0:00:02 > 0:00:05- Hello and welcome.- They say every house tells a different story,
0:00:05 > 0:00:07and we've certainly found that to be true.
0:00:07 > 0:00:10Yes, there are always tales to tell and stories to uncover
0:00:10 > 0:00:13when you buy your home under the hammer.
0:00:39 > 0:00:42Auction properties are sold on a buyer-beware basis.
0:00:42 > 0:00:44You need to check them out before you bid.
0:00:44 > 0:00:47Or you could be in for some nasty surprises.
0:00:47 > 0:00:50Let's see if our bidders got lucky with their purchases.
0:00:52 > 0:00:56How would you like a country cottage near Swanley in Kent?
0:00:56 > 0:00:59Only a 25-minute commute from London Victoria,
0:00:59 > 0:01:01if you don't mind brick cladding.
0:01:03 > 0:01:07Or how about a two-bed terrace in Crewe with a guide price of 40,000?
0:01:07 > 0:01:09Oh!
0:01:09 > 0:01:11But you have to watch your step!
0:01:11 > 0:01:15Maybe the profit potential in this three-bed terrace in Tooting,
0:01:15 > 0:01:17south London, will get your juices flowing.
0:01:17 > 0:01:21It could be a bargain, with a guide price of 330,000.
0:01:22 > 0:01:25All these properties have been sold at auction.
0:01:25 > 0:01:27We'll find out who bought them and what they paid for them
0:01:27 > 0:01:29when they went under the hammer.
0:01:29 > 0:01:31Sold for 31. Well bought.
0:01:35 > 0:01:39# All I need is the air that I breathe. #
0:01:39 > 0:01:43You might not associate the area around London with fresh air,
0:01:43 > 0:01:44but in Victorian times,
0:01:44 > 0:01:48ailing Londoners were sent to recuperate in this area of Kent.
0:01:49 > 0:01:52Nowadays, towns like Swanley are more favoured by commuters
0:01:52 > 0:01:54than convalescents.
0:01:54 > 0:01:56It's only 25 minutes from Victoria Station
0:01:56 > 0:01:59and has plenty of shops and other amenities.
0:01:59 > 0:02:02A mile or so from the centre of Swanley
0:02:02 > 0:02:07and it's much more rural, with fields and farms as far as the eye can see.
0:02:07 > 0:02:11Some people will love that, and others will find the isolation
0:02:11 > 0:02:14a bit of an issue, so it's worth bearing that in mind.
0:02:14 > 0:02:17The property itself is this, a two-bedroomed end-of-terrace.
0:02:17 > 0:02:22It had a guide price of 120,000 to 130,000.
0:02:25 > 0:02:28This little row of terraces feels rather out on a limb,
0:02:28 > 0:02:33down a rural country lane, and the facade was, maybe, an acquired taste.
0:02:33 > 0:02:36More of that later. Let's just get inside.
0:02:37 > 0:02:38Before we go any further,
0:02:38 > 0:02:41can we have a quick chat about this exterior door?
0:02:41 > 0:02:45Call me stupid, but what's the point of only half of it opening?
0:02:45 > 0:02:48Look! Can you get through there?
0:02:48 > 0:02:51No. You've got to open both of them to get through.
0:02:51 > 0:02:53It just seems a bit of a waste of time.
0:02:53 > 0:02:58I would change that and have one outside door. That would work.
0:02:58 > 0:03:00It's a little bit squeezed in here,
0:03:00 > 0:03:03but you would expect that from a property like this.
0:03:03 > 0:03:04A little bit narrow.
0:03:04 > 0:03:08Walking through into the dining room and the cosy lounge.
0:03:08 > 0:03:11Somebody has already knocked through a little archway.
0:03:11 > 0:03:14But it really works and this will be a really nice place.
0:03:14 > 0:03:15You've got a real fire, look.
0:03:15 > 0:03:18You can see some ashes in there. You can burn your logs.
0:03:18 > 0:03:21It needs updating. A little bit tired.
0:03:21 > 0:03:24You just put some new carpet, a paint job, new curtains.
0:03:24 > 0:03:27Great space in here. You could get rid of this area
0:03:27 > 0:03:30and put something else there if you wanted, but it seems to work.
0:03:30 > 0:03:32And at the back of the property,
0:03:32 > 0:03:36which would have been an extension, is the kitchen.
0:03:36 > 0:03:38Currently, it's a little bit dark.
0:03:38 > 0:03:42I would exchange these units for something light and modern,
0:03:42 > 0:03:45because it does get rid of all the light at the moment
0:03:45 > 0:03:49and I think that's got a lot to do with the very dark mock-Tudor beams.
0:03:49 > 0:03:54While I'm on that subject, not sure about the rose leaded lights.
0:03:54 > 0:03:58If they're not to your taste, it would be inexpensive to get rid of them.
0:03:58 > 0:04:03Overall, lots of ticks, but it just needs a bit of updating.
0:04:03 > 0:04:07And general neglect probably accounts for the damp, mouldy patch
0:04:07 > 0:04:09in the little porch area out the back,
0:04:09 > 0:04:12although I'd check there wasn't anything worse going on out there.
0:04:12 > 0:04:15There's a really nice-sized little garden.
0:04:15 > 0:04:19Definitely enough space to entertain a family on a warmer, drier day.
0:04:20 > 0:04:24Upstairs, we have two bedrooms. A nice double at the front,
0:04:24 > 0:04:27which is somewhat eaten into by those huge wardrobes.
0:04:27 > 0:04:30But I do like the view from the window.
0:04:30 > 0:04:33The second bedroom is a perfectly good size
0:04:33 > 0:04:37and the bathroom at the rear is also decent and in good nick.
0:04:37 > 0:04:41Nice white suite, freshen up with new tiles and Bob's your uncle.
0:04:41 > 0:04:44# I'm so glad I'm so glad
0:04:44 > 0:04:48# I'm glad, I'm glad I'm glad. #
0:04:48 > 0:04:50But this property is more clad than glad!
0:04:52 > 0:04:56One easy way to give this house a face-lift is - a-ha -
0:04:56 > 0:05:01literally, to give this house a face-lift and remove this cladding.
0:05:01 > 0:05:04Although it's not as easy as you might think.
0:05:04 > 0:05:05Start chipping away at this cladding
0:05:05 > 0:05:09and the surface of the bricks might well come off with it,
0:05:09 > 0:05:14or you could be left with heavy-duty adhesive all over the facade.
0:05:14 > 0:05:17At the very least, the bricks will need cleaning and re-pointing
0:05:17 > 0:05:20and getting the place looking like next door, well,
0:05:20 > 0:05:24it could cost you in the region of £5,000.
0:05:24 > 0:05:26Ouch.
0:05:26 > 0:05:29While I'm outside, I should check out the parking.
0:05:29 > 0:05:32Fabulous! Some off-road parking?
0:05:32 > 0:05:38Er, no. This isn't yours. It's next door's. Shame.
0:05:38 > 0:05:41In fact, believe it or not, there is no parking.
0:05:41 > 0:05:44Very surprising for a rural location.
0:05:44 > 0:05:47It was all looking fairly promising inside,
0:05:47 > 0:05:50but the outside is a bit of a let-down.
0:05:50 > 0:05:52The cladding and the parking might be issues that put
0:05:52 > 0:05:54a lot of people off.
0:05:54 > 0:05:58I wonder what a local estate agent will make of this property.
0:05:58 > 0:06:02The house is situated in a semi-rural location. Semi-rural being the fact
0:06:02 > 0:06:05you are just under a mile from the town centre of Swanley,
0:06:05 > 0:06:10which has all the buses, train stations, shops and supermarkets.
0:06:10 > 0:06:13The road it's located on is a country lane.
0:06:13 > 0:06:16Therefore, it has certain restrictions.
0:06:16 > 0:06:19Parking can be a bit difficult at times.
0:06:19 > 0:06:23People that like the remoteness would be excited about the house.
0:06:23 > 0:06:25It is very quiet.
0:06:25 > 0:06:30It's not a cut-through road, so somebody who wants to be set away
0:06:30 > 0:06:32from the hustle and bustle of a town would very much enjoy the house.
0:06:32 > 0:06:36One potential negative of the property is the lack of parking as it is now.
0:06:36 > 0:06:40Whether you have a professional couple or young family,
0:06:40 > 0:06:42they are going to have a car, living here.
0:06:42 > 0:06:45Without a doubt, if you can't get a car on the drive,
0:06:45 > 0:06:48some form of parking round the back would be a massive asset to the property.
0:06:50 > 0:06:54What does he think the house would fetch on the open market?
0:06:54 > 0:06:57In its current condition, the property is worth £175,000.
0:06:57 > 0:07:01Once renovated, you could increase that to £190,000.
0:07:01 > 0:07:03And potential rental income?
0:07:03 > 0:07:06If you were to go down the rental route with the property,
0:07:06 > 0:07:09you would easily achieve £850 per calendar month.
0:07:10 > 0:07:14Lots to do and plenty of ways to improve this place
0:07:14 > 0:07:18to make it a lovely home, or a good little rental.
0:07:18 > 0:07:21Let's see who agreed when it went to auction.
0:07:21 > 0:07:26Lot 52, it's got a guide of 120 to 130. 110? 110, I have.
0:07:26 > 0:07:28£110,000 the bid.
0:07:28 > 0:07:32At £110,000, I have. This is lot 52.
0:07:32 > 0:07:35There was a lot of interest in this property.
0:07:35 > 0:07:38And we rejoin the bidding at £148,000.
0:07:40 > 0:07:41148. 148.
0:07:42 > 0:07:49And 149 is bid. And 150. 151. 152.
0:07:49 > 0:07:51152. 153.
0:07:51 > 0:07:55You folded your arms. That's not a good sign, is it?!
0:07:55 > 0:08:00152,000, right at the very back of the room in the centre aisle.
0:08:00 > 0:08:05At 152,000. 153 for you.
0:08:05 > 0:08:08But at 152,000 the bid... 153.
0:08:08 > 0:08:12He's come back for one more. 154.
0:08:12 > 0:08:15155. 156, sir?
0:08:16 > 0:08:20157. 157 is bid. 158?
0:08:20 > 0:08:23No. £157,000 I'm bid.
0:08:23 > 0:08:26You're out at the back. You're out on my left.
0:08:26 > 0:08:31On my right-hand side for the first time at 157.
0:08:31 > 0:08:33158. And 159?
0:08:34 > 0:08:36That really was your ceiling, wasn't it?
0:08:36 > 0:08:39158 at the very back of the room.
0:08:39 > 0:08:41At 159, do I see?
0:08:42 > 0:08:45For the first time at 158,000.
0:08:45 > 0:08:48At 158,000 for the second time.
0:08:48 > 0:08:51100 and... 159.
0:08:53 > 0:08:56I can lip-read, even from this distance!
0:08:56 > 0:09:02At £159,000 for the first time. Gentleman on the right-hand side.
0:09:02 > 0:09:04Three quarters of the way down the room.
0:09:04 > 0:09:08At 159,000 for the second time.
0:09:08 > 0:09:11159,000 for the third and final time.
0:09:11 > 0:09:16159,000. Are you all done? Sold at 159,000.
0:09:17 > 0:09:21After that tense and lengthy bidding battle, the successful bid
0:09:21 > 0:09:27of 159,000 was made by a couple I've met before - Sam and her husband, Philip.
0:09:27 > 0:09:30They are property developers and construction company owners.
0:09:30 > 0:09:35This house in Chatham featured in one of their two previous visits to the show.
0:09:35 > 0:09:39Now, this terrace is only a few miles from their home.
0:09:39 > 0:09:43I met them at this cladded cottage to find out what they planned.
0:09:43 > 0:09:46Guys, it's lovely to see you again. It's like we're old friends.
0:09:46 > 0:09:49We meet again. Sam, it looks like you've been in the wars.
0:09:49 > 0:09:53- What's been going on?- I have. I had a riding accident.- Oh, dear.
0:09:53 > 0:09:57But, guys, listen, it's fantastic to see you. Another project on the go.
0:09:57 > 0:10:02What's happening with this property, and why did you want to buy this?
0:10:02 > 0:10:07Um, we bought it mainly because it was close to our existing property,
0:10:07 > 0:10:09so it's very easy to get to.
0:10:09 > 0:10:12Are you still living in the house that we filmed you in all that time ago?
0:10:12 > 0:10:14- All those years ago, now!- We are.
0:10:14 > 0:10:17I've got to be honest, for you guys, it's a bit of a quick refurb job.
0:10:17 > 0:10:19You like the big projects, don't you?
0:10:19 > 0:10:22You like to completely go for the planning, put big new kitchens in.
0:10:22 > 0:10:27Your last property in Chatham, you did such an outstanding job.
0:10:27 > 0:10:30I can't help but feel this is an easy-peasy one for you two.
0:10:30 > 0:10:32It's relatively easy, yes.
0:10:32 > 0:10:34There is no central heating system, at the moment,
0:10:34 > 0:10:38so we'll put a nice high-efficiency energy central heating system in.
0:10:38 > 0:10:42Revamp the wiring. Take those chimney breasts out.
0:10:42 > 0:10:44So you ARE going to do that?
0:10:44 > 0:10:47Yeah, they're a bit dated. We'll put nice cast-iron ones back in.
0:10:47 > 0:10:51- We have the cast-iron fireplaces already, from another property. - There you go.
0:10:51 > 0:10:54- So you need to use those! - We're recycling.
0:10:54 > 0:10:57We're going to get rid of the Artex and, in the kitchen,
0:10:57 > 0:11:00we are going to square it up.
0:11:00 > 0:11:04That little extension with the dampness, that is going.
0:11:04 > 0:11:07There is a window facing out there, so there is a steel lintel
0:11:07 > 0:11:11already there, so we will square it up and make the kitchen bigger.
0:11:11 > 0:11:14Now, what about those roses?
0:11:14 > 0:11:16BOTH: Hm! LAUGHTER
0:11:16 > 0:11:18We never even thought about the roses!
0:11:18 > 0:11:20Not quite our taste, though, to be honest.
0:11:20 > 0:11:24I'm laughing because, if you're getting rid of these, because these are dated,
0:11:24 > 0:11:26we need to talk about the mock-Tudor beams in the kitchen
0:11:26 > 0:11:29and the leaded-light fake roses in the windows.
0:11:29 > 0:11:32The mock-Tudor beams are definitely going.
0:11:32 > 0:11:34The roses, it doesn't cost a lot for a bit of glazing,
0:11:34 > 0:11:38so I'd say they'll probably go. Of course, the cladding is going, as well.
0:11:38 > 0:11:41- Let's talk about the cladding. - I know what you're like.
0:11:41 > 0:11:44I know you probably want to get to the bottom of that.
0:11:44 > 0:11:47All your neighbouring properties have that beautiful, lovely
0:11:47 > 0:11:52raw brickwork. How hard is it to get rid of cladding like that?
0:11:52 > 0:11:55I know you're a builder and you know everything there is to know. Tell me.
0:11:55 > 0:12:00Um, well, it's a hit-and-miss, really, how well it's been fixed.
0:12:00 > 0:12:03We have taken a few pieces off, just to see.
0:12:03 > 0:12:05It came off easily and there is no damage to the brickwork.
0:12:05 > 0:12:08Fingers crossed, we're hoping it's going to come off OK.
0:12:08 > 0:12:09We have to make it better.
0:12:09 > 0:12:13If it comes off and the bricks are damaged and pitted badly,
0:12:13 > 0:12:15we'll repair them.
0:12:15 > 0:12:19We'll probably use something like a synthetic stone render, er,
0:12:19 > 0:12:22coloured render on it. That's a back-up plan.
0:12:22 > 0:12:25But we're hoping we are going to save the brickwork.
0:12:27 > 0:12:31Sam and Philip intend selling this house on after refurbishing it
0:12:31 > 0:12:36and have a budget of 20,000 to 25,000 and one big advantage -
0:12:36 > 0:12:39their own construction company.
0:12:39 > 0:12:42So finding tradesmen to do the house shouldn't be a problem.
0:12:42 > 0:12:46Your guys in-house, are they going to be on this and out of here?
0:12:46 > 0:12:50- Is it going to be a real quick turnaround for you?- Yes.- Um...
0:12:50 > 0:12:51- Well, should be.- Yes and no.
0:12:53 > 0:12:56Sam's saying, "Yes, yes," and you're saying, "I don't know about that!"
0:12:56 > 0:13:00We'll probably come down and do a bit of the carpentry ourselves.
0:13:00 > 0:13:04- Because it's so easy for us to do it.- How are you going to cope with that?
0:13:04 > 0:13:06You can barely walk on those at the moment.
0:13:06 > 0:13:08How will you cope with your DIY?
0:13:08 > 0:13:11- Because I know, Sam, you love to get involved, don't you?- I do, I do.
0:13:11 > 0:13:15I will have to sit and watch Philip, won't I? I could be in charge.
0:13:15 > 0:13:19- Sam, can you lift one of those crutches up and point?- I can. Look.
0:13:19 > 0:13:21Fantastic. You can order from your sofa. I love it.
0:13:21 > 0:13:24Guys, I know you're going to do a fantastic job in here
0:13:24 > 0:13:27and it's been lovely to see you again. Sam, take it easy.
0:13:27 > 0:13:32- Thank you very much.- I will. - Good luck.- Thank you.
0:13:32 > 0:13:36So we meet Sam and Philip again.
0:13:36 > 0:13:39And what a nice, easy-peasy project for them this time.
0:13:39 > 0:13:42I am sure they're going to do a fab job on this place.
0:13:42 > 0:13:45You can see what it looks like later on in the show.
0:13:48 > 0:13:50Imagine your predicament.
0:13:50 > 0:13:52You work in Manchester, but you don't want to live there.
0:13:52 > 0:13:55You like travelling the country, but you don't drive.
0:13:55 > 0:13:58Or, maybe, you want to have easy access to places like Chester
0:13:58 > 0:14:02and North Wales, but you can't afford the property prices there.
0:14:02 > 0:14:05I have the answer. Crewe.
0:14:08 > 0:14:12Crewe is famous as a busy hub of the rail service in the North West.
0:14:12 > 0:14:16But it also has a reputation for luxury car manufacturing.
0:14:16 > 0:14:19The town was once the home of Rolls-Royce,
0:14:19 > 0:14:22but today is still involved in the making of Bentleys.
0:14:22 > 0:14:25But enough of industry, what about property?
0:14:25 > 0:14:26So, what am I here to see?
0:14:26 > 0:14:30Well, situated on this slightly busy main road,
0:14:30 > 0:14:37a two-bedroom Victorian terrace. The guide price was £40,000-plus.
0:14:37 > 0:14:40Loads of properties like this were built in that era,
0:14:40 > 0:14:42probably to house railway workers.
0:14:42 > 0:14:45And they can often be a very solid investment.
0:14:48 > 0:14:53Ah. Not quite the welcome mat I was expecting.
0:14:53 > 0:14:55We'll come back to that.
0:14:55 > 0:14:59What have we got? Through the front door into your front living room.
0:14:59 > 0:15:02You are going to have issues with noise from the road.
0:15:02 > 0:15:07It's got double glazing. Maybe want to think about triple glazing, perhaps.
0:15:07 > 0:15:11But, yes, it's not a bad size. Reasonably high ceilings.
0:15:11 > 0:15:13Through here, very standard layout.
0:15:13 > 0:15:16Up the stairs to your two bedrooms, into your real living room.
0:15:16 > 0:15:19When this house was built, that would have been your lot, basically.
0:15:19 > 0:15:22Two up, two down. Very classic.
0:15:22 > 0:15:26But, in this case, it has what is fairly standard in these properties, these days -
0:15:26 > 0:15:31an extension on the back, single-storey, housing the kitchen. Long, galley style.
0:15:31 > 0:15:34These look like they are reasonably newish.
0:15:34 > 0:15:37Maybe a new work surface, possibly new fronts on those
0:15:37 > 0:15:39and that would certainly smarten things up.
0:15:39 > 0:15:43At the back, again, pretty classic, where your bathroom facilities are.
0:15:43 > 0:15:46In this case, there is no bath - just a shower and toilet,
0:15:46 > 0:15:49and this strange area here, which doesn't seem to do anything.
0:15:49 > 0:15:52So maybe you could increase the bathroom into that area,
0:15:52 > 0:15:55a bit of extra space, get a bath in there. That would be nice.
0:15:55 > 0:15:58Apart from that, pretty much what you might have expected,
0:15:58 > 0:16:02apart from the slightly dodgy welcome at the front door.
0:16:02 > 0:16:05Well, that doorstep may be on the bouncy side,
0:16:05 > 0:16:08but the rest of the room won't put a spring in your step.
0:16:08 > 0:16:12Decaying flooring and crumbling skirting boards aren't a good sign.
0:16:12 > 0:16:15Overall, the ground floor looks like it needs quite a bit of upgrading.
0:16:17 > 0:16:20So, upstairs, no great surprises with the layout.
0:16:20 > 0:16:22A bedroom at the front and a bedroom at the back.
0:16:22 > 0:16:24Both a decent size, though.
0:16:24 > 0:16:26And, coming into this bedroom at the back,
0:16:26 > 0:16:31a chance to look out of the flat roof above the kitchen and bathroom.
0:16:31 > 0:16:32You'd want to have that checked out
0:16:32 > 0:16:35and make sure there were no leaks and maybe have it re-felted.
0:16:35 > 0:16:39Also from the back, you can see in the area some new developments.
0:16:39 > 0:16:43I don't know how those have been selling, but when it comes back to this kind of house,
0:16:43 > 0:16:46even with its problems and work that needs to be done
0:16:46 > 0:16:50and blah, blah, blah, these kind of two-bedroomed terraced houses like these
0:16:50 > 0:16:54are still very much what people want to buy and rent.
0:16:54 > 0:16:59Maybe as a second step on the property ladder, first family home.
0:16:59 > 0:17:00They rent out well,
0:17:00 > 0:17:04they will resell well and you pretty much know what they are going to cost to renovate.
0:17:04 > 0:17:08So, actually, this is a good property to go for.
0:17:10 > 0:17:14And, as the old saying goes, they don't make them like that anymore.
0:17:18 > 0:17:21But while the layouts don't lend themselves to modern living,
0:17:21 > 0:17:24these places do offer decent-sized rooms.
0:17:24 > 0:17:28You have your own front door and, as with this house,
0:17:28 > 0:17:33usually some outside space. They are homes that feel, well, homely.
0:17:33 > 0:17:35But before I get all dewy-eyed with nostalgia,
0:17:35 > 0:17:38let's go back to that front door.
0:17:38 > 0:17:41Can't put it off any longer. Have a bit of grubbing about.
0:17:41 > 0:17:43Find out what on earth is going on by the front door here.
0:17:43 > 0:17:47Whenever you are looking around a house, do use all your senses,
0:17:47 > 0:17:49as I often say. In this case...
0:17:51 > 0:17:54It's not too good, is it? Floors aren't supposed to do that.
0:17:54 > 0:17:56It's not a trampoline. Let's explore a bit further.
0:17:56 > 0:17:59What is going on underneath all this rubbish?
0:18:05 > 0:18:09I reckon if I delve a bit deeper, I will actually disappear down an unknown number of feet.
0:18:09 > 0:18:14So I think I'll stop there. Clearly, the floorboards have disintegrated.
0:18:14 > 0:18:17That's obviously the joists gone, as well.
0:18:17 > 0:18:20You are looking at a serious amount of woodwork.
0:18:20 > 0:18:22Well, if you're a carpenter, that is fantastic.
0:18:22 > 0:18:24If you have to employ labour to do
0:18:24 > 0:18:25that, it's going to be expensive.
0:18:25 > 0:18:27Oh!
0:18:27 > 0:18:29There we go.
0:18:29 > 0:18:31- HE LAUGHS - I was not expecting that!
0:18:34 > 0:18:36How do I get out?
0:18:36 > 0:18:38Um... Help!
0:18:40 > 0:18:43I do all my own stunts, you know!
0:18:43 > 0:18:47# I feel the Earth move Under my feet
0:18:47 > 0:18:50# I feel the sky come tumbling down
0:18:51 > 0:18:54# I feel my heart Start to tremble... #
0:18:54 > 0:18:57Joking aside, this indicates a really serious issue
0:18:57 > 0:19:01and an expensive one, so this not-so-solid little terrace
0:19:01 > 0:19:04suddenly seems like maybe not a bargain,
0:19:04 > 0:19:07even at that guide price of £40,000-plus.
0:19:08 > 0:19:12What, I wonder, will our local estate agent make of it?
0:19:12 > 0:19:14Oh, and watch the step when you walk in!
0:19:15 > 0:19:19First impressions of the property, it does need some work doing to it.
0:19:19 > 0:19:23You'll probably need new kitchens, new bathroom, possibly rewired.
0:19:23 > 0:19:27flooring needs looking at, as well, and windows.
0:19:27 > 0:19:28Ha. Really?!
0:19:28 > 0:19:32Bearing in mind that there may be a horror story waiting under this floor
0:19:32 > 0:19:35with a big bill attached, would it be worth tackling?
0:19:35 > 0:19:38What could the property sell for?
0:19:38 > 0:19:40I think, done up to a reasonable standard,
0:19:40 > 0:19:43we can put this property onto the market for £62,000.
0:19:43 > 0:19:47This is a popular rental area, so what would the returns be?
0:19:47 > 0:19:50I think if this property went to the rental market,
0:19:50 > 0:19:52it would be £450 per calendar month.
0:19:53 > 0:19:56Well, from the outside, a good enough little house,
0:19:56 > 0:20:00but the problems greet you the moment you step through the front door.
0:20:00 > 0:20:04Still, if you factor in the cost of putting it right
0:20:04 > 0:20:08and work out a price that you should pay at the auction,
0:20:08 > 0:20:11with that in mind, it could still be a good one to go for.
0:20:12 > 0:20:16Let's see who bought it when it went under the hammer.
0:20:19 > 0:20:22Lot 43.
0:20:22 > 0:20:25What's this? 30,000, start me here?
0:20:25 > 0:20:2728, then? 28 bid.
0:20:27 > 0:20:30Standing right. £28,000.
0:20:30 > 0:20:3130, are you going to say, now?
0:20:31 > 0:20:34At £28,000. Under 30 now.
0:20:34 > 0:20:37At £28,000.
0:20:37 > 0:20:40I'll go in ones, if it helps. Shall we say 29? 29.
0:20:42 > 0:20:4630, sir? 30. 31.
0:20:46 > 0:20:5032. 33. 34.
0:20:50 > 0:20:53New bidder. £34,000.
0:20:53 > 0:20:5435?
0:20:55 > 0:20:57A half, you're saying. 34½.
0:20:57 > 0:21:0235. No? At £34,500.
0:21:02 > 0:21:03Standing left.
0:21:03 > 0:21:0935 anywhere else? At 34,500 for the first time.
0:21:09 > 0:21:12At 34,500 for the second time.
0:21:12 > 0:21:16Third and final time. At £34,500.
0:21:16 > 0:21:18It's just not quite enough.
0:21:18 > 0:21:20If the bidders would like to come to talk to us.
0:21:20 > 0:21:24Well, the lot didn't reach its reserve price and was withdrawn.
0:21:25 > 0:21:31But, after the auction, the property was bought for £35,000 by Simon.
0:21:31 > 0:21:33He runs a property maintenance business,
0:21:33 > 0:21:36so he is the perfect man to get this place back on its feet.
0:21:36 > 0:21:40I met him at the house to find out exactly what his plans are for it.
0:21:40 > 0:21:45- Simon, good to meet you.- Hi. - You were not the last bidder there.
0:21:45 > 0:21:51- The person before, is that right? - Yes, I dropped out at 34,000. Um...
0:21:51 > 0:21:54The auctioneer dropped the hammer down and I decided
0:21:54 > 0:21:59I was going to go for a later property. I didn't go for that one.
0:21:59 > 0:22:02Ended up going to the auctioneer afterwards and asking
0:22:02 > 0:22:05if I could purchase this one, and he said 35,000.
0:22:05 > 0:22:10- So somebody had bid 34½, so that didn't get it, but 35 did? - Yeah.- Wow.
0:22:10 > 0:22:12So why did you want to buy?
0:22:12 > 0:22:17Um, just an investment property for myself, and retirement fund.
0:22:17 > 0:22:20Is the plan to do it up and rent it out, or sell it on?
0:22:20 > 0:22:23Hopefully, I've got a tenant that's going to be moving in in around two months.
0:22:23 > 0:22:26Oh, right, already? How did you get them so quick?
0:22:26 > 0:22:28Pot luck, really.
0:22:28 > 0:22:31They're moving out of their tenanted area
0:22:31 > 0:22:35- and want to move closer to Bentley, where he works.- Result.
0:22:35 > 0:22:39- And what kind of rental are they paying you?- Hopefully, 375.
0:22:39 > 0:22:43That figure is much less than the £450 per calendar month
0:22:43 > 0:22:46the estate agent thought was achievable here.
0:22:46 > 0:22:49I suppose a lot rests on how much work he decides to do.
0:22:49 > 0:22:53However, Simon already owns a buy-to-let around the corner,
0:22:53 > 0:22:54so he does know the area.
0:22:54 > 0:22:59He's got to be actually able to get the tenant across the doorstep.
0:22:59 > 0:23:03- What do you think's happened there? - A bit of woodworm, just general dry rot.
0:23:03 > 0:23:09- I'll redo the joists.- You say that very flippantly. That's a big job!
0:23:09 > 0:23:12Um, I've done quite a bit of woodwork before
0:23:12 > 0:23:14and doing the floors in the last house I did
0:23:14 > 0:23:18was a big renovation job, so it doesn't faze me.
0:23:18 > 0:23:21Is that what you do? Is that your job?
0:23:21 > 0:23:26- I do that and I do industrial roofing, as well.- OK. What else are you doing?
0:23:26 > 0:23:29Re-skim some of the walls.
0:23:29 > 0:23:33Just generally a lick of paint and bring it up to standard for the tenant.
0:23:33 > 0:23:37Now, obviously, you've got this extension on the back which houses the kitchen and the bathroom.
0:23:37 > 0:23:39Flat roof, doesn't look to be in brilliant condition,
0:23:39 > 0:23:41any plans for that?
0:23:41 > 0:23:44I was tempted to put a lean-to on top of it,
0:23:44 > 0:23:48put an angled roof on, but looking at it from the bedroom window,
0:23:48 > 0:23:51- it just looks like the gutters need cleaning.- Right.
0:23:51 > 0:23:54To stop the flow of water backing over.
0:23:54 > 0:23:57So any plans for layout changes at all?
0:23:57 > 0:24:00There's a possibility of removing a wall
0:24:00 > 0:24:04and putting a P-shaped bath in there with a shower above the bath.
0:24:04 > 0:24:08- Which wall would you take out?- The secondary wall as you walk into it.
0:24:08 > 0:24:10- Oh, OK. Create a bit more extra space?- Yes.
0:24:12 > 0:24:15Well, his property maintenance background will stand him
0:24:15 > 0:24:17in good stead for the job ahead.
0:24:17 > 0:24:20Although, he will be calling in certified tradesmen
0:24:20 > 0:24:22when and where they're needed,
0:24:22 > 0:24:26with, he hopes, the job completed in two months.
0:24:26 > 0:24:29But with £35,000 already invested in the place and a tenant lined up,
0:24:29 > 0:24:34he's going to have to be careful with his budget to make this place pay its way.
0:24:34 > 0:24:38- Possibly looking around £6,000 to 7,000.- Right.
0:24:38 > 0:24:40Is that going to include a new kitchen and bathroom, or not?
0:24:40 > 0:24:46- New work surface. Seems quite strong. - Right. Really keep the budget down.
0:24:46 > 0:24:49- Yeah.- And plans for the future, once you've done this one?
0:24:49 > 0:24:53- Remortgage and start again.- Build a portfolio of how many, in the end?
0:24:53 > 0:24:58- I'm looking to have ten in the next five to seven years.- Right.
0:24:58 > 0:25:02Whether I'll buy one and sell one, I don't know yet.
0:25:02 > 0:25:06It depends on what the properties are and how much funds I've got available.
0:25:06 > 0:25:10- Listen, congratulations. Good luck with it.- Thank you.
0:25:10 > 0:25:15Well, Simon does seem to be pretty laid back about what,
0:25:15 > 0:25:20to most people, would be some pretty extensive renovation work to be carried out.
0:25:20 > 0:25:22A small budget, too.
0:25:22 > 0:25:25Will he achieve as he thinks he will?
0:25:25 > 0:25:27You can find out later in the show.
0:25:28 > 0:25:32Still to come, will things be quite as laid back in busy south London
0:25:32 > 0:25:37with this mid-terrace in Tooting guided at £330,000?
0:25:38 > 0:25:40Will I need a stunt double
0:25:40 > 0:25:44when I go back to this two-bed terrace in Crewe?
0:25:44 > 0:25:45Help!
0:25:50 > 0:25:52'But first we go back to the country lanes of Kent.
0:25:52 > 0:25:54'Can we park the car yet?'
0:25:54 > 0:25:57No. This isn't yours, it's next door's.
0:26:03 > 0:26:06In the commuter heaven of Swanley in Kent,
0:26:06 > 0:26:09just a mile from the mainline station,
0:26:09 > 0:26:12this terraced cottage was in need of a bit of a face-lift.
0:26:15 > 0:26:19# I'm so glad that I'm so glad
0:26:19 > 0:26:21# I'm glad, I'm glad I'm glad. #
0:26:23 > 0:26:24The new owners, Sam and Philip,
0:26:24 > 0:26:27are old hands at Homes Under The Hammer.
0:26:27 > 0:26:30This is their third time on the show.
0:26:30 > 0:26:35They paid 159,000 at auction, without tax and expenses, of course,
0:26:35 > 0:26:39and plan to spend a further 25,000 to the value of this property
0:26:39 > 0:26:41over a three-month period.
0:26:41 > 0:26:43How did they intend to tackle it?
0:26:45 > 0:26:46Let's talk about the cladding.
0:26:46 > 0:26:50I know what you're like and you'll probably want to get to the bottom of that.
0:26:50 > 0:26:53All your neighbouring properties have that beautiful,
0:26:53 > 0:26:58lovely, raw brickwork. How hard is it to get rid of cladding like that?
0:26:58 > 0:27:01I know you're a builder and you know everything there is to know.
0:27:01 > 0:27:02Tell me.
0:27:02 > 0:27:07Um, well, it's a hit-and-miss, really, how well it's been fixed.
0:27:07 > 0:27:09We have taken a few little pieces off just to see.
0:27:09 > 0:27:12It came off easily and there is no damage to the brickwork,
0:27:12 > 0:27:15so, fingers crossed, we're hoping it will come off again.
0:27:15 > 0:27:19Four months later, and Sam's injury has completely healed.
0:27:19 > 0:27:22They've paved the front garden, which is fantastic,
0:27:22 > 0:27:25and they've also managed to restore the fine brick exterior.
0:27:27 > 0:27:30They've removed the narrow outside door, too.
0:27:31 > 0:27:34Let's see how they've transformed the inside.
0:27:43 > 0:27:45Originally, here, there was a window.
0:27:45 > 0:27:48The entrance to the kitchen was to this side here.
0:27:48 > 0:27:52And, as you came into the kitchen, this was the door
0:27:52 > 0:27:54and the kitchen was only to here, originally.
0:27:54 > 0:27:58We had a little square lean-to, which was very damp, a bit dingy.
0:27:58 > 0:28:00There was originally a bay window here.
0:28:00 > 0:28:05We took the window out, we squared off the kitchen to make this lovely space.
0:28:05 > 0:28:08We obviously bricked up the original entrance to make the nice entrance there,
0:28:08 > 0:28:10which gave the space here for a table and chairs.
0:28:10 > 0:28:14We installed new units, new tiling, new appliances,
0:28:14 > 0:28:18nice grey floor, which I really like, and we modernised it, basically,
0:28:18 > 0:28:21but with that country feel, as well, because we are in the country.
0:28:21 > 0:28:26It gives more options. Before, it was you go in, cook, come back out.
0:28:26 > 0:28:29Now, you can go in there and make it more of a family room,
0:28:29 > 0:28:31with table and chairs, and you can enjoy the space.
0:28:31 > 0:28:34The main things we've done since we bought the property
0:28:34 > 0:28:39was the central heating had to be completely renewed.
0:28:39 > 0:28:41Checked out the wiring, obviously,
0:28:41 > 0:28:43and we put a new extension on the property.
0:28:43 > 0:28:47We also got rid of that horrible cladding on the front.
0:28:47 > 0:28:52And just generally decored it and got rid of the Artex, as well.
0:28:52 > 0:28:53The bathroom was very dated.
0:28:53 > 0:28:55It had an old, square, little shower,
0:28:55 > 0:28:58so we opened it up and put a nice new shower in.
0:28:58 > 0:29:03We redid all the tiling, the walls, put a new floor in, et cetera,
0:29:03 > 0:29:05and just modernised it.
0:29:06 > 0:29:10The longer timescale wasn't because of any difficult issues,
0:29:10 > 0:29:13it was more to do with working round the other projects
0:29:13 > 0:29:15with Sam and Philip's busy construction company.
0:29:18 > 0:29:21Their budget for the work was £25,000
0:29:21 > 0:29:25and their spend was only 20,500.
0:29:25 > 0:29:29That means their outlay was just over £180,000.
0:29:34 > 0:29:39One issue that hasn't been solved yet is the problem with parking.
0:29:39 > 0:29:44Their new paved area at the front can be considered a legal parking space.
0:29:44 > 0:29:47An application to drop the kerb is unlikely to succeed,
0:29:47 > 0:29:50because of the tight corner nearby.
0:29:50 > 0:29:54That leaves a future buyer to negotiate with neighbours.
0:29:54 > 0:29:57There's already a right-of-way at the side of the house.
0:29:57 > 0:30:01From here, they could create a parking space on part of the back garden,
0:30:01 > 0:30:04which, so far, has not yet been altered.
0:30:07 > 0:30:11Let's see what two local estate agents think of the property.
0:30:13 > 0:30:16Very, very different from when I saw it a few months ago.
0:30:16 > 0:30:20Before the works. They've done a great job on it.
0:30:20 > 0:30:23While it is a Victorian cottage, and they've kept some of the features,
0:30:23 > 0:30:27but they've mixed it - like a fusion with contemporary, modern features.
0:30:27 > 0:30:33I'd say with the kitchen, the units they've chosen, very nice, neutral.
0:30:33 > 0:30:36Obviously, with the paint they've gone with.
0:30:36 > 0:30:40And with French doors on the back, as well, leading into the garden...
0:30:40 > 0:30:44Again, completely different from what was here before.
0:30:44 > 0:30:45Bathroom - the fact it's upstairs.
0:30:45 > 0:30:49It was originally a bedroom when this was built 100-odd years ago.
0:30:49 > 0:30:53So you've got a wonderful big bathroom, a separate shower cubicle.
0:30:53 > 0:30:55Exactly what anyone would want.
0:30:55 > 0:30:58With the bathroom, again, they've gone for very nice and neutral,
0:30:58 > 0:31:00and a separate shower, as well,
0:31:00 > 0:31:03which, for local commuters, close to the station,
0:31:03 > 0:31:05hits the right target market.
0:31:05 > 0:31:09The property would probably fit one or two types of people.
0:31:09 > 0:31:11One, professional first-time buyers,
0:31:11 > 0:31:14or, secondly, in the modern day and age,
0:31:14 > 0:31:17a divorcing couple - if someone's selling the family house,
0:31:17 > 0:31:19stepping down, this'd work for them.
0:31:19 > 0:31:24Remembering that they have spent over £180,000 on this property -
0:31:24 > 0:31:26what return could they generate?
0:31:26 > 0:31:32I would expect to achieve in the region of £225,000-£230,000.
0:31:32 > 0:31:35Marketing price, you'd probably be asking around £230,000.
0:31:35 > 0:31:39£225,000-£230,000.
0:31:39 > 0:31:41Yes, I think that's the value we expected.
0:31:41 > 0:31:45- And where our research, more or less, came in at.- It was. Yeah.
0:31:45 > 0:31:49That should be a profit of between £40,000 and £50,000,
0:31:49 > 0:31:51less taxes and expenses.
0:31:51 > 0:31:54What about rental returns?
0:31:54 > 0:31:56I would expect with rental
0:31:56 > 0:32:00to achieve within the region of £875-£900 per calendar month.
0:32:00 > 0:32:05To rent property you'd be achieving around £950 per calendar month.
0:32:05 > 0:32:07Yes, I think the values are accurate.
0:32:07 > 0:32:09That's about right. That's where we expected to be.
0:32:09 > 0:32:12- That's what we expected, really. - Yeah.
0:32:12 > 0:32:16That's a yield of 6%. No wonder, they intend to sell
0:32:16 > 0:32:19and move on to the next project.
0:32:19 > 0:32:21Well, the thing is, we're happy doing it.
0:32:21 > 0:32:23We enjoy our job. So why stop?
0:32:23 > 0:32:25It's a hobby, really.
0:32:25 > 0:32:27As long as we can, I think, just continue.
0:32:30 > 0:32:34This is Tooting, a suburb in the south-west of London.
0:32:34 > 0:32:37# South of the river
0:32:39 > 0:32:41# Is where I'll be...#
0:32:44 > 0:32:46Tooting was once considered a little
0:32:46 > 0:32:49bit rough around the edges, but no more.
0:32:50 > 0:32:53It is definitely on the up, with people being priced out
0:32:53 > 0:32:55of neighbouring Balham and Clapham.
0:32:55 > 0:32:58And, you know, there's some lovely housing stock here -
0:32:58 > 0:33:00late Victorian, Edwardian...
0:33:00 > 0:33:01Pretty much like this place.
0:33:01 > 0:33:05It's a three-bedroom terrace at a guide price of 330,000 quid.
0:33:05 > 0:33:06Let's take a look.
0:33:08 > 0:33:11Well, I wonder if we can tell anything about the house
0:33:11 > 0:33:13by that door.
0:33:13 > 0:33:16Little bit of...erm...stained glass,
0:33:16 > 0:33:20if that's the word I'm searching for - or two words. Really pretty.
0:33:20 > 0:33:24But straight in and I think that could be an indication
0:33:24 > 0:33:28of what the house is like. It's kind of... It's...
0:33:28 > 0:33:31It's of an era. And hasn't changed much.
0:33:31 > 0:33:34But good-sized rooms, nice-sized front room there.
0:33:34 > 0:33:36Stairs up to the bedroom there.
0:33:36 > 0:33:40Rear, sort of, living area space...
0:33:40 > 0:33:42what I think would probably be, in my world, a kitchen here.
0:33:42 > 0:33:47But, no! Because then it goes down some steps - how odd is that?
0:33:47 > 0:33:50Even weirder - you've got that little room there -
0:33:50 > 0:33:53and into this rear sitting-room.
0:33:53 > 0:33:57So I guess - kitchen, middle, rear sitting room at the back, stairs...
0:33:57 > 0:33:59What is going on with this place?!
0:33:59 > 0:34:01# What's going on?
0:34:03 > 0:34:07# And I say hey-ey-ey... #
0:34:07 > 0:34:08It's not the most ideal layout,
0:34:08 > 0:34:11and there doesn't even seem to be a proper kitchen in here.
0:34:11 > 0:34:13Just that sink and a cupboard-sized room.
0:34:13 > 0:34:16# What's going on? #
0:34:16 > 0:34:19But the good news is there's a long south-facing garden,
0:34:19 > 0:34:22great for summer evenings, eating alfresco.
0:34:22 > 0:34:24But what's happening upstairs?
0:34:24 > 0:34:27# What's going on? #
0:34:30 > 0:34:34So a slightly less-than-perfect layout downstairs,
0:34:34 > 0:34:37but a completely different kettle of fish up here.
0:34:37 > 0:34:39Upstairs I really like it.
0:34:39 > 0:34:42Bedroom towards the back. This is the bathroom and loo.
0:34:42 > 0:34:44It's actually in a very logical place.
0:34:44 > 0:34:45And two more bedrooms -
0:34:45 > 0:34:49the one at the front is a good size, and the smaller one just there.
0:34:49 > 0:34:51The other thing I notice when I come up here...
0:34:51 > 0:34:54you've got this fantastic... Well, basically, roof light,
0:34:54 > 0:34:57casting loads of light down the stairs.
0:34:57 > 0:34:59It also starts me thinking,
0:34:59 > 0:35:01is there an option for extending here?
0:35:01 > 0:35:04Well, you'd have to check out the roof space,
0:35:04 > 0:35:06check the joists or the beams.
0:35:06 > 0:35:09Erm... But then it's all about chatting to a local estate agent
0:35:09 > 0:35:12and finding out if some kind of extension,
0:35:12 > 0:35:14either up, or to the back, is worth doing.
0:35:14 > 0:35:16Would you get your money back?
0:35:16 > 0:35:19Would it make it more saleable? Or, if you plan to live here,
0:35:19 > 0:35:21would it just make it a nicer house to live in?
0:35:21 > 0:35:24So let's do exactly that, and ask a local property expert
0:35:24 > 0:35:27his views on the property and the surrounding area.
0:35:29 > 0:35:31Tooting has become very popular
0:35:31 > 0:35:34due to the fact that areas like Clapham and Balham
0:35:34 > 0:35:38have risen in price and those people have been moved down
0:35:38 > 0:35:40to Tooting because the prices weren't as high.
0:35:40 > 0:35:43But they're climbing, and they're getting more bang for their buck.
0:35:43 > 0:35:46Does he think that by extending into the roof
0:35:46 > 0:35:49it will add value onto this property?
0:35:49 > 0:35:54In Tooting, if you were to do extensions and loft conversions,
0:35:54 > 0:35:55you would get your money back.
0:35:55 > 0:35:59Those sort of items can really increase the price there.
0:35:59 > 0:36:02But what if the owner decided to just renovate what's here?
0:36:02 > 0:36:05How much does he think it could be worth?
0:36:06 > 0:36:09Once the property's done up, and done to a good standard,
0:36:09 > 0:36:13if it's a three-bedroom, you'd be looking at about £480,000.
0:36:13 > 0:36:16What about the rental market?
0:36:16 > 0:36:20Roughly for a three-bed in the area, I think you'd be looking at
0:36:20 > 0:36:25between £1,350 to £1,500, depending on the spec and location.
0:36:25 > 0:36:27So, would this Tooting terrace
0:36:27 > 0:36:31have made a lucky purchase for someone? Well, I think it would.
0:36:31 > 0:36:33A good-sized house, opportunity for expansion,
0:36:33 > 0:36:36and a chance to make a little bit of money.
0:36:36 > 0:36:39Let's see who bought it when it went under the hammer.
0:36:39 > 0:36:42So, lot one, three-bed mid-terrace house.
0:36:42 > 0:36:44Who would like to kick off on this?
0:36:45 > 0:36:48Must be worth 300, not going to go below 300.
0:36:48 > 0:36:49It's worth that all day.
0:36:49 > 0:36:53Others certainly seemed to think so, and very quickly,
0:36:53 > 0:36:55the bidding reached £400,000.
0:36:55 > 0:36:56400...
0:36:56 > 0:36:57401?
0:36:57 > 0:36:58402?
0:36:58 > 0:37:00403?
0:37:00 > 0:37:01404?
0:37:01 > 0:37:02405?
0:37:02 > 0:37:04406?
0:37:04 > 0:37:05407?
0:37:05 > 0:37:06408?
0:37:06 > 0:37:08409?
0:37:08 > 0:37:09410?
0:37:09 > 0:37:11411?
0:37:11 > 0:37:12412?
0:37:14 > 0:37:15412, sir?
0:37:15 > 0:37:17411 with the lady.
0:37:17 > 0:37:19412 at the back. Are you coming in?
0:37:19 > 0:37:20Or down here?
0:37:20 > 0:37:22412. New spot.
0:37:22 > 0:37:23413.
0:37:23 > 0:37:24414.
0:37:24 > 0:37:26415.
0:37:26 > 0:37:28416.
0:37:28 > 0:37:30416. Anywhere else?
0:37:30 > 0:37:32416, new spot.
0:37:32 > 0:37:33417.
0:37:33 > 0:37:35418.
0:37:35 > 0:37:36419.
0:37:36 > 0:37:37420.
0:37:37 > 0:37:39421.
0:37:39 > 0:37:41422.
0:37:41 > 0:37:42423.
0:37:42 > 0:37:43424 anywhere?
0:37:44 > 0:37:47If not, for 423, first time?
0:37:47 > 0:37:48Second time?
0:37:48 > 0:37:49424.
0:37:49 > 0:37:50425.
0:37:50 > 0:37:52He's cagey.
0:37:52 > 0:37:54426.
0:37:54 > 0:37:55427.
0:37:57 > 0:37:58427. 428.
0:38:00 > 0:38:02429.
0:38:02 > 0:38:04430. Thank you.
0:38:04 > 0:38:05431.
0:38:05 > 0:38:06432.
0:38:08 > 0:38:09Are you sure?
0:38:11 > 0:38:12431.
0:38:12 > 0:38:14With you, madam.
0:38:14 > 0:38:15432, elsewhere?
0:38:15 > 0:38:16If not, 431. First time.
0:38:16 > 0:38:18Second time.
0:38:18 > 0:38:21Third and last time...if you're all done...?
0:38:21 > 0:38:24Sold for £431,000. Well bought.
0:38:24 > 0:38:26Well, a real bidding battle,
0:38:26 > 0:38:30with the gavel finally coming down on Julie's bid of £431,000,
0:38:30 > 0:38:36a not-insignificant £100,000 more than the guide price.
0:38:36 > 0:38:39Julie was bidding as part of a group of four friends
0:38:39 > 0:38:42who've joined forces to develop this property.
0:38:47 > 0:38:49Julie couldn't make it to the Tooting house,
0:38:49 > 0:38:52so I met up with two other members of the team -
0:38:52 > 0:38:55Richard, a self-employed hotelier from Clapham,
0:38:55 > 0:38:59and builder friend Vlad, originally from the Ukraine.
0:39:01 > 0:39:05- Richard, Vlad, good to meet you both.- Good to meet you.
0:39:05 > 0:39:08- Congratulations. - Thank you very much.
0:39:08 > 0:39:11Tell me why you wanted to buy this place.
0:39:11 > 0:39:14It's just a fantastic investment.
0:39:14 > 0:39:18When you look at the housing market around here, it is on the up.
0:39:18 > 0:39:20There's a lot of push-out from Balham
0:39:20 > 0:39:23which has come down to Tooting, and into Streatham.
0:39:23 > 0:39:25So do you know the area quite well, then?
0:39:25 > 0:39:27Pretty well, I live in Clapham myself.
0:39:27 > 0:39:32I've just finished a two-bed flat which we renovated in Streatham.
0:39:32 > 0:39:35And we're just watching the market move up at the moment.
0:39:35 > 0:39:38It's a very strong market.
0:39:38 > 0:39:41So, tell me about this project.
0:39:41 > 0:39:44Well, my company will be developing this project,
0:39:44 > 0:39:49and we are going to do the roof a little bit.
0:39:49 > 0:39:52Do a rear extension, a little bit.
0:39:52 > 0:39:54A little bit of garden.
0:39:54 > 0:39:56And we'll turn this house into a nice family house.
0:39:56 > 0:39:59So there are four people involved, basically, in...
0:39:59 > 0:40:03- like, a shared responsibility for buying this place?- Yes.
0:40:03 > 0:40:07- But it's your job to sort it out? - That's right.
0:40:07 > 0:40:11- So what do you think of it? - Well, it's a healthy house.
0:40:11 > 0:40:13I can't see anything wrong with it, at all.
0:40:13 > 0:40:18But it has to be renovated to a good standard.
0:40:18 > 0:40:21Right, so what are you going to do?
0:40:21 > 0:40:27Well, to be honest, everything has to be...
0:40:27 > 0:40:29There's a lot.
0:40:29 > 0:40:32- Everything has to be stripped and put right.- OK.
0:40:32 > 0:40:35That is certainly a lot of work for Vlad to do.
0:40:35 > 0:40:38But what exactly are their plans?
0:40:38 > 0:40:40We are going to take out this wall.
0:40:40 > 0:40:42That wall is going to go,
0:40:42 > 0:40:44the fireplace behind there,
0:40:44 > 0:40:46we'll take out, close up this door
0:40:46 > 0:40:50so you'd come into this room through the door just there.
0:40:50 > 0:40:54- This is just going to be one huge sitting room.- Wow.
0:40:54 > 0:40:59The kitchen, we're allowed to extend 3m of permissible development.
0:40:59 > 0:41:02So we're going to put an extension on the kitchen,
0:41:02 > 0:41:04big bi-fold doors, sloping roof,
0:41:04 > 0:41:06couple of big Velux windows in there.
0:41:06 > 0:41:08Take out the chimney breast in the kitchen, as well,
0:41:08 > 0:41:12so you'll have a really big, wide kitchen-cum-day room.
0:41:14 > 0:41:17Then upstairs the bedrooms we're not going to touch too much,
0:41:17 > 0:41:21- and then we're going to go up into the roof.- Wow.
0:41:21 > 0:41:23There's about 38 cubic metres up there.
0:41:23 > 0:41:27- So we can do a really big double bedroom with en-suite up there.- Wow.
0:41:29 > 0:41:31What about the strange layout at the back?
0:41:31 > 0:41:33With the steps down into the living room...?
0:41:33 > 0:41:35Are you knocking all that around?
0:41:35 > 0:41:37The steps to the little room, no.
0:41:37 > 0:41:39We're closing up that wall,
0:41:39 > 0:41:42then turning that into a downstairs utility room -
0:41:42 > 0:41:44so washing machine, tumble dryer.
0:41:44 > 0:41:48Working on the premise that we want to make it into a family house -
0:41:48 > 0:41:51it'll be a great place for kids to be able to sit,
0:41:51 > 0:41:54Mum and Dad are cooking supper, or whatever,
0:41:54 > 0:41:56and the kids can just play there and watch TV...
0:41:56 > 0:42:00And then, of course, with bi-fold doors, you've got the deck.
0:42:00 > 0:42:03We're going to deck out for about 15ft.
0:42:03 > 0:42:05So when the weather is nice you can just open the doors,
0:42:05 > 0:42:08they can play on the deck, play in the garden.
0:42:08 > 0:42:10It should be ideal.
0:42:10 > 0:42:11It sounds really nice.
0:42:11 > 0:42:14- What's the biggest challenges ahead for you, Vlad?- Well...
0:42:14 > 0:42:17- Easy-peasy for you?- Easy-peasy. I'm not worried about this.
0:42:18 > 0:42:21It's just technical - just start and finish it.
0:42:21 > 0:42:25# Cos he had high hopes
0:42:25 > 0:42:28# He had high hopes
0:42:28 > 0:42:35# He had high apple pie in the sky hopes.. #
0:42:35 > 0:42:39Vlad seems very chilled considering his friends Richard, Michael and Julia
0:42:39 > 0:42:42are pinning their hopes on his building skills.
0:42:42 > 0:42:46Since he's used to doing high-end, multi-million pound projects,
0:42:46 > 0:42:49I don't think they have anything to worry about.
0:42:49 > 0:42:52He's set an £85,000 renovation budget.
0:42:52 > 0:42:55Once were done, we're confident we're going to get about 650.
0:42:55 > 0:42:58- 650?- Yeah.- Whoa!
0:42:59 > 0:43:00So potentially a big profit?
0:43:01 > 0:43:03Hopefully.
0:43:03 > 0:43:05So if they do get that large profit,
0:43:05 > 0:43:08what are the four friends going to do then?
0:43:08 > 0:43:13Hopefully we'll just keep all the profits in the bucket when it's sold.
0:43:13 > 0:43:17- Right.- And we'll buy another one. - And then we'll buy another one.- OK.
0:43:17 > 0:43:20And quite a lot of people involved in the project. How's that going to work?
0:43:20 > 0:43:23It's working pretty well at the moment.
0:43:23 > 0:43:27Um... We all have been through the house a few times.
0:43:27 > 0:43:30There's a consensus on the work we need to do.
0:43:30 > 0:43:34Vlad has done the estimate based on the work we need to do.
0:43:35 > 0:43:38At the moment it's just a question of - once we start -
0:43:38 > 0:43:41it's managing costs and making sure we don't overspend.
0:43:41 > 0:43:44Right. No danger of squabbles, then?
0:43:44 > 0:43:46Can't see any.
0:43:46 > 0:43:50Good, congratulations. I hope it turns out well for you.
0:43:50 > 0:43:53- Thanks a lot.- We look forward to seeing how you get on.
0:43:54 > 0:43:57So the four friends going into business together.
0:43:57 > 0:44:00Will it be a case of many hands make light work?
0:44:00 > 0:44:03Or too many cooks spoil the broth?
0:44:03 > 0:44:06You can find out how they get on later in the show.
0:44:10 > 0:44:13Turning a property from a worn-out shell into a home
0:44:13 > 0:44:16can be very rewarding. Oh, and profitable.
0:44:16 > 0:44:19But did everything go to plan for our buyers?
0:44:19 > 0:44:21Let's take a look and see how things turned out.
0:44:21 > 0:44:26# Oh, Mr Porter, what shall I do?
0:44:26 > 0:44:31# I want to go to Birmingham and they're taking me on to Crewe... #
0:44:31 > 0:44:34Early in the programme there was definitely no queue in Crewe
0:44:34 > 0:44:36to purchase this two-bed terrace.
0:44:36 > 0:44:40In fact, it was bought for £35,000 after the auction, by Simon,
0:44:40 > 0:44:43when it failed to meet its reserve price.
0:44:44 > 0:44:47He runs his own property maintenance company
0:44:47 > 0:44:49and before that ran a roofing business.
0:44:49 > 0:44:53It was just as well, since this property's problems had me floored.
0:44:53 > 0:44:55Ooh!
0:45:01 > 0:45:05- What do you think has happened there?- Woodworm, just general dry rot.
0:45:05 > 0:45:07- I'm redoing all the joists. - That's a big job.
0:45:07 > 0:45:12Um, I've done quite a bit of woodwork before, and doing the floors,
0:45:12 > 0:45:15- and the last house I did was a big renovation job.- Right.
0:45:15 > 0:45:17So it doesn't faze me.
0:45:17 > 0:45:22Simon already owns one buy-to-let, and had a tenant lined up for this house,
0:45:22 > 0:45:26which he bought as an investment for his long-term retirement fund.
0:45:26 > 0:45:29He planned to spend £6,000 renovating the property,
0:45:29 > 0:45:33including extending the shower room at the back of the house,
0:45:33 > 0:45:37and there was, of course, the jungle to hack back,
0:45:37 > 0:45:40all in a two-month timescale.
0:45:40 > 0:45:43# Jungle love, it's driving me mad
0:45:43 > 0:45:47# It's making me crazy, crazy... #
0:45:49 > 0:45:51Now, ten weeks later, Simon has assured us
0:45:51 > 0:45:54that we can safely step through the front door.
0:45:56 > 0:45:58Well, that gaping hole has been repaired.
0:45:58 > 0:46:02New timbers plus an air vent to fix the damp by the chimney breast.
0:46:04 > 0:46:07Replacement laminate flooring has been laid
0:46:07 > 0:46:09right through into the dining room.
0:46:11 > 0:46:15And with new doors and skirting boards, things are looking good.
0:46:16 > 0:46:18The kitchen has a new worktop,
0:46:18 > 0:46:21but what else has Simon been doing?
0:46:21 > 0:46:24It's been redecorated, plastered throughout the house.
0:46:24 > 0:46:28We've re-configured the bathroom, took down a wall
0:46:28 > 0:46:32and managed to get a bath in there instead of just the shower.
0:46:32 > 0:46:36Changed the front door, the back door and new flooring throughout.
0:46:38 > 0:46:41I'd suspected utilising that waste area by the back door
0:46:41 > 0:46:44would be worthwhile.
0:46:44 > 0:46:48It wasn't much, but you can now soak rather than stand and shower.
0:46:48 > 0:46:51But I'm still curious to know how big a job
0:46:51 > 0:46:55fixing that non-suspended floor at the front door was.
0:46:55 > 0:46:57As soon as you opened the door
0:46:57 > 0:47:01there was a hole that was probably 2ft by 2ft.
0:47:01 > 0:47:04The whole of the floor had to come up and I re-timbered the lot
0:47:04 > 0:47:06and put it back down and made good.
0:47:08 > 0:47:11Simon finished the house with carpeting upstairs,
0:47:11 > 0:47:14and if there are signs of occupation
0:47:14 > 0:47:16that's because he already has a tenant.
0:47:16 > 0:47:18It ended up being a quicker turnaround
0:47:18 > 0:47:21than Simon had initially anticipated.
0:47:21 > 0:47:24The timescale was eight weeks
0:47:24 > 0:47:27and we did it in six-and-a-half weeks
0:47:27 > 0:47:29because the tenant needed to move in.
0:47:29 > 0:47:32Simon runs a property maintenance company
0:47:32 > 0:47:35so he has had other jobs to tackle as well.
0:47:35 > 0:47:37Did he get any help here?
0:47:37 > 0:47:40It's mainly been myself and Jamie who I generally work with.
0:47:40 > 0:47:42We've worked together for about seven years now.
0:47:44 > 0:47:48Simon and his apprentice, Jamie, did require a qualified gas engineer
0:47:48 > 0:47:50to fit a replacement boiler,
0:47:50 > 0:47:52but outside they cleared the encroaching weeds
0:47:52 > 0:47:54and knocked down a wall that was unsafe.
0:47:54 > 0:47:56So what's been the best bit?
0:47:59 > 0:48:03Building the back wall was quite a good, enjoyable experience.
0:48:03 > 0:48:05Painting, my little girl helping me.
0:48:05 > 0:48:08She loved it, she loved painting upstairs.
0:48:08 > 0:48:11I've got a three-month-old boy - hopefully he'll join in next time.
0:48:12 > 0:48:15I'd give it a year or two, Simon, or you'll end up with
0:48:15 > 0:48:18handprints just where you don't want them.
0:48:18 > 0:48:20There's been good news on the money front.
0:48:20 > 0:48:24Simon's budget of 6,000 to 7,000 proved excessive.
0:48:24 > 0:48:26Even with the boiler replacement,
0:48:26 > 0:48:29he thinks he's spent around 5,400.
0:48:30 > 0:48:33With the £35,000 he paid for the property,
0:48:33 > 0:48:37it would take his total investment to £40,400.
0:48:37 > 0:48:41So, with a tenant already in place, he has just one thing left to do.
0:48:42 > 0:48:44To remortgage it
0:48:44 > 0:48:46and go on to the next venture.
0:48:46 > 0:48:51We invited two local estate agents to come and have a look
0:48:51 > 0:48:54at the property to find out how much Simon could remortgage for.
0:48:54 > 0:48:56What do they think of the refurbishment?
0:48:56 > 0:48:59First impressions, this is a great terraced property, nice finish
0:48:59 > 0:49:02and perfect for young buyers looking to move into the area.
0:49:02 > 0:49:06It is what it is, it's a two double-bedroomed terrace property,
0:49:06 > 0:49:09so you have limits to what you could do.
0:49:09 > 0:49:12It's nice and fresh throughout and it brightens the whole place up.
0:49:12 > 0:49:14I particularly like the kitchen of this property.
0:49:14 > 0:49:17Very contemporary, very modern, perfect for families.
0:49:17 > 0:49:19It's got two reception rooms,
0:49:19 > 0:49:22so again it makes it very popular for sale or for let.
0:49:22 > 0:49:24Let's talk figures.
0:49:24 > 0:49:27How much do the agents think the house is now worth?
0:49:27 > 0:49:31More than the £40,400 Simon has invested?
0:49:32 > 0:49:36In the current sales markets we'd be looking round about £60,000.
0:49:36 > 0:49:40In my opinion this property would sell for offers over £70,000.
0:49:40 > 0:49:43A bit of a disparity in valuations there.
0:49:43 > 0:49:46Based on those figures, if Simon was selling,
0:49:46 > 0:49:49there is a potential profit of between £19,600
0:49:49 > 0:49:51and £29,600
0:49:51 > 0:49:53before taxes and expenses.
0:49:53 > 0:49:57But those valuations will be good news for his remortgage calculations.
0:50:01 > 0:50:03That's a bit more than I expected,
0:50:03 > 0:50:05so, yeah, I'm very pleased with that.
0:50:05 > 0:50:07Simon already has a tenant,
0:50:07 > 0:50:10so is he getting the right rent for it?
0:50:10 > 0:50:13If this property was on the rental market,
0:50:13 > 0:50:15it would fetch about £450 per calendar month.
0:50:15 > 0:50:17That's a good figure.
0:50:17 > 0:50:20I'm getting less than that at the moment, so I'm pleased with that.
0:50:20 > 0:50:24Well, prepare yourself, Simon - you might be even happier.
0:50:24 > 0:50:28In my opinion this property would let for a figure of £550 per calendar month.
0:50:28 > 0:50:31That would generate a whopping 16% yield
0:50:31 > 0:50:36if your rent did increase to £550 per calendar month.
0:50:36 > 0:50:39That's a bit of a shock, that one.
0:50:39 > 0:50:42That would be really nice if I got that.
0:50:42 > 0:50:44You've got to hand it to Simon - he took on a property
0:50:44 > 0:50:48that a lot of people would have run away from, and for his second
0:50:48 > 0:50:52investment property, things have turned out just fine.
0:50:52 > 0:50:56And there's clearly some income potential for the foreseeable future.
0:50:56 > 0:51:01Has it tempted Simon to get the auction catalogue out again?
0:51:01 > 0:51:03Yes, I'd go to the auction again.
0:51:03 > 0:51:07I'm looking at another one in next month's auction so,
0:51:07 > 0:51:09fingers crossed, I'll bid on that one.
0:51:09 > 0:51:11It certainly has been a success.
0:51:16 > 0:51:19Well, Simon took a chance on a property that no-one else wanted,
0:51:19 > 0:51:24but here in up-and-coming Tooting, south London, four friends
0:51:24 > 0:51:28faced fierce bidding and paid a whopping £431,000 for this
0:51:28 > 0:51:32three-bed mid-terrace, and they planned to make the most of this property.
0:51:34 > 0:51:38Richard was going to use his business expertise to project-manage
0:51:38 > 0:51:40and since Vlad had construction experience
0:51:40 > 0:51:44in high-end projects, I had high hopes for the outcome.
0:51:46 > 0:51:48What are you going to do?
0:51:48 > 0:51:50To be honest, everything has to be stripped.
0:51:50 > 0:51:52There's a lot.
0:51:52 > 0:51:56- Everything has to be stripped and put right.- OK.
0:51:56 > 0:51:58That wall's going to go,
0:51:58 > 0:52:00the fireplace behind there we're going to take out,
0:52:00 > 0:52:05- close this door up so you'd come into this room through the door just there.- OK.
0:52:05 > 0:52:08This is just going to be one huge sitting-room.
0:52:08 > 0:52:13The kitchen, we're allowed to extend to 3m through permissible development,
0:52:13 > 0:52:17so we're going to put an extension on the kitchen,
0:52:17 > 0:52:20big bi-fold doors, sloping roof, couple of big Velux windows in there.
0:52:20 > 0:52:23Take out the chimney breast in the kitchen as well,
0:52:23 > 0:52:27so you're going to have a really big, wide kitchen-cum-day room.
0:52:27 > 0:52:32Upstairs, the bedrooms we're not going to touch too much.
0:52:32 > 0:52:35- Then we're going to go up into the roof.- Wow.
0:52:35 > 0:52:38There's sort of... There's about 38 cubic metres up there,
0:52:38 > 0:52:40so we can do a really big double-bedded room
0:52:40 > 0:52:42with an en-suite up there.
0:52:42 > 0:52:43Wow.
0:52:43 > 0:52:45I'll say it again, wow.
0:52:45 > 0:52:49This odd, little room would become a utility space.
0:52:50 > 0:52:54All this extensive work would have a healthy budget of 80-85,000
0:52:54 > 0:52:56and a timescale of ten to twelve weeks.
0:52:57 > 0:53:01Their plan was ambitious, but as we've seen before on Hammer,
0:53:01 > 0:53:02anything can happen.
0:53:02 > 0:53:05We returned five months later to see how they got on.
0:53:05 > 0:53:07# Anything can happen
0:53:07 > 0:53:10# Anything can... #
0:53:38 > 0:53:42The converted loft is now an extremely spacious bedroom
0:53:42 > 0:53:44with its own en-suite.
0:53:47 > 0:53:50Knocking through the walls to create this huge kitchen is
0:53:50 > 0:53:53something that Richard seems especially proud of.
0:53:53 > 0:53:55So the original house finished here.
0:53:57 > 0:54:00Um... And then there was a big fireplace just here.
0:54:00 > 0:54:04We've taken out the fireplace, steeled across here, and then we've
0:54:04 > 0:54:07extended the kitchen 3m out to here,
0:54:07 > 0:54:10to where the bi-fold doors are.
0:54:10 > 0:54:13And then for maximum light we've also added the biggest Velux window
0:54:13 > 0:54:15we were allowed to add.
0:54:15 > 0:54:19I think we've got a very modern, very desirable kitchen.
0:54:19 > 0:54:22It's the future of the house. It's very light.
0:54:23 > 0:54:25This is south-facing,
0:54:25 > 0:54:29so we get the sun from probably about 11 o'clock in the morning,
0:54:29 > 0:54:32and all the way through to the evening, to come in here.
0:54:32 > 0:54:37We've put a 3m-long deck in and we've totally cleared the garden
0:54:37 > 0:54:39and then just grassed it.
0:54:39 > 0:54:40I think it's beautiful.
0:54:40 > 0:54:43# You're beautiful, it's true... #
0:54:47 > 0:54:50Extending the kitchen and cleaning up the garden led to
0:54:50 > 0:54:53a discovery and a new challenge that needed to be overcome.
0:54:57 > 0:54:59We did have a delay with the kitchen.
0:54:59 > 0:55:02We had difficulties with the sewer
0:55:02 > 0:55:06because it's only this house in the road that has an access panel.
0:55:06 > 0:55:09At the back of the house we had a Thames Water mains sewer
0:55:09 > 0:55:12running under where we wanted to do the extension.
0:55:12 > 0:55:14So we had to move it over
0:55:14 > 0:55:16and it took a lot of time.
0:55:16 > 0:55:19We had to apply to Thames Water to move the sewer,
0:55:19 > 0:55:23which is straightforward but time-consuming.
0:55:23 > 0:55:25We had to design it
0:55:25 > 0:55:27and we had to rebuild,
0:55:27 > 0:55:30so this was the main thing which held us up.
0:55:30 > 0:55:32And that took about six weeks.
0:55:32 > 0:55:34It was interesting because
0:55:34 > 0:55:38you don't do these sort of things every day.
0:55:38 > 0:55:40It's been like a challenge for us.
0:55:40 > 0:55:41A challenge indeed.
0:55:41 > 0:55:44In addition to spending £90,000 on the renovations,
0:55:44 > 0:55:475,000 more than their initial budget,
0:55:47 > 0:55:51the sewer issue led to their 12-week schedule
0:55:51 > 0:55:53being extended to four-and-a-half months.
0:55:55 > 0:55:57Was it a challenge worth waiting for?
0:55:57 > 0:56:00We asked along two property experts to find out.
0:56:00 > 0:56:01I think it's a wonderful property.
0:56:01 > 0:56:03I think the kitchen is a very good size.
0:56:03 > 0:56:07The kitchen-breakfast-room-diner is very popular at the moment.
0:56:07 > 0:56:09With the sliding doors going out to the garden, it will be
0:56:09 > 0:56:11very popular with our clients who view the property.
0:56:11 > 0:56:14The loft conversion is good and they've got a walk-in shower
0:56:14 > 0:56:18which is obviously very handy and quite trendy.
0:56:18 > 0:56:19The fittings in the shower
0:56:19 > 0:56:21upstairs are really nice.
0:56:21 > 0:56:24I think the loft conversion is very nicely done.
0:56:24 > 0:56:28There's a lot of demand for extra space in the area at the moment, so it's a good thing to do.
0:56:28 > 0:56:33The four friends have spent a total of £520,000.
0:56:33 > 0:56:36The experts reckon that Vlad, Richard and their partners
0:56:36 > 0:56:42could achieve up to £2,700 per calendar month in rent.
0:56:42 > 0:56:47That would give them a yield of around 6%. Their plan, however,
0:56:47 > 0:56:52was to sell, so what would the experts estimate as a market value?
0:56:53 > 0:56:55If you were to put this property on the market,
0:56:55 > 0:57:00we'd expect to achieve between £650,000 to £670,000.
0:57:00 > 0:57:03I think you'd expect to achieve in the region of
0:57:03 > 0:57:06£750,000, to £775,000.
0:57:06 > 0:57:09Those really are different, aren't they?
0:57:09 > 0:57:11Some differing figures,
0:57:11 > 0:57:16but ones that do reflect the range of prices within the area.
0:57:16 > 0:57:19Richard and Vlad, however, have other plans.
0:57:19 > 0:57:22We had an offer of 670, which we've accepted,
0:57:22 > 0:57:25so I think at 670 we've done very well.
0:57:25 > 0:57:27I'll say!
0:57:27 > 0:57:31A profit of 150 grand less taxes and expenses.
0:57:32 > 0:57:35It's been a brilliant project.
0:57:35 > 0:57:36It's gone very well.
0:57:36 > 0:57:39The house looks fantastic
0:57:39 > 0:57:41and we've only just finished it
0:57:41 > 0:57:43and we've already sold it.
0:57:44 > 0:57:47And the new owners will be happy in it.
0:57:50 > 0:57:54Well, whether you're a complete novice or a property professional,
0:57:54 > 0:57:56there are always lessons to be learned about buying houses.
0:57:56 > 0:57:58So make sure you join us next time
0:57:58 > 0:58:01for some more auction action on Homes Under The Hammer.
0:58:01 > 0:58:03- Goodbye.- Goodbye.