0:00:02 > 0:00:04Investing in property can be a scary thing if you've never
0:00:04 > 0:00:06- done it before. - But it doesn't need to be.
0:00:06 > 0:00:10The trick is finding the exact property that fits your needs.
0:00:10 > 0:00:14And one way you could do that is by visiting your local auction house.
0:00:40 > 0:00:43All kinds of properties go up for auction every day, but as Martin
0:00:43 > 0:00:45and I know, well, it is all about making the right choice.
0:00:45 > 0:00:50So, what was the choice of the buyers on today's programme?
0:00:51 > 0:00:55In South Wales, will this two-bed mid-terrace have me hooked?
0:00:59 > 0:01:00Right.
0:01:01 > 0:01:04It's all pretty straightforward in Kent.
0:01:04 > 0:01:05The house will be over here
0:01:05 > 0:01:08and the bungalow will be over here.
0:01:08 > 0:01:11So far, so practical.
0:01:11 > 0:01:16But in Dumfries, things are a bit more up and down.
0:01:16 > 0:01:18Well, upstairs number...
0:01:18 > 0:01:21I don't know, I lost count. Is it four?
0:01:22 > 0:01:25All of these properties have been sold at auction.
0:01:25 > 0:01:28We'll find out who bought them and what they paid for them
0:01:28 > 0:01:30when they went under the hammer.
0:01:33 > 0:01:38# Help me, Rhonda, yeah Get her out of my heart. #
0:01:38 > 0:01:40I'm in the Rhondda Valley, South Wales, where the
0:01:40 > 0:01:44stunning landscape has ribbons of closely packed houses
0:01:44 > 0:01:46in separate villages,
0:01:46 > 0:01:50shaped by different collieries the residents once worked for.
0:01:50 > 0:01:53Just a short walk from the town of Treorchy
0:01:53 > 0:01:54is the village of Ton Pentre,
0:01:54 > 0:01:58where the Mining Communities of the Rhondda statue now stands
0:01:58 > 0:02:02as a monument to the district's mining past.
0:02:02 > 0:02:05The area fell into decline with the loss of the pits,
0:02:05 > 0:02:08but the good news is that the M4 corridor is helping
0:02:08 > 0:02:11regeneration here, and there is a train service that can get
0:02:11 > 0:02:13you to Cardiff in half an hour.
0:02:14 > 0:02:17Well, just about a quarter of a mile from the train station,
0:02:17 > 0:02:22on this fairly busy road, is the property I am here to see.
0:02:22 > 0:02:27£20,000 plus was the guy price for a two-bed mid-terrace.
0:02:27 > 0:02:28In we go.
0:02:31 > 0:02:32OK, so, what have we got?
0:02:36 > 0:02:38Right.
0:02:38 > 0:02:42I wasn't expecting that. Two-up, two-down terraces.
0:02:42 > 0:02:46You normally pretty much know what you are going to find.
0:02:46 > 0:02:49This has more of a feel of an old shop about it.
0:02:49 > 0:02:53This kind of strange stuff coming down from the ceiling
0:02:53 > 0:02:55with these hooks and stuff like that.
0:02:55 > 0:02:59It is a big space, though, and it shows what you get when you turn
0:02:59 > 0:03:02one of these kind of properties into more of an open plan
0:03:02 > 0:03:03kind of affair.
0:03:03 > 0:03:06It is one huge great room.
0:03:06 > 0:03:08Stairs up to the bedrooms there.
0:03:08 > 0:03:10And then originally, of course,
0:03:10 > 0:03:12this is where the property would've ended,
0:03:12 > 0:03:14so this is where the kitchen would have been,
0:03:14 > 0:03:15but now it has been extended.
0:03:15 > 0:03:17Single-storey extension on the back here,
0:03:17 > 0:03:19leading through to the kitchen.
0:03:19 > 0:03:22HE LAUGHS
0:03:22 > 0:03:25I'm not sure you would want to cook in here right now.
0:03:25 > 0:03:28But it is good that you have got it and, you know,
0:03:28 > 0:03:30you do get that feeling of space.
0:03:32 > 0:03:34And...
0:03:34 > 0:03:38A kind of what-is-going-on-here kind of feeling as well. Hm.
0:03:40 > 0:03:44The Treasury have taken control of this property, as the previous
0:03:44 > 0:03:47owner passed away in 2011
0:03:47 > 0:03:50with no traceable heirs to his estate.
0:03:50 > 0:03:55It will be the Treasury that will benefit from the property's sale.
0:03:57 > 0:03:59So, up here,
0:03:59 > 0:04:01a few signs of damp on the wall there.
0:04:01 > 0:04:05But good news with that - a good-sized bathroom.
0:04:05 > 0:04:08That is really nice to see. Bathroom, loo.
0:04:08 > 0:04:10Obviously, you need to replace the suite.
0:04:10 > 0:04:13And actually, in general, the floor feels a bit strange.
0:04:13 > 0:04:16I found it a bit strange downstairs. So I'd want to check that out.
0:04:16 > 0:04:20By your two bedrooms. Nice, good-sized landing area.
0:04:20 > 0:04:23Bedrooms themselves... Um, well, they are not bad.
0:04:23 > 0:04:26Looks like you got some form of central heating.
0:04:26 > 0:04:29But I don't know what is going on with that radiator there.
0:04:29 > 0:04:34So in general, it is one of those houses that you have just got to
0:04:34 > 0:04:38try and look past what it currently is to what it might become.
0:04:38 > 0:04:42And actually, I think, it is a good-sized house.
0:04:42 > 0:04:44And just remember that guide price.
0:04:47 > 0:04:51£20,000 plus is the figure, if you'd forgotten.
0:04:51 > 0:04:55And, yes, a lot does need doing to this house, but it is a
0:04:55 > 0:04:59solid stone-built terrace and the room sizes are generous.
0:04:59 > 0:05:01Like this good-sized second bedroom.
0:05:01 > 0:05:05Although all the radiators seem to be a bit lacking
0:05:05 > 0:05:07in the height department.
0:05:08 > 0:05:12So, out the back here. Let's see if we can investigate a bit further.
0:05:12 > 0:05:17Um... Not surprisingly, it is a little bit chaotic.
0:05:17 > 0:05:20A little extension here, single-storey.
0:05:20 > 0:05:22It has got a half-decent roof.
0:05:22 > 0:05:25But...
0:05:25 > 0:05:27Hm... I have concerns about it.
0:05:27 > 0:05:30I mean, the whole building is just, like, being a terrace,
0:05:30 > 0:05:32scrunched in between the two adjoining properties.
0:05:32 > 0:05:36And it just has some nasty cracks.
0:05:36 > 0:05:41But out the back here, you have got a yard area and then...
0:05:41 > 0:05:44Some kind of garage at some point.
0:05:46 > 0:05:49Pretty much like the rest of the house. It... You're going
0:05:49 > 0:05:53to have to start with a skip and then see what you are left with.
0:05:54 > 0:05:58# And everything must go. #
0:05:58 > 0:05:59Quite.
0:06:01 > 0:06:03We called in a local estate agent
0:06:03 > 0:06:05to get his view on this estate
0:06:05 > 0:06:06left to the Treasury.
0:06:08 > 0:06:12First impression, the property is in need of a total renovation. It's
0:06:12 > 0:06:17original mortar, walls and electrics need attending to.
0:06:17 > 0:06:21A full gut, basically - windows, doors, the lot.
0:06:21 > 0:06:24So, given a full gut and a bit of TLC,
0:06:24 > 0:06:27what does he think it could be worth?
0:06:27 > 0:06:30The kitchen extension does need to be demolished.
0:06:30 > 0:06:33And whether you replace it with a single-storey or a double-storey
0:06:33 > 0:06:37extension, it would range somewhere between £75,000 and £85,000.
0:06:37 > 0:06:41But with such a comparatively low guide price, there still seems
0:06:41 > 0:06:45to be plenty of room for renovation and a possible profit.
0:06:45 > 0:06:46What about the rental market?
0:06:46 > 0:06:49It depends on whether it is a two,
0:06:49 > 0:06:51three or four bedroom property once renovated.
0:06:51 > 0:06:57But it could range between £400 and £550 per calendar month.
0:06:57 > 0:07:00Hm. It's difficult to know what is best to do
0:07:00 > 0:07:02with so many alternatives.
0:07:02 > 0:07:05I would put a full-width double extension to the back.
0:07:05 > 0:07:07Put an extra bedroom, a bathroom upstairs.
0:07:07 > 0:07:10And turn it into a three-four bedroom property.
0:07:10 > 0:07:13Make a large kitchen-diner downstairs.
0:07:13 > 0:07:15Possibly off-road parking to the rear.
0:07:15 > 0:07:17And fully renovated throughout.
0:07:18 > 0:07:22Well, it is certainly an intriguing property,
0:07:22 > 0:07:25but it is well located and structurally sound.
0:07:25 > 0:07:27So, yes, there is a lot of work to be done.
0:07:27 > 0:07:31And, yes, you do have to see through things to what it might become.
0:07:31 > 0:07:33But still, potentially a good one to go for.
0:07:33 > 0:07:36Let's see who agreed when it went under the hammer.
0:07:36 > 0:07:38Onto lot 259.
0:07:38 > 0:07:40It is South Wales.
0:07:40 > 0:07:41Freehold, mid-terraced house.
0:07:41 > 0:07:43By order of the Treasury solicitor.
0:07:43 > 0:07:46Telephone bids as well.
0:07:46 > 0:07:48Mid-terraced house. Start me at 10,000.
0:07:48 > 0:07:51On the aisle, straightaway at 10,000. Make it 11.
0:07:51 > 0:07:53Thank you. Hello. 11. 12. 13.
0:07:53 > 0:07:5514. 15.
0:07:56 > 0:07:5915. 16. 17.
0:07:59 > 0:08:0118. 19.
0:08:01 > 0:08:0320. 21.
0:08:04 > 0:08:09Gentlemen's bid, on the aisle, 20,000. 21 anywhere else?
0:08:09 > 0:08:11Fresh place, back right, 21.
0:08:11 > 0:08:1322, sir. 23.
0:08:13 > 0:08:1524. 25.
0:08:15 > 0:08:1726. 27.
0:08:18 > 0:08:2028. 29.
0:08:22 > 0:08:24No. 28,000, gentleman's bid, on the aisle.
0:08:24 > 0:08:26First for 28.
0:08:26 > 0:08:28Second time for 28.
0:08:28 > 0:08:30Third and final... 29. 30.
0:08:31 > 0:08:34OK, gentlemen's bid, back of the room, standing up, 29,000.
0:08:34 > 0:08:36First time. Second time.
0:08:36 > 0:08:38Third and final time. £29,000.
0:08:38 > 0:08:40Your bid. Against you. All done?
0:08:40 > 0:08:42Sold at 29.
0:08:43 > 0:08:47Back at the property, I met up with successful bidder Yasser,
0:08:47 > 0:08:49who's a business management consultant
0:08:49 > 0:08:55and researcher, to see what he thought about his £29,000 purchase.
0:08:55 > 0:08:58- Yasser, good to meet you.- Good to meet you.- Congratulations.- Thank you.
0:08:58 > 0:09:01- Thank you very much.- Tell me why you wanted to buy this house.
0:09:01 > 0:09:03Well, you know, when I was at the auction,
0:09:03 > 0:09:07I had shortlisted three properties I really wanted to buy,
0:09:07 > 0:09:10but they just went beyond my capacity.
0:09:10 > 0:09:11So, this came up.
0:09:11 > 0:09:14And I have a house three miles down the road,
0:09:14 > 0:09:16so I figured I know the builders,
0:09:16 > 0:09:18I know the letting agents in this area.
0:09:18 > 0:09:21It is a nice place, the communities are nice.
0:09:21 > 0:09:26- So I did my homework sitting in the auction on the legal pad work.- Ah!
0:09:26 > 0:09:29And I figured it couldn't go wrong with this property.
0:09:29 > 0:09:32- Right. You hadn't visited it, then? - I hadn't.- Oh.
0:09:32 > 0:09:33Really?
0:09:33 > 0:09:36So, what did you think when you walked through the front door?
0:09:36 > 0:09:38I was...shocked.
0:09:38 > 0:09:39To say the least.
0:09:39 > 0:09:42I still am actually rather shocked.
0:09:42 > 0:09:45I wasn't sure if it was a shop or if it was a pub or...
0:09:45 > 0:09:47It didn't look like a residence.
0:09:47 > 0:09:51I wish we could transform it from whatever it is right now
0:09:51 > 0:09:55into some liveable space for a family that would really enjoy living here.
0:09:55 > 0:09:57But it needs a lot of work. I mean, new kitchen.
0:09:57 > 0:09:59Obviously, it needs a new bathroom.
0:09:59 > 0:10:01We need to take all this rubble out,
0:10:01 > 0:10:05all these weird things in the home out.
0:10:05 > 0:10:08Clear it up. And it really needs a major renovation.
0:10:08 > 0:10:10Right. Is that something you are able to do yourself
0:10:10 > 0:10:12or are you going to get people in?
0:10:12 > 0:10:14I have got a builder working on my other property,
0:10:14 > 0:10:17which I bought also at auction three months ago.
0:10:17 > 0:10:19And incidentally,
0:10:19 > 0:10:22I hadn't even looked at that property beforehand when I bought it.
0:10:22 > 0:10:25- You are a serial not-looker. - Well, yeah, I guess...
0:10:25 > 0:10:28Well, you know, my take on this is that you can't go wrong.
0:10:28 > 0:10:31- But you CAN go wrong at auction. - Really?- Yes, of course!
0:10:31 > 0:10:33You could get into terrible trouble.
0:10:33 > 0:10:36If the thing isn't up to expectations, I could just go out,
0:10:36 > 0:10:41go back at the next auction, to another auction and probably pay
0:10:41 > 0:10:43you know, incur the transaction fees
0:10:43 > 0:10:46and maybe lose a couple of thousand pounds.
0:10:46 > 0:10:48That is probably the worst that can happen.
0:10:48 > 0:10:50- Well, it is not a strategy I recommend.- Hm.
0:10:50 > 0:10:53But, hey, some people do do it.
0:10:53 > 0:10:57So, how long do you think it is going to take to get this
0:10:57 > 0:10:58place sorted out?
0:10:58 > 0:11:03Well, you know, the last property was my first house, three months ago,
0:11:03 > 0:11:06and the builder has been working on it for about a month and a half.
0:11:06 > 0:11:10But that didn't need anywhere...
0:11:10 > 0:11:13nowhere close to the work that this thing needs.
0:11:13 > 0:11:17So I imagine it will probably be five times as long as it took that
0:11:17 > 0:11:19to bring it to market.
0:11:19 > 0:11:22So, has this put you off at all or are you going to be back
0:11:22 > 0:11:25- at the auctions buying more? - No, it's not going to put me off.
0:11:25 > 0:11:26I think auctions are a great thing.
0:11:26 > 0:11:30You know, not just houses, I've bought cars,
0:11:30 > 0:11:34I've bought computers, I've bought antique furniture.
0:11:34 > 0:11:36And in the 15 years that I've been going to auctions,
0:11:36 > 0:11:39I've never really gone wrong.
0:11:39 > 0:11:42- Oh.- So I hope I'll have that same experience here.
0:11:45 > 0:11:48This auction purchase, however, has another incentive.
0:11:48 > 0:11:53To tackle the problem of 23,000 empty houses in Wales,
0:11:53 > 0:11:57in 2012, the Welsh government launched a scheme to provide
0:11:57 > 0:12:01loans to bring empty homes back into use.
0:12:01 > 0:12:03Yasser is hoping to benefit from the scheme,
0:12:03 > 0:12:07which will loan a maximum of £25,000 interest-free
0:12:07 > 0:12:09over two to three years,
0:12:09 > 0:12:13depending on if the property is sold or, as Yasser hopes, let out.
0:12:13 > 0:12:17Yasser thinks he can do the total refurbishment for less than
0:12:17 > 0:12:20the maximum £25,000 allowed in the scheme.
0:12:20 > 0:12:22And according to his reckoning,
0:12:22 > 0:12:25that should take about seven to eight months.
0:12:25 > 0:12:28Tell me exactly what you are going to do to the inside, then.
0:12:28 > 0:12:30It is a two-bedroom right now.
0:12:30 > 0:12:35It looks like a fairly large house, so given the open space,
0:12:35 > 0:12:40the large capacity to maybe accommodate a third bedroom,
0:12:40 > 0:12:42you know, restructure this whole place into something
0:12:42 > 0:12:44that somebody would want to buy.
0:12:44 > 0:12:46Will you be doing this all yourself?
0:12:46 > 0:12:48I mean, apart from the help of a builder.
0:12:48 > 0:12:52- Have you got family involved?- I've got my wife, she is pretty hands-on.
0:12:52 > 0:12:54You know, she takes a keen interest.
0:12:54 > 0:12:57- Actually, half of the money investment is hers.- Oh, right, OK.
0:12:57 > 0:13:01Well, listen, congratulations anyway...I think. Good luck with it.
0:13:01 > 0:13:05- I hope that congratulations are due as well.- Nice to meet you.
0:13:05 > 0:13:07Great, thank you. Appreciate it.
0:13:07 > 0:13:11Well, I think Yasser admits that he has taken on slightly more
0:13:11 > 0:13:14than he was expecting with this place.
0:13:14 > 0:13:18What a property not to have seen beforehand.
0:13:18 > 0:13:23How will he get on sorting it out? You can find out later in the show.
0:13:28 > 0:13:31Tenterden is on the edge of the Weald of Kent.
0:13:31 > 0:13:33It is a gorgeous town with tonnes of shops
0:13:33 > 0:13:37and boutiques on its historic high street.
0:13:37 > 0:13:40It is hardly surprising that it is a desirable place to live.
0:13:40 > 0:13:44William Caxton, who pioneered printing in England, is
0:13:44 > 0:13:45believed to have been born here.
0:13:45 > 0:13:49And some of it probably has not changed since his day.
0:13:51 > 0:13:54I'm just up the road, in the nearby village of St Michaels.
0:13:56 > 0:14:00So, you are probably hoping I'm here to see a gorgeous country
0:14:00 > 0:14:05character cottage, with roses around the door. Well, no. I am not.
0:14:05 > 0:14:09But in a way, it is better. Why? Because it's this!
0:14:09 > 0:14:13OK, so at the moment, it is an overgrown garden, but it has
0:14:13 > 0:14:17got planning permission for two properties -
0:14:17 > 0:14:18a bungalow and a house.
0:14:18 > 0:14:23And the guide price - £190,000 to £200,000.
0:14:23 > 0:14:24Let's explore.
0:14:26 > 0:14:30Not surprisingly, St Michaels is in a conservation area.
0:14:30 > 0:14:31And when dealing with sites like this,
0:14:31 > 0:14:36permission has to be granted before any development work commences.
0:14:36 > 0:14:41And on virgin land like this, unusual factors may come into play.
0:14:41 > 0:14:45For instance, if a family of great crested newts were discovered,
0:14:45 > 0:14:47it would delay building by many months.
0:14:47 > 0:14:52So, I would always recommend a full site survey before buying.
0:14:52 > 0:14:55However, within the terms of the granted planning permission,
0:14:55 > 0:14:58trees have been removed from here.
0:14:58 > 0:15:01So, you are looking at a nice, level plot.
0:15:01 > 0:15:04The vehicular access point at the moment doesn't exist,
0:15:04 > 0:15:06but that too has been agreed with the Council,
0:15:06 > 0:15:09and we'll come down here to both properties.
0:15:09 > 0:15:13And they will share a sort of carport pergola arrangement.
0:15:13 > 0:15:18The house will be over here and the bungalow will be over here.
0:15:18 > 0:15:20So far, so practical.
0:15:22 > 0:15:24I love gardening, but these days, I think
0:15:24 > 0:15:27it must be impractical to have one this size.
0:15:27 > 0:15:30And the key to selling on for development
0:15:30 > 0:15:32lies in sympathetic planning.
0:15:32 > 0:15:34# Take me outside
0:15:34 > 0:15:36# Sit in a green garden
0:15:36 > 0:15:38# Nobody out there
0:15:38 > 0:15:41# But it's OK now
0:15:41 > 0:15:43# Bathe in the sunlight
0:15:43 > 0:15:45# Don't mind if rain falls
0:15:45 > 0:15:48# Take me outside
0:15:48 > 0:15:50# Sit in a green garden... #
0:15:50 > 0:15:54It is a question of balance between the need for new housing
0:15:54 > 0:15:59and its impact. The key to this is a good set of plans.
0:15:59 > 0:16:02So, here they are. And I think they're really rather nice.
0:16:02 > 0:16:05Now, the exterior of the house will be clad in vertical clay tiles,
0:16:05 > 0:16:09hanging over local-stock brick on the ground floor.
0:16:09 > 0:16:12And the bungalow will just be brick.
0:16:12 > 0:16:15So, all really nice and in keeping.
0:16:15 > 0:16:18Now, the bungalow is very straightforward
0:16:18 > 0:16:20and extremely spacious.
0:16:20 > 0:16:22Living room, leading into dining room.
0:16:22 > 0:16:24Kitchen in the middle at the back.
0:16:24 > 0:16:26And two bedrooms.
0:16:26 > 0:16:29Now, the house is also very generous.
0:16:29 > 0:16:32You have got a living room, massive study with a dining room,
0:16:32 > 0:16:33a lovely kitchen.
0:16:33 > 0:16:35And then upstairs, four doubles,
0:16:35 > 0:16:38bathroom and two en-suites.
0:16:38 > 0:16:41Now, these are impressive plans and would make lovely homes.
0:16:44 > 0:16:48The plans are fairly sympathetic as the design is Kentish in style.
0:16:48 > 0:16:51The stock bricks are handmade in traditional brickworks,
0:16:51 > 0:16:53mainly in Kent and Sussex.
0:16:53 > 0:16:55They are of a distinctive colour
0:16:55 > 0:16:59and softer look that lends itself to sensitive sites like these.
0:17:00 > 0:17:04The plot looks spacious, but when you think about putting two
0:17:04 > 0:17:08houses on here, well, it suddenly feels a tiny bit snug.
0:17:08 > 0:17:13Certainly, I don't think there is any way to get more out of it.
0:17:13 > 0:17:16In fact, there were at least two planning applications
0:17:16 > 0:17:18submitted before this one was passed.
0:17:18 > 0:17:22One had three houses on this site. It was withdrawn.
0:17:22 > 0:17:23Clearly, a nonstarter.
0:17:23 > 0:17:27And the other was refused due to the size of the detached house
0:17:27 > 0:17:31and the bungalow's positioning next to the neighbour's garden.
0:17:31 > 0:17:33In this case, I think less is more.
0:17:33 > 0:17:37And I'd be careful not to look a gift horse in the mouth.
0:17:39 > 0:17:40Time to find out if a local
0:17:40 > 0:17:43professional agrees with my theory.
0:17:43 > 0:17:46# Everybody's talking all over town
0:17:46 > 0:17:48# They say that you're going to turn me down
0:17:48 > 0:17:54# If it happens I got a new field to plough... #
0:17:54 > 0:17:56And remember, this field
0:17:56 > 0:17:59has a guide price of £190,000 to £200,000.
0:17:59 > 0:18:03Will the two planned properties realise its full potential?
0:18:03 > 0:18:04It is a very tight site.
0:18:04 > 0:18:09It is very... As you can see, it is surrounded by other houses.
0:18:09 > 0:18:11However, that gives it a tucked-away feel,
0:18:11 > 0:18:13which will make it very private.
0:18:13 > 0:18:15I think that it will be well sought-after.
0:18:15 > 0:18:18It does allow for a choice of accommodation,
0:18:18 > 0:18:20so you do have a bungalow and a house,
0:18:20 > 0:18:23which will appeal to two different sets of buyers.
0:18:23 > 0:18:25The more popular one would be the bungalow.
0:18:25 > 0:18:27There is always high demand for bungalows.
0:18:27 > 0:18:29Not many of them get built.
0:18:29 > 0:18:33So we feel that there'll be quite a few downsizes looking to
0:18:33 > 0:18:35buy on this site.
0:18:35 > 0:18:36We think the bungalow,
0:18:36 > 0:18:40which we understand from the plans is about 1,133 square feet,
0:18:40 > 0:18:44would fetch a value in the region of £295,000.
0:18:44 > 0:18:47Rental value for that property would be approximately
0:18:47 > 0:18:51850 to 875 per calendar month.
0:18:51 > 0:18:56The detached house, we feel, would fetch around £415,000 with a
0:18:56 > 0:19:01possible rental value in the region of £1,250 per calendar month.
0:19:01 > 0:19:04An exciting plot in a desirable area,
0:19:04 > 0:19:08where these opportunities are few and far between.
0:19:08 > 0:19:11Let's see who snapped it up at the auction.
0:19:11 > 0:19:13Lot 73, we are going to now.
0:19:13 > 0:19:15St Michael's, Tenterden.
0:19:15 > 0:19:17Lovely double plot there.
0:19:17 > 0:19:19I'd take 180 to start me.
0:19:19 > 0:19:21180 if you wish to start me.
0:19:21 > 0:19:23180? 180, I'm on the way.
0:19:23 > 0:19:25185? 185.
0:19:25 > 0:19:28And 90. And five? 195?
0:19:28 > 0:19:30192?
0:19:30 > 0:19:32192. 195.
0:19:32 > 0:19:34197? 197?
0:19:34 > 0:19:38At £195,000, I've got seven I'm looking for.
0:19:38 > 0:19:42Are we all done at £195,000? Must be worth more than that.
0:19:42 > 0:19:45At 195 in the trellis door there.
0:19:45 > 0:19:47197 I'm looking for.
0:19:47 > 0:19:50If you are out of it, I'm going to be selling it for the first time.
0:19:50 > 0:19:53At £195,000 for the first time.
0:19:53 > 0:19:56195 for the second time.
0:19:56 > 0:19:58Third and final time.
0:19:58 > 0:20:00Are you all done at £195,000?
0:20:00 > 0:20:02Yours, sir, at 195.
0:20:02 > 0:20:05And that is F701.
0:20:05 > 0:20:09Successful bidder Ken and his wife, Laura, are chicken farmers.
0:20:09 > 0:20:12When he is not looking after 12,000 hens,
0:20:12 > 0:20:15Ken does a bit of building on the side.
0:20:15 > 0:20:20His £195,000 bid fell smack in the middle of the guide price range.
0:20:22 > 0:20:25We met up at the site to discuss his plans about the plans.
0:20:26 > 0:20:30# And all the plans we made. #
0:20:30 > 0:20:33- Ken, congratulations. - Thank you.- Well done.
0:20:33 > 0:20:36- So, you got it for just under £200,000 at auction.- Yeah.
0:20:36 > 0:20:38What was it like for you on auction day
0:20:38 > 0:20:40and what were you prepared to pay?
0:20:40 > 0:20:44- Um, it was OK. I was prepared to go up to 220.- Really?- Yeah.
0:20:44 > 0:20:46We'd sort of looked at this because it is a close site
0:20:46 > 0:20:50to where we are and it is a follow-on site to what we do, so...
0:20:50 > 0:20:53- It was nice and handy. - So tell me about what you do.
0:20:53 > 0:20:55- Do you build houses? - Yep, we build new builds mainly.
0:20:55 > 0:20:58- And how long have you been doing that for?- 15 years.
0:20:58 > 0:21:01Ken, so many builders and developers I talk to
0:21:01 > 0:21:03buy the site and then say to me,
0:21:03 > 0:21:06"No, we're not having those plans, we're going to put our own in.
0:21:06 > 0:21:09"We want to go bigger, better. Tweak this, change that."
0:21:09 > 0:21:12Are you happy with the lot you bought on the day
0:21:12 > 0:21:13or do you want to tweak?
0:21:13 > 0:21:15No, we are going to build it as is.
0:21:15 > 0:21:18We are happy with the plans. Going back to planning loses time, money,
0:21:18 > 0:21:20so we are going to build it out as is.
0:21:20 > 0:21:24# And all the plans we made. #
0:21:24 > 0:21:28There are two existing parking spaces belonging to the neighbouring
0:21:28 > 0:21:32properties that currently block the entrance to what will be
0:21:32 > 0:21:35the private drive, providing access to the site.
0:21:35 > 0:21:38The plan is for these to move onto the site.
0:21:38 > 0:21:40They'll be located along this fence.
0:21:41 > 0:21:43That means the owners of the new properties
0:21:43 > 0:21:47and the neighbours will both be using the narrow, three-metre,
0:21:47 > 0:21:50private drive, with properties on either side.
0:21:53 > 0:21:56I can see that that might put some people off.
0:21:56 > 0:21:57Put it like this,
0:21:57 > 0:22:01I wouldn't want to meet one of my neighbours coming the opposite way.
0:22:01 > 0:22:03Do you think that might be a downside to this site?
0:22:03 > 0:22:06Yeah, it might do. Um, but then,
0:22:06 > 0:22:07that reflects in the price.
0:22:07 > 0:22:10So... I mean, I feel if the access was good,
0:22:10 > 0:22:13then the price would be dearer in this area, because it is a good area.
0:22:13 > 0:22:16I'm not too worried cos obviously the price is set by it.
0:22:16 > 0:22:18Absolutely. It is a beautiful area.
0:22:18 > 0:22:20And to have two new builds
0:22:20 > 0:22:22- is very rare for somewhere like this.- Yeah.
0:22:22 > 0:22:24So, let's talk about the bungalow.
0:22:24 > 0:22:26How much do you hope to sort of sell that on for?
0:22:26 > 0:22:31Um, I think we've had it valued at...295.
0:22:31 > 0:22:34And then you are also going to be building a four-bed house
0:22:34 > 0:22:36- for a family.- Yeah.
0:22:36 > 0:22:38Do you think that might be a little bit harder to sell on?
0:22:38 > 0:22:41Um, no, because, again, it will be price.
0:22:41 > 0:22:43If it is priced right in this area, then...
0:22:43 > 0:22:46People want to live in this area, so it is all down to price, really.
0:22:46 > 0:22:49Are they going to look typically Kentish in style?
0:22:49 > 0:22:54We will do as best we can. We like to use natural materials.
0:22:54 > 0:22:55We don't like to use fake materials,
0:22:55 > 0:22:58like the weatherboard will be natural wood.
0:22:58 > 0:23:00There will be a local-looking brick, tile.
0:23:00 > 0:23:03We do try to keep it looking as nice as possible.
0:23:03 > 0:23:06On the plans, aesthetically, I thought they looked really,
0:23:06 > 0:23:09- really nice.- Yeah. I think we'll make it look better than what it is
0:23:09 > 0:23:10on the plans, to be honest.
0:23:10 > 0:23:12Now, with new builds, you don't always get a lot of land,
0:23:12 > 0:23:15a lot of garden. Tell me about the family house.
0:23:15 > 0:23:17Is there going to be enough garden, do you think?
0:23:17 > 0:23:19Yeah, I think the garden will be adequate.
0:23:19 > 0:23:22Again, some people like big gardens, some people like small gardens.
0:23:22 > 0:23:25So you're going to be... It is
0:23:25 > 0:23:28difficult to get it right, but I think it is big enough for a family.
0:23:28 > 0:23:32So, what is worrying you about having bought this? Anything at all?
0:23:32 > 0:23:33Or are they just going to go up?
0:23:33 > 0:23:36No, I've got no worries about this site whatsoever.
0:23:36 > 0:23:39How long do you think it's going to take your team to build?
0:23:39 > 0:23:40Hopefully, about four months.
0:23:40 > 0:23:44So, four months to get on site, build the houses, up they go.
0:23:44 > 0:23:47- Yep, finished.- How are you going to get your team on site?
0:23:47 > 0:23:50Because I am standing here, going... "OK, it's a little bit tight here."
0:23:50 > 0:23:51How is it going to work?
0:23:51 > 0:23:54Do you think the neighbours are going to be happy?
0:23:54 > 0:23:57Yeah, logistics are going to be quite difficult, it is a bit tight.
0:23:57 > 0:23:59We are going to have to work with the neighbours with that.
0:23:59 > 0:24:01Try and keep out of the way as best we can.
0:24:01 > 0:24:04Try and get the deliveries down to a minimum on certain days.
0:24:04 > 0:24:07But we will work it, we will get there.
0:24:07 > 0:24:09So, are you going to be the man in charge, the project manager?
0:24:09 > 0:24:11Yeah, I'm here with the whip.
0:24:11 > 0:24:14You seem quite tough, like nothing is going to bother you.
0:24:14 > 0:24:17- Um, well, yeah, things do bother me. I do get stressed.- Do you?
0:24:17 > 0:24:19The boys know I get stressed.
0:24:19 > 0:24:23So, tell me, how much is it going to cost to build both these houses?
0:24:23 > 0:24:26- I've costed it up at 300,000. - 300,000 to build both.- Yeah.
0:24:26 > 0:24:28Start with the bungalow, then the house?
0:24:28 > 0:24:30Or will they both go up at the same time?
0:24:30 > 0:24:33We are going to do groundwork at the same time. We build timber frame.
0:24:33 > 0:24:36So we will have a bit of a gap between the frame
0:24:36 > 0:24:38coming from the bungalow to the house.
0:24:38 > 0:24:40But they go up quite quick when we start.
0:24:40 > 0:24:43Can you tell me this - what sort of profit are you hoping to walk
0:24:43 > 0:24:44away with at the end of the day?
0:24:44 > 0:24:47I think, after all expenses are taken out, sales fees, all the bits
0:24:47 > 0:24:50and pieces, I would probably hope to be walking away with 100,000.
0:24:50 > 0:24:53Ken, it has been lovely meeting you. Good luck with this project.
0:24:53 > 0:24:58- And I hope it all goes to plan. - Thank you.- Thanks a lot.- Cheers.
0:24:58 > 0:25:01Ken has the right idea here - get the plans, build the houses,
0:25:01 > 0:25:06sell them on for a reasonable price. Bosh, done.
0:25:06 > 0:25:10You can find out if works like that later on in the show.
0:25:11 > 0:25:14Still to come, there is bad brick in Dumfries,
0:25:14 > 0:25:17but will this fireplace get my seal of approval?
0:25:17 > 0:25:18What do you think I'm going to say?
0:25:23 > 0:25:26The best laid plans turn out unexpected results,
0:25:26 > 0:25:28when you see what Ken did in Kent.
0:25:28 > 0:25:32That is probably one of the biggest bathrooms I've seen.
0:25:34 > 0:25:37Back now to Ton Pentre, South Wales, where earlier,
0:25:37 > 0:25:42Yasser paid £29,000 for this two-bedroom mid-terrace.
0:25:42 > 0:25:46It looks like the previous owner needed a lot of hanging space.
0:25:46 > 0:25:50# Oh, young hearts, run free
0:25:50 > 0:25:53# Never be hung up
0:25:53 > 0:25:58# Hung up like my man and me
0:25:58 > 0:26:01# My man and me. #
0:26:01 > 0:26:04- You hadn't visited it, then? - I hadn't.- Oh.
0:26:04 > 0:26:05Really?
0:26:05 > 0:26:08So, what did you think when you walked through the front door?
0:26:08 > 0:26:10I was...shocked.
0:26:10 > 0:26:12To say the least.
0:26:12 > 0:26:14I still am, actually, rather shocked.
0:26:14 > 0:26:17I wasn't sure if it was a shop or if it was a pub or...
0:26:17 > 0:26:19It didn't look like a residence.
0:26:19 > 0:26:24And Yasser had an unusual, and dangerous, approach to buying blind.
0:26:24 > 0:26:27My take on this is that you can't go wrong at an auction.
0:26:27 > 0:26:30- But you CAN go wrong at auction. - Really?- Yes, of course!
0:26:30 > 0:26:31You can get into terrible trouble.
0:26:31 > 0:26:34If this thing isn't up to expectations, I can just go out,
0:26:34 > 0:26:38go back at the next auction, maybe lose a couple of thousand pounds.
0:26:38 > 0:26:42That is probably the worst that can happen.
0:26:42 > 0:26:45After the initial shock at the state of the house,
0:26:45 > 0:26:48Yasser thought this project would take up to eight months.
0:26:48 > 0:26:51And he was going to extend as well as refurbish.
0:26:51 > 0:26:55But there has been a change of plan, so we are back just four months
0:26:55 > 0:26:58later to find out from Yasser what he has been doing.
0:26:58 > 0:27:02So, I've basically asked my builder to, first of all,
0:27:02 > 0:27:03clean up the property.
0:27:03 > 0:27:06There were some structures inside the house,
0:27:06 > 0:27:10basically because the previous person used it as a dark room.
0:27:10 > 0:27:13And so, like, to hang the rolls of film.
0:27:13 > 0:27:16So there were different structures in the lounge - hooks
0:27:16 > 0:27:19and nails across in different places.
0:27:19 > 0:27:20So that was all cleaned up
0:27:20 > 0:27:23and cleared out just to make the property
0:27:23 > 0:27:26look in sort of its original form, rather than anything having
0:27:26 > 0:27:29been added on which wasn't supposed to be in place.
0:27:29 > 0:27:32Of course, I mean, when I first visited the property,
0:27:32 > 0:27:37it was very obvious that it needs pretty much an overall...overhaul.
0:27:37 > 0:27:40So, it needed a new lounge, you know,
0:27:40 > 0:27:44new walls, like, plastering, paint all over.
0:27:44 > 0:27:48New woodwork, new kitchen, new bathroom.
0:27:48 > 0:27:51Which is fine. You know, that was something that I was expecting,
0:27:51 > 0:27:54and that is really where you add value to the property.
0:27:55 > 0:27:58But Yasser wasn't expecting the amount of damp that he found
0:27:58 > 0:27:59in the property.
0:27:59 > 0:28:03It needed significant damp proofing and re-plastering -
0:28:03 > 0:28:07a much bigger expense and undertaking than he had planned for.
0:28:07 > 0:28:11So I decided not to carry on the works that I had planned or,
0:28:11 > 0:28:14you know, the original vision I had for the property because
0:28:14 > 0:28:19I probably wouldn't see the sort of return that I was hoping I would see.
0:28:19 > 0:28:23But Yasser doesn't regret buying unseen. He's got a plan.
0:28:23 > 0:28:26We have just basically decided to clean up the house
0:28:26 > 0:28:29and put it up on the market. Put it up on the retail market.
0:28:29 > 0:28:32I think it is a good house. It is a very large size.
0:28:32 > 0:28:35And I think there's a lot of potential for somebody who
0:28:35 > 0:28:37just simply wants to make it their home.
0:28:37 > 0:28:41Yasser spent £2,000 doing the clear out and tidy up,
0:28:41 > 0:28:43and it has made all the difference.
0:28:43 > 0:28:46# Such a little thing
0:28:46 > 0:28:49# Such a little thing
0:28:49 > 0:28:54# But the difference it made was
0:28:54 > 0:28:57# Grave
0:28:57 > 0:28:58# There you go
0:28:58 > 0:29:01# How I love
0:29:01 > 0:29:07# All of the very simple things of life
0:29:07 > 0:29:09# Oh
0:29:09 > 0:29:12# Such a little thing
0:29:12 > 0:29:16# A fumbling politeness
0:29:16 > 0:29:18# Oh
0:29:18 > 0:29:22# Oh, the difference saved me. #
0:29:22 > 0:29:26So, what difference does Yasser think he has made to the price with
0:29:26 > 0:29:29the tidying up and unblocking of this former dark room's windows?
0:29:29 > 0:29:33I think this property could really go out in a retail
0:29:33 > 0:29:37market for at least, I would say, 37, may be no less than 35.
0:29:37 > 0:29:39That is what I'm hoping.
0:29:41 > 0:29:43Well, let's see if the professionals agree.
0:29:43 > 0:29:46We asked two local estate agents to give us valuations.
0:29:46 > 0:29:51Will Yasser have had a narrow escape or even make a small profit
0:29:51 > 0:29:55on his £31,000 spend so far?
0:29:55 > 0:29:58I don't think any value has been added to the property.
0:29:58 > 0:30:01Whoever comes here is going to have to gut the place.
0:30:01 > 0:30:05So they're not going to worry about bits and pieces going from it.
0:30:05 > 0:30:09It would be fine to sell it as a starter home - two bedrooms,
0:30:09 > 0:30:11bathroom.
0:30:11 > 0:30:13And obviously do something with this kitchen.
0:30:13 > 0:30:15It is great that there is a garage here.
0:30:15 > 0:30:19Because obviously, even though it needs to be rebuilt,
0:30:19 > 0:30:21you're not going to have to go to the local authority
0:30:21 > 0:30:22to get planning permission.
0:30:22 > 0:30:25And with this being a main-road property, it is
0:30:25 > 0:30:27just great to have the off-road parking.
0:30:27 > 0:30:29So, how do the agents feel about putting
0:30:29 > 0:30:33the property on the market after just a quick spruce up?
0:30:33 > 0:30:36If this was my property, I probably would have gutted it completely
0:30:36 > 0:30:37and spent the money and renovated it.
0:30:37 > 0:30:40That is the only way you would've made any money on it.
0:30:40 > 0:30:42My personal opinion with this property is
0:30:42 > 0:30:44I'd like to see the work done.
0:30:44 > 0:30:48There are plenty of buyers out there that will be looking to buy
0:30:48 > 0:30:49this sort of property.
0:30:49 > 0:30:52However, there is so much potential, money to be made,
0:30:52 > 0:30:53in my opinion,
0:30:53 > 0:30:56I would like to see the current owner actually do
0:30:56 > 0:30:59the work and sell it on and make the money for himself.
0:30:59 > 0:31:01But that is his decision.
0:31:02 > 0:31:06Yasser's total spend here to date is 31,000.
0:31:06 > 0:31:10Given the house had a guide price at auction of £20,000 plus,
0:31:10 > 0:31:13will he be able to break even?
0:31:13 > 0:31:15In its current state, the property,
0:31:15 > 0:31:18you'd be looking round about £25,000 to £30,000.
0:31:18 > 0:31:22If I was going to put this property on the market for sale today,
0:31:22 > 0:31:28I would be looking to market it at somewhere between £35,000
0:31:28 > 0:31:31and £40,000.
0:31:31 > 0:31:33However, we have got to consider offers.
0:31:33 > 0:31:37I would expect it to go for 35,000.
0:31:37 > 0:31:38Definitely.
0:31:39 > 0:31:41Of course, I would agree with the second one.
0:31:41 > 0:31:44But that is how much I thought it would be worth.
0:31:44 > 0:31:45I think if I put it up for 37,
0:31:45 > 0:31:48I should be able to sell it for 35 and, you know,
0:31:48 > 0:31:52minus any of the estate agent fees,
0:31:52 > 0:31:56I'd have no losses whatsoever with this property.
0:31:56 > 0:31:59Buying a property blind is always a risk.
0:31:59 > 0:32:04And, as I am sure you know, I really don't recommend it.
0:32:04 > 0:32:07In this case, if Yasser sells it for what he hopes, it will have
0:32:07 > 0:32:09washed its face.
0:32:09 > 0:32:12So is he ready to plunge headlong into the auctions again?
0:32:12 > 0:32:13Absolutely.
0:32:13 > 0:32:15As soon as this is going to sell off,
0:32:15 > 0:32:18and the money comes back into my bank account,
0:32:18 > 0:32:21you'll see me at the next property auction.
0:32:23 > 0:32:26Today, I'm in Dumfries, on the bank of the River Nith.
0:32:26 > 0:32:30Now, the river is considered one of the town's greatest assets.
0:32:30 > 0:32:33And the area around here, White Sands,
0:32:33 > 0:32:37potentially has a major regeneration project planned.
0:32:37 > 0:32:40That has got to be interesting.
0:32:40 > 0:32:44And the town is interesting for other reasons, too.
0:32:44 > 0:32:47Two great Scots have connections with Dumfries -
0:32:47 > 0:32:50Robert the Bruce and Robert Burns.
0:32:50 > 0:32:54Robert the Bruce slew his rival, the Red Comyn,
0:32:54 > 0:32:56here at Greyfriars Kirk
0:32:56 > 0:32:58and went on to become King of Scotland.
0:32:58 > 0:33:02BAGPIPES PLAY
0:33:04 > 0:33:08When Robert Burns was at the height of his poetry powers,
0:33:08 > 0:33:09he came to live here.
0:33:09 > 0:33:13Sadly, he died aged only 37.
0:33:13 > 0:33:17And his mausoleum attracts Burns aficionados from all over the world,
0:33:17 > 0:33:22a reflection of the longevity of works like Auld Lang Syne.
0:33:22 > 0:33:27BAGPIPES PLAY
0:33:27 > 0:33:30Well, just a stone's throw from the river is the property
0:33:30 > 0:33:31I'm here to see.
0:33:31 > 0:33:35£40,000 plus was the guide price for a three-bedroom flat.
0:33:35 > 0:33:38It sounds almost too good to be true.
0:33:38 > 0:33:39Ha, this could be one of the reasons.
0:33:39 > 0:33:43Part of the flat is actually situated above the restaurant
0:33:43 > 0:33:45and lounge of the neighbouring pub.
0:33:45 > 0:33:48Now, that could give issues with noise,
0:33:48 > 0:33:52but more importantly, perhaps, issues getting a mortgage.
0:33:52 > 0:33:55However, it is a good, solid-looking building.
0:33:55 > 0:33:57So let's take a look inside.
0:33:57 > 0:34:02The building has lots of character, built circa 1880.
0:34:02 > 0:34:03Through the front door,
0:34:03 > 0:34:06I'm straight up a flight of stairs to a landing on the left.
0:34:06 > 0:34:09It is quirky. Wow, what is going on there?
0:34:09 > 0:34:13It is like a little bridge that you have to go up here
0:34:13 > 0:34:15to go across to the other side of the property.
0:34:15 > 0:34:18We'll explore that in a minute. First of all, into the lounge.
0:34:18 > 0:34:20Well, the first thing that strikes you
0:34:20 > 0:34:23when you come in here is this -
0:34:23 > 0:34:25feature fireplace. Wow!
0:34:25 > 0:34:28Now, feature fireplaces like this tread a fine line in between
0:34:28 > 0:34:31being pretty good or something you want to rip out,
0:34:31 > 0:34:33eh, straightaway.
0:34:33 > 0:34:35In this instance,
0:34:35 > 0:34:37would do you think I'm going to say?
0:34:39 > 0:34:41Actually, I like it.
0:34:41 > 0:34:42No, I think it works.
0:34:42 > 0:34:47I think the brick thing... It's warm. I like bricks.
0:34:47 > 0:34:49It's just... I do, I like it.
0:34:49 > 0:34:53The fact that there's more over there, not too sure.
0:34:53 > 0:34:56Probably cover that one up. But this bit definitely stays.
0:34:56 > 0:35:00In terms of a little living space, yep, it's good.
0:35:00 > 0:35:02Stairs over there.
0:35:02 > 0:35:05But I've seen stairs over there as well.
0:35:05 > 0:35:07What is going on with this place?
0:35:07 > 0:35:11I'll come back and investigate where the lounge set of steps go to later.
0:35:11 > 0:35:12First, the kitchen,
0:35:12 > 0:35:17via these steps from the lounge or these from upstairs.
0:35:17 > 0:35:21Worth the journey, though, because it is a really nice space.
0:35:22 > 0:35:26Slightly unusual layout. This feels a bit strange.
0:35:26 > 0:35:29This work surface here and then this little area
0:35:29 > 0:35:30towards the back there with your sink.
0:35:30 > 0:35:33But there is enough space for a kitchen table.
0:35:33 > 0:35:35It's in pretty decent condition.
0:35:35 > 0:35:37The boiler looks like it has seen better days.
0:35:37 > 0:35:40If you are looking to rent this place out,
0:35:40 > 0:35:43I don't think there's that much you need to do, just tidy it up a bit.
0:35:43 > 0:35:45In fact, the whole flat is like that.
0:35:45 > 0:35:47It's great.
0:35:48 > 0:35:51OK, so, it is a little bit dark.
0:35:51 > 0:35:53But a coat of brighter paint and a few updated units
0:35:53 > 0:35:55and it would be fine.
0:35:55 > 0:35:59Out of the kitchen, and the unusual layout continues.
0:36:00 > 0:36:03Well, upstairs number...
0:36:03 > 0:36:05I don't know, I've lost count. Is it four?
0:36:05 > 0:36:08I don't know... Yes, lots of...
0:36:08 > 0:36:10Anyway, up staircase number whatever-it-is,
0:36:10 > 0:36:13to two of the bedrooms.
0:36:13 > 0:36:16Before I actually get there, though, woodchip.
0:36:16 > 0:36:20Before you go devoting a significant portion of your life to
0:36:20 > 0:36:22actually getting it off - it is a nightmare job -
0:36:22 > 0:36:26for a rental property, there are people who definitely sing
0:36:26 > 0:36:29the praises of woodchip, because...
0:36:29 > 0:36:31It is easy to repair.
0:36:31 > 0:36:32Somebody damages it,
0:36:32 > 0:36:35you just feather in another bit of woodchip, and Bob's your uncle.
0:36:35 > 0:36:40But anyway, up here, this little landing area,
0:36:40 > 0:36:42bedroom on one side, bedroom on the other.
0:36:42 > 0:36:44In the middle, ah, a little bathroom. That's cute.
0:36:44 > 0:36:47I like the fact you've got these stripped doors,
0:36:47 > 0:36:49that adds a nice feature. Oh, look at that.
0:36:49 > 0:36:52Now, I know it's a small thing,
0:36:52 > 0:36:54but...just look at that.
0:36:54 > 0:36:56What a beautiful door handle.
0:36:56 > 0:36:58Gorgeous. It is little things that make a difference.
0:36:58 > 0:37:01Like the fact that that floor in there is stripped as well.
0:37:01 > 0:37:05It just makes this not a plain, magnolia, boring flat,
0:37:05 > 0:37:07it has already got loads of character.
0:37:07 > 0:37:11Another beautiful door there. Lots of storage. Quirky ceilings.
0:37:11 > 0:37:13A few signs of damp. That wants to be sorted out.
0:37:13 > 0:37:15Apart from that,
0:37:15 > 0:37:19it's a lovely flat. I really like it.
0:37:19 > 0:37:22Across the landing, there is another bedroom,
0:37:22 > 0:37:24which completes this side of the flat.
0:37:26 > 0:37:29The other side is accessed by, you guessed it,
0:37:29 > 0:37:30the staircase to the lounge.
0:37:30 > 0:37:34And that way, there is another bedroom and bathroom.
0:37:36 > 0:37:40The flat also has a roof terrace with its attendant seagulls,
0:37:40 > 0:37:43not for the ornithophobics.
0:37:43 > 0:37:48It is reminiscent from a scene from Alfred Hitchcock's The Birds.
0:37:48 > 0:37:51SEAGULL SCREECHES
0:37:51 > 0:37:54All things considered, it is a very imaginative use of space.
0:37:54 > 0:37:58And it is so conveniently positioned for the town's centre.
0:37:58 > 0:38:02At a guide price of £40,000 plus, it does seem like a bargain.
0:38:04 > 0:38:07I wonder what the auctioneer who sold it would recommend,
0:38:07 > 0:38:08rental or resale?
0:38:08 > 0:38:10Let's find out.
0:38:10 > 0:38:12Because of its proximity
0:38:12 > 0:38:15to the river and the town centre,
0:38:15 > 0:38:17very easy to let out.
0:38:17 > 0:38:19Three bedrooms as well, which is
0:38:19 > 0:38:22unusual for a tenanted property in town.
0:38:22 > 0:38:25I think if this property was exposed to the rental market,
0:38:25 > 0:38:27I think you'd see a rental income
0:38:27 > 0:38:30of about £375 per calendar month.
0:38:30 > 0:38:33Yeah, I think if it was exposed to the sales market,
0:38:33 > 0:38:35you might do a little bit more work.
0:38:35 > 0:38:38You might even consider a new kitchen or kitchen tops,
0:38:38 > 0:38:40or just dress it up a little bit more.
0:38:40 > 0:38:44You might see a sale price in the region of £70,000.
0:38:47 > 0:38:49Well, I think this is a really good little flat.
0:38:49 > 0:38:51And there is certainly lots going on that is very
0:38:51 > 0:38:54positive in the White Sands area of Dumfries.
0:38:54 > 0:38:56So, a good potential investment.
0:38:56 > 0:39:00Let's see who agreed when it went under the hammer.
0:39:00 > 0:39:0140 is your guide, who's here?
0:39:01 > 0:39:0240 plus.
0:39:02 > 0:39:06At 40,000, bid? 35 then, need a bid.
0:39:06 > 0:39:07Can't sell without a bid,
0:39:07 > 0:39:10ladies and gentlemen. 35 here, back row.
0:39:10 > 0:39:12At £35,000. In ones.
0:39:12 > 0:39:1436. 37.
0:39:14 > 0:39:1637 now on bid. 38.
0:39:16 > 0:39:1939. 39, now I've got 40.
0:39:19 > 0:39:2241. 42. 43.
0:39:22 > 0:39:2444. 45.
0:39:24 > 0:39:2746. 47.
0:39:27 > 0:39:2948.
0:39:29 > 0:39:31You're out. With you at 47.
0:39:31 > 0:39:34At £47,000 in the back row, first time.
0:39:34 > 0:39:38At £47,000 for the second time. You've run away.
0:39:38 > 0:39:40At £47,000, then...
0:39:40 > 0:39:42For the third and final time.
0:39:42 > 0:39:44I'm selling it. It's in the room.
0:39:44 > 0:39:46All done, all out.
0:39:46 > 0:39:48Well done, sir.
0:39:48 > 0:39:51And brandishing paddle 32 with a successful
0:39:51 > 0:39:54bid of £47,000 was Graham.
0:39:54 > 0:39:58He retired from being a directional drilling engineer
0:39:58 > 0:40:01in the oil industry earlier this year.
0:40:01 > 0:40:02Graham, good to meet you.
0:40:02 > 0:40:06Congratulations. Tell me why you wanted to buy this flat.
0:40:06 > 0:40:08I was looking for a flat to rent.
0:40:08 > 0:40:11To get some income for...look forward to a pension,
0:40:11 > 0:40:12- that sort of thing, you know?- Right.
0:40:12 > 0:40:16And this came up for auction and the guide price was very good.
0:40:16 > 0:40:18Why were you looking for a flat particularly?
0:40:18 > 0:40:20I wasn't really looking for a flat,
0:40:20 > 0:40:23but this is the one that came up at that time at the right sort of price.
0:40:23 > 0:40:25I was looking for something two or three bedroom,
0:40:25 > 0:40:28actually with the garden, that sort of thing, but this flat came up.
0:40:28 > 0:40:31- And as I say, the price seemed to be correct.- Right.
0:40:31 > 0:40:33And what about the area? Particularly in Dumfries or...?
0:40:33 > 0:40:36Well, yes, Dumfries. I live not too far away.
0:40:36 > 0:40:40- So I want easy access to service the property, you know?- Right.
0:40:40 > 0:40:42It is actually a nice position, isn't it?
0:40:42 > 0:40:45- Quite close to the river and the centre of town.- Yep.
0:40:45 > 0:40:48I think there is a certain amount of refurbishment going on here.
0:40:48 > 0:40:50- Mm-hm.- More landscaping by the river.
0:40:50 > 0:40:54- And that should improve the property. - Now, it's quirky, isn't it?
0:40:54 > 0:40:57- Yeah.- I like it. Now, I love the fact that it is like that.
0:40:57 > 0:41:01- I only had a ten-minute preview before the auction.- Right.
0:41:01 > 0:41:03- Cos I couldn't make the open day.- Ah.
0:41:03 > 0:41:06- So, only ten minutes, a quick flash around, you know?- OK.
0:41:06 > 0:41:09And there is a bedroom up there, two bedrooms up here,
0:41:09 > 0:41:12and there's a bathroom and a little terrace out the back.
0:41:12 > 0:41:15- There's this and that fitted kitchen. - Yeah.- I couldn't believe it, yeah.
0:41:15 > 0:41:17- But it is in good condition.- Yeah.
0:41:17 > 0:41:21The home report was quite good and the survey was fairly thorough.
0:41:21 > 0:41:22Right.
0:41:22 > 0:41:26And there are issues with the top two bedrooms,
0:41:26 > 0:41:27with water ingression,
0:41:27 > 0:41:30- which you don't see now because it has been redecorated.- Ah.
0:41:30 > 0:41:32But the first thing I'm going to do is get a company in,
0:41:32 > 0:41:35a professional company, to check all that out.
0:41:35 > 0:41:38- Cos that's the most important thing. - Get the roof sorted.- Exactly.
0:41:38 > 0:41:41- So, is this your first venture into property investment?- No.
0:41:41 > 0:41:46- I bought a pub building north of Aberdeen.- Oh.
0:41:46 > 0:41:49- Which is a pub and a three-bedroom apartment above it.- Right.
0:41:49 > 0:41:50I bought the building
0:41:50 > 0:41:54- and I have somebody who runs the pub.- Right.
0:41:54 > 0:41:57- And he lives in the apartment upstairs, you know?- Oh, wow.
0:41:57 > 0:41:58So that's how that works.
0:41:58 > 0:42:00So tell me what you are going to do to it, then?
0:42:00 > 0:42:05Well, as I say, the roof needs to be checked properly.
0:42:05 > 0:42:07Before we start getting into winter.
0:42:07 > 0:42:10And the terrace outside,
0:42:10 > 0:42:13there is a certain amount to do to the little railing.
0:42:13 > 0:42:15And this carpeting...
0:42:15 > 0:42:17I'll probably have this cleaned,
0:42:17 > 0:42:19but the rest of the carpeting I'll have replaced to match this.
0:42:19 > 0:42:22- So it's all that sort of one colour. - Mm-hm.
0:42:22 > 0:42:25- Why? It's all right, isn't it? - Well, it's...
0:42:25 > 0:42:27I think I prefer plain colours.
0:42:27 > 0:42:29Yeah, but that has been there for years,
0:42:29 > 0:42:31- it is lasting well. - You like it, do you?- I mean...
0:42:31 > 0:42:34- Yeah, actually.- Roll it up, take it home.- What's the point?
0:42:34 > 0:42:36"Roll it up and take it home." All right then.
0:42:36 > 0:42:38- Yes. But what is wrong with it? - It's OK, it's just...
0:42:38 > 0:42:41I'll give it a clean, see what it looks like. Save some money.
0:42:41 > 0:42:43It has been there for years. Good old English carpet.
0:42:43 > 0:42:47- That depends how much the...the roof may cost.- Right.
0:42:47 > 0:42:49To do some repairs up there.
0:42:49 > 0:42:51- Cos I'm pretty sure there will be repairs to do.- Yeah, yeah.
0:42:51 > 0:42:53- But I've got a budget.- Which is?
0:42:53 > 0:42:56Well, I expected to pay 50,000 for it, so that leaves me about 3,000.
0:42:56 > 0:42:58- Nice.- I'd keep it at the same price
0:42:58 > 0:43:01and that 3,000 will cover basically everything I need to do to it.
0:43:01 > 0:43:04What kind of rental return do you think you might get?
0:43:04 > 0:43:06Well, 450 to 500 a month.
0:43:06 > 0:43:09So, if you got 500 a month, that is way over ten percent.
0:43:09 > 0:43:10That's good, isn't it?
0:43:10 > 0:43:13- Better than one percent at the bank. - Well, yeah!
0:43:13 > 0:43:15Plus you've got the capital gain as well.
0:43:15 > 0:43:18Wow. Yeah. Result.
0:43:18 > 0:43:21Now, you have got quite a few tenants already, haven't you?
0:43:21 > 0:43:22Of the feathered variety.
0:43:22 > 0:43:23So I see.
0:43:23 > 0:43:25What are you going to do about them? Get a cat or something?
0:43:25 > 0:43:27What would you suggest?
0:43:27 > 0:43:29- A cat maybe. It's the cheapest solution.- An air gun?
0:43:29 > 0:43:31- An air... No!- I don't know.
0:43:31 > 0:43:34- I think that's just cities now, what can you do?- Yeah.
0:43:34 > 0:43:36- Have to live with them, I think. - Well, listen, congratulations.
0:43:36 > 0:43:38- Good luck with it.- Thank you.
0:43:38 > 0:43:41- Look forward to seeing how you get on.- Thanks very much.
0:43:41 > 0:43:44Well, I think Graham has done well with this little property
0:43:44 > 0:43:46in Dumfries.
0:43:46 > 0:43:48But joking apart, in terms of the carpet,
0:43:48 > 0:43:51when you are doing up a property, especially if you are going to rent
0:43:51 > 0:43:55it out, just look around and say, "Do I really need to replace that?"
0:43:55 > 0:43:57Because in this case, I don't think you do.
0:43:57 > 0:44:00Will he or won't he? With £3,000 to spend
0:44:00 > 0:44:03on the refurbishment, I think you might be forced to keep it.
0:44:03 > 0:44:07You can find out how it all turns out later in the show.
0:44:10 > 0:44:15Planning permission, adverse weather, just finding the time.
0:44:15 > 0:44:19So many things can affect the rate of renovation of a property.
0:44:19 > 0:44:21Well, we've seen how one of our buyers has got on.
0:44:21 > 0:44:23Let's check out the others.
0:44:23 > 0:44:27Back now to the quiet village of St Michaels, near Tenterden,
0:44:27 > 0:44:29in Kent, where we met Ken,
0:44:29 > 0:44:34who owns a chicken farm in nearby Ashford with his wife, Laura.
0:44:35 > 0:44:38They collect and sell the eggs from their 12,000 chickens.
0:44:38 > 0:44:39But we met him
0:44:39 > 0:44:43because he also finds the time to build new properties, which is
0:44:43 > 0:44:47why he bought this plot of land with planning permission
0:44:47 > 0:44:51for a two-bedroom detached bungalow and a four-bedroom detached house.
0:44:51 > 0:44:57He secured the land with a successful bid of 195,000.
0:44:57 > 0:45:00Are you happy with the lot you bought on the day or do you
0:45:00 > 0:45:03- want to tweak?- No, we're going to be building it as it is.
0:45:03 > 0:45:04We are happy with the plans.
0:45:04 > 0:45:07Going back to planning loses time, money,
0:45:07 > 0:45:09so we are going to build it out as is.
0:45:09 > 0:45:12# And all the plans we made... #
0:45:12 > 0:45:17But I had concerns about the narrow access driveway.
0:45:17 > 0:45:19Do you think that might be a downside to this site?
0:45:19 > 0:45:24Yeah, it might do. But then, that reflects in the price.
0:45:24 > 0:45:28We're back almost a year to the day that we first filmed,
0:45:28 > 0:45:31and what a difference it has made to the secluded spot of overgrown
0:45:31 > 0:45:34land I remember meandering through.
0:45:34 > 0:45:37# I walked across
0:45:37 > 0:45:40# An empty land
0:45:40 > 0:45:45# I knew the pathway like the back of my hand. #
0:45:47 > 0:45:50That pathway is now the shared driveway.
0:45:50 > 0:45:53But work is not quite complete here, so it is too early to say
0:45:53 > 0:45:57if the communal narrow entrance is working well or not.
0:45:57 > 0:45:59The house would suit a family
0:45:59 > 0:46:03and the bungalow is aimed at the retirement market.
0:46:03 > 0:46:04# I'm getting older
0:46:04 > 0:46:08# And I need something to rely on. #
0:46:08 > 0:46:11Ken did use local brick and tile finishes,
0:46:11 > 0:46:14truly Kentish in character.
0:46:14 > 0:46:16He was right when he said the reality would be better
0:46:16 > 0:46:17than the plans.
0:46:17 > 0:46:19And inside the house...
0:46:30 > 0:46:35# Is this the place we used to love
0:46:35 > 0:46:41# Is this the place that I've been dreaming of? #
0:46:41 > 0:46:45It is an impressive specification. First floor. Landing.
0:46:45 > 0:46:49Bedroom one, with en-suite shower room.
0:46:49 > 0:46:53Bedroom two, with en-suite shower room.
0:46:53 > 0:46:57Two further bedrooms and family bathroom with loo.
0:46:57 > 0:46:59And, wow, just look at the size of it!
0:47:02 > 0:47:04The ground floor is just as spacious,
0:47:04 > 0:47:06with entrance hall, cloak room,
0:47:06 > 0:47:08toilet,
0:47:08 > 0:47:11living room,
0:47:11 > 0:47:13study,
0:47:13 > 0:47:14dining room,
0:47:14 > 0:47:18kitchen and utility.
0:47:18 > 0:47:21Clearly, Ken missed his true vocation
0:47:21 > 0:47:23when he went into chicken farming.
0:47:24 > 0:47:27Ken's business model is to buy land
0:47:27 > 0:47:29and build to the already granted plans.
0:47:29 > 0:47:33But sometimes he must wish he could have done something different.
0:47:33 > 0:47:35I would've made the bedrooms slightly bigger and the bathroom
0:47:35 > 0:47:37slightly smaller, to be fair.
0:47:37 > 0:47:39That is probably one of the biggest bathrooms I've seen.
0:47:39 > 0:47:42Definitely for what I have done in the past.
0:47:42 > 0:47:44That makes two of us.
0:47:44 > 0:47:48Another thing that was bigger than anticipated was the timescale.
0:47:48 > 0:47:51Ken originally estimated four to five months.
0:47:51 > 0:47:54And here we are, almost a year on.
0:47:54 > 0:47:55What went wrong?
0:47:55 > 0:47:58The problem was the groundwork cos it was a very, very wet winter.
0:47:58 > 0:48:01The foundations kept collapsing in.
0:48:01 > 0:48:04So, every day we had three or four blokes in there digging it out
0:48:04 > 0:48:05by hand in mud.
0:48:05 > 0:48:08I think we lost nearly eight weeks.
0:48:08 > 0:48:10And it is still not finished.
0:48:10 > 0:48:11What's left to do?
0:48:11 > 0:48:15We've still got left some of the fixed electrics to do.
0:48:15 > 0:48:18We've still got a little bit of plumbing to finish, shower trays,
0:48:18 > 0:48:20etc. Decorating.
0:48:20 > 0:48:23Tarmac-ing off the drive.
0:48:23 > 0:48:25I think that's pretty much it.
0:48:25 > 0:48:29And has the overrun had much impact on the original budget?
0:48:29 > 0:48:31I gave it a budget of 300,000
0:48:31 > 0:48:34and I think I've come in about 260.
0:48:34 > 0:48:37So I am a little bit under. I'm quite pleased with that.
0:48:39 > 0:48:41Quite pleased? I am gob smacked!
0:48:41 > 0:48:43Two nicely finished homes
0:48:43 > 0:48:46for £260,000?
0:48:46 > 0:48:47I think that is good going.
0:48:47 > 0:48:50But what will two local estate agents make of the development?
0:48:50 > 0:48:54Ken paid 195,000 at auction
0:48:54 > 0:48:57and a further 260,000 developing
0:48:57 > 0:49:01the site, making a total spend of 455,000.
0:49:01 > 0:49:03Will it be money well spent?
0:49:03 > 0:49:07There is certainly great demand for both types of these properties.
0:49:07 > 0:49:10And I would be very confident in both of these properties
0:49:10 > 0:49:12selling very quickly.
0:49:12 > 0:49:14This is my second time on site.
0:49:14 > 0:49:16I am very impressed with the development.
0:49:16 > 0:49:18It fills the plot very well,
0:49:18 > 0:49:20but at the same time, leaving plenty of space around it.
0:49:22 > 0:49:24Ken has been clear from the outset -
0:49:24 > 0:49:27he only billed for the resale market.
0:49:27 > 0:49:28So, starting with the bungalow,
0:49:28 > 0:49:31what do the agents feel would be a good valuation?
0:49:31 > 0:49:35If the bungalow was to be put up for sale, we would recommend an asking
0:49:35 > 0:49:40price of around £350,000, with a view to take an offer of about 345.
0:49:40 > 0:49:44I would assume a price to achieve in the region of
0:49:44 > 0:49:46£325,000.
0:49:46 > 0:49:48How much is the house worth?
0:49:48 > 0:49:50The four-bedroom detached house,
0:49:50 > 0:49:54if that was to be put on the market for sale, I would expect to
0:49:54 > 0:49:58achieve a sale price in the region of £450,000.
0:49:58 > 0:50:01If they decide to put the detached house on the market, we would
0:50:01 > 0:50:05predict achieving an asking price in the region of £450,000.
0:50:05 > 0:50:08The top valuations for the two properties
0:50:08 > 0:50:11give a total of 795,000.
0:50:11 > 0:50:15If he were to achieve them, that would give him a potential
0:50:15 > 0:50:20profit of £340,000, minus all taxes and fees, of course.
0:50:20 > 0:50:23Not chicken feed in anyone's book.
0:50:23 > 0:50:26Well, that there is actually what we are going to market them at.
0:50:26 > 0:50:30So I will be very happy with that if I can achieve that price.
0:50:30 > 0:50:34Ken reckons he will be completed and off the site in three weeks.
0:50:34 > 0:50:36But he's not resting on his laurels.
0:50:36 > 0:50:38I've just purchased another site,
0:50:38 > 0:50:40just up the road,
0:50:40 > 0:50:44for the conversion of a pub into a house.
0:50:44 > 0:50:46So that is where we are going to go from here.
0:50:46 > 0:50:50# I got a new field to plough. #
0:50:50 > 0:50:52A sign of the times, I suppose.
0:50:52 > 0:50:54A pub being converted into a house?!
0:50:54 > 0:50:58But I'm sure it will be another profitable venture for Ken
0:50:58 > 0:50:59and his team.
0:51:04 > 0:51:07Back now to Scotland and the town of Dumfries,
0:51:07 > 0:51:12where I met Graham, who has recently retired as a directional
0:51:12 > 0:51:14drilling engineer in the oil industry.
0:51:14 > 0:51:18He bought this spacious three-bedroom, first-floor flat
0:51:18 > 0:51:23for £47,000 and plans to enhance his pension by renting out the property.
0:51:23 > 0:51:27And it looked like he'd made a very shrewd move.
0:51:27 > 0:51:30What kind of rental return do you think you might get?
0:51:30 > 0:51:32Well, 450 to 500 a month.
0:51:32 > 0:51:35So, if you got 500 month, that is way over ten percent.
0:51:35 > 0:51:36Yeah, that's good, isn't it?
0:51:36 > 0:51:39- Better than one percent at the bank. - Well, yeah!
0:51:39 > 0:51:44- Plus you get the capital gain as well.- Wow. Yeah. Result.
0:51:44 > 0:51:48There were things about this quirky flat I just loved.
0:51:48 > 0:51:51The brick thing... It's warm. I like bricks.
0:51:51 > 0:51:53It's just... I do, I like it.
0:51:53 > 0:51:55The fact that there is more over there are,
0:51:55 > 0:51:57probably would cover that one up.
0:51:57 > 0:51:59And I was all for keeping another feature.
0:51:59 > 0:52:01- That's been there for years. - You like it, do you?
0:52:01 > 0:52:04- Well, I mean, yeah, actually! - Roll it up, take it home.
0:52:04 > 0:52:05What's the point?
0:52:05 > 0:52:07"Roll it up, take it home." All right then.
0:52:07 > 0:52:10- Yes, but what's wrong with it?- It's OK.
0:52:10 > 0:52:12- I'll give it a clean, see what it looks like.- Yeah.
0:52:12 > 0:52:16For me, the flat worked on many levels, which was a good job,
0:52:16 > 0:52:18because it appeared to have many levels.
0:52:18 > 0:52:22In fact, there were so many staircases, at one point,
0:52:22 > 0:52:23I lost count.
0:52:23 > 0:52:27We are back just four weeks later to see how he is getting on.
0:52:27 > 0:52:30The main problem with the building was the roof.
0:52:30 > 0:52:33There was water ingression.
0:52:33 > 0:52:37I can show you from here the repair work that has been done on the roof.
0:52:37 > 0:52:41The two gullies either side of this pitch have been replaced with lead.
0:52:41 > 0:52:44The skylight has been refitted and sealed.
0:52:44 > 0:52:48And all the tiles have been checked and replaced with about 40 tiles.
0:52:48 > 0:52:51And the pins checked and replaced.
0:52:51 > 0:52:54And that should solve the water ingression problem.
0:52:54 > 0:52:57So what about those other potential problems?
0:52:57 > 0:53:01Would noise from the pub next door put off prospective tenants?
0:53:01 > 0:53:04And talking of tenants, there have been additions to the
0:53:04 > 0:53:08feathered ones in residence on the roof terrace -
0:53:08 > 0:53:10a couple of seagull chicks.
0:53:10 > 0:53:13# Like birds of a feather
0:53:16 > 0:53:20# We got to stick together Like birds of a feather now. #
0:53:22 > 0:53:25Um, I don't think there's a major issue with noise.
0:53:25 > 0:53:27Maybe on the weekends.
0:53:27 > 0:53:30But any time I've been here, apart from the seagulls...
0:53:30 > 0:53:32HE LAUGHS
0:53:32 > 0:53:36But that should be solved once the chicks fly away, you know.
0:53:36 > 0:53:38I don't think there is a major problem with that here.
0:53:38 > 0:53:41So, how much did Graham have to roll up his sleeves
0:53:41 > 0:53:45and get stuck in when it came to the big jobs like the roof?
0:53:45 > 0:53:48Well, I was on the roof for the two-day period.
0:53:48 > 0:53:53But I didn't actually have any hands-on work to do, you know.
0:53:53 > 0:53:54So I made tea and coffee.
0:53:54 > 0:53:56I had new carpeting done.
0:53:56 > 0:54:00I took Martin's advise, so we replaced this carpet in this room.
0:54:00 > 0:54:04And then refitted the Wilshire carpet in the landing and the stairs.
0:54:04 > 0:54:07And that total cost was...
0:54:07 > 0:54:10I think it was £160.
0:54:10 > 0:54:13It has been hard to spot the difference from four weeks ago.
0:54:13 > 0:54:17One thing that does stand out is the banister fitted to the
0:54:17 > 0:54:19staircase by the lounge.
0:54:19 > 0:54:21And Graham did paint it himself.
0:54:21 > 0:54:24Graham has completed some other essential jobs.
0:54:24 > 0:54:27With rented residential accommodation, it is
0:54:27 > 0:54:31the landlord's responsibility to ensure that the electrical
0:54:31 > 0:54:35installation and appliances provided are safe when the tenancy
0:54:35 > 0:54:40begins and are in proper working order throughout the tenancy,
0:54:40 > 0:54:43which is why Graham has to replace the old fuse box.
0:54:43 > 0:54:47So, let's get an idea if his fixes have made it more rentable.
0:54:49 > 0:54:53We called in two local property experts to get their opinions.
0:54:53 > 0:54:56Graham's original timescale was two months.
0:54:56 > 0:54:59With just the consuming unit to fit next week,
0:54:59 > 0:55:02he should have completed in just five weeks.
0:55:02 > 0:55:07He reckons to have spent £1,800 of his £3,000 refurbishment
0:55:07 > 0:55:11budget, plus the £47,000 he spent at auction.
0:55:12 > 0:55:15Yeah, I think he has done what he needed to do
0:55:15 > 0:55:18perhaps, maybe, to expose it to the rental market.
0:55:18 > 0:55:20The biggest problem with the property, I think,
0:55:20 > 0:55:24was the roof and the damp that was caused by the gutters, etc.
0:55:24 > 0:55:26That has obviously all been done.
0:55:26 > 0:55:28The fixes have been done for the gas.
0:55:28 > 0:55:32Painted. Tidied up. New carpets.
0:55:32 > 0:55:34Ready to go, really. Good job.
0:55:34 > 0:55:37Well, it looks as though some work has been done,
0:55:37 > 0:55:39but there is still quite a bit left to be done.
0:55:39 > 0:55:41I think it is presentable enough,
0:55:41 > 0:55:42but it is not top quality.
0:55:42 > 0:55:45I think the kitchen could be doing with a bit more work on it,
0:55:45 > 0:55:46for example.
0:55:46 > 0:55:49The decor is fairly basic, not everyone loves magnolia.
0:55:49 > 0:55:54What I like about this property is its location.
0:55:54 > 0:55:57I think if you were to rent this property out,
0:55:57 > 0:56:00you may have to change tenants from time to time,
0:56:00 > 0:56:04but I don't think you'll experience any void periods.
0:56:04 > 0:56:06And if there are, it won't be for long,
0:56:06 > 0:56:10cos there are always in demand in this particular area of the town.
0:56:10 > 0:56:14So its location is the best part about this particular property.
0:56:14 > 0:56:17And what about the sitting and flying tenants?
0:56:17 > 0:56:20Are they going to detract from the valuation?
0:56:20 > 0:56:22The seagulls are a big problem in Dumfries, actually.
0:56:22 > 0:56:26It has been a hot topic here for a long time.
0:56:26 > 0:56:30I think the balcony itself has a lot of potential
0:56:30 > 0:56:31and it is quite appealing.
0:56:31 > 0:56:34It is a surprising thing to have in a flat like this.
0:56:34 > 0:56:38Next, that all-important rental valuation.
0:56:38 > 0:56:40Graham has already let the property
0:56:40 > 0:56:42and the new tenant moves in imminently.
0:56:42 > 0:56:45He was hoping for £500 per calendar month,
0:56:45 > 0:56:48but he is getting £450 per calendar month,
0:56:48 > 0:56:52less the 12% commission to the property management agency.
0:56:52 > 0:56:55Let's see if it is a good deal.
0:56:55 > 0:56:57I think if you are renting out the entire flat,
0:56:57 > 0:57:00you could probably achieve somewhere in the region of about 400,
0:57:00 > 0:57:04up to £450 per calendar month.
0:57:04 > 0:57:07I think if this property was exposed to the rental market,
0:57:07 > 0:57:12I think it would achieve between £425, £450 per calendar month.
0:57:12 > 0:57:17450 is correct. Because that's what I'm getting, so that's fine. Yeah.
0:57:17 > 0:57:21Less the 12% agency fee, leaving Graham £395
0:57:21 > 0:57:25per calendar month, giving him a yield of just under ten percent.
0:57:27 > 0:57:31In total, his spend has been £48,800.
0:57:31 > 0:57:36I think if this property was exposed to the sales market, I think
0:57:36 > 0:57:40you would probably achieve a figure in the region of £65,000.
0:57:40 > 0:57:43Well, in its present condition, I would think somewhere
0:57:43 > 0:57:46in the region of about £65,000 might be a fair figure.
0:57:46 > 0:57:48That sounds reasonable, yes. Yep.
0:57:48 > 0:57:53In just four weeks, that is £16,200 potential profit,
0:57:53 > 0:57:56minus the usual taxes and expenses.
0:57:56 > 0:57:58Is it tempting to sell?
0:57:58 > 0:57:59At the minute, I'm going to just
0:57:59 > 0:58:02collect the rent. HE LAUGHS
0:58:04 > 0:58:08Now, did those stories inspire you or give you pause for thought?
0:58:08 > 0:58:11Well, join us next time for more tales from the world
0:58:11 > 0:58:14of the auction rooms here, on Homes Under The Hammer.
0:58:14 > 0:58:15- Goodbye.- Goodbye.