0:00:02 > 0:00:03Hello and welcome to the programme.
0:00:03 > 0:00:06Now, the UK's property market is a multi-million pound business.
0:00:06 > 0:00:08Those are big numbers. Don't be put off by that.
0:00:08 > 0:00:11No, despite that, there are still bargains to be had.
0:00:11 > 0:00:15One good way to find them is to head to your local auction rooms.
0:00:15 > 0:00:18Well, to help us keep up with all the action,
0:00:18 > 0:00:20- we're joined by Dion Dublin.- Hello. - Hi, guys, how are you doing?- Hi.
0:00:20 > 0:00:22I've actually spent a lot of time,
0:00:22 > 0:00:25a lot of money on property over the years.
0:00:25 > 0:00:27Anyone can do it but you've got to do your research,
0:00:27 > 0:00:30have a bit of cash and have a bit of confidence.
0:00:55 > 0:00:59With tens of thousands of lots every year, there's plenty to choose from.
0:00:59 > 0:01:02Yes, from two-up two-down terraces to country piles,
0:01:02 > 0:01:04there is something for everybody.
0:01:04 > 0:01:07So, let's see what the bidders decided to go for on today's show.
0:01:08 > 0:01:13In beautiful Cumbria, it was all about the right location.
0:01:13 > 0:01:16As soon as we came here, saw those views out there,
0:01:16 > 0:01:18we sort of fell in love with the place.
0:01:20 > 0:01:23And in Nottingham, it was all about paying the right price.
0:01:23 > 0:01:28I had to go to keep an eye on him to make sure he didn't go too high.
0:01:28 > 0:01:32Whereas in Folkestone, Kent, nothing was right.
0:01:32 > 0:01:34Are you pleased with what you bought?
0:01:34 > 0:01:36I'm sorry to disappoint you -
0:01:36 > 0:01:38no, I bought the wrong place.
0:01:40 > 0:01:42All these properties have been sold at auction.
0:01:42 > 0:01:45We'll find out who bought them and what they paid for them
0:01:45 > 0:01:46when they went under the hammer.
0:01:46 > 0:01:48Well done, sir.
0:01:50 > 0:01:52MUSIC: The Lark Ascending by Vaughan Williams
0:02:00 > 0:02:02I'm in the Lake District National Park,
0:02:02 > 0:02:07not exactly renowned for being crammed with properties to buy.
0:02:07 > 0:02:13However, what you do get is 885 square miles
0:02:13 > 0:02:16of rather gorgeous scenery
0:02:16 > 0:02:20and there is a property that was up for auction around here somewhere.
0:02:20 > 0:02:23MUSIC CONTINUES
0:02:23 > 0:02:26The property I'm looking for is in an area called Irton,
0:02:26 > 0:02:30just on the fringes of the beautiful Eskdale Fells.
0:02:30 > 0:02:32It is within the National Park
0:02:32 > 0:02:36and I think, well, it doesn't get much better than this.
0:02:36 > 0:02:40Well, a short amble away and I think I might have found it.
0:02:40 > 0:02:45Three-bedroomed bungalow, had a guide price of £120,000 plus.
0:02:45 > 0:02:48It looks pretty unassuming from the front
0:02:48 > 0:02:50but I like the fact it's got its own garage,
0:02:50 > 0:02:52pitched roof doesn't look to be in too bad condition.
0:02:52 > 0:02:54Let's take a look inside.
0:02:54 > 0:02:57Obviously, the front garden is a little overgrown
0:02:57 > 0:03:00but could be quite pleasant with it all trimmed back.
0:03:00 > 0:03:04It's just a shame there's not more of a view at the front.
0:03:04 > 0:03:06A high tree line across the road
0:03:06 > 0:03:08obscures the rest of the countryside.
0:03:08 > 0:03:11Hey-ho, you can't have everything, I suppose.
0:03:11 > 0:03:16Ooh, interesting lay out. Quite a large corridor facing you
0:03:16 > 0:03:17when you come in through the front door
0:03:17 > 0:03:20and into a double aspect living room.
0:03:20 > 0:03:23A nice sized space, lots of light coming in from the windows.
0:03:23 > 0:03:26Open fire, bit dated fire surround.
0:03:26 > 0:03:30Through in to the kitchen and the moment you walk through here,
0:03:30 > 0:03:32you go...
0:03:32 > 0:03:34Wow!
0:03:34 > 0:03:38Fantastic. Imagine doing the washing up at the sink
0:03:38 > 0:03:40and looking out at that.
0:03:40 > 0:03:42Fantastic. What have we got in here, then?
0:03:42 > 0:03:44We've got a reasonable sized kitchen,
0:03:44 > 0:03:48a little utility area there but it's not new
0:03:48 > 0:03:50but you could probably work with these units.
0:03:50 > 0:03:53They look like they're pretty much handmade.
0:03:53 > 0:03:55I'd maybe keep those but tart them up
0:03:55 > 0:03:58but I'm more interested in maximising that view
0:03:58 > 0:04:00because I glimpsed it in this room
0:04:00 > 0:04:02but I didn't really see it that much and why not?
0:04:02 > 0:04:04It's not making the most of it with that window.
0:04:04 > 0:04:08What I want to see is French windows or, even better, bi-fold doors.
0:04:08 > 0:04:11Knock the whole wall down, make it all window.
0:04:11 > 0:04:12You know, bi-folding doors -
0:04:12 > 0:04:14open that out, the garden, look at the view...
0:04:14 > 0:04:15Got to be done!
0:04:15 > 0:04:18MUSIC: Open Your Window by Ella Fitzgerald
0:04:18 > 0:04:23# Open your window and take a deep sigh
0:04:23 > 0:04:28# Think about letting the rest of the world go fly... #
0:04:28 > 0:04:29Yes, this is definitely a place
0:04:29 > 0:04:34where you want to bring the outside in and try to soak in that scenery.
0:04:34 > 0:04:36MUSIC CONTINUES
0:04:36 > 0:04:38So, that's all fine and dandy, then,
0:04:38 > 0:04:40however, it starts to go a bit wrong
0:04:40 > 0:04:42when you look at the rest of the accommodation.
0:04:42 > 0:04:44It's all down this little corridor.
0:04:44 > 0:04:47Two double bedrooms, one there and one there.
0:04:47 > 0:04:49They're a really nice size.
0:04:49 > 0:04:53A bathroom, needs a bit of tender loving care, needs updating
0:04:53 > 0:04:56but money and time and effort spent doing that
0:04:56 > 0:04:58will definitely be repaid in terms of what you add,
0:04:58 > 0:05:00value-wise, to the property.
0:05:00 > 0:05:02Then, right at the end of this little corridor,
0:05:02 > 0:05:06er, the smallest bedroom.
0:05:06 > 0:05:10Ironically, it is the only one to have those glorious views.
0:05:14 > 0:05:17Three bedrooms, decent kitchen with utility,
0:05:17 > 0:05:19double aspect living room, some land
0:05:19 > 0:05:21and a location that's just stunning.
0:05:21 > 0:05:23There has to be a catch
0:05:23 > 0:05:26and, darn it, there is.
0:05:26 > 0:05:28Right, enough about the beauty of the countryside.
0:05:28 > 0:05:31It's time to talk drainage because...
0:05:31 > 0:05:33Seems a bit of a come-down, doesn't it?
0:05:33 > 0:05:36Because when you're buying a property out in the countryside,
0:05:36 > 0:05:40the likelihood is drainage is going to be potentially a bit of an issue.
0:05:40 > 0:05:42Old properties like this in the middle of nowhere
0:05:42 > 0:05:45would generally have been built with a septic tank.
0:05:45 > 0:05:48Just in case you don't know what a septic tank is,
0:05:48 > 0:05:51well, it's a way of taking away your household waste water
0:05:51 > 0:05:54and sewerage where there is no mains sewerage system.
0:05:54 > 0:05:59The septic bit is the bacterial environment that digests the waste
0:05:59 > 0:06:01inside a tank buried underground.
0:06:01 > 0:06:03They do require a bit of maintenance
0:06:03 > 0:06:06and should be de-sludged around every two years,
0:06:06 > 0:06:08which brings me to the bad news.
0:06:08 > 0:06:12Next door and this property share a septic tank.
0:06:12 > 0:06:14Next door have put a stipulation on the sale of this place
0:06:14 > 0:06:17that whoever buys it has to put in their own septic tank.
0:06:17 > 0:06:19What does that actually mean?
0:06:19 > 0:06:22It actually means a lot of cost, a lot of digging -
0:06:22 > 0:06:23at the end of the day,
0:06:23 > 0:06:25it's going to be something you're never going to see again
0:06:25 > 0:06:28but it's got to be done.
0:06:28 > 0:06:32It was all looking so good but at a guide price of £120,000 plus,
0:06:32 > 0:06:37I still don't think this bungalow would be money down the drain.
0:06:37 > 0:06:40What does the auctioneer who sold it make of it?
0:06:44 > 0:06:46It sits in a beautiful location, you know.
0:06:46 > 0:06:50It sits really well with the Lake District as a nice backdrop.
0:06:50 > 0:06:54I think once this property was modernised -
0:06:54 > 0:06:56new kitchen, new bathroom,
0:06:56 > 0:07:00outside done, landscaped, trimmed back, looked after,
0:07:00 > 0:07:03I think if it was exposed to the sales market,
0:07:03 > 0:07:06I think you've got to be in the region of £200,000.
0:07:06 > 0:07:10£200,000 resale price is certainly encouraging
0:07:10 > 0:07:15but in this rural location, would there be any rental potential?
0:07:15 > 0:07:18I think you would achieve a rental income
0:07:18 > 0:07:22of between about £550 per calendar month and £600 per calendar month.
0:07:29 > 0:07:33Well, as bungalows go, it's not bad.
0:07:33 > 0:07:36Let's be honest, it's not going to be the bungalow
0:07:36 > 0:07:39that attracts a bidder to this one, is it?
0:07:39 > 0:07:43£120,000 plus as a guide price for that view?
0:07:43 > 0:07:45- HE LAUGHS - I think it's worth it.
0:07:45 > 0:07:48Let's see who agreed when it went under the hammer.
0:07:52 > 0:07:54Lot 32,
0:07:54 > 0:07:57detached bungalow comprising three bedrooms and a bathroom,
0:07:57 > 0:08:01externally, gardens. Who's here for this...?
0:08:01 > 0:08:03120, 120...
0:08:03 > 0:08:05120, I've got. 121...
0:08:05 > 0:08:06121, back row...
0:08:06 > 0:08:10122, 123, 124...
0:08:10 > 0:08:13125, 126, 127...
0:08:13 > 0:08:15128, 129...
0:08:15 > 0:08:17So, perhaps not surprisingly,
0:08:17 > 0:08:20there was a lot of competition for the bungalow.
0:08:20 > 0:08:23We rejoin the bidding at £150,000.
0:08:23 > 0:08:26150, and a half...
0:08:26 > 0:08:28150 and a half, 151...
0:08:28 > 0:08:31And a half, 152, and a half...
0:08:31 > 0:08:34153, and a half...
0:08:34 > 0:08:36154, and a half...
0:08:36 > 0:08:38155, and a half...
0:08:38 > 0:08:40156...
0:08:40 > 0:08:42And a half...
0:08:42 > 0:08:45Are we all done, then, at £156,000...?
0:08:45 > 0:08:47First time...
0:08:47 > 0:08:50Second time, at £156,000...
0:08:50 > 0:08:51Selling away...
0:08:51 > 0:08:55Well done, sir. With me all the way, well done, congratulations.
0:08:55 > 0:08:58And so, for £156,000,
0:08:58 > 0:09:02the new owner of the three-bed countryside bungalow is Paul.
0:09:02 > 0:09:05Paul is an engineering consultant for a local company
0:09:05 > 0:09:07and he and his wife Jennifer
0:09:07 > 0:09:10have previously bought and renovated two other properties
0:09:10 > 0:09:13that they now rent out.
0:09:13 > 0:09:15- Paul, great to meet you. - Nice to meet you.
0:09:15 > 0:09:16- Congratulations. - Thank you very much.
0:09:16 > 0:09:18So, as if it isn't obvious,
0:09:18 > 0:09:20why did you want to buy this place?
0:09:20 > 0:09:23Well, we really fancied getting somewhere in the country
0:09:23 > 0:09:25as a sort of weekend, holiday retreat.
0:09:25 > 0:09:28As soon as we came here, saw this was up for auction,
0:09:28 > 0:09:32saw those views out there, we sort of fell in love with the place.
0:09:32 > 0:09:34Right, so, it's going to be a holiday home?
0:09:34 > 0:09:35- For ourselves.- Yeah.
0:09:35 > 0:09:38- But more weekend home, for weekend and holidays.- OK, right.
0:09:38 > 0:09:42We've got an apartment in the town centre for weekdays.
0:09:42 > 0:09:43Which town centre?
0:09:43 > 0:09:47- Whitehaven town centre...- OK, fine. - ..which is a bit closer to work.
0:09:47 > 0:09:51This will be just somewhere nice and quiet for the weekends.
0:09:51 > 0:09:53MUSIC: Let's Get Away From It All by Frank Sinatra
0:09:53 > 0:09:55# Let's leave our hut, dear Get out of our rut, dear
0:09:55 > 0:09:58# Let's get away from it all... #
0:09:58 > 0:10:02Well, this might be a great place for Paul and his wife Jennifer
0:10:02 > 0:10:05plus their two dogs to get away from it all.
0:10:05 > 0:10:08One thing we can't get away from is that drainage issue.
0:10:10 > 0:10:12The key thing that we need to do is install a septic tank.
0:10:12 > 0:10:16- We've had a quote come in at about £10,000.- Wow, ouch.
0:10:16 > 0:10:19It is a lot of money, more than we wanted to pay.
0:10:19 > 0:10:21The trouble is that because the existing septic tank
0:10:21 > 0:10:24is over in that direction,
0:10:24 > 0:10:27all the drains drain downwards in that direction.
0:10:27 > 0:10:29- Ooh.- The only place we can put the septic tank
0:10:29 > 0:10:31is the opposite side of the garden.
0:10:31 > 0:10:33- Right.- All the drainage will need to be diverted.
0:10:33 > 0:10:35So, what else are you planning to do to it?
0:10:35 > 0:10:38There's a couple of flat roofs on the garage
0:10:38 > 0:10:40and the little extension at the back there.
0:10:40 > 0:10:44They're pretty old now so we need to probably replace,
0:10:44 > 0:10:46maybe we'll get away with re-felting.
0:10:46 > 0:10:48We are thinking of painting the building.
0:10:48 > 0:10:51And then inside, any major changes planned at all?
0:10:51 > 0:10:55Not major changes. We want to change most of the flooring.
0:10:55 > 0:10:59We have picked up the carpet in that corner of the room here,
0:10:59 > 0:11:03appears to be floorboards underneath. Assuming they are,
0:11:03 > 0:11:05in most places, we'll probably keep the floorboards.
0:11:05 > 0:11:07What about the kitchen?
0:11:07 > 0:11:11The kitchen's fine. The units are handmade, I believe.
0:11:11 > 0:11:13The doors don't all fit properly
0:11:13 > 0:11:17so I think we'll just get a joiner to come in and essentially fix that.
0:11:17 > 0:11:21What about patio doors out here on to the garden?
0:11:21 > 0:11:23It's something we considered.
0:11:23 > 0:11:25In the first phase of work and what we've budgeted for,
0:11:25 > 0:11:27we're not necessarily having that yet.
0:11:27 > 0:11:29We are thinking about having a conservatory potentially
0:11:29 > 0:11:31- in the future.- Right. On the back?
0:11:31 > 0:11:33- On the back.- It would be stunning, wouldn't it?
0:11:33 > 0:11:35It would be, yeah, cos we could sit in the conservatory
0:11:35 > 0:11:38with lots of window looking out on that view.
0:11:38 > 0:11:39It would be great.
0:11:39 > 0:11:43So, the bigger picture is to get a house that maximises those views
0:11:43 > 0:11:46but the short-term view is to spend four to five months
0:11:46 > 0:11:48getting the place up to scratch,
0:11:48 > 0:11:53installing that septic tank and then spending some time here.
0:11:53 > 0:11:55What is the budget for the work?
0:11:55 > 0:11:58The budget for the work is about 24,000.
0:11:58 > 0:12:01- OK.- Quite a lot of money...- Yeah.
0:12:01 > 0:12:05..but again, over 10,000 of that is the planning permission
0:12:05 > 0:12:06and the septic tank itself.
0:12:06 > 0:12:09Are you doing any of the work or is it all...
0:12:09 > 0:12:13Most of the work internally will need to be
0:12:13 > 0:12:15principally decoration and things like that.
0:12:15 > 0:12:17We're going to do as much of that as possible,
0:12:17 > 0:12:20things like removing the tiles in the bathroom, we'll do all that.
0:12:20 > 0:12:23- Mm-hmm.- It's just when it comes to things like joinery
0:12:23 > 0:12:27and building work, we'll obviously get the experts in.
0:12:27 > 0:12:30How often do you think you'll be using it?
0:12:30 > 0:12:33Pretty much most weekends, I would have thought.
0:12:33 > 0:12:35Friday to Monday most weeks...
0:12:35 > 0:12:38- Right.- ..and whenever we go on holiday
0:12:38 > 0:12:40and we're not going somewhere else.
0:12:40 > 0:12:41I'm delighted it's found somebody
0:12:41 > 0:12:44who is going to really appreciate it. Congratulations.
0:12:44 > 0:12:45Thank you very much.
0:12:45 > 0:12:47MUSIC CONTINUES
0:12:47 > 0:12:52# Let's get away from it all. #
0:12:56 > 0:12:59So, Paul buying this place for the obvious reason
0:12:59 > 0:13:01and who can blame him?
0:13:01 > 0:13:05Wonderful that he and his family are going to enjoy this place
0:13:05 > 0:13:08and everything it has to offer. Still, lots of work to do
0:13:08 > 0:13:11and, you know, he's got to put that conservatory
0:13:11 > 0:13:14and that patio door on really, hasn't he?
0:13:14 > 0:13:16Will he? You can find out later in the show.
0:13:21 > 0:13:24I may not have the rural scenery
0:13:24 > 0:13:26but I'm in a city steeped in tradition
0:13:26 > 0:13:28as well as being a busy modern metropolis.
0:13:30 > 0:13:33The city of Nottingham is a place I've visited many times
0:13:33 > 0:13:35during my football career,
0:13:35 > 0:13:37with the city boasting two football league teams -
0:13:37 > 0:13:40Notts County and Nottingham Forest.
0:13:40 > 0:13:42The two grounds are less than a mile apart,
0:13:42 > 0:13:46separated only by the River Trent that flows through the city.
0:13:48 > 0:13:51Just a mile or so from the city centre and Nottingham University
0:13:51 > 0:13:53is the property I'm here to see,
0:13:53 > 0:13:56set in this very pleasant modern development.
0:13:56 > 0:14:00It's a ground floor one-bedroom flat with a guide price of £55,000.
0:14:00 > 0:14:02Let's take a look.
0:14:04 > 0:14:06OK, straight in to the hallway.
0:14:06 > 0:14:10It's only a small hallway but that's expected, it's a one-bed flat.
0:14:10 > 0:14:14OK, the bathroom is just there, nice pink bathroom with magnolia walls.
0:14:14 > 0:14:18Nice combo, not my choice but totally usable.
0:14:18 > 0:14:21The bedroom is there. You could get a double bed in there no problem.
0:14:21 > 0:14:25In to the kitchen-lounge area.
0:14:25 > 0:14:30The kitchen is a little bit dated but that looks all OK to me.
0:14:30 > 0:14:33The lounge area here, you get a sofa, you get a table there,
0:14:33 > 0:14:36you get your TV on the wall, not a problem.
0:14:36 > 0:14:39What I can see this being used for is professional people -
0:14:39 > 0:14:42the university is not too far away, the hospital's not too far,
0:14:42 > 0:14:45the city centre is a couple of miles away
0:14:45 > 0:14:49or even Nottingham Forest, Notts County, signing a young player
0:14:49 > 0:14:52and maybe putting them in here for three to six months,
0:14:52 > 0:14:54just for somewhere a bit private.
0:14:54 > 0:14:56MUSIC: Hide Yourself Away by SixNationState
0:14:56 > 0:14:58What a perfect little hideaway this is.
0:14:58 > 0:15:01Yes, it's not quite Premier League in its finish
0:15:01 > 0:15:03but it wouldn't take much to get it up there.
0:15:03 > 0:15:06MUSIC CONTINUES
0:15:06 > 0:15:08# And just hide yourself away La-de, la-de, la-de
0:15:08 > 0:15:12# Come on, just hide yourself away La-de, la-de, la-de
0:15:12 > 0:15:14# Come on, just hide yourself away... #
0:15:14 > 0:15:16There's no hiding away from the fact
0:15:16 > 0:15:19that the pink magnolia bathroom needs changing.
0:15:19 > 0:15:24Something a little more neutral would be more suited for today's market.
0:15:24 > 0:15:27It's a shame it's only got electric heaters -
0:15:27 > 0:15:30practical but less efficient than central heating
0:15:30 > 0:15:34but then, everything here is geared towards low-maintenance.
0:15:34 > 0:15:39As there is no garden with the flat, you do have this communal area here
0:15:39 > 0:15:41which from what I can see has been kept incredibly well.
0:15:41 > 0:15:44I can't see a leaf anywhere out of place.
0:15:44 > 0:15:46You've got a bench over here
0:15:46 > 0:15:49where you can sit down and read your books when the sun's out.
0:15:49 > 0:15:52It might cost you a few quid but I think it's worth it.
0:15:52 > 0:15:53If it's kept in this condition,
0:15:53 > 0:15:56it's always a nice thing to have on your doorstep.
0:15:56 > 0:15:59What lovely surroundings...
0:15:59 > 0:16:01but well-kept communal areas come at a price
0:16:01 > 0:16:06so always do your homework and find out how much it's going to cost you.
0:16:06 > 0:16:09The charges here are just under £1,000 a year
0:16:09 > 0:16:13which I think is fair, given the standard of maintenance.
0:16:14 > 0:16:18What does a local estate agent make of this one-bed ground floor flat?
0:16:20 > 0:16:21It's quite intriguing.
0:16:21 > 0:16:24It feels like it's so far away from the city centre
0:16:24 > 0:16:27however it's only a 20-minute walk to the city centre,
0:16:27 > 0:16:2920-minute walk to the station
0:16:29 > 0:16:32and only a 20-minute walk to the nearby university.
0:16:32 > 0:16:35It's ideal for the rental market,
0:16:35 > 0:16:38professional couple, first-time buyer.
0:16:38 > 0:16:41The property just needs a little bit of TLC. It's not dying
0:16:41 > 0:16:46but it just needs a lick of paint, new kitchen, new bathroom.
0:16:46 > 0:16:47Yes, it's not going to take much
0:16:47 > 0:16:50to get this up and ready for the rental and resale market
0:16:50 > 0:16:52but small changes can limit
0:16:52 > 0:16:55the amount of value you can add to a property
0:16:55 > 0:16:58by doing the refurbishment.
0:16:58 > 0:17:03Can this flat that was guided at £55,000 see much of uplift in value?
0:17:03 > 0:17:07Once renovated, I feel this property will be on the open market
0:17:07 > 0:17:09within the region of £85,000.
0:17:09 > 0:17:11Encouraging...
0:17:11 > 0:17:14but I see this as a perfect rental property.
0:17:14 > 0:17:16How would it fare on the lettings market?
0:17:16 > 0:17:21I see this property on the rental market at £475 per calendar month.
0:17:26 > 0:17:28It is what it is.
0:17:28 > 0:17:31It's a one-bedroomed flat and it's in a nicely well-kept area -
0:17:31 > 0:17:33perfect for a professional person.
0:17:33 > 0:17:35Let's see who fancied it when it went to auction.
0:17:39 > 0:17:41Lot number 1,
0:17:41 > 0:17:43it's a modern one-bedroomed ground floor apartment
0:17:43 > 0:17:46that's in a popular location.
0:17:46 > 0:17:4854,000 for it...
0:17:48 > 0:17:5054, I've got, thank you...
0:17:50 > 0:17:53At £54,000, the opening bid...
0:17:53 > 0:17:5455 from somewhere else?
0:17:54 > 0:17:5755 is bid, 56 is bid...
0:17:57 > 0:18:0157, 57,000, 58...
0:18:01 > 0:18:0459 is bid, at £60,000...
0:18:04 > 0:18:07At 61, 61,000...
0:18:07 > 0:18:08500 help you?
0:18:08 > 0:18:1161,500, 62,000...
0:18:13 > 0:18:16So, interest in the flat was quite intense
0:18:16 > 0:18:20and we rejoin it with bidding at £72,000.
0:18:20 > 0:18:2172...
0:18:21 > 0:18:2572,500, 73,000...
0:18:25 > 0:18:27Either of you on the front row?
0:18:27 > 0:18:3073,500, 74, sir?
0:18:30 > 0:18:3374, and a half...
0:18:33 > 0:18:3675, 75 and a half?
0:18:36 > 0:18:40And a half, 76...
0:18:40 > 0:18:41Sure?
0:18:41 > 0:18:45£76,000 for the first time...
0:18:45 > 0:18:47Second time...
0:18:47 > 0:18:48Third opportunity...
0:18:48 > 0:18:50And a half?
0:18:50 > 0:18:53Your turn, 77...
0:18:53 > 0:18:56- 77, you did that before... - LAUGHTER
0:18:56 > 0:18:58£77,000...
0:18:58 > 0:19:00Definite?
0:19:00 > 0:19:02Final answer?
0:19:02 > 0:19:04Sold at 77,000. Thank you very much.
0:19:06 > 0:19:09And so, £22,000 over the guide price,
0:19:09 > 0:19:13the hammer finally fell at £77,000 for the one-bed flat.
0:19:16 > 0:19:19The successful bidder is chartered engineer Charles
0:19:19 > 0:19:24who previously studied for a PhD at nearby Nottingham University.
0:19:24 > 0:19:27He bought this as a buy-to-let property
0:19:27 > 0:19:30but the renovation is going to be a family project.
0:19:30 > 0:19:35He joined me with mother-in-law Joan to tell me more.
0:19:35 > 0:19:38- Joan, nice to meet you.- And you. - Congratulations, Charlie.- Thank you.
0:19:38 > 0:19:40- Same to you, sir.- Hello. - How was the auction?
0:19:40 > 0:19:42- You both went together, didn't you? - Yes, we did.
0:19:42 > 0:19:46I had to go to keep an eye on him to make sure he didn't go too high.
0:19:46 > 0:19:48- Purse strings?- Yes.
0:19:48 > 0:19:50I'm the risk taker and she's the prim one.
0:19:50 > 0:19:53- Did it work, Joan, did you look after him?- I did, I did, yes...
0:19:53 > 0:19:56- It didn't go...- ..but he stopped so that was fine.
0:19:56 > 0:19:59Did he stop at the right time, though? That's the big question.
0:19:59 > 0:20:01- Yes, he did. He did.- No, it went all right, didn't it?- Yeah.
0:20:01 > 0:20:03So is this a bit of a collaboration,
0:20:03 > 0:20:05a bit of a business we've got here, the two of you?
0:20:05 > 0:20:08- Erm...- Yes.- Well, maybe, partly. Yeah, we do...
0:20:08 > 0:20:10When we come up here, it will be my mum who comes up here
0:20:10 > 0:20:12and helps do a lot of the work
0:20:12 > 0:20:14- but also I'll be dragging my father-in-law...- Yep.
0:20:14 > 0:20:17..and the inspector here will check that we've done everything right.
0:20:17 > 0:20:20- Joan's your mother-in-law, yes, just for the record.- Yes.
0:20:20 > 0:20:23- So, from that point of view, it's a bit of a family affair.- Good.- Yeah.
0:20:23 > 0:20:25My wife's just sitting at home, making sure...
0:20:25 > 0:20:30- I think this is my wife's conscience here.- Yes. Keep an eye.
0:20:30 > 0:20:34Did you go just for this one or did you have other ones in mind?
0:20:34 > 0:20:35No, just for this one
0:20:35 > 0:20:38because I had a property in the same complex as a student,
0:20:38 > 0:20:43I hence knew the area so that I was quite confident in what it was.
0:20:43 > 0:20:46Not only does Charles know this building from his university days,
0:20:46 > 0:20:51he and his wife also have two other properties in the same complex,
0:20:51 > 0:20:53both of which they currently rent out.
0:20:53 > 0:20:55What's his plan for this one?
0:20:57 > 0:21:00- Have you decided what I'm going to do?- Yes.
0:21:00 > 0:21:02Thought so, firmly at the purse strings.
0:21:02 > 0:21:05Really clean throughout and just to update it a bit.
0:21:05 > 0:21:07Not a complete gutting, it doesn't need that
0:21:07 > 0:21:11but just around maybe 1,500, two grand's worth of work.
0:21:11 > 0:21:15What about that beautiful pink bathroom we've got?
0:21:15 > 0:21:19- It... Yeah.- Yes.- The tiles are changing, aren't they?
0:21:19 > 0:21:22Yeah, we've already planned that. We're going to work out how to...
0:21:22 > 0:21:24- The suite's all right in itself.- Yeah.
0:21:24 > 0:21:27We've already been down various DIY places and everything else,
0:21:27 > 0:21:30we know what tiles we're going to use, we'll bring out the pink in it
0:21:30 > 0:21:31and that will really be around it.
0:21:33 > 0:21:36OK, the bathroom will remain in the pink.
0:21:36 > 0:21:38Personally, I would have got rid of it
0:21:38 > 0:21:43and replaced it with a white suite but keeping it obviously saves money.
0:21:43 > 0:21:45So, you say your budget was...
0:21:45 > 0:21:47I think somewhere in the region of 1,500 and 2,000.
0:21:47 > 0:21:49I wouldn't expect us to spend any more than that.
0:21:49 > 0:21:52We'll be doing the labouring so I don't suppose we'll be paid,
0:21:52 > 0:21:55- it'll come...- I've got to be at work.
0:21:55 > 0:21:57I did hear a "we" there so are you getting involved, Joan?
0:21:57 > 0:22:00The two mother-in-laws, no, the one mother-in-law, one mother.
0:22:00 > 0:22:04She will put a boiler suit on, she is known for that.
0:22:04 > 0:22:07- You're going to get your hands dirty, Joan?- Oh, yeah.- Good.
0:22:07 > 0:22:09- I'm a good mate.- Oh.
0:22:09 > 0:22:12I can bring the things and do the teas and clear up.
0:22:12 > 0:22:14I'm a good clearer-upper.
0:22:14 > 0:22:15- Invaluable.- Yes.
0:22:15 > 0:22:18It is, until you put the paint brush down and it's gone
0:22:18 > 0:22:21- because it's being washed.- It's been put away.- Oh, that quick?
0:22:21 > 0:22:25- That quick, yes.- Yes, very efficient. Yes.- Very efficient.
0:22:25 > 0:22:28What about the timescale? How long will it take just to touch it up?
0:22:28 > 0:22:30- Yeah, how...- Oh, it depends...
0:22:30 > 0:22:32Well, I'm only going to give my mum a few weeks.
0:22:32 > 0:22:34- She just needs to get on with it. - Yes, yes!
0:22:34 > 0:22:38- Night and day.- To be honest, we can do...- Shift work, we're going to do.
0:22:38 > 0:22:41- It's all right.- It would be no more than...
0:22:41 > 0:22:43To be honest, it's not a week... It's probably a week's solid work.
0:22:43 > 0:22:47- Yes.- It will properly take a month, just trying to do it in and out.
0:22:47 > 0:22:49- That's it.- Will you all be here at the same time?
0:22:49 > 0:22:52Like you said, Joan can shift work, will you just come in and go out?
0:22:52 > 0:22:53Will you come in together?
0:22:53 > 0:22:56Probably two will come in at a time, but Charlie won't
0:22:56 > 0:23:00because he'll be working. It'll just be weekends we'll get him involved.
0:23:00 > 0:23:02Otherwise, it will just be the ladies
0:23:02 > 0:23:04doing the manual work.
0:23:04 > 0:23:07- You'll let him involved or you'll get him involved?- We'll get him involved.
0:23:07 > 0:23:11- It is a pretty straightforward turnaround, Joan, isn't it?- Yes, yes.
0:23:11 > 0:23:14- There's no hidden things or anything else like that.- No, no, we hope not.
0:23:14 > 0:23:15I think you'll get it done,
0:23:15 > 0:23:18with all the help you're going to get, Charlie.
0:23:18 > 0:23:22- Yes.- All those ladies around you. - Like fairies arriving in the night.
0:23:22 > 0:23:25- He'll make me do some of it. - Joan, good luck.- Thank you.
0:23:25 > 0:23:27Nice to have met you. Charlie, I wish you all the best.
0:23:27 > 0:23:29- Good luck.- Thank you.- Thanks.
0:23:29 > 0:23:32Joan and Charlie, what lovely people and a great relationship.
0:23:32 > 0:23:36Now, Charlie knows this location from his university days very well.
0:23:36 > 0:23:39That's why he's bought here again, close to the university,
0:23:39 > 0:23:41close to the city centre.
0:23:41 > 0:23:45He's got a small budget and a very short timescale to get the work done.
0:23:45 > 0:23:48Will he get it finished? You can find out later on in the programme.
0:23:50 > 0:23:54Coming up in Kent, not everyone wants to buy a shop.
0:23:54 > 0:23:58But if it's space you want, well, it's got it in abundance.
0:24:01 > 0:24:04Back in Nottingham, is Charlie looking after his workers?
0:24:04 > 0:24:09- No, I didn't get paid. It was just love.- It's all about love.
0:24:13 > 0:24:14But first, we returned
0:24:14 > 0:24:18to the heart of the beautiful Cumbrian countryside.
0:24:18 > 0:24:22It was here that we first came across a three-bedroom bungalow.
0:24:22 > 0:24:24Now, the grass could do with a good cut
0:24:24 > 0:24:27and the interior may have needed a bit of upgrading
0:24:27 > 0:24:30but what this place really was all about
0:24:30 > 0:24:33was the fantastic hillside views.
0:24:33 > 0:24:35That's what really wound me up.
0:24:37 > 0:24:39It's not making the most of it with that window
0:24:39 > 0:24:42so what I want to see is French windows
0:24:42 > 0:24:43or, even better, bi-fold doors.
0:24:43 > 0:24:46Knock the whole wall down, make it all window.
0:24:46 > 0:24:50Those bi-fold doors, open that out to the garden, look at the view...
0:24:50 > 0:24:51Got to be done.
0:24:51 > 0:24:55Yes, I was almost ready to knock the wall down there and then
0:24:55 > 0:24:57and just drink in more of that scenery.
0:24:57 > 0:25:02I wasn't the only one enticed by this bungalow's location.
0:25:02 > 0:25:05Whitehaven-based couple Paul and Jennifer
0:25:05 > 0:25:07had also fallen under its spell
0:25:07 > 0:25:12and they snapped it up at auction for £156,000.
0:25:12 > 0:25:16So, as if it isn't obvious, why did you want to buy this place?
0:25:16 > 0:25:19Well, we really fancied getting somewhere in the country
0:25:19 > 0:25:22as a weekend holiday retreat.
0:25:22 > 0:25:24As soon as we came here, saw this was up for auction,
0:25:24 > 0:25:28saw those views out there, we sort of fell in love with the place.
0:25:28 > 0:25:31And it really must be love because one of the conditions
0:25:31 > 0:25:37of the sale was to install a septic tank and soakaway for the property.
0:25:37 > 0:25:39With that costly work in mind,
0:25:39 > 0:25:43Paul had given himself a healthy £24,000 budget
0:25:43 > 0:25:46and a timescale of four to five months.
0:25:46 > 0:25:49Had Paul's love for the property stood the test of time?
0:25:49 > 0:25:53Well, now, nearly 20 months later, we're back.
0:25:56 > 0:26:02# Cos today is a great day
0:26:02 > 0:26:04# For falling in love, falling in love... #
0:26:06 > 0:26:10Wow, the outside has been transformed with fresh paintwork,
0:26:10 > 0:26:15newly varnished woodwork and the garden given a good tidy-up.
0:26:15 > 0:26:19So, at last, the bungalow looks more suited to its surroundings
0:26:19 > 0:26:22but what's it like behind the door?
0:26:22 > 0:26:27# How we feel inside
0:26:27 > 0:26:32# Cos today is a great day
0:26:32 > 0:26:36# For falling in love
0:26:36 > 0:26:40# Cos today is a great day
0:26:40 > 0:26:45# For falling in love, falling in love... #
0:26:45 > 0:26:51Oh, yes, it's got those patio doors I hoped for. I love it.
0:26:51 > 0:26:53MUSIC CONTINUES
0:26:55 > 0:26:59But it's also got a much more homely look about it.
0:26:59 > 0:27:01Having started the work here,
0:27:01 > 0:27:04we really fell in love with the place and especially the location.
0:27:04 > 0:27:08We decided we really didn't want anyone else to live in it.
0:27:15 > 0:27:19That left us a choice of using it as a holiday home
0:27:19 > 0:27:22but once we found out we were expecting our first child,
0:27:22 > 0:27:24we very much decided it's much more
0:27:24 > 0:27:27child-friendly than where we're currently living.
0:27:27 > 0:27:29It's got a garden, it's in the country so we thought it was
0:27:29 > 0:27:32much more appropriate for us to bring up our child here.
0:27:32 > 0:27:35Yes, I can fully understand why Paul and his wife Jennifer
0:27:35 > 0:27:40wanted to move here because what a family house this now is...
0:27:40 > 0:27:42MUSIC CONTINUES
0:27:48 > 0:27:52..with two large bedrooms finished and furnished...
0:28:00 > 0:28:03..and that smaller bedroom,
0:28:03 > 0:28:06well, that's six-month-old Holly's, of course.
0:28:06 > 0:28:11Then, there's the refurbished bathroom, lovingly tiled by Paul.
0:28:11 > 0:28:13# It's a great day
0:28:13 > 0:28:17# For falling in love... #
0:28:17 > 0:28:18It is beautiful here
0:28:18 > 0:28:22but living in the countryside does come with some potential downsides
0:28:22 > 0:28:27so what about that drainage issue that needed to be sorted out?
0:28:27 > 0:28:28A condition of the purchase
0:28:28 > 0:28:30was for us to install our own septic tank
0:28:30 > 0:28:33because currently, the bungalow is sharing a septic tank
0:28:33 > 0:28:36with our next-door neighbour.
0:28:36 > 0:28:38Having moved in and gotten to know them
0:28:38 > 0:28:40and got quite friendly with them,
0:28:40 > 0:28:41essentially, we agreed between us
0:28:41 > 0:28:44that we don't need to install our own septic tank.
0:28:44 > 0:28:46We could just keep on sharing theirs,
0:28:46 > 0:28:48which has obviously saved us quite a lot of money.
0:28:48 > 0:28:52Well, that's a result and it just goes to show,
0:28:52 > 0:28:56it always pays to be on good terms with your neighbours.
0:28:56 > 0:28:58Having saved on sewerage,
0:28:58 > 0:29:03it gave Paul an opportunity to splash the cash elsewhere.
0:29:03 > 0:29:06OK, this is the wood burner we've had installed.
0:29:06 > 0:29:08We weren't originally planning to do it but because we saved
0:29:08 > 0:29:11a lot of money on some of the other part of the build,
0:29:11 > 0:29:13we've installed it. We absolutely love it.
0:29:13 > 0:29:16It really makes the room nice and warm and cosy.
0:29:16 > 0:29:20Yes, the wood burner is the perfect choice for the bungalow
0:29:20 > 0:29:24but how much has it cost to turn this into a warm, cosy home?
0:29:28 > 0:29:30Even though we've not put the septic tank in
0:29:30 > 0:29:33we've spent probably in the region of 24,000
0:29:33 > 0:29:37so we've not used our contingency but we've used everything else.
0:29:38 > 0:29:43A £24,000 spend on top of his £156,000 purchase price
0:29:43 > 0:29:47takes Paul's total cost to £180,000.
0:29:47 > 0:29:50Clearly, Paul and his family love this bungalow
0:29:50 > 0:29:55but do two local property experts also feel the love?
0:29:55 > 0:29:57What does the auctioneer who saw it last time think?
0:29:57 > 0:30:00I think the work that they've carried out
0:30:00 > 0:30:02is very, very good actually.
0:30:02 > 0:30:04They've put the fire in
0:30:04 > 0:30:06the doors at the back letting more light in,
0:30:06 > 0:30:08I think it's a really good job
0:30:08 > 0:30:10and I'm very, very impressed with it actually.
0:30:10 > 0:30:12Well, as much as this property makes a nice home,
0:30:12 > 0:30:15this is all about its location.
0:30:15 > 0:30:18We're situated inside the Lake District National Park
0:30:18 > 0:30:21and actually only a few miles from England's highest mountain,
0:30:21 > 0:30:22Scafell Pike.
0:30:22 > 0:30:26As I'm sure you've seen, the views out the back absolutely stunning
0:30:26 > 0:30:29and that has to be its main selling feature.
0:30:29 > 0:30:32Paul certainly isn't planning to sell this any time soon
0:30:32 > 0:30:36but having spent £180,000 to make this his home,
0:30:36 > 0:30:39has he also made it a good investment?
0:30:41 > 0:30:44I think if this property was exposed to the sales market,
0:30:44 > 0:30:48I think you would see an asking price of £225,000.
0:30:48 > 0:30:52I'd expect it actually to be worth around £230,000.
0:30:52 > 0:30:53They're very good.
0:30:53 > 0:30:56I mean, we're not interested in ever selling the property
0:30:56 > 0:30:59but it's always nice to know that you've actually made a bit of money,
0:30:59 > 0:31:00should you ever need to.
0:31:00 > 0:31:05Yes, and that bit of money currently stands between £45-50,000,
0:31:05 > 0:31:08less the normal taxes and expenses of course.
0:31:08 > 0:31:11The agent also reckons on rental figures
0:31:11 > 0:31:15of between £600-675 per calendar month,
0:31:15 > 0:31:19which would be a possible yield of around 4-4.5%
0:31:19 > 0:31:21but somehow, I don't think
0:31:21 > 0:31:24any of those numbers greatly matter to Paul.
0:31:27 > 0:31:30I honestly believe you can't get a more beautiful place to live.
0:31:30 > 0:31:31The views out here are spectacular
0:31:31 > 0:31:34and you get to see them every day when you get up.
0:31:34 > 0:31:36# As soon as I wake up
0:31:36 > 0:31:40# Any night, any day
0:31:40 > 0:31:43# I know that it's you I need
0:31:43 > 0:31:47# To take the blues away
0:31:47 > 0:31:51# It must be love, love, love
0:31:51 > 0:31:56# It must be love, love, love... #
0:32:00 > 0:32:02Well, for some people,
0:32:02 > 0:32:05their passion might be for the hills and mountainside
0:32:05 > 0:32:10but for many, it's a place near the sea that is their heart's desire.
0:32:10 > 0:32:12With the town of Folkestone on the Kent coast,
0:32:12 > 0:32:16not only do you get the sea but a town full of shops, old and new
0:32:16 > 0:32:21and so today, I'm doing a bit of retail therapy.
0:32:21 > 0:32:24# Shop, shop around
0:32:24 > 0:32:26# Uh-huh-huh, shop, shop around... #
0:32:26 > 0:32:29Coming down this high-street with all these shops everywhere,
0:32:29 > 0:32:33you've probably guessed I'm not here to see a house, oh, no.
0:32:33 > 0:32:36I'm here to look at a commercial venture.
0:32:36 > 0:32:39It's in here, it's on the ground floor and basement
0:32:39 > 0:32:43and the guide price, £60-£62,000.
0:32:43 > 0:32:46Now, it looks pretty empty. I'm going to investigate.
0:32:46 > 0:32:49# Shop, shop around
0:32:49 > 0:32:51# Uh-huh-huh, shop... #
0:32:51 > 0:32:53What a shop! Look at this.
0:32:53 > 0:32:56Wow, nice chrome handlebars,
0:32:56 > 0:33:01contemporary glass reflecting lots of light. An incredible space.
0:33:01 > 0:33:05Look at this ergonomic, curvaceous counter.
0:33:05 > 0:33:08"Hello, madam, could I book an appointment, please?"
0:33:08 > 0:33:10I mean, it's a lovely place to work.
0:33:10 > 0:33:12Pink on the walls, wow.
0:33:12 > 0:33:17Now, it currently has A1 usage so it can only be used for certain things,
0:33:17 > 0:33:21a post office, an undertaker's, an internet cafe perhaps.
0:33:21 > 0:33:23You'd have to check with the local council.
0:33:23 > 0:33:27You can't just rock up here and do what you want
0:33:27 > 0:33:29although I am going to do what I want
0:33:29 > 0:33:31because I've always wanted to do this.
0:33:31 > 0:33:33Ah! OK.
0:33:33 > 0:33:36Hello, madam. Is it just a wash and a cut today?
0:33:36 > 0:33:38Been on holiday recently?
0:33:38 > 0:33:41Ooh, just relax.
0:33:41 > 0:33:42(Oh, great.
0:33:42 > 0:33:45(I've always wanted to be a hairdresser secretly. Sh!)
0:33:48 > 0:33:52# Who cut your hair?
0:33:52 > 0:33:55# Who cut your hair?
0:33:55 > 0:33:58# Who cut your hair?
0:33:58 > 0:34:01Now, back with my property developer's head on.
0:34:01 > 0:34:03What to make of this place?
0:34:03 > 0:34:05Well, it clearly wouldn't take much
0:34:05 > 0:34:07to start it up again as a hair salon.
0:34:07 > 0:34:12It really is all here, from the sinks to the towels to the magazines
0:34:12 > 0:34:15but is that really the best option?
0:34:15 > 0:34:17Time to explore downstairs.
0:34:17 > 0:34:20Well, when this shop was decked out,
0:34:20 > 0:34:25I can honestly say I don't think any money was spared. It's fantastic.
0:34:25 > 0:34:27Look at that lovely staircase
0:34:27 > 0:34:31and as hairdressers go, well, it's got everything you need here -
0:34:31 > 0:34:33little kitchen area over there,
0:34:33 > 0:34:37two really good-sized stock rooms if you like.
0:34:37 > 0:34:39Now, it is a basement, it's quite dark
0:34:39 > 0:34:41although there is some light flooding through
0:34:41 > 0:34:43from the big window up there.
0:34:43 > 0:34:47If you come over here, there's a few steps leading out to a doorway
0:34:47 > 0:34:49so that's the only natural light you're getting in here
0:34:49 > 0:34:54but if it's space you want, well, it's got it in abundance.
0:34:56 > 0:34:58Plenty of space, all the facilities,
0:34:58 > 0:35:00there's even parking at the back
0:35:00 > 0:35:03but remember, we're looking at a closed shop
0:35:03 > 0:35:07and if this clearly quite swish hair salon couldn't make a go of it here
0:35:07 > 0:35:09then alarm bells should be ringing
0:35:09 > 0:35:13for anyone planning a similar venture.
0:35:13 > 0:35:17So, what's the best approach for this place?
0:35:17 > 0:35:21Time, I think, to get some advice from a local estate agent.
0:35:25 > 0:35:27As far as this property is concerned,
0:35:27 > 0:35:30if I were the owner of this property, I'd be looking to get consent
0:35:30 > 0:35:32to convert it to residential use
0:35:32 > 0:35:34because, certainly in this particular street,
0:35:34 > 0:35:38which is a second level commercial district of Folkestone,
0:35:38 > 0:35:42there is not a lot of demand for small commercial space.
0:35:42 > 0:35:44You might see if you look along the street
0:35:44 > 0:35:47that there are a number of empty properties
0:35:47 > 0:35:49and I don't see that situation changing.
0:35:49 > 0:35:52Residential certainly might seem like the best option
0:35:52 > 0:35:55but there would be a few hoops to jump through
0:35:55 > 0:35:56before that would be possible.
0:35:56 > 0:35:59For a start, you'd have to get the change of use
0:35:59 > 0:36:03from commercial to residential and there's no guarantee
0:36:03 > 0:36:05that the local planning department would grant you this
0:36:05 > 0:36:10so you might be stuck with it as a commercial space and then what?
0:36:10 > 0:36:13I would look at getting myself a long-term tenant.
0:36:13 > 0:36:15Once that tenant's in place,
0:36:15 > 0:36:19even if they're a lower rental than would be the norm,
0:36:19 > 0:36:21let's say £700 a month,
0:36:21 > 0:36:26that would net you around £7-7,500 per year,
0:36:26 > 0:36:31which means that you might be able to sell on at £75,000.
0:36:32 > 0:36:36Mmm, well, for a property that was guided at £60-62,000,
0:36:36 > 0:36:39that might just work but what about the potentially more lucrative route
0:36:39 > 0:36:43of turning it in to a residential property?
0:36:45 > 0:36:48If you could convert this in to a residential property,
0:36:48 > 0:36:51say a two-bedroom, could be a luxury apartment with parking at the back,
0:36:51 > 0:36:53nice central location,
0:36:53 > 0:36:57you could probably sell this on for around £100,000
0:36:57 > 0:37:02or rent it for in the region of 600, maybe £650 per calendar month.
0:37:04 > 0:37:08If planning permission was granted to change it in to residential,
0:37:08 > 0:37:11I think this could be a really exciting project
0:37:11 > 0:37:14and there could be money to be made here.
0:37:14 > 0:37:18Let's see who thought it was a cut above when we went to auction.
0:37:23 > 0:37:25OK, over the page, lot 30,
0:37:25 > 0:37:27vacant commercial premises,
0:37:27 > 0:37:29combination over ground floor and basement,
0:37:29 > 0:37:33you've got parking there, previously let at £9,000 per annum,
0:37:33 > 0:37:35guide of 60-62.
0:37:35 > 0:37:38Where will you start me at this, at 50, can I say?
0:37:38 > 0:37:40At 50 anywhere, 50, I'm on the way...
0:37:40 > 0:37:4252 now, can I say...
0:37:42 > 0:37:4352, 54...
0:37:43 > 0:37:4653, 56...
0:37:46 > 0:37:4856...
0:37:48 > 0:37:5056, 58...
0:37:50 > 0:37:5460, can I say, £60,000 to the lady in the aisle, no?
0:37:54 > 0:37:55Was that a bid, madam?
0:37:55 > 0:37:58At £60,000, was that a bid? Yes?
0:37:58 > 0:38:02£60,000 I have, 62, can I say...
0:38:02 > 0:38:04If I don't see any more bids, I shall sell, then...
0:38:04 > 0:38:07Lady's bid in the aisle at £60,000...
0:38:07 > 0:38:09For the first time...
0:38:09 > 0:38:12For the second time...
0:38:12 > 0:38:15Third and final time, if you're quite sure and all done...
0:38:15 > 0:38:19Sold to you, madam, at £60,000.
0:38:19 > 0:38:21So, the hammer fell at £60,000
0:38:21 > 0:38:25and the new owner of the shop in Folkestone is Basilissa.
0:38:27 > 0:38:29Basilissa lives 40 miles away in Chatham,
0:38:29 > 0:38:33where she's currently employed as a care worker
0:38:33 > 0:38:35but she also teaches dance to the elderly
0:38:35 > 0:38:37and so I was intrigued to know
0:38:37 > 0:38:41what she had planned for this former hair salon.
0:38:41 > 0:38:45Basilissa, congratulations.
0:38:45 > 0:38:47So, here we are in Folkestone.
0:38:47 > 0:38:50Are you pleased with what you bought?
0:38:50 > 0:38:51I'm sorry to disappoint you,
0:38:51 > 0:38:54no, I bought the wrong place, the wrong lot.
0:38:54 > 0:38:58I was actually bidding the land that is in New Romney
0:38:58 > 0:39:03then, I actually hands on it because I thought that's what I was bidding
0:39:03 > 0:39:05and when I came out, paid all the deposit,
0:39:05 > 0:39:09I was handed lot 30 which is this shop.
0:39:09 > 0:39:13Stop there! So, hold on a minute, you bid for lot 30
0:39:13 > 0:39:16but you wanted to bid for a different lot altogether
0:39:16 > 0:39:18and you got mixed up?
0:39:18 > 0:39:22I really don't know what happened. I just... Something like that.
0:39:22 > 0:39:25So, you've ended up buying something that you didn't know anything about
0:39:25 > 0:39:27and didn't want?
0:39:27 > 0:39:30# Oh, no
0:39:30 > 0:39:32# I got that sinking feeling
0:39:32 > 0:39:35# Oh, no... #
0:39:38 > 0:39:40Oh, no, indeed.
0:39:40 > 0:39:42Having gone along to the auction to try and buy a bit of land
0:39:42 > 0:39:44to build a house on,
0:39:44 > 0:39:48Basilissa hadn't realised that the land lot had been withdrawn
0:39:48 > 0:39:50and following the order in her catalogue,
0:39:50 > 0:39:54she got muddled and bought this salon by mistake.
0:39:54 > 0:39:56Eek! Oh, no!
0:39:56 > 0:39:58Oh, dear.
0:39:58 > 0:40:01# Oh, no... #
0:40:01 > 0:40:05When did you first see this building?
0:40:05 > 0:40:10That was when the auctioneer sold me, we came here, only outside.
0:40:10 > 0:40:13I couldn't hardly see in and I was saying, "Oh, my God."
0:40:13 > 0:40:17"I'm going to resell it. No way, I'm not doing anything, just resell it.
0:40:17 > 0:40:20"Tidy up the paperwork," as the auctioneer told me
0:40:20 > 0:40:23that when it's completed, they will sell it for me.
0:40:23 > 0:40:25When is the first time you saw it on the inside
0:40:25 > 0:40:26and had a good walk around?
0:40:26 > 0:40:28Today.
0:40:28 > 0:40:29So, now you've seen it
0:40:29 > 0:40:32and you've walked around and you've seen upstairs and downstairs...
0:40:32 > 0:40:34I didn't like it but now I like it.
0:40:34 > 0:40:35Do you now love it?
0:40:35 > 0:40:39- Well, I like the way it's bigger than my flat.- So, you love this?
0:40:39 > 0:40:41- You love being in this space? - It's bigger, yeah.
0:40:41 > 0:40:45Let's move on and try and make a positive out of this, Basilissa.
0:40:45 > 0:40:46Are you any good at cutting hair?
0:40:46 > 0:40:49No.
0:40:49 > 0:40:50You're not? Oh!
0:40:50 > 0:40:54See, had you said to me, "I am amazing at cutting hair,"
0:40:54 > 0:40:56- we could have done a big high-five.- I know.
0:40:56 > 0:41:00Right, so, what are you going to do with this shop?
0:41:00 > 0:41:03All I can do now is, looking at the surroundings,
0:41:03 > 0:41:08I think I will just say, "Well, children and dancing."
0:41:08 > 0:41:13- You're thinking of turning it into a little dance shop?- Yeah.
0:41:13 > 0:41:16- Or maybe like a Music With Mummy type environment?- Yeah, yeah.
0:41:16 > 0:41:19What about your downstairs? You've got a big basement down there
0:41:19 > 0:41:22- but there's not a lot of natural light.- Yes.
0:41:22 > 0:41:24What would you do with something like that?
0:41:24 > 0:41:26If the council will permit me,
0:41:26 > 0:41:28I would like it to be a living accommodation for myself.
0:41:28 > 0:41:33If I had been allowed to live there, I will live downstairs
0:41:33 > 0:41:35and I will open as a studio
0:41:35 > 0:41:38and then I can look after the business while I'm here.
0:41:38 > 0:41:40You are going to try and make this shop work for you?
0:41:40 > 0:41:42I am.
0:41:43 > 0:41:46Well, you have to give Basilissa her dues,
0:41:46 > 0:41:50she is determined to turn a negative into a positive
0:41:50 > 0:41:53though I'm really unsure about whether she will get
0:41:53 > 0:41:56that hoped-for permission to turn the basement into a flat
0:41:56 > 0:42:00but the dancing studio idea might just have legs.
0:42:00 > 0:42:03# Let's dance
0:42:03 > 0:42:07# Put on your red shoes and dance the blues... #
0:42:07 > 0:42:10You're quite unusual. I can tell you've got quite a style.
0:42:10 > 0:42:14- How many pairs of shoes is it that you own?- I've got 251.
0:42:14 > 0:42:17Where do you keep all your shoes? You've certainly got enough space.
0:42:17 > 0:42:20Maybe you just paid £60,000 to put all your shoes in here.
0:42:20 > 0:42:22Under the bed,
0:42:22 > 0:42:25the height of the bed and the width of the bed is the width of my shoes,
0:42:25 > 0:42:32under the bath, and in the toilet and in the shower and in the kitchen.
0:42:32 > 0:42:34Basilissa, it's been lovely meeting you.
0:42:34 > 0:42:37- I really don't know what to expect when we come back.- Yeah.
0:42:37 > 0:42:40Will you own it? Will you have sold it?
0:42:40 > 0:42:42Will you be dancing here with children?
0:42:42 > 0:42:44- I hope so.- I hope so...
0:42:44 > 0:42:46because that's the only one I'm good at.
0:42:46 > 0:42:47Cutting hair?
0:42:47 > 0:42:49- Uh-uh!- Uh-uh.
0:42:49 > 0:42:52- Good luck.- Thank you very much. - Thank you.
0:42:54 > 0:42:59So, this may not be the lot Basilissa intended to buy
0:42:59 > 0:43:03so take note, viewers, it's easier to do than you think, really.
0:43:03 > 0:43:08She is prepared to try and make it work but what I want to know is how?
0:43:08 > 0:43:10You can join me later on in the programme
0:43:10 > 0:43:12to find out how she gets on.
0:43:15 > 0:43:18We've already checked on the progress of one property
0:43:18 > 0:43:20but what about the other two?
0:43:20 > 0:43:22Months have passed, there's been plenty of time.
0:43:22 > 0:43:23Has the work being done?
0:43:23 > 0:43:26Yeah, well, we all know things don't always go to plan.
0:43:26 > 0:43:27Let's find out.
0:43:31 > 0:43:35It was not far from Nottingham University and the city centre
0:43:35 > 0:43:39where we found a block of purpose-built apartments.
0:43:39 > 0:43:41Set in pleasant communal gardens,
0:43:41 > 0:43:45it was here on the ground floor that a one-bed flat went up for auction
0:43:45 > 0:43:49and this slightly dated property was bought for £70,000
0:43:49 > 0:43:52as a rental investment by Charles.
0:43:52 > 0:43:56Along with mother-in-law Joan, he had a ready and willing workforce
0:43:56 > 0:43:58to carry out the necessary tasks
0:43:58 > 0:44:01to give this property the little lift it needed.
0:44:02 > 0:44:04So is this a bit of a collaboration,
0:44:04 > 0:44:07- a bit of a business you've got here, the two of you?- Um...
0:44:07 > 0:44:08- Yes.- Maybe partly, yes.
0:44:08 > 0:44:11We do, when we come up here, it would be my mum that comes up here
0:44:11 > 0:44:15and helps do a lot of the work, but also, I'm dragging my father-in-law.
0:44:15 > 0:44:17- Yes.- And the inspector will check we've done everything right.
0:44:17 > 0:44:20Joan's your mother-in-law, yes, just for the record.
0:44:20 > 0:44:23What about the timescale? How long will it take, just to touch it up?
0:44:23 > 0:44:25How, oh...
0:44:25 > 0:44:28I'm only going to give my mum a few weeks, she needs to get on with it.
0:44:28 > 0:44:31- Yes! Night and day.- To be honest...
0:44:31 > 0:44:33Shift work we're going to do, it's all right.
0:44:33 > 0:44:37It would be no more than a month, just trying to do it in and out.
0:44:40 > 0:44:42With a £2,000 budget,
0:44:42 > 0:44:45chartered engineer Charles was hoping just to oversee the work,
0:44:45 > 0:44:49while he let his band of relatives get on with the task in hand.
0:44:51 > 0:44:55Now six weeks later, we're back to see if they've done him proud.
0:44:55 > 0:44:59# Living up, living up Living up
0:44:59 > 0:45:00# Living up to
0:45:00 > 0:45:04# Living up, living up Living up
0:45:04 > 0:45:06# Living up to
0:45:06 > 0:45:09# Living up, living up Living up
0:45:09 > 0:45:11# Living up to
0:45:11 > 0:45:15# Living up, living up Living up
0:45:15 > 0:45:17# Living up to... #
0:45:17 > 0:45:21Well, it looks very much like job done.
0:45:21 > 0:45:25So, who should step forward and take a bow?
0:45:25 > 0:45:28Charlie's mother did all the work.
0:45:28 > 0:45:32And I just did the tidying up and the cleaning after her.
0:45:32 > 0:45:34But she did most of it.
0:45:34 > 0:45:36They've been in here all week, tidying up,
0:45:36 > 0:45:40- while I've been away on holiday. - Yes.- The truth be, have it.
0:45:40 > 0:45:42# Living up, living up
0:45:42 > 0:45:44# Living up to
0:45:44 > 0:45:48# Living up, living up Living up
0:45:48 > 0:45:49# Living up to
0:45:49 > 0:45:53# Living up, living up Living up
0:45:53 > 0:45:55# Living up to... #
0:45:55 > 0:45:57It's all right for some.
0:45:57 > 0:45:59Charles went off skiing while his mum, Susan,
0:45:59 > 0:46:01who had renovated properties before,
0:46:01 > 0:46:04got on with the jobs like painting the dark wood
0:46:04 > 0:46:05and re-tiling the bathroom
0:46:05 > 0:46:10and Joan got cleaning and I hope she charged the going rate.
0:46:10 > 0:46:15- No, no, I didn't get paid. It was just love!- It's all about love.
0:46:15 > 0:46:17Keep it in the family.
0:46:17 > 0:46:21Charles has played the family card perfectly.
0:46:21 > 0:46:22Though in truth,
0:46:22 > 0:46:25I think they all really enjoyed doing it and working together.
0:46:25 > 0:46:27No, I think it went very well.
0:46:27 > 0:46:32It wasn't too big a job for the older ones to start on.
0:46:32 > 0:46:34Yes, that's a good point, actually.
0:46:34 > 0:46:36Don't take on knocking down walls
0:46:36 > 0:46:39and if you're going to employ pensioners!
0:46:39 > 0:46:40THEY LAUGH
0:46:40 > 0:46:42Sound advice there, Charles.
0:46:42 > 0:46:46I must add that to my list of dos and don'ts, but equally I would add,
0:46:46 > 0:46:50don't knock what these pensioners are capable of either.
0:46:50 > 0:46:54The work they've done here is already reaping its rewards.
0:46:54 > 0:46:55We'd already spoken to people
0:46:55 > 0:46:57to rent out the other properties for tenants,
0:46:57 > 0:47:00and they've already now found a tenant ready to come in,
0:47:00 > 0:47:02so, should be within the next couple of weeks we get them.
0:47:02 > 0:47:05A tenant lined up, work done.
0:47:05 > 0:47:09But did that free labour keep the cost down?
0:47:09 > 0:47:12Yes, we set a budget, probably around 1,500 to 2,000,
0:47:12 > 0:47:14we've come in probably just a little bit under it
0:47:14 > 0:47:18and a few changes, flooring went down, other things weren't changed,
0:47:18 > 0:47:21so we're quite happy with what we spent, so it was fine.
0:47:21 > 0:47:26£2,000 spent on top of the £77,000 purchase price
0:47:26 > 0:47:30will take Charles's total cost to £79,000.
0:47:30 > 0:47:33And I think they've done all that was needed here.
0:47:33 > 0:47:35But what do two local estate agents
0:47:35 > 0:47:38make of this tidy little one bed flat?
0:47:38 > 0:47:41Starting with the agent who saw it last time.
0:47:41 > 0:47:44Since they've done the work, I like it.
0:47:44 > 0:47:46It's nice, fresh, light,
0:47:46 > 0:47:50and I get the impression they haven't spent too much.
0:47:50 > 0:47:51Sometimes less is more.
0:47:51 > 0:47:55The property is small, but perfectly formed, as people often say.
0:47:55 > 0:47:59I like the open-plan dining kitchen, with a nice aspect
0:47:59 > 0:48:03and small seating area with views over a small open-plan garden.
0:48:03 > 0:48:05The negatives are probably lack of central heating,
0:48:05 > 0:48:06it's electric storage heating,
0:48:06 > 0:48:10kitchen probably requires upgrading, but it's good enough.
0:48:10 > 0:48:13The property's been modernised to a degree, I guess,
0:48:13 > 0:48:14but disappointed to see
0:48:14 > 0:48:17the original kitchen and bathroom are still in place,
0:48:17 > 0:48:19although with new smart tiling and new decorating
0:48:19 > 0:48:21it does lift the property.
0:48:21 > 0:48:25OK, so they could've gone a bit further,
0:48:25 > 0:48:28but this is an investment, after all.
0:48:28 > 0:48:30And though they've already got a tenant lined up,
0:48:30 > 0:48:36currently, how would this £79,000 investment fare on the retail market?
0:48:38 > 0:48:42I see this property on the market within the region of 80 to £85,000.
0:48:42 > 0:48:45I think this will achieve around about £85,000.
0:48:45 > 0:48:49I would expect to put it on market at 89,950 to fully test the market.
0:48:49 > 0:48:52I think valuation-wise, probably where I thought they would be.
0:48:52 > 0:48:54A little bit high, actually,
0:48:54 > 0:48:56a little bit high, but it's fine with me.
0:48:56 > 0:48:58Yes, good.
0:48:58 > 0:49:02Well, there would only be quite a small profit on resale.
0:49:02 > 0:49:04Maybe £5,000 at best,
0:49:04 > 0:49:07but this is really all about its rental potential.
0:49:09 > 0:49:11With regards to rental, I see this on the market
0:49:11 > 0:49:16within the region of 475 to £525 per calendar month.
0:49:16 > 0:49:18On the rental market,
0:49:18 > 0:49:22I would expect this property to achieve £475 per calendar month.
0:49:22 > 0:49:28Actually, I was expecting around 500 and we've rented it for 525,
0:49:28 > 0:49:32so we're pretty happy and they're pretty close. Pretty much spot on.
0:49:33 > 0:49:38The £525 per calendar month, Charles is getting would generate
0:49:38 > 0:49:41a healthy annual rental yield of just below 8%.
0:49:41 > 0:49:45So I think you can chalk this one down as a success.
0:49:45 > 0:49:48But are Charles and his band of pensioners
0:49:48 > 0:49:50planning more property projects?
0:49:52 > 0:49:53What next at the moment?
0:49:53 > 0:49:55We just go on hold, we've finished this,
0:49:55 > 0:49:58my wife's quite happy I've stopped doing anything for a while
0:49:58 > 0:50:00and we'll see if any other opportunities come in the future.
0:50:00 > 0:50:02Yes. I agree.
0:50:02 > 0:50:05- Yeah.- Good. I've got sanctioned.- Yes!
0:50:05 > 0:50:06SHE LAUGHS
0:50:10 > 0:50:13It was in the Kent coastal town of Folkestone
0:50:13 > 0:50:17where we first saw a commercial property that was up for auction.
0:50:17 > 0:50:21This former hair salon was, as retail spaces go, quite impressive.
0:50:21 > 0:50:25But this story wasn't really about the property,
0:50:25 > 0:50:29it was more a salutary tale about the pitfalls of auction bidding.
0:50:32 > 0:50:33Sold to you, madam.
0:50:33 > 0:50:37# But what if we got it all wrong? And what if we got it all wrong?
0:50:37 > 0:50:41# What if we got it all What if we got it all wrong? #
0:50:41 > 0:50:44Basilissa, are you pleased with what you bought?
0:50:44 > 0:50:47I am sorry to disappoint you, no.
0:50:47 > 0:50:49I bought the wrong place, the wrong lot,
0:50:49 > 0:50:53I was actually bidding the land that is in New Romney
0:50:53 > 0:50:56then, I actually hands on it,
0:50:56 > 0:50:58because I thought that's what I was bidding, and,
0:50:58 > 0:51:01when I came out, paid all the deposit,
0:51:01 > 0:51:03I've been handed lot 30, which is this shop.
0:51:03 > 0:51:05So, you've ended up buying something
0:51:05 > 0:51:08that you didn't know anything about and didn't want?
0:51:09 > 0:51:14So, having paid £60,000 at auction for a former hair salon
0:51:14 > 0:51:16she didn't want, Basilissa, you might have thought,
0:51:16 > 0:51:21would've cut her losses and put it straight back into the next auction.
0:51:21 > 0:51:23But she was made of sterner stuff.
0:51:26 > 0:51:30What are you going to do with this shop?
0:51:30 > 0:51:33What I'm going to do now, from looking at the surrounding,
0:51:33 > 0:51:38I think I will just say, children and dancing.
0:51:38 > 0:51:42- You're thinking of turning it into a little dance shop?- Yes.
0:51:42 > 0:51:45And along with her dance studio plans,
0:51:45 > 0:51:48she was hoping to convert some of the space into a flat
0:51:48 > 0:51:50for her to live in.
0:51:50 > 0:51:53But it was the dance studio that I was really excited about.
0:51:55 > 0:51:59# Calling out around the world
0:51:59 > 0:52:01# Are you ready For a brand-new beat?
0:52:03 > 0:52:06# Summer's here And the time is right...
0:52:06 > 0:52:09# For dancing in the street For dancing in the street. #
0:52:09 > 0:52:12But were the streets of Folkestone ready to waltz their way
0:52:12 > 0:52:14on to the dance floor?
0:52:14 > 0:52:18Well, now, nine months later, we're back with plucky Basilissa
0:52:18 > 0:52:21to see what's in store for the shop space.
0:52:23 > 0:52:25UPBEAT MUSIC
0:52:41 > 0:52:45Oh, wow! Don't see much floor space for dancing in here.
0:52:45 > 0:52:48UPBEAT MUSIC CONTINUES
0:52:55 > 0:53:00# I'm just sick of hearing news # I'm just sick of hearing news... #
0:53:03 > 0:53:05I opened a second-hand shop,
0:53:05 > 0:53:11mainly because over the years I have collected so much stuff.
0:53:11 > 0:53:14Yes! Basilissa decided to make the most of the space
0:53:14 > 0:53:17while she waited for planning permission to be granted
0:53:17 > 0:53:21on turning part of the property into a residential space.
0:53:21 > 0:53:24Permission has now been thrown out completely,
0:53:24 > 0:53:27but hopefully when everything's done,
0:53:27 > 0:53:30I can do what I really want to do in the shop.
0:53:30 > 0:53:34Mm. So, Basilissa has so far been turned down three times
0:53:34 > 0:53:36in her attempt to convert some of the space
0:53:36 > 0:53:38into residential accommodation,
0:53:38 > 0:53:42but what is it exactly that she's been applying for?
0:53:42 > 0:53:44I'm really wanting to have,
0:53:44 > 0:53:48the two-bedroom flat will be mainly upstairs,
0:53:48 > 0:53:51because of the lights and then the shop,
0:53:51 > 0:53:56mainly downstairs, where the two rooms are.
0:53:56 > 0:54:01But I will have a small down here, so people can see the shop.
0:54:01 > 0:54:03Currently she's submitted plans
0:54:03 > 0:54:05for a two-bed flat across the two levels,
0:54:05 > 0:54:09with the bulk of the living space at street floor level
0:54:09 > 0:54:11and the basement area is to be split in half,
0:54:11 > 0:54:14with the front area remaining as a shop.
0:54:14 > 0:54:18While the back area would be extra rooms for the flat
0:54:18 > 0:54:22and the flat would be accessed via the rear entrance.
0:54:22 > 0:54:26So, what happened about the dance studio idea?
0:54:26 > 0:54:29# Everybody dance now! #
0:54:29 > 0:54:34In the dancing, I found out that, not much people I can teach.
0:54:34 > 0:54:39At the moment, tuition, one is adult, and one is 11 years old
0:54:39 > 0:54:44and one's away, that's not going to make my income.
0:54:44 > 0:54:48So I've got to change to suit my business.
0:54:48 > 0:54:50I need the business to grow.
0:54:50 > 0:54:54But is a second-hand shop really going to bring her in enough money
0:54:54 > 0:54:57to grow into a successful business venture?
0:54:57 > 0:55:00Basilissa purchased the shop for £60,000
0:55:00 > 0:55:04and so far has spent £2,000 on submitting plans,
0:55:04 > 0:55:08bringing her total cost to £62,000.
0:55:08 > 0:55:10So, is she on the right track?
0:55:10 > 0:55:12What do two local estate agents think?
0:55:12 > 0:55:15First, the agent who saw it last time.
0:55:15 > 0:55:16It's now full of goods for sale,
0:55:16 > 0:55:19but other than that it's the same building that I saw before.
0:55:19 > 0:55:22It's currently being used as a second-hand shop.
0:55:22 > 0:55:25Any other kind of shop would probably be better at the moment,
0:55:25 > 0:55:28second-hand shops don't give very high yield for rentals.
0:55:28 > 0:55:30The basement would make a very good flat.
0:55:30 > 0:55:34I don't think there's need for any commercial aspect
0:55:34 > 0:55:35to this building at all.
0:55:35 > 0:55:38I would like to see a change to perhaps a two-bedroom flat,
0:55:38 > 0:55:39with parking out the back,
0:55:39 > 0:55:43it would give it quite an enhancement in value
0:55:43 > 0:55:45and also you'd have people living here,
0:55:45 > 0:55:49happily paying their rates and that would be the right solution.
0:55:49 > 0:55:53There might be a strong argument to convert the shop for residential
0:55:53 > 0:55:57but, so far, Basilissa has been unable to do so.
0:55:57 > 0:56:01But could her £62,000 investment
0:56:01 > 0:56:04still be OK if this remained a commercial space?
0:56:07 > 0:56:10As a commercial property, for sale, in the current market,
0:56:10 > 0:56:13around 70 to £75,000.
0:56:13 > 0:56:18If you were to let it, about £750 per calendar month.
0:56:18 > 0:56:22As a commercial unit, it could be sold for 65 to £75,000
0:56:22 > 0:56:27and it could be rented for 625 to £675 per calendar month.
0:56:27 > 0:56:31So, what does Basilissa make of those figures?
0:56:31 > 0:56:34If someone will pay for it, now, I will take it.
0:56:34 > 0:56:36BASILISSA LAUGHS
0:56:36 > 0:56:39Yes, I can understand why she might want to move on,
0:56:39 > 0:56:41but would she potentially be leaving behind
0:56:41 > 0:56:43a more lucrative opportunity
0:56:43 > 0:56:47if her plans to convert it into a two-bedroom flat were approved?
0:56:49 > 0:56:52If we could convert this into a two-bedroom apartment,
0:56:52 > 0:56:55then I think it would be possible to sell it
0:56:55 > 0:56:59for somewhere in the region of 125 to £130,000
0:56:59 > 0:57:04and on the rental side of things, 600 to £650 per calendar month.
0:57:04 > 0:57:08As a two-bedroom flat it could be sold for around 110 to £120,000
0:57:08 > 0:57:12and the rented for 550 to £650 per calendar month.
0:57:12 > 0:57:14I think if I get the permission now,
0:57:14 > 0:57:18I would go ahead with the two-bed flat. Yeah, that's great.
0:57:21 > 0:57:24Yes, no wonder she's keen. Even with conversion costs,
0:57:24 > 0:57:28the two-bed flat option just might make Basilissa a profit
0:57:28 > 0:57:32and turn this potential financial disaster into a success.
0:57:36 > 0:57:39So, despite all the problems along the way,
0:57:39 > 0:57:42how does she reflect on her unexpected purchase?
0:57:42 > 0:57:45I am very happy. As I said, to myself,
0:57:45 > 0:57:50I was happy before the alteration, I'm happy now.
0:57:50 > 0:57:54It's just a hiccup about the permission for now
0:57:54 > 0:57:57and about this thing, but it's only a hiccup,
0:57:57 > 0:57:59but I have always been happy here.
0:58:05 > 0:58:08That's all we've got time for on today's show.
0:58:08 > 0:58:10But there are loads of property projects happening
0:58:10 > 0:58:13up and down the country and we'll have plenty more of those for you
0:58:13 > 0:58:15next time here on Homes Under The Hammer.
0:58:15 > 0:58:17- Goodbye.- Goodbye.- Goodbye.