Browse content similar to Episode 7. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Welcome to the show! It's often said that people make their mind up | 0:00:02 | 0:00:05 | |
about buying a house within the first few seconds of seeing it. | 0:00:05 | 0:00:08 | |
But when it comes to investing in property, mm-mm, | 0:00:08 | 0:00:11 | |
-it's worth spending a bit more time than that. -Absolutely, Martin. | 0:00:11 | 0:00:14 | |
There are so many properties on offer | 0:00:14 | 0:00:16 | |
and a good place where you can start looking for yours | 0:00:16 | 0:00:19 | |
is down at your local auction house. | 0:00:19 | 0:00:21 | |
I'm in South Yorkshire, near to Rotherham, | 0:00:48 | 0:00:51 | |
the beating industrial heart of the area. | 0:00:51 | 0:00:54 | |
But just four miles away, | 0:00:54 | 0:00:56 | |
it's quiet and picturesque in the village of Bramley. | 0:00:56 | 0:00:59 | |
So, if I said that I was here to see a property | 0:01:02 | 0:01:06 | |
that was described in the auction catalogue as a two-bedroom semi... | 0:01:06 | 0:01:10 | |
Stop there, stop there! | 0:01:10 | 0:01:12 | |
Two-bedroomed semi, with a guide price of £125,000, | 0:01:12 | 0:01:16 | |
what would you expect it looked like? | 0:01:16 | 0:01:18 | |
I guarantee not like this. | 0:01:19 | 0:01:22 | |
# Oh, my God I can't believe it... # | 0:01:24 | 0:01:26 | |
Ah, you weren't expecting that. Let's hope it matches on the inside. | 0:01:26 | 0:01:30 | |
I'm so excited I can hardly control myself. What have we got? | 0:01:33 | 0:01:37 | |
Er, well, first thing, a decision. Do we go up or do we go down? | 0:01:37 | 0:01:41 | |
-We'll go down. -HE CHUCKLES | 0:01:43 | 0:01:45 | |
MUSIC: Wake Me Up by Aloe Blacc | 0:01:45 | 0:01:46 | |
Parts of the house date from the 17th century | 0:01:46 | 0:01:49 | |
and sections have been added over the years. | 0:01:49 | 0:01:52 | |
Lots of stairs, lots of levels and lots of surprises. | 0:01:52 | 0:01:56 | |
Wow! | 0:01:58 | 0:02:00 | |
What an impressive room! | 0:02:00 | 0:02:03 | |
High ceilings. | 0:02:03 | 0:02:04 | |
This is almost one of those reception rooms | 0:02:04 | 0:02:07 | |
where you don't want it to do anything | 0:02:07 | 0:02:09 | |
other than have, maybe, a chaise lounge in the corner | 0:02:09 | 0:02:11 | |
and an invite to Lord and Lady Farquhar-Harsen's | 0:02:11 | 0:02:13 | |
garden party on the mantelpiece here. | 0:02:13 | 0:02:15 | |
It's fantastic. | 0:02:15 | 0:02:17 | |
Let's see what else there is. | 0:02:17 | 0:02:19 | |
MUSIC: Wake Me Up by Aloe Blacc | 0:02:19 | 0:02:22 | |
Whoa! Another really massive room. | 0:02:24 | 0:02:27 | |
This is the kitchen. Er, now, it's built into an extension | 0:02:27 | 0:02:30 | |
and I suppose it suffers slightly from not having the high ceilings. | 0:02:30 | 0:02:33 | |
But it's still a really good-sized space. | 0:02:33 | 0:02:36 | |
And follow the stairs down from that impressive room | 0:02:40 | 0:02:43 | |
and there's more space. | 0:02:43 | 0:02:46 | |
# In the basement Down in the basement, yeah... # | 0:02:46 | 0:02:50 | |
It's a bit dark, a bit damp but just imagine this as a cinema room, | 0:02:50 | 0:02:55 | |
a gym, or even a wine cellar. | 0:02:55 | 0:02:58 | |
Back above ground, this house keeps on giving. | 0:03:00 | 0:03:05 | |
# You're unbelievable Oh! # | 0:03:05 | 0:03:07 | |
On the ground floor there's another reception room, | 0:03:07 | 0:03:10 | |
complete with high ceilings and period features. | 0:03:10 | 0:03:14 | |
And moving up to the first floor, the story of space continues. | 0:03:15 | 0:03:19 | |
A family bathroom, two amazing bedrooms | 0:03:19 | 0:03:23 | |
and one even has an en-suite. | 0:03:23 | 0:03:25 | |
Surely, there can't be more to this property? | 0:03:26 | 0:03:29 | |
You certainly get a lot of house for a guide price of £125,000. | 0:03:29 | 0:03:34 | |
But if you can believe it, there is more. | 0:03:34 | 0:03:37 | |
# You're unbelievable. # | 0:03:37 | 0:03:38 | |
We might still be wondering how this could... | 0:03:42 | 0:03:45 | |
HE CHUCKLES | 0:03:45 | 0:03:46 | |
..realistically be called just a two-bedroom semidetached. | 0:03:46 | 0:03:50 | |
It doesn't make sense, really, does it? | 0:03:50 | 0:03:53 | |
and the extra space, a lot of it, is up in the attic, | 0:03:53 | 0:03:55 | |
where somebody's done a partially OK job | 0:03:55 | 0:03:58 | |
of converting it into a liveable space. | 0:03:58 | 0:04:01 | |
You've still got all these fantastic old beams here, | 0:04:01 | 0:04:04 | |
and there's this strange sort of thing going on here with, | 0:04:04 | 0:04:09 | |
like, an en-suite. | 0:04:09 | 0:04:10 | |
But my guess is that this, building-regulations wise, | 0:04:10 | 0:04:14 | |
could not be described as a bedroom. | 0:04:14 | 0:04:16 | |
Probably that staircase is not within building regulations. | 0:04:16 | 0:04:19 | |
It probably doesn't have the right size floor joists, | 0:04:19 | 0:04:21 | |
soundproofing, all of those kind of things. | 0:04:21 | 0:04:24 | |
But, I think, spend some money and do this right | 0:04:24 | 0:04:28 | |
because money has been spent already. | 0:04:28 | 0:04:30 | |
You've got the dormers in here and it could be simply spectacular, | 0:04:30 | 0:04:34 | |
maybe one huge bedroom in here with an en-suite, | 0:04:34 | 0:04:37 | |
or maybe even two bedrooms. | 0:04:37 | 0:04:39 | |
Because the house definitely warrants it | 0:04:39 | 0:04:42 | |
and how exciting would it be then? | 0:04:42 | 0:04:44 | |
The compromise for having all this space inside | 0:04:49 | 0:04:52 | |
is that there isn't much on the outside. | 0:04:52 | 0:04:54 | |
But, still, I am really enthusiastic about this property | 0:04:54 | 0:04:58 | |
and I hope a local estate agent shares this excitement. | 0:04:58 | 0:05:02 | |
With four bedrooms rather than two, | 0:05:02 | 0:05:05 | |
what could this house achieve on the open market? | 0:05:05 | 0:05:07 | |
Renovated to a high standard and put on the market as a four-bed property, | 0:05:10 | 0:05:13 | |
I'd expect a resale value of around about £190,000-£200,000. | 0:05:13 | 0:05:18 | |
Once renovated to a high standard | 0:05:18 | 0:05:20 | |
and kept as a three or even four-bedroom property, | 0:05:20 | 0:05:22 | |
I'd expect a property like this to achieve, on the rental market, | 0:05:22 | 0:05:26 | |
in the region of £700-£800 per calendar month. | 0:05:26 | 0:05:29 | |
Well, what an amazing house | 0:05:31 | 0:05:34 | |
and for anything like that £125,000 guide price, | 0:05:34 | 0:05:39 | |
surely an absolute no-brainer. | 0:05:39 | 0:05:42 | |
Let's see who bought it when it went under the hammer. | 0:05:42 | 0:05:47 | |
Where do you want to start on this? Shall we say £100,000? | 0:05:47 | 0:05:51 | |
£100,000? | 0:05:51 | 0:05:53 | |
This was a quiet end-of-day auction and bidding was slow. | 0:05:53 | 0:05:58 | |
We join the auction at £120,000. | 0:05:58 | 0:06:00 | |
Out on my left, then, it's at £120,000. | 0:06:01 | 0:06:04 | |
121 anywhere else? | 0:06:04 | 0:06:06 | |
You can try one more, feel free to come back in otherwise at... | 0:06:06 | 0:06:08 | |
121, 21, new place. 122? | 0:06:08 | 0:06:10 | |
122 now. 122, 123. | 0:06:12 | 0:06:15 | |
124, | 0:06:15 | 0:06:17 | |
125, 126? | 0:06:17 | 0:06:19 | |
You're shaking your head at me now. | 0:06:20 | 0:06:21 | |
Do you want to come back in on this side, 126? | 0:06:21 | 0:06:23 | |
Otherwise, just in, towards the aisle, then, £125,000 I have. | 0:06:23 | 0:06:27 | |
126, now, it's against you and against you. | 0:06:27 | 0:06:30 | |
Anybody else, another thousand? | 0:06:30 | 0:06:31 | |
Otherwise at 125,000 for the first... | 0:06:31 | 0:06:35 | |
One at the back? | 0:06:35 | 0:06:37 | |
125,000 for the second... | 0:06:37 | 0:06:38 | |
..third and final time, we all done? At £125,000... | 0:06:40 | 0:06:44 | |
sold. | 0:06:44 | 0:06:45 | |
What a steal. | 0:06:49 | 0:06:51 | |
That successful bid, bang on the guide price of 125,000, | 0:06:51 | 0:06:56 | |
came from Paul and Michelle, and I went along to meet them | 0:06:56 | 0:06:59 | |
to find out their plans while also trying to hide my jealousy. | 0:06:59 | 0:07:04 | |
-Michelle, Paul, great to meet you. -And you, Martin. -Congratulations. | 0:07:05 | 0:07:09 | |
-Thank you. -Thank you. | 0:07:09 | 0:07:10 | |
I can't believe that it went for the guide price of 125,000. | 0:07:10 | 0:07:15 | |
-No, we can't really, can we? -No. | 0:07:15 | 0:07:18 | |
Why do you suppose it didn't get more? | 0:07:18 | 0:07:22 | |
It's being initially marketed at 195, um, | 0:07:22 | 0:07:25 | |
but I believe there's no planning permission for the bedroom upstairs, | 0:07:25 | 0:07:30 | |
so they've only been able to market it as a two-bedroom | 0:07:30 | 0:07:34 | |
-instead of a three. -Apart from the obvious, why did you want to buy it? | 0:07:34 | 0:07:38 | |
Well, we've just finished a project not far away, actually, | 0:07:38 | 0:07:41 | |
a couple of miles away, | 0:07:41 | 0:07:43 | |
and we've been looking for the last few months for another project. | 0:07:43 | 0:07:47 | |
I saw this in the auction guide and we come and had a look, didn't we? | 0:07:47 | 0:07:50 | |
-And... -We did. -So, is this your business? | 0:07:50 | 0:07:53 | |
-It's Paul's business and his...colleague. -Right. -Yeah. | 0:07:53 | 0:07:57 | |
And what's your involvement, Michelle? | 0:07:57 | 0:08:00 | |
Tea mashing, all what he wants me to do, really. | 0:08:00 | 0:08:03 | |
-Are you actually involved during the project? -Yeah, sometimes, yeah. | 0:08:03 | 0:08:06 | |
I paint, I decorate. | 0:08:06 | 0:08:08 | |
# I think you're amazing... # | 0:08:08 | 0:08:09 | |
I'm glad they share my love of this amazing place. | 0:08:09 | 0:08:12 | |
And it'll be all hands to the pump as they have ambitious plans. | 0:08:12 | 0:08:16 | |
Basically, we're hoping to get planning permission for bedrooms | 0:08:16 | 0:08:20 | |
on the top floor and put two bedrooms on the top floor | 0:08:20 | 0:08:23 | |
rather than the one that's there at the moment. | 0:08:23 | 0:08:26 | |
Um, if we can get planning permission for that, | 0:08:26 | 0:08:29 | |
it looks like we probably have to take the roof off totally. | 0:08:29 | 0:08:32 | |
-Rebuild it, in a different way to give us that space upstairs... -Right. | 0:08:33 | 0:08:37 | |
..to get the bedrooms upstairs. | 0:08:37 | 0:08:40 | |
Turning it from a two-bedroom, as it is now, possibly to a four-bed. | 0:08:40 | 0:08:43 | |
But it's not a four-bed quite yet, | 0:08:45 | 0:08:47 | |
what with planning needed for that loft. | 0:08:47 | 0:08:50 | |
And Paul believes the whole house needs rewiring and to be replumbed. | 0:08:50 | 0:08:55 | |
And he reckons that taking off the roof alone could cost £10,000. | 0:08:55 | 0:09:00 | |
If there's any money left over, | 0:09:00 | 0:09:02 | |
Paul plans to renovate the cellar, making it usable again. | 0:09:02 | 0:09:06 | |
But it all does hinge on the planning permission for the loft. | 0:09:06 | 0:09:10 | |
But if they don't get planning permission, what's plan B? | 0:09:10 | 0:09:14 | |
I've not really got a backup plan! LAUGHTER | 0:09:16 | 0:09:18 | |
You're confident? It'll be all right. | 0:09:18 | 0:09:21 | |
-Yeah, we just assumed that it will get passed. -Mm. | 0:09:21 | 0:09:25 | |
Given everything that you said, hopefully it'll be all right. | 0:09:25 | 0:09:27 | |
-What's the budget? -Probably 50, possibly more. -Right. | 0:09:27 | 0:09:31 | |
What's the timescale, then, | 0:09:31 | 0:09:32 | |
if you don't have to apply for planning permission? | 0:09:32 | 0:09:35 | |
-I'd like to think four month. -Well, listen, congratulations. | 0:09:35 | 0:09:39 | |
-And I'm really excited to see how you get on. -Aw, thank you. | 0:09:39 | 0:09:42 | |
-One of those projects you just can't wait. -Yeah? | 0:09:42 | 0:09:44 | |
-Well done. -Thanks a lot. Cheers. -Thank you. | 0:09:44 | 0:09:47 | |
Well, it just goes to show there are bargains | 0:09:49 | 0:09:52 | |
to be found at the auctions if you just search them out. | 0:09:52 | 0:09:55 | |
What an amazing property and I can't wait to see | 0:09:55 | 0:09:58 | |
what Michelle and Paul do to it. | 0:09:58 | 0:10:01 | |
You can find out how it all turns out, later in the show. | 0:10:01 | 0:10:04 | |
For many decades, Putney has been one of the most important centres | 0:10:09 | 0:10:12 | |
for rowing in the UK. | 0:10:12 | 0:10:14 | |
Here on the embankment, by the River Thames, | 0:10:14 | 0:10:16 | |
there are about 20 rowing clubs | 0:10:16 | 0:10:19 | |
and the famous annual Oxford Cambridge University boat race | 0:10:19 | 0:10:22 | |
starts from nearby Putney Bridge over there. | 0:10:22 | 0:10:25 | |
But there's no time for messing about on the water today, | 0:10:25 | 0:10:28 | |
we've got places to go and property to see. | 0:10:28 | 0:10:31 | |
# Living on the riverside | 0:10:31 | 0:10:33 | |
# Taking it all in my str-i-i-de... # | 0:10:34 | 0:10:37 | |
I'm here to view a two-bedroomed terrace on what's known | 0:10:37 | 0:10:41 | |
as one of the river roads that runs straight down to the waterside. | 0:10:41 | 0:10:45 | |
Now, Putney property is usually pretty pricey | 0:10:45 | 0:10:48 | |
and the house I'm here to see is no exception. | 0:10:48 | 0:10:51 | |
It went to auction with a guide price of 675,000. | 0:10:51 | 0:10:56 | |
Now, you don't get a lot for your money around here. | 0:10:56 | 0:10:59 | |
Now, what was for sale is this rather modest end of terrace house. | 0:10:59 | 0:11:04 | |
Let's take a closer look and have a poke around inside. | 0:11:04 | 0:11:06 | |
Well, a property in this location commands a top-end refurb. | 0:11:09 | 0:11:13 | |
This peachy colour scheme is a bit dated | 0:11:13 | 0:11:17 | |
and something modern and fresh and bright needs to be put in its place. | 0:11:17 | 0:11:21 | |
But, you know, the bones of the property are good. | 0:11:21 | 0:11:24 | |
You've got this lovely, lovely little stair banister, | 0:11:24 | 0:11:27 | |
so bits and pieces... There's character dotted about, | 0:11:27 | 0:11:29 | |
which is quite nice. | 0:11:29 | 0:11:31 | |
These two rooms have already been opened up. | 0:11:31 | 0:11:33 | |
You've got this wonderful big space and, look, a lovely sash window. | 0:11:33 | 0:11:38 | |
That is absolutely gorgeous, I would keep that. | 0:11:38 | 0:11:41 | |
But you need to start from scratch - carpets, wall coverings, | 0:11:41 | 0:11:44 | |
fireplaces, it all needs to go. | 0:11:44 | 0:11:47 | |
It could be fantastic, let's hope the kitchen's nice. | 0:11:47 | 0:11:51 | |
Hmm... Weary and worn-out might be a better description. | 0:11:52 | 0:11:56 | |
# Take a seat in this dream kitchen... # | 0:11:56 | 0:11:59 | |
Out the back we have a very small garden - about 15ft, I'd say. | 0:12:02 | 0:12:08 | |
Now, you can see the property has already been extended out this way | 0:12:08 | 0:12:11 | |
but you could build a side extension this way. | 0:12:11 | 0:12:14 | |
When you're in London, every little inch you can add really counts | 0:12:14 | 0:12:17 | |
when it comes to sale values. | 0:12:17 | 0:12:18 | |
Looking around upstairs, there are some nice period features | 0:12:18 | 0:12:23 | |
and some not so nice ones! | 0:12:23 | 0:12:25 | |
# Mirror in the bathroom please talk free | 0:12:25 | 0:12:28 | |
# The door is locked just you and me | 0:12:28 | 0:12:31 | |
# Can I take you to a restaurant that's got glass tables? | 0:12:31 | 0:12:33 | |
# You can watch yourself while you are eating... # | 0:12:33 | 0:12:36 | |
The small bedroom is at the back, overlooking that side return, | 0:12:38 | 0:12:41 | |
where I think that kitchen extension should go. | 0:12:41 | 0:12:44 | |
The bigger of the two bedrooms is very light, | 0:12:48 | 0:12:51 | |
with a pair of original sash windows | 0:12:51 | 0:12:53 | |
and there's more space that could be utilised up here, too. | 0:12:53 | 0:12:56 | |
Now, the auction catalogue mentioned the potential for a loft conversion | 0:12:57 | 0:13:01 | |
here, which is exciting. | 0:13:01 | 0:13:02 | |
Indeed, plenty of other houses along the street have already converted | 0:13:02 | 0:13:06 | |
their loft spaces and extending into the roof space | 0:13:06 | 0:13:09 | |
can often be done within permitted development. | 0:13:09 | 0:13:12 | |
So, there's no lengthy planning process to go through. | 0:13:12 | 0:13:15 | |
Would it be worth it? | 0:13:15 | 0:13:17 | |
Well, you only need to look over the road | 0:13:17 | 0:13:19 | |
and check out the neighbours' houses to see that they think so. | 0:13:19 | 0:13:23 | |
I think so, too. | 0:13:23 | 0:13:24 | |
Making this into a three-bedroom house would lift it | 0:13:24 | 0:13:27 | |
into a different price bracket altogether. | 0:13:27 | 0:13:30 | |
You don't just have to take my word for it, | 0:13:31 | 0:13:34 | |
we invited a local estate agent along to get his opinion. | 0:13:34 | 0:13:38 | |
The interesting thing about this house | 0:13:38 | 0:13:40 | |
is that the people have got a choice. | 0:13:40 | 0:13:42 | |
They can either do it as a super two-bedroom | 0:13:42 | 0:13:46 | |
with a nice big bathroom, in which case, I think, | 0:13:46 | 0:13:49 | |
they're looking at... | 0:13:49 | 0:13:50 | |
Probably a target of about £950,000. | 0:13:50 | 0:13:53 | |
Possibly £975,000, | 0:13:54 | 0:13:56 | |
depending on just how the market is at the time and how far they go. | 0:13:56 | 0:14:00 | |
If they go into the loft, make three bedrooms and two bathrooms, | 0:14:00 | 0:14:04 | |
then I think they will be able to get over £1,000,000, | 0:14:04 | 0:14:07 | |
probably £1,050,000 is quite feasible. | 0:14:07 | 0:14:11 | |
Over £1,000,000, for what basically is a small two-bed terrace | 0:14:11 | 0:14:16 | |
with a few add-ons. | 0:14:16 | 0:14:17 | |
Well, London is a unique market! | 0:14:17 | 0:14:19 | |
What sort of rent would the Putney punters | 0:14:19 | 0:14:21 | |
have to stump up to live here? | 0:14:21 | 0:14:23 | |
As a two-bedroom, | 0:14:24 | 0:14:26 | |
it's probably going to be about £2,000-£2,200 per calendar month. | 0:14:26 | 0:14:32 | |
If they go to the extent of the three bedrooms option, | 0:14:32 | 0:14:36 | |
then that's going to take it up to 2,700/2,800 per calendar month. | 0:14:36 | 0:14:42 | |
With Putney, location is key | 0:14:42 | 0:14:45 | |
and it doesn't get much better than this. | 0:14:45 | 0:14:47 | |
And the property, well, I think the only way is up. | 0:14:47 | 0:14:52 | |
You can add some value by just renovating what's there, | 0:14:52 | 0:14:55 | |
but to really make a profit, you need to convert that loft | 0:14:55 | 0:14:58 | |
and add an extra bedroom. | 0:14:58 | 0:15:00 | |
But what will the new owner's plan be? | 0:15:00 | 0:15:02 | |
Let's head to auction and find out who bought the Putney pad. | 0:15:02 | 0:15:06 | |
Lot 147, seen this one. | 0:15:06 | 0:15:09 | |
Like Putney, really, really good area. | 0:15:09 | 0:15:12 | |
650? | 0:15:12 | 0:15:14 | |
Not going to go below 650, not going to get anything... | 0:15:14 | 0:15:16 | |
Don't think you get a flat in Putney at 650. | 0:15:16 | 0:15:19 | |
650? 650 on my right, 650. | 0:15:19 | 0:15:23 | |
655 anywhere? | 0:15:23 | 0:15:24 | |
If not, with you at £650,000, anyone else? | 0:15:25 | 0:15:30 | |
650... First time, | 0:15:30 | 0:15:32 | |
second time... | 0:15:32 | 0:15:34 | |
How much? | 0:15:36 | 0:15:37 | |
655. 660. 665? | 0:15:37 | 0:15:41 | |
665... | 0:15:43 | 0:15:45 | |
The telephone bidder and the man who placed the opening bid | 0:15:45 | 0:15:48 | |
continue in £5,000 steps until we rejoin the bidding at 830,000. | 0:15:48 | 0:15:55 | |
830? | 0:15:56 | 0:15:57 | |
835. | 0:15:58 | 0:15:59 | |
840? | 0:16:01 | 0:16:02 | |
835, back to you, sir. | 0:16:05 | 0:16:08 | |
840, elsewhere? | 0:16:08 | 0:16:10 | |
If not, 835, with the gentleman, the first time, | 0:16:10 | 0:16:15 | |
second time, | 0:16:15 | 0:16:17 | |
third and last time, if you're all done... | 0:16:17 | 0:16:20 | |
GAVEL BANGS Sold 835. Well bid. | 0:16:20 | 0:16:22 | |
The final bid of a sizeable £835,000 was made by Jurg, | 0:16:23 | 0:16:29 | |
who usually lives in Switzerland with his wife Gillian. | 0:16:29 | 0:16:32 | |
Great to meet you guys today. Congratulations. | 0:16:33 | 0:16:37 | |
This really is a fabulous little house in a great location. | 0:16:37 | 0:16:40 | |
But, obviously, Jurg, you are from Switzerland. | 0:16:40 | 0:16:43 | |
I am from Switzerland, I'm a hotelier in Switzerland, | 0:16:43 | 0:16:46 | |
although Gillian is English. She grew up here. | 0:16:46 | 0:16:49 | |
When we're here, we live in Barnes. | 0:16:49 | 0:16:51 | |
-OK, so up the road. So, you're not too far away? -No. | 0:16:51 | 0:16:54 | |
So, what are you two going off nosing around auction houses for? | 0:16:54 | 0:16:57 | |
Come on. | 0:16:57 | 0:16:59 | |
-Well, that is your fault. -It's my fault? | 0:16:59 | 0:17:02 | |
Yes, that is your fault entirely | 0:17:02 | 0:17:04 | |
because, about three, four years back, | 0:17:04 | 0:17:06 | |
I discovered Homes Under The Hammer and I got hooked by it. | 0:17:06 | 0:17:11 | |
This is our second, or will be our second, property in London. | 0:17:11 | 0:17:15 | |
We've started a business, so we're buying to sell - to do them up | 0:17:15 | 0:17:19 | |
and then to sell them. | 0:17:19 | 0:17:20 | |
We do this in Switzerland and we've brought it over here, too. | 0:17:20 | 0:17:23 | |
So, tell me, what are you guys going to do to turn it around? | 0:17:23 | 0:17:26 | |
Well, first of all, everything will be ripped out. | 0:17:26 | 0:17:28 | |
New wiring, new everything. | 0:17:28 | 0:17:32 | |
The kitchen will have an extension. | 0:17:32 | 0:17:33 | |
-Great. -We'll make a huge kitchen, | 0:17:33 | 0:17:35 | |
-with an island in the middle... -Fabulous. | 0:17:35 | 0:17:38 | |
And then upstairs, | 0:17:38 | 0:17:39 | |
we'll move the walls between the two bedrooms a bit over | 0:17:39 | 0:17:44 | |
because there's one huge bedroom and one small one, | 0:17:44 | 0:17:47 | |
so we'll make the small one a bit bigger | 0:17:47 | 0:17:49 | |
and it'll give more place for the stairs going up to the loft, | 0:17:49 | 0:17:54 | |
-which we'll extend. -So, you are doing a loft conversion, as well? | 0:17:54 | 0:17:57 | |
Absolutely, with an en-suite. | 0:17:57 | 0:17:58 | |
OK, so you are ticking every box of... Every bit of out and up | 0:17:58 | 0:18:02 | |
-you could possibly do, you guys are doing. -Absolutely. | 0:18:02 | 0:18:05 | |
So, what have you set aside for the work? | 0:18:05 | 0:18:07 | |
-How much do you think that's going to cost you? -210,000. | 0:18:07 | 0:18:10 | |
-Precisely. -Precisely. | 0:18:10 | 0:18:12 | |
How long do you think it's going to take to renovate | 0:18:12 | 0:18:14 | |
to a really good standard before you can put it on the open market? | 0:18:14 | 0:18:17 | |
About four months. | 0:18:17 | 0:18:18 | |
I'm sure you're going to do a magnificent job, | 0:18:18 | 0:18:20 | |
and it's been brilliant meeting both... | 0:18:20 | 0:18:22 | |
Ah, but you haven't finished with me! | 0:18:22 | 0:18:24 | |
Before we are parting, of course, we've got to keep up the cliches. | 0:18:24 | 0:18:28 | |
-What have you brought along for me, Jurg? -Well... | 0:18:28 | 0:18:31 | |
Of course, the Swiss chocolate. | 0:18:31 | 0:18:33 | |
The Swiss chocolate, which I'm not allowed to say what it is. | 0:18:33 | 0:18:37 | |
-That's lovely. Thank you very much. Thank you, that's brilliant. -OK. | 0:18:37 | 0:18:42 | |
-And he did actually transport it from Switzerland. -Did you? | 0:18:42 | 0:18:45 | |
-Of course I did. -Good luck. I cannot wait to see what you do here. | 0:18:45 | 0:18:48 | |
-Thank you. -Thank you. -Thanks very much. | 0:18:48 | 0:18:51 | |
So, from the Swiss Alps to the Putney Riverside, | 0:18:51 | 0:18:53 | |
having renovated property in Switzerland for years, | 0:18:53 | 0:18:56 | |
Jurg and Gillian have now taken on the London housing market. | 0:18:56 | 0:19:01 | |
Will this renovation go smoothly, | 0:19:01 | 0:19:03 | |
having already paid 835 grand for this house? | 0:19:03 | 0:19:08 | |
You can find out how they all get on later in the programme. | 0:19:08 | 0:19:11 | |
Still to come... | 0:19:13 | 0:19:14 | |
In Fraddon, Cornwall, | 0:19:14 | 0:19:15 | |
a possible change of occupation for this developer. | 0:19:15 | 0:19:19 | |
I can't imagine me being the vicar of Fraddon. | 0:19:19 | 0:19:21 | |
And we return to Putney for a grand unveiling. | 0:19:24 | 0:19:28 | |
Oh, we're chuffed. | 0:19:28 | 0:19:29 | |
We're thrilled, absolutely thrilled with it. | 0:19:29 | 0:19:32 | |
'We're back in Rotherham, where earlier, I met | 0:19:38 | 0:19:40 | |
'Paul and Michelle, who were about to embark on an exciting | 0:19:40 | 0:19:43 | |
'renovation of the biggest two-bedroom house I'd ever seen.' | 0:19:43 | 0:19:48 | |
Wow! | 0:19:48 | 0:19:50 | |
What an impressive room! | 0:19:50 | 0:19:53 | |
Purchased at auction for, let's be honest, | 0:19:56 | 0:19:58 | |
an extremely modest £125,000, | 0:19:58 | 0:20:02 | |
the couple, together with business partner Phil, | 0:20:02 | 0:20:05 | |
plan to convert the loft space to add two further bedrooms, | 0:20:05 | 0:20:09 | |
but all this hinged on obtaining planning permission. | 0:20:09 | 0:20:12 | |
It's been five months since our last visit. | 0:20:20 | 0:20:23 | |
Have Paul and Michelle managed to realise | 0:20:23 | 0:20:25 | |
the enormous potential of this place? | 0:20:25 | 0:20:28 | |
I think the answer is...yes! | 0:20:45 | 0:20:49 | |
They've done a fantastic job. | 0:20:49 | 0:20:51 | |
The planning permission went through without a hitch, | 0:20:53 | 0:20:56 | |
allowing the attic space to be transformed, | 0:20:56 | 0:20:59 | |
with two double bedrooms and a family bathroom. | 0:20:59 | 0:21:02 | |
On the first floor, the two family bedrooms have been spruced up | 0:21:04 | 0:21:08 | |
and the en-suite replaced. | 0:21:08 | 0:21:10 | |
But that's not been the biggest change to the first floor. | 0:21:12 | 0:21:15 | |
There's quite a major change here. | 0:21:18 | 0:21:20 | |
If you can remember before, coming through the front door, | 0:21:20 | 0:21:23 | |
there were another level with the bathroom. | 0:21:23 | 0:21:25 | |
We've done away with that level | 0:21:25 | 0:21:27 | |
because of the head height as you were coming upstairs. | 0:21:27 | 0:21:29 | |
We've moved the bathroom up onto the top level, and I think it | 0:21:29 | 0:21:33 | |
opens this area up tremendously, and makes it very light and airy. | 0:21:33 | 0:21:37 | |
Since property development is their business, | 0:21:40 | 0:21:42 | |
Paul and Michelle have been pretty hands-on | 0:21:42 | 0:21:45 | |
in order to stretch their budget as far as possible. | 0:21:45 | 0:21:49 | |
-Well, we both get involved. -Yeah, yeah. | 0:21:50 | 0:21:53 | |
I sometimes get involved in places where I shouldn't do, but... | 0:21:53 | 0:21:57 | |
Jobs such as electrical, we got electricians in, | 0:21:57 | 0:22:00 | |
although we helped them out. | 0:22:00 | 0:22:03 | |
And we got gas fitted in for the central heating. | 0:22:03 | 0:22:06 | |
We fitted the bathrooms - | 0:22:06 | 0:22:08 | |
-Michelle and me did tiling and grouting in the bathrooms. -Mm-hm. | 0:22:08 | 0:22:12 | |
But, yeah, we're getting involved in most things, | 0:22:12 | 0:22:14 | |
-usually the mucky jobs that no-one else wants! -Yeah. | 0:22:14 | 0:22:17 | |
MUSIC: Dirty Work by Steely Dan | 0:22:17 | 0:22:20 | |
I just love what Paul and Michelle have done to this house. | 0:22:23 | 0:22:28 | |
How much did they end up spending? | 0:22:28 | 0:22:31 | |
The original budget, when we first come and looked at it, were £40,000. | 0:22:31 | 0:22:36 | |
Then when we had a closer look, when we got the keys, | 0:22:36 | 0:22:38 | |
we revised that to 50. | 0:22:38 | 0:22:40 | |
By the time we're finished, it's going to be more like 60, | 0:22:40 | 0:22:43 | |
but I don't think it's too bad for what we've done. | 0:22:43 | 0:22:46 | |
I totally agree. | 0:22:48 | 0:22:50 | |
They've done a lovely job and I'm still a teeny bit jealous. | 0:22:50 | 0:22:54 | |
As for timescale, they've taken five months rather than four, | 0:22:54 | 0:22:57 | |
but with good reason. | 0:22:57 | 0:22:59 | |
-That were because we went away. -We went away. | 0:23:01 | 0:23:03 | |
We had a few week away, so it put us back a bit. | 0:23:03 | 0:23:06 | |
-In fact, we went away twice. -Yeah, we did. | 0:23:06 | 0:23:08 | |
It's always been Paul and Michelle's intention | 0:23:10 | 0:23:12 | |
to put this house on the market | 0:23:12 | 0:23:14 | |
and move onto the next project. | 0:23:14 | 0:23:16 | |
So, how much do our estate agents think the house is now worth? | 0:23:16 | 0:23:20 | |
We'd be putting it on the market at a guide price of £250-270,000. | 0:23:20 | 0:23:25 | |
This year, we've had quite a lot of properties go to best and finals, | 0:23:25 | 0:23:28 | |
where they've achieved practically the top of the guide price. | 0:23:28 | 0:23:31 | |
In today's market, I'd like to advertise this property for sale | 0:23:31 | 0:23:34 | |
in the region of £275,000. | 0:23:34 | 0:23:36 | |
-We'd be pleased with that, wouldn't we? -Yeah. -Yeah. | 0:23:36 | 0:23:39 | |
Paul and Michelle have spent a total of £185,000 on this project. | 0:23:39 | 0:23:44 | |
Selling at the property agents' top valuation of £275,000 | 0:23:44 | 0:23:49 | |
would give them, and partner Phil, a pre-tax profit of £90,000. | 0:23:49 | 0:23:53 | |
So, what's next for our Rotherham couple? | 0:23:53 | 0:23:57 | |
We've got another property, hopefully that we're | 0:24:01 | 0:24:03 | |
going to be starting next week, so we need to sell this one | 0:24:03 | 0:24:06 | |
and get this one out of the way. | 0:24:06 | 0:24:08 | |
Obviously, we've spent that much on it, we wouldn't want to rent it, | 0:24:08 | 0:24:12 | |
so it needs to sell. | 0:24:12 | 0:24:13 | |
I'm in Fraddon, | 0:24:18 | 0:24:19 | |
about 20 minutes outside the county town of Cornwall, Truro. | 0:24:19 | 0:24:24 | |
Cornwall, of course, famous for its piskies, | 0:24:24 | 0:24:27 | |
pasties and glorious scenery. | 0:24:27 | 0:24:30 | |
Now, Fraddon itself isn't actually on the coast, | 0:24:30 | 0:24:32 | |
but it's surrounded by this gorgeous, gorgeous landscape. | 0:24:32 | 0:24:36 | |
It's been bypassed by the A30, so it's quite quiet, | 0:24:36 | 0:24:39 | |
and is now a very desirable place to live. | 0:24:39 | 0:24:41 | |
MUSIC: Sparky's Dream by Teenage Fanclub | 0:24:41 | 0:24:44 | |
The property I'm here to see | 0:24:48 | 0:24:49 | |
is a Grade II listed former Methodist Church. | 0:24:49 | 0:24:53 | |
But I'm not here for spiritual enlightenment - | 0:24:53 | 0:24:56 | |
I'm here to see if it will make a viable property development. | 0:24:56 | 0:24:59 | |
Well, the guide price at auction was 50,000 quid, so that's a good start. | 0:25:01 | 0:25:06 | |
Let's take a look inside. | 0:25:06 | 0:25:07 | |
Well, you never know quite what to expect | 0:25:10 | 0:25:12 | |
when you come into these kind of places, but first thing I noticed, | 0:25:12 | 0:25:15 | |
the flooring here at the entrance all given away, it's rotted, | 0:25:15 | 0:25:18 | |
which means that the building itself might not be in that | 0:25:18 | 0:25:20 | |
good a state. But we've got some original pews, that's nice to see. | 0:25:20 | 0:25:25 | |
And then the room itself? | 0:25:25 | 0:25:26 | |
Wow! | 0:25:26 | 0:25:28 | |
What a great space. | 0:25:28 | 0:25:30 | |
Your imagination immediately starts working overtime, doesn't it? | 0:25:30 | 0:25:34 | |
What would you do with this if you were to turn it into a home? | 0:25:34 | 0:25:37 | |
Are we talking mezzanine floors? | 0:25:37 | 0:25:38 | |
Are we talking great galleried areas? | 0:25:38 | 0:25:41 | |
I don't know. It's wonderful. | 0:25:41 | 0:25:42 | |
As well as the rotting floor, there are broken windows, | 0:25:45 | 0:25:48 | |
invading vegetation, signs of water ingress, | 0:25:48 | 0:25:52 | |
and the fabric of the building looks to be slowly deteriorating. | 0:25:52 | 0:25:57 | |
Left without remedial repairs, | 0:25:57 | 0:25:59 | |
it won't be long before real structural issues develop. | 0:25:59 | 0:26:02 | |
The area used for worship is at the front half of the building, | 0:26:08 | 0:26:11 | |
but to the rear is a good-sized hall and several smaller rooms. | 0:26:11 | 0:26:16 | |
Plenty of space and plenty of work to do. | 0:26:16 | 0:26:19 | |
Now, you might be wondering why a nice enough little building | 0:26:23 | 0:26:27 | |
like this in a gorgeous part of Cornwall only had | 0:26:27 | 0:26:29 | |
a guide price of 50,000 quid? | 0:26:29 | 0:26:32 | |
Well, the answer of course is that it doesn't have | 0:26:32 | 0:26:34 | |
planning permission to be anything other than a church, at the moment. | 0:26:34 | 0:26:38 | |
The good news though, | 0:26:38 | 0:26:39 | |
is that no planning application has been put in and refused, | 0:26:39 | 0:26:42 | |
so possibly the planners would be interested in seeing this converted, | 0:26:42 | 0:26:45 | |
and I personally think they would, | 0:26:45 | 0:26:47 | |
rather than having it just sitting here, crumbling away. | 0:26:47 | 0:26:50 | |
And, of course, if you can get that planning permission to convert it | 0:26:50 | 0:26:54 | |
into a residential building, oh, boy... | 0:26:54 | 0:26:55 | |
It suddenly turns into a gold mine. | 0:26:55 | 0:26:57 | |
Obtaining planning permission is key and that Grade II listing | 0:27:01 | 0:27:04 | |
will probably mean a long list of conditions. | 0:27:04 | 0:27:08 | |
In particular, retaining as many original features as possible. | 0:27:08 | 0:27:13 | |
Hmm. Water feature, perhaps? | 0:27:13 | 0:27:15 | |
Well, with a place like this, on a main road, | 0:27:22 | 0:27:25 | |
parking is always going to be an issue, | 0:27:25 | 0:27:27 | |
especially if you're thinking about converting this for some | 0:27:27 | 0:27:29 | |
kind of commercial use. The planners would definitely | 0:27:29 | 0:27:32 | |
want to see places where customers could park their cars. | 0:27:32 | 0:27:34 | |
Well, the good news is the plot of land | 0:27:34 | 0:27:36 | |
extends by the side of the church. | 0:27:36 | 0:27:39 | |
Parking for at least one, two, three, four, five cars - | 0:27:39 | 0:27:42 | |
good result. | 0:27:42 | 0:27:43 | |
What will a local property expert think? | 0:27:44 | 0:27:48 | |
Let's be bold and speculate | 0:27:48 | 0:27:50 | |
that planning permission will be granted. | 0:27:50 | 0:27:52 | |
What sort of value could we expect to see here? | 0:27:52 | 0:27:54 | |
It's really easy to make a two-bedroom unit out of here, | 0:27:56 | 0:27:59 | |
but with a bit of clever use of space, | 0:27:59 | 0:28:01 | |
you should be able to get a three-bedroom house. | 0:28:01 | 0:28:04 | |
Either way, the end value's going to be something like | 0:28:04 | 0:28:08 | |
in the region of £165-180,000. | 0:28:08 | 0:28:11 | |
And what about the rental market? | 0:28:13 | 0:28:15 | |
Would this be a suitable holiday let once renovated? | 0:28:15 | 0:28:19 | |
Done nicely, there's every possibility of getting | 0:28:19 | 0:28:23 | |
between £600-650 a calendar month. | 0:28:23 | 0:28:26 | |
I don't want to preach, | 0:28:26 | 0:28:28 | |
but I think that this place is a fantastic opportunity. | 0:28:28 | 0:28:31 | |
Get that all-important planning permission | 0:28:31 | 0:28:34 | |
and you would be singing hallelujah. | 0:28:34 | 0:28:37 | |
Let's see who had the divine inspiration to buy it | 0:28:37 | 0:28:40 | |
when it went to auction. | 0:28:40 | 0:28:43 | |
This is the Methodist Chapel. | 0:28:43 | 0:28:45 | |
Who'll kick us off at 50 then, at the guide? | 0:28:45 | 0:28:48 | |
Not going to go below the guide. | 0:28:48 | 0:28:49 | |
50 somewhere? | 0:28:49 | 0:28:50 | |
50, we're away. Thank you, sir. 50, I've got at 50. | 0:28:50 | 0:28:52 | |
Ask two? At 52? | 0:28:52 | 0:28:54 | |
Five? 55. | 0:28:54 | 0:28:55 | |
58, perhaps? 58. | 0:28:55 | 0:28:58 | |
At 58. And 60, do I? | 0:28:58 | 0:28:59 | |
58, I've got. 60. | 0:28:59 | 0:29:01 | |
At 60. At 62. | 0:29:01 | 0:29:02 | |
At 62, looking for five. | 0:29:02 | 0:29:04 | |
At 62. | 0:29:04 | 0:29:05 | |
At 62, side and back out. At 62. | 0:29:05 | 0:29:08 | |
At 62,000. Last chance then? | 0:29:08 | 0:29:11 | |
At 62... | 0:29:11 | 0:29:13 | |
Four! Hells bells. 64. | 0:29:13 | 0:29:14 | |
64. | 0:29:14 | 0:29:15 | |
66. | 0:29:15 | 0:29:17 | |
66? 66. That's 66. | 0:29:17 | 0:29:20 | |
That's energised both of you. 68. | 0:29:20 | 0:29:22 | |
And 70. | 0:29:22 | 0:29:23 | |
69? I will. | 0:29:23 | 0:29:24 | |
70? | 0:29:24 | 0:29:26 | |
70. | 0:29:26 | 0:29:27 | |
One. | 0:29:27 | 0:29:29 | |
And two. | 0:29:29 | 0:29:30 | |
And...three. | 0:29:30 | 0:29:33 | |
And...three and a half. | 0:29:33 | 0:29:37 | |
74. | 0:29:37 | 0:29:38 | |
At 74. | 0:29:38 | 0:29:40 | |
And a half, again. | 0:29:40 | 0:29:41 | |
74 and a half. | 0:29:41 | 0:29:42 | |
At 74 and a half. | 0:29:42 | 0:29:43 | |
At 74 and a half, once, then. | 0:29:43 | 0:29:47 | |
75. | 0:29:47 | 0:29:48 | |
At 75. No good glaring at me like that, sir. Good heavens! | 0:29:48 | 0:29:52 | |
At 75, once. | 0:29:52 | 0:29:55 | |
At 75, twice. | 0:29:55 | 0:29:58 | |
Make no mistake, at 75, here we go. | 0:29:58 | 0:30:00 | |
Serious now. | 0:30:00 | 0:30:01 | |
At 75, last chance. | 0:30:01 | 0:30:03 | |
Getting serious, going to be serious, | 0:30:03 | 0:30:05 | |
At 75. | 0:30:05 | 0:30:07 | |
Sir, congratulations. Well done. There you go. | 0:30:07 | 0:30:10 | |
That £75,000 bid was made by Bart, a plumber by profession. | 0:30:14 | 0:30:19 | |
Handy if he has to re-plumb that organ. | 0:30:19 | 0:30:23 | |
I was keen to hear what plans he had in store for the church, | 0:30:23 | 0:30:26 | |
so we met up for a chat. | 0:30:26 | 0:30:28 | |
Straight off, there were a couple of surprises. | 0:30:28 | 0:30:31 | |
-Bart, congratulations. -Thank you very much. -Well done. | 0:30:32 | 0:30:35 | |
-Now, you've bought yourself a church! -I believe so, yeah. | 0:30:35 | 0:30:38 | |
Why did you want to buy it? | 0:30:38 | 0:30:40 | |
I think one of the reasons was the price - it was affordable - | 0:30:40 | 0:30:44 | |
and maybe we could do something interesting with it. | 0:30:44 | 0:30:48 | |
-Do you know the area at all? -Not all, no. -Where are you from? | 0:30:48 | 0:30:52 | |
Lytham St Annes in Lancashire. | 0:30:52 | 0:30:53 | |
So how did you stumble on this place? | 0:30:53 | 0:30:55 | |
Well, it was just by chance. Somebody sent me the auction guide. | 0:30:55 | 0:30:59 | |
So did you see it before you bought it? | 0:30:59 | 0:31:00 | |
-I called in, in the morning, for five minutes. -Right. | 0:31:00 | 0:31:04 | |
I drove overnight, | 0:31:04 | 0:31:06 | |
and then just popped in and had a look round. | 0:31:06 | 0:31:08 | |
Now, normally after hearing all this, | 0:31:12 | 0:31:14 | |
I would suspect that this was a bit of an impulse buy, | 0:31:14 | 0:31:17 | |
except Bart has renovated a church before in the Scottish Highlands. | 0:31:17 | 0:31:22 | |
So, why switch from the extreme north to extreme south? | 0:31:22 | 0:31:26 | |
I love Truro and this area, and we've got big plans for going fishing | 0:31:28 | 0:31:34 | |
and doing all these other activities that we can do here. | 0:31:34 | 0:31:37 | |
-Right. So you'll use the holiday home yourself? -Absolutely. | 0:31:37 | 0:31:40 | |
My idea would be to turn it into two holiday lets. | 0:31:40 | 0:31:43 | |
-Oh, wow. -If we're successful with the planning, I could live here. | 0:31:43 | 0:31:48 | |
Bart has budgeted £50,000 to convert this church into two flats | 0:31:48 | 0:31:53 | |
and, to keep costs down, plans to do much of the work himself. | 0:31:53 | 0:31:58 | |
What are you going to do if you don't get the planning permission? | 0:31:58 | 0:32:01 | |
Erm, I don't know what else to do with this. | 0:32:01 | 0:32:03 | |
I can't imagine me being the vicar of Fraddon. | 0:32:03 | 0:32:06 | |
So, hopefully, fingers crossed that we will get some form of planning. | 0:32:08 | 0:32:13 | |
Well, I think you know that you've got some challenges ahead, | 0:32:13 | 0:32:15 | |
-but I do wish you all the best with it. -Thank you. | 0:32:15 | 0:32:17 | |
-And look forward to seeing how you get on. -Thank you very much. | 0:32:17 | 0:32:20 | |
Well, let's hope that Bart doesn't have to resort to becoming | 0:32:22 | 0:32:25 | |
the vicar of Fraddon. However, there are a lot of challenges ahead. | 0:32:25 | 0:32:28 | |
He's got to get that planning permission. He's got, I think, | 0:32:28 | 0:32:31 | |
a fairly tight budget and he lives so far away, | 0:32:31 | 0:32:35 | |
so managing the project isn't going to be easy. | 0:32:35 | 0:32:38 | |
So, it's by no means a clear-cut success story. | 0:32:38 | 0:32:41 | |
You can find out how he gets on later in the show. | 0:32:41 | 0:32:44 | |
Anywhere within rowing distance of Central London | 0:32:52 | 0:32:56 | |
comes with a price tag and Putney, on the South Bank, is no exception. | 0:32:56 | 0:33:01 | |
This unassuming two-bed terrace, close to the river, was bought | 0:33:01 | 0:33:04 | |
by Swiss-based couple Gillian and Jurg for a hefty £835,000. | 0:33:04 | 0:33:11 | |
Jurg and Gillian had given the builders four months for this job | 0:33:13 | 0:33:16 | |
and we came back eight months later to see how they'd got on. | 0:33:16 | 0:33:21 | |
Well, it looks like Gillian and Jurg have done a great job on this house. | 0:33:39 | 0:33:45 | |
-Oh, we are chuffed. -We're thrilled, absolutely thrilled with it. | 0:33:45 | 0:33:49 | |
Requiring no planning permission, that attic conversion boasts | 0:33:54 | 0:33:58 | |
a spacious bedroom, with a large family bathroom. | 0:33:58 | 0:34:02 | |
Plus, this fantastic Juliet balcony. | 0:34:02 | 0:34:04 | |
Thanks to some clever rearranging on the first floor, | 0:34:08 | 0:34:11 | |
two bedrooms have now become three. | 0:34:11 | 0:34:13 | |
Well, first of all, behind me, this was the bathroom. | 0:34:16 | 0:34:22 | |
And we thought that we could increase | 0:34:22 | 0:34:27 | |
the number of bedrooms on the first floor to three, | 0:34:27 | 0:34:30 | |
by moving the bathroom here in the middle, | 0:34:30 | 0:34:33 | |
taking a little bit of space from both bedrooms. | 0:34:33 | 0:34:37 | |
So, we are very pleased that we now have four bedrooms instead of two. | 0:34:37 | 0:34:42 | |
The showpiece on the ground floor is this beautiful kitchen extension. | 0:34:45 | 0:34:49 | |
The larger area has allowed the creation of an island | 0:34:51 | 0:34:54 | |
and the new windows, spots and reflective surfaces | 0:34:54 | 0:34:58 | |
spread light throughout. | 0:34:58 | 0:35:00 | |
We strived to reach a very high level of finish. | 0:35:01 | 0:35:06 | |
The look had to be something that would suit young businesspeople | 0:35:06 | 0:35:11 | |
because the house is really geared, we think, for that. | 0:35:11 | 0:35:15 | |
Jurg and Gillian had given their team of builders four months | 0:35:20 | 0:35:22 | |
to transform this property - did the project run to time? | 0:35:22 | 0:35:26 | |
It took us exactly seven and a half months. Why is that? | 0:35:28 | 0:35:33 | |
Well, there was summertime and, of course, | 0:35:33 | 0:35:37 | |
it was a bit underestimated by the builder. | 0:35:37 | 0:35:41 | |
And we didn't push them too much | 0:35:41 | 0:35:43 | |
because we'd rather have a good job than keep within the timeframe. | 0:35:43 | 0:35:50 | |
We had a very tight budget with the builder, who had to keep | 0:35:50 | 0:35:56 | |
within the budget, and he has, and that's where we are - £210,000. | 0:35:56 | 0:36:02 | |
Having spent £1,045,000, | 0:36:04 | 0:36:08 | |
will Jurg and Gillian see a healthy return on that investment? | 0:36:08 | 0:36:12 | |
Let's see what two local estate agents reckon. | 0:36:12 | 0:36:16 | |
The top prices in the area are about £1,000 per square foot, | 0:36:16 | 0:36:20 | |
so therefore we'd put this on the market between £1.35m-£1.4m. | 0:36:20 | 0:36:24 | |
I'm thinking that we're probably looking at a value | 0:36:24 | 0:36:28 | |
that is in the region | 0:36:28 | 0:36:29 | |
of £1.2m-£1.3m. | 0:36:29 | 0:36:32 | |
And, in fact, it's so special that if there's enough people | 0:36:32 | 0:36:36 | |
interested, they might get bids over that 1.3, I think. | 0:36:36 | 0:36:40 | |
If they achieve a sale of £1.3m, | 0:36:43 | 0:36:46 | |
Gillian and Jurg stand to make a profit of £255,000, | 0:36:46 | 0:36:51 | |
before tax and fees. | 0:36:51 | 0:36:53 | |
But they have already put this house on the market. | 0:36:53 | 0:36:56 | |
Is their asking price anywhere near our valuations? | 0:36:56 | 0:36:59 | |
Of course we have thoughts, we have hopes, | 0:37:02 | 0:37:06 | |
but we'll see what the market will bring. | 0:37:06 | 0:37:09 | |
But we have a very good idea of where we want to go. | 0:37:09 | 0:37:13 | |
But we're not particularly going to tell you | 0:37:13 | 0:37:16 | |
the price that we are expecting. | 0:37:16 | 0:37:19 | |
The agent might tell you what HE'S expecting, | 0:37:19 | 0:37:22 | |
but we don't agree with him! | 0:37:22 | 0:37:24 | |
Earlier on, I took a trip to Cornwall, where plumber | 0:37:28 | 0:37:32 | |
and part-time property developer Bart had purchased this | 0:37:32 | 0:37:35 | |
Grade II listed former church in the village of Fraddon for £75,000. | 0:37:35 | 0:37:41 | |
Our first visit was in 2009. And now, five years later, | 0:37:46 | 0:37:52 | |
we're back to catch up with Bart and his church. | 0:37:52 | 0:37:55 | |
Question is, will he be wearing hi-vis vest and a hard hat, | 0:37:55 | 0:38:00 | |
or a cassock and a dog collar? | 0:38:00 | 0:38:03 | |
MUSIC: How Long by Ace | 0:38:03 | 0:38:06 | |
With little signs of progress on the project, | 0:38:17 | 0:38:20 | |
I sense we may be about to hear a tale of Cornish woe. | 0:38:20 | 0:38:24 | |
We have had some problems | 0:38:24 | 0:38:26 | |
and it just seems to have gone on forever, yeah. | 0:38:26 | 0:38:28 | |
MUSIC: U Can't Touch This by MC Hammer | 0:38:28 | 0:38:30 | |
It's been problematic all right. | 0:38:30 | 0:38:33 | |
When developing listed buildings, | 0:38:33 | 0:38:35 | |
every detail of work needs to be approved by the authorities | 0:38:35 | 0:38:38 | |
before going ahead. | 0:38:38 | 0:38:40 | |
However, Bart admits to being a bit over-enthusiastic by starting | 0:38:40 | 0:38:44 | |
on things before he'd been given the green light. | 0:38:44 | 0:38:47 | |
This Lytham St Annes plumber got himself into a bit of hot water. | 0:38:47 | 0:38:52 | |
The floor in the Sunday School was in a dangerous condition, | 0:38:55 | 0:38:58 | |
so I took all of the floor out | 0:38:58 | 0:39:01 | |
and ended up putting a new floor in, which is a breach of the conditions. | 0:39:01 | 0:39:07 | |
Was that all, then? Of course not. | 0:39:14 | 0:39:17 | |
There must have been some more unforeseen problems. | 0:39:17 | 0:39:20 | |
We had a survey done on the organ | 0:39:22 | 0:39:24 | |
by the guy who repaired the organ at Truro Cathedral. | 0:39:24 | 0:39:28 | |
He came to look at it and said it had no value whatsoever, | 0:39:28 | 0:39:31 | |
but he did say he could use the parts for other organs within this area. | 0:39:31 | 0:39:36 | |
He came and took it all away | 0:39:36 | 0:39:38 | |
and spent a lot of time in doing that, | 0:39:38 | 0:39:40 | |
but the planning department | 0:39:40 | 0:39:42 | |
thought that I'd vandalised the organ in the church, | 0:39:42 | 0:39:46 | |
which I hadn't done. | 0:39:46 | 0:39:47 | |
So it looked as though I'd created a big problem for myself. | 0:39:47 | 0:39:51 | |
Falling foul of planning conditions | 0:39:53 | 0:39:55 | |
meant that Bart had to resubmit his application, | 0:39:55 | 0:39:58 | |
which cost him time and £3,000. | 0:39:58 | 0:40:02 | |
With gas, electricity and drainage in the process of being | 0:40:05 | 0:40:08 | |
run into the building, | 0:40:08 | 0:40:10 | |
Bart is hopeful that full planning permission is very close | 0:40:10 | 0:40:13 | |
and he can finally get down to some serious work. | 0:40:13 | 0:40:16 | |
The plans are to convert the back area into a three-bedroom property | 0:40:17 | 0:40:22 | |
and build a one or two-bedroom flat in the existing chapel. | 0:40:22 | 0:40:26 | |
We've lost a lot of time, but hopefully, | 0:40:28 | 0:40:31 | |
if we're given the go-ahead now, I would think that | 0:40:31 | 0:40:34 | |
I'd like to get it done within the next 9-12 months to completion. | 0:40:34 | 0:40:38 | |
Bart's new plan means that his original budget | 0:40:40 | 0:40:42 | |
of just £50,000 is history. | 0:40:42 | 0:40:46 | |
He's already spent £20,000 getting it to this stage | 0:40:46 | 0:40:49 | |
and reckons another £80,000 will finish the job. | 0:40:49 | 0:40:53 | |
But will it be worth it? | 0:40:53 | 0:40:55 | |
Two local estate agents have come along to tell us what they think. | 0:40:56 | 0:41:00 | |
These are not going to be bog-standard new houses, | 0:41:02 | 0:41:06 | |
they will have just that little something extra about them, | 0:41:06 | 0:41:10 | |
and that always helps selling. | 0:41:10 | 0:41:11 | |
My first impressions are that it's a really good project, | 0:41:11 | 0:41:16 | |
lots of potential here. | 0:41:16 | 0:41:17 | |
You could really make this a profitable project. | 0:41:17 | 0:41:20 | |
Those words will be music to Bart's ears. | 0:41:21 | 0:41:25 | |
Just how much profit could we be talking here? | 0:41:25 | 0:41:28 | |
Luckily, our experts were agreed on their valuations. | 0:41:28 | 0:41:30 | |
The two-bedroom dwelling at the front of the property, | 0:41:33 | 0:41:36 | |
in current market conditions, would achieve £130-£135,000. | 0:41:36 | 0:41:42 | |
For rent, £600-£625 per calendar month. | 0:41:42 | 0:41:46 | |
The house to the rear and side, | 0:41:46 | 0:41:49 | |
which will be a three-bedroomed finished dwelling, | 0:41:49 | 0:41:52 | |
I would see that on the market at around £165,000, when it's done. | 0:41:52 | 0:41:59 | |
Its rental value being approximately £750 per calendar month. | 0:42:01 | 0:42:05 | |
Bart purchased this property for £75,000 | 0:42:06 | 0:42:10 | |
and has budgeted for a renovation spend of £100,000, | 0:42:10 | 0:42:15 | |
bringing the total to £175,000. | 0:42:15 | 0:42:17 | |
Based on our experts' valuation of £300,000 for the two properties, | 0:42:17 | 0:42:22 | |
that could mean a pre-tax profit of £125,000. | 0:42:22 | 0:42:27 | |
Well, that's great because the two figures combined make it very | 0:42:30 | 0:42:33 | |
viable from the rental point of view as well, so that's great. | 0:42:33 | 0:42:37 | |
Looking back over the past five years, | 0:42:38 | 0:42:41 | |
how would Bart sum up his experience? | 0:42:41 | 0:42:43 | |
I think that what I've learned from here, and the things I'm actually pleased with, | 0:42:43 | 0:42:47 | |
is the fact that I've had time to look round Cornwall. | 0:42:47 | 0:42:50 | |
And that's why I want to stick at the job and get it finished, | 0:42:50 | 0:42:54 | |
so that I can spend some more time here. | 0:42:54 | 0:42:56 | |
Sadly, that is all we've got time for today, | 0:43:00 | 0:43:02 | |
but there's plenty more property stories to share. | 0:43:02 | 0:43:04 | |
-Yeah, so join us next time. Goodbye! -Goodbye! | 0:43:04 | 0:43:07 |