Episode 49

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

0:00:03 > 0:00:05Now, it's hard to predict when to invest,

0:00:05 > 0:00:09but property prices are on the up in certain parts of the country,

0:00:09 > 0:00:10so now could be the time.

0:00:10 > 0:00:11Yes, correct, Martin,

0:00:11 > 0:00:14but be aware that your well-earned savings might not

0:00:14 > 0:00:15stretch as far as they used to.

0:00:15 > 0:00:17So if you want to get yourself a good deal,

0:00:17 > 0:00:19why not buy under the hammer?

0:00:45 > 0:00:48So, are you tempted to head to your local auction room

0:00:48 > 0:00:50and see what might be on offer?

0:00:50 > 0:00:53That's exactly what the buyers on today's show did.

0:00:53 > 0:00:54I wonder what they came away with.

0:00:54 > 0:00:56Let's find out.

0:00:57 > 0:01:00The buyer of this Carlisle terraced house isn't letting

0:01:00 > 0:01:02lack of experience get in his way.

0:01:02 > 0:01:03Well, I've bought a book on plumbing,

0:01:03 > 0:01:06so hopefully I'll be able to do a little bit of that.

0:01:07 > 0:01:10I read up about the history of this three-bed house in Derbyshire.

0:01:10 > 0:01:15£2,011 to have this house built in 1954.

0:01:17 > 0:01:19With time travel not yet an option,

0:01:19 > 0:01:22I head out to East London in search of a bargain.

0:01:22 > 0:01:25What you do have with this property is a fantastic

0:01:25 > 0:01:27blank canvas to work with.

0:01:28 > 0:01:31All these properties have been sold at auction.

0:01:31 > 0:01:33We'll find out who bought them, and what they paid for them

0:01:33 > 0:01:35when they went under the hammer.

0:01:35 > 0:01:36Well done, sir.

0:01:43 > 0:01:47We head now to what's been nicknamed the Great Border City,

0:01:47 > 0:01:50and is better known to you and I as Carlisle in Cumbria.

0:01:52 > 0:01:54Wherever you walk in Carlisle,

0:01:54 > 0:01:57you really get the sense that you're walking in the footsteps of

0:01:57 > 0:02:02countless generations - medieval, workers, Roman soldiers,

0:02:02 > 0:02:06Jacobite rebels and countless ordinary people

0:02:06 > 0:02:11who've occupied and lived in this beautiful border city over the years.

0:02:14 > 0:02:17One such former resident, albeit a reluctant one,

0:02:17 > 0:02:19was Mary, Queen of Scots.

0:02:19 > 0:02:22She was imprisoned here in Carlisle Castle,

0:02:22 > 0:02:25which sits in the city centre, and is over 900 years old.

0:02:27 > 0:02:30# Please release me,

0:02:30 > 0:02:31# Let me go... #

0:02:33 > 0:02:35Well, not far from the city centre,

0:02:35 > 0:02:37close to the Cumberland Infirmary,

0:02:37 > 0:02:39is the property I'm here to see,

0:02:39 > 0:02:40but before I get into it,

0:02:40 > 0:02:43good to notice that some of the neighbouring properties

0:02:43 > 0:02:45are having refurbishment work done on them.

0:02:45 > 0:02:48That really does give you an indication that, you know,

0:02:48 > 0:02:50people round here are caring for their properties,

0:02:50 > 0:02:52and that means that the whole neighbourhood can only go in

0:02:52 > 0:02:54one direction and that's up.

0:02:54 > 0:02:56But, this is the house.

0:02:56 > 0:03:00It's a two bed mid-terrace at a guide price of £14,000-plus.

0:03:01 > 0:03:03Let's have a look.

0:03:06 > 0:03:08So, a fairly classic layout.

0:03:08 > 0:03:09Squeaky door.

0:03:09 > 0:03:11Straight off the street into your front lounge.

0:03:11 > 0:03:13Erm...

0:03:13 > 0:03:14A quick glance around...

0:03:14 > 0:03:17It doesn't look to be in too bad a condition.

0:03:17 > 0:03:21Obviously needs a bit of modernisation, but, yeah...

0:03:21 > 0:03:24It looks OK. A few bits and pieces going on with the wall here.

0:03:24 > 0:03:26Um...

0:03:26 > 0:03:27Hmm...that's a bit strange.

0:03:27 > 0:03:29Then through into the kitchen. Now, this is odd.

0:03:30 > 0:03:35This is really odd, cos the kitchen is narrower...

0:03:38 > 0:03:40..than the rest of the house,

0:03:40 > 0:03:41so what's over there?

0:03:42 > 0:03:44Don't know.

0:03:44 > 0:03:45Better find out...I suppose. Hmm.

0:03:46 > 0:03:50What I'm about to discover is that some people can squeeze

0:03:50 > 0:03:53a bathroom into just about any space.

0:03:57 > 0:04:00Well, you know...that's a first.

0:04:00 > 0:04:02Halfway up the stairs to the bedrooms,

0:04:02 > 0:04:06there's a little landing and then you step into the bathroom.

0:04:07 > 0:04:08Wow.

0:04:08 > 0:04:11I mean, in a property like this, you might have expected the bathroom

0:04:11 > 0:04:15to be out the back, an extension to the kitchen or whatever...

0:04:15 > 0:04:18Maybe upstairs in a part of the bedroom, but here?

0:04:19 > 0:04:21Really?

0:04:21 > 0:04:22No. Not at all. Bad.

0:04:22 > 0:04:25# You know I'm bad, I'm bad,

0:04:25 > 0:04:28# Really, really bad... #

0:04:29 > 0:04:33Yes, you see a lot of strange layout choices in this job,

0:04:33 > 0:04:36and this one is right up there with the best of them.

0:04:36 > 0:04:39If I have my positive hat on, though,

0:04:39 > 0:04:41whoever buys this could extend into the back,

0:04:41 > 0:04:46where there is a nice little yard and, very handily, a car port.

0:04:48 > 0:04:51Or heading upstairs to the two good-sized bedrooms,

0:04:51 > 0:04:55you could take some space from up here and create a small bathroom.

0:04:56 > 0:05:00The important thing, though, is to keep an eye on your budget.

0:05:00 > 0:05:04If you're in it to make money, properties in this area do have a ceiling price.

0:05:06 > 0:05:09We asked an agent from the auction house who sold it

0:05:09 > 0:05:15for her opinion on this property, guided at £40,000 plus.

0:05:15 > 0:05:16It certainly has a lot of potential.

0:05:16 > 0:05:19You could either leave the layout as it is,

0:05:19 > 0:05:21and just renovate throughout to a good standard,

0:05:21 > 0:05:24or you could look to extend the kitchen

0:05:24 > 0:05:25and take the bathroom upstairs.

0:05:28 > 0:05:31And what kind of values are we looking at?

0:05:31 > 0:05:33Let's start with rental.

0:05:33 > 0:05:38Rental will probably vary between £400 and £450 per calendar month,

0:05:38 > 0:05:40depending on what alterations were done.

0:05:40 > 0:05:43And what about the sales market?

0:05:43 > 0:05:46Sales value, keeping the property in its current layout,

0:05:46 > 0:05:47done up to a good condition,

0:05:47 > 0:05:50it could be worth in the region of £80,000.

0:05:50 > 0:05:53With the property extended to include a larger kitchen

0:05:53 > 0:05:58and a first-floor bathroom, you could look to achieve towards £90,000.

0:06:01 > 0:06:03Well, a few things to sort out with this one -

0:06:03 > 0:06:06not least the bathroom on the stairs.

0:06:06 > 0:06:09But a bit of internal jiggery-pokery

0:06:09 > 0:06:12and it could be a really pleasant little property.

0:06:12 > 0:06:13Yeah, a good one to go for.

0:06:13 > 0:06:16Let's see who agreed when it went under the hammer.

0:06:17 > 0:06:20Two-bedroomed terraced house, gas central heating,

0:06:20 > 0:06:22new PVC double glazing.

0:06:22 > 0:06:23Where shall we start - 40?

0:06:23 > 0:06:24At 40, am I bid?

0:06:24 > 0:06:2635?

0:06:26 > 0:06:28Start me. 35 here, back row.

0:06:28 > 0:06:30At £35,000, I'm bid, then.

0:06:30 > 0:06:31In ones, nice and easy.

0:06:31 > 0:06:3236 here.

0:06:32 > 0:06:3437 there.

0:06:34 > 0:06:35Where's a bid?

0:06:35 > 0:06:3737 here. 38.

0:06:37 > 0:06:3939 seated. Just beat you to it.

0:06:39 > 0:06:4139 - concentrating on these two at the moment.

0:06:41 > 0:06:43At 39,000, back row.

0:06:43 > 0:06:4440.

0:06:44 > 0:06:45One.

0:06:45 > 0:06:48Two. Three. Four.

0:06:48 > 0:06:50Five. Six. Seven.

0:06:50 > 0:06:52Eight. Nine.

0:06:52 > 0:06:53Shake of the head.

0:06:53 > 0:06:55With you at 48.

0:06:55 > 0:06:5749. 50. One. Two.

0:06:57 > 0:06:5853?

0:06:58 > 0:07:0053 I'm bid. Four.

0:07:00 > 0:07:0255.

0:07:03 > 0:07:0555, 56, 57,

0:07:05 > 0:07:06eight.

0:07:06 > 0:07:09With you at £57,000.

0:07:09 > 0:07:11Half I've got.

0:07:11 > 0:07:1258. Half.

0:07:12 > 0:07:14Shake of the head.

0:07:14 > 0:07:15With you at £58,000.

0:07:15 > 0:07:17Here to sell in the room.

0:07:17 > 0:07:18At £58,000.

0:07:18 > 0:07:20Are we done and out?

0:07:20 > 0:07:22At £58,000 then, first time.

0:07:23 > 0:07:25Second time at 58. Are we all done?

0:07:25 > 0:07:27Selling away, then.

0:07:27 > 0:07:28Are you sure?

0:07:28 > 0:07:30Well done, sir.

0:07:32 > 0:07:35So, after a battle amongst the bidders,

0:07:35 > 0:07:38the property eventually sold for £58,000 -

0:07:38 > 0:07:41£18,000 over the guide price -

0:07:41 > 0:07:44to first-time buyer Stephen,

0:07:44 > 0:07:46who is a joiner by trade,

0:07:46 > 0:07:49and has helped friends in the past renovate properties.

0:07:49 > 0:07:52But this will be his first solo venture.

0:07:52 > 0:07:55I met him back at the house to find out his plans.

0:07:56 > 0:07:59- Stephen, good to meet you. - Nice to meet you.- Congratulations.

0:07:59 > 0:08:02Tell me why you wanted to buy this house.

0:08:02 > 0:08:05- Mainly because it never had an extension on the back.- OK.

0:08:05 > 0:08:06So it's quite handy.

0:08:06 > 0:08:10I haven't got to knock an existing one down to put the next one on.

0:08:10 > 0:08:12- You bought it because it DIDN'T have an extension?- Yes.- Oh, right.

0:08:12 > 0:08:15Some of them you see have got flat roofs and they look terrible.

0:08:15 > 0:08:17Some of them are long and a stupid shape.

0:08:17 > 0:08:19Not very good for a kitchen.

0:08:19 > 0:08:21So I'd like to extend the kitchen out,

0:08:21 > 0:08:23- and I haven't got to knock an old extension down.- OK.

0:08:23 > 0:08:26Makes perfect sense. What prompted you to do it now?

0:08:26 > 0:08:29Erm... I'm at that age when I need to buy a house, you know.

0:08:29 > 0:08:31Saved up for a while.

0:08:31 > 0:08:33- How old are you?- 23.

0:08:33 > 0:08:34OK, good.

0:08:34 > 0:08:36- Starting nice and young, then. - Yes.

0:08:36 > 0:08:39And it's a house to do what with, then?

0:08:39 > 0:08:42Hopefully, do up and sell, if it's worth...

0:08:42 > 0:08:44- a good amount of money when I come to sell it.- Right.

0:08:44 > 0:08:47- Either that or keep it and move in. Not sure yet.- OK.

0:08:47 > 0:08:49So that's another plan. You wouldn't rent it out -

0:08:49 > 0:08:51- you'd do it up or you'd live in it yourself?- Yeah.

0:08:51 > 0:08:55What about the whole bathroom-on-the-stairs thing?

0:08:55 > 0:08:58- That's all getting knocked through to the kitchen.- Oh.

0:08:58 > 0:08:59It's going to be a big kitchen/diner

0:08:59 > 0:09:02- almost like another living room with the kitchen.

0:09:02 > 0:09:04And what's going to happen to the stairs?

0:09:04 > 0:09:06That door's going to get blocked off,

0:09:06 > 0:09:09and it will carry on as normal, you know?

0:09:09 > 0:09:12And what are you going to do with the bathroom? Where's it going?

0:09:12 > 0:09:15- Bathroom's going to go upstairs. - How will you squeeze that in?

0:09:15 > 0:09:17I've got a cupboard in one of the bedrooms,

0:09:17 > 0:09:19probably fit the bath in there -

0:09:19 > 0:09:22- block off part of the bedroom. - Right.- So...

0:09:22 > 0:09:23I'm hoping that will work.

0:09:23 > 0:09:26# Upside down

0:09:26 > 0:09:28# Boy, you turn me

0:09:28 > 0:09:30# Inside out

0:09:30 > 0:09:32# And round and round. #

0:09:32 > 0:09:36'Sounds like Stephen has some pretty big plans for this property.

0:09:36 > 0:09:38'He will just need to make sure

0:09:38 > 0:09:39'that he doesn't compromise

0:09:39 > 0:09:41'those bedrooms too much.

0:09:41 > 0:09:44'Plus he'll want to keep an eye on his budget,

0:09:44 > 0:09:47'otherwise he could exceed what the property is worth.'

0:09:47 > 0:09:49And the plans for the back, then - tell me more about that.

0:09:49 > 0:09:51The back... Extension of 2.4.

0:09:51 > 0:09:53Knock it through.

0:09:53 > 0:09:57- Single-storey? - Yeah. A lean-to extension.

0:09:57 > 0:09:59The back garden I'm not entirely sure yet.

0:09:59 > 0:10:01Depends how much damage is caused

0:10:01 > 0:10:04- with all the materials being there and stuff.- Yeah, for sure.

0:10:04 > 0:10:07So how much of the work are you going to do yourself?

0:10:07 > 0:10:09- As much as I can. - What do you do?

0:10:09 > 0:10:11Well, I've bought a book on plumbing,

0:10:11 > 0:10:13so, hopefully, I'll be able to do a bit of that.

0:10:13 > 0:10:16- You've bought a book on plumbing! Brilliant!- Best time to try.

0:10:16 > 0:10:18Do all the joinery,

0:10:18 > 0:10:20a little bit of brickwork. I do brickie, as well.

0:10:20 > 0:10:21- Right.- That'll be a hand.

0:10:21 > 0:10:23- I won't touch electrics.- No.

0:10:23 > 0:10:25I don't fancy that.

0:10:25 > 0:10:27- Don't touch plastering, either. - No. It's a bit of a dark art.

0:10:27 > 0:10:30Are you going to do it on your own, apart from those things,

0:10:30 > 0:10:32or have you got family members helping you out?

0:10:32 > 0:10:34Yeah, I'll try and help other tradesmen out,

0:10:34 > 0:10:37- and then they can help me out, hopefully.- Right.

0:10:37 > 0:10:39Just finding the right tradesmen who's needing a joiner.

0:10:39 > 0:10:41Oh, I see, so you're going to barter your skills?

0:10:41 > 0:10:43Yes, hopefully.

0:10:43 > 0:10:44Good idea!

0:10:44 > 0:10:47"I'll do you some joists and floorboards

0:10:47 > 0:10:49- "if you come and put in my electrics."- Yes, exactly.

0:10:49 > 0:10:50- Great idea!- Yeah.

0:10:50 > 0:10:52That's a brilliant plan.

0:10:52 > 0:10:54So, what is the budget?

0:10:54 > 0:10:56£8,000-£10,000.

0:10:56 > 0:10:59That's just materials. Not including my labour, obviously.

0:10:59 > 0:11:01Right. OK. And what about timescale?

0:11:01 > 0:11:03Timescale depends on the money, again.

0:11:03 > 0:11:07As long as I have enough money to do it, it'll be six month-ish.

0:11:07 > 0:11:08If I run out of money...obviously,

0:11:08 > 0:11:10it'll take longer to get the funds together

0:11:10 > 0:11:12to buy the materials to do the work.

0:11:12 > 0:11:14# If you'll scratch my

0:11:14 > 0:11:15# Back!

0:11:15 > 0:11:16# Then I'll scratch your

0:11:16 > 0:11:18# Back!

0:11:18 > 0:11:19# Like two peas in a

0:11:19 > 0:11:21# Pack!

0:11:21 > 0:11:23# Let's get rid of our itch together...#

0:11:23 > 0:11:25I'm all shook up.

0:11:25 > 0:11:28Stephen's plans to call in a few favours

0:11:28 > 0:11:30and to trade jobs is a great way

0:11:30 > 0:11:33to keep costs down and achieve maximum potential.

0:11:33 > 0:11:35He's certainly got his head screwed on.

0:11:35 > 0:11:38Any idea what it might be worth to resell?

0:11:38 > 0:11:41I'm hoping as long as it's worth about 80, maybe a bit more,

0:11:41 > 0:11:44then I'll be happy with that. It's still a profit.

0:11:44 > 0:11:47- And then move that money into the next project?- Yeah.

0:11:47 > 0:11:48I'd like a holiday.

0:11:48 > 0:11:50Not had a holiday for two years.

0:11:50 > 0:11:52I could do with one of them. Erm...

0:11:52 > 0:11:53- So, where would you go?- America.

0:11:53 > 0:11:55- I quite fancy America.- Oh, wow.

0:11:55 > 0:11:57So you'd use the profits to travel?

0:11:57 > 0:12:00- Yeah, take my girlfriend away. - Right. Does she know?

0:12:00 > 0:12:02No, not yet. She will do soon, but...

0:12:02 > 0:12:04HE LAUGHS

0:12:04 > 0:12:07- Well, congratulations, and good luck with it.- Thank you very much.

0:12:07 > 0:12:09- And we look forward to seeing how you get on.- Thank you.

0:12:09 > 0:12:13Well, I think Stephen's got himself a nice little project here

0:12:13 > 0:12:15for his first property investment.

0:12:15 > 0:12:16Work to be done, yes.

0:12:16 > 0:12:18The extension - good idea.

0:12:18 > 0:12:20Certainly, moving the bathroom.

0:12:20 > 0:12:23How will he get on? You can find out later in the show.

0:12:30 > 0:12:33We head now to Long Eaton...

0:12:34 > 0:12:37..a thriving town that sits between its bigger neighbours

0:12:37 > 0:12:39Nottingham and Derby, making it ideal

0:12:39 > 0:12:43for commuters that are looking for more affordable housing.

0:12:43 > 0:12:46In the catalogue, the property I'm here to see

0:12:46 > 0:12:48has a guide of £135,000,

0:12:48 > 0:12:51plus it's a three-bed, detached property

0:12:51 > 0:12:53and in the catalogue it also says

0:12:53 > 0:12:57"modern kitchen, modern bathroom, cosmetic upgrade."

0:12:57 > 0:13:00Is it going to be that simple? Let's take a look.

0:13:03 > 0:13:05Well, the outside looks in good shape,

0:13:05 > 0:13:08plus you've got this garage and a little driveway -

0:13:08 > 0:13:11so possibly room for two cars.

0:13:11 > 0:13:13A detached three-bed property with a garage?

0:13:13 > 0:13:15Yes, please!

0:13:16 > 0:13:18Right, straight into...

0:13:18 > 0:13:20Oh, really nice bright hallway area.

0:13:20 > 0:13:22Just drop my catalogue there.

0:13:22 > 0:13:24Stairs going up to the bedrooms,

0:13:24 > 0:13:27central heating - always a good sign.

0:13:27 > 0:13:28Reception room one

0:13:28 > 0:13:32with an old-fashioned really chunky fireplace.

0:13:32 > 0:13:35Possibly call that retro nowadays.

0:13:35 > 0:13:38Through into reception room two - but there's the modern kitchen,

0:13:38 > 0:13:40which looks in good condition.

0:13:40 > 0:13:43But it's this flooring - in the hallway

0:13:43 > 0:13:44and in the reception room one,

0:13:44 > 0:13:46parquet flooring.

0:13:46 > 0:13:48Can really be a feature,

0:13:48 > 0:13:50just give it a bit of a polish

0:13:50 > 0:13:52and it really can set off a room,

0:13:52 > 0:13:55whether it's in the front room or this room.

0:13:55 > 0:13:58You've got double doors going out into the back garden, as well.

0:13:58 > 0:14:00So far, from what I've seen,

0:14:00 > 0:14:02I'm happy with it.

0:14:04 > 0:14:06# You-hoo-hoo

0:14:06 > 0:14:10# Well, you're makin' me happy, baby

0:14:10 > 0:14:13# So, so, so happy, baby

0:14:13 > 0:14:15# Just for bein' my girl. #

0:14:15 > 0:14:17What's not to like?

0:14:17 > 0:14:19Yes, the gas fires won't be everyone's cup of tea,

0:14:19 > 0:14:22but look at that lovely kitchen.

0:14:22 > 0:14:26Plus, all that parquet flooring will really get the buyers interested.

0:14:27 > 0:14:30The two reception rooms might need a bit of paint,

0:14:30 > 0:14:32but, really, this place is in great shape.

0:14:32 > 0:14:35Upstairs there's three bedrooms.

0:14:36 > 0:14:39The first one there seems to be a decent size.

0:14:39 > 0:14:42It's got built-in wardrobes and cupboards at the top.

0:14:42 > 0:14:44Bathroom.

0:14:45 > 0:14:47Good condition. Which is nice.

0:14:47 > 0:14:49Box bedroom just through there.

0:14:49 > 0:14:51And the third bedroom, here.

0:14:51 > 0:14:54Again, nice and bright,

0:14:54 > 0:14:56big window, lots of floor space -

0:14:56 > 0:14:59you can get two singles in here, or even a double bed,

0:14:59 > 0:15:01and a wardrobe - not a problem.

0:15:02 > 0:15:06And this house comes with an intriguing added extra -

0:15:06 > 0:15:08a folder full of information all about it.

0:15:08 > 0:15:10Have a look at this.

0:15:10 > 0:15:14This is a letter for a quotation

0:15:14 > 0:15:17for the build of this house.

0:15:18 > 0:15:20£2,011

0:15:20 > 0:15:24to have this house built back in 1954.

0:15:24 > 0:15:26That's incredible.

0:15:26 > 0:15:28And it gets even better.

0:15:28 > 0:15:29There's a letter here

0:15:29 > 0:15:32to purchase the land that this house was built on

0:15:32 > 0:15:37would have cost you £210

0:15:37 > 0:15:39back in 1953.

0:15:40 > 0:15:42I'll have two, please.

0:15:42 > 0:15:44That folder had actually been

0:15:44 > 0:15:47left by the previous owner for the new buyer.

0:15:47 > 0:15:50A handy addition to the legal pack on auction day.

0:15:55 > 0:15:57But returning to the present day,

0:15:57 > 0:16:00and out the back you've got a really nice

0:16:00 > 0:16:03walled garden complete with outside toilet

0:16:03 > 0:16:05and a very useful shed.

0:16:08 > 0:16:10Plus you've got access to the garage

0:16:10 > 0:16:13which is a great size and could either serve as a carport

0:16:13 > 0:16:15or maybe a workshop of some kind,

0:16:15 > 0:16:18although it does unfortunately have an asbestos roof,

0:16:18 > 0:16:21and sooner or later that's going to have to be dealt with

0:16:21 > 0:16:22by professionals.

0:16:24 > 0:16:27All in all, you're getting a lot of house

0:16:27 > 0:16:30for that 135,000-plus guide price,

0:16:30 > 0:16:31and it's in great condition.

0:16:33 > 0:16:35Let's find out if a local estate agent

0:16:35 > 0:16:38is impressed with this property, as well.

0:16:38 > 0:16:39It's a nice property.

0:16:39 > 0:16:41It's got great potential.

0:16:41 > 0:16:43It has the key ingredients -

0:16:43 > 0:16:44nice kitchen, bathroom,

0:16:44 > 0:16:46gas central heating, double glazing,

0:16:46 > 0:16:48it just needs a lick of paint,

0:16:48 > 0:16:50cosmetic improvement, upgrading.

0:16:50 > 0:16:52So the agent likes the property, too.

0:16:52 > 0:16:54What kind of figures does he think

0:16:54 > 0:16:56it will achieve once it's renovated?

0:16:56 > 0:16:58You'd look to put this on the market

0:16:58 > 0:17:01within the region of £170,000 to £180,000.

0:17:01 > 0:17:03With regards to rental, once fully completed and modernised,

0:17:03 > 0:17:07you're looking to rent this property within the region of £650-£700

0:17:07 > 0:17:09per calendar month.

0:17:10 > 0:17:14This property is what I hoped it would be when I was approaching it.

0:17:14 > 0:17:16A little bit to be done on the inside,

0:17:16 > 0:17:18and a little bit to be done on the outside.

0:17:18 > 0:17:21To me it appears to be pretty straightforward.

0:17:21 > 0:17:23Let's see who fancied an easy time turning this around

0:17:23 > 0:17:25when it went under the hammer.

0:17:28 > 0:17:31Three-bedroom detached house with attached garage.

0:17:31 > 0:17:35Guide price on this has had to be raised to 148.

0:17:35 > 0:17:38148, up from 135.

0:17:38 > 0:17:41So, in this case the guide price was raised.

0:17:41 > 0:17:43If the reserve price changes,

0:17:43 > 0:17:45so does the guide price.

0:17:45 > 0:17:47As it is usually within 10% of the reserve.

0:17:47 > 0:17:50£140,000 is the opening bid.

0:17:50 > 0:17:52141 somewhere else.

0:17:52 > 0:17:54140 is my starter.

0:17:55 > 0:17:58141. 141. 142.

0:17:58 > 0:18:01The bidding was a bit slow getting going,

0:18:01 > 0:18:03so we rejoin at 150,000.

0:18:04 > 0:18:06150 and one.

0:18:06 > 0:18:0852.

0:18:08 > 0:18:10152? I'll take the half.

0:18:10 > 0:18:13152 and a half. 153.

0:18:13 > 0:18:15And a half. 154.

0:18:15 > 0:18:16And a half.

0:18:16 > 0:18:18155.

0:18:18 > 0:18:20And a half.

0:18:20 > 0:18:22Against you at 155.

0:18:22 > 0:18:24Bid is here.

0:18:24 > 0:18:25£155,000.

0:18:25 > 0:18:27All done?

0:18:28 > 0:18:31£155,000 once?

0:18:31 > 0:18:34Twice? Third time.

0:18:34 > 0:18:37- BANGS GAVEL - Sold at 155, thank you.

0:18:38 > 0:18:40The successful bid of £155,000

0:18:40 > 0:18:43went to local man Chris.

0:18:44 > 0:18:47Chris who lives and works as a gardener in the local college,

0:18:47 > 0:18:50has had his eye on this property for some time.

0:18:52 > 0:18:53He already tried to buy it in 2010,

0:18:53 > 0:18:56when it came up for auction but he was priced out

0:18:56 > 0:18:58when it sold for £182,500.

0:19:00 > 0:19:04This time, though, he's got his green fingers on it

0:19:04 > 0:19:07and I'm looking forward to finding out his plans.

0:19:07 > 0:19:11# I'm the man in your garden I'm the man grows the fruit...#

0:19:11 > 0:19:13Chris, nice to meet you. Congratulations.

0:19:13 > 0:19:16Thank you, Dion. Thank you very much.

0:19:16 > 0:19:18Tell us what you're going to do to this house.

0:19:18 > 0:19:20Your story is a little bit different to most.

0:19:20 > 0:19:22Well, I bought the house, erm...

0:19:22 > 0:19:25in order to rent it out for a couple of years,

0:19:25 > 0:19:28and then after two years I'll be retiring,

0:19:28 > 0:19:31and that means I've got to leave the property I'm in

0:19:31 > 0:19:33and I'll have to have somewhere to live.

0:19:33 > 0:19:37So, with the house prices going up the way they are,

0:19:37 > 0:19:39I've been looking for the last two or three years,

0:19:39 > 0:19:43and, stupidly, I've watched them go up.

0:19:43 > 0:19:46And my savings haven't actually kept up!

0:19:46 > 0:19:49So, I finally looked at this one,

0:19:49 > 0:19:51and I looked round it at the viewing and I thought,

0:19:51 > 0:19:53"Well, I can't afford this. No way."

0:19:53 > 0:19:56And the estate agent said to me,

0:19:56 > 0:19:58"Give it a go."

0:19:58 > 0:20:02He says, "You never know. There isn't much interest in this one."

0:20:02 > 0:20:05And he was right. There wasn't a lot of interest in it.

0:20:05 > 0:20:08And at 155,000,

0:20:08 > 0:20:11hammer went down and I'd got it!

0:20:11 > 0:20:14So the people around me, you know,

0:20:14 > 0:20:16were saying, "Congratulations."

0:20:16 > 0:20:18They must've seen it on me,

0:20:18 > 0:20:21I was starting to get a bit fidgety by then,

0:20:21 > 0:20:24and the lady comes, picks me up,

0:20:24 > 0:20:27takes me from my seat to sign for it,

0:20:27 > 0:20:29so I goes and sits down and I picks the pen up -

0:20:29 > 0:20:32and this has never happened in my life -

0:20:32 > 0:20:34I picks the pen up and I'm like that...

0:20:34 > 0:20:36And I didn't even know it!

0:20:37 > 0:20:40I had to concentrate to sign my name!

0:20:40 > 0:20:42# And I'm trembling...

0:20:43 > 0:20:46# That's right, you got me shakin'...#

0:20:46 > 0:20:48Well, sign it he eventually did,

0:20:48 > 0:20:50and he's clearly delighted.

0:20:50 > 0:20:53Chris's job at the local college comes with an on-site house,

0:20:53 > 0:20:56and he's been living happily there for 26 years.

0:20:56 > 0:21:00But with retirement, comes inevitable change,

0:21:00 > 0:21:03so what does Chris have planned for his new house?

0:21:04 > 0:21:07Hopefully, after a couple of years, I shall leave the property

0:21:07 > 0:21:10that goes with my job at the moment

0:21:10 > 0:21:11and then I shall move into here.

0:21:11 > 0:21:14What are you going to do to the back garden?

0:21:14 > 0:21:17And what are you going to do in here for rental purposes?

0:21:17 > 0:21:19For rental purposes,

0:21:19 > 0:21:21this is a redecorate.

0:21:21 > 0:21:24Possibly varnish the floors.

0:21:24 > 0:21:26New boiler, possibly.

0:21:26 > 0:21:28And I think that, really...

0:21:28 > 0:21:30I mean, even the light shades have been left.

0:21:30 > 0:21:33So, for here, that's really it.

0:21:33 > 0:21:35Now, outside,

0:21:35 > 0:21:37erm, the fruit trees - they're

0:21:37 > 0:21:40looking a bit past their sell-by date.

0:21:40 > 0:21:42So I will possibly fell them

0:21:42 > 0:21:44and clean them out,

0:21:44 > 0:21:46and, really, that's about all.

0:21:46 > 0:21:48That's for the rental purposes.

0:21:48 > 0:21:49OK, for yourself?

0:21:49 > 0:21:52For myself, in a couple of years' time,

0:21:52 > 0:21:56money permitting, it'll be block-pave the front garden,

0:21:56 > 0:21:58which is about 80 square metres.

0:22:00 > 0:22:04A new staircase, which I like in natural wood.

0:22:04 > 0:22:08I don't know whether I shall be taking this wall down

0:22:08 > 0:22:09and making a kitchen/diner.

0:22:09 > 0:22:11New bathroom.

0:22:12 > 0:22:15Obviously, new doors on the garage.

0:22:16 > 0:22:18To complement the block paving.

0:22:18 > 0:22:20So the front will look nice.

0:22:20 > 0:22:22And then anything else that's necessary.

0:22:22 > 0:22:25To get this property ready for rental, Chris hopes to spend

0:22:25 > 0:22:27no more than £5,000,

0:22:27 > 0:22:29and he's keen to get it all done

0:22:29 > 0:22:31in around four to six weeks.

0:22:31 > 0:22:35But, really, he's looking forward to two years' time.

0:22:35 > 0:22:37You must be excited, Chris,

0:22:37 > 0:22:38because a lot of the times

0:22:38 > 0:22:42we actually speak to developers that do it up and rent them out,

0:22:42 > 0:22:43or they do them up and sell them.

0:22:43 > 0:22:45You've actually bought a property for yourself.

0:22:45 > 0:22:49- It's going to be your home. - That's right.- In two, two-and-a-half years' time.

0:22:49 > 0:22:51It is going to be a long two years, isn't it?

0:22:51 > 0:22:54Waiting to get hold of it.

0:22:54 > 0:22:58To actually get in a chair, in here, is going to be fantastic.

0:22:58 > 0:23:01- Would it be a cup of tea, or will it be a beer?- Erm...

0:23:01 > 0:23:03This is very cruel, this is...

0:23:03 > 0:23:05Beer gives me a headache, these days.

0:23:05 > 0:23:07It gives most people a headache!

0:23:07 > 0:23:10I used to love a drink, but I...I'll probably try one.

0:23:10 > 0:23:12Yes. Yes.

0:23:12 > 0:23:15I think you picked a really nice house to be a really nice home.

0:23:15 > 0:23:18- Good luck, Chris.- Thank you very much, Dion.- Hope it goes well.

0:23:18 > 0:23:20Thank you. Very good of you.

0:23:20 > 0:23:23I've got a good feeling about this house,

0:23:23 > 0:23:25and Chris is a really nice bloke.

0:23:25 > 0:23:28Having worked so hard for so long as a gardener,

0:23:28 > 0:23:30he's found a property that he wants to make his home.

0:23:30 > 0:23:32How will he do?

0:23:32 > 0:23:34I think he'll be bang on.

0:23:34 > 0:23:36You can find out how he does later on in the programme.

0:23:38 > 0:23:40Still to come, I find an old friend in East Ham.

0:23:40 > 0:23:42It's been about eight years.

0:23:42 > 0:23:43It has been eight years, yes.

0:23:43 > 0:23:46- We have aged, both of us. - Speak for yourself!

0:23:46 > 0:23:47HE LAUGHS

0:23:49 > 0:23:53And in Long Eaton, Chris still can't believe his good fortune.

0:23:53 > 0:23:55The whole thing, is a dream.

0:23:55 > 0:23:58And it's come true.

0:24:00 > 0:24:04But first, it's back to Cumbria and the border city of Carlisle.

0:24:06 > 0:24:09Earlier on I took a look around this two-bed, mid-terrace property

0:24:09 > 0:24:13that had a guide price of £40,000 plus.

0:24:15 > 0:24:17Now, you know me, I love a mid-terrace,

0:24:17 > 0:24:20but this one had me scratching my head.

0:24:21 > 0:24:24Well, you know, that's a first.

0:24:24 > 0:24:27Halfway up the stairs to the bedrooms,

0:24:27 > 0:24:29there's a little landing

0:24:29 > 0:24:32and you step into the bathroom.

0:24:32 > 0:24:33Really? No.

0:24:33 > 0:24:35Not at all bad(!)

0:24:35 > 0:24:36Urgh!

0:24:38 > 0:24:40# No, no, no, no

0:24:40 > 0:24:42# Oh, no, no, I don't like it like that

0:24:42 > 0:24:44# Oh, no, I don't like it like that

0:24:46 > 0:24:47# It ain't like that. #

0:24:47 > 0:24:50Because the bathroom had been squeezed in there,

0:24:50 > 0:24:52it made the kitchen a lot smaller.

0:24:52 > 0:24:54However, turning my frown upside down,

0:24:54 > 0:24:57was the obvious potential in this property,

0:24:57 > 0:24:59particularly for an extension into the back yard.

0:24:59 > 0:25:02On auction day there were plenty of people

0:25:02 > 0:25:04who saw the potential,

0:25:04 > 0:25:07where it was eventually sold for £58,000

0:25:07 > 0:25:09to property-novice Stephen.

0:25:09 > 0:25:11Well done, sir.

0:25:11 > 0:25:13Local joiner Stephen was eager

0:25:13 > 0:25:14to get on the property ladder

0:25:14 > 0:25:18and had a cunning plan to keep his costs down.

0:25:19 > 0:25:22I'll try and help other tradesmen out and then they can help me out.

0:25:22 > 0:25:23- Hopefully.- Right.

0:25:23 > 0:25:26Just finding the right tradesman, who's needing a joiner.

0:25:26 > 0:25:29- Oh, so you're going to barter your skills?- Yes. Hopefully.

0:25:29 > 0:25:31Good idea.

0:25:31 > 0:25:34Stephen planned to add an extension to the property at the back

0:25:34 > 0:25:37and move the bathroom upstairs as well as

0:25:37 > 0:25:41a total refurbishment - all within a budget of £8,000 to £10,000

0:25:41 > 0:25:43and a timescale of around six months.

0:25:47 > 0:25:48Well, it's now 10 months later

0:25:48 > 0:25:50and we've returned to Cumbria to see

0:25:50 > 0:25:52if Stephen's first property venture

0:25:52 > 0:25:54has been a successful one.

0:26:10 > 0:26:13Wow, wow, wow!

0:26:13 > 0:26:18This property is almost unrecognisable and that kitchen -

0:26:18 > 0:26:21I'm a little blown away.

0:26:21 > 0:26:23So, this is the kitchen.

0:26:23 > 0:26:26Still a few little things to do but behind me there was

0:26:26 > 0:26:28the old kitchen and the old bathroom

0:26:28 > 0:26:29with a wall between them.

0:26:29 > 0:26:30I knocked the wall out,

0:26:30 > 0:26:34knocked this wall out with a steel RSJ to hold up the back of the house

0:26:34 > 0:26:39and a big extension to make the room a bit bigger.

0:26:39 > 0:26:40What a result!

0:26:40 > 0:26:43This extension looks fantastic.

0:26:50 > 0:26:52He's managed to fit the bathroom upstairs

0:26:52 > 0:26:54by pinching some space from the back bedroom.

0:26:56 > 0:26:59This was dated and badly laid out

0:26:59 > 0:27:03but Stephen has managed to create a modern and desirable property.

0:27:05 > 0:27:09He's got new walls, flooring, plumbing,

0:27:09 > 0:27:11electrics and it's all the more impressive

0:27:11 > 0:27:15when you consider that this is his first renovation project.

0:27:17 > 0:27:21Altogether I'd sum up the experience as being rather hard work,

0:27:21 > 0:27:24a lot of persistence and just trying to get it finished.

0:27:24 > 0:27:26Trying to find time to get it finished

0:27:26 > 0:27:29was probably one of the harder parts of it.

0:27:29 > 0:27:31But, yes, it's gone OK.

0:27:31 > 0:27:33A lot of the work was me.

0:27:33 > 0:27:35I've had help from family and friends.

0:27:35 > 0:27:38My dad is a builder so he's been giving me a hand.

0:27:38 > 0:27:41I'm friends with a roofer who put the roof on for me.

0:27:41 > 0:27:45So I've had a lot of help from different people so it's been good.

0:27:45 > 0:27:49Left to do is a bit of painting, finishing off.

0:27:49 > 0:27:50A little bit of joinery work.

0:27:50 > 0:27:54The kitchen still needs a few touches done.

0:27:54 > 0:27:58Carpet down the stairs and the back garden needs finished as well.

0:28:01 > 0:28:02Juggling his joinery work

0:28:02 > 0:28:05and this renovation has meant that Stephen has gone over

0:28:05 > 0:28:10his timescale of six months, with the project taking closer to 11.

0:28:10 > 0:28:14But what about his £8-£10,000 budget?

0:28:14 > 0:28:17I've slightly gone over budget, unfortunately.

0:28:17 > 0:28:21I think it's been around £13,000-ish on materials,

0:28:21 > 0:28:24just due to it needing all replastered,

0:28:24 > 0:28:28re-plasterboarded, insulated and damp proofing done.

0:28:28 > 0:28:31When I first came to look at the house, it looked pretty OK.

0:28:31 > 0:28:33It didn't look too much of a job

0:28:33 > 0:28:35and then once I started taking it to bits,

0:28:35 > 0:28:38I realised there was damp and plaster falling off the walls

0:28:38 > 0:28:42so maybe I will have better luck next time and I have learned more

0:28:42 > 0:28:45about electrics and plumbing, which has been a rather good experience.

0:28:45 > 0:28:48First-time projects are always a learning curve

0:28:48 > 0:28:51but with Stephen eager to sell, it will be interesting to hear

0:28:51 > 0:28:56if he has made a profit on his investment of £71,000.

0:28:59 > 0:29:02Time to get those all-important valuations and of course,

0:29:02 > 0:29:05opinions from two local estate agents.

0:29:05 > 0:29:07Starting with the agent who saw it originally.

0:29:08 > 0:29:12This is my second visit to this property and on first impressions,

0:29:12 > 0:29:15I'm really impressed by the amount of work that he has achieved.

0:29:15 > 0:29:17The new layout works really well.

0:29:17 > 0:29:19The bathroom upstairs,

0:29:19 > 0:29:22he's managed to fit a bath and a shower in such a small space.

0:29:22 > 0:29:23It works really well.

0:29:23 > 0:29:27The downstairs gives extra living space, dining, kitchen.

0:29:27 > 0:29:32It makes it a lot different to other terraced properties on the market.

0:29:32 > 0:29:35The improvements Stephen has made are a hit with the agents

0:29:35 > 0:29:38but will their valuations reflect that?

0:29:38 > 0:29:41Let's hear the rental potential first.

0:29:41 > 0:29:43Rental figures for this property would be in the region

0:29:43 > 0:29:47of £425 per calendar month.

0:29:47 > 0:29:50For the rental market, I value this property

0:29:50 > 0:29:54at £425 per calendar month.

0:29:54 > 0:29:58That figure of £425 would produce a yield of just over 7%,

0:29:58 > 0:30:03which is a healthy percentage but Stephen is keen on selling.

0:30:04 > 0:30:08If I was to put this property on the market for sale,

0:30:08 > 0:30:12I would value it at £85,000 to £90,000.

0:30:12 > 0:30:16I would recommend an asking price in the region of £90,000 to

0:30:16 > 0:30:20achieve a figure somewhere between 85 and £90,000.

0:30:20 > 0:30:23I think that value is quite good, yeah. I'm happy with that.

0:30:23 > 0:30:25I was hoping around the 85 mark.

0:30:25 > 0:30:28So yeah, 85 to 90 seems good to me.

0:30:28 > 0:30:30He has every right to be pleased.

0:30:30 > 0:30:33If he did achieve 85,000,

0:30:33 > 0:30:37that would mean a pre-tax profit of £14,000, which is a nice result,

0:30:37 > 0:30:41considering this is his first venture into property renovation.

0:30:41 > 0:30:44So, with this one all but done, will he be doing it again?

0:30:44 > 0:30:47I'd buy again at auction, definitely.

0:30:47 > 0:30:49I'd buy another house eventually.

0:30:49 > 0:30:51Have a bit of a break, a holiday in between

0:30:51 > 0:30:53would be quite nice.

0:30:53 > 0:30:56The girlfriend will be coming on holiday with me.

0:30:56 > 0:30:58I've promised to treat her, since she's been rather good with me

0:30:58 > 0:31:01working a lot and not seeing her as much.

0:31:05 > 0:31:07Welcome to East Ham in London.

0:31:07 > 0:31:10A popular place for investors, thanks to its road

0:31:10 > 0:31:14and rail links to Central London, not to mention you get a bit

0:31:14 > 0:31:17more property for your money in these parts.

0:31:17 > 0:31:21Now, an average of £250,000 might not sound all that cheap to

0:31:21 > 0:31:24those of you who live outside of London,

0:31:24 > 0:31:26but compared with the average property

0:31:26 > 0:31:31price of the city as a whole being around £500,000,

0:31:31 > 0:31:35you definitely get more for your money here in East Ham.

0:31:35 > 0:31:38# More, more, more

0:31:38 > 0:31:41# How do you like it? #

0:31:41 > 0:31:44Well, this is a fairly standard road for East Ham.

0:31:44 > 0:31:48Victorian terraced houses along a pretty tree-lined street.

0:31:48 > 0:31:49Really pleasant.

0:31:49 > 0:31:52Now, the guide price for the property I'm here to see was

0:31:52 > 0:31:56less than the East Ham average at £140,000 plus.

0:31:56 > 0:31:58So, what do you get for that?

0:31:58 > 0:32:02A one bedroom first floor flat - that's what you get.

0:32:03 > 0:32:06Before I see what we've got this time,

0:32:06 > 0:32:09there's a nice little bonus with this property.

0:32:09 > 0:32:13There's still another 180 years left on its lease.

0:32:15 > 0:32:18I do feel quite confident about this property

0:32:18 > 0:32:21because I like these period conversions.

0:32:21 > 0:32:24Now, so far, it is a bit of a mass of magnolia and woodchip,

0:32:24 > 0:32:26but I'm looking beyond that.

0:32:26 > 0:32:30I mean, it really is spacious, it's got wonderful ceiling height, got a

0:32:30 > 0:32:36nice big bedroom behind, a bathroom just here, this little hallway.

0:32:36 > 0:32:39It just feels roomy. And I really like that. Got another...

0:32:39 > 0:32:43Oh, it's a kitchen! So quite a spacious kitchen through there.

0:32:43 > 0:32:47And through here, right at the front of the property is the lounge.

0:32:47 > 0:32:50Now, I'm really pleased because it's spacious,

0:32:50 > 0:32:51but for one of these conversions,

0:32:51 > 0:32:54a bit disappointing there's no character,

0:32:54 > 0:32:57so I'd probably like to put some of the character features back in.

0:32:57 > 0:33:00You could start with some cornicing up there,

0:33:00 > 0:33:03maybe a ceiling rose, maybe a little mantelpiece and a fire over here.

0:33:03 > 0:33:08Another thing to think about, you haven't got double glazed windows,

0:33:08 > 0:33:10but these are absolutely gorgeous traditional sashes

0:33:10 > 0:33:14and once you've painted them, they will look fantastic.

0:33:14 > 0:33:16So you can certainly add some character, but what you do

0:33:16 > 0:33:20have with this property is a fantastic blank canvas to work with.

0:33:23 > 0:33:26Of course, you don't have to do all those jobs, but adding character

0:33:26 > 0:33:30could really make this bright and airy flat so much more appealing.

0:33:30 > 0:33:34In fact, it really is so spacious, it gives me an idea.

0:33:34 > 0:33:39Open-plan kitchen-lounges are often popular these days,

0:33:39 > 0:33:41but would it work here?

0:33:41 > 0:33:45So, you could push this wall back here to make this lounge bigger

0:33:45 > 0:33:48and then you could put your kitchen units all along the back here.

0:33:48 > 0:33:51It would make this lounge feel a little bit smaller,

0:33:51 > 0:33:53but I think in this case, it would work.

0:33:53 > 0:33:56And perhaps more importantly, this old kitchen...

0:33:56 > 0:34:00Well, it could then become bedroom number two.

0:34:00 > 0:34:03Now, my thinking is an extra bedroom would mean extra money,

0:34:03 > 0:34:07perhaps taking you closer to that East Ham average property price.

0:34:12 > 0:34:15But just remember, before you start knocking down walls,

0:34:15 > 0:34:18you will need to get permission from the freeholder of the building,

0:34:18 > 0:34:21but if you do, I think adding a bedroom might be quite

0:34:21 > 0:34:24straightforward and I don't think there's any doubt it could

0:34:24 > 0:34:27add value to both rental and sales valuations.

0:34:29 > 0:34:33We've asked along a local estate agent to see what his thoughts

0:34:33 > 0:34:37are on this one bed first floor flat, guided at £140,000.

0:34:37 > 0:34:40I think there's plenty of renovation needs

0:34:40 > 0:34:42to be done in the property, for refurbishment,

0:34:42 > 0:34:45in terms of kitchen, bathroom, redecoration.

0:34:45 > 0:34:48I think the option to turn it into a two bed is definitely

0:34:48 > 0:34:51something that stands out for me. A big open-plan lounge at the front.

0:34:51 > 0:34:53For me, I'd put the kitchen into there,

0:34:53 > 0:34:55separating it off and giving a kitchen-lounge at the front.

0:34:55 > 0:34:59Therefore, we'd have a second bedroom. I think it's ideal for that opportunity.

0:34:59 > 0:35:02Yes, what is it they say about great minds again?

0:35:02 > 0:35:06I'm eager to hear what he thinks the valuations could be,

0:35:06 > 0:35:09but first, how much does he think the work here could cost?

0:35:09 > 0:35:12I think in terms of cost for the renovation, you're going to be

0:35:12 > 0:35:14looking somewhere in the region of around about £15,000 to

0:35:14 > 0:35:1820,000 to do a fairly decent job.

0:35:18 > 0:35:21Good to keep those figures in mind for the valuations.

0:35:21 > 0:35:22One bed rental first.

0:35:22 > 0:35:25As a rental property, we'd be looking to achieve

0:35:25 > 0:35:29somewhere in the region of about £950 to £1,000 per calendar month.

0:35:29 > 0:35:31And what about if it was a two bed property?

0:35:31 > 0:35:34As a rental property, we'd be looking at a value

0:35:34 > 0:35:38of around about £1,100 to £1,200 per calendar month.

0:35:38 > 0:35:40And how do resale valuations compare?

0:35:40 > 0:35:43As a one-bedroom flat, the resale value of this

0:35:43 > 0:35:46property would be around about £190,000 to £200,000.

0:35:46 > 0:35:48As a two bedroom property, as a resale value, we'd be

0:35:48 > 0:35:53looking at somewhere in the region of around £230,000 to £250,000.

0:35:53 > 0:35:56So, as far as property renovations go, on face value,

0:35:56 > 0:35:59this seems like a fairly straightforward one,

0:35:59 > 0:36:01but if you wanted to take it further, you could

0:36:01 > 0:36:06think about changing the layout and having that second bedroom here.

0:36:06 > 0:36:08So who saw this flat's potential?

0:36:08 > 0:36:10Let's head to the auction and find out?

0:36:14 > 0:36:17Self-contained first floor flat, nice Victorian building.

0:36:17 > 0:36:19Four phone bids here.

0:36:19 > 0:36:21It's a popular one, so let's get started.

0:36:21 > 0:36:25Ladies and gentlemen, lot six. Do you want to start me at 140?

0:36:25 > 0:36:29140 at the back. Thank you. In the blue sweater.

0:36:29 > 0:36:31140, I am bid. 145 now.

0:36:31 > 0:36:33140,000, I am bid then.

0:36:35 > 0:36:37Right. Gentleman there with the scarf. 145.

0:36:37 > 0:36:41Lady on the wall. Thank you. 150 now. 55, sir?

0:36:41 > 0:36:4455. 60. 65.

0:36:44 > 0:36:48After a little bit of a slow start, the bidding picks up

0:36:48 > 0:36:51and we rejoin at 175,000.

0:36:51 > 0:36:5375.

0:36:53 > 0:36:56Raise your hand if you are bidding.

0:36:56 > 0:37:00Thank you. 175. 775? 775.

0:37:00 > 0:37:0280?

0:37:02 > 0:37:03182,500?

0:37:03 > 0:37:06182,500?

0:37:06 > 0:37:10OK, have a think. 182,500, you, sir, standing there?

0:37:10 > 0:37:12Behind the seats.

0:37:12 > 0:37:14182,500. Anybody else?

0:37:16 > 0:37:19Against you, sitting down on the left.

0:37:19 > 0:37:23East Ham. For the first time at 182,500.

0:37:23 > 0:37:25Second time at 182,500.

0:37:26 > 0:37:28Anybody else?

0:37:28 > 0:37:32Third and final time. Bid's here. East Ham.

0:37:32 > 0:37:34At 182,500. Standing...

0:37:34 > 0:37:37- We're done. - BANGS GAVEL

0:37:37 > 0:37:39You sir, thank you. At £182,500.

0:37:43 > 0:37:48The successful bid of £182,500 belonged to a familiar face.

0:37:48 > 0:37:52We first met Mohammed way back in 2008

0:37:52 > 0:37:55when he bought a flat in Poplar.

0:37:55 > 0:37:58He was and still is a property developer for himself

0:37:58 > 0:38:00and for clients.

0:38:00 > 0:38:03I was looking forward to finding out what the plans were here,

0:38:03 > 0:38:06but we didn't get off to the best of starts.

0:38:06 > 0:38:08Mohammed, it's great to see you again.

0:38:08 > 0:38:11It's been about eight years since I last saw you.

0:38:11 > 0:38:14It has been eight years, yes. We have aged, both of us.

0:38:14 > 0:38:16- Speak for yourself! - HE LAUGHS

0:38:16 > 0:38:18We're not keeping that bit in!

0:38:18 > 0:38:20Take two, I think!

0:38:20 > 0:38:24- Mohammed, congratulations. We meet again.- We do indeed.

0:38:24 > 0:38:26It's been eight years.

0:38:26 > 0:38:29- Eight years since I last interviewed you for the programme.- Indeed.

0:38:29 > 0:38:32So, what have you been doing over the last eight years?

0:38:32 > 0:38:35Well, we've been continuing in the property acquisition,

0:38:35 > 0:38:38refurbishment and development business.

0:38:38 > 0:38:42So, have you bought this flat for yourself or on behalf of somebody else?

0:38:42 > 0:38:44No, this has been bought on behalf of a client of ours.

0:38:44 > 0:38:48We got the remit to purchase at auction a property that we

0:38:48 > 0:38:50could add value to.

0:38:50 > 0:38:53And for the client to make some money on.

0:38:53 > 0:38:56So you paid a little bit over the guide price.

0:38:56 > 0:38:59Where do you think you can add value in a property like this?

0:38:59 > 0:39:00I think when we saw this property,

0:39:00 > 0:39:05the layout is of a one bedroom accommodation,

0:39:05 > 0:39:11but it is a large one bedroom and it lends itself to converting into

0:39:11 > 0:39:16a two bedroom with an additional en suite in the master bedroom as well.

0:39:16 > 0:39:19So, eventually, it is going to become a two bedroom,

0:39:19 > 0:39:22two bathroom apartment and that's where the value will be added.

0:39:22 > 0:39:27So, where are you going to be doing that? Which wall are you going to bring down?

0:39:27 > 0:39:29Where are you going to add that extra bedroom?

0:39:29 > 0:39:33Right. This kitchen wall, that parts the living room,

0:39:33 > 0:39:37it's going to be knocked towards the kitchen.

0:39:37 > 0:39:40And the room where we are standing now, which is a kitchen,

0:39:40 > 0:39:42is going to become a second bedroom...

0:39:42 > 0:39:43Ah.

0:39:43 > 0:39:46And in the master bedroom, we are

0:39:46 > 0:39:49going to create an en-suite shower room.

0:39:49 > 0:39:52OK, I can totally see that this would be an ideal bedroom,

0:39:52 > 0:39:55you're going to move this wall back a little bit.

0:39:55 > 0:39:58Where's the en-suite bathroom going to go in the master bedroom?

0:39:58 > 0:40:02Where the boiler is at the moment, that boiler is going to be

0:40:02 > 0:40:07relocated into the living room, where the kitchen will be, as well.

0:40:07 > 0:40:13So where the current boiler is, along the wall,

0:40:13 > 0:40:16is where the en-suite shower room is going to come

0:40:16 > 0:40:22and it will still allow for a double room with an en-suite.

0:40:22 > 0:40:24# This is what you want

0:40:24 > 0:40:27# How you want, when you want it

0:40:27 > 0:40:29# The time you want it

0:40:29 > 0:40:32# That's a good idea.

0:40:32 > 0:40:34# It is, babe

0:40:34 > 0:40:36# It's a good idea... #

0:40:36 > 0:40:40Well, Mohammed might have a little bit of work to do on his charm

0:40:40 > 0:40:42skills but he certainly knows his stuff

0:40:42 > 0:40:44when it comes to renovating properties.

0:40:44 > 0:40:48No time for a sit down, Mohammed, we've got things to discuss.

0:40:48 > 0:40:51So tell me about the budget you've got to do such works?

0:40:51 > 0:40:55The budget we have from the client is around 15,000.

0:40:55 > 0:40:58OK, can you manage to get it all in for that amount?

0:40:58 > 0:41:01Yes, I mean, that's what we've told the client and we will push

0:41:01 > 0:41:06for that to do it within the £15,000 budget and I think it's doable.

0:41:06 > 0:41:09And then what happens next? Do you sell it, do you put it up to rent?

0:41:09 > 0:41:12Yes, the client would like to sell it on

0:41:12 > 0:41:15so that they can move on to other projects.

0:41:15 > 0:41:17- So you really do need to make sure you sell this at a profit?- Yes.

0:41:17 > 0:41:20- Or your client's not going to be happy.- They won't.

0:41:20 > 0:41:23- You won't have done your job properly.- I won't be happy either.

0:41:23 > 0:41:26So who comes in and does the work for you, your same team of guys you've always used?

0:41:26 > 0:41:31Yes, I've got a good friend, a builder.

0:41:31 > 0:41:35- Yeah.- And he does all my building works these days.

0:41:35 > 0:41:37It's going to be a good job so that

0:41:37 > 0:41:40when you come back you will be purring with excitement.

0:41:40 > 0:41:42- All for £15,00?- All for 15,000.

0:41:42 > 0:41:45Can I get your friend's number, please.

0:41:45 > 0:41:47How long is it going to take him to do the work?

0:41:47 > 0:41:50We're hoping that it can be done within six weeks

0:41:50 > 0:41:53but we are allowing a further two weeks contingency.

0:41:53 > 0:41:56Mohammed, it sounds like a perfect scenario, all the way round.

0:41:56 > 0:41:58I'm hoping so too.

0:41:58 > 0:42:00Just let me into a little secret, how much do you think it's

0:42:00 > 0:42:03going to be worth once you've done all the work to it?

0:42:03 > 0:42:06I've a feeling this will be worth around 240,000

0:42:06 > 0:42:08when the works are completed.

0:42:08 > 0:42:11Is that enough of a profit for you and your partner?

0:42:11 > 0:42:15Yes, it is for six to eight weeks work, I think that is

0:42:15 > 0:42:16a good return for the client.

0:42:16 > 0:42:20I'm really excited to see the outcome. Congratulations, well done.

0:42:20 > 0:42:22- Lovely to see you again.- Thank you.

0:42:22 > 0:42:26Well, I'm pleased to hear that all is still going well for Mohammed

0:42:26 > 0:42:29since I last saw him and with ten years' property experience

0:42:29 > 0:42:32under his belt, this seems like a simple renovation.

0:42:32 > 0:42:37He is so relaxed and chilled about everything but will there be

0:42:37 > 0:42:40enough profit to satisfy his client at the end of it all?

0:42:40 > 0:42:44Join me later on in the programme and you can find out how he gets on.

0:42:48 > 0:42:50That's one property down but there's still two more to go.

0:42:50 > 0:42:52How do you think the buyers have got on?

0:42:52 > 0:42:56Will there be big changes or do you think the improvements will be

0:42:56 > 0:42:57really hard to see?

0:42:57 > 0:43:00Well, I think it's time we had a look.

0:43:03 > 0:43:08Time to head back to Derbyshire now and that popular town of Long Eaton.

0:43:08 > 0:43:11It was here I looked around this three-bedroomed detached property,

0:43:11 > 0:43:13complete with a good-sized garage

0:43:13 > 0:43:16and the lovely big, back garden with its own shed.

0:43:19 > 0:43:23Now the guide price originally of £135,000 plus,

0:43:23 > 0:43:27which was raised on auction day to 148,000 and no wonder.

0:43:29 > 0:43:32Venturing inside, I discovered a property that, despite the need

0:43:32 > 0:43:36of some modernising here and there, was in really good shape.

0:43:36 > 0:43:39You've got double doors going out into the back garden as well

0:43:39 > 0:43:41which are bringing lots of light in.

0:43:41 > 0:43:46So far, what I've seen, I'm happy with.

0:43:46 > 0:43:49# You're just too good to be true

0:43:49 > 0:43:52# Can't take my eyes off of you... #

0:43:55 > 0:43:58This was one of those rare occasions where there didn't seem to be

0:43:58 > 0:44:01any hidden nasties for me to find.

0:44:02 > 0:44:07It was bought on auction day for £155,000 by local man, Chris.

0:44:08 > 0:44:10With retirement looming,

0:44:10 > 0:44:14gardener Chris had been looking to find a property for himself for

0:44:14 > 0:44:15almost three years

0:44:15 > 0:44:18but when he found this property he didn't fancy his chances.

0:44:20 > 0:44:23I looked around it at the viewing and thought,

0:44:23 > 0:44:26"Well, I can't afford this. No way."

0:44:26 > 0:44:30And the estate agent said to me, "Give it a go,

0:44:30 > 0:44:34"you never know, there isn't much interest in this one."

0:44:35 > 0:44:38I thought, well, I'll go and set it all up and go to the auction

0:44:38 > 0:44:42and he was right, there wasn't a lot of interest in this one.

0:44:44 > 0:44:46Chris had happily worked as a gardener at the local college

0:44:46 > 0:44:50for the past 26 years where he also lived.

0:44:50 > 0:44:53A house came with his job so for this property he planned to rent it

0:44:53 > 0:44:57out for two years after which he'd move into it himself.

0:44:57 > 0:45:00He hoped that getting a house ready for rental would be

0:45:00 > 0:45:04straightforward, cost no more than £5,000

0:45:04 > 0:45:05and take around four to six weeks.

0:45:11 > 0:45:15We're back just over 12 weeks later and, as you can see,

0:45:15 > 0:45:18a good start has been made in the front garden.

0:45:24 > 0:45:26The walls have been given a lick of paint

0:45:26 > 0:45:29and the parquet flooring has been cleaned,

0:45:29 > 0:45:31buffed and slightly lightened.

0:45:31 > 0:45:35In the second reception room, in place of the old gas fire,

0:45:35 > 0:45:38is a lovely wood burner, which is a great little feature.

0:45:45 > 0:45:47I never expected to see big changes here.

0:45:47 > 0:45:50Chris was always planning to get the property ready for rental with

0:45:50 > 0:45:54a simple makeover but the work he has done, he has done well.

0:45:59 > 0:46:02It should come as no surprise that green fingered Chris's biggest

0:46:02 > 0:46:05changes have actually come in the back garden.

0:46:09 > 0:46:11As you can see, we've removed the conifers

0:46:11 > 0:46:14and the pear tree from this end of the garden,

0:46:14 > 0:46:17plus the row of apple trees at the bottom of the garden,

0:46:17 > 0:46:19roots and all.

0:46:19 > 0:46:23The main loss from this is the loss of birdlife in the garden

0:46:23 > 0:46:27but I will replant everything to a better standard.

0:46:27 > 0:46:30There speaks an experienced gardener.

0:46:30 > 0:46:32Chris has done what needed to be done,

0:46:32 > 0:46:35plus he's also added a new boiler.

0:46:35 > 0:46:39I'm happy to report that before he'd even had time to finish, his

0:46:39 > 0:46:43estate agent had found him a family wanting to move in straightaway.

0:46:45 > 0:46:47I'm very relaxed about it being rented.

0:46:47 > 0:46:49You know, which is a very big bonus.

0:46:49 > 0:46:55The whole process right from the auction to the solicitors to

0:46:55 > 0:46:58everybody that's been involved, I'd just like to say thank you

0:46:58 > 0:47:00because they have all been marvellous.

0:47:00 > 0:47:04The whole thing is a dream and it's come true.

0:47:04 > 0:47:06Great to hear that Chris is living the dream

0:47:06 > 0:47:08but are his plans the same?

0:47:08 > 0:47:11Is he still moving in in two years?

0:47:11 > 0:47:14Yes, the plan is this is my home.

0:47:14 > 0:47:16You know, I mean, this is more than I could ever have dreamed

0:47:16 > 0:47:19of owning, or moving into.

0:47:19 > 0:47:21So it's not going anywhere.

0:47:21 > 0:47:25# Come on over to my house, baby

0:47:25 > 0:47:28# Nobody home but me... #

0:47:29 > 0:47:32Chris is delighted and so he should be.

0:47:32 > 0:47:36He had spent a little more than he had planned with his budget,

0:47:36 > 0:47:40including taxes and fees, coming in at around £8,000.

0:47:40 > 0:47:43That's despite just needing to give the bathroom a good clean

0:47:43 > 0:47:47and limiting the work in the kitchen, just changing a few sockets.

0:47:47 > 0:47:51However, don't forget he did get a brand-new boiler in for his tenants.

0:47:54 > 0:47:58It's clear Chris has no intention of selling this property

0:47:58 > 0:48:01but it will still be interesting to hear if he's added any value

0:48:01 > 0:48:05and if he's reached his rental potential.

0:48:05 > 0:48:07We've invited two local estate agents to tell us

0:48:07 > 0:48:10their thoughts, starting with the agent who saw it originally.

0:48:10 > 0:48:14This property will appeal to a second time purchaser, small

0:48:14 > 0:48:16family that's upsizing but then you've also got

0:48:16 > 0:48:19the investment markets, so you have the potential.

0:48:19 > 0:48:23There is a strong rental demand for this kind of property.

0:48:23 > 0:48:25This is the first time I've been inside.

0:48:25 > 0:48:28I understand it's been redecorated and done to a neutral condition.

0:48:28 > 0:48:32The flooring has been improved and that's a nice feature of the house.

0:48:32 > 0:48:34The kitchen was already modernised,

0:48:34 > 0:48:36I understand, and that still shows very well.

0:48:36 > 0:48:38The garden, I understand, has now been cleared

0:48:38 > 0:48:41and it is a very large garden which you now can appreciate.

0:48:41 > 0:48:44I think the major selling feature of this property is the plot.

0:48:44 > 0:48:46It's on a generous plot, with plenty of parking,

0:48:46 > 0:48:49a good side garage and a large garden, great for families.

0:48:51 > 0:48:54The agents are satisfied with what they've seen

0:48:54 > 0:48:57but what kind of value would they place on this property,

0:48:57 > 0:49:01with an investment so far including purchase price of around £163,000?

0:49:04 > 0:49:08On the open market this property in its current condition will be

0:49:08 > 0:49:14selling within the region of £175,000 to £185,000.

0:49:14 > 0:49:16If I was going to market this property for sale,

0:49:16 > 0:49:19I would list it at an asking price of £195,000.

0:49:19 > 0:49:21Those values are excellent.

0:49:21 > 0:49:26To say that the property still needs quite a bit of work doing,

0:49:26 > 0:49:30later, the values are spot-on.

0:49:30 > 0:49:33I'm quite happy with that.

0:49:33 > 0:49:35Quite right too.

0:49:35 > 0:49:38That top valuation of £195,000

0:49:38 > 0:49:43could mean a pre-tax profit of a very nice 32 grand.

0:49:43 > 0:49:46As we already know, this property is not for sale and Chris is happy

0:49:46 > 0:49:49to continue renting for the next two years.

0:49:52 > 0:49:54With regards to renting this property out,

0:49:54 > 0:49:58you are looking within the region around £650-£700 per calendar month.

0:49:58 > 0:50:00If I was going to let this property out,

0:50:00 > 0:50:04I would suggest an initial rent of £795 per calendar month.

0:50:04 > 0:50:08They're very good figures and I expect figures like that.

0:50:08 > 0:50:13It's rented at the moment at 675 per month,

0:50:13 > 0:50:15and I'm very happy with that.

0:50:15 > 0:50:20Chris's £675 creates a yield of just under 5% which,

0:50:20 > 0:50:24along with the value he's added to the property, makes it a big success.

0:50:24 > 0:50:28So, come on, Chris, after hearing those valuations,

0:50:28 > 0:50:31surely your plans have changed?

0:50:31 > 0:50:33No, I'm just tempted to smile a bit more.

0:50:39 > 0:50:44We head back to London now and the popular area of East Ham.

0:50:44 > 0:50:49It was here that we took a look around this well-proportioned one-bedroom first-floor flat

0:50:49 > 0:50:53that had a very attractive guide price of £140,000+.

0:50:57 > 0:51:00This blank canvas of a property was full of potential,

0:51:00 > 0:51:04and the changes needed were obvious to me.

0:51:04 > 0:51:09So, you could push this wall back here to make this lounge bigger

0:51:09 > 0:51:13and then you could put your kitchen units all along the back here.

0:51:13 > 0:51:15It would make this lounge feel a little bit smaller

0:51:15 > 0:51:18but I think, in this case, it would work.

0:51:18 > 0:51:20And perhaps more importantly, this old kitchen, well,

0:51:20 > 0:51:23it could then become bedroom number two.

0:51:25 > 0:51:27It wasn't just me that saw the potential of this place,

0:51:27 > 0:51:30with several buyers battling it out on auction day.

0:51:34 > 0:51:37The successful bid of £182,500,

0:51:37 > 0:51:41£42,500 over the guide price,

0:51:41 > 0:51:44belonged to successful property developer Mohammed.

0:51:45 > 0:51:49Buying this property for a client, Mohammed, like me, saw the potential

0:51:49 > 0:51:54to add not only another bedroom but also an en-suite as well.

0:51:54 > 0:51:56However, with his client keen to sell,

0:51:56 > 0:52:00Mohammed was under pressure to deliver a handsome profit.

0:52:00 > 0:52:03The client would like to sell it on

0:52:03 > 0:52:06so that they can move on to another project.

0:52:06 > 0:52:09- So you really do need to make sure you sell this at a profit?- Yes.

0:52:09 > 0:52:12- Otherwise, your client's not going to be happy at all.- They won't.

0:52:12 > 0:52:15- You won't have done your job properly!- No. I wouldn't be happy either.

0:52:15 > 0:52:16# Pressure

0:52:16 > 0:52:18# Pushing down on me

0:52:18 > 0:52:19# Pressing down on you

0:52:19 > 0:52:21# No man ask for... #

0:52:21 > 0:52:24Mohammed had plenty of experience, though,

0:52:24 > 0:52:27and with the help of his regular builder friend, Saif, doing the work,

0:52:27 > 0:52:30he felt his budget of 15,000

0:52:30 > 0:52:34and timescale of 6-8 weeks was more than sufficient.

0:52:38 > 0:52:42Two and a half months later, we've returned to East Ham to see

0:52:42 > 0:52:44how Mohammed's latest project has progressed.

0:52:56 > 0:53:00Wow! There's been some serious changes since we last visited.

0:53:00 > 0:53:05Mohammed's builder, Saif, was on hand to explain the layout changes.

0:53:06 > 0:53:09Yeah, so here used to be, before, like a master room,

0:53:09 > 0:53:12a front room, living room.

0:53:12 > 0:53:14And what we have done, like, there used to be a wall in here,

0:53:14 > 0:53:17which we took the wall off and we moved the wall over there.

0:53:17 > 0:53:19We have added this wall here.

0:53:19 > 0:53:23And to support the roof and take the weight of the roof,

0:53:23 > 0:53:25we have put an RSJ here.

0:53:25 > 0:53:28And basically, we have added this massive kitchen in here,

0:53:28 > 0:53:30which is usable for whoever wants to move in.

0:53:32 > 0:53:35Originally, Mohammed had plans to create a kitchen/diner,

0:53:35 > 0:53:38but after taking advice from a local estate agent,

0:53:38 > 0:53:41he decided to keep the two rooms separate, which still frees up

0:53:41 > 0:53:45the old kitchen to become that all-important second bedroom.

0:53:53 > 0:53:55And it doesn't stop there.

0:53:55 > 0:53:58They've also renovated the bathroom from top to bottom.

0:54:06 > 0:54:09The master bedroom now comes complete with its own en suite.

0:54:15 > 0:54:20Mohammed and builder Saif have really maximised the space here.

0:54:20 > 0:54:23They've turned what was a one-bedroom first-floor flat

0:54:23 > 0:54:27into a two-bedroom, two-bathroom first-floor flat.

0:54:29 > 0:54:34Yeah, feel really good that it has turned out as we expected it to be.

0:54:34 > 0:54:38You know, from a one-bed unit, we have turned it into a two-bed,

0:54:38 > 0:54:41two-bath unit with a separate kitchen.

0:54:41 > 0:54:46And the finishing has turned out as we wanted it to be.

0:54:46 > 0:54:51And, yeah, myself, my client and Saif,

0:54:51 > 0:54:54we're all excited that it's turned out as it has.

0:54:54 > 0:54:57When he feels happy, it makes us really excited,

0:54:57 > 0:55:01so we try to work hard and have a really good finish for him,

0:55:01 > 0:55:03which I think we have succeeded.

0:55:03 > 0:55:05The freeholder approved the alterations

0:55:05 > 0:55:08and the improvements that we carried out.

0:55:08 > 0:55:12We sought permission for the moving the kitchen

0:55:12 > 0:55:16into the living room space and the addition of the en-suite.

0:55:16 > 0:55:20All that was approved without any problem, because they realised

0:55:20 > 0:55:24it is an improvement and it improves the value of the freehold as well.

0:55:24 > 0:55:30You have to ask permission from the freeholder before making big changes,

0:55:30 > 0:55:34plus, in this case, because of the addition of the RSJ beam,

0:55:34 > 0:55:36Mohammed had to seek permission from building control,

0:55:36 > 0:55:41which meant his timescale went from eight weeks to ten weeks.

0:55:41 > 0:55:43But what about that budget of 15,000?

0:55:43 > 0:55:46How is that holding up with all these alterations?

0:55:50 > 0:55:51We went slightly over that.

0:55:51 > 0:55:58We came up to around 16,200, so we went 1,200 above the budget.

0:55:58 > 0:56:01But that was because of the additional work

0:56:01 > 0:56:04involved as a result of the addition of the RSJ.

0:56:07 > 0:56:09That means, including the purchase price,

0:56:09 > 0:56:14Mohammed's client has invested just under 199,000.

0:56:14 > 0:56:16And with Mohammed under instructions to sell

0:56:16 > 0:56:19and make that all-important profit, it seems like the right time

0:56:19 > 0:56:23to hear the thoughts and opinions of two local estate agents,

0:56:23 > 0:56:25starting with the agent who saw it originally.

0:56:29 > 0:56:31I think the changes they've done are really, really nice.

0:56:31 > 0:56:33Fantastic finish on the property.

0:56:33 > 0:56:35I like the way they've moved some of the walls around as well.

0:56:35 > 0:56:38Property has a huge amount of potential now. Yeah, fantastic job.

0:56:38 > 0:56:41I like the fact they've made it into a two-bedroom property,

0:56:41 > 0:56:42especially for this area.

0:56:42 > 0:56:45They've actually enlarged the property, which is obviously a good

0:56:45 > 0:56:48thing because they've turned it from a one-bedroom into a two-bedroom.

0:56:48 > 0:56:50I really like the small en suite they've done.

0:56:50 > 0:56:53I like the way they've got the separate lounge and kitchen and,

0:56:53 > 0:56:57all-in-all, the general feel of the property is very, very nice.

0:56:57 > 0:56:59Nice, simple colours - really good property.

0:56:59 > 0:57:03So the agents are impressed with what's been done,

0:57:03 > 0:57:05but time to talk numbers.

0:57:05 > 0:57:09Will all of Mohammed's changes mean that he's made a good-sized profit?

0:57:13 > 0:57:17On the open market now, we value this flat at £260,000.

0:57:17 > 0:57:19For resale value in the current market, I think

0:57:19 > 0:57:23you'd be looking somewhere in the region of £255,000 to £265,000.

0:57:23 > 0:57:25Wow, that is, you know,

0:57:25 > 0:57:29a significant jump from the original valuation.

0:57:29 > 0:57:34So, that is excellent and excellent news for my client.

0:57:34 > 0:57:38By moving the flat around, Mohammed has certainly reaped rewards.

0:57:38 > 0:57:42If they did achieve that top valuation of 265,000,

0:57:42 > 0:57:47that would mean a pre-tax profit of £66,000,

0:57:47 > 0:57:49which makes this project a great success

0:57:49 > 0:57:53for both Mohammed and his client.

0:57:53 > 0:57:54He'll be overjoyed.

0:57:54 > 0:57:58I think he's made a significant profit, so he will be very pleased.

0:57:58 > 0:58:03But only once it sells. That's when he can count his profit.

0:58:06 > 0:58:10Well, there are plenty of auctions taking place all over the country.

0:58:10 > 0:58:13Yes, and we'll be there, ready to record the action.

0:58:13 > 0:58:16- So make sure you join us for more Homes Under The Hammer.- See you then.

0:58:16 > 0:58:18- Bye-bye.- Bye for now.