Episode 35 Homes Under the Hammer


Episode 35

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Transcript


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Hello. You can't always judge what the property market is up to

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these days because you can't always believe

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what you read or what you hear.

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The best thing to do is to try and find out for yourself.

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And one way you can do that

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is by going to your local property auction.

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Well, there are a huge range of properties that go under

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the hammer, so why not nip down to your local auction house

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and get a feel for them? You don't have to buy anything.

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Yeah. You may be surprised at some of the prices.

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So let's take a look at what got our bidders going on today's programme.

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In Gillingham, Kent, something is missing.

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You know what? It just reminds me of a pub loo.

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Why would you want to have that big gap there?

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While in Streatham, South London,

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I find something I didn't want to see.

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Don't ever think about painting plastic windows.

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And in Bodmin,

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there might be something the neighbours don't want to see.

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Doors from the bathroom out, onto the balcony.

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Just make sure you remember to wear a bathrobe. Otherwise,

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you give the neighbours a bit of a shock.

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I've got 235 here.

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All of these properties were sold at auction.

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We'll find out who bought them and what they paid for them

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when they went under the hammer.

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# Why don't you live in a house in Kent?

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# Believe that it's heaven sent

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# Live in a house in Kent

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# And don't ever move. #

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I'm in Gillingham, a place that in old Kentish means...to shout!

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Will there be something to shout about today?

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The property I am here to see is just around the corner

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from a large general hospital.

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So, before you even go to the door, you know you've got

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your rental income sorted. A good start.

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Now, the house itself has three bedrooms

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and it had a guide price of 90,000 to 95,000.

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# Doctor, Doctor, please

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# Oh, the mess I'm in! #

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Doctors on call like to be as near their place of work as possible,

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so this is just what the doctor ordered.

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The house is a bit scruffy on the outside,

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definitely in need of some first aid.

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Whoo! In I come.

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Let's put the brolly down and have a little look around

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with what we've got.

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So, straightaway, the things you need to clock

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when you walk into a property - things like this.

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Yes, a big tick, there is central heating.

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I'm not keen on the external pipes, I'd like to get those buried.

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A good-sized sitting room. Some really funky retro features.

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I mean, look at the wall lights, the lampshades.

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Some beautiful cornicing, though, in that room,

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so beware of little features like that. Second reception room.

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Now, this is actually a much bigger space,

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a nicer size than the room next door, I think.

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Would you want to knock through here and open up this wall?

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Or perhaps, you might want to knock through this room

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and go into the kitchen.

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But another thing I've noticed - double glazing.

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So, two big expenses spared, which is great.

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So far, there is something to shout about with this property.

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Sure, I'd want those gas fires gone.

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And the kitchen, well, it is a bit of a let down - very dated, indeed.

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This is a rip-out job. But handy that there's a can opener,

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because the bathroom door is a can of worms!

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You think you've seen it all.

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Look, this is the bathroom,

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but there is a piece of wall missing from ceiling to there.

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And it gets better. Follow me through to here.

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Yes, and voila!

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The toilet. Same thing again.

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You know what, it just reminds me of a pub loo.

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Why would you want to have that big gap there?

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In my mind, the space hasn't been utilised brilliantly.

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You've got a big waste of space here with the corridor.

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You've got the back door leading out to the garden.

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I think there's easily enough room to put a utilities somewhere

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and to re-juggle the bathroom towards

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the back of the property, maybe thinking about re-locating

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that door and putting it in here, in place of the window in the bathroom.

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There is so much you could do

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to make better use of the space.

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# Mind the gap, mind your head

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# Mind things your mama said. #

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There is more potential than privacy about this privy.

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When it's got to go, it's got to go.

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Outside, there is a fair bit of space.

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Now that IS something to shout about.

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Well, this is a nice staircase. Lovely spindles.

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Nice to have some character in houses like this.

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So, right at the back, we've got a little bedroom with a boiler in it.

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Not ideal.

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Try and relocate that downstairs if possible. Another bedroom here.

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Great size. You've got a fireplace that you could uncover.

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You never know what's lurking behind.

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And right along this corridor,

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towards the front of the building, is the master bedroom.

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Now, this is brilliant.

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You've got a great space here, enough room to put some wardrobes.

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Look at these lovely floorboards.

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It's so nice when you pull back, in this instance the lino,

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and you can see the really nice floorboards.

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And look, an old newspaper.

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Sunday Pictorial, May 10th, 1959.

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"You can't wash the smartness out of this non-iron shirt." I love it!

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"So crazy - anyone can buy it."

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Let's hope the person who's bought this house doesn't think

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they're crazy, because I certainly don't.

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-# You know I'm not crazy

-You know I'm not crazy

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-# You know I'm not crazy

-You know I'm not crazy. #

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Let's see if a local agent agrees with me.

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The situation with the downstairs in particular, the bathroom,

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is a little bit unusual.

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Although, it is not unusual to have

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a downstairs bathroom.

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But I would consider some sort of reconfiguration out there to perhaps

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get a utility room or maybe move the door to make that practical.

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This property is one of the ones that if you're not careful,

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you might end up spending more than you planned,

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which would eat into your profit.

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I think this property, when fully renovated, should be

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worth in the region of 125,000.

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This property will rent for a price

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of £700 to £750 per calendar month.

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This is actually a decent sized house with plenty of scope to

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improve and character to enhance.

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Let's see who went for it at the auction.

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Lot 28.

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And we've got a guide of 90 to 95.

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What may I say?

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Start me at the bottom end of the guide - £90,000 to start.

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90,000 anywhere?

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I don't mind where we start, it's where we finish that counts.

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85 then?

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85? 85 springing up like mushrooms.

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85 on bid. 88?

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88, I have. And 90? 90 is bid.

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And 92? 92 on the far right.

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95.

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97 is bid. And 100?

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100, I have. 102?

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102 on bid. 105.

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107. 107. And 110.

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Anybody else? 110, I have.

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112?

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I'll take 1,000 if it helps.

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At 110,000 for the first time, then.

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For the second time at... 111.

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It has come back. 112, sir?

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111, you might've just clinched it.

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At 111, then, for the first time.

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111 for the second time.

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111 for the third and final time.

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At 111, are you all done?

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Sold at 111.

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And the successful bidders were father and son team Tony and Luke.

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-# I am what I am

-Am what I am

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# A family man. #

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Tony has just taken early retirement.

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So rather than putting his feet up,

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he went to the auction to find a new project.

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Tony and Luke, congratulations. This is really good news.

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How well do you know the area?

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Very well. I've been living in the area for 30 years now.

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-And have you bought this property?

-Yes.

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OK, now, Luke, what is your input going to be?

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I'm going to be helping out weekends, evenings,

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so much as possible.

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I work all week, so when I get a bit of free time,

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I'll help out my dad.

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Hopefully, I can still play football on Sunday morning,

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but it is up to the boss now. So, we'll have to see how that goes.

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-Is he really in control?

-He will be.

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He's shaking his head.

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If he starts paying the money, then I'll do whatever he says.

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Tony used to work for a power station, but now that he's retired,

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he's looking forward to a change in direction.

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And for him, it isn't just a pipe dream.

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Well, I've always has been interested in houses and doing houses up.

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I've built three, four extensions.

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And just find it interesting.

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I've lived on a building site my entire life.

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Oh, tell me about your childhood, was it that awful?

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It was extensions and a lot of digging,

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a lot of filling up rubble bags.

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So I've kind of learned from a young age, really.

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And I'm kind of carrying it forward to my house now

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and my house I just left. So, it's a good...

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This work has been like a mini apprenticeship for me, really.

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The apprenticeship hasn't put Luke off, which is just as well.

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Tony has set a £10,000 budget.

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Hm, the margins are quite tight on this one.

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Bought for 111,000, add £10,000,

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and the agent thought it would sell for 125,000.

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Ooh...

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So, where are you going to start? What changes are you going to make?

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Well, I'm going to start on the easy bit, which is upstairs, I think.

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Because really that is just purely decoration.

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I hope it is easy, but really, I'm worried, as this is a house

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that both the agent and I thought could eat up money.

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So, let's talk about downstairs.

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You've got some rooms... You know, you've got a lovely,

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big room to the front,

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this one that we are standing in. What do you think?

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Well, knocking this wall down there

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to make this an open plan lounge-diner.

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But the kitchen and the bathroom I've been... Tape measured

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and drawings and...

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So, what ideas have you come up with so far?

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Knocking all them silly little walls down that are in there.

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Moving the doorway.

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I'm going to put a VELUX window in or two, maybe,

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to bring some natural light in.

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It's just figuring out how to squeeze the bath up towards the toilet,

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and that's what I plan on doing.

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Do you think it was a good buy at auction?

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When I looked at this house, it had such a good feel.

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It was a really sunny day.

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The garden is south facing, it was lovely out there. And I just...

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And it was big.

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Which I thought you can do something if it's big.

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Talking about the garden, what is that right at the end of the garden?

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It's a lovely little pub.

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I say a little pub, it's more like a hole.

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-Will you be spending any time in there?

-No.

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Will you be hopping over the back wall?

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You're nodding, you're shaking your head.

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-We've got to say no.

-No.

-But probably.

-Mum's watching.

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Don't worry, Mum, I think

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there's plenty of work here to keep this pair out of the pub.

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But Tony and Luke seemed to be relishing

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the prospect of getting stuck in.

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So, how near do you and your dad live, then?

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Me and my fiancee and our little girl,

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we're just down the road. It's quite handy.

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I like to pop in, get a bottle of wine when they're out

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and borrow a few tools.

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So, yeah, it's quite useful.

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So, have you taken a lot from your dad's life and experience

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of building extensions and brought it to your own family?

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I think it annoys my other half, simply because I always think,

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"I'm going to try that myself."

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Sometimes it works, sometimes it doesn't.

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But I'm always one for giving everything a try.

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If it doesn't work, then you can easily fix it.

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That's fantastic, I love your attitude.

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Even though you are both very relaxed about this,

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-what is your timeframe?

-I did say six months,

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but I don't really know.

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It might go over. Hopefully, it will be under. But six months I've set.

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Only time will tell. When we come back, we'll find out.

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It has been lovely meeting both of you. I'm so excited to see

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-how the project goes. Good luck.

-Thank you.

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-Thanks a lot.

-Nice to meet you. Thank you.

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If it doesn't work, you can easily fix it. I love that attitude!

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And most of the time, well, it is true.

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But all that work for ten grand?

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Hm, that's a little bit harder.

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You can find out how it all goes later in the programme.

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I'm in Streatham, South London,

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a multicultural hubbub with all sorts of properties at offer,

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from flats to townhouses in tree-lined streets.

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And up here on Streatham Common, annually, the Kite Festival.

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All you need do is turn up with a kite, surprise, surprise. If all

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else fails, a bin bag, some twigs, some sticky tape and some string.

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# Come fly with me

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# Let's fly, let's fly away! #

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Luckily, the properties around here seem to be made of sturdier stuff

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than that.

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And there's quite a range of architectural styles to be

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seen surrounding this great open space.

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And there's much more on offer here with a busy high street

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and easy access to public transport.

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Well, flying high in the property stakes,

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we hope, is the flat I'm here to see, quite close

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to Streatham Hill Station and Streatham High Street.

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Two bedrooms, ground floor, had a guide price of £200,000,

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which for around here, sounds pretty good to me.

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The flat sits on the ground floor of a four-storey block.

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And with these balcony corridors on the upper levels, it gives them

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a sense of space you wouldn't get with an enclosed corridor.

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So, what do you get for your money?

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Well, first glance. Hm, hm.

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Not in the best state of repair.

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The floor doesn't give a very good impression.

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But let's just look at the layout. Toilet there. Unusual.

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If there's a bathroom as well, then that is not too bad news.

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Two bedrooms. First one, that is a half decent size.

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Lots of storage, which is definitely good for a flat.

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Look, some there, some there.

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I don't know if there is anyway you could maybe take those out

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if you wanted to create a bit more of an open feel.

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Actually, on balance, I think I'd keep them,

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cos storage is at a premium in a flat like this.

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Good-sized second bedroom there.

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Really nice feel here, in the fact that it is dual aspect.

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So the flat spans the whole width of the building,

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So you get light on each side.

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That actually does give it a really nice feel.

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And bathroom there, no toilet, so you might want to play

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around with that to perhaps introduce a toilet in there.

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But then through into the kitchen.

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I mean, it's not massive, but then, neither is the flat in general.

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Proportionally, it works really well.

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A bit of money spent in here.

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All in all...

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..I think it's really good!

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Whoever lived here has certainly stamped their own

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personality on it, and the bathroom design has been done with flair.

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And if you're living in a property, then of course,

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you should have it just the way you want it.

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But for rental or resale, the general rule of thumb is -

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keep it neutral.

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That way, you provide a blank campus for people's imaginations

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and will open up your property to the widest possible market.

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And, well, this just isn't neutral, is it?

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Ew.

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With bold colours in the kitchen and the bathroom

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and baby pink throughout the hall and living room,

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it just isn't going to be to everyone's taste.

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Well, one of the benefits of a ground-floor flat is that

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you've got access to outdoor space.

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In this case, we even get a little balcony.

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It's not exactly staring out across the Serengeti,

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but it is nice to have that outdoor space.

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But look what somebody has done.

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Here is a top NOT decorating tip -

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don't ever think about painting plastic windows,

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cos it'll end up looking like this.

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-SIRENS

-Here come the DIY police.

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MUSIC: "Every Breath You Take" by The Police

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Maybe not quite an arrestable offence

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and maybe a bit harsh to say never,

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but you should be cautioned.

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There are products designed to allow you to paint on plastic,

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but you need to know what you are doing.

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So if you must, then do your research, get some advice

0:17:070:17:11

and be warned - if you get it wrong, then it can look, well, like this.

0:17:110:17:16

But this is all just cosmetic stuff.

0:17:180:17:20

Remember that attractive guide price of £200,000.

0:17:200:17:24

We asked a local estate agent to have a look at the flat.

0:17:260:17:29

What did she have to say about the property?

0:17:290:17:33

The positives of this property are two good-sized double bedrooms.

0:17:330:17:36

You've got a little bit of communal gardens at the front,

0:17:360:17:39

but the local communities are just so close to hand.

0:17:390:17:42

You've got bus carriage more or less next door

0:17:420:17:44

and train stations galore as well.

0:17:440:17:47

There is a huge demand

0:17:470:17:48

for properties like this because,

0:17:480:17:50

um, property is in short supply

0:17:500:17:52

in Streatham,

0:17:520:17:54

and lots of people are buying and keeping their properties to rent

0:17:540:17:57

out for future investment.

0:17:570:17:59

So, yeah, we could always use properties like this.

0:17:590:18:02

All great news - good location,

0:18:020:18:04

demand for rental and it also appeals to the first-time

0:18:040:18:08

buyer market. So what could the property fetch if resold?

0:18:080:18:12

Once renovated, this property will achieve in the region

0:18:120:18:15

of £270,000 to £275,000.

0:18:150:18:19

And for rental, who would she expect to live here?

0:18:190:18:22

If this property was rented, it would appeal to young professionals,

0:18:220:18:26

because we've got two good-sized double bedrooms and you would hope

0:18:260:18:29

to achieve anywhere between 1,350 per calendar month

0:18:290:18:31

and 1,400 per calendar month.

0:18:310:18:33

Well, £200,000 doesn't buy you a lot in London these days.

0:18:350:18:39

And yet here, in Streatham Hill, I think an opportunity to get hold

0:18:390:18:43

of a really decent little flat with an opportunity to add value as well.

0:18:430:18:47

Let's see who agreed when it went under the hammer.

0:18:470:18:50

Move on now to lot 98.

0:18:540:18:56

Two-bedroom, ground-floor flat

0:18:560:18:58

in need of modernisation.

0:18:580:18:59

Close to Streatham High Road. Offering it with vacant possession.

0:18:590:19:03

230 anywhere?

0:19:030:19:05

Despite the auction room being packed,

0:19:060:19:09

this lot took a while to get going.

0:19:090:19:12

What about 210? Try and help with a bit of discount.

0:19:120:19:16

210 anywhere?

0:19:160:19:17

Thank you. 210, I've got.

0:19:190:19:22

211 anywhere?

0:19:220:19:24

210 on my right. 211 anywhere?

0:19:250:19:28

211, thank you.

0:19:280:19:30

And when it did get going,

0:19:300:19:32

our cameras didn't manage to catch the bidders.

0:19:320:19:34

We rejoin the auction at £221,000.

0:19:340:19:38

222. 223.

0:19:380:19:41

224. 225 at the back.

0:19:410:19:43

Anybody else?

0:19:430:19:45

If not, 225 for the first.

0:19:450:19:49

225 for the second.

0:19:490:19:51

225 for the third and final time.

0:19:510:19:55

All done?

0:19:550:19:56

Sold, 225.

0:19:570:19:58

Hidden from our camera was Peter,

0:20:000:20:02

who bought the flat with his wife, Christine, for £225,000.

0:20:020:20:07

Peter is an electrician, so that is going to be handy.

0:20:090:20:12

-Peter, nice to meet you.

-Nice to meet you.

-Congratulations.

0:20:140:20:18

-Thank you.

-Tell me why you wanted to buy the flat.

0:20:180:20:20

Well, I didn't actually see it before I...before we bought it.

0:20:200:20:24

-My wife had come to see it.

-Ah!

-And we decided on a figure for it.

0:20:240:20:29

And so we went on and bought it.

0:20:290:20:33

-Right, is she the property sourcer out of the pair of you?

-Um...

0:20:330:20:36

-I mean, she is probably more intelligent than me.

-Oh, OK.

0:20:360:20:40

She looks into things a little bit more than me.

0:20:400:20:43

I just go and do the work. I do as I'm told.

0:20:430:20:45

Is this something that the pair of you do, then?

0:20:450:20:47

-Are you property investors?

-Not really, no.

0:20:470:20:49

We just wanted to get two or three flats together so we can,

0:20:490:20:53

you know, have a bit of income in our old age, basically.

0:20:530:20:56

-So, is this number one or is this part...?

-No, this is number two.

0:20:560:21:00

-Great.

-We'd like to get three if we could.

0:21:000:21:03

-We've just sold our house, so we've got a bit of money from that.

-Right.

0:21:030:21:07

Hopefully, if we can get three, that should be a little bit,

0:21:070:21:10

plus our pensions, to actually live off of for the next ten years or so.

0:21:100:21:14

Right.

0:21:140:21:15

-Are you happy with what you paid?

-Yeah, I think so, yeah. Yeah.

0:21:150:21:18

It's, uh... You know, up for sale,

0:21:180:21:21

I would have much preferred it had been another 25 grand cheaper, but...

0:21:210:21:26

So, what are your plans for this place?

0:21:260:21:28

What are you going to do to it?

0:21:280:21:29

We are going to do a new kitchen, new bathroom, toilet.

0:21:290:21:33

I think, with the toilet, it needs a basin, so I might swing that door

0:21:330:21:37

so that it comes out into the hall, so we can fit a basin in there.

0:21:370:21:41

So then there'd be a basin and a bath in the bathroom

0:21:410:21:45

-and a toilet and a basin in the other.

-Right.

0:21:450:21:47

And then just tile, you know, laminate the floors in the bathroom,

0:21:470:21:52

toilet. Kitchen.

0:21:520:21:54

-And probably carpet the rest.

-Right.

0:21:540:21:56

It is quite echoing and quite noisy, isn't it?

0:21:560:22:00

I think carpets would be the best thing.

0:22:000:22:02

-That might absorb some of the noise from outside, perhaps.

-Yep.

0:22:020:22:06

-I might put carpet on the walls as well.

-Blimey! Really?!

-No.

0:22:060:22:10

Lovely(!)

0:22:100:22:11

But, obviously, it's got double glazing at the moment.

0:22:110:22:14

-You almost feel like it needs triple glazing, don't you?

-Yes.

0:22:140:22:18

I mean, we won't go to that.

0:22:180:22:19

I don't know if you've noticed,

0:22:190:22:21

-but all the windows and doors have actually been painted.

-Yes.

0:22:210:22:25

-On the plastic.

-Which is a bit of a pain.

0:22:250:22:28

But I did have a word about that with my painter yesterday.

0:22:280:22:31

He said he can get some special paint and sort that out

0:22:310:22:34

-and it won't be... It's not going to fall off, basically.

-Right.

0:22:340:22:37

You can't clean it off, then, with solvents?

0:22:370:22:39

He doesn't seem to think that that's very viable.

0:22:390:22:42

Sorting out the bad paint job will be a massive improvement,

0:22:440:22:47

particularly the ones painted red,

0:22:470:22:49

as will sorting out the current toilet arrangement.

0:22:490:22:52

I mean, it's not very hygiene to have a loo and nowhere to

0:22:520:22:55

wash your hands.

0:22:550:22:57

However, Peter is certainly going to make the best of the space

0:23:020:23:05

here, by the sounds of it.

0:23:050:23:07

Not a bad size flat, is it?

0:23:070:23:09

No, it is a nice size, isn't it? I mean, the lounge's a reasonable size.

0:23:090:23:14

Both of the bedrooms are about the same size,

0:23:140:23:16

-but they're nice-sized sort of double bedrooms, aren't they?

-Yeah.

0:23:160:23:19

So, I'm sure it will rent out easy.

0:23:190:23:22

-And that's the plan, is it, to rent it out?

-It is, yeah.

0:23:220:23:24

We don't want to sell it on, we just want to get some rent back.

0:23:240:23:28

Get, you know, a regular income coming in.

0:23:280:23:31

So what is the budget?

0:23:310:23:33

-The budget, I would think about ten grand.

-OK.

0:23:330:23:36

That is quite healthy, really, cos there isn't much to do, is there?

0:23:360:23:39

-No, not really, no.

-Right.

0:23:390:23:41

And the timescale?

0:23:410:23:43

Um, originally, I was thinking, as long as it is done inside

0:23:430:23:46

-eight weeks, but I really think like four to six weeks, really.

-OK.

0:23:460:23:50

Are you going to get somebody in?

0:23:500:23:52

Yeah. I mean, even if I was doing it myself,

0:23:520:23:54

you know, I'm the decorator, I get someone else to do it all the time.

0:23:540:23:57

I sometimes get involved in stripping down the walls,

0:23:570:24:00

but, you know, I find it quite boring just doing the painting,

0:24:000:24:03

so I've got a good mate who does that. So, yeah.

0:24:030:24:07

So, he'll do all that for me,

0:24:070:24:09

and do a good job, a better job than what I can do.

0:24:090:24:11

-Listen, congratulations. Good luck with it.

-Thank you.

0:24:110:24:14

-I look forward to seeing how you get on.

-OK, thanks.

0:24:140:24:17

So, Peter buying this place on the recommendation of his wife, often

0:24:190:24:23

a very good way to go, and adding it to their property portfolio.

0:24:230:24:27

How will he get on sorting it out?

0:24:270:24:29

You can find out later in the show.

0:24:290:24:32

Coming up, in Cornwall, I find the ultimate in tranquillity.

0:24:320:24:36

I mean, does anything get more idyllic than this?

0:24:360:24:42

And back in South London, we check on the progress of Peter's

0:24:450:24:48

flat, which has become a family affair.

0:24:480:24:50

My daughter and my wife have been helping me here, um,

0:24:500:24:54

giving me a bit of grief, telling me what to do.

0:24:540:24:57

Back now to Gillingham in Kent, where earlier,

0:25:020:25:05

we met retired builder Tony and his son, Luke, who

0:25:050:25:08

spent £111,000 at auction on this three-bedroom terraced house.

0:25:080:25:13

-Let's talk about downstairs.

-Mm.

-You've got some rooms...

0:25:160:25:20

You know, you've got a lovely, big room to the front,

0:25:200:25:22

this one that we are standing in, what do you think?

0:25:220:25:24

Well, knocking this wall down there,

0:25:240:25:27

to make this an open-plan lounge-diner.

0:25:270:25:30

But the kitchen and the bathroom,

0:25:300:25:32

I've been... Taped measured, and drawings, and looking around...

0:25:320:25:36

And I just don't really know what I'm going to do yet, really.

0:25:360:25:40

And that bathroom downstairs was, mm, well, to say the least...

0:25:400:25:44

Eccentric.

0:25:440:25:45

There's a piece of wall missing from ceiling to there!

0:25:450:25:49

Tony and Luke have budgeted 10,000 and given themselves six

0:25:500:25:54

months to renovate this house to sell on.

0:25:540:25:57

13 months have now passed and we are back to see if this father

0:25:570:26:00

and son team have managed to knock doors out of windows.

0:26:000:26:04

# I want to be

0:26:040:26:06

# Sledgehammer! #

0:26:080:26:09

# Sledge, sledge! #

0:26:110:26:14

Well, there is certainly a wall missing here,

0:26:140:26:16

but it is the one between the dining room and this lovely new kitchen.

0:26:160:26:20

And it looks like all that measuring has paid off,

0:26:200:26:23

with this new utility and bathroom.

0:26:230:26:26

And they've even followed my advice and moved the back door.

0:26:280:26:33

What happened to Tony's plan to open up the lounge and dining room?

0:26:330:26:38

Most of the houses around here have knocked the lounge into one big

0:26:380:26:42

lounge, and I wanted to be a little bit different.

0:26:420:26:45

And I think the result is excellent.

0:26:450:26:49

I certainly wouldn't argue there.

0:26:490:26:52

Were there any more unexpected changes to the plan?

0:26:520:26:56

One of the main ones was in the bathroom.

0:26:560:26:58

We increased the height of the ceiling by about two foot.

0:26:580:27:01

Reason being is when we moved the bathroom out to the back room,

0:27:010:27:05

if we were stood in the bath, having a shower, we are

0:27:050:27:07

six foot plus, so our heads would've been touching the ceiling.

0:27:070:27:11

So we made it a bit more practical for anyone who buys the property.

0:27:110:27:15

I'm just glad they banished the gap above the door.

0:27:150:27:18

Now I seem to remember that Luke, a lifetime apprentice to his dad,

0:27:180:27:22

said he would just follow Dad's instructions.

0:27:220:27:26

Hm, now how did that work out?

0:27:260:27:28

Yeah, we had a bit of a joint input in terms of where things have

0:27:280:27:32

gone, what we have done with the walls and decoration,

0:27:320:27:34

but ultimately,

0:27:340:27:37

Dad will be getting any profit, so I just do what he says.

0:27:370:27:40

And hope he hands it down.

0:27:400:27:43

Well, since you mentioned money, the original budget was £10,000.

0:27:430:27:48

How did that fare?

0:27:480:27:49

Well, we've ended up spending £20,000,

0:27:500:27:54

which was double my original estimate.

0:27:540:27:56

There was a lot of extra work involved than what I thought.

0:27:560:28:01

New paths, new drainage,

0:28:010:28:03

you name it, everything was new. And um...

0:28:030:28:07

Just went over budget.

0:28:070:28:08

Keeping the costs down is the key to making a good profit, but in

0:28:090:28:13

the end, there is no point scrimping on the work that has to be done.

0:28:130:28:17

And with all that extra work, how did their six-month timescale fare?

0:28:170:28:21

The project's taken us just over a year, which was, again,

0:28:220:28:26

double our original estimate. We seem to have doubled everything.

0:28:260:28:29

If we can double the profit, that'd be even better.

0:28:290:28:32

Um, reason being, I think it is

0:28:320:28:34

because of all the extra work that we hadn't really accounted for.

0:28:340:28:37

We've had to replace floors in the kitchen,

0:28:370:28:40

replace the roof out the back.

0:28:400:28:42

And it is all little things like that that take you about

0:28:420:28:45

an extra two or three weeks, and they have all added up

0:28:450:28:47

and just extended the timescale of the project.

0:28:470:28:51

Oh, dear, double the budget and the timescale.

0:28:510:28:54

But they have transformed this house!

0:28:540:28:57

So, how has this father

0:28:570:28:59

and son team enjoyed working on this project together?

0:28:590:29:02

I've enjoyed it.

0:29:020:29:04

-I don't know about you.

-Some of it.

0:29:040:29:06

-The end is quite good.

-Yeah.

0:29:080:29:11

The beginning is awful.

0:29:110:29:13

It is a nice feeling, when you come in here

0:29:130:29:15

and look at this place now and you think what it was before.

0:29:150:29:18

There has been a lot done and it shows.

0:29:180:29:21

Tony bought this house for £111,000

0:29:230:29:26

and has spent 20 grand on renovations.

0:29:260:29:29

We invited two local property experts around

0:29:290:29:32

to see what they think, starting with the one we saw last time.

0:29:320:29:36

I think this property will appeal to two main people -

0:29:360:29:40

your investor who wants a property where

0:29:400:29:43

he doesn't have to do anything and he can rent it out -

0:29:430:29:46

the yield would be excellent - and your first-time buyer,

0:29:460:29:50

who wants to buy a property

0:29:500:29:51

and, again, doesn't want to do too much to it -

0:29:510:29:54

he wouldn't have to do nothing, he could really move straight into it.

0:29:540:29:57

I've had a good look round the house today, it's a super house.

0:29:570:30:00

It is a lovely refurbishment.

0:30:000:30:02

Exactly what people come here to buy.

0:30:020:30:04

Both very positive,

0:30:060:30:07

but what do they think it could achieve on the rental market?

0:30:070:30:11

This property would easily rent for £800 per calendar month.

0:30:110:30:14

I think this property could rent for a figure of £750 per calendar month.

0:30:140:30:20

Yeah, that's not bad, to be honest.

0:30:200:30:22

That's quite a generous rental.

0:30:220:30:24

But again, I think it is done up too nice to rent out,

0:30:240:30:27

just in case anything happens to it.

0:30:270:30:29

It's better to get it off our hands and move on to the next one.

0:30:290:30:33

Tony has spent a total of 131,000.

0:30:340:30:37

The agent who came to see this house before renovations reckoned

0:30:370:30:40

it could sell for 125,000.

0:30:400:30:44

Will having doubled his budget have impacted on Tony's profit?

0:30:440:30:48

Will he still be relaxed?

0:30:480:30:50

I think this property could sell for a figure between £130,000

0:30:500:30:54

and £150,000.

0:30:540:30:56

We would look to sell this property for about £165,000.

0:30:560:31:00

Wow! And relax.

0:31:000:31:03

Those are very different valuations.

0:31:030:31:05

What do Luke and Tony make of them?

0:31:050:31:07

About 150, 155, I think, personally.

0:31:070:31:11

I agree.

0:31:110:31:13

We've seen a lot of properties up this road

0:31:130:31:15

and nearby go for the 150 mark,

0:31:150:31:17

and this is by far a better layout and done to a better standard, so

0:31:170:31:21

I think we are going to come on to a bit of a premium for this place.

0:31:210:31:25

If Tony and Luke are right, £155,000 would give them

0:31:260:31:31

a profit of 24,000, minus all the usual taxes and fees.

0:31:310:31:36

So, what is next?

0:31:360:31:38

We're doing my house next.

0:31:380:31:39

It's what we're planning, or what I'm planning,

0:31:390:31:42

-honestly.

-That's news to me.

0:31:420:31:45

But you're supposed to be retired, Tony!

0:31:450:31:47

Isn't it time for the pipe and slippers?

0:31:470:31:50

No, not yet, I'm going to do something else and then

0:31:500:31:54

probably look around for another property and have another shot at it.

0:31:540:31:58

And then retire.

0:31:580:31:59

Well, if you do fancy a rest, you could do worse than spending

0:32:060:32:09

a bit of time here, in beautiful Cornwall.

0:32:090:32:12

I'm in Bodmin, one of the oldest towns in the county,

0:32:140:32:18

which explains the impressive architecture,

0:32:180:32:20

some of which has been beautifully restored.

0:32:200:32:23

I'm hoping the property I'm here to see today will have as much

0:32:230:32:26

character.

0:32:260:32:28

Well, a couple of miles from Bodmin is the little hamlet of Dunmere, and

0:32:280:32:32

an absolutely gorgeous little spot it is as well -

0:32:320:32:35

lots of trees, a river...

0:32:350:32:38

And a house to match? Well...

0:32:380:32:41

It looks pretty good from the outside.

0:32:410:32:43

A really substantial three-bedroom, detached property at a guide

0:32:430:32:46

price of 235,000 quid.

0:32:460:32:49

Let's go inside!

0:32:500:32:52

Just before we do, a few things to take note of on the outside.

0:32:520:32:56

There is a garage, that's handy.

0:32:580:33:01

There's a lane going past your front door that is shared with

0:33:010:33:04

the neighbours, though there aren't many of those.

0:33:040:33:07

Probably getting a bit more use is the famous Camel Trail,

0:33:070:33:11

an 18-mile disused railway line, which attracts walkers,

0:33:110:33:15

cyclists and horse riders, and runs along the back of the property.

0:33:150:33:19

So, is it as delightful inside?

0:33:240:33:27

Ah... Let's find out.

0:33:270:33:30

Through the front door, you've got stairs up to the bedrooms.

0:33:300:33:33

It feels reasonably spacious here.

0:33:330:33:35

Over that side, a kitchen.

0:33:350:33:37

It looks a little bit dated, but it's not a bad size.

0:33:370:33:41

Um... Ergh.

0:33:410:33:42

I don't like this cladding, it makes it feel very dark.

0:33:420:33:46

But then you come into this living room area.

0:33:460:33:48

And while you might not particularly like the colours - the browns

0:33:480:33:54

and the dark reds - but everything is in really fantastic condition.

0:33:540:33:58

Nice curtains, this amazing feature fireplace.

0:33:580:34:01

Wow, that is a feature and a half, isn't it?

0:34:010:34:04

Actually, talking of halves, I would probably chop it in half

0:34:040:34:06

and maybe keep the fire end of it and possibly lose this.

0:34:060:34:11

But I mean, in terms of living up to expectations,

0:34:110:34:15

yeah, it's great!

0:34:150:34:18

Clean as a proverbial whistle.

0:34:180:34:21

Oh, I do love viewing a well-cared-for home.

0:34:210:34:24

There is even a utility room off the kitchen for extra practicality

0:34:240:34:28

and a loo under the stairs.

0:34:280:34:30

You really could move in as it is.

0:34:300:34:32

On the upper floor, there are three bedrooms -

0:34:320:34:36

a very good-sized double at the front

0:34:360:34:38

and a smaller one to the back.

0:34:380:34:41

And the family bathroom, again, spotless, if a little old-fashioned.

0:34:410:34:45

Then... It really is a bit of a rabbit warren, this place.

0:34:450:34:49

Over that side of the stairs, two bedrooms.

0:34:490:34:52

Then you come to this side, where you find the master bedroom.

0:34:520:34:55

And how lovely is this?

0:34:550:34:57

Obviously, get rid of some of the furniture,

0:34:570:35:00

the built-in wardrobes and all that kind of stuff. This is the en-suite.

0:35:000:35:04

It might not be to everyone's taste, but absolutely lovely condition.

0:35:040:35:08

Tiling all nicely done. Big sort of whirlpool bath thing going on there.

0:35:080:35:13

And as if that isn't enough, something you very rarely see -

0:35:130:35:17

doors from the bathroom out, onto the balcony.

0:35:170:35:22

Just make sure you remember to wear a bathrobe.

0:35:220:35:25

Otherwise, you give the neighbours a bit of a shock.

0:35:250:35:28

While it might be slightly strange to have this

0:35:280:35:30

balcony off the en-suite, it is a lovely thing to have.

0:35:300:35:34

OK, you could rearrange the bedroom, so this side

0:35:340:35:37

is off your master, and switch the en-suite elsewhere, but, hey,

0:35:370:35:41

I'd be inclined to leave it where it is and just see

0:35:410:35:43

it as a rather quirky added extra.

0:35:430:35:45

But if you were impressed already, head out of the house, over the

0:35:470:35:51

road, and I've got something to show you that will blow your socks off.

0:35:510:35:56

Well, yes, the house is separated from its garden by that

0:35:570:36:01

little road, but once you get here,

0:36:010:36:04

you really do not care,

0:36:040:36:06

because it is quite simply one of the most spectacular gardens

0:36:060:36:13

I've seen while I've been doing the show.

0:36:130:36:15

OK, it is a steep climb down, but it is stunning.

0:36:160:36:20

Carved into the side of the hill and landscaped with plants

0:36:200:36:24

and flowers, this has obviously been someone's pride and joy.

0:36:240:36:28

It feels very Himalayan, a world away from the everyday lawns

0:36:280:36:32

and patios and flowerbeds.

0:36:320:36:35

I mean, does anything get more idyllic than this?

0:36:350:36:41

And this garden alone

0:36:410:36:44

would have taken years

0:36:440:36:46

and you could easily have blown six figures doing this, honestly!

0:36:460:36:50

As it is, somebody has done it, and it is amazing.

0:36:510:36:54

I'm a goner.

0:36:570:36:58

Magical. That's all I can say.

0:36:590:37:01

How many houses come with a secret hideaway of their very own

0:37:010:37:05

right on the water's edge?

0:37:050:37:07

This house is not for everyone.

0:37:070:37:10

The road will put some people off. The fact that your garden is

0:37:100:37:12

not right outside your front door will deter others.

0:37:120:37:15

Plenty won't like the steep steps down the garden.

0:37:150:37:18

But if you don't care about those things, if you want a really

0:37:180:37:21

solid, big house, with a sensational piece of land and your own river

0:37:210:37:26

frontage, well, I don't think there are many places around like this.

0:37:260:37:30

# Downriver, downriver

0:37:330:37:37

# Downriver, down... #

0:37:370:37:42

We asked a local agent along

0:37:420:37:44

to see what he thought.

0:37:440:37:46

It's an interesting place when you drive up towards it.

0:37:470:37:50

It is well away from the road.

0:37:500:37:52

There is quite a busy road at the end of the drive,

0:37:520:37:54

but you're elevated from it,

0:37:540:37:56

so it doesn't feel like you're anywhere near it.

0:37:560:37:58

It is a good-sized house, actually.

0:37:580:38:00

But generally, it does need a fair bit of modernising - things

0:38:000:38:05

like kitchens and bathrooms are showing signs of wear and age now.

0:38:050:38:08

So, it is a bit of a project.

0:38:080:38:10

The thing that strikes me

0:38:100:38:11

most about this property is probably the garden, which admittedly,

0:38:110:38:15

is situated on the other side of the road,

0:38:150:38:17

so, OK, could be a small drawback for some people.

0:38:170:38:19

But it is beautiful. It is just the highlight for me.

0:38:190:38:24

Yes, the agent is a goner over the garden, too.

0:38:240:38:27

But let's put the magic aside and do the numbers thing.

0:38:270:38:30

If this house was updated, how much could it sell for?

0:38:300:38:34

If all the work was undertaken here,

0:38:340:38:36

I would say an asking price of 285,000.

0:38:360:38:39

And what about the rental market?

0:38:390:38:41

You're looking at around £850 per calendar month

0:38:410:38:44

in its current condition.

0:38:440:38:46

Well, the house itself is in great condition.

0:38:460:38:49

It offers loads of options and potential.

0:38:490:38:52

But it is this garden that just turns it into a truly

0:38:520:38:57

spectacular auction lot.

0:38:570:39:00

Let's see who fell in love when it went under the hammer.

0:39:000:39:04

Lot 111.

0:39:040:39:06

Here we have a freehold, three-bed detached, character cottage.

0:39:060:39:10

It is adjacent to the Camel Trail.

0:39:100:39:11

Going price here is 235.

0:39:110:39:14

I'm on the book at 235, that is where we are going to start.

0:39:140:39:16

Straight off at 235. I'm in action, where are you, ladies and gentlemen?

0:39:160:39:21

I've got 235 here. 240?

0:39:210:39:23

240. I have 245 here. 250?

0:39:230:39:26

250 here.

0:39:280:39:29

Yeah? Sure? I'm out here.

0:39:290:39:31

You're in there at 250.

0:39:310:39:33

It is with the rest of you now, ladies and gentlemen. At 250 here.

0:39:330:39:36

Any advance on 250?

0:39:360:39:38

Moment to think. I won't put you through too much pain.

0:39:380:39:41

Bidding on the curtain there at 250.

0:39:410:39:44

Sure we're all done?

0:39:440:39:45

First, second, third. Last time at £250,000, seated.

0:39:450:39:49

Yours at £250,000. Congratulations.

0:39:510:39:53

I know you've come a long way, so I'm delighted for you two.

0:39:530:39:56

And don't they look thrilled?!

0:39:560:39:59

Getting a bit of Cornish magic for £250,000 are Valerie and Kevin,

0:40:010:40:06

who currently live in Hampshire and plan to get married next year.

0:40:060:40:10

And where else to meet them but in this wonderful garden?

0:40:100:40:15

-Congratulations.

-BOTH: Thank you.

0:40:150:40:17

-Can I buy your garden, please?

-No!

0:40:170:40:19

-No.

-Please?

-No, no!

-Please?

-No!

0:40:190:40:23

It's all ours.

0:40:230:40:25

What did you think when you first saw this?

0:40:250:40:27

-It really struck our hearts in the middle, didn't it?

-It did.

0:40:270:40:31

We came down to the bottom of the garden here, sat by the water,

0:40:310:40:36

looked back up at the house and thought...

0:40:360:40:39

-I don't know, you can't explain it, really.

-Well, I've experienced it.

0:40:390:40:42

-I mean, it's a magical spot, isn't it?

-It is.

0:40:420:40:44

-Why have you bought it?

-We wanted a home of our own.

0:40:440:40:47

That's right, yeah.

0:40:470:40:49

I'm selling my place at the moment and Valerie has sold hers.

0:40:490:40:53

We have also thrown all our cards in the air.

0:40:530:40:56

I've given up my job.

0:40:560:40:58

I've given up my job.

0:40:580:40:59

And we're going to try and make a go of it down here.

0:40:590:41:01

Wow! So what were you doing until recently?

0:41:010:41:04

Until last Friday, I was a facility's maintenance engineer.

0:41:040:41:09

-Last Friday?

-Last Friday.

0:41:090:41:11

And Valerie?

0:41:110:41:12

I was an estate agent.

0:41:120:41:15

THEY LAUGH

0:41:150:41:18

-OK.

-I can't say I was too sorry to get away from that job.

0:41:180:41:21

So, what's prompted this...pretty radical change of life?

0:41:210:41:25

-If you don't do it, you'll always wonder.

-Yeah.

0:41:270:41:30

We just want a change of life.

0:41:300:41:31

# The dog days are over

0:41:310:41:35

# The dog days are done

0:41:350:41:37

# The horses are coming

0:41:370:41:40

# So, you better run. #

0:41:400:41:44

What a glorious place to make a new start!

0:41:440:41:48

Since meeting at Avebury Stone Circle

0:41:480:41:50

at the winter solstice three years ago,

0:41:500:41:52

Kevin and Valerie feel that all roads have led to this new home.

0:41:520:41:57

I want to do healing because that's what I'm qualified to do.

0:41:570:42:01

What kind of healing?

0:42:010:42:02

-Spiritual healing.

-Right. Yeah.

0:42:020:42:04

And meditation.

0:42:040:42:06

I teach meditation and I think here would just be a perfect place.

0:42:060:42:09

It... Yeah, even if you're not into that kind of stuff,

0:42:090:42:12

you come here and you almost want to meditate.

0:42:120:42:14

-It forces you to meditate.

-Yeah, absolutely!

0:42:140:42:16

-And...

-The dowsing as well.

-I do dowsing.

0:42:160:42:18

Well, you're not going to have difficulty doing the dowsing.

0:42:180:42:21

-There's loads of...

-Boom! There you go.

0:42:210:42:23

THEY LAUGH

0:42:230:42:24

And...

0:42:240:42:26

We want to do a bit of bed and breakfast

0:42:260:42:28

-as a bit of a sideline as well. Just...

-Yeah.

0:42:280:42:30

We're going to have a go at anything that brings a bit of income in.

0:42:300:42:33

-Yeah.

-We'll have a go.

0:42:330:42:34

The house, then. Let's start with that. What do you think about it?

0:42:340:42:37

We walked in there and I mean, it felt like

0:42:370:42:39

it had been a really well-loved home.

0:42:390:42:41

You know, the people that had lived there

0:42:410:42:44

had obviously put a lot of work into it, you know, during their time.

0:42:440:42:47

And although, OK, it's getting a little dated in places,

0:42:470:42:51

but it's very liveable

0:42:510:42:54

and we'll just gradually put our own personality on it as and when.

0:42:540:42:57

-And then the garden?

-Over this side, we're going to have the log...

0:42:570:43:00

One log cabin up there and a nice big...

0:43:000:43:03

-At the top over there...

-Love healing.

0:43:030:43:05

That's a healing cabin. A nice...nice-looking place.

0:43:050:43:09

And then, we want to actually cut the garden,

0:43:090:43:12

so we have a meandering path coming down, but there's lots of ideas.

0:43:120:43:15

It's... Again, it's so much to look at

0:43:150:43:17

it's difficult to know where to start, really.

0:43:170:43:20

Well, these two have plenty of time to ponder. They're in no rush.

0:43:200:43:24

They know from a structural survey that the house is sound

0:43:240:43:27

and the only big job is that the septic tank needs replacing.

0:43:270:43:32

And they do have an ambitious plan for the future

0:43:320:43:35

making the kitchen bigger by knocking into the garage.

0:43:350:43:38

But they've got £30,000 to spend. OK, I'm going to have one last go.

0:43:380:43:43

-And I can't persuade you to sell me the garden?

-No.

-It's ours!

0:43:430:43:48

Well, listen, congratulations.

0:43:480:43:50

-I'm really delighted...

-Thank you.

0:43:500:43:51

..the house has found somebody lovely to enjoy it.

0:43:510:43:54

Well, if ever there was a perfect pairing of property

0:43:540:43:58

and purchasers, it's this place and Valerie and Kevin.

0:43:580:44:03

I'm not surprised their heart skipped a beat when they saw it,

0:44:030:44:06

but what a lifestyle change they are going through.

0:44:060:44:11

How exciting!

0:44:110:44:12

You can find out how it all turns out later in the show.

0:44:120:44:15

Well, the seasons have changed. Have the properties changed as well?

0:44:200:44:23

Or have they remained exactly the same? It's the moment of truth.

0:44:230:44:28

Let's find out.

0:44:280:44:29

Back now to Streatham Hill in South London

0:44:330:44:35

in this rather bold two-bedroom flat bought

0:44:350:44:38

by electrician Peter at auction for 225,000.

0:44:380:44:42

Peter was planning to spend four to six weeks

0:44:430:44:45

and £10,000 doing the property up.

0:44:450:44:49

So, what are your plans for this place?

0:44:490:44:50

What are you going to do to it?

0:44:500:44:52

Erm, we're going to do a new kitchen, new bathroom, toilet.

0:44:520:44:56

-It is quite echo-y and quite noisy, isn't it?

-I think...

0:44:560:44:59

I think carpet would be the best thing.

0:44:590:45:01

And that might absorb some of the noise from outside, perhaps.

0:45:010:45:04

Yeah. Yeah. I might put carpet on the walls as well.

0:45:040:45:08

-Blimey! Really?

-No.

-Lovely(!)

0:45:080:45:11

Peter was going to need that sense of humour

0:45:110:45:14

with some of the paint work he had to remedy.

0:45:140:45:16

Painted uPVC windows not good.

0:45:160:45:20

Peter and his wife Christine had bought this flat to rent out

0:45:200:45:23

and this was the second property

0:45:230:45:25

in what they hope will be their retirement fund portfolio.

0:45:250:45:29

Peter reckoned on a four-to-six week timescale

0:45:290:45:31

and so, four weeks later, we're back to see how far he's got

0:45:310:45:35

and by the look of things, that's a long way.

0:45:350:45:38

Thankfully, the new carpets have remained on the floor.

0:45:420:45:46

That rather dismal kitchen is now clean and crisp.

0:45:470:45:51

Peter's plan to sort out the awkward bathroom arrangements

0:45:520:45:56

have approved the flat no end.

0:45:560:45:58

We now have a neat, handy loo with washbasin

0:45:580:46:02

and a modern, family-sized bathroom.

0:46:020:46:05

And remember what I said about neutral?

0:46:050:46:07

Well, this is just the job and the story continues in the bedrooms.

0:46:070:46:11

I'm guessing Peter has had a very busy schedule.

0:46:140:46:17

I put new bathroom, toilet, kitchen and flooring throughout.

0:46:170:46:24

Wooden flooring through the hallways into the kitchen, bathroom

0:46:240:46:29

and carpets in the bedrooms and the lounge.

0:46:290:46:31

-Anything else, Peter?

-New doors, new boiler added a couple of racks.

0:46:310:46:37

I put a towel rail in the bathroom.

0:46:370:46:39

That's an awful lot of work in just four weeks.

0:46:390:46:43

-How's he managed to pull it off?

-My mate Roy did...

0:46:430:46:46

He does all my decorating for me, an old school friend of mine.

0:46:460:46:50

And a chap called Bob who...

0:46:500:46:53

Well, he's been a friend since just after school

0:46:530:46:56

and he does the plumbing.

0:46:560:46:58

So, yeah, and my daughter and my wife have been helping me here.

0:46:580:47:03

Giving me a bit of grief, telling me what to do. Erm, yeah.

0:47:030:47:07

So, yeah, that was quite fun.

0:47:070:47:10

So, quite the team effort, then.

0:47:100:47:12

But what about those painted, plastic windows?

0:47:120:47:15

Did Peter manage to come to a solution there?

0:47:150:47:17

We just painted it.

0:47:190:47:21

You know, we cleaned up on the outside and we painted the inside.

0:47:210:47:24

My painter did that for me.

0:47:240:47:26

He...he does a good job. He puts all the right stuff on it

0:47:260:47:29

and undercoats and primes it and everything else,

0:47:290:47:32

so, yeah, he did all of that for me.

0:47:320:47:35

Peter and his team have done a fantastic job throughout this house,

0:47:350:47:39

but are there any jobs that still need to be finished?

0:47:390:47:42

I've just finished the sealing around the bath

0:47:420:47:45

and I've just got some edging round the floor to do

0:47:450:47:48

and just curtains and blinds to go up, really.

0:47:480:47:52

That's a handy tip. If you're sealing the bath,

0:47:520:47:54

do it when it's full for best results.

0:47:540:47:58

By the time I'm finished this weekend,

0:47:580:48:01

it will be exactly four weeks,

0:48:010:48:03

which, you know, is not bad.

0:48:030:48:05

Not bad, but it's been hard work, so...

0:48:050:48:08

And all that hard work's paid off

0:48:080:48:10

as Peter's has already found some tenants.

0:48:100:48:13

This estate agent came round and he said,

0:48:130:48:16

"Oh, do you mind if I bring someone in?" So, all right.

0:48:160:48:19

He's brought two people... Two loads of people in.

0:48:190:48:21

When the second person came in

0:48:210:48:23

and they put a deposit down that afternoon.

0:48:230:48:26

And to... And it was as much as what we wanted, so...

0:48:260:48:31

So, Peter's managed to bring this renovation in

0:48:310:48:34

well within his four-to-six week timescale

0:48:340:48:36

and he already has tenants lined up.

0:48:360:48:39

But has he managed to do it on budget?

0:48:390:48:42

Yeah, I mean, we originally said about 10,000

0:48:420:48:45

and I think it was 10,000. It might be 10,200, something like that.

0:48:450:48:51

I always thought that £10,000-budget was pretty realistic

0:48:510:48:54

and it looks like he spent it wisely.

0:48:540:48:57

Will two local estate agents think so, too?

0:48:570:49:01

Fantastic. The property is fantastic

0:49:010:49:03

especially in such a short space of time.

0:49:030:49:06

The property would definitely suit young professionals.

0:49:060:49:08

I think the owner's done very well.

0:49:080:49:10

He's kept it neutral throughout and the finish of the kitchen

0:49:100:49:13

and the bathroom are actually very good.

0:49:130:49:15

Peter is set on renting this property

0:49:150:49:18

as part of his pension portfolio,

0:49:180:49:20

but what if he and his wife Christine

0:49:200:49:22

decide to put it on the market?

0:49:220:49:24

What do the agents think this property could sell for?

0:49:240:49:27

Would it make a profit?

0:49:270:49:28

He spent £10,200 renovating the property he bought for 225,000

0:49:300:49:35

taking his total investment to £235,200.

0:49:350:49:40

If I was...to put the property on for marketing,

0:49:420:49:45

the property would be priced between £270,000 and £275,000.

0:49:450:49:50

We believe this property would sell for between £260,000 and £270,000.

0:49:500:49:56

There's one that's going around this area for 275, so, you know,

0:49:560:50:00

I would think that's about right, but, you know, we're not selling.

0:50:000:50:03

That top valuation could mean a potential profit of £40,000

0:50:030:50:08

minus the usual taxes and expenses.

0:50:080:50:10

But Peter already has a tenant.

0:50:100:50:13

Is he getting the market rate?

0:50:130:50:14

What do the agents think he should be asking?

0:50:140:50:17

If we were putting this property on the market for rental purposes,

0:50:170:50:21

we would market the property

0:50:210:50:22

at between 1,300 and 1,350 per calendar month.

0:50:220:50:27

We expect this property to rent for £1,325.

0:50:270:50:31

Well, I mean, we've got 1,300, so, you know that's round about right.

0:50:310:50:37

That £1,300 per calendar month means a yield of over 6%,

0:50:370:50:41

which is pretty good.

0:50:410:50:43

So, with this second addition to his property portfolio,

0:50:430:50:46

does Peter have any advice for would-be investors?

0:50:460:50:49

Obviously, get it done as quick as possible and then, you know,

0:50:490:50:52

if you have got something else you can move on to,

0:50:520:50:55

then...then you can do that.

0:50:550:50:57

Or if you just want to relax somewhere, you can just do that.

0:50:570:51:01

Speaking of relaxing, earlier in the Dunmere, Cornwall,

0:51:050:51:09

we met a couple who definitely did want to just relax somewhere.

0:51:090:51:14

Valerie and Kevin bought this lovely house at auction for £250,000

0:51:140:51:19

and I had a serious case of garden envy.

0:51:190:51:23

-Can I buy your garden, please?

-No. No.

-Please?

-No. No. No.

0:51:230:51:29

It's all ours.

0:51:290:51:31

Valarie and Kevin had decided to completely transform their lives

0:51:310:51:36

not just with their forthcoming marriage,

0:51:360:51:38

but they'd given up their jobs

0:51:380:51:40

and sold both their homes to move to Cornwall.

0:51:400:51:43

So, what's prompted this...pretty radical change of life?

0:51:430:51:47

-If you don't do it, you'll always wonder.

-Yeah.

0:51:490:51:52

We just want a change of life.

0:51:520:51:53

They certainly got that, but former estate agent Valerie

0:51:530:51:57

and former engineer Kevin needed to find alternative careers.

0:51:570:52:01

I want to do healing because that's what I'm qualified to do.

0:52:010:52:05

-What kind of healing?

-Spiritual healing.

-Right. Yeah.

0:52:050:52:08

And meditation. I teach meditation.

0:52:080:52:11

We want to do a bit of bed and breakfast

0:52:110:52:13

-as a bit of a sideline as well.

-Yeah.

0:52:130:52:15

We're going to have a go at anything that brings a bit of income in.

0:52:150:52:17

-Yeah.

-We'll have a go.

0:52:170:52:19

The couple had a budget of £30,000 and a very long time scale in mind

0:52:190:52:24

to update this solid, but old-fashioned home.

0:52:240:52:27

They were in no hurry, but just over a year later,

0:52:280:52:31

we really wanted to know

0:52:310:52:33

if their magical corner of Cornwall was living up to their expectations.

0:52:330:52:37

Inside the house,

0:52:420:52:43

the biggest changes are to the guest bedroom and the family bathroom.

0:52:430:52:47

The rest of the house is pretty much as it was,

0:52:520:52:54

but the addition of Valerie and Kevin's furniture

0:52:540:52:57

makes a huge difference.

0:52:570:52:59

So, just how has the work been going?

0:53:000:53:03

Our first big job really, we had a septic tank put in,

0:53:030:53:06

which basically wrecked everything in the garden.

0:53:060:53:09

Everything that we had nicely set up wasn't there any more.

0:53:090:53:13

So, that was the first thing that went in.

0:53:130:53:15

After that, we decided we'd try and make amends to everything

0:53:150:53:19

and we thought soon as we've got the work here,

0:53:190:53:22

we decided that we were going to put Valerie's cabin up.

0:53:220:53:25

-So, that's one thing we did in the bottom garden, didn't we?

-Yeah.

0:53:250:53:29

And we needed to work towards making a living,

0:53:290:53:32

so I think the next thing we did was create the bed and breakfast suite.

0:53:320:53:35

We completely gutted out the guest room so that, you know,

0:53:350:53:38

-we've now got a nice bed and breakfast suite.

-That's right.

0:53:380:53:41

So, we have the log burner put in before winter.

0:53:410:53:43

That was one of the most important things.

0:53:430:53:45

Oh! That was very important, to have a log burner put in.

0:53:450:53:47

-We needed a bit of warmth, didn't we?

-Yes.

0:53:470:53:49

And it looks like JJ the cat approves of that addition.

0:53:490:53:53

But what about that stunning garden?

0:53:530:53:56

Well, as we are getting older,

0:53:560:53:57

it was very difficult to get up and down the garden.

0:53:570:54:01

It's about 30 degrees, so it was all terraced

0:54:010:54:03

and some very heavy-duty steps,

0:54:030:54:05

so we decided that one of the best things to do was to make a pathway,

0:54:050:54:09

an easy pathway, so we could get down in our older age.

0:54:090:54:13

That, we managed to do.

0:54:130:54:15

All the stonewalling that's gone was...Valerie's done that.

0:54:150:54:19

And all the railings and everything around have all been rebuilt

0:54:190:54:23

and made safe because in ten days' time, we're getting married

0:54:230:54:28

and it's going to be in the garden

0:54:280:54:30

and they'll probably be a few children

0:54:300:54:32

running around here and there, won't they?

0:54:320:54:34

There's been a fair bit of work in the house and the garden

0:54:340:54:37

including stuff you can't see like the plumbing and electrics.

0:54:370:54:41

So, how has their £30,000 budget gone so far?

0:54:410:54:46

Right. We worked out last night that what we have roughly spent

0:54:460:54:50

is about 22,500 so far.

0:54:500:54:53

And obviously, the septic tank took a large proportion of that money,

0:54:530:54:56

which is a bit galling because we've got nothing pretty to look at.

0:54:560:55:00

Erm, what we've got left is very little

0:55:020:55:04

because obviously the money's going on the wedding.

0:55:040:55:08

-Yeah.

-And after that, we've really got to concentrate

0:55:090:55:12

on making an income.

0:55:120:55:15

-Finding ways to make an income.

-Yeah.

0:55:150:55:17

And then we can maybe start thinking again about doing more work.

0:55:170:55:21

This house was always intended to be a home for Valerie and Kevin.

0:55:220:55:26

They've spent a lot of time and money putting their stamp on it.

0:55:260:55:29

So, we invited two local property agents along to see what they think.

0:55:290:55:34

Particular selling features of this property would be location.

0:55:350:55:39

It's a very attractive property.

0:55:390:55:42

There's not many of these that would necessarily come to the market

0:55:420:55:45

in this area and with the stream down the bottom

0:55:450:55:47

of the garden as well, I think it would have real wide appeal.

0:55:470:55:51

It's a real one-off to find a property like this

0:55:510:55:53

because not only are you in the countryside by the river,

0:55:530:55:57

but you're right next to the Camel Trail,

0:55:570:55:59

which leads from Wadebridge and to Padstow.

0:55:590:56:02

And also you're in walking distance of a local pub,

0:56:020:56:04

so you're nearby for a cheeky half.

0:56:040:56:06

No time for that now.

0:56:060:56:08

This is Valerie and Kevin's lovely home

0:56:080:56:11

and it's never been about profit for them.

0:56:110:56:13

So it almost seems rude to talk about money, but we will.

0:56:130:56:17

They've spent £272,500 on this house so far.

0:56:170:56:22

What could it sell for?

0:56:220:56:24

In the open market,

0:56:260:56:27

I think this property would readily sell for £250,000,

0:56:270:56:31

but you may find that special buyer because of its unique location,

0:56:310:56:36

who would even be prepared to pay up to £275,000 or £285,000.

0:56:360:56:41

If I was to put this property on the market,

0:56:410:56:43

I'd look to market it at £295,000.

0:56:430:56:46

I would hope to achieve as close to this price as possible.

0:56:460:56:50

That's about what I expected, really.

0:56:500:56:52

Well, it's probably about what we expected to start off with, yeah.

0:56:520:56:56

-Yeah.

-Yeah.

0:56:560:56:58

-So...

-It's not that important to us as we are staying here,

0:56:580:57:00

but, yeah, that's about what I would imagine.

0:57:000:57:04

So, an average of those valuations would be £272,500,

0:57:040:57:09

exactly what they've spent so far.

0:57:090:57:12

So, what about rental?

0:57:120:57:14

If I was to put the property on the rental market,

0:57:140:57:16

I'd be looking to achieve

0:57:160:57:18

anywhere between £900 and £950 per calendar month.

0:57:180:57:21

As an assured shorthold tenancy,

0:57:210:57:23

this would let in the region of £900 per calendar month.

0:57:230:57:27

-Yeah.

-If that's all certain, I might take up the offer, I think.

0:57:280:57:31

-You know, if we get poor, we know what to do.

-Yes.

0:57:330:57:37

That lowest figure would give Kevin and Valerie a yield of almost 4%,

0:57:370:57:42

but I doubt that they'll be taking up the offer any time soon.

0:57:420:57:46

-Oh! We love it here, don't we?

-Yeah.

0:57:460:57:48

Absolutely love it. Everything about it.

0:57:480:57:50

The people, the neighbourhood, the area.

0:57:500:57:53

Yeah. The cosiness.

0:57:530:57:55

The country. The birds, you know? In the middle of the night. Owls. Yeah.

0:57:550:58:01

-Everything.

-We... Yeah.

0:58:010:58:03

-Yeah. It's our dream, really.

-Yeah. It's great.

0:58:030:58:05

Well, that's it for today's show.

0:58:080:58:10

We'll have more stories from the auction rooms for you next time.

0:58:100:58:14

We look forward to seeing you then on Homes Under The Hammer.

0:58:140:58:16

-Bye for now.

-Goodbye.

0:58:160:58:18

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