0:00:02 > 0:00:05Hello and welcome to the show. If you're thinking about investing
0:00:05 > 0:00:08in property, then buying at the right time is a really good way
0:00:08 > 0:00:11- to get off to a flying start. - It is, but how do you keep up to date with all
0:00:11 > 0:00:13the changes like price and demand?
0:00:13 > 0:00:16Lucy, why don't we head to the auction house
0:00:16 > 0:00:17and see what's happening there?
0:00:43 > 0:00:47If you want to bag yourself a property bargain, then buying
0:00:47 > 0:00:50under the hammer may get you more bricks and mortar for your money.
0:00:50 > 0:00:53Be prepared to roll your sleeves up because whatever you buy,
0:00:53 > 0:00:55it'll probably need some work.
0:00:55 > 0:00:59So who was ready to get their hands dirty on today's programme?
0:00:59 > 0:01:03On today's show, in Porth, South Wales, this house is a
0:01:03 > 0:01:07forgotten gem, while the back garden has just been plain forgotten.
0:01:07 > 0:01:08That's not going to happen, is it?
0:01:10 > 0:01:11In Totton,
0:01:11 > 0:01:16there's an unfinished three-bed semi with access problems of its own.
0:01:16 > 0:01:19I'm going to have to go round the back.
0:01:19 > 0:01:23And in East Ham, this flat has a low guide price,
0:01:23 > 0:01:26but high living with its balcony access.
0:01:26 > 0:01:30And somewhere to look out at the view, that is a bonus for me.
0:01:30 > 0:01:32All these properties were bought at auction.
0:01:32 > 0:01:34We'll find out who got them
0:01:34 > 0:01:38and how much they paid when these homes went under the hammer.
0:01:38 > 0:01:40- BANGS GAVEL - Well done.
0:01:44 > 0:01:47If you work in Cardiff, but are looking for a quiet
0:01:47 > 0:01:51semi-rural lifestyle, the town of Porth might be ideal.
0:01:51 > 0:01:54With good rail links to the Welsh capital, it's popular with
0:01:54 > 0:01:57commuters, but also popular with astronomers,
0:01:57 > 0:02:03as a crater on Mars was named after the town in 1976.
0:02:03 > 0:02:07But back on Earth, I'm here to see today's starring property.
0:02:07 > 0:02:11# Now why do you wanna go and put stars in their eyes? #
0:02:11 > 0:02:15Well, I don't know how many rows of terraced houses I've seen in the
0:02:15 > 0:02:17valleys of Wales over the years,
0:02:17 > 0:02:21but this one has something special about it. Look at it.
0:02:21 > 0:02:23All the houses have got individual names
0:02:23 > 0:02:27and they're all slightly different colours. It makes it really attractive.
0:02:27 > 0:02:30And it was one of these that was up for auction, in fact the one on the end.
0:02:30 > 0:02:33£42,000 was the guide price. Looks all right, doesn't it?
0:02:33 > 0:02:37In fact, it looks great. Let's have a look.
0:02:37 > 0:02:39Look left and right, not just for traffic
0:02:39 > 0:02:41but to take in this lovely terrace again.
0:02:41 > 0:02:46Remember, the setting around the property itself can really add value.
0:02:48 > 0:02:52So, straight inside and straight away you get that feeling
0:02:52 > 0:02:56that in its day, this would have been a really prestigious house.
0:02:56 > 0:03:00A good feel to it. And things like the banister here, look at that.
0:03:00 > 0:03:02Amazing bit of carving.
0:03:02 > 0:03:05And I bet... Oh, yeah. Look at the steps there.
0:03:05 > 0:03:08Fantastic, that hasn't been painted over the years.
0:03:08 > 0:03:11Have that stripped back, how beautiful would that be?
0:03:11 > 0:03:15So, then, through into your main sort of living area here.
0:03:15 > 0:03:19Originally, this might have been two rooms and at the moment it's
0:03:19 > 0:03:22one and I think it works really well like that.
0:03:22 > 0:03:28Dominated by this huge great bay window and that box seat there.
0:03:28 > 0:03:30Absolutely gorgeous. Get that renovated.
0:03:30 > 0:03:33Shutters on the windows perhaps, do you think?
0:03:33 > 0:03:35That would really fit in well.
0:03:35 > 0:03:38A few things are missing. It's missing a fire surround on there.
0:03:38 > 0:03:41That is obviously going to be a focal point of the room, so your
0:03:41 > 0:03:44choice would be endless, in terms of what you put on there,
0:03:44 > 0:03:47but something that would definitely fit the grandeur of the house.
0:03:47 > 0:03:51Something else that's missing, unfortunately... Radiators?
0:03:51 > 0:03:54Looks like they've been taken out, so central heating is
0:03:54 > 0:03:57something you're going to have to factor into your budget.
0:03:57 > 0:04:01But overall, what a great start. I've only seen one room.
0:04:01 > 0:04:04So, what else is there? A little corridor there.
0:04:04 > 0:04:07Useful storage area under the stairs.
0:04:07 > 0:04:10And then, joy of joys, into the kitchen.
0:04:10 > 0:04:13Door out to some kind of outdoor area there.
0:04:13 > 0:04:17The kitchen area though is really great news. A good size.
0:04:17 > 0:04:22It's a kitchen living area. Loads of space for a kitchen table here.
0:04:22 > 0:04:24So it will definitely be a family room.
0:04:24 > 0:04:27Obviously, it needs a bit of work. Needs some new units.
0:04:27 > 0:04:30But it's a good size, which is good. And then a bit of a bonus.
0:04:30 > 0:04:34A sort of utility area out the back and yet another bonus,
0:04:34 > 0:04:36a downstairs loo.
0:04:36 > 0:04:39I don't need to see upstairs. I'm already sold!
0:04:41 > 0:04:45I love this house! There's plenty of space, lots of character and charm.
0:04:45 > 0:04:49And after renovation, the property could be as it was in its heyday.
0:04:55 > 0:04:58Well, of course, I couldn't resist having a look upstairs really
0:04:58 > 0:05:02and I'm delighted I did cos it continues to impress.
0:05:02 > 0:05:04A corridor down to a bedroom at the end.
0:05:04 > 0:05:06Looks like there's some damp there.
0:05:06 > 0:05:10That needs to be sorted out, but it seems to be a reasonable size.
0:05:10 > 0:05:12Really huge bathroom in the middle there.
0:05:12 > 0:05:15Needs refurbishment, but loads of space, which is wonderful.
0:05:15 > 0:05:19Second bedroom here, not massive, but it's OK.
0:05:19 > 0:05:22I saved the best bit till last. How about this
0:05:22 > 0:05:26for a master bedroom? Love the floorboards, love the size.
0:05:26 > 0:05:28It's fantastic.
0:05:28 > 0:05:30I mean, I suppose with a bit of internal playing around,
0:05:30 > 0:05:32you could maybe put a door in there,
0:05:32 > 0:05:36possibly a sub-partition here to create a fourth bedroom.
0:05:36 > 0:05:39I guess it depends on your personal circumstances.
0:05:39 > 0:05:41I would love to keep it like this.
0:05:41 > 0:05:45It's such a fantastic feature to have in the property and, yeah,
0:05:45 > 0:05:51looks like somebody's had a dartboard at some time in the past.
0:05:51 > 0:05:54Shame they weren't a better shot, but I tell you what, when it comes
0:05:54 > 0:05:58to picking properties, if you picked this one, you got the bull's-eye.
0:05:58 > 0:06:01# Hit me with your best shot
0:06:01 > 0:06:05# Why don't you hit me with your best shot? #
0:06:05 > 0:06:09Yes, an absolute nine dart house, this one, with an option to
0:06:09 > 0:06:13add a fourth bedroom if you split this master bedroom.
0:06:13 > 0:06:16But what about the garden and outside area?
0:06:17 > 0:06:21Walk down the side of the property, down this little lane,
0:06:21 > 0:06:24and you get a real impression of how big it is.
0:06:24 > 0:06:25Look at that. Amazing.
0:06:25 > 0:06:29What you also get to see is that there's actually a basement.
0:06:29 > 0:06:34It's through here. Now, you could contemplate accessing that from inside the house,
0:06:34 > 0:06:37almost adding an entire floor, which would be kind of interesting.
0:06:37 > 0:06:41I was hoping to explore a little bit more, but that's not going to happen, is it?
0:06:41 > 0:06:45Can't even get through there. I can see through that gap though, there is
0:06:45 > 0:06:49some kind of a little garden, which is a nice additional thing to have.
0:06:49 > 0:06:52Just needs a couple of hours' work to sort that one out.
0:06:53 > 0:06:57# Did you know your garden's overgrown? #
0:07:04 > 0:07:08Well, a few hours with an industrial-sized lawnmower, that is. But then, you get to the basement,
0:07:08 > 0:07:12more space for a house that already has everything.
0:07:12 > 0:07:16Does a local estate agent love this house as much as I do?
0:07:16 > 0:07:18What are his thoughts on the property?
0:07:18 > 0:07:22I think if you come to this house first, your thoughts might be -
0:07:22 > 0:07:25there's a lot of work to do here. But it's just the basics.
0:07:25 > 0:07:27I would probably put kitchen, bathrooms in, new flooring,
0:07:27 > 0:07:29a lot of the walls need redoing.
0:07:29 > 0:07:33There's a bit of damp in places, so I'd check if it had a DPC course.
0:07:33 > 0:07:37And apart from that, I think double glazing would help and it'd be a nice family home.
0:07:37 > 0:07:42And what would this house, guided at £42,000, be worth for resale?
0:07:42 > 0:07:45Once the work is completed, I would put this on the market for £100,000.
0:07:45 > 0:07:48Sounds like there's room here for a decent profit,
0:07:48 > 0:07:50if you were selling it on.
0:07:50 > 0:07:52As an alternative, what about the rental?
0:07:52 > 0:07:55On this street, a three-bedroom property with a large
0:07:55 > 0:07:59bathroom upstairs would achieve £500 per calendar month.
0:07:59 > 0:08:03Well, this is one of those houses that you get the impression,
0:08:03 > 0:08:07it's just so worth putting energy in to sort it out, isn't it?
0:08:07 > 0:08:10It was a lovely property back in its day and it's just crying
0:08:10 > 0:08:14out for somebody to turn it back into that magical place. A lot of house for the money too.
0:08:14 > 0:08:17Close to the train station, what more could you want?
0:08:17 > 0:08:20Let's see who agreed when it went under the hammer.
0:08:20 > 0:08:24An end-of-terrace house, guided at £42,000. Will you start me...?
0:08:24 > 0:08:28Start me somewhere near £40,000. Can we see? 35, then, if you like.
0:08:28 > 0:08:32Wave a hand at 35. Thank you. 35, I've got you there.
0:08:32 > 0:08:34At 35. Now 36, can I see?
0:08:34 > 0:08:36I've got 35. 36. 37.
0:08:36 > 0:08:3837, back to you.
0:08:38 > 0:08:4137. 38. 38. 39.
0:08:41 > 0:08:4439. 40. 40. 41.
0:08:44 > 0:08:4841. 42. 43. 44.
0:08:48 > 0:08:5045. 44 I've got on the right here.
0:08:50 > 0:08:5245, thank you. 45. 46.
0:08:52 > 0:08:5746? 46. 47. It's £46,000 then for the first time.
0:08:57 > 0:09:02At 47, new bidder. Thank you. 47. 48. Back to you.
0:09:02 > 0:09:0448, no. Half if you like.
0:09:04 > 0:09:07No. At £47,000, right at the back.
0:09:07 > 0:09:1147,500, thank you. 48. 48. And a half.
0:09:11 > 0:09:1348,500.
0:09:13 > 0:09:16Otherwise it's £48,000. Right at the back then.
0:09:16 > 0:09:19For the first time, 48,500. 49.
0:09:19 > 0:09:2149. And a half.
0:09:21 > 0:09:24No? At £49,000 then for the first time.
0:09:24 > 0:09:27Second time.
0:09:27 > 0:09:29Third and last time, at £49,000.
0:09:29 > 0:09:32- BANGS HAMMER - Your number, please?
0:09:32 > 0:09:34Jay and Kevin were hidden away at the back
0:09:34 > 0:09:38when they clinched the deal for £49,000.
0:09:38 > 0:09:41Jay, in the light green jacket, is a fireman,
0:09:41 > 0:09:45and his friend Kevin is a full-time developer and they met me
0:09:45 > 0:09:50back at their purchase to tell me more about their plans for this grand old dame of a house.
0:09:50 > 0:09:54- Jay, Kevin, great to meet you both. - You all right?- Congratulations.
0:09:54 > 0:09:57I think you've done really well here. I like this house a lot.
0:09:57 > 0:10:01- Why did you want to buy it?- We just wanted to renovate a property.
0:10:01 > 0:10:05We thought the best way to do it is to go in to auction.
0:10:05 > 0:10:07- So that's what we did. - It seemed a bargain as well.
0:10:07 > 0:10:11- We know the area.- For sure. Is it something you've done before?
0:10:11 > 0:10:14I've done a few. Jay wanted to get involved and wanted to do one,
0:10:14 > 0:10:16so we thought we'd do a joint venture.
0:10:16 > 0:10:18So, how do you two know each other?
0:10:18 > 0:10:22- Our sons are in school together. - Oh, right. - So, basically, on the school run.
0:10:22 > 0:10:26- Really? So, met at the school gates sort of thing.- Yeah.- Really?- Yeah. - And how did you broach
0:10:26 > 0:10:30the subject of sort of going into a property development together?
0:10:30 > 0:10:33Well, I do a bit of plastering on my days off,
0:10:33 > 0:10:37so I've done a bit for Kev and that's how we sort of came up
0:10:37 > 0:10:40- with the idea of going together really. - How did you learn how to plaster?
0:10:40 > 0:10:43Just paid for a course and then just did bits and bobs for family
0:10:43 > 0:10:46- and friends. - Are you good?- Yeah, I'm very good.
0:10:46 > 0:10:48LAUGHTER
0:10:48 > 0:10:54- And the ceilings?- Yeah, ceilings as well.- Really?- A big set of stilts.
0:10:54 > 0:10:58- Really?- Yeah.- I'll be mixing for you, won't I?- Kev'll be mixing.- Wow.
0:10:58 > 0:11:00It's a skill though, isn't it?
0:11:00 > 0:11:05Yeah, it took me a good year to master it and just doing bits and bobs round the house.
0:11:05 > 0:11:10# School's out for summer. #
0:11:11 > 0:11:16Well, this is one school run that could end up being profitable,
0:11:16 > 0:11:18so what made them choose this house?
0:11:21 > 0:11:23It's got a lot of character, outside and in.
0:11:23 > 0:11:28- And it's everything we can do together really.- Yeah, for sure.
0:11:28 > 0:11:31- It's a nice-looking house as well. - It is.
0:11:31 > 0:11:34In its day, it would have been a very grand house, wouldn't it?
0:11:34 > 0:11:36- Mm. - It's got a really nice feel to it.
0:11:36 > 0:11:40So, tell me what you're going to do to renovate it.
0:11:40 > 0:11:44New kitchen, new bathroom, new electrics, skim every wall,
0:11:44 > 0:11:46new boiler, new heating.
0:11:46 > 0:11:49- Just gutting.- Start again. Everything.
0:11:49 > 0:11:52So, what about the sort of basement area underneath the house?
0:11:52 > 0:11:55Until we get rid of the shrubbery and bushes,
0:11:55 > 0:11:57we don't really know what's under there.
0:11:57 > 0:12:00We've had a peek in there and it looks pretty sound.
0:12:00 > 0:12:03So hopefully, that'll just be a little storage room then.
0:12:03 > 0:12:05- Yeah.- All good. So, what's the budget for the work?
0:12:05 > 0:12:07- 21,000?- 21.
0:12:07 > 0:12:09That's precise.
0:12:09 > 0:12:12- We've been busy! - LAUGHTER
0:12:12 > 0:12:15- We've done a couple before as well so...- OK.
0:12:15 > 0:12:18We know the general cost of it.
0:12:18 > 0:12:22And the reason for the precision is Kevin used to work in finance,
0:12:22 > 0:12:27so these two have an ideal skill set and some handy mates in the trade.
0:12:27 > 0:12:30They plan to add real value to this property by giving it a high-spec
0:12:30 > 0:12:34finish over a three-month timescale and then rent it out.
0:12:34 > 0:12:38Any nervousness about working together, or do you think it's all going to go swimmingly?
0:12:38 > 0:12:42No, it's gone swimmingly so far, for about a week or so!
0:12:42 > 0:12:44It's gone swimmingly so far.
0:12:44 > 0:12:47- Hopefully, we'll be friends in three months' time as well.- Yeah.
0:12:47 > 0:12:50What do your respective partners think of all this?
0:12:50 > 0:12:54- They're happy, like.- They seem supportive.- And your children?
0:12:54 > 0:12:56Are they quite excited that their dads are working together?
0:12:56 > 0:12:59- They get to spend more time together.- Yeah.
0:12:59 > 0:13:02Fantastic. Well, listen, congratulations.
0:13:02 > 0:13:04- Thank you very much.- Good luck with it.- Brilliant.
0:13:04 > 0:13:08- Look forward to seeing how you get on.- Thank you very much.
0:13:08 > 0:13:12Well, Jay and Kevin wanted a house they could add value to and do lots of work to.
0:13:12 > 0:13:16Well, they've certainly got it with this place and a fine choice it was too.
0:13:16 > 0:13:19It will be beautiful, I'm sure, when they finish.
0:13:19 > 0:13:22Have they got the expertise to take it on?
0:13:22 > 0:13:26Well, it's still early on in their careers, but I'm sure the plasterwork's going to be good.
0:13:26 > 0:13:28You can find out how it all turns out later in the show.
0:13:36 > 0:13:39The town of Totton in Hampshire has good rail links to nearby
0:13:39 > 0:13:42Southampton, or London's Waterloo.
0:13:42 > 0:13:45There's also great road links to the New Forest
0:13:45 > 0:13:46and the surrounding areas,
0:13:46 > 0:13:50but that isn't always a good thing for the residents and that's
0:13:50 > 0:13:53certainly true at my property, a couple of miles from the town centre.
0:13:53 > 0:13:55MUSIC: (I'm A) Road Runner by Junior Walker
0:13:55 > 0:13:59First thing you notice is this road here is incredibly well used
0:13:59 > 0:14:02and a noisy road behind the property as well.
0:14:02 > 0:14:05But what I'm here to see is a three-bed semidetached with a guide
0:14:05 > 0:14:07price of £150,000 plus.
0:14:07 > 0:14:10Now, the first thing I've noticed walking up to the property is
0:14:10 > 0:14:12this huge gap.
0:14:12 > 0:14:16Kind of worrying signs before I even get inside, but let's take a look.
0:14:18 > 0:14:21I'm going to have to go round the back.
0:14:25 > 0:14:28As you walk towards the back of the property,
0:14:28 > 0:14:31that noise of traffic does get louder.
0:14:31 > 0:14:33There is an unfinished soil stack there as well.
0:14:33 > 0:14:37And as I walk through here, I can see again there's unfinished guttering
0:14:37 > 0:14:42that should go to the top and across, just doesn't seem to be there.
0:14:42 > 0:14:44Worrying signs so far. Let's have a look inside.
0:14:46 > 0:14:48And a door that opens!
0:14:48 > 0:14:52# One door closes, another door opens wide
0:14:52 > 0:14:58# It's hard to believe all of these locked doors I've tried. #
0:14:58 > 0:15:00This looks a little bit better.
0:15:02 > 0:15:07Then the outside, nice flooring, nice, big kitchen. A good start.
0:15:07 > 0:15:11In through to the lounge, which, again, is another big space.
0:15:11 > 0:15:14It might look bad, but sometimes it can be a blessing in disguise.
0:15:14 > 0:15:16When it's been stripped back for you, you can
0:15:16 > 0:15:19actually see things you wouldn't be able to see beforehand.
0:15:19 > 0:15:21There's a bit of leakage up there, and I wouldn't have
0:15:21 > 0:15:23seen that if it hadn't been stripped back for me.
0:15:23 > 0:15:25On the positive side, there's a lovely fireplace there,
0:15:25 > 0:15:28and this could be a nice living/ lounge area.
0:15:31 > 0:15:34And you might think it is a good thing that someone has started
0:15:34 > 0:15:36to build a rear extension,
0:15:36 > 0:15:40but don't be fooled, because it might mean all sorts of unknowns crop up.
0:15:40 > 0:15:44For example, is the extension sound?
0:15:44 > 0:15:46And upstairs, on the first-floor landing,
0:15:46 > 0:15:50there's a staircase intended, I think, to be a fourth bedroom.
0:15:50 > 0:15:52But with the eaves as low as they are,
0:15:52 > 0:15:56I've got no chance of standing up in there.
0:15:56 > 0:15:58I doubt it would pass building regulations,
0:15:58 > 0:16:01and judging by the state of the en-suite facilities,
0:16:01 > 0:16:05the house appears to be in a slightly half-finished state.
0:16:06 > 0:16:10Unpicking all this might prove more costly than if it had never
0:16:10 > 0:16:12been started.
0:16:12 > 0:16:14# Yes, it's true
0:16:14 > 0:16:16# What they say
0:16:16 > 0:16:21# It's better the devil you know. #
0:16:21 > 0:16:24Coming across the landing here, small bedroom there.
0:16:24 > 0:16:27Into the family bathroom just here...
0:16:27 > 0:16:30which is...which is quite small.
0:16:30 > 0:16:33Um. I'm over here.
0:16:33 > 0:16:36I know you weren't expecting that, there's a hole in the bathroom wall.
0:16:38 > 0:16:41Not the most private facilities then.
0:16:41 > 0:16:44Leaving the excessively ventilated bathroom behind,
0:16:44 > 0:16:49and into the rear extension. The third bedroom has skylights installed.
0:16:49 > 0:16:52But to what standard? And what's behind the new plaster?
0:16:52 > 0:16:55Pipework? Cables?
0:16:55 > 0:16:57Have they been installed correctly?
0:16:57 > 0:17:01The leak up here is different to the one I spotted downstairs.
0:17:03 > 0:17:07# Come on, baby, finish what you started
0:17:07 > 0:17:09# I'm incomplete... #
0:17:10 > 0:17:13It suggests not all is right with this house.
0:17:13 > 0:17:16But what is right is the name of the estate agent who has
0:17:16 > 0:17:20come along to look at the semi-finished semi. Chloe House,
0:17:20 > 0:17:23welcome to this house. Sorry, just couldn't resist that.
0:17:23 > 0:17:25Once renovated, I think
0:17:25 > 0:17:28the selling feature of the property would be the downstairs space.
0:17:28 > 0:17:30You've got a good amount of space down there,
0:17:30 > 0:17:32and it overlooks a garden.
0:17:32 > 0:17:34The fourth bedroom would normally add value,
0:17:34 > 0:17:37but here I think a lot of work would be needed to make
0:17:37 > 0:17:40it into a livable space that would pass building regulations.
0:17:40 > 0:17:43Does the agent agree?
0:17:43 > 0:17:46With the loft room, I would keep it as a storage space
0:17:46 > 0:17:48due to the actual lack of head height.
0:17:48 > 0:17:51I would keep it more to a storage space or playroom.
0:17:51 > 0:17:55So bearing in mind that £150,000 plus guide price, and forgetting
0:17:55 > 0:17:59the attic room, what's the property worth in its current configuration?
0:17:59 > 0:18:01As a three-bed, and once renovated,
0:18:01 > 0:18:07the property could resell between £220,000 and £230,000.
0:18:08 > 0:18:11So this property is not without its issues.
0:18:11 > 0:18:14And upstairs in the bathroom. But if you were to put those right,
0:18:14 > 0:18:17there could be a tidy profit to be made.
0:18:17 > 0:18:19Let's see who wanted it when it went to auction.
0:18:19 > 0:18:22This is a large, three-bedroom semidetached house,
0:18:22 > 0:18:24does require upgrading and improvement.
0:18:24 > 0:18:27Start the bidding for me, opening bid of 145.
0:18:27 > 0:18:29145, here in the front.
0:18:29 > 0:18:33145 I've got. 147, at 147 on the left.
0:18:33 > 0:18:35Two bids, here in the room.
0:18:35 > 0:18:38149. 151. Thank you.
0:18:38 > 0:18:40155.
0:18:40 > 0:18:42Six.
0:18:42 > 0:18:45Do the six. 156, he wants the one. And 59.
0:18:45 > 0:18:48159. 160.
0:18:48 > 0:18:52No, shake of the head. It is 160 here. Half.
0:18:53 > 0:18:57Do the half. 161. 161.5.
0:18:57 > 0:19:00162. 162. Shake of the head.
0:19:00 > 0:19:03£162,000, then, I have for the first time...
0:19:04 > 0:19:09162,000 for the second, the 500 is still on offer.
0:19:09 > 0:19:13£162,000 here, front row, going third, final time.
0:19:15 > 0:19:18Well done, 162, 5057.
0:19:20 > 0:19:24The successful bid of £162,000 came from John, who
0:19:24 > 0:19:28works in IT, and his wife, Stephanie, who used to be a book-keeper.
0:19:28 > 0:19:30They've been developing property for the last two years
0:19:30 > 0:19:34and intend to renovate and sell this property on.
0:19:34 > 0:19:37I met up with them to find out more.
0:19:37 > 0:19:38John, Stephanie, nice to meet you.
0:19:38 > 0:19:42- Congratulations.- Thank you.- Firstly, tell me about the auction experience.
0:19:42 > 0:19:47- How was it for you?- We both went. We go quite often.
0:19:47 > 0:19:49Steph does a lot of the research behind it.
0:19:49 > 0:19:51Steph, what kind of research do you have to do
0:19:51 > 0:19:54when you're looking for this kind of property?
0:19:54 > 0:19:57Well, I am looking for area. We like
0:19:57 > 0:20:00to stick to fairly local areas.
0:20:00 > 0:20:06Obviously price, condition of the property, and we usually buy
0:20:06 > 0:20:10to sell on, so obviously what sort of profit we can make on it.
0:20:10 > 0:20:12How does this fall within what you've had already?
0:20:12 > 0:20:15Does this fall as one of the hardest ones to renovate, or is it
0:20:15 > 0:20:19- an easy one?- Um... It is probably up there as the most difficult.
0:20:19 > 0:20:22- That you've had so far?- Yes.- It's not frightening you at all?
0:20:22 > 0:20:24No, not really. There is nothing that difficult on it.
0:20:24 > 0:20:27I mean, the structure is sound, maybe a rebuilding of the bay,
0:20:27 > 0:20:30if it needs it, but that's nothing to worry about.
0:20:30 > 0:20:33So, John is all over that front window issue.
0:20:33 > 0:20:37He thinks there's been movement caused by drains underneath.
0:20:37 > 0:20:40But it is just one more thing to add to their to-do list,
0:20:40 > 0:20:43along with the lows to undo. It is not an easy renovation.
0:20:43 > 0:20:47However, it appears that John is very cool, calm and collected,
0:20:47 > 0:20:50and that's because he's got a team.
0:20:50 > 0:20:52We tend to use tradesmen that we've used before.
0:20:52 > 0:20:54Obviously just depends on availability,
0:20:54 > 0:20:56sometimes you have to pick up a new person.
0:20:56 > 0:21:01So, yes, hopefully we will have the regulars in that we use.
0:21:01 > 0:21:03OK, and what about the loft space area?
0:21:03 > 0:21:05It will be sad to sort of undo the work,
0:21:05 > 0:21:07but it will probably be a necessity to do it.
0:21:07 > 0:21:12But at least we can then revamp the landing and open that area up,
0:21:12 > 0:21:15so we are losing one place but we should gain another.
0:21:15 > 0:21:19And the kitchen area, it is a nice, big kitchen you've got. What are your plans for that?
0:21:19 > 0:21:23- Are you going to have it as a kitchen-diner, just a kitchen on its own?- It will be a kitchen-diner.
0:21:23 > 0:21:25We plan to separate out the back area
0:21:25 > 0:21:29and that will turn into a lobby, so there will be a separate
0:21:29 > 0:21:32entrance through the back door and then into the kitchen.
0:21:32 > 0:21:35There's a fair bit of work to do on the outside of the kitchen
0:21:35 > 0:21:37extension, too.
0:21:37 > 0:21:39And the nearer you get to that noisy road at the back, the more
0:21:39 > 0:21:44intrusive it becomes. Triple glazing and soundproofing is costly.
0:21:46 > 0:21:50You've set yourself a high budget, low budget?
0:21:50 > 0:21:52Um, er, we hope a realistic one.
0:21:52 > 0:21:54It is not our first property, we have done a few.
0:21:54 > 0:21:57And when we go to the auction, we already know roughly what we've got
0:21:57 > 0:22:00to spend because we've had a quick look and we do some figures.
0:22:00 > 0:22:03That sets the price that we are going to pay.
0:22:03 > 0:22:08So we've got around...a figure of around 25,000, maybe up to 30.
0:22:08 > 0:22:12So, we like to be a bit generous because we do like to do quite good improvements.
0:22:12 > 0:22:15We are particularly interested in putting in energy-efficiency measures.
0:22:15 > 0:22:19Really good windows, cavity wall, loft insulation, new heating.
0:22:19 > 0:22:22- Bring it up to good spec.- Wow.- So, yes,
0:22:22 > 0:22:25- I'm sort of quite into the eco bit.- Good.
0:22:25 > 0:22:28I really like that. Not just for the green aspect,
0:22:28 > 0:22:31but because it can really make a tenant more comfortable
0:22:31 > 0:22:34if the house is well insulated and if it is cheaper to run.
0:22:36 > 0:22:38Anyone renting would be glad of that,
0:22:38 > 0:22:41and of course buyers equally like cheap living costs.
0:22:41 > 0:22:44However, those kind of extras can add money
0:22:44 > 0:22:47and of course time to your renovation plan.
0:22:47 > 0:22:50Timescales, John, on how long this is going to take.
0:22:50 > 0:22:54I always underestimate, so I will say something like four months.
0:22:54 > 0:22:57But it is probably going to be between four and six months.
0:22:57 > 0:22:59Who's got the power?
0:22:59 > 0:23:00THEY LAUGH
0:23:00 > 0:23:03- Yes.- I do, don't I?
0:23:03 > 0:23:06- Um...- Yes, dear.- It is split between us.
0:23:06 > 0:23:09We agree a schedule and when we are going to do it,
0:23:09 > 0:23:11and then I get nagged until I get it done.
0:23:11 > 0:23:15I tend to moan at him when it runs over.
0:23:15 > 0:23:17I mean, there's always little snags that come up.
0:23:17 > 0:23:20But, yeah, by and large, we tend to work it together,
0:23:20 > 0:23:23so if there's building and stuff,
0:23:23 > 0:23:26that generally falls to me, or for me to get people in to do it.
0:23:26 > 0:23:29And then obviously when there's all the cleaning up and stuff to do...
0:23:29 > 0:23:32- That falls to me.- That falls to you.
0:23:32 > 0:23:35So tell me how you started in the property world.
0:23:35 > 0:23:39- It was actually Steph. - It was your fault, then?
0:23:39 > 0:23:42I was made redundant at the end of 2012
0:23:42 > 0:23:46and we had some money which we were thinking about investing,
0:23:46 > 0:23:51so I thought, "Well, let's give the property market a try."
0:23:51 > 0:23:54- Give him a prod.- So, um...
0:23:54 > 0:23:57You know, we are trying to sort of invest so that we can
0:23:57 > 0:24:02help our children, so that they can get on the property ladder.
0:24:02 > 0:24:05And they get involved in the work as well.
0:24:05 > 0:24:06That's a common story nowadays,
0:24:06 > 0:24:09helping the kids onto the property ladder.
0:24:09 > 0:24:13But John works in his IT job while dealing with property as well.
0:24:13 > 0:24:16This is the sixth property they've done up, but they've held on to two.
0:24:16 > 0:24:19So is there an end goal in mind?
0:24:19 > 0:24:23We've got some long-term plans. As we've mentioned, we'd like to help the kids out,
0:24:23 > 0:24:27get started on properties. And Steph, in particular, would love...
0:24:27 > 0:24:30To have a little place in the south of France.
0:24:30 > 0:24:34We'd like to find something that we could renovate.
0:24:34 > 0:24:37A nice derelict ruin. And...
0:24:37 > 0:24:39- Not too derelict.- Not too derelict. - THEY LAUGH
0:24:39 > 0:24:43As you can see, our ambitions are slowly going upwards.
0:24:43 > 0:24:46And then we will... From what we learn here,
0:24:46 > 0:24:50- we will get a team in to renovate that while we sun ourselves on the beach.- That will be amazing.
0:24:50 > 0:24:52Somewhere we can have a swim.
0:24:52 > 0:24:56Just somewhere nice to relax, and then no doubt we will have lots of visitors.
0:24:56 > 0:24:58I could be one of those visitors, John, actually.
0:24:58 > 0:25:02- Judging by the sounds of it. - Homes Under The Hammer Abroad.
0:25:02 > 0:25:07Yes, that would be nice. With all the team. John and Stephanie, good luck.
0:25:07 > 0:25:10- Hope everything works out for you. - Thank you.- Thank you.
0:25:11 > 0:25:14So John and Stephanie both have their individual roles to play
0:25:14 > 0:25:16when it comes to business.
0:25:16 > 0:25:18But this could be their most challenging project to date.
0:25:18 > 0:25:22You can find out how they get on later on in the programme.
0:25:23 > 0:25:28Coming up in East Ham, two friends who seem a little unsure.
0:25:28 > 0:25:32- Two weeks?- Is that unrealistic? - I like the way you keep asking me.
0:25:34 > 0:25:37And in Totton, is Stephanie still sure she's enjoying working
0:25:37 > 0:25:39with her husband, John?
0:25:39 > 0:25:42He's quite, um, demanding at times.
0:25:48 > 0:25:51Earlier in the show, I was in Porth, South Wales,
0:25:51 > 0:25:55where I met Kevin, on the left, and his friend Jay.
0:25:55 > 0:25:59They had paid £49,000 at auction for this three-bed end terrace,
0:25:59 > 0:26:03and if you look beyond the damp and damage of disuse, there was
0:26:03 > 0:26:06a house of huge charm and character.
0:26:06 > 0:26:10And these two friends felt it would make an ideal first project together.
0:26:11 > 0:26:15- So how do you two know each other? - Our sons are in school together.
0:26:15 > 0:26:18- Oh!- We met on the school run. - Really?
0:26:18 > 0:26:21- So you met at the school gates? - Yeah.- Really?
0:26:21 > 0:26:23I do a bit of plastering on my days off,
0:26:23 > 0:26:27so I've done a bid for Kev and that's how we sort of came up
0:26:27 > 0:26:30- with the idea of going together, really.- How did you learn to plaster?
0:26:30 > 0:26:34Just paid for a course and then did bits and bobs for family and friends.
0:26:34 > 0:26:36- Are you good?- Yes, I'm very good.
0:26:36 > 0:26:38THEY LAUGH
0:26:38 > 0:26:43Ha! Mr Modesty Jay and Kevin would be calling on additional help from
0:26:43 > 0:26:46mates in the trade to achieve a high-spec finish
0:26:46 > 0:26:49on a £21,000 budget.
0:26:49 > 0:26:52But four months on, how have they got on?
0:27:07 > 0:27:09# There's no place I'd rather be
0:27:09 > 0:27:13# N-n-n-no, no, no place I'd rather be
0:27:13 > 0:27:17# N-n-n-no, no, no place I'd rather be. #
0:27:26 > 0:27:30I am really liking this. No bland magnolia here.
0:27:30 > 0:27:33They have added characterful colour to this lovely old house,
0:27:33 > 0:27:38and for a first project, this was a good 'un. Over to you, Jay and Kevin.
0:27:38 > 0:27:42- So we started, first thing we did was...- Totally gut the house.
0:27:42 > 0:27:45- ..ripped everything out. There were a few skip runs, wasn't there?- Yes.
0:27:45 > 0:27:47- After that, I think the plumber started.- Electrician.
0:27:47 > 0:27:50And then there was the case of plastering.
0:27:50 > 0:27:54- Any ceilings and bits we had to pull down.- Rip them down.- Obviously damp patches.
0:27:54 > 0:27:57We went right back to the brickwork. So then a full rewire.
0:27:57 > 0:28:00- Tiling, flooring. And then finally painting.- Bathroom.
0:28:00 > 0:28:02We got the colour scheme from a magazine, I think.
0:28:02 > 0:28:06I think everything in this house is basically out of a book,
0:28:06 > 0:28:10- some sort of book, isn't it? - You shouldn't be saying we plagiarised.
0:28:10 > 0:28:12Ah, but talent borrows and genius steals, gentlemen.
0:28:12 > 0:28:16And Jay thought he was a whizz with the plastering.
0:28:16 > 0:28:18It's hard to argue with the results, though.
0:28:21 > 0:28:25So the plan was for me to come in and plaster everything in the house.
0:28:25 > 0:28:28So we literally did that, plastered every wall, every ceiling,
0:28:28 > 0:28:31so everything in the house has been freshly plastered.
0:28:31 > 0:28:35Yeah, the stairway was the biggest job. Thought of that now just gives me goose bumps.
0:28:35 > 0:28:38We had to go right from the bottom to the top. It was really quite long.
0:28:38 > 0:28:40I've been plastering for a couple of years,
0:28:40 > 0:28:43so I'm still learning. But a lot has been done and I've learned a lot.
0:28:43 > 0:28:45But it has gone really well.
0:28:47 > 0:28:48Some very fine plastering work,
0:28:48 > 0:28:52but all the work is excellent throughout.
0:28:52 > 0:28:55Kevin and Jay's mates in the trade have helped out,
0:28:55 > 0:28:59but do our two purchasers have any personal favourite rooms?
0:28:59 > 0:29:02Favourite room for me is definitely the bathroom.
0:29:02 > 0:29:03It was such a big space, we tried to fill it.
0:29:03 > 0:29:06We got the biggest shower tray we could in there.
0:29:06 > 0:29:09- And it just looks stunning.- I agree.
0:29:09 > 0:29:12It's a beautiful change to a spacious bathroom.
0:29:13 > 0:29:18And outside, well, originally it was in a sorry old state.
0:29:18 > 0:29:21Not that we could see it, but now it has been transformed.
0:29:21 > 0:29:26Got a new door fitted. Changed the window. Chipping the garden.
0:29:26 > 0:29:30And broke the trees down, and pretty much that's all we done to the back.
0:29:30 > 0:29:34But how about the budget and timescale?
0:29:34 > 0:29:37Originally, the plan was to finish the project within three months.
0:29:37 > 0:29:40We went slightly over, due to school holidays
0:29:40 > 0:29:44and we went away with our two boys for their rugby tour.
0:29:44 > 0:29:46The original budget was 21,000.
0:29:46 > 0:29:51We spent just under 23,000, but the main problem with that was there was
0:29:51 > 0:29:53no copper in the house whatsoever.
0:29:53 > 0:29:56So the missing copper piping all had to be replaced,
0:29:56 > 0:30:00which added a fair bit to their budgeted time and finances.
0:30:00 > 0:30:03That unforeseen blip aside, all has gone well
0:30:03 > 0:30:07and it sounds as though their choice of lovely paint colours has paid off.
0:30:09 > 0:30:12Instantly got the locals talking and sort of coming
0:30:12 > 0:30:15and knocking on the door and asking how the work was going.
0:30:15 > 0:30:18Interest sparked from that moment on, really.
0:30:18 > 0:30:22And we've actually rented out and someone is moving in tomorrow.
0:30:22 > 0:30:25What are we always saying about the power of kerb appeal?
0:30:25 > 0:30:28But before that new tenant comes in,
0:30:28 > 0:30:31we've asked along two local estate agents to have a look.
0:30:31 > 0:30:35Will they be as impressed as I am?
0:30:35 > 0:30:36I think the property is absolutely lovely.
0:30:36 > 0:30:38They've done a really good job throughout.
0:30:38 > 0:30:41The main selling points of the house are the original
0:30:41 > 0:30:44features of the house are still present, the high ceilings
0:30:44 > 0:30:47and very spacious, three double bedrooms.
0:30:47 > 0:30:49I was really surprised when coming into the property.
0:30:49 > 0:30:53They have done it to a fantastic standard. Really spacious.
0:30:53 > 0:30:56Would suit various different types of people.
0:30:58 > 0:31:02Jay and Kevin have spent a total of £72,000 buying and renovating.
0:31:02 > 0:31:06They want to rent, and the first agent thought the property could
0:31:06 > 0:31:10attract a top figure of £525 per calendar month,
0:31:10 > 0:31:14while the other agent estimated it would fetch around £575 per
0:31:14 > 0:31:17calendar month, due to the high standard of finish.
0:31:17 > 0:31:21That top figure could net them nearly 9% in yield.
0:31:21 > 0:31:23Does that match with their own estimates?
0:31:25 > 0:31:29- Around 500, 525, is what we were expecting. So...- Yeah.
0:31:29 > 0:31:31Happy with that.
0:31:31 > 0:31:35But will sales valuations tempt them away from rental?
0:31:35 > 0:31:37On the sales market I think this property would generate
0:31:37 > 0:31:40a sale of something in the region of £105,000.
0:31:40 > 0:31:44I believe in the resale market this property would sell for £105,000.
0:31:44 > 0:31:47Paid £49,000 for it. Spent about £23,000.
0:31:47 > 0:31:51We are looking at just sort of over £30,000 profit.
0:31:51 > 0:31:53- Not bad, for three months' work.- No.
0:31:53 > 0:31:57A £32,000 pre-tax profit to be exact, chaps.
0:31:57 > 0:32:01But Kevin and Jay plan to hold on for the long term.
0:32:01 > 0:32:03This was the first project for the new mates.
0:32:03 > 0:32:07- Still on speaking terms, lads? - Project went well.
0:32:07 > 0:32:11I think we're still mates. Just. By a thread.
0:32:11 > 0:32:15So, yeah, we will have a couple of pints, celebrate, and then...
0:32:15 > 0:32:17Relax and chill out before the next one.
0:32:22 > 0:32:25This is London's East Ham. It is hard to believe now
0:32:25 > 0:32:28but it was once an area dominated by agriculture.
0:32:28 > 0:32:33However, the opening of East Ham Railway in 1859 prompted
0:32:33 > 0:32:36the beginning of increased urbanisation.
0:32:36 > 0:32:38And so it became the built-up area it is today.
0:32:41 > 0:32:46So I am on a residential street, just tucked away from the main road.
0:32:46 > 0:32:50But one negative, the nearest tube station is over a mile away,
0:32:50 > 0:32:53which will be too far for some London commuters.
0:32:53 > 0:32:56Still, the guide price for a three-bedroom flat in this
0:32:56 > 0:33:00purpose-built block here is £110,000.
0:33:00 > 0:33:03Now, for London, that is cheap.
0:33:03 > 0:33:08It is even below stamp duty, which is not often the case these days.
0:33:09 > 0:33:11Now, this is an ex-council block.
0:33:11 > 0:33:14The flat has 99 years on the lease
0:33:14 > 0:33:17and there will of course be a service charge.
0:33:17 > 0:33:20It is also worth knowing that some lenders won't offer mortgages
0:33:20 > 0:33:22on blocks over six or seven storeys high,
0:33:22 > 0:33:25and floor seven is where I am headed.
0:33:25 > 0:33:27Thank goodness there is a lift.
0:33:27 > 0:33:30# We'll get up and start again
0:33:30 > 0:33:33# We could be lifted
0:33:33 > 0:33:36# Lifted
0:33:36 > 0:33:40# Lifted
0:33:40 > 0:33:45# We could be lifted from the shadows... #
0:33:45 > 0:33:46Here is our flat here.
0:33:46 > 0:33:50But before I head inside there is something I need to show you.
0:33:50 > 0:33:54Have a look over here. Wow! Look at those views.
0:33:54 > 0:33:57Yes, there is a big cemetery to look over.
0:33:57 > 0:34:01But if you can see past that, look, you have got the Shard,
0:34:01 > 0:34:04the Gherkin, amazing.
0:34:05 > 0:34:07No more getting distracted. I'm going in.
0:34:07 > 0:34:10- # I'm going in - Put your, put your hands up
0:34:10 > 0:34:12- # I'm going in - Put your, put your hands up... #
0:34:12 > 0:34:16Now straight away I know this flat is going to be functional.
0:34:16 > 0:34:19It is a bit of a beige laminate fest at the moment,
0:34:19 > 0:34:21so there is a lot you can do to upgrade it.
0:34:21 > 0:34:24Really good-size kitchen there, cooker has definitely seen better
0:34:24 > 0:34:28days, and through here, now, I am not quite sure...
0:34:30 > 0:34:34Somebody has put a partition down the middle of one big room to
0:34:34 > 0:34:38create two smaller spaces. But weirdly, it does work.
0:34:38 > 0:34:41And whoever buys this, if they are thinking of renting it out,
0:34:41 > 0:34:44that could be, actually, quite a good option for them.
0:34:44 > 0:34:47Something I will say about these purpose-built blocks,
0:34:47 > 0:34:50look at the amount of storage. Wow! We have got two huge cupboards.
0:34:50 > 0:34:53You don't get that any more with new-builds,
0:34:53 > 0:34:55so that is a really big bonus.
0:34:55 > 0:34:59Now Martin is always banging on about
0:34:59 > 0:35:01how local authority property
0:35:01 > 0:35:05can make a really good buy. And he is so right.
0:35:05 > 0:35:09OK, the bathroom does need some TLC, but at least the suite is white,
0:35:09 > 0:35:12and as we all know, you can have any bathroom suite colour,
0:35:12 > 0:35:15as long as it is white, nowadays.
0:35:18 > 0:35:20Well, it is always good to have a bedroom
0:35:20 > 0:35:22that you can fit a double bed in,
0:35:22 > 0:35:26a wardrobe, maybe a chair, so a big positive in that respect.
0:35:26 > 0:35:29A big negative is what's down here.
0:35:29 > 0:35:31Now, next door is the bathroom,
0:35:31 > 0:35:35and I think the bath is in line with this line here.
0:35:35 > 0:35:38And it's quite obvious, I think there has been a huge water spillage
0:35:38 > 0:35:40and it has been going on for some time,
0:35:40 > 0:35:43because this is worrying signs of damp, it smells, it is dry,
0:35:43 > 0:35:47there is flaky wallpaper, so whoever takes this on at auction,
0:35:47 > 0:35:50I would get that looked at straight away,
0:35:50 > 0:35:52because that is one big negative.
0:35:52 > 0:35:55And right at the end of the property you have got the lounge.
0:35:55 > 0:35:58Now it is so incredibly bright in here,
0:35:58 > 0:36:01you have got a little balcony, great for a cyclist,
0:36:01 > 0:36:04maybe somebody who wants to come and store their bike out there,
0:36:04 > 0:36:07great for somebody who likes a bit of outdoor space as well,
0:36:07 > 0:36:11but to have a balcony, and somewhere to look out with a view,
0:36:11 > 0:36:12that is a bonus, for me.
0:36:12 > 0:36:14Let's go out there.
0:36:14 > 0:36:16'Provided you can get out there, that is!
0:36:16 > 0:36:20'By the way, the nets are to keep the pigeons from flying in.
0:36:20 > 0:36:24'And to find out whether this flat will fly off the property market
0:36:24 > 0:36:26'we asked a local agent along to tell us
0:36:26 > 0:36:29'what he thinks of this lot, guided at £110,000.'
0:36:31 > 0:36:34I think the low guide price is a bit of an indication
0:36:34 > 0:36:35that it is an ex-local authority block.
0:36:35 > 0:36:38Unfortunately we are on quite a high floor which can be
0:36:38 > 0:36:41a little bit of an issue sometimes in terms of mortgage-ability
0:36:41 > 0:36:44because it is a high-risk property, to them.
0:36:44 > 0:36:48But there are one or two lenders that will lend on the property.
0:36:48 > 0:36:50It just makes it a little bit more difficult
0:36:50 > 0:36:52when you go into market to sell the property.
0:36:52 > 0:36:55And what about the partitioning of the biggest bedroom?
0:36:55 > 0:36:56If I was going to sell the property
0:36:56 > 0:36:59I would sell it as a two-bedroom property and take the partition out.
0:36:59 > 0:37:02If I was renting it as a three bed, I'd keep the partition wall there.
0:37:02 > 0:37:05It is going to show up on the deeds that it is a two-bedroom property
0:37:05 > 0:37:06as well, so for sale purposes,
0:37:06 > 0:37:08I think it would be best to do it as a two-bedroom.
0:37:08 > 0:37:10There is logic there.
0:37:10 > 0:37:12Three-bed rental income will be higher,
0:37:12 > 0:37:16and potential renters probably won't mind the bedroom size compromise.
0:37:16 > 0:37:19So what values could be achieved
0:37:19 > 0:37:22after refurbishing this £110,000-guided property?
0:37:22 > 0:37:25As a three-bedroom property the property would realise
0:37:25 > 0:37:29a price for sale of around £220,000 to £230,000.
0:37:29 > 0:37:33On the rental market it would rent for round about £1,250 to £1,300
0:37:33 > 0:37:35per calendar month.
0:37:35 > 0:37:37Yes, it does need modernisation,
0:37:37 > 0:37:40and these purpose-built blocks won't be for everybody.
0:37:40 > 0:37:43But what they lack in character
0:37:43 > 0:37:47they certainly make up for in space, and rental potential too.
0:37:47 > 0:37:50Let's not forget that guide price as well,
0:37:50 > 0:37:52rather modest for London, I think you will agree.
0:37:52 > 0:37:55So, who felt this flat was a good one to go for?
0:37:55 > 0:37:57Let's head to the auction and find out.
0:37:57 > 0:38:00Who would like to give me a start on this? Lot 133.
0:38:00 > 0:38:02130, anywhere?
0:38:02 > 0:38:08You bidding? Thank you. 120, I have got.
0:38:08 > 0:38:13Bidding is brisk once it kicks off, and we rejoin at £145,000.
0:38:13 > 0:38:17Yes, 146, 147, 148, 149, 150.
0:38:17 > 0:38:20It is £150,000 against the two gentlemen
0:38:20 > 0:38:22here in the middle on my right.
0:38:22 > 0:38:24Anybody else? For Lot 133.
0:38:24 > 0:38:28If not, 150 for the first... For the second...
0:38:28 > 0:38:33150, for the third and final time, all done?
0:38:33 > 0:38:35Sold, 150, well bought.
0:38:35 > 0:38:39And the successful bidder was speech and language therapist Olwyn.
0:38:39 > 0:38:43I met her and her joint purchaser and friend, Dawn, who could not
0:38:43 > 0:38:46be at the auction because of her work as an audiologist.
0:38:47 > 0:38:49Olwyn and Dawn, congratulations.
0:38:49 > 0:38:52What I want to know is, why are we here in East Ham today?
0:38:52 > 0:38:55- Whose idea was this?- Both of us. - Yes. Mainly Olwyn's.
0:38:55 > 0:38:59She is blaming you already. You haven't even done anything wrong!
0:38:59 > 0:39:04- No!- It was all her fault!- Do you think you have done well here?
0:39:04 > 0:39:07- I do, I do.- Absolutely.
0:39:07 > 0:39:09We really like the view, we like the location, we like the flat.
0:39:09 > 0:39:14- What is the plan, and why did you want to buy this?- Just investment.
0:39:14 > 0:39:17It is investment, as I said, for our future.
0:39:17 > 0:39:20- We are going to rent it out, do it up and rent it out.- Long-term.
0:39:20 > 0:39:22And so it is likely that we will have it
0:39:22 > 0:39:25for the next five to ten years at least, I suppose.
0:39:25 > 0:39:27It is an investment for pension and for, you know,
0:39:27 > 0:39:30when it is time to retire, unfortunately.
0:39:30 > 0:39:33Equally, I am also leaving the country
0:39:33 > 0:39:36to go and do some research down in South Africa,
0:39:36 > 0:39:41so it is important to, you know, if I'm going to be a student now,
0:39:41 > 0:39:43it is important to have some income.
0:39:43 > 0:39:46Olwyn and Dawn have been friends for over 20 years
0:39:46 > 0:39:49and while Olwyn has bought and sold previous homes,
0:39:49 > 0:39:51this is their first foray into property
0:39:51 > 0:39:52as a profit-making enterprise.
0:39:54 > 0:39:57And how are you going to get on working together?
0:39:57 > 0:40:01- We have been friends for long enough to know what our foibles are. - Her quirks!
0:40:01 > 0:40:03And we have also recently been doing
0:40:03 > 0:40:06a bit of painting together at Dawn's house.
0:40:06 > 0:40:08- So we know what that looks like.- Yes!
0:40:08 > 0:40:12- We can be pretty chilled.- What does that look like?- Yes, it is lovely!
0:40:12 > 0:40:15It is lovely, we have done a great job!
0:40:15 > 0:40:16Excuse me, you're not convincing me!
0:40:16 > 0:40:20No, she loves it, it is really fantastic. High quality.
0:40:20 > 0:40:21We will get the builders in later!
0:40:21 > 0:40:25You are saying it is high-quality, and you are not convinced!
0:40:25 > 0:40:27It is fine, we are a good team.
0:40:27 > 0:40:30We will see when you have done this flat, I will be the judge of that!
0:40:30 > 0:40:33Yes, let's see, it will be somebody else's job then!
0:40:33 > 0:40:36These two certainly look like they can have a laugh together,
0:40:36 > 0:40:40which may be no bad thing, because this place is going to need
0:40:40 > 0:40:43a bit more than a paintbrush to turn it around.
0:40:43 > 0:40:46So what are your plans for doing the property up, Dawn, tell me?
0:40:46 > 0:40:50Well, basically getting it up to scratch, sorting out the bathroom,
0:40:50 > 0:40:54kitchen, refurbishing both and probably ripping all that out.
0:40:54 > 0:40:58- Definitely get a kitchen, to start off with.- Get rid of that cooker!
0:40:58 > 0:41:01- Please, get it out! - It has seen better days!
0:41:01 > 0:41:04So obviously units, and we will definitely put in
0:41:04 > 0:41:07all the white goods, so that we're not having people
0:41:07 > 0:41:09fiddling around with plumbing, and what have you.
0:41:09 > 0:41:11And, you know, same with the bathroom,
0:41:11 > 0:41:14because the bath has obviously leaked onto that wall
0:41:14 > 0:41:17and done some major damage.
0:41:17 > 0:41:19So we want to make sure that it is made good.
0:41:19 > 0:41:21I think with this flat in particular,
0:41:21 > 0:41:23the rule is, just keep it simple.
0:41:23 > 0:41:25- Absolutely, yes.- The functional.
0:41:25 > 0:41:28Yes. And looking quite pretty, you know.
0:41:29 > 0:41:33The ladies are keeping any structural work simple, too.
0:41:33 > 0:41:35They are going for the most rental income by keeping
0:41:35 > 0:41:40the three-bedroom layout, two smaller bedrooms and one large.
0:41:40 > 0:41:42# Give me the simple life... #
0:41:45 > 0:41:48So what sort of budget are you looking at?
0:41:48 > 0:41:52- We have been saying sort of £3,500 to £4,000, we think.- OK.
0:41:52 > 0:41:57Certainly in the time that we want it done, we want it done quickly,
0:41:57 > 0:42:00so we will maybe need to get some really good guys in to do it.
0:42:00 > 0:42:03I think that you will be lucky to come in on budget
0:42:03 > 0:42:04around that sort of price,
0:42:04 > 0:42:06but you never know, if you work hard for it.
0:42:06 > 0:42:09And if you know somebody that can help you do the work
0:42:09 > 0:42:13- then therefore that is an advantage. - And we can do a lot of...
0:42:13 > 0:42:17- We're quite handy.- You can do a lot of what?- Painting.
0:42:17 > 0:42:19And filling in of holes.
0:42:19 > 0:42:22Uh-oh. Olwyn is volunteering her painting skills.
0:42:22 > 0:42:24I am not sure that is the best way to go.
0:42:24 > 0:42:29Fortunately they do have a contingency fund, an extra £5,000.
0:42:29 > 0:42:31And they will get an agent to manage the property for them
0:42:31 > 0:42:33once they rent it out.
0:42:34 > 0:42:38- So, ladies, what is your turnaround time?- Two weeks.- Two weeks?!
0:42:38 > 0:42:41- Is that unrealistic? - Much to the horror of our builder.
0:42:41 > 0:42:45I like the way you keep asking me! "Is that OK?
0:42:45 > 0:42:47"Is that enough money? Is that enough time?"
0:42:47 > 0:42:50I would say that two weeks and four grand is pushing it,
0:42:50 > 0:42:52but I like your energy and your positivity,
0:42:52 > 0:42:54so I will keep my fingers crossed.
0:42:54 > 0:42:57We are aiming for the very best.
0:42:57 > 0:43:01- Ladies, good luck with this project, well done.- Thank you so much.
0:43:01 > 0:43:04So the ladies asked me, what do I think?
0:43:04 > 0:43:07Well, with a four-grand budget and a two-week timescale... Urgh!
0:43:07 > 0:43:09A little bit ambitious maybe.
0:43:09 > 0:43:14And another issue, will Dawn let Olwyn loose with a paintbrush?
0:43:14 > 0:43:16Good job they are old friends.
0:43:16 > 0:43:19You can join me later in the programme to see how they get on.
0:43:23 > 0:43:25So that is how one of the properties today has panned out.
0:43:25 > 0:43:27But what about the others?
0:43:27 > 0:43:29Yes, let's head back to our two other auction purchases,
0:43:29 > 0:43:31and find out how they got on.
0:43:31 > 0:43:33I can't wait, so why don't we find out?
0:43:36 > 0:43:39Back to Totton near Southampton
0:43:39 > 0:43:44where earlier I saw a three-bed semi guided at £150,000 plus.
0:43:44 > 0:43:48However the obvious downside was a lot of jobs had been started
0:43:48 > 0:43:50but remained unfinished.
0:43:50 > 0:43:53I can see again there's unfinished guttering
0:43:53 > 0:43:55which should go to the top and across.
0:43:56 > 0:44:00And inside I found the unfinished style continued throughout.
0:44:00 > 0:44:04The whole house had been left midway through renovation.
0:44:04 > 0:44:07# Like a promise I had you repeat
0:44:07 > 0:44:11# But you left me undone and incomplete.
0:44:11 > 0:44:15# Come back and finish what you started
0:44:15 > 0:44:18# Don't leave me hanging on and on... #
0:44:20 > 0:44:22Erm... I'm over here.
0:44:22 > 0:44:26Funny how open-plan bathrooms have never caught on.
0:44:26 > 0:44:27And there was no guarantees
0:44:27 > 0:44:30that any of the work completed was actually safe,
0:44:30 > 0:44:34meaning this was a "strip it all out and start again" job.
0:44:35 > 0:44:39Luckily John and Stephanie were experienced developers.
0:44:39 > 0:44:43But was this £162,000 purchase too much, even for them?
0:44:43 > 0:44:47Was this one of the hardest ones to renovate, or was it an easy one?
0:44:47 > 0:44:50- It is probably up there as the most difficult.- That you have had so far?
0:44:50 > 0:44:53- Yes.- That does not frighten you at all?- No, not really.
0:44:53 > 0:44:56There's nothing THAT difficult on it.
0:44:58 > 0:45:00Eight months on we are back to find out if they have
0:45:00 > 0:45:03undone the work and put things right.
0:45:04 > 0:45:07On the outside the answer has to be yes.
0:45:07 > 0:45:09Roof repairs, new windows throughout,
0:45:09 > 0:45:13and that bothersome bay window fixed.
0:45:13 > 0:45:16And at the back, there's new rendering,
0:45:16 > 0:45:19and that pesky guttering has been replaced.
0:45:19 > 0:45:24The back garden has also been landscaped and looks fabulous.
0:45:29 > 0:45:31And inside...
0:45:43 > 0:45:46It doesn't just look amazing, they have also tackled the layout.
0:45:50 > 0:45:53Yes, we added a new lobby at the back of the house.
0:45:53 > 0:45:57We put in this wall and a nice diagonal door into the kitchen.
0:45:57 > 0:45:58We replaced the back door
0:45:58 > 0:46:03and we built a downstairs cloakroom here to give us added facilities.
0:46:03 > 0:46:07We built this lobby area by taking the wall off the back of the lounge.
0:46:07 > 0:46:09It closed off the stairs,
0:46:09 > 0:46:13created this nice, bright lobby, and we are very pleased with the result.
0:46:16 > 0:46:18All the work has taken eight months,
0:46:18 > 0:46:21well over their four-to-six-month timescale.
0:46:21 > 0:46:24But John did say he always underestimates
0:46:24 > 0:46:27and always knew this would be a tough challenge for them both.
0:46:27 > 0:46:32Going upstairs we remodelled the main bathroom, moved the wall a bit
0:46:32 > 0:46:33to give a bit of space,
0:46:33 > 0:46:36and also to pick up space in the back bedroom.
0:46:36 > 0:46:38The mid-bedroom we have done not too much with
0:46:38 > 0:46:41apart from a bit of refurbishment and painting.
0:46:41 > 0:46:45And the main bedroom we moved the wardrobes around, and again,
0:46:45 > 0:46:47carpeted, painted, redecorated.
0:46:50 > 0:46:53John and Stephanie have also renovated the en-suite bathroom.
0:46:53 > 0:46:57Unfortunately the loft did not meet building regulations
0:46:57 > 0:47:01and the couple have wisely opted to convert it into storage space.
0:47:02 > 0:47:06Similarly, the extension had passed building regulations
0:47:06 > 0:47:10for foundations and brickwork, but not for anything else.
0:47:10 > 0:47:14So John and Stephanie took it back to brick, rewired, and replumbed.
0:47:15 > 0:47:17And all that quality building work
0:47:17 > 0:47:20is complemented by clean, modern decor throughout.
0:47:23 > 0:47:26We decided to keep it a neutral colour scheme,
0:47:26 > 0:47:31we just decided to go for the grey, gloss kitchen.
0:47:31 > 0:47:33We thought that looked really modern,
0:47:33 > 0:47:35with the wood-effect worktops.
0:47:36 > 0:47:38We did have a nice black slate floor
0:47:38 > 0:47:41but unfortunately it had been quite badly damaged
0:47:41 > 0:47:47so reluctantly we decided to cover it over with laminate wood flooring.
0:47:47 > 0:47:51The good news is that despite having to redo all the work
0:47:51 > 0:47:55John and Stephanie only went £5,000 over budget,
0:47:55 > 0:47:56spending £35,000.
0:47:56 > 0:48:00So how was working together over the eight-month-long renovation?
0:48:01 > 0:48:05We make a good team, but there are arguments along the way,
0:48:05 > 0:48:08differences of opinion, I should say. As you get tired sometimes it
0:48:08 > 0:48:10gets a bit stressful, but of course, that is life.
0:48:10 > 0:48:13We always discuss what we are going to do
0:48:13 > 0:48:17then I get the envious task of organising all the work to be done,
0:48:17 > 0:48:19or doing it, and then Steph comes in at the end,
0:48:19 > 0:48:22and really helps along with the painting and finishing and
0:48:22 > 0:48:24the cleaning up, sweeping up, and making the tea.
0:48:24 > 0:48:26Her cups of tea are excellent as always!
0:48:28 > 0:48:31But there are two sides to every story.
0:48:31 > 0:48:34How is working with John, really, Stephanie?
0:48:34 > 0:48:37No pressure to say nice things, he is only stood by the side of you!
0:48:37 > 0:48:41Yes, he is quite demanding at times!
0:48:41 > 0:48:44He expects a lot out of people who work for him.
0:48:44 > 0:48:48But obviously we want to achieve a good finish.
0:48:48 > 0:48:51And it is all worthwhile in the end.
0:48:53 > 0:48:56It is time to find out what two local estate agents
0:48:56 > 0:48:58think of the renovation.
0:48:58 > 0:49:02Does the layout and finish suit their target market?
0:49:02 > 0:49:04I think they have done an excellent job.
0:49:04 > 0:49:06One of the things this area has
0:49:06 > 0:49:08is a lot of properties have downstairs bathrooms,
0:49:08 > 0:49:11because they were built in Victorian times.
0:49:11 > 0:49:13But the fact there's an upstairs bathroom
0:49:13 > 0:49:15makes this property very sellable,
0:49:15 > 0:49:18it has an en-suite as well, which is a massive bonus,
0:49:18 > 0:49:20and off-road parking, which in this area is quite important.
0:49:20 > 0:49:22I like the layout of the property.
0:49:22 > 0:49:26Previously it had a really large open-plan living room/dining room.
0:49:26 > 0:49:28But having put this lobby in here
0:49:28 > 0:49:30they have managed to squeeze in another toilet.
0:49:30 > 0:49:32I don't think you can have too many toilets,
0:49:32 > 0:49:35I think they have got three here, I really like the scheme.
0:49:39 > 0:49:41John and Stephanie are keen to sell,
0:49:41 > 0:49:46but can they make a profit on their £197,000 investment?
0:49:46 > 0:49:50I think this house could currently sell for £245,000
0:49:50 > 0:49:53and rent for around £900 per calendar month.
0:49:53 > 0:49:59I think this property would sell for £245,000 to £250,000.
0:49:59 > 0:50:03As regards rental, I think you are looking at
0:50:03 > 0:50:08around about £850 per calendar month to £900 per calendar month.
0:50:08 > 0:50:10They are very good, that is in the range we were expecting,
0:50:10 > 0:50:14and in actual fact we have just had an offer for £249,950,
0:50:14 > 0:50:16which we have accepted.
0:50:16 > 0:50:20And that offer they accepted is right at the top of the agents' estimates
0:50:20 > 0:50:25and given them a pre-tax profit of just under 53 grand.
0:50:25 > 0:50:27Thanks to their hard work they can enjoy
0:50:27 > 0:50:29one of Stephanie's legendary brews,
0:50:29 > 0:50:31in the knowledge that their most ambitious project
0:50:31 > 0:50:33has been a very profitable one.
0:50:35 > 0:50:39When you start out you can't really see what the end is going to be!
0:50:39 > 0:50:41But it has worked out really well.
0:50:45 > 0:50:50We head back to East Ham in London now where I saw a three-bed flat
0:50:50 > 0:50:53guided at a low - for London - £110,000.
0:50:53 > 0:50:58But the flat itself was up high with views to die for over the capital.
0:50:59 > 0:51:03Inside it seemed that it was a two-bed impersonating a three-bed.
0:51:05 > 0:51:09Somebody has put a partition down the middle of one big room
0:51:09 > 0:51:13to create two smaller spaces, but weirdly, it does work,
0:51:13 > 0:51:16and whoever buys this, if they are thinking of renting out,
0:51:16 > 0:51:19that could be, actually, quite a good option for them.
0:51:19 > 0:51:22But a big negative is what is down here.
0:51:22 > 0:51:24Now, next door is the bathroom
0:51:24 > 0:51:27and I think the bath is in line with this line here
0:51:27 > 0:51:29and it is quite obvious, I think,
0:51:29 > 0:51:31there has been a huge water spillage,
0:51:31 > 0:51:35this is worrying signs of damp, so whoever takes this on auction,
0:51:35 > 0:51:37I would get that looked at straight away,
0:51:37 > 0:51:39because that is one big negative.
0:51:41 > 0:51:44Fixing the damp and tuning up this flat fell to friends
0:51:44 > 0:51:48Olwyn and Dawn, who paid £150,000 at auction.
0:51:48 > 0:51:51And while both are successful in respective medical fields,
0:51:51 > 0:51:55the ladies seemed a little unsure about the property world.
0:51:56 > 0:51:59- So, ladies, what is your turnaround time?- Two weeks.- Two weeks?!
0:51:59 > 0:52:03- Is that unrealistic? - Much to the horror of our builder!
0:52:03 > 0:52:07- I like the way you keep asking me! "Is that OK?"- I have no idea!
0:52:07 > 0:52:09- "Is that enough money? Is that enough time?"- I have no idea!
0:52:09 > 0:52:13Oh, dear. And they wanted all the work done for £4,000,
0:52:13 > 0:52:17hoping their handiness with a paintbrush would stretch the budget.
0:52:17 > 0:52:19So how have they got on, two months later?
0:52:46 > 0:52:49They've certainly lifted the spirits of this tired-looking flat.
0:52:49 > 0:52:52And with Olwyn away on research leave in South Africa,
0:52:52 > 0:52:56Dawn has come to tell us about all the changes.
0:52:56 > 0:52:58We've put a new kitchen in.
0:52:58 > 0:53:02We've put a new bathroom in next door.
0:53:02 > 0:53:07The rest of the stuff we've just painted and refloored.
0:53:07 > 0:53:11- TOOLS BUZZ AND WHIR - So the main works have been done in the kitchen and bathroom.
0:53:11 > 0:53:14Thankfully, that sawing you could hear in the background
0:53:14 > 0:53:17is not the builders still frantically trying to meet
0:53:17 > 0:53:20Olwyn and Dawn's ambitious two-week timescale.
0:53:20 > 0:53:22In the end, it all took two months.
0:53:24 > 0:53:29The timescale was impacted a little bit by the fiddly-ness.
0:53:29 > 0:53:32The builders, probably commitments to other projects,
0:53:32 > 0:53:36so sometimes they could dedicate three days,
0:53:36 > 0:53:40but then they would be finishing off a project somewhere else.
0:53:40 > 0:53:43So that is always a little bit push and pull from either side.
0:53:45 > 0:53:47Better to take your time and do it right.
0:53:47 > 0:53:49Damp always takes longer than you think to fix,
0:53:49 > 0:53:52even if it is less problematic than expected.
0:53:52 > 0:53:53Case in point, right here.
0:53:57 > 0:53:59So, the damp in the end bedroom
0:53:59 > 0:54:02that the wall was next to the bathroom
0:54:02 > 0:54:05was because the tenant was not here any more,
0:54:05 > 0:54:08and using the facilities, the wall was dried out.
0:54:08 > 0:54:11So it was not a particular problem.
0:54:11 > 0:54:14It was just purely when anybody had a shower it would leak through.
0:54:14 > 0:54:17Basically it just needed to be sanded down
0:54:17 > 0:54:22and a barrier put up just to make sure no damp reappeared through it.
0:54:22 > 0:54:25It all looks quite nice in there now.
0:54:25 > 0:54:27And after fixing the remedial work,
0:54:27 > 0:54:31attention turned to the plan of making the property high spec.
0:54:31 > 0:54:33Or did it?
0:54:33 > 0:54:36Basically, with the spec we decided to bring it down a little bit,
0:54:36 > 0:54:39because of the cost implications.
0:54:39 > 0:54:43We just wanted to get it on the rental market as quick as possible.
0:54:43 > 0:54:47So it was that tight turnaround time we were aiming for, basically.
0:54:48 > 0:54:53And what impact did that have on their £4,000 budget?
0:54:53 > 0:54:58So Lucy was a little bit concerned about the smallness of it,
0:54:58 > 0:55:01considering what we had to have done, and of course
0:55:01 > 0:55:08we always had a contingency, but I think it came in about £8,500.
0:55:08 > 0:55:13- I think we got enough stuff, for that.- I agree, Dawn.
0:55:13 > 0:55:16But was some money saved by absent Olwyn,
0:55:16 > 0:55:18and her skills with a paintbrush?
0:55:20 > 0:55:22So Olwyn and painting, she is very good,
0:55:22 > 0:55:26so she did actually do the majority of the painting.
0:55:26 > 0:55:29Obviously to keep the cost down.
0:55:29 > 0:55:33So the builders would do all the tiling and the fitting out.
0:55:33 > 0:55:36And usually you would find her in tracky bottoms
0:55:36 > 0:55:39and covered in paint from head to toe,
0:55:39 > 0:55:42because she had been doing it all herself.
0:55:42 > 0:55:46The time that she had to do it, because I wasn't involved,
0:55:46 > 0:55:49it is hard, and she had other things to do,
0:55:49 > 0:55:52but she really knuckled down,
0:55:52 > 0:55:55and I think she has come through quite well. Yeah.
0:55:55 > 0:55:58And they'll both have come through well
0:55:58 > 0:56:00if they get a good rental yield.
0:56:00 > 0:56:03So time to call in two local estate agents.
0:56:03 > 0:56:04What do they think of the finish,
0:56:04 > 0:56:08and would it suit their target market?
0:56:08 > 0:56:10The finish they have gone with is fairly basic.
0:56:10 > 0:56:13But for rental it would be ideal.
0:56:13 > 0:56:14I think if you were selling the flat on
0:56:14 > 0:56:17you would possibly look at maybe a better grade of kitchen and bathroom
0:56:17 > 0:56:20but I think for rental it works just fine.
0:56:20 > 0:56:23I like the fact that the kitchen has been changed,
0:56:23 > 0:56:26the units and appliances.
0:56:26 > 0:56:30Also, the bathroom furniture as well has been changed.
0:56:30 > 0:56:35So it is a flat with potential on rentals, and to sell it.
0:56:36 > 0:56:39But what are the potential prices,
0:56:39 > 0:56:45and how do they stack up against Dawn and Olwyn's £158,000 spend?
0:56:47 > 0:56:50You can either sell the property,
0:56:50 > 0:56:54the price ranging between £210,000 and £215,000,
0:56:54 > 0:56:58or there is a possibility to let it out at a price range
0:56:58 > 0:57:01in between £1,100 per calendar month,
0:57:01 > 0:57:04to £1,200 per calendar month.
0:57:04 > 0:57:07As a three-bedroom property it could sell for £210,000,
0:57:07 > 0:57:11or for rental, £1,200 per calendar month.
0:57:11 > 0:57:16A potential pre-tax sales profit of £56,500 is great.
0:57:16 > 0:57:20But a rental yield of 9% is what Dawn will be keen to hear,
0:57:20 > 0:57:24as the plan was for a long-term let.
0:57:24 > 0:57:27We have already spoken with our letting agents
0:57:27 > 0:57:31and I think we are going for the £1,200, maybe £1,300.
0:57:31 > 0:57:35So that sounds very similar, very similar. Quite pleased.
0:57:35 > 0:57:38This was the ladies' first project together,
0:57:38 > 0:57:42so has Dawn enjoyed the experience, and will we see more from the duo?
0:57:43 > 0:57:48Olwyn was probably the driver behind this project.
0:57:48 > 0:57:50I love property development
0:57:50 > 0:57:52and I would love to take that forward also.
0:57:52 > 0:57:55Yeah, definitely, it is a very good option, so, go Olwyn!
0:58:00 > 0:58:03Well, as you have seen, investing in property
0:58:03 > 0:58:06can have its highs and lows, its ups and downs.
0:58:06 > 0:58:09It can be a real learning curve. And usually is.
0:58:09 > 0:58:12So make sure you join us next time for more tips and advice
0:58:12 > 0:58:13here on Homes Under The Hammer.
0:58:13 > 0:58:15- Goodbye.- Goodbye.- Goodbye.