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Hello, and welcome to the show. There are many different reasons | 0:00:02 | 0:00:05 | |
-why people buy their homes under the hammer. -It could be | 0:00:05 | 0:00:07 | |
the speedy completion, the wide variety of properties on offer, | 0:00:07 | 0:00:11 | |
or simply that you can just bag yourself a bargain. | 0:00:11 | 0:00:14 | |
But whatever your motivation, | 0:00:14 | 0:00:15 | |
the opportunity is there when you buy at auction. | 0:00:15 | 0:00:18 | |
Now, the experience of going to an auction is like no other. | 0:00:43 | 0:00:46 | |
The atmosphere can be really tense, with people buying a home they're desperate to live in, | 0:00:46 | 0:00:50 | |
or a developer buying properties by the dozen to make a living. | 0:00:50 | 0:00:54 | |
But when the hammer goes down, you are committed, | 0:00:54 | 0:00:57 | |
and that is when the real work will begin. | 0:00:57 | 0:00:59 | |
So what properties do we have lined up for you on today's show? | 0:00:59 | 0:01:03 | |
First up, I'll be in Cornwall, | 0:01:05 | 0:01:07 | |
revealing this cottage's secrets. | 0:01:07 | 0:01:09 | |
You never know quite what to expect! | 0:01:11 | 0:01:13 | |
I'll be in London, getting an eyeful of retro decoration. | 0:01:15 | 0:01:19 | |
My, oh, my! | 0:01:19 | 0:01:21 | |
Look at this wallpaper - wow! | 0:01:21 | 0:01:23 | |
And fancy putting down roots in the West Midlands? | 0:01:25 | 0:01:27 | |
Then this plot of land's blooming great. | 0:01:27 | 0:01:29 | |
At least you know that if you're going to | 0:01:29 | 0:01:31 | |
grow vegetables in your garden, they'll grow pretty well! | 0:01:31 | 0:01:34 | |
All of these properties have been sold at auction. | 0:01:36 | 0:01:39 | |
We'll find out who bought them and what they paid for them | 0:01:39 | 0:01:42 | |
when they went under the hammer. | 0:01:42 | 0:01:43 | |
Well done, you! | 0:01:43 | 0:01:44 | |
I'm in deepest, greenest Cornwall, | 0:01:50 | 0:01:52 | |
between Bodmin and Wadebridge, | 0:01:52 | 0:01:54 | |
in a little hamlet called Washaway. | 0:01:54 | 0:01:57 | |
Well, I don't know about washing away your blues, | 0:01:57 | 0:01:59 | |
but if you had any washday blues, | 0:01:59 | 0:02:01 | |
they wouldn't last long if you were surrounded by scenery like this. | 0:02:01 | 0:02:04 | |
# Paradise... # | 0:02:06 | 0:02:07 | |
The hamlet of Washaway consists of a few houses | 0:02:07 | 0:02:11 | |
surrounded by beautiful Cornish countryside. | 0:02:11 | 0:02:14 | |
The setting's a bit isolated, | 0:02:14 | 0:02:15 | |
but very lovely. | 0:02:15 | 0:02:18 | |
The property I'm here to see sounds absolutely charming on paper - | 0:02:19 | 0:02:22 | |
a three-bedroom detached listed character cottage | 0:02:22 | 0:02:28 | |
in over four acres of land. | 0:02:28 | 0:02:31 | |
It looks fantastic! Let's have a look inside. | 0:02:34 | 0:02:36 | |
It's gorgeous, but needs a lot of work | 0:02:38 | 0:02:41 | |
and was guided at between £200,000 and £250,000. | 0:02:41 | 0:02:45 | |
You never know quite what to expect! | 0:02:49 | 0:02:51 | |
It looks a little bit, um... | 0:02:51 | 0:02:53 | |
worn on the outside, and inside... | 0:02:53 | 0:02:56 | |
er, yep...that definitely follows through. | 0:02:56 | 0:03:00 | |
Obviously, it hasn't been lived in for some time. | 0:03:00 | 0:03:03 | |
You've got the stone flagstone floors, | 0:03:03 | 0:03:05 | |
you've got the low ceilings, | 0:03:05 | 0:03:07 | |
you've got the solid walls - | 0:03:07 | 0:03:09 | |
all things which equal quite a lot of expense when it comes to trying to sort them out. | 0:03:09 | 0:03:14 | |
But also equal, at the same time, an immense amount of charm. | 0:03:14 | 0:03:17 | |
I mean, look at it in here - this big old stove, | 0:03:17 | 0:03:21 | |
and then at the back here, | 0:03:21 | 0:03:22 | |
an old bread-baking oven. They call it a "clome oven" in Cornwall. | 0:03:22 | 0:03:27 | |
You've got nice reveals on the windows. | 0:03:27 | 0:03:32 | |
The old windows, obviously, probably fairly shot. | 0:03:32 | 0:03:34 | |
You're going to have to replace those. | 0:03:34 | 0:03:36 | |
It's Grade II listed, so you'll have to put wood back. | 0:03:36 | 0:03:39 | |
Um, probably can't have double-glazed either. | 0:03:39 | 0:03:41 | |
The floor is solid, | 0:03:41 | 0:03:43 | |
they've probably got no damp-proof course, | 0:03:43 | 0:03:46 | |
the walls will be solid - they won't have a damp-proof course either. | 0:03:46 | 0:03:49 | |
Who cares?! | 0:03:50 | 0:03:51 | |
# Falling in love Falling in love | 0:03:52 | 0:03:55 | |
# Falling in love | 0:03:55 | 0:03:57 | |
# With you... # | 0:03:57 | 0:04:00 | |
I know, I know. I really should worry more | 0:04:00 | 0:04:02 | |
about the cost of refurbishing this place. | 0:04:02 | 0:04:04 | |
# Falling in love... # | 0:04:04 | 0:04:06 | |
But I have fallen totally in love. | 0:04:06 | 0:04:08 | |
And that's exactly the danger. | 0:04:08 | 0:04:10 | |
And your buyer could easily blow their budget | 0:04:10 | 0:04:12 | |
in the first five minutes. | 0:04:12 | 0:04:14 | |
# Wise men say | 0:04:15 | 0:04:18 | |
# Only fools rush in... # | 0:04:19 | 0:04:21 | |
Another not-so-good feature is that the living room and second reception | 0:04:23 | 0:04:26 | |
or dining room are separated by the kitchen. | 0:04:26 | 0:04:28 | |
All lead through from each other | 0:04:28 | 0:04:30 | |
and, yes, you've guessed it - | 0:04:30 | 0:04:31 | |
the bathroom is at the back of the cottage | 0:04:31 | 0:04:34 | |
behind the kitchen. Really not good. | 0:04:34 | 0:04:36 | |
And while we're on plumbing matters, | 0:04:36 | 0:04:38 | |
there are no mains sewers or mains water or electricity. | 0:04:38 | 0:04:42 | |
# Falling in love with you... # | 0:04:42 | 0:04:45 | |
Upstairs, the character, potential and problems are just as evident. | 0:04:45 | 0:04:49 | |
Well, upstairs, a very traditional layout. | 0:04:52 | 0:04:55 | |
Three bedrooms, basically the full width, | 0:04:55 | 0:04:58 | |
front to back, of the property. | 0:04:58 | 0:05:00 | |
And in a line, so you've got one bedroom over there, | 0:05:00 | 0:05:03 | |
you've then got the stairs, | 0:05:03 | 0:05:04 | |
into this room... And before I go any further, | 0:05:04 | 0:05:07 | |
I've got to say - look at these amazing floorboards! | 0:05:07 | 0:05:10 | |
In great condition, | 0:05:10 | 0:05:12 | |
and how wide is that? | 0:05:12 | 0:05:14 | |
I don't know - probably about 12 inches wide? | 0:05:14 | 0:05:16 | |
Imagine those if they were stripped back. | 0:05:16 | 0:05:18 | |
Absolutely superb. | 0:05:18 | 0:05:20 | |
Um... | 0:05:20 | 0:05:22 | |
But then, it's not ideal. It's though here into the third bedroom. | 0:05:23 | 0:05:27 | |
So the only way to access this is by coming through that bedroom there. | 0:05:27 | 0:05:31 | |
Not ideal at all, | 0:05:31 | 0:05:32 | |
and I can't see an easy solution to it. | 0:05:32 | 0:05:34 | |
Normally, I'd suggest putting a corridor in, but this is an absolutely ginormously thick wall, | 0:05:34 | 0:05:38 | |
so you couldn't really get rid of that to open it up | 0:05:38 | 0:05:41 | |
and I think you're pretty much going to have to... | 0:05:41 | 0:05:43 | |
You have to live with it as it is. | 0:05:43 | 0:05:45 | |
The cottage may be small inside, | 0:05:46 | 0:05:49 | |
but the grounds are extensive, | 0:05:49 | 0:05:51 | |
if very neglected. | 0:05:51 | 0:05:53 | |
4.4 acres in total. | 0:05:53 | 0:05:56 | |
Down across the lane, you have a paddock and outbuildings, | 0:05:56 | 0:05:59 | |
and around the cottage, there's a jungle of a garden. | 0:05:59 | 0:06:02 | |
All this was on offer | 0:06:02 | 0:06:04 | |
for a guide price of between £200,000 and £250,000. | 0:06:04 | 0:06:08 | |
So, you are fairly limited with the amount of accommodation here, | 0:06:09 | 0:06:12 | |
so one thing you might want to consider is some kind of an extension. | 0:06:12 | 0:06:15 | |
Now, anything you do, of course, | 0:06:15 | 0:06:17 | |
is going to have to have that planning permission, | 0:06:17 | 0:06:20 | |
even if it's within permitted development, because this is a listed building. | 0:06:20 | 0:06:23 | |
You're going to have to go through the rigmarole, | 0:06:23 | 0:06:26 | |
even if it was just a small extension. | 0:06:26 | 0:06:27 | |
But if you wanted to do it, you've certainly got the space. | 0:06:27 | 0:06:30 | |
Despite all the problems and issues here, | 0:06:30 | 0:06:34 | |
could this cottage still be a profitable venture? | 0:06:34 | 0:06:37 | |
We asked the auctioneer who sold it | 0:06:37 | 0:06:39 | |
for his thoughts on it and its location. | 0:06:39 | 0:06:42 | |
It is a cottage, and almost whatever you do to it, | 0:06:43 | 0:06:46 | |
it's going to be a cottage. | 0:06:46 | 0:06:48 | |
They'll let the new owner put an extension that is subservient | 0:06:48 | 0:06:53 | |
but kind of looks like this. | 0:06:53 | 0:06:55 | |
What a fantastic home it will be! | 0:06:55 | 0:06:58 | |
It seems both of us are smitten. | 0:06:58 | 0:07:01 | |
But we should bear in mind that it's Grade II listed, | 0:07:01 | 0:07:03 | |
so a myriad of obstacles are involved. | 0:07:03 | 0:07:06 | |
So is it worth the heartache that could lie ahead? | 0:07:06 | 0:07:09 | |
If you just made the very best of what's here, | 0:07:09 | 0:07:13 | |
you could probably push its value on towards 400. | 0:07:13 | 0:07:17 | |
If you could extend it and make it four bedrooms, | 0:07:17 | 0:07:21 | |
and an en suite and a bathroom upstairs, | 0:07:21 | 0:07:23 | |
that land could push it on towards... | 0:07:23 | 0:07:26 | |
£550,000, £600,000. | 0:07:26 | 0:07:29 | |
For a buy-to-let investor, | 0:07:30 | 0:07:31 | |
how much rental income could the cottage generate? | 0:07:31 | 0:07:34 | |
If you turned it into what it actually could be, | 0:07:35 | 0:07:38 | |
I think you'd be seeing over £1,000 per calendar month. | 0:07:38 | 0:07:40 | |
Well, if this cottage was a prince, | 0:07:40 | 0:07:42 | |
it would without doubt be...charming! | 0:07:42 | 0:07:45 | |
Who couldn't possibly fall in love with this place? | 0:07:45 | 0:07:48 | |
Of course, the reality is lots of work to be done | 0:07:48 | 0:07:51 | |
and you're also battling against that Grade II listing, | 0:07:51 | 0:07:54 | |
which is going to limit exactly what you can do. | 0:07:54 | 0:07:57 | |
Or rather, you're just going to have to go about it through the right process. | 0:07:57 | 0:08:01 | |
Still, it's one of those projects - | 0:08:01 | 0:08:02 | |
who wouldn't want to take it on? | 0:08:02 | 0:08:04 | |
Let's see who bought it when it went under the hammer. | 0:08:04 | 0:08:07 | |
A love affair with this cottage required patience, | 0:08:07 | 0:08:09 | |
as it was the very last lot of the day. | 0:08:09 | 0:08:11 | |
Charming detached cottage. Of course it needs a lot doing to it, | 0:08:11 | 0:08:15 | |
but wow, what a home that is going to be for somebody. | 0:08:15 | 0:08:18 | |
So, 200 I'll start us off at. | 0:08:18 | 0:08:20 | |
Are you happy with it at 200? You ARE happy. 200 we've got. | 0:08:20 | 0:08:23 | |
202. | 0:08:23 | 0:08:25 | |
205. Fellas, I'm going to concentrate down here, for obvious reasons. | 0:08:25 | 0:08:29 | |
205. | 0:08:29 | 0:08:30 | |
208. | 0:08:30 | 0:08:32 | |
210. | 0:08:32 | 0:08:33 | |
2...12? | 0:08:33 | 0:08:36 | |
212. | 0:08:36 | 0:08:37 | |
215. | 0:08:37 | 0:08:38 | |
218? | 0:08:38 | 0:08:40 | |
218. | 0:08:40 | 0:08:41 | |
Front row, 218. I'm going to drift back to this gentleman. | 0:08:41 | 0:08:44 | |
220. 222. | 0:08:44 | 0:08:45 | |
225? | 0:08:45 | 0:08:47 | |
225. 228? | 0:08:47 | 0:08:48 | |
228. | 0:08:48 | 0:08:50 | |
230. | 0:08:50 | 0:08:51 | |
230. | 0:08:51 | 0:08:52 | |
232? | 0:08:52 | 0:08:53 | |
At 232. | 0:08:53 | 0:08:54 | |
2...35. | 0:08:54 | 0:08:56 | |
235. | 0:08:56 | 0:08:57 | |
238? | 0:08:57 | 0:08:59 | |
238. | 0:08:59 | 0:09:00 | |
240? | 0:09:00 | 0:09:01 | |
240. | 0:09:01 | 0:09:02 | |
242? Yeah? | 0:09:02 | 0:09:03 | |
242. | 0:09:03 | 0:09:05 | |
250. | 0:09:06 | 0:09:07 | |
252. | 0:09:09 | 0:09:10 | |
Oh, you surprise me! | 0:09:10 | 0:09:12 | |
At 252 - is that enough for them to have the dream and you not? | 0:09:12 | 0:09:15 | |
At 252. | 0:09:15 | 0:09:16 | |
At 252, second time... | 0:09:17 | 0:09:20 | |
At 252... | 0:09:20 | 0:09:22 | |
the dream is going to the lady in the front. | 0:09:22 | 0:09:24 | |
All done? Last chance at 252. | 0:09:24 | 0:09:27 | |
Well done, you. | 0:09:27 | 0:09:29 | |
252. | 0:09:29 | 0:09:30 | |
And for £252,000, | 0:09:31 | 0:09:33 | |
that very grateful and successful bidder was Vicky. | 0:09:33 | 0:09:37 | |
She was accompanied by her builder friend, Neil, | 0:09:37 | 0:09:40 | |
who will be the project manager on this cottage. | 0:09:40 | 0:09:43 | |
Vicky's husband, Adrian, | 0:09:43 | 0:09:44 | |
had to work on auction day, as he's a paramedic. | 0:09:44 | 0:09:48 | |
Vicky runs a wedding dress shop. | 0:09:48 | 0:09:50 | |
So why did the Cornish couple pick this particular property? | 0:09:50 | 0:09:54 | |
I met Vicky, Adrian and their two dogs, Lara and Indy, | 0:09:54 | 0:09:57 | |
back there to find out. | 0:09:57 | 0:09:59 | |
-Adrian, Vicky, lovely to meet you both. -Hiya. | 0:09:59 | 0:10:01 | |
What a house - wow! | 0:10:01 | 0:10:03 | |
Tell me why you wanted to buy it. | 0:10:04 | 0:10:06 | |
I've known the house for about 20 years. | 0:10:06 | 0:10:09 | |
Um...I ride past here on my horse, | 0:10:09 | 0:10:13 | |
and knew the guy that used to live in here. | 0:10:13 | 0:10:15 | |
And it came up for auction, | 0:10:15 | 0:10:17 | |
so we thought we'd go for it. | 0:10:17 | 0:10:19 | |
We'd been looking for somewhere in the country for five or six years, on and off, | 0:10:19 | 0:10:22 | |
and then it just all came together nicely. | 0:10:22 | 0:10:25 | |
-So where do you live at the moment? -Bodmin, so not far. | 0:10:25 | 0:10:28 | |
Just a normal house - detached, four-bedroom, normal, modern house! | 0:10:28 | 0:10:32 | |
This is what we've always wanted, really. | 0:10:32 | 0:10:34 | |
But we'd just gone for convenience. | 0:10:34 | 0:10:36 | |
You know - kids at school, easy life. | 0:10:36 | 0:10:38 | |
But now, something for us. | 0:10:38 | 0:10:40 | |
-So is the idea, then - this is going to be your family home? -Yeah. | 0:10:40 | 0:10:43 | |
It's our forever home, once we move out here. | 0:10:43 | 0:10:46 | |
# Ever and ever Forever and ever | 0:10:46 | 0:10:50 | |
# You'll be the one... # | 0:10:50 | 0:10:53 | |
This dream hasn't come easy. | 0:10:53 | 0:10:55 | |
The couple have previously tried and failed to buy this cottage twice, | 0:10:55 | 0:10:59 | |
once by tender and once at a local auction. | 0:10:59 | 0:11:02 | |
So, third time lucky. | 0:11:02 | 0:11:04 | |
Vicky and Adrian already have a small rental portfolio, | 0:11:04 | 0:11:08 | |
but this is the first time they've tackled a Grade II listed building. | 0:11:08 | 0:11:11 | |
I'm excited to hear more about their plans. | 0:11:11 | 0:11:15 | |
Our first phase is just to renovate what's here. | 0:11:15 | 0:11:17 | |
Make it habitable, make it warm. | 0:11:17 | 0:11:19 | |
Then as money comes, we'll put an extension on. | 0:11:19 | 0:11:23 | |
The roof will come off, felt it, the roof will go on. | 0:11:23 | 0:11:26 | |
Lift all the floors, membranes down, damp-proofing, | 0:11:26 | 0:11:30 | |
underfloor heating. | 0:11:30 | 0:11:32 | |
And then, just make it good and solid. | 0:11:32 | 0:11:34 | |
A kitchen might be nice, and maybe some windows. | 0:11:34 | 0:11:36 | |
The windows will all come out, | 0:11:36 | 0:11:38 | |
go and be restored, and they'll go back in. | 0:11:38 | 0:11:41 | |
It's just repair and restore all that's there. | 0:11:41 | 0:11:43 | |
-We love it as it is. -Yeah. -Literally. | 0:11:43 | 0:11:45 | |
# I love you just the way you are... # | 0:11:45 | 0:11:49 | |
Phase one is to make the house habitable, | 0:11:49 | 0:11:52 | |
but the layout will pretty much remain as it is. | 0:11:52 | 0:11:56 | |
No knocking-through of rooms. | 0:11:56 | 0:11:58 | |
They estimate they'll be able to move in in eight months | 0:11:58 | 0:12:02 | |
with their teenage son and daughter, | 0:12:02 | 0:12:04 | |
before they attempt phase two - the extension. | 0:12:04 | 0:12:06 | |
And what are the plans for the extension? | 0:12:06 | 0:12:09 | |
Large, open-plan, slate floor, vaulted ceiling. | 0:12:09 | 0:12:13 | |
-Central wood-burning stove. -Wow! | 0:12:13 | 0:12:15 | |
-Bi-fold doors. -Bi-fold doors that will look out across the valley. | 0:12:15 | 0:12:19 | |
How big? | 0:12:19 | 0:12:20 | |
About the same size as this, | 0:12:20 | 0:12:22 | |
but all built on the other end. | 0:12:22 | 0:12:24 | |
Oh, gosh, wow! That sounds fantastic. | 0:12:24 | 0:12:26 | |
-That's the plan, but... -We'll see what they allow us. | 0:12:26 | 0:12:29 | |
The money will come once we sell our place in Bodmin, and then go from there. | 0:12:29 | 0:12:32 | |
In the meantime, what's the budget for the short term? | 0:12:32 | 0:12:35 | |
-I've got £50,000. -OK. | 0:12:35 | 0:12:37 | |
I know it's Grade II listed, and that will disappear fairly quickly, | 0:12:37 | 0:12:41 | |
-but we'll get as far as we can with that. -You've obviously got four acres of land. -Mmm. | 0:12:41 | 0:12:45 | |
So...do you know where it is?! | 0:12:45 | 0:12:47 | |
-Yeah, somewhere over there! -Buried under brambles, | 0:12:47 | 0:12:52 | |
bracken, um... | 0:12:52 | 0:12:54 | |
goodness knows what else! | 0:12:54 | 0:12:55 | |
-We know a nice man with a tractor. -You do? | 0:12:55 | 0:12:57 | |
So he'll come and sort it for us. | 0:12:57 | 0:12:59 | |
So what's the plans for the land? | 0:12:59 | 0:13:01 | |
We'd like to keep some chickens. | 0:13:01 | 0:13:03 | |
My daughter quite fancies keeping a little bit of everything, really. | 0:13:03 | 0:13:07 | |
-So... -Goats and pigs? -Couple of pigs. -Llamas? -She'd quite like alpacas. | 0:13:07 | 0:13:12 | |
I was joking when I said llamas! | 0:13:12 | 0:13:14 | |
We're already researching alpacas | 0:13:14 | 0:13:17 | |
and, um...she quite fancies an alpaca or two, maybe. | 0:13:17 | 0:13:20 | |
So it's going to be a bit of a menagerie, really. | 0:13:20 | 0:13:23 | |
-But one that you're so excited to... -Can't wait. | 0:13:25 | 0:13:28 | |
-Can't wait. -Dream home, innit? -Yeah, definitely. | 0:13:28 | 0:13:32 | |
-Definitely our dream home. -Oh, that's lovely. | 0:13:32 | 0:13:34 | |
-Congratulations to you both. -Thank you. | 0:13:34 | 0:13:36 | |
-Can't wait to see what you do to it. -Thank you. | 0:13:36 | 0:13:38 | |
-I'll come back to a zoo in the future! -I think it will be. | 0:13:38 | 0:13:41 | |
Well, for Adrian, Vicky and their family, | 0:13:43 | 0:13:45 | |
this little cottage in Washaway is clearly a dream come true. | 0:13:45 | 0:13:49 | |
But let's hope that the planning red tape | 0:13:49 | 0:13:53 | |
doesn't stand in the way of turning this dream into a habitable reality. | 0:13:53 | 0:13:58 | |
You can find out how they get on later in the show. | 0:13:58 | 0:14:01 | |
# Well, everyone was inside, talking | 0:14:04 | 0:14:07 | |
# In the cappuccino bar | 0:14:07 | 0:14:10 | |
# Well, three cappuccinos and three croissants | 0:14:12 | 0:14:15 | |
# Jonathan, Jonathan What do you want? | 0:14:15 | 0:14:17 | |
# Well, not me... # | 0:14:17 | 0:14:18 | |
I'm in Bowes Park in London, | 0:14:18 | 0:14:20 | |
where I hope that great properties and relatively affordable prices | 0:14:20 | 0:14:24 | |
mean you might be able to have your cupcake and eat it. | 0:14:24 | 0:14:27 | |
A mile or so from extremely expensive Muswell Hill, | 0:14:27 | 0:14:30 | |
and not far from fashionable Crouch End, | 0:14:30 | 0:14:33 | |
this area has the fabulous Tube links those prime locations lack, | 0:14:33 | 0:14:38 | |
without the horrendous property prices. | 0:14:38 | 0:14:40 | |
And with Edwardian shopping streets like this one | 0:14:40 | 0:14:43 | |
improving as we speak, | 0:14:43 | 0:14:45 | |
I think it's clear it's certainly on the up. | 0:14:45 | 0:14:48 | |
It all makes it an ideal hotspot | 0:14:49 | 0:14:51 | |
if you want to make a property purchase in North London | 0:14:51 | 0:14:54 | |
without having to stretch to the price tag of neighbouring areas. | 0:14:54 | 0:14:58 | |
Five minutes is all it takes to walk to the Tube from here. | 0:15:00 | 0:15:03 | |
And then it's under half an hour into Piccadilly Circus, | 0:15:03 | 0:15:07 | |
so you can't complain about that for a commute to the shops! | 0:15:07 | 0:15:10 | |
And the property itself? Well, it's this attractive two-bedroom terrace | 0:15:10 | 0:15:14 | |
and it had a guide price of £240,000. | 0:15:14 | 0:15:18 | |
Well, this house is already winning me over from what it looks like on the outside, | 0:15:22 | 0:15:26 | |
but straight away, look - really, really springy floorboards. | 0:15:26 | 0:15:30 | |
I think I'd get those looked at - may have a bit of woodworm, | 0:15:30 | 0:15:33 | |
rotten joists - definitely worth getting a specialist in. | 0:15:33 | 0:15:36 | |
My, oh, my! | 0:15:37 | 0:15:38 | |
Look at this wallpaper - wow! | 0:15:38 | 0:15:40 | |
Certainly dated. | 0:15:40 | 0:15:42 | |
Lots of character. But a lovely little room there. | 0:15:42 | 0:15:46 | |
You will need to replace the windows, cos they're fairly old. | 0:15:46 | 0:15:49 | |
You've got the stairs, lots of orange... | 0:15:49 | 0:15:51 | |
and the second reception room. | 0:15:51 | 0:15:53 | |
I mean, it really is quite a cute little cottagey house. | 0:15:53 | 0:15:57 | |
It's really lovely, but it needs everything doing. | 0:15:57 | 0:16:00 | |
There's no central heating. | 0:16:00 | 0:16:01 | |
You've got the kitchen through here. | 0:16:01 | 0:16:03 | |
I would like to knock a big hole through there | 0:16:03 | 0:16:06 | |
so you can see the garden. | 0:16:06 | 0:16:08 | |
You've got the toilet there, | 0:16:08 | 0:16:10 | |
literally in the kitchen. | 0:16:10 | 0:16:11 | |
Not very hygienic - I think I'd like to change that. | 0:16:11 | 0:16:14 | |
Lots to do, lots of money to spend on this place. | 0:16:14 | 0:16:17 | |
But I do like it. | 0:16:17 | 0:16:19 | |
# Counting flowers on the wall | 0:16:20 | 0:16:22 | |
# That don't bother me at all | 0:16:22 | 0:16:25 | |
# Playing solitaire till dawn With a deck of 51... # | 0:16:27 | 0:16:31 | |
However, if the flowers on the wall do bother you, | 0:16:32 | 0:16:35 | |
you've got your work cut out here. | 0:16:35 | 0:16:37 | |
Out the back, the greenery is much more tasteful, | 0:16:37 | 0:16:40 | |
and there's room to create a side return, | 0:16:40 | 0:16:43 | |
subject to planning permission, of course. | 0:16:43 | 0:16:45 | |
Because although there is plenty of living space downstairs for a two-bed terrace, | 0:16:45 | 0:16:50 | |
I cannot get on board with the toilet being by the kitchen. | 0:16:50 | 0:16:53 | |
What space does upstairs have on offer? | 0:16:55 | 0:16:57 | |
Turn left and there's a very generous master bedroom | 0:16:57 | 0:17:00 | |
with more flowers. | 0:17:00 | 0:17:02 | |
To the right is the second bedroom. | 0:17:03 | 0:17:06 | |
Very interesting colour scheme, | 0:17:06 | 0:17:08 | |
but some amazing period features. | 0:17:08 | 0:17:11 | |
Look - beautiful fireplace. | 0:17:11 | 0:17:12 | |
Through here is the bathroom... No, it's not the bathroom. | 0:17:12 | 0:17:16 | |
It's just another room. There's not even a bathroom in the whole house! | 0:17:16 | 0:17:20 | |
But you have got a really nice little period fireplace in there. | 0:17:20 | 0:17:22 | |
So...what to do? | 0:17:22 | 0:17:24 | |
No bathroom. | 0:17:24 | 0:17:25 | |
Obviously, we'd like to bring one upstairs. | 0:17:25 | 0:17:27 | |
Bit of a problem with that, | 0:17:27 | 0:17:29 | |
because the stairs are running this way up. | 0:17:29 | 0:17:32 | |
In an ideal world, | 0:17:32 | 0:17:34 | |
if you could turn the stairs around, so they're running that way up, | 0:17:34 | 0:17:37 | |
you could then create a corridor along here, | 0:17:37 | 0:17:40 | |
which would give you instant access into the bathroom. | 0:17:40 | 0:17:43 | |
If you've got the dosh and you're going to stay here for long enough, | 0:17:43 | 0:17:47 | |
I would say that really is the preferred option. | 0:17:47 | 0:17:51 | |
I've seen it done before, and it's just so much better. | 0:17:51 | 0:17:54 | |
You're looking at well over £10,000 to move those stairs around - | 0:17:54 | 0:17:57 | |
admittedly, that's a lot of cash, | 0:17:57 | 0:18:00 | |
but I think having a bathroom off the bedroom | 0:18:00 | 0:18:02 | |
would make this place less attractive to the market. | 0:18:02 | 0:18:05 | |
So I do believe it would be worth doing. | 0:18:05 | 0:18:07 | |
We asked a local estate agent | 0:18:09 | 0:18:11 | |
if these options were the right ones for this house, | 0:18:11 | 0:18:13 | |
guided at £240,000. | 0:18:13 | 0:18:15 | |
It needs work, of course, | 0:18:20 | 0:18:21 | |
but it's perfect for somebody who wants to make a home. | 0:18:21 | 0:18:23 | |
The property probably would need to have the staircase moved, depending on the people's taste. | 0:18:23 | 0:18:28 | |
These sort of properties are in the hands of the owners | 0:18:28 | 0:18:30 | |
for at least four, five, six years. | 0:18:30 | 0:18:32 | |
Then they move on to the next level. | 0:18:32 | 0:18:34 | |
So it would definitely appeal to the young couples who are just about to get married, or married. | 0:18:34 | 0:18:39 | |
How does he reckon the numbers could work? | 0:18:40 | 0:18:42 | |
Once it's renovated to a really good standard, | 0:18:42 | 0:18:45 | |
it would be about £340,000 to £350,000 to sell. | 0:18:45 | 0:18:49 | |
And the rental? | 0:18:49 | 0:18:51 | |
Once this property has been fully refurbished, | 0:18:51 | 0:18:53 | |
we think we can achieve between £1,300 to £1,400 per calendar month. | 0:18:53 | 0:18:56 | |
Room for improvement? For sure. | 0:18:57 | 0:19:00 | |
Room for a bathroom? | 0:19:00 | 0:19:01 | |
I hope so. | 0:19:01 | 0:19:03 | |
Room for this lot to increase in value? | 0:19:03 | 0:19:06 | |
Yes - if bought for the right price, of course. | 0:19:06 | 0:19:09 | |
Let's find out what that price was at the auction. | 0:19:09 | 0:19:12 | |
Lot 90. Who's here for Bowes Park? | 0:19:14 | 0:19:16 | |
Got a bid down here. | 0:19:18 | 0:19:19 | |
250. | 0:19:19 | 0:19:21 | |
255. | 0:19:21 | 0:19:22 | |
260. | 0:19:23 | 0:19:24 | |
265. | 0:19:24 | 0:19:26 | |
And once they were off, there was no stopping them. | 0:19:26 | 0:19:29 | |
So we rejoin as the hammer was about to fall at £302,000. | 0:19:29 | 0:19:34 | |
302 first time...second time... | 0:19:35 | 0:19:38 | |
303, new spot. | 0:19:38 | 0:19:40 | |
304. 305. | 0:19:40 | 0:19:42 | |
306. | 0:19:42 | 0:19:44 | |
307. | 0:19:45 | 0:19:46 | |
308. | 0:19:46 | 0:19:47 | |
309. | 0:19:49 | 0:19:50 | |
310. | 0:19:50 | 0:19:52 | |
311, back in. | 0:19:52 | 0:19:54 | |
312? | 0:19:54 | 0:19:56 | |
311. With you, sir. | 0:19:57 | 0:19:59 | |
First time, second time... | 0:19:59 | 0:20:01 | |
third and last time. | 0:20:01 | 0:20:02 | |
Beating off his opponents with that knockout bid | 0:20:05 | 0:20:07 | |
of £311,000, | 0:20:07 | 0:20:09 | |
weighing in £71,000 over the guide price, was Stavros. | 0:20:09 | 0:20:14 | |
He took a ringside seat at the auction with his sister, Cleo. | 0:20:15 | 0:20:18 | |
Unfortunately, he couldn't meet with us, | 0:20:18 | 0:20:20 | |
but I'm now at the property with Cleo and her brother-in-law, Rory, | 0:20:20 | 0:20:24 | |
to find out why they thought this house packed a punch. | 0:20:24 | 0:20:27 | |
# The eye of the tiger... # | 0:20:28 | 0:20:30 | |
-Cleo, Rory, congratulations. -Thank you. | 0:20:32 | 0:20:35 | |
This is a great house. I mean, it's really lovely. It's so pretty to look at. | 0:20:35 | 0:20:39 | |
But there's so much you can do with it. | 0:20:39 | 0:20:41 | |
I'm dying to find out what you want to do with this. | 0:20:41 | 0:20:44 | |
Initially, we obviously realise there's no plumbing, | 0:20:44 | 0:20:47 | |
pretty much no electricity running upstairs. | 0:20:47 | 0:20:51 | |
However, we did see the potential, | 0:20:51 | 0:20:53 | |
primarily being the location of the property, | 0:20:53 | 0:20:55 | |
being that there's a close Underground station, the rail station. | 0:20:55 | 0:20:59 | |
But initially, we were thinking about leaving it as a house. | 0:20:59 | 0:21:02 | |
But now we're thinking about two flats - | 0:21:02 | 0:21:04 | |
two one-bedroom flats. | 0:21:04 | 0:21:06 | |
-Really?! -Yes. | 0:21:06 | 0:21:07 | |
That's interesting. | 0:21:07 | 0:21:09 | |
Now, is it anything to do with the fact that you've paid £311,000 at auction? | 0:21:09 | 0:21:13 | |
-Definitely! -Has that got to do with the fact that you're now turning them into flats? -Definitely. | 0:21:13 | 0:21:17 | |
Obviously, to recover the costs. Leaving it as a house wouldn't really bring that much of an investment in. | 0:21:17 | 0:21:23 | |
Two flats would kind of work. | 0:21:23 | 0:21:25 | |
It would be worth our while. | 0:21:25 | 0:21:26 | |
So, yeah, we are looking at doing that. | 0:21:26 | 0:21:28 | |
Obviously, given the planning permission from the council, that's what we're hoping to do. | 0:21:28 | 0:21:33 | |
How much research have you done? | 0:21:33 | 0:21:34 | |
Please tell me you've spoken to lots of people, lots of estate agents! | 0:21:34 | 0:21:37 | |
I have spoken to an estate agent, | 0:21:37 | 0:21:39 | |
and he did say if you could put the property into two flats, | 0:21:39 | 0:21:42 | |
it would be something that would be appealing to most people. | 0:21:42 | 0:21:45 | |
Obviously, having the Underground station just down the road | 0:21:45 | 0:21:48 | |
is one of the main reasons. | 0:21:48 | 0:21:49 | |
Just a step into central, being in Zone 3. | 0:21:49 | 0:21:53 | |
You have the railway station just down the road also, | 0:21:53 | 0:21:55 | |
so there's a lot of transport links. | 0:21:55 | 0:21:58 | |
But what about the fact you need planning permission? | 0:21:58 | 0:22:01 | |
Is the council in favour of converting houses into flats? | 0:22:01 | 0:22:05 | |
As we're aware, there is one house on the road which has been converted into flats. | 0:22:05 | 0:22:09 | |
So there is a strong possibility we'll be able to do that. | 0:22:09 | 0:22:12 | |
What happened on the day? Why did you pay £311,000 for this? | 0:22:12 | 0:22:14 | |
-I guess... -You can blame her! | 0:22:14 | 0:22:16 | |
Yeah! You can get quite excited and carried away in auction, | 0:22:16 | 0:22:20 | |
-which is very true. I never believed it when people said that. -Oh, yes! | 0:22:20 | 0:22:23 | |
# Because it's true what they say | 0:22:23 | 0:22:26 | |
# You know, it's true what they say... # | 0:22:26 | 0:22:29 | |
Well, Cleo and Stavros weren't the first and won't be the last | 0:22:29 | 0:22:34 | |
to be gripped by auction fever, | 0:22:34 | 0:22:36 | |
but they are also not alone | 0:22:36 | 0:22:37 | |
in tackling the turnaround of this two-bed. | 0:22:37 | 0:22:40 | |
So this is a family project. Tell me who's involved. | 0:22:42 | 0:22:44 | |
I'm involved, Rory, my brother-in-law, | 0:22:44 | 0:22:46 | |
and my actual brother and sister also in the project. | 0:22:46 | 0:22:49 | |
It's more from the basis that we're building a portfolio as a family together. | 0:22:49 | 0:22:54 | |
-But that's great, because you can all spread the workload. -Absolutely. | 0:22:54 | 0:22:57 | |
That sounds like a great way to project-manage here, | 0:22:57 | 0:23:01 | |
as long as they can all agree. | 0:23:01 | 0:23:03 | |
But having worked in the family's fine foods business for several years, | 0:23:04 | 0:23:08 | |
hopefully, they're experts at the art of reaching a compromise. | 0:23:08 | 0:23:11 | |
That's something they'll need if they want to get planning permission | 0:23:12 | 0:23:16 | |
to turn this house into two flats. | 0:23:16 | 0:23:18 | |
Two flats! You've really thrown me there. | 0:23:20 | 0:23:22 | |
I actually thought family house - | 0:23:22 | 0:23:24 | |
a lot you could do with the upstairs. | 0:23:24 | 0:23:26 | |
Obviously, you'd need to get the bathroom up there, | 0:23:26 | 0:23:29 | |
-but you now don't have to go down that road. -No. | 0:23:29 | 0:23:31 | |
It actually eliminates the problem upstairs with the...actually not having a corridor. | 0:23:31 | 0:23:36 | |
So it will be ideal turning the upstairs into a flat, really, | 0:23:36 | 0:23:39 | |
because we wouldn't actually have to structurally touch the property upstairs. | 0:23:39 | 0:23:43 | |
Obviously, downstairs, there is a bit of a problem, | 0:23:43 | 0:23:46 | |
being that it's a bit of an awkward layout with the stairs, | 0:23:46 | 0:23:49 | |
in the location where they are currently. | 0:23:49 | 0:23:51 | |
If we can keep the stairs there, | 0:23:51 | 0:23:54 | |
we will. We've got a really good architect, who's done loads of properties | 0:23:54 | 0:23:58 | |
and he was busy scratching his head! | 0:23:58 | 0:24:00 | |
The verdict seems to be | 0:24:00 | 0:24:03 | |
stairs being moved. | 0:24:03 | 0:24:05 | |
We want to avoid it, but if we have to go down that road, we're not scared to go down that... | 0:24:05 | 0:24:09 | |
So what's your budget to turn the place around? | 0:24:09 | 0:24:12 | |
Currently, we're on a very tight budget, | 0:24:12 | 0:24:14 | |
obviously, having spent more than we estimated. | 0:24:14 | 0:24:16 | |
It's £40,000. | 0:24:16 | 0:24:18 | |
-OK. -But we'll see what happens as well. -It's going to be challenging. | 0:24:18 | 0:24:23 | |
Um...and we have to be quite carful what we do | 0:24:23 | 0:24:26 | |
with furnishings and fittings. | 0:24:26 | 0:24:29 | |
Guys, tell me something - do you regret paying £311,000? In hindsight, would you do it again? | 0:24:29 | 0:24:35 | |
I would. Purely for the reason that I really am familiar with the area. | 0:24:35 | 0:24:39 | |
It's somewhere I am close to. | 0:24:39 | 0:24:42 | |
I can, as Rory said, jump in, pop in, see what's going on. | 0:24:42 | 0:24:45 | |
I know the ins and outs of schools. | 0:24:45 | 0:24:48 | |
I know what this area has to offer. | 0:24:48 | 0:24:50 | |
-And you are confident it's set to rise? -It is. | 0:24:50 | 0:24:53 | |
-It definitely is. -Guys, good luck with this project. I can't wait to see whether it's flats or a house | 0:24:53 | 0:24:58 | |
-and what you do with it. -Thank you. -That's great. -Good luck. | 0:24:58 | 0:25:00 | |
-Thank you. -Thank you. | 0:25:00 | 0:25:02 | |
I'm not surprised that they're planning to turn this house into flats | 0:25:03 | 0:25:07 | |
after paying over the odds at auction. | 0:25:07 | 0:25:08 | |
But I do think it's a shame to carve this lovely house up. | 0:25:08 | 0:25:12 | |
And the planning? | 0:25:12 | 0:25:14 | |
Could be tricky. | 0:25:14 | 0:25:15 | |
Find out how it all goes later on in the programme. | 0:25:15 | 0:25:18 | |
Coming up... You won't believe the number of properties | 0:25:20 | 0:25:22 | |
you can fit on this plot in Tipton in the West Midlands. | 0:25:22 | 0:25:25 | |
Ten houses?! | 0:25:25 | 0:25:27 | |
Wow! | 0:25:27 | 0:25:28 | |
There's no family feud here in London. | 0:25:29 | 0:25:32 | |
We've had to sit down weekly to discuss any differences we have | 0:25:32 | 0:25:36 | |
in terms of the property, but nothing of a problem, really. | 0:25:36 | 0:25:39 | |
But first, it's not been plain sailing in Cornwall. | 0:25:40 | 0:25:43 | |
The budget that we originally suggested | 0:25:43 | 0:25:46 | |
has been completely blown out of the water. | 0:25:46 | 0:25:49 | |
Now, back to the lovely little hamlet of Washaway in Cornwall. | 0:25:52 | 0:25:56 | |
# Where you planted roses | 0:25:56 | 0:25:59 | |
# The weeds seemed to say | 0:25:59 | 0:26:02 | |
# A cottage for sale... # | 0:26:04 | 0:26:06 | |
It was a Grade II listed property | 0:26:06 | 0:26:08 | |
with lots of land and lots of problems. | 0:26:08 | 0:26:10 | |
But it was a dream buy for husband and wife Vicky and Adrian, | 0:26:10 | 0:26:14 | |
who bought it for £252,000. | 0:26:14 | 0:26:18 | |
Vicky had had her eye on this three-bedroom cottage for some time. | 0:26:18 | 0:26:22 | |
I've known the house for about 20 years. | 0:26:22 | 0:26:24 | |
Um...I ride past here on my horse, | 0:26:24 | 0:26:28 | |
and knew the guy that used to live in here. | 0:26:28 | 0:26:30 | |
And it came up for auction, so we thought we'd go for it. | 0:26:30 | 0:26:34 | |
We'd been looking for somewhere in the country for five or six years, on and off, | 0:26:34 | 0:26:38 | |
and then it just all came together nicely. | 0:26:38 | 0:26:40 | |
-So is the idea, then - this is going to be your family home? -Yeah. | 0:26:40 | 0:26:44 | |
It's our forever home, once we move out here. | 0:26:44 | 0:26:46 | |
Vicky owns a wedding dress shop, so knows all about making dreams come true. | 0:26:46 | 0:26:51 | |
They hoped it would take about eight months to make this place habitable | 0:26:51 | 0:26:55 | |
for the couple and their two teenagers. | 0:26:55 | 0:26:57 | |
They had an initial £50,000, | 0:26:57 | 0:26:59 | |
and hoped to extend the cottage eventually when the plans were approved. | 0:26:59 | 0:27:04 | |
It's now fourteen-and-a-half months later. | 0:27:05 | 0:27:09 | |
The overgrown garden has been cleared right back. | 0:27:09 | 0:27:12 | |
Adrian had just finished a 12-hour night shift as a paramedic, | 0:27:12 | 0:27:16 | |
so it was Vicky we met back at the cottage. | 0:27:16 | 0:27:18 | |
Have the couple realised their dream? | 0:27:18 | 0:27:21 | |
Well, it certainly looks like it. The crumbling walls | 0:27:21 | 0:27:23 | |
and cracked floors have been lovingly restored. | 0:27:23 | 0:27:26 | |
And tasteful fixtures and fittings have been installed. | 0:27:34 | 0:27:37 | |
Probably the main thing in this room that you can't see | 0:27:39 | 0:27:42 | |
is the fact that the floor has had to come up. | 0:27:42 | 0:27:44 | |
It was laid on bare earth. All the slates had to be numbered, | 0:27:44 | 0:27:47 | |
so they had to go back in exactly the same place. | 0:27:47 | 0:27:50 | |
But then, before they went back, | 0:27:50 | 0:27:51 | |
we actually had to dig down nine inches | 0:27:51 | 0:27:54 | |
and put a damp-proof course and everything and bring it all back up again. | 0:27:54 | 0:27:58 | |
Other than that, we've replastered all the way round, | 0:27:58 | 0:28:00 | |
because the plaster was quite bad in here, | 0:28:00 | 0:28:03 | |
and also, just behind me, we have our new heating system. | 0:28:03 | 0:28:06 | |
The house has never had heat in its life before, so it's probably in shock now! | 0:28:06 | 0:28:11 | |
I'm sure it approves. | 0:28:11 | 0:28:13 | |
Up the steps at the back of the kitchen is the bathroom. | 0:28:13 | 0:28:16 | |
Their two dogs, Lara and Indy, | 0:28:18 | 0:28:21 | |
and their new companion, Wilma, | 0:28:21 | 0:28:23 | |
are loving the fire in the room beside the kitchen. | 0:28:23 | 0:28:26 | |
We've changed quite a bit in this room. | 0:28:27 | 0:28:29 | |
We've done a new floor in here, | 0:28:29 | 0:28:31 | |
we've had a new wood-burning stove. | 0:28:31 | 0:28:33 | |
Some of the walls have been replastered. | 0:28:33 | 0:28:36 | |
A lot of the woodwork has been stripped | 0:28:36 | 0:28:38 | |
and we've got some rather handsome-looking radiators as well. | 0:28:38 | 0:28:41 | |
Through this room into the second reception at the end of the cottage, | 0:28:41 | 0:28:45 | |
the restoration continues. | 0:28:45 | 0:28:47 | |
Upstairs, the layout hasn't changed. | 0:28:49 | 0:28:52 | |
their daughter will be in bedroom one, to the right of the stairs. | 0:28:52 | 0:28:56 | |
And turning left leads to their son's room. | 0:28:58 | 0:29:00 | |
You still have to go through this room | 0:29:00 | 0:29:03 | |
to reach what will be Vicky and Adrian's bedroom. | 0:29:03 | 0:29:06 | |
It's not ideal, so what happened to the proposed extension? | 0:29:08 | 0:29:12 | |
We've got pre-planning approval. | 0:29:12 | 0:29:14 | |
So we don't have planning permission, but we do have planning approval. | 0:29:14 | 0:29:18 | |
So the principle of what we want to add on is OK. | 0:29:18 | 0:29:22 | |
It's basically going to be one large entertaining space. | 0:29:22 | 0:29:25 | |
It's going to have a mezzanine floor | 0:29:25 | 0:29:26 | |
and, hopefully, will incorporate the store that's just to the right of the house, | 0:29:26 | 0:29:30 | |
that'll turn into another bedroom. | 0:29:30 | 0:29:32 | |
The extension has to be at the back of the house, | 0:29:33 | 0:29:36 | |
because due to Grade II listing, | 0:29:36 | 0:29:38 | |
the front elevation can't be changed at all. | 0:29:38 | 0:29:40 | |
And getting approval for the work INSIDE the cottage | 0:29:42 | 0:29:44 | |
was very time-consuming. | 0:29:44 | 0:29:46 | |
The sash windows have been restored and refitted. | 0:29:46 | 0:29:50 | |
Doors, hand-stripped and rehung, | 0:29:50 | 0:29:52 | |
and using traditional lime plaster takes a lot longer. | 0:29:52 | 0:29:56 | |
Adrian, Vicky and their builder, Neil, have only been working here | 0:29:56 | 0:30:01 | |
for the last four to five months. | 0:30:01 | 0:30:02 | |
Have they managed to stick to their budget? | 0:30:02 | 0:30:05 | |
The budget we originally suggested, which was around £50,000, | 0:30:05 | 0:30:09 | |
has completely been blown out of the water. | 0:30:09 | 0:30:12 | |
What we've spent so far is probably | 0:30:12 | 0:30:14 | |
slightly more than double what our original budget was. | 0:30:14 | 0:30:17 | |
With the £252,000 they paid at auction, | 0:30:17 | 0:30:20 | |
that takes their total investment to £352,000. | 0:30:20 | 0:30:24 | |
They've already sold their home in Bodmin, | 0:30:24 | 0:30:27 | |
so have been living in rented accommodation | 0:30:27 | 0:30:29 | |
and will finally move in here in a couple of weeks. | 0:30:29 | 0:30:31 | |
We invited two property experts to the cottage | 0:30:34 | 0:30:36 | |
to hear their opinions of the restoration | 0:30:36 | 0:30:38 | |
of this Grade II listed property. | 0:30:38 | 0:30:40 | |
First, the auctioneer who sold it. | 0:30:40 | 0:30:43 | |
It's a lovely quaint cottage, and they've maintained that throughout. | 0:30:43 | 0:30:46 | |
And that's actually its charm. | 0:30:46 | 0:30:49 | |
They don't build them like this any more. | 0:30:49 | 0:30:51 | |
So, to retain them is a job worth doing. | 0:30:51 | 0:30:55 | |
I think it's a beautiful cottage. | 0:30:55 | 0:30:57 | |
It's striking when you come up the drive towards it. | 0:30:57 | 0:30:59 | |
There's natural stone, a lovely slate roof. | 0:30:59 | 0:31:01 | |
I think it looks amazing. | 0:31:01 | 0:31:04 | |
The couple have no intention of letting it, | 0:31:04 | 0:31:06 | |
although the experts suggest the cottage could achieve | 0:31:06 | 0:31:09 | |
between £750 and £1,000 per calendar month, | 0:31:09 | 0:31:12 | |
giving a yield of 2.5 to 3%. | 0:31:12 | 0:31:15 | |
But what about the resale values? | 0:31:16 | 0:31:18 | |
So far, they have £352,000 invested here. | 0:31:18 | 0:31:22 | |
If they make the very best of the cottage as we see it today, | 0:31:24 | 0:31:28 | |
I can see the property on the market | 0:31:28 | 0:31:30 | |
at around £375,000. | 0:31:30 | 0:31:33 | |
If they put the extension on | 0:31:33 | 0:31:35 | |
and create at least one major big master bedroom space, | 0:31:35 | 0:31:39 | |
I would suggest around £450,000. | 0:31:39 | 0:31:42 | |
If they sell the property in its current configuration, finished, | 0:31:42 | 0:31:45 | |
I would recommend asking around £375,000. | 0:31:45 | 0:31:48 | |
If they add the extension, | 0:31:48 | 0:31:50 | |
I would say approximately £450,000. | 0:31:50 | 0:31:53 | |
So both experts agree - £375,000 without the extension. | 0:31:54 | 0:31:59 | |
That means there could currently be a profit of £23,000 | 0:31:59 | 0:32:04 | |
before tax and expenses. | 0:32:04 | 0:32:06 | |
So, plenty to cover the build costs. | 0:32:06 | 0:32:08 | |
I'd probably say the 375. | 0:32:08 | 0:32:11 | |
Yeah, it would just about...round about there with what we've done. | 0:32:11 | 0:32:14 | |
Um...and I expected the fact that once we'd got the extension on, | 0:32:14 | 0:32:18 | |
that's where we could probably make a decent amount of money. | 0:32:18 | 0:32:21 | |
But it never was meant to be making money. | 0:32:21 | 0:32:23 | |
It was always to be a forever home, | 0:32:23 | 0:32:25 | |
so that's what it's going to be. | 0:32:25 | 0:32:27 | |
This is the Black Country Living Museum in Dudley. | 0:32:34 | 0:32:36 | |
It's a fascinating recreation of life in the West Midlands | 0:32:38 | 0:32:41 | |
in its heyday as an industrial powerhouse. | 0:32:41 | 0:32:44 | |
That said, the lot I'm here to see in nearby Tipton | 0:32:44 | 0:32:48 | |
appears to owe more to a rural past than an industrial one. | 0:32:48 | 0:32:53 | |
It's at the end of a row of industrial units, | 0:32:53 | 0:32:55 | |
but the plot of land that was up for auction is... | 0:32:55 | 0:32:58 | |
well, this forest! | 0:32:58 | 0:33:01 | |
It's here, at a guide price of £98,000 to £103,000. | 0:33:03 | 0:33:08 | |
Let's go and explore. | 0:33:08 | 0:33:09 | |
The plot is described as "virgin ground". | 0:33:14 | 0:33:17 | |
It's never been built on, | 0:33:17 | 0:33:19 | |
which should mean that under all this greenery, | 0:33:19 | 0:33:21 | |
there's something of a blank canvas. | 0:33:21 | 0:33:24 | |
So, what are the first impressions? | 0:33:27 | 0:33:29 | |
Well, access won't be a problem, | 0:33:29 | 0:33:31 | |
because the site's situated on the junction of two roads, | 0:33:31 | 0:33:34 | |
so all your building materials and things will be easily brought in. | 0:33:34 | 0:33:37 | |
And when you come to develop, easy access for the properties themselves. | 0:33:37 | 0:33:41 | |
Also, you're likely to have services nearby - | 0:33:41 | 0:33:44 | |
electricity, gas, sewerage, that kind of stuff. | 0:33:44 | 0:33:47 | |
It's actually 0.64 acres, | 0:33:47 | 0:33:51 | |
which is a fairly good size. | 0:33:51 | 0:33:52 | |
You should be able to get a fair number of houses on there. | 0:33:52 | 0:33:55 | |
It doesn't have planning permission as yet, | 0:33:55 | 0:33:57 | |
but what it does have is approval for development, | 0:33:57 | 0:34:00 | |
and a provisional layout for ten houses | 0:34:00 | 0:34:03 | |
has been agreed in principle. | 0:34:03 | 0:34:05 | |
Ten houses?! | 0:34:05 | 0:34:07 | |
Wow! | 0:34:07 | 0:34:08 | |
Move over, Indiana Jones - I'm going in! | 0:34:11 | 0:34:14 | |
Now, you must bear in mind that the council has only given approval | 0:34:18 | 0:34:22 | |
for development for this site, | 0:34:22 | 0:34:24 | |
not planning permission or even provisional planning. | 0:34:24 | 0:34:26 | |
So it doesn't guarantee anything, | 0:34:26 | 0:34:28 | |
but it does give reassurance | 0:34:28 | 0:34:30 | |
that the council want to see the land developed in some way. | 0:34:30 | 0:34:33 | |
Well, as you can see, | 0:34:35 | 0:34:37 | |
the site is currently a bit of a jungle. | 0:34:37 | 0:34:39 | |
But unless whoever bought it is into their nature stuff, | 0:34:39 | 0:34:43 | |
they probably want to clear this, don't they? | 0:34:43 | 0:34:47 | |
It's going to take a while just to get the site actually cleared. | 0:34:47 | 0:34:51 | |
Oh, well. | 0:34:51 | 0:34:52 | |
At least you know that if you're going to | 0:34:52 | 0:34:55 | |
grow vegetables in your garden, they'll grow pretty well! | 0:34:55 | 0:34:58 | |
This greenery's all well and good, | 0:35:01 | 0:35:03 | |
but it does make gauging the size of the plot tricky. | 0:35:03 | 0:35:07 | |
On paper, ten three- or four-bedroom homes | 0:35:07 | 0:35:09 | |
on a 0.64-acre plot | 0:35:09 | 0:35:12 | |
does sound a bit tight to me, | 0:35:12 | 0:35:15 | |
but it would be do-able. | 0:35:15 | 0:35:16 | |
But is that necessarily the way forward for this bit of land? | 0:35:16 | 0:35:20 | |
So, what are you going to do with the plot? | 0:35:22 | 0:35:25 | |
Should you build? Well, we all know these are difficult times in the property market. | 0:35:25 | 0:35:28 | |
People can't get mortgages. First-time buyers are finding it incredibly difficult. | 0:35:28 | 0:35:33 | |
Well, here's a clue as to what should be done with the plot. | 0:35:33 | 0:35:36 | |
Because right opposite, there is this - a brand-new development | 0:35:36 | 0:35:39 | |
of 87 properties. | 0:35:39 | 0:35:41 | |
So somebody obviously thinks the area is good and there is demand. | 0:35:41 | 0:35:44 | |
So is that good news? | 0:35:44 | 0:35:46 | |
Well, on the one hand, it certainly brightens up the area | 0:35:46 | 0:35:49 | |
and, as I said, they think there's a demand, | 0:35:49 | 0:35:52 | |
so you can read into that what you like. | 0:35:52 | 0:35:54 | |
The bad news is, of course, that could be potentially competition. | 0:35:54 | 0:35:58 | |
And it's much bigger in terms of a development than this, | 0:35:58 | 0:36:02 | |
even if you built the maximum ten properties. | 0:36:02 | 0:36:04 | |
The worst-case scenario is that those properties don't sell. | 0:36:04 | 0:36:08 | |
And no developer wants that. | 0:36:08 | 0:36:09 | |
But as they say, you've got to speculate to accumulate. | 0:36:11 | 0:36:15 | |
And if you're happy to be David to Goliath next door, | 0:36:15 | 0:36:18 | |
I think there's a good chance of making money, | 0:36:18 | 0:36:21 | |
if you can put up those eight three-bed | 0:36:21 | 0:36:23 | |
and two four-bed homes on the site. | 0:36:23 | 0:36:26 | |
We asked a local estate agent to tell us | 0:36:31 | 0:36:33 | |
what he makes of the prospects of the plot | 0:36:33 | 0:36:35 | |
and its guide price of £98,000 to £103,000. | 0:36:35 | 0:36:38 | |
The market for | 0:36:39 | 0:36:41 | |
private owner-occupation properties around here | 0:36:41 | 0:36:44 | |
is struggling for people to get mortgages. | 0:36:44 | 0:36:46 | |
And until that changes, | 0:36:46 | 0:36:48 | |
that's going to be difficult, | 0:36:48 | 0:36:50 | |
so you're probably looking more at the rental market. | 0:36:50 | 0:36:53 | |
You certainly need to build with both in mind. | 0:36:53 | 0:36:55 | |
Fair enough. So if a developer were looking to sell the finished properties on, | 0:36:57 | 0:37:01 | |
what kind of resale values might be achievable here? | 0:37:01 | 0:37:04 | |
Three-bedroom semi-detached houses around here, | 0:37:07 | 0:37:10 | |
you are looking in the order of £115,000, £120,000. | 0:37:10 | 0:37:14 | |
Possibly up to £125,000. | 0:37:14 | 0:37:17 | |
Four-bedroom houses, | 0:37:17 | 0:37:19 | |
you might get £130,000. | 0:37:19 | 0:37:21 | |
Maybe £135,000, but not much more than that. | 0:37:21 | 0:37:24 | |
Don't forget, we're talking about eight three-beds and four two-beds here. | 0:37:26 | 0:37:30 | |
So you could be looking at | 0:37:30 | 0:37:32 | |
over £1,000,000-worth of property on the site. | 0:37:32 | 0:37:35 | |
But what about putting the completed houses on the rental market? | 0:37:35 | 0:37:40 | |
For a three-bed house, you're probably looking at about | 0:37:41 | 0:37:44 | |
£525 per calendar month. | 0:37:44 | 0:37:46 | |
Four-bedroom house, probably up to £550 per calendar month. | 0:37:46 | 0:37:50 | |
Well, the Black Country's future is looking ever brighter, | 0:37:52 | 0:37:56 | |
and this auction lot provides the opportunity | 0:37:56 | 0:37:58 | |
to regenerate a forgotten piece of land | 0:37:58 | 0:38:00 | |
and potentially make some good profits into the bargain. | 0:38:00 | 0:38:04 | |
Let's see who bought it when it went under the hammer. | 0:38:04 | 0:38:07 | |
Our next lot is lot 23. | 0:38:07 | 0:38:09 | |
At £50,000 to get it started. | 0:38:09 | 0:38:12 | |
At 50 I have, and thank you. Do I have 75? | 0:38:12 | 0:38:15 | |
I do. At 80 I'm bid. | 0:38:15 | 0:38:17 | |
Is it 85, then? At 85 I'm bid. | 0:38:17 | 0:38:19 | |
Is it 90? At 90. | 0:38:19 | 0:38:21 | |
Is that 92? 92. | 0:38:21 | 0:38:23 | |
94. | 0:38:23 | 0:38:25 | |
96, is it? 95. | 0:38:25 | 0:38:26 | |
96. | 0:38:26 | 0:38:28 | |
96. 97, gents? | 0:38:28 | 0:38:30 | |
97. 98? | 0:38:30 | 0:38:32 | |
98. Is it 99, gentlemen? | 0:38:33 | 0:38:35 | |
99. Is it 100? | 0:38:35 | 0:38:37 | |
99 and a half. | 0:38:37 | 0:38:39 | |
99 and a half. Just another 500 if you feel... | 0:38:39 | 0:38:42 | |
Thank you. £100,000 I'm bid. | 0:38:42 | 0:38:44 | |
On sale, gentlemen, once... | 0:38:44 | 0:38:46 | |
Are we all done? | 0:38:46 | 0:38:47 | |
Twice...third and last time at £100,000... | 0:38:47 | 0:38:51 | |
Sold. Gentlemen, that is yours. Well done. | 0:38:52 | 0:38:54 | |
That successful bid of £100,000 | 0:38:56 | 0:38:58 | |
was made by local developer Trevor. | 0:38:58 | 0:39:01 | |
He's built 19 properties so far - | 0:39:01 | 0:39:04 | |
everything from flats to detached houses. | 0:39:04 | 0:39:07 | |
-Trevor, really good to meet you. -How you doing? -Congratulations. | 0:39:08 | 0:39:11 | |
-You bought yourself a forest! -Yes, that's right, yes. | 0:39:11 | 0:39:14 | |
What was it about it that you thought makes it a viable proposition? | 0:39:14 | 0:39:19 | |
Well, the real reason was... | 0:39:19 | 0:39:21 | |
I probably wouldn't have bought it | 0:39:21 | 0:39:23 | |
if it wasn't for the new development being built on the other side. | 0:39:23 | 0:39:27 | |
Sandwell Council obviously sold this. | 0:39:27 | 0:39:29 | |
They done a planning statement | 0:39:29 | 0:39:31 | |
to obviously put residential on this piece of land, | 0:39:31 | 0:39:34 | |
so that's the real reason why I've bought it. | 0:39:34 | 0:39:36 | |
So although it hasn't got planning permission, | 0:39:36 | 0:39:39 | |
it's got a pretty big indication that planning permission will be approved? | 0:39:39 | 0:39:42 | |
Yeah, it shouldn't be a problem, you know. Fingers crossed, anyway. | 0:39:42 | 0:39:46 | |
Tell me a bit more about your experience. | 0:39:46 | 0:39:48 | |
I'm an electrician by trade, | 0:39:48 | 0:39:50 | |
but up until four years ago, I decided that | 0:39:50 | 0:39:53 | |
I'd had enough doing electrics. | 0:39:53 | 0:39:55 | |
Even though it was a job I enjoyed, | 0:39:55 | 0:39:56 | |
I thought I'd try something different, you know. | 0:39:56 | 0:39:59 | |
-So I took it on and actually bought a piece of land in the same street. -As this? -Further down. | 0:39:59 | 0:40:04 | |
-And I built nine apartments. -Oh, right. | 0:40:04 | 0:40:06 | |
So, got lucky - I built them all, no problems at all, sold them. | 0:40:06 | 0:40:09 | |
Obviously, in between selling them, I've got another piece of land to build some starter homes, | 0:40:09 | 0:40:14 | |
which I finished in October of 2010. | 0:40:14 | 0:40:17 | |
All sold. And obviously, looking for another piece of land, | 0:40:17 | 0:40:20 | |
and this come along and that was it. | 0:40:20 | 0:40:23 | |
So what are you actually going to build on here? | 0:40:23 | 0:40:25 | |
Well, the plan is to build ten houses. | 0:40:25 | 0:40:27 | |
Eight three-bed houses, | 0:40:27 | 0:40:30 | |
and two two-and-a-half-storey, | 0:40:30 | 0:40:31 | |
which is like three/four-bed houses. | 0:40:31 | 0:40:34 | |
So, I'm looking at a build cost of about £625,000. | 0:40:34 | 0:40:39 | |
And do you have any idea of what the resale value of the whole development might be? | 0:40:39 | 0:40:42 | |
The resale of the whole development, I'm looking at a GDV of about £1.4 million. | 0:40:42 | 0:40:47 | |
OK, so 625 to build them, plus... | 0:40:47 | 0:40:49 | |
-Plus my 100 for the land. -Right, 725. | 0:40:49 | 0:40:52 | |
1.4 to sell them, plus sales costs and stuff. | 0:40:52 | 0:40:55 | |
Yeah, that's all tied up with it. | 0:40:55 | 0:40:56 | |
I'm looking probably to fetch back about £700,000 on this piece of land. | 0:40:56 | 0:41:00 | |
Gosh! Wow! | 0:41:00 | 0:41:02 | |
It's just luck of the draw, in't it? You know. | 0:41:02 | 0:41:04 | |
I think we could all do with a bit of Trevor's particular brand of luck. | 0:41:08 | 0:41:12 | |
A potential £700,000-worth of profit from a small field of trees | 0:41:12 | 0:41:17 | |
is not to be sniffed at. | 0:41:17 | 0:41:19 | |
What are the hurdles in between now | 0:41:21 | 0:41:23 | |
and you being three-quarters of a million quid better off? | 0:41:23 | 0:41:25 | |
The main plan is now get planning permission. | 0:41:25 | 0:41:28 | |
I've also actually got, er... a six-inch... | 0:41:28 | 0:41:32 | |
pipe running diagonally through the land. | 0:41:32 | 0:41:35 | |
-What kind of pipe? -It's a sewage pipe. | 0:41:35 | 0:41:38 | |
Obviously, my plan is to redirect it round the boundary of the site. | 0:41:38 | 0:41:43 | |
-Expensive? -Not necessarily. | 0:41:43 | 0:41:45 | |
I feel I can get permission from Severn Trent to do the works. | 0:41:45 | 0:41:48 | |
And then obviously get my own ground-workers to do the job for me. | 0:41:48 | 0:41:52 | |
But once I'm out of the ground, | 0:41:52 | 0:41:54 | |
it's straightforward, yeah. | 0:41:54 | 0:41:57 | |
# I got a peaceful easy feeling | 0:41:57 | 0:42:02 | |
# And I know you won't let me down | 0:42:04 | 0:42:10 | |
# Cos I'm already standing | 0:42:10 | 0:42:15 | |
# On the ground. # | 0:42:17 | 0:42:19 | |
There is something rather beguiling about Trevor's outlook. | 0:42:21 | 0:42:24 | |
He makes the whole idea of spending almost three-quarters of a million pounds here | 0:42:24 | 0:42:29 | |
to make the same amount back in profit | 0:42:29 | 0:42:31 | |
sound like a walk in the park. | 0:42:31 | 0:42:33 | |
But will he be as laid-back when it comes to his timescale? | 0:42:33 | 0:42:37 | |
I want to work on a 12-month period. | 0:42:39 | 0:42:41 | |
But I think this time I'm going to try and use a lot more blokes | 0:42:41 | 0:42:45 | |
to get specific jobs done quicker, | 0:42:45 | 0:42:47 | |
so I can try and turn it round quicker. | 0:42:47 | 0:42:49 | |
And try and hit the best time of year to obviously sell the houses. | 0:42:49 | 0:42:53 | |
Sell them on. And the biggest challenges you face? | 0:42:53 | 0:42:56 | |
None, really. | 0:42:57 | 0:42:59 | |
I don't... I'm not worried about it, you know. Just get on with it. | 0:42:59 | 0:43:02 | |
-You've got a lovely laid-back, confident attitude. -That's right. | 0:43:02 | 0:43:05 | |
Well, if people say to me, "Do you sleep at night?" | 0:43:05 | 0:43:07 | |
I say, "I sleep lovely." | 0:43:07 | 0:43:08 | |
It's life, innit? It's not everyone else's cup of tea, is it? | 0:43:08 | 0:43:11 | |
I love the challenge. | 0:43:11 | 0:43:13 | |
Great. Well, it seems this is going pretty well so far. We wish you continued success, | 0:43:13 | 0:43:17 | |
-and look forward to seeing how you get on. -Thank you. | 0:43:17 | 0:43:19 | |
Well, I love Trevor's laid-back attitude. | 0:43:20 | 0:43:22 | |
I don't know too many people who'd be quite so cool when it comes to spending £625,000. | 0:43:22 | 0:43:27 | |
But it could have something to do with the fact that | 0:43:27 | 0:43:29 | |
he's on-line for a nearly three-quarters-of-a-million pounds' profit | 0:43:29 | 0:43:34 | |
before tax and the usual stuff. | 0:43:34 | 0:43:36 | |
Still, a few more hurdles to cross before he gets to that point, | 0:43:36 | 0:43:39 | |
and nothing ever goes quite to plan when it comes to building and developing. | 0:43:39 | 0:43:43 | |
How will he get on? You can find out later in the show. | 0:43:43 | 0:43:46 | |
Well, Martin, we've given them a while, | 0:43:49 | 0:43:51 | |
-but was it long enough? -Will we return to see success, | 0:43:51 | 0:43:55 | |
or stress and spiralling budgets? | 0:43:55 | 0:43:58 | |
Let's find out. | 0:43:58 | 0:43:59 | |
Back now to Bowes Park in London. | 0:44:03 | 0:44:04 | |
Stavros and his sister, Cleo, | 0:44:07 | 0:44:08 | |
bought this two-bedroom mid-terrace during a spot of auction fever | 0:44:08 | 0:44:12 | |
for £311,000. | 0:44:12 | 0:44:14 | |
The mid-terrace sported psychedelic wallpaper, a dodgy layout | 0:44:18 | 0:44:22 | |
and no bathroom. | 0:44:22 | 0:44:24 | |
There was a real family thing going on here | 0:44:24 | 0:44:26 | |
as Stavros and Cleo's sister, Marie, was also in on the purchase. | 0:44:26 | 0:44:30 | |
But it was Cleo and Marie's husband, Rory - | 0:44:30 | 0:44:33 | |
I hope you're getting all this! - | 0:44:33 | 0:44:35 | |
who I met to discuss their collective plans. | 0:44:35 | 0:44:37 | |
Initially, we were thinking about leaving it as a house. | 0:44:40 | 0:44:42 | |
But now we're thinking about two flats - | 0:44:42 | 0:44:45 | |
two one-bedroom flats. | 0:44:45 | 0:44:46 | |
-Really?! -Yes. | 0:44:46 | 0:44:48 | |
That's interesting. | 0:44:48 | 0:44:49 | |
Now, is it anything to do with the fact that you've paid £311,000 at auction? | 0:44:49 | 0:44:54 | |
-Definitely! -Has that got to do with the fact that you're now turning them into flats? -Definitely. | 0:44:54 | 0:44:58 | |
In order to regain some ground lost by their over-enthusiastic bidding, | 0:44:58 | 0:45:03 | |
the idea was to get planning permission and then spend three months and 40 grand | 0:45:03 | 0:45:07 | |
turning the place into two one-bedroom flats. | 0:45:07 | 0:45:10 | |
Five months after our first visit, | 0:45:10 | 0:45:12 | |
we're back to see how they've got on. | 0:45:12 | 0:45:15 | |
# Be a little bit wiser, baby | 0:45:18 | 0:45:21 | |
# Put it on Put it on | 0:45:21 | 0:45:24 | |
# Cos tonight | 0:45:24 | 0:45:25 | |
# Is the night | 0:45:25 | 0:45:27 | |
# When two become one... # | 0:45:27 | 0:45:31 | |
Er, well, no, actually, it would appear | 0:45:34 | 0:45:36 | |
the siblings backtracked on their plan to create two flats. | 0:45:36 | 0:45:39 | |
And while the work here is clearly not quite finished, | 0:45:39 | 0:45:42 | |
what IS clear is that there have been major alterations | 0:45:42 | 0:45:46 | |
since we were last here. | 0:45:46 | 0:45:48 | |
We did have an architect working with us. | 0:45:50 | 0:45:52 | |
He was on board - he's actually worked for the council before. | 0:45:52 | 0:45:55 | |
When he initially came into the property, | 0:45:55 | 0:45:57 | |
he did say that it was very unlikely that they'd grant us the permission, | 0:45:57 | 0:46:00 | |
being that it was too small for it to be granted for two flats. | 0:46:00 | 0:46:04 | |
So, he did offer us alternatives, such as leaving it as a house | 0:46:04 | 0:46:07 | |
or turning it into a four-bedroom bedsit. | 0:46:07 | 0:46:09 | |
Obviously, we preferred the latter, | 0:46:09 | 0:46:11 | |
being that it would bring us more return in the future as well. | 0:46:11 | 0:46:14 | |
So we decided to go with that. | 0:46:14 | 0:46:15 | |
That meant we didn't need the permission from the council - | 0:46:15 | 0:46:18 | |
we could just get on with it. So that's what we decided to do. | 0:46:18 | 0:46:21 | |
Aha! | 0:46:22 | 0:46:24 | |
So, renting to four people means that the old front living room | 0:46:24 | 0:46:27 | |
will be a bedroom. | 0:46:27 | 0:46:29 | |
The old dining room becomes the communal kitchen | 0:46:30 | 0:46:33 | |
and where the old kitchen and loo were, | 0:46:33 | 0:46:35 | |
there are now two bathrooms - | 0:46:35 | 0:46:37 | |
a great idea for a house of four sharers. | 0:46:37 | 0:46:39 | |
There are more big changes upstairs. | 0:46:41 | 0:46:43 | |
So here on the first floor, we've created a corridor, | 0:46:45 | 0:46:47 | |
which before was an existing wall. We've now put some spindles in, | 0:46:47 | 0:46:50 | |
allowing a corridor here, giving access to the back bedroom, | 0:46:50 | 0:46:53 | |
and also access to the middle room. | 0:46:53 | 0:46:55 | |
We've also now put a skylight in, | 0:46:55 | 0:46:57 | |
allowing more light into the actual corridor, | 0:46:57 | 0:46:59 | |
making it seem more spacious as well. | 0:46:59 | 0:47:01 | |
We've also kind of left the master bedroom as it was. | 0:47:01 | 0:47:04 | |
Really pleased with the layout. I think it really works well. | 0:47:04 | 0:47:08 | |
And it's been a great project to work on. | 0:47:08 | 0:47:10 | |
The upstairs layout does work much better now, | 0:47:14 | 0:47:17 | |
and while I appreciate that the groovy wallpaper had to go, | 0:47:17 | 0:47:20 | |
I think it's a real shame that the original fireplaces have gone too. | 0:47:20 | 0:47:25 | |
The outside has all been re-rendered, | 0:47:26 | 0:47:28 | |
but there's a bit of a tidy-up needed outside at the front. | 0:47:28 | 0:47:32 | |
However, the back garden will be a low-maintenance one. | 0:47:32 | 0:47:35 | |
But how has this family affair worked out, | 0:47:37 | 0:47:39 | |
with Cleo, her brother, their sister | 0:47:39 | 0:47:42 | |
and their brother-on-law all playing a part in the renovation? | 0:47:42 | 0:47:46 | |
Yeah, working with family - we're pretty much used to working together as a team, | 0:47:47 | 0:47:51 | |
so it hasn't been a big change for us. | 0:47:51 | 0:47:53 | |
The only thing is, we've had to sit down weekly to discuss any differences we have | 0:47:53 | 0:47:58 | |
in terms of the property, | 0:47:58 | 0:48:00 | |
but nothing of a problem, really. It's all come together quite well. | 0:48:00 | 0:48:03 | |
That's good to hear. | 0:48:05 | 0:48:06 | |
Getting building control approvals did take longer than they expected. | 0:48:06 | 0:48:10 | |
Even so, with just a few finishing touches | 0:48:10 | 0:48:13 | |
and a kitchen to finish installing, | 0:48:13 | 0:48:16 | |
they have more or less managed to keep to their three-month timescale. | 0:48:16 | 0:48:19 | |
But how have they fared on the budget front? | 0:48:19 | 0:48:22 | |
They planned to spend £40,000. | 0:48:22 | 0:48:25 | |
Until the furnishings have all gone in and the finished works... | 0:48:27 | 0:48:30 | |
Yeah, we do expect it will be £40,000 spent in total. | 0:48:30 | 0:48:34 | |
A spend of £40,000 will bring their total outlay here to £351,000. | 0:48:36 | 0:48:41 | |
We asked along two local estate agents, | 0:48:42 | 0:48:44 | |
including the one who saw the property before, | 0:48:44 | 0:48:47 | |
to hear their thoughts on this renovated mid-terrace. | 0:48:47 | 0:48:50 | |
It's very contemporary now, | 0:48:53 | 0:48:55 | |
very clean, obviously with everything brand-new. | 0:48:55 | 0:48:57 | |
Once it's finished, I'm sure it's going to look 100%. | 0:48:57 | 0:49:01 | |
I think the property is coming along very nicely. | 0:49:01 | 0:49:04 | |
There's a little bit of work still to be done, | 0:49:04 | 0:49:06 | |
but you can see you've got a nice kitchen, | 0:49:06 | 0:49:08 | |
two bathrooms. | 0:49:08 | 0:49:09 | |
The experts were pretty divided on the resale value of the property, | 0:49:10 | 0:49:14 | |
with valuations of between £350,000 and £395,000. | 0:49:14 | 0:49:19 | |
So for Cleo and Co, that would mean a loss of £1,000 | 0:49:19 | 0:49:23 | |
or a decent profit of £44,000, | 0:49:23 | 0:49:27 | |
minus the usual taxes and expenses, of course. | 0:49:27 | 0:49:30 | |
But this was always a long-term investment for the siblings and brother-in-law. | 0:49:30 | 0:49:34 | |
So what do the experts think that letting the property could fetch? | 0:49:34 | 0:49:38 | |
If you were going to rent this out to sharers, | 0:49:39 | 0:49:42 | |
you could achieve £1,300 per calendar month. | 0:49:42 | 0:49:45 | |
If the property is rented out to four sharers, | 0:49:45 | 0:49:48 | |
then I think you could achieve in the region of £1,700 per calendar month. | 0:49:48 | 0:49:52 | |
Maybe slightly lower than I had expected. | 0:49:52 | 0:49:54 | |
We were looking around the £1,800 mark, being the minimum. | 0:49:54 | 0:49:58 | |
However, we can see it's something that obviously, until you've got it out on the market, | 0:49:58 | 0:50:02 | |
you don't really know what's going to happen. | 0:50:02 | 0:50:04 | |
And it is highly spec-ed, it's a new property, | 0:50:04 | 0:50:06 | |
so it's going to be probably quite favourable amongst the tenants, I imagine. | 0:50:06 | 0:50:09 | |
Here's hoping. | 0:50:11 | 0:50:12 | |
The estate agents' rental valuations | 0:50:12 | 0:50:14 | |
could mean a yield on this Bowes Park property of between 4% and 6%, | 0:50:14 | 0:50:19 | |
which is pretty respectable, really. | 0:50:19 | 0:50:21 | |
So what does the future hold for Cleo and her family | 0:50:23 | 0:50:25 | |
of budding property developers - beyond finishing this one off, that is? | 0:50:25 | 0:50:29 | |
The plan is to work on another project. | 0:50:32 | 0:50:34 | |
We've got our eye something else at the moment, | 0:50:34 | 0:50:36 | |
so fingers crossed that goes through. | 0:50:36 | 0:50:38 | |
But yes, you kind of build up on it every year. | 0:50:38 | 0:50:40 | |
Back now to Tipton in the West Midlands | 0:50:45 | 0:50:47 | |
and this 0.64-acre plot | 0:50:47 | 0:50:50 | |
with agreement in principle from the council | 0:50:50 | 0:50:53 | |
to build ten homes. | 0:50:53 | 0:50:54 | |
It was bought at auction for £100,000 by electrician | 0:50:54 | 0:50:58 | |
turned property developer Trevor. | 0:50:58 | 0:51:00 | |
He seemed unfazed by the enormity of the task ahead. | 0:51:00 | 0:51:05 | |
And the biggest challenges you face? | 0:51:05 | 0:51:06 | |
None, really. | 0:51:06 | 0:51:08 | |
I don't... I'm not worried about it, you know. Just get on with it. | 0:51:08 | 0:51:11 | |
-You've got a lovely laid-back, confident attitude. -That's right. | 0:51:11 | 0:51:14 | |
Well, if people say to me, "Do you sleep at night?" | 0:51:14 | 0:51:17 | |
I say, "I sleep lovely." | 0:51:17 | 0:51:18 | |
It's life, innit? It's not everyone else's cup of tea, is it? | 0:51:18 | 0:51:21 | |
I love the challenge. | 0:51:21 | 0:51:23 | |
Trevor's plan was to clear the place, | 0:51:24 | 0:51:26 | |
then get full planning permission to build eight three-bed houses and two four-bed houses on the plot. | 0:51:26 | 0:51:32 | |
He aimed to turn the whole thing round in 15 months, | 0:51:32 | 0:51:35 | |
and his budget was a cool £625,000. | 0:51:35 | 0:51:39 | |
17 months after our first visit, | 0:51:39 | 0:51:42 | |
we're back to see how Trevor's got on. | 0:51:42 | 0:51:45 | |
# Keep on running | 0:51:45 | 0:51:47 | |
# Keep on hiding | 0:51:49 | 0:51:51 | |
# One fine day I'm going to be the one to make you understand | 0:51:53 | 0:51:57 | |
# Oh, yeah | 0:51:57 | 0:51:59 | |
# I'm going to be your man. # | 0:51:59 | 0:52:01 | |
It's still very much work in progress. | 0:52:02 | 0:52:04 | |
In Trevor's defence, | 0:52:04 | 0:52:06 | |
getting planning permission took much longer than anticipated, | 0:52:06 | 0:52:09 | |
and his team have only been on site for the last four months. | 0:52:09 | 0:52:14 | |
So, please, Trevor, remind us exactly what we're looking at here. | 0:52:14 | 0:52:17 | |
Well, my initial plan is to build... | 0:52:19 | 0:52:21 | |
We've got plots 1 and 2, which are both three-bed end semis. | 0:52:21 | 0:52:25 | |
We've got plots 3, 4 and 5, | 0:52:25 | 0:52:28 | |
which are also three-beds. | 0:52:28 | 0:52:31 | |
We've got plots 6, 7, 8 and 9. | 0:52:31 | 0:52:35 | |
6 and 9 are both three-bed end semis. | 0:52:35 | 0:52:39 | |
Plots 7 and 8 are two-and-a-half-storey four-beds. | 0:52:39 | 0:52:43 | |
And finally, we've got plot 10, | 0:52:43 | 0:52:46 | |
which is a three-bed detached house. | 0:52:46 | 0:52:48 | |
And that completes the site. | 0:52:48 | 0:52:50 | |
OK, so plots 1 to 5, all three-beds, | 0:52:52 | 0:52:55 | |
are the furthest on, and roofs will be going on them pretty soon. | 0:52:55 | 0:52:59 | |
The three-bed detached house is taking shape, | 0:53:00 | 0:53:03 | |
as is the block which will contain | 0:53:03 | 0:53:06 | |
the two three-beds and two four-beds. | 0:53:06 | 0:53:08 | |
Laid-back Trevor's only real concern | 0:53:08 | 0:53:11 | |
was a sewage pipe running across the site, | 0:53:11 | 0:53:14 | |
but that turned out to be easy enough to move. | 0:53:14 | 0:53:16 | |
Once planning was in place, he thought the work on site would take 12 months, | 0:53:16 | 0:53:20 | |
and in fact, he reckons his team are ahead of schedule at the moment. | 0:53:20 | 0:53:24 | |
But how is his planned £625,000 budget looking now? | 0:53:24 | 0:53:29 | |
The budget I'm working on is £572,000. | 0:53:31 | 0:53:33 | |
My main job was obviously shopping around, you know? | 0:53:33 | 0:53:38 | |
Like a woman when they go shopping - they go for bargains, | 0:53:38 | 0:53:41 | |
and I do the same in buying building materials. | 0:53:41 | 0:53:44 | |
Shopping around has certainly paid off for Trevor. | 0:53:46 | 0:53:49 | |
His revised budget of £572,000 | 0:53:49 | 0:53:52 | |
is £53,000 lower than he'd anticipated. | 0:53:52 | 0:53:56 | |
If everything continues to go to plan, | 0:53:56 | 0:53:59 | |
he's on course for a total outlay here of £672,000. | 0:53:59 | 0:54:03 | |
We asked two local property experts | 0:54:03 | 0:54:05 | |
for their thoughts on the development so far. | 0:54:05 | 0:54:08 | |
They've made the best use of the space available, | 0:54:12 | 0:54:15 | |
in terms of... | 0:54:15 | 0:54:17 | |
house size and maximising the number they can get on the site. | 0:54:17 | 0:54:21 | |
In this area, people are looking for | 0:54:21 | 0:54:23 | |
the different style of properties, whether that's terraced, semis | 0:54:23 | 0:54:26 | |
and the detached. By incorporating all three on the same site, | 0:54:26 | 0:54:28 | |
is what I would have done myself. | 0:54:28 | 0:54:31 | |
Given that mixture of three-beds and four-beds, | 0:54:33 | 0:54:35 | |
the experts think that the ten properties here | 0:54:35 | 0:54:39 | |
could rent out for between £500 and £625 a month each, | 0:54:39 | 0:54:42 | |
which could give Trevor a rock-solid yield in the region of 10%. | 0:54:42 | 0:54:47 | |
But he's more interested in the resale valuations, | 0:54:48 | 0:54:51 | |
so how much could the five three-bed semis fetch on the market? | 0:54:51 | 0:54:55 | |
It would be between £115,000 and £120,000. | 0:54:57 | 0:55:01 | |
Three-bedroom semis in this area, again built to a good specification, | 0:55:01 | 0:55:04 | |
you'd be looking £115,000, £120,000. | 0:55:04 | 0:55:07 | |
And the two three-bed terraced properties would be worth slightly less. | 0:55:07 | 0:55:11 | |
What about the two four-bed terraced ones? | 0:55:11 | 0:55:14 | |
With the four-bed, you'd be looking about £125,000. | 0:55:14 | 0:55:19 | |
I would imagine that you'd probably be | 0:55:19 | 0:55:22 | |
something between £125,000 and £130,000. | 0:55:22 | 0:55:25 | |
And what about the three-bed detached house? | 0:55:25 | 0:55:29 | |
A three-bedroom detached house I would envisage to be | 0:55:29 | 0:55:32 | |
£135,000 or maybe a little more. | 0:55:32 | 0:55:35 | |
The detached property, you'd be looking at about £135,000 to £140,000. | 0:55:35 | 0:55:40 | |
OK, bear with me. | 0:55:40 | 0:55:42 | |
HE MUTTERS CALCULATIONS | 0:55:42 | 0:55:44 | |
Wow! Based on those valuations, | 0:55:47 | 0:55:49 | |
Trevor could be looking at a total resale value | 0:55:49 | 0:55:51 | |
in the region of £1.2 million. | 0:55:51 | 0:55:55 | |
Good job I've sold all ten, then, in't it? | 0:55:56 | 0:55:58 | |
At roughly the prices they've mentioned. | 0:55:58 | 0:56:01 | |
So I've made the right choice, haven't I? | 0:56:01 | 0:56:04 | |
Trevor has now sold all of the properties on to a housing association. | 0:56:05 | 0:56:10 | |
And while he won't divulge the exact figure, | 0:56:10 | 0:56:12 | |
it is roughly in line with the experts' valuations. | 0:56:12 | 0:56:15 | |
So, if all continues to go to plan, | 0:56:15 | 0:56:18 | |
this electrician turned property developer | 0:56:18 | 0:56:20 | |
could be looking at a profit of over half a million pounds | 0:56:20 | 0:56:24 | |
before tax and expenses. | 0:56:24 | 0:56:26 | |
So, what's the plan for the future? | 0:56:26 | 0:56:28 | |
I'm actually in the process of buying another plot, | 0:56:29 | 0:56:32 | |
literally a two-minute walk from here | 0:56:32 | 0:56:35 | |
for 13 houses. | 0:56:35 | 0:56:37 | |
Well, if he can make anything like the profit he's set to make here, | 0:56:39 | 0:56:42 | |
things are certainly looking bright for this former sparky. | 0:56:42 | 0:56:46 | |
Well, that's it for today's show | 0:56:52 | 0:56:54 | |
and all those stories from the auction rooms. | 0:56:54 | 0:56:57 | |
So make sure you join us next time for more Homes Under The Hammer. | 0:56:57 | 0:57:00 | |
-We'll see you then. -Goodbye. -Bye. | 0:57:00 | 0:57:02 | |
Subtitles by Red Bee Media Ltd | 0:57:10 | 0:57:13 |