0:00:02 > 0:00:05Hello. Now, lots of people would like to have a property portfolio
0:00:05 > 0:00:08and that doesn't have to be as grand as it sounds.
0:00:08 > 0:00:10Nope, even if you can raise just a small sum,
0:00:10 > 0:00:12you can usually find something to buy.
0:00:12 > 0:00:16And then you've got your foot on the ladder, but how do you start?
0:00:16 > 0:00:19Well, one option is to visit your local property auction.
0:00:45 > 0:00:47Well, because of the variety of properties on offer,
0:00:47 > 0:00:52auctions can often be a good place to find value for money.
0:00:52 > 0:00:54That's right, if you've done all your research
0:00:54 > 0:00:56and you've got the finances available,
0:00:56 > 0:00:58you should be able to make a success of it.
0:00:58 > 0:01:02So here are the properties that our buyers went for on today's show.
0:01:05 > 0:01:07With a guide price of £25,000,
0:01:07 > 0:01:11will this two-bed terrace in Stoke prove to be plain sailing?
0:01:14 > 0:01:17But there are stormy waters brewing in Tunbridge Wells.
0:01:17 > 0:01:20You two haven't even been inside and seen it yet.
0:01:20 > 0:01:23No, we're looking forward to it. We just have no idea what we bought.
0:01:24 > 0:01:26And in North Yorkshire,
0:01:26 > 0:01:29someone could end up in the doldrums with this list of conditions.
0:01:29 > 0:01:32Things like you can't hang out washing,
0:01:32 > 0:01:34you can't have pets, like a dog or cat...
0:01:35 > 0:01:38All these properties have been sold at auction.
0:01:38 > 0:01:40We'll find out who bought them and what they paid for them
0:01:40 > 0:01:42when they went under the hammer.
0:01:42 > 0:01:44Sold.
0:01:49 > 0:01:52Hanley, one of the six major towns that make up Stoke-on-Trent,
0:01:52 > 0:01:55provides the town centre shopping for this borough,
0:01:55 > 0:01:59to the extent that some are trying to change its name
0:01:59 > 0:02:01to Stoke-on-Trent City Centre.
0:02:03 > 0:02:06As well as shops, there's plenty of pubs and restaurants.
0:02:06 > 0:02:10In fact, it has the lowest residential population in the area.
0:02:10 > 0:02:14So any house nearby offers good amenities right on your doorstep.
0:02:16 > 0:02:18Well, the property I'm here to see
0:02:18 > 0:02:21is within walking distance of Hanley centre.
0:02:21 > 0:02:24And it's in an area which is undergoing a lot
0:02:24 > 0:02:27of urban regeneration at the moment,
0:02:27 > 0:02:31so it's definitely going to be of appeal to investors.
0:02:31 > 0:02:36£25,000-plus was the guide price for this two-bedroom terrace.
0:02:36 > 0:02:37Let's take a look.
0:02:38 > 0:02:43So, not expecting any particular surprises, but what have we got?
0:02:43 > 0:02:46Very traditional layout through the front door into your living room.
0:02:46 > 0:02:50The floor looks a little bit sort of...uneven.
0:02:50 > 0:02:53That feels pretty solid, so I don't know what's going on there.
0:02:53 > 0:02:55But the room itself, you know,
0:02:55 > 0:02:58exactly what you might have expected.
0:02:58 > 0:02:59And straight away you're thinking,
0:02:59 > 0:03:04it just needs a bit of tidying up, bringing into the 21st century.
0:03:04 > 0:03:06Replace that, perhaps...
0:03:06 > 0:03:08or definitely.
0:03:09 > 0:03:11New paint, wallpaper, obviously.
0:03:11 > 0:03:15Through here, to your rear sitting room, oh...
0:03:15 > 0:03:16Kind of fun.
0:03:16 > 0:03:18Yeah, your rear sitting room area here.
0:03:18 > 0:03:20Again, an old gas fire that you'd want to have checked out
0:03:20 > 0:03:22or probably replaced.
0:03:22 > 0:03:26Stairs up to your bedrooms there and then no surprises,
0:03:26 > 0:03:28out to the rear of the property.
0:03:28 > 0:03:30But just look at that before I go any further.
0:03:30 > 0:03:33That step, years and years of wear,
0:03:33 > 0:03:36great bit of social history, that, isn't it?
0:03:36 > 0:03:39I imagine this is where the house would have ended originally,
0:03:39 > 0:03:42but as is fairly traditional with these kind of terraces,
0:03:42 > 0:03:44over the years, someone has extended out here.
0:03:44 > 0:03:47This is where the kitchen is.
0:03:47 > 0:03:49You know, it needs a bit of sorting out, of course.
0:03:49 > 0:03:52And then onwards and through to the bathroom.
0:03:52 > 0:03:54Now, originally, of course, that would have been a separate
0:03:54 > 0:03:58little shack or whatever at the bottom of the yard. It's not ideal.
0:03:58 > 0:04:04But it is basically what is expected of this kind of house in this area,
0:04:04 > 0:04:07so it's not too much of a big deal.
0:04:07 > 0:04:10All in all, I mean, it's textbook stuff.
0:04:10 > 0:04:13MUSIC: Strangely Strange But Oddly Normal by Dr Strangely Strange
0:04:13 > 0:04:17# Strangely strange but oddly normal... #
0:04:17 > 0:04:22Housing differs all around the country and so do expectations.
0:04:22 > 0:04:24So if you are a would-be developer,
0:04:24 > 0:04:28these are the things you would need to suss out.
0:04:28 > 0:04:30There may be other parts of the country where this layout
0:04:30 > 0:04:33would be considered strange, but here it's the norm.
0:04:35 > 0:04:38So, out the back of the property, and not an expansive garden.
0:04:38 > 0:04:40Well, you wouldn't have expected that, really, would you?
0:04:40 > 0:04:43A nice little sort of backyard area, really.
0:04:43 > 0:04:46You can see those extensions that have occurred over the years
0:04:46 > 0:04:51here and a bit more local industrial history, beautiful bricks.
0:04:51 > 0:04:54These Staffordshire bricks, absolutely glorious,
0:04:54 > 0:04:56all probably handmade.
0:04:56 > 0:04:59A wall like that, with a few nice plants growing up it,
0:04:59 > 0:05:03it could turn this little area here into a really pleasant place to be.
0:05:03 > 0:05:08Oh, and there's access to a little road out the back, too. Fantastic.
0:05:08 > 0:05:11Yes, it may offer no surprises but it's a great little property
0:05:11 > 0:05:15which would appeal to a first-time buyer and also landlords.
0:05:17 > 0:05:19Let's check out the bedrooms.
0:05:20 > 0:05:22So, upstairs and your two bedrooms,
0:05:22 > 0:05:26both seem to be in reasonable condition, not massive but not bad
0:05:26 > 0:05:29with some inbuilt storage, which is good.
0:05:29 > 0:05:31A couple of things up here.
0:05:31 > 0:05:34One good thing, radiators, as there were downstairs,
0:05:34 > 0:05:37so at least there is a central heating system in place.
0:05:37 > 0:05:40Bad thing, it looks like there isn't any double glazing
0:05:40 > 0:05:43so that is something you would definitely want to do.
0:05:43 > 0:05:46And while I'm up here, a chance to look out across the roofs
0:05:46 > 0:05:49of the kitchen and the loo and, as you can see,
0:05:49 > 0:05:52a bit of remedial work needing to be done there.
0:05:52 > 0:05:54Nothing too horrendous, hopefully.
0:05:54 > 0:05:59But you may end up stripping certainly a portion of that back,
0:05:59 > 0:06:01so that needs to be factored into your budget.
0:06:01 > 0:06:03MUSIC: Think by Aretha Franklin
0:06:03 > 0:06:05- # You better think... - Think.
0:06:05 > 0:06:07# Think about what you're trying to do to me
0:06:07 > 0:06:08- # Think... - Think, think
0:06:08 > 0:06:10# Let your mind go, let yourself be free... #
0:06:10 > 0:06:12Even with those jobs to do,
0:06:12 > 0:06:16that £25,000 guide price is looking pretty reasonable.
0:06:16 > 0:06:20We asked a local estate agent for his thoughts.
0:06:20 > 0:06:24A large percentage of properties in this area
0:06:24 > 0:06:26do tend to be owned by landlords.
0:06:26 > 0:06:31However, there is redevelopment and improvement going on in the area
0:06:31 > 0:06:32and in the near future,
0:06:32 > 0:06:36we do hope to see more first-time buyers and owner occupiers.
0:06:36 > 0:06:40OK, so what would the resale value be once renovation work is done?
0:06:41 > 0:06:43In the current market,
0:06:43 > 0:06:47the resale value would be in the region of £60,000.
0:06:47 > 0:06:49If the property sold for anything close
0:06:49 > 0:06:51to that guide price of £25,000,
0:06:51 > 0:06:54even with the refurbishment budget of £10,000,
0:06:54 > 0:06:57it would offer a great potential profit.
0:06:59 > 0:07:01What could it rent for?
0:07:01 > 0:07:04Rental income for this property would be in the region of
0:07:04 > 0:07:06£400 per calendar month.
0:07:08 > 0:07:12So, a good, solid, clearly well-loved little house
0:07:12 > 0:07:16that would make a great investment purchase or a good place to live.
0:07:16 > 0:07:19Yes, a popular auction lot, I'm sure.
0:07:19 > 0:07:22Let's find out who bought it when it went under the hammer.
0:07:26 > 0:07:31Two-bedroom mid-terrace, gas central heating, two reception rooms.
0:07:31 > 0:07:3320,000 to start?
0:07:33 > 0:07:3620 in the aisle, thank you. At £20,000.
0:07:36 > 0:07:3921, can I see? Bid's at 20,000, 21.
0:07:39 > 0:07:4422. 23, 24. 25?
0:07:44 > 0:07:4825. 26. 27?
0:07:48 > 0:07:51No? 26. The bid is in the aisle, £26,000.
0:07:51 > 0:07:5327 anywhere else?
0:07:53 > 0:07:56At £26,000.
0:07:56 > 0:08:00Got your 27, 28. 29. 30.
0:08:00 > 0:08:0531, 32, 33, 34,
0:08:05 > 0:08:0935, 36, 37, 38...
0:08:12 > 0:08:15Nope. 38, bid's in the aisle still, £38,000.
0:08:15 > 0:08:1739 anywhere else?
0:08:17 > 0:08:19All done?
0:08:19 > 0:08:23£38,000 once, then. £38,000 twice.
0:08:23 > 0:08:26Third and final time, £38,000...
0:08:26 > 0:08:28Sold to you, sir. Well done.
0:08:30 > 0:08:34The successful bidder is father-of-two Jason.
0:08:34 > 0:08:38He and his wife, Jo, bought the property for 38,000,
0:08:38 > 0:08:4113,000 over the guide price.
0:08:41 > 0:08:45Jason is a compliance auditor for a supermarket
0:08:45 > 0:08:48and he and his wife have been steadily building up
0:08:48 > 0:08:51a portfolio of properties in recent years.
0:08:51 > 0:08:54He is a man with a plan,
0:08:54 > 0:08:57so I am meeting him back at the property to find out more.
0:08:57 > 0:09:00But first, the important stuff.
0:09:00 > 0:09:02- Congratulations. - Thank you very much.
0:09:02 > 0:09:06Let's not talk about the house. I've heard you were on Tiswas!
0:09:06 > 0:09:09When I was little, yes, a long time ago.
0:09:09 > 0:09:12- That's one of my claims to fame. - When was that, then?
0:09:12 > 0:09:15Oh, it must've been '78, '79.
0:09:15 > 0:09:18- Around that time when I was about eight or nine.- And what did you do?
0:09:18 > 0:09:20Just stood in the audience, nothing special.
0:09:20 > 0:09:23Wanted to be with the Phantom Flan Flinger, but, no, never made it.
0:09:23 > 0:09:27So, from Tiswas to property, tell me about the journey in between.
0:09:27 > 0:09:30Oh, a few years ago I bought a property, did it up.
0:09:30 > 0:09:32I thought, "This is easy."
0:09:32 > 0:09:36Then the crash came, so I rented and it kind of worked out for me
0:09:36 > 0:09:39- and now this is my fifth house that I'm buying.- Right.
0:09:39 > 0:09:43So it's hopefully, hopefully, get it done and rent it
0:09:43 > 0:09:45and carry on and get the next one.
0:09:45 > 0:09:47And is that what the strategy now is, then, to buy to rent?
0:09:47 > 0:09:50Buy to rent and hopefully one a year for the next ten years
0:09:50 > 0:09:53and then at 55 I can say, "I'm retiring. That's me finished."
0:09:53 > 0:09:54Right.
0:09:54 > 0:09:56# Gonna work
0:09:56 > 0:09:59# I'm gonna build a master plan... #
0:09:59 > 0:10:02Sounds like Jason has done his homework.
0:10:02 > 0:10:05This is typical of the properties he has bought before,
0:10:05 > 0:10:08apart from the fact they've all been in his neck of the woods,
0:10:08 > 0:10:13Nuneaton and Coventry, about an hour and a half's drive away.
0:10:13 > 0:10:15So, why Stoke?
0:10:15 > 0:10:17There's a load of regeneration going on around here.
0:10:17 > 0:10:21So at the moment, it's not the best area,
0:10:21 > 0:10:24but there is a lot of work going in on a lot of properties
0:10:24 > 0:10:25and that's going to bring the market up,
0:10:25 > 0:10:28which hopefully will help me with my properties as well.
0:10:28 > 0:10:30And what was it about this house that you liked?
0:10:30 > 0:10:32Someone has lived in here and looked after it,
0:10:32 > 0:10:34so it's not run down, it's not derelict.
0:10:34 > 0:10:36It's clean, it's tidy.
0:10:36 > 0:10:40It needs tidying up and bringing into the modern century.
0:10:40 > 0:10:43So what are you going to do to sort it out?
0:10:44 > 0:10:47All the wallpaper off, plastered top to bottom.
0:10:47 > 0:10:52Fireplaces will probably come out, new kitchen, new bathroom.
0:10:52 > 0:10:56New double glazing and doors and then painted and done.
0:10:56 > 0:10:59So what's the budget?
0:10:59 > 0:11:027,000 and that's the windows, kitchen, bathroom and plastering.
0:11:02 > 0:11:05And you've done enough of these to know that's sort of realistic?
0:11:05 > 0:11:07It's all on track at the moment
0:11:07 > 0:11:10and the quotes are coming in where they need to be for the windows
0:11:10 > 0:11:14and that, so I am pretty confident it will be under the 7,000.
0:11:14 > 0:11:16That doesn't sound like a very big budget,
0:11:16 > 0:11:19but Jason does plan to do a lot of the work himself.
0:11:20 > 0:11:24He also has a reliable colleague who helps him out
0:11:24 > 0:11:25with many of the trades.
0:11:26 > 0:11:31He's set a 16-week timescale and he'll rent it like his other properties.
0:11:31 > 0:11:34But there might be one big difference with this one.
0:11:34 > 0:11:35What about letting the property,
0:11:35 > 0:11:38cos obviously you're used to doing it very close to home?
0:11:38 > 0:11:39You're going to be a bit further away,
0:11:39 > 0:11:41how are you going to cope with that?
0:11:41 > 0:11:44There's a couple of options. We'll probably go through an estate,
0:11:44 > 0:11:46an agent first time round to get a feel for it,
0:11:46 > 0:11:48and then once that's sorted,
0:11:48 > 0:11:50then hopefully make some contacts through word of mouth
0:11:50 > 0:11:52cos most of my properties are let by word of mouth.
0:11:52 > 0:11:55People leave and I have people ringing up saying,
0:11:55 > 0:11:58"I have a friend who wants to move" or a neighbour who wants to come in,
0:11:58 > 0:12:00- so I'm deemed as a nice landlord. - Oh, good.
0:12:00 > 0:12:03Well, that's nice to hear. How do you become a nice landlord?
0:12:03 > 0:12:05- What do you do? - I make sure everything works.
0:12:05 > 0:12:07If it's not working, get it fixed.
0:12:07 > 0:12:10And they pay the rent on time, they get a good, quality service
0:12:10 > 0:12:12- back in time as well.- Good.
0:12:12 > 0:12:15- Well, listen, congratulations. - Thank you very much.- Good luck.
0:12:15 > 0:12:18- And I look forward to seeing how you get on.- Thank you. Cheers.
0:12:20 > 0:12:24So Jason's on his way to sorting out his financial future through
0:12:24 > 0:12:28property and a great little house he's got here to help him do that.
0:12:28 > 0:12:30How will he get on sorting it out?
0:12:30 > 0:12:34Hopefully he won't get himself in a Tiswas.
0:12:34 > 0:12:37You can find out later in the show.
0:12:42 > 0:12:44I'm in Royal Tunbridge Wells in Kent,
0:12:44 > 0:12:48famous for its spring waters, the elegant Georgian terrace known
0:12:48 > 0:12:53as The Pantiles and renowned as a well-heeled part of the country.
0:12:53 > 0:12:55With good transport links into London,
0:12:55 > 0:12:57it's a popular town for commuters.
0:13:00 > 0:13:04Tunbridge Wells became royal in 1909
0:13:04 > 0:13:07when King Edward VII granted the title to celebrate
0:13:07 > 0:13:11the town's popularity with visiting royalty.
0:13:11 > 0:13:14It's only one of three towns in England
0:13:14 > 0:13:16to have been awarded the honour.
0:13:16 > 0:13:21So, am I here to see a posh palace or even a magnificent manor house?
0:13:21 > 0:13:25Sadly, no. I'm here to see a studio flat.
0:13:27 > 0:13:30But even though the property might not be very grand,
0:13:30 > 0:13:33it is very close to the centre of this royal town,
0:13:33 > 0:13:34just half a mile away.
0:13:36 > 0:13:39So here it is on this attractive, if busy, street.
0:13:39 > 0:13:44Now, it's a studio flat up here on the second floor I've come to see.
0:13:44 > 0:13:45It's in this Victorian semi.
0:13:45 > 0:13:50It's handsome looking from the outside, so rather imposing.
0:13:50 > 0:13:53Now, there's communal off-street parking out here, which is good.
0:13:53 > 0:13:57It went to auction with a guide price of £50,000 to £60,000.
0:13:57 > 0:13:59Let's take a closer look inside.
0:14:09 > 0:14:12Being on the second floor, yes, it is quite a climb to the flat.
0:14:12 > 0:14:15All the stairs might put some buyers off.
0:14:15 > 0:14:19I certainly wouldn't want to haul my shopping all the way up here,
0:14:19 > 0:14:21but let's hope the flat itself is worthwhile.
0:14:23 > 0:14:26Well, the words "studio flat" and "large" are not two words
0:14:26 > 0:14:29that would usually sit comfortably next to each other,
0:14:29 > 0:14:32but this is small.
0:14:32 > 0:14:33My goodness.
0:14:33 > 0:14:39So this is it, your bedroom, your living room, your kitchen,
0:14:39 > 0:14:42your entertaining space.
0:14:42 > 0:14:43That's it, end of the tour.
0:14:45 > 0:14:48I'm only joking. I mean, really, this is all you're going to get.
0:14:48 > 0:14:52And in this space, there's not an awful lot you can do to update it.
0:14:52 > 0:14:54You've got heating here, it's not gas.
0:14:54 > 0:14:56You've got these electric heaters.
0:14:56 > 0:14:59You've got woodchip wallpaper, you could sort all this out.
0:14:59 > 0:15:02I suppose you could change this kitchen and bring it up to standard
0:15:02 > 0:15:05by putting something a little modern in here,
0:15:05 > 0:15:07but it's a very small space.
0:15:07 > 0:15:10I've not really got high hopes for the bathroom.
0:15:12 > 0:15:15And when I say bathroom, I actually mean shower room,
0:15:15 > 0:15:18so another rather small space.
0:15:18 > 0:15:22Loo, sink, shower. That's it.
0:15:22 > 0:15:24MUSIC: Small World by Huey Lewis & the News
0:15:24 > 0:15:26# Small world
0:15:26 > 0:15:29# Small, small world... #
0:15:29 > 0:15:33Regardless of the size, one important issue to always consider
0:15:33 > 0:15:36when buying any flat is the lease.
0:15:36 > 0:15:40Now, with flats, you're not often buying the land the property sits on
0:15:40 > 0:15:43or the building, but leasing the right to own and live there
0:15:43 > 0:15:45for an agreed period of time.
0:15:45 > 0:15:48When that lease expires so, in theory,
0:15:48 > 0:15:50will your right to live there.
0:15:52 > 0:15:55In this case, there's only about 70 years left on the lease,
0:15:55 > 0:15:57which should be all right,
0:15:57 > 0:16:00but mortgage companies are not keen on short leases
0:16:00 > 0:16:02and with anything under 50 years...
0:16:02 > 0:16:05Well, it can be near on impossible to get a loan at all.
0:16:05 > 0:16:10But since 1993, most flat owners are legally entitled
0:16:10 > 0:16:12to get 90 years added to their lease.
0:16:12 > 0:16:15But you need to have owned the flat, like this,
0:16:15 > 0:16:17for at least two years to qualify.
0:16:17 > 0:16:19So, if you plan to hold on to this flat long-term,
0:16:19 > 0:16:23renewing the lease is something you should definitely consider.
0:16:23 > 0:16:26And generally speaking, the shorter the lease,
0:16:26 > 0:16:28the greater the cost of renewing it.
0:16:29 > 0:16:32And remember, when you buy a lease-hold flat,
0:16:32 > 0:16:35it's usually the freeholder who is responsible for the upkeep
0:16:35 > 0:16:37of the fabric of the building.
0:16:37 > 0:16:40In this case, the exterior could obviously do
0:16:40 > 0:16:42with a bit of a tidy up and a paint job.
0:16:42 > 0:16:44Now, you might have to wait for a while
0:16:44 > 0:16:48until the freeholder gets round to doing any of the repairs
0:16:48 > 0:16:51and, as one of the flat owners, you may need to contribute
0:16:51 > 0:16:54to the maintenance fund, which could get a little expensive.
0:16:58 > 0:17:01So, you need to do your sums and find out how much
0:17:01 > 0:17:05this tiny studio flat would be worth once it's done up.
0:17:05 > 0:17:08Time to call in the local estate agent for evaluation.
0:17:09 > 0:17:10I think, once it's done up,
0:17:10 > 0:17:13obviously the market is very strong at the moment which means
0:17:13 > 0:17:15that predicting what it is going to be in a few months' time
0:17:15 > 0:17:17is a little bit difficult,
0:17:17 > 0:17:21but good studio flats are ranging from £80,000 to £90,000
0:17:21 > 0:17:23in the town at the moment,
0:17:23 > 0:17:26so I guess it's going to be within that range.
0:17:26 > 0:17:29And what about that lease?
0:17:29 > 0:17:31For some buyers, that will be an issue.
0:17:31 > 0:17:34Negotiate with your freeholder, try and persuade them to come
0:17:34 > 0:17:38to a sensible figure without going through all of the legal
0:17:38 > 0:17:41channels to do it and it should win.
0:17:41 > 0:17:43And if you bought the flat as an investment,
0:17:43 > 0:17:46what rental figures could you achieve?
0:17:46 > 0:17:48My estimate for rental when it's finished and all looking good
0:17:48 > 0:17:52is probably going to be somewhere plus side of 400.
0:17:52 > 0:17:54Between £400 and £450 a month.
0:17:56 > 0:17:58So this property is in a great location
0:17:58 > 0:18:02and with a little work, it could become a very nice, cosy, small
0:18:02 > 0:18:05place to live, so who was tempted by this Tunbridge Wells property?
0:18:05 > 0:18:08Let's head to auction and find out.
0:18:08 > 0:18:10Excellent location.
0:18:10 > 0:18:13Studio flat, it is close to the centre of Tunbridge Wells,
0:18:13 > 0:18:15it would be a good rental property.
0:18:15 > 0:18:19With a guide of £50,000 to £60,000, where are we starting on this?
0:18:19 > 0:18:23Bottom of the guide, got to be worth £50,000. 50,000 anywhere?
0:18:23 > 0:18:2750,000? No? Give me 40 then. Doesn't matter where we start.
0:18:27 > 0:18:2940, on the way. 42 now.
0:18:29 > 0:18:3542, can I say? 42. 44. 46. 48.
0:18:35 > 0:18:39Interest did pick up and quickly passed the upper guide price.
0:18:39 > 0:18:42We rejoin it at 65,000.
0:18:43 > 0:18:4665, anywhere? 65, he says yes. 66, Sir?
0:18:46 > 0:18:50It is against you. 66. 67?
0:18:50 > 0:18:5367? It's with you, then, sir.
0:18:53 > 0:18:56At 66,000. 67?
0:18:56 > 0:18:59No. 67? 67, if you want it.
0:18:59 > 0:19:0267. Go on. Yeah.
0:19:02 > 0:19:0567. 68? 68.
0:19:05 > 0:19:0869? No.
0:19:08 > 0:19:09Definitely out of it?
0:19:09 > 0:19:14OK, the bid is £68,000 for this flat in Tunbridge Wells.
0:19:14 > 0:19:16If there are no further bids, then,
0:19:16 > 0:19:20I shall sell for the first time at 68,000.
0:19:20 > 0:19:22Second time at 68,000.
0:19:22 > 0:19:24You're going to miss it for £1,000.
0:19:24 > 0:19:29Third and final time at 68,000, we're quite sure we're all done?
0:19:29 > 0:19:31Sold.
0:19:31 > 0:19:32Thank you very much.
0:19:35 > 0:19:42The final bid of £68,000 was made by Kent-based bidder Alfred.
0:19:42 > 0:19:45Now, Alfred committed the cardinal sin of not viewing the property
0:19:45 > 0:19:50before he bought it, so he's got some explaining to do.
0:19:50 > 0:19:52I met him and his daughter, Francesca,
0:19:52 > 0:19:56back at their flat to hear their excuses.
0:19:56 > 0:19:58Francesca and Alfred, congratulations!
0:19:58 > 0:20:01- Thank you very much. - So you got the studio flat?- Yeah.
0:20:01 > 0:20:03I happen to know that you two haven't even been inside
0:20:03 > 0:20:04and seen it yet.
0:20:04 > 0:20:07No, we're looking forward to it. We've no idea what we've bought.
0:20:07 > 0:20:08It's going to be fantastic
0:20:08 > 0:20:11or we've got to do lots of work to make it fantastic.
0:20:11 > 0:20:13Do you actually make a habit of buying things
0:20:13 > 0:20:15and not looking at them first, Francesca?
0:20:15 > 0:20:18- No, we've never done it before. - OK, I've actually seen inside...
0:20:18 > 0:20:22- Have you?- ..but I would love to give you two the grand tour.- Marvellous.
0:20:22 > 0:20:25- Come on, let's go. Let's go.- OK. - I'll let you go in first. Go on.- OK.
0:20:25 > 0:20:28So here we are, top of the stairs.
0:20:28 > 0:20:30Quite a lot of stairs to climb.
0:20:30 > 0:20:32- Here it is.- Wow!
0:20:33 > 0:20:35- Ooh.- And, that's it.
0:20:35 > 0:20:37- Not as I expected. It's a lot smaller than I imagined.- Yeah.
0:20:37 > 0:20:40But it's a lot neater and tidier than I thought.
0:20:40 > 0:20:43Are you a bit disappointed on the size of it? Little bit?
0:20:43 > 0:20:47- I don't know.- Not necessarily disappointed. Cosier, I suppose.
0:20:47 > 0:20:49Very cosy(!)
0:20:49 > 0:20:52Look, don't forget, you've also got a wee little bathroom.
0:20:52 > 0:20:55- Tiny little loo in there. - That's quite nice, isn't it?
0:20:55 > 0:21:00Yeah, it's a bit more neat and tidy than I thought it was, though small.
0:21:00 > 0:21:03# So let's go to the top. #
0:21:03 > 0:21:07'This project is a first for the father-and-daughter team with,
0:21:07 > 0:21:11'it has to be said, not the most obvious property development skills.
0:21:11 > 0:21:15'Francesca is a nanny and Alfred deals in antiques,
0:21:15 > 0:21:17'specialising in violins.
0:21:18 > 0:21:21'So this should be another string to his bow.'
0:21:21 > 0:21:23So let's get to the nitty-gritty.
0:21:23 > 0:21:25Why did you want to buy this flat? Tell me, Alfred.
0:21:25 > 0:21:27Well, in fact,
0:21:27 > 0:21:30it was just by chance we were shopping in Tunbridge Wells
0:21:30 > 0:21:34on Friday and we happened to park outside an estate agent's window
0:21:34 > 0:21:36and I happened to glance through the window.
0:21:36 > 0:21:38We didn't think anything of buying it at all,
0:21:38 > 0:21:41but on Monday morning, Francesca jumped out of bed and said,
0:21:41 > 0:21:44"We must go to this auction just to see how much this property goes for."
0:21:44 > 0:21:45So it's your fault?
0:21:45 > 0:21:48No intention whatsoever of buying it,
0:21:48 > 0:21:51so we got there and all you have to do is that and we got it.
0:21:51 > 0:21:53- So here we are.- You bought it.
0:21:53 > 0:21:56- It's got a short lease, as I'm sure you now know.- Yes.
0:21:56 > 0:22:00- It's very small indeed... - Yes.- ..and you paid how much?
0:22:00 > 0:22:0268,000, but we paid more than that
0:22:02 > 0:22:06because when we got the legal pack we were responsible for the seller's...
0:22:06 > 0:22:09- Fees.- ..fees and the auctioneer's fees, which were 3,000,
0:22:09 > 0:22:12so it's cost about 74 or something.
0:22:13 > 0:22:15'Alfred has broken every golden rule.
0:22:15 > 0:22:19'He didn't view it, didn't do any research, didn't even read
0:22:19 > 0:22:23'the legal pack and so didn't know about the fees or that short lease.
0:22:24 > 0:22:27'And yet, do I detect the mood is upbeat?'
0:22:27 > 0:22:30We're very happy because we have been thinking about it,
0:22:30 > 0:22:33via your programme, which we're inspired by, and we see all
0:22:33 > 0:22:36this going on but it's a matter of getting round to doing it.
0:22:36 > 0:22:38It's rather like doing violins
0:22:38 > 0:22:41because I buy a violin that's cracked up, restore it,
0:22:41 > 0:22:44and it gives you joy in restoring it, get it back to what it was,
0:22:44 > 0:22:47and you can get more money for it anyway. Do the same with the house.
0:22:49 > 0:22:52This flat is hardly a Stradivarius.
0:22:52 > 0:22:54The opportunity to add value is really limited,
0:22:54 > 0:22:57other than some cosmetic improvements.
0:22:57 > 0:22:59Alfred used to be a chemistry teacher,
0:22:59 > 0:23:03so I'm hoping he finds a winning formula for this tiny flat.
0:23:03 > 0:23:07# Ah, ah, all about chemistry. #
0:23:07 > 0:23:10We're thinking of extending 20 feet that way, actually.
0:23:10 > 0:23:11THEY LAUGH
0:23:11 > 0:23:14Well, I'm glad these two have a sense of humour and,
0:23:14 > 0:23:18having bought this place with absolutely no preparation,
0:23:18 > 0:23:21it sounds like they're finally getting organised.
0:23:21 > 0:23:23We're getting a team together.
0:23:23 > 0:23:25We've got Rodney, who's a plumber, and Lenny,
0:23:25 > 0:23:27who's an electrician, so we'll get people together.
0:23:27 > 0:23:29We might do a little bit of painting.
0:23:29 > 0:23:31We've got to tidy it up, make it look better and then,
0:23:31 > 0:23:36I don't know if you'll live in it or not. She's OK at home.
0:23:36 > 0:23:39Do you think that this might be somewhere that you could see
0:23:39 > 0:23:41yourself living?
0:23:41 > 0:23:42Um...
0:23:42 > 0:23:44- Go on, be honest.- Not really.
0:23:44 > 0:23:48- Too small?- Too small, yeah, I think it's too small.
0:23:49 > 0:23:51Alfred has a two-month timescale
0:23:51 > 0:23:55and a five grand budget for refurbishing the flat.
0:23:55 > 0:24:00But I think this first foray into property has been educational.
0:24:00 > 0:24:03Next time, we've learned a lesson, we'll probably have a look, I think.
0:24:03 > 0:24:06- Good. I'm glad about that. Lovely to meet you.- Thank you very much.
0:24:06 > 0:24:09Good luck with this. I can't wait to see what you do. Well done.
0:24:10 > 0:24:14If only Alfred and Francesca had had a chance to view this flat first,
0:24:14 > 0:24:17I wonder if they would have still bought it?
0:24:17 > 0:24:19Research is key, but I'm more concerned
0:24:19 > 0:24:22they didn't know anything about the length of the lease.
0:24:22 > 0:24:25Now that is down to not reading the legal pack.
0:24:25 > 0:24:28This will certainly add more expense to this little property
0:24:28 > 0:24:31and I'm not sure they'll have much spare change
0:24:31 > 0:24:33at the end of the renovation process.
0:24:33 > 0:24:34Join me later
0:24:34 > 0:24:37and you can find out how it all goes for the father-and-daughter team.
0:24:40 > 0:24:44Still to come, I'm bowled over by this unusual three-bed
0:24:44 > 0:24:45terrace in North Yorkshire.
0:24:45 > 0:24:48All in all, really, really great.
0:24:50 > 0:24:56And in Tunbridge Wells, Alfred and family receive some unexpected news.
0:24:56 > 0:24:58Right, OK, brilliant, sold!
0:25:03 > 0:25:07Now we're taking a trip back to Hanley in Stoke-on-Trent to meet up
0:25:07 > 0:25:12once again with part-time property developer and TV star Jason.
0:25:12 > 0:25:15Come on, he was on Tiswas(!)
0:25:16 > 0:25:19When I was little, yes, a long time ago.
0:25:19 > 0:25:21That's one of my claim to fames.
0:25:21 > 0:25:26OK, maybe not a TV star, but he certainly shone at this auction...
0:25:29 > 0:25:34..picking up this Victorian two-bed mid-terraced house for £38,000...
0:25:36 > 0:25:40..adding to a number of properties he and his wife Jo already own.
0:25:40 > 0:25:42It's all part of a bigger plan.
0:25:42 > 0:25:46Buy-to-rent, hopefully one a year for the next ten years and then,
0:25:46 > 0:25:49at 55, I can say, "I'm retiring. That's me finished."
0:25:49 > 0:25:51# I got work to do
0:25:51 > 0:25:54# Got so much, way-ay-ay. #
0:25:54 > 0:25:58Jason usually buys property nearer his home in Nuneaton,
0:25:58 > 0:26:0250 miles from Stoke, so what was the appeal?
0:26:02 > 0:26:04At the moment, it's not the best area,
0:26:04 > 0:26:07but there's a lot of work going in on a lot of properties
0:26:07 > 0:26:10and that's going to bring the market up which hopefully will help me
0:26:10 > 0:26:13with my properties as well.
0:26:13 > 0:26:16The house is a traditional Victorian terrace that has been
0:26:16 > 0:26:18extended to the back.
0:26:19 > 0:26:23Jason felt it was in good condition for the price and planned a general
0:26:23 > 0:26:26overhaul to bring the property up to a modern standard
0:26:26 > 0:26:28fit for the rental market.
0:26:28 > 0:26:32He set himself a budget of £7,000
0:26:32 > 0:26:34and 16 weeks to complete the work.
0:26:34 > 0:26:37And 16 weeks later, we're back.
0:26:53 > 0:26:57It's clear Jason and Jo have been busy here.
0:26:58 > 0:27:00The kitchen has been modernised to a good standard
0:27:00 > 0:27:04and in the bathroom a new suite has been installed with
0:27:04 > 0:27:06the addition of a shower over the bath.
0:27:06 > 0:27:08And, given they lived a distance away,
0:27:08 > 0:27:12did they manage to source reliable local tradesmen?
0:27:12 > 0:27:14We got somebody signed up to do the work
0:27:14 > 0:27:16but unfortunately he was involved in an accident
0:27:16 > 0:27:19so we actually used a local friend from down our area.
0:27:19 > 0:27:22He was quite happy to travel and come up and do the work, so we knew
0:27:22 > 0:27:24he was reputable and good at what he does
0:27:24 > 0:27:27so it was a good arrangement really.
0:27:29 > 0:27:32In the downstairs rooms, everything has been plastered,
0:27:32 > 0:27:36painted and decorated and the gas fires have been removed.
0:27:38 > 0:27:41We removed the fireplaces, boarded them up
0:27:41 > 0:27:44and then plastered over, cos it's easier for renting.
0:27:44 > 0:27:47You haven't got to worry about the gas and the extra fires
0:27:47 > 0:27:49and everything else in the rooms.
0:27:49 > 0:27:53Upstairs, the two bedrooms have been completely redecorated
0:27:53 > 0:27:56and throughout the house the windows have all been replaced
0:27:56 > 0:27:59by UPVC double glazing.
0:28:02 > 0:28:05With six properties already under their belts,
0:28:05 > 0:28:08Jo and Jason are old hands,
0:28:08 > 0:28:13but even so, they managed to exceed their budget of 7,000.
0:28:13 > 0:28:16We've spent just under 9,000 now with the bills coming in
0:28:16 > 0:28:20so we spent a little bit extra for the gas checks and the kitchen
0:28:20 > 0:28:23and bathroom was a bit more work than we anticipated.
0:28:23 > 0:28:26And also, having our friend do the work,
0:28:26 > 0:28:29he needed a little bit extra for travelling and that,
0:28:29 > 0:28:30so we sorted that out as well,
0:28:30 > 0:28:35but it still come within a reasonable budget so we're very pleased with it.
0:28:36 > 0:28:38We thought it would take 16 weeks.
0:28:38 > 0:28:41We managed to stick to a tight schedule, got the work done on time.
0:28:41 > 0:28:44What with the travelling forwards and backwards,
0:28:44 > 0:28:47we did quite well and we're happy with the final result.
0:28:47 > 0:28:50Despite managing to stick to that 16-week schedule,
0:28:50 > 0:28:53Jason has found it pretty hard going.
0:28:53 > 0:28:56It's an hour and a half to get home,
0:28:56 > 0:28:59so you work till ten o'clock at night and think, "OK, I'm going home,"
0:28:59 > 0:29:03and then it was a long drive home, so probably just a bit better
0:29:03 > 0:29:07time management on myself if I was going to do it again in this area.
0:29:08 > 0:29:11Having bought this house for 38,000,
0:29:11 > 0:29:14and spent another 9,000 on its upgrade, what would be
0:29:14 > 0:29:17the impact on the earning potential in this area of Stoke?
0:29:23 > 0:29:26We asked two local estate agents to come along to assess
0:29:26 > 0:29:29the quality of the refurbishment.
0:29:29 > 0:29:31Since I've last seen the property,
0:29:31 > 0:29:34the property has been significantly improved.
0:29:34 > 0:29:37It's got a fresh, neutral, modern feel inside
0:29:37 > 0:29:40and it's pretty much ready to move straight into.
0:29:40 > 0:29:44The layout of this property is very typical in this area for this
0:29:44 > 0:29:45age of property.
0:29:45 > 0:29:48There's only one bathroom which is downstairs, unfortunately,
0:29:48 > 0:29:52but that is typical of the type of property we're in.
0:29:52 > 0:29:54There is demand from both tenants
0:29:54 > 0:29:58and the first time buyer market is also improving.
0:29:58 > 0:30:01Again, the third type of market would be landlords looking to
0:30:01 > 0:30:04invest as a long term investment.
0:30:04 > 0:30:07I feel that the standard of finish throughout has been done well.
0:30:07 > 0:30:09I feel that, based on where the property is located,
0:30:09 > 0:30:13that this is ideal for a first time buyer or investor.
0:30:13 > 0:30:17The fixtures and fittings installed are done to a good quality.
0:30:17 > 0:30:21All good positive news and Jason's reputation as a nice landlord
0:30:21 > 0:30:27seems safe, but how safe is his investment of 47,000?
0:30:27 > 0:30:30In today's market I'd suggest the market value of this property
0:30:30 > 0:30:34was in the region of £55,000 to £60,000.
0:30:34 > 0:30:37I would place this property on the open market in the region of
0:30:37 > 0:30:39£55,000 to £60,000.
0:30:39 > 0:30:43That's pretty ball park where we expected 55-60,
0:30:43 > 0:30:45so very pleased with those.
0:30:45 > 0:30:47Yeah, happy.
0:30:47 > 0:30:51For a sale at the higher valuation, Jason and Jo would pocket
0:30:51 > 0:30:56a pretty decent profit of £13,000 minus tax and fees.
0:30:57 > 0:31:02But Jason is adding this house to his rental portfolio.
0:31:02 > 0:31:05What monthly income could they achieve?
0:31:05 > 0:31:07In today's market I would advise the property for rental
0:31:07 > 0:31:11at £375 per calendar month.
0:31:11 > 0:31:13I would anticipate a rental value in the region of
0:31:13 > 0:31:15£400 per calendar month.
0:31:15 > 0:31:18A little bit low because we've already arranged the rent
0:31:18 > 0:31:23and we're getting a little bit more than that so not too bad at all.
0:31:23 > 0:31:25I'm quite happy with the deal we've struck.
0:31:27 > 0:31:30Based on Jason's agreed rent with his new tenant,
0:31:30 > 0:31:35his investment of 47,000 is going to be returning almost 11%.
0:31:36 > 0:31:37On the evidence of that,
0:31:37 > 0:31:42Jason is well on target to reach his goal of retiring at 55.
0:31:49 > 0:31:53Nestling on the banks of the river in the village of Croft-on-Tees
0:31:53 > 0:31:58in North Yorkshire is this lovely 14th century Grade I listed church.
0:32:01 > 0:32:04The father of children's writer Lewis Carroll was rector here
0:32:04 > 0:32:07for a time, so this was where the author
0:32:07 > 0:32:12of Alice In Wonderland spent his boyhood from around the age of 11.
0:32:13 > 0:32:17It's believed the stone carvings inside the church inspired
0:32:17 > 0:32:20one of his most famous characters, the Cheshire Cat,
0:32:20 > 0:32:24and I hope to have a grin as wide as that when I look round
0:32:24 > 0:32:27the three-bed mid-terrace I'm here to see,
0:32:27 > 0:32:30guided at £89,950.
0:32:31 > 0:32:34Well, if you want the convenience of Darlington
0:32:34 > 0:32:37and an easy three-or-so-mile commute away and yet,
0:32:37 > 0:32:41a bit of the rural life, then Croft-on-Tees could be perfect.
0:32:41 > 0:32:45The property I'm here to see converted from an old stable. Ooh!
0:32:48 > 0:32:50HE SNIFFS
0:32:50 > 0:32:52No smell of horses. Bit of a relief.
0:32:52 > 0:32:56Nice little entrance porch there though and then through into
0:32:56 > 0:32:57your dining room.
0:32:57 > 0:33:01Very large sitting room. Double fronted, so lots of light.
0:33:01 > 0:33:03Then through into the kitchen.
0:33:03 > 0:33:07I reckon at some point these might have even been several little
0:33:07 > 0:33:10cottages, which have all been knocked together,
0:33:10 > 0:33:12or certainly two of them have in this instance.
0:33:12 > 0:33:15But the kitchen, as you can see, is in pretty nice shape.
0:33:15 > 0:33:19I'd want to replace the flooring, but these units are great.
0:33:19 > 0:33:22All in all,
0:33:22 > 0:33:24it's looking good.
0:33:24 > 0:33:26# It's looking good, it's looking good
0:33:26 > 0:33:28# It's looking good
0:33:28 > 0:33:30# It's looking good, it's looking good. #
0:33:30 > 0:33:33I like the space and proportions of this place.
0:33:33 > 0:33:36Yes, it needs cleaning up and modernising, and there's a bit
0:33:36 > 0:33:41of damp that needs looking into, but definitely no long faces here.
0:33:42 > 0:33:45Let's see what upstairs has to offer.
0:33:45 > 0:33:49So, up here, a really lovely quirky design.
0:33:49 > 0:33:52Um, three bedrooms.
0:33:52 > 0:33:54Two on this level here. One there and one there.
0:33:54 > 0:33:57The bathroom where it should be, looks to be in half decent condition
0:33:57 > 0:33:59and then, I like this.
0:33:59 > 0:34:03Up a little flight of stairs to the master bedroom.
0:34:03 > 0:34:06Look at this lovely dual-aspect room.
0:34:06 > 0:34:08Lots of character.
0:34:08 > 0:34:11The whole place has got that slight quirky feel to it.
0:34:11 > 0:34:14I guess that's where it came from, being a stable block.
0:34:14 > 0:34:17So, all in all, really, really great.
0:34:20 > 0:34:24Inevitably, with all that character comes some defects.
0:34:26 > 0:34:29The single-glazed windows look a bit rotten and will need replacing
0:34:29 > 0:34:33and there's some damp that should be investigated,
0:34:33 > 0:34:37but it's outside that the biggest problems may lie.
0:34:37 > 0:34:39It all comes down to location.
0:34:39 > 0:34:42Right next door to a hotel, and the hotel, literally,
0:34:42 > 0:34:46owns the land all the way up to the property itself
0:34:46 > 0:34:48and there are lots of restrictive covenants.
0:34:48 > 0:34:51Things like you can't hang out washing, you can't have
0:34:51 > 0:34:54pets like a dog or a cat, and you can't put plant pots and things.
0:34:54 > 0:34:57Anything which might interfere with the running of the hotel.
0:34:57 > 0:35:00You've also got the hotel car park there.
0:35:00 > 0:35:05So hotel car park one side, busy road the other. It's not ideal.
0:35:10 > 0:35:13But horses for courses and I'm sure there are some folk out there
0:35:13 > 0:35:16for whom this won't be a problem.
0:35:18 > 0:35:21Let's see what a local estate agent can tell us
0:35:21 > 0:35:24about this unusual property and, given the weather,
0:35:24 > 0:35:27maybe it's a good thing there's no outside space.
0:35:27 > 0:35:31It's always been a popular village. It's picturesque.
0:35:31 > 0:35:33Doesn't have very many amenities
0:35:33 > 0:35:35but there are amenities close by in the next village in Herworth
0:35:35 > 0:35:37which is just a few yards up the road.
0:35:37 > 0:35:41So the lack of nearby village amenities isn't really an issue,
0:35:41 > 0:35:44but what about the property itself?
0:35:44 > 0:35:47I think it needs a general overhaul. It needs modernising.
0:35:47 > 0:35:48It needs updating.
0:35:48 > 0:35:53It needs complete redecoration, new kitchen, new bathroom and,
0:35:53 > 0:35:57generally, it needs to be brought into the 21st century.
0:35:57 > 0:36:01How much could this property sell for if it was renovated?
0:36:01 > 0:36:04Once the property's refurbished, I would suggest, should the property
0:36:04 > 0:36:09be sold, it would achieve a price of somewhere around about £120,000.
0:36:09 > 0:36:11I think the rental market around here is fairly strong.
0:36:11 > 0:36:13It is a very popular village and,
0:36:13 > 0:36:15should the property be placed on the market for rental,
0:36:15 > 0:36:19I would see it achieving an income of around about £550 per calendar month.
0:36:21 > 0:36:24So a very appealing property on the inside.
0:36:24 > 0:36:28It's just the things going on around the outside that could be
0:36:28 > 0:36:31a bit of an issue to some.
0:36:31 > 0:36:34Let's find out who wasn't bothered when it went under the hammer.
0:36:37 > 0:36:40Lot 28, it's a spacious mid-terrace property.
0:36:40 > 0:36:44We've got this advertised with a price guide of 89,950.
0:36:44 > 0:36:46Can I ask for 90,000 to start me?
0:36:47 > 0:36:51I need 88,000 to start. Do I have £88,000 anywhere?
0:36:52 > 0:36:56Without that, I will withdraw. Do I have £88,000 anywhere?
0:36:56 > 0:36:59Gentleman sitting down at £88,000.
0:36:59 > 0:37:00Do I have 89 anywhere else?
0:37:00 > 0:37:03Latest bid at 89.
0:37:03 > 0:37:0590. 90,000 bid.
0:37:05 > 0:37:0791? 91 bid.
0:37:07 > 0:37:0992? 92 bid.
0:37:09 > 0:37:1193? No?
0:37:11 > 0:37:14This gentleman's bid at £92,000 on the second row.
0:37:14 > 0:37:15Do I have 93 anywhere else?
0:37:17 > 0:37:21I'll take 500 if it will help or I'm selling here at £92,000.
0:37:21 > 0:37:24It's your last chance. I'm going once at 92,000.
0:37:24 > 0:37:28I'm going for the second and final time at £92,000.
0:37:30 > 0:37:32Sold, gentleman on the second row.
0:37:33 > 0:37:37This quirky house was sold for £92,000 to George
0:37:37 > 0:37:40and his wife Glenys, known to her friends as Glen.
0:37:42 > 0:37:46The retired couple live 15 minutes away from their new purchase
0:37:46 > 0:37:49so I corralled them at this former stable to find out more.
0:37:50 > 0:37:55- Glen, George, great to meet you both.- Hiya, Martin.- Congratulations.
0:37:55 > 0:37:58- Thank you.- So tell me why you wanted to buy this place.
0:37:58 > 0:38:01We love walking in the area and we come here a lot in the car
0:38:01 > 0:38:04and park the car opposite the church. We go through the church.
0:38:04 > 0:38:08It's a lovely walk round the River Tees, Clow Beck and coming round.
0:38:08 > 0:38:09We do that quite often.
0:38:09 > 0:38:10But we're interested in the area
0:38:10 > 0:38:14because we looked at a house just the week before in Herworth.
0:38:16 > 0:38:21- It wasn't our cup of tea really, what we wanted.- And then you saw it?
0:38:21 > 0:38:24We'd actually been down to the estate agents to report
0:38:24 > 0:38:28back on a house we'd seen and we walked past this other
0:38:28 > 0:38:31- estate agents further down and we seen it in the window.- Ah.
0:38:31 > 0:38:33Glen said, "I like that"
0:38:33 > 0:38:35and I said, "I know where that is.
0:38:35 > 0:38:37"That's right where we parked the car."
0:38:38 > 0:38:42Ah, sometimes in property, things just feel like fate.
0:38:44 > 0:38:46I saw the photo in the estate agents.
0:38:46 > 0:38:48We came round the same day,
0:38:48 > 0:38:51- absolutely fell madly in love with it.- Madly in love?- I did, yeah.
0:38:51 > 0:38:56- Not just in love?- Madly, I just... Yeah, madly.- Liked the quirkiness.
0:38:56 > 0:38:58I just think it's fabulous,
0:38:58 > 0:39:00so we talked about it and I said to George,
0:39:00 > 0:39:03"Right, I'm going to put an offer in." He said, "How much for?"
0:39:03 > 0:39:05I said, "92,000."
0:39:05 > 0:39:07It was on at 89,9... something.
0:39:07 > 0:39:10George said, "I think you need to put a bit extra, more than that,"
0:39:10 > 0:39:13and I said, "No, I've got a funny feeling about 92"
0:39:13 > 0:39:15so I rang the auction rooms.
0:39:15 > 0:39:17She said, "Please come up to the auction."
0:39:17 > 0:39:19I put the phone down and said,
0:39:19 > 0:39:22"Right, George, we'll go to the auction" so we did.
0:39:22 > 0:39:26The funniest thing was we ended up paying 92 for it.
0:39:26 > 0:39:28There you go.
0:39:29 > 0:39:32Glen clearly thinks this was meant to be,
0:39:32 > 0:39:36and as things have developed, it seems she was right.
0:39:38 > 0:39:42We originally bought it to rent out actually,
0:39:42 > 0:39:45a little venture into buy-to-rent,
0:39:45 > 0:39:48because we downsized four years ago.
0:39:48 > 0:39:50We have a little bit of money left
0:39:50 > 0:39:53and we needed to put it to some good use.
0:39:55 > 0:39:57It's not making anything in the bank so it's one way of making
0:39:57 > 0:40:00another little income, cos we're both pensioners.
0:40:00 > 0:40:02But, it could all be different.
0:40:02 > 0:40:05It could all change because our daughter's just sold her house.
0:40:05 > 0:40:07They haven't bought one yet so I said,
0:40:07 > 0:40:10"You move in there for a couple of months and we'll move here."
0:40:10 > 0:40:13So once it's all done up, we'll see how we feel.
0:40:13 > 0:40:15If we like living here, we'll stay here.
0:40:15 > 0:40:18- If not, we'll go back home and rent this out.- Right.
0:40:18 > 0:40:21But whichever way you look at it, we've made an investment
0:40:21 > 0:40:24because the money that we've got left in the bank
0:40:24 > 0:40:26is a waste of time, isn't it?
0:40:26 > 0:40:29So it seems like an almost perfect arrangement.
0:40:29 > 0:40:33It even has the potential to be the ideal location.
0:40:33 > 0:40:36Where we're living now -it's a lovely, beautiful village
0:40:36 > 0:40:37but there's not really a lot there.
0:40:37 > 0:40:41There's no bus runs through it and as we are getting older,
0:40:41 > 0:40:43we have to travel to the doctors' and everywhere else.
0:40:43 > 0:40:44There's a surgery here
0:40:44 > 0:40:47- and there's a bus service goes through Darlington.- Right.
0:40:47 > 0:40:50So we've got a chance of using public transport,
0:40:50 > 0:40:53which we haven't before. There's loads of walks and things.
0:40:53 > 0:40:55The biggest thing we are going to miss...
0:40:55 > 0:40:58- We've always had dogs but we're not allowed a dog.- Aw-w.
0:40:58 > 0:41:00- That's a shame.- Never mind.
0:41:00 > 0:41:02Well, they might not have a dog
0:41:02 > 0:41:05for company on their walks around the area
0:41:05 > 0:41:08but they will have plenty to keep them occupied inside.
0:41:08 > 0:41:10They've got a builder sorted
0:41:10 > 0:41:13and they plan a full refurbishment of the bathroom.
0:41:13 > 0:41:15They'll replace the radiators
0:41:15 > 0:41:19and hope to knock the wall down between the kitchen and dining area.
0:41:19 > 0:41:22So, will the kitchen units be staying?
0:41:22 > 0:41:24We'd leave that for the time being
0:41:24 > 0:41:26but if we settled and we really liked it and we thought,
0:41:26 > 0:41:28"Right, we'll move,"
0:41:28 > 0:41:30then I would have it taken out and a brand new one put in.
0:41:30 > 0:41:34So what's the budget for the work you are going to do?
0:41:34 > 0:41:38- Well, we said we would like to see everything done for 10,000.- Right.
0:41:38 > 0:41:41The windows are going to be at least 5,000.
0:41:41 > 0:41:43Yes, that might be tight.
0:41:43 > 0:41:47Especially if those damp patches are a sign of a bigger problem.
0:41:47 > 0:41:50So what about the timescale?
0:41:50 > 0:41:53Well, we were hoping for the back end of next month
0:41:53 > 0:41:54but we think it's going to take a bit longer!
0:41:54 > 0:41:56- Well, I'm delighted for you. - Thank you.
0:41:56 > 0:41:59- Congratulations, good luck with it. - Thank you.
0:41:59 > 0:42:02- I look forward to seeing how you get on.- All being well!- Yes.
0:42:02 > 0:42:06So, what do you reckon the probability that Glen and George
0:42:06 > 0:42:09will end up living here is?
0:42:09 > 0:42:11Yeah, pretty high!
0:42:11 > 0:42:13It's great that they love it
0:42:13 > 0:42:16and they're not put off by some of the downsides to the property.
0:42:16 > 0:42:18How will they get on sorting it out?
0:42:18 > 0:42:21You can find out later in the show.
0:42:25 > 0:42:28Well, time has passed and the burning question is
0:42:28 > 0:42:30have our buyers made money on their investments
0:42:30 > 0:42:33or created a beautiful place to live?
0:42:33 > 0:42:36I think we should go back and find out what they've been up to.
0:42:40 > 0:42:42We've come back to Tunbridge Wells,
0:42:42 > 0:42:45where earlier we saw Alfred and daughter Francesca
0:42:45 > 0:42:49plunging head first into the world of auction property purchase,
0:42:49 > 0:42:51seemingly by accident!
0:42:51 > 0:42:53'No intention whatsoever of buying it.'
0:42:53 > 0:42:55So we got there and of course all you have to do is that,
0:42:55 > 0:42:58and we got it!
0:42:58 > 0:43:02The adjective that could best describe their £68,000 purchase
0:43:02 > 0:43:03was "small".
0:43:04 > 0:43:07A top floor studio flat close to the town centre,
0:43:07 > 0:43:10with a kitchen/living room, compact bathroom
0:43:10 > 0:43:12and, well, not much else really.
0:43:12 > 0:43:15Yeah, it's a bit more neat and tidy than I thought it was.
0:43:15 > 0:43:17And very small.
0:43:17 > 0:43:20Not that Alfred and Francesca knew this.
0:43:20 > 0:43:22This viewing was the first they'd seen it.
0:43:22 > 0:43:25That's right, they hadn't viewed it before purchase,
0:43:25 > 0:43:27nor read the legal pack
0:43:27 > 0:43:31or realised the potential drawback of buying a leasehold property.
0:43:31 > 0:43:35These two broke every rule in the Homes Under the Hammer handbook!
0:43:35 > 0:43:36If they had read the legal pack,
0:43:36 > 0:43:41they would have known that £68,000 wasn't all they had to pay.
0:43:41 > 0:43:44We paid more than that because when we got the legal pack
0:43:44 > 0:43:46- we were responsible for the seller's...- Fees.- ..fees
0:43:46 > 0:43:49and the auctioneer's fees, which were 3,000.
0:43:49 > 0:43:50Planning to renovate and sell on,
0:43:50 > 0:43:54they had set themselves a budget of around £5,000
0:43:54 > 0:43:57and a timescale of four weeks.
0:43:57 > 0:44:00It's been nearly three months since our last visit.
0:44:01 > 0:44:04So, let's see how our intrepid duo fared.
0:44:10 > 0:44:13Well, not only am I pleasantly surprised,
0:44:13 > 0:44:14I'm also relieved!
0:44:16 > 0:44:18I wasn't quite sure what to expect
0:44:18 > 0:44:21but I think this has been a job well done.
0:44:21 > 0:44:23The old kitchen has been ripped out
0:44:23 > 0:44:25and replaced by new units and worktops,
0:44:25 > 0:44:27a sleek hob and oven
0:44:27 > 0:44:31and finished with tiled splash back and tile effect floor.
0:44:31 > 0:44:35This space has been turned into a modern and desirable kitchen area.
0:44:35 > 0:44:37Doesn't it look great?!
0:44:40 > 0:44:42That grubby bathroom has been totally revamped
0:44:42 > 0:44:44and now looks fabulous.
0:44:44 > 0:44:47The room has been extended ever so slightly into the corner
0:44:47 > 0:44:50and the toilet moved to the adjacent wall.
0:44:51 > 0:44:54Alfred and his wife, Sue, and daughter, Francesca,
0:44:54 > 0:44:56chipped in where they could
0:44:56 > 0:45:00but most of the work was carried out by a local plumber.
0:45:00 > 0:45:03The only person we knew was Rodney, who was a plumber in the village.
0:45:03 > 0:45:07So Rodney came round the next evening and we got together.
0:45:07 > 0:45:11He knew an electrician and a plasterer, etc,
0:45:11 > 0:45:13so we got a team together quite quickly.
0:45:15 > 0:45:18Alfred has discovered that property renovation
0:45:18 > 0:45:21isn't an exact science.
0:45:21 > 0:45:23From my point of view, I was a science teacher.
0:45:23 > 0:45:27So I've been trained in science and science is quite a nice thing.
0:45:27 > 0:45:31You do a few experiments and something predictable happens.
0:45:31 > 0:45:33This was more of an artistic venture, you know?
0:45:33 > 0:45:37A creative thing and that's where it all went wrong,
0:45:37 > 0:45:40because there were no ideas in my mind of what it should look like.
0:45:40 > 0:45:43So we did bit by bit and it gradually came together.
0:45:43 > 0:45:45And so now it looks quite presentable, anyway.
0:45:45 > 0:45:47Quite pleased with it.
0:45:48 > 0:45:50In the living room-cum-bedroom,
0:45:50 > 0:45:53the cupboard has been removed to create a small alcove
0:45:53 > 0:45:55and modern heaters have replaced the old.
0:45:57 > 0:45:59Ceiling spots have been installed
0:45:59 > 0:46:02and the woodchip and textured ceiling has been stripped off.
0:46:02 > 0:46:04I bet that was a fun job!
0:46:04 > 0:46:07You would have thought you could come in here
0:46:07 > 0:46:10and plaster it and decorate it in two or three days.
0:46:10 > 0:46:12It took the best part of two weeks to do all that
0:46:12 > 0:46:14so that put us back.
0:46:14 > 0:46:19So the estimate of four weeks plus the two weeks for the woodchip
0:46:19 > 0:46:21is about right. It took pretty much six weeks.
0:46:21 > 0:46:23The only thing we did to improve the space -
0:46:23 > 0:46:26we put the wall in the bathroom back about two feet
0:46:26 > 0:46:29and that has made a considerable difference to it.
0:46:29 > 0:46:33But I think it's very limited as to what we could do.
0:46:34 > 0:46:38Relying on Rodney and his team of tradesmen to carry out the work,
0:46:38 > 0:46:42did they manage to keep within their budget of £5,000?
0:46:43 > 0:46:46We decided to put Rodney on a day rate.
0:46:46 > 0:46:49It turned out very much more expensive than we thought.
0:46:49 > 0:46:52When you do the calculations... certainly 9,000.
0:46:52 > 0:46:53It was way over budget but,
0:46:53 > 0:46:56you know, we're not worried about that too much.
0:46:56 > 0:47:00So a future thing, I think, we'd get a price for the job.
0:47:00 > 0:47:02Oh, well, that's not good news!
0:47:02 > 0:47:05A day rate is a sure way to lose control of the budget.
0:47:05 > 0:47:10Add that £9,000 to the £68,000 purchase price
0:47:10 > 0:47:13and the total comes to 77,000.
0:47:13 > 0:47:16Has the refurbishment been good enough
0:47:16 > 0:47:18to add value onto their investment?
0:47:20 > 0:47:23We invited to local estate agents to visit the flat
0:47:23 > 0:47:26and give us their opinion.
0:47:27 > 0:47:29I think they've done a fantastic job.
0:47:29 > 0:47:32I think they've made it light and bright
0:47:32 > 0:47:34and they've made really good use of the space.
0:47:34 > 0:47:37I think they've been very clever about what they've done
0:47:37 > 0:47:39and I think it's a lovely place.
0:47:39 > 0:47:43Standard of finish in here is good for what it is.
0:47:43 > 0:47:46They put a modern kitchen in, they've done a modern shower room.
0:47:46 > 0:47:48I think they've got the balance right in terms of
0:47:48 > 0:47:51making something look good and presentable without overspending.
0:47:51 > 0:47:54Location wise, you've got a train station just down the road,
0:47:54 > 0:47:56which takes you into London.
0:47:56 > 0:47:59You've got the town centre just the other way.
0:47:59 > 0:48:00So anybody who wants to commute,
0:48:00 > 0:48:02anybody who wants to be in the centre of a town,
0:48:02 > 0:48:05with shops on their doorstep, would be very keen to live here.
0:48:05 > 0:48:07It's a beautiful area.
0:48:07 > 0:48:09A positive response
0:48:09 > 0:48:12but what value would they put on this studio flat
0:48:12 > 0:48:14if they were to put it on the rental market?
0:48:14 > 0:48:17For rental, I would expect it to go on the market
0:48:17 > 0:48:20at something just under the £500 a month,
0:48:20 > 0:48:24to achieve about £475 per calendar month.
0:48:24 > 0:48:30I think you would be looking at between £500 and £550 per calendar month.
0:48:30 > 0:48:32Well, that's good, isn't it?
0:48:32 > 0:48:36So in terms of doing the sums...
0:48:36 > 0:48:395/8ths is about 7%, or something.
0:48:39 > 0:48:40Yeah, sounds good, doesn't it?!
0:48:40 > 0:48:43Almost a gold star, Alfred!
0:48:43 > 0:48:44It's actually nearer 8%,
0:48:44 > 0:48:48an attractive return for a buy to let property
0:48:48 > 0:48:50but selling is Alfred's plan.
0:48:50 > 0:48:52So over to the experts.
0:48:52 > 0:48:54If the property goes on the market for sale,
0:48:54 > 0:48:59I would expect it to go on something in the early £90,000 range,
0:48:59 > 0:49:02hoping to achieve around about £90,000.
0:49:02 > 0:49:04If the owner was going to sell the property,
0:49:04 > 0:49:08I think he'd achieve in the region of £100-105,000.
0:49:08 > 0:49:11HE GIGGLES Sorry!
0:49:11 > 0:49:14Right, OK, brilliant! Sold!
0:49:14 > 0:49:16Well, don't get too excited, Alfred!
0:49:16 > 0:49:20You will still probably have to negotiate with the leaseholder
0:49:20 > 0:49:21to extend the lease,
0:49:21 > 0:49:23ensuring you get top price when you sell the flat.
0:49:25 > 0:49:28But excluding that cost, and other fees and taxes,
0:49:28 > 0:49:32the top valuation could mean a profit of 28,000.
0:49:32 > 0:49:34Well, we're very happily surprised at that
0:49:34 > 0:49:37because we've been thinking all along,
0:49:37 > 0:49:39cos it's cost about 80,000,
0:49:39 > 0:49:41that we'd be struggling to get that back
0:49:41 > 0:49:44and it looks as though we may make a small profit.
0:49:44 > 0:49:48It's a fish and chips supper tonight for you girls! This is it!
0:49:48 > 0:49:51We can go and celebrate! Fantastic, look at that!
0:49:51 > 0:49:53No, brilliant!
0:49:57 > 0:50:01So, will there be fish and chip celebrations here in North Yorkshire
0:50:01 > 0:50:04for George and his wife Glen?
0:50:04 > 0:50:07A retired couple who had spent £92,000 buying this
0:50:07 > 0:50:12three-bed mid-terraced house in the village of Croft-on-Tees.
0:50:12 > 0:50:16With it came a rather restricted list of conditions.
0:50:16 > 0:50:20It all comes down to the location right next door to a hotel,
0:50:20 > 0:50:24and the hotel literally owns the land all the way up.
0:50:24 > 0:50:26You can't hang out washing, you can't have pets,
0:50:26 > 0:50:29like a dog or a cat, and you can't put plant pots and things,
0:50:29 > 0:50:32anything which might interfere with the running of the hotel.
0:50:32 > 0:50:34Undeterred, the couple saw this
0:50:34 > 0:50:37as an ideal investment for their savings,
0:50:37 > 0:50:41possibly a buy-to-let opportunity or even a new home for themselves.
0:50:41 > 0:50:45But certainly a project that would spice up their retirement.
0:50:45 > 0:50:49We downsized four years ago and we have a little bit of money left,
0:50:49 > 0:50:51and we needed to put it to some good use.
0:50:51 > 0:50:54It's one way of making another little income.
0:50:54 > 0:50:55For an auction property,
0:50:55 > 0:50:59it was in pretty fair condition throughout, although sections
0:50:59 > 0:51:03of wall and ceiling were damp and the windows were rotten.
0:51:03 > 0:51:07They'd budgeted a total of £10,000 to upgrade the house,
0:51:07 > 0:51:11and were pretty relaxed about how long it would take to complete.
0:51:11 > 0:51:14Well, we were hoping for the back end of next month,
0:51:14 > 0:51:17but we think it's going to take a bit longer.
0:51:17 > 0:51:20Well, it's been nine months since we visited.
0:51:20 > 0:51:23I can't wait to see what they've achieved.
0:51:31 > 0:51:33Huh, this place looks great!
0:51:33 > 0:51:37It's still a work in progress, but it's light, spacious and welcoming.
0:51:39 > 0:51:43What have George and Glen been up to since our first visit?
0:51:43 > 0:51:47What we've done actually is the roof, we've lifted the floor up in the
0:51:47 > 0:51:50front room that needed doing, put new radiators in,
0:51:50 > 0:51:54we've knocked this wall out to make it look much bigger, much nicer.
0:51:54 > 0:51:58We've had to have the walls replastered, because when we took
0:51:58 > 0:52:01the Anaglypta off, the walls were quite bad,
0:52:01 > 0:52:04and we decided to have that done.
0:52:04 > 0:52:07So we have done quite a lot that we didn't expect to do.
0:52:09 > 0:52:11They've been quite busy then.
0:52:11 > 0:52:16The job that George is most proud of is in the living room.
0:52:16 > 0:52:17Well, this was the fireplace.
0:52:17 > 0:52:21Originally, as you can all see, it was all blocked off.
0:52:21 > 0:52:23We cut it out, and what we found behind it was
0:52:23 > 0:52:26all full of rubble, rubbish, everything was in there.
0:52:26 > 0:52:29We cleaned it all out and then decided what to do with it.
0:52:29 > 0:52:33First of all we boarded it out, with the boards,
0:52:33 > 0:52:37and Glen didn't like it, so we took them out and threw them away.
0:52:37 > 0:52:42The sandstone we had, we cut it, shaped it, put sandstone in.
0:52:42 > 0:52:46Glen didn't like that, so we took the sandstone out,
0:52:46 > 0:52:49found some old bricks, shaped them, cut them in and fitted them,
0:52:49 > 0:52:51and that was the finished result.
0:52:52 > 0:52:55Put the two sides in, and Glen actually liked it.
0:52:55 > 0:53:01So I would hope it's a feature, with the light on to make it look better.
0:53:02 > 0:53:06Hopefully we can sit and watch that. Instead of watching telly all night.
0:53:07 > 0:53:09MUSIC: Love and Marriage by Frank Sinatra
0:53:11 > 0:53:14Changing a fireplace three times?
0:53:14 > 0:53:18Huh, if that isn't love, I don't know what is!
0:53:18 > 0:53:21If the fireplace was George's labour of love,
0:53:21 > 0:53:26then there were other tasks that were just...well, labour.
0:53:26 > 0:53:29The damp-proof, when we took the Anaglypta off,
0:53:29 > 0:53:32was all the way along, especially this back wall,
0:53:32 > 0:53:37because outside the whole house was earth and gravel.
0:53:37 > 0:53:39And the rain was coming straight through,
0:53:39 > 0:53:42so we took it all up, erm, we've come in a foot,
0:53:42 > 0:53:44- GLEN SIGHS - alongside all the walls,
0:53:44 > 0:53:48and went down a foot and rendered it with waterproof concrete to
0:53:48 > 0:53:51stop anything coming through and up again.
0:53:51 > 0:53:52A fiddly job, wasn't it?
0:53:52 > 0:53:55It was backbreaking, it nearly killed me,
0:53:55 > 0:53:56I was falling asleep all the time.
0:53:56 > 0:54:00So we'll never have a problem again. We hope!
0:54:04 > 0:54:08In the kitchen, George and Glen were quite happy with the
0:54:08 > 0:54:11original units, leaving them unchanged for now.
0:54:11 > 0:54:15The shortening of that dividing wall was a great idea and makes
0:54:15 > 0:54:17such a difference to the kitchen dining area.
0:54:19 > 0:54:22Upstairs, the master bedroom now has an en-suite,
0:54:22 > 0:54:25a good addition to a family home.
0:54:25 > 0:54:27The two other bedrooms have been decorated throughout
0:54:27 > 0:54:31and the bathroom has had a lick of paint and new flooring.
0:54:34 > 0:54:35Upstairs and down,
0:54:35 > 0:54:39ceiling spots bring a modern feel to a traditional building.
0:54:39 > 0:54:42The rot on the window frames has been repaired on the inside,
0:54:42 > 0:54:45but there is still work to be done on the exterior.
0:54:48 > 0:54:51The original budget of £10,000, which included money to
0:54:51 > 0:54:56replace the windows, has been overshot by two grand.
0:54:56 > 0:54:59But I think George and Glen have fallen for this place big time,
0:54:59 > 0:55:02and are starting to treat it like their new home.
0:55:04 > 0:55:06MUSIC: "Is This Love?" by Whitesnake
0:55:14 > 0:55:16You just get a feeling, don't you?
0:55:16 > 0:55:17We've had this feeling,
0:55:17 > 0:55:20and every time we drove up it got stronger and stronger,
0:55:20 > 0:55:22and every time I've come here it got stronger and stronger,
0:55:22 > 0:55:24and I do, I love it.
0:55:24 > 0:55:28I think I'd love living here, I'd be very happy, but we won't know
0:55:28 > 0:55:31until we try it - IF we try it.
0:55:31 > 0:55:35If we sell our house now, we'd definitely move in.
0:55:35 > 0:55:38If we don't, we'll have to rent one of them off, so...
0:55:45 > 0:55:47Head over heels.
0:55:47 > 0:55:52This lovey-dovey stuff is all very well, but it won't pay the bills.
0:55:54 > 0:55:55With that in mind,
0:55:55 > 0:55:59we asked two local estate agents to come along and put some
0:55:59 > 0:56:02figures on the hard work that George and Glen have put in.
0:56:04 > 0:56:07First impressions of the property, it's very light, nice and neutral
0:56:07 > 0:56:12decor, very appealing, lots of light coming in and spacious rooms.
0:56:12 > 0:56:15I think with the right standard of finish this property will
0:56:15 > 0:56:17appeal to all avenues of the market.
0:56:17 > 0:56:20Upsizes, people that are looking for a village location.
0:56:20 > 0:56:25Adding the 12 grand spend to the auction price of 92,000,
0:56:25 > 0:56:29George and Glen have so far spent £104,000.
0:56:30 > 0:56:35If they decided to rent this property out, what could it achieve?
0:56:35 > 0:56:37For rental purposes, I would expect the property to
0:56:37 > 0:56:40achieve around £600 per calendar month.
0:56:40 > 0:56:45For rental, I would value this property at between £595
0:56:45 > 0:56:46to £625 per calendar month.
0:56:47 > 0:56:49That's great news.
0:56:49 > 0:56:52A rental of £600 per calendar month would represent a return
0:56:52 > 0:56:55of around 7% - that's certainly better than the bank.
0:56:57 > 0:56:59But what about sale value?
0:56:59 > 0:57:02If all of the final touches are finished, I would expect
0:57:02 > 0:57:08the property to sell for somewhere in the region of £140,000 to £150,000.
0:57:08 > 0:57:13I would value this property at between £150,000 to £160,000.
0:57:13 > 0:57:15- Wow!- One SIXTY thousand?
0:57:15 > 0:57:17Oh, you've made my day.
0:57:17 > 0:57:20That's unbelievable, that, I didn't expect anything near that,
0:57:20 > 0:57:24I was expecting maybes 120, 25, 30...
0:57:24 > 0:57:26But...you've got to sell it.
0:57:26 > 0:57:28It is a lovely property, we're pleased with it.
0:57:28 > 0:57:31- LAUGHING:- I'd be pleased with those figures too!
0:57:31 > 0:57:33Excluding tax and fees,
0:57:33 > 0:57:39a sale at 160,000 would bring in a potential profit of £54,000.
0:57:39 > 0:57:43A tidy sum for this supposedly retired couple.
0:57:46 > 0:57:48It's kept us busy, because believe you me,
0:57:48 > 0:57:52you think you want to retire - you don't, it's very boring.
0:57:52 > 0:57:54So I've enjoyed it. Would I do it again,
0:57:54 > 0:57:57with my 40-year-old head on? Oh, yes.
0:57:57 > 0:57:58Bring it on!
0:58:06 > 0:58:09Well, we hope you've enjoyed today's programme
0:58:09 > 0:58:13and perhaps got some inspiration from our buyers.
0:58:13 > 0:58:16We'll see you next time with more property stories.
0:58:16 > 0:58:17- Goodbye for now.- Bye.