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Hello and welcome to the show.
If you were in the market to buy yourself a property,
-what would you want, do you think?
-A bungalow, perhaps.
Maybe a flat near trendy cafes and bars
or a family home near good schools.
Yes, you can find fine examples of all of those under the hammer.
I'm in Wales for our first lot.
Port Talbot straddles the eastern rim of Swansea Bay,
where Aberavon Sands and Morfa Beach
are popular with surfers and beachcombers alike.
However, there's more industry than recreation in evidence here.
The Port Talbot Steelworks and other heavy industries
dominate the landscape - or should that be sandscape?
# Go down
# Down to the sea... #
Well, I'm in the appropriately named Sandfields area of Port Talbot
to see a property which is one of those which really gets you thinking
because the average price for a three-bed semidetached around here
is around £70, £80, £90,000.
The guide price on this one was just £22,000.
There must be something wrong.
Unfortunately, this property was set on fire while it was empty
and the damage is so extensive that it's too dangerous to go in.
We're going to have to start assessing things as best we can
from the exterior of the property.
Apart from no roof, half of the floor joists have collapsed
and the other half are about to.
There are two collapsed chimney stacks and that's what you CAN see.
Fire and smoke residues carry real health risks
and there can be all sorts of chemicals and compounds
that you really don't want to be breathing in.
Does it go without saying that this is a job for a professional?
So, there needs to be a proper risk assessment and a survey.
There are specialists who deal with smoke and fire damage properties,
so do some research.
The thing about fire damage is sometimes it's not quite apparent
how much actual structural damage has actually been done.
In this case...everything in there is going to have to be replaced.
From the joists, to the roof, to the electrics, to the plumbing.
In some ways that's bad because it's a lot more work to do
but in other ways it's quite good.
There can be no illusion...
you're going to have to do everything.
That guide price would definitely attract potential buyers,
but I guess many of them would have quickly turned tail when they saw it.
So, why would we want to buy it, then?
I mean, it's a heck of a lot of work
but you've got to start thinking about other things.
The garden, for instance, it's a nice size.
The location is a very popular area, close to the beach,
good transport links.
So, suddenly we're viewing it almost like it's a plot of land,
which it certainly is, with the sort of beginnings of a property on it.
View it like that and, actually, hm-mm,
it's quite an appealing opportunity.
Bearing in mind this lot is guided at £22,000,
what does a local estate agent
think this property could or should become?
They could possibly look at extending the property
and putting an extension on, which will add ground floor accommodation
which people need these days.
If it's currently done up to the standard that most properties
are in this area, and it hasn't got an extension on it,
then you're most probably looking at £80-£85,000.
If the extension was put on, you would most probably achieve
something between £90-95,000.
Hm-mm, if you take into account the extension build costs
you might not make much, if anything. And what about rental?
Without the extension, it's going to be 450-475 per calendar month.
Well, not a project for the faint-hearted,
but even a property in a state like this can still be a money-spinner
if you can buy it at the right price.
Let's find out what that was when it went under the hammer.
We have, basically, a shell of a house. Guide price £22,000.
20,000 can we see to start? Make it 18, if you like, I'm in your hands.
18? Wave a hand at me. Make it 15, then, if you want.
Thank you, 15, I've got you there. At 15,000 on my left-hand side, at 15.
16, now, can I see? 16, sir, 17?
17? 17. 18?
18. 19? 19?
At 18,000 on my right-hand side, here, then. 19...
19, thank you. 19, seated. 20 now?
20. 21, 22, 23.
24? 24. 25? 25, no.
You're saying no, on my left, it's with you at 24,000.
At 24,000, then, for the first time.
Second time. Third and last time...
25. 25. 26? No.
At 25, then, seated.
His first bid at 25,000, might buy it.
At 25, I'll take a half from anybody, if you want.
Otherwise, 25,000 for the first time, second time,
third and last time, at £25,000...
Sold. Sir, madam, well done, yours. Your number, please.
Successful bidder Andy was hidden from view during this busy auction,
but his bid of £25,000 was enough to seal the deal.
I went along to the property,
or the four walls of what remains of the property,
to meet him and his daughter Hannah to find out what their plans were.
-Andy, Hannah, good to meet you both.
-Nice to meet you.
-What was it that appealed?
Three minutes' walk from the beach, sunny Wales, you know, it's good.
What more could you possibly want? Apart from maybe a roof
-and an inside.
-Yeah! And everything else.
Now, I imagine a lot of people were put off by the state of this.
-I think so, yeah.
-Why weren't you?
Um, it's similar to what we've done several times before, so it's no...
-Nothing new to us.
-And "us" being...?
What, you? You're a builder, or what?
-No. I've been gravitated in the profession.
-But you've got a team of people...
we've got six of us altogether.
Andy has gravitated, as he puts it, to his property development business
over the last 18 years.
He normally renovates and rents the properties.
And daughter Hannah has been working with him for the past year,
the last four months of which have been spent
sorting out the company's IT issues.
So, does she find the prospect of this job daunting?
I'm looking forward to having a go.
I haven't done it before so, it will be my first hands-on job, I think.
How do you view this building,
which bit of it do you think you can salvage, if any?
The three walls - that's it.
Everything internally is going to go.
Initially, we're going to cut a hole in the window there
to get a machine inside and we're just going to clear everything out,
totally gut it inside.
Then wait until the planning permission is put through
for the single-storey extension at the rear here,
and a bedroom in the attic space.
So, you're going to extend significantly?
-You've got plans in your hand?
-Oh, I have, yeah.
-Is that what it's for?
Just talk me through what you're going to do.
As you can see, we've got a...
There we go, single-storey extension
-that extends the whole width of the building.
That'll be the kitchen/diner and we're hoping to put a dormer window
-in the loft space, which is this here.
Facing the back garden
and we'll have a nice sizeable room in the attic space.
So, what do you reckon the budget is,
for if you get the opportunity to do everything you want?
OK, £30,000 is not a lot of money to do this job,
but Andy is confident that if he uses his well-trusted team
and works six or seven days a week he can turn this around.
And, in this case, he's not going to rent it. He's hoping to sell on.
The sky is the limit for the family team
unless planning brings them crashing back to Earth.
So, this is going to delay things in terms of the timescale, presumably.
Hopefully we'll hear something back within six to eight weeks.
And if it's a yes?
Probably looking at six months.
And if it's a no, well,
property developers don't want to think about that word.
But six months could be a good amount of time
for certain family members to learn the trade.
And what involvement, if Dad lets you, would you like to have?
-I mean, how hands dirty would you like to get?
Want to learn everything that my dad knows, I want him to teach me,
because I'd like to work for him full-time and...
..help him retire.
-And then take over the business?
-Well, a major transformation in store.
We really look forward to seeing how you get on. Nice to meet you.
-And you, too.
-Nice to meet you, Martin.
Well, it's a big project by anyone's standards
and I can't wait to see the transformation.
Big question is - will Dad let Hannah get involved?
I do hope so. You can find out later in the show.
MUSIC: London Calling by The Clash
It was back in October 2013 when I first visited
this former beauty salon in Wimbledon, West London.
With a guide price of 700,000,
it came with lots of space to play with -
more than 3,000 square feet - spread over three floors.
# London calling to the faraway towns... #
Now, you can see the front desk area here,
and there are loads of treatment rooms further back.
It currently has A1 business usage, so that means a different retailer
can move in here without applying for change of use.
But it doesn't cover financial services
or hot food outlets and restaurants.
So, all in all, it's a versatile, large commercial space
but it is right in the heart of a busy, thriving shopping centre.
So, it's looking good so far. Now, where are those beauty rooms?
# Lipstick, powder and paint
# Lipstick, powder and paint... #
So, on the upper floors there are loads of further treatment rooms -
it is a real warren up here -
but I'm thinking this is ripe for residential conversion.
You could easily fit in loads of flats up here.
Now, you would have to sort out separate access
as you currently have to go through the shop downstairs
and, of course, you would need to apply for planning permission.
No doubting the potential of this building,
but unlocking its riches would hinge on
obtaining that all-important planning permission.
It took an exciting auction battle to decide the new owners
and that battle started with a very big number indeed.
It's a good-sized mid-terraced building,
sort of round 3,500 square ft.
Not going to go below seven.
700 down here, 710? 710. 720...
Brace yourselves, this auction was just about to get very interesting.
One million. 1,010,000?
10,000. 20,000, 30,000.
80,000, 90,000, 100,000.
1.1 million. 110.
180, 190, 200.
1.2 million. 210.
220? 210 with you, 1,210,000.
third and last time, if you're all done...
Well bought, it's a good buy, Freehold.
That huge bid of just over 1.2 million
was made by Steve and his three cousins.
There were six family members who had a stake in this purchase
and I caught up with Steve to find out what kind of makeover
they had planned for this former beauty salon.
-Now, did you enjoy the auction?
It was amazing. The feeling...
Finally get a property with my cousins and my brother.
-A lot of money.
Yes, a lot of money indeed,
and that's before any development started.
So, what was the plan?
We've had a look and there's no sort of fish bar or restaurants here.
We've all got background from restaurants cos that's how we were brought up.
You know, we started from washing plates
-to running the restaurants for our family.
Yes, and we're all sort of saying, like,
"Why don't we have a little dabble in that?"
'So a fish restaurant was the big idea for the ground floor.
'But for the first and second floors,
'the hope was to develop four two-bedroom flats at the very least.'
With this property, as it is at the moment,
-are you looking to extend and create extra square footage?
There's a yard at the back that we hope to...
Also there's a flat roof, which we're hoping to build right out to the top.
Also we're hoping to get another floor within this building.
So, you know, four by two-bedroom is the minimum that I'm after.
What is the budget that you plan on spending here?
We think the flats - half a million. And we think the shop - 200,000.
Wow. Even more big numbers.
With that £700,000 budget added to their £1.2 million,
they were heading towards a £2 million investment.
We returned eight months later to find out
how the family fish enterprise had gone,
but it appeared their ambitions had been thwarted a little
and the huge ground floor was still very much a work in progress.
The last remnants of the beauty salon had been stripped out,
but it was planning permission that had proved to be
the biggest stumbling block.
Yeah, the planning process we had to go through with the restaurant
was quite difficult. We had to have change of use.
Before, it was a retail outlet
and obviously we needed A3 use for the restaurant and also takeaway.
And also we had to apply for a premises licence,
which allowed us to sell wine and beer.
The boys decided to make the fish restaurant top priority
and, as a temporary measure,
lease the upper floors to a letting agency.
During the strip out, the builders made an unexpected discovery
underneath the floor.
Such an old building,
we found a river going beneath the flooring here.
I've heard that there's not a lot that we can do...
We'll just cover it up
and it's a stream that goes along underneath the building here.
But it was a shock when we first saw it.
With six family members involved in the design process,
it must have been a nightmare to keep everyone happy?
There was six of us involved.
Everyone had different ideas and, of course,
we're restaurant people, they're designers people.
So, after a discussion with the cousins, we decided
that we'll leave the food and the menu to us
and let the designers get on with designing the place.
It'll be nice to see when it's finished.
Taking the property from beauty salon to fish restaurant and flats
was clearly going to be a bit of a long haul
and it would be a further six months on before we would see
if the family would be, um, well, serving in Wimbledon.
Find out how it turned out later in the programme.
Still to come, there are things to do in Telford.
I think a rewire is in order...
..and also a bit of a hoover.
And we find out if Steve is cleaning up with his fish restaurant.
I'm really enjoying even serving on the tables now that it's open.
I've really enjoyed it.
But first, we're docking back at Port Talbot now,
an industrial town, but one that also boasts golden sands.
And near to this beach you could get a house for around £80,000...
but not this one.
The guide price on this one was just £22,000.
There must be something wrong.
I look forward to collecting my award
for understatement of the year
because there was a lot wrong with this house.
A fire had gutted it, leaving nothing but rubble.
But Andy and his daughter Hannah were up to the challenge,
buying the property for £25,000.
We came back nine months later
and, from the outside, it looks like Andy has done a great job.
Together with daughter Hannah and grandson William,
Andy has come back to the house to tell us what's been going on.
It's gone under a complete renovation
because the original property...
We were only left with three walls.
Basically, we cut a hole in the back of the property to get
a machine in, in order to empty the property of the debris completely.
And then it was, more or less, put the roof on, roof trusses,
and do a complete refurb on the interior.
We had planning permission to put an extension on the back,
a seven-metre by four-metre extension.
That went tremendously well.
I think we put the extension up in ten days.
What was ruins, so unsafe we couldn't go in,
is now a large living room.
And off to the side of it
is a small utility room with a brand-new boiler.
This leads on to a spacious bathroom,
with a shower and a modern suite.
But even more impressive is the way the open-plan living room
leads to an absolutely stunning kitchen/diner.
This is the new extension that we've built onto the property.
As we were... Our intentions are to sell the property,
we added a little bit of extras for the property.
As with the worktops,
the sink and the cooking appliances,
erm... We've upgraded things a bit to our normal rental properties
and I'm really pleased with the way it's ended.
It's all looking fabulous downstairs.
But what about upstairs?
Unfortunately, we couldn't get planning permission for the loft
conversion here, but I'm very pleased how the upstairs turned out.
We rejigged the upstairs completely
to have three reasonably sized bedrooms
and a family bathroom here, with a shower over the bath.
In the two main bedrooms,
we had built in wardrobes installed there,
so it's quite a nice layout.
Andy has every right to be pleased.
This house was a total wreck
and he's managed to turn it around in nine months
and has spent £35,000,
only £5,000 more than his original budget.
But were there any challenges
and what is he most proud of?
There were no problems with this property.
We thoroughly enjoyed every part of the aspect of the renovation.
The kitchen, I think, was the best part of the property.
This is a great family kitchen,
ably demonstrated by Hannah, William and grandpa Andy.
But did Hannah manage to finally muck in and learn the family trade?
It turns out I wasn't as hands-on, or hands-on at all.
Erm, life got in the way.
I'm a single mum with two children, so it ended up...
I ended up taking care of the rentals,
as opposed to being hands-on with this property.
Is she impressed by her dad's work?
I think he's fantastic.
It's an amazing job to see, from the rubble that it was,
to what it is now is amazing.
I wouldn't mind living here myself.
Well, like me, she's impressed.
But are two local estate agents feeling the same way?
Andy bought the property at £25,000,
and having done a lot of the work himself,
his renovation cost was 35,000,
meaning a total spend of £60,000.
So, what could it resell for?
We would market this property at £125,000.
This property would sell between £115,000 and £120,000.
A top valuation of 125,000
could mean a potential profit, before taxes and expenses,
-It's a good price.
-It's a very good result, yes. Very good result.
Another renovation done.
What's the plan for the family now?
Will Hannah finally get to learn the trades?
Well, I hope he's going to show me the ropes and, yeah,
teach me all the...
How to plaster and do all the grafting.
For the future,
I'm retiring, you're taking over.
Telford in Shropshire, one of the new towns of the 1960s,
is named after Thomas Telford,
the famous 18th-century Scottish civil engineer
whose work on the local canals and roads
earned him the nickname of the "Colossus of Roads".
That's r-o-a-d-s, get it?
Yeah. Well, it's all Greek to me, too.
Well, three miles northwest of the town centre,
on this popular ex-local authority estate,
is the property I'm here to see.
Three-bedroomed semi detached had a guide price of £65,000 plus,
but for that you have to replace the fence to start off with!
Or maybe you could just take it all down
and turn it into a driveway?
You'll need to get permission from the council to lower the curb,
but it's a good-sized space at the front here.
Promising so far.
Oh, previous owner obviously had a dog.
Now, I love dogs, I've got two.
But when it comes to properties,
it really depends on how the owner has been with the dog,
or what kind of dog it is, cos they can cause all sorts of damage.
Erm... But anyway, we will be aware of that.
Through the front door, a useful little entrance area here.
Erm, and then down to the kitchen.
Now, it is an ex-local authority property
and that generally means you get a lot of space for your money,
and things like the kitchens are really well proportioned.
It's not quite big enough for a sort of kitchen/diner, but it's...
It's OK. It obviously needs a bit of refurbishment,
well, new units, basically.
A nice little added bonus,
useful little utility area there.
You might want to think about incubating that with the kitchen.
Bit of work, but could be worth it.
One design feature that I'd certainly want to
look at a way of resolving is here.
The toilet is actually situated
on this little, sort of, semi-landing bit.
Hopefully, that's not the only toilet.
# How bizarre
# How bizarre, how bizarre... #
There's also a good-sized living room to the right of the front door,
with nice big windows and an appealing dual aspect.
There's work to be done here but, so far, I'm impressed.
What about upstairs?
Well, coming back to doggy damage, it's not exactly damage but...
That stair carpet is a classic.
HE CLEARS HIS THROAT
Anyway, what have we got up here?
Three half-decent sized bedrooms, especially that one.
Really good dual aspect there.
So, we like that. And two reasonable sized extra bedrooms.
One thing which is a bit of a disappointment,
as I kind of suspected,
erm... This is a bathroom, but it doesn't have the loo.
The only loo is that one at the bottom of the stairs there,
so ideally you'd want to move that up.
Now, you could get rid of what's here, which is actually the boiler,
move that downstairs into the kitchen perhaps,
create a bit of extra space. That's one option.
But here, in the rear bedroom,
or one of the rear bedrooms, another potential problem.
Well, not really a potential problem,
just something you're going to have to look at.
Oh, my goodness, he says, kneeling down on the floor gingerly.
Only one socket for the whole room.
Now, in a room like this, you would expect around four.
So, I think a rewire is in order...
..and also a bit of a hoover.
-# Who let the dogs out?
-Who, who, who, who?
-# Who let the dogs out?
-Who, who, who, who?
Well, at the back of the property, a reasonable sized garden.
Obviously, needs a bit of tender loving care,
some plants would be nice and a slightly better lawn.
But apart from that, it's not a bad size.
While I'm out here, just a quick glance at the rear of the property.
Soffit up there could do with replacing.
It looks to me like that might be asbestos sheets,
so you have to be careful about that.
But other than that,
all in all, it's a pretty solid and together house.
And in case you were wondering, the soffit is the board
that runs along the wall, protecting the rafters.
And, moving swiftly on, I reckon
that guide price of £65,000 plus
represents great value for money.
Let's see if a local estate agent agrees.
If the current owners actually made significant changes to the layout,
ie putting a toilet upstairs, opening out the kitchen
into the outhouse, I would value this between 105 and £110,000.
And what about rental figures?
If this was to go on the open rental market,
I don't think it would make any difference whether you made
any changes to the layout or not,
so I would just actually just do a quick refurb.
And I would suggest a rental valuation of around
£575 per calendar month.
Well, it's a good, solid, little property
that I don't think needs too much to sort it out.
Yes, a good one to go for.
Let's see who agreed when it went under the hammer.
A three-bedroom, semidetached house in need of modernisation.
It's at 60 to start me.
60 bid, seated.
65, can I see now?
I'll go in ones if it helps?
Bid's at 60. 61.
No? At 61,000 seated. At 61.
62, 63, 64,
65, 66, 67,
68, 69, 70,
71, 72, 73,
No? At 75. Your bid, seated, sir, at £75,000.
76 anywhere else?
If not, I'm selling it at £75,000 for the first time...
£75,000 for the second time...
Lady's bid now, 78.
No? 79. Still with you, sir.
80 anywhere else?
If not, 79 once, 79 twice,
third and final time, £79,000...
GAVEL TAPS Your lot, sir. Well done.
The successful bid of £79,000 was made by Tony and his wife Shirley.
Full-time service engineer Tony
is a part-time property developer
who is building a portfolio.
I met him back at his latest acquisition to find out
the plan for this one.
-Tony, good to meet you.
Congratulations. Tell me why you wanted to buy this place.
We decided the time was right to get another rental property -
we've got two already.
The time was right.
Erm... The weather was right.
Our last two houses have been done over winter,
they've been winter refurbs.
This hopefully will be a summer refurb, which will be a bit easier.
So what's the plan for it?
In terms of what we're going to do to it,
it's been a bit difficult having not seen it properly
to know what needed doing.
But all the wallpaper will be stripped off,
skirting boards off, radiators out...
architrave doors gone...
When it's finished, it'll be the traditional rental,
white skirting boards...
But it will be clean, tidy, a lot more power points,
satellite TV, you know, the things that people want
that I don't want them laying cables all around the place for.
We'll do what needs to be done.
It'll need... Fit a new kitchen.
We've got to get a toilet in the bathroom upstairs somehow.
Haven't quite figured that one out yet
cos I haven't had enough time to measure the dimensions.
I'm glad to hear that Tony does plan to make the kitchen more
family-friendly by utilising the utility area.
He's earmarked a total budget of £15,000
and a timescale of three to four months
before it's ready for the rental market.
In the past, Tony has taken a lead on the renovations,
only this time, he's handing the reins over
to stepsons Adam and Kieran.
The boys have picked up the experience.
-They've now just formed their own limited company.
One of them's been doing weekend building work and stuff anyway,
so they're going to be our commercial builders for...
-We're their first major project.
So, your sons are doing the work. Are you going to get involved?
Yeah, I'm going to be running project interference...
They're going to take the lead.
It's going to be a family project.
It's a family affair again, I suppose, really.
I want to be... I'll be guiding it. It will be running...
And I'm picking up the bill, ultimately.
So, yes, it will be under my interfering hand.
-Listen, congratulations. Good luck with it.
-Oh, thank you.
-Look forward to seeing how you get on.
So, Tony keeping it in the family
and employing his sons to do the work,
but will he manage to stay away and not interfere?
Well, make your own mind up.
You can find out how it all goes later in the programme.
Earlier in the programme, we met Steve in Wimbledon, West London,
where it was all systems go for a fish restaurant
on the ground floor of this former beauty salon.
They bought the building at auction for a mouthwatering
in October, 2013.
We pitched up 14 months after the original purchase
to see if the Frying Tonight sign was up.
Well, it looks like things have really taken off.
The sound of frying fish is mixed with the ringing of cash registers
and Steve looks like a really happy man.
Finally, up and running
and what a response as well from the locals in Wimbledon.
For me, I was running the actual build-up
to get it where we are today.
And, you know,
I'm really enjoying even serving on the tables, now that it's open.
I've really enjoyed it.
And what a difference six months has made.
The building site has been transformed into a modern
restaurant with an open plan kitchen area and seating to the side.
There's a storage and food preparation area at the back.
But the most striking thing about the restaurant is its design.
All respect to the designers who designed it for us.
They've come up with this great 1950s look.
The colour scheme inspiration came from the film The Life Aquatic.
I mean, if you see, like, Bill Murray's hat in the film
is the red, the actual boat is the yellow,
their uniform is the blue.
So, the colour scheme inspiration came from that film
and, obviously, the design was the 1950s English fish and chip shop.
The Life Aquatic has worked pretty well on the ground floor,
but what about that mysterious river that ran underneath?
Everything's fine with that.
It ended up being a burst pipe that was really leaking slowly,
so we literally just replaced the pipe.
One of the exciting things about this property were those fantastic
spaces upstairs, which we all agreed would make some amazing flats.
So, given they've been tied up with the ground-floor project,
what's been happening with that area?
With the upstairs, as you know, I sublet it straight away,
which has been fine. It's been a nice, useful income for us.
I'm not entirely sure of what the people have done with it upstairs,
but I am considering taking it back
because I think I'm going to need it for the staff
that I'm employing here.
So, for the moment, all those amazing plans to build
another floor and extend out have been put on hold.
But what about what the family have achieved so far?
They have an amazing commercial premises
but have they spent their money wisely?
We asked a residential and commercial property agent
if this renovation was going to cook up some big profits.
We anticipate the rental for the restaurant
to be in the region of £5,000 a month.
And for resale, we would anticipate
in the region of £850,000.
And don't forget there's still the option of developing
those four flats. What would they fetch on the open market?
We anticipate that a two-bedroom flat here
will rent for approximately
£1,500 per calendar month,
and sell for approximately £475,000.
Assuming Steve's original renovation budget of £500,000,
the valuation for the flats would give him a profit of 1.4 million.
I'm going to keep talking in millions,
so you better pay attention!
If you add the value of the restaurant and the flats together,
that would bring a total value of around 2.75 million,
less an estimated total investment of 1.9 million.
So, selling the whole lot could mean a possible
minus tax and expenses, of course.
But, obviously, with the business up and running,
that's just the beginning.
For the time being, Steve is enjoying life as a restaurateur.
But what does the future hold?
I think it would be to increase the seating of this restaurant.
The cellar downstairs, we'll develop it so we can have more services
down there and then increase the seating upstairs.
Our future-future, would...
I think, would be to open another couple of these restaurants -
that would be good.
Guess where we're going back to now?
Yes, that's right. It's time to toddle back to Telford,
where this three-bed end terrace was up for grabs at a guide price
Tony bought the property for £79,000.
He was quite handy himself,
being a computer service engineer,
but the work would be done by stepsons Adam and Kieran.
Tony had hoped the renovation would take around four months
and at seven months later, we're back.
The front has been landscaped and once the curb has been dropped,
it'll make an ideal off-road parking space.
While the back looks similarly neat and tidy,
but what about inside?
As well as updating the existing loo,
Tony did manage to squeeze in an extra toilet
in the upstairs bathroom.
We put the priority on getting the toilet into the bathroom
and finding a bathroom suite that would fit into that space,
and I think we've achieved that.
Very clean, modern bathroom.
Similarly, the kitchen is now also bright and modern with added space.
The kitchen, we felt, would be better as a kitchen/diner
and we also thought the space was wasted with,
what was originally, a bare utility area.
We removed the walls.
We did do a little bit of extra beam work above,
just to make sure there were no issues. And basically lined it
and opened into a kitchen/diner, and it works very well.
Taking away that utility room has added a lot of space,
but I'm wondering if it's added a lot of cost.
How was that £15,000 budget?
The budget was great, yeah.
We have spent £15,000,
plus another £10,000,
plus possibly a bit more.
Most of the overspend was due to running overtime with this
project, taking seven months.
Tony was project managing his stepsons,
so how did that relationship work?
I tried to direct them but, as builders,
they went in their own directions at times.
I kept the materials supplied.
They're working on another house for me now
and it's much more hands off from the experience of this house.
They've basically got a free rein.
Now, the info we do need from two local estate agents.
Purchased at auction for £79,000
and renovated at a cost of £25,000,
Tony's total spend is £104,000,
so time for those all-important values.
If this property was to go onto the open market today,
I would suggest an asking price of £120,000.
And if the owner was to let the property out,
I would recommend somewhere between £575 and £600 per calendar month.
This property could resell anything between 95 and £100,000,
and the property could rent anything between 575
and 595 per calendar month.
The top resale value of 120,000
means Tony could make a pre-tax profit of £16,000,
but he always planned to rent and the top figure of £600
per calendar month would net him a yield of nearly 7%.
We've already got tenants lined up.
We had quite a lot of strong interest,
so we don't think we're out on our price
and it's considerably higher than the agency.
Well, Tony and his wife Shirley have done better
than the agents expected.
And with stepsons Kieran and Adam getting on with another
project for the couple, it's time for a rest for Tony.
Or has the real boss of this group,
Shirley, got other plans for him?
There's no rest because I've got to go back to the work
I started at home that got suspended when I started on this,
because my real boss is insisting
I get her house sorted out
and she's complaining that we're making better houses for other
people than she is expected to live in.
Well, sadly, that's all we've got time for on today's show
but we'll have more properties from the auctions next time.
-Look forward to seeing you then.