Episode 1 Homes Under the Hammer


Episode 1

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Transcript


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Hello and welcome to the show. Now, we're both fascinated by property -

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its location, its value for money,

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oh, and its potential to make money.

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Absolutely. Get it right and you could reap financial rewards.

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Get it wrong, whoa, that could be a costly mistake.

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Well, a good place to try

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and find a good bargain is to head to the auctions.

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Burnley in Lancashire, home of the Clarets and Sir Ian McKellen

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and, recently, given the title of Britain's Most Enterprising Town.

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Well, the property I'm here to see is just under a mile

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from Burnley town centre.

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Now, with that kind of close proximity

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you would have thought the price, well, it's going to be pretty high.

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Oh, boy, would you be wrong.

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Two-bedroomed mid-terrace, guide price, what?

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£15,000 plus.

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Yeah, you heard me right. £15,000 plus.

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So, for that amount of money, not expecting a lot.

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What have we actually got, though? Oh!

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HE LAUGHS

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That's very low.

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Hopefully not a supporting wall or,

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if it is, then a proper RSJ beam has gone in across there.

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But this is the front sitting room and it's not a bad size.

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A few signs of damp on that front wall.

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That could be just the house not being lived in, perhaps,

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or something a bit more serious. But through to the rear of the property.

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Stairs up to your bedrooms there.

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And then a nice surprise, the rear sitting room a good, good size.

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With a sort of breakfast bar area and the kitchen integrated.

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HE CLEARS HIS THROAT

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However, as you can see...

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..not good. Obviously, some major problems going on here.

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Lots and lots and lots of damp

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and so much that the ceiling here has collapsed.

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That is not good and I want to know what's causing it.

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# Everybody's got a hole that they need filled

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# Come on!

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# Fill it up, Geoffrey! #

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Despite the unwanted hole in the ceiling, this house does

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still have some nice original features,

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even after the alterations.

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This shower room may require updating, but it's not a bad size

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and there should be room to squeeze a bath in if, well,

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the mood takes you.

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And one bedroom is bright and a good size

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but there's some more damp here.

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At the back, bedroom two has some pretty serious damp issues

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and it's directly above the kitchen.

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So, maybe the cause of those problems in the kitchen

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will be revealed when we come to the rear of our property

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which is accessed via this little alleyway here.

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That's our property there and, yeah, sure,

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the roof of the kitchen doesn't look in too brilliant a condition.

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Next door is this.

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I can't say for certain that this house has anything to do

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with the damp in the lot I'm viewing, but further investigation

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is a must and it might involve tracking down the owner.

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That issue aside, it would be worth getting the opinion of

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a local agent on this rather damp terrace guided at £15,000.

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The attraction to a buyer in this area would be that you're going

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to get over a 10% return on your investment per annum.

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You would need to spend some money on the damp.

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Once it's done right, you'll get a tenant in and you'll make a good return on it.

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A no-lose investment. That sounds like a no-brainer.

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So what kind of figures are we talking about?

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Once the work's been completed to the damp, to the windows

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and to the kitchen ceiling, I would estimate that you could be

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looking to achieve somewhere between £30,000 and £35,000.

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Well, with a guide price of £15,000,

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that leaves some room to make a profit,

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but what about the rental values?

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I would estimate that the tenant would probably pay somewhere around £350 per calendar month for it.

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Well, he can't get away from the fact that it's a very appealing guide price.

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However, closer investigation reveals...hmm...

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maybe not a bargain. Who knows?

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

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On to Lot 258, it's Burnley, freehold, mid-terrace house.

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Start me at ten.

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10,000. Back right.

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11. 10 I am, make it 11.

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11 on my left. 12.

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It took a little time for the bidding to get going,

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but then things picked up.

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We rejoined the bidding at £23,000.

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23, sir. 24?

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No, OK.

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23. With you, second row. 24, anywhere else?

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First row, 23.

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Second time at 23. 24. 25.

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OK, your bid. 24,000. 25, anywhere else?

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First row, 24.

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Second time with 24, for the third and final time, £24,000. Your bid.

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Are we all done...at 24,000!

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The successful bid of 24,000 was made by Dean.

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It was his second property purchase at auction

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and I met him and his business partner, Paul, back at the house.

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-Dean, Paul, great to meet you both.

-And you.

-Pleased to meet you.

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Congratulations!

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The auction was actually in London, wasn't it? Is that where you're from?

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Yeah, yeah. I'm from east London.

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Yeah, both from east London.

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So what attracted you towards Burnley?

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Mainly the profit margin.

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In London, you're not getting nowhere near what you're getting up in the north.

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So is this what both of you do, sort of, full-time?

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-No. We both work for a major advertising company...

-Right.

-..in London.

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I'm a manager, a training asset manager

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-and Dean's a multimedia technician.

-Great.

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-What does that mean you actually do?

-Stick posters on the wall!

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THEY LAUGH

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Fantastic!

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-Whereabouts do you stick the posters?

-On the Underground.

-Really?

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All the ones you see when you're on the Underground,

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when you're standing on the platform, the ones you see, across the track.

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Wow.

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-So, why this particular house, then?

-It's cheap!

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THEY LAUGH

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We didn't even look at it, to tell you the truth.

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-You didn't look at it?

-No, no. I know, we made the cardinal sin.

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'Too true, it is a cardinal sin on Hammer.

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'Dean and Paul saw this for the first time TODAY - not good.'

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So what did you think when you walked in?

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All right. A bit of damp...

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You're saying all right and you're sighing very heavily!

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No, it's not as bad as what we thought, erm...

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Yeah, the end of the day, it's not that we have to do a lot of clearing,

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it's just a lot of it is cosmetic, erm...

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as you will see.

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Walls are not too bad.

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Some of the walls are not too bad, should I say,

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-but, yeah, it shouldn't take too much. It's nothing that we can't do. There's nothing shocking.

-Right.

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-It's just that at the back, next door, that worries me, that being derelict.

-Yeah, yeah.

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We're making some enquiries and see if we can

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maybe purchase that one as well...

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-Right.

-..before we do anything here.

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-So if you could buy it, that would be ideal, wouldn't it?

-Yeah.

-Yeah.

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Dean is a trained painter and decorator.

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and they will both pitch in with the work,

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but at the same time, there's a lot going on here,

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so do they have a plan for this place?

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Erm, just a full renovation, really.

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Erm...

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strip back all the walls,

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all the flooring and just a general upgrade.

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-You've got the...

-Rip that kitchen out as well. That's got to come straight out.

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Everything will come down.

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The fireplaces, I'm not too sure whether to keep them and just change the fires,

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cos we're just renting, we're not doing it to sell.

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so, at this stage,

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it'll just be a general makeover.

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'Dean and Paul will get professionals in to do the jobs that they can't,

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'like gas and electrics

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'and they have a budget set at between five and £15,000,

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'depending on what happens with the property next door.

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'But my worry is that the budget could soon become a distant memory,

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'especially when you remember they don't live nearby.

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'London is a bit of a commute to Burnley.'

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-Well, listen, congratulations.

-Thank you very much.

-Good luck with it.

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-Cheers.

-Cheers, thank you.

-Looking forward to seeing how you get on.

-Yes.

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Well, yes, it's not a lot of money to pay for a house,

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but Dean and Paul,

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recognising they might have got themselves more of a problem than they'd bargained for

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and it all comes down to that house next door.

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Can they find out who owns it?

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Can they buy it?

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If not, will they be able to restore this property?

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You can find out later in the show.

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The Kent town of Paddock Wood was once at the centre of hop farming.

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Up to 8,000 seasonal workers would arrive in the town

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to help harvest the crop.

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Today's lot is within walking distance of the town,

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less than half a mile from the station.

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So, this is it.

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A two-bedroom detached bungalow

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and it sits on a substantial corner plot like this.

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But, first issue I can see straight away,

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well it appears to be non-standard construction.

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Now, the exterior is made from weatherboard cladding

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and getting a mortgage on a non-standard house?

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Well, it can sometimes be difficult.

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Any unconventional style of house or flat can raise

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issues about mortgageability, but if you look hard enough,

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you will very probably find a lender.

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If you were unlucky enough not to get a mortgage,

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then it would mean cold, hard cash.

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The guide price on this property is 195 to 205,000,

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and it is on a decent plot. There is off-street parking and a garage.

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So far, so good.

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I love the symmetry with this property.

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It feels like a little house on the prairie, all wood,

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nothing very solid or substantial.

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Now, the layout, internally.

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You've got a single bedroom to the left here.

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A nice toothpaste, mint green bathroom. Lovely.

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At the back of the house, a small kitchen and a big lounge

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and another bedroom. But there's some damage up there.

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I think there must have been a leak from a bath. Uh-oh!

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# Uh, oh, we're in trouble

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# Something's come along and it's burst our bubble... #

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And it was all going, er, reasonably well.

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That ceiling investigation is first on the to-do list.

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I'm thinking the next thing would be sorting out

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insulation in the walls and the floors to meet modern regulations.

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So the bungalow, as it stands, is quite small, but it sits on a

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really nice large plot, so there is definitely potential to extend here.

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Alternatively, there is the option of demolishing what is here

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and building something new.

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However, this property has a rather chequered planning past.

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Ready for this?

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In 2011, and again in early 2012,

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permission was sought to

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knock this down and replace it with a pair of semidetached houses.

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Both times the planners refused permission.

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Then an application was made to substantially extend

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the existing dwelling, and again

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THAT was refused permission.

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And as if that was not enough, there's

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also a restrictive covenant in place,

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so you can't build anything above 0.9 of a metre forward of the

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existing building, so this will definitely be a tricky development.

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What would a local estate agent advise?

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I think it needs substantial redevelopment.

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So much so, it is... I would see it as a plot rather than a property

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to develop.

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And what does the agent think the bungalow could be worth,

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renovated as is or as a new build?

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If it were renovated in its current configuration,

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you should get in the region of £240,000.

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If you were to flatten it and build a new property of maybe three

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bedrooms, you should get in the region of £350,000.

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And what about rental?

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Rental, on a two-bedroom bungalow,

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would probably rent for about £900 per calendar month.

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A new build, three or four bedroom house, could be

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in the region of £1,500 per calendar month.

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There are a lot of potential pitfalls with this one.

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Let's find out who bid for it at the auction.

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A detached bungalow on a good-sized corner plot,

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close to the centre of Paddock Wood and the railway station, with

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good access up to London, so 190 I'm looking for to start me. 190.

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I'm obliged, £190,000, I'm on the way. 190. Now two.

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192. 192. And four.

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194. And six.

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And eight. And 200. And two. 202.

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It's with you, sir, at 200. 202 I want.

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It's worth more than this. £200,000 I've got.

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For the first time, then, at £200,000, sitting there on my

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right-hand side. You're coming back one more time, it's your chance?

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For the second time at £200,000...

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If not, for the third and final time,

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sitting over on my right-hand side, at £200,000,

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done.

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Sold, it is yours, sir, for £200,000.

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And that delighted buyer paying £200,000 was David,

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who was at the auction with his wife Marie and their daughter.

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David, a chartered surveyor, and his wife Marie,

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a retired headmistress, currently live locally in Paddock Wood,

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and they bought the bungalow as a new home for them and their kids

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Niamh and Doug.

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I met up with them back at the property to find out their plans.

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Congratulations. I want to know why you wanted to buy this at auction.

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We had originally thought we might retire to the West Country,

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but all of our friends and our family are round here.

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And we thought that in our twilight years we wanted to be close to them.

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It makes sense.

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We're probably going to knock it down and start again.

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Dun, dun, dun!

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I was waiting for those three words, "Knock it down."

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-You're going to knock it down?

-Yes.

-You're going to knock it down.

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The couple are looking to downsize from their current property,

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and ideally build a new home that will tick all the boxes that

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Marie, a keen artist, has drawn up.

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I want lots of light, a really big kitchen.

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Look at Marie's face light up here. Go for it.

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And also, because of the way the building will be configured,

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I'll be able to have a room that

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I can do my artwork in, as well. Separate to the house.

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Do you feel, with the property as it is, you just couldn't achieve that?

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I would rather build something that was striking, innovative,

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-great design...

-21st-century.

-21st-century.

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I mean, to convert this, it's just an uphill task.

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I hear what David is saying,

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but sometimes planning can be an uphill task too, and this

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property does have a chequered past as far as that's concerned.

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Undaunted, David has his ideas already on paper.

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Can I show you firstly, that is

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what we don't need planning permission for.

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-Wow, so you've got a complete separate structure along the side.

-Yeah.

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Is that the art room? Hold on a minute, Marie, I mean, that is

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-almost as big as the house itself.

-I know, I know. I need space.

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Well, also, it will be my office as well. Because I work from home.

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-So it will be the art room, the office, you know...

-And a bar.

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-And a bar, of course.

-MARIE LAUGHS

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So I can see that's just with an extension used within

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-permitted development.

-That is the worst case scenario.

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Marie said it looks like a factory, and I think it probably does a bit.

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OK. So, well, that's plan B.

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What does plan A look like?

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It's quite contemporary, it's striking and much bigger windows.

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Lots of space. But again, it makes your second area,

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you know, your office/art room/bar. Tell me,

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-what sort of budget have you got for this?

-I would say about 150,000.

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Yes, if it ends up at 200... so what?

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And how long is it going to take you to complete the build, what would you say?

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Three or four months to get planning permission, six to nine months to build it.

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If it takes three years, it doesn't really matter.

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The important thing is we do it right.

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Congratulations, I'm really excited for you.

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And I think this is the right thing for you to do at this time in your lives.

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-Thank you.

-Thanks ever so much. Nice to meet you.

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Ideally, David and Marie want to knock this old bungalow down

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and build a new home.

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They've never built their own home before, and the property, well,

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it already has a bit of history in terms of planning refusals.

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Will David and Marie and the kids be able to build what they want here?

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Or will they have to compromise their plans?

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You can find out how it goes for them later in the programme.

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Welcome back to Burnley, in the north-west of England,

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where we were looking at this two-bed mid-terraced house.

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Situated just a mile from the town centre,

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it had a very low guide price of just £15,000 plus.

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Not even dated decor could explain that,

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so I wonder what could explain it.

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Lots and lots and lots of damp,

0:17:560:17:58

and so much that the ceiling here has collapsed.

0:17:580:18:02

Ah, that will be the reason, then.

0:18:020:18:05

Six months later and we return to Burnley to see

0:18:050:18:08

if our London lads had a good effect on this damp dwelling.

0:18:080:18:12

It's all looking fresh,

0:18:270:18:29

clean and there's definitely a decor statement or two.

0:18:290:18:33

More importantly, it all looks dry.

0:18:330:18:36

Not a whiff of damp.

0:18:360:18:37

So how have they resolved those horrendous damp issues?

0:18:370:18:41

We've had the roof stripped back completely and re-laid.

0:18:440:18:49

All the rendering on the property to make it watertight.

0:18:490:18:53

Everything stripped back, really, to the brickwork.

0:18:530:18:56

A new bathroom, new kitchen.

0:18:580:19:00

Complete top to bottom, really.

0:19:000:19:02

Well done, lads.

0:19:030:19:05

It can sometimes mean extra cost, and it definitely means extra work,

0:19:050:19:10

but I think stripping it back was exactly what this place needed.

0:19:100:19:14

But I'm only seeing one property renovation project here.

0:19:140:19:18

What happened to the plan of trying to buy next door?

0:19:180:19:22

Yeah, we were thinking of buying next-door's property

0:19:220:19:25

because it would enhance the value of this property, having that

0:19:250:19:29

property done up as well.

0:19:290:19:31

But we couldn't get hold of the landlord at all.

0:19:310:19:35

Of course, part of the reason Paul and Dean hadn't seen

0:19:350:19:38

either property was because they actually lived in London.

0:19:380:19:41

How was it developing a property 250 miles away from home?

0:19:410:19:45

The biggest problem I suppose we had was the travelling,

0:19:460:19:50

because Dean doesn't drive, so it was always on me.

0:19:500:19:53

So we'd drive home from here, five or six-hour drive,

0:19:530:19:56

and then straight to work that night. So we thought it would take

0:19:560:20:00

between three and four months.

0:20:000:20:02

-I think it has taken just under six...

-Just under six.

0:20:020:20:06

That sounds like some gruelling shifts Paul and Dean have put in,

0:20:060:20:10

but it's always worth remembering that's what has to be done

0:20:100:20:14

if you are going to combine development with a full-time job.

0:20:140:20:17

Will all that hard work have helped them

0:20:170:20:19

keep to their maximum budget of 15,000?

0:20:190:20:22

We've come in within budget.

0:20:220:20:24

-I think we've...

-About 10,500.

-Yes, about 10,500.

0:20:240:20:28

Give or take 1,000 here.

0:20:280:20:29

And we've got the outside to do,

0:20:290:20:31

so we haven't actually done the final figure, but it is around that.

0:20:310:20:35

It won't go over 11.

0:20:350:20:37

£11,000 on top of their purchase price of 24,000

0:20:370:20:41

brings Paul and Dean's total spend to £35,000.

0:20:410:20:45

We've asked along two local property experts to see if these figures

0:20:470:20:50

add up to some profit for Paul and Dean's blind buying experiment.

0:20:500:20:55

This is the first time I've seen the property.

0:20:570:20:59

It's been done to a great finish, perfect for first-time buyers

0:20:590:21:02

and very soon could make an ideal family home.

0:21:020:21:05

The layout works really well.

0:21:050:21:07

In particular, I like the kitchen/diner downstairs,

0:21:070:21:10

I think it's a lovely room for a family environment.

0:21:100:21:13

So, yes, absolutely worked really well.

0:21:130:21:17

If Dean and Paul were to put this on the market,

0:21:170:21:19

could they expect any profit on their £35,000 spend?

0:21:190:21:23

In my opinion,

0:21:250:21:26

I would expect this property to sell for offers over £45,000.

0:21:260:21:30

If the property was to be placed on the market by the owner,

0:21:300:21:33

in the current environment, I think a sale price could be

0:21:330:21:36

achieved from anything from £40,000 upwards to £44,000.

0:21:360:21:40

This would give Paul and Dean a profit of between five

0:21:410:21:44

and £10,000, minus the usual taxes and expenses.

0:21:440:21:48

But they're looking to rent the property.

0:21:480:21:50

What could they hope for then?

0:21:500:21:53

The rental market is really strong at the moment. I would expect

0:21:530:21:55

this property to achieve in the region of £350 per calendar month.

0:21:550:22:00

If the property went on the rental market currently, it should achieve

0:22:000:22:04

anything from £365 per calendar month

0:22:040:22:08

to £375 per calendar month.

0:22:080:22:11

It is good, really.

0:22:110:22:12

Yeah. It is what we thought, it is what we budgeted for.

0:22:120:22:15

I've got a tenant moving in when you leave and we're going to...

0:22:150:22:19

-It is more than that.

-385.

-It is more than that.

0:22:190:22:22

So it's £10 more than what...

0:22:220:22:24

With a tenant already in place, paying £385 per calendar month,

0:22:240:22:29

Paul and Dean can look forward to a yield of over 13%,

0:22:290:22:33

a good result.

0:22:330:22:34

So how have they found the whole experience?

0:22:340:22:37

-Tiring.

-Yeah, it's been tiring.

0:22:380:22:41

-It's been a bit knackering but...

-It's well worth...

-Well worthwhile.

0:22:410:22:45

Two and a half miles east of Derby city centre lies the large

0:22:510:22:55

suburb of Chaddesden.

0:22:550:22:57

Once a village in its own right, it is

0:22:580:23:01

now a highly popular residential suburb of Derby with good

0:23:010:23:05

local amenities and transport links into the city centre,

0:23:050:23:08

so it's a good bet for buying a property at the auction.

0:23:080:23:12

So, what am I here to see?

0:23:140:23:16

Well, it's a really well-located property in this popular

0:23:160:23:20

residential area.

0:23:200:23:21

Three-bedroomed semidetached, had a guide price

0:23:210:23:24

of £70,000 plus.

0:23:240:23:27

Looks like it's seen better days, but let's take a look inside.

0:23:270:23:31

Interestingly enough, the entrance...

0:23:310:23:34

front door, it's actually on the side!

0:23:340:23:36

MUSIC: Side Effects by Mariah Carey

0:23:360:23:39

Now, that whole entrance door on the side thing does give

0:23:420:23:45

a slightly unusual layout when you come through the door.

0:23:450:23:49

Facing you, little hallway. Stairs up to the bedrooms.

0:23:490:23:52

And on the right-hand side here, you've got this little front sitting room.

0:23:520:23:56

Love this. Fantastic.

0:23:560:23:59

Um, yeah.

0:23:590:24:01

A bit old-fashioned, but I bet that really pumps out the heat.

0:24:010:24:03

You would probably want to replace it, though, wouldn't you? It's a nice room, though.

0:24:030:24:07

Through this way, though, across that little hallway,

0:24:070:24:10

into your rear living room.

0:24:100:24:12

Again, a really nice-sized space.

0:24:120:24:15

That's a bit strange, it's sort of a half cellar.

0:24:150:24:18

Doesn't go down very far, but there's a few steps into something.

0:24:180:24:21

I don't know what you'd use that for.

0:24:210:24:23

And I imagine this is where the house originally ended.

0:24:230:24:25

What you've got now is this, a single-storey extension.

0:24:250:24:29

I say single-storey, it's got a sloping roof, which is really nice.

0:24:290:24:32

Stick a couple of roof lights in there,

0:24:320:24:34

throw a bit more light in here.

0:24:340:24:35

As a kitchen, it's good, I like the location,

0:24:350:24:38

views out onto the back garden.

0:24:380:24:40

You've also got a loo there, which is really great.

0:24:400:24:43

So all the sort of sewerage stuff and pipework is all there for you.

0:24:430:24:46

A bit of a storage cupboard.

0:24:460:24:48

Straight away a house with lots of potential.

0:24:480:24:51

Up the staircase that faces the entrance of the aforementioned

0:24:510:24:55

three bedrooms.

0:24:550:24:57

A double at the front, a smaller room to the side.

0:24:570:25:00

And a third to the rear.

0:25:030:25:05

And, phew, an upstairs bathroom,

0:25:080:25:11

but with no WC.

0:25:110:25:13

Someone will have to spend a penny or two in here to remedy that.

0:25:130:25:16

But the rear of the property, ha-ha, a fantastic surprise.

0:25:210:25:24

Cos down these steps and you are into...

0:25:240:25:28

HE CHUCKLES

0:25:280:25:30

..a bit of a garden wonderland.

0:25:300:25:32

Look at this! Fantastic. Let's explore.

0:25:320:25:34

I don't know how far it is to the back, but we've got some lovely shrubs here.

0:25:340:25:38

I mean, it's a case of chopping some of this back

0:25:380:25:40

so you can see what you've got. But you've got apple trees.

0:25:400:25:44

Um. I don't know what else.

0:25:440:25:47

A bit of a wildlife ha-a-aven, too, at the moment.

0:25:470:25:50

This is good! But, er,

0:25:500:25:52

yes, definitely a good few hours with a strimmer,

0:25:520:25:55

but actually joy of joys, uh, lies at the back.

0:25:550:25:58

HE GROANS

0:25:580:25:59

Oh!

0:25:590:26:01

Every gardener's dream.

0:26:010:26:03

A garden shed.

0:26:030:26:04

Dig further and in the undergrowth there's a garage too,

0:26:050:26:08

all for the guide price of £70,000.

0:26:080:26:12

The garden alone has got me smitten, but big, deep breath

0:26:120:26:16

and sensible head on, there is a lot of work to be done.

0:26:160:26:19

We asked the auctioneer who sold it what he thought of the property

0:26:190:26:23

and its prospects.

0:26:230:26:26

The unusual thing about this house is it seems to be sort of narrow,

0:26:260:26:29

one room wide, but quite deep.

0:26:290:26:31

And yet you've still got three bedrooms and a bathroom upstairs.

0:26:310:26:35

I think the first thing you'd address with a house like this is

0:26:350:26:37

the kitchen arrangement. Once renovated,

0:26:370:26:40

this would have a value on today's market of about £105,000.

0:26:400:26:44

In terms of rental,

0:26:440:26:46

the rental value would be in the order of £525 a calendar month.

0:26:460:26:51

Well, what is there not to like about this house?

0:26:520:26:54

It's solidly built, it's in a good location, great garden.

0:26:540:26:58

Yeah, an easy one to go for.

0:26:580:26:59

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

0:26:590:27:02

A three-bedroom, semidetached house,

0:27:040:27:06

behind Chaddesden shopping area.

0:27:060:27:08

There is a proxy bid in on this, and I will start

0:27:080:27:11

the bidding at £75,000.

0:27:110:27:14

76 I've got. 77 with me.

0:27:140:27:17

77. 78 for you, sir. 78.

0:27:170:27:20

79. 79. 80.

0:27:200:27:23

80,000. 81.

0:27:240:27:27

82. I'll take 500 if it will help you.

0:27:270:27:31

81,500.

0:27:310:27:33

81,500, that's stymied me.

0:27:330:27:35

82,000, I'm in. 82,000.

0:27:350:27:38

82,500, I'm out. £82,500.

0:27:380:27:41

83 somewhere else.

0:27:410:27:43

At 82,500, once,

0:27:430:27:45

twice, third time...

0:27:450:27:47

sold at 82,500. Thank you.

0:27:470:27:50

Beating the auctioneer's proxy bid with an £82,500 bid of his own

0:27:530:27:58

was Dave.

0:27:580:27:59

Dave and his wife Elaine bought the house

0:28:040:28:06

and its amazing garden for their two daughters, Jade and Abby.

0:28:060:28:11

Dave works as a domestic energy assessor,

0:28:110:28:14

and Elaine works in HR for a local car manufacturing company.

0:28:140:28:18

And they live just a mile down the road.

0:28:180:28:21

-Elaine, Dave, great to meet you both.

-Pleased to meet you.

0:28:210:28:24

Congratulations. So, why did you want to buy this place?

0:28:240:28:27

We thought it was a good potential for the children.

0:28:270:28:29

And we thought it would be nice to sort of set them

0:28:290:28:32

-on the property ladder.

-Great!

0:28:320:28:34

They've both been to university, they are both just graduating.

0:28:340:28:37

You know, we'll renovate it for them.

0:28:370:28:40

And then they take over,

0:28:400:28:42

but obviously Jade and Abby are going to sort of say what they want.

0:28:420:28:45

I mean, obviously we are going to do sort of the plastering,

0:28:450:28:48

we know that sort of thing that needs doing, but everything else,

0:28:480:28:51

you know, they might decide what they want doing, the type of kitchen, etc.

0:28:510:28:55

There's going to be lots of children watching, going,

0:28:550:28:58

"I wish my parents were like that!"

0:28:580:28:59

THEY LAUGH

0:28:590:29:01

-Well, it's a start, isn't it?

-It's brilliant.

-Yes.

0:29:010:29:05

They've been good girls.

0:29:050:29:07

You know, they've done well in what they've done and graduated.

0:29:070:29:10

-So it is just a way of showing our appreciation, really.

-Good on you.

0:29:100:29:13

So what do your daughters think about all of this?

0:29:130:29:16

Well, they're over the moon.

0:29:160:29:18

The oldest one is with us at the moment,

0:29:180:29:21

but the youngest one is touring round Europe.

0:29:210:29:23

They are really excited about it and they are going to both have a

0:29:230:29:26

big input in, like my wife says, what goes into the property,

0:29:260:29:30

decor and design.

0:29:300:29:32

-So what about internal layout, is it going to stay the same?

-Yes.

0:29:320:29:35

The only difference that we are going to do is

0:29:350:29:37

the kitchen out the back. It has been split.

0:29:370:29:41

There is a toilet in there, which we're going to move upstairs,

0:29:410:29:44

and a store cupboard. And hopefully we can knock the walls out

0:29:440:29:49

and make that bigger.

0:29:490:29:51

-But keep the wall in between here and there?

-Yes. Maybe...

0:29:510:29:54

-Because this funny little window is a bit weird, isn't it?

-It is, yes.

0:29:540:29:57

And we think it doesn't shed a lot of light in because there's not many windows in the kitchen,

0:29:570:30:02

so hopefully we are going to put a couple of Veluxes in the roof

0:30:020:30:06

-and then make this double doors into here.

-Nice.

0:30:060:30:10

And then that will shed a lot more light into here

0:30:100:30:12

because there's only one..one large window there.

0:30:120:30:15

Great ideas to get more light down here and improve that kitchen.

0:30:150:30:20

They also plan to do a simple renovation upstairs,

0:30:200:30:24

whilst removing old water tanks hiding behind those

0:30:240:30:27

cupboards, in order to fit a WC up here.

0:30:270:30:30

The couple have a budget of £10,000 and hope to get the girls

0:30:320:30:35

settled in here in six months' time.

0:30:350:30:39

And it just keeps getting better for those lucky sisters.

0:30:390:30:42

And then actually doing the work, who is going to do the work?

0:30:440:30:47

I will do the majority of the work.

0:30:470:30:49

Are you experienced in that sort of thing?

0:30:490:30:51

I've done a couple of properties up, mainly for her mum.

0:30:510:30:55

-Mmm.

-We bought, or her mum bought, a bungalow that was

0:30:550:30:58

sort of virtually derelict, and we have done that up.

0:30:580:31:01

Yes, so we have done it once and we are going to try it again.

0:31:010:31:03

And are you going to get involved helping out?

0:31:030:31:05

Yes, yes, I am hands-on, definitely,

0:31:050:31:07

yes. Wherever I can use a screwdriver or hammer, I'll be there.

0:31:070:31:10

THEY LAUGH

0:31:100:31:12

Do you have any sort of things you particularly enjoy doing?

0:31:120:31:14

The garden is my forte.

0:31:140:31:17

I can't wait to get started on that garden.

0:31:170:31:19

Any idea what you will do to the garden?

0:31:190:31:22

Well, I think, basically, we are going to sort of chop

0:31:220:31:24

a lot of the trees down and make them more sort of...

0:31:240:31:28

at a reasonable height.

0:31:280:31:29

But I do want to keep some of the bushes and trees,

0:31:290:31:31

to give it a bit of character.

0:31:310:31:33

I am already doing all of my cuttings off my own garden at home ready.

0:31:330:31:36

SHE LAUGHS So we can pop them in.

0:31:360:31:39

And then decking out from the back door.

0:31:390:31:42

And then steps down to a lawn.

0:31:420:31:45

-Like she says. And then trees amongst the lawn and everything.

-That sounds lovely.

0:31:450:31:48

There is an apple tree down there somewhere.

0:31:480:31:51

Um... And, yes, hopefully we'll keep that in.

0:31:510:31:54

-But certainly it is a really exciting project.

-Listen, congratulations.

0:31:540:31:59

Well done for being such a good mum and dad,

0:31:590:32:01

and we look forward to seeing how you get on.

0:32:010:32:03

Yeah, great.

0:32:030:32:05

Well, what a great thing Dave

0:32:060:32:07

and Elaine are doing for their daughters,

0:32:070:32:09

and a great house to boot. I can't wait to see what they do with it.

0:32:090:32:13

But what will their daughters decide to do with it once it's completed?

0:32:130:32:17

You can find out later in the show.

0:32:170:32:19

Well, we've already seen how one property has got on,

0:32:230:32:26

what about the other two?

0:32:260:32:27

Yes, were they straightforward, or were there a few surprises?

0:32:270:32:30

-Mmm.

-Let's find out.

0:32:300:32:33

We're back in Paddock Wood, in Kent, to catch up with this

0:32:330:32:36

detached bungalow, guided at

0:32:360:32:38

195 to 205,000.

0:32:380:32:41

It was a non-standard construction, which can prove

0:32:410:32:44

tricky for those needing a mortgage.

0:32:440:32:46

Then there were planning problems.

0:32:460:32:49

Two years on, we return to...

0:32:490:32:51

..no sign of a fabulous new family home.

0:32:550:32:58

Oh!

0:32:580:32:59

MUSIC: Ghost Town by The Specials

0:32:590:33:02

Time for David and Marie to fill us in.

0:33:060:33:09

It took us a year to get planning permission, in effect.

0:33:090:33:11

The architect started off with a really innovative scheme,

0:33:110:33:15

which was effectively two opposing cheeses.

0:33:150:33:18

It sounds really wild and wacky, and we loved the scheme.

0:33:190:33:23

But the planners weren't quite so enamoured.

0:33:230:33:25

Effectively they said, "Love the scheme, but not here,

0:33:250:33:29

"because it doesn't fit in."

0:33:290:33:31

MUSIC: A Change Would Do You Good by Sheryl Crow

0:33:310:33:34

Hmm. Two cheeses sounds crackers, but I like it.

0:33:340:33:38

However, even if you're not in a conservation area,

0:33:380:33:41

planners might be reluctant to let you build anything that

0:33:410:33:44

doesn't fit in with the streetscape.

0:33:440:33:46

It can end up being a bit of a compromise, but in the end,

0:33:460:33:49

the architects came up with a plan that worked for everybody.

0:33:490:33:53

It was very...very modern,

0:33:530:33:56

very light, very open, very adaptable,

0:33:560:33:59

which is exactly what we asked for.

0:33:590:34:02

And by the time we got to that stage, the planners were happy,

0:34:020:34:05

because it was very eco, we were happy, the architects were happy.

0:34:050:34:09

Brilliant. So, when does the work start?

0:34:100:34:13

In this year, we've been looking to sell our current house,

0:34:130:34:16

which is about a mile away from here.

0:34:160:34:18

And unfortunately, the market didn't really like our existing

0:34:190:34:23

house as much as the agents had told us.

0:34:230:34:26

-Yes.

-And the price kept on coming down and coming down.

0:34:260:34:28

And then towards the end of August, early September, we just

0:34:280:34:32

said, "We live in a beautiful house, we can in actual fact

0:34:320:34:36

"create the flexible accommodation we need by having two flats upstairs."

0:34:360:34:40

And the kids love the idea because they've lived there all their lives.

0:34:400:34:45

As soon as we told our neighbours that we were not moving to the

0:34:450:34:48

new site, they were delighted.

0:34:480:34:50

-And they came round straightaway with a bottle of champagne.

-Excellent.

0:34:500:34:53

And when you've got neighbours like that, who've lived next door

0:34:530:34:56

to you for so long and are so overjoyed you're not moving,

0:34:560:35:00

I mean, what can you do?

0:35:000:35:02

You know, you have to stay, don't you?

0:35:020:35:04

I'll drink to that.

0:35:040:35:05

So David and Marie might get a dream home at their current home,

0:35:050:35:09

but there is an added bonus.

0:35:090:35:11

They now have a big plot with planning permission.

0:35:110:35:14

Two local estate agents can explain why that is so valuable.

0:35:140:35:18

It allows the developer to just go straight into it

0:35:180:35:21

and get on with what they need to do.

0:35:210:35:23

Having the planning permission certainly adds value

0:35:230:35:26

because it takes a lot of the hassle element out

0:35:260:35:28

of the approach to the local council,

0:35:280:35:31

makes the project more definite.

0:35:310:35:33

Demolition cost, 9,000,

0:35:330:35:36

and all the fees associated with planning cost around £26,000.

0:35:360:35:40

Having paid £200,000 at auction,

0:35:400:35:43

their total spend is £235,000.

0:35:430:35:47

What is the plot, with planning permission, worth as it is?

0:35:470:35:50

This plot of land, with the planning permission it currently has,

0:35:510:35:55

I think it would be worth approximately £300,000.

0:35:550:35:58

The value of this plot of land is valued between

0:35:580:36:01

£280,000-£320,000.

0:36:010:36:05

-I think they are pretty good, actually.

-Very good, actually. Very pleased.

-Very pleased, yes.

0:36:050:36:09

At an average of 300,000, Marie and David could make a pre-tax

0:36:090:36:14

profit of 65 grand,

0:36:140:36:16

and they haven't even laid one brick.

0:36:160:36:19

So would it be worth going ahead with building and then selling?

0:36:190:36:24

If the property is built to plan, I believe we can sell it on for £450,000-£500,000.

0:36:250:36:30

I think the finished property could reach

0:36:300:36:34

in the region of £500,000,

0:36:340:36:36

done to a nice specification.

0:36:360:36:38

Taking the top value of £500,000,

0:36:380:36:41

and based on David's £200,000 construction budget,

0:36:410:36:44

Marie and David could make a profit of

0:36:440:36:47

£65,000 before taxes and expenses.

0:36:470:36:51

Same potential profit as just the plot, so why bother, I say?

0:36:510:36:55

I think that's probably a bit on the light side.

0:36:550:36:57

We are not looking at it as a single house, we are

0:36:570:37:00

-looking at it as two houses.

-It would have been great to live here,

0:37:000:37:03

-but actually, we're really happy where we are going to stay.

-Yeah.

0:37:030:37:06

Well, they didn't get their dream retirement home here

0:37:060:37:09

but, by converting their existing house,

0:37:090:37:11

they will get two flats, and Marie will get her art studio.

0:37:110:37:14

And they could still make a lot of profit on this plot.

0:37:140:37:18

Any regrets?

0:37:180:37:20

We're not in any hurry.

0:37:200:37:22

This was always our long-term retirement plan.

0:37:220:37:25

I've got a few years in the office yet.

0:37:250:37:27

I've got to keep her in the style to which she's become accustomed.

0:37:270:37:30

-I'd like to become accustomed.

-You'd like to become accustomed. OK.

0:37:300:37:33

Time now to return to Chaddesden on the outskirts of Derby.

0:37:390:37:43

This three-bedroom semi had a guide price of £70,000 plus,

0:37:430:37:48

and once I'd worked out the front door was on, well,

0:37:480:37:51

on the side, I found it had some good size rooms,

0:37:510:37:55

an extension out the back and a garden that went on...

0:37:550:37:59

(ECHOING) ..for miles!

0:37:590:38:02

15 months later and we are back in Chaddesden to see if

0:38:040:38:08

Dave and Elaine have turned this into their daughters' dream home.

0:38:080:38:12

# It feels just like it should

0:38:140:38:16

# I wake up, this This is what it looks like

0:38:160:38:20

# So don't miss this

0:38:200:38:22

# This is what it looks like

0:38:220:38:25

# So call on me

0:38:250:38:27

# It feels just like it should

0:38:270:38:29

# So call on me... #

0:38:290:38:31

Good job, guys, and Dave and Elaine

0:38:310:38:33

haven't just made cosmetic changes.

0:38:330:38:36

There's new plumbing, new insulation, new electrics

0:38:360:38:40

and, most importantly, they have moved that WC to the

0:38:400:38:43

upstairs bathroom, freeing up the kitchen.

0:38:430:38:46

We've done a lot of work in here.

0:38:480:38:50

We've knocked a dividing wall down, that had the old toilet

0:38:500:38:53

and a store cupboard in, to make the kitchen a lot bigger.

0:38:530:38:56

We've put new doors in, which throws a lot more light into the kitchen

0:38:560:39:00

and makes it look very spacious. And, er...

0:39:000:39:03

Yeah, we're very pleased with it.

0:39:030:39:06

A bigger, brighter kitchen and a toilet upstairs - simple,

0:39:060:39:09

but good ideas.

0:39:090:39:11

But moving a toilet and knocking down a wall pales in

0:39:130:39:16

comparison to tackling that jungle of a back garden.

0:39:160:39:21

We got a mini digger in

0:39:210:39:24

and we spent a complete week

0:39:240:39:28

with a mini digger on the garden.

0:39:280:39:31

It's really nice now, you know,

0:39:390:39:41

to open the patio doors straight onto...the decking.

0:39:410:39:45

What we intend to do now, which we haven't done yet,

0:39:450:39:48

is to completely fence the garden,

0:39:480:39:51

which will make it really quite nice.

0:39:510:39:53

However, although all this might have gone to plan,

0:39:530:39:57

it would appear daughters Jade and Abbey

0:39:570:39:59

will not be moving in after all.

0:39:590:40:01

We're not sure whether they're going to move in or not.

0:40:010:40:04

They're still thinking about it, but if they don't move in,

0:40:040:40:07

we are going to move in.

0:40:070:40:09

Renovate our property and go from there,

0:40:090:40:12

so it will probably be another 18 months project, will it not?

0:40:120:40:16

Yeah, definitely. THEY LAUGH

0:40:160:40:18

# I guess I'll have to change my plan

0:40:180:40:23

# I overlooked that point completely

0:40:230:40:26

# Until the big affair began

0:40:260:40:31

# I guess I'll have to change my plan... #

0:40:310:40:35

Ah, well, best laid plans and all that.

0:40:350:40:37

Never mind, this house is looking great,

0:40:370:40:40

and it allows them to continue with their plans for more development.

0:40:400:40:44

So all's well that ends well.

0:40:440:40:46

Assuming they've not overspent.

0:40:460:40:48

Right, the budget we set for ourselves was £10,000.

0:40:510:40:54

That was mainly doing most of the jobs ourselves, which we have done.

0:40:540:40:58

And we've now met £9,750,

0:40:580:41:02

so we're well pleased that we're within the budget.

0:41:020:41:06

Dave and Elaine bought the property for £82,500

0:41:060:41:10

and have done well to keep just under that £10,000 budget,

0:41:100:41:14

but doing all the work themselves has meant the development has

0:41:140:41:18

taken 15 months rather than the intended six.

0:41:180:41:22

We've asked along two local property experts to check

0:41:220:41:25

out their hard work.

0:41:250:41:27

I love the layout, it's nice to have the hallway in the middle.

0:41:270:41:30

And then they've got the dining room, which is open-plan to the

0:41:300:41:33

kitchen, which is a great feature.

0:41:330:41:36

This is my first trip around the property.

0:41:360:41:39

Having seen the original photographs,

0:41:390:41:41

I was pleasantly surprised at the approach to the house.

0:41:410:41:43

You've got the lovely big private garden to the rear with mature

0:41:430:41:47

trees. And that lovely big deck area for eating out.

0:41:470:41:50

Ah, picnics on the patio, what a good idea.

0:41:510:41:54

Having spent £92,250, what could Dave

0:41:560:41:59

and Elaine expect, were they to sell or rent the property?

0:41:590:42:03

I would expect to achieve a sale price of up to £110,000.

0:42:050:42:10

And a rental value of up to £550 per calendar month.

0:42:100:42:14

To put this property up for sale,

0:42:140:42:16

I would expect £115,000.

0:42:160:42:19

To rent it out, maybe £550 per calendar month.

0:42:190:42:23

That rental figure of £550 per calendar month would give them

0:42:230:42:27

a pretty good yield of over 7%. Were they to sell,

0:42:270:42:31

they would make a profit of £22,750

0:42:310:42:35

minus the usual taxes and expenses.

0:42:350:42:39

I think the figure he has given us, we'll be happy with that

0:42:390:42:42

for the time being, we know we've got work to do.

0:42:420:42:45

But I think that is it.

0:42:450:42:46

When we've done it all, that figure will be what we were looking for.

0:42:460:42:50

-And the rental is exactly what we thought.

-Yes, definitely.

0:42:500:42:54

Dave and Elaine kept to budget

0:42:540:42:56

and now have a good potential profit to show for it.

0:42:560:43:00

Would they do it again?

0:43:000:43:02

We're not getting any younger and...

0:43:020:43:04

-Speak for yourself.

-THEY LAUGH

0:43:040:43:07

We would think about another one, just a little bit less work. We don't

0:43:070:43:10

mind some of it, but not quite the major transformation

0:43:100:43:14

we've done on this one.

0:43:140:43:16

So that's how today's three properties turned out.

0:43:190:43:22

But for more auction action, you know what to do.

0:43:220:43:24

-Join us next time for more Homes Under The Hammer.

-Goodbye.

-Goodbye.

0:43:240:43:28

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