0:00:02 > 0:00:03Hello, and welcome to the show.
0:00:03 > 0:00:05Now, you can do all the research in the world
0:00:05 > 0:00:08but the only way to really know whether you've done the right thing
0:00:08 > 0:00:12is if you're happy in your new home or your investment has paid off.
0:00:12 > 0:00:15To give yourself a head start and to get a great deal, why not go
0:00:15 > 0:00:19down to your local auction house and buy your next home under the hammer?
0:00:46 > 0:00:50Well, a property auction will throw up all sorts of possibilities,
0:00:50 > 0:00:55from small, medium, to big houses, with budgets to match.
0:00:55 > 0:00:59So, let's see what went under the hammer on today's programme.
0:01:00 > 0:01:04This Plymouth property looks straightforward from the outside
0:01:04 > 0:01:06but inside there's a bit of a mystery.
0:01:06 > 0:01:09There's something on the other side of this wall.
0:01:10 > 0:01:14And there could be problems lurking beneath this Croydon terraced house.
0:01:14 > 0:01:18I've got a bit of a bombshell to drop. Look down there.
0:01:20 > 0:01:24And there's no hiding the signs of damp in this Cardiff new build.
0:01:24 > 0:01:26It's not going to be a horrendous job to sort out
0:01:26 > 0:01:28but it's just a really annoying one.
0:01:28 > 0:01:30Why didn't they do it right in the first place?
0:01:31 > 0:01:34All of these properties have been sold at auction.
0:01:34 > 0:01:36We'll find out who bought them and what they paid for them
0:01:36 > 0:01:39when they went under the hammer.
0:01:39 > 0:01:40Yours, sir. Well done.
0:01:42 > 0:01:44MUSIC: Cold Gin by Kiss
0:01:44 > 0:01:48This is Mannamead, a residential spot only five minutes' drive
0:01:48 > 0:01:51from Plymouth city centre, with all its amenities,
0:01:51 > 0:01:54transport links and of course, its famous harbour.
0:01:56 > 0:02:00But professional that I am, I'll forgo the sea-views and see what
0:02:00 > 0:02:04we have going under the hammer in this pleasant residential suburb.
0:02:07 > 0:02:12Well, in this popular area, up this hill, with great views,
0:02:12 > 0:02:14to be fair, is the property I'm here to see.
0:02:14 > 0:02:21It's described as a four or five bedroom house. Four or five?
0:02:21 > 0:02:24An optional bedroom? There's a bizarre concept.
0:02:24 > 0:02:28But £150,000 was the guide price. Let's go and explore further.
0:02:30 > 0:02:33It has to be said, it's not looking its best on the outside.
0:02:33 > 0:02:35But it's the inside that counts.
0:02:35 > 0:02:38Though, from the enigmatic description,
0:02:38 > 0:02:40who knows what that will be?
0:02:40 > 0:02:43MUSIC: It's A Mystery by Toyah # It's a mystery
0:02:43 > 0:02:46# Oh, it's a mystery
0:02:46 > 0:02:48# I'm still searching for a clue... #
0:02:48 > 0:02:50OK, so, nice little entrance area here,
0:02:50 > 0:02:53with room for your coats and bikes, or shopping, or whatever.
0:02:53 > 0:02:55Bedrooms up that way.
0:02:55 > 0:02:59A sort of living-y, dining-y sort of room over that side.
0:02:59 > 0:03:02The colour scheme is something that strikes you straight away.
0:03:02 > 0:03:05You sort of think, "Ooh, blues and greens in the kitchen. Ah!"
0:03:05 > 0:03:09We'll come to that in a minute. But the kitchen, very dated.
0:03:09 > 0:03:11But a good size.
0:03:11 > 0:03:15I mean, the whole house has that sort of feeling of space,
0:03:15 > 0:03:18and nowhere more so than in here. Look at this, for a lounge.
0:03:18 > 0:03:20Absolutely marvellous.
0:03:20 > 0:03:24Again, some great features of their day,
0:03:24 > 0:03:28the old classic natural stone and the wood behind it.
0:03:28 > 0:03:30But it's of its era.
0:03:30 > 0:03:32But it's a good sized space,
0:03:32 > 0:03:34nice set of doors out onto the garden there,
0:03:34 > 0:03:36lots of light coming in.
0:03:37 > 0:03:41For the money, it's a good house.
0:03:41 > 0:03:44It's good to see central heating and double glazing in place
0:03:44 > 0:03:46and although the kitchen will need replacing
0:03:46 > 0:03:49and you may want to tone down that paintwork,
0:03:49 > 0:03:52I think the ground floor is full of potential.
0:03:54 > 0:03:58So, upstairs and the whole bedroom scenario will hopefully
0:03:58 > 0:04:02unfold itself. Bit of a surprise - two bathrooms.
0:04:02 > 0:04:06Basically, a bathroom there with a bath in it. There, just a loo.
0:04:06 > 0:04:10But great to have two separate places with a toilet in. Fantastic.
0:04:10 > 0:04:13Then, four bedrooms. One,
0:04:13 > 0:04:15two,
0:04:15 > 0:04:18three,
0:04:18 > 0:04:19and then four.
0:04:23 > 0:04:26Right, so the optional fifth...?
0:04:26 > 0:04:29Backtrack, back, backtrack...
0:04:29 > 0:04:31OK, I can't see anything there.
0:04:31 > 0:04:35Something a bit strange going on here because...
0:04:35 > 0:04:40..the house seems wider downstairs that it does here.
0:04:40 > 0:04:41That is very odd.
0:04:47 > 0:04:51There's something on the other side of this wall.
0:04:51 > 0:04:56I need to go outside and explore.
0:04:56 > 0:04:59The house was previously used as student accommodation,
0:04:59 > 0:05:03which may explain the two WCs and the wear and tear.
0:05:03 > 0:05:06But it certainly doesn't explain a missing bedroom.
0:05:06 > 0:05:09MUSIC: I Can't Explain by The Who # Got a feeling inside
0:05:09 > 0:05:11# Can't explain... #
0:05:16 > 0:05:19It's really strange. OK, so what have we got?
0:05:19 > 0:05:24This is some kind of utility room at the back of the garage
0:05:24 > 0:05:27and then that's the room there.
0:05:29 > 0:05:30What?
0:05:30 > 0:05:34It's even got a door but you can't get to it
0:05:34 > 0:05:40cos there's no stairs, or bridge across the garden...
0:05:40 > 0:05:41Or anything.
0:05:42 > 0:05:44That's weird.
0:05:45 > 0:05:51So bedroom five is obviously reserved for those who can levitate.
0:05:51 > 0:05:55Still, if you could create an access so us mere mortals can use it,
0:05:55 > 0:05:58it could genuinely become bedroom number five,
0:05:58 > 0:06:01one that could even be accessed independently.
0:06:01 > 0:06:04It's time we asked a local agent to give us
0:06:04 > 0:06:06his opinion on this curiosity.
0:06:06 > 0:06:09I think for the size of the living accommodation,
0:06:09 > 0:06:11for the amount of bedrooms that this property has,
0:06:11 > 0:06:13the kitchen size is a little bit lacking.
0:06:13 > 0:06:16I would extend into the garage to extend your kitchen,
0:06:16 > 0:06:19giving you a good kitchen-diner. And then the area behind it,
0:06:19 > 0:06:20behind the living room here,
0:06:20 > 0:06:22I'd make a utility and a downstairs shower room.
0:06:22 > 0:06:24There would be a few structural changes that I would make,
0:06:24 > 0:06:27for the access into the other room above the garage.
0:06:27 > 0:06:29Obviously, it would make it much more suitable for
0:06:29 > 0:06:33a family dwelling if they could have internal access.
0:06:33 > 0:06:36There does seem good opportunity to add value here.
0:06:36 > 0:06:39Is there money to be made on its guide of £150,000?
0:06:41 > 0:06:44Once renovated and in a very good modern condition,
0:06:44 > 0:06:48I would value this property in the region of £225,000.
0:06:48 > 0:06:51Once renovated, for the rental market, I've could see this
0:06:51 > 0:06:54property achieving in the region of £850 per calendar month.
0:06:56 > 0:06:59Well, certainly a house that's not without its quirks.
0:06:59 > 0:07:01A room you can't get to like that?
0:07:01 > 0:07:03You don't seem many of those on Homes Under The Hammer.
0:07:03 > 0:07:06However, intrinsically it is a good property.
0:07:06 > 0:07:09Nice-sized rooms, great location and yeah,
0:07:09 > 0:07:10a good guide price.
0:07:10 > 0:07:14I'm sure it was popular when it went under the hammer.
0:07:14 > 0:07:15OK, ladies and gentlemen.
0:07:15 > 0:07:19So, vacant four-bedroom extended end-of-terrace house
0:07:19 > 0:07:24with garage and gardens. Anybody like to start at 150?
0:07:24 > 0:07:29150 on the wall here, thank you very much. 150, 155 somewhere? 155, now.
0:07:29 > 0:07:31155. 160?
0:07:33 > 0:07:36OK, 156. 157? Going once.
0:07:36 > 0:07:39156, 157. 158.
0:07:40 > 0:07:43It's £158,000, 160, now.
0:07:43 > 0:07:45160, 162.
0:07:48 > 0:07:50162, 164, now.
0:07:50 > 0:07:52165.
0:07:52 > 0:07:55£165,000, 166, if I can.
0:07:55 > 0:07:59At 165,000 standing.
0:07:59 > 0:08:02Any advance on that bid of 165. For the first time.
0:08:04 > 0:08:07Same time with you, sir, at £165,000.
0:08:07 > 0:08:12Third and last time, at £165,000.
0:08:12 > 0:08:14Are we sure we all done? I think we are.
0:08:14 > 0:08:16Sold to you at 155. Congratulations.
0:08:16 > 0:08:19Can we have your bidding number? Thank you.
0:08:19 > 0:08:25The successful bid of £165,000, £15,000 over the guide price,
0:08:25 > 0:08:26was made by Tony.
0:08:26 > 0:08:30However, it was made on behalf of his daughter Abby
0:08:30 > 0:08:33and it was Abby who was buying the property.
0:08:33 > 0:08:37- Abby, Tony, great to see you. - Thank you.- Congratulations.- Thanks.
0:08:37 > 0:08:40- Now, Tony, we've met before, haven't we?- We have, yeah, yeah.
0:08:40 > 0:08:44- 2003, I think it was.- 2003. Holy mackerel.
0:08:44 > 0:08:47I bought my office where we currently trade as chartered accountants.
0:08:47 > 0:08:49Right, I think it's time for one of those...moments
0:08:49 > 0:08:52when we look back and see what it was like.
0:08:52 > 0:08:54- You'll get out the archives.- Yeah.
0:08:54 > 0:08:58Well, if Tony did seem familiar, give yourself a point.
0:08:58 > 0:09:02It was way back in 2003 he was last on the show.
0:09:02 > 0:09:05MUSIC: Chip Off The Old Block by Chic # A chip off the old block... #
0:09:05 > 0:09:07- So, how's it gone since then? - Pretty good, yeah. We're still
0:09:07 > 0:09:10- working from the office.- Right. - So we trade from there.
0:09:10 > 0:09:12- Abby now has started an apprenticeship with us.- Right.
0:09:12 > 0:09:15- She's left school. - As an accountant, is that...?
0:09:15 > 0:09:17- Yes, just training to be an accountant, yeah.- Wow.
0:09:17 > 0:09:20So when we last met, you must have been knee-high to a grasshopper.
0:09:20 > 0:09:21Yeah, I was only seven.
0:09:21 > 0:09:24Oh, fantastic. And why have you bought this place?
0:09:24 > 0:09:27Well, because I'm working with them, I'd quite like to move out
0:09:27 > 0:09:30and I've always wanted to have my own place that
0:09:30 > 0:09:32I can do up myself and have it exactly how I like it.
0:09:32 > 0:09:34So we thought this was the perfect property
0:09:34 > 0:09:36and I'm going to rent out the other rooms as well.
0:09:36 > 0:09:38So I'm actually going to live here.
0:09:38 > 0:09:40- So you've bought it for you to live in.- Yeah.
0:09:40 > 0:09:46- Well, it's a pretty impressive first house, isn't it?- Yeah.- Fantastic.
0:09:46 > 0:09:48And Dad's involvement is going to be what?
0:09:48 > 0:09:50- Checking I'm doing everything right. - Yeah.
0:09:50 > 0:09:53And I don't suppose there are that many 18-year-olds who have the
0:09:53 > 0:09:56nous to go along to an auction, a property auction, and buy there.
0:09:56 > 0:09:58- Yeah.- What led to you doing that?
0:09:58 > 0:10:01Well, my grandparents had saved up money for me on each
0:10:01 > 0:10:05of my birthdays, and obviously, I got that money when I was 18.
0:10:05 > 0:10:07And I've decided not to go to uni,
0:10:07 > 0:10:11so I decided to put the money into a deposit for a property instead.
0:10:11 > 0:10:14- Wow.- So, yeah. - And that's this.- Yeah.
0:10:14 > 0:10:17So why this house, then?
0:10:17 > 0:10:19Well, when we first looked at it,
0:10:19 > 0:10:22I was a bit put off by the colours, to be honest.
0:10:22 > 0:10:25But we went away and thought about it and actually I could see a lot of
0:10:25 > 0:10:29potential and a lot of things that I'd like in my house, in this house.
0:10:29 > 0:10:32- Hmm.- So I thought it'd be a good first-time buy.
0:10:32 > 0:10:35I wanted to, kind of, have the student kind of feel,
0:10:35 > 0:10:37so I'm going to, obviously, rent some of the rooms out.
0:10:37 > 0:10:39So that means I'll be living with people as well,
0:10:39 > 0:10:41so I won't be so lonely by myself.
0:10:41 > 0:10:43- Great.- Which will be quite nice, too. So, yeah.
0:10:43 > 0:10:44So tell me what you're going to do to it, then.
0:10:44 > 0:10:47We have a bit of a floating room at the moment.
0:10:47 > 0:10:48I was going to talk about that.
0:10:48 > 0:10:50OK, you want to talk about it, make sure it's...
0:10:50 > 0:10:53- What is going on with that?! - I know, it's a bit...
0:10:53 > 0:10:54There's no access at all.
0:10:54 > 0:10:57So I'm going to, with one of the rooms upstairs, I'm going
0:10:57 > 0:11:01to change it into an en-suite, slash, like, wardrobe-y bit,
0:11:01 > 0:11:03and knock through there.
0:11:03 > 0:11:06- So that's actually going to be my room once it's done.- Oh, OK.
0:11:06 > 0:11:10But maybe an external staircase, not really sure about that yet.
0:11:11 > 0:11:15And also I'm having a hatch just over here from the kitchen
0:11:15 > 0:11:19- into this room, to kind of give it a more open-plan feel.- OK.
0:11:19 > 0:11:21- So, like, a breakfast bar area sort of thing.- Yes, yeah.- OK.
0:11:21 > 0:11:25So they're probably the main things. The rest is mostly decoration.
0:11:25 > 0:11:28- Stone fireplace, is that staying? - No, that's definitely going.
0:11:29 > 0:11:34- So what's the budget for the work? - About £35,000.- Oh, OK.
0:11:34 > 0:11:35- Pretty healthy, then.- Yeah.
0:11:35 > 0:11:38Cos I'm living here, I want to make sure it's really nice.
0:11:38 > 0:11:42With their plans in place and dad Tony overseeing everything,
0:11:42 > 0:11:45Abby hopes her renovation can be completed
0:11:45 > 0:11:48and she can move in in four to five months.
0:11:48 > 0:11:49And how do you feel about
0:11:49 > 0:11:52your 18-year-old daughter having her own house?
0:11:52 > 0:11:55Well, I'm proud of her, really, because I think it takes...
0:11:55 > 0:11:57She's decided not to go to university and do that route
0:11:57 > 0:11:59and that's quite a brave decision these days.
0:11:59 > 0:12:02Abby was going to do business at university
0:12:02 > 0:12:04and her business teacher sort of said,
0:12:04 > 0:12:07"Well, if you're going to do business, why don't you just do it?"
0:12:07 > 0:12:10- So here we are doing it. I'm glad she's not going away, really.- Yeah.
0:12:10 > 0:12:13But she will be separate, she will have her own property,
0:12:13 > 0:12:16so, you know, it'll be kind of a good arrangement, I think, really.
0:12:16 > 0:12:19- Listen, congratulations. Good luck with it.- Thank you very much.
0:12:19 > 0:12:21- I really look forward to seeing...- Thanks, Martin.
0:12:21 > 0:12:23..how you get on turning it into your home.
0:12:25 > 0:12:29Well, only 18 years old and now the owner of her first home,
0:12:29 > 0:12:32but Abby certainly seems to have a sensible head on her shoulders.
0:12:32 > 0:12:36And that accountancy background will definitely come in useful.
0:12:36 > 0:12:40As will help from dad Tony. How will she get on sorting this place out?
0:12:40 > 0:12:42You can find out later in the show.
0:12:51 > 0:12:53Addiscombe is an area of South London,
0:12:53 > 0:12:55situated in the borough of Croydon.
0:12:55 > 0:12:57It's ideal for commuting into central London,
0:12:57 > 0:13:02with excellent rail, bus and tram services, all on your doorstep.
0:13:03 > 0:13:05Well, this is a quiet, residential street
0:13:05 > 0:13:08but you can still catch the bus at the end of the road,
0:13:08 > 0:13:11straight to East Croydon station, which is only 10 minutes away.
0:13:11 > 0:13:15So far, so good. But what about the property I'm here to see?
0:13:15 > 0:13:20Well, it's a two-bed mid-terrace and it had a guide price of £220,000.
0:13:20 > 0:13:24But actually, it looks in pretty decent nick from the outside.
0:13:24 > 0:13:26New windows, the roof looks OK,
0:13:26 > 0:13:29little roses growing in the front garden.
0:13:29 > 0:13:31Let's hope it doesn't let me down on the inside.
0:13:35 > 0:13:37Oh, well, it certainly doesn't disappoint.
0:13:37 > 0:13:41Clean as a whistle inside, which is what everybody likes to see.
0:13:41 > 0:13:43Look at this, fantastic.
0:13:43 > 0:13:47The original features have all been covered over with all of this. Whoa!
0:13:47 > 0:13:51So under here, hopefully, you'll get some really nice spindles.
0:13:51 > 0:13:54So yes, we could to with a bit of a modern upgrade with some
0:13:54 > 0:13:58new wallpaper perhaps. Lovely reception room through there.
0:13:58 > 0:14:01Lots of storage space here but I'm wondering,
0:14:01 > 0:14:05it might be worth thinking about a downstairs loo. Right there.
0:14:05 > 0:14:07Small kitchen, really disappointing
0:14:07 > 0:14:12but I think the good news is that we can take out this wall,
0:14:12 > 0:14:15because it's not supporting, and open this space up.
0:14:15 > 0:14:16I know I always say that
0:14:16 > 0:14:20but don't you think these two rooms as one will look so much better?
0:14:20 > 0:14:22You've got lovely new windows here,
0:14:22 > 0:14:25you could even replace this with a nice patio door
0:14:25 > 0:14:27so you've got instant access out to the garden.
0:14:27 > 0:14:29And there you have an improvement straightaway.
0:14:29 > 0:14:32MUSIC: Improve by Darrow Fletcher # Take a look around
0:14:32 > 0:14:35# See what you can improve Mmm... #
0:14:35 > 0:14:36So, a very promising start.
0:14:36 > 0:14:39It's great that there is already double glazing in place,
0:14:39 > 0:14:40it'll save you some money.
0:14:40 > 0:14:42Although, there's no central heating
0:14:42 > 0:14:46and that's a cost you'll need to factor into your budget.
0:14:46 > 0:14:47Although it's well-kept,
0:14:47 > 0:14:50you definitely want to improve the decor and the carpets.
0:14:50 > 0:14:52And if you start taking this boarding off,
0:14:52 > 0:14:55then who knows what lovely original features you'll find?
0:14:55 > 0:14:58And, upon the first floor, you have a bathroom.
0:14:58 > 0:15:01A first-floor bathroom always gets the thumbs up from me.
0:15:01 > 0:15:05- # Yeah! Mmm. # - Now, at the back of the house,
0:15:05 > 0:15:08is the smaller of the two bedrooms, but it's still a really
0:15:08 > 0:15:11decent size with more than enough space for a double bed.
0:15:12 > 0:15:15Well, this is the master bedroom and it's a great size
0:15:15 > 0:15:17but there's no getting away from it.
0:15:17 > 0:15:21Flowers on the walls, flowers on the curtains,
0:15:21 > 0:15:25flowers over here on the fireplace. You've got polystyrene tiles.
0:15:25 > 0:15:28For starters, you've got to get rid of the wallpaper,
0:15:28 > 0:15:30get rid of the carpet, get rid of the curtains,
0:15:30 > 0:15:32because it's all just a bit... flower power.
0:15:32 > 0:15:34MUSIC: Colours by Donovan
0:15:34 > 0:15:38# Green's the colour of the sparkling corn
0:15:38 > 0:15:40# In the mornin'... #
0:15:40 > 0:15:43Obviously, I'm not a fan of the floral decoration
0:15:43 > 0:15:46or these polystyrene ceiling tiles.
0:15:46 > 0:15:48They're a real fire hazard and have to go.
0:15:50 > 0:15:52But what's the back garden looking like?
0:15:54 > 0:15:57To the back of the house, well, you've got this -
0:15:57 > 0:16:00a pretty decent-sized garden. Look at it.
0:16:00 > 0:16:03Extension potential, you might think.
0:16:03 > 0:16:07Mmm, before we all get too excited about that prospect,
0:16:07 > 0:16:11I've got a bit of a bombshell to drop. Look down there.
0:16:12 > 0:16:16Now, that is a manhole cover, which means that there are
0:16:16 > 0:16:19sewage pipes that run underneath this garden somewhere.
0:16:19 > 0:16:23So extending out here, well, it might not be something you can do.
0:16:23 > 0:16:26So the first thing I would do would be to find out where those
0:16:26 > 0:16:30pipes are, before you start drawing up any of those extension plans.
0:16:30 > 0:16:33MUSIC: Three Coins In The Sewer by Alain Klein
0:16:33 > 0:16:36# Three coins in the sewer... #
0:16:36 > 0:16:39And that's not the only problem in the garden.
0:16:39 > 0:16:41If I were the new owner, I'd spend a penny
0:16:41 > 0:16:43and get rid of this outside loo.
0:16:43 > 0:16:46But let's hear what a local property expert has to say.
0:16:48 > 0:16:50I think the property's lovely. It is small, so it's
0:16:50 > 0:16:53a first-time buyer's property or a second-time buyer's property.
0:16:53 > 0:16:56It needs some work but it's in good solid standing.
0:16:56 > 0:16:59It's going to need an upgrade on electrics, new kitchen,
0:16:59 > 0:17:01possibly a redesign on the kitchen.
0:17:01 > 0:17:03It needs redecorating in the new bathroom.
0:17:03 > 0:17:06And central heating - that's very important.
0:17:06 > 0:17:08So onto values.
0:17:08 > 0:17:10Renovating the house, but as a two-bedroom,
0:17:10 > 0:17:13what could you fetch on the rental market?
0:17:15 > 0:17:18If you are to rent this property as a two-bedroom house,
0:17:18 > 0:17:20you'll be looking at around £1,200 per calendar month.
0:17:22 > 0:17:25Let's assume you can get around the problem of the sewage pipes
0:17:25 > 0:17:30at the back, would it be worthwhile doing an extension to this house?
0:17:30 > 0:17:34Doing an extension on the property could cost you £35-£40,000,
0:17:34 > 0:17:36so it's very important that if you're going to do an extension
0:17:36 > 0:17:40and you're trying to resell something straight after, that you really check
0:17:40 > 0:17:43the prices of the resales against the value of actually doing the work.
0:17:43 > 0:17:46As the property is at the moment, refurbished,
0:17:46 > 0:17:47I'd say it'd be valued at around £300,000.
0:17:47 > 0:17:49If somebody did a ground-floor extension,
0:17:49 > 0:17:51I don't think it would give any more value,
0:17:51 > 0:17:53so it'd still be around the £300,000 mark.
0:17:53 > 0:17:56If they did a double-height extension to turn it into a three-bed,
0:17:56 > 0:17:59I believe there'd be around £350,000.
0:18:00 > 0:18:04Well, this is a sweet, solid little house with a sensible layout
0:18:04 > 0:18:07and it shouldn't take too much work to transform
0:18:07 > 0:18:09this into a lovely home for someone.
0:18:09 > 0:18:11Let's see who agreed when we went to auction.
0:18:13 > 0:18:16Start low, 220, Croydon.
0:18:16 > 0:18:18220 down here.
0:18:18 > 0:18:20225?
0:18:20 > 0:18:22225 anywhere?
0:18:22 > 0:18:25225.
0:18:25 > 0:18:27230?
0:18:27 > 0:18:29235, straight ahead.
0:18:29 > 0:18:32235. 240.
0:18:32 > 0:18:36245.
0:18:36 > 0:18:38245. 250.
0:18:38 > 0:18:40255.
0:18:40 > 0:18:43£250,000, first-time,
0:18:43 > 0:18:46second time, third and last time.
0:18:46 > 0:18:48Have you all done? Other crack?
0:18:48 > 0:18:50Sold, 250. Well done.
0:18:54 > 0:18:56'The successful bid of £250,000
0:18:56 > 0:19:00'was made by husband and wife Chris and Pauline.
0:19:00 > 0:19:03'I met this property developing duo back at their new house
0:19:03 > 0:19:05'to hear all their plans.'
0:19:05 > 0:19:08Chris and Pauline, congratulations.
0:19:08 > 0:19:10How much did you want this property?
0:19:10 > 0:19:15- Were you desperate to buy this on the day? Chris?- No.- What happened?
0:19:15 > 0:19:18We probably had a list of about, I don't know, ten,
0:19:18 > 0:19:23or so that we'd seen. And any at the right price is a buy.
0:19:23 > 0:19:27The one that we really wanted, they went about two properties before.
0:19:27 > 0:19:29- So this is not the one you wanted? - So, yeah, we thought it would do.
0:19:29 > 0:19:32- But it wasn't really the one. - It wasn't.
0:19:32 > 0:19:35I wanted the lot...the next lot, the Art Deco flat.
0:19:35 > 0:19:38But he started bidding, I just...
0:19:38 > 0:19:42- And you actually bid up to 250 on the nose, didn't you?- Yeah.
0:19:42 > 0:19:46- So luckily, 1p over that, you'd have paid 3% stamp duty.- Yeah.
0:19:46 > 0:19:48- And luckily you're only paying 1% on this.- Mm-hmm.
0:19:48 > 0:19:51Yes, 250 was my absolute maximum because of that.
0:19:51 > 0:19:53Were you happy at the end of the deal?
0:19:53 > 0:19:55A little bit of mixed feelings. I think we'll make money on it
0:19:55 > 0:19:58but maybe not as much as we've made on previous projects.
0:19:58 > 0:20:02This one's a bit of a, just, clean up and move on kind of job,
0:20:02 > 0:20:04rather than really renovating.
0:20:04 > 0:20:07- So, you guys have bought this property to sell on.- Mm-hmm. Yeah.
0:20:07 > 0:20:09So tell me a little bit about what you guys do.
0:20:09 > 0:20:12Exactly that, we buy properties and sell them on.
0:20:12 > 0:20:14This is our fourth project since we've been doing it.
0:20:14 > 0:20:16- So you're fairly new at it?- Yes.
0:20:16 > 0:20:20We were both in the City and we got a bit fed up with it all,
0:20:20 > 0:20:23and after about 20 years we both decided we'd had enough
0:20:23 > 0:20:25and went travelling for a year, came back and...
0:20:25 > 0:20:29Since Chris has always had his finger in renting property out,
0:20:29 > 0:20:34he's a landlord and has been for years, we decided to do something
0:20:34 > 0:20:38a bit more interesting. Buy a wreck, make it nice, and sell them.
0:20:38 > 0:20:40MUSIC: Living For The City by Stevie Wonder
0:20:40 > 0:20:47# Living just enough Just enough for the city... #
0:20:47 > 0:20:50So Pauline and Chris have escaped the rat race of City life,
0:20:50 > 0:20:54and one year on, they're finding success flipping houses
0:20:54 > 0:20:58and finding a better work-life balance with their daughter Molly.
0:20:58 > 0:21:01But if they wanted to fix up a wreck, this isn't it.
0:21:01 > 0:21:04And if they're not extending, how will they add value?
0:21:04 > 0:21:06Actually, that's quite a few more...
0:21:06 > 0:21:09There's no central heating so that's the first thing that's got to go in.
0:21:09 > 0:21:13We'll do a full rewire. The wall will probably come out
0:21:13 > 0:21:16between the kitchen and living room to make a, sort of, family space.
0:21:16 > 0:21:19We were thinking about putting an extension on it
0:21:19 > 0:21:22but we're not sure an extension's really going to add enough value
0:21:22 > 0:21:24worth the, sort of, time and effort to do it.
0:21:24 > 0:21:28- So it's going to be a two-bedroom little cottage, really.- Yeah.
0:21:28 > 0:21:31- But just not so much flowery wallpaper.- Yeah.
0:21:31 > 0:21:32It's everywhere, isn't it?
0:21:32 > 0:21:35I mean, interestingly, there's lots of things boarded up
0:21:35 > 0:21:38and when you pull them away you can see the beauty underneath.
0:21:38 > 0:21:40If it weren't for you guys, I'd have been round
0:21:40 > 0:21:42with my crow-axe for an hour already, seeing what's there.
0:21:42 > 0:21:46- Do you give me permission? - Yeah, yeah, go for it.
0:21:46 > 0:21:48'Well, I'd love to see what features they uncover
0:21:48 > 0:21:49'and how they'll redecorate.
0:21:49 > 0:21:51'They're looking to turn this floral house
0:21:51 > 0:21:55'from bouquet to "wahey" in just eight to ten weeks.'
0:21:55 > 0:21:58So, come on, how much are you going to spend? What is your budget?
0:21:58 > 0:22:01Hopefully 10, no more than 15. Certainly not more than 20.
0:22:01 > 0:22:05- Oh, you've gone from 10 to 20. - I know.- Contingency...
0:22:05 > 0:22:07How much would you like to sell this property for?
0:22:07 > 0:22:10- About 300.- I was hoping to break the 300 barrier.
0:22:10 > 0:22:12And how well do you two know Croydon?
0:22:12 > 0:22:15- Our last project was about three streets that way.- Yeah.
0:22:15 > 0:22:17So you knew the road. So you know the area pretty well.
0:22:17 > 0:22:21That's why I didn't mind paying what I paid for it, cos we...
0:22:21 > 0:22:25Cos we know it's...there's a lot of money being injected here.
0:22:25 > 0:22:27And you have actually got at the end of the road,
0:22:27 > 0:22:30a bus stop which takes you straight into town, haven't you?
0:22:30 > 0:22:33Yeah. Yeah, I think it goes to East Croydon, doesn't it?
0:22:33 > 0:22:35- Am I giving you guys some information?- No idea.- I know that.
0:22:35 > 0:22:38- You should know that. - I was saying on the way down,
0:22:38 > 0:22:40- "Yeah, it could be a bit closer to town."- Clueless.
0:22:40 > 0:22:42I've done more research than you have and you're the owner.
0:22:42 > 0:22:44Naughty boy.
0:22:44 > 0:22:46MUSIC: Ebeneezer Goode by The Shamen # Naughty, naughty
0:22:46 > 0:22:50# Very naughty Ha, ha, ha, ha, ha, ha... #
0:22:50 > 0:22:53Well, at least Chris did read the legal pack and he also has
0:22:53 > 0:22:57a background as an electrician so that will come in handy here.
0:22:57 > 0:22:59But what's Pauline's role going to be?
0:23:01 > 0:23:03To me, it's like shopping. It's terrible, isn't it?
0:23:03 > 0:23:07You go and buy something and then you go and choose things.
0:23:07 > 0:23:10That's awful but... No, I do do bits and pieces.
0:23:10 > 0:23:14Painting and stuff, you know, and cleaning.
0:23:14 > 0:23:17Cleaning disgusting toilets and stuff like that. I do do all that.
0:23:17 > 0:23:21It's a lovely one outside, I've noticed. It's in mint condition.
0:23:21 > 0:23:24Guys, I'm so excited by this and it's going to be really interesting.
0:23:24 > 0:23:26And I can't wait to see how it all turns out for you. Well done.
0:23:26 > 0:23:29- Thanks.- Congratulations. Thank you.- Thank you.
0:23:31 > 0:23:32One year on, and Chris and Pauline
0:23:32 > 0:23:35are full steam ahead with their property business.
0:23:35 > 0:23:37And I for one cannot wait to find out
0:23:37 > 0:23:39how they make their mark on this terrace.
0:23:39 > 0:23:42Now, it might have been a bit of a panic-buy for Chris
0:23:42 > 0:23:47on auction day but buying for 250K and not one penny more,
0:23:47 > 0:23:51well, it's already saved the couple £5,000 in stamp duty.
0:23:51 > 0:23:52A good start, I'd say.
0:23:52 > 0:23:54But will that continue
0:23:54 > 0:23:58and will they break through that £300,000 mark
0:23:58 > 0:24:01when they come to sell this place? Join me later on in the programme
0:24:01 > 0:24:03and you can find out how they get on.
0:24:05 > 0:24:07Still to come in Cardiff,
0:24:07 > 0:24:10there's a garage that's surplus to requirements.
0:24:10 > 0:24:12Why not just cut to the chase
0:24:12 > 0:24:14and convert this back into a usable space?
0:24:15 > 0:24:18And we see how Pauline and Chris get on
0:24:18 > 0:24:21taming this Croydon floral display.
0:24:21 > 0:24:24The biggest arguments we have over the property is probably decoration.
0:24:28 > 0:24:31We're back in Mannamead, a suburb of Plymouth, to see
0:24:31 > 0:24:33this end-of-terraced house.
0:24:33 > 0:24:38For a guide of just £150,000, you've got some bold colours,
0:24:38 > 0:24:41slightly dated features, but on the positive side
0:24:41 > 0:24:44plenty of space and four bedrooms.
0:24:44 > 0:24:47Erm...or should that be five?
0:24:53 > 0:24:56There's something on the other side of this wall.
0:24:57 > 0:24:58I need to go outside and explore.
0:25:01 > 0:25:04Yes, there was an extra room above the garage
0:25:04 > 0:25:07but no, there was no way into it.
0:25:07 > 0:25:09MUSIC: Just Out Of Reach by The Zombies
0:25:09 > 0:25:11# Just out of reach... #
0:25:11 > 0:25:14But this didn't put off 18-year-old trainee accountant Abby,
0:25:14 > 0:25:21who bought the property for £165,000 and had some big ideas.
0:25:21 > 0:25:24One of the rooms upstairs, I'm going to change it into an en-suite,
0:25:24 > 0:25:28slash, like, wardrobe-y bit and knock through there.
0:25:28 > 0:25:30So that's actually going to be my room.
0:25:30 > 0:25:33Maybe an external staircase, not really sure about that yet.
0:25:33 > 0:25:37And also, I'm having a hatch, just over here, from the kitchen
0:25:37 > 0:25:40into this room, to kind of, give it a more open-plan feel.
0:25:40 > 0:25:44- Stone fireplace, is that staying? - No, that's definitely going.
0:25:45 > 0:25:50So, with a timescale of four to five months, a budget of £35,000
0:25:50 > 0:25:54and with a helping hand from dad Tony, it was time to get stuck in.
0:25:59 > 0:26:01Just under five months later, we've returned.
0:26:10 > 0:26:14Huh, well, I wish my first digs away from home had looked like this.
0:26:14 > 0:26:17What a transformation.
0:26:17 > 0:26:20Abby's knocked through the WC into the adjacent bedroom to
0:26:20 > 0:26:24create a second shower room upstairs.
0:26:24 > 0:26:28She has used to leftover space to create a music room
0:26:28 > 0:26:32and moved the bedroom downstairs to what used to be the front room.
0:26:32 > 0:26:35And as promised, she's created a hatch from the kitchen to the
0:26:35 > 0:26:38lounge, opening the space out.
0:26:38 > 0:26:40But what I really want to know is,
0:26:40 > 0:26:43what did she do with the mystery extra room?
0:26:43 > 0:26:46So, what we did is we knocked through here, from one of the
0:26:46 > 0:26:49other rooms into this big room, cos this is actually a massive room.
0:26:49 > 0:26:52It's one of the best rooms in the house but you actually couldn't get to it.
0:26:52 > 0:26:55The property already had planning permission for this bit, it's just
0:26:55 > 0:26:58he'd never done anything with it because he wanted it as storage.
0:26:58 > 0:26:59So we didn't have to go through
0:26:59 > 0:27:01any planning permission, which was good.
0:27:01 > 0:27:05Obviously, we carpeted and plastered and made it into a really nice room.
0:27:07 > 0:27:08Well, I can't disagree.
0:27:08 > 0:27:11Knocking through has not just created the spacious bedroom
0:27:11 > 0:27:14but Abby's used the connecting room to create her own
0:27:14 > 0:27:17walk-in wardrobe and en-suite.
0:27:17 > 0:27:19It's a lovely oasis for her,
0:27:19 > 0:27:22should she still intend letting out the spare rooms.
0:27:23 > 0:27:27I'm planning to live here for the foreseeable future,
0:27:27 > 0:27:30so I've got three rooms that I'm going to rent out.
0:27:30 > 0:27:32One is...somebody's already living here
0:27:32 > 0:27:34but I've still got two more tenants to find.
0:27:34 > 0:27:37So, in the process of finding them.
0:27:37 > 0:27:39Well, with a house like this,
0:27:39 > 0:27:42I wouldn't have thought she'll have to look too hard.
0:27:42 > 0:27:45Dad Tony was trying to stay in the background to let Abby
0:27:45 > 0:27:49take control, though I think all the fathers watching this will know
0:27:49 > 0:27:51that that's easier said than done.
0:27:51 > 0:27:54How did he get on?
0:27:54 > 0:27:56I tried to let Abby do her own thing with it, really,
0:27:56 > 0:27:59but we've been there in the background to, sort of, help her.
0:27:59 > 0:28:01She's been very good with dealing with the builders and plumbers
0:28:01 > 0:28:04and whatever, and they've been very good with her, to be fair.
0:28:04 > 0:28:07Because Abby works with us, we've sort of released her to come
0:28:07 > 0:28:11to the house whenever she needed to, to see builders and other people.
0:28:11 > 0:28:14So she's been able to project manage it fairly hands-on.
0:28:14 > 0:28:17Abby's done a few touches that that we probably wouldn't have done,
0:28:17 > 0:28:18but it's her style.
0:28:18 > 0:28:21But it's really smart and I'm very proud of what she's done, really.
0:28:21 > 0:28:23She's done really, really well here.
0:28:23 > 0:28:25MUSIC: Father And Daughter by Paul Simon
0:28:25 > 0:28:27# There could never be a father Who loved his daughter
0:28:27 > 0:28:32# More than I love you. #
0:28:34 > 0:28:38I think Tony has every right to be incredibly proud of Abby
0:28:38 > 0:28:41but has it all been plain sailing?
0:28:41 > 0:28:44Most of it was a smooth journey throughout. We had a few hiccups.
0:28:44 > 0:28:47We didn't realise we had to have the heating all done,
0:28:47 > 0:28:51and also the kitchen was a lot more expensive than I'd originally
0:28:51 > 0:28:53planned but it was a kitchen that I really liked.
0:28:53 > 0:28:58And cos I'm living here, then I thought that I would get it.
0:28:58 > 0:28:59Throughout the project,
0:28:59 > 0:29:01I've probably learnt mostly how much things cost.
0:29:01 > 0:29:04I didn't realise how much little things like, even,
0:29:04 > 0:29:07stuff that's in guttering and curtains and stuff.
0:29:07 > 0:29:09I didn't realise how much they actually cost.
0:29:09 > 0:29:10So that was a bit of a learning curve.
0:29:12 > 0:29:17Hang on, unexpected heating work? Expensive kitchens?
0:29:17 > 0:29:19Not knowing the price of things?
0:29:19 > 0:29:23I mean, far be it from me to sound like, well, dad Tony,
0:29:23 > 0:29:26but did you stick to your £35,000 budget, Abby?
0:29:28 > 0:29:31We went over about £15,000.
0:29:31 > 0:29:33Most of the things I went over, actually,
0:29:33 > 0:29:35weren't to do with my personal preference.
0:29:35 > 0:29:37Like the kitchen, I wouldn't have done that as high spec
0:29:37 > 0:29:39if I wasn't going to live here.
0:29:39 > 0:29:41But it was mostly the heating and stuff,
0:29:41 > 0:29:45which needed to be done whether I was living here or not.
0:29:45 > 0:29:48Well, she stuck to her four to five month timescale
0:29:48 > 0:29:50but her development cost has gone up
0:29:50 > 0:29:56to £50,000 on top of the £165,000 Abby paid at auction.
0:29:56 > 0:29:59But there can't be any doubt she's certainly added value.
0:29:59 > 0:30:04We've asked along two local estate agents to get their opinion.
0:30:04 > 0:30:07It's a vast improvement on the first time I visited the property.
0:30:07 > 0:30:10The quality that they've done on it now is very good,
0:30:10 > 0:30:11especially the bathrooms.
0:30:11 > 0:30:13All of the bathroom fittings are of a high quality,
0:30:13 > 0:30:15and they really shine out.
0:30:15 > 0:30:17The property, it was very well thought out.
0:30:17 > 0:30:19You've got some good space downstairs,
0:30:19 > 0:30:23particularly the master bedroom, from where it was before.
0:30:23 > 0:30:26The way they've sorted that out is tremendous.
0:30:27 > 0:30:30Both estate agents suggested a top rental valuation of
0:30:30 > 0:30:32£1,000 per calendar month.
0:30:32 > 0:30:35But Abby is renting each room individually,
0:30:35 > 0:30:38with prices varying depending on room size
0:30:38 > 0:30:40and including all bills.
0:30:40 > 0:30:42But what would the value of the house be,
0:30:42 > 0:30:43were she to sell it?
0:30:44 > 0:30:47If I was looking to put this property on the market,
0:30:47 > 0:30:50I would look at an asking price of £225,000.
0:30:50 > 0:30:52If I was to put this property on the open market,
0:30:52 > 0:30:55I would probably range the price between
0:30:55 > 0:30:58£220,000-£230,000.
0:30:58 > 0:31:04I'm pretty happy with that, cos I spent overall round about 215,
0:31:04 > 0:31:06but I've done it up to quite a high standard.
0:31:06 > 0:31:08So, yeah, I'm happy with that.
0:31:08 > 0:31:11This is Abby's home now but it must be nice to know that,
0:31:11 > 0:31:14were she is to sell, using those valuations,
0:31:14 > 0:31:19Abby could expect a pre-tax profit of up to £15,000.
0:31:19 > 0:31:21Do Abby and Tony see themselves doing more
0:31:21 > 0:31:23development projects together?
0:31:24 > 0:31:30- My wife doesn't.- We would. - But we might. I don't know, maybe.
0:31:30 > 0:31:33I mean, we have done a few now and it's nice to, sort of,
0:31:33 > 0:31:37bring life back into a place that's been fairly, sort of, run-down.
0:31:37 > 0:31:39- So, yeah, we do enjoy doing it, don't we?- Yeah.
0:31:46 > 0:31:49I'm visiting the capital city of Wales, Cardiff,
0:31:49 > 0:31:52and a suburb to the south of the city.
0:31:54 > 0:31:59I'm in Grangetown, known as one of the five towns of Cardiff.
0:31:59 > 0:32:02It's a multicultural, diverse area, close to the city centre
0:32:02 > 0:32:05but it's also seen a lot of money being pumped in recently,
0:32:05 > 0:32:07to really bring it up.
0:32:07 > 0:32:09And that's got to be good news
0:32:09 > 0:32:11if you're thinking about buying property here.
0:32:12 > 0:32:15With the city centre a short walk away,
0:32:15 > 0:32:19and Cardiff Bay on the doorstep, the future looks bright for Grangetown.
0:32:20 > 0:32:22So, what am I here to see?
0:32:22 > 0:32:24Well, it's a very interesting-sounding property.
0:32:24 > 0:32:29A former coach house which has been completely rebuilt.
0:32:29 > 0:32:33Guide price was £68,000. This is it. Let's take a look.
0:32:36 > 0:32:40So what have we got? Well, lots of pots of paint.
0:32:40 > 0:32:42That's an interesting start.
0:32:42 > 0:32:45Obviously it hasn't quite been finished, he would hazard a guess.
0:32:45 > 0:32:47An open-plan feel, the moment you walk in,
0:32:47 > 0:32:49though, with the stairs leading up to the bedrooms there.
0:32:49 > 0:32:52And then, basically this one room.
0:32:52 > 0:32:56Erm... I, I like it, actually.
0:32:56 > 0:32:58I mean, a lot of the windows are boarded up at the moment.
0:32:58 > 0:33:00One looks like it's been broken, which isn't too good.
0:33:00 > 0:33:03But I reckon with those opened up, lots of light coming into this room.
0:33:03 > 0:33:08It's open-plan. Living area stroke kitchen. Nice units.
0:33:08 > 0:33:11Well, they're new, anyway, which is good. Erm...
0:33:11 > 0:33:15And then through to whatever. Oh, downstairs loo, that's good.
0:33:15 > 0:33:21And then...into a garage. Now, these, kind of, in-built garages.
0:33:21 > 0:33:24Erm...well... I don't know why people bother
0:33:24 > 0:33:27because they never get used for garages, do they?
0:33:27 > 0:33:28They end up getting full of stuff.
0:33:28 > 0:33:31You put boxes in them, before you know it, they're kitted out.
0:33:31 > 0:33:34It's full of that stuff you haven't got anywhere else to put.
0:33:34 > 0:33:38So why not just cut to the chase and convert it at the start?
0:33:38 > 0:33:39Somebody put it in here.
0:33:39 > 0:33:42I reckon this access is going to be really difficult anyway.
0:33:42 > 0:33:45So convert this back into a usable space. Well, a proper usable space.
0:33:45 > 0:33:48Maybe a bedroom, maybe a second living room, whatever.
0:33:48 > 0:33:50You don't need planning permission to do that.
0:33:50 > 0:33:52There might be some local restrictions in terms
0:33:52 > 0:33:54of conservation zones or whatever.
0:33:54 > 0:33:56But you will need building regulations.
0:33:56 > 0:34:00But in general, it's a lot easier to go from a garage into a room,
0:34:00 > 0:34:03so just a bedroom, rather than the other way around.
0:34:03 > 0:34:06Because of things like insulation and safety, and fire safety, etc.
0:34:06 > 0:34:10So I would put that on as a priority because I think then,
0:34:10 > 0:34:14what you've got is a really nice space.
0:34:14 > 0:34:17Indeed, as a garage I think you'd really struggle to squeeze
0:34:17 > 0:34:21anything other than a very, very small car down the lane.
0:34:21 > 0:34:24Let alone be able to turn it into the garage itself.
0:34:24 > 0:34:26MUSIC: Tight Fit by New Young Pony Club
0:34:26 > 0:34:29# I want to fit
0:34:29 > 0:34:32# I've got to get into it... #
0:34:33 > 0:34:39So upstairs, and two bedrooms and a bath stroke shower room.
0:34:39 > 0:34:45It's got a nice sort of lofty feel up here, with these rooflights
0:34:45 > 0:34:49casting loads, again, of light into the rooms, which is really good.
0:34:49 > 0:34:52One thing I have noticed, which is a bit of an issue, though.
0:34:52 > 0:34:53Somebody quite rightly has put in some
0:34:53 > 0:34:57character double-glazed windows here, with this arch at the top.
0:34:57 > 0:35:00But you've already got signs of damp there
0:35:00 > 0:35:03and my concern is that that is just literally a single
0:35:03 > 0:35:07skin of whatever, brick or whatever it might be. Even cement.
0:35:07 > 0:35:11And there's been no damp-proofing at all put in there.
0:35:11 > 0:35:13It's not going to be a horrendous job to sort out
0:35:13 > 0:35:14but it's just a really annoying one.
0:35:14 > 0:35:17Why wouldn't they do it right in the first place?
0:35:17 > 0:35:19MUSIC: Get It Right Next Time by Gerry Rafferty
0:35:19 > 0:35:21# Cos if you get it wrong You'll get it right next time
0:35:21 > 0:35:24- # Next time... # - So although this may be pretty much
0:35:24 > 0:35:27a new-build house, there are still a few things to sort out.
0:35:27 > 0:35:31Including the electrics, by the look of it. And that's not all...
0:35:34 > 0:35:37Well, if you're under any doubt that the electrics and the gas
0:35:37 > 0:35:39and, in fact, probably the water aren't connected,
0:35:39 > 0:35:41there's your proof.
0:35:41 > 0:35:43The actual meter boxes haven't even got
0:35:43 > 0:35:45any meters or pipes running to them.
0:35:45 > 0:35:48Now, to actually get that connected is something you
0:35:48 > 0:35:51really need to budget for. It can be quite expensive,
0:35:51 > 0:35:56depending on where the mains electric water and gas supplies are.
0:35:56 > 0:35:58Somebody's done a bit of the groundwork for you.
0:35:58 > 0:36:01They've taken out a deep trench, which would lead me
0:36:01 > 0:36:04to believe that probably, yes, the gas and the electrics are out there.
0:36:04 > 0:36:07But you are going to still have to do quite a lot of work
0:36:07 > 0:36:10and it's not difficult but it's...
0:36:10 > 0:36:13Time, because you'll have to get in contact with the utility companies
0:36:13 > 0:36:16and factor in, you know, when they can actually do the work.
0:36:16 > 0:36:19And money, because actually getting these things connected
0:36:19 > 0:36:20is not going to be cheap.
0:36:21 > 0:36:25But what can a local estate agent tell us about this quirky
0:36:25 > 0:36:28coach house, and does he think it could be a good buy?
0:36:30 > 0:36:32Going back to the 1900s,
0:36:32 > 0:36:35a lot of the houses here had a horse and cart,
0:36:35 > 0:36:38so to the rear of the properties there'd be a coach house.
0:36:38 > 0:36:42And we now have what you see, this modern mews house coach house.
0:36:47 > 0:36:50Are there any improvements he'd recommend?
0:36:50 > 0:36:51You've got a small yard.
0:36:51 > 0:36:56I think it'd be nice to perhaps think in terms of doing a patio,
0:36:56 > 0:36:59timber decking, creating an outside feel.
0:36:59 > 0:37:03It has an integral garage, which I think is surplus to the needs
0:37:03 > 0:37:07and it'd be far better to consider converting that to a usable room.
0:37:07 > 0:37:10Maybe a breakfast room, which would then link on to the garden.
0:37:12 > 0:37:15Well, we're all agreed about the garage but what does
0:37:15 > 0:37:19he reckon to the value of this place, once the work is done?
0:37:20 > 0:37:23In my opinion, if the garage conversion is
0:37:23 > 0:37:26done in the gardens, the value of the property
0:37:26 > 0:37:30on the open market will be in the region of £120,000.
0:37:31 > 0:37:32Well, on the face of it,
0:37:32 > 0:37:37buying a new build property should mean you don't have any work to do.
0:37:37 > 0:37:39However, that's not quite the case here, is it?
0:37:39 > 0:37:41There's some niggly little jobs to finish off.
0:37:41 > 0:37:44Some snagging, some issues with potential damp,
0:37:44 > 0:37:48and of course, getting those utilities sorted out.
0:37:48 > 0:37:51So, it's not quite a case of just buying it and moving in.
0:37:51 > 0:37:55However, what you have got here is a good, interesting,
0:37:55 > 0:37:58quirky property in a nice location.
0:37:58 > 0:38:01So I'm sure it was popular when it went under the hammer.
0:38:02 > 0:38:06Lot number eight, modern two-storey coach house with garage.
0:38:06 > 0:38:09Guided at 68, start me somewhere near, will you?
0:38:09 > 0:38:11Start me at 65, will you?
0:38:11 > 0:38:1265, £60,000, can you?
0:38:12 > 0:38:15Put your hand up at 60. 60? Thank you. I've got you there, at 60.
0:38:15 > 0:38:18And 1 now. 1, I'm looking for. I've got 60 - 1, can I see?
0:38:18 > 0:38:20At £60,000. 1?
0:38:20 > 0:38:23Thank you, 1, behind. 62, now. 62.
0:38:23 > 0:38:2563. 64.
0:38:25 > 0:38:2665.
0:38:26 > 0:38:29Bidding for the coach house got off to a steady trot and we
0:38:29 > 0:38:35rejoin the auction for the final furlong, with the bidding at 76,000.
0:38:35 > 0:38:3876. 76½.
0:38:38 > 0:38:4176½, 77. 77½.
0:38:41 > 0:38:4478. 78½.
0:38:44 > 0:38:4779. 79½.
0:38:47 > 0:38:4880.
0:38:48 > 0:38:5380½. 80½? 80½.
0:38:53 > 0:38:5481.
0:38:54 > 0:38:5681. 81½.
0:38:56 > 0:38:5881½. 82.
0:38:58 > 0:38:5982.
0:38:59 > 0:39:0182½?
0:39:01 > 0:39:0282½, no.
0:39:02 > 0:39:05At £82,000, backseated then,
0:39:05 > 0:39:07for the first time.
0:39:07 > 0:39:10At £82,000 for the second time.
0:39:10 > 0:39:13Third and last time, £82,000.
0:39:13 > 0:39:15Yours, sir, well done.
0:39:15 > 0:39:19That successful bid of £82,000 was made by
0:39:19 > 0:39:23first-time auction-goers Kevin and Ally.
0:39:23 > 0:39:26A married couple who live in Ross-On-Wye,
0:39:26 > 0:39:30Ally is a maths tutor and Kevin spins a turntable.
0:39:30 > 0:39:33No, he's not a DJ, he's a potter.
0:39:33 > 0:39:35MUSIC: You Spin Me Round (Like A Record) by Dead Or Alive
0:39:35 > 0:39:38# You spin me right round, baby Right round, like a record, baby... #
0:39:38 > 0:39:41Ally, Kev, great to meet you both. Congratulations.
0:39:41 > 0:39:43Tell me why you wanted to buy this place.
0:39:43 > 0:39:45Well, we wanted to invest some money
0:39:45 > 0:39:48and we've been looking round in Cardiff for a long time.
0:39:48 > 0:39:51- I've been a student in Cardiff for the past two years.- All right.
0:39:51 > 0:39:54- Studying ceramics at Cardiff Met. - Oh, lovely. Brilliant.
0:39:54 > 0:39:57So I needed somewhere to live for my last year
0:39:57 > 0:39:59- and this seemed like a good idea. - Right.
0:39:59 > 0:40:02So why did you choose this particular place?
0:40:02 > 0:40:07Well, it's quaint, it's idiosyncratic,
0:40:07 > 0:40:10it's just odd and it's different. And I think that we can actually
0:40:10 > 0:40:13say that there's potential here as well.
0:40:13 > 0:40:16Yeah, I mean, the fact you're an artist, it actually just...
0:40:16 > 0:40:19Now you mention it, you think, actually, as an artist's pad,
0:40:19 > 0:40:20maybe, I don't know...
0:40:20 > 0:40:23Have you got plans for a studio, or a workshop or something?
0:40:23 > 0:40:24I mean, it's ideal, isn't it?
0:40:24 > 0:40:27Well, the thing is that there's a garage at the back
0:40:27 > 0:40:32of the building so that's going to be used for, probably a wheel room.
0:40:32 > 0:40:35- Right.- There is the potential that I could put a kiln in there
0:40:35 > 0:40:38- but just a, sort of, small kiln to do just small stuff.- Right.
0:40:38 > 0:40:42But, yeah, you know, throw pots and the potter's wheel there, and then...
0:40:42 > 0:40:47- Stop making a mess at home. - Ah-ha.- Yeah.- Good plan.
0:40:47 > 0:40:52# You spin me right round, baby Right round like a record, baby
0:40:52 > 0:40:54# Right round, round, round... #
0:40:54 > 0:40:57So, from coach house to artist's studio.
0:40:57 > 0:41:00This building is going to get another lease of life
0:41:00 > 0:41:01as a workshop for Kevin.
0:41:01 > 0:41:03But before all that happens,
0:41:03 > 0:41:05they're going to have to hook up some utilities.
0:41:07 > 0:41:11- There is no water, no electricity. - Yeah.- No gas supply.
0:41:11 > 0:41:14It's a case of getting the utilities put on, more than anything.
0:41:14 > 0:41:17How much have you allowed for doing the gas, electric and water?
0:41:17 > 0:41:19We're saying two grand each but we're not sure at the moment.
0:41:19 > 0:41:21- We think probably... - But we can go up to ten.
0:41:21 > 0:41:23I mean, that's not necessarily unreasonable.
0:41:23 > 0:41:26- It depends when they have to bring it from.- Precisely.- Yes.
0:41:26 > 0:41:29What about doing inside? What are you going to do inside?
0:41:29 > 0:41:31Skirting needs to be done, doesn't it? We were saying...
0:41:31 > 0:41:36- As you're living here, probably not too much.- Right.
0:41:36 > 0:41:38She says sweetly.
0:41:38 > 0:41:40- With your student parties. - Well, it's...
0:41:40 > 0:41:43Really it's just a case of, sort of, like, decorating, more than anything.
0:41:43 > 0:41:46- Finishing it off. Snagging. - Snagging, ah.
0:41:46 > 0:41:48There's a lot of snagging to be done, which
0:41:48 > 0:41:50- I will be doing with my caulking gun.- Will you?
0:41:50 > 0:41:52- You like your caulking gun, do you?- I do.- Well done.
0:41:52 > 0:41:54So, you're actually going to do a lot of the work, then?
0:41:54 > 0:41:57- A fair bit of it, yeah. Yeah. - And then what about the garage?
0:41:57 > 0:41:58What's the plans for that?
0:41:58 > 0:42:00Well, to put in for planning permission on it,
0:42:00 > 0:42:04and just get it...change of use from a garage into a living space.
0:42:04 > 0:42:06Probably the thing to do with that would then be to
0:42:06 > 0:42:09get rid of the up and over door, put in a...
0:42:09 > 0:42:12- ..a nice glass.- Yeah. - Glass doors in.
0:42:12 > 0:42:14And maybe shuttering on the outside, a grill.
0:42:14 > 0:42:16- Right, lots of natural light. - Absolutely, for your studio.
0:42:16 > 0:42:18Yeah, this is it, yeah.
0:42:18 > 0:42:20So what's the budget, other than the £10,000 that you're going to
0:42:20 > 0:42:24spend on the, hopefully not, but the budget that you've got for the...?
0:42:24 > 0:42:26- 10 per cent.- What?- Of the purchase price.
0:42:26 > 0:42:27- 10 per cent?- Yeah.
0:42:27 > 0:42:30That's an interesting way to go...but you're a maths teacher.
0:42:30 > 0:42:33Most people say, "Well, like five grand, ten grand."
0:42:33 > 0:42:35But you went DING! 10%. So what's that?
0:42:35 > 0:42:37Round about eight to nine.
0:42:37 > 0:42:40- Eight to nine grand on top of the utilities stuff.- Yeah, yeah.
0:42:40 > 0:42:43- So what's the timescale?- Oh...
0:42:43 > 0:42:45The utilities are going to take
0:42:45 > 0:42:47- probably about eight to ten weeks. - Right.
0:42:47 > 0:42:50And once we've got the electricity on, then we can really,
0:42:50 > 0:42:52sort of, crack on with getting stuff
0:42:52 > 0:42:53- sorted out on the inside. - Yeah.- Great.
0:42:53 > 0:42:55Well, listen, congratulations.
0:42:55 > 0:42:57- Thank you very much.- Thank you. - It's all good stuff.
0:42:57 > 0:42:59- Look forward to seeing how you get on.- Thank you.
0:42:59 > 0:43:02- And seeing some of your ceramic art. - OK, yeah.
0:43:02 > 0:43:04- Whole gallery.- Well done.
0:43:04 > 0:43:05- Thank you.- Thank you.
0:43:07 > 0:43:11Well, once you hear about it, it's obvious that this place is
0:43:11 > 0:43:15an absolutely ideal student stroke pottery artist pad, isn't it?
0:43:15 > 0:43:18With a kiln, and maybe a potter's wheel in the garage, there.
0:43:18 > 0:43:21And, yes, a great place for him to be.
0:43:21 > 0:43:24Will it turn out to be a good investment as well and will
0:43:24 > 0:43:29they get those electrics, gas and water sorted out in a timely manner?
0:43:29 > 0:43:31You can find out later in the show.
0:43:35 > 0:43:36Right, so, we've seen one property,
0:43:36 > 0:43:39which means we've got two more to go.
0:43:39 > 0:43:43Yes, how did they get on in this ever-changing property market?
0:43:43 > 0:43:44- Shall we find out?- Let's do it.
0:43:50 > 0:43:53Back now to South London and the area of Addiscombe,
0:43:53 > 0:43:55which lies in the borough of Croydon.
0:43:57 > 0:44:01It was here that earlier I looked around a two bed mid-terrace
0:44:01 > 0:44:02with a guide price of £220,000.
0:44:05 > 0:44:07Inside, I found a house that time forgot,
0:44:07 > 0:44:12and decor that was more than, well, a little groovy, baby.
0:44:12 > 0:44:15Well, this is the master bedroom, and it's a great size.
0:44:15 > 0:44:17But there's no getting away from it...
0:44:17 > 0:44:20Flowers on the walls, flowers on the curtains,
0:44:20 > 0:44:25flowers over here on the fireplace. You've got polystyrene tiles.
0:44:25 > 0:44:27For starters, you've got to get rid of the wallpaper,
0:44:27 > 0:44:29get rid of the carpet, get rid of the curtains
0:44:29 > 0:44:32because it's all just a bit...flower power.
0:44:35 > 0:44:39Despite the dodgy decor, it proved popular on auction day.
0:44:39 > 0:44:42Sold, 250. Well done.
0:44:44 > 0:44:47Bought for £250,000 by
0:44:47 > 0:44:49husband-and-wife team Chris and Pauline,
0:44:49 > 0:44:52who had left their finance jobs in the city
0:44:52 > 0:44:54to become property developers full-time.
0:44:58 > 0:45:00This was their fourth property together
0:45:00 > 0:45:05but their first house renovation and they were raring to get going.
0:45:05 > 0:45:08I mean, interestingly, there's lots of things boarded up and when
0:45:08 > 0:45:11you pull them away, you can see the beauty underneath.
0:45:11 > 0:45:13If it weren't for you guys, I'd have been round
0:45:13 > 0:45:16with my crow-axe for an hour already, seeing what's there.
0:45:16 > 0:45:19- Do you give me permission? - Yeah, yeah. Go for it.
0:45:19 > 0:45:22Chris and Pauline had given themselves a budget
0:45:22 > 0:45:27of between £10-£15,000, and definitely no more than £20,000.
0:45:27 > 0:45:30And a timescale of eight to ten weeks.
0:45:30 > 0:45:33But with the dated property in need of a total makeover
0:45:33 > 0:45:36and a tiny kitchen, not to mention no central heating,
0:45:36 > 0:45:39they really did have their hands full.
0:45:41 > 0:45:45Just short of four months later, I can't wait to see what they've done.
0:45:54 > 0:45:56Wow, the wall between the kitchen
0:45:56 > 0:46:00and second reception room has been taken away to create
0:46:00 > 0:46:02a stunning kitchen-diner.
0:46:02 > 0:46:05Complete with French doors into the garden, a contemporary
0:46:05 > 0:46:10feature wall and a lovingly-restored Victorian fireplace.
0:46:10 > 0:46:12Absolutely fabulous.
0:46:21 > 0:46:25A beautifully-dressed house can really add value to a property
0:46:25 > 0:46:29and so too can mixing the modern with the traditional,
0:46:29 > 0:46:33which Chris and Pauline have done really well.
0:46:33 > 0:46:37And it's great to see a small loo down here, nestled under the stairs.
0:46:37 > 0:46:39Another selling point.
0:46:46 > 0:46:48So let's head upstairs.
0:47:14 > 0:47:18As with downstairs, the upstairs has been sympathetically renovated,
0:47:18 > 0:47:21with a keen eye for design and character.
0:47:21 > 0:47:24Along with a lovely back garden, this property has had
0:47:24 > 0:47:28a new life breathed into it and is an absolute delight.
0:47:29 > 0:47:31So, the changes we've made...
0:47:31 > 0:47:34We've taken the kitchen wall out, totally replaced the kitchen.
0:47:34 > 0:47:36We've opened up all the fireplaces,
0:47:36 > 0:47:39we skimmed all the walls, we've painted.
0:47:39 > 0:47:44- We re-plastered ceilings. - New central heating, totally rewired.
0:47:44 > 0:47:49- New bathrooms.- Oh, yeah, totally new bathroom. Carpeted.
0:47:49 > 0:47:53- Toilet downstairs. - Did the doors, all original doors.
0:47:53 > 0:47:56And we dress the flats and the houses that we work on
0:47:56 > 0:47:59to the style that we like, ourselves.
0:47:59 > 0:48:01But not making it too personal,
0:48:01 > 0:48:06but just to show the potential a property has.
0:48:06 > 0:48:09The biggest arguments we had over the property is probably the decoration.
0:48:09 > 0:48:14- It's...- I won on this wallpaper. He said it was too busy, I think not.
0:48:16 > 0:48:18A woman after my own heart.
0:48:18 > 0:48:20While Pauline's been in charge of design,
0:48:20 > 0:48:24Chris has been sailing the checks and sorting electrics.
0:48:24 > 0:48:28But with a seemingly high-end finish, how is their budget looking?
0:48:28 > 0:48:30It's very simple...
0:48:30 > 0:48:32Budget-wise, we spent...
0:48:32 > 0:48:37..probably getting over £17,500 now, on the house.
0:48:37 > 0:48:40Probably the big unexpected cost was the gas.
0:48:40 > 0:48:43Despite having a gas pipe and a gas meter,
0:48:43 > 0:48:46we had to get a whole new gas supply fitted to the house,
0:48:46 > 0:48:49which caused a little bit of a delay to the project
0:48:49 > 0:48:52and it added a little lump to the project, so...
0:48:52 > 0:48:54Other than, it was all pretty much as we expected.
0:48:54 > 0:48:58I think it's a wee bit over schedule.
0:48:58 > 0:49:00Probably about 13 weeks, all in all.
0:49:00 > 0:49:04We did down tools for a couple weeks for holidays but...
0:49:04 > 0:49:07Yeah, not too bad. We were delayed slightly by the gas pipes
0:49:07 > 0:49:11and waiting for them to come in and do their bit, but not too bad.
0:49:13 > 0:49:18So with a total investment of £267,500
0:49:18 > 0:49:21and an eagerness to sell, it will be interesting to see what
0:49:21 > 0:49:23two local estate agents think of the property.
0:49:23 > 0:49:26Starting with the agent who saw it originally...
0:49:26 > 0:49:28Well, I've got to say, I'm very impressed.
0:49:28 > 0:49:31Having looked around the property, they've done a fantastic job.
0:49:31 > 0:49:33I like the muted colour tones they've used.
0:49:33 > 0:49:36I like what they've done with the bathroom and kitchen, fantastic.
0:49:36 > 0:49:39Removing that wall downstairs and opening up that kitchen,
0:49:39 > 0:49:42then putting in the big double-glazed door
0:49:42 > 0:49:45so the kitchen meets the garden, is fantastic.
0:49:45 > 0:49:46The layout works really well.
0:49:46 > 0:49:49I like the fact that they've added a downstairs WC, that's really good.
0:49:49 > 0:49:52Especially in this type of area, people want an additional WC
0:49:52 > 0:49:54and an upstairs bathroom.
0:49:54 > 0:49:56The property works fantastically well,
0:49:56 > 0:49:59having the dining room going straight out onto the garden
0:49:59 > 0:50:01and the garden has actually got a lovely decked area,
0:50:01 > 0:50:02which is great too.
0:50:05 > 0:50:07So, very positive indeed.
0:50:07 > 0:50:09And with Pauline and Chris dead set on selling,
0:50:09 > 0:50:12I am eager to find out what those figures might be.
0:50:13 > 0:50:15In terms of property resales,
0:50:15 > 0:50:18I believe the property will achieve £325,000.
0:50:18 > 0:50:22This property will sell for approximately £335,000.
0:50:22 > 0:50:23Well, we are delighted.
0:50:23 > 0:50:26We always wanted to break the 300,000 mark,
0:50:26 > 0:50:30but we have put it on the market for offers over 315,000,
0:50:30 > 0:50:32so if we get anywhere near those two, we'd be delighted.
0:50:32 > 0:50:33Yeah, it'd be great.
0:50:35 > 0:50:39Well, if they achieve that higher valuation of 335,000, it would
0:50:39 > 0:50:44mean pre-tax profit of £67,500, making their
0:50:44 > 0:50:48joint career-changes into property renovation a big success.
0:50:50 > 0:50:55But after all the hard work here, do they ever miss their old lives?
0:50:55 > 0:50:58No, I don't miss it in the slightest.
0:50:59 > 0:51:01It's good to work for yourself.
0:51:01 > 0:51:04I only work with him, and I can always tell them to shut up, so...
0:51:13 > 0:51:18We're back in the Grangetown area of Cardiff, where earlier we met Kevin
0:51:18 > 0:51:24and Ally, who had purchased this two-bedroom mews house for £82,000.
0:51:24 > 0:51:26While Kevin is a university student,
0:51:26 > 0:51:29he was going to use this as his Cardiff base.
0:51:33 > 0:51:37Kevin is studying ceramics, so this integral garage would be
0:51:37 > 0:51:40an ideal space for him to throw some pots.
0:51:41 > 0:51:45- That's going to be used for, probably a wheel room.- Right.
0:51:45 > 0:51:48There is the potential that I could put a kiln in there
0:51:48 > 0:51:51but just a, sort of, small kiln to do just small stuff.
0:51:54 > 0:51:56Before all that could happen,
0:51:56 > 0:51:59some essential ingredients would have to be added.
0:52:00 > 0:52:04- There is no water, no electricity. - Yeah.- No gas supply.
0:52:04 > 0:52:07It's a case of getting the utilities put on, more than anything.
0:52:08 > 0:52:10With around £9,000 set aside
0:52:10 > 0:52:13to turn this into a desirable student residence,
0:52:13 > 0:52:16Kevin and Ally set off on their first foray
0:52:16 > 0:52:18into property renovation.
0:52:19 > 0:52:23We came back four months later to see how they'd got on.
0:52:23 > 0:52:25MUSIC: Definite Activity by Steve Hillage
0:52:25 > 0:52:29# I want to see some definite activity... #
0:52:29 > 0:52:31There's not much sign of definite activity
0:52:31 > 0:52:36but this overhaul was always about hard work behind-the-scenes.
0:52:36 > 0:52:40Unless you ran a tap, fired up the hob or switched on a light,
0:52:40 > 0:52:44you'd be hard pressed to notice much difference.
0:52:44 > 0:52:47As the kitchen was new, there was no change there.
0:52:48 > 0:52:52Similarly, the downstairs toilet has had its broken window fixed
0:52:52 > 0:52:55but all else is as it was.
0:52:56 > 0:52:59Upstairs, the rooms have been furnished.
0:52:59 > 0:53:03One as a double bedroom and the other is set aside as a study.
0:53:03 > 0:53:05But no real difference here either.
0:53:08 > 0:53:12However, there is one room that has changed significantly.
0:53:14 > 0:53:16That was Ally's brilliant idea of actually putting French doors
0:53:16 > 0:53:19at the back of the house, rather than having windows
0:53:19 > 0:53:22at the front of the house, and just the long slim window at the front.
0:53:22 > 0:53:25Because that's east-facing, then it means that the actual light
0:53:25 > 0:53:29is diffused, it's not quite so bright all the time, which is great
0:53:29 > 0:53:32when you're actually, sort of, working with
0:53:32 > 0:53:35shape and form, as far as, sort of, like, pots are concerned.
0:53:35 > 0:53:37And it's great for, sort of giving you
0:53:37 > 0:53:40a really good, sort of, view of glazes on pots, as well.
0:53:40 > 0:53:42Because you don't get that sort of
0:53:42 > 0:53:44immediate light that reflects everything back at you.
0:53:44 > 0:53:47When we come to sell the property, we'll be using that space.
0:53:47 > 0:53:51We'll be dressing it either as a dining space or a workspace,
0:53:51 > 0:53:54or a third bedroom. So we've got a lot of options there
0:53:54 > 0:53:57- and hopefully we've added value to the property.- Yeah.
0:53:59 > 0:54:02So, a major improvement there.
0:54:04 > 0:54:08But the main task was getting power and water to this house.
0:54:08 > 0:54:12How straightforward was getting the utilities hooked up?
0:54:12 > 0:54:16I didn't actually think it would take nearly five months to
0:54:16 > 0:54:20supply the water and the electricity.
0:54:20 > 0:54:24That was a bit traumatic because that was actually...
0:54:24 > 0:54:26Like, a hole in the wrong place in the road,
0:54:26 > 0:54:29and exposing other pipes and cables to the world.
0:54:30 > 0:54:33The only people who really good were the gas people.
0:54:33 > 0:54:34They were absolutely fantastic
0:54:34 > 0:54:36and their utilities went in straight away.
0:54:36 > 0:54:38So that unfortunately held us up.
0:54:41 > 0:54:44A bit of a utility nightmare, then.
0:54:44 > 0:54:47Were Kevin and Ally's tradespeople any more reliable?
0:54:49 > 0:54:52Most of the work was done by this builder who
0:54:52 > 0:54:55I got to know through living in Cardiff. He's been an excellent chap.
0:54:55 > 0:55:00He...he knows an awful lot of other people within the game.
0:55:00 > 0:55:03Although, we've...I'll be honest with you, he would admit to it as well,
0:55:03 > 0:55:05we've had a lot of difficulty with electricians.
0:55:05 > 0:55:09We've gone through about two or three electricians, literally,
0:55:09 > 0:55:11in the space of about a month.
0:55:11 > 0:55:14And then after that, Kev's actually moved all the rubble
0:55:14 > 0:55:17and taken everything away and we've filled the trenches back in.
0:55:17 > 0:55:19So we've now gained a patio area as well.
0:55:19 > 0:55:22And that's the next project, to get all the outside done
0:55:22 > 0:55:24- really beautifully before we do sell, if we sell.- Yeah,
0:55:24 > 0:55:28and I'm just hoping that I haven't ruined the suspension on the car.
0:55:31 > 0:55:33And how about the budget?
0:55:33 > 0:55:37Did they manage to stick with Ally's ballpark figure of £9,000?
0:55:38 > 0:55:42We're still waiting to be reimbursed by one utility company
0:55:42 > 0:55:46- so at the moment we've spent 97. - Yeah.
0:55:46 > 0:55:49And that includes mainly the garage conversion,
0:55:49 > 0:55:52which we hadn't budgeted for when we spoke originally.
0:55:52 > 0:55:57However, we've come in at just under 97 and possibly 95½.
0:55:57 > 0:55:59The couple aren't sure about what will happen
0:55:59 > 0:56:01once Kevin completes his degree.
0:56:01 > 0:56:05Whether to rent or sell depends very much on local market conditions.
0:56:09 > 0:56:12Here's a man who can shed some light on the subject.
0:56:12 > 0:56:15A visit from a local property expert could be just what Kevin
0:56:15 > 0:56:19and Ally need to help make their minds up.
0:56:19 > 0:56:22It hasn't changed that much, except for the conversion
0:56:22 > 0:56:25of the garage into another reception.
0:56:25 > 0:56:28It's a usable area, and probably more beneficial than the garage.
0:56:28 > 0:56:31There's plenty of off-road parking in the area,
0:56:31 > 0:56:34so in my opinion, it's a better use of area.
0:56:36 > 0:56:40And what about sales and rental values for this house?
0:56:40 > 0:56:44In my opinion, the sales value of this property in the current market
0:56:44 > 0:56:46is £110,000.
0:56:46 > 0:56:51And for rental purposes, it's £650 per calendar month.
0:56:51 > 0:56:55I think we were hoping roundabout 115 to 120.
0:56:55 > 0:56:58The rental value, however, I think is spot-on.
0:56:58 > 0:57:00That's what we were looking for.
0:57:00 > 0:57:02It gives us the return that we wanted on the investment.
0:57:04 > 0:57:08Assuming a final total spend of £95,500,
0:57:08 > 0:57:14a sale at £110,000 would net a pre-tax profit of £14,500.
0:57:14 > 0:57:19And the rental figure represents a return on investment of 8%.
0:57:20 > 0:57:22Does that sway them one way or another?
0:57:24 > 0:57:28When I've stopped living here, we'll probably be looking at renting it.
0:57:28 > 0:57:30Purely because, at least that way,
0:57:30 > 0:57:33we can hold on to the actual property itself
0:57:33 > 0:57:36and then we can make a decision about it sometime in the future.
0:57:36 > 0:57:40And looking into the future, once Kevin nails his degree,
0:57:40 > 0:57:43do they have any definite plans?
0:57:45 > 0:57:46Yeah, probably, sort of,
0:57:46 > 0:57:50carry on doing some more work on property renovation.
0:57:50 > 0:57:52- We want to work together as a team. - Yeah.
0:57:52 > 0:57:54Because I've missed him for the last three years.
0:57:54 > 0:57:58Yeah, it'd be nice to be back together again.
0:57:58 > 0:58:00That's sweet, isn't it? That's cute.
0:58:00 > 0:58:01BOTH: Mwah!
0:58:05 > 0:58:06Well, that is all we have time for today.
0:58:06 > 0:58:09Yes, but there are literally thousands of properties going
0:58:09 > 0:58:13to auction every year, and we'll be featuring some of those next time
0:58:13 > 0:58:15here on Homes Under The Hammer.
0:58:15 > 0:58:18- We'll see you then.- Goodbye. - Goodbye.