0:00:02 > 0:00:03Welcome to the show.
0:00:03 > 0:00:06Have you ever thought you could earn a living investing in property?
0:00:06 > 0:00:07Yes. The risks can be high though,
0:00:07 > 0:00:11so careful planning is the key to reaping rewards.
0:00:11 > 0:00:13And a good place to start looking for your property
0:00:13 > 0:00:15is at an auction, of course.
0:00:41 > 0:00:43There can be pitfalls in property developing.
0:00:43 > 0:00:45Never let your heart rule your head.
0:00:45 > 0:00:49Yes. Stick to your guns, don't get carried away and you'll be OK.
0:00:49 > 0:00:52Let's see if today's buyers stuck to those golden rules.
0:00:53 > 0:00:56Today on the show, it might be time to phone for some help
0:00:56 > 0:00:58to sort out this house in Kent.
0:00:58 > 0:01:01I mean, why would you just put a shower in the middle of the room
0:01:01 > 0:01:03like a telephone box?
0:01:03 > 0:01:06And in Bridgend in Wales, I'm worried that these developers
0:01:06 > 0:01:08may need a bit of help.
0:01:08 > 0:01:10Tell me why you wanted to buy this place.
0:01:10 > 0:01:14I haven't got a clue. Why did we want to buy the house, Mark?
0:01:14 > 0:01:16'And in Northumberland, it looks like someone's
0:01:16 > 0:01:19'already been lending a helping hand.'
0:01:19 > 0:01:21Somebody's started working here already.
0:01:21 > 0:01:23What I've seen so far, I'm liking.
0:01:25 > 0:01:28All of these properties have been sold at auction.
0:01:28 > 0:01:31We'll find out who bought them and what they paid for them
0:01:31 > 0:01:32when they went under the hammer.
0:01:38 > 0:01:40Sheppey is an island in the Thames Estuary,
0:01:40 > 0:01:43just off the North Kent coast.
0:01:44 > 0:01:47Sheppey boasts incredible beaches with miles and miles
0:01:47 > 0:01:49of pebble and sand. Isn't it lovely?
0:01:52 > 0:01:54I'm just a few hundred yards from the beach
0:01:54 > 0:01:57and with this kind of remote location, well, it's hard to believe
0:01:57 > 0:02:01you are less than two hours from central London by train.
0:02:01 > 0:02:04And with such great links to the capital,
0:02:04 > 0:02:06well, perhaps we shouldn't be surprised
0:02:06 > 0:02:09with the average selling price in this postcode.
0:02:09 > 0:02:14It's been a whopping 23% increase in the last year.
0:02:14 > 0:02:17Suddenly, there seems to be an added appeal to this property
0:02:17 > 0:02:19I'm here to see. Well, here it is.
0:02:19 > 0:02:23It's a 1930s' four-bedroom detached house.
0:02:23 > 0:02:25You get a lot of house and garden for the guide price
0:02:25 > 0:02:30of £130,000 - £140,000. I'm excited.
0:02:32 > 0:02:34Well, the house certainly seems big
0:02:34 > 0:02:37but it's the garden I can't get over.
0:02:37 > 0:02:39There's a fair bit of driveway
0:02:39 > 0:02:42but so much space off to the sides, as well.
0:02:42 > 0:02:44Things really are looking promising.
0:02:49 > 0:02:53Whoa! OK. Lots going on the minute you walk into the hallway.
0:02:53 > 0:02:58We've got overhead beams, a spiral staircase of sorts...
0:02:58 > 0:02:59Rather unusual.
0:02:59 > 0:03:03Behind me, a huge sunny room, which goes into the bay window
0:03:03 > 0:03:06at the front, another room to the side, here.
0:03:06 > 0:03:09You know, I'm not sure about these. Do we like them?
0:03:09 > 0:03:11I just think they're always a bit precarious
0:03:11 > 0:03:14in the night, when the lights are off and you're trying to come down.
0:03:14 > 0:03:17I think I'm more of a traditional stair girl.
0:03:17 > 0:03:19And in here, the lounge - wow.
0:03:19 > 0:03:22I mean, this really is a cracking space.
0:03:22 > 0:03:27Fantastic for entertaining, sliding doors at the end and, of course,
0:03:27 > 0:03:30with the whole mishmash of characters in this property,
0:03:30 > 0:03:33a Gothic fireplace.
0:03:33 > 0:03:36Yes, well, I think I'd have to take a paintbrush to that
0:03:36 > 0:03:39but the space is just wonderful.
0:03:39 > 0:03:41Next door, there's a bright and sunny kitchen,
0:03:41 > 0:03:44though I'm not sure what that platform is all about.
0:03:44 > 0:03:46The property is certainly quirky
0:03:46 > 0:03:49and there are two good-sized bedrooms downstairs
0:03:49 > 0:03:51and a decent bathroom, as well.
0:03:51 > 0:03:54Time now to tackle that staircase.
0:03:54 > 0:03:57# I'm running up a spiral staircase
0:03:57 > 0:04:00# I can't reach the top
0:04:00 > 0:04:02# I'm running up a spiral staircase
0:04:02 > 0:04:05# And I'm too scared to stop... #
0:04:05 > 0:04:07So, upstairs we have two bedrooms.
0:04:07 > 0:04:09One to the front, here, which is the double
0:04:09 > 0:04:12and a rather unusual one, here, at the back.
0:04:12 > 0:04:14Be careful of the sloping ceilings of course
0:04:14 > 0:04:17because there are loads of them. Here as well.
0:04:17 > 0:04:21It's very angular, it's a bit awkward
0:04:21 > 0:04:23and you've got your beams back upstairs, as well.
0:04:23 > 0:04:27Now, through here. This is quite funny because there's the shower
0:04:27 > 0:04:32but you have to go round here to get over to the loo and the bidet,
0:04:32 > 0:04:34and here we are again. It's great, isn't it?
0:04:34 > 0:04:37I mean, why would you just put a shower there
0:04:37 > 0:04:40in the middle of the room like a telephone box?
0:04:43 > 0:04:46Now, you know when you see the outside of this house
0:04:46 > 0:04:48that the upstairs rooms are going to be, well, odd.
0:04:48 > 0:04:52But surely it must be possible to use the space better
0:04:52 > 0:04:54because there's plenty of it
0:04:54 > 0:04:57and that's matched by the outside. It just seems to go on and on.
0:05:02 > 0:05:05Hm. I like this house, I think.
0:05:05 > 0:05:09It's in decent condition and there are lots of options.
0:05:09 > 0:05:11Take a look out here.
0:05:11 > 0:05:13Now, in addition to the space at the front,
0:05:13 > 0:05:17there is quite a sizeable garden and the detached garage,
0:05:17 > 0:05:19which also belongs to the property, as well,
0:05:19 > 0:05:22you could see this garden out here as an opportunity to just
0:05:22 > 0:05:24extend and go crazy.
0:05:24 > 0:05:26You could even think about extending upwards
0:05:26 > 0:05:29and sorting out all those space problems upstairs.
0:05:29 > 0:05:34But if I was feeling in a really sledgehammer-happy kind of mood,
0:05:34 > 0:05:36you could just knock down this garage
0:05:36 > 0:05:42and completely create a decent building plot. How about that?
0:05:42 > 0:05:44It's all worth thinking about if you want to wring as much
0:05:44 > 0:05:46potential profit from this auction lot.
0:05:48 > 0:05:51This house has some fairly unusual features
0:05:51 > 0:05:54but with plenty of opportunities to sort those out,
0:05:54 > 0:05:56this could be a fantastic project.
0:05:56 > 0:06:00We asked along a local expert to take a look and see if he agreed.
0:06:00 > 0:06:03First impressions... This is quite an oddball, really.
0:06:03 > 0:06:05It could be an absolute stunning home
0:06:05 > 0:06:08and the plot is just magnificent. Absolutely.
0:06:08 > 0:06:10It could lend itself to...
0:06:10 > 0:06:15Obviously, being a fantastic family garden or potentially development.
0:06:16 > 0:06:19So, I'm not the only one to see the development opportunities,
0:06:19 > 0:06:21though that would depend on planning permission,
0:06:21 > 0:06:23so let's focus on the existing house.
0:06:23 > 0:06:25What value could this achieve?
0:06:25 > 0:06:28Once refurbished to a good standard,
0:06:28 > 0:06:31I think you'd be looking in the region of about £220,000.
0:06:32 > 0:06:34And what about the rental market?
0:06:34 > 0:06:37Once refurbished, you'd be looking in the region
0:06:37 > 0:06:40of about £900 - £950 per month.
0:06:40 > 0:06:44Come on! How could you not fall in love with this quirky property?
0:06:44 > 0:06:47Yes, it's unusual. Yes, it's a little different perhaps
0:06:47 > 0:06:50but most of all, there's a lot of potential just waiting
0:06:50 > 0:06:54to be set free and bags of space to go with it.
0:06:54 > 0:06:56Let's see who couldn't resist its charms
0:06:56 > 0:06:57when it went under the hammer.
0:07:00 > 0:07:04Where are we starting on this one? I've got a guide of 130 - 140.
0:07:04 > 0:07:07Shall we say 130, bottom of the guide? No?
0:07:07 > 0:07:12Give me 120 then. 120 can I say? 120, 120, 120, thank you.
0:07:12 > 0:07:15122? 122, I have...
0:07:15 > 0:07:18Surprisingly, the bidding was slow to start,
0:07:18 > 0:07:23but things began to pick up and we rejoin the bidding at 153,000.
0:07:23 > 0:07:27..153, he says, yes. 153, I have.
0:07:27 > 0:07:31154, 155, 156,
0:07:31 > 0:07:34157? 157, 158,
0:07:34 > 0:07:37159 now. No.
0:07:37 > 0:07:41It's with you on my right at £158,000 then.
0:07:41 > 0:07:45I shall sell for the first time, for the second time,
0:07:45 > 0:07:48third and final time. If you're quite sure and all done...
0:07:48 > 0:07:50GAVEL BANGS Sold. Thank you very much.
0:07:51 > 0:07:55Securing the property at £158,000
0:07:55 > 0:07:58was retired builder Derek and his wife, Lorna.
0:07:58 > 0:08:01I met up with Lorna back at the house.
0:08:01 > 0:08:04- Lorna, congratulations. - Thank you, thank you.
0:08:04 > 0:08:07- Wow, this is such an unusual house. - I know, I know.
0:08:07 > 0:08:11- Tell me what attracted you to it. - We saw it in the auction catalogue.
0:08:11 > 0:08:14- My husband wanted to look. I didn't want to look.- Why not?
0:08:14 > 0:08:18I thought it was a bit far out but then I said, OK, we'd come,
0:08:18 > 0:08:20and just sort of fell in love with it.
0:08:20 > 0:08:24- So, where were you based originally? - At the moment we're in Dover.
0:08:24 > 0:08:28Prior to that, we were in France and prior to that, Spain.
0:08:28 > 0:08:32Prior to that, Lincolnshire, where we had a pub.
0:08:32 > 0:08:35Prior to Lincolnshire, Cambridgeshire, Northampton,
0:08:35 > 0:08:39- Peterborough area.- And now Sheerness.- And now Sheerness, yes.
0:08:39 > 0:08:42- So, why here?- Price of property, to be honest...
0:08:42 > 0:08:44And it was the house that brought you here?
0:08:44 > 0:08:47..and a house that we liked and we could see that we could do it
0:08:47 > 0:08:51without too much blood, sweat and tears. We thought.
0:08:51 > 0:08:53You are quite relaxed about this.
0:08:53 > 0:08:56I find it intriguing the way you just pluck an area out of the blue
0:08:56 > 0:08:58and you put your little stick,
0:08:58 > 0:09:00- "That's it, we're going to live there!"- Yeah.
0:09:00 > 0:09:05- And you're going to make this home? - Yeah.- For how long? You don't know anybody here, do you?
0:09:05 > 0:09:08We don't, we don't. And, funnily enough, a friend said to me the other day,
0:09:08 > 0:09:10"Are you going to stay here?"
0:09:10 > 0:09:13I said, "I can't imagine saying that about anywhere."
0:09:13 > 0:09:17Unless probably when I go in a care home, maybe...
0:09:17 > 0:09:21But at the moment, no. I think we're a bit nomadic.
0:09:21 > 0:09:22- Really?- And like a challenge.
0:09:22 > 0:09:25- Well, you've certainly got a challenge here.- Yes, very much so.
0:09:25 > 0:09:27# They call me the wanderer
0:09:27 > 0:09:29# Yeah, the wanderer
0:09:29 > 0:09:32# I roam around, around, around, around... #
0:09:32 > 0:09:35Lorna and Derek have certainly moved around
0:09:35 > 0:09:39but they've absolutely fallen in love with this unconventional abode.
0:09:39 > 0:09:41Could it be the one that makes them settle down?
0:09:42 > 0:09:45So, it was obviously love at first sight for you,
0:09:45 > 0:09:48but is this going to be a home that you're going to live in yourselves
0:09:48 > 0:09:49or more of a project?
0:09:49 > 0:09:53Primarily for us. We will do it with us in mind but bear in mind
0:09:53 > 0:09:59that if we need to sell it, we can't do anything too drastic.
0:10:00 > 0:10:03The kitchen, we're planning to open right up
0:10:03 > 0:10:07and have a big kitchen day room and possibly make the lounge
0:10:07 > 0:10:10into a dining area on one end because it's huge.
0:10:10 > 0:10:12I mean, it is huge.
0:10:12 > 0:10:15And then there's a bathroom downstairs
0:10:15 > 0:10:16and two bedrooms downstairs.
0:10:16 > 0:10:19Both have got a sink in, which is a bit odd
0:10:19 > 0:10:22but at least you've got water and drainage
0:10:22 > 0:10:25in different parts of the house so you're not limited
0:10:25 > 0:10:26as to where you can put things.
0:10:26 > 0:10:31So, we might change the layout of the bedrooms and the bathroom.
0:10:31 > 0:10:35And upstairs, clearly, we've got to do something with that bathroom.
0:10:35 > 0:10:38And that bedroom with all those slopey ceilings everywhere. Gosh!
0:10:38 > 0:10:42I know. You won't want to get up in the night and bang your head, no.
0:10:42 > 0:10:43I think...
0:10:43 > 0:10:47We're not sure whether we're going to reconfigure upstairs.
0:10:47 > 0:10:49We haven't decided on that one yet.
0:10:49 > 0:10:53This is Derek and Lorna's eighth property renovation
0:10:53 > 0:10:56but what about my idea of extending further?
0:10:56 > 0:10:58It's plenty big enough for us
0:10:58 > 0:11:01and I think even for a family, it's big enough.
0:11:01 > 0:11:06We are thinking of possibly applying for permission on a building plot.
0:11:06 > 0:11:08So, did you buy this house thinking you've bought a house
0:11:08 > 0:11:12- and a building plot?- No, no.- So, you have almost two bites of the cherry?
0:11:12 > 0:11:16Well, yes. We knew we possibly could but it doesn't matter to us
0:11:16 > 0:11:18if we get it or we don't
0:11:18 > 0:11:21cos we can carry on doing what we were going to do with this house
0:11:21 > 0:11:24because it's not going to encroach on anything
0:11:24 > 0:11:27we're planning to do here if we get it or we don't get it.
0:11:27 > 0:11:30So, Lorna, what sort of budget have you got to spend here?
0:11:30 > 0:11:32- We're thinking 40.- OK.
0:11:32 > 0:11:37We paid 158 and we don't really want to spend any more than 200,000.
0:11:38 > 0:11:4240,000 is a healthy budget but there's a lot of work to be done.
0:11:42 > 0:11:45Derek and Lorna have also given themselves
0:11:45 > 0:11:47a relaxed 12-month timescale.
0:11:47 > 0:11:49And with Derek being a retired builder,
0:11:49 > 0:11:52they're not wasting any time in getting started.
0:11:53 > 0:11:57The plan is that we're having a bed delivered in a couple of days' time
0:11:57 > 0:12:01and we're going to camp here two or three days a week to make a start.
0:12:01 > 0:12:04- That's going to be fun.- I know.
0:12:04 > 0:12:06And then we'll move. We'll sell our house where we are,
0:12:06 > 0:12:09put it on the market and when that sells, we'll move over.
0:12:09 > 0:12:12Lorna, I've loved meeting you today. Good luck with this project
0:12:12 > 0:12:16and I cannot wait to see how you tackle the inside of that house.
0:12:16 > 0:12:19- Thanks so much.- Good luck!
0:12:19 > 0:12:22Lorna has fallen in love with this house
0:12:22 > 0:12:24and it seems like the perfect project for her.
0:12:24 > 0:12:27It looks like it will be a labour of love as she plans
0:12:27 > 0:12:30to put her heart and soul into making it her home.
0:12:30 > 0:12:34But will it turn out to be the place that convinces Lorna to stay put?
0:12:34 > 0:12:39Hm. You can find out how she gets on later in the programme.
0:12:42 > 0:12:44Bridgend is a busy town
0:12:44 > 0:12:48located between Cardiff and Swansea in the south of Wales.
0:12:48 > 0:12:51People have lived here since before the Romans arrived
0:12:51 > 0:12:53but it was also the scene of several battles
0:12:53 > 0:12:56as the legendary Twelve Knights of Glamorgan
0:12:56 > 0:12:58did their best to secure Wales
0:12:58 > 0:13:02for their invading Norman king William the Conqueror.
0:13:02 > 0:13:09# Everybody wants to rule the world... #
0:13:09 > 0:13:13Well, I'm on an estate of houses built in the 1950s
0:13:13 > 0:13:16to house the baby boom generation and, one thing for sure,
0:13:16 > 0:13:19they're generally solidly built, these houses.
0:13:19 > 0:13:23£72,000 was the guide price. Three-bed, mid-terrace...
0:13:23 > 0:13:25Let's take a look.
0:13:31 > 0:13:34So, what have we got? Oh, that is very '50s.
0:13:34 > 0:13:37The old glass bricks in the wall there, but actually it does
0:13:37 > 0:13:40throw quite a lot of light onto the stairway, there, which is good.
0:13:40 > 0:13:44And then a really nice-sized foyer.
0:13:44 > 0:13:48Yeah. Entrance area here just gives a good feeling to the house
0:13:48 > 0:13:50the moment you walk in. That's a bit strange.
0:13:50 > 0:13:53The downstairs loo is absolutely massive.
0:13:53 > 0:13:57Good if you need downstairs facilities like that
0:13:57 > 0:14:00but I wonder if there's something else you could potentially
0:14:00 > 0:14:02use that for if you didn't need those facilities.
0:14:02 > 0:14:03We'll have a think about that one.
0:14:03 > 0:14:07Moving further into the house, the feeling of space just continues.
0:14:07 > 0:14:12This is the main living area. You've got your front living room, there,
0:14:12 > 0:14:15a feature fireplace. I'd like to see a real fire in there for sure.
0:14:15 > 0:14:20Then, this classic design of this little dining room area at the back,
0:14:20 > 0:14:23which works well. Kitchen - down there.
0:14:23 > 0:14:27Again, a good size. It's all turned out to be a bit surprising, really.
0:14:27 > 0:14:31From the outside it looks OK but inside... Wow.
0:14:31 > 0:14:34Loads of space.
0:14:34 > 0:14:37Yes, it's bright and roomy and full of potential,
0:14:37 > 0:14:40particularly that large downstairs bathroom.
0:14:40 > 0:14:43And what's more, I don't think the rest of the downstairs
0:14:43 > 0:14:47would need a lot of money spent on it to get it up to rental standards
0:14:47 > 0:14:52if that's what the plan was. Yep, I like the look of this one.
0:14:52 > 0:14:54# Don't be afraid to call my name
0:14:54 > 0:14:57# And let me know that you're my man
0:14:57 > 0:15:01- # I like it - I said, I like it... #
0:15:03 > 0:15:06So, upstairs and what have we got?
0:15:06 > 0:15:09Well, three really nice-sized bedrooms.
0:15:09 > 0:15:12One on that side. Looks pretty good.
0:15:12 > 0:15:15And one on that side... Also looks pretty good.
0:15:15 > 0:15:18And a slightly smaller one towards the back.
0:15:18 > 0:15:22Airing cupboard there with a boiler and a good-sized family bathroom.
0:15:22 > 0:15:26It just rounds off what is already a perfect family house.
0:15:27 > 0:15:29And it's not just perfect for families.
0:15:29 > 0:15:33It could be perfect for rental, too.
0:15:33 > 0:15:36Now, I know I always go on about keeping bathrooms upstairs
0:15:36 > 0:15:40but this bathroom could be ideal for using as another bedroom,
0:15:40 > 0:15:42maximising the rental potential.
0:15:42 > 0:15:44You would have to negotiate the boiler
0:15:44 > 0:15:47but there's space to play with.
0:15:47 > 0:15:48And there's more.
0:15:49 > 0:15:53Well, at the back of the property, a good surprise.
0:15:53 > 0:15:56Look at the size of this garden. Absolutely fantastic.
0:15:56 > 0:16:00So, it's a family house inside and it's a family house in the garden.
0:16:00 > 0:16:02Fantastic!
0:16:02 > 0:16:05It's solid, it's big, it's well proportioned
0:16:05 > 0:16:09and it has a very attractive guide price of £72,000.
0:16:10 > 0:16:15Let's see if a local estate agent likes it as much as I do.
0:16:15 > 0:16:18The property needs somebody to come in here
0:16:18 > 0:16:22and turn this back around into a good neutral blank canvas.
0:16:22 > 0:16:26It appears to be slightly damp in areas, although that may be down to
0:16:26 > 0:16:27a lack of ventilation here.
0:16:27 > 0:16:30It needs a modern bathroom and perhaps an upgrade
0:16:30 > 0:16:33to wiring and plumbing here.
0:16:33 > 0:16:37So, nothing too troublesome there, then, but is there profit in it,
0:16:37 > 0:16:40sticking with its current three-bed configuration?
0:16:40 > 0:16:45Once fully modernised, it's worth in the region of £90,000 - £95,000.
0:16:45 > 0:16:46If it was to go to the rental market,
0:16:46 > 0:16:50it's worth £550 - £575 per calendar month.
0:16:51 > 0:16:54And what if it was converted into a four-bed property?
0:16:54 > 0:16:57If the owners were to place this on the sales market
0:16:57 > 0:16:58as a four-bedroom property,
0:16:58 > 0:17:02it should be worth in the region of £115,000.
0:17:02 > 0:17:04Alternatively, if they were choosing to rent this property
0:17:04 > 0:17:05as a four-bedroom house,
0:17:05 > 0:17:10it would be worth in the region of £625 - £650 per calendar month.
0:17:11 > 0:17:13Well, it's a lot of house for the money
0:17:13 > 0:17:15and in the whole scheme of things, it doesn't need that much work
0:17:15 > 0:17:18to sort it out, does it? Yeah, a good find.
0:17:18 > 0:17:21Let's see who spotted it when it went under the hammer.
0:17:22 > 0:17:26A relatively modern house. Good owner occupier house. Needs some updating.
0:17:26 > 0:17:29Guided at 72. Start me in that sort of region.
0:17:29 > 0:17:32Will you start me at 70,000? Make it 60 then, if you like.
0:17:32 > 0:17:36I'm in your hands. 60,000, somebody. It's got to be 60 to start.
0:17:36 > 0:17:39Thank you. 60, I've got you, madam. At 60,000. And one now, can I see?
0:17:39 > 0:17:4361, 62, 63?
0:17:43 > 0:17:4664, 65, 66, 67?
0:17:46 > 0:17:49No. At £66,000.
0:17:49 > 0:17:5166. 67 now, anybody? We're selling all the time.
0:17:51 > 0:17:55At 66,000 on my right-hand side then for the first time,
0:17:55 > 0:17:58second time, third and last time...
0:17:58 > 0:18:00At £66,000... GAVEL BANGS
0:18:00 > 0:18:03Well done, sir, madam. Madam and sir. 76...
0:18:03 > 0:18:07Bidder Bev looks pretty surprised that she and her husband, Mark,
0:18:07 > 0:18:13are getting the property for 66 grand after just six bids,
0:18:13 > 0:18:15and £6,000 under the guide price.
0:18:15 > 0:18:18Maybe six is just their lucky number.
0:18:18 > 0:18:21The couple are no strangers to property renovation
0:18:21 > 0:18:23and are eager to get going with this one.
0:18:29 > 0:18:33Bev, Mark, great to meet you both. Congratulations.
0:18:33 > 0:18:36Tell me why you wanted to buy this place.
0:18:36 > 0:18:39It was at an auction. It was a house... I haven't got a clue.
0:18:39 > 0:18:42- Why did we want to buy the house, Mark?- Well, it's a good start.
0:18:42 > 0:18:46- You don't know why you bought it? - The price was right for a start. - The price was right. I love that.
0:18:46 > 0:18:49- You don't know why you're buying it. Oh, it's a house, it'll do.- Yeah.
0:18:49 > 0:18:53Well, obviously we're in the rental market so we are landlords.
0:18:53 > 0:18:56So, we basically wanted to buy this for rental.
0:18:56 > 0:18:59- Right, OK. So that's the main reason then?- Yes.
0:18:59 > 0:19:01Landlords... What kind of landlords are you?
0:19:01 > 0:19:04Well, I've just actually passed an accreditation course as a landlord.
0:19:04 > 0:19:07- Oh, right.- In Wales, in September of next year,
0:19:07 > 0:19:10the Housing Bill will come out, which will say that every landlord
0:19:10 > 0:19:14needs to be registered and accredited
0:19:14 > 0:19:16so that's something that's a necessary, mandatory thing.
0:19:16 > 0:19:19So, at the moment it's not mandatory so I thought,
0:19:19 > 0:19:21"I'll do it before it's an absolute need."
0:19:21 > 0:19:23Right. What kind of things do you learn on the course?
0:19:23 > 0:19:26A huge amount of things. All the legalities,
0:19:26 > 0:19:29all the things like what is the best thing to do for the tenant,
0:19:29 > 0:19:33all the different things that you deal with if there are problems.
0:19:33 > 0:19:35All sorts, and I really learnt a lot. It was very worthwhile.
0:19:35 > 0:19:39- Do you think it's good news that they're bringing it in?- Absolutely.
0:19:39 > 0:19:42There are some brilliant landlords but, occasionally, you do get
0:19:42 > 0:19:45those bad ones and it will just hopefully sort everything out.
0:19:45 > 0:19:48- But you've been landlords prior to this?- Yes, yes.
0:19:48 > 0:19:51- This will be our sixth house.- OK!
0:19:51 > 0:19:54We've got five others tenanted and it actually works out quite well.
0:19:54 > 0:19:58- We've got some brilliant tenants, yeah.- That makes all the difference.
0:19:58 > 0:20:02Bev manages to combine property with her job as a medical practitioner
0:20:02 > 0:20:06in a local surgery but it's Mark who is the full-time developer
0:20:06 > 0:20:08and it turns out he's no slouch
0:20:08 > 0:20:10when it comes to getting trained up, either.
0:20:10 > 0:20:12So, who does the work?
0:20:13 > 0:20:17I'm a DIY...type of guy so, yeah.
0:20:17 > 0:20:20- I've done a kitchen course. - Kitchen fitting, isn't it?
0:20:20 > 0:20:25Kitchen fitting course and also I've done basic plumbing courses
0:20:25 > 0:20:28and I've done basic carpentry courses and things like that so basically...
0:20:28 > 0:20:31- Plastering.- Plastering, yeah. - Tiling.- Tiling, yeah.
0:20:31 > 0:20:34So I've had a little bit of a go.
0:20:34 > 0:20:37Roofing, gardening, damp proof course installation...
0:20:37 > 0:20:40I have done gardening, yes. THEY LAUGH
0:20:40 > 0:20:42- Quite a few courses, then? - Yeah, yeah, yeah.
0:20:42 > 0:20:45But you are actually putting them into practical use?
0:20:45 > 0:20:48- Yes, hopefully.- It is amazing. I'm really proud of him cos when we got married,
0:20:48 > 0:20:51he couldn't actually change a plug or a light bulb or anything.
0:20:51 > 0:20:53He was absolutely useless at that sort of thing
0:20:53 > 0:20:56but now he's a completely different man. I'm brilliantly pleased with him.
0:20:56 > 0:21:01- Now, have you pushed him slightly into those courses?- Yes.
0:21:01 > 0:21:03I think it's because you want to do things properly.
0:21:03 > 0:21:05If you're doing work on a house and you do a shoddy job,
0:21:05 > 0:21:09the tenants are going to be calling you back, so he's doing it properly.
0:21:09 > 0:21:12- Fair play.- Yeah.- And he's doing a good job.- Yeah, I enjoy it.
0:21:12 > 0:21:15- And she's the foreman so I've got no choice.- I'm the foreman.
0:21:15 > 0:21:17# Whoa, whoa I've got to go
0:21:17 > 0:21:21# Back to school! #
0:21:21 > 0:21:23Well, I know we always say do your homework,
0:21:23 > 0:21:26but these two have gone all the way back to school.
0:21:26 > 0:21:29It's a very clever move because those courses
0:21:29 > 0:21:33are an investment, which will save them money in the long run.
0:21:35 > 0:21:39So, what are you going to do to it, then? What's the plan?
0:21:39 > 0:21:42Well, basically we're just going to paint it, new flooring...
0:21:42 > 0:21:47The kitchen... We might put a cooker extractor fan and sort all that out,
0:21:47 > 0:21:49make it look a bit nicer.
0:21:49 > 0:21:52Now, what we wanted to do was change it from a three-bedroom
0:21:52 > 0:21:56to a four-bedroom but we had a look upstairs and with a boiler...
0:21:56 > 0:21:58You know, you're going to be pulling loads of walls out
0:21:58 > 0:22:02and moving things around, which, to be honest, with the time element...
0:22:02 > 0:22:04We don't know whether that's right for us or not
0:22:04 > 0:22:07so, basically, we looked in the downstairs bathroom
0:22:07 > 0:22:10and we could see that we could use that maybe as a fourth bedroom
0:22:10 > 0:22:13or a study depending really, so...
0:22:13 > 0:22:16Have you looked into how much difference it would make to rental, three to four?
0:22:16 > 0:22:18Yeah, quite a bit actually so this is why
0:22:18 > 0:22:22we would actually look at trying to get it into a four-bedroom.
0:22:22 > 0:22:25- There is a bit of a difference. Quite a bit actually.- How much?
0:22:25 > 0:22:28- Well, we were looking at DSS as a guide.- Right.
0:22:28 > 0:22:32I think it's £500 a month for a three but it's £650 for a four...
0:22:32 > 0:22:35- Oh, wow.- ..so quite a difference. - Yeah, £150 a month more.
0:22:35 > 0:22:38- That's right.- So worth pushing for it if you can do it,
0:22:38 > 0:22:40but it's a bit tight to get a bedroom in that bottom bit.
0:22:40 > 0:22:43- It is, yeah.- It is tight and that's why we were trying to
0:22:43 > 0:22:45- think of how we can refigure upstairs.- Right.
0:22:45 > 0:22:49Time for Mark and Bev to get their thinking caps on with regard
0:22:49 > 0:22:52to redecoration and also do some calculations
0:22:52 > 0:22:55to see if reconfiguring the house is going to pay off.
0:22:55 > 0:22:59It sounds like a great return for a four-bed but it could end up
0:22:59 > 0:23:03being costly, which might reduce that all-important yield.
0:23:03 > 0:23:08This is all part of the pension plan so they need to get it just right.
0:23:08 > 0:23:11Still, with those skills of Mark's,
0:23:11 > 0:23:13they should be able to save a few quid and all that time spent
0:23:13 > 0:23:17waiting around for tradesmen to be available.
0:23:17 > 0:23:18Talking about how time...
0:23:18 > 0:23:20So, what's the timescale?
0:23:20 > 0:23:23Now, we're currently working on a property at the moment,
0:23:23 > 0:23:27which is going to take us at least, I would say, four to eight weeks
0:23:27 > 0:23:28and then we'll start this one
0:23:28 > 0:23:32so it will probably take about six months with the whole of everything.
0:23:32 > 0:23:34OK, and what's the budget?
0:23:34 > 0:23:38Oh, I think we can reasonably do it, as long as there are no big hiccups,
0:23:38 > 0:23:42- between 4,000 and 6,000.- Right. Well, congratulations.- Thank you.
0:23:42 > 0:23:45- Thank you so much.- Good luck with it.- Thank you.- Thank you.
0:23:45 > 0:23:47And we look forward to seeing how you get on.
0:23:47 > 0:23:49- Thank you so much.- Nice to meet you. - Thank you.
0:23:51 > 0:23:55Well, Mark and Bev certainly seem to know what they're doing
0:23:55 > 0:23:58and I think they've got a great buy with this place.
0:23:58 > 0:24:01Yes, a bargain indeed and with all that experience and training,
0:24:01 > 0:24:06I'm sure there'll be no problems whatsoever sorting it out.
0:24:06 > 0:24:08You can find out how they get on later in the show.
0:24:10 > 0:24:13Coming up...this developer in Northumberland
0:24:13 > 0:24:14isn't planning to go it alone.
0:24:14 > 0:24:17I'm going to have to rely on other people maintaining it
0:24:17 > 0:24:20and to look after it because I won't be able to.
0:24:22 > 0:24:26And Bev and Mark put all that training into practice.
0:24:26 > 0:24:29We actually dug a trench in the middle of January.
0:24:29 > 0:24:30It was a nightmare.
0:24:36 > 0:24:39Earlier in the programme, I was in the Isle of Sheppey,
0:24:39 > 0:24:41just off the North Kent coast,
0:24:41 > 0:24:46and there I saw a four-bed detached house guided at 130,000 - 140,000.
0:24:48 > 0:24:52With a huge driveway and garden, things looked promising,
0:24:52 > 0:24:54but inside was very quirky.
0:24:54 > 0:24:58Overhead beams, Gothic fireplace, sliding doors...
0:24:58 > 0:25:00Hey, why not have a platform, too?
0:25:00 > 0:25:02I was dazed and confused
0:25:02 > 0:25:06and, upstairs, it wasn't the spiral staircase that made my head spin.
0:25:06 > 0:25:11Oh, no. It was the, er, well, geometrically challenging bedrooms.
0:25:11 > 0:25:14Be careful of the sloping ceilings of course
0:25:14 > 0:25:18because there are loads of them. It's very angular, a bit awkward...
0:25:18 > 0:25:21Now, through here... This is quite funny
0:25:21 > 0:25:24because there's the shower, but you have to go round here
0:25:24 > 0:25:27to get over to the loo and the bidet, and here we are again.
0:25:27 > 0:25:29It's great, isn't it?
0:25:29 > 0:25:31# I'm spinning around
0:25:31 > 0:25:34# Move out of my way
0:25:34 > 0:25:37# I know you're feeling me cos you like it like this... #
0:25:38 > 0:25:41Well, I didn't really like it like this, to be honest.
0:25:41 > 0:25:44A bit of work was needed to bring out the house's charm
0:25:44 > 0:25:45and Lorna agreed.
0:25:45 > 0:25:50She and her husband, Derek, paid £158,000 at auction
0:25:50 > 0:25:53and they looked to pause their nomadic lifestyle that had seen
0:25:53 > 0:25:57them living in Spain, France and just about everywhere in England,
0:25:57 > 0:26:00to put some roots down here.
0:26:00 > 0:26:03A friend said to me the other day, "Are you going to stay here?"
0:26:03 > 0:26:07I said, "I can't imagine saying that about anywhere."
0:26:07 > 0:26:10- I think we're a bit nomadic... - Really?- ..and like a challenge.
0:26:10 > 0:26:13- Well, you've certainly got a challenge here.- Yes, very much so.
0:26:13 > 0:26:16They'd given themselves a year and £40,000
0:26:16 > 0:26:18to transform this place.
0:26:18 > 0:26:21So, 12 months later, we've come back to see
0:26:21 > 0:26:24if this quirky house has become a home.
0:26:33 > 0:26:34Well, it certainly has.
0:26:34 > 0:26:37First of all, Lorna can take us through
0:26:37 > 0:26:39the changes in the kitchen dining area.
0:26:41 > 0:26:45I would say this room is the major change.
0:26:45 > 0:26:48If you remember, here we had a raised area
0:26:48 > 0:26:52so basically the kitchen was just this square.
0:26:52 > 0:26:54We just put a new floor down.
0:26:54 > 0:26:57We were going to do a utility area there
0:26:57 > 0:27:01but I felt it was going to encroach on the lovely space
0:27:01 > 0:27:03and so we've gone for integrated units,
0:27:03 > 0:27:06hidden everything away and managed to keep the room as one.
0:27:08 > 0:27:12But the real focal point of the kitchen is the island.
0:27:12 > 0:27:15We did this because, obviously, the structure.
0:27:15 > 0:27:18And we had to work with it
0:27:18 > 0:27:21so I wanted an island because it's nice for me to work
0:27:21 > 0:27:25and someone's sat there having a glass of wine chatting.
0:27:25 > 0:27:27It's just a lovely space.
0:27:27 > 0:27:30It's my favourite room in the house, I would say.
0:27:30 > 0:27:33There's a few changes to talk about in the lounge, too.
0:27:33 > 0:27:38The fireplace - we just had to live with it. It was quite a large room.
0:27:38 > 0:27:42To be honest, I was struggling as to how I was going to furnish it
0:27:42 > 0:27:44but that problem didn't arise
0:27:44 > 0:27:48because we stole the end of it to replace the fourth bedroom.
0:27:48 > 0:27:52Hold on. Lorna, please explain what you did
0:27:52 > 0:27:54with the downstairs bedrooms.
0:27:54 > 0:27:56There were two bedrooms downstairs,
0:27:56 > 0:28:00one of which we stole to make a bathroom so then we've taken
0:28:00 > 0:28:03the end of the lounge and made it into
0:28:03 > 0:28:05the replacement bedroom, if you like.
0:28:05 > 0:28:09This room is more or less as it was,
0:28:09 > 0:28:12with the exception of the bay window, which we've replaced.
0:28:12 > 0:28:16All the windows have been replaced in the house now. We've coved.
0:28:16 > 0:28:19We kept the floor and just decorated
0:28:19 > 0:28:22and it's a lovely bright and airy room, with another window here,
0:28:22 > 0:28:25which gives you a double aspect.
0:28:29 > 0:28:33Well, upstairs remains a work in progress with plans to renovate
0:28:33 > 0:28:36the two existing bedrooms and the en-suite.
0:28:37 > 0:28:42But the route upstairs, the spiral staircase, certainly has changed.
0:28:42 > 0:28:46The spiral staircase... It was a no-no from day one.
0:28:46 > 0:28:50We realised we'd have to replace it. Not as easy as one would think
0:28:50 > 0:28:54because of the nature of the shape of the stairwell.
0:28:54 > 0:28:58It was very difficult. The guy that did it did an amazing job.
0:28:59 > 0:29:03Lorna's husband, Derek, a retired builder, has done the majority
0:29:03 > 0:29:06of the work in the house, but how's that budget looking?
0:29:06 > 0:29:08Oh, my God, the budget.
0:29:08 > 0:29:11Oh, dear. Sorry, Lorna, but we do have to ask.
0:29:11 > 0:29:13Yes. I said 40,000.
0:29:13 > 0:29:16I think that could have been wishful thinking again.
0:29:16 > 0:29:18We are 50% up on that.
0:29:18 > 0:29:23It's about 60 but that does include all the materials
0:29:23 > 0:29:26that we have outside to do all the patio areas outside.
0:29:26 > 0:29:30We've already bought all the stuff for upstairs and the bathroom.
0:29:30 > 0:29:33Hopefully 60,000 will do it.
0:29:33 > 0:29:35But there is a bonus.
0:29:35 > 0:29:37Lorna and Derek have planning permission to make
0:29:37 > 0:29:40even more extensive changes in the future.
0:29:40 > 0:29:43Where the garage is, we're planning
0:29:43 > 0:29:47and we have planning permission for a three-bedroom chalet bungalow.
0:29:47 > 0:29:48We have the plans here.
0:29:48 > 0:29:51So basically the front door is going to be
0:29:51 > 0:29:53on the other side of the property.
0:29:53 > 0:29:54You'll come in the front door
0:29:54 > 0:29:57and there'll be a bedroom to your left and a living room.
0:29:57 > 0:30:00And downstairs there'll be a bathroom, as well,
0:30:00 > 0:30:03and a fairly large kitchen diner
0:30:03 > 0:30:07and then upstairs there's going to be two more bedrooms, one en-suite...
0:30:07 > 0:30:11So, we're hoping to perhaps build that ourselves or get a price for it
0:30:11 > 0:30:15from a builder to do it. We haven't really decided as yet.
0:30:15 > 0:30:18If we don't want to develop it when we finish this,
0:30:18 > 0:30:23we might decide to market the whole caboodle.
0:30:24 > 0:30:26Well, how much is the whole caboodle worth?
0:30:26 > 0:30:30And is it worthwhile building that extra property?
0:30:30 > 0:30:33One way to find out is to ask two local estate agents,
0:30:33 > 0:30:36starting with the agent who saw it one year ago.
0:30:36 > 0:30:39I think the changes that have been made since my last view
0:30:39 > 0:30:40have been absolutely fantastic.
0:30:40 > 0:30:43It's a wonderful finish, the property is light and airy,
0:30:43 > 0:30:47spacious and the views are fantastic, as well.
0:30:47 > 0:30:48A real, real improvement.
0:30:48 > 0:30:50The finish of this property is great.
0:30:50 > 0:30:53It's definitely what people are looking for in this current market.
0:30:53 > 0:30:55It's modern and a great size.
0:30:56 > 0:31:00So far, Lorna and Derek have spent 218,000
0:31:00 > 0:31:02buying and renovating the house.
0:31:02 > 0:31:05So, what kind of value could it sell for?
0:31:05 > 0:31:07I would potentially put this property on the market
0:31:07 > 0:31:10between £260,000 - £270,000.
0:31:10 > 0:31:14I would envisage this house would be looking to go onto the market
0:31:14 > 0:31:17between £260,000 and £270,000.
0:31:17 > 0:31:20The couple have estimated that the cost of building the chalet bungalow
0:31:20 > 0:31:25could be 120,000 so what could it sell for?
0:31:25 > 0:31:28If they did build the new-build on the side, it would be worth
0:31:28 > 0:31:31between £200,000 and £210,000.
0:31:31 > 0:31:35They'd be looking to achieve in the region of £200,000 - £210,000.
0:31:35 > 0:31:38The agents agree and at that top valuation,
0:31:38 > 0:31:40Lorna and Derek could make
0:31:40 > 0:31:45a pre-tax profit of £52,000 on the existing property.
0:31:45 > 0:31:47And the new build could have a potential profit
0:31:47 > 0:31:52of 90 grand before the usual taxes and expenses.
0:31:52 > 0:31:54So, what does Lorna think of the valuations
0:31:54 > 0:31:56and will they build that bungalow?
0:31:57 > 0:32:00I think the figure for the house seems a little bit low.
0:32:00 > 0:32:05I think possibly we might go ahead with the new build. I don't know.
0:32:05 > 0:32:09We'll see. We'll have to have a board meeting I think.
0:32:09 > 0:32:11I'm sure if the board of Lorna and Derek
0:32:11 > 0:32:14do decide to build, then we'll be back.
0:32:14 > 0:32:15But reading the leaves, I think
0:32:15 > 0:32:18Lorna is pleased with this renovation.
0:32:18 > 0:32:20Is there another project brewing?
0:32:20 > 0:32:24I think some days we've enjoyed it and some days we think,
0:32:24 > 0:32:28"We must be mad." Whether we'll do it again, I'm not really sure.
0:32:28 > 0:32:30My husband does say, actually,
0:32:30 > 0:32:34he thinks this could be the last project so watch this space.
0:32:38 > 0:32:42I'm in Northumberland and the estate of Scotland Gate,
0:32:42 > 0:32:46which is just on the outskirts of the village of Choppington.
0:32:46 > 0:32:50Lots of the estates around here centred around the mining industry
0:32:50 > 0:32:54and back, in the day, miners from Ashington, Bedlington and Choppington
0:32:54 > 0:32:58used to refer to the collieries there as A, B, or C.
0:32:58 > 0:33:02# ABC, easy as 1, 2, 3
0:33:02 > 0:33:05# ABC 1, 2, 3,
0:33:05 > 0:33:07# Baby you and me girl... #
0:33:07 > 0:33:10And swotting up on your ABCs will stand you in good stead
0:33:10 > 0:33:12when it comes to today's property.
0:33:12 > 0:33:15On that note, the property I'm here to see is a three-bed
0:33:15 > 0:33:19semidetached house with a guide price of £20,000.
0:33:19 > 0:33:21Let's take a look.
0:33:21 > 0:33:23There is a shed, which is always good news,
0:33:23 > 0:33:27but in this case you do have to share it with your neighbour.
0:33:28 > 0:33:31Let's take a look inside.
0:33:31 > 0:33:34So, into a small hallway here.
0:33:34 > 0:33:39Stairs going up to the bedrooms. The bathroom down there.
0:33:39 > 0:33:42Downstairs bathroom, I'm not a massive fan of a downstairs bathroom
0:33:42 > 0:33:44but it does look in good condition.
0:33:44 > 0:33:47Although it's not in my preferred position,
0:33:47 > 0:33:52it is a modern suite and it has been fitted and tiled to a high standard.
0:33:52 > 0:33:54Just a shame it's not upstairs.
0:33:56 > 0:33:58The dual aspect lounge is a good size
0:33:58 > 0:34:00and links the kitchen to the entrance hall.
0:34:02 > 0:34:04Into the kitchen.
0:34:04 > 0:34:06Now, it looks brand-new to me.
0:34:06 > 0:34:08Somebody's definitely started working here already
0:34:08 > 0:34:13and done a good job. At the end, there, there's room for utilities.
0:34:13 > 0:34:15What I've seen so far, I'm liking.
0:34:17 > 0:34:19Yes, this doesn't seem too bad at all
0:34:19 > 0:34:22although it looks like someone's started installing
0:34:22 > 0:34:25a new heating system and didn't bother finishing it.
0:34:26 > 0:34:29Now, let's make use of those lovely patio doors
0:34:29 > 0:34:31and see what's out the back.
0:34:31 > 0:34:33Over there, there used to be a colliery,
0:34:33 > 0:34:35which would have provided employment
0:34:35 > 0:34:41for thousands of people but right now, to us, it's an amazing view.
0:34:41 > 0:34:43I'm stood here on a raised piece of decking,
0:34:43 > 0:34:46which I can see somebody has tried to make good.
0:34:46 > 0:34:48But overall this is a nice-sized garden.
0:34:48 > 0:34:53Get this grass sorted out, cut it down, table and chairs in here.
0:34:53 > 0:34:55Now, I know what you're thinking,
0:34:55 > 0:34:59"Forget the table and chairs, we could get an extension out here."
0:34:59 > 0:35:02Well, actually, no, you can't because,
0:35:02 > 0:35:05tucked away in the legal pack, which of course you would always read
0:35:05 > 0:35:08being a viewer of Homes Under the Hammer,
0:35:08 > 0:35:11is a covenant that says the property has restrictions
0:35:11 > 0:35:13on what you can do with it.
0:35:13 > 0:35:18You can do minor improvements but no extensions. It has to stay the same.
0:35:18 > 0:35:20How do I put this?
0:35:20 > 0:35:24- # You can't change me - You can't change me
0:35:24 > 0:35:27# Or rearrange me... #
0:35:28 > 0:35:31I couldn't have put it better myself.
0:35:31 > 0:35:34Of course, there's no reason not to be perfectly happy
0:35:34 > 0:35:37with the accommodation as it is because upstairs is fine.
0:35:38 > 0:35:41Turn right once on the landing, and you're in the largest bedroom
0:35:41 > 0:35:45overlooking the fields at the back of the house.
0:35:45 > 0:35:48The second bedroom, although not palatial,
0:35:48 > 0:35:50is plenty big enough for most practical purposes.
0:35:52 > 0:35:55And the smallest bedroom is just about big enough
0:35:55 > 0:35:57to fit in a small single bed.
0:35:58 > 0:36:01I really like this property, especially guided at 20 grand.
0:36:01 > 0:36:03It's a lot of house for the money.
0:36:04 > 0:36:07What does a local estate agent think?
0:36:11 > 0:36:13It's a nicely presented three-bedroom property.
0:36:13 > 0:36:16I think the selling points are the open views to the front
0:36:16 > 0:36:20and to the rear, as well. Some good improvements made.
0:36:20 > 0:36:22I just think with the shared access next-door, it might put off
0:36:22 > 0:36:24one or two potential buyers.
0:36:24 > 0:36:27So, with not a lot of room to add value,
0:36:27 > 0:36:29especially when you bear in mind that covenant,
0:36:29 > 0:36:31what does he think it could sell for
0:36:31 > 0:36:34if you were to give it a cosmetic lift?
0:36:34 > 0:36:36I think in the current market this property would achieve
0:36:36 > 0:36:38in the region of £45,000.
0:36:39 > 0:36:43However, the good news is that, having done a bit of research,
0:36:43 > 0:36:46this is definitely an area where people are looking to rent.
0:36:46 > 0:36:50So what rental valuation would he put on the property?
0:36:50 > 0:36:52On the rental side of things, I would recommend we put this
0:36:52 > 0:36:55on the market for £400 per calendar month.
0:36:56 > 0:36:59So it is what it is. It's in good condition
0:36:59 > 0:37:01and you wouldn't need a huge budget to turn it around.
0:37:01 > 0:37:04Let's see who saw the potential when it went to auction.
0:37:06 > 0:37:08We skip along to Choppington. It's lot 241.
0:37:10 > 0:37:15Start me at 10,000. Lot 241. 10,000 I say.
0:37:15 > 0:37:17Thank you, sir. On my right, the far right, 10,000.
0:37:17 > 0:37:2011... 11...
0:37:20 > 0:37:2412, 13, 14,
0:37:24 > 0:37:2815, 16, 17,
0:37:28 > 0:37:3018, 1,000...
0:37:30 > 0:37:36In the busy saleroom, bids soon outstrip the £20,000 guide price.
0:37:36 > 0:37:38We rejoin the bidding at £26,000.
0:37:38 > 0:37:41..26, 27?
0:37:41 > 0:37:44Gentleman's bid on my right. 26,000. 27 anywhere else?
0:37:46 > 0:37:51First on 26, second time on 26...
0:37:51 > 0:37:55for the third and final time at £26,000, your bid. It's going to go.
0:37:57 > 0:38:00Half? Why not? 26 and a half, 27?
0:38:00 > 0:38:01And a half?
0:38:01 > 0:38:05No. Still with you. It's 27,000 this time.
0:38:05 > 0:38:07First time, second time,
0:38:07 > 0:38:10third and final time at £27,000 on my right, against you on my left...
0:38:10 > 0:38:13- GAVEL BANGS - Sold at £27,000.
0:38:13 > 0:38:16Clinching the property for 27 grand was Chris.
0:38:18 > 0:38:21He hails from Woking, over 300 miles away,
0:38:21 > 0:38:23and fits TV aerials for a living.
0:38:23 > 0:38:26He's looking to add to his small rental portfolio
0:38:26 > 0:38:31and I gave him a welcoming reception at his latest purchase.
0:38:31 > 0:38:34- Nice to meet you, sir.- Nice to meet you.- Congratulations.- Thank you.
0:38:34 > 0:38:37Did you go just for this property or was there anything else
0:38:37 > 0:38:40- that you went for?- There were four or five other properties.
0:38:40 > 0:38:44There were two others I would have bid on and I found that
0:38:44 > 0:38:48if I had bid on those, it would have meant
0:38:48 > 0:38:52probably six months' work on doing it up cos they were...
0:38:52 > 0:38:54- wrecks.- They were a mess?- Yes.
0:38:54 > 0:38:57Nothing like this. Superficial, isn't it, everything to be done in here?
0:38:57 > 0:39:00- Yes.- Is that what you were looking for, that kind of property?
0:39:00 > 0:39:03- I was. To be honest, I was. - You're a Woking lad?- Yeah.
0:39:03 > 0:39:07- You live in Woking.- Yes. - Your family is in Woking.- Yes.
0:39:08 > 0:39:10Why here?
0:39:10 > 0:39:13Well, it's unfortunate. The price of houses...
0:39:13 > 0:39:16- it's much cheaper around here.- Yeah.
0:39:16 > 0:39:18That's, I suppose, the main reason
0:39:18 > 0:39:22but the north of England is a great place.
0:39:22 > 0:39:24It's a great place. It's a long way away from home
0:39:24 > 0:39:26but that doesn't seem to faze you, the journey.
0:39:26 > 0:39:28I'm going to have to rely on other people anyway.
0:39:28 > 0:39:32If it was more than 100 miles, I'd have to rely on other people
0:39:32 > 0:39:36to maintain it and to look after it because I won't be able to.
0:39:36 > 0:39:40- # And it's a long, long way - Long way
0:39:40 > 0:39:44# From where you want to be... #
0:39:45 > 0:39:49That distance is an issue for sure but it's not putting him off,
0:39:49 > 0:39:52and rather than drive, Chris intends on using the train
0:39:52 > 0:39:56and his trusty bike to cover the 300 odd miles.
0:39:56 > 0:39:58In fact, far from putting him off,
0:39:58 > 0:40:02he might even buy another property in this area and that makes sense
0:40:02 > 0:40:06because there might be some economies of scale.
0:40:06 > 0:40:09I think Chris has got himself a neat little rental machine here
0:40:09 > 0:40:11so what does he feel he needs to do to it?
0:40:11 > 0:40:17Well, the fireplace needs sorting out, replace the carpets
0:40:17 > 0:40:19and decorate throughout.
0:40:19 > 0:40:22Again, it looks like it's been decorated and painted
0:40:22 > 0:40:26so there are just little bits I need to sort out.
0:40:26 > 0:40:27So, Chris, are you going to do all the work?
0:40:27 > 0:40:29Have you got a team of people to help you?
0:40:29 > 0:40:34I'm going to do the basic work. The electrics... Sort that out.
0:40:34 > 0:40:38But obviously the gas, I will get professionals in to do that.
0:40:38 > 0:40:41Chris is trained in electrical matters for his TV repair business
0:40:41 > 0:40:44and, of course, all work needs to be certified
0:40:44 > 0:40:48if you're renting out a property. On a larger scale,
0:40:48 > 0:40:52Chris has thoughts on my pet hate - the downstairs bathroom.
0:40:52 > 0:40:55I do like a bathroom upstairs and a toilet upstairs.
0:40:55 > 0:40:59My thoughts were perhaps an en-suite in the bedrooms
0:40:59 > 0:41:03but I found that around here it's actually normal
0:41:03 > 0:41:08for the toilets and the shower and the bath to be downstairs.
0:41:08 > 0:41:11One of the bedrooms upstairs...is big, isn't it? It's quite large.
0:41:11 > 0:41:14It's big enough to take an en-suite, yes.
0:41:14 > 0:41:18- So, that's just something you've got to think about and maybe turn around yourself?- Yes.
0:41:18 > 0:41:23Chris hasn't got that much to do, so should this take too long?
0:41:23 > 0:41:26- I would hope to turn it around within the next six weeks.- OK.
0:41:26 > 0:41:29If I can do that, that would be good. Two months and I'll be out.
0:41:29 > 0:41:34- OK.- Up here, unfortunately they don't have any grace on council tax,
0:41:34 > 0:41:37so as soon as you purchase a house, you start paying council tax.
0:41:37 > 0:41:41- It's yours.- It's mine. You don't get any help that way.
0:41:41 > 0:41:44OK. So that's your timescale, and your budget, as well?
0:41:44 > 0:41:49Um...2,000, 2,500. It really depends on the en-suite.
0:41:49 > 0:41:51I don't think there's going to be any surprises.
0:41:51 > 0:41:54You've looked in all the nooks and crannies. Have you had any surprises?
0:41:54 > 0:41:58- I haven't been in the loft yet... - Ah-ha.- ..and there is a gaping hole
0:41:58 > 0:42:03in the loft where there used to be an old boiler up there.
0:42:03 > 0:42:06So, there may be some issues in the loft.
0:42:06 > 0:42:09I might have to insulate that more.
0:42:09 > 0:42:13So, though he's got that travelling to do, it sounds like Chris
0:42:13 > 0:42:16is on it with this house and it turns out he didn't have to travel
0:42:16 > 0:42:19quite so far for the other properties in his portfolio.
0:42:19 > 0:42:24I bought my neighbour's house about four years ago
0:42:24 > 0:42:29and we had already purchased my mum's house.
0:42:29 > 0:42:31She passed away a few years ago but we purchased it
0:42:31 > 0:42:37in 2000 from the council and so this is the third house.
0:42:37 > 0:42:40Is it always going to be a rental thing or are you looking to
0:42:40 > 0:42:43maybe buy and sell as well or buy and live in, maybe?
0:42:43 > 0:42:45Because I haven't paid into a pension,
0:42:45 > 0:42:49I've been self-employed for the last 28, 30 years,
0:42:49 > 0:42:52I would like to use this as my pension, yes.
0:42:52 > 0:42:58And something for my kids, for them to live off.
0:42:58 > 0:43:00I wish you all the best, Chris. I know you're going to do well.
0:43:00 > 0:43:02- Good luck.- Thank you.
0:43:02 > 0:43:05- I hope your children have got lots of houses to choose from.- Yes.
0:43:05 > 0:43:07Thank you.
0:43:07 > 0:43:11So, Chris purchased this property, which is over 300 miles away
0:43:11 > 0:43:14from his home in Woking. Will he get sick of the train journey
0:43:14 > 0:43:18and will he get all the work done within that £2,000 budget?
0:43:18 > 0:43:20You can find out later on in the programme.
0:43:24 > 0:43:27So, we've seen how one buyer got on, but what about the other two?
0:43:27 > 0:43:30Did they stick to their schedule and budget
0:43:30 > 0:43:31and do they stand to make a profit?
0:43:31 > 0:43:33Mm. Let's take a closer look.
0:43:36 > 0:43:38Time to return to Bridgend in Wales
0:43:38 > 0:43:43and this three-bed mid-terrace, guided at £72,000.
0:43:43 > 0:43:46# Baby I love
0:43:46 > 0:43:48# I love only you... #
0:43:48 > 0:43:54Yes, built in the '50s to house the growing baby boom population.
0:43:54 > 0:43:56For me, it was a nice surprise.
0:43:56 > 0:44:01From the outside, it looks OK but inside... Wow!
0:44:01 > 0:44:03Loads of space.
0:44:03 > 0:44:06Not only that but it had a huge back garden
0:44:06 > 0:44:11and two large bathrooms, one downstairs...
0:44:11 > 0:44:13and one up.
0:44:13 > 0:44:18Could there be potential to use some of that space as an extra bedroom?
0:44:18 > 0:44:22It was bought at auction for £66,000 by husband and wife Mark and Bev.
0:44:22 > 0:44:25So what was it that piqued their interest?
0:44:25 > 0:44:28I haven't got a clue. Why did we want to buy the house, Mark?
0:44:28 > 0:44:30It's a good start! You don't know why you bought it?
0:44:30 > 0:44:33- The price was right for a start. - The price was right. I love that.
0:44:33 > 0:44:35Oh, it's a house, it'll do!
0:44:35 > 0:44:38# I find it every time you bet
0:44:38 > 0:44:40# They can't fool me... #
0:44:40 > 0:44:41Don't let them fool you,
0:44:41 > 0:44:45Mark and Bev have a portfolio of rental properties
0:44:45 > 0:44:49and Bev recently passed her landlord accreditation course.
0:44:49 > 0:44:52They saw potential in this place, especially if they could add
0:44:52 > 0:44:56an extra room. But would the return justify the extra cost involved?
0:45:02 > 0:45:06Mark and Bev had set aside a budget of £4,000 - £6,000
0:45:06 > 0:45:11and a timescale of six months but those plans abruptly changed
0:45:11 > 0:45:14when, very sadly, Mark's father passed away.
0:45:16 > 0:45:20It was difficult when my father died to actually focus
0:45:20 > 0:45:23and carry on with the build. It's very difficult
0:45:23 > 0:45:26because everything just goes through the window, really.
0:45:26 > 0:45:30You just don't think of what's important and then it took
0:45:30 > 0:45:33a little bit of a while for us to focus and then,
0:45:33 > 0:45:35when we got back to it,
0:45:35 > 0:45:39we were able to carry on with the build but it was a difficult time.
0:45:39 > 0:45:41It just makes you realise that family is more important
0:45:41 > 0:45:42than finances and work.
0:45:44 > 0:45:47So true. And having taken a few weeks respite,
0:45:47 > 0:45:50Mark and Bev continued renovating the house
0:45:50 > 0:45:54and we're back five months later to see how they got on.
0:45:54 > 0:45:56# I'll be your Emmylou
0:45:56 > 0:45:59# And I'll be your June
0:45:59 > 0:46:02# If you'll be my Gram
0:46:02 > 0:46:04# And my Johnny too
0:46:04 > 0:46:10# No, I'm not asking much of you
0:46:10 > 0:46:14# Just sing little darling Sing with me... #
0:46:16 > 0:46:17In the time that we've been here,
0:46:17 > 0:46:21the work that we've actually done has involved, first of all, the safety issues.
0:46:21 > 0:46:23So, we've had a plumber in to give us the gas certificate,
0:46:23 > 0:46:26we've had a partial rewiring, we've had a qualified electrician in.
0:46:26 > 0:46:29We started off with the bedrooms.
0:46:29 > 0:46:33The existing doors that were damaged, we've done them.
0:46:33 > 0:46:36Some of the frames were damaged, too. We've done that.
0:46:36 > 0:46:41We painted it, put flooring in, we levelled the floor up in the lounge,
0:46:41 > 0:46:44we obviously plastered about three or four walls,
0:46:44 > 0:46:49we put a fireplace in, we put the kitchen in...
0:46:49 > 0:46:50Miles and miles of laminate flooring.
0:46:50 > 0:46:54- Miles of laminate flooring. - My knees are still sore.
0:46:54 > 0:46:58Yes. You've done well. Is there any more?
0:46:58 > 0:46:59Oh, there's always more.
0:47:01 > 0:47:04Mark and Bev have given a terrific example
0:47:04 > 0:47:06of how to renovate a house intended to be let.
0:47:08 > 0:47:11What did these lovely landlords decide to do
0:47:11 > 0:47:12with those two bathrooms?
0:47:14 > 0:47:17We were unsure what to do with the downstairs bathroom so we called
0:47:17 > 0:47:21a couple of estate agents. So, they came and had a look, one of them did,
0:47:21 > 0:47:23and we decided that we'd be better to turn
0:47:23 > 0:47:25it into a bedroom, so that's what we've done.
0:47:25 > 0:47:28With the bathroom upstairs, we didn't really want to spend too much
0:47:28 > 0:47:31with it cos it looked not in bad condition
0:47:31 > 0:47:33so what we decided to do was put transfers around it,
0:47:33 > 0:47:37we cleaned the tiles up and then we put a shower and a screen in
0:47:37 > 0:47:39and just cleaned it all up.
0:47:39 > 0:47:41I think it was smart to get the opinion of a local estate agent
0:47:41 > 0:47:43to help them make their decision.
0:47:43 > 0:47:46Whenever you're thinking of major work, it's always worth checking
0:47:46 > 0:47:50with local experts from trade professionals to planning officials
0:47:50 > 0:47:53to help you make an informed decision.
0:47:53 > 0:47:55Unfortunately for the couple, there was
0:47:55 > 0:47:58another bathroom-related problem that had to be dealt with.
0:48:01 > 0:48:03We noticed the pressure was quite low
0:48:03 > 0:48:06so we decided we had to put a new water mains in
0:48:06 > 0:48:11so we actually then dug a trench in the middle of January.
0:48:11 > 0:48:14It was about one foot to two feet in width
0:48:14 > 0:48:17and two and a half feet down. It was a nightmare.
0:48:17 > 0:48:22The soil was really solid and it's not the best thing to do in January
0:48:22 > 0:48:25and then we had to lag it and pipe it, so it was a bit of a nightmare.
0:48:25 > 0:48:27It took ages.
0:48:27 > 0:48:32# Can you dig it? Oh, yeah
0:48:32 > 0:48:36# Can you dig it? Oh, yeah... #
0:48:36 > 0:48:40Yes. When you see people making a profit on Homes Under the Hammer,
0:48:40 > 0:48:43remember what they had to go through to get there.
0:48:43 > 0:48:48Mark dug that trench by hand and it's that hands-on approach
0:48:48 > 0:48:52that helped them keep to their budget of £6,000.
0:48:52 > 0:48:54And despite everything, they're still within
0:48:54 > 0:48:58their timescale of six months, having taken just five months
0:48:58 > 0:49:02although they say the actual hard graft took 12 weeks.
0:49:05 > 0:49:10They bought the house for £66,000, 6,000 under the guide price.
0:49:10 > 0:49:13But will their work impress local estate agents?
0:49:13 > 0:49:16We've asked two along to find out.
0:49:16 > 0:49:18Since I first visited the first property,
0:49:18 > 0:49:20there's been a substantial change here.
0:49:20 > 0:49:23Aesthetically, there's a big difference here.
0:49:23 > 0:49:26It's a much more modern property now, aligning it very well for both
0:49:26 > 0:49:28the sales and the rental market.
0:49:28 > 0:49:32I think this property would rent almost overnight
0:49:32 > 0:49:35cos there's a large demand for rental properties.
0:49:35 > 0:49:39It's also a saleable property, which could sell in a reasonable timescale.
0:49:41 > 0:49:43That strong rental market is great news for Mark and Bev
0:49:43 > 0:49:47but unfortunately, when it comes to valuations,
0:49:47 > 0:49:49the room that used to be a bathroom won't necessarily
0:49:49 > 0:49:53be counted as a bedroom as it's downstairs.
0:49:53 > 0:49:56Both estate agents shared the opinion that this should
0:49:56 > 0:50:00be considered a three-bed house with a flexible room downstairs.
0:50:00 > 0:50:06So, having spent a total of £72,000, is there still potential for profit?
0:50:06 > 0:50:09In the current sales market, I would estimate a value
0:50:09 > 0:50:12of between £85,000 and £90,000.
0:50:12 > 0:50:16In my opinion, the likely price to be realised for this property
0:50:16 > 0:50:20would be somewhere in the region of £100,000.
0:50:20 > 0:50:21If they were to rent the property out,
0:50:21 > 0:50:26I would estimate a rent in the region of £595 per calendar month.
0:50:26 > 0:50:29In my opinion, the likely rental value of this property
0:50:29 > 0:50:33would be in the region of £595 per calendar month.
0:50:33 > 0:50:35I can understand why the estate agents
0:50:35 > 0:50:37would call it a three-bedroomed house.
0:50:37 > 0:50:40We've renovated it as a completely flexible room.
0:50:40 > 0:50:43However, it has been let out as a fourth bedroom
0:50:43 > 0:50:47and we are actually managing to secure a tenant on 650,
0:50:47 > 0:50:48which is brilliant.
0:50:48 > 0:50:51Mark and Bev had done their research
0:50:51 > 0:50:54and followed the Department of Social Services stipulations
0:50:54 > 0:50:57for size and rental price of a four-bed house,
0:50:57 > 0:51:00so it's great that they have a tenant
0:51:00 > 0:51:04and that rent of £650 per calendar month will give them
0:51:04 > 0:51:05a yield of almost 11%.
0:51:05 > 0:51:08So, after everything they've been through,
0:51:08 > 0:51:11how will they remember this experience?
0:51:11 > 0:51:14The experience has been really quite hard work.
0:51:14 > 0:51:17Yeah, it's been difficult because of my father's passing, really.
0:51:17 > 0:51:19- I'm proud of what you've done, though.- Thank you.
0:51:25 > 0:51:30Welcome back to Northumberland and this three-bed semidetached house.
0:51:30 > 0:51:34It had a modern kitchen, spacious rooms,
0:51:34 > 0:51:38and when a guide of £20,000 buys you views like this,
0:51:38 > 0:51:41I thought this could be a good buy.
0:51:41 > 0:51:44It was snapped up at auction by aerial fitter Chris,
0:51:44 > 0:51:48who bought the property for £27,000.
0:51:48 > 0:51:51I thought the layout could be improved so I dropped a hint.
0:51:51 > 0:51:54I do like a bathroom upstairs and a toilet upstairs.
0:51:54 > 0:51:58My thoughts were, perhaps an en-suite in the bedroom.
0:51:58 > 0:52:02One of the bedrooms upstairs... It's big, isn't it? It's quite large.
0:52:02 > 0:52:04It's big enough to take an en-suite, yes.
0:52:06 > 0:52:09# Get up Get on up
0:52:09 > 0:52:12# Get up Get on up... #
0:52:12 > 0:52:14As subtle as ever, eh?
0:52:14 > 0:52:19Chris had given himself a budget of £2,000 - £2,500 for the renovation
0:52:19 > 0:52:22and a timescale of six weeks to two months,
0:52:22 > 0:52:25but as he lived in Woking, any work he had to do
0:52:25 > 0:52:27would involve a long trip.
0:52:27 > 0:52:29Would he fix his distance dwelling?
0:52:34 > 0:52:36Well, five months have passed.
0:52:36 > 0:52:41Has this house completed its renovation journey? Let's find out.
0:52:49 > 0:52:51The house was in decent condition
0:52:51 > 0:52:56but even then it's amazing what a little bit of TLC can do.
0:52:56 > 0:52:59The new carpets have really brightened up the place.
0:52:59 > 0:53:02Chris has sorted out the fireplace fitting in the living room...
0:53:04 > 0:53:07..the dodgy decking out in the back garden has been replaced
0:53:07 > 0:53:11and Chris has been very hands-on in other areas.
0:53:11 > 0:53:13I needed to sort out some of the electrics.
0:53:13 > 0:53:18I'm a qualified electrician, so there's not a problem there.
0:53:18 > 0:53:22Also the windows upstairs had to be secured
0:53:22 > 0:53:26so they couldn't open fully for Health and Safety.
0:53:26 > 0:53:29I sorted that out and general painting, as well.
0:53:31 > 0:53:35Always remember, safety comes first and use a certified professional
0:53:35 > 0:53:40when work is required on specialist areas like electrics and gas.
0:53:40 > 0:53:42As Chris is a trained electrician himself,
0:53:42 > 0:53:46he could get stuck into the work, saving some money.
0:53:46 > 0:53:49And he also saved some money in other areas.
0:53:49 > 0:53:52We decided not to put an en-suite in.
0:53:52 > 0:53:55There was going to be extra funds needed for that
0:53:55 > 0:53:58so we kept it downstairs...
0:54:00 > 0:54:03..put the shower curtain up
0:54:03 > 0:54:07and just the usual things that you would have in a bathroom.
0:54:07 > 0:54:11# Take it easy
0:54:11 > 0:54:14# Take it easy... #
0:54:15 > 0:54:18Well, I do prefer a bathroom upstairs
0:54:18 > 0:54:22but as Chris is looking to stay within his tight £2,000 budget,
0:54:22 > 0:54:26I can understand why he decided to leave it where it is.
0:54:26 > 0:54:27So, with no bathroom to move,
0:54:27 > 0:54:31this renovation would have been simple, surely?
0:54:31 > 0:54:33Well, it's never that easy.
0:54:33 > 0:54:35There was a hole, roughly about a foot square,
0:54:35 > 0:54:39in the top right-hand corner just under the gutter.
0:54:39 > 0:54:44When the boiler was replaced, they took it out of the loft
0:54:44 > 0:54:46and put it in the kitchen.
0:54:46 > 0:54:49Unfortunately, they didn't fill the holes up,
0:54:49 > 0:54:54where the pipe came out and so I had to fill the hole in.
0:54:54 > 0:55:00The other challenges... It took nine hours to get here from Woking.
0:55:00 > 0:55:06I've used the railway and that's been interesting.
0:55:06 > 0:55:09Never underestimate how tiring travelling can be.
0:55:09 > 0:55:12In the end, Chris would come up from Woking every few weeks
0:55:12 > 0:55:16and stay at the house a few days at a time to get the work done.
0:55:16 > 0:55:20How has that reflected on his timescale and his budget?
0:55:20 > 0:55:23I was planning for it to be finished within six weeks.
0:55:23 > 0:55:28Unfortunately, due to the distance,
0:55:28 > 0:55:32it took three months to complete the work.
0:55:33 > 0:55:38I had £2,000 to spend on the renovation
0:55:38 > 0:55:43and, um...I spent in the region of £2,000
0:55:43 > 0:55:46so I was quite happy with that.
0:55:46 > 0:55:48So, it's taken Chris longer than he'd hoped
0:55:48 > 0:55:50but, having done the work himself,
0:55:50 > 0:55:54he's managed to keep under his £2,000 budget.
0:55:54 > 0:55:56Has all that commuting been worth it?
0:55:56 > 0:56:00We've asked along two local estate agents to get their opinions.
0:56:00 > 0:56:03There's been a good standard of finish throughout the property
0:56:03 > 0:56:05including the carpets and the redecoration.
0:56:05 > 0:56:07I think the owner's been right to leave the bathroom
0:56:07 > 0:56:10on the ground floor for this particular property.
0:56:10 > 0:56:11Three good-sized bedrooms upstairs
0:56:11 > 0:56:14and that's going to be one of the main selling points.
0:56:14 > 0:56:16The selling points of the property... I would say
0:56:16 > 0:56:18definitely the size of it, it's a good layout,
0:56:18 > 0:56:20it's clean and tidy, it's south at the back
0:56:20 > 0:56:22and not overlooked on either side.
0:56:22 > 0:56:26So, having spent £27,000 at auction and two grand on renovation,
0:56:26 > 0:56:30what could Chris expect were he to sell?
0:56:30 > 0:56:32If I was putting this property on the market today,
0:56:32 > 0:56:37I would put this on the market at 45,950, offers in the region of,
0:56:37 > 0:56:40with a view to accepting at about £40,000.
0:56:40 > 0:56:42As far as the sale figure is concerned,
0:56:42 > 0:56:47I would expect the property to achieve around about £40,000.
0:56:47 > 0:56:50With a total spend of £29,000,
0:56:50 > 0:56:54that would give Chris a pre-tax profit of 11,000.
0:56:54 > 0:56:57Not bad at all. But Chris saw this as a letting opportunity
0:56:57 > 0:57:00so let's get those rental valuations.
0:57:00 > 0:57:01If I was putting this property on the market,
0:57:01 > 0:57:06I would suggest an asking price of £325 per calendar month.
0:57:06 > 0:57:08Rental value - I would expect to achieve
0:57:08 > 0:57:12something around £300 - £325 per calendar month.
0:57:12 > 0:57:14Yeah, I'm really pleased with those figures.
0:57:14 > 0:57:19I'm still planning to rent it out but if I find some more property,
0:57:19 > 0:57:22then I might actually sell it and start again.
0:57:22 > 0:57:28I've had enquiries of £300 so, yeah, I would go with that.
0:57:30 > 0:57:32In fact, since filming, Chris has rented the house out
0:57:32 > 0:57:35at £375 per calendar month,
0:57:35 > 0:57:40giving him a yield of over 15%. And it has obviously inspired Chris
0:57:40 > 0:57:44to carry on, although he has perhaps learnt a few lessons.
0:57:44 > 0:57:47My next project would be to buy another house,
0:57:47 > 0:57:49perhaps a little bit closer to where I live now,
0:57:49 > 0:57:53which makes it a little bit easier for travelling.
0:57:56 > 0:57:59Well, there's plenty more properties being sold up and down the country.
0:57:59 > 0:58:02Yes, so for more action from the auctions, join us next time.
0:58:02 > 0:58:05- Yes, we look forward to seeing you then. Goodbye.- Goodbye.- Goodbye.