Browse content similar to Episode 56. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Hello. Property continues to fascinate us | 0:00:00 | 0:00:03 | |
but tricky market conditions | 0:00:03 | 0:00:05 | |
means it can be harder to find that particular place | 0:00:05 | 0:00:09 | |
that will make your fortune. | 0:00:09 | 0:00:10 | |
Buying at the right price is imperative | 0:00:10 | 0:00:13 | |
if you want to make a profit at the end of the day. | 0:00:13 | 0:00:15 | |
Yes. And one good way to stack things in your favour and to get the ball rolling | 0:00:15 | 0:00:20 | |
is to visit your local property auction. | 0:00:20 | 0:00:22 | |
The three properties on the show today are very different. | 0:00:47 | 0:00:51 | |
But their new owners will all be hoping that they made a good investment. | 0:00:51 | 0:00:54 | |
Let's see what they went for on auction day. | 0:00:54 | 0:00:57 | |
In Newcastle, this two-bed maisonette | 0:00:59 | 0:01:01 | |
looks the height of modernity from the outside, | 0:01:01 | 0:01:04 | |
but inside, well, the decor's all Greek to me! | 0:01:04 | 0:01:07 | |
In Telford, Shropshire, this mid-terrace has one of my least favourite wallpapers - woodchip. | 0:01:09 | 0:01:14 | |
But believe it or not, we find somebody who likes it! | 0:01:14 | 0:01:17 | |
And while we're talking decor, | 0:01:19 | 0:01:21 | |
in Rochester, Kent, this three-bedroomed property is the business! | 0:01:21 | 0:01:25 | |
Oh, that's gorgeous! | 0:01:25 | 0:01:28 | |
All these properties sold at auction. | 0:01:30 | 0:01:32 | |
250. | 0:01:32 | 0:01:33 | |
And we'll find out who bought them and what they paid for them | 0:01:33 | 0:01:35 | |
when they went under the hammer. | 0:01:35 | 0:01:38 | |
I'm here by the side of the River Tyne | 0:01:42 | 0:01:45 | |
standing beside the Millennium Bridge, | 0:01:45 | 0:01:48 | |
the world's first and only tilting bridge. | 0:01:48 | 0:01:50 | |
It's one of seven bridges that links the town of Gateshead | 0:01:50 | 0:01:54 | |
with the city of Newcastle. | 0:01:54 | 0:01:57 | |
The Newcastle skyline has been transformed by fantastic architecture | 0:01:58 | 0:02:03 | |
and regeneration projects. | 0:02:03 | 0:02:05 | |
It's a really lively and exciting city to be in. | 0:02:05 | 0:02:08 | |
Well, walking distance from the town centre in this block of flats | 0:02:10 | 0:02:15 | |
is the property I'm here to see. | 0:02:15 | 0:02:17 | |
It's a split-level apartment. | 0:02:17 | 0:02:19 | |
Had a guide price of 39,950 quid. | 0:02:19 | 0:02:22 | |
Wow, for something that close to the town centre, | 0:02:22 | 0:02:25 | |
that strikes me as being great value for money. | 0:02:25 | 0:02:28 | |
Let's hope there aren't any nasties inside. | 0:02:28 | 0:02:31 | |
So for that kind of money, I am expecting something a bit pokey. | 0:02:32 | 0:02:36 | |
But this is a good start. | 0:02:36 | 0:02:38 | |
Nice little entrance area here, | 0:02:38 | 0:02:40 | |
somewhere to hang coats and hats and store bikes and all that. | 0:02:40 | 0:02:43 | |
And then another large entrance area here. | 0:02:43 | 0:02:47 | |
Really gives the flat a sense of... | 0:02:47 | 0:02:50 | |
space. | 0:02:50 | 0:02:51 | |
Hmm. I didn't notice these as I walked in. | 0:02:51 | 0:02:53 | |
OK! | 0:02:53 | 0:02:55 | |
Very interesting choice of decoration! | 0:02:55 | 0:02:58 | |
These plaster things on the walls. Wow! | 0:02:58 | 0:03:01 | |
What else have we got? | 0:03:01 | 0:03:03 | |
The first bedroom down here. | 0:03:03 | 0:03:05 | |
It looks a good size, but again, what's going on with the ceilings, as well? | 0:03:05 | 0:03:09 | |
There's wild plaster everywhere! | 0:03:11 | 0:03:13 | |
But if you can get your head round that, | 0:03:28 | 0:03:33 | |
the actual space down there is brilliant. | 0:03:33 | 0:03:36 | |
You've got a downstairs cloakroom and loo. | 0:03:36 | 0:03:39 | |
And then upstairs. So yes, | 0:03:39 | 0:03:42 | |
it's a two-level flat. | 0:03:42 | 0:03:44 | |
And, um... | 0:03:44 | 0:03:45 | |
yep, there's more! | 0:03:45 | 0:03:47 | |
Fantastic(!) | 0:03:47 | 0:03:49 | |
But up here you've got yourself a bedroom | 0:03:50 | 0:03:52 | |
and again this great feeling of space. | 0:03:52 | 0:03:56 | |
Through into the lounge. | 0:03:56 | 0:03:58 | |
And views out across the balcony there. | 0:03:58 | 0:04:02 | |
It's a really fantastic flat. | 0:04:02 | 0:04:04 | |
This is great, really great. | 0:04:04 | 0:04:07 | |
You've got this room, the main living area, | 0:04:07 | 0:04:09 | |
lots of space with room for a dining table et cetera. | 0:04:09 | 0:04:11 | |
The only downside is that that is the location of the bathroom | 0:04:11 | 0:04:16 | |
or the main bathroom and loo. | 0:04:16 | 0:04:17 | |
Not really ideal off the lounge, | 0:04:17 | 0:04:20 | |
but we'll forgive it that. | 0:04:20 | 0:04:21 | |
Through to the kitchen. | 0:04:21 | 0:04:23 | |
Huh! You know what, this is really nice, too. | 0:04:24 | 0:04:28 | |
Possibly the units are a bit old, | 0:04:28 | 0:04:31 | |
but it's solid wood there on the front | 0:04:31 | 0:04:33 | |
and it's a really nice space. | 0:04:33 | 0:04:36 | |
I like the layout. The fact you've got the sink there, | 0:04:36 | 0:04:39 | |
a little alcove with the cooker over there. | 0:04:39 | 0:04:41 | |
Lots of light. This flat really surprises me. | 0:04:41 | 0:04:46 | |
Yes, we can forgive it some of those interesting design touches, | 0:04:46 | 0:04:50 | |
because what you've got here is space. | 0:04:50 | 0:04:53 | |
In some ways, it feels bigger than lots of houses I've been into. | 0:04:53 | 0:04:57 | |
There's a lot of apartment for your money here with good sized rooms. | 0:04:59 | 0:05:03 | |
That upstairs bedroom is enormous. | 0:05:03 | 0:05:05 | |
It looks as if it might have been two originally | 0:05:05 | 0:05:08 | |
so maybe that could become two bedrooms again. | 0:05:08 | 0:05:11 | |
That would add value, though one of them would be small. | 0:05:11 | 0:05:15 | |
High ceilings, decent kitchen, | 0:05:15 | 0:05:17 | |
and a loo on each floor. | 0:05:17 | 0:05:19 | |
The one downstairs could be extended | 0:05:19 | 0:05:22 | |
while the one upstairs already has a shower. | 0:05:22 | 0:05:25 | |
I love the bright, airy feel | 0:05:27 | 0:05:29 | |
and the balcony, which has a lovely view. | 0:05:29 | 0:05:31 | |
The building itself is very striking, | 0:05:42 | 0:05:45 | |
but perhaps part of the reason the flat's so cheap | 0:05:45 | 0:05:47 | |
is that it is of non-standard construction. | 0:05:47 | 0:05:51 | |
That can make getting a mortgage rather tricky. | 0:05:51 | 0:05:54 | |
On the plus side, it's close to the train and metro and there's a regular bus service. | 0:05:54 | 0:05:59 | |
The grounds are well kept, | 0:05:59 | 0:06:00 | |
but beware of communal charges for the upkeep. | 0:06:00 | 0:06:03 | |
As for the location, | 0:06:03 | 0:06:05 | |
it really is very, very pleasant. | 0:06:05 | 0:06:07 | |
Lots of open parkland, trees, mature shrubs and things like that. | 0:06:07 | 0:06:12 | |
You've got a church. | 0:06:12 | 0:06:13 | |
You know, that sets this place apart. | 0:06:13 | 0:06:16 | |
All this for a guide price of just under 40 grand. | 0:06:16 | 0:06:20 | |
Too good to be true? Let's ask a local estate agent. | 0:06:20 | 0:06:23 | |
Obviously the property has got lots of space to the rooms. | 0:06:24 | 0:06:27 | |
There is a spacious lounge, spacious bedrooms. | 0:06:27 | 0:06:30 | |
The layout is slightly unusual, | 0:06:30 | 0:06:32 | |
with the bathroom being off the lounge. | 0:06:32 | 0:06:34 | |
So I would suggest taking the bathroom down to the lower level | 0:06:34 | 0:06:38 | |
and opening up the living space. | 0:06:38 | 0:06:41 | |
Lots of ticks for this Newcastle flat. | 0:06:43 | 0:06:46 | |
What could it be worth, once done up? | 0:06:46 | 0:06:48 | |
Once renovated, I would put this property on the market | 0:06:48 | 0:06:51 | |
at £75,000. | 0:06:51 | 0:06:54 | |
What would the rental value of the finished property be? | 0:06:54 | 0:06:57 | |
Once renovated, I would expect to achieve £550 per calendar month. | 0:06:57 | 0:07:02 | |
Well, it's a good location and a really interesting little flat. | 0:07:03 | 0:07:07 | |
I'd live there myself. | 0:07:07 | 0:07:09 | |
Let's see who fancied it when it went under the hammer. | 0:07:09 | 0:07:12 | |
So we're going to move back up to Newcastle. | 0:07:14 | 0:07:16 | |
We had it advertised at 39,950 plus. | 0:07:16 | 0:07:19 | |
We're actually putting it in the room tonight | 0:07:19 | 0:07:21 | |
with a starting bid of £15,000. | 0:07:21 | 0:07:22 | |
Got to be a buy for somebody. | 0:07:22 | 0:07:25 | |
15,000. Who wants to start? 15,000. | 0:07:25 | 0:07:27 | |
15,000. Do I have 17,000 anywhere else? | 0:07:27 | 0:07:30 | |
I have the one bid at £15,000. | 0:07:30 | 0:07:32 | |
We want to sell. 17 on the second row. | 0:07:32 | 0:07:34 | |
19? 19 bid. 21. | 0:07:34 | 0:07:36 | |
21 bid. 23? | 0:07:37 | 0:07:39 | |
The bidding at this auction was brisk | 0:07:39 | 0:07:41 | |
and soon went beyond the guide price. | 0:07:41 | 0:07:44 | |
Bid on the left. 39. | 0:07:44 | 0:07:45 | |
39 bid. 39 and a half? | 0:07:45 | 0:07:47 | |
40. 40 and a half? | 0:07:47 | 0:07:50 | |
41? | 0:07:50 | 0:07:51 | |
41 and a half bid. | 0:07:51 | 0:07:52 | |
41 and a half thousand pounds. | 0:07:54 | 0:07:56 | |
42. | 0:07:56 | 0:07:57 | |
It's the gentleman standing at £42,000. | 0:07:58 | 0:08:01 | |
I'll take 250. | 0:08:01 | 0:08:03 | |
No? I'm selling at £42,000. | 0:08:04 | 0:08:07 | |
Selling once at 42. For the second time at £42,000. | 0:08:07 | 0:08:11 | |
Sold. Gentleman standing. | 0:08:11 | 0:08:13 | |
At £42,000. Congratulations. | 0:08:13 | 0:08:15 | |
That final bid came from Terry on the right here. | 0:08:18 | 0:08:21 | |
He's a student and care assistant | 0:08:21 | 0:08:24 | |
and has brought builder Ian along. | 0:08:24 | 0:08:26 | |
I was keen to find out the plans for this fascinating flat. | 0:08:26 | 0:08:30 | |
Ian, Terry, good to meet you both. | 0:08:30 | 0:08:32 | |
Congratulations. Tell me why you wanted to buy this place. | 0:08:32 | 0:08:35 | |
-Cheap! -Cheap, OK! | 0:08:35 | 0:08:37 | |
Very cheap. I actually tried to buy it for 57,000 a couple of months before it went to auction. | 0:08:37 | 0:08:43 | |
-Wow! -But I got gazumped. | 0:08:43 | 0:08:45 | |
Then it went back. I found out it was up for auction. | 0:08:45 | 0:08:50 | |
It was listed for 40,000 | 0:08:50 | 0:08:53 | |
but on auction night it started at 15. | 0:08:53 | 0:08:54 | |
So I was only going to go to 40 | 0:08:54 | 0:08:57 | |
and then this one was like, "It's only a few grand. Just go over." | 0:08:57 | 0:09:01 | |
And we got it for 42. | 0:09:01 | 0:09:04 | |
It's a really interesting flat, isn't it? | 0:09:04 | 0:09:05 | |
Or apartment, if you like. It's really unusual. | 0:09:05 | 0:09:08 | |
Yeah. The layout is weird. | 0:09:08 | 0:09:11 | |
But it's great. | 0:09:11 | 0:09:12 | |
-It's massive, really. -Yeah. | 0:09:14 | 0:09:17 | |
'This isn't the first time that part-time builder Ian | 0:09:17 | 0:09:20 | |
'has assisted Terry with a property. | 0:09:20 | 0:09:22 | |
'He's a plumber by trade. The two of them plan to be hands-on together on this, Terry's second project.' | 0:09:22 | 0:09:29 | |
I think there's going to be a few walls coming down, things like that, | 0:09:29 | 0:09:32 | |
that you've been having a look at. | 0:09:32 | 0:09:34 | |
So it was the price that attracted you to it. | 0:09:34 | 0:09:36 | |
-Anything else about it? -The location's brilliant. | 0:09:36 | 0:09:40 | |
It's five minutes from the city centre. | 0:09:40 | 0:09:41 | |
The size, it's not a pokey little flat, as you saw. | 0:09:41 | 0:09:45 | |
You like the cherubs, don't you? | 0:09:46 | 0:09:48 | |
I love the decor! It's brilliant! | 0:09:48 | 0:09:51 | |
-You do? -No! | 0:09:51 | 0:09:52 | |
Yeah. The location, the size, the price, just perfect, really. | 0:09:54 | 0:09:58 | |
What are you going to do to it to sort it out? | 0:09:58 | 0:10:00 | |
Um, I think pretty much every wall around here is coming down. | 0:10:00 | 0:10:05 | |
I'm going to knock all this into one big kitchen/lounge area. | 0:10:05 | 0:10:09 | |
That one's going to be moved back about a metre | 0:10:09 | 0:10:13 | |
-then storage cupboards put on the landing. There's no storage in the place. -Right. | 0:10:13 | 0:10:18 | |
That walk-in shower in the bathroom | 0:10:18 | 0:10:20 | |
is going to be joined with the cupboard in the bedroom | 0:10:20 | 0:10:24 | |
to make one big wardrobe. | 0:10:24 | 0:10:26 | |
That's going back to two bedrooms upstairs, as well, | 0:10:26 | 0:10:29 | |
-cos at the minute it's just one big room. -Right. | 0:10:29 | 0:10:32 | |
The bathroom downstairs. So pretty much everything's moving. | 0:10:32 | 0:10:36 | |
I'll be living in it as well. | 0:10:36 | 0:10:39 | |
But I'm going to rent the downstairs room out | 0:10:39 | 0:10:42 | |
and I've already got a friend who's going to rent that off us. | 0:10:42 | 0:10:45 | |
Good. That'll cover part of the rent. | 0:10:45 | 0:10:47 | |
In fact, that'll probably pretty much cover your... | 0:10:47 | 0:10:50 | |
It'll cover the mortgage and the service charges for the building, | 0:10:50 | 0:10:56 | |
-so it's pretty good. -Result. | 0:10:56 | 0:10:58 | |
'Terry seems very sorted. | 0:10:59 | 0:11:01 | |
'With a lodger in place downstairs and his own room and a guest room upstairs, | 0:11:01 | 0:11:04 | |
'he is adding value. | 0:11:04 | 0:11:06 | |
'Many of the walls will be moved. What else have they got planned?' | 0:11:06 | 0:11:10 | |
We'll call in plasterers and things, | 0:11:12 | 0:11:13 | |
but the majority I'll do myself. I'll fit the kitchen, the bathroom, | 0:11:13 | 0:11:16 | |
and we'll see about getting tilers in. | 0:11:16 | 0:11:18 | |
Obviously the electrics we'll have to be careful with the regulations nowadays, | 0:11:18 | 0:11:22 | |
so we'll have a professional in to do that | 0:11:22 | 0:11:24 | |
and then get them signed off. | 0:11:24 | 0:11:25 | |
But everything else I think we'll do between the two of us. | 0:11:25 | 0:11:28 | |
Terrific. There was a bit of concern about the building construction in general. | 0:11:28 | 0:11:33 | |
Do you know anything about this? | 0:11:33 | 0:11:35 | |
Just that it's a concrete frame with brick infill. | 0:11:35 | 0:11:38 | |
Some lenders wouldn't lend on it. | 0:11:38 | 0:11:40 | |
So I went round a few to try and get the best mortgage deal | 0:11:40 | 0:11:43 | |
and the bigger banks would lend on it, but smaller ones wouldn't touch it. | 0:11:43 | 0:11:48 | |
'Apparently, the concrete might be an issue for some lenders. | 0:11:50 | 0:11:52 | |
'It goes to show that shopping around for mortgages can be as trying as the renovation itself.' | 0:11:52 | 0:11:58 | |
So what is the time scale? | 0:11:58 | 0:12:01 | |
That depends on funds because obviously I don't have much at the minute. | 0:12:01 | 0:12:05 | |
But I'm planning on re-mortgaging because it's worth a lot more than I paid. | 0:12:05 | 0:12:09 | |
-Right. -So hopefully I'll be able to get it revalued | 0:12:09 | 0:12:12 | |
and get the funds released. | 0:12:12 | 0:12:14 | |
-You'll have to wait a while. -About six months. | 0:12:14 | 0:12:17 | |
So I think it'll be between six and 12 months for everything to be done. | 0:12:17 | 0:12:21 | |
Right. And what kind of budget have you set aside? | 0:12:21 | 0:12:24 | |
-We're looking at between 10 and 15. -Wow! -But I think about ten would do it. | 0:12:24 | 0:12:30 | |
That's including the radiators. That's everything. | 0:12:30 | 0:12:35 | |
-Congratulations. -Thank you. | 0:12:35 | 0:12:37 | |
All the very best. I look forward to seeing how you get on. | 0:12:37 | 0:12:39 | |
'I don't think there's any doubt that Terry has bagged himself a real bargain at this flat. | 0:12:40 | 0:12:45 | |
'And he certainly has major plans for it.' | 0:12:45 | 0:12:48 | |
Big question is, will the elaborate plasterwork remain when we come back? | 0:12:48 | 0:12:52 | |
Will it be more Newcastle than Florence? | 0:12:52 | 0:12:55 | |
You can find out later in the show. | 0:12:55 | 0:12:58 | |
I'm just outside Telford in Shropshire now | 0:13:03 | 0:13:05 | |
in the market town of Wellington. | 0:13:05 | 0:13:08 | |
It's on the old Roman road of Watling Street | 0:13:09 | 0:13:11 | |
and has long been a popular place to live. | 0:13:11 | 0:13:14 | |
Past residents include the poet Philip Larkin | 0:13:15 | 0:13:18 | |
and several members of the band T'Pau. | 0:13:18 | 0:13:21 | |
Let's hope today's property is something to sing about. | 0:13:22 | 0:13:25 | |
About ten minutes' walk from Wellington town centre | 0:13:29 | 0:13:32 | |
is the property I'm here to see. | 0:13:32 | 0:13:33 | |
Two-bedroomed mid-terrace. | 0:13:33 | 0:13:36 | |
Had a guide price of £50,000 plus. | 0:13:36 | 0:13:38 | |
This is it. Let's have a look. | 0:13:38 | 0:13:40 | |
So, fairly standard lay-out. | 0:13:43 | 0:13:45 | |
In through the door. Stairs up to your bedrooms there. | 0:13:45 | 0:13:47 | |
Into your front sitting room. | 0:13:47 | 0:13:50 | |
You've got this door here. Keeps the cold out. | 0:13:50 | 0:13:53 | |
What might not, though, is the alternative repairs to the window! | 0:13:53 | 0:13:57 | |
Interesting. That looks like double glazing | 0:13:57 | 0:13:59 | |
but it isn't, so possibly something to sort out. | 0:13:59 | 0:14:03 | |
But it's a good-sized room. Some nice features. | 0:14:03 | 0:14:06 | |
There's recesses there and reasonably high ceilings. | 0:14:06 | 0:14:09 | |
That feeling of space continues as you come to the rear of the property | 0:14:09 | 0:14:14 | |
where you've got this kitchen. | 0:14:14 | 0:14:15 | |
Clearly in need of some tender loving care, | 0:14:15 | 0:14:19 | |
but it's a good sizes space. It's big enough to be a kitchen/diner which is good. | 0:14:19 | 0:14:24 | |
And it continues down here. | 0:14:24 | 0:14:26 | |
There's more. Through here a downstairs loo | 0:14:26 | 0:14:31 | |
and the good news is this isn't the only loo in the property. There's one upstairs, too. | 0:14:31 | 0:14:35 | |
So this is, I guess, a utility room/ stroke downstairs toilet. | 0:14:35 | 0:14:39 | |
Excellent. Who'd have thought it from the front? | 0:14:39 | 0:14:42 | |
Yes, I expected to see a kind of two-up, two-down kind of property. | 0:14:54 | 0:14:58 | |
The downstairs loo and utility area in the little extension | 0:14:58 | 0:15:02 | |
are a definite plus. | 0:15:02 | 0:15:04 | |
Let's not get carried away as it will need some improvements | 0:15:04 | 0:15:07 | |
but it does show promise. | 0:15:07 | 0:15:09 | |
I imagine when this house was first built, | 0:15:11 | 0:15:13 | |
it would have had just the toilet downstairs. | 0:15:13 | 0:15:17 | |
And possibly two large bedrooms upstairs. | 0:15:17 | 0:15:20 | |
Somebody's obviously made the decision to bring a bathroom upstairs. | 0:15:20 | 0:15:23 | |
That's taken away one of the big decisions about these kind of properties | 0:15:23 | 0:15:26 | |
cos you think, "Is it worth doing?" But somebody's done it. | 0:15:26 | 0:15:29 | |
It does mean that certainly the second bedroom is a bit small, | 0:15:29 | 0:15:32 | |
but for the sake of it, fantastic to have that up here. | 0:15:32 | 0:15:35 | |
Still got your two bedrooms. Job done. | 0:15:35 | 0:15:38 | |
OK, it needs a bit of work, | 0:15:38 | 0:15:41 | |
but a great property. | 0:15:41 | 0:15:43 | |
There are definitely the makings of a decent house here. | 0:15:44 | 0:15:47 | |
There's what looks like a reasonably new boiler and central heating | 0:15:47 | 0:15:52 | |
and it appears structurally sound. | 0:15:52 | 0:15:54 | |
I really like what I'm seeing here. | 0:15:55 | 0:15:57 | |
Let's go back and take a look around outside. | 0:15:58 | 0:16:01 | |
At the back of the property, a really nice-sized back garden. | 0:16:02 | 0:16:06 | |
It could do with a mow, obviously, | 0:16:06 | 0:16:08 | |
but apart from that, a lovely thing to have. | 0:16:08 | 0:16:11 | |
What's not so good is that. | 0:16:11 | 0:16:14 | |
Looks to me like somebody's just dumped out loads of oil from a car engine. | 0:16:15 | 0:16:20 | |
Now, I know we're always talking about striking oil | 0:16:20 | 0:16:23 | |
when you look at auction properties, but that wasn't what I had in mind. | 0:16:23 | 0:16:27 | |
This is not the kind of oil field you want in your garden. | 0:16:31 | 0:16:34 | |
It's definitely not an environmentally friendly thing to have. | 0:16:34 | 0:16:38 | |
Get this to an oil bank for recycling ASAP. | 0:16:38 | 0:16:42 | |
Used motorcycle oil contains toxic chemicals and heavy metals. | 0:16:42 | 0:16:47 | |
It's slow to degrade, sticks to everything, contaminates water supplies | 0:16:47 | 0:16:52 | |
and harms wildlife. | 0:16:52 | 0:16:54 | |
It'll be a complete pain to get rid of. | 0:16:54 | 0:16:56 | |
But perhaps you could strike it lucky with this property. | 0:16:56 | 0:17:00 | |
I don't think it'll make you as rich as an oil baron, | 0:17:00 | 0:17:03 | |
but it might be worth sinking a bob or two into it. | 0:17:03 | 0:17:06 | |
What does a local estate agent make of this house | 0:17:09 | 0:17:12 | |
that was guided at £50,000 plus? | 0:17:12 | 0:17:14 | |
The property offers particularly generous accommodation on the ground floor | 0:17:16 | 0:17:20 | |
with a single-storey extension situated at the rear. | 0:17:20 | 0:17:23 | |
If this was to go on the rental market, | 0:17:23 | 0:17:26 | |
one thing that does help rental yields | 0:17:26 | 0:17:29 | |
is having a third bedroom. | 0:17:29 | 0:17:31 | |
Really, for this size of property, | 0:17:31 | 0:17:33 | |
I don't really see any benefit of having two bathrooms. | 0:17:33 | 0:17:37 | |
So even though the bathroom is on the ground floor, | 0:17:37 | 0:17:39 | |
I would still look at possibly changing the first floor bathroom | 0:17:39 | 0:17:43 | |
into a bedroom. It's certainly big enough for a reasonable single bedroom. | 0:17:43 | 0:17:48 | |
Hmm. Interesting thought. So the layout may depend on what the purchaser intends to do with it. | 0:17:48 | 0:17:53 | |
And that may in turn be determined by the financial returns. | 0:17:53 | 0:17:56 | |
So how would this house, guided at £50,000 plus, | 0:17:56 | 0:18:00 | |
do if sold on once done up? | 0:18:00 | 0:18:03 | |
When this property is finished to a decent selling standard, | 0:18:03 | 0:18:07 | |
I would put this on the market for round about £70,000. | 0:18:07 | 0:18:12 | |
Encouraging. But what about rental? | 0:18:12 | 0:18:15 | |
For rental purposes, if you keep the existing layout, | 0:18:15 | 0:18:19 | |
but again refurbishing to a decent standard, | 0:18:19 | 0:18:21 | |
I would suggest a rental value or round about 450 to £475 per calendar month. | 0:18:21 | 0:18:28 | |
If you were to create this into a three-bedroomed property, | 0:18:28 | 0:18:32 | |
I would suggest between 500 and £525 per calendar month. | 0:18:32 | 0:18:36 | |
So, change the upstairs bathroom back into a bedroom | 0:18:37 | 0:18:40 | |
and you could increase your rental return | 0:18:40 | 0:18:43 | |
by ten to 15 per cent. | 0:18:43 | 0:18:45 | |
That's definitely something worth considering. | 0:18:45 | 0:18:47 | |
So, would you pay the suggested £50,00 plus guide price for this place? | 0:18:50 | 0:18:54 | |
I think I would. | 0:18:54 | 0:18:56 | |
It's a good little property. Doesn't need too much work. | 0:18:56 | 0:18:59 | |
Great one to go for. Let's see who agreed when it went under the hammer. | 0:18:59 | 0:19:02 | |
Lot 62. A mid-terraced house. Two bedrooms. | 0:19:03 | 0:19:07 | |
It does need modernising. | 0:19:07 | 0:19:09 | |
Start me off at 38? 38 bid. Standing right. | 0:19:09 | 0:19:12 | |
at £38,000. | 0:19:12 | 0:19:14 | |
40 going to say now. 40. 42. | 0:19:14 | 0:19:17 | |
44. 46. | 0:19:17 | 0:19:19 | |
48. | 0:19:19 | 0:19:21 | |
50. | 0:19:21 | 0:19:23 | |
51. | 0:19:23 | 0:19:24 | |
52. 53. | 0:19:24 | 0:19:26 | |
54. 55. | 0:19:26 | 0:19:29 | |
Shaking his head. 55. Your bid left. | 0:19:29 | 0:19:32 | |
At £55,000. | 0:19:32 | 0:19:34 | |
56 anywhere else? | 0:19:34 | 0:19:35 | |
At £55,000, then, for the first time, | 0:19:35 | 0:19:39 | |
at £55,000 for the second time. | 0:19:39 | 0:19:43 | |
Third and final time at £55,000. | 0:19:43 | 0:19:46 | |
Bought it. Well done. | 0:19:46 | 0:19:48 | |
And so for just £5,000 over the guide price, | 0:19:48 | 0:19:51 | |
the successful bid for the two-bedroomed mid-terraced house in Wellington | 0:19:51 | 0:19:55 | |
was made by local resident Mike | 0:19:55 | 0:19:57 | |
as joint purchase with his wife Annette. | 0:19:57 | 0:20:00 | |
The couple have several properties already. | 0:20:01 | 0:20:03 | |
They joined me at the two-bed semi to discuss what they intend to do with it. | 0:20:04 | 0:20:09 | |
Mike, Annette, great to see you both. | 0:20:11 | 0:20:14 | |
-Congratulations. -Thank you. | 0:20:14 | 0:20:16 | |
Tell me why you wanted to buy this place? | 0:20:16 | 0:20:18 | |
I go to the auctions to buy property | 0:20:18 | 0:20:20 | |
and Annette gives me a selection | 0:20:20 | 0:20:23 | |
and most ones I don't usually get, but this one was within our budget so I bought this one. | 0:20:23 | 0:20:29 | |
What was it about this one you particularly liked? | 0:20:29 | 0:20:31 | |
The price! | 0:20:31 | 0:20:33 | |
So apart from the price, was there anything that appealed? | 0:20:33 | 0:20:36 | |
No, it didn't appeal at all! | 0:20:36 | 0:20:38 | |
No, I gave him a list. Here's the list, with all the prices he could bid to on here. | 0:20:38 | 0:20:44 | |
You gave him a list of how many properties he could potentially buy? | 0:20:44 | 0:20:47 | |
-There's about 11 listed. I only wanted one. -Right. -He's only allowed to get one. | 0:20:47 | 0:20:52 | |
-But you said he could have any of these 11. -Yes. | 0:20:52 | 0:20:55 | |
This was the 11th and this was the one he got! | 0:20:55 | 0:20:57 | |
So what was your reaction when your husband got back? | 0:20:57 | 0:21:01 | |
I wasn't very pleased! | 0:21:01 | 0:21:03 | |
Do you want to expand on that a little? | 0:21:03 | 0:21:05 | |
I said, "Oh, no!" | 0:21:05 | 0:21:08 | |
So from your side, what exactly happened? | 0:21:08 | 0:21:10 | |
Well, I was hoping that somebody else would bid higher, but they didn't! | 0:21:10 | 0:21:14 | |
Cos I knew there'd be a lot of work in this house for me. | 0:21:14 | 0:21:18 | |
You were hoping somebody would bid higher? | 0:21:18 | 0:21:20 | |
So as I didn't get it. I don't like work, particularly! | 0:21:20 | 0:21:23 | |
Let's go back a step here. | 0:21:23 | 0:21:25 | |
-You bought and hoped that somebody would outbid you? -Yes! | 0:21:25 | 0:21:28 | |
-Right. -Then he wouldn't have got it and that would have been OK, he's thinking. | 0:21:28 | 0:21:32 | |
-It's an alternative bidding technique! -Yes. | 0:21:32 | 0:21:35 | |
-A dangerous strategy! -Yes. I'd been given the prices to bid up to | 0:21:35 | 0:21:39 | |
and I knew Annette had looked them up on the internet | 0:21:39 | 0:21:43 | |
to see what they'd gone for. | 0:21:43 | 0:21:44 | |
If they'd gone for higher, she wouldn't have minded. | 0:21:44 | 0:21:48 | |
But if they went for the price she'd put on her list, I'd be in trouble. | 0:21:48 | 0:21:53 | |
Well, I think I follow Mike's logic! | 0:21:58 | 0:22:01 | |
But it does seem they've ended up with a house | 0:22:01 | 0:22:03 | |
that neither of them really wanted. | 0:22:03 | 0:22:06 | |
But in developing, it's all about the price you pay for a property | 0:22:06 | 0:22:09 | |
and at £55,000, | 0:22:09 | 0:22:11 | |
they did at least find one aspect of this end-of-terrace appealing. | 0:22:11 | 0:22:15 | |
The trouble is that now they've got it, they need to bring it up to scratch. | 0:22:15 | 0:22:19 | |
The plan is to what, sell it on or rent it out? | 0:22:23 | 0:22:26 | |
I've actually bought it for my son, this house. | 0:22:26 | 0:22:28 | |
-OK. -And he's going to have it and rent it out. | 0:22:28 | 0:22:31 | |
-He's not going to live in it? -No. | 0:22:31 | 0:22:34 | |
-So you're building a portfolio for him? -Yes. | 0:22:34 | 0:22:36 | |
What's he going to do to sort it out, then? | 0:22:36 | 0:22:39 | |
Well, I'm going to remove this wallpaper. | 0:22:39 | 0:22:42 | |
OK. And I'm hoping the woodchip underneath will be sound, cos I like woodchip wallpaper! | 0:22:42 | 0:22:48 | |
-What?! -I like woodchip wallpaper. | 0:22:48 | 0:22:51 | |
You're going to take off the wallpaper and hope to find woodchip underneath? | 0:22:51 | 0:22:56 | |
Yes, cos there's woodchip round the rest of it. | 0:22:56 | 0:22:58 | |
Then I'm going to patch it and paint it. | 0:22:58 | 0:23:00 | |
You are probably the first person I've ever met who is a huge fan of second-hand woodchip. | 0:23:00 | 0:23:06 | |
-That's right. -Can you explain more about your woodchip love? | 0:23:06 | 0:23:11 | |
If you take this woodchip off, you'll end up with the plaster coming off. | 0:23:11 | 0:23:15 | |
Then you'll have to re-plaster all the walls. | 0:23:15 | 0:23:17 | |
-Right. -But if you leave it there and just patch the holes, | 0:23:17 | 0:23:21 | |
it'll look perfectly presentable when it's painted and that's good. | 0:23:21 | 0:23:25 | |
Well, each to their own, I suppose. | 0:23:33 | 0:23:35 | |
The thing this couple really do like is working on renovations. | 0:23:35 | 0:23:39 | |
They do this for a living and get their hands dirty by doing all the work they can by themselves. | 0:23:39 | 0:23:45 | |
They have two sons, and both got a property for their 25th birthdays. | 0:23:46 | 0:23:50 | |
They've decided that even though it's going on the rental market, | 0:23:52 | 0:23:55 | |
they will leave the layout as it is, with just two bedrooms. | 0:23:55 | 0:23:58 | |
Apart from taking off the wallpaper and hopefully finding woodchip, what else are you going to do? | 0:24:01 | 0:24:05 | |
Put in new windows. We'll have the floors carpeted and vinyl in the bathroom and kitchen. | 0:24:05 | 0:24:11 | |
OK. What about the kitchen and bathrooms? | 0:24:11 | 0:24:14 | |
They need doing, yes. | 0:24:14 | 0:24:16 | |
What's the time scale on this? | 0:24:16 | 0:24:17 | |
We expect it to take us two months, | 0:24:17 | 0:24:20 | |
but we're going on holiday in six weeks' time | 0:24:20 | 0:24:22 | |
so we've either got to rush and do it a bit quicker, | 0:24:22 | 0:24:27 | |
-or we'll wait till we come back to finish it off. -Right. | 0:24:27 | 0:24:30 | |
-We're working on another one at the moment. -Wow. | 0:24:30 | 0:24:33 | |
So we've got to finish that one first before we start on here. | 0:24:33 | 0:24:36 | |
And what's the budget? | 0:24:36 | 0:24:39 | |
-5,000. -At least you won't pay much for the wallpaper! | 0:24:39 | 0:24:42 | |
No! | 0:24:42 | 0:24:43 | |
Well, listen, congratulations. | 0:24:44 | 0:24:47 | |
It's a very interesting story and lovely to meet you both. | 0:24:47 | 0:24:50 | |
-Thank you. -Congratulations. -Thank you. | 0:24:50 | 0:24:52 | |
-Look forward to seeing how you get on. -Thank you. | 0:24:52 | 0:24:55 | |
That's a turn-up for the books, isn't it? | 0:24:56 | 0:24:58 | |
A huge fan of woodchip wallpaper. | 0:24:58 | 0:25:01 | |
Fantastic. Still, I think Annette and Mike have got themselves a really nice house here | 0:25:03 | 0:25:07 | |
although they don't seem particularly happy to have got it! | 0:25:07 | 0:25:12 | |
Will they be more enthusiastic when it's sorted out? | 0:25:12 | 0:25:16 | |
Hopefully so. You can find out later in the show. | 0:25:16 | 0:25:19 | |
Coming up: in Rochester, Kent, | 0:25:20 | 0:25:22 | |
this three-bed mid-terrace has gone for the Swedish sauna look in the kitchen and the bathroom! | 0:25:22 | 0:25:29 | |
We return to Telford to see if Annette was joking or if she meant it. | 0:25:30 | 0:25:35 | |
I like woodchip wallpaper! | 0:25:35 | 0:25:37 | |
-What?! -I like woodchip wallpaper! | 0:25:37 | 0:25:40 | |
But first it's back to Newcastle, | 0:25:41 | 0:25:44 | |
where this two-bed split-level flat had surprised Terry. | 0:25:44 | 0:25:48 | |
I didn't expect it to look this good. | 0:25:48 | 0:25:50 | |
We head back to Newcastle now | 0:25:53 | 0:25:55 | |
and only a short walk from the city centre where we met Terry. | 0:25:55 | 0:25:59 | |
He's a sociology student and care worker | 0:25:59 | 0:26:02 | |
who bought himself a two-bedroom split-level flat. | 0:26:02 | 0:26:05 | |
On the outside, the flat was definitely of the 20th century, | 0:26:05 | 0:26:09 | |
but inside it was more Renaissance than retro. | 0:26:09 | 0:26:13 | |
I love the decor. It's brilliant. | 0:26:13 | 0:26:16 | |
-You do?! -No! | 0:26:16 | 0:26:18 | |
He'd need angels on his side with this one! | 0:26:18 | 0:26:21 | |
But getting rid of the plasterwork could "frieze" his progress. | 0:26:25 | 0:26:28 | |
With Ian's help, he planned to do some major reconfiguring. | 0:26:28 | 0:26:32 | |
In fact, by the sound of things, no wall would remain. | 0:26:32 | 0:26:35 | |
What are you going to do to sort it out? | 0:26:36 | 0:26:38 | |
Pretty much every wall around here is coming down. | 0:26:38 | 0:26:41 | |
-I'm going to knock all this into one big lounge/kitchen area. -Wow. | 0:26:41 | 0:26:46 | |
That wall's going to be moved. That's going back to two bedrooms upstairs as well. | 0:26:46 | 0:26:50 | |
-Right. -The bathroom downstairs. | 0:26:50 | 0:26:53 | |
So, not a lot of work, then(!) | 0:26:53 | 0:26:55 | |
Terry intended to finish his studies and part-time job | 0:26:55 | 0:26:58 | |
and had a new job lined up. | 0:26:58 | 0:27:00 | |
So he'd allowed himself nine to 12 months | 0:27:00 | 0:27:03 | |
including time to raise the ten to £15,000 budget. | 0:27:03 | 0:27:07 | |
So, how did he get on? | 0:27:07 | 0:27:09 | |
Well, on the ground floor, that downstairs loo | 0:27:09 | 0:27:12 | |
is now a very luxurious-looking bathroom. | 0:27:12 | 0:27:15 | |
And the downstairs bedroom is now very smart. | 0:27:21 | 0:27:24 | |
Upstairs, with the bathroom moved downstairs | 0:27:26 | 0:27:29 | |
and the kitchen wall demolished, | 0:27:29 | 0:27:30 | |
the living room's now even better | 0:27:30 | 0:27:33 | |
with a bright, open-plan kitchen and French windows. | 0:27:33 | 0:27:36 | |
I pretty much changed everything, starting from a new front door. | 0:27:36 | 0:27:40 | |
I completely obliterated the entire place. | 0:27:40 | 0:27:43 | |
It was literally a concrete shell. I took every single wall out. | 0:27:43 | 0:27:46 | |
The layout I changed dramatically, to say the least. | 0:27:46 | 0:27:50 | |
I got new French doors on the balcony, | 0:27:54 | 0:27:56 | |
I also added a table and chairs | 0:27:56 | 0:27:59 | |
which is a nice little feature | 0:27:59 | 0:28:01 | |
for when the weather's lovely and you can sit outside and relax. | 0:28:01 | 0:28:05 | |
Terry has reinstated it as a three-bedroomed flat | 0:28:09 | 0:28:13 | |
just as he'd planned. A sensible move. | 0:28:13 | 0:28:17 | |
The one bedroom that was upstairs | 0:28:17 | 0:28:18 | |
has been changed into two and a walk-in wardrobe added on to that. | 0:28:18 | 0:28:22 | |
Unfortunately, Ian didn't end up helping with the work, | 0:28:22 | 0:28:26 | |
so Terry's done it on his own. | 0:28:26 | 0:28:28 | |
It's amazing he stuck to his time scale | 0:28:28 | 0:28:30 | |
given what he had on his plate. | 0:28:30 | 0:28:32 | |
The project itself has been up and down, with starts and stops. | 0:28:32 | 0:28:35 | |
I started a new job just over a year ago. | 0:28:35 | 0:28:38 | |
I work with young people with learning disabilities | 0:28:38 | 0:28:42 | |
and it's really, really rewarding. | 0:28:42 | 0:28:44 | |
I've been able to fit it in with the renovations quite well, | 0:28:44 | 0:28:47 | |
but towards the end of the project, I sort of ran out of money. | 0:28:47 | 0:28:50 | |
I went over the 15,000 mark a little bit. | 0:28:50 | 0:28:52 | |
It's looking at around 17,000 and it's pretty much finished. | 0:28:52 | 0:28:56 | |
A few little touch ups here and there and carpet. | 0:28:56 | 0:28:59 | |
I was working 80 hours a week and trying to fit this in when I could. | 0:28:59 | 0:29:03 | |
I got a bit bogged down. I had problems with tradesmen. | 0:29:03 | 0:29:07 | |
I went through three sets of joiners, two plumbers. I had an absolute nightmare. | 0:29:07 | 0:29:13 | |
But these last few months it's been pretty much plain sailing which has been fantastic. | 0:29:13 | 0:29:18 | |
There were other pressures, too. | 0:29:20 | 0:29:22 | |
Terry had hoped to install a combi boiler, | 0:29:22 | 0:29:24 | |
but there were quite a few hoops to jump through. | 0:29:24 | 0:29:27 | |
Before I bought the property, I enquired about the heating system | 0:29:29 | 0:29:33 | |
cos when I viewed it I noticed there was electric heating | 0:29:33 | 0:29:35 | |
and I was aware there was communal heating. | 0:29:35 | 0:29:38 | |
So I got in touch with the leaseholder | 0:29:38 | 0:29:40 | |
and they said, "No bother. You'll be able to get communal heating." | 0:29:40 | 0:29:43 | |
I waited for three months, and in the end they said, | 0:29:43 | 0:29:47 | |
"There's a problem with the lease. You can't have the communal heating." | 0:29:47 | 0:29:50 | |
Instead, he invested in an electric immersion heater. | 0:29:50 | 0:29:53 | |
I got quoted £11,000 to install a gas line to the property, | 0:29:53 | 0:29:58 | |
so it was a lot cheaper to go for an immersion heater | 0:29:58 | 0:30:02 | |
and electric radiators. | 0:30:02 | 0:30:05 | |
At least he has somewhere to go to soak away his troubles. | 0:30:05 | 0:30:08 | |
I'd always wanted a bath long enough to submerge my entire body in. | 0:30:14 | 0:30:18 | |
When the plans started coming together for the bathroom, | 0:30:18 | 0:30:21 | |
I thought, "Perfect. I can put it in there." | 0:30:21 | 0:30:24 | |
The space where the old cupboard used to be is where I'm sitting now. | 0:30:24 | 0:30:27 | |
We utilised the space from the passage, the old downstairs loo | 0:30:27 | 0:30:32 | |
and the storage cupboard into one big luxury bathroom. | 0:30:32 | 0:30:36 | |
Everything high-spec, and I love it. | 0:30:36 | 0:30:39 | |
Terry seems deservedly proud of the hard graft he's put in here. | 0:30:39 | 0:30:42 | |
I'm proud of the spec that it's come out. I didn't expect it to look this good | 0:30:42 | 0:30:48 | |
when I first envisioned it. | 0:30:48 | 0:30:50 | |
But as I went along, it's just come together perfectly | 0:30:50 | 0:30:53 | |
and it's so much better than what I thought it was going to be. | 0:30:53 | 0:30:56 | |
How will the improvements go down with these two local estate agents? | 0:30:57 | 0:31:01 | |
My thoughts on the refurbishment, it's fantastic. | 0:31:03 | 0:31:05 | |
Amazed when I came in. | 0:31:05 | 0:31:07 | |
It's really high quality and a really good finish. | 0:31:07 | 0:31:10 | |
What does the one who saw the property before think about the new layout? | 0:31:10 | 0:31:14 | |
The changes the owner's made to the property is a vast improvement. | 0:31:15 | 0:31:18 | |
The layout is much better with the bathroom downstairs | 0:31:18 | 0:31:20 | |
and also the creation of the lovely open-plan kitchen/living area. | 0:31:20 | 0:31:25 | |
Terry doesn't plan to sell right now | 0:31:25 | 0:31:27 | |
but given the purchase price of 42,000 and his £17,000 spend, | 0:31:27 | 0:31:33 | |
that means he's invested £59,000. | 0:31:33 | 0:31:35 | |
So I dare say he'll be interested to know | 0:31:35 | 0:31:37 | |
what the flat could fetch if sold on. | 0:31:37 | 0:31:40 | |
I would market the property at £90,000 | 0:31:41 | 0:31:44 | |
to achieve as close to that as possible. | 0:31:44 | 0:31:46 | |
If we were to put this property on the market, | 0:31:46 | 0:31:48 | |
I would suggest a price of £90,000. | 0:31:48 | 0:31:51 | |
That's absolutely fantastic. | 0:31:51 | 0:31:53 | |
It's a £30,000 profit. A bit over, actually. | 0:31:53 | 0:31:56 | |
So I'm absolutely thrilled with that. | 0:31:56 | 0:31:58 | |
What about as a rental? | 0:31:58 | 0:32:01 | |
I would suggest an asking price of £550 per calendar month. | 0:32:01 | 0:32:05 | |
I think this would be an achievable price. | 0:32:05 | 0:32:07 | |
I would recommend marketing the property at £550 per calendar month. | 0:32:07 | 0:32:12 | |
I hadn't actually thought about renting it as a whole property, | 0:32:12 | 0:32:15 | |
but that would be a nice amount if I was to go down that route. | 0:32:15 | 0:32:18 | |
That would give Terry a yield of just over eight per cent. | 0:32:18 | 0:32:21 | |
But he intends to live here. | 0:32:21 | 0:32:23 | |
He'll share the house and charge a fee for rent with all bills included. | 0:32:23 | 0:32:28 | |
That gives him a place to live | 0:32:28 | 0:32:29 | |
and helps cover his costs all in a very neat package. | 0:32:29 | 0:32:33 | |
So, would he tackle something like this again? | 0:32:33 | 0:32:35 | |
I would totally do it again. | 0:32:35 | 0:32:37 | |
Probably on a bigger scale, next time. | 0:32:37 | 0:32:40 | |
I'd like to try my hand at some construction work as well. | 0:32:40 | 0:32:43 | |
But I'll just enjoy the place as much as I can while I can | 0:32:43 | 0:32:47 | |
before I move on to something bigger and better, hopefully! | 0:32:47 | 0:32:50 | |
This is Rochester in Kent, | 0:32:54 | 0:32:56 | |
arguably the most desirable of the Medway towns | 0:32:56 | 0:32:59 | |
with a centre that boasts a cathedral, castle, and more antiques and coffee shops | 0:32:59 | 0:33:04 | |
than you can manage in a day! | 0:33:04 | 0:33:06 | |
It's unquestionably beautiful. | 0:33:06 | 0:33:08 | |
But will Rochester still offer up a bargain in the auction rooms? | 0:33:08 | 0:33:12 | |
The property I'm here to see doesn't quite have the age and grandeur of the town centre, | 0:33:24 | 0:33:29 | |
but it's a Victorian terrace and they're always popular with people after a bit of character. | 0:33:29 | 0:33:34 | |
And this one, I think it would also suit someone who wants value for money. | 0:33:34 | 0:33:39 | |
It's this three-bedroomed house | 0:33:39 | 0:33:41 | |
and it had a guide price of just £75,000. | 0:33:41 | 0:33:44 | |
What do you get for your money, then? Let's find out. | 0:33:45 | 0:33:48 | |
Straight off the street and into the hallway. | 0:33:48 | 0:33:51 | |
A rather lovely cosy little lounge in there | 0:33:51 | 0:33:55 | |
with a beautiful period fireplace. | 0:33:55 | 0:33:57 | |
I'll come back to that in a while. | 0:33:57 | 0:33:59 | |
Look at these - they're really lovely. | 0:33:59 | 0:34:02 | |
Stairs there, into a second sitting room. | 0:34:02 | 0:34:05 | |
Quite a good space. | 0:34:05 | 0:34:07 | |
A tatty space, I'd say. Needs a lot of work doing, | 0:34:07 | 0:34:10 | |
and yes, as I expected, through here to the kitchen | 0:34:10 | 0:34:13 | |
which looks a bit like a Swedish sauna. | 0:34:13 | 0:34:15 | |
And a downstairs bathroom. A lot of work to do, | 0:34:15 | 0:34:18 | |
but everything I would expect from a terraced house like this. | 0:34:18 | 0:34:22 | |
There was a time when this cladding was fashionable | 0:34:30 | 0:34:33 | |
but more worryingly, it can be used to conceal a multitude of sins. | 0:34:33 | 0:34:38 | |
But whether it's here for design or disguise, | 0:34:38 | 0:34:42 | |
it's time to jettison it, and while you're at it, the kitchen, too! | 0:34:42 | 0:34:46 | |
Upstairs, things get trickier. | 0:34:47 | 0:34:50 | |
There's a large bedroom at the front... | 0:34:50 | 0:34:52 | |
but the small one at the back comes with the third bedroom off it. | 0:34:53 | 0:34:57 | |
Never ideal, but what to do? | 0:34:57 | 0:35:00 | |
I think in all my years of viewing property, | 0:35:01 | 0:35:03 | |
I've never found an entirely satisfactory way of dealing with this issue. | 0:35:03 | 0:35:08 | |
Creating a corridor to make a separate access to this bedroom. | 0:35:08 | 0:35:13 | |
It just eats up valuable space in here | 0:35:13 | 0:35:15 | |
and sometimes, you have to turn the stairs as well | 0:35:15 | 0:35:18 | |
which is hugely expensive. | 0:35:18 | 0:35:20 | |
In my opinion, if it's a young family living here, | 0:35:20 | 0:35:24 | |
this layout doesn't really matter. | 0:35:24 | 0:35:26 | |
I reckon renovate it nicely, | 0:35:26 | 0:35:28 | |
make the house homely, and I don't think you'll have a problem getting someone to move in. | 0:35:28 | 0:35:33 | |
Even though the layout isn't perfect, | 0:35:33 | 0:35:35 | |
this place has charm and many characterful features. | 0:35:35 | 0:35:39 | |
Which reminds me. | 0:35:39 | 0:35:40 | |
I am saving the best till last. | 0:35:40 | 0:35:42 | |
A little treat for myself. | 0:35:42 | 0:35:44 | |
I can't wait to see what's behind here. | 0:35:44 | 0:35:46 | |
I hope it's as beautiful as this. | 0:35:46 | 0:35:48 | |
Ooh! Ooh! | 0:35:50 | 0:35:52 | |
That's gorgeous. | 0:35:52 | 0:35:55 | |
Really unexpected in a little terraced house like this. | 0:35:55 | 0:35:58 | |
Beautiful. | 0:35:58 | 0:36:00 | |
It's hidden gems like this that make this house so special. | 0:36:02 | 0:36:06 | |
It's amazing to think these were unfashionable in the '70s | 0:36:06 | 0:36:10 | |
and people just boarded them up. | 0:36:10 | 0:36:12 | |
How times change! And talking of time, | 0:36:12 | 0:36:15 | |
it's time to hear the views of a local property agent | 0:36:15 | 0:36:17 | |
on this terraced house that was guided at 75,000. | 0:36:17 | 0:36:21 | |
First impressions of the property, it does need a lot of work. | 0:36:21 | 0:36:26 | |
It's been neglected over the years. | 0:36:26 | 0:36:28 | |
But it has got tremendous potential. | 0:36:28 | 0:36:31 | |
What does he think of the upstairs layout? | 0:36:32 | 0:36:34 | |
I would suggest moving the bathroom into the third bedroom. | 0:36:34 | 0:36:38 | |
Making it an en-suite off the bedroom | 0:36:38 | 0:36:41 | |
rather than it being off the kitchen. | 0:36:41 | 0:36:43 | |
I don't think it would add value, but I do think it would make it more saleable. | 0:36:43 | 0:36:47 | |
So maybe it wouldn't be worth going to the expense of moving the bathroom. | 0:36:47 | 0:36:51 | |
It would all hinge on the possible resale value. | 0:36:51 | 0:36:55 | |
When the property is completely renovated, | 0:36:55 | 0:36:57 | |
I would expect it to be in the region of £130,000. | 0:36:57 | 0:37:01 | |
This is a very sought-after rental area. | 0:37:02 | 0:37:05 | |
So what kind of rent could it bring in each month? | 0:37:05 | 0:37:07 | |
In good condition, this property should rent for approximately £650 to £700 per calendar month. | 0:37:09 | 0:37:16 | |
A classic, cute little rental property | 0:37:17 | 0:37:20 | |
which offers a decent return near all this loveliness. | 0:37:20 | 0:37:24 | |
Let's see who wanted to buy it at the auction. | 0:37:24 | 0:37:27 | |
Where do we start on this one? | 0:37:27 | 0:37:29 | |
Nice low guide. It needs to be 75,000 to get it started. | 0:37:29 | 0:37:32 | |
75,000. I'm on the way. | 0:37:32 | 0:37:35 | |
75 I have. 77, may I say, sir. | 0:37:35 | 0:37:37 | |
77 and 80. | 0:37:37 | 0:37:39 | |
81 I have. | 0:37:39 | 0:37:41 | |
82, now, if you wish. | 0:37:41 | 0:37:42 | |
82 I've got. 83 by the door. | 0:37:42 | 0:37:45 | |
84. I'm obliged. 85? | 0:37:45 | 0:37:48 | |
There was lots of interest on auction day. | 0:37:48 | 0:37:50 | |
We rejoin the bidding at 96,000. | 0:37:50 | 0:37:53 | |
96 he's still with at the door. | 0:37:53 | 0:37:55 | |
Any of the others coming back at £97,000? | 0:37:55 | 0:37:58 | |
97 bid I have. | 0:37:58 | 0:38:00 | |
98 now, if you like. | 0:38:00 | 0:38:01 | |
No? He says no. | 0:38:01 | 0:38:03 | |
97,000 sitting down in the front. | 0:38:03 | 0:38:05 | |
£98,000 I'm looking for. | 0:38:05 | 0:38:07 | |
Are we all done at £97,000? Obviously going to be sold. | 0:38:07 | 0:38:11 | |
98 right at the back. Do you want to fill it up to 100? | 0:38:11 | 0:38:14 | |
100? 99. | 0:38:14 | 0:38:15 | |
100? It's your choice to come in at 100. | 0:38:15 | 0:38:19 | |
At £99,000 bid I've got. 100 I'm looking for. For the first time at 99. | 0:38:19 | 0:38:25 | |
Second time at 99,000. | 0:38:26 | 0:38:28 | |
Nobody else coming in at 100? | 0:38:28 | 0:38:30 | |
Magic 100. 99 for the third and final time. All done? | 0:38:30 | 0:38:34 | |
£99,000 over on my right. | 0:38:34 | 0:38:38 | |
The seated bidder who got the terrace for 99,000 was Bev. | 0:38:38 | 0:38:43 | |
He used to be a car salesman | 0:38:43 | 0:38:45 | |
but after he was injured in a fall, | 0:38:45 | 0:38:47 | |
he sold his business and is now in property development. | 0:38:47 | 0:38:50 | |
It's something he first dabbled in about 20 years ago. | 0:38:50 | 0:38:54 | |
This is his third buy to let property. | 0:38:54 | 0:38:56 | |
I met up with Bev and his daughter, Kelly-Ann | 0:38:56 | 0:38:59 | |
to find out what they planned. | 0:38:59 | 0:39:01 | |
Bev and Kelly-Ann, congratulations. | 0:39:03 | 0:39:05 | |
Why did you want to buy this, Bev? | 0:39:05 | 0:39:07 | |
We didn't! | 0:39:07 | 0:39:09 | |
At the time we went there, we were looking to buy two bungalows. | 0:39:09 | 0:39:14 | |
Two semi's next door to each other. | 0:39:14 | 0:39:16 | |
And they were withdrawn ten minutes from the commencement of sale. | 0:39:16 | 0:39:20 | |
We decided that we would go for a smaller type property. | 0:39:20 | 0:39:24 | |
Why are you actually doing this? | 0:39:24 | 0:39:25 | |
I need something to really prove to myself | 0:39:25 | 0:39:28 | |
that I'm able to do what I used to be able to do. | 0:39:28 | 0:39:31 | |
When I was a youngster I was a plasterer. That was my trade. | 0:39:31 | 0:39:34 | |
Obviously that's going to come out in this. | 0:39:34 | 0:39:36 | |
Just did a bit of work at my mother-in-law's, a bit of plastering, | 0:39:36 | 0:39:41 | |
and realised it was like riding a bike. | 0:39:41 | 0:39:42 | |
But a year and a half ago, I had a car sales business | 0:39:42 | 0:39:47 | |
which was doing really well. | 0:39:47 | 0:39:49 | |
And for the sake of an aerial on a car roof, | 0:39:49 | 0:39:53 | |
I climbed up a stack of cars, three cars, | 0:39:53 | 0:39:58 | |
and I was unscrewing the aerial, the car was damp, and I fell to the ground. | 0:39:58 | 0:40:05 | |
-Oh, no. -I broke my legs | 0:40:05 | 0:40:08 | |
and my shoulder and bits and pieces weren't good. | 0:40:08 | 0:40:12 | |
-But... -You are standing here | 0:40:12 | 0:40:15 | |
-and you're looking... -Six months in a wheelchair, | 0:40:15 | 0:40:18 | |
-looking at you and Martin on TV every morning! -Bless you! | 0:40:18 | 0:40:22 | |
"I've got to have a go at that." | 0:40:22 | 0:40:23 | |
It's so lovely to hear that Bev is now on the mend | 0:40:25 | 0:40:28 | |
and I'm glad he's been inspired to get back into property developing. | 0:40:28 | 0:40:32 | |
This time around, he's got some help. | 0:40:32 | 0:40:35 | |
His daughter Kelly-Ann is more than happy to help him out | 0:40:35 | 0:40:37 | |
with some girl power! | 0:40:37 | 0:40:39 | |
Kelly-Ann, what is your involvement going to be? | 0:40:39 | 0:40:42 | |
Everything I can do, I will do! | 0:40:42 | 0:40:44 | |
Painting, knocking down walls, | 0:40:44 | 0:40:47 | |
doors, literally. | 0:40:47 | 0:40:49 | |
Anything! | 0:40:49 | 0:40:50 | |
Bev, does she get really involved with projects like this? | 0:40:50 | 0:40:53 | |
Yeah, she's, um... It's a word of caution, really. | 0:40:53 | 0:40:56 | |
If you need someone to do the cooking and that, go somewhere else. | 0:40:56 | 0:40:59 | |
If you want someone to take walls down, she's the right girl! | 0:40:59 | 0:41:03 | |
So she's not a girly girl at all? | 0:41:03 | 0:41:06 | |
She's a girly-girl in so much as make-up and the way she looks. | 0:41:06 | 0:41:09 | |
But she'd rather have a hammer in a hand than a saucepan! | 0:41:09 | 0:41:12 | |
Kelly-Ann plans to get busy with her hammer. | 0:41:23 | 0:41:25 | |
The first wall to go is the one between the back sitting room and the kitchen. | 0:41:25 | 0:41:30 | |
She plans to create a bigger dining/kitchen. | 0:41:30 | 0:41:32 | |
I never understood why this is a dining area | 0:41:32 | 0:41:36 | |
and nobody really uses a dining room. They tend to sit in the lounge. | 0:41:36 | 0:41:40 | |
-Our view is to incorporate the kitchen into this area. -Absolutely. | 0:41:40 | 0:41:44 | |
-Do you agree, Kelly? -Take the wall down, put the units along the side. | 0:41:44 | 0:41:49 | |
And then make this half more of a dining area. | 0:41:49 | 0:41:54 | |
'But I think the more pressing layout issue | 0:41:54 | 0:41:56 | |
'is the situation of the bedroom and the downstairs loo.' | 0:41:56 | 0:41:59 | |
Are you going to try and put it upstairs or live with what you've got here? | 0:42:00 | 0:42:04 | |
Because you've got the little room off the main bedroom | 0:42:04 | 0:42:07 | |
-which is always an awkward one in a property like this. -That's right. | 0:42:07 | 0:42:11 | |
It's got to be cost effective | 0:42:11 | 0:42:14 | |
and you could spend and spend and make it the right way round. | 0:42:14 | 0:42:17 | |
But our view is it'll be rented out to a family | 0:42:17 | 0:42:21 | |
and you would expect them to go through the younger one's bedroom. | 0:42:21 | 0:42:25 | |
'This father and daughter duo have a budget of 10,000 | 0:42:26 | 0:42:29 | |
'and estimate the work will take eight to 12 weeks. | 0:42:29 | 0:42:32 | |
'Although they'll get professionals in for the electrics, | 0:42:32 | 0:42:35 | |
'it's mostly going to be down to Bev, Kelly-Ann and her hammer!' | 0:42:35 | 0:42:39 | |
Kelly-Ann, one day, will take over looking after it all, so that's what we want. | 0:42:39 | 0:42:45 | |
-Are you ready for that? -No! | 0:42:45 | 0:42:47 | |
-Not a good idea! -Poor old Dad! Wait a minute. | 0:42:47 | 0:42:50 | |
Good luck with this. Can't wait to see what you do. | 0:42:50 | 0:42:53 | |
-It's been smashing meeting you both. -Thanks very much. -Hope it all goes well. -Thank you. | 0:42:53 | 0:42:57 | |
Doing something you love is the best form of therapy, I reckon. | 0:42:58 | 0:43:02 | |
Bev has got the chance to work alongside his daughter at the same time, which is perfect. | 0:43:02 | 0:43:08 | |
Find out how it all goes, later on in the show. | 0:43:08 | 0:43:11 | |
Doing up a property can be very time-consuming and expensive. | 0:43:14 | 0:43:19 | |
So have our new owners managed to keep to their plans | 0:43:19 | 0:43:22 | |
-and their budgets? -Let's find out. | 0:43:22 | 0:43:24 | |
It was just outside Telford in the Shropshire town of Wellington | 0:43:26 | 0:43:30 | |
that we came across this two-bed semi. | 0:43:30 | 0:43:32 | |
It obviously needed some refurbishment | 0:43:32 | 0:43:35 | |
but looked structurally sound. | 0:43:35 | 0:43:37 | |
It had a good-sized garden, albeit with a rather unsightly oil patch, | 0:43:37 | 0:43:42 | |
a rear extension, a downstairs toilet-cum-utility area, | 0:43:42 | 0:43:46 | |
an upstairs bathroom and two reasonable bedrooms. | 0:43:46 | 0:43:50 | |
So it seemed to me to be pretty tempting. | 0:43:50 | 0:43:53 | |
It was bought for £55,000 by Mike and Annette | 0:43:55 | 0:43:59 | |
who, oddly, didn't seem to share my enthusiasm for the property! | 0:43:59 | 0:44:02 | |
Apart from the price, was there anything that appealed? | 0:44:04 | 0:44:06 | |
No. It didn't appeal at all. | 0:44:06 | 0:44:08 | |
I gave him a list. Here's the list | 0:44:08 | 0:44:11 | |
with all the prices he could bid to on here. | 0:44:11 | 0:44:14 | |
There's about 11 listed on there. | 0:44:14 | 0:44:16 | |
-Only wanted one. -But you said he could have any of these 11. | 0:44:16 | 0:44:20 | |
Yes. And this was the 11th and this was the one he got! | 0:44:20 | 0:44:22 | |
So what was your reaction when your husband got back? | 0:44:22 | 0:44:26 | |
I wasn't very pleased. | 0:44:26 | 0:44:28 | |
Well, wanted or not, | 0:44:40 | 0:44:42 | |
the house was actually purchased as a rental vehicle | 0:44:42 | 0:44:46 | |
to provide some income for one of Annette's sons. | 0:44:46 | 0:44:49 | |
Armed with a £5,000 budget, | 0:44:49 | 0:44:51 | |
they were hoping to refurbish it before they went on holiday. | 0:44:51 | 0:44:55 | |
That gave them just six weeks to complete the work. | 0:44:55 | 0:44:58 | |
Now, just five weeks later, | 0:45:01 | 0:45:03 | |
we're back to see if they've grown to like this purchase | 0:45:03 | 0:45:06 | |
a little bit more. | 0:45:06 | 0:45:09 | |
Well, the front's been tidied up and there's new double glazing. | 0:45:16 | 0:45:19 | |
And inside, well, that's definitely improved. | 0:45:29 | 0:45:33 | |
In the kitchen, we did quite a bit of work. | 0:45:39 | 0:45:42 | |
We kept these original units | 0:45:42 | 0:45:44 | |
but gave them a really good clean. | 0:45:44 | 0:45:46 | |
Here was a breakfast bar and two wall units. | 0:45:46 | 0:45:50 | |
We've taken all that away and repaired the wall. | 0:45:50 | 0:45:53 | |
And here, where there were just gaps, | 0:45:53 | 0:45:56 | |
we bought two new units and put those in. | 0:45:56 | 0:45:58 | |
We got as close a match as we could. | 0:45:58 | 0:46:01 | |
And I've left this nice space here so that families can have a table and chairs | 0:46:01 | 0:46:06 | |
and sit and have their tea-time and breakfast meals together. | 0:46:06 | 0:46:10 | |
The downstairs toilet area has been repainted | 0:46:10 | 0:46:13 | |
and is looking a whole lot better. | 0:46:13 | 0:46:15 | |
Upstairs, the two bedrooms are now redecorated | 0:46:16 | 0:46:19 | |
and carpeted throughout. | 0:46:19 | 0:46:21 | |
The bathroom has been spruced up with new vinyl flooring | 0:46:26 | 0:46:29 | |
and the bath has been rotated 180 degrees. | 0:46:29 | 0:46:32 | |
But although neither of them were massively keen on the house, | 0:46:32 | 0:46:36 | |
there was one thing that Annette unexpectedly and, if you ask me, inexplicably liked. | 0:46:36 | 0:46:42 | |
I like woodchip wallpaper. | 0:46:42 | 0:46:44 | |
-What?! -I like woodchip wallpaper! | 0:46:44 | 0:46:48 | |
The wallpaper that was on top in the lounge, | 0:46:49 | 0:46:52 | |
Mike took that off because I don't like taking off wallpaper. | 0:46:52 | 0:46:55 | |
And the original wallpaper was underneath. | 0:46:55 | 0:46:57 | |
It's a sort of woodchip, not pure woodchip, but similar. | 0:46:57 | 0:47:01 | |
So I've restored all that and painted that | 0:47:01 | 0:47:03 | |
and I'm very happy with that. | 0:47:03 | 0:47:06 | |
Well, we're more used to seeing woodchip heading for the bin on this programme! | 0:47:06 | 0:47:10 | |
Perhaps Annette is trend-setting! | 0:47:10 | 0:47:12 | |
Maybe. | 0:47:12 | 0:47:14 | |
Anyway, let's hope any prospective tenant is a fan! | 0:47:14 | 0:47:17 | |
Outside, things are looking much tidier | 0:47:18 | 0:47:20 | |
with most of the oil now removed. | 0:47:20 | 0:47:23 | |
I'm hoping that the grass will now grow through. | 0:47:24 | 0:47:27 | |
And the fencing, I've put both sides up brand new, | 0:47:27 | 0:47:31 | |
this last little bit fell off a lorry | 0:47:31 | 0:47:34 | |
about two years ago outside my home. | 0:47:34 | 0:47:37 | |
And I kept it just in case and it's proved worthwhile. | 0:47:37 | 0:47:42 | |
So with the new fence patched up and the oil patch nearly gone, | 0:47:42 | 0:47:46 | |
it seems that in a mere five weeks | 0:47:46 | 0:47:49 | |
they've made some significant improvements between them. | 0:47:49 | 0:47:52 | |
I did the majority of the work | 0:47:52 | 0:47:54 | |
and had a little help with the front lawn. | 0:47:54 | 0:47:58 | |
But I did most of the work on that as well. | 0:47:58 | 0:48:01 | |
-I did some of that. I put the gravel down. -She did the finishing bit. | 0:48:01 | 0:48:04 | |
-I did all the painting. -And decided what needed doing. -And the red step. | 0:48:04 | 0:48:08 | |
I'm in charge. | 0:48:08 | 0:48:09 | |
Yes. Not only was Annette in charge of organising all the work, | 0:48:14 | 0:48:18 | |
she was also in charge of the purse strings. | 0:48:18 | 0:48:21 | |
How much of their £5,000 budget did they spend? | 0:48:21 | 0:48:24 | |
£4,980.20. | 0:48:24 | 0:48:29 | |
Approximately! | 0:48:29 | 0:48:30 | |
But for the sake of argument, let's just call it 5,000 | 0:48:30 | 0:48:33 | |
to make the sums easier. | 0:48:33 | 0:48:35 | |
Adding to the purchase price of 55 grand, | 0:48:35 | 0:48:38 | |
brings the total to 60,000, not including tax and fees. | 0:48:38 | 0:48:41 | |
So, have they made a good investment on behalf of Annette's son? | 0:48:41 | 0:48:45 | |
What do two local estate agents reckon? | 0:48:47 | 0:48:49 | |
I think this property has been done to a fairly good standard. | 0:48:50 | 0:48:53 | |
It's had certainly a very good clean throughout. | 0:48:53 | 0:48:56 | |
The garden in particular is very, very good. | 0:48:56 | 0:48:58 | |
The bedrooms aren't too bad. | 0:48:58 | 0:49:01 | |
The second bedroom could be larger, | 0:49:01 | 0:49:02 | |
but in general, a very good house. | 0:49:02 | 0:49:04 | |
So this spruced up property seems to have hit the right mark with the estate agents. | 0:49:04 | 0:49:08 | |
But if it was put on the resale market, could the couple see any return | 0:49:08 | 0:49:12 | |
on their £60,000 investment? | 0:49:12 | 0:49:15 | |
If I was to put the property currently on the market, | 0:49:16 | 0:49:19 | |
I would suggest an asking price of £90,000. | 0:49:19 | 0:49:22 | |
I value the property at £80,000 to £85,000. | 0:49:22 | 0:49:25 | |
It's held back by the fact that there's no off-street parking. | 0:49:25 | 0:49:28 | |
I don't think we'd get that price for it. | 0:49:28 | 0:49:30 | |
But we're not selling it anyway. It's not our game. | 0:49:30 | 0:49:33 | |
That's quite impressive. | 0:49:33 | 0:49:35 | |
A potential pre-tax profit | 0:49:35 | 0:49:37 | |
of between 20,000 and £30,000. | 0:49:37 | 0:49:40 | |
I sense their love for this house might be growing by the pound! | 0:49:40 | 0:49:44 | |
So how about that all-important rental? | 0:49:44 | 0:49:46 | |
For rental purposes, I'd value the property at £495 per calendar month. | 0:49:46 | 0:49:51 | |
I would suggest a marketing price of around £500 per calendar month. | 0:49:51 | 0:49:55 | |
I think that's fair, but we'll be asking 515. | 0:49:55 | 0:49:59 | |
Even if they get the lowest figure of £495 per calendar month, | 0:49:59 | 0:50:03 | |
they could see a rental yield just shy of ten per cent. Not bad at all. | 0:50:03 | 0:50:08 | |
It just goes to show how important buying at the right price is | 0:50:08 | 0:50:12 | |
when it comes to property purchases. | 0:50:12 | 0:50:15 | |
So, what's next on the agenda for Mike and Annette? | 0:50:15 | 0:50:18 | |
Next week, we're cruising. Out on the sea. | 0:50:20 | 0:50:23 | |
Looking forward to it. But it's a working holiday. We're teaching bridge and organising the bridge. | 0:50:23 | 0:50:29 | |
And looking forward to the champagne breakfast. | 0:50:29 | 0:50:32 | |
What are you looking forward to? | 0:50:32 | 0:50:35 | |
Annette will do the teaching, and I'll do the directing. | 0:50:35 | 0:50:37 | |
-You'll be doing as you're told. -Yeah, I'll be doing as I'm told. | 0:50:37 | 0:50:42 | |
Earlier, we were in the historic city of Rochester, north Kent. | 0:50:46 | 0:50:49 | |
It was here that we first saw this three-bedroomed terraced house | 0:50:52 | 0:50:56 | |
which looked quite presentable from the outside. | 0:50:56 | 0:50:59 | |
However, the inside was rather on the shabby and run-down side | 0:50:59 | 0:51:03 | |
and there were some common layout problems. | 0:51:03 | 0:51:06 | |
A downstairs loo and one bedroom which could only be accessed through another. | 0:51:06 | 0:51:11 | |
But that didn't put off Bev, a former car salesman | 0:51:11 | 0:51:14 | |
who had bought the property for 99,000. | 0:51:14 | 0:51:17 | |
With his daughter, Kelly-Ann, Bev aimed to update the house | 0:51:17 | 0:51:21 | |
and add it to his small portfolio | 0:51:21 | 0:51:23 | |
of two rental properties. | 0:51:23 | 0:51:25 | |
As Bev was recovering from an accident, | 0:51:27 | 0:51:29 | |
he was possibly going to be held back on the physical side of the work. | 0:51:29 | 0:51:33 | |
But there was help at hand. | 0:51:33 | 0:51:35 | |
Kelly-Ann, what is your involvement going to be? | 0:51:36 | 0:51:38 | |
Everything I can do, I will do. | 0:51:38 | 0:51:41 | |
Painting, knocking down walls, | 0:51:41 | 0:51:43 | |
doors, literally anything. | 0:51:43 | 0:51:47 | |
If you need someone to do the cooking and that, go somewhere else! | 0:51:47 | 0:51:50 | |
If you want someone to take walls down, she's the right girl! | 0:51:50 | 0:51:53 | |
Bev saw the project as an opportunity to speed up his recuperation from his injuries. | 0:51:53 | 0:51:59 | |
He had a £10,000 budget | 0:51:59 | 0:52:02 | |
and an eight to ten week turnaround planned for this renovation. | 0:52:02 | 0:52:05 | |
But it was five months later that we returned | 0:52:07 | 0:52:10 | |
to see if rejuvenating the house has helped to rejuvenate Bev. | 0:52:10 | 0:52:14 | |
A fresh look of paint and new windows and doors | 0:52:14 | 0:52:17 | |
have certainly given the house a brighter outlook. | 0:52:17 | 0:52:20 | |
But as for that shabby interior... | 0:52:20 | 0:52:23 | |
Well, it looks like Kelly-Ann has been very busy. | 0:52:24 | 0:52:27 | |
Her hammer has been taken to the hallway wall at the front door | 0:52:27 | 0:52:31 | |
to increase the feeling of space. | 0:52:31 | 0:52:33 | |
And the character has been restored along with the fireplace. | 0:52:33 | 0:52:36 | |
Really lovely. | 0:52:36 | 0:52:38 | |
And as promised earlier, | 0:52:38 | 0:52:40 | |
the kitchen and dining room have also been connected | 0:52:40 | 0:52:43 | |
to create a large open-plan area | 0:52:43 | 0:52:46 | |
with new kitchen units installed. | 0:52:46 | 0:52:48 | |
The bathroom is still downstairs, | 0:52:48 | 0:52:50 | |
but has been reconfigured and transformed into a clean, crisp space. | 0:52:50 | 0:52:55 | |
But the biggest change here is that the stairs have been turned around | 0:52:57 | 0:53:00 | |
to open up into the dining room, | 0:53:00 | 0:53:03 | |
enabling a new staircase landing to be created. | 0:53:03 | 0:53:06 | |
We needed to do something with the stairs. I really like what we've done because it's different. | 0:53:07 | 0:53:13 | |
Everybody turns around and some have got a little platform, some have got this, some that. | 0:53:13 | 0:53:18 | |
We went in the middle because it gave us two cupboards. | 0:53:18 | 0:53:21 | |
So you've now got a cloakroom as you come in the front door | 0:53:21 | 0:53:23 | |
and a hoover cupboard this side. | 0:53:23 | 0:53:25 | |
Cupboards aside, rearranging the staircase has allowed for the creation of a new hallway | 0:53:26 | 0:53:31 | |
now giving the rear two bedrooms their own separate access. | 0:53:31 | 0:53:35 | |
The bedrooms have been redecorated in neutral tones. | 0:53:36 | 0:53:39 | |
Bev and Kelly-Ann have done a sterling job. | 0:53:39 | 0:53:42 | |
All that reconfiguring and the lovely finish must have been quite an undertaking. | 0:53:42 | 0:53:47 | |
The project itself was a challenge for me | 0:53:47 | 0:53:50 | |
to find out what I can actually achieve, what I could do, what I couldn't do. | 0:53:50 | 0:53:54 | |
Gave myself a stretch and a task | 0:53:54 | 0:53:56 | |
and tested myself out more than I realised. | 0:53:56 | 0:53:59 | |
It's been really, really good for me. | 0:53:59 | 0:54:01 | |
Before he became a car salesman, Bev was a plasterer | 0:54:02 | 0:54:06 | |
and he hoped to revive that skill here. | 0:54:06 | 0:54:08 | |
I plastered a ceiling upstairs | 0:54:09 | 0:54:11 | |
and when I'd plastered it, | 0:54:11 | 0:54:13 | |
I had a bit of a problem, so I had to have a week off. | 0:54:13 | 0:54:17 | |
So I decided not to do any more of that | 0:54:17 | 0:54:19 | |
and I employed someone to do that, which hurt, but there you go. | 0:54:19 | 0:54:22 | |
As a plasterer, the last thing you want to do is employ a plasterer. | 0:54:22 | 0:54:25 | |
That was a disappointment for Bev, | 0:54:25 | 0:54:27 | |
but apart from calling in the professionals for the electrics and plumbing, | 0:54:27 | 0:54:30 | |
the rest of the family pitched in to help with the work on the renovation. | 0:54:30 | 0:54:34 | |
And that's where Kelly-Ann came into her own. | 0:54:34 | 0:54:37 | |
Kelly-Ann did get to knock down a wall or two. | 0:54:39 | 0:54:42 | |
She loved knocking the wall down between the hallway and the lounge. | 0:54:42 | 0:54:46 | |
She was in her element there, | 0:54:46 | 0:54:47 | |
because she found out it was just a single-course wall | 0:54:47 | 0:54:50 | |
and it took her a minute to knock a hole through and she was away! | 0:54:50 | 0:54:53 | |
It wasn't just on the destruction aspect of the renovation that Kelly-Ann pulled her weight. | 0:54:53 | 0:54:59 | |
She's been really good at getting me up in the morning | 0:54:59 | 0:55:01 | |
because I can take a while to get motivated | 0:55:01 | 0:55:04 | |
and she tends to make sure I'm up and ready to go. | 0:55:04 | 0:55:08 | |
She's done an awful lot, and she's learned a lot | 0:55:08 | 0:55:11 | |
which she will take forward with her. | 0:55:11 | 0:55:13 | |
Overall, Bev has managed the renovation and the final production is ready for the rental market. | 0:55:14 | 0:55:19 | |
The schedule overran by two months | 0:55:19 | 0:55:21 | |
due to Bev aiming for a higher standard than was originally planned. | 0:55:21 | 0:55:25 | |
Did that affect the budget? | 0:55:25 | 0:55:27 | |
I said I had about £10,000 put to one side for it. | 0:55:29 | 0:55:31 | |
I looked at that and thought I'd put a bit of stretch in there | 0:55:31 | 0:55:35 | |
just in case I needed it, but it wasn't quite enough. | 0:55:35 | 0:55:38 | |
Today, the budget came out at £10,329 and a couple of pence. | 0:55:38 | 0:55:44 | |
Add that to his purchase price of 99,000 | 0:55:44 | 0:55:47 | |
and Bev's total spend is just over £109,000. | 0:55:47 | 0:55:52 | |
Time to hear from two local estate agents | 0:55:54 | 0:55:56 | |
what they think of Bev's latest addition to the rental market. | 0:55:56 | 0:56:00 | |
The changes in the layout have worked really, really well. | 0:56:01 | 0:56:04 | |
The open plan dining room into the kitchen is very popular these days. | 0:56:04 | 0:56:09 | |
It's a very American idea. | 0:56:09 | 0:56:11 | |
Moving the staircase to create the three separate bedrooms | 0:56:11 | 0:56:15 | |
works really, really well. | 0:56:15 | 0:56:16 | |
He's going to be very popular! | 0:56:16 | 0:56:18 | |
Having looked around the property, I think they've done a very good job. | 0:56:18 | 0:56:21 | |
It's clean, tidy, bright. | 0:56:21 | 0:56:23 | |
I think it's as good as you can get in this kind of property. | 0:56:23 | 0:56:27 | |
Both are impressed with the new-look house | 0:56:27 | 0:56:29 | |
and reckon it could sell for 120 up to 135,000. | 0:56:29 | 0:56:34 | |
That could give Bev a possible profit of between 11 and £26,000 | 0:56:34 | 0:56:39 | |
minus the usual tax and expenses. | 0:56:39 | 0:56:42 | |
But as he aims to put it on the rental market, | 0:56:42 | 0:56:45 | |
what sort of returns could that achieve? | 0:56:45 | 0:56:47 | |
This property is likely to let for approximately 750 to £800 per calendar month. | 0:56:49 | 0:56:55 | |
I think this property will rent for a figure between 725 and £750 per calendar month. | 0:56:55 | 0:57:03 | |
It's not all about money. It's about getting somebody that's going to continue to rent long-term, I hope. | 0:57:03 | 0:57:09 | |
But, yeah, that's it. | 0:57:09 | 0:57:11 | |
But yeah, fair figures. | 0:57:11 | 0:57:12 | |
If those rental figures are achieved, | 0:57:12 | 0:57:14 | |
there could be a possible annual yield | 0:57:14 | 0:57:17 | |
of between £8,700 and £9,600, | 0:57:17 | 0:57:21 | |
giving Bev a healthy yield of around eight or nine per cent. | 0:57:21 | 0:57:26 | |
So it looks like some good returns are possible with his third rental property. | 0:57:30 | 0:57:35 | |
But the financial rewards seem to come second | 0:57:35 | 0:57:38 | |
compared to the restorative effect that Bev has gained. | 0:57:38 | 0:57:41 | |
It's been well worthwhile. | 0:57:41 | 0:57:43 | |
The way it's made me feel as a person | 0:57:43 | 0:57:46 | |
and the family as a whole, what they've actually achieved makes it so worthwhile. | 0:57:46 | 0:57:53 | |
It's not all about money. The money's a nice thing, you haven't wasted money, | 0:57:53 | 0:57:57 | |
but it's more about your self-esteem. | 0:57:57 | 0:58:00 | |
That's it for now. We'll have plenty more properties of all types for you to see next time. | 0:58:03 | 0:58:08 | |
-Look forward to seeing you then. Goodbye! -Goodbye. | 0:58:08 | 0:58:10 | |
Subtitles by Red Bee Media Ltd | 0:58:32 | 0:58:34 |