0:00:02 > 0:00:06Hello. Now probably like you, Lucy and I are fascinated by property.
0:00:06 > 0:00:09We love it! It is our job but we'd probably love it anyway.
0:00:09 > 0:00:11Yeah, that means every single aspect of it.
0:00:11 > 0:00:14I know I'm always on the lookout for a bargain.
0:00:14 > 0:00:16Now one way you can find one of those is to
0:00:16 > 0:00:17visit your local property auction.
0:00:42 > 0:00:45There are property auctions throughout the whole country
0:00:45 > 0:00:47so you are really spoilt for choice.
0:00:47 > 0:00:50You are but let's see what made our buyers part
0:00:50 > 0:00:52with their cash on today's show.
0:00:54 > 0:00:58'Wall-to-wall surprises for us in this show. I'm pining in Stoke.'
0:00:58 > 0:01:02Wow! Half a Scandinavian forest has died.
0:01:03 > 0:01:07'Here in London, I'm at a three-bedroomed semidetached
0:01:07 > 0:01:08'with a wandering wall.'
0:01:08 > 0:01:12Oh, dear! This is a real concern.
0:01:14 > 0:01:18'Guided at £37,500, this flat in Glasgow needs a lot of work
0:01:18 > 0:01:21'but at least the bathroom's modern.'
0:01:21 > 0:01:24That's going to save you a good chunk of money.
0:01:24 > 0:01:25192.
0:01:25 > 0:01:27'All these properties have been sold at auction.
0:01:27 > 0:01:30'We'll find out who bought them and what they paid for them
0:01:30 > 0:01:32'when they went under the hammer.'
0:01:32 > 0:01:33You bought it.
0:01:37 > 0:01:41The Goldenhills area of Tunstall in Stoke-On-Trent
0:01:41 > 0:01:44is full of good solid houses built for the workers
0:01:44 > 0:01:47in the Victorian ceramics industry.
0:01:47 > 0:01:52And it has a very nice rural vibe combined with good transport links.
0:01:52 > 0:01:54But to get to the property we're interested in,
0:01:54 > 0:01:58it's a short stroll from a conveniently placed pub
0:01:58 > 0:02:00along this rather rough looking route
0:02:00 > 0:02:04which is listed in the particulars as an "unadopted road".
0:02:04 > 0:02:05Hmm. More of that later.
0:02:07 > 0:02:11Well, up for the auction was one of these Victorian terraces.
0:02:11 > 0:02:16Guide price, £25,000 plus, which is really attractive,
0:02:16 > 0:02:21as is the location. I mean, pretty much surrounded by open countryside.
0:02:21 > 0:02:23Absolutely glorious.
0:02:23 > 0:02:26House itself looks like it's seen better days but then,
0:02:26 > 0:02:28like the rest of this terrace,
0:02:28 > 0:02:34it was built in 1897 so it's had 116 years of wear and tear.
0:02:34 > 0:02:36Let's see what it's like inside.
0:02:38 > 0:02:41So if you ever did decide to come inside
0:02:41 > 0:02:44and away from that beautiful view, what do you find?
0:02:44 > 0:02:46Wow!
0:02:46 > 0:02:47Well...
0:02:47 > 0:02:50half a Scandinavian forest has died.
0:02:50 > 0:02:55The wall coverings in the lounge here... Fantastic.
0:02:55 > 0:02:59Cladding gone bonkers. I love this!
0:02:59 > 0:03:02What goes through people's minds when they do this kind of thing?
0:03:02 > 0:03:05Can you imagine? "Here, Bert, shall we clad round the radiator or should
0:03:05 > 0:03:08"we just take it off and...no, let's clad round it."
0:03:10 > 0:03:12Beautiful job. But anyway, it's not a bad size
0:03:12 > 0:03:15and you've got an open fire which is good.
0:03:15 > 0:03:18More wood this way, perhaps?
0:03:18 > 0:03:21Yes, yes, yes. Well, it's not a bad sized room though.
0:03:21 > 0:03:25Rear sitting room here but look at that.
0:03:25 > 0:03:30Another DIY classic. You can imagine them talking, can't you?
0:03:30 > 0:03:33"Oh, Bert, we got any more of that cladding? What, no?
0:03:33 > 0:03:35"I won't worry about it."
0:03:36 > 0:03:39Fantastic. Oh, hang on a minute.
0:03:39 > 0:03:42All this larking around, there's something a bit more serious here.
0:03:42 > 0:03:45This floor, something seriously going wrong.
0:03:45 > 0:03:48There's a bit of a dip it in there, you can see it's got this
0:03:48 > 0:03:50sort of boarding over the top of it,
0:03:50 > 0:03:54that is probably concealing some serious problems under there.
0:03:54 > 0:03:58So, excavation and exploration required.
0:03:58 > 0:04:03But through there into the kitchen and it's not huge.
0:04:03 > 0:04:06In fact, it lets the house down in some ways.
0:04:06 > 0:04:09It certainly needs some major renovation and then onwards through
0:04:09 > 0:04:13to the fairly traditionally located bathroom and loo.
0:04:13 > 0:04:16So, hmm. What are we thinking?
0:04:16 > 0:04:20Well, for that guide price, it's still pretty good.
0:04:21 > 0:04:26Yes, that £25,000 plus guide price was definitely there to draw
0:04:26 > 0:04:29the buyers in and help them look beyond the disrepair
0:04:29 > 0:04:32and state this property is currently in.
0:04:32 > 0:04:34Let's face it, nothing is going to be kept.
0:04:34 > 0:04:38New doors, windows, kitchens, bathroom, floors,
0:04:38 > 0:04:40the list goes on...
0:04:40 > 0:04:41and on...
0:04:41 > 0:04:43and on.
0:04:43 > 0:04:45And the Swedish sauna look?
0:04:45 > 0:04:48Well, you wouldn't keep that, would you?
0:04:48 > 0:04:51So upstairs and fairly traditional lay out.
0:04:51 > 0:04:55One bedroom to the front that way, one bedroom to the back that way.
0:04:55 > 0:04:57Ah.
0:04:57 > 0:04:58Who needs a vacuum cleaner
0:04:58 > 0:05:01when you've got a lawn mower in the bedroom?
0:05:01 > 0:05:03Perfect. Erm...
0:05:03 > 0:05:06it's a good sized room though, as is the back.
0:05:06 > 0:05:09Just needs, like the rest of the property,
0:05:09 > 0:05:11a bit of, well, titivation.
0:05:11 > 0:05:13But, yeah. Not bad size, looks like there's been a few things
0:05:13 > 0:05:15going wrong with the ceiling.
0:05:15 > 0:05:18Historical ingressive water by the look of things.
0:05:18 > 0:05:21But one lovely thing at the back, as at the front,
0:05:21 > 0:05:24great views out on to that open countryside.
0:05:24 > 0:05:26Er...that's a bit weird.
0:05:27 > 0:05:31That's the kitchen down there and there's a wall there.
0:05:31 > 0:05:34Erm...so why isn't there a door there?
0:05:34 > 0:05:37I would've expected an entrance into another room.
0:05:39 > 0:05:41What's that all about?
0:05:41 > 0:05:44'Hmm. Time to investigate.'
0:05:44 > 0:05:49OK, so that's the kitchen and that's the wall I could see
0:05:49 > 0:05:52from upstairs in the bedroom there and there's a room there.
0:05:54 > 0:05:58It looks to me like it's attached to the neighbouring property.
0:05:58 > 0:06:00Now in this part of the country,
0:06:00 > 0:06:03occasionally this was a construction style.
0:06:03 > 0:06:06So that house there would be a three-bedroomed property
0:06:06 > 0:06:09and its extra bedroom would have been built as a flying freehold
0:06:09 > 0:06:13over this property and then this is a two bed.
0:06:13 > 0:06:16It's very, very unusual. It's something I've not seen before.
0:06:16 > 0:06:18It's not intrinsically a problem
0:06:18 > 0:06:22but it's definitely something which the legal documentation just needs
0:06:22 > 0:06:26to be looked at carefully to make sure exactly what's going on there.
0:06:26 > 0:06:30Yes, a call to a lawyer could be in order just to check
0:06:30 > 0:06:31who's responsible for what.
0:06:31 > 0:06:35Is the upkeep of the roof down to you or next door?
0:06:35 > 0:06:40What happens if a pipe bursts in the bedroom and damages your ceiling?
0:06:40 > 0:06:42It all just needs to be clarified.
0:06:42 > 0:06:46Another thing you definitely need to get your lawyer to look over
0:06:46 > 0:06:48is the unadopted road issue.
0:06:48 > 0:06:51A private or unadopted road is, by definition,
0:06:51 > 0:06:54a highway not maintainable at public expense.
0:06:54 > 0:06:58So you and your neighbours could find yourselves responsible
0:06:58 > 0:07:00for the costs involved.
0:07:00 > 0:07:02'But there are compensations outside.'
0:07:04 > 0:07:06That really is what's going to sell this house.
0:07:10 > 0:07:13'But what does a local property expert
0:07:13 > 0:07:15'make of what's on offer here?'
0:07:15 > 0:07:18The property is in need of complete refurbishment
0:07:18 > 0:07:21starting at the roof and working right down to the ground floor.
0:07:21 > 0:07:24Flying freehold at the rear of the property may cause problems
0:07:24 > 0:07:27if respective buyers are wanting to extend the property.
0:07:27 > 0:07:30'Yes, there's no doubt a full schedule of work needs to be
0:07:30 > 0:07:31'carried out here.
0:07:31 > 0:07:35'But with a house guided at £25,000 plus,
0:07:35 > 0:07:39'what kind of values might it command once fully renovated?'
0:07:41 > 0:07:43If the property was refurbished to a reasonable standard,
0:07:43 > 0:07:47I would expect to achieve somewhere in the region of £65,000.
0:07:47 > 0:07:52So potentially good resale return. What about its rental potential?
0:07:52 > 0:07:55If placed onto the rental market and in good condition, this property
0:07:55 > 0:08:00would achieve somewhere in the region of £325 to £350 per calendar month.
0:08:07 > 0:08:11Well, there's work to be done but a nice enough little property
0:08:11 > 0:08:17at a great guide price and in an unquestionably lovely location.
0:08:17 > 0:08:19Let's see who went for it when it went under the hammer.
0:08:23 > 0:08:25Lot number two is the mid terraced house.
0:08:25 > 0:08:28Two bedrooms, two receptions, garden views.
0:08:28 > 0:08:30Can we say 20 again to start?
0:08:30 > 0:08:3420 bid, thank you. At £20,000. 21 anywhere?
0:08:34 > 0:08:3621. At 21.
0:08:36 > 0:08:3822? 22.
0:08:38 > 0:08:4023. 24.
0:08:40 > 0:08:4325. 26. 27.
0:08:43 > 0:08:45At 27,000. 28?
0:08:47 > 0:08:50A half, you're saying? 27 and a half.
0:08:50 > 0:08:52Another half to 28?
0:08:52 > 0:08:54New bidder. 28 and a half?
0:08:55 > 0:08:58New bidder at the back. 28 and a half. 29?
0:08:58 > 0:09:00At the back. 29 and a half?
0:09:00 > 0:09:0329 and a half. 30 at the back.
0:09:03 > 0:09:0430 and a half?
0:09:04 > 0:09:0730 and a half. 31? 31.
0:09:07 > 0:09:0931 and a half? 31 and a half. 32?
0:09:10 > 0:09:1532 and a half at the back. 32 and a half. 33.
0:09:15 > 0:09:1933 and a half. 34? 34 and a half.
0:09:20 > 0:09:2235.
0:09:22 > 0:09:2335 and a half?
0:09:23 > 0:09:2535 and a half. 36.
0:09:26 > 0:09:27Another half?
0:09:27 > 0:09:30Sure? 36. Lady's bid, no mistake.
0:09:30 > 0:09:3236 then for the first time.
0:09:32 > 0:09:3536 for the second time.
0:09:35 > 0:09:37Third and final time, £36,000.
0:09:37 > 0:09:39You bought it.
0:09:39 > 0:09:42'And so for £36,000 the two bed terraced property
0:09:42 > 0:09:44'in Goldenhill, Stoke-On-Trent
0:09:44 > 0:09:48'was bought by Daryl as her second property development project.
0:09:48 > 0:09:52'She joined me back at the house with her builder, Chris.'
0:09:54 > 0:09:57- Daryl, Chris, great to meet you both.- And you.- And you.
0:09:57 > 0:10:00- Congratulations!- Thank you. - Well, interesting property, hey?
0:10:00 > 0:10:01Oh, very.
0:10:01 > 0:10:04Tell me why you wanted to buy it.
0:10:04 > 0:10:08It was the outside. It was the location that attracted me to it.
0:10:08 > 0:10:10Cheap property in rural location.
0:10:10 > 0:10:13- So, have you bought it for you to live in or what?- No, no.
0:10:13 > 0:10:15It's to be, depending on the market,
0:10:15 > 0:10:17it depends on whether I sell it or rent it.
0:10:17 > 0:10:21- Right.- But it's going to be done up to initially sell.
0:10:21 > 0:10:23- Right. Is this what you do?- No.
0:10:23 > 0:10:26- I actually work for the ambulance service.- Oh, great, as a what?
0:10:26 > 0:10:29- Ambulance technician.- Right, does that mean you actually go out in the
0:10:29 > 0:10:32- ambulance and...- Yes, we do. Part driving, part attending.
0:10:32 > 0:10:37- Wow.- But just wanted to diversify a bit, really.
0:10:37 > 0:10:40Did your first property go OK?
0:10:41 > 0:10:43No. Well, not really.
0:10:44 > 0:10:47I viewed it. I read all the legal documentation.
0:10:47 > 0:10:51I'd not bought a property before so I bought an end terrace property.
0:10:51 > 0:10:55It had got damp in it, I thought the damp was because of the roof
0:10:55 > 0:10:58which had been replaced and it turned out it wasn't.
0:10:58 > 0:11:01It turned out that the end terrace was a problem.
0:11:01 > 0:11:07So that was my fault, you know, inexperienced eye. You pay for it.
0:11:07 > 0:11:10So how much did that cost you that you weren't expecting approximately?
0:11:10 > 0:11:14- Another £2,000 or £3,000.- Ooh, ouch.
0:11:14 > 0:11:15Did you still make money on it though?
0:11:15 > 0:11:20- I didn't buy it to sell.- Right. - I bought it to rent out.- Right.
0:11:20 > 0:11:22So that didn't really make any difference.
0:11:22 > 0:11:27- I will get my money back.- So where does Chris come in to all of this?
0:11:27 > 0:11:30- Chris was introduced by a friend... - I took over halfway through
0:11:30 > 0:11:33- the project.- Yeah.- I took over everybody else basically.
0:11:33 > 0:11:35Right, so is Daryl just a client here or is there more
0:11:35 > 0:11:37going on in terms of a business relationship?
0:11:37 > 0:11:40Well, we started to build a relationship now, as a business
0:11:40 > 0:11:45- relationship and obviously I've done a few contracts for Daryl now.- Right.
0:11:45 > 0:11:48Whether it be sort of on her own house or her mum's house.
0:11:48 > 0:11:51With the last property she bought as a rental
0:11:51 > 0:11:54and now we're sort of on board with the rental properties
0:11:54 > 0:11:56and whatever else she decides to do.
0:11:56 > 0:11:59'So while Daryl might work for the emergency services,
0:11:59 > 0:12:04'it was Chris who to her rescue on her first property project.
0:12:04 > 0:12:07'Let's hope this one is a bit more straightforward.'
0:12:07 > 0:12:10So talk me through what you'd like to do to it, Daryl.
0:12:11 > 0:12:13I think it's going to be gutted. Cleared out first of all.
0:12:13 > 0:12:16- Kitchen is going to be made bigger.- How?
0:12:16 > 0:12:20- We're taking the little porch out.- OK.
0:12:20 > 0:12:24Little porch area with the cupboard. Blocking up the back door.
0:12:24 > 0:12:28- Relocating them. So French doors into here.- OK, right, fine. Rewire?
0:12:28 > 0:12:30- Rewire. New boiler. - New central heating.
0:12:30 > 0:12:35New skirting boards, new doors, obviously decorate. New carpets.
0:12:35 > 0:12:39And we will be taking the wood off the walls in the front room...
0:12:39 > 0:12:41with the inset radiator.
0:12:41 > 0:12:43So what about the floor because
0:12:43 > 0:12:45obviously it's a little bit bouncy, isn't it?
0:12:45 > 0:12:47Yeah, we've got a few bowed floors there.
0:12:47 > 0:12:49We've obviously got to uncover what's underneath there.
0:12:49 > 0:12:52OK, so how much is all that going to cost then?
0:12:52 > 0:12:55- We've got a budget there for about £25,000.- Oh, wow.- Yeah.
0:12:55 > 0:12:57Double the cost of almost what you paid for it.
0:12:57 > 0:13:00I want someone to walk through that front door and either say,
0:13:00 > 0:13:03"Yes, I want to buy it." Or, "Yes, I want to rent it."
0:13:03 > 0:13:06I don't want it hanging around on the market for months and months.
0:13:06 > 0:13:08Wow indeed.
0:13:08 > 0:13:13I think a £25,000 spend here will really make this place top spec.
0:13:13 > 0:13:17But having already paid £36,000 to purchase the house,
0:13:17 > 0:13:22that would take Daryl's total spend here to around £61,000 for a house
0:13:22 > 0:13:27the agent thought might be worth around £65,000 when finished.
0:13:27 > 0:13:31Doesn't sound like much of a profit to me. Hmm.
0:13:31 > 0:13:36- So what's the timescale? - We're looking at about 12 weeks.- OK.
0:13:36 > 0:13:38Unless we get any unseens.
0:13:38 > 0:13:41- Yeah, so you're putting quite a few men on this, are you?- Yes, we are.
0:13:41 > 0:13:45We'll probably have a group of, say, four of us on this initial soft strip
0:13:45 > 0:13:48just to get everything bared out and then review it again from there.
0:13:48 > 0:13:51- Well, listen, congratulations! - Thank you.- Good luck with it.
0:13:51 > 0:13:54- Thank you very much.- Looking forward to seeing how you get on.
0:13:54 > 0:13:55Thank you very much.
0:13:55 > 0:13:58Well, Daryl and Chris certainly seem to be developing a good business
0:13:58 > 0:14:01relationship and finding a good builder is certainly
0:14:01 > 0:14:03one of the key things to being a successful property developer.
0:14:03 > 0:14:08However, £25,000 budget to sort this out?
0:14:08 > 0:14:11Seems a little bit OTT for me, what are they going to do for that?
0:14:11 > 0:14:13You can find out later in the show.
0:14:16 > 0:14:18I'm in Tottenham in north London today.
0:14:18 > 0:14:21And if the local football club achieve their goal,
0:14:21 > 0:14:25then this part of the city is set to transform beyond all recognition.
0:14:25 > 0:14:29Now the club are proposing to build a brand-new stadium
0:14:29 > 0:14:32and a significant number of new flats in the immediate area.
0:14:32 > 0:14:36Now the development will cost a staggering 400 million
0:14:36 > 0:14:38and that's not all.
0:14:38 > 0:14:41The local council have pledged nine million pounds to help
0:14:41 > 0:14:44with the regeneration effort.
0:14:44 > 0:14:47So with all that money pouring into the area,
0:14:47 > 0:14:51I have most definitely got the hots for Tottenham.
0:14:51 > 0:14:53# Well, we're hot shot Tottenham
0:14:53 > 0:14:54# We are the Super Spurs
0:14:54 > 0:14:57# Everybody knows we're the football connoisseurs
0:14:57 > 0:15:01# We're Hot Shot Tottenham... #
0:15:01 > 0:15:05As well as the stadium and new housing, the regeneration project
0:15:05 > 0:15:08will also see a refurbished heritage square,
0:15:08 > 0:15:13a public space for community events and improved transport links
0:15:13 > 0:15:16and there's something else to cheer about the property I'm here to see.
0:15:17 > 0:15:20It gives me great pleasure to announce the price of
0:15:20 > 0:15:21today's auction lot.
0:15:21 > 0:15:23Are you ready?
0:15:23 > 0:15:25Well, it's a house, it's in London
0:15:25 > 0:15:29and a guide price, £175,000.
0:15:30 > 0:15:34That's still a fair amount of money but for a three-bedroomed semi
0:15:34 > 0:15:37in London it's impressive, I reckon. Is there a catch?
0:15:38 > 0:15:41Well, the front door is very tight here.
0:15:41 > 0:15:45If you come in and you want to turn right, it's a bit of
0:15:45 > 0:15:48a sort of squashed manoeuvre so if you turn left,
0:15:48 > 0:15:51you've got the sitting room and, as you can see,
0:15:51 > 0:15:55it's all under the insulation at the moment but it is a great size
0:15:55 > 0:16:00and the interesting thing is they've knocked through these two rooms here
0:16:00 > 0:16:03under the stairs to create this little walkthrough,
0:16:03 > 0:16:06which I really like, into the second reception room.
0:16:06 > 0:16:10It's fantastic. It's a really good space for a dining table in here.
0:16:10 > 0:16:13I think this would suit a family very well.
0:16:13 > 0:16:15But looking through there, the kitchen, look.
0:16:15 > 0:16:17Disappointingly small and, as you can see,
0:16:17 > 0:16:19obviously it needs replacing.
0:16:19 > 0:16:23But this area, through here, certainly makes up for that.
0:16:23 > 0:16:26The fridge freezer being placed in this other room tells you
0:16:26 > 0:16:30everything you need to know about what a tight fit that kitchen is.
0:16:30 > 0:16:33Having to access the fridge in another room isn't exactly
0:16:33 > 0:16:37a convenient solution but that front lounge is small
0:16:37 > 0:16:40so you wouldn't have a lot of living space.
0:16:40 > 0:16:44Let's take a look and see if upstairs is any better.
0:16:44 > 0:16:46Well, that would be a big fat no.
0:16:46 > 0:16:48This is meant to be bedroom three
0:16:48 > 0:16:51but you wouldn't be swinging any kittens in here or in here,
0:16:51 > 0:16:55the second bedroom where a bed might be all you can get in.
0:16:55 > 0:16:57The master bedroom at the front is a good size
0:16:57 > 0:17:00but it doesn't really make up for the tight squeeze at the back and
0:17:00 > 0:17:05I think there might be a better way to create a bit more space.
0:17:05 > 0:17:09If you come outside, well, the solution is plain for all to see.
0:17:09 > 0:17:14Extensions! Now your neighbours have done it so why shouldn't you?
0:17:14 > 0:17:17Now a single storey extension will do the trick
0:17:17 > 0:17:19and if you stick within certain measurements
0:17:19 > 0:17:21and height specifications, well,
0:17:21 > 0:17:24you could be within your permitted development rights.
0:17:24 > 0:17:27That means there is no need to obtain planning permissions,
0:17:27 > 0:17:30they can be costly, they can be time consuming
0:17:30 > 0:17:33and it just enables you to crack on with the work immediately.
0:17:33 > 0:17:35Perfect.
0:17:35 > 0:17:38Of course, a single or double extension is going to make
0:17:38 > 0:17:40a dent in your budget
0:17:40 > 0:17:43and there's another costly problem just around the corner.
0:17:43 > 0:17:44A wonky wall!
0:17:45 > 0:17:51Oh, dear. This is a real concern and it was going so well.
0:17:51 > 0:17:56It's clear to see that this external wall, the flank wall here is bowing.
0:17:56 > 0:17:59Now that could have huge structural implications,
0:17:59 > 0:18:03it could also have a serious impact on your budget too.
0:18:03 > 0:18:07Paying for a survey before going to the auction is a must here.
0:18:07 > 0:18:09Fail to spot this issue,
0:18:09 > 0:18:14you could be in for a very big nasty surprise.
0:18:14 > 0:18:16# Yeah, yeah, yeah, yeah
0:18:16 > 0:18:19# It is not easy... #
0:18:19 > 0:18:21So the pennies are piling up here.
0:18:21 > 0:18:25What seemed like a pretty good bargain by London standards
0:18:25 > 0:18:26might not turn out to be.
0:18:26 > 0:18:30I think you'd really need to try and get this for something near that
0:18:30 > 0:18:34£175,000 guide price, given the work that's needed
0:18:34 > 0:18:37but at least someone's made a start.
0:18:37 > 0:18:41Time to find out now what a local property expert thinks.
0:18:41 > 0:18:44Well, obviously it needs complete refurbishment.
0:18:44 > 0:18:45Talking kitchens, bathrooms.
0:18:45 > 0:18:48I think, ideally, an extension, possibly single,
0:18:48 > 0:18:53maybe double storey would obviously add to its size.
0:18:53 > 0:18:58Once some work was done on it, what does he think it would resell for?
0:18:58 > 0:19:00Without an extension, I certainly think we'd be looking
0:19:00 > 0:19:04at probably selling this house for somewhere in the region of £250,000.
0:19:04 > 0:19:08Possibly a little bit more if it was a nice kitchen and a nice bathroom.
0:19:09 > 0:19:15If the property were extended, two storey, configuration better,
0:19:15 > 0:19:18I would certainly be thinking £300,000, £310,000,
0:19:18 > 0:19:21possibly even £320,000.
0:19:21 > 0:19:24With the lay out unchanged, this property could rent for
0:19:24 > 0:19:30around £1,100 per calendar month but what if that extension was built?
0:19:30 > 0:19:32I think extended we could be looking
0:19:32 > 0:19:36as much as £1,400 to £1,500 per calendar month.
0:19:36 > 0:19:39The bowing wall will undoubtedly put people off
0:19:39 > 0:19:43and I hope whoever took this on had a full and thorough survey.
0:19:43 > 0:19:46Let's find out who wanted this north London property
0:19:46 > 0:19:48when it went under the hammer.
0:19:48 > 0:19:50Three-bedroomed, end of terrace house,
0:19:50 > 0:19:53in need of modernisation, who would like to give me a start on this?
0:19:53 > 0:19:55We're at 180.
0:19:55 > 0:19:58Thank you. 180 I've got. How much?
0:19:58 > 0:20:00182. 183.
0:20:00 > 0:20:01184. 185.
0:20:03 > 0:20:05186. 187.
0:20:05 > 0:20:07188. 189.
0:20:08 > 0:20:10190.
0:20:10 > 0:20:11191.
0:20:11 > 0:20:13192. How much?
0:20:13 > 0:20:17194, if you want. 195 at the back.
0:20:17 > 0:20:19196.
0:20:20 > 0:20:26Have a think about it. Back of the room, bid's £195,000. Anybody else?
0:20:26 > 0:20:29If not, 195 for the first.
0:20:29 > 0:20:31196. 197.
0:20:31 > 0:20:34198. 199.
0:20:34 > 0:20:35200,000. 201.
0:20:37 > 0:20:40Is that one more? Still cheap. If not, it's with you, sir.
0:20:40 > 0:20:44Bid's £200,000 against the gentleman in the back on my left.
0:20:44 > 0:20:46200 for the first.
0:20:46 > 0:20:48200 for the second.
0:20:48 > 0:20:50You're 201, nearly. 202.
0:20:50 > 0:20:52203. 204.
0:20:52 > 0:20:53205.
0:20:53 > 0:20:56He's out. It's with you, behind the pillar.
0:20:56 > 0:20:58Anybody else?
0:20:58 > 0:20:59205. One more?
0:20:59 > 0:21:02No? If not, 204 for the first.
0:21:02 > 0:21:04204 for the second.
0:21:04 > 0:21:07204 for the third and final time.
0:21:07 > 0:21:10All done? Sold, 204.
0:21:10 > 0:21:14'And snapping the house up for 204,000 was Graham.'
0:21:14 > 0:21:18Graham's an electrician and bought the property with his pal Ian
0:21:18 > 0:21:22who's a builder and an emergency plumber so with those trades behind
0:21:22 > 0:21:26them, they seem like the perfect pair to purchase this property.
0:21:26 > 0:21:30# I'm a working man
0:21:30 > 0:21:33# I'm a working man... #
0:21:33 > 0:21:38Ian, Graham, congratulations. Now, Graham, you were bidding on the day.
0:21:38 > 0:21:42- Ian, were you there?- I was there but I was tucked around the pillar.
0:21:42 > 0:21:46- So why were you hiding away in the background?- He wanted the limelight.
0:21:46 > 0:21:50- So what's your background, guys? - Known each other since school days.
0:21:50 > 0:21:55- Yeah.- Probably 11, 12.- Yeah, about 11.- From the age of 11?- Yeah, yeah.
0:21:55 > 0:21:58- From kids!- Yeah, desk in front of me.
0:21:58 > 0:22:00Poked him with a pencil and that was the first meeting.
0:22:00 > 0:22:02And what brought you to the auction room then?
0:22:02 > 0:22:07Just wanting to invest our money. It was dwindling away with no interest.
0:22:07 > 0:22:09We wanted to invest in a property.
0:22:09 > 0:22:13We both had some money but not enough to get into a property this size
0:22:13 > 0:22:16so put them together and it worked for us.
0:22:16 > 0:22:19# Remember the days of the old schoolyard
0:22:19 > 0:22:21# We used to laugh a lot... #
0:22:21 > 0:22:24'From school pals to business partners,
0:22:24 > 0:22:26'they'll certainly go to the top of the class for this.
0:22:26 > 0:22:31'Their first venture together even though they went almost 30 grand
0:22:31 > 0:22:35'over the guide price, it's still a great buy by London standards.
0:22:35 > 0:22:39'Unfortunately the boys get a fail from me for the homework though
0:22:39 > 0:22:41'because they didn't do any.
0:22:41 > 0:22:45'They only decided to go for this one the night before the auction.'
0:22:45 > 0:22:48We had an eye on about three properties that were
0:22:48 > 0:22:51within our budget and then we saw this one and thought,
0:22:51 > 0:22:54- "Wow, never thought about Tottenham."- So we only managed to get
0:22:54 > 0:22:57an external viewing the night before the auction.
0:22:57 > 0:22:59What you mean is you didn't get a chance to come inside
0:22:59 > 0:23:01- and look around?- We didn't come inside and look around.
0:23:01 > 0:23:04- You peered through the letter box? - Absolutely, yeah.
0:23:04 > 0:23:06I'm not going to tell you off because I know so many people do
0:23:06 > 0:23:09that and if you don't have the luxury of the time, you've just got
0:23:09 > 0:23:11- to make that rash decision.- Yeah.
0:23:11 > 0:23:13Do you feel a little bit regretful that you didn't have enough
0:23:13 > 0:23:16- time to view this prior to the auction?- No, not really.
0:23:16 > 0:23:18We're both very happy with the property.
0:23:18 > 0:23:20So when you came into the property for the first time
0:23:20 > 0:23:23and you did have a good look around, what did you think?
0:23:23 > 0:23:26- Excited, yeah. - Yeah, we both liked it.
0:23:26 > 0:23:29It was in a lot better condition then we had imagined it to be.
0:23:29 > 0:23:33Apart from cosmetic stuff, you know, it's not that bad condition.
0:23:33 > 0:23:36We've got an issue with the flank wall where it's got a bow in it
0:23:36 > 0:23:39so we may need to take that down
0:23:39 > 0:23:42- and rebuilding that. - What's involved there?
0:23:42 > 0:23:46Really it's just to take the flank wall down, keep the two back
0:23:46 > 0:23:49and front walls so we've got something to work off.
0:23:49 > 0:23:51Take down the centre of the flank wall
0:23:51 > 0:23:53as low as to where the bow starts,
0:23:53 > 0:23:57it's usually just above the street door there and then to rebuild it.
0:23:57 > 0:24:00If you get a team of bricklayers together, three bricklayers,
0:24:00 > 0:24:04one labourer, that's only a three day, four day job.
0:24:04 > 0:24:07- So tell me what is your budget? - £25,000.- Yeah.
0:24:07 > 0:24:09And what's your timeframe?
0:24:09 > 0:24:11- Six months.- Yeah, six months.
0:24:11 > 0:24:13# A working man
0:24:13 > 0:24:14# Doing the best I can
0:24:14 > 0:24:17# I'm a working, working man... #
0:24:17 > 0:24:21'Graham and Ian plan to sell this house on once they've got it sorted
0:24:21 > 0:24:25'and if you thought rebuilding a flank wall was a big challenge,
0:24:25 > 0:24:27'well, the two friends have decided to build
0:24:27 > 0:24:30'a two storey extension as well!'
0:24:30 > 0:24:33Ian, my first thoughts when I saw this property was, "Yes, definitely.
0:24:33 > 0:24:36"An extension, ground floor, open the space up."
0:24:36 > 0:24:39But to go double storey, that's quite a brave move, isn't it?
0:24:39 > 0:24:42Is that because obviously by being a builder,
0:24:42 > 0:24:43you can save on the labour costs?
0:24:43 > 0:24:46Yeah, that also but also there's not a lot of difference
0:24:46 > 0:24:49between a single storey and a double storey.
0:24:49 > 0:24:51Let's face it, if you're going to put a single storey,
0:24:51 > 0:24:53you've got to put a roof on it.
0:24:53 > 0:24:56If you're going to go two storeys, you only have to build up two more
0:24:56 > 0:24:59walls and put a roof on that so cost wise it's not that much different.
0:24:59 > 0:25:02- And it's so worth it because... - Absolutely.- ..then you can have
0:25:02 > 0:25:05an extra bedroom, an extra bathroom, you can do so much more.
0:25:05 > 0:25:08Ian, I am so going to keep my fingers crossed for you.
0:25:08 > 0:25:11I hope you get the permission and I just wish you and Graham,
0:25:11 > 0:25:12all the luck.
0:25:12 > 0:25:15- Thank you very much.- Hope it works out.- Thank you.
0:25:15 > 0:25:21So how will these schoolboy chums get on with their first project?
0:25:21 > 0:25:23Will they manage to obtain the green light
0:25:23 > 0:25:25for their double storey extension?
0:25:25 > 0:25:29And will Ian and Graham still be friends when we come back?
0:25:29 > 0:25:33You can find out how they get on later in the programme.
0:25:35 > 0:25:39'Coming up, we'll be finding out how the owners of this Glasgow
0:25:39 > 0:25:42'property almost doubled its value after renovating it.'
0:25:46 > 0:25:49'In Tottenham, Ian talks up a terrific transformation.'
0:25:49 > 0:25:51We're very, very pleased with the way
0:25:51 > 0:25:54this part of the property has come out.
0:26:00 > 0:26:03It was just outside Stoke-On-Trent in the lovely rural
0:26:03 > 0:26:08area of Goldenhill where we first saw a Victorian two bed mid-terraced
0:26:08 > 0:26:11house built in 1897.
0:26:11 > 0:26:14It did seem that age had caught up with it
0:26:14 > 0:26:18and not only was the place in quite a dilapidated state,
0:26:18 > 0:26:22there were some decor choices that weren't quite what you'd expect
0:26:22 > 0:26:23in a period property.
0:26:23 > 0:26:26And with signs of damp and disrepair,
0:26:26 > 0:26:30it desperately needed some work before it fell into rack and ruin.
0:26:30 > 0:26:33# Save me
0:26:33 > 0:26:36# Somebody save me... #
0:26:36 > 0:26:40'Answering the call was ambulance technician Daryl who bought it
0:26:40 > 0:26:45'for £36,000 at auction as her second property development project
0:26:45 > 0:26:48'and she was hoping with help from her builder friend
0:26:48 > 0:26:51'Chris that she could not only rescue the house
0:26:51 > 0:26:53'but make it better than it had ever been.'
0:26:53 > 0:26:57- We've got a budget there for around about £25,000.- Oh, wow.- Yeah.
0:26:57 > 0:26:59Double the cost of almost what you paid for it.
0:26:59 > 0:27:03I want someone to walk through that front door and either say,
0:27:03 > 0:27:05"Yes, I want to buy it." Or, "Yes, I want to rent it."
0:27:05 > 0:27:09I don't want it hanging around on market for months and months.
0:27:09 > 0:27:12She was hoping to give this place the wow factor
0:27:12 > 0:27:16and make the house so amazing it would be instantly snapped up.
0:27:16 > 0:27:20And now, just over four months later, we're back with Daryl
0:27:20 > 0:27:23and Chris to see how they got on.
0:27:24 > 0:27:27Well, there might be no actual curb
0:27:27 > 0:27:31but its curb appeal is certainly streets better than it was.
0:27:31 > 0:27:36With new windows, doors, rebuilt porch and front wall.
0:27:36 > 0:27:40Signs are promising and inside...
0:27:42 > 0:27:44..would you believe it?
0:27:44 > 0:27:47It's a far cry from what was previously here with
0:27:47 > 0:27:52both the front and back lounge brought bang up to date.
0:27:52 > 0:27:53And the kitchen?
0:27:56 > 0:27:59Well, they've certainly splashed some cash here
0:27:59 > 0:28:01and given it some sparkle.
0:28:04 > 0:28:07Well, if you remember the last time we were in the kitchen
0:28:07 > 0:28:12we discussed what we were going to do with the general lay out which
0:28:12 > 0:28:14was removing the backdoor.
0:28:14 > 0:28:17Put some steelwork in, removed the wall
0:28:17 > 0:28:20and also we've actually lowered the ceiling as well in this room
0:28:20 > 0:28:23and just gone for a clean look all the way through.
0:28:23 > 0:28:25So the kitchen's greatly improved
0:28:25 > 0:28:28but what about the tired bathroom just behind it?
0:28:31 > 0:28:32That's much better.
0:28:34 > 0:28:37But if they've removed the old backdoor,
0:28:37 > 0:28:40how do you access the garden now?
0:28:40 > 0:28:44Well, as we come through the kitchen, we come into the rear living room.
0:28:44 > 0:28:47If you remember rightly there was a window there.
0:28:47 > 0:28:50We've now taken the window out and we've put the French doors in
0:28:50 > 0:28:52which I think work really well.
0:28:52 > 0:28:54We've almost made the most of the light
0:28:54 > 0:28:57and obviously the access to the rear garden.
0:29:00 > 0:29:02And it's now a nice family friendly garden
0:29:02 > 0:29:05that you step out on through those French doors.
0:29:05 > 0:29:10While upstairs those two double bedrooms are now crisp and clean.
0:29:10 > 0:29:13So has Chris delivered the house Daryl wanted?
0:29:13 > 0:29:16I think it's wonderful, I really do.
0:29:16 > 0:29:18I think he's done a cracking job of it.
0:29:18 > 0:29:20He couldn't have done any better.
0:29:21 > 0:29:24This is an impressive job carried out by Chris and his team
0:29:24 > 0:29:28of builders and they've certainly made the house more appealing.
0:29:28 > 0:29:32But undoubtedly one thing that has improved first impressions is
0:29:32 > 0:29:34getting rid of all that lovely wood.
0:29:36 > 0:29:39This room, when I first bought it, was very tired.
0:29:39 > 0:29:43Wooden panelling all over the walls, tatty fireplace.
0:29:43 > 0:29:47Chris has plastered, recarpeted, put a nice fireplace in
0:29:47 > 0:29:52and he's built these cupboards, one each housing the electric and gas.
0:29:52 > 0:29:56But he's matched the handles with the kitchen
0:29:56 > 0:30:00and that little touch, it just really brings the house together.
0:30:00 > 0:30:03It makes it really nice and cosy.
0:30:03 > 0:30:06But it wasn't only the wood you could see that had to go.
0:30:06 > 0:30:08Remember those bouncy floors?
0:30:08 > 0:30:10# Bounce... #
0:30:10 > 0:30:12Took the floorboards up, had a look at the job,
0:30:12 > 0:30:16we discovered there was a lot of woodworm, dry rot in the joists.
0:30:16 > 0:30:19I was oblivious to all this until a phone call,
0:30:19 > 0:30:23"I think you better come down, have a look at these floors."
0:30:23 > 0:30:26Because it was a bigger job than we thought it was going to be
0:30:26 > 0:30:30so I came down and took one look and walked back out again, I think.
0:30:31 > 0:30:34Well, Daryl might have decided the best approach was to run off
0:30:34 > 0:30:36and leave Chris to sort it out
0:30:36 > 0:30:39but there was no hiding the fact that it would effect
0:30:39 > 0:30:42the timescale and in fact it added another two weeks
0:30:42 > 0:30:45to their original 12 week schedule.
0:30:45 > 0:30:47But did it effect Daryl's budget?
0:30:48 > 0:30:54- It was initially 25 and we've come in...it was about 24.- 24,000, yeah.
0:30:54 > 0:30:57- Yeah.- And that's including the under floors as well...- Yeah.
0:30:57 > 0:31:00..so which was something that wasn't priced in with the job.
0:31:00 > 0:31:06'£24,000 on top of her £36,000 purchase price
0:31:06 > 0:31:10'nicely rounds off Daryl's total spend here to £60,000
0:31:10 > 0:31:14'and there's no doubt she's now got a greatly improved house.
0:31:14 > 0:31:18'But what did two local property experts think?
0:31:18 > 0:31:20'Was it money well spent?'
0:31:21 > 0:31:24Very impressed. The owners have done an excellent job.
0:31:24 > 0:31:28It's fully refurbished throughout, it's in show home condition.
0:31:28 > 0:31:30I'm very, very impressed with the refurbishment to this property.
0:31:30 > 0:31:33In particular, I'm very fond of the kitchen, especially the
0:31:33 > 0:31:35metallic tiles that they've put in there.
0:31:35 > 0:31:38I like the kitchen and the bathroom.
0:31:38 > 0:31:42I also like the French doors opening out onto the garden.
0:31:42 > 0:31:44Got good views from the front and the back
0:31:44 > 0:31:47and also they've made a really, really good job of the garden.
0:31:47 > 0:31:51Daryl's determination to create a lovely high spec house here
0:31:51 > 0:31:54has definitely paid off and the agents are clearly impressed.
0:31:54 > 0:32:00So has Daryl made the right call in spending a total of 60 grand?
0:32:00 > 0:32:04I would suggest an asking price between £70,000 and £75,000.
0:32:04 > 0:32:07I would be looking at putting this property on the market
0:32:07 > 0:32:10somewhere in the region of £70,000 to £75,000.
0:32:10 > 0:32:14Well, that could see a potential pre-tax profit of 10,000 to 15,000.
0:32:14 > 0:32:17But what did Daryl and Chris make of those values?
0:32:17 > 0:32:20'I think that's awful.'
0:32:20 > 0:32:26- I went to another estate agent last week, wasn't it?- It was last week.
0:32:26 > 0:32:30They came in and valued it at £103,000
0:32:30 > 0:32:32and it's on the market for £103,000.
0:32:34 > 0:32:38Well, very differing points of view there which can often be the case
0:32:38 > 0:32:42especially in high spec renovations like this one
0:32:42 > 0:32:46and anyway, since we visited Daryl's plans have changed
0:32:46 > 0:32:50and she's decided to put the property on the rental market.
0:32:51 > 0:32:53Well, since we've started this project between us,
0:32:53 > 0:32:57we've decided that we're going to try a joint venture so halfway
0:32:57 > 0:33:01through this job we've been out and looked at numerous properties...
0:33:01 > 0:33:05- We have.- And we had a phone call the other day to say we're received
0:33:05 > 0:33:08an offer on a property so that's where we're going to go next.
0:33:11 > 0:33:14So from that classic Victorian property,
0:33:14 > 0:33:18let's travel even further back in time to the 6th century in fact,
0:33:18 > 0:33:22when Glasgow was founded by St Mungo.
0:33:22 > 0:33:24It's the UK's third largest city
0:33:24 > 0:33:29and it's famous due partly to its shipbuilding past thanks to the
0:33:29 > 0:33:32River Clyde which winds it way through the heart of the city.
0:33:32 > 0:33:36# You can call me Clyde
0:33:36 > 0:33:40# Love for you to call me Clyde
0:33:40 > 0:33:44# Call me Clyde with pride
0:33:44 > 0:33:48# Cause I'm proud to be a Clyde... #
0:33:48 > 0:33:50Well, the property I'm here to see
0:33:50 > 0:33:52is five miles east of the city centre and
0:33:52 > 0:33:56it's described in a way I've never heard a property described before.
0:33:56 > 0:33:59Lower cottage flat.
0:33:59 > 0:34:04Very unusual. Guide price at £37,500 plus.
0:34:04 > 0:34:07It's in this quiet little cul-de-sac. Let's take a look.
0:34:08 > 0:34:12OK, so it's not exactly a traditional looking cottage
0:34:12 > 0:34:16but it has got allocated parking which is a great bonus.
0:34:16 > 0:34:19So what's it go to offer inside?
0:34:19 > 0:34:25So being a cottage, I'm expecting beams and an inglenook fireplace.
0:34:25 > 0:34:27Let's see what we find.
0:34:27 > 0:34:31Well, entrance door there, obviously, your bathroom there.
0:34:31 > 0:34:33Down a little corridor to your two bedrooms.
0:34:33 > 0:34:36Well, actually, the lay out actually making a lot of sense.
0:34:36 > 0:34:40The two bedrooms, a pretty good size, as is the lounge.
0:34:40 > 0:34:42I mean, it doesn't look that massive from the outside
0:34:42 > 0:34:45but once you get in here, yeah, it's a perfectly liveable space.
0:34:45 > 0:34:48A nice size room here and then through into your kitchen.
0:34:48 > 0:34:51Now it's obviously in need of...oh, hello, what's that?
0:34:51 > 0:34:54Oh, yes, a breakfast bar. Well, actually, that, I think
0:34:54 > 0:34:57is actually quite pleasant to have that there.
0:34:57 > 0:34:59Not quite big enough for a table and chairs
0:34:59 > 0:35:00but that certainly works well.
0:35:01 > 0:35:05Units, I don't think they've been replaced since the place was built.
0:35:05 > 0:35:10So put new kitchen units in here, new floor, all that sort of stuff.
0:35:10 > 0:35:15And again though, it's not big but it's just a really useable size.
0:35:15 > 0:35:17Yeah, it's a good start
0:35:17 > 0:35:20but no inglenook fireplace
0:35:20 > 0:35:22or beams.
0:35:22 > 0:35:26There is room to play with here but it's nowhere near the idyll that
0:35:26 > 0:35:30the word cottage implies but maybe one day.
0:35:32 > 0:35:35# Perhaps, perhaps, perhaps... #
0:35:35 > 0:35:39So most of the flat then in need of a jolly good refurbishment.
0:35:39 > 0:35:42And then, great surprise, you come into the bathroom here
0:35:42 > 0:35:45and obviously someone's done something relatively recently
0:35:45 > 0:35:46because it's a nice white suite,
0:35:46 > 0:35:49good sized bath with a shower above, nice new tiling.
0:35:49 > 0:35:52That's going to save you a good chunk of money.
0:35:52 > 0:35:56And talking of chunks, there's a good chunk of garden out the back.
0:35:56 > 0:35:59One of the benefits of being a ground floor flat is that
0:35:59 > 0:36:01you've got a bit of garden.
0:36:01 > 0:36:03Most of it's laid to paving, bit of grass at the end there
0:36:03 > 0:36:07but it is, at least, a nice outdoor space.
0:36:07 > 0:36:11But while I'm out here, let's talk about wheelie bins.
0:36:11 > 0:36:14As I travel the country, they seem to be getting more and more
0:36:14 > 0:36:17and more and more prolific.
0:36:17 > 0:36:19But in Glasgow, they've come up with something new.
0:36:19 > 0:36:24I've seen green ones, I've seen blue ones, I've seen brown ones
0:36:24 > 0:36:27but I've never seen a purple wheelie bin before.
0:36:27 > 0:36:30Fantastic.
0:36:30 > 0:36:34I love it and it looks like it could eat up a lot of rubbish
0:36:34 > 0:36:36but let's hope that's all.
0:36:36 > 0:36:40# It was a one-eyed, one-horned, flying purple people eater
0:36:40 > 0:36:43# One-eyed, one-horned, flying purple people eater
0:36:43 > 0:36:44# It sure looks strange to me
0:36:44 > 0:36:46# One eyed... #
0:36:46 > 0:36:50'But will a local property expert have an appetite for this property?
0:36:50 > 0:36:52'Let's find out.'
0:36:56 > 0:36:59First impressions of the property were fine.
0:36:59 > 0:37:02Fairly standard property in this area. Two bedrooms, garden,
0:37:02 > 0:37:05very, very attractive to the family type of buyer.
0:37:05 > 0:37:09Within the rental market again, the garden certainly benefits
0:37:09 > 0:37:13when we compare against the rest of the rental stock in the area,
0:37:13 > 0:37:16a garden is a big plus point.
0:37:16 > 0:37:19I would feel that in the current market rental would be the best way
0:37:19 > 0:37:21to go forward with this property.
0:37:21 > 0:37:25I would expect the property to achieve between £450 to £475
0:37:25 > 0:37:27per calendar month.
0:37:27 > 0:37:30And what if the new owner decided to resell it?
0:37:30 > 0:37:33On a resell standpoint with the property being refurbished, I would
0:37:33 > 0:37:38expect to achieve between £55,000 to £60,000 for this property.
0:37:39 > 0:37:43Well, it's not huge but it packs a lot into a small space
0:37:43 > 0:37:45and could deliver a very good yield
0:37:45 > 0:37:48if you can get it for anything like that guide price.
0:37:48 > 0:37:51Let's see who went for it when it went under the hammer.
0:37:51 > 0:37:5437 and a half is your guide.
0:37:54 > 0:37:57It's got to be worth 30. 25 then?
0:37:57 > 0:38:00Need a bid. 25 anywhere? 25 here.
0:38:00 > 0:38:03At 25...just beat you to it, sir. 26.
0:38:03 > 0:38:05Can I say 26?
0:38:05 > 0:38:0727. 28.
0:38:07 > 0:38:1029 and 30.
0:38:10 > 0:38:1230, sir. 30 I'm bid and one.
0:38:12 > 0:38:1432.
0:38:14 > 0:38:1532 I'm bid.
0:38:15 > 0:38:1733. 34.
0:38:17 > 0:38:1834 I'm bid.
0:38:18 > 0:38:2135. At £35,000 I'm bid now.
0:38:21 > 0:38:2336.
0:38:23 > 0:38:2536. 37.
0:38:25 > 0:38:26Shake of the head at 37.
0:38:26 > 0:38:30With you, sir, on the back row at £36,000.
0:38:30 > 0:38:33At £36,000 and I'll be done.
0:38:33 > 0:38:35Selling it. Here to sell. Take a half.
0:38:35 > 0:38:3936 and a half. 37. Half?
0:38:39 > 0:38:41Shake of the head. With you at 37.
0:38:42 > 0:38:43At £37,000 then.
0:38:44 > 0:38:47You're in, you're out. First time.
0:38:47 > 0:38:49Second time at 37. Are you sure?
0:38:49 > 0:38:54At £37,000 then, selling it. All done, all out.
0:38:55 > 0:38:58Well done, sir. Can I have your paddle number, please?
0:38:58 > 0:39:02'That final bid of £37,000 was from Scott.
0:39:03 > 0:39:08'He and his wife Lesley already have a rental portfolio.
0:39:08 > 0:39:11'Lesley works as a teacher with children with disabilities
0:39:11 > 0:39:14'and Scott works in the oil and gas industry.
0:39:14 > 0:39:17'So let's find out what it was that fuelled their interest
0:39:17 > 0:39:19'in this property.'
0:39:21 > 0:39:24- Lesley, Scott, good to meet you both.- Good to see you.
0:39:24 > 0:39:28- Congratulations.- Thank you.- Tell me why you wanted to buy the flat.
0:39:28 > 0:39:30Well, we've got a few properties
0:39:30 > 0:39:36- and Lesley had spotted this one a few months ago.- Spotted it how?
0:39:36 > 0:39:39- Just trawling through the internet...- Yeah, yeah.
0:39:39 > 0:39:40I just like looking so...
0:39:41 > 0:39:44So I wasn't sure about it at the time.
0:39:44 > 0:39:47We've got another one that we're just finishing off at the moment.
0:39:47 > 0:39:50But then this one came to the auction
0:39:50 > 0:39:51and we hadn't bought at auction before.
0:39:51 > 0:39:55- Ah.- But we thought we'd go along and see how we got on.
0:39:55 > 0:39:56Why were you a little bit reticent?
0:39:56 > 0:39:59A different kind of area...the other properties are in much more
0:39:59 > 0:40:05- sort of modern...- Yeah. - ..owner occupied areas.
0:40:05 > 0:40:09'Lesley was tempted to look at what was a new area for them
0:40:09 > 0:40:13'because she'd been tracking this particular property for a while.'
0:40:13 > 0:40:16I saw it actually when it first came on the market with the agent.
0:40:16 > 0:40:22- Right and how much was it when it started out?- 47 and a half.- Right.
0:40:22 > 0:40:25- Yep.- We had a quick look before the auction
0:40:25 > 0:40:29like the day or two days before, we came and had a look around
0:40:29 > 0:40:31- so we knew what we were getting into.- Mmhm.
0:40:31 > 0:40:34- Bright colours, basically. - Very loud.
0:40:34 > 0:40:39- But we can tone that down.- Yes.- What are you going to do to the place?
0:40:39 > 0:40:41The main thing is going to be the kitchen.
0:40:41 > 0:40:44The bathroom is not too bad
0:40:44 > 0:40:46but there's some changes that we'll need to make.
0:40:46 > 0:40:49Obviously the painting and decorating needs to be completely changed.
0:40:51 > 0:40:54- The...- I'm glad you said that.
0:40:54 > 0:40:57All the floor coverings need to be replaced.
0:40:57 > 0:41:00There are some fitted wardrobes that we'll pull out
0:41:00 > 0:41:03and get it back to, you know, just the bare rooms.
0:41:03 > 0:41:07We need to also look at the back and front doors.
0:41:08 > 0:41:10We need to speak to the factor.
0:41:10 > 0:41:13If we can change them the way we might change them.
0:41:13 > 0:41:16And a couple of windows, we'll probably need to do the same thing
0:41:16 > 0:41:18- with the...- Just to explain, the factor,
0:41:18 > 0:41:21not a term that's used in other parts of the country.
0:41:21 > 0:41:23In Scotland, what does factor mean?
0:41:23 > 0:41:26They basically look after the general areas.
0:41:26 > 0:41:30So there are four buildings in this block
0:41:30 > 0:41:32and then there's a lot of communal ground
0:41:32 > 0:41:36so you pay a monthly fee to the factor and they take care of it,
0:41:36 > 0:41:39they cut the grass, paint the fences and then
0:41:39 > 0:41:43if there's any problems with, you know, slates on the roof,
0:41:43 > 0:41:46then they come and apportion all the cost to everyone.
0:41:46 > 0:41:49- Right, so it's like a management company?- Yeah.
0:41:49 > 0:41:52Basically to make sure that anything that has to be done gets done.
0:41:52 > 0:41:55So somebody can't opt out of fixing the roof
0:41:55 > 0:41:57- if the roof needs fixed then...- Yeah.- ..it's for everyone's
0:41:57 > 0:42:00benefit if someone takes charge.
0:42:00 > 0:42:05And if you buy into property in this little sort of community,
0:42:05 > 0:42:08you have to pay a certain amount of money per month.
0:42:08 > 0:42:09- Yes.- What is that a month?
0:42:09 > 0:42:16- It's less than £50 a quarter.- Oh, oh, wow.- A quarter so it's very cheap.
0:42:16 > 0:42:18- It's a nominal amount. - So what's the budget for the work?
0:42:19 > 0:42:26We think it'll be around £5,000 and we'll put an extra £1,000 by
0:42:26 > 0:42:31- just in case we've got some windows or doors too.- I'll rein him in.
0:42:31 > 0:42:33I've made a list, I like to make lists
0:42:33 > 0:42:35and I've got lots of lists and more lists and more lists.
0:42:35 > 0:42:37- Have you?- Yeah.
0:42:37 > 0:42:39'She'll be keeping him in check them.
0:42:39 > 0:42:43'So what kind of schedule will they be trying to stick to?'
0:42:43 > 0:42:46'I would think about four weeks.'
0:42:46 > 0:42:49- Maybe six at the outside. - I say a couple of months.
0:42:49 > 0:42:52- Double you're saying and you're saying half?- Yeah.
0:42:52 > 0:42:55- I think that's more realistic.- I think...
0:42:55 > 0:42:57Have you two talked about this project by the way?
0:42:57 > 0:43:02- Hello, can I introduce Scott? - I'll make the decisions.- Oh, really?
0:43:02 > 0:43:04- On this one.- When I tell him to.
0:43:04 > 0:43:08And then is the plan to sell it on or to rent it out?
0:43:08 > 0:43:10No, we'll rent it out.
0:43:10 > 0:43:13At the moment, if you're, it's sitting with money in the bank
0:43:13 > 0:43:15you're getting virtually nothing back in interest.
0:43:15 > 0:43:20Whereas with renting this out you'll get quite a few percentage
0:43:20 > 0:43:24- points more than you will if it's sitting in the bank.- Definitely.
0:43:24 > 0:43:26- Good. Well, congratulations. - Thank you very much.
0:43:26 > 0:43:29- And I look forward to seeing how you get on.- Yeah.- Nice to meet you both.
0:43:29 > 0:43:31- Yeah, thank you, Martin. - Good stuff, thank you.
0:43:32 > 0:43:35Well, it's a good little property.
0:43:35 > 0:43:40How will Scott get on crossing off all of the things on Lesley's list?
0:43:40 > 0:43:44And will they do it on that £5,000 budget and fitting a new kitchen?
0:43:44 > 0:43:48Hmm, seems tight to me. You can find out later in the show.
0:43:51 > 0:43:54Well, there's been plenty of time for our buyers to have started work
0:43:54 > 0:43:56- on their properties.- Yes, how have they got on?
0:43:56 > 0:43:58Have they managed to achieve what they hoped for?
0:43:58 > 0:43:59Let's go back and find out.
0:44:01 > 0:44:05Now back to Tottenham in north London where this three-bedroomed
0:44:05 > 0:44:08semi sold at auction for 204,000.
0:44:09 > 0:44:12It was in need of a lot of work to make it habitable
0:44:12 > 0:44:15but new owners Graham and Ian who'd been friends
0:44:15 > 0:44:18since school weren't going to stop there.
0:44:18 > 0:44:22They had plans not just to build a single storey extension out
0:44:22 > 0:44:23the back but a double.
0:44:23 > 0:44:26Is that because obviously by being a builder you can
0:44:26 > 0:44:28save on the labour costs?
0:44:28 > 0:44:30Yeah, that also but also it's not
0:44:30 > 0:44:33a lot of difference between a single storey and a double storey.
0:44:33 > 0:44:36Let's face it, if you're going to put a single storey,
0:44:36 > 0:44:37you've got to put a roof on it.
0:44:37 > 0:44:39If you're going to go two storeys,
0:44:39 > 0:44:42you only have to build up two more walls and put a roof on that.
0:44:42 > 0:44:44So cost wise, it's not that much different.
0:44:44 > 0:44:47So a builder who is happy to build walls including this rather
0:44:47 > 0:44:49bowed one on the side of the house.
0:44:49 > 0:44:54They gave themselves six months and 25 grand to spend on the renovation.
0:44:54 > 0:44:57It was a much lengthier 18 months later on
0:44:57 > 0:44:59when we came back to see what had happened.
0:44:59 > 0:45:02# Anything can happen
0:45:02 > 0:45:05# Anything can happen... #
0:45:05 > 0:45:07Wow! What a change.
0:45:07 > 0:45:13The whole place is light, bright and fresh with a neutral colour scheme.
0:45:13 > 0:45:17New flooring throughout and every room has been redecorated.
0:45:17 > 0:45:21The biggest change has been that new extension which has created
0:45:21 > 0:45:26two extra bedrooms upstairs and a kitchen diner space downstairs.
0:45:26 > 0:45:28Ian talks us through the changes.
0:45:28 > 0:45:32What we tried to achieve was to create a good sized family area
0:45:32 > 0:45:36where you've got a good sized family kitchen come dining room.
0:45:36 > 0:45:39Keeping the kitchen in this horse shoe shape here meaning that
0:45:39 > 0:45:41it's enclosed.
0:45:41 > 0:45:43If you've got small children, you can gate off this area,
0:45:43 > 0:45:46stopping them from getting into this area too easily.
0:45:46 > 0:45:50We're happy with the kitchen design itself and the units
0:45:50 > 0:45:51and what have you.
0:45:51 > 0:45:55Coming into this dining area which is the real gem of this property,
0:45:55 > 0:45:57this dining space here. You know, it can be anything.
0:45:57 > 0:46:01It can be a dining room, it can be a family room, double sofas,
0:46:01 > 0:46:02what have you.
0:46:02 > 0:46:04We're very, very pleased with the way
0:46:04 > 0:46:06this part of the property has come out.
0:46:07 > 0:46:09Ian is right to be pleased.
0:46:09 > 0:46:11This is an amazing transformation
0:46:11 > 0:46:15but various issues including it taking ten months to get
0:46:15 > 0:46:18planning permission has meant it's taken a much longer time than
0:46:18 > 0:46:20originally planned.
0:46:20 > 0:46:23As things developed, Ian and Graham had a difference of opinion
0:46:23 > 0:46:26over the way the property should be renovated
0:46:26 > 0:46:29and so Ian took charge of the works without Graham's input.
0:46:29 > 0:46:32So what we decided was that we would,
0:46:32 > 0:46:35I would continue with the project to the very end
0:46:35 > 0:46:40and then once it's sold, we'll split the money, go our separate ways.
0:46:40 > 0:46:43Tackling a big project like this can test friendships.
0:46:43 > 0:46:46So does Ian have any advice on this?
0:46:46 > 0:46:48Anybody thinking of doing it out there,
0:46:48 > 0:46:51go for it because you really haven't got anything to lose.
0:46:51 > 0:46:54But one thing I would say that you need to put in place is,
0:46:54 > 0:46:56talk to your solicitor about a deed of trust.
0:46:56 > 0:46:58The deed of trust,
0:46:58 > 0:47:02what that does is they set out which partner's going to be doing what.
0:47:02 > 0:47:06So it's going to be a 50/50 split on the work load and the money load.
0:47:06 > 0:47:10That way, if things do start to go a bit pear shaped,
0:47:10 > 0:47:12you've got something to go back on.
0:47:12 > 0:47:15# Good advice
0:47:15 > 0:47:16# Good advice... #
0:47:16 > 0:47:19Although they've had their differences working together,
0:47:19 > 0:47:21they didn't let it hinder the work
0:47:21 > 0:47:24and it's not just the extension they've been busy on.
0:47:25 > 0:47:28Upstairs, there's a fabulous en suite taking advantage
0:47:28 > 0:47:32of the added space from that second storey of the extension.
0:47:34 > 0:47:39Previously, the bathroom was very small, very badly laid out.
0:47:39 > 0:47:42By getting the permission for the two storey extension meant that
0:47:42 > 0:47:45we could make it into a good sized family bathroom,
0:47:45 > 0:47:47it does justice to the house.
0:47:47 > 0:47:49Ian has made a lovely job of the work here
0:47:49 > 0:47:53and it wasn't just inside, there was that bowed gable wall to deal with
0:47:53 > 0:47:57which admittedly, he hadn't been phased about.
0:47:57 > 0:48:01No lender is going to borrow money on this property with that problem
0:48:01 > 0:48:02so we had to take it down.
0:48:02 > 0:48:06By using the bricks that we had we could rebuild it and
0:48:06 > 0:48:09now when you look at the side of the house you wouldn't really be
0:48:09 > 0:48:12able to tell that any work had been done here at all.
0:48:13 > 0:48:16Ian reckons he's done about 90% of the work himself.
0:48:16 > 0:48:19After all, he's been a builder for 35 years.
0:48:19 > 0:48:24He had a 25 grand budget to play with so has he kept to that?
0:48:24 > 0:48:29Costs can spiral so in the end I think we spent around 96,000,
0:48:29 > 0:48:31something like this.
0:48:31 > 0:48:34But...I think it's worth it, you know? Because you're not going
0:48:34 > 0:48:37to achieve, there's no point cutting corners.
0:48:37 > 0:48:39If you're going to cut corners, you're going to cut quality
0:48:39 > 0:48:42and if you cut quality, what's the point of doing a project?
0:48:44 > 0:48:48It's a massive overspend but remember they were unsure
0:48:48 > 0:48:51whether it would be a one or two storey extension originally
0:48:51 > 0:48:53when they gave us their budget.
0:48:54 > 0:48:59'It's time now to find out if it's been worth the time and investment.
0:48:59 > 0:49:02'The house was bought at auction for £204,000
0:49:02 > 0:49:06'and they've spent 96 grand renovating and extending it.
0:49:06 > 0:49:08'That's a total of £300,000.
0:49:08 > 0:49:12'What did two property experts make of it?'
0:49:12 > 0:49:13Think the lay out's great.
0:49:13 > 0:49:16It gives it a wow factor as you actually enter the property you're
0:49:16 > 0:49:20moving into that big family kitchen area that leads out to the garden.
0:49:20 > 0:49:22Fabulous summer room.
0:49:22 > 0:49:25Bedrooms are generous, en suite, quality.
0:49:25 > 0:49:28I like the kitchen dining area because it's of a good size
0:49:28 > 0:49:31and it overlooks the garden which is always a plus point.
0:49:31 > 0:49:33I think extending the property was an absolute must.
0:49:33 > 0:49:36It's created significantly more space.
0:49:36 > 0:49:38It brings a lot more light into the back of the property
0:49:38 > 0:49:41so I think, yeah, absolutely, the right decision.
0:49:41 > 0:49:44Personally I think the lay out is of a unique standard
0:49:44 > 0:49:46and I think definitely it will work for this kind of market.
0:49:48 > 0:49:51On to values then. What do our experts think this could resell for?
0:49:51 > 0:49:55Bearing in mind that it was bought at auction for £204,000.
0:49:55 > 0:49:58Has that £96,000 spend on it,
0:49:58 > 0:50:03bringing it in at a total of £300,000, been worth it?
0:50:03 > 0:50:08I believe this property will resell at around about £420,000.
0:50:08 > 0:50:11I would expect this property to sell for probably something in the
0:50:11 > 0:50:17region of £425,000, escalating to possibly £450,000 on a very good day.
0:50:17 > 0:50:21They're very good figures, you know, when you consider what we bought the
0:50:21 > 0:50:25property for and the amount we've spent on the property so, yeah.
0:50:25 > 0:50:29We'd been happy with that kind of...if we achieved that kind of
0:50:29 > 0:50:31price then, we're happy with that.
0:50:31 > 0:50:34I would hope they'd be happy with those figures given that they
0:50:34 > 0:50:36intend to put this house on the market.
0:50:36 > 0:50:41That top valuation would give them a possible profit of 150,000
0:50:41 > 0:50:44minus any taxes and fees, of course.
0:50:44 > 0:50:47So despite the trials and tribulations of this project,
0:50:47 > 0:50:49that's not bad at all.
0:50:49 > 0:50:51Is he prepared to do it again?
0:50:51 > 0:50:54If I can achieve, let's say, one house,
0:50:54 > 0:50:57possibly two houses for my retirement
0:50:57 > 0:51:02so that I can then live on the income from the rental values
0:51:02 > 0:51:05of them properties which is why I'm not interested
0:51:05 > 0:51:07in renting this property.
0:51:07 > 0:51:11I need to move on to build up the funds to continue as I am
0:51:11 > 0:51:16and until I get to situation whereby I can look to retire
0:51:16 > 0:51:18or slow down at least.
0:51:23 > 0:51:25Back now to Bonnie Scotland
0:51:25 > 0:51:28and Glasgow on the banks of the River Clyde.
0:51:29 > 0:51:32'Scott works in the oil industry
0:51:32 > 0:51:36'and wife Lesley works as a teacher with children with disabilities.'
0:51:36 > 0:51:41They bought this two-bedroomed cottage flat for £37,000.
0:51:41 > 0:51:43The couple were planning to spend four to six weeks
0:51:43 > 0:51:45getting the flat ready for the rental market.
0:51:47 > 0:51:49So what's the budget for the work?
0:51:49 > 0:51:55We think it'll be around £5,000 and we'll put an extra £1,000 by
0:51:55 > 0:51:59just in case we've got some windows or doors to look at.
0:51:59 > 0:52:01I'll rein him in. I've made a list.
0:52:01 > 0:52:04I like to make lists and I've got lots of lists and more lists
0:52:04 > 0:52:07- and more lists.- Have you?- Yeah. - What do your lists list?
0:52:07 > 0:52:10My list lists everything. I have lists for my list.
0:52:10 > 0:52:12I'm one of those people who lives life with lists.
0:52:12 > 0:52:15So there's great satisfaction in ticking off jobs on a list
0:52:15 > 0:52:18- when you've done them? - Yes, there is.- Wahey!- Yes.
0:52:18 > 0:52:22'Well, six weeks after our first visit, we're back to see
0:52:22 > 0:52:25'if Lesley has ticked off everything on her list.
0:52:25 > 0:52:28'Or maybe it's just Scott who's ticked off.'
0:52:28 > 0:52:30# Well, yo, are y'all ready for me yet?
0:52:30 > 0:52:31# Pump it up, Prince
0:52:31 > 0:52:33# Well, yo, are y'all ready for me yet?
0:52:33 > 0:52:34# Pump it up, Prince
0:52:34 > 0:52:36# Well, yo, are y'all ready for me yet?
0:52:36 > 0:52:37# Pump it up, Prince
0:52:37 > 0:52:39# Well, here I go, here I go, here I go
0:52:39 > 0:52:41# Boom, shake, shake, shake the room
0:52:41 > 0:52:43# Boom, shake, shake, shake the room
0:52:43 > 0:52:46# Boom, shake, shake, shake the room
0:52:46 > 0:52:48# Tick, tick, tick, tick, boom!
0:52:48 > 0:52:51# Boom, shake, shake, shake the room
0:52:51 > 0:52:53# Boom, shake, shake, shake the room
0:52:53 > 0:52:55# Boom, shake, shake, shake the room
0:52:55 > 0:52:59# Tick, tick, tick, tick, boom! #
0:52:59 > 0:53:02A tick in every box, I'd say.
0:53:02 > 0:53:06With a smart new kitchen and a general freshen up throughout
0:53:06 > 0:53:08the flat is looking shipshape.
0:53:08 > 0:53:12But still, it hasn't been a totally straightforward renovation.
0:53:13 > 0:53:15'We pulled out the kitchen
0:53:15 > 0:53:19'and we then realised that we had a problem with the floor.'
0:53:19 > 0:53:23Every time you were walking through there you were doing the bouncy.
0:53:23 > 0:53:26So we had to lift the floorboards
0:53:26 > 0:53:29and it turned out that the joists also had to be replaced.
0:53:31 > 0:53:33With the bouncy joists replaced,
0:53:33 > 0:53:36the new kitchen could go in and it's looking pretty good.
0:53:36 > 0:53:39There was also extra work replastering
0:53:39 > 0:53:41after lumps of plaster came off
0:53:41 > 0:53:44stripping back layers of old wallpaper.
0:53:44 > 0:53:47The windows were sealed shut with layers of old paint
0:53:47 > 0:53:50and then there was the back garden to tackle.
0:53:52 > 0:53:57It was like a jungle, you know, the weeds were this height, nightmare.
0:53:57 > 0:54:00So I had to start off as you go through, pulling out all
0:54:00 > 0:54:03the initial weeds then digging them out, then hoeing them out.
0:54:03 > 0:54:07- Erm...- Weedkiller.- Weedkiller, that came next.- Mmhm.
0:54:07 > 0:54:11Then sand it all then Scott came out and passed comment that it
0:54:11 > 0:54:12- looked like a sand pit...- Mmhm.
0:54:12 > 0:54:15..then walked back into the kitchen again.
0:54:15 > 0:54:17- Then you cut down all the grass. - Cut down all the grass...
0:54:17 > 0:54:20- Strimmed the grass.- ..and then restrimmed it. I was a bit concerned
0:54:20 > 0:54:23about what I might find buried in the back but we got there.
0:54:23 > 0:54:28And then finally finished it, really pleased with myself.
0:54:28 > 0:54:30Went out the back the next day when we arrived and there were
0:54:30 > 0:54:33these clumps all over the back garden where I think pigeons
0:54:33 > 0:54:37have come and started to dig up all my flowers so at that point I was
0:54:37 > 0:54:41ready for weeping but sorted it again so no, I think it's worth it.
0:54:43 > 0:54:47And I'm delighted to see that the purple wheelie bin
0:54:47 > 0:54:48still has pride of place.
0:54:50 > 0:54:54But how did they get on with all of Lesley's lists?
0:54:54 > 0:54:57Every day I would write another one with a list of things to do
0:54:57 > 0:54:59and what we were to buy and then some point during the day
0:54:59 > 0:55:03we'd lose that one, have to write another one and so on so forth.
0:55:03 > 0:55:05So I had pockets full of sticky notes.
0:55:05 > 0:55:10- Scott was a bit more modern, he was doing it on his phone.- Yeah.
0:55:10 > 0:55:13But we still ended up, we would sit outside, you know,
0:55:13 > 0:55:17various DIY shops saying, "What are we to get? What are we to get?
0:55:17 > 0:55:19"Got a list somewhere." I was like...
0:55:19 > 0:55:22- So...- But we got there in the end. - Yeah, we did get there in the end.
0:55:22 > 0:55:25There's always something you forget, you know, even when we had the list.
0:55:25 > 0:55:27- Yeah.- We'd forget things.
0:55:27 > 0:55:31- Or the sandwiches or the flask or something.- Yeah.- Nothing important.
0:55:31 > 0:55:34'Well, with or without the help of those lists,
0:55:34 > 0:55:38'Scott and Lesley have more or less kept to their schedule.
0:55:38 > 0:55:40'But what about the budget?'
0:55:40 > 0:55:45We have ended up around £6,700
0:55:45 > 0:55:50and that was mainly caused by the floor in the kitchen,
0:55:50 > 0:55:54having to take all that out and the joists but, all in all,
0:55:54 > 0:55:59we're fairly happy with, you know, the total budget of £6,700.
0:55:59 > 0:56:05A spend of 6,700 on top of their purchase price of 37,000
0:56:05 > 0:56:09brings their total spend here to 43,700.
0:56:11 > 0:56:15We asked along two local estate agents to get their thoughts
0:56:15 > 0:56:17on the renovated lower cottage flat.
0:56:18 > 0:56:21'I think the refurbishment of the property's
0:56:21 > 0:56:22'been done to a high standard,'
0:56:22 > 0:56:27fixtures and fittings are of a really good standard and that would
0:56:27 > 0:56:31reflect through on the final rental price that would be achievable.
0:56:31 > 0:56:33The decor is neutral throughout.
0:56:33 > 0:56:36The carpets, flooring are to a lovely standard and I think,
0:56:36 > 0:56:39you know, anyone coming in to see this place will be well impressed.
0:56:40 > 0:56:43'And if Scott and Lesley were to think of selling the flat on,
0:56:43 > 0:56:46'what do they think it might fetch?'
0:56:46 > 0:56:49I would say in the current climate this house is worth
0:56:49 > 0:56:51approximately £60,000.
0:56:51 > 0:56:55I would expect to achieve offers in the region of £60,000.
0:56:56 > 0:56:59'Those valuations would give a profit,
0:56:59 > 0:57:03'before tax and expenses, of just over £16,000.
0:57:03 > 0:57:06'But Scott and Lesley plan to rent the property out.'
0:57:06 > 0:57:09'I would certainly be very, very confident of achieving'
0:57:09 > 0:57:16a rental price of between £450 to £475 per calendar month.
0:57:16 > 0:57:20I would expect to rent for around £475 per calendar month.
0:57:21 > 0:57:25'Those rental valuations would give Scott and Lesley
0:57:25 > 0:57:29'a very healthy yield, around the 12 or 13% mark.
0:57:29 > 0:57:32'So what's next for these two? Another property auction?'
0:57:33 > 0:57:36We're off on holiday next week for two weeks.
0:57:36 > 0:57:41Get a bit of sunshine and then I'll probably go back to my day job.
0:57:41 > 0:57:42Erm...
0:57:42 > 0:57:45- but if something came up... - We'll keep looking.- Yeah.
0:57:45 > 0:57:48I think we will go back to auctions again if we could get another
0:57:48 > 0:57:52- bargain like that, I would certainly go back to...- Yeah.- ..the auction.
0:57:52 > 0:57:54- Yeah, worth a punt.- Mmhm.
0:57:58 > 0:58:00Well, that's it for today,
0:58:00 > 0:58:04join us next time where we'll have more stories to inspire or warn you.
0:58:04 > 0:58:07- Look forward to seeing you then. - Goodbye.- Goodbye.