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Hello and welcome to the show. Now, there's no doubt about it. | 0:00:02 | 0:00:04 | |
Buying property can cost a lot of money. | 0:00:04 | 0:00:06 | |
Yes. It could be the most expensive purchase you've ever made, taking years and years of saving. | 0:00:06 | 0:00:11 | |
Oh, yes. There's a lot at stake. | 0:00:11 | 0:00:13 | |
It is so important to get it right and maybe you could buy your next home under the hammer. | 0:00:13 | 0:00:17 | |
It's all very well having a firm plan in your head | 0:00:43 | 0:00:46 | |
when buying property at auction but the best laid plans can go astray. | 0:00:46 | 0:00:49 | |
They can, Dion. | 0:00:49 | 0:00:51 | |
And it's OK to admit you were wrong | 0:00:51 | 0:00:53 | |
and then to go about changing your plans. | 0:00:53 | 0:00:55 | |
So, what did today's buyers have in their mind? | 0:00:55 | 0:00:58 | |
Let's take a look at what they bought. | 0:00:58 | 0:01:00 | |
In Hainault, Essex, I've got a plan to go into the loft | 0:01:02 | 0:01:05 | |
and add a bedroom and a bathroom. | 0:01:05 | 0:01:08 | |
And it will be much more saleable. | 0:01:08 | 0:01:11 | |
No lofts at this bungalow in Stoke, Lucy, | 0:01:12 | 0:01:14 | |
but cosmetic changes could create cash. | 0:01:14 | 0:01:17 | |
That means you can add value and that's what we're looking for. | 0:01:17 | 0:01:20 | |
And in Folkestone you could add value by uncovering this | 0:01:22 | 0:01:25 | |
mid-terrace's original features. | 0:01:25 | 0:01:27 | |
Get that on show. I like it. I really do. | 0:01:27 | 0:01:30 | |
All these properties were bought at auction. | 0:01:33 | 0:01:35 | |
We'll find out who got them and how much they paid when these homes went under the hammer. | 0:01:35 | 0:01:39 | |
Yours at 99. | 0:01:39 | 0:01:41 | |
We are in Hainault near Ilford in Essex. | 0:01:48 | 0:01:51 | |
It lies north and east of central London | 0:01:51 | 0:01:53 | |
and it's just over half an hour by Tube from here to the city. | 0:01:53 | 0:01:57 | |
It's hard to believe now but most of this area once formed | 0:01:59 | 0:02:03 | |
part of a 3,000 acre forest owned by a local abbey. | 0:02:03 | 0:02:07 | |
Now, it's very much a bustling suburb | 0:02:07 | 0:02:10 | |
with direct train links into London. | 0:02:10 | 0:02:12 | |
The property I am here to see is on this busy main road. Here it is. | 0:02:12 | 0:02:16 | |
It is a four-bedroom mid-terrace | 0:02:16 | 0:02:18 | |
and it went to auction with a guide price of £250,000 plus. | 0:02:18 | 0:02:23 | |
It looks all right from the outside. Let's go in. | 0:02:23 | 0:02:26 | |
250 grand might seem like a high guide price, | 0:02:27 | 0:02:31 | |
but the average house price in the area is about 293,000. | 0:02:31 | 0:02:35 | |
Is it just this busy road that's making the guide price so attractive? | 0:02:36 | 0:02:40 | |
It can get quite noisy there but once you are in... | 0:02:41 | 0:02:45 | |
..look. Lovely and quiet. So, that's nice. | 0:02:46 | 0:02:49 | |
First impressions, well, really nice hallway. Tatty. | 0:02:49 | 0:02:52 | |
It needs everything doing. You can see straight away. | 0:02:52 | 0:02:55 | |
New carpets, new flooring, paint, wallpaper. | 0:02:55 | 0:02:58 | |
But it does feel like a family house. | 0:02:58 | 0:03:01 | |
You've got a great size reception there with a nice bay window in the front. | 0:03:01 | 0:03:04 | |
So you could really imagine a family in there. | 0:03:04 | 0:03:07 | |
Downstairs loo. Big tick. | 0:03:07 | 0:03:10 | |
And into a lovely open plan sort of dining space. | 0:03:10 | 0:03:14 | |
I'm presuming through here, well, | 0:03:14 | 0:03:17 | |
this is an extension leading right the way around to... | 0:03:17 | 0:03:20 | |
Ta-dah! The kitchen. | 0:03:20 | 0:03:22 | |
So this to me would work fabulously with a family. | 0:03:22 | 0:03:26 | |
You could have a kitchen table over there, you could have sofas, | 0:03:26 | 0:03:29 | |
you could see the kids, you could do the cooking. | 0:03:29 | 0:03:32 | |
Look at that. That's a really nice butler sink. | 0:03:32 | 0:03:34 | |
There are a few bits and pieces in this house I think you could salvage. | 0:03:34 | 0:03:38 | |
A really nice oven as well. | 0:03:38 | 0:03:40 | |
So, yes, with a bit of cleaning, some new carpets, some new paint, | 0:03:40 | 0:03:45 | |
a bit of money spent down here, this could really work well for a family. | 0:03:45 | 0:03:50 | |
And, out the back, there's a family sized garden with a handy little cabin, too. | 0:03:51 | 0:03:56 | |
This could be a nice little spot of tranquillity | 0:03:56 | 0:03:59 | |
because you can't hear a single sound from that busy road out here. | 0:03:59 | 0:04:04 | |
# It's oh, so quiet | 0:04:04 | 0:04:08 | |
# Sh! Sh! | 0:04:08 | 0:04:12 | |
# It's oh, so still | 0:04:12 | 0:04:15 | |
# Sh! Sh! # | 0:04:15 | 0:04:17 | |
And if you need somewhere to park the car, | 0:04:17 | 0:04:19 | |
there's this additional garage. | 0:04:19 | 0:04:21 | |
Upstairs, there are three bedrooms | 0:04:24 | 0:04:26 | |
and, again, they all have generous proportions. | 0:04:26 | 0:04:28 | |
The bathroom is up here too and will need to be updated, | 0:04:30 | 0:04:33 | |
but there's plenty of space to play with. | 0:04:33 | 0:04:35 | |
So you've got a spacious layout, | 0:04:36 | 0:04:38 | |
a little oasis of calm in the garden, | 0:04:38 | 0:04:42 | |
some charming features, | 0:04:42 | 0:04:43 | |
potential to add value and all just half an hour from central London. | 0:04:43 | 0:04:48 | |
Pulls on the heart strings, doesn't it? | 0:04:48 | 0:04:50 | |
# ..When you fall in love. # | 0:04:50 | 0:04:53 | |
Now, up in the attic is the fourth and final bedroom. | 0:05:02 | 0:05:06 | |
I'm not convinced that staircase is building reg compliant, | 0:05:06 | 0:05:10 | |
so it's best to check this loft conversion has been done properly | 0:05:10 | 0:05:14 | |
and all those boxes are ticked, | 0:05:14 | 0:05:16 | |
but once you're up here, well, you've got some space, | 0:05:16 | 0:05:19 | |
although putting in a proper dormer window along here | 0:05:19 | 0:05:21 | |
I think will be the way to go. | 0:05:21 | 0:05:23 | |
It'll allow for more square footage | 0:05:23 | 0:05:25 | |
and you might even be able to think about | 0:05:25 | 0:05:27 | |
squeezing in an en-suite bathroom up here. | 0:05:27 | 0:05:30 | |
That would make this a four-bedroom, two-bathroom property | 0:05:30 | 0:05:33 | |
and it'll be much more saleable. | 0:05:33 | 0:05:36 | |
So although I said initially this was a four-bed house, | 0:05:37 | 0:05:40 | |
until you know this room passes building regs, | 0:05:40 | 0:05:43 | |
officially it isn't. | 0:05:43 | 0:05:45 | |
Regulations that cover escape from fire, among others, need to be met. | 0:05:45 | 0:05:50 | |
Let's talk to a local estate agent | 0:05:50 | 0:05:52 | |
about what he thinks of this property, | 0:05:52 | 0:05:54 | |
guided at £250,000. | 0:05:54 | 0:05:56 | |
The property's brilliant and I like the size of the property, | 0:05:58 | 0:06:02 | |
size of the room. There's room in the attic - | 0:06:02 | 0:06:04 | |
if that room can be made to some use, | 0:06:04 | 0:06:07 | |
then that will enhance the value of the property. | 0:06:07 | 0:06:10 | |
Does this agent have any thoughts about the attic space as it stands? | 0:06:10 | 0:06:13 | |
The attic, I think, you know, | 0:06:13 | 0:06:15 | |
it's not building-compliant at the moment, | 0:06:15 | 0:06:17 | |
but as long as we get a completion certificate from the local council, | 0:06:17 | 0:06:20 | |
then that will add good value to the property. | 0:06:20 | 0:06:23 | |
Let's talk numbers. Would a dormer be worth the hassle? | 0:06:25 | 0:06:28 | |
First, resale price after a straight refurbishment. | 0:06:28 | 0:06:32 | |
If the property is as it is refurbished | 0:06:32 | 0:06:35 | |
and you don't add any additional accommodation to the property, | 0:06:35 | 0:06:39 | |
and it is made of average standard, | 0:06:39 | 0:06:41 | |
then it'll be worth £375,000. | 0:06:41 | 0:06:45 | |
If you make the loft room bigger with the dormer, | 0:06:45 | 0:06:47 | |
then the property will be worth around £400,000. | 0:06:47 | 0:06:50 | |
Even taking into account the cost of putting in that dormer, | 0:06:51 | 0:06:54 | |
it's safe to say it's well worth calling the council then | 0:06:54 | 0:06:58 | |
for that £25,000 increase in resale value. | 0:06:58 | 0:07:01 | |
What impact would an extra bed have on rentals? | 0:07:01 | 0:07:05 | |
The rental value of this property, | 0:07:05 | 0:07:07 | |
if it is just refurbished to an average standard, | 0:07:07 | 0:07:10 | |
would be about £1,700 per calendar month. | 0:07:10 | 0:07:13 | |
If it's been turned into a loft dormer and all that, | 0:07:13 | 0:07:17 | |
it can fetch £2,000 or even in excess of £2,000 in the area. | 0:07:17 | 0:07:21 | |
So this Hainault house needs a bit of work, | 0:07:21 | 0:07:23 | |
but it's nothing too difficult or demanding. | 0:07:23 | 0:07:26 | |
Basically, it's a straightforward property project for somebody, | 0:07:26 | 0:07:30 | |
although I would check that loft is building reg compliant. | 0:07:30 | 0:07:34 | |
Let's find out who bought it at the auction. | 0:07:34 | 0:07:36 | |
Four-bed, fabulous-looking house. You can see, double bay. | 0:07:41 | 0:07:45 | |
Value bids on this - 300, anywhere? | 0:07:45 | 0:07:48 | |
300? | 0:07:48 | 0:07:50 | |
Go the other way, then - 270. | 0:07:50 | 0:07:52 | |
Not going to go below 270. | 0:07:52 | 0:07:54 | |
270 in the front. 270. | 0:07:54 | 0:07:57 | |
275. | 0:07:57 | 0:07:59 | |
-There. -275, got you. | 0:07:59 | 0:08:01 | |
275, 280. | 0:08:01 | 0:08:03 | |
Yep? 280. 285. 290, sir. | 0:08:03 | 0:08:07 | |
295. | 0:08:07 | 0:08:09 | |
300. | 0:08:09 | 0:08:11 | |
305. | 0:08:11 | 0:08:12 | |
306? | 0:08:12 | 0:08:14 | |
That's it, 306. Try and help. | 0:08:15 | 0:08:17 | |
305, standing up, with you. | 0:08:17 | 0:08:20 | |
306, another spot there. | 0:08:20 | 0:08:22 | |
-307. -So bidding had slowed, | 0:08:22 | 0:08:25 | |
but there was still a number of interested parties. | 0:08:25 | 0:08:28 | |
We rejoin the bidding at 317,000. | 0:08:28 | 0:08:31 | |
317, down here. | 0:08:32 | 0:08:34 | |
318, what took you so long? | 0:08:34 | 0:08:37 | |
Men are all sort of... | 0:08:37 | 0:08:39 | |
Women just bid, men think too much. | 0:08:39 | 0:08:41 | |
318, 319. | 0:08:41 | 0:08:43 | |
320. | 0:08:43 | 0:08:46 | |
321. | 0:08:46 | 0:08:47 | |
322. | 0:08:47 | 0:08:49 | |
322, back in. | 0:08:49 | 0:08:51 | |
323, 324. | 0:08:51 | 0:08:53 | |
325. | 0:08:55 | 0:08:56 | |
326. | 0:08:56 | 0:08:58 | |
325, then, first time. Second time. | 0:09:00 | 0:09:03 | |
Third and last time, if you're all done. | 0:09:03 | 0:09:06 | |
Sold, 325. | 0:09:06 | 0:09:07 | |
Is that your first one? | 0:09:07 | 0:09:09 | |
Yeah? Well done. | 0:09:09 | 0:09:10 | |
# That's how I learned | 0:09:10 | 0:09:12 | |
# There's always a first time | 0:09:12 | 0:09:14 | |
# For everything... # | 0:09:14 | 0:09:17 | |
So the hammer came down at 325,000 | 0:09:17 | 0:09:20 | |
and it was best pals and budding property developers Fatima, | 0:09:20 | 0:09:24 | |
here on the left, | 0:09:24 | 0:09:25 | |
and Mehreen that made the successful bid. | 0:09:25 | 0:09:28 | |
This is their first development together, | 0:09:28 | 0:09:30 | |
so I wanted to know their plans. | 0:09:30 | 0:09:32 | |
-Ladies, congratulations. -Thank you very much. -Lovely to meet you both. | 0:09:34 | 0:09:37 | |
-Thank you. -Fatima and Mehreen, | 0:09:37 | 0:09:38 | |
I know you went to auction with a few properties in mind. | 0:09:38 | 0:09:42 | |
You came away with this one. | 0:09:42 | 0:09:43 | |
-How happy are you that you've got this property? -Very. | 0:09:43 | 0:09:46 | |
Very. We really liked the location of this property - | 0:09:46 | 0:09:49 | |
really good schools around | 0:09:49 | 0:09:51 | |
and the excellent transport links to central London, | 0:09:51 | 0:09:53 | |
-so it did... -And it's very close to where we live as well, | 0:09:53 | 0:09:57 | |
so much easier for us to come | 0:09:57 | 0:09:58 | |
and keep a check when the work's being done. | 0:09:58 | 0:10:01 | |
So, Mehreen, how much research did you do, realistically, | 0:10:01 | 0:10:04 | |
both of you, into this? | 0:10:04 | 0:10:05 | |
A lot. I think we looked at around 15-20 properties, | 0:10:05 | 0:10:10 | |
made spreadsheets, did market comparables, checked them out, | 0:10:10 | 0:10:13 | |
-then we shortlisted it down to five properties? -Yep. | 0:10:13 | 0:10:17 | |
So have you ladies decided recently to go into this business together? | 0:10:17 | 0:10:22 | |
We're full-time mums and we wanted to do something and both of us | 0:10:22 | 0:10:25 | |
were quite interested in the property business, | 0:10:25 | 0:10:27 | |
property development, so we decided to work together | 0:10:27 | 0:10:30 | |
-and this our very first own project. -Whoohoo! | 0:10:30 | 0:10:32 | |
This is your first venture and we've got you! | 0:10:32 | 0:10:35 | |
First auction, first house and here we are. | 0:10:35 | 0:10:37 | |
THEY CHUCKLE | 0:10:37 | 0:10:38 | |
# So these are the ropes | 0:10:38 | 0:10:40 | |
# The tricks of the trade | 0:10:40 | 0:10:43 | |
# The rules of the road... # | 0:10:43 | 0:10:46 | |
If you want to succeed at buying property at auction, | 0:10:48 | 0:10:51 | |
you could do worse than follow Fatima and Mehreen's example. | 0:10:51 | 0:10:55 | |
They've viewed plenty of properties, | 0:10:55 | 0:10:57 | |
did their research | 0:10:57 | 0:10:58 | |
and went to auction with their finances in order. | 0:10:58 | 0:11:01 | |
That's preparation indeed and that's what you need to do. | 0:11:01 | 0:11:04 | |
What I want to know is what you both intend doing here, | 0:11:07 | 0:11:10 | |
because, obviously, the game plan for you both | 0:11:10 | 0:11:12 | |
is you need to add some value. | 0:11:12 | 0:11:14 | |
Basically, we're planning to go into the loft room - | 0:11:14 | 0:11:16 | |
the loft room at this stage, | 0:11:16 | 0:11:17 | |
it doesn't have planning permission and it's really small, | 0:11:17 | 0:11:20 | |
so we want to make it bigger, brighter, with dormer windows | 0:11:20 | 0:11:23 | |
and we're going to put an en-suite in there, | 0:11:23 | 0:11:25 | |
so that is going to convert this house | 0:11:25 | 0:11:27 | |
from a three-bed property to a four-bed one | 0:11:27 | 0:11:30 | |
and, secondly, this is on a major road, | 0:11:30 | 0:11:33 | |
so we're going to add a driveway in front of the property as well, | 0:11:33 | 0:11:35 | |
just to add more appeal to it. | 0:11:35 | 0:11:37 | |
We want to change the kitchen, new kitchen, new bathroom, | 0:11:37 | 0:11:39 | |
so give it a whole new, modern look - | 0:11:39 | 0:11:42 | |
nice paint, spotlights, | 0:11:42 | 0:11:43 | |
something which makes it look nicer and bigger. | 0:11:43 | 0:11:46 | |
-Modernised, everything. -Yeah, basically just modernisation. | 0:11:46 | 0:11:49 | |
OK, so you're really going to turn this into a family home, aren't you? | 0:11:49 | 0:11:52 | |
Exactly, yes. We're really going to modernise it top to bottom | 0:11:52 | 0:11:55 | |
-and we realise it's a lot of work, but we're all set for it. -Yeah. | 0:11:55 | 0:11:58 | |
And you two have got so much energy, | 0:11:58 | 0:12:00 | |
-cos it's the first one you've ever done. -Exactly. | 0:12:00 | 0:12:03 | |
-We've been best friends since 12 years, so... -Yeah. | 0:12:03 | 0:12:06 | |
Ah, best pals on a new adventure together. | 0:12:08 | 0:12:11 | |
How great is that? | 0:12:11 | 0:12:13 | |
Their budget is a healthy 30,000 with a £5,000 contingency. | 0:12:13 | 0:12:18 | |
They're looking to sell the house, | 0:12:18 | 0:12:20 | |
but if the profit isn't high enough for them, | 0:12:20 | 0:12:22 | |
they'll rent it out until the value increases. | 0:12:22 | 0:12:25 | |
What do their other halves think of them working together? | 0:12:28 | 0:12:30 | |
-They're very happy. -They are very happy for us. | 0:12:30 | 0:12:33 | |
They really want us to succeed, they want us to do well, | 0:12:33 | 0:12:35 | |
so they've given us full support. | 0:12:35 | 0:12:37 | |
-Good! -They're always there to help us. | 0:12:37 | 0:12:39 | |
And her husband has done properties before as well. | 0:12:39 | 0:12:41 | |
My husband's done property before. He's rented a few out at the moment. | 0:12:41 | 0:12:45 | |
-He's sold a few. We've got a very nice builder at hand. -We do, yes. | 0:12:45 | 0:12:49 | |
Yeah, we're quite positive about it all. | 0:12:49 | 0:12:52 | |
But are you going to give each other certain roles? | 0:12:52 | 0:12:54 | |
Sometimes it can work better that way. | 0:12:54 | 0:12:56 | |
-Have you thought about doing it that way? -Not really. | 0:12:56 | 0:12:58 | |
-Everything together at the same time? -We'll do it together. -Yeah. | 0:12:58 | 0:13:01 | |
We're really organised, with spreadsheets and everything, | 0:13:01 | 0:13:04 | |
so everything is just going to be very proper, very organised | 0:13:04 | 0:13:07 | |
and we do it together. | 0:13:07 | 0:13:08 | |
-Who's got the spreadsheets? -Me! | 0:13:08 | 0:13:09 | |
THEY CHORTLE | 0:13:09 | 0:13:11 | |
Do you think this might hinder the friendship in any way, | 0:13:11 | 0:13:13 | |
shape or form, or do you think it'll only make the bond stronger? | 0:13:13 | 0:13:16 | |
We think it'll make the bond stronger, | 0:13:16 | 0:13:18 | |
because we're very honest with each other. | 0:13:18 | 0:13:20 | |
-If we don't like something, we'll just say it to each other. -Yeah. | 0:13:20 | 0:13:23 | |
I think that's the way to go about it. | 0:13:23 | 0:13:24 | |
Let's hope you both make as much money as you want as well. | 0:13:24 | 0:13:27 | |
-Thank you very much. -Thank you. -Well done. | 0:13:27 | 0:13:29 | |
-Fatima. -Thank you. | 0:13:29 | 0:13:30 | |
-Mehreen. -Thank you. -Lovely to meet you both. | 0:13:30 | 0:13:32 | |
Friends Fatima and Mehreen are full-time mums | 0:13:32 | 0:13:35 | |
and they've decided that property developing | 0:13:35 | 0:13:37 | |
is a good business to get into. | 0:13:37 | 0:13:39 | |
They've done all the planning and their builder is ready to go. | 0:13:39 | 0:13:42 | |
This is their first project | 0:13:42 | 0:13:44 | |
and it's the first one they've done as friends working together, | 0:13:44 | 0:13:47 | |
so will getting into the property game | 0:13:47 | 0:13:49 | |
put a strain on their friendship, | 0:13:49 | 0:13:51 | |
or will this house mark the start of a great venture for the two of them? | 0:13:51 | 0:13:54 | |
You can find out how the ladies get on later in the programme. | 0:13:54 | 0:13:58 | |
I'm in Stoke today | 0:14:03 | 0:14:05 | |
and in a residential area only two miles from the city centre. | 0:14:05 | 0:14:09 | |
It seems that, here, the bungalow is king | 0:14:09 | 0:14:13 | |
and why not? | 0:14:13 | 0:14:14 | |
Single-storey living often comes with a good-sized floor plan | 0:14:14 | 0:14:18 | |
on a decent-sized plot. | 0:14:18 | 0:14:20 | |
And with bungalows rarely built these days, | 0:14:21 | 0:14:24 | |
they're becoming much sought-after, | 0:14:24 | 0:14:26 | |
all of which, from an investor's point of view, | 0:14:26 | 0:14:28 | |
is enough to get the pulse racing. | 0:14:28 | 0:14:31 | |
-# Could it be I'm falling in love -With ya, baby... -# | 0:14:31 | 0:14:35 | |
So, for lots of reasons, we love bungalows | 0:14:35 | 0:14:38 | |
and the one that was up for auction has something else going for it, | 0:14:38 | 0:14:41 | |
because it's quite rare in the fact that it's a mid-terrace bungalow. | 0:14:41 | 0:14:46 | |
Now, the reason why that's good is that maybe, | 0:14:46 | 0:14:48 | |
if you buy a mid-terrace house, there's a possibility | 0:14:48 | 0:14:50 | |
you might have noisy neighbours, something like that. | 0:14:50 | 0:14:53 | |
Given the kind of person who genuinely chooses to live | 0:14:53 | 0:14:55 | |
in a bungalow, it's more likely that you're going to have | 0:14:55 | 0:14:58 | |
nice, quiet neighbours, so, bonus! | 0:14:58 | 0:15:00 | |
Guide price for this one was £49,000 plus. | 0:15:00 | 0:15:03 | |
Two bedrooms, let's take a look. | 0:15:03 | 0:15:05 | |
So, what have we got? | 0:15:11 | 0:15:13 | |
Well, straight away, walking through the front door | 0:15:13 | 0:15:16 | |
into a good-sized lounge, | 0:15:16 | 0:15:18 | |
but you can tell it's going to need a bit of modernisation. | 0:15:18 | 0:15:21 | |
But, you know, you've got to see through its current condition | 0:15:21 | 0:15:24 | |
to what it might become. | 0:15:24 | 0:15:26 | |
It's a good size, it's got an open fire, so we like that. | 0:15:26 | 0:15:28 | |
Just even by changing the carpets, | 0:15:28 | 0:15:30 | |
either plastering or putting new wallpaper on the walls, | 0:15:30 | 0:15:34 | |
what a change you would make. | 0:15:34 | 0:15:36 | |
So, through into this little central area, | 0:15:36 | 0:15:39 | |
off which come your bedrooms. | 0:15:39 | 0:15:41 | |
First one there, that's a good size. | 0:15:41 | 0:15:42 | |
Again, in need of modernisation. | 0:15:42 | 0:15:44 | |
Second bedroom is over that way. | 0:15:44 | 0:15:47 | |
Bathroom and loo there | 0:15:47 | 0:15:49 | |
and then through to your kitchen. | 0:15:49 | 0:15:51 | |
Now, it's pretty much like the rest of the house so far - | 0:15:51 | 0:15:54 | |
not in the best of conditions. | 0:15:54 | 0:15:57 | |
But, straight away, this place is screaming out - fantastic potential. | 0:15:57 | 0:16:02 | |
Do that plasterwork, change the carpets, change the kitchen, | 0:16:02 | 0:16:05 | |
do the bathroom and you would absolutely revolutionise this place. | 0:16:05 | 0:16:09 | |
That means you can add value and that's what we're looking for. | 0:16:09 | 0:16:13 | |
# Talking about a revolution | 0:16:13 | 0:16:15 | |
# Cos finally the tables are starting to turn | 0:16:16 | 0:16:21 | |
# Talking about a revolution, oh, no... # | 0:16:21 | 0:16:24 | |
The key thing to any property investment is can you add value? | 0:16:24 | 0:16:28 | |
And, preferably, can you add value without too much work? | 0:16:28 | 0:16:32 | |
The answer with this bungalow looks to be a resounding, "Yes!" | 0:16:32 | 0:16:36 | |
There doesn't at this stage appear to be any real structural issues. | 0:16:36 | 0:16:40 | |
The roof's fine, but the windows and doors will need doing. | 0:16:44 | 0:16:48 | |
The whole property needs a complete refurbishment - | 0:16:48 | 0:16:51 | |
electrics, central heating, | 0:16:51 | 0:16:54 | |
bathroom, kitchen, | 0:16:54 | 0:16:57 | |
the lot. | 0:16:57 | 0:16:58 | |
And, OK, that does sound like plenty of work, | 0:16:58 | 0:17:00 | |
but nothing a competent builder couldn't cope with. | 0:17:00 | 0:17:03 | |
Yes, it will cost, say, around £15,000 to do, | 0:17:03 | 0:17:07 | |
but with a guide price that was £49,000 plus | 0:17:07 | 0:17:10 | |
when the average price in the area for a bungalow | 0:17:10 | 0:17:12 | |
is between £90,000-£100,000, well, you can see where the value is. | 0:17:12 | 0:17:17 | |
So, out the back, and first of all into this conservatory. | 0:17:18 | 0:17:22 | |
Now, this is a fairly substantial construction | 0:17:22 | 0:17:24 | |
with the brick on the bottom here, | 0:17:24 | 0:17:26 | |
but, above that, it all starts to go a bit horribly wrong. | 0:17:26 | 0:17:28 | |
I think as a design concept, as in having a conservatory here - | 0:17:28 | 0:17:32 | |
great idea, cos it's a brilliant way | 0:17:32 | 0:17:34 | |
to extend the usable space of the bungalow | 0:17:34 | 0:17:37 | |
and actually could be very pleasant, | 0:17:37 | 0:17:39 | |
especially if you imagine it opening out into the garden. | 0:17:39 | 0:17:42 | |
At the moment, again, | 0:17:42 | 0:17:43 | |
you wouldn't necessarily want to stare out onto this, | 0:17:43 | 0:17:46 | |
cos it's in a bit of a state, but a bit of tidying up | 0:17:46 | 0:17:48 | |
and it could be really pleasant. | 0:17:48 | 0:17:51 | |
Additional bonus - | 0:17:51 | 0:17:52 | |
you've got a garage there with an access road, so that's good. | 0:17:52 | 0:17:55 | |
All in all, it just adds to the general concept of this place, | 0:17:55 | 0:17:59 | |
which is it's just waiting for somebody to grab it and go, | 0:17:59 | 0:18:02 | |
"There you go, that's your potential," cos it's got lots. | 0:18:02 | 0:18:06 | |
# Bend me, shape me, any way you want me | 0:18:06 | 0:18:10 | |
# As long as you love me, it's all right... # | 0:18:10 | 0:18:14 | |
Well, I think if it had been bought at the right price, | 0:18:14 | 0:18:17 | |
this is a perfect investment opportunity. | 0:18:17 | 0:18:19 | |
What does a local estate agent think? | 0:18:22 | 0:18:24 | |
First impressions of the bungalow | 0:18:26 | 0:18:27 | |
is that it does require, obviously, modernisation. | 0:18:27 | 0:18:30 | |
A lot of it is cosmetic. | 0:18:30 | 0:18:32 | |
I think one of the big selling points of the bungalow | 0:18:32 | 0:18:35 | |
is the fact there's a garage to the rear. | 0:18:35 | 0:18:37 | |
Yes, all positives, but what does he see as the best way | 0:18:37 | 0:18:41 | |
to increase its appeal to the local market? | 0:18:41 | 0:18:44 | |
The main thing to increase value of the bungalow | 0:18:44 | 0:18:46 | |
I feel maybe would be a conservatory or small extension to the rear, | 0:18:46 | 0:18:51 | |
which will just provide increased living space. | 0:18:51 | 0:18:54 | |
Great, so let's talk figures | 0:18:54 | 0:18:56 | |
for the bungalow that was guided at £49,000 plus. | 0:18:56 | 0:18:59 | |
After refurbishment, | 0:19:00 | 0:19:01 | |
I would place the property on the market in the region of £100,000 | 0:19:01 | 0:19:05 | |
and the rental income would be in the region | 0:19:05 | 0:19:08 | |
of £500 per calendar month. | 0:19:08 | 0:19:10 | |
Well, this really is a property that screams potential | 0:19:15 | 0:19:19 | |
and for anything like that £49,000 plus guide price, | 0:19:19 | 0:19:23 | |
I don't think there's too many decisions to make. | 0:19:23 | 0:19:26 | |
Let's see who agreed when it went under the hammer. | 0:19:26 | 0:19:28 | |
Lot number five. It's a two-bedroom mid-terrace bungalow. | 0:19:31 | 0:19:35 | |
Popular spot, needs improvement. | 0:19:35 | 0:19:37 | |
There's gardens and a garage. Can we get it going at 43, lot number five? | 0:19:37 | 0:19:42 | |
Start at 43 bid. Thank you. | 0:19:42 | 0:19:44 | |
At £43,000. 45, can I say now? | 0:19:44 | 0:19:47 | |
45, thank you. At 45,000. | 0:19:47 | 0:19:50 | |
47? | 0:19:50 | 0:19:51 | |
At 45,000. 47? | 0:19:51 | 0:19:54 | |
49? £49,000. 51? | 0:19:54 | 0:19:58 | |
51. | 0:19:58 | 0:20:00 | |
53? £53,000. | 0:20:00 | 0:20:03 | |
55? | 0:20:03 | 0:20:05 | |
55 at the back. | 0:20:05 | 0:20:06 | |
57? 57. | 0:20:06 | 0:20:08 | |
59 seated now. | 0:20:08 | 0:20:10 | |
61? | 0:20:10 | 0:20:11 | |
I'll take once if it helps - 60? | 0:20:11 | 0:20:14 | |
60 at the back, in the middle at the back. 60, 61. | 0:20:14 | 0:20:17 | |
62. | 0:20:17 | 0:20:18 | |
63. | 0:20:18 | 0:20:19 | |
64. | 0:20:19 | 0:20:21 | |
65, sir? | 0:20:21 | 0:20:22 | |
65. | 0:20:24 | 0:20:25 | |
Shaking his head. Still with you, sir. Seated at £65,000. | 0:20:25 | 0:20:30 | |
66 anywhere else? | 0:20:30 | 0:20:31 | |
New bidder, 66. | 0:20:32 | 0:20:34 | |
Shaking his head. With you, sir, first bid. | 0:20:34 | 0:20:37 | |
£66,000. 67 anywhere else? | 0:20:37 | 0:20:40 | |
If not, I'm selling it at £66,000. | 0:20:40 | 0:20:43 | |
For the first time, | 0:20:43 | 0:20:45 | |
at £66,000. | 0:20:45 | 0:20:47 | |
For the second time. | 0:20:47 | 0:20:48 | |
Third and final time, no mistakes. Gentleman with the green sweater on. | 0:20:48 | 0:20:52 | |
Bid's at 66. | 0:20:52 | 0:20:53 | |
Third and last time. | 0:20:53 | 0:20:55 | |
You've bought it, sir, well done. | 0:20:55 | 0:20:57 | |
So the hammer fell at £66,000 | 0:20:57 | 0:21:00 | |
and the successful bidders for the two-bed bungalow in Stoke | 0:21:00 | 0:21:03 | |
were John and Chris. | 0:21:03 | 0:21:04 | |
John is a joiner by trade | 0:21:06 | 0:21:08 | |
and his wife Chris is a clinical studies coordinator. | 0:21:08 | 0:21:11 | |
They joined me back at the property to tell me more. | 0:21:11 | 0:21:14 | |
-Chris, John, great to meet you both. -Hi. -You too. | 0:21:15 | 0:21:18 | |
-Congratulations. BOTH: -Thank you. | 0:21:18 | 0:21:20 | |
Tell me why you wanted to buy the bungalow. | 0:21:20 | 0:21:22 | |
We'd just kept an eye out for a bungalow before | 0:21:22 | 0:21:24 | |
for my mother and father, | 0:21:24 | 0:21:26 | |
so we saw this come up and we know the street, | 0:21:26 | 0:21:29 | |
-it's a good street, so we thought we'd go for it, didn't we? -Yeah. | 0:21:29 | 0:21:32 | |
So are they downsizing? Or where are they at the moment? | 0:21:32 | 0:21:36 | |
It's about the same size, but it's closer to us, | 0:21:36 | 0:21:39 | |
closer to the grandchild, so... | 0:21:39 | 0:21:41 | |
-Handy for a baby-sitter. -Yeah, right! | 0:21:41 | 0:21:43 | |
-Are they currently in a bungalow? -They are, yeah. | 0:21:43 | 0:21:45 | |
So they're moving from one bungalow to another? | 0:21:45 | 0:21:47 | |
Yeah, they want to change and it's closer for us, | 0:21:47 | 0:21:49 | |
so it's easier for us to help them | 0:21:49 | 0:21:51 | |
-and vice versa. -Fantastic. | 0:21:51 | 0:21:53 | |
So have they seen it in its current state? | 0:21:53 | 0:21:55 | |
-Yeah! -THEY CHUCKLE | 0:21:55 | 0:21:57 | |
What did they say when they first saw it? | 0:21:57 | 0:22:00 | |
I think they were having second thoughts, but I talked them into... | 0:22:00 | 0:22:03 | |
They think we're going to do a good job. | 0:22:03 | 0:22:05 | |
Under a bit of pressure, aren't you? | 0:22:05 | 0:22:07 | |
Are they going to have some input in terms of what you do? | 0:22:07 | 0:22:10 | |
Uh, yeah, a bit, yeah. | 0:22:10 | 0:22:13 | |
I think most of the decisions will be made by John. | 0:22:13 | 0:22:16 | |
Right. | 0:22:16 | 0:22:17 | |
# I'm gonna make you love me | 0:22:17 | 0:22:21 | |
# Yes, I will | 0:22:22 | 0:22:24 | |
# Yes, I will... # | 0:22:24 | 0:22:26 | |
So it sounds like John and Chris will take the lead here | 0:22:26 | 0:22:30 | |
and John certainly has the skill set to make it successful. | 0:22:30 | 0:22:34 | |
He's a self-employed joiner. | 0:22:34 | 0:22:36 | |
How do they plan to make John's parents love this place? | 0:22:36 | 0:22:39 | |
Well, we have a new central heating system, | 0:22:40 | 0:22:43 | |
rewire, new bathroom, new kitchen. | 0:22:43 | 0:22:46 | |
All plastic all the way round, new windows, doors. | 0:22:48 | 0:22:51 | |
Maybe some patio doors coming out of the bedroom. | 0:22:51 | 0:22:54 | |
-Oh, nice! -Then, obviously, | 0:22:54 | 0:22:56 | |
patio doors going out into the garden. | 0:22:56 | 0:22:58 | |
Are you going to build a new conservatory on this | 0:22:58 | 0:23:00 | |
and put a new roof on and stuff, or are you going to do it in plastic? | 0:23:00 | 0:23:03 | |
New roof. | 0:23:03 | 0:23:04 | |
New conservatory, cut the wall down. | 0:23:04 | 0:23:06 | |
Windows across there and I think new windows and doors all round. | 0:23:06 | 0:23:09 | |
And can you do all that? | 0:23:09 | 0:23:11 | |
Yeah. | 0:23:11 | 0:23:12 | |
-I'm hoping so! -Brilliant. | 0:23:12 | 0:23:14 | |
We'll obviously have this plumbed out as well, | 0:23:14 | 0:23:16 | |
so we'll have heating in this room as well, | 0:23:16 | 0:23:18 | |
so it's suitable for the winter as well as the summertime. | 0:23:18 | 0:23:22 | |
I reckon your mum and dad will spend a lot of time in this room. | 0:23:22 | 0:23:25 | |
-It's quite bright, isn't it? -Yeah, it's lovely. | 0:23:25 | 0:23:27 | |
What about the garage? | 0:23:27 | 0:23:29 | |
Tidy it up as best we can, I think. | 0:23:29 | 0:23:31 | |
It's good off-street parking, | 0:23:31 | 0:23:32 | |
so there's good access at the back as well. | 0:23:32 | 0:23:35 | |
What's the budget for the work? | 0:23:35 | 0:23:37 | |
-Around 15,000-16,000. -OK, that sounds reasonable. -Yep. | 0:23:37 | 0:23:41 | |
And how much of it are you doing yourself? | 0:23:41 | 0:23:44 | |
Most of it, yeah. | 0:23:44 | 0:23:45 | |
With John in full-time employment as a joiner, | 0:23:45 | 0:23:48 | |
he plans to do most of the work on evenings and weekends | 0:23:48 | 0:23:51 | |
and they hope to complete the refurbishment | 0:23:51 | 0:23:53 | |
in around eight months. | 0:23:53 | 0:23:55 | |
# I'm going to make you love me... # | 0:23:55 | 0:23:58 | |
And then once you've done this, | 0:23:58 | 0:24:00 | |
you might get the bug and do it some more, or what? | 0:24:00 | 0:24:03 | |
We've already done it twice before. | 0:24:03 | 0:24:04 | |
This is the third one. | 0:24:04 | 0:24:07 | |
What did you do with the other ones? | 0:24:07 | 0:24:08 | |
They're rented out at the moment. | 0:24:08 | 0:24:10 | |
-One, I think, has been rented out about 18 months. -Yeah. | 0:24:10 | 0:24:13 | |
-The other one about eight months, so... -Going OK? | 0:24:13 | 0:24:16 | |
-Yeah, been really good. -We had to refurb both of those as well. | 0:24:16 | 0:24:20 | |
-They went back to brick and we started again. -Really? -Yep. | 0:24:20 | 0:24:23 | |
So we've been through this, the third time we've been through this. | 0:24:23 | 0:24:27 | |
-But they weren't auction properties. -Right. | 0:24:27 | 0:24:31 | |
-Listen, we really look forward to seeing how you get on. -Thank you. | 0:24:31 | 0:24:33 | |
Exciting project with lots of good reasons for doing it, | 0:24:33 | 0:24:36 | |
-so congratulations and good luck. -Thank you. -Thank you. | 0:24:36 | 0:24:40 | |
Well, how great that Chris | 0:24:40 | 0:24:41 | |
and John are sorting this place out for John's parents. | 0:24:41 | 0:24:44 | |
I always love those kind of stories | 0:24:44 | 0:24:46 | |
and I know they will transform this little bungalow. | 0:24:46 | 0:24:49 | |
You can see what it turns out like later in the show. | 0:24:49 | 0:24:53 | |
Coming up, you could really transform this two-bed in Folkestone, | 0:24:54 | 0:24:58 | |
although height restrictions will apply. | 0:24:58 | 0:25:01 | |
And, as you can see, it's not a standard-sized doorway. | 0:25:01 | 0:25:04 | |
And in Stoke, it's not headroom that's the issue, it's lack of time. | 0:25:07 | 0:25:10 | |
As soon as we started, work got really busy. | 0:25:10 | 0:25:14 | |
We're heading back to Hainault in Essex now, | 0:25:20 | 0:25:23 | |
where earlier I saw a four-bed mid-terrace guided at £250,000. | 0:25:23 | 0:25:28 | |
Inside was spacious, with big bedrooms, | 0:25:29 | 0:25:32 | |
a bathroom | 0:25:32 | 0:25:34 | |
and a generous back garden. | 0:25:34 | 0:25:36 | |
It just really needed a bit of modernisation. | 0:25:36 | 0:25:39 | |
So, yes, with a bit of cleaning, | 0:25:39 | 0:25:42 | |
some new carpets and new paint, a bit of money spent, | 0:25:42 | 0:25:45 | |
this could really work well for a family. | 0:25:45 | 0:25:47 | |
But the fourth bedroom in the loft didn't meet building regulations. | 0:25:49 | 0:25:53 | |
My solution - get planning permission and add a dormer | 0:25:53 | 0:25:56 | |
to give enough space for an en-suite shower room up there. | 0:25:56 | 0:25:59 | |
That would make this a four-bedroom, two-bathroom property | 0:26:01 | 0:26:04 | |
and it'll be much more saleable. | 0:26:04 | 0:26:07 | |
Big potential saw big interest at auction | 0:26:07 | 0:26:10 | |
and the hammer fell at 325,000. | 0:26:10 | 0:26:14 | |
Sold, 325. | 0:26:14 | 0:26:16 | |
Is that your first one? | 0:26:16 | 0:26:18 | |
Yeah? Well done. | 0:26:18 | 0:26:19 | |
This pair of pals, Fatima, here on the left, and Mehreen | 0:26:19 | 0:26:22 | |
were the successful bidders. | 0:26:22 | 0:26:24 | |
Both are full-time mums and this was their first development project. | 0:26:24 | 0:26:28 | |
Their plan was to modernise throughout, | 0:26:29 | 0:26:32 | |
ensure the loft conversion met building regulations | 0:26:32 | 0:26:35 | |
so the fourth bedroom is certified | 0:26:35 | 0:26:37 | |
and then sell the property on. | 0:26:37 | 0:26:40 | |
OK, so you're really going to turn this into a family home, aren't you? | 0:26:40 | 0:26:43 | |
Yes, exactly. | 0:26:43 | 0:26:44 | |
We're really going to modernise it top to bottom | 0:26:44 | 0:26:46 | |
-and we realise it's a lot of work, but we're all set for it. -Yes. | 0:26:46 | 0:26:49 | |
And you two have got so much energy | 0:26:49 | 0:26:51 | |
-because it's the first one you've ever done! -Exactly! | 0:26:51 | 0:26:54 | |
-We've been best friends since 12 years, so yeah. -Yeah. | 0:26:54 | 0:26:57 | |
So, best mates who were best prepared. Three months on... | 0:27:00 | 0:27:04 | |
I can see the exterior has their promised off-street parking, | 0:27:04 | 0:27:08 | |
but, inside, have these friends freshened up a family four-bed? | 0:27:08 | 0:27:12 | |
# Ooh, you make me live | 0:27:14 | 0:27:18 | |
# Whatever this world can give to me | 0:27:18 | 0:27:22 | |
# It's you, you're all I see | 0:27:22 | 0:27:26 | |
# Ooh, you make me live now, honey | 0:27:26 | 0:27:30 | |
# Ooh, you make me live | 0:27:30 | 0:27:33 | |
# Oh, you're the best friend | 0:27:35 | 0:27:38 | |
# That I ever had | 0:27:38 | 0:27:40 | |
# I've been with you such a long time | 0:27:40 | 0:27:43 | |
# You're my sunshine | 0:27:43 | 0:27:46 | |
# And I want you to know that my feelings are true | 0:27:46 | 0:27:50 | |
# I really love you | 0:27:50 | 0:27:53 | |
# Oh, you're my best friend... # | 0:27:53 | 0:27:57 | |
They promised the whole place would be modernised top to bottom | 0:27:58 | 0:28:02 | |
and that's exactly what the duo have done. | 0:28:02 | 0:28:05 | |
The loft is very impressive and now it's an en-suite bedroom | 0:28:05 | 0:28:09 | |
fully complying with building regulations. | 0:28:09 | 0:28:11 | |
Um, basically, we spotted the opportunity to create extra space | 0:28:15 | 0:28:20 | |
in the house by extending this room. | 0:28:20 | 0:28:22 | |
We've put in the dormer window to make it more spacious, | 0:28:22 | 0:28:25 | |
bright and airy, and we've put in the en-suite here | 0:28:25 | 0:28:29 | |
and now we're really pleased with the result. | 0:28:29 | 0:28:31 | |
It's one of the main features of this house. | 0:28:31 | 0:28:33 | |
I'm also loving the modern feel of the kitchen. | 0:28:34 | 0:28:37 | |
So, basically, in the kitchen, | 0:28:40 | 0:28:42 | |
you can see that we've completely changed the whole thing. | 0:28:42 | 0:28:45 | |
We've got new tiles on the floor, we've got new tiles on the walls, | 0:28:45 | 0:28:48 | |
new cooker, new sink, everything's new. | 0:28:48 | 0:28:50 | |
We tried to add a modern feature | 0:28:50 | 0:28:52 | |
with some LED lights in the skirting. | 0:28:52 | 0:28:54 | |
We actually worked together in deciding on what colour | 0:28:54 | 0:28:57 | |
and what tiles to do. | 0:28:57 | 0:28:59 | |
So, we worked together as a team and this is the result. | 0:28:59 | 0:29:03 | |
Family homes need parking space | 0:29:08 | 0:29:10 | |
and that's what they've done at the front here. | 0:29:10 | 0:29:14 | |
We have built a new driveway. | 0:29:14 | 0:29:16 | |
Since it's a busy road, it's always good for people to come back home | 0:29:16 | 0:29:19 | |
and park in their own driveway. | 0:29:19 | 0:29:20 | |
We've got a garage at the back. | 0:29:20 | 0:29:22 | |
It's always convenient to have one at the front. | 0:29:22 | 0:29:24 | |
Speaking of the garage at the rear, which, like the cabin house, | 0:29:28 | 0:29:31 | |
they've left unchanged. | 0:29:31 | 0:29:33 | |
The back garden is now ideal for those rare summer barbecues. | 0:29:33 | 0:29:37 | |
Removing the shed has created a blank canvas | 0:29:37 | 0:29:40 | |
for any buyer to create the garden of their dreams. | 0:29:40 | 0:29:43 | |
But this resplendent renovation wasn't rapid. | 0:29:43 | 0:29:46 | |
They went a few weeks over their three-month timescale. | 0:29:46 | 0:29:49 | |
We were very lucky we had a very good builder, | 0:29:49 | 0:29:52 | |
so he applied for the planning permission | 0:29:52 | 0:29:54 | |
and I think that was one reason that caused the delay | 0:29:54 | 0:29:56 | |
in the duration in which we wanted to finish. | 0:29:56 | 0:30:01 | |
Yeah, I think it was fine, just took a bit longer. | 0:30:01 | 0:30:05 | |
The quality of the finish and those planning delays | 0:30:05 | 0:30:07 | |
have meant they've gone over their £30,000 budget. | 0:30:07 | 0:30:11 | |
Well, actually, we've gone £10,000 over the budget, | 0:30:12 | 0:30:15 | |
but, to be honest, it was our first time, | 0:30:15 | 0:30:17 | |
so we kind of underestimated the costs | 0:30:17 | 0:30:19 | |
and we've done so much work in this house, | 0:30:19 | 0:30:22 | |
it's a complete refurbishment from top to bottom. | 0:30:22 | 0:30:25 | |
Well, they did have a £5,000 contingency, | 0:30:25 | 0:30:27 | |
so it's not that bad, ladies. | 0:30:27 | 0:30:29 | |
You've done well. | 0:30:29 | 0:30:31 | |
But has working together tested the friendship? | 0:30:31 | 0:30:34 | |
No, we haven't had any issues. We've really enjoyed doing it together. | 0:30:34 | 0:30:37 | |
-I think it's just made it stronger, if anything. -Yes. | 0:30:37 | 0:30:40 | |
We'll definitely advise other people | 0:30:40 | 0:30:42 | |
who want to come into this sort of field | 0:30:42 | 0:30:45 | |
and who especially have got kids. | 0:30:45 | 0:30:47 | |
It's very comfortable, you can work around your kids' routines. | 0:30:47 | 0:30:51 | |
-We're already looking forward to the next project. -Yes, of course, yeah. | 0:30:51 | 0:30:55 | |
Hold your horses, ladies. | 0:30:55 | 0:30:57 | |
All this enthusiasm for your first project | 0:30:57 | 0:30:59 | |
is already carrying over to the next, | 0:30:59 | 0:31:01 | |
but they'll need to make some profit here | 0:31:01 | 0:31:03 | |
if they're going to carry some money into the next renovation. | 0:31:03 | 0:31:07 | |
We asked along two local estate agents to give us their thoughts, | 0:31:08 | 0:31:11 | |
including the agent who saw it the first time. | 0:31:11 | 0:31:14 | |
I think they've done a good change in the property. | 0:31:16 | 0:31:19 | |
I'm impressed by the neutrality of the property | 0:31:19 | 0:31:21 | |
and I really like this one. | 0:31:21 | 0:31:24 | |
I think I like the bathroom, | 0:31:24 | 0:31:26 | |
especially the mirrors they have used, which are very, very good. | 0:31:26 | 0:31:29 | |
It adds a feature to the bathrooms. | 0:31:29 | 0:31:31 | |
I think the kitchen, both the bathrooms, | 0:31:31 | 0:31:34 | |
all the fitments are modern, fresh. | 0:31:34 | 0:31:37 | |
The finish, even to the painting and the walls | 0:31:37 | 0:31:41 | |
is very good. It's a very well put together refurbished property. | 0:31:41 | 0:31:46 | |
The agents are impressed and they've suggested the house could command | 0:31:48 | 0:31:53 | |
a top rental value of £2,000 per calendar month. | 0:31:53 | 0:31:56 | |
And with Fatima and Mehreen's total spend at 370,000, | 0:31:56 | 0:32:01 | |
that would generate just over a 6% yield, | 0:32:01 | 0:32:04 | |
but the ladies are keen to sell, | 0:32:04 | 0:32:06 | |
so what kind of values can they expect? | 0:32:06 | 0:32:08 | |
I would set an asking price in the region of £415,000. | 0:32:09 | 0:32:15 | |
I think offers would come in reasonably close, | 0:32:15 | 0:32:17 | |
taking into account the standard of the refurb | 0:32:17 | 0:32:21 | |
and the close proximity to the Central Line station. | 0:32:21 | 0:32:24 | |
I think the property should be marketed at about £475,000, | 0:32:24 | 0:32:28 | |
with an achievable price of 450, or just about that. | 0:32:28 | 0:32:31 | |
The agents noticed that with Hainault's growing popularity, | 0:32:34 | 0:32:37 | |
the property market is a bit unpredictable, | 0:32:37 | 0:32:39 | |
hence the disparity in valuations. | 0:32:39 | 0:32:42 | |
If Fatima and Mehreen were able to achieve that £450,000 figure, | 0:32:42 | 0:32:47 | |
well, that would give them a pre-tax profit of 80,000. | 0:32:47 | 0:32:51 | |
What do they make of the figures | 0:32:51 | 0:32:53 | |
and the possibility of a fabulous first-time profit? | 0:32:53 | 0:32:57 | |
At the lower guide price, it still does work for us, yes. | 0:32:57 | 0:33:00 | |
We're quite pleased with the result. | 0:33:00 | 0:33:02 | |
-We still make profit, but the more, the better. -Exactly. | 0:33:02 | 0:33:05 | |
So, a successful first renovation for the ladies, | 0:33:06 | 0:33:09 | |
but how does the enjoyable job of being a property developer | 0:33:09 | 0:33:13 | |
balance with having the best job in the world, | 0:33:13 | 0:33:15 | |
being mums? | 0:33:15 | 0:33:17 | |
It's really easy to work it around your kids | 0:33:20 | 0:33:22 | |
and you can set your own timing, so we really enjoyed doing it together. | 0:33:22 | 0:33:26 | |
Definitely, yeah. | 0:33:26 | 0:33:28 | |
Folkestone on the Kent coast | 0:33:32 | 0:33:34 | |
was a popular seaside destination in the Victorian times | 0:33:34 | 0:33:37 | |
and the legacy of Victorian ingenuity | 0:33:37 | 0:33:40 | |
can still be enjoyed around here. | 0:33:40 | 0:33:42 | |
One of the best examples is Leas Lift, | 0:33:42 | 0:33:44 | |
built over 100 years ago in 1885 and is still working today. | 0:33:44 | 0:33:49 | |
# Built to last... # | 0:33:49 | 0:33:56 | |
Let's hope the property I'm here to see is of the same build. | 0:33:58 | 0:34:01 | |
It's a two-bed, mid-terrace house | 0:34:01 | 0:34:04 | |
with a guide price of £90,000-£95,000. | 0:34:04 | 0:34:07 | |
Wow. | 0:34:10 | 0:34:12 | |
Look at all this hallway space. It's a surprise to see the stairs | 0:34:12 | 0:34:15 | |
so far away from the front door. | 0:34:15 | 0:34:17 | |
I was expecting the stairs to be sort of here, | 0:34:17 | 0:34:19 | |
but you've got this sense of space in the hallway which is really nice. | 0:34:19 | 0:34:23 | |
A decent-sized front room there, old-fashioned, retro gas fire there. | 0:34:23 | 0:34:28 | |
Down the hallway to the second room, | 0:34:28 | 0:34:32 | |
down here, another gas fire there, a retro one again. | 0:34:32 | 0:34:34 | |
I'd possibly get rid of those | 0:34:34 | 0:34:36 | |
and down here, everything seems to get a little bit tighter. | 0:34:36 | 0:34:40 | |
As you can see, it's not a standard-sized doorway. | 0:34:40 | 0:34:44 | |
And the ceiling as well, as I come in, | 0:34:44 | 0:34:46 | |
seems to be just inches off the top of my head. | 0:34:46 | 0:34:49 | |
Look at this, this is definitely retro. | 0:34:49 | 0:34:51 | |
You've got old-fashioned milk bottles as well. | 0:34:51 | 0:34:54 | |
This really does take me back to | 0:34:54 | 0:34:55 | |
when I was a young boy living in Leicester. | 0:34:55 | 0:34:58 | |
We had a kitchen like this. | 0:34:58 | 0:35:00 | |
Take this all out, you've got a decent-sized floor space here. | 0:35:00 | 0:35:04 | |
Brand-new kitchen in here. | 0:35:04 | 0:35:06 | |
I think it'd be pretty cool. | 0:35:06 | 0:35:07 | |
You don't have to have the big, thick working surfaces. | 0:35:07 | 0:35:10 | |
You can make them a bit smaller, shallow it up a little bit, | 0:35:10 | 0:35:13 | |
a bit more floor space | 0:35:13 | 0:35:14 | |
and I'm pretty sure, above here, | 0:35:14 | 0:35:17 | |
you might be able to get two or three more inches of height, | 0:35:17 | 0:35:20 | |
therefore you can take that light up, | 0:35:20 | 0:35:22 | |
so when you have got friends coming round who are 6'2", | 0:35:22 | 0:35:25 | |
they're not going to be hitting their head. | 0:35:25 | 0:35:27 | |
There's no doubt about it - this kitchen has to be kicked into touch. | 0:35:28 | 0:35:32 | |
# Hit me, hit me | 0:35:32 | 0:35:35 | |
# Hit me...! # | 0:35:35 | 0:35:36 | |
As does the rest of downstairs, | 0:35:38 | 0:35:40 | |
but the central heating looks relatively new | 0:35:40 | 0:35:43 | |
and I do like those old doors. | 0:35:43 | 0:35:45 | |
Cupboard space is always handy too. | 0:35:45 | 0:35:47 | |
# Hit me, hit me... # | 0:35:49 | 0:35:50 | |
OK, off upstairs, then. | 0:35:50 | 0:35:52 | |
Look at the size of that bathroom. | 0:35:52 | 0:35:54 | |
That's one of the biggest bathrooms I've seen in a mid-terrace house. | 0:35:54 | 0:35:58 | |
That is a lovely size. | 0:35:58 | 0:35:59 | |
Up here to two bedrooms. | 0:35:59 | 0:36:03 | |
The back bedroom here of a decent size, | 0:36:03 | 0:36:05 | |
looks on to the back of the back garden. | 0:36:05 | 0:36:08 | |
In here, look at this room. This is a front bedroom. | 0:36:08 | 0:36:11 | |
Looks like it's had new double glazing in it. | 0:36:11 | 0:36:13 | |
Nice high ceiling up here as well. Erm... | 0:36:13 | 0:36:17 | |
Bit of cloakroom space in there. | 0:36:17 | 0:36:19 | |
Behind here, I'm assuming this is... | 0:36:19 | 0:36:21 | |
That's a beautiful fireplace they've got behind here | 0:36:23 | 0:36:25 | |
and they've decided to board it up. | 0:36:25 | 0:36:27 | |
Get that on show. I like it, I really do. | 0:36:27 | 0:36:31 | |
# Oh, don't hide it away... # | 0:36:31 | 0:36:35 | |
Same story in the second bedroom. | 0:36:36 | 0:36:38 | |
If you have features, you should show them off, not hide them. | 0:36:38 | 0:36:41 | |
Now, I'm going to talk about proportions | 0:36:41 | 0:36:43 | |
and that's what's wrong here. | 0:36:43 | 0:36:46 | |
I know I said the bathroom is one of the biggest I'd seen, | 0:36:46 | 0:36:48 | |
but now I've seen the upstairs, | 0:36:48 | 0:36:50 | |
it seems out of place with the rest of the house. | 0:36:50 | 0:36:53 | |
It's a bit of a waste. | 0:36:53 | 0:36:54 | |
Unless you're going to stick a fabulous walk-in shower here, | 0:36:54 | 0:36:57 | |
it doesn't work. | 0:36:57 | 0:36:58 | |
But a little bit of a tip - if you are viewing a house | 0:37:00 | 0:37:03 | |
and you're upstairs, always look out the window. | 0:37:03 | 0:37:05 | |
See if you can see the roof, the guttering. | 0:37:05 | 0:37:07 | |
You get a good look at the back garden, | 0:37:07 | 0:37:09 | |
sometimes the front garden as well. | 0:37:09 | 0:37:10 | |
In this particular case, | 0:37:10 | 0:37:12 | |
this roof seems to have a bit of a bow in it, so I'd been inclined | 0:37:12 | 0:37:16 | |
to maybe take the tiles off, reseal it so there's no chance of a leak | 0:37:16 | 0:37:20 | |
and reclaim the tiles. | 0:37:20 | 0:37:21 | |
You won't have to have the expense of getting new tiles. | 0:37:21 | 0:37:24 | |
They all look relatively fine. | 0:37:24 | 0:37:25 | |
Put them back on and you know that's not going to be a problem. | 0:37:25 | 0:37:29 | |
So the roof is something definitely to add to the to-do list. | 0:37:29 | 0:37:32 | |
Another thing I can see from up here | 0:37:32 | 0:37:34 | |
is what looks like a rather neglected garden. | 0:37:34 | 0:37:37 | |
Out in the back garden, | 0:37:40 | 0:37:41 | |
back yard, it seems to have been taken over by all this greenery. | 0:37:41 | 0:37:45 | |
But judging by the width of the walls here, | 0:37:45 | 0:37:49 | |
you can just see that side. | 0:37:49 | 0:37:50 | |
It's a decent width of garden. | 0:37:50 | 0:37:53 | |
Get rid of all this greenery, tidy it up, | 0:37:53 | 0:37:56 | |
put some slabs down, just get it all levelled out | 0:37:56 | 0:37:59 | |
or even a bit of false grass, | 0:37:59 | 0:38:01 | |
which would be good for the kids to play football on, of course. | 0:38:01 | 0:38:04 | |
I think it could be a nice-sized back garden for them | 0:38:04 | 0:38:06 | |
and behind me here, an outside toilet, | 0:38:06 | 0:38:09 | |
which I'd be inclined to get rid of. | 0:38:09 | 0:38:11 | |
This piping here goes down into the outside toilet | 0:38:11 | 0:38:15 | |
and then straight into the guttering. | 0:38:15 | 0:38:17 | |
Leave that there, that seems sound. | 0:38:17 | 0:38:19 | |
Get rid of this, tidy everything up | 0:38:19 | 0:38:22 | |
and I think you'll have a decent-sized back garden. | 0:38:22 | 0:38:25 | |
I'm starting to feel that perhaps there really is a great house here, | 0:38:25 | 0:38:28 | |
but it just needs to be uncovered. | 0:38:28 | 0:38:30 | |
What does a local estate agent think? | 0:38:34 | 0:38:36 | |
The layout of the property is actually very good. | 0:38:40 | 0:38:43 | |
It suits modern conveniences with the bathroom upstairs. | 0:38:43 | 0:38:46 | |
Two reception rooms downstairs also allow for a versatility, | 0:38:46 | 0:38:51 | |
so if you'd like to use one of them as a bedroom, | 0:38:51 | 0:38:53 | |
then this could quite easily be a three-bedroom terraced property. | 0:38:53 | 0:38:57 | |
OK, lots of choices, but what about the financial options | 0:38:57 | 0:39:01 | |
on a house that was guided at auction for £90,000-£95,000? | 0:39:01 | 0:39:05 | |
How much could you sell it for if it was refurbished as a two-bed? | 0:39:05 | 0:39:08 | |
Once refurbished, if we were to resell the property, | 0:39:10 | 0:39:13 | |
we'd expect to achieve in the region of £125,000. | 0:39:13 | 0:39:17 | |
On the rental market, | 0:39:19 | 0:39:20 | |
the property should achieve in the region of £625 per calendar month. | 0:39:20 | 0:39:26 | |
Would the numbers alter much if you changed one of the reception rooms | 0:39:26 | 0:39:30 | |
into a bedroom to make it a three-bedroom house? | 0:39:30 | 0:39:32 | |
If this property was set up as a three-bedroom property, | 0:39:32 | 0:39:36 | |
I would expect to achieve the same sort of figures | 0:39:36 | 0:39:39 | |
as you would if it were a two-bed. | 0:39:39 | 0:39:41 | |
However, on the rental market, | 0:39:41 | 0:39:42 | |
you'd be looking to achieve possibly £675 per calendar month. | 0:39:42 | 0:39:47 | |
It's really hard for me not to love this property. | 0:39:52 | 0:39:54 | |
I've been reminiscing as I've been walking around. | 0:39:54 | 0:39:56 | |
The upstairs bathroom at the back, | 0:39:56 | 0:39:59 | |
the little kitchen there, we'd all be diving in that kitchen | 0:39:59 | 0:40:01 | |
trying to make our own breakfasts, get your own space. | 0:40:01 | 0:40:04 | |
Loads of happy memories for me back in Leicester, | 0:40:04 | 0:40:06 | |
but let's see who wanted to build their own happy memories | 0:40:06 | 0:40:09 | |
when it went under the hammer. | 0:40:09 | 0:40:11 | |
So what are we going to say on this one? 90,000, do I see? | 0:40:14 | 0:40:17 | |
90,000? | 0:40:17 | 0:40:18 | |
Give me 85, then. It's here to be sold. | 0:40:18 | 0:40:21 | |
85 unobliged. 85 I have. | 0:40:21 | 0:40:24 | |
87 now do I say? | 0:40:24 | 0:40:25 | |
87 do I say? | 0:40:25 | 0:40:27 | |
87 bid I have. 87 bid. At 90. At 90. | 0:40:27 | 0:40:31 | |
At 90, and 2. 92. 92? And 5. And 7. | 0:40:31 | 0:40:36 | |
97. | 0:40:36 | 0:40:37 | |
97 in the green. | 0:40:37 | 0:40:39 | |
Up to 100. 98, if you like. | 0:40:39 | 0:40:42 | |
Is that a bid? 98, I've got. 99 if you like. | 0:40:42 | 0:40:44 | |
99, fill it up to 100. | 0:40:44 | 0:40:46 | |
No, definitely not. I know when he says that. | 0:40:46 | 0:40:49 | |
99 I've got, 100 I'm looking for. | 0:40:49 | 0:40:50 | |
Are we all done at £99,000 for the first time to the lady in green? | 0:40:50 | 0:40:55 | |
99 for the second time. | 0:40:55 | 0:40:57 | |
Third and final time at 99,000. | 0:40:57 | 0:41:00 | |
Yours at 99. | 0:41:00 | 0:41:02 | |
The hammer fell on that bid of £99,000, | 0:41:04 | 0:41:07 | |
made by Anataya, who hails from East Sussex. | 0:41:07 | 0:41:09 | |
She came along with her two Pomeranians, Neo and Fliss, | 0:41:12 | 0:41:15 | |
to tell us all about her second development property. | 0:41:15 | 0:41:17 | |
So, Anataya, nice to meet you, firstly, | 0:41:20 | 0:41:22 | |
and congratulations on your property. | 0:41:22 | 0:41:24 | |
Tell me why you went for this kind of property in the auction. | 0:41:24 | 0:41:28 | |
It's the location. Nice and quiet and the road is quite big, | 0:41:28 | 0:41:33 | |
to park the car and things like that. | 0:41:33 | 0:41:35 | |
I know you're not from this area at all, | 0:41:35 | 0:41:37 | |
so what made you buy here in Folkestone? | 0:41:37 | 0:41:39 | |
I have been through Folkestone quite a few times, | 0:41:39 | 0:41:43 | |
so I know the area. | 0:41:43 | 0:41:45 | |
So, one day you just thought, | 0:41:45 | 0:41:46 | |
-"I like the area, I'll look for a house in this area"? -Yeah. | 0:41:46 | 0:41:51 | |
Anataya may like the area, | 0:41:51 | 0:41:53 | |
but she'll have an hour and a half drive to get here, | 0:41:53 | 0:41:55 | |
so she's pinning her hopes on having a local builder in place | 0:41:55 | 0:41:58 | |
to do all the work. | 0:41:58 | 0:42:00 | |
OK, what do you intend to do with the property? | 0:42:01 | 0:42:03 | |
What have you got in your mind? | 0:42:03 | 0:42:05 | |
-Well, I have to change the kitchen. -Yep. | 0:42:05 | 0:42:08 | |
And bathroom. | 0:42:08 | 0:42:09 | |
I intend to put a shower in the bathroom. | 0:42:09 | 0:42:12 | |
A new floor and decorating. | 0:42:12 | 0:42:16 | |
Upstairs, there's two beautiful fireplaces | 0:42:16 | 0:42:19 | |
-which have been boarded up. -Yes, I noticed that. | 0:42:19 | 0:42:22 | |
I want to make it up | 0:42:22 | 0:42:25 | |
or bring it downstairs, I'm not sure yet. | 0:42:25 | 0:42:28 | |
OK, so you might even take the fireplace out | 0:42:28 | 0:42:30 | |
and put it there for decoration? It's very pretty, isn't it? | 0:42:30 | 0:42:33 | |
Yes, I have to consult with the contractor. | 0:42:33 | 0:42:38 | |
-Do you have a budget for all the work? -I believe under 12,000. | 0:42:38 | 0:42:43 | |
-£12,000 to get all the work done and complete? -Yeah. | 0:42:43 | 0:42:47 | |
And along with that £12,000 budget, | 0:42:47 | 0:42:49 | |
she hopes to complete the refurbishment in just months. | 0:42:49 | 0:42:52 | |
Are you winning? | 0:42:54 | 0:42:55 | |
-Are you winning at the moment? -Quite often winning. -Good. | 0:42:55 | 0:42:59 | |
-Investing in all different things, different markets. -OK. | 0:42:59 | 0:43:03 | |
So Anataya plays the stocks and shares market | 0:43:03 | 0:43:06 | |
and the property market. | 0:43:06 | 0:43:07 | |
Clearly, she doesn't mind taking a risk or two, | 0:43:07 | 0:43:10 | |
which might explain her hobby. | 0:43:10 | 0:43:12 | |
Anataya is a qualified pilot. | 0:43:12 | 0:43:13 | |
I do flying. | 0:43:16 | 0:43:19 | |
-You do flying? -Yes. -And how long have you been doing that? | 0:43:19 | 0:43:22 | |
For 20 years now. | 0:43:22 | 0:43:24 | |
-20 years? -I've got 300 hours. | 0:43:24 | 0:43:27 | |
-300 hours of flying? -Yes. -Wow. | 0:43:27 | 0:43:31 | |
It's a diverse thing to do, very diverse. | 0:43:31 | 0:43:33 | |
The property thing, do you want to do more of that? | 0:43:33 | 0:43:35 | |
If I sell this one, I might go for another one. | 0:43:35 | 0:43:37 | |
-Ah! -But I'm not sure. | 0:43:37 | 0:43:39 | |
So you might be starting to build a few houses and a bit of a portfolio? | 0:43:39 | 0:43:43 | |
-Yes. -Listen, well done, I hope it goes well for you. | 0:43:43 | 0:43:47 | |
-Congratulations. -Thank you. | 0:43:47 | 0:43:49 | |
So Anataya seems to have this house completely under control, | 0:43:50 | 0:43:54 | |
but will she have a rough ride during refurbishment | 0:43:54 | 0:43:56 | |
or will she be flying high with the results? | 0:43:56 | 0:43:59 | |
You can find out later on in the programme. | 0:43:59 | 0:44:01 | |
We've seen how one of our buyers got on | 0:44:04 | 0:44:06 | |
after bidding in the auction room. | 0:44:06 | 0:44:07 | |
What about the other two? Did they see the fruits of their labours? | 0:44:07 | 0:44:10 | |
I can't wait to find out. | 0:44:10 | 0:44:12 | |
Earlier in the show, I was in Stoke. | 0:44:15 | 0:44:17 | |
I was observing one of the rarer but much-loved species | 0:44:17 | 0:44:21 | |
of the British housing market, the lesser spotted bungalow. | 0:44:21 | 0:44:26 | |
Making up only 10% of housing stock, | 0:44:26 | 0:44:28 | |
they're a much sought-after breed | 0:44:28 | 0:44:30 | |
and this one was guided at £49,000 plus, | 0:44:30 | 0:44:34 | |
although its plumage had seen better days. | 0:44:34 | 0:44:37 | |
You can tell it's going to need a bit of modernisation, but, you know, | 0:44:37 | 0:44:41 | |
you've got to see through its current condition | 0:44:41 | 0:44:43 | |
to what it might become. Just even by changing the carpets | 0:44:43 | 0:44:47 | |
and either plastering or putting new wallpaper on the walls, | 0:44:47 | 0:44:50 | |
what a change you would make. | 0:44:50 | 0:44:52 | |
And ready to make the changes were John and Chris. | 0:44:55 | 0:44:57 | |
They planned to make their £66,000 purchase | 0:44:57 | 0:45:01 | |
into a home for John's parents. | 0:45:01 | 0:45:03 | |
So have they seen it in its current state? | 0:45:04 | 0:45:07 | |
-Yeah! -THEY CHUCKLE | 0:45:07 | 0:45:08 | |
What did they say when they first saw it? | 0:45:08 | 0:45:11 | |
I think they were having second thoughts, but I talked them into... | 0:45:11 | 0:45:15 | |
They think we're going to do a good job. | 0:45:15 | 0:45:17 | |
-# I promised I'd be good... -# | 0:45:17 | 0:45:20 | |
So John and Chris were promising to do a good job for John's parents. | 0:45:20 | 0:45:25 | |
It's a good thing that John had an ideal skill set. | 0:45:25 | 0:45:28 | |
He's a joiner by trade. | 0:45:28 | 0:45:29 | |
We came back 14 months later to find out how John and Chris had got on. | 0:45:31 | 0:45:34 | |
And, judging by the outside, things have gone very well. | 0:45:36 | 0:45:39 | |
A new door, some work on the porch | 0:45:39 | 0:45:42 | |
and landscaping in the garden has really lifted the front, | 0:45:42 | 0:45:46 | |
but does the interior live up to the exterior's promise? | 0:45:46 | 0:45:50 | |
# I promised I'd be good | 0:45:50 | 0:45:52 | |
-# I promised I'd be good... -# | 0:46:05 | 0:46:07 | |
Wow, a real transformation throughout the property. | 0:46:08 | 0:46:12 | |
This new kitchen is exactly what the space needed. | 0:46:12 | 0:46:15 | |
We ripped out the old kitchen and we put a new kitchen into the area. | 0:46:17 | 0:46:23 | |
We've retiled and we've had a glass splashback fitted. | 0:46:23 | 0:46:27 | |
Out the back of the kitchen, the conservatory is now complete | 0:46:29 | 0:46:33 | |
and looking fantastic. | 0:46:33 | 0:46:34 | |
We decided to keep the conservatory in the end, | 0:46:37 | 0:46:40 | |
but replaced all the falling-in roof | 0:46:40 | 0:46:43 | |
and dodgy windows with a new roof, new windows, | 0:46:43 | 0:46:46 | |
put French doors out to the bedroom, leading into the conservatory. | 0:46:46 | 0:46:51 | |
A nice laminate floor and then doors leading to outside. | 0:46:51 | 0:46:55 | |
Outside, we've put some fake grass down and paved the rest of it, | 0:46:55 | 0:47:00 | |
just for low maintenance and we're pleased with it, yeah. | 0:47:00 | 0:47:03 | |
# I promised I'd be good... # | 0:47:03 | 0:47:06 | |
As promised, the patio doors | 0:47:06 | 0:47:08 | |
leading from the bedroom into the conservatory | 0:47:08 | 0:47:10 | |
and then out onto the garden makes the layout flow much better. | 0:47:10 | 0:47:14 | |
They've also improved the use of space by modifying the bathroom. | 0:47:14 | 0:47:19 | |
# I promised I'd be good... # | 0:47:19 | 0:47:21 | |
Basically, we got rid of | 0:47:21 | 0:47:22 | |
this small room that was housing the back boiler | 0:47:22 | 0:47:26 | |
that's not needed any more, | 0:47:26 | 0:47:27 | |
because we've got the central heating system fitted. | 0:47:27 | 0:47:30 | |
Took this wall down, | 0:47:30 | 0:47:31 | |
squared off the bathroom so it gives a lot more room, | 0:47:31 | 0:47:34 | |
got rid of the bath, put a double shower in, | 0:47:34 | 0:47:37 | |
and replaced the bedroom door where it suits it better | 0:47:37 | 0:47:41 | |
and, yeah, really pleased with it. | 0:47:41 | 0:47:43 | |
And look at the living room. | 0:47:45 | 0:47:47 | |
See what I mean about how new decor can really lift a place? | 0:47:47 | 0:47:51 | |
We've had it fully replastered and we've had new carpets fitted. | 0:47:53 | 0:47:58 | |
We've ripped out the back boiler, | 0:47:58 | 0:48:00 | |
the fire, and we've replaced it with an electric fire. | 0:48:00 | 0:48:05 | |
Their original budget was £16,000 and they stuck to that number. | 0:48:06 | 0:48:11 | |
John doing most of the work | 0:48:11 | 0:48:13 | |
with some help from family and friends has saved them money, | 0:48:13 | 0:48:16 | |
but they thought it would take eight months. It actually took 14. | 0:48:16 | 0:48:21 | |
The biggest challenge I think has been to keep it on time, | 0:48:21 | 0:48:24 | |
because John's done most of the work. | 0:48:24 | 0:48:26 | |
As soon as we started, work got really busy | 0:48:26 | 0:48:30 | |
and, obviously, that takes priority, | 0:48:30 | 0:48:32 | |
cos that enables us to do projects like this. | 0:48:32 | 0:48:36 | |
And this project is complete, ready for John's parents, | 0:48:36 | 0:48:39 | |
Ken and Rose, to move into. | 0:48:39 | 0:48:41 | |
But let's just put a handbrake on the removal vans for a moment | 0:48:45 | 0:48:49 | |
and ask two local estate agents to give us | 0:48:49 | 0:48:51 | |
an appraisal of their renovated home, | 0:48:51 | 0:48:54 | |
starting with the agent who saw it before the renovation. | 0:48:54 | 0:48:57 | |
This is my second visit to the property and there really has been | 0:48:57 | 0:49:00 | |
a transformation, considerably internally, with the property. | 0:49:00 | 0:49:04 | |
Good quality kitchen, bathroom and it's really ready to move into. | 0:49:04 | 0:49:08 | |
The selling point is that bungalows are always in demand. | 0:49:09 | 0:49:12 | |
It's going to be an affordable price range, | 0:49:12 | 0:49:15 | |
so I don't think there's going to be any issues | 0:49:15 | 0:49:17 | |
in reselling this property. | 0:49:17 | 0:49:19 | |
This is my first time inside the property. | 0:49:19 | 0:49:21 | |
I'm particularly impressed with the level of finish to the property, | 0:49:21 | 0:49:24 | |
especially in the garden and the kitchen and bathroom. | 0:49:24 | 0:49:27 | |
I think that the current owners have done the best that they can | 0:49:27 | 0:49:29 | |
with the property, as it is a smaller property, | 0:49:29 | 0:49:33 | |
but I think that the layout is in fitting | 0:49:33 | 0:49:36 | |
and in keeping with the style. | 0:49:36 | 0:49:38 | |
Chris and John's total spend to date is £82,000. | 0:49:40 | 0:49:43 | |
The agents thought the house could attract | 0:49:43 | 0:49:46 | |
a rental figure of £475-£500 per calendar month, | 0:49:46 | 0:49:50 | |
giving them just over a 7% yield. | 0:49:50 | 0:49:53 | |
But what about sales? | 0:49:53 | 0:49:55 | |
If we were to sell the property, | 0:49:57 | 0:49:58 | |
I think it will achieve between £90,000-£95,000. | 0:49:58 | 0:50:02 | |
I would place this property on the open market | 0:50:02 | 0:50:05 | |
in the region of £100,000. | 0:50:05 | 0:50:06 | |
A bit more than we expected, but it's not a short-term thing, | 0:50:06 | 0:50:10 | |
it's a longer-term investment for us | 0:50:10 | 0:50:12 | |
and somewhere nice for my parents to live. | 0:50:12 | 0:50:16 | |
Yes, and they've created a beautiful home for John's parents. | 0:50:16 | 0:50:19 | |
That's what's important, | 0:50:19 | 0:50:21 | |
although a pre-tax profit of £18,000 is good news. | 0:50:21 | 0:50:26 | |
Always pleasing to see children | 0:50:26 | 0:50:28 | |
looking after parents in later years, | 0:50:28 | 0:50:30 | |
something I'm sure the couple would be keen | 0:50:30 | 0:50:32 | |
to remind their son James about many years from now. | 0:50:32 | 0:50:35 | |
That is, after he's finished trying to become the next Dion Dublin. | 0:50:35 | 0:50:39 | |
What's next for the couple? | 0:50:41 | 0:50:43 | |
We've got a bit of work to do on our house | 0:50:46 | 0:50:48 | |
-and a bit of catching up with the little 'un, haven't we? -Yeah. | 0:50:48 | 0:50:52 | |
We've just bought a camper van, | 0:50:52 | 0:50:54 | |
so we're going to spend some family time together. | 0:50:54 | 0:50:57 | |
Folkestone in Kent is where I was earlier in the show | 0:51:03 | 0:51:06 | |
and not far from the idyllic seaside was this two-bed mid-terrace | 0:51:06 | 0:51:10 | |
guided at £90,000-£95,000. | 0:51:10 | 0:51:13 | |
The guide price may have been attractive, but, sadly, | 0:51:14 | 0:51:17 | |
not as low as the downstairs ceiling. | 0:51:17 | 0:51:19 | |
And, down here, everything seems to get a little bit tighter. | 0:51:19 | 0:51:23 | |
As you can see, it's not a standard-sized doorway. | 0:51:23 | 0:51:27 | |
The ceiling, as well, as I come in, | 0:51:27 | 0:51:30 | |
seems to be just inches off the top of my head. | 0:51:30 | 0:51:33 | |
All right, I'm a bit taller than most, | 0:51:33 | 0:51:35 | |
but that cramped headroom was only emphasised by the space upstairs. | 0:51:35 | 0:51:38 | |
An oversized bathroom... | 0:51:40 | 0:51:42 | |
..nice-sized bedrooms... | 0:51:44 | 0:51:46 | |
each with these hidden gem fireplaces. | 0:51:46 | 0:51:48 | |
Someone who had lofty ambitious was Anataya, | 0:51:50 | 0:51:53 | |
who bought the house for £99,000 as her second property development. | 0:51:53 | 0:51:57 | |
I said lofty ambitious, or was her head slightly stuck in the clouds? | 0:51:57 | 0:52:02 | |
I do flying. | 0:52:02 | 0:52:05 | |
-You do flying? -Yes. -How long have you been doing that? | 0:52:05 | 0:52:08 | |
For 20 years now. | 0:52:08 | 0:52:10 | |
-20 years? -I've got 300 hours. | 0:52:10 | 0:52:13 | |
-300 hours of flying? -Yep. | 0:52:13 | 0:52:15 | |
Eight months on, and Anataya gave us clearance to land | 0:52:16 | 0:52:19 | |
back at the property and have a look around. | 0:52:19 | 0:52:21 | |
Well, if this is Anataya's second property development, | 0:52:45 | 0:52:48 | |
she's found her feet quickly. This is looking great. | 0:52:48 | 0:52:51 | |
What has she done, though? | 0:52:52 | 0:52:54 | |
Since you saw the house, | 0:52:54 | 0:52:56 | |
we have been changing all the rooms, replastering. | 0:52:56 | 0:53:01 | |
We put in a new bathroom, a new kitchen, | 0:53:01 | 0:53:05 | |
and in the dining room, we changed it into a bigger room. | 0:53:05 | 0:53:09 | |
Take out a wall. | 0:53:09 | 0:53:11 | |
Taking out the living room wall has really opened up that space, | 0:53:11 | 0:53:15 | |
but, for me, it's that new bathroom | 0:53:15 | 0:53:17 | |
and the new kitchen that have really lifted this house. | 0:53:17 | 0:53:20 | |
But there were some hitches along the way. | 0:53:20 | 0:53:24 | |
The biggest problem is the bathroom, | 0:53:24 | 0:53:27 | |
because in the side is a crack and damp, | 0:53:27 | 0:53:32 | |
so I had to do a lot of work up there. | 0:53:32 | 0:53:35 | |
That's the biggest problem. | 0:53:35 | 0:53:38 | |
You know, I think Anataya and I | 0:53:38 | 0:53:40 | |
might have to disagree on what was the biggest problem. | 0:53:40 | 0:53:43 | |
I love what she's done to the kitchen, | 0:53:43 | 0:53:45 | |
but it turned into a renovation disaster. | 0:53:45 | 0:53:47 | |
The new kitchen, it was quite low, so we put in a higher bit, | 0:53:49 | 0:53:54 | |
a few inches higher. | 0:53:54 | 0:53:56 | |
I believe the pressure made a pipe burst | 0:53:56 | 0:54:02 | |
and then caused a leak. | 0:54:02 | 0:54:04 | |
I was here, I was upstairs about 3:00 or 4:00. | 0:54:04 | 0:54:10 | |
It probably took a couple of hours. | 0:54:10 | 0:54:13 | |
I woke up about 6:30, 7:00, | 0:54:13 | 0:54:16 | |
I noticed that there's a lot of water, steaming hot water. | 0:54:16 | 0:54:21 | |
It was like mist in the room. | 0:54:21 | 0:54:24 | |
So, a burst pipe in the ceiling flooded the new kitchen | 0:54:25 | 0:54:28 | |
and meant it all had to be replaced | 0:54:28 | 0:54:31 | |
and that wasn't the end of Anataya's woes. | 0:54:31 | 0:54:33 | |
In fact, she had to change the contractor three times | 0:54:33 | 0:54:36 | |
to get this house completed, | 0:54:36 | 0:54:38 | |
but there was always someone there on hand | 0:54:38 | 0:54:40 | |
to do all the odd jobs in the house. | 0:54:40 | 0:54:43 | |
Herself. | 0:54:43 | 0:54:44 | |
I usually stay here, sleep here and do some other jobs. | 0:54:47 | 0:54:53 | |
Sometimes, I couldn't wait for the builder to come, | 0:54:53 | 0:54:57 | |
I did it, like, for example, painting - I just did it for myself. | 0:54:57 | 0:55:01 | |
So Anataya rolled up her sleeves and got stuck in. | 0:55:01 | 0:55:04 | |
Staying on site saved her an hour and a half drive from her own house, | 0:55:04 | 0:55:08 | |
but didn't save her much, | 0:55:08 | 0:55:10 | |
as burst pipes were one of the reasons her budget soared to £17,000. | 0:55:10 | 0:55:15 | |
Changing contractors three times also pushed her timescale | 0:55:15 | 0:55:19 | |
from three months to eight months, but has she enjoyed the experience? | 0:55:19 | 0:55:23 | |
I'm really pleased when I finished it. It seems over. | 0:55:27 | 0:55:30 | |
Although I have to wait for such a long time, | 0:55:31 | 0:55:36 | |
it seemed never finished. | 0:55:36 | 0:55:38 | |
Despite all the setbacks, Anataya seems to be well grounded. | 0:55:39 | 0:55:43 | |
No time for flying. | 0:55:43 | 0:55:44 | |
I have been so busy, | 0:55:44 | 0:55:45 | |
I haven't got time to fly or look at my book, really. | 0:55:45 | 0:55:49 | |
I haven't watched TV, either. | 0:55:49 | 0:55:52 | |
Anataya has had limited time to relax, | 0:55:54 | 0:55:56 | |
so I'll bet Neo and Fliss will be looking forward to more time | 0:55:56 | 0:55:59 | |
for...(walkies)... | 0:55:59 | 0:56:01 | |
when this development is over. | 0:56:01 | 0:56:03 | |
Now it's time to find out what two local estate agents thought. | 0:56:05 | 0:56:08 | |
Has Anataya's hard work paid off? | 0:56:08 | 0:56:10 | |
The property here's been nicely presented, | 0:56:12 | 0:56:15 | |
it's nicely converted into a more modern, contemporary feel. | 0:56:15 | 0:56:19 | |
A few little snagging issues, but, apart from that, I like it. | 0:56:19 | 0:56:23 | |
They've done a very nice job of the kitchen | 0:56:23 | 0:56:25 | |
and they've done an excellent job of the bathroom. | 0:56:25 | 0:56:28 | |
I think they've finished it off very sympathetic | 0:56:28 | 0:56:31 | |
for a two-bedroom cottage. | 0:56:31 | 0:56:33 | |
Anataya's undecided about what she wants to do with this property, | 0:56:33 | 0:56:36 | |
but she's leaning towards selling, | 0:56:36 | 0:56:38 | |
so can she make a profit on her total investment of £116,000? | 0:56:38 | 0:56:43 | |
I think if this went on to the open market for sale, | 0:56:44 | 0:56:48 | |
I would recommend advertising it for about 135,000 | 0:56:48 | 0:56:51 | |
and accept anything over 125,000. | 0:56:51 | 0:56:54 | |
If she wanted to rent it, this would rent very nicely | 0:56:54 | 0:56:57 | |
and I would say about £650 per calendar month. | 0:56:57 | 0:57:00 | |
I think this probably could be | 0:57:00 | 0:57:02 | |
put on the market for in the region of £140,000. | 0:57:02 | 0:57:04 | |
Rental market - this property would achieve | 0:57:04 | 0:57:07 | |
in the region of £675 per calendar month. | 0:57:07 | 0:57:10 | |
So, at an average figure of £137,500 for resale, | 0:57:12 | 0:57:16 | |
or 650 quid per calendar month, | 0:57:16 | 0:57:19 | |
Anataya could choose between a 21,500 grand pre-tax profit, | 0:57:19 | 0:57:23 | |
or a 7% yield. | 0:57:23 | 0:57:26 | |
Is she happy with those figures, though? | 0:57:26 | 0:57:28 | |
A little bit low, I think, your agents' estimate. | 0:57:31 | 0:57:37 | |
140, I would prefer that. | 0:57:37 | 0:57:41 | |
Sit, sit. | 0:57:41 | 0:57:42 | |
Anataya came through a lot of turbulence with a decent profit. | 0:57:42 | 0:57:46 | |
Is it time to get back in the air now? | 0:57:46 | 0:57:48 | |
It depends. If I got time, I would like to go and fly, | 0:57:50 | 0:57:55 | |
but I would like to earn some money first. | 0:57:55 | 0:57:58 | |
Yeah. | 0:57:58 | 0:57:59 | |
Well, doing up property can be a huge learning experience, | 0:58:03 | 0:58:06 | |
even for those, like us, who've done it loads of times before. | 0:58:06 | 0:58:09 | |
Yes, but we are here to help | 0:58:09 | 0:58:11 | |
and hopefully make it that little bit easier for you. | 0:58:11 | 0:58:13 | |
Yeah, so join us next time | 0:58:13 | 0:58:14 | |
for more highs and lows on Homes Under The Hammer. | 0:58:14 | 0:58:16 | |
-Goodbye. -Goodbye. -Goodbye. | 0:58:16 | 0:58:18 |