Episode 2

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

0:00:03 > 0:00:06Now, if we added up all the properties we've featured

0:00:06 > 0:00:08on Homes Under The Hammer over the years,

0:00:08 > 0:00:11well, it must run into literally thousands.

0:00:11 > 0:00:12It's a staggering amount.

0:00:12 > 0:00:15Absolutely, Martin, and to help us with all the action,

0:00:15 > 0:00:17we are joined by Dion Dublin.

0:00:17 > 0:00:20- Dion!- Hello! How are you?- Good to see you.- How lovely to meet you.

0:00:20 > 0:00:23Now, I know that you're an ex-Premiership footballer

0:00:23 > 0:00:26turned pundit, but that's not all the story, is it?

0:00:26 > 0:00:27No, not at all.

0:00:27 > 0:00:30Yes, 23 years as a professional footballer,

0:00:30 > 0:00:32but property has been a passion for years.

0:00:32 > 0:00:33I've bought, I've sold,

0:00:33 > 0:00:36but I can't wait to get stuck into Homes Under The Hammer.

0:01:01 > 0:01:03Well, if you have a passion for property,

0:01:03 > 0:01:06you're in the right place and if you love a bargain, well,

0:01:06 > 0:01:08an auction could be a great place to start.

0:01:08 > 0:01:11Yes, but you need to do your homework before you

0:01:11 > 0:01:13stick your hand in the air.

0:01:13 > 0:01:15Let's see who did just that on today's programme.

0:01:17 > 0:01:19I'm kicking off today's show in Crewe, where this property,

0:01:19 > 0:01:22on first inspection, had a clean bill of health.

0:01:22 > 0:01:24Well...

0:01:24 > 0:01:26- HE SIGHS - I spoke too soon.

0:01:27 > 0:01:30Whereas in North London, I reckon I've found a place

0:01:30 > 0:01:32that would scrub up nicely.

0:01:32 > 0:01:35It's amazing what a good old clean can do.

0:01:37 > 0:01:41As for me, I'm awash with ideas on how to give this house a fresh start.

0:01:41 > 0:01:44Take this out, take the fireplace out,

0:01:44 > 0:01:47make it symmetrical again.

0:01:47 > 0:01:49All these properties have been sold at auction.

0:01:49 > 0:01:53We'll find out who bought them and what they paid for them

0:01:53 > 0:01:55when they went under the hammer.

0:01:55 > 0:01:56Well done, sir.

0:02:00 > 0:02:04Of course, Crewe in Cheshire is synonymous with trains.

0:02:04 > 0:02:08So much so that the nickname for the Crewe Alexandra football team

0:02:08 > 0:02:12is the Railwaymen and trains aren't the only transport.

0:02:12 > 0:02:14Bentley cars are built here.

0:02:14 > 0:02:16So, home to prestigious motors

0:02:16 > 0:02:19and hopefully some quality properties.

0:02:21 > 0:02:24Well, £85,000 was the guide price.

0:02:24 > 0:02:27"For what?" I hear you ask.

0:02:27 > 0:02:30Well, three-bedroom semidetached.

0:02:30 > 0:02:32It looks pretty nice from the outside. Let's take a look.

0:02:33 > 0:02:36Good-looking street, good-looking house,

0:02:36 > 0:02:37but then one problem.

0:02:39 > 0:02:41# I've been locked out

0:02:41 > 0:02:43# I've been locked in

0:02:43 > 0:02:47# But I always seem to come back again... #

0:02:47 > 0:02:49Anyone know a locksmith?

0:02:49 > 0:02:52Well, rather than wait around, we can cut through

0:02:52 > 0:02:53the spacious garage...

0:02:56 > 0:02:59..and into the even more spacious back garden...

0:03:00 > 0:03:02..and finally we can get inside.

0:03:05 > 0:03:07Definitely one of the first things you'll have to do is...

0:03:07 > 0:03:10- HE GRUNTS - ..sort out the doors and windows.

0:03:10 > 0:03:13Just looking from the outside there, they are completely shot.

0:03:13 > 0:03:15Through the door, though, into the kitchen,

0:03:15 > 0:03:16probably needs to be replaced.

0:03:16 > 0:03:21I do actually quite like this quarry tiled floor.

0:03:21 > 0:03:23Erm, I wouldn't say I like the colour.

0:03:23 > 0:03:27Maybe you could, before you rip that up, polish it, maybe?

0:03:27 > 0:03:30Hmm...maybe not!

0:03:30 > 0:03:32Quite an interesting design, but then I guess that's

0:03:32 > 0:03:36because we're kind of coming in the property from the back,

0:03:36 > 0:03:38so it all feels a bit strange

0:03:38 > 0:03:41because through the kitchen there into this room here, which is just

0:03:41 > 0:03:46a really nice open-plan living room, dining room, a really nice space.

0:03:46 > 0:03:49Big bay window there, lots of light flooding in,

0:03:49 > 0:03:51yeah, a great room and, actually,

0:03:51 > 0:03:53it doesn't look like it needs too much work.

0:03:55 > 0:03:57# If I woke up in the morning

0:03:57 > 0:04:00# And the world was back to front

0:04:00 > 0:04:02# There was sunshine in the evening

0:04:02 > 0:04:04# And the moon came out for lunch... #

0:04:04 > 0:04:08So, despite seeing this place back to front, I think once you're

0:04:08 > 0:04:12inside, it looks like this could be a rather good home for someone.

0:04:14 > 0:04:18So upstairs, and good news, at least the bathroom is upstairs.

0:04:18 > 0:04:21Bad news is, as you can see, it's pretty tiny,

0:04:21 > 0:04:24only space, really, for a shower.

0:04:24 > 0:04:27So, for a family house like this, not ideal

0:04:27 > 0:04:30and I'm looking around thinking, how can you rejig the lay out,

0:04:30 > 0:04:33maybe to get a bigger bathroom? And I'm not quite sure yet.

0:04:33 > 0:04:36You've got a small bedroom at the back there.

0:04:36 > 0:04:39A slightly larger bedroom in the middle and then this landing,

0:04:39 > 0:04:40which is quite pleasant.

0:04:40 > 0:04:44Hopefully, this might provide the answer, possibly it does.

0:04:44 > 0:04:47This is the front bedroom and, as you can see, it's a really

0:04:47 > 0:04:52good size, so can you divide this, somehow, to allow for a bathroom?

0:04:52 > 0:04:54Well, there's a window there.

0:04:54 > 0:04:57That's good, so maybe we can take a bit of the space in here,

0:04:57 > 0:04:58still keep this as a double,

0:04:58 > 0:05:03but get that much-improved bathroom size, something to consider.

0:05:03 > 0:05:04Erm, and that's about it, really.

0:05:05 > 0:05:07Ahem.

0:05:07 > 0:05:08Well...

0:05:08 > 0:05:11- SIGHS - I spoke too soon.

0:05:11 > 0:05:14Look at that! What is going on there?

0:05:14 > 0:05:17And I'm not saying that somebody has deliberately put this

0:05:17 > 0:05:22piece of large furniture in front of something to try

0:05:22 > 0:05:24and cover it up, but when you move it,

0:05:24 > 0:05:27erm, what's behind the cupboard...

0:05:27 > 0:05:30That is a really nasty crack.

0:05:30 > 0:05:33Now let's look at the worst- and best-case scenarios here.

0:05:33 > 0:05:35What is causing that?

0:05:35 > 0:05:38Well, best-case scenario, it's just old plaster,

0:05:38 > 0:05:41maybe it's dried out, maybe it's cracked over time, it's historical.

0:05:41 > 0:05:45Worst-case scenario, that is indicating some serious structural

0:05:45 > 0:05:50problems with the whole front wall of the house, in which case...

0:05:50 > 0:05:51that's really bad.

0:05:51 > 0:05:53# Hide the cracks

0:05:53 > 0:05:55# Jump back

0:05:55 > 0:05:56# Hide the cracks... #

0:05:56 > 0:05:58How bad are the cracks around the room?

0:05:58 > 0:06:01Let's just say, I'm not leaning on the walls in case

0:06:01 > 0:06:04we end up with a Martin Roberts-shaped hole there.

0:06:05 > 0:06:10I think this house needs rejigging, but it does have potential.

0:06:10 > 0:06:13There's a loft, so maybe develop upwards.

0:06:13 > 0:06:16There is a better solution to the bathroom issue outside.

0:06:16 > 0:06:18No, not that!

0:06:18 > 0:06:20I'm talking about the possibility of building an extension,

0:06:20 > 0:06:25a two-storey one, and the garden would still be pretty sizeable.

0:06:25 > 0:06:28But would it be worth it?

0:06:28 > 0:06:31Let's find out what an agent from the auction house who sold it

0:06:31 > 0:06:34thinks of this semi.

0:06:34 > 0:06:37It's quite a busy road as regards to how many cars are parked on here

0:06:37 > 0:06:41so a big selling point is the off-road parking and the garage.

0:06:41 > 0:06:45Also the garden, it's a really nice size and it is quite private, too.

0:06:45 > 0:06:47The property does need a lot of work doing to

0:06:47 > 0:06:52so I can see an investor buying this property, maybe a cash buyer.

0:06:52 > 0:06:53I would say you need to rewire,

0:06:53 > 0:06:56certainly a new central-heating system,

0:06:56 > 0:07:00decoration throughout and that shower room needs to be made bigger.

0:07:00 > 0:07:03I think a bit of a reduction in the size of that small bedroom

0:07:03 > 0:07:04wouldn't make a massive difference.

0:07:04 > 0:07:07It certainly wouldn't make a difference to the price.

0:07:07 > 0:07:09The agent wouldn't recommend the loft extension

0:07:09 > 0:07:12unless the property was going to be kept as a home for a while.

0:07:12 > 0:07:15So what would the potential profit of this house,

0:07:15 > 0:07:21guided at £85,000, be if it was just renovated and sold on?

0:07:21 > 0:07:25Once refurbished and the bathroom made a bit bigger,

0:07:25 > 0:07:29you'd be looking in the region of £120,000 for sale

0:07:29 > 0:07:34and for rental purposes, we'd be looking around 550 to £570

0:07:34 > 0:07:35per calendar month.

0:07:36 > 0:07:40Well, a bit of work to be done just to get it up to standard, but,

0:07:40 > 0:07:43intrinsically, it's a good house and a great one to go for.

0:07:43 > 0:07:47Let's see who agreed when it went under the hammer.

0:07:48 > 0:07:51Traditional semidetached house, large lounge diner,

0:07:51 > 0:07:55three bedrooms, garage and rear garden, does require modernising.

0:07:55 > 0:07:5670, can I say, to start.

0:07:57 > 0:08:0170 bid, lady's bid, seated, at £70,000.

0:08:01 > 0:08:0372, can I say now?

0:08:03 > 0:08:0572.

0:08:05 > 0:08:0774? 74.

0:08:07 > 0:08:0976? 76.

0:08:09 > 0:08:1178? 78.

0:08:11 > 0:08:1280?

0:08:14 > 0:08:17No? At £78,000, lady's bid, seated,

0:08:17 > 0:08:19at £78,000.

0:08:19 > 0:08:20I'll take one off you, sir.

0:08:20 > 0:08:23No? At £78,000.

0:08:23 > 0:08:24One, anywhere, up?

0:08:24 > 0:08:26One? 79.

0:08:26 > 0:08:2780.

0:08:27 > 0:08:28Another one?

0:08:30 > 0:08:34If not, £80,000 for the first time.

0:08:34 > 0:08:36Half?

0:08:36 > 0:08:3780.5.

0:08:37 > 0:08:3981? 81.

0:08:39 > 0:08:41Another half? Sure?

0:08:42 > 0:08:4481, then, with the lady, seated.

0:08:44 > 0:08:46£81,000 once.

0:08:46 > 0:08:48£81,000 twice.

0:08:48 > 0:08:51Third and last time at £81,000...

0:08:52 > 0:08:54It's yours. Well done.

0:08:54 > 0:09:00So, for £81,000 - £4,000 under the guide price - the successful bidders

0:09:00 > 0:09:04for the three-bed semi in Crewe were Anne and her husband John.

0:09:08 > 0:09:11I met up with John to find out their plans.

0:09:11 > 0:09:14- John, good to meet you. - And you, Martin.- Congratulations.

0:09:14 > 0:09:17- Thanks very much.- Well done. Tell me why you wanted to buy this place.

0:09:17 > 0:09:21- I just sold a property and I should have done this years ago.- Right.

0:09:21 > 0:09:24So I decided it's not too late, have a go.

0:09:24 > 0:09:26And why didn't you?

0:09:26 > 0:09:30Erm, I was tied up with what I was doing for 20 years.

0:09:30 > 0:09:31I had a fishery.

0:09:31 > 0:09:33- A fishery?- Yeah.

0:09:33 > 0:09:38So just the land and I built it up, the big house, the lakes,

0:09:38 > 0:09:40- that kind of thing.- Wow.- Yeah.

0:09:40 > 0:09:43- What kind of fish?- Coarse fish.- OK.

0:09:43 > 0:09:44You mean people came and...?

0:09:44 > 0:09:46- On a day ticket, water.- Right.

0:09:46 > 0:09:49- What, roach and carp and all that kind of stuff?- Everything, yeah.

0:09:49 > 0:09:50And were you a fisherman yourself?

0:09:50 > 0:09:52- No.- Oh, right.

0:09:52 > 0:09:54LAUGHTER

0:09:54 > 0:09:56No, I did it for my son, years ago.

0:09:56 > 0:09:58He was a good fisherman.

0:09:58 > 0:10:00So you built him a lake that he could fish in himself?

0:10:00 > 0:10:02Well, he ran it.

0:10:02 > 0:10:04I worked.

0:10:04 > 0:10:07And did you charge per fish that people catch?

0:10:07 > 0:10:08No, no, just per day, you've to fish

0:10:08 > 0:10:11and then they put the fish back at the end of the day, yeah.

0:10:11 > 0:10:13And they feed them as well. LAUGHTER

0:10:13 > 0:10:16- That's a good business model, really, isn't it?- Of course it is!

0:10:16 > 0:10:19So that kept you from doing this sooner. Why now, then?

0:10:19 > 0:10:22Just cos you've got a bit more time and money released?

0:10:22 > 0:10:25Erm, yeah, I was a building control officer.

0:10:25 > 0:10:27Remind me exactly what that entails.

0:10:27 > 0:10:29Building inspector with the local authority.

0:10:29 > 0:10:32Great, now you are definitely in the know, then.

0:10:32 > 0:10:35Erm, I know a bit, yeah, let's put it that way.

0:10:35 > 0:10:39- You said, "I know what not to do," don't you?- Correct, yeah.

0:10:39 > 0:10:41# You will have a fishy on a little dishy

0:10:41 > 0:10:45# You will have a fishy when the boat comes in... #

0:10:45 > 0:10:47No fish jokes, I promise.

0:10:47 > 0:10:52John has managerial and building know-how, so this shouldn't be

0:10:52 > 0:10:56an upstream struggle to turn this place into a real catch.

0:10:56 > 0:10:59Oh, sorry, I lied!

0:10:59 > 0:11:01So what are you going to do to it?

0:11:01 > 0:11:04Putting on a lick of paint, I don't think is going to work, somehow.

0:11:04 > 0:11:07So it's the complete works, isn't it?

0:11:07 > 0:11:10Erm, new windows right through, new kitchen, new bathroom,

0:11:10 > 0:11:12extend the bathroom into the little bedroom,

0:11:12 > 0:11:15it's the only way to do it as far as I can see, pinch a foot.

0:11:15 > 0:11:18Electrics want doing, a bit shot-at, as you might say,

0:11:18 > 0:11:21and hopefully, yeah, we'll get there.

0:11:21 > 0:11:23What about the front wall? Because it did worry me a bit.

0:11:23 > 0:11:27There's some cracks in the bedroom upstairs at the front.

0:11:27 > 0:11:30- That's only historic on plaster, I think.- Yeah.

0:11:30 > 0:11:32There's nothing structural showing outside whatsoever.

0:11:32 > 0:11:34And you should know that, really.

0:11:34 > 0:11:36Yes, I've seen quite a few over the years!

0:11:36 > 0:11:38- LAUGHTER - So that's good news.- Yeah.

0:11:39 > 0:11:43John's expertise is not just confined to diagnosing cracks.

0:11:43 > 0:11:45He used to be a joiner,

0:11:45 > 0:11:48so those carpentry skills are going to be used here, too.

0:11:48 > 0:11:51He's hoping to pull this job together for £15,000

0:11:51 > 0:11:53and in three months.

0:11:53 > 0:11:55With all John's experience, I think

0:11:55 > 0:11:58he's getting the bug for property development.

0:11:58 > 0:12:01Now you've started, then, you've started the ball rolling, have you?

0:12:01 > 0:12:02- Yeah.- How many?

0:12:02 > 0:12:04I don't know. I'll see how it goes.

0:12:04 > 0:12:06Is the plan to do it up and sell it on or...?

0:12:06 > 0:12:09Do it up, sell, move onto the next one,

0:12:09 > 0:12:11but have the next one ready to go at, rather than be waiting.

0:12:11 > 0:12:14- Well, listen, congratulations. - Thanks very much.- Good luck with it.

0:12:14 > 0:12:19- Thanks very much, Martin.- Look forward to seeing how you get on. - No doubt we will!

0:12:19 > 0:12:21Well, I think John has done really well with this property,

0:12:21 > 0:12:24especially getting it for that price

0:12:24 > 0:12:26and it's good to know there was nothing "fishy"

0:12:26 > 0:12:28about that front wall!

0:12:28 > 0:12:31Is he perch-ed on the edge of a financial success?

0:12:31 > 0:12:33HE GROANS

0:12:33 > 0:12:36You can find out later in the show.

0:12:40 > 0:12:41Enough of that, thanks, Martin.

0:12:41 > 0:12:43Right, moving swiftly on.

0:12:43 > 0:12:46I'm off to Childs Hill in North West London,

0:12:46 > 0:12:50where I don't think there's a fish or a fisherman in sight.

0:12:51 > 0:12:54Despite being just a stone's throw from the swanky

0:12:54 > 0:12:56area of Hampstead, currently,

0:12:56 > 0:12:59property prices are nowhere near its more affluent neighbour.

0:12:59 > 0:13:02So if you want to experience upmarket London living,

0:13:02 > 0:13:04but without the hefty price tag,

0:13:04 > 0:13:08well, I sense there may be an investment opportunity here.

0:13:10 > 0:13:12Now, I am not one to dwell on the negatives

0:13:12 > 0:13:15so I'm just going to get them all out of the way now.

0:13:16 > 0:13:20This is a fairly busy road so it is not the quietest place to live

0:13:20 > 0:13:24and the nearest tube station is a 20-minute walk away.

0:13:24 > 0:13:28Now, that might not sound far to anybody living outside London,

0:13:28 > 0:13:31but for commuters in the capital,

0:13:31 > 0:13:33well, they do like to be closer than that.

0:13:33 > 0:13:37But, on the plus side, the two-bed flat I'm here to see

0:13:37 > 0:13:41had a guide price of £285,000,

0:13:41 > 0:13:43which sounds pretty reasonable for this area.

0:13:47 > 0:13:50Well, if a busy road and walk to the station are the downs,

0:13:50 > 0:13:54then the guide price is definitely an up, as is the position

0:13:54 > 0:13:59of this flat on the top floor of this rather pleasant brick building.

0:13:59 > 0:14:01So onwards and upwards.

0:14:02 > 0:14:04Well, it's all about the stairs in this property

0:14:04 > 0:14:06because there are an awful lot of them to climb.

0:14:06 > 0:14:12But look at this lovely, lovely banister and character as well.

0:14:12 > 0:14:14So I've got a good feeling straightaway. It's spacious,

0:14:14 > 0:14:17you've got a nice, big bedroom at the back,

0:14:17 > 0:14:20a few little steps up here, but I like the feel of this hallway.

0:14:20 > 0:14:22You've got some light coming through up there, which is

0:14:22 > 0:14:28a bonus, another good-sized bedroom and the lounge through here.

0:14:28 > 0:14:30Now, the window is so disproportionate

0:14:30 > 0:14:32for the size of the room.

0:14:32 > 0:14:36That really doesn't work at all and through here, well,

0:14:36 > 0:14:39a very small kitchen, so perhaps take this partition down

0:14:39 > 0:14:42and, if you intend to rent it out, well, you don't

0:14:42 > 0:14:46actually need to do too much to bring it up to standard.

0:14:46 > 0:14:50Yes, you might want to update those appliances and, erm, well, perhaps

0:14:50 > 0:14:54install a combi boiler because that will give you more space.

0:14:54 > 0:14:57But I think the units are OK, as is the flooring.

0:14:57 > 0:14:59I think if you work with what's here,

0:14:59 > 0:15:02you could save yourself thousands of pounds

0:15:02 > 0:15:05and it's also amazing what a good old clean can do!

0:15:05 > 0:15:09# Birds singing a song

0:15:09 > 0:15:12# Old paint is peeling

0:15:12 > 0:15:16# This is their fresh Their fresh feeling... #

0:15:16 > 0:15:20You could go mad and make this a top-notch London pad

0:15:20 > 0:15:23with all the high-end finishes if you really wanted to.

0:15:23 > 0:15:26Certainly, the flat would benefit from being opened up with

0:15:26 > 0:15:30the kitchen and living room being one fab, open living space.

0:15:30 > 0:15:33Overall, though, I think it really just needs to be freshened up

0:15:33 > 0:15:35and given a lift.

0:15:38 > 0:15:40But, and I'm afraid there is a but...

0:15:42 > 0:15:47..unfortunately, I do have another negative to tell you about.

0:15:47 > 0:15:50Now, it only has 70 years left on its lease.

0:15:50 > 0:15:55Now, that might not sound too short, but it will still reduce the resale

0:15:55 > 0:15:59value and it will limit the mortgage lenders who will provide the money.

0:15:59 > 0:16:02The lease really does need to be extended,

0:16:02 > 0:16:07which will mean factoring thousands of pounds extra into your budget.

0:16:07 > 0:16:08And I do mean thousands.

0:16:08 > 0:16:12Renewing the lease could cost in excess of 20 grand,

0:16:12 > 0:16:15which is likely to be considerably more than the refurbishment budget,

0:16:15 > 0:16:18so it's a big chunk on top.

0:16:18 > 0:16:20But extending the lease will add value,

0:16:20 > 0:16:22so, overall, I think it would be worth doing.

0:16:24 > 0:16:27# Give me just a little more time

0:16:27 > 0:16:30# And our love will surely grow... #

0:16:30 > 0:16:34The good news is that a thing called a Section 42 notice

0:16:34 > 0:16:36has already been served to the freeholder.

0:16:36 > 0:16:39This means the lease can be extended straightaway rather than

0:16:39 > 0:16:41having to wait for the standard two years.

0:16:41 > 0:16:44That is, of course, once you've stumped up the agreed amount

0:16:44 > 0:16:46to get the longer lease.

0:16:46 > 0:16:50# Give me just a little more time

0:16:50 > 0:16:52# And our love will surely grow... #

0:16:52 > 0:16:56But what does a local estate agent make of this two-bedroom,

0:16:56 > 0:16:58top-floor flat?

0:16:58 > 0:17:01I'm very impressed. It's in reasonably good condition.

0:17:01 > 0:17:04It is in need of refurbishment and redecoration.

0:17:04 > 0:17:08Obviously it's on quite a busy road. You're very close to the A41.

0:17:08 > 0:17:11Parking, you have to have a resident's permit.

0:17:11 > 0:17:15There's local schools, which, at school times,

0:17:15 > 0:17:18obviously there's a lot of parking issues and traffic.

0:17:18 > 0:17:20Well, I do agree.

0:17:20 > 0:17:23The busy road isn't for everyone, but maybe the top floor position

0:17:23 > 0:17:26means that traffic isn't such an issue when you're indoors.

0:17:26 > 0:17:31But what about the big negative here, that relatively short lease?

0:17:31 > 0:17:33The implications of the property having a short lease

0:17:33 > 0:17:37are it limits the opportunity for people to purchase the property.

0:17:37 > 0:17:40It's very difficult for buyers to get a mortgage.

0:17:40 > 0:17:44If I was the owner of the property, I would definitely look at extending

0:17:44 > 0:17:48the lease as it opens many more doors for potential purchasers.

0:17:48 > 0:17:51The flat was guided at 285,000,

0:17:51 > 0:17:55so could it work as an investment on the resale market?

0:17:55 > 0:17:58Once renovated, this property, with a short lease,

0:17:58 > 0:18:02should sell somewhere in the region of £350,000.

0:18:02 > 0:18:04If the owner was to extend the lease

0:18:04 > 0:18:06and sell the property once it was renovated,

0:18:06 > 0:18:12it should achieve somewhere in the region of 440 to £450,000.

0:18:12 > 0:18:13Wow.

0:18:13 > 0:18:16So extending the lease could add £100,000 to its value,

0:18:16 > 0:18:19so it certainly looks like it would be worth doing.

0:18:19 > 0:18:21And what about its rental potential?

0:18:21 > 0:18:24Once renovated, on the rentals market, this property should

0:18:24 > 0:18:28achieve somewhere in the region of £1,500 per calendar month.

0:18:31 > 0:18:33Yes, there are a few issues with this flat, but, still,

0:18:33 > 0:18:36there are plenty of positives here, too.

0:18:36 > 0:18:40It doesn't need to much work, there is money to be made and,

0:18:40 > 0:18:44if you do extend the lease, then the value will only go up.

0:18:44 > 0:18:48Let's see who felt it was one to go for when we went to auction.

0:18:50 > 0:18:54Lot 109 is a leasehold, self-contained, second-floor flat.

0:18:54 > 0:18:56We have two bedrooms here.

0:18:56 > 0:18:58260, anywhere? 260?

0:18:58 > 0:19:00Thank you, there on my left, 260 on bid, here.

0:19:00 > 0:19:02260 here.

0:19:02 > 0:19:04265, thank you. 270?

0:19:04 > 0:19:06270. 75?

0:19:06 > 0:19:0775. 80?

0:19:07 > 0:19:0980. 85?

0:19:09 > 0:19:1285? 285. 90?

0:19:12 > 0:19:14290 at the back. 295?

0:19:14 > 0:19:16295. 300?

0:19:17 > 0:19:19I'll take 2.5.

0:19:19 > 0:19:2197.5. 300?

0:19:21 > 0:19:22300 and 2.5?

0:19:23 > 0:19:252.5. And five?

0:19:25 > 0:19:27No.

0:19:27 > 0:19:29First time at 302.5.

0:19:29 > 0:19:31Second time at 302.5.

0:19:31 > 0:19:34Third and last time at £302,500.

0:19:34 > 0:19:36Standing at the back. Have we all done?

0:19:36 > 0:19:37One more? No?

0:19:39 > 0:19:41And, hidden from our camera's view,

0:19:41 > 0:19:46the successful bid of £302,500 for the two-bed,

0:19:46 > 0:19:49top-floor flat in Childs Hill, North West London,

0:19:49 > 0:19:53was made by Adrian on behalf of his daughter Dominique.

0:19:55 > 0:19:59Dominique is a director of a property company in nearby Hampstead.

0:19:59 > 0:20:01She joined me back at the flat to tell me more.

0:20:03 > 0:20:05- Dominique, congratulations. - Thank you.

0:20:05 > 0:20:08You weren't at the auction, were you? It wasn't you bidding for this?

0:20:08 > 0:20:12It wasn't, no. I had my dad bidding for me, basically.

0:20:12 > 0:20:17I've been looking for quite a while, made offers on other properties,

0:20:17 > 0:20:20and I thought this was the one I really wanted.

0:20:20 > 0:20:23- So, how involved was he with this? Obviously he bid for it.- Yes.

0:20:23 > 0:20:25Did he view it or did you come and view it?

0:20:25 > 0:20:29Do you know what, we didn't actually view it beforehand.

0:20:29 > 0:20:32I kind of know the area so well because I work in Hampstead,

0:20:32 > 0:20:36and it's where I'm based and I know the surrounding areas.

0:20:36 > 0:20:40I saw a floor plan beforehand but now I actually see it, and

0:20:40 > 0:20:43I see the layout and how big it is, I'm really happy with the purchase.

0:20:45 > 0:20:47Dominique has been lucky with this flat.

0:20:47 > 0:20:49Not viewing it is a risky strategy,

0:20:49 > 0:20:53but she does have local knowledge and she read the legal pack.

0:20:53 > 0:20:56After all, this young entrepreneur works in property.

0:20:58 > 0:21:00Dominique, tell me more about your property company.

0:21:00 > 0:21:04Yeah, definitely. Basically, I set up the company two years ago.

0:21:04 > 0:21:06We specialise in rental, sales, property and management,

0:21:06 > 0:21:08investments, developments.

0:21:08 > 0:21:11Me, personally, I specialise in the rental sector of the market.

0:21:11 > 0:21:13I've been doing property for a long time,

0:21:13 > 0:21:16for about seven years now, maybe eight years, actually.

0:21:16 > 0:21:18So, where does it stem from? Is it your parents?

0:21:18 > 0:21:21My dad's in property, he's got a property company himself.

0:21:21 > 0:21:24When I was younger, I was always in property

0:21:24 > 0:21:26and I always got a feel for what the market was going like,

0:21:26 > 0:21:29and then slowly, slowly over the years I've got an idea

0:21:29 > 0:21:32and I've always known that I wanted to follow in his footsteps,

0:21:32 > 0:21:34and have my own portfolio.

0:21:34 > 0:21:37# Walking in your footsteps

0:21:39 > 0:21:42# Walking in your footsteps... #

0:21:42 > 0:21:46Ah, the voice of experience and Dominique is just 27. Amazing.

0:21:46 > 0:21:49She might have got Dad on board to do the bidding,

0:21:49 > 0:21:52but this project is very much hers.

0:21:52 > 0:21:54What do you think you could do to improve it?

0:21:54 > 0:21:58Obviously, it's mainly cosmetic work that we're looking at doing to the flat.

0:21:58 > 0:22:01I don't really want to put a lot of money into it.

0:22:01 > 0:22:04So, probably, obviously re-carpet throughout,

0:22:04 > 0:22:07re-paint, and we're going to do the communal areas, as well,

0:22:07 > 0:22:09because they're a little bit ropey, not so great.

0:22:09 > 0:22:12- Make that look a bit more presentable.- Good idea.

0:22:12 > 0:22:15First impressions are always something that count to me.

0:22:15 > 0:22:17What is your budget?

0:22:17 > 0:22:19Erm, I mean, I would probably say, budget-wise,

0:22:19 > 0:22:23I'd like to spend nothing if I could! But I have to spend something.

0:22:23 > 0:22:27I'd probably say £5,000-£7,000, that sort of figure.

0:22:27 > 0:22:29That is relatively low.

0:22:29 > 0:22:32Yeah. That's what we're probably looking at spending.

0:22:32 > 0:22:35Now, one downer is the lease.

0:22:35 > 0:22:37It's not everybody's cup of tea to buy a property

0:22:37 > 0:22:39with a rather short lease.

0:22:39 > 0:22:41Yes, we are going to be extending the lease.

0:22:41 > 0:22:44It is something we're going to be doing, yes, definitely.

0:22:44 > 0:22:47Have you made any enquiries as to how much it's going to cost you?

0:22:47 > 0:22:49Yes, we have made enquiries.

0:22:49 > 0:22:51We know the sort of figure it is going to cost.

0:22:51 > 0:22:54We took everything into consideration when buying the property.

0:22:54 > 0:22:56How much, roughly, do you think it is going to be?

0:22:56 > 0:22:59I'm not sure, I don't want to say a figure at this stage.

0:22:59 > 0:23:02Is the cost of a lease on top of your budget of £5,000-£7,000?

0:23:02 > 0:23:04Yes, it is.

0:23:04 > 0:23:08'Along with her £7,000 refurbishment budget, she is hoping her builders

0:23:08 > 0:23:11'can get this ready for the letting market in five to six weeks.'

0:23:11 > 0:23:14Dominique, you're a director of a property company,

0:23:14 > 0:23:17your own property portfolio, you are incredibly young.

0:23:17 > 0:23:19How have you got to where you are now?

0:23:19 > 0:23:21When you are passionate about something

0:23:21 > 0:23:24and you love something, it becomes natural.

0:23:24 > 0:23:28My enthusiasm to it is just natural, it is like love.

0:23:28 > 0:23:31My work is like my baby, basically.

0:23:31 > 0:23:33It's something I am nurturing because it is a new business

0:23:33 > 0:23:36and I've always had the passion from a young age

0:23:36 > 0:23:39and I think over the years it's just grown with experience.

0:23:39 > 0:23:42Have you got your dad's experience to fall back on if you need it?

0:23:42 > 0:23:46Of course, it's always great to have wise people at hand.

0:23:46 > 0:23:49But, you know, definitely, I will always call him

0:23:49 > 0:23:52and be like, "Do you think this is right? What do you think on this?"

0:23:52 > 0:23:54I think it is only normal.

0:23:54 > 0:23:58Dominique, I can't wait to see how much or how little you do

0:23:58 > 0:24:00- when we return. Well done.- Thank you.

0:24:02 > 0:24:07So, Dominique might love property, but it's all about the figures

0:24:07 > 0:24:09and getting the best possible return.

0:24:09 > 0:24:12Join me later in the programme when you can find out how far

0:24:12 > 0:24:15she does decide to take this renovation.

0:24:17 > 0:24:21Coming up - this property in Greater Manchester is a sight for sore eyes.

0:24:21 > 0:24:24I like it, but I like that view even more.

0:24:27 > 0:24:31Back in North London, has Dominique decided to go for broke?

0:24:31 > 0:24:36Once you start one thing, before you know it you do get carried away.

0:24:40 > 0:24:43But first, it's back to the Cheshire town of Crewe.

0:24:43 > 0:24:46It was here where we saw a three-bed semidetached house

0:24:46 > 0:24:50which certainly looked promising from the outside.

0:24:50 > 0:24:54With off-street parking, a garage, a good-sized rear garden

0:24:54 > 0:24:58and inside, well, that was slightly harder to assess.

0:25:00 > 0:25:02# Let me in

0:25:02 > 0:25:03# Open up

0:25:03 > 0:25:07# Why won't you open up that door... #

0:25:09 > 0:25:12Well, when I did finally get in, what I found was a decent house

0:25:12 > 0:25:16let down only by its general decorative order.

0:25:16 > 0:25:18A disappointingly small shower room

0:25:18 > 0:25:21and some slightly worrying cracks.

0:25:21 > 0:25:25But none of this was of great concern to former joiner

0:25:25 > 0:25:29and building inspector John, who had waited a long time for this,

0:25:29 > 0:25:32his first property development project.

0:25:33 > 0:25:35- I should have done this years ago.- Right.

0:25:35 > 0:25:39- So, I decided it's not too late, have a go.- Why didn't you?

0:25:39 > 0:25:45Erm, I was tied up with what I was doing for 20 years. I had a fishery.

0:25:45 > 0:25:49- A fishery?- Yes. So, just the land and I built it up.

0:25:49 > 0:25:53- The big house, the lakes, that kind of thing.- Wow.

0:25:53 > 0:25:55- Were you a fisherman yourself?- No.

0:25:58 > 0:26:02No, I did it for my son years ago. He was a good fisherman...

0:26:02 > 0:26:06- You built him a lake that he could fish in himself?- Well, he ran it.

0:26:06 > 0:26:08- OK.- I worked.

0:26:08 > 0:26:11And having paid £81,000 for the house at auction,

0:26:11 > 0:26:14he finally had swapped working at a fishery

0:26:14 > 0:26:18to pursue his long-held dream of property developing.

0:26:18 > 0:26:21# Let's go fishing for a dream

0:26:23 > 0:26:26# Let's find someplace new... #

0:26:27 > 0:26:29And with a £15,000 budget,

0:26:29 > 0:26:33he was hoping to get it ready to sell on in three months' time.

0:26:35 > 0:26:39And now, five months on, we're back to catch up on John's progress.

0:26:44 > 0:26:47And the outside now is looking much smarter

0:26:47 > 0:26:51with its new UPVC double-glazed windows and door.

0:26:51 > 0:26:53And there's no problem opening this one!

0:26:55 > 0:26:56And inside...

0:26:59 > 0:27:01..well, it's looking fantastic.

0:27:03 > 0:27:06It's finished off to a high standard with furnishings

0:27:06 > 0:27:09and a fully fitted kitchen.

0:27:11 > 0:27:14In fact, it looks completely ready for someone to move into,

0:27:14 > 0:27:16so what's going on?

0:27:16 > 0:27:19My son is going to live in it himself.

0:27:19 > 0:27:21So, within a very short period, he will be moving in.

0:27:21 > 0:27:26Ah! So a slight change of plan with John's son, Glenn,

0:27:26 > 0:27:29so impressed with the house, he wanted it for him and his family.

0:27:32 > 0:27:35So, like downstairs, upstairs is furnished

0:27:35 > 0:27:37and finished to a high standard.

0:27:43 > 0:27:45And there's not a crack in sight.

0:27:51 > 0:27:56And the bathroom has been modified to be more suitable for family living.

0:27:56 > 0:27:59It needed extending badly and there's no bath in it,

0:27:59 > 0:28:02and if it's a family home you need a bath for kiddies.

0:28:02 > 0:28:07And, yeah, it's a modern, up-to-date bathroom. I'm really pleased.

0:28:07 > 0:28:09So, really impressive.

0:28:11 > 0:28:13And outside's not bad, either.

0:28:13 > 0:28:17Stoned the back because my son is definitely not a gardener.

0:28:17 > 0:28:19It looks, well, it looks fine.

0:28:21 > 0:28:24Well, that is the epitome of low-maintenance space.

0:28:24 > 0:28:27And with no need to have storage for a mower,

0:28:27 > 0:28:30the outside loo has been given a new lease of life.

0:28:32 > 0:28:33The outside toilet...

0:28:36 > 0:28:39Been there many years and we decided rather than just keep it

0:28:39 > 0:28:44as a storeroom, then we would keep it as a outside toilet.

0:28:44 > 0:28:47I'm not saying it's a bit of a feature,

0:28:47 > 0:28:49but why get rid of a toilet when you've got one?

0:28:49 > 0:28:51That's how it's worked.

0:28:52 > 0:28:54Fresh and clean, crisp and modern.

0:28:55 > 0:28:58This three-bed semi has certainly scrubbed up well

0:28:58 > 0:29:00after a lot of hard work, I guess.

0:29:02 > 0:29:04I put all the doors on, put the kitchen in.

0:29:06 > 0:29:09Trades, plasterer, plumber, electrician.

0:29:09 > 0:29:11That's not my scope, so, yeah,

0:29:11 > 0:29:14get the trades in to do all the work and it's turned out fine.

0:29:16 > 0:29:18John has done a great job

0:29:18 > 0:29:21and he had to adapt his original plans for the house,

0:29:21 > 0:29:24putting in a higher-spec kitchen, bathroom and tiling,

0:29:24 > 0:29:28as it's going to be son Glenn's new home,

0:29:28 > 0:29:30which not only affected his timescale,

0:29:30 > 0:29:32it also had to affect his budget.

0:29:33 > 0:29:36I think they said the budget was 15,000.

0:29:36 > 0:29:40I think we spent 25, maybe 26 on doing the property.

0:29:43 > 0:29:49Well, John's son would be proud of Dad and, for a total of £107,000,

0:29:49 > 0:29:53I think he has a fantastic place for him and his family to live in.

0:29:53 > 0:29:57But what do two local estate agents make of this comprehensive refurbishment?

0:29:57 > 0:29:59First, the agent who saw it last time.

0:30:01 > 0:30:05I think the owner has done a really nice job on this property.

0:30:05 > 0:30:08He's finished it with quite modern, quite contemporary fittings.

0:30:08 > 0:30:11Nice brushed stainless steel light switches,

0:30:11 > 0:30:14nice modern kitchen and a really nice bathroom.

0:30:14 > 0:30:16I think the property is superb.

0:30:16 > 0:30:19It's really finished well.

0:30:19 > 0:30:22The fact that it has a good-sized garden and a garage

0:30:22 > 0:30:24really aids the sale.

0:30:24 > 0:30:25Also, three really good bedrooms.

0:30:25 > 0:30:29Yes, not surprisingly, the agents are impressed, but will that be

0:30:29 > 0:30:34reflected in their valuations of the house that John and his son

0:30:34 > 0:30:37have invested £107,000 into?

0:30:37 > 0:30:40On the open market, the property would sell in the region

0:30:40 > 0:30:44of £120,000-£125,000.

0:30:44 > 0:30:47For sale, I would put the property on the market at

0:30:47 > 0:30:50£125,000-£130,000.

0:30:51 > 0:30:55That's better than I thought it would be. Didn't expect it to be that much.

0:30:56 > 0:30:59Well, there might be no immediate plans now to sell it on,

0:30:59 > 0:31:02but, as an investment, it is looking pretty rosy

0:31:02 > 0:31:07with a possible pre-tax profit of between £13,000 and £23,000.

0:31:07 > 0:31:10The agents also thought rental values of between

0:31:10 > 0:31:15£600-£650 per calendar month would be possible, which would generate

0:31:15 > 0:31:17a yield above 6%.

0:31:17 > 0:31:20So, a successful project all round, I would say.

0:31:22 > 0:31:23What's up next for John?

0:31:25 > 0:31:29The next property will be for my wife and myself.

0:31:29 > 0:31:32The third property will be, hopefully,

0:31:32 > 0:31:37the one where we buy and do it up and sell it.

0:31:37 > 0:31:39I like doing property up

0:31:39 > 0:31:42and I will carry on for as long as I possibly can.

0:31:42 > 0:31:46# And I can't stop now... #

0:31:47 > 0:31:50So, it seems that John has caught the property-developing bug

0:31:50 > 0:31:52hook, line and sinker.

0:31:54 > 0:31:57# And I can't slow down

0:31:57 > 0:32:01# For no-one in town

0:32:01 > 0:32:06# And I can't stop now for no-one... #

0:32:11 > 0:32:15I've got to keep going, too, because there's another property to see.

0:32:16 > 0:32:19Just outside Oldham in the foothills of the Pennines

0:32:19 > 0:32:21lies the town of Shaw and Crompton.

0:32:21 > 0:32:26During the Industrial Revolution, the town was home to 48 cotton mills

0:32:26 > 0:32:28and, though all the mills have now closed,

0:32:28 > 0:32:30the town's industrial heritage

0:32:30 > 0:32:32is reflected in the classic brick terraces

0:32:32 > 0:32:34once used to house workers.

0:32:38 > 0:32:40The houses in the area remain popular,

0:32:40 > 0:32:43not only for the shops and local amenities,

0:32:43 > 0:32:47but also for the convenient transport links to Manchester and nearby towns.

0:32:50 > 0:32:53The property I'm here to see today is one of those

0:32:53 > 0:32:55red-bricked terraced houses.

0:32:55 > 0:32:58It is in the middle of a street, it's two bed

0:32:58 > 0:33:01and it has a guide price of £50,000-£60,000.

0:33:01 > 0:33:05One of the things I've noticed straight away is that view.

0:33:06 > 0:33:07Amazing.

0:33:12 > 0:33:16Now that is a sturdy door. It's a very, very good start.

0:33:16 > 0:33:17A little porch area here.

0:33:17 > 0:33:20It's always nice to have a second door, as well,

0:33:20 > 0:33:22which will cut out all the draught. That is a nice start.

0:33:22 > 0:33:25Nice high ceilings, which I always like.

0:33:25 > 0:33:30Big window, retro fireplace over here which is lovely

0:33:30 > 0:33:33if you like a retro fireplace and it's your kind of thing.

0:33:33 > 0:33:35For me, I would take it out.

0:33:35 > 0:33:37A bit more space for your sofas, chairs,

0:33:37 > 0:33:41whatever you want to put in here. But this is a nice room to start.

0:33:41 > 0:33:43I would be inclined to put some carpet down.

0:33:43 > 0:33:46I do like a soft underfoot downstairs.

0:33:46 > 0:33:48Through into the kitchen.

0:33:48 > 0:33:51First thing I can see is it's got a polystyrene ceiling,

0:33:51 > 0:33:54that will have to go. It is a huge fire hazard.

0:33:54 > 0:33:57The kitchen looks OK, it is in good condition.

0:33:57 > 0:34:00If you're looking to rent, maybe tidy it up a little bit

0:34:00 > 0:34:03and that would be fine.

0:34:03 > 0:34:06The fireplace in the kitchen, which I haven't seen for some time,

0:34:06 > 0:34:09I would be inclined to take this out.

0:34:10 > 0:34:13Take the fireplace out and make it symmetrical,

0:34:13 > 0:34:15a nice right angle there.

0:34:15 > 0:34:20And maybe bring the kitchen surface space all the way to this corner here

0:34:20 > 0:34:22or even have table and chairs.

0:34:22 > 0:34:24Apart from that, it is a good start.

0:34:24 > 0:34:27# Let me stand next to your fire

0:34:28 > 0:34:31# Hey, let me stand next to your fire... #

0:34:33 > 0:34:37Hmm. What I've seen downstairs so far has got me quite fired up.

0:34:37 > 0:34:40Let's hope the rest is just as promising.

0:34:42 > 0:34:45Up the stairs and then up the stairs again

0:34:45 > 0:34:47to a strangely situated bathroom.

0:34:47 > 0:34:52It has a bath behind the door, a sink and, as you can see, the toilet.

0:34:52 > 0:34:55Somebody has tried to be very creative here

0:34:55 > 0:34:57and get an inside bathroom any way they can.

0:34:57 > 0:35:00Back in the old day, it would've been a tin bath

0:35:00 > 0:35:02and maybe an outside toilet.

0:35:02 > 0:35:04At least you've got something on the inside there.

0:35:04 > 0:35:08Through into the front bedroom, this is a huge front bedroom.

0:35:08 > 0:35:11High ceilings again, lots of floor space.

0:35:11 > 0:35:14It looks like it's been prepped already just to be decorated.

0:35:14 > 0:35:17But what I have noticed, there doesn't seem to be

0:35:17 > 0:35:19any central heating anywhere in this house.

0:35:19 > 0:35:22Hence, you have a fireplace. This is a cast-iron fireplace.

0:35:22 > 0:35:25For me, I would probably strip it back -

0:35:25 > 0:35:29this could be a nice retro feature which would set off this bedroom.

0:35:29 > 0:35:33This is big, really big. I like it but I like that view even more.

0:35:36 > 0:35:40I might sound like I'm being indecisive about fireplaces, but

0:35:40 > 0:35:44I think the two downstairs should go because they are compromising space.

0:35:44 > 0:35:47But this one in the bedroom is a real feature.

0:35:47 > 0:35:50Either way, getting central heating is a must.

0:35:51 > 0:35:54One thing that would definitely have to go

0:35:54 > 0:35:57is that huge tank that is currently in the second bedroom.

0:35:57 > 0:35:59A combi boiler would create much-needed space here.

0:36:01 > 0:36:03Talking of space...

0:36:05 > 0:36:07Out into a very small back yard.

0:36:07 > 0:36:10This building here would have been the outside toilet.

0:36:10 > 0:36:13It is small, it is a bit of a blank canvas.

0:36:13 > 0:36:16You can get creative with a small garden like this.

0:36:16 > 0:36:18You could put a bit of decking down.

0:36:18 > 0:36:20If you wanted to level it out, you could do that,

0:36:20 > 0:36:23but there are costs incurred. It's small, but it could be pretty.

0:36:25 > 0:36:27This house is typical of the area.

0:36:27 > 0:36:30The issues it presents for any would-be developer are pretty typical, too.

0:36:30 > 0:36:32It really just needs modernising,

0:36:32 > 0:36:35and I can't see any horrendous issues.

0:36:35 > 0:36:36What do I think?

0:36:36 > 0:36:41I reckon it seems a pretty solid house for the guide price of £50,000-£60,000.

0:36:41 > 0:36:44To find out how it might fare in the local property market,

0:36:44 > 0:36:47we asked along a local estate agent.

0:36:48 > 0:36:51It's lost in time, really. It now needs a revamp.

0:36:51 > 0:36:54It is double glazed, but that's about all.

0:36:54 > 0:36:58It's probably not been touched properly for about 30 years, really.

0:36:58 > 0:37:00It's a great area, it's a popular area.

0:37:00 > 0:37:04It's an area where there is good demand from both first-time buyers

0:37:04 > 0:37:07and people looking for property for buy-to-lets.

0:37:08 > 0:37:10OK, that's good to hear.

0:37:10 > 0:37:12That demand for properties in the area means that this could be

0:37:12 > 0:37:14a pretty safe bet.

0:37:14 > 0:37:17What does he think the property might be worth on the open market

0:37:17 > 0:37:18once renovated?

0:37:19 > 0:37:23Once renovated, I'd expected it to achieve between £85,000-£90,000.

0:37:23 > 0:37:27What kind of rental figure might be achieved?

0:37:27 > 0:37:32Once it's been renovated, you'd achieve £475 per calendar month.

0:37:33 > 0:37:36On first impressions, this property didn't look like it needed

0:37:36 > 0:37:39much done to it, but there are two things I would have to change.

0:37:39 > 0:37:43The bathroom could be an expense, and some central heating most definitely.

0:37:43 > 0:37:45But the views are amazing.

0:37:45 > 0:37:48Let's see who wanted to invest in those views and this property

0:37:48 > 0:37:50when it went auction.

0:37:50 > 0:37:52Lot number three.

0:37:52 > 0:37:5450 to 60 is the guide.

0:37:54 > 0:37:55Requires a lick of paint, this.

0:37:55 > 0:37:58Start me at £50,000.

0:37:58 > 0:38:01At 50 here. At 50, I'm bid. Now in ones.

0:38:01 > 0:38:0450, I'm bid. 51 anywhere?

0:38:04 > 0:38:06At 50,000. 51 on the aisle.

0:38:06 > 0:38:1052, 53, 54, 55.

0:38:10 > 0:38:1356, 57. 57, I'm bid.

0:38:13 > 0:38:1658, 59, 60.

0:38:16 > 0:38:18A new bidder, 61.

0:38:18 > 0:38:2262, 63, 64, 65.

0:38:22 > 0:38:2466, 67...

0:38:25 > 0:38:28At 67, I'm bid. 8?

0:38:29 > 0:38:31Here at 67.

0:38:31 > 0:38:32First time.

0:38:32 > 0:38:3667, the second time. With you, against you and against you.

0:38:36 > 0:38:38Third and final time, if you're all done now.

0:38:38 > 0:38:41At £67,000. Are we done?

0:38:41 > 0:38:43Well done, sir. Can I have your paddle number, please?

0:38:43 > 0:38:45534, congratulations.

0:38:47 > 0:38:50That successful bid came from John.

0:38:50 > 0:38:52John was at the auction with partner Zoe.

0:38:52 > 0:38:54The couple have two children

0:38:54 > 0:38:57and wanted to buy the house as an investment for the future.

0:38:59 > 0:39:01I caught up with them to find out more.

0:39:03 > 0:39:06- Zoe, nice to meet you. And John... - Nice to meet you.- Nice to meet you.

0:39:06 > 0:39:09- ..congratulations.- Thank you.- Tell us about the auction experience.

0:39:09 > 0:39:11- How was it?- It was good.

0:39:11 > 0:39:14Nerve-racking. It was a bit fearful. It was your first time

0:39:14 > 0:39:17- at an auction, wasn't it? - Yep. My first one, so...

0:39:17 > 0:39:20- And how did you find it? Weird or...? - Yeah. My heart was pounding.

0:39:20 > 0:39:22HE LAUGHS Why was it pounding? Tell us why.

0:39:22 > 0:39:24Erm...

0:39:24 > 0:39:29Before he started to bid, I was nudging going, "Bid, bid, bid!"

0:39:29 > 0:39:31Yeah. I decided to leave it to the last minute.

0:39:31 > 0:39:32That was my strategy for the auction.

0:39:32 > 0:39:35- So you waited for the...? - Yeah. Just for the very end of it.

0:39:35 > 0:39:37Then Zoe was getting nervous that we'd miss out on it.

0:39:37 > 0:39:40Obviously, the person before us thought they were going to

0:39:40 > 0:39:42- get a steal or a bargain, but they didn't.- They didn't.

0:39:42 > 0:39:44- No, that's the thing.- And you snuck in?- Yeah, yeah.

0:39:44 > 0:39:47It was actually against a bloke we know. The kitchen fitter.

0:39:47 > 0:39:50- Was it?- He was going to do the kitchen.- The kitchen fitter we use.

0:39:50 > 0:39:51- That's brilliant!- Yeah.

0:39:51 > 0:39:54So there might be some bad news, really. Bad words between us.

0:39:54 > 0:39:58And had you seen the property before? Did you know the area?

0:39:58 > 0:40:01- Yeah, we live in the next town over. - OK.- Then we came and viewed it

0:40:01 > 0:40:03- and we were quite happy with the place.- Good, good.

0:40:03 > 0:40:06- And what are your plans? - Definitely a bathroom.- Yes.

0:40:06 > 0:40:10Maybe add to the kitchen, change the kitchen.

0:40:10 > 0:40:13- The windows are OK, so just decorate throughout.- OK.

0:40:13 > 0:40:15And central heating?

0:40:15 > 0:40:17Yeah, all of it's going in next week. That's the plan.

0:40:17 > 0:40:19You're not messing about, are you?

0:40:19 > 0:40:21- You're going straight for it. - No, you can't.

0:40:21 > 0:40:23It's going to hold all the other traders up,

0:40:23 > 0:40:24if we don't get it in soon.

0:40:24 > 0:40:27We'll have the electrics and the plumbers here at the same time.

0:40:27 > 0:40:31If it sounds like John knows what he's doing, it's because he does.

0:40:31 > 0:40:34He's been involved in the property game since he left university

0:40:34 > 0:40:37and has renovated and sold properties on,

0:40:37 > 0:40:38as well as being a landlord.

0:40:38 > 0:40:41He's got plenty of skills, and so has Zoe.

0:40:44 > 0:40:46- What's your part in this, Zoe? Tell us what you're...- Organising.

0:40:46 > 0:40:48Ah!

0:40:48 > 0:40:50- Are you organising more than one person, or the whole lot?- Yeah!

0:40:50 > 0:40:54- The list-maker.- Yeah, we've got someone to do tiling and lights

0:40:54 > 0:40:57and people that help out, but the majority of the work

0:40:57 > 0:41:00- will be John and me just pulling things together.- OK.

0:41:00 > 0:41:01And is it something you want to continue to do?

0:41:01 > 0:41:04Do you want a big portfolio of houses or...?

0:41:04 > 0:41:08- What's your plans?- Yeah, it would be nice. But it depends on the market.

0:41:08 > 0:41:10We've already done one property this year.

0:41:10 > 0:41:12We're going to aim to do one a year, I think.

0:41:12 > 0:41:15The two of them have more than enough expertise in business

0:41:15 > 0:41:19and property to make a success of this plan.

0:41:19 > 0:41:21Zoe, who's currently expecting baby number three,

0:41:21 > 0:41:23leases office space for a living,

0:41:23 > 0:41:27while John is starting up his third printing company,

0:41:27 > 0:41:29while doing some freelance work, as well.

0:41:29 > 0:41:32So these two are going to be very, very busy.

0:41:32 > 0:41:36I'm hoping, however, they have on their very full to-do list

0:41:36 > 0:41:39a plan to get rid of one of my pet hates.

0:41:39 > 0:41:41You've got the polystyrene ceilings.

0:41:41 > 0:41:43- What are your plans for those? Obviously, they got to go.- Yeah.

0:41:43 > 0:41:45They've got to come down. They're a fire hazard.

0:41:45 > 0:41:47We'll take them down and assess the ceiling.

0:41:47 > 0:41:49- It will probably need replastering.- OK.

0:41:49 > 0:41:51Take them down, put some new light fittings in.

0:41:51 > 0:41:54And the bathroom, as well. You said you want to change it.

0:41:54 > 0:41:56- It's quite an unusual bathroom, isn't it?- Yeah.

0:41:56 > 0:41:58- You go up the stairs and up two more stairs.- Yep.- And it's on a level

0:41:58 > 0:42:00on its own, so what are your plans for that?

0:42:00 > 0:42:02- Just ripping it out. Refit, really. - Yeah.

0:42:02 > 0:42:04For the area, it's quite a standard bathroom.

0:42:04 > 0:42:06Most of the terraced houses in this area

0:42:06 > 0:42:08- have got bathrooms like that. - Oh, right.

0:42:08 > 0:42:10- Originally, you would have been in the back yard.- That's right.

0:42:10 > 0:42:13They had to put them where they could. But we've done one before,

0:42:13 > 0:42:16with the exact same layout, so we'll probably just replicate that.

0:42:16 > 0:42:19And in the kitchen, as well, there's a fireplace in the kitchen,

0:42:19 > 0:42:22- which is quite rare. I've not seen that for many years.- Mm.- No.

0:42:22 > 0:42:25It takes a little bit of space in the corner.

0:42:25 > 0:42:28What are your intentions with that, John?

0:42:28 > 0:42:31Well, we're going to weigh up the cost, in terms of ripping it out.

0:42:31 > 0:42:33- OK.- Because we can build the kitchen round it,

0:42:33 > 0:42:34which we've done in the past,

0:42:34 > 0:42:38- so it's just purely down to cost now.- OK.- And also time.

0:42:38 > 0:42:42How long do you expect the work to take? Or want it to take?

0:42:42 > 0:42:44Well, realistically, we want to do it in about seven.

0:42:44 > 0:42:46But it's going to be more like three months,

0:42:46 > 0:42:48because we got other commitments at the minute.

0:42:48 > 0:42:50And tell us about your budget, as well.

0:42:50 > 0:42:53What's your budget for this, hopefully?

0:42:53 > 0:42:55Realistically, about 7,000. OK.

0:42:55 > 0:42:58But we've got a contingency up to 11,000.

0:42:58 > 0:43:02So we should be able to get it done within those brackets.

0:43:02 > 0:43:05OK. And when it's done, are you looking to sell

0:43:05 > 0:43:08or to rent or...?

0:43:08 > 0:43:10Well, the rental market around here is quite strong,

0:43:10 > 0:43:12so we're going to keep that as an option,

0:43:12 > 0:43:15but we're going to see what the market's like when we finish.

0:43:15 > 0:43:16John and Zoe, good luck.

0:43:16 > 0:43:19I hope it turns out how you want it to and good luck with the new baby.

0:43:19 > 0:43:22- Thank you.- Pleasure. - Thank you very much.- Pleasure.

0:43:23 > 0:43:25Zoe and John, what a lovely couple.

0:43:25 > 0:43:28Very level-headed and they've done it before.

0:43:28 > 0:43:30Will they take that chimney breast out?

0:43:30 > 0:43:33How's that bathroom going to look? Will they rent or will they sell?

0:43:33 > 0:43:35You'll find out later on in the programme.

0:43:39 > 0:43:41Well, we've seen how one of today's properties got on.

0:43:41 > 0:43:44- What about the other two? Martin?- Can't wait.

0:43:46 > 0:43:49It was in the Childs Hill area of north-west London

0:43:49 > 0:43:52where we first saw a two-bedroom top floor flat,

0:43:52 > 0:43:55situated in a pleasant, brick faced building.

0:43:55 > 0:43:59This flat was...well, it was all right.

0:43:59 > 0:44:03With no major structural issues, it just needed a bit of zhooshing up,

0:44:03 > 0:44:05with both kitchen and bathroom

0:44:05 > 0:44:09not really up to the expectations of the demanding London market,

0:44:09 > 0:44:12but, you know, that was relatively easily sorted.

0:44:13 > 0:44:16But, oh! If only things were that simple.

0:44:19 > 0:44:24Unfortunately, I do have a negative to tell you about.

0:44:24 > 0:44:27Now, it only has 70 years left on its lease.

0:44:27 > 0:44:29Now, that might not sound too short,

0:44:29 > 0:44:32but it will still reduce the resale value

0:44:32 > 0:44:35and it will limit the mortgage lenders, who will provide the money.

0:44:46 > 0:44:48Not an ideal situation with the lease,

0:44:48 > 0:44:51but nothing a bit of money couldn't sort out.

0:44:51 > 0:44:55And, for Dominique, well, this was just another property.

0:44:55 > 0:44:59Part of her growing portfolio and a sideline to her property sales

0:44:59 > 0:45:02and rental business, which she runs in nearby Hampstead.

0:45:02 > 0:45:06And this was a girl who was passionate about properties.

0:45:06 > 0:45:09So where does it stem from? Is it your parents?

0:45:09 > 0:45:12Yeah, my dad's in property. He's got a property company himself.

0:45:12 > 0:45:16So, when I was younger, I was always in property and I always got a feel

0:45:16 > 0:45:19for what the market was like. And then slowly, over the years,

0:45:19 > 0:45:22I've got an idea and I've always known that I wanted to follow

0:45:22 > 0:45:24in his footsteps and have my own portfolio.

0:45:26 > 0:45:30Yes, it seemed Dominique lived and breathed property.

0:45:30 > 0:45:34And, having paid £302,500 for it at auction,

0:45:34 > 0:45:37her plan was to spend just £5,000 to £7,000

0:45:37 > 0:45:39on the cosmetic refurbishment

0:45:39 > 0:45:42and have it ready for her company let out in six weeks.

0:45:47 > 0:45:49And now, just eight weeks later,

0:45:49 > 0:45:53we're back to check on how she and her building team have progressed.

0:46:03 > 0:46:06Ah! That's a surprise. I didn't see that coming.

0:46:06 > 0:46:09I thought this was going to be...well, just a refurbishment.

0:46:10 > 0:46:12So we changed the layout on this room

0:46:12 > 0:46:16by removing the door that was here. There was a door here.

0:46:16 > 0:46:19We closed it off and we changed the other section of the wall.

0:46:19 > 0:46:22Really happy with the changes.

0:46:22 > 0:46:24Wasn't going to do them, glad I did them

0:46:24 > 0:46:27and I really feel it has the wow factor.

0:46:28 > 0:46:30Yes, it certainly does help.

0:46:30 > 0:46:32Not only does it give the kitchen a more spacious feel,

0:46:32 > 0:46:34but it lifts the living room, too.

0:46:37 > 0:46:39So are there any more surprises elsewhere?

0:46:43 > 0:46:44Well, no.

0:46:44 > 0:46:47Not in terms of layout, but certainly in terms of spec,

0:46:47 > 0:46:50with a much higher-specification bathroom installed.

0:46:52 > 0:46:55And the bedrooms are also finished off nicely.

0:46:55 > 0:46:59So why has she opted for the higher-quality finish?

0:46:59 > 0:47:01It's very easy to get carried away.

0:47:01 > 0:47:04You know, you start making one change

0:47:04 > 0:47:06and then you want to make another change.

0:47:06 > 0:47:08You go from just wanting to change part of the kitchen,

0:47:08 > 0:47:11like the worktop surfaces, to wanting to change it all.

0:47:11 > 0:47:13It's like when you paint half of a flat,

0:47:13 > 0:47:17the other half looks not so great, so once you start one thing,

0:47:17 > 0:47:21before you know it, you've got this and that and then...

0:47:21 > 0:47:23Yeah, you do get carried away.

0:47:32 > 0:47:36I, for one, am glad she got she got carried away, because this flat

0:47:36 > 0:47:39warranted a reasonable amount of money spent on it.

0:47:39 > 0:47:42And it's not just inside the flat that she's worked on.

0:47:42 > 0:47:45She's also in the process of giving the communal areas

0:47:45 > 0:47:47a bit of a lift, too.

0:47:47 > 0:47:51All of which surely must have blown her £5,000 to £7,000 budget?

0:47:56 > 0:47:59We have spent more than what we originally thought.

0:47:59 > 0:48:02Obviously, I originally said 5,000 to 7,000.

0:48:02 > 0:48:06It has increased to probably about 15,000 now.

0:48:06 > 0:48:08Yeah, so I think that's more than enough.

0:48:10 > 0:48:14But it wasn't just cosmetic changes where she needed to splash the cash.

0:48:14 > 0:48:17There was that troublesome short lease, which not only affects

0:48:17 > 0:48:21the value of the flat, but also its mortgageability.

0:48:21 > 0:48:25We've managed to extend the lease now. We've added 90 years to it.

0:48:25 > 0:48:30We're still sort of discussing the final figure,

0:48:30 > 0:48:35but it's not far off from around the 20,000 mark.

0:48:38 > 0:48:41Well, 90 years more on the lease certainly will boost

0:48:41 > 0:48:44the flat's appeal, but another 20,000 spend,

0:48:44 > 0:48:47on top of her £15,000 refurbishment costs

0:48:47 > 0:48:50and a purchase price of £302,500,

0:48:50 > 0:48:54takes her total spend to £337,500.

0:48:55 > 0:48:59I hope it's worth it, but what did two local estate agents think?

0:49:02 > 0:49:05After having a look around the property, the changes are fantastic.

0:49:05 > 0:49:08The quality of the refurbishment are excellent.

0:49:08 > 0:49:10I like the way they've opened the kitchen out.

0:49:10 > 0:49:12Slightly better than it was before.

0:49:12 > 0:49:15It gives a nice, modern, clean living space.

0:49:15 > 0:49:17The flat works really well. The designs and finishes

0:49:17 > 0:49:20are to a very high standard. The communal areas are very important.

0:49:20 > 0:49:23It's the first impression people get when they come to view it.

0:49:23 > 0:49:24So if it's done to a nice standard,

0:49:24 > 0:49:27it will only help to rent or sell the property.

0:49:29 > 0:49:31With Dominique's business having its own rental arm,

0:49:31 > 0:49:34this was always meant as a rental property.

0:49:34 > 0:49:38But with her £337,500 outlay,

0:49:38 > 0:49:41has she got herself a good investment?

0:49:41 > 0:49:43In the current market, today, it should achieve,

0:49:43 > 0:49:47on the sales market, somewhere in the region of £410,000.

0:49:47 > 0:49:49If I was to put the property on the market,

0:49:49 > 0:49:51I'd be looking to achieve around £400,000.

0:49:51 > 0:49:54I know that there was another property next door

0:49:54 > 0:49:58that was actually sold for 455,000.

0:49:58 > 0:50:03So I'm probably looking around the 440 mark upwards.

0:50:03 > 0:50:06That sounds like a realistic figure to me.

0:50:06 > 0:50:09Mm. Well, even if she got just the values the agents quoted,

0:50:09 > 0:50:15she could see a potential pre-tax profit of £62,500 to £72,500.

0:50:16 > 0:50:18That's not bad.

0:50:18 > 0:50:22But what about those all-important rental values?

0:50:23 > 0:50:25This property, on the current rental market,

0:50:25 > 0:50:29should achieve somewhere in the region of £1,600 per calendar month.

0:50:29 > 0:50:31If this property is for rental, I would look to achieve

0:50:31 > 0:50:33around £1,600 per calendar month.

0:50:33 > 0:50:38We currently have it on the market at the moment, with my own company

0:50:38 > 0:50:42and we're marketing it at just over 1,700 a month.

0:50:42 > 0:50:46Well, I'm sure she'll probably get that £1,700 per calendar month.

0:50:46 > 0:50:48She does know her local market, after all.

0:50:48 > 0:50:51But even the lower £1,600 per calendar month

0:50:51 > 0:50:55would generate a rental yield of around 5.5%,

0:50:55 > 0:50:58so I guess it's just another successful project for Dominique.

0:51:00 > 0:51:03What words of advice would she give

0:51:03 > 0:51:06to anybody trying to pursue a career in the property industry?

0:51:09 > 0:51:12Focus on what you want, the challenge.

0:51:12 > 0:51:14And what everyone else says,

0:51:14 > 0:51:17ignore it, in the sense that if you feel it's right,

0:51:17 > 0:51:20then go with it, cos your gut instinct is always right

0:51:20 > 0:51:23and it won't let you down. That's what I've found, anyway.

0:51:31 > 0:51:32Welcome back to Shaw and Crompton,

0:51:32 > 0:51:35where I was looking at a two-bed terrace

0:51:35 > 0:51:38with a guide price of £50,000 to £60,000.

0:51:38 > 0:51:41It was a good size, but I felt it needed central heating

0:51:41 > 0:51:42and a good modernisation.

0:51:44 > 0:51:48Still, one thing I didn't have to look too hard for were nice views.

0:51:48 > 0:51:49Just look at that scenery.

0:51:59 > 0:52:03The house was bought for £67,000 by John and Zoe.

0:52:03 > 0:52:05They plan to use it as an investment,

0:52:05 > 0:52:08though, at auction, Zoe didn't think they'd get it at all.

0:52:10 > 0:52:11My heart was pounding, so...

0:52:11 > 0:52:13Why was it pounding? Tell us why.

0:52:13 > 0:52:18Before he started to bid, I was nudging going, "Bid, bid, bid!"

0:52:18 > 0:52:20Yeah, I decided to leave it till the last minute.

0:52:20 > 0:52:22That was my strategy for the auction.

0:52:22 > 0:52:25- So you waited for the...?- Yeah, just for the very end of it, really.

0:52:25 > 0:52:28Then Zoe was getting nervous that we'd miss out on it.

0:52:28 > 0:52:29Well, their auction tactics worked

0:52:29 > 0:52:33and John and Zoe gave themselves three months and £7,000

0:52:33 > 0:52:37to get the inside of this terrace as picturesque as the outside.

0:52:38 > 0:52:42They could afford to run over on budget, but not on schedule,

0:52:42 > 0:52:45as Zoe was pregnant with the couple's third child.

0:52:59 > 0:53:02A little over two months later and we've returned.

0:53:02 > 0:53:05So they've stuck to that timescale, assuming the house

0:53:05 > 0:53:06is finished, of course.

0:53:14 > 0:53:16I think it's safe to say yes.

0:53:16 > 0:53:20John and Zoe have completely modernised the old, tired terrace

0:53:20 > 0:53:23and I particularly like that new kitchen.

0:53:26 > 0:53:30So in here, we took down the chimney, it was in the corner.

0:53:30 > 0:53:32It made the kitchen more square.

0:53:32 > 0:53:35And then we re-plastered everywhere.

0:53:35 > 0:53:36Put in some new lighting.

0:53:36 > 0:53:41We then tiled it with these and Zoe's picked a really nice kitchen

0:53:41 > 0:53:43and really nice worktops that go with the tiles.

0:53:45 > 0:53:47And hiding in one of those lovely new kitchen cupboards

0:53:47 > 0:53:49is a lovely, new combi boiler,

0:53:49 > 0:53:52providing that much-needed central heating.

0:53:52 > 0:53:56It also meant that they were able to get rid of that huge cylinder

0:53:56 > 0:53:59in the second bedroom, creating more space.

0:53:59 > 0:54:01And what about that master bedroom?

0:54:01 > 0:54:05There was a cupboard that was built into one of the recess corners

0:54:05 > 0:54:08in the main bedroom, so that was one of the first things

0:54:08 > 0:54:10- that John ripped out.- Yeah.

0:54:10 > 0:54:13We decided to make a feature of the fireplace.

0:54:13 > 0:54:15We were going to leave it originally, anyway.

0:54:15 > 0:54:17But I saw the metallic-coloured paint

0:54:17 > 0:54:20and I thought maybe that would be nice,

0:54:20 > 0:54:22matching to the paint colour.

0:54:24 > 0:54:27It looks modern and cosy, but I think the biggest transformation

0:54:27 > 0:54:30upstairs has happened in the bathroom.

0:54:30 > 0:54:34John's completely overhauled it, with new suite, new plumbing,

0:54:34 > 0:54:37new tiles, a fresh coat of paint

0:54:37 > 0:54:39and what a difference it's made.

0:54:39 > 0:54:43John's been in nearly every day doing almost all the work himself.

0:54:43 > 0:54:45But with two kids and a third on the way,

0:54:45 > 0:54:48this can't have been easy on either of them.

0:54:48 > 0:54:51It's been difficult, but you took quite a lot of the slack

0:54:51 > 0:54:54- at home, haven't you?- Yeah.- Which means that I've been able to work

0:54:54 > 0:54:55much later than I normally would do.

0:54:55 > 0:54:57When the kids have gone to bed at night-time,

0:54:57 > 0:55:01we've had a bit of a debrief some nights on, what can I take off you

0:55:01 > 0:55:04to make the job a little bit easier?

0:55:04 > 0:55:07On a day that I'm not in work, I've nipped out,

0:55:07 > 0:55:09picked out samples of wallpaper, paint...

0:55:09 > 0:55:12Yeah, things like all the paperwork.

0:55:12 > 0:55:15So the admin aspect, as well, really.

0:55:15 > 0:55:18- The organisation.- The organisation is a better way of putting it.

0:55:23 > 0:55:24What a team.

0:55:24 > 0:55:26And I know about teamwork.

0:55:26 > 0:55:29Never underestimate how much hard work these developments are.

0:55:29 > 0:55:32Whether that's knocking down the chimney breast or having to

0:55:32 > 0:55:35manage a job and development and a family all at once.

0:55:40 > 0:55:43Hopefully, though, their hard work will have saved them some money.

0:55:43 > 0:55:45How's that budget gone?

0:55:45 > 0:55:49The original budget was 7,000 that we'd planned for.

0:55:49 > 0:55:51We had a contingency up to about 11,000.

0:55:51 > 0:55:52Up to about 11,000 contingency.

0:55:52 > 0:55:55It came in at 7,900.

0:55:55 > 0:55:58And then £1,500 on fees.

0:55:58 > 0:56:01So we're well within that, altogether.

0:56:01 > 0:56:04That's a spend of £9,400 for the development

0:56:04 > 0:56:08on top of the £67,000 they paid at auction.

0:56:08 > 0:56:10I'm impressed.

0:56:10 > 0:56:12But will it impress some local property experts?

0:56:12 > 0:56:15We've asked along two to get their opinion.

0:56:15 > 0:56:17First, the agent who saw it last time.

0:56:17 > 0:56:20It's much better than I last saw it.

0:56:20 > 0:56:23It was quite dark and tired and old-fashioned.

0:56:23 > 0:56:25They've really brightened it up.

0:56:25 > 0:56:27Taken out some of the items that needed removing,

0:56:27 > 0:56:31like the water tank upstairs and the fireplace in the kitchen,

0:56:31 > 0:56:34so, yeah, it's a much better property, altogether.

0:56:34 > 0:56:35It looks really, really nice.

0:56:35 > 0:56:38It's been done up to a really good standard.

0:56:38 > 0:56:40The kitchen, nice and modern,

0:56:40 > 0:56:43and also the colour scheme's quite appealing,

0:56:43 > 0:56:44it's not too drab.

0:56:46 > 0:56:50John and Zoe have spent a total of about £76,000.

0:56:50 > 0:56:51But when we last spoke,

0:56:51 > 0:56:55they weren't sure if they'd sell or rent the house.

0:56:55 > 0:56:57Let's get some valuations to help them make their mind up.

0:56:59 > 0:57:02I think you'd expect to achieve probably in the low 90,000...

0:57:02 > 0:57:05Somewhere between £90,000 and £95,000.

0:57:05 > 0:57:07In the current market,

0:57:07 > 0:57:11the vendor would be able to achieve £94,000 to £99,000.

0:57:11 > 0:57:14If you were putting this on the market for rental,

0:57:14 > 0:57:17you'd set an asking rental of £475 per calendar month.

0:57:17 > 0:57:21The landlord would be able to achieve rental valuation

0:57:21 > 0:57:23of £525 per calendar month.

0:57:23 > 0:57:25We were thinking about renting for the short term

0:57:25 > 0:57:29and then maybe selling in about six months.

0:57:29 > 0:57:33Those resale valuations could mean a potential pre-tax profit

0:57:33 > 0:57:37of between 13,600 and 22,600,

0:57:37 > 0:57:39if they decide to sell on.

0:57:39 > 0:57:42And the rental yield, even with that lower estimate,

0:57:42 > 0:57:43would be about 7%.

0:57:43 > 0:57:46Good news, whichever way they decide to go.

0:57:46 > 0:57:48So, what do they have planned?

0:57:50 > 0:57:53Have the baby and that maybe think about another one.

0:57:53 > 0:57:55- In the summer.- Baby or a house?

0:57:55 > 0:57:56A house!

0:58:01 > 0:58:02Well, that's all for today's show.

0:58:02 > 0:58:05Join us next time when we find out who bought what,

0:58:05 > 0:58:07what they paid for it, how and what they did with it.

0:58:07 > 0:58:09We look forward to seeing you next time.

0:58:09 > 0:58:10- ALL:- Goodbye.