Browse content similar to Episode 2. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
More and more people are buying property, | 0:00:01 | 0:00:03 | |
not just as a place to live, but as an investment. | 0:00:03 | 0:00:07 | |
It's a great way to save for the future | 0:00:07 | 0:00:09 | |
but you have to make sure you buy at the right price first. | 0:00:09 | 0:00:13 | |
One way to do that is to buy your next home under the hammer. | 0:00:13 | 0:00:17 | |
The three properties on today's show are all very different. | 0:00:42 | 0:00:45 | |
The three owners will all be hoping for the same thing to make some money. | 0:00:45 | 0:00:50 | |
Let's see what they bought. | 0:00:50 | 0:00:51 | |
It's three years since we last visited this property in Ripon | 0:00:52 | 0:00:56 | |
but the progress had been slow. | 0:00:56 | 0:00:58 | |
Stay with us to find out how it finally turned out. | 0:00:58 | 0:01:02 | |
In southwest London, | 0:01:02 | 0:01:04 | |
the guide price of this maisonette seems too good to be true. | 0:01:04 | 0:01:07 | |
There's definitely something wrong with it. The question is, what? | 0:01:07 | 0:01:12 | |
There's a lot of work needed to bring this cracking house in Derbyshire up-to-date. | 0:01:12 | 0:01:18 | |
Before you start any of that, | 0:01:18 | 0:01:19 | |
you've got to check that the house is actually structurally OK. | 0:01:19 | 0:01:23 | |
All of these properties went to auction. | 0:01:25 | 0:01:27 | |
We'll find out who bought them and what they paid for them | 0:01:27 | 0:01:30 | |
when they went under the hammer. | 0:01:30 | 0:01:32 | |
We're returning to a property we first showed you in August 2009. | 0:01:36 | 0:01:41 | |
It was in the beautiful city of Ripon in North Yorkshire, | 0:01:41 | 0:01:44 | |
founded over 1,300 years ago. | 0:01:44 | 0:01:47 | |
Some buildings have stood here since the 7th century. | 0:01:47 | 0:01:51 | |
I'm here to see another historic property, this one built in 1750. | 0:01:51 | 0:01:56 | |
It's a part commercial, part residential unit | 0:01:56 | 0:01:59 | |
with a double frontage onto this road. | 0:01:59 | 0:02:01 | |
The first thing I'm noticing is that it is on one of the main routes into the centre of Ripon | 0:02:01 | 0:02:06 | |
and it's right by this set of traffic lights which could explain the £50,000 guide price. | 0:02:06 | 0:02:13 | |
Let's take a look inside. | 0:02:13 | 0:02:15 | |
This roadside position is definitely a big negative. | 0:02:15 | 0:02:20 | |
With narrow streets and pavements, the house seems to shake and rattle | 0:02:20 | 0:02:24 | |
every time large vehicles pass by. | 0:02:24 | 0:02:26 | |
It's hard to imagine this as a shop really, apart from the fact | 0:02:28 | 0:02:31 | |
you have these huge great windows looking onto the street. | 0:02:31 | 0:02:35 | |
Given this is listed, that could be a good thing or a bad thing | 0:02:35 | 0:02:38 | |
because one of the things the planners would not want you to do is change the windows. | 0:02:38 | 0:02:44 | |
If this was going to be a residential place, | 0:02:44 | 0:02:46 | |
windows like that looking onto the main road might not be ideal. | 0:02:46 | 0:02:50 | |
But at the moment, throwing lots of natural light in here which we really like. | 0:02:50 | 0:02:54 | |
Original features you have the fireplace there, | 0:02:54 | 0:02:56 | |
through to a second front room. | 0:02:56 | 0:02:58 | |
Again, not ideal that the room is right on that road, | 0:02:58 | 0:03:01 | |
right by the set of traffic lights. | 0:03:01 | 0:03:04 | |
Not really brilliant. | 0:03:04 | 0:03:06 | |
Of course there's nothing you can do about the proximity of the road. | 0:03:06 | 0:03:11 | |
Owing to its listed status, | 0:03:11 | 0:03:12 | |
UPVC double glazing would be out of the question. | 0:03:12 | 0:03:15 | |
Replica windows will have to be made. | 0:03:15 | 0:03:18 | |
Is there anything else that should make buyers hesitate to buy this? | 0:03:18 | 0:03:22 | |
None of the door frames are standard height. | 0:03:22 | 0:03:25 | |
I think if you're a tall person, you would be banging your head | 0:03:25 | 0:03:28 | |
quite regularly, but it does give a certain sense of charm. | 0:03:28 | 0:03:30 | |
As does things like this, the floor. | 0:03:30 | 0:03:34 | |
Yorkshire stone, absolutely beautiful. | 0:03:34 | 0:03:37 | |
The only issue is, it doesn't have a damp-proof course, | 0:03:37 | 0:03:39 | |
I would guess, and it would be expensive to do something about that. | 0:03:39 | 0:03:42 | |
Maybe take it up, which would be a real shame, but that is the only way | 0:03:42 | 0:03:45 | |
you're going to get that important damp-proof course in. | 0:03:45 | 0:03:48 | |
This, I imagine, at some stage was the kitchen. | 0:03:48 | 0:03:50 | |
At the moment, it's pretty much like the rest of the house, | 0:03:50 | 0:03:54 | |
a bit higgledy-piggledy. The window is out onto a small courtyard. | 0:03:54 | 0:03:58 | |
It is the natural place for the kitchen in the house to be. | 0:03:58 | 0:04:03 | |
But there's a lot of work before you get to that stage. | 0:04:03 | 0:04:06 | |
So, there's flooring to be sorted, along with damp proofing. | 0:04:06 | 0:04:11 | |
The walls need to be skimmed and plastered. | 0:04:11 | 0:04:15 | |
The ceiling has seen better days | 0:04:15 | 0:04:16 | |
and there's probably wood treatment to be done, too, and that's just downstairs. | 0:04:16 | 0:04:20 | |
Upstairs, my guess is that this was the flat associated with the shop downstairs. | 0:04:20 | 0:04:25 | |
You've got a little room there, a bedroom there, | 0:04:25 | 0:04:29 | |
stairs up to the attic room. | 0:04:29 | 0:04:30 | |
A living room area there and through to, judging by the fact there's a sink, | 0:04:30 | 0:04:36 | |
I'm guessing this was where the kitchen was. | 0:04:36 | 0:04:39 | |
As you can see, it's extremely basic and it gets worse | 0:04:39 | 0:04:41 | |
because there's also a door that leads into the bathroom. | 0:04:41 | 0:04:45 | |
So not ideal whatsoever. | 0:04:45 | 0:04:48 | |
However, what this property does offer is options. | 0:04:48 | 0:04:52 | |
You can keep the unit downstairs as a commercial unit, | 0:04:52 | 0:04:56 | |
you could convert upstairs into a much better presented flat, | 0:04:56 | 0:04:59 | |
you could convert downstairs to a flat. | 0:04:59 | 0:05:02 | |
But don't forget this is a listed buildings so all those things | 0:05:02 | 0:05:05 | |
would not only have to have building regulations approval, planning permission, | 0:05:05 | 0:05:09 | |
it will also need listed buildings approval | 0:05:09 | 0:05:11 | |
so there's a lot of hoops to jump through. | 0:05:11 | 0:05:14 | |
But there's a lot of property here | 0:05:14 | 0:05:16 | |
when you bear in mind it was guided at just £50,000. | 0:05:16 | 0:05:20 | |
In addition to the first floor, | 0:05:20 | 0:05:22 | |
there's also an attic space which could be converted. | 0:05:22 | 0:05:25 | |
That would take a lot of work. | 0:05:25 | 0:05:27 | |
I'm not sure why there are concrete floors here. | 0:05:27 | 0:05:30 | |
They definitely need to go. | 0:05:30 | 0:05:31 | |
With the large bathroom, if you converted this into living accommodation | 0:05:31 | 0:05:36 | |
and move the kitchen downstairs, | 0:05:36 | 0:05:38 | |
you could comfortably make a four bed house with bags of character. | 0:05:38 | 0:05:43 | |
Well, an interesting property for sure, | 0:05:43 | 0:05:47 | |
but not one for the faint-hearted or inexperienced. | 0:05:47 | 0:05:51 | |
This place could swallow money up like there's no tomorrow. | 0:05:51 | 0:05:54 | |
One thing is for certain, because of the complications of the commercial unit, | 0:05:54 | 0:05:58 | |
the fact it's listed, it's well worth getting a solicitor | 0:05:58 | 0:06:02 | |
to check with the legal pack before you buy. | 0:06:02 | 0:06:04 | |
Let's see who went for it when it went to the auction. | 0:06:04 | 0:06:07 | |
OK, moving on, we come to Ripon now. | 0:06:12 | 0:06:14 | |
We're skirting around North Yorkshire a bit, aren't we? | 0:06:14 | 0:06:16 | |
Two-storey with a very, very useful attic. | 0:06:16 | 0:06:21 | |
Somebody give me £40,000 for it? 40 bid straight away, thank you. | 0:06:21 | 0:06:24 | |
At £40,000. Two at the back, 42,000. 44 with you. | 0:06:24 | 0:06:27 | |
44, 46, may I now? | 0:06:27 | 0:06:28 | |
At 46, will you make it 49? | 0:06:28 | 0:06:31 | |
48 bid, I'll take nine. A new bidder. | 0:06:31 | 0:06:35 | |
49 against you, sir. 50 is now bid against you. | 0:06:35 | 0:06:40 | |
51, 52, may I now? At 52. | 0:06:40 | 0:06:44 | |
53, 54, will you? | 0:06:44 | 0:06:46 | |
55, 56 is it now? | 0:06:46 | 0:06:50 | |
57, may I? 58, will you now? | 0:06:50 | 0:06:54 | |
58 bid. 59, may I? 60,000. 61? 62? | 0:06:54 | 0:06:58 | |
63? Will you make it four? 64, 65 is bid. | 0:06:58 | 0:07:06 | |
66,500. | 0:07:06 | 0:07:11 | |
67. 67,500. | 0:07:11 | 0:07:15 | |
67,500. 68, may I now? 68 is bid. | 0:07:15 | 0:07:20 | |
Nine, may I? | 0:07:20 | 0:07:22 | |
£68,500, the gentleman standing. | 0:07:22 | 0:07:26 | |
All out seated at £68,500. All done? | 0:07:26 | 0:07:30 | |
It is yours, sir, thank you very much. The price is £68,500. | 0:07:32 | 0:07:36 | |
So for £68,500, the new owners of the grade two listed corner shop in Ripon are Giles and Claire. | 0:07:36 | 0:07:45 | |
I met them back at the property to hear about their plans. | 0:07:45 | 0:07:48 | |
Giles, Claire, congratulations! | 0:07:50 | 0:07:53 | |
-Thank you. -A big property? -A big property for the price, yes. | 0:07:53 | 0:07:58 | |
Absolutely for the price. Why did you want to buy it? | 0:07:58 | 0:08:02 | |
Well, it was really to get on the market in the UK first of all. | 0:08:02 | 0:08:08 | |
-This is the first property that we own. -You talk about in the UK? | 0:08:08 | 0:08:12 | |
We have a property in the French Alps. | 0:08:12 | 0:08:14 | |
-Wow! -It was just something that we've got as a base here as well. | 0:08:14 | 0:08:19 | |
-How come you have a property in the French Alps? -We run a business there. | 0:08:19 | 0:08:24 | |
-We run a catered chalet. -Great. Whereabouts? -La Plagne. | 0:08:24 | 0:08:29 | |
Giles and Claire met in the French Alps. | 0:08:29 | 0:08:31 | |
They had always dreamt of running a chalet in France | 0:08:31 | 0:08:34 | |
and achieved that in 2004. | 0:08:34 | 0:08:37 | |
But with that work being very seasonal, | 0:08:37 | 0:08:39 | |
they decided they needed another project and an investment | 0:08:39 | 0:08:43 | |
in the UK which they could work on for part of the year. | 0:08:43 | 0:08:46 | |
With family and friends in the local area, | 0:08:49 | 0:08:52 | |
Ripon seemed the ideal spot, | 0:08:52 | 0:08:54 | |
but boy, what a project they've taken on. | 0:08:54 | 0:08:58 | |
What sort of experience have you got? | 0:08:58 | 0:09:00 | |
I can paint! I'm a painter and decorator. | 0:09:00 | 0:09:04 | |
-Oh, are you? -And Giles is a plasterer. | 0:09:04 | 0:09:07 | |
-I'm a general builder by trade but plastering is my skill. -Great. | 0:09:07 | 0:09:12 | |
So that will keep me busy. | 0:09:12 | 0:09:15 | |
I had this image that you were going to say, I'm excellent at snowboarding | 0:09:15 | 0:09:18 | |
and you were going to say, I can do fantastic parallel turns! | 0:09:18 | 0:09:21 | |
You can plaster and you can paint and decorate? That's brilliant. | 0:09:21 | 0:09:25 | |
-Can you both ski? -Yes, we can ski quite well. -How well? | 0:09:25 | 0:09:30 | |
-I represented England. -Oh, that well, then? | 0:09:30 | 0:09:37 | |
You represented England in what? | 0:09:37 | 0:09:39 | |
-In the slalom. -Did you? | 0:09:39 | 0:09:42 | |
Well, I think Giles's plastering skills | 0:09:42 | 0:09:45 | |
and Claire's decorating ability might be more useful here. | 0:09:45 | 0:09:49 | |
It's going to be an uphill struggle to turn this property around. | 0:09:49 | 0:09:52 | |
What are you going to do to the place? | 0:09:52 | 0:09:54 | |
We're going to have the kitchen downstairs, of course. | 0:09:54 | 0:09:57 | |
The shopfront will be the living area, lounge. | 0:09:57 | 0:10:01 | |
Then upstairs, three or four double bedrooms | 0:10:01 | 0:10:06 | |
and going into the attic then, | 0:10:06 | 0:10:09 | |
we will renovate that as well into maybe office space or bedroom. | 0:10:09 | 0:10:14 | |
How much have you planned to spend? | 0:10:14 | 0:10:17 | |
Erm, probably 20, 25. A lot of the work... | 0:10:17 | 0:10:21 | |
It's going to be self-built. | 0:10:21 | 0:10:22 | |
It's going to be done between us | 0:10:22 | 0:10:25 | |
and family and a few friends, so hopefully we can keep it quite low. | 0:10:25 | 0:10:29 | |
Giles and Claire's plans to convert the old shop and flat | 0:10:31 | 0:10:34 | |
into one large house sounded very impressive. | 0:10:34 | 0:10:37 | |
When we went back after 14 months to see the results... | 0:10:37 | 0:10:42 | |
Well, the outside was a big improvement, | 0:10:44 | 0:10:47 | |
with snowy white rendered walls and a new black front door. | 0:10:47 | 0:10:52 | |
While inside? | 0:10:55 | 0:10:56 | |
Well, on the face of it it's not quite so impressive, | 0:10:56 | 0:11:00 | |
but as with any assault on a mountain, the key to success is preparation. | 0:11:00 | 0:11:05 | |
As you can see, one of the major changes was opening up this wall, | 0:11:06 | 0:11:11 | |
and then the other change was we had to take up the old floor. | 0:11:11 | 0:11:17 | |
We took out about five tons of rubble. | 0:11:17 | 0:11:21 | |
DPC'd and insulated it and put the Indian slate down | 0:11:21 | 0:11:24 | |
and now it's just waiting to be plastered and finished. | 0:11:24 | 0:11:28 | |
So, in fact, the amount of work done here is deceptive. | 0:11:28 | 0:11:32 | |
They've made structural changes, rewired, | 0:11:32 | 0:11:34 | |
replumbed and damp-proofed throughout. | 0:11:34 | 0:11:37 | |
By moving the kitchen downstairs, they've altered the layout | 0:11:37 | 0:11:40 | |
so there are now four bedrooms upstairs, | 0:11:40 | 0:11:42 | |
but owing to the grade two listing there were some things they couldn't change. | 0:11:42 | 0:11:47 | |
With the windows, we decided to make them good ourselves | 0:11:47 | 0:11:50 | |
cos they were going to be too expensive | 0:11:50 | 0:11:52 | |
if we got brand-new ones, and then we got somebody to help us | 0:11:52 | 0:11:56 | |
to re-weight them and re-cord them and they've come up pretty good. | 0:11:56 | 0:12:02 | |
Giles and Claire tackled other jobs. | 0:12:02 | 0:12:04 | |
They'd stripped out the bathroom | 0:12:04 | 0:12:06 | |
and removed the concrete from the attic floor. | 0:12:06 | 0:12:09 | |
But they did have a chalet business to run. | 0:12:09 | 0:12:13 | |
That meant they were only able to spend four or five months | 0:12:13 | 0:12:15 | |
working on the house at this stage. | 0:12:15 | 0:12:18 | |
They'd employed a specialist team to lay the floor | 0:12:18 | 0:12:21 | |
but the rest of the work was done with help from family and friends. | 0:12:21 | 0:12:24 | |
Claire's dad actually dropped in to lend the electrician a hand. | 0:12:24 | 0:12:29 | |
But unfortunately my father fell through the floorboards | 0:12:29 | 0:12:33 | |
in the bathroom, but he was OK. | 0:12:33 | 0:12:35 | |
He didn't actually end up in the kitchen! | 0:12:35 | 0:12:39 | |
# We're falling | 0:12:39 | 0:12:41 | |
# Through a hole. # | 0:12:41 | 0:12:42 | |
But with all that help from friends and family, | 0:12:42 | 0:12:45 | |
at least their budget hadn't gone through the roof. | 0:12:45 | 0:12:47 | |
I think, at the moment, we're up to £11,000. | 0:12:49 | 0:12:53 | |
I would like to say that we won't go over 25,000. | 0:12:54 | 0:12:58 | |
As the ski season approached, the two were ready to down tools | 0:12:58 | 0:13:02 | |
and up sticks, or rather ski poles, and head for France. | 0:13:02 | 0:13:07 | |
# You know the nearer your destination | 0:13:07 | 0:13:09 | |
# The more you're slip-slidin' away. # | 0:13:09 | 0:13:12 | |
You can find out later in the programme whether Giles and Claire | 0:13:12 | 0:13:16 | |
finally reached the peak of this challenge almost three years | 0:13:16 | 0:13:20 | |
after they bought the property. | 0:13:20 | 0:13:22 | |
Brixton and surrounding areas such as Tulse Hill are busy and bustling. | 0:13:27 | 0:13:32 | |
# We're gonna rock down to Electric Avenue. # | 0:13:32 | 0:13:37 | |
With a multicultural creative vibe, | 0:13:37 | 0:13:40 | |
in recent years, this part of southwest London has become trendy | 0:13:40 | 0:13:44 | |
so it's no surprise that demand around here is strong. | 0:13:44 | 0:13:48 | |
The property I'm here to see is not in the vibrant beating heart | 0:13:48 | 0:13:53 | |
of Brixton but much nearer Tulse Hill. | 0:13:53 | 0:13:56 | |
It's an area probably due a price rise in the coming years, | 0:13:56 | 0:14:00 | |
which still doesn't explain the guide price | 0:14:00 | 0:14:03 | |
of this two-bedroom garden maisonette. | 0:14:03 | 0:14:06 | |
150,000? There's definitely something wrong with it. | 0:14:06 | 0:14:10 | |
The question is, what? | 0:14:10 | 0:14:13 | |
# It was too good to be true. # | 0:14:13 | 0:14:17 | |
I know that sounds a substantial sum | 0:14:17 | 0:14:19 | |
but two beds regularly go for about £250,000 around here. | 0:14:19 | 0:14:24 | |
Trains get you into London Bridge in just 17 minutes so it's not like | 0:14:25 | 0:14:29 | |
you're out in the sticks and you have the outside space to the side. | 0:14:29 | 0:14:34 | |
Admittedly you have to share the path with the other maisonettes | 0:14:34 | 0:14:37 | |
so it's not all private, but you do have your own entrance | 0:14:37 | 0:14:40 | |
and that's what makes it a maisonette rather than a flat. | 0:14:40 | 0:14:44 | |
Hmm. That guide price makes me wonder | 0:14:44 | 0:14:46 | |
if some things really are too good to be true. | 0:14:46 | 0:14:49 | |
# It was too good to be true. # | 0:14:49 | 0:14:52 | |
Well, what a marvellous space. | 0:14:53 | 0:14:56 | |
You know, I always go on about a nice hallway. | 0:14:56 | 0:14:58 | |
I love to have natural light coming through, | 0:14:58 | 0:15:01 | |
so you've got a window there, | 0:15:01 | 0:15:02 | |
lovely big window in the kitchen, the kitchen will need replacing. | 0:15:02 | 0:15:06 | |
It's not looking terribly good. So will the bathroom. Green! Got to go. | 0:15:06 | 0:15:11 | |
You've got a nice big bedroom there, a second bedroom there, | 0:15:11 | 0:15:14 | |
and into the sitting room. This really is a great space. | 0:15:14 | 0:15:18 | |
You've got a fire, a little fireplace there. | 0:15:18 | 0:15:21 | |
I'm not sure about all the mouldings everywhere. | 0:15:21 | 0:15:24 | |
I think they might have to go. | 0:15:24 | 0:15:25 | |
And I also think you might need to look at these windows, | 0:15:25 | 0:15:28 | |
possibly replace them, all the leaded lights come away. | 0:15:28 | 0:15:31 | |
They're single-glazed. They probably do need changing. | 0:15:31 | 0:15:34 | |
But you can see there is a great space here to put your sofa there, | 0:15:34 | 0:15:38 | |
one here, the TV. | 0:15:38 | 0:15:39 | |
I don't know, I think this flat just works. | 0:15:39 | 0:15:43 | |
But why the guide price of just 150,000? | 0:15:43 | 0:15:47 | |
OK, the kitchen isn't massive, but you could possibly take some space | 0:15:47 | 0:15:51 | |
from the corner cupboard that houses the boiler. | 0:15:51 | 0:15:54 | |
There are signs of a possible leak on the ceiling. | 0:15:56 | 0:16:00 | |
And in the main bedroom, there's a whopping hole in the ceiling | 0:16:00 | 0:16:03 | |
where there's obviously been a major leak. | 0:16:03 | 0:16:06 | |
That will need investigating, | 0:16:06 | 0:16:08 | |
but surely there must be another explanation for this reasonable guide price. | 0:16:08 | 0:16:12 | |
Now, I'm not saying you can't find a bargain at auction. Far from it. | 0:16:12 | 0:16:17 | |
But this property is guided at £100,000 less than it's worth. | 0:16:17 | 0:16:21 | |
A lucky find? Uh-uh. | 0:16:21 | 0:16:24 | |
This maisonette has issues galore. | 0:16:24 | 0:16:27 | |
First, an absentee freeholder. | 0:16:27 | 0:16:30 | |
The lease isn't short at 114 years so that is a blessing, | 0:16:30 | 0:16:34 | |
but an absentee freeholder means no-one will be collecting | 0:16:34 | 0:16:38 | |
the service charge, probably maintaining the building, | 0:16:38 | 0:16:41 | |
organising the insurance, | 0:16:41 | 0:16:43 | |
and mortgage lenders, they will hate it. | 0:16:43 | 0:16:46 | |
# I'm telling you baby You and my landlord's got to go. # | 0:16:46 | 0:16:52 | |
And with mortgages still a struggle to obtain in many cases, | 0:16:52 | 0:16:56 | |
taking on a property that will be hard to finance is risky indeed. | 0:16:56 | 0:17:00 | |
At the front of the property, I've spotted a crack | 0:17:01 | 0:17:04 | |
between the ground floor and first floor windows. | 0:17:04 | 0:17:07 | |
I'd want to get that professionally checked out in case it's a serious | 0:17:07 | 0:17:11 | |
structural problem that could have affected the guide price as well. | 0:17:11 | 0:17:14 | |
We invited a local estate agent to come and have a look | 0:17:16 | 0:17:19 | |
at the maisonette. What are his first impressions? | 0:17:19 | 0:17:22 | |
It's a good-sized property. There's a lot of potential. | 0:17:22 | 0:17:25 | |
It would appeal to an investor. | 0:17:25 | 0:17:27 | |
It needs a lot of work to be done. | 0:17:27 | 0:17:29 | |
But it's a nice, decent-sized property in a good location. | 0:17:29 | 0:17:32 | |
Assuming there are no major structural problems, | 0:17:32 | 0:17:34 | |
how much could the maisonette be worth after a full makeover? | 0:17:34 | 0:17:38 | |
The property's probably worth around 250,000, | 0:17:38 | 0:17:41 | |
but with the right care and attention, you'd be looking at | 0:17:41 | 0:17:44 | |
270, 280,000. | 0:17:44 | 0:17:46 | |
And the income potential for a buy-to-let investor? | 0:17:46 | 0:17:49 | |
With regards to rental, | 0:17:49 | 0:17:50 | |
you'd probably be looking to achieve around 1,300 per calendar month. | 0:17:50 | 0:17:54 | |
This maisonette could go one of two ways. | 0:17:54 | 0:17:57 | |
It can make somebody a fortune or it could suck up your money | 0:17:57 | 0:18:01 | |
and still be unmortgageable. | 0:18:01 | 0:18:04 | |
Let's find out who thought they could make it work at the auction. | 0:18:04 | 0:18:07 | |
Lot 124. | 0:18:07 | 0:18:11 | |
Nice two-bedroom maisonette, this, with its own garden. | 0:18:11 | 0:18:14 | |
I've seen this one myself. Looking for 150,000 anywhere. | 0:18:14 | 0:18:18 | |
Yep, 150. | 0:18:18 | 0:18:20 | |
OK 150. 155 anywhere? | 0:18:20 | 0:18:22 | |
155. 160? | 0:18:23 | 0:18:25 | |
Yep. 160. 165? | 0:18:25 | 0:18:28 | |
170? | 0:18:29 | 0:18:31 | |
No? | 0:18:31 | 0:18:33 | |
166? | 0:18:33 | 0:18:34 | |
OK. 166. 167. 168? | 0:18:34 | 0:18:38 | |
169. 170? | 0:18:38 | 0:18:41 | |
No? Bids on my right. £169,000. | 0:18:44 | 0:18:46 | |
Looking for 170,000 anywhere else? | 0:18:46 | 0:18:49 | |
If not 169,000 for the first, 169,000 for the second, | 0:18:49 | 0:18:55 | |
and 169,000 for the third and final time. All done. | 0:18:55 | 0:18:59 | |
Sold, 169,000. Well-bought. | 0:18:59 | 0:19:02 | |
That successful bidder who paid 169,000 was Shafiq. | 0:19:02 | 0:19:07 | |
He's originally from Algeria, but moved to the UK to study accountancy. | 0:19:08 | 0:19:12 | |
He now lives in Clapham Junction | 0:19:12 | 0:19:14 | |
and owns an Italian restaurant in nearby Battersea. | 0:19:14 | 0:19:18 | |
This was his first auction purchase, | 0:19:18 | 0:19:20 | |
although he does own another buy-to-let property. | 0:19:20 | 0:19:23 | |
I met up with him back at the maisonette to find out his plans. | 0:19:23 | 0:19:27 | |
-Shafiq, congratulations. -Thank you. | 0:19:27 | 0:19:29 | |
-You must be really pleased. -Yes, I am. Yeah. | 0:19:29 | 0:19:31 | |
Did you feel you got yourself a bargain on auction day? | 0:19:31 | 0:19:34 | |
I think, yes. Yes. | 0:19:34 | 0:19:36 | |
Even if it went a lot over the guide price | 0:19:36 | 0:19:39 | |
but I think it's still a bargain. | 0:19:39 | 0:19:41 | |
-Did you view this flat prior to auction? -Oh, yes. | 0:19:41 | 0:19:44 | |
I did a lot of research. We read all the legal documents. | 0:19:44 | 0:19:48 | |
I even sent it to my solicitor just to look at it beforehand. | 0:19:48 | 0:19:52 | |
I brought the builders in here on the viewing day, | 0:19:52 | 0:19:56 | |
so I did all the research before. | 0:19:56 | 0:19:58 | |
Something that might have put you off is the absentee freeholder. | 0:19:58 | 0:20:01 | |
How do you feel about that? | 0:20:01 | 0:20:03 | |
Before I bought the flat I know about it. | 0:20:03 | 0:20:04 | |
Did it bother you buying this property knowing that? | 0:20:04 | 0:20:07 | |
It's quite a daunting thing. | 0:20:07 | 0:20:09 | |
It is because you've got two things, | 0:20:09 | 0:20:12 | |
which are a bad thing and a good thing. | 0:20:12 | 0:20:14 | |
The bad thing is if you've got any problems with the roof, | 0:20:14 | 0:20:17 | |
with the structure, you have to get on with the neighbours downstairs. | 0:20:17 | 0:20:21 | |
You have to sort it out yourself. That is something quite worrying. | 0:20:21 | 0:20:24 | |
So what's the good thing? | 0:20:24 | 0:20:26 | |
The good is in about two years' time if they stay absent, | 0:20:26 | 0:20:30 | |
you can apply to Lambeth Council, you can show them that | 0:20:30 | 0:20:34 | |
you sent letters, you tried to get in contact with them. | 0:20:34 | 0:20:38 | |
If not, you have to go to court, and quite a long process. | 0:20:38 | 0:20:43 | |
And you can then buy the freehold? | 0:20:43 | 0:20:44 | |
You can buy the freehold from Lambeth Council. | 0:20:44 | 0:20:46 | |
I don't know if I buy the whole freehold or if they give us | 0:20:46 | 0:20:49 | |
just a share of the freehold. | 0:20:49 | 0:20:51 | |
It's something to see in two years' time. | 0:20:51 | 0:20:53 | |
I don't want to worry about that. | 0:20:53 | 0:20:55 | |
I want to get this flat ready and worry about that in two years' time. | 0:20:55 | 0:20:59 | |
So what are your immediate plans? | 0:20:59 | 0:21:01 | |
When I first came to see the property, I wanted to buy it, | 0:21:01 | 0:21:04 | |
do it up and resell it straight away. | 0:21:04 | 0:21:06 | |
For the moment, I'll probably move in or get it rented ASAP, | 0:21:06 | 0:21:10 | |
and sell it in about two or three years' time. | 0:21:10 | 0:21:13 | |
So you don't know if you'll move in yourself | 0:21:13 | 0:21:15 | |
or you're going to let it? | 0:21:15 | 0:21:17 | |
I don't know really because I live in Clapham Junction at the moment. | 0:21:17 | 0:21:21 | |
I like it. I like the design of it. It feels quite homey. | 0:21:21 | 0:21:25 | |
So, we'll see. | 0:21:25 | 0:21:26 | |
It depends on how well you do it, doesn't it! | 0:21:26 | 0:21:29 | |
Probably, yes. | 0:21:29 | 0:21:30 | |
# You've got the love You've got the love. # | 0:21:30 | 0:21:33 | |
Falling in love with a property during the renovations. | 0:21:33 | 0:21:37 | |
It's not unheard of and Shafiq's right - this is a great flat - | 0:21:37 | 0:21:40 | |
and he's not uncovered any structural issues. | 0:21:40 | 0:21:44 | |
The mortgage company asked for a full survey because of the crack | 0:21:44 | 0:21:47 | |
at the front, but it came back with a clean bill of health, | 0:21:47 | 0:21:50 | |
and despite the absent freeholder, he managed to secure finance | 0:21:50 | 0:21:53 | |
from his bank, so what does he intend doing here? | 0:21:53 | 0:21:57 | |
I'll probably take off every single thing what you see in here, | 0:21:57 | 0:22:00 | |
double glazing, everything, get a new kitchen, new bathroom. | 0:22:00 | 0:22:04 | |
Every single thing will be brand-new. | 0:22:04 | 0:22:06 | |
Even if it will be for a tenant or myself, | 0:22:06 | 0:22:08 | |
I will do it the same standard. | 0:22:08 | 0:22:10 | |
Are you going to make any changes to the outside? | 0:22:10 | 0:22:12 | |
It's something to think about as well. | 0:22:12 | 0:22:14 | |
We'll probably get the consent of the council to do a carport | 0:22:14 | 0:22:19 | |
in there, and we'll just clean it up, do a bit of grass. | 0:22:19 | 0:22:23 | |
So ultimately you'll be able to drive almost up to your front door? | 0:22:23 | 0:22:27 | |
Drop the curb and have a nice driveway? | 0:22:27 | 0:22:30 | |
Correct. Yes. That's what we want to do. | 0:22:30 | 0:22:33 | |
The lack of the freeholder could prove to be a sticking point. | 0:22:33 | 0:22:37 | |
Shafiq has spotted the potential to go up into the loft one day as well | 0:22:37 | 0:22:41 | |
to add an extra bedroom, so the issue will have to be sorted out by then. | 0:22:41 | 0:22:46 | |
In the meantime, what budget has he set? | 0:22:46 | 0:22:49 | |
The whole flat, I've got a budget of £10,000. | 0:22:49 | 0:22:53 | |
-Yeah. -£10,000? -Yeah. | 0:22:53 | 0:22:55 | |
Are you going to do a lot of the work yourself? | 0:22:55 | 0:22:57 | |
No, I won't be doing anything here. | 0:22:57 | 0:22:59 | |
So that's for materials, the kitchen, bathroom and labourers? | 0:22:59 | 0:23:03 | |
-Yeah. -And one more thing? | 0:23:03 | 0:23:06 | |
What is that? | 0:23:06 | 0:23:08 | |
Before, they had a tank on the loft. They had a leak. | 0:23:08 | 0:23:12 | |
We thought that was a leak on the roof. | 0:23:12 | 0:23:14 | |
We came a second time with a builder, we've gone up to the loft | 0:23:14 | 0:23:17 | |
and it was definitely the tank that was leaking. | 0:23:17 | 0:23:20 | |
That will be replaced, new ceiling. | 0:23:20 | 0:23:22 | |
All within your £10,000 budget? | 0:23:22 | 0:23:25 | |
Hopefully. I'm quite positive today! | 0:23:25 | 0:23:27 | |
Shafiq, good luck. | 0:23:27 | 0:23:29 | |
You've got a long road ahead of you and I will be interested to see | 0:23:29 | 0:23:33 | |
if you stick to that budget. | 0:23:33 | 0:23:34 | |
Hopefully I will do that. | 0:23:34 | 0:23:36 | |
-Well done. -Thank you very much. | 0:23:36 | 0:23:38 | |
Shafiq's ten grand budget is optimistic! | 0:23:38 | 0:23:42 | |
I think he'll go over that, | 0:23:42 | 0:23:44 | |
especially if he decides to move in himself. | 0:23:44 | 0:23:46 | |
You can find out how it all goes | 0:23:46 | 0:23:48 | |
and if he's found the freeholder later on in the programme. | 0:23:48 | 0:23:52 | |
Coming up, this house in Heanor, Derbyshire is no joker. | 0:23:53 | 0:23:57 | |
Upstairs and the house plays its trump card. | 0:23:57 | 0:24:00 | |
A bit of a surprise in store. | 0:24:00 | 0:24:02 | |
We go back to southwest London, where Shafiq's bigging it up. | 0:24:03 | 0:24:07 | |
I think it looks nice and airy and bigger, I think. | 0:24:09 | 0:24:12 | |
But first, we're returning to Ripon to see how this property | 0:24:14 | 0:24:18 | |
we first featured three years ago turned out. | 0:24:18 | 0:24:21 | |
Back now to Ripon in North Yorkshire, | 0:24:27 | 0:24:29 | |
where earlier in the programme, | 0:24:29 | 0:24:31 | |
we showed you how in August 2009, this grade two listed former shop | 0:24:31 | 0:24:36 | |
with living accommodation above was bought for 68,500 by Giles, | 0:24:36 | 0:24:42 | |
a former slalom skier for England, and his wife Claire. | 0:24:42 | 0:24:46 | |
The couple live in the French Alps and rent out a ski chalet. | 0:24:48 | 0:24:53 | |
Claire's a painter and decorator and Giles is a qualified plasterer. | 0:24:53 | 0:24:57 | |
With the help of family and friends, they planned to convert the property | 0:24:57 | 0:25:01 | |
into a house. | 0:25:01 | 0:25:02 | |
So what exactly are you going to do to the place? | 0:25:02 | 0:25:05 | |
We're going to have the kitchen downstairs, of course. | 0:25:05 | 0:25:08 | |
The shop front will be living area, lounge, | 0:25:08 | 0:25:12 | |
and then upstairs, three, four double bedrooms and of course | 0:25:12 | 0:25:17 | |
going into the attic, then we'll just renovate that as well | 0:25:17 | 0:25:21 | |
into maybe office space/bedroom. | 0:25:21 | 0:25:25 | |
When we first went back in October 2010, they'd rewired and replumbed | 0:25:26 | 0:25:31 | |
the property. | 0:25:31 | 0:25:33 | |
They'd also made some structural changes, opening up the ground floor | 0:25:33 | 0:25:37 | |
in preparation for a new kitchen. | 0:25:37 | 0:25:40 | |
They'd also had to dig up tons of rubble | 0:25:40 | 0:25:43 | |
and the stone floor to get the damp course installed, | 0:25:43 | 0:25:47 | |
but there was still a lot of work to do and the property was | 0:25:47 | 0:25:50 | |
obviously going to need more time and money. | 0:25:50 | 0:25:53 | |
I think at the moment we're up to £11,000. | 0:25:53 | 0:25:57 | |
I'd like to say that we won't go over 25,000. | 0:25:59 | 0:26:02 | |
It's now two years later and a whole three years since the couple began. | 0:26:05 | 0:26:10 | |
The property is looking superb. | 0:26:11 | 0:26:14 | |
Just look at what Giles and Claire have achieved | 0:26:19 | 0:26:22 | |
at the top of the house. | 0:26:22 | 0:26:23 | |
In that once derelict attic... | 0:26:25 | 0:26:28 | |
..this is now a lovely master bedroom. | 0:26:29 | 0:26:32 | |
With its own en-suite facility. | 0:26:34 | 0:26:35 | |
Down on the middle floor, there are three further bedrooms. | 0:26:38 | 0:26:41 | |
The one at the back has its own sumptuous en-suite. | 0:26:45 | 0:26:49 | |
Originally there was only the one bathroom when we bought the property | 0:26:53 | 0:26:58 | |
that was an en-suite into the bedroom, | 0:26:58 | 0:27:01 | |
and then there was an empty room where we've actually turned it | 0:27:01 | 0:27:06 | |
into the house bathroom. | 0:27:06 | 0:27:07 | |
It means the house now has three bathrooms and four bedrooms. | 0:27:09 | 0:27:14 | |
On the ground floor, | 0:27:17 | 0:27:18 | |
the kitchen has been equipped to a very high standard. | 0:27:18 | 0:27:22 | |
It's an unusually shaped room but it feels so spacious. | 0:27:22 | 0:27:27 | |
The flow between all the rooms down here works really well. | 0:27:27 | 0:27:31 | |
So, what did it take to transform this place? | 0:27:31 | 0:27:34 | |
The major things are plastering throughout, of course decorating, | 0:27:34 | 0:27:39 | |
central heating systems, and upstairs in the attic here, | 0:27:39 | 0:27:43 | |
replastering, new ceilings and revealing all the beams, | 0:27:43 | 0:27:46 | |
which is a nice feature. | 0:27:46 | 0:27:48 | |
Which my mum and dad did while we were working in France. | 0:27:48 | 0:27:52 | |
They came and stripped everything for us. | 0:27:52 | 0:27:54 | |
So many people, our family and friends, have put a lot of time | 0:27:54 | 0:27:58 | |
-into this with us, haven't they? -Yeah. | 0:27:58 | 0:28:00 | |
We couldn't have done it without them. | 0:28:00 | 0:28:02 | |
At the rear of the property, Giles and Claire have added steps | 0:28:05 | 0:28:08 | |
down to the patio area, which is the only outside space. | 0:28:08 | 0:28:12 | |
The couple have been careful to keep the character of this grade two | 0:28:13 | 0:28:17 | |
listed property as much as possible. | 0:28:17 | 0:28:19 | |
We wanted to have these features cos it is an old property. | 0:28:21 | 0:28:24 | |
It was built in the 1700s. | 0:28:24 | 0:28:26 | |
And especially cos it is old, we've tried to keep the character, | 0:28:26 | 0:28:31 | |
cos it is so olde-worlde. | 0:28:31 | 0:28:33 | |
How lovely to see that the original staircase banisters | 0:28:33 | 0:28:37 | |
were retained. | 0:28:37 | 0:28:38 | |
So was that a big refurbishment job? | 0:28:38 | 0:28:40 | |
Well actually, it was in quite good condition. | 0:28:40 | 0:28:43 | |
There was no broken spindles. | 0:28:43 | 0:28:46 | |
Just really sanded them down and painted them. | 0:28:46 | 0:28:50 | |
Slalom skier Giles had intended to replaster the property himself, | 0:28:50 | 0:28:55 | |
but last year needed knee surgery so had to employ a plasterer instead. | 0:28:55 | 0:29:00 | |
What effect did that have on their £25,000 budget? | 0:29:00 | 0:29:04 | |
We actually spent in all, | 0:29:04 | 0:29:06 | |
putting in the few extras we've got to finish, | 0:29:06 | 0:29:10 | |
it's about 32,500. | 0:29:10 | 0:29:13 | |
With the 68,500 they paid at auction, | 0:29:13 | 0:29:15 | |
it takes their total investment to £101,000. | 0:29:15 | 0:29:19 | |
Apart from letting out their ski chalet in France, | 0:29:19 | 0:29:23 | |
Giles and Claire work together as decorators, | 0:29:23 | 0:29:25 | |
so they're obviously a good team. | 0:29:25 | 0:29:27 | |
We seem to bounce off each other and get ideas and things like that, | 0:29:28 | 0:29:33 | |
which, we're very lucky really, aren't we? | 0:29:33 | 0:29:35 | |
Don't get us wrong, we do argue, but the majority of the time, | 0:29:35 | 0:29:40 | |
I think cos we enjoy the same things, we just get on with it and do it. | 0:29:40 | 0:29:46 | |
The downstairs loo, the family bathroom and the attic en-suite | 0:29:47 | 0:29:52 | |
need finishing off, and then the house will be ready to sell | 0:29:52 | 0:29:55 | |
or possibly rent out. | 0:29:55 | 0:29:57 | |
We invited two property experts to come and give their opinions | 0:29:58 | 0:30:02 | |
on all the hard work done here. | 0:30:02 | 0:30:04 | |
It's a nice conversion. Bright and airy. Rooms are a good size. | 0:30:04 | 0:30:08 | |
Four very nice bedrooms. | 0:30:08 | 0:30:10 | |
It should provide to be a fantastic family home. | 0:30:10 | 0:30:13 | |
My overall impression of the property is that it's finished | 0:30:13 | 0:30:16 | |
to a very high standard. | 0:30:16 | 0:30:17 | |
I think that the accommodation is really a great size. | 0:30:17 | 0:30:21 | |
If you buy a property of this type, it's vital that you retain | 0:30:21 | 0:30:25 | |
some of the character features, and that's what they've done | 0:30:25 | 0:30:28 | |
to a very good standard. | 0:30:28 | 0:30:30 | |
If Giles and Claire are tempted to let the property whilst | 0:30:31 | 0:30:34 | |
they're back in France, how much rental income could it generate? | 0:30:34 | 0:30:39 | |
The rental market in this area is very good. | 0:30:39 | 0:30:41 | |
You'd be looking at a figure in the region of £1,000 per calendar month. | 0:30:41 | 0:30:45 | |
The property would achieve £950 per calendar month on the rental market. | 0:30:45 | 0:30:51 | |
So a rental yield over 11%, | 0:30:51 | 0:30:54 | |
but how much could Giles and Claire sell it for? | 0:30:54 | 0:30:57 | |
More than the £101,000 they've invested here? | 0:30:57 | 0:31:00 | |
I would value the property at £215,000. | 0:31:02 | 0:31:06 | |
It is slightly less than similar size properties because of the lack | 0:31:06 | 0:31:11 | |
of parking and proximity to the road. | 0:31:11 | 0:31:13 | |
If I were to put this property on the market at the present time, | 0:31:13 | 0:31:16 | |
I would be looking to ask for a figure in the region of £250,000. | 0:31:16 | 0:31:20 | |
After three years and a lot of hard work, that's a potential profit | 0:31:20 | 0:31:25 | |
of 114 to £149,000 before tax and expenses, | 0:31:25 | 0:31:31 | |
but it seems this house isn't going to be for sale any time soon. | 0:31:31 | 0:31:36 | |
I think to begin with we're going to rent it cos we're going back | 0:31:36 | 0:31:40 | |
to France, and hopefully eventually we'll live in it. | 0:31:40 | 0:31:44 | |
Yeah, absolutely. Benefit from all the hard work we've put into it. | 0:31:44 | 0:31:48 | |
Yes, yeah. It'll be nice to live in it. | 0:31:48 | 0:31:51 | |
Today I'm in Heanor in Derbyshire, a small hilltop market town | 0:31:55 | 0:32:00 | |
in the southern region of the Pennines. | 0:32:00 | 0:32:02 | |
It's about ten miles from Nottingham and Derby, | 0:32:02 | 0:32:05 | |
so both these East Midlands cities are within easy reach. | 0:32:05 | 0:32:10 | |
Not far from the market square is the property I'm here to see. | 0:32:10 | 0:32:13 | |
No surprises it's a terrace. | 0:32:13 | 0:32:15 | |
The guide price was £50,000 plus, but actually before I even go in, | 0:32:15 | 0:32:20 | |
look at the outside, look at the bricks. | 0:32:20 | 0:32:22 | |
They really are giving a clue to some potential problems | 0:32:22 | 0:32:27 | |
to say the least. | 0:32:27 | 0:32:28 | |
They've been replaced in various places, | 0:32:28 | 0:32:31 | |
they're all out of line. | 0:32:31 | 0:32:32 | |
They should be nice, straight joints all, like, parallel. They're not. | 0:32:32 | 0:32:37 | |
That could be quite serious. | 0:32:37 | 0:32:39 | |
The word in my mind is of course "subsidence". | 0:32:39 | 0:32:44 | |
# We've got to patch it up baby Before we fall apart at the seams. # | 0:32:45 | 0:32:48 | |
Whether this house has been patched up successfully remains to be seen. | 0:32:48 | 0:32:53 | |
The roof looks fairly new and there are some lovely features, | 0:32:53 | 0:32:56 | |
but the guttering looks like it needs more than a patch-up job. | 0:32:56 | 0:32:59 | |
# We can patch it up baby | 0:32:59 | 0:33:03 | |
# We can patch it up baby. # | 0:33:03 | 0:33:05 | |
Well, in through the front door. | 0:33:06 | 0:33:09 | |
You don't have to go too far before you see some signs inside as well. | 0:33:09 | 0:33:14 | |
Look at that door frame. | 0:33:14 | 0:33:16 | |
See how it's all off at a strange angle at the top. | 0:33:16 | 0:33:18 | |
The big question is, is it historical or not? | 0:33:18 | 0:33:21 | |
The only way to do that is to monitor it | 0:33:21 | 0:33:23 | |
with special devices that monitor movement. | 0:33:23 | 0:33:26 | |
My guess is that it is historical so we'll try | 0:33:26 | 0:33:28 | |
and brush over that for now. | 0:33:28 | 0:33:30 | |
Front sitting room here. | 0:33:30 | 0:33:32 | |
That is a fire breast without a fire so I'd like to get that sorted. | 0:33:32 | 0:33:36 | |
Stairs, really useful under-stairs cupboard. | 0:33:36 | 0:33:39 | |
That could almost be a little study or maybe a downstairs loo. | 0:33:39 | 0:33:43 | |
Rear sitting room. You've got a fire in here. | 0:33:43 | 0:33:45 | |
Very old, very dated. But it is what it is. | 0:33:45 | 0:33:49 | |
Traditionally the house would have ended at this point, | 0:33:49 | 0:33:52 | |
but somebody has done what a lot of people do and built an extension on. | 0:33:52 | 0:33:55 | |
This is where the kitchen is, and through the kitchen to | 0:33:55 | 0:33:58 | |
the bathroom - a very traditional layout. | 0:33:58 | 0:34:01 | |
The kitchen itself is not a bad size. | 0:34:01 | 0:34:03 | |
Clearly needs complete refurbishment. | 0:34:03 | 0:34:06 | |
But this is all superficial. Before you start any of that, | 0:34:06 | 0:34:09 | |
you've got to check that the house is structurally OK. | 0:34:09 | 0:34:12 | |
Before I spent any money on this house, I'd want to be reassured | 0:34:12 | 0:34:16 | |
by an expert that it's not going to fall down. | 0:34:16 | 0:34:19 | |
# I'm falling | 0:34:19 | 0:34:21 | |
# Falling down. # | 0:34:23 | 0:34:27 | |
But that small matter aside, | 0:34:27 | 0:34:29 | |
there is work to do to this terrace to bring it up to scratch. | 0:34:29 | 0:34:33 | |
The bathroom needs a total refit and the kitchen is a galley shape. | 0:34:33 | 0:34:37 | |
I guess you'd have to work with that unless you went the whole way | 0:34:37 | 0:34:41 | |
and extended out into the side return. | 0:34:41 | 0:34:44 | |
On the plus side, there's that new roof, | 0:34:44 | 0:34:46 | |
new windows and central heating. | 0:34:46 | 0:34:48 | |
So it's beginning to look as though there are some positive points | 0:34:48 | 0:34:52 | |
to this place. | 0:34:52 | 0:34:53 | |
Upstairs, the house plays its trump card. | 0:34:53 | 0:34:56 | |
A bit of a surprise in store. | 0:34:56 | 0:34:58 | |
Double bedroom there, single bedroom there, | 0:34:58 | 0:35:01 | |
but then we've got this, which I know is not exactly that surprising, | 0:35:01 | 0:35:05 | |
it's basically a landing, but in this kind of property | 0:35:05 | 0:35:08 | |
I wouldn't have expected it and it gives a lovely open feel | 0:35:08 | 0:35:12 | |
to the centre of the house - and there's more. | 0:35:12 | 0:35:15 | |
It's the third bedroom and it's a really nice size. | 0:35:15 | 0:35:20 | |
A cupboard here containing a boiler, that looks terribly old and dated. | 0:35:20 | 0:35:25 | |
So you'll probably need to factor in a replacement of that at some point. | 0:35:25 | 0:35:29 | |
But if you can just sort out whether or not that subsidence is really | 0:35:29 | 0:35:32 | |
an issue, then you've got the makings of a really nice house here. | 0:35:32 | 0:35:36 | |
This was clearly a much loved home | 0:35:36 | 0:35:39 | |
and hasn't changed hands much over the years. | 0:35:39 | 0:35:42 | |
This means there are some features remaining which do lend it charm. | 0:35:42 | 0:35:46 | |
The floorboards could sand up very nicely | 0:35:46 | 0:35:48 | |
and the original doors could be lovely if restored. | 0:35:48 | 0:35:52 | |
However, there are some remnants of the past that have to go. | 0:35:53 | 0:35:57 | |
Polystyrene tiles. | 0:35:57 | 0:35:59 | |
Not only are they rather ugly, they can sometimes present | 0:35:59 | 0:36:02 | |
a fire risk. | 0:36:02 | 0:36:04 | |
Out to the rear of the property, and you can see this extension | 0:36:04 | 0:36:07 | |
that the kitchen and the bathroom have been built in. | 0:36:07 | 0:36:10 | |
It's quite large although I question what state of repair it's in. | 0:36:10 | 0:36:15 | |
Simple things, like the guttering here is coming off | 0:36:15 | 0:36:19 | |
and this rendering on the outside could be leading to a few | 0:36:19 | 0:36:23 | |
damp issues, but a real positive thing out here - this garden. | 0:36:23 | 0:36:26 | |
It goes all the way back to that lilac tree in the distance. | 0:36:26 | 0:36:29 | |
A really nice sized space and not something you would have expected. | 0:36:29 | 0:36:33 | |
The challenge here is to bring this house up to date | 0:36:34 | 0:36:37 | |
and keep some of its more charming features. | 0:36:37 | 0:36:40 | |
We invited the auctioneer who sold it to come | 0:36:42 | 0:36:44 | |
and give his opinion on its potential. | 0:36:44 | 0:36:47 | |
This is a larger terraced house than you would probably normally find. | 0:36:47 | 0:36:51 | |
It's in quite good condition. | 0:36:51 | 0:36:52 | |
We've got new windows, a modern central heating system. | 0:36:52 | 0:36:55 | |
We've got a new roof covering on it already. | 0:36:55 | 0:36:57 | |
So we're looking at internals really. | 0:36:57 | 0:37:00 | |
It's decorating, taking out old fireplaces, | 0:37:00 | 0:37:02 | |
a lot of superficial stuff. | 0:37:02 | 0:37:03 | |
Given the generous proportions here, what does he think | 0:37:03 | 0:37:06 | |
the house could be worth once renovated? | 0:37:06 | 0:37:09 | |
I think once renovated on the current market, you could probably | 0:37:09 | 0:37:12 | |
enhance its value up to about £90,000. | 0:37:12 | 0:37:16 | |
This would have a rental value of about £450-£475 a calendar month. | 0:37:16 | 0:37:22 | |
From a few initial concerns, this house has redeemed itself, | 0:37:22 | 0:37:26 | |
and I think it could make quite a good investment. | 0:37:26 | 0:37:29 | |
But you'd definitely need to have it checked out by somebody | 0:37:29 | 0:37:31 | |
who knows what they're talking about. | 0:37:31 | 0:37:33 | |
Let's see who went for it when it went under their hammer. | 0:37:33 | 0:37:36 | |
Lot 37. | 0:37:36 | 0:37:38 | |
It's a three-bedroom terraced house with a new roof covering, | 0:37:38 | 0:37:41 | |
gas central heating, | 0:37:41 | 0:37:43 | |
double glazed, probably a tad old-fashioned inside | 0:37:43 | 0:37:46 | |
but doesn't need loads of money to upgrade and renovate it. | 0:37:46 | 0:37:49 | |
Guide is 50 plus. 48 to start me. | 0:37:49 | 0:37:52 | |
48. 45? | 0:37:52 | 0:37:53 | |
45,000. Thank you. | 0:37:53 | 0:37:55 | |
At 45,000, opening bid. | 0:37:55 | 0:37:58 | |
45, 46? 46. 47? | 0:37:58 | 0:38:01 | |
48 is bid. 49. | 0:38:01 | 0:38:04 | |
'There was a lot of interest on auction day. | 0:38:04 | 0:38:06 | |
'We rejoin the bidding at £60,000.' | 0:38:06 | 0:38:08 | |
At 60. 60,000. | 0:38:08 | 0:38:11 | |
60,500? | 0:38:11 | 0:38:12 | |
60,500. | 0:38:14 | 0:38:15 | |
61? 61. | 0:38:15 | 0:38:17 | |
61? It's hard work, isn't it? | 0:38:17 | 0:38:20 | |
61,500. You want to be here! | 0:38:20 | 0:38:23 | |
62? 62. | 0:38:23 | 0:38:25 | |
500. 63. | 0:38:25 | 0:38:28 | |
500. | 0:38:28 | 0:38:29 | |
It's always better with a smile on your face. | 0:38:29 | 0:38:31 | |
63,500. 64. | 0:38:31 | 0:38:34 | |
64,500. | 0:38:34 | 0:38:35 | |
65. | 0:38:35 | 0:38:37 | |
Throw the towel in? | 0:38:37 | 0:38:39 | |
At 65,000. Once, twice, third time. | 0:38:39 | 0:38:44 | |
It's yours, sir. Well-fought. 65,000. | 0:38:44 | 0:38:46 | |
That successful bid of 65,000 was made by Bob, who was at the auction | 0:38:46 | 0:38:50 | |
with his daughter, Harriet. | 0:38:50 | 0:38:52 | |
They live locally and Harriet works in a jeweller's shop, | 0:38:52 | 0:38:54 | |
while Bob's a chiropodist. | 0:38:54 | 0:38:56 | |
# Tonight I gotta cut loose Footloose | 0:38:56 | 0:39:00 | |
# Kick off your Sunday shoes. # | 0:39:00 | 0:39:02 | |
To discover if they plan to RING the changes or TOE the line | 0:39:04 | 0:39:08 | |
with this house, I met them both back at their new purchase. | 0:39:08 | 0:39:12 | |
Bob, Harriet, great to meet you both. Congratulations. | 0:39:13 | 0:39:16 | |
Thank you. | 0:39:16 | 0:39:18 | |
Tell me why you wanted to buy this place. | 0:39:18 | 0:39:20 | |
Harriet's saved up a little bit of money from work. | 0:39:20 | 0:39:23 | |
She still lives at home. So she wants to buy some property. | 0:39:23 | 0:39:26 | |
-She's not quite sure whether she wants to move out yet or not. -OK. | 0:39:26 | 0:39:30 | |
So we thought we'd buy a property together, | 0:39:30 | 0:39:32 | |
-modernise it and see how she felt. -Right. | 0:39:32 | 0:39:35 | |
You're currently living at home. | 0:39:35 | 0:39:37 | |
Any temptation to maybe do this up and live here? | 0:39:37 | 0:39:40 | |
No, I thought about it to start off with | 0:39:40 | 0:39:43 | |
but it's a good idea to do it up and sell it on, really. | 0:39:43 | 0:39:47 | |
What do you do when you're not doing this? | 0:39:47 | 0:39:49 | |
I'm a private chiropodist. | 0:39:49 | 0:39:51 | |
Great! What do you do? | 0:39:51 | 0:39:52 | |
I work in a jewellery shop part-time | 0:39:52 | 0:39:55 | |
so I've got plenty of time in my spare time. | 0:39:55 | 0:39:58 | |
Why did you choose this particular house? | 0:39:58 | 0:40:00 | |
It's very close to where we live. We live about five minutes away. | 0:40:00 | 0:40:04 | |
I can ride up on the bike. We wanted one fairly close. | 0:40:04 | 0:40:07 | |
I'll do most of the work myself and Harriet will do some decorating. | 0:40:07 | 0:40:12 | |
An ideal location, even if this is a major job to take on. | 0:40:12 | 0:40:17 | |
# Oh Harriet | 0:40:19 | 0:40:21 | |
# Why did I say I would do this for Harriet? | 0:40:21 | 0:40:25 | |
# Harriet. # | 0:40:25 | 0:40:27 | |
Well, Bob seems more than happy to do this for 21-year-old Harriet. | 0:40:28 | 0:40:32 | |
He may spend his days toiling over toes, but he does already have | 0:40:32 | 0:40:36 | |
a foothold in DIY skills! | 0:40:36 | 0:40:38 | |
He's renovated his own family home, including plumbing, and converting | 0:40:38 | 0:40:42 | |
a garage into living space. So I'm keen to find out | 0:40:42 | 0:40:45 | |
what he and his daughter Harriet | 0:40:45 | 0:40:47 | |
plan to do with this investment property. | 0:40:47 | 0:40:49 | |
We're going to put in a new kitchen. | 0:40:49 | 0:40:52 | |
We're probably going to put the bathroom upstairs | 0:40:52 | 0:40:55 | |
-and possibly leave the one downstairs as well. -At the expense of a bedroom? | 0:40:55 | 0:40:58 | |
-No. -So how are you going to achieve that? | 0:40:58 | 0:41:01 | |
Well, the master bedroom above where we are now is quite large. | 0:41:01 | 0:41:04 | |
And we think we can get a reasonably sized bathroom by dividing that up. | 0:41:04 | 0:41:08 | |
There is a way to do it by using the landing as a bathroom, but we'd have | 0:41:08 | 0:41:12 | |
to bring the stairs up from in here and lose a bit of the living area. | 0:41:12 | 0:41:16 | |
Although there are two living rooms, so that is a possibility. | 0:41:16 | 0:41:19 | |
But that would be more expensive. | 0:41:19 | 0:41:21 | |
It sounds like Bob has thought this through, which is great. | 0:41:21 | 0:41:24 | |
However, installing a bathroom involves a great deal | 0:41:24 | 0:41:27 | |
of construction and pipe work. | 0:41:27 | 0:41:29 | |
Even if Bob does that himself, it could eat into any profit. | 0:41:29 | 0:41:33 | |
What's the budget for the work? | 0:41:34 | 0:41:36 | |
-I think I'd be able to do most of it for about five. -Right. | 0:41:36 | 0:41:38 | |
-If I do it myself. -Are you going to get involved, Harriet? | 0:41:38 | 0:41:40 | |
Yes, I'm going to be doing some of the decorating. | 0:41:40 | 0:41:43 | |
We're going to do it quite plain, really, aren't we? Light colours. | 0:41:43 | 0:41:46 | |
And are you going to be doing it on a daily basis? | 0:41:46 | 0:41:49 | |
I'm available two or three days a week and Harriet... | 0:41:49 | 0:41:53 | |
Yeah, a couple of days off a week. | 0:41:53 | 0:41:55 | |
-So we'll manage between us. -So with that in mind, what's the timescale? | 0:41:55 | 0:41:59 | |
-We think six months should do it. -OK. Well, listen, congratulations. | 0:41:59 | 0:42:03 | |
-Thank you. -Good luck with it. -Thanks very much, Martin. | 0:42:03 | 0:42:05 | |
I look forward to seeing how you get on. | 0:42:05 | 0:42:08 | |
Well, I was going to say, chiropodist Bob and daughter Harriet | 0:42:09 | 0:42:13 | |
dipping a TOE into the world of property investment! | 0:42:13 | 0:42:16 | |
But I decided it was a bit CORN-y! | 0:42:16 | 0:42:19 | |
HE WINCES | 0:42:19 | 0:42:20 | |
How will they get on? | 0:42:20 | 0:42:22 | |
You can find out later in the show! | 0:42:22 | 0:42:24 | |
Doing up property can be time-consuming and very expensive. | 0:42:27 | 0:42:31 | |
So have our new owners managed to stick to their timescales and budgets? | 0:42:31 | 0:42:36 | |
Let's find out. | 0:42:36 | 0:42:37 | |
# We're gonna rock down to Electric Avenue... # | 0:42:37 | 0:42:42 | |
Brixton in southwest London is a sought-after area | 0:42:42 | 0:42:45 | |
and property prices reflect that. | 0:42:45 | 0:42:48 | |
Neighbouring Tulse Hill is slightly more affordable. | 0:42:48 | 0:42:52 | |
Even so, two-bed flats regularly achieve over £200,000. | 0:42:52 | 0:42:55 | |
So when this two-bedroom first floor maisonette with a garden | 0:42:55 | 0:42:59 | |
in Tulse Hill went to auction, guided at £150,000, | 0:42:59 | 0:43:04 | |
well, it seemed a bargain. | 0:43:04 | 0:43:07 | |
But the property had an absentee freeholder and a crack | 0:43:07 | 0:43:10 | |
on the front wall that could explain that relatively low guide price. | 0:43:10 | 0:43:14 | |
Shafiq, who lives in Clapham Junction, | 0:43:15 | 0:43:17 | |
and owns a restaurant, bought it for £169,000. | 0:43:17 | 0:43:22 | |
His mortgage company had asked for a full survey | 0:43:22 | 0:43:24 | |
because of the crack at the front. | 0:43:24 | 0:43:26 | |
But it came back with a satisfactory report. | 0:43:26 | 0:43:30 | |
He also got finance, despite the freeholder issues. | 0:43:30 | 0:43:33 | |
But he wasn't sure what he wanted to do with the place. | 0:43:33 | 0:43:37 | |
When I first came to see the property it was a buy to resell. | 0:43:37 | 0:43:41 | |
For the moment, I'll probably move in or get it rented ASAP. | 0:43:41 | 0:43:45 | |
And sell in about two or three years' time. | 0:43:45 | 0:43:48 | |
So you don't know if you're going to move in yourself, | 0:43:48 | 0:43:50 | |
-or you're going to let it? -I don't know, really. | 0:43:50 | 0:43:53 | |
I live in Clapham Junction at the moment. | 0:43:53 | 0:43:55 | |
I like it, you know, I like the design of it. It feels quite homey. | 0:43:55 | 0:43:59 | |
-So, we'll see. -It depends on how well you do it, doesn't it?! | 0:43:59 | 0:44:03 | |
Probably, yes! | 0:44:03 | 0:44:05 | |
I thought he'd set a pretty tight budget of 10,000 to change | 0:44:05 | 0:44:08 | |
the bathroom and kitchen and sort the major leak | 0:44:08 | 0:44:11 | |
that had brought down the ceiling in the bedroom. | 0:44:11 | 0:44:14 | |
So, there was plenty to do. | 0:44:14 | 0:44:16 | |
Six weeks later, | 0:44:17 | 0:44:19 | |
we've come back to find out what Shafiq's team have achieved. | 0:44:19 | 0:44:22 | |
From the front, you can see the windows have been replaced. | 0:44:24 | 0:44:27 | |
And inside, it looks like this maisonette has certainly had | 0:44:29 | 0:44:32 | |
some money spent on it. | 0:44:32 | 0:44:34 | |
The absentee freeholder hasn't been tracked down. | 0:44:37 | 0:44:40 | |
They don't know what they're missing! | 0:44:40 | 0:44:42 | |
Originally, we wanted to put two units in here. | 0:44:44 | 0:44:47 | |
But we found out that was too much so we kept it quite nice and tidy | 0:44:47 | 0:44:51 | |
and simple. We put tiles around. | 0:44:51 | 0:44:53 | |
They originally were all black tiles, but we did two lines of white. | 0:44:53 | 0:44:57 | |
I love the worktop, which is proper wood. | 0:44:57 | 0:44:59 | |
We've got a breakfast bar in here. | 0:44:59 | 0:45:01 | |
All the appliances, the washing machine and dishwasher, | 0:45:01 | 0:45:05 | |
which are all in here. The boiler is all covered up. | 0:45:05 | 0:45:08 | |
Originally, we had a door here, but I think it looks nice and airy | 0:45:08 | 0:45:13 | |
and bigger, I think. | 0:45:13 | 0:45:14 | |
Opting for the tried and trusted | 0:45:16 | 0:45:18 | |
neutral colour scheme has again come up trumps here. | 0:45:18 | 0:45:21 | |
And losing that faux-Victoriana in the living room was a good move! | 0:45:23 | 0:45:27 | |
Shafiq's had new windows installed throughout the maisonette. | 0:45:30 | 0:45:34 | |
I wonder if his builder hit any problems with that | 0:45:34 | 0:45:36 | |
crack on the front wall? | 0:45:36 | 0:45:38 | |
Not really. I mean, the front cracks, it wasn't a major problem. | 0:45:38 | 0:45:43 | |
The people downstairs, when they did the double glazing, | 0:45:43 | 0:45:46 | |
they didn't change the beam on the top of the double glazing. | 0:45:46 | 0:45:51 | |
So that's why it dropped a little bit. But it's all been fixed now. | 0:45:51 | 0:45:55 | |
It's all wind and water-tight on the outside, | 0:45:55 | 0:45:58 | |
but the real downpour had been on the inside here. | 0:45:58 | 0:46:01 | |
# You can put me away for a rainy day | 0:46:01 | 0:46:04 | |
# But the clouds just burst on you! # | 0:46:04 | 0:46:08 | |
The leak that had caused the ceiling to come down has been resolved. | 0:46:08 | 0:46:11 | |
The leaks, really, they were caused by the tank upstairs. | 0:46:13 | 0:46:17 | |
This is a very old system that they used to use. | 0:46:17 | 0:46:19 | |
But now we are connected in directly to the mains water. | 0:46:19 | 0:46:22 | |
Shafiq's choice of wood flooring and oatmeal carpets is good and opting | 0:46:24 | 0:46:28 | |
for stylish sockets and switches always improves the overall look. | 0:46:28 | 0:46:33 | |
Come on, Shafiq, I want to know, did you do this place up | 0:46:33 | 0:46:36 | |
to this level with an eye on it for yourself? | 0:46:36 | 0:46:39 | |
Well, the plan is now, certainly, is I will be moving in. | 0:46:39 | 0:46:42 | |
I like the finish of it, so I fell in love with this. | 0:46:42 | 0:46:46 | |
I will definitely be moving in. | 0:46:46 | 0:46:49 | |
Knowing he was going to move in, | 0:46:49 | 0:46:51 | |
Shafiq upped the spec of the bathroom and kitchen. | 0:46:51 | 0:46:54 | |
Outside, a shed is about to go up | 0:46:56 | 0:46:58 | |
and a parking place has been prepared. | 0:46:58 | 0:47:00 | |
So, he'll have off-street parking. | 0:47:00 | 0:47:02 | |
Opting to move in has certainly made an impact on Shafiq's choices. | 0:47:04 | 0:47:08 | |
But what I'm really itching to know is, what happened | 0:47:08 | 0:47:11 | |
to that £10,000 budget, which I thought was a tad on the optimistic side? | 0:47:11 | 0:47:17 | |
And that was when it wasn't even a personal project! | 0:47:17 | 0:47:20 | |
Originally, we wanted to spend about £10,000. | 0:47:21 | 0:47:23 | |
But that wasn't including the garden, it didn't include the double glazing. | 0:47:23 | 0:47:27 | |
Now we are about £18,000 spent. But that's absolutely everything. | 0:47:27 | 0:47:32 | |
With the £169,000 he paid at auction, | 0:47:32 | 0:47:35 | |
that takes the total investment here to £187,000. | 0:47:35 | 0:47:40 | |
Time to hear what two local estate agents think of the finished | 0:47:40 | 0:47:44 | |
maisonette and its potential for selling or letting. | 0:47:44 | 0:47:47 | |
It's very nicely done. As you walk in you get a nice feel for it. | 0:47:47 | 0:47:51 | |
It's a very modern, contemporary finish. | 0:47:51 | 0:47:53 | |
You've got nice hardwood floors, you've got a nice, modern, | 0:47:53 | 0:47:55 | |
high-gloss white kitchen | 0:47:55 | 0:47:57 | |
and all those modern things that people like at the moment. | 0:47:57 | 0:47:59 | |
He's brought it right up to that spec, which is great. | 0:47:59 | 0:48:02 | |
My first impressions of the property are that it's a very bright, | 0:48:02 | 0:48:04 | |
good space. | 0:48:04 | 0:48:06 | |
The kitchen is of a contemporary style with white fitted units, | 0:48:06 | 0:48:09 | |
which is complemented by the oak wood flooring | 0:48:09 | 0:48:12 | |
and the integrated appliances. | 0:48:12 | 0:48:14 | |
The bathroom is very, very contemporary. Very, very modern. | 0:48:14 | 0:48:17 | |
Very nicely done. Somebody obviously likes their interior design! | 0:48:17 | 0:48:21 | |
Definitely! That's why he's moving in! | 0:48:21 | 0:48:24 | |
But how much rent could the property generate | 0:48:24 | 0:48:27 | |
if Shafiq had decided to let it? | 0:48:27 | 0:48:30 | |
If the property was to be rented, I believe the property | 0:48:30 | 0:48:33 | |
would be worth in the region of £1,200 per calendar month. | 0:48:33 | 0:48:36 | |
If I was looking to rent this property, | 0:48:36 | 0:48:38 | |
I think rental-wise, where it is located, | 0:48:38 | 0:48:40 | |
it will achieve somewhere around the £1,400 per calendar month mark. | 0:48:40 | 0:48:44 | |
Goodness! Shafiq might have second thoughts! | 0:48:44 | 0:48:47 | |
That's a potential rental yield of between about seven and nine percent. | 0:48:47 | 0:48:52 | |
I think 1,400 is a little bit high. | 0:48:52 | 0:48:55 | |
1,200, I think you would achieve something in the middle. | 0:48:55 | 0:48:59 | |
In a couple of years, | 0:48:59 | 0:49:00 | |
if the absentee freeholder hasn't been tracked down, | 0:49:00 | 0:49:03 | |
Shafiq might be able to obtain all or part of the freehold himself. | 0:49:03 | 0:49:07 | |
But with the freeholder still missing, | 0:49:07 | 0:49:09 | |
how much could the maisonette now be worth? | 0:49:09 | 0:49:12 | |
More than the £187,000 he invested here? | 0:49:12 | 0:49:16 | |
Once the absentee freehold situation has been dealt with, | 0:49:16 | 0:49:19 | |
I believe the property would be worth £250,000. | 0:49:19 | 0:49:22 | |
If I was putting this up for sale, | 0:49:22 | 0:49:24 | |
I would expect to achieve somewhere between £235,000 and £250,000. | 0:49:24 | 0:49:30 | |
Limited only because of the stamp duty. | 0:49:30 | 0:49:32 | |
So a potential profit of £48,000-£63,000, | 0:49:32 | 0:49:37 | |
before tax and expenses. | 0:49:37 | 0:49:39 | |
After just six weeks work, that's pretty impressive! | 0:49:39 | 0:49:43 | |
What does Shafiq think of that? | 0:49:43 | 0:49:45 | |
250, I would be happy with it. | 0:49:45 | 0:49:46 | |
But for now, as I said, I'll keep it for a year or two, | 0:49:46 | 0:49:49 | |
I'll be living in it here. | 0:49:49 | 0:49:50 | |
And in a year or two, we'll see what the valuation will be. | 0:49:50 | 0:49:53 | |
Back now to the hilltop market town of Heanor in Derbyshire. | 0:49:57 | 0:50:01 | |
Earlier in the programme, | 0:50:01 | 0:50:02 | |
local chiropodist Bob had bought this three-bedroom | 0:50:02 | 0:50:05 | |
mid-terrace with some additional investment from his daughter, | 0:50:05 | 0:50:08 | |
Harriet, who works in a jeweller's shop. | 0:50:08 | 0:50:10 | |
I was concerned about the cracks in the uneven brickwork | 0:50:12 | 0:50:15 | |
and hoped they were just cosmetic, not structural. | 0:50:15 | 0:50:19 | |
It had a classic terraced house layout with the bathroom | 0:50:20 | 0:50:24 | |
downstairs behind the kitchen. | 0:50:24 | 0:50:26 | |
But Bob had a plan. | 0:50:26 | 0:50:28 | |
We are probably going to put the bathroom upstairs | 0:50:28 | 0:50:30 | |
and possibly leave the one downstairs as well. | 0:50:30 | 0:50:33 | |
So how are you going to achieve that? | 0:50:33 | 0:50:35 | |
Well, the master bedroom is quite large and we think we can get | 0:50:35 | 0:50:38 | |
a reasonably sized bathroom by dividing that up a little bit. | 0:50:38 | 0:50:41 | |
Are you going to get involved, Harriet? | 0:50:41 | 0:50:42 | |
Yes, I'm going to be doing some of the decorating. | 0:50:42 | 0:50:45 | |
They weren't sure whether to sell or let the house. | 0:50:45 | 0:50:49 | |
Six months on, bang on their timescale, we've come back. | 0:50:49 | 0:50:53 | |
The uneven brickwork has been straightened | 0:50:54 | 0:50:56 | |
and the place has been painted and the guttering fixed. | 0:50:56 | 0:50:59 | |
Inside, just look at the kitchen! | 0:51:02 | 0:51:05 | |
What a stunning change! | 0:51:07 | 0:51:08 | |
Galley style, as I'd hoped for, with units | 0:51:09 | 0:51:12 | |
and appliances down both sides. | 0:51:12 | 0:51:14 | |
It looks so much bigger with those white tiles. | 0:51:14 | 0:51:18 | |
Behind the kitchen, the bathroom has remained as well. | 0:51:20 | 0:51:24 | |
With a bath instead of the shower and tasteful new tiles. | 0:51:25 | 0:51:29 | |
But now it's not the only bathroom in the house. | 0:51:30 | 0:51:34 | |
One of the major decisions we had to take in renovating this house | 0:51:34 | 0:51:37 | |
was what to do about the bathrooms. | 0:51:37 | 0:51:39 | |
So we decided to take the trouble and expense to create this shower room. | 0:51:39 | 0:51:44 | |
We've taken a small area off the main bedroom, but it's a small corner, | 0:51:44 | 0:51:48 | |
and we managed to fit all the utilities into there. | 0:51:48 | 0:51:51 | |
We managed to create this shower room for only £1,250 out of the total | 0:51:51 | 0:51:55 | |
budget of £6,500. So I think it was worthwhile in the end. | 0:51:55 | 0:52:00 | |
It takes their total investment here to £71,500. | 0:52:00 | 0:52:04 | |
Although Bob's sacrificed space from the front bedroom, | 0:52:06 | 0:52:09 | |
I reckon you could just about squeeze in a double bed. | 0:52:09 | 0:52:12 | |
And there are still two other bedrooms. | 0:52:14 | 0:52:17 | |
Harriet's neutral colours are working well. | 0:52:19 | 0:52:21 | |
Downstairs, laminate flooring links the two reception rooms. | 0:52:23 | 0:52:27 | |
Losing the fireplace from the former dining room was a good call. | 0:52:29 | 0:52:34 | |
I'm very pleased with the result. A lot of hard work went into it. | 0:52:34 | 0:52:37 | |
So now that it's finished, I'm very happy. | 0:52:37 | 0:52:40 | |
OK, can't resist it! | 0:52:40 | 0:52:42 | |
Bob's been the builder! But what role did Harriet play? | 0:52:42 | 0:52:46 | |
I did more of the decorating, stripping the wallpaper, | 0:52:46 | 0:52:50 | |
-painting, and then you did... -Everything else! -Yes! | 0:52:50 | 0:52:55 | |
And they gained some more accommodation downstairs, as well. | 0:52:55 | 0:52:59 | |
There was a little pantry downstairs with the gas | 0:52:59 | 0:53:02 | |
and electricity meters in there. | 0:53:02 | 0:53:04 | |
We out gutted that out and made it into a little study or computer room. | 0:53:04 | 0:53:08 | |
Bob had the property re-plastered throughout. | 0:53:10 | 0:53:13 | |
Fortunately, there were no damp issues, | 0:53:13 | 0:53:16 | |
as it had been properly damp-proofed some time ago. | 0:53:16 | 0:53:19 | |
What about my concerns about possible subsidence? | 0:53:19 | 0:53:22 | |
The house had moved, but as the building control inspector says, | 0:53:23 | 0:53:27 | |
every house in Heanor has moved at some point because of the mining. | 0:53:27 | 0:53:30 | |
There is no movement at all now. The house is fine. | 0:53:30 | 0:53:33 | |
There are no structural issues. | 0:53:33 | 0:53:35 | |
The little bit at the front, above the front door, | 0:53:35 | 0:53:38 | |
was just an old bodged job and that's perfectly straight now. | 0:53:38 | 0:53:40 | |
So no structural issues. | 0:53:40 | 0:53:43 | |
Out the back looks so much smarter | 0:53:43 | 0:53:45 | |
now that the kitchen extension wall has been painted | 0:53:45 | 0:53:48 | |
and the old cobbles removed. | 0:53:48 | 0:53:50 | |
Bob's an expert DIYer. He rewired the house himself | 0:53:50 | 0:53:54 | |
and then got a qualified electrician to check and certify the work. | 0:53:54 | 0:53:59 | |
Now the work's all finished, have they decided on its future? | 0:53:59 | 0:54:03 | |
Is it going to be an investment, or are there other possibilities? | 0:54:03 | 0:54:06 | |
Depending on the valuations, depending on whether we decide | 0:54:06 | 0:54:09 | |
to sell it or rent it, or there is a possibility that I could move in. | 0:54:09 | 0:54:14 | |
To discover if the house is now worth more than the £71,500 invested | 0:54:15 | 0:54:20 | |
here, we invited two property experts to come and look around. | 0:54:20 | 0:54:23 | |
What does the auctioneer who sold it and viewed it originally think now? | 0:54:23 | 0:54:29 | |
You know, when you come into a place where you saw it as it was | 0:54:29 | 0:54:32 | |
and then you see it transformed, you think, wow, it's clean, | 0:54:32 | 0:54:35 | |
it's tidy, it's well-fitted. And yes, I'm impressed. | 0:54:35 | 0:54:39 | |
My overall impression of the property is they've done | 0:54:39 | 0:54:41 | |
a very good job. It's modern, contemporary, | 0:54:41 | 0:54:45 | |
and the fact that the garden's been finished as well, which is great. | 0:54:45 | 0:54:48 | |
I think the introduction of a toilet | 0:54:48 | 0:54:50 | |
and shower room upstairs is actually a very good move. | 0:54:50 | 0:54:52 | |
For some buyers, they might say, well, | 0:54:52 | 0:54:55 | |
I'd rather have had a nice-sized double bedroom. | 0:54:55 | 0:54:58 | |
But other people might say, actually, it doesn't really | 0:54:58 | 0:55:01 | |
bother me, I'm quite happy because it has got the upstairs facility. | 0:55:01 | 0:55:04 | |
It's great there's a shower room in there, | 0:55:04 | 0:55:06 | |
but unfortunately the space is less than it was. | 0:55:06 | 0:55:10 | |
And that might cause people to look at it and think, | 0:55:10 | 0:55:13 | |
do I get a double bed in there, do I not get a double bed in there? | 0:55:13 | 0:55:16 | |
I wonder if the rental valuations will convince Bob | 0:55:16 | 0:55:19 | |
and Harriet to get a tenant in here? | 0:55:19 | 0:55:21 | |
On the rental market, I would expect this property | 0:55:21 | 0:55:24 | |
to achieve between £450 and £475 per calendar month. | 0:55:24 | 0:55:29 | |
It's at least £450 per calendar month. | 0:55:29 | 0:55:31 | |
I think you actually might get £475 for it. | 0:55:31 | 0:55:35 | |
So, a yield of 7.5 percent if they decide to let. | 0:55:35 | 0:55:39 | |
What about selling it? | 0:55:39 | 0:55:40 | |
Could it get more than the £71,500 they have invested here? | 0:55:40 | 0:55:44 | |
I would market this property between £85,000 and £90,000, | 0:55:44 | 0:55:48 | |
hoping to achieve around the sort of £87-£88,000 mark. | 0:55:48 | 0:55:53 | |
I think this property would go on the market at a price | 0:55:53 | 0:55:56 | |
of between £90,000 and £95,000. | 0:55:56 | 0:55:59 | |
I would expect to achieve £90,000 for it. | 0:55:59 | 0:56:02 | |
A gross profit range of between £13,500 and £23,500 then, | 0:56:03 | 0:56:08 | |
based on that very top estimate of 95,000. | 0:56:08 | 0:56:12 | |
Those profits don't take into account tax and expenses, of course. | 0:56:12 | 0:56:16 | |
So now Bob and Harriet know the figures, what's their verdict? | 0:56:16 | 0:56:20 | |
I think we should try and put it for sale first | 0:56:21 | 0:56:25 | |
and then see what happens. If not, consider me moving in. | 0:56:25 | 0:56:29 | |
Harriet invested some of her own savings in the property and | 0:56:29 | 0:56:32 | |
will get a corresponding percentage of any profit if they sell. | 0:56:32 | 0:56:36 | |
I wonder if it could be the start of a family developing business? | 0:56:36 | 0:56:40 | |
Well, we might do it again! If we can find something suitable, | 0:56:40 | 0:56:43 | |
we'd definitely consider doing another one. | 0:56:43 | 0:56:47 | |
-Painter and decorator! -Yes! -Handyman! Sorted. | 0:56:47 | 0:56:51 | |
We'll have more interesting properties for you to see | 0:56:53 | 0:56:55 | |
next time. | 0:56:55 | 0:56:56 | |
So make sure you join us then for more Homes Under The Hammer. | 0:56:56 | 0:56:59 | |
-Goodbye. -Goodbye. | 0:56:59 | 0:57:01 | |
Subtitles by Red Bee Media Ltd | 0:57:08 | 0:57:10 |