Browse content similar to Episode 26. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Hello. Buying your first home is a life-defining moment. | 0:00:02 | 0:00:04 | |
One that you will just treasure for ever. | 0:00:04 | 0:00:06 | |
But whether it's your first property or your 50th, | 0:00:06 | 0:00:09 | |
-it's always really exciting buying at auction. -Oh, yes. | 0:00:09 | 0:00:13 | |
There are plenty of heart-stopping moments | 0:00:13 | 0:00:15 | |
when you buy your home under the hammer! | 0:00:15 | 0:00:18 | |
Well, everyone knows that appearances can be deceptive | 0:00:43 | 0:00:47 | |
and some auction properties prove to be a bit of a challenge! | 0:00:47 | 0:00:51 | |
Yes, the house may look as if it needs a quick makeover. | 0:00:51 | 0:00:54 | |
But actually, what is needed is drastic surgery! | 0:00:54 | 0:00:57 | |
So do today's properties just need a bit of filler, or a full renovation? | 0:00:57 | 0:01:02 | |
Let's find out! | 0:01:02 | 0:01:04 | |
In Kent, this building plot hasn't dampened my enthusiasm. | 0:01:05 | 0:01:09 | |
I can imagine a nice big, detached, family house sitting here. | 0:01:09 | 0:01:14 | |
This mansion in Darlington makes me feel more "down" than "Downton"! | 0:01:16 | 0:01:20 | |
But it isn't that sort of big, | 0:01:20 | 0:01:22 | |
impressive entrance that you'd hope for. | 0:01:22 | 0:01:25 | |
And this Derby semi was ticking boxes for me. Nice house, I thought. | 0:01:25 | 0:01:30 | |
Well, it was all going so well. And then, I came into the bathroom. | 0:01:30 | 0:01:35 | |
All these lots went to auction. We'll find out who bought them... | 0:01:36 | 0:01:39 | |
Selling for the first time. | 0:01:39 | 0:01:41 | |
..and what they paid when they went under the hammer. | 0:01:41 | 0:01:43 | |
Sold. | 0:01:43 | 0:01:45 | |
This is the village of Four Elms in Kent. | 0:01:48 | 0:01:51 | |
15 minutes from the town of Sevenoaks, | 0:01:51 | 0:01:53 | |
deep in the lovely Kentish countryside. | 0:01:53 | 0:01:56 | |
And in my opinion, you'd be "quackers" not to take a look | 0:01:56 | 0:01:58 | |
at what's on offer in this neck of the woods. | 0:01:58 | 0:02:00 | |
Even in the rain! | 0:02:00 | 0:02:02 | |
# All the ducks are swimming in the water | 0:02:03 | 0:02:06 | |
# Fol de rol de rol | 0:02:06 | 0:02:08 | |
# Fol de rol de rol! # | 0:02:08 | 0:02:10 | |
This part of the world is very, very desirable indeed. | 0:02:10 | 0:02:13 | |
Families are falling over themselves to buy a home here. | 0:02:13 | 0:02:17 | |
But what if a characterful old farmhouse isn't your thing? | 0:02:17 | 0:02:20 | |
Well, how about a plot to build something new? | 0:02:20 | 0:02:24 | |
Because that is exactly what was on offer. | 0:02:24 | 0:02:26 | |
It's a quarter of an acre site, | 0:02:26 | 0:02:29 | |
right in the heart of the village, with planning for a four-bed house. | 0:02:29 | 0:02:33 | |
And it had a guide price of 280 to 300,000. How exciting! | 0:02:33 | 0:02:39 | |
It's unusual to get a building plot right in the heart | 0:02:39 | 0:02:42 | |
of a community like this. | 0:02:42 | 0:02:44 | |
In fact, there was a bungalow on this site | 0:02:44 | 0:02:46 | |
until it was demolished a couple of years ago. | 0:02:46 | 0:02:48 | |
And I tell you what, I'm glad I brought my wellies! | 0:02:48 | 0:02:51 | |
Because this is going to be one muddy viewing! | 0:02:51 | 0:02:54 | |
Now, I know this is a quarter of an acre site, | 0:02:54 | 0:02:57 | |
but you know, it feels so much bigger! Wow! Loads of space here. | 0:02:57 | 0:03:03 | |
You can see this is where the old house was. Loads of rubble. | 0:03:03 | 0:03:07 | |
But it's quite interesting, I can imagine a nice big, | 0:03:07 | 0:03:11 | |
detached family house sitting here very happily indeed. | 0:03:11 | 0:03:15 | |
And the bit I love, the plans! There is an executive four-bedroom house. | 0:03:15 | 0:03:21 | |
Now, these have been passed already. There's two floors. | 0:03:21 | 0:03:24 | |
You've got the downstairs ground floor with the kitchen, dining room, | 0:03:24 | 0:03:28 | |
a family space, a nice big hallway, a drawing room and bedroom four. | 0:03:28 | 0:03:35 | |
Not sure about that. | 0:03:35 | 0:03:37 | |
Apart from bedroom four, | 0:03:37 | 0:03:38 | |
everything else looks really good on the ground floor. | 0:03:38 | 0:03:41 | |
And then going upstairs, | 0:03:41 | 0:03:43 | |
you've got a master bedroom with a lovely ensuite shower room. | 0:03:43 | 0:03:47 | |
You've got another two bedrooms and a study and linen area. | 0:03:47 | 0:03:51 | |
Now, straightaway, I would like to knock the study | 0:03:51 | 0:03:54 | |
and the linen cupboard into one big room and call that bedroom four. | 0:03:54 | 0:03:58 | |
I really think you needs to have your sleeping upstairs | 0:03:58 | 0:04:01 | |
and your living accommodation downstairs. | 0:04:01 | 0:04:03 | |
You wouldn't want to have to submit the plans again, | 0:04:03 | 0:04:06 | |
because this is already a done deal. | 0:04:06 | 0:04:07 | |
It's passed, you're going to buy these with the auction lot. | 0:04:07 | 0:04:10 | |
so I think if you could tweak it, | 0:04:10 | 0:04:12 | |
and just have four bedrooms upstairs, this would be a great house. | 0:04:12 | 0:04:15 | |
Some potential buyers will not be keen on a downstairs bedroom | 0:04:15 | 0:04:19 | |
and just regard it as a study or occasional bedroom at best. | 0:04:19 | 0:04:23 | |
And you don't really want your substantial family home | 0:04:23 | 0:04:26 | |
downgraded to a three-bed if you can help it. | 0:04:26 | 0:04:29 | |
The downstairs bedroom is next to a shower room, which might be OK | 0:04:29 | 0:04:33 | |
for families with teenagers or someone with mobility issues. | 0:04:33 | 0:04:36 | |
But I think that on the whole, it does limit the market. | 0:04:36 | 0:04:39 | |
So might well be worth exploring, as is the site itself. | 0:04:39 | 0:04:44 | |
It's always worth doing a bit of digging around any auction purchase. | 0:04:44 | 0:04:49 | |
And here, it is quite literally true. | 0:04:49 | 0:04:52 | |
I found out the reason the bungalow that used to be on this site | 0:04:52 | 0:04:54 | |
was demolished was because it had subsidence. | 0:04:54 | 0:04:57 | |
It was underpinned and the problems came back, | 0:04:57 | 0:05:00 | |
making it utterly unmortgageable. | 0:05:00 | 0:05:03 | |
I'd like to bet that the ground around here played a big part, | 0:05:03 | 0:05:07 | |
since it's mainly clay soil, which is prone to shrink and swell. | 0:05:07 | 0:05:12 | |
One thing's for sure, whoever builds a new home here needs to be | 0:05:12 | 0:05:15 | |
certain it doesn't go the same way as the old one. | 0:05:15 | 0:05:19 | |
It's like Glastonbury at festival time on this ground! | 0:05:24 | 0:05:27 | |
# Only one way to get there | 0:05:27 | 0:05:29 | |
# You've got to get a little mud on the tyres! # | 0:05:29 | 0:05:34 | |
But the word "subsidence" is not music to my ears. | 0:05:34 | 0:05:37 | |
You definitely need to "pile" the work into new foundations, | 0:05:37 | 0:05:41 | |
which could be expensive, but might well pay off. | 0:05:41 | 0:05:44 | |
What does a local estate agent think? | 0:05:44 | 0:05:46 | |
Four Elms is a very popular village, surrounded by open countryside. | 0:05:48 | 0:05:54 | |
The green belt washes over the area completely | 0:05:54 | 0:05:56 | |
and very few building plots such as this ever come to the market. | 0:05:56 | 0:06:00 | |
Having seen the plans, my thoughts are, it would be probably a little | 0:06:00 | 0:06:04 | |
bit nicer to have the fourth bedroom upstairs rather than downstairs. | 0:06:04 | 0:06:07 | |
What level of finish should the new house be kitted out to? | 0:06:08 | 0:06:12 | |
I think to a high specification to obtain the best possible price. | 0:06:12 | 0:06:16 | |
It is a good plot, it's a good location. | 0:06:16 | 0:06:18 | |
Therefore it deserves a good specification. | 0:06:18 | 0:06:21 | |
That greenbelt factor is definitely worth bearing in mind. | 0:06:22 | 0:06:25 | |
It will mean that there will be planning restrictions, so trying | 0:06:25 | 0:06:28 | |
to change the plans to build an even bigger house or houses | 0:06:28 | 0:06:32 | |
might well be a non-starter. | 0:06:32 | 0:06:34 | |
So if a developer decided to go with the plans as they are, | 0:06:34 | 0:06:37 | |
maybe with the odd bedroom tweaked, how much could the property be worth? | 0:06:37 | 0:06:41 | |
The house when completed, depending on specifications and standard | 0:06:44 | 0:06:48 | |
of construction, should be worth in the region of 625 to £650,000. | 0:06:48 | 0:06:54 | |
You would have to spend a lot of money to create a high spec | 0:06:54 | 0:06:57 | |
house here, say 200,000 build costs on top of the plot, | 0:06:57 | 0:07:01 | |
even if it sold for around the guide price, of 280 to 300,000. | 0:07:01 | 0:07:06 | |
So the figures stack up for resale, but what about rental? | 0:07:06 | 0:07:12 | |
There is a good rental market for the property and I believe it would | 0:07:12 | 0:07:15 | |
achieve a rent in the region of 2,000 to 2,500 per calendar month. | 0:07:15 | 0:07:21 | |
A rare opportunity to build a house in an extremely desirable location. | 0:07:21 | 0:07:26 | |
It's not a cheap plot, | 0:07:26 | 0:07:27 | |
but it could reap decent rewards or make a lovely home for someone. | 0:07:27 | 0:07:31 | |
Let's see who went for it at the auction. | 0:07:31 | 0:07:34 | |
Lot number 17 now is, wow, this is a really lovely plot, | 0:07:34 | 0:07:38 | |
this, over by Edenbridge. | 0:07:38 | 0:07:41 | |
Planning permission for a four-bedroom detached house | 0:07:41 | 0:07:43 | |
with a site of a quarter of an acre. | 0:07:43 | 0:07:48 | |
Start me at £280,000. | 0:07:48 | 0:07:50 | |
260 to get me running. I'm on the way at 260. I'm obliged. | 0:07:50 | 0:07:53 | |
260, I'm on the way. At 260. | 0:07:53 | 0:07:56 | |
And five. 265. 265. And 70. 270. | 0:07:56 | 0:08:00 | |
270. And five. 275. 275. | 0:08:00 | 0:08:04 | |
And 80 if you like. 280. | 0:08:04 | 0:08:06 | |
280, right in front of me in a fresh place. 280. | 0:08:06 | 0:08:10 | |
And 85. 285 to either of you, if you like. | 0:08:10 | 0:08:13 | |
285,000. At 285 if you like. | 0:08:13 | 0:08:17 | |
280 I've got sitting in the front row. | 0:08:17 | 0:08:20 | |
We're going to sell it for the first time at £280,000. | 0:08:20 | 0:08:24 | |
A chance to bid again if you want it. Second time at £280,000. | 0:08:24 | 0:08:29 | |
Third and final time. If you're sure. You're all done at £280,000. | 0:08:29 | 0:08:34 | |
It's yours, sir, at 280. Excellent plot. | 0:08:34 | 0:08:36 | |
That final successful bid of 280,000 was made by Andy. | 0:08:36 | 0:08:41 | |
He's a local developer and I met him | 0:08:41 | 0:08:43 | |
back at the muddy site to find out why he wanted it. | 0:08:43 | 0:08:46 | |
-Andy, lovely to meet you. -You too. -Congratulations. -Thank you. | 0:08:46 | 0:08:51 | |
I want to know all about what's going to go on here | 0:08:51 | 0:08:54 | |
and why you wanted this plot. | 0:08:54 | 0:08:56 | |
Well, we're looking at putting a four-bedroom house on here, | 0:08:56 | 0:08:59 | |
as it's got planning in the auctions for this. | 0:08:59 | 0:09:02 | |
We're going to do a couple of alterations to it. | 0:09:02 | 0:09:05 | |
We're changing the garage to an oak garage now. | 0:09:05 | 0:09:08 | |
And we're going to put in a swimming pool as well now, in the garden. | 0:09:08 | 0:09:12 | |
Wow! | 0:09:12 | 0:09:13 | |
We've had some tests done for piling now, | 0:09:13 | 0:09:16 | |
so we have to pile because of the water level around here. | 0:09:16 | 0:09:19 | |
So we've had companies come in, do all the setting outs, | 0:09:19 | 0:09:23 | |
and we're ready to roll in the next hopefully two weeks. | 0:09:23 | 0:09:27 | |
When the ground is unstable and can't bear the weight of a structure, | 0:09:27 | 0:09:30 | |
prefabricated piles made of concrete or steel can be | 0:09:30 | 0:09:34 | |
driven into the soil using a pile driver. | 0:09:34 | 0:09:37 | |
# Pile driver... # | 0:09:39 | 0:09:41 | |
Often the piles are embedded into a concrete block to help | 0:09:45 | 0:09:49 | |
distribute the load, which should result in a stable foundation. | 0:09:49 | 0:09:53 | |
So, tell me about your experience of building houses. | 0:09:53 | 0:09:55 | |
I've been building for 30 years now. Mainly extensions, loft conversions. | 0:09:55 | 0:10:01 | |
And about 20 years ago we decided to build our own house | 0:10:01 | 0:10:05 | |
and carry on building. So we try to do at least one to two a year now. | 0:10:05 | 0:10:09 | |
Andy is what you'd call a seasoned developer. | 0:10:10 | 0:10:13 | |
And it needs someone with experience to wade through this clay soil | 0:10:13 | 0:10:17 | |
here and not find themselves, well, stuck in the mud! | 0:10:17 | 0:10:20 | |
Can we talk about the soil, first and foremost? | 0:10:24 | 0:10:26 | |
And why you're doing the piling? | 0:10:26 | 0:10:28 | |
Well, the background to the site show that there was some | 0:10:28 | 0:10:31 | |
kind of maybe lake or pond on here. So we had to have a soil test done. | 0:10:31 | 0:10:38 | |
Which does show it is clay and part peat as well, which is | 0:10:38 | 0:10:40 | |
very soft for a normal foundation. | 0:10:40 | 0:10:43 | |
So that is why we've had to go for piling. | 0:10:43 | 0:10:46 | |
Is that something you factored into the costs here? | 0:10:46 | 0:10:48 | |
Yes. When we bought the plots, | 0:10:48 | 0:10:50 | |
we knew that we would probably have to pile, before we went to auction. | 0:10:50 | 0:10:54 | |
I had some quotes done, so we knew that it was going to be | 0:10:54 | 0:11:00 | |
a good £20,000 over from what we'd normally build. | 0:11:00 | 0:11:04 | |
And that, ladies and gentlemen, is how it's done. | 0:11:04 | 0:11:07 | |
Andy did his homework, so didn't get any nasty surprises. | 0:11:07 | 0:11:11 | |
It's definitely an advantage, being local. | 0:11:11 | 0:11:14 | |
He knows the ground conditions and the market, | 0:11:14 | 0:11:17 | |
including what goes down swimmingly with buyers! | 0:11:17 | 0:11:20 | |
The thing that bothers me | 0:11:21 | 0:11:23 | |
is the fact that there are three bedrooms upstairs and one downstairs. | 0:11:23 | 0:11:27 | |
What are you going to do to change that layout? | 0:11:27 | 0:11:30 | |
Well, we're going to take the study upstairs out and there's quite a big | 0:11:30 | 0:11:35 | |
cupboard upstairs, out, which would give a good size fourth bedroom. | 0:11:35 | 0:11:38 | |
I was really hoping you were going to say that | 0:11:38 | 0:11:40 | |
because when I was looking at it, I was really trying to | 0:11:40 | 0:11:43 | |
rack my brains to think, is there enough room to call that bedroom four? | 0:11:43 | 0:11:46 | |
-Yeah, definitely. -A swimming pool, whose idea is that?! | 0:11:46 | 0:11:49 | |
I mean, you really are taking it up to the next level. | 0:11:49 | 0:11:52 | |
Yes, it was a friend of mine who came up with the idea. | 0:11:52 | 0:11:54 | |
He's just built a couple of swimming pools now, so he came | 0:11:54 | 0:11:56 | |
down to the site yesterday and we decided we're going to have one. | 0:11:56 | 0:12:00 | |
How much do you think it's going to cost you? | 0:12:00 | 0:12:02 | |
I mean, what is your budget for a build such as this? | 0:12:02 | 0:12:05 | |
The build on this will be 200,000. | 0:12:05 | 0:12:07 | |
How much is it going to be worth at the end of the day? | 0:12:07 | 0:12:09 | |
It's been valued between 650 and 700. | 0:12:09 | 0:12:11 | |
So hopefully with the pool, it will keep it up near the 700 mark. | 0:12:11 | 0:12:15 | |
So you are looking at walking away with quite a healthy profit there. | 0:12:15 | 0:12:18 | |
Yeah, yeah. | 0:12:18 | 0:12:20 | |
It all sounds very glamorous and lucrative. | 0:12:20 | 0:12:23 | |
If Andy sticks to his budget, he could possibly be | 0:12:23 | 0:12:26 | |
looking at a gross profit of over 200,000 on this build. | 0:12:26 | 0:12:30 | |
He plans to get it done in seven months. | 0:12:30 | 0:12:32 | |
It all seems remarkably straightforward, so far. | 0:12:32 | 0:12:35 | |
And are you going to be here on-site, watching the boys, | 0:12:36 | 0:12:39 | |
-making sure everything runs smoothly? -I'm actually on the tools. | 0:12:39 | 0:12:43 | |
My trade is plastering. | 0:12:43 | 0:12:44 | |
So I will be on the tools, doing quite a bit of the work myself, | 0:12:44 | 0:12:48 | |
-with the chaps as well. -I am so excited to see what it looks like. | 0:12:48 | 0:12:52 | |
-Thank you for coming along today. Sorry about the weather! -No trouble! | 0:12:52 | 0:12:55 | |
Good luck with it. Thank you. | 0:12:55 | 0:12:57 | |
Andy knows what he's about and I'm sure he'll build | 0:12:59 | 0:13:02 | |
a smasher of a home here. | 0:13:02 | 0:13:04 | |
I love the swimming pool plan and I reckon there's a profit in it. | 0:13:04 | 0:13:07 | |
Provided that clay soil doesn't drain his budget! | 0:13:07 | 0:13:11 | |
You can find out how it goes later in the show. | 0:13:11 | 0:13:14 | |
I'm in County Durham in the market town of Darlington. | 0:13:18 | 0:13:21 | |
The town has many impressive landmarks, like this clock tower, | 0:13:23 | 0:13:27 | |
a legacy of the Pease family who were wealthy Victorian industrialists. | 0:13:27 | 0:13:31 | |
Intriguingly, the property that went to auction just half a mile away | 0:13:31 | 0:13:34 | |
from the town centre has a connection. | 0:13:34 | 0:13:37 | |
Well, this area of Darlington is called the West End. | 0:13:40 | 0:13:43 | |
And it's extremely popular and desirable. | 0:13:43 | 0:13:46 | |
Now, the property I'm here to see | 0:13:46 | 0:13:48 | |
was described in the auction catalogue as substantial. | 0:13:48 | 0:13:52 | |
That's a good start. And you know what? | 0:13:52 | 0:13:55 | |
From the outside, it's living up to that description. Five bedrooms. | 0:13:55 | 0:14:00 | |
The guide price was 399,950 quid. | 0:14:00 | 0:14:04 | |
This Victorian house was once owned by the Pease family, | 0:14:08 | 0:14:11 | |
who built the clock tower as well as the town hall | 0:14:11 | 0:14:14 | |
and the covered market in Darlington. | 0:14:14 | 0:14:17 | |
Since those heady days of grandeur, | 0:14:17 | 0:14:19 | |
the property has been divided into two. | 0:14:19 | 0:14:21 | |
At one time, this must have been an amazing mansion. | 0:14:21 | 0:14:25 | |
But before you get the carriage and footman ready, please note, | 0:14:25 | 0:14:28 | |
we'll be using the tradesman's entrance, round the back! | 0:14:28 | 0:14:30 | |
Well, approaching the property, the entry is a little bit confusing. | 0:14:32 | 0:14:36 | |
That's probably because this was, | 0:14:36 | 0:14:38 | |
along with the adjoining property, originally one big house. | 0:14:38 | 0:14:42 | |
So you've actually only got half of it, if you like. | 0:14:42 | 0:14:44 | |
You have got the garages. There's four of those. | 0:14:44 | 0:14:47 | |
That's certainly enough. | 0:14:47 | 0:14:48 | |
And you come round into this little courtyard area. | 0:14:48 | 0:14:50 | |
A little bit more of rear garden or front garden, | 0:14:50 | 0:14:53 | |
whichever you want to call it! | 0:14:53 | 0:14:54 | |
And then what would be your entrance to the house. | 0:14:54 | 0:14:56 | |
But out here, before you even go in, you can see, lovely though it is, | 0:14:56 | 0:15:00 | |
a bit of remedial work required to that brickwork at the top. | 0:15:00 | 0:15:04 | |
Let's take a look inside. | 0:15:04 | 0:15:05 | |
Slightly disappointing when you come in through the door there. | 0:15:09 | 0:15:12 | |
But I suppose this was the rear entrance, | 0:15:12 | 0:15:14 | |
so you wouldn't expect anything too grand. | 0:15:14 | 0:15:17 | |
Nice that you've got the tiled floor. | 0:15:17 | 0:15:19 | |
But it isn't that sort of big, impressive entrance that you'd hope for. | 0:15:19 | 0:15:23 | |
Similarly, a big sweeping staircase? Well no, there isn't one. | 0:15:23 | 0:15:26 | |
This is the staircase in the property. | 0:15:26 | 0:15:28 | |
I guess in the property as a whole, it was the second staircase. | 0:15:28 | 0:15:31 | |
So it's not that grand. | 0:15:31 | 0:15:33 | |
And it's almost like there is a dividing line here, | 0:15:33 | 0:15:36 | |
almost like that was the servants' area at one point. | 0:15:36 | 0:15:39 | |
There's a couple of small rooms. | 0:15:39 | 0:15:40 | |
The moment you step into this area of the house, | 0:15:40 | 0:15:43 | |
you suddenly get that feeling of grandeur. | 0:15:43 | 0:15:46 | |
Over that side, a really nice-sized rear sitting room, | 0:15:46 | 0:15:49 | |
front sitting room, | 0:15:49 | 0:15:51 | |
it depends which way round the house you're going to call it! | 0:15:51 | 0:15:53 | |
But a good size, with the big windows. | 0:15:53 | 0:15:56 | |
Over this side, a dining area, separate from the kitchen. | 0:15:56 | 0:15:59 | |
It looks to be in pretty good condition. | 0:15:59 | 0:16:02 | |
And then again, the further you walk this way into the house, | 0:16:02 | 0:16:04 | |
the better it becomes. | 0:16:04 | 0:16:06 | |
Coming to here, and you've got this absolutely gorgeous living room area. | 0:16:06 | 0:16:11 | |
Huge great windows. Nice fireplace. Stripped floor. | 0:16:11 | 0:16:15 | |
Lots of original features like the coving and stuff like that. | 0:16:15 | 0:16:19 | |
This, this is what I was hoping the house would be like all throughout. | 0:16:19 | 0:16:24 | |
But at least you've got this room. And that one. With the kitchen. | 0:16:24 | 0:16:27 | |
Let's carry on. | 0:16:27 | 0:16:29 | |
# Nothing but a grand illusion... # | 0:16:29 | 0:16:33 | |
I'm rather disappointed that it's not all grand rooms here. | 0:16:38 | 0:16:42 | |
In fact, it's a bit of an illusion. | 0:16:42 | 0:16:44 | |
At the other end of the corridor, | 0:16:44 | 0:16:46 | |
if I turned left instead of coming up this way, smaller rooms | 0:16:46 | 0:16:50 | |
we didn't see when I first came in include a study | 0:16:50 | 0:16:53 | |
and this utility room. | 0:16:53 | 0:16:55 | |
As well as a downstairs bathroom. This place is vast! | 0:16:55 | 0:16:59 | |
So, what does the upstairs have to offer? | 0:17:01 | 0:17:04 | |
Well, a smallish kind of landing area here. | 0:17:04 | 0:17:06 | |
And then down that way, I don't want to go there yet, we'll go this way. | 0:17:06 | 0:17:10 | |
Because a very interesting room here, bathroom there, | 0:17:10 | 0:17:13 | |
bit of a storage cupboard. | 0:17:13 | 0:17:15 | |
Half-decent-sized bedroom here with a double aspect, which is nice. | 0:17:15 | 0:17:20 | |
But it's linked by this door into this bedroom. | 0:17:20 | 0:17:23 | |
So this, to me, is the side of the house you want to be on because | 0:17:23 | 0:17:27 | |
you've got these fantastic windows again, overlooking the garden. | 0:17:27 | 0:17:30 | |
Lots of light flooding in. Really nice-sized room. | 0:17:30 | 0:17:34 | |
But in terms of the layout, it just needs a little bit of tweaking. | 0:17:34 | 0:17:39 | |
Down the other end of the landing, there's another very large bedroom. | 0:17:41 | 0:17:44 | |
Then the rooms become a little smaller. | 0:17:44 | 0:17:47 | |
There are two more bedrooms, one double and one single. | 0:17:48 | 0:17:52 | |
So that's five bedrooms in total. And the main bathroom. | 0:17:52 | 0:17:57 | |
Like most of the other rooms, the fixtures are pretty good. | 0:17:57 | 0:18:01 | |
So you could get away with just adding your own decorative style. | 0:18:01 | 0:18:04 | |
However, the biggest tweak needs to be downstairs | 0:18:04 | 0:18:07 | |
in that kitchen/dining area. | 0:18:07 | 0:18:09 | |
Ideally, you'd have one big open-plan area. | 0:18:11 | 0:18:14 | |
But obviously, you've got this chimney breast in the middle | 0:18:14 | 0:18:16 | |
and that is one heck of a job to take that out. | 0:18:16 | 0:18:18 | |
So I guess that's going to have to stay. | 0:18:18 | 0:18:20 | |
It would be nice to have something a bit more substantial, | 0:18:20 | 0:18:22 | |
But as it is, it's in really nice condition. | 0:18:22 | 0:18:24 | |
I mean, the whole house, you could pretty much move into as it is. | 0:18:24 | 0:18:28 | |
I mean, look at this. | 0:18:28 | 0:18:29 | |
You've got granite work surfaces, fairly new units. | 0:18:29 | 0:18:32 | |
With a house like this, though, of this kind of age, it's going | 0:18:32 | 0:18:34 | |
to be the stuff that you can't see that you really want to check out. | 0:18:34 | 0:18:37 | |
What condition is the roof in, what is the damp-proofing, | 0:18:37 | 0:18:40 | |
if there is any, like? | 0:18:40 | 0:18:41 | |
You know, the exterior pointing and stuff like that. | 0:18:41 | 0:18:44 | |
That is the stuff that isn't particularly nice to do, | 0:18:44 | 0:18:47 | |
because it just costs a lot of money. | 0:18:47 | 0:18:48 | |
But it's stuff that you're going to have to address. | 0:18:48 | 0:18:52 | |
So, what does a local estate agent think of this large, five-bedroom | 0:18:52 | 0:18:56 | |
property that went to auction guided at just £50 shy of £400,000? | 0:18:56 | 0:19:03 | |
Would it be worth spending a lot of money here? | 0:19:03 | 0:19:05 | |
It's a lovely property. I just think it needs some modernisation. | 0:19:07 | 0:19:11 | |
I think the rooms need reconfiguring to a more modern family style of living. | 0:19:11 | 0:19:16 | |
But because it's semi-detached, I think that is going to | 0:19:16 | 0:19:18 | |
limit the end value. So although it needs some good investment, | 0:19:18 | 0:19:22 | |
there should be a limit on how much is spent. | 0:19:22 | 0:19:24 | |
What about the rental prospects for this grand property? | 0:19:24 | 0:19:28 | |
Once refurbished, the property will rent for approximately £1,300 per calendar month. | 0:19:29 | 0:19:35 | |
And the resale value after some cosmetic changes? | 0:19:35 | 0:19:38 | |
Once refurbished, | 0:19:38 | 0:19:40 | |
I would expect to sell the property for between 470 and £500,000. | 0:19:40 | 0:19:45 | |
Well, a bit of an interesting one, this one. | 0:19:45 | 0:19:47 | |
Because it could go two ways. | 0:19:47 | 0:19:49 | |
Either you could move in here and live in it pretty much as it is. | 0:19:49 | 0:19:53 | |
And it would be a lovely home, just like that. | 0:19:53 | 0:19:56 | |
Or, once you embark on some kind of renovation, it's going to cost | 0:19:56 | 0:19:59 | |
you a lot of money, but you could turn it into the most amazing house. | 0:19:59 | 0:20:03 | |
It's all going to be down to the decision of whoever bought it. | 0:20:03 | 0:20:07 | |
Let's find out who that was when it went under the hammer. | 0:20:07 | 0:20:10 | |
So we're going to move along now to property, lot number 43. | 0:20:10 | 0:20:14 | |
Fantastic looking house, this. Substantial Victorian residence. | 0:20:14 | 0:20:18 | |
Can I ask for 400 to start? | 0:20:18 | 0:20:21 | |
Do I have 390,000? Thank you. 395. Yeah? | 0:20:21 | 0:20:25 | |
400,000? 400 bid. | 0:20:25 | 0:20:28 | |
405. 410. 415? 415. | 0:20:28 | 0:20:33 | |
420. I'll halve it to 417,500. | 0:20:33 | 0:20:37 | |
417,500 bid. I'll halve to you as well at 420. | 0:20:37 | 0:20:41 | |
420 bid. 422 and a half. No? | 0:20:41 | 0:20:45 | |
I'm selling once at 420,000. It really is your last chance. | 0:20:45 | 0:20:48 | |
I'm selling for the second time at £420,000. | 0:20:48 | 0:20:54 | |
Sold to the gentleman and the lady on the right-hand side. | 0:20:54 | 0:20:56 | |
That final bid of 420,000, | 0:20:56 | 0:20:59 | |
to seal the deal on this huge Darlington property | 0:20:59 | 0:21:01 | |
was made by Andy, who was at the auction with his wife, Andrea. | 0:21:01 | 0:21:05 | |
# That it feels like home | 0:21:05 | 0:21:08 | |
# And it knocks me out | 0:21:08 | 0:21:11 | |
# Just to feel this way | 0:21:11 | 0:21:14 | |
# You know, I broke out... # | 0:21:14 | 0:21:17 | |
The couple live in the town. Andy runs his own civil engineering and groundworks business. | 0:21:17 | 0:21:23 | |
Andrea has been a midwife for the past seven years. | 0:21:23 | 0:21:26 | |
I met up with them both back at the new purchase, | 0:21:26 | 0:21:29 | |
to hear about what they plan to deliver at this property. | 0:21:29 | 0:21:32 | |
-Andy, Andrea, lovely to meet you both. -And you. | 0:21:32 | 0:21:34 | |
Tell me why you wanted to buy this lovely house? | 0:21:34 | 0:21:37 | |
Well, I think we'd made the decision that we wanted to move | 0:21:37 | 0:21:40 | |
back into the centre of town, really. | 0:21:40 | 0:21:43 | |
We live out in the countryside at the moment. | 0:21:43 | 0:21:46 | |
But we've decided we don't particularly enjoy country life. | 0:21:46 | 0:21:49 | |
-Oh, right! -We're missing things about the town, which I know is backwards for most people. | 0:21:49 | 0:21:54 | |
But, um, we miss being able to walk into the town on an evening, | 0:21:54 | 0:21:57 | |
and walk the kids to school. | 0:21:57 | 0:21:59 | |
This house is going to be a new family home for Andy, Andrea | 0:21:59 | 0:22:03 | |
and their children, Jamie and Fiona. | 0:22:03 | 0:22:06 | |
But the move isn't going to be completely straightforward. | 0:22:06 | 0:22:09 | |
What's happening with the house you're living in at the moment? | 0:22:09 | 0:22:12 | |
-It on the market. We're hoping to sell. -You haven't sold it yet? -We haven't sold it yet, no. | 0:22:12 | 0:22:16 | |
We're in that nail-biting stage, really, of owning two large houses. | 0:22:16 | 0:22:20 | |
Ooh! So how have you managed to finance this? | 0:22:20 | 0:22:23 | |
Well, we've mortgaged some of it. And we've used all of our savings, | 0:22:23 | 0:22:26 | |
just about, to pay for it. We kept a little bit back | 0:22:26 | 0:22:29 | |
to get some of the work done ourselves. | 0:22:29 | 0:22:31 | |
But then, until we can sell ours, we won't complete the work. | 0:22:31 | 0:22:35 | |
# Cash or credit, it doesn't matter | 0:22:35 | 0:22:39 | |
# As long as my bank books | 0:22:39 | 0:22:41 | |
# Keep growing fatter | 0:22:41 | 0:22:43 | |
# Easy Street is my favourite avenue | 0:22:43 | 0:22:47 | |
# Who needs money? I do. # | 0:22:47 | 0:22:50 | |
Andy and Andrea are definitely going to need cash. | 0:22:50 | 0:22:54 | |
That's because there's a lot of that boring but necessary maintenance stuff I mentioned earlier. | 0:22:54 | 0:22:59 | |
And also, some not so boring stuff. | 0:22:59 | 0:23:02 | |
Quite a few of the bricks have actually deteriorated to the fact | 0:23:02 | 0:23:04 | |
where I need to replace the bricks. | 0:23:04 | 0:23:06 | |
So I've got a lot of bricks to take out and fully repoint the whole house. | 0:23:06 | 0:23:10 | |
Wow! That's a job and a half in itself. | 0:23:10 | 0:23:13 | |
It is for somebody, yeah! I must admit I don't fancy that one. | 0:23:13 | 0:23:15 | |
And then it's got a double hip roof, so there's a lot of work to do on the roof. | 0:23:15 | 0:23:19 | |
There's a lot of damage to that that needs replacing. | 0:23:19 | 0:23:22 | |
Convert the garages, lose two of the garages. | 0:23:22 | 0:23:24 | |
Our final project would be an orangery out the back, | 0:23:24 | 0:23:28 | |
-if you want to call it the back or the front. -Wow! | 0:23:28 | 0:23:30 | |
And then internals, I'll leave to Andrea. | 0:23:30 | 0:23:32 | |
Internals, the biggest piece of work we're doing is taking out | 0:23:32 | 0:23:35 | |
the chimney breast that's between the breakfast room | 0:23:35 | 0:23:38 | |
and the kitchen, and then going up stairs, | 0:23:38 | 0:23:40 | |
the same chimney breast between the two smallest bedrooms. | 0:23:40 | 0:23:43 | |
So we'll create a really big sort of kitchen dayroom downstairs. | 0:23:43 | 0:23:48 | |
Do you have any idea how much rubble that is going to create? | 0:23:48 | 0:23:51 | |
-Oh, yes! -Oh, it'll be all right. -It's best that we're actually not living in here | 0:23:51 | 0:23:55 | |
why we're doing it, because that is really dirty. | 0:23:55 | 0:23:57 | |
Yeah. We're going to use some of the corridor space behind the kitchen | 0:23:57 | 0:24:00 | |
to create a utility room. And then the existing utility room, | 0:24:00 | 0:24:04 | |
we're going to convert into a sauna and a wet room. | 0:24:04 | 0:24:06 | |
And then upstairs, create a sort of a really big master suite with dressing room and ensuite, | 0:24:06 | 0:24:12 | |
from the rooms where we've taken the chimney breast out. | 0:24:12 | 0:24:15 | |
Not just that, they'll also be replacing the windows. | 0:24:15 | 0:24:18 | |
All 25 of them. So this is going to be a major job. | 0:24:18 | 0:24:22 | |
But then Andy does run a civil engineering and groundworks company. | 0:24:22 | 0:24:26 | |
The general building work, the demolition, I would do it myself. | 0:24:26 | 0:24:29 | |
All of the first fixed works, I'll do myself. | 0:24:29 | 0:24:31 | |
But I will utilise plumbers and electricians. | 0:24:31 | 0:24:34 | |
What's the budget for this little adventure? | 0:24:34 | 0:24:37 | |
70,000, we hope we will do it all bar the orangery. | 0:24:37 | 0:24:40 | |
What kind of timescale is there for sorting it? | 0:24:40 | 0:24:43 | |
-Five to six months. -OK. -I think it all depends on selling ours. | 0:24:43 | 0:24:46 | |
-If ours sells, five to six months. -Well listen, congratulations. | 0:24:46 | 0:24:50 | |
I'm very excited to see how you get on sorting it out. | 0:24:50 | 0:24:52 | |
-So, good luck with it. -Thank you. -Thank you very much. | 0:24:52 | 0:24:56 | |
Well, Andy and Andrea are clearly delighted with what will become their new family home. | 0:24:56 | 0:25:02 | |
But the amount of work they're taking on, gosh, it frightens even me. | 0:25:02 | 0:25:06 | |
I mean, just to take out this wall here in the kitchen/dining area, | 0:25:06 | 0:25:12 | |
what a job that's going to be. | 0:25:12 | 0:25:14 | |
Well, you can find out how many skips they end up using | 0:25:14 | 0:25:18 | |
later in the show. | 0:25:18 | 0:25:20 | |
Coming up, there's plenty on offer in this Derby property | 0:25:22 | 0:25:25 | |
both inside and out. | 0:25:25 | 0:25:28 | |
What a fantastic additional bonus to have. | 0:25:28 | 0:25:31 | |
We return to Darlington, where time's taken its toll. | 0:25:31 | 0:25:36 | |
It's a very old house with years of neglect. | 0:25:36 | 0:25:39 | |
We just have to put all of those things right. | 0:25:39 | 0:25:42 | |
But first it is back to Kent, where Andy's had a hard time. | 0:25:42 | 0:25:47 | |
About 180 tonnes of cross concrete in the garden, to raise the garden. | 0:25:47 | 0:25:51 | |
Earlier in the programme, we were in the Kent village of Four Elms, | 0:25:54 | 0:25:58 | |
seven miles from Sevenoaks. | 0:25:58 | 0:26:01 | |
And the numbers certainly seem to be stacking up for this plot, | 0:26:07 | 0:26:10 | |
with planning permission for a four-bedroom house. | 0:26:10 | 0:26:13 | |
Local developer Andy bought it for 280,000. | 0:26:13 | 0:26:17 | |
He and I agreed that the only flaws in the plans | 0:26:17 | 0:26:20 | |
were the fourth bedroom being on the ground floor, | 0:26:20 | 0:26:23 | |
and the small matter of the site having a history of subsidence. | 0:26:23 | 0:26:26 | |
However, none of this worried him unduly. | 0:26:26 | 0:26:29 | |
We've had some tests done for piling now. | 0:26:29 | 0:26:32 | |
So we have to pile because of the water level round here. | 0:26:32 | 0:26:35 | |
And we're ready to roll in the next, hopefully, two weeks. | 0:26:35 | 0:26:38 | |
Is that something you've factored into the cost? | 0:26:38 | 0:26:40 | |
Yes, when we bought the plot we knew that we'd probably have to pile. | 0:26:40 | 0:26:45 | |
Andy was also really plunging in, with plans for a swimming pool | 0:26:45 | 0:26:50 | |
and an oak garage, all to be done in seven months, | 0:26:50 | 0:26:53 | |
on a budget of 200,000. | 0:26:53 | 0:26:56 | |
Seven months and three weeks later, I'm back. | 0:26:59 | 0:27:02 | |
And Andy's five-star, four-bed executive house is built, | 0:27:07 | 0:27:12 | |
along with this oak garage, as Andy had promised. | 0:27:12 | 0:27:15 | |
At the back of the house, Andy, his partner Ali and new puppy Leo, | 0:27:18 | 0:27:22 | |
have moved in, and can enjoy this sun terrace, | 0:27:22 | 0:27:25 | |
which spans the whole width of the house. | 0:27:25 | 0:27:28 | |
Inside, the light floods into this timber-floored open-plan living space. | 0:27:29 | 0:27:34 | |
And I really love this large open kitchen | 0:27:37 | 0:27:41 | |
that stretches from the front of the property to the back. | 0:27:41 | 0:27:45 | |
This is the dining area and the kitchen area, open-planned. | 0:27:45 | 0:27:49 | |
This is where we've taken out the wall from the existing drawings | 0:27:49 | 0:27:53 | |
and made it more into an open-planned area. | 0:27:53 | 0:27:55 | |
And then this is the lounge, which we created with the bi-folding doors opening up into the garden. | 0:27:55 | 0:28:02 | |
Off the hall is a cloakroom and two further rooms at the front. | 0:28:02 | 0:28:06 | |
The interior design has all been down to Ali. | 0:28:06 | 0:28:11 | |
The original plans had the fourth bedroom on the ground floor. | 0:28:11 | 0:28:15 | |
That didn't work for me. Andy and Ali thought exactly the same. | 0:28:15 | 0:28:19 | |
So the cupboard and study area have gone. | 0:28:19 | 0:28:23 | |
And... Ta-da! Four upstairs bedrooms now! | 0:28:23 | 0:28:28 | |
They've gone for a very high-end look throughout. | 0:28:31 | 0:28:34 | |
Moving that bedroom upstairs has really worked well. | 0:28:36 | 0:28:40 | |
Yeah, I think that was really good because we created a fourth bedroom, | 0:28:40 | 0:28:43 | |
which was a really good size. And we also put an en suite on the master bedroom. | 0:28:43 | 0:28:48 | |
We put wardrobes all down one wall, so there's lots of storage. | 0:28:48 | 0:28:52 | |
Andy didn't have to resubmit the plans for the changes he's made. | 0:28:52 | 0:28:55 | |
That meant there were no delays. So building this lovely house | 0:28:55 | 0:28:59 | |
in just over seven months is pretty good going. | 0:28:59 | 0:29:02 | |
However, sadly, there's no lounging by the pool with cocktails here, after all. | 0:29:02 | 0:29:07 | |
The garden does look lovely. | 0:29:07 | 0:29:09 | |
But what happened to those swimming pool plans? | 0:29:09 | 0:29:12 | |
Well, we found out it was a very high water level. | 0:29:12 | 0:29:15 | |
This is why we had to pile it. We probably had about 180 tonnes of cross concrete in the garden, | 0:29:15 | 0:29:20 | |
to raise the garden because of the water levels. | 0:29:20 | 0:29:23 | |
So I think having a swimming pool would have caused a lot of problems | 0:29:23 | 0:29:26 | |
with the high water levels. | 0:29:26 | 0:29:28 | |
Andy's heating the house from an external heat source pump, | 0:29:28 | 0:29:31 | |
powered by the solar panels. | 0:29:31 | 0:29:33 | |
So I wonder, has the budget ended up in hot water? | 0:29:33 | 0:29:37 | |
We stuck to the budget on the 200,000. | 0:29:37 | 0:29:41 | |
But I'd allowed for solar panels. | 0:29:41 | 0:29:44 | |
But I decided to go for an air source heat pump. | 0:29:44 | 0:29:47 | |
So, in total, that probably put the budget up about another 15-20,000. | 0:29:47 | 0:29:52 | |
Added to the 280,000 Andy paid at auction, | 0:29:52 | 0:29:56 | |
that takes his total investment here to 500,000. | 0:29:56 | 0:30:00 | |
Andy and Ali moved in about a month ago. | 0:30:00 | 0:30:02 | |
And Andy's son is going to join them soon as well. | 0:30:02 | 0:30:05 | |
So, Ali, after a few weeks here, | 0:30:05 | 0:30:08 | |
what's been the most enjoyable aspect of your new home? | 0:30:08 | 0:30:11 | |
I think this open plan living area. | 0:30:11 | 0:30:14 | |
This is what I absolutely love, being able to cook and chat. | 0:30:14 | 0:30:18 | |
Really great. And it's all overlooking the garden as well. | 0:30:18 | 0:30:22 | |
Puppy Leo, who's a cockapoo, seems to be cock-a-hoop with the garden. | 0:30:22 | 0:30:28 | |
The couple plan to live in the house for at least nine months | 0:30:28 | 0:30:31 | |
and then maybe sell. | 0:30:31 | 0:30:33 | |
We invited two local estate agents to take a look at the property | 0:30:33 | 0:30:38 | |
and give their current valuations, | 0:30:38 | 0:30:40 | |
to see if Andy's hard work has paid off. | 0:30:40 | 0:30:43 | |
First impressions of the property when you approach, | 0:30:43 | 0:30:45 | |
is that it has a good kerb appeal. | 0:30:45 | 0:30:48 | |
It looks attractive from the outside. It seems to have been done very well. | 0:30:48 | 0:30:51 | |
It fits in nicely with the surrounding properties, | 0:30:51 | 0:30:54 | |
and keeps the main fabric of the village going. | 0:30:54 | 0:30:57 | |
The living space here at the property is very versatile. | 0:30:57 | 0:31:00 | |
You've got good sized rooms, tall ceilings and it's very bright. | 0:31:00 | 0:31:04 | |
The bedrooms are all good doubles, with an ensuite, | 0:31:04 | 0:31:07 | |
which is to a high standard and specification. | 0:31:07 | 0:31:10 | |
It's clean, it's tidy, it's bright, its contemporary. | 0:31:10 | 0:31:14 | |
And that's what people are looking for. | 0:31:14 | 0:31:16 | |
The estate agents estimate it could generate a rental income | 0:31:16 | 0:31:19 | |
of between 3,000 and 3,250 per calendar month. | 0:31:19 | 0:31:23 | |
That's a yield of 7%. So, does that tempt them? | 0:31:23 | 0:31:27 | |
No! | 0:31:27 | 0:31:30 | |
No, I'm happy actually living in here until early next year, | 0:31:30 | 0:31:35 | |
until we decide on another project. | 0:31:35 | 0:31:38 | |
I don't think I could tear myself away from this place if it was mine. | 0:31:38 | 0:31:42 | |
However, profit is profit. | 0:31:42 | 0:31:45 | |
And I expect that would be Andy's motivation for moving on. | 0:31:45 | 0:31:48 | |
Has his £500,000 investment made the most of this unpromising plot? | 0:31:48 | 0:31:54 | |
If the property came to the market it would achieve | 0:31:54 | 0:31:57 | |
something between £775,000 and £800,000. | 0:31:57 | 0:32:01 | |
This is up to 150,000 more than he valued it when he first saw the plot. | 0:32:01 | 0:32:06 | |
It's always tricky valuing off plan. | 0:32:06 | 0:32:08 | |
And he now feels that, as the spec's so good, | 0:32:08 | 0:32:11 | |
and it now sports four proper bedrooms, that boosts the value. | 0:32:11 | 0:32:15 | |
What did the other estate agent think? | 0:32:15 | 0:32:17 | |
I'd look to put the property on the market with a guide price | 0:32:17 | 0:32:20 | |
of between 785,000 and 800,000. | 0:32:20 | 0:32:23 | |
And I would look to achieve somewhere in the region. | 0:32:23 | 0:32:26 | |
A profit of 275 to 300,000, before tax and expenses. | 0:32:26 | 0:32:32 | |
-Great prices. -Wow! -I valued it between seven and 750. | 0:32:32 | 0:32:36 | |
Definitely a nice profit in 19 weeks. | 0:32:36 | 0:32:40 | |
-That's all it took to build. -And it's a lovely place to live. -Yeah. -For a little while. | 0:32:40 | 0:32:44 | |
With Andy's building expertise and Ali's interior design skills, | 0:32:44 | 0:32:48 | |
they've created an impressive new home here. | 0:32:48 | 0:32:51 | |
They seem a great development double act. | 0:32:51 | 0:32:53 | |
Andy's done it really well. And he's done it really quickly as well. | 0:32:53 | 0:32:58 | |
So yeah, I think we've worked, Ali doing her interior design, | 0:32:58 | 0:33:01 | |
she's put some good colours and furniture together. | 0:33:01 | 0:33:06 | |
Well done. Worth celebrating. Cheers! | 0:33:06 | 0:33:09 | |
I'm in Alveston, only three miles south-east of Derby city centre. | 0:33:14 | 0:33:20 | |
Once a village, it became part of Derby in the late 1900s. | 0:33:20 | 0:33:23 | |
# So I got me a little home | 0:33:25 | 0:33:27 | |
# On the outskirts of town. # | 0:33:27 | 0:33:30 | |
Well, I'm here in Alveston to see the kind of property | 0:33:30 | 0:33:34 | |
that's synonymous with the suburbs. A three-bedroom semi-detached. | 0:33:34 | 0:33:38 | |
In this case it's got a drive, it's got a garage, | 0:33:38 | 0:33:41 | |
it looks pretty good from the outside. | 0:33:41 | 0:33:44 | |
It had a guide price of 88,000 quid. Let's take a look inside. | 0:33:44 | 0:33:48 | |
I'm pleased to see the outside has what looks like | 0:33:48 | 0:33:51 | |
new double glazing, which is promising. | 0:33:51 | 0:33:54 | |
In through the front door, stairs up to your bedrooms. | 0:33:54 | 0:33:58 | |
One thing which I don't particularly like is that, a glass panel. | 0:33:58 | 0:34:01 | |
I think throwing light into the kitchen, but for some reason, that jars with me a little bit. | 0:34:01 | 0:34:06 | |
However, what I do like is this room here. You've got dual aspect. | 0:34:06 | 0:34:10 | |
It is a big, knocked-through living area. Open fire, which is good. | 0:34:10 | 0:34:15 | |
And it's a really nice space. It works for me. | 0:34:15 | 0:34:18 | |
It feels - well, it makes the house feel a really nice size. | 0:34:18 | 0:34:22 | |
Erm, but again, good and bad. What doesn't work is this. | 0:34:22 | 0:34:25 | |
The kitchen. As you can see, it's really not suitable for this house. | 0:34:25 | 0:34:28 | |
However, the solution, I think, is very simple. | 0:34:28 | 0:34:32 | |
This wall here, knock that through to create a really nice room. | 0:34:32 | 0:34:35 | |
Maybe a breakfast bar. Suddenly this is turning into a fantastic family home. | 0:34:35 | 0:34:39 | |
I might have radical thoughts about the downstairs layout, | 0:34:39 | 0:34:43 | |
but upstairs it's all pretty standard. | 0:34:43 | 0:34:45 | |
And there's nothing wrong with that. Three bedrooms, | 0:34:45 | 0:34:48 | |
including a good-sized double at the front with a charming bay window. | 0:34:48 | 0:34:52 | |
Next door, there's a single bedroom. | 0:34:52 | 0:34:55 | |
And at the back, a double bedroom where it might be worth considering | 0:34:55 | 0:34:59 | |
taking the chimney breast out to create even more space. | 0:34:59 | 0:35:02 | |
But of course that costs money. | 0:35:02 | 0:35:04 | |
Whether you do or not might depend on | 0:35:04 | 0:35:06 | |
whether it was bought for anything like that £88,000-plus guide price. | 0:35:06 | 0:35:11 | |
What I wouldn't scrimp on is checking the rather | 0:35:11 | 0:35:14 | |
suspect-looking electrics, and the central heating. | 0:35:14 | 0:35:18 | |
You don't want any surprise problems. | 0:35:18 | 0:35:20 | |
It was all going so well, and then I came into the bathroom here | 0:35:21 | 0:35:26 | |
and unfortunately, I think we've got some real problems. | 0:35:26 | 0:35:30 | |
Initially you notice this crack above the bath - | 0:35:30 | 0:35:34 | |
that in itself isn't too bad, | 0:35:34 | 0:35:36 | |
but then you start looking a bit further. | 0:35:36 | 0:35:38 | |
The window frame here is kind of skew-whiff. | 0:35:38 | 0:35:40 | |
Same for that door frame, another crack there in that wall. | 0:35:40 | 0:35:43 | |
It seems to me like this corner of the whole property | 0:35:43 | 0:35:47 | |
is actually sinking, I think we've got subsidence. | 0:35:47 | 0:35:50 | |
It could be problems with the drains downstairs and outside - whatever, | 0:35:50 | 0:35:54 | |
this is potentially a very serious issue, and you need to get this | 0:35:54 | 0:35:58 | |
checked out before you go anywhere near the property. | 0:35:58 | 0:36:01 | |
# Crackin' up | 0:36:01 | 0:36:03 | |
# I'm gettin' ready to go, had enough | 0:36:03 | 0:36:06 | |
# I can't take any more... # | 0:36:06 | 0:36:08 | |
It could of course just be historic settlement, | 0:36:08 | 0:36:11 | |
with nothing moving now - | 0:36:11 | 0:36:13 | |
indeed, there are no signs of any cracks on the exterior walls, | 0:36:13 | 0:36:17 | |
although there's obviously been some repointing | 0:36:17 | 0:36:19 | |
of the brickwork at some point in the past. | 0:36:19 | 0:36:22 | |
But to be really certain whether it's subsidence or not | 0:36:22 | 0:36:24 | |
it's always best to get a professional survey done. | 0:36:24 | 0:36:27 | |
At the rear of the property, nice to see double doors out onto the garden, | 0:36:27 | 0:36:31 | |
and there's a potential for doing some kind of extension which is good, | 0:36:31 | 0:36:35 | |
but a real surprise is this - have a look! | 0:36:35 | 0:36:37 | |
It's a garden, and it goes on and on. | 0:36:37 | 0:36:40 | |
You've got some nice apple trees and things like that, | 0:36:40 | 0:36:43 | |
cos all the way down here, fantastic little allotment, | 0:36:43 | 0:36:46 | |
a place to grow your vegetables, | 0:36:46 | 0:36:49 | |
and look at this! All the way to here. | 0:36:49 | 0:36:53 | |
What a fantastic additional bonus to have. | 0:36:53 | 0:36:57 | |
# Did you know your garden's overgrown? | 0:36:57 | 0:37:02 | |
# And what is shown? | 0:37:02 | 0:37:04 | |
There's some fairly backbreaking work to clear this out, | 0:37:04 | 0:37:08 | |
but this could be just what a keen gardener's been looking for. | 0:37:08 | 0:37:11 | |
There's even a garage to store the tools. | 0:37:11 | 0:37:15 | |
To find out a bit more about the potential we invited the auctioneer who sold the semi | 0:37:15 | 0:37:19 | |
to come and have a look around and tell us what he'd recommend doing here. | 0:37:19 | 0:37:24 | |
I think it's a general makeover for the whole house - | 0:37:24 | 0:37:27 | |
the fixtures and fittings are fairly old, the decor is fairly old. | 0:37:27 | 0:37:30 | |
It all just needs bringing into the 21st century. | 0:37:30 | 0:37:33 | |
How much could the house sell for after refurbishment? | 0:37:35 | 0:37:39 | |
Whatever you do to this property, without structural extensions | 0:37:39 | 0:37:43 | |
you're not going to raise its value beyond about £125,000 to £130,000. | 0:37:43 | 0:37:48 | |
What effect would adding an extension have? | 0:37:48 | 0:37:51 | |
If you extended but it was still three bedrooms, | 0:37:51 | 0:37:54 | |
and I imagine it would be because you'd only do a single-storey extension on the back, | 0:37:54 | 0:37:58 | |
you could probably add about another £10,000 to £15,000 to that. | 0:37:58 | 0:38:02 | |
That wouldn't be cost-effective. | 0:38:02 | 0:38:04 | |
In that case, sticking with the current layout, | 0:38:04 | 0:38:08 | |
what rental income could it produce? | 0:38:08 | 0:38:09 | |
If this was on the rental market, | 0:38:11 | 0:38:13 | |
once renovated it would have a rental value of about £575 a calendar month. | 0:38:13 | 0:38:18 | |
So, a fairly straightforward semi here - | 0:38:18 | 0:38:22 | |
it needs a bit of work to sort it out, especially that | 0:38:22 | 0:38:25 | |
crack in the bathroom which certainly needs investigating. | 0:38:25 | 0:38:28 | |
But basically, who fancied resuscitating this semi in Alveston? | 0:38:28 | 0:38:33 | |
Let's find out, when it went to auction. | 0:38:33 | 0:38:36 | |
Lot 50, and a traditional 1930s bay windowed three-bedroom semi. | 0:38:36 | 0:38:42 | |
Requires some upgrading and modernisation. | 0:38:42 | 0:38:45 | |
Start me on this one, ladies and gentlemen, what will I say for it? | 0:38:45 | 0:38:48 | |
88 is bid, thank you. | 0:38:48 | 0:38:50 | |
89? 89, I've got. | 0:38:50 | 0:38:53 | |
89,000. At 90? | 0:38:53 | 0:38:55 | |
£90,000. 91? | 0:38:55 | 0:38:57 | |
91 is bid. | 0:38:57 | 0:38:59 | |
At 91. 92? | 0:38:59 | 0:39:01 | |
92,000. 93? | 0:39:01 | 0:39:04 | |
At 93. 94? | 0:39:04 | 0:39:06 | |
94 is the bid. 95, one more? | 0:39:06 | 0:39:10 | |
£94,000. 95, quickly. | 0:39:10 | 0:39:13 | |
That's just short of reserve, so I can't do it at 94. | 0:39:13 | 0:39:17 | |
Unfortunately the property didn't reach its reserve price during the auction. | 0:39:17 | 0:39:21 | |
However, it was bought immediately after the auction | 0:39:21 | 0:39:24 | |
for £95,500 by John, here on the right. | 0:39:24 | 0:39:28 | |
We didn't see him bidding because, as he'd lost out on his first property choice earlier in the day, | 0:39:28 | 0:39:33 | |
he nipped out for a break so missed this one going under the hammer. | 0:39:33 | 0:39:37 | |
I met up with him and his friend James to find out more. | 0:39:37 | 0:39:41 | |
John, James. Great to meet you both. | 0:39:41 | 0:39:43 | |
What happened there, then? Cos it didn't sell. | 0:39:43 | 0:39:45 | |
Well, basically we've gone in to get the first lot, | 0:39:45 | 0:39:48 | |
and the first lot went for a lot more than what we'd budgeted for | 0:39:48 | 0:39:52 | |
so we've gone for the 50th lot, so obviously there's a big gap. | 0:39:52 | 0:39:55 | |
So we nipped out to grab something to eat, | 0:39:55 | 0:39:57 | |
and by the time we got back it was on the 50th lot, and it didn't sell. | 0:39:57 | 0:40:02 | |
The reserve was at 97, | 0:40:02 | 0:40:04 | |
so then we went in, put in an offer for 95 and a half, and it was accepted. | 0:40:04 | 0:40:09 | |
John was at the auction with his grandad, who's also called John. | 0:40:09 | 0:40:13 | |
His grandad's a property developer from London. | 0:40:13 | 0:40:16 | |
So tell me why you wanted to buy the house. | 0:40:16 | 0:40:19 | |
Well, basically I'm looking for a project to do during the winter. | 0:40:19 | 0:40:22 | |
I normally work a lot during the summer, and then the winter is | 0:40:22 | 0:40:27 | |
-when it quietens down a little bit. -So what do you do? | 0:40:27 | 0:40:30 | |
I'm a football freestyler. So I do shows with a ball, body doubling, | 0:40:30 | 0:40:34 | |
events, corporate parties... So I basically do tricks with a football. | 0:40:34 | 0:40:39 | |
-Where did that come from, then? -I used to play football, and then I stopped playing when I was 16, | 0:40:39 | 0:40:44 | |
entered a competition with freestyle. | 0:40:44 | 0:40:46 | |
Won a competition, and then in 2008 I won the UK Championships for football freestyle. | 0:40:46 | 0:40:51 | |
And to show us what he means, | 0:40:51 | 0:40:53 | |
I couldn't resist getting John to give us a quick demo. | 0:40:53 | 0:40:56 | |
# It's tricky! | 0:40:58 | 0:41:01 | |
# It's tricky, tricky, tricky, tricky... | 0:41:01 | 0:41:04 | |
Impressive stuff, and John's hoping to score with this property as well. | 0:41:04 | 0:41:08 | |
It's his second development project. | 0:41:11 | 0:41:13 | |
First time around he had the help and guidance of his grandad, | 0:41:13 | 0:41:17 | |
but on this project, Grandad won't be so involved. | 0:41:17 | 0:41:20 | |
John's mate James will be lending a hand. | 0:41:20 | 0:41:24 | |
So James, what's your involvement in all this going to be? | 0:41:24 | 0:41:27 | |
Basically I'm just going to help John out in what needs doing. | 0:41:27 | 0:41:30 | |
-And what's your sort of speciality? -Electrics, mainly. | 0:41:30 | 0:41:33 | |
I was supposed to be at college full-time, | 0:41:33 | 0:41:35 | |
but the funding got removed for the course. | 0:41:35 | 0:41:37 | |
So now I've got some more spare time I'll be helping a friend out. | 0:41:37 | 0:41:42 | |
I've been doing labouring and building work for about four years. So it works out well. | 0:41:42 | 0:41:46 | |
And is he going to pay you? | 0:41:46 | 0:41:47 | |
-No, no, I'll do it as a friend. -We'll sort him out. | 0:41:47 | 0:41:51 | |
It's not just James who'll be here to help. | 0:41:54 | 0:41:56 | |
John's dad is a joiner, and James's dad is a qualified electrician. | 0:41:56 | 0:42:01 | |
So, if John's grandad turns up as well there'll be enough of them for a game of five-a-side footy. | 0:42:01 | 0:42:06 | |
But John's got an arrangement with his developer grandad | 0:42:06 | 0:42:09 | |
that means he doesn't have to invest a footballer's salary. | 0:42:09 | 0:42:14 | |
I basically put in as much money as I can to get in the house | 0:42:14 | 0:42:16 | |
and he puts the rest, and then I pay for the materials, the labour, | 0:42:16 | 0:42:21 | |
and whatever else needs to be paid for. | 0:42:21 | 0:42:23 | |
He's going to stay at home - he's from London - | 0:42:23 | 0:42:26 | |
so he'll be doing his own property whilst we're doing this one. | 0:42:26 | 0:42:30 | |
-So, tell me what you're going to do to sort this place out. -There's a few things really. | 0:42:30 | 0:42:34 | |
Up in the bathroom there's a nice crack in the wall, | 0:42:34 | 0:42:36 | |
we need to strip that back, see what's going on behind there. | 0:42:36 | 0:42:40 | |
This wall'll be coming out. | 0:42:40 | 0:42:43 | |
The kitchen needs doing, we're going to brick up the wall the other side here. | 0:42:43 | 0:42:47 | |
We're just going to basically strip it back to a blank canvas | 0:42:47 | 0:42:50 | |
and then put in the kitchen, bathroom suite and so on. | 0:42:50 | 0:42:54 | |
-What's the timescale? -I'm saying two to three months. It's not a massive project. | 0:42:54 | 0:42:59 | |
-Yeah. As soon as you leave today we'll be cracking on with it. -Right. -That's my main thought on the place. | 0:42:59 | 0:43:03 | |
And how much it's going to cost, the budget? | 0:43:03 | 0:43:06 | |
We're saying about 4,000 to 6,000. | 0:43:06 | 0:43:08 | |
-Quite tight, that! -Yeah. -Kitchen, bathroom? -Electrics? | 0:43:08 | 0:43:12 | |
I know you've got your mate doing it, but... | 0:43:12 | 0:43:14 | |
It's all about knowing people. | 0:43:14 | 0:43:15 | |
-It's favours, isn't it? -It's all favours. | 0:43:15 | 0:43:18 | |
-Well, listen - congratulations. We look forward to seeing how you get on. Good luck with it. -Cheers. | 0:43:18 | 0:43:23 | |
Freestyling footballer John carrying on | 0:43:23 | 0:43:25 | |
in the property developing game with this house. | 0:43:25 | 0:43:27 | |
Has he found his perfect match here? | 0:43:27 | 0:43:30 | |
Hopefully there won't be too many financial penalties | 0:43:30 | 0:43:32 | |
as a result of things taking longer than expected. | 0:43:32 | 0:43:35 | |
You can find out how it all goes in the second half. | 0:43:35 | 0:43:39 | |
Well, we have given our buyers time, but has it all gone to plan? | 0:43:42 | 0:43:46 | |
-Will we return to bare plaster or a perfect finish? -Let's find out. | 0:43:46 | 0:43:52 | |
We're now returning to the County Durham market town of Darlington... | 0:43:52 | 0:43:56 | |
# Drivin' into Darlington County | 0:43:56 | 0:43:59 | |
# Sha-la-la-la la-la-la... # | 0:43:59 | 0:44:02 | |
..where earlier in the programme Andy and his wife Andrea paid £420,000 | 0:44:02 | 0:44:07 | |
for this five-bedroom Victorian house in half of this imposing property. | 0:44:07 | 0:44:12 | |
They wanted it so they could relocate from the country | 0:44:12 | 0:44:15 | |
to be nearer the town centre. And they had ambitious plans for it. | 0:44:15 | 0:44:20 | |
The biggest piece of work we're doing is taking out the chimney breast that's between | 0:44:20 | 0:44:24 | |
the breakfast room and the kitchen, and then going upstairs, | 0:44:24 | 0:44:27 | |
the same chimney breast between the two smallest bedrooms. | 0:44:27 | 0:44:30 | |
-Do you have any idea how much rubble that is going to create? -Oh, yes. -Oh, It'll be all right. | 0:44:30 | 0:44:34 | |
Andy runs a civil engineering and groundworks company, so he was well prepared. | 0:44:35 | 0:44:39 | |
The general building work, the demolition, I'll be doing all myself. | 0:44:42 | 0:44:45 | |
All of the first-fix works I'll do myself. | 0:44:45 | 0:44:46 | |
But I will utilise plumbers and electricians. | 0:44:46 | 0:44:49 | |
The couple haven't yet sold their current house, | 0:44:50 | 0:44:53 | |
and had set a budget of £70,000 for the work, | 0:44:53 | 0:44:55 | |
which they hope to complete in five to six months. | 0:44:55 | 0:44:59 | |
Well, it's now ten and a half months later, and Andy, Andrea, | 0:44:59 | 0:45:03 | |
plus Jamie and Fiona, will be moving in in a couple of weeks. | 0:45:03 | 0:45:07 | |
Their current house is still on the market, but their new home's looking great. | 0:45:07 | 0:45:10 | |
The former kitchen, that was a little shy, | 0:45:13 | 0:45:16 | |
hiding behind the chimney breast, is now centre stage and very confident. | 0:45:16 | 0:45:21 | |
What we've done in the kitchen... Originally the kitchen was | 0:45:22 | 0:45:26 | |
two separate rooms, with a big double thickness chimney breast | 0:45:26 | 0:45:29 | |
dividing the two, so we've taken that chimney breast out, | 0:45:29 | 0:45:33 | |
and created a doorway in the corner | 0:45:33 | 0:45:35 | |
and a utility room from part of the corridor. | 0:45:35 | 0:45:38 | |
And then at this end of the room we had two windows, | 0:45:38 | 0:45:41 | |
which we've taken out and made into the French doors, | 0:45:41 | 0:45:44 | |
put the stone flooring down, | 0:45:44 | 0:45:47 | |
and then obviously the oak kitchen. And I'm really pleased with the overall effect. | 0:45:47 | 0:45:52 | |
The living room has had a floral makeover, | 0:45:53 | 0:45:57 | |
though the dining room still needs some work. | 0:45:57 | 0:45:59 | |
Upstairs, as planned, the chimney breast | 0:45:59 | 0:46:02 | |
was also removed from the first floor, | 0:46:02 | 0:46:04 | |
between two of the smaller bedrooms. | 0:46:04 | 0:46:06 | |
This has resulted in this large master bedroom. | 0:46:06 | 0:46:10 | |
The end of the original corridor has been blocked off, | 0:46:11 | 0:46:15 | |
and the small former bathroom is now the ensuite. | 0:46:15 | 0:46:19 | |
It sounds like the demolition was as messy as I'd feared. | 0:46:19 | 0:46:23 | |
We had lots of different people at it, including my children and children's friends, | 0:46:23 | 0:46:27 | |
everybody's enjoyed taking it down. | 0:46:27 | 0:46:29 | |
I think it was about six skips in the end, which was less than I'd thought. | 0:46:29 | 0:46:32 | |
Two of the remaining three bedrooms are for their children. | 0:46:33 | 0:46:36 | |
Fiona's gone fuchsia. | 0:46:36 | 0:46:39 | |
And Jamie's gone more neutral, with a splash of blue. | 0:46:41 | 0:46:45 | |
The connecting door from Fiona's room to the guest room | 0:46:45 | 0:46:48 | |
has now been blocked off. | 0:46:48 | 0:46:51 | |
It's a lovely double aspect room. | 0:46:51 | 0:46:54 | |
The large family bathroom has remained in its original location. | 0:46:54 | 0:46:59 | |
The room now has much more of a character look - | 0:46:59 | 0:47:02 | |
all the period plumbing has been replaced. | 0:47:02 | 0:47:05 | |
And it's all been rewired, too. | 0:47:05 | 0:47:08 | |
The roof needed a fair amount of attention, | 0:47:08 | 0:47:11 | |
and that was due to a period feature too. | 0:47:11 | 0:47:13 | |
It was a wooden drainage system, that needed replacing from when the house was built. | 0:47:13 | 0:47:19 | |
It was a very old house, | 0:47:19 | 0:47:21 | |
and...well, years of neglect. | 0:47:21 | 0:47:23 | |
We just had to put all of those things right. | 0:47:23 | 0:47:25 | |
The house had scaffolding up for six weeks. | 0:47:25 | 0:47:29 | |
With the help of builders from Andy's civil engineering and groundworks company, | 0:47:29 | 0:47:33 | |
the gable ends have been repaired. | 0:47:33 | 0:47:34 | |
The brickwork's been repointed, and the garage roof removed. | 0:47:34 | 0:47:39 | |
New wooden windows have been installed throughout. | 0:47:40 | 0:47:43 | |
What part has Andrea played in the refurbishment? | 0:47:43 | 0:47:47 | |
My role has predominantly been the decorating - | 0:47:47 | 0:47:49 | |
stripping paint off skirting boards, stripping woodchip off walls, | 0:47:49 | 0:47:54 | |
and then starting to put it back together. | 0:47:54 | 0:47:56 | |
The floor in the lounge has been stripped and re-stained. | 0:47:56 | 0:48:00 | |
And they've retained much of the original Victorian character. | 0:48:00 | 0:48:04 | |
They've already bought a new floor for the hall and dining room, which has yet to be laid. | 0:48:04 | 0:48:09 | |
So, what's left on the to-do list? | 0:48:09 | 0:48:11 | |
The study, which is now the workshop, | 0:48:11 | 0:48:14 | |
has to be cleaned out, shelves down, | 0:48:14 | 0:48:16 | |
and in what used to be the downstairs bathroom and toilet, | 0:48:16 | 0:48:19 | |
that needs a floor down. | 0:48:19 | 0:48:22 | |
It's a wet room, cos we've put a shower in. | 0:48:22 | 0:48:24 | |
We sort of pre-prepped for an orangery on the front. | 0:48:24 | 0:48:27 | |
We've got the bi-fold doors in the dining room, and the door in the living room. | 0:48:27 | 0:48:31 | |
The couple are considering extending into the garage in the future. | 0:48:31 | 0:48:34 | |
But with no extra income yet from the sale of THEIR house, | 0:48:34 | 0:48:37 | |
what have they spent on the project up to this point? | 0:48:37 | 0:48:41 | |
The budget was 70 to do it. We're running now roughly about 84. | 0:48:41 | 0:48:45 | |
We're hoping to get it all done, 88 to 90 at the most. | 0:48:46 | 0:48:50 | |
They paid £420,000 at auction, which takes their total investment so far to 510,000. | 0:48:52 | 0:48:58 | |
Time to see what two local estate agents think of how it looks now, | 0:49:00 | 0:49:05 | |
and the plans for the future. | 0:49:05 | 0:49:07 | |
I'm very impressed with the house. Grand period property. | 0:49:07 | 0:49:10 | |
The work that's been done has been done well. Lovely front garden. | 0:49:10 | 0:49:13 | |
I think the house has got a lot going for it. | 0:49:13 | 0:49:16 | |
The kitchen downstairs is lovely. | 0:49:16 | 0:49:18 | |
And certainly the bedrooms upstairs, their size, fit very well in this current market. | 0:49:18 | 0:49:22 | |
How much do the experts reckon the property could achieve on the market | 0:49:22 | 0:49:26 | |
once the work is completed? | 0:49:26 | 0:49:28 | |
More than the £510,000 Andy and Andrea have invested? | 0:49:28 | 0:49:33 | |
Once the property is finished off, | 0:49:33 | 0:49:35 | |
my current value would be £475,000 to £495,000. | 0:49:35 | 0:49:41 | |
Once the work is completed I would suggest that | 0:49:41 | 0:49:43 | |
the property would be likely to sell for a figure just shy of £500,000. | 0:49:43 | 0:49:47 | |
Well, there's no initial profit here, | 0:49:47 | 0:49:50 | |
but as Andrea and Andy have bought the house as their new family home, | 0:49:50 | 0:49:54 | |
I doubt they will be too disappointed. | 0:49:54 | 0:49:56 | |
-It's about what we expected. We thought it would be just under the 500 mark, didn't we? -Yeah. | 0:49:57 | 0:50:01 | |
You said just under 500 and I said 460-ish, so yeah, it's a little bit more. | 0:50:01 | 0:50:06 | |
Both estate agents agree that the property could let | 0:50:06 | 0:50:10 | |
for between £1,250 and £1,500 per calendar month, | 0:50:10 | 0:50:14 | |
producing a yield of around 3%. | 0:50:14 | 0:50:17 | |
I could charge you that, then(!) | 0:50:18 | 0:50:21 | |
No, it's not something we'll be looking at doing. | 0:50:21 | 0:50:23 | |
Our aim was to make it a family home, trying to keep as many | 0:50:23 | 0:50:27 | |
features as we can, and somewhere that we'll enjoy living in. | 0:50:27 | 0:50:30 | |
And I think that's what we've made, we've made it somewhere we'll enjoy living. | 0:50:30 | 0:50:34 | |
Earlier in the programme in the Derby suburb of Alveston, | 0:50:40 | 0:50:44 | |
this 1930s three-bed semi was bought for £95,500 | 0:50:44 | 0:50:50 | |
by John, who we met with his friend James. | 0:50:50 | 0:50:53 | |
John's a football freestyler, | 0:50:54 | 0:50:57 | |
and this was the second investment property he'd bought with his grandad. | 0:50:57 | 0:51:01 | |
He hopes to continue doing this until he can eventually buy his own house. | 0:51:01 | 0:51:06 | |
I basically put in as much money as I can to get in the house | 0:51:06 | 0:51:08 | |
and he puts the rest, and then I pay for the materials, the labour, | 0:51:08 | 0:51:13 | |
and whatever else needs to be paid for. | 0:51:13 | 0:51:16 | |
His old school friend James was going to help out. | 0:51:16 | 0:51:20 | |
-What's your sort of speciality? -Electrics, mainly. | 0:51:20 | 0:51:23 | |
I was supposed to be at college full-time, | 0:51:23 | 0:51:25 | |
but the funding got removed for the course. | 0:51:25 | 0:51:27 | |
So now I've got some more spare time I'll be helping a friend out. | 0:51:27 | 0:51:31 | |
James had also been doing building work for the last four years. | 0:51:32 | 0:51:36 | |
His dad's an electrician and John's is a builder | 0:51:36 | 0:51:38 | |
so there was plenty of experience to call on. Which they came to need, | 0:51:38 | 0:51:41 | |
judging by that crack in the bathroom. | 0:51:41 | 0:51:45 | |
They had big plans for a small budget - a new kitchen, | 0:51:45 | 0:51:49 | |
a new bathroom, as well as walls to come down and walls to go up. All in a three-month timescale. | 0:51:49 | 0:51:54 | |
Well - now, 13 weeks later, it's showtime! | 0:51:58 | 0:52:02 | |
So, what happened in the front room? | 0:52:05 | 0:52:08 | |
We all agreed the walls should come down to create an open kitchen... | 0:52:08 | 0:52:12 | |
and, yes, there it is. | 0:52:12 | 0:52:14 | |
The boys have gone for a very neutral colour scheme - a wise choice. | 0:52:17 | 0:52:21 | |
The open-plan slate grey kitchen complements it very well. | 0:52:23 | 0:52:28 | |
I'm delighted that glass divide to the hall's been bricked up - | 0:52:29 | 0:52:33 | |
but what about those cracks in the bathroom I'd been concerned about? | 0:52:33 | 0:52:37 | |
We got a builder to have a look at the cracks in the bathroom, | 0:52:37 | 0:52:40 | |
and he said structurally everything was fine. | 0:52:40 | 0:52:42 | |
So we basically re-cemented, and then got on with the tiling and stuff. | 0:52:42 | 0:52:49 | |
Panic over. That's good news! | 0:52:49 | 0:52:51 | |
The bedrooms have been equally well finished, | 0:52:54 | 0:52:56 | |
with new doors, plastering and radiators. | 0:52:56 | 0:53:00 | |
John and James have concentrated a lot of their time on the house, but who house has been involved? | 0:53:00 | 0:53:06 | |
The main person that's helped along with us is my dad. He was finishing work and then coming straight here, | 0:53:06 | 0:53:13 | |
and I think we've both learned a lot from him as well. | 0:53:13 | 0:53:15 | |
Yeah, definitely. He has been brilliant, he's been really valuable to the success of this project. | 0:53:15 | 0:53:20 | |
The boys have done reasonably well, with what was a pretty small budget. | 0:53:20 | 0:53:24 | |
James isn't fully qualified as an electrician, but has been working | 0:53:28 | 0:53:32 | |
under the supervision of a registered electrician. | 0:53:32 | 0:53:35 | |
Always remember, when it comes to electrical jobs you must comply with regulations - | 0:53:35 | 0:53:40 | |
and employ a registered electrician. It's the law. | 0:53:40 | 0:53:44 | |
It's basically been mostly rewired, | 0:53:47 | 0:53:50 | |
so we've rewired downstairs and upstairs and put a new fuse board in. | 0:53:50 | 0:53:53 | |
We've moved some of the light pendants upstairs, cos they were near the window - | 0:53:53 | 0:53:57 | |
we've moved them to the middle of the room. | 0:53:57 | 0:53:59 | |
We just made it look up to date. | 0:53:59 | 0:54:01 | |
We got a qualified electrician in to come in and test everything. | 0:54:01 | 0:54:05 | |
We've been given the OK and he's going to send the certificate, | 0:54:05 | 0:54:08 | |
so everything's bang on. | 0:54:08 | 0:54:10 | |
In UK homes, around 70 people die in electrical accidents every year, | 0:54:10 | 0:54:14 | |
so make sure you have someone who knows what they're doing. | 0:54:14 | 0:54:18 | |
Electricity and gas are definitely no-go areas for amateurs. | 0:54:18 | 0:54:22 | |
However, most of us can turn a hand to gardening, | 0:54:22 | 0:54:25 | |
and this one has been cleared. | 0:54:25 | 0:54:27 | |
John and James plan to spend a couple of days getting it in shape. | 0:54:27 | 0:54:31 | |
There has been a lot of work here. What's been the biggest challenge? | 0:54:31 | 0:54:35 | |
I think the most difficult part, because we've got no bosses | 0:54:35 | 0:54:38 | |
and we're working together, is getting each other going. | 0:54:38 | 0:54:42 | |
If you're doing one or two hours here, nothing will ever get done. | 0:54:42 | 0:54:45 | |
What effect has that had on John's freestyle football bookings? | 0:54:45 | 0:54:50 | |
With freestyle, it took a back seat whilst I've been doing the project, | 0:54:50 | 0:54:54 | |
so I've set up an agency so I can stay hands-on with this project. | 0:54:54 | 0:54:58 | |
For the future, I'll earn from that as well as doing my own stuff. | 0:54:58 | 0:55:02 | |
John had set a budget of £4,000 to £6,000. | 0:55:02 | 0:55:05 | |
Did he manage to keep to that? | 0:55:05 | 0:55:08 | |
With the budget, we did well. | 0:55:08 | 0:55:10 | |
We spent £5,500, which was within the 4 to 6 that we aimed for. | 0:55:10 | 0:55:15 | |
With the £95,500 that John and his grandad paid for the semi, | 0:55:15 | 0:55:19 | |
that takes the total investment here to £101,000. | 0:55:19 | 0:55:23 | |
We invited two local property experts | 0:55:25 | 0:55:27 | |
to have a look. | 0:55:27 | 0:55:29 | |
What will they think of the finish and the potential? | 0:55:29 | 0:55:32 | |
First, the auctioneer who sold and viewed it originally. | 0:55:32 | 0:55:36 | |
It's always interesting when you come into a property you've seen | 0:55:36 | 0:55:39 | |
in its old clothes, so to speak, | 0:55:39 | 0:55:41 | |
because the impression is always positive, isn't it? | 0:55:41 | 0:55:44 | |
When you look around the place, | 0:55:44 | 0:55:45 | |
you think, "I would have put a better bathroom in than that | 0:55:45 | 0:55:49 | |
"and I wouldn't have put the wash basin where it is," | 0:55:49 | 0:55:51 | |
but the overall impression I think is fine. | 0:55:51 | 0:55:53 | |
My general impression of the property is good. | 0:55:53 | 0:55:56 | |
It's a '30s semi, which always looks nice, with the nice bay windows. | 0:55:56 | 0:56:00 | |
Inside, it's nicely polished, new carpets, decor, new fittings. | 0:56:00 | 0:56:04 | |
The kitchen and bathroom have been done reasonably cheap | 0:56:04 | 0:56:08 | |
but still look good. | 0:56:08 | 0:56:10 | |
How much rental income could the house generate? | 0:56:10 | 0:56:13 | |
This would have a rental value of about £575 a calendar month. | 0:56:13 | 0:56:18 | |
I'd be looking round about £550 per calendar month. | 0:56:18 | 0:56:21 | |
A yield of over 6.5%. | 0:56:21 | 0:56:24 | |
But rental's not part of the long-term plan for John. | 0:56:24 | 0:56:28 | |
We want a quick turnaround and we want to get in, get out, | 0:56:28 | 0:56:32 | |
get the house sold and start the next project. | 0:56:32 | 0:56:34 | |
John and his grandad intend to sell this place. | 0:56:34 | 0:56:38 | |
Do the experts value it above the £101,000 | 0:56:38 | 0:56:42 | |
they've invested? | 0:56:42 | 0:56:44 | |
I think I'd pitch it at £130,000 | 0:56:44 | 0:56:47 | |
and I'd expect offers around £125, maybe a little bit more. | 0:56:47 | 0:56:51 | |
I'd recommend an asking price not exceeding £125,000. | 0:56:51 | 0:56:57 | |
That's about as much as, sensibly, | 0:56:57 | 0:56:59 | |
you would market a property in this location for. | 0:56:59 | 0:57:01 | |
That would be a profit of between £24,000 and £29,000 | 0:57:01 | 0:57:05 | |
before tax and expenses | 0:57:05 | 0:57:07 | |
for John and his grandad to share. | 0:57:07 | 0:57:10 | |
We were looking at about £128,000 to £130,000, | 0:57:10 | 0:57:14 | |
so, you know, we're nearly there, | 0:57:14 | 0:57:16 | |
so we've got to be happy with that. | 0:57:16 | 0:57:19 | |
After 11 weeks of solid work, the lads are looking forward to | 0:57:19 | 0:57:23 | |
getting their social life back on track. | 0:57:23 | 0:57:26 | |
Once they've caught up with all the news from their mates, | 0:57:26 | 0:57:30 | |
what have they got planned? | 0:57:30 | 0:57:32 | |
I definitely think we'll work again together. | 0:57:32 | 0:57:34 | |
We're both ambitious and we both want to make money, | 0:57:34 | 0:57:37 | |
just like everybody else does. We work well together | 0:57:37 | 0:57:40 | |
so I'm sure we'll link up and sort another project out, | 0:57:40 | 0:57:44 | |
whether it be property or something else. | 0:57:44 | 0:57:46 | |
And the latest news is that John has scored with this house. | 0:57:46 | 0:57:49 | |
It's now been sold for £130,000. | 0:57:49 | 0:57:53 | |
Well, that's it for today. | 0:57:55 | 0:57:57 | |
We hope you've enjoyed the trials and tribulations. | 0:57:57 | 0:58:00 | |
Make sure you join us next time for more Homes Under The Hammer. | 0:58:00 | 0:58:04 | |
-Goodbye. -Goodbye. | 0:58:04 | 0:58:06 | |
Subtitles by Red Bee Media Ltd | 0:58:22 | 0:58:25 |