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Hello and welcome to the show. | 0:00:00 | 0:00:02 | |
We all know the value of our home can go down as well as up. | 0:00:02 | 0:00:06 | |
So it's really important to buy at the right price in the first place. | 0:00:06 | 0:00:10 | |
And one way to do that is to buy your home under the hammer. | 0:00:10 | 0:00:13 | |
Well, if you are sitting at home thinking you would like to | 0:00:39 | 0:00:42 | |
have a go at buying at auction, now could be the perfect time. | 0:00:42 | 0:00:45 | |
The market is always changing and you have to judge | 0:00:45 | 0:00:48 | |
when is the best time to buy. | 0:00:48 | 0:00:50 | |
But today's bidders have already put their money on the line. | 0:00:50 | 0:00:53 | |
Here's what they bought. | 0:00:53 | 0:00:55 | |
In Devon, this partially renovated fisherman's cottage | 0:00:56 | 0:01:00 | |
just needs a few tweaks. | 0:01:00 | 0:01:02 | |
It's a bit of a half-finished job. | 0:01:02 | 0:01:05 | |
This London flat claims to have three bedrooms, but I'm not so sure. | 0:01:06 | 0:01:11 | |
You've got a little room there which is good for... Nothing. | 0:01:11 | 0:01:16 | |
And this mid-terrace in Little Eaton, Derbyshire, has | 0:01:16 | 0:01:19 | |
loads of potential, loads of room, especially in the family bathroom. | 0:01:19 | 0:01:24 | |
Lots of towel-drying space. | 0:01:24 | 0:01:26 | |
All of these properties have sold at auction. | 0:01:27 | 0:01:29 | |
We'll find out who bought them and what they paid for them, | 0:01:29 | 0:01:32 | |
when they went under the hammer. | 0:01:32 | 0:01:34 | |
At the back, thank you. | 0:01:34 | 0:01:35 | |
This is Brixham on the south Devon coast. | 0:01:42 | 0:01:45 | |
In its heyday there were hundreds of fishing boats going in | 0:01:45 | 0:01:48 | |
and out of the harbour here. | 0:01:48 | 0:01:50 | |
Today, there are fewer trawlers but there is still a bustling | 0:01:50 | 0:01:53 | |
fish market and oodles of maritime charm in the town. | 0:01:53 | 0:01:57 | |
So, we've already established this is a really beautiful location | 0:02:00 | 0:02:04 | |
and the good news is the property is literally a short walk | 0:02:04 | 0:02:07 | |
from the harbour. However, I am noticing a few downsides. | 0:02:07 | 0:02:12 | |
Because this is the only entry. | 0:02:12 | 0:02:15 | |
There's no parking so both counts not good. | 0:02:15 | 0:02:20 | |
However, the guide price for a one-bedroom house, 70,000 quid. | 0:02:20 | 0:02:26 | |
So let's hope inside makes up for the shortcomings. | 0:02:26 | 0:02:29 | |
Now this is a bit of a funny one | 0:02:32 | 0:02:34 | |
because it's not the green house that we are here to see. | 0:02:34 | 0:02:37 | |
It's the white one next door. | 0:02:37 | 0:02:40 | |
To get to it you have to walk through the neighbour's garden. | 0:02:40 | 0:02:42 | |
That's not ideal, | 0:02:42 | 0:02:43 | |
but you do have a pleasant little garden of your own, at least. | 0:02:43 | 0:02:47 | |
So with great hopes and much anticipation, what's it like inside? | 0:02:52 | 0:02:57 | |
Well, interesting stable door there. | 0:02:57 | 0:02:59 | |
Actually, that is quite nice because you can open that top bit | 0:02:59 | 0:03:02 | |
and look out and make the most of where you are. | 0:03:02 | 0:03:04 | |
The moment you walk through the door, straightaway, | 0:03:04 | 0:03:07 | |
you see it is a bit of a half-finished job. | 0:03:07 | 0:03:09 | |
We have wires coming out of the walls, plaster here and there. | 0:03:09 | 0:03:13 | |
This is the kitchen area and it's not a bad-sized space. | 0:03:13 | 0:03:18 | |
It is literally front to back and side to side, | 0:03:18 | 0:03:21 | |
the entire size of the property. But some interesting features. | 0:03:21 | 0:03:26 | |
A cooker, stove, wood-burning stove. | 0:03:26 | 0:03:29 | |
Some nice sort-of-ish home-made cupboards and things. | 0:03:29 | 0:03:33 | |
It has that air of project which is halfway through. | 0:03:33 | 0:03:38 | |
A sort of DIY do-up job. | 0:03:38 | 0:03:40 | |
It's not bad but the thing that really doesn't work | 0:03:40 | 0:03:44 | |
and I think ruins the whole flavour down here is this. This island unit. | 0:03:44 | 0:03:48 | |
Now I love kitchen island units, | 0:03:48 | 0:03:50 | |
I think they are brilliant use of space. | 0:03:50 | 0:03:52 | |
You actually want to be able to sit at them, | 0:03:52 | 0:03:54 | |
so you need an overhang to make it a breakfast bar, for one, but | 0:03:54 | 0:03:56 | |
this right in the middle here really shrinks the size of this kitchen. | 0:03:56 | 0:03:59 | |
I want to see a big farmhouse kitchen table. | 0:03:59 | 0:04:02 | |
I want to be able to move things around, have chairs | 0:04:02 | 0:04:04 | |
and this doesn't work. That has got to go. | 0:04:04 | 0:04:06 | |
Apart from that, everything's fine! | 0:04:06 | 0:04:08 | |
Whoever started this had some great ideas | 0:04:10 | 0:04:12 | |
and there's bucket loads of character. | 0:04:12 | 0:04:14 | |
It just needs some fine tuning, finishing touches | 0:04:14 | 0:04:18 | |
and it will be there. | 0:04:18 | 0:04:19 | |
Up on the first floor there is an attractive sitting room | 0:04:20 | 0:04:23 | |
which will be lovely once it's finished. | 0:04:23 | 0:04:25 | |
Up another set of stairs to the second floor and, yes, | 0:04:27 | 0:04:30 | |
you've guessed it, more unfinished idiosyncrasies. | 0:04:30 | 0:04:34 | |
Well, up here on the top floor, the quirkiness continues. | 0:04:35 | 0:04:39 | |
In fact, in some ways, it gets amplified. | 0:04:39 | 0:04:42 | |
What we've got here is this little, | 0:04:42 | 0:04:45 | |
I'm not sure how to describe it, mezzanine area. | 0:04:45 | 0:04:48 | |
You've got a bedroom here, the only bedroom in the property | 0:04:48 | 0:04:51 | |
so one bedroom, not brilliant. A little cupboard there. | 0:04:51 | 0:04:53 | |
Quite a nice sized bathroom with a shower in it which is good. | 0:04:53 | 0:04:58 | |
But where it gets really quirky is up these stairs | 0:04:58 | 0:05:01 | |
and I think this could be the key to the property's financial success. | 0:05:01 | 0:05:07 | |
Now my guess is that this has been converted from the attic space | 0:05:11 | 0:05:15 | |
at some point to be, ahem, this little sort of... | 0:05:15 | 0:05:20 | |
I'd best describe it as a den, I suppose. | 0:05:20 | 0:05:22 | |
You have these roof lights in which let lots of light in | 0:05:22 | 0:05:25 | |
and a view out over Brixham which is absolutely lovely. | 0:05:25 | 0:05:27 | |
But this space clearly could not be a bedroom or an office space. | 0:05:27 | 0:05:33 | |
I don't suppose it meets building regulations. | 0:05:33 | 0:05:35 | |
However, with a bit of playing around, I think | 0:05:35 | 0:05:38 | |
this could become really useful extra space, especially | 0:05:38 | 0:05:41 | |
if you are looking to rent this space out for holiday lets. | 0:05:41 | 0:05:44 | |
If you have got young kids | 0:05:44 | 0:05:46 | |
and you made it kid-friendly which is basically put some | 0:05:46 | 0:05:49 | |
kind of a stair gate on there and lots of fluffy things round, | 0:05:49 | 0:05:53 | |
kids would absolutely love this. | 0:05:53 | 0:05:54 | |
They could potentially have this as a play area. | 0:05:54 | 0:05:57 | |
Maybe or maybe not somewhere to sleep, | 0:05:57 | 0:05:59 | |
it depends on regulations. | 0:05:59 | 0:06:00 | |
But it does give that all-important flexibility. | 0:06:00 | 0:06:03 | |
So whether it is as a holiday let or as a home, if you can see past the | 0:06:05 | 0:06:09 | |
eccentricities of the layout, this could be a lovely little retreat. | 0:06:09 | 0:06:13 | |
What does a local estate agent make of the property | 0:06:15 | 0:06:18 | |
and its £70,000 guide price? | 0:06:18 | 0:06:20 | |
It's a very quirky little cottage. | 0:06:23 | 0:06:25 | |
Traditionally known as a fisherman's cottage in Brixham. | 0:06:25 | 0:06:28 | |
Something over three storeys, such as this one is seen quite often | 0:06:28 | 0:06:32 | |
in these properties. | 0:06:32 | 0:06:34 | |
Lots of exposed stonework | 0:06:34 | 0:06:36 | |
and everything else really gives it a lot of character. | 0:06:36 | 0:06:38 | |
How much might the completed property sell on for? | 0:06:40 | 0:06:43 | |
When it's done up, dependent on the work that's been carried out, | 0:06:44 | 0:06:48 | |
it could fetch towards the 100,000 mark. | 0:06:48 | 0:06:50 | |
What about the rental market? | 0:06:50 | 0:06:52 | |
Putting the property on the rental market at the moment | 0:06:54 | 0:06:57 | |
could probably get in the region of about £500 per calendar month. | 0:06:57 | 0:07:00 | |
If we looked at going down the holiday let route, | 0:07:00 | 0:07:03 | |
then off-peak it could get £525 a week. | 0:07:03 | 0:07:05 | |
If it could sleep at three to four, | 0:07:05 | 0:07:08 | |
then maybe peak season could fetch around 600 to 625, | 0:07:08 | 0:07:12 | |
sleeping three to four. | 0:07:12 | 0:07:14 | |
Well, there's obviously work to be done | 0:07:14 | 0:07:16 | |
but I think all the intrinsic things you would want are here. | 0:07:16 | 0:07:19 | |
Great location, oodles of charm and it can actually be a really | 0:07:19 | 0:07:23 | |
lovely place to live or a potentially lucrative holiday let. | 0:07:23 | 0:07:28 | |
Let's see who bought it when it went under the hammer. | 0:07:28 | 0:07:31 | |
We go straight to Lot 1, a one-bedroom cottage in Brixham. | 0:07:33 | 0:07:37 | |
The guide price is £70,000, | 0:07:37 | 0:07:40 | |
if someone would like to start at £70,000. | 0:07:40 | 0:07:42 | |
Anybody to go at £70,000? | 0:07:42 | 0:07:45 | |
70 I'm in, straightway at the back, £70,000. One more if I can? 70 here. | 0:07:45 | 0:07:50 | |
71 anywhere else? 70. That's on the guide at £70,000. 71 now, 71. 72? | 0:07:50 | 0:07:57 | |
71 here, 72? 72. 73? | 0:07:59 | 0:08:02 | |
No? £72,000 here, 73 now. Or anywhere else? | 0:08:03 | 0:08:08 | |
£72,000, 73 anywhere else? | 0:08:08 | 0:08:10 | |
Any advance on £72,000? | 0:08:11 | 0:08:13 | |
Sure we are all done at £72,000, very, very close. | 0:08:14 | 0:08:19 | |
I can't actually sell that at £72,000, it's very close. | 0:08:19 | 0:08:23 | |
The lot failed to meet its reserve under the hammer | 0:08:25 | 0:08:27 | |
but post-auction, business partners Liz on the left, | 0:08:27 | 0:08:30 | |
and Gervase on the right, | 0:08:30 | 0:08:32 | |
secured the Brixham property with their offer of £74,000. | 0:08:32 | 0:08:37 | |
I met them at the cottage to find out their plans. | 0:08:38 | 0:08:42 | |
Liz, Gervase, great to meet you both. Congratulations. | 0:08:44 | 0:08:47 | |
Tell me why you wanted to buy this place. | 0:08:47 | 0:08:50 | |
Actually, it was one of our private investors that sourced this, | 0:08:50 | 0:08:54 | |
-they found it, they sniffed it out. -One of your private investors? | 0:08:54 | 0:08:57 | |
Yes, because we invite people to invest with us. | 0:08:57 | 0:09:01 | |
We bought this house with some of our own money | 0:09:01 | 0:09:03 | |
-but also with investors' money. -Oh, right. How does that work then? | 0:09:03 | 0:09:06 | |
We have little meetings and we say to people, | 0:09:06 | 0:09:09 | |
this is what we do, we refurbish properties, | 0:09:09 | 0:09:11 | |
we sell them on, would you like to have your money make more money? | 0:09:11 | 0:09:15 | |
-More money than by keeping it in the banks right now. -Right. | 0:09:15 | 0:09:18 | |
She was one of those people | 0:09:18 | 0:09:20 | |
and the idea actually was that she would have this to live in. | 0:09:20 | 0:09:23 | |
It became a bit too complicated so we reverted to our other | 0:09:23 | 0:09:27 | |
exit strategy which was to do it up and sell it on. | 0:09:27 | 0:09:30 | |
-OK, and this is something you both work on? -We do. | 0:09:30 | 0:09:33 | |
How did this collaboration come about? | 0:09:33 | 0:09:36 | |
We are both property investors in our own right with our own | 0:09:36 | 0:09:38 | |
portfolios, but last year we decided we could work better together, | 0:09:38 | 0:09:42 | |
we could generate more momentum through our investments | 0:09:42 | 0:09:46 | |
so we came together and set up these talks and set up a company | 0:09:46 | 0:09:49 | |
-and we are now working together. -An interesting time to choose to do it. | 0:09:49 | 0:09:52 | |
What were you both doing before that or what do you do when | 0:09:52 | 0:09:55 | |
-you are not sort of investing in properties. -I teach flute and piano. | 0:09:55 | 0:09:58 | |
-I have been doing that for 27-odd years. -Teach flute and piano? -I do. | 0:09:58 | 0:10:03 | |
But I don't have any pension provision. | 0:10:03 | 0:10:05 | |
I have reached a certain age where it feels like it would be | 0:10:05 | 0:10:08 | |
-a very good idea to be making some provision for that. -Right. | 0:10:08 | 0:10:13 | |
-And what about you? -I was a psychotherapist. -Right! | 0:10:13 | 0:10:16 | |
Piano teacher, flute teacher, psychotherapist, | 0:10:18 | 0:10:21 | |
that sounds the perfect experiences to go into property developing! | 0:10:21 | 0:10:24 | |
Psychotherapist, OK? | 0:10:24 | 0:10:26 | |
How did you make the leap from that into property developing? | 0:10:26 | 0:10:28 | |
I did that for about 15 years and it has kind of got a bit of a life span. | 0:10:28 | 0:10:32 | |
You get tired after a bit. Lovely work. | 0:10:32 | 0:10:34 | |
Always loved houses, always loved architecture. | 0:10:34 | 0:10:38 | |
My husband is trained as an architect, | 0:10:38 | 0:10:40 | |
so it seemed like natural evolution. | 0:10:40 | 0:10:43 | |
Fantastic. Why this particular house then? | 0:10:43 | 0:10:46 | |
Good value. Very good value. | 0:10:46 | 0:10:47 | |
We feel as if we could do wonders with it | 0:10:47 | 0:10:50 | |
and we could add a lot of value to it and sell it on very readily. | 0:10:50 | 0:10:54 | |
-That's the idea, is it, to do it up and sell it on? -That's the idea. | 0:10:54 | 0:10:57 | |
-It's an ideal holiday let. -It is. | 0:10:57 | 0:10:59 | |
-Are you going to sell it to somebody who thinks it is an ideal holiday let? -We might do. | 0:10:59 | 0:11:03 | |
-Why don't you do it? -You never know! | 0:11:03 | 0:11:05 | |
It is part of our exit strategy actually, | 0:11:05 | 0:11:08 | |
so we know rental values and it could also be a holiday let. | 0:11:08 | 0:11:11 | |
I think we would prefer to sell it on, create a chunk of money, | 0:11:11 | 0:11:15 | |
move on to something perhaps a bit bigger as our next investment. | 0:11:15 | 0:11:18 | |
Sounds like these two have got it all mapped out. | 0:11:21 | 0:11:24 | |
They'll get help along the way from their families, but it will be | 0:11:24 | 0:11:27 | |
a team of builders doing most of the work over a three-week period. | 0:11:27 | 0:11:31 | |
What exactly is on their to-do list? | 0:11:32 | 0:11:34 | |
Lots of things like skirtings, edgings, there are lots of gaps | 0:11:36 | 0:11:40 | |
everywhere, so pulling stuff together with edgings, decorating. | 0:11:40 | 0:11:45 | |
Underfloor heating. | 0:11:45 | 0:11:46 | |
That will be very nice. | 0:11:46 | 0:11:47 | |
We'll probably paint this big stone wall behind us which is | 0:11:47 | 0:11:51 | |
mopping up a lot of light. | 0:11:51 | 0:11:52 | |
And obviously, the kitchen, it just needs re-jigging a little bit. | 0:11:52 | 0:11:57 | |
Clearly, the location is charming but practicalities of building | 0:11:57 | 0:12:01 | |
materials and skips and all of that kind of stuff, not brilliant. | 0:12:01 | 0:12:05 | |
Have you factored that into the whole timescale? | 0:12:05 | 0:12:08 | |
I don't think there's much to kind of get out. Some bits to get in. | 0:12:08 | 0:12:11 | |
Material wise, | 0:12:11 | 0:12:13 | |
we figured there's probably about £1,000 of materials to bring in. | 0:12:13 | 0:12:17 | |
-What is the budget for the works? -We've got eight, 8,000. | 0:12:17 | 0:12:20 | |
Who actually does the work? Do you get hands-on at all? | 0:12:20 | 0:12:23 | |
We are hoping to this coming weekend. We know how to have a good Easter! | 0:12:23 | 0:12:28 | |
THEY ALL LAUGH | 0:12:28 | 0:12:29 | |
We are going to be prepping as much as we can, really, | 0:12:29 | 0:12:32 | |
and take as much out, for the team that come in, | 0:12:32 | 0:12:35 | |
get as much done as we can, so that just reduces, hopefully, | 0:12:35 | 0:12:39 | |
-our spend a bit and the four of us will have fun, won't we? -We will. | 0:12:39 | 0:12:43 | |
-We will! -And how is that working, the idea of working together? | 0:12:43 | 0:12:47 | |
-Is that working OK? -It is, really well. | 0:12:47 | 0:12:49 | |
And actually, it's quite nice, we delegate roles. | 0:12:49 | 0:12:52 | |
We sort of shuffle down. | 0:12:52 | 0:12:53 | |
We realise who is good at what and, yes, it is working very nicely. | 0:12:53 | 0:12:56 | |
-It is. -Well, I look forward to seeing how you get on. | 0:12:56 | 0:12:59 | |
It will be interesting to see if it's three weeks! | 0:12:59 | 0:13:02 | |
-He doesn't believe it! -Prove me wrong. | 0:13:02 | 0:13:05 | |
-Congratulations. -Thank you. Nice to have met you. -Thank you. | 0:13:05 | 0:13:09 | |
Well, I certainly think Liz and Gervase got this at a good price | 0:13:11 | 0:13:15 | |
but I think they are underestimating | 0:13:15 | 0:13:18 | |
the amount of effort it is going to take to get it looking sparkling. | 0:13:18 | 0:13:22 | |
Oh, yes, charming turns into a bit of a curse when it | 0:13:22 | 0:13:25 | |
comes to building works and of course, there is that access issue. | 0:13:25 | 0:13:29 | |
How do you think they will get on? To find out, | 0:13:29 | 0:13:31 | |
join us later in the show. | 0:13:31 | 0:13:33 | |
Today, pop pickers, I'm in Brockley, south-east London, | 0:13:38 | 0:13:41 | |
where the vibe is definitely upbeat. | 0:13:41 | 0:13:44 | |
Over the years, the area has had its fair share of artistic | 0:13:44 | 0:13:47 | |
-and musical residents - Gabrielle... -# They can come true... # | 0:13:47 | 0:13:54 | |
-Kate Bush... -# Running up that hill... # | 0:13:54 | 0:13:58 | |
And Velvet Underground's John Cale lived around here | 0:14:00 | 0:14:03 | |
when he attended nearby Goldsmiths College of Art. | 0:14:03 | 0:14:06 | |
But the big question is, | 0:14:10 | 0:14:11 | |
whether today's auction lot will put the rock into Brockley. | 0:14:11 | 0:14:15 | |
So the vital statistics. | 0:14:19 | 0:14:22 | |
Three minutes' walk to the shops, | 0:14:22 | 0:14:24 | |
four minutes to the train station, 12 minutes to Canary Wharf, | 0:14:24 | 0:14:28 | |
two-bedroom flat, guide price, 100 grand. | 0:14:28 | 0:14:32 | |
Now this block of flats might not rock the world of architectural | 0:14:36 | 0:14:40 | |
loveliness, but there is parking round the back and | 0:14:40 | 0:14:43 | |
the communal areas look tidy enough, but what about the flat itself? | 0:14:43 | 0:14:46 | |
This ground floor flat has a good solid feel to it | 0:14:49 | 0:14:52 | |
and surprisingly, quite spacious. | 0:14:52 | 0:14:54 | |
You've got a double bedroom here with some storage there. | 0:14:54 | 0:14:58 | |
Another bedroom, can just about squeeze a double bed in there, | 0:14:58 | 0:15:01 | |
but I think it would work. | 0:15:01 | 0:15:03 | |
This bit really excites me | 0:15:03 | 0:15:04 | |
because you've got a separate loo and a bathroom. | 0:15:04 | 0:15:06 | |
You could put a door here and have a really nice big space | 0:15:06 | 0:15:10 | |
to luxuriate in your lovely bubble bath of an evening. | 0:15:10 | 0:15:13 | |
Certainly add a bit of value to this property here. | 0:15:13 | 0:15:16 | |
And also, this kitchen. | 0:15:16 | 0:15:18 | |
A really good size because the flat isn't huge. | 0:15:18 | 0:15:21 | |
You have got quite a spacious kitchen which is a real bonus. | 0:15:21 | 0:15:25 | |
And look at that. | 0:15:26 | 0:15:28 | |
Get rid of these tanks, and this says fridge-freezer space. | 0:15:28 | 0:15:32 | |
You could easily get rid of those and put a combi boiler over there. | 0:15:32 | 0:15:35 | |
Yes, so far, so good, ticks all the right boxes. | 0:15:35 | 0:15:38 | |
# Just when it was going so good... # | 0:15:40 | 0:15:43 | |
Now, this is where it gets a little bit weird | 0:15:46 | 0:15:48 | |
because you've got a little room there which is good for... Nothing. | 0:15:48 | 0:15:53 | |
And a lot of wasted space here. | 0:15:53 | 0:15:55 | |
Somebody has created like a little second hallway | 0:15:55 | 0:15:58 | |
and you don't need it because this is the lounge currently. | 0:15:58 | 0:16:02 | |
Wall's been partitioned. It just wasn't work, does it? | 0:16:02 | 0:16:05 | |
This space is too small, that space is too small. | 0:16:05 | 0:16:08 | |
You've got two rooms which aren't working. | 0:16:08 | 0:16:10 | |
Even if you did bring your sofa in here, your knees would be touching | 0:16:10 | 0:16:14 | |
the wall, it's just not a good thing to have carved this room in half. | 0:16:14 | 0:16:18 | |
I would get rid of that, reinstate this as one big lovely lounge area. | 0:16:18 | 0:16:23 | |
Then, whoever lives here will have a jolly nice time. | 0:16:23 | 0:16:27 | |
Now, a word of caution. | 0:16:28 | 0:16:30 | |
The auction catalogue refers to this as a three-bedroom flat. Really? | 0:16:30 | 0:16:35 | |
One-bedroom, two bedrooms, sitting room, third bedroom? | 0:16:35 | 0:16:40 | |
I don't think so. | 0:16:40 | 0:16:43 | |
That's why you really shouldn't just go by the description | 0:16:43 | 0:16:46 | |
in the catalogue and why we always strongly recommend | 0:16:46 | 0:16:49 | |
viewing a property before you buy at auction. | 0:16:49 | 0:16:51 | |
We asked a local estate agent for his take on this place | 0:16:51 | 0:16:54 | |
and its £100,000 guide price. | 0:16:54 | 0:16:57 | |
Not much work needed in the property. Just a simple decoration, that's all. | 0:17:00 | 0:17:06 | |
And a new kitchen, maybe. | 0:17:06 | 0:17:07 | |
Once done up, what might the property be worth? | 0:17:09 | 0:17:12 | |
After the decoration, the worth is going to be 190,000-195,000. | 0:17:14 | 0:17:17 | |
195? Well, that could mean a pretty impressive profit for someone. | 0:17:21 | 0:17:26 | |
But renting it out may be the best option here. | 0:17:26 | 0:17:29 | |
So what might it fetch if let out? | 0:17:29 | 0:17:32 | |
After renovated, | 0:17:32 | 0:17:34 | |
this could definitely achieve £1,000 per calendar month. | 0:17:34 | 0:17:38 | |
This is a straightforward classic rental in a decent area, | 0:17:39 | 0:17:43 | |
ever improving. Let's see who went for it at the auction. | 0:17:43 | 0:17:47 | |
Lot 195, three-bedroom flat in need of modernisation. 125? | 0:17:49 | 0:17:56 | |
125 with the gentleman sitting down. Well bid, sir. 126 anywhere? | 0:17:57 | 0:18:01 | |
126. 127? | 0:18:03 | 0:18:05 | |
130. 131. | 0:18:05 | 0:18:09 | |
Bidding climbed quickly. | 0:18:10 | 0:18:12 | |
We rejoin the action at 153,000. | 0:18:12 | 0:18:16 | |
New competition at the back. 153, 154 sitting down. 154. | 0:18:17 | 0:18:21 | |
155 at the back of the room. 155, | 0:18:21 | 0:18:24 | |
156, 157. 157, 158? | 0:18:24 | 0:18:28 | |
158. 159? 159. | 0:18:28 | 0:18:31 | |
160? 160. | 0:18:31 | 0:18:33 | |
161? 160, sitting down, with you, been there all along. | 0:18:33 | 0:18:37 | |
160 for the first, 160 for the second. | 0:18:37 | 0:18:42 | |
That is 161. 162. | 0:18:42 | 0:18:44 | |
Against you, nearest me. 162, 163 in the white. | 0:18:44 | 0:18:48 | |
163. 164? 164. 165? | 0:18:48 | 0:18:53 | |
164 with the lady in the aisle. We'll go through this again. | 0:18:53 | 0:18:57 | |
164 for the first, 164 for the second, 164 for the third | 0:18:57 | 0:19:01 | |
and final time. | 0:19:01 | 0:19:03 | |
Sold for 164. | 0:19:04 | 0:19:06 | |
That successful bid of £164,000 was placed by Marilyn, on behalf | 0:19:06 | 0:19:12 | |
of her business partner Fitz who attended the auction with her. | 0:19:12 | 0:19:15 | |
Marilyn and her husband Robert here on the left, | 0:19:19 | 0:19:21 | |
are property developers, and Fitz is their builder of choice. | 0:19:21 | 0:19:25 | |
The three of them are viewing this project as a chance for Fitz | 0:19:25 | 0:19:28 | |
to start building a property portfolio. | 0:19:28 | 0:19:30 | |
I had a chat with Marilyn and Fitz to find out more. | 0:19:34 | 0:19:37 | |
Guys, congratulations, this is great news. | 0:19:38 | 0:19:40 | |
You've got the auction property you wanted. Marilyn, lovely to meet you. | 0:19:40 | 0:19:43 | |
Fitz. Now, I know you work for Robert and Marilyn, don't you? | 0:19:43 | 0:19:48 | |
Yes, I do a lot of work for Marilyn and Robert, | 0:19:48 | 0:19:51 | |
working on a few projects for them. | 0:19:51 | 0:19:53 | |
At the moment, I am working on their son's property. | 0:19:53 | 0:19:56 | |
Yes, doing various carpentry, building stuff. | 0:19:56 | 0:19:59 | |
And how long have you known Fitz? | 0:19:59 | 0:20:01 | |
Oh, quite a while now and we've been talking for quite a while | 0:20:01 | 0:20:05 | |
about, you know, forming a partnership, getting | 0:20:05 | 0:20:08 | |
properties together, because Fitz wants to get his foot on the ladder. | 0:20:08 | 0:20:12 | |
So, we've been going to a few auctions, thinking about the area | 0:20:12 | 0:20:16 | |
and that's basically how we got involved in this property. | 0:20:16 | 0:20:20 | |
So, who owns this flat? | 0:20:20 | 0:20:22 | |
I own this property at the moment but Marilyn and Robert | 0:20:22 | 0:20:25 | |
are giving me a hand to sort this out, but the next project | 0:20:25 | 0:20:29 | |
we'll do, Marilyn's going to own it and I'll return the favour. | 0:20:29 | 0:20:33 | |
Basically what happened is we thought for quite a while | 0:20:33 | 0:20:37 | |
about having a partnership, buying a flat together | 0:20:37 | 0:20:41 | |
and we saw this property and we all went to auction together | 0:20:41 | 0:20:45 | |
and that's what we're going to do, but obviously | 0:20:45 | 0:20:47 | |
when you're in an auction scenario you've got 28 days | 0:20:47 | 0:20:51 | |
and Fitz was going to get a mortgage and we were cash buyers. | 0:20:51 | 0:20:55 | |
-So, Fitz, you managed to get the mortgage in 28 days? -Just about. | 0:20:55 | 0:20:59 | |
-Just about. -In fact, it was really touch and go, wasn't it? | 0:20:59 | 0:21:04 | |
-Two days... -Two days. -..ran over. | 0:21:04 | 0:21:07 | |
So, had you not been able to get the mortgage, would you | 0:21:07 | 0:21:09 | |
-have been able to have stumped up with the cash? -Yeah. | 0:21:09 | 0:21:12 | |
-So you have this place covered, you wanted it. -Oh, yes. | 0:21:12 | 0:21:14 | |
We were going to buy it. | 0:21:14 | 0:21:16 | |
But we hoped that Fitz could get it, it was a bit of a seesaw. Wasn't it? | 0:21:16 | 0:21:21 | |
But you've got it. It's yours and breathe. | 0:21:21 | 0:21:23 | |
So, the mortgage came through just in time | 0:21:29 | 0:21:32 | |
and Fitz can take his first steps towards property development. | 0:21:32 | 0:21:35 | |
With Marilyn and Robert on hand for advice | 0:21:39 | 0:21:41 | |
and help with the decorating, things are looking | 0:21:41 | 0:21:44 | |
good for Fitz's move from carpenter/builder to developer. | 0:21:44 | 0:21:49 | |
But why this particular flat? | 0:21:49 | 0:21:51 | |
I think the location is excellent, near Brockley Station, I mean, | 0:21:52 | 0:21:56 | |
that's really good, very quick into London. | 0:21:56 | 0:21:59 | |
Goldsmiths and the students are great tenants and it's flexible | 0:21:59 | 0:22:03 | |
because quite often students at the moment are finding it quite | 0:22:03 | 0:22:08 | |
difficult so it could be either a two, for two students or for three | 0:22:08 | 0:22:11 | |
students and you can give them the property at a reasonable rent. | 0:22:11 | 0:22:16 | |
So hang on, how are you going to get three students in here? | 0:22:16 | 0:22:19 | |
Well, at the moment, there's | 0:22:19 | 0:22:22 | |
two spaces being divided at the end of the property. | 0:22:22 | 0:22:25 | |
Bedroom here and a bedroom there so you could potentially have | 0:22:25 | 0:22:29 | |
three bedrooms, a kitchen and then a smaller room where you've got a TV. | 0:22:29 | 0:22:35 | |
Now, you see, I have got to chip in here. I think that room is so small. | 0:22:35 | 0:22:42 | |
I mean, to sit and watch TV in there, well, | 0:22:42 | 0:22:44 | |
you could only watch TV one at a time in there for a start. | 0:22:44 | 0:22:46 | |
I really see this as a good two-bedroom flat. | 0:22:46 | 0:22:50 | |
I just think that little room is too little to do anything with. | 0:22:50 | 0:22:53 | |
Yeah, I agree sort of but I think you've got to be able to be flexible | 0:22:53 | 0:22:58 | |
so whether you... If you need to, you can also take | 0:22:58 | 0:23:01 | |
down the partition wall and just make it back into one big room. | 0:23:01 | 0:23:04 | |
-But see how the market goes really. -What about that kitchen? | 0:23:04 | 0:23:07 | |
Because at the moment there is this massive void with this huge big old | 0:23:07 | 0:23:11 | |
water tank there that you can just get rid of and open the space up. | 0:23:11 | 0:23:14 | |
Oh, yeah. That's what we plan to do. I mean, we're looking to get rid of that | 0:23:14 | 0:23:17 | |
and then just take the kitchen through as an L-shaped kitchen. | 0:23:17 | 0:23:21 | |
It may be possible to have a breakfast bar on the other side. | 0:23:21 | 0:23:24 | |
It's big enough to do, so... | 0:23:24 | 0:23:25 | |
Breakfast bar sounds fine but keeping it as a three-bed flat, | 0:23:28 | 0:23:31 | |
well, I think I've given my tuppence worth on that, although maybe | 0:23:31 | 0:23:36 | |
that's what this is all about. | 0:23:36 | 0:23:38 | |
Hard cash and getting the best possible return on their investment. | 0:23:38 | 0:23:42 | |
So, on that note, what's it all going to cost? | 0:23:42 | 0:23:46 | |
Maximum, well, I don't want to spend any more than, say, maybe 10,000, | 0:23:46 | 0:23:49 | |
because a lot of the work is going to do be done myself anyway | 0:23:49 | 0:23:52 | |
so, I think probably it'll be a lot less than that | 0:23:52 | 0:23:54 | |
but just on the safe side, say £10,000. | 0:23:54 | 0:23:57 | |
-Somewhere between five and ten. -Yeah. -Oh, it's come down considerably! | 0:23:57 | 0:24:00 | |
-Now I'm panicking! -It might be ten, it could be. | 0:24:00 | 0:24:04 | |
-Ten is the worst-case scenario. -Depends what it is, doesn't it? | 0:24:04 | 0:24:06 | |
-Five, ten, oh, dear. -It depends on how that tank...things like that. | 0:24:06 | 0:24:11 | |
Taking, you know big things like that out. | 0:24:11 | 0:24:14 | |
Like I say, I've got all my guys that work for me anyway. | 0:24:14 | 0:24:17 | |
I've got plumbers, electricians, all sorts of guys. | 0:24:17 | 0:24:19 | |
And who's going to be checking up on the project? | 0:24:19 | 0:24:22 | |
Well, I'll be here most of the time anyway because like I said, | 0:24:22 | 0:24:25 | |
a lot of the work's going to be done by myself and Robert. | 0:24:25 | 0:24:28 | |
Just call people in as and when we need them. | 0:24:28 | 0:24:30 | |
And putting the kids in here. Putting your son in here. | 0:24:30 | 0:24:33 | |
Oh, yes, yes, my son, he's off uni at the moment | 0:24:33 | 0:24:36 | |
so hopefully I'm going to get him | 0:24:36 | 0:24:38 | |
and a few of his friends down to give us a hand. | 0:24:38 | 0:24:40 | |
So, how long have you got to do it? How long to complete the works? | 0:24:40 | 0:24:44 | |
Well, I've given myself three months to get everything all tidy | 0:24:44 | 0:24:48 | |
but I think it should be done a lot sooner than that. | 0:24:48 | 0:24:50 | |
Shouldn't be a problem. | 0:24:50 | 0:24:51 | |
I know you're going to do a grand job. | 0:24:51 | 0:24:52 | |
-It's been lovely meeting you both. Thank you. -Thanks. -Good luck. | 0:24:52 | 0:24:56 | |
So, Team Fitz are going to get this place done for 5,000 to 10,000. | 0:24:57 | 0:25:01 | |
I think it's going to be nearer the upper end of that, don't you? | 0:25:03 | 0:25:06 | |
And this wall? Well, it's got to go. | 0:25:06 | 0:25:09 | |
You can find out if it does later on in the show. | 0:25:09 | 0:25:12 | |
Coming up, there's a big surprise in store at this Derby mid-terrace. | 0:25:14 | 0:25:18 | |
The house is nice but the garden...is spectacular. | 0:25:18 | 0:25:22 | |
In south-east London, Fitz has been getting pointers from seasoned | 0:25:24 | 0:25:28 | |
developers Marilyn and Robert. | 0:25:28 | 0:25:30 | |
They look after me, I look after them, so... | 0:25:30 | 0:25:32 | |
we work as quite a good team. | 0:25:32 | 0:25:33 | |
But first, the fisherman's cottage in south Devon is now shipshape. | 0:25:36 | 0:25:40 | |
We've found out how to work together and it's been very successful. | 0:25:40 | 0:25:43 | |
Back now to the pretty fishing town of Brixham on the south Devon coast | 0:25:47 | 0:25:51 | |
and this quirky one-bedroom fisherman's cottage which had | 0:25:51 | 0:25:55 | |
already been partially refurbished. | 0:25:55 | 0:25:58 | |
Property developing business partners Gervase, on the left here | 0:25:58 | 0:26:01 | |
and Liz on the right, bought it at auction for £74,000. | 0:26:01 | 0:26:06 | |
The duo have an intriguing model for funding their developments. | 0:26:06 | 0:26:11 | |
They put up some of the money | 0:26:11 | 0:26:12 | |
and then look for investors to join them on their renovations. | 0:26:12 | 0:26:16 | |
We have little meetings and we say to people this is what we do, | 0:26:17 | 0:26:20 | |
we refurbish properties, we sell them on. | 0:26:20 | 0:26:23 | |
-Would you like to have your money make more money? -Oh, right. | 0:26:23 | 0:26:26 | |
Rather than by keeping it in the banks right now. | 0:26:26 | 0:26:28 | |
With an investor on board, Gervase, Liz, and their other halves, | 0:26:31 | 0:26:34 | |
Lee and Bob, were going to oversee a team of builders. | 0:26:34 | 0:26:38 | |
They were hoping it would take three weeks | 0:26:38 | 0:26:40 | |
and £8,000 to get the cottage ready for the resale market. | 0:26:40 | 0:26:43 | |
Well, eight weeks after our first visit, we're back to see | 0:26:46 | 0:26:49 | |
if they've created the perfect seaside bolt hole. | 0:26:49 | 0:26:52 | |
# Let's go Got to get away somehow right now | 0:26:54 | 0:26:58 | |
# Got to find a way out of town | 0:26:58 | 0:27:01 | |
# Going to run away there's no better time gotta get away now | 0:27:01 | 0:27:07 | |
# Anywhere you want, don't care Just as long as you are there | 0:27:07 | 0:27:14 | |
# All I know is that we can't stay another day, got to get away now. # | 0:27:14 | 0:27:21 | |
Well, I think this is a strong contender for catch of the day. | 0:27:22 | 0:27:26 | |
The fisherman's cottage is now shining like a new lobster pot. | 0:27:26 | 0:27:30 | |
They've brought it all together beautifully. | 0:27:30 | 0:27:32 | |
And while I thought the island in the kitchen should go, | 0:27:32 | 0:27:35 | |
I really like what they've done here. | 0:27:35 | 0:27:37 | |
The island in the kitchen originally was the other way round, basically. | 0:27:39 | 0:27:43 | |
So, there was a very, very narrow walkway going from the front door | 0:27:43 | 0:27:47 | |
over to the stairway up to the first floor | 0:27:47 | 0:27:49 | |
so, we realised actually it could just swivel around so we did that. | 0:27:49 | 0:27:53 | |
The other thing we've done in the kitchen was a lot of tiling | 0:27:53 | 0:27:56 | |
so we tiled around the stove and around the kitchen sink. | 0:27:56 | 0:27:59 | |
Sanded and painted the floor which really lifted it | 0:27:59 | 0:28:02 | |
and has made it very light. | 0:28:02 | 0:28:04 | |
Throughout the house you get the feeling that they've | 0:28:04 | 0:28:07 | |
thought long and hard about every little detail and I just love it. | 0:28:07 | 0:28:12 | |
Keeping the character of the property has been a juggling act | 0:28:13 | 0:28:17 | |
because we didn't want it to be too much exposed stone | 0:28:17 | 0:28:20 | |
but equally we also want it to be a functional modern-day living property. | 0:28:20 | 0:28:25 | |
So, we've tried to mix the exposed stone | 0:28:25 | 0:28:29 | |
and the wooden beams with actually modern tiling and modern facilities | 0:28:29 | 0:28:34 | |
so we have the under carpet heating and the under floor heating in the bathroom. | 0:28:34 | 0:28:39 | |
As well as a nice open fire and the solid fuel range in the kitchen | 0:28:39 | 0:28:43 | |
so we tried to mix all of that together. | 0:28:43 | 0:28:46 | |
We think we been very successful in doing that. | 0:28:46 | 0:28:49 | |
At the top of the house, | 0:28:50 | 0:28:51 | |
Liz and Gervase have been very clever in the way they've thought | 0:28:51 | 0:28:54 | |
outside of the box that was the bedroom and mezzanine above. | 0:28:54 | 0:28:58 | |
Yes, so in the bedroom, there was | 0:29:00 | 0:29:02 | |
a massive cupboard in this corner here, so, got rid of that | 0:29:02 | 0:29:07 | |
and we've created, I think it's created a really nice big space here. | 0:29:07 | 0:29:11 | |
The mezzanine which the previous people had used for storage, | 0:29:11 | 0:29:14 | |
we thought let's take the mattress up and see what it looks like there. | 0:29:14 | 0:29:17 | |
So, we've created a sense of, well, you could use that as a sleeping platform. | 0:29:17 | 0:29:22 | |
Which then really frees this space up to be whatever you want. | 0:29:22 | 0:29:25 | |
A dressing room or study, office space. | 0:29:25 | 0:29:28 | |
Put lots of sockets in so you can use it for a whole load | 0:29:28 | 0:29:31 | |
of different things, so, a little space but I think we've really created | 0:29:31 | 0:29:34 | |
a sense of it looks quite grand now for a little cottage. | 0:29:34 | 0:29:37 | |
Gervase and Liz both have their own property portfolios | 0:29:39 | 0:29:42 | |
but working together alongside private investors | 0:29:42 | 0:29:45 | |
has been a new departure for them, so how has that gone? | 0:29:45 | 0:29:49 | |
We've worked very well together. | 0:29:51 | 0:29:53 | |
I've been working with my partner Bob and Gervase has been working | 0:29:53 | 0:29:56 | |
with her husband Lee, so it's been the four of us working together. | 0:29:56 | 0:30:00 | |
And, um, a very good property to do. | 0:30:00 | 0:30:02 | |
Um, we've find out how to work together | 0:30:02 | 0:30:04 | |
and it's been very successful. | 0:30:04 | 0:30:06 | |
Jolly good. So let's talk facts and figures. | 0:30:06 | 0:30:09 | |
Did they manage to complete the work within their three-week timescale? | 0:30:09 | 0:30:13 | |
The project did take three weeks. | 0:30:15 | 0:30:18 | |
Well, the builders were here for two weeks. | 0:30:18 | 0:30:20 | |
Then we did decorating for about a week | 0:30:20 | 0:30:22 | |
and then we probably did an extra couple of weekends of finishing. | 0:30:22 | 0:30:26 | |
What about their £8,000 budget? | 0:30:26 | 0:30:30 | |
Our total spend on this is £10,400. | 0:30:30 | 0:30:33 | |
Is the plan still to sell the property on in the hope of making | 0:30:33 | 0:30:37 | |
a return for themselves and their investor? | 0:30:37 | 0:30:40 | |
It went on the market two weeks ago. So the plan is to sell. | 0:30:42 | 0:30:46 | |
We have had 14 viewings in those two weeks. | 0:30:46 | 0:30:51 | |
We've got three people measuring furniture and looking | 0:30:51 | 0:30:54 | |
at putting offers in so we might actually get an offer today. | 0:30:54 | 0:30:58 | |
Goodness, no messing around here then. | 0:30:59 | 0:31:01 | |
Liz and Gervase's renovation costs of £10,400 added to their purchase | 0:31:01 | 0:31:07 | |
price of £74,000 brings their total outlay to £84,400. | 0:31:07 | 0:31:13 | |
We asked two local property experts for their thoughts | 0:31:13 | 0:31:15 | |
on the finished product. | 0:31:15 | 0:31:17 | |
It's been excellently refurbished. | 0:31:18 | 0:31:21 | |
It's a really, really good standard. | 0:31:21 | 0:31:23 | |
Proper country, | 0:31:23 | 0:31:24 | |
fisherman's cottage style that you really would hope to see in Brixham. | 0:31:24 | 0:31:28 | |
The kitchen is presented to an exceptional standard and | 0:31:28 | 0:31:31 | |
it's nice to see bespoke units | 0:31:31 | 0:31:33 | |
rather than off-the-shelf components. | 0:31:33 | 0:31:34 | |
I think that really adds a touch of character to the property | 0:31:34 | 0:31:38 | |
and presents it in its best possible light. | 0:31:38 | 0:31:41 | |
There are options here. | 0:31:41 | 0:31:43 | |
The experts think it might let for between £500 and £550 per month. | 0:31:43 | 0:31:48 | |
Which would give Liz and Gervase a yield of between seven | 0:31:48 | 0:31:51 | |
and eight percent. | 0:31:51 | 0:31:52 | |
Or they might get up to £700 per week in high | 0:31:52 | 0:31:55 | |
season as a holiday let. | 0:31:55 | 0:31:57 | |
But the ladies and their investor are selling on. | 0:31:57 | 0:32:01 | |
So what resale value would the experts put on the cottage? | 0:32:01 | 0:32:05 | |
If I were to put on the market, I would probably put it on at 125,000. | 0:32:06 | 0:32:10 | |
I would hope to achieve towards £120,000 for the property. | 0:32:10 | 0:32:15 | |
We would expect it to achieve approximately £125,000. | 0:32:15 | 0:32:18 | |
Those resale valuations would mean a profit before tax | 0:32:21 | 0:32:24 | |
and expenses in the region of £35-40,000. | 0:32:24 | 0:32:28 | |
Which is very healthy indeed. | 0:32:28 | 0:32:30 | |
So are Liz and Gervase fired up by what they have achieved here? | 0:32:30 | 0:32:34 | |
We're really pleased with this. | 0:32:35 | 0:32:37 | |
I didn't imagine we could lift it quite as much as we have. | 0:32:37 | 0:32:41 | |
It's fantastic. It's turned out brilliantly so really thrilled. | 0:32:41 | 0:32:45 | |
We all want to stay here now. | 0:32:45 | 0:32:46 | |
But dropping anchor here was not an option. | 0:32:48 | 0:32:51 | |
Shortly after filming, they accepted | 0:32:51 | 0:32:53 | |
an offer of £125,000 on the property. | 0:32:53 | 0:32:57 | |
They are now on the lookout for another project in the Brixham area. | 0:32:57 | 0:33:01 | |
Today I'm in the village of Little Eaton, | 0:33:08 | 0:33:10 | |
just four miles north of Derby. | 0:33:10 | 0:33:11 | |
Little Eaton may not be full of sushi and tapas bars, | 0:33:11 | 0:33:16 | |
but it does have a history of pulling in the crowds. | 0:33:16 | 0:33:20 | |
As lovely as Little Eaton is, it doesn't necessarily strike as | 0:33:20 | 0:33:23 | |
somewhere that was a holiday resort, but it was in the 1900s. | 0:33:23 | 0:33:28 | |
People would flock here on trains or by canal boat to enjoy | 0:33:28 | 0:33:32 | |
the rural setting, peace and tranquillity and the local tea rooms. Marvellous! | 0:33:32 | 0:33:37 | |
Nowadays, it may be more popular with commuters rather than | 0:33:39 | 0:33:42 | |
day-trippers, but it is all very pleasant. | 0:33:42 | 0:33:45 | |
Well, just about half a mile from the village centre is | 0:33:45 | 0:33:49 | |
the property I'm here to see. It is on this fairly busy road. | 0:33:49 | 0:33:53 | |
Other neighbouring properties have created an off-street parking | 0:33:53 | 0:33:57 | |
area which is a good idea. | 0:33:57 | 0:33:59 | |
However, it's not as simple as that. | 0:33:59 | 0:34:01 | |
This is the property I'm here to see. | 0:34:01 | 0:34:03 | |
As you can see, it has got the most spectacular garden, so you | 0:34:03 | 0:34:07 | |
are going to have to lose that to create somewhere to park your car. | 0:34:07 | 0:34:10 | |
Still, 98 grand was the guide price, two bedrooms. Let's take a look. | 0:34:10 | 0:34:15 | |
# How many kinds of sweet flowers grow in an English country garden? # | 0:34:15 | 0:34:22 | |
I think I will leave the plant naming to Monty Don. | 0:34:25 | 0:34:27 | |
Nice though it would be to gad about the greenery, it is | 0:34:27 | 0:34:30 | |
time to see what is inside. | 0:34:30 | 0:34:32 | |
So, is it from Kew Gardens to Buckingham Palace? | 0:34:34 | 0:34:37 | |
Well, let's find out. Through the door, stairs up to the bedrooms there. | 0:34:37 | 0:34:41 | |
A bit strange to be faced by that pillar, I have to say | 0:34:41 | 0:34:44 | |
but through into the front living room. Nice floorboards. | 0:34:44 | 0:34:48 | |
They are bit grubby at the moment but love to see those stripped back. | 0:34:48 | 0:34:52 | |
Not a bad size space. Lots of light coming in through the window. | 0:34:52 | 0:34:56 | |
Obviously at some stage somebody has put this archway into the kitchen. | 0:34:56 | 0:35:00 | |
Before that, I notice storage radiators. | 0:35:00 | 0:35:02 | |
So maybe no central heating, which is worth consideration. | 0:35:02 | 0:35:05 | |
You have a nice open fire, which is good to have. | 0:35:05 | 0:35:08 | |
Through to the rear of the property, we have this kitchen. | 0:35:08 | 0:35:11 | |
It is a really nice-sized space, | 0:35:11 | 0:35:12 | |
spanning the whole width of the house. It is just very usable. | 0:35:12 | 0:35:16 | |
Again, really nice floorboards you could strip back | 0:35:16 | 0:35:19 | |
but you have to be careful it would not be slippy. | 0:35:19 | 0:35:21 | |
Spend a bit of money in here and you would have a lovely family kitchen. | 0:35:21 | 0:35:26 | |
It leads straight out onto the patio area at the back. | 0:35:26 | 0:35:30 | |
It is a great start. | 0:35:30 | 0:35:32 | |
You'd probably want to replace the kitchen units | 0:35:35 | 0:35:38 | |
and work tops but that needn't break the bank. | 0:35:38 | 0:35:41 | |
As far as the layout is concerned, it works fine, | 0:35:41 | 0:35:44 | |
so onwards and upwards. | 0:35:44 | 0:35:46 | |
So, upstairs, two bedrooms, | 0:35:46 | 0:35:48 | |
one at the back there and one at the front. | 0:35:48 | 0:35:51 | |
But quite interesting from my point of view, there is | 0:35:51 | 0:35:53 | |
a bit of a temporary ladder here | 0:35:53 | 0:35:55 | |
but it does lead up to a loft space which has been boarded out. | 0:35:55 | 0:35:58 | |
I think in the future it could provide maybe an extra bedroom. | 0:35:58 | 0:36:02 | |
I say that because the bathroom is certainly big enough to take it. | 0:36:02 | 0:36:06 | |
It is huge compared to the size of the rest of the upstairs here. | 0:36:06 | 0:36:11 | |
But, you know, big bathroom space is great for families. | 0:36:11 | 0:36:14 | |
I think if you stuck a third bedroom up there, put a dormer in, | 0:36:14 | 0:36:17 | |
this would meet perfect sense to keep it as big as it is. | 0:36:17 | 0:36:22 | |
Lots of towel drying space. | 0:36:22 | 0:36:24 | |
# Splish-splash I was taking a bath | 0:36:24 | 0:36:27 | |
# On about a Saturday night... # | 0:36:27 | 0:36:29 | |
And that's it for indoors, let's see what's out the back. | 0:36:31 | 0:36:34 | |
So, out through the kitchen, | 0:36:37 | 0:36:39 | |
and onto a really nice-sized patio. | 0:36:39 | 0:36:42 | |
But then, you thought the front garden was good, just come with me. | 0:36:42 | 0:36:46 | |
Come with me. | 0:36:46 | 0:36:47 | |
Take a look at this. This is straight out of a gardening manual. | 0:36:47 | 0:36:52 | |
There are all sorts of shrubs and bushes and washing | 0:36:52 | 0:36:56 | |
and drying things and this beautiful cherry tree here. | 0:36:56 | 0:37:00 | |
You could almost lose yourself in this garden. | 0:37:00 | 0:37:03 | |
There is a pond with frogs. | 0:37:03 | 0:37:05 | |
A garden like this takes years, | 0:37:05 | 0:37:07 | |
not to mention thousands of pounds to establish. It is joyous. | 0:37:07 | 0:37:12 | |
Then, to cap it all, at the end you have open fields. | 0:37:12 | 0:37:16 | |
For me, the house is nice, | 0:37:16 | 0:37:19 | |
but the garden is spectacular. | 0:37:19 | 0:37:22 | |
# I went to a garden party | 0:37:22 | 0:37:25 | |
# To reminisce with my old friend... # | 0:37:25 | 0:37:28 | |
We invited the auctioneer who sold the property to | 0:37:28 | 0:37:32 | |
give his take on this | 0:37:32 | 0:37:34 | |
mid-terrace with an auction guide price of £98,000. | 0:37:34 | 0:37:37 | |
I think the house itself is in good order. | 0:37:39 | 0:37:42 | |
I think there are two things that are important. | 0:37:42 | 0:37:45 | |
One is that that roof is ready for renewing, fairly major expenditure. | 0:37:45 | 0:37:49 | |
And the other issue is to do with parking. | 0:37:49 | 0:37:50 | |
We are on a busy main road so perhaps the first thing you have to do | 0:37:50 | 0:37:53 | |
is create a parking space in the front garden. | 0:37:53 | 0:37:56 | |
What does he think of the potential to rent this place out? | 0:37:56 | 0:38:00 | |
It is a very good rental area, | 0:38:01 | 0:38:03 | |
so I would say it would have a rental value of about £500 a month. | 0:38:03 | 0:38:08 | |
How much could it sell on for once done up? | 0:38:08 | 0:38:12 | |
Once it is renovated, it would have a value probably of about £150,000. | 0:38:12 | 0:38:16 | |
Sometimes you need real imagination to see what auction properties | 0:38:17 | 0:38:22 | |
could become, but not in this case. | 0:38:22 | 0:38:24 | |
The house itself, yes, it needs a bit of money spent on it, | 0:38:24 | 0:38:27 | |
but it could be gorgeous. | 0:38:27 | 0:38:29 | |
And the garden - that speaks for itself. | 0:38:29 | 0:38:30 | |
I'm sure it was a very popular lot when it went under the hammer. | 0:38:30 | 0:38:34 | |
Lot 68. | 0:38:36 | 0:38:38 | |
It's a two-bedroomed town house, it needs a bit of upgrading | 0:38:38 | 0:38:41 | |
and improvement. | 0:38:41 | 0:38:43 | |
95 to start me. | 0:38:43 | 0:38:45 | |
95. 90 to get on. 90,000. | 0:38:45 | 0:38:47 | |
Thank you. 90,000 I have. | 0:38:47 | 0:38:49 | |
91 at the back. | 0:38:49 | 0:38:51 | |
91, 92, 93. | 0:38:51 | 0:38:54 | |
94, 95, 96. | 0:38:54 | 0:38:57 | |
97. 98. | 0:38:57 | 0:38:59 | |
99. 100. | 0:38:59 | 0:39:00 | |
101, 102. | 0:39:00 | 0:39:03 | |
103. 104. | 0:39:03 | 0:39:05 | |
105. | 0:39:05 | 0:39:07 | |
It was a two horse race until bidding reached £116,000. | 0:39:07 | 0:39:11 | |
116. 117. 118. | 0:39:11 | 0:39:16 | |
118, 119. 119. | 0:39:18 | 0:39:20 | |
120. | 0:39:20 | 0:39:21 | |
120. 121? | 0:39:21 | 0:39:23 | |
£120,000. Nope? | 0:39:25 | 0:39:27 | |
120,000 - once somewhere else. | 0:39:27 | 0:39:30 | |
At 120. Going once. | 0:39:30 | 0:39:32 | |
Going twice. Third time. | 0:39:32 | 0:39:34 | |
It's yours, 120, well done. | 0:39:35 | 0:39:37 | |
It was Selina and Chris who secured this mid-terrace | 0:39:37 | 0:39:41 | |
with their final bid of £120,000. | 0:39:41 | 0:39:44 | |
Selina is a team leader for student records at Derby College | 0:39:47 | 0:39:51 | |
and Chris works in security at Derby University. | 0:39:51 | 0:39:55 | |
I met the couple at the property to find out their plans. | 0:39:55 | 0:39:58 | |
-Selina, Chris, lovely to meet you both. Congratulations. -Thank you. | 0:40:00 | 0:40:03 | |
Tell me why you wanted to buy this place and I hope you're both gardeners! | 0:40:03 | 0:40:07 | |
I'm not really a gardener. Erm... | 0:40:07 | 0:40:10 | |
we were looking for a home cos Chris sold his apartment | 0:40:10 | 0:40:15 | |
and went to a mortgage place to see how much we could borrow. | 0:40:15 | 0:40:19 | |
-And Christopher asked if we could get one on an auction at all. -Oh! -Yeah. | 0:40:19 | 0:40:25 | |
I'd not actually shown Selina the property, but speaking to | 0:40:25 | 0:40:28 | |
the mortgage adviser, I dropped it in the conversation. | 0:40:28 | 0:40:30 | |
I knew we'd need a surveyor's report. | 0:40:30 | 0:40:33 | |
He said as far as his bank was concerned, as long as it's got | 0:40:33 | 0:40:37 | |
a sink and a toilet, they'd be happy, | 0:40:37 | 0:40:41 | |
depending on what the surveyor said. | 0:40:41 | 0:40:42 | |
Got the surveyor's report straight the next day. | 0:40:42 | 0:40:45 | |
A week later, we're in the auction room bidding on a house. | 0:40:45 | 0:40:48 | |
If buying their first home together wasn't enough to cope with, | 0:40:54 | 0:40:57 | |
Chris and Selina have another important and very imminent | 0:40:57 | 0:41:00 | |
legally binding contract on the cards. | 0:41:00 | 0:41:03 | |
-We're getting married as well in the next four weeks. -Four weeks. | 0:41:04 | 0:41:08 | |
-Four weeks from now? -Yeah, doing everything at the same time. | 0:41:08 | 0:41:12 | |
The idea was to buy a property after we were married. | 0:41:12 | 0:41:15 | |
-But this opportunity... -You drove past and saw this one. | 0:41:15 | 0:41:19 | |
I'd seen it on the internet and I'd driven past it. I know the area. | 0:41:19 | 0:41:22 | |
I've done a property up before with my father, so I kind of know | 0:41:22 | 0:41:26 | |
roughly what I'm looking for and what to steer clear of. | 0:41:26 | 0:41:29 | |
-Yes, it was all... -Go, go, go. -Go, go, go, yeah. | 0:41:29 | 0:41:32 | |
So, tell me a bit more about your wedding. | 0:41:32 | 0:41:35 | |
Well, we've been together for ten years now. | 0:41:35 | 0:41:38 | |
Finally got around to getting married. | 0:41:38 | 0:41:41 | |
And we're getting married in four weeks' time at Derby Cathedral. | 0:41:41 | 0:41:47 | |
But luckily, I'm very organised. I have a folder which is about that big! | 0:41:47 | 0:41:50 | |
-I'm collecting my dress on Saturday, so I'm really excited. -Oh, are you? Wow! -Yes, can't wait. | 0:41:50 | 0:41:54 | |
# Hey, baby | 0:41:54 | 0:41:57 | |
# I think I want to marry you. # | 0:41:57 | 0:42:00 | |
Well, these two certainly don't do things by halves, | 0:42:00 | 0:42:03 | |
but once they come down from cloud nine after their wedding, | 0:42:03 | 0:42:06 | |
what are the plans for their new marital home? | 0:42:06 | 0:42:11 | |
From the top first, aren't we? Doing the roof first. | 0:42:11 | 0:42:14 | |
Yeah, definitely needs the roof. | 0:42:14 | 0:42:16 | |
Make it liveable, if anything. | 0:42:16 | 0:42:19 | |
We're going to get quotes to do the windows and the kitchens and everything sort of else. | 0:42:19 | 0:42:24 | |
Get the bedroom sorted, the bathroom, | 0:42:24 | 0:42:27 | |
just general sort of TLC, really. | 0:42:27 | 0:42:29 | |
Sand the floorboards in the living room. | 0:42:29 | 0:42:32 | |
And the timescale for doing all the work is what? | 0:42:32 | 0:42:36 | |
We're going to take our time with it, do it properly. | 0:42:36 | 0:42:39 | |
-What do you reckon, six months to a year? -Six months to a year, yeah. | 0:42:39 | 0:42:43 | |
But you're going to live in it during that time? | 0:42:43 | 0:42:45 | |
Yes, definitely, yeah. | 0:42:45 | 0:42:47 | |
And what kind of budget have you got set aside? | 0:42:47 | 0:42:50 | |
-About 10,000. -10,000 for now. Yeah. That's just to get it liveable. | 0:42:50 | 0:42:55 | |
So that will pay for the rewire, the plumbing, the roof. | 0:42:55 | 0:43:00 | |
The roof's going to be the major cost. | 0:43:00 | 0:43:02 | |
And just get it liveable, really, then we can assess it from there. | 0:43:02 | 0:43:06 | |
Great. What are you most excited about? | 0:43:06 | 0:43:09 | |
Well, first home for myself, really. | 0:43:09 | 0:43:11 | |
It's our first home, so I'm really, really excited about working on a project together. | 0:43:11 | 0:43:15 | |
-It's like another project after the wedding. -That's it, yeah. | 0:43:15 | 0:43:19 | |
Yeah, yeah. I'm looking forward to stripping the walls, | 0:43:19 | 0:43:22 | |
getting a hammer on a few walls, maybe, I don't know. | 0:43:22 | 0:43:25 | |
And a vegetable plot for me. That's what I want to the very end. | 0:43:25 | 0:43:29 | |
-A vegetable plot. Being self-sufficient. -That's it, yeah. | 0:43:29 | 0:43:33 | |
-That's the plan for the bottom of the garden. -Definitely. | 0:43:33 | 0:43:36 | |
Maybe a little shed or greenhouse so we can grow veg. | 0:43:36 | 0:43:39 | |
You're planning on putting in a driveway! | 0:43:39 | 0:43:42 | |
-Not all the way back. -Not all the way, no! | 0:43:42 | 0:43:44 | |
Obviously, we don't want to get rid of too much of the garden. | 0:43:44 | 0:43:48 | |
It's a lovely garden. Whoever previously lived here | 0:43:48 | 0:43:50 | |
spent a lot of time getting it to that standard. | 0:43:50 | 0:43:53 | |
It's just a bit overgrown at the moment. | 0:43:53 | 0:43:55 | |
So maybe if we can just get a car plot | 0:43:55 | 0:43:58 | |
on the front there, I think that would be enough, really. | 0:43:58 | 0:44:02 | |
What about plans for a honeymoon? | 0:44:02 | 0:44:04 | |
-It's... Well, you're standing in it, really! -Oh, really? -Yeah. | 0:44:04 | 0:44:07 | |
The honeymoon's gone out the window now. | 0:44:07 | 0:44:10 | |
It's going to be spent on, well, a roof. | 0:44:10 | 0:44:14 | |
-Right. -So, we'll be here. | 0:44:14 | 0:44:17 | |
Because we work full-time, it's hard to work on this place | 0:44:17 | 0:44:23 | |
and that's the time we've got free to get as much done as possible. | 0:44:23 | 0:44:28 | |
You literally will spend the two weeks you would have been on honeymoon sanding and stripping? | 0:44:28 | 0:44:32 | |
Yes, it doesn't get more romantic than that. | 0:44:32 | 0:44:34 | |
Well, in a way I think it's very romantic. It's great. | 0:44:34 | 0:44:38 | |
Listen, congratulations to you both on lots of levels. | 0:44:38 | 0:44:40 | |
Well done, and we look forward to seeing how you both get on. | 0:44:40 | 0:44:43 | |
-Thank you. -Will do. | 0:44:43 | 0:44:46 | |
Well, how wonderful that Chris and Selina have got this as their first home together. | 0:44:46 | 0:44:50 | |
They are embarking on two of the most stressful things you can do in your life, | 0:44:50 | 0:44:53 | |
moving house and getting married at the same time. | 0:44:53 | 0:44:57 | |
Still, with a garden like this, | 0:44:57 | 0:44:59 | |
maybe a honeymoon here won't be such a bad thing. | 0:44:59 | 0:45:01 | |
You can find out how they get on later in the show. | 0:45:01 | 0:45:05 | |
Well, they say time can be a great healer | 0:45:08 | 0:45:10 | |
but it can also be an enemy if you're up against a deadline. | 0:45:10 | 0:45:14 | |
What has happened to those properties since we last saw them? | 0:45:14 | 0:45:17 | |
It's the moment of truth, let's go back and find out. | 0:45:17 | 0:45:20 | |
Back now to Brockley in southeast London, | 0:45:23 | 0:45:25 | |
an area of musical note with enough pop star connections to form its own supergroup. | 0:45:25 | 0:45:31 | |
Was this ground-floor flat | 0:45:31 | 0:45:33 | |
set to top the Homes Under The Hammer charts? | 0:45:33 | 0:45:37 | |
It was bought at auction for £164,000 by builder Fitz, | 0:45:37 | 0:45:41 | |
with help from experienced property developers, Marilyn and Robert. | 0:45:41 | 0:45:46 | |
The flat had two good-sized bedrooms and a strange partition | 0:45:46 | 0:45:50 | |
in the sitting room which Fitz and Marilyn were intent on keeping. | 0:45:50 | 0:45:55 | |
We could potentially have three bedrooms, | 0:45:55 | 0:45:59 | |
a kitchen and then a small room where you have a TV. | 0:45:59 | 0:46:04 | |
Now, I have got to chip in here. | 0:46:04 | 0:46:06 | |
I really see this as a good two-bedroom flat. | 0:46:06 | 0:46:09 | |
I just think that little room is too little to do anything with. | 0:46:09 | 0:46:13 | |
On a budget of £5,000 to £10,000 and a three-month timescale, | 0:46:15 | 0:46:18 | |
builder Fitz was going to take on most of the work himself | 0:46:18 | 0:46:21 | |
with Robert and Marilyn helping out where necessary. | 0:46:21 | 0:46:25 | |
Three months after our first visit, we're back. | 0:46:25 | 0:46:29 | |
Fitz and Robert are on hand to show us round. | 0:46:29 | 0:46:32 | |
So, will the Brockley flat be a hit or a miss? | 0:46:32 | 0:46:36 | |
MUSIC: "Rocking All Over The World" by Status Quo | 0:46:40 | 0:46:44 | |
It's a hit, Fitz! | 0:46:53 | 0:46:55 | |
The two bedrooms now look bigger and brighter. | 0:46:55 | 0:46:59 | |
The loo and bathroom have been freshened up and keeping them separate | 0:46:59 | 0:47:03 | |
actually makes sense for the rental market. | 0:47:03 | 0:47:06 | |
The new kitchen looks smart | 0:47:06 | 0:47:08 | |
and taking out those water tanks was definitely a good move. | 0:47:08 | 0:47:12 | |
Saving the best till last, the sitting room is just so much better | 0:47:12 | 0:47:17 | |
with that partitioned wall removed. | 0:47:17 | 0:47:19 | |
In the lounge, we decided, after about a month or two, | 0:47:21 | 0:47:25 | |
to take it down because after seeing the neighbour's property upstairs | 0:47:25 | 0:47:29 | |
and saw how big the lounge was once the wall was down, | 0:47:29 | 0:47:32 | |
it just made sense to take it down and it looks a lot better as well. | 0:47:32 | 0:47:37 | |
Nice open-plan, it looks good. | 0:47:37 | 0:47:39 | |
I hate to say I told you so, but... | 0:47:39 | 0:47:43 | |
# I told you so | 0:47:43 | 0:47:45 | |
# Don't wanna brag, but you already know... # | 0:47:45 | 0:47:49 | |
Now, Robert and Marilyn are seasoned property developers | 0:47:49 | 0:47:52 | |
and they've taken Fitz under their wing to help him start building a property portfolio. | 0:47:52 | 0:47:57 | |
But just how hands-on have they been on this renovation? | 0:47:57 | 0:48:02 | |
We just try and chip in where we can and be of some assistance | 0:48:02 | 0:48:05 | |
and I think he's found that useful. | 0:48:05 | 0:48:08 | |
You don't want to be a hindrance but you have to recognise that | 0:48:08 | 0:48:12 | |
really, this is his baby now and he's got on and done it. | 0:48:12 | 0:48:17 | |
With just a couple of little odds and ends to finish off, | 0:48:19 | 0:48:22 | |
Fitz has pretty much kept to his three-month timescale, | 0:48:22 | 0:48:25 | |
but what about the £5,000 to £10,000 budget? | 0:48:25 | 0:48:29 | |
I think it's come in at about £7,500 or £8,000. | 0:48:29 | 0:48:35 | |
Probably because a lot of the work was done by myself and a few friends helping me out. | 0:48:35 | 0:48:40 | |
It worked out quite well. | 0:48:40 | 0:48:42 | |
If we call Fitz's renovation costs £7,500, | 0:48:44 | 0:48:47 | |
then add it to his purchase price of £164,000, | 0:48:47 | 0:48:51 | |
that brings his total outlay here to £171,500. | 0:48:51 | 0:48:57 | |
We asked two local estate agents | 0:48:57 | 0:48:59 | |
for their opinions on this refurbished flat. | 0:48:59 | 0:49:02 | |
It's done to a very good standard. | 0:49:02 | 0:49:04 | |
It's in neutral colours and I think it's well presented. | 0:49:04 | 0:49:07 | |
I think it's done to a very good standard. | 0:49:07 | 0:49:08 | |
I think the size of the property is very impressive as well. | 0:49:08 | 0:49:12 | |
And if it were to sell, what do they think the flat could fetch? | 0:49:12 | 0:49:17 | |
I think this flat could resell for about £210,000 to £215,000. | 0:49:18 | 0:49:24 | |
This flat could resell for anywhere in the region of £210,000 to £220,000. | 0:49:24 | 0:49:29 | |
Those resell valuations would give Fitz a profit before tax | 0:49:29 | 0:49:34 | |
and expenses of between £38,500 and £48,500. | 0:49:34 | 0:49:40 | |
That is pretty darn good, but his plan is to find tenants, | 0:49:40 | 0:49:44 | |
so what kind of rental income would the experts predict? | 0:49:44 | 0:49:47 | |
This flat could rent in the region of £1,100 to £1,200 per calendar month. | 0:49:49 | 0:49:53 | |
This flat could rent for between £1,100 to £1,200 per calendar month. | 0:49:53 | 0:49:58 | |
Those rental valuations would give Fitz a yield of around the 8% mark, | 0:49:58 | 0:50:04 | |
which is very healthy. | 0:50:04 | 0:50:07 | |
So, is this going to be the start of a glittering career in property development for Fitz | 0:50:07 | 0:50:12 | |
and will he be going solo? | 0:50:12 | 0:50:14 | |
I'd like to do a project on my own, yeah, but I would also like to work with Marilyn and Robert again | 0:50:15 | 0:50:20 | |
because they look after me. | 0:50:20 | 0:50:22 | |
I look after them, so we work as quite a good team, so it would be good to do a project with them | 0:50:22 | 0:50:27 | |
as well as do one on my own. | 0:50:27 | 0:50:28 | |
Back now to Little Eaton, Derby, and this two-bed mid-terrace | 0:50:33 | 0:50:37 | |
which Selina and Chris bought at auction for £120,000. | 0:50:37 | 0:50:42 | |
There was plenty to do to turn this into their first home together, | 0:50:42 | 0:50:45 | |
but renovating the property was not the only thing that was going to keep them busy. | 0:50:45 | 0:50:50 | |
-We're getting married as well in the next four weeks. -Four weeks? | 0:50:52 | 0:50:56 | |
Yes, doing everything at the same time. | 0:50:56 | 0:50:58 | |
-What about plans for a honeymoon? -Well, you're standing in it, really. | 0:50:58 | 0:51:01 | |
-Really? -Yes, the honeymoon has gone out the window now. | 0:51:01 | 0:51:05 | |
It will be spent on getting a roof. | 0:51:05 | 0:51:07 | |
You're spending the two weeks that you would have been on honeymoon sanding and stripping? | 0:51:08 | 0:51:12 | |
Yes, it doesn't get more romantic than that. | 0:51:12 | 0:51:15 | |
Well, in a way, I think it is very romantic. | 0:51:15 | 0:51:17 | |
Selina and Chris set themselves a budget of £10,000 | 0:51:19 | 0:51:22 | |
and a timescale of between six months and a year to make the place their own. | 0:51:22 | 0:51:26 | |
Two years and one month after our first visit, we're back, and what do they say? | 0:51:27 | 0:51:33 | |
New house, new baby. | 0:51:33 | 0:51:35 | |
Meet Mum, Dad and 12-week-old baby Scarlett. | 0:51:35 | 0:51:39 | |
So, let's see what the new family are calling home now. | 0:51:39 | 0:51:43 | |
# Baby, baby, baby, oh | 0:51:44 | 0:51:48 | |
# Baby, baby, baby, no | 0:51:48 | 0:51:52 | |
# Baby, baby, baby, oh | 0:51:52 | 0:51:55 | |
# Thought you'd always be mine | 0:51:55 | 0:51:59 | |
# Baby, baby, baby, oh | 0:51:59 | 0:52:03 | |
# Baby, baby, baby, no | 0:52:03 | 0:52:06 | |
# Baby, baby, baby, oh | 0:52:06 | 0:52:10 | |
# Thought you'd always be mine. # | 0:52:10 | 0:52:14 | |
What a transformation from a shabby shell to show-home chic. | 0:52:15 | 0:52:21 | |
It's hard to believe that Selina and Chris have also got married | 0:52:21 | 0:52:24 | |
and started a family since we were last here. | 0:52:24 | 0:52:26 | |
Yeah, we couldn't squeeze any more in. | 0:52:29 | 0:52:31 | |
I think we've done everything that we were supposed to. | 0:52:31 | 0:52:33 | |
The only thing we haven't managed to squeeze in is a honeymoon. | 0:52:33 | 0:52:36 | |
-That's the only thing. -That budget went on the... -This and the house. | 0:52:36 | 0:52:39 | |
It's more important. It was, wasn't it? Yes. | 0:52:39 | 0:52:42 | |
As far as the renovation was concerned, | 0:52:42 | 0:52:45 | |
their top priority was to replace the roof. | 0:52:45 | 0:52:49 | |
Then they could set to work on the inside of the house. | 0:52:49 | 0:52:52 | |
Selina and Chris have cleverly re-jigged | 0:52:54 | 0:52:56 | |
the layout on the first floor. | 0:52:56 | 0:52:58 | |
This was the bathroom, and it's now turned into a second bedroom. | 0:52:58 | 0:53:02 | |
It was originally going to be an office, then Scarlett came along | 0:53:02 | 0:53:06 | |
and we decided to make it into a nursery, | 0:53:06 | 0:53:09 | |
so it's worked out perfectly. | 0:53:09 | 0:53:10 | |
But the process of this room meant | 0:53:10 | 0:53:13 | |
because the bathroom was here beforehand... | 0:53:13 | 0:53:15 | |
The original bath was leaking, | 0:53:15 | 0:53:17 | |
so it meant that the joist was saturated, so we had to replace | 0:53:17 | 0:53:21 | |
the timber on the joist and it also enabled us to put new oak floor down, | 0:53:21 | 0:53:26 | |
which Chris sourced and installed himself as well. | 0:53:26 | 0:53:30 | |
We're really pleased with the results and really pleased that we decided to | 0:53:30 | 0:53:33 | |
turn this into a second bedroom, so it worked out perfectly for us. | 0:53:33 | 0:53:36 | |
The master bedroom looks like it's just stepped off the pages | 0:53:39 | 0:53:42 | |
of a magazine. | 0:53:42 | 0:53:43 | |
Even though the family bathroom is smaller than it was, | 0:53:45 | 0:53:48 | |
they've still managed to fit in a rather swish four-piece suite. | 0:53:48 | 0:53:51 | |
Chris wanted a walk-in shower effect and I wanted a roll top bath. | 0:53:54 | 0:53:58 | |
So what we did to compromise, we had a walk-in shower as such, | 0:53:58 | 0:54:04 | |
but we've cheated by having a slimline tray | 0:54:04 | 0:54:06 | |
so it gives the appearance that you can walk straight in | 0:54:06 | 0:54:09 | |
rather than a step. | 0:54:09 | 0:54:10 | |
Also we put a roll top bath, which was here | 0:54:10 | 0:54:14 | |
and just looks lovely at night-time right next to the glass bricks. | 0:54:14 | 0:54:17 | |
Those glass bricks work really well, and they also give an extra | 0:54:19 | 0:54:23 | |
dimension to the staircase, which is now looking very smart indeed. | 0:54:23 | 0:54:27 | |
Downstairs the layout is the same as before, | 0:54:28 | 0:54:31 | |
but it's all been given a new lease of life. | 0:54:31 | 0:54:34 | |
Out front, they've created off-street parking | 0:54:34 | 0:54:37 | |
and are just waiting for the council to drop the kerb. | 0:54:37 | 0:54:40 | |
And out back, new French doors leading onto the garden | 0:54:40 | 0:54:43 | |
are a real bonus. | 0:54:43 | 0:54:44 | |
So basically out here what we've done is just gravelled it for now, | 0:54:48 | 0:54:53 | |
just to tidy it up. | 0:54:53 | 0:54:55 | |
In the future, we're looking to perhaps redesign it | 0:54:55 | 0:54:58 | |
and raise it so there's not such a step coming out of the French doors. | 0:54:58 | 0:55:02 | |
Basically, we've tided up the borders | 0:55:02 | 0:55:05 | |
and really didn't need a lot changing. | 0:55:05 | 0:55:08 | |
It's a really nice cottage garden. | 0:55:08 | 0:55:11 | |
It's nice to be able to enjoy it outside in the sunlight today | 0:55:11 | 0:55:15 | |
with a glass of wine, and when Scarlett's older she can play in the | 0:55:15 | 0:55:18 | |
garden and, yeah, we're really pleased with what we've achieved so far. | 0:55:18 | 0:55:23 | |
And so you should be, Chris. | 0:55:25 | 0:55:27 | |
The couple have done most of the work here themselves, | 0:55:27 | 0:55:29 | |
with Selina lending a hand throughout her pregnancy no less. | 0:55:29 | 0:55:34 | |
Their timescale did slip, as did their budget from 10,000 to £18,000. | 0:55:34 | 0:55:39 | |
But the finish here is top notch | 0:55:39 | 0:55:42 | |
and they have had rather a lot on their plates of late. | 0:55:42 | 0:55:45 | |
I thought it'd be ready in six months. It wasn't. | 0:55:47 | 0:55:50 | |
You know, two years later... | 0:55:50 | 0:55:53 | |
But I'm glad, because the reason why it's taken us as long as it has | 0:55:53 | 0:55:56 | |
is because we wanted to ensure that we saved up per month | 0:55:56 | 0:56:00 | |
so we weren't getting out loans or credit cards, | 0:56:00 | 0:56:03 | |
everything was we save up and we do the next job, do the next job. | 0:56:03 | 0:56:07 | |
But as a result of having that time, | 0:56:07 | 0:56:08 | |
our ideas were able to evolve over the two-year period. | 0:56:08 | 0:56:12 | |
I think that sort of helped. | 0:56:12 | 0:56:14 | |
Yeah, that's where the time has come into it | 0:56:14 | 0:56:17 | |
and that's the way you go on. | 0:56:17 | 0:56:19 | |
Yeah, so, we also wanted to do a decent job. | 0:56:19 | 0:56:22 | |
I think it's high standard. | 0:56:22 | 0:56:24 | |
Yeah, high standard and quality and that, you know, it has a cost to it. | 0:56:24 | 0:56:28 | |
When you add their purchase price of £120,000 to their renovation cost | 0:56:30 | 0:56:33 | |
of 18,000, Chris and Selina's total outlay on their new family home | 0:56:33 | 0:56:38 | |
comes to 138,000. | 0:56:38 | 0:56:41 | |
We asked two local property experts | 0:56:41 | 0:56:43 | |
for their thoughts | 0:56:43 | 0:56:44 | |
on all their hard work. | 0:56:44 | 0:56:45 | |
First impressions of the property are fabulous. | 0:56:47 | 0:56:50 | |
It's a lovely spot which is great, | 0:56:50 | 0:56:52 | |
and the style they've done it in has really lifted it. It looks fantastic. | 0:56:52 | 0:56:58 | |
This is a perfect home for a new family. | 0:56:58 | 0:57:00 | |
There's lots of outdoor space, | 0:57:00 | 0:57:02 | |
off-road parking to get the buggies in and out of the car. | 0:57:02 | 0:57:04 | |
Great spot, very close to the city centre | 0:57:04 | 0:57:08 | |
and there's lots of communal areas in the local proximity. | 0:57:08 | 0:57:11 | |
The experts agree that the mid-terrace could let | 0:57:12 | 0:57:15 | |
for around £600 per month, which would give the couple | 0:57:15 | 0:57:18 | |
a yield of around 5%. | 0:57:18 | 0:57:20 | |
So what might it fetch on the resell market? | 0:57:20 | 0:57:23 | |
I would suggest a resell value at the minute of around £150,000. | 0:57:24 | 0:57:28 | |
I think we could go for a slightly inflated figure | 0:57:28 | 0:57:32 | |
which I would put at £165,000. | 0:57:32 | 0:57:35 | |
Those resell valuations would give Chris and Selina a profit | 0:57:37 | 0:57:41 | |
before tax and expenses of between £12-27,000. | 0:57:41 | 0:57:45 | |
But I get the feeling they're here for the long haul. | 0:57:45 | 0:57:50 | |
Yeah, I think even if we were offered loads of money, | 0:57:50 | 0:57:52 | |
-I still wouldn't want to sell. -No. -Definitely not. | 0:57:52 | 0:57:54 | |
-Yes. Pleased. Very pleased. -Yeah, really pleased. | 0:57:56 | 0:57:58 | |
Well, that's it for now. We'll be back with more action | 0:58:01 | 0:58:04 | |
from the auction rooms all over the country next time. | 0:58:04 | 0:58:07 | |
So make sure you watch Homes Under The Hammer. | 0:58:07 | 0:58:09 | |
-Goodbye. -Goodbye. | 0:58:09 | 0:58:10 | |
Subtitles by Red Bee Media Ltd | 0:58:10 | 0:58:13 |