0:00:00 > 0:00:02Hello and welcome to the show.
0:00:02 > 0:00:06We all know the value of our home can go down as well as up.
0:00:06 > 0:00:10So it's really important to buy at the right price in the first place.
0:00:10 > 0:00:13And one way to do that is to buy your home under the hammer.
0:00:39 > 0:00:42Well, if you are sitting at home thinking you would like to
0:00:42 > 0:00:45have a go at buying at auction, now could be the perfect time.
0:00:45 > 0:00:48The market is always changing and you have to judge
0:00:48 > 0:00:50when is the best time to buy.
0:00:50 > 0:00:53But today's bidders have already put their money on the line.
0:00:53 > 0:00:55Here's what they bought.
0:00:56 > 0:01:00In Devon, this partially renovated fisherman's cottage
0:01:00 > 0:01:02just needs a few tweaks.
0:01:02 > 0:01:05It's a bit of a half-finished job.
0:01:06 > 0:01:11This London flat claims to have three bedrooms, but I'm not so sure.
0:01:11 > 0:01:16You've got a little room there which is good for... Nothing.
0:01:16 > 0:01:19And this mid-terrace in Little Eaton, Derbyshire, has
0:01:19 > 0:01:24loads of potential, loads of room, especially in the family bathroom.
0:01:24 > 0:01:26Lots of towel-drying space.
0:01:27 > 0:01:29All of these properties have sold at auction.
0:01:29 > 0:01:32We'll find out who bought them and what they paid for them,
0:01:32 > 0:01:34when they went under the hammer.
0:01:34 > 0:01:35At the back, thank you.
0:01:42 > 0:01:45This is Brixham on the south Devon coast.
0:01:45 > 0:01:48In its heyday there were hundreds of fishing boats going in
0:01:48 > 0:01:50and out of the harbour here.
0:01:50 > 0:01:53Today, there are fewer trawlers but there is still a bustling
0:01:53 > 0:01:57fish market and oodles of maritime charm in the town.
0:02:00 > 0:02:04So, we've already established this is a really beautiful location
0:02:04 > 0:02:07and the good news is the property is literally a short walk
0:02:07 > 0:02:12from the harbour. However, I am noticing a few downsides.
0:02:12 > 0:02:15Because this is the only entry.
0:02:15 > 0:02:20There's no parking so both counts not good.
0:02:20 > 0:02:26However, the guide price for a one-bedroom house, 70,000 quid.
0:02:26 > 0:02:29So let's hope inside makes up for the shortcomings.
0:02:32 > 0:02:34Now this is a bit of a funny one
0:02:34 > 0:02:37because it's not the green house that we are here to see.
0:02:37 > 0:02:40It's the white one next door.
0:02:40 > 0:02:42To get to it you have to walk through the neighbour's garden.
0:02:42 > 0:02:43That's not ideal,
0:02:43 > 0:02:47but you do have a pleasant little garden of your own, at least.
0:02:52 > 0:02:57So with great hopes and much anticipation, what's it like inside?
0:02:57 > 0:02:59Well, interesting stable door there.
0:02:59 > 0:03:02Actually, that is quite nice because you can open that top bit
0:03:02 > 0:03:04and look out and make the most of where you are.
0:03:04 > 0:03:07The moment you walk through the door, straightaway,
0:03:07 > 0:03:09you see it is a bit of a half-finished job.
0:03:09 > 0:03:13We have wires coming out of the walls, plaster here and there.
0:03:13 > 0:03:18This is the kitchen area and it's not a bad-sized space.
0:03:18 > 0:03:21It is literally front to back and side to side,
0:03:21 > 0:03:26the entire size of the property. But some interesting features.
0:03:26 > 0:03:29A cooker, stove, wood-burning stove.
0:03:29 > 0:03:33Some nice sort-of-ish home-made cupboards and things.
0:03:33 > 0:03:38It has that air of project which is halfway through.
0:03:38 > 0:03:40A sort of DIY do-up job.
0:03:40 > 0:03:44It's not bad but the thing that really doesn't work
0:03:44 > 0:03:48and I think ruins the whole flavour down here is this. This island unit.
0:03:48 > 0:03:50Now I love kitchen island units,
0:03:50 > 0:03:52I think they are brilliant use of space.
0:03:52 > 0:03:54You actually want to be able to sit at them,
0:03:54 > 0:03:56so you need an overhang to make it a breakfast bar, for one, but
0:03:56 > 0:03:59this right in the middle here really shrinks the size of this kitchen.
0:03:59 > 0:04:02I want to see a big farmhouse kitchen table.
0:04:02 > 0:04:04I want to be able to move things around, have chairs
0:04:04 > 0:04:06and this doesn't work. That has got to go.
0:04:06 > 0:04:08Apart from that, everything's fine!
0:04:10 > 0:04:12Whoever started this had some great ideas
0:04:12 > 0:04:14and there's bucket loads of character.
0:04:14 > 0:04:18It just needs some fine tuning, finishing touches
0:04:18 > 0:04:19and it will be there.
0:04:20 > 0:04:23Up on the first floor there is an attractive sitting room
0:04:23 > 0:04:25which will be lovely once it's finished.
0:04:27 > 0:04:30Up another set of stairs to the second floor and, yes,
0:04:30 > 0:04:34you've guessed it, more unfinished idiosyncrasies.
0:04:35 > 0:04:39Well, up here on the top floor, the quirkiness continues.
0:04:39 > 0:04:42In fact, in some ways, it gets amplified.
0:04:42 > 0:04:45What we've got here is this little,
0:04:45 > 0:04:48I'm not sure how to describe it, mezzanine area.
0:04:48 > 0:04:51You've got a bedroom here, the only bedroom in the property
0:04:51 > 0:04:53so one bedroom, not brilliant. A little cupboard there.
0:04:53 > 0:04:58Quite a nice sized bathroom with a shower in it which is good.
0:04:58 > 0:05:01But where it gets really quirky is up these stairs
0:05:01 > 0:05:07and I think this could be the key to the property's financial success.
0:05:11 > 0:05:15Now my guess is that this has been converted from the attic space
0:05:15 > 0:05:20at some point to be, ahem, this little sort of...
0:05:20 > 0:05:22I'd best describe it as a den, I suppose.
0:05:22 > 0:05:25You have these roof lights in which let lots of light in
0:05:25 > 0:05:27and a view out over Brixham which is absolutely lovely.
0:05:27 > 0:05:33But this space clearly could not be a bedroom or an office space.
0:05:33 > 0:05:35I don't suppose it meets building regulations.
0:05:35 > 0:05:38However, with a bit of playing around, I think
0:05:38 > 0:05:41this could become really useful extra space, especially
0:05:41 > 0:05:44if you are looking to rent this space out for holiday lets.
0:05:44 > 0:05:46If you have got young kids
0:05:46 > 0:05:49and you made it kid-friendly which is basically put some
0:05:49 > 0:05:53kind of a stair gate on there and lots of fluffy things round,
0:05:53 > 0:05:54kids would absolutely love this.
0:05:54 > 0:05:57They could potentially have this as a play area.
0:05:57 > 0:05:59Maybe or maybe not somewhere to sleep,
0:05:59 > 0:06:00it depends on regulations.
0:06:00 > 0:06:03But it does give that all-important flexibility.
0:06:05 > 0:06:09So whether it is as a holiday let or as a home, if you can see past the
0:06:09 > 0:06:13eccentricities of the layout, this could be a lovely little retreat.
0:06:15 > 0:06:18What does a local estate agent make of the property
0:06:18 > 0:06:20and its £70,000 guide price?
0:06:23 > 0:06:25It's a very quirky little cottage.
0:06:25 > 0:06:28Traditionally known as a fisherman's cottage in Brixham.
0:06:28 > 0:06:32Something over three storeys, such as this one is seen quite often
0:06:32 > 0:06:34in these properties.
0:06:34 > 0:06:36Lots of exposed stonework
0:06:36 > 0:06:38and everything else really gives it a lot of character.
0:06:40 > 0:06:43How much might the completed property sell on for?
0:06:44 > 0:06:48When it's done up, dependent on the work that's been carried out,
0:06:48 > 0:06:50it could fetch towards the 100,000 mark.
0:06:50 > 0:06:52What about the rental market?
0:06:54 > 0:06:57Putting the property on the rental market at the moment
0:06:57 > 0:07:00could probably get in the region of about £500 per calendar month.
0:07:00 > 0:07:03If we looked at going down the holiday let route,
0:07:03 > 0:07:05then off-peak it could get £525 a week.
0:07:05 > 0:07:08If it could sleep at three to four,
0:07:08 > 0:07:12then maybe peak season could fetch around 600 to 625,
0:07:12 > 0:07:14sleeping three to four.
0:07:14 > 0:07:16Well, there's obviously work to be done
0:07:16 > 0:07:19but I think all the intrinsic things you would want are here.
0:07:19 > 0:07:23Great location, oodles of charm and it can actually be a really
0:07:23 > 0:07:28lovely place to live or a potentially lucrative holiday let.
0:07:28 > 0:07:31Let's see who bought it when it went under the hammer.
0:07:33 > 0:07:37We go straight to Lot 1, a one-bedroom cottage in Brixham.
0:07:37 > 0:07:40The guide price is £70,000,
0:07:40 > 0:07:42if someone would like to start at £70,000.
0:07:42 > 0:07:45Anybody to go at £70,000?
0:07:45 > 0:07:5070 I'm in, straightway at the back, £70,000. One more if I can? 70 here.
0:07:50 > 0:07:5771 anywhere else? 70. That's on the guide at £70,000. 71 now, 71. 72?
0:07:59 > 0:08:0271 here, 72? 72. 73?
0:08:03 > 0:08:08No? £72,000 here, 73 now. Or anywhere else?
0:08:08 > 0:08:10£72,000, 73 anywhere else?
0:08:11 > 0:08:13Any advance on £72,000?
0:08:14 > 0:08:19Sure we are all done at £72,000, very, very close.
0:08:19 > 0:08:23I can't actually sell that at £72,000, it's very close.
0:08:25 > 0:08:27The lot failed to meet its reserve under the hammer
0:08:27 > 0:08:30but post-auction, business partners Liz on the left,
0:08:30 > 0:08:32and Gervase on the right,
0:08:32 > 0:08:37secured the Brixham property with their offer of £74,000.
0:08:38 > 0:08:42I met them at the cottage to find out their plans.
0:08:44 > 0:08:47Liz, Gervase, great to meet you both. Congratulations.
0:08:47 > 0:08:50Tell me why you wanted to buy this place.
0:08:50 > 0:08:54Actually, it was one of our private investors that sourced this,
0:08:54 > 0:08:57- they found it, they sniffed it out. - One of your private investors?
0:08:57 > 0:09:01Yes, because we invite people to invest with us.
0:09:01 > 0:09:03We bought this house with some of our own money
0:09:03 > 0:09:06- but also with investors' money. - Oh, right. How does that work then?
0:09:06 > 0:09:09We have little meetings and we say to people,
0:09:09 > 0:09:11this is what we do, we refurbish properties,
0:09:11 > 0:09:15we sell them on, would you like to have your money make more money?
0:09:15 > 0:09:18- More money than by keeping it in the banks right now.- Right.
0:09:18 > 0:09:20She was one of those people
0:09:20 > 0:09:23and the idea actually was that she would have this to live in.
0:09:23 > 0:09:27It became a bit too complicated so we reverted to our other
0:09:27 > 0:09:30exit strategy which was to do it up and sell it on.
0:09:30 > 0:09:33- OK, and this is something you both work on?- We do.
0:09:33 > 0:09:36How did this collaboration come about?
0:09:36 > 0:09:38We are both property investors in our own right with our own
0:09:38 > 0:09:42portfolios, but last year we decided we could work better together,
0:09:42 > 0:09:46we could generate more momentum through our investments
0:09:46 > 0:09:49so we came together and set up these talks and set up a company
0:09:49 > 0:09:52- and we are now working together.- An interesting time to choose to do it.
0:09:52 > 0:09:55What were you both doing before that or what do you do when
0:09:55 > 0:09:58- you are not sort of investing in properties.- I teach flute and piano.
0:09:58 > 0:10:03- I have been doing that for 27-odd years.- Teach flute and piano?- I do.
0:10:03 > 0:10:05But I don't have any pension provision.
0:10:05 > 0:10:08I have reached a certain age where it feels like it would be
0:10:08 > 0:10:13- a very good idea to be making some provision for that.- Right.
0:10:13 > 0:10:16- And what about you? - I was a psychotherapist.- Right!
0:10:18 > 0:10:21Piano teacher, flute teacher, psychotherapist,
0:10:21 > 0:10:24that sounds the perfect experiences to go into property developing!
0:10:24 > 0:10:26Psychotherapist, OK?
0:10:26 > 0:10:28How did you make the leap from that into property developing?
0:10:28 > 0:10:32I did that for about 15 years and it has kind of got a bit of a life span.
0:10:32 > 0:10:34You get tired after a bit. Lovely work.
0:10:34 > 0:10:38Always loved houses, always loved architecture.
0:10:38 > 0:10:40My husband is trained as an architect,
0:10:40 > 0:10:43so it seemed like natural evolution.
0:10:43 > 0:10:46Fantastic. Why this particular house then?
0:10:46 > 0:10:47Good value. Very good value.
0:10:47 > 0:10:50We feel as if we could do wonders with it
0:10:50 > 0:10:54and we could add a lot of value to it and sell it on very readily.
0:10:54 > 0:10:57- That's the idea, is it, to do it up and sell it on?- That's the idea.
0:10:57 > 0:10:59- It's an ideal holiday let.- It is.
0:10:59 > 0:11:03- Are you going to sell it to somebody who thinks it is an ideal holiday let?- We might do.
0:11:03 > 0:11:05- Why don't you do it?- You never know!
0:11:05 > 0:11:08It is part of our exit strategy actually,
0:11:08 > 0:11:11so we know rental values and it could also be a holiday let.
0:11:11 > 0:11:15I think we would prefer to sell it on, create a chunk of money,
0:11:15 > 0:11:18move on to something perhaps a bit bigger as our next investment.
0:11:21 > 0:11:24Sounds like these two have got it all mapped out.
0:11:24 > 0:11:27They'll get help along the way from their families, but it will be
0:11:27 > 0:11:31a team of builders doing most of the work over a three-week period.
0:11:32 > 0:11:34What exactly is on their to-do list?
0:11:36 > 0:11:40Lots of things like skirtings, edgings, there are lots of gaps
0:11:40 > 0:11:45everywhere, so pulling stuff together with edgings, decorating.
0:11:45 > 0:11:46Underfloor heating.
0:11:46 > 0:11:47That will be very nice.
0:11:47 > 0:11:51We'll probably paint this big stone wall behind us which is
0:11:51 > 0:11:52mopping up a lot of light.
0:11:52 > 0:11:57And obviously, the kitchen, it just needs re-jigging a little bit.
0:11:57 > 0:12:01Clearly, the location is charming but practicalities of building
0:12:01 > 0:12:05materials and skips and all of that kind of stuff, not brilliant.
0:12:05 > 0:12:08Have you factored that into the whole timescale?
0:12:08 > 0:12:11I don't think there's much to kind of get out. Some bits to get in.
0:12:11 > 0:12:13Material wise,
0:12:13 > 0:12:17we figured there's probably about £1,000 of materials to bring in.
0:12:17 > 0:12:20- What is the budget for the works? - We've got eight, 8,000.
0:12:20 > 0:12:23Who actually does the work? Do you get hands-on at all?
0:12:23 > 0:12:28We are hoping to this coming weekend. We know how to have a good Easter!
0:12:28 > 0:12:29THEY ALL LAUGH
0:12:29 > 0:12:32We are going to be prepping as much as we can, really,
0:12:32 > 0:12:35and take as much out, for the team that come in,
0:12:35 > 0:12:39get as much done as we can, so that just reduces, hopefully,
0:12:39 > 0:12:43- our spend a bit and the four of us will have fun, won't we?- We will.
0:12:43 > 0:12:47- We will!- And how is that working, the idea of working together?
0:12:47 > 0:12:49- Is that working OK? - It is, really well.
0:12:49 > 0:12:52And actually, it's quite nice, we delegate roles.
0:12:52 > 0:12:53We sort of shuffle down.
0:12:53 > 0:12:56We realise who is good at what and, yes, it is working very nicely.
0:12:56 > 0:12:59- It is.- Well, I look forward to seeing how you get on.
0:12:59 > 0:13:02It will be interesting to see if it's three weeks!
0:13:02 > 0:13:05- He doesn't believe it! - Prove me wrong.
0:13:05 > 0:13:09- Congratulations.- Thank you. Nice to have met you.- Thank you.
0:13:11 > 0:13:15Well, I certainly think Liz and Gervase got this at a good price
0:13:15 > 0:13:18but I think they are underestimating
0:13:18 > 0:13:22the amount of effort it is going to take to get it looking sparkling.
0:13:22 > 0:13:25Oh, yes, charming turns into a bit of a curse when it
0:13:25 > 0:13:29comes to building works and of course, there is that access issue.
0:13:29 > 0:13:31How do you think they will get on? To find out,
0:13:31 > 0:13:33join us later in the show.
0:13:38 > 0:13:41Today, pop pickers, I'm in Brockley, south-east London,
0:13:41 > 0:13:44where the vibe is definitely upbeat.
0:13:44 > 0:13:47Over the years, the area has had its fair share of artistic
0:13:47 > 0:13:54- and musical residents - Gabrielle... - # They can come true... #
0:13:54 > 0:13:58- Kate Bush... - # Running up that hill... #
0:14:00 > 0:14:03And Velvet Underground's John Cale lived around here
0:14:03 > 0:14:06when he attended nearby Goldsmiths College of Art.
0:14:10 > 0:14:11But the big question is,
0:14:11 > 0:14:15whether today's auction lot will put the rock into Brockley.
0:14:19 > 0:14:22So the vital statistics.
0:14:22 > 0:14:24Three minutes' walk to the shops,
0:14:24 > 0:14:28four minutes to the train station, 12 minutes to Canary Wharf,
0:14:28 > 0:14:32two-bedroom flat, guide price, 100 grand.
0:14:36 > 0:14:40Now this block of flats might not rock the world of architectural
0:14:40 > 0:14:43loveliness, but there is parking round the back and
0:14:43 > 0:14:46the communal areas look tidy enough, but what about the flat itself?
0:14:49 > 0:14:52This ground floor flat has a good solid feel to it
0:14:52 > 0:14:54and surprisingly, quite spacious.
0:14:54 > 0:14:58You've got a double bedroom here with some storage there.
0:14:58 > 0:15:01Another bedroom, can just about squeeze a double bed in there,
0:15:01 > 0:15:03but I think it would work.
0:15:03 > 0:15:04This bit really excites me
0:15:04 > 0:15:06because you've got a separate loo and a bathroom.
0:15:06 > 0:15:10You could put a door here and have a really nice big space
0:15:10 > 0:15:13to luxuriate in your lovely bubble bath of an evening.
0:15:13 > 0:15:16Certainly add a bit of value to this property here.
0:15:16 > 0:15:18And also, this kitchen.
0:15:18 > 0:15:21A really good size because the flat isn't huge.
0:15:21 > 0:15:25You have got quite a spacious kitchen which is a real bonus.
0:15:26 > 0:15:28And look at that.
0:15:28 > 0:15:32Get rid of these tanks, and this says fridge-freezer space.
0:15:32 > 0:15:35You could easily get rid of those and put a combi boiler over there.
0:15:35 > 0:15:38Yes, so far, so good, ticks all the right boxes.
0:15:40 > 0:15:43# Just when it was going so good... #
0:15:46 > 0:15:48Now, this is where it gets a little bit weird
0:15:48 > 0:15:53because you've got a little room there which is good for... Nothing.
0:15:53 > 0:15:55And a lot of wasted space here.
0:15:55 > 0:15:58Somebody has created like a little second hallway
0:15:58 > 0:16:02and you don't need it because this is the lounge currently.
0:16:02 > 0:16:05Wall's been partitioned. It just wasn't work, does it?
0:16:05 > 0:16:08This space is too small, that space is too small.
0:16:08 > 0:16:10You've got two rooms which aren't working.
0:16:10 > 0:16:14Even if you did bring your sofa in here, your knees would be touching
0:16:14 > 0:16:18the wall, it's just not a good thing to have carved this room in half.
0:16:18 > 0:16:23I would get rid of that, reinstate this as one big lovely lounge area.
0:16:23 > 0:16:27Then, whoever lives here will have a jolly nice time.
0:16:28 > 0:16:30Now, a word of caution.
0:16:30 > 0:16:35The auction catalogue refers to this as a three-bedroom flat. Really?
0:16:35 > 0:16:40One-bedroom, two bedrooms, sitting room, third bedroom?
0:16:40 > 0:16:43I don't think so.
0:16:43 > 0:16:46That's why you really shouldn't just go by the description
0:16:46 > 0:16:49in the catalogue and why we always strongly recommend
0:16:49 > 0:16:51viewing a property before you buy at auction.
0:16:51 > 0:16:54We asked a local estate agent for his take on this place
0:16:54 > 0:16:57and its £100,000 guide price.
0:17:00 > 0:17:06Not much work needed in the property. Just a simple decoration, that's all.
0:17:06 > 0:17:07And a new kitchen, maybe.
0:17:09 > 0:17:12Once done up, what might the property be worth?
0:17:14 > 0:17:17After the decoration, the worth is going to be 190,000-195,000.
0:17:21 > 0:17:26195? Well, that could mean a pretty impressive profit for someone.
0:17:26 > 0:17:29But renting it out may be the best option here.
0:17:29 > 0:17:32So what might it fetch if let out?
0:17:32 > 0:17:34After renovated,
0:17:34 > 0:17:38this could definitely achieve £1,000 per calendar month.
0:17:39 > 0:17:43This is a straightforward classic rental in a decent area,
0:17:43 > 0:17:47ever improving. Let's see who went for it at the auction.
0:17:49 > 0:17:56Lot 195, three-bedroom flat in need of modernisation. 125?
0:17:57 > 0:18:01125 with the gentleman sitting down. Well bid, sir. 126 anywhere?
0:18:03 > 0:18:05126. 127?
0:18:05 > 0:18:09130. 131.
0:18:10 > 0:18:12Bidding climbed quickly.
0:18:12 > 0:18:16We rejoin the action at 153,000.
0:18:17 > 0:18:21New competition at the back. 153, 154 sitting down. 154.
0:18:21 > 0:18:24155 at the back of the room. 155,
0:18:24 > 0:18:28156, 157. 157, 158?
0:18:28 > 0:18:31158. 159? 159.
0:18:31 > 0:18:33160? 160.
0:18:33 > 0:18:37161? 160, sitting down, with you, been there all along.
0:18:37 > 0:18:42160 for the first, 160 for the second.
0:18:42 > 0:18:44That is 161. 162.
0:18:44 > 0:18:48Against you, nearest me. 162, 163 in the white.
0:18:48 > 0:18:53163. 164? 164. 165?
0:18:53 > 0:18:57164 with the lady in the aisle. We'll go through this again.
0:18:57 > 0:19:01164 for the first, 164 for the second, 164 for the third
0:19:01 > 0:19:03and final time.
0:19:04 > 0:19:06Sold for 164.
0:19:06 > 0:19:12That successful bid of £164,000 was placed by Marilyn, on behalf
0:19:12 > 0:19:15of her business partner Fitz who attended the auction with her.
0:19:19 > 0:19:21Marilyn and her husband Robert here on the left,
0:19:21 > 0:19:25are property developers, and Fitz is their builder of choice.
0:19:25 > 0:19:28The three of them are viewing this project as a chance for Fitz
0:19:28 > 0:19:30to start building a property portfolio.
0:19:34 > 0:19:37I had a chat with Marilyn and Fitz to find out more.
0:19:38 > 0:19:40Guys, congratulations, this is great news.
0:19:40 > 0:19:43You've got the auction property you wanted. Marilyn, lovely to meet you.
0:19:43 > 0:19:48Fitz. Now, I know you work for Robert and Marilyn, don't you?
0:19:48 > 0:19:51Yes, I do a lot of work for Marilyn and Robert,
0:19:51 > 0:19:53working on a few projects for them.
0:19:53 > 0:19:56At the moment, I am working on their son's property.
0:19:56 > 0:19:59Yes, doing various carpentry, building stuff.
0:19:59 > 0:20:01And how long have you known Fitz?
0:20:01 > 0:20:05Oh, quite a while now and we've been talking for quite a while
0:20:05 > 0:20:08about, you know, forming a partnership, getting
0:20:08 > 0:20:12properties together, because Fitz wants to get his foot on the ladder.
0:20:12 > 0:20:16So, we've been going to a few auctions, thinking about the area
0:20:16 > 0:20:20and that's basically how we got involved in this property.
0:20:20 > 0:20:22So, who owns this flat?
0:20:22 > 0:20:25I own this property at the moment but Marilyn and Robert
0:20:25 > 0:20:29are giving me a hand to sort this out, but the next project
0:20:29 > 0:20:33we'll do, Marilyn's going to own it and I'll return the favour.
0:20:33 > 0:20:37Basically what happened is we thought for quite a while
0:20:37 > 0:20:41about having a partnership, buying a flat together
0:20:41 > 0:20:45and we saw this property and we all went to auction together
0:20:45 > 0:20:47and that's what we're going to do, but obviously
0:20:47 > 0:20:51when you're in an auction scenario you've got 28 days
0:20:51 > 0:20:55and Fitz was going to get a mortgage and we were cash buyers.
0:20:55 > 0:20:59- So, Fitz, you managed to get the mortgage in 28 days?- Just about.
0:20:59 > 0:21:04- Just about.- In fact, it was really touch and go, wasn't it?
0:21:04 > 0:21:07- Two days...- Two days.- ..ran over.
0:21:07 > 0:21:09So, had you not been able to get the mortgage, would you
0:21:09 > 0:21:12- have been able to have stumped up with the cash?- Yeah.
0:21:12 > 0:21:14- So you have this place covered, you wanted it.- Oh, yes.
0:21:14 > 0:21:16We were going to buy it.
0:21:16 > 0:21:21But we hoped that Fitz could get it, it was a bit of a seesaw. Wasn't it?
0:21:21 > 0:21:23But you've got it. It's yours and breathe.
0:21:29 > 0:21:32So, the mortgage came through just in time
0:21:32 > 0:21:35and Fitz can take his first steps towards property development.
0:21:39 > 0:21:41With Marilyn and Robert on hand for advice
0:21:41 > 0:21:44and help with the decorating, things are looking
0:21:44 > 0:21:49good for Fitz's move from carpenter/builder to developer.
0:21:49 > 0:21:51But why this particular flat?
0:21:52 > 0:21:56I think the location is excellent, near Brockley Station, I mean,
0:21:56 > 0:21:59that's really good, very quick into London.
0:21:59 > 0:22:03Goldsmiths and the students are great tenants and it's flexible
0:22:03 > 0:22:08because quite often students at the moment are finding it quite
0:22:08 > 0:22:11difficult so it could be either a two, for two students or for three
0:22:11 > 0:22:16students and you can give them the property at a reasonable rent.
0:22:16 > 0:22:19So hang on, how are you going to get three students in here?
0:22:19 > 0:22:22Well, at the moment, there's
0:22:22 > 0:22:25two spaces being divided at the end of the property.
0:22:25 > 0:22:29Bedroom here and a bedroom there so you could potentially have
0:22:29 > 0:22:35three bedrooms, a kitchen and then a smaller room where you've got a TV.
0:22:35 > 0:22:42Now, you see, I have got to chip in here. I think that room is so small.
0:22:42 > 0:22:44I mean, to sit and watch TV in there, well,
0:22:44 > 0:22:46you could only watch TV one at a time in there for a start.
0:22:46 > 0:22:50I really see this as a good two-bedroom flat.
0:22:50 > 0:22:53I just think that little room is too little to do anything with.
0:22:53 > 0:22:58Yeah, I agree sort of but I think you've got to be able to be flexible
0:22:58 > 0:23:01so whether you... If you need to, you can also take
0:23:01 > 0:23:04down the partition wall and just make it back into one big room.
0:23:04 > 0:23:07- But see how the market goes really. - What about that kitchen?
0:23:07 > 0:23:11Because at the moment there is this massive void with this huge big old
0:23:11 > 0:23:14water tank there that you can just get rid of and open the space up.
0:23:14 > 0:23:17Oh, yeah. That's what we plan to do. I mean, we're looking to get rid of that
0:23:17 > 0:23:21and then just take the kitchen through as an L-shaped kitchen.
0:23:21 > 0:23:24It may be possible to have a breakfast bar on the other side.
0:23:24 > 0:23:25It's big enough to do, so...
0:23:28 > 0:23:31Breakfast bar sounds fine but keeping it as a three-bed flat,
0:23:31 > 0:23:36well, I think I've given my tuppence worth on that, although maybe
0:23:36 > 0:23:38that's what this is all about.
0:23:38 > 0:23:42Hard cash and getting the best possible return on their investment.
0:23:42 > 0:23:46So, on that note, what's it all going to cost?
0:23:46 > 0:23:49Maximum, well, I don't want to spend any more than, say, maybe 10,000,
0:23:49 > 0:23:52because a lot of the work is going to do be done myself anyway
0:23:52 > 0:23:54so, I think probably it'll be a lot less than that
0:23:54 > 0:23:57but just on the safe side, say £10,000.
0:23:57 > 0:24:00- Somewhere between five and ten.- Yeah. - Oh, it's come down considerably!
0:24:00 > 0:24:04- Now I'm panicking! - It might be ten, it could be.
0:24:04 > 0:24:06- Ten is the worst-case scenario. - Depends what it is, doesn't it?
0:24:06 > 0:24:11- Five, ten, oh, dear.- It depends on how that tank...things like that.
0:24:11 > 0:24:14Taking, you know big things like that out.
0:24:14 > 0:24:17Like I say, I've got all my guys that work for me anyway.
0:24:17 > 0:24:19I've got plumbers, electricians, all sorts of guys.
0:24:19 > 0:24:22And who's going to be checking up on the project?
0:24:22 > 0:24:25Well, I'll be here most of the time anyway because like I said,
0:24:25 > 0:24:28a lot of the work's going to be done by myself and Robert.
0:24:28 > 0:24:30Just call people in as and when we need them.
0:24:30 > 0:24:33And putting the kids in here. Putting your son in here.
0:24:33 > 0:24:36Oh, yes, yes, my son, he's off uni at the moment
0:24:36 > 0:24:38so hopefully I'm going to get him
0:24:38 > 0:24:40and a few of his friends down to give us a hand.
0:24:40 > 0:24:44So, how long have you got to do it? How long to complete the works?
0:24:44 > 0:24:48Well, I've given myself three months to get everything all tidy
0:24:48 > 0:24:50but I think it should be done a lot sooner than that.
0:24:50 > 0:24:51Shouldn't be a problem.
0:24:51 > 0:24:52I know you're going to do a grand job.
0:24:52 > 0:24:56- It's been lovely meeting you both. Thank you.- Thanks.- Good luck.
0:24:57 > 0:25:01So, Team Fitz are going to get this place done for 5,000 to 10,000.
0:25:03 > 0:25:06I think it's going to be nearer the upper end of that, don't you?
0:25:06 > 0:25:09And this wall? Well, it's got to go.
0:25:09 > 0:25:12You can find out if it does later on in the show.
0:25:14 > 0:25:18Coming up, there's a big surprise in store at this Derby mid-terrace.
0:25:18 > 0:25:22The house is nice but the garden...is spectacular.
0:25:24 > 0:25:28In south-east London, Fitz has been getting pointers from seasoned
0:25:28 > 0:25:30developers Marilyn and Robert.
0:25:30 > 0:25:32They look after me, I look after them, so...
0:25:32 > 0:25:33we work as quite a good team.
0:25:36 > 0:25:40But first, the fisherman's cottage in south Devon is now shipshape.
0:25:40 > 0:25:43We've found out how to work together and it's been very successful.
0:25:47 > 0:25:51Back now to the pretty fishing town of Brixham on the south Devon coast
0:25:51 > 0:25:55and this quirky one-bedroom fisherman's cottage which had
0:25:55 > 0:25:58already been partially refurbished.
0:25:58 > 0:26:01Property developing business partners Gervase, on the left here
0:26:01 > 0:26:06and Liz on the right, bought it at auction for £74,000.
0:26:06 > 0:26:11The duo have an intriguing model for funding their developments.
0:26:11 > 0:26:12They put up some of the money
0:26:12 > 0:26:16and then look for investors to join them on their renovations.
0:26:17 > 0:26:20We have little meetings and we say to people this is what we do,
0:26:20 > 0:26:23we refurbish properties, we sell them on.
0:26:23 > 0:26:26- Would you like to have your money make more money?- Oh, right.
0:26:26 > 0:26:28Rather than by keeping it in the banks right now.
0:26:31 > 0:26:34With an investor on board, Gervase, Liz, and their other halves,
0:26:34 > 0:26:38Lee and Bob, were going to oversee a team of builders.
0:26:38 > 0:26:40They were hoping it would take three weeks
0:26:40 > 0:26:43and £8,000 to get the cottage ready for the resale market.
0:26:46 > 0:26:49Well, eight weeks after our first visit, we're back to see
0:26:49 > 0:26:52if they've created the perfect seaside bolt hole.
0:26:54 > 0:26:58# Let's go Got to get away somehow right now
0:26:58 > 0:27:01# Got to find a way out of town
0:27:01 > 0:27:07# Going to run away there's no better time gotta get away now
0:27:07 > 0:27:14# Anywhere you want, don't care Just as long as you are there
0:27:14 > 0:27:21# All I know is that we can't stay another day, got to get away now. #
0:27:22 > 0:27:26Well, I think this is a strong contender for catch of the day.
0:27:26 > 0:27:30The fisherman's cottage is now shining like a new lobster pot.
0:27:30 > 0:27:32They've brought it all together beautifully.
0:27:32 > 0:27:35And while I thought the island in the kitchen should go,
0:27:35 > 0:27:37I really like what they've done here.
0:27:39 > 0:27:43The island in the kitchen originally was the other way round, basically.
0:27:43 > 0:27:47So, there was a very, very narrow walkway going from the front door
0:27:47 > 0:27:49over to the stairway up to the first floor
0:27:49 > 0:27:53so, we realised actually it could just swivel around so we did that.
0:27:53 > 0:27:56The other thing we've done in the kitchen was a lot of tiling
0:27:56 > 0:27:59so we tiled around the stove and around the kitchen sink.
0:27:59 > 0:28:02Sanded and painted the floor which really lifted it
0:28:02 > 0:28:04and has made it very light.
0:28:04 > 0:28:07Throughout the house you get the feeling that they've
0:28:07 > 0:28:12thought long and hard about every little detail and I just love it.
0:28:13 > 0:28:17Keeping the character of the property has been a juggling act
0:28:17 > 0:28:20because we didn't want it to be too much exposed stone
0:28:20 > 0:28:25but equally we also want it to be a functional modern-day living property.
0:28:25 > 0:28:29So, we've tried to mix the exposed stone
0:28:29 > 0:28:34and the wooden beams with actually modern tiling and modern facilities
0:28:34 > 0:28:39so we have the under carpet heating and the under floor heating in the bathroom.
0:28:39 > 0:28:43As well as a nice open fire and the solid fuel range in the kitchen
0:28:43 > 0:28:46so we tried to mix all of that together.
0:28:46 > 0:28:49We think we been very successful in doing that.
0:28:50 > 0:28:51At the top of the house,
0:28:51 > 0:28:54Liz and Gervase have been very clever in the way they've thought
0:28:54 > 0:28:58outside of the box that was the bedroom and mezzanine above.
0:29:00 > 0:29:02Yes, so in the bedroom, there was
0:29:02 > 0:29:07a massive cupboard in this corner here, so, got rid of that
0:29:07 > 0:29:11and we've created, I think it's created a really nice big space here.
0:29:11 > 0:29:14The mezzanine which the previous people had used for storage,
0:29:14 > 0:29:17we thought let's take the mattress up and see what it looks like there.
0:29:17 > 0:29:22So, we've created a sense of, well, you could use that as a sleeping platform.
0:29:22 > 0:29:25Which then really frees this space up to be whatever you want.
0:29:25 > 0:29:28A dressing room or study, office space.
0:29:28 > 0:29:31Put lots of sockets in so you can use it for a whole load
0:29:31 > 0:29:34of different things, so, a little space but I think we've really created
0:29:34 > 0:29:37a sense of it looks quite grand now for a little cottage.
0:29:39 > 0:29:42Gervase and Liz both have their own property portfolios
0:29:42 > 0:29:45but working together alongside private investors
0:29:45 > 0:29:49has been a new departure for them, so how has that gone?
0:29:51 > 0:29:53We've worked very well together.
0:29:53 > 0:29:56I've been working with my partner Bob and Gervase has been working
0:29:56 > 0:30:00with her husband Lee, so it's been the four of us working together.
0:30:00 > 0:30:02And, um, a very good property to do.
0:30:02 > 0:30:04Um, we've find out how to work together
0:30:04 > 0:30:06and it's been very successful.
0:30:06 > 0:30:09Jolly good. So let's talk facts and figures.
0:30:09 > 0:30:13Did they manage to complete the work within their three-week timescale?
0:30:15 > 0:30:18The project did take three weeks.
0:30:18 > 0:30:20Well, the builders were here for two weeks.
0:30:20 > 0:30:22Then we did decorating for about a week
0:30:22 > 0:30:26and then we probably did an extra couple of weekends of finishing.
0:30:26 > 0:30:30What about their £8,000 budget?
0:30:30 > 0:30:33Our total spend on this is £10,400.
0:30:33 > 0:30:37Is the plan still to sell the property on in the hope of making
0:30:37 > 0:30:40a return for themselves and their investor?
0:30:42 > 0:30:46It went on the market two weeks ago. So the plan is to sell.
0:30:46 > 0:30:51We have had 14 viewings in those two weeks.
0:30:51 > 0:30:54We've got three people measuring furniture and looking
0:30:54 > 0:30:58at putting offers in so we might actually get an offer today.
0:30:59 > 0:31:01Goodness, no messing around here then.
0:31:01 > 0:31:07Liz and Gervase's renovation costs of £10,400 added to their purchase
0:31:07 > 0:31:13price of £74,000 brings their total outlay to £84,400.
0:31:13 > 0:31:15We asked two local property experts for their thoughts
0:31:15 > 0:31:17on the finished product.
0:31:18 > 0:31:21It's been excellently refurbished.
0:31:21 > 0:31:23It's a really, really good standard.
0:31:23 > 0:31:24Proper country,
0:31:24 > 0:31:28fisherman's cottage style that you really would hope to see in Brixham.
0:31:28 > 0:31:31The kitchen is presented to an exceptional standard and
0:31:31 > 0:31:33it's nice to see bespoke units
0:31:33 > 0:31:34rather than off-the-shelf components.
0:31:34 > 0:31:38I think that really adds a touch of character to the property
0:31:38 > 0:31:41and presents it in its best possible light.
0:31:41 > 0:31:43There are options here.
0:31:43 > 0:31:48The experts think it might let for between £500 and £550 per month.
0:31:48 > 0:31:51Which would give Liz and Gervase a yield of between seven
0:31:51 > 0:31:52and eight percent.
0:31:52 > 0:31:55Or they might get up to £700 per week in high
0:31:55 > 0:31:57season as a holiday let.
0:31:57 > 0:32:01But the ladies and their investor are selling on.
0:32:01 > 0:32:05So what resale value would the experts put on the cottage?
0:32:06 > 0:32:10If I were to put on the market, I would probably put it on at 125,000.
0:32:10 > 0:32:15I would hope to achieve towards £120,000 for the property.
0:32:15 > 0:32:18We would expect it to achieve approximately £125,000.
0:32:21 > 0:32:24Those resale valuations would mean a profit before tax
0:32:24 > 0:32:28and expenses in the region of £35-40,000.
0:32:28 > 0:32:30Which is very healthy indeed.
0:32:30 > 0:32:34So are Liz and Gervase fired up by what they have achieved here?
0:32:35 > 0:32:37We're really pleased with this.
0:32:37 > 0:32:41I didn't imagine we could lift it quite as much as we have.
0:32:41 > 0:32:45It's fantastic. It's turned out brilliantly so really thrilled.
0:32:45 > 0:32:46We all want to stay here now.
0:32:48 > 0:32:51But dropping anchor here was not an option.
0:32:51 > 0:32:53Shortly after filming, they accepted
0:32:53 > 0:32:57an offer of £125,000 on the property.
0:32:57 > 0:33:01They are now on the lookout for another project in the Brixham area.
0:33:08 > 0:33:10Today I'm in the village of Little Eaton,
0:33:10 > 0:33:11just four miles north of Derby.
0:33:11 > 0:33:16Little Eaton may not be full of sushi and tapas bars,
0:33:16 > 0:33:20but it does have a history of pulling in the crowds.
0:33:20 > 0:33:23As lovely as Little Eaton is, it doesn't necessarily strike as
0:33:23 > 0:33:28somewhere that was a holiday resort, but it was in the 1900s.
0:33:28 > 0:33:32People would flock here on trains or by canal boat to enjoy
0:33:32 > 0:33:37the rural setting, peace and tranquillity and the local tea rooms. Marvellous!
0:33:39 > 0:33:42Nowadays, it may be more popular with commuters rather than
0:33:42 > 0:33:45day-trippers, but it is all very pleasant.
0:33:45 > 0:33:49Well, just about half a mile from the village centre is
0:33:49 > 0:33:53the property I'm here to see. It is on this fairly busy road.
0:33:53 > 0:33:57Other neighbouring properties have created an off-street parking
0:33:57 > 0:33:59area which is a good idea.
0:33:59 > 0:34:01However, it's not as simple as that.
0:34:01 > 0:34:03This is the property I'm here to see.
0:34:03 > 0:34:07As you can see, it has got the most spectacular garden, so you
0:34:07 > 0:34:10are going to have to lose that to create somewhere to park your car.
0:34:10 > 0:34:15Still, 98 grand was the guide price, two bedrooms. Let's take a look.
0:34:15 > 0:34:22# How many kinds of sweet flowers grow in an English country garden? #
0:34:25 > 0:34:27I think I will leave the plant naming to Monty Don.
0:34:27 > 0:34:30Nice though it would be to gad about the greenery, it is
0:34:30 > 0:34:32time to see what is inside.
0:34:34 > 0:34:37So, is it from Kew Gardens to Buckingham Palace?
0:34:37 > 0:34:41Well, let's find out. Through the door, stairs up to the bedrooms there.
0:34:41 > 0:34:44A bit strange to be faced by that pillar, I have to say
0:34:44 > 0:34:48but through into the front living room. Nice floorboards.
0:34:48 > 0:34:52They are bit grubby at the moment but love to see those stripped back.
0:34:52 > 0:34:56Not a bad size space. Lots of light coming in through the window.
0:34:56 > 0:35:00Obviously at some stage somebody has put this archway into the kitchen.
0:35:00 > 0:35:02Before that, I notice storage radiators.
0:35:02 > 0:35:05So maybe no central heating, which is worth consideration.
0:35:05 > 0:35:08You have a nice open fire, which is good to have.
0:35:08 > 0:35:11Through to the rear of the property, we have this kitchen.
0:35:11 > 0:35:12It is a really nice-sized space,
0:35:12 > 0:35:16spanning the whole width of the house. It is just very usable.
0:35:16 > 0:35:19Again, really nice floorboards you could strip back
0:35:19 > 0:35:21but you have to be careful it would not be slippy.
0:35:21 > 0:35:26Spend a bit of money in here and you would have a lovely family kitchen.
0:35:26 > 0:35:30It leads straight out onto the patio area at the back.
0:35:30 > 0:35:32It is a great start.
0:35:35 > 0:35:38You'd probably want to replace the kitchen units
0:35:38 > 0:35:41and work tops but that needn't break the bank.
0:35:41 > 0:35:44As far as the layout is concerned, it works fine,
0:35:44 > 0:35:46so onwards and upwards.
0:35:46 > 0:35:48So, upstairs, two bedrooms,
0:35:48 > 0:35:51one at the back there and one at the front.
0:35:51 > 0:35:53But quite interesting from my point of view, there is
0:35:53 > 0:35:55a bit of a temporary ladder here
0:35:55 > 0:35:58but it does lead up to a loft space which has been boarded out.
0:35:58 > 0:36:02I think in the future it could provide maybe an extra bedroom.
0:36:02 > 0:36:06I say that because the bathroom is certainly big enough to take it.
0:36:06 > 0:36:11It is huge compared to the size of the rest of the upstairs here.
0:36:11 > 0:36:14But, you know, big bathroom space is great for families.
0:36:14 > 0:36:17I think if you stuck a third bedroom up there, put a dormer in,
0:36:17 > 0:36:22this would meet perfect sense to keep it as big as it is.
0:36:22 > 0:36:24Lots of towel drying space.
0:36:24 > 0:36:27# Splish-splash I was taking a bath
0:36:27 > 0:36:29# On about a Saturday night... #
0:36:31 > 0:36:34And that's it for indoors, let's see what's out the back.
0:36:37 > 0:36:39So, out through the kitchen,
0:36:39 > 0:36:42and onto a really nice-sized patio.
0:36:42 > 0:36:46But then, you thought the front garden was good, just come with me.
0:36:46 > 0:36:47Come with me.
0:36:47 > 0:36:52Take a look at this. This is straight out of a gardening manual.
0:36:52 > 0:36:56There are all sorts of shrubs and bushes and washing
0:36:56 > 0:37:00and drying things and this beautiful cherry tree here.
0:37:00 > 0:37:03You could almost lose yourself in this garden.
0:37:03 > 0:37:05There is a pond with frogs.
0:37:05 > 0:37:07A garden like this takes years,
0:37:07 > 0:37:12not to mention thousands of pounds to establish. It is joyous.
0:37:12 > 0:37:16Then, to cap it all, at the end you have open fields.
0:37:16 > 0:37:19For me, the house is nice,
0:37:19 > 0:37:22but the garden is spectacular.
0:37:22 > 0:37:25# I went to a garden party
0:37:25 > 0:37:28# To reminisce with my old friend... #
0:37:28 > 0:37:32We invited the auctioneer who sold the property to
0:37:32 > 0:37:34give his take on this
0:37:34 > 0:37:37mid-terrace with an auction guide price of £98,000.
0:37:39 > 0:37:42I think the house itself is in good order.
0:37:42 > 0:37:45I think there are two things that are important.
0:37:45 > 0:37:49One is that that roof is ready for renewing, fairly major expenditure.
0:37:49 > 0:37:50And the other issue is to do with parking.
0:37:50 > 0:37:53We are on a busy main road so perhaps the first thing you have to do
0:37:53 > 0:37:56is create a parking space in the front garden.
0:37:56 > 0:38:00What does he think of the potential to rent this place out?
0:38:01 > 0:38:03It is a very good rental area,
0:38:03 > 0:38:08so I would say it would have a rental value of about £500 a month.
0:38:08 > 0:38:12How much could it sell on for once done up?
0:38:12 > 0:38:16Once it is renovated, it would have a value probably of about £150,000.
0:38:17 > 0:38:22Sometimes you need real imagination to see what auction properties
0:38:22 > 0:38:24could become, but not in this case.
0:38:24 > 0:38:27The house itself, yes, it needs a bit of money spent on it,
0:38:27 > 0:38:29but it could be gorgeous.
0:38:29 > 0:38:30And the garden - that speaks for itself.
0:38:30 > 0:38:34I'm sure it was a very popular lot when it went under the hammer.
0:38:36 > 0:38:38Lot 68.
0:38:38 > 0:38:41It's a two-bedroomed town house, it needs a bit of upgrading
0:38:41 > 0:38:43and improvement.
0:38:43 > 0:38:4595 to start me.
0:38:45 > 0:38:4795. 90 to get on. 90,000.
0:38:47 > 0:38:49Thank you. 90,000 I have.
0:38:49 > 0:38:5191 at the back.
0:38:51 > 0:38:5491, 92, 93.
0:38:54 > 0:38:5794, 95, 96.
0:38:57 > 0:38:5997. 98.
0:38:59 > 0:39:0099. 100.
0:39:00 > 0:39:03101, 102.
0:39:03 > 0:39:05103. 104.
0:39:05 > 0:39:07105.
0:39:07 > 0:39:11It was a two horse race until bidding reached £116,000.
0:39:11 > 0:39:16116. 117. 118.
0:39:18 > 0:39:20118, 119. 119.
0:39:20 > 0:39:21120.
0:39:21 > 0:39:23120. 121?
0:39:25 > 0:39:27£120,000. Nope?
0:39:27 > 0:39:30120,000 - once somewhere else.
0:39:30 > 0:39:32At 120. Going once.
0:39:32 > 0:39:34Going twice. Third time.
0:39:35 > 0:39:37It's yours, 120, well done.
0:39:37 > 0:39:41It was Selina and Chris who secured this mid-terrace
0:39:41 > 0:39:44with their final bid of £120,000.
0:39:47 > 0:39:51Selina is a team leader for student records at Derby College
0:39:51 > 0:39:55and Chris works in security at Derby University.
0:39:55 > 0:39:58I met the couple at the property to find out their plans.
0:40:00 > 0:40:03- Selina, Chris, lovely to meet you both. Congratulations.- Thank you.
0:40:03 > 0:40:07Tell me why you wanted to buy this place and I hope you're both gardeners!
0:40:07 > 0:40:10I'm not really a gardener. Erm...
0:40:10 > 0:40:15we were looking for a home cos Chris sold his apartment
0:40:15 > 0:40:19and went to a mortgage place to see how much we could borrow.
0:40:19 > 0:40:25- And Christopher asked if we could get one on an auction at all.- Oh!- Yeah.
0:40:25 > 0:40:28I'd not actually shown Selina the property, but speaking to
0:40:28 > 0:40:30the mortgage adviser, I dropped it in the conversation.
0:40:30 > 0:40:33I knew we'd need a surveyor's report.
0:40:33 > 0:40:37He said as far as his bank was concerned, as long as it's got
0:40:37 > 0:40:41a sink and a toilet, they'd be happy,
0:40:41 > 0:40:42depending on what the surveyor said.
0:40:42 > 0:40:45Got the surveyor's report straight the next day.
0:40:45 > 0:40:48A week later, we're in the auction room bidding on a house.
0:40:54 > 0:40:57If buying their first home together wasn't enough to cope with,
0:40:57 > 0:41:00Chris and Selina have another important and very imminent
0:41:00 > 0:41:03legally binding contract on the cards.
0:41:04 > 0:41:08- We're getting married as well in the next four weeks.- Four weeks.
0:41:08 > 0:41:12- Four weeks from now?- Yeah, doing everything at the same time.
0:41:12 > 0:41:15The idea was to buy a property after we were married.
0:41:15 > 0:41:19- But this opportunity... - You drove past and saw this one.
0:41:19 > 0:41:22I'd seen it on the internet and I'd driven past it. I know the area.
0:41:22 > 0:41:26I've done a property up before with my father, so I kind of know
0:41:26 > 0:41:29roughly what I'm looking for and what to steer clear of.
0:41:29 > 0:41:32- Yes, it was all...- Go, go, go. - Go, go, go, yeah.
0:41:32 > 0:41:35So, tell me a bit more about your wedding.
0:41:35 > 0:41:38Well, we've been together for ten years now.
0:41:38 > 0:41:41Finally got around to getting married.
0:41:41 > 0:41:47And we're getting married in four weeks' time at Derby Cathedral.
0:41:47 > 0:41:50But luckily, I'm very organised. I have a folder which is about that big!
0:41:50 > 0:41:54- I'm collecting my dress on Saturday, so I'm really excited.- Oh, are you? Wow!- Yes, can't wait.
0:41:54 > 0:41:57# Hey, baby
0:41:57 > 0:42:00# I think I want to marry you. #
0:42:00 > 0:42:03Well, these two certainly don't do things by halves,
0:42:03 > 0:42:06but once they come down from cloud nine after their wedding,
0:42:06 > 0:42:11what are the plans for their new marital home?
0:42:11 > 0:42:14From the top first, aren't we? Doing the roof first.
0:42:14 > 0:42:16Yeah, definitely needs the roof.
0:42:16 > 0:42:19Make it liveable, if anything.
0:42:19 > 0:42:24We're going to get quotes to do the windows and the kitchens and everything sort of else.
0:42:24 > 0:42:27Get the bedroom sorted, the bathroom,
0:42:27 > 0:42:29just general sort of TLC, really.
0:42:29 > 0:42:32Sand the floorboards in the living room.
0:42:32 > 0:42:36And the timescale for doing all the work is what?
0:42:36 > 0:42:39We're going to take our time with it, do it properly.
0:42:39 > 0:42:43- What do you reckon, six months to a year?- Six months to a year, yeah.
0:42:43 > 0:42:45But you're going to live in it during that time?
0:42:45 > 0:42:47Yes, definitely, yeah.
0:42:47 > 0:42:50And what kind of budget have you got set aside?
0:42:50 > 0:42:55- About 10,000.- 10,000 for now. Yeah. That's just to get it liveable.
0:42:55 > 0:43:00So that will pay for the rewire, the plumbing, the roof.
0:43:00 > 0:43:02The roof's going to be the major cost.
0:43:02 > 0:43:06And just get it liveable, really, then we can assess it from there.
0:43:06 > 0:43:09Great. What are you most excited about?
0:43:09 > 0:43:11Well, first home for myself, really.
0:43:11 > 0:43:15It's our first home, so I'm really, really excited about working on a project together.
0:43:15 > 0:43:19- It's like another project after the wedding.- That's it, yeah.
0:43:19 > 0:43:22Yeah, yeah. I'm looking forward to stripping the walls,
0:43:22 > 0:43:25getting a hammer on a few walls, maybe, I don't know.
0:43:25 > 0:43:29And a vegetable plot for me. That's what I want to the very end.
0:43:29 > 0:43:33- A vegetable plot. Being self-sufficient.- That's it, yeah.
0:43:33 > 0:43:36- That's the plan for the bottom of the garden.- Definitely.
0:43:36 > 0:43:39Maybe a little shed or greenhouse so we can grow veg.
0:43:39 > 0:43:42You're planning on putting in a driveway!
0:43:42 > 0:43:44- Not all the way back. - Not all the way, no!
0:43:44 > 0:43:48Obviously, we don't want to get rid of too much of the garden.
0:43:48 > 0:43:50It's a lovely garden. Whoever previously lived here
0:43:50 > 0:43:53spent a lot of time getting it to that standard.
0:43:53 > 0:43:55It's just a bit overgrown at the moment.
0:43:55 > 0:43:58So maybe if we can just get a car plot
0:43:58 > 0:44:02on the front there, I think that would be enough, really.
0:44:02 > 0:44:04What about plans for a honeymoon?
0:44:04 > 0:44:07- It's... Well, you're standing in it, really!- Oh, really?- Yeah.
0:44:07 > 0:44:10The honeymoon's gone out the window now.
0:44:10 > 0:44:14It's going to be spent on, well, a roof.
0:44:14 > 0:44:17- Right.- So, we'll be here.
0:44:17 > 0:44:23Because we work full-time, it's hard to work on this place
0:44:23 > 0:44:28and that's the time we've got free to get as much done as possible.
0:44:28 > 0:44:32You literally will spend the two weeks you would have been on honeymoon sanding and stripping?
0:44:32 > 0:44:34Yes, it doesn't get more romantic than that.
0:44:34 > 0:44:38Well, in a way I think it's very romantic. It's great.
0:44:38 > 0:44:40Listen, congratulations to you both on lots of levels.
0:44:40 > 0:44:43Well done, and we look forward to seeing how you both get on.
0:44:43 > 0:44:46- Thank you.- Will do.
0:44:46 > 0:44:50Well, how wonderful that Chris and Selina have got this as their first home together.
0:44:50 > 0:44:53They are embarking on two of the most stressful things you can do in your life,
0:44:53 > 0:44:57moving house and getting married at the same time.
0:44:57 > 0:44:59Still, with a garden like this,
0:44:59 > 0:45:01maybe a honeymoon here won't be such a bad thing.
0:45:01 > 0:45:05You can find out how they get on later in the show.
0:45:08 > 0:45:10Well, they say time can be a great healer
0:45:10 > 0:45:14but it can also be an enemy if you're up against a deadline.
0:45:14 > 0:45:17What has happened to those properties since we last saw them?
0:45:17 > 0:45:20It's the moment of truth, let's go back and find out.
0:45:23 > 0:45:25Back now to Brockley in southeast London,
0:45:25 > 0:45:31an area of musical note with enough pop star connections to form its own supergroup.
0:45:31 > 0:45:33Was this ground-floor flat
0:45:33 > 0:45:37set to top the Homes Under The Hammer charts?
0:45:37 > 0:45:41It was bought at auction for £164,000 by builder Fitz,
0:45:41 > 0:45:46with help from experienced property developers, Marilyn and Robert.
0:45:46 > 0:45:50The flat had two good-sized bedrooms and a strange partition
0:45:50 > 0:45:55in the sitting room which Fitz and Marilyn were intent on keeping.
0:45:55 > 0:45:59We could potentially have three bedrooms,
0:45:59 > 0:46:04a kitchen and then a small room where you have a TV.
0:46:04 > 0:46:06Now, I have got to chip in here.
0:46:06 > 0:46:09I really see this as a good two-bedroom flat.
0:46:09 > 0:46:13I just think that little room is too little to do anything with.
0:46:15 > 0:46:18On a budget of £5,000 to £10,000 and a three-month timescale,
0:46:18 > 0:46:21builder Fitz was going to take on most of the work himself
0:46:21 > 0:46:25with Robert and Marilyn helping out where necessary.
0:46:25 > 0:46:29Three months after our first visit, we're back.
0:46:29 > 0:46:32Fitz and Robert are on hand to show us round.
0:46:32 > 0:46:36So, will the Brockley flat be a hit or a miss?
0:46:40 > 0:46:44MUSIC: "Rocking All Over The World" by Status Quo
0:46:53 > 0:46:55It's a hit, Fitz!
0:46:55 > 0:46:59The two bedrooms now look bigger and brighter.
0:46:59 > 0:47:03The loo and bathroom have been freshened up and keeping them separate
0:47:03 > 0:47:06actually makes sense for the rental market.
0:47:06 > 0:47:08The new kitchen looks smart
0:47:08 > 0:47:12and taking out those water tanks was definitely a good move.
0:47:12 > 0:47:17Saving the best till last, the sitting room is just so much better
0:47:17 > 0:47:19with that partitioned wall removed.
0:47:21 > 0:47:25In the lounge, we decided, after about a month or two,
0:47:25 > 0:47:29to take it down because after seeing the neighbour's property upstairs
0:47:29 > 0:47:32and saw how big the lounge was once the wall was down,
0:47:32 > 0:47:37it just made sense to take it down and it looks a lot better as well.
0:47:37 > 0:47:39Nice open-plan, it looks good.
0:47:39 > 0:47:43I hate to say I told you so, but...
0:47:43 > 0:47:45# I told you so
0:47:45 > 0:47:49# Don't wanna brag, but you already know... #
0:47:49 > 0:47:52Now, Robert and Marilyn are seasoned property developers
0:47:52 > 0:47:57and they've taken Fitz under their wing to help him start building a property portfolio.
0:47:57 > 0:48:02But just how hands-on have they been on this renovation?
0:48:02 > 0:48:05We just try and chip in where we can and be of some assistance
0:48:05 > 0:48:08and I think he's found that useful.
0:48:08 > 0:48:12You don't want to be a hindrance but you have to recognise that
0:48:12 > 0:48:17really, this is his baby now and he's got on and done it.
0:48:19 > 0:48:22With just a couple of little odds and ends to finish off,
0:48:22 > 0:48:25Fitz has pretty much kept to his three-month timescale,
0:48:25 > 0:48:29but what about the £5,000 to £10,000 budget?
0:48:29 > 0:48:35I think it's come in at about £7,500 or £8,000.
0:48:35 > 0:48:40Probably because a lot of the work was done by myself and a few friends helping me out.
0:48:40 > 0:48:42It worked out quite well.
0:48:44 > 0:48:47If we call Fitz's renovation costs £7,500,
0:48:47 > 0:48:51then add it to his purchase price of £164,000,
0:48:51 > 0:48:57that brings his total outlay here to £171,500.
0:48:57 > 0:48:59We asked two local estate agents
0:48:59 > 0:49:02for their opinions on this refurbished flat.
0:49:02 > 0:49:04It's done to a very good standard.
0:49:04 > 0:49:07It's in neutral colours and I think it's well presented.
0:49:07 > 0:49:08I think it's done to a very good standard.
0:49:08 > 0:49:12I think the size of the property is very impressive as well.
0:49:12 > 0:49:17And if it were to sell, what do they think the flat could fetch?
0:49:18 > 0:49:24I think this flat could resell for about £210,000 to £215,000.
0:49:24 > 0:49:29This flat could resell for anywhere in the region of £210,000 to £220,000.
0:49:29 > 0:49:34Those resell valuations would give Fitz a profit before tax
0:49:34 > 0:49:40and expenses of between £38,500 and £48,500.
0:49:40 > 0:49:44That is pretty darn good, but his plan is to find tenants,
0:49:44 > 0:49:47so what kind of rental income would the experts predict?
0:49:49 > 0:49:53This flat could rent in the region of £1,100 to £1,200 per calendar month.
0:49:53 > 0:49:58This flat could rent for between £1,100 to £1,200 per calendar month.
0:49:58 > 0:50:04Those rental valuations would give Fitz a yield of around the 8% mark,
0:50:04 > 0:50:07which is very healthy.
0:50:07 > 0:50:12So, is this going to be the start of a glittering career in property development for Fitz
0:50:12 > 0:50:14and will he be going solo?
0:50:15 > 0:50:20I'd like to do a project on my own, yeah, but I would also like to work with Marilyn and Robert again
0:50:20 > 0:50:22because they look after me.
0:50:22 > 0:50:27I look after them, so we work as quite a good team, so it would be good to do a project with them
0:50:27 > 0:50:28as well as do one on my own.
0:50:33 > 0:50:37Back now to Little Eaton, Derby, and this two-bed mid-terrace
0:50:37 > 0:50:42which Selina and Chris bought at auction for £120,000.
0:50:42 > 0:50:45There was plenty to do to turn this into their first home together,
0:50:45 > 0:50:50but renovating the property was not the only thing that was going to keep them busy.
0:50:52 > 0:50:56- We're getting married as well in the next four weeks.- Four weeks?
0:50:56 > 0:50:58Yes, doing everything at the same time.
0:50:58 > 0:51:01- What about plans for a honeymoon? - Well, you're standing in it, really.
0:51:01 > 0:51:05- Really?- Yes, the honeymoon has gone out the window now.
0:51:05 > 0:51:07It will be spent on getting a roof.
0:51:08 > 0:51:12You're spending the two weeks that you would have been on honeymoon sanding and stripping?
0:51:12 > 0:51:15Yes, it doesn't get more romantic than that.
0:51:15 > 0:51:17Well, in a way, I think it is very romantic.
0:51:19 > 0:51:22Selina and Chris set themselves a budget of £10,000
0:51:22 > 0:51:26and a timescale of between six months and a year to make the place their own.
0:51:27 > 0:51:33Two years and one month after our first visit, we're back, and what do they say?
0:51:33 > 0:51:35New house, new baby.
0:51:35 > 0:51:39Meet Mum, Dad and 12-week-old baby Scarlett.
0:51:39 > 0:51:43So, let's see what the new family are calling home now.
0:51:44 > 0:51:48# Baby, baby, baby, oh
0:51:48 > 0:51:52# Baby, baby, baby, no
0:51:52 > 0:51:55# Baby, baby, baby, oh
0:51:55 > 0:51:59# Thought you'd always be mine
0:51:59 > 0:52:03# Baby, baby, baby, oh
0:52:03 > 0:52:06# Baby, baby, baby, no
0:52:06 > 0:52:10# Baby, baby, baby, oh
0:52:10 > 0:52:14# Thought you'd always be mine. #
0:52:15 > 0:52:21What a transformation from a shabby shell to show-home chic.
0:52:21 > 0:52:24It's hard to believe that Selina and Chris have also got married
0:52:24 > 0:52:26and started a family since we were last here.
0:52:29 > 0:52:31Yeah, we couldn't squeeze any more in.
0:52:31 > 0:52:33I think we've done everything that we were supposed to.
0:52:33 > 0:52:36The only thing we haven't managed to squeeze in is a honeymoon.
0:52:36 > 0:52:39- That's the only thing.- That budget went on the...- This and the house.
0:52:39 > 0:52:42It's more important. It was, wasn't it? Yes.
0:52:42 > 0:52:45As far as the renovation was concerned,
0:52:45 > 0:52:49their top priority was to replace the roof.
0:52:49 > 0:52:52Then they could set to work on the inside of the house.
0:52:54 > 0:52:56Selina and Chris have cleverly re-jigged
0:52:56 > 0:52:58the layout on the first floor.
0:52:58 > 0:53:02This was the bathroom, and it's now turned into a second bedroom.
0:53:02 > 0:53:06It was originally going to be an office, then Scarlett came along
0:53:06 > 0:53:09and we decided to make it into a nursery,
0:53:09 > 0:53:10so it's worked out perfectly.
0:53:10 > 0:53:13But the process of this room meant
0:53:13 > 0:53:15because the bathroom was here beforehand...
0:53:15 > 0:53:17The original bath was leaking,
0:53:17 > 0:53:21so it meant that the joist was saturated, so we had to replace
0:53:21 > 0:53:26the timber on the joist and it also enabled us to put new oak floor down,
0:53:26 > 0:53:30which Chris sourced and installed himself as well.
0:53:30 > 0:53:33We're really pleased with the results and really pleased that we decided to
0:53:33 > 0:53:36turn this into a second bedroom, so it worked out perfectly for us.
0:53:39 > 0:53:42The master bedroom looks like it's just stepped off the pages
0:53:42 > 0:53:43of a magazine.
0:53:45 > 0:53:48Even though the family bathroom is smaller than it was,
0:53:48 > 0:53:51they've still managed to fit in a rather swish four-piece suite.
0:53:54 > 0:53:58Chris wanted a walk-in shower effect and I wanted a roll top bath.
0:53:58 > 0:54:04So what we did to compromise, we had a walk-in shower as such,
0:54:04 > 0:54:06but we've cheated by having a slimline tray
0:54:06 > 0:54:09so it gives the appearance that you can walk straight in
0:54:09 > 0:54:10rather than a step.
0:54:10 > 0:54:14Also we put a roll top bath, which was here
0:54:14 > 0:54:17and just looks lovely at night-time right next to the glass bricks.
0:54:19 > 0:54:23Those glass bricks work really well, and they also give an extra
0:54:23 > 0:54:27dimension to the staircase, which is now looking very smart indeed.
0:54:28 > 0:54:31Downstairs the layout is the same as before,
0:54:31 > 0:54:34but it's all been given a new lease of life.
0:54:34 > 0:54:37Out front, they've created off-street parking
0:54:37 > 0:54:40and are just waiting for the council to drop the kerb.
0:54:40 > 0:54:43And out back, new French doors leading onto the garden
0:54:43 > 0:54:44are a real bonus.
0:54:48 > 0:54:53So basically out here what we've done is just gravelled it for now,
0:54:53 > 0:54:55just to tidy it up.
0:54:55 > 0:54:58In the future, we're looking to perhaps redesign it
0:54:58 > 0:55:02and raise it so there's not such a step coming out of the French doors.
0:55:02 > 0:55:05Basically, we've tided up the borders
0:55:05 > 0:55:08and really didn't need a lot changing.
0:55:08 > 0:55:11It's a really nice cottage garden.
0:55:11 > 0:55:15It's nice to be able to enjoy it outside in the sunlight today
0:55:15 > 0:55:18with a glass of wine, and when Scarlett's older she can play in the
0:55:18 > 0:55:23garden and, yeah, we're really pleased with what we've achieved so far.
0:55:25 > 0:55:27And so you should be, Chris.
0:55:27 > 0:55:29The couple have done most of the work here themselves,
0:55:29 > 0:55:34with Selina lending a hand throughout her pregnancy no less.
0:55:34 > 0:55:39Their timescale did slip, as did their budget from 10,000 to £18,000.
0:55:39 > 0:55:42But the finish here is top notch
0:55:42 > 0:55:45and they have had rather a lot on their plates of late.
0:55:47 > 0:55:50I thought it'd be ready in six months. It wasn't.
0:55:50 > 0:55:53You know, two years later...
0:55:53 > 0:55:56But I'm glad, because the reason why it's taken us as long as it has
0:55:56 > 0:56:00is because we wanted to ensure that we saved up per month
0:56:00 > 0:56:03so we weren't getting out loans or credit cards,
0:56:03 > 0:56:07everything was we save up and we do the next job, do the next job.
0:56:07 > 0:56:08But as a result of having that time,
0:56:08 > 0:56:12our ideas were able to evolve over the two-year period.
0:56:12 > 0:56:14I think that sort of helped.
0:56:14 > 0:56:17Yeah, that's where the time has come into it
0:56:17 > 0:56:19and that's the way you go on.
0:56:19 > 0:56:22Yeah, so, we also wanted to do a decent job.
0:56:22 > 0:56:24I think it's high standard.
0:56:24 > 0:56:28Yeah, high standard and quality and that, you know, it has a cost to it.
0:56:30 > 0:56:33When you add their purchase price of £120,000 to their renovation cost
0:56:33 > 0:56:38of 18,000, Chris and Selina's total outlay on their new family home
0:56:38 > 0:56:41comes to 138,000.
0:56:41 > 0:56:43We asked two local property experts
0:56:43 > 0:56:44for their thoughts
0:56:44 > 0:56:45on all their hard work.
0:56:47 > 0:56:50First impressions of the property are fabulous.
0:56:50 > 0:56:52It's a lovely spot which is great,
0:56:52 > 0:56:58and the style they've done it in has really lifted it. It looks fantastic.
0:56:58 > 0:57:00This is a perfect home for a new family.
0:57:00 > 0:57:02There's lots of outdoor space,
0:57:02 > 0:57:04off-road parking to get the buggies in and out of the car.
0:57:04 > 0:57:08Great spot, very close to the city centre
0:57:08 > 0:57:11and there's lots of communal areas in the local proximity.
0:57:12 > 0:57:15The experts agree that the mid-terrace could let
0:57:15 > 0:57:18for around £600 per month, which would give the couple
0:57:18 > 0:57:20a yield of around 5%.
0:57:20 > 0:57:23So what might it fetch on the resell market?
0:57:24 > 0:57:28I would suggest a resell value at the minute of around £150,000.
0:57:28 > 0:57:32I think we could go for a slightly inflated figure
0:57:32 > 0:57:35which I would put at £165,000.
0:57:37 > 0:57:41Those resell valuations would give Chris and Selina a profit
0:57:41 > 0:57:45before tax and expenses of between £12-27,000.
0:57:45 > 0:57:50But I get the feeling they're here for the long haul.
0:57:50 > 0:57:52Yeah, I think even if we were offered loads of money,
0:57:52 > 0:57:54- I still wouldn't want to sell. - No.- Definitely not.
0:57:56 > 0:57:58- Yes. Pleased. Very pleased. - Yeah, really pleased.
0:58:01 > 0:58:04Well, that's it for now. We'll be back with more action
0:58:04 > 0:58:07from the auction rooms all over the country next time.
0:58:07 > 0:58:09So make sure you watch Homes Under The Hammer.
0:58:09 > 0:58:10- Goodbye.- Goodbye.
0:58:10 > 0:58:13Subtitles by Red Bee Media Ltd