0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:06Now, we're both fascinated by property - its location,
0:00:06 > 0:00:10- its value for money, oh, and its potential to make money.- Absolutely.
0:00:10 > 0:00:14Get it right and you could reap financial rewards. Get it wrong...
0:00:14 > 0:00:16Ho! That could be a costly mistake.
0:00:16 > 0:00:19Well, a good place to try and find a good bargain
0:00:19 > 0:00:21is to head to the auctions.
0:00:46 > 0:00:49Well, it can be nerve-racking buying at auction,
0:00:49 > 0:00:51even for seasoned developers.
0:00:51 > 0:00:55As the price goes up, so does the heart rate.
0:00:55 > 0:00:58But it's a great feeling knowing that you've got something at a good price.
0:00:58 > 0:01:01So, did today's bidders part with their cash?
0:01:01 > 0:01:04Well, let's have a look and see what they bought.
0:01:04 > 0:01:08Buying blind in Burnley, Lancashire creates mixed feelings.
0:01:08 > 0:01:10- So what did you think?- All right.
0:01:10 > 0:01:13Now, you're saying "All right" and you're sighing very heavily.
0:01:14 > 0:01:18But in Kent, there's no doubt about the destiny of this bungalow.
0:01:18 > 0:01:23- We're probably going to knock it down and start again.- Dun-dun-dun!
0:01:25 > 0:01:28And in Derby, it's all about looking to the future.
0:01:28 > 0:01:30So, why did you want to buy this place?
0:01:30 > 0:01:32We thought it was a good potential for the children,
0:01:32 > 0:01:35to set them on the property ladder.
0:01:35 > 0:01:37All these properties have been sold at auction.
0:01:37 > 0:01:40We'll find out who bought them and what they paid for them
0:01:40 > 0:01:42when they went under the hammer.
0:01:42 > 0:01:43Sold at 106,000.
0:01:49 > 0:01:51Burnley in Lancashire.
0:01:51 > 0:01:53Home of the Clarets and Sir Ian McKellen.
0:01:53 > 0:01:58And recently given the title of Britain's most enterprising town.
0:01:58 > 0:02:02With a 10% rise in house prices in the previous 12 months,
0:02:02 > 0:02:06this industrial town, which has seen some hard times,
0:02:06 > 0:02:08could well be on the up.
0:02:08 > 0:02:11Well, the property I'm here to see is just under a mile from
0:02:11 > 0:02:15Burnley town centre. Now, with that kind of close proximity,
0:02:15 > 0:02:19you would have thought the price... Well, it's going to be pretty high.
0:02:19 > 0:02:25Oh, boy, would you be wrong! Two-bedroomed mid terrace.
0:02:25 > 0:02:26Guide price, what?
0:02:29 > 0:02:32£15,000 plus.
0:02:32 > 0:02:36Yeah, you heard me right. £15,000 plus.
0:02:37 > 0:02:41So for that amount of money, not expecting a lot.
0:02:41 > 0:02:43What have we actually got, though? Ooh.
0:02:43 > 0:02:47- HE LAUGHS - That's very low!
0:02:47 > 0:02:49Hopefully not a supporting wall,
0:02:49 > 0:02:55or if it is, then a proper RSJ beam has gone in across there.
0:02:55 > 0:02:59Er, but this is the front sitting room. It's not a bad size.
0:02:59 > 0:03:03A few signs of damp on that front wall.
0:03:03 > 0:03:07Erm, that could be just the house not being lived in, perhaps,
0:03:07 > 0:03:11or something a bit more serious. But through to the rear of the property.
0:03:11 > 0:03:13Stairs up to your bedrooms there.
0:03:13 > 0:03:18And a nice surprise, the rear sitting room a good, good size
0:03:18 > 0:03:23with a sort of breakfast bar area and the kitchen integrated.
0:03:23 > 0:03:26- HE CLEARS HIS THROAT - However...
0:03:26 > 0:03:28as you can see...
0:03:31 > 0:03:34..not good. Obviously some major problems going on here.
0:03:34 > 0:03:39Lots and lots and lots of damp, and so much that the ceiling here
0:03:39 > 0:03:44has collapsed. That is not good and I want to know what's causing it.
0:03:46 > 0:03:50# Everybody's got a hole that they need filled
0:03:50 > 0:03:52# Come on, Phil!
0:03:52 > 0:03:53# Fill it up, Geoffrey! #
0:03:53 > 0:03:57Despite the unwanted hole in the ceiling this house does still
0:03:57 > 0:04:01have some nice original features, even after the alterations.
0:04:01 > 0:04:04Moving the hallway to open up the front living space works well
0:04:04 > 0:04:07but that lower hanging bit of wall is obtrusive.
0:04:09 > 0:04:13There's also this large basement which is a bonus for storage.
0:04:13 > 0:04:16And there's another bonus upstairs.
0:04:16 > 0:04:19This shower room may require updating
0:04:19 > 0:04:22but it's not a bad size and there should be room
0:04:22 > 0:04:26to squeeze a bath in if, well, the mood takes you.
0:04:26 > 0:04:29And one bedroom is bright and a good size
0:04:29 > 0:04:32but there's some more damp here.
0:04:32 > 0:04:36At the back, bedroom two has some pretty serious damp issues
0:04:36 > 0:04:39and it's directly above the kitchen.
0:04:39 > 0:04:44So maybe the cause of those problems in the kitchen will be revealed
0:04:44 > 0:04:46when we come to the rear of our property
0:04:46 > 0:04:49which is accessed via this little alleyway here.
0:04:49 > 0:04:52And that's our property there and, yeah, sure,
0:04:52 > 0:04:56the roof of the kitchen doesn't look in too brilliant a condition.
0:04:56 > 0:05:00Next door is this.
0:05:00 > 0:05:03# Who lives in a house like this?
0:05:03 > 0:05:06# Who lives in a house like this? #
0:05:06 > 0:05:11Now, clearly no-one is living here, so it's not easy to check it out.
0:05:11 > 0:05:14I can't say for certain that this house has anything
0:05:14 > 0:05:19to do with the damp in the lot I'm viewing but further investigation
0:05:19 > 0:05:22is a must and it might involve tracking down the owner.
0:05:23 > 0:05:27That issue aside, it would be worth getting the opinion
0:05:27 > 0:05:32of a local agent on this rather damp terrace guided at £15,000.
0:05:32 > 0:05:35The attraction to a buyer in this area would be that you're
0:05:35 > 0:05:38going to get over a 10% return on your investment per annum.
0:05:38 > 0:05:40Er, you would need to spend some money on the damp.
0:05:40 > 0:05:42Once it's done right, you'll get a tenant in
0:05:42 > 0:05:44and you'll make a good return on it.
0:05:44 > 0:05:47A no-lose investment. That sounds like a no-brainer.
0:05:47 > 0:05:50So, what kind of figures are we talking about?
0:05:50 > 0:05:53Er, once the work's been completed to the damp, to the windows
0:05:53 > 0:05:54and to the kitchen ceiling,
0:05:54 > 0:05:56I would estimate that you could be looking to
0:05:56 > 0:05:59achieve somewhere between £30,000 and £35,000.
0:06:00 > 0:06:03Well, with a guide price of £15,000, that leaves some room
0:06:03 > 0:06:06to make a profit. But what about the rental values?
0:06:06 > 0:06:09I would estimate that a tenant would probably pay
0:06:09 > 0:06:12somewhere around £350 per calendar month for it.
0:06:12 > 0:06:15Well, you can't get away from the fact it's a very appealing
0:06:15 > 0:06:20guide price. However, closer investigation reveals...
0:06:20 > 0:06:22Hmm, maybe not a bargain. Who knows?
0:06:22 > 0:06:26Let's see who went for it when it went under the hammer.
0:06:28 > 0:06:30On to lot 258, it's Burnley.
0:06:30 > 0:06:36Freehold mid terrace house, start me at ten. £10,000 back right. 11.
0:06:36 > 0:06:3810 I have, make it 11.
0:06:38 > 0:06:4011 on my left. 12.
0:06:40 > 0:06:43It took a little time for the bidding to get going
0:06:43 > 0:06:46but then things picked up.
0:06:46 > 0:06:49We rejoin the bidding at £23,000.
0:06:49 > 0:06:5223, sir, 24?
0:06:52 > 0:06:55No, OK. 23, with you, second row. 24 anywhere else?
0:06:56 > 0:06:59First time at 23, second time at 23.
0:06:59 > 0:07:0324, 25. OK, your bid, £24,000.
0:07:03 > 0:07:0525 anywhere else?
0:07:05 > 0:07:08First time at 24, second time at 24.
0:07:08 > 0:07:10For the third and final time, £24,000, your bid.
0:07:10 > 0:07:12Are we all done?
0:07:12 > 0:07:14At 24,000.
0:07:14 > 0:07:18The successful bid of 24,000 was made by Dean.
0:07:18 > 0:07:21It was his second property purchase at auction and I met him
0:07:21 > 0:07:24and his business partner, Paul, back at the house.
0:07:27 > 0:07:30- Dean, Paul, glad to meet you both. - And you.- Pleased to meet you.
0:07:30 > 0:07:33Congratulations. The auction was actually in London, wasn't it?
0:07:33 > 0:07:37- Is that where you're from? - Yeah, yeah, I'm from East London.
0:07:37 > 0:07:38Yeah, both from East London.
0:07:38 > 0:07:42So what attracted you towards Burnley?
0:07:42 > 0:07:45Mainly the profit margin.
0:07:45 > 0:07:48In London, you're not getting nowhere near what you're getting
0:07:48 > 0:07:53- up in the north.- So is this what both of you do sort of full-time?
0:07:53 > 0:07:57- No, we both work for a major advertising company.- Right.
0:07:57 > 0:07:59Er, in London.
0:07:59 > 0:08:04Er, I'm a training asset manager and Dean's a multimedia technician.
0:08:04 > 0:08:07- Great. What does that mean you actually do?- Stick posters up.
0:08:07 > 0:08:09LAUGHTER
0:08:09 > 0:08:13- Fantastic. Whereabouts do you stick the posters?- Er, on the underground.
0:08:13 > 0:08:15All the ones you see when you're on the underground,
0:08:15 > 0:08:19when you're standing on the platform, the ones you see across the track.
0:08:19 > 0:08:22- Right, wow. So, why this particular house, then?- Cheap.
0:08:22 > 0:08:24MARTIN LAUGHS
0:08:24 > 0:08:27Yeah, we didn't even look at it, to tell the truth.
0:08:27 > 0:08:30- You didn't look at it? - No-no-no, we made the cardinal sin.
0:08:31 > 0:08:34Too true it is a cardinal sin on Hammer.
0:08:34 > 0:08:38Dean and Paul saw this for the first time today. Not good.
0:08:38 > 0:08:41So what did you think when you walked in?
0:08:41 > 0:08:43All right.
0:08:43 > 0:08:46You're saying "All right" and you're sighing very heavily.
0:08:46 > 0:08:49No, it's not as bad as what we thought.
0:08:49 > 0:08:52Yeah, at the end of the day, we haven't got to do a lot of clearing.
0:08:52 > 0:08:54It's just, a lot of it's cosmetic.
0:08:55 > 0:08:58As you will see, the walls are not too bad.
0:09:00 > 0:09:03Some of the walls are not too bad, should I say?
0:09:03 > 0:09:05But, erm, it shouldn't take too much to do.
0:09:05 > 0:09:08- There's nothing that we can't do, there's nothing shocking.- Right.
0:09:08 > 0:09:11It's just out the back next door that worries me. That being derelict.
0:09:11 > 0:09:13We're making some enquiries
0:09:13 > 0:09:15and see if we can maybe purchase that one as well...
0:09:15 > 0:09:17- Right.- ..before we doing anything here.
0:09:17 > 0:09:19- So if you could buy it, that would be ideal?- Yeah.
0:09:19 > 0:09:20Yeah, that would be ideal.
0:09:20 > 0:09:23If we can't get next door, then, obviously, we're going to
0:09:23 > 0:09:28have to work on this one, but ideally we'll try and get that one
0:09:28 > 0:09:31as well before we do any major work on that side of the house.
0:09:31 > 0:09:32Yeah.
0:09:34 > 0:09:37Buying the other house may well be the solution
0:09:37 > 0:09:40but it could also mean double trouble.
0:09:40 > 0:09:43# I said double trouble
0:09:43 > 0:09:46# T-R-O-U-B-L-E. #
0:09:51 > 0:09:54Dean is a trained painter and decorator and they will both
0:09:54 > 0:09:56pitch in with the work.
0:09:56 > 0:09:59But at the same time, there's a lot going on here.
0:09:59 > 0:10:02So, do they have a plan for this place
0:10:02 > 0:10:04given they didn't know what they were going to face
0:10:04 > 0:10:06when they got up this morning?
0:10:07 > 0:10:13Erm, just a full renovation, really. Strip back all the walls...
0:10:13 > 0:10:17all the flooring, and just a general upgrade.
0:10:17 > 0:10:21- Rip that kitchen out as well.- Yeah. - That's all coming straight out.
0:10:21 > 0:10:23Everything will come down.
0:10:23 > 0:10:25The fireplaces, I'm not too sure if we have to keep them
0:10:25 > 0:10:28and just change the fires because we're just renting.
0:10:28 > 0:10:30We're not doing it to sell,
0:10:30 > 0:10:34so at this stage, it will just be a general makeover.
0:10:34 > 0:10:38Dean and Paul will get professionals in to do the jobs that they can't,
0:10:38 > 0:10:40like gas and electrics,
0:10:40 > 0:10:44and they have a budget set of between £5,000 and £15,000
0:10:44 > 0:10:48depending on what happens with the property next door.
0:10:48 > 0:10:50But my worry is that the budget could soon become
0:10:50 > 0:10:54a distant memory, especially when you remember they don't live nearby.
0:10:54 > 0:10:57London is a bit of a commute to Burnley.
0:10:58 > 0:11:00# Well I'm so tired of crying
0:11:00 > 0:11:02# But I'm out on the road again
0:11:02 > 0:11:04# I'm on the road again. #
0:11:04 > 0:11:08So, how are they going to tackle the work and how long will it take?
0:11:10 > 0:11:12Three, four, four months tops.
0:11:12 > 0:11:15Probably only a month or so, just actually doing the work.
0:11:15 > 0:11:18Yeah, because we can't get down here all the time,
0:11:18 > 0:11:21but doing the actual work, this ain't going to take us,
0:11:21 > 0:11:23what, no more than three, four weeks to do.
0:11:23 > 0:11:27- So if this is successful, on to the next one?- Yeah, hopefully.
0:11:27 > 0:11:30- Yeah, there's another auction in a couple of months.- Yeah.
0:11:30 > 0:11:33Just have a look, because the first one we bought,
0:11:33 > 0:11:37we just went down to have a look, but it was so cheap, we put a bid in.
0:11:37 > 0:11:42Yeah, we were just literally going to do some research but, yeah,
0:11:42 > 0:11:44it went so cheap, we had to buy it.
0:11:44 > 0:11:47So the previous property, in this area as well, or...?
0:11:47 > 0:11:50No, it's the other side. County Durham, it's a bit further up.
0:11:50 > 0:11:52- Stanley.- Right, OK.- Yeah.
0:11:52 > 0:11:57Are you planning to stay with north-east and north-west properties?
0:11:57 > 0:12:00- At the moment, I would have thought so.- Yeah, because of the price.
0:12:00 > 0:12:05- Yeah.- But hopefully if we make a go of it, creep further south.
0:12:05 > 0:12:07Still keeping an interest in the north because they go cheap
0:12:07 > 0:12:10and we think we can turn them around if we get them at the right price.
0:12:10 > 0:12:14- Well, congratulations. - Thank you.- Good luck with it.- Cheers. - Cheers, thank you.
0:12:14 > 0:12:16- And I'm looking forward to seeing how you get on.- Yes.
0:12:16 > 0:12:21Well, yes, it's not a lot of money to pay for a house but Dean
0:12:21 > 0:12:25and Paul recognising they might have got themselves more of a problem
0:12:25 > 0:12:30than they'd bargained for and it all comes down to that house next door.
0:12:30 > 0:12:33Can they find out who owns it? Can they buy it?
0:12:33 > 0:12:37If not, will they be able to restore this property?
0:12:37 > 0:12:39You can find out later in the show.
0:12:44 > 0:12:48The Kent town of Paddock Wood was once at the centre of hop farming.
0:12:48 > 0:12:50Up to 8,000 seasonal workers
0:12:50 > 0:12:52would arrive in the town to help harvest the crop.
0:12:55 > 0:12:58Today's lot is within walking distance of the town,
0:12:58 > 0:13:00less than half a mile from the station.
0:13:02 > 0:13:05So this is it. A two-bedroom detached bungalow,
0:13:05 > 0:13:09and it sits on a substantial corner plot like this.
0:13:09 > 0:13:12But, first issue I can see straightaway, well,
0:13:12 > 0:13:15it appears to be non-standard construction.
0:13:15 > 0:13:18And the exterior is made from weatherboard cladding and getting
0:13:18 > 0:13:23a mortgage on a non-standard house, well, it can sometimes be difficult.
0:13:24 > 0:13:27Any unconventional style of house or flat can
0:13:27 > 0:13:30raise issues about mortgageability
0:13:30 > 0:13:33but if you look hard enough, you'll very probably find a lender.
0:13:33 > 0:13:36If you were unlucky enough not to get a mortgage,
0:13:36 > 0:13:38then it would mean cold, hard cash.
0:13:38 > 0:13:43The guide price on this property is 195,000 to 205,000
0:13:43 > 0:13:47and it is on a decent plot. There's off-street parking and a garage.
0:13:47 > 0:13:49So far, so good.
0:13:51 > 0:13:54I love the symmetry with this property.
0:13:54 > 0:13:57It feels like a little house on the prairie.
0:13:57 > 0:14:01All wood, nothing very solid or substantial.
0:14:01 > 0:14:03Now, the layout, internally.
0:14:03 > 0:14:05You've got a single bedroom to the left here.
0:14:05 > 0:14:10A nice toothpaste mint green bathroom. Lovely.
0:14:10 > 0:14:14At the back of the house, a small kitchen and a big lounge
0:14:14 > 0:14:18and another bedroom. But there's some damage up there.
0:14:18 > 0:14:21I think there must have been a leek from above. Uh-oh!
0:14:21 > 0:14:24# Uh-oh, we're in trouble
0:14:24 > 0:14:27# Something's come along and it's burst our bubble
0:14:27 > 0:14:29# Yeah-yeah. #
0:14:29 > 0:14:32And it was all going, er, reasonably well.
0:14:32 > 0:14:35That ceiling investigation is first on the to-do list.
0:14:35 > 0:14:38I'm thinking the next thing would be sorting out
0:14:38 > 0:14:42insulation in the walls and the floors to meet modern regulations.
0:14:42 > 0:14:44Then you could deal with that dated decor.
0:14:44 > 0:14:47Is there a case for being more ambitious
0:14:47 > 0:14:49with this two-bed bungalow?
0:14:50 > 0:14:53So the bungalow, as it stands, is quite small
0:14:53 > 0:14:56but it sits on a really nice, large plot,
0:14:56 > 0:15:00so there's definitely potential to extend here.
0:15:00 > 0:15:02Now, you could certainly add a single story extension
0:15:02 > 0:15:05to the back here, because under permitted development,
0:15:05 > 0:15:09you can extend four metres without going through planning permission.
0:15:09 > 0:15:11And judging by the pitch of the roof up there, well,
0:15:11 > 0:15:15there's a large roof space so you could extend up into that too.
0:15:15 > 0:15:19Alternatively, there's the option of demolishing what's here
0:15:19 > 0:15:21and building something new.
0:15:21 > 0:15:24However, this property has a rather chequered planning past.
0:15:24 > 0:15:26Ready for this?
0:15:26 > 0:15:31In 2011, and again in early 2012, permission was sought
0:15:31 > 0:15:36to knock this down and replace it with a pair of semi-detached houses.
0:15:36 > 0:15:39Both times, the planners refused permission.
0:15:39 > 0:15:41Then an application was made
0:15:41 > 0:15:43to substantially extend the existing dwelling,
0:15:43 > 0:15:47and again, that was refused on the grounds of the scale
0:15:47 > 0:15:50and bulk of the development, saying it was too prominent
0:15:50 > 0:15:52and detrimental to the neighbouring houses.
0:15:52 > 0:15:54It just goes to show,
0:15:54 > 0:15:56you really, really need to do your research.
0:15:56 > 0:15:59All the signs so far are that getting planning permission
0:15:59 > 0:16:02to develop this site could be very problematic.
0:16:04 > 0:16:06And, as if that wasn't enough,
0:16:06 > 0:16:08there's also a restrictive covenant in place,
0:16:08 > 0:16:14so you can't build anything above 0.9 of a metre forward of the existing building.
0:16:14 > 0:16:17So this will definitely be a tricky development.
0:16:17 > 0:16:20What would a local estate agent advise?
0:16:20 > 0:16:23Should you say bye-bye to the bungalow and build something new
0:16:23 > 0:16:26or will you have to make do and mend what's here?
0:16:26 > 0:16:30I think it needs substantial redevelopment.
0:16:30 > 0:16:32So much so that I would see it as a plot
0:16:32 > 0:16:34rather than a property to develop.
0:16:34 > 0:16:38And what style of new build would the agent suggest?
0:16:38 > 0:16:41I'd like to put a three or four-bedroom detached house on it.
0:16:41 > 0:16:44However, a bungalow would probably be easier to get permission for.
0:16:44 > 0:16:47And what does the agent think the bungalow could be worth,
0:16:47 > 0:16:50renovated as is or as a new build?
0:16:50 > 0:16:52If this was renovated in its current configuration,
0:16:52 > 0:16:56you should get in the region of £240,000.
0:16:56 > 0:16:59If you were to flatten it and build a new property
0:16:59 > 0:17:04of maybe three bedrooms, you should get in the region of £350,000.
0:17:05 > 0:17:07And what about rental?
0:17:07 > 0:17:11Er, rental on a two-bedroom bungalow would probably
0:17:11 > 0:17:13rent for about £900 per calendar month.
0:17:13 > 0:17:17A new build three or four-bedroom house could be in the region
0:17:17 > 0:17:19of £1,500 per calendar month.
0:17:19 > 0:17:22On the surface, this is a property with potential.
0:17:22 > 0:17:25Now, you could make all sorts of plans to renovate it or even
0:17:25 > 0:17:27knock it down and replace it
0:17:27 > 0:17:32but you won't be able to do anything major without planning permission.
0:17:32 > 0:17:34And getting that could be problematic.
0:17:34 > 0:17:38It's also non-standard construction, so arranging finance,
0:17:38 > 0:17:40it may be difficult.
0:17:40 > 0:17:43There are a lot of potential pitfalls with this one.
0:17:43 > 0:17:46Let's find out who bid for it at the auction.
0:17:46 > 0:17:50A detached bungalow on a good-sized corner plot close to the centre of
0:17:50 > 0:17:53Paddock Wood and the railway station with good access up to London.
0:17:53 > 0:17:57So 190 I'm looking for to start me. 190. I'm obliged.
0:17:57 > 0:17:59£190,000, I'm on the way. 190.
0:17:59 > 0:18:04Now 2. 192. 192 and 4, 194.
0:18:04 > 0:18:09And 6 and 8 and 200, and 2, 202.
0:18:10 > 0:18:14It's with you, sir, at 200 and 202 I want. It's worth more than this.
0:18:14 > 0:18:17£200,000 I've got for the first time,
0:18:17 > 0:18:19then, at £200,000 sitting down on my right-hand side.
0:18:19 > 0:18:22You can come in back one more time, it's your chance.
0:18:22 > 0:18:25For the second time at £200,000.
0:18:25 > 0:18:27If not, for the third and final time,
0:18:27 > 0:18:30sitting over on my right-hand side at £200,000, all done.
0:18:32 > 0:18:35Sold. It's yours, sir, for £200,000.
0:18:35 > 0:18:39And that delighted buyer paying £200,000 was David
0:18:39 > 0:18:42who was at the auction with his wife Marie and their daughter.
0:18:44 > 0:18:47David, a chartered surveyor, and his wife Marie,
0:18:47 > 0:18:50a retired head mistress, currently live locally in Paddock Wood
0:18:50 > 0:18:53and they bought the bungalow as a new home for them
0:18:53 > 0:18:55and their kids Niamh and Doug.
0:18:57 > 0:19:01I met up with them back at the property to find out their plans.
0:19:02 > 0:19:07Congratulations. I want to know why you wanted to buy this at auction.
0:19:07 > 0:19:10We had originally thought that we might retire to the West Country
0:19:10 > 0:19:13but all our friends and our family are round here
0:19:13 > 0:19:17and we thought that in our twilight years we wanted to be close to them.
0:19:17 > 0:19:18Makes sense.
0:19:18 > 0:19:22We originally looked at converting an existing house elsewhere
0:19:22 > 0:19:26in Paddock Wood which we'd seen but we could never find what we wanted.
0:19:26 > 0:19:29And the beauty of this place is that it's a double plot
0:19:29 > 0:19:31and we can build exactly what we want.
0:19:31 > 0:19:34We could convert and extend it for our own needs.
0:19:34 > 0:19:37We're probably going to knock it down and start again.
0:19:37 > 0:19:42Dun-dun-dun! I was waiting for those three words - "knock it down".
0:19:42 > 0:19:45- You're going to knock it down? - We are.- Yeah. - You're going to knock it down.
0:19:45 > 0:19:49# Blow the house down. #
0:19:49 > 0:19:53The couple are looking to downsize from their current property
0:19:53 > 0:19:56and ideally build a new home that will tick all the boxes
0:19:56 > 0:19:58that Marie, a keen artist, has drawn up.
0:20:01 > 0:20:03So I want lots of light, a really big kitchen.
0:20:03 > 0:20:07Now look at Marie's face light up here. Go for it!
0:20:07 > 0:20:10And also, because of the way that the building would be configured,
0:20:10 > 0:20:12I'll be able to have a room that
0:20:12 > 0:20:15I can do all my artwork in as well, separate to the house.
0:20:15 > 0:20:18Do you feel with the property as it is you just couldn't achieve that?
0:20:18 > 0:20:21Well, the problem with the existing building is there's
0:20:21 > 0:20:22no insulation in the walls
0:20:22 > 0:20:24so we'd have to strip off all the internal walls.
0:20:24 > 0:20:27There's no insulation in the floor so we'd have to
0:20:27 > 0:20:28take up all the floorboards.
0:20:28 > 0:20:30So we're largely starting from scratch.
0:20:30 > 0:20:33We can virtually double the size of this house with ease
0:20:33 > 0:20:35and permitted development rights.
0:20:35 > 0:20:38Er, ie - without the need of planning permission.
0:20:38 > 0:20:42But I'd rather build something that was striking, innovative,
0:20:42 > 0:20:45- great design...- 21st century. - 21st century.
0:20:45 > 0:20:48I mean, to convert this, it's just an uphill task.
0:20:50 > 0:20:51I hear what David's saying
0:20:51 > 0:20:55but sometimes planning can be an uphill task too and this
0:20:55 > 0:20:58property does have a chequered past as far as that's concerned.
0:20:58 > 0:21:02Undaunted, David has his ideas already on paper.
0:21:03 > 0:21:05Can I show you, firstly,
0:21:05 > 0:21:08that's what we don't need planning permission for.
0:21:08 > 0:21:11Wow, so you've got a complete separate structure along the side?
0:21:11 > 0:21:14- Yes.- Is that the art room? Hold on a minute, Marie,
0:21:14 > 0:21:17I mean, that is almost as big as the house itself!
0:21:17 > 0:21:18I know, I know, I need space.
0:21:18 > 0:21:22Well, also, it'll be my office as well, because I work from home.
0:21:22 > 0:21:25- OK, right.- So it'll be the art room, the office...- And a bar!
0:21:25 > 0:21:30- And a bar, of course.- So I can see that's just with an extension
0:21:30 > 0:21:33- used within permitted development. - That's the worst-case scenario.
0:21:33 > 0:21:37Marie said it looked like a factory and I think it probably does a bit.
0:21:37 > 0:21:41OK, so, well, that's Plan B, what does Plan A look like?
0:21:41 > 0:21:45It's quite contemporary, it's striking... And much bigger windows.
0:21:45 > 0:21:48Lots of space. But again, it makes your second area,
0:21:48 > 0:21:54- your office/art room/bar, almost as big as the house.- Yes.
0:21:54 > 0:21:57So it sounds like you guys want to have some fun, you're downsizing...
0:21:57 > 0:22:00What about the children? What do they think?
0:22:00 > 0:22:02We are consulting the children.
0:22:02 > 0:22:04They've got their own ideas on the design.
0:22:04 > 0:22:05So are you letting them have a say, Marie,
0:22:05 > 0:22:08because I know it's for you two, but will you let them have a say?
0:22:08 > 0:22:10I am, they will have their own rooms upstairs.
0:22:10 > 0:22:13So they'll have their own bedrooms, but, yes, they really want...
0:22:13 > 0:22:16Because my daughter's very much a party girl
0:22:16 > 0:22:18and wants plenty of space for parties.
0:22:18 > 0:22:20My son will give you his ideas, I'm sure.
0:22:22 > 0:22:25Well, if the wish list for Niamh and Doug is anything like
0:22:25 > 0:22:30as lengthy as Mum and Dad's, the architect is going to be a busy man.
0:22:30 > 0:22:32He might need a bigger plot!
0:22:32 > 0:22:36I'm wondering how much of a downsize this is going to turn out to be.
0:22:36 > 0:22:38On the face of it, the family are leaving a large,
0:22:38 > 0:22:41Georgian-period house for something smaller,
0:22:41 > 0:22:45but with the requirements so far, well, this house is getting bigger.
0:22:45 > 0:22:48So what's on the kids' wishlist?
0:22:48 > 0:22:50Doug and Niamh, I've had a good old chat with your mum and dad.
0:22:50 > 0:22:52- Aren't they fun?- They are good fun.
0:22:52 > 0:22:53Now, they've told me all about you two
0:22:53 > 0:22:55and what THEY want from the house.
0:22:55 > 0:22:57And they've also told me that you're party animals.
0:22:57 > 0:23:01- Yeah, a little bit.- Come on, Doug, what do you want to see here?
0:23:01 > 0:23:03What's your list of things that you want?
0:23:03 > 0:23:06Well, number one thing, parents didn't really like it...
0:23:06 > 0:23:08Fireman's pole directly from my bedroom...
0:23:08 > 0:23:11- What?!- ..straight to the fridge. - So a fireman's pole for you.
0:23:11 > 0:23:15- Anything else?- Er, just a big bedroom and lots of light, really.
0:23:15 > 0:23:17That's all I need.
0:23:17 > 0:23:20Your dad's already told me that he's very keen on having a bar.
0:23:20 > 0:23:22- He's got a disco ball ready to put up.- No way!
0:23:22 > 0:23:24- And a giant shark. - And a giant shark head.
0:23:24 > 0:23:27I love it, they're so rock'n'roll, aren't they?
0:23:27 > 0:23:29MUSIC: Disco Inferno by The Trammps
0:23:29 > 0:23:33Well, a few unusual ideas there from the kids and David and Marie,
0:23:33 > 0:23:37but how much do they think it would cost to demolish the bungalow
0:23:37 > 0:23:39and build their dream house?
0:23:39 > 0:23:41Tell me, what sort of budget have you got for this?
0:23:41 > 0:23:46- I would say about 150,000. - Yeah, if it ends up at 200, so what?
0:23:46 > 0:23:49And how long will it take you to complete the build, would you say?
0:23:49 > 0:23:51Three or four months to get planning permission,
0:23:51 > 0:23:54six to nine months to build it.
0:23:54 > 0:23:56If it takes three years, it doesn't really matter.
0:23:56 > 0:23:59- The important thing is we do it right.- Congratulations.
0:23:59 > 0:24:01I'm really excited for you and I think this is the right thing
0:24:01 > 0:24:03- for you to do at this time in your lives.- Thank you.
0:24:03 > 0:24:06Thanks ever so much, nice to meet you.
0:24:06 > 0:24:10Ideally, David and Marie want to knock this old bungalow down
0:24:10 > 0:24:12and build a new home.
0:24:12 > 0:24:15Well, they've never built their own home before and the property
0:24:15 > 0:24:19already has a bit of history in terms of planning refusals.
0:24:19 > 0:24:20Will David and Marie
0:24:20 > 0:24:24and the kids be able to build what they want here?
0:24:24 > 0:24:26Or will they have to compromise their plans?
0:24:26 > 0:24:29You can find out how it goes for them later in the programme.
0:24:30 > 0:24:34There's a pleasant surprise at the rear of this Derby property.
0:24:34 > 0:24:39Down these steps, and you are into a bit of a garden wonderland.
0:24:39 > 0:24:40Look at this!
0:24:42 > 0:24:46And there's also a bit of a surprise back in Kent.
0:24:47 > 0:24:50It sounds really wild and wacky and we loved the scheme.
0:24:56 > 0:24:59Welcome back to Burnley in the northwest of England
0:24:59 > 0:25:03where we were looking at this two-bed mid terraced house.
0:25:03 > 0:25:06Situated just a mile from the town centre,
0:25:06 > 0:25:10it had a very low guide price of just £15,000 plus.
0:25:10 > 0:25:13Not even dated decor could explain that.
0:25:13 > 0:25:15So, I wonder, what could explain it?
0:25:19 > 0:25:22Lots and lots and lots of damp,
0:25:22 > 0:25:25and so much that the ceiling here has collapsed.
0:25:26 > 0:25:28Ah, that'll be the reason, then.
0:25:28 > 0:25:31The roof was in pretty poor condition,
0:25:31 > 0:25:34though it was tricky to get a look at it properly.
0:25:34 > 0:25:36The house next door was rather derelict
0:25:36 > 0:25:39and that may have been the cause of some of the problems.
0:25:39 > 0:25:43But without further investigation, it was impossible to tell.
0:25:45 > 0:25:50The property was bought by Dean and Paul for £24,000,
0:25:50 > 0:25:53but why has the damp not put them off?
0:25:54 > 0:25:57- We didn't even look at it, to tell the truth.- You didn't look at it?
0:25:57 > 0:25:59No, no, no, we made the cardinal sin.
0:25:59 > 0:26:02- So what did you think when you walked in?- All right.
0:26:03 > 0:26:07You're saying "All right" and you're sighing very heavily.
0:26:07 > 0:26:09No, it's not as bad as what we thought.
0:26:09 > 0:26:13# And I'll tell myself I'm over you
0:26:13 > 0:26:17# Cos I'm the king of wishful thinking
0:26:17 > 0:26:19# King of wishful thinking. #
0:26:19 > 0:26:21Well, they get ten out of ten for wishful thinking
0:26:21 > 0:26:24but this was going to be a tough gig.
0:26:24 > 0:26:28Trying to fit the work in with their jobs and the journey from London,
0:26:28 > 0:26:31they hope to get it done over three to four months.
0:26:34 > 0:26:37Six months later, and we return to Burnley to see
0:26:37 > 0:26:41if our London lads had a good effect on this damp dwelling.
0:26:56 > 0:26:58It's all looking fresh, clean,
0:26:58 > 0:27:01and there's definitely a decor statement or two.
0:27:02 > 0:27:06More importantly, it all looks dry. Not a whiff of damp.
0:27:07 > 0:27:10So how have they resolved those horrendous damp issues?
0:27:13 > 0:27:17We've had the roof stripped back completely and re-laid.
0:27:18 > 0:27:22Er, all the rendering in our property to make it water tight.
0:27:22 > 0:27:25We got everything stripped back, really, to the brickwork.
0:27:27 > 0:27:31- New bathroom, new kitchen. - Complete top to bottom, really.
0:27:32 > 0:27:36# Ooh, and it's all right and it's coming on
0:27:36 > 0:27:39# We gotta get right back to where we started from. #
0:27:40 > 0:27:41Well done, lads.
0:27:41 > 0:27:46It can sometimes mean extra cost and it definitely means extra work,
0:27:46 > 0:27:51but I think stripping it back was exactly what this place needed.
0:27:51 > 0:27:54But I'm only seeing one property renovation project here.
0:27:54 > 0:27:58What happened to the plan of trying to buy next door?
0:27:58 > 0:28:01Yeah, we were thinking of buying next door's property because,
0:28:01 > 0:28:05obviously, it would enhance the value of this property
0:28:05 > 0:28:07having that property done up as well,
0:28:07 > 0:28:10but we couldn't get hold of the landlord at all.
0:28:10 > 0:28:17Of course, part of the reason Paul and Dean hadn't seen either property was they actually lived in London.
0:28:17 > 0:28:23How was it developing a property 250 miles away from home?
0:28:23 > 0:28:26Er, the biggest problem, I suppose, we had was the travelling.
0:28:26 > 0:28:30Cos Dean don't drive so it was always on me.
0:28:30 > 0:28:33And, er, so we'd drive home from here. Five, six hour drive.
0:28:33 > 0:28:35And then straight to work that night.
0:28:35 > 0:28:38So we thought we would take between three and four months
0:28:38 > 0:28:41but I think it's taken just under six.
0:28:41 > 0:28:45Just under six but probably a month and half of actual work.
0:28:45 > 0:28:47It's just we work full-time...
0:28:47 > 0:28:51Actually getting the time to get up here and to actually do the work.
0:28:51 > 0:28:55That sounds like some gruelling shifts Paul and Dean have put in.
0:28:55 > 0:28:58But it's always worth remembering that's what has to be done
0:28:58 > 0:29:02if you're going to combine development with a full-time job.
0:29:02 > 0:29:04Will all that hard work have helped them
0:29:04 > 0:29:07keep to their maximum budget of 15,000?
0:29:07 > 0:29:09We've come in within budget, I think...
0:29:09 > 0:29:11About ten and a half...
0:29:11 > 0:29:14Yeah, about ten and a half, give or take, a thousand here and there.
0:29:14 > 0:29:17And we've got the outside to do so...we ain't actually done
0:29:17 > 0:29:20the final figure but it's round that.
0:29:20 > 0:29:22It won't go over 11.
0:29:22 > 0:29:26£11,000 on top of their purchase price of 24,000,
0:29:26 > 0:29:30brings Paul and Dean's total spend to £35,000.
0:29:31 > 0:29:34We've asked along two local property experts
0:29:34 > 0:29:38to see if these figures add up to some profit for Paul and Dean's
0:29:38 > 0:29:40blind buying experiment.
0:29:41 > 0:29:43This is the first time I've seen the property.
0:29:43 > 0:29:46It's been done to a great finish, perfect for first-time buyers
0:29:46 > 0:29:50and, very soon, it could make an ideal family home.
0:29:50 > 0:29:51The layout works really well.
0:29:51 > 0:29:54In particular, I like the kitchen/diner downstairs,
0:29:54 > 0:29:58I think it's a lovely room for...family environment.
0:29:58 > 0:30:00So, yeah, yeah, absolutely, works really well.
0:30:00 > 0:30:04If Dean and Paul were to put this on the market,
0:30:04 > 0:30:08could they expect any profit on their £35,000 spend?
0:30:10 > 0:30:12In my opinion, I'd expect this property to sell for offers
0:30:12 > 0:30:14over £45,000.
0:30:14 > 0:30:17If the property was to be placed on the market by the owner
0:30:17 > 0:30:20in the current environment, I think a sale price could be
0:30:20 > 0:30:25achieved from anything from £40,000 upwards to £44,000.
0:30:25 > 0:30:29This would give Paul and Dean a profit of between £5,000
0:30:29 > 0:30:33and £10,000, minus the usual taxes and expenses,
0:30:33 > 0:30:35but they're looking to rent the property.
0:30:35 > 0:30:37What could they hope for then?
0:30:37 > 0:30:40The rental market's really strong, at the moment, so I would expect
0:30:40 > 0:30:44this property to achieve in the region of £350 per calendar month.
0:30:44 > 0:30:49If the property went on the rental market, currently, it should achieve
0:30:49 > 0:30:55anything from £365 per calendar month to £375 per calendar month.
0:30:55 > 0:30:56It's good, really, for...
0:30:56 > 0:30:59Yeah, but, I mean, it's what we thought, isn't it?
0:30:59 > 0:31:00- It's what we budgeted for.- Yeah.
0:31:00 > 0:31:04We've got a tenant moving in when you leave, and we're going to...
0:31:04 > 0:31:07- Yeah, it's more than that. - £385.- It's more than that.
0:31:07 > 0:31:09Yeah, so it's £10 more than what...
0:31:09 > 0:31:13With a tenant already in place paying £385 per calendar month,
0:31:13 > 0:31:19Paul and Dean can look forward to a yield of over 13% - a good result.
0:31:19 > 0:31:23So, how have they found the whole experience?
0:31:23 > 0:31:24- Tiring.- Yeah.
0:31:24 > 0:31:27It's been tiring, it's been a bit knackering, but...
0:31:27 > 0:31:29- It's well...- ..well worthwhile.
0:31:35 > 0:31:39Two and a half miles east of Derby city centre
0:31:39 > 0:31:41lies the large suburb of Chaddesden.
0:31:43 > 0:31:45Once a village in its own right,
0:31:45 > 0:31:49it is now a highly popular residential suburb of Derby
0:31:49 > 0:31:52with good local amenities and transport links
0:31:52 > 0:31:53into the city centre.
0:31:53 > 0:31:56So, it's a good bet for buying a property at the auction.
0:31:59 > 0:32:01So, what am I here to see?
0:32:01 > 0:32:04Well, it's a really well located property in this popular
0:32:04 > 0:32:06residential area.
0:32:06 > 0:32:12Three-bedroomed, semi-detached, had a guide price of £70,000 plus.
0:32:12 > 0:32:15Looks like it's seen better days but let's take a look inside.
0:32:15 > 0:32:18Interestingly enough, the entrance,
0:32:18 > 0:32:20front door, is actually on the side.
0:32:20 > 0:32:24- # Side effects - Oh-oh-oh-oh-oh-oh
0:32:24 > 0:32:27# Side effects #
0:32:27 > 0:32:30Now, that whole entrance door on the side thing does give
0:32:30 > 0:32:33a slightly unusual layout when you come through the door.
0:32:33 > 0:32:37Facing you, a little hallway, stairs up to the bedrooms, and on
0:32:37 > 0:32:41the right-hand side, here, you've got this little front sitting room.
0:32:41 > 0:32:43I love this. Fantastic.
0:32:43 > 0:32:45Erm, yeah.
0:32:45 > 0:32:48A bit old-fashioned, but I bet that really pumps out the heat.
0:32:48 > 0:32:50You'd probably want to replace it, though, wouldn't you?
0:32:50 > 0:32:52It's a nice room, though.
0:32:52 > 0:32:55Through this way, though, cross that little hallway
0:32:55 > 0:32:56into your rear living room.
0:32:56 > 0:32:59Again, a really nice sized space.
0:32:59 > 0:33:01Erm, that's a bit strange.
0:33:01 > 0:33:04It's sort of a half cellar, doesn't go down very far but there's
0:33:04 > 0:33:07a few steps into something, so I don't know what you'd use that for.
0:33:07 > 0:33:10And I imagine this is where the house originally ended.
0:33:10 > 0:33:13What you've got now is this single storey extension.
0:33:13 > 0:33:17I say single storey, it's got a sloping roof which is really nice.
0:33:17 > 0:33:18Stick a couple of roof lights in there,
0:33:18 > 0:33:20throw a bit more light in here.
0:33:20 > 0:33:23As a kitchen it's good, I like the location,
0:33:23 > 0:33:24views out onto the back garden.
0:33:24 > 0:33:28You've also got a loo there, which is really great.
0:33:28 > 0:33:31So, all the sort of sewerage stuff and pipework is all there for you.
0:33:31 > 0:33:33Bit of a storage cupboard.
0:33:33 > 0:33:35So, I think you could make great things here,
0:33:35 > 0:33:37and whether or not you, I don't know,
0:33:37 > 0:33:40took out that wall or certainly increase the size of that hole
0:33:40 > 0:33:42is something you might want to consider,
0:33:42 > 0:33:44cos there's a window there and that's a bit weird.
0:33:44 > 0:33:48But apart from that, straightaway, a house with lots of potential.
0:33:50 > 0:33:52What I really like is the quirkiness.
0:33:52 > 0:33:55It's not your standard three-bed semi.
0:33:55 > 0:33:57But downstairs does have an odd layout
0:33:57 > 0:34:02and that weird semi-basement - what on Earth is that for?
0:34:02 > 0:34:07# I just don't know what to do with myself. #
0:34:09 > 0:34:11Up the staircase that faces the entrance,
0:34:11 > 0:34:14are the aforementioned three bedrooms -
0:34:14 > 0:34:16a double at the front,
0:34:16 > 0:34:18a smaller room to the side...
0:34:21 > 0:34:22..and a third to the rear.
0:34:25 > 0:34:30And... Phew! ..an upstairs bathroom, but with no WC.
0:34:30 > 0:34:34Someone will have to spend a penny or two in here to remedy that.
0:34:38 > 0:34:40Well, at the rear of the property...
0:34:40 > 0:34:42- LAUGHS - ..fantastic surprise.
0:34:42 > 0:34:45Cos down these steps and you are into...
0:34:47 > 0:34:49..a bit of a garden wonderland.
0:34:49 > 0:34:51Look at this, fantastic.
0:34:51 > 0:34:53Let's explore. I don't know how far it is to the back
0:34:53 > 0:34:55but we've got some lovely shrubs here.
0:34:55 > 0:34:59I mean, it's a case of chopping some of this back so you can see what
0:34:59 > 0:35:02you've got, but you've got apple trees,
0:35:02 > 0:35:05erm...I don't know what else.
0:35:05 > 0:35:09Bit of a wildlife haven too, at the moment, which is good.
0:35:09 > 0:35:12But, erm, yes, definitely a few good hours with a strimmer.
0:35:12 > 0:35:15But, actually, joy of joys, right at the back...
0:35:15 > 0:35:18HE GURNS
0:35:18 > 0:35:20..every gardener's dream -
0:35:20 > 0:35:22a garden shed.
0:35:23 > 0:35:25No, there is, honest.
0:35:25 > 0:35:29I know you can't see it, but it's there.
0:35:29 > 0:35:32Dig further, and in the undergrowth, there's a garage too,
0:35:32 > 0:35:35all for the guide price of £70,000.
0:35:35 > 0:35:39The garden alone has got me smitten, but big deep breath
0:35:39 > 0:35:43and sensible head on, there is a lot of work to be done.
0:35:44 > 0:35:47In the kitchen, those polystyrene tiles have got to go
0:35:47 > 0:35:50and the whole house needs refurbishing,
0:35:50 > 0:35:52but I reckon it could blossom.
0:35:52 > 0:35:56We asked the auctioneer who sold it what he thought of the property
0:35:56 > 0:35:58and its prospects.
0:35:58 > 0:36:01I mean, the unusual thing about this house is it seems to be
0:36:01 > 0:36:04sort of narrow, one-room wide, but quite deep,
0:36:04 > 0:36:08and yet you've still got three bedrooms and a bathroom upstairs.
0:36:08 > 0:36:09I think the first thing you'd address,
0:36:09 > 0:36:12with a house like this, is the kitchen arrangement.
0:36:12 > 0:36:16Erm, clearly, that's got to be improved.
0:36:16 > 0:36:19What about sale and rental potentials, then?
0:36:19 > 0:36:22Once renovated, this would have a value on today's market
0:36:22 > 0:36:25of about £105,000.
0:36:25 > 0:36:26In terms of rental,
0:36:26 > 0:36:31the rental value would be in the order of £525 per calendar month.
0:36:31 > 0:36:34Well, what is there not to like about this house?
0:36:34 > 0:36:38It's solidly built, it's in a good location, great garden...
0:36:38 > 0:36:40Yeah, an easy one to go for.
0:36:40 > 0:36:43Let's see who agreed when it went under the hammer.
0:36:44 > 0:36:45A three-bedroomed,
0:36:45 > 0:36:48semi-detached house just behind Chaddesden shopping area.
0:36:48 > 0:36:50There is a proxy bid in on this,
0:36:50 > 0:36:54and I will start the bidding at £75,000.
0:36:54 > 0:36:5876, I've got. 77 with me, 77.
0:36:58 > 0:37:0078 for you, sir, 78.
0:37:00 > 0:37:0379, 79, 80...
0:37:04 > 0:37:08..80,000. 81, 82,
0:37:08 > 0:37:11I'll take 500 if it will help you?
0:37:11 > 0:37:1581,500, 81,500, that's stymied me.
0:37:15 > 0:37:1882,000, I'm in, 82,000.
0:37:18 > 0:37:2082,500, I'm out.
0:37:20 > 0:37:23£82,500, 83 somewhere else?
0:37:23 > 0:37:28At 82,500 once, twice, third time...
0:37:28 > 0:37:30Sold at 82,500, thank you.
0:37:33 > 0:37:35Beating the auctioneer's proxy bid
0:37:35 > 0:37:39with an £82,500 bid of his own was Dave.
0:37:39 > 0:37:41# That's the way, uh-huh, uh-huh,
0:37:41 > 0:37:44# I like it, uh-huh, uh-huh. #
0:37:44 > 0:37:47Dave and his wife, Elaine, bought the house
0:37:47 > 0:37:51and its amazing garden for their two daughters, Jade and Abbey.
0:37:51 > 0:37:54Dave works as a domestic energy assessor,
0:37:54 > 0:37:58and Elaine works in HR for a local car manufacturing company.
0:37:58 > 0:38:01And they live just a mile down the road.
0:38:01 > 0:38:04- Elaine, Dave, great to meet you both.- Pleased to meet you.
0:38:04 > 0:38:07Yeah, congratulations. So, why did you want to buy this place?
0:38:07 > 0:38:10We thought it was a good potential for the children, erm, and we
0:38:10 > 0:38:14thought that it would be nice to sort of set them on the property ladder.
0:38:14 > 0:38:15- Great.- They've both been to university,
0:38:15 > 0:38:17they're both just graduating,
0:38:17 > 0:38:22you know, we'll renovate it for them and then they take over.
0:38:22 > 0:38:25But obviously, Jade and Abbey are going to sort of say what they want.
0:38:25 > 0:38:28I mean, obviously, we're going to do sort of the plastering,
0:38:28 > 0:38:31we know that sort of thing that needs doing, but everything else,
0:38:31 > 0:38:35you know, they might decide what they want doing, the type of kitchen, etc.
0:38:35 > 0:38:38There's going to be lots of children watching going,
0:38:38 > 0:38:41"I wish my parents were like that!"
0:38:41 > 0:38:43Well, it's a start, isn't it?
0:38:43 > 0:38:45- It's brilliant.- Yes, yes.- Yeah.
0:38:45 > 0:38:48They've been good girls, they've, you know,
0:38:48 > 0:38:51- done well in what they've done and graduated, so...- Great.
0:38:51 > 0:38:53..it's just a way of showing our appreciation, really.
0:38:53 > 0:38:57Well, good on you. So what do your daughters think about all of this?
0:38:57 > 0:38:59Well, they're over the moon.
0:38:59 > 0:39:02The oldest one's with us at the moment, but the youngest
0:39:02 > 0:39:05- one's touring around Europe, backpacking for a month.- Oh, great.
0:39:05 > 0:39:08So, erm, yeah, they're really excited about it
0:39:08 > 0:39:12and they're going to both have a big input in, like my wife says,
0:39:12 > 0:39:15what goes into the property, decor, design and everything like that.
0:39:15 > 0:39:16- So, erm...- Terrific.
0:39:16 > 0:39:19..it'll probably be things that we don't agree with or
0:39:19 > 0:39:22we don't like but it's their house so they can do what they like.
0:39:22 > 0:39:24# It's up
0:39:24 > 0:39:26# To you
0:39:26 > 0:39:30# Cos I've done everything I can. #
0:39:30 > 0:39:33Dave and Elaine have given 23-year-old Jade,
0:39:33 > 0:39:36who is an art graduate, and Abbey,
0:39:36 > 0:39:38who recently graduated in psychology,
0:39:38 > 0:39:40a really great start with this house.
0:39:40 > 0:39:42Dave has bought at auction before,
0:39:42 > 0:39:46but I'm wondering how he feels about having paid £12,500 over
0:39:46 > 0:39:50the guide price to get it, given there's so much work to do.
0:39:50 > 0:39:52Erm, a little bit more than I thought.
0:39:52 > 0:39:54We were prepared to go up to about 80...
0:39:54 > 0:39:56- Right.- ..but then you just get sucked in, you know,
0:39:56 > 0:39:59"It's only another thousand, it's only another two thousand,"
0:39:59 > 0:40:01but, erm, yeah, we're very happy.
0:40:01 > 0:40:04So, what about internal layout, is it going to stay the same?
0:40:04 > 0:40:07Yes, the only difference that we're going to do is the kitchen
0:40:07 > 0:40:10out the back has been split,
0:40:10 > 0:40:14there's a toilet in there which we're going to move upstairs,
0:40:14 > 0:40:16and a store cupboard, and, hopefully,
0:40:16 > 0:40:20we can knock the walls out and make that bigger.
0:40:20 > 0:40:23- But keep the wall in-between here and there?- Yes. Maybe...
0:40:23 > 0:40:26Because this funny little window's a little bit weird, isn't it?
0:40:26 > 0:40:29It is, yeah, and we think that it doesn't shed a lot of light in
0:40:29 > 0:40:32because there's not many windows in the kitchen,
0:40:32 > 0:40:35so, hopefully, we're going to put a couple of VELUXs in the roof...
0:40:35 > 0:40:38- OK, right.- ..and then make this double doors into here...
0:40:38 > 0:40:41- Ah, nice.- ..and that will shed a lot more light into here
0:40:41 > 0:40:44because there's only one, one large window, there.
0:40:44 > 0:40:49Great ideas to get more light down here and improve that kitchen.
0:40:49 > 0:40:53They also plan to do a simple renovation upstairs
0:40:53 > 0:40:56whilst removing old water tanks hiding behind those cupboards
0:40:56 > 0:40:59in order to fit a WC up here.
0:41:01 > 0:41:05The couple have a budget of £10,000 and hope to get the girls
0:41:05 > 0:41:08settled in here in six months' time.
0:41:08 > 0:41:11And it just keeps getting better for those lucky sisters...
0:41:14 > 0:41:16And then who's actually going to do the work?
0:41:16 > 0:41:18I will do the majority of the work.
0:41:18 > 0:41:20Are you experienced in that sort of field?
0:41:20 > 0:41:25I've done a couple of properties up, erm, mainly for her mum.
0:41:25 > 0:41:28We bought, or her mum bought, a bungalow that was virtually
0:41:28 > 0:41:29derelict and we've done that up.
0:41:29 > 0:41:32Yeah, so, we've done it once and we're going to try it again.
0:41:32 > 0:41:34And are you going to get involved helping out?
0:41:34 > 0:41:36Yes, yes I'm hands on, definitely, yeah, yeah.
0:41:36 > 0:41:39Wherever I can use a screwdriver or a hammer, I'll be there.
0:41:41 > 0:41:43Do you have any sort of things you particularly enjoy doing?
0:41:43 > 0:41:45- The garden is my forte... - Yeah.
0:41:45 > 0:41:48..I can't wait to get started on that garden.
0:41:48 > 0:41:51Any idea what you will do to the garden?
0:41:51 > 0:41:55Well, I think, basically, we're going to chop a lot of the trees down
0:41:55 > 0:41:58- and make them more, sort of, at a reasonable height.- Mm-hmm.
0:41:58 > 0:42:00But I do want to keep some of the bushes
0:42:00 > 0:42:02and trees to give it a bit of character.
0:42:02 > 0:42:05I'm already doing cuttings off of my own garden at home, ready...
0:42:05 > 0:42:08SHE LAUGHS ..so we can pop them in.
0:42:08 > 0:42:11And then decking out from the back door
0:42:11 > 0:42:14and then steps down to a lawn, like she says,
0:42:14 > 0:42:17and then the trees in amongst the lawn and everything...
0:42:17 > 0:42:20- That sounds lovely.- There is an apple tree down there somewhere...
0:42:20 > 0:42:23- Right.- ..and, erm, yeah, hopefully we'll keep that in.
0:42:23 > 0:42:26But, certainly, it's a really exciting project.
0:42:26 > 0:42:28Well, listen, congratulations.
0:42:28 > 0:42:30Well done for being such a good mum and dad,
0:42:30 > 0:42:32and we look forward to seeing how you get on.
0:42:32 > 0:42:34Thank you, very much. Yeah, great.
0:42:34 > 0:42:38Well, what a great thing Dave and Elaine are doing
0:42:38 > 0:42:40for their daughters, and a great house to boot.
0:42:40 > 0:42:42I can't wait to see what they do with it.
0:42:42 > 0:42:44But what will their daughters decide to do with it
0:42:44 > 0:42:46once it's completed?
0:42:46 > 0:42:48You can find out later in the show.
0:42:52 > 0:42:55Well, we've already seen how one property has got on,
0:42:55 > 0:42:56what about the other two?
0:42:56 > 0:43:00- Yes, were they straightforward or were there a few surprises?- Hmmm.
0:43:00 > 0:43:01Let's find out.
0:43:01 > 0:43:04We're back in Paddock Wood in Kent to catch up
0:43:04 > 0:43:10with this detached bungalow, guided at 195,000 to 205,000.
0:43:10 > 0:43:12It was a non-standard construction
0:43:12 > 0:43:15which can prove tricky for those needing a mortgage.
0:43:15 > 0:43:18Then, there were planning problems.
0:43:18 > 0:43:22In 2011, and again in early 2012,
0:43:22 > 0:43:25permission was sought to knock this down
0:43:25 > 0:43:28and replace it with a pair of semi-detached houses.
0:43:28 > 0:43:31Both times, the planners refused permission.
0:43:31 > 0:43:34Add to that a covenant that said you couldn't build more
0:43:34 > 0:43:36than 0.9 of a metre forwards.
0:43:36 > 0:43:40But undaunted by all those restrictions were David and Marie,
0:43:40 > 0:43:43who paid £200,000 for the bungalow.
0:43:43 > 0:43:48They saw this as a place to retire and a place with huge potential.
0:43:48 > 0:43:51We're probably going to knock it down and start again.
0:43:51 > 0:43:53# Dun-dun-dun. #
0:43:53 > 0:43:56DRAMATIC MUSIC
0:43:56 > 0:43:59With this planning history? Really?
0:43:59 > 0:44:01But David was a chartered surveyor
0:44:01 > 0:44:04and was confident they'd get permission.
0:44:04 > 0:44:08Marie wanted an art studio space and they wanted four bedrooms too.
0:44:08 > 0:44:10They certainly weren't messing around
0:44:10 > 0:44:13because they'd already had plans drawn up.
0:44:13 > 0:44:17- So you've got a complete separate structure along the side?- Yes.- Yes.
0:44:17 > 0:44:19Is that the art room? Hold on a minute, Marie.
0:44:19 > 0:44:22I mean, that is almost as big as the house itself.
0:44:22 > 0:44:24I know, I know, I need space.
0:44:24 > 0:44:28But why have one funky, exciting plan when you can have two?
0:44:28 > 0:44:32The couple really wanted to build something much grander.
0:44:32 > 0:44:34But it's quite contemporary, it's striking,
0:44:34 > 0:44:38- and much bigger windows, lots of space.- Mm-hmm.
0:44:38 > 0:44:40But, again, it makes your second area, you know,
0:44:40 > 0:44:45your office/art room/bar, almost as big as the house.
0:44:45 > 0:44:49As if that wasn't enough, their children, Niamh and Doug,
0:44:49 > 0:44:51also had a wish list to accommodate.
0:44:51 > 0:44:54Anyway, the family were poised to rip down the bungalow
0:44:54 > 0:44:57and build something space age and amazing!
0:44:57 > 0:45:00Two years on, we return to...
0:45:03 > 0:45:06..no sign of a fabulous new family home.
0:45:06 > 0:45:07SHE SIGHS
0:45:07 > 0:45:11MUSIC: Ghost Town by The Specials.
0:45:14 > 0:45:17Time for David and Marie to fill us in.
0:45:17 > 0:45:20It took us a year to get planning permission, in effect.
0:45:20 > 0:45:22Yes, the site did have a bit of a planning history,
0:45:22 > 0:45:25but there was an existing property already here,
0:45:25 > 0:45:28we did not demolish the property until such time
0:45:28 > 0:45:29as we got planning permission.
0:45:29 > 0:45:33The architect started off with a really innovative scheme,
0:45:33 > 0:45:36which was, effectively, two opposing cheeses.
0:45:37 > 0:45:40It sounds really wild and wacky, and we loved the scheme,
0:45:40 > 0:45:44but the planners weren't quite so enamoured.
0:45:44 > 0:45:47It was still four bedrooms and we had a double height lounge
0:45:47 > 0:45:49up two and a half storeys.
0:45:49 > 0:45:53And, effectively, they said, "Love the scheme but not here,
0:45:53 > 0:45:54"because it doesn't fit in."
0:45:54 > 0:45:57So, we then went back with a slightly
0:45:57 > 0:46:01tweaked scheme which was two cheeses, effectively, side by side.
0:46:01 > 0:46:04Erm, they didn't like that either.
0:46:04 > 0:46:08# A change would do you good. #
0:46:08 > 0:46:12Hmmm. Two cheeses sounds crackers, but I like it.
0:46:12 > 0:46:15However, even if you're not in a conservation area,
0:46:15 > 0:46:18planners might be reluctant to let you build anything that
0:46:18 > 0:46:20doesn't fit in with the streetscape.
0:46:20 > 0:46:23It can end up being a bit of a compromise, but in the end,
0:46:23 > 0:46:26the architects came up with a plan that worked for everybody.
0:46:26 > 0:46:32It was very, erm, very modern, very light, very open,
0:46:32 > 0:46:35very adaptable, which is exactly what we asked for.
0:46:35 > 0:46:38And by the time we got to that stage the planners were happy
0:46:38 > 0:46:41because it was very eco, we were happy,
0:46:41 > 0:46:43the architects were happy.
0:46:43 > 0:46:47Brilliant. So, when does the work start?
0:46:47 > 0:46:50This year, we've been looking to sell our current house, which is
0:46:50 > 0:46:52about a mile away from here,
0:46:52 > 0:46:54and, unfortunately, the market
0:46:54 > 0:46:59didn't really like our existing house as much as the agents had told us.
0:46:59 > 0:47:03- Yes.- And the price kept on coming down, and coming down, and then,
0:47:03 > 0:47:07at the end of August/early September, we just said,
0:47:07 > 0:47:08"We live in a beautiful house,
0:47:08 > 0:47:11"we can actual fact create the flexible accommodation that we
0:47:11 > 0:47:15"need by having two flats upstairs, and we have, you know,
0:47:15 > 0:47:17"primarily ground floor accommodation."
0:47:17 > 0:47:22And the kids loved the idea because they've lived there all their lives.
0:47:22 > 0:47:25As soon as we told our neighbours that we were not moving to the
0:47:25 > 0:47:27new site, they were delighted
0:47:27 > 0:47:31- and they came round straightaway with a bottle of champagne.- Excellent.
0:47:31 > 0:47:33And when you've got neighbours like that who have lived
0:47:33 > 0:47:35next-door to you for so long
0:47:35 > 0:47:39and are so overjoyed that you're not moving, I mean, what can you do?
0:47:39 > 0:47:41You know, you have to stay, don't you?
0:47:41 > 0:47:43I'll drink to that.
0:47:43 > 0:47:45So, David and Marie might get a dream home
0:47:45 > 0:47:48at their current home, but there's an added bonus,
0:47:48 > 0:47:51they now have a big plot with planning permission.
0:47:51 > 0:47:55Two local estate agents can explain why that's so valuable.
0:47:55 > 0:47:58It gives the developer... To just go straight into it
0:47:58 > 0:48:00and get on with what they need to do.
0:48:00 > 0:48:03Having the planning permission certainly adds value
0:48:03 > 0:48:06because it takes a lot of the hassle element out of the approach
0:48:06 > 0:48:10to the local council and makes the project much more definite.
0:48:11 > 0:48:13Demolition cost 9,000
0:48:13 > 0:48:18and all the fees associated with planning cost around £26,000.
0:48:18 > 0:48:24Having paid £200,000 at auction, their total spend is £235,000.
0:48:24 > 0:48:29What is the plot with planning permission worth as it is?
0:48:29 > 0:48:32This plot of land with the planning permission that it currently has,
0:48:32 > 0:48:35I think, it would be worth approximately £300,000.
0:48:35 > 0:48:42The value of this plot of land is valued between £280,000 to £320,000.
0:48:42 > 0:48:45- I think they're pretty good, actually.- Very good, actually.
0:48:45 > 0:48:47- I'm very pleased. - Yeah, very pleased.
0:48:47 > 0:48:50At an average of 300,000, Marie and David
0:48:50 > 0:48:54could make a pre-tax profit of 65 grand,
0:48:54 > 0:48:57and they haven't even laid one brick.
0:48:57 > 0:49:01So, would it be worth going ahead with building and then selling?
0:49:01 > 0:49:04If the property is built to planning, I believe you can sell it on for
0:49:04 > 0:49:08£450,000 to £500,000.
0:49:08 > 0:49:13I think the finished property could reach in the region of £500,000,
0:49:13 > 0:49:15done to a nice specification.
0:49:15 > 0:49:18Taking the top value of £500,000,
0:49:18 > 0:49:22and based on David's £200,000 construction budget,
0:49:22 > 0:49:26Marie and David could make a profit of £65,000,
0:49:26 > 0:49:28before taxes and expenses.
0:49:28 > 0:49:32Same potential profit as just the plot, so, why bother, I say?
0:49:32 > 0:49:35I think that's probably a bit on the light side.
0:49:35 > 0:49:37We're not looking at it as a single house,
0:49:37 > 0:49:38we're looking at it as two houses.
0:49:38 > 0:49:41It would have been great to live here, but actually,
0:49:41 > 0:49:43- we're really happy where we're going to stay.- Yeah.
0:49:43 > 0:49:46Well, they didn't get their dream retirement home here,
0:49:46 > 0:49:48but, by converting their existing house,
0:49:48 > 0:49:52they will get two flats and Marie will get her art studio,
0:49:52 > 0:49:55and they could still make a lot of profit on this plot.
0:49:55 > 0:49:57Any regrets?
0:49:57 > 0:50:02We're not in any hurry. This was always our long-term retirement plan.
0:50:02 > 0:50:05You know, I've got a few years in the office yet.
0:50:05 > 0:50:07I've got to keep her in the style to which she's become accustomed.
0:50:07 > 0:50:11- I'd like to become accustomed to. - You'd like to become accustomed to.
0:50:16 > 0:50:21Time now to return to Chaddesden on the outskirts of Derby.
0:50:21 > 0:50:25This three-bedroomed semi had a guide price of £70,000 plus,
0:50:25 > 0:50:30and once I'd worked out the front door was on...well, on the side,
0:50:30 > 0:50:35I found it had some good size rooms, an extension out the back,
0:50:35 > 0:50:37and a garden that went on for...
0:50:37 > 0:50:39- VOICE ECHOES:- miles!
0:50:42 > 0:50:46OK, maybe not miles, but it's pretty big.
0:50:46 > 0:50:52The house was bought for £82,500 by local couple Dave and Elaine,
0:50:52 > 0:50:55as an investment for daughters Jade and Abbey.
0:50:56 > 0:50:59We thought it was a good potential for the children, and we thought
0:50:59 > 0:51:03that it would be nice to, sort of, set them on the property ladder.
0:51:03 > 0:51:05They've been good girls, you know,
0:51:05 > 0:51:08- they've done well in what they've done, and graduated.- Great.
0:51:08 > 0:51:10It's just a way of showing our appreciation, really.
0:51:10 > 0:51:15Well, good on you. There's going to be lots of children watching going,
0:51:15 > 0:51:18"I wish my mum parents were like that!"
0:51:18 > 0:51:23# We got family, we got family
0:51:23 > 0:51:30# So when I call you up, get y'all in. #
0:51:30 > 0:51:34It really was a lovely way to use what could be a lovely house,
0:51:34 > 0:51:38but make no mistake, with a kooky kitchen layout
0:51:38 > 0:51:40and some terribly tired decor,
0:51:40 > 0:51:43Dave and Elaine had their work cut out.
0:51:47 > 0:51:5015 months later, and we're back in Chaddesden to see if
0:51:50 > 0:51:56Dave and Elaine have turned this into their daughters' dream home.
0:51:56 > 0:51:58# It feels just like it should
0:51:58 > 0:52:03# I wake up, this, and this is what it looks like
0:52:03 > 0:52:07# So don't miss this, this is what it looks like
0:52:07 > 0:52:11# So call on me, it feels just like it should
0:52:11 > 0:52:13# So call on me. #
0:52:13 > 0:52:19Good job, guys. And Dave and Elaine haven't just made cosmetic changes.
0:52:19 > 0:52:23There's new plumbing, new insulation, new electrics, and,
0:52:23 > 0:52:27most importantly, they've moved that WC to the upstairs bathroom,
0:52:27 > 0:52:29freeing up the kitchen.
0:52:30 > 0:52:32We've done a lot of work, in here,
0:52:32 > 0:52:35we've knocked a dividing wall down that had the old toilet
0:52:35 > 0:52:39and a store cupboard in to make the kitchen a lot bigger.
0:52:39 > 0:52:40We've put new doors in,
0:52:40 > 0:52:44which throws a lot more light into the kitchen and makes it
0:52:44 > 0:52:49look very spacious. And, erm, yeah, we're very pleased with it.
0:52:49 > 0:52:52A bigger, brighter kitchen and a toilet upstairs -
0:52:52 > 0:52:54simple but good ideas.
0:52:56 > 0:52:59But, moving a toilet and knocking down a wall
0:52:59 > 0:53:03pales in comparison to tackling that jungle of a back garden.
0:53:03 > 0:53:07We got a mini digger in
0:53:07 > 0:53:11and we spent a complete week
0:53:11 > 0:53:14with the mini digger on the garden.
0:53:14 > 0:53:15Even you had a go, didn't you?
0:53:15 > 0:53:19I had a go, yes, he insisted I had a go and took a picture.
0:53:21 > 0:53:24We found two sheds down the bottom
0:53:24 > 0:53:28when we started to clear it which weren't visible before.
0:53:28 > 0:53:31We didn't even know we had.
0:53:31 > 0:53:35Two sheds! Some of us would consider that to be a bonus...
0:53:35 > 0:53:37AND they had a go on a digger!
0:53:37 > 0:53:39Here's the grown up bit, however.
0:53:39 > 0:53:42If you do hire a digger, read all the safety instructions
0:53:42 > 0:53:46very carefully, be mindful of anyone in the vicinity,
0:53:46 > 0:53:50and always think about stability and what might be under the ground.
0:53:50 > 0:53:53It might seem like an exciting new toy,
0:53:53 > 0:53:56but all machinery has to be treated with respect.
0:53:56 > 0:54:00I do like that they've created another room outside, though.
0:54:00 > 0:54:02It's really nice, now, you know,
0:54:02 > 0:54:06to open the patio doors straight onto the decking.
0:54:06 > 0:54:09What we intend to do now, which we haven't done yet,
0:54:09 > 0:54:14is to completely fence the garden, which will make it really quite nice.
0:54:14 > 0:54:18However, although all this might have gone to plan, it would
0:54:18 > 0:54:22appear daughters Jade and Abbey will not be moving in after all.
0:54:22 > 0:54:25We are not sure whether they're going to move in or not,
0:54:25 > 0:54:26they're still thinking about it.
0:54:26 > 0:54:29But if they don't move in, we are going to move in,
0:54:29 > 0:54:32renovate our property and go from there.
0:54:32 > 0:54:36So, that will probably be another 18 months project, will it not?
0:54:36 > 0:54:38Yeah, definitely.
0:54:38 > 0:54:41# I guess I'll have to change my plan
0:54:43 > 0:54:47# I overlooked that point completely
0:54:47 > 0:54:52# Until the big affair began
0:54:52 > 0:54:56# I guess I'll have to change my plan. #
0:54:56 > 0:54:58Ah, well, best laid plans and all that.
0:54:58 > 0:55:00Never mind, this house is looking great,
0:55:00 > 0:55:04and it allows them to continue with their plans for more development.
0:55:04 > 0:55:08So, all's well that ends well, assuming they've not overspent?
0:55:12 > 0:55:15Right, the budget we set for ourselves was £10,000.
0:55:15 > 0:55:17That was mainly doing most of the jobs ourselves,
0:55:17 > 0:55:23which we have done, and we've now met £9,750.
0:55:23 > 0:55:26So, we're well pleased that we're within the budget.
0:55:26 > 0:55:29But obviously, that's because a lot of the work
0:55:29 > 0:55:33we have completed ourselves and we've not paid other people to do it.
0:55:33 > 0:55:37We've had a plumber in to commission the boiler and to gas the boiler up.
0:55:37 > 0:55:40I've put the electrics in the kitchen, and then we've had
0:55:40 > 0:55:45an electrician in to check all the wiring, to wire the sockets up.
0:55:45 > 0:55:47And a plasterer to do all the plastering.
0:55:47 > 0:55:50- We're well pleased, we've achieve what we wanted to.- Very pleased.
0:55:50 > 0:55:52Very pleased, yeah.
0:55:52 > 0:55:56Dave and Elaine bought the property for £82,500
0:55:56 > 0:56:00and have done well to keep just under that £10,000 budget.
0:56:00 > 0:56:03But doing all the work themselves has meant the development
0:56:03 > 0:56:07has taken 15 months rather than the intended 6.
0:56:07 > 0:56:10We've asked along two local property experts
0:56:10 > 0:56:13to check out their hard work.
0:56:13 > 0:56:15I love the layout. It's nice to have the hallway in the middle
0:56:15 > 0:56:18and then they've got the dining room,
0:56:18 > 0:56:22which is open plan to the kitchen, which is a great feature.
0:56:22 > 0:56:25This is my first trip around the property.
0:56:25 > 0:56:27Having seen the original photographs,
0:56:27 > 0:56:30I was pleasantly surprised at the approach to the house.
0:56:30 > 0:56:32You've got the lovely, big, private garden to the rear with
0:56:32 > 0:56:36mature trees and that lovely big deck area for eating out.
0:56:36 > 0:56:40Ah, picnics on the patio - what a good idea.
0:56:42 > 0:56:44Having spent £92,250,
0:56:44 > 0:56:46what could Dave and Elaine expect,
0:56:46 > 0:56:49were they to sell or rent the property?
0:56:51 > 0:56:56I would expect to achieve a sale price of up to £110,000,
0:56:56 > 0:56:59and a rental value of up to £550 per calendar month.
0:56:59 > 0:57:04To put this property up for sale, I would expect £115,000, erm,
0:57:04 > 0:57:08to rent it out, maybe £550 per calendar month.
0:57:08 > 0:57:13That rental figure of £550 per calendar month would give them
0:57:13 > 0:57:16a pretty good yield of over 7%.
0:57:16 > 0:57:17Were they to sell,
0:57:17 > 0:57:21they would make a profit of £22,750
0:57:21 > 0:57:24minus the usual taxes and expenses.
0:57:24 > 0:57:27I think the figure he's given us,
0:57:27 > 0:57:29we'll be happy with that for the time being.
0:57:29 > 0:57:32We know that we've got work to do, but I think, like you say,
0:57:32 > 0:57:35at the end, when we've done it all, that figure will be what
0:57:35 > 0:57:38we were looking for, and the rental is exactly what we thought.
0:57:38 > 0:57:40Yeah, definitely.
0:57:40 > 0:57:42Dave and Elaine kept a budget
0:57:42 > 0:57:45and now have a good potential profit to show for it.
0:57:45 > 0:57:47Would they do it again?
0:57:47 > 0:57:51- We're not getting any younger and, erm...- Speak for yourself.
0:57:52 > 0:57:56We would think about another one, just a little bit less work.
0:57:56 > 0:58:00We don't mind some of it, but not quite the major transformation
0:58:00 > 0:58:01we've done on this one.
0:58:05 > 0:58:07So, that's how today's three properties turned out.
0:58:07 > 0:58:10But for more auction action, you know what to do.
0:58:10 > 0:58:12Join us next time for more Homes Under The Hammer.
0:58:12 > 0:58:13- Goodbye.- Goodbye.