0:00:02 > 0:00:04Hello. Now, despite difficult market conditions,
0:00:04 > 0:00:07people are still keen to get a slice of the property action.
0:00:07 > 0:00:11And if you're prepared to take the plunge, auctions can be a great place to start.
0:00:11 > 0:00:15Yes, it can be fraught, it can be frantic, but it can also be fun
0:00:15 > 0:00:17buying your home under the hammer.
0:00:43 > 0:00:48Now, some properties are wildly popular at the auction while others go unsold.
0:00:48 > 0:00:51Yes, an auction room can be a tricky place to conquer.
0:00:51 > 0:00:56But here are the properties that won the hearts of the buyers on today's show.
0:00:57 > 0:01:00'We don't often see houses like this on the programme.
0:01:00 > 0:01:04'It's lovely now, but just wait and see when it's brought up to par.'
0:01:07 > 0:01:12'In Ashington, Northumberland, we meet a family who turned this two-bedroom terrace
0:01:12 > 0:01:14'into a home and garden to be proud of.
0:01:17 > 0:01:19'And in North London, this two-bedroom flat
0:01:19 > 0:01:22'may not look very promising from the outside,
0:01:22 > 0:01:27'but you'll be amazed by the possible £55,000 profit.'
0:01:28 > 0:01:31'These properties were all bought at auction.
0:01:31 > 0:01:34'We find out who bought them and for how much when they went under the hammer.'
0:01:34 > 0:01:36- All done? - HAMMER BANGS
0:01:40 > 0:01:44'I'm in Chestfield, a sought-after village in the Canterbury district of Kent.
0:01:44 > 0:01:50'The property I'm here to see sounds like one we don't get very often on Homes Under The Hammer.'
0:01:53 > 0:01:56The auction catalogue's description for today's lot
0:01:56 > 0:01:58is certainly favourable.
0:01:58 > 0:02:03A detached property, it would make a delightful family home
0:02:03 > 0:02:06given its superb location.
0:02:06 > 0:02:10That all sounds very impressive, and from the outside, wow!
0:02:10 > 0:02:12Look at that garden! It's fantastic!
0:02:12 > 0:02:18Now, the guide for all of this, £330,000 to £350,000.
0:02:19 > 0:02:22# Let the sun shine
0:02:23 > 0:02:26'Glittering and dazzling in the afternoon sunshine,
0:02:26 > 0:02:29'this is a real gem of a property.'
0:02:29 > 0:02:34- # Let the sun shine - # Let the sun shine, let the sun shine, baby
0:02:34 > 0:02:38# Let it all go, let it all go, baby
0:02:38 > 0:02:42# Shine, yeah, yeah, oh #
0:02:44 > 0:02:48Wow! It's really light and bright.
0:02:48 > 0:02:51Ooh, it's got such a nice feeling about it!
0:02:51 > 0:02:55You've got this really welcoming, open-plan hallway
0:02:55 > 0:02:57leading into this lovely reception room.
0:02:57 > 0:03:01You know, you can just see the beautiful garden everywhere you look.
0:03:01 > 0:03:04You've got one, two, three, four windows,
0:03:04 > 0:03:07a big conservatory, loads of light coming in everywhere.
0:03:07 > 0:03:10It's a bit bland once you're in here, though,
0:03:10 > 0:03:13because there are not lots of architectural features,
0:03:13 > 0:03:16so you're going to have to add a lot to this property,
0:03:16 > 0:03:21and I do feel this room in particular doesn't do that outlook justice,
0:03:21 > 0:03:23so you're going to have to work hard on that.
0:03:23 > 0:03:26But, ooh, I can't wait to look round the rest of the house!
0:03:28 > 0:03:31'Hm, not so impressive and seems a little dull
0:03:31 > 0:03:34'when you compare it to the large and light lounge.
0:03:34 > 0:03:38'I'd be inclined to knock down the wall between the kitchen and the dining area,
0:03:38 > 0:03:42'do away with this dated hatch and you'd really brighten the place up.'
0:03:42 > 0:03:46- # A little bit brighter - # Brighter
0:03:46 > 0:03:49# In every way
0:03:49 > 0:03:52'The utility room that's tacked onto the side is huge.
0:03:52 > 0:03:57'Then there's also a garage, which you could think about incorporating into the house
0:03:57 > 0:04:00'and making into additional living space.
0:04:01 > 0:04:04'Upstairs there are three bedrooms and family bathroom,
0:04:04 > 0:04:09'all a tad dated but nothing some TLC wouldn't mend.
0:04:09 > 0:04:13'And again, the key here is that it's light and bright throughout.'
0:04:13 > 0:04:16# A little bit brighter
0:04:16 > 0:04:19- # Brighter - # In every way
0:04:19 > 0:04:22Well, this is the master suite
0:04:22 > 0:04:25and I would say it's a little bit disappointing.
0:04:25 > 0:04:29Slightly pinched, although it does have its own en suite bathroom.
0:04:29 > 0:04:32But the payoff,
0:04:32 > 0:04:35that beautiful garden and the golf course.
0:04:35 > 0:04:39This house, it's all about the view.
0:04:39 > 0:04:41'The house itself is a bit of a letdown
0:04:41 > 0:04:45'with proportions inside not living up to the outside.
0:04:45 > 0:04:49'The question is, would a simple refurbishment ever do this plot justice?'
0:04:49 > 0:04:53- # You and I, it's true - 'I don't think so.'
0:04:53 > 0:04:56# Have a beautiful view
0:05:02 > 0:05:05'However, if you wanted to do anything major,
0:05:05 > 0:05:08'well, this is a case where homework proves key.'
0:05:10 > 0:05:16This house sits on an enormous plot and so as an investor,
0:05:16 > 0:05:20well, I'm thinking could this be a potential building plot?
0:05:20 > 0:05:23Could you sell a bit of this garden off?
0:05:23 > 0:05:27Well, unfortunately, that may not be possible.
0:05:27 > 0:05:29Taking a look on the council website
0:05:29 > 0:05:33and checking past planning applications, I found out the following.
0:05:33 > 0:05:38In 2000, a previous owner had a plan rejected for a new-build here.
0:05:38 > 0:05:42Then, in 2008, a further application was made.
0:05:42 > 0:05:45That was also flatly refused.
0:05:45 > 0:05:48The council thought the buildings were unduly prominent
0:05:48 > 0:05:53and had a negative impact on the street scene. Oh, dear.
0:05:53 > 0:05:56That's not to say the new owner could not reapply.
0:05:56 > 0:05:58My advice - have a chat with the council.
0:05:58 > 0:06:02Maybe a smaller development would be welcome.
0:06:02 > 0:06:09'This country pile was guided at £330,000 to £350,000.
0:06:10 > 0:06:14'We invited a local estate agent to view it
0:06:14 > 0:06:18'and give us his thoughts on the property and its potential.'
0:06:18 > 0:06:22I think I would advise the new owner to come in and redevelop it.
0:06:22 > 0:06:25The room sizes aren't really standard today
0:06:25 > 0:06:28and they need coming in and getting sizes that are really made
0:06:28 > 0:06:30for today's standards.
0:06:30 > 0:06:34Around the area, there's been a lot of development and extensions of properties.
0:06:34 > 0:06:37The precedent has been set, so to get planning here
0:06:37 > 0:06:41I would say wouldn't be easy but could be achievable.
0:06:41 > 0:06:46'So if the new owner agreed and got excited about an extension,
0:06:46 > 0:06:49'what return might be possible if it was then sold on?'
0:06:49 > 0:06:54If you extend this property to six bedrooms with the room sizes that everyone's looking for,
0:06:54 > 0:06:57I'd estimate you'd sell the house for £875,000.
0:07:01 > 0:07:05This detached property is in a gorgeous village,
0:07:05 > 0:07:09it backs onto the golf course, but the fact that it's in a conservation area,
0:07:09 > 0:07:14well, it could have a few issues when it comes to making any changes.
0:07:14 > 0:07:19For me, it's this wonderful garden that really attracts me to this lot.
0:07:19 > 0:07:22Let's find out who fancied this one as we go to auction.
0:07:26 > 0:07:29Lot 103, lovely family home, this one.
0:07:29 > 0:07:34Start me at 320. I'm obliged. On my right-hand side sitting in the yellow shirt.
0:07:34 > 0:07:37325 I've got. 330. And 5.
0:07:37 > 0:07:41And 40. And 45. And 50.
0:07:41 > 0:07:44350 I've got. 355 is against you.
0:07:44 > 0:07:48355 it's with you. 360. 360?
0:07:48 > 0:07:51At £355,000 I've got to the gentleman sitting down.
0:07:51 > 0:07:55360 I've got. 365, he says yes.
0:07:55 > 0:07:57370, I guess it's back with you. 370?
0:07:57 > 0:08:01370? For 365 I have it for the first time.
0:08:01 > 0:08:04For the second time at 365.
0:08:04 > 0:08:07For the third and final time. If you are sure you're all done
0:08:07 > 0:08:09- at 365,000... - HAMMER BANGS
0:08:09 > 0:08:12It's yours, sir, at 365.
0:08:12 > 0:08:18'The successful bidder, who made that final bid of 365,000, was Nick.
0:08:18 > 0:08:23'He owns his own building company which specialises in individual new-build houses
0:08:23 > 0:08:25'and large conversions.
0:08:25 > 0:08:30'So I'm really excited to find out what his plans are for this place.'
0:08:30 > 0:08:33- Nick, congratulations.- Thank you. - What an amazing house.
0:08:33 > 0:08:36- Thank you.- It is so light and bright.
0:08:36 > 0:08:40Fantastic location. How much did you want to buy this for?
0:08:40 > 0:08:44Well, I did make the lady an offer beforehand of £350,000.
0:08:44 > 0:08:48- Really?- But she turned me down. She's done the auction before and she liked that sort of...
0:08:48 > 0:08:51Well, she just likes the auction, bought and sold at the auction.
0:08:51 > 0:08:54- So basically, you paid £15,000 more. - Yeah.
0:08:54 > 0:08:58- Do you think it was worth it? - Definitely. I was willing to go to 380, really.
0:08:58 > 0:09:01It's a great house, it's in an amazing location.
0:09:01 > 0:09:07Yeah, love the area. I've lived here for many, many years and live a minute down the road.
0:09:07 > 0:09:09- You don't!- I do, yeah.- Really?- Yeah.
0:09:09 > 0:09:12- You've got that amazing golf course over there.- Yep, great views.
0:09:12 > 0:09:16So wait a minute, if you live a minute down the road, what are you doing buying this?
0:09:16 > 0:09:22Well, I can do a lot more to this. It's a lot bigger. It's going to be a great family home.
0:09:22 > 0:09:28'Nick has bought this for his wife and daughters and hopes that it will be their new dream home.'
0:09:28 > 0:09:31So what are you going to do to this house to really turn it around?
0:09:31 > 0:09:34- Knock a lot of it down to start with. - Are you really?- Yeah.
0:09:34 > 0:09:37About 65 percent plus is going to come down.
0:09:37 > 0:09:41And are you turning this into a house that you want to live in
0:09:41 > 0:09:45and you know how you're going to live and it's going to meet all your needs?
0:09:45 > 0:09:47Definitely. Yeah, 100 percent.
0:09:47 > 0:09:51'This sounds like an ideal scenario.
0:09:51 > 0:09:56'With Nick's expertise, he's going to be able to take what's a bit of a caterpillar of a property
0:09:56 > 0:10:00'and turn it into a beautiful butterfly for his family.'
0:10:00 > 0:10:02# You my butterfly, sugar, baby
0:10:02 > 0:10:07'And it will be so satisfying for him to be able to enjoy the fruits of his labour.
0:10:07 > 0:10:10'But how does he plan to make it a place to call home?'
0:10:11 > 0:10:14- Are you going to be adding any more square-footage to this house?- Yes.
0:10:14 > 0:10:17- Quite a lot?- Well, about half as much again as what there is here now.
0:10:17 > 0:10:21- Wow. So you're going to be applying for planning permission.- Yes.
0:10:21 > 0:10:23Any chance you might not get that?
0:10:23 > 0:10:27Erm, I've spoken to both the neighbours. They're very happy with what's going to go on here.
0:10:27 > 0:10:31Erm, we deal a lot with the council anyway through the business,
0:10:31 > 0:10:36so we feel that what we put in as plans should pass,
0:10:36 > 0:10:41unless we get a stumbling block by someone really not liking it, so fingers crossed.
0:10:41 > 0:10:46Big question. What's your budget? How much money are you going to spend on this?
0:10:46 > 0:10:49That's going to depend on how much I'm going to do myself
0:10:49 > 0:10:52on evenings, weekends, whatever, outside the company.
0:10:52 > 0:10:56- But I think I can do it for about £250,000, maybe less.- Wow.
0:10:56 > 0:11:00It all depends on how many favours from the building companies I can pull in.
0:11:00 > 0:11:04- That really is going to take it into the next genre, isn't it?- Yeah.
0:11:04 > 0:11:06- So it's going to be quite a special house.- Yeah.
0:11:09 > 0:11:11'With that £250,000 budget,
0:11:11 > 0:11:15'Nick's set himself a timescale of four to six months to complete the work.
0:11:15 > 0:11:18'He's already had the plans drawn up
0:11:18 > 0:11:21'which I can't wait to get my hands on!'
0:11:23 > 0:11:25- Oh! These are the plans.- Yeah.
0:11:25 > 0:11:28Let me just see what it's going to look like.
0:11:28 > 0:11:30- That is amazing.- Thank you.
0:11:30 > 0:11:33That looks like something out of Dallas.
0:11:33 > 0:11:36- Really? - A big, sprawly, gorgeous, big house.
0:11:36 > 0:11:39- Look at all the glass. - Yeah, there's lots of glass in it,
0:11:39 > 0:11:44especially at the back against the garden and the good views.
0:11:44 > 0:11:48Wow. Ohh! That is gorgeous!
0:11:48 > 0:11:55I love, love, love this whole circular, curvaceous sort of decking area living room.
0:11:55 > 0:11:59I mean, that really is just a perfect family living area.
0:11:59 > 0:12:01It's just incredible. So we go upstairs.
0:12:01 > 0:12:05Bedroom one is huge! And look at that balcony wrapped around the edge!
0:12:05 > 0:12:07So do I need to ask whose bedroom that is?
0:12:07 > 0:12:09I think it'd be my wife's. THEY LAUGH
0:12:09 > 0:12:12And maybe she'll let me in there. THEY LAUGH
0:12:12 > 0:12:17It really is incredible. So you've got four bedrooms in total upstairs.
0:12:17 > 0:12:21Now, for the size of house, and I know they're all big bedrooms,
0:12:21 > 0:12:25I thought this might have been five/six bedrooms.
0:12:25 > 0:12:27Any chance of squeezing in any more rooms?
0:12:27 > 0:12:31We don't need that space, but if we ever, which I hope we never do, have to sell it,
0:12:31 > 0:12:35- then we could always do that. - Cos that would be more money for you.- Yeah.
0:12:35 > 0:12:38Anything that's worrying you with this?
0:12:38 > 0:12:41Only the planning. As long as it gets through planning, then I'm happy.
0:12:41 > 0:12:45- Ohh, Nick, good luck. I am so excited.- Thank you.
0:12:45 > 0:12:47This is one of my favourite ones on Homes Under The Hammer.
0:12:47 > 0:12:50I'm so excited to see how it's going to turn out.
0:12:50 > 0:12:53- Good luck.- Thank you very much. - And congratulations.- Thank you.
0:12:54 > 0:12:58Wow! Nick's plans are certainly impressive.
0:12:58 > 0:13:01What an incredible family home this will make
0:13:01 > 0:13:03if he's successful with the planners.
0:13:03 > 0:13:08I wish him well with this. I just hope the fact that it's in a conservation area
0:13:08 > 0:13:10doesn't cause him too many issues along the way.
0:13:10 > 0:13:14Will he create his dream home?
0:13:14 > 0:13:16You can find out later in the programme.
0:13:19 > 0:13:22I'm in Ashington in Northumberland,
0:13:22 > 0:13:25about 15 miles north of Newcastle.
0:13:25 > 0:13:27The area has a strong coalmining history
0:13:27 > 0:13:33and it's also the childhood home of soccer legends Bobby and Jackie Charlton.
0:13:34 > 0:13:38'Although there are no football heroes to be seen here,
0:13:38 > 0:13:43'I'm pretty sure the place I'm here to visit will have something to do with Ashington's mining legacy.
0:13:45 > 0:13:48'But I have no time for swanning around on this part of the River Wansbeck.
0:13:48 > 0:13:53'It's time to find the auction property I'm seeing today.'
0:13:55 > 0:13:59I do love seeing washing hanging up on washing lines,
0:13:59 > 0:14:02the most environmentally-friendly way to dry your washing.
0:14:02 > 0:14:07I don't know why but I just really love it. And I guess that sums up this little part of where I am.
0:14:07 > 0:14:12Old colliery-built brick terraced houses.
0:14:12 > 0:14:17This is actually the front. This is a fairly traditional layout in this part of the world
0:14:17 > 0:14:23where you've got the front of the property, you've got this little pathway and the gardens are there.
0:14:23 > 0:14:26It's a great start. I love the outside straight away.
0:14:26 > 0:14:30I love this layout. And the property itself, well, we'll take a look inside.
0:14:30 > 0:14:34First of all, the guide price. 49,950 quid.
0:14:34 > 0:14:36Why can't they just say 50 grand?
0:14:38 > 0:14:41Nice little porch area there.
0:14:43 > 0:14:45Wow!
0:14:45 > 0:14:48I was not expecting this!
0:14:48 > 0:14:50Look at the size of this room!
0:14:50 > 0:14:56- HE LAUGHS - It basically occupies the whole of the downstairs, well, almost.
0:14:56 > 0:15:00Great design. I mean, I've seen hundreds of terraced properties
0:15:00 > 0:15:03in my time, not one like this.
0:15:03 > 0:15:07This works extremely well. You've got stairs up to your bedrooms there.
0:15:07 > 0:15:10Downstairs loo and bathroom there, which isn't really ideal.
0:15:10 > 0:15:15And then through into a kitchen. I mean, it's all really serviceable.
0:15:15 > 0:15:17I'm not seeing anything that scares me particularly.
0:15:17 > 0:15:20In fact, far from it.
0:15:20 > 0:15:23Just fantastic!
0:15:24 > 0:15:30'Hm. Well, apologies for gushing, but it is an impressive and lovely large front room
0:15:30 > 0:15:34'with a delightful aspect onto that detached front garden across the pathway.
0:15:34 > 0:15:38'This garden is pretty big, which means lots of potential.
0:15:38 > 0:15:41'Including the yard at the back, for a small terraced house,
0:15:41 > 0:15:44'there's an incredible feeling of space.'
0:15:45 > 0:15:51So, can upstairs possibly match the brilliance of downstairs?
0:15:51 > 0:15:54Well, let's find out. It is only a two-bedroom terrace,
0:15:54 > 0:15:58so you've got one bedroom at the front, back, depends what you call that.
0:15:58 > 0:16:01I think that's the front where we came in.
0:16:01 > 0:16:06A decent-size bedroom there. So you've got two decent-size bedrooms. It looks in good pretty condition.
0:16:06 > 0:16:09Yeah, it's great.
0:16:09 > 0:16:10# Everybody get up
0:16:10 > 0:16:14'OK, so what it doesn't have is an upstairs bathroom,
0:16:14 > 0:16:17'and for many people, as we know, that's a big no-no.
0:16:17 > 0:16:22'But would you want to sacrifice this fairly generous bedroom space?
0:16:23 > 0:16:26'Also, the downstairs layout works well
0:16:26 > 0:16:28'and there's quite a good-quality bathroom.
0:16:31 > 0:16:34'But you don't need me to keep going on about how wonderful this is.
0:16:34 > 0:16:37'Let's see if a local property expert agrees with me
0:16:37 > 0:16:43'that this is a great house, guided at just £49,950.'
0:16:43 > 0:16:46First impressions, a standard mid-terrace property
0:16:46 > 0:16:50with a unique street which has gardens opposite.
0:16:50 > 0:16:53Obviously, there is the shared pathway you have to get across,
0:16:53 > 0:16:56but most properties in this area tend to only have a yard.
0:16:56 > 0:17:00'Apart from the garden, what else might help raise the resale value here?'
0:17:00 > 0:17:04Plus points, it is in good order. It does require some damp-proofing work
0:17:04 > 0:17:07and would benefit from a new kitchen, but it has a modern bathroom,
0:17:07 > 0:17:11it's double-glazed, central-heated. It would appeal very well to the rental market
0:17:11 > 0:17:15and would provide a quick turnaround if you were to put it on for resale.
0:17:15 > 0:17:18'The estate agent reckons there's a bit of work to be done,
0:17:18 > 0:17:22'but we're both agreed that it's ripe for a quick turnaround.
0:17:22 > 0:17:25'However, he may be right about checking out that damp course.
0:17:25 > 0:17:28'What could it sell for once spruced up?'
0:17:28 > 0:17:32Brought up to a reasonable standard, I would value this property at £65,000.
0:17:32 > 0:17:38- 'And as a rental?'- For rental purposes, I would value this property at £425 per calendar month.
0:17:39 > 0:17:43Well, this garden really is the icing on the cake
0:17:43 > 0:17:47for what is already a really attractive little house.
0:17:47 > 0:17:49A good family home, I like the layout,
0:17:49 > 0:17:53and that price, well, you can't argue with that.
0:17:53 > 0:17:56Let's see who fancied it when it went under the hammer.
0:17:58 > 0:18:01We'll move over to Northumberland and up to Ashington.
0:18:01 > 0:18:04Popular location with an attractive front garden.
0:18:04 > 0:18:07We've got this available with a price guide of £49,950 plus.
0:18:07 > 0:18:10Can I ask for 50,000 anywhere?
0:18:11 > 0:18:1550,000 with Sarah. I'm here with £50,000.
0:18:15 > 0:18:1852? 51 bid.
0:18:18 > 0:18:2051 bid. 52.
0:18:20 > 0:18:2352 bid. 53. 53 bid.
0:18:23 > 0:18:2654. 54 bid.
0:18:26 > 0:18:2855. I'll take 500.
0:18:28 > 0:18:30Try again. I'll buy you a pint.
0:18:31 > 0:18:34Go on. 54 and a half. He's nodding.
0:18:34 > 0:18:37I'll buy you a gin and tonic. 55.
0:18:37 > 0:18:39This is expensive for me. 55.
0:18:39 > 0:18:42I'm here and selling at 55,000.
0:18:42 > 0:18:44It's your last chance. I'm selling at 55.
0:18:44 > 0:18:47Gentleman sitting down without a pint at 55 and a half.
0:18:47 > 0:18:5056. No?
0:18:50 > 0:18:5255 and a half sitting down. Are you out, as well, on the back?
0:18:52 > 0:18:55It's the gentleman sitting down at 55 and a half.
0:18:55 > 0:18:58No? Are you out? Are you out?
0:18:58 > 0:19:00I'm here and I'm selling at £55,500.
0:19:00 > 0:19:03I'm selling once at 55 and a half.
0:19:03 > 0:19:06For the second time at £55,500.
0:19:06 > 0:19:11- HAMMER BANGS - Sold, gentleman sitting down, at £55,500.
0:19:11 > 0:19:17'The spacious two-bed terrace was sold to Martin for £55,500.
0:19:17 > 0:19:21'He owns his own building and civil engineering business.
0:19:21 > 0:19:25'Martin and his wife Sarah own seven other properties,
0:19:25 > 0:19:28'so they do have some experience of developing.'
0:19:29 > 0:19:32- Sarah, Martin, great to see you both.- Hi.
0:19:32 > 0:19:36- Hi.- Congratulations.- Thank you. - I love this place, actually.
0:19:36 > 0:19:39- Aw, thank you.- You obviously do cos you've bought it.- Yes!
0:19:39 > 0:19:41Tell me why you bought it.
0:19:41 > 0:19:44We wanted to go into the investment property market
0:19:44 > 0:19:49and we've already got two properties that we rent out for holiday lets
0:19:49 > 0:19:52and this is our first foray into buy-to-let.
0:19:52 > 0:19:58- Right.- So we bought this along with two other properties at separate auctions.
0:19:58 > 0:20:00- Bit of a spending spree.- Yeah.- Mm.
0:20:00 > 0:20:03With all that in mind, why this house, then?
0:20:03 > 0:20:06Well, we went round the agents, or I did,
0:20:06 > 0:20:10and kind of found out which areas were the best,
0:20:10 > 0:20:13erm, and so we started there.
0:20:13 > 0:20:17And then I just kept driving by to see which ones took our fancy
0:20:17 > 0:20:20and this one, as soon as we walked through the door,
0:20:20 > 0:20:23it just had that feel. I like the aspect,
0:20:23 > 0:20:26erm, the garden,
0:20:26 > 0:20:30and the people we've met here just seem really nice.
0:20:30 > 0:20:34- But we just love the feel when we walk through. - I think it's a better part of town.
0:20:34 > 0:20:37It's not too far away from the centre but it's far enough away
0:20:37 > 0:20:40and you've got the open aspect and a nice garden.
0:20:40 > 0:20:43The schools are nearby, which is always a good thing.
0:20:43 > 0:20:45- Right.- We want to kind of hit the ground running.
0:20:45 > 0:20:48'Hit the ground running indeed.
0:20:48 > 0:20:51'With this place to renovate and a trip to Hong Kong coming up,
0:20:51 > 0:20:54'the schedule is, shall we say, pretty tight.'
0:20:54 > 0:20:58- We're planning on having it done for next week.- Next week?
0:20:58 > 0:21:02- He's going to get all the major work done, yeah.- As much as possible.
0:21:02 > 0:21:05Can you spare time for the interview? I think you need to be off!
0:21:05 > 0:21:08- We'll leave somebody painting it while we're away. - This room is the one...
0:21:08 > 0:21:11- He'll do all the hard work, all the grafting.- Right.
0:21:11 > 0:21:15Martin being in building, we've had a look round
0:21:15 > 0:21:20- and unless there's something lurking... We haven't tested the gas.- Under the floorboards.
0:21:20 > 0:21:22We know it's got damp
0:21:22 > 0:21:27but, yeah, it's pretty cosmetic and we want to kind of hit the market in a month.
0:21:27 > 0:21:31- What's the budget?- Well, there's £5,000 but, to be fair,
0:21:31 > 0:21:36there's some contingencies in there, as well, because I don't think we'll get anywhere near that.
0:21:36 > 0:21:38But as Sarah said, we've got another two, as well,
0:21:38 > 0:21:43and there's one that will probably be over-budget, but this one I'd expect to be below three.
0:21:43 > 0:21:47'Martin and Sarah have bought these properties to add to their portfolio,
0:21:47 > 0:21:52'but have earmarked this particular house as a possible home.'
0:21:52 > 0:21:55But this one is also eventually going to be for our son.
0:21:55 > 0:22:00- Right.- We're building our portfolio so we can pass it on to them and this one will be James's,
0:22:00 > 0:22:02who's in his 20s now but he has a learning disability,
0:22:02 > 0:22:05so eventually, when he's ready, he can come here.
0:22:05 > 0:22:08- It's got a nice feel to it. - It has, yeah.
0:22:08 > 0:22:10- And it's got a good community.- Mm.
0:22:10 > 0:22:13Where we live at the moment, we kind of...
0:22:13 > 0:22:17We built our house and then added an extension
0:22:17 > 0:22:22and James has got his own self-contained accommodation.
0:22:23 > 0:22:27The problem is, we're a mile away from our nearest neighbours,
0:22:27 > 0:22:29we're not on a really good bus route,
0:22:29 > 0:22:33and the whole intention with James is to make him independent.
0:22:33 > 0:22:35Here it's not far from Newcastle,
0:22:35 > 0:22:39you're on great train and bus links
0:22:39 > 0:22:42and you can just walk into town, which is ideal.
0:22:42 > 0:22:44So at the moment, if he wants to go shopping,
0:22:44 > 0:22:48he has to rely on other people. So this would just be perfect for him.
0:22:48 > 0:22:51'They're keen to see that their son's future is secure
0:22:51 > 0:22:54'for a very particular reason.'
0:22:54 > 0:22:58I was diagnosed with secondary cancer, so it was kind of...
0:22:58 > 0:23:01We've had to kind of put everything into place quickly.
0:23:01 > 0:23:06You just have to get on with it. I'm fine. I feel really good.
0:23:06 > 0:23:10We're doing lots of things. These properties, I've retired now,
0:23:10 > 0:23:13so the properties are going to keep us going and busy.
0:23:13 > 0:23:16And Martin's set up his own business,
0:23:16 > 0:23:20erm, so we've kind of gone from there, haven't we?
0:23:20 > 0:23:24So how are you with everything that's going on in the bigger picture of your lives, Martin?
0:23:24 > 0:23:27It's certainly a big change to the lifestyle, you know,
0:23:27 > 0:23:31but as Sarah said, I think the most positive... not positive, but the most meaningful thing is
0:23:31 > 0:23:35you've got to stay positive, and the diagnosis isn't good,
0:23:35 > 0:23:38but, you know, you've just got to work together as a team
0:23:38 > 0:23:40and try and fight through it.
0:23:40 > 0:23:44My kids keep me going and I like to be busy,
0:23:44 > 0:23:49so I'm not working, so this is going to keep me really busy, these three properties.
0:23:49 > 0:23:53- Well, listen, I do wish you good health.- Thank you.- And good luck with everything.- Thank you.
0:23:53 > 0:23:56- Can't wait to see how you get on. - Thank you very much.
0:23:57 > 0:24:02Well, this is clearly so much more than just a purchase of a house
0:24:02 > 0:24:04for Sarah and Martin.
0:24:04 > 0:24:09So many positives in some very difficult circumstances.
0:24:09 > 0:24:12How are they going to get on? Will they get it sorted in just ten days?
0:24:12 > 0:24:15You can find out later in the show.
0:24:16 > 0:24:22'Still to come, this North London flat fails to impress me.'
0:24:22 > 0:24:26Straight away, the floor feels a bit strange.
0:24:27 > 0:24:30'In Ashington, Northumberland, Martin and Sarah discovered
0:24:30 > 0:24:32'their renovation had added benefits.'
0:24:32 > 0:24:36Certainly from a family point of view, it allowed us to spend more time together.
0:24:38 > 0:24:42'But first, Nick's plans for his dream home have come true.'
0:24:42 > 0:24:46Basically, the whole house that we had here before has come down.
0:24:50 > 0:24:53'Back now to Chestfield near Whitstable in Kent
0:24:53 > 0:24:57'where earlier in the programme Nick, who lives less than a minute away,
0:24:57 > 0:25:03'bought this large four-bed detached property for £365,000.
0:25:03 > 0:25:06'It had a big garden overlooking the golf course.
0:25:07 > 0:25:11'Nick has his own building company which specialises in new builds.
0:25:11 > 0:25:16'He planned to move his family in here after he'd made some significant changes.'
0:25:18 > 0:25:23- Is this your dream house?- I hope so. - So what are you going to do to this house to really turn it around?
0:25:23 > 0:25:27- Knock a lot of it down to start with. - Are you really?- Yeah.
0:25:27 > 0:25:29About 65 percent plus is going to come down.
0:25:29 > 0:25:32Are you going to be adding any more square-footage to this house?
0:25:32 > 0:25:35- About half as much again as what there is here now.- Wow.
0:25:35 > 0:25:38- So you're going to be applying for planning permission.- Yes.
0:25:38 > 0:25:40How much money are you going to spend on this?
0:25:40 > 0:25:45That's going to depend on how much I'm going to do myself. But I think I can do it for about £250,000,
0:25:45 > 0:25:51maybe less. It literally all depends on how many favours from the building companies I can pull in.
0:25:51 > 0:25:55'I thought Nick's ambitious plans looked absolutely wonderful.'
0:25:55 > 0:25:57Ohh! That is gorgeous!
0:25:57 > 0:26:01'I was rather excited about those plans. Can you tell?'
0:26:01 > 0:26:03Love, love, love.
0:26:03 > 0:26:07'Then there was the small question of getting planning permission.
0:26:07 > 0:26:13'However, Nick hoped to have the property extended and transformed in about four to six months.
0:26:15 > 0:26:18'20 months later and we're back.
0:26:18 > 0:26:21'It looks as though Nick has been very busy.
0:26:23 > 0:26:27'The old house has gone and, boy, I was impressed with the plans,
0:26:27 > 0:26:32'but this? Well, it's just fantastic! I want one!
0:26:32 > 0:26:35'The curves are just wonderful.
0:26:35 > 0:26:37'The change is astonishing.
0:26:37 > 0:26:40'Never mind the £365,000 price tag,
0:26:40 > 0:26:43'this looks like a million dollars.'
0:26:44 > 0:26:48# Then I'm gone, then I'm gone
0:26:48 > 0:26:50# Then I'm gone
0:26:50 > 0:26:53# Then I'm gone, then I'm gone
0:26:53 > 0:26:58# Then I'm gone, then I'm gone
0:26:58 > 0:27:02'Upstairs there are four big double bedrooms.
0:27:05 > 0:27:08'Two with en suites.
0:27:16 > 0:27:20'The other two bedrooms can both access a central bathroom
0:27:20 > 0:27:22'due to its Jack and Jill design.
0:27:24 > 0:27:27'The finish throughout is of the highest level.
0:27:30 > 0:27:33'It's good to see that the large garden area has been made use of.
0:27:33 > 0:27:37'It looks as though it'll soon be up to the standard set by the interior.'
0:27:38 > 0:27:42In this area, we have a kitchen, which we tried to do the curve
0:27:42 > 0:27:46as much as possible to match, mirror what we have in the rest of the house.
0:27:46 > 0:27:49We have a dining area here. And then round the corner,
0:27:49 > 0:27:52we have a little sitting area for the younger kids
0:27:52 > 0:27:54to watch a bit of TV while Mum's still cooking.
0:27:54 > 0:27:58And then round this area, if you come through here,
0:27:58 > 0:28:00we go through to the lounge
0:28:00 > 0:28:04and then in the lounge we have these curved doors
0:28:04 > 0:28:08which we built to mirror everything else that we've done in the house with the curves.
0:28:08 > 0:28:12And with the golf course and the balcony upstairs, it just gives that a great view.
0:28:12 > 0:28:16We love the curves. Very hard to build but look great when it's finished.
0:28:17 > 0:28:22'Oh, it does. This is one of those grand architectural gems
0:28:22 > 0:28:25'where you really can see where the money has been spent
0:28:25 > 0:28:27'and the impact it's achieved.'
0:28:29 > 0:28:33Basically, the whole house that we had here before has come down.
0:28:33 > 0:28:37I wanted to save some of it, but the size of the house
0:28:37 > 0:28:41didn't really fill the land as much as it should
0:28:41 > 0:28:44and to do a lot of alterations to what was here
0:28:44 > 0:28:47would've cost me more money, more time
0:28:47 > 0:28:49and just wouldn't have got that sort of look
0:28:49 > 0:28:52of the house that I was looking for, really.
0:28:53 > 0:28:56'Getting planning permission took about five months
0:28:56 > 0:29:00'and the build about 18 months. How much of the work was down to Nick?'
0:29:00 > 0:29:05Quite a bit. I done most. Me and one of my best friends did
0:29:05 > 0:29:09probably 90 percent of the build ourselves, evenings, weekends,
0:29:09 > 0:29:11holidays, so quite a long time for the last 18 months.
0:29:13 > 0:29:18'There's no stopping Nick. As well as doing this and his day job,
0:29:18 > 0:29:22'he and a friend trained three nights a week for a cycle ride in aid of a cancer charity
0:29:22 > 0:29:25'from Land's End to Whitstable.
0:29:25 > 0:29:28'They did it in under 24 hours. Well done!'
0:29:28 > 0:29:33Very tough. Very tiring. It's now time to get finished,
0:29:33 > 0:29:36the last little bits, and then start to relax and enjoy what we've got.
0:29:37 > 0:29:40'The curved design brings so much light into the house,
0:29:40 > 0:29:44'but individually-designed windows can be tricky.'
0:29:44 > 0:29:47It's quite hard to build a house with a lot of glass.
0:29:47 > 0:29:50Anything that's curved and a special order takes so long to get.
0:29:50 > 0:29:55The curved doors, they come from Germany, they take four months, five months,
0:29:55 > 0:29:59the curved staircase. It does take a lot longer than a normal build.
0:30:00 > 0:30:02'What effect did that have on the budget?
0:30:02 > 0:30:06'Nick had expected to spend around £250,000.'
0:30:06 > 0:30:10Yeah, not far off that. 250, 260, with all the costs and all that.
0:30:10 > 0:30:12So it's been pretty good.
0:30:12 > 0:30:16'Added to the £365,000 he paid for it,
0:30:16 > 0:30:19'that £260,000 spend
0:30:19 > 0:30:23'brings his total to £625,000.
0:30:23 > 0:30:27'Are two local estate agents as impressed as me?'
0:30:27 > 0:30:31First impressions, light, bright, very spacious,
0:30:31 > 0:30:35well thought-out throughout, and being unique, it's a one-off.
0:30:35 > 0:30:39I wasn't expecting to see such a modern, bright property
0:30:39 > 0:30:42that offers so much potential for any buyer of this property.
0:30:42 > 0:30:46Positioned very well on the plot, maximises it.
0:30:46 > 0:30:49Accommodation is exceptionally spacious.
0:30:49 > 0:30:52The layout of the lounge, when you're looking out onto the gardens.
0:30:52 > 0:30:55The master bedroom, the lounge, the way the property flows,
0:30:55 > 0:30:58there's nothing I would change.
0:30:58 > 0:31:02'They seem to like it, but what valuations will they put on the property?
0:31:02 > 0:31:06'More than the £625,000 Nick's invested?'
0:31:06 > 0:31:11The property, in my opinion, is worth in the region of £1 million.
0:31:11 > 0:31:15If I was to put this on the market today, I would recommend offers in excess of £1 million.
0:31:15 > 0:31:19'They agree! Which means a potential gross profit
0:31:19 > 0:31:24'of £375,000 before tax and expenses.'
0:31:24 > 0:31:26I've already had an offer over a million,
0:31:26 > 0:31:29so I gathered that's what sort of cost it'd be worth
0:31:29 > 0:31:32when it's completely finished so, yeah, that sounds really good.
0:31:32 > 0:31:36'Well, I said earlier that this house looked like a million dollars,
0:31:36 > 0:31:38'but a million pounds is even better!
0:31:40 > 0:31:44'Surely Nick won't want to sell, so what are his plans?'
0:31:44 > 0:31:48We're going to love living here for a while. The kids love it, the wife loves it,
0:31:48 > 0:31:50so yeah, we'll just enjoy ourselves here for a while.
0:31:55 > 0:31:58# Come on you
0:31:58 > 0:32:01# Spurs are on their way to Wembley
0:32:01 > 0:32:05'Well, whether they're on their way to Wembley is one for the pub,
0:32:05 > 0:32:07'but I'm certainly game for a visit to Tottenham,
0:32:07 > 0:32:11'the North London home ground of Tottenham Hotspur.'
0:32:11 > 0:32:14Well, one of the golden rules of property developing
0:32:14 > 0:32:19is to buy in an area which is either undergoing regeneration or scheduled for it,
0:32:19 > 0:32:22and that's certainly a case in point here in Tottenham
0:32:22 > 0:32:26where not only are they talking about building a new stadium for Spurs
0:32:26 > 0:32:29but lots of shops, offices, restaurants and the like.
0:32:29 > 0:32:34So that's got to be good news if you're thinking about buying property here.
0:32:34 > 0:32:37# We are the boys of Keithie's army
0:32:37 > 0:32:39'Being near a football ground isn't for everybody.
0:32:39 > 0:32:42'There's busy traffic on match days and noise.
0:32:42 > 0:32:46'But if you're a Spurs fan, then it's a match made in heaven.'
0:32:46 > 0:32:48So, what am I here to see?
0:32:48 > 0:32:52Well, it's a two-bedroom first-floor flat
0:32:52 > 0:32:55in this three-storey end-of-terrace.
0:32:55 > 0:32:57It doesn't look that attractive from the outside
0:32:57 > 0:33:00but the guide price was £125,000.
0:33:00 > 0:33:03Let's give it a chance.
0:33:03 > 0:33:06'I've said this building wasn't attractive and that's because
0:33:06 > 0:33:09'this was once a row of shops with flats above.
0:33:09 > 0:33:12'However, it's not just the boxy building that's off-putting.
0:33:12 > 0:33:15'The communal areas also need some TLC.
0:33:15 > 0:33:17'As this is a leasehold flat,
0:33:17 > 0:33:20'that means it's down to the freeholder to make any improvements.'
0:33:20 > 0:33:25Hm. Let's hope the flat itself is a little bit more inviting.
0:33:25 > 0:33:28Erm, so, through the front door, you've got your bedroom there
0:33:28 > 0:33:33and then through into here, which is your front lounge.
0:33:33 > 0:33:36Now, lots of light coming in from those two windows
0:33:36 > 0:33:39and nice high ceilings, so it's good.
0:33:39 > 0:33:43But straight away, the floor feels a bit strange
0:33:43 > 0:33:48and whether that's just badly-fitted laminate or not, I don't know.
0:33:48 > 0:33:51It needs a bit more investigation. As does the rest of the flat.
0:33:51 > 0:33:54# Spirals out of sight
0:33:54 > 0:33:57# The carpet crawlers
0:33:57 > 0:34:00'Even if there is no issue with the underlying floorboards,
0:34:00 > 0:34:03'I would still favour replacing this laminate
0:34:03 > 0:34:05'with carpet or better quality floor covering.'
0:34:07 > 0:34:09That bit of the flat we can live with,
0:34:09 > 0:34:11but it starts to get a bit weird when you come down this end
0:34:11 > 0:34:15cos you've got these stairs, very shallow and very wide,
0:34:15 > 0:34:19and it sort of sets the scene for it all going a bit wrong.
0:34:20 > 0:34:24Bathroom here, separate loo and bathroom there.
0:34:24 > 0:34:30Kind of dark and dingy, a bit like this corridor. The kitchen is really pokey,
0:34:30 > 0:34:32but then at the end there, you've got your bedroom.
0:34:32 > 0:34:35So I'm just wondering what you can do with this central area,
0:34:35 > 0:34:38because this bit is really letting the flat down for me.
0:34:38 > 0:34:44'You could do a rejig here, maybe creating an open-plan living room and kitchen.
0:34:44 > 0:34:47'You could also make the currently rather pokey little kitchen
0:34:47 > 0:34:49'into a bathroom, but that could be expensive.
0:34:52 > 0:34:54'So, time for a second opinion.
0:34:54 > 0:34:58'What would a local estate agent advise a new owner to do
0:34:58 > 0:35:01'with the inside of this two-bedroom Tottenham flat?'
0:35:01 > 0:35:05The two bedrooms are good sizes. They can take double beds.
0:35:05 > 0:35:10Yeah, not bad. I wouldn't change the layout. I'd live with it as it is.
0:35:10 > 0:35:13'So what would he recommend?'
0:35:15 > 0:35:18The outside needs to be sorted out.
0:35:18 > 0:35:20You know, it could do with a bit of painting
0:35:20 > 0:35:23and that would attract people to come in.
0:35:23 > 0:35:26Because when you come in, you don't need to do much,
0:35:26 > 0:35:29just do the flooring, nice kitchen,
0:35:29 > 0:35:33bathroom and toilet needs a bit of attention, as well, but it's quite a good property.
0:35:33 > 0:35:36'Would this be easy to let and what rate could it achieve?'
0:35:36 > 0:35:41We could achieve between £1,100 per calendar month
0:35:41 > 0:35:44to £1,200 per calendar month quite easily.
0:35:44 > 0:35:48It would rent within a week or two. There's a lot of demand, you know?
0:35:48 > 0:35:51Because banks are not really lending,
0:35:51 > 0:35:55so there's a lot of demand for rentals,
0:35:55 > 0:35:58so demand is outstripping supply as we speak,
0:35:58 > 0:36:00so there'll be a long queue.
0:36:00 > 0:36:04'And if the flat was done up to sell on?'
0:36:04 > 0:36:10We could sell it for between £160,000 to £170,000.
0:36:10 > 0:36:13Well, if you're a Spurs fan, this place is a no-brainer.
0:36:13 > 0:36:18But for anybody else, you might be a bit put off by the slightly shabby exterior
0:36:18 > 0:36:23and the communal areas, and the flat itself, not an ideal thing in terms of layout.
0:36:23 > 0:36:26But with all the regeneration planned for round here,
0:36:26 > 0:36:29I think still there could be some money to be made from this one.
0:36:29 > 0:36:32Let's see who agreed when it went under the hammer.
0:36:40 > 0:36:44A two-bed first-floor flat, Tottenham, good area to invest in.
0:36:44 > 0:36:46Start, er, 130, then?
0:36:46 > 0:36:51Not going to go below 130. It's cheap at 130.
0:36:51 > 0:36:55130 standing up. 130. Got you. 130.
0:36:55 > 0:36:57131 anywhere?
0:36:59 > 0:37:01Yes, 131 on my left. 131.
0:37:01 > 0:37:04132. 133.
0:37:04 > 0:37:07134. 135.
0:37:07 > 0:37:09136.
0:37:09 > 0:37:11137.
0:37:11 > 0:37:13137.
0:37:13 > 0:37:15138.
0:37:15 > 0:37:18139. Have a think.
0:37:18 > 0:37:20138, back to you.
0:37:20 > 0:37:23139, new spot.
0:37:23 > 0:37:27'There was interest in the property and the bidding steadily increased.'
0:37:27 > 0:37:29145.
0:37:29 > 0:37:33145 with you. 146 elsewhere?
0:37:35 > 0:37:39145, first time. Second time.
0:37:39 > 0:37:42Third and last time, if you're all done.
0:37:42 > 0:37:45- HAMMER BANGS - Sold, 145.
0:37:45 > 0:37:49'That final £145,000 bid for the two-bedroom flat
0:37:49 > 0:37:51'came from Hertfordshire-based David.
0:37:52 > 0:37:57'He's a property developer. But is he also a football fan?
0:37:57 > 0:37:59'I met him at the flat to find out more.'
0:38:03 > 0:38:07- David, good to meet you. - Hi.- Congratulations. - Thank you very much.
0:38:07 > 0:38:11- Are you a Spurs fan?- Er, yes. - You are?- I would say I am, yes.
0:38:11 > 0:38:13Was that one of the reasons why you wanted to buy it?
0:38:13 > 0:38:17Er, no, no, no. I've got a small portfolio of houses,
0:38:17 > 0:38:22so flats are usually cheaper and easy to maintain,
0:38:22 > 0:38:25so I wanted a flat, this one came up at auction, I decided to buy it.
0:38:25 > 0:38:29Great. And is it then to do up and rent out or sell on or what?
0:38:29 > 0:38:31Yes. It's to rent out.
0:38:31 > 0:38:36So it's going to be a small refurbishment and I aim to let it out straight away.
0:38:36 > 0:38:40- You know what you're doing. Have you always been a property developer? - It's something I wanted to get into,
0:38:40 > 0:38:44but when I left university, I had student loans and debts
0:38:44 > 0:38:47so I had to get a job. I became a software engineer
0:38:47 > 0:38:50and was made redundant in 2010.
0:38:50 > 0:38:53- Er, best thing that ever happened to me.- Right.
0:38:53 > 0:38:55Cos it gave me the time and the opportunity
0:38:55 > 0:38:59to do what it is I always wanted to do, which was be my own boss
0:38:59 > 0:39:04- and work with property. - And it's worked well. - Yeah, definitely.- Great.
0:39:04 > 0:39:06And I've got to ask you about the thing in your tooth.
0:39:06 > 0:39:09# Shine bright like a diamond
0:39:09 > 0:39:11What is that all about? That's amazing!
0:39:11 > 0:39:14Yeah, it's a diamond. My wife has one, as well.
0:39:14 > 0:39:18So it was a present she gave me, I gave her one.
0:39:18 > 0:39:20So we always have a diamond smile.
0:39:20 > 0:39:23Oh, fantastic. With a glint. Perfect.
0:39:23 > 0:39:26'Well, I had to ask, didn't I?
0:39:26 > 0:39:29'Let's hope this flat is a gem of an investment for David.
0:39:29 > 0:39:33'It's actually his third property project, and like the last two,
0:39:33 > 0:39:37'he has opted to buy in the North London area because he grew up here.'
0:39:37 > 0:39:41What was it about this flat that you particularly liked?
0:39:41 > 0:39:44Er, I love the proportions. Good size.
0:39:44 > 0:39:46Erm, good layout, as well.
0:39:46 > 0:39:50Erm, so it seems to work quite nicely.
0:39:50 > 0:39:53OK. What are your plans for it?
0:39:53 > 0:39:57The floors seem a bit uneven. So we're going to start with that first.
0:39:57 > 0:40:01The ceiling, I think that's Artexed, so we'll change all the ceilings, as well.
0:40:01 > 0:40:05There seems to be a historical water ingress. So we'll take a look at that.
0:40:05 > 0:40:09The only thing I don't like is the bathroom and kitchen. The bathroom's quite small.
0:40:09 > 0:40:14The kitchen is also quite small. So we're going to merge the toilet and bathroom together
0:40:14 > 0:40:21and then swap the kitchen and bathroom around to make one large kitchen in the centre of the flat.
0:40:21 > 0:40:26- Oh, right! - Yeah. So where the kitchen is now, the bathroom will be with the toilet.
0:40:26 > 0:40:29And then where the bathroom is now, the kitchen will be.
0:40:29 > 0:40:33- Oh, OK.- So sort of create a central entertainment hub
0:40:33 > 0:40:38- where people can meet, socialise, have a coffee.- That's a nice idea. - Yeah, yeah.
0:40:38 > 0:40:41'Of course, David is aware that he'll need to get permission
0:40:41 > 0:40:44'from the freeholder before he makes any of these major layout changes.
0:40:44 > 0:40:49'Whilst he's at it, is there anything else he wants to do with that entranceway?'
0:40:49 > 0:40:55Yeah, it's a communal area, so it's not an area that I'm allowed to really just go ahead and renovate,
0:40:55 > 0:40:59again, without permission or without consulting the freeholder.
0:40:59 > 0:41:02OK. And the building itself, on the outside,
0:41:02 > 0:41:04a little bit shoddy. Is there anything you can do about that?
0:41:04 > 0:41:07Again, yeah, it's really down to the freeholder.
0:41:07 > 0:41:11I am in talks with him already with this flat,
0:41:11 > 0:41:16so hopefully I can talk to him about the communal areas and the area outside
0:41:16 > 0:41:20- and come to some sort of agreement to make it a bit better.- Oh, great.
0:41:20 > 0:41:24So, what's the sort of budget you've got for doing what you're doing?
0:41:24 > 0:41:26Well, I'm not too sure about the floors,
0:41:26 > 0:41:29I don't know whether it's the badly-fitted laminate
0:41:29 > 0:41:32or there's actually a more serious underlying problem.
0:41:32 > 0:41:38- Depending on that, I'm looking at £10,000 maximum. - OK. And what kind of timescale?
0:41:38 > 0:41:41- Seven to eight weeks, eight weeks maximum.- Oh, wow!
0:41:41 > 0:41:43- And then into the rental market. - Yes, yes.
0:41:43 > 0:41:45So then rent it out and off you go.
0:41:45 > 0:41:49- Is the plan then to carry on building the portfolio?- Yes, yes.
0:41:49 > 0:41:53For now, we want to create a lot of buy-to-lets,
0:41:53 > 0:41:55just to create a strong foundation.
0:41:55 > 0:41:59And then we can get into more buy-and-sells,
0:41:59 > 0:42:02- maybe some new builds, things like that.- Good stuff.
0:42:02 > 0:42:07- Well, congratulations. Good luck with it.- Thank you very much.- I look forward to seeing how you get on.
0:42:08 > 0:42:11So, will this turn out to be a diamond investment for David?
0:42:11 > 0:42:14Well, the flat itself I think we can work with.
0:42:14 > 0:42:19However, that communal area could be a bit of a sticking point
0:42:19 > 0:42:21in terms of getting the right kind of tenant in here.
0:42:21 > 0:42:25You can find out, though, how he gets on later in the show.
0:42:28 > 0:42:32So when you've bought your property, be prepared for some hard work
0:42:32 > 0:42:36and some surprises along the way. Some welcome, some not so much.
0:42:36 > 0:42:39So have our buyers uncovered hidden treasures
0:42:39 > 0:42:42or unearthed hidden problems?
0:42:42 > 0:42:45Let's go back and find out.
0:42:45 > 0:42:48'We're back in Ashington, Northumberland,
0:42:48 > 0:42:51'the hometown of footballing heroes the Charlton brothers.
0:42:51 > 0:42:56'Martin and Sarah bought this two-bedroom property to add to their small portfolio.
0:42:56 > 0:42:59'Although it was going to be let in the shorter term, the plan was that
0:42:59 > 0:43:03'this would eventually become the ideal home for their son, James.'
0:43:03 > 0:43:06But this one is also eventually going to be for our son...
0:43:06 > 0:43:10- Right.- ..who's in his 20s now but he has a learning disability.
0:43:10 > 0:43:15- OK.- So eventually, when he's ready, he can come here because it's got a nice feel to it.- Yes, it has.
0:43:15 > 0:43:21'However, Sarah and builder Martin had given themselves a rather ambitious schedule.'
0:43:23 > 0:43:25We're planning on having it done for next week.
0:43:25 > 0:43:29- Next week? - We know it's got damp.- Yeah.
0:43:29 > 0:43:34But, yeah, it doesn't need... It's pretty cosmetic and we want to hit the market in a month.
0:43:34 > 0:43:37'That is one of the shortest timeframes ever on this programme.
0:43:37 > 0:43:40'But we caught up with them a month later.'
0:43:41 > 0:43:43'They might have thought there wasn't much to do,
0:43:43 > 0:43:48'but the living area required complete new plastering, thanks to some dated damp-proofing.
0:43:51 > 0:43:55'It's just amazing what a fresh coat of paint can do for a house.
0:43:55 > 0:43:59'The upstairs bedrooms somehow seem more spacious.
0:43:59 > 0:44:03'As you can tell, Martin didn't mind the original colour scheme.'
0:44:03 > 0:44:06The colours that were on when we first came through,
0:44:06 > 0:44:09you know, it was a very, very nice property, primarily,
0:44:09 > 0:44:14but what we've done is just lighten it up, painted the ceilings white, put a cream on the walls,
0:44:14 > 0:44:16and just lifted the whole property, really, you know?
0:44:16 > 0:44:19'He had to work through quite a to-do list.'
0:44:19 > 0:44:22New stair carpet,
0:44:22 > 0:44:24redecorated the sills and lintels,
0:44:24 > 0:44:28given it a nice airy feel. So we're very pleased with it.
0:44:28 > 0:44:31'This investment will undoubtedly secure James's future,
0:44:31 > 0:44:35'but it has also provided a focus for Sarah in the face of her serious illness.'
0:44:35 > 0:44:39This project, certainly from Sarah's point of view,
0:44:39 > 0:44:44it's kept her quite busy looking at different agents to find out what's out there at the moment,
0:44:44 > 0:44:48what's the best deals for us, by way of putting them on to rent.
0:44:48 > 0:44:53So I think certainly from a family point of view, it's allowed us to spend more time together
0:44:53 > 0:44:56and, you know, not get to know each other more,
0:44:56 > 0:44:59but certainly, you know, spend more time as a family
0:44:59 > 0:45:02and, you know, it's been very, very pleasant.
0:45:02 > 0:45:06'Outdoors, things also seem very pleasant indeed,
0:45:06 > 0:45:09'with some transformation taking place in the garden.
0:45:09 > 0:45:12'The couple's son, James, has been showing off his green fingers.'
0:45:12 > 0:45:15# From father to son
0:45:15 > 0:45:19James has been down on a number of occasions with friends of the family
0:45:19 > 0:45:22and James's friends and his carers
0:45:22 > 0:45:26and, you know, they've certainly done a lot of work in the garden.
0:45:26 > 0:45:30Primarily it's cutting back the plants and such that have been there.
0:45:30 > 0:45:33Done the borders, you know, cut the grass.
0:45:33 > 0:45:37And they've put some new gravel down on the walkway or the footpath itself,
0:45:37 > 0:45:41where it was a combination of concrete and red gravel, they've tidied that up.
0:45:41 > 0:45:44And, again, that was given to us by some of our friends.
0:45:44 > 0:45:46It's a beautiful material that they've used.
0:45:46 > 0:45:52No, he loves the garden, to be fair. We've had very good weather recently for them to do it, as well.
0:45:52 > 0:45:55He is very much a gardening person,
0:45:55 > 0:46:00he likes the outside and he loves it. So, yeah, it's been really good for him.
0:46:10 > 0:46:13'So, what are James's plans for the garden?'
0:46:13 > 0:46:18I might put maybe some more flowers in here to make it smell a bit nicer
0:46:18 > 0:46:22and maybe more petunias.
0:46:22 > 0:46:26I don't have any favourites. I like all flowers.
0:46:26 > 0:46:28'How about a vegetable patch?'
0:46:28 > 0:46:32Yeah, I'm going to have a nice big one.
0:46:32 > 0:46:35I might have some chillies,
0:46:35 > 0:46:38watermelons,
0:46:38 > 0:46:40honey melons,
0:46:40 > 0:46:45er, strawberries, raspberries, bananas.
0:46:45 > 0:46:48'Bananas? On a sunny day like this, anything's possible.
0:46:48 > 0:46:52'But there must be some jobs James isn't looking forward to.'
0:46:55 > 0:46:59Sometimes cutting the grass. I don't think anyone likes cutting the grass, like.
0:46:59 > 0:47:03'Ha! Can't argue with that. So, how much do Martin and Sarah
0:47:03 > 0:47:07'have left over from their initial £5,000 budget?'
0:47:08 > 0:47:11Budget-wise, we had £5,000,
0:47:11 > 0:47:13which contained some contingencies.
0:47:14 > 0:47:17The actual cost is just less than two,
0:47:17 > 0:47:22and the programme was ten days overall, ten working days that it took us.
0:47:22 > 0:47:27'Another thing Martin was grateful for some help with was the paperwork.
0:47:27 > 0:47:32'Their solicitor came in handy when it came to sorting out some issues with damp.'
0:47:32 > 0:47:35I think the biggest saving was the damp company doing the works
0:47:35 > 0:47:38rather than us having to undertake it. That was quite a big saving for us.
0:47:38 > 0:47:41When we purchased the property, within the deeds
0:47:41 > 0:47:44the solicitor advised that there was a guarantee for the damp
0:47:44 > 0:47:47which had been done at some point previously.
0:47:47 > 0:47:52I actually took it upon myself to contact the company.
0:47:52 > 0:47:55What we agreed was that I would hack the old plaster off
0:47:55 > 0:47:59and they would come up and reapply the damp-proof membrane
0:47:59 > 0:48:03and replaster the walls free of charge, which obviously was a good saving for us.
0:48:03 > 0:48:08'The £55,500 that Martin and Sarah paid for this house at auction,
0:48:08 > 0:48:11'plus around £2,000 on renovations,
0:48:11 > 0:48:15'means that they've spent around £57,000 here.
0:48:18 > 0:48:22'Time to hear what two local estate agents think of the changes.'
0:48:24 > 0:48:27I think this property has been sympathetically modernised
0:48:27 > 0:48:30to an exceptional standard with light decor
0:48:30 > 0:48:32that would be appealing to new buyers.
0:48:32 > 0:48:34I think they've done an excellent job.
0:48:34 > 0:48:37It's much more inviting than the last time we saw it.
0:48:37 > 0:48:40The decoration that they've done makes it much cleaner, brighter and airier.
0:48:40 > 0:48:43It actually makes the place look larger.
0:48:43 > 0:48:47And I think now it would appeal to single people, couples or smaller families
0:48:47 > 0:48:50or even those downsizing from a larger property.
0:48:50 > 0:48:53There's a good-size garden with a nice seating area.
0:48:54 > 0:48:57The kitchen is decorated to a nice standard,
0:48:57 > 0:48:59which wouldn't require much further work to it.
0:48:59 > 0:49:01The yard at the back is neat and tidy.
0:49:01 > 0:49:04And the bathroom is also of a good standard.
0:49:04 > 0:49:09'They seem impressed. As Sarah and Martin are looking to rent the house out,
0:49:09 > 0:49:13'how much do they reckon it could get on the rental market?'
0:49:13 > 0:49:15The rental market in this area is very buoyant.
0:49:15 > 0:49:17I'm sure they'll get a tenant very soon for it
0:49:17 > 0:49:21and I'd expect them to get approximately £400 per calendar month.
0:49:21 > 0:49:26This property has recently rented for £425 per calendar month
0:49:26 > 0:49:30and we'd expect to achieve the same after the sale of the property.
0:49:30 > 0:49:32We've checked a few different agents
0:49:32 > 0:49:35and that's the sort of figures we have, from 400 to 450.
0:49:35 > 0:49:39So we've... 425 is about the right price.
0:49:39 > 0:49:43'With a projected rental of £425 per month,
0:49:43 > 0:49:46'that gives Sarah and Martin a healthy yield of nine percent.
0:49:46 > 0:49:51'With the alterations Martin and family have made to the inside and outside,
0:49:51 > 0:49:54'how much could the house be worth if sold on?'
0:49:54 > 0:49:58Well, they've done it to a very good standard and this property does have a garden.
0:49:58 > 0:50:02I'd value the property between £65,000 and £70,000.
0:50:02 > 0:50:05We would look to market the property at around £70,000,
0:50:05 > 0:50:09to achieve £65,000 to £70,000.
0:50:09 > 0:50:13'That valuation range of £65,000 to £70,000
0:50:13 > 0:50:17'means Sarah and Martin could be looking at a profit of between £7,500 and £12,500
0:50:17 > 0:50:22'before tax and expenses. What do they think of those figures?'
0:50:23 > 0:50:26A lot of hard work has gone in,
0:50:26 > 0:50:28but, yeah, I think that's about the right price.
0:50:29 > 0:50:32- Do you?- Yeah, it sounds interesting.
0:50:36 > 0:50:39'Back now to North London.
0:50:39 > 0:50:42'Property developer and Spurs fan David
0:50:42 > 0:50:49'bagged a winner with this £145,000 two-bedroom first-floor flat.
0:50:49 > 0:50:52'And this property isn't the only name on David's team sheet.'
0:50:52 > 0:50:55I've got a small portfolio of houses,
0:50:55 > 0:51:00so flats are usually cheaper and easier to maintain,
0:51:00 > 0:51:03so I wanted a flat, this one came up at the auction, I decided to buy it.
0:51:03 > 0:51:08Great. And is it then to do up and rent out or sell on or what?
0:51:08 > 0:51:10Yeah, it's to rent out.
0:51:10 > 0:51:14So it's going to be a small refurbishment and then to let it out straight away.
0:51:14 > 0:51:18'So with his maximum budget of £10,000 for renovations,
0:51:18 > 0:51:21'let's see if David managed to get this flat off the bench
0:51:21 > 0:51:24'or if he needs extra time to finish the job.
0:51:26 > 0:51:30'Well, there certainly have been some improvements.
0:51:37 > 0:51:41'The kitchen's a lot brighter and seems more spacious now.
0:51:41 > 0:51:43'That could be because the fridge and freezer
0:51:43 > 0:51:46'are being played out of position.
0:51:47 > 0:51:51'David has made very clever use of some awkward space.'
0:51:51 > 0:51:53Everything was built around the fridge, really.
0:51:53 > 0:51:55So we started with the fridge and freezer here
0:51:55 > 0:51:59and had to work around those dimensions.
0:51:59 > 0:52:02We created cubby holes on the side.
0:52:02 > 0:52:06It was also important to create this wine rack area
0:52:06 > 0:52:09above the fridge just to hold drinks.
0:52:09 > 0:52:13And then more storage space above also,
0:52:13 > 0:52:16to keep things like the router and pictures.
0:52:16 > 0:52:19My carpenter did the work and I'm really pleased with it.
0:52:19 > 0:52:23'Luckily there were no issues with the floor under the old laminate,
0:52:23 > 0:52:25'so David has replaced it.'
0:52:25 > 0:52:30The old laminate flooring was really badly fitted.
0:52:30 > 0:52:32So once we removed all of that,
0:52:32 > 0:52:35there was another sub-floor which was level.
0:52:35 > 0:52:42Most of the kinks in the floor were sorted out with underlay and carpet.
0:52:42 > 0:52:45And it levelled the floor out nicely.
0:52:45 > 0:52:48'He's managed his squad well.'
0:52:48 > 0:52:51I've played the role of project manager.
0:52:51 > 0:52:54So finding the contractor, working with the builder,
0:52:54 > 0:52:57I've also sourced all the materials,
0:52:57 > 0:53:00purchase the materials, delivered all the materials, as well,
0:53:00 > 0:53:03done a little bit of the painting.
0:53:03 > 0:53:05But everything else has been done by contractors.
0:53:05 > 0:53:08So major role was project management.
0:53:08 > 0:53:10'He thought that the project should take six weeks,
0:53:10 > 0:53:14'but was adamant about an eight-week maximum. How did that go?'
0:53:14 > 0:53:18I had to wait for the builder to come back from holiday.
0:53:18 > 0:53:24Erm, then he worked and hurt his back here during the project,
0:53:24 > 0:53:27so we had to wait for him to get some treatment also.
0:53:27 > 0:53:29So it was going to be initially six weeks
0:53:29 > 0:53:35but it ran to eight weeks including... I had to build the furniture, as well.
0:53:35 > 0:53:38So, in total, eight weeks.
0:53:38 > 0:53:43'Well done, David! He also had very ambitious plans for changing the layout of the flat
0:53:43 > 0:53:46'but clearly changed his mind. Why was that?'
0:53:47 > 0:53:51My initial idea was to swap the kitchen around
0:53:51 > 0:53:55with the bathroom and toilet, just to create a larger kitchen.
0:53:55 > 0:53:59Kitchens are, sort of, the most popular room.
0:53:59 > 0:54:02However, when we tried to pursue that avenue,
0:54:02 > 0:54:08we were asked to provide a lot more structural information
0:54:08 > 0:54:12and also to make a lot more structural changes,
0:54:12 > 0:54:15including tanking of the bathroom, the new bathroom.
0:54:15 > 0:54:19So in terms of project timescales and budget,
0:54:19 > 0:54:23it was going to take too long and it was going to cost too much.
0:54:23 > 0:54:28So I decided to stick with the original layout
0:54:28 > 0:54:30and just renovate.
0:54:30 > 0:54:32'David's scheduling seems to be fine,
0:54:32 > 0:54:37'but was he as sharp on his spend as he was on his timescale?'
0:54:37 > 0:54:41The budget came in at the end at £9,500.
0:54:41 > 0:54:45Erm, it was supposed to be £8,000.
0:54:45 > 0:54:49But we decided to spend a little bit more in the kitchen
0:54:49 > 0:54:54and on the furniture, as well, for the new tenants.
0:54:54 > 0:54:58So that made the budget creep up a little bit, plus the unit under the stairs.
0:54:58 > 0:55:02I'm really happy with the amount of space I've been able to create.
0:55:02 > 0:55:06'David always struck me as someone who had this property lark sussed.
0:55:09 > 0:55:11'So, will two local estate agents
0:55:11 > 0:55:13'think he's done all the right things?'
0:55:17 > 0:55:19As I've looked around the flat,
0:55:19 > 0:55:22it's to a very high standard, it looks very approachable.
0:55:22 > 0:55:25I think what works well is the actual finish,
0:55:25 > 0:55:27especially in the kitchen.
0:55:27 > 0:55:30And the size is absolutely fantastic, got two double bedrooms,
0:55:30 > 0:55:33and the lounge is actually of a great size.
0:55:33 > 0:55:36I like the way the carpet contrasts with the walls,
0:55:36 > 0:55:38the decorations.
0:55:38 > 0:55:43I think anyone that moves in here would love it and I find that it would be easily rented.
0:55:43 > 0:55:45'The flat is very nice. However, as we all know,
0:55:45 > 0:55:49'first impressions do matter, and that should be addressed.'
0:55:49 > 0:55:52I would actually recommend improving the communal area
0:55:52 > 0:55:57to bring it to a certain level to match the actual condition of the flat.
0:55:57 > 0:56:02Cos that might put people off, but you won't know until you bring the clients in.
0:56:02 > 0:56:04I would recommend that the outside be painted.
0:56:04 > 0:56:06The communal areas aren't the best, no.
0:56:06 > 0:56:11But I don't feel like it would be a problem for the flat as the flat itself is done to a high standard.
0:56:11 > 0:56:16'David bought the two-bedroom flat for £145,000
0:56:16 > 0:56:18'and spent just under £10,000 renovating it,
0:56:18 > 0:56:22'bringing his total outlay to £155,000.
0:56:22 > 0:56:24'How much could it fetch if sold?'
0:56:24 > 0:56:30I feel that this flat could resell for a top end of £210,000.
0:56:30 > 0:56:34I feel this flat could resell at a price of £205,000.
0:56:34 > 0:56:37'That top valuation of £210,000
0:56:37 > 0:56:40'would mean a profit of £55,000,
0:56:40 > 0:56:42'before the usual tax and expenses.
0:56:42 > 0:56:46'After just eight weeks, does that meet his expectations?'
0:56:46 > 0:56:51It's always good to know you've got money in the property should you want to sell it.
0:56:51 > 0:56:54I worked towards a much lower figure than that.
0:56:54 > 0:56:59So anything more than that is a welcome bonus.
0:56:59 > 0:57:04'As this is an area undergoing regeneration, holding onto this property could be a smart move.
0:57:04 > 0:57:08'But having heard those valuations, is David tempted to sell now?'
0:57:08 > 0:57:11Yeah, I think I will be tempted to sell.
0:57:11 > 0:57:15The area is coming up, so I think the value will rise even further.
0:57:15 > 0:57:19But if I received an offer for around that figure now, maybe.
0:57:19 > 0:57:24'David already has a tenant, so is he getting anything like these estimates?'
0:57:24 > 0:57:29This flat could rent at up to £1,300 to £1,350 per calendar month.
0:57:29 > 0:57:34This flat would rent, in the current condition, for £1,150 per calendar month.
0:57:34 > 0:57:37Well, I worked towards a figure of £1,100,
0:57:37 > 0:57:40so that sounds about right.
0:57:40 > 0:57:45Erm, I'm actually renting the place for £1,450.
0:57:45 > 0:57:48So, again, very happy.
0:57:48 > 0:57:52'With an 11 percent yield on that rent, he's got every right to be happy.
0:57:52 > 0:57:56'I'd say that David has certainly scored with this Tottenham flat.'
0:57:59 > 0:58:04Not enough for you? Well, we'll have plenty more where they came from next time.
0:58:04 > 0:58:08- So join us for more Homes Under The Hammer and we'll see you then. - Goodbye.- Goodbye.
0:58:08 > 0:58:13Subtitles by Red Bee Media Ltd