0:00:02 > 0:00:03Hello there. Is it a good time to invest?
0:00:03 > 0:00:05Property prices are reaching all-time highs
0:00:05 > 0:00:06in parts of the country.
0:00:06 > 0:00:09But be aware, because your cash might not go as far as it used to.
0:00:09 > 0:00:12Yes, getting a good deal is a priority.
0:00:12 > 0:00:15And one way you can do that is by visiting your local auction.
0:00:41 > 0:00:43So, do you fancy nipping along to your local auction room
0:00:43 > 0:00:45and finding out what's on offer?
0:00:45 > 0:00:47That's exactly what today's buyers did.
0:00:47 > 0:00:49Let's see what they came away with.
0:00:50 > 0:00:55In Stoke, a two-bed semi has plenty of options for a layout change.
0:00:55 > 0:00:57What there is, it just works.
0:00:57 > 0:01:01Well, it will when you fiddle about with it a bit.
0:01:01 > 0:01:03Get the sledgehammer in Willesden Green.
0:01:03 > 0:01:05Plenty of possibilities in this London flat.
0:01:05 > 0:01:07I'd like to see that come down.
0:01:07 > 0:01:10And you know what I'm going to say - open the space up.
0:01:12 > 0:01:16And in Dudley, you're spoilt for choice in this mid-terrace.
0:01:16 > 0:01:21Two bathrooms for a two-bedroom house. Decisions to be made.
0:01:21 > 0:01:24All these properties were bought at auction.
0:01:24 > 0:01:26We'll find out who got them and how much they paid,
0:01:26 > 0:01:30when these homes went under the hammer.
0:01:30 > 0:01:32You bought it, sir.
0:01:34 > 0:01:37Just on the outskirts of Stoke is the suburb of Meir.
0:01:37 > 0:01:41And the estate is built on the site of a former RAF aerodrome
0:01:41 > 0:01:44that closed in 1973.
0:01:44 > 0:01:47But with lots of amenities and good housing stock,
0:01:47 > 0:01:50it's plain to see why this is a great place to live.
0:01:53 > 0:01:57When it comes to choosing a house, it's not just about the property,
0:01:57 > 0:01:59it's about the outlook, the surroundings.
0:01:59 > 0:02:02This is a really great start.
0:02:02 > 0:02:05Because right opposite the property I'm here to see is this
0:02:05 > 0:02:08lovely open space. The house itself? It sounds pretty good.
0:02:08 > 0:02:13£50,000 plus was the guide price for this. Semidetached, two beds.
0:02:13 > 0:02:15Let's have a look.
0:02:19 > 0:02:21Ooh. Not a very good start, is it?
0:02:21 > 0:02:22It is a modern-ish door
0:02:22 > 0:02:26but it doesn't seem to be in very good condition. Hmm.
0:02:26 > 0:02:29That's not brilliant either.
0:02:29 > 0:02:31I feel like I'm going to come out and come in again!
0:02:31 > 0:02:35A bit of damp, the moment you come through the front door there.
0:02:35 > 0:02:39So, not the most auspicious of beginnings. But...
0:02:39 > 0:02:42you get to this part and, actually, it's OK.
0:02:42 > 0:02:45It's a nice-sized front living room. It's very dated.
0:02:45 > 0:02:49I mean, the whole place is just saying, "Bring me up to date!"
0:02:49 > 0:02:50Storage radiator here.
0:02:50 > 0:02:54Obviously, you haven't got central heating, so that's something
0:02:54 > 0:02:57you're going to have to factor into your budget.
0:02:57 > 0:02:58Erm, through here?
0:02:58 > 0:03:01Oh, right. Understairs cupboard.
0:03:01 > 0:03:05That's a very grand door for an understairs cupboard, isn't it?
0:03:06 > 0:03:11Onwards and through. OK. Through here, kitchen. Which is all right.
0:03:11 > 0:03:14A downstairs loo, which is quite useful.
0:03:14 > 0:03:16The kitchen itself is not a bad size, actually.
0:03:16 > 0:03:19Clearly, units need replacing.
0:03:19 > 0:03:23You might even want to open up that window, drop it down,
0:03:23 > 0:03:26you'd lose a lot of space, in terms of where you could put units.
0:03:26 > 0:03:29But maybe... I think that's a rubbish idea, actually.
0:03:29 > 0:03:32This is what happens when you are thinking about properties.
0:03:32 > 0:03:33You design as you go along.
0:03:33 > 0:03:36You get first impressions, then you go, "That's rubbish."
0:03:36 > 0:03:38The important thing is to recognise they're rubbish.
0:03:38 > 0:03:41That was a rubbish idea I just gave you. Keep it as it is.
0:03:41 > 0:03:43Cos you need the space for work surfaces.
0:03:43 > 0:03:46This is a kitchen, for goodness' sake. So, yeah, what could you do?
0:03:46 > 0:03:49Yes. Replace the units, really nice. I mean, there isn't a lot,
0:03:49 > 0:03:53but what there is, it just works.
0:03:53 > 0:03:55Well, it will when you fiddle about with it a bit.
0:03:55 > 0:04:01A little idea light bulb went on in my mind and then the power went off.
0:04:01 > 0:04:05Never mind. Let's see if I can cast more light on things as we go.
0:04:10 > 0:04:13So, upstairs. Halfway up the stairs.
0:04:13 > 0:04:16- HE LAUGHS - One of the original windows.
0:04:16 > 0:04:18Sash window. Look at that. It's quite sweet.
0:04:18 > 0:04:21I wonder if you could renovate it. Maybe.
0:04:21 > 0:04:26Really large double bedroom at the front, which is lovely. The master.
0:04:26 > 0:04:29And, of course, it benefits from those views out across the green.
0:04:29 > 0:04:32You've got a bathroom. It's not bad. Size.
0:04:32 > 0:04:34You've got a bath in there, as you might expect.
0:04:34 > 0:04:38But it's a reasonable size family bathroom, which is good.
0:04:38 > 0:04:40The second bedroom, there are only two, is...
0:04:40 > 0:04:45is at the back of the property here, and some lovely fitted units.
0:04:45 > 0:04:47Reminds me of a caravan, in some ways.
0:04:49 > 0:04:51Probably want to get rid of them though, wouldn't you?
0:04:51 > 0:04:54And once you've got rid of them,
0:04:54 > 0:04:57you'll realise how much space is really up here.
0:04:57 > 0:04:58Between the two bedrooms,
0:04:58 > 0:05:02I think there's actually space for a third with a few layout changes.
0:05:02 > 0:05:04And, if you follow me outside,
0:05:04 > 0:05:07I'll show you another way to create space.
0:05:09 > 0:05:12So, out through a little side door of the property.
0:05:12 > 0:05:15You get to see this nice driveway here, which is good news.
0:05:15 > 0:05:18It leads to a garage, which, unfortunately,
0:05:18 > 0:05:20isn't good news at all.
0:05:20 > 0:05:21I reckon that's partly asbestos,
0:05:21 > 0:05:26so that needs to be got rid of very carefully by a specialist company.
0:05:26 > 0:05:28But at the back of the house, more good news.
0:05:28 > 0:05:31A decent-sized garden, which is nice.
0:05:31 > 0:05:35Then this space here, which I think is perfect for an extension.
0:05:35 > 0:05:39In fact, what next door have done. Stick a big extension on here.
0:05:39 > 0:05:42Maybe one storey, maybe two storeys, that would really add to
0:05:42 > 0:05:45what is already, potentially, a really nice family home.
0:05:45 > 0:05:48Yes, it does need modernisation.
0:05:48 > 0:05:51But with or without extension, there's enough room for you,
0:05:51 > 0:05:55the other half and some little ones running around.
0:05:55 > 0:05:57What can a local estate agent tell us
0:05:57 > 0:05:59about the area and the property?
0:05:59 > 0:06:02In the local area, the rental market is the strongest.
0:06:02 > 0:06:06If this was my property, I would have gas central heating fitted
0:06:06 > 0:06:09and also redecorate through to bring it up to a more modern standard
0:06:09 > 0:06:11and I'd be replacing the kitchen and the bathroom.
0:06:11 > 0:06:13Then look at putting it on the rental market.
0:06:13 > 0:06:17The agent thinks the rental market is best for this property.
0:06:17 > 0:06:20It doesn't sound like an extension would be her favoured route.
0:06:20 > 0:06:24So how much would it cost to get this up to rental standard?
0:06:25 > 0:06:28My estimate for refurbishing the property would be
0:06:28 > 0:06:30in the region of £10,000-£15,000.
0:06:30 > 0:06:33The breakdown of them costs would be somewhere in the region
0:06:33 > 0:06:36of £5,000 for having the gas central heating fitted,
0:06:36 > 0:06:38then in the region of £5,000-£10,000
0:06:38 > 0:06:41for redecoration and replacing the kitchen and bathroom.
0:06:43 > 0:06:47So, £10,000-£15,000 on top of that £50,000 guide price
0:06:47 > 0:06:51could mean a total cost of around £65,000.
0:06:51 > 0:06:54Do the values make the investment worthwhile?
0:06:57 > 0:07:00Once the work's completed, I'd place this property
0:07:00 > 0:07:04on the rental market in the region of £400-£425 per calendar month.
0:07:04 > 0:07:08For resale value, somewhere in the region of £70,000-£75,000.
0:07:08 > 0:07:12Those figures could mean around an 8% yield.
0:07:12 > 0:07:14If you wanted to rent this property out,
0:07:14 > 0:07:18there could be a profit it in it, but it's not a great sales market
0:07:18 > 0:07:21and you would need to be very careful not to overspend.
0:07:22 > 0:07:25Well, clearly, it needed some modernisation, this one.
0:07:25 > 0:07:28Once done, this could be a really lovely family home
0:07:28 > 0:07:32with all that space around the back. It's got a lovely feel to it.
0:07:32 > 0:07:34Let's see who agreed when it went under the hammer.
0:07:34 > 0:07:39Lot 21. Guide price on this has been reduced down to £40,000.
0:07:39 > 0:07:43We do want to sell it. 35,000, can I say to start?
0:07:43 > 0:07:48Who will give me 35 to start with? 35 bid there. At £35,000.
0:07:48 > 0:07:50Going once, 36 back left.
0:07:50 > 0:07:53At 36,000. 37? 37,000.
0:07:53 > 0:07:5538?
0:07:55 > 0:07:5639?
0:07:56 > 0:07:58No?
0:07:58 > 0:08:01At 39,000, to my right. Looking for 40 now.
0:08:01 > 0:08:0340,000 bid on the internet.
0:08:03 > 0:08:06At £40,000? 41 anywhere else?
0:08:06 > 0:08:1041 in the room. 42 on the net.
0:08:11 > 0:08:1342?
0:08:13 > 0:08:1543? 44 on the net.
0:08:15 > 0:08:2145? 46 on the net. 47? 48 on the net.
0:08:21 > 0:08:2349, sir?
0:08:23 > 0:08:2649. 50 on the net?
0:08:26 > 0:08:2951? 51. 52 on the net?
0:08:29 > 0:08:3153, sir?
0:08:31 > 0:08:35Shaking his head. 52,000, the bid's on the internet. At £52,000.
0:08:35 > 0:08:37I'm selling it on the internet. He's back in. 53.
0:08:39 > 0:08:41I think you're out now, aren't you?
0:08:41 > 0:08:43Out on the net, so it's in the room at £53,000.
0:08:43 > 0:08:49Another one anywhere else? £53,000 once then. £53,000 twice.
0:08:49 > 0:08:52Third and final time, at £53,000.
0:08:53 > 0:08:55You bought it, sir. Well done.
0:08:55 > 0:08:58So, despite the guide price being drastically reduced,
0:08:58 > 0:09:02the dated house did go for near the original guide, and it was
0:09:02 > 0:09:08bought by John - who's just obscured from our view - for £53,000.
0:09:08 > 0:09:12He has 40 years of property development experience behind him.
0:09:12 > 0:09:16So I was keen to find out what he had planned for this two-bed semi.
0:09:17 > 0:09:21- John, great to meet you. - And you.- Congratulations.
0:09:21 > 0:09:23Tell me why you wanted to buy this house.
0:09:23 > 0:09:27Because, as I'm getting towards retirement,
0:09:27 > 0:09:29I've stopped doing country estates
0:09:29 > 0:09:32and large houses that take a year or two years,
0:09:32 > 0:09:35and I'm now doing three or four of these houses a year,
0:09:35 > 0:09:38which will be a lot more fun. The men who do the work for me,
0:09:38 > 0:09:41I don't employ anybody, but all the subcontractors,
0:09:41 > 0:09:43are looking forward to coming in and out
0:09:43 > 0:09:44of a house like this in three months.
0:09:44 > 0:09:48So, sorry, country estates? What were you doing in country estates?
0:09:48 > 0:09:50Buying a country estate,
0:09:50 > 0:09:53a lot of country estates had derelict buildings,
0:09:53 > 0:09:56- I would do them up and sell them. - Wow! Forgive me,
0:09:56 > 0:09:59but quite a few people would go from this to that,
0:09:59 > 0:10:00rather than from that to this.
0:10:00 > 0:10:04This is exciting because the recession has been
0:10:04 > 0:10:07- a really awful time in the country house market.- Has it?
0:10:07 > 0:10:10It took me two years to sell the house I was in.
0:10:10 > 0:10:12You know, which is a wonderful house.
0:10:12 > 0:10:16MUSIC: Country House by Blur
0:10:17 > 0:10:21John has decided to change his strategy in the property game,
0:10:21 > 0:10:25having sold his portfolio and moved to cheaper, less stressful,
0:10:25 > 0:10:27and less time-consuming projects.
0:10:27 > 0:10:32He seems pretty adaptable to the economics of the property business.
0:10:32 > 0:10:35Starting out converting barns 40 years ago,
0:10:35 > 0:10:38he reckons he was one of the first to see their potential.
0:10:38 > 0:10:42And the proceeds paid for his medical school tuition.
0:10:42 > 0:10:46But, in the end, he decided to doctor property, rather than people.
0:10:46 > 0:10:47And here we are.
0:10:47 > 0:10:51So, from barns to semis, what did he see in this lot?
0:10:52 > 0:10:56Very solidly built. In need of updating.
0:10:56 > 0:10:58It's a two-bedroom house, huge bedrooms.
0:10:58 > 0:11:01It'll finish up three bedrooms, one with an en-suite bathroom,
0:11:01 > 0:11:04so it's going to be two bathrooms, three bedrooms.
0:11:04 > 0:11:06There's a conservatory going off the kitchen.
0:11:06 > 0:11:08I'm opening up the wall behind me.
0:11:08 > 0:11:12So you come in from the front and you'd come into this living room,
0:11:12 > 0:11:15you'd turn right and you'd have a wonderful view right through
0:11:15 > 0:11:18the conservatory and into the garden.
0:11:18 > 0:11:20I try to aim for certain standards.
0:11:20 > 0:11:23Because the builder who does a lot of work for me said,
0:11:23 > 0:11:27"Why don't you just tart it up and sell it and make a quick 10,000?"
0:11:27 > 0:11:31It just so happens, yesterday, nearby, a chap offered me
0:11:31 > 0:11:36- 110,000 for this house completed. - Wow.- So, a substantial sum of money.
0:11:36 > 0:11:39He's offered you that based on what you were planning?
0:11:39 > 0:11:41Absolutely, I showed him the plans and he loved it.
0:11:41 > 0:11:43So, he's now got first refusal.
0:11:43 > 0:11:46I didn't say yes, because I just don't know what the final price...
0:11:46 > 0:11:52I'd be delighted to take 110, or even 105. But, anyway...
0:11:52 > 0:11:55It's not just to do with the profit. It's the fun of doing them.
0:11:57 > 0:12:00John has got fantastic plans for this, for sure,
0:12:00 > 0:12:04and I love his enthusiasm and obvious passion for property.
0:12:04 > 0:12:06No matter its price.
0:12:06 > 0:12:10John is planning to bring country estate specs to this house.
0:12:10 > 0:12:12The new conservatory will flow into
0:12:12 > 0:12:15the renovated kitchen and living room.
0:12:15 > 0:12:18And he'll be adding a utility room by reducing
0:12:18 > 0:12:20the size of the downstairs toilet.
0:12:21 > 0:12:26Upstairs, he'll reduce the bathroom size to gain a third bedroom
0:12:26 > 0:12:29and add an en-suite in another bedroom.
0:12:29 > 0:12:31All that in three months.
0:12:31 > 0:12:34But he's making a generous saving in the budget.
0:12:37 > 0:12:40All of my local suppliers, whom I've been dealing with for years,
0:12:40 > 0:12:43are going to supply all the materials at absolute cost.
0:12:43 > 0:12:46Which is a wonderful thank you from them.
0:12:46 > 0:12:49So, the budget will be between 23 and 25.
0:12:49 > 0:12:54It'll be very well finished. So, it'll be an upmarket spec
0:12:54 > 0:12:56for a medium market house.
0:12:56 > 0:12:59Now, there is always a danger with that that there is going to
0:12:59 > 0:13:01be a ceiling price on properties in the area.
0:13:01 > 0:13:05If you build it to such high specs, you might not get your money back.
0:13:05 > 0:13:08It may be the case, but I've set standards all my life.
0:13:08 > 0:13:10I've been told that fact for years.
0:13:10 > 0:13:15And so far, we've normally achieved the price that we set out for.
0:13:15 > 0:13:18But even if I have less of a profit, that doesn't matter.
0:13:18 > 0:13:20I want to finish the house to the best spec
0:13:20 > 0:13:24and to the specs that I've been dealing in all my adult life.
0:13:24 > 0:13:26Congratulations. Good luck with it.
0:13:26 > 0:13:30- Look forward to seeing how you get on.- Thank you very much.
0:13:30 > 0:13:34Well, John is certainly a man with a plan and a pretty impressive
0:13:34 > 0:13:39one it is too, totally transforming this semidetached.
0:13:39 > 0:13:41How will it look? I can't wait to see.
0:13:41 > 0:13:44You can find out later in the show.
0:13:47 > 0:13:51Willesden Green used to be an area beloved of Aussie and Kiwi
0:13:51 > 0:13:53and South African backpackers.
0:13:53 > 0:13:55Now, the delis and the cafes are moving in
0:13:55 > 0:13:59and attracting a much more professional clientele.
0:13:59 > 0:14:01So, this is an area definitely on the up.
0:14:03 > 0:14:07People moving into this area will undoubtedly appreciate
0:14:07 > 0:14:09the transport links to the capital.
0:14:09 > 0:14:14The nearby North Circular Road, the Tube, or even Shanks's pony.
0:14:17 > 0:14:20One of the most important rules when buying property in London
0:14:20 > 0:14:24is to try and buy within a short walk of the train station.
0:14:24 > 0:14:28Now, the property I'm here to see definitely ticks that box,
0:14:28 > 0:14:31with just a few minutes' walk from Willesden Green tube.
0:14:31 > 0:14:34So, the location really is fantastic.
0:14:34 > 0:14:35But what about the property?
0:14:35 > 0:14:37Here it is, it's a two-bed flat
0:14:37 > 0:14:40up on the second floor of this mid-terraced house.
0:14:40 > 0:14:45And it went to auction with a guide price of £325,000 plus.
0:14:45 > 0:14:46I'm going in.
0:14:52 > 0:14:56MUSIC: Take It To The Top by Kool & The Gang
0:14:58 > 0:15:02This communal area presents a bit of an obstacle course.
0:15:02 > 0:15:05It's all feeling a little bit tired. A bit like me!
0:15:06 > 0:15:11Oh, a couple of flights of stairs later and, well, we reach the flat.
0:15:11 > 0:15:12The decor's a little bit basic.
0:15:12 > 0:15:16Brown carpets, magnolia walls everywhere. A bit beigey.
0:15:16 > 0:15:17But the entrance hall is light,
0:15:17 > 0:15:20thanks to that big old window up there.
0:15:20 > 0:15:22On this level, you've got a small bathroom through here
0:15:22 > 0:15:26and then into the first of two bedrooms. Now, it's a small double.
0:15:26 > 0:15:29You've got some sloping ceilings over here
0:15:29 > 0:15:31and they do eat into the space a bit,
0:15:31 > 0:15:34but everything is in good condition. So, so far, so good.
0:15:34 > 0:15:36I actually really like this flat.
0:15:36 > 0:15:39Despite the fact it has a downstairs bathroom,
0:15:39 > 0:15:42but it is conveniently next-door to bedroom one
0:15:42 > 0:15:44with gas central heating.
0:15:44 > 0:15:47Slight minus points for the view of the neighbours at the back,
0:15:47 > 0:15:50but at least, we're in a bedroom where curtains are
0:15:50 > 0:15:52normally closed when it's occupied.
0:15:52 > 0:15:57And renovating this room looks like it should be just a superficial job.
0:15:58 > 0:16:01MUSIC: The Attic by Paul Weller
0:16:05 > 0:16:08Up a few more stairs and there are a few more rooms.
0:16:08 > 0:16:12So, you got the kitchen through here, a bedroom, potentially,
0:16:12 > 0:16:15through here and through here, well, a bedroom or a lounge.
0:16:15 > 0:16:19I actually think a lounge would work so much better.
0:16:19 > 0:16:21Although, the room is very eaved.
0:16:21 > 0:16:23You can tell you're right up in the loft.
0:16:23 > 0:16:26Now, the other side of this wall is a kitchen.
0:16:26 > 0:16:29There's a partition wall there. I'd like to see that come down.
0:16:29 > 0:16:32And, you know what I'm going to say - open the space up!
0:16:32 > 0:16:34Because it is quite cramped in here
0:16:34 > 0:16:36and to have the flow of the kitchen
0:16:36 > 0:16:38into this room, I think, would work really well.
0:16:38 > 0:16:40Don't forget that you have to get
0:16:40 > 0:16:42the freeholder's permission to do that,
0:16:42 > 0:16:45but then you could have a bedroom, a nice kitchen
0:16:45 > 0:16:46through into a great lounge
0:16:46 > 0:16:48where you could have an eating area by the window.
0:16:48 > 0:16:50That would really work well.
0:16:50 > 0:16:54So, I mentioned the freeholder. Let's talk about that lease.
0:16:54 > 0:16:59The good news is, there's 125 years left on that. So, no worries.
0:16:59 > 0:17:01But does this flat offer a good opportunity?
0:17:01 > 0:17:04What does the local estate agent think its pros and cons are?
0:17:04 > 0:17:06Firstly, the cons.
0:17:06 > 0:17:10The external parts could do with some work, the main facade.
0:17:10 > 0:17:14Internally, I think it's a good flat. It has two good-sized bedrooms,
0:17:14 > 0:17:17a fair sized reception. So I think it would do well.
0:17:17 > 0:17:19Now, as I've said, this area
0:17:19 > 0:17:22is moving away from its backpacker past.
0:17:22 > 0:17:25What kind of rentals could a buyer be hoping to attract?
0:17:25 > 0:17:27This is a good rental area.
0:17:27 > 0:17:29Round the corner from Willesden Green Station.
0:17:29 > 0:17:33For that reason, you'd have young professionals, or older professionals.
0:17:33 > 0:17:37City workers wanting to live in this location, in particular.
0:17:37 > 0:17:40So, what rent could a commuting professional be expecting to pay
0:17:40 > 0:17:43for a refurbished flat like this?
0:17:43 > 0:17:46I think you're looking in the region of £1,500-£1,600 per calendar month.
0:17:46 > 0:17:50Given the guide price is £325,000,
0:17:50 > 0:17:52what would it list for on the open market?
0:17:52 > 0:17:56I would say that this property is worth £450,000 at a maximum,
0:17:56 > 0:17:58once refurbished.
0:17:58 > 0:18:02Which leaves £125,000 - full refurbishment, profit
0:18:02 > 0:18:05and the usual taxes and expenses.
0:18:05 > 0:18:08To achieve the figure of £450,000,
0:18:08 > 0:18:11I'd say you'd need to do a pretty high-end job.
0:18:11 > 0:18:13Pay attention to the colour scheme and small details,
0:18:13 > 0:18:17like what doors you have, skirtings, covings if you have them as well.
0:18:17 > 0:18:20Even with a high-spec kitchen and chrome-plated taps,
0:18:20 > 0:18:23there must be room for some profit.
0:18:23 > 0:18:26This two-bed flat needs a bit of a cosmetic refurb to get it
0:18:26 > 0:18:31looking its best. A new kitchen? Yep. A new bathroom? Yep.
0:18:31 > 0:18:35And, overall, redecoration will transform the place.
0:18:35 > 0:18:39So, who was willing to bid for this Willesden Green property?
0:18:39 > 0:18:41Let's head to auction and find out.
0:18:41 > 0:18:46Second-floor flat, two bedrooms, in the same ownership for 27 years.
0:18:46 > 0:18:49Start me at 300, please. Opening bid of 300.
0:18:49 > 0:18:52It's all gone very quiet all of a sudden. 300,000?
0:18:52 > 0:18:54I say, 300 there on my left.
0:18:54 > 0:18:56Thank you. Lady's bid. 300. On the aisle.
0:18:56 > 0:19:01300 here. Somebody else? 305? On the aisle?
0:19:01 > 0:19:04Oh! Standing. I was looking for somebody sitting down.
0:19:04 > 0:19:08Thank you very much. 305, may I say? 305. 305. And ten?
0:19:08 > 0:19:13310. And 15? 15. And 20? And 20.
0:19:13 > 0:19:16And 25? And 25.
0:19:16 > 0:19:22And 30? No. 325 then.
0:19:22 > 0:19:24330 anywhere else? First time at 325.
0:19:24 > 0:19:27Second time at 325.
0:19:27 > 0:19:28Lady's bid, standing in the back.
0:19:28 > 0:19:32For the last time at £325,000. All done?
0:19:32 > 0:19:36Sold. Well done, madam. 325.
0:19:36 > 0:19:40A successful bid of £325,000, bang on the guide price,
0:19:40 > 0:19:43came from Kelly at the auction with her dad David.
0:19:43 > 0:19:46It's not Kelly's first time on Homes Under The Hammer.
0:19:46 > 0:19:49We met way back in 2007,
0:19:49 > 0:19:52when she bought a garden flat, also in Willesden.
0:19:52 > 0:19:55Then she was looking for an addition to her daytime job
0:19:55 > 0:19:59as an events manager in the music industry.
0:19:59 > 0:20:02- So how long have you been doing this for?- Eight months.
0:20:02 > 0:20:05And is this your first property you've bought?
0:20:05 > 0:20:09No, I... It's the first one in auction. I've bought and sold one,
0:20:09 > 0:20:12and one is on the market, hopefully, waiting for it to sell,
0:20:12 > 0:20:16and I'm doing two other ones up as well.
0:20:16 > 0:20:20To have turned around five properties in just eight months,
0:20:20 > 0:20:24I'd call Kelly a go-getter, and she sold the garden flat
0:20:24 > 0:20:26and made a profit without doing any refurbishment.
0:20:26 > 0:20:29Now, Kelly's in business with sister Julie,
0:20:29 > 0:20:32and I met them at their new flat to find out their plans.
0:20:32 > 0:20:34MUSIC: Hey, Soul Sister by Train
0:20:34 > 0:20:35# Hey, soul sister
0:20:35 > 0:20:40# Ain't that Mr Mister on the radio, stereo?
0:20:40 > 0:20:43# The way you move ain't fair, you know... #
0:20:43 > 0:20:45Kelly and Julie, congratulations.
0:20:45 > 0:20:47Now, Kelly, you've been buying and selling
0:20:47 > 0:20:49since I met you seven years ago.
0:20:49 > 0:20:53We have, we've bought and sold, we've bought and kept, which is nice,
0:20:53 > 0:20:55and now we're onto this one.
0:20:55 > 0:20:57Now, you were quite a busy young lady,
0:20:57 > 0:20:59- I remember you were in the music industry.- I was.
0:20:59 > 0:21:01Are you still doing that?
0:21:01 > 0:21:04- I'm a freelance event manager for music and sport events.- Yeah.
0:21:04 > 0:21:09So, yes, I'm still in music and doing a bit of sport events as well,
0:21:09 > 0:21:11freelancing, so makes sure we have time
0:21:11 > 0:21:13for property...at the same time.
0:21:13 > 0:21:16So, Julie, how did she rope you into this? Come on, tell me.
0:21:16 > 0:21:18We just did one project together.
0:21:18 > 0:21:20I worked as a set designer originally, and then
0:21:20 > 0:21:24I sort of ended up doing interior design, and then, on a project,
0:21:24 > 0:21:27we just decided it made sense for me to do the interior for Kelly.
0:21:27 > 0:21:29We actually make a really good combination.
0:21:29 > 0:21:32We've realised that we can never live together,
0:21:32 > 0:21:36but we can work together, so I'm more of the project manager,
0:21:36 > 0:21:42and do that side of things, and Julie comes in on the design. And we...
0:21:42 > 0:21:45Yeah, we get on very well, working together. It sort of seems to...
0:21:45 > 0:21:47- Because you don't live together? - Yes.- Yeah, exactly.
0:21:47 > 0:21:50- Who's the older sister? - I'm the older one.- Older sister.
0:21:50 > 0:21:53- Yeah.- And who is the one that's a little bit more in control,
0:21:53 > 0:21:57and will be in charge of what is going on and what's happening?
0:21:57 > 0:22:01- Erm, it...- It depends on what we're talking about.- Yeah.
0:22:01 > 0:22:05I'm good with budgets and keeping the costs down,
0:22:05 > 0:22:08and that sort of thing, and Julie is more...
0:22:08 > 0:22:12- She'll be more sort of strict on design and how it looks.- Yeah.
0:22:12 > 0:22:15The sisters have been working together for the last two years,
0:22:15 > 0:22:18after they decided their skills and experience
0:22:18 > 0:22:20made a great working partnership in property.
0:22:20 > 0:22:23As they both have jobs that are freelance, and by nature,
0:22:23 > 0:22:27a bit sporadic, property makes a great fit for both of them.
0:22:27 > 0:22:28So what's the plan?
0:22:30 > 0:22:34We're going to refurbish the whole flat, so we're going to put
0:22:34 > 0:22:38a new kitchen in, new bathroom, and we're going to create...
0:22:38 > 0:22:42a hole between the lounge and the kitchen, so there's a hatch.
0:22:42 > 0:22:46So there's a breakfast bar there. New, you know, wooden flooring,
0:22:46 > 0:22:49so just give the whole thing a bit of a lift,
0:22:49 > 0:22:51and then we would like to rent it out afterwards.
0:22:51 > 0:22:54So what about the kitchen? Now, you mentioned a hatch.
0:22:54 > 0:22:57I was just a bit concerned that still might cut it off a little bit.
0:22:57 > 0:22:59I think we wanted something just a bit different,
0:22:59 > 0:23:03and that way, you get the best of both worlds, so it's, you know,
0:23:03 > 0:23:06it's adjoining, you can talk to people in both rooms.
0:23:06 > 0:23:07It gives that light.
0:23:07 > 0:23:10The lounge will get the light from the kitchen, but at the same time,
0:23:10 > 0:23:14it also creates a breakfast bar, and we think that's quite a nice touch.
0:23:14 > 0:23:16Is there anything that you're going to put into this
0:23:16 > 0:23:18property that will sort of, like, make it stand apart?
0:23:18 > 0:23:21Yeah, I mean, it's, we always try to strike a balance
0:23:21 > 0:23:23between making sure that it's going to be
0:23:23 > 0:23:26to most people's taste, but at the same time,
0:23:26 > 0:23:27not going for that
0:23:27 > 0:23:31- generic developer's, boring sort of look.- New, new, new.
0:23:31 > 0:23:34- Magnolia, Magnolia.- Yeah, which just feels a bit uninspired.
0:23:34 > 0:23:38Exactly, so it's just striking that balance with a few little...
0:23:38 > 0:23:40We're doing a banquette in the living room,
0:23:40 > 0:23:42and maybe having an interesting fabric on that.
0:23:42 > 0:23:45So you can sit on it and you can also use it as storage,
0:23:45 > 0:23:47- I'm guessing.- Yeah, underneath. - Yeah, exactly.
0:23:47 > 0:23:48We'll have probably lift-up seats
0:23:48 > 0:23:50so that you can have storage underneath.
0:23:50 > 0:23:54So just little touches like that, which make it a bit different.
0:23:54 > 0:23:56We like to be a bit quirky.
0:23:56 > 0:23:58That's kind of maybe our style,
0:23:58 > 0:24:01but like Julie was saying, we don't like to go overboard with that,
0:24:01 > 0:24:04because it's not going to help sell and rent out.
0:24:04 > 0:24:05What about the bathroom?
0:24:05 > 0:24:09Oh, so, the bathroom, we found lovely, old,
0:24:09 > 0:24:11like, old Victorian-style tiles.
0:24:11 > 0:24:15We've decided to go for brass taps and shower.
0:24:15 > 0:24:18I think that'll be... It'll give it a good look.
0:24:18 > 0:24:24We did find this amazing flamingo, sort of, artwork
0:24:24 > 0:24:26for by the bath, but we're just working out budgets...
0:24:26 > 0:24:29if it works with our budget or not. It's quite expensive.
0:24:29 > 0:24:31And also, will that be to everybody's taste?
0:24:31 > 0:24:33- That's what you've got to remember. - Maybe not.- Yeah.
0:24:33 > 0:24:36Maybe you two are going to love that, but somebody else
0:24:36 > 0:24:38that's buying the property or renting it might not like that.
0:24:38 > 0:24:42I know. White tiles sound boring to us, but it will...
0:24:42 > 0:24:44It will look lovely.
0:24:44 > 0:24:47The girls have a materials budget of £18,000,
0:24:47 > 0:24:51and their builder has quoted a further £17,000 for labour
0:24:51 > 0:24:54and expects to finish in a month's time.
0:24:54 > 0:24:55Girls, I'm really excited for you both.
0:24:55 > 0:24:58Good luck with this project and I can't wait to see the magic touch.
0:24:58 > 0:25:01- Thank you.- Thank you. Thanks so much.- Congratulations.- Thanks.
0:25:03 > 0:25:05It's been a good few years since we last saw Kelly on the show,
0:25:05 > 0:25:08and she is still buying and doing up property.
0:25:08 > 0:25:12This time round, though, she has sister Julie lending a helping hand,
0:25:12 > 0:25:16so will those sisters be able to transform this flat
0:25:16 > 0:25:19from shabby to chic in a month?
0:25:19 > 0:25:21You can find out how Kelly and Julie, the sisters,
0:25:21 > 0:25:23get on, later on in the programme.
0:25:25 > 0:25:27Coming up, the family theme continues,
0:25:27 > 0:25:30as two cousins come together as duo developers in Dudley.
0:25:30 > 0:25:32He's dragged you in, hasn't he?
0:25:32 > 0:25:33He's dragged you away from your normal job.
0:25:33 > 0:25:36I'm loving it, to be honest.
0:25:36 > 0:25:38And in Willesden Green, London,
0:25:38 > 0:25:41are sisters Kelly and Julie still enjoying working together?
0:25:41 > 0:25:43It's fun, working with my sister.
0:25:49 > 0:25:53We're heading back now to Stoke-on-Trent, where I looked at
0:25:53 > 0:25:57a brick-built, two-bedroom semi, bought at auction for £53,000
0:25:57 > 0:25:59by John, who turned out to be
0:25:59 > 0:26:03more at home on a different kind of estate.
0:26:03 > 0:26:06Country estates? What were you doing in country estates?
0:26:06 > 0:26:07Buying a country estate, which...
0:26:07 > 0:26:10A lot of country estates had derelict buildings.
0:26:10 > 0:26:12I would do them up and sell them.
0:26:12 > 0:26:16Wow. Forgive me, but quite a few people would go from this to that,
0:26:16 > 0:26:19- rather than from that to this. - This is exciting,
0:26:19 > 0:26:22because the recession has been a really awful time.
0:26:22 > 0:26:24A property developer for over 40 years,
0:26:24 > 0:26:28John sold most of his portfolio to move to smaller properties
0:26:28 > 0:26:31like these, so what were his plans here?
0:26:31 > 0:26:35It'll finish up, three bedrooms, one with an en-suite bathroom,
0:26:35 > 0:26:37so there's going to be two bathrooms, three bedrooms.
0:26:37 > 0:26:39There's a conservatory going off the kitchen.
0:26:39 > 0:26:43I'm opening up the wall behind me, so when you come in from the front,
0:26:43 > 0:26:45- you have a wonderful view right through.- Wow.
0:26:45 > 0:26:48Now, there is always a danger with that, that you're sort of...
0:26:48 > 0:26:51- There is going to be a ceiling price on properties in the area.- Yeah.
0:26:51 > 0:26:54And if you build it to such high spec,
0:26:54 > 0:26:56- you might not get your money back. - It may be the case.
0:26:56 > 0:27:00It's not just to do with the profit. It's the fun of doing them.
0:27:00 > 0:27:03Profit or fun, three-and-a-half months later,
0:27:03 > 0:27:04we're back to find out
0:27:04 > 0:27:07if John's changes will help him to resell.
0:27:07 > 0:27:09Let's start with the kitchen wall.
0:27:09 > 0:27:13MUSIC: I Wouldn't Normally Do This Kind Of Thing by The Pet Shop Boys
0:27:15 > 0:27:17A much brighter arrangement.
0:27:17 > 0:27:21Now, what about those dull old kitchen units?
0:27:26 > 0:27:29# Ask me why
0:27:29 > 0:27:33# I'll say it's most unusual
0:27:33 > 0:27:39# How can I even try to explain?
0:27:39 > 0:27:43# Why today, I feel like dancing
0:27:43 > 0:27:46# And singing like lovers sing
0:27:46 > 0:27:52# When I wouldn't normally do this kind of thing... #
0:27:52 > 0:27:56But the biggest change is this permanent conservatory.
0:27:56 > 0:27:58The back door and downstairs loo area has been
0:27:58 > 0:28:04rearranged into a small utility, and shorter but brighter downstairs loo.
0:28:06 > 0:28:09# Wouldn't normally do
0:28:09 > 0:28:15# Wouldn't normally do this kind of
0:28:15 > 0:28:20# This kind of thing... #
0:28:20 > 0:28:24Now, with daylight coming from both ends, the lounge is much brighter.
0:28:26 > 0:28:28The once huge bathroom is now smaller,
0:28:28 > 0:28:31to allow reconfiguration of the upstairs.
0:28:31 > 0:28:35# Wouldn't normally do this kind of thing... #
0:28:35 > 0:28:38There are now three bedrooms and all of them
0:28:38 > 0:28:41have built-in wardrobe space.
0:28:41 > 0:28:43Much is unrecognisable,
0:28:43 > 0:28:45but the master bedroom once looked like this.
0:28:45 > 0:28:47# This kind of thing... #
0:28:47 > 0:28:49Now look at it!
0:28:49 > 0:28:53It has the most wardrobe space, and en-suite facilities too.
0:28:57 > 0:29:00So, how has John found the experience,
0:29:00 > 0:29:04working on a much smaller urban house than those he's more used to?
0:29:05 > 0:29:08# This kind of thing. #
0:29:08 > 0:29:10This is a mini country house, with its en-suite,
0:29:10 > 0:29:13and its conservatory, and its fitted kitchen
0:29:13 > 0:29:16and a utility, downstairs cloakroom, landscaped gardens.
0:29:16 > 0:29:18It's... It's been a joy to do.
0:29:18 > 0:29:23How did John turn it from a two-bedroom to a three-bedroom?
0:29:23 > 0:29:25A quarter of the bathroom was unusable
0:29:25 > 0:29:27because of all the unnecessary boxing
0:29:27 > 0:29:30in the days when they had massive water tanks and cylinders.
0:29:30 > 0:29:33And so, by stripping that out, it made a good third bedroom.
0:29:33 > 0:29:37The main bedroom was so huge that I was able to make it
0:29:37 > 0:29:41still into a double bedroom but with fitted wardrobes and so it was very
0:29:41 > 0:29:43easy to make it into a three-bedroomed house,
0:29:43 > 0:29:45which makes a huge difference.
0:29:45 > 0:29:49John has a trusted team of contractors, so what was his role?
0:29:49 > 0:29:51I did all the organising of materials, I wouldn't let
0:29:51 > 0:29:54anybody go off-site to go and pick things up, that was my job.
0:29:54 > 0:29:56And just...and monitor it.
0:29:56 > 0:30:00And, you know, I had a programme of work, and although they never
0:30:00 > 0:30:04actually work properly, it meant that we've got to this stage.
0:30:04 > 0:30:06Three-and-a-half months, I think is quite acceptable for
0:30:06 > 0:30:09the total stripping out of the house, redesigning it in total,
0:30:09 > 0:30:12taking all the plaster off and going back to bare walls.
0:30:12 > 0:30:17It's been a big exercise, really, but a very enjoyable one.
0:30:17 > 0:30:21Ah, yes. That raises the fun versus profit argument.
0:30:21 > 0:30:24John initially budgeted £25,000 for the work,
0:30:24 > 0:30:28but has his quest for high spec taken its toll on that figure?
0:30:30 > 0:30:34I've actually spent 27,000, to the nearest hundred pounds,
0:30:34 > 0:30:37and I... For what we've done, I think that's an amazing budget.
0:30:39 > 0:30:42We called in two local property experts to find out
0:30:42 > 0:30:44if it's all been worthwhile.
0:30:44 > 0:30:47First up, the one who saw the property before renovation began.
0:30:47 > 0:30:50I think he's made some fantastic changes to the property
0:30:50 > 0:30:51since I last saw it.
0:30:51 > 0:30:54My favourite part that he's added is the extension to the rear.
0:30:54 > 0:30:57It opens up the property and it's very light and bright throughout.
0:30:57 > 0:31:01The property has been finished above standard for the area.
0:31:01 > 0:31:03It looks like it's been re-plastered,
0:31:03 > 0:31:06new central heating, and decorated neutral all through.
0:31:06 > 0:31:10It really will appeal to quite a few different types of people.
0:31:10 > 0:31:13Will going above and beyond what is generally expected
0:31:13 > 0:31:17in this area adversely affect John's position?
0:31:17 > 0:31:19Let's get the rental values and see
0:31:19 > 0:31:22if we can sway John away from his intention to sell.
0:31:22 > 0:31:26For rental, he could ask for £525 per calendar month.
0:31:26 > 0:31:29If this property was to be placed on the rental market,
0:31:29 > 0:31:32I would look somewhere in the region of £495 per calendar month.
0:31:32 > 0:31:33Taking the average,
0:31:33 > 0:31:37that would equate to an 8% yield on John's £80,000 investment.
0:31:37 > 0:31:40Tempting?
0:31:40 > 0:31:41I'm going to sell this one.
0:31:41 > 0:31:46Basically, after eight years of really difficult times in
0:31:46 > 0:31:49the property market, I'm going to build up
0:31:49 > 0:31:51my capital base for my retirement.
0:31:51 > 0:31:54Fair enough, John. Let's see how much the agents feel that
0:31:54 > 0:31:56your capital base could swell by.
0:31:56 > 0:32:00I would value this property at £110,000.
0:32:00 > 0:32:02I'd recommend an asking price
0:32:02 > 0:32:04somewhere in the region of £100-£105,000.
0:32:04 > 0:32:07That's about right for this area, but what amazes me,
0:32:07 > 0:32:10and especially people who might be watching this in London and
0:32:10 > 0:32:11the major cities -
0:32:11 > 0:32:14three bedrooms, two bathrooms, fitted kitchens and so on -
0:32:14 > 0:32:17they just will not believe that you can get a house of this calibre,
0:32:17 > 0:32:19this quality, for that money.
0:32:19 > 0:32:23But, yes, I accept that that is the value around here.
0:32:23 > 0:32:25In fact, after filming,
0:32:25 > 0:32:29John actually sold the property for £120,000,
0:32:29 > 0:32:33adding to his capital base to the tune of £40,000,
0:32:33 > 0:32:35minus the usual taxes and expenses.
0:32:35 > 0:32:37And as to his future investments...
0:32:37 > 0:32:38I love auctions.
0:32:38 > 0:32:42You know, it's a wonderful way to buy properties, and what I'm
0:32:42 > 0:32:45always looking out for is something that's derelict or semi-derelict.
0:32:45 > 0:32:47That's my ideal purchase.
0:32:47 > 0:32:49I get the feeling that now goes for urban properties
0:32:49 > 0:32:51as well as the ones in the country.
0:33:01 > 0:33:05There's no more arresting sight than the West Midlands town of Dudley
0:33:05 > 0:33:07bathed in sunshine.
0:33:07 > 0:33:11Dudley Castle sits over the town as a reminder of more turbulent times,
0:33:11 > 0:33:16but the town is fighting a modern-day battle against economic decline,
0:33:16 > 0:33:20but the good news is that a major redevelopment is planned
0:33:20 > 0:33:23including a brand-new £7 million market.
0:33:32 > 0:33:36The property I'm here to see is just on the outskirts of Dudley
0:33:36 > 0:33:39and I'm pretty sure Lenny Henry came from round these parts.
0:33:39 > 0:33:42It is on a noisy, busy main road,
0:33:42 > 0:33:45and here it is. It's a two-bed, mid-terrace house
0:33:45 > 0:33:50with a guide price of £58-62,000. Let's take a look.
0:33:52 > 0:33:55Despite the traffic, this is quite an attractive property
0:33:55 > 0:33:58with some lovely terracotta details on the front.
0:34:01 > 0:34:04Nice and bright. I do like that in a hallway.
0:34:04 > 0:34:08Lovely high ceilings as well, so a nice feeling of space.
0:34:08 > 0:34:11First reception room is here,
0:34:11 > 0:34:12which is an OK size.
0:34:12 > 0:34:15It has got double glazed windows as well,
0:34:15 > 0:34:17but you can still hear that traffic slightly.
0:34:17 > 0:34:19Old-fashioned fireplace.
0:34:19 > 0:34:21Again, ceilings are lovely.
0:34:21 > 0:34:24Has got a feeling of late '80s, early '90s.
0:34:24 > 0:34:25Let's have an explore.
0:34:25 > 0:34:28MUSIC: Acceptable in the 80's by Calvin Harris
0:34:34 > 0:34:39And, although the house is Victorian, I do mean 1980s.
0:34:39 > 0:34:42The decor isn't that old.
0:34:42 > 0:34:44To the back of the house, there's a second reception room.
0:34:44 > 0:34:47Again, it could do with some redecoration
0:34:47 > 0:34:50but I like those French doors that lead out to the back yard.
0:34:52 > 0:34:54Through into the kitchen, which is an OK size.
0:34:54 > 0:34:58It's in reasonable condition as well, so decent in here.
0:34:58 > 0:35:02Through into a wet room, which is quite typical,
0:35:02 > 0:35:06to have a downstairs bathroom, as such, in this era of house.
0:35:06 > 0:35:09Now, you could actually put a bath in here and a separate shower
0:35:09 > 0:35:12but not everybody likes a downstairs bathroom.
0:35:12 > 0:35:14Let's see what we can find upstairs.
0:35:23 > 0:35:26Upstairs, there are two good-sized bedrooms,
0:35:26 > 0:35:30one to the front of the house with two windows letting in lots of light,
0:35:30 > 0:35:32and one in the middle.
0:35:32 > 0:35:36But, right at the back, there's something of a surprise.
0:35:38 > 0:35:41So, down this very long corridor
0:35:41 > 0:35:44and you find another bathroom upstairs, which I'm pleased to say,
0:35:44 > 0:35:47but it gives you two bathrooms for a two-bedroom house.
0:35:47 > 0:35:49Decisions to be made.
0:35:49 > 0:35:53Do you change it into a bedroom? Have the bathroom downstairs? Not for me.
0:35:53 > 0:35:57I always like to have my bathroom upstairs, next to the bedrooms.
0:35:57 > 0:35:59MUSIC: Should I Stay Or Should I Go by The Clash
0:36:02 > 0:36:04If you think purely in business terms,
0:36:04 > 0:36:07then converting the upstairs bathroom into a third bedroom
0:36:07 > 0:36:09makes a lot of sense.
0:36:09 > 0:36:11Higher rental and higher sales,
0:36:11 > 0:36:14but, if you are buying this for your home,
0:36:14 > 0:36:17would you be tempted to keep it upstairs?
0:36:17 > 0:36:19Should it stay or should it go?
0:36:21 > 0:36:25Let's get some facts and figures from a local property expert
0:36:25 > 0:36:27and see what he thinks is the best option.
0:36:34 > 0:36:35Swings and roundabouts.
0:36:35 > 0:36:37What you lose with one hand, you gain on the other.
0:36:37 > 0:36:41Overall, my preference would be to have the third bedroom upstairs
0:36:41 > 0:36:44as opposed to a bathroom upstairs.
0:36:44 > 0:36:48You'll have more people interested in having three bedrooms than two.
0:36:50 > 0:36:54And is there any other refurbishment work he'd recommend?
0:36:54 > 0:36:57I'd be looking to replace all the window units to the rear
0:36:57 > 0:36:58to double-glazed units.
0:36:58 > 0:37:00Possibly replace the front door
0:37:00 > 0:37:03and, obviously, a general refurbishment
0:37:03 > 0:37:05in terms of painting and carpets.
0:37:07 > 0:37:10So what difference would having that third bedroom
0:37:10 > 0:37:12make in terms of rental income?
0:37:12 > 0:37:15As a two-bed, I'd look to market this property
0:37:15 > 0:37:18at around £475-495 per calendar month.
0:37:18 > 0:37:23As a three-bed, It would be slightly higher at £525 per calendar month.
0:37:24 > 0:37:27And the sales values?
0:37:27 > 0:37:28Sales, as a two-bed,
0:37:28 > 0:37:31I'd probably be looking to put this on the market around £85,000.
0:37:31 > 0:37:36As a three-bed, again, slightly higher at £95,000.
0:37:37 > 0:37:40This is a pretty traditional two-bed terrace.
0:37:40 > 0:37:43It does need a bit of work doing to it but you do get a lot of space.
0:37:43 > 0:37:45If you get it for anywhere near the guide price,
0:37:45 > 0:37:47you've got yourself a bit of a steal.
0:37:47 > 0:37:49Let's see who agreed when it went to auction.
0:37:49 > 0:37:53Two-bedroom, mid-terrace freehold house.
0:37:53 > 0:37:55Start me, if you will.
0:37:55 > 0:37:5870,000 anywhere?
0:37:58 > 0:38:03This lot came up at the end of a busy day and fatigue had obviously set in
0:38:03 > 0:38:05as nobody in the room was willing to raise their hand.
0:38:05 > 0:38:07£60,000.
0:38:07 > 0:38:11The auctioneer dropped the opening price by £20,000,
0:38:11 > 0:38:14and we rejoin with the asking price at 50 grand.
0:38:14 > 0:38:17At 50,000 anywhere?
0:38:17 > 0:38:21Start me if you will. What a buy this will be, sir. Thank you.
0:38:21 > 0:38:24At 50,000 I'm bid. Is it 60 now?
0:38:24 > 0:38:27At 50,000. Is it 60? 60, sir?
0:38:27 > 0:38:2955, thank you. At 55.
0:38:29 > 0:38:31At 55, I'm bid.
0:38:31 > 0:38:35At 55,000 then, are we all done?
0:38:35 > 0:38:37Sir, do you want one? Do you want 56?
0:38:37 > 0:38:3856. Thank you, sir.
0:38:38 > 0:38:4157. 58, sir?
0:38:41 > 0:38:45At 58. Thank you, sir. At 58. At 58. And 59?
0:38:45 > 0:38:48It's still a fantastic buy at 59, sir.
0:38:48 > 0:38:50Are you sure?
0:38:50 > 0:38:5259. 59.
0:38:52 > 0:38:5460, sir? No?
0:38:54 > 0:38:58At £59,000 on my left.
0:38:58 > 0:39:02At £59,000 for the first time.
0:39:02 > 0:39:05£59,000 for the second time.
0:39:05 > 0:39:08Third and last time.
0:39:08 > 0:39:12That's yours, sir. You came in with the one bid which was enough.
0:39:14 > 0:39:19That final bid of £59,000 was made by local property developer Jawad.
0:39:19 > 0:39:23I met Jawad back at the property along with his cousin Zahid,
0:39:23 > 0:39:26who runs a construction company, to hear what their plans were.
0:39:30 > 0:39:32- Zahid, nice to meet you.- Likewise.
0:39:32 > 0:39:34Jawad, nice to meet you. Congratulations.
0:39:34 > 0:39:36- Thank you.- Let's start at the auction.
0:39:36 > 0:39:37How was it? What was it like?
0:39:37 > 0:39:41I wasn't expecting to start the bid at this price.
0:39:41 > 0:39:43I was just relaxed and sit back,
0:39:43 > 0:39:46until he just stopped at 59. I just waved my hand and that's it.
0:39:46 > 0:39:49And did you get it at the price you wanted it? Were you happy?
0:39:49 > 0:39:51Yes, I'm very pleased with it, to be honest,
0:39:51 > 0:39:54because I got it, I think, 6K cheaper
0:39:54 > 0:39:56than what our budget price was, so...
0:39:56 > 0:39:58Do you take different roles?
0:39:58 > 0:40:01Does Jawad take one role and you take another role or do you mix it up?
0:40:01 > 0:40:04Well, Jawad does all the searching, running round,
0:40:04 > 0:40:07looking for the properties. I go down and view them
0:40:07 > 0:40:09and then I leave him to it.
0:40:09 > 0:40:11So, you do all the work, really, Jawad. That's what I'm getting.
0:40:11 > 0:40:15Initially! Initially, but, then, once... If we do get the property,
0:40:15 > 0:40:21then I'll do all the building works, organise all the labour,
0:40:21 > 0:40:23plant, materials, whatever's required.
0:40:23 > 0:40:25Zahid, tell me a bit about yourself before you got, you know,
0:40:25 > 0:40:27right into the property world.
0:40:27 > 0:40:30Well, I'm a civil engineer by profession.
0:40:30 > 0:40:33I left the construction industry about four years ago
0:40:33 > 0:40:35to set up my own construction company.
0:40:35 > 0:40:40Been doing properties and renovating them
0:40:40 > 0:40:42for the last five, six, probably a bit longer.
0:40:42 > 0:40:46- Tell us why you got into property, Jawad.- Yeah, I was working in a bank,
0:40:46 > 0:40:47to be honest, as a full-time employee
0:40:47 > 0:40:50and Zahid was in this trade, anyway, before for me,
0:40:50 > 0:40:54so, I mean, after having a chat with him
0:40:54 > 0:40:56and due to my family circumstances, as well,
0:40:56 > 0:40:59I wanted a job which is more flexible,
0:40:59 > 0:41:01where I can manage my own time,
0:41:01 > 0:41:04so property development was one of the choices
0:41:04 > 0:41:06and, so far, I'm really pleased with it.
0:41:06 > 0:41:08He's dragged you in, hasn't he?
0:41:08 > 0:41:11- Dragged you away from your normal job.- Yes.- Are you enjoying it?
0:41:11 > 0:41:13I'm loving it, to be honest. It's brilliant.
0:41:13 > 0:41:15Yes, it is different, it's exciting,
0:41:15 > 0:41:18especially when you get what you want under the price
0:41:18 > 0:41:19and you meet your targets.
0:41:19 > 0:41:21It's brilliant.
0:41:23 > 0:41:26On paper, this looks like an ideal partnership.
0:41:26 > 0:41:28Plenty of enthusiasm from Jawad
0:41:28 > 0:41:32backed up with years of construction experience from Zahid,
0:41:32 > 0:41:34but, in property, as with football,
0:41:34 > 0:41:37the game ain't won on paper.
0:41:37 > 0:41:39And both will have to play to their strengths
0:41:39 > 0:41:41to get this ready for rental.
0:41:41 > 0:41:44- Tell us what you're going to do with it.- Right, we want to convert it
0:41:44 > 0:41:47into a three-bed, so we want to get rid of the bathroom upstairs.
0:41:47 > 0:41:50Basically, just have a look at the central heating, the gas boiler,
0:41:50 > 0:41:53the electrics. A few minor little things.
0:41:53 > 0:41:56A couple of windows need changing and I think that's about it.
0:41:56 > 0:41:58I think nothing major.
0:41:58 > 0:42:00And, downstairs, the bathroom, wet room downstairs,
0:42:00 > 0:42:02are you going to change it or...
0:42:02 > 0:42:04At the moment, there's no plans.
0:42:04 > 0:42:09- It's well built. It's very clean. So we're going to...- Ready to go?
0:42:09 > 0:42:12- Ready to go, at the moment. - And tell us what that budget is.
0:42:12 > 0:42:15What budget have you put aside to turn it round?
0:42:15 > 0:42:18Well, initially, it was £10,000,
0:42:18 > 0:42:20but I think we're going to... Looking at it now,
0:42:20 > 0:42:22I don't think we're going to use half of that,
0:42:22 > 0:42:26- so probably about 5,000.- He's saved you a few quid, as well.- He has.
0:42:26 > 0:42:29He has saved me a few quid, yeah. So it's working.
0:42:29 > 0:42:31So he's doing his job, so good.
0:42:31 > 0:42:34How long is your timescale to get it all finished?
0:42:34 > 0:42:38Right, timescale is a bit difficult to put together
0:42:38 > 0:42:41- because we've got about three, four jobs running at the moment.- Ah, OK.
0:42:41 > 0:42:45So depends on how much priority we give to this house.
0:42:45 > 0:42:47So I think we will prioritise this one
0:42:47 > 0:42:49because this hasn't got much work to do
0:42:49 > 0:42:51and I think we can do it within four weeks.
0:42:51 > 0:42:53- Amazing if you could get it finished that quick.- Yeah.
0:42:53 > 0:42:56I think you can be done even quicker than that.
0:42:56 > 0:42:58See, that's the builder in you talking now, isn't it?
0:42:58 > 0:43:01- Absolutely. Yeah.- Good balance. You've got a good balance.
0:43:01 > 0:43:03You've got what you do and Jawad leaves you to do that
0:43:03 > 0:43:07and, Zahid, you leave him to do the finances, going to the auctions.
0:43:07 > 0:43:10- Are you going to allow him to come with you next time?- Well, I doubt it.
0:43:10 > 0:43:13Well, if he keeps getting properties like this at this price,
0:43:13 > 0:43:15- I don't need to go, do I? I'll just...- Leave him on his own!
0:43:15 > 0:43:19- Leave him on his own, yeah.- Zahid, nice to meet you and good luck.
0:43:19 > 0:43:22- Thank you very much.- Jawad, keep going to those auctions on your own.
0:43:22 > 0:43:25- Thank you.- Save yourself six grand every time. You'll be minted.
0:43:25 > 0:43:28- We will be.- Good luck to you. - Thanks.
0:43:28 > 0:43:30So it's very much a family affair.
0:43:30 > 0:43:31Jawad has his role to play
0:43:31 > 0:43:34and Zahid will look after all the building work.
0:43:34 > 0:43:37There's not a lot to be done in this property and I'm pretty sure,
0:43:37 > 0:43:39with all the bases covered, they'll be fine.
0:43:39 > 0:43:43You can find out how they get on later on in the programme.
0:43:46 > 0:43:48We've seen what's happened to one property,
0:43:48 > 0:43:49but how did the others get on?
0:43:49 > 0:43:53Will there be big major changes or a few minor improvements?
0:43:53 > 0:43:55Let's go back and find out.
0:43:56 > 0:43:59It's back to Willesden Green, in London now,
0:43:59 > 0:44:02where I met sisters Julie, on the left, and Kelly, on the right.
0:44:02 > 0:44:04They had purchased this two-bed flat
0:44:04 > 0:44:09bang on the auction guide price of £325,000.
0:44:11 > 0:44:14- And then it's got lights for this ceiling, as well.- Oh, great.
0:44:14 > 0:44:18The sisters were hatching plans for a new look in the lounge.
0:44:18 > 0:44:21A hole between the lounge and the kitchen so there's a hatch.
0:44:21 > 0:44:22There's a breakfast bar there.
0:44:22 > 0:44:24If the budget would stretch to it,
0:44:24 > 0:44:27they were hoping for some long-legged avian action
0:44:27 > 0:44:28in the bathroom.
0:44:28 > 0:44:35We did find this amazing flamingo sort of artwork for by the bath.
0:44:35 > 0:44:39Is the flat ready to rent out two months later? Let's find out.
0:44:50 > 0:44:53I am delighted the girls jettisoned the hatch idea.
0:44:53 > 0:44:57The removal of the dividing wall has been the metamorphosis
0:44:57 > 0:45:00of this now kitchen/living/dining space.
0:45:00 > 0:45:03The antique wood flooring is from a reclamation yard
0:45:03 > 0:45:05and it contrasts well with the white walls.
0:45:12 > 0:45:16The girls' penchant for mashing up old with new
0:45:16 > 0:45:19makes for a unique stand-out style.
0:45:26 > 0:45:29Which is why I like the idea of her little banquette.
0:45:29 > 0:45:32That's an upholstered fixed bench to you and me.
0:45:32 > 0:45:34However, in its place, is this sofa
0:45:34 > 0:45:38that suits the space very well indeed.
0:45:48 > 0:45:52The upstairs bedroom used to be a masterclass in magnolia.
0:45:52 > 0:45:56Now, the fixtures of monochromatic shades form the perfect backdrop
0:45:56 > 0:45:59to these splashes of colour,
0:45:59 > 0:46:01a touch to impress potential renters.
0:46:08 > 0:46:11The classy black-and-white theme continues on the stairwells,
0:46:11 > 0:46:14where paintwork emphasises the sharp lines.
0:46:21 > 0:46:25In the bathroom, I like the lack of flamingo adornments
0:46:25 > 0:46:28and the girls' signature style might not be to everyone's taste,
0:46:28 > 0:46:30but you can hardly call it bland.
0:46:42 > 0:46:44Julie's designer touch also cured
0:46:44 > 0:46:47the waste of space in the second bedroom.
0:46:48 > 0:46:51The girls only started working together two years ago
0:46:51 > 0:46:54when they realised they had complimentary skills
0:46:54 > 0:46:57and because Kelly didn't like working on her own.
0:47:05 > 0:47:08Well, the girls are here today to let us in on the siblings secrets
0:47:08 > 0:47:10of how they did it.
0:47:10 > 0:47:12We were quite strict with ourselves.
0:47:12 > 0:47:14We made a lot of decisions at the beginning
0:47:14 > 0:47:16and we had the sort of mood boards and the images.
0:47:16 > 0:47:19Keeping it simple but really paying attention to the detail,
0:47:19 > 0:47:22really thinking about switches and sockets
0:47:22 > 0:47:24and then adding a few small touches
0:47:24 > 0:47:26like the tiles on the bathroom floor.
0:47:26 > 0:47:29I really love... My favourite feature in there is the wall lights
0:47:29 > 0:47:31on either side of the mirror.
0:47:31 > 0:47:33I think they just make the whole bathroom
0:47:33 > 0:47:35look so elegant and stylish.
0:47:35 > 0:47:37We spent exactly bang on what we thought we were going to spend
0:47:37 > 0:47:41for the builders and we've come in at approximately six grand under
0:47:41 > 0:47:44for all the purchases and all the stuff inside the flat,
0:47:44 > 0:47:47so we've come in under budget which we're really happy about.
0:47:47 > 0:47:51But there was one feature I was never quite sure would work.
0:47:51 > 0:47:53We experimented with the hatch for a day
0:47:53 > 0:47:57and we came in and it just looked awful. It didn't work at all.
0:47:57 > 0:48:00There wasn't enough space between the door and the hatch itself
0:48:00 > 0:48:03so you wouldn't be able to sit there like the breakfast bar we wanted.
0:48:03 > 0:48:06Called the builder straightaway and said, "We're going to have to just
0:48:06 > 0:48:08"take the whole wall down."
0:48:08 > 0:48:12They had spent a day creating the hatch,
0:48:12 > 0:48:18so they weren't that happy and we had to pay a bit extra for that.
0:48:18 > 0:48:21Obviously, it was about half a day's work,
0:48:21 > 0:48:26but it was a really good decision on our part, so they got over it.
0:48:26 > 0:48:28And they finished the work in six weeks,
0:48:28 > 0:48:31within their intended timescale, so has it all been worth it?
0:48:33 > 0:48:36I'm really happy with the way the flat's turned out.
0:48:36 > 0:48:37It's definitely... We had a vision
0:48:37 > 0:48:39and I feel like we have achieved that.
0:48:39 > 0:48:43It's really light, it's just clean and looks stylish
0:48:43 > 0:48:45and it's just a really liveable flat.
0:48:45 > 0:48:47I would happily live here.
0:48:48 > 0:48:52But the point of the exercise is to get someone else to live here
0:48:52 > 0:48:54and pay good money for the privilege,
0:48:54 > 0:48:56so we called in two local estate agents
0:48:56 > 0:49:00to see how Kelly and Julie's flat compares with its rivals,
0:49:00 > 0:49:03and one of the agents saw the flat before the work started.
0:49:05 > 0:49:08They've done really well with the fixtures and fittings
0:49:08 > 0:49:11and they've mixed it all is to bring together a unique property.
0:49:11 > 0:49:14The decoration throughout the whole property is to a very good standard
0:49:14 > 0:49:17and I love the exposed floorboards.
0:49:17 > 0:49:19The sisters don't want to sell just yet
0:49:19 > 0:49:23but let's find out if the listing valuation is good news.
0:49:23 > 0:49:27The girls have spent £36,000 in refurbishment and fees.
0:49:27 > 0:49:32Added to the purchase price, well, that means anything above 361,000
0:49:32 > 0:49:36is a potential profit, minus taxes and expenses.
0:49:37 > 0:49:40I'd market this property for £475,000
0:49:40 > 0:49:43and I think that we could actually achieve that, also.
0:49:43 > 0:49:45I feel this property would sell for somewhere in the region
0:49:45 > 0:49:49of £450,000-475,000.
0:49:49 > 0:49:53- 475 is what we had really hoped for.
0:49:53 > 0:49:55450 we thought we could achieve,
0:49:55 > 0:50:01but the 475 figure would be the desirable value so that's brilliant.
0:50:01 > 0:50:04If Julie and Kelly were to achieve that desired top figure,
0:50:04 > 0:50:08it would mean a profit of 121,000
0:50:08 > 0:50:12before deductions for legal fees, stamp duty and other expenses.
0:50:12 > 0:50:14Not bad for a six-week job, girls.
0:50:14 > 0:50:18OK, how about those rental values, now?
0:50:18 > 0:50:23I feel this property would rent for around £1,650 per calendar month.
0:50:23 > 0:50:28I would say that this flat would rent for £1,700 per calendar month.
0:50:28 > 0:50:33That would give the girls a yield on their investment of just over 5.5%.
0:50:33 > 0:50:37Yeah, that's great. That's what we were hoping for.
0:50:37 > 0:50:39We'd spoken to some agents in the area
0:50:39 > 0:50:43and that was kind of what our aim was, so I'm really happy with that.
0:50:43 > 0:50:47So do they still enjoy working together or is it sisterly strife?
0:50:47 > 0:50:49I think me and Julie make a great team.
0:50:49 > 0:50:53Julie's got her skills, which she's great at, and I've got my skills
0:50:53 > 0:50:56and they just seem to work really well, really good balance.
0:50:56 > 0:51:00We're both bringing two different things to the table, so...
0:51:00 > 0:51:03And it's fun working with my sister.
0:51:10 > 0:51:13We're back in the West Midlands where, earlier, I paid a visit
0:51:13 > 0:51:15to this two-bed terraced house in Dudley.
0:51:18 > 0:51:21What was on offer for the guide price of £58-62,000?
0:51:24 > 0:51:27Well, the house needed modernising but, with two reception rooms,
0:51:27 > 0:51:32two bedrooms and two bathrooms, there was plenty of space available
0:51:32 > 0:51:34to turn it into a great family home.
0:51:36 > 0:51:40It was bought by Jawad for £59,000
0:51:40 > 0:51:42and it's not very often that properties sell
0:51:42 > 0:51:45under the guide price on this show.
0:51:45 > 0:51:48Jawad's cousin Zahid ran a construction company
0:51:48 > 0:51:52and he was going to give him a hand with the renovation plans.
0:51:52 > 0:51:54Yes, I'm very pleased with everything, to be honest,
0:51:54 > 0:51:57because I got it, I think 6K cheaper
0:51:57 > 0:51:59than what our budget price was, so...
0:52:02 > 0:52:05Planning to refurbish and then rent out the house,
0:52:05 > 0:52:08they were clear that only one bathroom would survive.
0:52:08 > 0:52:10We want to convert it into a three-bed
0:52:10 > 0:52:12so we want to get rid of the bathroom upstairs.
0:52:15 > 0:52:18And, with his expert eye, Zahid thought he might be able
0:52:18 > 0:52:22to save even more than that six grand they saved at auction.
0:52:22 > 0:52:25What budget have you put aside to turn it round?
0:52:25 > 0:52:28Well, initially, it was £10,000,
0:52:28 > 0:52:29but I think we're going to...
0:52:29 > 0:52:33Looking at it now, I don't think we're going to use half of that.
0:52:35 > 0:52:37I do admire your confidence, Zahid.
0:52:37 > 0:52:40I just hope it isn't misplaced.
0:52:40 > 0:52:42Five months later,
0:52:42 > 0:52:46we return to see if that tiny budget has been stretched or snapped.
0:52:57 > 0:53:00This is looking like a tidy job, chaps.
0:53:01 > 0:53:03A back reception room wall has been removed
0:53:03 > 0:53:06creating a spacious kitchen/diner.
0:53:10 > 0:53:14The front room has been skimmed and decorated ready for furniture.
0:53:15 > 0:53:20The wet room, which was in pretty good order before, remains unchanged.
0:53:21 > 0:53:26Upstairs, the plan was to convert the bathroom to an extra bedroom.
0:53:26 > 0:53:29Our original plan was to convert the bathroom
0:53:29 > 0:53:33but then we decided to split the front bedroom into two.
0:53:33 > 0:53:35Then there was also an idea of,
0:53:35 > 0:53:37why not convert it into a four-bedroom house?
0:53:37 > 0:53:40But, finally, decided no,
0:53:40 > 0:53:43we need a bathroom upstairs and that's what we stayed with.
0:53:49 > 0:53:54So, three bedrooms and an upstairs bathroom on a budget of £5,000.
0:53:54 > 0:53:57Come on, guys. Did you manage it?
0:53:57 > 0:54:00Well, originally, when I bought this property,
0:54:00 > 0:54:03my budget was about £15,000
0:54:03 > 0:54:07but, on the day, when we came into the property with Zahid,
0:54:07 > 0:54:10we saw it briefly, we thought we can get away with 10,000.
0:54:10 > 0:54:12Well, Zahid even said 5,000.
0:54:12 > 0:54:16- Well, I wish that was the case. - But that was a different spec.
0:54:16 > 0:54:19So far, we have spent about 12,000.
0:54:19 > 0:54:22I think that there's another 500 to go to finish off the jobs
0:54:22 > 0:54:27but we are still within our budget so I'm quite pleased with that.
0:54:27 > 0:54:30The higher spec has pushed up their budget,
0:54:30 > 0:54:34but as well as finding extra cash, they've also had to find extra space.
0:54:40 > 0:54:42Because our scope changed,
0:54:42 > 0:54:46that we want to convert the front master bedroom into two bedrooms,
0:54:46 > 0:54:50we needed extra space and the only way we could gain that
0:54:50 > 0:54:51was to take the chimney out,
0:54:51 > 0:54:54so that meant taking the upstairs and downstairs chimney out
0:54:54 > 0:54:58at the front. Then, we decided to open up the kitchen
0:54:58 > 0:54:59into a kitchen-diner.
0:54:59 > 0:55:03That meant taking the other chimney breast out.
0:55:03 > 0:55:06So, in total, we took out four chimney breasts.
0:55:09 > 0:55:13Four chimney breasts equal a lot of bricks and mortar.
0:55:13 > 0:55:17Did all this extra work impact on their timescale?
0:55:17 > 0:55:20Our timescale for this project was four to five weeks.
0:55:20 > 0:55:23It's taken us approximately four weeks so far
0:55:23 > 0:55:24to get it up to this level.
0:55:24 > 0:55:27We've got a couple more days left to finish off
0:55:27 > 0:55:31and the only other problem we had was the start date,
0:55:31 > 0:55:37which was delayed because of other ongoing projects
0:55:37 > 0:55:41which were more of a priority at that stage.
0:55:41 > 0:55:43We had to get them finished before starting this one.
0:55:47 > 0:55:51Jawad and Zahid really added value to this house.
0:55:51 > 0:55:53The question is - how much value?
0:55:57 > 0:56:02We asked along two local estate agents to give us their opinions.
0:56:02 > 0:56:04I think the buyers have done a great job
0:56:04 > 0:56:06in the changes they've made to the property.
0:56:06 > 0:56:09Changing the upstairs to have three bedrooms instead of two
0:56:09 > 0:56:14is a huge bonus and the open-plan kitchen/diner is a massive bonus
0:56:14 > 0:56:16in a property such as this.
0:56:16 > 0:56:18It's been done to a reasonable standard throughout.
0:56:18 > 0:56:20Particularly like the kitchen and the bathroom.
0:56:20 > 0:56:22There's certain bits that I would recommend that he would do
0:56:22 > 0:56:25a bit more to, but as it stands, it's very good.
0:56:25 > 0:56:28I think that this property would be extremely popular
0:56:28 > 0:56:29on the rental market.
0:56:31 > 0:56:34So a quality rental property in a good location
0:56:34 > 0:56:38should deliver a decent return for Jawad and Zahid,
0:56:38 > 0:56:41who have spent a total of 71.5 grand
0:56:41 > 0:56:43on this purchase and renovation.
0:56:45 > 0:56:47What values do the estate agents put on this house?
0:56:47 > 0:56:50On the rental market, I would expect this property
0:56:50 > 0:56:53to achieve £550-575 per calendar month
0:56:53 > 0:56:56and, on the sales, £95-100,000.
0:56:56 > 0:56:59On the rental market, I'd expect to achieve a price
0:56:59 > 0:57:02of £550 per calendar month.
0:57:02 > 0:57:08On the sales market, I would look to achieve a price of £85,000-90,000.
0:57:12 > 0:57:17A sale at £100,000 would net the boys a tidy profit of 28.5 grand,
0:57:17 > 0:57:19minus taxes and fees.
0:57:21 > 0:57:24But they are more interested in the rental income,
0:57:24 > 0:57:26which, at £550 per calendar month,
0:57:26 > 0:57:30would represent a return on investment of 9%.
0:57:30 > 0:57:33I was just thinking 450 for two bedrooms
0:57:33 > 0:57:36but adding a third bedroom, I think that we have done well.
0:57:36 > 0:57:39At 550, I'm quite happy with it.
0:57:39 > 0:57:40Brilliant.
0:57:41 > 0:57:44And it seems clear that dismantling four chimney breasts
0:57:44 > 0:57:49hasn't dampened Jawad's enthusiasm for property development.
0:57:49 > 0:57:51I would love to do this again and again, to be honest.
0:57:51 > 0:57:54I'm really loving it. It's absolutely amazing.
0:57:54 > 0:57:58Definitely going to look for another property, similar sort.
0:57:58 > 0:58:00I've got a next auction to go to
0:58:00 > 0:58:02where I've got a few properties lined up
0:58:02 > 0:58:05and I'm just going to see if I'm lucky enough
0:58:05 > 0:58:07to get another bargain like this.
0:58:10 > 0:58:11Well, that's it for today's show.
0:58:11 > 0:58:15We'll have more action from the auction rooms for you next time.
0:58:15 > 0:58:16Yep, we look forward to seeing you then
0:58:16 > 0:58:21- for more Homes Under The Hammer. - We'll see you all soon. ALL:- Goodbye.