0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:05If you were in the market to buy yourself a property,
0:00:05 > 0:00:08- what would you want, do you think? - A bungalow, perhaps.
0:00:08 > 0:00:12Maybe a flat near trendy cafes and bars
0:00:12 > 0:00:14or a family home near good schools.
0:00:14 > 0:00:18Yes, you can find fine examples of all of those under the hammer.
0:00:48 > 0:00:50I'm in Wales for our first lot.
0:00:50 > 0:00:54Port Talbot straddles the eastern rim of Swansea Bay,
0:00:54 > 0:00:57where Aberavon Sands and Morfa Beach
0:00:57 > 0:01:01are popular with surfers and beachcombers alike.
0:01:01 > 0:01:05However, there's more industry than recreation in evidence here.
0:01:05 > 0:01:08The Port Talbot Steelworks and other heavy industries
0:01:08 > 0:01:12dominate the landscape - or should that be sandscape?
0:01:14 > 0:01:16# Go down
0:01:16 > 0:01:18# Down to the sea... #
0:01:20 > 0:01:26Well, I'm in the appropriately named Sandfields area of Port Talbot
0:01:26 > 0:01:29to see a property which is one of those which really gets you thinking
0:01:29 > 0:01:34because the average price for a three-bed semidetached around here
0:01:34 > 0:01:36is around £70, £80, £90,000.
0:01:36 > 0:01:40The guide price on this one was just £22,000.
0:01:41 > 0:01:43There must be something wrong.
0:01:46 > 0:01:47Yes, indeed.
0:01:47 > 0:01:51Unfortunately, this property was set on fire while it was empty
0:01:51 > 0:01:55and the damage is so extensive that it's too dangerous to go in.
0:01:56 > 0:01:59We're going to have to start assessing things as best we can
0:01:59 > 0:02:02from the exterior of the property.
0:02:02 > 0:02:05Apart from no roof, half of the floor joists have collapsed
0:02:05 > 0:02:08and the other half are about to.
0:02:08 > 0:02:13There are two collapsed chimney stacks and that's what you CAN see.
0:02:13 > 0:02:17Fire and smoke residues carry real health risks
0:02:17 > 0:02:20and there can be all sorts of chemicals and compounds
0:02:20 > 0:02:23that you really don't want to be breathing in.
0:02:23 > 0:02:27Does it go without saying that this is a job for a professional?
0:02:27 > 0:02:31So, there needs to be a proper risk assessment and a survey.
0:02:31 > 0:02:34There are specialists who deal with smoke and fire damage properties,
0:02:34 > 0:02:36so do some research.
0:02:38 > 0:02:43The thing about fire damage is sometimes it's not quite apparent
0:02:43 > 0:02:48how much actual structural damage has actually been done.
0:02:48 > 0:02:53In this case...everything in there is going to have to be replaced.
0:02:53 > 0:02:57From the joists, to the roof, to the electrics, to the plumbing.
0:02:57 > 0:03:00In some ways that's bad because it's a lot more work to do
0:03:00 > 0:03:01but in other ways it's quite good.
0:03:01 > 0:03:04There can be no illusion...
0:03:04 > 0:03:08you're going to have to do everything.
0:03:10 > 0:03:14That guide price would definitely attract potential buyers,
0:03:14 > 0:03:18but I guess many of them would have quickly turned tail when they saw it.
0:03:19 > 0:03:21So, why would we want to buy it, then?
0:03:21 > 0:03:23I mean, it's a heck of a lot of work
0:03:23 > 0:03:25but you've got to start thinking about other things.
0:03:25 > 0:03:28The garden, for instance, it's a nice size.
0:03:28 > 0:03:31The location is a very popular area, close to the beach,
0:03:31 > 0:03:33good transport links.
0:03:33 > 0:03:37So, suddenly we're viewing it almost like it's a plot of land,
0:03:37 > 0:03:44which it certainly is, with the sort of beginnings of a property on it.
0:03:44 > 0:03:47View it like that and, actually, hm-mm,
0:03:47 > 0:03:50it's quite an appealing opportunity.
0:03:55 > 0:03:59Bearing in mind this lot is guided at £22,000,
0:03:59 > 0:04:01what does a local estate agent
0:04:01 > 0:04:04think this property could or should become?
0:04:06 > 0:04:09They could possibly look at extending the property
0:04:09 > 0:04:14and putting an extension on, which will add ground floor accommodation
0:04:14 > 0:04:16which people need these days.
0:04:16 > 0:04:20If it's currently done up to the standard that most properties
0:04:20 > 0:04:23are in this area, and it hasn't got an extension on it,
0:04:23 > 0:04:27then you're most probably looking at £80-£85,000.
0:04:28 > 0:04:31If the extension was put on, you would most probably achieve
0:04:31 > 0:04:33something between £90-95,000.
0:04:35 > 0:04:39Hm-mm, if you take into account the extension build costs
0:04:39 > 0:04:43you might not make much, if anything. And what about rental?
0:04:43 > 0:04:50Without the extension, it's going to be 450-475 per calendar month.
0:04:50 > 0:04:53Well, not a project for the faint-hearted,
0:04:53 > 0:04:59but even a property in a state like this can still be a money-spinner
0:04:59 > 0:05:03if you can buy it at the right price.
0:05:03 > 0:05:07Let's find out what that was when it went under the hammer.
0:05:08 > 0:05:13We have, basically, a shell of a house. Guide price £22,000.
0:05:13 > 0:05:1720,000 can we see to start? Make it 18, if you like, I'm in your hands.
0:05:17 > 0:05:2018? Wave a hand at me. Make it 15, then, if you want.
0:05:20 > 0:05:23Thank you, 15, I've got you there. At 15,000 on my left-hand side, at 15.
0:05:23 > 0:05:2716, now, can I see? 16, sir, 17?
0:05:27 > 0:05:2917? 17. 18?
0:05:29 > 0:05:3218. 19? 19?
0:05:32 > 0:05:3319,000, no.
0:05:33 > 0:05:36At 18,000 on my right-hand side, here, then. 19...
0:05:36 > 0:05:3819, thank you. 19, seated. 20 now?
0:05:38 > 0:05:4220. 21, 22, 23.
0:05:42 > 0:05:4524? 24. 25? 25, no.
0:05:45 > 0:05:48You're saying no, on my left, it's with you at 24,000.
0:05:48 > 0:05:49At 24,000, then, for the first time.
0:05:50 > 0:05:53Second time. Third and last time...
0:05:53 > 0:05:5525. 25. 26? No.
0:05:55 > 0:05:57At 25, then, seated.
0:05:57 > 0:06:00His first bid at 25,000, might buy it.
0:06:00 > 0:06:02At 25, I'll take a half from anybody, if you want.
0:06:02 > 0:06:06Otherwise, 25,000 for the first time, second time,
0:06:06 > 0:06:08third and last time, at £25,000...
0:06:09 > 0:06:13Sold. Sir, madam, well done, yours. Your number, please.
0:06:13 > 0:06:18Successful bidder Andy was hidden from view during this busy auction,
0:06:18 > 0:06:21but his bid of £25,000 was enough to seal the deal.
0:06:23 > 0:06:24I went along to the property,
0:06:24 > 0:06:27or the four walls of what remains of the property,
0:06:27 > 0:06:32to meet him and his daughter Hannah to find out what their plans were.
0:06:32 > 0:06:35- Andy, Hannah, good to meet you both. - Nice to meet you.- Thank you.
0:06:35 > 0:06:36Right.
0:06:36 > 0:06:38ANDY LAUGHS
0:06:38 > 0:06:43- Interesting property.- It is.- What was it that appealed?- The location.
0:06:44 > 0:06:49Three minutes' walk from the beach, sunny Wales, you know, it's good.
0:06:49 > 0:06:52What more could you possibly want? Apart from maybe a roof
0:06:52 > 0:06:54- and an inside. - Yeah! And everything else.
0:06:54 > 0:06:58Now, I imagine a lot of people were put off by the state of this.
0:06:58 > 0:07:00- I think so, yeah.- Why weren't you?
0:07:00 > 0:07:04Um, it's similar to what we've done several times before, so it's no...
0:07:04 > 0:07:06- Nothing new to us.- And "us" being...?
0:07:06 > 0:07:09What, you? You're a builder, or what?
0:07:09 > 0:07:14- No. I've been gravitated in the profession.- OK.
0:07:14 > 0:07:16- But you've got a team of people... - That's right,
0:07:16 > 0:07:18we've got six of us altogether.
0:07:20 > 0:07:24Andy has gravitated, as he puts it, to his property development business
0:07:24 > 0:07:26over the last 18 years.
0:07:27 > 0:07:30He normally renovates and rents the properties.
0:07:30 > 0:07:33And daughter Hannah has been working with him for the past year,
0:07:33 > 0:07:36the last four months of which have been spent
0:07:36 > 0:07:38sorting out the company's IT issues.
0:07:39 > 0:07:44So, does she find the prospect of this job daunting?
0:07:44 > 0:07:46I'm looking forward to having a go.
0:07:46 > 0:07:50I haven't done it before so, it will be my first hands-on job, I think.
0:07:50 > 0:07:52How do you view this building,
0:07:52 > 0:07:56which bit of it do you think you can salvage, if any?
0:07:56 > 0:07:58The three walls - that's it.
0:07:58 > 0:08:01Everything internally is going to go.
0:08:01 > 0:08:04Initially, we're going to cut a hole in the window there
0:08:04 > 0:08:07to get a machine inside and we're just going to clear everything out,
0:08:07 > 0:08:10totally gut it inside.
0:08:10 > 0:08:14Then wait until the planning permission is put through
0:08:14 > 0:08:17for the single-storey extension at the rear here,
0:08:17 > 0:08:21and a bedroom in the attic space.
0:08:21 > 0:08:24So, you're going to extend significantly?
0:08:24 > 0:08:26- Yes, yeah.- You've got plans in your hand?- Oh, I have, yeah.
0:08:26 > 0:08:28- Is that what it's for?- Yes.
0:08:28 > 0:08:30Just talk me through what you're going to do.
0:08:30 > 0:08:31As you can see, we've got a...
0:08:33 > 0:08:35There we go, single-storey extension
0:08:35 > 0:08:38- that extends the whole width of the building.- Oh, wow.
0:08:38 > 0:08:43That'll be the kitchen/diner and we're hoping to put a dormer window
0:08:43 > 0:08:46- in the loft space, which is this here.- Right.
0:08:46 > 0:08:48Facing the back garden
0:08:48 > 0:08:51and we'll have a nice sizeable room in the attic space.
0:08:51 > 0:08:52So, what do you reckon the budget is,
0:08:52 > 0:08:55for if you get the opportunity to do everything you want?
0:08:55 > 0:08:56Oh, 30,000.
0:08:58 > 0:09:02OK, £30,000 is not a lot of money to do this job,
0:09:02 > 0:09:07but Andy is confident that if he uses his well-trusted team
0:09:07 > 0:09:11and works six or seven days a week he can turn this around.
0:09:11 > 0:09:16And, in this case, he's not going to rent it. He's hoping to sell on.
0:09:16 > 0:09:18The sky is the limit for the family team
0:09:18 > 0:09:21unless planning brings them crashing back to Earth.
0:09:23 > 0:09:27So, this is going to delay things in terms of the timescale, presumably.
0:09:27 > 0:09:30Hopefully we'll hear something back within six to eight weeks.
0:09:30 > 0:09:31And if it's a yes?
0:09:33 > 0:09:34Probably looking at six months.
0:09:34 > 0:09:36And if it's a no, well,
0:09:36 > 0:09:39property developers don't want to think about that word.
0:09:39 > 0:09:42But six months could be a good amount of time
0:09:42 > 0:09:45for certain family members to learn the trade.
0:09:49 > 0:09:53And what involvement, if Dad lets you, would you like to have?
0:09:53 > 0:09:56- I mean, how hands dirty would you like to get?- Full-on.- Wow.
0:09:56 > 0:09:59Want to learn everything that my dad knows, I want him to teach me,
0:09:59 > 0:10:02because I'd like to work for him full-time and...
0:10:04 > 0:10:05..help him retire.
0:10:05 > 0:10:10- And then take over the business? - Yeah.- Yeah, yeah.- Oh, brilliant.
0:10:10 > 0:10:13- Well, a major transformation in store.- Yes.
0:10:13 > 0:10:16We really look forward to seeing how you get on. Nice to meet you.
0:10:16 > 0:10:19- And you, too.- Good luck. - Nice to meet you, Martin.
0:10:19 > 0:10:23Well, it's a big project by anyone's standards
0:10:23 > 0:10:25and I can't wait to see the transformation.
0:10:25 > 0:10:30Big question is - will Dad let Hannah get involved?
0:10:30 > 0:10:33I do hope so. You can find out later in the show.
0:10:36 > 0:10:38MUSIC: London Calling by The Clash
0:10:40 > 0:10:43It was back in October 2013 when I first visited
0:10:43 > 0:10:46this former beauty salon in Wimbledon, West London.
0:10:48 > 0:10:50With a guide price of 700,000,
0:10:50 > 0:10:52it came with lots of space to play with -
0:10:52 > 0:10:56more than 3,000 square feet - spread over three floors.
0:10:57 > 0:11:00# London calling to the faraway towns... #
0:11:03 > 0:11:05Now, you can see the front desk area here,
0:11:05 > 0:11:08and there are loads of treatment rooms further back.
0:11:08 > 0:11:13It currently has A1 business usage, so that means a different retailer
0:11:13 > 0:11:16can move in here without applying for change of use.
0:11:16 > 0:11:18But it doesn't cover financial services
0:11:18 > 0:11:21or hot food outlets and restaurants.
0:11:21 > 0:11:25So, all in all, it's a versatile, large commercial space
0:11:25 > 0:11:29but it is right in the heart of a busy, thriving shopping centre.
0:11:29 > 0:11:33So, it's looking good so far. Now, where are those beauty rooms?
0:11:36 > 0:11:39# Lipstick, powder and paint
0:11:39 > 0:11:43# Lipstick, powder and paint... #
0:11:43 > 0:11:46So, on the upper floors there are loads of further treatment rooms -
0:11:46 > 0:11:49it is a real warren up here -
0:11:49 > 0:11:53but I'm thinking this is ripe for residential conversion.
0:11:53 > 0:11:57You could easily fit in loads of flats up here.
0:11:57 > 0:12:00Now, you would have to sort out separate access
0:12:00 > 0:12:02as you currently have to go through the shop downstairs
0:12:02 > 0:12:05and, of course, you would need to apply for planning permission.
0:12:07 > 0:12:09No doubting the potential of this building,
0:12:09 > 0:12:12but unlocking its riches would hinge on
0:12:12 > 0:12:14obtaining that all-important planning permission.
0:12:14 > 0:12:18It took an exciting auction battle to decide the new owners
0:12:18 > 0:12:22and that battle started with a very big number indeed.
0:12:23 > 0:12:25It's a good-sized mid-terraced building,
0:12:25 > 0:12:28sort of round 3,500 square ft.
0:12:28 > 0:12:29700 anywhere?
0:12:29 > 0:12:31Not going to go below seven.
0:12:31 > 0:12:37700 down here, 710? 710. 720...
0:12:37 > 0:12:42Brace yourselves, this auction was just about to get very interesting.
0:12:42 > 0:12:45One million. 1,010,000?
0:12:45 > 0:12:4910,000. 20,000, 30,000.
0:12:49 > 0:12:5240,000, 50,000,
0:12:52 > 0:12:5660,000, 70,000,
0:12:56 > 0:13:0080,000, 90,000, 100,000.
0:13:00 > 0:13:031.1 million. 110.
0:13:05 > 0:13:07120, 130.
0:13:10 > 0:13:13150. 1,150,000.
0:13:13 > 0:13:17160, 170,
0:13:17 > 0:13:20180, 190, 200.
0:13:20 > 0:13:241.2 million. 210.
0:13:24 > 0:13:29220? 210 with you, 1,210,000.
0:13:29 > 0:13:31220 elsewhere?
0:13:33 > 0:13:341,210,000.
0:13:34 > 0:13:36First time,
0:13:36 > 0:13:38second time,
0:13:38 > 0:13:40third and last time, if you're all done...
0:13:40 > 0:13:43Sold, 1,210,000.
0:13:43 > 0:13:45Well bought, it's a good buy, Freehold.
0:13:48 > 0:13:52That huge bid of just over 1.2 million
0:13:52 > 0:13:54was made by Steve and his three cousins.
0:13:56 > 0:13:59There were six family members who had a stake in this purchase
0:13:59 > 0:14:02and I caught up with Steve to find out what kind of makeover
0:14:02 > 0:14:05they had planned for this former beauty salon.
0:14:08 > 0:14:11- Steve, congratulations.- Thank you. - Now, did you enjoy the auction?
0:14:11 > 0:14:13It was amazing. The feeling...
0:14:13 > 0:14:17Finally get a property with my cousins and my brother.
0:14:17 > 0:14:20- 1.2 million.- A lot of money.
0:14:20 > 0:14:22Yes, a lot of money indeed,
0:14:22 > 0:14:25and that's before any development started.
0:14:27 > 0:14:29So, what was the plan?
0:14:30 > 0:14:35We've had a look and there's no sort of fish bar or restaurants here.
0:14:35 > 0:14:38We've all got background from restaurants cos that's how we were brought up.
0:14:38 > 0:14:40You know, we started from washing plates
0:14:40 > 0:14:43- to running the restaurants for our family.- Really?
0:14:43 > 0:14:45Yes, and we're all sort of saying, like,
0:14:45 > 0:14:50"Why don't we have a little dabble in that?"
0:14:50 > 0:14:53'So a fish restaurant was the big idea for the ground floor.
0:14:53 > 0:14:55'But for the first and second floors,
0:14:55 > 0:14:59'the hope was to develop four two-bedroom flats at the very least.'
0:15:02 > 0:15:04With this property, as it is at the moment,
0:15:04 > 0:15:09- are you looking to extend and create extra square footage?- Oh, yes.
0:15:09 > 0:15:11There's a yard at the back that we hope to...
0:15:11 > 0:15:15Also there's a flat roof, which we're hoping to build right out to the top.
0:15:15 > 0:15:19Also we're hoping to get another floor within this building.
0:15:19 > 0:15:24So, you know, four by two-bedroom is the minimum that I'm after.
0:15:24 > 0:15:27What is the budget that you plan on spending here?
0:15:27 > 0:15:31We think the flats - half a million. And we think the shop - 200,000.
0:15:31 > 0:15:33Wow. Even more big numbers.
0:15:33 > 0:15:38With that £700,000 budget added to their £1.2 million,
0:15:38 > 0:15:41they were heading towards a £2 million investment.
0:15:46 > 0:15:49We returned eight months later to find out
0:15:49 > 0:15:51how the family fish enterprise had gone,
0:15:51 > 0:15:54but it appeared their ambitions had been thwarted a little
0:15:54 > 0:15:59and the huge ground floor was still very much a work in progress.
0:15:59 > 0:16:02The last remnants of the beauty salon had been stripped out,
0:16:02 > 0:16:05but it was planning permission that had proved to be
0:16:05 > 0:16:07the biggest stumbling block.
0:16:08 > 0:16:11Yeah, the planning process we had to go through with the restaurant
0:16:11 > 0:16:15was quite difficult. We had to have change of use.
0:16:15 > 0:16:17Before, it was a retail outlet
0:16:17 > 0:16:22and obviously we needed A3 use for the restaurant and also takeaway.
0:16:22 > 0:16:26And also we had to apply for a premises licence,
0:16:26 > 0:16:28which allowed us to sell wine and beer.
0:16:32 > 0:16:35The boys decided to make the fish restaurant top priority
0:16:35 > 0:16:37and, as a temporary measure,
0:16:37 > 0:16:39lease the upper floors to a letting agency.
0:16:43 > 0:16:47During the strip out, the builders made an unexpected discovery
0:16:47 > 0:16:48underneath the floor.
0:16:56 > 0:16:58Such an old building,
0:16:58 > 0:17:01we found a river going beneath the flooring here.
0:17:01 > 0:17:04I've heard that there's not a lot that we can do...
0:17:04 > 0:17:06We'll just cover it up
0:17:06 > 0:17:08and it's a stream that goes along underneath the building here.
0:17:08 > 0:17:10But it was a shock when we first saw it.
0:17:16 > 0:17:19With six family members involved in the design process,
0:17:19 > 0:17:22it must have been a nightmare to keep everyone happy?
0:17:23 > 0:17:25There was six of us involved.
0:17:25 > 0:17:27Everyone had different ideas and, of course,
0:17:27 > 0:17:30we're restaurant people, they're designers people.
0:17:30 > 0:17:34So, after a discussion with the cousins, we decided
0:17:34 > 0:17:37that we'll leave the food and the menu to us
0:17:37 > 0:17:41and let the designers get on with designing the place.
0:17:41 > 0:17:43It'll be nice to see when it's finished.
0:17:45 > 0:17:48Taking the property from beauty salon to fish restaurant and flats
0:17:48 > 0:17:51was clearly going to be a bit of a long haul
0:17:51 > 0:17:54and it would be a further six months on before we would see
0:17:54 > 0:17:58if the family would be, um, well, serving in Wimbledon.
0:17:58 > 0:18:01Find out how it turned out later in the programme.
0:18:06 > 0:18:10Still to come, there are things to do in Telford.
0:18:10 > 0:18:12I think a rewire is in order...
0:18:13 > 0:18:14..and also a bit of a hoover.
0:18:17 > 0:18:21And we find out if Steve is cleaning up with his fish restaurant.
0:18:21 > 0:18:24I'm really enjoying even serving on the tables now that it's open.
0:18:24 > 0:18:25I've really enjoyed it.
0:18:30 > 0:18:33But first, we're docking back at Port Talbot now,
0:18:33 > 0:18:38an industrial town, but one that also boasts golden sands.
0:18:38 > 0:18:42And near to this beach you could get a house for around £80,000...
0:18:42 > 0:18:44but not this one.
0:18:45 > 0:18:50The guide price on this one was just £22,000.
0:18:50 > 0:18:52There must be something wrong.
0:18:55 > 0:18:57I look forward to collecting my award
0:18:57 > 0:18:59for understatement of the year
0:18:59 > 0:19:03because there was a lot wrong with this house.
0:19:03 > 0:19:06A fire had gutted it, leaving nothing but rubble.
0:19:06 > 0:19:09But Andy and his daughter Hannah were up to the challenge,
0:19:09 > 0:19:12buying the property for £25,000.
0:19:12 > 0:19:14We came back nine months later
0:19:14 > 0:19:19and, from the outside, it looks like Andy has done a great job.
0:19:21 > 0:19:24Together with daughter Hannah and grandson William,
0:19:24 > 0:19:28Andy has come back to the house to tell us what's been going on.
0:19:28 > 0:19:30It's gone under a complete renovation
0:19:30 > 0:19:31because the original property...
0:19:31 > 0:19:35We were only left with three walls.
0:19:35 > 0:19:37Basically, we cut a hole in the back of the property to get
0:19:37 > 0:19:42a machine in, in order to empty the property of the debris completely.
0:19:42 > 0:19:46And then it was, more or less, put the roof on, roof trusses,
0:19:46 > 0:19:49and do a complete refurb on the interior.
0:19:49 > 0:19:52We had planning permission to put an extension on the back,
0:19:52 > 0:19:55a seven-metre by four-metre extension.
0:19:55 > 0:19:57That went tremendously well.
0:19:57 > 0:20:00I think we put the extension up in ten days.
0:20:02 > 0:20:05What was ruins, so unsafe we couldn't go in,
0:20:05 > 0:20:08is now a large living room.
0:20:08 > 0:20:09And off to the side of it
0:20:09 > 0:20:12is a small utility room with a brand-new boiler.
0:20:13 > 0:20:15This leads on to a spacious bathroom,
0:20:15 > 0:20:17with a shower and a modern suite.
0:20:19 > 0:20:22But even more impressive is the way the open-plan living room
0:20:22 > 0:20:26leads to an absolutely stunning kitchen/diner.
0:20:38 > 0:20:41This is the new extension that we've built onto the property.
0:20:41 > 0:20:44As we were... Our intentions are to sell the property,
0:20:44 > 0:20:47we added a little bit of extras for the property.
0:20:47 > 0:20:48As with the worktops,
0:20:48 > 0:20:51the sink and the cooking appliances,
0:20:51 > 0:20:56erm... We've upgraded things a bit to our normal rental properties
0:20:56 > 0:20:59and I'm really pleased with the way it's ended.
0:20:59 > 0:21:02It's all looking fabulous downstairs.
0:21:02 > 0:21:03But what about upstairs?
0:21:05 > 0:21:06Yeah, we...
0:21:06 > 0:21:10Unfortunately, we couldn't get planning permission for the loft
0:21:10 > 0:21:14conversion here, but I'm very pleased how the upstairs turned out.
0:21:14 > 0:21:16We rejigged the upstairs completely
0:21:16 > 0:21:20to have three reasonably sized bedrooms
0:21:20 > 0:21:23and a family bathroom here, with a shower over the bath.
0:21:23 > 0:21:25In the two main bedrooms,
0:21:25 > 0:21:28we had built in wardrobes installed there,
0:21:28 > 0:21:31so it's quite a nice layout.
0:21:33 > 0:21:36Andy has every right to be pleased.
0:21:36 > 0:21:38This house was a total wreck
0:21:38 > 0:21:40and he's managed to turn it around in nine months
0:21:40 > 0:21:42and has spent £35,000,
0:21:42 > 0:21:47only £5,000 more than his original budget.
0:21:47 > 0:21:49But were there any challenges
0:21:49 > 0:21:51and what is he most proud of?
0:21:51 > 0:21:54There were no problems with this property.
0:21:54 > 0:21:58We thoroughly enjoyed every part of the aspect of the renovation.
0:21:58 > 0:22:01The kitchen, I think, was the best part of the property.
0:22:04 > 0:22:06This is a great family kitchen,
0:22:06 > 0:22:10ably demonstrated by Hannah, William and grandpa Andy.
0:22:12 > 0:22:16But did Hannah manage to finally muck in and learn the family trade?
0:22:16 > 0:22:20It turns out I wasn't as hands-on, or hands-on at all.
0:22:20 > 0:22:22Erm, life got in the way.
0:22:22 > 0:22:25I'm a single mum with two children, so it ended up...
0:22:25 > 0:22:27I ended up taking care of the rentals,
0:22:27 > 0:22:30as opposed to being hands-on with this property.
0:22:31 > 0:22:34Is she impressed by her dad's work?
0:22:34 > 0:22:36I think he's fantastic.
0:22:36 > 0:22:39It's an amazing job to see, from the rubble that it was,
0:22:39 > 0:22:41to what it is now is amazing.
0:22:41 > 0:22:43I wouldn't mind living here myself.
0:22:46 > 0:22:48Well, like me, she's impressed.
0:22:48 > 0:22:52But are two local estate agents feeling the same way?
0:22:54 > 0:22:57Andy bought the property at £25,000,
0:22:57 > 0:22:59and having done a lot of the work himself,
0:22:59 > 0:23:02his renovation cost was 35,000,
0:23:02 > 0:23:05meaning a total spend of £60,000.
0:23:05 > 0:23:07So, what could it resell for?
0:23:09 > 0:23:13We would market this property at £125,000.
0:23:13 > 0:23:17This property would sell between £115,000 and £120,000.
0:23:19 > 0:23:22A top valuation of 125,000
0:23:22 > 0:23:25could mean a potential profit, before taxes and expenses,
0:23:25 > 0:23:28of £65,000.
0:23:28 > 0:23:31- It's a good price.- It's a very good result, yes. Very good result.
0:23:31 > 0:23:33Another renovation done.
0:23:33 > 0:23:35What's the plan for the family now?
0:23:35 > 0:23:38Will Hannah finally get to learn the trades?
0:23:38 > 0:23:41Well, I hope he's going to show me the ropes and, yeah,
0:23:41 > 0:23:42teach me all the...
0:23:42 > 0:23:45How to plaster and do all the grafting.
0:23:45 > 0:23:46For the future,
0:23:46 > 0:23:48I'm retiring, you're taking over.
0:23:57 > 0:24:01Telford in Shropshire, one of the new towns of the 1960s,
0:24:01 > 0:24:03is named after Thomas Telford,
0:24:03 > 0:24:07the famous 18th-century Scottish civil engineer
0:24:07 > 0:24:09whose work on the local canals and roads
0:24:09 > 0:24:13earned him the nickname of the "Colossus of Roads".
0:24:13 > 0:24:15That's r-o-a-d-s, get it?
0:24:15 > 0:24:17Yeah. Well, it's all Greek to me, too.
0:24:21 > 0:24:24Well, three miles northwest of the town centre,
0:24:24 > 0:24:27on this popular ex-local authority estate,
0:24:27 > 0:24:29is the property I'm here to see.
0:24:29 > 0:24:34Three-bedroomed semi detached had a guide price of £65,000 plus,
0:24:34 > 0:24:38but for that you have to replace the fence to start off with!
0:24:38 > 0:24:40Or maybe you could just take it all down
0:24:40 > 0:24:42and turn it into a driveway?
0:24:42 > 0:24:45You'll need to get permission from the council to lower the curb,
0:24:45 > 0:24:48but it's a good-sized space at the front here.
0:24:48 > 0:24:50Promising so far.
0:24:52 > 0:24:55Oh, previous owner obviously had a dog.
0:24:55 > 0:24:58Now, I love dogs, I've got two.
0:24:58 > 0:24:59But when it comes to properties,
0:24:59 > 0:25:04it really depends on how the owner has been with the dog,
0:25:04 > 0:25:07or what kind of dog it is, cos they can cause all sorts of damage.
0:25:07 > 0:25:10Erm... But anyway, we will be aware of that.
0:25:10 > 0:25:15Through the front door, a useful little entrance area here.
0:25:15 > 0:25:19Erm, and then down to the kitchen.
0:25:19 > 0:25:21Now, it is an ex-local authority property
0:25:21 > 0:25:25and that generally means you get a lot of space for your money,
0:25:25 > 0:25:27and things like the kitchens are really well proportioned.
0:25:27 > 0:25:31It's not quite big enough for a sort of kitchen/diner, but it's...
0:25:31 > 0:25:34It's OK. It obviously needs a bit of refurbishment,
0:25:34 > 0:25:36well, new units, basically.
0:25:36 > 0:25:39A nice little added bonus,
0:25:39 > 0:25:41useful little utility area there.
0:25:41 > 0:25:44You might want to think about incubating that with the kitchen.
0:25:44 > 0:25:47Bit of work, but could be worth it.
0:25:47 > 0:25:51One design feature that I'd certainly want to
0:25:51 > 0:25:54look at a way of resolving is here.
0:25:54 > 0:25:58The toilet is actually situated
0:25:58 > 0:26:01on this little, sort of, semi-landing bit.
0:26:01 > 0:26:02Not ideal.
0:26:03 > 0:26:05Hmm.
0:26:05 > 0:26:07Hopefully, that's not the only toilet.
0:26:07 > 0:26:08# How bizarre
0:26:10 > 0:26:12# How bizarre, how bizarre... #
0:26:13 > 0:26:17There's also a good-sized living room to the right of the front door,
0:26:17 > 0:26:20with nice big windows and an appealing dual aspect.
0:26:22 > 0:26:26There's work to be done here but, so far, I'm impressed.
0:26:26 > 0:26:27What about upstairs?
0:26:29 > 0:26:33Well, coming back to doggy damage, it's not exactly damage but...
0:26:35 > 0:26:39That stair carpet is a classic.
0:26:39 > 0:26:40HE CLEARS HIS THROAT
0:26:40 > 0:26:43Anyway, what have we got up here?
0:26:43 > 0:26:46Three half-decent sized bedrooms, especially that one.
0:26:46 > 0:26:48Really good dual aspect there.
0:26:48 > 0:26:52So, we like that. And two reasonable sized extra bedrooms.
0:26:52 > 0:26:54One thing which is a bit of a disappointment,
0:26:54 > 0:26:57as I kind of suspected,
0:26:57 > 0:27:01erm... This is a bathroom, but it doesn't have the loo.
0:27:01 > 0:27:04The only loo is that one at the bottom of the stairs there,
0:27:04 > 0:27:06so ideally you'd want to move that up.
0:27:06 > 0:27:10Now, you could get rid of what's here, which is actually the boiler,
0:27:10 > 0:27:12move that downstairs into the kitchen perhaps,
0:27:12 > 0:27:14create a bit of extra space. That's one option.
0:27:14 > 0:27:17But here, in the rear bedroom,
0:27:17 > 0:27:20or one of the rear bedrooms, another potential problem.
0:27:20 > 0:27:21Well, not really a potential problem,
0:27:21 > 0:27:24just something you're going to have to look at.
0:27:24 > 0:27:27Oh, my goodness, he says, kneeling down on the floor gingerly.
0:27:27 > 0:27:31Only one socket for the whole room.
0:27:31 > 0:27:35Now, in a room like this, you would expect around four.
0:27:35 > 0:27:37So, I think a rewire is in order...
0:27:39 > 0:27:41..and also a bit of a hoover.
0:27:41 > 0:27:45- # Who let the dogs out? - Who, who, who, who?
0:27:45 > 0:27:48- # Who let the dogs out? - Who, who, who, who?- #
0:27:48 > 0:27:51Well, at the back of the property, a reasonable sized garden.
0:27:51 > 0:27:53Obviously, needs a bit of tender loving care,
0:27:53 > 0:27:57some plants would be nice and a slightly better lawn.
0:27:57 > 0:27:59But apart from that, it's not a bad size.
0:27:59 > 0:28:03While I'm out here, just a quick glance at the rear of the property.
0:28:03 > 0:28:05Soffit up there could do with replacing.
0:28:05 > 0:28:07It looks to me like that might be asbestos sheets,
0:28:07 > 0:28:09so you have to be careful about that.
0:28:09 > 0:28:10But other than that,
0:28:10 > 0:28:14all in all, it's a pretty solid and together house.
0:28:14 > 0:28:17And in case you were wondering, the soffit is the board
0:28:17 > 0:28:20that runs along the wall, protecting the rafters.
0:28:20 > 0:28:22And, moving swiftly on, I reckon
0:28:22 > 0:28:25that guide price of £65,000 plus
0:28:25 > 0:28:27represents great value for money.
0:28:27 > 0:28:30Let's see if a local estate agent agrees.
0:28:32 > 0:28:36If the current owners actually made significant changes to the layout,
0:28:36 > 0:28:40ie putting a toilet upstairs, opening out the kitchen
0:28:40 > 0:28:45into the outhouse, I would value this between 105 and £110,000.
0:28:45 > 0:28:47And what about rental figures?
0:28:47 > 0:28:49If this was to go on the open rental market,
0:28:49 > 0:28:52I don't think it would make any difference whether you made
0:28:52 > 0:28:53any changes to the layout or not,
0:28:53 > 0:28:56so I would just actually just do a quick refurb.
0:28:56 > 0:28:59And I would suggest a rental valuation of around
0:28:59 > 0:29:02£575 per calendar month.
0:29:03 > 0:29:06Well, it's a good, solid, little property
0:29:06 > 0:29:09that I don't think needs too much to sort it out.
0:29:09 > 0:29:10Yes, a good one to go for.
0:29:10 > 0:29:13Let's see who agreed when it went under the hammer.
0:29:13 > 0:29:17A three-bedroom, semidetached house in need of modernisation.
0:29:17 > 0:29:19It's at 60 to start me.
0:29:21 > 0:29:2260 bid, seated.
0:29:22 > 0:29:24At £60,000.
0:29:24 > 0:29:2665, can I see now?
0:29:26 > 0:29:28At £60,000.
0:29:28 > 0:29:29I'll go in ones if it helps?
0:29:29 > 0:29:31Bid's at 60. 61.
0:29:31 > 0:29:34No? At 61,000 seated. At 61.
0:29:34 > 0:29:3762, 63, 64,
0:29:37 > 0:29:4065, 66, 67,
0:29:40 > 0:29:4368, 69, 70,
0:29:43 > 0:29:4671, 72, 73,
0:29:46 > 0:29:4974, 75...
0:29:49 > 0:29:53No? At 75. Your bid, seated, sir, at £75,000.
0:29:53 > 0:29:5576 anywhere else?
0:29:56 > 0:30:00If not, I'm selling it at £75,000 for the first time...
0:30:00 > 0:30:03£75,000 for the second time...
0:30:03 > 0:30:0576, 77.
0:30:07 > 0:30:09Lady's bid now, 78.
0:30:09 > 0:30:1179...
0:30:11 > 0:30:13No? 79. Still with you, sir.
0:30:13 > 0:30:1480 anywhere else?
0:30:16 > 0:30:19If not, 79 once, 79 twice,
0:30:19 > 0:30:22third and final time, £79,000...
0:30:22 > 0:30:24GAVEL TAPS Your lot, sir. Well done.
0:30:29 > 0:30:34The successful bid of £79,000 was made by Tony and his wife Shirley.
0:30:34 > 0:30:36Full-time service engineer Tony
0:30:36 > 0:30:39is a part-time property developer
0:30:39 > 0:30:41who is building a portfolio.
0:30:41 > 0:30:44I met him back at his latest acquisition to find out
0:30:44 > 0:30:47the plan for this one.
0:30:47 > 0:30:49- Tony, good to meet you.- Hello.
0:30:49 > 0:30:51Congratulations. Tell me why you wanted to buy this place.
0:30:51 > 0:30:55We decided the time was right to get another rental property -
0:30:55 > 0:30:56we've got two already.
0:30:56 > 0:30:58The time was right.
0:30:58 > 0:31:01Erm... The weather was right.
0:31:01 > 0:31:03Our last two houses have been done over winter,
0:31:03 > 0:31:04they've been winter refurbs.
0:31:04 > 0:31:08This hopefully will be a summer refurb, which will be a bit easier.
0:31:08 > 0:31:10So what's the plan for it?
0:31:10 > 0:31:12It's rental.
0:31:12 > 0:31:14In terms of what we're going to do to it,
0:31:14 > 0:31:18it's been a bit difficult having not seen it properly
0:31:18 > 0:31:20to know what needed doing.
0:31:20 > 0:31:23But all the wallpaper will be stripped off,
0:31:23 > 0:31:26skirting boards off, radiators out...
0:31:26 > 0:31:27architrave doors gone...
0:31:27 > 0:31:31When it's finished, it'll be the traditional rental,
0:31:31 > 0:31:32white skirting boards...
0:31:34 > 0:31:35..magnolia walls.
0:31:35 > 0:31:38But it will be clean, tidy, a lot more power points,
0:31:38 > 0:31:41satellite TV, you know, the things that people want
0:31:41 > 0:31:45that I don't want them laying cables all around the place for.
0:31:45 > 0:31:46We'll do what needs to be done.
0:31:46 > 0:31:49It'll need... Fit a new kitchen.
0:31:49 > 0:31:52We've got to get a toilet in the bathroom upstairs somehow.
0:31:52 > 0:31:54Haven't quite figured that one out yet
0:31:54 > 0:31:57cos I haven't had enough time to measure the dimensions.
0:31:57 > 0:32:00I'm glad to hear that Tony does plan to make the kitchen more
0:32:00 > 0:32:04family-friendly by utilising the utility area.
0:32:06 > 0:32:09He's earmarked a total budget of £15,000
0:32:09 > 0:32:11and a timescale of three to four months
0:32:11 > 0:32:13before it's ready for the rental market.
0:32:14 > 0:32:18In the past, Tony has taken a lead on the renovations,
0:32:18 > 0:32:20only this time, he's handing the reins over
0:32:20 > 0:32:23to stepsons Adam and Kieran.
0:32:23 > 0:32:25The boys have picked up the experience.
0:32:25 > 0:32:28- They've now just formed their own limited company.- Oh, right.
0:32:28 > 0:32:31One of them's been doing weekend building work and stuff anyway,
0:32:31 > 0:32:36so they're going to be our commercial builders for...
0:32:36 > 0:32:39- We're their first major project. - Oh, great.
0:32:39 > 0:32:42So, your sons are doing the work. Are you going to get involved?
0:32:42 > 0:32:44Yeah, I'm going to be running project interference...
0:32:44 > 0:32:46HE LAUGHS
0:32:46 > 0:32:48They're going to take the lead.
0:32:48 > 0:32:50It's going to be a family project.
0:32:50 > 0:32:52It's a family affair again, I suppose, really.
0:32:52 > 0:32:55I want to be... I'll be guiding it. It will be running...
0:32:55 > 0:32:57And I'm picking up the bill, ultimately.
0:32:57 > 0:33:02So, yes, it will be under my interfering hand.
0:33:02 > 0:33:05- Listen, congratulations. Good luck with it.- Oh, thank you.
0:33:05 > 0:33:08- Look forward to seeing how you get on.- Thank you.
0:33:08 > 0:33:10So, Tony keeping it in the family
0:33:10 > 0:33:12and employing his sons to do the work,
0:33:12 > 0:33:17but will he manage to stay away and not interfere?
0:33:18 > 0:33:20Well, make your own mind up.
0:33:20 > 0:33:23You can find out how it all goes later in the programme.
0:33:27 > 0:33:31Earlier in the programme, we met Steve in Wimbledon, West London,
0:33:31 > 0:33:35where it was all systems go for a fish restaurant
0:33:35 > 0:33:38on the ground floor of this former beauty salon.
0:33:38 > 0:33:41They bought the building at auction for a mouthwatering
0:33:41 > 0:33:43£1.2 million
0:33:43 > 0:33:47in October, 2013.
0:33:47 > 0:33:51We pitched up 14 months after the original purchase
0:33:51 > 0:33:54to see if the Frying Tonight sign was up.
0:34:04 > 0:34:07Well, it looks like things have really taken off.
0:34:07 > 0:34:11The sound of frying fish is mixed with the ringing of cash registers
0:34:11 > 0:34:14and Steve looks like a really happy man.
0:34:16 > 0:34:18Finally, up and running
0:34:18 > 0:34:22and what a response as well from the locals in Wimbledon.
0:34:22 > 0:34:26For me, I was running the actual build-up
0:34:26 > 0:34:28to get it where we are today.
0:34:28 > 0:34:30And, you know,
0:34:30 > 0:34:34I'm really enjoying even serving on the tables, now that it's open.
0:34:34 > 0:34:35I've really enjoyed it.
0:34:37 > 0:34:39And what a difference six months has made.
0:34:39 > 0:34:42The building site has been transformed into a modern
0:34:42 > 0:34:47restaurant with an open plan kitchen area and seating to the side.
0:34:47 > 0:34:51There's a storage and food preparation area at the back.
0:34:51 > 0:34:56But the most striking thing about the restaurant is its design.
0:34:56 > 0:34:58All respect to the designers who designed it for us.
0:34:58 > 0:35:02They've come up with this great 1950s look.
0:35:02 > 0:35:06The colour scheme inspiration came from the film The Life Aquatic.
0:35:06 > 0:35:08I mean, if you see, like, Bill Murray's hat in the film
0:35:08 > 0:35:11is the red, the actual boat is the yellow,
0:35:11 > 0:35:13their uniform is the blue.
0:35:13 > 0:35:16So, the colour scheme inspiration came from that film
0:35:16 > 0:35:22and, obviously, the design was the 1950s English fish and chip shop.
0:35:33 > 0:35:37The Life Aquatic has worked pretty well on the ground floor,
0:35:37 > 0:35:42but what about that mysterious river that ran underneath?
0:35:42 > 0:35:43Everything's fine with that.
0:35:43 > 0:35:48It ended up being a burst pipe that was really leaking slowly,
0:35:48 > 0:35:53so we literally just replaced the pipe.
0:35:54 > 0:35:58One of the exciting things about this property were those fantastic
0:35:58 > 0:36:03spaces upstairs, which we all agreed would make some amazing flats.
0:36:03 > 0:36:06So, given they've been tied up with the ground-floor project,
0:36:06 > 0:36:08what's been happening with that area?
0:36:10 > 0:36:14With the upstairs, as you know, I sublet it straight away,
0:36:14 > 0:36:18which has been fine. It's been a nice, useful income for us.
0:36:18 > 0:36:23I'm not entirely sure of what the people have done with it upstairs,
0:36:23 > 0:36:25but I am considering taking it back
0:36:25 > 0:36:28because I think I'm going to need it for the staff
0:36:28 > 0:36:29that I'm employing here.
0:36:31 > 0:36:33So, for the moment, all those amazing plans to build
0:36:33 > 0:36:37another floor and extend out have been put on hold.
0:36:39 > 0:36:43But what about what the family have achieved so far?
0:36:43 > 0:36:45They have an amazing commercial premises
0:36:45 > 0:36:48but have they spent their money wisely?
0:36:48 > 0:36:51We asked a residential and commercial property agent
0:36:51 > 0:36:56if this renovation was going to cook up some big profits.
0:36:56 > 0:36:59We anticipate the rental for the restaurant
0:36:59 > 0:37:02to be in the region of £5,000 a month.
0:37:02 > 0:37:04And for resale, we would anticipate
0:37:04 > 0:37:06in the region of £850,000.
0:37:08 > 0:37:11And don't forget there's still the option of developing
0:37:11 > 0:37:14those four flats. What would they fetch on the open market?
0:37:16 > 0:37:19We anticipate that a two-bedroom flat here
0:37:19 > 0:37:21will rent for approximately
0:37:21 > 0:37:24£1,500 per calendar month,
0:37:24 > 0:37:27and sell for approximately £475,000.
0:37:29 > 0:37:33Assuming Steve's original renovation budget of £500,000,
0:37:33 > 0:37:38the valuation for the flats would give him a profit of 1.4 million.
0:37:38 > 0:37:40I'm going to keep talking in millions,
0:37:40 > 0:37:42so you better pay attention!
0:37:42 > 0:37:45If you add the value of the restaurant and the flats together,
0:37:45 > 0:37:50that would bring a total value of around 2.75 million,
0:37:50 > 0:37:54less an estimated total investment of 1.9 million.
0:37:54 > 0:37:58So, selling the whole lot could mean a possible
0:37:58 > 0:38:01£850,000 profit,
0:38:01 > 0:38:04minus tax and expenses, of course.
0:38:04 > 0:38:07But, obviously, with the business up and running,
0:38:07 > 0:38:09that's just the beginning.
0:38:09 > 0:38:14For the time being, Steve is enjoying life as a restaurateur.
0:38:14 > 0:38:16But what does the future hold?
0:38:16 > 0:38:19I think it would be to increase the seating of this restaurant.
0:38:19 > 0:38:23The cellar downstairs, we'll develop it so we can have more services
0:38:23 > 0:38:26down there and then increase the seating upstairs.
0:38:26 > 0:38:29Our future-future, would...
0:38:29 > 0:38:31I think, would be to open another couple of these restaurants -
0:38:31 > 0:38:33that would be good.
0:38:39 > 0:38:41Guess where we're going back to now?
0:38:41 > 0:38:44Yes, that's right. It's time to toddle back to Telford,
0:38:44 > 0:38:48where this three-bed end terrace was up for grabs at a guide price
0:38:48 > 0:38:50of £65,000.
0:38:52 > 0:38:56Tony bought the property for £79,000.
0:38:56 > 0:38:58He was quite handy himself,
0:38:58 > 0:39:01being a computer service engineer,
0:39:01 > 0:39:05but the work would be done by stepsons Adam and Kieran.
0:39:06 > 0:39:10Tony had hoped the renovation would take around four months
0:39:10 > 0:39:12and at seven months later, we're back.
0:39:14 > 0:39:18The front has been landscaped and once the curb has been dropped,
0:39:18 > 0:39:21it'll make an ideal off-road parking space.
0:39:21 > 0:39:24While the back looks similarly neat and tidy,
0:39:24 > 0:39:26but what about inside?
0:39:41 > 0:39:43As well as updating the existing loo,
0:39:43 > 0:39:46Tony did manage to squeeze in an extra toilet
0:39:46 > 0:39:48in the upstairs bathroom.
0:39:49 > 0:39:52We put the priority on getting the toilet into the bathroom
0:39:52 > 0:39:55and finding a bathroom suite that would fit into that space,
0:39:55 > 0:39:58and I think we've achieved that.
0:39:58 > 0:40:00Very clean, modern bathroom.
0:40:00 > 0:40:06Similarly, the kitchen is now also bright and modern with added space.
0:40:08 > 0:40:12The kitchen, we felt, would be better as a kitchen/diner
0:40:12 > 0:40:15and we also thought the space was wasted with,
0:40:15 > 0:40:18what was originally, a bare utility area.
0:40:18 > 0:40:20We removed the walls.
0:40:20 > 0:40:22We did do a little bit of extra beam work above,
0:40:22 > 0:40:26just to make sure there were no issues. And basically lined it
0:40:26 > 0:40:29and opened into a kitchen/diner, and it works very well.
0:40:29 > 0:40:32Taking away that utility room has added a lot of space,
0:40:32 > 0:40:35but I'm wondering if it's added a lot of cost.
0:40:35 > 0:40:38How was that £15,000 budget?
0:40:38 > 0:40:40The budget was great, yeah.
0:40:40 > 0:40:43We have spent £15,000,
0:40:43 > 0:40:46plus another £10,000,
0:40:46 > 0:40:47plus possibly a bit more.
0:40:47 > 0:40:49Oh, dear.
0:40:49 > 0:40:52Most of the overspend was due to running overtime with this
0:40:52 > 0:40:54project, taking seven months.
0:40:56 > 0:40:59Tony was project managing his stepsons,
0:40:59 > 0:41:02so how did that relationship work?
0:41:02 > 0:41:05I tried to direct them but, as builders,
0:41:05 > 0:41:08they went in their own directions at times.
0:41:08 > 0:41:10I kept the materials supplied.
0:41:10 > 0:41:12They're working on another house for me now
0:41:12 > 0:41:16and it's much more hands off from the experience of this house.
0:41:16 > 0:41:19They've basically got a free rein.
0:41:20 > 0:41:26Now, the info we do need from two local estate agents.
0:41:26 > 0:41:28Purchased at auction for £79,000
0:41:28 > 0:41:32and renovated at a cost of £25,000,
0:41:32 > 0:41:35Tony's total spend is £104,000,
0:41:35 > 0:41:39so time for those all-important values.
0:41:39 > 0:41:42If this property was to go onto the open market today,
0:41:42 > 0:41:44I would suggest an asking price of £120,000.
0:41:44 > 0:41:48And if the owner was to let the property out,
0:41:48 > 0:41:53I would recommend somewhere between £575 and £600 per calendar month.
0:41:53 > 0:41:56This property could resell anything between 95 and £100,000,
0:41:56 > 0:41:58and the property could rent anything between 575
0:41:58 > 0:42:01and 595 per calendar month.
0:42:01 > 0:42:04The top resale value of 120,000
0:42:04 > 0:42:08means Tony could make a pre-tax profit of £16,000,
0:42:08 > 0:42:12but he always planned to rent and the top figure of £600
0:42:12 > 0:42:15per calendar month would net him a yield of nearly 7%.
0:42:17 > 0:42:20We've already got tenants lined up.
0:42:20 > 0:42:22We had quite a lot of strong interest,
0:42:22 > 0:42:25so we don't think we're out on our price
0:42:25 > 0:42:29and it's considerably higher than the agency.
0:42:29 > 0:42:31Well, Tony and his wife Shirley have done better
0:42:31 > 0:42:34than the agents expected.
0:42:34 > 0:42:37And with stepsons Kieran and Adam getting on with another
0:42:37 > 0:42:40project for the couple, it's time for a rest for Tony.
0:42:40 > 0:42:42Or has the real boss of this group,
0:42:42 > 0:42:45Shirley, got other plans for him?
0:42:47 > 0:42:49There's no rest because I've got to go back to the work
0:42:49 > 0:42:53I started at home that got suspended when I started on this,
0:42:53 > 0:42:57because my real boss is insisting
0:42:57 > 0:42:59I get her house sorted out
0:42:59 > 0:43:02and she's complaining that we're making better houses for other
0:43:02 > 0:43:04people than she is expected to live in.
0:43:07 > 0:43:10Well, sadly, that's all we've got time for on today's show
0:43:10 > 0:43:14but we'll have more properties from the auctions next time.
0:43:14 > 0:43:16- Look forward to seeing you then. - Goodbye.- Goodbye.