0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:07Now, Lucy and I find property completely absorbing.
0:00:07 > 0:00:08Yes, but in order to do well,
0:00:08 > 0:00:11you've got to make sure you buy at the right price.
0:00:11 > 0:00:14And that can be a tricky thing to do.
0:00:14 > 0:00:17But one way to possibly stack things in your favour
0:00:17 > 0:00:19is to buy your next property at auction.
0:00:45 > 0:00:47Well, you do need to do your research
0:00:47 > 0:00:48before you buy at auction,
0:00:48 > 0:00:51but once that's highlighted a particular property,
0:00:51 > 0:00:53you could get yourself a real bargain.
0:00:53 > 0:00:55I wonder if any of today's properties
0:00:55 > 0:00:57turn out to be good deals.
0:00:57 > 0:00:58Here's what was bought.
0:01:00 > 0:01:04A detached three-bedroom house in Mid Glamorgan has its secrets.
0:01:04 > 0:01:07Come in here and...
0:01:07 > 0:01:08Oh, dear!
0:01:10 > 0:01:12A two-bedroom sideways cottage in Kent
0:01:12 > 0:01:15makes for a case of low-flying neighbours.
0:01:15 > 0:01:19The neighbour's house flies over this house.
0:01:19 > 0:01:22And this two-bed terrace in Raynes Park, London
0:01:22 > 0:01:24has some interesting period patterns and features,
0:01:24 > 0:01:27which might be an acquired taste.
0:01:27 > 0:01:31Would you keep that? I actually like that.
0:01:31 > 0:01:33All of these properties have been sold at auction.
0:01:33 > 0:01:36We'll find out who bought them and what they paid for them
0:01:36 > 0:01:38when they went Under The Hammer.
0:01:38 > 0:01:39Sold.
0:01:50 > 0:01:53This may look like a sleepy, little town nestled
0:01:53 > 0:01:57in the South Wales Valleys, but there is a lot going on in Bridgend.
0:01:58 > 0:02:01Situated halfway between Cardiff and Swansea,
0:02:01 > 0:02:04it has become a busy centre for several companies
0:02:04 > 0:02:07that have factories here, which brings in much needed work
0:02:07 > 0:02:11and creates a busy town as well as a great commuting base.
0:02:14 > 0:02:16Well, situated on the edge of Bridgend
0:02:16 > 0:02:18on a fairly modern housing estate
0:02:18 > 0:02:21is the property I'm here to see and this is it.
0:02:21 > 0:02:24It's on a corner plot, which is good news.
0:02:24 > 0:02:28Three-bedroomed detached, that's also good news.
0:02:28 > 0:02:30Guide price?
0:02:30 > 0:02:34Yeah, £98,000 plus, also good news.
0:02:34 > 0:02:37Does it look as good inside?
0:02:39 > 0:02:41I'll bring you the news.
0:02:44 > 0:02:48So, expectations are high. What have we got?
0:02:48 > 0:02:50A little entrance area here
0:02:50 > 0:02:52something to hang your coat, which is good.
0:02:52 > 0:02:55Stairs up to the bedrooms and the bathroom.
0:02:55 > 0:02:57Into the sitting room.
0:02:57 > 0:03:01Not in the best of conditions,
0:03:01 > 0:03:02but it's not a bad size space.
0:03:02 > 0:03:05So, through into the rear where...
0:03:06 > 0:03:08Right.
0:03:11 > 0:03:13Hmm. That's a bit of a shame.
0:03:15 > 0:03:16I wasn't expecting that.
0:03:16 > 0:03:19Something really serious is going on with this roof.
0:03:19 > 0:03:22The floorboards look like they've got some serious damp
0:03:22 > 0:03:24and that's not just... That's wet.
0:03:24 > 0:03:27That's...that's not just a few days of wet either.
0:03:27 > 0:03:32That's long-time dribbly, watery things going.
0:03:32 > 0:03:34Maybe, pipes have been leaking and nobody's known about it
0:03:34 > 0:03:36until the ceiling collapsed,
0:03:36 > 0:03:38which would probably be a bit of a giveaway. But...
0:03:38 > 0:03:40That needs sorting out.
0:03:40 > 0:03:42But into this area here, which is the kitchen.
0:03:42 > 0:03:44It's like the front's OK. It looks OK from the outside.
0:03:44 > 0:03:47And then you come in here and...
0:03:47 > 0:03:48Oh, dear!
0:03:50 > 0:03:52It's all gone a bit pear shaped.
0:03:52 > 0:03:56The ceiling issue needs further investigation and the kitchen...
0:03:56 > 0:03:59Well, it's definitely seen better days.
0:03:59 > 0:04:01It's basically a really nice house,
0:04:01 > 0:04:05but it's in need of a full refurbishment at least down here.
0:04:06 > 0:04:08So, let's have a poke about up here
0:04:08 > 0:04:11and see if we can find what's causing that problem downstairs,
0:04:11 > 0:04:13and actually you don't have to go very far.
0:04:13 > 0:04:15Straight into the bathroom and the loo.
0:04:15 > 0:04:18And down here...
0:04:18 > 0:04:22the outlet from the bath. Lots of pipe work.
0:04:22 > 0:04:26It's too much of a coincidence that the floor there is all wet.
0:04:26 > 0:04:29There's probably just a simple, leaking joint
0:04:29 > 0:04:31on one of those waste pipes.
0:04:31 > 0:04:35Over time, drip, drip, drip, drip.
0:04:35 > 0:04:37If it's not monitored,
0:04:37 > 0:04:40well, you can see the kind of damage that can ensue.
0:04:40 > 0:04:44My only concern is how bad are those floorboards, you know?
0:04:44 > 0:04:46I definitely want to have them checked out.
0:04:46 > 0:04:48It may well be that they've rotted
0:04:48 > 0:04:50and need replacing and that's going to be expensive,
0:04:50 > 0:04:53but up here, in terms of space, it's not bad.
0:04:53 > 0:04:56The whole house is quite nicely proportioned.
0:04:56 > 0:04:59Three bedrooms. One there, a smaller box room there
0:04:59 > 0:05:02and then into the front bedroom.
0:05:02 > 0:05:04Nice and bright in here.
0:05:04 > 0:05:07It has some built-in units you probably want to get rid of.
0:05:07 > 0:05:11The whole house just needs a real thorough refurbishment.
0:05:11 > 0:05:15And as long as you know what you're taking on...
0:05:15 > 0:05:17it's no biggie...
0:05:17 > 0:05:19-ish.
0:05:19 > 0:05:21- MUSIC: Bargain by The Who - # I call that a bargain
0:05:21 > 0:05:25# The best I ever had... #
0:05:25 > 0:05:27Well, that's maybe going a bit far.
0:05:29 > 0:05:35# The best I ever had. #
0:05:35 > 0:05:38On the downside, there's quite a lot of work to do,
0:05:38 > 0:05:41but on the upside, this being a corner plot,
0:05:41 > 0:05:43the garden is a reasonable size
0:05:43 > 0:05:47and despite the dubious double-decker decking,
0:05:47 > 0:05:52the single garage and shed provide plenty of places to tinker away in.
0:05:52 > 0:05:57But at a guide price of £98,000, I think it's a pretty good buy.
0:05:57 > 0:06:00We asked a local property expert for his opinion.
0:06:03 > 0:06:07This property being built in the 1980s offers a traditional layout.
0:06:07 > 0:06:10It lacks what new houses have now, which are en suite bathrooms
0:06:10 > 0:06:12and downstairs loos.
0:06:12 > 0:06:15However, due to the location and the size of the plot,
0:06:15 > 0:06:19it would still offer a good purchase to a new buyer
0:06:19 > 0:06:20once it's been modernised.
0:06:20 > 0:06:22The upgrade cost of this property
0:06:22 > 0:06:27should be somewhere in the region of £12,000 to £15,000.
0:06:27 > 0:06:31Should there be more excessive work due to the dampness and timber rot
0:06:31 > 0:06:35then it could end up approximately £20,000.
0:06:35 > 0:06:38So, adding the best-case scenario to the guide price
0:06:38 > 0:06:41brings you to £110,000
0:06:41 > 0:06:44and what could you get in return for this investment?
0:06:45 > 0:06:47In my opinion,
0:06:47 > 0:06:50the selling price for this property after modernisation,
0:06:50 > 0:06:55would be somewhere between £150,000 and £155,000
0:06:55 > 0:06:59and for rental, it should achieve £600 to £625 per calendar month.
0:07:01 > 0:07:04So, a bit of restoration to be done,
0:07:04 > 0:07:08but once that's completed, I think a good little house here.
0:07:08 > 0:07:12In a popular location and at that guide price...
0:07:12 > 0:07:14yeah, it would have attractive a lot of interest
0:07:14 > 0:07:16when it went under the hammer.
0:07:16 > 0:07:20Detached house with three bedrooms and bathroom, lounge,
0:07:20 > 0:07:22kitchen, dining on the ground floor.
0:07:22 > 0:07:24Nice property there, keenly priced.
0:07:24 > 0:07:25Where are we starting, please?
0:07:25 > 0:07:27I know. Starting at £100,000, somebody?
0:07:27 > 0:07:30100. Make it 95. Make it 90, if you like.
0:07:30 > 0:07:33Got to be 90 to start. Thank you. I've got you there, at 90.
0:07:33 > 0:07:38And 1 now I'm looking for. I've got 90. 91. 92. 3? 93. 94?
0:07:38 > 0:07:4194. 95. 96. 97.
0:07:41 > 0:07:4598. 99. 100.
0:07:45 > 0:07:52The £98,000 guide price is long gone. We rejoin at 122,000.
0:07:52 > 0:07:57At 122 I've got you seated here for the first time at 100...
0:07:57 > 0:07:59Where are you?
0:07:59 > 0:08:04122,500. Thank you. 122... 122,500. 123 now?
0:08:04 > 0:08:08123. 123,500? 123,500. 124?
0:08:08 > 0:08:09124, no.
0:08:09 > 0:08:14At 123,500 on my left-hand side for the first time,
0:08:14 > 0:08:17second time, third and last time at 120...
0:08:17 > 0:08:19124. New bidder again.
0:08:19 > 0:08:21124,500? You going to let it go?
0:08:21 > 0:08:24£500 you could have one more go? Well done.
0:08:24 > 0:08:26125 back to the glasses... No, he shakes his head.
0:08:26 > 0:08:31At 124,500 then, sir, for the first time, second time,
0:08:31 > 0:08:33third and last time.
0:08:33 > 0:08:35Yours, thank you.
0:08:35 > 0:08:40Hiding herself behind bidder Richard was his partner Linda.
0:08:40 > 0:08:44They own a limo business, which Linda runs and they also own a gym
0:08:44 > 0:08:48and they already have a small property portfolio.
0:08:48 > 0:08:50I caught up with them back at the house.
0:08:51 > 0:08:54- Linda, Richard, lovely to meet you both.- And you.- Nice to meet you.
0:08:54 > 0:08:57Congratulations. Tee hee hee. Why did you say it like that?
0:08:57 > 0:09:00- You went, "Hee hee...oh."- Really?
0:09:00 > 0:09:03- Have you been in there?- Yeah.- Hm.
0:09:03 > 0:09:05Have you?
0:09:05 > 0:09:07Only this morning.
0:09:07 > 0:09:09- Only this morning?- Only this morning.
0:09:09 > 0:09:12So, what... How... What do you think?
0:09:12 > 0:09:13Erm...mess.
0:09:13 > 0:09:16A lot of work. Loads of work.
0:09:18 > 0:09:19Mountains of work.
0:09:21 > 0:09:24But it was his bright idea not to view it
0:09:24 > 0:09:26and now it's come back to bite him.
0:09:26 > 0:09:28So, why didn't you view it, then?
0:09:29 > 0:09:31We own one a couple of doors up
0:09:31 > 0:09:33and thought it would be in the same condition.
0:09:33 > 0:09:35Clearly not.
0:09:35 > 0:09:37So, is it, seriously...
0:09:37 > 0:09:41distressing or just mildly annoying?
0:09:41 > 0:09:43Mildly annoying. A little bit more money.
0:09:43 > 0:09:46Yeah, but that's his fault, so... You know.
0:09:46 > 0:09:48- So, will he pay for this?- Yes.
0:09:48 > 0:09:54- Military terms.- Emotionally and financially.- Yeah.
0:09:54 > 0:09:57Oops. Looks like Richard's in the doghouse.
0:09:57 > 0:10:02Thankfully these two have renovation experience, which should help,
0:10:02 > 0:10:04but it's not the first time Richard's taken a risk
0:10:04 > 0:10:06at an auction.
0:10:06 > 0:10:09- We like auctions.- Do you?- He does. Yes.- Yes.
0:10:09 > 0:10:10- In what way?- In every way.
0:10:10 > 0:10:13- If anything's for auction, he'll... - Buy it.
0:10:13 > 0:10:15..go on any site and he'll buy something.
0:10:15 > 0:10:18- What kind of things?- Anything.- What do you mean anything?
0:10:18 > 0:10:19Clothes...
0:10:19 > 0:10:21- Sledges. Snow sledges...- Snow sledges.
0:10:21 > 0:10:24..for the snow this year that we haven't had. 4,000 of them.
0:10:24 > 0:10:27- You bought 4,000 sledges?!- No. He! He bought them.
0:10:27 > 0:10:31- Right, right, right, sorry. You bought 4,000 sledges?- Yes.
0:10:31 > 0:10:34- Hoping we'd have some snow.- He sold four.
0:10:34 > 0:10:38- He sold four. You bought 4,000... - Mm.- ..and sold four.- Mm.
0:10:38 > 0:10:41- But, so, you hope next year there might be some snow.- Hopefully.
0:10:41 > 0:10:43MARTIN LAUGHS
0:10:43 > 0:10:46- Or a nice warm sun. Some sun for sand sledges.- Sand sledges!
0:10:46 > 0:10:48Now you're thinking outside the box, aren't you?
0:10:48 > 0:10:51- Well, we've got sand dunes a couple of miles out of Bridgend, so...- Oh!
0:10:51 > 0:10:53Very good.
0:10:53 > 0:10:54- SIGHS - Well, what can I say
0:10:54 > 0:10:58except if it snows this winter, you'll know where to come.
0:10:58 > 0:11:02But Richard is obviously someone, who takes setbacks in his stride.
0:11:02 > 0:11:06A useful trait to have when tackling this property.
0:11:06 > 0:11:09So, the house, then, tell me what you're going to do to sort it out.
0:11:09 > 0:11:13- Rip everything out.- Clean everything out.- Yeah.- New kitchen.
0:11:13 > 0:11:15Ceilings, kitchen, bathroom,
0:11:15 > 0:11:17flooring and just...
0:11:17 > 0:11:21strip all the wallpaper. Probably not going to do it, mind you.
0:11:21 > 0:11:24- Right.- I haven't got time.- You're going to get somebody in?- Yeah.
0:11:24 > 0:11:27We know a lot of people who'll do work for us, so...
0:11:27 > 0:11:30- I know, you know, all the local boys. - Right.
0:11:30 > 0:11:33So...so, what's the budget for the work?
0:11:33 > 0:11:36Erm, I estimate about £5,000 to do the inside.
0:11:36 > 0:11:39Right. Does that include the kitchen and the bathroom?
0:11:39 > 0:11:41Kitchen, bathroom and all the decorating.
0:11:41 > 0:11:43Right. And labour?
0:11:43 > 0:11:45- Yes.- I think he's...
0:11:45 > 0:11:49joking. I think he's one to have a rude awakening.
0:11:49 > 0:11:52- No.- Right. Five grand, then. And how long?
0:11:52 > 0:11:54I did originally estimate two weeks.
0:11:54 > 0:11:56- Oh, for goodness' sake!- Yeah, but then that's before he saw it.
0:11:56 > 0:11:59It's going to be a month. It's going to be a month, now.
0:11:59 > 0:12:01- It's going to be two months.- What planet are you on?
0:12:01 > 0:12:04It's going to be one month and that's it.
0:12:04 > 0:12:05- No, it'll be two months.- One.
0:12:05 > 0:12:07MUSIC: Let's Call The Whole Thing Off by Fred Astaire
0:12:07 > 0:12:10# You say 'ee-ther' and I say 'ai-ther'
0:12:10 > 0:12:12# You say 'nee-ther' and I say 'nai-ther'
0:12:12 > 0:12:13# Ee-ther, ai-ther
0:12:13 > 0:12:15# Nee-ther, nai-ther
0:12:15 > 0:12:17# Let's call the whole thing off. #
0:12:17 > 0:12:20Well, Richard's certainly, shall we say, optimistic,
0:12:20 > 0:12:23but Linda seems to be able to keep his feet on the ground.
0:12:23 > 0:12:26The plan is for Linda's daughter to live in the house
0:12:26 > 0:12:30when it's finished be that in one or maybe two months.
0:12:33 > 0:12:36Well, listen, congratulations. I can't wait to see how it turns out.
0:12:36 > 0:12:38- Thank you.- Nice to meet you both.
0:12:39 > 0:12:41Just a classic. Not seeing it
0:12:41 > 0:12:45and assuming it's going to be like every other property around here.
0:12:45 > 0:12:47Well, there you go.
0:12:47 > 0:12:50Learned some lessons, perhaps, from that.
0:12:50 > 0:12:52How will they get on? Can't wait to see.
0:12:52 > 0:12:54You can find out later in the show.
0:12:59 > 0:13:02This is the quaint little village of Wingham in Kent.
0:13:02 > 0:13:06- MUSIC: Little Village by Van Morrison - # Little village, baby,
0:13:06 > 0:13:10# Ain't large enough to be a town... #
0:13:10 > 0:13:15A college was founded in Wingham in 1286 by Archbishop Peckham
0:13:15 > 0:13:18and many of the buildings date back to that time.
0:13:18 > 0:13:21The period properties and the proximity to Canterbury and Sandwich
0:13:21 > 0:13:25means that Wingham is a sought-after location for house hunters.
0:13:27 > 0:13:31I'm here to see this rather lovely looking period cottage today.
0:13:31 > 0:13:32It's Grade II listed.
0:13:32 > 0:13:37It's got two bedrooms and I've got to say it looks really cute!
0:13:37 > 0:13:39But one negative straightaway
0:13:39 > 0:13:42is that there are double yellow lines right here, right outside
0:13:42 > 0:13:46and although you can park in nearby roads, that is never ideal.
0:13:46 > 0:13:48Let's go inside.
0:13:49 > 0:13:51The cottage is very cute.
0:13:51 > 0:13:54It's everything you'd expect of a listed property.
0:13:54 > 0:13:57Lots of character and it had a guide price of...
0:13:57 > 0:14:00- SHE SHOUTS: - £95,000 to £100,000.
0:14:00 > 0:14:03Ha-ha! Its location might be the sticking point.
0:14:03 > 0:14:05With no garden between the house and the road,
0:14:05 > 0:14:09the traffic that thunders past is very close.
0:14:09 > 0:14:11But it's not as bad as it first seems.
0:14:15 > 0:14:18The outside of this house is really deceptive.
0:14:18 > 0:14:20So, here's some geography.
0:14:20 > 0:14:23The front door and the hall are the only parts of the house
0:14:23 > 0:14:24that are near the road.
0:14:24 > 0:14:28In fact, the front door is best thought of as a side door
0:14:28 > 0:14:31because the property runs at right angles to the road
0:14:31 > 0:14:34behind the front facade. Quirky, eh?
0:14:34 > 0:14:36- MUSIC: It's A Mystery by Toyah - # It's a mystery
0:14:36 > 0:14:39# Oh, it's a mystery
0:14:39 > 0:14:43# I'm still searching for a clue... #
0:14:43 > 0:14:46Feels really spacious. Nice high ceilings.
0:14:46 > 0:14:50You've got this lovely feature. Big brick wall.
0:14:50 > 0:14:52Downstairs bathroom, bit of a negative,
0:14:52 > 0:14:54but there's so much light coming in here.
0:14:54 > 0:14:57The proportions are really good. I mean, look at this!
0:14:57 > 0:15:00It's a wonderfully, bright, large,
0:15:00 > 0:15:02open, spacious room
0:15:02 > 0:15:05with these lovely doors leading out to the garden.
0:15:05 > 0:15:06Got a little fireplace there.
0:15:06 > 0:15:08You know, once you've done this property up,
0:15:08 > 0:15:12it could look fantastic because there's so much character.
0:15:12 > 0:15:17I mean, look at this lovely, wide doorway. These big, thick walls.
0:15:17 > 0:15:18And that's a good thing
0:15:18 > 0:15:20because you can't hear a lot of the traffic noise.
0:15:20 > 0:15:23The kitchen, again, spend a bit of money in here,
0:15:23 > 0:15:25what a wonderful place to cook.
0:15:25 > 0:15:27You can even fit a table in here.
0:15:28 > 0:15:30Upstairs there are two double bedrooms
0:15:30 > 0:15:35and the windows look over what I will call the back garden.
0:15:35 > 0:15:37But I guess, if you're looking from the front road,
0:15:37 > 0:15:40they would be on the side if you get my meaning.
0:15:44 > 0:15:47There's an upstairs loo, but no shower or bath,
0:15:47 > 0:15:50so you'd have to traipse up and down in your towel.
0:15:50 > 0:15:51Not ideal.
0:15:53 > 0:15:57I think this could be a decent wet room, which would be more appealing.
0:15:57 > 0:16:01This property actually lies behind the neighbouring house.
0:16:01 > 0:16:04So, all the windows you saw at the front
0:16:04 > 0:16:07are not part of this property and next door's bedrooms,
0:16:07 > 0:16:11well, they actually go over the top of this hallway.
0:16:11 > 0:16:13This is known as a flying freehold
0:16:13 > 0:16:17as part of the neighbour's house flies over this house.
0:16:17 > 0:16:20So, that building relies on this property for support.
0:16:20 > 0:16:23Now, the main problem is that mortgage lenders
0:16:23 > 0:16:25aren't keen on properties with flying freeholds.
0:16:25 > 0:16:28So, it may be harder to raise the finance
0:16:28 > 0:16:30in the future to buy this house.
0:16:32 > 0:16:37Wow! This is a surprisingly large garden and Sh!
0:16:37 > 0:16:41It's surprisingly quiet. No big, old juggernaut noise. Fantastic!
0:16:41 > 0:16:44I mean, look. There is so much room here.
0:16:44 > 0:16:46Even if you wanted to extend, you could,
0:16:46 > 0:16:50but remember it is a Grade II-listed building
0:16:50 > 0:16:54and Grade II listing covers the whole building inside and out.
0:16:54 > 0:16:58So, you will need listed building consent for any alterations
0:16:58 > 0:17:01that you do that may affect the character of this cottage.
0:17:01 > 0:17:04So, no knocking down walls, painting over brick work,
0:17:04 > 0:17:07changing the old windows, putting up burglar alarms
0:17:07 > 0:17:12without getting the go-ahead from the council's conservation officer.
0:17:12 > 0:17:15If the local conservation officer isn't happy with any changes
0:17:15 > 0:17:18you intend to make to a listed building,
0:17:18 > 0:17:20well, you can be forced to undo all of your hard work.
0:17:20 > 0:17:24You can even be prosecuted and face criminal charges.
0:17:28 > 0:17:32So, what would a local property expert make of the sideways cottage?
0:17:32 > 0:17:36Is it a worthwhile renovation project for prospective buyers?
0:17:37 > 0:17:41It's worth trying to keep this house within the first-time buyer
0:17:41 > 0:17:43and buy-to-let sector of the market,
0:17:43 > 0:17:46which means not spending too much money on it.
0:17:46 > 0:17:49But worth...definitely worth improving.
0:17:49 > 0:17:50Bearing that in mind,
0:17:50 > 0:17:53what sort of price would you market this house for?
0:17:53 > 0:17:57I think once improved and renovated and in nice order,
0:17:57 > 0:18:01this would enhance the value to about £140,000, £150,000.
0:18:01 > 0:18:03And what about a possible rental income?
0:18:03 > 0:18:06I'd like to come back and see this when it's improved,
0:18:06 > 0:18:12but when renovated, this will let for probably £600 per calendar month.
0:18:12 > 0:18:15This property does have a few issues.
0:18:15 > 0:18:18It's listed and it's in a conservation area,
0:18:18 > 0:18:21so that may affect what you're allowed to do here.
0:18:21 > 0:18:24There's a flying freehold, there's double yellow lines
0:18:24 > 0:18:27and it needs modernizing,
0:18:27 > 0:18:31but it's such an adorable, cute, lovely, character cottage
0:18:31 > 0:18:33in a sought-after location.
0:18:33 > 0:18:36And I can even see myself living here. I love it!
0:18:36 > 0:18:40So, I think it's a property that's always going to attract buyers.
0:18:40 > 0:18:44Let's find out who ended up bidding for this one at auction.
0:18:45 > 0:18:49Charming period cottage. Sought-after village location.
0:18:49 > 0:18:51Start me at 95,000.
0:18:51 > 0:18:52Unbelievable.
0:18:52 > 0:18:5490,000 to start me, then?
0:18:56 > 0:18:5990 I have, thank you. 92, do I see?
0:18:59 > 0:19:01After a sluggish start,
0:19:01 > 0:19:06interest increases taking bidding up to 108,000, where we rejoin.
0:19:06 > 0:19:10108? 108 is bid. And 110?
0:19:10 > 0:19:13No. £108,000 I have.
0:19:13 > 0:19:15110, will you make it?
0:19:15 > 0:19:18110 in a fresh place. And 112?
0:19:18 > 0:19:21112. And 114?
0:19:25 > 0:19:28113. 114?
0:19:29 > 0:19:32114. And 115?
0:19:32 > 0:19:34115. And 116? No?
0:19:35 > 0:19:40At £115,000 gentlemen's bid for the first time.
0:19:41 > 0:19:44115,000 for the second time.
0:19:45 > 0:19:48115,000 for the third and final time.
0:19:48 > 0:19:51At £115,000 are you all done?
0:19:51 > 0:19:53GAVEL BANGS
0:19:53 > 0:19:57That final bid of 115,000 was made by Malcolm,
0:19:57 > 0:20:00who bought it jointly with his daughter Rachel.
0:20:00 > 0:20:02Malcolm and Rachel have been investing
0:20:02 > 0:20:05and developing properties together for the last five years.
0:20:05 > 0:20:07I met Rachel back at their new property.
0:20:09 > 0:20:13Rachel, congratulations. What a beautiful cottage you've got here!
0:20:13 > 0:20:15- Thank you.- Are you absolutely thrilled?- Yeah.
0:20:15 > 0:20:19- I'm very pleased we got it. - So, why did you want to buy this?
0:20:19 > 0:20:21Well, I'm always looking for something
0:20:21 > 0:20:23when the auction catalogue comes out
0:20:23 > 0:20:26and I look for anything that's in the area
0:20:26 > 0:20:30that looks like it might have potential to make a difference to.
0:20:30 > 0:20:32That's going to be a nice place for someone to live.
0:20:32 > 0:20:36Something that I can do something to and came to look at this one.
0:20:36 > 0:20:39And immediately saw that it was really rather special.
0:20:39 > 0:20:41Yeah, I think it's very special,
0:20:41 > 0:20:45but it is listed and that will put people off.
0:20:45 > 0:20:47How do you feel about that?
0:20:47 > 0:20:51Well, I have bought a listed property before
0:20:51 > 0:20:53and done quite a lot of work to it,
0:20:53 > 0:20:58so, although there are various issues involved with that and the timescale,
0:20:58 > 0:21:01I'm not as frightened of that as I would have been a while ago
0:21:01 > 0:21:02having dealt with that, so...
0:21:02 > 0:21:05I mean, obviously, we all look for ways to add value to properties
0:21:05 > 0:21:08and a lot of that comes with knocking down walls,
0:21:08 > 0:21:10adding extra bits on.
0:21:10 > 0:21:12- You've got to be very careful with listed properties.- Yeah.
0:21:12 > 0:21:15Are you going to be doing much of that here?
0:21:15 > 0:21:17No, not a lot of knocking walls down.
0:21:17 > 0:21:22Really it's a lot of TLC because you can see it's been...
0:21:22 > 0:21:23it's been allowed to get a little bit tired.
0:21:23 > 0:21:29I'm going to try and squeeze a shower in upstairs into the existing,
0:21:29 > 0:21:33erm, cloak room up there. But mostly it's...
0:21:33 > 0:21:35it's not really a question of knocking walls down.
0:21:35 > 0:21:36It's just making good.
0:21:36 > 0:21:39- What about the flying freehold? - Well, there is that, too.
0:21:39 > 0:21:43- You see, I think a lot of people would be put off by that.- Yeah. Yes.
0:21:43 > 0:21:46There is that and some people will be a bit scared by that.
0:21:46 > 0:21:49It doesn't worry me unduly.
0:21:49 > 0:21:52The listed property I had before had a flying freehold
0:21:52 > 0:21:53and it wasn't a problem.
0:21:53 > 0:21:57Erm, it's just the nature of the age of the property, really.
0:21:57 > 0:21:59You get some like that. We'll see, when I come to sell it
0:21:59 > 0:22:02whether that proves to be a sticking point.
0:22:02 > 0:22:05Rachel's experience will hold her in good stead
0:22:05 > 0:22:08for developing this property and as a mother of four children,
0:22:08 > 0:22:11I'm pretty sure she's a good organiser.
0:22:11 > 0:22:13So, what are her plans?
0:22:14 > 0:22:16I mean, the layout is going to be fundamentally the same.
0:22:16 > 0:22:19I'm going to try to keep it very, very light.
0:22:19 > 0:22:23So, keep it simple, try and keep it quite natural looking.
0:22:23 > 0:22:26The kitchen will probably be quite cottage-y style,
0:22:26 > 0:22:27but contemporary at the same time.
0:22:27 > 0:22:31- So, you're going to keep the bathroom downstairs.- I think so.
0:22:31 > 0:22:33I did toy with the idea of kind of just making it
0:22:33 > 0:22:36a cloak room downstairs and maybe putting a shower in upstairs,
0:22:36 > 0:22:39but actually, I think it's useful to have a bath somewhere.
0:22:39 > 0:22:41You wouldn't get one upstairs.
0:22:41 > 0:22:45And if you've got small children, often people do like to have a bath.
0:22:45 > 0:22:49Rachel's planning to get the work done in around six months.
0:22:49 > 0:22:51So, what about the money side of things?
0:22:51 > 0:22:55Well, I've set myself 20,000 as a kind of maximum budget,
0:22:55 > 0:22:57so we'll have to see how that goes.
0:22:57 > 0:23:00- I should be OK I think.- Yes, that's quite interesting
0:23:00 > 0:23:03because obviously you can't you can't replace all the windows,
0:23:03 > 0:23:05so you have to work with what you've got. And with the windows,
0:23:05 > 0:23:07you're going to have to take a lot of time and effort
0:23:07 > 0:23:09to try and get those looking good.
0:23:09 > 0:23:13Yeah. I mean, it's labour with restoring rather than buying in.
0:23:13 > 0:23:15That's where I come in really.
0:23:15 > 0:23:17I think I'll be there stripping paint,
0:23:17 > 0:23:20and, yeah, filling, sanding forever.
0:23:20 > 0:23:25This is the fifth...the fifth house I've taken on, so... Yeah. I...
0:23:25 > 0:23:27And I do do all that kind of stuff as much as I can
0:23:27 > 0:23:29to try and save money, really.
0:23:29 > 0:23:32Well, I am really looking forward to seeing what you do.
0:23:32 > 0:23:33What the Rachel touch is going to be here.
0:23:33 > 0:23:36Lovely meeting you today and good luck with this property.
0:23:36 > 0:23:37- Thank you.- Thank you.
0:23:39 > 0:23:41Rachel already has quite a few years
0:23:41 > 0:23:43of property developing experience under her belt,
0:23:43 > 0:23:47so she doesn't seem worried about the work that she needs to do here.
0:23:47 > 0:23:49But period properties like this one,
0:23:49 > 0:23:52they have a tendency to throw up unexpected problems
0:23:52 > 0:23:54once work commences,
0:23:54 > 0:23:56so will these renovations go smoothly
0:23:56 > 0:23:59or will there be a few hiccups along the way?
0:23:59 > 0:24:02You can find out how Rachel gets on later in the programme.
0:24:04 > 0:24:08In Raynes Park at the bottom of a huge 18-foot garden,
0:24:08 > 0:24:10there's a nice surprise.
0:24:10 > 0:24:13There is an access. Fantastic!
0:24:16 > 0:24:18There's no surprises in Kent.
0:24:18 > 0:24:21When it comes to renovating a listed building...
0:24:21 > 0:24:23I spent more than I anticipated.
0:24:27 > 0:24:30Back now to Bridgend, Mid Glamorgan
0:24:30 > 0:24:33where this modern three-bedroom detached house
0:24:33 > 0:24:38was bought for £124,500 by Richard and his partner Linda.
0:24:40 > 0:24:44Richard thought the restoration would be quick.
0:24:44 > 0:24:47- I did originally estimate two weeks. - Oh, for goodness' sake!
0:24:47 > 0:24:50- Yeah, but then that's before he saw it.- It's going to be a month now.
0:24:50 > 0:24:53- It's going to be two months.- What planet are you on?
0:24:53 > 0:24:56It's going to be one month and that's it.
0:24:56 > 0:24:59To be fair he was going to get help from friends and colleagues
0:24:59 > 0:25:02and was budgeting to spend five grand on it,
0:25:02 > 0:25:04but I don't think that was going to be enough
0:25:04 > 0:25:07especially when you consider what needed to be done.
0:25:07 > 0:25:08MUSIC: Give A Little Love by Tom Jones
0:25:08 > 0:25:10# Whoa! You've got to give a little love... #
0:25:10 > 0:25:12To the lounge.
0:25:12 > 0:25:13# Give a little love... #
0:25:13 > 0:25:16- To the kitchen. - # Go on, just do it
0:25:16 > 0:25:18# You can't abuse it
0:25:18 > 0:25:19# Give a little love... #
0:25:19 > 0:25:20To the bedrooms.
0:25:20 > 0:25:22# Give a little love
0:25:22 > 0:25:24# Give a little love... #
0:25:24 > 0:25:27To the bathroom.
0:25:27 > 0:25:29# Give a little love... #
0:25:29 > 0:25:30To the garden.
0:25:31 > 0:25:33# Give a little love... #
0:25:33 > 0:25:35To the decking.
0:25:35 > 0:25:37# Give a little love. #
0:25:37 > 0:25:40Even to the bargeboards.
0:25:42 > 0:25:46Richard thought a five grand budget. Linda disagreed.
0:25:47 > 0:25:51Richard thought one month. Linda disagreed.
0:25:51 > 0:25:53MUSIC: I Feel It In My Fingers by Wet, Wet, Wet
0:25:53 > 0:25:58# I feel it in my fingers I feel it in my toes... #
0:25:58 > 0:26:02So, who was right? Well, 15 weeks later we're back.
0:26:02 > 0:26:06# Love is all around me
0:26:06 > 0:26:09# And so the feeling grows... #
0:26:09 > 0:26:13The kitchen has new units and it's been replastered.
0:26:13 > 0:26:17# It's written on the wind
0:26:17 > 0:26:19# It's everywhere I go... #
0:26:19 > 0:26:21It's fantastic!
0:26:21 > 0:26:24# Oh, yes, it is!
0:26:24 > 0:26:28# So, if you really love me
0:26:28 > 0:26:31# Come on and let it show
0:26:32 > 0:26:35# Whoa oh... #
0:26:35 > 0:26:38The old bathroom with the sodden floorboards
0:26:38 > 0:26:41and the cistern that matched a bit better than the toilet seat
0:26:41 > 0:26:43is long gone.
0:26:49 > 0:26:51We found out where the damp was coming from.
0:26:51 > 0:26:53It was the bath wasn't connected properly
0:26:53 > 0:26:58and over a period of time had rotted the ceiling and the floor.
0:26:58 > 0:27:02The kitchen sink wasn't attached to outside either.
0:27:02 > 0:27:04The water was obviously running on the floor,
0:27:04 > 0:27:07- so we had to redo all of that, didn't we?- Yes.
0:27:07 > 0:27:11The garden needed severe maintenance.
0:27:11 > 0:27:14We took most of the decking up, reframed it
0:27:14 > 0:27:16and then put it all back down.
0:27:16 > 0:27:21We had a wall that was leaning over a foot at the top,
0:27:21 > 0:27:23so, we took the wall out completely
0:27:23 > 0:27:26and just tidied the garden up in general, then.
0:27:26 > 0:27:31The garden is looking lovely and upstairs the dark, dank bedrooms
0:27:31 > 0:27:36are now crisp and bright and Linda's daughter has already moved in.
0:27:49 > 0:27:53And downstairs the lounge is homely and comfortable, too.
0:27:53 > 0:27:56So, as I thought when I first saw it,
0:27:56 > 0:27:58a lot of work has been needed here.
0:27:58 > 0:28:03And it's taken four weeks more than Richard's one-month estimate.
0:28:03 > 0:28:07So, did the £5,000 budget need to grow, too?
0:28:07 > 0:28:09The budget's...
0:28:09 > 0:28:11Gone up to 14,000.
0:28:11 > 0:28:13But then we put a new central heating in.
0:28:13 > 0:28:15We couldn't just have it fixed.
0:28:15 > 0:28:17We had a new kitchen and we didn't...
0:28:17 > 0:28:23buy a particularly cheap one. We went to a well-known manufacturer.
0:28:23 > 0:28:24- Mid-range.- And...
0:28:24 > 0:28:28the bathroom suite, Richard won't just go and buy the cheapest.
0:28:28 > 0:28:30He's got to buy something a bit different.
0:28:32 > 0:28:34So, let's see if it's all been worth it
0:28:34 > 0:28:38by getting some valuations from a couple of local estate agents.
0:28:39 > 0:28:44Richard and Linda paid £124,500 at auction
0:28:44 > 0:28:47and have since spent about £14,000 including fees.
0:28:47 > 0:28:52So, the property needs to be worth more than £138,500
0:28:52 > 0:28:55to make a profit not counting for taxes and fees.
0:28:59 > 0:29:00This is my first visit
0:29:00 > 0:29:02to the property. I think the property has been
0:29:02 > 0:29:06refurbished to a very high standard throughout and well presented.
0:29:06 > 0:29:08I saw the property prior to the work being done
0:29:08 > 0:29:11and I think they've done a very nice modernization job
0:29:11 > 0:29:13internally and externally.
0:29:13 > 0:29:15If the property came on the open market,
0:29:15 > 0:29:20I would be looking to market it at £155,000 to £160,000,
0:29:20 > 0:29:22and hope to achieve close to the asking price.
0:29:22 > 0:29:26In my opinion, this property would likely sell for around 160,000.
0:29:26 > 0:29:31I'd recommend an asking price to the vendor of 164,950.
0:29:31 > 0:29:35We have had a very buoyant market in Bridgend this year,
0:29:35 > 0:29:38and therefore, should the interest be enough, then there is
0:29:38 > 0:29:41a chance we could achieve over 160,000.
0:29:41 > 0:29:45Yeah, we was hoping for £160,000.
0:29:45 > 0:29:48We would be happy for 160.
0:29:48 > 0:29:49Yep.
0:29:49 > 0:29:51It would be worth all the hard work.
0:29:51 > 0:29:57That would mean a potential pre-tax profit of £21,500.
0:29:57 > 0:29:59But that's not what this house is about.
0:29:59 > 0:30:02Linda's daughter is happily living here,
0:30:02 > 0:30:05so it has been worth all the hard work and the pain.
0:30:05 > 0:30:08Linda lost a fingernail, after it got infected,
0:30:08 > 0:30:10by stripping wallpaper.
0:30:10 > 0:30:12Wearing gloves would be her tip.
0:30:12 > 0:30:16And as for Richard, he has got a buying-at-auction tip.
0:30:16 > 0:30:19Go and see it, do your sums.
0:30:19 > 0:30:21Don't get carried away on the bidding.
0:30:24 > 0:30:26- Who, me?- Yeah, you.
0:30:26 > 0:30:28It wasn't me, was it?
0:30:28 > 0:30:30Time we left.
0:30:37 > 0:30:41I'm in the South West London area of Raynes Park,
0:30:41 > 0:30:43eight miles from Central London.
0:30:43 > 0:30:45It is a well-known commuter town.
0:30:45 > 0:30:50But what has been forgotten is its heritage in the sport of kings.
0:30:50 > 0:30:54# Help me, Papa Papa, who's riding your racehorse? #
0:30:54 > 0:30:59In the 1800s, the local gentry used to hold
0:30:59 > 0:31:03a steeplechase from West Barnes to here, in Raynes Park.
0:31:03 > 0:31:06Well, nowadays, it is local families who are rushing here
0:31:06 > 0:31:10because you can get, for the price of a two-bedroom
0:31:10 > 0:31:13flat in Wimbledon, a property similar to this.
0:31:13 > 0:31:17It is a three-bedroom terrace at a guide price of 300,000 quid.
0:31:17 > 0:31:19Let's have a look.
0:31:19 > 0:31:21Off-street parking is a possibility,
0:31:21 > 0:31:24but you'd need permission for a dropped curb.
0:31:24 > 0:31:28And the hard standing would have to use a porous permeable
0:31:28 > 0:31:30membrane to prevent flooding.
0:31:30 > 0:31:34The house looks pretty tidy, with new UPVC windows.
0:31:34 > 0:31:36I wonder what else we've got.
0:31:36 > 0:31:40Wow! I'll tell you what we've got. That's a really nice surprise.
0:31:40 > 0:31:43The moment you walk in through the front door, just a lovely space.
0:31:43 > 0:31:45Now, I know some people would argue this is
0:31:45 > 0:31:47a bit of a waste of space, but actually, it's not.
0:31:47 > 0:31:49It is somewhere where you hang your coat,
0:31:49 > 0:31:52you put your kids' bikes, your shopping when you come in.
0:31:52 > 0:31:53It's brilliant. Um...
0:31:53 > 0:31:56But you do get a feeling, the moment you walk through
0:31:56 > 0:32:00the door also, this is pretty much as it was when it was built.
0:32:00 > 0:32:03It has that very sort of untouched feel about it.
0:32:03 > 0:32:08But anyway, entrance hall area here. And then through into your lounge.
0:32:08 > 0:32:12It is a nice size. I'd like to see these, obviously, modernized.
0:32:12 > 0:32:13But it is a good sized space.
0:32:13 > 0:32:17One of the great things is, it has been made into a kind of open
0:32:17 > 0:32:20plan feel, so you've got the lounge there, you've got this,
0:32:20 > 0:32:22which was probably separate, a dining room at some stage.
0:32:22 > 0:32:26Knock through to get this really nice dual-aspect room.
0:32:26 > 0:32:28Again, another fire. A bit of a feature fireplace.
0:32:28 > 0:32:32Would you keep that? I actually like that. It is a real solid house.
0:32:32 > 0:32:34Yeah, great start.
0:32:34 > 0:32:39But this is where it starts to go horribly wrong. The kitchen.
0:32:39 > 0:32:43I am all for original features, but these are just too antiquated.
0:32:43 > 0:32:45This really needs an update.
0:32:45 > 0:32:49New units, more worktops and it is small for a family house.
0:32:49 > 0:32:53Upstairs, and you've got two good sized doubles and a single.
0:32:53 > 0:32:56Really nice, you've also got that roof light letting
0:32:56 > 0:32:59loads of light down into the stairwell there, which is good.
0:32:59 > 0:33:04And classic design for the era - a separate loo and bathroom.
0:33:04 > 0:33:07Now, that brings me onto one of my all-time favourite subjects -
0:33:07 > 0:33:10do you convert this into just one bathroom with a loo in it
0:33:10 > 0:33:12or do you keep it separate?
0:33:12 > 0:33:15Now, I've always come down on the side of keeping it separate -
0:33:15 > 0:33:17that means somebody can be having a shower
0:33:17 > 0:33:19and you can still use the toilet.
0:33:19 > 0:33:22Well, a viewer wrote to me and said, "You haven't considered one
0:33:22 > 0:33:25"thing, Martin, which is that if you do that, you have to make sure
0:33:25 > 0:33:29"that there is some kind of facility for washing your hands in the loo.
0:33:29 > 0:33:31"Otherwise, it is not very hygienic."
0:33:31 > 0:33:33And she is absolutely right.
0:33:33 > 0:33:36So, with that proviso, I'd still keep it separate.
0:33:36 > 0:33:39All three bedrooms are a good size, but I'd definitely be looking
0:33:39 > 0:33:43at getting rid of all the patterned frenzy that is going on here.
0:33:49 > 0:33:53Plain carpets and neutral wall colours will make it all seem
0:33:53 > 0:33:54much bigger.
0:33:54 > 0:33:57Yes, it all needs to be updated and simplified.
0:34:03 > 0:34:06Well, at the rear of the property, nice you've got these patio doors
0:34:06 > 0:34:09leading out onto a little bit of a patio area.
0:34:09 > 0:34:12But I think you could do so much more out here.
0:34:12 > 0:34:15And it is almost like the neighbouring properties are giving
0:34:15 > 0:34:17you a clue, because they have built extensions.
0:34:17 > 0:34:19Single-story and within permitted development,
0:34:19 > 0:34:22you could do that up to about three metres.
0:34:22 > 0:34:26If not an extension, then maybe a conservatory or something like that.
0:34:26 > 0:34:30But it gets better. You've got a really, really nice garden here.
0:34:30 > 0:34:32It goes all the way to the back there.
0:34:32 > 0:34:35And again, you can see a couple of neighbours have actually
0:34:35 > 0:34:38built sheds, workshops or whatever they are. A nice thing to do.
0:34:38 > 0:34:40You've certainly got a large enough garden to do that.
0:34:40 > 0:34:44And it gets even better. At the bottom there, there is an access.
0:34:44 > 0:34:46Fantastic!
0:34:50 > 0:34:53And even better still for all those keen gardeners,
0:34:53 > 0:34:54it's also south facing.
0:34:56 > 0:35:00There is plenty of room to grow both the garden and the house.
0:35:00 > 0:35:04The question is, will a bigger house mean a much bigger profit?
0:35:08 > 0:35:09A local estate agent came along
0:35:09 > 0:35:11to give us her thoughts.
0:35:14 > 0:35:16I think that this property
0:35:16 > 0:35:18could certainly benefit from an extension downstairs
0:35:18 > 0:35:20and to go up into the loft.
0:35:20 > 0:35:22And that would certainly enhance
0:35:22 > 0:35:24the value of the property. You certainly wouldn't be losing
0:35:24 > 0:35:25money by any means.
0:35:25 > 0:35:28And I am wondering what rent the property could
0:35:28 > 0:35:31generate as it is, or if it was extended.
0:35:32 > 0:35:37Rental wise, the house renovated as it stands, as a three-bedroom,
0:35:37 > 0:35:41I would think would probably bring in around about £1,600
0:35:41 > 0:35:43per calendar month.
0:35:43 > 0:35:46If it is renovated into a four-five bedrooms,
0:35:46 > 0:35:50you would be looking around about 2,200 per calendar month.
0:35:51 > 0:35:54How would the figures stack up if you were to extend?
0:35:54 > 0:35:59I think the property as it stands, if it was carefully renovated,
0:35:59 > 0:36:03would produce a price of around about £425,000.
0:36:03 > 0:36:05If you do go up into the loft,
0:36:05 > 0:36:10making a family bedroom with an en suite, and extend downstairs to
0:36:10 > 0:36:12make a large kitchen-diner,
0:36:12 > 0:36:16then you would be looking around about £480,000.
0:36:18 > 0:36:22A three-bed terrace with lots of potential for expansion,
0:36:22 > 0:36:26for enhancing its value. A great auction purchase.
0:36:26 > 0:36:29Let's see who agreed when it went under the hammer.
0:36:29 > 0:36:32Nice, appealing, three-bed, mid-terraced house.
0:36:32 > 0:36:37Handy location - Raynes Park-SW20.
0:36:37 > 0:36:38340 anywhere?
0:36:40 > 0:36:43300? I'm not going to go much below.
0:36:43 > 0:36:44300 down here.
0:36:44 > 0:36:46305?
0:36:46 > 0:36:48305 with you.
0:36:48 > 0:36:50310.
0:36:50 > 0:36:51315.
0:36:51 > 0:36:57Two bidders then take the price up to £347,000, where we rejoin.
0:36:57 > 0:37:00347.
0:37:00 > 0:37:02348.
0:37:02 > 0:37:03349.
0:37:04 > 0:37:06349 at the back.
0:37:07 > 0:37:09350?
0:37:09 > 0:37:13349, standing up, first time.
0:37:13 > 0:37:14Second time.
0:37:14 > 0:37:17Third and last time. Have you all done?
0:37:17 > 0:37:19Sold, 349.
0:37:19 > 0:37:22The final bid for the house in Raynes Park was
0:37:22 > 0:37:25made by London-based property developer John.
0:37:25 > 0:37:28Now, John has appeared on our show before.
0:37:28 > 0:37:32Back in 2010, Lucy met up with him in Tooting,
0:37:32 > 0:37:35where he'd just bought his second investment property,
0:37:35 > 0:37:37which he did up and let out to medical students.
0:37:40 > 0:37:44A few years down the line, and John is obviously still buying houses.
0:37:44 > 0:37:46# Freedom!
0:37:46 > 0:37:50# I'm free to do what I want
0:37:50 > 0:37:53# Any old time. #
0:37:53 > 0:37:55I caught up with him to find out
0:37:55 > 0:37:58if he was still enjoying the world of property.
0:37:58 > 0:38:00- John.- Hi.- Welcome back to the show.
0:38:00 > 0:38:03How has it gone since the last time we saw you?
0:38:03 > 0:38:05- Well, I'm doing it full-time now. - Wow.
0:38:05 > 0:38:08I took redundancy last year and thought, "What shall I do next?"
0:38:08 > 0:38:09And thought, "Let's try and do this 100%."
0:38:09 > 0:38:12- What prompted that? - Because I enjoy it.- Right.
0:38:12 > 0:38:14I don't know if I'm particularly good at it in terms of margins
0:38:14 > 0:38:17- and stuff.- You made money? - Yeah, I've made...
0:38:17 > 0:38:19Obviously, I've made a living out of it. It's been good. I enjoy it.
0:38:19 > 0:38:22I always admire people who actually make that leap.
0:38:22 > 0:38:24I mean, it is a bit of a big step, isn't it?
0:38:24 > 0:38:27Yeah, it is a huge undertaking, and you don't kind of realise
0:38:27 > 0:38:29until a few months down the line
0:38:29 > 0:38:32when you're not getting that salary every month and you sort of thing,
0:38:32 > 0:38:34"You know, I really do need to make some money now."
0:38:34 > 0:38:38Yes, that can be the downside - keeping the money coming in.
0:38:38 > 0:38:41John is free to do what he wants to some extent,
0:38:41 > 0:38:44as long as he remembers he's the boss now.
0:38:44 > 0:38:47# Payday has come in
0:38:48 > 0:38:52# And I've got those payday blues. #
0:38:52 > 0:38:56A property developer has to keep on their toes by planning ahead,
0:38:56 > 0:38:58not just selling on once it is completed,
0:38:58 > 0:39:01but also looking for the next opportunity.
0:39:01 > 0:39:04John is refurbishing a house in South London,
0:39:04 > 0:39:08whilst also taking this on. And he has just sold a property.
0:39:08 > 0:39:12It might mean some freedom, but it is also full on.
0:39:12 > 0:39:14So, onto this house, why this particular property?
0:39:14 > 0:39:18Well, this one in particular, it's really near to where my builder,
0:39:18 > 0:39:21Leo, lives, who I've worked with now for a few years.
0:39:21 > 0:39:24He's been saying to me for a while, "SW20, SW20."
0:39:24 > 0:39:27And he finally got me over to look and this one came up,
0:39:27 > 0:39:30so I thought, "Let's go and have a look." So... I had a punt.
0:39:30 > 0:39:33- Tell me what you liked about it. - Well, really the space.
0:39:33 > 0:39:35I like the fact there's access at the back, through the rear
0:39:35 > 0:39:39garden, so there's potential there to perhaps do a garage or a studio.
0:39:39 > 0:39:41I'm not sure if we're going to do that yet.
0:39:41 > 0:39:44I like the fact that we can probably reinstate this room to a front
0:39:44 > 0:39:47reception. I want to knock through the kitchen and the dining area.
0:39:47 > 0:39:51I think it is going to a really nice kitchen, family dining space.
0:39:51 > 0:39:52Maybe extend further out the back.
0:39:52 > 0:39:56And just do the loft conversion to make it the four bedroom,
0:39:56 > 0:39:58two bathroom that I wanted to be,
0:39:58 > 0:40:00to try to get the money back at the other end.
0:40:00 > 0:40:05# You got to earn it Earn it, earn it
0:40:05 > 0:40:07# That's what you gotta do now. #
0:40:07 > 0:40:10John started redeveloping properties to rent,
0:40:10 > 0:40:13but has now moved on to refurbishing them for the resale market.
0:40:16 > 0:40:17I've got no interest...
0:40:17 > 0:40:20After the Tooting one, which I let for a couple of years,
0:40:20 > 0:40:22- it made me realise I don't want to be a landlord.- Right. Why?
0:40:22 > 0:40:24- Just not interested.- Really?
0:40:24 > 0:40:27No, I don't want to be waiting for a phone call, "My boiler is gone,"
0:40:27 > 0:40:29- you know. - You can always get an agent.
0:40:29 > 0:40:31Yeah, I could, but I don't want to do that either.
0:40:31 > 0:40:33I'm too tight to get an agent, that's the trouble.
0:40:33 > 0:40:35I just don't want to. It doesn't appeal to me.
0:40:35 > 0:40:36I realised that doesn't appeal to me.
0:40:36 > 0:40:38I don't want a portfolio of properties.
0:40:38 > 0:40:40So, return the house to its former glory,
0:40:40 > 0:40:41and do a nice job on it.
0:40:41 > 0:40:43What's the budget for sorting this place out?
0:40:43 > 0:40:46Probably looking around about 60,000, I would think.
0:40:46 > 0:40:49- If I want to do the loft plus a small extension.- And when it is done up...
0:40:49 > 0:40:52You've obviously looked into the market to see what it would
0:40:52 > 0:40:56be worth, with a loft conversion, done up. Any ideas?
0:40:56 > 0:40:59I had one agent saying in excess of 450.
0:40:59 > 0:41:01I've had other agents saying nearer 500.
0:41:01 > 0:41:04I want to talk to some more agents in the area to find out.
0:41:06 > 0:41:11John wants more valuations so he can assess the property's potential.
0:41:11 > 0:41:14He is planning further research to establish if just doing
0:41:14 > 0:41:18an extension is more profitable than also going up into the attic.
0:41:18 > 0:41:22It is the business side of property development.
0:41:22 > 0:41:24Either way, he can't start here yet,
0:41:24 > 0:41:27as he needs to finish another property first.
0:41:27 > 0:41:31He hopes to complete here within six months.
0:41:31 > 0:41:33Being his own boss, it is all about the...
0:41:33 > 0:41:36# Money, money, money, money
0:41:36 > 0:41:38# Money! #
0:41:38 > 0:41:40And do you get practically involved?
0:41:40 > 0:41:42By looking at these hands, no, not really.
0:41:42 > 0:41:46Um, I will go into the builder's yards, I'm sourcing the materials.
0:41:46 > 0:41:49And I'm learning loads from it because before, you know,
0:41:49 > 0:41:53if I had to go and get three lengths of two-by-four, I'd be like,
0:41:53 > 0:41:57"Whatever," but now I know what it's for, how much it is costing me
0:41:57 > 0:42:00- and where's it going to go. - Well, listen, congratulations.
0:42:00 > 0:42:02- Good luck with it.- Thank you.- I look forward to seeing how you get on.
0:42:02 > 0:42:04Thank you very much.
0:42:04 > 0:42:08John making that big leap from doing it part-time to becoming
0:42:08 > 0:42:11a full-time property developer. Interesting project here.
0:42:11 > 0:42:14Will he extend out the back? Will he put that dormer in?
0:42:14 > 0:42:18He's doing the right thing by asking the advice to people who sell
0:42:18 > 0:42:21houses around here to find out if it is worth it.
0:42:21 > 0:42:24Well, will he do it? We'll find out later in the show.
0:42:27 > 0:42:30Well, months have gone by since we last saw those properties.
0:42:30 > 0:42:33Do they look any different now? Has the money been well spent?
0:42:33 > 0:42:36Let's go back and find out.
0:42:36 > 0:42:38Time to catch up with this lovely
0:42:38 > 0:42:43and quirky Grade 2 listed cottage in Wingham, near Canterbury,
0:42:43 > 0:42:47bought by Rachel and her father, Malcolm, for 115,000.
0:42:48 > 0:42:51The plan? To do it up and sell it on.
0:42:51 > 0:42:54But I had concerns about the bathroom's location.
0:42:54 > 0:42:58- So you're going to keep the bathroom downstairs?- I think so.
0:42:58 > 0:43:01I did toy with the idea of kind of just making it a cloak room
0:43:01 > 0:43:05downstairs and maybe putting a shower in upstairs, but actually, I think it
0:43:05 > 0:43:08is useful to have a bath somewhere. You wouldn't get one in upstairs.
0:43:08 > 0:43:12And if you have got small children, often people do like to have a bath.
0:43:12 > 0:43:16Yes, I like a bath, too, but pamper suites went out in the '80s.
0:43:16 > 0:43:19I hope this one is out of the cottage now.
0:43:19 > 0:43:22Rachel had a six-month timescale to fit round looking after
0:43:22 > 0:43:25her four children, but it is two years on.
0:43:25 > 0:43:27What has been happening?
0:43:28 > 0:43:31Well, the house has been rewired, re-plumbed,
0:43:31 > 0:43:36re-plastered, redecorated and the outside painting has been redone!
0:43:36 > 0:43:39# You cut me down to the bone
0:43:39 > 0:43:41# Now you're dancing
0:43:41 > 0:43:43# All over my soul. #
0:43:46 > 0:43:52The largest bedroom is much improved,
0:43:52 > 0:43:55with period features and restored sash windows.
0:43:58 > 0:44:03The second bedroom looked like it belonged in a '30s movie.
0:44:03 > 0:44:08Now it is much brighter and fresher, but it is narrower than I remember.
0:44:13 > 0:44:16Rachel got permission to move a stud wall just enough to get
0:44:16 > 0:44:18the bathroom upstairs.
0:44:18 > 0:44:22What's more, it's white! As it should be.
0:44:22 > 0:44:24# Take me home. #
0:44:24 > 0:44:27Downstairs, in the room it came from, there is
0:44:27 > 0:44:30now space for a large cupboard, shower and closet.
0:44:37 > 0:44:38# Take me...
0:44:47 > 0:44:50# Take me, take me
0:44:50 > 0:44:52# Take me... #
0:44:52 > 0:44:57Not much could be done about the layout of the old kitchen,
0:44:57 > 0:45:01with the stairs coming down on one wall, doors on two more walls
0:45:01 > 0:45:05and a huge fireplace on the remaining wall.
0:45:05 > 0:45:09Once Rachel had stripped the paint and plaster, she discovered slate
0:45:09 > 0:45:13underneath, and so laid flooring to match this giant feature.
0:45:13 > 0:45:16Being a listed building, I doubt permission would have been
0:45:16 > 0:45:19given to remove a feature like this to make more space for kitchen
0:45:19 > 0:45:23units, not that Rachel would have wanted to get rid of it.
0:45:23 > 0:45:27She's carefully restored original features all over the house.
0:45:27 > 0:45:30It's probably one factor that has delayed her schedule.
0:45:33 > 0:45:36I said six months to finish it when we first bought it.
0:45:36 > 0:45:39There have been an awful lot of things that have happened
0:45:39 > 0:45:42since, like buying another house and doing it up in the middle,
0:45:42 > 0:45:47moving house and all sorts of stuff going on with
0:45:47 > 0:45:50the children that just took my time away from this.
0:45:50 > 0:45:54And also, we decided to do more work than we were going to originally
0:45:54 > 0:45:58and put a bathroom in upstairs, and that involved planning
0:45:58 > 0:46:01and listed building consent, structural engineers and all sorts.
0:46:01 > 0:46:04So that inevitably took a bit longer than we thought it was going to.
0:46:04 > 0:46:08The structural engineers' report meant there'd be changes downstairs,
0:46:08 > 0:46:09too.
0:46:09 > 0:46:13We had to put an extra joist or two in the ceiling
0:46:13 > 0:46:16because of the weight of water in the bath
0:46:16 > 0:46:20and we also had to then lower the ceiling in the living room.
0:46:20 > 0:46:22Although the joist is still exposed,
0:46:22 > 0:46:24they're not exposed to their full depth,
0:46:24 > 0:46:26and that meant that it's half-hour fireproof now,
0:46:26 > 0:46:27which is much better anyway.
0:46:27 > 0:46:31But moving the bathroom and strengthening the ceiling
0:46:31 > 0:46:35will have increased Rachel's costs, so how's the budget turned out?
0:46:35 > 0:46:38I spent more than I anticipated.
0:46:38 > 0:46:41I think originally I had said about £20,000,
0:46:41 > 0:46:44and it has turned out to be about £30,000.
0:46:44 > 0:46:49It is such a lovely house that you don't want to just put
0:46:49 > 0:46:52a cheapy floor down in the kitchen, all that kind of thing.
0:46:52 > 0:46:55So you do need to spend a little bit more money than you thought
0:46:55 > 0:46:57you were going to.
0:46:57 > 0:47:00The kitchen floor, I bought these slate tiles that I love and
0:47:00 > 0:47:03I want to have them myself now, so...
0:47:03 > 0:47:07Rachel reckons she would have completed within her original
0:47:07 > 0:47:09timescale were it not for the disruptions and delays
0:47:09 > 0:47:12in planning, etc.
0:47:12 > 0:47:16Apart from the craft trades, she did most of the work herself.
0:47:16 > 0:47:19So all the windows were stripped back.
0:47:19 > 0:47:23I had to burn all the paint off just about all of them.
0:47:23 > 0:47:27And then, there is quite a lot of repair work been done.
0:47:27 > 0:47:31There's bits of extra wood that had to be in places and filled.
0:47:31 > 0:47:34And then painted, obviously.
0:47:34 > 0:47:38I had someone paint the outside and I did the inside.
0:47:38 > 0:47:40And they look good, I think.
0:47:40 > 0:47:45They...they've still got the feel of old windows
0:47:45 > 0:47:47rather than a modern replacement.
0:47:47 > 0:47:50And I'm glad we did it. I am very pleased with them overall.
0:47:50 > 0:47:53Having transformed the cottage,
0:47:53 > 0:47:56has Rachel changed her plans about its future?
0:47:56 > 0:48:00I am still planning to sell the property.
0:48:00 > 0:48:03I enjoy the renovation side of things
0:48:03 > 0:48:07and I want to move onto the next one, so that is the plan.
0:48:07 > 0:48:09To find out if Rachel can sell
0:48:09 > 0:48:12and move on, we invited two local
0:48:12 > 0:48:13estate agents to give us
0:48:13 > 0:48:16their thoughts and valuations.
0:48:16 > 0:48:20Has Rachel added significant value to the £145,000
0:48:20 > 0:48:23she has already spent on her charming cottage?
0:48:24 > 0:48:27I think the refurbishment has been done very well.
0:48:28 > 0:48:30Great improvement on what it was before.
0:48:30 > 0:48:33And I think it will prove quite a popular property.
0:48:33 > 0:48:36I like the slate floor in the kitchen.
0:48:36 > 0:48:39And the garden has been massively tidied.
0:48:39 > 0:48:43And the whole thing is brighter and sunny and very homely.
0:48:43 > 0:48:45If some more work had been done in the kitchen
0:48:45 > 0:48:49and it had some more cupboard space, it would have increased its appeal
0:48:49 > 0:48:52and I think it probably could have added maybe another 5,000 to
0:48:52 > 0:48:58its value, and maybe only cost them £1,000, £1,500 to do the works.
0:48:58 > 0:49:02Moving the bathroom upstairs is a very good thing to have done.
0:49:02 > 0:49:05It makes the property far more saleable.
0:49:05 > 0:49:09People are always concerned when they have downstairs bathrooms.
0:49:09 > 0:49:11So it is going to enhance the saleability here.
0:49:11 > 0:49:14I think the value here now is going to be an asking
0:49:14 > 0:49:18price in the order of £195,000 £200,000.
0:49:18 > 0:49:21I think in its present condition, with the refurbishment works,
0:49:21 > 0:49:26it should fetch somewhere in the region of £185,000 to £190,000.
0:49:26 > 0:49:31Those valuations mean a possible profit of between £45,000
0:49:31 > 0:49:34and £55,000.
0:49:34 > 0:49:36Oh, that's good. I like that.
0:49:38 > 0:49:41Yeah, I... Cos originally, I said 160.
0:49:43 > 0:49:46And then I thought, "No, hopefully, it will be a bit more."
0:49:46 > 0:49:49But that is nice. That makes it worth doing.
0:49:51 > 0:49:55And I don't think anything would deter our Rachel.
0:49:55 > 0:49:59Flying freehold, Grade 2 listed, lots of Georgian windows to
0:49:59 > 0:50:04strip and repaint, I predict we'll be seeing her again soon.
0:50:09 > 0:50:12Back now to Raynes Park, South West London,
0:50:12 > 0:50:15where property developer John intended to refurbish this
0:50:15 > 0:50:21rather promising three-bedroom house that he bought for £349,000.
0:50:21 > 0:50:23John had plans to turn this house around
0:50:23 > 0:50:28with a £60,000 budget, but he was determined to take his time,
0:50:28 > 0:50:31finish off another project, gather plenty of advice
0:50:31 > 0:50:35and crunch some numbers before starting to return this house
0:50:35 > 0:50:37to its former glory.
0:50:37 > 0:50:40The big question was, would it be a ground-floor extension
0:50:40 > 0:50:42and/or a loft conversion?
0:50:42 > 0:50:47However, having recently taken redundancy to be a full-time
0:50:47 > 0:50:51property developer, he had learned one valuable lesson.
0:50:51 > 0:50:53You don't kind of realise until a few months down the line,
0:50:53 > 0:50:56when you're not getting that salary every month, and you think,
0:50:56 > 0:50:59"You know, I really do need to make some money now."
0:50:59 > 0:51:0112 months later, we are back to find out
0:51:01 > 0:51:04if John has got some paydays coming.
0:51:19 > 0:51:21That pokey kitchen with its dated units
0:51:21 > 0:51:26and appliances has been opened up into the lounge.
0:51:29 > 0:51:33In the ground floor, um, we've taken out the archway, which is
0:51:33 > 0:51:36a 1970s archway. We've reinforced with a steel beam here.
0:51:36 > 0:51:39We've got new oak flooring throughout this area, which
0:51:39 > 0:51:41leads into the dining room.
0:51:41 > 0:51:45And then leads into the open plan kitchen,
0:51:45 > 0:51:49which is a high-gloss kitchen with grey quartz work surfaces.
0:51:52 > 0:51:56Knocking down walls is only half the story with a good renovation.
0:51:56 > 0:52:00John's bright, neutral colour scheme and attention to quality detail,
0:52:00 > 0:52:04like the oak flooring, unified the three old rooms perfectly.
0:52:12 > 0:52:15# I don't want anything more
0:52:15 > 0:52:18# Than to see your face When you open the door. #
0:52:18 > 0:52:21I think this part of the house is a really good part of the house
0:52:21 > 0:52:25because it's great for families and open plan living.
0:52:25 > 0:52:27It seems to be the way to go now.
0:52:27 > 0:52:32John decided the way to go regarding a rear extensional garage
0:52:32 > 0:52:33was not to bother.
0:52:33 > 0:52:35I spoke to a few agents.
0:52:35 > 0:52:38And their thinking was that it was better to maximise
0:52:38 > 0:52:41the house by doing a four-bedroom house with two bathrooms
0:52:41 > 0:52:43rather than extend out the back.
0:52:43 > 0:52:45Because I had to look at margins and costings,
0:52:45 > 0:52:46and it wouldn't have paid for me
0:52:46 > 0:52:50to do the extension at the back of the house plus the loft conversion.
0:52:50 > 0:52:55Speaking of the loft conversion, it does look like money well spent.
0:52:55 > 0:52:58It has created this spacious, bright master bedroom,
0:52:58 > 0:53:02a fantastic Juliet balcony, that isn't overlooked,
0:53:02 > 0:53:05and much sought-after en suite facilities.
0:53:07 > 0:53:09It is clear the standard of finish continues
0:53:09 > 0:53:12right from the bottom to the top of the house.
0:53:12 > 0:53:16And I see, despite my earlier bid for keeping the loo separate,
0:53:16 > 0:53:18John has come down on the side of combining everything
0:53:18 > 0:53:20into one bathroom.
0:53:22 > 0:53:26The bathroom was originally a separate WC and small bathroom,
0:53:26 > 0:53:29but we have now knocked those into one room and created one large family
0:53:29 > 0:53:34bathroom with a power shower over the bath and wall and floor tiles.
0:53:34 > 0:53:37John's builder, Leo, has done an amazing job.
0:53:37 > 0:53:40But this project has taken 12 months.
0:53:40 > 0:53:42One of the reasons was that, at one point,
0:53:42 > 0:53:47John nearly sold the property without doing any work to it at all.
0:53:47 > 0:53:50However, that fell through and he went back to his original plan.
0:53:50 > 0:53:55And I'm glad he did, because this is great inside and outside.
0:53:56 > 0:53:59At the front of the property, we've created a driveway.
0:53:59 > 0:54:02We're just at the last sort of minute proposals with the local
0:54:02 > 0:54:05council to drop the curb, that's all going ahead,
0:54:05 > 0:54:07so people will be able to drive up and park at least, I think,
0:54:07 > 0:54:09two cars on that driveway.
0:54:09 > 0:54:11You've got a nice herringbone brick paving,
0:54:11 > 0:54:12which I think has come out really well.
0:54:12 > 0:54:16John's herringbone bricks are laid on a layer of hard-core
0:54:16 > 0:54:20and sand, which means water can easily drain through.
0:54:20 > 0:54:23At the back of the property, we've decked. And also, we had some bricks
0:54:23 > 0:54:27left over from the front that we've actually put out there.
0:54:27 > 0:54:30The rest of the garden I've kind of left for the new people who
0:54:30 > 0:54:32will buy to do what they want with it.
0:54:34 > 0:54:36John said he planned to spend 60 grand
0:54:36 > 0:54:39if he built a small extension and went into the attic.
0:54:39 > 0:54:42Has his budget changed along with the plans?
0:54:42 > 0:54:44I think we spent around about £90,000,
0:54:44 > 0:54:47and that includes everything, from the kitchen fittings to new
0:54:47 > 0:54:50flooring and, obviously, the loft conversion as well.
0:54:50 > 0:54:54So it is kind of more spend than I thought originally,
0:54:54 > 0:54:56but I think we've got a really great property
0:54:56 > 0:54:59and I think, with the market rising, it's been OK.
0:54:59 > 0:55:04Let's hope so, John, because if you add that to his purchase price,
0:55:04 > 0:55:08he has invested £439,000
0:55:08 > 0:55:10in this property.
0:55:10 > 0:55:13We asked two local agents to put a price on living
0:55:13 > 0:55:17in this refurbished property in Raynes Park.
0:55:17 > 0:55:18I like the open plan ground floor.
0:55:18 > 0:55:22I like the fact that everyone can, you know, be altogether.
0:55:22 > 0:55:25I also like the fact that you've got three really good sized bedrooms.
0:55:25 > 0:55:27You're always going to have that smaller fourth bedroom,
0:55:27 > 0:55:31but you've got three good doubles and a lovely master suite.
0:55:31 > 0:55:32And nice views out either side.
0:55:32 > 0:55:36How about John's block-paved drive
0:55:36 > 0:55:39when he gets his planning consent for the dropped curb?
0:55:39 > 0:55:41Will that add much value?
0:55:41 > 0:55:43I think by dropping the curb on this property,
0:55:43 > 0:55:45it would increase the value and also the saleability.
0:55:45 > 0:55:47Although the road
0:55:47 > 0:55:49is easy to park on, you do have buses going along,
0:55:49 > 0:55:52so a lot of people are going to want to get their cars off the road.
0:55:52 > 0:55:55Now, it only costs about £1,200 for the Council to drop the curb,
0:55:55 > 0:55:57but I'd say it would be adding a good £5,000 to £6,000
0:55:57 > 0:55:59onto the property.
0:55:59 > 0:56:01Any family that move into this property,
0:56:01 > 0:56:03looking at the space that you have upstairs with
0:56:03 > 0:56:05the accommodation on the first and second-floor,
0:56:05 > 0:56:07they might think that the house is a little bit top heavy,
0:56:07 > 0:56:10so they might want to put a ground-floor extension onto
0:56:10 > 0:56:12the property and give themselves that bit more space to
0:56:12 > 0:56:14really have as a family room,
0:56:14 > 0:56:17as opposed to just having that one open plan room downstairs.
0:56:18 > 0:56:21So, how will all this translate into cash?
0:56:21 > 0:56:26Will his £439,000 prove to have been a good investment?
0:56:26 > 0:56:29Placing the property onto the market in today's climate,
0:56:29 > 0:56:32you could achieve a strong price for this house.
0:56:32 > 0:56:37We'd be suggesting marketing at a figure of £625,000.
0:56:37 > 0:56:39But buyers could comfortably go past that level
0:56:39 > 0:56:41if you've got the right interest.
0:56:41 > 0:56:43I would say you'd look to market this property
0:56:43 > 0:56:45at around £600,000 mark.
0:56:45 > 0:56:47and possibly achieve a little bit more if the interest is there.
0:56:47 > 0:56:51But 600,000 should be a comfortable figure that should be achievable.
0:56:51 > 0:56:55That could be a possible profit before tax and expenses
0:56:55 > 0:56:59of between £161,000 and £186,000.
0:56:59 > 0:57:01Not bad for five months' work.
0:57:01 > 0:57:04I think those values are probably slightly under what I'm thinking,
0:57:04 > 0:57:07and I've obviously spoken to a couple of agents,
0:57:07 > 0:57:10and the resale values they are looking at are 680.
0:57:10 > 0:57:13I know one around the corner that has been modernized recently has
0:57:13 > 0:57:16gone for 679, and it is pretty much the same as this.
0:57:17 > 0:57:20Nearly £80,000 more.
0:57:20 > 0:57:23Now, we know you're not interested, John, what about rental?
0:57:23 > 0:57:26Placing this property onto the rental market, you'd be
0:57:26 > 0:57:29looking for a return of approximately £2,000 per calendar month.
0:57:29 > 0:57:32I think this house should be able to achieve around the £2,000 to
0:57:32 > 0:57:34£2,100 per calendar month.
0:57:34 > 0:57:36I think those rental figures are pretty good.
0:57:36 > 0:57:38That'd be a good return for somebody who wanted to do that.
0:57:38 > 0:57:42I'm not in it for rental. I've done that before and it's not for me.
0:57:42 > 0:57:44I don't want to be a landlord.
0:57:44 > 0:57:45And who can blame him?
0:57:45 > 0:57:49If he gets top price for this Raynes Park property, he'll have
0:57:49 > 0:57:54earned £48,000 a month over the five month restoration period.
0:57:54 > 0:57:55Nice life!
0:57:55 > 0:57:57# Park life! #
0:58:03 > 0:58:06Well, we hope you enjoyed seeing today's properties
0:58:06 > 0:58:08and perhaps learnt something along the way.
0:58:08 > 0:58:11Look forward to seeing you next time for more Homes Under The Hammer.
0:58:11 > 0:58:13- We'll see you then. - BOTH: Goodbye.