Episode 56 Homes Under the Hammer


Episode 56

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Transcript


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Hello. Property continues to fascinate us

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but tricky market conditions

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means it can be harder to find that particular place

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that will make your fortune.

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Buying at the right price is imperative

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if you want to make a profit at the end of the day.

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Yes. And one good way to stack things in your favour and to get the ball rolling

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is to visit your local property auction.

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The three properties on the show today are very different.

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But their new owners will all be hoping that they made a good investment.

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Let's see what they went for on auction day.

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In Newcastle, this two-bed maisonette

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looks the height of modernity from the outside,

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but inside, well, the decor's all Greek to me!

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In Telford, Shropshire, this mid-terrace has one of my least favourite wallpapers - woodchip.

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But believe it or not, we find somebody who likes it!

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And while we're talking decor,

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in Rochester, Kent, this three-bedroomed property is the business!

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Oh, that's gorgeous!

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All these properties sold at auction.

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250.

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And we'll find out who bought them and what they paid for them

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when they went under the hammer.

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I'm here by the side of the River Tyne

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standing beside the Millennium Bridge,

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the world's first and only tilting bridge.

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It's one of seven bridges that links the town of Gateshead

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with the city of Newcastle.

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The Newcastle skyline has been transformed by fantastic architecture

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and regeneration projects.

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It's a really lively and exciting city to be in.

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Well, walking distance from the town centre in this block of flats

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is the property I'm here to see.

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It's a split-level apartment.

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Had a guide price of 39,950 quid.

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Wow, for something that close to the town centre,

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that strikes me as being great value for money.

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Let's hope there aren't any nasties inside.

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So for that kind of money, I am expecting something a bit pokey.

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But this is a good start.

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Nice little entrance area here,

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somewhere to hang coats and hats and store bikes and all that.

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And then another large entrance area here.

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Really gives the flat a sense of...

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space.

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Hmm. I didn't notice these as I walked in.

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OK!

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Very interesting choice of decoration!

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These plaster things on the walls. Wow!

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What else have we got?

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The first bedroom down here.

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It looks a good size, but again, what's going on with the ceilings, as well?

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There's wild plaster everywhere!

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But if you can get your head round that,

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the actual space down there is brilliant.

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You've got a downstairs cloakroom and loo.

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And then upstairs. So yes,

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it's a two-level flat.

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And, um...

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yep, there's more!

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Fantastic(!)

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But up here you've got yourself a bedroom

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and again this great feeling of space.

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Through into the lounge.

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And views out across the balcony there.

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It's a really fantastic flat.

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This is great, really great.

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You've got this room, the main living area,

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lots of space with room for a dining table et cetera.

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The only downside is that that is the location of the bathroom

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or the main bathroom and loo.

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Not really ideal off the lounge,

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but we'll forgive it that.

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Through to the kitchen.

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Huh! You know what, this is really nice, too.

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Possibly the units are a bit old,

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but it's solid wood there on the front

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and it's a really nice space.

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I like the layout. The fact you've got the sink there,

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a little alcove with the cooker over there.

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Lots of light. This flat really surprises me.

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Yes, we can forgive it some of those interesting design touches,

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because what you've got here is space.

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In some ways, it feels bigger than lots of houses I've been into.

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There's a lot of apartment for your money here with good sized rooms.

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That upstairs bedroom is enormous.

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It looks as if it might have been two originally

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so maybe that could become two bedrooms again.

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That would add value, though one of them would be small.

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High ceilings, decent kitchen,

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and a loo on each floor.

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The one downstairs could be extended

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while the one upstairs already has a shower.

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I love the bright, airy feel

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and the balcony, which has a lovely view.

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The building itself is very striking,

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but perhaps part of the reason the flat's so cheap

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is that it is of non-standard construction.

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That can make getting a mortgage rather tricky.

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On the plus side, it's close to the train and metro and there's a regular bus service.

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The grounds are well kept,

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but beware of communal charges for the upkeep.

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As for the location,

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it really is very, very pleasant.

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Lots of open parkland, trees, mature shrubs and things like that.

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You've got a church.

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You know, that sets this place apart.

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All this for a guide price of just under 40 grand.

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Too good to be true? Let's ask a local estate agent.

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Obviously the property has got lots of space to the rooms.

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There is a spacious lounge, spacious bedrooms.

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The layout is slightly unusual,

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with the bathroom being off the lounge.

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So I would suggest taking the bathroom down to the lower level

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and opening up the living space.

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Lots of ticks for this Newcastle flat.

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What could it be worth, once done up?

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Once renovated, I would put this property on the market

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at £75,000.

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What would the rental value of the finished property be?

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Once renovated, I would expect to achieve £550 per calendar month.

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Well, it's a good location and a really interesting little flat.

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I'd live there myself.

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

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So we're going to move back up to Newcastle.

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We had it advertised at 39,950 plus.

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We're actually putting it in the room tonight

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with a starting bid of £15,000.

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Got to be a buy for somebody.

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15,000. Who wants to start? 15,000.

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15,000. Do I have 17,000 anywhere else?

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I have the one bid at £15,000.

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We want to sell. 17 on the second row.

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19? 19 bid. 21.

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21 bid. 23?

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The bidding at this auction was brisk

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and soon went beyond the guide price.

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Bid on the left. 39.

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39 bid. 39 and a half?

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40. 40 and a half?

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41?

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41 and a half bid.

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41 and a half thousand pounds.

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42.

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It's the gentleman standing at £42,000.

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I'll take 250.

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No? I'm selling at £42,000.

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Selling once at 42. For the second time at £42,000.

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Sold. Gentleman standing.

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At £42,000. Congratulations.

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That final bid came from Terry on the right here.

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He's a student and care assistant

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and has brought builder Ian along.

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I was keen to find out the plans for this fascinating flat.

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Ian, Terry, good to meet you both.

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Congratulations. Tell me why you wanted to buy this place.

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-Cheap!

-Cheap, OK!

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Very cheap. I actually tried to buy it for 57,000 a couple of months before it went to auction.

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-Wow!

-But I got gazumped.

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Then it went back. I found out it was up for auction.

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It was listed for 40,000

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but on auction night it started at 15.

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So I was only going to go to 40

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and then this one was like, "It's only a few grand. Just go over."

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And we got it for 42.

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It's a really interesting flat, isn't it?

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Or apartment, if you like. It's really unusual.

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Yeah. The layout is weird.

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But it's great.

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-It's massive, really.

-Yeah.

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'This isn't the first time that part-time builder Ian

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'has assisted Terry with a property.

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'He's a plumber by trade. The two of them plan to be hands-on together on this, Terry's second project.'

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I think there's going to be a few walls coming down, things like that,

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that you've been having a look at.

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So it was the price that attracted you to it.

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-Anything else about it?

-The location's brilliant.

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It's five minutes from the city centre.

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The size, it's not a pokey little flat, as you saw.

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You like the cherubs, don't you?

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I love the decor! It's brilliant!

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-You do?

-No!

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Yeah. The location, the size, the price, just perfect, really.

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What are you going to do to it to sort it out?

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Um, I think pretty much every wall around here is coming down.

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I'm going to knock all this into one big kitchen/lounge area.

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That one's going to be moved back about a metre

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-then storage cupboards put on the landing. There's no storage in the place.

-Right.

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That walk-in shower in the bathroom

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is going to be joined with the cupboard in the bedroom

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to make one big wardrobe.

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That's going back to two bedrooms upstairs, as well,

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-cos at the minute it's just one big room.

-Right.

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The bathroom downstairs. So pretty much everything's moving.

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I'll be living in it as well.

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But I'm going to rent the downstairs room out

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and I've already got a friend who's going to rent that off us.

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Good. That'll cover part of the rent.

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In fact, that'll probably pretty much cover your...

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It'll cover the mortgage and the service charges for the building,

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-so it's pretty good.

-Result.

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'Terry seems very sorted.

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'With a lodger in place downstairs and his own room and a guest room upstairs,

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'he is adding value.

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'Many of the walls will be moved. What else have they got planned?'

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We'll call in plasterers and things,

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but the majority I'll do myself. I'll fit the kitchen, the bathroom,

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and we'll see about getting tilers in.

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Obviously the electrics we'll have to be careful with the regulations nowadays,

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so we'll have a professional in to do that

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and then get them signed off.

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But everything else I think we'll do between the two of us.

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Terrific. There was a bit of concern about the building construction in general.

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Do you know anything about this?

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Just that it's a concrete frame with brick infill.

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Some lenders wouldn't lend on it.

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So I went round a few to try and get the best mortgage deal

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and the bigger banks would lend on it, but smaller ones wouldn't touch it.

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'Apparently, the concrete might be an issue for some lenders.

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'It goes to show that shopping around for mortgages can be as trying as the renovation itself.'

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So what is the time scale?

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That depends on funds because obviously I don't have much at the minute.

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But I'm planning on re-mortgaging because it's worth a lot more than I paid.

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-Right.

-So hopefully I'll be able to get it revalued

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and get the funds released.

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-You'll have to wait a while.

-About six months.

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So I think it'll be between six and 12 months for everything to be done.

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Right. And what kind of budget have you set aside?

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-We're looking at between 10 and 15.

-Wow!

-But I think about ten would do it.

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That's including the radiators. That's everything.

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-Congratulations.

-Thank you.

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All the very best. I look forward to seeing how you get on.

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'I don't think there's any doubt that Terry has bagged himself a real bargain at this flat.

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'And he certainly has major plans for it.'

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Big question is, will the elaborate plasterwork remain when we come back?

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Will it be more Newcastle than Florence?

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You can find out later in the show.

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I'm just outside Telford in Shropshire now

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in the market town of Wellington.

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It's on the old Roman road of Watling Street

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and has long been a popular place to live.

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Past residents include the poet Philip Larkin

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and several members of the band T'Pau.

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Let's hope today's property is something to sing about.

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About ten minutes' walk from Wellington town centre

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is the property I'm here to see.

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Two-bedroomed mid-terrace.

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Had a guide price of £50,000 plus.

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This is it. Let's have a look.

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So, fairly standard lay-out.

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In through the door. Stairs up to your bedrooms there.

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Into your front sitting room.

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You've got this door here. Keeps the cold out.

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What might not, though, is the alternative repairs to the window!

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Interesting. That looks like double glazing

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but it isn't, so possibly something to sort out.

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But it's a good-sized room. Some nice features.

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There's recesses there and reasonably high ceilings.

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That feeling of space continues as you come to the rear of the property

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where you've got this kitchen.

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Clearly in need of some tender loving care,

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but it's a good sizes space. It's big enough to be a kitchen/diner which is good.

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And it continues down here.

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There's more. Through here a downstairs loo

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and the good news is this isn't the only loo in the property. There's one upstairs, too.

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So this is, I guess, a utility room/ stroke downstairs toilet.

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Excellent. Who'd have thought it from the front?

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Yes, I expected to see a kind of two-up, two-down kind of property.

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The downstairs loo and utility area in the little extension

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are a definite plus.

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Let's not get carried away as it will need some improvements

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but it does show promise.

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I imagine when this house was first built,

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it would have had just the toilet downstairs.

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And possibly two large bedrooms upstairs.

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Somebody's obviously made the decision to bring a bathroom upstairs.

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That's taken away one of the big decisions about these kind of properties

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cos you think, "Is it worth doing?" But somebody's done it.

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It does mean that certainly the second bedroom is a bit small,

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but for the sake of it, fantastic to have that up here.

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Still got your two bedrooms. Job done.

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OK, it needs a bit of work,

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but a great property.

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There are definitely the makings of a decent house here.

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There's what looks like a reasonably new boiler and central heating

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and it appears structurally sound.

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I really like what I'm seeing here.

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Let's go back and take a look around outside.

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At the back of the property, a really nice-sized back garden.

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It could do with a mow, obviously,

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but apart from that, a lovely thing to have.

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What's not so good is that.

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Looks to me like somebody's just dumped out loads of oil from a car engine.

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Now, I know we're always talking about striking oil

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when you look at auction properties, but that wasn't what I had in mind.

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This is not the kind of oil field you want in your garden.

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It's definitely not an environmentally friendly thing to have.

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Get this to an oil bank for recycling ASAP.

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Used motorcycle oil contains toxic chemicals and heavy metals.

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It's slow to degrade, sticks to everything, contaminates water supplies

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and harms wildlife.

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It'll be a complete pain to get rid of.

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But perhaps you could strike it lucky with this property.

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I don't think it'll make you as rich as an oil baron,

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but it might be worth sinking a bob or two into it.

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What does a local estate agent make of this house

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that was guided at £50,000 plus?

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The property offers particularly generous accommodation on the ground floor

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with a single-storey extension situated at the rear.

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If this was to go on the rental market,

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one thing that does help rental yields

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is having a third bedroom.

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Really, for this size of property,

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I don't really see any benefit of having two bathrooms.

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So even though the bathroom is on the ground floor,

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I would still look at possibly changing the first floor bathroom

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into a bedroom. It's certainly big enough for a reasonable single bedroom.

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Hmm. Interesting thought. So the layout may depend on what the purchaser intends to do with it.

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And that may in turn be determined by the financial returns.

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So how would this house, guided at £50,000 plus,

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do if sold on once done up?

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When this property is finished to a decent selling standard,

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I would put this on the market for round about £70,000.

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Encouraging. But what about rental?

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For rental purposes, if you keep the existing layout,

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but again refurbishing to a decent standard,

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I would suggest a rental value or round about 450 to £475 per calendar month.

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If you were to create this into a three-bedroomed property,

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I would suggest between 500 and £525 per calendar month.

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So, change the upstairs bathroom back into a bedroom

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and you could increase your rental return

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by ten to 15 per cent.

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That's definitely something worth considering.

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So, would you pay the suggested £50,00 plus guide price for this place?

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I think I would.

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It's a good little property. Doesn't need too much work.

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Great one to go for. Let's see who agreed when it went under the hammer.

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Lot 62. A mid-terraced house. Two bedrooms.

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It does need modernising.

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Start me off at 38? 38 bid. Standing right.

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at £38,000.

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40 going to say now. 40. 42.

0:19:140:19:17

44. 46.

0:19:170:19:19

48.

0:19:190:19:21

50.

0:19:210:19:23

51.

0:19:230:19:24

52. 53.

0:19:240:19:26

54. 55.

0:19:260:19:29

Shaking his head. 55. Your bid left.

0:19:290:19:32

At £55,000.

0:19:320:19:34

56 anywhere else?

0:19:340:19:35

At £55,000, then, for the first time,

0:19:350:19:39

at £55,000 for the second time.

0:19:390:19:43

Third and final time at £55,000.

0:19:430:19:46

Bought it. Well done.

0:19:460:19:48

And so for just £5,000 over the guide price,

0:19:480:19:51

the successful bid for the two-bedroomed mid-terraced house in Wellington

0:19:510:19:55

was made by local resident Mike

0:19:550:19:57

as joint purchase with his wife Annette.

0:19:570:20:00

The couple have several properties already.

0:20:010:20:03

They joined me at the two-bed semi to discuss what they intend to do with it.

0:20:040:20:09

Mike, Annette, great to see you both.

0:20:110:20:14

-Congratulations.

-Thank you.

0:20:140:20:16

Tell me why you wanted to buy this place?

0:20:160:20:18

I go to the auctions to buy property

0:20:180:20:20

and Annette gives me a selection

0:20:200:20:23

and most ones I don't usually get, but this one was within our budget so I bought this one.

0:20:230:20:29

What was it about this one you particularly liked?

0:20:290:20:31

The price!

0:20:310:20:33

So apart from the price, was there anything that appealed?

0:20:330:20:36

No, it didn't appeal at all!

0:20:360:20:38

No, I gave him a list. Here's the list, with all the prices he could bid to on here.

0:20:380:20:44

You gave him a list of how many properties he could potentially buy?

0:20:440:20:47

-There's about 11 listed. I only wanted one.

-Right.

-He's only allowed to get one.

0:20:470:20:52

-But you said he could have any of these 11.

-Yes.

0:20:520:20:55

This was the 11th and this was the one he got!

0:20:550:20:57

So what was your reaction when your husband got back?

0:20:570:21:01

I wasn't very pleased!

0:21:010:21:03

Do you want to expand on that a little?

0:21:030:21:05

I said, "Oh, no!"

0:21:050:21:08

So from your side, what exactly happened?

0:21:080:21:10

Well, I was hoping that somebody else would bid higher, but they didn't!

0:21:100:21:14

Cos I knew there'd be a lot of work in this house for me.

0:21:140:21:18

You were hoping somebody would bid higher?

0:21:180:21:20

So as I didn't get it. I don't like work, particularly!

0:21:200:21:23

Let's go back a step here.

0:21:230:21:25

-You bought and hoped that somebody would outbid you?

-Yes!

0:21:250:21:28

-Right.

-Then he wouldn't have got it and that would have been OK, he's thinking.

0:21:280:21:32

-It's an alternative bidding technique!

-Yes.

0:21:320:21:35

-A dangerous strategy!

-Yes. I'd been given the prices to bid up to

0:21:350:21:39

and I knew Annette had looked them up on the internet

0:21:390:21:43

to see what they'd gone for.

0:21:430:21:44

If they'd gone for higher, she wouldn't have minded.

0:21:440:21:48

But if they went for the price she'd put on her list, I'd be in trouble.

0:21:480:21:53

Well, I think I follow Mike's logic!

0:21:580:22:01

But it does seem they've ended up with a house

0:22:010:22:03

that neither of them really wanted.

0:22:030:22:06

But in developing, it's all about the price you pay for a property

0:22:060:22:09

and at £55,000,

0:22:090:22:11

they did at least find one aspect of this end-of-terrace appealing.

0:22:110:22:15

The trouble is that now they've got it, they need to bring it up to scratch.

0:22:150:22:19

The plan is to what, sell it on or rent it out?

0:22:230:22:26

I've actually bought it for my son, this house.

0:22:260:22:28

-OK.

-And he's going to have it and rent it out.

0:22:280:22:31

-He's not going to live in it?

-No.

0:22:310:22:34

-So you're building a portfolio for him?

-Yes.

0:22:340:22:36

What's he going to do to sort it out, then?

0:22:360:22:39

Well, I'm going to remove this wallpaper.

0:22:390:22:42

OK. And I'm hoping the woodchip underneath will be sound, cos I like woodchip wallpaper!

0:22:420:22:48

-What?!

-I like woodchip wallpaper.

0:22:480:22:51

You're going to take off the wallpaper and hope to find woodchip underneath?

0:22:510:22:56

Yes, cos there's woodchip round the rest of it.

0:22:560:22:58

Then I'm going to patch it and paint it.

0:22:580:23:00

You are probably the first person I've ever met who is a huge fan of second-hand woodchip.

0:23:000:23:06

-That's right.

-Can you explain more about your woodchip love?

0:23:060:23:11

If you take this woodchip off, you'll end up with the plaster coming off.

0:23:110:23:15

Then you'll have to re-plaster all the walls.

0:23:150:23:17

-Right.

-But if you leave it there and just patch the holes,

0:23:170:23:21

it'll look perfectly presentable when it's painted and that's good.

0:23:210:23:25

Well, each to their own, I suppose.

0:23:330:23:35

The thing this couple really do like is working on renovations.

0:23:350:23:39

They do this for a living and get their hands dirty by doing all the work they can by themselves.

0:23:390:23:45

They have two sons, and both got a property for their 25th birthdays.

0:23:460:23:50

They've decided that even though it's going on the rental market,

0:23:520:23:55

they will leave the layout as it is, with just two bedrooms.

0:23:550:23:58

Apart from taking off the wallpaper and hopefully finding woodchip, what else are you going to do?

0:24:010:24:05

Put in new windows. We'll have the floors carpeted and vinyl in the bathroom and kitchen.

0:24:050:24:11

OK. What about the kitchen and bathrooms?

0:24:110:24:14

They need doing, yes.

0:24:140:24:16

What's the time scale on this?

0:24:160:24:17

We expect it to take us two months,

0:24:170:24:20

but we're going on holiday in six weeks' time

0:24:200:24:22

so we've either got to rush and do it a bit quicker,

0:24:220:24:27

-or we'll wait till we come back to finish it off.

-Right.

0:24:270:24:30

-We're working on another one at the moment.

-Wow.

0:24:300:24:33

So we've got to finish that one first before we start on here.

0:24:330:24:36

And what's the budget?

0:24:360:24:39

-5,000.

-At least you won't pay much for the wallpaper!

0:24:390:24:42

No!

0:24:420:24:43

Well, listen, congratulations.

0:24:440:24:47

It's a very interesting story and lovely to meet you both.

0:24:470:24:50

-Thank you.

-Congratulations.

-Thank you.

0:24:500:24:52

-Look forward to seeing how you get on.

-Thank you.

0:24:520:24:55

That's a turn-up for the books, isn't it?

0:24:560:24:58

A huge fan of woodchip wallpaper.

0:24:580:25:01

Fantastic. Still, I think Annette and Mike have got themselves a really nice house here

0:25:030:25:07

although they don't seem particularly happy to have got it!

0:25:070:25:12

Will they be more enthusiastic when it's sorted out?

0:25:120:25:16

Hopefully so. You can find out later in the show.

0:25:160:25:19

Coming up: in Rochester, Kent,

0:25:200:25:22

this three-bed mid-terrace has gone for the Swedish sauna look in the kitchen and the bathroom!

0:25:220:25:29

We return to Telford to see if Annette was joking or if she meant it.

0:25:300:25:35

I like woodchip wallpaper!

0:25:350:25:37

-What?!

-I like woodchip wallpaper!

0:25:370:25:40

But first it's back to Newcastle,

0:25:410:25:44

where this two-bed split-level flat had surprised Terry.

0:25:440:25:48

I didn't expect it to look this good.

0:25:480:25:50

We head back to Newcastle now

0:25:530:25:55

and only a short walk from the city centre where we met Terry.

0:25:550:25:59

He's a sociology student and care worker

0:25:590:26:02

who bought himself a two-bedroom split-level flat.

0:26:020:26:05

On the outside, the flat was definitely of the 20th century,

0:26:050:26:09

but inside it was more Renaissance than retro.

0:26:090:26:13

I love the decor. It's brilliant.

0:26:130:26:16

-You do?!

-No!

0:26:160:26:18

He'd need angels on his side with this one!

0:26:180:26:21

But getting rid of the plasterwork could "frieze" his progress.

0:26:250:26:28

With Ian's help, he planned to do some major reconfiguring.

0:26:280:26:32

In fact, by the sound of things, no wall would remain.

0:26:320:26:35

What are you going to do to sort it out?

0:26:360:26:38

Pretty much every wall around here is coming down.

0:26:380:26:41

-I'm going to knock all this into one big lounge/kitchen area.

-Wow.

0:26:410:26:46

That wall's going to be moved. That's going back to two bedrooms upstairs as well.

0:26:460:26:50

-Right.

-The bathroom downstairs.

0:26:500:26:53

So, not a lot of work, then(!)

0:26:530:26:55

Terry intended to finish his studies and part-time job

0:26:550:26:58

and had a new job lined up.

0:26:580:27:00

So he'd allowed himself nine to 12 months

0:27:000:27:03

including time to raise the ten to £15,000 budget.

0:27:030:27:07

So, how did he get on?

0:27:070:27:09

Well, on the ground floor, that downstairs loo

0:27:090:27:12

is now a very luxurious-looking bathroom.

0:27:120:27:15

And the downstairs bedroom is now very smart.

0:27:210:27:24

Upstairs, with the bathroom moved downstairs

0:27:260:27:29

and the kitchen wall demolished,

0:27:290:27:30

the living room's now even better

0:27:300:27:33

with a bright, open-plan kitchen and French windows.

0:27:330:27:36

I pretty much changed everything, starting from a new front door.

0:27:360:27:40

I completely obliterated the entire place.

0:27:400:27:43

It was literally a concrete shell. I took every single wall out.

0:27:430:27:46

The layout I changed dramatically, to say the least.

0:27:460:27:50

I got new French doors on the balcony,

0:27:540:27:56

I also added a table and chairs

0:27:560:27:59

which is a nice little feature

0:27:590:28:01

for when the weather's lovely and you can sit outside and relax.

0:28:010:28:05

Terry has reinstated it as a three-bedroomed flat

0:28:090:28:13

just as he'd planned. A sensible move.

0:28:130:28:17

The one bedroom that was upstairs

0:28:170:28:18

has been changed into two and a walk-in wardrobe added on to that.

0:28:180:28:22

Unfortunately, Ian didn't end up helping with the work,

0:28:220:28:26

so Terry's done it on his own.

0:28:260:28:28

It's amazing he stuck to his time scale

0:28:280:28:30

given what he had on his plate.

0:28:300:28:32

The project itself has been up and down, with starts and stops.

0:28:320:28:35

I started a new job just over a year ago.

0:28:350:28:38

I work with young people with learning disabilities

0:28:380:28:42

and it's really, really rewarding.

0:28:420:28:44

I've been able to fit it in with the renovations quite well,

0:28:440:28:47

but towards the end of the project, I sort of ran out of money.

0:28:470:28:50

I went over the 15,000 mark a little bit.

0:28:500:28:52

It's looking at around 17,000 and it's pretty much finished.

0:28:520:28:56

A few little touch ups here and there and carpet.

0:28:560:28:59

I was working 80 hours a week and trying to fit this in when I could.

0:28:590:29:03

I got a bit bogged down. I had problems with tradesmen.

0:29:030:29:07

I went through three sets of joiners, two plumbers. I had an absolute nightmare.

0:29:070:29:13

But these last few months it's been pretty much plain sailing which has been fantastic.

0:29:130:29:18

There were other pressures, too.

0:29:200:29:22

Terry had hoped to install a combi boiler,

0:29:220:29:24

but there were quite a few hoops to jump through.

0:29:240:29:27

Before I bought the property, I enquired about the heating system

0:29:290:29:33

cos when I viewed it I noticed there was electric heating

0:29:330:29:35

and I was aware there was communal heating.

0:29:350:29:38

So I got in touch with the leaseholder

0:29:380:29:40

and they said, "No bother. You'll be able to get communal heating."

0:29:400:29:43

I waited for three months, and in the end they said,

0:29:430:29:47

"There's a problem with the lease. You can't have the communal heating."

0:29:470:29:50

Instead, he invested in an electric immersion heater.

0:29:500:29:53

I got quoted £11,000 to install a gas line to the property,

0:29:530:29:58

so it was a lot cheaper to go for an immersion heater

0:29:580:30:02

and electric radiators.

0:30:020:30:05

At least he has somewhere to go to soak away his troubles.

0:30:050:30:08

I'd always wanted a bath long enough to submerge my entire body in.

0:30:140:30:18

When the plans started coming together for the bathroom,

0:30:180:30:21

I thought, "Perfect. I can put it in there."

0:30:210:30:24

The space where the old cupboard used to be is where I'm sitting now.

0:30:240:30:27

We utilised the space from the passage, the old downstairs loo

0:30:270:30:32

and the storage cupboard into one big luxury bathroom.

0:30:320:30:36

Everything high-spec, and I love it.

0:30:360:30:39

Terry seems deservedly proud of the hard graft he's put in here.

0:30:390:30:42

I'm proud of the spec that it's come out. I didn't expect it to look this good

0:30:420:30:48

when I first envisioned it.

0:30:480:30:50

But as I went along, it's just come together perfectly

0:30:500:30:53

and it's so much better than what I thought it was going to be.

0:30:530:30:56

How will the improvements go down with these two local estate agents?

0:30:570:31:01

My thoughts on the refurbishment, it's fantastic.

0:31:030:31:05

Amazed when I came in.

0:31:050:31:07

It's really high quality and a really good finish.

0:31:070:31:10

What does the one who saw the property before think about the new layout?

0:31:100:31:14

The changes the owner's made to the property is a vast improvement.

0:31:150:31:18

The layout is much better with the bathroom downstairs

0:31:180:31:20

and also the creation of the lovely open-plan kitchen/living area.

0:31:200:31:25

Terry doesn't plan to sell right now

0:31:250:31:27

but given the purchase price of 42,000 and his £17,000 spend,

0:31:270:31:33

that means he's invested £59,000.

0:31:330:31:35

So I dare say he'll be interested to know

0:31:350:31:37

what the flat could fetch if sold on.

0:31:370:31:40

I would market the property at £90,000

0:31:410:31:44

to achieve as close to that as possible.

0:31:440:31:46

If we were to put this property on the market,

0:31:460:31:48

I would suggest a price of £90,000.

0:31:480:31:51

That's absolutely fantastic.

0:31:510:31:53

It's a £30,000 profit. A bit over, actually.

0:31:530:31:56

So I'm absolutely thrilled with that.

0:31:560:31:58

What about as a rental?

0:31:580:32:01

I would suggest an asking price of £550 per calendar month.

0:32:010:32:05

I think this would be an achievable price.

0:32:050:32:07

I would recommend marketing the property at £550 per calendar month.

0:32:070:32:12

I hadn't actually thought about renting it as a whole property,

0:32:120:32:15

but that would be a nice amount if I was to go down that route.

0:32:150:32:18

That would give Terry a yield of just over eight per cent.

0:32:180:32:21

But he intends to live here.

0:32:210:32:23

He'll share the house and charge a fee for rent with all bills included.

0:32:230:32:28

That gives him a place to live

0:32:280:32:29

and helps cover his costs all in a very neat package.

0:32:290:32:33

So, would he tackle something like this again?

0:32:330:32:35

I would totally do it again.

0:32:350:32:37

Probably on a bigger scale, next time.

0:32:370:32:40

I'd like to try my hand at some construction work as well.

0:32:400:32:43

But I'll just enjoy the place as much as I can while I can

0:32:430:32:47

before I move on to something bigger and better, hopefully!

0:32:470:32:50

This is Rochester in Kent,

0:32:540:32:56

arguably the most desirable of the Medway towns

0:32:560:32:59

with a centre that boasts a cathedral, castle, and more antiques and coffee shops

0:32:590:33:04

than you can manage in a day!

0:33:040:33:06

It's unquestionably beautiful.

0:33:060:33:08

But will Rochester still offer up a bargain in the auction rooms?

0:33:080:33:12

The property I'm here to see doesn't quite have the age and grandeur of the town centre,

0:33:240:33:29

but it's a Victorian terrace and they're always popular with people after a bit of character.

0:33:290:33:34

And this one, I think it would also suit someone who wants value for money.

0:33:340:33:39

It's this three-bedroomed house

0:33:390:33:41

and it had a guide price of just £75,000.

0:33:410:33:44

What do you get for your money, then? Let's find out.

0:33:450:33:48

Straight off the street and into the hallway.

0:33:480:33:51

A rather lovely cosy little lounge in there

0:33:510:33:55

with a beautiful period fireplace.

0:33:550:33:57

I'll come back to that in a while.

0:33:570:33:59

Look at these - they're really lovely.

0:33:590:34:02

Stairs there, into a second sitting room.

0:34:020:34:05

Quite a good space.

0:34:050:34:07

A tatty space, I'd say. Needs a lot of work doing,

0:34:070:34:10

and yes, as I expected, through here to the kitchen

0:34:100:34:13

which looks a bit like a Swedish sauna.

0:34:130:34:15

And a downstairs bathroom. A lot of work to do,

0:34:150:34:18

but everything I would expect from a terraced house like this.

0:34:180:34:22

There was a time when this cladding was fashionable

0:34:300:34:33

but more worryingly, it can be used to conceal a multitude of sins.

0:34:330:34:38

But whether it's here for design or disguise,

0:34:380:34:42

it's time to jettison it, and while you're at it, the kitchen, too!

0:34:420:34:46

Upstairs, things get trickier.

0:34:470:34:50

There's a large bedroom at the front...

0:34:500:34:52

but the small one at the back comes with the third bedroom off it.

0:34:530:34:57

Never ideal, but what to do?

0:34:570:35:00

I think in all my years of viewing property,

0:35:010:35:03

I've never found an entirely satisfactory way of dealing with this issue.

0:35:030:35:08

Creating a corridor to make a separate access to this bedroom.

0:35:080:35:13

It just eats up valuable space in here

0:35:130:35:15

and sometimes, you have to turn the stairs as well

0:35:150:35:18

which is hugely expensive.

0:35:180:35:20

In my opinion, if it's a young family living here,

0:35:200:35:24

this layout doesn't really matter.

0:35:240:35:26

I reckon renovate it nicely,

0:35:260:35:28

make the house homely, and I don't think you'll have a problem getting someone to move in.

0:35:280:35:33

Even though the layout isn't perfect,

0:35:330:35:35

this place has charm and many characterful features.

0:35:350:35:39

Which reminds me.

0:35:390:35:40

I am saving the best till last.

0:35:400:35:42

A little treat for myself.

0:35:420:35:44

I can't wait to see what's behind here.

0:35:440:35:46

I hope it's as beautiful as this.

0:35:460:35:48

Ooh! Ooh!

0:35:500:35:52

That's gorgeous.

0:35:520:35:55

Really unexpected in a little terraced house like this.

0:35:550:35:58

Beautiful.

0:35:580:36:00

It's hidden gems like this that make this house so special.

0:36:020:36:06

It's amazing to think these were unfashionable in the '70s

0:36:060:36:10

and people just boarded them up.

0:36:100:36:12

How times change! And talking of time,

0:36:120:36:15

it's time to hear the views of a local property agent

0:36:150:36:17

on this terraced house that was guided at 75,000.

0:36:170:36:21

First impressions of the property, it does need a lot of work.

0:36:210:36:26

It's been neglected over the years.

0:36:260:36:28

But it has got tremendous potential.

0:36:280:36:31

What does he think of the upstairs layout?

0:36:320:36:34

I would suggest moving the bathroom into the third bedroom.

0:36:340:36:38

Making it an en-suite off the bedroom

0:36:380:36:41

rather than it being off the kitchen.

0:36:410:36:43

I don't think it would add value, but I do think it would make it more saleable.

0:36:430:36:47

So maybe it wouldn't be worth going to the expense of moving the bathroom.

0:36:470:36:51

It would all hinge on the possible resale value.

0:36:510:36:55

When the property is completely renovated,

0:36:550:36:57

I would expect it to be in the region of £130,000.

0:36:570:37:01

This is a very sought-after rental area.

0:37:020:37:05

So what kind of rent could it bring in each month?

0:37:050:37:07

In good condition, this property should rent for approximately £650 to £700 per calendar month.

0:37:090:37:16

A classic, cute little rental property

0:37:170:37:20

which offers a decent return near all this loveliness.

0:37:200:37:24

Let's see who wanted to buy it at the auction.

0:37:240:37:27

Where do we start on this one?

0:37:270:37:29

Nice low guide. It needs to be 75,000 to get it started.

0:37:290:37:32

75,000. I'm on the way.

0:37:320:37:35

75 I have. 77, may I say, sir.

0:37:350:37:37

77 and 80.

0:37:370:37:39

81 I have.

0:37:390:37:41

82, now, if you wish.

0:37:410:37:42

82 I've got. 83 by the door.

0:37:420:37:45

84. I'm obliged. 85?

0:37:450:37:48

There was lots of interest on auction day.

0:37:480:37:50

We rejoin the bidding at 96,000.

0:37:500:37:53

96 he's still with at the door.

0:37:530:37:55

Any of the others coming back at £97,000?

0:37:550:37:58

97 bid I have.

0:37:580:38:00

98 now, if you like.

0:38:000:38:01

No? He says no.

0:38:010:38:03

97,000 sitting down in the front.

0:38:030:38:05

£98,000 I'm looking for.

0:38:050:38:07

Are we all done at £97,000? Obviously going to be sold.

0:38:070:38:11

98 right at the back. Do you want to fill it up to 100?

0:38:110:38:14

100? 99.

0:38:140:38:15

100? It's your choice to come in at 100.

0:38:150:38:19

At £99,000 bid I've got. 100 I'm looking for. For the first time at 99.

0:38:190:38:25

Second time at 99,000.

0:38:260:38:28

Nobody else coming in at 100?

0:38:280:38:30

Magic 100. 99 for the third and final time. All done?

0:38:300:38:34

£99,000 over on my right.

0:38:340:38:38

The seated bidder who got the terrace for 99,000 was Bev.

0:38:380:38:43

He used to be a car salesman

0:38:430:38:45

but after he was injured in a fall,

0:38:450:38:47

he sold his business and is now in property development.

0:38:470:38:50

It's something he first dabbled in about 20 years ago.

0:38:500:38:54

This is his third buy to let property.

0:38:540:38:56

I met up with Bev and his daughter, Kelly-Ann

0:38:560:38:59

to find out what they planned.

0:38:590:39:01

Bev and Kelly-Ann, congratulations.

0:39:030:39:05

Why did you want to buy this, Bev?

0:39:050:39:07

We didn't!

0:39:070:39:09

At the time we went there, we were looking to buy two bungalows.

0:39:090:39:14

Two semi's next door to each other.

0:39:140:39:16

And they were withdrawn ten minutes from the commencement of sale.

0:39:160:39:20

We decided that we would go for a smaller type property.

0:39:200:39:24

Why are you actually doing this?

0:39:240:39:25

I need something to really prove to myself

0:39:250:39:28

that I'm able to do what I used to be able to do.

0:39:280:39:31

When I was a youngster I was a plasterer. That was my trade.

0:39:310:39:34

Obviously that's going to come out in this.

0:39:340:39:36

Just did a bit of work at my mother-in-law's, a bit of plastering,

0:39:360:39:41

and realised it was like riding a bike.

0:39:410:39:42

But a year and a half ago, I had a car sales business

0:39:420:39:47

which was doing really well.

0:39:470:39:49

And for the sake of an aerial on a car roof,

0:39:490:39:53

I climbed up a stack of cars, three cars,

0:39:530:39:58

and I was unscrewing the aerial, the car was damp, and I fell to the ground.

0:39:580:40:05

-Oh, no.

-I broke my legs

0:40:050:40:08

and my shoulder and bits and pieces weren't good.

0:40:080:40:12

-But...

-You are standing here

0:40:120:40:15

-and you're looking...

-Six months in a wheelchair,

0:40:150:40:18

-looking at you and Martin on TV every morning!

-Bless you!

0:40:180:40:22

"I've got to have a go at that."

0:40:220:40:23

It's so lovely to hear that Bev is now on the mend

0:40:250:40:28

and I'm glad he's been inspired to get back into property developing.

0:40:280:40:32

This time around, he's got some help.

0:40:320:40:35

His daughter Kelly-Ann is more than happy to help him out

0:40:350:40:37

with some girl power!

0:40:370:40:39

Kelly-Ann, what is your involvement going to be?

0:40:390:40:42

Everything I can do, I will do!

0:40:420:40:44

Painting, knocking down walls,

0:40:440:40:47

doors, literally.

0:40:470:40:49

Anything!

0:40:490:40:50

Bev, does she get really involved with projects like this?

0:40:500:40:53

Yeah, she's, um... It's a word of caution, really.

0:40:530:40:56

If you need someone to do the cooking and that, go somewhere else.

0:40:560:40:59

If you want someone to take walls down, she's the right girl!

0:40:590:41:03

So she's not a girly girl at all?

0:41:030:41:06

She's a girly-girl in so much as make-up and the way she looks.

0:41:060:41:09

But she'd rather have a hammer in a hand than a saucepan!

0:41:090:41:12

Kelly-Ann plans to get busy with her hammer.

0:41:230:41:25

The first wall to go is the one between the back sitting room and the kitchen.

0:41:250:41:30

She plans to create a bigger dining/kitchen.

0:41:300:41:32

I never understood why this is a dining area

0:41:320:41:36

and nobody really uses a dining room. They tend to sit in the lounge.

0:41:360:41:40

-Our view is to incorporate the kitchen into this area.

-Absolutely.

0:41:400:41:44

-Do you agree, Kelly?

-Take the wall down, put the units along the side.

0:41:440:41:49

And then make this half more of a dining area.

0:41:490:41:54

'But I think the more pressing layout issue

0:41:540:41:56

'is the situation of the bedroom and the downstairs loo.'

0:41:560:41:59

Are you going to try and put it upstairs or live with what you've got here?

0:42:000:42:04

Because you've got the little room off the main bedroom

0:42:040:42:07

-which is always an awkward one in a property like this.

-That's right.

0:42:070:42:11

It's got to be cost effective

0:42:110:42:14

and you could spend and spend and make it the right way round.

0:42:140:42:17

But our view is it'll be rented out to a family

0:42:170:42:21

and you would expect them to go through the younger one's bedroom.

0:42:210:42:25

'This father and daughter duo have a budget of 10,000

0:42:260:42:29

'and estimate the work will take eight to 12 weeks.

0:42:290:42:32

'Although they'll get professionals in for the electrics,

0:42:320:42:35

'it's mostly going to be down to Bev, Kelly-Ann and her hammer!'

0:42:350:42:39

Kelly-Ann, one day, will take over looking after it all, so that's what we want.

0:42:390:42:45

-Are you ready for that?

-No!

0:42:450:42:47

-Not a good idea!

-Poor old Dad! Wait a minute.

0:42:470:42:50

Good luck with this. Can't wait to see what you do.

0:42:500:42:53

-It's been smashing meeting you both.

-Thanks very much.

-Hope it all goes well.

-Thank you.

0:42:530:42:57

Doing something you love is the best form of therapy, I reckon.

0:42:580:43:02

Bev has got the chance to work alongside his daughter at the same time, which is perfect.

0:43:020:43:08

Find out how it all goes, later on in the show.

0:43:080:43:11

Doing up a property can be very time-consuming and expensive.

0:43:140:43:19

So have our new owners managed to keep to their plans

0:43:190:43:22

-and their budgets?

-Let's find out.

0:43:220:43:24

It was just outside Telford in the Shropshire town of Wellington

0:43:260:43:30

that we came across this two-bed semi.

0:43:300:43:32

It obviously needed some refurbishment

0:43:320:43:35

but looked structurally sound.

0:43:350:43:37

It had a good-sized garden, albeit with a rather unsightly oil patch,

0:43:370:43:42

a rear extension, a downstairs toilet-cum-utility area,

0:43:420:43:46

an upstairs bathroom and two reasonable bedrooms.

0:43:460:43:50

So it seemed to me to be pretty tempting.

0:43:500:43:53

It was bought for £55,000 by Mike and Annette

0:43:550:43:59

who, oddly, didn't seem to share my enthusiasm for the property!

0:43:590:44:02

Apart from the price, was there anything that appealed?

0:44:040:44:06

No. It didn't appeal at all.

0:44:060:44:08

I gave him a list. Here's the list

0:44:080:44:11

with all the prices he could bid to on here.

0:44:110:44:14

There's about 11 listed on there.

0:44:140:44:16

-Only wanted one.

-But you said he could have any of these 11.

0:44:160:44:20

Yes. And this was the 11th and this was the one he got!

0:44:200:44:22

So what was your reaction when your husband got back?

0:44:220:44:26

I wasn't very pleased.

0:44:260:44:28

Well, wanted or not,

0:44:400:44:42

the house was actually purchased as a rental vehicle

0:44:420:44:46

to provide some income for one of Annette's sons.

0:44:460:44:49

Armed with a £5,000 budget,

0:44:490:44:51

they were hoping to refurbish it before they went on holiday.

0:44:510:44:55

That gave them just six weeks to complete the work.

0:44:550:44:58

Now, just five weeks later,

0:45:010:45:03

we're back to see if they've grown to like this purchase

0:45:030:45:06

a little bit more.

0:45:060:45:09

Well, the front's been tidied up and there's new double glazing.

0:45:160:45:19

And inside, well, that's definitely improved.

0:45:290:45:33

In the kitchen, we did quite a bit of work.

0:45:390:45:42

We kept these original units

0:45:420:45:44

but gave them a really good clean.

0:45:440:45:46

Here was a breakfast bar and two wall units.

0:45:460:45:50

We've taken all that away and repaired the wall.

0:45:500:45:53

And here, where there were just gaps,

0:45:530:45:56

we bought two new units and put those in.

0:45:560:45:58

We got as close a match as we could.

0:45:580:46:01

And I've left this nice space here so that families can have a table and chairs

0:46:010:46:06

and sit and have their tea-time and breakfast meals together.

0:46:060:46:10

The downstairs toilet area has been repainted

0:46:100:46:13

and is looking a whole lot better.

0:46:130:46:15

Upstairs, the two bedrooms are now redecorated

0:46:160:46:19

and carpeted throughout.

0:46:190:46:21

The bathroom has been spruced up with new vinyl flooring

0:46:260:46:29

and the bath has been rotated 180 degrees.

0:46:290:46:32

But although neither of them were massively keen on the house,

0:46:320:46:36

there was one thing that Annette unexpectedly and, if you ask me, inexplicably liked.

0:46:360:46:42

I like woodchip wallpaper.

0:46:420:46:44

-What?!

-I like woodchip wallpaper!

0:46:440:46:48

The wallpaper that was on top in the lounge,

0:46:490:46:52

Mike took that off because I don't like taking off wallpaper.

0:46:520:46:55

And the original wallpaper was underneath.

0:46:550:46:57

It's a sort of woodchip, not pure woodchip, but similar.

0:46:570:47:01

So I've restored all that and painted that

0:47:010:47:03

and I'm very happy with that.

0:47:030:47:06

Well, we're more used to seeing woodchip heading for the bin on this programme!

0:47:060:47:10

Perhaps Annette is trend-setting!

0:47:100:47:12

Maybe.

0:47:120:47:14

Anyway, let's hope any prospective tenant is a fan!

0:47:140:47:17

Outside, things are looking much tidier

0:47:180:47:20

with most of the oil now removed.

0:47:200:47:23

I'm hoping that the grass will now grow through.

0:47:240:47:27

And the fencing, I've put both sides up brand new,

0:47:270:47:31

this last little bit fell off a lorry

0:47:310:47:34

about two years ago outside my home.

0:47:340:47:37

And I kept it just in case and it's proved worthwhile.

0:47:370:47:42

So with the new fence patched up and the oil patch nearly gone,

0:47:420:47:46

it seems that in a mere five weeks

0:47:460:47:49

they've made some significant improvements between them.

0:47:490:47:52

I did the majority of the work

0:47:520:47:54

and had a little help with the front lawn.

0:47:540:47:58

But I did most of the work on that as well.

0:47:580:48:01

-I did some of that. I put the gravel down.

-She did the finishing bit.

0:48:010:48:04

-I did all the painting.

-And decided what needed doing.

-And the red step.

0:48:040:48:08

I'm in charge.

0:48:080:48:09

Yes. Not only was Annette in charge of organising all the work,

0:48:140:48:18

she was also in charge of the purse strings.

0:48:180:48:21

How much of their £5,000 budget did they spend?

0:48:210:48:24

£4,980.20.

0:48:240:48:29

Approximately!

0:48:290:48:30

But for the sake of argument, let's just call it 5,000

0:48:300:48:33

to make the sums easier.

0:48:330:48:35

Adding to the purchase price of 55 grand,

0:48:350:48:38

brings the total to 60,000, not including tax and fees.

0:48:380:48:41

So, have they made a good investment on behalf of Annette's son?

0:48:410:48:45

What do two local estate agents reckon?

0:48:470:48:49

I think this property has been done to a fairly good standard.

0:48:500:48:53

It's had certainly a very good clean throughout.

0:48:530:48:56

The garden in particular is very, very good.

0:48:560:48:58

The bedrooms aren't too bad.

0:48:580:49:01

The second bedroom could be larger,

0:49:010:49:02

but in general, a very good house.

0:49:020:49:04

So this spruced up property seems to have hit the right mark with the estate agents.

0:49:040:49:08

But if it was put on the resale market, could the couple see any return

0:49:080:49:12

on their £60,000 investment?

0:49:120:49:15

If I was to put the property currently on the market,

0:49:160:49:19

I would suggest an asking price of £90,000.

0:49:190:49:22

I value the property at £80,000 to £85,000.

0:49:220:49:25

It's held back by the fact that there's no off-street parking.

0:49:250:49:28

I don't think we'd get that price for it.

0:49:280:49:30

But we're not selling it anyway. It's not our game.

0:49:300:49:33

That's quite impressive.

0:49:330:49:35

A potential pre-tax profit

0:49:350:49:37

of between 20,000 and £30,000.

0:49:370:49:40

I sense their love for this house might be growing by the pound!

0:49:400:49:44

So how about that all-important rental?

0:49:440:49:46

For rental purposes, I'd value the property at £495 per calendar month.

0:49:460:49:51

I would suggest a marketing price of around £500 per calendar month.

0:49:510:49:55

I think that's fair, but we'll be asking 515.

0:49:550:49:59

Even if they get the lowest figure of £495 per calendar month,

0:49:590:50:03

they could see a rental yield just shy of ten per cent. Not bad at all.

0:50:030:50:08

It just goes to show how important buying at the right price is

0:50:080:50:12

when it comes to property purchases.

0:50:120:50:15

So, what's next on the agenda for Mike and Annette?

0:50:150:50:18

Next week, we're cruising. Out on the sea.

0:50:200:50:23

Looking forward to it. But it's a working holiday. We're teaching bridge and organising the bridge.

0:50:230:50:29

And looking forward to the champagne breakfast.

0:50:290:50:32

What are you looking forward to?

0:50:320:50:35

Annette will do the teaching, and I'll do the directing.

0:50:350:50:37

-You'll be doing as you're told.

-Yeah, I'll be doing as I'm told.

0:50:370:50:42

Earlier, we were in the historic city of Rochester, north Kent.

0:50:460:50:49

It was here that we first saw this three-bedroomed terraced house

0:50:520:50:56

which looked quite presentable from the outside.

0:50:560:50:59

However, the inside was rather on the shabby and run-down side

0:50:590:51:03

and there were some common layout problems.

0:51:030:51:06

A downstairs loo and one bedroom which could only be accessed through another.

0:51:060:51:11

But that didn't put off Bev, a former car salesman

0:51:110:51:14

who had bought the property for 99,000.

0:51:140:51:17

With his daughter, Kelly-Ann, Bev aimed to update the house

0:51:170:51:21

and add it to his small portfolio

0:51:210:51:23

of two rental properties.

0:51:230:51:25

As Bev was recovering from an accident,

0:51:270:51:29

he was possibly going to be held back on the physical side of the work.

0:51:290:51:33

But there was help at hand.

0:51:330:51:35

Kelly-Ann, what is your involvement going to be?

0:51:360:51:38

Everything I can do, I will do.

0:51:380:51:41

Painting, knocking down walls,

0:51:410:51:43

doors, literally anything.

0:51:430:51:47

If you need someone to do the cooking and that, go somewhere else!

0:51:470:51:50

If you want someone to take walls down, she's the right girl!

0:51:500:51:53

Bev saw the project as an opportunity to speed up his recuperation from his injuries.

0:51:530:51:59

He had a £10,000 budget

0:51:590:52:02

and an eight to ten week turnaround planned for this renovation.

0:52:020:52:05

But it was five months later that we returned

0:52:070:52:10

to see if rejuvenating the house has helped to rejuvenate Bev.

0:52:100:52:14

A fresh look of paint and new windows and doors

0:52:140:52:17

have certainly given the house a brighter outlook.

0:52:170:52:20

But as for that shabby interior...

0:52:200:52:23

Well, it looks like Kelly-Ann has been very busy.

0:52:240:52:27

Her hammer has been taken to the hallway wall at the front door

0:52:270:52:31

to increase the feeling of space.

0:52:310:52:33

And the character has been restored along with the fireplace.

0:52:330:52:36

Really lovely.

0:52:360:52:38

And as promised earlier,

0:52:380:52:40

the kitchen and dining room have also been connected

0:52:400:52:43

to create a large open-plan area

0:52:430:52:46

with new kitchen units installed.

0:52:460:52:48

The bathroom is still downstairs,

0:52:480:52:50

but has been reconfigured and transformed into a clean, crisp space.

0:52:500:52:55

But the biggest change here is that the stairs have been turned around

0:52:570:53:00

to open up into the dining room,

0:53:000:53:03

enabling a new staircase landing to be created.

0:53:030:53:06

We needed to do something with the stairs. I really like what we've done because it's different.

0:53:070:53:13

Everybody turns around and some have got a little platform, some have got this, some that.

0:53:130:53:18

We went in the middle because it gave us two cupboards.

0:53:180:53:21

So you've now got a cloakroom as you come in the front door

0:53:210:53:23

and a hoover cupboard this side.

0:53:230:53:25

Cupboards aside, rearranging the staircase has allowed for the creation of a new hallway

0:53:260:53:31

now giving the rear two bedrooms their own separate access.

0:53:310:53:35

The bedrooms have been redecorated in neutral tones.

0:53:360:53:39

Bev and Kelly-Ann have done a sterling job.

0:53:390:53:42

All that reconfiguring and the lovely finish must have been quite an undertaking.

0:53:420:53:47

The project itself was a challenge for me

0:53:470:53:50

to find out what I can actually achieve, what I could do, what I couldn't do.

0:53:500:53:54

Gave myself a stretch and a task

0:53:540:53:56

and tested myself out more than I realised.

0:53:560:53:59

It's been really, really good for me.

0:53:590:54:01

Before he became a car salesman, Bev was a plasterer

0:54:020:54:06

and he hoped to revive that skill here.

0:54:060:54:08

I plastered a ceiling upstairs

0:54:090:54:11

and when I'd plastered it,

0:54:110:54:13

I had a bit of a problem, so I had to have a week off.

0:54:130:54:17

So I decided not to do any more of that

0:54:170:54:19

and I employed someone to do that, which hurt, but there you go.

0:54:190:54:22

As a plasterer, the last thing you want to do is employ a plasterer.

0:54:220:54:25

That was a disappointment for Bev,

0:54:250:54:27

but apart from calling in the professionals for the electrics and plumbing,

0:54:270:54:30

the rest of the family pitched in to help with the work on the renovation.

0:54:300:54:34

And that's where Kelly-Ann came into her own.

0:54:340:54:37

Kelly-Ann did get to knock down a wall or two.

0:54:390:54:42

She loved knocking the wall down between the hallway and the lounge.

0:54:420:54:46

She was in her element there,

0:54:460:54:47

because she found out it was just a single-course wall

0:54:470:54:50

and it took her a minute to knock a hole through and she was away!

0:54:500:54:53

It wasn't just on the destruction aspect of the renovation that Kelly-Ann pulled her weight.

0:54:530:54:59

She's been really good at getting me up in the morning

0:54:590:55:01

because I can take a while to get motivated

0:55:010:55:04

and she tends to make sure I'm up and ready to go.

0:55:040:55:08

She's done an awful lot, and she's learned a lot

0:55:080:55:11

which she will take forward with her.

0:55:110:55:13

Overall, Bev has managed the renovation and the final production is ready for the rental market.

0:55:140:55:19

The schedule overran by two months

0:55:190:55:21

due to Bev aiming for a higher standard than was originally planned.

0:55:210:55:25

Did that affect the budget?

0:55:250:55:27

I said I had about £10,000 put to one side for it.

0:55:290:55:31

I looked at that and thought I'd put a bit of stretch in there

0:55:310:55:35

just in case I needed it, but it wasn't quite enough.

0:55:350:55:38

Today, the budget came out at £10,329 and a couple of pence.

0:55:380:55:44

Add that to his purchase price of 99,000

0:55:440:55:47

and Bev's total spend is just over £109,000.

0:55:470:55:52

Time to hear from two local estate agents

0:55:540:55:56

what they think of Bev's latest addition to the rental market.

0:55:560:56:00

The changes in the layout have worked really, really well.

0:56:010:56:04

The open plan dining room into the kitchen is very popular these days.

0:56:040:56:09

It's a very American idea.

0:56:090:56:11

Moving the staircase to create the three separate bedrooms

0:56:110:56:15

works really, really well.

0:56:150:56:16

He's going to be very popular!

0:56:160:56:18

Having looked around the property, I think they've done a very good job.

0:56:180:56:21

It's clean, tidy, bright.

0:56:210:56:23

I think it's as good as you can get in this kind of property.

0:56:230:56:27

Both are impressed with the new-look house

0:56:270:56:29

and reckon it could sell for 120 up to 135,000.

0:56:290:56:34

That could give Bev a possible profit of between 11 and £26,000

0:56:340:56:39

minus the usual tax and expenses.

0:56:390:56:42

But as he aims to put it on the rental market,

0:56:420:56:45

what sort of returns could that achieve?

0:56:450:56:47

This property is likely to let for approximately 750 to £800 per calendar month.

0:56:490:56:55

I think this property will rent for a figure between 725 and £750 per calendar month.

0:56:550:57:03

It's not all about money. It's about getting somebody that's going to continue to rent long-term, I hope.

0:57:030:57:09

But, yeah, that's it.

0:57:090:57:11

But yeah, fair figures.

0:57:110:57:12

If those rental figures are achieved,

0:57:120:57:14

there could be a possible annual yield

0:57:140:57:17

of between £8,700 and £9,600,

0:57:170:57:21

giving Bev a healthy yield of around eight or nine per cent.

0:57:210:57:26

So it looks like some good returns are possible with his third rental property.

0:57:300:57:35

But the financial rewards seem to come second

0:57:350:57:38

compared to the restorative effect that Bev has gained.

0:57:380:57:41

It's been well worthwhile.

0:57:410:57:43

The way it's made me feel as a person

0:57:430:57:46

and the family as a whole, what they've actually achieved makes it so worthwhile.

0:57:460:57:53

It's not all about money. The money's a nice thing, you haven't wasted money,

0:57:530:57:57

but it's more about your self-esteem.

0:57:570:58:00

That's it for now. We'll have plenty more properties of all types for you to see next time.

0:58:030:58:08

-Look forward to seeing you then. Goodbye!

-Goodbye.

0:58:080:58:10

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0:58:320:58:34

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