second flat. Now, whoever takes this on
0:14:58 > 0:15:02had better be very fit, because it's all on different levels.
0:15:02 > 0:15:03You've got the shower room
0:15:03 > 0:15:05just down there on the first level,
0:15:05 > 0:15:09and it's quite small. I would say it's a little bit of a turn-off
0:15:09 > 0:15:10for somebody that likes bathroom space,
0:15:10 > 0:15:13because you're not going to get it with this flat.
0:15:13 > 0:15:16But you do have this really rather spacious sort of lounge area,
0:15:16 > 0:15:20and if you look closely, you can see the sea from here.
0:15:20 > 0:15:21So, all good.
0:15:21 > 0:15:23And a separate kitchen area.
0:15:23 > 0:15:25So it's quite a compact space.
0:15:25 > 0:15:28And then, up that very tight stairwell,
0:15:28 > 0:15:30you've got a bedroom and a little utility area.
0:15:30 > 0:15:33So everything you need, but on lots of different levels.
0:15:33 > 0:15:35So, it won't be for everyone.
0:15:37 > 0:15:39The bedroom on the very top floor may be a good size,
0:15:39 > 0:15:43but it's a tad odd to have a utility area off it.
0:15:45 > 0:15:49Perhaps converting it into a large en suite would be a better use of space.
0:15:50 > 0:15:53The guide price here was £95,000 to £100,000.
0:15:53 > 0:15:57There are plenty of options for this place,
0:15:57 > 0:16:00so who better to discuss them than a local estate agent?
0:16:02 > 0:16:03In my opinion,
0:16:03 > 0:16:06I would not keep this as commercial premises.
0:16:06 > 0:16:08I would try and get it into two apartments, if you can.
0:16:08 > 0:16:13The reason for that is currently, there are 33 empty units already in this road.
0:16:13 > 0:16:17Unless, of course, somebody's buying it for their own use and purpose.
0:16:17 > 0:16:21So he thinks the building would be best converted into two flats,
0:16:21 > 0:16:23rejigging their current layouts to include
0:16:23 > 0:16:25what is currently the office space.
0:16:25 > 0:16:27But it may not be straightforward.
0:16:29 > 0:16:33It's difficult to know whether the local authority will allow conversion into apartments.
0:16:33 > 0:16:36The problem would be that if you went in as a fresh application,
0:16:36 > 0:16:39it would probably get declined under current legislation.
0:16:39 > 0:16:42However, because it's already been flats in the past,
0:16:42 > 0:16:44there's a possibility it might be granted
0:16:44 > 0:16:46under existing permitted use.
0:16:46 > 0:16:51If permission was granted to convert the property into two two-bedroom flats,
0:16:51 > 0:16:53what would the building as a whole be worth?
0:16:55 > 0:16:57Depending on the quality of the conversion,
0:16:57 > 0:17:01I would expect it to achieve somewhere between
0:17:01 > 0:17:03£120,000 and £130,000.
0:17:03 > 0:17:08Bearing in mind that guide price of between £95,000 and £100,000,
0:17:08 > 0:17:10and with conversion costs in the mix,
0:17:10 > 0:17:13this doesn't sound a very profitable way to go.
0:17:14 > 0:17:18What could you get for rental if you opted to keep this as a commercial property
0:17:18 > 0:17:21and did a straightforward renovation?
0:17:23 > 0:17:26If they were to keep it as business premises on this level,
0:17:26 > 0:17:29I think you wouldn't get more than probably about
0:17:29 > 0:17:31£3,000 to £4,000 per annum.
0:17:31 > 0:17:34The agent also reckoned the upstairs flat
0:17:34 > 0:17:38could fetch around £400 per calendar month, if refurbished.
0:17:38 > 0:17:43But with that question mark about building regulations on the lower ground floor,
0:17:43 > 0:17:45it would be tricky to value.
0:17:45 > 0:17:48There are certainly come interesting options to consider here.
0:17:50 > 0:17:54So, does keeping this former accountant's premises as a business add up?
0:17:54 > 0:17:56Well, I actually think it does,
0:17:56 > 0:17:58because of the two separate entrances to the flats,
0:17:58 > 0:18:01which means you get three bites of the cherry,
0:18:01 > 0:18:04with two rental incomes and a business premises.
0:18:04 > 0:18:07So, who went for this one?
0:18:07 > 0:18:09Let's find out at the auction.
0:18:12 > 0:18:14Guide £95,000 to £100,000.
0:18:15 > 0:18:18Where do you want to start me on that one? Start me at 90.
0:18:18 > 0:18:19£90,000.
0:18:19 > 0:18:20I'll take 80, then.
0:18:20 > 0:18:22£80,000 I've got.
0:18:22 > 0:18:24At 85, cos it's worth every penny.
0:18:24 > 0:18:2585 I've got.
0:18:25 > 0:18:2790, and 5 at the back. 95.
0:18:27 > 0:18:3092 I'll take, if it helps you. At 92.
0:18:30 > 0:18:32Are we all done, then, at £90,000?
0:18:32 > 0:18:35Cos it's an absolute steal at 90, but it's in the room to sell at 90.
0:18:35 > 0:18:38At £90,000, sitting down, I've got. For the first time,
0:18:38 > 0:18:40sitting in front of me.
0:18:40 > 0:18:41£90,000 for the second time,
0:18:41 > 0:18:45and £90,000, third and final time. It's going to be sold.
0:18:45 > 0:18:47Well done, sir. £90,000.
0:18:47 > 0:18:51That final bid of £90,000 was made by Max,
0:18:51 > 0:18:54managing director of his own criminal and family law firm,
0:18:54 > 0:18:57based in Ashford, also in Kent.
0:19:00 > 0:19:01So why did he want a property in Margate?
0:19:01 > 0:19:03Max couldn't meet me today,
0:19:03 > 0:19:05so his co-director Vicky came along
0:19:05 > 0:19:07to their new premises to explain.
0:19:10 > 0:19:11- Vicky, congratulations.- Thank you.
0:19:11 > 0:19:16Lovely to meet you today. Now, you weren't the one bidding on the day for this.
0:19:16 > 0:19:17No, it was my colleague.
0:19:17 > 0:19:19And why did you want to buy this?
0:19:19 > 0:19:21Well, we wanted to expand into Margate,
0:19:21 > 0:19:25and to do that, we need to have an office, and this seemed like the perfect thing to do.
0:19:25 > 0:19:27Did you view the office prior to auction?
0:19:27 > 0:19:28Not this one, no.
0:19:28 > 0:19:30What do you mean, "not this one"?
0:19:30 > 0:19:32Well, we had viewed another one up the road,
0:19:32 > 0:19:34which we thought was perfect
0:19:34 > 0:19:38and my colleague went along to bid on it, but unfortunately, it just went too high,
0:19:38 > 0:19:39so he had to pull out.
0:19:39 > 0:19:41And what happened next?
0:19:41 > 0:19:45There was about a 40-minute gap, then I got a text saying, "I've bought another office."
0:19:45 > 0:19:48So he literally sat there and flicked through the catalogue,
0:19:48 > 0:19:51saw this and just bid on it?
0:19:51 > 0:19:52He did.
0:19:52 > 0:19:55Of course, I had a panic attack cos we'd not seen this office.
0:19:55 > 0:19:58So after the auction, we zoomed straight here,
0:19:58 > 0:20:01had a look, and luckily, it was perfect.
0:20:01 > 0:20:03Really - that simple? It is perfect?
0:20:03 > 0:20:05It is perfect, yes.
0:20:05 > 0:20:07Why did you miss this one in the first place?
0:20:07 > 0:20:08I don't know.
0:20:08 > 0:20:10I think we probably had delusions of grandeur.
0:20:10 > 0:20:12We saw the bigger office down the road.
0:20:12 > 0:20:16It was an old bank. It looked very impressive.
0:20:16 > 0:20:18Probably a bit too ambitious for us, though,
0:20:18 > 0:20:19looking back in hindsight.
0:20:19 > 0:20:22And was it a lot less money than what you'd expected to pay?
0:20:22 > 0:20:24- About half, yes.- Wow!
0:20:24 > 0:20:26So you've also saved as well.
0:20:26 > 0:20:28We saved as well.
0:20:28 > 0:20:30Does Max tend to buy things on the spur of the moment?
0:20:30 > 0:20:32He gets very excited about auctions.
0:20:32 > 0:20:35When that catalogue comes in, the world stops.
0:20:35 > 0:20:38He even goes down to auctions when he's not planning on bidding on anything.
0:20:38 > 0:20:41So I wasn't surprised.
0:20:41 > 0:20:43# You've been hit by You've been struck by
0:20:43 > 0:20:45# A smooth criminal... #
0:20:45 > 0:20:49Well, you all know my opinion about buying blind,
0:20:49 > 0:20:52but it certainly sounds like what happened on auction day
0:20:52 > 0:20:54was for the best in this case.
0:20:54 > 0:20:58And with this property, they don't just get offices for their expanding law firm.
0:20:58 > 0:21:02So what's the plan for the residential parts here?
0:21:04 > 0:21:08We will rent out, certainly, the top flat, because the income from that
0:21:08 > 0:21:09will more than cover the mortgage.
0:21:09 > 0:21:12- It's like us having a free office. - That really works for you, doesn't it?
0:21:12 > 0:21:16Definitely. That was always the idea, certainly with this particular office.
0:21:16 > 0:21:20It makes sense. There's enough outgoings with the business, like business rates and so on.
0:21:20 > 0:21:24You need a bit of extra help, and that rent will do it.
0:21:24 > 0:21:27So what are your plans with this, as far as the business goes?
0:21:27 > 0:21:30Are you planning on knocking any walls down, expanding at all?
0:21:30 > 0:21:33Well, I think we'll certainly expand into the basement.
0:21:33 > 0:21:36That's a flat at the moment, but we'll need that space.
0:21:36 > 0:21:41There's just not enough space up here to house a couple of solicitors and a receptionist.
0:21:41 > 0:21:45This place really does need a bit of a freshen-up. It's dated, the carpets are old,
0:21:45 > 0:21:48the wallpaper looks shoddy. Are you going to change it?
0:21:48 > 0:21:50Absolutely strip this back.
0:21:50 > 0:21:53I've got a very set colour scheme in place that I've got in the other office,
0:21:53 > 0:21:56- and I want it to follow through here. - Which is?
0:21:56 > 0:21:57Which is quite neutral walls
0:21:57 > 0:21:59and a charcoal-grey carpet.
0:21:59 > 0:22:04It really suits us and it looks very smart, so all of this will be gone.
0:22:04 > 0:22:06What's going to be out the front there?
0:22:06 > 0:22:08I'll need to have a receptionist out there,
0:22:08 > 0:22:10so it'll be the sort of greeting area, in a way.
0:22:10 > 0:22:13People come in, greeted by a receptionist,
0:22:13 > 0:22:16and then solicitor through here and solicitor downstairs.
0:22:16 > 0:22:19How much do you think it'll cost you to make the changes you need to make?
0:22:19 > 0:22:25Well, the changes, to be honest, there's not too much structural change needed.
0:22:25 > 0:22:26It's really cosmetic.
0:22:26 > 0:22:30I think probably around £10,000,
0:22:30 > 0:22:33just to freshen it up and redecoration.
0:22:34 > 0:22:37Ideally, Max and Vicky plan to get the office up and running
0:22:37 > 0:22:39in just two months.
0:22:40 > 0:22:41Once that's completed,
0:22:41 > 0:22:45they can think about any work required to get the upper flat ready to let
0:22:45 > 0:22:48so it starts covering their business costs.
0:22:49 > 0:22:53Vicky, congratulations. I can't wait to see how professional this place looks
0:22:53 > 0:22:55- by the time you've finished. Congratulations.- Thank you.
0:22:57 > 0:23:01So, Vicky's colleague Max didn't mean to bid for this property at all.
0:23:01 > 0:23:03He didn't even look at it before the auction.
0:23:03 > 0:23:07But luckily, it seems to have turned out OK.
0:23:07 > 0:23:10And now they have a new Margate business premises.
0:23:10 > 0:23:14So will Vicky make a good job transforming this office space
0:23:14 > 0:23:17into a suitable place for solicitors?
0:23:17 > 0:23:20You can find out how she gets on later in the programme.
0:23:22 > 0:23:25Coming up, I'm in Surrey, making a note of the good, the bad
0:23:25 > 0:23:27and the ugly in this cute cottage.
0:23:27 > 0:23:30Tick, tick, tick, tick, tick...yuck.
0:23:32 > 0:23:36In Kent, we find out if buying blind paid off for Max.
0:23:36 > 0:23:38I just thought it was a bargain, really.
0:23:38 > 0:23:39Can't really go wrong for that price.
0:23:39 > 0:23:41But did he?
0:23:43 > 0:23:46But first, in Yorkshire, how did Tom get on?
0:23:46 > 0:23:48We're really looking forward to moving in,
0:23:48 > 0:23:51using it as a home now instead of a workplace.
0:23:54 > 0:23:56We return to North Frodingham now,
0:23:56 > 0:23:58where 22-year-old electrician Tom
0:23:58 > 0:24:03purchased this three-bedroom semi at an auction for £74,000.
0:24:03 > 0:24:06With well-proportioned rooms and a huge garden
0:24:06 > 0:24:09pitted against damp a-plenty
0:24:09 > 0:24:12and an ominous plant that could attack the foundations,
0:24:12 > 0:24:14this wasn't a place for the faint-hearted.
0:24:16 > 0:24:18But Tom had help at hand from his dad, John,
0:24:18 > 0:24:21and the property was quite literally on his doorstep.
0:24:21 > 0:24:23You're currently living at home?
0:24:23 > 0:24:26Yeah, I'm living at home, which is across the road.
0:24:26 > 0:24:31So I can come and do bits every now and again and on the weekends, sort of thing.
0:24:31 > 0:24:33There are advantages to living at home.
0:24:33 > 0:24:34Fed well, as well!
0:24:34 > 0:24:36Yeah, washing done, fed well!
0:24:37 > 0:24:41Let's hope didn't make a, er...meal of this project.
0:24:41 > 0:24:44With the comforts of home meaning no pressure to move out,
0:24:44 > 0:24:46and working a full-time job,
0:24:46 > 0:24:49Tom had given himself a generous timescale of a year
0:24:49 > 0:24:54to get the place ready for himself and girlfriend Charlotte to move into.
0:24:56 > 0:24:59We're back here 17 months since I first met Tom and John
0:24:59 > 0:25:03to see if this house has been turned into a home.
0:25:46 > 0:25:49These 17 months have clearly been well spent.
0:25:49 > 0:25:51This is no standard semi,
0:25:51 > 0:25:54but has a charming, cottagey feel.
0:25:54 > 0:25:58What are Tom and Charlotte looking forward to most about moving in?
0:25:58 > 0:26:00Doing everything together,
0:26:00 > 0:26:02like cooking, cleaning...
0:26:02 > 0:26:05- Yes.- ..rather than living with parents
0:26:05 > 0:26:07and not doing it all together.
0:26:07 > 0:26:10- Being independent.- Yeah, being independent.
0:26:10 > 0:26:15Although having family on hand did prove very helpful during the renovations.
0:26:15 > 0:26:21Tom's dad John, who's a joiner, was able to give Tom a guiding hand for a lot of the work.
0:26:22 > 0:26:27I've been able to help him with my experience. Over the years, I've seen a lot of things
0:26:27 > 0:26:32and I've maybe put things forward and sometimes they haven't liked the idea
0:26:32 > 0:26:34and other times, it's a good idea, sort of thing.
0:26:34 > 0:26:38And so, in general, it's gone well.
0:26:38 > 0:26:41However, creating this dream home
0:26:41 > 0:26:43did present a couple of nightmares.
0:26:43 > 0:26:45The house was riddled with damp,
0:26:45 > 0:26:49but a new damp-proof course installed inside and out
0:26:49 > 0:26:50has seen the back of that.
0:26:50 > 0:26:53I was really concerned about the Japanese knotweed
0:26:53 > 0:26:55outside the back door,
0:26:55 > 0:26:56which was tricky to tackle.
0:26:56 > 0:26:59But they've read up on it, cut it back,
0:26:59 > 0:27:02poisoned and, hopefully, eradicated it.
0:27:04 > 0:27:06One thing they haven't fully addressed yet is the garden,
0:27:06 > 0:27:08but there's plenty of time for that.
0:27:08 > 0:27:12By the sound of things, that massive space will come in mighty handy.
0:27:14 > 0:27:16Charlotte likes her animals.
0:27:16 > 0:27:19I think we'll probably have some chickens or something like that.
0:27:19 > 0:27:21Definitely a cat. You're going to have a cat
0:27:21 > 0:27:23and we'll probably have a dog as well,
0:27:23 > 0:27:25so we'll make use of it.
0:27:25 > 0:27:27It'll be in good use.
0:27:27 > 0:27:30Inside, there are some really lovely touches,
0:27:30 > 0:27:35including this sign, which was left by a previous owner
0:27:35 > 0:27:38and which Tom and Charlotte have placed above the front door.
0:27:38 > 0:27:43They even managed to squeeze a WC into the downstairs space
0:27:43 > 0:27:45and added French doors that lead into the garden.
0:27:45 > 0:27:47But modern as those small details may be,
0:27:47 > 0:27:51it was the age of the property which was part of its appeal.
0:27:51 > 0:27:55I've always wanted to do an old property,
0:27:55 > 0:27:58because I love the character of old buildings
0:27:58 > 0:28:00and with it being across the road from where my parents are,
0:28:00 > 0:28:02my uncle just lives down the road...
0:28:02 > 0:28:05Got loads of family in the village, so it's nice to stay in a village
0:28:05 > 0:28:07and just...
0:28:08 > 0:28:11..live like... I don't know, the old-fashioned way, really.
0:28:11 > 0:28:14And what a lovely way to live that is.
0:28:14 > 0:28:19I'm not the only one who's impressed with the job Tom and his family of helpers have done here.
0:28:20 > 0:28:22I'm feeling quite proud, really.
0:28:22 > 0:28:26Tom's worked really hard on this house,
0:28:26 > 0:28:27and I think it's really paid off.
0:28:27 > 0:28:30I'm very grateful to everyone that's helped.
0:28:30 > 0:28:32So I'm...
0:28:32 > 0:28:34I'm very happy with it.
0:28:34 > 0:28:38It's clear, though, that Charlotte's efforts are appreciated too.
0:28:38 > 0:28:40You've been chief painter.
0:28:40 > 0:28:42Painter and decorator.
0:28:42 > 0:28:45I think she's done a very good job.
0:28:45 > 0:28:46Thanks!
0:28:48 > 0:28:51The project has gone over the original timescale,
0:28:51 > 0:28:52but that was always quite relaxed.
0:28:52 > 0:28:54And if you have got the luxury,
0:28:54 > 0:28:57it's sometimes good to be able to take your time,
0:28:57 > 0:29:01particularly if what you buy at auction is going to be your own home.
0:29:03 > 0:29:05Between Charlotte sourcing a lot of the furniture from charity shops
0:29:05 > 0:29:07and the family all lending a hand,
0:29:07 > 0:29:12Tom was able to keep almost exactly to his £25,000 budget.
0:29:12 > 0:29:15And it seems everyone's happy with the end result.
0:29:17 > 0:29:19When it all comes together,
0:29:19 > 0:29:23that's when you feel proud - we've done a good job, you know.
0:29:23 > 0:29:26Hopefully we have, anyway. I think we have.
0:29:26 > 0:29:29We're really looking forward to moving in.
0:29:29 > 0:29:32Get using it as a home now instead of a workplace.
0:29:32 > 0:29:34All the nights and...
0:29:34 > 0:29:37hard work, weekends... It's all come to an end now.
0:29:37 > 0:29:42But just quickly, before Tom and Charlotte start setting up home,
0:29:42 > 0:29:44we invited two local estate agents
0:29:44 > 0:29:46to have a look.
0:29:46 > 0:29:48It's a lovely period house
0:29:48 > 0:29:51that's been refurbished very well. They've used the light
0:29:51 > 0:29:53in a good manner. They've created French doors
0:29:53 > 0:29:56in the living room, and I think they've done well in the kitchen
0:29:56 > 0:29:59to provide somewhere to eat and a utility area as well.
0:29:59 > 0:30:02The property is a really attractive double-fronted period house
0:30:02 > 0:30:04that has been extensively renovated
0:30:04 > 0:30:06to a really high standard,
0:30:06 > 0:30:08with good attention to detail.
0:30:08 > 0:30:12The proportions of the accommodation lend themselves really well to modern living. It's a lovely house.
0:30:12 > 0:30:16With the purchase price of £74,000
0:30:16 > 0:30:19added to the work cost of nearly £25,000,
0:30:19 > 0:30:23the total outlay here was £99,000.
0:30:24 > 0:30:26I'm pretty sure they aren't going anywhere,
0:30:26 > 0:30:28but if the couple wanted to sell,
0:30:28 > 0:30:31what do the agents think they could expect?
0:30:32 > 0:30:34I would expect to market this property
0:30:34 > 0:30:39at around £140,000, and hope to achieve around £135,000.
0:30:39 > 0:30:42I would expect this property to appear on the market
0:30:42 > 0:30:43at about £140,000
0:30:43 > 0:30:47and achieve in excess of £135,000.
0:30:47 > 0:30:48That's brilliant, isn't it?
0:30:48 > 0:30:50Yeah, it sounds good.
0:30:50 > 0:30:51I like it!
0:30:51 > 0:30:54It's well worth all the effort. Definitely.
0:30:54 > 0:30:57A £135,000 sale price
0:30:57 > 0:31:01would leave them a pre-tax profit of £36,000.
0:31:01 > 0:31:02Mighty impressive.
0:31:02 > 0:31:08But they've got some moving in to do. When are they hoping to do that?
0:31:08 > 0:31:09Right now?
0:31:09 > 0:31:11Today!
0:31:11 > 0:31:13Move all our boxes in and get them all unpacked.
0:31:13 > 0:31:14Yeah.
0:31:14 > 0:31:16It's going to be exciting times now.
0:31:16 > 0:31:18- First sleep here tonight.- Yeah.
0:31:18 > 0:31:21Independence. It's going to be brilliant.
0:31:27 > 0:31:32This is what's left of the historic Brooklands racing track in Weybridge, Surrey.
0:31:32 > 0:31:36The first purpose-built motor racing track in the world.
0:31:36 > 0:31:39Well, in recent times, this whole area has been redeveloped
0:31:39 > 0:31:42to provide housing, shops and high-end businesses.
0:31:42 > 0:31:47And that's adding to an already high desirability factor for Weybridge itself.
0:31:47 > 0:31:51People like Cliff Richard, Tom Jones, John Lennon, Ringo Starr
0:31:51 > 0:31:52have all lived here.
0:31:52 > 0:31:55So, as you might expect, property prices are pretty high.
0:31:55 > 0:31:58# Living in high society... #
0:31:59 > 0:32:02So high, in fact, that in 2008,
0:32:02 > 0:32:07a Times newspaper survey found this sought-after suburb in the London commuter belt
0:32:07 > 0:32:12had six out of ten of the most expensive streets
0:32:12 > 0:32:15in southeast England.
0:32:16 > 0:32:18It's easy to see why.
0:32:18 > 0:32:21The town is pretty, with traditional buildings, noted schools,
0:32:21 > 0:32:23high-end housing and even blue-chip companies.
0:32:23 > 0:32:29But if you're feeling lucky, you might still snap up something of a bargain if you know where to look.
0:32:32 > 0:32:36Well, somewhere along this quiet residential lane
0:32:36 > 0:32:38is the property I'm here to see.
0:32:38 > 0:32:41It's a two-bedroom Victorian cottage.
0:32:41 > 0:32:42Um...
0:32:44 > 0:32:45I've just got to find it.
0:32:45 > 0:32:49# I'm hunting high and low... #
0:32:52 > 0:32:54High, low and sideways, in fact.
0:32:54 > 0:32:58I'm reliably informed the character property I'm here to see
0:32:58 > 0:33:01had a £230,000 guide price.
0:33:01 > 0:33:03# I'll always be hunting
0:33:03 > 0:33:06# High and low... #
0:33:08 > 0:33:12And it's somewhere in amongst these, um, other character properties.
0:33:12 > 0:33:14But which one is it?
0:33:21 > 0:33:23DOGS BARK
0:33:23 > 0:33:25CHEERING
0:33:28 > 0:33:32You never know quite what to expect with a place that looks like this from the outside.
0:33:32 > 0:33:35But the good news is, it's actually really nice.
0:33:35 > 0:33:38Through the front door, and one big main room here,
0:33:38 > 0:33:41obviously been knocked through at some point.
0:33:41 > 0:33:44But given the fact that you've got fairly low ceilings,
0:33:44 > 0:33:47that at least makes it feel not as claustrophobic as it might.
0:33:47 > 0:33:52Stairs up to your bedrooms there, and the staircase very discreet there.
0:33:52 > 0:33:55Probably the best use of that kind of space again,
0:33:55 > 0:33:57because this really is not a big property.
0:33:57 > 0:34:00But I like what they've done to it so far.
0:34:00 > 0:34:04This, however, is completely rubbish.
0:34:04 > 0:34:06It just does not work.
0:34:06 > 0:34:09The suite - wow! Lemon yellow back in fashion.
0:34:09 > 0:34:10Um...
0:34:10 > 0:34:12I don't think so. That needs to go.
0:34:12 > 0:34:15But you need to create more space there. That is horrendous.
0:34:15 > 0:34:18So maybe take a little bit of space out of that front living room area.
0:34:18 > 0:34:22Because actually, that is the only room that is a major problem,
0:34:22 > 0:34:24because come back here, you've got this kitchen,
0:34:24 > 0:34:28and, yes, it's small, but it's what you expect for a cottage like this.
0:34:28 > 0:34:30It looks out over the back garden,
0:34:30 > 0:34:33and with the right kind of units in here, it would be very nice.
0:34:33 > 0:34:35So, tick, tick, tick, tick, tick...yuck.
0:34:37 > 0:34:40Get that teeny tiny bathroom sorted out,
0:34:40 > 0:34:46and with a bit of clever creativity, you could decorate and furnish this currently blank canvas
0:34:46 > 0:34:48into somewhere that feels more spacious,
0:34:48 > 0:34:50but retains its cottage charm.
0:34:52 > 0:34:55Right at the top of the stairs are the two bedrooms.
0:34:55 > 0:34:59One at the front with wooden floorboards that could look lush when sanded down.
0:34:59 > 0:35:04And you never know, there could be a fireplace hidden behind that chimney breast.
0:35:04 > 0:35:08The second and rear bedroom is a bit smaller.
0:35:08 > 0:35:11Whilst it does fit in with the character of the property,
0:35:11 > 0:35:15the peeling polystyrene ceiling certainly doesn't.
0:35:17 > 0:35:20Keeping with the small theme, the back garden is just that,
0:35:20 > 0:35:23but could look bigger if the shed wasn't plonked in the middle.
0:35:23 > 0:35:26So, plenty of potential throughout, except...
0:35:29 > 0:35:33Now, there is one very practical problem with this cottage.
0:35:33 > 0:35:36And it comes from the fact
0:35:36 > 0:35:37of where it is.
0:35:37 > 0:35:38As I said before...
0:35:40 > 0:35:41..it's a long way down.
0:35:43 > 0:35:44Come on!
0:35:46 > 0:35:47Keep up!
0:35:50 > 0:35:54And that is how far you've got to carry the building materials in
0:35:54 > 0:35:57and the rubbish out.
0:36:02 > 0:36:05OK. With a guide price of £230,000,
0:36:05 > 0:36:09we invited a local estate agent to have a look around.
0:36:10 > 0:36:12The property is quite a small property.
0:36:12 > 0:36:15One of the major sticking points possibly with a buyer
0:36:15 > 0:36:16is the size of the bathroom.
0:36:16 > 0:36:18This could either be kept as a wet room,
0:36:18 > 0:36:22by removing the bath, or actually moving the bathroom to the rear of the property,
0:36:22 > 0:36:26incorporating the kitchen into where the bathroom actually is at the moment.
0:36:26 > 0:36:29Some good options for sorting the bathroom size, then,
0:36:29 > 0:36:32and once that's done, along with the various other bits required
0:36:32 > 0:36:34to bring the place up to speed,
0:36:34 > 0:36:36what could it sell for?
0:36:39 > 0:36:42Having recently sold a very similar property in the road,
0:36:42 > 0:36:45I feel, with the renovations done, the house is likely to achieve
0:36:45 > 0:36:47somewhere in the region of £320,000.
0:36:49 > 0:36:54Wow! If you bought for anywhere near that £230,000 guide price,
0:36:54 > 0:36:55with a bit of careful budgeting,
0:36:55 > 0:36:58this tiny property could deliver a very big profit.
0:36:58 > 0:37:02Would rental valuations also offer a healthy return?
0:37:03 > 0:37:06With the proximity to the mainline station and the local shops as well,
0:37:06 > 0:37:09the rental demand for this property would be very, very high.
0:37:09 > 0:37:13I would think it's likely to achieve somewhere in the region
0:37:13 > 0:37:15of £1,000 to £1,100 per calendar month.
0:37:15 > 0:37:16DOG BARKS
0:37:16 > 0:37:20So, a lovely little cottage in a nice area.
0:37:20 > 0:37:22Not without its problems...
0:37:22 > 0:37:23not least...
0:37:23 > 0:37:25DOGS BARK
0:37:25 > 0:37:26..the noisy neighbours
0:37:26 > 0:37:29and the fact you have got those issues of access
0:37:29 > 0:37:31when it comes to doing building work,
0:37:31 > 0:37:35but still charming, and I'm sure somebody fell in love with it when it went under the hammer.
0:37:36 > 0:37:37Woof!
0:37:40 > 0:37:42Two-bedroom, mid-terraced house.
0:37:42 > 0:37:45Who'd like to start off on this? Start low...
0:37:45 > 0:37:46200.
0:37:46 > 0:37:47That's dead cheap for this.
0:37:47 > 0:37:49200.
0:37:49 > 0:37:51205, sitting down.
0:37:51 > 0:37:52210.
0:37:52 > 0:37:53215.
0:37:53 > 0:37:55220.
0:37:55 > 0:37:57225.
0:37:58 > 0:37:59230.
0:37:59 > 0:38:00235.
0:38:02 > 0:38:03240.
0:38:03 > 0:38:04245.
0:38:04 > 0:38:05250.
0:38:05 > 0:38:07255.
0:38:08 > 0:38:10Have a think. 250 with you.
0:38:10 > 0:38:11251.
0:38:11 > 0:38:15If not, £250,000. It's going.
0:38:15 > 0:38:16You're going to lose it.
0:38:16 > 0:38:18At £250,000,
0:38:18 > 0:38:19first time...
0:38:19 > 0:38:20second time...
0:38:20 > 0:38:23third and last time, if you're all done.
0:38:24 > 0:38:26Sold, 250. Well done.
0:38:26 > 0:38:31Airline pilot Jonathan flew out as soon as he secured the property
0:38:31 > 0:38:32for £250,000
0:38:32 > 0:38:37and has now handed over the controls to his wife, Angela.
0:38:37 > 0:38:39She used to work for an airline too,
0:38:39 > 0:38:42but left the high life for property development.
0:38:46 > 0:38:48- Angela, great to meet you. - Thank you.
0:38:48 > 0:38:49- Congratulations.- Thank you.
0:38:49 > 0:38:51- Lovely little cottage.- Yes.
0:38:51 > 0:38:52It is. It's nice, yes.
0:38:52 > 0:38:54Tell me why you wanted to buy it.
0:38:54 > 0:38:56I gave up work back in February.
0:38:56 > 0:39:00And I refurbished a couple of properties
0:39:00 > 0:39:04a few years before. I sort of fitted it around work and children,
0:39:04 > 0:39:08and just felt ready to leave and be more at home with the children,
0:39:08 > 0:39:11- and this fitted in well with it. - Great.
0:39:11 > 0:39:12What were you doing?
0:39:12 > 0:39:14I was cabin crew for an airline.
0:39:14 > 0:39:17Tell me about the family. How old are the children?
0:39:17 > 0:39:19I've got two boys. They are five and six-and-a-half.
0:39:19 > 0:39:21- Wow!- So they're full-on.
0:39:21 > 0:39:24I'm sure they'll help when they can
0:39:24 > 0:39:27with pulling off paper and things off the walls!
0:39:27 > 0:39:29So how did the other projects go?
0:39:29 > 0:39:32They were good. Did a couple in Streatham, and they were flats.
0:39:32 > 0:39:35Um...needed a lot more work than this place.
0:39:35 > 0:39:37Hard work, but good fun as well.
0:39:37 > 0:39:40Right. So what attracted you to this particular place?
0:39:40 > 0:39:42It's much closer to where I live.
0:39:42 > 0:39:45I can get to it within five minutes.
0:39:45 > 0:39:49And also, it may be a place that I might decide to keep on and rent out,
0:39:49 > 0:39:51but I'm not too sure at the moment.
0:39:51 > 0:39:55So that's a decision I'll make maybe as the project carries on,
0:39:55 > 0:39:57and then maybe end up living here when I retire.
0:39:57 > 0:39:59- OK.- Maybe. We'll wait and see.
0:40:01 > 0:40:04Angela has a lovely laid-back approach to this project
0:40:04 > 0:40:07and has experience behind her.
0:40:07 > 0:40:11But that didn't stop her breaking one of this programme's cardinal rules.
0:40:13 > 0:40:15So what did you think of it the first time you saw it?
0:40:15 > 0:40:17- Today was the first time I've seen it.- What?!
0:40:17 > 0:40:19I know. Bit scary.
0:40:19 > 0:40:22My husband had seen it, but I hadn't,
0:40:22 > 0:40:24so I did put my trust into his hands.
0:40:24 > 0:40:25Wow!
0:40:25 > 0:40:31But yes, it's nice. It's small, but it's not as bad a state as I thought it would be.
0:40:31 > 0:40:33I've seen worse, put it that way.
0:40:33 > 0:40:35Tell me what you're going to do to the property.
0:40:35 > 0:40:37It needs a new kitchen, new bathroom,
0:40:37 > 0:40:39maybe enlarging the bathroom,
0:40:39 > 0:40:43and upstairs is just two bedrooms, so just refurbish those
0:40:43 > 0:40:46and just get it up to a good standard.
0:40:46 > 0:40:47What's the budget for the work?
0:40:47 > 0:40:50Between £20,000 and £25,000
0:40:50 > 0:40:52to get it up to scratch.
0:40:53 > 0:40:56And she hopes to do it in two to three months,
0:40:56 > 0:40:59bringing in contactors for the big jobs such as the kitchen and bathroom,
0:40:59 > 0:41:01but tackling a lot of the work herself.
0:41:01 > 0:41:04She even has a plan for getting things up and down
0:41:04 > 0:41:06that higgledy-piggledy lane.
0:41:08 > 0:41:10Well, I'm going to have a trolley
0:41:10 > 0:41:13to wheel everything down and wheel it all back.
0:41:13 > 0:41:16But a skip... There is a neighbour that we may ask
0:41:16 > 0:41:20if we can use their driveway just to put the skip on
0:41:20 > 0:41:22and maybe put a bit of money their way!
0:41:22 > 0:41:24Well, if they say no, you're definitely...
0:41:24 > 0:41:27If they say no, I'll have to get permission from the council.
0:41:27 > 0:41:29- To put it where?- Don't know yet.
0:41:29 > 0:41:33We'll figure that out. Again, that's another thing we'll figure out as we go along.
0:41:33 > 0:41:35And after this one, what's on the horizon?
0:41:35 > 0:41:37I'll try to get another one, hopefully.
0:41:37 > 0:41:40I'd like to go back into London.
0:41:40 > 0:41:42I feel the margins there are better, so...
0:41:42 > 0:41:44But we'll just wait and see.
0:41:44 > 0:41:47Ideally, one or two a year would be good.
0:41:47 > 0:41:50And the idea each time will be to do up and sell on?
0:41:50 > 0:41:54Yes. Hopefully, we'd like to find one that we could keep
0:41:54 > 0:41:57as an investment for the two children.
0:41:57 > 0:41:59- Brilliant. Well, congratulations. - Thank you very much.
0:41:59 > 0:42:02- Good luck with it.- Thank you.- Look forward to seeing how you get on.
0:42:02 > 0:42:05So, some work ahead for Angela,
0:42:05 > 0:42:08and I do think the biggest issue she's going to have to cope with
0:42:08 > 0:42:10is getting those building materials in
0:42:10 > 0:42:11and the rubbish out.
0:42:11 > 0:42:14Still, she seems prepared for what's in store.
0:42:14 > 0:42:17How will she get on sorting this place out?
0:42:17 > 0:42:19You can find out later in the show.
0:42:22 > 0:42:25It's been a while now since we last saw those properties, Martin.
0:42:25 > 0:42:27There should have been some progress, but you never know.
0:42:27 > 0:42:30Yes, because all sorts of problems can arise.
0:42:30 > 0:42:33So let's go back and find out how they've got on.
0:42:35 > 0:42:37We've returned to Kent.
0:42:37 > 0:42:39Margate, to be precise,
0:42:39 > 0:42:42where solicitor Max purchased this at an auction
0:42:42 > 0:42:44for £90,000.
0:42:44 > 0:42:46A commercial premises on the ground floor,
0:42:46 > 0:42:49with two flats - one on the lower ground
0:42:49 > 0:42:52and a maisonette on the first and second floors.
0:42:52 > 0:42:55Max wanted to expand his law firm,
0:42:55 > 0:42:58but it was his colleague Vicky who I met.
0:42:58 > 0:43:02She explained how they ended up buying this particular place.
0:43:04 > 0:43:06Did you view the office prior to auction?
0:43:06 > 0:43:09- Not this one, no.- What do you mean, "not this one"?
0:43:09 > 0:43:12Well, we had viewed another one up the road which we thought was perfect.
0:43:12 > 0:43:15And my colleague went along to bid on it,
0:43:15 > 0:43:18but unfortunately, it just went too high, so he had to pull out.
0:43:18 > 0:43:21- And what happened next?- There was about a 40-minute gap
0:43:21 > 0:43:23and then I got a text saying, "I've bought another office."
0:43:23 > 0:43:28So he literally sat there and flicked through the catalogue,
0:43:28 > 0:43:31saw this and just bid on it?
0:43:31 > 0:43:35He did. Of course, I had a panic attack because we'd not seen this office!
0:43:35 > 0:43:37That is some gamble to take.
0:43:37 > 0:43:41We're back to meet up with both Max and Vicky two months on
0:43:41 > 0:43:44to discover if it paid off.
0:43:50 > 0:43:53Outside is certainly looking clean and bright.
0:43:53 > 0:43:57The plan was always to incorporate the lower ground flat
0:43:57 > 0:43:59into the offices. Thanks to a paint job,
0:43:59 > 0:44:03and making the kitchen less homely and more staff-friendly,
0:44:03 > 0:44:04that's been achieved.
0:44:07 > 0:44:09And on the ground floor,
0:44:09 > 0:44:11it's goodbye to the blue and violet.
0:44:21 > 0:44:23Even with the furniture in place,
0:44:23 > 0:44:25this all looks very professional.
0:44:25 > 0:44:27Vicky is delighted.
0:44:29 > 0:44:32Well, the ground floor I think is perfect for our needs,
0:44:32 > 0:44:34because we've got this big bay window,
0:44:34 > 0:44:38and there will be passing trade. They can see that we're a solicitor's office.
0:44:38 > 0:44:40It's nice and light.
0:44:40 > 0:44:44This area here is excellent for a reception area.
0:44:44 > 0:44:48And when you go through to the back, you've got the solicitor's office,
0:44:48 > 0:44:51where you can have two or three people sitting in there.
0:44:51 > 0:44:53And then you've got down the stairs there,
0:44:53 > 0:44:56where you'll have more solicitors sitting,
0:44:56 > 0:44:59probably one department down there, one department up here.
0:44:59 > 0:45:01I'm very pleased with how it looks.
0:45:01 > 0:45:04The colour scheme is perfect for us.
0:45:04 > 0:45:06It's clean, it's fresh, it's professional.
0:45:06 > 0:45:09I think people are going to be able to come in here,
0:45:09 > 0:45:10use our services with confidence,
0:45:10 > 0:45:14knowing we've put a lot of time and effort into how our offices look.
0:45:14 > 0:45:16And what about Max?
0:45:16 > 0:45:19Now that he's seen his surprise purchase turned around,
0:45:19 > 0:45:22is he confident he made the right choice on auction day?
0:45:24 > 0:45:26Yeah, very pleased. When I first came to see it,
0:45:26 > 0:45:29I thought it would have been a lot worse than what it was.
0:45:29 > 0:45:32I just thought it was a bargain, really. Can't go wrong for that price.
0:45:32 > 0:45:36But unfortunately, I didn't read the legal pack or view it or anything like that.
0:45:37 > 0:45:40# You've been a bad bad boy... #
0:45:42 > 0:45:44And Max a lawyer too!
0:45:44 > 0:45:47Reading the legal pack for an auction property
0:45:47 > 0:45:51really is essential if you want to know what you're getting yourself into.
0:45:51 > 0:45:56Believe me, not everyone turns out to be as lucky as Max was.
0:45:57 > 0:45:59A real bonus for the business here
0:45:59 > 0:46:01was the maisonette flat above.
0:46:01 > 0:46:04Max and Vicky hoped that the income from a tenant
0:46:04 > 0:46:07would pay the mortgage for the whole building.
0:46:07 > 0:46:09It needed a bit of work too,
0:46:09 > 0:46:11so how has that turned out?
0:46:21 > 0:46:24It's definitely looking cleaner and less cluttered.
0:46:24 > 0:46:26I'm glad to see they've changed
0:46:26 > 0:46:30that odd off-the-bedroom utility room to an en suite.
0:46:32 > 0:46:33I think the flat looks beautiful.
0:46:33 > 0:46:37I think it looks a lot more stylish than it did before.
0:46:37 > 0:46:39I think we'll be able to rent it out
0:46:39 > 0:46:41at quite a good rate,
0:46:41 > 0:46:44just because of the standard that it's at at the moment.
0:46:44 > 0:46:45And they'll need to,
0:46:45 > 0:46:48as the whole building needed to be rewired,
0:46:48 > 0:46:50which cost about £5,000.
0:46:50 > 0:46:53So between that, the work to the offices
0:46:53 > 0:46:56and the fact they've done the flat within their two-month timescale,
0:46:56 > 0:47:00their £10,000 budget took a bit of a hit.
0:47:03 > 0:47:06Probably more like £15,000, £20,000, I would have thought.
0:47:06 > 0:47:07Yeah.
0:47:08 > 0:47:10But that doesn't seem to upset them too much.
0:47:10 > 0:47:13If the spend on the work was £20,000,
0:47:13 > 0:47:15then the total cost of this place,
0:47:15 > 0:47:19including the £90,000 Max paid for the building at auction,
0:47:19 > 0:47:22is £110,000.
0:47:24 > 0:47:27We invited two local estate agents
0:47:27 > 0:47:30to give us their opinions on the newly divided office space and flat.
0:47:30 > 0:47:32One of them has been here before.
0:47:34 > 0:47:38The office space they've provided on the ground floor is clearly suitable for their needs.
0:47:38 > 0:47:40I'm not sure that it would be highly marketable
0:47:40 > 0:47:43in the current marketplace,
0:47:43 > 0:47:46but it's clean and tidy and will suit their purpose.
0:47:46 > 0:47:49Coming up to this property, I'm really quite impressed.
0:47:49 > 0:47:51It's opposite quite a popular supermarket.
0:47:51 > 0:47:53It's in a busy main road,
0:47:53 > 0:47:55so it's good for passing trade.
0:47:55 > 0:47:58And I think the property itself's been done to quite a nice standard.
0:47:58 > 0:48:03So both the building and the amenities are really ideal
0:48:03 > 0:48:05for Max and Vicky's needs,
0:48:05 > 0:48:09both for the building and the potential letting of the flat.
0:48:09 > 0:48:12As they are now two clear separate entities,
0:48:12 > 0:48:15the estate agents valued them as such.
0:48:15 > 0:48:18First of all, what did they foresee for sales?
0:48:18 > 0:48:23In the current climate, I would put a value of £35,000 to £40,000
0:48:23 > 0:48:25on the commercial unit.
0:48:25 > 0:48:30In terms of the flat with the sea view in the current market,
0:48:30 > 0:48:33I would say somewhere between £40,000, maybe £45,000.
0:48:33 > 0:48:36I think the flat, being a one-bedroom,
0:48:36 > 0:48:39would be worth around about £40,000 at the moment.
0:48:39 > 0:48:42And the commercial space at the moment
0:48:42 > 0:48:44probably would be worth about £45,000.
0:48:44 > 0:48:47So even if both sold for their maximum,
0:48:47 > 0:48:50the total would be £90,000,
0:48:50 > 0:48:53just covering the purchase price paid at auction,
0:48:53 > 0:48:55but not the renovations.
0:48:55 > 0:48:58However, this was about expansion of the business
0:48:58 > 0:48:59and the long term.
0:48:59 > 0:49:03The estate agents estimate the flat upstairs could achieve
0:49:03 > 0:49:07between £375 and £400 a month.
0:49:09 > 0:49:12Well, the rental on the flat is ideal, really,
0:49:12 > 0:49:14because that will cover most of the mortgage
0:49:14 > 0:49:17for the whole building, so it's almost like we're getting the office for free
0:49:17 > 0:49:20and that's what we bought the building for. It was for the office,
0:49:20 > 0:49:24not a residential investment or anything like that, so that's just an added bonus, really.
0:49:24 > 0:49:26Sounds good.
0:49:26 > 0:49:27So, given all that,
0:49:27 > 0:49:30will Vicky let Max loose at an auction again?
0:49:32 > 0:49:33Definitely, yes.
0:49:33 > 0:49:35With this perfect office
0:49:35 > 0:49:37and flat potential at the top,
0:49:37 > 0:49:40I think I can safely say that I will.
0:49:46 > 0:49:48We're back in Weybridge, Surrey.
0:49:48 > 0:49:52Here, I met Angela, who bought this quaint two-bedroom terrace
0:49:52 > 0:49:54for £250,000.
0:49:54 > 0:49:56She was changing careers
0:49:56 > 0:50:00from cabin crew with an airline to property developing.
0:50:00 > 0:50:03However, the downside here was the long haul
0:50:03 > 0:50:06involved in the trek to get to it.
0:50:06 > 0:50:07But Angela had a few ideas
0:50:07 > 0:50:11on how to get rubbish and building materials along that windy path.
0:50:14 > 0:50:16Well, I'm going to have a trolley
0:50:16 > 0:50:18to wheel everything down and wheel it all back.
0:50:18 > 0:50:22But a skip... There is a neighbour that we may ask
0:50:22 > 0:50:25if we can use their driveway just to put the skip on
0:50:25 > 0:50:28and maybe put a bit of money their way!
0:50:28 > 0:50:30Well, if they say no, you're definitely...
0:50:30 > 0:50:33If they say no, I'll have to get permission from the council.
0:50:33 > 0:50:35- To put it where?- Don't know yet.
0:50:35 > 0:50:39We'll figure that out. Again, that's another thing we'll figure out as we go along.
0:50:40 > 0:50:41Access was the big issue,
0:50:41 > 0:50:43and the tiny loo was another.
0:50:43 > 0:50:46We've come back 12 weeks on
0:50:46 > 0:50:48to see if Angela has turned
0:50:48 > 0:50:52this hard-to-get-to destination into a must-see.
0:50:57 > 0:50:59Outside is looking clean and fresh,
0:50:59 > 0:51:01sporting a coat of paint and a good tidy-up.
0:51:03 > 0:51:04And inside?
0:51:06 > 0:51:09The living room's a lot brighter, with new flooring,
0:51:09 > 0:51:12paint, and a perfect spot created for a wood-burner.
0:51:14 > 0:51:15As for the kitchen...
0:51:23 > 0:51:25It's looking much more like a country cottage.
0:51:25 > 0:51:28Despite it being a bit petite,
0:51:28 > 0:51:30it now feels way more spacious.
0:51:30 > 0:51:32Glass doors leading out to the garden.
0:51:34 > 0:51:37But what about that miniscule bathroom?
0:51:41 > 0:51:43The lemon yellow suite's long gone,
0:51:43 > 0:51:47and we can actually get in to see the whole room this time.
0:51:48 > 0:51:51We actually stole some space from our sitting room
0:51:51 > 0:51:55to make the bathroom bigger, because it's the only bathroom in the house.
0:51:55 > 0:51:57And it allowed us to have the bath along the back wall.
0:51:57 > 0:52:01Here we are, coming into the kitchen.
0:52:01 > 0:52:04The kitchen has completely been...
0:52:04 > 0:52:07redone. We once had a door here.
0:52:07 > 0:52:09That took you out to the garden.
0:52:09 > 0:52:10And that's been blocked up,
0:52:10 > 0:52:13which allowed us then to put double doors in,
0:52:13 > 0:52:15and then you can go straight out onto the garden from there.
0:52:15 > 0:52:17We've gone for a higher-quality finish
0:52:17 > 0:52:20with things like the solid oak worktop
0:52:20 > 0:52:22and solid wood units.
0:52:22 > 0:52:24And it just feels so much more spacious
0:52:24 > 0:52:27and I'm really, really, really pleased with it.
0:52:29 > 0:52:32The renovation of the kitchen and bathroom makes such a big difference.
0:52:32 > 0:52:34I love the new doors out to the garden,
0:52:34 > 0:52:36which is also looking tidier,
0:52:36 > 0:52:38with a low-maintenance patio
0:52:38 > 0:52:40where weeds and an old shed
0:52:40 > 0:52:42once overcrowded the small space.
0:52:45 > 0:52:49Upstairs, both bedrooms have been completely redecorated.
0:52:54 > 0:52:56There are just carpets to go down
0:52:56 > 0:52:57and Angela's brother-in-law
0:52:57 > 0:53:00is finishing off the last of the painting.
0:53:01 > 0:53:02So, a thorough job
0:53:02 > 0:53:05and pretty much bang-on that three-month schedule.
0:53:05 > 0:53:08But as with all renovations, there were some ups and downs.
0:53:11 > 0:53:13It was in pretty bad disrepair.
0:53:13 > 0:53:15We had a lot of damp in quite a few areas,
0:53:15 > 0:53:19so everything was pulled back to the bare brickwork, more or less.
0:53:19 > 0:53:21We had to pull the ceilings down upstairs
0:53:21 > 0:53:23and downstairs, to redo them.
0:53:23 > 0:53:26So, yeah, it was all in pretty bad shape.
0:53:26 > 0:53:30Hmm, pulling ceilings down sounds like a pretty messy job to me.
0:53:30 > 0:53:33My big worry here was the access route,
0:53:33 > 0:53:36and it turned out a skip wasn't feasible.
0:53:36 > 0:53:38So, how many trips up and down the path
0:53:38 > 0:53:39did Angela make?
0:53:41 > 0:53:42Goodness, I couldn't tell you.
0:53:42 > 0:53:45It's got to be 100 or so.
0:53:45 > 0:53:47It just seemed to go on.
0:53:47 > 0:53:51We got one job clear, and then something else would need clearing out,
0:53:51 > 0:53:54and it was just...logistically, it was an absolute nightmare.
0:53:54 > 0:53:55But we got there.
0:53:55 > 0:53:57We really got there in the end.
0:53:57 > 0:54:00It was just hard work, and we just had to get on it. And that was it.
0:54:00 > 0:54:02I take my hat off to her.
0:54:02 > 0:54:06And not just for all of that hauling of bricks and rubble.
0:54:06 > 0:54:09The cottage is looking really lovely.
0:54:09 > 0:54:12Angela originally said she might be tempted to keep it on
0:54:12 > 0:54:14as an investment for the future.
0:54:14 > 0:54:16Is that still the case?
0:54:16 > 0:54:17I would like to keep it,
0:54:17 > 0:54:20but I think we're probably going to end up selling it.
0:54:20 > 0:54:24It's a lovely little investment, and we've put a lot of...
0:54:24 > 0:54:28heart into this place, so, yeah, it's a shame. But anyway...
0:54:28 > 0:54:31Just...see what happens.
0:54:31 > 0:54:35The cottage clearly tugged on Angela's heartstrings,
0:54:35 > 0:54:38but how did her purse strings fare?
0:54:38 > 0:54:42The original renovation budget was a maximum of £25,000.
0:54:42 > 0:54:44I did my calculations the other day.
0:54:44 > 0:54:48And it will probably be up around £25,000, yes.
0:54:48 > 0:54:50And so we've kept on track.
0:54:53 > 0:54:55But will she be laughing all the way to the bank?
0:54:55 > 0:54:59That £25,000 added to the purchase price of £250,000
0:54:59 > 0:55:03makes the total outlay £275,000.
0:55:05 > 0:55:07We invited two local estate agents,
0:55:07 > 0:55:10one of whom saw the property before,
0:55:10 > 0:55:12to cast their expert eyes over the finished article.
0:55:12 > 0:55:15My first thoughts coming back to the property
0:55:15 > 0:55:17is the dramatic improvement.
0:55:17 > 0:55:20Just looking around, even though the work hasn't been quite finished,
0:55:20 > 0:55:23the changes are quite monumental.
0:55:23 > 0:55:26I think the property would appeal to a young professional couple
0:55:26 > 0:55:29moving out from London, where they can get a bit more for their money,
0:55:29 > 0:55:34because it's within easy of the train station, and Weybridge town itself is quite appealing.
0:55:34 > 0:55:36So the property could prove popular.
0:55:36 > 0:55:38But at what price?
0:55:38 > 0:55:40First, rental values.
0:55:40 > 0:55:42The property's likely to achieve somewhere in the region of
0:55:42 > 0:55:44£1,200 per calendar month.
0:55:44 > 0:55:47I would expect to achieve somewhere in the region of
0:55:47 > 0:55:49£1,250 per calendar month.
0:55:49 > 0:55:52That would mean a yield of around 5%,
0:55:52 > 0:55:55but it's not quite enough to tempt Angela into letting it.
0:55:56 > 0:56:00It is a little bit lower than what we would have liked to have achieved,
0:56:00 > 0:56:02but that's what the market says, so that's fine.
0:56:02 > 0:56:05Will the sales values be more than fine?
0:56:07 > 0:56:08I would expect it to achieve
0:56:08 > 0:56:11somewhere in the region of between £330,000 and £340,000.
0:56:11 > 0:56:13I would expect the property to achieve,
0:56:13 > 0:56:17in today's market, around £340,000.
0:56:17 > 0:56:19That's about what we wanted, so that's really good.
0:56:19 > 0:56:21Yeah, we're really pleased with that.
0:56:21 > 0:56:23Based on those figures,
0:56:23 > 0:56:27the pre-tax profit here lies between £55,000 and £65,000,
0:56:27 > 0:56:30allowing Angela to invest in her next project,
0:56:30 > 0:56:33leaving someone else to fall for this one.
0:56:34 > 0:56:36It's been done lovely,
0:56:36 > 0:56:39and hopefully, the person who buys it will see
0:56:39 > 0:56:41the standard we've put in and hopefully,
0:56:41 > 0:56:45they'll live here for a few years and get enjoyment out of it too.
0:56:48 > 0:56:51Well, in the ever-changing world of property developing,
0:56:51 > 0:56:53there are always new things to learn.
0:56:53 > 0:56:56So we'll have more lessons for you next time.
0:56:56 > 0:57:00- So join us then for more Homes Under The Hammer.- Goodbye.- Goodbye.
0:57:07 > 0:57:09Subtitles by Red Bee Media Ltd