0:00:02 > 0:00:03Hello, welcome to the programme.
0:00:03 > 0:00:05Even in this competitive market,
0:00:05 > 0:00:07Martin and I love dabbling in property.
0:00:07 > 0:00:09Yes, and we love the idea of getting a good deal.
0:00:09 > 0:00:11But it's not always easy.
0:00:11 > 0:00:14One where you still stand a good chance, though,
0:00:14 > 0:00:16is to buy your home under the hammer.
0:00:42 > 0:00:45Now, buying under the hammer is becoming increasingly popular.
0:00:45 > 0:00:48Millions of pounds' worth of property is sold every month.
0:00:48 > 0:00:51So, here are three properties that were sold at auction.
0:00:54 > 0:00:58In Port Glasgow, Scotland, I'm inspired by this one-bedroom flat.
0:00:58 > 0:01:02Boy, oh, boy, could you make a big difference.
0:01:02 > 0:01:04And it's also time to make a difference
0:01:04 > 0:01:07to this Derbyshire end-of-terrace.
0:01:07 > 0:01:10It all sort of goes a bit wrong.
0:01:11 > 0:01:15Meanwhile, in Folkestone, I face my old nemesis.
0:01:15 > 0:01:17I don't know...
0:01:17 > 0:01:21Woodchip wallpaper everywhere, everywhere!
0:01:21 > 0:01:23All these properties have been sold at auction.
0:01:23 > 0:01:26We'll find out who bought them and what they paid for them
0:01:26 > 0:01:28when they went under the hammer.
0:01:28 > 0:01:29Well done, sir.
0:01:33 > 0:01:36Port Glasgow began as a town called Newark,
0:01:36 > 0:01:40but Newark town changed to Port Glasgow when it became
0:01:40 > 0:01:45the main port for off-loading and loading cargo for Glasgow.
0:01:45 > 0:01:48Shifting sandbanks prevented ships from navigating further up
0:01:48 > 0:01:52the Clyde to the city and so Port Glasgow was born.
0:01:54 > 0:01:57Well, the property I'm here to see is about a mile from either
0:01:57 > 0:02:01of the town's two railway stations but as Port Glasgow is
0:02:01 > 0:02:04built on a hill, at least it's downhill in one direction.
0:02:04 > 0:02:09The property is a flat in this block here and good news before you even
0:02:09 > 0:02:12get inside, looks like there's been some fairly substantial
0:02:12 > 0:02:14refurbishment on the outside, new double glazing,
0:02:14 > 0:02:17whatever this coving is, that's good news.
0:02:17 > 0:02:19Flat itself, one bedroom,
0:02:19 > 0:02:22guide price of 30,000 to 34,000 quid.
0:02:22 > 0:02:24Let's take a look.
0:02:24 > 0:02:25The flats aren't particularly old,
0:02:25 > 0:02:30but the new render looks very smart and will protect the structure.
0:02:30 > 0:02:33And controlled entry, well, that's always a good thing.
0:02:36 > 0:02:41So, let's hope the flat itself is as well looked after.
0:02:41 > 0:02:42What have we got?
0:02:42 > 0:02:45Through the front door, then, a little entrance area here.
0:02:45 > 0:02:48Cupboard here. Wow...
0:02:48 > 0:02:50that's massive.
0:02:51 > 0:02:53But why?
0:02:53 > 0:02:56I mean, it makes it feel very cramped here
0:02:56 > 0:02:59and I guess that is just a stud partition wall
0:02:59 > 0:03:03so get rid of that, open up this sort of entrance area to give it
0:03:03 > 0:03:05a bit more of an open-plan feel.
0:03:05 > 0:03:10I mean, flats like this often are quite space-challenged,
0:03:10 > 0:03:12so to speak, so maybe that's why that was done,
0:03:12 > 0:03:16to create a bit of storage space, but I don't particularly like it.
0:03:16 > 0:03:18What have we got here, though? Bathroom?
0:03:18 > 0:03:20Well, it's got a shower in it, nice big shower,
0:03:20 > 0:03:22doesn't seem to be in too bad condition.
0:03:22 > 0:03:25Your one bedroom is there.
0:03:25 > 0:03:28I mean, all in all, it's not a huge flat.
0:03:28 > 0:03:32It looks like it's got air-blowing central heating, you'd want
0:03:32 > 0:03:36to have that checked out, make sure worked, or is working, rather.
0:03:38 > 0:03:39Living room area here.
0:03:39 > 0:03:44Again, benefitting from those new double glazed windows outside
0:03:44 > 0:03:46and then, through into your kitchen.
0:03:46 > 0:03:51Well, yeah, I mean, it's not huge.
0:03:51 > 0:03:54It certainly could do with updating. But it's not bad.
0:03:54 > 0:03:57I mean, it's one of those flats, it's a manageable size
0:03:57 > 0:04:00and boy, oh, boy, could you make a big difference
0:04:00 > 0:04:02if you just spent some time and money on it.
0:04:04 > 0:04:07There's nothing I like better than a property with potential for change
0:04:07 > 0:04:11and this one has got plenty.
0:04:11 > 0:04:14Well, looking around, I think there are some fairly simple steps
0:04:14 > 0:04:16to enhancing this flat.
0:04:16 > 0:04:17First, you could open-plan it.
0:04:17 > 0:04:21Take out this wall and then you'd have this sort of kitchen
0:04:21 > 0:04:24living space, which I think would be really, really nice.
0:04:24 > 0:04:28Moving through here, there are so many of these odd little cupboards.
0:04:28 > 0:04:34This one, though, contains the mother of all boilers.
0:04:34 > 0:04:36What is that?
0:04:36 > 0:04:41Well, that's obviously part of the whole hot-air central heating system
0:04:41 > 0:04:45but I noticed since I first saw those grilles
0:04:45 > 0:04:47that there are thermostats and radiators
0:04:47 > 0:04:50so the boiler in the kitchen is obviously providing
0:04:50 > 0:04:53a more modern approach to central heating
0:04:53 > 0:04:55so that means that's redundant.
0:04:55 > 0:04:59At the very least, it gives you extra space
0:04:59 > 0:05:03and that could be utilised here in the bathroom which isn't massive.
0:05:03 > 0:05:05But look at that.
0:05:05 > 0:05:10That is the rear of that cupboard with the boiler in it,
0:05:10 > 0:05:14so get rid of that and you'd enhance this bathroom quite considerably.
0:05:14 > 0:05:17So, suddenly with a really nice sized bathroom,
0:05:17 > 0:05:21open-plan in there,
0:05:21 > 0:05:23you've got a really lovely flat.
0:05:23 > 0:05:25MUSIC: "Wide Open Spaces" by the Dixie Chicks
0:05:25 > 0:05:28# Wide open spaces... #
0:05:28 > 0:05:30It might, on first look, appear to be a bit cramped,
0:05:30 > 0:05:33but there are definitely ways of giving it some space
0:05:33 > 0:05:36and introducing the same clean lines inside
0:05:36 > 0:05:38as there are on the outside.
0:05:39 > 0:05:42What does a local estate agent think should be done?
0:05:42 > 0:05:46I think renovation in this property should be to a reasonable standard
0:05:46 > 0:05:48but not excessive as there certainly
0:05:48 > 0:05:51is a ceiling in terms of long-term value.
0:05:51 > 0:05:55But it would be for the rental or first-time buyer market.
0:05:57 > 0:06:00So, let's start with those possible first-time buyers, then.
0:06:00 > 0:06:04What would be the resale value after it was refurbished?
0:06:04 > 0:06:08Done to a reasonable standard, I would anticipate this property
0:06:08 > 0:06:12to resale for between £40,000 and £45,000.
0:06:12 > 0:06:14And what if the owner wanted to rent it out?
0:06:14 > 0:06:17For a one-bedroom flat of this ilk,
0:06:17 > 0:06:22we would anticipate a rental value of £350 to £375 per calendar month.
0:06:24 > 0:06:29So, not too much work to be done on this one and keep the budget tight
0:06:29 > 0:06:32and you could end up with a good little investment property.
0:06:32 > 0:06:34Let's find out who went for it under the hammer.
0:06:35 > 0:06:40One-bedroom flat, lot 6, guide price £30,000 to £34,000.
0:06:40 > 0:06:42Where are we going to start with this?
0:06:42 > 0:06:45At 25, am I bid? 20, then?
0:06:45 > 0:06:48Needs to be a bid. Can't sell it without one.
0:06:48 > 0:06:50At £20,000? 20, you're in.
0:06:50 > 0:06:54At 20 I'm bid now. In once. At £20,000.
0:06:54 > 0:06:5721, anywhere? At £20,000 on my left.
0:06:57 > 0:07:03After a slow start, the bidding rose steadily and we rejoin at 28,000.
0:07:03 > 0:07:0528? 28 I'm bid.
0:07:05 > 0:07:08At £28,000, I'm bid now.
0:07:08 > 0:07:10At £28,000, are you done?
0:07:10 > 0:07:13You're done? You're in, then, at £28,000.
0:07:15 > 0:07:17First time at £28,000.
0:07:18 > 0:07:20Second time at £28,000.
0:07:21 > 0:07:23Third and final time, are you sure?
0:07:23 > 0:07:26I'll take a half. Quarter? 100?
0:07:26 > 0:07:2750 quid?
0:07:27 > 0:07:30Third and final time, all done, all out, selling away...
0:07:30 > 0:07:32- GRAVEL BANGS - Well done, sir.
0:07:32 > 0:07:36And that final bid was £28,000
0:07:36 > 0:07:38and it was Rob who made it.
0:07:38 > 0:07:41Rob came along with his partner Jan's son, Stephen,
0:07:41 > 0:07:45to tell me what their plans were for this neat flat.
0:07:45 > 0:07:49- Rob, Stephen, great to meet you both.- Hello.- Congratulations.
0:07:49 > 0:07:51Tell me why you wanted to buy this flat.
0:07:51 > 0:07:55Well, I've had a number of properties for my own use,
0:07:55 > 0:08:00family use, over the years and I've just finished a fairly lengthy
0:08:00 > 0:08:03- career in the military, in the Royal Marines, 32 years...- Wow.
0:08:03 > 0:08:05And my final appointment was fairly locally,
0:08:05 > 0:08:09- just across the other side of the Clyde there...- Right.
0:08:09 > 0:08:11- The naval base at Faslane.- Right.
0:08:11 > 0:08:14And along with my retirement came a little bit of a pension
0:08:14 > 0:08:19and I sort of identified an opportunity to hopefully make
0:08:19 > 0:08:23- an investment into property for the purposes of refurbishing.- Right.
0:08:23 > 0:08:25And have you had a lot of interesting property, or...?
0:08:25 > 0:08:28I've had different types of property,
0:08:28 > 0:08:32ranging from small up to a fairly sizable farm
0:08:32 > 0:08:34on the Blackdown Hills in Somerset,
0:08:34 > 0:08:36which took a bit of looking after.
0:08:36 > 0:08:39At the moment, I'm...
0:08:39 > 0:08:41This is probably going to be about the biggest thing.
0:08:41 > 0:08:46Although it's relatively small property, in terms of work that needs
0:08:46 > 0:08:49doing, I think it's about the right level for us to sort of start at.
0:08:49 > 0:08:51And who's going to do the work?
0:08:51 > 0:08:55The cosmetics will be Stephen, the painting and decorating,
0:08:55 > 0:08:59but I've got a chap locally that's done a bit of work for us before
0:08:59 > 0:09:02and he's going to be meeting me here at the property
0:09:02 > 0:09:05and we'll discuss it and talk about some ideas
0:09:05 > 0:09:09- and I shall pretty much probably hand it to him.- Right.
0:09:09 > 0:09:11Rob met Jan, Stephen's mum,
0:09:11 > 0:09:15whilst serving at the nearby naval base and he's thoroughly
0:09:15 > 0:09:19embraced the local area and made it his home since leaving the navy.
0:09:19 > 0:09:22So, is this going to be a sort of family venture, sorting it out?
0:09:22 > 0:09:25- Very much so.- Yeah.- Very much so.
0:09:25 > 0:09:26Jan, likewise,
0:09:26 > 0:09:30has always had a little bit of an interest in property.
0:09:30 > 0:09:35- We've had a fairly tricky year with a health issue for Jan.- Oh, no.
0:09:35 > 0:09:39But she's come through that very well and we're hoping to get...
0:09:39 > 0:09:41What was that, do you mind me asking?
0:09:41 > 0:09:43Well, she was diagnosed with breast cancer and that
0:09:43 > 0:09:48sort of coincided with me terminating my service with the Royal Marines.
0:09:48 > 0:09:49Right.
0:09:49 > 0:09:51And so, really, I think this also gives us
0:09:51 > 0:09:58another sort of branch to step onto as I transition onto my next
0:09:58 > 0:10:00chapter in my life, my professional life,
0:10:00 > 0:10:07and also gives Jan something to sort of join in, supported with Stephen.
0:10:07 > 0:10:09- Right. How is your mum? - Yeah, she's really well.
0:10:09 > 0:10:11She came through it brilliantly.
0:10:11 > 0:10:16She's made a full recovery and she's getting on with her life.
0:10:16 > 0:10:20So, this will give her something to do in her spare time as well.
0:10:20 > 0:10:23Brilliant, so are you all going to sort of join together as a family
0:10:23 > 0:10:25- to work on the project? - That's what the plan is, yeah.
0:10:25 > 0:10:27Well, I really wish them well
0:10:27 > 0:10:30and I think they've made a good choice with this flat.
0:10:30 > 0:10:32There's enough to keep everyone busy,
0:10:32 > 0:10:36but there shouldn't be anything too challenging to deal with.
0:10:37 > 0:10:40We're going to be looking at putting a new kitchen in,
0:10:40 > 0:10:45obviously internal refurbishment is going to be mainly decorating.
0:10:45 > 0:10:47We're pleased to have discovered this morning
0:10:47 > 0:10:50- that the central heating works and that there's hot water.- Oh, great.
0:10:50 > 0:10:54- And the shower also works. - Seems all done.- Always a bonus.
0:10:54 > 0:10:56So it should be...
0:10:56 > 0:10:58I think, you know, put in some carpets as well,
0:10:58 > 0:11:05it's really a cosmetic tidy rather than anything sort of too demanding.
0:11:05 > 0:11:06What kind of budget?
0:11:06 > 0:11:10- I've set a budget of about 3,000 to 3,500.- OK.
0:11:10 > 0:11:13But actually, already this morning we've looked at one or two
0:11:13 > 0:11:15of the other flats and seen things that they've done...
0:11:15 > 0:11:20- Like what?- Well, even simple things like the front door.
0:11:20 > 0:11:23I, from my first visit,
0:11:23 > 0:11:26the front door I thought was going to be satisfactory, but having
0:11:26 > 0:11:30arrived here this morning, it's the worst one in the neighbourhood so...
0:11:30 > 0:11:32Can't have that.
0:11:32 > 0:11:36So, we'll start with the front door and I think, you know, a good
0:11:36 > 0:11:40sort of quality one in terms of security and things like that.
0:11:40 > 0:11:42But I think I'll be able to keep it fairly close
0:11:42 > 0:11:44- to 3,000 to 3,500.- Great.
0:11:44 > 0:11:47- Well, listen, congratulations. - Thank you very much.
0:11:47 > 0:11:49Good luck, we'll look forward to seeing how you get on.
0:11:49 > 0:11:51- Thank you, Martin.- Nice to meet you.
0:11:51 > 0:11:53Well, there you go.
0:11:53 > 0:11:56What could have been just a simple refurbishment of a little flat
0:11:56 > 0:11:59turns out to be a really important family bonding
0:11:59 > 0:12:01and togetherness exercise.
0:12:01 > 0:12:02Great stuff.
0:12:02 > 0:12:05Well, we wish Jan a continued recovery and you can find out
0:12:05 > 0:12:10how this little flat is transformed by the team later in the show.
0:12:12 > 0:12:14MUSIC: "Boats To Build" by Jimmy Buffett
0:12:14 > 0:12:18# I'm going to build me a boat with these two hands
0:12:18 > 0:12:23# It'll be a fair curve from a noble plan
0:12:24 > 0:12:29# Let the chips fall where they will
0:12:29 > 0:12:33# Cos I've got boats to build... #
0:12:33 > 0:12:37Sandiacre in Derbyshire flourished throughout the Industrial Revolution
0:12:37 > 0:12:42thanks to the Erewash Canal, which flows through its centre.
0:12:42 > 0:12:44With the transport of goods and raw materials
0:12:44 > 0:12:46made possible by the canal,
0:12:46 > 0:12:49Sandiacre became a hive of furniture-making,
0:12:49 > 0:12:51engineering and lace-making.
0:12:51 > 0:12:54Nowadays, the town also provides a easy commute by road
0:12:54 > 0:12:58to the nearby cities of Derby and Nottingham.
0:12:58 > 0:13:00Well, the property I'm here to see
0:13:00 > 0:13:05is in this very pleasant residential street, close to the town centre.
0:13:05 > 0:13:10It's a three-bedroomed town house, the guide price was £54,000,
0:13:10 > 0:13:13plus, looks pretty decent from the outside.
0:13:13 > 0:13:14In we go.
0:13:16 > 0:13:19So what have we got?
0:13:19 > 0:13:22OK, into the front room and straightaway,
0:13:22 > 0:13:24reasonably high ceilings, which is good.
0:13:24 > 0:13:29Your attention is drawn to a beautiful bit of woodwork here,
0:13:29 > 0:13:31the fire surround, keep that.
0:13:31 > 0:13:32Maybe replace the fire.
0:13:32 > 0:13:35In fact, talking about wood, again, that is one of the first things
0:13:35 > 0:13:37you notice when you come into the house,
0:13:37 > 0:13:41lovely skirting boards, the doors have been stripped back,
0:13:41 > 0:13:43I mean, it really does make a big difference.
0:13:43 > 0:13:46If you decorated and kept that, what a lovely feature.
0:13:46 > 0:13:47There's your front room,
0:13:47 > 0:13:50scuttle through here to your rear room
0:13:50 > 0:13:52and wood on the ceilings.
0:13:52 > 0:13:56Not to everyone's tastes but again, it gives a bit of character.
0:13:56 > 0:13:58The room itself, not a bad size,
0:13:58 > 0:14:01certainly doesn't feel claustrophobic.
0:14:01 > 0:14:02Lots of light coming in.
0:14:02 > 0:14:04And bedrooms are upstairs, obviously,
0:14:04 > 0:14:07but to the rear of the property, the kitchen.
0:14:07 > 0:14:09Now, one room...
0:14:09 > 0:14:12Well, possibly continuing the theme of rooms
0:14:12 > 0:14:14that definitely need a bit of effort.
0:14:14 > 0:14:19But all in all, I'm kind of liking what I'm seeing.
0:14:30 > 0:14:33It might be a bit of a squeeze to sit in this kitchen,
0:14:33 > 0:14:36but this house is a pretty standard layout
0:14:36 > 0:14:39and a pretty standard renovation job, from what I see so far.
0:14:41 > 0:14:43A modern touch here would make all the difference.
0:14:46 > 0:14:48So upstairs, an interesting layout.
0:14:48 > 0:14:51Bedroom to the front there and you've got this corridor.
0:14:51 > 0:14:53My guess is this was added in at a later stage
0:14:53 > 0:14:55because that's a stud partition.
0:14:55 > 0:14:59And I'm not quite sure it works, but before I explore down there,
0:14:59 > 0:15:01a huge great loft hatch there
0:15:01 > 0:15:07and possibly a chance to do some kind of loft conversion.
0:15:07 > 0:15:10You'd have to check the street and see whether other people
0:15:10 > 0:15:13have done it to see if there might be a chance of getting
0:15:13 > 0:15:14planning permission for that.
0:15:14 > 0:15:18But down this littler corridor, your second bedroom there...
0:15:18 > 0:15:23and then it all sort of goes a bit wrong.
0:15:23 > 0:15:29Tiny bedroom there, lots of damp all over here, all over that wall there.
0:15:29 > 0:15:34And right at the end here, after a fairly uncomfortable squeeze,
0:15:34 > 0:15:35you find the bathroom and loo.
0:15:35 > 0:15:40I mean, at least it is upstairs but clearly there are some walls
0:15:40 > 0:15:44to be taken out here to improve this dramatically.
0:15:44 > 0:15:45The box room is, well...
0:15:45 > 0:15:47MUSIC: "Don't Box Me In" by Stewart Copeland
0:15:47 > 0:15:50..too boxy and it all feels claustrophobic,
0:15:50 > 0:15:51so a reconfiguration is a must here.
0:15:51 > 0:15:53# Don't box me in... #
0:15:53 > 0:15:56As is tackling some of the other obvious issues.
0:15:58 > 0:16:01The layout and space doesn't match downstairs.
0:16:01 > 0:16:04Time to take a look at the outside.
0:16:06 > 0:16:09Now, the back garden isn't exactly huge but actually,
0:16:09 > 0:16:11once it's been cleared,
0:16:11 > 0:16:13it could actually be quite a pleasant little spot
0:16:13 > 0:16:16for a barbecue, etc, and certainly if you got rid of conifers,
0:16:16 > 0:16:18it would be a whole lot better.
0:16:18 > 0:16:22And indeed, what looks like some serious ivy issues,
0:16:22 > 0:16:25which are going up the rear of the property, there, which is
0:16:25 > 0:16:30something that need to be addressed cos ivy has a horrible...
0:16:30 > 0:16:33knack of getting into the pointing, causing damp issues
0:16:33 > 0:16:35and all sorts of stuff. So definitely get rid of that.
0:16:35 > 0:16:37But the back here, what we also have
0:16:37 > 0:16:39is a couple of really interesting outbuildings.
0:16:39 > 0:16:44An outside loo there and then this little sort of, I don't know,
0:16:44 > 0:16:45just space.
0:16:45 > 0:16:48I would want to integrate that in which the kitchen
0:16:48 > 0:16:50and maybe even integrate this as well,
0:16:50 > 0:16:53although it's quite nice to have an outside loo for the garden etc.
0:16:53 > 0:16:54Either way, play around with this,
0:16:54 > 0:16:57I don't really think you're going to have enough space to put
0:16:57 > 0:17:01an extension on but certainly enough potential here to increase
0:17:01 > 0:17:03the size of that kitchen, which is a very good thing.
0:17:03 > 0:17:05MUSIC: "Ivy Will Cling" by Bernard Bresslaw
0:17:05 > 0:17:09# Ivy will cling when other leaves start to fall
0:17:09 > 0:17:14# Ivy will cling cos it's the strongest of all. #
0:17:16 > 0:17:19I reckon this is a house where you could decide to do a lot,
0:17:19 > 0:17:22making it bigger and better.
0:17:22 > 0:17:25Or you could just sort out the layout upstairs.
0:17:25 > 0:17:27It all comes down to money.
0:17:27 > 0:17:30What did the auctioneer who sold it have to say about
0:17:30 > 0:17:33this two-bed-and-box-room end-terraced house
0:17:33 > 0:17:36that was guided at £54,000?
0:17:36 > 0:17:39The main point is what do you do with that little room
0:17:39 > 0:17:42and the bathroom? Neither of which are very satisfactory.
0:17:42 > 0:17:45I don't think it's really a three-bedroomed house
0:17:45 > 0:17:47as it stands now.
0:17:47 > 0:17:52For me, I'd take that partition out and make it into a much better,
0:17:52 > 0:17:55more appealing bathroom and you finish up with
0:17:55 > 0:17:56two conventional bedrooms.
0:17:56 > 0:18:00The auctioneer agrees that there's room for extending that kitchen into
0:18:00 > 0:18:05the outhouse area, but what does he think about converting the loft?
0:18:05 > 0:18:06There's certainly potential for it.
0:18:06 > 0:18:09I think a lot depends on what you're going to do
0:18:09 > 0:18:10ultimately with the house.
0:18:10 > 0:18:13If you are going to sell it on, once renovated,
0:18:13 > 0:18:15you're actually going to be investing a lot of money
0:18:15 > 0:18:17in converting the roof space,
0:18:17 > 0:18:21which isn't going to be wholly reflected in an enhanced sale price.
0:18:21 > 0:18:24So you wouldn't do that to sell it.
0:18:24 > 0:18:27That is always a balance you've got to strike.
0:18:27 > 0:18:30If this house was bought for investment purposes,
0:18:30 > 0:18:33it sounds like you wouldn't make your money or your time back,
0:18:33 > 0:18:36so how do the figures stack up?
0:18:36 > 0:18:38What if you just did a straight refurbishment?
0:18:38 > 0:18:40Renovating what is here
0:18:40 > 0:18:44but removing the partition in that little third bedroom study area,
0:18:44 > 0:18:49so you make a larger bathroom, it would have a value of about £95,000.
0:18:49 > 0:18:51If you took this house to its ultimate,
0:18:51 > 0:18:53and we've mentioned about a roof conversion,
0:18:53 > 0:18:56we've mentioned about a kitchen extension,
0:18:56 > 0:19:01you'd probably push its value up to a maximum of £115,000.
0:19:01 > 0:19:05So, difference, 20,000, is it worth doing?
0:19:05 > 0:19:07Not if you're going to sell it on.
0:19:07 > 0:19:09If you're going to stay here for some years and live here,
0:19:09 > 0:19:11yes, it would be.
0:19:11 > 0:19:14Once renovated as a good, two-bedroomed end-town house,
0:19:14 > 0:19:18it would have a rental value of between £450 and £475
0:19:18 > 0:19:19per calendar month.
0:19:21 > 0:19:25Well, it obviously needs a bit of work but apart from changing
0:19:25 > 0:19:27the layout upstairs, nothing too major
0:19:27 > 0:19:30and intrinsically, a good little house.
0:19:30 > 0:19:32Let's see who agreed when it went under the hammer.
0:19:35 > 0:19:39Lot 43 is a bay-windowed two- or three-bedroomed end town house
0:19:39 > 0:19:41in a popular and convenient location
0:19:41 > 0:19:44that requires modernisation and improvement.
0:19:44 > 0:19:47Start me on this where you like, ladies and gentlemen,
0:19:47 > 0:19:50will I say 55,000 for it? 55,000?
0:19:50 > 0:19:5255, it's here to be bought today.
0:19:52 > 0:19:54£50,000 to start me on it.
0:19:54 > 0:19:57Bid me what you like. 48?
0:19:57 > 0:20:00Come on, you know it's worth it. 48, thank you. At £48,000.
0:20:00 > 0:20:02After that slow start, the bidding picked up
0:20:02 > 0:20:04and ping-ponged across the room.
0:20:04 > 0:20:08We rejoin the bidding at £65,000.
0:20:08 > 0:20:12At £65,000. 66.
0:20:12 > 0:20:1567? 66,500?
0:20:15 > 0:20:2067? At £66,500, going once.
0:20:20 > 0:20:21Twice...
0:20:21 > 0:20:2467? 67,500?
0:20:25 > 0:20:28All done? Once, twice...
0:20:28 > 0:20:3267,500, a fresh bidder. 68, sir?
0:20:32 > 0:20:3567,500, we're selling it.
0:20:35 > 0:20:38First time. Second time. Last time.
0:20:38 > 0:20:42- GAVEL BANGS - Sold at 65,000, thank you.
0:20:42 > 0:20:44The successful bidder was Paula,
0:20:44 > 0:20:47who has renovated several homes in the past to live in.
0:20:50 > 0:20:55Paula managed to get the house for 67,500, with her one and only bid,
0:20:55 > 0:20:5913,500 over the guide price.
0:20:59 > 0:21:02And this is her first house auction purchase.
0:21:02 > 0:21:04Interesting strategy, Paula.
0:21:04 > 0:21:08- Paula, great to meet you.- Hi, nice to meet you, too.- Congratulations.
0:21:08 > 0:21:10That was all pretty bing-bang-boom in the auction,
0:21:10 > 0:21:13I mean, wham, one bid and then zap!
0:21:13 > 0:21:15I used to work for the car auctions,
0:21:15 > 0:21:19so I got a few tips from the guys when I worked there saying...
0:21:19 > 0:21:22You know, I would ask them, "Why do you only put one bid in at the end?
0:21:22 > 0:21:26"I know you wanted that car for ages." And they would just say,
0:21:26 > 0:21:28"What's the point of bidding when there's plenty of bids?
0:21:28 > 0:21:31"So I'll just surprise them all at the end."
0:21:31 > 0:21:34- And that's what I intended on doing and it worked.- Good plan.
0:21:34 > 0:21:38What was it about the house that you particularly liked?
0:21:38 > 0:21:42I liked the location, for one, because we're only up the road
0:21:42 > 0:21:46so it's easy and handy to get to and I've seen lots of people doing
0:21:46 > 0:21:49houses up that have had to travel a long way to do them up
0:21:49 > 0:21:52and then they regret that and that's one of the learning curves.
0:21:52 > 0:21:56- And also, I think the stripped doors, going to keep those...- Good.
0:21:56 > 0:21:58- ..cos they've been stripped back by hand.- Right.
0:21:58 > 0:22:00There's lots of lovely woodwork, actually.
0:22:00 > 0:22:01There's lots of lovely features
0:22:01 > 0:22:06and I think that more will be revealed as the work goes on.
0:22:06 > 0:22:07Tell me a bit more about you.
0:22:07 > 0:22:09Is this what you do as a career or what?
0:22:09 > 0:22:17I've renovated four houses now, but not as a career at all.
0:22:17 > 0:22:20Always to live in. This is the first one that I've done as an investment.
0:22:20 > 0:22:23- What do you do when you're not doing this sort of stuff?- Make beds.
0:22:23 > 0:22:25Make beds?
0:22:25 > 0:22:27Well, I don't make them personally but I'm an account manager
0:22:27 > 0:22:31for a bed company that puts beds in most of the hotel groups
0:22:31 > 0:22:33in the UK and abroad.
0:22:33 > 0:22:35- Ah.- And a lot of the palaces.
0:22:35 > 0:22:37- Palaces?- Buckingham Palace.
0:22:37 > 0:22:40You make the beds, or your company makes the beds
0:22:40 > 0:22:41- for Buckingham Palace? - For the Queen.
0:22:41 > 0:22:44- How cool is that?- So, it'll have nice beds in here if I do move in.
0:22:44 > 0:22:46MUSIC: "I'll Make Your Bed" by Dolly Parton
0:22:46 > 0:22:49# I'll make your bed a place you can't wait to go
0:22:49 > 0:22:53# Softer than feathers and as sweet as a rose... #
0:22:53 > 0:22:58So will these palatial influences rub off on Paula's renovation?
0:22:58 > 0:23:00Well, this house is for rental
0:23:00 > 0:23:03and Paula has a regular team of tradesmen who will hopefully
0:23:03 > 0:23:05charge her mates' rates.
0:23:05 > 0:23:08And while she's not going to extend the kitchen,
0:23:08 > 0:23:10she'll use those outhouses.
0:23:10 > 0:23:13I've seen that done before and it works really well.
0:23:13 > 0:23:15What other plans does she have?
0:23:15 > 0:23:18Firstly, there's lots of ivy growing up the back wall
0:23:18 > 0:23:22and I've had someone look at it last night and we don't think it's
0:23:22 > 0:23:25done any damage at all but that will come away first.
0:23:25 > 0:23:27The next main job, really, will be
0:23:27 > 0:23:31to empty the house into probably three large skips.
0:23:31 > 0:23:33That will be just to strip it clear.
0:23:33 > 0:23:36Take the doors off so I can look after them
0:23:36 > 0:23:41and keep them dust-free and then the first fix of the rewiring
0:23:41 > 0:23:45- for the electrics and the first fix for the gas plumbing.- Right.
0:23:45 > 0:23:50- And then the plastering and then the second fixes.- OK.
0:23:50 > 0:23:53And upstairs, you've obviously got that corridor and the bathroom
0:23:53 > 0:23:56right at the end there, it's not really ideal, is it?
0:23:56 > 0:23:59I'd like to take some space from the middle bedroom,
0:23:59 > 0:24:04go up to the attic, make the bathroom the middle bedroom,
0:24:04 > 0:24:07to then give three good size double bedrooms
0:24:07 > 0:24:10but it will depend on the price.
0:24:10 > 0:24:12So, what is the budget?
0:24:12 > 0:24:14The budget is 10,000 to 15,000.
0:24:14 > 0:24:16And the time scale presumably will vary
0:24:16 > 0:24:18depending on what you decide to do as well?
0:24:18 > 0:24:23I think, ideally, we'll have ripped everything out within a week
0:24:23 > 0:24:28- to two weeks.- Right.- So, I think three months total, four to be safe.
0:24:28 > 0:24:31- Good luck with it.- Thank you. - We'll see how you get on.
0:24:31 > 0:24:33Cheers, thanks, Martin.
0:24:33 > 0:24:37Well, when it comes to buying this place, Paula has made her bed
0:24:37 > 0:24:40and she's got to lie in it. How will she get on?
0:24:40 > 0:24:43Well, there can be no sleeping on the job with this one.
0:24:43 > 0:24:46You can find out how she gets on later in the show.
0:24:48 > 0:24:53Coming up, a surprise discovery for me in Folkestone.
0:24:53 > 0:24:57But look at this! Cheeky little space up in the attic.
0:24:57 > 0:25:02And a brand-new look for this Sandiacre end-of-terrace and Paula.
0:25:02 > 0:25:05Seeing the house finished and come together at the very,
0:25:05 > 0:25:06very end is the best feeling.
0:25:18 > 0:25:22Back to Port Glasgow on Scotland's west coast, where earlier,
0:25:22 > 0:25:27I met former Royal Marine Rob and his partner's son, Stephen.
0:25:29 > 0:25:35Rob has bought this one-bedroom flat for a bargain price of 28,000.
0:25:35 > 0:25:39And this former military man was planning to get it into
0:25:39 > 0:25:41shipshape and ready for sale.
0:25:41 > 0:25:44We're going to be looking at putting a new kitchen in,
0:25:44 > 0:25:49obviously internal refurbishment is going to be mainly decorating.
0:25:49 > 0:25:51We're pleased to have discovered this morning
0:25:51 > 0:25:54- that the central heating works and there's hot water...- Oh, great.
0:25:54 > 0:25:58- And the shower also works. - Seems all done.- Always a bonus.
0:25:58 > 0:26:00So it should be...
0:26:00 > 0:26:03I think, you know, put in some carpets as well. It's really
0:26:03 > 0:26:09a sort of cosmetic tidy rather than anything sort of too demanding.
0:26:12 > 0:26:15After a tough year involving changes of career for Rob
0:26:15 > 0:26:19and his partner, Jan, successfully battling cancer,
0:26:19 > 0:26:22Rob hoped that this project would provide something of tonic
0:26:22 > 0:26:25for both and them and their family.
0:26:25 > 0:26:29It was just a small property but it did provide plenty of challenges.
0:26:31 > 0:26:34And we've returned to see how the family has dealt with them.
0:26:34 > 0:26:37MUSIC: "It's Great When We're Together" by Finley Quaye
0:26:37 > 0:26:42# Sometimes I feel lighter than the air
0:26:42 > 0:26:48# When you shine, you brighten up my day
0:26:48 > 0:26:52# Sometimes I feel lighter than the air
0:26:53 > 0:26:58# When you shine, you brighten up my day
0:26:59 > 0:27:02# Sometimes I feel lighter than the air
0:27:04 > 0:27:09# When you shine, you brighten up my day... #
0:27:12 > 0:27:17As Rob planned, most of the changes here have been cosmetic, but it's
0:27:17 > 0:27:21amazing what new carpets, a lick of paint and a splash of colour can do.
0:27:24 > 0:27:27The new kitchen is a great improvement with its modern units.
0:27:27 > 0:27:30And thankfully in the hallway,
0:27:30 > 0:27:33they've dispensed with that pointless cupboard by the entrance
0:27:33 > 0:27:37and now have a much more open and welcoming space to come into.
0:27:40 > 0:27:42Stephen was in Peru,
0:27:42 > 0:27:45so Rob came back on his own to tell me how things had gone
0:27:45 > 0:27:50and if the project had proved as cathartic as he'd hoped.
0:27:50 > 0:27:54Place is finished. It's been a good experience.
0:27:54 > 0:27:57I think it's going to be something that we're almost going to miss
0:27:57 > 0:28:00and maybe even look to doing something else,
0:28:00 > 0:28:02because it's been a good experience.
0:28:02 > 0:28:04When we first came here,
0:28:04 > 0:28:09we realised it needed pretty much a full refurbishment and we decided
0:28:09 > 0:28:12the best option was to do some good planning.
0:28:12 > 0:28:16So we took a step back, took a good look at all the rooms
0:28:16 > 0:28:19and pretty much decided everything needed a good strip
0:28:19 > 0:28:23from top to bottom which was the first part of the project.
0:28:23 > 0:28:26And then we really set about, step by step, putting it back together
0:28:26 > 0:28:29again and here we are with the finished product.
0:28:32 > 0:28:36Very sensible. A calm head and good planning goes a long way.
0:28:36 > 0:28:40You can certainly tell Rob is a former military man.
0:28:40 > 0:28:42So how about that kitchen?
0:28:42 > 0:28:44Overall, generally with the flat,
0:28:44 > 0:28:48we're quite restricted with size so throughout we wanted to try
0:28:48 > 0:28:52and capitalise and make the best of the space there is available.
0:28:52 > 0:28:54It's quite a long kitchen,
0:28:54 > 0:28:58it was clearly designed to look out over the gardens.
0:28:58 > 0:29:04We decided also we wanted to make sure there were integrated
0:29:04 > 0:29:08electrical items, built-in oven, hob, extractor.
0:29:08 > 0:29:11And really, it's fully functioning
0:29:11 > 0:29:15and suitable for either younger people or older people.
0:29:15 > 0:29:20Rob's made the most of the space in the rest of the flat, too.
0:29:20 > 0:29:23The hall cupboard's gone, but that hot-air system that was
0:29:23 > 0:29:27taking up so much room in the other cupboard has gone, too.
0:29:27 > 0:29:32We came across the idea of perhaps removing that storage space
0:29:32 > 0:29:36to enlarge the entrance to make a entrance hallway.
0:29:36 > 0:29:40Although we had an initial concern about losing the storage space,
0:29:40 > 0:29:43we've since made up for it from the space that we created
0:29:43 > 0:29:45when we took the boiler out.
0:29:45 > 0:29:49With the help of Jan's son, Stephen, Rob was able to bring it in
0:29:49 > 0:29:51at just under £4,000,
0:29:51 > 0:29:54just £500 over his initial budget.
0:29:55 > 0:29:59It also took just four weeks to complete the work here.
0:29:59 > 0:30:02He and partner Jan oversaw the project together.
0:30:04 > 0:30:06So has this little flat provided
0:30:06 > 0:30:09the change of direction that the family needed?
0:30:09 > 0:30:13I think this project has been good in that respect, it's given us
0:30:13 > 0:30:17something different and also for myself leaving the Royal Marines,
0:30:17 > 0:30:20it's taken me on to another chapter of life
0:30:20 > 0:30:23and we've done it together and here we are.
0:30:25 > 0:30:30Rob has invested a total of £32,000 buying and transforming this
0:30:30 > 0:30:34property and hopes to sell it or possibly rent it.
0:30:34 > 0:30:38So, let's find out what two local estate agents make of the flat.
0:30:41 > 0:30:45The property has been very well done up. Neutral decor throughout.
0:30:45 > 0:30:47Offers spacious accommodation.
0:30:47 > 0:30:50The kitchen has been very well utilised, very modern.
0:30:50 > 0:30:53And what about the agent who saw it before?
0:30:53 > 0:30:57I think removing the cupboard from the hallway was an excellent move.
0:30:57 > 0:30:59It does give that extra bit of room for perhaps a study area,
0:30:59 > 0:31:02and of course the kitchen finishes it all off, been done to a good,
0:31:02 > 0:31:04nice, modern standard.
0:31:04 > 0:31:06He's left the layout virtually the same
0:31:06 > 0:31:09and left plenty of cupboard space.
0:31:09 > 0:31:10Everybody's looking for something
0:31:10 > 0:31:13to put an ironing board and a Hoover in.
0:31:13 > 0:31:17Excellent point. But what we're also looking for is valuations.
0:31:17 > 0:31:20Let's start with rental.
0:31:20 > 0:31:23Rental value for this type of property at the moment
0:31:23 > 0:31:26is £350 per calendar month.
0:31:26 > 0:31:27In today's rental market,
0:31:27 > 0:31:32I would anticipate a rental, per calendar month, of £350.
0:31:34 > 0:31:36Giving a yield of around 13%.
0:31:36 > 0:31:39But what about sale valuations?
0:31:39 > 0:31:42Whilst the current market has certainly improved in recent months,
0:31:42 > 0:31:45demand for properties such as this, with just the one bedroom,
0:31:45 > 0:31:49remains limited, and therefore my top price in today's market
0:31:49 > 0:31:53for this property would be approximately £40,000.
0:31:53 > 0:31:57I would expect to market the property at £43,000,
0:31:57 > 0:31:59hoping to achieve £40,000.
0:31:59 > 0:32:02We're negotiating with somebody at the moment
0:32:02 > 0:32:04a little bit higher than that.
0:32:04 > 0:32:08Well, the experts' valuation would mean a possibly pre-tax profit
0:32:08 > 0:32:12of £8,000, so anything over that would be excellent.
0:32:12 > 0:32:15And Rob reckons, if he put his money in the bank, it would have
0:32:15 > 0:32:20taken him 15 years of interest to make what he's made in a few months.
0:32:20 > 0:32:23I'll just get my calculator out and check that he's right.
0:32:23 > 0:32:26But this project wasn't all about money.
0:32:27 > 0:32:30It's definitely been a worthwhile project,
0:32:30 > 0:32:32for lots of hidden reasons as well.
0:32:32 > 0:32:36And we'll be probably trawling around the various auction houses
0:32:36 > 0:32:39and estate agents to find something else to do.
0:32:42 > 0:32:45And I'm trawling about for another property, too,
0:32:45 > 0:32:49here in Cheriton, a popular suburb of Folkestone in Kent.
0:32:49 > 0:32:53The area provides good schools, lots of local amenities,
0:32:53 > 0:32:55shops and sporting clubs,
0:32:55 > 0:32:59all of which make it popular for younger people renting
0:32:59 > 0:33:00or first-time buyers.
0:33:00 > 0:33:03It would be hard to beat the local transport links,
0:33:03 > 0:33:06with regular busses, trains to King's Cross...
0:33:06 > 0:33:07oh, and if you have a car,
0:33:07 > 0:33:11the Channel Tunnel terminus is just down the road.
0:33:11 > 0:33:14So you can even pop across to France for the day.
0:33:14 > 0:33:16So, a few minutes' walk from Cheriton High Street
0:33:16 > 0:33:20and you're on this quiet, lovely road of bay-fronted properties
0:33:20 > 0:33:23and it's one of those I'm here to see today.
0:33:23 > 0:33:27With a guide price of between £120,000 to £125,000
0:33:27 > 0:33:30is this two-bed mid-terrace.
0:33:30 > 0:33:33I'm going to pop up the garden path and have a look around.
0:33:36 > 0:33:39The roof looks OK and that bay window gives the place
0:33:39 > 0:33:41some real character outside.
0:33:41 > 0:33:44Well, I hope there's enough character on the inside
0:33:44 > 0:33:45to keep me happy.
0:33:45 > 0:33:47I don't know...
0:33:47 > 0:33:50Woodchip wallpaper everywhere. Everywhere!
0:33:54 > 0:33:58Also in the lounge, but that aside, a very pretty lounge, lots of pine
0:33:58 > 0:34:02furniture, double glazed windows, though, which is a big bonus.
0:34:02 > 0:34:06Stairs leading up to the bedrooms and look at this for a sitting room.
0:34:06 > 0:34:09I can really imagine being rather cosy in here in the wintertime.
0:34:09 > 0:34:12It has got character, which is great. Door to the garden.
0:34:12 > 0:34:14Through here, the kitchen.
0:34:14 > 0:34:16Oh, it's a pine-fest!
0:34:16 > 0:34:19So, whoever buys this property, I hope they like pine
0:34:19 > 0:34:21and woodchip wallpaper, because it's everywhere.
0:34:21 > 0:34:22I suppose it is a matter of taste,
0:34:22 > 0:34:25but there's an awful lot you could do to upgrade this property.
0:34:25 > 0:34:28It's exactly as I would have suspected,
0:34:28 > 0:34:31it's laid out just as a terraced house would be.
0:34:31 > 0:34:32So, looking good so far.
0:34:39 > 0:34:41I wonder, will the layout be exactly
0:34:41 > 0:34:44how I'd expect it to be upstairs, too?
0:34:44 > 0:34:47And up the stairs we have a bedroom to the front of the building
0:34:47 > 0:34:51which is a really nice sized double and...
0:34:51 > 0:34:54Oh, now this is not typical of a terrace house.
0:34:54 > 0:34:58I wasn't expecting the corridor along here.
0:34:58 > 0:35:02At the back here, we've got the bathroom, which is a great space.
0:35:02 > 0:35:06And this has been partitioned off to create this bedroom through here.
0:35:06 > 0:35:10But look at this! Cheeky little space up in the attic.
0:35:10 > 0:35:14Now, I'm pretty sure there won't be building regs with this, you'd need
0:35:14 > 0:35:17to think about that because of fire safety et cetera,
0:35:17 > 0:35:20so get that checked out. But I think this is a great property,
0:35:20 > 0:35:22certainly not what I was expecting up here.
0:35:22 > 0:35:24It would be a brilliant rental machine
0:35:24 > 0:35:26or a really happy home for a couple, perhaps.
0:35:28 > 0:35:32So with a few little tweaks, you know, I think this house could be
0:35:32 > 0:35:35really rather good and I love this back yard.
0:35:35 > 0:35:39I mean, I say "yard", it's all been paved so it's maintenance-free.
0:35:39 > 0:35:42You've still got a little grass area to the back.
0:35:42 > 0:35:46But earlier today, I was trying to park my car and one of the downsides
0:35:46 > 0:35:50was it was really rather busy out there, I couldn't get a space.
0:35:50 > 0:35:52But look at this, fantastic news.
0:35:52 > 0:35:56You've got an area to the back, enough space to park two cars,
0:35:56 > 0:35:59so you can walk up this path here, put your shopping in...
0:35:59 > 0:36:01Just another big old tick in the box.
0:36:03 > 0:36:08This property is certainly covering a lot of items on my wish list.
0:36:08 > 0:36:12And with a guide price of 120,000 to 125,000,
0:36:12 > 0:36:16what does a local property expert think of it?
0:36:16 > 0:36:20One has to concentrate on the key areas which are the bathroom
0:36:20 > 0:36:23and the kitchen, particularly the bathroom needs attention, but I think
0:36:23 > 0:36:27a refit of both would probably be necessary to get it up to standard.
0:36:27 > 0:36:29Obviously, all of the rooms need decoration.
0:36:29 > 0:36:31I would think, to get this property up to a good spec,
0:36:31 > 0:36:35one needs to spend in the region of £10,000 to £15,000.
0:36:35 > 0:36:38I hope that includes removing the woodchip!
0:36:38 > 0:36:41So, with the property fully refurnished, what will it be worth?
0:36:41 > 0:36:43If brought up to a good standard,
0:36:43 > 0:36:47this property would be worth in the region of £150,000 to maybe £155,000.
0:36:47 > 0:36:49And for rental?
0:36:49 > 0:36:53This probably could achieve somewhere in-between £650 and £700 a month
0:36:53 > 0:36:55once renovated.
0:36:55 > 0:36:57Well, this is a good, solid property
0:36:57 > 0:36:59on a lovely little street in a great area.
0:36:59 > 0:37:01What's not to like?
0:37:01 > 0:37:03Let's see who had their eye on this little gem
0:37:03 > 0:37:05when it went under the hammer.
0:37:07 > 0:37:11We move now to lot 36, bay-fronted mid-terrace house, gas heating,
0:37:11 > 0:37:14double-glazed windows but still requiring improvement
0:37:14 > 0:37:16and refurbishment. And what may I say?
0:37:16 > 0:37:19Got a guide of 120,000 to 125,000.
0:37:19 > 0:37:21Start me at 120,000?
0:37:21 > 0:37:23120 to start me anywhere?
0:37:23 > 0:37:26115, then? Don't mind where we start.
0:37:26 > 0:37:30115, I have, thank you. £115,000.
0:37:30 > 0:37:34Gentleman's bid in front in the room. 117, do I see?
0:37:34 > 0:37:37At 117, 117.
0:37:37 > 0:37:39And 120, and 122.
0:37:39 > 0:37:43122, and 125, and 127?
0:37:43 > 0:37:47No, 125,000 in the front, in the middle aisle.
0:37:47 > 0:37:49Being sold, if there's no further advance.
0:37:49 > 0:37:53For the first time at 125,000.
0:37:53 > 0:37:56For the second time at 125,000.
0:37:56 > 0:38:00In the centre of the room, for the third and final time at 125,000
0:38:00 > 0:38:02then, are you all done?
0:38:02 > 0:38:04- GAVEL BANGS - Sold at 125,000,
0:38:04 > 0:38:06thank you very much.
0:38:06 > 0:38:11The hammer went down on £125,000 and the two-bed terrace
0:38:11 > 0:38:14was bought by a retired couple, Dave and Freda.
0:38:14 > 0:38:17Dave was a former IT director
0:38:17 > 0:38:20who now leads walking tours across Europe.
0:38:23 > 0:38:26Freda is a retired head teacher.
0:38:26 > 0:38:30Between them, they have a portfolio of four other properties
0:38:30 > 0:38:33which they rent out and makes up part of their pension plans.
0:38:33 > 0:38:35Dave and Freda, congratulations.
0:38:35 > 0:38:40This is a great little property and I love Folkestone, I'm a huge fan.
0:38:40 > 0:38:43- Are you guys from here? - Well, we've lived here a long time.
0:38:43 > 0:38:45Well, we lived at Hythe, which is just about four miles away,
0:38:45 > 0:38:48so we know Folkestone very well and we've worked here and lived here
0:38:48 > 0:38:52and our son lives just around the corner now so we know the area well.
0:38:52 > 0:38:54So, Freda, why did you want to buy this at auction?
0:38:54 > 0:38:57Well, it's the first one we've bought at auction
0:38:57 > 0:38:58and we have got other properties
0:38:58 > 0:39:00but we bought all those in the sort of traditional way.
0:39:00 > 0:39:03On auction day, did you think you would get it for the price you paid?
0:39:03 > 0:39:08No. No. It was about 120,000 to 125,000 guide price,
0:39:08 > 0:39:10we thought we'd go up to about 135,000
0:39:10 > 0:39:14and then, I think, just before it came up, we had a quick discussion
0:39:14 > 0:39:16and then thought, "Don't want to lose it,"
0:39:16 > 0:39:18"perhaps we'll just go up to 140,000."
0:39:18 > 0:39:20Do you know how many people have that discussion?
0:39:20 > 0:39:22"Oh, just before the auction, we'll add five or ten grand."
0:39:22 > 0:39:24But we were really surprised.
0:39:24 > 0:39:26And did you enjoy buying at auction,
0:39:26 > 0:39:28was that an interesting way for you to buy a house?
0:39:28 > 0:39:31I felt quite scared by the process, simply because things do move
0:39:31 > 0:39:35quite quickly and you don't really have time to think about it.
0:39:35 > 0:39:39And this one seemed, to us, to go very quickly and all of a sudden
0:39:39 > 0:39:42you think, "We've bought it, we've got a house." You know?
0:39:42 > 0:39:45It's much more exciting than buying the conventional way.
0:39:45 > 0:39:47- And much quicker.- Absolutely.
0:39:47 > 0:39:52I don't think it occurred to us just how quickly everything went through.
0:39:52 > 0:39:54And you can start planning from the get-go, which is
0:39:54 > 0:39:56what I love about buying at auction.
0:39:56 > 0:39:58What is it you would like to do to this property?
0:39:58 > 0:40:03New kitchen, new bathroom, going to strip it all out completely.
0:40:03 > 0:40:06- Yeah, get rid of all the woodchip. - And it's everywhere.
0:40:06 > 0:40:09- Yeah, it's everywhere. - It is everywhere, ceilings, walls,
0:40:09 > 0:40:11it's probably on the floor as well, if you pull the carpet back.
0:40:11 > 0:40:12Absolutely everywhere.
0:40:12 > 0:40:15Most of these are double glazed but there's a couple of windows needed.
0:40:15 > 0:40:18We're got a little bit of rising damp, haven't we?
0:40:18 > 0:40:20How much do you know about things like rising damp?
0:40:20 > 0:40:22Is that something that would worry you or something that
0:40:22 > 0:40:26- straightaway you know you can put right?- It's such a small amount.
0:40:26 > 0:40:28It's in only that one area so I think it could be treated.
0:40:28 > 0:40:31Yeah, we've got at least one ceiling to do as well, haven't we?
0:40:31 > 0:40:35Because I think there was a leak under the bath at some stage
0:40:35 > 0:40:38and so there's a hole under the bath which comes through to the
0:40:38 > 0:40:42kitchen ceiling. So that's got to be sorted out.
0:40:42 > 0:40:44Just think of all the years that little drips dripped,
0:40:44 > 0:40:46dripped, dripped away and now you have the hole.
0:40:46 > 0:40:49You stand in the bathroom and you can see the light on in the kitchen.
0:40:49 > 0:40:52It's a very strange layout and I'm sure you would probably say we
0:40:52 > 0:40:55should knock some walls down and move everything around
0:40:55 > 0:40:56- as you normally do, but... - I know!
0:40:56 > 0:40:59All right, Dave, but this time I'm not,
0:40:59 > 0:41:03because I know the layout is a bit different, but I actually like it.
0:41:03 > 0:41:06So no hammering from me this time.
0:41:06 > 0:41:09And Freda is looking forward to one aspect of this refurbishment.
0:41:09 > 0:41:11MUSIC: "I Need A Bathroom" by Focus
0:41:11 > 0:41:13# Oh, I need the bathroom... #
0:41:13 > 0:41:17The other houses we've done, we've never, ever put in a new bathroom.
0:41:17 > 0:41:20Always wanted to put them in but they've always just about
0:41:20 > 0:41:21been OK so we just smartened them up.
0:41:21 > 0:41:24This is the first house we've done the bathroom,
0:41:24 > 0:41:26so it'll be quite nice to see that done.
0:41:26 > 0:41:30Freda and Dave have set a very healthy budget of 15,000.
0:41:30 > 0:41:33On top of their list is getting rid of that woodchip.
0:41:33 > 0:41:36A lot of it is actually peeling off, so that's the problem.
0:41:36 > 0:41:40Whereas, if now when we're doing it and it's empty,
0:41:40 > 0:41:43if we strip everything off and replaster the walls,
0:41:43 > 0:41:46then between tenants, we've only got to give it
0:41:46 > 0:41:48just a quick coat of paint and that seems more sensible,
0:41:48 > 0:41:50really, in the long term.
0:41:50 > 0:41:52So you think you can do this on £15,000.
0:41:52 > 0:41:55And how many weeks or months do you think it's going to take?
0:41:55 > 0:41:57We're going to use a good local builder
0:41:57 > 0:42:00so it depends exactly on where he can start but hopefully
0:42:00 > 0:42:03he can start soon and I would hope within three months we'd be finished.
0:42:03 > 0:42:05- Fantastic. - It's a wee bit difficult
0:42:05 > 0:42:08cos we're going to New Zealand in a few weeks' time
0:42:08 > 0:42:10so we don't know when the builder can start
0:42:10 > 0:42:13and quite how much we'll fit in before we go away.
0:42:13 > 0:42:15We might have to leave him to it a little bit.
0:42:15 > 0:42:18It'd be nice to come back and hopefully it's all finished, yes.
0:42:18 > 0:42:21- Oh, that would be the dream renovation.- It would.
0:42:21 > 0:42:23So, who manages all the other houses?
0:42:23 > 0:42:27- I mean, how do you keep spinning the plates, guys?- I do, basically.
0:42:27 > 0:42:29The finger goes that way.
0:42:29 > 0:42:32Yeah, we use a local agent to find a tenant and do the credit checks
0:42:32 > 0:42:34and so on but after that, we manage them ourselves.
0:42:34 > 0:42:37So, I think we're probably going to stop at this one.
0:42:37 > 0:42:40Ah, I've heard that before. I have heard that before.
0:42:40 > 0:42:42MUSIC: "Feel The Spin" by Debbie Harry
0:42:42 > 0:42:44# Oh, I feel the spin... #
0:42:44 > 0:42:45Dave might be spinning the plates,
0:42:45 > 0:42:49but I think Freda is spinning stories about who does everything
0:42:49 > 0:42:53because it sounds like her teacher's experience might come in handy.
0:42:54 > 0:42:57- She can stop someone with a glare from 30 yards.- Really?
0:42:57 > 0:42:59Your builder better watch out!
0:42:59 > 0:43:02Good luck with this project, it's been brilliant meeting you.
0:43:02 > 0:43:03- Thank you.- Thank you.
0:43:03 > 0:43:06Dave and Freda should be able to walk their way
0:43:06 > 0:43:10through this renovation. A decent budget in a good rental area.
0:43:10 > 0:43:13But will they work it out so the builder can get it finished
0:43:13 > 0:43:15while they're on holiday?
0:43:15 > 0:43:17You can find out how busy they've been
0:43:17 > 0:43:19and how they get on later in the programme.
0:43:23 > 0:43:25Well, it's been a while now since we saw our properties
0:43:25 > 0:43:29and there should have been lots of work done but you never know.
0:43:29 > 0:43:32All sorts of problems can arise. I wonder how they've been doing.
0:43:32 > 0:43:33Let's find out.
0:43:34 > 0:43:38It's time to return to the canal town of Sandiacre
0:43:38 > 0:43:41in Derbyshire, where I viewed this two-bed end-terraced house,
0:43:41 > 0:43:45which was in desperate need of refurbishment.
0:43:45 > 0:43:47There were some features that needed updating.
0:43:47 > 0:43:51The kitchen was pokey, but upstairs dimensions were even more
0:43:51 > 0:43:56of an issue with a configuration that just didn't work in my opinion.
0:43:56 > 0:44:01Outside, the building was clad in an out-of-control ivy.
0:44:01 > 0:44:03There was a lot to do.
0:44:03 > 0:44:05Paula, who works for a bed company,
0:44:05 > 0:44:08was royally inspired by her first investment project.
0:44:08 > 0:44:09You make the beds,
0:44:09 > 0:44:12- or your company makes the beds for Buckingham Palace?- For the Queen.
0:44:12 > 0:44:16- How cool is that?- So, it'll have nice beds in here if I do move in.
0:44:16 > 0:44:19So, how did she manage on her 10 to 15 grand budget
0:44:19 > 0:44:22and her four month time scale? Was it a dream?
0:44:22 > 0:44:25We return eight months later to find out.
0:44:38 > 0:44:42It's easy to see why Paula's timescale doubled.
0:44:42 > 0:44:45The whole house has been given a make-over.
0:44:45 > 0:44:48But the kitchen provides the biggest transformation.
0:44:49 > 0:44:53By demolishing old outside loo, Paula has managed to extend
0:44:53 > 0:44:56the kitchen into the old outside utility store.
0:44:58 > 0:45:00And the kitchen isn't the only thing to get a make-over.
0:45:00 > 0:45:04These days, people have the big American freezers and what have you,
0:45:04 > 0:45:08and I just thought to bring the end of the building into this one,
0:45:08 > 0:45:13albeit a small space, it has increased it by probably a third.
0:45:26 > 0:45:28What a transformation downstairs.
0:45:33 > 0:45:35The real problems, though, were upstairs.
0:45:35 > 0:45:39So how has Paula conquered the damp?
0:45:39 > 0:45:42There was damp in the original bathroom.
0:45:42 > 0:45:45We had been told it was a ball stuck in the eaves.
0:45:45 > 0:45:47It wasn't, it was just one slate that had moved,
0:45:47 > 0:45:50but because it had moved for some time,
0:45:50 > 0:45:55it had let in quite a bit of damp which has since been fixed,
0:45:55 > 0:45:58and a new joist put in the bathroom ceiling.
0:45:58 > 0:46:03Firstly the bathroom had a corridor with the original boiler,
0:46:03 > 0:46:06the bath, the toilet, the sink was over here, too,
0:46:06 > 0:46:10and that was a separate partitioned bedroom.
0:46:10 > 0:46:13And we took away the partitioning, put a couple of steps in
0:46:13 > 0:46:16because it's quite a high drop, and a new bathroom suite.
0:46:16 > 0:46:21That cupboard there now houses the combi boiler and it meant
0:46:21 > 0:46:23that we could have a large stand-alone shower
0:46:23 > 0:46:26with a towel rail, too.
0:46:26 > 0:46:28This is a new floor in here, also.
0:46:46 > 0:46:50Having taken away the small box bedroom to enlarge the bathroom,
0:46:50 > 0:46:54Paula made the decision to keep the house as a two-bed property.
0:46:56 > 0:46:58So in this room,
0:46:58 > 0:47:03it was half covered in an old style fitted wardrobe which
0:47:03 > 0:47:09we removed, new windows, new window ledges, the TV point is high
0:47:09 > 0:47:10on the wall for the flat-screen TVs
0:47:10 > 0:47:13as they are in all the reception rooms.
0:47:13 > 0:47:17And we swapped the door for a nicer style door
0:47:17 > 0:47:20and then plastered and painted.
0:47:24 > 0:47:26Although this was a business venture for Paula,
0:47:26 > 0:47:30it had to run alongside her full-time career.
0:47:30 > 0:47:33So what outside help did she have?
0:47:33 > 0:47:38We had professionals in but we know a lot of professionals
0:47:38 > 0:47:40cos my partner is in the trade,
0:47:40 > 0:47:44so we had a bricklayer come in and he bricked up the doors
0:47:44 > 0:47:48and put the patio door in for us, then we had a professional carpenter
0:47:48 > 0:47:53fit the kitchen and my partner is an electrician so the underfloor
0:47:53 > 0:47:57heating went in and the lighting and the new electrics in general.
0:47:57 > 0:48:00And plumbers to put the bathroom suite in
0:48:00 > 0:48:04and a gas plumber to do the central heating.
0:48:04 > 0:48:05And I did the painting
0:48:05 > 0:48:10and mucked in as people's sort of lackey the rest of the time.
0:48:10 > 0:48:14But seeing the house finished and come together at the very, very end
0:48:14 > 0:48:17is the best feeling. It's been quite stressful.
0:48:17 > 0:48:21Paula is happy with her renovation budget of 14,500,
0:48:21 > 0:48:24and if you add that to her purchase price,
0:48:24 > 0:48:28that means she's invested £82,000 in total.
0:48:30 > 0:48:31So how happy will she be
0:48:31 > 0:48:35when two estate agents have a look at all her hard work?
0:48:37 > 0:48:39It gave me that wow-factor, to be honest.
0:48:39 > 0:48:44I felt it actually exceeded my expectations.
0:48:44 > 0:48:47I like the kitchen, I think the bathroom is exceptional
0:48:47 > 0:48:50and overall, it's of a high standard.
0:48:50 > 0:48:53Light, bright, neutrally coloured throughout,
0:48:53 > 0:48:56ready for immediate occupation, I would say, really.
0:48:56 > 0:48:58So, very impressed first-impressions.
0:48:58 > 0:48:59The kitchen I particularly liked,
0:48:59 > 0:49:02especially with the French doors leading into the garden, I think
0:49:02 > 0:49:05that works really well to enjoy the outside space, perhaps for barbequing
0:49:05 > 0:49:08and having friends around for an evening or something like that.
0:49:08 > 0:49:12We're seeing more and more first-time buyers now who are looking to buy and
0:49:12 > 0:49:15the fact that they can move straight into this with nothing to do,
0:49:15 > 0:49:16I think it's great for them.
0:49:16 > 0:49:19So, very positive comments there from the estate agents.
0:49:19 > 0:49:22Is this reflected in the rental value?
0:49:22 > 0:49:27I feel this property will achieve £525 to £550 per calendar month.
0:49:27 > 0:49:31I would expect to put it on the market for £525 per calendar month.
0:49:31 > 0:49:36I'm surprised. I didn't think it would be quite that much.
0:49:36 > 0:49:38Because it's two-bedroomed.
0:49:38 > 0:49:43Those rental figures would give her a yield of approximately 8%.
0:49:43 > 0:49:45She was originally intending to rent the property out,
0:49:45 > 0:49:49but could she be tempted by the resale valuations?
0:49:49 > 0:49:53Has her 82,000 become a king-sized sum?
0:49:53 > 0:49:56I reckon I could achieve in the region of about £105,000,
0:49:56 > 0:49:59but would suggest an asking price of £110,000.
0:49:59 > 0:50:01The market is rising in this area so I feel pretty confident
0:50:01 > 0:50:04we should be able to achieve close to that 110,000 figure.
0:50:04 > 0:50:06I'm going to be reasonably conservative
0:50:06 > 0:50:10and say within the region of around £110,000.
0:50:10 > 0:50:16Wow, that would give her a £28,000 profit. So, rent or sell, Paula?
0:50:16 > 0:50:18I'll be selling it.
0:50:18 > 0:50:24For sure. We'd probably like to do this as a regular thing, full-time.
0:50:24 > 0:50:27Having seen her first property business venture pay off,
0:50:27 > 0:50:32does Paula have any advice for other perspective property developers?
0:50:32 > 0:50:33It's been interesting.
0:50:33 > 0:50:36It was the fourth property that I've renovated,
0:50:36 > 0:50:39but the first one that I've done to either rent or sell.
0:50:39 > 0:50:41And it's been great
0:50:41 > 0:50:46and I think one of the added benefits was that we've got lots of good
0:50:46 > 0:50:50friends that came and mucked in as well and yeah, we had a few laughs.
0:50:56 > 0:51:00We return to Folkestone on the south-east coast
0:51:00 > 0:51:03and the popular residential area of Cheriton where this
0:51:03 > 0:51:06two-bedroom mid-terrace house was in need of more than
0:51:06 > 0:51:09a little improvement and a lot of redecoration.
0:51:09 > 0:51:12Woodchip wallpaper everywhere. Everywhere!
0:51:12 > 0:51:15The kitchen, oh, it's a pine-fest!
0:51:15 > 0:51:18So, whoever buys this property, I hope they like pine
0:51:18 > 0:51:20and woodchip wallpaper because it's everywhere.
0:51:20 > 0:51:23125,000 then, are you all done?
0:51:23 > 0:51:25- GAVEL BANGS - Sold at 125,000.
0:51:25 > 0:51:29The property was bought by retired couple Dave and Freda to go
0:51:29 > 0:51:32with four other properties which they rent out in the area.
0:51:32 > 0:51:35With no apparent major works required,
0:51:35 > 0:51:38they reckoned on a budget of £15,000.
0:51:38 > 0:51:41But the timescale wasn't so definite.
0:51:41 > 0:51:43We're going to use a good local builder
0:51:43 > 0:51:46so it depends exactly on when he can start but hopefully he can start
0:51:46 > 0:51:49soon and, you know, I would hope within three months we'd be finished.
0:51:49 > 0:51:51It's a wee bit difficult because we're going to New Zealand
0:51:51 > 0:51:55in a few weeks' time so we don't know when the builder can start
0:51:55 > 0:51:58and quite how much we'll fit in before that, before we go away.
0:51:58 > 0:52:00We might have to leave him to it a little bit.
0:52:00 > 0:52:03It'd be nice to come back and hopefully it's all finished, yes.
0:52:03 > 0:52:04That would be the dream renovation!
0:52:04 > 0:52:06Now there's a wish.
0:52:06 > 0:52:09But they said three months and three months later, we're back.
0:52:14 > 0:52:17And from what was once a forest of pine
0:52:17 > 0:52:20we now have a light, bright and fresh kitchen.
0:52:21 > 0:52:24Every room has been redecorated in neutral colour scheme.
0:52:27 > 0:52:30But the biggest change is probably the bathroom.
0:52:34 > 0:52:38It certainly seems like Dave and Freda's builder has been busy
0:52:38 > 0:52:40while they were in New Zealand.
0:52:40 > 0:52:43But had he finished it by the time they had returned?
0:52:43 > 0:52:45They discovered an awful lot more, really, while we were away,
0:52:45 > 0:52:50so no, they still had quite a lot to do.
0:52:50 > 0:52:52So, where did they start?
0:52:52 > 0:52:55We got rid of the wretched woodchip, that was the biggest task.
0:52:55 > 0:52:56Well, it was everywhere, wasn't it?
0:52:56 > 0:52:58It was on the ceiling, it was on the walls,
0:52:58 > 0:53:01it had been painted over lots of times.
0:53:01 > 0:53:04So I think that's about the only thing holding some of it up.
0:53:04 > 0:53:07After that, we decided everything needed plastering and if we're
0:53:07 > 0:53:10going to plaster, we thought that's the time to have it rewired as well.
0:53:10 > 0:53:13Nice, SMOOTH walls make the place look crisp and clean
0:53:13 > 0:53:16and well worth all the expense and effort.
0:53:16 > 0:53:19What room are they most pleased with?
0:53:19 > 0:53:22Well, the kitchen particularly I think we're very pleased with,
0:53:22 > 0:53:26we think that's gone very well and we changed one of the windows
0:53:26 > 0:53:30in the kitchen and it just looks a lot more of a unit now.
0:53:30 > 0:53:35We had to take the ceiling down completely in the kitchen
0:53:35 > 0:53:39and that meant we exposed all the bathroom, right up to the roof
0:53:39 > 0:53:43rafters, really, because the wood was rotten and also in the bathroom,
0:53:43 > 0:53:47we had to take a chimney breast down as well, that wasn't being supported
0:53:47 > 0:53:51at all underneath, so that was a lot of work in those two rooms.
0:53:51 > 0:53:54The bathroom in this house was already upstairs,
0:53:54 > 0:53:55but it did need redoing.
0:53:55 > 0:53:58Well, in the bathroom we've moved things around a bit.
0:53:58 > 0:54:01The basin is still where it was, the toilet's just moved along a bit,
0:54:01 > 0:54:02but the problem we had was with the bath,
0:54:02 > 0:54:04which was right in front of the window
0:54:04 > 0:54:07and we didn't think that was the best place to be standing to have
0:54:07 > 0:54:09a shower so our builder suggested this arrangement
0:54:09 > 0:54:12and put this little stud wall on the end,
0:54:12 > 0:54:14just as a place to put the shower head
0:54:14 > 0:54:19and now we think it works very well, it's a very spacious bathroom.
0:54:19 > 0:54:23Talking of space, they have changed the attic at all. Why not?
0:54:23 > 0:54:26There was quite a lot to do in the rest of the house and we're
0:54:26 > 0:54:29only ever going to use that as a hobby room or a storage room.
0:54:29 > 0:54:33As the attic doesn't need building regulations in order to be called
0:54:33 > 0:54:37a third bedroom, I think Freda might have made the right decision here.
0:54:37 > 0:54:40And the improvements even continue outside.
0:54:40 > 0:54:42MUSIC: "I Can Hear the Grass Grow" by The Move
0:54:42 > 0:54:45# I can hear the grass grow... #
0:54:45 > 0:54:47We're just basically cleared it a little
0:54:47 > 0:54:50and laid it down to glass so that's about my only
0:54:50 > 0:54:53contribution to the project was when we were laying the turf, so...
0:54:53 > 0:54:56But now I find it very frustrating because it's such good quality
0:54:56 > 0:54:58grass that I have to come over twice a week to cut it.
0:54:58 > 0:55:00So the sooner we get somebody in,
0:55:00 > 0:55:03the sooner somebody else can start doing that.
0:55:03 > 0:55:06And access for the new tenants will now be so much easier as that
0:55:06 > 0:55:11all-important parking area has been incorporated into the back garden.
0:55:11 > 0:55:15But still, it hasn't been as straightforward as first thought.
0:55:15 > 0:55:17It was much bigger than we expected.
0:55:17 > 0:55:20I mean, we were very, very lucky because we had
0:55:20 > 0:55:22a superb builder who was really brilliant,
0:55:22 > 0:55:27because I think everything he had to do, a lot of it wasn't planned.
0:55:27 > 0:55:31And what effect did this have on their £15,000 budget?
0:55:31 > 0:55:33Budget-wise, we have gone over-budget.
0:55:33 > 0:55:40We've ended up, including the carpets throughout, we spent 22,500.
0:55:40 > 0:55:42So we're a bit over-budget.
0:55:42 > 0:55:46The only way we saved any money from all our expense was by selling
0:55:46 > 0:55:51a few things on online auctions and we got £100 for the fireplace
0:55:51 > 0:55:55in the bathroom and £140 for the internal doors.
0:55:55 > 0:55:57OK, so they made a few quid.
0:55:57 > 0:56:02For the sake of easy maths, let's call it a spend of £22,000.
0:56:02 > 0:56:05Added to their purchase price of 125,000,
0:56:05 > 0:56:10that brings their total investment to £147,000.
0:56:10 > 0:56:13Now, we asked two local estate agents for their thoughts,
0:56:13 > 0:56:16including the one who saw it before.
0:56:16 > 0:56:18They've done a lot of good work in this property,
0:56:18 > 0:56:20made it very neat and tidy,
0:56:20 > 0:56:22very fresh, very appealing
0:56:22 > 0:56:26and that's what's going to appeal to a new buyer or to a tenant.
0:56:26 > 0:56:29This selling features of this property have to be its location.
0:56:29 > 0:56:32It's a great location, it's also in fantastic condition
0:56:32 > 0:56:35so people can move straight in without having to lift a finger.
0:56:35 > 0:56:37The only thing I don't like about this property is
0:56:37 > 0:56:40the fact that they haven't done anything with the loft space.
0:56:40 > 0:56:42It's exactly as it was when I first saw it
0:56:42 > 0:56:44and that was a bit of a disappointment.
0:56:44 > 0:56:48I'd suggest the attic room be left as it is.
0:56:48 > 0:56:51It gives the new owner a chance to do what they will.
0:56:51 > 0:56:54Conflicting views on that attic there, but in its present
0:56:54 > 0:56:58condition, what could this house sell for on the open market?
0:56:58 > 0:57:03On resale, this property would sell for in the region of £160,000.
0:57:03 > 0:57:07The resale value of the property would be in the region
0:57:07 > 0:57:11between £165,000 and £170,000.
0:57:11 > 0:57:16Those valuations would give a profit of between 13,000 to 23,000,
0:57:16 > 0:57:18minus tax and expenses.
0:57:18 > 0:57:24But Dave and Freda intend to rent it out and add it to their portfolio.
0:57:24 > 0:57:27The rental value of the property would be in the region
0:57:27 > 0:57:31of £650 to £700 per calendar month.
0:57:31 > 0:57:35I would offer this property to rental in the region
0:57:35 > 0:57:37of £700 per calendar month.
0:57:37 > 0:57:40Those rental valuations would give Dave and Freda
0:57:40 > 0:57:42a healthy yield of about 6%.
0:57:42 > 0:57:44We think that's a little low.
0:57:44 > 0:57:48Our agent is marketing it at 750 and he's got three people
0:57:48 > 0:57:50who have applied at that price.
0:57:50 > 0:57:53They assured me this was their last property.
0:57:53 > 0:57:54So...?
0:57:54 > 0:57:57We're not planning to get any more, this is our fifth one now and
0:57:57 > 0:58:01we manage them ourselves so we don't want it to be too all-time-consuming.
0:58:01 > 0:58:02We are supposed to be retired now,
0:58:02 > 0:58:05so it's a hobby rather than a full-time job.
0:58:09 > 0:58:12Well, in the ever-changing world of property, there are always
0:58:12 > 0:58:15new things to learn so we'll have more stories for you next time.
0:58:15 > 0:58:18So, make sure you join us then for more Homes Under The Hammer.
0:58:18 > 0:58:19- Goodbye.- Goodbye.