Browse content similar to Episode 3. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Despite all the doom and gloom in the news, | 0:00:02 | 0:00:04 | |
the property market can still be a tempting place to put your money. | 0:00:04 | 0:00:08 | |
But it is vital to do your research. | 0:00:08 | 0:00:12 | |
But, by buying under the hammer, you can get yourself a bargain. | 0:00:12 | 0:00:17 | |
If you like variety and good value, | 0:00:42 | 0:00:44 | |
then and auction house may be just for you. | 0:00:44 | 0:00:47 | |
Here are the properties that lured our buyers on today's programme. | 0:00:47 | 0:00:51 | |
When we first saw this delightful Devon property, | 0:00:52 | 0:00:55 | |
it had been abandoned mid-renovation. | 0:00:55 | 0:00:58 | |
We returned to see how it finally turned out. | 0:00:58 | 0:01:01 | |
And in Donnington, Shropshire, there's a house that dazzles me. | 0:01:02 | 0:01:07 | |
Let's just say the canary yellow has not gone unnoticed with the textured wallpaper. | 0:01:07 | 0:01:11 | |
In the village of Brandon near Durham, I find a semi, which just keeps on giving. | 0:01:12 | 0:01:17 | |
If this was just it, it'd be OK. But there's more. | 0:01:17 | 0:01:22 | |
The properties were sold at auctions. We'll find out who bought them and what they paid | 0:01:25 | 0:01:29 | |
when they went under the hammer. | 0:01:29 | 0:01:31 | |
Sold. | 0:01:31 | 0:01:32 | |
We're going to revisit a property I fell in love with in Devon. | 0:01:35 | 0:01:40 | |
It's been a year since I was last in the cute village of Crediton, | 0:01:40 | 0:01:44 | |
where I was smitten by this characterful place, which had been stripped back | 0:01:44 | 0:01:50 | |
to its bare bones. | 0:01:50 | 0:01:51 | |
Hmm... | 0:01:54 | 0:01:57 | |
Pretty bad. | 0:01:57 | 0:01:58 | |
Gosh! Well, um... | 0:01:58 | 0:02:01 | |
It's not what I expected. This is not your usual mid-terrace, that's for sure. | 0:02:01 | 0:02:07 | |
Look at these floorboards and look at these beams. | 0:02:07 | 0:02:11 | |
Woah! That is oak. It looks like it's had woodworm in its time. | 0:02:11 | 0:02:17 | |
But how much character can a small place possibly have? | 0:02:17 | 0:02:22 | |
Let's try and describe this. | 0:02:22 | 0:02:24 | |
It's obviously got solid stone walls, | 0:02:24 | 0:02:26 | |
judging by the depth of that reveal there. | 0:02:26 | 0:02:29 | |
You've got this front area here with a wooden floor. | 0:02:29 | 0:02:32 | |
Probably a cellar underneath there. | 0:02:32 | 0:02:35 | |
Then this amazingly characterful bit of step | 0:02:35 | 0:02:39 | |
leading to the rear of the property, where you've got this, sort of, I don't know, | 0:02:39 | 0:02:44 | |
amazing wood-burning cooker. More beams set into the plaster. | 0:02:44 | 0:02:50 | |
Ah... | 0:02:50 | 0:02:52 | |
Wow! | 0:02:52 | 0:02:54 | |
# Speechless | 0:02:54 | 0:02:56 | |
# Speechless | 0:02:56 | 0:02:57 | |
# That's how you make me feel # | 0:02:57 | 0:03:00 | |
It does feel like you're stepping back in time here. | 0:03:00 | 0:03:04 | |
There's no central heating and just the dirt floor at the back. | 0:03:04 | 0:03:08 | |
And, at the moment, it feels quite dark and cramped. | 0:03:08 | 0:03:11 | |
What surprised me upstairs is that there seems to be more space than there is downstairs. | 0:03:11 | 0:03:17 | |
You've got a fairly decent-size loo and bathroom. | 0:03:17 | 0:03:22 | |
A little set of stairs, which leads up to an attic area up there. | 0:03:22 | 0:03:26 | |
And this is your one bedroom. But the fact that, obviously, | 0:03:26 | 0:03:30 | |
someone stripped away the ceiling in here, it gives it a real feeling | 0:03:30 | 0:03:34 | |
- I never thought I'd use this word - of space. | 0:03:34 | 0:03:37 | |
What would I do? Straightaway, I'm thinking maybe create an open-plan | 0:03:37 | 0:03:44 | |
mezzanine floor, galleried perhaps, looking down | 0:03:44 | 0:03:48 | |
on to this area. Create an extra bedroom there but not separated out. | 0:03:48 | 0:03:54 | |
You've got yourself one heck of a charming property here, really. | 0:03:54 | 0:03:58 | |
Yes, lots of work. Yes, it's grade-two listed, | 0:03:58 | 0:04:02 | |
so you'll have to get approval for things. | 0:04:02 | 0:04:04 | |
But worth it? Oh, I think so. | 0:04:04 | 0:04:08 | |
On second thoughts, I don't think there's enough ceiling height | 0:04:08 | 0:04:12 | |
to make the attic space a proper second bedroom. | 0:04:12 | 0:04:14 | |
The attic stairs are too steep to meet building regulations. | 0:04:14 | 0:04:18 | |
You'd need to put a window in the roof | 0:04:18 | 0:04:21 | |
and the listed buildings office might not be happy with that. | 0:04:21 | 0:04:25 | |
At the rear of the property, the challenge is... | 0:04:25 | 0:04:28 | |
Well, they don't get any less, to be honest. | 0:04:28 | 0:04:30 | |
This is the rear door of the house. That little window, that's it. The rest of the stuff | 0:04:30 | 0:04:37 | |
in this courtyard is other people's property. It's a shared courtyard, so you have access out the back. | 0:04:37 | 0:04:43 | |
But when it comes to things like party walls, doing renovation works and not upsetting the neighbours, | 0:04:43 | 0:04:49 | |
when it comes to just defining, when it comes to being a solicitor, | 0:04:49 | 0:04:55 | |
who owns what, it's a nightmare. | 0:04:55 | 0:04:59 | |
# You're welcome to my nightmare, yeah # | 0:04:59 | 0:05:03 | |
Many calculations to make and lots to do to this listed | 0:05:03 | 0:05:08 | |
freehold house. With no kitchen in place, it may not be mortgageable either. | 0:05:08 | 0:05:13 | |
But what's a nightmare for one person could be a dream investment for another. | 0:05:13 | 0:05:17 | |
Especially at that relatively low guide price of 55 to 65,000. | 0:05:17 | 0:05:21 | |
Well, let's be realistic about this. | 0:05:23 | 0:05:26 | |
The fact that it's fallen to pieces inside will cause you problems. | 0:05:26 | 0:05:30 | |
The fact it's grade-two listed will cause you problems. | 0:05:30 | 0:05:33 | |
The fact that there's no space for a skip will cause you problems. | 0:05:33 | 0:05:36 | |
But I don't care. I love it. | 0:05:36 | 0:05:38 | |
I'm sure somebody fell in love with it when it went under the hammer. | 0:05:38 | 0:05:42 | |
A charming mid-terrace, grade-two listed house. Guide price is 55-60. | 0:05:42 | 0:05:48 | |
To start at 50,000 would be very nice. | 0:05:48 | 0:05:51 | |
Straightaway at 50. And 1. 50,000. | 0:05:51 | 0:05:55 | |
And 51. And 52. | 0:05:55 | 0:05:58 | |
And 52,000. And 53. | 0:05:58 | 0:06:01 | |
53. And 54. 54. And 55. | 0:06:01 | 0:06:05 | |
56. 56,000. 57. | 0:06:05 | 0:06:08 | |
57. 58. | 0:06:08 | 0:06:10 | |
58,000. 59 now. Take a half if it helps you. | 0:06:10 | 0:06:14 | |
Yeah, 58 and a half. 59 now. | 0:06:14 | 0:06:17 | |
£59,000. 60 for knockout. | 0:06:17 | 0:06:21 | |
It's with you at £59,000. Any advance on 59. | 0:06:21 | 0:06:24 | |
Are we sure we're all done | 0:06:24 | 0:06:27 | |
at £59,000? Are we quite sure we're all done? | 0:06:27 | 0:06:30 | |
It's sold to you. £59,000. | 0:06:30 | 0:06:34 | |
# You bought it | 0:06:34 | 0:06:36 | |
# You bought it # | 0:06:36 | 0:06:38 | |
That final bid of 59,000 came from Devon-based Charlotte. | 0:06:38 | 0:06:43 | |
She works part-time in a primary school | 0:06:43 | 0:06:45 | |
and is mother to George and Lily. | 0:06:45 | 0:06:48 | |
While the kids play, I found out more about her plans for this, her first property investment. | 0:06:48 | 0:06:53 | |
-Charlotte. -Hi. -Congratulations. | 0:06:55 | 0:06:57 | |
-Thank you. -Wow! Well, it's not your average house, is it? | 0:06:57 | 0:07:00 | |
No, no. I wasn't expecting to buy it but I'm glad I have. | 0:07:00 | 0:07:04 | |
-You weren't expecting to buy it? -I'd never been to an auction, I went to see what happened. | 0:07:04 | 0:07:09 | |
But the bidding carried on, whizzed up | 0:07:09 | 0:07:12 | |
and then came to a point and stopped just under my limit. | 0:07:12 | 0:07:17 | |
-Oh. -So I put my hand up knowing that if anyone else bid that was me out and nobody did. | 0:07:17 | 0:07:22 | |
Well, that is how it works at auction. | 0:07:22 | 0:07:25 | |
If you put your hand up, you've got to be prepared for the fact that you might buy it. | 0:07:25 | 0:07:29 | |
Charlotte had viewed it before the auction but was more interested in another property. | 0:07:29 | 0:07:34 | |
However, the low guide price for this one proved just too tempting. | 0:07:34 | 0:07:38 | |
So, have you done anything like this before? | 0:07:38 | 0:07:41 | |
Not on my own. I have done up an old farmhouse before. | 0:07:41 | 0:07:45 | |
Um... And my parents have been in property renovation for a while. | 0:07:45 | 0:07:50 | |
This is your first renovation project really. | 0:07:50 | 0:07:52 | |
-Yes. -And your first auction purchase? -Yes. | 0:07:52 | 0:07:54 | |
The expression "in at the deep end" springs to mind. | 0:07:54 | 0:07:57 | |
A little bit. At least I don't have any ripping out to do, it's all done for me. | 0:07:57 | 0:08:03 | |
-Blank canvas. -Looking on the bright side. | 0:08:03 | 0:08:06 | |
Um, so tell me what you're going to do with it. How are you going to sort it out? | 0:08:06 | 0:08:11 | |
I'm not doing any major works in there. I want to leave everything, the layout, as it is. | 0:08:11 | 0:08:16 | |
Obviously, put a ceiling back in the bedroom. Just board that out | 0:08:16 | 0:08:20 | |
because there is a second staircase going up to the attic. It would be an attic room | 0:08:20 | 0:08:24 | |
-not an official second bedroom. -But you will open up the attic room? -Yes. -OK. | 0:08:24 | 0:08:29 | |
New kitchen, obviously. | 0:08:29 | 0:08:31 | |
Where? Where's it going to go? | 0:08:31 | 0:08:34 | |
The kitchen we'll fit in at the front. Already worked out, we can squeeze everything in. | 0:08:34 | 0:08:39 | |
Charlotte has a budget of up to £20,000 including legal fees. | 0:08:41 | 0:08:46 | |
And a practical timescale of six months. | 0:08:46 | 0:08:49 | |
She plans to do as much of the work herself as possible, bringing in tradespeople for the skilled jobs. | 0:08:49 | 0:08:54 | |
She's also got two willing helpers in her children, | 0:08:54 | 0:08:58 | |
George and Lily, as I discovered. | 0:08:58 | 0:09:00 | |
-Tell me what you're going to do. -We are going to do quite a lot. | 0:09:00 | 0:09:03 | |
We get to use a lot of tools and stuff, which will be quite fun. | 0:09:03 | 0:09:07 | |
Lily, what are you going to do? | 0:09:07 | 0:09:09 | |
I might help with putting slate in the living room floor. | 0:09:09 | 0:09:15 | |
She'll probably do a lot of painting because girls are better at that. | 0:09:15 | 0:09:18 | |
Well, that was back in October 2011. | 0:09:18 | 0:09:22 | |
When we first returned nine months later, | 0:09:22 | 0:09:26 | |
things hadn't moved at quite the pace Charlotte had planned. | 0:09:26 | 0:09:30 | |
It's progressed slower than I hoped it would. | 0:09:33 | 0:09:36 | |
But it has been a big learning curve. | 0:09:36 | 0:09:39 | |
But I'm pleased now I'm getting to a stage where, every day I spend here, | 0:09:39 | 0:09:42 | |
I can see a difference at the end of it. So I'm on the final bit. | 0:09:42 | 0:09:47 | |
Charlotte is slowly but surely bringing this cottage back to life. | 0:09:50 | 0:09:55 | |
I've been doing an awful lot of work myself. | 0:09:56 | 0:09:58 | |
I've had electricians, plumbers and a plasterer in. | 0:09:58 | 0:10:03 | |
But beyond that, all the work I've done has been me. | 0:10:03 | 0:10:07 | |
# She's a hard-working woman | 0:10:07 | 0:10:11 | |
# If you only knew | 0:10:11 | 0:10:14 | |
This had been no quick lick of paint makeover. | 0:10:16 | 0:10:20 | |
It's been a lot of hard graft. | 0:10:20 | 0:10:23 | |
Trying to put the ceiling joists in, | 0:10:25 | 0:10:27 | |
just me by myself, it would have been quite a quick job | 0:10:27 | 0:10:30 | |
if I'd had somebody holding the other end of the timbers. | 0:10:30 | 0:10:33 | |
But working on my own it has taken a lot longer. | 0:10:33 | 0:10:36 | |
# She's a hard-working woman | 0:10:37 | 0:10:39 | |
# If you only knew # | 0:10:39 | 0:10:42 | |
This is the room probably with the biggest change | 0:10:44 | 0:10:47 | |
because, if you recall, there was no ceiling in here. | 0:10:47 | 0:10:50 | |
So you ere looking up to the underside of the slate tiles. | 0:10:50 | 0:10:54 | |
So putting the ceiling in, | 0:10:54 | 0:10:57 | |
stripping all the wallpaper off, redecorating. | 0:10:57 | 0:10:59 | |
Really pleased with the size of the room now it's all cleared out. | 0:10:59 | 0:11:03 | |
Just need a carpet down and this one's nearly finished. | 0:11:03 | 0:11:06 | |
Ever the optimist, Charlotte had already bought | 0:11:07 | 0:11:10 | |
the fixtures and fittings for her kitchen and bathroom. | 0:11:10 | 0:11:13 | |
But as she slowly worked her way through this period feature-rich house, | 0:11:13 | 0:11:18 | |
the bathroom and kitchen caused her the biggest delays. | 0:11:18 | 0:11:21 | |
There was hardly a right angle in the house. | 0:11:21 | 0:11:24 | |
And these areas were no different. | 0:11:24 | 0:11:27 | |
But Charlotte did have some specialist help with the wonky walls. | 0:11:28 | 0:11:33 | |
George and Lily haven't been here as much as they originally hoped. | 0:11:33 | 0:11:37 | |
But they did come down on Saturday and paint the bathroom wall. | 0:11:37 | 0:11:41 | |
So they have done their bit now. | 0:11:41 | 0:11:44 | |
And a very nice job they made of it too. | 0:11:44 | 0:11:47 | |
Charlotte had spent around £10,000 of her £20,000 budget | 0:11:49 | 0:11:53 | |
to get the house to this stage. | 0:11:53 | 0:11:55 | |
She was well on the way to finishing it and moving on to the next one | 0:11:55 | 0:11:59 | |
in her bid to fund a new home for herself and her two children. | 0:11:59 | 0:12:04 | |
Join us later in the show, when we see if she finally turned this | 0:12:04 | 0:12:08 | |
quirky little house into a place someone would be proud to call home. | 0:12:08 | 0:12:12 | |
This is Telford in Shropshire. | 0:12:20 | 0:12:22 | |
It's a modern town with shiny new developments and a population that's ever growing. | 0:12:22 | 0:12:27 | |
But perhaps my favourite thing about Telford, | 0:12:27 | 0:12:29 | |
apart from the glorious countryside, | 0:12:29 | 0:12:31 | |
is the fact that the average house price around here | 0:12:31 | 0:12:34 | |
is £80,000 under the national average. | 0:12:34 | 0:12:37 | |
The property I am here to see is, in fact, in Donnington. | 0:12:39 | 0:12:43 | |
A former coalmining town surrounded by lovely countryside. | 0:12:43 | 0:12:48 | |
Also, home to an MOD base and there's plenty of local shops. | 0:12:48 | 0:12:51 | |
The house itself has got three bedrooms. | 0:12:51 | 0:12:54 | |
It has a guide price of just £50,000. | 0:12:54 | 0:12:58 | |
There's already a lot to like about this place. | 0:12:58 | 0:13:01 | |
It's tucked down a quiet cul-de-sac. | 0:13:01 | 0:13:03 | |
There's a pleasant bit of green open space | 0:13:03 | 0:13:06 | |
with plenty of trees to look out on | 0:13:06 | 0:13:08 | |
and a decent-sized front garden | 0:13:08 | 0:13:11 | |
that could be made more attractive once tidied and flowers planted. | 0:13:11 | 0:13:15 | |
I'm certainly feeling positive vibes walk into this house. | 0:13:15 | 0:13:19 | |
The lounge is much bigger than I expected. | 0:13:19 | 0:13:22 | |
A lovely space. You could fit sofas in there and a family TV. | 0:13:22 | 0:13:25 | |
There's central heating, which is a really good sign. | 0:13:25 | 0:13:29 | |
Let's just say the canary yellow has not gone unnoticed with the textured wallpaper. | 0:13:29 | 0:13:35 | |
It does give the hallway quite a sort of closed-in feeling. | 0:13:35 | 0:13:38 | |
And you've got a second reception room towards the back of the property. | 0:13:38 | 0:13:42 | |
I really like this space. It would be wonderful to have a great big family table here. | 0:13:42 | 0:13:48 | |
And the kitchen is just here. | 0:13:48 | 0:13:51 | |
So you've got a couple of options. | 0:13:51 | 0:13:53 | |
You could knock this down. | 0:13:53 | 0:13:55 | |
Or if you don't want to take down the kitchen wall, | 0:13:55 | 0:13:57 | |
it's not like you have to walk far to put the food on the table, | 0:13:57 | 0:14:00 | |
you could widen this doorway to have a bigger opening | 0:14:00 | 0:14:04 | |
so you've got an easy walk through. | 0:14:04 | 0:14:07 | |
Also, what I'm spying is a couple of storage sheds. | 0:14:07 | 0:14:10 | |
Again, great for families. You can get all the kids' bikes, | 0:14:10 | 0:14:14 | |
all the junk that a family brings. They are really good to have. | 0:14:14 | 0:14:18 | |
All in all, you get a lot for your money with this house. | 0:14:18 | 0:14:21 | |
Don't forget, the guide price - 50 grand. | 0:14:21 | 0:14:24 | |
# We've already said... | 0:14:24 | 0:14:27 | |
Colourful it may be but I'd treat this house as a blank canvas. | 0:14:27 | 0:14:30 | |
# ..goodbye | 0:14:30 | 0:14:32 | |
Who knows what's lurking underneath the textured wallpaper and tatty carpets. | 0:14:32 | 0:14:37 | |
# Since you've got to go, oh you'd better go now | 0:14:37 | 0:14:42 | |
You will need a new kitchen and that downstairs loo will need a total refit if it's to stay. | 0:14:42 | 0:14:48 | |
Upstairs, there are three bedrooms. At the front, | 0:14:49 | 0:14:51 | |
there's one single and a decent-size double. | 0:14:51 | 0:14:55 | |
While at the back, there's a large double bedroom and a bathroom | 0:14:55 | 0:14:58 | |
so green but I doubt anyone would be envious of it. | 0:14:58 | 0:15:01 | |
All in all, it's in need of some serious redecoration and rewiring. | 0:15:01 | 0:15:07 | |
To the rear of the house, as well as the sheds, | 0:15:09 | 0:15:13 | |
the back garden to be is a good size even if it is a bit tired. | 0:15:13 | 0:15:18 | |
# Since you've got to go, oh you'd better go now # | 0:15:18 | 0:15:22 | |
So, who is this property going to appeal to? | 0:15:22 | 0:15:25 | |
Well, young families moving up from a flat maybe. | 0:15:25 | 0:15:29 | |
But my money is on rental investors who'll be more than tempted | 0:15:29 | 0:15:34 | |
by the potential £550 per month that this place could generate, | 0:15:34 | 0:15:39 | |
which adds up to an 11% return on your cash. Appealing indeed. | 0:15:39 | 0:15:45 | |
The area around Telford nearly always delivers fabulous rental yields. | 0:15:45 | 0:15:51 | |
So I hope this property is no exception. | 0:15:51 | 0:15:53 | |
I've allowed £10,000 spend in my calculations for the rental return. | 0:15:53 | 0:15:57 | |
Which should be just about doable considering the heating's already there. | 0:15:57 | 0:16:01 | |
We asked a local estate agent what he though of this Donnington number | 0:16:05 | 0:16:10 | |
guided at offers over 50,000. | 0:16:10 | 0:16:12 | |
First impression of the property is that it's a good-size three-bedroom family home. | 0:16:14 | 0:16:20 | |
This would be good for resale or rental | 0:16:20 | 0:16:22 | |
because the rental yields can be good on these properties. | 0:16:22 | 0:16:26 | |
Get it on the rental market and it would rent very quickly. | 0:16:26 | 0:16:29 | |
Once the house is refurbished, what could it attract on the rental market? | 0:16:29 | 0:16:34 | |
If this was to go on the rental market, I would recommend £550 per calendar month. | 0:16:34 | 0:16:39 | |
We're clearly in agreement on that rental figure of £550 per calendar month. | 0:16:39 | 0:16:44 | |
But what could it get if refurbished and sold on the open market? | 0:16:44 | 0:16:50 | |
If this was to go on the sales market, I would suggest an asking price of £90,000. | 0:16:50 | 0:16:54 | |
There's a bit of instant profit here for sure. | 0:16:54 | 0:16:58 | |
But with that rental yield, I think this Donnington home is definitely a keeper. | 0:16:58 | 0:17:04 | |
Let's see who bought it and what they thought at the auction. | 0:17:04 | 0:17:07 | |
Lot 83. Back to Telford. | 0:17:07 | 0:17:10 | |
Three-bedroom end townhouse requiring modernisation. | 0:17:10 | 0:17:13 | |
35 can I say to start? | 0:17:13 | 0:17:15 | |
35 bid, right in the middle. | 0:17:15 | 0:17:17 | |
40. At 40,000. | 0:17:17 | 0:17:19 | |
45 standing. | 0:17:19 | 0:17:21 | |
OK. 50. Lady's bid. Now 50. | 0:17:21 | 0:17:23 | |
55. | 0:17:23 | 0:17:26 | |
£60,000. Shaking his head. Lady's bid. £60,000. | 0:17:26 | 0:17:31 | |
61, I'll go now. 61 on the phone. | 0:17:31 | 0:17:34 | |
62. | 0:17:34 | 0:17:38 | |
63 it will cost you on the phone. | 0:17:38 | 0:17:40 | |
Yeah, 63. | 0:17:42 | 0:17:44 | |
64. | 0:17:44 | 0:17:46 | |
Out. 64. Bid's in the room. | 0:17:46 | 0:17:48 | |
£64,000. 65, anywhere else? | 0:17:48 | 0:17:51 | |
At £64,000. | 0:17:51 | 0:17:53 | |
Are we all done? At £64,000 for the first time. | 0:17:53 | 0:17:58 | |
At £64,000 for the second time. | 0:17:58 | 0:18:01 | |
Third and final time, 64,000. | 0:18:01 | 0:18:04 | |
Yours, madam, well done. | 0:18:04 | 0:18:05 | |
A successful bid of 64,000, £14,000 over the guide price, | 0:18:05 | 0:18:11 | |
was made by hairdresser Julia and painter and decorator husband Gary. | 0:18:11 | 0:18:16 | |
# Make me a picture | 0:18:16 | 0:18:18 | |
# Paint me a scene # | 0:18:18 | 0:18:21 | |
They bought this property as a buy-to-let. I met them back there to find out more. | 0:18:21 | 0:18:26 | |
Gary and Julia, congratulations. | 0:18:26 | 0:18:28 | |
-Thank you very much. -You must be pleased you got this on auction day. -Very, very pleased. | 0:18:28 | 0:18:33 | |
-Was this your first auction? -No, it wasn't. | 0:18:33 | 0:18:36 | |
We weren't successful at the first auction. | 0:18:36 | 0:18:38 | |
So we decided we'd make a game plan, we looked at four properties round the area. | 0:18:38 | 0:18:43 | |
-The first one went. -Yeah. -We were outbid. | 0:18:43 | 0:18:46 | |
This was the house we preferred and fortunately we got it. | 0:18:46 | 0:18:49 | |
So this was the house you wanted? | 0:18:49 | 0:18:52 | |
-This was the house we wanted. -Sometimes, it's not good to win a house in your first auction. | 0:18:52 | 0:18:57 | |
-It's good to sit through it and watch how it works. -It's exciting. | 0:18:57 | 0:19:01 | |
We've never done it before. It's quite nerve-racking bidding. | 0:19:01 | 0:19:04 | |
-I was bidding, I was like, "Ooh!" -On the first, we thought we'd got a property. | 0:19:04 | 0:19:08 | |
Then, at the last minute, somebody else bid and then it goes on. | 0:19:08 | 0:19:12 | |
-We couldn't. -We had to shut off. I was like, "Julia, stop! Stop!" | 0:19:12 | 0:19:15 | |
-That's it, no more. -Did you both come on the viewing for this? | 0:19:15 | 0:19:19 | |
-No, we didn't. -No. | 0:19:19 | 0:19:21 | |
You didn't? You just looked from outside? | 0:19:21 | 0:19:23 | |
Yeah, we looked outside. I know the area, I know the houses. | 0:19:23 | 0:19:26 | |
We had a look at the other houses around to get an idea of what sort of thing we're getting. | 0:19:26 | 0:19:31 | |
Our daughter said, Imogen and Amelia, a gentleman walked out | 0:19:31 | 0:19:35 | |
from the neighbourhood, Imogen said, "He's got a Jack Russell." | 0:19:35 | 0:19:38 | |
-The dog clinched the deal for your daughters. It was. Imogen said, -"It's definitely the one." | 0:19:38 | 0:19:43 | |
# Move over old dog cos a new dog is moving in # | 0:19:43 | 0:19:48 | |
If only all property decisions were as easily made. | 0:19:48 | 0:19:52 | |
But the neighbour's pooch is no substitute for looking around a potential purchase, Gary and Julia. | 0:19:52 | 0:19:58 | |
Still, having now seen inside, what are they planning to do? | 0:19:58 | 0:20:02 | |
Well, Gary's a decorator by trade. | 0:20:02 | 0:20:05 | |
Strip all the walls off, probably cross line them, | 0:20:05 | 0:20:08 | |
paint them in a neutral colour all the way through. | 0:20:08 | 0:20:11 | |
Julia, are you going to help out? Are you going to be Gary's glamorous assistant? | 0:20:11 | 0:20:16 | |
-I can paint too. -Can you? -Yes, I'm good with a roller. -Good. | 0:20:16 | 0:20:19 | |
Are you going to be on board? I know you've got two daughters. | 0:20:19 | 0:20:23 | |
-They'll help as well. -They will be too? -They'll be rolling as well. Yes, they'll be involved. | 0:20:23 | 0:20:28 | |
What about the rest of the house? It needs carpeting, a new kitchen and bathroom. | 0:20:28 | 0:20:32 | |
We've got plans for that. I've got various friends that will help me. | 0:20:32 | 0:20:35 | |
We deal with different trades. | 0:20:35 | 0:20:39 | |
Lots of friends and family to help out. What about alterations? | 0:20:39 | 0:20:43 | |
I'm looking at the kitchen. Normally, I'd walk in and say, | 0:20:43 | 0:20:47 | |
"Let's get that wall down, let's open the space up." | 0:20:47 | 0:20:49 | |
But here I thought you could widen the doorway. | 0:20:49 | 0:20:52 | |
Maybe it wouldn't be for everybody, opening it up and taking the wall down. | 0:20:52 | 0:20:56 | |
-What is your preferred option? -I'd like to take the wall down. | 0:20:56 | 0:20:59 | |
As a mum, you like to have an open kitchen living area, really. | 0:20:59 | 0:21:04 | |
I know I'm not going to be living here | 0:21:04 | 0:21:06 | |
-but that's what I would like. -It would really work for families. | 0:21:06 | 0:21:10 | |
-It would, yeah. -So you're involved in the two rooms together. | 0:21:10 | 0:21:13 | |
-Who's going to do that? -I'll sort that out. | 0:21:13 | 0:21:16 | |
Why are you doing this? What is your game plan for the future? | 0:21:16 | 0:21:20 | |
As my 11-year-old daughter said, this is her pension. | 0:21:20 | 0:21:23 | |
-She said that? -She said that to my dad. | 0:21:23 | 0:21:28 | |
-Is that what you're doing this for? -Well, long term, yeah. | 0:21:28 | 0:21:31 | |
We're self-employed and pensions aren't worth a lot nowadays. | 0:21:31 | 0:21:35 | |
This is a way of saving money for the future. | 0:21:35 | 0:21:39 | |
-What do you do? -I'm a hairdresser. -Are you going to have spare time to help your husband? | 0:21:39 | 0:21:45 | |
I'll be here in the evenings and at weekends, yeah. | 0:21:45 | 0:21:47 | |
What about the budget? You'll be doing most of the work. How much will you need to spend? | 0:21:47 | 0:21:52 | |
Carpets around about the £2,000, possibly £2,500 mark. | 0:21:52 | 0:21:57 | |
Redecoration, £2,000 to £2,500. | 0:21:57 | 0:22:00 | |
Kitchen, not sure yet. We're not sure how far we want to go with it. | 0:22:00 | 0:22:05 | |
What's your overall budget? Come on. How much have you got to spend? | 0:22:05 | 0:22:09 | |
Overall budget, we're probably looking at 6 or £7,000. | 0:22:09 | 0:22:14 | |
-Really? -Yep. So... | 0:22:14 | 0:22:16 | |
-It could be variable. -Depends. -It depends on the kitchen. | 0:22:16 | 0:22:20 | |
I'm able to do a lot of the work, which is going to cut down a massive amount of expense. | 0:22:20 | 0:22:25 | |
-If you can get this whole house done for 6 too £7,000, I'll eat my hat. -We'll be doing all right. | 0:22:25 | 0:22:29 | |
-We're not making any promises. -I would have said at least £10,000. | 0:22:29 | 0:22:33 | |
-It's quite a big space. -It's a lot of space. | 0:22:33 | 0:22:36 | |
The bedrooms, the toilet out the back, a bit of work needs doing. | 0:22:36 | 0:22:40 | |
-A few areas you need to concentrate on. -Yes, yes, I totally agree. | 0:22:40 | 0:22:45 | |
How long until we can come back and have a look at it? | 0:22:45 | 0:22:48 | |
-Probably six weeks, we're trying to gauge it on about six weeks. -Yeah. | 0:22:48 | 0:22:52 | |
Do you really think six weeks and six grand? | 0:22:52 | 0:22:55 | |
-Yes, seven grand. -Oh, you're going up now. | 0:22:55 | 0:22:58 | |
-No, no. -Six weeks to six to seven grand. | 0:22:58 | 0:23:01 | |
Six to seven grand, yes. | 0:23:01 | 0:23:03 | |
Six weeks, that's having a guideline to set sail on, really. | 0:23:03 | 0:23:08 | |
We'll see how it goes once we start. | 0:23:08 | 0:23:11 | |
Obviously, what we're going to uncover, various things like that. | 0:23:11 | 0:23:15 | |
-I'm looking forward to seeing this. Good luck. -Thank you. -Lovely meeting you. | 0:23:15 | 0:23:19 | |
Well done, Gary. Julia, thank you. | 0:23:19 | 0:23:22 | |
6 to 7,000 for the whole house? | 0:23:22 | 0:23:26 | |
I think that might be just a tad optimistic. | 0:23:26 | 0:23:29 | |
Still, get the kids working on their own pension pot and they might just pull it in under ten grand. | 0:23:29 | 0:23:34 | |
You can find out if they do later on in the programme. | 0:23:34 | 0:23:38 | |
Coming up, in the village of Brandon in County Durham, | 0:23:39 | 0:23:42 | |
it's a loft conversion I presume. | 0:23:42 | 0:23:45 | |
So definitely worth exploring. | 0:23:45 | 0:23:48 | |
In Donnington near Telford, property developers seem to get younger. | 0:23:49 | 0:23:53 | |
We had to put the dustsheets down. | 0:23:53 | 0:23:55 | |
Then we had to tip paint into the bucket. | 0:23:55 | 0:23:59 | |
But first, we return to Devon to see if Charlotte can bear to leave the house now it's finally finished. | 0:24:00 | 0:24:05 | |
I've fallen in love with this house over the time that I've owned it. | 0:24:05 | 0:24:09 | |
It's been a full 12 months since we first visited Crediton in Devon | 0:24:12 | 0:24:16 | |
where one of the hardest-working mum's in town is almost | 0:24:16 | 0:24:20 | |
single-handedly bringing a charming but dilapidated house back to life. | 0:24:20 | 0:24:25 | |
Charlotte had to fit the renovation in around bringing up her two children. | 0:24:25 | 0:24:30 | |
She'd bought the one-bedroom property for just 59,000 | 0:24:30 | 0:24:35 | |
and had a decent budget of 20,000 to fix it up. | 0:24:35 | 0:24:38 | |
She hoped to refurbish within six months and sell to help her on her way | 0:24:38 | 0:24:44 | |
towards buying a brand-new home for her own family. | 0:24:44 | 0:24:48 | |
The tiny house was ripe for renovation but that didn't mean it would be a simple task. | 0:24:48 | 0:24:53 | |
Upstairs, there were rooms without ceilings | 0:24:53 | 0:24:56 | |
and just nods towards the idea of a bathroom. | 0:24:56 | 0:24:59 | |
The only way this budget was going to work was if Charlotte rolled up | 0:24:59 | 0:25:03 | |
her sleeves and did as much as she could herself. But let's just say | 0:25:03 | 0:25:08 | |
this wasn't the fastest way to renovate this place. | 0:25:08 | 0:25:11 | |
The first time we came back, she'd put up ceilings and learned how to tile. | 0:25:11 | 0:25:15 | |
She'd brought in an expert to rewire and replumb. | 0:25:15 | 0:25:19 | |
But it was far from complete. | 0:25:19 | 0:25:21 | |
It's progressed slower than I hoped it would. | 0:25:21 | 0:25:24 | |
But it has been a big learning curve. | 0:25:24 | 0:25:26 | |
But I'm pleased now that I'm getting to a stage where, | 0:25:26 | 0:25:29 | |
ever day I spend here, I can see a difference at the end of it. | 0:25:29 | 0:25:33 | |
It's been a year since we first visited the grade-two listed house in Devon. | 0:25:33 | 0:25:37 | |
Time to find out if its rustic charm has been recreated from the rubble. | 0:25:37 | 0:25:42 | |
# You're going to make me, make me love you | 0:25:42 | 0:25:46 | |
# Nothing at all nothing that I do | 0:25:46 | 0:25:48 | |
# Promise I made, promise I made | 0:25:48 | 0:25:51 | |
# Started to fade, started to fade, fade | 0:25:51 | 0:25:53 | |
Inside, at last, this cute place has somewhere to bake a cream tea. | 0:25:53 | 0:25:58 | |
# Promise I made, promise I made # | 0:25:58 | 0:26:01 | |
The biggest change has got to be in the kitchen. | 0:26:01 | 0:26:03 | |
I've got the units, appliances in, | 0:26:03 | 0:26:06 | |
the worktop has all been cut in, the breakfast bar. | 0:26:06 | 0:26:10 | |
The flooring throughout has now all been nearly completed. | 0:26:10 | 0:26:14 | |
The tiling in the living room. | 0:26:14 | 0:26:16 | |
There was a ramshackle porch on the rear of the property, | 0:26:16 | 0:26:22 | |
which my father and I dismantled and rebuilt one weekend. | 0:26:22 | 0:26:26 | |
The hardest job was taking the old porch down. | 0:26:26 | 0:26:30 | |
The roof of the porch was actually about seven layers thick of different materials. | 0:26:30 | 0:26:35 | |
And the walls were made out of old doors, | 0:26:35 | 0:26:41 | |
which were screwed together. The rear porch has been repaired. | 0:26:41 | 0:26:46 | |
A lovely new stable door at the back. | 0:26:46 | 0:26:49 | |
And the attic now has also been boarded out | 0:26:49 | 0:26:54 | |
to make it a more usable storage space. | 0:26:54 | 0:26:56 | |
Making the most of every inch of space in a small house is essential. | 0:26:56 | 0:27:02 | |
It's a great idea to shift the boiler up here and add heated | 0:27:02 | 0:27:08 | |
storage space as well. | 0:27:08 | 0:27:10 | |
Upstairs, the bathroom has been transformed from hovel to heaven. | 0:27:10 | 0:27:14 | |
But it should be obvious by now that, as it's a characterful house, | 0:27:15 | 0:27:20 | |
that means not much can be bought off the peg to fit. | 0:27:20 | 0:27:25 | |
Being an old property, | 0:27:25 | 0:27:27 | |
it's been a challenge to get the kitchen to fit | 0:27:27 | 0:27:31 | |
because none of the walls are square or straight in the house. | 0:27:31 | 0:27:34 | |
But I had a very helpful chap come in and cut some to the units down to fit back into the corners. | 0:27:34 | 0:27:39 | |
Lovely oak worktops, | 0:27:39 | 0:27:42 | |
which have been fitted in beautifully with the breakfast bar | 0:27:42 | 0:27:46 | |
over the old stone wall into the sitting room. | 0:27:46 | 0:27:49 | |
I'm really pleased with the way the kitchen has come together. | 0:27:49 | 0:27:53 | |
In general, the quirky nature of the walls and floors, and the property in general, | 0:27:53 | 0:27:58 | |
has meant this wasn't the fast turnaround refurbishment Charlotte had dreamt of. | 0:27:58 | 0:28:04 | |
The project has taken a lot longer than I originally projected. | 0:28:04 | 0:28:08 | |
I was hoping to have it completed within six months. | 0:28:08 | 0:28:11 | |
I think that was extremely ambitious working on my own. | 0:28:11 | 0:28:14 | |
It's always been easy to stay at home and think, | 0:28:14 | 0:28:18 | |
"Why do I want to go to that dank, dark, dirty house and work all day?" | 0:28:18 | 0:28:23 | |
But the whole aim of it was to purchase this property, | 0:28:23 | 0:28:29 | |
complete it, sell it and repeat the process | 0:28:29 | 0:28:32 | |
so that I can buy a property for myself and my children to live in. | 0:28:32 | 0:28:35 | |
And that's been my motivation to keep at it. | 0:28:35 | 0:28:38 | |
And the love of the little house, of course. | 0:28:38 | 0:28:41 | |
Charlotte bought this one-bedroom mid-terrace for £59,000. | 0:28:41 | 0:28:47 | |
And spent £20,00 refurbishing it. | 0:28:47 | 0:28:49 | |
Bringing her total outlay to £79,000 before tax and expenses. | 0:28:49 | 0:28:55 | |
It's time to hear whether two local property experts | 0:28:55 | 0:28:57 | |
share her love of this quaint little place. | 0:28:57 | 0:29:01 | |
It's a very attractive cottage and it's been nicely renovated. | 0:29:01 | 0:29:05 | |
The cottage is quite small. | 0:29:05 | 0:29:07 | |
There's a limit to the number of people interested in buying it. | 0:29:07 | 0:29:10 | |
It will appeal to first-time buyers. | 0:29:10 | 0:29:12 | |
There's little on the market in this price range and it has beautiful | 0:29:12 | 0:29:15 | |
character and features and such charm. | 0:29:15 | 0:29:18 | |
It's rare to find a property that still boasts all its characterful features. | 0:29:18 | 0:29:22 | |
They're encased with partitions and plasterboarding. | 0:29:22 | 0:29:25 | |
To find a gem like this is very rare. | 0:29:25 | 0:29:28 | |
I love what the lady as done to the living area. | 0:29:28 | 0:29:30 | |
It's a feature. She's exposed the shelving and cupboard units | 0:29:30 | 0:29:34 | |
to make a wonderful space, not forgetting the range area. | 0:29:34 | 0:29:38 | |
This house, packed with period features, has certainly worked its charm on theses state agents. | 0:29:38 | 0:29:44 | |
But will their enthusiasm turn into profit for Charlotte? | 0:29:44 | 0:29:47 | |
What do they reckon the rental value might be? | 0:29:47 | 0:29:50 | |
If it came on to the renal market, which is strong in Crediton, | 0:29:51 | 0:29:55 | |
I would expect to achieve about £550 per calendar month. | 0:29:55 | 0:29:58 | |
On the rental market, you could achieve somewhere in the region of £500 to £550 per calendar month. | 0:29:58 | 0:30:04 | |
That's a good return on my investment. | 0:30:04 | 0:30:07 | |
But I'm not really interested in renting it. | 0:30:07 | 0:30:10 | |
I'd rather release the capital that I have invested in the property and reinvest it | 0:30:10 | 0:30:17 | |
-in the next project. -Better find out what the experts think it might sell for then. | 0:30:17 | 0:30:22 | |
If I put it on the market, I'd put it on for £109,000 | 0:30:22 | 0:30:26 | |
with a view to achieving between 100 and £105,000. | 0:30:26 | 0:30:29 | |
If it was put on the market, you could achieve in the region of £100,000. | 0:30:29 | 0:30:33 | |
That would make Charlotte a profit of between 21 and £26,000 | 0:30:33 | 0:30:38 | |
before tax and expenses. | 0:30:38 | 0:30:40 | |
I'm pleased with the valuations. | 0:30:40 | 0:30:43 | |
It still leaves me in profit. | 0:30:43 | 0:30:45 | |
But I was hoping, perhaps, for just a fraction more than that. | 0:30:45 | 0:30:49 | |
This was a very demanding choice for a first development. | 0:30:51 | 0:30:54 | |
But this is no ordinary property, so fingers crossed that its considerable charms | 0:30:54 | 0:30:59 | |
work on the next owner as well as they obviously have on Charlotte. | 0:30:59 | 0:31:03 | |
I've fallen in love with this house over the time that I've owned it. | 0:31:03 | 0:31:08 | |
And I would love to live here myself. | 0:31:08 | 0:31:11 | |
But with two children and three large dogs, it's just not practical. | 0:31:11 | 0:31:17 | |
So I will find, eventually, my larger version of this house that we can all fit in comfortably. | 0:31:17 | 0:31:23 | |
This is Durham in north-east England on the banks of the river Wear. | 0:31:28 | 0:31:33 | |
It's a city famous for its cathedral and castle, both designated World Heritage sites. | 0:31:33 | 0:31:39 | |
And there's been a university here since 1832. | 0:31:39 | 0:31:44 | |
Just three miles from the centre of Durham is the commuter village of Brandon. | 0:31:44 | 0:31:49 | |
The good news is there are great road and rail links. | 0:31:49 | 0:31:52 | |
And prices are less than in the centre of the city. | 0:31:52 | 0:31:56 | |
For instance, a two-bedroom semi-detached, looks all right, | 0:31:56 | 0:32:00 | |
had a guide price 49,950 quid. | 0:32:00 | 0:32:04 | |
The property certainly has a large front garden | 0:32:04 | 0:32:07 | |
and the added bonus of modern double-glazed windows. | 0:32:07 | 0:32:11 | |
Well, I have visited so many properties in my time | 0:32:13 | 0:32:16 | |
but it's rare I see an architectural feature that I haven't done before. | 0:32:16 | 0:32:22 | |
But these brick columns, they certainly do it. | 0:32:22 | 0:32:27 | |
Wow! | 0:32:27 | 0:32:29 | |
Let's see what else is in store. | 0:32:29 | 0:32:32 | |
Through the main front door into this little hallway area. | 0:32:32 | 0:32:36 | |
You've got the stairs curling round up to the bedrooms. | 0:32:36 | 0:32:39 | |
The front sitting room is a decent size and then through | 0:32:39 | 0:32:42 | |
into the kitchen. This is in need of time and money spent on it. | 0:32:42 | 0:32:48 | |
It's not a bad-size space but, if this was just it, | 0:32:48 | 0:32:51 | |
it would be OK. But there's more. | 0:32:51 | 0:32:55 | |
# More, more, more | 0:32:55 | 0:32:58 | |
# How do you like it? How do you like it? # | 0:32:58 | 0:33:00 | |
Just off the kitchen is this rather oddly shaped utility area. | 0:33:00 | 0:33:05 | |
This place is ripe for conversion. | 0:33:05 | 0:33:07 | |
It's just bare brick at the moment but you could easily incorporate | 0:33:07 | 0:33:11 | |
this area into the kitchen making a large kitchen diner. | 0:33:11 | 0:33:14 | |
Or use it as another room, maybe even a third bedroom. | 0:33:14 | 0:33:18 | |
And that's not the only bonus in this property. | 0:33:18 | 0:33:21 | |
Out through these large sliding doors | 0:33:21 | 0:33:23 | |
into what would have originally been the garden and is now this area here. | 0:33:23 | 0:33:28 | |
Historically, you might call it an orangery, it doesn't have any oranges | 0:33:28 | 0:33:32 | |
and it isn't in that Victorian style. So we'll call it a sun room. | 0:33:32 | 0:33:36 | |
But it does give a really nice extra bit of semi-outdoor space. | 0:33:36 | 0:33:41 | |
So, yeah, great. | 0:33:41 | 0:33:44 | |
At the rear of the property, | 0:33:45 | 0:33:47 | |
you do get a feeling of quite what an interesting design this house is. | 0:33:47 | 0:33:54 | |
Look at the highly and steeply banked roof line. | 0:33:54 | 0:33:58 | |
At the back here, this great big extension, | 0:33:58 | 0:34:01 | |
including this little ramp down to the garden. | 0:34:01 | 0:34:05 | |
The garden's not a bad-size space. | 0:34:05 | 0:34:07 | |
It is really interesting but it doesn't quite work. | 0:34:07 | 0:34:10 | |
It's almost like you want to keep the exterior, rip out the middle bits, | 0:34:10 | 0:34:14 | |
and put it all back together again properly. | 0:34:14 | 0:34:17 | |
But, you know, in terms of space, great, can't fault it. | 0:34:17 | 0:34:22 | |
Upstairs, the space on offer is rather more limited. | 0:34:25 | 0:34:28 | |
There are only two bedrooms up here but they're both doubles | 0:34:28 | 0:34:33 | |
and in pretty good condition. | 0:34:33 | 0:34:36 | |
There's also a family bathroom and the suite is pretty new. | 0:34:36 | 0:34:39 | |
You could possibly even keep that. But there is potential to add | 0:34:39 | 0:34:43 | |
even more square footage. | 0:34:43 | 0:34:46 | |
So, does that incredibly steeply pitched roof | 0:34:46 | 0:34:50 | |
throw up any interesting opportunities? | 0:34:50 | 0:34:53 | |
Well, take a look. Yes, it most definitely does. | 0:34:53 | 0:34:56 | |
It would be a real shame to leave this as it is. | 0:34:56 | 0:35:00 | |
This central space is pretty much clear for you. | 0:35:00 | 0:35:04 | |
Normally you'd have joists, purlins and all sorts of things going on. | 0:35:04 | 0:35:07 | |
But that's fantastic, so definitely worth exploring. | 0:35:07 | 0:35:11 | |
Not a Christmas decoration in sight. | 0:35:11 | 0:35:14 | |
# Just stop torturing and tell me what you're going to do | 0:35:14 | 0:35:18 | |
# What are you going to do? | 0:35:18 | 0:35:22 | |
I'm getting quite excited about how the space in this house, | 0:35:24 | 0:35:27 | |
guided at £49,950, | 0:35:27 | 0:35:29 | |
could be reworked. | 0:35:29 | 0:35:31 | |
We asked a local estate agent to tell us how he thought the place could be improved. | 0:35:31 | 0:35:37 | |
It's a good-size property begging for an extension downstairs in the utility area. | 0:35:37 | 0:35:41 | |
You could incorporate the sun room more into the property | 0:35:41 | 0:35:44 | |
and possibly extend the kitchen out into that area. | 0:35:44 | 0:35:47 | |
Or more likely, given the orientation of the garden, | 0:35:47 | 0:35:50 | |
leave it as an attractive heat trap for family use. | 0:35:50 | 0:35:52 | |
# I thought you were going to tell me what you're going to do | 0:35:52 | 0:35:56 | |
Even more possibilities for this flexi house. | 0:35:56 | 0:35:59 | |
But will the extra effort to make use of the space be rewarded with extra value? | 0:35:59 | 0:36:05 | |
If it was renovated and improved with a small conversion downstairs, you're probably looking | 0:36:05 | 0:36:10 | |
somewhere in the region of about 85 to £90,000. | 0:36:10 | 0:36:13 | |
What about rental estimates? | 0:36:13 | 0:36:15 | |
A rental figure, once converted, you'd be looking somewhere in the region of | 0:36:15 | 0:36:20 | |
475 per calendar month. | 0:36:20 | 0:36:22 | |
What if you went all out and added more square footage? | 0:36:22 | 0:36:25 | |
If you were to do a first-floor extension and convert the downstairs area, | 0:36:25 | 0:36:30 | |
you might be able to hit somewhere just over the £100,000 mark. | 0:36:30 | 0:36:33 | |
It would certainly enhance the rental slightly. | 0:36:33 | 0:36:36 | |
There is a ceiling price for the area, probably just over the £500 per calendar month mark. | 0:36:36 | 0:36:41 | |
Well, absolutely loads you could do with this place. | 0:36:44 | 0:36:49 | |
And for that incredibly low guide price, I think you can't go wrong. | 0:36:49 | 0:36:53 | |
Let's see who agreed when it went under the hammer. | 0:36:53 | 0:36:56 | |
Lot number 38. Available with immediate vacant possession. | 0:36:56 | 0:37:00 | |
We've got this advertised with a price of 49,950-plus. | 0:37:00 | 0:37:04 | |
They want to sell. Do I dare ask for 50? | 0:37:04 | 0:37:07 | |
No bid at 50. | 0:37:07 | 0:37:10 | |
How about 37 and a half? | 0:37:10 | 0:37:12 | |
I'll come down to 37 and a half to have bid anywhere. 37 and a half. | 0:37:12 | 0:37:16 | |
Nobody? At £37,500? One bid at 37 and a half on the front. | 0:37:16 | 0:37:23 | |
It's your last chance, guys, because I'm going to sell. | 0:37:23 | 0:37:26 | |
Going once at 37 and a half. | 0:37:26 | 0:37:28 | |
Going for the second time. | 0:37:28 | 0:37:31 | |
At 37,500. | 0:37:31 | 0:37:33 | |
-Sold. -Wow! That was one of the fastest auctions ever. | 0:37:34 | 0:37:37 | |
The property was sold on its maiden bid for £37,500 | 0:37:37 | 0:37:41 | |
to former music producer Crichton. | 0:37:41 | 0:37:45 | |
# Talk about pop music, talk about # | 0:37:45 | 0:37:48 | |
Crichton has two companies developing and managing property. | 0:37:48 | 0:37:51 | |
Although he's a regular auction-goer, he almost missed his chance to buy this one. | 0:37:51 | 0:37:56 | |
Crichton, good to see you. | 0:37:56 | 0:37:58 | |
-How was the auction on this one? -Interesting auction. -In what way? | 0:37:58 | 0:38:02 | |
I found out about the house the morning I arrived back from my summer vacation. | 0:38:02 | 0:38:08 | |
-Oh. -I was left text messages and emails. | 0:38:08 | 0:38:11 | |
I landed at Gatwick, switched on my phones and there were messages | 0:38:11 | 0:38:15 | |
from the auction house and from estate agents saying you need to go and have a look at this. | 0:38:15 | 0:38:19 | |
So I spoke to the auctioneer. I was at Gatwick at 6. | 0:38:19 | 0:38:23 | |
I had a look at this at 2 o'clock in the afternoon. | 0:38:23 | 0:38:26 | |
Went to the auction and it was done. | 0:38:26 | 0:38:28 | |
-When was the auction? -That night. -That night? -Yeah. | 0:38:28 | 0:38:31 | |
-Talk about back in at the deep end. -It worked out quite well. | 0:38:31 | 0:38:34 | |
-Were you happy with what you paid? -Yes, I was quite pleased. | 0:38:34 | 0:38:38 | |
If I'd paid 2,500 less, I'm a Scotsman, I'd be more pleased. | 0:38:38 | 0:38:41 | |
But I was quite happy. | 0:38:41 | 0:38:44 | |
So, why this house? | 0:38:44 | 0:38:46 | |
We've done four or five projects in and around Durham already. | 0:38:46 | 0:38:50 | |
We tend to focus on the villages on the west side of Durham. | 0:38:50 | 0:38:53 | |
Those are quite nice little commuter villages. | 0:38:53 | 0:38:56 | |
But the value out here is great and you've got a 15-minute bus ride into Durham. | 0:38:56 | 0:39:00 | |
The property will rent all-day long, I hope. | 0:39:00 | 0:39:03 | |
Crichton was a music business executive when he lived in America | 0:39:03 | 0:39:07 | |
and dabbled in properly there. However, | 0:39:07 | 0:39:10 | |
a move back to the UK prompted a complete change in career. | 0:39:10 | 0:39:14 | |
He now runs two family firms with relatives who are silent partners. | 0:39:14 | 0:39:18 | |
He seems happy to have exchanged pop stars for property. | 0:39:18 | 0:39:22 | |
In general then, are property worlds being OK for you? | 0:39:22 | 0:39:25 | |
Obviously, interesting times still. | 0:39:25 | 0:39:28 | |
We've got a specific model and we follow it. | 0:39:28 | 0:39:30 | |
Picking decent properties and decent commuter areas | 0:39:30 | 0:39:34 | |
and keeping it for ourselves or selling them to possibly other investors building their portfolios. | 0:39:34 | 0:39:41 | |
How big is the portfolio now? What does this take it to? | 0:39:41 | 0:39:43 | |
This one's been pre-sold to another investor. | 0:39:43 | 0:39:46 | |
-Pre-sold? Is that right? -We sold it about three days ago. | 0:39:46 | 0:39:50 | |
It's now a case of getting the work done. | 0:39:50 | 0:39:53 | |
And he can go ahead and sort his mortgage out. | 0:39:53 | 0:39:57 | |
-Great. -Job done. | 0:39:57 | 0:39:58 | |
That's fast work. Sold to another investor in just three days. | 0:39:58 | 0:40:04 | |
But what's the plan now? | 0:40:04 | 0:40:06 | |
It's quite adaptable. It's a bit like a TARDIS. If you look at it from the outside, | 0:40:06 | 0:40:11 | |
it's a small cottage. But we can make it a lot bigger without doing too much to it | 0:40:11 | 0:40:15 | |
and without planning permission. Make it much more flexible. | 0:40:15 | 0:40:19 | |
Tell me what you are going to do to it. | 0:40:19 | 0:40:21 | |
We're going to get rid of this boiler. | 0:40:21 | 0:40:23 | |
-We'll have the heating in by the end of next week. -Right. | 0:40:23 | 0:40:26 | |
We'll redo the kitchen and the bathroom. | 0:40:26 | 0:40:29 | |
Both are reasonable. We've already had somebody wanting to rent it. | 0:40:29 | 0:40:32 | |
It's not what we like to do. We like to refurbish the properties. | 0:40:32 | 0:40:36 | |
There is a room out the other side of the kitchen, the brick walls in there are non-supporting walls. | 0:40:36 | 0:40:42 | |
-They'll be gone by tomorrow. -Really? -That will leave a 12 by 10 bedroom. | 0:40:42 | 0:40:47 | |
We've now got a three-bedroom house as opposed to a two-bedroom cottage. | 0:40:47 | 0:40:51 | |
And it's a big useful room. | 0:40:51 | 0:40:53 | |
-One downstairs bedroom. -Yeah. | 0:40:53 | 0:40:56 | |
In terms of the kitchen, not increasing the size of the kitchen? | 0:40:56 | 0:41:00 | |
Not at all. We looked at ways of opening the kitchen out | 0:41:00 | 0:41:03 | |
into the extension but that would have made it difficult to structure the kitchen. | 0:41:03 | 0:41:08 | |
So we're going to leave it and redo it and rebuild a new kitchen back into the existing space. | 0:41:08 | 0:41:14 | |
What's the timescale for sorting it out? | 0:41:14 | 0:41:16 | |
Clearly, you've got people jumping at the bit. | 0:41:16 | 0:41:19 | |
No reason why this can't be done in six weeks maximum. | 0:41:19 | 0:41:22 | |
What kind of cost? | 0:41:22 | 0:41:24 | |
-Great question. Um... -Thank you. | 0:41:24 | 0:41:26 | |
I can't see why we would spend more than ten doing it. | 0:41:26 | 0:41:29 | |
-OK. -I just can't see it. | 0:41:29 | 0:41:31 | |
Crichton doesn't seem in the least fazed at having a deadline for a client. | 0:41:31 | 0:41:37 | |
His experience, built up over the last six years, | 0:41:37 | 0:41:40 | |
means his business models are flexible and have survived | 0:41:40 | 0:41:43 | |
the financial challenge of harder to raise mortgages. | 0:41:43 | 0:41:45 | |
To keep up the cash flow, he sells on around two of the three properties he buys. | 0:41:45 | 0:41:50 | |
It seems that the pace is relentless. | 0:41:50 | 0:41:53 | |
What's after this? | 0:41:53 | 0:41:55 | |
We start another project tomorrow in another village the other side of Durham | 0:41:55 | 0:41:59 | |
-That's a nice one. -Wow! | 0:41:59 | 0:42:02 | |
And there's two other properties I'm waiting to see if my offer's been accepted. | 0:42:02 | 0:42:07 | |
-Right. -I saw a couple this morning, one of which I really want. | 0:42:07 | 0:42:10 | |
-I haven't got it yet. -Could you get a few more in by the end of the day? | 0:42:10 | 0:42:14 | |
We have a target to keep a number in the pipeline. | 0:42:14 | 0:42:17 | |
-As one falls out, we like to get one in. -Wow! | 0:42:17 | 0:42:20 | |
-That's how it works. -Well, listen, congratulations. | 0:42:20 | 0:42:23 | |
-Thank you. -Good luck. We look forward to see how you get on with this one. -Thanks very much. | 0:42:23 | 0:42:27 | |
So Crichton hopefully turning this one to a quick profit. | 0:42:27 | 0:42:34 | |
Just what you need. His plans are very interesting. | 0:42:34 | 0:42:37 | |
I can't wait to see how it looks when we return later in the show. | 0:42:37 | 0:42:42 | |
Well, time has simply flown by. | 0:42:44 | 0:42:46 | |
How have our buyers got on with their properties? | 0:42:46 | 0:42:50 | |
Let's go back and check out what's been happening. | 0:42:50 | 0:42:53 | |
We're back in the glorious countryside of Shropshire | 0:42:55 | 0:42:58 | |
just a few miles from Telford in the town of Donnington. | 0:42:58 | 0:43:02 | |
Painter-decorator Gary and his hairdresser wife Julia | 0:43:04 | 0:43:07 | |
bought this three-bedroom semi as their very first auction purchase. | 0:43:07 | 0:43:12 | |
The end house was a dazzler, calling it colourful would be an understatement. | 0:43:12 | 0:43:16 | |
But the bright walls didn't distract me from noticing | 0:43:16 | 0:43:19 | |
the mould, the damp, the dodgy wiring and the general decay. | 0:43:19 | 0:43:23 | |
However, since Gary was a painter and decorator, this house didn't seem to give him the blues at all. | 0:43:23 | 0:43:30 | |
What's your overall budget? Come on. How much have you got to spend? | 0:43:30 | 0:43:34 | |
Overall budget, we're probably looking at 6 or £7,000. | 0:43:34 | 0:43:39 | |
-Really? -Yeah. | 0:43:39 | 0:43:40 | |
I wasn't totally convinced that this could be refurbished for such a small budget. | 0:43:40 | 0:43:46 | |
Especially since they seem to share my enthusiasm | 0:43:46 | 0:43:49 | |
for knocking down the wall between the kitchen and dining room. | 0:43:49 | 0:43:53 | |
I'd like to take the wall down. As a mum, you like to have that open kitchen living area, really. | 0:43:53 | 0:44:00 | |
I know I'm not going to be living here but that's what I would like. | 0:44:00 | 0:44:03 | |
Gary and Julia bought the three-bedroom house for £64,000 | 0:44:03 | 0:44:08 | |
and aim to do the work in an optimistic six weeks armed with that optimistic budget. | 0:44:08 | 0:44:14 | |
So we're back right on the dot of six weeks later to meet them along with their daughters | 0:44:14 | 0:44:21 | |
Amelia and Imogen. Have they transformed this rainbow house into a pension pot of gold? | 0:44:21 | 0:44:26 | |
# Ain't no stopping us now | 0:44:26 | 0:44:29 | |
# We're on the move # | 0:44:29 | 0:44:31 | |
The house with the blues and the greens and the yellows is no more. | 0:44:31 | 0:44:35 | |
Downstairs, the dark mouldy dining room is a bright welcoming space. | 0:44:35 | 0:44:40 | |
And the kitchen is light and fresh too. | 0:44:40 | 0:44:43 | |
-It's been... -A bit of a rollercoaster. -To say the least. | 0:44:43 | 0:44:46 | |
-Done very quickly. -We turned it around quite quickly, haven't we? Which was good. | 0:44:46 | 0:44:51 | |
Well, I actually would have liked to have taken that wall out. | 0:44:51 | 0:44:54 | |
But, on talking to our builder friends, | 0:44:54 | 0:44:57 | |
they said we'd make a lot of extra work for ourselves. | 0:44:57 | 0:45:01 | |
So we decided to leave it as it is. | 0:45:01 | 0:45:04 | |
I think it looks absolutely fine just the way it is. | 0:45:04 | 0:45:07 | |
Sounds like these first-time developers are making the right decisions | 0:45:07 | 0:45:11 | |
by not letting personal taste get in the way | 0:45:11 | 0:45:13 | |
of development profit. | 0:45:13 | 0:45:15 | |
But this was a house they didn't view before buying. | 0:45:15 | 0:45:18 | |
Were there any unwelcome surprises lurking under the wallpaper and carpets? | 0:45:18 | 0:45:23 | |
We stripped all the wallpaper off and there were three or four levels of wallpaper on there, | 0:45:23 | 0:45:29 | |
which was disguising dry lining. | 0:45:29 | 0:45:31 | |
Dry lining is like a cardboard instead of a normal plasterboard. | 0:45:31 | 0:45:36 | |
So we've reskimmed the whole of the place. | 0:45:36 | 0:45:38 | |
We've replastered it right the way throughout, | 0:45:38 | 0:45:41 | |
which gave us a little bit more work. | 0:45:41 | 0:45:43 | |
Well, a lot more work than what we were generally expecting. | 0:45:43 | 0:45:47 | |
But, as you can see, it's come out really good now. | 0:45:47 | 0:45:51 | |
Upstairs, the formerly vibrant green bathroom is now a clean fresh and welcoming space. | 0:45:52 | 0:45:59 | |
The two double and one single bedrooms are also neutral and inviting. | 0:46:01 | 0:46:06 | |
As well as calling in help from friends, the family haven't exactly been sitting around either. | 0:46:10 | 0:46:15 | |
We had to put the dustsheets down. | 0:46:17 | 0:46:20 | |
Then we had to tip the paint into the bucket. And... | 0:46:20 | 0:46:25 | |
We used paint brushes to go around the edges. | 0:46:25 | 0:46:29 | |
Then we used rollers to go on the main walls. | 0:46:29 | 0:46:31 | |
Basically, my father told me that Imogen said that this was her pension fund, | 0:46:33 | 0:46:40 | |
which we thought was highly amusing. | 0:46:40 | 0:46:43 | |
But, you know, it is a pension pot for us and also, hopefully, in years to come, for the girls. | 0:46:43 | 0:46:49 | |
Perhaps a family business they can carry on as well. | 0:46:49 | 0:46:52 | |
They just like being involved as a whole family. | 0:46:52 | 0:46:55 | |
That's what we're about. We tend to do everything together. | 0:46:55 | 0:46:59 | |
We planned the purchase of the house with them. | 0:46:59 | 0:47:02 | |
And they're here at the finish as well. Yeah. | 0:47:02 | 0:47:06 | |
They enjoy it. | 0:47:06 | 0:47:08 | |
The success of Gary and Julia's, sorry, Imogen's pension plan | 0:47:08 | 0:47:11 | |
is important to the family. I was worried that their 6 to £7,000 budget was not going to be enough. | 0:47:11 | 0:47:17 | |
We've kept it cheap. We've had some really good friends helping us out. | 0:47:17 | 0:47:23 | |
We've had some really good deals off various different companies. | 0:47:23 | 0:47:28 | |
The total budget of doing the job came to £5,700. | 0:47:28 | 0:47:33 | |
That's including the labour. Not including my hours or Julia's hours that we spent here. | 0:47:33 | 0:47:39 | |
But that's where we've saved a lot of money. | 0:47:39 | 0:47:42 | |
I take my hat off to them. This is a lot of refurbishment done on a very tight budget. | 0:47:42 | 0:47:48 | |
I had my doubts but they pulled it off. | 0:47:48 | 0:47:50 | |
Gary and Julia bought the house for 64,000. | 0:47:50 | 0:47:53 | |
And have spent £5,700 on renovations. | 0:47:53 | 0:47:57 | |
Bringing their total outlay to £69,700 before tax and expenses. | 0:47:57 | 0:48:04 | |
We invited two local property experts to hear what they thought about the couple's hard work. | 0:48:04 | 0:48:09 | |
What did the estate agent who saw it before make of it now? | 0:48:09 | 0:48:13 | |
The refurbishment has been concentrated on the important areas. | 0:48:13 | 0:48:16 | |
It's been neutrally decorated throughout. New flooring throughout. | 0:48:16 | 0:48:20 | |
The bathroom and kitchen have been replaced, which were important areas to concentrate on. | 0:48:20 | 0:48:25 | |
The standard of finish is very good. The kitchen and bathroom are good. | 0:48:25 | 0:48:29 | |
They're both inoffensive. The decor and carpeting are very good. | 0:48:29 | 0:48:34 | |
The market it's geared up for is a first-time buyer or investor. | 0:48:34 | 0:48:38 | |
And it would appeal equally to both sets of people. | 0:48:38 | 0:48:41 | |
On to the bigger question now. What could it sell for? | 0:48:41 | 0:48:45 | |
If this was to go on the open market, | 0:48:46 | 0:48:48 | |
I would suggest an asking price of £95,000. | 0:48:48 | 0:48:51 | |
I'd value this property at £80,000. | 0:48:53 | 0:48:55 | |
I'd like to value it at more but there is a lot of choice for this kind of house in the area, | 0:48:55 | 0:49:00 | |
which does keep the prices down slightly. | 0:49:00 | 0:49:04 | |
Based on those figures, they'd make a profit of between £10,300 | 0:49:04 | 0:49:09 | |
and £25,300 before taxes and expenses. | 0:49:09 | 0:49:13 | |
-Bit of a variation, wasn't there? -Yeah. -So, yeah. That's good. | 0:49:13 | 0:49:18 | |
So that's good. But it's going to be a long-term | 0:49:18 | 0:49:21 | |
-investment, isn't it? -We're not thinking of selling it. | 0:49:21 | 0:49:24 | |
Better find out what rental valuation these two local estate agents would suggest. | 0:49:24 | 0:49:30 | |
If this was to go on the rental market, I would suggest an asking price of £575 per calendar month. | 0:49:30 | 0:49:37 | |
The rental market is very buoyant in Telford. | 0:49:37 | 0:49:39 | |
I would value the property for rent at £575 per calendar month. | 0:49:39 | 0:49:44 | |
We're renting it out for 550, it's being rented out for. | 0:49:44 | 0:49:47 | |
So, yeah, that's what we originally got a guideline price of, didn't we? | 0:49:47 | 0:49:52 | |
Yes. We could have possibly rented it out ten times, | 0:49:52 | 0:49:55 | |
the amount of people that approached us when we bought it. | 0:49:55 | 0:49:58 | |
We're happy with the people who are moving in. Nice family. Yeah. So, well pleased. | 0:49:58 | 0:50:04 | |
What does the future hold for this hard-working couple? | 0:50:04 | 0:50:08 | |
-Auctions next week, isn't it? -Back to the auctions. -Here we go again. | 0:50:08 | 0:50:13 | |
We're back on the outskirts of Durham in the commuter village of Brandon | 0:50:15 | 0:50:20 | |
to find out how ex-music industry maestro Crichton | 0:50:20 | 0:50:24 | |
got on with the red-brick house with almost too many possibilities. | 0:50:24 | 0:50:28 | |
The two-bedroom semi was a riot of red brick with pillars in the porch | 0:50:28 | 0:50:33 | |
and loads of potentially usable space. | 0:50:33 | 0:50:35 | |
In the roof, there was a loft. | 0:50:35 | 0:50:37 | |
Downstairs off the kitchen, there was a utility room ripe for conversion. | 0:50:37 | 0:50:42 | |
The question was, what to convert the spaces to? | 0:50:42 | 0:50:45 | |
It's adaptable. It's a bit like a TARDIS. | 0:50:46 | 0:50:49 | |
If you look at it from the outside, it's a small cottage. | 0:50:49 | 0:50:51 | |
We can make it a lot bigger. | 0:50:51 | 0:50:54 | |
Crichton doesn't hang around. | 0:50:54 | 0:50:56 | |
He'd found a buyer before he even started the refurbishment. So time was of the essence. | 0:50:56 | 0:51:01 | |
He paid £37,500 for it and planned to turn it around in a maximum of six weeks with a budget of 10,000. | 0:51:01 | 0:51:08 | |
Well, we've come back just over seven weeks later to see if Crichton | 0:51:10 | 0:51:14 | |
has managed to do a quick fix on this flexi house. | 0:51:14 | 0:51:18 | |
# If you're looking for fast love | 0:51:18 | 0:51:21 | |
# Fast love in your eyes | 0:51:21 | 0:51:26 | |
# It's more than enough | 0:51:26 | 0:51:27 | |
# Had some bad love | 0:51:27 | 0:51:30 | |
# Some fast love is all that I've got | 0:51:30 | 0:51:35 | |
# On my mind | 0:51:35 | 0:51:38 | |
# Ooh, ooh, baby baby # | 0:51:38 | 0:51:40 | |
I'm very pleased. We said it would take six weeks and it came in within six weeks. | 0:51:40 | 0:51:45 | |
Originally, we were going to create the additional room on the ground floor. | 0:51:45 | 0:51:49 | |
But what we changed is the access to that room. | 0:51:49 | 0:51:52 | |
The original access was through the kitchen. | 0:51:52 | 0:51:55 | |
So we decided to block that kitchen up and knock a new access through from the sun lounge. | 0:51:55 | 0:52:00 | |
The actual bedroom is made up of wasted spaces. | 0:52:00 | 0:52:03 | |
None of the walls in there were supporting walls. | 0:52:03 | 0:52:06 | |
So we removed all of those walls and created a 12-foot-square bedroom with a little study area. | 0:52:06 | 0:52:12 | |
Turning a two-bedroom property into a three-bedroom one is a very smart move. | 0:52:12 | 0:52:18 | |
And the improvement to the front of the property is a nice little bonus. | 0:52:18 | 0:52:23 | |
How many porches does a house need anyway? | 0:52:23 | 0:52:25 | |
Porch at the front, it went in a skip. | 0:52:25 | 0:52:29 | |
We didn't know what function it served. It was two-feet deep. | 0:52:29 | 0:52:33 | |
We just ripped it all out, exposed the front of the house. | 0:52:33 | 0:52:37 | |
Then completely repainted the front. | 0:52:37 | 0:52:40 | |
As far as I'm concerned, it looks 100 times better. | 0:52:40 | 0:52:43 | |
Upstairs, in the master bedroom, the old bright colour scheme has been toned down. | 0:52:44 | 0:52:49 | |
Now both upstairs bedrooms are bright and inviting. | 0:52:49 | 0:52:55 | |
When we started the property, | 0:52:55 | 0:52:57 | |
we decided right from the beginning, new bathroom. | 0:52:57 | 0:53:02 | |
The electrics were redone with a consumer board. | 0:53:02 | 0:53:04 | |
There's a new heating system with a combi boiler and new radiators. | 0:53:04 | 0:53:09 | |
It's been fully decorated inside and out. | 0:53:09 | 0:53:12 | |
New carpets. Project complete. | 0:53:12 | 0:53:15 | |
Crichton's enlarged the space without having to get planning permission. | 0:53:15 | 0:53:19 | |
So no extension in that attic. | 0:53:19 | 0:53:22 | |
But is there anything he regrets? | 0:53:22 | 0:53:25 | |
There's always little snags. If there was going to be one area I'd moan about | 0:53:25 | 0:53:29 | |
it's my decision not to turf around the back and put grass seed. | 0:53:29 | 0:53:33 | |
The weather in the north, within about a week we'd had two real | 0:53:33 | 0:53:38 | |
cold frosts and it just stopped the grass growing virtually immediately. | 0:53:38 | 0:53:43 | |
We'd like to keep the property in our portfolio. | 0:53:43 | 0:53:45 | |
However, we made a commitment to an investor at the start, it's now going trough the conveyancing. | 0:53:45 | 0:53:50 | |
Then we'll find a tenant and we'll manage the tenancy on her behalf. | 0:53:50 | 0:53:55 | |
The deal may be done with the investor but it's time to find out | 0:53:55 | 0:53:59 | |
if the numbers add up to a fast buck as well as a fast turnaround. | 0:53:59 | 0:54:03 | |
Crichton bought the house for 37,500 | 0:54:03 | 0:54:06 | |
and spent 11,000 on the refurbishment. | 0:54:06 | 0:54:09 | |
Bringing his total investment to £48,500 before tax and expenses. | 0:54:09 | 0:54:15 | |
What do two local estate agents think of the work done here? | 0:54:16 | 0:54:20 | |
I think that the property has been done to a reasonable standard. | 0:54:20 | 0:54:24 | |
It should appeal to first-time buyers. | 0:54:24 | 0:54:26 | |
The addition of a third bedroom should make it appeal to families. | 0:54:26 | 0:54:30 | |
I feel the refurbishment of the property has been done to a reasonable standard. | 0:54:30 | 0:54:35 | |
I feel in areas it could have been finished better. | 0:54:35 | 0:54:38 | |
But adding the third bedroom has added a lot to the property. | 0:54:38 | 0:54:41 | |
That third bedroom was definitely a good idea. | 0:54:41 | 0:54:46 | |
So what do the estate agents think the place is now worth? | 0:54:46 | 0:54:49 | |
In its refurbished condition, I think this property would achieve £80,000. | 0:54:49 | 0:54:54 | |
Had the property been finished to a higher standard, | 0:54:54 | 0:54:57 | |
this would have added a few thousand pounds to its sale price. | 0:54:57 | 0:55:00 | |
If I was to put the property on the market today, | 0:55:00 | 0:55:03 | |
I would advise an asking price of £90,000 | 0:55:03 | 0:55:06 | |
to achieve between 80 and £85,000. | 0:55:06 | 0:55:09 | |
Based on those figures, that would mean a profit for Crichton | 0:55:09 | 0:55:14 | |
of between 31,500 and £36,500 | 0:55:14 | 0:55:16 | |
before tax and expenses. | 0:55:16 | 0:55:19 | |
We carry out our own valuations using a local valuer. | 0:55:19 | 0:55:24 | |
So those figures are pretty close. | 0:55:24 | 0:55:27 | |
We have accepted an offer on the property of £85,000. So we're quite happy. | 0:55:27 | 0:55:31 | |
Remember, Crichton will find tenants and manage the property on behalf of the buyer. | 0:55:31 | 0:55:36 | |
What could it attract on the rental market? | 0:55:36 | 0:55:39 | |
I feel this property would achieve £400 to £425 per calendar month. | 0:55:39 | 0:55:46 | |
If the property was to go on the rental market, I'd expect it to go to a young couple or small family. | 0:55:46 | 0:55:51 | |
And should achieve between £425 and £450 per calendar month. | 0:55:51 | 0:55:56 | |
I think they're quite good. They're representative of the area. | 0:55:56 | 0:55:59 | |
However, we've put a third bedroom on, we've got a conservatory a lot of other properties don't have. | 0:55:59 | 0:56:05 | |
And we've got new everything. We've achieved a higher rental on that of 500 a month. | 0:56:05 | 0:56:10 | |
Which we're quite happy about. | 0:56:10 | 0:56:12 | |
# What you're going to do # | 0:56:12 | 0:56:16 | |
What does the future hold for Crichton and his property partners? | 0:56:16 | 0:56:20 | |
This project's been the easiest one of all we've done. | 0:56:20 | 0:56:24 | |
And that's to do with the way we got the property. | 0:56:24 | 0:56:27 | |
The condition the existing property was in. | 0:56:27 | 0:56:31 | |
We like Brandon as a village. | 0:56:31 | 0:56:33 | |
If we can get more property in Brandon, we'd snap them up. | 0:56:33 | 0:56:36 | |
Whether it's a bungalow, a mansion or a piece of land, | 0:56:39 | 0:56:43 | |
we'll be here to see what happens to it next time on Homes Under The Hammer. | 0:56:43 | 0:56:46 | |
-So make sure you join us then. -Goodbye. -Goodbye. | 0:56:46 | 0:56:49 | |
Subtitles by Red Bee Media Ltd | 0:56:51 | 0:56:53 |