0:00:02 > 0:00:05Welcome to the show! It's often said that people make their mind up
0:00:05 > 0:00:08about buying a house within the first few seconds of seeing it.
0:00:08 > 0:00:11But when it comes to investing in property, mm-mm,
0:00:11 > 0:00:14- it's worth spending a bit more time than that.- Absolutely, Martin.
0:00:14 > 0:00:16There are so many properties on offer
0:00:16 > 0:00:19and a good place where you can start looking for yours
0:00:19 > 0:00:21is down at your local auction house.
0:00:48 > 0:00:51I'm in South Yorkshire, near to Rotherham,
0:00:51 > 0:00:54the beating industrial heart of the area.
0:00:54 > 0:00:56But just four miles away,
0:00:56 > 0:00:59it's quiet and picturesque in the village of Bramley.
0:01:02 > 0:01:06So, if I said that I was here to see a property
0:01:06 > 0:01:10that was described in the auction catalogue as a two-bedroom semi...
0:01:10 > 0:01:12Stop there, stop there!
0:01:12 > 0:01:16Two-bedroomed semi, with a guide price of £125,000,
0:01:16 > 0:01:18what would you expect it looked like?
0:01:19 > 0:01:22I guarantee not like this.
0:01:24 > 0:01:26# Oh, my God I can't believe it... #
0:01:26 > 0:01:30Ah, you weren't expecting that. Let's hope it matches on the inside.
0:01:33 > 0:01:37I'm so excited I can hardly control myself. What have we got?
0:01:37 > 0:01:41Er, well, first thing, a decision. Do we go up or do we go down?
0:01:43 > 0:01:45- We'll go down. - HE CHUCKLES
0:01:45 > 0:01:46MUSIC: Wake Me Up by Aloe Blacc
0:01:46 > 0:01:49Parts of the house date from the 17th century
0:01:49 > 0:01:52and sections have been added over the years.
0:01:52 > 0:01:56Lots of stairs, lots of levels and lots of surprises.
0:01:58 > 0:02:00Wow!
0:02:00 > 0:02:03What an impressive room!
0:02:03 > 0:02:04High ceilings.
0:02:04 > 0:02:07This is almost one of those reception rooms
0:02:07 > 0:02:09where you don't want it to do anything
0:02:09 > 0:02:11other than have, maybe, a chaise lounge in the corner
0:02:11 > 0:02:13and an invite to Lord and Lady Farquhar-Harsen's
0:02:13 > 0:02:15garden party on the mantelpiece here.
0:02:15 > 0:02:17It's fantastic.
0:02:17 > 0:02:19Let's see what else there is.
0:02:19 > 0:02:22MUSIC: Wake Me Up by Aloe Blacc
0:02:24 > 0:02:27Whoa! Another really massive room.
0:02:27 > 0:02:30This is the kitchen. Er, now, it's built into an extension
0:02:30 > 0:02:33and I suppose it suffers slightly from not having the high ceilings.
0:02:33 > 0:02:36But it's still a really good-sized space.
0:02:40 > 0:02:43And follow the stairs down from that impressive room
0:02:43 > 0:02:46and there's more space.
0:02:46 > 0:02:50# In the basement Down in the basement, yeah... #
0:02:50 > 0:02:55It's a bit dark, a bit damp but just imagine this as a cinema room,
0:02:55 > 0:02:58a gym, or even a wine cellar.
0:03:00 > 0:03:05Back above ground, this house keeps on giving.
0:03:05 > 0:03:07# You're unbelievable Oh! #
0:03:07 > 0:03:10On the ground floor there's another reception room,
0:03:10 > 0:03:14complete with high ceilings and period features.
0:03:15 > 0:03:19And moving up to the first floor, the story of space continues.
0:03:19 > 0:03:23A family bathroom, two amazing bedrooms
0:03:23 > 0:03:25and one even has an en-suite.
0:03:26 > 0:03:29Surely, there can't be more to this property?
0:03:29 > 0:03:34You certainly get a lot of house for a guide price of £125,000.
0:03:34 > 0:03:37But if you can believe it, there is more.
0:03:37 > 0:03:38# You're unbelievable. #
0:03:42 > 0:03:45We might still be wondering how this could...
0:03:45 > 0:03:46HE CHUCKLES
0:03:46 > 0:03:50..realistically be called just a two-bedroom semidetached.
0:03:50 > 0:03:53It doesn't make sense, really, does it?
0:03:53 > 0:03:55and the extra space, a lot of it, is up in the attic,
0:03:55 > 0:03:58where somebody's done a partially OK job
0:03:58 > 0:04:01of converting it into a liveable space.
0:04:01 > 0:04:04You've still got all these fantastic old beams here,
0:04:04 > 0:04:09and there's this strange sort of thing going on here with,
0:04:09 > 0:04:10like, an en-suite.
0:04:10 > 0:04:14But my guess is that this, building-regulations wise,
0:04:14 > 0:04:16could not be described as a bedroom.
0:04:16 > 0:04:19Probably that staircase is not within building regulations.
0:04:19 > 0:04:21It probably doesn't have the right size floor joists,
0:04:21 > 0:04:24soundproofing, all of those kind of things.
0:04:24 > 0:04:28But, I think, spend some money and do this right
0:04:28 > 0:04:30because money has been spent already.
0:04:30 > 0:04:34You've got the dormers in here and it could be simply spectacular,
0:04:34 > 0:04:37maybe one huge bedroom in here with an en-suite,
0:04:37 > 0:04:39or maybe even two bedrooms.
0:04:39 > 0:04:42Because the house definitely warrants it
0:04:42 > 0:04:44and how exciting would it be then?
0:04:49 > 0:04:52The compromise for having all this space inside
0:04:52 > 0:04:54is that there isn't much on the outside.
0:04:54 > 0:04:58But, still, I am really enthusiastic about this property
0:04:58 > 0:05:02and I hope a local estate agent shares this excitement.
0:05:02 > 0:05:05With four bedrooms rather than two,
0:05:05 > 0:05:07what could this house achieve on the open market?
0:05:10 > 0:05:13Renovated to a high standard and put on the market as a four-bed property,
0:05:13 > 0:05:18I'd expect a resale value of around about £190,000-£200,000.
0:05:18 > 0:05:20Once renovated to a high standard
0:05:20 > 0:05:22and kept as a three or even four-bedroom property,
0:05:22 > 0:05:26I'd expect a property like this to achieve, on the rental market,
0:05:26 > 0:05:29in the region of £700-£800 per calendar month.
0:05:31 > 0:05:34Well, what an amazing house
0:05:34 > 0:05:39and for anything like that £125,000 guide price,
0:05:39 > 0:05:42surely an absolute no-brainer.
0:05:42 > 0:05:47Let's see who bought it when it went under the hammer.
0:05:47 > 0:05:51Where do you want to start on this? Shall we say £100,000?
0:05:51 > 0:05:53£100,000?
0:05:53 > 0:05:58This was a quiet end-of-day auction and bidding was slow.
0:05:58 > 0:06:00We join the auction at £120,000.
0:06:01 > 0:06:04Out on my left, then, it's at £120,000.
0:06:04 > 0:06:06121 anywhere else?
0:06:06 > 0:06:08You can try one more, feel free to come back in otherwise at...
0:06:08 > 0:06:10121, 21, new place. 122?
0:06:12 > 0:06:15122 now. 122, 123.
0:06:15 > 0:06:17124,
0:06:17 > 0:06:19125, 126?
0:06:20 > 0:06:21You're shaking your head at me now.
0:06:21 > 0:06:23Do you want to come back in on this side, 126?
0:06:23 > 0:06:27Otherwise, just in, towards the aisle, then, £125,000 I have.
0:06:27 > 0:06:30126, now, it's against you and against you.
0:06:30 > 0:06:31Anybody else, another thousand?
0:06:31 > 0:06:35Otherwise at 125,000 for the first...
0:06:35 > 0:06:37One at the back?
0:06:37 > 0:06:38125,000 for the second...
0:06:40 > 0:06:44..third and final time, we all done? At £125,000...
0:06:44 > 0:06:45sold.
0:06:49 > 0:06:51What a steal.
0:06:51 > 0:06:56That successful bid, bang on the guide price of 125,000,
0:06:56 > 0:06:59came from Paul and Michelle, and I went along to meet them
0:06:59 > 0:07:04to find out their plans while also trying to hide my jealousy.
0:07:05 > 0:07:09- Michelle, Paul, great to meet you. - And you, Martin.- Congratulations.
0:07:09 > 0:07:10- Thank you.- Thank you.
0:07:10 > 0:07:15I can't believe that it went for the guide price of 125,000.
0:07:15 > 0:07:18- No, we can't really, can we?- No.
0:07:18 > 0:07:22Why do you suppose it didn't get more?
0:07:22 > 0:07:25It's being initially marketed at 195, um,
0:07:25 > 0:07:30but I believe there's no planning permission for the bedroom upstairs,
0:07:30 > 0:07:34so they've only been able to market it as a two-bedroom
0:07:34 > 0:07:38- instead of a three.- Apart from the obvious, why did you want to buy it?
0:07:38 > 0:07:41Well, we've just finished a project not far away, actually,
0:07:41 > 0:07:43a couple of miles away,
0:07:43 > 0:07:47and we've been looking for the last few months for another project.
0:07:47 > 0:07:50I saw this in the auction guide and we come and had a look, didn't we?
0:07:50 > 0:07:53- And...- We did. - So, is this your business?
0:07:53 > 0:07:57- It's Paul's business and his...colleague.- Right.- Yeah.
0:07:57 > 0:08:00And what's your involvement, Michelle?
0:08:00 > 0:08:03Tea mashing, all what he wants me to do, really.
0:08:03 > 0:08:06- Are you actually involved during the project?- Yeah, sometimes, yeah.
0:08:06 > 0:08:08I paint, I decorate.
0:08:08 > 0:08:09# I think you're amazing... #
0:08:09 > 0:08:12I'm glad they share my love of this amazing place.
0:08:12 > 0:08:16And it'll be all hands to the pump as they have ambitious plans.
0:08:16 > 0:08:20Basically, we're hoping to get planning permission for bedrooms
0:08:20 > 0:08:23on the top floor and put two bedrooms on the top floor
0:08:23 > 0:08:26rather than the one that's there at the moment.
0:08:26 > 0:08:29Um, if we can get planning permission for that,
0:08:29 > 0:08:32it looks like we probably have to take the roof off totally.
0:08:33 > 0:08:37- Rebuild it, in a different way to give us that space upstairs...- Right.
0:08:37 > 0:08:40..to get the bedrooms upstairs.
0:08:40 > 0:08:43Turning it from a two-bedroom, as it is now, possibly to a four-bed.
0:08:45 > 0:08:47But it's not a four-bed quite yet,
0:08:47 > 0:08:50what with planning needed for that loft.
0:08:50 > 0:08:55And Paul believes the whole house needs rewiring and to be replumbed.
0:08:55 > 0:09:00And he reckons that taking off the roof alone could cost £10,000.
0:09:00 > 0:09:02If there's any money left over,
0:09:02 > 0:09:06Paul plans to renovate the cellar, making it usable again.
0:09:06 > 0:09:10But it all does hinge on the planning permission for the loft.
0:09:10 > 0:09:14But if they don't get planning permission, what's plan B?
0:09:16 > 0:09:18I've not really got a backup plan! LAUGHTER
0:09:18 > 0:09:21You're confident? It'll be all right.
0:09:21 > 0:09:25- Yeah, we just assumed that it will get passed.- Mm.
0:09:25 > 0:09:27Given everything that you said, hopefully it'll be all right.
0:09:27 > 0:09:31- What's the budget? - Probably 50, possibly more.- Right.
0:09:31 > 0:09:32What's the timescale, then,
0:09:32 > 0:09:35if you don't have to apply for planning permission?
0:09:35 > 0:09:39- I'd like to think four month. - Well, listen, congratulations.
0:09:39 > 0:09:42- And I'm really excited to see how you get on.- Aw, thank you.
0:09:42 > 0:09:44- One of those projects you just can't wait.- Yeah?
0:09:44 > 0:09:47- Well done.- Thanks a lot. Cheers.- Thank you.
0:09:49 > 0:09:52Well, it just goes to show there are bargains
0:09:52 > 0:09:55to be found at the auctions if you just search them out.
0:09:55 > 0:09:58What an amazing property and I can't wait to see
0:09:58 > 0:10:01what Michelle and Paul do to it.
0:10:01 > 0:10:04You can find out how it all turns out, later in the show.
0:10:09 > 0:10:12For many decades, Putney has been one of the most important centres
0:10:12 > 0:10:14for rowing in the UK.
0:10:14 > 0:10:16Here on the embankment, by the River Thames,
0:10:16 > 0:10:19there are about 20 rowing clubs
0:10:19 > 0:10:22and the famous annual Oxford Cambridge University boat race
0:10:22 > 0:10:25starts from nearby Putney Bridge over there.
0:10:25 > 0:10:28But there's no time for messing about on the water today,
0:10:28 > 0:10:31we've got places to go and property to see.
0:10:31 > 0:10:33# Living on the riverside
0:10:34 > 0:10:37# Taking it all in my str-i-i-de... #
0:10:37 > 0:10:41I'm here to view a two-bedroomed terrace on what's known
0:10:41 > 0:10:45as one of the river roads that runs straight down to the waterside.
0:10:45 > 0:10:48Now, Putney property is usually pretty pricey
0:10:48 > 0:10:51and the house I'm here to see is no exception.
0:10:51 > 0:10:56It went to auction with a guide price of 675,000.
0:10:56 > 0:10:59Now, you don't get a lot for your money around here.
0:10:59 > 0:11:04Now, what was for sale is this rather modest end of terrace house.
0:11:04 > 0:11:06Let's take a closer look and have a poke around inside.
0:11:09 > 0:11:13Well, a property in this location commands a top-end refurb.
0:11:13 > 0:11:17This peachy colour scheme is a bit dated
0:11:17 > 0:11:21and something modern and fresh and bright needs to be put in its place.
0:11:21 > 0:11:24But, you know, the bones of the property are good.
0:11:24 > 0:11:27You've got this lovely, lovely little stair banister,
0:11:27 > 0:11:29so bits and pieces... There's character dotted about,
0:11:29 > 0:11:31which is quite nice.
0:11:31 > 0:11:33These two rooms have already been opened up.
0:11:33 > 0:11:38You've got this wonderful big space and, look, a lovely sash window.
0:11:38 > 0:11:41That is absolutely gorgeous, I would keep that.
0:11:41 > 0:11:44But you need to start from scratch - carpets, wall coverings,
0:11:44 > 0:11:47fireplaces, it all needs to go.
0:11:47 > 0:11:51It could be fantastic, let's hope the kitchen's nice.
0:11:52 > 0:11:56Hmm... Weary and worn-out might be a better description.
0:11:56 > 0:11:59# Take a seat in this dream kitchen... #
0:12:02 > 0:12:08Out the back we have a very small garden - about 15ft, I'd say.
0:12:08 > 0:12:11Now, you can see the property has already been extended out this way
0:12:11 > 0:12:14but you could build a side extension this way.
0:12:14 > 0:12:17When you're in London, every little inch you can add really counts
0:12:17 > 0:12:18when it comes to sale values.
0:12:18 > 0:12:23Looking around upstairs, there are some nice period features
0:12:23 > 0:12:25and some not so nice ones!
0:12:25 > 0:12:28# Mirror in the bathroom please talk free
0:12:28 > 0:12:31# The door is locked just you and me
0:12:31 > 0:12:33# Can I take you to a restaurant that's got glass tables?
0:12:33 > 0:12:36# You can watch yourself while you are eating... #
0:12:38 > 0:12:41The small bedroom is at the back, overlooking that side return,
0:12:41 > 0:12:44where I think that kitchen extension should go.
0:12:48 > 0:12:51The bigger of the two bedrooms is very light,
0:12:51 > 0:12:53with a pair of original sash windows
0:12:53 > 0:12:56and there's more space that could be utilised up here, too.
0:12:57 > 0:13:01Now, the auction catalogue mentioned the potential for a loft conversion
0:13:01 > 0:13:02here, which is exciting.
0:13:02 > 0:13:06Indeed, plenty of other houses along the street have already converted
0:13:06 > 0:13:09their loft spaces and extending into the roof space
0:13:09 > 0:13:12can often be done within permitted development.
0:13:12 > 0:13:15So, there's no lengthy planning process to go through.
0:13:15 > 0:13:17Would it be worth it?
0:13:17 > 0:13:19Well, you only need to look over the road
0:13:19 > 0:13:23and check out the neighbours' houses to see that they think so.
0:13:23 > 0:13:24I think so, too.
0:13:24 > 0:13:27Making this into a three-bedroom house would lift it
0:13:27 > 0:13:30into a different price bracket altogether.
0:13:31 > 0:13:34You don't just have to take my word for it,
0:13:34 > 0:13:38we invited a local estate agent along to get his opinion.
0:13:38 > 0:13:40The interesting thing about this house
0:13:40 > 0:13:42is that the people have got a choice.
0:13:42 > 0:13:46They can either do it as a super two-bedroom
0:13:46 > 0:13:49with a nice big bathroom, in which case, I think,
0:13:49 > 0:13:50they're looking at...
0:13:50 > 0:13:53Probably a target of about £950,000.
0:13:54 > 0:13:56Possibly £975,000,
0:13:56 > 0:14:00depending on just how the market is at the time and how far they go.
0:14:00 > 0:14:04If they go into the loft, make three bedrooms and two bathrooms,
0:14:04 > 0:14:07then I think they will be able to get over £1,000,000,
0:14:07 > 0:14:11probably £1,050,000 is quite feasible.
0:14:11 > 0:14:16Over £1,000,000, for what basically is a small two-bed terrace
0:14:16 > 0:14:17with a few add-ons.
0:14:17 > 0:14:19Well, London is a unique market!
0:14:19 > 0:14:21What sort of rent would the Putney punters
0:14:21 > 0:14:23have to stump up to live here?
0:14:24 > 0:14:26As a two-bedroom,
0:14:26 > 0:14:32it's probably going to be about £2,000-£2,200 per calendar month.
0:14:32 > 0:14:36If they go to the extent of the three bedrooms option,
0:14:36 > 0:14:42then that's going to take it up to 2,700/2,800 per calendar month.
0:14:42 > 0:14:45With Putney, location is key
0:14:45 > 0:14:47and it doesn't get much better than this.
0:14:47 > 0:14:52And the property, well, I think the only way is up.
0:14:52 > 0:14:55You can add some value by just renovating what's there,
0:14:55 > 0:14:58but to really make a profit, you need to convert that loft
0:14:58 > 0:15:00and add an extra bedroom.
0:15:00 > 0:15:02But what will the new owner's plan be?
0:15:02 > 0:15:06Let's head to auction and find out who bought the Putney pad.
0:15:06 > 0:15:09Lot 147, seen this one.
0:15:09 > 0:15:12Like Putney, really, really good area.
0:15:12 > 0:15:14650?
0:15:14 > 0:15:16Not going to go below 650, not going to get anything...
0:15:16 > 0:15:19Don't think you get a flat in Putney at 650.
0:15:19 > 0:15:23650? 650 on my right, 650.
0:15:23 > 0:15:24655 anywhere?
0:15:25 > 0:15:30If not, with you at £650,000, anyone else?
0:15:30 > 0:15:32650... First time,
0:15:32 > 0:15:34second time...
0:15:36 > 0:15:37How much?
0:15:37 > 0:15:41655. 660. 665?
0:15:43 > 0:15:45665...
0:15:45 > 0:15:48The telephone bidder and the man who placed the opening bid
0:15:48 > 0:15:55continue in £5,000 steps until we rejoin the bidding at 830,000.
0:15:56 > 0:15:57830?
0:15:58 > 0:15:59835.
0:16:01 > 0:16:02840?
0:16:05 > 0:16:08835, back to you, sir.
0:16:08 > 0:16:10840, elsewhere?
0:16:10 > 0:16:15If not, 835, with the gentleman, the first time,
0:16:15 > 0:16:17second time,
0:16:17 > 0:16:20third and last time, if you're all done...
0:16:20 > 0:16:22GAVEL BANGS Sold 835. Well bid.
0:16:23 > 0:16:29The final bid of a sizeable £835,000 was made by Jurg,
0:16:29 > 0:16:32who usually lives in Switzerland with his wife Gillian.
0:16:33 > 0:16:37Great to meet you guys today. Congratulations.
0:16:37 > 0:16:40This really is a fabulous little house in a great location.
0:16:40 > 0:16:43But, obviously, Jurg, you are from Switzerland.
0:16:43 > 0:16:46I am from Switzerland, I'm a hotelier in Switzerland,
0:16:46 > 0:16:49although Gillian is English. She grew up here.
0:16:49 > 0:16:51When we're here, we live in Barnes.
0:16:51 > 0:16:54- OK, so up the road. So, you're not too far away?- No.
0:16:54 > 0:16:57So, what are you two going off nosing around auction houses for?
0:16:57 > 0:16:59Come on.
0:16:59 > 0:17:02- Well, that is your fault. - It's my fault?
0:17:02 > 0:17:04Yes, that is your fault entirely
0:17:04 > 0:17:06because, about three, four years back,
0:17:06 > 0:17:11I discovered Homes Under The Hammer and I got hooked by it.
0:17:11 > 0:17:15This is our second, or will be our second, property in London.
0:17:15 > 0:17:19We've started a business, so we're buying to sell - to do them up
0:17:19 > 0:17:20and then to sell them.
0:17:20 > 0:17:23We do this in Switzerland and we've brought it over here, too.
0:17:23 > 0:17:26So, tell me, what are you guys going to do to turn it around?
0:17:26 > 0:17:28Well, first of all, everything will be ripped out.
0:17:28 > 0:17:32New wiring, new everything.
0:17:32 > 0:17:33The kitchen will have an extension.
0:17:33 > 0:17:35- Great. - We'll make a huge kitchen,
0:17:35 > 0:17:38- with an island in the middle... - Fabulous.
0:17:38 > 0:17:39And then upstairs,
0:17:39 > 0:17:44we'll move the walls between the two bedrooms a bit over
0:17:44 > 0:17:47because there's one huge bedroom and one small one,
0:17:47 > 0:17:49so we'll make the small one a bit bigger
0:17:49 > 0:17:54and it'll give more place for the stairs going up to the loft,
0:17:54 > 0:17:57- which we'll extend.- So, you are doing a loft conversion, as well?
0:17:57 > 0:17:58Absolutely, with an en-suite.
0:17:58 > 0:18:02OK, so you are ticking every box of... Every bit of out and up
0:18:02 > 0:18:05- you could possibly do, you guys are doing.- Absolutely.
0:18:05 > 0:18:07So, what have you set aside for the work?
0:18:07 > 0:18:10- How much do you think that's going to cost you?- 210,000.
0:18:10 > 0:18:12- Precisely.- Precisely.
0:18:12 > 0:18:14How long do you think it's going to take to renovate
0:18:14 > 0:18:17to a really good standard before you can put it on the open market?
0:18:17 > 0:18:18About four months.
0:18:18 > 0:18:20I'm sure you're going to do a magnificent job,
0:18:20 > 0:18:22and it's been brilliant meeting both...
0:18:22 > 0:18:24Ah, but you haven't finished with me!
0:18:24 > 0:18:28Before we are parting, of course, we've got to keep up the cliches.
0:18:28 > 0:18:31- What have you brought along for me, Jurg?- Well...
0:18:31 > 0:18:33Of course, the Swiss chocolate.
0:18:33 > 0:18:37The Swiss chocolate, which I'm not allowed to say what it is.
0:18:37 > 0:18:42- That's lovely. Thank you very much. Thank you, that's brilliant.- OK.
0:18:42 > 0:18:45- And he did actually transport it from Switzerland.- Did you?
0:18:45 > 0:18:48- Of course I did.- Good luck. I cannot wait to see what you do here.
0:18:48 > 0:18:51- Thank you.- Thank you. - Thanks very much.
0:18:51 > 0:18:53So, from the Swiss Alps to the Putney Riverside,
0:18:53 > 0:18:56having renovated property in Switzerland for years,
0:18:56 > 0:19:01Jurg and Gillian have now taken on the London housing market.
0:19:01 > 0:19:03Will this renovation go smoothly,
0:19:03 > 0:19:08having already paid 835 grand for this house?
0:19:08 > 0:19:11You can find out how they all get on later in the programme.
0:19:13 > 0:19:14Still to come...
0:19:14 > 0:19:15In Fraddon, Cornwall,
0:19:15 > 0:19:19a possible change of occupation for this developer.
0:19:19 > 0:19:21I can't imagine me being the vicar of Fraddon.
0:19:24 > 0:19:28And we return to Putney for a grand unveiling.
0:19:28 > 0:19:29Oh, we're chuffed.
0:19:29 > 0:19:32We're thrilled, absolutely thrilled with it.
0:19:38 > 0:19:40'We're back in Rotherham, where earlier, I met
0:19:40 > 0:19:43'Paul and Michelle, who were about to embark on an exciting
0:19:43 > 0:19:48'renovation of the biggest two-bedroom house I'd ever seen.'
0:19:48 > 0:19:50Wow!
0:19:50 > 0:19:53What an impressive room!
0:19:56 > 0:19:58Purchased at auction for, let's be honest,
0:19:58 > 0:20:02an extremely modest £125,000,
0:20:02 > 0:20:05the couple, together with business partner Phil,
0:20:05 > 0:20:09plan to convert the loft space to add two further bedrooms,
0:20:09 > 0:20:12but all this hinged on obtaining planning permission.
0:20:20 > 0:20:23It's been five months since our last visit.
0:20:23 > 0:20:25Have Paul and Michelle managed to realise
0:20:25 > 0:20:28the enormous potential of this place?
0:20:45 > 0:20:49I think the answer is...yes!
0:20:49 > 0:20:51They've done a fantastic job.
0:20:53 > 0:20:56The planning permission went through without a hitch,
0:20:56 > 0:20:59allowing the attic space to be transformed,
0:20:59 > 0:21:02with two double bedrooms and a family bathroom.
0:21:04 > 0:21:08On the first floor, the two family bedrooms have been spruced up
0:21:08 > 0:21:10and the en-suite replaced.
0:21:12 > 0:21:15But that's not been the biggest change to the first floor.
0:21:18 > 0:21:20There's quite a major change here.
0:21:20 > 0:21:23If you can remember before, coming through the front door,
0:21:23 > 0:21:25there were another level with the bathroom.
0:21:25 > 0:21:27We've done away with that level
0:21:27 > 0:21:29because of the head height as you were coming upstairs.
0:21:29 > 0:21:33We've moved the bathroom up onto the top level, and I think it
0:21:33 > 0:21:37opens this area up tremendously, and makes it very light and airy.
0:21:40 > 0:21:42Since property development is their business,
0:21:42 > 0:21:45Paul and Michelle have been pretty hands-on
0:21:45 > 0:21:49in order to stretch their budget as far as possible.
0:21:50 > 0:21:53- Well, we both get involved. - Yeah, yeah.
0:21:53 > 0:21:57I sometimes get involved in places where I shouldn't do, but...
0:21:57 > 0:22:00Jobs such as electrical, we got electricians in,
0:22:00 > 0:22:03although we helped them out.
0:22:03 > 0:22:06And we got gas fitted in for the central heating.
0:22:06 > 0:22:08We fitted the bathrooms -
0:22:08 > 0:22:12- Michelle and me did tiling and grouting in the bathrooms.- Mm-hm.
0:22:12 > 0:22:14But, yeah, we're getting involved in most things,
0:22:14 > 0:22:17- usually the mucky jobs that no-one else wants!- Yeah.
0:22:17 > 0:22:20MUSIC: Dirty Work by Steely Dan
0:22:23 > 0:22:28I just love what Paul and Michelle have done to this house.
0:22:28 > 0:22:31How much did they end up spending?
0:22:31 > 0:22:36The original budget, when we first come and looked at it, were £40,000.
0:22:36 > 0:22:38Then when we had a closer look, when we got the keys,
0:22:38 > 0:22:40we revised that to 50.
0:22:40 > 0:22:43By the time we're finished, it's going to be more like 60,
0:22:43 > 0:22:46but I don't think it's too bad for what we've done.
0:22:48 > 0:22:50I totally agree.
0:22:50 > 0:22:54They've done a lovely job and I'm still a teeny bit jealous.
0:22:54 > 0:22:57As for timescale, they've taken five months rather than four,
0:22:57 > 0:22:59but with good reason.
0:23:01 > 0:23:03- That were because we went away. - We went away.
0:23:03 > 0:23:06We had a few week away, so it put us back a bit.
0:23:06 > 0:23:08- In fact, we went away twice. - Yeah, we did.
0:23:10 > 0:23:12It's always been Paul and Michelle's intention
0:23:12 > 0:23:14to put this house on the market
0:23:14 > 0:23:16and move onto the next project.
0:23:16 > 0:23:20So, how much do our estate agents think the house is now worth?
0:23:20 > 0:23:25We'd be putting it on the market at a guide price of £250-270,000.
0:23:25 > 0:23:28This year, we've had quite a lot of properties go to best and finals,
0:23:28 > 0:23:31where they've achieved practically the top of the guide price.
0:23:31 > 0:23:34In today's market, I'd like to advertise this property for sale
0:23:34 > 0:23:36in the region of £275,000.
0:23:36 > 0:23:39- We'd be pleased with that, wouldn't we?- Yeah.- Yeah.
0:23:39 > 0:23:44Paul and Michelle have spent a total of £185,000 on this project.
0:23:44 > 0:23:49Selling at the property agents' top valuation of £275,000
0:23:49 > 0:23:53would give them, and partner Phil, a pre-tax profit of £90,000.
0:23:53 > 0:23:57So, what's next for our Rotherham couple?
0:24:01 > 0:24:03We've got another property, hopefully that we're
0:24:03 > 0:24:06going to be starting next week, so we need to sell this one
0:24:06 > 0:24:08and get this one out of the way.
0:24:08 > 0:24:12Obviously, we've spent that much on it, we wouldn't want to rent it,
0:24:12 > 0:24:13so it needs to sell.
0:24:18 > 0:24:19I'm in Fraddon,
0:24:19 > 0:24:24about 20 minutes outside the county town of Cornwall, Truro.
0:24:24 > 0:24:27Cornwall, of course, famous for its piskies,
0:24:27 > 0:24:30pasties and glorious scenery.
0:24:30 > 0:24:32Now, Fraddon itself isn't actually on the coast,
0:24:32 > 0:24:36but it's surrounded by this gorgeous, gorgeous landscape.
0:24:36 > 0:24:39It's been bypassed by the A30, so it's quite quiet,
0:24:39 > 0:24:41and is now a very desirable place to live.
0:24:41 > 0:24:44MUSIC: Sparky's Dream by Teenage Fanclub
0:24:48 > 0:24:49The property I'm here to see
0:24:49 > 0:24:53is a Grade II listed former Methodist Church.
0:24:53 > 0:24:56But I'm not here for spiritual enlightenment -
0:24:56 > 0:24:59I'm here to see if it will make a viable property development.
0:25:01 > 0:25:06Well, the guide price at auction was 50,000 quid, so that's a good start.
0:25:06 > 0:25:07Let's take a look inside.
0:25:10 > 0:25:12Well, you never know quite what to expect
0:25:12 > 0:25:15when you come into these kind of places, but first thing I noticed,
0:25:15 > 0:25:18the flooring here at the entrance all given away, it's rotted,
0:25:18 > 0:25:20which means that the building itself might not be in that
0:25:20 > 0:25:25good a state. But we've got some original pews, that's nice to see.
0:25:25 > 0:25:26And then the room itself?
0:25:26 > 0:25:28Wow!
0:25:28 > 0:25:30What a great space.
0:25:30 > 0:25:34Your imagination immediately starts working overtime, doesn't it?
0:25:34 > 0:25:37What would you do with this if you were to turn it into a home?
0:25:37 > 0:25:38Are we talking mezzanine floors?
0:25:38 > 0:25:41Are we talking great galleried areas?
0:25:41 > 0:25:42I don't know. It's wonderful.
0:25:45 > 0:25:48As well as the rotting floor, there are broken windows,
0:25:48 > 0:25:52invading vegetation, signs of water ingress,
0:25:52 > 0:25:57and the fabric of the building looks to be slowly deteriorating.
0:25:57 > 0:25:59Left without remedial repairs,
0:25:59 > 0:26:02it won't be long before real structural issues develop.
0:26:08 > 0:26:11The area used for worship is at the front half of the building,
0:26:11 > 0:26:16but to the rear is a good-sized hall and several smaller rooms.
0:26:16 > 0:26:19Plenty of space and plenty of work to do.
0:26:23 > 0:26:27Now, you might be wondering why a nice enough little building
0:26:27 > 0:26:29like this in a gorgeous part of Cornwall only had
0:26:29 > 0:26:32a guide price of 50,000 quid?
0:26:32 > 0:26:34Well, the answer of course is that it doesn't have
0:26:34 > 0:26:38planning permission to be anything other than a church, at the moment.
0:26:38 > 0:26:39The good news though,
0:26:39 > 0:26:42is that no planning application has been put in and refused,
0:26:42 > 0:26:45so possibly the planners would be interested in seeing this converted,
0:26:45 > 0:26:47and I personally think they would,
0:26:47 > 0:26:50rather than having it just sitting here, crumbling away.
0:26:50 > 0:26:54And, of course, if you can get that planning permission to convert it
0:26:54 > 0:26:55into a residential building, oh, boy...
0:26:55 > 0:26:57It suddenly turns into a gold mine.
0:27:01 > 0:27:04Obtaining planning permission is key and that Grade II listing
0:27:04 > 0:27:08will probably mean a long list of conditions.
0:27:08 > 0:27:13In particular, retaining as many original features as possible.
0:27:13 > 0:27:15Hmm. Water feature, perhaps?
0:27:22 > 0:27:25Well, with a place like this, on a main road,
0:27:25 > 0:27:27parking is always going to be an issue,
0:27:27 > 0:27:29especially if you're thinking about converting this for some
0:27:29 > 0:27:32kind of commercial use. The planners would definitely
0:27:32 > 0:27:34want to see places where customers could park their cars.
0:27:34 > 0:27:36Well, the good news is the plot of land
0:27:36 > 0:27:39extends by the side of the church.
0:27:39 > 0:27:42Parking for at least one, two, three, four, five cars -
0:27:42 > 0:27:43good result.
0:27:44 > 0:27:48What will a local property expert think?
0:27:48 > 0:27:50Let's be bold and speculate
0:27:50 > 0:27:52that planning permission will be granted.
0:27:52 > 0:27:54What sort of value could we expect to see here?
0:27:56 > 0:27:59It's really easy to make a two-bedroom unit out of here,
0:27:59 > 0:28:01but with a bit of clever use of space,
0:28:01 > 0:28:04you should be able to get a three-bedroom house.
0:28:04 > 0:28:08Either way, the end value's going to be something like
0:28:08 > 0:28:11in the region of £165-180,000.
0:28:13 > 0:28:15And what about the rental market?
0:28:15 > 0:28:19Would this be a suitable holiday let once renovated?
0:28:19 > 0:28:23Done nicely, there's every possibility of getting
0:28:23 > 0:28:26between £600-650 a calendar month.
0:28:26 > 0:28:28I don't want to preach,
0:28:28 > 0:28:31but I think that this place is a fantastic opportunity.
0:28:31 > 0:28:34Get that all-important planning permission
0:28:34 > 0:28:37and you would be singing hallelujah.
0:28:37 > 0:28:40Let's see who had the divine inspiration to buy it
0:28:40 > 0:28:43when it went to auction.
0:28:43 > 0:28:45This is the Methodist Chapel.
0:28:45 > 0:28:48Who'll kick us off at 50 then, at the guide?
0:28:48 > 0:28:49Not going to go below the guide.
0:28:49 > 0:28:5050 somewhere?
0:28:50 > 0:28:5250, we're away. Thank you, sir. 50, I've got at 50.
0:28:52 > 0:28:54Ask two? At 52?
0:28:54 > 0:28:55Five? 55.
0:28:55 > 0:28:5858, perhaps? 58.
0:28:58 > 0:28:59At 58. And 60, do I?
0:28:59 > 0:29:0158, I've got. 60.
0:29:01 > 0:29:02At 60. At 62.
0:29:02 > 0:29:04At 62, looking for five.
0:29:04 > 0:29:05At 62.
0:29:05 > 0:29:08At 62, side and back out. At 62.
0:29:08 > 0:29:11At 62,000. Last chance then?
0:29:11 > 0:29:13At 62...
0:29:13 > 0:29:14Four! Hells bells. 64.
0:29:14 > 0:29:1564.
0:29:15 > 0:29:1766.
0:29:17 > 0:29:2066? 66. That's 66.
0:29:20 > 0:29:22That's energised both of you. 68.
0:29:22 > 0:29:23And 70.
0:29:23 > 0:29:2469? I will.
0:29:24 > 0:29:2670?
0:29:26 > 0:29:2770.
0:29:27 > 0:29:29One.
0:29:29 > 0:29:30And two.
0:29:30 > 0:29:33And...three.
0:29:33 > 0:29:37And...three and a half.
0:29:37 > 0:29:3874.
0:29:38 > 0:29:40At 74.
0:29:40 > 0:29:41And a half, again.
0:29:41 > 0:29:4274 and a half.
0:29:42 > 0:29:43At 74 and a half.
0:29:43 > 0:29:47At 74 and a half, once, then.
0:29:47 > 0:29:4875.
0:29:48 > 0:29:52At 75. No good glaring at me like that, sir. Good heavens!
0:29:52 > 0:29:55At 75, once.
0:29:55 > 0:29:58At 75, twice.
0:29:58 > 0:30:00Make no mistake, at 75, here we go.
0:30:00 > 0:30:01Serious now.
0:30:01 > 0:30:03At 75, last chance.
0:30:03 > 0:30:05Getting serious, going to be serious,
0:30:05 > 0:30:07At 75.
0:30:07 > 0:30:10Sir, congratulations. Well done. There you go.
0:30:14 > 0:30:19That £75,000 bid was made by Bart, a plumber by profession.
0:30:19 > 0:30:23Handy if he has to re-plumb that organ.
0:30:23 > 0:30:26I was keen to hear what plans he had in store for the church,
0:30:26 > 0:30:28so we met up for a chat.
0:30:28 > 0:30:31Straight off, there were a couple of surprises.
0:30:32 > 0:30:35- Bart, congratulations. - Thank you very much.- Well done.
0:30:35 > 0:30:38- Now, you've bought yourself a church!- I believe so, yeah.
0:30:38 > 0:30:40Why did you want to buy it?
0:30:40 > 0:30:44I think one of the reasons was the price - it was affordable -
0:30:44 > 0:30:48and maybe we could do something interesting with it.
0:30:48 > 0:30:52- Do you know the area at all? - Not all, no.- Where are you from?
0:30:52 > 0:30:53Lytham St Annes in Lancashire.
0:30:53 > 0:30:55So how did you stumble on this place?
0:30:55 > 0:30:59Well, it was just by chance. Somebody sent me the auction guide.
0:30:59 > 0:31:00So did you see it before you bought it?
0:31:00 > 0:31:04- I called in, in the morning, for five minutes.- Right.
0:31:04 > 0:31:06I drove overnight,
0:31:06 > 0:31:08and then just popped in and had a look round.
0:31:12 > 0:31:14Now, normally after hearing all this,
0:31:14 > 0:31:17I would suspect that this was a bit of an impulse buy,
0:31:17 > 0:31:22except Bart has renovated a church before in the Scottish Highlands.
0:31:22 > 0:31:26So, why switch from the extreme north to extreme south?
0:31:28 > 0:31:34I love Truro and this area, and we've got big plans for going fishing
0:31:34 > 0:31:37and doing all these other activities that we can do here.
0:31:37 > 0:31:40- Right. So you'll use the holiday home yourself?- Absolutely.
0:31:40 > 0:31:43My idea would be to turn it into two holiday lets.
0:31:43 > 0:31:48- Oh, wow.- If we're successful with the planning, I could live here.
0:31:48 > 0:31:53Bart has budgeted £50,000 to convert this church into two flats
0:31:53 > 0:31:58and, to keep costs down, plans to do much of the work himself.
0:31:58 > 0:32:01What are you going to do if you don't get the planning permission?
0:32:01 > 0:32:03Erm, I don't know what else to do with this.
0:32:03 > 0:32:06I can't imagine me being the vicar of Fraddon.
0:32:08 > 0:32:13So, hopefully, fingers crossed that we will get some form of planning.
0:32:13 > 0:32:15Well, I think you know that you've got some challenges ahead,
0:32:15 > 0:32:17- but I do wish you all the best with it.- Thank you.
0:32:17 > 0:32:20- And look forward to seeing how you get on.- Thank you very much.
0:32:22 > 0:32:25Well, let's hope that Bart doesn't have to resort to becoming
0:32:25 > 0:32:28the vicar of Fraddon. However, there are a lot of challenges ahead.
0:32:28 > 0:32:31He's got to get that planning permission. He's got, I think,
0:32:31 > 0:32:35a fairly tight budget and he lives so far away,
0:32:35 > 0:32:38so managing the project isn't going to be easy.
0:32:38 > 0:32:41So, it's by no means a clear-cut success story.
0:32:41 > 0:32:44You can find out how he gets on later in the show.
0:32:52 > 0:32:56Anywhere within rowing distance of Central London
0:32:56 > 0:33:01comes with a price tag and Putney, on the South Bank, is no exception.
0:33:01 > 0:33:04This unassuming two-bed terrace, close to the river, was bought
0:33:04 > 0:33:11by Swiss-based couple Gillian and Jurg for a hefty £835,000.
0:33:13 > 0:33:16Jurg and Gillian had given the builders four months for this job
0:33:16 > 0:33:21and we came back eight months later to see how they'd got on.
0:33:39 > 0:33:45Well, it looks like Gillian and Jurg have done a great job on this house.
0:33:45 > 0:33:49- Oh, we are chuffed.- We're thrilled, absolutely thrilled with it.
0:33:54 > 0:33:58Requiring no planning permission, that attic conversion boasts
0:33:58 > 0:34:02a spacious bedroom, with a large family bathroom.
0:34:02 > 0:34:04Plus, this fantastic Juliet balcony.
0:34:08 > 0:34:11Thanks to some clever rearranging on the first floor,
0:34:11 > 0:34:13two bedrooms have now become three.
0:34:16 > 0:34:22Well, first of all, behind me, this was the bathroom.
0:34:22 > 0:34:27And we thought that we could increase
0:34:27 > 0:34:30the number of bedrooms on the first floor to three,
0:34:30 > 0:34:33by moving the bathroom here in the middle,
0:34:33 > 0:34:37taking a little bit of space from both bedrooms.
0:34:37 > 0:34:42So, we are very pleased that we now have four bedrooms instead of two.
0:34:45 > 0:34:49The showpiece on the ground floor is this beautiful kitchen extension.
0:34:51 > 0:34:54The larger area has allowed the creation of an island
0:34:54 > 0:34:58and the new windows, spots and reflective surfaces
0:34:58 > 0:35:00spread light throughout.
0:35:01 > 0:35:06We strived to reach a very high level of finish.
0:35:06 > 0:35:11The look had to be something that would suit young businesspeople
0:35:11 > 0:35:15because the house is really geared, we think, for that.
0:35:20 > 0:35:22Jurg and Gillian had given their team of builders four months
0:35:22 > 0:35:26to transform this property - did the project run to time?
0:35:28 > 0:35:33It took us exactly seven and a half months. Why is that?
0:35:33 > 0:35:37Well, there was summertime and, of course,
0:35:37 > 0:35:41it was a bit underestimated by the builder.
0:35:41 > 0:35:43And we didn't push them too much
0:35:43 > 0:35:50because we'd rather have a good job than keep within the timeframe.
0:35:50 > 0:35:56We had a very tight budget with the builder, who had to keep
0:35:56 > 0:36:02within the budget, and he has, and that's where we are - £210,000.
0:36:04 > 0:36:08Having spent £1,045,000,
0:36:08 > 0:36:12will Jurg and Gillian see a healthy return on that investment?
0:36:12 > 0:36:16Let's see what two local estate agents reckon.
0:36:16 > 0:36:20The top prices in the area are about £1,000 per square foot,
0:36:20 > 0:36:24so therefore we'd put this on the market between £1.35m-£1.4m.
0:36:24 > 0:36:28I'm thinking that we're probably looking at a value
0:36:28 > 0:36:29that is in the region
0:36:29 > 0:36:32of £1.2m-£1.3m.
0:36:32 > 0:36:36And, in fact, it's so special that if there's enough people
0:36:36 > 0:36:40interested, they might get bids over that 1.3, I think.
0:36:43 > 0:36:46If they achieve a sale of £1.3m,
0:36:46 > 0:36:51Gillian and Jurg stand to make a profit of £255,000,
0:36:51 > 0:36:53before tax and fees.
0:36:53 > 0:36:56But they have already put this house on the market.
0:36:56 > 0:36:59Is their asking price anywhere near our valuations?
0:37:02 > 0:37:06Of course we have thoughts, we have hopes,
0:37:06 > 0:37:09but we'll see what the market will bring.
0:37:09 > 0:37:13But we have a very good idea of where we want to go.
0:37:13 > 0:37:16But we're not particularly going to tell you
0:37:16 > 0:37:19the price that we are expecting.
0:37:19 > 0:37:22The agent might tell you what HE'S expecting,
0:37:22 > 0:37:24but we don't agree with him!
0:37:28 > 0:37:32Earlier on, I took a trip to Cornwall, where plumber
0:37:32 > 0:37:35and part-time property developer Bart had purchased this
0:37:35 > 0:37:41Grade II listed former church in the village of Fraddon for £75,000.
0:37:46 > 0:37:52Our first visit was in 2009. And now, five years later,
0:37:52 > 0:37:55we're back to catch up with Bart and his church.
0:37:55 > 0:38:00Question is, will he be wearing hi-vis vest and a hard hat,
0:38:00 > 0:38:03or a cassock and a dog collar?
0:38:03 > 0:38:06MUSIC: How Long by Ace
0:38:17 > 0:38:20With little signs of progress on the project,
0:38:20 > 0:38:24I sense we may be about to hear a tale of Cornish woe.
0:38:24 > 0:38:26We have had some problems
0:38:26 > 0:38:28and it just seems to have gone on forever, yeah.
0:38:28 > 0:38:30MUSIC: U Can't Touch This by MC Hammer
0:38:30 > 0:38:33It's been problematic all right.
0:38:33 > 0:38:35When developing listed buildings,
0:38:35 > 0:38:38every detail of work needs to be approved by the authorities
0:38:38 > 0:38:40before going ahead.
0:38:40 > 0:38:44However, Bart admits to being a bit over-enthusiastic by starting
0:38:44 > 0:38:47on things before he'd been given the green light.
0:38:47 > 0:38:52This Lytham St Annes plumber got himself into a bit of hot water.
0:38:55 > 0:38:58The floor in the Sunday School was in a dangerous condition,
0:38:58 > 0:39:01so I took all of the floor out
0:39:01 > 0:39:07and ended up putting a new floor in, which is a breach of the conditions.
0:39:14 > 0:39:17Was that all, then? Of course not.
0:39:17 > 0:39:20There must have been some more unforeseen problems.
0:39:22 > 0:39:24We had a survey done on the organ
0:39:24 > 0:39:28by the guy who repaired the organ at Truro Cathedral.
0:39:28 > 0:39:31He came to look at it and said it had no value whatsoever,
0:39:31 > 0:39:36but he did say he could use the parts for other organs within this area.
0:39:36 > 0:39:38He came and took it all away
0:39:38 > 0:39:40and spent a lot of time in doing that,
0:39:40 > 0:39:42but the planning department
0:39:42 > 0:39:46thought that I'd vandalised the organ in the church,
0:39:46 > 0:39:47which I hadn't done.
0:39:47 > 0:39:51So it looked as though I'd created a big problem for myself.
0:39:53 > 0:39:55Falling foul of planning conditions
0:39:55 > 0:39:58meant that Bart had to resubmit his application,
0:39:58 > 0:40:02which cost him time and £3,000.
0:40:05 > 0:40:08With gas, electricity and drainage in the process of being
0:40:08 > 0:40:10run into the building,
0:40:10 > 0:40:13Bart is hopeful that full planning permission is very close
0:40:13 > 0:40:16and he can finally get down to some serious work.
0:40:17 > 0:40:22The plans are to convert the back area into a three-bedroom property
0:40:22 > 0:40:26and build a one or two-bedroom flat in the existing chapel.
0:40:28 > 0:40:31We've lost a lot of time, but hopefully,
0:40:31 > 0:40:34if we're given the go-ahead now, I would think that
0:40:34 > 0:40:38I'd like to get it done within the next 9-12 months to completion.
0:40:40 > 0:40:42Bart's new plan means that his original budget
0:40:42 > 0:40:46of just £50,000 is history.
0:40:46 > 0:40:49He's already spent £20,000 getting it to this stage
0:40:49 > 0:40:53and reckons another £80,000 will finish the job.
0:40:53 > 0:40:55But will it be worth it?
0:40:56 > 0:41:00Two local estate agents have come along to tell us what they think.
0:41:02 > 0:41:06These are not going to be bog-standard new houses,
0:41:06 > 0:41:10they will have just that little something extra about them,
0:41:10 > 0:41:11and that always helps selling.
0:41:11 > 0:41:16My first impressions are that it's a really good project,
0:41:16 > 0:41:17lots of potential here.
0:41:17 > 0:41:20You could really make this a profitable project.
0:41:21 > 0:41:25Those words will be music to Bart's ears.
0:41:25 > 0:41:28Just how much profit could we be talking here?
0:41:28 > 0:41:30Luckily, our experts were agreed on their valuations.
0:41:33 > 0:41:36The two-bedroom dwelling at the front of the property,
0:41:36 > 0:41:42in current market conditions, would achieve £130-£135,000.
0:41:42 > 0:41:46For rent, £600-£625 per calendar month.
0:41:46 > 0:41:49The house to the rear and side,
0:41:49 > 0:41:52which will be a three-bedroomed finished dwelling,
0:41:52 > 0:41:59I would see that on the market at around £165,000, when it's done.
0:42:01 > 0:42:05Its rental value being approximately £750 per calendar month.
0:42:06 > 0:42:10Bart purchased this property for £75,000
0:42:10 > 0:42:15and has budgeted for a renovation spend of £100,000,
0:42:15 > 0:42:17bringing the total to £175,000.
0:42:17 > 0:42:22Based on our experts' valuation of £300,000 for the two properties,
0:42:22 > 0:42:27that could mean a pre-tax profit of £125,000.
0:42:30 > 0:42:33Well, that's great because the two figures combined make it very
0:42:33 > 0:42:37viable from the rental point of view as well, so that's great.
0:42:38 > 0:42:41Looking back over the past five years,
0:42:41 > 0:42:43how would Bart sum up his experience?
0:42:43 > 0:42:47I think that what I've learned from here, and the things I'm actually pleased with,
0:42:47 > 0:42:50is the fact that I've had time to look round Cornwall.
0:42:50 > 0:42:54And that's why I want to stick at the job and get it finished,
0:42:54 > 0:42:56so that I can spend some more time here.
0:43:00 > 0:43:02Sadly, that is all we've got time for today,
0:43:02 > 0:43:04but there's plenty more property stories to share.
0:43:04 > 0:43:07- Yeah, so join us next time. Goodbye!- Goodbye!