Episode 40 Homes Under the Hammer


Episode 40

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Transcript


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Hello. You never know what you'll find in a property auction catalogue.

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It could be a tiny terrace, a super semi or a monster of a mansion.

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You'll find them all when you go to the auctions.

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Visiting a property before you buy it is an absolute must.

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It is the only way of really knowing what you are getting.

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It's advisable to get a survey done because you never know what old plaster is hiding.

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So what have we got for you today?

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In Derby, double doors make me definitely undecided.

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Two ways in?

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Take your pick, really.

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In Dartford, Kent, this lean-to is certainly a room without a view.

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Get rid of this. It's just a pane of glass, then the neighbour's wall.

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And a case of "If it ain't broke, don't fix it" in County Durham.

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Which all leads to the conclusion that there really isn't a lot to do.

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All these properties have been sold at auction. We'll find out who bought them and what they paid

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when they went under the hammer.

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No, we're not here for a derby, but we are here to look at a property IN Derby.

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This East Midlands city beautifully combines the old with the new and is host to bustling markets.

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I wonder if today's lot will offer a bargain.

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Well, I've come just a couple of miles outside Derby to this popular residential estate

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and a house that went to auction at a guide price of £68,000 plus. Three-bedroom semi-detached.

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It benefits from the corner plot, so you've got this quite extraordinary garden.

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The house itself, well, two ways in.

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Take your pick, really.

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A bit confusing, that, but once you are inside this little entrance vestibule,

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into the kitchen. Now it's an interesting shape.

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It's very strange to have that odd angle there. It doesn't look to be in too bad condition.

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I'm being a bit generous there. I'd replace that if you could.

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An understairs cupboard and then through to what should be the main entrance, but is currently not.

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Out through this door, you've got your entrance porch. Clearly isn't used as the main entrance any more.

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Not quite sure why. You might want to think about reinstating that. That's the natural place.

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Stairs up to your bedrooms there and then through into a really nice-sized lounge.

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I mean... At some stage, my guess is, this has been knocked through,

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but it creates this wonderful space. So that side not so good, this side, big tick.

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# Tick my box! #

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But I don't just tick the box for anything and it's a big red cross for the conservatory.

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It's not doing anything for me or the property.

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I think this lean-to should get the big heave-ho.

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So what's on offer up the stairs? Oh, that's quite nice.

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A bit of a landing area here which gives an open feel.

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Bathroom and loo there. That needs a bit of work, for sure.

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Then you've got three bedrooms - small one, good-sized double and a reasonable double here.

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That's not so brilliant. It was all looking so good and then you come up to this rear bedroom

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and there's obviously been a bit of water ingress.

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My guess is you wouldn't have to poke around too much with the roof to discover a small leak.

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That's led to that. I don't think it's too major as long as it hasn't gone into the joists.

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All in all, this is not a major job. And that's good.

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'Whilst I don't really think it's good that they've swapped the main door,

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'this one I entered through attaches to a brick storage room

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'and a covered walkway to the back garden.'

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Inside's quite neat and tidy.

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Step outside into the rear of it and it is - whoa! - a bit of a surprise.

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You've got quite a few outbuildings, some sheds,

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a few greenhouses. I mean, just... Yeah. If you like your sheds, this is perfect.

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And then you've got this conservatory area here and this quite extraordinary garden.

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This was obviously someone's pride and joy and in such a small garden as this it's incredible.

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Whether it's to everyone's taste is another matter, but I guess it's down to whoever's bought it.

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'Low maintenance this isn't, but I love it.

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'However, while keen gardeners might welcome the chance,

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'it might be that if it was for a young family, it might be wise to fill in that little pond for safety.

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'I do think some of the outbuildings might have to join the same skip as the lean-to.

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'That would allow space to play or sit in the sun. The back has more privacy than the front garden.

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'The house had a guide price of £68,000 plus. We invited the auctioneer round and asked

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'how this compared locally.'

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It's a typical ex-local authority house. Three-bed, semi-detached.

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Interestingly, there are several build types on the estate.

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Some are pre-fabricated, some brick.

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This one is brick, so it comes to the top of the tree, really.

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Solid, well-constructed, immediately post-war

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and it probably just wants a bit of a refit, but it's fine.

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'Once renovated, the experts think the house could sell for between £100,000 and £110,000,

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'but what could it earn on the rental market?'

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From a rental point of view, once renovated and upgraded, it would be in the region of £525 per month.

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Well, for someone who loves their gardens, this property is an absolute delight.

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Once you go inside, too, I think it's a good one to go for. Let's see who agreed.

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A three-bedroom, semi-detached house,

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requires some upgrading and improvement.

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Start me where you will. Who's got 65,000 to move it on?

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65? 65 I have, thank you. At 65,000 and well worth it.

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66 I've got. 67.

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68. 69.

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70,000. 71.

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72? Don't stop yet. You've not bought it. £71,000. 72?

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72. 73. 73. It's worth another shot.

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74. 75. 76. 77.

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77 is the bid. 78?

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No? 77,000.

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500 tempt you? At £77,000 once.

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77,000 twice. Third and last opportunity. All done?

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Sold at 77. It's yours, sir.

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That very calm and collected bidder who picked up this property for £77,000 is Steve.

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He and his young family have just returned from living abroad.

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I met him back at his new pad to find out more.

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-Steve, good to meet you.

-And you.

-Congratulations.

-Thank you.

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-Interesting little property.

-Yeah. It's going to be a fair bit of work, mainly outside,

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-but I'm looking forward to it.

-So tell me why you wanted to buy it.

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This is a bit of a new career for me, hopefully.

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I've been living in Prague for the past year, with my wife.

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She's just given birth about nine months ago. We've got a new son.

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-Congratulations.

-Thanks, yeah. So basically moving back to England

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-and looking for a way to make some money and this is it.

-Great. What was Prague like?

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Lovely, yeah. My wife's Czech, so that was one of the reasons we moved out there.

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She wanted to give birth over there to be close to her family and friends. It all worked out well.

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I learned a bit of the language, got to know the place a bit better.

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Wow. What prompted the move back?

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Well, it was only ever really intended to be temporary.

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I'd had a business that I'd sold prior to leaving to Prague.

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Part of the move was to have the baby over there,

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the other part was to recover from the stress of the business.

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And we'd always planned to come back so, yeah, this is it.

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-So do you have somewhere to live?

-Living with parents. We're buying a family home to live in.

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And so, hopefully, I'm looking to maybe get this finished before we move on to that place.

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Actually, that's in a worse state than this place!

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'Taking on two properties at once? Brave man!

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'Steve's previous business was in the betting industry. Hopefully, this won't be too much of a gamble.

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'He's never taken on a full refurbishment before, although he has done DIY

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'and has someone on hand to help here.'

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My mum, who's 64 now, she's excellent with tiling.

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-She's done about five bathrooms, all to a pretty good standard.

-Wow!

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And she's just retired, so she's going to be very keen to come down and help me out.

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I won't be able to keep her away!

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You want to encourage her in!

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She's 64 now, so I don't want her to get involved too much,

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but hopefully I can learn some of the tiling skills and bathrooms and so on. It's good to have.

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So tell me what you're going to do.

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I'm going to start outside in because there's a huge amount of rockery

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and there must be half a dozen outbuildings. I'll clear the whole area. I've got a skip tomorrow.

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We'll get cracking on that, clear the whole thing out and see where we are.

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-The pond, all that's going?

-Yeah, the pond's going. I've got to find a new home for the fish.

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The lady next door has her own pond, so I'm hoping she might rehouse them for me.

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-And the conservatory/greenhousey thing on the outside?

-That's going to have to go.

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It takes up half that back garden and it's a bit ancient. We'll take that down with everything else.

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-How many skips have you got coming?

-Well, I've got one large one.

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I don't imagine it'll be the only one. We'll fill it up and see.

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'It seems a shame that all the features in this garden are going,

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'but with Steve's aim to sell the house on as soon as possible,

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'low maintenance is the name of the game when it comes to gardens.

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'Once the outside is sorted, he can turn his attention to the inside.

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'He is planning a new kitchen and bathroom, plus redecoration throughout,

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'as well as new electrics and central heating. Not a short list.

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'And his maximum budget is £15,000. The plan is then to sell the property on,

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'but how long it will take is still not definite.'

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So what's the timescale?

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I'm sort of originally hoping 2-3 months,

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but we're in the process of buying a family home and that may have to take precedence over this,

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depending on when all of that goes through. So it could be that it ends up being a bit longer,

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maybe up to six months, but hopefully I'll be able to get cracking straight away, finish off this

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and then move on to the family home and start doing bits and bobs with that.

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-Great. Well, congratulations.

-Thank you.

-Good luck with it.

-Cheers.

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-Enjoy being a dad and we'll see how you get on.

-Thanks.

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So dramatic changes in store for the house, but even bigger changes for out here in the garden.

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It's going to be very different when we come back, but will Steve find somewhere to rehouse the fish?

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Find out later in the show.

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Dartford in Kent is all about connections - road links to London and the south east

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and around 40 minutes by train to Charing Cross. But this station has a different claim to fame.

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It was right here a teenage Mick Jagger bumped into Keith Richards and the rest is history.

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While we all know with property that you can't always get what you want,

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fingers crossed the house today is hot stuff.

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# Hot stuff! #

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The property I'm here to see is very close to those fabulous Dartford road links

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and just off a busy roundabout. An issue for some, not for others.

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And the house itself is a semi-detached three-bedroom home

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that had a guide price of £110,000-£120,000.

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'The house has off-street parking, which is essential. It looks like a classic 1940s semi

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'in need of some TLC.'

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Well, a really pleasant space to walk into.

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All the rooms go off this hallway and it feels really homely straight away.

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You've got a little room tucked away here, some storage space,

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a sitting room to the front which is a decent size.

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Second reception room - could be a dining room.

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A little loo tucked round here. And the kitchen.

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It's obviously dated like the rest of the house. Very '70s indeed, but I do like this L shape.

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You can imagine once this has been transformed to be clean and crisp, it will look fantastic. Great views.

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And through these rather weird sliding doors into a lean-to conservatory.

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It's not a solid structure. This is an outside wall.

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I think I'd be inclined to put something permanent here.

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You could then have the kitchen coming out to a nice breakfast room.

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Get rid of all this. That's just glass and then the neighbour's wall.

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But I'm not sure what I'd do in that area. Incorporate it as part of the kitchen space or brick it up?

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It depends what sort of family you are and how big you like your open spaces.

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Some nice big French doors leading out to the garden and you could have a really nice family home.

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Just imagine - bi-fold doors opening out to this lovely garden on a warm summer's day

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with the kids playing hide and seek around this hidden garden.

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# There's a secret garden she has... #

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But while the ground floor rooms are generously sized, upstairs is not.

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There are just two bedrooms with a far from blooming bathroom in the middle. All rather disappointing.

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So you've got two bedrooms and a bathroom.

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That little box room downstairs must be the third bedroom then.

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I'd like to see a third bedroom upstairs. Is that a possibility?

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Yes, I think it is. This bathroom is just an extension on the roof.

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I looked outside and you could extend either side of this to make one big, long extension.

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You may not need to do that, but the opportunity is there.

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That little ground floor room - it's a bit optimistic to describe it as a bedroom.

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I'm not sure you'd get a double bed in.

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Extend upstairs, however, as the neighbours have,

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and you could have three proper bedrooms, but it's only worth it if you're planning on living here.

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Apart from the lack of space, there are also some damp issues.

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But, in general, for that £110,000-£120,000 guide price,

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it's a solid-looking house.

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Time to ask a local property expert what she thinks of it.

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My first impression is a lot larger inside than it looks from outside.

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It does look very tired and there is a considerable amount of work to do, but it will be worth doing.

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Will the place benefit from extending to create that new third bedroom?

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I think it will be worth it. The ground-floor bedroom is small

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and the bathroom is quite big. It may be a case of reducing the size of the bathroom for a bigger bedroom.

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How would the figures stack up with a straightforward renovation?

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I think the resale value would be in the region of £220,000-£230,000.

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If you added another bedroom upstairs, you could increase the value by £15,000.

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If whoever bought this got it near the guide price of £110,000-£120,000

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even with renovation costs it seems a promising investment.

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If an investor bought this as a buy-to-let, what kind of rental returns might they expect?

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The rental value for this property I would put at £800-£850 per calendar month.

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If you added in an extra bedroom, you could probably ask for another £50 per month.

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This is a straightforward, easy-peasy property in a good area

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with scope for an extension if somebody fancies. I wonder who that was.

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Lot 12 we go to now.

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Start me where you will on that one. 120? Top of the guide price. 120?

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110, then? Start me where you will. 110. 112. 115. And 18.

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118. 120. And two. 122. 124. 126. 128.

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And 30. And two. 32. 32.

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34. 36. 38.

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-And 40.

-There were several keen bidders trying to purchase this lot.

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We rejoin the auction when the bidding's reached £160,000.

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160. And two. 162.

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162. 164. 166. 170, can I say? 170.

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170 I'm bid. 175 now.

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175. 180 I've got. He wants it. 180.

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185. 185.

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190. 190. Yes?

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190. And five. 195?

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Two I'll take. 192.

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195? 195.

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197? It's against you, ladies. It's in the front row at 195.

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For the first time at 195. Second time at 195.

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Third and final time at £195,000. In the front row. All done?

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Well done, sir. 195.

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Those successful bidders were Terry and Dolores, there with their son Ian and granddaughter Kelsey.

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Terry and Dolores are in the property development game, but they're not exactly local.

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I'm here to discover why they've exchanged sunny Spain where they live for a dreary day in Dartford.

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Terry and Dolores, congratulations. Why did you want to buy this house?

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Our granddaughter lives three minutes' walk from this very house

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and her school is five minutes' walk. We don't see much of her in Spain, so we thought we'd buy a house

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and the rest of the family are in the area. What is going to happen now

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is our sons will look after the house and when we come back from Spain - not very often - we'll stay here

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-and she can come and see us.

-How is it working out for you two living in Spain and here?

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It works out fantastic.

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For the years that we have lived in Spain, we can still run our business from over there.

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It's wonderful. We have our two sons here if we have any problems and they do the troubleshooting.

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But we run it all from Spain. We're still keeping busy, buying the odd property here and there,

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both overseas and in the UK.

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-So you're retired property developers?

-We didn't go to Spain to develop. We went to live and retire.

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But what actually happened was the first villa, it started off as a three-bed,

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but now I've turned it into six doubles - five bathrooms, two kitchens,

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a garage, terraces. That was our first house.

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-And swimming pool?

-And a swimming pool!

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# Twistin' by the pool We're twistin' by the pool

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# We're twistin' by the pool Twistin', twistin' by the pool... #

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Well, I reckon Terry didn't need his arm twisted to start again.

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Once a developer, always a developer. He clearly has the bug. What are his plans for this place?

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We've discussed it, but we only arrived yesterday and only came into the house for the first time.

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But our eldest son viewed the property on our behalf

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and said it's got a bit of damp, but we can do it.

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So that was that. Obviously, new kitchen, new bathroom.

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I want to put a shower room downstairs, conservatory gone, brick up, flat roof.

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New patio doors, new windows, rewire.

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Total refurb. Total.

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-I might keep the carpets.

-Stop it!

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I like your style!

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Aha! Well, I hope he IS joking! The pair have around £25,000 for the work

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and have given themselves three months to get it done. That should be ample with Terry's contacts.

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That small downstairs room will be a bedroom for their granddaughter.

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But have they considered extending upstairs?

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I've thought about it, but it won't put any value on the house. That's my opinion.

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-I think it's big enough anyway.

-Perfect for what you need it for.

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My next question: how are you going to work this area here?

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You're going to sort of have a nice kitchen space there. Will you have a wall here? Keep it open-plan?

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I'll put an RSJ between the kitchen and the conservatory, knock the wall down each side,

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this is coming out, an archway here.

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-So it will be kitchen, conservatory, dining room.

-So lots of flow.

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A really nice big, open space looking out onto your garden, then a cosy sitting room.

0:24:110:24:17

With natural light coming in as much as possible so that it's nice and bright.

0:24:170:24:23

When it's all finished, hopefully it will be good, light colours that reflect everything.

0:24:230:24:30

Does this excite you two? Is this really what you want to be doing?

0:24:300:24:34

-Yes.

-Or might you want to stay in Spain and let your son do most of the work?

0:24:340:24:41

No, I want to be here and oversee it.

0:24:410:24:45

This is what I enjoy doing. This is what we're retired from,

0:24:450:24:49

-but we now have a portfolio in Spain. I'm like you. I can't stop.

-I know!

-I wish I had your job!

0:24:490:24:55

I have got the best job. So it's obvious that Terry's passion is property. What's yours?

0:24:550:25:02

My passion is also property, but I do love my sport.

0:25:020:25:07

And, in particular, golf. I do enjoy my golf very much,

0:25:070:25:11

so when Terry's doing the property, usually I'm out on the golf course.

0:25:110:25:16

-In Spain or in England?

-Both!

-Really? How long have you played?

0:25:160:25:21

-Since 1981.

-Is she good?

-She IS good. She was lady captain at Sidcup and I always say it's luck,

0:25:210:25:28

-but she's had three holes in one.

-Wow!

0:25:280:25:31

Congratulations. I can't wait to see what you do in the three months.

0:25:310:25:35

-Thank you. Our pleasure.

-We'll be back to check up!

-Thanks, Lucy.

0:25:350:25:40

So price-wise I'm not quite sure this place is a hole in one,

0:25:400:25:44

but it is a fabulous part-time home for Terry and Dolores.

0:25:440:25:48

I can't wait to see how it's transformed. Join us later in the show to see for yourselves.

0:25:480:25:54

Coming up: in County Durham I find myself weighing up the options for this semi-detached property.

0:25:540:26:01

Back in Dartford, Kent, how have Terry and Dolores approached their house renovation?

0:26:040:26:11

-Thrown a lot of money at it and a lot of labour!

-Yes!

0:26:110:26:15

But first, in Derby, Steve has some useful advice.

0:26:150:26:21

Don't take on too much in one go!

0:26:210:26:24

We're back in Derby now to catch up with Steve. He purchased this three-bed semi for £77,000.

0:26:260:26:33

Whilst the inside looked like it needed a fairly standard renovation, outside was different.

0:26:330:26:40

This was a house with two front doors, too many outbuildings to count and a very ornate garden.

0:26:400:26:47

If these challenges weren't enough, Steve had some more in store.

0:26:470:26:52

We're living with parents at the moment. We're in the process of buying a family home to live in.

0:26:520:26:58

So hopefully I'm looking to maybe get this finished before we move on to that place.

0:26:580:27:05

-That's in a worse state than this.

-Right.

0:27:050:27:08

That's right. Two house renovations at once. With his family home, his new career in property

0:27:080:27:15

and a maximum timescale of just six months, the stakes were high.

0:27:150:27:20

Well, one year later, we're back.

0:27:200:27:23

The outside couldn't look more different. The greenery has gone and been replaced by hard landscaping.

0:27:310:27:38

It gives a much more direct route to the one front door instead of two. Very sensible.

0:27:380:27:46

While I'm intrigued to see inside, it was the outside that presented the biggest challenge.

0:27:460:27:52

So let's have a peek over the fence first.

0:27:520:27:56

Crikey! Well, it's certainly a whole lot less cluttered

0:28:000:28:05

and there's no doubting it's low maintenance. It's certainly practical, but less attractive.

0:28:050:28:11

Where I'm standing now was probably inside one of the outbuildings.

0:28:110:28:16

This entire area was really covered with sheds and greenhouses and various other things.

0:28:160:28:22

This entire area was cleared. This side sloped away to the road. I've built a wall around the outside,

0:28:220:28:29

levelled it all off, put some turf down and created a nice family garden, hopefully.

0:28:290:28:35

He's certainly worked hard out here. So let's see how the inside is shaping up.

0:28:350:28:41

Some great changes. Blocking up the second entrance allowed Steve

0:28:540:28:59

to make the whole downstairs a bright, light, open-plan living room, dining area and kitchen.

0:28:590:29:05

Whilst doing this project, he learnt to plaster and put those skills to use throughout.

0:29:050:29:11

Also on hand, and a dab hand at tiling, was Steve's mum Margaret.

0:29:110:29:16

She'd encouraged him from day one of this project.

0:29:160:29:21

I went to the auction with Steve. We've both got a passion for auctions and property,

0:29:230:29:30

so I went along, got sucked in and felt obliged to help him out.

0:29:300:29:36

Because I always do tiling, I tiled the bathroom and kitchen.

0:29:360:29:41

His mother's been working her magic. She's done a tremendous job and so has Steve.

0:29:430:29:48

It has taken a year, but he's had to contend with renovating his family home, a bout of illness

0:29:480:29:55

and the great British weather, which of course impacted on all that outside work.

0:29:550:30:02

The unknown was the landscaping project. It was far too much to take on for me on my own.

0:30:020:30:08

I didn't even have a labourer to help me out.

0:30:080:30:12

Just a hell of a lot of hard work. If I was advising anybody,

0:30:120:30:16

I'd say for a first project, stick to what you know you're capable of

0:30:160:30:21

and don't take on too much in one go, really.

0:30:210:30:25

I take my hat off to him. He's had a tricky time on this renovation, but he's still smiling.

0:30:250:30:31

He hopes to take the lessons he's learned onto his next project and forge ahead

0:30:310:30:36

as a property developer. So will his mum help next time?

0:30:360:30:40

I don't know. I kept saying no. I just retired last year and this has been more like a hobby.

0:30:430:30:49

The last time I put the last tile on the kitchen, I said, "I'm absolutely fed up with tiling,"

0:30:490:30:55

so I'm saying no, but who knows? Never say never.

0:30:550:31:00

Famous last words, Margaret.

0:31:000:31:03

Steve planned to spend £10,000 on the work, but that's been pushed to £18,000.

0:31:030:31:09

The additional outlay mostly went on the garden, but something did come out of the garden, too.

0:31:090:31:15

There were some scrap metal merchants who came by and one took the fish

0:31:150:31:21

and said it was for his dad's new pond. So they've gone to a good new home.

0:31:210:31:26

Well, before I give in to temptation to make any fishy gags,

0:31:260:31:32

let's find out what two local property experts make of this place.

0:31:320:31:36

First up, the auctioneer who sold it.

0:31:360:31:40

The change has been fairly dramatic and very pleasing, really.

0:31:400:31:45

They've put a lot of imagination into it, done the right things,

0:31:450:31:49

even changing the position of the footpath up to the front door.

0:31:490:31:53

Logical, but would you have thought about doing it? Well, they have. So hats off to them.

0:31:530:32:00

First thoughts are that it's a very appealing house from the outside.

0:32:000:32:05

As you get inside, it doesn't fail to live up to its expectations.

0:32:050:32:10

Talking of expectations, Steve bought this to sell on.

0:32:100:32:14

He's overspent, mainly because of the landscaping work, so his outlay is now £18,000.

0:32:140:32:20

Add that to his purchase price and he's invested a total of £95,000.

0:32:200:32:26

So do the experts think he will make any profit?

0:32:260:32:30

If this house went on the market, I think a sensible asking price would be about £120,000.

0:32:300:32:36

I would market the property at a maximum of £125,000.

0:32:360:32:41

That sounds about right. It's slightly more than we originally hoped for, but with the extra work

0:32:410:32:47

on the landscaping, it's nice to know we've got that money back at least

0:32:470:32:52

and it's on the market for 125. Hopefully we can achieve something close to that figure.

0:32:520:32:58

If Steve does achieve £125,000 that would make his pre-tax profit a very well-earned £30,000,

0:32:580:33:04

minus the usual tax and expenses.

0:33:040:33:07

So after all that hard work outdoors, is he glad to get back indoors?

0:33:090:33:15

Unfortunately, I've got my own garden that's just ready for seeding at the moment.

0:33:150:33:21

So I've got to go from one to the other, unfortunately.

0:33:210:33:25

It's nice to work outside. That was one of the attractions, especially when the weather's nice,

0:33:250:33:32

but not so nice when it's covered in snow and minus two. That's probably more to the point, I think.

0:33:320:33:39

Today I'm in County Durham

0:33:450:33:48

and this is the village of Shotton Colliery.

0:33:480:33:52

# Working in a coal mine going down, down, down

0:33:520:33:57

# Working in a coal mine... #

0:33:570:33:59

The village really came into its own in the 1840s when a coal mine was sunk locally.

0:33:590:34:07

The mine's long gone, but the village remains. The property I'm here to see is this.

0:34:070:34:13

Three-bedroom, semi-detached at a guide price of £39,950.

0:34:130:34:17

Looks pretty solid from outside. Let's take a look inside.

0:34:170:34:21

'Now, for your information, I am not leading you up the neighbour's garden path.'

0:34:210:34:27

# She told me to walk this way

0:34:270:34:30

# Talk this way Just gimme a kiss... #

0:34:300:34:34

'It appears that access is shared between the two properties. I'd get my solicitor to doublecheck that.

0:34:340:34:42

'The front garden looks pleasant enough. So far, so good.'

0:34:440:34:47

I just noticed it looks like it's got a relatively recent electrical consumer unit, which is good news.

0:34:500:34:57

So hopefully no rewire required. And in terms of the layout, pretty much what you might expect.

0:34:570:35:04

Through the door, a little entrance area and stairs to your bedrooms,

0:35:040:35:08

then into this main living room. It's a nice size. A gas-ish fire.

0:35:080:35:13

Gas effect. You know what I mean.

0:35:130:35:17

Probably replace that. It's a little bit dated. Then through this equally dated archway

0:35:170:35:23

into the kitchen. Again, it's got a nice feel to it. A sort of open-plan feel

0:35:230:35:28

with that archway through to the lounge there. A few negative points.

0:35:280:35:34

This is the bathroom, the only one. Then over there is the loo.

0:35:340:35:38

So they're off the kitchen. That's an unusual layout and certainly not ideal.

0:35:380:35:44

It may be expected round here, but obviously in an ideal world you'd want to move it upstairs.

0:35:440:35:51

Let's see if we can do that.

0:35:510:35:54

# I'll lead you upstairs

0:35:540:35:57

# Leading you up now... #

0:35:580:36:02

Well, the good news is there is a room that you could potentially put a bathroom in,

0:36:080:36:15

but the bad news is you would lose a bedroom. Given that the toilet and bathroom downstairs

0:36:150:36:21

are not in bad nick and the rent, as a result of losing that bedroom, would be lower,

0:36:210:36:27

I guess it comes down to that old thing of what are you buying for?

0:36:270:36:31

If you rent it out, does it matter? If you're going to live here, does it bother you?

0:36:310:36:37

Which all leads to the conclusion that there isn't a lot to do here.

0:36:370:36:42

# I love you just the way you are... #

0:36:420:36:47

I don't like the bathroom downstairs, but for a buy to let,

0:36:540:36:58

moving it upstairs might not make any sense financially. It has central heating, double glazing,

0:36:580:37:05

three bedrooms and large garden, so it's good to go for rental.

0:37:050:37:10

But what does a local property expert make of this place and its guide price of £39,950?

0:37:100:37:17

First impressions of the property are quite good, actually.

0:37:170:37:22

It's in quite good order, especially for the rental market. Kitchen's nice, bathroom's OK.

0:37:220:37:27

It's a little bit dated, but for rental purposes it'd be quite good.

0:37:270:37:32

What could this property earn if it were put up for rental?

0:37:320:37:37

The rental market is quite strong overall because the mortgage market is still quite fraught.

0:37:370:37:43

If you placed it on the rental market, I'd expect £475 per calendar month.

0:37:430:37:48

What about the resale market?

0:37:480:37:51

With some minor improvements, neutralise it slightly, I would expect to achieve around £60,000.

0:37:510:37:58

Well, there you go. It just goes to show it's not just the doer-uppers that come to the auctions.

0:37:590:38:06

Nothing wrong with this place. Let's see who fancied it.

0:38:060:38:11

Lot number 92. A well-maintained, three-bed, semi-detached property.

0:38:120:38:18

It comes with gas central heating. It's got double glazing, refitted kitchen and bathroom.

0:38:180:38:24

We've got this advertised with a price guide of £39,950 plus. Can I ask for 40,000?

0:38:240:38:30

40,000 anywhere?

0:38:310:38:33

How about 38? Without 38, I'm going to withdraw.

0:38:330:38:37

38,000? Any bid at 38?

0:38:370:38:40

38,000.

0:38:410:38:43

Sorry. £38,000. Second row at 38,000.

0:38:430:38:47

39 anywhere else? £38,000.

0:38:470:38:50

39?

0:38:500:38:52

39,000 anywhere else? The lady has bid at 39.

0:38:520:38:56

40. 41?

0:38:560:38:58

42. 43.

0:38:580:39:01

44. 45.

0:39:010:39:03

46. 47. 48.

0:39:030:39:06

49. 50. 51?

0:39:060:39:09

50,000 on the second row. 51?

0:39:090:39:12

Gentleman's bid, second row, of £50,000. Do I have 51 anywhere else?

0:39:120:39:18

I'll take 500 if it will help. I'm selling at £50,000.

0:39:180:39:22

500? I'm going once at 50.

0:39:220:39:26

It's your last chance. Second time at £50,000.

0:39:260:39:30

Sold to the gentleman in the second row at £50,000.

0:39:300:39:34

That successful bid of £50,000 came from Glyn, who used to be a joiner.

0:39:370:39:43

Something tells me he won't be calling on those skills on this one. Or will he?

0:39:430:39:49

-Glyn, good to meet you.

-Thank you.

-Congratulations.

0:39:520:39:56

-Tell me why you wanted this place.

-I bought it as a rental property.

0:39:560:40:01

-I'm looking to expand into this area.

-Right.

0:40:010:40:05

-It sounds like something you've done before.

-Yeah, I've been investing since 2002.

-How's it gone?

0:40:050:40:11

Good, yeah.

0:40:110:40:13

-On the whole very good. I'm still actively purchasing.

-Right.

0:40:130:40:18

So how have you weathered the storm of the last ten years?

0:40:180:40:22

It's been fine. We've been able to keep on adding to the portfolio

0:40:220:40:27

and also now buy for other investors as well.

0:40:270:40:31

-How many properties have you ended up with?

-We have 65.

-Oh, wow.

0:40:310:40:36

Great. It's going OK? Tenant problems or not?

0:40:360:40:41

Some, but on the whole we wouldn't keep on adding if it wasn't working.

0:40:410:40:46

We manage and do all the refurb and maintenance ourselves through a building company I have.

0:40:460:40:52

Word of mouth gets a lot of tenants as well. Families recommend friends and family.

0:40:520:40:59

'Sounds like Glyn has got this property lark pretty much sorted.

0:40:590:41:03

'As well as his own extensive portfolio,

0:41:030:41:07

'he sources, manages and maintains properties for other investors,

0:41:070:41:12

'so even if there's not much to do here, he will be keeping busy.'

0:41:120:41:17

# We spend all our time running for our lives

0:41:170:41:22

# Going nowhere It's really something Getting busy doing nothing... #

0:41:220:41:28

So was this property bought for you or for an investor?

0:41:300:41:35

It's for an investor who lives down south. I've bought it for them.

0:41:350:41:39

They haven't seen it. I went on their behalf.

0:41:390:41:43

-Is that much pressure on your shoulders?

-I wouldn't buy a house for them I wouldn't buy for us.

0:41:430:41:50

And I wouldn't put a tenant in that I wouldn't put in one of ours.

0:41:500:41:54

The first tenant who wants it, I wouldn't automatically take them just to say I've got it rented out.

0:41:540:42:00

How do you check the tenants?

0:42:000:42:03

We do referencing on them. If they've rented, we get references from previous landlords as well.

0:42:030:42:10

-So what's the plan for this one?

-We won't be doing very much at all. The electrics will be checked.

0:42:100:42:17

Get a certificate. Gas, the same. Do some bits of pieces, make over the garden,

0:42:170:42:23

just to tidy it up really. And rent it out as soon as possible.

0:42:230:42:27

-Inside, any changes at all?

-Probably not. Very little.

-Not even a lick of paint?

0:42:270:42:32

-I find quite often tenants like to do it themselves, their own touch, to make it home for themselves.

-Right.

0:42:320:42:40

-So how soon will it be rented out?

-Probably within two or three weeks of being purchased.

0:42:400:42:46

Do you have any budget at all?

0:42:460:42:48

-Em, no, not really.

-Zero budget? And with a timescale of 2-3 weeks you're not going to do anything.

0:42:480:42:55

-How often does it work out like that?

-Quite often. Tenant demand is really strong.

0:42:550:43:00

We get calls all the time from people looking for properties.

0:43:000:43:05

-And they're happy to move in in any state and do it up?

-No, if it needs things doing,

0:43:050:43:11

it's got to be safe, we'll do these things and full refurbishments.

0:43:110:43:15

But the bathroom's fairly new and the kitchen doesn't need anything.

0:43:150:43:20

-It just depends on what it's like when we buy it.

-And for you, then, what does the future hold?

0:43:200:43:27

-More properties, yeah. And continue to build and buy and manage for other people.

-Great.

0:43:270:43:34

-It sounds pretty straightforward. Congratulations.

-Thank you.

-We look forward to seeing it.

0:43:340:43:41

Well, there you go. Another property to add to Glyn's management portfolio.

0:43:410:43:48

I know this property doesn't need a lot of work doing, but I expected maybe a coat of paint.

0:43:480:43:54

But why not give the incoming tenant the chance to personalise it?

0:43:540:43:58

How will he get on? Well, it's not going to be too hard!

0:43:580:44:02

Find out later in the show.

0:44:020:44:05

There are often tears and stress where buying property is concerned.

0:44:080:44:12

-So have today's properties turned out to be living nightmares or had happy endings?

-Let's find out.

0:44:120:44:19

It was Dartford in Kent where I saw this three-bedroom, semi-detached house. I say three bedrooms,

0:44:190:44:26

but only two were upstairs. The third was more suited to being a study.

0:44:260:44:31

And with ageing decor, signs of damp and damaged plasterwork,

0:44:310:44:36

this house had certainly seen better days.

0:44:360:44:40

But with a good-sized garden and quite a decent amount of space, there was plenty of scope

0:44:400:44:47

to turn it into a pleasant place to live. Or, in the case of property developers Dolores and Terry,

0:44:470:44:53

a home from home.

0:44:530:44:55

-Why did you want to buy this house?

-Our granddaughter lives three minutes' walk from this house

0:44:550:45:02

and her school is five minutes' walk. We don't see much of her in Spain,

0:45:020:45:07

so we thought we'd buy a house here and the family are in the area.

0:45:070:45:12

What is going to happen now is our sons will look after the house

0:45:120:45:16

and when we come back from Spain - not very often - we will stay here and she can come and see us.

0:45:160:45:22

They paid £190,000 at auction for the house.

0:45:230:45:27

With their budget of £25,000, they were ready to swap sun and sangria for three months

0:45:280:45:34

to prepare their new Dartford dwelling. Now, 12 weeks later,

0:45:340:45:39

we're back.

0:45:390:45:41

The sun may not be shining, but the house is a whole lot brighter.

0:45:450:45:50

It's been re-rendered, it's got new double glazing

0:45:500:45:54

and the garage has been replaced with a more substantial brick one.

0:45:540:45:59

And with the garden landscaped and tidied up, it looks more like a place you'd want to come home to.

0:45:590:46:06

Basically, we gutted the place from top to bottom,

0:46:090:46:12

replastered, took down ceilings, renewed the ceilings. Everything.

0:46:120:46:17

This house, from the inside, is like a new house.

0:46:170:46:22

So that great, new, crisp exterior now has an interior to match.

0:46:240:46:29

A warm, inviting front reception room and a homely downstairs bedroom.

0:46:290:46:35

While at the back of the house there's a light, airy dining room

0:46:360:46:42

leading to a rebuilt extension room with patio doors onto the garden.

0:46:420:46:46

And remember that somewhat dated kitchen?

0:46:460:46:51

Well, now there's a fully-fitted kitchen with all mod cons.

0:46:510:46:55

By blocking up the other kitchen door and utilising the cloakroom,

0:46:590:47:04

they've created enough space for a downstairs shower room. Not bad.

0:47:040:47:09

What about upstairs?

0:47:090:47:11

The changes we've made to this floor are this used to be a passageway

0:47:110:47:17

which led to the family bathroom, shall we say? But now I've turned it into an en suite

0:47:170:47:23

and not a family bathroom. We've created another bath area downstairs for the rest of the house.

0:47:230:47:29

This is my favourite room. I'm really, really pleased with it.

0:47:290:47:34

This is going to be Terry and Dolores' UK pad, so the layout was planned with that in mind.

0:47:340:47:41

They made the master bedroom en suite, while the second upstairs bedroom is perfect as a guest room.

0:47:410:47:48

All the changes were done in just ten weeks. How on earth did they manage that?

0:47:480:47:54

-We've thrown a lot of money at it and a lot of labour!

-Yes!

0:47:540:47:59

-And a lot of hard work.

-Hard work.

-And a great team. We've had a really, really first class team.

0:48:000:48:07

The plan was to stay in the UK during the renovation work, keeping an eye on it and getting involved,

0:48:070:48:13

but with the weather being not exactly fabulous, were they tempted to sneak back to Spain?

0:48:130:48:19

-We've stayed the whole ten weeks.

-It's better to be here onsite when so much work has to be done.

0:48:190:48:26

If we had gone back to Spain, things might not have turned out as well as they have.

0:48:260:48:32

So we're pleased that we stayed.

0:48:320:48:34

Staying in the UK has paid off as far as the timescale is concerned,

0:48:360:48:41

but did it also help them keep to their £25,000 proposed budget?

0:48:410:48:46

Basically, we are £31,000 over budget

0:48:480:48:51

so...that's life.

0:48:510:48:54

I might add that I didn't do this as a project to make money. I done it as a home.

0:48:540:49:00

Even so, that's quite an overspend and takes their renovation costs to £56,000.

0:49:000:49:06

They bought the house for £195,000, so their total outlay is £251,000 before other expenses.

0:49:060:49:14

Are they likely to get much return on their Dartford dwelling? What do two local estate agents think?

0:49:140:49:21

From the outside, it hit me how nice it looks, compared to before.

0:49:210:49:26

The changes they've made, particularly the shower room, are very good.

0:49:260:49:31

Having that extension room built in is much more user-friendly.

0:49:310:49:36

The property has been refurbished to a good standard throughout. I particularly like the kitchen.

0:49:360:49:42

The choice of units is nice, being contemporary, which a lot of people are looking for.

0:49:420:49:48

It's undoubtedly an impressive change and the house looks great,

0:49:490:49:54

but having been slightly indulgent with the budget, will they see any return on their £251,000 outlay?

0:49:540:50:01

The property would resell for £230,000-£245,000.

0:50:020:50:07

If we were to market the property, we would suggest a marketing price of £235,000.

0:50:070:50:13

Those valuations would potentially see a £7,000-£21,000 loss in the current market.

0:50:130:50:19

What do they think of that?

0:50:190:50:22

We're not too disappointed. It would have been nice if it was higher,

0:50:220:50:26

but it's going to be our home and for the family's use,

0:50:260:50:31

so it's neither here nor there.

0:50:310:50:34

Yes, their plan is just to keep it as a UK bolthole.

0:50:340:50:38

But if they did decide to let it, what kind of returns might they see?

0:50:380:50:43

I think this property would rent for between £950 and £995 per calendar month.

0:50:430:50:49

If we were to rent the property, we would suggest an asking price of £1,000 per calendar month.

0:50:490:50:55

Rent of around £950 per calendar month would see an annual yield of around 4%,

0:50:570:51:02

which is OK.

0:51:020:51:05

But having spent three months back in not so balmy Britain, are they now tempted to stay?

0:51:050:51:11

-We'll be going back to Spain.

-Definitely.

-Yes.

-We love the weather.

0:51:140:51:19

Yeah. It's been so cold here. We are looking forward to going home

0:51:190:51:24

-and getting stuck in to all the chores we have to get back to.

-And the new projects.

-Yes.

0:51:240:51:30

Let's get set to return to the village of Shotton Colliery in County Durham

0:51:330:51:38

where I viewed this three-bedroom semi. It had a guide price of £39,950

0:51:380:51:44

and was in a prime rental area. From the outside, all looked in good order.

0:51:440:51:50

The windows were double-glazed and there were no issues with the roof.

0:51:500:51:55

What about inside? Well, that was all right, too.

0:51:550:51:59

The decoration was dated, but the kitchen was in fair shape. All it needed was sprucing up.

0:52:040:52:10

The bathroom was downstairs, but moving it and losing a bedroom would have negatively affected

0:52:100:52:17

the sale value and rental income.

0:52:170:52:19

Which all leads to the conclusion that there isn't a lot to do.

0:52:190:52:24

In complete agreement with me was Glyn, an experienced developer with an extensive portfolio,

0:52:240:52:30

who bought the property for a client for £50,000.

0:52:300:52:33

-Inside, any changes at all?

-Probably not. Very little.

0:52:330:52:39

-Not even a lick of paint?

-No. Tenants like to do it themselves and put their own touch on it.

0:52:390:52:46

Right. Easy peasy, then.

0:52:460:52:49

We're back after just two months to find out if it was indeed easy.

0:52:520:52:57

# Yeah, ooh...

0:52:590:53:02

# That's why I'm easy

0:53:020:53:05

# It's why I'm easy...

0:53:090:53:15

# I'm easy like Sunday mo-o-orning... #

0:53:160:53:23

This semi has been tidied up and let out. In less than a month,

0:53:250:53:30

Glyn had a tenant in place and this investment property earning.

0:53:300:53:35

We advertised it

0:53:350:53:37

and we've now got a tenant. He's moving his things in. So we're happy.

0:53:370:53:43

Apart from clearing out a little clutter, what exactly has Glyn done?

0:53:470:53:53

We've had a gas check done, we've had the electrical certificate done.

0:53:530:53:58

I had to move one base unit across because an oven wouldn't fit in the gap that was left in-between.

0:53:590:54:06

Just a quick tidy in the garden outside.

0:54:060:54:09

# So far, so pleased

0:54:090:54:13

# I like the way you touch I like the way you tease... #

0:54:130:54:18

Glyn has every right to be pleased. The total spend is only a few hundred pounds above £50,000.

0:54:180:54:26

With the property already let, it's proving to be a shrewd purchase.

0:54:260:54:30

He clearly has a winning formula, not only running his own successful portfolio,

0:54:300:54:36

but spreading his expertise by helping others. He will have further involvement as a manager.

0:54:360:54:43

His investors must be very happy with this apparently trouble- and stress-free investment

0:54:430:54:51

and it was a quick turnaround.

0:54:510:54:53

Investors are very happy.

0:54:540:54:57

Now that we've got it rented out, they're getting a return on their investment.

0:54:570:55:03

And the investor is my brother and his wife. They live down south. They haven't seen the property.

0:55:030:55:10

One day they will get to see it!

0:55:100:55:13

Or maybe they'll just watch the show.

0:55:130:55:16

We invited two local estate agents to give us their opinions on this property.

0:55:190:55:25

As expected, there hasn't been a great deal of money spent on it.

0:55:250:55:31

The lesson for any potential purchaser is that you can buy it, put a tenant in

0:55:310:55:37

or maybe sell it, and make some money.

0:55:370:55:40

It's a typical example of being able to purchase a property, not spend any money

0:55:400:55:46

and place it on the lettings market for a profit straight away.

0:55:460:55:50

Despite investing around £50,400 on the property, Glyn's investors are in this for the long term

0:55:500:55:56

and have no intention of placing it on the market. But if they did, what might its sale value be?

0:55:560:56:02

If I was to place this on the market I would recommend an asking price of £60,000.

0:56:050:56:10

If I placed it on the market, I'd be looking at £55,000 or, at a push, £59,950 for the house.

0:56:100:56:16

He'd get takers pretty quickly.

0:56:160:56:19

Those figures, if achieved, would give Glyn's investor a pre-tax profit of £5,000-£9,500,

0:56:190:56:26

minus the usual expenses. The semi is being rented out.

0:56:260:56:30

Let's find out how much the estate agents believe it's worth and if Glyn is achieving value?

0:56:300:56:36

The rental market is buoyant. With that in mind, I'd recommend a rental valuation

0:56:390:56:45

of £450-£500 per calendar month.

0:56:450:56:48

In terms of rental value, I'd suggest £495 per calendar month.

0:56:480:56:52

Over to you, Glyn.

0:56:520:56:54

We've actually rented this out for £470 a month.

0:56:550:56:59

Glyn's investors are getting a very healthy rental yield of just over 11%.

0:57:020:57:09

Well done to them and, of course, to Glyn for spotting a bargain.

0:57:090:57:13

I'm sure they must all be very happy with the outcome.

0:57:130:57:19

Very pleased. It's given the investor a great rate of return on their investment, so good.

0:57:190:57:25

This property is a prime example of the fact that not all renovations

0:57:260:57:31

need involve ripping out kitchen units and knocking down walls to turn a profit.

0:57:310:57:37

Sometimes it is, as Glyn makes it look...

0:57:370:57:41

# Easy like Sunday morning... #

0:57:410:57:49

That's all for today. We'll have more stories from the auction rooms for you next time.

0:57:530:57:59

-So join us then for more homes under the hammer.

-Goodbye.

-Goodbye.

0:57:590:58:03

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