0:00:02 > 0:00:04Martin and I have been dealing in property for many years now,
0:00:04 > 0:00:08and we've both witnessed plenty of fluctuations in the market.
0:00:08 > 0:00:11We certainly have. But through it all, we've been convinced of one thing -
0:00:11 > 0:00:15you can pick up some really interesting buys at the auctions.
0:00:42 > 0:00:44Now, Lucy and I have always been fascinated about
0:00:44 > 0:00:46- buying property at auction.- Yes.
0:00:46 > 0:00:51The speed, the excitement, and the potential to bag a bargain are all very seductive.
0:00:51 > 0:00:57So let's see what got our buyers hot under the collar on today's programme.
0:00:58 > 0:01:02This Devon bungalow inspires me to think outside the box.
0:01:02 > 0:01:07Here's a radical idea - knock it down and build something else in its place.
0:01:08 > 0:01:12This southeast London end terrace starts off promisingly...
0:01:12 > 0:01:14But this is where it goes all wrong.
0:01:14 > 0:01:16Argh! Look at that!
0:01:16 > 0:01:17Argh!
0:01:18 > 0:01:22Calm down, Lucy! This three-bed semi in Cumbria has great potential,
0:01:22 > 0:01:24but might not be for everyone.
0:01:24 > 0:01:28If you're looking for show-house condition, you're going to be disappointed.
0:01:30 > 0:01:32All of these properties have been sold at auction,
0:01:32 > 0:01:36and we'll find out who bought them and what they paid for them when they went under the hammer.
0:01:36 > 0:01:38Sold to you, sir.
0:01:43 > 0:01:45Today I'm heading out west
0:01:45 > 0:01:48to the beautiful countryside of South Devon.
0:01:48 > 0:01:52I reckon we've found a little bit of paradise here,
0:01:52 > 0:01:56just outside the historic village of Clyst St Mary.
0:01:58 > 0:01:59Well, if it's views you're after,
0:01:59 > 0:02:03then the property that was up for auction is a real gem.
0:02:03 > 0:02:07Just imagine waking up in the mornings and looking out at that.
0:02:07 > 0:02:08Let's take a look.
0:02:08 > 0:02:11# This could be heaven
0:02:11 > 0:02:13# This could be heaven... #
0:02:13 > 0:02:16It's hard to believe we're only three miles from Exeter,
0:02:16 > 0:02:20but in the middle of all this green is the property I've come to see.
0:02:22 > 0:02:26This is it. Three-bedroom bungalow, built probably 1930s
0:02:26 > 0:02:29and a guide price of £285,000.
0:02:29 > 0:02:33Location you can't knock. Let's see what the inside's like.
0:02:34 > 0:02:36# This could be heaven
0:02:36 > 0:02:38# This could be heaven
0:02:38 > 0:02:40# This could be heaven
0:02:40 > 0:02:44# This could be heaven for everyone... #
0:02:46 > 0:02:50It looks big from the outside - what about inside?
0:02:50 > 0:02:52Well, actually, nice big entrance hall. We like that.
0:02:52 > 0:02:54Gives immediately a feeling of space.
0:02:54 > 0:02:59First bedroom there. You've got a bathroom and a separate loo there.
0:02:59 > 0:03:02Off to more parts of the bungalow.
0:03:02 > 0:03:06Got through to what I suppose should be the heart of the home - the kitchen.
0:03:06 > 0:03:09Obviously, very tired, very dated units,
0:03:09 > 0:03:10but not a bad-sized space.
0:03:10 > 0:03:13However, you know what? You forgive it all when you look out the window,
0:03:13 > 0:03:16because there you go - you're doing your washing-up...
0:03:17 > 0:03:20..you've got the beautiful, beautiful Devon countryside
0:03:20 > 0:03:22in front of you.
0:03:22 > 0:03:24Ah, priceless!
0:03:24 > 0:03:27# Ooh, heaven is a place on earth... #
0:03:28 > 0:03:32Stunning views aside, what else do you get for your money here?
0:03:32 > 0:03:34Well, there are three good-sized bedrooms,
0:03:34 > 0:03:36albeit a bit on the damp side.
0:03:36 > 0:03:40Bathroom is perhaps rather too avocado for some,
0:03:40 > 0:03:44but a new white suite would, of course, transform that in no time at all.
0:03:44 > 0:03:46And the living room is huge.
0:03:46 > 0:03:50You've just got to see past those swirly carpets.
0:03:52 > 0:03:56So this is the living room. Nice touch - it's got a real fire in here.
0:03:56 > 0:03:59I don't particularly like the surround, but get rid of that
0:03:59 > 0:04:01and it would be the focal point, which is good to see.
0:04:01 > 0:04:04Big windows, making the most of the views out onto the garden.
0:04:04 > 0:04:07In this case, a little pond there with fish, which is good.
0:04:07 > 0:04:10This, I guess, would be the main area where you spent your time,
0:04:10 > 0:04:12with your TV and your sofa,
0:04:12 > 0:04:15not least because, of course, you've got a set of double doors
0:04:15 > 0:04:18out onto the patio and onwards to that countryside.
0:04:18 > 0:04:21Fantastic. I mean, all in all...
0:04:21 > 0:04:23it's a big bungalow.
0:04:23 > 0:04:24I like it.
0:04:24 > 0:04:27# That's the way, uh-huh, uh-huh I like it
0:04:27 > 0:04:28# Uh-huh, uh-huh... #
0:04:28 > 0:04:31Outside, things get even better.
0:04:31 > 0:04:34The garden is a great size, and not overlooked by anyone.
0:04:38 > 0:04:41Given the size of the grounds and the beautiful location,
0:04:41 > 0:04:45is this bungalow really living up to its full potential?
0:04:45 > 0:04:48# That's the way, uh-huh, uh-huh I like it... #
0:04:48 > 0:04:52Now, the property has been extended twice since it was first built,
0:04:52 > 0:04:56but I still don't think it's making the use of the plot that it sits on.
0:04:56 > 0:04:57So, what are the options?
0:04:57 > 0:05:00Well, you could go up - put another storey on. That'd be nice.
0:05:00 > 0:05:03Maybe even have your living accommodation up there to make the most of the view.
0:05:03 > 0:05:06Failing that, dormer windows, perhaps,
0:05:06 > 0:05:08or - here's a radical idea -
0:05:08 > 0:05:11knock it down and build something else in its place.
0:05:11 > 0:05:13Now that may sound a bit extreme,
0:05:13 > 0:05:17but, in the long term, it may well be a more cost-effective approach.
0:05:17 > 0:05:21Whatever you do, you've got to get the approval of the planners first.
0:05:22 > 0:05:24So, two real options here -
0:05:24 > 0:05:26either spruce up the existing
0:05:26 > 0:05:30or take a more dramatic approach and start knocking things about.
0:05:30 > 0:05:32We asked a local property expert
0:05:32 > 0:05:35for his thoughts on the bungalow.
0:05:40 > 0:05:44The property seems to have just plus points. It's got the space,
0:05:44 > 0:05:46it's got scope for upwards and sideways extension,
0:05:46 > 0:05:47the land has graphic potential
0:05:47 > 0:05:50to landscape it further
0:05:50 > 0:05:53and really accentuate the views you have all around.
0:05:54 > 0:05:57A man after my own heart!
0:05:57 > 0:06:01Bearing in mind the auction guide price of £285,000,
0:06:01 > 0:06:05once renovated, what does he think this property could sell for?
0:06:08 > 0:06:12If the property is refurbished, then it could fetch in the region of £425,000.
0:06:12 > 0:06:16However, if you have upwards and sideways extension,
0:06:16 > 0:06:19that could take it to a figure much closer to £500,000.
0:06:21 > 0:06:23What about rental income?
0:06:23 > 0:06:25Detached properties with space
0:06:25 > 0:06:28demand quite high prices in this area.
0:06:28 > 0:06:32I'd be disappointed if you didn't achieve somewhere in the region of £1,000 per calendar month.
0:06:34 > 0:06:37So, what do you think? Is this the kind of place you'd like to buy?
0:06:37 > 0:06:39It certainly has a lot going for it.
0:06:39 > 0:06:40The grounds...
0:06:40 > 0:06:43The property itself - well, in need of updating,
0:06:43 > 0:06:44but good space. Most of all,
0:06:44 > 0:06:48this location. Well, you can't beat it, really, can you?
0:06:48 > 0:06:51Let's see who fell in love with it - I'm sure that happened -
0:06:51 > 0:06:53when it went under the hammer.
0:06:54 > 0:06:57Three-bedroom detached bungalow, good-sized garden and grounds.
0:06:59 > 0:07:00So who's going to say to us 250?
0:07:00 > 0:07:02Thank you, sir. 250.
0:07:02 > 0:07:05Well done. 250. At 250.
0:07:05 > 0:07:08Your 250, sir. I'm now going there for 252.
0:07:08 > 0:07:10255.
0:07:10 > 0:07:12258, sir?
0:07:12 > 0:07:14258.
0:07:14 > 0:07:16260, madam. 260.
0:07:16 > 0:07:18262?
0:07:18 > 0:07:19262.
0:07:20 > 0:07:22264.
0:07:22 > 0:07:26It looked as though this auction was going to be a two-horse race,
0:07:26 > 0:07:31as the bidding climbed up over the £285,000 guide price.
0:07:32 > 0:07:34306 I've got.
0:07:34 > 0:07:36At 308. 308.
0:07:36 > 0:07:37310.
0:07:37 > 0:07:39310...312.
0:07:39 > 0:07:41314.
0:07:41 > 0:07:43314.
0:07:43 > 0:07:44316.
0:07:44 > 0:07:47At 316 we've got stood in the doorway.
0:07:47 > 0:07:48318.
0:07:48 > 0:07:50318.
0:07:50 > 0:07:51318.
0:07:51 > 0:07:53318. Front row has it.
0:07:53 > 0:07:55At 318... You sure and done? Here it is.
0:07:55 > 0:07:58Front row at 318.
0:07:58 > 0:07:59And done.
0:08:01 > 0:08:03Sir, congratulations. Well done.
0:08:03 > 0:08:06The successful bid of £318,000
0:08:06 > 0:08:08came from electrician Malcolm.
0:08:08 > 0:08:13His wife, care agency owner Chris, looks chuffed to bits.
0:08:14 > 0:08:16# If I'm dreaming
0:08:18 > 0:08:20# Just let me dream... #
0:08:22 > 0:08:24So, just what have they got planned
0:08:24 > 0:08:26for all this space?
0:08:26 > 0:08:29I met up with them back at the bungalow to find out.
0:08:31 > 0:08:32Malcolm, Chris, congratulations.
0:08:32 > 0:08:34You look really excited.
0:08:34 > 0:08:37So excited! Really excited.
0:08:38 > 0:08:40So, Malcolm, why did you want to buy it?
0:08:40 > 0:08:43Basically, for the views
0:08:43 > 0:08:45and, hopefully, the peace and quiet that's up here.
0:08:45 > 0:08:48And just...the space.
0:08:48 > 0:08:51So this is going to be your house, then, is it?
0:08:51 > 0:08:53It'll be our dream home.
0:08:53 > 0:08:55It's what we've always wanted.
0:08:55 > 0:08:57Somewhere where there's views
0:08:57 > 0:09:00and somewhere where we're on our own,
0:09:00 > 0:09:05we're not overlooked, and somewhere where the grandchildren can come and play in the garden.
0:09:05 > 0:09:07It's just going to be wonderful.
0:09:07 > 0:09:09# I feel so happy... #
0:09:13 > 0:09:15This may be their dream home,
0:09:15 > 0:09:18but that's not to say that Malcolm and Chris
0:09:18 > 0:09:20are just going to sit back and do nothing to it.
0:09:20 > 0:09:21Far from it.
0:09:22 > 0:09:25Really, what we want to do is take the roof completely off
0:09:25 > 0:09:27and put another floor on
0:09:27 > 0:09:29and then have the living area upstairs,
0:09:29 > 0:09:34so we'd have the living room and the kitchen and the dining room upstairs
0:09:34 > 0:09:36and then the bedrooms downstairs.
0:09:36 > 0:09:39Because it's crying out to have something done
0:09:39 > 0:09:41to maximise the view, isn't it?
0:09:41 > 0:09:46- Wow!- So that's the big plan. Whether we get to the big plan, we don't know!
0:09:46 > 0:09:49We may have to tone it down a little bit.
0:09:49 > 0:09:50But that's the dream.
0:09:50 > 0:09:54So have you made provisional enquiries with the planning office yet?
0:09:54 > 0:09:57We went to the planning department last week
0:09:57 > 0:09:59and had a chat with a guy there
0:09:59 > 0:10:01and he was quite encouraging.
0:10:01 > 0:10:04Obviously wouldn't commit to anything.
0:10:04 > 0:10:09So we're going to do some drawings and take photographs, take them back to him
0:10:09 > 0:10:10and see what he thinks.
0:10:10 > 0:10:15And then if they say there's a possibility, then we'll go the full whack.
0:10:15 > 0:10:19So you mooted the idea of putting an entire new floor on, a lot of glass on,
0:10:19 > 0:10:21and he didn't say no to that?
0:10:21 > 0:10:23No, he said just to do some rough drawings
0:10:23 > 0:10:25and they would have a look at that
0:10:25 > 0:10:27before we got proper plans drawn up.
0:10:27 > 0:10:31And then they would give us some idea of whether it would be OK.
0:10:31 > 0:10:33# Dreams can come true... #
0:10:33 > 0:10:38That really was a smart move to talk to the planning office early on.
0:10:38 > 0:10:41It's a great idea to get them on side.
0:10:41 > 0:10:45So what kind of budget have Malcolm and Chris got to play with?
0:10:46 > 0:10:50Well, we did say we can't really go above £100,000.
0:10:50 > 0:10:53Which we feel is a reasonable amount of money.
0:10:53 > 0:10:57But Malcolm will do quite a lot of the work himself.
0:10:57 > 0:11:02Not the big-boy stuff, but he'll do quite a lot of the work himself.
0:11:02 > 0:11:05Malcolm's an electrician by trade,
0:11:05 > 0:11:11but has cut his teeth on renovation work by doing up their current home,
0:11:11 > 0:11:13as well as a property they bought in France.
0:11:13 > 0:11:17So, what's their timescale for this project?
0:11:18 > 0:11:20We think probably about 12 months.
0:11:20 > 0:11:23That's what we'd like, to have it all done in 12 months.
0:11:23 > 0:11:25And then once you've done it,
0:11:25 > 0:11:27um...
0:11:27 > 0:11:30do you think you're going to live in it for a while?
0:11:30 > 0:11:32- Oh, for ever.- Yeah.- Definitely.
0:11:32 > 0:11:35- Unless something else comes along! - No, you're not doing any more!
0:11:35 > 0:11:38This is going to be our dream home.
0:11:38 > 0:11:42And we're getting too old to be doing all this any more.
0:11:42 > 0:11:44I have spoken!
0:11:46 > 0:11:48Great. Well, I'm delighted for you.
0:11:48 > 0:11:51- Congratulations.- Thank you.- Good luck with the plans.
0:11:51 > 0:11:56We look forward to seeing you in 12 months' time, maybe, to see how it's all turned out.
0:11:56 > 0:11:58Yeah. Thank you.
0:12:01 > 0:12:05Well, Chris and Malcolm clearly delighted to have found their dream home.
0:12:05 > 0:12:07And who can blame them?
0:12:07 > 0:12:10Of course, a lot rests on getting that second storey,
0:12:10 > 0:12:12and although they've had favourable murmurings
0:12:12 > 0:12:15from the planners, you just never know
0:12:15 > 0:12:17until it's signed on the dotted line.
0:12:17 > 0:12:20Find out how they get on later in the show.
0:12:26 > 0:12:29I'm in southeast London, in an area called West Norwood.
0:12:29 > 0:12:33It benefits from its own mainline train station,
0:12:33 > 0:12:35from which trains can whisk you to the City
0:12:35 > 0:12:37in just over 20 minutes,
0:12:37 > 0:12:39and if you're not rushing off to work,
0:12:39 > 0:12:43well, you can kick back and enjoy this lovely green park.
0:12:44 > 0:12:46Just around the corner from Norwood Park,
0:12:46 > 0:12:49and I'm here to see today's auction property.
0:12:49 > 0:12:52It's an end-of-terrace house, it's got three bedrooms,
0:12:52 > 0:12:56and the guide was set at £185,000.
0:12:56 > 0:12:59It certainly looks charming from where I'm standing.
0:12:59 > 0:13:02I'm going to take a closer inspection.
0:13:03 > 0:13:07You can see its 1930s credentials straight away.
0:13:08 > 0:13:10# It don't mean a thing
0:13:10 > 0:13:13# If you ain't got that swing... #
0:13:13 > 0:13:16Elegant curved bay windows at the front,
0:13:16 > 0:13:17along with gorgeous period detailing
0:13:17 > 0:13:22and the original door, make me hopeful that there'll be plenty of features to admire here.
0:13:22 > 0:13:26What a lovely hallway. I do like space when you walk into a property.
0:13:26 > 0:13:29It really does feel so welcoming.
0:13:29 > 0:13:32Obviously, it needs a bit of updating,
0:13:32 > 0:13:35but I love this reception room.
0:13:35 > 0:13:39High ceilings, good proportions. You've got the original stained-glass windows,
0:13:39 > 0:13:40which are beautiful.
0:13:40 > 0:13:43You know, there are so many options with these types of houses.
0:13:43 > 0:13:46You can either knock through this wall and create one big space,
0:13:46 > 0:13:48but I actually think that would be too big.
0:13:48 > 0:13:50You could knock through this room,
0:13:50 > 0:13:54because the kitchen is so disappointing the other side of that wall.
0:13:54 > 0:13:58You could create a nice, big open-plan kitchen/diner.
0:13:58 > 0:14:00But this is where it goes all wrong.
0:14:00 > 0:14:01Look at that!
0:14:01 > 0:14:03Argh!
0:14:03 > 0:14:08That is a horror of a 1970s lean-to that's been thrown up.
0:14:08 > 0:14:10# Hate is a strong word
0:14:10 > 0:14:13# But I really, really, really don't like you... #
0:14:15 > 0:14:18I am not liking what I see here.
0:14:18 > 0:14:22This is an ugly structure, and it looks more like...
0:14:22 > 0:14:25a greenhouse! I think it needs to be knocked down.
0:14:25 > 0:14:28It's one way of solving that small kitchen issue.
0:14:28 > 0:14:31And if you keep the extension within certain measurements,
0:14:31 > 0:14:33you don't have to apply for planning permission,
0:14:33 > 0:14:37because you will be within your permitted development rights.
0:14:37 > 0:14:41This is an attached property, and so you can only come out by three metres,
0:14:41 > 0:14:45but if you had a detached house, you could extend by four metres.
0:14:45 > 0:14:51I think a lovely kitchen extension is what's needed here.
0:14:51 > 0:14:53It would really make this house work.
0:14:53 > 0:14:55# This is what you've got to do
0:14:55 > 0:14:58# You've got to tear it all down
0:14:58 > 0:15:00# Down, down, down
0:15:00 > 0:15:02# Tear it all down... #
0:15:02 > 0:15:05This structure has had it anyway,
0:15:05 > 0:15:08and probably isn't worth repairing.
0:15:08 > 0:15:12As for that possible extension, I would always recommend talking to your local planning department,
0:15:12 > 0:15:17as interpretations on development rights can vary from council to council.
0:15:17 > 0:15:19It's better to be safe than sorry,
0:15:19 > 0:15:21but this is a great garden space.
0:15:21 > 0:15:23How lovely would it be to bring the outdoors in?
0:15:25 > 0:15:28Upstairs, you've got three good-sized bedrooms,
0:15:28 > 0:15:31but you have the room to create a fourth
0:15:31 > 0:15:33if you wanted to...
0:15:33 > 0:15:35up there in the loft.
0:15:35 > 0:15:39Now, adding an extra bedroom is the quickest way to add value to a property,
0:15:39 > 0:15:43so if I took this on, it'd be the first thing I would do.
0:15:43 > 0:15:46Like the single-storey extension outside,
0:15:46 > 0:15:48you won't have to apply for planning permission
0:15:48 > 0:15:51if you keep to a strict criteria
0:15:51 > 0:15:53and you don't exceed certain measurements.
0:15:53 > 0:15:56And then you can be within your permitted development rights.
0:15:56 > 0:16:02This is a semi-detached house, so you are allowed 50 cubic metres of additional roof space.
0:16:02 > 0:16:06You'll have to apply for building regs to make it a liveable place.
0:16:06 > 0:16:10If you fail to get those, you will not be able to legally call it a bedroom.
0:16:13 > 0:16:16It's not often you find this many ways to add value,
0:16:16 > 0:16:19but it's all seemingly possible here,
0:16:19 > 0:16:23and there are plenty of opportunities for improvement upstairs already.
0:16:23 > 0:16:27At the front of the property, the master bedroom has some outsize wardrobes,
0:16:27 > 0:16:29which really ought to go.
0:16:29 > 0:16:31But there are still plenty of original features,
0:16:31 > 0:16:33like the cornice and the windows.
0:16:33 > 0:16:36Also at the front is a simple single bedroom,
0:16:36 > 0:16:39with a not-so-desirable 1930s feature -
0:16:39 > 0:16:41the electrical wiring.
0:16:41 > 0:16:44The bathroom and loo are in separate places,
0:16:44 > 0:16:46and some replastering has been started.
0:16:46 > 0:16:50You might even be able to save a few of the original fixtures and fittings in here.
0:16:51 > 0:16:55The third bedroom is a double and is at the back.
0:16:57 > 0:17:01So what does the local estate agent make of this house in West Norwood,
0:17:01 > 0:17:03guided at £185,000?
0:17:06 > 0:17:09The real return on the property would be to develop it
0:17:09 > 0:17:11and make it bigger - more square footage, more bedrooms
0:17:11 > 0:17:13and on the ground floor, a bigger kitchen.
0:17:13 > 0:17:16I think you'd see some good returns there.
0:17:16 > 0:17:19However, depending on what the property's purchased at,
0:17:19 > 0:17:24you may only see those returns over a period of time, unless you're purchasing it at a really good price.
0:17:24 > 0:17:26# It ain't what you do It's the way that you do it
0:17:26 > 0:17:27# That's what gets results... #
0:17:27 > 0:17:30Let's discuss figures and options.
0:17:30 > 0:17:35As a three-bed, refurbished, I think you'd put it on the market
0:17:35 > 0:17:37for between £350,000 and £375,000.
0:17:37 > 0:17:40With a fourth bedroom and loft conversion,
0:17:40 > 0:17:43I believe you'd be looking to sell it on
0:17:43 > 0:17:46anywhere between £425,000 and £450,000.
0:17:46 > 0:17:50If this property was refurbished with rental in mind,
0:17:50 > 0:17:52how might the figures stack up?
0:17:52 > 0:17:56In terms of rental, as a three-bed, £1,750 per calendar month.
0:17:56 > 0:18:02As a four-bed, between £2,000 per calendar month and £2,500 per calendar month.
0:18:05 > 0:18:09This is an interesting house - a good one to go for in my opinion,
0:18:09 > 0:18:12because there's room to create a fourth bedroom in the loft
0:18:12 > 0:18:15and there's plenty of space for a single-storey extension out the back as well.
0:18:15 > 0:18:19Those additions will really add value here.
0:18:19 > 0:18:22Let's see who wanted this when it went under the hammer.
0:18:22 > 0:18:25Lot 19. '30s house, looks like.
0:18:25 > 0:18:28I don't know. It looks... 250?
0:18:28 > 0:18:30250? If not, you tell me.
0:18:30 > 0:18:31200, at the back.
0:18:31 > 0:18:32200.
0:18:32 > 0:18:34205 anywhere?
0:18:34 > 0:18:37Got 200 at the back. Sorry, 205.
0:18:37 > 0:18:38210.
0:18:38 > 0:18:40215.
0:18:40 > 0:18:41220.
0:18:42 > 0:18:43225.
0:18:43 > 0:18:45225 on my right.
0:18:45 > 0:18:47Looking for 226.
0:18:47 > 0:18:49226.
0:18:49 > 0:18:50227.
0:18:50 > 0:18:51228.
0:18:51 > 0:18:52229.
0:18:52 > 0:18:54230.
0:18:54 > 0:18:55231.
0:18:55 > 0:18:56232.
0:18:56 > 0:18:57233.
0:18:57 > 0:18:59234. 235.
0:18:59 > 0:19:00236.
0:19:01 > 0:19:03240. 241.
0:19:03 > 0:19:04242.
0:19:04 > 0:19:06243.
0:19:06 > 0:19:07244.
0:19:07 > 0:19:09245.
0:19:09 > 0:19:10246?
0:19:10 > 0:19:12245, sitting down.
0:19:12 > 0:19:14Another spot, 246.
0:19:14 > 0:19:15247.
0:19:15 > 0:19:16248.
0:19:16 > 0:19:18249.
0:19:19 > 0:19:21250. 251?
0:19:21 > 0:19:23250, sitting down.
0:19:23 > 0:19:25First time...second time...
0:19:25 > 0:19:27Third and last time, if you're all done.
0:19:30 > 0:19:31Sold, 250.
0:19:32 > 0:19:36The successful bid of £250,000 came from Neil.
0:19:36 > 0:19:41He recently gave up his job project-managing home automation and entertainment systems
0:19:41 > 0:19:43to become a full-time dad.
0:19:43 > 0:19:45# Daddy cool, daddy cool
0:19:45 > 0:19:47# Cool, daddy, cool
0:19:47 > 0:19:48# Daddy cool, daddy cool... #
0:19:50 > 0:19:53We joined him at the 1930s house, along with his dad, Sam.
0:19:53 > 0:19:56They'll be refurbishing it together.
0:19:57 > 0:20:00- Sam and Neil, congratulations.- Thank you.- Thank you.
0:20:00 > 0:20:03- You must be thrilled to bits you've got this house.- Absolutely.- We are.
0:20:03 > 0:20:06It was the first one that we wanted to get in the auction.
0:20:06 > 0:20:08So were you going for a few of them?
0:20:08 > 0:20:11Yes, we had a look at a few on that day
0:20:11 > 0:20:15and we travelled around all over South London looking at houses, and this was the last one we saw.
0:20:15 > 0:20:18So we came here. It was the end of the day and we were feeling a bit jaded.
0:20:18 > 0:20:22We walked in, all of us - me and my dad and my mum.
0:20:22 > 0:20:24We just thought, "Wow! This place is the one."
0:20:24 > 0:20:26So, Sam, what was it you liked so much about this house?
0:20:26 > 0:20:30What I liked about this house was the fact that it had a lot of potential.
0:20:30 > 0:20:33Neil, this is his first project.
0:20:33 > 0:20:37And I wanted it to have not too many problems.
0:20:37 > 0:20:43And...I think I'll bring to bear my experience,
0:20:43 > 0:20:46not in property, but more in project management.
0:20:46 > 0:20:50I have worked for a company for 48 years
0:20:50 > 0:20:52before I retired four months ago
0:20:52 > 0:20:55and for the last 25 years, I was project manager.
0:20:55 > 0:20:58# Rock, cool daddy... #
0:20:59 > 0:21:0348 years with the same company? That is amazing.
0:21:03 > 0:21:06This renovation is on a much smaller scale
0:21:06 > 0:21:09than the multi-million-pound projects that Sam used to work on,
0:21:09 > 0:21:12but it'll keep him busy in his retirement.
0:21:13 > 0:21:15Neil was also a project manager,
0:21:15 > 0:21:18but had to put the brakes on his career.
0:21:19 > 0:21:23About 15 months ago, my first daughter was born, Kirsty.
0:21:23 > 0:21:25- Congratulations!- Thank you very much.
0:21:25 > 0:21:29And at the time, me and my wife discussed how we were going to proceed with both our careers,
0:21:29 > 0:21:33and the option that really came to fruition was that I would give up work
0:21:33 > 0:21:37and she would continue after her maternity leave was over.
0:21:37 > 0:21:42So I've been a stay-at-home dad for the last year and a bit.
0:21:42 > 0:21:43And how is that?
0:21:43 > 0:21:46It was great. I'm still really enjoying it, to be honest.
0:21:46 > 0:21:51But given that we both decided that eventually I would go back to work and do something,
0:21:51 > 0:21:55coupled with the fact that we had a property that we were thinking of selling,
0:21:55 > 0:21:59we thought, after discussing it with my parents, that we'd buy a place in London
0:21:59 > 0:22:01and become property developers.
0:22:03 > 0:22:08Meanwhile, Neil's wife Jennifer will continue working in human resources for the Premier League,
0:22:08 > 0:22:11while Neil juggles looking after their daughter Kirsty
0:22:11 > 0:22:14and overseeing the renovation with his dad.
0:22:16 > 0:22:19How are you going to work this as a team, as a joint effort?
0:22:19 > 0:22:23I think it'll be a case of I'll be the hands-on guy on site
0:22:23 > 0:22:27with the people we employ to do the work, as required.
0:22:27 > 0:22:29Dad will be there to provide an ear
0:22:29 > 0:22:33to listen to any problems that we have and provide guidance and advice.
0:22:33 > 0:22:37And also to help out on-site as well, with his experience.
0:22:37 > 0:22:39You don't say no to that sort of experience, really.
0:22:39 > 0:22:42Absolutely. Now, are you going to be getting the builders together?
0:22:42 > 0:22:45Who's going to sort and do the day-to-day running of the whole project?
0:22:45 > 0:22:48Well, it'll have to be a joint effort.
0:22:48 > 0:22:51The advantage I've got is that having retired from my work,
0:22:51 > 0:22:54I can come here first thing in the morning,
0:22:54 > 0:22:56whereas Neil has got to look after Kirsty.
0:22:56 > 0:22:58So that's where we dovetail.
0:22:58 > 0:23:00So how's it going to work as a father and son team?
0:23:00 > 0:23:04I mean, you're a project manager too. Do you think you'll agree on the same sort of thing?
0:23:04 > 0:23:06I think, fundamentally, yes.
0:23:06 > 0:23:08Of course there will be disagreements along the way,
0:23:08 > 0:23:10but that happens in any walk of life.
0:23:10 > 0:23:13The idea is to compromise where you need to, and listen to other people's ideas.
0:23:13 > 0:23:15So I think it'll work really well.
0:23:15 > 0:23:17What is the plan with the property?
0:23:17 > 0:23:19How are you going to turn this around?
0:23:19 > 0:23:24Well, the plan was to do some of the things that the neighbours have done.
0:23:24 > 0:23:27A lot of houses around here have had loft conversions done,
0:23:27 > 0:23:30they've done single-storey extensions at the back,
0:23:30 > 0:23:33so the idea is to pretty much follow that template,
0:23:33 > 0:23:35but to try and add some wow factor to it.
0:23:35 > 0:23:37Initially, we will do the loft extension,
0:23:37 > 0:23:39convert it to a four-bedroom house,
0:23:39 > 0:23:41and add a second bathroom up there.
0:23:41 > 0:23:45And then, on the ground floor, we'll take out the back wall,
0:23:45 > 0:23:50we'll knock through the wall between the existing kitchen and the rear reception room,
0:23:50 > 0:23:54and we'll make it a large living/dining area.
0:23:54 > 0:23:57How exciting. That is really what this house needs.
0:23:57 > 0:23:59So how much will something like that cost you guys?
0:23:59 > 0:24:01Have you had time to work out a budget?
0:24:01 > 0:24:05We have, and we've allocated about £60,000 to this,
0:24:05 > 0:24:08with a contingency on top of about £5,000 to £10,000
0:24:08 > 0:24:11in case there are any unforeseen problems that we run into.
0:24:11 > 0:24:14What's the timescale? How long is it going to take you?
0:24:14 > 0:24:15Well, as project managers know,
0:24:15 > 0:24:19everything's got to be planned meticulously, but we're hoping within six months.
0:24:19 > 0:24:21That's the plan.
0:24:21 > 0:24:24And what about applying for planning permission?
0:24:24 > 0:24:27Are you going to be going further than your permitted development rights?
0:24:27 > 0:24:30We thought we would initially, but from speaking to some of the neighbours,
0:24:30 > 0:24:34we found out that people have tried to get for example, two-storey extensions on the back
0:24:34 > 0:24:36and they've been refused point blank.
0:24:36 > 0:24:39So that was nipped in the bud from an early stage.
0:24:39 > 0:24:42So I think it will be pretty much permitted development on this one.
0:24:42 > 0:24:46Good luck with this project, and make sure you stick to the budget.
0:24:46 > 0:24:49- Thank you very much, Lucy.- Sam, Neil, thank you. Good luck.
0:24:51 > 0:24:55So Neil and Sam have got big plans for this end-of-terrace.
0:24:55 > 0:24:58If it goes their way, we'll come back to see a four-bedroom house.
0:24:58 > 0:25:01How will they get on with the planners,
0:25:01 > 0:25:03and will they be able to keep to their budgets?
0:25:03 > 0:25:06You can find out later in the programme.
0:25:08 > 0:25:11Coming up, this three-bed semi in Cumbria
0:25:11 > 0:25:13needs work inside and out.
0:25:13 > 0:25:16Sort out the back garden, and it'll make a huge difference.
0:25:17 > 0:25:21In southeast London, Neil explains the thinking behind his renovation.
0:25:21 > 0:25:24This is the room that we wanted to have the wow factor in.
0:25:24 > 0:25:27People would walk into the house and go, "This is the house for me."
0:25:29 > 0:25:32But first, Chris and Malcolm's new home in Devon gets the thumbs-up.
0:25:32 > 0:25:35Now that we've actually moved in,
0:25:35 > 0:25:37it's absolutely fantastic.
0:25:40 > 0:25:44Back now to the beautiful Devon countryside near Exeter
0:25:44 > 0:25:48and this three-bedroom bungalow in a truly stunning location.
0:25:48 > 0:25:51Husband and wife team Malcolm and Chris
0:25:51 > 0:25:55bought it at auction for £318,000.
0:25:55 > 0:25:59The couple were all for making this their forever home
0:25:59 > 0:26:02and they weren't short of ambitious ideas.
0:26:02 > 0:26:05Really, what we want to do is take the roof completely off
0:26:05 > 0:26:11and put another floor on, so we'd have the living room and the kitchen and the dining room upstairs
0:26:11 > 0:26:13and then the bedrooms downstairs.
0:26:13 > 0:26:18- Wow!- Because it's crying out to have something done to maximise the view, isn't it?
0:26:20 > 0:26:24Electrician Malcolm was planning to roll up his sleeves and help out,
0:26:24 > 0:26:29but there was planning permission to sort out before any builders could get to work.
0:26:29 > 0:26:33All the same, Malcolm and Chris set themselves a £100,000 budget
0:26:33 > 0:26:37and a timescale of just 12 months to transform the place.
0:26:37 > 0:26:42Well, almost exactly three years after our first visit,
0:26:42 > 0:26:44we're back to see what they've achieved.
0:27:03 > 0:27:05One thing's for sure...
0:27:05 > 0:27:07the couple need look no further for their dream home.
0:27:07 > 0:27:11The formerly tired, damp bungalow
0:27:11 > 0:27:13is almost unrecognisable,
0:27:13 > 0:27:15with its New-England-style cladding
0:27:15 > 0:27:16and raised roof,
0:27:16 > 0:27:20plus a sizeable and beautiful new kitchen extension.
0:27:21 > 0:27:24It's been quite a journey, as you can imagine.
0:27:24 > 0:27:27It's been quite stressful at times.
0:27:27 > 0:27:29We've had lots of fun.
0:27:29 > 0:27:32But now that we've actually moved in,
0:27:32 > 0:27:35it's absolutely fantastic.
0:27:35 > 0:27:37And it's just lovely.
0:27:39 > 0:27:41They decided not to undergo the expense
0:27:41 > 0:27:44and upheaval of creating an upside-down house
0:27:44 > 0:27:46and I think it was a good call.
0:27:46 > 0:27:48The downstairs is looking fabulous,
0:27:48 > 0:27:52with three bedrooms, a bathroom, a massive sitting room
0:27:52 > 0:27:55and an even more ginormous kitchen extension,
0:27:55 > 0:27:58complete with a rather intriguing feature.
0:27:58 > 0:28:02The extended kitchen now incorporates the old water well,
0:28:02 > 0:28:05which was just outside the old back door.
0:28:05 > 0:28:08And, yes, that IS toughened glass over the top of the well!
0:28:08 > 0:28:10Phew!
0:28:12 > 0:28:14When the builders were bricking up,
0:28:14 > 0:28:17one of the brickies dropped his trowel
0:28:17 > 0:28:19in the bottom of the well.
0:28:19 > 0:28:23And they tried to fish it out with some magnets,
0:28:23 > 0:28:24but that didn't work,
0:28:24 > 0:28:27so, in the end, I actually went down the well
0:28:27 > 0:28:29and I managed to retrieve that for him,
0:28:29 > 0:28:31which he was quite pleased about.
0:28:31 > 0:28:34It was his favourite trowel!
0:28:36 > 0:28:38# Well, well, well... #
0:28:38 > 0:28:40But that's not all, folks.
0:28:40 > 0:28:44After a well-earned rest, Malcolm and Chris can tackle upstairs.
0:28:44 > 0:28:46# Well, well, well... #
0:28:46 > 0:28:51There's room up here to turn the bungalow into a five-bedroom, three-bathroom family home.
0:28:51 > 0:28:54And the views from upstairs are...
0:28:56 > 0:28:57..well, breath-taking.
0:29:02 > 0:29:06I just can't wait until we get our bedroom finished upstairs
0:29:06 > 0:29:08and that we wake up in the morning
0:29:08 > 0:29:11and can see that view.
0:29:11 > 0:29:14We just need to cut the hedges down a little bit.
0:29:14 > 0:29:16Another job!
0:29:17 > 0:29:18Yeah!
0:29:18 > 0:29:22In fact, Malcolm's supposed to be retired,
0:29:22 > 0:29:25but he's done all the wiring, some of the plumbing
0:29:25 > 0:29:29and generally put a whole lot of work into creating their dream home.
0:29:30 > 0:29:33I didn't think Malc would be able to do it all by himself,
0:29:33 > 0:29:37but he's, um...he...
0:29:37 > 0:29:38despite his age...
0:29:40 > 0:29:45..he's done really well, and it just shows that there's life in the old dog yet.
0:29:50 > 0:29:54This has been a true labour of love for Malcolm and Chris.
0:29:54 > 0:29:57A year in the planning, then two years of building,
0:29:57 > 0:30:01most of which the couple spent in a static caravan on site,
0:30:01 > 0:30:05through the harshest winter for 100 years, no less.
0:30:05 > 0:30:09But if their timescale has slipped from one to three years so far,
0:30:09 > 0:30:12what about their £100,000 budget?
0:30:14 > 0:30:17We're just over the £100,000 - about £103,000,
0:30:17 > 0:30:19so we're really pleased with that.
0:30:19 > 0:30:21But of course, a lot of that is down to Malc,
0:30:21 > 0:30:25because we haven't had to pay any labour costs...
0:30:25 > 0:30:26- Yet!- ..for your work.
0:30:28 > 0:30:32Well, even if Malcolm hasn't taken a wage for his efforts,
0:30:32 > 0:30:36they've done really well to keep a tight rein on the budget.
0:30:36 > 0:30:40On top of their purchase price, their £103,000 spend
0:30:40 > 0:30:44brings the total outlay to date to £421,000.
0:30:44 > 0:30:48They estimate another £30,000 to complete the upstairs,
0:30:48 > 0:30:52which will make a projected total outlay of £451,000.
0:30:52 > 0:30:56We asked two local property experts to take a look at the place now.
0:30:58 > 0:31:00My overall impressions are it's an absolutely amazing job
0:31:00 > 0:31:03what the couple have done. It really is truly a credit to themselves.
0:31:03 > 0:31:05They've created a wonderful family home.
0:31:05 > 0:31:08I feel that the property's been done to a very high standard.
0:31:08 > 0:31:11There's still a few things that need to be completed -
0:31:11 > 0:31:13for example, the upstairs, but once that's done,
0:31:13 > 0:31:16I feel that the property will be a very nice place to live.
0:31:16 > 0:31:19Chris and Malcolm have built this as their dream home,
0:31:19 > 0:31:22to enjoy with their children and grandchildren.
0:31:22 > 0:31:25But if they sold it on in its current state,
0:31:25 > 0:31:27without spending on the upstairs,
0:31:27 > 0:31:29what do the experts think it would fetch?
0:31:30 > 0:31:32It's hard to put a value on this property,
0:31:32 > 0:31:35as it is so unique and different to others that have sold in the area.
0:31:35 > 0:31:38But if I was to put it on the market in its current condition,
0:31:38 > 0:31:41I'd be looking to put it on for £425,000.
0:31:41 > 0:31:44If I was to place the property on the market as it stands today,
0:31:44 > 0:31:48you could probably expect to fetch somewhere in the region of £500,000 to £550,000.
0:31:48 > 0:31:50Well, I think the first one's rubbish!
0:31:50 > 0:31:54But the second one, we're really pleased with that, aren't we, Malc?
0:31:54 > 0:31:56- Yeah, would be.- Yeah.
0:31:56 > 0:31:58No, that's really good.
0:31:59 > 0:32:02Quite a difference of opinion from the experts there,
0:32:02 > 0:32:05but those valuations mean that Chris and Malcolm
0:32:05 > 0:32:07could make a pre-tax profit
0:32:07 > 0:32:12somewhere between £4,000 and £129,000 if they sold today.
0:32:12 > 0:32:15And what about the potential rental income?
0:32:15 > 0:32:18If the property was to be placed on the rental market,
0:32:18 > 0:32:21once the upstairs is converted to a high standard,
0:32:21 > 0:32:24you could expect to achieve probably £1,400 to £1,600 per calendar month.
0:32:24 > 0:32:27If I was looking to put this property to let,
0:32:27 > 0:32:29I'd want it completed,
0:32:29 > 0:32:33but I feel it would then achieve £1,700 per calendar month.
0:32:33 > 0:32:36- I'm amazed.- Crumbs, we'd better move in some lodgers, then!
0:32:36 > 0:32:39I don't think so!
0:32:39 > 0:32:42If they spent £30,000 on the upstairs
0:32:42 > 0:32:44and rented the house out,
0:32:44 > 0:32:47they could be looking at a yield of between 3% and 4.5%.
0:32:47 > 0:32:49But I don't see them doing that...
0:32:49 > 0:32:53certainly not in a month of sunsets like this.
0:33:07 > 0:33:08This is Whitehaven,
0:33:08 > 0:33:12a former mining town and port on the Cumbrian coast,
0:33:12 > 0:33:14with an intriguing claim to fame.
0:33:16 > 0:33:21Whitehaven is regarded as one of the most complete examples
0:33:21 > 0:33:26of planned Georgian architecture in the world,
0:33:26 > 0:33:30and many historians believe that this very place
0:33:30 > 0:33:33was the blueprint for the grid system
0:33:33 > 0:33:35of New York city.
0:33:35 > 0:33:37No, I'm not taking any liberties.
0:33:38 > 0:33:39HE CHUCKLES
0:33:40 > 0:33:42A big claim indeed.
0:33:42 > 0:33:46But Whitehaven has benefited from a wave of regeneration recently.
0:33:46 > 0:33:50So, will today's property, situated in the Greenbank area of the town,
0:33:50 > 0:33:52ride the crest of that wave?
0:33:54 > 0:33:56Well, just outside the town centre,
0:33:56 > 0:33:59with some lovely views over the Lake District hills,
0:33:59 > 0:34:01is the property I'm here to see.
0:34:01 > 0:34:03Now, it has seen better days,
0:34:03 > 0:34:07but then, the guide price was just £25,000,
0:34:07 > 0:34:10which, for a three-bedroom semi, has go to be good value,
0:34:10 > 0:34:12in anybody's book.
0:34:16 > 0:34:19The properties here were built by the local authority,
0:34:19 > 0:34:21with some of them now in private ownership.
0:34:21 > 0:34:24That £25,000 guide price is seriously tempting
0:34:24 > 0:34:27for a first-time buyer or an investor.
0:34:27 > 0:34:29Spruce up the front garden,
0:34:29 > 0:34:31and you've got instant kerb appeal,
0:34:31 > 0:34:33with a fantastic outlook.
0:34:36 > 0:34:37So, what have we got?
0:34:37 > 0:34:40A nice elevated position, making the most of those views.
0:34:40 > 0:34:43Through the door, stairs up to the bedrooms,
0:34:43 > 0:34:45and into your front living room.
0:34:45 > 0:34:47Um...nice big windows to make the most of it
0:34:47 > 0:34:49and an open fire, which is good.
0:34:49 > 0:34:53Now, it's not in that brilliant a state, as I said, but...
0:34:53 > 0:34:56I'm not seeing anything TOO horrendous at the moment.
0:34:56 > 0:34:58Large living room there,
0:34:58 > 0:34:59through to your kitchen.
0:34:59 > 0:35:02It's a fairly standard layout, and, as you can see,
0:35:02 > 0:35:03the kitchen is in a bit of a state.
0:35:03 > 0:35:06But I expected that, and for the money, who cares?
0:35:06 > 0:35:07It's a good start.
0:35:07 > 0:35:10There are definitely damp patches in here,
0:35:10 > 0:35:14but I think the way forward is to give the whole kitchen the heave-ho
0:35:14 > 0:35:17and see just what you're dealing with.
0:35:17 > 0:35:20And I'd get the electrics looked over while I was at it.
0:35:20 > 0:35:22The sitting room is a good size
0:35:22 > 0:35:25and the open fire could be a great focal point.
0:35:26 > 0:35:28But the lack of radiators in here makes me think
0:35:28 > 0:35:33that central heating might have to be on the to-do list.
0:35:33 > 0:35:35Onwards and upwards.
0:35:35 > 0:35:38Well, up here, again, if you're looking for show-house condition,
0:35:38 > 0:35:40you are going to be disappointed.
0:35:40 > 0:35:42But what I'm seeing, I like.
0:35:42 > 0:35:44You've got three decent-sized bedrooms
0:35:44 > 0:35:47and most importantly, you've got that bathroom upstairs.
0:35:47 > 0:35:48It all needs sorting out,
0:35:48 > 0:35:52but really, the intrinsics are incredibly strong here.
0:35:52 > 0:35:54Good one!
0:36:00 > 0:36:03Now, feature wallpaper in itself is fine,
0:36:03 > 0:36:05but, especially if you're looking to let the property,
0:36:05 > 0:36:09it might be best to stick to plainer, neutral tones.
0:36:09 > 0:36:12The three bedrooms are a decent size, though,
0:36:12 > 0:36:15and we do like to see the bathroom upstairs, don't we?
0:36:20 > 0:36:22Out the kitchen door at the back, you do unearth
0:36:22 > 0:36:25a bit of a problem at the back here.
0:36:25 > 0:36:29This is actually like an infill between two properties,
0:36:29 > 0:36:31and it is actually a flying freehold,
0:36:31 > 0:36:33which one of the bedrooms is situated in,
0:36:33 > 0:36:37so, as usual with those kind of things, you do need to have it checked out by your solicitor.
0:36:37 > 0:36:41It's probably not a problem, but you certainly want to know the legalities or otherwise of that.
0:36:41 > 0:36:45And while I'm here, it doesn't look like it's in that brilliant condition.
0:36:45 > 0:36:47Some time spent in the back would definitely pay dividends.
0:36:47 > 0:36:50Lots of breeze blocks and mess.
0:36:50 > 0:36:54Sort this out and get a nice bit of terracing, sort out the back garden,
0:36:54 > 0:36:56and it would make a huge difference,
0:36:56 > 0:36:59because one of the great things you've got is open space at the back,
0:36:59 > 0:37:00which is lovely.
0:37:04 > 0:37:07With a bit of hard graft, this could be a lovely family garden,
0:37:07 > 0:37:11but do make sure your solicitor is aware
0:37:11 > 0:37:14of any flying freehold situation,
0:37:14 > 0:37:17where you property extends over the neighbour's land.
0:37:17 > 0:37:20It's not that uncommon, and usually you can take out
0:37:20 > 0:37:23an insurance policy against any potential problems.
0:37:23 > 0:37:26So, it's a good-sized house
0:37:26 > 0:37:30at an amazingly low guide price of just £25,000.
0:37:30 > 0:37:33But what does a local property expert make of it?
0:37:35 > 0:37:37This property is an ideal starter home
0:37:37 > 0:37:40or for a buy-to-let investor.
0:37:40 > 0:37:43It is in need of a full refurbishment.
0:37:43 > 0:37:46But we've got potential to make into a nice family home.
0:37:46 > 0:37:52Once done up, what does she think that the place might fetch on the resale market?
0:37:53 > 0:37:56If this property was brought up to modern living standards,
0:37:56 > 0:38:00we could market this property in the region of £60,000.
0:38:03 > 0:38:06Wow! Keep your eye on the budget and there's a healthy profit to be made here.
0:38:06 > 0:38:09And what about the rental market?
0:38:11 > 0:38:13If this property was brought up to reasonable standards,
0:38:13 > 0:38:18we could be looking in the region of £350 per calendar month for rental income.
0:38:20 > 0:38:21So, a good one to go for?
0:38:21 > 0:38:25Well, I think so, but it all comes down to the price that was paid at the auction.
0:38:25 > 0:38:30So did the person who bought it score themselves a bull's-eye?
0:38:30 > 0:38:32Let's find out.
0:38:33 > 0:38:38Lot 23, a three-bedroom semi-detached house.
0:38:38 > 0:38:42A lot of property, £25,000.
0:38:42 > 0:38:4420, then?
0:38:44 > 0:38:47£20,000. Let's see it... 20 I've got.
0:38:47 > 0:38:49At £20,000.
0:38:49 > 0:38:52Take it in ones. At 20 I'm bid.
0:38:52 > 0:38:55At £20,000. 21, seated.
0:38:55 > 0:38:5622, may I say?
0:38:56 > 0:38:5823.
0:38:58 > 0:39:0024.
0:39:00 > 0:39:0125.
0:39:01 > 0:39:0326?
0:39:03 > 0:39:04Shake of the head.
0:39:04 > 0:39:06With you at 25.
0:39:06 > 0:39:08At £25,000, then.
0:39:08 > 0:39:13We're here to sell, ladies and gentlemen. It's in the room, selling this today.
0:39:13 > 0:39:15At £25,000...
0:39:15 > 0:39:16I'll take a half.
0:39:19 > 0:39:20250.
0:39:23 > 0:39:25At £25,000 for the first time.
0:39:25 > 0:39:29At £25,000 for the second time...
0:39:29 > 0:39:33At £25,000, then, selling. Are we all done, all out?
0:39:33 > 0:39:35Sold to you, sir. Well done.
0:39:39 > 0:39:41And it was local lad Gaz
0:39:41 > 0:39:45who snapped this one up for bang on the £25,000 guide price.
0:39:45 > 0:39:48He's just taken voluntary redundancy
0:39:48 > 0:39:50from his job as a building surveyor,
0:39:50 > 0:39:54freeing him up to make property development his career.
0:39:54 > 0:39:56Gaz, great to meet you.
0:39:56 > 0:39:57- Morning.- Congratulations.
0:39:57 > 0:40:00- Thanks.- Tell me why you wanted to buy this place.
0:40:00 > 0:40:04Um, I had a shortlist of three or four properties at the auction.
0:40:04 > 0:40:09The ones that came up before this one came up a bit. They went beyond my budget.
0:40:09 > 0:40:13- Right.- And this one started off below my budget,
0:40:13 > 0:40:17so I chipped in, and there you go. Luckily enough... I'm saying "luckily" - I think so!
0:40:17 > 0:40:18- Yeah.- I got this one.
0:40:18 > 0:40:20I'd say it was lucky.
0:40:20 > 0:40:21So why this area?
0:40:21 > 0:40:24It was driven by price, really.
0:40:24 > 0:40:28Where I live, I drew a circle round the area,
0:40:28 > 0:40:30and went, "I'm prepared to travel that far to work."
0:40:30 > 0:40:33- How big?- Sort of 30, 40 miles.
0:40:33 > 0:40:36But you know, price led, so...
0:40:36 > 0:40:41Yeah, so here it is. I'm going to... I'm committed now, so this is it.
0:40:41 > 0:40:42- This is what I'm taking on.- Sure.
0:40:42 > 0:40:45And why did you like this particular one?
0:40:45 > 0:40:47Nice simple formula - three-bedroom,
0:40:47 > 0:40:49went for the right money.
0:40:49 > 0:40:51Obviously, again, budget's OK.
0:40:51 > 0:40:57I think it could make a decent little modest family home.
0:40:57 > 0:40:59- Mmm. It's nice. Solid.- Yeah.
0:40:59 > 0:41:00I think it's OK.
0:41:00 > 0:41:02And what's the plan for it?
0:41:02 > 0:41:04Is it to do it up and sell it on,
0:41:04 > 0:41:06or to do it up and rent it out?
0:41:06 > 0:41:08Ideally, do it up, sell it on.
0:41:08 > 0:41:13If the market's not right, then I'll quite happily look at a more long-term kind of thing
0:41:13 > 0:41:15and maybe look at the rental market.
0:41:15 > 0:41:18So what do you do at the moment? What's your job?
0:41:18 > 0:41:19- I'm a building surveyor.- OK!
0:41:19 > 0:41:21- Well, that's very convenient.- Let's hope so.
0:41:21 > 0:41:25But I've finished being a building surveyor now.
0:41:25 > 0:41:27- I literally finished last week.- Wow!
0:41:27 > 0:41:29So I'm committed to this now.
0:41:29 > 0:41:31- OK, so you can work on it full-time.- That's the idea.
0:41:31 > 0:41:36But what great experience to have getting into this sort of career, or second career that you've chosen.
0:41:36 > 0:41:39Yeah, well, I'm quite handy as well,
0:41:39 > 0:41:43- so, hopefully, being hands-on and having a surveying background... - Yeah.
0:41:43 > 0:41:46- Hopefully it comes together and works.- Ideal combination.
0:41:48 > 0:41:50A hands-on surveyor, eh?
0:41:50 > 0:41:52Sounds like a winning combination to me.
0:41:52 > 0:41:55And with useful contacts in the building trade,
0:41:55 > 0:41:59there's a strong chance this could be something of a walk in the park for Gaz.
0:42:01 > 0:42:04Talk me through exactly, then, what you're going to do.
0:42:04 > 0:42:08The first thing I'll do is strip out the carpets, strip this panelling off the walls.
0:42:08 > 0:42:12There's some panelling up the stairs - take that out, strip the kitchen out.
0:42:12 > 0:42:14I'll get my plumber and my electrician over,
0:42:14 > 0:42:17work out how I'm going to arrange the central heating.
0:42:17 > 0:42:19And then, once everything's stripped out,
0:42:19 > 0:42:21- start putting it back together. - Right.
0:42:21 > 0:42:25Decorate it outside, attend to anything else that seems to be a problem on the outside,
0:42:25 > 0:42:28redo the garden, tidy up the garden at the front,
0:42:28 > 0:42:31- make it as presentable as I can within my budget.- Right.
0:42:31 > 0:42:32What's the budget?
0:42:32 > 0:42:35Um, I've got a maximum and a minimum I'm kind of working to.
0:42:35 > 0:42:38I think it's going to take at least £10,000
0:42:38 > 0:42:40to get it to where I want to,
0:42:40 > 0:42:44- but if it goes up to 15, I think the numbers still make sense.- OK.
0:42:46 > 0:42:50Gaz has a three-month timescale to get the place shipshape.
0:42:50 > 0:42:53But before he starts ripping things out,
0:42:53 > 0:42:56he's off on holiday to Sicily with his wife, Sophie.
0:42:56 > 0:42:59But it ain't going to be no sitting-on-the-beach kind of holiday.
0:42:59 > 0:43:01Not with Gaz's hobby of choice...
0:43:05 > 0:43:09When you're not doing this, what do you do in your spare time?
0:43:09 > 0:43:12- Um, spare time mostly taken up with climbing.- Climbing?- Yeah.
0:43:12 > 0:43:17On of the reasons for living in the Lake District in the first place, to be honest with you.
0:43:17 > 0:43:20Oh, wow! And round here, where are the best climbs?
0:43:20 > 0:43:22In all the valleys, down Borrowdale Valley.
0:43:22 > 0:43:26There's a whole history of climbing that's gone on in this area.
0:43:26 > 0:43:28- Yeah.- You could keep going for ever, climbing here.
0:43:28 > 0:43:32- Usually attached by a rope? None of this silly clinging by your fingernails stuff?- Yeah,
0:43:32 > 0:43:35well, we do try to play as safe as we can.
0:43:35 > 0:43:37Good. Well, listen,
0:43:37 > 0:43:39congratulations. Good luck with it.
0:43:39 > 0:43:42- Thank you very much.- Look forward to seeing how you get on.- OK!
0:43:42 > 0:43:45Well, from climbing in the Lake District
0:43:45 > 0:43:47to climbing the property ladder here.
0:43:47 > 0:43:50I think Gaz hasn't got a property that's too ropey.
0:43:50 > 0:43:52How will he get on sorting it out?
0:43:52 > 0:43:55Enough climbing puns for now!
0:43:55 > 0:43:56You can find out later in the show.
0:44:00 > 0:44:05Well, renovating property can sometimes be a very stressful and time-consuming process.
0:44:05 > 0:44:08Especially if things don't go according to plan.
0:44:08 > 0:44:12So, have today's buyers' dreams made it off the drawing board?
0:44:12 > 0:44:14Let's find out.
0:44:18 > 0:44:20We've come back to Norwood in South London...
0:44:20 > 0:44:23# It don't mean a thing
0:44:23 > 0:44:26# If you ain't got that swing... #
0:44:26 > 0:44:31..to see how father and son Sam and Neil got on with that 1930s house.
0:44:31 > 0:44:34It was ripe for development.
0:44:34 > 0:44:38Although there were already three bedrooms, there was an opportunity to expand into the loft
0:44:38 > 0:44:40to add a fourth.
0:44:40 > 0:44:43And the dinky kitchen could be knocked through into the dining room.
0:44:43 > 0:44:46Then there was that 1970s conservatory,
0:44:46 > 0:44:49which had clearly outstayed its welcome.
0:44:49 > 0:44:52A lot of houses round here have had loft conversions done.
0:44:52 > 0:44:55They've done single-storey extensions at the back.
0:44:55 > 0:44:57So the idea is to pretty much follow that template,
0:44:57 > 0:44:59but to try and add some wow factor to it.
0:45:04 > 0:45:06They bought the house for £250,000
0:45:06 > 0:45:08and planned to spend about 60 grand on it,
0:45:08 > 0:45:11with up to £10,000 as a contingency.
0:45:11 > 0:45:13We're back, nearly a whole year later,
0:45:13 > 0:45:15to see if they've bust the budget
0:45:15 > 0:45:18as well as the six-month timeframe they'd set.
0:45:20 > 0:45:22# Oh, life could be a dream
0:45:22 > 0:45:25# If I could take you up in paradise up above
0:45:25 > 0:45:29# If you will tell me I'm the only one that you love
0:45:29 > 0:45:32# Life could be a dream, sweetheart... #
0:45:32 > 0:45:34The tired old semi-detached house
0:45:34 > 0:45:37is almost unrecognisable.
0:45:37 > 0:45:41It's bigger, brighter and now it's finally beautiful.
0:45:41 > 0:45:45In the kitchen, we've taken down the external wall that ran over there.
0:45:45 > 0:45:47We've put in a new steel beam
0:45:47 > 0:45:49to allow us to extend through to the back.
0:45:49 > 0:45:52We've put in this bi-fold door,
0:45:52 > 0:45:53solid oak flooring.
0:45:53 > 0:45:57We've added in some built-in appliances
0:45:57 > 0:45:59to a very up-to-date, modern kitchen
0:45:59 > 0:46:01with high-gloss units.
0:46:01 > 0:46:04And the bit I really like is the black quartz worktop,
0:46:04 > 0:46:06which I think really sets off the whole room.
0:46:06 > 0:46:09# Life could be a dream, sweetheart... #
0:46:12 > 0:46:14It may have taken twice as long as they'd planned,
0:46:14 > 0:46:18but the father and son team even managed to get planning permission
0:46:18 > 0:46:20to build a higher rear extension,
0:46:20 > 0:46:22making the downstairs space work.
0:46:22 > 0:46:25Absolutely it was worth applying for planning permission.
0:46:25 > 0:46:28The planning permission allowed us
0:46:28 > 0:46:32to make sure the extension was nice and airy.
0:46:32 > 0:46:35It has great appeal, I think, to the family market in particular.
0:46:35 > 0:46:39It just shows off the house to its best potential.
0:46:39 > 0:46:43But Neil's dad, Sam, took a little more persuading.
0:46:46 > 0:46:48We had a few heated words.
0:46:48 > 0:46:50But he convinced me that,
0:46:50 > 0:46:56because we're going to go for a top-quality conversion,
0:46:56 > 0:47:00that we should splash out for a very good quality kitchen.
0:47:00 > 0:47:02So he really went to town.
0:47:02 > 0:47:05I believe it was worth spending a lot of money on the kitchen,
0:47:05 > 0:47:07because this is the main focal point of the house.
0:47:07 > 0:47:10This is the room that we wanted to have the wow factor in.
0:47:10 > 0:47:15People would walk into the house and go, "This is the house for me, because I love this space."
0:47:15 > 0:47:18As well as the huge new kitchen/diner,
0:47:18 > 0:47:22Neil and Sam have also added even more space in the loft.
0:47:22 > 0:47:24But that was not without its problems either.
0:47:24 > 0:47:29I think the loft conversion is probably the best part of the house.
0:47:29 > 0:47:35Unfortunately, we started doing this when the weather was really bad.
0:47:35 > 0:47:40Weather has been, I suppose, number one enemy
0:47:40 > 0:47:41and a challenge.
0:47:41 > 0:47:44I think what it does do also, like all challenges do,
0:47:44 > 0:47:47it makes you dig deep down
0:47:47 > 0:47:49to deal with the challenge.
0:47:49 > 0:47:51And I think it makes you learn more.
0:47:51 > 0:47:56If everything went smooth, there's no learning experience.
0:47:56 > 0:47:58# Cos my daddy knows best
0:48:00 > 0:48:03# Oh-oh, my daddy knows best now... #
0:48:03 > 0:48:06Working with my father has been challenging at times,
0:48:06 > 0:48:08but overall, it's been fantastic.
0:48:08 > 0:48:11He's got so much experience, so much knowledge of things.
0:48:11 > 0:48:16He's been there to rely on, to help out with managing the guys on site,
0:48:16 > 0:48:18giving advice to me and to them.
0:48:18 > 0:48:22I think we've dovetailed together brilliantly on this project.
0:48:24 > 0:48:26Neil's time at the University of Dad
0:48:26 > 0:48:29seems to have done him and the house the power of good.
0:48:29 > 0:48:32The unused loft space has been transformed
0:48:32 > 0:48:35into a fabulous double bedroom with its own en suite.
0:48:35 > 0:48:39And the three existing bedrooms have been replastered, rewired
0:48:39 > 0:48:41and restored to life.
0:48:46 > 0:48:49The formerly separate toilet and bathroom have been joined together
0:48:49 > 0:48:53to make a brand-new spacious family bathroom.
0:48:54 > 0:48:55# She's crazy like a fool
0:48:57 > 0:48:59# What about it, Daddy Cool... #
0:48:59 > 0:49:04With such a large and extensive renovation taking twice as long as they'd estimated,
0:49:04 > 0:49:07how has the original 60 grand budget fared?
0:49:07 > 0:49:11Did they have to dig into that ten grand contingency?
0:49:11 > 0:49:14I think we are just about a shade over 80.
0:49:14 > 0:49:16But we're not too unhappy about it,
0:49:16 > 0:49:22because we made a conscious decision to upgrade the spec.
0:49:24 > 0:49:27Neil and Sam bought the property for £250,000
0:49:27 > 0:49:29and have spent £80,000 on refurbishment,
0:49:29 > 0:49:34bringing their total investment to £330,000.
0:49:34 > 0:49:36So, will it be a family fortune
0:49:36 > 0:49:39or a family fortunate to break even?
0:49:39 > 0:49:41We asked two local estate agents
0:49:41 > 0:49:42for their thoughts.
0:49:42 > 0:49:46First, the one who visited the house before the renovation.
0:49:46 > 0:49:48My first impressions coming back to the property
0:49:48 > 0:49:51is fantastic. It's a totally different property.
0:49:51 > 0:49:54I wouldn't recognise it from when I first saw it. It's a really good job.
0:49:54 > 0:49:57I think undertaking the extension was a good idea.
0:49:57 > 0:49:59It's made it a much lighter
0:49:59 > 0:50:01and airier environment.
0:50:01 > 0:50:04The only consideration will be the cost to them to have done that
0:50:04 > 0:50:06and whether or not they will get that back.
0:50:06 > 0:50:09Good question. So if this house was put up for sale,
0:50:09 > 0:50:12what price could they expect to achieve?
0:50:12 > 0:50:15In the present market, I would expect this property to achieve
0:50:15 > 0:50:18in the region of £425,000.
0:50:18 > 0:50:20I would expect to achieve somewhere between
0:50:20 > 0:50:23£425,000 to maybe £435,000.
0:50:23 > 0:50:26That would give Neil and Sam a profit
0:50:26 > 0:50:32of between £95,000 and £105,000 before tax and expenses.
0:50:32 > 0:50:34- Very happy.- Very happy indeed.
0:50:34 > 0:50:36If we can realise that profit, that would be excellent.
0:50:36 > 0:50:39Since filming, Neil has accepted an offer on the property
0:50:39 > 0:50:43of £460,000. Nice one, Neil!
0:50:48 > 0:50:51Back now to Whitehaven in Cumbria
0:50:51 > 0:50:55and this three-bed semi, which hands-on former surveyor Gaz
0:50:55 > 0:50:57bought at auction for £25,000.
0:50:57 > 0:51:01He was all for ripping everything out and starting from scratch here.
0:51:01 > 0:51:04He had a £10,000 to £15,000 budget
0:51:04 > 0:51:07and a three-month timescale to do just that.
0:51:07 > 0:51:11That's when he wasn't indulging in his favourite outdoor pursuit.
0:51:14 > 0:51:17- My spare time's mostly taken up with climbing.- Climbing?- Yeah.
0:51:17 > 0:51:21- Usually attached by a rope? None of this silly clinging by your fingernails stuff?- Yeah,
0:51:21 > 0:51:25well, we do try to play as safe as we can.
0:51:26 > 0:51:31But has this project been trickier than scaling the north face of the Eiger,
0:51:31 > 0:51:34or has Gaz jazzed this one up with pizzazz?
0:51:34 > 0:51:36Seven months after out first visit,
0:51:36 > 0:51:39we're back to find out.
0:51:39 > 0:51:41Ah, now, this is NOT what you think.
0:51:41 > 0:51:44We'll talk about the outside in a minute,
0:51:44 > 0:51:48but what's gone on inside the property is far more impressive.
0:51:50 > 0:51:52# One more mountain left to climb
0:51:58 > 0:52:03# Just one more mountain left to climb... #
0:52:06 > 0:52:08The outside may not be finished,
0:52:08 > 0:52:11but the inside is looking pretty much there.
0:52:11 > 0:52:13Gaz really has done himself proud.
0:52:15 > 0:52:18I started with pretty much gut everything.
0:52:18 > 0:52:20Quick summary, I guess, is...
0:52:20 > 0:52:23new electrics, new gas...
0:52:23 > 0:52:25new bathroom,
0:52:25 > 0:52:27new kitchen, carpets...
0:52:27 > 0:52:29Everything's brand new.
0:52:31 > 0:52:33And the biggest transformation?
0:52:33 > 0:52:35That has to be the kitchen,
0:52:35 > 0:52:37which is looking fabulous.
0:52:39 > 0:52:42OK, so I guess the biggest change in here
0:52:42 > 0:52:44is in this corner here.
0:52:44 > 0:52:48There was an airing cupboard with an old copper cylinder.
0:52:48 > 0:52:52I've taken that out, to open up some room.
0:52:52 > 0:52:54The ceiling...
0:52:54 > 0:52:57I've taken it down and put a new ceiling up, replastered the walls.
0:52:57 > 0:52:59I think it's come together quite well.
0:52:59 > 0:53:02Um, yeah, with a careful eye on the budget
0:53:02 > 0:53:06and trying to make something more than just the basics.
0:53:06 > 0:53:08It's worked out very well.
0:53:12 > 0:53:14The upstairs is looking great too,
0:53:14 > 0:53:17and those neutral tones make the rooms look so much bigger.
0:53:19 > 0:53:23As for the outside, it turns out the local council has undertaken a scheme
0:53:23 > 0:53:27to improve the insulation of its housing stock on the street.
0:53:27 > 0:53:31Gaz has paid a small contribution towards it.
0:53:31 > 0:53:35So, in a couple of weeks, his house will have brand-new super insulation.
0:53:35 > 0:53:38Combined with the new gas central heating,
0:53:38 > 0:53:41that makes me think this will be a very cosy home.
0:53:41 > 0:53:43So how long has it taken, exactly?
0:53:47 > 0:53:51I've kept a record. I know I was here 128 days.
0:53:51 > 0:53:56And I've done all the work myself, apart from the specialist things
0:53:56 > 0:53:59that needed certification - gas and electrics.
0:54:01 > 0:54:03He is over his three-month timescale,
0:54:03 > 0:54:06but Gaz has done most of the work himself, so we'll let him off.
0:54:06 > 0:54:09But what about his £10,000 to £15,000 budget?
0:54:11 > 0:54:14Budget went pretty much bang-on.
0:54:14 > 0:54:16I've kept a very accurate record.
0:54:16 > 0:54:19And I've spent £13,000.
0:54:19 > 0:54:22That includes fuel to get to the job, everything.
0:54:22 > 0:54:25Surprisingly, it's £2,000-worth of fuel.
0:54:25 > 0:54:28So something that's well worth budgeting for!
0:54:31 > 0:54:33Gaz's spend of £13,000
0:54:33 > 0:54:38brings his total outlay, including his purchase price, to £38,000.
0:54:38 > 0:54:40We asked along two local property experts
0:54:40 > 0:54:43to get their take on his work.
0:54:46 > 0:54:48The changes have really impressed me.
0:54:48 > 0:54:51I didn't quite expect the quality of finishings
0:54:51 > 0:54:55that I've seen today, so I'm really impressed with the property.
0:54:55 > 0:54:58I'm really impressed. What a transformation!
0:54:58 > 0:55:01It's probably one of the biggest transformations I've seen.
0:55:01 > 0:55:05That's a pretty convincing endorsement, Gaz. Congratulations!
0:55:05 > 0:55:10But what do the experts think the property might fetch on the rental market?
0:55:12 > 0:55:15The rental market at the moment is particularly buoyant,
0:55:15 > 0:55:18and I think he could achieve in the region of
0:55:18 > 0:55:21between £400 and £450 per calendar month.
0:55:21 > 0:55:24I think if this property was exposed to the rental market,
0:55:24 > 0:55:28I think it would achieve in the region of £425 per calendar month.
0:55:30 > 0:55:35Those valuations would give Gaz a yield of between around 12% and 14%,
0:55:35 > 0:55:36which is very impressive.
0:55:36 > 0:55:40So what about his preferred option of the resale market?
0:55:45 > 0:55:48I wasn't expecting to say this figure before I'd seen it,
0:55:48 > 0:55:50but I think a figure of...
0:55:50 > 0:55:54in the region of £60,000 could be achieved.
0:55:54 > 0:55:56I think Gary would be looking in the region of
0:55:56 > 0:56:00between £60,000 and £65,000.
0:56:00 > 0:56:02I think that works out quite nicely. Yeah.
0:56:02 > 0:56:04That's encouraging.
0:56:04 > 0:56:06It would have been bad news if I'd missed the mark,
0:56:06 > 0:56:09but that's what I would hope for. That's good!
0:56:11 > 0:56:13That IS good news.
0:56:13 > 0:56:15Gaz could be looking at a pre-tax profit
0:56:15 > 0:56:17of between £22,000 and £27,000.
0:56:17 > 0:56:21Watch and learn, dear viewer. Watch and learn!
0:56:21 > 0:56:24So, what are Gaz's thoughts on the process of renovating this property?
0:56:27 > 0:56:30It's been a very, very positive experience.
0:56:30 > 0:56:32I've really enjoyed my daily graft.
0:56:32 > 0:56:36I've got to know the neighbours so much more
0:56:36 > 0:56:38than I'd anticipated.
0:56:38 > 0:56:41I've got to know Whitehaven. I've done the coastal walk.
0:56:41 > 0:56:43It's been a very, very good experience.
0:56:43 > 0:56:45Yeah, it's been excellent.
0:56:48 > 0:56:49Well, that's it for this show.
0:56:49 > 0:56:53We'll see you next time with more stories from the frontline of property development.
0:56:53 > 0:56:56Yes, join us then for more Homes Under The Hammer.
0:56:56 > 0:56:58- We'll see you then.- Goodbye. - Goodbye.
0:57:06 > 0:57:08Subtitles by Red Bee Media Ltd