0:00:02 > 0:00:05It's difficult to judge what the property market is up to these days
0:00:05 > 0:00:08because you can't always believe what you read or hear.
0:00:08 > 0:00:09One thing you could do, though,
0:00:09 > 0:00:12is buzz around the property auctions and see for yourself.
0:00:38 > 0:00:40A wide range of properties sell under the hammer,
0:00:40 > 0:00:43so why not pop down to your local auction room
0:00:43 > 0:00:45and see if they have one that's right for you?
0:00:45 > 0:00:48You might be surprised by the prices.
0:00:48 > 0:00:52So let's see what people bid for on today's show.
0:00:54 > 0:00:57Expect tales of the unexpected today.
0:00:57 > 0:01:00First, a mystery story at this Newcastle bungalow.
0:01:00 > 0:01:04There is something seriously not right with this floor.
0:01:04 > 0:01:09In Kent, this romantic tower brings out my inner fairy-tale princess.
0:01:09 > 0:01:13Rapunzel! Rapunzel! Let down your long hair!
0:01:14 > 0:01:18And in Northern Ireland, it seems that's "all she wrote".
0:01:18 > 0:01:20Right, I'll be off, then!
0:01:20 > 0:01:22Nothing more to say, is there?
0:01:22 > 0:01:24I'm sure I'll think of something!
0:01:26 > 0:01:28All of these properties have been sold at auction.
0:01:28 > 0:01:31We'll find out who bought them and what they paid for them
0:01:31 > 0:01:32when they went under the hammer.
0:01:41 > 0:01:45Today, I'm in Gosforth, to the north of the city of Newcastle upon Tyne.
0:01:45 > 0:01:48It's a busy and long-established commuter area with
0:01:48 > 0:01:51plenty of amenities and a fantastic public transport system
0:01:51 > 0:01:53in the form of the Metro link,
0:01:53 > 0:01:58which runs regular trains to Newcastle and Gateshead.
0:01:58 > 0:02:00And sitting on the fringe of Gosforth
0:02:00 > 0:02:03is the Red House Farm estate.
0:02:03 > 0:02:06It was built largely in the 1950s and is popular with those
0:02:06 > 0:02:09seeking a pleasant suburb in which to bring up their families.
0:02:12 > 0:02:14Well, the property I'm here to see
0:02:14 > 0:02:17sits in this popular residential area.
0:02:17 > 0:02:21£85,000 plus was the guide price for this,
0:02:21 > 0:02:23a two-bedroomed semidetached bungalow.
0:02:25 > 0:02:26Looks all right from the outside.
0:02:26 > 0:02:28In we go.
0:02:28 > 0:02:33Yep, and there's off-street parking and a garage, to boot. Promising!
0:02:36 > 0:02:37OK, now, from my experience,
0:02:37 > 0:02:41bungalows follow one of two basic designs which is corridor to
0:02:41 > 0:02:45a central area, which all the rooms are off, or, like this one,
0:02:45 > 0:02:48where you come into this initial corridor and then similar,
0:02:48 > 0:02:51the rooms sort of come off but in a sort of modern fashion,
0:02:51 > 0:02:53but you know what I mean. Anyway.
0:02:53 > 0:02:56Bedroom one there, bedroom two over that way.
0:02:56 > 0:03:00The bathroom, well, it's all straightaway saying,
0:03:00 > 0:03:06"I need a bit of tender, loving care". Black, Bakelite-type cistern.
0:03:06 > 0:03:10Wow! That definitely dates the property. As does this.
0:03:10 > 0:03:14Look at this light switch. It is definitely original.
0:03:14 > 0:03:17Notice there's no screws or anything.
0:03:17 > 0:03:19My guess is that the entire electrical system is going
0:03:19 > 0:03:22to need to be updated for sure.
0:03:22 > 0:03:26Your front living room area there, and through into the kitchen.
0:03:26 > 0:03:28All in all, it's not a bad size.
0:03:28 > 0:03:33And certainly, in here, it's, yeah, room to grow, so to speak.
0:03:33 > 0:03:36But what it needs is definitely modernisation. Not least the boiler.
0:03:36 > 0:03:39And how's that for bare plumbing?
0:03:39 > 0:03:46# Everyone has pipe dreams... #
0:03:46 > 0:03:49And in this bungalow, it's less of a pipe dream
0:03:49 > 0:03:51and more of a pipe nightmare.
0:03:51 > 0:03:53SPOOKY ECHOING CRASH
0:03:55 > 0:03:58You know, after you've seen as many properties as I have
0:03:58 > 0:04:02over the years, it's the small things that really get you.
0:04:03 > 0:04:07What an intriguing bit of plumbing that is.
0:04:07 > 0:04:10DISCORDANT, JARRING GUITAR
0:04:16 > 0:04:19There is something seriously not right with this floor.
0:04:19 > 0:04:22That bit there, where the door threshold is,
0:04:22 > 0:04:25is higher than this bit here.
0:04:26 > 0:04:28Hmph!
0:04:29 > 0:04:31My guess is that the material
0:04:31 > 0:04:37used as the hardcore for the floor itself has got some problem with it.
0:04:37 > 0:04:40Now, in the past, in certain parts of the country,
0:04:40 > 0:04:45they used mining waste as part of the hardcore, and that,
0:04:45 > 0:04:48over time, creates a chemical reaction which can cause problems.
0:04:48 > 0:04:51I'm not sure that's the situation here,
0:04:51 > 0:04:54but it could explain the fact that something's definitely a bit odd.
0:04:54 > 0:04:56# You really got me!
0:04:56 > 0:04:57- # You really got me!...- #
0:04:57 > 0:05:00It could also explain the rather low guide price
0:05:00 > 0:05:03of £85,000 for this property.
0:05:03 > 0:05:06There can be various reasons for what's called,
0:05:06 > 0:05:09in general terms, concrete cancer.
0:05:09 > 0:05:13It's not just mining waste that can cause concrete to deteriorate.
0:05:13 > 0:05:18Aggregates like flint or fine rocks from the sea bed can cause issues,
0:05:18 > 0:05:22too, as can water penetration, and it can be expensive to fix.
0:05:22 > 0:05:26This renovation is going to be from the ground up.
0:05:26 > 0:05:27Good thing there's only one floor.
0:05:29 > 0:05:33At the rear of the property, a nice-sized little garden.
0:05:33 > 0:05:36But I'm more interested in what some of the neighbours have done,
0:05:36 > 0:05:38which is a single-storey extension,
0:05:38 > 0:05:42which would add a nice bit of extra room to this property.
0:05:42 > 0:05:45You've got this little bit at the end there,
0:05:45 > 0:05:47but I think something here coming out,
0:05:47 > 0:05:50within permitted development rules, of course,
0:05:50 > 0:05:53single-storey, definitely a good thing to do.
0:05:53 > 0:05:57Apart from that, a few nice garden ornaments.
0:05:58 > 0:06:02# All around me are familiar faces
0:06:02 > 0:06:07# Worn-out places, worn-out faces... #
0:06:07 > 0:06:09All in all, this is a neat little bungalow
0:06:09 > 0:06:11and has clearly been a cosy home.
0:06:11 > 0:06:15And, bonus, a cosy shed heated with wind power.
0:06:16 > 0:06:20There's certainly room for updating and extending and adding value.
0:06:22 > 0:06:24What does a local estate agent think
0:06:24 > 0:06:27would make this property more appealing to today's market?
0:06:27 > 0:06:30Ideally, my suggestion for this property would be to
0:06:30 > 0:06:36add on an additional sun lounge/conservatory.
0:06:36 > 0:06:39The most common item these days is a sun lounge.
0:06:39 > 0:06:42Something like that would cost approximately £5,000-£10,000.
0:06:42 > 0:06:45A typical glass conservatory, of course, would be
0:06:45 > 0:06:46something slightly less.
0:06:46 > 0:06:48OK, let's talk figures.
0:06:48 > 0:06:52What could this bungalow, that was guided at £85,000, go for,
0:06:52 > 0:06:54if done up and maybe extended?
0:06:56 > 0:06:59My evaluation for this property with this current footprint, refurbished
0:06:59 > 0:07:04to a high standard, would be approximately £130,000-£140,000.
0:07:04 > 0:07:06If you were to add an extension to the property,
0:07:06 > 0:07:08conservatory/sun lounge,
0:07:08 > 0:07:11my evaluation would be approximately £140,000-£150,000.
0:07:13 > 0:07:16And what about rental valuations?
0:07:16 > 0:07:18My rental valuation for this property, with or without
0:07:18 > 0:07:22a conservatory, would be £550-£600 per calendar month.
0:07:26 > 0:07:29Well, it's a nice enough little bungalow in a good area,
0:07:29 > 0:07:31but those problems with the floor
0:07:31 > 0:07:36would certainly add to any renovation budget and timescales.
0:07:36 > 0:07:40Let's see who went for it, when it went under the hammer.
0:07:43 > 0:07:46Traditional bungalow in a popular residential area.
0:07:46 > 0:07:49I need £78,000, or I'll withdraw.
0:07:49 > 0:07:5178,000, lady sitting down, 78,000.
0:07:51 > 0:07:5479 on the front. 80, 80 to the lady.
0:07:54 > 0:07:5781. 82, 83.
0:07:58 > 0:08:04The lady's bid 82. 82,500 on the front. I'll offer the same for 83.
0:08:04 > 0:08:0883 bid. 83,500 bid, 84.
0:08:08 > 0:08:10The lady sitting down.
0:08:10 > 0:08:16At £84,250, 250 bid. 84,250. 84,500?
0:08:16 > 0:08:20Anybody else at 84,500? I'm selling at 84,250. I'm going once at 84,250.
0:08:22 > 0:08:25I'm going for the second time at 84,250.
0:08:27 > 0:08:30Sold, gentleman on the front row, at £84,250.
0:08:34 > 0:08:40And so, for £84,250, the Gosforth bungalow was bought by Shuweb.
0:08:42 > 0:08:47We last met Shuweb and his little helper, son Maher, in 2012,
0:08:47 > 0:08:50after he bought a three-bedroomed flat in Newcastle
0:08:50 > 0:08:53and turned it around for the rental market.
0:08:53 > 0:08:56He's a former chartered surveyor who now works in the family firm
0:08:56 > 0:08:58with his two brothers.
0:08:58 > 0:09:01They deal with the wholesale and retail part of the business,
0:09:01 > 0:09:05while Shuweb takes care of the property development side.
0:09:05 > 0:09:07Shuweb, great to see you again.
0:09:07 > 0:09:09Nice to see you again, yes.
0:09:09 > 0:09:12- How's it been since the last time we met?- Well, it's been quite busy.
0:09:12 > 0:09:18We've been purchasing quite a few residential flats and houses,
0:09:18 > 0:09:22since the last time, and I've just been busy in getting works done
0:09:22 > 0:09:25and getting them filled up with tenants.
0:09:25 > 0:09:27I know you have drafted in some young help, haven't you?
0:09:27 > 0:09:28I have, yes, my son.
0:09:28 > 0:09:31- How old is he again?- He's ten now.
0:09:31 > 0:09:32And how's he getting on?
0:09:32 > 0:09:34He's getting on really well.
0:09:34 > 0:09:37Whenever he's got some spare time, he likes to shadow us,
0:09:37 > 0:09:40which... I thoroughly enjoy his company anyway.
0:09:40 > 0:09:43But I think it's going to be good for his future,
0:09:43 > 0:09:47that he can be looking after the empire, as such.
0:09:47 > 0:09:50And it's quite an empire, with the family business
0:09:50 > 0:09:54owning around 40 residential and 40 commercial properties.
0:09:54 > 0:09:57Maher is keen to follow in his father's footsteps,
0:09:57 > 0:10:00and this one might be a good one for the learning curve,
0:10:00 > 0:10:03as there's quite a lot of things here needing attention.
0:10:05 > 0:10:08So, what are you going to do with this place to sort it out?
0:10:08 > 0:10:11Obviously it will need new kitchen, new bathroom.
0:10:11 > 0:10:15We'll have to get the roof checked
0:10:15 > 0:10:17and make sure that it's completely watertight.
0:10:17 > 0:10:20And also, with this particular property, which I noted
0:10:20 > 0:10:25on the inspection, is that the concrete floor's quite uneven.
0:10:25 > 0:10:29I think it's quite likely that there's concrete cancer.
0:10:29 > 0:10:31That might be quite a big job.
0:10:31 > 0:10:33It might need quite a bit of floor to come up,
0:10:33 > 0:10:39and then concrete re-laid, but that's been budgeted into the overall costs.
0:10:39 > 0:10:41So, in terms of just the floor, then,
0:10:41 > 0:10:43how much is it going to cost you to put that right?
0:10:43 > 0:10:46Probably about £3,000-£4,000, ballpark.
0:10:46 > 0:10:47I have to ask you one thing.
0:10:47 > 0:10:50Are you going to redo the central heating system,
0:10:50 > 0:10:51including the pipework?
0:10:51 > 0:10:55Yes. Absolutely. The pipework's not too good at the moment
0:10:55 > 0:10:59but I think this is something to do with the floor.
0:10:59 > 0:11:03The original pipes were laid in the floor, and they've corroded
0:11:03 > 0:11:07and the water's seeped into the concrete and made matters worse.
0:11:07 > 0:11:10- There's some classic plumbing, isn't there?- Absolutely, yes.
0:11:10 > 0:11:14Another thing Shuweb is going to have to fix here is the lease,
0:11:14 > 0:11:15because it's short.
0:11:15 > 0:11:17If he wants to sell it on,
0:11:17 > 0:11:20he will need to extend the lease to enable prospective buyers
0:11:20 > 0:11:23to get a mortgage, so I hope he's budgeted for that.
0:11:23 > 0:11:25There's only about 44 years remaining,
0:11:25 > 0:11:27and I think that's why
0:11:27 > 0:11:29we were able to get the property at the price we did,
0:11:29 > 0:11:31but within the auction pack,
0:11:31 > 0:11:33it's clearly stated that we've got
0:11:33 > 0:11:36the option to buy the freehold, for a further £5,000,
0:11:36 > 0:11:41so total spend on purchases and fees is going to be £90,000.
0:11:41 > 0:11:46And I think we've got the budget for the works at about £20,000.
0:11:46 > 0:11:48And when I originally bought this property,
0:11:48 > 0:11:51the idea was just to add it to the portfolio and let it out.
0:11:51 > 0:11:55But we've had some really positive feedback
0:11:55 > 0:11:58from the valuation that we had done,
0:11:58 > 0:12:01and we think, once we've had the works,
0:12:01 > 0:12:03once we've bought the freehold out, it should take a few months,
0:12:03 > 0:12:05and we've had all the works done,
0:12:05 > 0:12:07it should probably be worth about £140,000,
0:12:07 > 0:12:11which is a considerable amount of capital increase in the property,
0:12:11 > 0:12:15so I think this is one that we're going to turn around.
0:12:15 > 0:12:17OK, so if it all goes to plan,
0:12:17 > 0:12:21this one isn't destined to become part of that large portfolio.
0:12:21 > 0:12:24It's going to be more a case of do it up quick,
0:12:24 > 0:12:26sort out the lease and move it on.
0:12:26 > 0:12:28What's the timescale for getting it sorted?
0:12:28 > 0:12:32I think this is probably going to take us about three to four months.
0:12:32 > 0:12:33- Team of builders in here.- Yes.
0:12:33 > 0:12:35- Get working on it. - That's right, yeah.
0:12:35 > 0:12:38- Well, listen, congratulations.- Thank you very much.
0:12:38 > 0:12:40- Good luck with it. As ever.- Thanks.
0:12:42 > 0:12:46A good property, a few problems though, with those floors.
0:12:46 > 0:12:48Is it going to be as simple as it seems,
0:12:48 > 0:12:52just £3,000 to take all these floors out and replace them?
0:12:52 > 0:12:54I wait with bated breath.
0:12:54 > 0:12:57You can find out how it all turns out later in the show.
0:13:03 > 0:13:06Well, if you think Shuweb's got a lot on his plate, wait until
0:13:06 > 0:13:11you see what's here in Harrietsham, Kent, an ancient village mentioned
0:13:11 > 0:13:15in the Domesday Book, which sits on the slopes of the North Downs,
0:13:15 > 0:13:17because on the outskirts of this village
0:13:17 > 0:13:19is something a little bit different.
0:13:23 > 0:13:26The beauty of auctions is that it's a place
0:13:26 > 0:13:29where the unique and unusual can be bought,
0:13:29 > 0:13:31properties which would be hard to value
0:13:31 > 0:13:34as there are no market comparables.
0:13:34 > 0:13:37And this really is such a property. Look!
0:13:37 > 0:13:41It's this water tower, built in 1903.
0:13:41 > 0:13:44Wow! I need to explore.
0:13:50 > 0:13:53For starters, the location is idyllic,
0:13:53 > 0:13:55with views over open countryside.
0:13:56 > 0:14:01The building itself is impressive, if a little basic.
0:14:01 > 0:14:03But the best thing about this,
0:14:03 > 0:14:07it's got full planning permission to convert to residential.
0:14:07 > 0:14:10In 2004, this sold for £120,000.
0:14:11 > 0:14:14But because it's now got planning in place,
0:14:14 > 0:14:20the guide price at auction was £200,000-£220,000.
0:14:20 > 0:14:24Just goes to show, getting planning permission can really add pounds.
0:14:24 > 0:14:27# Oooh... #
0:14:30 > 0:14:33But at the moment, all you'll be getting for your money
0:14:33 > 0:14:38is a square, empty brick shell with a great big metal water tank on top.
0:14:40 > 0:14:45This building is absolutely awesome.
0:14:45 > 0:14:47But it makes me want to say,
0:14:47 > 0:14:48"Rapunzel! Rapunzel!
0:14:48 > 0:14:50"Let down your long hair!"
0:14:52 > 0:14:54# You're my
0:14:56 > 0:14:58# Fairy tale... #
0:15:00 > 0:15:04OK, so it's not exactly a fantastic fairy tale of a building
0:15:04 > 0:15:08right now, but the plans which have been cast are quite promising.
0:15:08 > 0:15:12Now, obviously, the shape of this building presents some issues
0:15:12 > 0:15:14when it comes to converting into a home.
0:15:14 > 0:15:16You've got to imagine living in there.
0:15:16 > 0:15:19Put some floors in, well, you're going to end up with
0:15:19 > 0:15:22lots of small little rooms, just one on top of another
0:15:22 > 0:15:25with lots of space taken up by stairs.
0:15:25 > 0:15:28Not the easiest layout to live with,
0:15:28 > 0:15:31but the plans allow for a large extension
0:15:31 > 0:15:33to be built out here at the rear.
0:15:33 > 0:15:38Now, this will be connected to the tower with a glass entrance - stunning!
0:15:38 > 0:15:40The extension will be single-storey
0:15:40 > 0:15:43with a beautiful curved wall around here,
0:15:43 > 0:15:45and this will house the main living area.
0:15:45 > 0:15:48You've got your lounge, kitchen, dining room and also,
0:15:48 > 0:15:51you'll have two bedrooms with en suites just over there.
0:15:53 > 0:15:57The curved wall of the new extension will also have large glass windows
0:15:57 > 0:15:58to make the most of the views.
0:16:00 > 0:16:03In the old part, the tower, there will be
0:16:03 > 0:16:05a TV room on the ground floor, a study,
0:16:05 > 0:16:08and a third bedroom on the next floor up.
0:16:11 > 0:16:15The second floor will be the master en suite
0:16:15 > 0:16:18and right at the top where the water tank is right now
0:16:18 > 0:16:19will be the master bedroom.
0:16:19 > 0:16:21It sounds great, doesn't it?
0:16:21 > 0:16:25The only downside is, the new extension will take up
0:16:25 > 0:16:29a large chunk of the grounds, leaving a relatively small garden.
0:16:32 > 0:16:35# I love it! #
0:16:35 > 0:16:37The site itself is also within
0:16:37 > 0:16:39an Area of Outstanding Natural Beauty,
0:16:39 > 0:16:43a designation which aims to conserve the beauty,
0:16:43 > 0:16:45flora and fauna of a landscape,
0:16:45 > 0:16:48so some of the nearby trees have preservation orders on them
0:16:48 > 0:16:52and you will suffer a hefty fine if they are damaged or removed.
0:16:52 > 0:16:54And a great deal of emphasis has been placed
0:16:54 > 0:16:57on the planting up of the grounds, which has to be done
0:16:57 > 0:17:02as soon as possible after this development is complete.
0:17:04 > 0:17:06The unusual house has planning permission,
0:17:06 > 0:17:10but whoever builds it will need to comply with lots of restrictions.
0:17:10 > 0:17:14What kind of demand would there be for a house like that?
0:17:14 > 0:17:16We asked a local estate agent for his thoughts.
0:17:17 > 0:17:20Demand for this type of property is high.
0:17:20 > 0:17:22I don't think there would be any trouble finding
0:17:22 > 0:17:26plenty of interested parties, because it is unique
0:17:26 > 0:17:31and yet, it's in such a nicely established, idyllic situation.
0:17:32 > 0:17:36There's still a lot of spending needed to achieve that house.
0:17:36 > 0:17:39Unique, bespoke features usually mean a spiralling budget.
0:17:39 > 0:17:45So, bearing in mind that £200,000-£230,000 guide price
0:17:45 > 0:17:46and the possible build costs,
0:17:46 > 0:17:50what could this house achieve on the market, once it was finished?
0:17:52 > 0:17:55Judging by the plans, the size of the accommodation,
0:17:55 > 0:17:57the location,
0:17:57 > 0:17:59and some other comparable properties that we're
0:17:59 > 0:18:02handling at the moment, I would estimate that it would probably
0:18:02 > 0:18:04achieve something close to £1.1 million.
0:18:06 > 0:18:11This water tower really does offer a very unique opportunity
0:18:11 > 0:18:12to build an unusual home.
0:18:12 > 0:18:17All the hard work's been done, the planning permission's in place,
0:18:17 > 0:18:19so now, all the new owner has to do is build it.
0:18:21 > 0:18:24So, who was tempted by this wonderful tower?
0:18:24 > 0:18:26Not Rapunzel.
0:18:26 > 0:18:28Let's find out who bought it at the auction.
0:18:31 > 0:18:35200 to start me. 200, I'm on the way, I'm obliged.
0:18:35 > 0:18:37200, 205 on my left-hand side.
0:18:37 > 0:18:39210, it's against you.
0:18:39 > 0:18:42210, it's with you. 215. 215.
0:18:42 > 0:18:45£220,000, 218, if it helps you.
0:18:45 > 0:18:49218 I've got. 220, it's with you.
0:18:49 > 0:18:51220, it's against you, again.
0:18:51 > 0:18:57222 in a fresh place, standing at the back corner. 225. 228 I've got.
0:18:57 > 0:19:05230 I have. 232, it's against you. 232. At £230,000 for the first time.
0:19:05 > 0:19:06230 for the second.
0:19:07 > 0:19:10If you're sure you're all done, it's going to be sold.
0:19:10 > 0:19:13£230,000 sitting down, make no mistake, third and final time.
0:19:14 > 0:19:17The water tower, sir, well done.
0:19:17 > 0:19:19That laid-back-looking buyer, Andy,
0:19:19 > 0:19:23managed to capture the former tower for 230,000.
0:19:23 > 0:19:26He runs a consultancy in fire protection
0:19:26 > 0:19:29but has branched out into property over the last six months.
0:19:29 > 0:19:31Handily, he has a team of builders
0:19:31 > 0:19:35from the various companies he runs so, so far, so good.
0:19:37 > 0:19:38Andy, congratulations.
0:19:38 > 0:19:41You certainly like to take on a challenge, don't you?
0:19:41 > 0:19:44I don't know. I don't know if we see it as too much of a challenge.
0:19:44 > 0:19:48But we like to think it's more interesting than a challenge, really.
0:19:48 > 0:19:50So why would you think this isn't a challenge?
0:19:50 > 0:19:53I know a lot of people looking at something like this would
0:19:53 > 0:19:56A, think it's amazing, but B, think, wow,
0:19:56 > 0:19:59I've got to build a house around this.
0:19:59 > 0:20:03My background is, I work as a fire engineering consultant originally.
0:20:03 > 0:20:05I've got various companies that do
0:20:05 > 0:20:10the consultancy in construction and residential a lot, so, yeah,
0:20:10 > 0:20:15my background is pretty heavily construction and property-based.
0:20:15 > 0:20:20Because my normal course of work was working on residential developments
0:20:20 > 0:20:22that were up to 40 storeys high
0:20:22 > 0:20:26and 2,000-unit developments, so it's not something,
0:20:26 > 0:20:29when we look at this, yes, it's got its own intricacies,
0:20:29 > 0:20:32but we don't really see it as... we see it as a challenge,
0:20:32 > 0:20:34but not as something that's daunting.
0:20:34 > 0:20:36So this isn't really going to add that much stress
0:20:36 > 0:20:38to your life, is that what you're saying?
0:20:38 > 0:20:41- I'm not allowed to add any more stress to my life!- Tell me why!
0:20:41 > 0:20:44I've had to take a step back from my other businesses
0:20:44 > 0:20:47- because of stress and various other reasons.- Really?!
0:20:47 > 0:20:49- This is taking a step back?! - Yeah, it is!
0:20:49 > 0:20:51I mean, this is, for me, it's like a hobby, I guess.
0:20:51 > 0:20:55# You got to step back, baby, so I can get along with you... #
0:20:58 > 0:20:59So, Andy has had to take
0:20:59 > 0:21:02a step back from his main business in fire protection
0:21:02 > 0:21:05and is now focusing on property development
0:21:05 > 0:21:07on a much smaller scale instead.
0:21:07 > 0:21:11But smaller scale does not necessarily mean smaller ambition.
0:21:13 > 0:21:15Let's talk about the water tower itself.
0:21:15 > 0:21:17How are you going to turn this around
0:21:17 > 0:21:19and turn it into a beautiful home?
0:21:19 > 0:21:20The ground floor itself,
0:21:20 > 0:21:23I mean, the modern extension is where we're going to try
0:21:23 > 0:21:28and create the sort of living spaces that will be... A lot of people
0:21:28 > 0:21:31nowadays want the open-plan kitchen, your dining, your living space.
0:21:31 > 0:21:34That's going to be the key focus, this great
0:21:34 > 0:21:38sort of sweeping curved-glass view straight out over the countryside.
0:21:38 > 0:21:40That's going to be stunning.
0:21:40 > 0:21:42There's nothing like a beautiful, ergonomic curve in a house.
0:21:42 > 0:21:44It just looks sexy. I love it.
0:21:44 > 0:21:46One of the things we're going to try and do is,
0:21:46 > 0:21:50looking at this house, we've always said it's going to be high spec,
0:21:50 > 0:21:53high budget, so a really good kitchen, it's got to have a kitchen
0:21:53 > 0:21:55with the wow factor and all that sort of stuff.
0:21:55 > 0:21:57Um, and, you know, so that when someone walks in,
0:21:57 > 0:21:59they're not only going to see the view,
0:21:59 > 0:22:04but it's also got to have that sort of impact, that punch.
0:22:04 > 0:22:08# Nothing but the best is good enough for me... #
0:22:11 > 0:22:16It all sounds amazing, but this high-spec finish will come at a cost.
0:22:16 > 0:22:21Andy's budgeting between 230,000-250,000 for the build,
0:22:21 > 0:22:24and it looks like there could be an amendment to the plans as well.
0:22:26 > 0:22:28I think we'll try and make use
0:22:28 > 0:22:30of the sort of space above the new extension.
0:22:30 > 0:22:32I mean, it's going to be a grass roof,
0:22:32 > 0:22:35so it's going to be structurally fairly solid,
0:22:35 > 0:22:38and I'd like to try and develop something like a roof terrace,
0:22:38 > 0:22:41with the grass, so you'd have to take your lawn mower up there
0:22:41 > 0:22:44every now and then, that sort of stuff.
0:22:44 > 0:22:47But it would give you that additional outside space.
0:22:47 > 0:22:49I love the thought of just mowing your roof!
0:22:49 > 0:22:51Well, you know, this is the thing.
0:22:51 > 0:22:55It creates sort of a garden on the roof but it also as well,
0:22:55 > 0:23:00it then really raises you up a level and enhances the view even further.
0:23:03 > 0:23:07Andy's solution to that small garden is a stroke of genius.
0:23:07 > 0:23:10However, it's always risky in terms of time and money
0:23:10 > 0:23:13to try and change planning permission,
0:23:13 > 0:23:16and I'm just worried it could really delay things.
0:23:18 > 0:23:21Come on, how long is it going to take you to build?
0:23:21 > 0:23:25Well, we are sort of estimating probably about six to eight months.
0:23:25 > 0:23:27To build. Probably about eight months.
0:23:27 > 0:23:29It's a shame that we're not going to be building in the summer.
0:23:29 > 0:23:32Going through the winter months with it, so yeah...
0:23:32 > 0:23:35If I drive past, I'll make sure that I bring a hot Thermos of coffee
0:23:35 > 0:23:37- for you to keep you warm. - We might need a few of them!
0:23:37 > 0:23:39Andy, thank you so much for joining us.
0:23:39 > 0:23:43I'm so excited for you and cannot wait to see the finished article.
0:23:43 > 0:23:46- I'm sure it's going to be stunning. - Hopefully.
0:23:46 > 0:23:50The thing that I find interesting is that Andy views this project
0:23:50 > 0:23:53as a step back from stress,
0:23:53 > 0:23:56but developing such a unique building as this
0:23:56 > 0:23:59can often come with its own problems.
0:23:59 > 0:24:01It's an individual structure, after all,
0:24:01 > 0:24:04which has to be adapted for domestic use.
0:24:04 > 0:24:07And unusual homes often take longer to sell.
0:24:07 > 0:24:09So, when the time comes,
0:24:09 > 0:24:14will Andy be able to find a buyer for this quirky property?
0:24:14 > 0:24:17You can find out how he gets on later in the programme.
0:24:19 > 0:24:21Coming up, in Northern Ireland, I'm struck by
0:24:21 > 0:24:23the overwhelming smell of paint.
0:24:23 > 0:24:26That's hopeful. And in fact, wow!
0:24:26 > 0:24:28It looks pretty good.
0:24:30 > 0:24:34But, back in Kent, just "pretty good" is not good enough for Andy.
0:24:34 > 0:24:38We know that we've got to bring out the luxury within the space.
0:24:45 > 0:24:48But first, we're back in Newcastle upon Tyne, or more precisely,
0:24:48 > 0:24:51the northern suburb of Gosforth.
0:24:51 > 0:24:54Only a hop, skip and jump onto the Metro
0:24:54 > 0:24:56for a quick ride into the city centre.
0:24:57 > 0:25:03It was on the pleasant 1950s Red House Farm estate that I met Shuweb.
0:25:03 > 0:25:08He bought this two-bedroomed semidetached bungalow for £84,250.
0:25:08 > 0:25:10Shuweb is a former quantity surveyor
0:25:10 > 0:25:13and now works for his family property business,
0:25:13 > 0:25:15dealing with the development side of things.
0:25:15 > 0:25:19It didn't take a super-sleuth to work out that there was something
0:25:19 > 0:25:21seriously amiss with aspects of this house.
0:25:24 > 0:25:27There is something seriously not right with this floor.
0:25:29 > 0:25:32What an intriguing bit of plumbing that is.
0:25:36 > 0:25:40My guess is that the whole electrical system is going to have to be updated for sure.
0:25:40 > 0:25:44But Shuweb had a good idea of what was wrong.
0:25:44 > 0:25:46Pipework's not too good at the moment.
0:25:46 > 0:25:48That might be quite a big job,
0:25:48 > 0:25:51might need quite a bit of floor to come up and concrete re-laid.
0:25:51 > 0:25:54I think it'll need new kitchen, new bathroom.
0:25:54 > 0:25:57We have to get the roof checked
0:25:57 > 0:26:00and make sure that it's completely watertight.
0:26:00 > 0:26:04It makes you wonder just what bits of the house are going to be kept.
0:26:07 > 0:26:11Would there be anything of the original house left?
0:26:11 > 0:26:14Shuweb estimated a three-to-four-month time frame.
0:26:14 > 0:26:17We return ten months later.
0:26:19 > 0:26:21MUSIC: "You Make Me Feel Brand New" by the Stylistics
0:26:33 > 0:26:36Well, it certainly looks like a brand-new house.
0:26:38 > 0:26:42Even though Shuweb thought he'd do it in half the time, it does seem
0:26:42 > 0:26:44like he's done the place top to bottom.
0:26:47 > 0:26:48Including the floors.
0:26:52 > 0:26:53The doors.
0:26:55 > 0:26:57Even down to the skirting boards.
0:27:00 > 0:27:02We caught up with Shuweb to find out
0:27:02 > 0:27:06if he's been floored by how long this project had taken.
0:27:06 > 0:27:08No sign of son Maher today.
0:27:08 > 0:27:12Well, even budding property developers have to go to school.
0:27:13 > 0:27:17It's been about nine to ten months. It should have been shorter.
0:27:17 > 0:27:20But we had some quite major issues which we were aware of
0:27:20 > 0:27:23but we didn't realise would take as long.
0:27:23 > 0:27:25Shuweb had to extend his time frame
0:27:25 > 0:27:28to get the specialist he wanted to fix the floors.
0:27:28 > 0:27:32Resolving the concrete cancer issue was always going to be a challenge.
0:27:32 > 0:27:36Not only did the floors have to come out, so did about half a metre
0:27:36 > 0:27:42of subfloor, and then a new base had to be laid in several layers.
0:27:42 > 0:27:46There was a metre of dolomite compacted down.
0:27:46 > 0:27:50We then put down a 150mm concrete floor,
0:27:50 > 0:27:53and, on top of that, we put 75mm insulation
0:27:53 > 0:27:56and on top of that a final 75mm of screed.
0:27:56 > 0:28:00With the floor solved, Shuweb could sort out all the other big issues.
0:28:00 > 0:28:03There was very little of this place worth keeping
0:28:03 > 0:28:07and they had to take it back to the shell.
0:28:07 > 0:28:10It was just like a full refurb after that.
0:28:10 > 0:28:13We literally left it to the external walls
0:28:13 > 0:28:17and this main wall in the middle of the building.
0:28:17 > 0:28:19So we then put the walls up
0:28:19 > 0:28:22and then we had the heating fitted,
0:28:22 > 0:28:23we had the electrics done.
0:28:23 > 0:28:29We then plastered the whole house and then the kitchen was put in.
0:28:29 > 0:28:34The bathroom was put in. And then it was decorating and flooring.
0:28:34 > 0:28:38Externally, it was basically just tidy up the gardens
0:28:38 > 0:28:41and the external paintwork that needed doing,
0:28:41 > 0:28:43just to tidy up the property.
0:28:43 > 0:28:46This last week has been quite a difficult week getting it
0:28:46 > 0:28:52finished off and, yes, there was definitely, like, major relief
0:28:52 > 0:28:55when the job was finished.
0:28:55 > 0:28:58Shuweb actually had £25,000 to spend,
0:28:58 > 0:29:01including £5,000 for the freehold.
0:29:01 > 0:29:04However, he decided not to buy that
0:29:04 > 0:29:07so how does he feel about having spent £21,000?
0:29:07 > 0:29:11When it comes to the budget, I'm actually quite pleased
0:29:11 > 0:29:13because I came in under budget.
0:29:13 > 0:29:17That's probably down to finding the right company that did the floor.
0:29:18 > 0:29:23After all that hard work and a total spend of £105,250,
0:29:23 > 0:29:26I'm sure Shuweb will be eager to hear the valuations
0:29:26 > 0:29:29of the estate agents that we've invited along.
0:29:30 > 0:29:35I think it has had a dramatic overhaul.
0:29:35 > 0:29:38It's very modernised compared to what it was previously,
0:29:38 > 0:29:41from what I've seen, photographic-wise.
0:29:41 > 0:29:44And I think it's been done out to a very high standard.
0:29:44 > 0:29:46The kitchen's done to a really good specification,
0:29:46 > 0:29:48as well as the bathroom, actually.
0:29:48 > 0:29:51I quite like that fully tiled, modern finish.
0:29:51 > 0:29:54There's very much a demand for this type of property in the area.
0:29:54 > 0:29:57There is probably what you could call a lack of supply
0:29:57 > 0:30:00and whether it's brought to the market for sale or to let,
0:30:00 > 0:30:01I would expect quite high demand.
0:30:01 > 0:30:03That's good news!
0:30:03 > 0:30:07So, what might Shuweb expect if he rented?
0:30:07 > 0:30:11Rental-valuation wise, you are looking at £600 per calendar month,
0:30:11 > 0:30:12within this area.
0:30:12 > 0:30:16Rental-wise, I would expect a figure in the region of £600-£700,
0:30:16 > 0:30:18per calendar month.
0:30:18 > 0:30:22With a rental estimate of £600-£700 per calendar month,
0:30:22 > 0:30:27that would provide a rental yield of about seven to eight per cent.
0:30:27 > 0:30:31I think that's really good. I estimated it to be about £650,
0:30:31 > 0:30:34so I think they're pretty bang-on.
0:30:34 > 0:30:37And if he wanted to sell the property?
0:30:37 > 0:30:43Sales-wise, I feel I could achieve anywhere from £135,000 to
0:30:43 > 0:30:45£145,000 on the open market.
0:30:45 > 0:30:50I would suggest an asking price of £120,000 to £130,000.
0:30:50 > 0:30:53I feel that's a little bit conservative, to be fair.
0:30:53 > 0:30:58I kind of think that it's really between 145 to 150.
0:30:58 > 0:31:01Shuweb has had his own valuation done,
0:31:01 > 0:31:06and the house is currently on the market for £149,900,
0:31:06 > 0:31:09which would give him a profit, minus the usual taxes and fees,
0:31:09 > 0:31:11of almost £45,000.
0:31:14 > 0:31:18This project's been very much a good success.
0:31:18 > 0:31:23From my initial purchase costs of the building,
0:31:23 > 0:31:25adding on the renovation costs,
0:31:25 > 0:31:29there's a good profit margin in there for me.
0:31:29 > 0:31:32So, yes, it's been a fruitful project.
0:31:40 > 0:31:44So will I find as profitable a venture here?
0:31:44 > 0:31:47I'm in Northern Ireland, ten miles from Belfast.
0:31:47 > 0:31:49This is Scrabo Tower,
0:31:49 > 0:31:53and it stands high above the town of Newtownards in County Down.
0:31:53 > 0:31:56The tower was built in memory of Charles Stewart,
0:31:56 > 0:32:003rd Marquess of Londonderry in recognition of his kindness
0:32:00 > 0:32:02to his tenants during the Great Famine.
0:32:02 > 0:32:05About a mile from the centre of town,
0:32:05 > 0:32:08surrounded by some really nice countryside,
0:32:08 > 0:32:09is the property I'm here to see.
0:32:09 > 0:32:14Straightaway, you get a really good feeling about the location.
0:32:14 > 0:32:17It's sort of open and in this cul-de-saccy bit here.
0:32:17 > 0:32:20This is the property - looks OK from the outside.
0:32:20 > 0:32:25Three bedrooms, £45,000 was the guide price.
0:32:25 > 0:32:27Hmm.
0:32:28 > 0:32:30Roof and windows look perfectly OK.
0:32:32 > 0:32:36It's not a lot of money, so, my expectations are fairly low,
0:32:36 > 0:32:39so straight through the front door and...
0:32:39 > 0:32:42hit by an overwhelming smell -
0:32:42 > 0:32:45not of damp, as you might expect -
0:32:45 > 0:32:48but of paint. That's hopeful!
0:32:48 > 0:32:51And, in fact, wow - it looks pretty good.
0:32:51 > 0:32:54Little things - glanced up at the fuse box,
0:32:54 > 0:32:57and that looks fairly state-of-the-art,
0:32:57 > 0:33:01so, wow! Looks like there's been a rewire.
0:33:01 > 0:33:03Glancing into the front living room there...
0:33:03 > 0:33:06looks to be in fairly good condition - nice new floor.
0:33:06 > 0:33:08New double glazing.
0:33:08 > 0:33:10New stair carpet.
0:33:10 > 0:33:13Through to the kitchen and...wow!
0:33:15 > 0:33:17Would you look at that?
0:33:17 > 0:33:19Brand-new kitchen.
0:33:19 > 0:33:22Big space, loads of room for a dining table or whatever.
0:33:25 > 0:33:27Right, I'll be off then!
0:33:27 > 0:33:30Nothing more to say, is there?!
0:33:30 > 0:33:34MUSIC: "Nothing Left For Me To Say" by Cliff Richard
0:33:39 > 0:33:41Really, I am gobsmacked.
0:33:41 > 0:33:44How often do you come across a property like this?
0:33:44 > 0:33:47Surely...surely there has to be a catch.
0:33:49 > 0:33:53Let's take a look up here, see if this sparkle continues.
0:33:53 > 0:33:56Um, it's been done in very neutral colours.
0:33:56 > 0:34:01Um... I'm not sure if the walls have been stripped,
0:34:01 > 0:34:03as we have this lovely woodchip,
0:34:03 > 0:34:05but white and magnolia definitely does the job.
0:34:05 > 0:34:07There's a great feeling of space up here -
0:34:07 > 0:34:10you've got your three bedrooms, a nice little landing area.
0:34:10 > 0:34:13Bathroom - looks like that's been refurbished.
0:34:13 > 0:34:17Not to a supremely high standard, but it's perfectly serviceable.
0:34:19 > 0:34:21Possible fly in the ointment - you know
0:34:21 > 0:34:26I said the electrics looked like they were bang up to date?
0:34:26 > 0:34:28Look at the light switch.
0:34:28 > 0:34:30And glancing down at some of the sockets...
0:34:30 > 0:34:35It looks like they're not new.
0:34:35 > 0:34:36So what's happened there?
0:34:36 > 0:34:39It could be that someone has just replaced the consumer
0:34:39 > 0:34:43units by the front door and not actually done the wiring.
0:34:43 > 0:34:45On the face of it though, it's pretty good
0:34:45 > 0:34:48and any decent electrician would have had to sign off
0:34:48 > 0:34:50the electrics, so maybe I'm creating too much of a problem.
0:34:50 > 0:34:54It's just something to be aware of.
0:34:54 > 0:34:56Am I trying to find fault? Well, maybe,
0:34:56 > 0:34:59but it seems too good to be true.
0:34:59 > 0:35:02What about the outside space?
0:35:03 > 0:35:05Through the kitchen and out the back of the property,
0:35:05 > 0:35:08little downstairs loo, which is useful.
0:35:08 > 0:35:13And then, a really pleasant back yard area.
0:35:13 > 0:35:17You've got views across to the hills there, which is nice.
0:35:17 > 0:35:18Just a few little details.
0:35:18 > 0:35:21I like this stonework - it's fairly low-maintenance,
0:35:21 > 0:35:26so if you're looking at renting this place out then that's good news.
0:35:26 > 0:35:30Another little bonus - a parking area out back there,
0:35:30 > 0:35:31accessed by this gate.
0:35:31 > 0:35:36It just adds to what is already a very practical little house.
0:35:37 > 0:35:40Practical and pristine - well, more or less.
0:35:40 > 0:35:44But how does it stand up in the Northern Ireland market?
0:35:44 > 0:35:47I need a local property expert to tell me
0:35:47 > 0:35:51more about the Newtownards estates.
0:35:51 > 0:35:53It's an ex-local authority estate,
0:35:53 > 0:35:56build about the 1970s for social housing, primarily.
0:35:56 > 0:35:59Probably about 50% of it now would be privately owned.
0:35:59 > 0:36:01It's fairly close to local primary schools,
0:36:01 > 0:36:02one either side of the estate,
0:36:02 > 0:36:05and it's close to all the local town centre amenities.
0:36:05 > 0:36:07Transport links to the area are very good.
0:36:07 > 0:36:10There's a busy bus service goes straight past the end of the road
0:36:10 > 0:36:13and main bus services are just out on the main road.
0:36:13 > 0:36:14Once you get into the town centre,
0:36:14 > 0:36:17you've got connections to Belfast and beyond
0:36:17 > 0:36:21and the local train station's just five miles away in Bangor.
0:36:21 > 0:36:23Handy for the town and transport,
0:36:23 > 0:36:28and handy for the schools. But what about the property itself?
0:36:28 > 0:36:29With regards to the property,
0:36:29 > 0:36:31there's not too many negatives at all.
0:36:31 > 0:36:32It's in a fairly good standard.
0:36:32 > 0:36:34It could be rented as it sits.
0:36:34 > 0:36:35It would even resell as it sits.
0:36:35 > 0:36:37If you wanted to achieve best price,
0:36:37 > 0:36:39you might want to attend to the woodchip paper,
0:36:39 > 0:36:43cos that can be a negative in some people's eyes.
0:36:43 > 0:36:45Yep, Lucy and I are with the agent on that.
0:36:45 > 0:36:48If this property was given a little bit of attention,
0:36:48 > 0:36:51how much would it fetch on the open market?
0:36:52 > 0:36:55I would put it on the market with an asking price
0:36:55 > 0:36:56in the region of £65,000,
0:36:56 > 0:37:00expecting to achieve between 60,000 and 65,000 as a sale price.
0:37:00 > 0:37:03All great news for this rather smart Newtownards residence,
0:37:03 > 0:37:07and would it have the same rosy glow in rental terms?
0:37:07 > 0:37:10This property would make an excellent rental.
0:37:10 > 0:37:12It's in the ideal location, really, for that sort of market
0:37:12 > 0:37:14and in its present condition it's ready for let,
0:37:14 > 0:37:18so you should be able to achieve in the region of £425-£450
0:37:18 > 0:37:19per calendar month.
0:37:19 > 0:37:22Great stuff, but what's the best course of action
0:37:22 > 0:37:25if you own this property?
0:37:25 > 0:37:28If it was my property, I would probably rent it, I think.
0:37:28 > 0:37:31With the market on the turn and prices beginning to rise,
0:37:31 > 0:37:32this is the ideal time to be holding property
0:37:32 > 0:37:35rather than selling at the bottom of the market
0:37:35 > 0:37:38and I think in years to come they'll make a good return on it.
0:37:40 > 0:37:42Well, what a pleasant surprise this place is.
0:37:42 > 0:37:46Now, you may have thought the fact it's in pretty fantastic condition
0:37:46 > 0:37:49would make it a very popular lot at the auction,
0:37:49 > 0:37:52but sometimes it works the other way - people like to buy properties
0:37:52 > 0:37:55they can add value to, and that's not necessarily a bad strategy.
0:37:55 > 0:37:57However, with this one,
0:37:57 > 0:38:00the great thing is you can either move into it as it is
0:38:00 > 0:38:02or start renting it out straightaway.
0:38:02 > 0:38:04So I think it's a fantastic one to go for.
0:38:04 > 0:38:07Let's see who agreed when it went under the hammer.
0:38:08 > 0:38:10We have 45,000 in the room.
0:38:10 > 0:38:13Is there 45? Do we have 45,000?
0:38:13 > 0:38:16Someone like to get us away at 40? Do we have 40,000?
0:38:16 > 0:38:17Is there 40,000?
0:38:17 > 0:38:2140,000, thank you. Any advance on £40,000?
0:38:21 > 0:38:2542, thank you, at the back at 42,000. Any advance on 42,000?
0:38:25 > 0:38:28Standing at the back at 42. Any advance on the 42,000 we have?
0:38:28 > 0:38:31Any advance on the 42,000 we have?
0:38:31 > 0:38:34Going to try it at 42. Any advance on the 42? All sure?
0:38:34 > 0:38:36Last call at 42.
0:38:36 > 0:38:39We'll try it for you at the back at 42,000. Number there, please?
0:38:39 > 0:38:42Those bidders at the back who we couldn't quite see
0:38:42 > 0:38:46had to negotiate, as the house didn't quite reach its reserve.
0:38:47 > 0:38:51But the deal was struck later for that £42,000 bid
0:38:51 > 0:38:53by David and his son Andrew.
0:38:56 > 0:38:58Andrew, David, great to meet you both.
0:38:58 > 0:39:01- Congratulations.- Thank you.
0:39:01 > 0:39:03Tell me, what happened there then?
0:39:03 > 0:39:06Cos you didn't actually get it, did you?
0:39:06 > 0:39:08We didn't actually buy it in the auction, no.
0:39:08 > 0:39:11Our strategy was we wanted to buy it with a mortgage and,
0:39:11 > 0:39:13obviously, if you go through the auction process, that's
0:39:13 > 0:39:16not really... You have to work to their timescale.
0:39:16 > 0:39:18So the property didn't sell in the auction.
0:39:18 > 0:39:20We were able to negotiate it afterwards
0:39:20 > 0:39:22and sort of work to our own timescale.
0:39:22 > 0:39:24But our story with this property is a bit of an interesting one.
0:39:24 > 0:39:27I mean, we tried to buy it about eight months ago,
0:39:27 > 0:39:28a mortgage offer once again.
0:39:28 > 0:39:32But, unfortunately, someone came at the last minute with the cash,
0:39:32 > 0:39:34a cash offer and the vendor at the time wanted to take that.
0:39:34 > 0:39:36So we were sort of disappointed.
0:39:36 > 0:39:40David and Andrew were pipped to the post when they tried to buy
0:39:40 > 0:39:44this before, but as it turns out, that worked in their favour.
0:39:44 > 0:39:48The new owner did all this work and then put it back into the auction.
0:39:48 > 0:39:51So, they've definitely lucked out here.
0:39:51 > 0:39:54And, a bit of homework has paid off too.
0:39:54 > 0:39:57At that time you'd made a few inquiries, spoke to some neighbours
0:39:57 > 0:40:00and found the old tenant that used to live in this house.
0:40:00 > 0:40:02I actually was able to get a few inquiries
0:40:02 > 0:40:04and track down the tenant,
0:40:04 > 0:40:07because that person is an asset to the profitability of the business.
0:40:07 > 0:40:09Your tenant controls your profitability.
0:40:09 > 0:40:11The best tenant is the previous tenant.
0:40:11 > 0:40:13She wanted to move back in if we were to buy it.
0:40:13 > 0:40:15So we've now got a completed house
0:40:15 > 0:40:18and the previous tenant wants to move back in.
0:40:18 > 0:40:19- So, it's sort of win-win for us.- Wow!
0:40:19 > 0:40:22What an amazing set of circumstances!
0:40:22 > 0:40:24This isn't the first time father and son
0:40:24 > 0:40:27have matched their tenant to the property.
0:40:27 > 0:40:30This is the second one we've bought with the tenant in mind.
0:40:30 > 0:40:32The last one came with the tenant already in it.
0:40:32 > 0:40:34There were three open viewings.
0:40:34 > 0:40:36First viewing, sent my dad, "Look at the house."
0:40:36 > 0:40:38Looked at the house, "This looks good."
0:40:38 > 0:40:40"Go back and see if the tenant wants to still live in it."
0:40:40 > 0:40:42"How long have you lived here?" "17 years.
0:40:42 > 0:40:44"I'm scared I'll lose my home."
0:40:44 > 0:40:46Their first home. She wanted to stay there.
0:40:46 > 0:40:49That gave us the confidence, "If we buy it, will you stay?"
0:40:49 > 0:40:51So we bought over a new tenancy agreement with us
0:40:51 > 0:40:53- and everyone's happy.- Bingo.
0:40:53 > 0:40:56Not only is this good business, it's business with a heart
0:40:56 > 0:40:59and I really like this strategy.
0:40:59 > 0:41:01So how many properties have they got?
0:41:01 > 0:41:04This is number three or number four.
0:41:04 > 0:41:06You've lost track already?
0:41:06 > 0:41:08- Well, we sold one in-between.- OK.
0:41:08 > 0:41:10We actually bought a house that went to auction in London.
0:41:10 > 0:41:13But we bought it. It was a property in Northern Ireland.
0:41:13 > 0:41:15So I think that sort of allowed us
0:41:15 > 0:41:18to capitalise on that, the fact nobody knew about these houses.
0:41:18 > 0:41:22Going to London auctions and bought that, sold it.
0:41:22 > 0:41:24The sort of profit we made there allowed me
0:41:24 > 0:41:26to buy my own house in London.
0:41:26 > 0:41:28So, was it done up as you would have done it up?
0:41:28 > 0:41:31It's done up as we would have done it up for investment.
0:41:31 > 0:41:33I think the new tenant would like...
0:41:33 > 0:41:35She's a bit contemporary in her outlook.
0:41:35 > 0:41:38I think she wants to redecorate up her own pattern.
0:41:38 > 0:41:39But we don't mind that.
0:41:39 > 0:41:41# Every one's a winner, baby
0:41:41 > 0:41:44- # That's the truth - # That's the truth... #
0:41:44 > 0:41:46So, everyone really is a winner.
0:41:46 > 0:41:49With their new/former tenant moving in, any decorating will be
0:41:49 > 0:41:54done by her and she gets to put her own stamp on her old home.
0:41:54 > 0:41:57Andrew and David only really need to tidy up the garden,
0:41:57 > 0:42:00and hand the former tenant a paintbrush.
0:42:01 > 0:42:06And what about the budget? Is there a budget? 50 quid?
0:42:06 > 0:42:09Yeah. Well, like I said, we initially had a budget
0:42:09 > 0:42:12when we initially wanted to buy it to do it up.
0:42:12 > 0:42:13We had a £5,000 budget.
0:42:13 > 0:42:16But now, there's not really any need and that'll be it.
0:42:16 > 0:42:18Probably the first month's rent will cover whatever
0:42:18 > 0:42:21- we need to do out the back. So we're happy.- Good.
0:42:21 > 0:42:23The only thing I was a bit concerned about is it
0:42:23 > 0:42:26looks like there's a new electric consumer unit, but it doesn't look
0:42:26 > 0:42:29like they bothered to change the light switches or the sockets.
0:42:29 > 0:42:31Do you know what has gone on there?
0:42:31 > 0:42:33I haven't had a chance to look any deeper into that,
0:42:33 > 0:42:35- but the lights are working.- OK, then.
0:42:35 > 0:42:37HE LAUGHS
0:42:37 > 0:42:40That's all right, then. Listen, congratulations. Good luck.
0:42:40 > 0:42:42- A pleasure to meet you, yes. - Lovely to meet you, too.
0:42:42 > 0:42:45I look forward to hearing how it all turns out.
0:42:45 > 0:42:47- Maybe you come back, transformed this place.- Yeah, probably.
0:42:47 > 0:42:49LAUGHTER
0:42:49 > 0:42:51I think it'll be just the same. It's great.
0:42:51 > 0:42:53Well, what an interesting turn-up for the books
0:42:53 > 0:42:57and a great result for David and Andrew.
0:42:57 > 0:42:59They got the house they wanted,
0:42:59 > 0:43:04but renovated and with a tenant who wants to move in. Absolutely ideal.
0:43:04 > 0:43:06I don't suppose there'll be many changes when we come back,
0:43:06 > 0:43:08but you never know.
0:43:08 > 0:43:11Find out what happens later in the show.
0:43:15 > 0:43:17Well, the seasons may have changed,
0:43:17 > 0:43:19but have the properties changed as well?
0:43:19 > 0:43:22Or have they remained exactly the same?
0:43:22 > 0:43:25It's the moment of truth. Let's find out.
0:43:27 > 0:43:30It's now back to Harrietsham in Kent, where earlier,
0:43:30 > 0:43:33we came across this impressive auction lot,
0:43:33 > 0:43:35a 110-year-old water tower,
0:43:35 > 0:43:39which had planning permission to be turned into a residential home.
0:43:39 > 0:43:42Not a weekend job for a DIY enthusiast.
0:43:42 > 0:43:45More a full-scale redevelopment project
0:43:45 > 0:43:48for an experienced developer.
0:43:48 > 0:43:53Enter Andy, who bought this quirky project for 230,000.
0:43:53 > 0:43:56He was in the fire protection consultancy business,
0:43:56 > 0:43:58but had decided that property development
0:43:58 > 0:44:00was a less stressful option.
0:44:00 > 0:44:04He was confident his knowledge and contacts in the construction field
0:44:04 > 0:44:08would help him bring the ambitious plans for the tower to life.
0:44:08 > 0:44:11This was only his second major development project,
0:44:11 > 0:44:15but he seemed to be taking a very laid-back attitude to it.
0:44:15 > 0:44:18So this isn't really going to add that much stress to your life,
0:44:18 > 0:44:22- is that what you're saying, what you hope for?- I'm not allowed to add any more stress.- Tell me why.
0:44:22 > 0:44:26I've had to take a step back from my other businesses, um,
0:44:26 > 0:44:28- because of stress and various other reasons.- Really?
0:44:28 > 0:44:30- This is taking a step back?! - Yeah, it is.
0:44:30 > 0:44:33I mean, this is, for me, it's like a hobby, I guess.
0:44:33 > 0:44:37If this job doesn't look stressful, I don't know what is.
0:44:37 > 0:44:40Andy's hoping to produce a high-end product
0:44:40 > 0:44:46for the top of the property market, on a budget of 230,000 to 250,000
0:44:46 > 0:44:49and with a completion date of six to eight months.
0:44:49 > 0:44:5215 months later, we've come back to find out
0:44:52 > 0:44:56if this project has been a towering success.
0:44:58 > 0:45:00And as you might have predicted,
0:45:00 > 0:45:04with such an ambitious project, it's still a work in progress.
0:45:04 > 0:45:10However, what there is to see is very exciting indeed.
0:45:10 > 0:45:15This tower now has fantastic double-height windows.
0:45:15 > 0:45:17What was once gloomy...
0:45:17 > 0:45:20is now a fantastic, light space.
0:45:20 > 0:45:24And the spiral staircase, well, it's just amazing,
0:45:24 > 0:45:26going up through four floors
0:45:26 > 0:45:28and flooded with light from those windows.
0:45:28 > 0:45:31And when you get to the top, well,
0:45:31 > 0:45:33even though it's not finished yet...
0:45:33 > 0:45:35Wow, look at that!
0:45:37 > 0:45:40We're currently extending the last measurement on top of the tower.
0:45:40 > 0:45:43Um, so we're looking at the top of the spiral staircase,
0:45:43 > 0:45:45as it's being installed.
0:45:45 > 0:45:49So we've had to extend the roofline outwards, to avoid the staircase.
0:45:49 > 0:45:52But one of the benefits that we get is you can now walk right up
0:45:52 > 0:45:54to the front of the roof elevation and look straight down
0:45:54 > 0:45:58over what would be the sedan roof on the full extension.
0:45:58 > 0:46:01And you benefit from the views. You can look out from here.
0:46:04 > 0:46:07Had Andy hoped things would be further on?
0:46:07 > 0:46:09We've been fairly happy with progress.
0:46:09 > 0:46:11We've stuck to pretty much the original planning.
0:46:11 > 0:46:14We haven't tried to push the envelope too much,
0:46:14 > 0:46:16because we understood there was planning issues on the site.
0:46:16 > 0:46:19So the finish that we're looking for is a very high-spec
0:46:19 > 0:46:21finish throughout the property.
0:46:21 > 0:46:24The type of market that we're trying to put this out to,
0:46:24 > 0:46:26we know that we've got to really
0:46:26 > 0:46:29sort of bring out the luxury within the spaces.
0:46:29 > 0:46:32And a part of making this luxury home
0:46:32 > 0:46:34is that new ground-floor extension,
0:46:34 > 0:46:36connected to the tower by this hallway,
0:46:36 > 0:46:38still under construction.
0:46:38 > 0:46:41This is the open-planned living space, so over to here
0:46:41 > 0:46:45we have the kitchen, a German-made kitchen for this section,
0:46:45 > 0:46:49and then basically, it's completely open-plan, through the living space,
0:46:49 > 0:46:52we're going to have a wood-burning stove over in this part,
0:46:52 > 0:46:55because the intention is for basically this,
0:46:55 > 0:46:56the entire extension
0:46:56 > 0:47:01is a modern extension to what is the old tower.
0:47:01 > 0:47:05So when we have the full glass sliding openings,
0:47:05 > 0:47:07they're going, following the curvature,
0:47:07 > 0:47:10so they are actually curved sliding doors as well,
0:47:10 > 0:47:14which is, er, taking a bit of time to get to grips with the glass,
0:47:14 > 0:47:15but hopefully we're finally getting there,
0:47:15 > 0:47:18but it should look absolutely fantastic.
0:47:20 > 0:47:24Below the master bedroom on the second floor is the main bathroom.
0:47:24 > 0:47:27Beneath that, on the first is another bedroom.
0:47:27 > 0:47:30And on the ground floor, a reception room.
0:47:31 > 0:47:34Andy has project-managed the development
0:47:34 > 0:47:37and it hasn't been as stress-free as he'd hoped.
0:47:37 > 0:47:40You know, we've had a few stressful points.
0:47:40 > 0:47:44The windows in particular have been pretty stressful elements of the project,
0:47:44 > 0:47:48but we just sort of roll with the punches, I guess is what you'd say.
0:47:48 > 0:47:51A 14-month delay was also down to the team
0:47:51 > 0:47:55going on to three other developments that Andy has on the go.
0:47:55 > 0:47:57But getting this development finally finished
0:47:57 > 0:48:00could lie in the hands of whoever wants to buy it.
0:48:00 > 0:48:03We could effectively finish this within the next six to eight weeks.
0:48:03 > 0:48:06A lot of it depends whether we get interest on the market,
0:48:06 > 0:48:08cos we've already put it on the market now.
0:48:08 > 0:48:10We're looking for a buyer that potentially might want to
0:48:10 > 0:48:14put their own stamp on the internal finishes.
0:48:14 > 0:48:19Andy originally set 230-250,000 for the work but in order to increase
0:48:19 > 0:48:23the appeal of the property, with its high-end finish,
0:48:23 > 0:48:26upped it to 380,000.
0:48:26 > 0:48:28So, was that enough for the job?
0:48:28 > 0:48:34We're currently around about looking at finishing at 405,000.
0:48:34 > 0:48:37So we're about 25,000 over the budget that was revised.
0:48:37 > 0:48:42Erm, but that's still including the purchase cost and the rest of it,
0:48:42 > 0:48:46we're more than happy with the budget we've come out with.
0:48:46 > 0:48:49And with that purchase price of 230,000,
0:48:49 > 0:48:54the total outlay should be around £635,000.
0:48:54 > 0:48:56It's a big spend,
0:48:56 > 0:48:59so time to find out from two local estate agents if this development
0:48:59 > 0:49:03will have what it takes to impress the local property market.
0:49:03 > 0:49:05First, the agent who saw the property
0:49:05 > 0:49:07originally before the work began.
0:49:08 > 0:49:11Well, it seems to be going according to plan, doesn't it?
0:49:11 > 0:49:13It's remarkable!
0:49:13 > 0:49:15It's a real transformation and I think what they've done
0:49:15 > 0:49:17so far is absolutely spot-on!
0:49:19 > 0:49:21I've had a look around the site today and I really love it!
0:49:21 > 0:49:24What stands out for me is the kitchen area.
0:49:24 > 0:49:26I think once that is finished,
0:49:26 > 0:49:28cos obviously at the moment it's a building site,
0:49:28 > 0:49:32the views over the fields are going to be very, very nice.
0:49:32 > 0:49:36It's a very non-standard layout but then it's not a standard house,
0:49:36 > 0:49:39is it? It's a quirky property, it's an interesting property.
0:49:39 > 0:49:43So, therefore, the accommodation is going to be a little bit unusual.
0:49:43 > 0:49:46But it does work because it is so unusual.
0:49:46 > 0:49:48But will this project make a profit?
0:49:48 > 0:49:53Remember, the spend is estimated to be 635,000.
0:49:53 > 0:49:56So, what could the water tower make when sold on?
0:49:56 > 0:49:59Finished to the standard that I believe it's going to be
0:49:59 > 0:50:04finished, I would imagine selling it for about £1.25 million.
0:50:05 > 0:50:08I would value this property in the region of £1.3 million.
0:50:08 > 0:50:10Yeah, they're great figures.
0:50:11 > 0:50:15Our original sale value that we were looking at was £900,000.
0:50:15 > 0:50:18You know, as a conservative sale.
0:50:19 > 0:50:23Erm, but obviously now with those figures, yeah, it's great!
0:50:23 > 0:50:25You're right there, Andy!
0:50:25 > 0:50:27If those valuations are achieved,
0:50:27 > 0:50:32then the project could make up to 565,000. A staggering profit!
0:50:32 > 0:50:37And it's down to Andy finding a rough gem of a building.
0:50:37 > 0:50:39And it sounds as if quirky buildings are going to
0:50:39 > 0:50:41be his house speciality.
0:50:41 > 0:50:43Well done!
0:50:43 > 0:50:46We're going to keep looking for these sort of bespoke projects.
0:50:46 > 0:50:48It's more interesting for us
0:50:48 > 0:50:51and I personally think it's actually much easier for us
0:50:51 > 0:50:53to sell these types of projects.
0:50:53 > 0:50:57We can't compete with the big housing developers
0:50:57 > 0:51:00and that sort of stuff, I don't want to.
0:51:00 > 0:51:02So, it keeps it interesting.
0:51:05 > 0:51:08And from Andy's tower to Scrabo Tower,
0:51:08 > 0:51:12which overlooks Newtownards in County Down, Northern Ireland.
0:51:12 > 0:51:16Earlier we saw a property here that was just as interesting
0:51:16 > 0:51:19but for an entirely different reason.
0:51:19 > 0:51:22This is where I met David and his son, Andrew.
0:51:22 > 0:51:27They bought this three-bedroom mid-terraced villa for £42,000,
0:51:27 > 0:51:30with the intention of renting, and David
0:51:30 > 0:51:33and Andrew knew exactly how to find their tenant,
0:51:33 > 0:51:35they just tracked down the old one.
0:51:35 > 0:51:38That person is an asset to the profitability of the business.
0:51:38 > 0:51:40Your tenant controls your profitability.
0:51:40 > 0:51:42The best tenant is the previous tenant.
0:51:42 > 0:51:45She wanted to move back in if we were to buy it.
0:51:45 > 0:51:49They tried to buy the house before but lost out to another buyer.
0:51:49 > 0:51:51This new owner did the house up
0:51:51 > 0:51:53and decided to put it back on the market.
0:51:53 > 0:51:58David and Andrew made sure they bought it second time around.
0:51:58 > 0:52:00So, we've now got a completed house and the previous tenant
0:52:00 > 0:52:03wants to move back in, so it's win-win for us.
0:52:03 > 0:52:06Wow! What an amazing set of circumstances!
0:52:06 > 0:52:09# Moving home, it's magic! #
0:52:09 > 0:52:11And as if by magic,
0:52:11 > 0:52:15not only did they buy a house with virtually nothing to do to it,
0:52:15 > 0:52:19they even conjured up a tenant who was happy to do her own bit.
0:52:19 > 0:52:21I think the new tenant would like to...she's a bit
0:52:21 > 0:52:23contemporary in her outlook, I think.
0:52:23 > 0:52:25She wants to redecorate her own, sequence her own pattern
0:52:25 > 0:52:27but we don't mind that.
0:52:27 > 0:52:29The main thing left for Andrew
0:52:29 > 0:52:31and David to do was sort out the back garden.
0:52:31 > 0:52:33How would they get on?
0:52:35 > 0:52:39Two months later and the only challenge, that back yard,
0:52:39 > 0:52:41has been tackled.
0:52:41 > 0:52:44I'm not sure I would have elected to have a concrete back garden, it's
0:52:44 > 0:52:49not exactly environmentally friendly, but the trip hazards have now gone.
0:52:49 > 0:52:54And the house itself, it's been transformed into a home.
0:52:54 > 0:52:57MUSIC: "Home is Where the Heart is" by McFly
0:52:57 > 0:53:01# Home is where the heart is
0:53:03 > 0:53:05# It's where we started
0:53:05 > 0:53:08# Where we belong
0:53:10 > 0:53:15# Singing, home, home, home. #
0:53:18 > 0:53:20And something's happened to the roof.
0:53:20 > 0:53:22We'll find out about that in a moment, but first,
0:53:22 > 0:53:25what does David think of the tenant's efforts?
0:53:26 > 0:53:28I think it's absolutely brilliant.
0:53:28 > 0:53:30I actually wouldn't mind living here myself,
0:53:30 > 0:53:32she's done such a good job, really she has!
0:53:32 > 0:53:35She's the ideal tenant for the house, she used to live here,
0:53:35 > 0:53:38so she's decorated it the way she wants it, it's brilliant!
0:53:38 > 0:53:40What about the back garden?
0:53:40 > 0:53:43It was just very uneven, initially, a sort of unusable space.
0:53:43 > 0:53:46Now, it's just a little clean and tidy yard.
0:53:46 > 0:53:48It was actually more involvement than what I thought.
0:53:48 > 0:53:51I reckon we took about five tonnes of soil out. I did it myself
0:53:51 > 0:53:54some of the time and my second son was able to help me on a Saturday,
0:53:54 > 0:53:57a couple of times and he helped me the day the concrete came.
0:53:57 > 0:53:59We're really satisfied with it,
0:53:59 > 0:54:02the tenant won't fall or trip on the nasty-looking paving stone
0:54:02 > 0:54:04and walls that was there and that's what she wanted.
0:54:04 > 0:54:07So, a good job all round for everybody, I think.
0:54:07 > 0:54:10The focus seems to have been on making the tenant happy.
0:54:10 > 0:54:13That's ultimately why we bought this particular house.
0:54:13 > 0:54:16I mean, if you're looking to buy a property to rent out,
0:54:16 > 0:54:18you're going to have the risk of maybe not finding a tenant
0:54:18 > 0:54:20or finding one who'll move out in six months.
0:54:20 > 0:54:23So, yes, we're happy that she's happy and maybe stay for longer,
0:54:23 > 0:54:25maybe years, then we don't have
0:54:25 > 0:54:27those agent fees or any void periods.
0:54:27 > 0:54:30So, it's good for us, good for the tenant.
0:54:30 > 0:54:32What about the budget?
0:54:32 > 0:54:35They had thought it probably wouldn't amount to much more
0:54:35 > 0:54:36than a month's rent.
0:54:36 > 0:54:39We probably went a couple of hundred pounds over that £400 budget,
0:54:39 > 0:54:43just to allow the tenant to settle in, and we're happy.
0:54:43 > 0:54:48So, what's the story behind those solar panels? Not cheap at £7,500.
0:54:48 > 0:54:50In addition to what we'd planned to do,
0:54:50 > 0:54:53we put on some solar PV panels onto the roof.
0:54:53 > 0:54:55It's sort of a little experiment for ourselves.
0:54:55 > 0:54:58My dad's been researching this for the past couple of years
0:54:58 > 0:55:00and we just wanted to understand how it worked.
0:55:00 > 0:55:03I've talked about it for a couple of years and now we've done one,
0:55:03 > 0:55:05so we'll see how it pans out for us.
0:55:05 > 0:55:08And it'll save the tenant some money as well.
0:55:08 > 0:55:11I think, whilst you wouldn't really associate Northern Ireland
0:55:11 > 0:55:12or any parts of the UK
0:55:12 > 0:55:16with being able to accommodate this sort of renewable energy,
0:55:16 > 0:55:18it definitely will work, from the analysis that was done by us,
0:55:18 > 0:55:21and we'll be looking at anywhere between 10% return on our money
0:55:21 > 0:55:24if we sell all the energy back to the grid,
0:55:24 > 0:55:26right up to maybe touching 20%, if we're able to sell some back to the
0:55:26 > 0:55:31tenant, at a good rate, cheaper than what they would normally be paying.
0:55:31 > 0:55:36With a total spend of around 50,000, David and Andrew will be eager to
0:55:36 > 0:55:40hear the valuations of the property experts we've invited along.
0:55:40 > 0:55:43The best features of the house would be the downstairs cloakroom
0:55:43 > 0:55:45and the solar panels.
0:55:45 > 0:55:48These add a lot of attraction to the house for anybody wanting to
0:55:48 > 0:55:49buy the property or indeed to rent it.
0:55:49 > 0:55:51The solar panels, in particular,
0:55:51 > 0:55:54will help keep down the electricity bills for anybody in the house
0:55:54 > 0:55:56and the cloakroom downstairs is an advantage to anybody,
0:55:56 > 0:55:58especially with young children.
0:55:58 > 0:56:01The property itself is in such good overall condition.
0:56:01 > 0:56:04Very, very well presented. Probably one of the best in the area.
0:56:04 > 0:56:09Both experts valued the property at between £65-67,500.
0:56:09 > 0:56:12So, that would mean a pre-tax profit of
0:56:12 > 0:56:1715-17,500, but David and Andrew have rented the property.
0:56:20 > 0:56:23Rental market's quite strong in the area, it would be an ideal renter
0:56:23 > 0:56:28and I would expect it to achieve between £450-475 per calendar month.
0:56:28 > 0:56:30The rental value of the property should be in the region
0:56:30 > 0:56:33of £450 per calendar month.
0:56:33 > 0:56:38With a rental estimate of £450-475 per calendar month,
0:56:38 > 0:56:44that would provide a healthy rental yield of around 11-11.5%.
0:56:45 > 0:56:46I think for rent in the area,
0:56:46 > 0:56:49I'd probably expect that you'd probably get 450.
0:56:49 > 0:56:51Maybe it might sit on the market for a while, you get 450,
0:56:51 > 0:56:54tenant pays, six months later they might move out,
0:56:54 > 0:56:57a couple of months later you get the next tenants in and pay 450.
0:56:57 > 0:57:00I mean, we're getting approximately 430
0:57:00 > 0:57:04but we sort of see that we're happy accepting a little bit less
0:57:04 > 0:57:08than the market rate but we see that as maybe a longer-term thing,
0:57:08 > 0:57:10we're not going to have the same turnover.
0:57:10 > 0:57:12So, what advice would David
0:57:12 > 0:57:15and Andrew offer someone thinking of going to a property auction?
0:57:15 > 0:57:19If you go to all auctions and don't actually buy anything,
0:57:19 > 0:57:22eventually you're going to have to buy one to find out and try it.
0:57:22 > 0:57:24The house you don't own is not going to make any money.
0:57:24 > 0:57:27You've got to eventually take the plunge and buy one
0:57:27 > 0:57:28and start from there.
0:57:28 > 0:57:32And learn from yourself and get the feel of it and do it.
0:57:32 > 0:57:33That's what we've done.
0:57:33 > 0:57:35That's true, you can only learn
0:57:35 > 0:57:37so much from other people's advice until you do it yourself.
0:57:37 > 0:57:40Maybe learn it the hard way but at least you've learnt.
0:57:40 > 0:57:44As long as it's not going to ruin you and you're OK.
0:57:48 > 0:57:50Well, that's it for today's show.
0:57:50 > 0:57:52We'll have more news from the property auction rooms
0:57:52 > 0:57:54from around the country for you next time.
0:57:54 > 0:57:57- And we look forward to seeing you then.- Goodbye for now.- Goodbye.