Episode 43 Homes Under the Hammer


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Episode 43

Martin Roberts and Lucy Alexander visit a detached property in Liverpool, a maisonette in London and a terraced house in Staffordshire. They learn how much each sold for.


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Property auctions used to be just the territory

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of builders and developers, but not any more.

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-All kinds of people go to property auctions these days.

-Yes.

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Even in these difficult market conditions,

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people manage to find a bargain when they buy under the hammer.

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Even for the most experienced buyers,

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auctions can be exciting and nerve-racking places.

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You have to make sure you don't get carried away.

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Did today's buyers keep a cool head and get some great deals? Here's what they bid for.

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'In Liverpool, this place requires drastic measures.'

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You want to get rid of every single internal wall,

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leave yourself a shell and start again!

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'Whereas, in a maisonette in the London area of Bow,

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'I do a bit of sight-seeing.'

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Got a great view of the kitchen.

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'And I visit a house in Packmoor, Staffordshire,

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'for my next TRIP.'

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Oh, crikey! There's a very nasty step!

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'All these properties have been sold at auction.

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'We'll find out who bought them and what they paid

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-'when they went under the hammer.'

-Thank you very much.

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'I'm in the highly desirable suburb of Woolton in Liverpool,

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'a place with some very iconic connections.

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'Well, it has to be the Beatles, doesn't it?'

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And this is St Peter's Church.

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Not only is it the place where John Lennon and Paul McCartney met

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at a church hall dance in 1957,

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it also houses the grave of John Lennon's uncle

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and a certain Eleanor Rigby.

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# One by one they will find you

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# Life goes on behind you... #

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The land round here would at one time been part of one of the many manor estates in the area.

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Over time, it's been sold off and you now have a mixture

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of houses built in the 1970s, '60s,

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dating back to the '30s and '40s over here.

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The one I'm here to see dates back much further.

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It's 150 years old, probably the oldest house on the street.

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It's a cottage, guide price 175,000 quid.

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Let's take a look.

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'This building has lots of character,

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'although some may take exception to those unsympathetic uPVC windows.'

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Love the brickwork!

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But what about inside? Well, um...

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I don't like this. This is the entrance to the property.

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You've got a loo with too much space.

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You could put washing machines in.

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This door scenario going on here just doesn't work

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because this is the kitchen.

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It gets better once you come in here,

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because this is actually quite an appealing room.

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Feels a bit cramped because of the low ceilings, but it is a cottage.

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In terms of the units, they're fairly old-fashioned

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but probably serviceable.

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You can think about sticking new fronts on rather than replace the whole thing.

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Then through to this, which is... I don't know how to describe it.

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It's like a transit room. You come through the kitchen.

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There's another door there,

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another door there, doors up to the stairs.

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As a layout, it's not working.

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Low ceilings with polystyrene tiles, which you've got to get rid of.

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A few positives - you've got a fireplace, gas fire.

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Get rid of that and put something a bit more characterful.

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It's not working yet, grrr!

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'Every time you walk into a room, it seems to lead on to another one,

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'which makes it all appear rather narrow.

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'There's a second downstairs living room with patio doors to the garden

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'and an adjoining lobby with another door to the outside world.

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'And that's the ground floor.'

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Upstairs, if you were hoping for a dramatic improvement in the layout

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you are going to be sadly disappointed.

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Bedroom there. You've got a bathroom here.

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You've got this corridor,

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which runs the whole length of the property, and off it are the rooms.

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Strange little bedroom.

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I'm wondering if at some point it was the bathroom. It's very odd.

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Then down that way to the final bedroom.

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You've got the right number of bedrooms, it's just this layout.

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There is, however, hope when you look out the back window.

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There's clearly space to extend the property.

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If you did that, you could get rid of all the problems here.

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In terms of this bit, what I'm thinking,

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in a way, you want to get rid of every single internal wall,

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leave yourself a shell and start again.

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# Even though it's complicated

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# We've got time to start again... #

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'A radical rethink would be just what this poor old property needs.

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'With all this land and a guide price of 175,000,

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'I'm excited about the potential for extending this lovely cottage.

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'I wonder if the planners would be equally keen.

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'We asked a local estate agent for her thoughts

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'on the prospects for this place.'

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This is a lovely character property on a really nice plot.

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It does need renovating throughout.

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To add value to the property, there's the option of extending,

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subject to planning permission.

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'After a refurbishment, how much could the cottage be worth,

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'compared to its current valuation?'

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In its current state, I estimate the valuation of the property to around £210,000.

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Once the property has been refurbished, I would estimate the value to be around £330,000.

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If they did an extension, this could be considerably more.

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'With no extension but a full refurbishment,

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'how much rental income could the cottage generate?'

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I would estimate the monthly rental, once refurbished, to be £750 to £800 per calendar month.

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Well, it's certainly a characterful cottage

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in a very desirable location,

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but one of those properties that is going to soak up a lot of money.

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I'm sure it was incredibly popular when it went under the hammer.

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Pass over to lot 30, excellent location.

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Three-bedroom detached property in the Woolton area.

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I think there's the scope

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for further expansion with this property, too.

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Start me at 150, then? Let's see a bid of 150.

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150 second row. 150 bid.

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Five next? At 150. Surely worth more. 155?

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Bid. 160?

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160. And five?

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170 next. 175 now? 175 here...

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'There was considerable interest at auction.

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'We rejoin it at 200,000.'

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..200,000 is bid. And two.

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202 with the finger. Thank you.

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204? 204.

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205?

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206? 207?

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208? Yes. 209?

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210? 211?

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212?

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213?

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214?

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215? 216?

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217?

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217.

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218? 218.

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219? 219.

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220?

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220. 221?

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On my right, going once at 220.

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Going twice at 220... And one, new money. 221.

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222? 222.

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223? 224?

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224.

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225? 226.

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Is that a yes or were you agreeing with what he said? 226.

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227?

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228 now?

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229?

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230?

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231?

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231. 232?

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231 now. At 231 still this side.

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Are you all finished? Hammer's up. Coming down. 231, we sell.

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Thank you very much. 231,000.

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'That final bid of £231,000 was made by John,

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'who's a transport consultant.

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'He's bought at auction before and that property is rented out.

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'This is his second investment purchase.

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'I met him at the cottage to find out more.'

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-John, great to meet you.

-Hello.

-Congratulations.

-Thank you.

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-Tell me why you wanted to buy this place.

-We saw it a few weeks back.

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We were looking for a property to renovate and this fitted the bill.

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-"We"? Who's that?

-Me and my wife.

-Why this particular house, then?

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When we looked at it, it just stuck out as having the most potential,

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something we could do a lot with, that's what we're after.

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-What are you going to do to it?

-Ideally, double the size of it.

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-Double the size?

-Approximately - obviously subject to planning.

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-And if we could do, we'd split it into two houses and make it into a pair of semi-detached.

-Wow!

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Talk me through how that works.

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It's a long thin property at the moment.

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If we extend backwards to make it twice the size, we can split it in half down the middle.

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Each would have an old part and a new part and frontage onto the road.

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'John's adventurous plans would convert this into two three-bedroom semi-detached properties,

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'each with a drive and garden.

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'It sounds great if he can do it,

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'but it will all depend on that vital planning permission.'

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A lot of this is down to what the planners say, obviously.

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-Have you made any preliminary enquiries with them?

-Yeah.

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Before I went to auction, I had a chat, a pre-application chat.

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They seemed fairly confident,

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given other works that properties in the street have seen done.

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The general message was that they were positive towards extension,

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-a fairly sizeable extension.

-Good news.

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What's the costs for doing that? Do you have any idea at this point?

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Yeah. We've got a budget set aside, probably about 130,000.

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But that's very tentative

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-and subject to raising finance from various areas.

-Right, OK.

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You're spending 360-odd grand. You've got to be pretty confident

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you'll sell them at least for 180,000 each.

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I think that's achievable.

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We do have various fall-back options.

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We could extend it substantially and keep it as a single dwelling,

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which wouldn't be out of character with properties in the road.

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And failing that, we could just renovate the property

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and I think we'd still make a small return.

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-So you've got a plan A, plan B and plan C?

-Absolutely.

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It's such a big commitment, I wouldn't restrict my options.

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-The idea would be to sell them?

-Ideally, yes.

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I'd be happy to put them on the rental market, if necessary.

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With a growing family, I may even move into one as a fall-back.

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# Something to fall back on

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# Something to fall back... #

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'I'm impressed that John's being sensible having a back-up plan

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'and being so flexible about the project.

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'He's renovated his own homes before, so he's got experience,

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'but this is a big step up from what he's done in the past.

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'He hopes to have it finished in six to nine months.

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'If he doesn't get the planning permission in a couple of months,

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'then he'll put plan B or C into action,

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'spending six to eight weeks on the refurbishment as it is.'

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-Who's going to do the work?

-I've got a builder who worked on my previous project.

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He'll be taking on the lion's share, but given the uncertain jobs market,

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-I may end up working on it a bit more myself.

-Oh, right! OK!

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The first few houses I did up whilst we were living in them were all hands-on.

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I did all the work myself, give or take.

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So I'm no stranger to renovating properties.

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The idea is to take a step back to free up more time. If necessary, I'll work on it myself.

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-Congratulations.

-Thank you.

-Good luck with it.

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-I'll look forward to seeing what you do.

-Great.

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Well, if John's ideas come to fruition,

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then there'll be a house up to this point when we return.

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Still, there are lots of hoops to jump through before then -

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finances, planners, oh, all sorts of things!

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How will he get on? Will it be garden or property?

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Find out later in the show.

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'Today, I'm in the East End of London,

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'in Bow, the area associated with the term "Cockney".

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'Indeed, to be a true Cockney,

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'tradition goes that you must be born in the sound of the Bow bells.

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'And just a short journey into the centre of the city,

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'it's a place worth having a butchers at.'

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A 15-minute walk from Bow Road Tube station and I'm en route to see today's auction lot.

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It's located in one of these purpose-built blocks of flats.

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And can you Adam and Eve it?

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The two-bedroom maisonette that I'm here to see has a guide price of only £130,000.

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That is a lot of flat for the money in London.

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Our property is located up there on the second floor.

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I'm going to go inside and see what you can buy in Bow.

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'This 1950s block may not be everyone's Gypsy Rose Lee,

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'but it looks well maintained with double glazing and security doors.

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'The two-bed maisonette flat that went to auction

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'came with a healthy 125-year-lease.

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'For 2012 to 2013, the annual service charge was £1,163.'

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This one is certainly security conscious. We've got grilles here.

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There are bars on the window, so that's a good sign.

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A little bit out of breath from all those stairs I just climbed.

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Kitchen, fantastic size, but it's incredibly dated.

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Downstairs loo, which is a bonus.

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Stairs leading up because it's split level.

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What you lack in character - which is a lot - you make up for in space!

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A really good sized room.

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Bit of a negative - not the best view I've seen.

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Something that's a blast from the past. Have a look at this.

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A serving hatch! I love it!

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Well, you've got a great view of the kitchen.

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You might want to think about covering this up.

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# I've seen enough I don't wanna see any more

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# Cover me Come on and cover me... #

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'Some things are beyond recovery.

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'The kitchen units really need replacing

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'and the paintwork and floors could do with a fresh layer

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'to bring them back to life.

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'Cover your eyes now, because this is the downstairs toilet.

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'Upstairs, and the bathroom has a tub but no loo,

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'so that needs to be addressed.

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'The main bedroom is a good size

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'and has decent cupboard space and airing facilities.

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'The second smaller bedroom is perfectly adequate.

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'And while there may be no garden, there IS a balcony.'

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Any kind of outside space is a bonus in London.

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Although it may be small, this balcony provides the opportunity

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to step outside for a bit of fresh air.

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It's a shame there aren't any scenic views, but with a few pot plants

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and perhaps a little table and chairs,

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you could maximise the appeal of this little bonus area.

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# Look at the view from your balcony London through your eyes... #

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'My view of this place is that with a bit of elbow grease,

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'a few bob to spend and some love and care,

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'this tired old girl could easily be transformed into a Pearly Queen.

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'But would it be worth investing the time and money?

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'What can a local estate agent tell us about the maisonette's potential

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'and the area it's located in?'

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The property's situated in a very up-and-coming area, a part of Bow.

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It has access to several forms of public transport

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and there is a lot of rejuvenation going on in the area.

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'So the Bow cash register bells are ringing.

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'What's his advice for making the most of this place?'

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The property does require refurbishment, specifically a new bathroom and a kitchen.

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The bathroom could be redone to accommodate a toilet.

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I would also suggest that the walls need to be stripped down, painted,

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and certainly wood laminate flooring should be introduced.

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'But if this property guided at 130,000 was fully refurbished,

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'what could it be worth on the resale market?'

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Once the property has undergone a certain level of renovation,

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I would imagine it would sell for around £220,000.

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'Mm, encouraging. What about rental?'

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It should go on the market for £1,300 to £1,400 per calendar month.

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Now, it may be a bit of an ugly duckling from the outside,

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but this flat could be a great investment for someone in this up-and-coming area.

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Yes, it does need a bit of modernisation,

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but with its fantastic transport links,

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it could make a convenient and affordable base for a young professional or City worker.

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Let's see who agreed when we went to auction.

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Lot seven is a two-bed maisonette. You're near Bow and Mile End.

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We've got proxy bids sitting down here.

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Who'd like to kick off on this? 100,000?

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100,000 at the back. 105?

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110?

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115? 120?

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125? 130?

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135? 140?

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140, new spot. 145?

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150?

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155?

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160?

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165? 170?

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175?

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180? 180?

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186, try and help?

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186? Just for 1,000.

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186? The whole room, Greg, and you're right next door.

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186? You're bidding, madam?

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186. 187?

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186 with you. Might get it on your first bid.

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187?

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If not, 186. Going to get it on her first bid.

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187?

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186 first time. Second time.

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Third and last time. Have you all done...?

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Sold 186.

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'So, for £186,000, 56,000 over the guide price,

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'that successful single bid was made by Turkish-born chartered accountant Betul.

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'I met her at the two-bed maisonette to hear her plans.'

0:19:490:19:52

-Betul, congratulations. You must be so pleased you got this on auction day.

-I am.

0:19:540:19:59

-Was it the price you expected to pay?

-No.

0:19:590:20:03

I was expecting 170, 175k at max.

0:20:030:20:06

-So you feel you overpaid for this?

-Yeah.

0:20:060:20:09

-Why do you feel this is right for you?

-I needed somewhere close to work.

0:20:090:20:15

I work at Canary Wharf. My home is in north London, Woodside Park.

0:20:150:20:19

It takes an hour and 15 minutes for me to travel from my place.

0:20:190:20:25

I needed somewhere to stay close to work.

0:20:250:20:29

I thought this is perfect. It's an upper floor maisonette.

0:20:290:20:33

I'm used to living in a house, rather than a flat.

0:20:330:20:37

There is no garden but it gives me the impression of a house.

0:20:370:20:42

I quite like it. It's a split floor.

0:20:420:20:44

So, have you bought this for yourself to live in?

0:20:440:20:47

Yes.

0:20:470:20:49

-Did you view the property before the auction?

-Yeah.

-How many times?

0:20:490:20:53

Twice. The first time, I was literally here ten seconds.

0:20:530:20:56

As soon as I walked in, I came out of the door!

0:20:560:20:59

-You didn't like it?

-There was a terrible smell.

0:20:590:21:03

When I walked into the living room, it was so disappointing.

0:21:030:21:06

Everything looked extremely daunting.

0:21:060:21:10

Second time round, had you got your head in the right place?

0:21:100:21:13

I actually got my head round to it straight after,

0:21:130:21:17

when I was walking back after the first one.

0:21:170:21:21

In my mind, I imagined that it could be quite nice.

0:21:210:21:25

-When I do it up, it could be quite a nice property.

-Yeah.

0:21:250:21:29

I could have seen it. I could have pictured it.

0:21:290:21:33

How well do you know this area of Bow? Did you do much research?

0:21:330:21:37

Er... I don't know the area at all! LAUGHS

0:21:380:21:41

That is a big gamble!

0:21:410:21:43

But when I came the second... yeah, the second time round,

0:21:430:21:49

I did speak to the shopkeepers round the corner.

0:21:490:21:53

There's a couple of shops, a coffee shop and an off licence.

0:21:530:21:57

He's been running the off licence for ten years, I believe,

0:21:570:22:00

and he did assure me it's a very safe area.

0:22:000:22:04

The prices are going up... so I was confident.

0:22:040:22:09

'It's always difficult buying in a location you're not familiar with,

0:22:090:22:13

'though Betul definitely did the sensible thing asking local people.

0:22:130:22:18

'However, she is still taking a step into the unknown.

0:22:180:22:21

'With her work just 15 minutes away, you can understand why the location attracted her.

0:22:210:22:27

'She just has to get the maisonette to match with how she pictured it.'

0:22:270:22:31

What's it going to look like when we come back?

0:22:310:22:33

It will look - keep fingers crossed - all brand new.

0:22:330:22:37

Everything fresh.

0:22:370:22:39

I'm going with colour scheme of white and blue, all modern.

0:22:390:22:44

I actually ordered the furniture already.

0:22:440:22:47

The kitchen, bathroom, everything I have in mind what to do with it.

0:22:470:22:52

-The walls, doors.

-Wow! You really are ready to go.

-I am.

0:22:520:22:57

-I love that you're so organised. Everything will be brand new?

-Yeah.

0:22:570:23:02

-Absolutely everything.

-Have you got in place the people you want to work for you?

0:23:020:23:08

Yeah, I have a builder who's been recommended.

0:23:080:23:11

He did give me a quotation. I took him round on Monday.

0:23:110:23:15

He gave me a quotation for 17,700, I believe,

0:23:150:23:20

but we did agree on 15,000.

0:23:200:23:22

-He's going to do all the work for you? Everything for £15,000?

-Yeah.

0:23:220:23:27

That's not including any of the units or bathroom suite?

0:23:270:23:30

-It is including everything.

-Wow! That's incredible!

0:23:300:23:33

You're going to be choosing them or he's going just to install?

0:23:330:23:36

Kind of together.

0:23:360:23:38

He will let me know what he's buying and that sort of thing and I will decide. Kind of together, yeah.

0:23:380:23:45

-How long is it going to take?

-Three weeks.

-Wow! Has he promised that as well?

0:23:450:23:49

-Yeah.

-£15,000, three weeks, job done!

-Yeah.

0:23:490:23:52

-Do you feel confident?

-I am.

0:23:520:23:54

Yeah, definitely.

0:23:540:23:56

And are you itching to get in here now?

0:23:560:23:59

I am, actually, because right now I'm staying with my friend.

0:23:590:24:03

-So, yeah, I need my own place.

-Betul, congratulations.

0:24:030:24:08

-I cannot wait to see it. It's going to be crisp and white and gleaming and gorgeous!

-Thank you so much.

0:24:080:24:15

Betul might have paid more for this flat than she originally intended,

0:24:190:24:23

but she finally has a home that she can call her own.

0:24:230:24:26

And what a great way for her to make a fresh start.

0:24:260:24:29

You can find out whether she sticks to that ambitious three-week timescale later on in the show.

0:24:290:24:35

'Coming up, I find myself in a tight spot at this house in Staffordshire.'

0:24:360:24:41

It all feels very, very cramped and that's not good.

0:24:410:24:46

'Back in London, we see if Betul managed to ring the changes in her Bow maisonette.'

0:24:460:24:53

I wanted a fresh look and I'm very pleased with it.

0:24:530:24:57

'But first, in Liverpool, we say goodbye to the past.'

0:24:570:25:02

This house comprises one-quarter old building, three-quarters new-build.

0:25:020:25:06

'Back now to the Liverpool suburb of Woolton.

0:25:100:25:13

'It's been a popular residential area for hundreds of years.

0:25:130:25:17

'The property we came to see dates back to the mid 19th century.

0:25:170:25:21

'It was bought by John, a transport consultant,

0:25:210:25:25

'who paid £231,000 for it at auction.

0:25:250:25:28

'He already had one buy-to-let property,

0:25:280:25:31

'but planned to sell this cottage after a major refurbishment.'

0:25:310:25:35

We'd like to double the size of it.

0:25:350:25:37

If we could do, we'd split it into two halves and make it into a pair of semi-detached.

0:25:370:25:42

-Talk me through how that would work.

-If we extend to make it twice the size,

0:25:420:25:46

we can split it down the middle,

0:25:460:25:48

so each would have an old part and a new part.

0:25:480:25:51

-What's the costs for doing that? Do you have any idea?

-About 130,000.

0:25:510:25:56

But that's very tentative, but we have various fall-back options.

0:25:560:26:00

We could extend it as a single dwelling.

0:26:000:26:02

Failing that, we could just renovate the property and I think we'd still make a small return.

0:26:020:26:07

-Right, so you've got a plan A, plan B and plan C?

-Absolutely.

0:26:070:26:11

'One year and nine months later,

0:26:110:26:13

'this is what this 150-year-old cottage looks like now.

0:26:130:26:17

'So, there's a significant extension on the side

0:26:230:26:27

'and, oh, just a bit at the back.

0:26:270:26:29

'This contemporary new-build extension

0:26:340:26:36

'has created the two stunning semis for John's plan A.

0:26:360:26:41

'And in the left-hand semi a new kitchen is taking shape.

0:26:460:26:51

'It will flow into the living room and dining area in the extension.'

0:26:510:26:56

So after a long wait, we finally got planning consent for the extension.

0:26:580:27:01

This is the new part.

0:27:010:27:03

This is the original back wall and this is the old part.

0:27:030:27:07

It was really important to keep as much original character of the old building as possible

0:27:070:27:11

whilst creating a contemporary building.

0:27:110:27:14

'I'm loving the look!

0:27:140:27:16

'Liverpool City Council have nominated it

0:27:160:27:19

'for a Best Domestic Extension or Alteration award.

0:27:190:27:23

'You could be walking up the red carpet, John.'

0:27:230:27:26

# I've come for my reward

0:27:260:27:28

# I've come for my reward... #

0:27:290:27:31

'The clever design has transformed the small three-bed cottage

0:27:320:27:36

'into two contemporary semi-detached properties.

0:27:360:27:40

'The wrap-around extension will have four bedrooms.

0:27:400:27:43

'Two are at the front of the original cottage.

0:27:430:27:46

'There's a family bathroom in the middle.

0:27:460:27:48

'Two more bedrooms are at the rear in the new extension.

0:27:480:27:52

'The main bedroom has lovely views over the garden.'

0:27:520:27:56

Here we have the master bedroom with en suite, dual aspect windows.

0:27:560:28:00

It was important to make the most of the natural light.

0:28:000:28:03

'Liaising with the architects and planners took around ten months.

0:28:040:28:08

'Once the plans were approved, the build to date has taken 11 months.

0:28:080:28:13

'The second semi next door is a three-bed.

0:28:130:28:17

'It's not yet at second fix stage.

0:28:170:28:21

'The ground floor layout will be similar to its neighbour,

0:28:210:28:24

'with 50% of it made up from the old cottage.

0:28:240:28:27

'It won't have as much new square footage as the four-bed,

0:28:270:28:30

'as John explains.'

0:28:300:28:32

This house comprises one quarter old building, three quarters new-build.

0:28:320:28:37

The old part contains the kitchen and one bedroom.

0:28:370:28:40

The new part, a further three bedrooms, master bathroom,

0:28:400:28:43

en suite and the open lounge-dining room,

0:28:430:28:46

downstairs toilet and study.

0:28:460:28:49

'These really are going to be two impressive semis.

0:28:490:28:53

'But as if taking on such a massive project wasn't enough,

0:28:530:28:57

'John had some other family matters to contend with.'

0:28:570:29:01

A month into the build our second daughter was born, Grace.

0:29:010:29:05

That was a real challenge.

0:29:050:29:07

It was tricky to juggle the home life and work life,

0:29:070:29:10

but it just meant a lot less sleep than normal.

0:29:100:29:14

'To concentrate fully on it, John gave up his job so he could project manage the work with his dad.'

0:29:140:29:20

We've been renovating houses for about ten years now.

0:29:200:29:23

This was the first opportunity to work full time together, so it's been really good fun.

0:29:230:29:29

'The pair have done most of the building work themselves

0:29:290:29:32

'to keep the costs down, but hired trades people where necessary.

0:29:320:29:36

'John paid his dad a wage to work on the project,

0:29:360:29:39

'but hopes to get his reward from the profit at the end.

0:29:390:29:43

'The four-bed house is ready for second fix.

0:29:430:29:46

'Next door's further behind.

0:29:460:29:48

'The brickwork of the original cottage requires sand blasting.

0:29:490:29:53

'I'm wondering just how accurate was John's tentative £130,000 budget?'

0:29:530:29:58

I think we've spent about £160,000 so far.

0:29:580:30:01

At a guess, I think we'll still need to spend about £50,000 or £60,000.

0:30:010:30:05

'Well, if it does peak out at 220,000,

0:30:050:30:08

'then with the £231,000 he paid at auction,

0:30:080:30:12

'it would take his total investment to £451,000.

0:30:120:30:16

'Time to hear what two local property experts think

0:30:200:30:23

'of this potentially award-winning and radical development project.'

0:30:230:30:28

He's done a great job to create a three-bed and a four-bed house.

0:30:300:30:35

It has a really nice contemporary feel, which is quite a surprise.

0:30:350:30:39

The quality of the work appears to be really good, although it's only at first fix stage.

0:30:390:30:45

I think, once finished, it will have a great look and a great feel to it.

0:30:450:30:49

He's thought it through and taken advice from the architect.

0:30:500:30:54

Both the properties

0:30:540:30:55

have been thought through to be suitable for single occupation or family occupation.

0:30:550:31:01

'Like me, the estate agents are impressed and can picture the finished houses.

0:31:010:31:05

'Will there be a profit?

0:31:050:31:07

'Remember, John will have invested around £451,000 here.'

0:31:070:31:12

I would value the four-bedroom property at £330,000

0:31:120:31:16

and the three-bedroom property at 300,000.

0:31:160:31:19

I would suggest the three-bedroom house to be worth £290,000

0:31:190:31:24

and the four-bedroom house to be worth £310,000.

0:31:240:31:27

'If both houses were sold at those valuations,

0:31:270:31:31

'there'd be a profit of between £149,000 and £179,000

0:31:310:31:35

'before tax and expenses.'

0:31:350:31:37

It's difficult to tell what they'd be worth in their current state,

0:31:370:31:41

but that's broadly in line with what we're hoping for.

0:31:410:31:45

'What about rental? Could the houses provide a good return?'

0:31:450:31:49

The four-bedroom house should fetch £850 per month

0:31:490:31:52

and the three-bedroom house would fetch £800 per month.

0:31:520:31:56

I would look to rent this four-bedroom property at £900 per calendar month,

0:31:560:32:00

and the three-bedroom property at £850 per calendar month.

0:32:000:32:04

'With both houses let, those rents would produce a yield of around 4.5%.'

0:32:040:32:10

If the houses weren't to sell, for whatever reason, it is our fall-back to rent them.

0:32:100:32:15

Those figures are about what we're expecting.

0:32:150:32:17

'I'm impressed that throughout this project,

0:32:170:32:20

'John has kept his options open - very sensible -

0:32:200:32:24

'but he's got one plan he's not going to change.'

0:32:240:32:28

I'm really looking forward to spending some time

0:32:280:32:31

with my two girls and my wife after such a long hard project.

0:32:310:32:36

'I'm near Stoke-on-Trent, home of the ceramics industry

0:32:400:32:45

'since the 17th century.

0:32:450:32:48

'Names like Wedgwood, Royal Doulton and Spode were all created here.

0:32:480:32:54

'Now from pottery to property

0:32:540:32:57

'and to one I'm, well, potty about.

0:32:570:33:00

'It's a classic Victorian terrace just north of Stoke-on-Trent.'

0:33:000:33:04

I'm in the village of Packmoor, here to see a very traditional type property for the area.

0:33:040:33:10

It's a two-bedroom mid-terrace.

0:33:100:33:12

Had a guide price of £40,000.

0:33:120:33:15

Nice brick-built exterior. Let's take a look inside.

0:33:150:33:19

'The village of Packmoor is about four miles from Stoke-on-Trent.

0:33:230:33:27

'It offers affordable housing

0:33:270:33:29

'with good commutable links into the city centre.'

0:33:290:33:32

So, very traditional layout.

0:33:320:33:35

Straight through the front door into your lounge.

0:33:350:33:38

Um, first impressions? Not too bad.

0:33:380:33:41

-CHUCKLING:

-Through into your rear living area.

0:33:410:33:45

Obviously, somebody has started working here.

0:33:450:33:49

The layout continuing through here into the kitchen area.

0:33:490:33:53

It's exactly as you might have expected.

0:33:530:33:57

Definitely in need of some work.

0:33:570:33:59

The thing that worries me most, though,

0:33:590:34:02

is the very traditional, again, position for the loo.

0:34:020:34:06

But it seems... Ooh!

0:34:060:34:09

Ooh, crikey! Ow! There's a very nasty step for a start.

0:34:090:34:12

All there is, no bath, just a shower.

0:34:120:34:15

It all feels very, very cramped, and that's not good.

0:34:150:34:19

'Ugh! Imagine coming out of the shower in your towel at the same time as someone else in the loo

0:34:200:34:25

'and you both have to shuffle past the person cooking in the kitchen.

0:34:250:34:30

'Not family friendly and definitely awkward.

0:34:300:34:33

'This is not compact - it's claustrophobic.'

0:34:330:34:38

'I'm not so sure the tiled floor would keep my tootsies warm, either.

0:34:430:34:48

'That's one period feature I'd happily say goodbye to,

0:34:480:34:51

'although it is a shame that the fireplace has been ripped out.'

0:34:510:34:55

Upstairs, exactly what you might expect - two good-sized bedrooms.

0:34:590:35:03

That throws up the question of whether you move the bathroom up here.

0:35:030:35:08

It's the age-old question with these properties.

0:35:080:35:10

The bedroom is certainly big enough.

0:35:100:35:13

You could think about moving the stairs by 90 degrees,

0:35:130:35:16

over to that side, that would give you even more space up here.

0:35:160:35:21

You could steal some space from this bedroom

0:35:210:35:24

to create some kind of upstairs bathroom.

0:35:240:35:26

It all comes down to cost and what you plan to use the house for.

0:35:260:35:30

If you plan to live here, if it's important, it may be worth doing.

0:35:300:35:33

In terms of renting this place out, talk to the estate agents,

0:35:330:35:37

find out if it really makes any difference and use that to make your decision.

0:35:370:35:42

Another possible decision to make could be outside.

0:35:420:35:46

You currently can't get out the back door.

0:35:480:35:50

You have to come down a little alleyway to the rear.

0:35:500:35:54

You do find, when you get here, something worth discovering.

0:35:540:35:58

This little courtyard. That's the kitchen, and I love this bit.

0:35:580:36:02

What it gives is the option

0:36:020:36:04

for a much-needed extension to that kitchen and bathroom area.

0:36:040:36:08

It's what neighbouring properties have done and what you need to do.

0:36:080:36:12

It's not complicated. Raise the roof slightly, bring it out this way.

0:36:120:36:17

You wouldn't need planning permission, then you'd get that extra space - fantastic!

0:36:170:36:23

'It's the approach I would favour,

0:36:250:36:27

'but it does add to your renovation time and your initial outlay.

0:36:270:36:32

'We invited a local estate agent to give us his opinion

0:36:360:36:39

'on this property

0:36:390:36:41

'that had a guide price of £40,000.'

0:36:410:36:44

The positives are two great sized bedrooms upstairs

0:36:440:36:48

and two excellent reception rooms.

0:36:480:36:50

There's excellent potential to extend the property,

0:36:500:36:53

do a first-floor extension to create room for a bathroom upstairs.

0:36:530:36:57

'There are a lot of possibilities with this two-up, two-down,

0:36:570:37:01

'but most of them are expensive. Would it be worth it?

0:37:010:37:04

'What kind of resale value could the house achieve?'

0:37:040:37:07

If the property was to be renovated to a reasonable standard,

0:37:070:37:11

you'd expect to achieve a figure of somewhere in the region of £75,000.

0:37:110:37:15

If the property was to be extended to offer a bathroom upstairs,

0:37:150:37:19

you would expect to achieve a figure in the region of £80,000.

0:37:190:37:23

'I'm not so sure the financial rewards are worth the investment of a two-storey extension.

0:37:230:37:29

'Maybe it would work better as a rental.'

0:37:290:37:32

Renovated to a reasonable standard,

0:37:320:37:34

you'd expect a rental in the region of £400 per calendar month.

0:37:340:37:38

If the property was to be extended to create a first-floor bathroom,

0:37:380:37:42

it wouldn't make much difference, it would still be up to £400 per calendar month.

0:37:420:37:47

I think simplicity will be the key to this renovation.

0:37:470:37:51

It's a good solid little property

0:37:520:37:55

and it'll become either a nice place to live

0:37:550:37:57

or a good little rental earner.

0:37:570:38:00

Let's see who bought it when it went under the hammer.

0:38:000:38:02

Lot 98 is a two-bedroom terraced house.

0:38:040:38:08

Does need refurbishment.

0:38:080:38:10

40,000 start me here? 40,000?

0:38:100:38:13

35, then?

0:38:130:38:15

Lot 98. 35 bid, thank you. At £35,000.

0:38:160:38:20

40 can I say now? At £35,000.

0:38:200:38:24

I'll go in twos. Can we say 37? At 35... 37.

0:38:240:38:28

39? £39,000.

0:38:280:38:31

41?

0:38:310:38:33

At £39,000. Make it 40, then.

0:38:330:38:36

£40,000. At 40. 40,000. 41.

0:38:370:38:41

42? 42. At £42,000.

0:38:410:38:44

43?

0:38:440:38:46

No. At £42,000, then.

0:38:470:38:49

43 anywhere else? £43,000. At 43.

0:38:490:38:53

44?

0:38:530:38:55

£44,000. 45?

0:38:560:38:59

No. At £44,000.

0:38:590:39:02

Are we all done? At £44,000.

0:39:020:39:06

Half, you're saying? Back in at 44 and a half. 45?

0:39:060:39:10

At £44,500, then. Are we all done?

0:39:110:39:14

45 anywhere else?

0:39:140:39:16

At 44,500 for the first time.

0:39:160:39:20

At 44,500 for the second time.

0:39:200:39:24

For the third and final time at £44,500...

0:39:240:39:27

It's not quite enough.

0:39:270:39:29

'The hammer failed to fall, but after the auction, a deal was done for £43,000 -

0:39:290:39:35

'£2,000 less than the guide price.

0:39:350:39:38

'The new owners of this two-bedroom terrace are Chris and her son Ben.

0:39:390:39:44

'Chris and Ben already own two other properties.

0:39:440:39:47

'I met them at their latest acquisition to find out more.'

0:39:470:39:52

-Chris, Ben, great to meet you. Congratulations.

-Thank you.

0:39:540:39:57

-Tell me why you wanted to buy this place.

-Hopefully, trying to do it up and make a bit of a profit.

0:39:570:40:03

OK, great. Chris, is it a family business?

0:40:030:40:06

My husband, Pete, is a builder and he helps us out, doesn't he?

0:40:060:40:11

-He does, yeah.

-I do most of the sweeping up and going to the tip!

0:40:110:40:16

We're coming to pensionable age, but money's not doing anything in the banks

0:40:160:40:20

so we're putting it into property and hoping it'll make more money.

0:40:200:40:24

'This family formula seems to be a winner with their other two properties rented out.

0:40:240:40:29

'Mum and Dad are investing for a pension, while Ben, who runs his own IT business,

0:40:290:40:35

'can use the income to tide him over when there's a lull in business.

0:40:350:40:40

'I was curious about the auction, as they didn't get it with their final bid.'

0:40:400:40:45

Third and final time at £44,500... It's just not quite enough.

0:40:450:40:50

You didn't actually get it in the auction. What happened?

0:40:500:40:53

We bid up to 43,000 for it, but the reserve price was actually 45.

0:40:530:41:00

-Luckily, the guy who actually owns the house was there.

-Oh.

0:41:000:41:04

-He said that we could have it for 43.

-Right.

-It was signed afterwards.

0:41:040:41:08

-That was negotiated afterwards? Lucky he was there.

-It was, yeah.

0:41:080:41:14

'You can't be shy in coming forward and as the old adage goes,

0:41:140:41:19

'if you don't ask, you don't get.

0:41:190:41:21

'Chris and Ben may have bagged themselves a bargain.'

0:41:210:41:25

# If there's something you'd like to try

0:41:250:41:28

# Ask me I won't say no

0:41:280:41:30

# How could I...? #

0:41:300:41:32

-How is it working as a family on these projects?

-It's OK, isn't it?

0:41:330:41:37

-Yeah, it's fine. We usually get on most of the time.

-Yes.

0:41:370:41:41

A few minor little scuffles. MARTIN LAUGHS

0:41:410:41:44

-It's not come to blows yet.

-No, no!

0:41:440:41:47

Is it a joint family venture, financially?

0:41:470:41:49

Er, yes. We've gone halves on the property.

0:41:490:41:52

-Tell me what you're going to do to sort it out?

-It needs a new kitchen.

0:41:520:41:56

Bathroom sorting out - there isn't a specific bathroom at the moment.

0:41:560:42:02

We need to sort that out. Probably going to plaster throughout.

0:42:020:42:06

Put new carpets in. Needs a new boiler as well.

0:42:080:42:12

How much work will you do yourself, Chris, or how much will you get people in?

0:42:120:42:17

We'll have to get a CORGI registered for the gas and an electrician.

0:42:170:42:23

Pretty much everything else, husband and Ben will be doing between them.

0:42:230:42:27

-Right. And you'll be supervising?

-Oh, yes.

0:42:270:42:30

-I'll make the sandwiches and tea.

-LAUGHTER

0:42:300:42:33

# When the clock strikes four Everything stops for tea... #

0:42:330:42:37

'Well, crossing the Is and the Ts,

0:42:370:42:40

'we should say CORGI registered engineers, as they were known,

0:42:400:42:44

'are now Gas Safe engineers.

0:42:440:42:47

'Chris and Ben have a budget of between £7,000 and £8,000

0:42:470:42:52

'and hope to complete the renovation in six months,

0:42:520:42:55

'as the work will mainly be done at weekends.

0:42:550:42:58

'That six-month schedule also includes plenty of time for tea breaks.

0:42:580:43:03

'Although Chris and Ben have let their other properties,

0:43:030:43:07

'they intend to sell this one on.'

0:43:070:43:10

-You paid 43 for it and you're hoping to spend six or seven, so around £50,000 plus costs.

-Yes.

0:43:100:43:15

-What are you hoping you might sell it for?

-We've seen a few in the street going for 60 to 64.

0:43:150:43:21

Hopefully, they might creep up a bit, somewhere around the 65 mark.

0:43:210:43:25

From the other things you've bought, is it a good one?

0:43:250:43:29

Yes. The last one was a three-bed terrace with three reception rooms

0:43:290:43:34

and it was far too big a project to go into.

0:43:340:43:37

We kept finding jobs that needed to be done before we could do the job you wanted to do.

0:43:370:43:42

Hopefully, there won't be too many of those this time.

0:43:420:43:46

-Congratulations. Good luck.

-Thank you very much.

0:43:460:43:49

-I look forward to seeing how you get on.

-Thank you.

0:43:490:43:52

So, Chris and Ben adding a very solid property to their portfolio.

0:43:540:44:00

Not too much to unearth on this one,

0:44:000:44:03

you wouldn't have thought, but you never know.

0:44:030:44:05

Find out how they get on later in the show.

0:44:050:44:08

When you've bought your property,

0:44:110:44:13

be prepared for some hard work and some surprises along the way -

0:44:130:44:17

some welcome, some not so much.

0:44:170:44:19

So have our buyers uncovered hidden treasures or unearthed...

0:44:190:44:24

-CHUCKLES

-..hidden problems? Let's go back and find out.

0:44:240:44:28

'It was in the London borough of Bow

0:44:300:44:32

'that we came across this two-bedroom split-level maisonette.

0:44:320:44:36

'Situated in this 1950s block,

0:44:360:44:39

'although a little tired, it had a decent layout.

0:44:390:44:42

'There was a kitchen, lounge and a neglected toilet on one floor.

0:44:420:44:47

'Then upstairs, two bedrooms - one good-sized double

0:44:470:44:52

'and one somewhat smaller room.

0:44:520:44:54

'Then there was the bathroom.

0:44:540:44:56

'Although a reasonable size, strangely, it had no loo.

0:44:560:45:01

'It was bought by Turkish-born chartered accountant Betul

0:45:020:45:07

'as her new home, despite some initial reservations.'

0:45:070:45:10

-Did you view the property before the auction?

-Yeah.

-How many times?

0:45:140:45:18

Twice. On the first time, I was literally here ten seconds.

0:45:180:45:21

As soon as I walked in, I came out of the door!

0:45:210:45:25

-You didn't like it?

-There was a terrible smell.

0:45:250:45:28

When I walked into the living room, it was so disappointing.

0:45:280:45:32

Everything looked extremely daunting.

0:45:320:45:35

'After returning a second time,

0:45:350:45:38

'Betul felt that, in fact, she could make something of this maisonette.

0:45:380:45:42

'So she paid 186,000 at auction

0:45:420:45:45

'and hoped that on a budget of 15,000

0:45:450:45:48

'and a timescale of just three weeks

0:45:480:45:50

'she could make her new home ready to move into.

0:45:500:45:54

'Just over 11 weeks later, we're back to see how she got on.'

0:45:590:46:03

'First impressions are now certainly more favourable,

0:46:110:46:15

'with the lounge modern and sleek.'

0:46:150:46:17

It's a total refurbishment, literally going through everything.

0:46:170:46:21

Everything has been touched and redone.

0:46:210:46:23

'And the kitchen?

0:46:240:46:27

'Well, that's now bang up to date.

0:46:270:46:30

'Remember that serving hatch? Well, that's gone, too.

0:46:330:46:37

'And with the dilapidated cloakroom completely overhauled,

0:46:370:46:41

'this floor is looking the business, but what about the upper floor?

0:46:410:46:45

'Has Betul managed to find room in the bathroom for a loo?

0:46:450:46:49

'She sure has!'

0:46:510:46:54

The bathroom is my favourite place. I changed the place for the bath.

0:46:550:46:59

I put a new toilet in,

0:46:590:47:02

the wash basin and lovely illuminated mirrors.

0:47:020:47:06

I picked the tiles.

0:47:060:47:08

I wanted these blue mosaic tiles

0:47:080:47:11

because they are very Turkish looking and I'm from Turkey.

0:47:110:47:16

And overall, I wanted a fresh look and I'm very pleased with it.

0:47:160:47:21

'With the two bedrooms finished to an equally high standard,

0:47:230:47:27

'it seems it WAS worth her having a second look, but did it go to plan?'

0:47:270:47:32

I moved in a few weeks ago.

0:47:340:47:37

However, the builders left two days ago.

0:47:370:47:40

So I'm really pleased with it when I come home from work.

0:47:400:47:44

Last couple of days have been very busy. It was very tiring.

0:47:440:47:49

A number of challenges - especially around the builders.

0:47:490:47:53

Well, only around the builders, really, because working full time,

0:47:530:47:58

not being able to be here all the time, it was hard.

0:47:580:48:03

'In fact, Betul had to find a second set of builders

0:48:030:48:07

'after her first one let her down.

0:48:070:48:10

'That delayed the process and stretched the timescale

0:48:100:48:13

'from the planned three weeks to the 11 weeks we're at now.

0:48:130:48:17

'Did that also cause her £15,000 budget to grow?'

0:48:170:48:20

I spent 16 grand, slightly over the budget, for labour and materials.

0:48:220:48:27

But overall, I'm pleased with it

0:48:270:48:30

because I sourced high-quality materials

0:48:300:48:34

and got high-quality finish.

0:48:340:48:37

'A £16,000 spend on top of her £186,000 purchase price

0:48:390:48:44

'will take her total outlay to 202,000 before tax and fees.

0:48:440:48:50

'So, did going for a higher quality finish pay off?

0:48:500:48:54

'What do two local estate agents reckon?'

0:48:540:48:57

I think the flat has gotten amazing improvements done to it.

0:48:580:49:04

It shows really, really nice.

0:49:040:49:06

A lot of work has been put into it,

0:49:060:49:09

but it still retains a neutral aspect, which will certainly appeal

0:49:090:49:14

to people that would look to either buy or rent to live in it.

0:49:140:49:17

It's been done to a good standard.

0:49:170:49:20

There's only so much you can do with these properties,

0:49:200:49:23

being ex Local Authority, but the owner's done it to a reasonable standard.

0:49:230:49:27

'There have certainly been impressive changes made here,

0:49:280:49:32

'but how much has that changed the value of this maisonette,

0:49:320:49:35

'on which Betul has spent 202,000?'

0:49:350:49:39

We would look to market the property between £230,000 and £240,000,

0:49:390:49:44

and hope to achieve offers very close to that.

0:49:440:49:47

In regards to resale value, I'd put a valuation on this property of between £220,000 and £230,000.

0:49:470:49:53

I guess they're average numbers.

0:49:530:49:56

Because I'm not thinking of selling, you know...it doesn't mean much!

0:49:560:50:02

'Well, those kind of valuations could see a pre-tax profit

0:50:040:50:07

'of between 18,000 and 38,000.

0:50:070:50:10

'How would it fare on the rental market?'

0:50:100:50:13

The flat would rent at around £1,400 per calendar month,

0:50:130:50:17

as it presents very nicely.

0:50:170:50:19

I would estimate that this property would get around £1,300 per calendar month.

0:50:190:50:24

'Even £1,300 per calendar month would generate an annual yield

0:50:240:50:29

'of just under 8%.

0:50:290:50:32

'So, this property purchase has worked out well for Betul.

0:50:320:50:36

'And with it finished,

0:50:360:50:38

'she can now look forward to living in her new home.'

0:50:380:50:42

I have my friends coming round tonight.

0:50:430:50:46

We are going to have some drinks, have something to eat

0:50:460:50:49

and enjoy ourselves.

0:50:490:50:52

'Let's take a trip back to this terrace in Packmoor,

0:50:570:51:00

'near Stoke-on-Trent, which had a guide price of £40,000.

0:51:000:51:04

'It was snapped up by IT technician Ben and his mum, Chris, for £43,000.

0:51:040:51:10

'While they thought they'd bagged a bargain,

0:51:100:51:13

'I wondered if they'd maybe got more than they'd bargained for.

0:51:130:51:18

'The property was in a right old mess and in dire need of not only a cosmetic refurbishment,

0:51:180:51:24

'but also a little layout jiggery pokery

0:51:240:51:27

'to reconfigure the warren of rooms at the back

0:51:270:51:30

'that made up the kitchen, shower room and loo.

0:51:300:51:35

'But Ben and Chris had help at hand.

0:51:350:51:38

'Chris's husband and Ben's dad, Pete, is a builder.'

0:51:380:51:42

-How is it working as a family on these projects?

-It's OK.

0:51:440:51:48

-Yeah, it's fine. We usually get on most of the time.

-Yes.

0:51:480:51:52

Just a few minor little scuffles. MARTIN LAUGHS

0:51:520:51:55

-It's not come to blows yet.

-No!

0:51:550:51:58

'I hope there were no fallings out while doing up this property

0:51:590:52:03

'and arguments were kept to a minimum.

0:52:030:52:05

'Eight months later and we're back.

0:52:050:52:08

'I wonder if we'll find a happy, rather than a snappy family.'

0:52:080:52:13

# So happy together... #

0:52:140:52:18

'The terrace has been transformed and is now warm and welcoming,

0:52:370:52:41

'rather than dark and dingy.

0:52:410:52:43

'But are the family still friends? Let's hear from Dad, Pete.'

0:52:430:52:48

I think we've got on pretty well, really.

0:52:490:52:52

We do have the ups and downs, but we get by with it

0:52:520:52:56

-and on the whole, we make a good team, I think.

-Yeah.

0:52:560:53:00

'I'm happy to hear that, but I wonder,

0:53:010:53:04

'have they learnt anything new about each other

0:53:040:53:06

'while working, it would seem, happily together?'

0:53:060:53:09

-Pete's got a short fuse!

-ALL LAUGH

0:53:110:53:14

-Thank you(!)

-But I've known that for a long time.

0:53:140:53:17

-And Ben's a miserable devil!

-LAUGHTER

0:53:170:53:20

-Not always.

-No. We're all right.

0:53:200:53:23

And I have a lot to put up with.

0:53:230:53:25

# Happy together For ever and ever we'll be... #

0:53:250:53:31

'The kitchen is still at the back, which is far from ideal,

0:53:330:53:36

'but it does now lead to a bigger bathroom with an actual bath in it.

0:53:360:53:41

'However, the family decided it wasn't financially viable to extend

0:53:410:53:45

'or to create a bathroom upstairs.

0:53:450:53:48

'But they have cleverly maximised the space available,

0:53:480:53:51

'and it's certainly a vast improvement.'

0:53:510:53:55

When we first got here, there was a separate shower and toilet.

0:53:550:53:59

We've knocked the walls down to create a small L-shaped bathroom,

0:53:590:54:03

so you can actually get a bath fitted in.

0:54:030:54:05

And in the kitchen, we bricked the back door up

0:54:050:54:09

so we could create a space for the cooker.

0:54:090:54:11

We've managed to fit down both sides of the kitchen

0:54:110:54:14

with smaller units on one side.

0:54:140:54:17

'It's a tight fit, but I like Ben's idea

0:54:170:54:21

'of reducing the depth of the kitchen cabinets.

0:54:210:54:24

'Best of all was moving the back door to the rear reception room.'

0:54:240:54:28

I think it's made quite a good addition to the room, brings quite a bit of light in as well.

0:54:280:54:33

'Ben and his mum and dad

0:54:330:54:37

'have carried out the majority of the work by themselves.

0:54:370:54:40

'Ben took the lead, fitting the kitchen units, flooring

0:54:400:54:43

'and skirting, architrave and doors.

0:54:430:54:46

'They hired qualified tradesmen

0:54:460:54:48

'only for the fitting of a new boiler and electrical work.

0:54:480:54:52

'Ben also challenged himself by taking on a new skill,

0:54:520:54:55

'plastering all the internal walls,

0:54:550:54:58

'and I think he's achieved a smooth finish.

0:54:580:55:01

'So, how much has the renovation cost?'

0:55:010:55:04

We spent about £7,500.

0:55:040:55:07

That's with all the materials and legal costs,

0:55:070:55:11

which isn't too bad, really.

0:55:110:55:13

'Added to the purchase price of 43,000,

0:55:140:55:16

'that gives the family a total outlay of 50,500.

0:55:160:55:20

'What about the timescale?

0:55:200:55:22

'Working on the property mainly at weekends,

0:55:220:55:25

'they had hoped to have the renovation complete in five months,

0:55:250:55:29

'but there's still work to be done in the back yard.

0:55:290:55:32

'However, this hasn't stopped them

0:55:320:55:34

'from lining up a tenant for this terrace.'

0:55:340:55:38

We thought about selling but the market isn't fantastic.

0:55:380:55:42

We have found a tenant who's ready to move in more or less straight away,

0:55:420:55:48

so we're going to rent it for a while and see how the market goes.

0:55:480:55:52

'We invited two local property experts to give us their opinion

0:55:540:55:58

'on the terrace house on which this family have spent £50,500 so far.'

0:55:580:56:03

What makes this property stand out

0:56:050:56:07

is a nice double-glazed door on the rear reception room.

0:56:070:56:11

On a typical terrace, you've got a small window.

0:56:110:56:14

That will appeal to buyers.

0:56:140:56:16

I would suggest that the owners extend the property

0:56:160:56:19

to create a larger bathroom.

0:56:190:56:21

I feel that people wanting to buy the property would favour that.

0:56:210:56:25

'Bearing in mind that Ben and his parents' investment was 50,500,

0:56:250:56:31

'how much do the estate agents think this property could sell for?'

0:56:310:56:35

I'd put this property on the market for sale for £70,000.

0:56:350:56:39

If I were to put the property on the market today, the price would be £70,000.

0:56:390:56:44

Ooh, very nice! That's lovely, that is.

0:56:440:56:47

-Yes.

-It's pretty much what I was thinking.

0:56:470:56:50

I'm pleased with it.

0:56:500:56:53

It's not bad for a few months' work. ALL LAUGH

0:56:530:56:57

'At last, they've agreed on something.

0:56:570:57:00

'But the terrace was destined for the rental market

0:57:000:57:03

'so how much could the family ask for that?'

0:57:030:57:07

I'd put this up for rent for £400 per calendar month.

0:57:070:57:10

If the owners put the property on the market for rent, I would suggest a rent of £400 per calendar month.

0:57:100:57:16

-That's exactly what we've got.

-That's what we're getting, yeah.

0:57:160:57:21

'£400 per calendar month gives them

0:57:210:57:24

'a respectable rental yield of around 9.5%.

0:57:240:57:29

'This renovation has been a fantastic team effort

0:57:320:57:36

'by Ben and his mum and dad, Chris and Pete.

0:57:360:57:39

'All their hard work has earned them their financial reward.

0:57:390:57:43

'Will they return to buy at another auction?'

0:57:430:57:46

-Oh, yeah.

-Definitely.

-Yes. We'll do another one, but not yet.

0:57:460:57:50

-As long as they keep paying!

-ALL LAUGH

0:57:500:57:54

That's it for now. We hope you've enjoyed Homes Under The Hammer.

0:57:570:58:01

-We'll see you next time, when we hear more fascinating stories from the auction room.

-Goodbye.

0:58:010:58:06

Martin Roberts and Lucy Alexander visit a detached property in Liverpool, a maisonette in London and a terraced house in Staffordshire. All of these properties have been sold at auction. Martin and Lucy find out who bought them and what was paid when the properties went under the hammer.