0:00:02 > 0:00:04Today's property market is certainly challenging,
0:00:04 > 0:00:07but we think there are bargains to be had in the auction rooms.
0:00:07 > 0:00:09We are here with tips on how you can find them,
0:00:09 > 0:00:13and also how you can make the current climate work in your favour.
0:00:13 > 0:00:16So, join us now as we meet three more plucky buyers.
0:00:42 > 0:00:46Well, before buying, we always advise you to do your homework.
0:00:46 > 0:00:49Otherwise you could end up with a lot more,
0:00:49 > 0:00:51or possibly less than you bargained for.
0:00:51 > 0:00:54It is vital to check the area and the state of the property
0:00:54 > 0:00:57so you know how much it could be worth once renovated.
0:00:57 > 0:00:59So, will today's buyers get top marks
0:00:59 > 0:01:02or go to the bottom of the class? Let's find out.
0:01:04 > 0:01:09In Sevenoaks, Kent, this huge semi fires up my imagination.
0:01:09 > 0:01:12I would love to see this done up. It's going to be a good one.
0:01:14 > 0:01:17In Cumbria, this character cottage has a good-sized kitchen
0:01:17 > 0:01:20and a bathroom upstairs.
0:01:20 > 0:01:22It's getting lots of ticks in lots of boxes.
0:01:24 > 0:01:28'And in Bagshot, Surrey, the layout of this cottage starts off OK...'
0:01:28 > 0:01:30But then it continues,
0:01:30 > 0:01:32as the further you get towards the rear of the property,
0:01:32 > 0:01:34it gets weirder and weirder and weirder.
0:01:34 > 0:01:37All these properties were sold at auction.
0:01:37 > 0:01:40We'll find out who bought them and what they paid for them
0:01:40 > 0:01:42when they went under the hammer.
0:01:46 > 0:01:49This is West Kingsdown in Kent.
0:01:49 > 0:01:53It's 11 miles from Sevenoaks, and very pretty and rural it is too.
0:01:53 > 0:01:56It's hard to believe we are minutes away from the A20
0:01:56 > 0:02:00and the M20, and that is part of this place's appeal.
0:02:00 > 0:02:02You get all of this on your doorstep
0:02:02 > 0:02:06but, if you need to leave it all behind and go to work, well,
0:02:06 > 0:02:10you've got fabulous road links just around the corner - perfect!
0:02:11 > 0:02:15It's a pretty village and would be a lovely place to set up home,
0:02:15 > 0:02:18so let's go and find today's property.
0:02:18 > 0:02:20I'm here to see a large semi-detached house
0:02:20 > 0:02:25that had a guide price of 175,000 to 185,000.
0:02:25 > 0:02:28Now, it's been in the same ownership for over 30 years,
0:02:28 > 0:02:30and whenever I hear that,
0:02:30 > 0:02:33I always assume I'm going to get an untouched gem.
0:02:33 > 0:02:36Well, yes, there definitely is a gem there.
0:02:36 > 0:02:40But it's a hidden one at the moment and it is untouched,
0:02:40 > 0:02:43although maybe more untouched than you might want.
0:02:43 > 0:02:45It's an imposing building, that's for sure.
0:02:45 > 0:02:48But it certainly looks as if some major work
0:02:48 > 0:02:49is going to be required.
0:02:49 > 0:02:53That chimney will need rescuing from the vegetation for a start.
0:02:53 > 0:02:56This house could be a money pit, but it is certainly intriguing.
0:02:58 > 0:03:02Wow. This place is vast.
0:03:02 > 0:03:05Walking in here is like walking into an antiques shop.
0:03:05 > 0:03:10Look at this beautiful old surround. You've got a piano here.
0:03:10 > 0:03:16Big, high ceilings. An amazing bay window. This is so my cup of tea.
0:03:16 > 0:03:20I would love to see this done up. It's going to be a good one.
0:03:22 > 0:03:26It is. Honestly. Bear with me.
0:03:26 > 0:03:28I know the scale of the house and the work needing to be done
0:03:28 > 0:03:31seems daunting, but it will be worth it.
0:03:31 > 0:03:34And you won't persuade me otherwise.
0:03:34 > 0:03:36# Don't bring me down
0:03:37 > 0:03:40# No, no, no, no, no
0:03:40 > 0:03:42# Ooh, ooh-ooh
0:03:43 > 0:03:46# I'll tell you once more Before I get off the floor
0:03:46 > 0:03:48# Don't bring me down... #
0:03:50 > 0:03:52The hall is dark and the kitchen is tiny,
0:03:52 > 0:03:56but for a house this size, I'd want to see an amazing space.
0:03:59 > 0:04:01And, as for the conservatory,
0:04:01 > 0:04:03well, I don't think anyone will be conserving it.
0:04:03 > 0:04:06I think this structure is well past it.
0:04:08 > 0:04:11Up on the first floor, there are two bedrooms, both good sizes,
0:04:11 > 0:04:12and a bathroom.
0:04:15 > 0:04:19Then, up on the top floor, another two good-sized bedrooms.
0:04:19 > 0:04:22They are both well proportioned and have lovely arched windows.
0:04:22 > 0:04:26What a great feature. Though they might need replacing.
0:04:26 > 0:04:29And since they are not standard, that could be costly.
0:04:30 > 0:04:34But it doesn't end there, because way below is a huge cellar.
0:04:34 > 0:04:36My brain cells are already whirring.
0:04:36 > 0:04:39A home cinema, a gigantic playroom.
0:04:39 > 0:04:41Call me an optimist,
0:04:41 > 0:04:46but I'm seeing past all the hard work to a totally fabulous home.
0:04:46 > 0:04:48# So lift me up
0:04:48 > 0:04:51# Finish what you started
0:04:51 > 0:04:53# Take me on
0:04:53 > 0:04:56# For a ride
0:04:56 > 0:04:58# Lift me up
0:04:58 > 0:05:01# From the brokenhearted
0:05:01 > 0:05:03# River's deep
0:05:03 > 0:05:08# And wide... #
0:05:08 > 0:05:12There's masses of space indoors, but what about outdoors?
0:05:12 > 0:05:15Some work has already been started clearing the house out,
0:05:15 > 0:05:18so it's tricky to get a true picture.
0:05:18 > 0:05:21As you would expect from a house set out over four floors,
0:05:21 > 0:05:22this garden is quite sizeable,
0:05:22 > 0:05:25but there is a large double garage at the end here.
0:05:25 > 0:05:29That is good news. But I've got some even better news.
0:05:29 > 0:05:31If you demolish this garage,
0:05:31 > 0:05:35you could create some access from the side here, or the rear,
0:05:35 > 0:05:40and then you are looking at a potential building plot - bingo!
0:05:40 > 0:05:42This is all subject to planning permission, of course,
0:05:42 > 0:05:48but if you were successful, this could pay for renovating that.
0:05:48 > 0:05:49Amazing!
0:05:52 > 0:05:56So, maybe what could have been a money pit could, in fact,
0:05:56 > 0:05:59be a moneymaker, but time for a second opinion.
0:05:59 > 0:06:01What does a local estate agent make of this house
0:06:01 > 0:06:05that went to auction guided at 175,000 to 185,000.
0:06:05 > 0:06:07First time in here
0:06:07 > 0:06:11and it's an awful lot to do.
0:06:11 > 0:06:13But it's got good potential.
0:06:13 > 0:06:18The room sizes are quite good in comparison to modern buildings.
0:06:18 > 0:06:20The house does have a lot going for it,
0:06:20 > 0:06:23but what's the best way to add value here?
0:06:23 > 0:06:27Potential to extend side-on and possibly to the back,
0:06:27 > 0:06:30obviously with the right planning permission.
0:06:30 > 0:06:32If you do extend onto the side,
0:06:32 > 0:06:35it would make good en suites to the bedrooms.
0:06:35 > 0:06:39What sort of returns can be made here? First, the resale value.
0:06:39 > 0:06:43Once renovated, so long as they keep it to a high spec,
0:06:43 > 0:06:47keep the character, in this market,
0:06:47 > 0:06:52for about £450,000 to £550,000.
0:06:52 > 0:06:54And as a rental?
0:06:54 > 0:06:58I would say between £1,750 per calendar month
0:06:58 > 0:07:01to £2,000 per calendar month.
0:07:01 > 0:07:04OK, so this place needs the works.
0:07:04 > 0:07:07But you need to think about what it could be,
0:07:07 > 0:07:10and then there's the added bonus of a building plot
0:07:10 > 0:07:12at the end of the garden!
0:07:12 > 0:07:14A fantastic one to go for, I think.
0:07:14 > 0:07:17Let's see who wanted this when it went under the hammer.
0:07:19 > 0:07:22Over, then, to lot 60. West Kingsdown, Sevenoaks, Kent.
0:07:22 > 0:07:24Lots of potential.
0:07:24 > 0:07:26£180,000 to start me.
0:07:26 > 0:07:28£180,000. I'm on the way at 180.
0:07:28 > 0:07:31And 5 now. 185. 185.
0:07:31 > 0:07:34And 90. 190. And 5.
0:07:34 > 0:07:3695, and 200. 200.
0:07:36 > 0:07:39200 on my left-hand side. 200.
0:07:39 > 0:07:40And 5. 205.
0:07:40 > 0:07:44And 10? 210. And 15.
0:07:44 > 0:07:45215. And 20.
0:07:45 > 0:07:48It's against you sitting down on the left. 220.
0:07:49 > 0:07:52217, is that? 217.
0:07:52 > 0:07:53And 220.
0:07:53 > 0:07:57220 and a brand-new face right in front of me. 220.
0:07:57 > 0:07:59And 2 if you like. 222.
0:07:59 > 0:08:01And 5. 225.
0:08:01 > 0:08:04225, I've got. 22...
0:08:04 > 0:08:07226. 226. And 7.
0:08:07 > 0:08:09227, I've got.
0:08:09 > 0:08:11And 8. 228.
0:08:11 > 0:08:12And 9. No, £228,000.
0:08:12 > 0:08:15It's with you, then, on my left-hand side.
0:08:15 > 0:08:17For the first time, then, at 228,000.
0:08:17 > 0:08:21If you're sure you're done at the back. And second time, 228.
0:08:21 > 0:08:25And the third and final time, being sold for 228,000.
0:08:25 > 0:08:28It's yours, sir, for 228,000. Well done.
0:08:28 > 0:08:33That successful bidder who got the lot for 228,000 was Ian.
0:08:36 > 0:08:39But it's his two sons, Sean, on the right,
0:08:39 > 0:08:41and Martin, who came to show me their new purchase.
0:08:41 > 0:08:45The brothers are both carpenters in their 20s.
0:08:45 > 0:08:48They've been on the show before when, back in 2010,
0:08:48 > 0:08:52they bought and renovated this house in Tonbridge, Kent.
0:08:52 > 0:08:56Buoyed by that success, they went on to buy another two properties.
0:08:56 > 0:09:00This will be the fourth and biggest project to date for them.
0:09:00 > 0:09:02I met them back at the house to talk about their plans.
0:09:02 > 0:09:07Congratulations. Now, I know we've met before. How did that project go?
0:09:07 > 0:09:08That went very well.
0:09:08 > 0:09:11- Originally I think I said I was going to move into that place.- Yes.
0:09:11 > 0:09:13But we had three offers within a week
0:09:13 > 0:09:15and we sold it straightaway
0:09:15 > 0:09:18because the offers were too good to turn down.
0:09:18 > 0:09:21- Did you make a nice, worthwhile profit?- Yes, it was all right.
0:09:21 > 0:09:23- It's got us by. - And here you are again.
0:09:23 > 0:09:26- So, you are back in it for more trouble.- Yes, back in it again.
0:09:26 > 0:09:30Yes, this one is quite a bit more than the other one, I think.
0:09:30 > 0:09:33When we came and looked at it, there was quite a few people here
0:09:33 > 0:09:35walking in and out and just shaking their heads,
0:09:35 > 0:09:38thinking, "Just walk away, just walk away."
0:09:38 > 0:09:42But we stuck around and, fingers crossed, it will pay off.
0:09:42 > 0:09:46Sean, tell me, what is it about this house that you liked so much
0:09:46 > 0:09:48that made you guys spend what you did spend on auction day?
0:09:48 > 0:09:50It seems to have a lot of potential in it.
0:09:50 > 0:09:53As you can see by the size of it, you can do so much with it.
0:09:53 > 0:09:56Looking at the houses around it, it just seems that it will fetch
0:09:56 > 0:09:59the kind of money we are looking for, so it seemed about right.
0:09:59 > 0:10:03It seems that Martin and Sean knew when they were onto a good thing.
0:10:03 > 0:10:04They've obviously got the ability
0:10:04 > 0:10:07to look beyond the superficial problems here
0:10:07 > 0:10:10and see that the place is brimming with possibilities.
0:10:10 > 0:10:12But will their vision match the potential here?
0:10:12 > 0:10:15What sort of plans have you got for this place?
0:10:15 > 0:10:17Are you going to take it right back to the bare bones?
0:10:17 > 0:10:20Yes, we will take it right back as if it was a new build.
0:10:20 > 0:10:23New electrics, new plumbing, put an extension round the side,
0:10:23 > 0:10:26two-storey extension, and then a wraparound round the back.
0:10:26 > 0:10:28So, you are going to go for it.
0:10:28 > 0:10:30- If we get the permission, that is!- Yeah.
0:10:30 > 0:10:33Why have you decided to have a big wraparound extension
0:10:33 > 0:10:35and to extend out the back?
0:10:35 > 0:10:37Why don't you work with what's here?
0:10:37 > 0:10:38Because we've seen next door,
0:10:38 > 0:10:40the price that their house has been up for sale for.
0:10:40 > 0:10:43They've got a big extension that goes right round the back,
0:10:43 > 0:10:45so we want to keep it the same as that,
0:10:45 > 0:10:47to go for the same style
0:10:47 > 0:10:49and hopefully fetch the same kind of money.
0:10:49 > 0:10:51And the main thing with that, where this house
0:10:51 > 0:10:53and next door were one house at one point,
0:10:53 > 0:10:55their stairs are a different layout to ours,
0:10:55 > 0:10:59so their rooms work a lot better with bathrooms and stuff like that.
0:10:59 > 0:11:02So, the extension will give us a nice, big family bathroom
0:11:02 > 0:11:04with, hopefully, two en suites and stuff.
0:11:04 > 0:11:06Just make the house flow a bit better.
0:11:06 > 0:11:08# Let your love flow
0:11:08 > 0:11:10# Like a mountain stream
0:11:10 > 0:11:12# Let your love grow
0:11:12 > 0:11:15# With the smallest of dreams
0:11:15 > 0:11:17# And let your love show
0:11:17 > 0:11:19# And you'll know what I mean
0:11:19 > 0:11:22# That's the reason... #
0:11:22 > 0:11:24Letting the love flow might benefit the place
0:11:24 > 0:11:26with some valuable extra space,
0:11:26 > 0:11:29but the brothers know it's going to need tough love
0:11:29 > 0:11:32to get it up to scratch, to match similar properties in the area.
0:11:32 > 0:11:37The neighbouring property went on the market for £500,000.
0:11:37 > 0:11:40And their focus isn't restricted to the house.
0:11:40 > 0:11:42What about the potential with the garage that you've got,
0:11:42 > 0:11:44with the separate access on the side?
0:11:44 > 0:11:46It would always be an added bonus
0:11:46 > 0:11:49if we could get planning for a separate building at the back.
0:11:49 > 0:11:50It's got a courtyard to the side
0:11:50 > 0:11:53that could be used for parking, and it's a big enough garage.
0:11:53 > 0:11:56You can see that you could easily fit a house on it, that's for sure.
0:11:56 > 0:11:59You know, that really is the pot of gold at the end of the rainbow.
0:11:59 > 0:12:01Yes, if we get planning permission for that,
0:12:01 > 0:12:04that will cover the cost for building this and a lot more.
0:12:04 > 0:12:06We might just sell it off with planning permission
0:12:06 > 0:12:09and move on, using that to fund something else.
0:12:09 > 0:12:13Yes, with this one, I mean, our budget's £80,000 to £100,000,
0:12:13 > 0:12:15so we've budgeted quite a lot on it,
0:12:15 > 0:12:17gone through the figures a few times.
0:12:17 > 0:12:19Depending on the sort of finishes we are going for,
0:12:19 > 0:12:22which are going to be high-end, we're probably going to be closer
0:12:22 > 0:12:25to the hundred grand mark on expenditure.
0:12:25 > 0:12:27First, the brothers need to get planning permission.
0:12:27 > 0:12:31So, realising that may take time.
0:12:31 > 0:12:33They've given themselves 12 months for the renovation.
0:12:33 > 0:12:37They plan to recruit the other trades, such as plasterers
0:12:37 > 0:12:39and electricians, when required,
0:12:39 > 0:12:42but will be doing the majority of the work themselves.
0:12:42 > 0:12:46It's going to be a hard slog, but they seem up for the challenge.
0:12:48 > 0:12:52As long as you can see potential in it, there is something to head for,
0:12:52 > 0:12:55so there is a goal at the end of the day that we are striving for.
0:12:55 > 0:12:58- Do you think you've got the energy to do this?- Yes.
0:12:58 > 0:13:00It's going to be a long journey but, you know,
0:13:00 > 0:13:03we are looking up to a year, really, but I think we will manage it.
0:13:03 > 0:13:06Guys, it's been such a pleasure meeting you once again.
0:13:06 > 0:13:09I cannot wait to see what this is going to be like
0:13:09 > 0:13:11because I think it could be amazing.
0:13:11 > 0:13:13It's in a great location as well.
0:13:13 > 0:13:16- Thank you.- Thanks.- Martin, Sean, lovely to see you again. Thank you.
0:13:18 > 0:13:20Martin and Sean cannot wait to get cracking
0:13:20 > 0:13:22on their biggest project to date.
0:13:22 > 0:13:24How will they get on with the planning to extend this house,
0:13:24 > 0:13:27and will they manage to create that building plot
0:13:27 > 0:13:29at the end of the garden?
0:13:29 > 0:13:32You can find out if the brothers make a success of this
0:13:32 > 0:13:33later in the programme.
0:13:43 > 0:13:49Today, I am just outside the village of Little Broughton in Cumbria.
0:13:49 > 0:13:51Couple of miles away from Cockermouth.
0:13:51 > 0:13:53Keswick 20 miles away.
0:13:53 > 0:13:56Strictly speaking, you are not in the Lake District National Park,
0:13:56 > 0:13:59but with scenery like this, you are being a bit picky there.
0:13:59 > 0:14:00It's gorgeous!
0:14:02 > 0:14:04Who could fault this?
0:14:04 > 0:14:05Fantastic scenery,
0:14:05 > 0:14:10but without the price tag of a more classic Lake District location.
0:14:10 > 0:14:13This will be a lovely place to put down roots,
0:14:13 > 0:14:16or I'm wondering whether tranquil Little Broughton,
0:14:16 > 0:14:19could have promising holiday rental potential.
0:14:22 > 0:14:25Well, the property I am here to see certainly fits in
0:14:25 > 0:14:29to that quiet holiday retreat kind of category.
0:14:29 > 0:14:33It's a one-bedroom, stone-built cottage.
0:14:33 > 0:14:38Guide price was £40,000 plus. It was built 150 years ago.
0:14:38 > 0:14:41You can see, it is just oozing charm.
0:14:41 > 0:14:43Let's see what it is like inside.
0:14:43 > 0:14:48The middle cottage of three, it has a slate roof and is double glazed.
0:14:52 > 0:14:54Nice.
0:14:54 > 0:14:58Nice to see it very...well, on the face of it, pleasantly decorated.
0:14:58 > 0:15:00Plain white walls. Half-decent carpet.
0:15:00 > 0:15:04And a lovely feature that you might hope for, a log-burning stove.
0:15:04 > 0:15:08That's nice. Stairs over in the corner there up to the bedroom.
0:15:08 > 0:15:11One main room in the front, your living room.
0:15:11 > 0:15:13Then through a little...
0:15:13 > 0:15:14well, door...
0:15:14 > 0:15:18Oh, yes, that's the word! ..into the kitchen.
0:15:18 > 0:15:20Actually, for a little cottage like this, not a bad size.
0:15:20 > 0:15:23Now, I'd love to see a cottagey feel kitchen in here.
0:15:23 > 0:15:26At the moment, it's possibly a little bit characterless.
0:15:26 > 0:15:30But you've got the space. It hasn't got too low a ceiling.
0:15:30 > 0:15:33Reasonable amount of light coming in from the double-glazed windows.
0:15:33 > 0:15:36It's getting lots of ticks in lots of boxes.
0:15:36 > 0:15:38- # Tick, ticky, tick-tick - Ooh-ooh-ooh
0:15:38 > 0:15:40- # Tick, ticky, tick-tick - Ooh-ooh-ooh
0:15:40 > 0:15:43# Tick, ticky, tick-tick I'm gonna tell on you... #
0:15:43 > 0:15:47One box it doesn't tick is central heating,
0:15:47 > 0:15:50judging by the wall-mounted electric storage heaters.
0:15:50 > 0:15:53You do have to bear in mind that a cottage of this age
0:15:53 > 0:15:55is going to be small and have quirky proportions.
0:15:57 > 0:15:59Look at this staircase, for example.
0:15:59 > 0:16:01It's lovely, but you'd struggle to get a wardrobe
0:16:01 > 0:16:04up to the only bedroom at the front of the cottage.
0:16:04 > 0:16:08Flat-packs, yes. Bigger wardrobes, uh-uh!
0:16:09 > 0:16:11Something which, to me,
0:16:11 > 0:16:13turns this from being a cutesy-rootsy cottage
0:16:13 > 0:16:16into something that's actually very practical -
0:16:16 > 0:16:18it's a good size family bathroom.
0:16:18 > 0:16:20Not necessarily what you would have expected.
0:16:20 > 0:16:22This will have been converted
0:16:22 > 0:16:24from what would originally have been a bedroom.
0:16:24 > 0:16:26I'd keep it pretty much like it is.
0:16:26 > 0:16:29An option, though, could be to take out that large cupboard there,
0:16:29 > 0:16:32which contains the water cylinder, and maybe put a combi boiler in.
0:16:32 > 0:16:34That would give you enough space to squeeze in another bedroom.
0:16:34 > 0:16:36But I just like the proportions here.
0:16:36 > 0:16:40You know, you've got this bedroom at the front of the property there.
0:16:40 > 0:16:41It's a good-sized double.
0:16:41 > 0:16:44Lounge downstairs, good-sized kitchen, good-sized bathroom,
0:16:44 > 0:16:47single bedroom - I like that.
0:16:47 > 0:16:51I don't know if I'd mess around with the internal layout at all.
0:16:51 > 0:16:53# Leave it alone
0:16:53 > 0:16:56# Leave it alone
0:16:56 > 0:16:58# Leave it alone... #
0:16:58 > 0:16:59At the front of this cottage,
0:16:59 > 0:17:02that went to auction guided at £40,000 plus,
0:17:02 > 0:17:07there are some parking spaces, but are they allocated to this property?
0:17:07 > 0:17:08I want to check that out,
0:17:08 > 0:17:11because the small back yard is shared with the neighbours.
0:17:11 > 0:17:13So, that won't suit everyone.
0:17:13 > 0:17:15But considering that guide price,
0:17:15 > 0:17:18I think this Cumbrian cottage is a gem and a bit of steal.
0:17:18 > 0:17:21Let's see if a local property expert agrees.
0:17:24 > 0:17:26The property is not in too bad condition.
0:17:26 > 0:17:29Just needs some cosmetic work, really.
0:17:29 > 0:17:32It would be an ideal holiday home or second home
0:17:32 > 0:17:35or a buy-to-let property.
0:17:35 > 0:17:38The property could possibly be made into a two-bedroom
0:17:38 > 0:17:40by splitting the large bathroom
0:17:40 > 0:17:43to create a small single bedroom and bathroom.
0:17:43 > 0:17:47The market is limited because it is only one-bedroom.
0:17:47 > 0:17:50I'm not convinced that it wouldn't spoil this cottage
0:17:50 > 0:17:52to try and cram another room in.
0:17:52 > 0:17:55But will some valuations change my mind?
0:17:55 > 0:17:56First, as a one-bed.
0:17:56 > 0:17:59Once the property has been renovated to a good standard,
0:17:59 > 0:18:02if it is kept as a one-bedroomed property,
0:18:02 > 0:18:04I would recommend an asking price of £65,000.
0:18:04 > 0:18:07If the owner was to create a second bedroom,
0:18:07 > 0:18:10I would recommend an asking price of £70,000.
0:18:10 > 0:18:13That difference of £5,000,
0:18:13 > 0:18:15minus all the building and plumbing costs involved,
0:18:15 > 0:18:19wouldn't tempt me if I was looking to sell it on.
0:18:19 > 0:18:21But, of course, for a buy-to-let investor,
0:18:21 > 0:18:23more bedrooms means more income.
0:18:23 > 0:18:26Once refurbished, if it's kept as a one-bedroom property,
0:18:26 > 0:18:31I would recommend a rental value of £395 per calendar month.
0:18:31 > 0:18:34If they decide to make it a two-bedroom property,
0:18:34 > 0:18:37I would recommend a rental of £420 per calendar month.
0:18:37 > 0:18:40What we've got here is a really charming little cottage
0:18:40 > 0:18:42that you could pretty much rent out as it is,
0:18:42 > 0:18:46or spend some money on and turn it into a really lovely home.
0:18:46 > 0:18:49Let's see who agreed and bought it when it went under the hammer.
0:18:49 > 0:18:54Stone-fronted terraced cottage located in a sought-after village.
0:18:54 > 0:18:56One bedroom, one reception room.
0:18:56 > 0:18:59Kitchen on first floor, bathroom, near Cockermouth.
0:18:59 > 0:19:01Who's here for this? 40.
0:19:01 > 0:19:0340. 35.
0:19:03 > 0:19:0530, anyone?
0:19:05 > 0:19:06Can't go lower.
0:19:06 > 0:19:0930, on my way. At £30,000, then.
0:19:09 > 0:19:12Are we all done at 30? I'll take one, 31 here.
0:19:12 > 0:19:16And 32, 33, 34.
0:19:16 > 0:19:1934, I've got. 35.
0:19:19 > 0:19:2136. 37.
0:19:21 > 0:19:2538? 38, 39.
0:19:25 > 0:19:2739 I've got and 40?
0:19:27 > 0:19:29A shake of the head at 40.
0:19:29 > 0:19:33I'll take a half. 39,500. 40?
0:19:33 > 0:19:34A shake of the head of 40.
0:19:34 > 0:19:38Are we all done at 39,500?
0:19:38 > 0:19:3940 over here.
0:19:39 > 0:19:41At £40,000 then. And a half?
0:19:41 > 0:19:44Shake of the head. It's with you at 40.
0:19:44 > 0:19:49At £40,000 then, first time. At 40 second time.
0:19:49 > 0:19:52All done, all-out, selling away.
0:19:53 > 0:19:55Sir.
0:19:55 > 0:19:59That final bid of £40,000 was made on behalf of the new owners,
0:19:59 > 0:20:04Tina and her husband, Terry, from Fylde in Lancashire.
0:20:04 > 0:20:07They were at the auction, but it wasn't them doing the bidding.
0:20:07 > 0:20:12I met up with them and their dog at the cottage to find out more.
0:20:15 > 0:20:20- Terry, Tina, great to meet you both. - And you.- Congratulations.- Thank you.
0:20:20 > 0:20:22- I love this little place. - Yes, it's quite nice.
0:20:22 > 0:20:27What happened in the auction there? Were you there or what?
0:20:27 > 0:20:30We were at the auction, but we organised a proxy bidder
0:20:30 > 0:20:34because my grandson was due round about the time of the auction,
0:20:34 > 0:20:40but as it turned out, he wasn't born, so we came up anyway.
0:20:40 > 0:20:42It strikes me as a good deal at that price. What do you think?
0:20:42 > 0:20:47- Well, we think so, we were going to pay up to 50.- Were you? Gosh!
0:20:47 > 0:20:48- Yeah, yeah. - So why have you bought it?
0:20:48 > 0:20:50Well, we took early retirement in April
0:20:50 > 0:20:53because we have a small place in Spain and the idea was,
0:20:53 > 0:20:55we'll go out to Spain for a few weeks a year.
0:20:55 > 0:20:58We went out in May, Terry lasted six weeks.
0:20:58 > 0:21:01He got a call from work saying, "Do you want come back to work?"
0:21:01 > 0:21:03- So he went back to work. - Just for a year's contract.
0:21:03 > 0:21:07- So much for retirement!- So much for retirement! Managed eight weeks.
0:21:07 > 0:21:10What do you both do, or what did you both do?
0:21:10 > 0:21:15I work for a food manufacturing company in Wigan who make beans.
0:21:15 > 0:21:18Beans? Excellent! Fantastic! And you?
0:21:18 > 0:21:21- I used to work for a local authority in housing.- Right, OK.
0:21:21 > 0:21:24But we were looking for a project for Tina
0:21:24 > 0:21:28- to occupy her while I'm working. - And we had some money,
0:21:28 > 0:21:30so rather than have it sat in the bank doing nothing,
0:21:30 > 0:21:33- this is what we bought. - And why have you bought it?
0:21:33 > 0:21:35It's a project, but for what end?
0:21:35 > 0:21:38Well, the end is to sell it and hopefully make something out of it,
0:21:38 > 0:21:41but if we can't sell, then renting or maybe a holiday let.
0:21:41 > 0:21:46The couple are swapping castanets for Cumbria.
0:21:46 > 0:21:48# In the little Spanish town
0:21:48 > 0:21:51# 'Twas on a night like this... #
0:21:51 > 0:21:55But Tina won't be travelling the 110 miles from their home
0:21:55 > 0:21:57in Lancashire to do the work.
0:21:57 > 0:22:01They intend to get local tradesmen to do the refurbishment,
0:22:01 > 0:22:04not that this house appears to need much doing.
0:22:07 > 0:22:10Pleasantly surprised when we came in and looked round properly
0:22:10 > 0:22:15that there's not as much needing doing as we first thought.
0:22:15 > 0:22:17Do you have any idea what you might get if you rented it,
0:22:17 > 0:22:19- not holiday lets?- 375 - 400.
0:22:19 > 0:22:21400. Let's say 400 to make the calculation easy.
0:22:21 > 0:22:25That is £4,800 a year on your investment, which is going to be...
0:22:25 > 0:22:28I don't know, what, less than... It's a 10% yield, isn't it?
0:22:28 > 0:22:30- Yeah.- Yeah.
0:22:30 > 0:22:35We expect to possibly pay about 10,000, up to 15,000, to do it up.
0:22:35 > 0:22:3715,000?! How are you going to spend that?!
0:22:37 > 0:22:39What are you going to do?! Gold taps?!
0:22:39 > 0:22:41- It depends on...- The roof needs fixed.- Oh, does it?- Yeah.
0:22:41 > 0:22:44The roof... The front of the roof needs...
0:22:44 > 0:22:47You're going to have tradesmen phoning you up, I'm telling you!
0:22:47 > 0:22:50When this goes out, they'll be like,
0:22:50 > 0:22:52"Where do they live? I'll do it for 15!"
0:22:52 > 0:22:55I take it back. There's actually a longer list of to-dos
0:22:55 > 0:22:57than you might have expected.
0:22:57 > 0:23:00They want a gas supply installed, to lose the water tank
0:23:00 > 0:23:03and install a new kitchen and that's just for starters.
0:23:03 > 0:23:05We think there's a bit of damp,
0:23:05 > 0:23:08which we're going to get someone in to look at.
0:23:08 > 0:23:11Partition off the back to make a separate bathroom
0:23:11 > 0:23:13in what was originally the bedroom
0:23:13 > 0:23:16and we want to partition it off and make it into a second bedroom
0:23:16 > 0:23:19and bathroom to make it a bit more marketable as well.
0:23:19 > 0:23:20So what is the timescale?
0:23:20 > 0:23:24Well, we're looking at about three months once we start, but we're...
0:23:24 > 0:23:27- We were driving to Spain on Sunday. - Are you? Wow!
0:23:27 > 0:23:30- I'm staying for six weeks.- But I have to come back to work.- Oh, OK.
0:23:30 > 0:23:33And are you going to get involved at all in the renovation?
0:23:33 > 0:23:37The only thing I'm likely to be doing is decorating.
0:23:37 > 0:23:39- Well, congratulations. Good luck with it.- Thank you.
0:23:39 > 0:23:42- Look forward to seeing how you get on.- Thank you, sir.
0:23:42 > 0:23:44# In a little Spanish town
0:23:44 > 0:23:46# 'Twas on a night like this. #
0:23:47 > 0:23:52Tina and Terry temporarily postponing life in Spain
0:23:52 > 0:23:55for property renovation in the Lake District.
0:23:55 > 0:23:56A great little house, though,
0:23:56 > 0:24:00and some interesting ideas and a good budget, too.
0:24:00 > 0:24:04How will they get on? You can find out later in the show.
0:24:05 > 0:24:08Coming up, in Surrey, the accommodation in this cottage
0:24:08 > 0:24:11is very tight, especially in the boxroom.
0:24:11 > 0:24:14When I talk about box, I'm talking about a cardboard box.
0:24:15 > 0:24:20We are going back to Cumbria where Tina triumphs in the kitchen.
0:24:20 > 0:24:22I was negotiating with two men
0:24:22 > 0:24:26who felt that storage was more important than style.
0:24:26 > 0:24:28We return to Kent and a bit of history.
0:24:28 > 0:24:32This building was built in 1850, so it's a fairly old property
0:24:32 > 0:24:34and everything needed redoing.
0:24:38 > 0:24:41We now head back to the village of West Kingsdown in Kent,
0:24:41 > 0:24:45where we saw a three-storey semi which promised great potential
0:24:45 > 0:24:49with its wonderful period features and garden.
0:24:49 > 0:24:51Unfortunately, the challenges included
0:24:51 > 0:24:53taking this old house back to basics,
0:24:53 > 0:24:55but brothers Sean and Martin,
0:24:55 > 0:24:58on the left here, weren't put off at all,
0:24:58 > 0:25:02so they paid £228,000 for it.
0:25:02 > 0:25:05The brothers are carpenters and have been on the show before
0:25:05 > 0:25:09when they renovated this terraced property in Tonbridge, Kent.
0:25:09 > 0:25:12This new challenge was a tougher proposition,
0:25:12 > 0:25:14but they seemed gain to take it on.
0:25:16 > 0:25:18As long as you can see potential in it,
0:25:18 > 0:25:20you know there's something to head for, so there's
0:25:20 > 0:25:23a goal at the end of the day that we are striving for.
0:25:23 > 0:25:25Do you think you've got the energy to do this?
0:25:25 > 0:25:27Yeah, it's going to be a long journey,
0:25:27 > 0:25:31but we're looking up to a year really, but I think we'll manage it.
0:25:31 > 0:25:34With an £80,000 - £100,000 budget,
0:25:34 > 0:25:38Martin and Sean had a vision of adding a side and rear extension,
0:25:38 > 0:25:41turning this place into something quite special.
0:25:41 > 0:25:44There was also the chance to sell off some of the garden
0:25:44 > 0:25:47to add a new-build, which could provide the icing on this cake.
0:25:47 > 0:25:50But before they could consider that option,
0:25:50 > 0:25:53there was still a lot for them to do.
0:25:53 > 0:25:5418 months later,
0:25:54 > 0:25:57we returned to see if the brothers have risen to the challenge.
0:26:01 > 0:26:04Well, they've added that impressive new extension.
0:26:07 > 0:26:12But it just sets up what's inside - a truly stunning transformation!
0:26:15 > 0:26:18The front room is now a beautifully elegant lounge...
0:26:20 > 0:26:23..while the extension has allowed for the creation of
0:26:23 > 0:26:28a spacious new hallway, a downstairs toilet/shower room and a study area.
0:26:30 > 0:26:33And that's not all on this ground floor.
0:26:38 > 0:26:41At the back, the brothers have created an amazing
0:26:41 > 0:26:45single-storey extension, which leads to an impressive new kitchen.
0:26:55 > 0:26:59The lads were on hand to tell us all about this amazing transformation,
0:26:59 > 0:27:03starting with Sean and that fabulous new kitchen.
0:27:03 > 0:27:05This room here was the original kitchen.
0:27:05 > 0:27:07We had worktops all down this side,
0:27:07 > 0:27:12we had the existing door over in that corner and it led to the outside.
0:27:12 > 0:27:16So now, out this side, we've had a single extension.
0:27:16 > 0:27:19We've got all our TV points and electrical sockets
0:27:19 > 0:27:23on the walls already, so they can just come in and put a TV straight up
0:27:23 > 0:27:26and it leads directly out to the back garden,
0:27:26 > 0:27:29where we've put bifold doors and a decking area straight out,
0:27:29 > 0:27:32so you just walk straight out and don't have to step down anything.
0:27:32 > 0:27:37This rear extension definitely adds a new dimension to the ground floor,
0:27:37 > 0:27:38but the side extension
0:27:38 > 0:27:41has changed the dynamics for the rest of the house.
0:27:42 > 0:27:45On the middle floor, the beautifully restored master bedroom
0:27:45 > 0:27:49retains its layout, but the new extension has allowed
0:27:49 > 0:27:52not only for the creation of an immaculate ensuite...
0:27:54 > 0:27:56..but on the landing, there's a stylish,
0:27:56 > 0:27:58contemporary family bathroom.
0:27:58 > 0:28:00Loving the floor tiles, boys!
0:28:04 > 0:28:06The side extension also means that
0:28:06 > 0:28:08the second bedroom has increased in size,
0:28:08 > 0:28:12with the space now home to an ensuite and a walk-in wardrobe.
0:28:15 > 0:28:18On the top floor are the least changed rooms of all.
0:28:19 > 0:28:22Two loft bedrooms with lots of space
0:28:22 > 0:28:26and the original windows with great views over the Kent countryside.
0:28:26 > 0:28:30All in all, they've achieved a fantastic renovation,
0:28:30 > 0:28:32but it meant getting back to basics.
0:28:33 > 0:28:38This building was built in 1850, so it's a fairly old property
0:28:38 > 0:28:40and everything needed, you know, redoing.
0:28:40 > 0:28:43All the brickwork needed sorting out,
0:28:43 > 0:28:47needed replastering, the floorboards needed changing
0:28:47 > 0:28:49and stuff like that, so there was a lot of work.
0:28:52 > 0:28:55Believe it or not, that's not the end of the tour.
0:28:55 > 0:28:59With its own access, the basement's also had a complete renovation
0:28:59 > 0:29:02and could be used as a reception room or a fifth bedroom,
0:29:02 > 0:29:07plus there's also an additional room to be used as a home cinema.
0:29:07 > 0:29:09And, at the back, a wine cellar.
0:29:09 > 0:29:13Even here, the quality of work is excellent.
0:29:13 > 0:29:16We wanted to give it the highest possible finish
0:29:16 > 0:29:18because I think the property deserves that and it needs that
0:29:18 > 0:29:22and we tried to keep some character features in it.
0:29:22 > 0:29:24We wanted to keep the Victorian feel of the property
0:29:24 > 0:29:27- but give a modern twist on it. - I'm proud of how it's gone.
0:29:27 > 0:29:31This is the first build that we've done of this size
0:29:31 > 0:29:33and we haven't really had any problems.
0:29:33 > 0:29:36We've hit some minor problems, but we got over them pretty easily
0:29:36 > 0:29:40and it's ended up looking like this, so I'm very happy with.
0:29:41 > 0:29:43Indeed he should be happy and proud.
0:29:45 > 0:29:47This is a total transformation.
0:29:47 > 0:29:49They've made it sound easy, but as always,
0:29:49 > 0:29:52there are delays you have to be prepared for.
0:29:52 > 0:29:54The planning permission took three months
0:29:54 > 0:29:58and they had to take on other work in the meantime.
0:29:58 > 0:29:59What about the outside?
0:29:59 > 0:30:03I had thought this large garden could be a pot of gold
0:30:03 > 0:30:05as the plot for a new-build
0:30:05 > 0:30:08and Martin and Sean originally considered that too,
0:30:08 > 0:30:12but after taking advice from estate agents, their architect
0:30:12 > 0:30:15and doing some research, they made the decision,
0:30:15 > 0:30:18so there's no new-build at the bottom of this garden.
0:30:18 > 0:30:21We didn't think it'd be a good idea to go planning at the back,
0:30:21 > 0:30:24because we think it probably would have devalued this property,
0:30:24 > 0:30:26but if it didn't, it certainly would have been
0:30:26 > 0:30:29harder to sell having someone overlooking you right at the back.
0:30:29 > 0:30:32The brothers started work on the house six months after
0:30:32 > 0:30:34I first came here and met their schedule by doing
0:30:34 > 0:30:37the complete renovation within 12 months.
0:30:37 > 0:30:40But how did their budget fare?
0:30:40 > 0:30:44The budget went over slightly, but I think we had 80 to 100,000.
0:30:44 > 0:30:49We ended up spending 110 on it, just around 110 I think it was.
0:30:49 > 0:30:51But I think, you know, every penny was well spent,
0:30:51 > 0:30:53to be honest with you, it was well worth it.
0:30:56 > 0:31:00Add that to the purchase price of 228,000
0:31:00 > 0:31:04and the lads have invested £338,000 here.
0:31:04 > 0:31:07Time to find out if two local estate agents
0:31:07 > 0:31:09love this place as much as I do.
0:31:10 > 0:31:13What an amazing job that they have done here.
0:31:13 > 0:31:18It's probably one of the best refurbs I've seen in a while.
0:31:18 > 0:31:21It looks stunning from the outside. Walk across the threshold
0:31:21 > 0:31:24and that absolutely stunning finish internally.
0:31:24 > 0:31:27Really good, even from the double glazed windows, UPVC sash
0:31:27 > 0:31:31windows, to absolutely everything in-house is a top-end finish.
0:31:31 > 0:31:35What I particularly like about this house is that it retains
0:31:35 > 0:31:37a lot of the original features.
0:31:37 > 0:31:40But it's got a real contemporary, kind of modern feel, about it.
0:31:40 > 0:31:42Absolutely fantastic family home.
0:31:42 > 0:31:45But will the brothers make any profit from this project?
0:31:45 > 0:31:50Remember their total outlay was 338,000,
0:31:50 > 0:31:52so what could they expect to sell it for?
0:31:52 > 0:31:55I would expect to achieve a figure in the region
0:31:55 > 0:32:00of £500 to £550,000.
0:32:00 > 0:32:02I'd expect to achieve in the region of £500,000.
0:32:02 > 0:32:08Those valuations mean they could achieve a profit of between 162
0:32:08 > 0:32:12and 212,000, minus the usual tax and expenses.
0:32:14 > 0:32:15That's not too bad.
0:32:15 > 0:32:18Yeah, I mean at least we know what sort of figure
0:32:18 > 0:32:21we can sell it at now or in the future or maybe a couple of years,
0:32:21 > 0:32:23if we come sell it, it might have gone up in value as well.
0:32:23 > 0:32:27Should they decide to rent the house out, the estate agents reckon
0:32:27 > 0:32:31there is a potential rental income of £1500 to £2000
0:32:31 > 0:32:33per calendar month.
0:32:33 > 0:32:36That could mean an annual yield of between five
0:32:36 > 0:32:38and just over seven percent.
0:32:41 > 0:32:43But at present, older brother, Martin,
0:32:43 > 0:32:47plans to move in and enjoy the benefits of all their hard work.
0:32:47 > 0:32:50The brothers say they have learned a lot from this renovation,
0:32:50 > 0:32:53so they have already set their sights on the next venture
0:32:53 > 0:32:56and it seems they are aiming high.
0:32:56 > 0:32:57Next job is for a new build.
0:32:57 > 0:33:00Yeah, definitely, I mean, you know, we've done the success of this,
0:33:00 > 0:33:03the standard it's finished to, I mean you can see, it is
0:33:03 > 0:33:07very good so going into new build, we shouldn't have a problem at all.
0:33:07 > 0:33:09Just go bigger next time, I think.
0:33:09 > 0:33:11Or a couple at the same time.
0:33:11 > 0:33:13Or two, yeah, that works out all right.
0:33:17 > 0:33:20This is Bagshot in the north-west corner of Surrey,
0:33:20 > 0:33:23close to Camberley and Guildford.
0:33:23 > 0:33:27It's just off the M3 but also on the edge of the green belt,
0:33:27 > 0:33:29although today's auction lot
0:33:29 > 0:33:31is on a rather busy main road.
0:33:31 > 0:33:34# Hit the road, Jack
0:33:34 > 0:33:36# And don't you come back... #
0:33:36 > 0:33:38If you are after a peaceful retreat,
0:33:38 > 0:33:41then the property I am here to see does not fit the bill.
0:33:41 > 0:33:46However, it is a cottage which is guided at 145 grand.
0:33:46 > 0:33:49It's got a garden that could become off-street parking.
0:33:49 > 0:33:51So, what have we got?
0:33:51 > 0:33:54Well, the front room here is kind of small
0:33:54 > 0:33:55and, of course you have that road,
0:33:55 > 0:33:58but I do notice they haven't put double glazing in yet,
0:33:58 > 0:34:01so that is definitely one of the first things I would want to do.
0:34:01 > 0:34:04Put a bit of storage, looks like there is a decent fireplace,
0:34:04 > 0:34:08but at the end of the day, it is a cottage. It's not big.
0:34:08 > 0:34:10But, you know, it is reasonable.
0:34:10 > 0:34:14Through to the rear of the house, where it starts, unfortunately,
0:34:14 > 0:34:18to get a little bit not-so- appealing. This is the kitchen.
0:34:18 > 0:34:20As you can see, not many units.
0:34:20 > 0:34:24Through there, though, a cellar which you might want to investigate.
0:34:24 > 0:34:27But then it continues as the further you get towards
0:34:27 > 0:34:29the rear of the property, it gets weirder and weirder,
0:34:29 > 0:34:33because this was actually the original rear wall of the property.
0:34:33 > 0:34:36What somebody has done is kind of added on bits and pieces.
0:34:36 > 0:34:39There's a downstairs loo and some stairs up to the bedroom,
0:34:39 > 0:34:43and this is a flat roof extension. What is going on here?
0:34:43 > 0:34:45And what have they created?
0:34:45 > 0:34:48A corridor and then, through to the rear of the property
0:34:48 > 0:34:51where you have got this almost-useless room.
0:34:51 > 0:34:52Not ideal.
0:34:53 > 0:34:57# You were on the straight and narrow
0:34:57 > 0:35:00# You were going round the bend... #
0:35:00 > 0:35:04This like a property version of a Russian doll.
0:35:04 > 0:35:07It appears to have extensions built over an extension
0:35:07 > 0:35:10with the result that the downstairs bathroom which was
0:35:10 > 0:35:13presumably at the back of the cottage,
0:35:13 > 0:35:16is now in the middle of the kitchen and the back lounge.
0:35:19 > 0:35:21It makes both areas hopelessly small,
0:35:21 > 0:35:25so a few RSJs and a big hammer needed here, I think.
0:35:25 > 0:35:28Open it all up, put the bathroom at the back of the property or
0:35:28 > 0:35:33preferably upstairs and you could have a decent kitchen diner.
0:35:33 > 0:35:35So, will upstairs be any better?
0:35:35 > 0:35:39Well, one bedroom, at least, is a decent size.
0:35:39 > 0:35:43But then to the rear of the property, where there is a boxroom.
0:35:43 > 0:35:46And when I talk about box, I'm talking about cardboard!
0:35:46 > 0:35:49This thing is absolutely tiny.
0:35:49 > 0:35:51I can't even stretch my arms out
0:35:51 > 0:35:54and it is basically not much bigger that way. What could you do here?
0:35:54 > 0:35:57It's a place for a computer desk or something, isn't it?
0:35:57 > 0:36:00Could it be a bedroom? Well, a child's room, I suppose.
0:36:00 > 0:36:04What could we do? Could we extend? There's a flat roof down there.
0:36:04 > 0:36:06You could possibly build over at the top, bad news though,
0:36:06 > 0:36:09the neighbours haven't done anything, so definitely
0:36:09 > 0:36:11issues getting planning permission for that.
0:36:11 > 0:36:14Probably, just live with it as it is.
0:36:14 > 0:36:18# Seems so small... #
0:36:18 > 0:36:23This could be a bathroom or a shower room. The proportions are a mess.
0:36:23 > 0:36:26Let's hope outside is different.
0:36:26 > 0:36:30Out to the rear of the property where there's a huge surprise!
0:36:30 > 0:36:32Look at the length of the garden!
0:36:32 > 0:36:35You need binoculars to see the back. Well, actually, unfortunately,
0:36:35 > 0:36:38it's not quite as good as it seems because the garden that belongs
0:36:38 > 0:36:40to this property is just this narrow bit here.
0:36:40 > 0:36:43Six-foot wide, but it does go back one heck of a long way.
0:36:43 > 0:36:46Maybe you could install a bowling alley or something like that.
0:36:46 > 0:36:49Other than that, you think what could I do with this?
0:36:49 > 0:36:52Maybe I could use this to extend the rear of the property?
0:36:52 > 0:36:57Unfortunately, what I'm standing on here is a right of way that actually
0:36:57 > 0:37:00goes behind all the properties along this little terrace.
0:37:00 > 0:37:02No chance of extending out here
0:37:02 > 0:37:04without getting the approval of all the people in this row.
0:37:04 > 0:37:07You're not going to get that. It's a legal nightmare.
0:37:07 > 0:37:08It was looking good.
0:37:08 > 0:37:10It's not.
0:37:10 > 0:37:12# Good thing
0:37:12 > 0:37:14# Where have you gone? #
0:37:18 > 0:37:19Good things come and go.
0:37:19 > 0:37:24For a moment, I thought we were onto something with the outside space.
0:37:24 > 0:37:27The outside and insides of this house echo each other
0:37:27 > 0:37:32with their long, narrow and not-very-well-used space.
0:37:32 > 0:37:37What does a local estate agent think of this labyrinth layout?
0:37:37 > 0:37:40I think if you were to move the bathroom upstairs,
0:37:40 > 0:37:42you could open up where the bathroom is and have a nice kitchen
0:37:42 > 0:37:45breakfast room overlooking the garden. I think people
0:37:45 > 0:37:47would prefer to have a really nice one-bedroom house
0:37:47 > 0:37:49with a good kitchen breakfast room.
0:37:49 > 0:37:53It's bathrooms and particularly kitchens that tend to be the
0:37:53 > 0:37:55key rooms for attracting buyers,
0:37:55 > 0:37:58so definitely areas to concentrate on.
0:37:58 > 0:38:00Would it be worth improving the size of the cottage?
0:38:00 > 0:38:04I would be very reluctant to either go in the loft or the cellar.
0:38:04 > 0:38:06Cellar would cost a lot of money to convert,
0:38:06 > 0:38:09because you'd have to make sure it is completely damp-free
0:38:09 > 0:38:12and I don't think the pitch is high enough to do a lot conversion.
0:38:12 > 0:38:16So, if the cottage was upgraded and the layout changed to make
0:38:16 > 0:38:20a kitchen diner with the bathroom perhaps moved upstairs, what sort
0:38:20 > 0:38:22of sale price could this property,
0:38:22 > 0:38:25that was guided at £145,000, command?
0:38:25 > 0:38:28If I was to put a figure on the property as a one-bedroom
0:38:28 > 0:38:30in fantastic order with a great garden,
0:38:30 > 0:38:33I'd also recommend that they put off-street working,
0:38:33 > 0:38:37I think a sensible figure would be in the region of 170 to 175.
0:38:37 > 0:38:39How about its rental potential?
0:38:39 > 0:38:43It's a fantastic rental area because of all the local amenities.
0:38:43 > 0:38:46I'd put rental figure of probably approximately 700 to 750
0:38:46 > 0:38:48per calendar month.
0:38:49 > 0:38:53The biggest issue for me is sorting out the downstairs layout.
0:38:53 > 0:38:57Get that bathroom maybe up into the small box bedroom.
0:38:57 > 0:38:59I don't think it matters that you lose that room.
0:38:59 > 0:39:04Who was interested in it? Let's find out what happened at the auction.
0:39:04 > 0:39:07Considering now Lot 48.
0:39:07 > 0:39:09Appealing mid-terrace cottage.
0:39:09 > 0:39:12Requires modernisation. Great part of the world.
0:39:12 > 0:39:16Somebody want to give me a start? You bidding?
0:39:16 > 0:39:18How much? 100? OK.
0:39:18 > 0:39:21We'll start there. Got £100,000. 105?
0:39:21 > 0:39:24110. OK. 110.
0:39:24 > 0:39:26115? 115.
0:39:26 > 0:39:30120, sir. 125.
0:39:30 > 0:39:34125, 130, 135,
0:39:34 > 0:39:38140, 145...
0:39:38 > 0:39:40145, 150, sir,
0:39:40 > 0:39:43155,
0:39:43 > 0:39:44151, back in,
0:39:44 > 0:39:47152,
0:39:47 > 0:39:48153...
0:39:49 > 0:39:52..152.5, 153,
0:39:52 > 0:39:56and 500, 154 and 500,
0:39:56 > 0:39:59155 and 500,
0:39:59 > 0:40:03it is £155,000, against you, on my right.
0:40:03 > 0:40:06It's £155,000 the first.
0:40:06 > 0:40:08155 for the second.
0:40:08 > 0:40:12155 for the third and final time.
0:40:12 > 0:40:14All done?
0:40:14 > 0:40:16Sold, 155,000.
0:40:16 > 0:40:21That final bid of £155,000 was made by Surrey-based Chris.
0:40:21 > 0:40:25He bought the cottage as investment along with his friend
0:40:25 > 0:40:27and fellow taxi driver, Jill.
0:40:30 > 0:40:31These two have been buying
0:40:31 > 0:40:35and doing up properties as a sideline for four years.
0:40:35 > 0:40:38This is their third joint project.
0:40:38 > 0:40:41Unfortunately, due to the fact that I was stuck in traffic,
0:40:41 > 0:40:44I didn't manage to meet up with them,
0:40:44 > 0:40:48but they told us about what made them bid for this unique property.
0:40:48 > 0:40:52Its quirkiness, more than anything else. I could see the potential.
0:40:52 > 0:40:55As long as you look past what it is,
0:40:55 > 0:40:58and you can see what it can be, that's the attraction.
0:40:58 > 0:41:01I only saw it first time last week, so it was, yeah,
0:41:01 > 0:41:03I like little cottages.
0:41:03 > 0:41:06A bit of a shock when you get inside.
0:41:06 > 0:41:10Well, Jill seems to have recovered from the shock and it looks like
0:41:10 > 0:41:13they have a very clear approach to deciding what to buy.
0:41:14 > 0:41:17If it shows the potential that we want it to show,
0:41:17 > 0:41:18to be quite honest with you,
0:41:18 > 0:41:22we're looking for £20,000 profit out of anything we go into.
0:41:22 > 0:41:25You've got to cut your budget to suit that 20 grand.
0:41:25 > 0:41:28The work has to be done personally.
0:41:28 > 0:41:31Chris will live in the house and do the majority of the work
0:41:31 > 0:41:33with Jill helping out at weekends.
0:41:33 > 0:41:36They've got some really radical thoughts about how to reinvent
0:41:36 > 0:41:39the space here including moving the staircase
0:41:39 > 0:41:41with one specific aim in mind.
0:41:44 > 0:41:46Trying to turn it into a two-bedroom.
0:41:46 > 0:41:50If we can do that, then we move up a bracket from a one-bedroom to a two.
0:41:50 > 0:41:53That's the aim. Whether it can be done or not remains to be seen,
0:41:53 > 0:41:56but I think removing the staircase,
0:41:56 > 0:41:59taking the wall out of the second box room, for the use of a better word,
0:41:59 > 0:42:01taking that tank out a bit -
0:42:01 > 0:42:03you will have the space for a second bedroom.
0:42:03 > 0:42:06We are going to keep the lounge as it is,
0:42:06 > 0:42:10but that back end, as you can see, definitely needs opening right out
0:42:10 > 0:42:15because it's probably the worst designed ground floor I've ever seen in my life.
0:42:16 > 0:42:19I agree, it's definitely up there with one of the oddest layouts
0:42:19 > 0:42:23I've ever seen but with Chris living here, he hopes he can make it
0:42:23 > 0:42:27into a two-bed cottage with open-plan kitchen diner
0:42:27 > 0:42:30in just three to six months. How much will it all cost?
0:42:32 > 0:42:35It's a case of 5,000 spend, what it's going to be,
0:42:35 > 0:42:38so a cheapish kitchen, got to be double glazed,
0:42:38 > 0:42:40got to be central heated,
0:42:40 > 0:42:44so I've got a lot of contacts but it only goes so far.
0:42:46 > 0:42:49£5,000 is an optimistic budget for a new bathroom, kitchen,
0:42:49 > 0:42:52windows, stairs and a complete rejig of the layout,
0:42:52 > 0:42:56but hopefully with Chris's determination and support from Jill,
0:42:56 > 0:42:59they can get this cottage back on track.
0:42:59 > 0:43:04What drove them to property development in the first place?
0:43:04 > 0:43:07I'm fed up with taxiing and getting to something else would be nice.
0:43:07 > 0:43:10I get a lot of enjoyment from starting with something like this
0:43:10 > 0:43:13and ending up with something decent.
0:43:13 > 0:43:17There's no doubt that Chris has his work cut out
0:43:17 > 0:43:20especially given that minuscule budget.
0:43:20 > 0:43:24You can find out if this project went to plan later in the show.
0:43:31 > 0:43:34Well, time has passed since we last saw those properties
0:43:34 > 0:43:36and we're dying to find out what happened to them.
0:43:36 > 0:43:39Have they been transformed or encountered problems?
0:43:39 > 0:43:41Let's find out.
0:43:41 > 0:43:43We're now going back to Cumbria,
0:43:43 > 0:43:46just a short distance from the village of Little Broughton
0:43:46 > 0:43:49on the border of the Lake District National Park.
0:43:49 > 0:43:56Tina and her husband, Terry, had bought this one-bedroom stone mill cottage for £40,000.
0:43:56 > 0:44:00They live in Fylde in Lancashire and we met them with their dog Oshka.
0:44:00 > 0:44:03The couple have a holiday home in Spain and are both retired
0:44:03 > 0:44:07but after just eight weeks, Terry was asked to return
0:44:07 > 0:44:10for a year's contract at the baked bean factory where he worked.
0:44:10 > 0:44:15# My wife says I've not to put beans in my ears
0:44:15 > 0:44:17# Beans in my ears
0:44:17 > 0:44:18# Beans in my ears. #
0:44:18 > 0:44:21While Terry was counting beans at work,
0:44:21 > 0:44:25it seems he was going to be doing the opposite here given the budget they'd set.
0:44:25 > 0:44:2915,000? How you going to spend that? Gold taps!
0:44:31 > 0:44:34The couple were heading to Spain and when they got back
0:44:34 > 0:44:37they reckoned it would take around three months to do the work.
0:44:39 > 0:44:42Five and a half months later, we've returned.
0:44:42 > 0:44:45The cottage has been redecorated throughout.
0:44:45 > 0:44:47Those storage radiators have been removed
0:44:47 > 0:44:49and gas powered central heating installed.
0:44:51 > 0:44:55They've chosen a cottage style for the units in the kitchen.
0:44:58 > 0:45:00Upstairs in the former bathroom,
0:45:00 > 0:45:05they did successfully squeeze in a second bedroom and shower room.
0:45:11 > 0:45:15Although Terry had retired, he's been back at work
0:45:15 > 0:45:18so he only had weekends available for this project.
0:45:20 > 0:45:24Five weeks out of six, I was finishing work, driving up here,
0:45:24 > 0:45:27working over the weekend and going back to work on the Monday.
0:45:27 > 0:45:29Bit tiring but it was fine.
0:45:30 > 0:45:34So it's Tina who's been handling the negotiations with builders,
0:45:34 > 0:45:36picking the kitchen units
0:45:36 > 0:45:39and getting the central heating fired up.
0:45:39 > 0:45:44We had to get the gas laid on and there was an eight-week timescale...
0:45:44 > 0:45:46Waiting period for the gas, which we just had to sit out,
0:45:46 > 0:45:48there was not a lot we could do about it.
0:45:48 > 0:45:52The biggest problem was when we took the airing cupboard out and the water tank.
0:45:52 > 0:45:55Next-door's soil pipe was coming through into our house.
0:45:55 > 0:45:59That was the biggest difficulty, really, so we had to negotiate
0:45:59 > 0:46:01with him to get his soil pipe back into his house.
0:46:01 > 0:46:05So the waste pipe now comes directly out of the wall
0:46:05 > 0:46:07from the neighbours' property.
0:46:12 > 0:46:16Outside, the work around the windows and the doors has been repaired
0:46:16 > 0:46:18and part of the roof has been refelted.
0:46:19 > 0:46:23Terry's concerns about the damp were unfounded.
0:46:23 > 0:46:26Once the central heating was installed, everything dried out.
0:46:26 > 0:46:30They were keen to keep a cottage feel especially in the kitchen.
0:46:30 > 0:46:33We got a building company coming in to measure
0:46:33 > 0:46:35up and give us a quote.
0:46:35 > 0:46:39We decided which one we wanted which was more the cottagey style.
0:46:39 > 0:46:43I had to fight for my plate rack but I got it.
0:46:43 > 0:46:45Why the battle?
0:46:45 > 0:46:47Because I was negotiating with two men who felt
0:46:47 > 0:46:50that storage was more important than style.
0:46:51 > 0:46:55Well, you got both with that plate rack, and being so close
0:46:55 > 0:46:59to this lovely countryside, I wonder what Oshka thinks of the place.
0:46:59 > 0:47:01I think he's enjoyed it.
0:47:01 > 0:47:06- He's had a lot of sniffing around different lanes.- He's been very good.
0:47:06 > 0:47:09Once we start working, he just lies down on the carpet
0:47:09 > 0:47:11and lets us get on with it.
0:47:12 > 0:47:15I was surprised at the budget Terry and Tina set.
0:47:15 > 0:47:20£10-£15,000, so how much did the refurbishment cost?
0:47:20 > 0:47:25We came in under budget, round about 14,500.
0:47:25 > 0:47:28We didn't quite manage the gold-plated taps but what we did do
0:47:28 > 0:47:31is put a roof light into the bathroom to give natural light
0:47:31 > 0:47:35which put additional costs on that we weren't expecting initially.
0:47:37 > 0:47:40We invited two local property experts to take a look at this
0:47:40 > 0:47:45refurbished cottage that now offers two bedrooms instead of one.
0:47:45 > 0:47:47From when I first came on the property, I think
0:47:47 > 0:47:49that they've finished the property off well.
0:47:49 > 0:47:52The kitchen units are lovely and I think they've made the most
0:47:52 > 0:47:56of the space upstairs by adding a shower room and a second bedroom.
0:47:56 > 0:47:58What does the auctioneer who sold it think?
0:47:58 > 0:48:02I think they've made a really good job with the decor.
0:48:02 > 0:48:06They've retained the cottagey feel and the cottagey look to it.
0:48:06 > 0:48:09What a difference it's made creating the second bedroom.
0:48:09 > 0:48:13I don't think it makes any difference that they have changed the bathroom into a shower room.
0:48:13 > 0:48:17Most people do use showers these days rather than a bath.
0:48:17 > 0:48:20There is a small holiday let market in this area
0:48:20 > 0:48:22but I think it would do far better
0:48:22 > 0:48:26if it was exposed to the resale market or the rental market.
0:48:26 > 0:48:28Terry and Tina intend to sell
0:48:28 > 0:48:32but how much rental income could the cottage generate?
0:48:32 > 0:48:34On the rental market, I would advertise this property
0:48:34 > 0:48:36at £400 per calendar month.
0:48:36 > 0:48:42You'd achieve a figure of between £425 and 450 per calendar month.
0:48:42 > 0:48:44Those valuations mean there's
0:48:44 > 0:48:48a potential yield of between 8% and 11%.
0:48:48 > 0:48:50- That's quite reasonable. - Yes, quite good, that.
0:48:50 > 0:48:53That's more than I expected. But we're not renting it.
0:48:53 > 0:48:55What about the resale value?
0:48:55 > 0:49:00Is the cottage now worth more than the £54,500 the couple invested?
0:49:02 > 0:49:05I would value this property at £70,000 to £75,000.
0:49:05 > 0:49:08I think you would adopt an asking price of, say,
0:49:08 > 0:49:14£80,000 to perhaps anything down to £75,000.
0:49:14 > 0:49:19That £75,000 figure would mean a profit of £20,500,
0:49:19 > 0:49:22minus the usual tax and expenses.
0:49:25 > 0:49:27It's more or less what we expected.
0:49:27 > 0:49:30- Yes.- That's fine.
0:49:30 > 0:49:35In the meantime, Tina's about to head south to Spain for a few weeks.
0:49:35 > 0:49:39But what about Terry? His retirement seems to be full-on.
0:49:39 > 0:49:44I'll probably take Tina to Spain and then fly back and back to work.
0:49:44 > 0:49:48Until July. In July, that's it, I've finished completely.
0:49:49 > 0:49:51# It's something unpredictable
0:49:51 > 0:49:54# But in the end it's right
0:49:54 > 0:49:59# I hope you had the time of your life... #
0:49:59 > 0:50:02And what about Oshka? What's he going to do?
0:50:02 > 0:50:05Oshka's coming to Spain with me.
0:50:13 > 0:50:18It was back in 2007 when we first took a trip to
0:50:18 > 0:50:21Bagshot in Surrey to see what the auction catalogue
0:50:21 > 0:50:25described as "a mid-terrace cottage requiring modernisation,
0:50:25 > 0:50:28"but situated on a busy road."
0:50:28 > 0:50:32To my mind, this one-bed cottage wasn't just in need of updating,
0:50:32 > 0:50:36it required a complete rethink of the rather bizarre downstairs
0:50:36 > 0:50:40layout, with rooms built in rooms, creating corridors in odd places.
0:50:40 > 0:50:42And upstairs, there were two rooms -
0:50:42 > 0:50:46a double bedroom overlooking the road and then the boxroom.
0:50:46 > 0:50:49And when I'm talking about box, I'm talking about cardboard box.
0:50:49 > 0:50:52This thing is absolutely tiny.
0:50:52 > 0:50:56And, with the right of access at the back preventing any possible
0:50:56 > 0:50:58extensions, the cottage could only
0:50:58 > 0:51:01be rejigged on the footprint it sat on.
0:51:02 > 0:51:06But, for taxi drivers Chris and Jill, they felt there was an
0:51:06 > 0:51:11opportunity not only to improve the cottage, but to improve its value.
0:51:11 > 0:51:15So they bought it for £155,000 at auction and had quite
0:51:15 > 0:51:20ambitious plans for this, their third property venture together.
0:51:20 > 0:51:23Trying to turn it into a two-bedroom.
0:51:23 > 0:51:26If we do that, then we move up the bracket from a one bedroom to a two.
0:51:26 > 0:51:28In order to keep the cost down,
0:51:28 > 0:51:31the plan was for Chris to live in the cottage while doing
0:51:31 > 0:51:35some of the work and bringing in tradespeople where necessary.
0:51:35 > 0:51:38They were hoping to do it on a budget of just £5,000
0:51:38 > 0:51:41and a three to six month timescale.
0:51:41 > 0:51:44But, with the combination of the slow-down in the property
0:51:44 > 0:51:49market and Chris retiring, things haven't moved on quite as expected.
0:51:51 > 0:51:56So, now, over five years later, we're back.
0:51:59 > 0:52:02There's not only off-road parking,
0:52:02 > 0:52:05it seems the cottage is now more off-road itself.
0:52:08 > 0:52:11They started to rebuild this A30, which was completely unknown to me.
0:52:11 > 0:52:14I didn't know they were going to do all this.
0:52:14 > 0:52:17They've actually moved the A30 across by 16 feet.
0:52:17 > 0:52:20So it's given us a little private road coming down the side.
0:52:22 > 0:52:26The roof I got a grant from the council for, so there's
0:52:26 > 0:52:30a brand-new roof on it, both the flat roof and the main roof.
0:52:30 > 0:52:34With the outside sorted, Chris could turn his attention to the inside.
0:52:38 > 0:52:40So, the front reception room
0:52:40 > 0:52:45now houses the relocated stairs and has been completely refurbished.
0:52:45 > 0:52:47But the main challenge was always going to be
0:52:47 > 0:52:49that rather odd back area.
0:52:49 > 0:52:51Has that now been sorted?
0:52:53 > 0:52:54It sure has.
0:52:57 > 0:53:00What I've done here is I've opened the area right up.
0:53:00 > 0:53:03The bathroom was here, a small galley kitchen
0:53:03 > 0:53:07and I've literally put an RSJ across,
0:53:07 > 0:53:10put a skylight in to get the light in, moved all the drains,
0:53:10 > 0:53:12so that they still flow in the same way
0:53:12 > 0:53:16and then packed the bathroom from here and tucked it into the back.
0:53:18 > 0:53:21So, the bathroom was removed from its awkward
0:53:21 > 0:53:23position in the middle of the room
0:53:23 > 0:53:27and placed in a much more suitable space at the back of the cottage.
0:53:27 > 0:53:30And it was a case, then, of trying to sort these bedrooms out.
0:53:30 > 0:53:33Moving the stairs to a more central position in the cottage
0:53:33 > 0:53:37allowed Chris to even up the rooms upstairs.
0:53:37 > 0:53:40So now, instead of one large bedroom and one very small boxroom...
0:53:44 > 0:53:48..there are two decent-sized double bedrooms.
0:53:48 > 0:53:52So, it may have taken a while, but the cottage is now much improved.
0:53:54 > 0:53:59It was such a challenge and at one stage I thought, "I can't do this.
0:53:59 > 0:54:01"This one's going to beat me."
0:54:01 > 0:54:04But I'm one of those people, I just can't give up. I won't give up.
0:54:04 > 0:54:07It's a case of I keep on going, keep on going.
0:54:07 > 0:54:11And as you see the light at the end of the tunnel, you just work
0:54:11 > 0:54:13your way towards it and eventually you pop out of the other end.
0:54:13 > 0:54:17This cottage was meant to be a joint venue for Chris
0:54:17 > 0:54:19and fellow taxi driver Jill,
0:54:19 > 0:54:23but apart from some financial input from Jill, this has not only
0:54:23 > 0:54:27been very much Chris' project, it's also been his home.
0:54:27 > 0:54:30Now it's sufficiently finished to be put up for sale.
0:54:30 > 0:54:32So, where will he go from here?
0:54:32 > 0:54:36The idea is to sell it for as much as I can get for it, but it will
0:54:36 > 0:54:41give me enough capital, I'm hoping, to buy something in Wales outright.
0:54:41 > 0:54:45So it seems Chris hasn't been put off by this protracted project,
0:54:45 > 0:54:51but, after five years, I suspect the that £5,000 budget has melted away.
0:54:51 > 0:54:55I will have to do the figures, but I would say 30,000-ish,
0:54:55 > 0:54:58maybe slightly more. But that's including everything.
0:54:58 > 0:55:01That's including the mortgage payments, et cetera.
0:55:01 > 0:55:04Five years' mortgage payments is not going to be cheap, is it?
0:55:04 > 0:55:11£30,000 is quite an overspend on the original hoped for £5,000 budget.
0:55:11 > 0:55:15So, added to the initial purchase price of 155,000,
0:55:15 > 0:55:18their total will be at £185,000.
0:55:18 > 0:55:21How much has the time delay cost them?
0:55:21 > 0:55:25What do two local estate agents make of the rejigged cottage?
0:55:25 > 0:55:27It's a nicely presented property.
0:55:27 > 0:55:30It's got a lot of character and it's in a convenient position,
0:55:30 > 0:55:32walking distance to the village.
0:55:32 > 0:55:34It's a vast improvement to have a double second bedroom,
0:55:34 > 0:55:37because, at the time that I came to see it the first time round,
0:55:37 > 0:55:39it was a very small second bedroom.
0:55:39 > 0:55:41I think the kitchen-diner is nicely designed.
0:55:41 > 0:55:45It's nice, open plan, which is the design that people like today.
0:55:46 > 0:55:49Chris is keen to sell the property and move on now.
0:55:49 > 0:55:51Remember, he said at the beginning that he
0:55:51 > 0:55:55and Jill always set off with a target of a £20,000 profit.
0:55:55 > 0:55:59So far, they've spent £155,000 on the purchase
0:55:59 > 0:56:05and 30,000 on the renovation, which makes an investment of 185,000.
0:56:05 > 0:56:09What do the experts think this cottage could get if sold on?
0:56:09 > 0:56:14I would expect it to achieve in the region of £205,000.
0:56:14 > 0:56:17I'd market this property in the region of £205,000,
0:56:17 > 0:56:20and look to achieve offers of 200 and above.
0:56:20 > 0:56:24- CHRIS:- 205? That's a bit lower than I thought.
0:56:24 > 0:56:29I was hoping to clear 210, and it's up at the moment at 215.
0:56:29 > 0:56:33Well, if Chris does get his hoped for £210,000 price tag,
0:56:33 > 0:56:37that would be a potential pre-tax profit of 25,000, so perhaps,
0:56:37 > 0:56:40after all, this project has worked out OK.
0:56:40 > 0:56:43One thing's for certain, it doesn't seem to have put him
0:56:43 > 0:56:45off buying more properties.
0:56:46 > 0:56:49I'll never give up property. I've got a passion for it. I just love it.
0:56:52 > 0:56:54Well, that's all we've got time for today,
0:56:54 > 0:56:56but we'll have plenty more for you next time.
0:56:56 > 0:56:59So, join us then for more Homes Under The Hammer.
0:56:59 > 0:57:00- Goodbye.- Goodbye.
0:57:04 > 0:57:07Subtitles by Red Bee Media Ltd