Episode 13

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0:00:02 > 0:00:03Hello, and welcome to the programme.

0:00:03 > 0:00:05We three all share a passion for property.

0:00:05 > 0:00:07Yes, we learn something new every single day.

0:00:07 > 0:00:09Yes. And if you want to know more,

0:00:09 > 0:00:12well, a property auction is a really good place to start.

0:00:38 > 0:00:41Well, we have many hammer golden rules -

0:00:41 > 0:00:42always do your research,

0:00:42 > 0:00:45always visit the property before you buy it.

0:00:45 > 0:00:48And make sure you read that all-important legal pack

0:00:48 > 0:00:49before you bid.

0:00:49 > 0:00:52Let's see what properties tempted the bidders on today's show.

0:00:53 > 0:00:55In North London, this one-bed flat -

0:00:55 > 0:00:58well, it doesn't exactly have the sweet smell of success.

0:00:58 > 0:01:02Unbelievably unpleasant! One word - stinky.

0:01:03 > 0:01:06In Nottingham, there's something missing about this house that

0:01:06 > 0:01:08won't let you make a grand entrance.

0:01:08 > 0:01:09There's no door.

0:01:09 > 0:01:11It's over there, and it's in pieces.

0:01:13 > 0:01:17And a lack of space in this two-bed house in Derby is more than

0:01:17 > 0:01:18made up for by the garden.

0:01:18 > 0:01:21I think you need a machete and a GPS tracking system

0:01:21 > 0:01:23because I can't even find the end.

0:01:24 > 0:01:27All these properties have been sold at auction.

0:01:27 > 0:01:29We'll find out who bought them and what they paid for them

0:01:29 > 0:01:31when they went under the hammer.

0:01:31 > 0:01:33- GAVEL BANGS - Sold at 80,500. Thank you.

0:01:38 > 0:01:40This is Kilburn, in North West London,

0:01:40 > 0:01:43which was once renowned for the medicinal qualities

0:01:43 > 0:01:45of the water from its wells.

0:01:45 > 0:01:49Nowadays, it's perhaps best known for its Kilburn High Road,

0:01:49 > 0:01:52the main thoroughfare which runs through the area.

0:01:52 > 0:01:56It has every local amenity you could possibly need

0:01:56 > 0:01:58as well as several railway lines

0:01:58 > 0:02:01which take you straight into Central London in only ten minutes.

0:02:02 > 0:02:05And the good news is the property I'm here to see

0:02:05 > 0:02:08is right around the corner from Kilburn high street

0:02:08 > 0:02:09and right on the borders

0:02:09 > 0:02:13of West Hampstead, and that makes it a very desirable place to be.

0:02:13 > 0:02:17So a good location and a lovely street,

0:02:17 > 0:02:20which means it will come as no surprise that the one-bedroom flat

0:02:20 > 0:02:26I'm here to see had a fairly hefty guide price of £330,000 plus.

0:02:26 > 0:02:28Now, it's in this attractive building here.

0:02:28 > 0:02:30And if you are a tennis fan,

0:02:30 > 0:02:33well, you don't have to travel far for a quick rally.

0:02:39 > 0:02:44Oh! Unbelievably unpleasant!

0:02:44 > 0:02:46One word - stinky.

0:02:46 > 0:02:49Gosh, it really does hit you in the face.

0:02:49 > 0:02:52And if I were to mark it on a level, it would be ten.

0:02:52 > 0:02:54It's all right for you guys sitting at home,

0:02:54 > 0:02:56I've got to walk around this flat today.

0:02:56 > 0:02:59It really is very unpleasant.

0:02:59 > 0:03:01And you only need to look around to see why that is.

0:03:01 > 0:03:03I mean, look at that,

0:03:03 > 0:03:07that's probably the worst scale of damp I've ever seen in a property.

0:03:07 > 0:03:09Wow. That's quite scary.

0:03:09 > 0:03:14And what I want to know is, where is the water coming from?

0:03:14 > 0:03:18All the floors are very springy, you can see little holes everywhere.

0:03:18 > 0:03:20I mean, is it coming from outside in

0:03:20 > 0:03:22with the water swilling around in here for a long time?

0:03:22 > 0:03:25I mean, look how bad it is.

0:03:25 > 0:03:27You certainly need some sort of expert.

0:03:27 > 0:03:32Look, it's just falling apart. You can almost go through to next door.

0:03:32 > 0:03:34That's going to be a costly problem

0:03:34 > 0:03:37and one that needs looking at, and looking at fast.

0:03:39 > 0:03:42Now, I don't want to dampen anyone's enthusiasm for this place,

0:03:42 > 0:03:46but the owner of this flat will need to get a damp-proof expert in,

0:03:46 > 0:03:49and pronto, to get the source of the problem sorted.

0:03:49 > 0:03:51The signs of damp are everywhere.

0:03:51 > 0:03:54The kitchen floorboards have buckled and there are ominous stains

0:03:54 > 0:03:58in the bathroom, the rear bedroom and the large lounge at the front.

0:03:58 > 0:04:01Whatever's causing the problem, one thing is for certain,

0:04:01 > 0:04:04fixing the damage will make up quite a large part

0:04:04 > 0:04:06of any renovation budget.

0:04:06 > 0:04:08I'm laughing to myself

0:04:08 > 0:04:11because it's quite awful the fact that my nose has now got used to

0:04:11 > 0:04:14the stinky smell in this flat and I can't smell anything.

0:04:14 > 0:04:18But let's now just talk about the positives of this property.

0:04:18 > 0:04:21Well, for starters, fantastic high ceilings.

0:04:21 > 0:04:25It really gives the feeling of space in this property.

0:04:25 > 0:04:27And of course, this is a brilliant room.

0:04:27 > 0:04:29Something I have been thinking about -

0:04:29 > 0:04:33you could potentially bring the kitchen out here

0:04:33 > 0:04:35and line it up along the back wall

0:04:35 > 0:04:39to have an open-plan kitchen/diner/lounge.

0:04:39 > 0:04:41It would compromise this space a bit,

0:04:41 > 0:04:45but then you could sell this on or let it as a two-bed flat,

0:04:45 > 0:04:47which probably is the right thing to do.

0:04:47 > 0:04:50But something I'll never tire of, I love a game of tennis,

0:04:50 > 0:04:52and I just think that has got to be one of the best views,

0:04:52 > 0:04:56looking out of this beautiful sash window out onto the tennis courts.

0:04:56 > 0:04:58Amazing!

0:04:58 > 0:05:00# Well, do you like tennis?

0:05:01 > 0:05:03# Do you like tennis?

0:05:05 > 0:05:07- # I said, do you like tennis? - Do you like tennis?

0:05:09 > 0:05:11# Yes, I do. #

0:05:11 > 0:05:13Of course, they could be creating a bit of a racket over there,

0:05:13 > 0:05:16but back in the flat, smell and damp aside,

0:05:16 > 0:05:19believe it or not, there are still positives here.

0:05:19 > 0:05:22Each of the rooms are a good size. And through these wonderful

0:05:22 > 0:05:25little French doors, is a garden that just needs,

0:05:25 > 0:05:27well, a bit of a tidy up.

0:05:27 > 0:05:30Yes, a new kitchen and bathroom are definitely needed.

0:05:30 > 0:05:32But get this place renovated

0:05:32 > 0:05:34and with the character windows restored,

0:05:34 > 0:05:36this could be a gorgeous little flat.

0:05:39 > 0:05:42We invited along a local estate agent to brave the pong

0:05:42 > 0:05:44and give us his opinion on the property

0:05:44 > 0:05:47that was guided at £330,000 plus.

0:05:49 > 0:05:50Property is very, very spacious.

0:05:50 > 0:05:53You've got a lovely kitchen which, once refurbished, could be

0:05:53 > 0:05:55a beautiful kitchen/diner.

0:05:55 > 0:05:57Bedroom is an adequate size for this property.

0:05:57 > 0:06:01The lounge is spacious, got nice big windows,

0:06:01 > 0:06:02nice and bright.

0:06:02 > 0:06:04Once it's refurbished, it will be lovely property.

0:06:05 > 0:06:07If you were to renovate this property,

0:06:07 > 0:06:11I would definitely suggest you do it to a very high specification.

0:06:11 > 0:06:15People purchasing in this area do require a very, very high standard

0:06:15 > 0:06:17and it's the way to achieve the best possible price.

0:06:17 > 0:06:20Well, I hope the new buyer has a good-enough budget,

0:06:20 > 0:06:22not only to fix the damp problem

0:06:22 > 0:06:26but also to renovate the flat to a very high standard.

0:06:26 > 0:06:29But what can the finished property expect to sell for?

0:06:29 > 0:06:32Once refurbished to an exceptionally high standard,

0:06:32 > 0:06:36this property would sell for in the region of £470,000.

0:06:36 > 0:06:38And the rental income?

0:06:38 > 0:06:41Once refurbished, this property should achieve

0:06:41 > 0:06:44somewhere in the region of £1,500 per calendar month.

0:06:44 > 0:06:45The agent also reckons that

0:06:45 > 0:06:48if the flat was turned into a two-bed apartment,

0:06:48 > 0:06:51then it could be resold for £520,000

0:06:51 > 0:06:55or with a rental income of £1,700 per calendar month.

0:06:55 > 0:06:59So, either way, it could prove to be a lucrative option.

0:06:59 > 0:07:02Well, this is a good location and, once renovated,

0:07:02 > 0:07:07well, I think somebody could really fall in LOVE with this flat,

0:07:07 > 0:07:09especially if they're a budding tennis player.

0:07:09 > 0:07:13However, will the owner of this property have met their MATCH

0:07:13 > 0:07:14with the water damage in there?

0:07:14 > 0:07:17Let's head to the auction and find out

0:07:17 > 0:07:19who's prepared to take a shot.

0:07:22 > 0:07:24Right, lot 29.

0:07:24 > 0:07:27Ground-floor garden flat,

0:07:27 > 0:07:29obviously near Kilburn High Road.

0:07:29 > 0:07:31Who would like to start off on this?

0:07:31 > 0:07:33I don't know, 325,000.

0:07:33 > 0:07:38There, 325,000 on my left. 330,000 anywhere?

0:07:38 > 0:07:40330,000. 335,000.

0:07:40 > 0:07:45340,000. 345,000. 350,000.

0:07:45 > 0:07:48350,000 on my right. 350,000.

0:07:48 > 0:07:51This property could prove to be a good investment,

0:07:51 > 0:07:53and there was plenty of interest in the lot.

0:07:53 > 0:07:58We rejoin the auction, where the bidding has reached 393,000.

0:07:58 > 0:07:59393,000.

0:07:59 > 0:08:04394,000. 395,000. 396,000. 397,000.

0:08:04 > 0:08:07398,000. 399,000.

0:08:07 > 0:08:09400,000. 401,000.

0:08:09 > 0:08:11Must go for 401,000.

0:08:11 > 0:08:13He might stop. 401,000.

0:08:13 > 0:08:14402,000. Didn't.

0:08:14 > 0:08:16403,000. 402,000 back to you.

0:08:16 > 0:08:18403,000.

0:08:18 > 0:08:20402,000 in the front.

0:08:20 > 0:08:22First time. Second time.

0:08:22 > 0:08:25Third and last time, if you're all done.

0:08:25 > 0:08:27- GAVEL BANGS - Sold 402,000.

0:08:27 > 0:08:29And getting the lot for 402,000,

0:08:29 > 0:08:3372 grand over the guide price was Vahji.

0:08:34 > 0:08:39And it wasn't him but his son Nitin who actually bought the flat.

0:08:39 > 0:08:42Nitin has a degree in architectural technology

0:08:42 > 0:08:45but has now decided to focus on a property-developing career.

0:08:45 > 0:08:48We met up with him to talk about his plans for the flat

0:08:48 > 0:08:50and about that worrying damp.

0:08:50 > 0:08:53- Nitin, hello.- Hi there.- Lovely to meet you.- Nice to meet you too.

0:08:53 > 0:08:55- Congratulations.- Thank you. - Well done.

0:08:55 > 0:08:57You obviously wanted to buy this on auction day

0:08:57 > 0:09:01- and you weren't put off by the amount of damp everywhere.- No.

0:09:01 > 0:09:02I think what it was

0:09:02 > 0:09:05was there's probably a leak in one of the rooms and,

0:09:05 > 0:09:08because of the flooring, it actually spread into all of the other rooms.

0:09:08 > 0:09:11So I don't actually know how much damage there is under the floors,

0:09:11 > 0:09:14but we'll see when we actually take the floors apart.

0:09:14 > 0:09:16Is this as bad as it's going to get?

0:09:16 > 0:09:19Hopefully, it's stopped now because it actually looks worse

0:09:19 > 0:09:22- than when I originally saw it. - Really?

0:09:22 > 0:09:24I saw about four properties on the same day,

0:09:24 > 0:09:28so visually now I'm looking at it for the first time again. So, yeah.

0:09:28 > 0:09:31But once you've ripped everything apart, it should be all good.

0:09:31 > 0:09:34Walking in here with the untrained eye,

0:09:34 > 0:09:36I mean, most people would be put off immediately.

0:09:36 > 0:09:40A, by the smell. B, by the water damage everywhere.

0:09:40 > 0:09:41- Yes.- The bricks are even wet.

0:09:41 > 0:09:44Why were you not put off on auction day?

0:09:44 > 0:09:45Everything can be repaired.

0:09:45 > 0:09:49Once you take it back to the bare brick wall or you take

0:09:49 > 0:09:51the floors apart, everything can be replaced.

0:09:51 > 0:09:54I'm not really scared about how the condition of the property would be.

0:09:54 > 0:09:57So, have you had a builder or somebody come round so far

0:09:57 > 0:10:00to give you what they think, or a slight sort of estimate,

0:10:00 > 0:10:01on the problem?

0:10:01 > 0:10:05Not really, because me and my dad work on this hands-on,

0:10:05 > 0:10:07so we're physically going to be doing the work ourselves.

0:10:07 > 0:10:09Nitin and his father, Vahji,

0:10:09 > 0:10:12with maybe some help from mum, Kutha,

0:10:12 > 0:10:17are going to get stuck in and find the root cause of all this damp.

0:10:17 > 0:10:21And fixing it shouldn't be a problem as the team aren't exactly novices.

0:10:22 > 0:10:26My parents have been in the property business for the past 35 years

0:10:26 > 0:10:28and I've been doing this for the past ten years with them.

0:10:28 > 0:10:31And it's been a few months now,

0:10:31 > 0:10:33I've started doing this full-time now.

0:10:33 > 0:10:36Because I was doing it part-time before and I've also studied

0:10:36 > 0:10:37architectural technology,

0:10:37 > 0:10:40so now I thought it's time to do it full-time.

0:10:40 > 0:10:43So this is what I'm trying to do now.

0:10:43 > 0:10:45So, really, you've just come into this full-time

0:10:45 > 0:10:47as a property developer.

0:10:47 > 0:10:48What is it you like about it?

0:10:48 > 0:10:51I like to see a property in this condition

0:10:51 > 0:10:54and then after working on it for a small amount of time,

0:10:54 > 0:10:55the finished product.

0:10:55 > 0:10:57And the money is good, so I can't complain.

0:10:57 > 0:11:00How does that differ from studying architecture?

0:11:00 > 0:11:01Cos I'm sure that was college days,

0:11:01 > 0:11:04lots of hard days studying for exams.

0:11:04 > 0:11:06I've always wanted to go into property developing but

0:11:06 > 0:11:09I thought that it would be good to have a qualification

0:11:09 > 0:11:10in a similar trade.

0:11:10 > 0:11:13So just in case things don't go to plan, I've got a backup plan,

0:11:13 > 0:11:15I can go back to my office job.

0:11:15 > 0:11:18Wait, that sounds like your parents talking now. Is that right?

0:11:18 > 0:11:21Well, everyone has got the same feeling, yes.

0:11:21 > 0:11:25# Something to fall back on

0:11:25 > 0:11:29# Something to fall back on... #

0:11:29 > 0:11:33But I reckon Nitin's got a taste for renovating properties.

0:11:33 > 0:11:35The plan is to sell the place on, so he'll be

0:11:35 > 0:11:37aiming for a top-notch finish.

0:11:37 > 0:11:41That means gutting the entire flat right back to the brickwork,

0:11:41 > 0:11:43installing new plumbing and wiring,

0:11:43 > 0:11:46and putting in a high-spec kitchen and bathroom.

0:11:46 > 0:11:49And I reckon there's an opportunity here for Nitin

0:11:49 > 0:11:51to put that education to use.

0:11:51 > 0:11:54What about the fact that you've got a really large kitchen

0:11:54 > 0:11:57but an even bigger lounge area and it's currently one bedroom?

0:11:57 > 0:11:59- Yes.- Are you going to be changing that?

0:11:59 > 0:12:01I'm still thinking about maybe turning this into a bedroom

0:12:01 > 0:12:04and have an open-plan kitchen/living at the front,

0:12:04 > 0:12:07so it gives a two-bedroom product.

0:12:07 > 0:12:09I mean, one of the best schools is just up here,

0:12:09 > 0:12:13so it's probably good for the potential buyers to actually

0:12:13 > 0:12:16have two bedrooms for the children, a second bedroom for the children,

0:12:16 > 0:12:19so it's ideal buying a property for them.

0:12:19 > 0:12:21How soon do you think it will be

0:12:21 > 0:12:22before you got it looking spick and span?

0:12:22 > 0:12:25I'm still working on another project at the moment,

0:12:25 > 0:12:27so we won't be starting on this straightaway.

0:12:27 > 0:12:29Another two to three weeks' time we will start on this.

0:12:29 > 0:12:32And it should take about five weeks to actually do the whole property,

0:12:32 > 0:12:37so roughly two months to go and it will be all ready.

0:12:37 > 0:12:38- Two months?!- Yes.

0:12:38 > 0:12:40So you really think you can crack this in two months?

0:12:40 > 0:12:42- Yes, should be done.- How much is your budget for the work?

0:12:42 > 0:12:45Budget should be around £25,000-£30,000.

0:12:45 > 0:12:47- But you've got the five grand contingency...- Yes.

0:12:47 > 0:12:48..in case it goes wrong.

0:12:48 > 0:12:50I think you might be using that!

0:12:50 > 0:12:53Hopefully not, but, yes, that is there for that.

0:12:53 > 0:12:54Nitin, congratulations.

0:12:54 > 0:12:57And you're a brave man. Good luck with this project.

0:12:57 > 0:12:58Thank you very much.

0:12:59 > 0:13:02It's an exciting time for Nitin, who is now property developing

0:13:02 > 0:13:04with his parents full-time.

0:13:04 > 0:13:08I love his optimism about the damp in this flat...

0:13:08 > 0:13:10but I really hope it's not more of a problem

0:13:10 > 0:13:12than he's expecting it to be.

0:13:12 > 0:13:16Join me later in the programme and you can find out how he gets on.

0:13:23 > 0:13:26We're now off to Nottingham, where legendary local Robin Hood

0:13:26 > 0:13:27is celebrated.

0:13:30 > 0:13:32The city and county of Nottinghamshire

0:13:32 > 0:13:35are justly proud of their links to the story,

0:13:35 > 0:13:39as demonstrated by the Robin Hood Pageant held every October.

0:13:39 > 0:13:40The statue outside the castle

0:13:40 > 0:13:43remains one of the city's most popular landmarks.

0:13:45 > 0:13:48And this is Mapperley, a residential suburb of the city

0:13:48 > 0:13:50with plenty of shops, cafes, restaurants,

0:13:50 > 0:13:52along with local amenities.

0:13:52 > 0:13:56On this busy road, roughly two and a half miles northeast

0:13:56 > 0:13:59of the centre of Nottingham is a property I'm here to see.

0:13:59 > 0:14:04It is an end of terrace comprising three separate self-contained flats.

0:14:04 > 0:14:08It has a guide price of £120,000 to £140,000.

0:14:08 > 0:14:09I'm going to take a look inside.

0:14:11 > 0:14:14The property is on the side of a hill, so despite appearances,

0:14:14 > 0:14:16the house actually has four floors

0:14:16 > 0:14:19with a basement flat unseen from the road.

0:14:19 > 0:14:22OK, we're straight into the front room on the ground-floor flat,

0:14:22 > 0:14:24and there is no door.

0:14:24 > 0:14:26It's over there and it's in pieces.

0:14:26 > 0:14:29Apart from that, it's a nice start.

0:14:29 > 0:14:31Can't see any signs of damp anywhere,

0:14:31 > 0:14:34the floor seems to be in good condition.

0:14:34 > 0:14:36One thing I do like - double-glazed window.

0:14:36 > 0:14:38There's a very busy main road out there.

0:14:38 > 0:14:40That will keep the sound out, keep the heat in.

0:14:40 > 0:14:43And it's good that it's got heating as well.

0:14:43 > 0:14:44What else am I going to find through here?

0:14:46 > 0:14:50We have another room of a similar size, maybe a little bit bigger.

0:14:50 > 0:14:52Bit of a feature fireplace there.

0:14:52 > 0:14:56Again, it's all in good condition, no major problems with it at all.

0:14:56 > 0:14:58More heating in here.

0:14:58 > 0:15:00Get your double bed over there.

0:15:00 > 0:15:01Hmm, I like it.

0:15:01 > 0:15:04I think it's a nice little one-bed flat which

0:15:04 > 0:15:07I could turn around into something quite cosy.

0:15:07 > 0:15:09Only if you get a new front door, though.

0:15:11 > 0:15:13So it could prove to be a bit draughty,

0:15:13 > 0:15:15but apart from that, this is a good start.

0:15:16 > 0:15:19Along with decent-sized rooms, there's a small, serviceable kitchen

0:15:19 > 0:15:21and shower room with toilet,

0:15:21 > 0:15:24both of which just need a little clean-up.

0:15:24 > 0:15:27In fact, as far as I can see, it wouldn't need much more work

0:15:27 > 0:15:29or, more importantly, more money

0:15:29 > 0:15:31to get this ground-floor flat into good shape.

0:15:31 > 0:15:34There's a communal hall with a separate entrance to the

0:15:34 > 0:15:36basement flat, and up to the first-floor maisonette with

0:15:36 > 0:15:39a further flight of stairs up to two bedrooms.

0:15:39 > 0:15:44These are both good sizes, just like the space on the first floor.

0:15:44 > 0:15:47You've got your bathroom, you've got a really large lounge

0:15:47 > 0:15:50and the running theme of double glazing all the way

0:15:50 > 0:15:51through this property.

0:15:51 > 0:15:55Through into the kitchen, which looks in really good condition.

0:15:55 > 0:15:58Got some funky flooring, silver funky flooring as well.

0:15:58 > 0:16:01Got a chimney breast just there which is bricked out, very modern.

0:16:01 > 0:16:03There's not a lot to do here.

0:16:03 > 0:16:05I think you could make this into a really cosy flat.

0:16:06 > 0:16:08Again it's all good news up here.

0:16:08 > 0:16:12This two-bed maisonette is huge and, just like downstairs,

0:16:12 > 0:16:15there's nothing a lick of paint and cleaning couldn't sort out.

0:16:15 > 0:16:17So far, so good for me.

0:16:17 > 0:16:19The house is over four floors,

0:16:19 > 0:16:22so it's all the way downstairs from the last flat.

0:16:22 > 0:16:24Now, in the basement flat,

0:16:24 > 0:16:27the kitchen is just around that corner there.

0:16:27 > 0:16:30But into another really decent-sized room.

0:16:30 > 0:16:33You will get the ceilings that little bit lower in the basement.

0:16:33 > 0:16:37You've got a patio door going out to what is a small back garden

0:16:37 > 0:16:38or yard, whatever you want to call it.

0:16:38 > 0:16:41But I'm so surprised that there's so much space

0:16:41 > 0:16:43on an end-of-terrace property.

0:16:43 > 0:16:46Central heating as well.

0:16:46 > 0:16:49Big bedroom through there with its own en suite as well.

0:16:49 > 0:16:51There's not a lot to do here, there really isn't.

0:16:51 > 0:16:53You'd probably get away with spending the lower

0:16:53 > 0:16:56end of your budget to get this turned around.

0:16:56 > 0:16:58It's a really nice building.

0:16:58 > 0:16:59And that's it.

0:16:59 > 0:17:02Two flats and a maisonette all needing a little bit of work

0:17:02 > 0:17:04but nothing to intimidate a decent DIYer.

0:17:04 > 0:17:08And with enough room to satisfy Robin and his merry men.

0:17:11 > 0:17:15But for a second opinion, we asked along a local estate agent

0:17:15 > 0:17:17for her thoughts on these three properties that are together

0:17:17 > 0:17:20guided at £120,000 to £140,000.

0:17:21 > 0:17:24- POLISH ACCENT: - The property needs some work.

0:17:24 > 0:17:26However, there is potential.

0:17:26 > 0:17:28I would definitely recommend

0:17:28 > 0:17:34start from redecorate the property and tiling, bathroom,

0:17:34 > 0:17:37kitchen and toilet.

0:17:37 > 0:17:39I don't think the property needs new floors,

0:17:39 > 0:17:43and it looks like the electric works has been already done.

0:17:44 > 0:17:49So with the three properties guided at £120,000 to £140,000,

0:17:49 > 0:17:52what could they fetch on the resale market once renovated?

0:17:53 > 0:17:55The two-bedroom maisonette

0:17:55 > 0:18:02should be able to go for around £85,000.

0:18:02 > 0:18:05One-bedroom, ground-floor flat,

0:18:05 > 0:18:08and one-bedroom, basement flat

0:18:08 > 0:18:13will be able to go for around £65,000.

0:18:13 > 0:18:19That could mean a total potential resale value of £215,000.

0:18:19 > 0:18:21And with rentals per calendar month,

0:18:21 > 0:18:25the agent reckons the maisonette could achieve around £550,

0:18:25 > 0:18:29the ground-floor flat - £450 to £475,

0:18:29 > 0:18:32and the basement - around £450.

0:18:34 > 0:18:37I'm impressed with this place. It's a lot bigger than what I thought

0:18:37 > 0:18:40and most of the work seems to be cosmetic.

0:18:40 > 0:18:42I don't think you need a big budget either to turn it around.

0:18:42 > 0:18:45Let's see who fancied it when it went to auction.

0:18:49 > 0:18:52The auction of the property was one of the last of the day

0:18:52 > 0:18:54and most people had already gone.

0:18:54 > 0:18:56We move to 202 in Nottingham.

0:18:56 > 0:18:57Let's see where we end up.

0:18:57 > 0:18:59Someone, bid me 100,000.

0:18:59 > 0:19:03Thank you, sir. 100,000 I have. 102,500.

0:19:03 > 0:19:07Lady sitting, 102,500. Gentleman standing at 105,000.

0:19:07 > 0:19:09107,500. 110,000.

0:19:09 > 0:19:11Counting 1,000. 111,000.

0:19:11 > 0:19:14112,000. 113,000. 114,000.

0:19:14 > 0:19:15115,000. 116,000.

0:19:15 > 0:19:17117,000. 118,000.

0:19:17 > 0:19:20OK, 117,000. 118,000 anywhere else?

0:19:20 > 0:19:23118,000. 119,000. 120,000.

0:19:23 > 0:19:24Shake of the head, OK.

0:19:24 > 0:19:26Still with these. Willing to pay 119,000?

0:19:26 > 0:19:27120,000 anywhere else?

0:19:27 > 0:19:30First time at 119,000. Second time at 119,000.

0:19:30 > 0:19:34Third and final time at 119,000 on my right. Are we all done?

0:19:34 > 0:19:37That's two of you there, I'm so close.

0:19:37 > 0:19:38Not sold for the time being.

0:19:38 > 0:19:40Come and see us.

0:19:40 > 0:19:41However, that wasn't the end of it.

0:19:41 > 0:19:44After the next lot had gone under the hammer, the auctioneer

0:19:44 > 0:19:48spotted a potential customer and decided to give lot 202 another go.

0:19:48 > 0:19:50Don't want lot 202, do you, sir?

0:19:50 > 0:19:51It's in Nottingham.

0:19:51 > 0:19:53Bid me 120,000.

0:19:53 > 0:19:55120,000, lot 202.

0:19:55 > 0:19:58Anyone else want to bid? I'm going to sell. 120,000.

0:19:58 > 0:20:00Happy? First. Second.

0:20:00 > 0:20:03Third and final time at 120,000.

0:20:03 > 0:20:05- GAVEL BANGS - Sold at 120,000.

0:20:05 > 0:20:09# Everybody gets a second chance

0:20:09 > 0:20:16# Take my chance and tell you I'm sorry too... #

0:20:16 > 0:20:19And the successful purchaser with that final offer was Brett.

0:20:19 > 0:20:22Brett is a Nottingham local, so knows the area well.

0:20:22 > 0:20:25I met him back at the house to find out his plans.

0:20:26 > 0:20:28- Brett, nice to meet you. Congratulations.- Afternoon.

0:20:28 > 0:20:31Let's start at the beginning. How was the auction for you?

0:20:31 > 0:20:33The auction was interesting, actually.

0:20:33 > 0:20:36The lot I actually wanted was the one over the road

0:20:36 > 0:20:39and there was a bit of a battle there. I did get outbid on that one.

0:20:39 > 0:20:41This one was before that lot.

0:20:41 > 0:20:43This didn't sell. It didn't reach its reserve, actually.

0:20:43 > 0:20:46But because the one after I lost to someone else,

0:20:46 > 0:20:49the auctioneer came back to me, asked if I'd like to bid

0:20:49 > 0:20:52a little bit more for this one and I got it in the end.

0:20:52 > 0:20:54You seem to have found your feet with this one, Brett.

0:20:54 > 0:20:56I think so. I'm happy with it, yeah.

0:20:56 > 0:20:58It's a lot bigger than what you expect

0:20:58 > 0:21:00- when you look from the outside. - It is, it's a bit of a TARDIS.

0:21:00 > 0:21:02Yeah. We've got the whole use of the roof space

0:21:02 > 0:21:04and the cellar below as well.

0:21:04 > 0:21:08So what you see from the road is only a fraction of it.

0:21:08 > 0:21:10Well, Brett may have fallen on his feet with this buy,

0:21:10 > 0:21:12but he's no novice to this game.

0:21:12 > 0:21:16Since 1998, he's been involved in property renovations,

0:21:16 > 0:21:18buy-to-let properties and sales

0:21:18 > 0:21:22and has recently moved into doing new-build projects.

0:21:22 > 0:21:23What made you go into property?

0:21:23 > 0:21:26Years ago, it was a lifestyle choice, actually.

0:21:26 > 0:21:29It was less than a nine-to-five, it fitted in with what

0:21:29 > 0:21:31I wanted to do, a little bit of travelling, that kind of thing.

0:21:31 > 0:21:33And I got the property bug.

0:21:33 > 0:21:36Once you've done it once or twice, you kind of get hooked on it

0:21:36 > 0:21:38and you don't want to do anything else.

0:21:38 > 0:21:42- What were you doing beforehand? - I was involved in IT briefly, erm,

0:21:42 > 0:21:45and then various jobs that didn't really mean much, I guess.

0:21:45 > 0:21:48So now you've got a bit of a portfolio, building it up?

0:21:48 > 0:21:49Building it up, yes.

0:21:49 > 0:21:53I've not done anything, bought anything to keep for a few years.

0:21:53 > 0:21:56This will be 15 properties, this particular one.

0:21:56 > 0:21:58The reason why I've started to buy again is I think the market

0:21:58 > 0:22:01is changing a little bit, prices are creeping up,

0:22:01 > 0:22:03there's a bit more confidence in there, it seems to be.

0:22:03 > 0:22:06The rental market is still very strong around here,

0:22:06 > 0:22:09so it just seems the right time for me

0:22:09 > 0:22:11of still being able to get some good bargains

0:22:11 > 0:22:14but a bit more confidence that it will rent and sell if I need to.

0:22:14 > 0:22:16Brett obviously thinks the time is right

0:22:16 > 0:22:20to get back into local properties and, in fact, he has tenants lined up

0:22:20 > 0:22:23ready to rent this place once he's finished with it.

0:22:23 > 0:22:26But there's another reason why he's jumped back onto the property wagon.

0:22:27 > 0:22:31I've got a second child on the way, due any day, actually.

0:22:31 > 0:22:33- Good man, congratulations. - I'm expecting the phone to go

0:22:33 > 0:22:37and tell me my other half is in labour but...it's that close.

0:22:37 > 0:22:40So something like this, I think, is a great university fund

0:22:40 > 0:22:41or a pension fund for me.

0:22:41 > 0:22:44I've got no other investments other than property, so this is in

0:22:44 > 0:22:48addition to that to cover the extra expenses of having a little one.

0:22:48 > 0:22:50If the phone goes, feel free to throw us out as soon as possible.

0:22:50 > 0:22:52- I might have to, yes. - THEY LAUGH

0:22:52 > 0:22:55Well, we'd better kick on with this interview then.

0:22:55 > 0:22:57What are his plans for this house?

0:22:57 > 0:23:00We're going to start the top to bottom and paint it throughout.

0:23:00 > 0:23:03It's not too bad, but it does need a freshen up.

0:23:03 > 0:23:05And there's a handful of jobs in each flat that need doing.

0:23:05 > 0:23:08Just loose banisters, hearths missing, this kind of thing.

0:23:08 > 0:23:11Service all the boilers, get the electrics sorted out.

0:23:11 > 0:23:14Just freshen it up, really, getting it ready for the tenants to move in.

0:23:14 > 0:23:15So your budget, what's your budget on this?

0:23:15 > 0:23:18Erm, again, it's only light cosmetic work, really.

0:23:18 > 0:23:22I think costs all in are going to be around 5,000, that's all.

0:23:22 > 0:23:23- That's very good! - I'd like to think, yes.

0:23:23 > 0:23:25We'll keep a tight rein on the workmen,

0:23:25 > 0:23:27but hopefully that's where we are, yes.

0:23:27 > 0:23:29Well, that small budget won't last long.

0:23:29 > 0:23:31And that's exactly how Brett wants it to be,

0:23:31 > 0:23:34hoping to have it all ready in just three weeks.

0:23:34 > 0:23:37Brett will be leaving the work to a team he normally

0:23:37 > 0:23:39employs for renovation duties.

0:23:39 > 0:23:41Not that he won't be busy himself.

0:23:41 > 0:23:44My daytime job is new-build properties,

0:23:44 > 0:23:45so property development.

0:23:45 > 0:23:49We'll acquire land, get planning permission on it and build those out

0:23:49 > 0:23:50and then sell them on.

0:23:50 > 0:23:53What's better for you financially? What's the better gain?

0:23:53 > 0:23:55Erm, it's kind of different, really.

0:23:55 > 0:23:58This is a long-term proposition where, as I say, we keep hold

0:23:58 > 0:23:59of it for the long term,

0:23:59 > 0:24:03we'd hopefully make money each month on the rent.

0:24:03 > 0:24:05And it goes up in value over time.

0:24:05 > 0:24:06The new-build projects,

0:24:06 > 0:24:09we tend to sell them on and we'd obviously profit

0:24:09 > 0:24:10on the sale of those.

0:24:10 > 0:24:14So it's more frequent and larger sums, I guess.

0:24:14 > 0:24:17This is slow and steady with the rental kind of income.

0:24:17 > 0:24:18I think you have got your bases covered.

0:24:18 > 0:24:20Listen, mate, I wish you all the best.

0:24:20 > 0:24:22- Good luck with baby number two. - Thank you very much.

0:24:22 > 0:24:24- Hope it all goes well. - Sure it will. Thank you.

0:24:25 > 0:24:28Like Brett says, this property is a bit of a TARDIS.

0:24:28 > 0:24:30It looks very small from the outside,

0:24:30 > 0:24:33but when you get in, it's room after room.

0:24:33 > 0:24:36Very superficial turnaround for someone of Brett's experience.

0:24:36 > 0:24:39Will he get it right? I'm pretty sure he will.

0:24:39 > 0:24:41You can find out later on in the programme.

0:24:42 > 0:24:47Coming up, this semi in Derbyshire needs a little more space.

0:24:47 > 0:24:49- Suddenly... - HE INHALES

0:24:49 > 0:24:51- HE EXHALES - ..you're allowing the house

0:24:51 > 0:24:52to breathe.

0:24:53 > 0:24:57And in Nottingham, was Brett able to breathe easy after this renovation?

0:24:57 > 0:25:00We've had a quick whistle round, got it in good shape

0:25:00 > 0:25:01and more than happy.

0:25:07 > 0:25:10Earlier, we were in the buzzing North London suburb of Kilburn,

0:25:10 > 0:25:13where we saw this ground-floor, one-bed flat

0:25:13 > 0:25:17that was sold at auction for 402,000.

0:25:17 > 0:25:20A lot of money for a rundown apartment, but its location

0:25:20 > 0:25:23near the affluent suburb of West Hampstead meant there could be

0:25:23 > 0:25:27some big bucks to be made from this place once it was in good shape.

0:25:28 > 0:25:31And the man who bought it was Nitin, who, after finishing

0:25:31 > 0:25:35a degree in architectural technology, decided to get involved

0:25:35 > 0:25:39full-time in his parents' property-developing business.

0:25:39 > 0:25:42You've just come into this as a property developer.

0:25:42 > 0:25:43What is it you like about it?

0:25:43 > 0:25:46I like to see a property in this condition, and then after

0:25:46 > 0:25:50working on it for a small amount of time, the finished product.

0:25:50 > 0:25:53And the money is good, so can't complain.

0:25:53 > 0:25:55Well, before that, there was a lot of work to be done

0:25:55 > 0:25:58because the damp problem here was so severe.

0:25:58 > 0:26:01I reckon this flat should really be made seaworthy.

0:26:01 > 0:26:06But father Vahji had 35 years' experience in fixing properties.

0:26:06 > 0:26:10And with a £25,000 to £30,000 budget and a five-week turnaround,

0:26:10 > 0:26:14the team were aiming to get this place shipshape and sold on.

0:26:14 > 0:26:17So when we returned three and a half months later,

0:26:17 > 0:26:19had they achieved their target?

0:26:27 > 0:26:29Wow, what an amazing-looking lounge!

0:26:29 > 0:26:33With beautiful new flooring and those lovely windows restored.

0:26:33 > 0:26:34But that's not all.

0:26:36 > 0:26:40Nitin has gone for that open-plan kitchen/living space route,

0:26:40 > 0:26:43and it definitely works here.

0:26:43 > 0:26:46Well, this was the living room initially.

0:26:46 > 0:26:50The kitchen from the other room has been moved here.

0:26:50 > 0:26:52Now it's an open-plan kitchen/living space.

0:26:52 > 0:26:56As you can see, everything is brand-new with built-in appliances.

0:26:56 > 0:26:57New electric fire.

0:26:57 > 0:27:01All the TV equipment has been pre-wired, sound system,

0:27:01 > 0:27:03so it's turned out pretty well.

0:27:03 > 0:27:05I'm just hoping that I will be doing the same

0:27:05 > 0:27:08type of standard in my own house that I'm living in at the moment.

0:27:10 > 0:27:13Go down the hall and that old bathroom suite is...

0:27:14 > 0:27:17..well, a stunning new bathroom suite

0:27:17 > 0:27:19complete with a hot tub option.

0:27:25 > 0:27:27The old kitchen is now a spacious second bedroom.

0:27:27 > 0:27:30And the restoration work continues

0:27:30 > 0:27:33with those gorgeous French doors brought back to life.

0:27:33 > 0:27:35So far, so good.

0:27:35 > 0:27:39The whole project has turned out pretty well because of the

0:27:39 > 0:27:45lighting, the technology and all the custom-made woodwork.

0:27:45 > 0:27:48Everything I can think of has turned out pretty well.

0:27:48 > 0:27:50But look over Nitin's shoulder

0:27:50 > 0:27:55and it looks like the garden has had an extreme makeover of its own.

0:27:55 > 0:27:58Well, this is the newly landscaped garden.

0:27:58 > 0:28:01It's got new decking, newly laid lawn, lighting.

0:28:01 > 0:28:05Originally there was a big tree over here, which we've cut down,

0:28:05 > 0:28:08and I ended up making a custom-made table over here

0:28:08 > 0:28:11using the actual tree trunk, so it saved me from digging it out.

0:28:11 > 0:28:13The end result has turned out pretty well

0:28:13 > 0:28:16because, originally, you physically couldn't get into the garden.

0:28:16 > 0:28:18And now everything is nice and clear,

0:28:18 > 0:28:20you can actually see the big size of it.

0:28:20 > 0:28:23Perfect spot to catch some sun.

0:28:23 > 0:28:26But size is an important element of the last room of the house because

0:28:26 > 0:28:30if you think the rear bedroom does look bigger, you're right.

0:28:30 > 0:28:32Nitin has incorporated

0:28:32 > 0:28:35and expanded part of the corridor into the room,

0:28:35 > 0:28:37which now houses extra storage space,

0:28:37 > 0:28:39moving the door to the top of the steps.

0:28:39 > 0:28:42All round, a cracking job, Nitin.

0:28:42 > 0:28:45And I figured there's no prizes for guessing the biggest

0:28:45 > 0:28:47problem on this project.

0:28:47 > 0:28:49The main problem of this property was the water damage.

0:28:49 > 0:28:53What we had to do is physically rip all the floors apart

0:28:53 > 0:28:55and let it dry for two weeks.

0:28:55 > 0:28:58And when we came back, everything was nice and dry.

0:28:58 > 0:29:02And then we started doing the second fixing.

0:29:02 > 0:29:07# Home and dry

0:29:09 > 0:29:16# Home and dry-ey-ey... #

0:29:16 > 0:29:20Not only did Nitin and his father, Vahji, deal with the dampness,

0:29:20 > 0:29:24but they did all the plastering, woodwork and kitchen fitting,

0:29:24 > 0:29:27leaving the electrics and gas fittings to qualified tradesmen.

0:29:27 > 0:29:30The entire renovation took six weeks of their time

0:29:30 > 0:29:33and, all in all, is a marvellous transformation.

0:29:33 > 0:29:35But with such a top-notch finish,

0:29:35 > 0:29:38how did their 25,000 to 30,000 budget cope?

0:29:38 > 0:29:40Because of the auction fees,

0:29:40 > 0:29:43the stamp duty, it cost us approximately 20,000

0:29:43 > 0:29:46to physical purchase the property.

0:29:46 > 0:29:49It cost 30,000 to do the works.

0:29:49 > 0:29:51And the whole project has been successful

0:29:51 > 0:29:54and the finish has been great, so I'm really happy with it.

0:29:55 > 0:29:56In most cases,

0:29:56 > 0:29:59the seller pays the auction costs out of whatever it sells for.

0:29:59 > 0:30:03But some legal packs will state that the buyer pays the auction fees,

0:30:03 > 0:30:05and this is such a case.

0:30:05 > 0:30:08So always, always read the small print at the auction.

0:30:08 > 0:30:11Add this to his purchase price of 402,000

0:30:11 > 0:30:15and Nitin's total outlay is now £452,000.

0:30:15 > 0:30:17But despite its high cost,

0:30:17 > 0:30:21Nitin feels this place has the high-end finish it so deserves.

0:30:21 > 0:30:24This is the first time I've done it to this high specification,

0:30:24 > 0:30:26but I feel that it's necessary to do it

0:30:26 > 0:30:29because of the location of the property.

0:30:29 > 0:30:34And the buyers looking in these areas are looking for these type of things.

0:30:36 > 0:30:39Nitin certainly has plenty to be proud of,

0:30:39 > 0:30:42but time to find out what two local estate agents make of this flat.

0:30:42 > 0:30:46Starting with the agent who first saw the property before Nitin

0:30:46 > 0:30:48and his father got to work on it.

0:30:48 > 0:30:51Changes to this property are absolutely fantastic.

0:30:51 > 0:30:53The current owner has added a bedroom,

0:30:53 > 0:30:56also completely re-landscaped the garden.

0:30:56 > 0:30:59The finish is very, very good. It's definitely the high-end.

0:31:00 > 0:31:03Amazing finish. Amazing finish. Really good high spec.

0:31:03 > 0:31:06The floors, I think, are excellent finish.

0:31:06 > 0:31:09The fittings, I think, they've been good,

0:31:09 > 0:31:11and also the lowered ceilings with the mood lighting.

0:31:11 > 0:31:14I think they really add a little bit extra to it.

0:31:15 > 0:31:19But was Nitin right to plump for that high-end finish?

0:31:19 > 0:31:22I would say it's what the buyers are demanding now around here.

0:31:22 > 0:31:24If you're looking to pay good money for a property,

0:31:24 > 0:31:28you would expect to have a decent finish for the money

0:31:28 > 0:31:31you're going to be paying. So it's what I would expect now.

0:31:31 > 0:31:33With Nitin putting the flat up for sale,

0:31:33 > 0:31:35will that high-end finish give him a profit

0:31:35 > 0:31:39from his 452,000 outlay?

0:31:39 > 0:31:41If this property was to go onto the sales market today,

0:31:41 > 0:31:44it should achieve somewhere in the region of £600,000.

0:31:44 > 0:31:47I would value this property at £650,000.

0:31:47 > 0:31:49Yes, it's more or less what I had in mind

0:31:49 > 0:31:53and it's made a great profit for a couple of months of work.

0:31:53 > 0:31:57If Nitin manages to sell the house for either of those two valuations,

0:31:57 > 0:31:59then he could, before taxes and fees,

0:31:59 > 0:32:05expected to make an amazing profit of between 148,000 to 198,000.

0:32:05 > 0:32:08Wow. And the agents reckon there could be a rental income

0:32:08 > 0:32:14of between £1,800 to £1,950 per calendar month.

0:32:14 > 0:32:18That could give him an annual yield of around 5%.

0:32:18 > 0:32:19Tempted, Nitin?

0:32:22 > 0:32:24It's not a bad evaluation, but really,

0:32:24 > 0:32:27I'm after the sales for this property.

0:32:27 > 0:32:31And who could blame him? With just six weeks work, Nitin and Varji

0:32:31 > 0:32:35have rescued this flat, created a beautiful new home and will

0:32:35 > 0:32:38hopefully be reaping a staggering profit. And don't think that

0:32:38 > 0:32:40Nitin will be putting his feet up.

0:32:40 > 0:32:44My plan is to actually complete another property today which

0:32:44 > 0:32:48is just a few doors down here. I'll start work on that while I'm

0:32:48 > 0:32:50still working on another current project.

0:32:55 > 0:33:012.5 miles east of Derby city centre is Chaddesden, known locally

0:33:01 > 0:33:05as Chad. Originally, this was a village in its own right.

0:33:06 > 0:33:10By the mid-20th century, neighbouring Derby was growing and

0:33:10 > 0:33:13when much of the land came up for sale in the 1930s, the city

0:33:13 > 0:33:18corporation bought it for housing. And today, Chad is one of

0:33:18 > 0:33:20Derby's largest suburbs.

0:33:20 > 0:33:22So what was on offer?

0:33:22 > 0:33:25Well, for a guide price of £50,000 plus -

0:33:25 > 0:33:27a two-bedroom semidetached.

0:33:27 > 0:33:31Looks a little bit worse for wear on the outside.

0:33:31 > 0:33:32Let's take a look inside.

0:33:33 > 0:33:36I think one of the first things that's going to have to go is

0:33:36 > 0:33:40that little porch. Definitely, yes. A little bit tired.

0:33:40 > 0:33:43As is the rest of the house.

0:33:43 > 0:33:47At first glance, anyway. Through into your living room area here.

0:33:47 > 0:33:50Feels, interestingly, quite narrow.

0:33:50 > 0:33:52Although you have got this big bay window.

0:33:52 > 0:33:57We like the light that that's kicking in. I guess that chimney

0:33:57 > 0:33:59breast there doesn't help with this feeling of

0:33:59 > 0:34:01a slight crampedness in here.

0:34:01 > 0:34:05Likewise, the under-stairs cupboard. I'd like to see this wall

0:34:05 > 0:34:08taken out. Again, just open it up a bit. And give it a bit more

0:34:08 > 0:34:11space. The other thing you could think about doing is taking

0:34:11 > 0:34:14out this wall here. This is the dividing wall in between the

0:34:14 > 0:34:18lounge and the kitchen. Although this is a good-sized room, to

0:34:18 > 0:34:22open-plan it even more by taking that wall out would be a

0:34:22 > 0:34:24potentially good thing.

0:34:24 > 0:34:27On the other hand, Plan B could be to keep it as it is, have that as

0:34:27 > 0:34:30like a dining area attached to the kitchen. Need to think about

0:34:30 > 0:34:33that a bit more. Anyway, what have you got in here?

0:34:33 > 0:34:36It's not about size. Lots of light, again, from the window.

0:34:36 > 0:34:38Obviously in need of a complete refurb.

0:34:38 > 0:34:45So, straightaway, one of those classic properties where you

0:34:45 > 0:34:48can add so much value by just doing the basics.

0:34:50 > 0:34:54Basics like rewiring, replacing the electrical fittings,

0:34:54 > 0:34:58round-pin plugs for sockets like these first came on the scene

0:34:58 > 0:35:01in 1934 under British Standard 546, don't you know?

0:35:01 > 0:35:04Ask any electrician today to use them and I'm sure they'll say,

0:35:04 > 0:35:06"Take a hike!"

0:35:06 > 0:35:10# We gonna to rock down to Electric Avenue

0:35:10 > 0:35:13# And then we take it higher... #

0:35:13 > 0:35:19Well, upstairs. Strangely, the stairs here feel quite open.

0:35:19 > 0:35:23It's usually the other way round, isn't it? The stairs are normally

0:35:23 > 0:35:26the cramped bit. But not here. Not to worry.

0:35:26 > 0:35:30Bathroom where you hope it would be. Avocado suite. Eat your heart out.

0:35:30 > 0:35:33Be nice to replace that. But again, kitchens and bathrooms, two

0:35:33 > 0:35:37things that are so easy to do and you always get your money back

0:35:37 > 0:35:38if you do those on a property.

0:35:38 > 0:35:40Nice, white suite in there.

0:35:40 > 0:35:43Front bedroom, not in bad nick. Not a bad size.

0:35:43 > 0:35:47Rear bedroom though, suffering a little bit like downstairs.

0:35:47 > 0:35:49It feels a little bit cramped.

0:35:49 > 0:35:52Partly because you've got that water tank and hot water cylinder there,

0:35:52 > 0:35:55taking up pretty important space in this bedroom.

0:35:55 > 0:35:59In an ideal world, combination boiler downstairs, get rid of the

0:35:59 > 0:36:03boiler that's in the lounge and also the chimney breast.

0:36:03 > 0:36:06Get rid of that and suddenly...

0:36:06 > 0:36:09You are allowing the house to breathe.

0:36:09 > 0:36:11Yes, there is lots to do inside

0:36:11 > 0:36:13to get the patient breathing freely again.

0:36:17 > 0:36:18And outside at the back,

0:36:18 > 0:36:22another structural bolt-on that needs unbolting.

0:36:22 > 0:36:24A lean-to with far too much leaning.

0:36:28 > 0:36:32But I did find one place where there is plenty of space to breathe.

0:36:32 > 0:36:37Well, here at the back of the property, there is a garden.

0:36:37 > 0:36:39No kidding, Sherlock.

0:36:39 > 0:36:42Yes. Normally with a garden, you know, a pair of shoes

0:36:42 > 0:36:45maybe is what you need to explore it. Not here.

0:36:45 > 0:36:48I think you need a machete and a GPS tracking system.

0:36:48 > 0:36:50Because I can't even find the end.

0:36:50 > 0:36:53It literally goes back and back and back.

0:36:53 > 0:36:55I mean, judging by some of the neighbouring properties,

0:36:55 > 0:36:58it goes back a very long way.

0:36:58 > 0:37:00How very intriguing!

0:37:00 > 0:37:04With a huge garden like this, I always question whether it would

0:37:04 > 0:37:07be worth sacrificing some for an extension.

0:37:09 > 0:37:13It's the sort of question a local property professional would

0:37:13 > 0:37:15know the answer to. And who better than the auctioneer

0:37:15 > 0:37:18who sold the property in the first place?

0:37:18 > 0:37:21I think if you were to extend it, you are probably looking at

0:37:21 > 0:37:24investing something between 15 and £20,000.

0:37:24 > 0:37:27I'm talking single storey, not double storey,

0:37:27 > 0:37:29otherwise it would be a lot, lot more.

0:37:29 > 0:37:33You've got to be careful how far you go because, clearly, at the end

0:37:33 > 0:37:37of the day, it's going to have a ceiling value, and whatever you

0:37:37 > 0:37:40do to it, you're not going to raise its value greater than

0:37:40 > 0:37:41that ceiling value.

0:37:41 > 0:37:43It's one of those where I think you would need to be

0:37:43 > 0:37:45a little bit careful.

0:37:45 > 0:37:47Assuming the extension was done, I don't think that would be

0:37:47 > 0:37:50cost-effective, it might raise its value by about £10,000

0:37:50 > 0:37:53but it would cost you more than that to do it.

0:37:53 > 0:37:55So you would only look at extending it, I think, if you were

0:37:55 > 0:37:57holding on to it for the long-term.

0:37:57 > 0:38:01Point taken. Given that the guide price is £50,000,

0:38:01 > 0:38:04what could the house achieve without an extension?

0:38:04 > 0:38:08If we renovate what's here, and we are not looking at extensions,

0:38:08 > 0:38:13it would probably have a ceiling value of around £100,000.

0:38:13 > 0:38:17If it was renovated and then put on the rental market,

0:38:17 > 0:38:22its rental value would be in the order of £450 per calendar month.

0:38:22 > 0:38:25I heard this is a great auction property.

0:38:25 > 0:38:26A classic in some ways.

0:38:26 > 0:38:30One that you can really add value to by doing the basics.

0:38:30 > 0:38:34And yet, it's in a really nice location, in a desirable area.

0:38:34 > 0:38:37Let's see who spotted it when it went under the hammer.

0:38:37 > 0:38:39Lot number one, ladies and gentlemen.

0:38:39 > 0:38:41Turn to your catalogue if you will.

0:38:41 > 0:38:43Can I say 60,000 for it?

0:38:43 > 0:38:46Who's got 50 then? The guide price to start.

0:38:46 > 0:38:50Thank you very much. 50 I have. At £50,000. The opening bid.

0:38:50 > 0:38:5451 is bid at the back. 52? 52,000 is bid.

0:38:54 > 0:38:5853. At 53. 54.

0:38:58 > 0:38:5955.

0:38:59 > 0:39:03Bids from a packed auction room continue up to £75,000,

0:39:03 > 0:39:05where we rejoin the bidding.

0:39:05 > 0:39:0975. At 75.5.

0:39:10 > 0:39:1376 is bid. At 76.

0:39:13 > 0:39:18At £76,000. It's going to get sold. 500.

0:39:18 > 0:39:2076.5. 77.

0:39:20 > 0:39:2177.5.

0:39:21 > 0:39:2278, sir?

0:39:22 > 0:39:2478 is bid.

0:39:24 > 0:39:26At 78. You sure?

0:39:26 > 0:39:30At £78,000, going once...

0:39:30 > 0:39:31Going twice...

0:39:31 > 0:39:34Third and last chance. All done with it?

0:39:34 > 0:39:37Sold at £78,000. Thank you.

0:39:37 > 0:39:41Right from the first bid to the last, and at £28,000 over the

0:39:41 > 0:39:44guide price, the successful bidder is Richard.

0:39:44 > 0:39:49We met up at his £78,000 purchase to talk about his plans.

0:39:51 > 0:39:54- Richard, good to meet you. - Good to meet you, Martin.

0:39:54 > 0:39:55- Congratulations.- Thank you.

0:39:55 > 0:39:57Tell me why you wanted to buy this house.

0:39:57 > 0:40:01I took a voluntary redundancy from Royal Mail. My mum died last

0:40:01 > 0:40:05year, so I decided to invest the money in the property. I've always

0:40:05 > 0:40:08wanted to do this sort of work. The opportunity arose,

0:40:08 > 0:40:10so I took the plunge and bought this house here.

0:40:10 > 0:40:13Wow. Why haven't you done it before? Just funds?

0:40:13 > 0:40:15Funds basically.

0:40:15 > 0:40:19Right. And what is a particularly that appeals about the idea of

0:40:19 > 0:40:21doing up a property for you?

0:40:21 > 0:40:25Um, well, you see how it was. Then I'm sort of taking it forward

0:40:25 > 0:40:28and bringing it into the 21st century, if you like.

0:40:28 > 0:40:31Total renovation. Like that.

0:40:31 > 0:40:34Are you going to be very hands-on then?

0:40:34 > 0:40:37No. I've got a builder, an electrician, I've got a plumber,

0:40:37 > 0:40:41we are doing the decorating, my son and myself will be doing the garden.

0:40:41 > 0:40:44So talk me through the plans. What are you going to do with it?

0:40:44 > 0:40:48New kitchen. The back conservatory will go down.

0:40:48 > 0:40:50In the lounge, the boiler will go.

0:40:50 > 0:40:54I'll open up under the stairs. The front porch will go.

0:40:54 > 0:40:57New windows throughout. A new bathroom.

0:40:57 > 0:41:00Where the boxroom is, I'm going to open it up so I can get a

0:41:00 > 0:41:02dressing table in that area there.

0:41:02 > 0:41:04The front will just be cleaned up.

0:41:04 > 0:41:08The gates will go. I intend to put a patio on the back here.

0:41:08 > 0:41:11- Then decking sloping down through the garden.- Wow.

0:41:11 > 0:41:15Obviously, lawn and whatever we get beyond the jungle.

0:41:15 > 0:41:19Right, it's difficult to quite see how big the garden is, isn't it?

0:41:19 > 0:41:22It is really, yes. There is a concrete path on the other

0:41:22 > 0:41:24garden that seems to go on forever.

0:41:24 > 0:41:28Then if you look at the satellite, it sort of goes this bit here

0:41:28 > 0:41:30then trees, then something at the back of those.

0:41:30 > 0:41:34How bizarre that you are having to look at the garden via satellite.

0:41:34 > 0:41:38Yeah, yeah, cos I could only get, as I say, about 40 yards in.

0:41:38 > 0:41:42- And it gets rather difficult after that. So...- Funny.

0:41:42 > 0:41:45Funny. It is, isn't it? Satellite, eh? First for everything.

0:41:47 > 0:41:51But joking apart, Richard may be able to gain access

0:41:51 > 0:41:54and build a garage on the current wasteland of a garden.

0:41:54 > 0:41:57So it could be another way of adding value to a house.

0:41:58 > 0:42:01# Out here in the fields... #

0:42:01 > 0:42:04What kind of profit do you think there is in it?

0:42:04 > 0:42:07How much do you think it can resell for?

0:42:07 > 0:42:11I bought it for 78. Probably 100 plus, I hope. 120 or thereabouts.

0:42:11 > 0:42:14- What is your budget?- 12,000.- OK.

0:42:14 > 0:42:17And then probably 3,000 above that. So I'll take it to probably 15.

0:42:17 > 0:42:20- But we will see how it goes first. - That's a bit of a contingency?

0:42:20 > 0:42:22A contingency fund, yes. That's the word.

0:42:22 > 0:42:24What is the timescale?

0:42:24 > 0:42:27- Three to four months. - OK. And then on the market.

0:42:27 > 0:42:31If this goes well, on to project number two?

0:42:31 > 0:42:33Two, yes. I hope so, yes. That's my plan.

0:42:33 > 0:42:35How was the auction?

0:42:35 > 0:42:37Interesting.

0:42:37 > 0:42:40I was on the front row, or almost front row. I opened the bidding.

0:42:40 > 0:42:42It went on from there.

0:42:42 > 0:42:45Of course, you get to that bit where its £1,000,

0:42:45 > 0:42:47you're down to 500, and 77.5...

0:42:47 > 0:42:50Another £500, sir? Sold once, twice.

0:42:50 > 0:42:53I thought, "I've bought it," you know.

0:42:53 > 0:42:55- I was shaking like that.- Really?

0:42:55 > 0:42:57What have I done? But...

0:42:57 > 0:43:00I've done my research, like you suggest. I've done legal prep.

0:43:00 > 0:43:03When I viewed it, I viewed all the rooms three or four times.

0:43:03 > 0:43:05It's a good project, I reckon. A good project.

0:43:05 > 0:43:08- Good. Well, good luck with it. - Thank you, Martin.

0:43:08 > 0:43:10- I'll look forward to seeing how you get on.- Yes.

0:43:10 > 0:43:12- Nice to meet you.- Nice to meet you.

0:43:12 > 0:43:15A nice little project for Richard to get his teeth stuck into

0:43:15 > 0:43:20as his first dalliance into the world of property renovation.

0:43:20 > 0:43:22How will he get on? Will he stick to that budget?

0:43:22 > 0:43:24You'll find out later in the show.

0:43:28 > 0:43:31We've already caught up with one property, what about the other two?

0:43:31 > 0:43:33It's been months. Have they done everything?

0:43:33 > 0:43:36Have they done anything?! Let's find out.

0:43:38 > 0:43:41We now head back to Nottingham and the suburb of Mapperley,

0:43:41 > 0:43:44where earlier we met Brett, who had bought this

0:43:44 > 0:43:46house at auction for £120,000.

0:43:46 > 0:43:50Brett is a local boy and, since 1998, has been wheeling

0:43:50 > 0:43:54and dealing in property, buying and selling and developing new builds.

0:43:54 > 0:43:57He has also built up a portfolio of 15 properties,

0:43:57 > 0:44:00and this is his latest purchase.

0:44:00 > 0:44:03And with two one-bedroom flats, one in the basement

0:44:03 > 0:44:06and one on the ground floor, plus a two-bed maisonette,

0:44:06 > 0:44:09I reckon he has done well on this one because, apart from a lick

0:44:09 > 0:44:12of paint and a clean-up, there's not a lot here that needs fixing.

0:44:12 > 0:44:14And that's just as well.

0:44:14 > 0:44:17A big renovation job is the last thing on his mind.

0:44:17 > 0:44:21- I've got a second child on the way, due any day, actually.- Good man.

0:44:21 > 0:44:25I'm expecting the phone to go and tell me my other half is in labour.

0:44:25 > 0:44:28- It's that close.- If the phone does go, feel free to throw us out

0:44:28 > 0:44:30- as soon as possible.- I might have to. - THEY LAUGH

0:44:32 > 0:44:34With a new baby on the way, Brett was counting on this

0:44:34 > 0:44:37property to become some all-important extra income.

0:44:37 > 0:44:41And with tenants already lined up, Brett want to work fast,

0:44:41 > 0:44:44planning on a three-week turnaround with a £5,000 budget.

0:44:46 > 0:44:49And three weeks later, we returned to see if that was enough time

0:44:49 > 0:44:50and money for the job.

0:44:53 > 0:44:55And here it is.

0:44:55 > 0:44:57The ground-floor flat has had a new front door added

0:44:57 > 0:45:01and each of the rooms have had a lick of paint and a clean-up.

0:45:01 > 0:45:02That's it for down here.

0:45:02 > 0:45:05As predicted, there has been no big changes.

0:45:05 > 0:45:07But then, why do more than necessary?

0:45:09 > 0:45:12And as for the maisonette, it's the same prescription.

0:45:14 > 0:45:16A fresh coat of paint with some minor changes,

0:45:16 > 0:45:18like a new hearth for the fire.

0:45:18 > 0:45:21And I'm going to let you into a little secret here.

0:45:21 > 0:45:24On the very day we came to film, Brett had to leave us to it

0:45:24 > 0:45:27and dash to the hospital as Rebecca, his wife, was in labour.

0:45:27 > 0:45:31So it was four days after that when we caught up with him again.

0:45:31 > 0:45:33It took a little bit longer than we thought,

0:45:33 > 0:45:36but the second time you were due to come round, we'd actually had

0:45:36 > 0:45:38that call and I was in the labour ward.

0:45:38 > 0:45:43We waited, but he was worth it, yes. Little baby Albie was born.

0:45:43 > 0:45:46Well, congratulations to Brett, his wife, Rebecca,

0:45:46 > 0:45:48and of course, baby Albie.

0:45:48 > 0:45:52The new addition to the family might have turned up later than planned,

0:45:52 > 0:45:55but getting this place right in the timescale of three weeks

0:45:55 > 0:45:58obviously meant Brett faced no big delays.

0:45:58 > 0:46:00This job was planned to be quite easy.

0:46:00 > 0:46:02You never know until you get stuck into it.

0:46:02 > 0:46:05But it did go as planned, really. There was no major upsets.

0:46:05 > 0:46:09I did have a few concerns about the boilers and that kind of thing

0:46:09 > 0:46:12with the property being empty for over 12 months.

0:46:12 > 0:46:14And we did have a couple of issues,

0:46:14 > 0:46:17but we got away without replacing them, which was my biggest worry.

0:46:17 > 0:46:19We had a good engineer who sorted them out.

0:46:19 > 0:46:21It's gone pretty smoothly. Couldn't be more happy, actually.

0:46:21 > 0:46:23Brett has kept everything simple.

0:46:23 > 0:46:26Unlike the ground-floor flat and the maisonette,

0:46:26 > 0:46:29the basement has been decorated. Throughout the house,

0:46:29 > 0:46:32the plumbing and the wiring have been checked and passed.

0:46:32 > 0:46:35New electric showers were installed in two of the flats.

0:46:35 > 0:46:38Overall, this has really been one of the easiest renovation jobs

0:46:38 > 0:46:43I've seen. A real case of - if it ain't broken, don't fix it.

0:46:43 > 0:46:46# That's why I'm easy

0:46:46 > 0:46:49# Ah ah ah ah

0:46:49 > 0:46:53# I'm easy like Sunday morning... #

0:46:53 > 0:46:56But let's not forget this wasn't Brett's first choice property.

0:46:56 > 0:47:00At the auction, there was actually another property over the road

0:47:00 > 0:47:01there that I quite liked.

0:47:01 > 0:47:04I did get outbid on that. I came back to this one.

0:47:04 > 0:47:06I was a little bit disappointed to start with, to be honest.

0:47:06 > 0:47:09But when I had a third look at this one, when I had the keys,

0:47:09 > 0:47:11I was pretty chuffed with it. There wasn't a lot of work to do.

0:47:11 > 0:47:15We've had a quick whistle round. Got it in good shape. More than happy.

0:47:18 > 0:47:21And from the business side, it looks like everything is set for this

0:47:21 > 0:47:23place to be sooner paying its way.

0:47:23 > 0:47:26We do have tenants lined up for this property.

0:47:26 > 0:47:28I kind of knew that before I bought it, which is

0:47:28 > 0:47:31another reason that it was right for us.

0:47:31 > 0:47:35They are going to be moving in in two to three weeks' time.

0:47:35 > 0:47:38It appears to be a great little project all round.

0:47:38 > 0:47:41Little work needed and little work done.

0:47:41 > 0:47:45Soon it will be occupied and Brett must have kept within his budget.

0:47:45 > 0:47:49The initial budget for this renovation was round about 5,000.

0:47:49 > 0:47:53We are happy to say that we came in at 4,800, just below that.

0:47:53 > 0:47:56We look like we have finished everything. I think we have.

0:47:56 > 0:47:58That should be the end of it and the tenants can move in.

0:48:00 > 0:48:04Add that £4,800 to his purchase price of 120 grand

0:48:04 > 0:48:09and Brett's total outlay is just under £125,000.

0:48:10 > 0:48:15Time to find out what two local estate agents make of this latest

0:48:15 > 0:48:17edition to Brett's property portfolio,

0:48:17 > 0:48:21starting with the agent who first saw the house a few weeks ago.

0:48:21 > 0:48:24The property has been improved loads.

0:48:24 > 0:48:28The owner of the property painted it throughout

0:48:28 > 0:48:34and it definitely will be easier to find new tenants for this property.

0:48:36 > 0:48:38The layout is really good.

0:48:38 > 0:48:39The kitchens, bathrooms,

0:48:39 > 0:48:42it is really done to a really high standard.

0:48:42 > 0:48:43It's light and airy.

0:48:43 > 0:48:45It feels nice.

0:48:45 > 0:48:47So, with tenants lined up, what do the

0:48:47 > 0:48:51agents reckon Brett should be getting in rental returns?

0:48:51 > 0:48:56The two-bedroom maisonette will be £525 per calendar month.

0:48:56 > 0:48:59I would hope to achieve £495 per calendar month.

0:48:59 > 0:49:01Yeah, I'd say that's fair.

0:49:01 > 0:49:04We do have tenants lined up who have agreed to pay us 550.

0:49:04 > 0:49:06We've done well there. More than happy.

0:49:08 > 0:49:15The ground-floor flat can achieve the rent of £475 per calendar month.

0:49:15 > 0:49:18I would hope to achieve £400 per calendar month.

0:49:18 > 0:49:22We've again got tenants lined up at 450. In between the two.

0:49:22 > 0:49:23Again, happy with that.

0:49:23 > 0:49:27If we were to get the basement flat on the rental market,

0:49:27 > 0:49:30I would hope to achieve £450 per calendar month.

0:49:30 > 0:49:36It will achieve a rent of £450 per calendar month.

0:49:36 > 0:49:39That's great. That's exactly what we've got from our tenants.

0:49:39 > 0:49:41We are glad all our estimations worked out.

0:49:41 > 0:49:47In fact, Brett's total rental income will be £1,450 per calendar month,

0:49:47 > 0:49:53giving him a whopping annual yield of just under 14%. Incredible.

0:49:53 > 0:49:57But if Brett has decided to sell, then the agents reckon the maisonette

0:49:57 > 0:49:59could go for between £85,000 to £90,000.

0:49:59 > 0:50:03The ground-floor flat - £65,000 to £80,000.

0:50:03 > 0:50:08And the basement flat - £65,000 to £75,000.

0:50:08 > 0:50:10That would give Brett a total possible resale value

0:50:10 > 0:50:15of £215,000 to £245,000,

0:50:15 > 0:50:18giving him a potential pre-tax profit

0:50:18 > 0:50:20of in between £90,000 to £120,000.

0:50:20 > 0:50:22It surprised me a little bit that they are that high.

0:50:22 > 0:50:25We've always worked on slightly more conservative figures.

0:50:25 > 0:50:28But if we were to sell it, we'd be happy to try the market

0:50:28 > 0:50:30at those figures and see what we get.

0:50:30 > 0:50:34But for now, this is going to be a little rental machine to

0:50:34 > 0:50:36build for baby Albie's future.

0:50:36 > 0:50:38And what's to say there won't be more to come?

0:50:38 > 0:50:40Auctions, of course.

0:50:40 > 0:50:42I feel really happy with this project, actually.

0:50:42 > 0:50:45It's gone very smoothly. No problems.

0:50:45 > 0:50:48It's a lot more simple than some of the larger sites that we do,

0:50:48 > 0:50:51so it's definitely something I'm going to be doing again.

0:50:54 > 0:50:58And from experienced developer Brett to first-time renovator Richard,

0:50:58 > 0:51:02who earlier in the show bought this two-bed semidetached

0:51:02 > 0:51:05house in Chaddesden, Derby, for £78,000.

0:51:05 > 0:51:09Richard was a postman who took voluntary redundancy

0:51:09 > 0:51:12and then decided to take his first steps into property

0:51:12 > 0:51:15development with this, his first purchase.

0:51:15 > 0:51:18The house needed a wholesale refurbishment.

0:51:18 > 0:51:21From the beat-up kitchen, a decrepit patio, to a shabby bathroom,

0:51:21 > 0:51:23everything needed looking at.

0:51:23 > 0:51:28And with a garden, that was all Richard could do at the moment.

0:51:28 > 0:51:31It's difficult to quite see how big the garden is, isn't it?

0:51:31 > 0:51:32It is really, yes.

0:51:32 > 0:51:36There is a concrete path on the other garden that seems to go on forever.

0:51:36 > 0:51:39Then if you look on the satellite, it sort of goes this bit here,

0:51:39 > 0:51:42then trees, then something at the back of those.

0:51:42 > 0:51:45How bizarre that you are having to look at the garden via satellite.

0:51:45 > 0:51:49Yeah, yeah, cos I could only get, as I say, about 40 yards in.

0:51:49 > 0:51:51And it gets rather difficult after that.

0:51:51 > 0:51:55It was going to take more than some secateurs to deal with this jungle.

0:51:55 > 0:51:58Richard certainly seemed to be up to the challenge to deal with this

0:51:58 > 0:52:01and the renovation work needed here.

0:52:01 > 0:52:04And he had a £12,000 to £15,000 budget.

0:52:04 > 0:52:07And a three- to four-month timescale.

0:52:07 > 0:52:11But it was just under ten months later that we returned to Chaddesden

0:52:11 > 0:52:15to see if our former postie had delivered a first-class product.

0:52:17 > 0:52:22Well, there is a new front door and new windows, so that's a good start.

0:52:22 > 0:52:23And inside?

0:52:25 > 0:52:28The cramped front room has had the chimney breast removed,

0:52:28 > 0:52:31opening up the space and making it a far more comfortable room.

0:52:34 > 0:52:38At the rear, well, this is looking so much better.

0:52:43 > 0:52:46And upstairs, well, if that main bedroom does look bigger to you,

0:52:46 > 0:52:50that's because the chimney breast has also been given the heave ho.

0:52:50 > 0:52:53It's a great idea all-round, Richard.

0:52:54 > 0:52:56This is the front bedroom, above the lounge room.

0:52:56 > 0:53:00We removed the chimney breast here, which we were happy with.

0:53:00 > 0:53:03We put new architraves in here, replastered the walls,

0:53:03 > 0:53:06we painted it to a high standard.

0:53:06 > 0:53:09New radiator. And a new bedroom door.

0:53:09 > 0:53:11And a fully fitted carpet throughout.

0:53:11 > 0:53:15The smaller bedroom has also gained some space with the boiler

0:53:15 > 0:53:18cupboard being removed and resited in the kitchen.

0:53:21 > 0:53:24And the rejigging has also taken place in the bathroom,

0:53:24 > 0:53:26creating a more practical space.

0:53:26 > 0:53:30Not only that, it looks modern and stylish too.

0:53:30 > 0:53:33With the whole house replastered, recarpeted, with new electrics

0:53:33 > 0:53:36and radiators added, it looks bright and airy.

0:53:36 > 0:53:39And that includes the view from the kitchen,

0:53:39 > 0:53:42where Richard has consigned the decrepit patio to the skip.

0:53:42 > 0:53:45And now the true size of the garden can be revealed.

0:53:47 > 0:53:50The garden goes down approximately between 88 and 90m.

0:53:50 > 0:53:54Quite a long back garden. With a mini orchard, believe it or not.

0:53:54 > 0:53:57And it now seems like Richard is starting to

0:53:57 > 0:54:00think like a property developer, as he has some

0:54:00 > 0:54:04plans for the area beyond the fence, where there lies an orchard.

0:54:04 > 0:54:09I'm a bit undecided. I may hang onto it as a potential building plot.

0:54:09 > 0:54:12But that depends on the bloke right at the bottom.

0:54:12 > 0:54:17As long as his garden doesn't have access to the back of my property.

0:54:17 > 0:54:19That's my plan at the moment.

0:54:19 > 0:54:20So watch this space.

0:54:20 > 0:54:23In fact, getting a good view of this garden proved to be

0:54:23 > 0:54:27one of the biggest headaches during the renovation.

0:54:27 > 0:54:29The biggest challenge on this property was sorting

0:54:29 > 0:54:30the rear garden out.

0:54:30 > 0:54:34And taking down the conservatory on the back of the house.

0:54:34 > 0:54:36The worst job was taking the paint off the back.

0:54:36 > 0:54:38It took a couple of months to do that job.

0:54:38 > 0:54:40They were the worst jobs on this property.

0:54:40 > 0:54:42The rest of it's been straightforward, really.

0:54:42 > 0:54:44No hidden surprises.

0:54:44 > 0:54:45It's been quite enjoyable.

0:54:45 > 0:54:49Well, that's good news. Richard got builders in to fit the kitchen

0:54:49 > 0:54:50and remove the chimney breast.

0:54:50 > 0:54:53And tradesmen in for the plumbing and electrics.

0:54:53 > 0:54:56Leaving him and his family to do the decorating.

0:54:56 > 0:54:59He originally planned to do the job in three to four months,

0:54:59 > 0:55:03but the final timescale for the works was six months.

0:55:03 > 0:55:06Still, it looks have been a fairly straightforward renovation.

0:55:06 > 0:55:10So hopefully Richard managed to stick to his budget

0:55:10 > 0:55:12of £12,000 to £15,000.

0:55:12 > 0:55:15It's come out at between 20 and 25 because of the hidden jobs,

0:55:15 > 0:55:17the extras, the paint.

0:55:17 > 0:55:23Tools to do the garden, things like that, really. It just pushed it up.

0:55:23 > 0:55:27Add that upper spend of £25,000 to Richard's purchase

0:55:27 > 0:55:32price of 78,000 and his total outlay is £103,000.

0:55:32 > 0:55:37And with plans to put it up for sale, it's time to find out from two

0:55:37 > 0:55:41local property experts what they think of Richard's first investment,

0:55:41 > 0:55:43starting with auctioneer who originally sold the house.

0:55:43 > 0:55:47I think there is very acceptable standard of accommodation that's

0:55:47 > 0:55:48now on offer here.

0:55:48 > 0:55:52Certainly, as far as the area goes, which is a residential locality,

0:55:52 > 0:55:55it is appropriate and I think it will appeal.

0:55:55 > 0:55:58I don't know how long it will take him to sell it,

0:55:58 > 0:56:00but it will certainly sell.

0:56:02 > 0:56:05I think the layout of the property, it works.

0:56:05 > 0:56:08I believe that they've taken out a cupboard in the back bedroom

0:56:08 > 0:56:12and also a chimney breast in the living room. The living room

0:56:12 > 0:56:14is not very big, so it would have been quite small,

0:56:14 > 0:56:18I guess, with the chimney breast in. The hallway is rather small.

0:56:18 > 0:56:21I think the adjustments they've made have been worthwhile.

0:56:22 > 0:56:26With Richard still planning to sell the house on, what sort of

0:56:26 > 0:56:31resell value could he make, bearing in mind his spend of £103,000?

0:56:31 > 0:56:33If this property went on the market now,

0:56:33 > 0:56:39I would expect it to have an asking price in the region of £115,000.

0:56:39 > 0:56:42And I would expect him to achieve close to that.

0:56:42 > 0:56:47I would suggest an asking price of £124,950,

0:56:47 > 0:56:52to accept anything over £120,000.

0:56:52 > 0:56:55The house is under...for 119,500.

0:56:55 > 0:56:58We've had a second valuation for 124,000.

0:56:58 > 0:57:01I would consider putting it with the second estate agent.

0:57:01 > 0:57:05But at the moment, I'm undecided what to do with the plot of land at the

0:57:05 > 0:57:08back of the property, which I will decide once I've sold the property.

0:57:08 > 0:57:11Well, if the house did sell for that upper evaluation of just

0:57:11 > 0:57:16under 125,000, then Richard could expect to make a pre-tax

0:57:16 > 0:57:19profit of around £22,000.

0:57:19 > 0:57:23But should the rental option tempt Richard, then the agents reckon

0:57:23 > 0:57:26there could be a rental income of between 500

0:57:26 > 0:57:28and £525 per calendar month,

0:57:28 > 0:57:33giving him a potential annual yield of around 6%.

0:57:34 > 0:57:39Quite impressive rental figures. It's what I estimated myself.

0:57:39 > 0:57:41I am happy with both sets of figures.

0:57:41 > 0:57:44That rental income may not be enough to dissuade

0:57:44 > 0:57:45Richard from selling the house.

0:57:45 > 0:57:49But now he's got his first successful renovation under his

0:57:49 > 0:57:51belt, I reckon it won't be long

0:57:51 > 0:57:54till we see Richard getting his next project.

0:57:54 > 0:57:58What's next? Again, view the properties that come up at auction

0:57:58 > 0:57:59and just generally look round.

0:57:59 > 0:58:02You'll probably see me again, I think. Definitely.

0:58:05 > 0:58:07Well, that's all we've got time for today.

0:58:07 > 0:58:10But there are many more properties being sold under the hammer.

0:58:10 > 0:58:13Yes, so join us next time to follow the progress of some

0:58:13 > 0:58:15of the country's new property developers.

0:58:15 > 0:58:17- We will see you, then. ALL:- Goodbye.