0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:06Interest rates, planning laws, building regulations, well,
0:00:06 > 0:00:09these are just a few things that can change whilst doing a project.
0:00:09 > 0:00:14Yes, you can see why property developing is never boring.
0:00:14 > 0:00:18That's certainly true when you visit a property auction!
0:00:43 > 0:00:45Well, if you decide to buy at auction,
0:00:45 > 0:00:49you need to do your research, visit the property before hand
0:00:49 > 0:00:52and make sure you stick to your budget.
0:00:52 > 0:00:56That way, you make sure that you don't spend too much money.
0:00:56 > 0:01:01So, let's see what went under the hammer on today's programme.
0:01:01 > 0:01:04In South Wales, this wall is fighting a losing battle.
0:01:04 > 0:01:07It's holding back that bit of Welsh mountain -
0:01:07 > 0:01:11stopping it from collapsing into that bit of the house.
0:01:11 > 0:01:13And down but not out in Devon,
0:01:13 > 0:01:18a sad looking six bed end-terrace just needs cheering up.
0:01:18 > 0:01:20- You're a house cuddler?- Yeah, yeah.
0:01:21 > 0:01:25But all is not lost for this former pub in Kent.
0:01:25 > 0:01:29I think you could easily divide this ground floor space into two
0:01:29 > 0:01:32separate flats.
0:01:32 > 0:01:35All of these properties have been sold at auction,
0:01:35 > 0:01:38we'll find out who bought them and what they paid for them
0:01:38 > 0:01:40when they went under the hammer.
0:01:40 > 0:01:41Yours.
0:01:52 > 0:01:57This is Pontygwaith, a small village in the South Wales Valleys.
0:01:57 > 0:02:02# The old home town looks the same
0:02:02 > 0:02:06# As I step down from the train...#
0:02:06 > 0:02:10Well, the literal translation of Pontygwaith is "Bridge of Works",
0:02:10 > 0:02:15relating to an old blast furnace that was here in years gone by.
0:02:15 > 0:02:19Well, the iron works and the mines have long gone but what was
0:02:19 > 0:02:24once a valley black with coal dust, is now a green and pleasant land.
0:02:24 > 0:02:31# It's good to touch the green, green grass of home. #
0:02:31 > 0:02:35Well, lovely views from the road where the property's situated
0:02:35 > 0:02:38and the property itself sounds pretty enticing.
0:02:38 > 0:02:41£25,000 plus was the guide price, three bedroom terrace,
0:02:41 > 0:02:44looks pretty neat from the outside, let's take a look.
0:02:44 > 0:02:45WOLF WHISTLE
0:02:46 > 0:02:48# Wow, she's neat
0:02:48 > 0:02:50# Don't know what to do without her
0:02:50 > 0:02:52# All I do is think about her... #
0:02:52 > 0:02:56Certainly, the stone built exterior is attractive,
0:02:56 > 0:02:59although the steps up to the front door might put a few buyers off.
0:03:01 > 0:03:04Nice carpet, that's always a good sign.
0:03:04 > 0:03:07Seems to be fairly well presented,
0:03:07 > 0:03:09as the catalogue said. Yeah, that's good.
0:03:09 > 0:03:12Erm, and then through from that little hallway into a large
0:03:12 > 0:03:15- living room. - HE SNIFFS
0:03:15 > 0:03:19No smell of damp, nice size space, lots of light coming into here.
0:03:19 > 0:03:22Yeah, central heating, that's good news.
0:03:22 > 0:03:24I like those double doors, actually.
0:03:24 > 0:03:26I like the way they open up like that.
0:03:26 > 0:03:30Again, it gives a really nice, sort of, open plan feel.
0:03:30 > 0:03:31Come from there into the kitchen,
0:03:31 > 0:03:34probably built into an extension onto the rear of the property.
0:03:34 > 0:03:38It's not in bad condition, I mean, I've seen worse, I've seen better.
0:03:38 > 0:03:41It depends, really, what you were going to use this property for.
0:03:41 > 0:03:43Erm, renting it out, I think this is perfectly adequate.
0:03:43 > 0:03:45Living in it, you might want to update it.
0:03:45 > 0:03:48Erm, but it's OK, continuing that way, again, very traditional,
0:03:48 > 0:03:51that's where the loo and bathroom is.
0:03:51 > 0:03:53Is that a problem? I don't think it is.
0:03:53 > 0:03:56All in all, yeah, it's living up to its promise.
0:03:56 > 0:03:58# She's neat, she's sweet, makes my life so complete
0:03:58 > 0:04:01# She's neat, she's sweet, makes my life so complete. #
0:04:01 > 0:04:03The very presentable downstairs
0:04:03 > 0:04:06is matched by the three bedrooms upstairs.
0:04:06 > 0:04:11Two to the front of the property and one to the back.
0:04:11 > 0:04:14Oh, let's have a look in the back garden.
0:04:14 > 0:04:17So far, so good, then, but step outside to the rear
0:04:17 > 0:04:22of the property and a potentially major issue presents itself.
0:04:22 > 0:04:25Well, it is made reference to in the auction catalogue.
0:04:25 > 0:04:30It says, "There is a retaining wall which needs attention."
0:04:30 > 0:04:34Now, whenever you hear those words "retaining wall"
0:04:34 > 0:04:37and "needs attention", you definitely need to be wary.
0:04:37 > 0:04:40Because any kind of ground works can cost quite a lot of money.
0:04:40 > 0:04:43Now, this is the wall that they're referring to.
0:04:43 > 0:04:47It's basically holding back that bit of Welsh mountain
0:04:47 > 0:04:51and stopping it from collapsing into that bit of the house.
0:04:51 > 0:04:54So, you might say, "Big deal, take it out and replace it."
0:04:54 > 0:04:56Problem is, getting your materials,
0:04:56 > 0:04:59where are you going to get them from? You can't bring them in
0:04:59 > 0:05:02the back of the house. What about all the stuff you'd take out?
0:05:02 > 0:05:05Again, you can't take it through the back of the house,
0:05:05 > 0:05:06it all has to go through the house.
0:05:06 > 0:05:09That turns this into a very labour intensive job.
0:05:09 > 0:05:14That means it's going to be expensive! How expensive?
0:05:14 > 0:05:18What do you think? Two, three, four, five thousand quid?
0:05:18 > 0:05:21Nah, add another ten on,
0:05:21 > 0:05:2615 grand or so...oh, yeah, and you'd be about right.
0:05:26 > 0:05:29# Walls come tumbling down. #
0:05:29 > 0:05:33You would not want that wall tumbling into your bathroom
0:05:33 > 0:05:36while you were brushing your teeth - that's for sure!
0:05:36 > 0:05:38So, one wall to fix and one big bill,
0:05:38 > 0:05:40but what does an estate agent
0:05:40 > 0:05:44think of this property and its problem wall?
0:05:44 > 0:05:48The retaining wall is probably one of the worst walls I've seen,
0:05:48 > 0:05:50cos of the height and the access.
0:05:50 > 0:05:53You can't get a mini-digger in, everything's got to be done by hand.
0:05:53 > 0:05:56So, it's going to be a labour intense job.
0:05:56 > 0:06:00Would he suggest any work to the inside?
0:06:00 > 0:06:03If this was me renovating this house,
0:06:03 > 0:06:05I wouldn't spend much on the inside whatsoever.
0:06:05 > 0:06:07A lick of paint here and there, you know,
0:06:07 > 0:06:10there's brown in the kitchen, people might not like that.
0:06:10 > 0:06:12I'd just knock it back to beige, neutral.
0:06:12 > 0:06:15A bit of flooring here and there, where there's been
0:06:15 > 0:06:18a bit of damage but apart from that, it's a really good property.
0:06:18 > 0:06:21So, what about values, once renovated?
0:06:21 > 0:06:24If the inside was done up a little bit better
0:06:24 > 0:06:27and the wall was done and it was retained better
0:06:27 > 0:06:29and it was secure, the likelihood is,
0:06:29 > 0:06:33you'd probably get about 70,000, maybe 75,000 for this property.
0:06:33 > 0:06:37And if you opted to let this instead?
0:06:37 > 0:06:40You could easily achieve £425 per calendar month.
0:06:40 > 0:06:42Possibly even £450 per calendar month,
0:06:42 > 0:06:45cos it's such a good standard.
0:06:45 > 0:06:47Well, it's a good property.
0:06:47 > 0:06:52You know, nothing wrong, until you step outside to the back here
0:06:52 > 0:06:54and that whole wall issue.
0:06:54 > 0:06:57However, if you put aside a budget to sort it out, then,
0:06:57 > 0:07:00this is still a great property to buy.
0:07:00 > 0:07:03Let's see who agreed when it went under the hammer.
0:07:03 > 0:07:08Well presented mid-terraced house, guided at 25,000.
0:07:08 > 0:07:11Again, start me, will you start me somewhere near,
0:07:11 > 0:07:12start me at 25? Start me at 20, then?
0:07:12 > 0:07:1520, somebody? Thank you, 20, I've got you there.
0:07:15 > 0:07:18At 20, and one, now can I see? I've got 20 there, one I'm looking for.
0:07:18 > 0:07:20At 21, 22?
0:07:20 > 0:07:2322, 23, 24,
0:07:23 > 0:07:2625, 26, 27, 28...
0:07:26 > 0:07:31With such a good guide-price, it's no wonder that bidding was brisk.
0:07:31 > 0:07:35We rejoin the auction with the price at 38,000.
0:07:35 > 0:07:3738...and a half?
0:07:37 > 0:07:3938 and a half, 39?
0:07:39 > 0:07:4139...and a half? No.
0:07:41 > 0:07:45£39,000, then, back where we were earlier.
0:07:45 > 0:07:47At 39,000, for the first time,
0:07:47 > 0:07:49second time, third and last time...
0:07:49 > 0:07:5139 and a half, new bidder.
0:07:51 > 0:07:5440, sir, to you? £40,000, no.
0:07:54 > 0:07:58At 39 and a half with a cheeky last little bid, at 39 and a half,
0:07:58 > 0:08:01for the first time, second time, third and last...£40,000.
0:08:01 > 0:08:03I love it when people change their mind.
0:08:03 > 0:08:0540, 40 and a half.
0:08:05 > 0:08:1041? 41. 41 and a half, 42.
0:08:10 > 0:08:1642, no. At 41 and a half then, right at the back, first time, second time,
0:08:16 > 0:08:21third and last time then, at £41,500,
0:08:21 > 0:08:26yours, show your number please, is number 55, thank you very much.
0:08:26 > 0:08:28That successful bid was made by Iwan,
0:08:28 > 0:08:32one half of a local property development partnership.
0:08:32 > 0:08:36I met up with the other half, Brian, back at the house,
0:08:36 > 0:08:38to chat about their plans.
0:08:38 > 0:08:41- Brian, good to meet you.- Nice to meet you, Martin.- Congratulations!
0:08:41 > 0:08:45Thank you. So, why did you want to buy this house?
0:08:45 > 0:08:48Erm, just as an investment, either to sell or to rent,
0:08:48 > 0:08:50depending on how it goes.
0:08:50 > 0:08:53What was it about this one you particularly liked?
0:08:53 > 0:08:56Erm, just that it was a nice house, nice size, erm,
0:08:56 > 0:09:00I knew a little bit about the wall but thought that it could be done
0:09:00 > 0:09:02and we could make a profit out of it.
0:09:02 > 0:09:06OK, so that wall coming straight in to your thought processes...?
0:09:06 > 0:09:09- It's a bit worse than what I thought.- Oh!
0:09:09 > 0:09:11Erm, but we'll get through that.
0:09:13 > 0:09:16# On common ground we'll build our castle walls
0:09:16 > 0:09:19# We'll build them stone by stone
0:09:19 > 0:09:22# And how. #
0:09:22 > 0:09:26Brian had seen the property before the auction but now,
0:09:26 > 0:09:29having made a closer inspection of the wall,
0:09:29 > 0:09:34realises it needs a lot more work than he first anticipated.
0:09:34 > 0:09:37What kind of estimates have you had for the cost?
0:09:37 > 0:09:41Erm, I've only I've had one estimate at the moment.
0:09:41 > 0:09:44Erm, and that's looking between 10-15,000.
0:09:44 > 0:09:48- Right.- So, it is quite a big job.
0:09:48 > 0:09:50Was that a shock or was that OK?
0:09:50 > 0:09:54- Erm, when I first saw it, I actually thought about 8,000...- Right.
0:09:54 > 0:09:57- ..cos I knew it was going to be quite a big job.- Right.
0:09:57 > 0:09:58It's one of those jobs...
0:09:58 > 0:10:01On the face of it, it's not that complicated
0:10:01 > 0:10:06but it's all heavy, labour intensive work, isn't it?
0:10:06 > 0:10:09Yes, and the hardest part is that
0:10:09 > 0:10:12the only access is through the house.
0:10:12 > 0:10:17So, all of the dirt, heavy stuff is going to be going through the house.
0:10:17 > 0:10:21Concrete mixers, tools, people, muddy boots...
0:10:21 > 0:10:24Yes, and pound notes.
0:10:24 > 0:10:27- And pound notes! - HE CHUCKLES
0:10:28 > 0:10:32In their business partnership, Brian usually does all the hands-on work
0:10:32 > 0:10:34and Iwan deals with the finances.
0:10:34 > 0:10:38But this time around, Brian will leave the major and potentially
0:10:38 > 0:10:42problematic task of the wall to professional builders
0:10:42 > 0:10:45and will focus on the interior.
0:10:45 > 0:10:49It's just going to be a makeover with, basically, decorating,
0:10:49 > 0:10:53paint it up, get it all neutral colours.
0:10:53 > 0:10:55Get it nice looking, have a look at the carpets,
0:10:55 > 0:10:59maybe clean them up or even putting new carpets in.
0:10:59 > 0:11:02New lino into the kitchen and bathroom and that's basically it,
0:11:02 > 0:11:05- on the inside. - Leave everything as it is -
0:11:05 > 0:11:08no thoughts of moving the bathroom upstairs or anything like that?
0:11:08 > 0:11:12No, no, it all works, and it was working for he previous tenants,
0:11:12 > 0:11:15so definitely we'll leave it as it is.
0:11:15 > 0:11:17OK, let's talk budgets then.
0:11:17 > 0:11:18You talked about the wall costing 10-15,
0:11:18 > 0:11:21what about the other stuff you're going to do in the house?
0:11:21 > 0:11:24Inside, erm, we're going to get the gas and electrics checked,
0:11:24 > 0:11:26get certified, erm,
0:11:26 > 0:11:29I think that's going to be the biggest expense.
0:11:29 > 0:11:32And the rest is literally going over with the paintbrush.
0:11:32 > 0:11:36I would say a budget of £1,000-1,500
0:11:36 > 0:11:37maximum on the inside.
0:11:37 > 0:11:40So, in total, 16 and a half,
0:11:40 > 0:11:42if it went towards 15 for the wall.
0:11:42 > 0:11:44What's the timescale?
0:11:44 > 0:11:47Timescale was going to be a couple of weeks...
0:11:47 > 0:11:48HE LAUGHS
0:11:48 > 0:11:51- Oops!- ..up until we found out how bad the wall was.
0:11:51 > 0:11:54Obviously, trying to get a builder in for that
0:11:54 > 0:11:58length of time, you've got to know when they can start.
0:11:58 > 0:12:01So, we're looking, like, three to four months now, I think.
0:12:01 > 0:12:02Right.
0:12:05 > 0:12:09These kinds of problems can sometimes leave you snookered.
0:12:09 > 0:12:13I just hope that Brian gets a big break with that wall.
0:12:13 > 0:12:16Can you see where this is going?
0:12:16 > 0:12:19What about your pastimes, hobbies and things like that?
0:12:19 > 0:12:22I used to play a lot of snooker.
0:12:22 > 0:12:25- Snooker?- At a high level.- How high?
0:12:25 > 0:12:27I used to play in all the Welsh amateur championships.
0:12:27 > 0:12:29Did you? Did you do well?
0:12:29 > 0:12:32Erm, there's too many good players about, so...
0:12:32 > 0:12:33MARTIN LAUGHS
0:12:33 > 0:12:36..yeah, so, held my own on some tournaments.
0:12:36 > 0:12:41- Great, what was your biggest break? - 137.- You got a 137 break?!- Yes.
0:12:41 > 0:12:46- Twice?- Twice, yeah.- Wow, that must've felt amazing!- Yeah, it was.
0:12:46 > 0:12:48I heard you did a bit of poker playing in your previous life?
0:12:48 > 0:12:51I'm not allowed to play poker any more,
0:12:51 > 0:12:53the wife has put a stop to that.
0:12:53 > 0:12:55- I've knocked it on the head. - Were you a good poker player?
0:12:55 > 0:12:58- I made the first Welsh Open poker tournaments...- Wow!
0:12:58 > 0:13:02- ..and made a TV stage on there.- Oh, did you?- I came seventh in the end.
0:13:02 > 0:13:06- Did you? That's pretty good! - Yeah, it was all right, got lucky.
0:13:06 > 0:13:09Well, hopefully not too much of a gamble with this house.
0:13:09 > 0:13:11Yeah, it's a bit more than what we thought
0:13:11 > 0:13:13- but we'll get through it and we'll do a good job.- Good.
0:13:13 > 0:13:15Well, congratulations, good luck with it.
0:13:15 > 0:13:17Thank you very much, Martin.
0:13:17 > 0:13:19I'll look forward to see how you end up.
0:13:19 > 0:13:23Well, thank goodness Brian knew about the only real issue
0:13:23 > 0:13:25with this property.
0:13:25 > 0:13:27It is, intrinsically, a really good house
0:13:27 > 0:13:32but then there is the great wall of Pontygwaith to consider.
0:13:32 > 0:13:35How will he get on rebuilding it?
0:13:35 > 0:13:37You can find out later in the show.
0:13:43 > 0:13:47Okehampton, in Devon, can be found on the Northern side of Dartmoor,
0:13:47 > 0:13:51just 24 miles from Exeter and 30 from Plymouth.
0:13:54 > 0:13:57It's an idyllic town, perfect for people who want to enjoy
0:13:57 > 0:14:01the countryside and visit the North Devon coastline.
0:14:03 > 0:14:06Just five minutes walk from the town centre is the property
0:14:06 > 0:14:09I'm here to see. It sounds fantastic!
0:14:09 > 0:14:13£150,000 plus was the guide price for this,
0:14:13 > 0:14:17a six bedroom end of terrace.
0:14:17 > 0:14:20Look at all the granite around the windows.
0:14:20 > 0:14:22Fantastic, I love it already!
0:14:22 > 0:14:26A great guide price for a solid looking property that,
0:14:26 > 0:14:29on the outside, has bags of character.
0:14:31 > 0:14:34OK, interesting little entrance, vestibule.
0:14:34 > 0:14:36Nice granite!
0:14:36 > 0:14:40Again, erm, through into the main part of the house
0:14:40 > 0:14:44and immediately a sense of, well, grandeur, actually.
0:14:44 > 0:14:48It's a little bit cramped in this particular part but, pff,
0:14:48 > 0:14:50wow, there's lots to explore.
0:14:50 > 0:14:53That would definitely be a favourite room of mine.
0:14:53 > 0:14:57Straight away, it's not really big enough to be a living room
0:14:57 > 0:14:59but maybe a study or a library or something.
0:14:59 > 0:15:02Lots of light flooding in through those great big windows.
0:15:02 > 0:15:05Stairs up to the numerous bedrooms there.
0:15:05 > 0:15:07It feels a little bit cramped.
0:15:07 > 0:15:09I don't know what you could do to try and open it up
0:15:09 > 0:15:13but the rooms themselves are fantastic, kitchen there.
0:15:13 > 0:15:16Units...you know, you'd probably want to replace them.
0:15:16 > 0:15:19I think you could make that look a real sort of central
0:15:19 > 0:15:21point for the property.
0:15:21 > 0:15:26Into this room here, which is like a large...double aspect
0:15:26 > 0:15:30dining room-stroke-living area, it's really, really great.
0:15:30 > 0:15:33I'm thinking, straight away, I'm wondering
0:15:33 > 0:15:36if this wall could maybe be taken away.
0:15:36 > 0:15:39Cos that kitchen isn't really as big as you'd like it to be.
0:15:39 > 0:15:41Maybe put an RSJ across there, open that up,
0:15:41 > 0:15:45so you have a kitchen, breakfast bar, dining area here.
0:15:45 > 0:15:48You've already got the patio doors out onto the garden.
0:15:48 > 0:15:49What a room that would be
0:15:49 > 0:15:51and it would really open up the ground floor.
0:15:51 > 0:15:54But bearing in mind that is just the ground floor
0:15:54 > 0:15:57and bearing in mind again, it's a terrace, wow!
0:15:58 > 0:16:00# Do you love me?
0:16:00 > 0:16:01# I can really move
0:16:01 > 0:16:03# Do you love me?
0:16:03 > 0:16:04# I'm in the groove
0:16:04 > 0:16:06# Do you love me?
0:16:06 > 0:16:10Yes, it needs a bit of updating and possibly a little restructuring
0:16:10 > 0:16:14but it is looking very promising indeed.
0:16:14 > 0:16:17Let's take a look outside.
0:16:17 > 0:16:21Well, at the back of the property, erm, a little sort of courtyard
0:16:21 > 0:16:24area here, which would be much nicer if it had some nice tiles on it.
0:16:24 > 0:16:28A useful out building, in fact, a couple of out buildings.
0:16:28 > 0:16:31Well, one building split in two and an outside loo.
0:16:31 > 0:16:33This bit of garden,
0:16:33 > 0:16:36And if that was it, I'd say, "Mmm, pretty good".
0:16:36 > 0:16:39But there's more because come through this little gate and
0:16:39 > 0:16:41there's this little area here.
0:16:41 > 0:16:44The most unusually shaped garage I've ever seen, that's yours,
0:16:44 > 0:16:46as is this little bit of land here.
0:16:46 > 0:16:50But even better than that, you have separate access down this
0:16:50 > 0:16:53little shared, well, alleyway, I guess.
0:16:53 > 0:16:56All in all, what a bonus!
0:16:58 > 0:17:03A family sized house, with a family sized garden is always desirable.
0:17:05 > 0:17:07It clearly needs a lot of work.
0:17:07 > 0:17:09Hopefully, this isn't the only loo
0:17:09 > 0:17:13but there is definitely potential once you figure out what to do.
0:17:18 > 0:17:24So, upstairs to the first floor and, well...I'm not going to say
0:17:24 > 0:17:28"at last", that's not fair, but there is, finally,
0:17:28 > 0:17:30if you like, a negative about the property.
0:17:30 > 0:17:34Erm, obviously, a lot of damp coming in through that wall there...
0:17:34 > 0:17:36and it looks fairly serious, judging by that.
0:17:36 > 0:17:39I'd be concerned about how it might have affected the stairs,
0:17:39 > 0:17:42cos once you get into trying to do new carpentry on the stairs,
0:17:42 > 0:17:45if it's rotted, that is going to be really expensive.
0:17:45 > 0:17:49So, find out what's causing that would be my number one job
0:17:49 > 0:17:51if I bought this place.
0:17:51 > 0:17:53But up here, smallish landing,
0:17:53 > 0:17:56you've got three bedrooms here, they're all really good sizes.
0:17:56 > 0:18:00You've also got a bathroom with a separate loo, so that's good.
0:18:00 > 0:18:05Rooms themselves, well, if that wall is damp,
0:18:05 > 0:18:07these ones don't seem too bad.
0:18:07 > 0:18:11Erm, you know, good size, lots of light coming in through the windows.
0:18:11 > 0:18:17The windows themselves look like they could do with replacement.
0:18:17 > 0:18:20Apart from that, nope,
0:18:20 > 0:18:24it's still really, really good.
0:18:26 > 0:18:30There are a couple of signs of damp that need to be investigated
0:18:30 > 0:18:35in the bathroom and the fact this is the only bathroom is not ideal.
0:18:37 > 0:18:41On the top floor, there are three more good size bedrooms.
0:18:43 > 0:18:46Perhaps, it'll be worth turning
0:18:46 > 0:18:48the smallest of these into another bathroom.
0:18:48 > 0:18:52It all depends on what you plan to do with the property.
0:18:52 > 0:18:56It's a great house with bags of potential
0:18:56 > 0:18:59but money does need to be spent on it.
0:18:59 > 0:19:02However, with a guide price of £150,000 plus,
0:19:02 > 0:19:03you would expect that.
0:19:05 > 0:19:09What does a local property expert think of it?
0:19:11 > 0:19:14Erm, my first impressions of the property are that it's a bit
0:19:14 > 0:19:18tired out, actually, needs a bit of refurbishment
0:19:18 > 0:19:20and bringing up to date.
0:19:20 > 0:19:26I think modern buyers are expecting to have WC facilities, at least, on
0:19:26 > 0:19:30each floor and bathroom facilities on floors that have bedrooms on.
0:19:30 > 0:19:33So, for this property,
0:19:33 > 0:19:36I would be looking for there to be a cloakroom on the ground floor,
0:19:36 > 0:19:39for there to be the current refurbished
0:19:39 > 0:19:43bathroom on the first floor and on the top floor for there to be an
0:19:43 > 0:19:46addition of bathroom or shower facilities with WC.
0:19:46 > 0:19:51That all sounds very doable but what kind of re-sale figure could
0:19:51 > 0:19:54this house reach if fully renovated?
0:19:54 > 0:19:58I see this property as coming onto the market at a guide
0:19:58 > 0:20:02price of £250,000 and I'd be expecting it to
0:20:02 > 0:20:04achieve as near as possible to that price.
0:20:04 > 0:20:07What about the rental returns?
0:20:07 > 0:20:11Once all the works have been done on the property, I would expect
0:20:11 > 0:20:16it to achieve around the price of £850 per calendar month.
0:20:16 > 0:20:22Well, a few issues to resolve. Damp, a few extra bathrooms would be nice.
0:20:22 > 0:20:25Apart from that, this is a great house and for a fantastic
0:20:25 > 0:20:29guide price, let's see who spotted it when it went under the hammer.
0:20:31 > 0:20:36It's a six bed house, it is a bit of a doer-upper, as they say.
0:20:36 > 0:20:38It's guided at 150,
0:20:38 > 0:20:41so anybody like to start on 150,
0:20:41 > 0:20:43on the nail of the guide.
0:20:43 > 0:20:44150 to go?
0:20:47 > 0:20:49150 to go, 145 will do...
0:20:49 > 0:20:51Sorry, 150 I'll take.
0:20:51 > 0:20:54Yeah, 150, any advance on 150?
0:20:55 > 0:21:00151, 152, 153, 154, 155.
0:21:00 > 0:21:03£150,000 seated here.
0:21:03 > 0:21:07Any advance on £150,000?
0:21:07 > 0:21:09It's £150,000 seated, anybody else want to advance on this?
0:21:09 > 0:21:12There's a few builder-developer types here, you've got to have
0:21:12 > 0:21:15looked at this - if you haven't, you're missing a trick!
0:21:15 > 0:21:18150 seated, right, we're going to go at 150.
0:21:18 > 0:21:23I'm going to call it for the first time at £150,000. Second time.
0:21:23 > 0:21:28Happy at 150, yeah, nodding, second and third and last time.
0:21:28 > 0:21:31I am surprised that we're not getting any further bids here.
0:21:31 > 0:21:32It's 150.
0:21:33 > 0:21:36It's sold at 150.
0:21:36 > 0:21:39Getting the end terrace that, very surprisingly,
0:21:39 > 0:21:42no-one else appeared to want, was Beverly.
0:21:42 > 0:21:47That solitary bid for bang on the guide price of 150,000
0:21:47 > 0:21:49sealed the deal.
0:21:52 > 0:21:56Beverly, who works within the NHS, has done up three properties before.
0:21:56 > 0:22:00So, I can't wait to see what her plans are for this property!
0:22:00 > 0:22:03- Beverly, congratulations!- Thank you.
0:22:03 > 0:22:06Although, I have to say, you looked a little bit stunned there!
0:22:06 > 0:22:09Yeah, it was a really scary moment, yeah.
0:22:09 > 0:22:11I really didn't think I'd get it and I couldn't believe it
0:22:11 > 0:22:13when no-one else bid!
0:22:13 > 0:22:16It was just a very, very bizarre feeling.
0:22:16 > 0:22:18I was expecting to have to bid against somebody else
0:22:18 > 0:22:21and then there was this deathly silence.
0:22:21 > 0:22:23I mean, you intended to buy it, did you?
0:22:23 > 0:22:26It wasn't a random, spur of the moment thing? No, not quite.
0:22:26 > 0:22:28Although, my daughter did say,
0:22:28 > 0:22:32"I didn't know you were going out to buy a house, this afternoon, mummy!"
0:22:32 > 0:22:37I was going with a fact finding mission, to plan to try
0:22:37 > 0:22:40and buy something in a few months' time.
0:22:40 > 0:22:44So, it was just a bit earlier but, erm, as I wanted to be in Okehampton,
0:22:44 > 0:22:48in the end, and found this one, and it came along at the right price,
0:22:48 > 0:22:51seemed rude to turn it down, really.
0:22:51 > 0:22:52So, why did you want to buy it then?
0:22:52 > 0:22:55Well, I have this thing about sad, old houses.
0:22:55 > 0:22:59I like to make them lovely and lived-in again and loved.
0:22:59 > 0:23:02It's just been a bit of a challenge that's been
0:23:02 > 0:23:05at the back of my mind for a few years now.
0:23:05 > 0:23:08And I was in a position to buy at auction,
0:23:08 > 0:23:12so it seemed an ideal opportunity to make my money work for me.
0:23:12 > 0:23:16Right, so, you're a "house cuddler" basically?
0:23:16 > 0:23:19SHE LAUGHS
0:23:19 > 0:23:22- You cuddle them back into being loved places.- Yeah.
0:23:22 > 0:23:26Yeah, I suppose, over the time since my first house
0:23:26 > 0:23:32when I was only 19, we've had a few that have needed a lot of TLC.
0:23:32 > 0:23:36I love decorating too, so I'll get someone else to do all
0:23:36 > 0:23:40the dirty work and then I'll do the painting and make it look lovely.
0:23:42 > 0:23:45# Cuddle up a little closer
0:23:45 > 0:23:49# Lovey, mine. #
0:23:49 > 0:23:51Beverly will be enlisting the skills of a friend
0:23:51 > 0:23:55in the building trade, while she makes it lovely.
0:23:55 > 0:23:58I, for one, am delighted that this house has been taken over by
0:23:58 > 0:24:02someone who just wants to give it some real love and even better,
0:24:02 > 0:24:05turn it into her home, a very big home.
0:24:08 > 0:24:11- Beverly, it's just you... and six bedrooms?- Yeah.
0:24:11 > 0:24:14Well, it's not going to stay six bedrooms
0:24:14 > 0:24:16and it's not going to stay one toilet either.
0:24:16 > 0:24:22So, yeah, the smallest bedroom is going to become a shower room
0:24:22 > 0:24:27and the bathroom's going to have a toilet put in it and then
0:24:27 > 0:24:31the toilet that's there now, I'm going to turn into a mini en-suite
0:24:31 > 0:24:32for the second bedroom.
0:24:32 > 0:24:36OK, so you'll end up with five bedrooms?
0:24:36 > 0:24:39Yes, cos there'll be three bedrooms on the third floor and then
0:24:39 > 0:24:42two bedrooms on the attic floor, with the shower room up there.
0:24:42 > 0:24:46I'm looking forward to doing something with the garden,
0:24:46 > 0:24:49as well, cos it's a bit of a project.
0:24:49 > 0:24:50Yes...wow!
0:24:52 > 0:24:54Beverly is also planning on a new kitchen,
0:24:54 > 0:24:57with a new access way along the side of the property.
0:24:57 > 0:25:01Along with that, she's also looking to create
0:25:01 > 0:25:05a conservatory that will incorporate the outside loo,
0:25:05 > 0:25:07which all begs the question...
0:25:07 > 0:25:09Budget, budget, budget?
0:25:09 > 0:25:12Probably about 25-30 grand to do all that I want to do.
0:25:12 > 0:25:15Depending on how much it costs,
0:25:15 > 0:25:18depends on whether we do the outside bit
0:25:18 > 0:25:20and how much I can spend on the garden and the tatty garage
0:25:20 > 0:25:25at the bottom of the garden to maybe bring that to be a nice,
0:25:25 > 0:25:26stone summer house.
0:25:26 > 0:25:29- So, what about timescale? - Probably four, five months...
0:25:29 > 0:25:31I'm looking for.
0:25:31 > 0:25:33Well, I'm delighted that it found you and you found it!
0:25:33 > 0:25:35Good luck setting up your new home.
0:25:35 > 0:25:38- Thank you.- Look forward to seeing how you get on.- Thank you.
0:25:38 > 0:25:41Well, it's natural
0:25:41 > 0:25:44and probably quite healthy to be a little bit suspicious
0:25:44 > 0:25:47if something seems to be too good to be true when it comes to property.
0:25:47 > 0:25:52But in this case, I think Beverly has just got herself
0:25:52 > 0:25:55an absolutely fantastic deal with this property.
0:25:55 > 0:25:58And how wonderful that she's going to turn it into her home.
0:25:58 > 0:26:01You can find out how it all turns out later in the show.
0:26:04 > 0:26:07Still to come, is it last orders for this pub in Kent?
0:26:08 > 0:26:13The bell's gone to ring time, not even a dart board in here!
0:26:15 > 0:26:18And is Beverly just what the doctor ordered for this house,
0:26:18 > 0:26:19in Okehampton?
0:26:19 > 0:26:23A lot more needed doing than we ever dreamt.
0:26:27 > 0:26:30We're returning now to the Welsh Valleys, to the
0:26:30 > 0:26:34village of Pontygwaith, where this mid terrace three-bedroom house
0:26:34 > 0:26:38was up for auction at a guide price of £25,000.
0:26:38 > 0:26:41The inside of the house was in really good condition,
0:26:41 > 0:26:45which might lead some folk to think this was a bit of a bargain.
0:26:45 > 0:26:50But venture into the back garden and there was a major structural
0:26:50 > 0:26:53problem that needed to be dealt with.
0:26:53 > 0:26:57There is a retaining wall which needs attention.
0:26:57 > 0:27:01It's basically holding back that bit of Welsh mountain
0:27:01 > 0:27:05and stopping it from collapsing into that bit of the house.
0:27:09 > 0:27:14The house was bought for £41,500 by business partners Iwan
0:27:14 > 0:27:18and Brian, who were aware of the problem wall, and also realised
0:27:18 > 0:27:22that to repair it, everything would have to come through the house.
0:27:22 > 0:27:26All of the dirt, heavy stuff is going to be going through the house.
0:27:26 > 0:27:30- Concrete mixers, tools, people, muddy boots.- Yes.
0:27:30 > 0:27:32MARTIN CHUCKLES
0:27:32 > 0:27:35- And pound notes. - And pound notes!
0:27:39 > 0:27:42Four months after our first visit, we've come back to see if Brian
0:27:42 > 0:27:46could move mountains or, at least, hold this one back.
0:27:51 > 0:27:56Well, it looks like the mountain has been well and truly tamed,
0:27:56 > 0:27:59by this expanse of solid brick work.
0:27:59 > 0:28:04It took six weeks to build, at a cost of £18,000.
0:28:04 > 0:28:09But it's money well spent if it protects the rest of the house.
0:28:09 > 0:28:14We had to take it all the way down, which was 30 tonnes of rubbish
0:28:14 > 0:28:16going out through the house.
0:28:16 > 0:28:19We had to do it manually, by buckets,
0:28:19 > 0:28:21going through the house, and obviously,
0:28:21 > 0:28:25you can understand how much of a mess it made inside the house,
0:28:25 > 0:28:26on the downstairs.
0:28:26 > 0:28:30We had to go back two metres
0:28:30 > 0:28:33and we had to relay some footings
0:28:33 > 0:28:37and then we had to build the wall by staggering it from a metre and a
0:28:37 > 0:28:41half wide, all the way up to a top,
0:28:41 > 0:28:43to give it a nice, solid foundation.
0:28:43 > 0:28:46I'm now happy that the wall is finally done
0:28:46 > 0:28:50and done to a good standard and for the people who are moving in,
0:28:50 > 0:28:52it's going to be less of a worry for anybody.
0:28:54 > 0:28:56# Move any mountain. #
0:28:56 > 0:29:01After moving the mountain, well, 30 tonnes of it, everything else was
0:29:01 > 0:29:04pretty much straightforward.
0:29:04 > 0:29:10We had to have the extension re-rendered, re-painted all the
0:29:10 > 0:29:14rendering and also put a new fence up on top of the wall that we built
0:29:14 > 0:29:16because it was quite a high wall
0:29:16 > 0:29:19and needed some sort of safety element to it.
0:29:22 > 0:29:26With the inside of the house being in such good condition,
0:29:26 > 0:29:30Brian didn't have to do much other than decorate.
0:29:30 > 0:29:32A new floor in the bathroom
0:29:32 > 0:29:36and kitchen was the most obvious improvement to be made.
0:29:36 > 0:29:40The original budget for refurbishment was 16,500 but
0:29:40 > 0:29:46obviously with the wall coming in at 18,000, there has been an overspend.
0:29:46 > 0:29:50We've just gone under 20,000.
0:29:50 > 0:29:54So, all in all, with the work on the wall, it wasn't too bad.
0:29:54 > 0:29:57I man managed, obviously, the work that needed to be done.
0:29:57 > 0:30:02We had a local building company come in to do the work on the wall,
0:30:02 > 0:30:06which they've done a fantastic job and redecorated
0:30:06 > 0:30:10and done all the rest of the work myself then.
0:30:11 > 0:30:16The question is, after all that hard work and spending £18,000 on a wall,
0:30:16 > 0:30:20will it have added any value to this property?
0:30:23 > 0:30:24With that in mind,
0:30:24 > 0:30:27we asked two local property experts along
0:30:27 > 0:30:30to see what Brian and Iwan could expect to realise
0:30:30 > 0:30:32from the local housing market.
0:30:32 > 0:30:33When we first came here,
0:30:33 > 0:30:35I was surprised that this was actually sold in auction
0:30:35 > 0:30:37because it was such a lovely property.
0:30:37 > 0:30:39It wasn't until we went out the back
0:30:39 > 0:30:41and saw the damage to the wall that's occurred,
0:30:41 > 0:30:44and I can see why the money was spent on that.
0:30:44 > 0:30:48Locally, it's a lot of money to be spent on a wall,
0:30:48 > 0:30:51but the price that the house was purchased for,
0:30:51 > 0:30:55added to the value of the property, I think there's money to be made.
0:30:55 > 0:30:58The property's been renovated to a very good standard,
0:30:58 > 0:31:00nicely decorated in neutral colours.
0:31:00 > 0:31:03Nice-sized kitchen, good-sized bedrooms
0:31:03 > 0:31:06and they've done a very good job on the back garden.
0:31:06 > 0:31:08I think this property will appeal to everyone.
0:31:08 > 0:31:10You've got families, you've got three bedrooms.
0:31:10 > 0:31:13Could be a first-time buyer. Could be a buy-to-let landlord
0:31:13 > 0:31:15because there's money to be made there,
0:31:15 > 0:31:17so it's really ticked all the boxes.
0:31:19 > 0:31:20They both like the house,
0:31:20 > 0:31:23but could that translate into profit for Brian and Iwan?
0:31:23 > 0:31:25Let's get some valuations.
0:31:28 > 0:31:30If I was to market this property,
0:31:30 > 0:31:34I would put it on for £85,000 for resale
0:31:34 > 0:31:38and if I was looking to rent the property,
0:31:38 > 0:31:43I would put it on for between £425 and £450 per calendar month.
0:31:43 > 0:31:46This property could sell for at least £80,000.
0:31:46 > 0:31:50And this property would also rent for £450 per calendar month.
0:31:52 > 0:31:54A rental at £450 per calendar month
0:31:54 > 0:31:58would bring in a yield of almost 9%.
0:31:58 > 0:32:00That's a pretty healthy figure.
0:32:00 > 0:32:03But the boys have decided to sell this house,
0:32:03 > 0:32:06and having spent a total of £61,500,
0:32:06 > 0:32:10if they get that top price of 85,000,
0:32:10 > 0:32:16they would net a pre-tax profit of £23,500.
0:32:16 > 0:32:20Actually, we've got the property on the market for £84,995
0:32:20 > 0:32:23so spot on, really, with the pricing.
0:32:23 > 0:32:26So what's next for Brian and Iwan?
0:32:26 > 0:32:28While finishing this house, we actually went to auction
0:32:28 > 0:32:33and bought another property and I think we'll do so in future as well.
0:32:40 > 0:32:43Sittingbourne in Kent was once a popular watering hole
0:32:43 > 0:32:47for travellers journeying between London and Canterbury.
0:32:47 > 0:32:50The arrival of the railway sounded the death knell
0:32:50 > 0:32:53for many of the inns in the area.
0:32:53 > 0:32:54Times may have changed,
0:32:54 > 0:32:58but it's not much easier making a living from a pub these days.
0:33:02 > 0:33:06That is certainly true of the property I'm here to see today,
0:33:06 > 0:33:13because it's this former pub, which had a guide price of £125-135,000.
0:33:13 > 0:33:17I wonder what possibilities lie inside. Let's venture in.
0:33:19 > 0:33:21Oh, pubs are always handsome buildings,
0:33:21 > 0:33:23and they have such amazing proportions.
0:33:23 > 0:33:26I always think they would be brilliant
0:33:26 > 0:33:29to turn into a family house, but that's not to be for this property.
0:33:29 > 0:33:31And as you can see, it's quite quiet.
0:33:31 > 0:33:34I can't imagine this would work any more as an old boozer.
0:33:34 > 0:33:37There's certainly not enough footfall.
0:33:37 > 0:33:40And look, this is where the brewery would have turned up,
0:33:40 > 0:33:42- rolled out the barrels... - SHE STRAINS
0:33:42 > 0:33:43You'd go under there.
0:33:43 > 0:33:47All the beer would have been stored underneath to keep it nice and cool.
0:33:47 > 0:33:48It's a fantastic space.
0:33:48 > 0:33:51The bar area here, although the bar's gone,
0:33:51 > 0:33:54the optics have gone, the bell's gone to ring time.
0:33:54 > 0:33:56There's not even a dart board in here.
0:33:56 > 0:33:58It's in a bit of a sorry old state.
0:33:58 > 0:34:00You've got your glasses still down there,
0:34:00 > 0:34:04probably some tables and chairs for people that like to eat some food.
0:34:04 > 0:34:07Up here... It's not huge.
0:34:07 > 0:34:10But I bet it was fun in its day. Going to explore.
0:34:18 > 0:34:21The first question to ask yourself is,
0:34:21 > 0:34:22"Does it stay as a bar?"
0:34:22 > 0:34:25As well as the open-plan bar space,
0:34:25 > 0:34:28there's a good-size commercial kitchen to the back.
0:34:28 > 0:34:31Perhaps with this kitchen, you could turn it into a restaurant.
0:34:31 > 0:34:35Or could the property be converted for residential use?
0:34:35 > 0:34:37Let's see what upstairs has to offer.
0:34:40 > 0:34:44So this was obviously the living accommodation above the pub.
0:34:44 > 0:34:47The sitting room, I take it. You can see by the fireplace here.
0:34:47 > 0:34:49So quite a good space.
0:34:49 > 0:34:52You've got nice, big windows there, but from where I'm standing,
0:34:52 > 0:34:56there's a big old corridor with room going off to another room
0:34:56 > 0:34:58and another room. I'm going to explore.
0:35:01 > 0:35:02Goes on forever!
0:35:03 > 0:35:04Come on.
0:35:07 > 0:35:10Down this corridor are three bedrooms and a bathroom,
0:35:10 > 0:35:13and regardless of what you do downstairs,
0:35:13 > 0:35:16it would make sense to keep this floor as accommodation
0:35:16 > 0:35:17for rent or sale.
0:35:17 > 0:35:20Looks as though somebody's had a real good old go
0:35:20 > 0:35:23at ripping this out of the wall, sadly.
0:35:23 > 0:35:26It's a beautiful old fireplace and it's a nice room, in fact.
0:35:26 > 0:35:27You've got this lovely window
0:35:27 > 0:35:30so could be a bedroom or a sitting room.
0:35:30 > 0:35:32Bedroom through there, bathroom,
0:35:32 > 0:35:35another nice room, which is the mirror image of next door,
0:35:35 > 0:35:38again with this lovely window.
0:35:38 > 0:35:41Now I've have a chance to walk around, I'm just thinking,
0:35:41 > 0:35:44if you were to develop this and turn it into flats,
0:35:44 > 0:35:49it would almost be too much of a luxury to have this as one flat.
0:35:49 > 0:35:52You know, it's just too big. There are too many rooms.
0:35:52 > 0:35:54And if you wanted to carve it into two separate flats,
0:35:54 > 0:35:59I think then it would be just that bit too small.
0:35:59 > 0:36:01Leave that one with me. I need to think about it.
0:36:05 > 0:36:08Outside, there's a courtyard with outbuildings
0:36:08 > 0:36:11and a beer garden which would be ideal for off-road parking,
0:36:11 > 0:36:15until you realise it's on a higher level than the street.
0:36:15 > 0:36:19Yes, makes access just that little bit awkward.
0:36:20 > 0:36:22Well, of course,
0:36:22 > 0:36:24whatever you do with this old pub will depend entirely
0:36:24 > 0:36:26on what kind of planning permission
0:36:26 > 0:36:28you're able to get from your local council.
0:36:28 > 0:36:31They may have restrictions on what they will allow you to do
0:36:31 > 0:36:34with certain types of properties in certain areas,
0:36:34 > 0:36:37especially in these difficult economic times.
0:36:37 > 0:36:40Is there a lack of affordable housing in the area?
0:36:40 > 0:36:45Or is there a pressing need to develop businesses and create jobs?
0:36:45 > 0:36:48Different local councils will have their own priorities
0:36:48 > 0:36:52when regenerating an area, so you've got to do your research
0:36:52 > 0:36:56and speak to the local authority to find out what they want
0:36:56 > 0:36:59and what they are likely to grant planning permission for
0:36:59 > 0:37:03and then you can start using your imagination.
0:37:08 > 0:37:12So a spot of creative negotiations will be required
0:37:12 > 0:37:15to find a planning solution that pleases everybody.
0:37:15 > 0:37:17Assuming the council are on board,
0:37:17 > 0:37:21my preferred option would be to create flats.
0:37:21 > 0:37:23Now I've had the chance to look around,
0:37:23 > 0:37:25I think you could easily divide this ground floor space
0:37:25 > 0:37:27with the kitchen out the back
0:37:27 > 0:37:31into two separate flats worth around £80,000 each,
0:37:31 > 0:37:34and I would probably leave the upstairs accommodation now
0:37:34 > 0:37:40as one rather large, luxurious dwelling worth around £100,000.
0:37:40 > 0:37:43You would need to apply for planning permission from the local council,
0:37:43 > 0:37:46but it would certainly be a lucrative option.
0:37:49 > 0:37:51But do my numbers add up?
0:37:51 > 0:37:54Let's see what potential a local property expert
0:37:54 > 0:37:55saw in this former pub.
0:37:57 > 0:38:02Sittingbourne, like many towns, the high streets are struggling.
0:38:02 > 0:38:05This particular property is what you would call
0:38:05 > 0:38:07an extension of the high street,
0:38:07 > 0:38:09so it's probably in an even worse position.
0:38:09 > 0:38:12If this place was mine, what I would do downstairs
0:38:12 > 0:38:14is I'd have an access door to the front
0:38:14 > 0:38:16and an access door to the side or the rear,
0:38:16 > 0:38:21allowing you to put two one-bedroom flats down here.
0:38:21 > 0:38:24Upstairs currently you have a three-bedroom apartment.
0:38:24 > 0:38:28What I would do is I would convert it into a two-bedroom apartment
0:38:28 > 0:38:33by making one of the bedrooms into... Taking it into another room
0:38:33 > 0:38:36so therefore you'd have a much larger master bedroom,
0:38:36 > 0:38:38smaller second bedroom, you'd have your bathroom next door,
0:38:38 > 0:38:41possibly an en-suite. And a lounge/kitchenette
0:38:41 > 0:38:43at the top of the stairs as you go in.
0:38:45 > 0:38:48And how will that translate in terms of return?
0:38:48 > 0:38:51Starting with the two-bedroom apartment upstairs,
0:38:51 > 0:38:54being realistic, you're probably going to get a rental return
0:38:54 > 0:38:57of around £600 per calendar month.
0:38:57 > 0:39:01The two apartments on the ground floor...
0:39:01 > 0:39:03One-bedroom apartments around here at the moment,
0:39:03 > 0:39:05probably £500 per calendar month.
0:39:06 > 0:39:10If the two new flats rented for £1,000 per calendar month,
0:39:10 > 0:39:13that would certainly beat the commercial valuation
0:39:13 > 0:39:15of the ground floor as a whole,
0:39:15 > 0:39:19which the agent put at £500 per calendar month.
0:39:19 > 0:39:23But would it make more sense to convert these for resale?
0:39:23 > 0:39:25Looking at the selling of the apartments
0:39:25 > 0:39:29and starting with the two-bedroom apartment upstairs,
0:39:29 > 0:39:34you would be looking at a realistic sale price of around £105,000.
0:39:34 > 0:39:37Looking at the two one-bedroom apartments downstairs,
0:39:37 > 0:39:42probably around £85,000 would be around the right figures.
0:39:42 > 0:39:46Well, this really is an interesting old property.
0:39:46 > 0:39:48It's in a good location within Sittingbourne,
0:39:48 > 0:39:50and it throws up all sorts
0:39:50 > 0:39:53of different possibilities and opportunities.
0:39:53 > 0:39:56But whoever takes this on has got a huge job on their hands
0:39:56 > 0:39:59to turn this into something that's really going to work
0:39:59 > 0:40:00for the local area.
0:40:00 > 0:40:03Let's find out who was prepared for the challenge
0:40:03 > 0:40:05when this old pub went under the hammer.
0:40:07 > 0:40:11Freehold premises. As we've said, obviously it was a former pub.
0:40:11 > 0:40:14Guide 125-135. Start me at 125?
0:40:14 > 0:40:16£125,000?
0:40:16 > 0:40:18125?
0:40:18 > 0:40:20Where do you want to start me, then? Start at 100?
0:40:20 > 0:40:22£100,000, let's see where we get to.
0:40:22 > 0:40:23£100,000 at the back.
0:40:23 > 0:40:26£100,000. 100. And five?
0:40:26 > 0:40:28105? 105. And ten?
0:40:28 > 0:40:30110?
0:40:30 > 0:40:32110, and 15?
0:40:32 > 0:40:36115? At £110,000, I've got. 115, I'm looking for.
0:40:36 > 0:40:38Are we all done at £110,000?
0:40:38 > 0:40:40Can't tempt you any further?
0:40:40 > 0:40:42Nope? OK. Well, come and talk to us.
0:40:44 > 0:40:46Well, the hammer didn't fall on this occasion
0:40:46 > 0:40:49because the reserve price for the property wasn't reached.
0:40:49 > 0:40:55However, an offer of 113,000 was made and accepted afterwards.
0:40:57 > 0:41:01The new owners of this former public house are local property developers
0:41:01 > 0:41:04and husband and wife, Sunil and Gita.
0:41:04 > 0:41:07Yes, if they seem a bit familiar to you,
0:41:07 > 0:41:10well, it's because they've been on Homes Under The Hammer before.
0:41:10 > 0:41:12# Mr and Mrs
0:41:12 > 0:41:16# Oh, how I love that phrase... #
0:41:16 > 0:41:20Sunil and Gita, congratulations. Now, we've met before on the show.
0:41:20 > 0:41:23- You know Sittingbourne really well, don't you, guys?- Yes.
0:41:23 > 0:41:25We run a lettings,
0:41:25 > 0:41:28sales and lettings agency in Sittingbourne high street.
0:41:28 > 0:41:29And you're also developers,
0:41:29 > 0:41:31because I know you've got lots of other properties.
0:41:31 > 0:41:34Yeah, our main business is we're landlords first,
0:41:34 > 0:41:37so that helps us to help other landlords in our agency business.
0:41:37 > 0:41:41- So you've bought a pub?- Yes. - What happened there, then?
0:41:41 > 0:41:43Erm, well, when Sunil came home, I thought
0:41:43 > 0:41:46it was quite ironic that he came home and told me
0:41:46 > 0:41:49that we'd bought a pub and he doesn't even drink.
0:41:49 > 0:41:50So why did you buy the pub?
0:41:50 > 0:41:53Obviously not to turn into another pub, I take it.
0:41:53 > 0:41:56- It's a good investment for us.- Yes. - If it's a pub today,
0:41:56 > 0:41:58it could be a school tomorrow or something else, so...
0:41:58 > 0:42:00What do you know about this building?
0:42:00 > 0:42:02Is there any restriction on this property?
0:42:02 > 0:42:04The history of this is it's always been a pub,
0:42:04 > 0:42:05but it's not been a successful pub.
0:42:05 > 0:42:09It's changed hands six or seven times in the last ten years.
0:42:09 > 0:42:10Which is, in a way, good for us,
0:42:10 > 0:42:13because when we're making a planning application,
0:42:13 > 0:42:14we can show that it hasn't been viable
0:42:14 > 0:42:17and it's not just the business owner, it's a number of business owners.
0:42:17 > 0:42:21- So that's all about going for change of use, obviously.- Absolutely, yes.
0:42:21 > 0:42:24- Yeah.- So what sort of ideas have you got for this place now?
0:42:24 > 0:42:28Well, initially, the idea was to turn it into three flats.
0:42:28 > 0:42:31One upstairs and then two downstairs.
0:42:31 > 0:42:33Erm, but we've also been investigating
0:42:33 > 0:42:35the possibility of turning it into a special needs school.
0:42:35 > 0:42:39OK, really interesting. Now why have you gone down that avenue,
0:42:39 > 0:42:42and why a school in particular?
0:42:42 > 0:42:43It's just that the opportunity arose.
0:42:43 > 0:42:46We were talking to one of our current landlords
0:42:46 > 0:42:48and he said he'd been approached by the council
0:42:48 > 0:42:50and they were looking for a school,
0:42:50 > 0:42:52a special needs school with four classrooms in the area.
0:42:52 > 0:42:54So he came down and measured up and said,
0:42:54 > 0:42:57"Yes, we should look at this possibility."
0:42:57 > 0:42:59So what would you need to do to set the ball rolling?
0:42:59 > 0:43:02It's mainly planning and getting approval.
0:43:02 > 0:43:05And then applying for grants if we need to.
0:43:05 > 0:43:08- If not, we could fund some of the project ourselves.- That's our ideal.
0:43:08 > 0:43:10That's what we would like.
0:43:10 > 0:43:14If that's not possible, then Plan B is to look at the possibility
0:43:14 > 0:43:17of turning it into flats and having three separate flats.
0:43:17 > 0:43:20So what sort of budget have you two got in mind?
0:43:20 > 0:43:23On the school project, it's going to be about 70,000.
0:43:23 > 0:43:28But if it's flats, we're going to spend about 30, £10,000 on each flat.
0:43:28 > 0:43:30Guys, good luck with this project,
0:43:30 > 0:43:32and I can't wait to find out how it goes.
0:43:32 > 0:43:34- Really lovely to see you both again. - Thank you very much.
0:43:34 > 0:43:36- Congratulations.- Thank you.
0:43:37 > 0:43:40Well, Sunil and Gita are highly experienced
0:43:40 > 0:43:42and successful property developers.
0:43:42 > 0:43:46They could easily just build three flats out of this old pub,
0:43:46 > 0:43:50but I love the fact that they have chosen to make it a priority to try
0:43:50 > 0:43:53and give something back to the community here.
0:43:53 > 0:43:58I am hoping this will be a wonderful school for children when we return.
0:43:58 > 0:44:00You'll have to stay tuned to find out what happens.
0:44:05 > 0:44:09- Well, we've seen one project. Two more to go, Martin.- Yep.
0:44:09 > 0:44:12Did those plans come to fruition?
0:44:12 > 0:44:14And will those estate agents' valuations
0:44:14 > 0:44:17make our buyers very happy or not?
0:44:17 > 0:44:18Let's go back and find out.
0:44:22 > 0:44:25We're back in Devon at the six-bedroom end terrace
0:44:25 > 0:44:26in Okehampton.
0:44:26 > 0:44:30This beautiful old building had a lot going for it.
0:44:30 > 0:44:31Lovely big rooms
0:44:31 > 0:44:36and a massive plot of land with outbuildings at the back.
0:44:36 > 0:44:42It showed signs of damp and only had one bathroom with separate WC.
0:44:42 > 0:44:46But with a guide price of just £150,000 plus, I thought
0:44:46 > 0:44:49this looked like a bit of a bargain.
0:44:49 > 0:44:51"That's all very well, Martin," I hear you cry.
0:44:51 > 0:44:54"But houses rarely go for the guide price."
0:44:54 > 0:44:56Well, normally...
0:44:56 > 0:44:59At £150,000. It's sold, at 150.
0:45:06 > 0:45:09It was a dream come true for buyer Beverley,
0:45:09 > 0:45:12who just wanted to shower this house with affection.
0:45:12 > 0:45:15I have this thing about sad old houses.
0:45:15 > 0:45:19I like to made them lovely and lived in again and loved.
0:45:19 > 0:45:20So you're a house cuddler, basically.
0:45:20 > 0:45:23SHE LAUGHS
0:45:23 > 0:45:26- You cuddle them back into being loved places.- Yeah. Yeah.
0:45:28 > 0:45:32# How sweet it is to be loved by you... #
0:45:34 > 0:45:36Beverley planned an en-suite and shower room,
0:45:36 > 0:45:40and was desperately keen to decorate the house herself.
0:45:40 > 0:45:43She was also determined to get her gardening gloves on
0:45:43 > 0:45:46and sort out the vast outside space.
0:45:49 > 0:45:52We came back four months on to find out if Beverley had turned
0:45:52 > 0:45:56what she thought was a sad house into a happy one.
0:46:01 > 0:46:05On the ground floor, a brand-new kitchen has been fitted.
0:46:05 > 0:46:07A hatch has been created into the wall,
0:46:07 > 0:46:10allowing the kitchen to be connected to the living area,
0:46:10 > 0:46:12which has been completely replastered.
0:46:13 > 0:46:16She still might need carpets, but by the looks of things,
0:46:16 > 0:46:19some of Beverley's floorboards have been replaced.
0:46:22 > 0:46:24Up on the first floor,
0:46:24 > 0:46:28and the bathroom has been refitted to include a WC.
0:46:28 > 0:46:30And what was the separate toilet
0:46:30 > 0:46:34has been incorporated into one of the bedrooms to create an en-suite.
0:46:34 > 0:46:36The second floor is still to be finished,
0:46:36 > 0:46:40but two of the bedrooms are ready for decoration.
0:46:40 > 0:46:41And the third has been plumbed,
0:46:41 > 0:46:45ready to become a bathroom as planned.
0:46:45 > 0:46:47There's obviously still work to do,
0:46:47 > 0:46:50and there's a clue as to why if you look outside.
0:46:50 > 0:46:52The whole house has been re-rendered.
0:46:52 > 0:46:55It's had its roof fixed and even the granite has been cleaned.
0:46:55 > 0:46:58So was there more to this renovation than first met the eye?
0:46:59 > 0:47:02When I bought the property, it looked OK
0:47:02 > 0:47:06in most places on the outside and the inside, if you know what I mean.
0:47:06 > 0:47:08It just looked a bit tired.
0:47:08 > 0:47:10But when it actually came to it,
0:47:10 > 0:47:14every job we did was bigger than we thought it was going to be.
0:47:14 > 0:47:18And it turned out that there was a lot more needed doing
0:47:18 > 0:47:21behind the scenes than we ever dreamt.
0:47:21 > 0:47:25It was an old house, but you'd think not everything would cause problems.
0:47:25 > 0:47:27Well, listen to this.
0:47:27 > 0:47:32We put the windows in. Every single one is a slightly different size.
0:47:32 > 0:47:33The shower cubicle had leaked,
0:47:33 > 0:47:38so the joists underneath had got quite a bit of rot in some of them.
0:47:38 > 0:47:42And so when they started to do the plumbing for the bathroom,
0:47:42 > 0:47:45the whole kitchen ceiling fell down!
0:47:45 > 0:47:48That was a bit of an "oh, bother" moment.
0:47:51 > 0:47:53So, given the long list of problems,
0:47:53 > 0:47:56did Beverley ever regret taking it on?
0:47:58 > 0:48:00I don't think I've ever really thought,
0:48:00 > 0:48:04"I wish I'd bought something else." Because every time it got that bad,
0:48:04 > 0:48:07one of the guys would come up and say, "No, no, no, it's all right.
0:48:07 > 0:48:11"I can fix it, I can sort it. We can do it. It's worth it. It's good."
0:48:11 > 0:48:14And then, similarly, on a day when they'd go,
0:48:14 > 0:48:17"Oh, it's going to cost more money, it's going to be more effort."
0:48:17 > 0:48:21And I'd go, "No, no, it's worth it. It's worth it. It's really great."
0:48:21 > 0:48:24So I think we encouraged each other really well.
0:48:24 > 0:48:29Happily, Beverley seems undaunted by all the trials and tribulations.
0:48:29 > 0:48:31She's within her four to five month timescale,
0:48:31 > 0:48:33but given all the unforeseen issues,
0:48:33 > 0:48:38has she managed to stay within that budget of 25-30,000?
0:48:40 > 0:48:45I think I've probably spent about 66,000.
0:48:45 > 0:48:49Because I'm going to live here, there are no cover-ups.
0:48:49 > 0:48:52You know, if it needed something doing, then it got done.
0:48:52 > 0:48:56If I don't have a carpet and move in, I don't have a carpet. You know.
0:48:56 > 0:48:58But it was important
0:48:58 > 0:49:01that the floorboards underneath the carpet are good.
0:49:01 > 0:49:04And that they're not... I'm not going to fall through them
0:49:04 > 0:49:08when I do my dancing. SHE LAUGHS
0:49:10 > 0:49:13£66,000 is a hefty overspend,
0:49:13 > 0:49:18and brings Beverley's total investment to £216,000.
0:49:18 > 0:49:21And that's before she tackles the garden.
0:49:22 > 0:49:25But come on, do you think it's value for money?
0:49:25 > 0:49:29Let's see if two local property agents agree with me
0:49:29 > 0:49:32that this is a cracker.
0:49:32 > 0:49:34The standard of the work seems to be very good.
0:49:34 > 0:49:36The finishes are lovely
0:49:36 > 0:49:40and the appliances that have gone in do appear to be of a good quality.
0:49:40 > 0:49:44Once the property is finished, it will be a lovely family home.
0:49:44 > 0:49:46I think with the work that's been done to the property...
0:49:46 > 0:49:51Erm, the windows look nice and sympathetically updated.
0:49:51 > 0:49:52The rendering looks good.
0:49:52 > 0:49:54It looks clean and it looks fresh.
0:49:54 > 0:49:57Beverley spent a total of £216,000,
0:49:57 > 0:50:01so let's get those all-important valuations.
0:50:02 > 0:50:08For resale, I believe this property could achieve between £230-240,000.
0:50:08 > 0:50:14I'd be looking to put it on at between £230-250,000.
0:50:15 > 0:50:19Of course, this labour of love is to be Beverley's home.
0:50:19 > 0:50:22But it's good to know that were she to sell, that top value
0:50:22 > 0:50:28would give her a profit of £34,000, minus the usual taxes and expenses.
0:50:28 > 0:50:30So what now for Beverley?
0:50:31 > 0:50:35The plan is to decorate a bit more colour somewhere.
0:50:35 > 0:50:38But I think probably the first thing I'm going to do
0:50:38 > 0:50:41when I get in here is to actually have a party.
0:50:46 > 0:50:49It's time to head back to Sittingbourne in Kent,
0:50:49 > 0:50:52where earlier, as I explored this former pub,
0:50:52 > 0:50:54I mulled over the possibilities.
0:50:55 > 0:50:57Now I've had to chance to look around,
0:50:57 > 0:51:00I think you could easily divide this ground floor space
0:51:00 > 0:51:03with the kitchen out the back into two separate flats,
0:51:03 > 0:51:06and I would probably leave the upstairs accommodation now
0:51:06 > 0:51:10as one rather large, luxurious dwelling.
0:51:12 > 0:51:15That thought had also occurred to Sunil and Gita,
0:51:15 > 0:51:18who bought this place for 113,000.
0:51:18 > 0:51:21But residential conversion was their Plan B,
0:51:21 > 0:51:24because they had decided instead to try and turn
0:51:24 > 0:51:28this into a school for children with special educational needs.
0:51:30 > 0:51:32It's just that the opportunity arose.
0:51:32 > 0:51:34We were talking to one of our current landlords,
0:51:34 > 0:51:37and he said he'd been approached by the council and they were looking
0:51:37 > 0:51:41for a school, a special needs school with four classrooms in the area.
0:51:41 > 0:51:43So he came down and measured up and said,
0:51:43 > 0:51:45"Yes, we should look at this possibility."
0:51:48 > 0:51:49Well, I think that's a super idea,
0:51:49 > 0:51:54but a good deal trickier than simply just converting this pub into flats.
0:51:54 > 0:51:5913 months later, on a crisp and cold winter's day, we're back.
0:52:05 > 0:52:10Unfortunately, it doesn't look as if the school plan has been successful.
0:52:10 > 0:52:13We would have loved to have had it turned into a school.
0:52:13 > 0:52:15That would have been our first choice.
0:52:15 > 0:52:18But timeframes by which we would get an answer
0:52:18 > 0:52:21and some kind of an agreement was just too long.
0:52:21 > 0:52:23So we couldn't really wait around
0:52:23 > 0:52:25because we needed to get the project underway.
0:52:30 > 0:52:33With the school project falling through,
0:52:33 > 0:52:35Sunil and Gita reverted to Plan B -
0:52:35 > 0:52:39converting this old pub into three separate residences.
0:52:44 > 0:52:48On the first floor, the existing three-bed flat has been modernised.
0:52:48 > 0:52:53A new open-plan kitchen and dining room is the centrepiece.
0:52:53 > 0:52:55But there are still traces from the past.
0:52:59 > 0:53:03The bedrooms have been decorated and new windows have been installed.
0:53:03 > 0:53:06On the ground floor, the space has been cleverly divided
0:53:06 > 0:53:09to accommodate two two-bedroom flats.
0:53:11 > 0:53:13And although the imprint of the old building
0:53:13 > 0:53:15is still in evidence here and there,
0:53:15 > 0:53:18it's easy to forget that this was once a public house.
0:53:20 > 0:53:24Each flat is comfortable and spacious rather than luxurious,
0:53:24 > 0:53:28but the most important thing here is they are all occupied,
0:53:28 > 0:53:32and it would appear that even a former pub still draws in customers.
0:53:33 > 0:53:37Because of the pub, because it's been here for about 100 years,
0:53:37 > 0:53:40people were interested as soon as we started doing the works.
0:53:40 > 0:53:44They were really interested in "Oh, what's going on in the old pub?"
0:53:44 > 0:53:46Even before all three flats were ready,
0:53:46 > 0:53:48we had tenants who were ready to move in,
0:53:48 > 0:53:50so that was really, really great
0:53:50 > 0:53:53because we didn't have even one day where they were sitting empty.
0:54:03 > 0:54:06To get full occupancy from the off is a tremendous outcome,
0:54:06 > 0:54:11but Sunil and Gita are drawing from a very deep well of experience.
0:54:11 > 0:54:14And that's not the only well they've encountered during this project.
0:54:17 > 0:54:21We had a few guys who work for us who basically helped us out.
0:54:21 > 0:54:23They actually had to lift the floorboards
0:54:23 > 0:54:25and basically gut the whole place out.
0:54:25 > 0:54:28They discovered that there was a water well.
0:54:28 > 0:54:32In order to make sure that it passed all the building regulations,
0:54:32 > 0:54:35we got a metal mesh over it and then we got it cemented again,
0:54:35 > 0:54:39and then another metal mesh and then we had the whole floor cemented.
0:54:39 > 0:54:41So that was quite an interesting find.
0:54:44 > 0:54:45No matter how interesting,
0:54:45 > 0:54:48unexpected discoveries are usually expensive,
0:54:48 > 0:54:52so how did they get on with their original budget of £30,000?
0:54:54 > 0:54:56It cost 80,000
0:54:56 > 0:54:58to do all three.
0:54:59 > 0:55:02But the upstairs didn't really cost that much
0:55:02 > 0:55:03because it was already a flat.
0:55:03 > 0:55:07Most of the cost was really doing the two flats down here.
0:55:07 > 0:55:10We did have some problems with structural stuff, with the floors,
0:55:10 > 0:55:14the insulation, that we hadn't necessarily budgeted for.
0:55:14 > 0:55:16Yeah, we spent a little bit more -
0:55:16 > 0:55:18twice as much - but... HE LAUGHS
0:55:18 > 0:55:22But it's still good because I think we've got a longer term...
0:55:22 > 0:55:24We've got more for the money.
0:55:27 > 0:55:31Including the purchase price of 113,000,
0:55:31 > 0:55:36Sunil and Gita have spent a total of £193,000 on this project.
0:55:40 > 0:55:43We invited two local estate agents to take a look around
0:55:43 > 0:55:46and tell us what they think of the work that's been done.
0:55:48 > 0:55:49It's amazing.
0:55:49 > 0:55:52The change has been... It's huge.
0:55:52 > 0:55:55When I came in here last time, it was open-plan, mess everywhere.
0:55:55 > 0:55:58Couldn't really see the potential of what it could become,
0:55:58 > 0:56:00and they've done a fantastic job.
0:56:00 > 0:56:03A friend of mine used to own this when it was a pub.
0:56:03 > 0:56:06And since the conversion, it's just tremendous, the change.
0:56:06 > 0:56:09The current owners have used every single bit of space
0:56:09 > 0:56:11and they've planned it perfectly.
0:56:11 > 0:56:13I think it was a brave move going for the conversion,
0:56:13 > 0:56:15but it has worked extremely well.
0:56:16 > 0:56:17With full occupancy,
0:56:17 > 0:56:21it's obvious that Sunil and Gita are not going to sell,
0:56:21 > 0:56:24but will the estate agents' valuations
0:56:24 > 0:56:27justify that £193,000 investment?
0:56:29 > 0:56:32The top floor flat, it's a huge space up there.
0:56:32 > 0:56:34I would have thought, realistic value-wise,
0:56:34 > 0:56:38for selling probably about £135,000.
0:56:38 > 0:56:39From a sales point of view,
0:56:39 > 0:56:45you're looking at probably £125,000 to £135,000.
0:56:47 > 0:56:50For the two two-bedroom flats on the ground floor,
0:56:50 > 0:56:54the agents put a top sales valuation of £125,000 per flat.
0:56:56 > 0:56:59If they were to sell these flats for the highest valuations,
0:56:59 > 0:57:05Sunil and Gita would expect to receive a total of £385,000,
0:57:05 > 0:57:10which would net them a pre-tax profit of 192,000.
0:57:10 > 0:57:12Not bad for a year's work!
0:57:12 > 0:57:15- It's good news, isn't it?- Are you pleased?- Yeah, absolutely. Yeah.
0:57:17 > 0:57:20But selling this building is not part of the plan.
0:57:20 > 0:57:23The agents agreed that rental income for the three flats
0:57:23 > 0:57:26could total around £2,000 per calendar month.
0:57:28 > 0:57:31Is this close to what Sunil and Gita are already achieving?
0:57:33 > 0:57:35We're very pleased with the rental that was achieved,
0:57:35 > 0:57:38giving us £2,000 a month on the three units.
0:57:38 > 0:57:39So that's good.
0:57:39 > 0:57:43You know, it returns 6 or 7%, which we're really happy with.
0:57:43 > 0:57:46We've decided that the best thing to do is to buy
0:57:46 > 0:57:48and hold it for a long time.
0:57:48 > 0:57:52- Yeah.- So that's the key to have an income coming through.
0:57:56 > 0:57:58Well, that's it for now, but join us
0:57:58 > 0:58:02next time for more property auction stories from around the country.
0:58:02 > 0:58:05- We look forward to seeing you, then. - Goodbye.- Goodbye.