0:00:02 > 0:00:04Hello, you might think that buying a property at auction
0:00:04 > 0:00:06is only for cash buyers, but you can still get a mortgage.
0:00:06 > 0:00:09Yes, so if you've got the money for a deposit and the fees,
0:00:09 > 0:00:11you're ready to bid.
0:00:11 > 0:00:13Yes, just be prepared for that fast turnaround
0:00:13 > 0:00:15between the hammer falling and picking up the keys
0:00:15 > 0:00:17when you buy your home under the hammer.
0:00:44 > 0:00:47Buying at auction can help you discover that everyone's home is their castle.
0:00:47 > 0:00:51Well, yes, if you mean by that, crumbling brickwork,
0:00:51 > 0:00:53faulty pipe work and enough damp to fill a moat,
0:00:53 > 0:00:55you might be right, Lucy.
0:00:55 > 0:00:58Well, let's hope that today's buyers got a better deal than that.
0:00:58 > 0:00:59Let's take a look.
0:01:00 > 0:01:02Coming up on the show...
0:01:02 > 0:01:05I may have been a little bit quick to judge this property in Buckinghamshire...
0:01:05 > 0:01:09Wow, it really is looking like first impressions were not correct.
0:01:11 > 0:01:13I don't think speed will be too much of an issue
0:01:13 > 0:01:16for the developer of this flat in Oldham.
0:01:16 > 0:01:18It took me 26 years to tile the bathroom so...no.
0:01:21 > 0:01:25In London, I'd be changing the decor of this house as quickly as I could!
0:01:26 > 0:01:29Lots and lots of this...glossy wood panelling.
0:01:29 > 0:01:31I think that would have to go.
0:01:33 > 0:01:35All these properties have been sold at auction.
0:01:35 > 0:01:38We'll find out who bought them and what they paid for them
0:01:38 > 0:01:40- when they went under the hammer. - Sold.
0:01:45 > 0:01:49Little Chalfont in Buckinghamshire is three miles away from Amersham
0:01:49 > 0:01:51and its lovely countryside surroundings
0:01:51 > 0:01:55belie its close proximity to the city of London via good rail links
0:01:55 > 0:02:00or just over an hour's drive, ha-ha, on a good day via the M25.
0:02:00 > 0:02:04Oh, I do love a good post-war housing scheme.
0:02:04 > 0:02:07That's exactly what you have got here, a really interesting estate.
0:02:07 > 0:02:11I'm here to see a two-bedroomed flat.
0:02:11 > 0:02:16A guide of £165,000 gets you the top floor
0:02:16 > 0:02:19of this solid looking ex-local authority building.
0:02:19 > 0:02:23Let's see if the inside is as promising as the outside.
0:02:23 > 0:02:25So, it's an upstairs flat
0:02:25 > 0:02:28so into this little area here. Useful bit of storage,
0:02:28 > 0:02:32which is definitely something that's often lacking in flats.
0:02:32 > 0:02:34And then, not surprisingly, upstairs.
0:02:34 > 0:02:36HE CHUCKLES
0:02:36 > 0:02:37So, what have we got?
0:02:37 > 0:02:39Well, very, very small room there.
0:02:39 > 0:02:41Your first bedroom.
0:02:41 > 0:02:42That's a bit of a disappointment,
0:02:42 > 0:02:44but hopefully there's more space that way.
0:02:46 > 0:02:49Oh, well, actually, thankfully, it looks like it does.
0:02:49 > 0:02:53A good second bedroom there in terms of size.
0:02:53 > 0:02:56Bathroom looks in fairly nice condition.
0:02:56 > 0:02:59It's not massive, but perfectly adequate.
0:02:59 > 0:03:02And then down the corridor here, a good-sized lounge.
0:03:03 > 0:03:05And then through here, wow,
0:03:05 > 0:03:09it really is looking like first impressions were not correct.
0:03:09 > 0:03:11Once you get past that tiny first bedroom,
0:03:11 > 0:03:13it's really nice, this flat.
0:03:13 > 0:03:15Look at this kitchen here.
0:03:15 > 0:03:18It looks like it's been relatively recently finished off,
0:03:18 > 0:03:21I don't even know if it's ever been used.
0:03:21 > 0:03:22Whoa! Fantastic!
0:03:24 > 0:03:27# Give me a chance
0:03:28 > 0:03:31# Oh, say you will. #
0:03:34 > 0:03:36OK, OK, I get it.
0:03:36 > 0:03:39I was a little too quick to jump to conclusions.
0:03:39 > 0:03:42I'm hoping the potential buyers don't make the same mistake I did.
0:03:42 > 0:03:46There's so much going for this flat, and, as roomy as it feels,
0:03:46 > 0:03:49just now I can see an obvious way to get more.
0:03:52 > 0:03:55Well, as I said before, especially with flats,
0:03:55 > 0:03:59what you're always looking for is opportunities to increase
0:03:59 > 0:04:02what is often a relatively small space.
0:04:02 > 0:04:05- And things like this... - HE CHUCKLES
0:04:05 > 0:04:09..yeah, an immersion heater in this massive cupboard
0:04:09 > 0:04:12just stick out like a sore thumb, don't they?
0:04:12 > 0:04:14I know it's going to be a bit of effort,
0:04:14 > 0:04:17in terms of plumbing and all the expense involved,
0:04:17 > 0:04:20but the amount of extra space you would generate by swapping this
0:04:20 > 0:04:22for a combination boiler in the kitchen...
0:04:22 > 0:04:25And there is a tiny one there, so I don't know what was going on.
0:04:25 > 0:04:26But replace that with a bigger one
0:04:26 > 0:04:29and that would have then negated the need for this.
0:04:29 > 0:04:31Yes, it will be a bit of expense to do it,
0:04:31 > 0:04:33but I don't think you would regret it.
0:04:35 > 0:04:38Yes, space equals money, so don't waste it.
0:04:38 > 0:04:40Oh, and when it comes to that second bedroom,
0:04:40 > 0:04:43I don't think there's much you CAN do about that.
0:04:43 > 0:04:45But on the bright side, if you need any more room,
0:04:45 > 0:04:49just take a step outside and into your very own garden.
0:04:53 > 0:04:56# My secret garden. #
0:04:59 > 0:05:02With a guide price of £165,000,
0:05:02 > 0:05:06I think this is a property definitely worth considering.
0:05:06 > 0:05:08But what does a local estate agent think?
0:05:08 > 0:05:11We've asked one along to get their opinion of the flat
0:05:11 > 0:05:15and find out a little bit more about Little Chalfont.
0:05:15 > 0:05:19Little Chalfont is a small village set on the edge of the Chilterns.
0:05:19 > 0:05:21Very good for commuting
0:05:21 > 0:05:24and also within walking distance from very good schooling.
0:05:25 > 0:05:28It sounds like this location has a lot going for it.
0:05:28 > 0:05:30But what does he make of this property?
0:05:31 > 0:05:33I think the property is very good.
0:05:33 > 0:05:35They're extremely well built, these houses.
0:05:35 > 0:05:39I think this property doesn't need a huge amount of upgrading.
0:05:39 > 0:05:41It's mainly decoration, but apart from that,
0:05:41 > 0:05:43it's in very good condition.
0:05:43 > 0:05:48Certainly, very good as a starter home or as an investment property.
0:05:48 > 0:05:51With a guide of £165,000,
0:05:51 > 0:05:53once this well-built flat was modernised,
0:05:53 > 0:05:56would there be a profit to be made if it was placed on the open market?
0:05:58 > 0:06:00On completion of the works,
0:06:00 > 0:06:04I would anticipate marketing the property in the region of £220,000.
0:06:06 > 0:06:08And a rental valuation?
0:06:08 > 0:06:11On completion of the works, I anticipate a rental value
0:06:11 > 0:06:15in the region of £800-£850 per calendar month.
0:06:18 > 0:06:22So a nice enough flat in a pretty good location.
0:06:22 > 0:06:24Yeah, a bit of a textbook auction purchase.
0:06:24 > 0:06:27Let's see who agreed when it went under the hammer.
0:06:33 > 0:06:34Lot 61.
0:06:34 > 0:06:37First-floor flat here with a garden.
0:06:38 > 0:06:40Start me, please, for this one at 150.
0:06:42 > 0:06:43At the back, thank you, sir.
0:06:43 > 0:06:46At 150 now. 155?
0:06:46 > 0:06:48Here we are, stripy top. 55. Make it 60.
0:06:49 > 0:06:5160 now. 65?
0:06:51 > 0:06:5265. Make it 70.
0:06:52 > 0:06:5470 now. 75?
0:06:54 > 0:06:59As you can see, it soon passed its guide of 165,000
0:06:59 > 0:07:01at this busy auction.
0:07:01 > 0:07:03We rejoin the bidding at 190,000.
0:07:05 > 0:07:07190 with you now, sir.
0:07:07 > 0:07:08Against you, madam.
0:07:08 > 0:07:10For the first, second,
0:07:10 > 0:07:13third and final time at £190,000,
0:07:13 > 0:07:15gentleman's bid, here. Are we done?
0:07:15 > 0:07:17You like those £1,000 bids, don't you, sir?
0:07:17 > 0:07:19Go on, then. 91, 92... 92, 93?
0:07:20 > 0:07:2293. 94?
0:07:24 > 0:07:26No. 193... You might get this one.
0:07:27 > 0:07:29First time at 193...
0:07:30 > 0:07:32Sitting.
0:07:32 > 0:07:33Second time at... 194, 95?
0:07:37 > 0:07:40194, standing up, first, second,
0:07:40 > 0:07:42third and final time at 194,000.
0:07:44 > 0:07:45At 194...
0:07:47 > 0:07:49..yours, sir, standing,
0:07:49 > 0:07:50at 194,000.
0:07:54 > 0:07:57And with that bid of 194,000, right at the death,
0:07:57 > 0:08:00the flat was finally purchased by Mair.
0:08:00 > 0:08:04If you recognise Mair it's because he's been on the show before,
0:08:04 > 0:08:08where Lucy met him on one of his previous developments.
0:08:08 > 0:08:10I met up with the full-time property developer
0:08:10 > 0:08:13to find out what he had in store for this flat.
0:08:15 > 0:08:18- Mair, good to meet you. - Nice to meet you.- Yes.
0:08:18 > 0:08:21So what led you to this property? Why did you want to buy it?
0:08:21 > 0:08:25Because it's a nice location. It's quiet.
0:08:25 > 0:08:27And, er...
0:08:27 > 0:08:29It's two bedroom, with big garden, I like this.
0:08:29 > 0:08:33You don't find a lot, something like that, around the area, really,
0:08:33 > 0:08:36- for the price. - And why did you buy it?
0:08:36 > 0:08:38- With a view to doing it up and selling it or...?- No.
0:08:38 > 0:08:40I am doing it for letting mainly.
0:08:40 > 0:08:44- OK.- Just, only refurbish the whole flat and after that
0:08:44 > 0:08:47I will let it for a couple of years and after that I will sell it.
0:08:47 > 0:08:48You're going to sell it, OK.
0:08:48 > 0:08:51# This is how we do it. #
0:08:52 > 0:08:54It sounds like Mair has really thought out
0:08:54 > 0:08:56what he's doing with this one.
0:08:56 > 0:08:58To be honest, I'd expect nothing less from him.
0:08:58 > 0:09:01He's been a professional developer for over 25 years.
0:09:01 > 0:09:06I have no doubt he walked into what was a hotly contested auction
0:09:06 > 0:09:08fully prepared for all eventualities.
0:09:08 > 0:09:10Er, didn't he?
0:09:12 > 0:09:14So, did you enjoy the auction? Happy with what you paid?
0:09:14 > 0:09:16Not really because what I haven't...
0:09:16 > 0:09:18I don't read the special conditions.
0:09:18 > 0:09:21- Ah!- And I found a few things unusual
0:09:21 > 0:09:24to add 1.5% to the auction.
0:09:24 > 0:09:25- Huh?!- Yeah.
0:09:25 > 0:09:28And they added another 1% to solicitors' fees.
0:09:28 > 0:09:30So there was extra money which you weren't expecting?
0:09:30 > 0:09:33- Extra, about 2.5%. - Was that written in the legal pack?
0:09:33 > 0:09:35It's written in the legal pack, yes.
0:09:35 > 0:09:38- So had you actually read the legal pack?- I don't read the legal pack.
0:09:38 > 0:09:40This time I was a little bit rushing.
0:09:40 > 0:09:42I don't read the legal pack, no.
0:09:42 > 0:09:44- Oh!- It's a mistake for me.
0:09:44 > 0:09:46But normally I read the legal pack, to be honest with you.
0:09:46 > 0:09:48So what was the result of that?
0:09:48 > 0:09:50How much extra did you have to pay?
0:09:50 > 0:09:52- I think it's about 5,700.- Wow.
0:09:52 > 0:09:54Yes, this is extra.
0:09:54 > 0:09:57- So next time...- Yes? - ..will you read the legal pack?
0:09:57 > 0:09:58I have to.
0:09:58 > 0:10:00That's true, there's no joke about it.
0:10:00 > 0:10:01I have to, yes.
0:10:01 > 0:10:04# You're unbelievable! #
0:10:06 > 0:10:08Oh, Mair, it just goes to show
0:10:08 > 0:10:11even experienced developers can make mistakes.
0:10:11 > 0:10:13And it shows exactly why
0:10:13 > 0:10:15one of Homes Under The Hammer's golden rules
0:10:15 > 0:10:18is always read the legal pack.
0:10:18 > 0:10:20You never know what key information
0:10:20 > 0:10:22and potentially costly details could be in there.
0:10:24 > 0:10:27Anyway, now that's sorted, the next thing is to fix is the interior.
0:10:28 > 0:10:29# It's unbelievable. #
0:10:31 > 0:10:33Well, it looks like it's had quite a lot of work done already.
0:10:33 > 0:10:37Yes, because I think it's because it belongs to the housing association,
0:10:37 > 0:10:39they've done some work on it, already.
0:10:39 > 0:10:42But, as you see, it needs some modernisation.
0:10:42 > 0:10:45Talk me through exactly what you're planning to do, then.
0:10:45 > 0:10:49I'm planning to do plastering some of the rooms,
0:10:49 > 0:10:53spotlights, parquet flooring in some of the flat, here,
0:10:53 > 0:10:55carpet in the bedroom
0:10:55 > 0:10:58- and I will put a new kitchen. - A new kitchen?
0:10:58 > 0:11:00Yes, or maybe what I'm going to do,
0:11:00 > 0:11:02to make the cost a little bit down,
0:11:02 > 0:11:06I change only the face of the kitchen and the worktop only.
0:11:06 > 0:11:08But it looks like it's fairly new!
0:11:08 > 0:11:10Yes, but, little bit... it's not my taste really.
0:11:10 > 0:11:11MARTIN LAUGHS
0:11:11 > 0:11:14They have to modernise it a little bit
0:11:14 > 0:11:17- to be appealing for sales if you want to sell it.- OK...
0:11:17 > 0:11:20And then the bathroom. Similar?
0:11:20 > 0:11:24The bathroom I'm going to full-tiling the bathroom, as well.
0:11:24 > 0:11:27And I change the taps and a few things, as well, yes.
0:11:27 > 0:11:29Right. And the small bedroom, which isn't ideal,
0:11:29 > 0:11:32- but there's not a lot you can do. - Yes, there's not much you can do.
0:11:32 > 0:11:36But I'm going to take some of these pipe out as well.
0:11:36 > 0:11:38It's sticking out for the gas pipe.
0:11:38 > 0:11:40And I move all the gas meter out, as well,
0:11:40 > 0:11:42because it's not really convenient
0:11:42 > 0:11:44to put a gas meter inside this small room.
0:11:44 > 0:11:47And, obviously, the immersion heater in the corridor.
0:11:47 > 0:11:51- The immersion heater, I'm going to take it off completely.- Right, yes.
0:11:51 > 0:11:54Sounds like it's going to be a thorough job.
0:11:54 > 0:11:57I think any extra space he can wrangle out of that small bedroom
0:11:57 > 0:11:58can only be a good thing.
0:12:00 > 0:12:02So what's the budget for the works you've got planned?
0:12:02 > 0:12:04- The budget is about 15,000.- OK.
0:12:04 > 0:12:06So quite a reasonable amount.
0:12:06 > 0:12:09- What's the timescale? - About eight weeks.- OK.
0:12:09 > 0:12:12- Yup.- And then the plan for you, then?
0:12:12 > 0:12:14Another 25 years perhaps?
0:12:14 > 0:12:16- Oh, I don't know. - THEY LAUGH
0:12:16 > 0:12:18I don't know yet.
0:12:18 > 0:12:20- But you enjoy it, obviously. - I enjoy it, you know,
0:12:20 > 0:12:22I don't like to stay and not do something.
0:12:22 > 0:12:25That's why I get it, to occupy myself, to be honest with you.
0:12:25 > 0:12:29You know, that is, maybe it's not a lot of money there,
0:12:29 > 0:12:31- but something to do is better than nothing.- Well, yeah.
0:12:31 > 0:12:34- Well, listen, congratulations. - Thank you very much.
0:12:34 > 0:12:36- Good luck with it.- Nice to meet you. - You, too.
0:12:36 > 0:12:39- Look forward to seeing how you get on.- Thank you very much.
0:12:39 > 0:12:42Well, Mair certainly seems to know what he's doing.
0:12:42 > 0:12:45How will he get on sorting out this little flat?
0:12:45 > 0:12:48You can find out later in the show.
0:12:53 > 0:12:56Oldham, seven miles north-east of Manchester,
0:12:56 > 0:12:58is undergoing a bit of a revolution
0:12:58 > 0:13:01with a £60 million redevelopment scheme planned for the town centre.
0:13:03 > 0:13:07That could be really good news in terms of stimulating property prices.
0:13:07 > 0:13:09That sounds like music to my ears.
0:13:13 > 0:13:16We're about a ten-minute walk away from Oldham town centre
0:13:16 > 0:13:19and just up this small hill here, the property I'm here to see
0:13:19 > 0:13:24is a two-bed maisonette with a guide price of £30,000 - £40,000.
0:13:24 > 0:13:27Let's take a closer look.
0:13:27 > 0:13:31The apartment block was built around 1960 from the local authority.
0:13:32 > 0:13:35It may not be the most attractive building I've ever seen,
0:13:35 > 0:13:38but it's in pleasant surroundings with car parking,
0:13:38 > 0:13:41UPVC double glazing and a security door.
0:13:42 > 0:13:44The maisonette we are looking at is on the ground floor.
0:13:46 > 0:13:50OK. Got a bit of a small hallway here going into the kitchen,
0:13:50 > 0:13:53which looks relatively new and in good condition.
0:13:53 > 0:13:55Stairs up to the bedrooms here.
0:13:55 > 0:14:01In decent condition so far and you've got a big sort of lounge area, lounge-diner area.
0:14:02 > 0:14:05Two big windows off this room, here.
0:14:05 > 0:14:06Not too bad condition.
0:14:06 > 0:14:09You've got a hatch, here, which they've obviously filled in,
0:14:09 > 0:14:11going into the kitchen.
0:14:11 > 0:14:14I am thinking to myself, "Could you take this out?"
0:14:14 > 0:14:17Could you just take the top half out
0:14:17 > 0:14:21and maybe have a bit of a breakfast bar that comes out so far,
0:14:21 > 0:14:23maybe a few stools in here.
0:14:23 > 0:14:25What that would do is give you more floor space,
0:14:25 > 0:14:27you wouldn't have to put a table and chairs in.
0:14:27 > 0:14:29Have your breakfast at the breakfast bar,
0:14:29 > 0:14:31chatting to whoever's cooking it.
0:14:31 > 0:14:33# Open up, open up
0:14:35 > 0:14:36# Open up, open up. #
0:14:37 > 0:14:40Opening this up would definitely give it more of a modern feel,
0:14:40 > 0:14:43but you would lose some cupboard space in the kitchen
0:14:43 > 0:14:45and you'd need to get professional advice
0:14:45 > 0:14:48and the freeholder's permission before tackling it.
0:14:48 > 0:14:50But I still reckon it might be worth considering.
0:14:50 > 0:14:52# Open up, open up
0:14:54 > 0:14:57# Open up, open up. #
0:14:57 > 0:14:59So upstairs to the two bedrooms, then.
0:14:59 > 0:15:01You've got the bathroom here, which looks OK.
0:15:01 > 0:15:03It's slightly dated, yet again.
0:15:03 > 0:15:06A decent-sized bedroom here to the back of the property.
0:15:06 > 0:15:09That could be a double bedroom or two singles in here.
0:15:09 > 0:15:13And another bedroom here which is of the same sort of size.
0:15:13 > 0:15:14So two nice rooms there.
0:15:14 > 0:15:16And this is the boxroom.
0:15:16 > 0:15:19Now, the rough guidelines are that a bedroom has to be 70 square feet
0:15:19 > 0:15:21in order to get that title
0:15:21 > 0:15:22and that's nowhere near.
0:15:24 > 0:15:26Well, it might not qualify as a bedroom,
0:15:26 > 0:15:28but as handy space goes, it's pretty good.
0:15:30 > 0:15:33It could be a walk-in wardrobe or just extra storage.
0:15:34 > 0:15:36But with two bedrooms, both a good size,
0:15:36 > 0:15:39this maisonette really feels pretty good.
0:15:43 > 0:15:46The bathroom would need some attention.
0:15:46 > 0:15:50A new bathroom suite, flooring and tiling wouldn't go amiss.
0:15:50 > 0:15:53But, overall, I think this place wouldn't take too much money
0:15:53 > 0:15:55to get it up and running.
0:15:57 > 0:16:00But what can a local estate agent tell us
0:16:00 > 0:16:02about this maisonette and the area it's in?
0:16:04 > 0:16:06This particular area of Oldham
0:16:06 > 0:16:09is within close proximity to the town centre.
0:16:09 > 0:16:12Probably, yeah, two or three minutes' walk,
0:16:12 > 0:16:15very, very convenient for local transport links,
0:16:15 > 0:16:18communications and the shopping areas.
0:16:19 > 0:16:22Yes, there's no doubting this location ticks all the boxes.
0:16:22 > 0:16:24But what about the maisonette itself?
0:16:26 > 0:16:29It's actually quite spacious to be honest with you.
0:16:29 > 0:16:32I do like the fact that it's a maisonette style with two levels.
0:16:32 > 0:16:35I think I'd recommend for this property,
0:16:35 > 0:16:37a general decoration overhaul
0:16:37 > 0:16:39and certainly a new fitted bathroom suite.
0:16:39 > 0:16:44it seems to be on trend that white is the popular choice
0:16:44 > 0:16:47and that would just freshen up things.
0:16:47 > 0:16:49Some of the tiles and some of the general fittings could do with a,
0:16:49 > 0:16:52yeah, a bit of a tidy up.
0:16:52 > 0:16:55The maisonette was guided at £30,000 - £40,000,
0:16:55 > 0:16:58which sounds pretty competitive to me.
0:16:59 > 0:17:02But what are the current local area prices for a property just like this?
0:17:03 > 0:17:05Sale value, once refurbished,
0:17:05 > 0:17:10we'd expect that the property would achieve around £50,000-£55,000.
0:17:12 > 0:17:15And how would it fare on the rental market?
0:17:15 > 0:17:17Once the property has been refurbished,
0:17:17 > 0:17:23you'd probably be looking at £400 - £425 per calendar month.
0:17:27 > 0:17:29So it's a two-bed maisonette
0:17:29 > 0:17:31with not a lot of work needed to get it up to scratch.
0:17:31 > 0:17:33Now, if you get it at the right price,
0:17:33 > 0:17:36this could be a really good place to go for.
0:17:36 > 0:17:39Let's see who fancied it when it went to auction.
0:17:39 > 0:17:41It was one of the last lots of the day
0:17:41 > 0:17:44and it was a relatively quiet auction room that battled for it.
0:17:46 > 0:17:49So, we're onto lot number 38 in your catalogue,
0:17:49 > 0:17:52good-sized two-bedroom maisonette apartment,
0:17:52 > 0:17:55provides accommodation at both ground-floor and mezzanine level.
0:17:55 > 0:17:57Start me at 35.
0:17:57 > 0:17:5830 then.
0:17:58 > 0:18:00At 30, am I bid?
0:18:00 > 0:18:0130 here.
0:18:01 > 0:18:0230, got you, sir.
0:18:02 > 0:18:04At £30,000.
0:18:04 > 0:18:0631 in the room,
0:18:06 > 0:18:0832, 33, 34,
0:18:08 > 0:18:1135, 36, 37.
0:18:11 > 0:18:1337 on the phone.
0:18:13 > 0:18:1638. Here on the floor at 37.
0:18:16 > 0:18:17I'll take a half, sir.
0:18:17 > 0:18:19Half, you're back in. 37.5.
0:18:19 > 0:18:21It's against the phone now.
0:18:21 > 0:18:22I'm with you, sir, at the rear.
0:18:22 > 0:18:2538. Half?
0:18:25 > 0:18:2838.5, 39.
0:18:28 > 0:18:30At £38,500 I'm bid now.
0:18:31 > 0:18:33In the room, then at 38.5, it's against the phone.
0:18:34 > 0:18:36First time to you, sir.
0:18:36 > 0:18:38Second time to you, then.
0:18:38 > 0:18:41At the back of the room at £38,500,
0:18:41 > 0:18:43if we're all done and out,
0:18:43 > 0:18:44selling this...
0:18:44 > 0:18:46Well done, sir.
0:18:47 > 0:18:49With the hammer falling at 38.5 grand,
0:18:49 > 0:18:51the successful bidder was Gary.
0:18:51 > 0:18:53MUSIC: My Girl by The Temptations
0:18:53 > 0:18:55Gary lives in nearby Manchester
0:18:55 > 0:18:58and I joined him along with his daughter, Elise,
0:18:58 > 0:19:00and four-year-old grandson, Ethan,
0:19:00 > 0:19:03back at the maisonette to find out his plans.
0:19:03 > 0:19:05- Gary, nice to meet you.- And you.
0:19:05 > 0:19:08- Elise, nice to meet you and congratulations to you both. - Thank you.
0:19:08 > 0:19:11Now you've got the property, what are you going to do with it?
0:19:11 > 0:19:14I bought it for Elise, for her and her little boy to move in to.
0:19:14 > 0:19:16Elise, how's he done?
0:19:16 > 0:19:17He's done quite well.
0:19:17 > 0:19:20I didn't know what to expect because I've not seen it
0:19:20 > 0:19:22and I didn't know what it was going to go for,
0:19:22 > 0:19:24but I'm impressed because it's not far from where I live now.
0:19:24 > 0:19:27- It's not too far for me to go back and forward.- Are you impressed?
0:19:27 > 0:19:30- Yeah.- Your daughter's impressed. - Well, you know.
0:19:30 > 0:19:32That's something.
0:19:32 > 0:19:37# Think I got it right this time. #
0:19:40 > 0:19:42And I think the maisonette will be a great place for Elise
0:19:42 > 0:19:44and her son Ethan to live.
0:19:44 > 0:19:47And both of you know the area well?
0:19:47 > 0:19:51Yeah, my family's been in this particular area for about 200 years.
0:19:51 > 0:19:53Um...
0:19:53 > 0:19:54so...
0:19:54 > 0:19:57- we are quite...- That's a lot of years!- ..local. Yeah!
0:19:57 > 0:19:59That's my school across the way.
0:19:59 > 0:20:03I was born just down the road, about 200 yards away.
0:20:03 > 0:20:06- This is proper home, isn't it?- Yeah. - Proper on your doorstep!- Yeah.
0:20:06 > 0:20:10So this is...this is where we belong.
0:20:10 > 0:20:14200 years of local knowledge take some beating.
0:20:14 > 0:20:17What's the current generation's plan for their new home?
0:20:19 > 0:20:23So now you've got the property, what would you like your dad to change?
0:20:23 > 0:20:25I'm looking forward to changing the bedrooms,
0:20:25 > 0:20:27because the carpets aren't great.
0:20:27 > 0:20:29So I'm looking forward to just decorating it,
0:20:29 > 0:20:30and making Ethan's room a proper room,
0:20:30 > 0:20:32because at the minute we are both sharing one.
0:20:32 > 0:20:35For him to have a proper little boy's room, it will be nice.
0:20:35 > 0:20:38- And what are you going to do for his bedroom?- He loves superheroes,
0:20:38 > 0:20:41so I will probably... Everything to do with superheroes.
0:20:41 > 0:20:43Have your dad everywhere. Put your dad all over the wallpaper.
0:20:43 > 0:20:46- Yeah. - THEY LAUGH
0:20:46 > 0:20:49So any obvious changes that you're going to make straightaway
0:20:49 > 0:20:53- as soon as you come in? - One of the things we're going to do is flooring throughout.
0:20:53 > 0:20:58And I was also looking at maybe changing the banister to
0:20:58 > 0:21:01something that's not 1970s.
0:21:01 > 0:21:03- DION LAUGHS It is a little bit dated.- Yeah.
0:21:03 > 0:21:08The only major thing I envisage is the bathroom.
0:21:08 > 0:21:10Stripping it out, putting a new bathroom in.
0:21:10 > 0:21:12I was looking at the kitchen,
0:21:12 > 0:21:16but it looks like it is a relatively new kitchen, so rather than
0:21:16 > 0:21:19strip that out at the moment, I'm just going to leave it as it is.
0:21:19 > 0:21:22What about all the pretty touches, the colours and wallpaper?
0:21:22 > 0:21:25- I got a smile there off Elise, straightaway.- I'm in charge of that.
0:21:25 > 0:21:27- Is that you, is it?- Yes.
0:21:27 > 0:21:30I don't think he's got much of an interior design nose.
0:21:30 > 0:21:34Have you got people that are going to come and help you? Family, friends or builders?
0:21:34 > 0:21:39Yeah. I've got a joiner who is going to come in.
0:21:39 > 0:21:42Tell us the budgets on all the work you've got to do.
0:21:42 > 0:21:44Well, I'm not...
0:21:44 > 0:21:47I've got maybe up to about £5,000,
0:21:47 > 0:21:50and the majority of that is probably going to be the bathroom.
0:21:54 > 0:21:56Along with a £5,000 budget,
0:21:56 > 0:21:59Gary is hoping to get the work done in six to eight weeks.
0:21:59 > 0:22:01He will work as project manager,
0:22:01 > 0:22:04with Elise taking an interior-design role
0:22:04 > 0:22:07when her studies from sports science at university allow.
0:22:07 > 0:22:09Dad Gary is an optician,
0:22:09 > 0:22:12but they both have sporting interests they share.
0:22:12 > 0:22:15We are both black belts in taekwondo.
0:22:15 > 0:22:20I run a club, a local club, in Oldham.
0:22:20 > 0:22:23I'm a fourth dan, Elise is a third dan.
0:22:23 > 0:22:27- So taekwondo is the one thing we do.- That's incredible.
0:22:27 > 0:22:32That must have taken time, lots of time, to get to those high standards.
0:22:32 > 0:22:36Yes. It's commitment, perseverance...
0:22:36 > 0:22:38and indomitable spirit, we say.
0:22:38 > 0:22:42So you just keep at it and keep at it, and so it comes.
0:22:42 > 0:22:45So will you be going into the property developing world even more,
0:22:45 > 0:22:48or was this just a one-off, just for a home?
0:22:48 > 0:22:52No, no, I'm terrible at things like this, it is a one-off.
0:22:52 > 0:22:55Took me 26 years to tile the bathroom, so no.
0:22:55 > 0:22:58That's not the reason we are doing it.
0:22:58 > 0:22:59I'm doing it for Elise,
0:22:59 > 0:23:02and then there will be something for the future for them.
0:23:02 > 0:23:05- Looking forward to it?- Yes. - Looking forward to the new life?
0:23:05 > 0:23:09- Yes, I'm so excited. - And your dad's done good for you.
0:23:09 > 0:23:11Yes, he's done well. Well done.
0:23:11 > 0:23:14- I hope you remember that.- Exactly. THEY LAUGH
0:23:14 > 0:23:18- I hope you are really happy, Elise. - Thank you.- And well done. Good luck. - Thank you.
0:23:18 > 0:23:21- Good luck. And well done, sir, well done.- Thank you.
0:23:23 > 0:23:26So Gary has bought this for his daughter Elise and her son Ethan.
0:23:26 > 0:23:29Now, this could be a lovely little family home for them,
0:23:29 > 0:23:31but will it take Gary 26 years to get this done?
0:23:31 > 0:23:35You can find out later on in the programme.
0:23:35 > 0:23:37Still to come at this house in London,
0:23:37 > 0:23:40these two developers don't seem to have been too choosy.
0:23:40 > 0:23:43He was actually on holidays and having fun and all that,
0:23:43 > 0:23:45so we ended up with this one.
0:23:47 > 0:23:52And we'll see if Gary's DIY skills have improved in the flat in Oldham.
0:23:52 > 0:23:55Took me three months to paint the banisters.
0:23:59 > 0:24:02Back now to the village of Little Chalfont,
0:24:02 > 0:24:04where I was looking at this top-floor flat,
0:24:04 > 0:24:08with a guide price of 165,000.
0:24:08 > 0:24:12I was a little disappointed when I saw this little bedroom,
0:24:12 > 0:24:17but this little flat in Little Chalfont had a little more to offer.
0:24:17 > 0:24:21Wow, it really is looking like first impressions were not correct.
0:24:21 > 0:24:25Once you get past that tiny first bedroom, it's really nice,
0:24:25 > 0:24:27this flat. Look at this kitchen here.
0:24:27 > 0:24:31# We have something more
0:24:31 > 0:24:35# Oh, we have something more... #
0:24:35 > 0:24:36The good condition
0:24:36 > 0:24:40and amount of space appealed to professional developer Mair.
0:24:40 > 0:24:44He bought the property for £194,000.
0:24:45 > 0:24:48But even with his 25 years' experience behind him,
0:24:48 > 0:24:50the sale wasn't without the odd issue.
0:24:50 > 0:24:54There had been some additional fees contained in the legal pack.
0:24:54 > 0:24:58- So had you actually read the legal pack?- I don't read the legal pack.
0:24:58 > 0:24:59This time I was a little bit rushing,
0:24:59 > 0:25:04- I don't read the legal pack.- So how much extra did you have to pay?
0:25:04 > 0:25:08- I think it is about 5,700.- Wow! - Yes, this is extra.
0:25:08 > 0:25:12- So next time, will you read the legal pack?- I have to.
0:25:12 > 0:25:14That's true, there is no joke about it.
0:25:14 > 0:25:19MUSIC: I Should Have Known Better by Jim Diamond
0:25:21 > 0:25:25Ah, well, even the most experienced get caught out sometimes.
0:25:25 > 0:25:29Still, Mair is a professional and he was going to do this right.
0:25:29 > 0:25:33With a budget of £15,000 and a timescale of eight weeks,
0:25:33 > 0:25:37he was clearly aiming to improve what was already a pretty good flat.
0:25:42 > 0:25:46Six months have passed and we've returned to catch up with Mair
0:25:46 > 0:25:48to see what's happened to this first-floor flat.
0:25:58 > 0:26:02What a difference! All that dated decor has disappeared.
0:26:02 > 0:26:04Even the kitchen, which looked fairly new,
0:26:04 > 0:26:06has been massively modernised.
0:26:07 > 0:26:10So what exactly did Mair have to do?
0:26:13 > 0:26:16I changed everything, really. I done...
0:26:16 > 0:26:20Plastering the flat, rewiring the flat.
0:26:20 > 0:26:23Full central heating. New kitchen.
0:26:23 > 0:26:25Decoration of the flat, completely, has been gut,
0:26:25 > 0:26:28the flat has been done, all, everything there.
0:26:29 > 0:26:31Wow, he has been thorough.
0:26:31 > 0:26:34But I think that could pay dividends, as not only does
0:26:34 > 0:26:38the flat look great, he can rest assured that things like plumbing
0:26:38 > 0:26:42and electrics are up-to-date, safe and working properly.
0:26:42 > 0:26:45But all that work must have thrown up a few challenges.
0:26:48 > 0:26:50The biggest job is with the immersion heating,
0:26:50 > 0:26:52I have to take it away.
0:26:52 > 0:26:56And I have to take all the tank out, hide all the pipes,
0:26:56 > 0:27:00because it is external pipe, and we are now using it as a storage here.
0:27:00 > 0:27:04Getting rid of the tank, along with all the work to the gas pipes
0:27:04 > 0:27:09in the small room has proved costly, but I'm glad he's done it.
0:27:09 > 0:27:10With a flat like this,
0:27:10 > 0:27:13the additional storage that's been created is invaluable.
0:27:14 > 0:27:16# Since you've been gone
0:27:16 > 0:27:18# Since you've been gone
0:27:18 > 0:27:22# I'm out of my head, can't take it
0:27:22 > 0:27:24# Could I be wrong?
0:27:24 > 0:27:26# But since you've been gone
0:27:26 > 0:27:29# You cast your spell, so break it. #
0:27:31 > 0:27:34Mair originally planned to complete the project in eight weeks,
0:27:34 > 0:27:39but he had another project and he decided to prioritise that.
0:27:39 > 0:27:42Actually, I used to have another project in the centre of London,
0:27:42 > 0:27:44and this, for me, is a small project,
0:27:44 > 0:27:46and the other one is a very big project in Mayfair,
0:27:46 > 0:27:49so that's why I consider it for another one.
0:27:49 > 0:27:52Otherwise it will be finished after a couple of months, really.
0:27:53 > 0:27:55Ah, so Mair has been multitasking,
0:27:55 > 0:27:59concentrating on a bigger development in Mayfair, London.
0:27:59 > 0:28:03So if he's been in London, how involved in this development was he?
0:28:05 > 0:28:09No, I have to come sometimes to supervise the work,
0:28:09 > 0:28:12see what is done, something is not done properly.
0:28:12 > 0:28:14You have to put your eye there, really.
0:28:14 > 0:28:18You cannot leave everybody to do this job without...
0:28:18 > 0:28:20without observing everything.
0:28:22 > 0:28:23Very wise.
0:28:23 > 0:28:28It's easy for instructions to be misunderstood or budgets to spiral,
0:28:28 > 0:28:32if the development isn't properly project managed.
0:28:32 > 0:28:35Mair had set himself a budget of £15,000.
0:28:35 > 0:28:38Did he manage to stick to it?
0:28:38 > 0:28:41It was 16,500 for the flat.
0:28:41 > 0:28:44Everything, fully refurbished, including everything.
0:28:44 > 0:28:4916,500 is not bad at all, given he was caught out with
0:28:49 > 0:28:52the additional expenses in the legal pack.
0:28:52 > 0:28:53It's time to find out
0:28:53 > 0:28:58if two local estate agents think that that spend was worth it.
0:28:58 > 0:28:59I think it's a well furbished
0:28:59 > 0:29:03two-bedroom flat in a very good location, close to two stations.
0:29:03 > 0:29:06Very, very suitable for professional couples.
0:29:06 > 0:29:10It's been very nicely done, it presents well.
0:29:10 > 0:29:12It's just as tenants would like to see a property
0:29:12 > 0:29:15when they move into a property.
0:29:15 > 0:29:17I think he's done a good job.
0:29:17 > 0:29:20Including those unexpected auction fees,
0:29:20 > 0:29:25Mair spent a total of £199,700 at auction.
0:29:25 > 0:29:28And with the £16,500 on renovations,
0:29:28 > 0:29:33his grand total spend was £216,200.
0:29:33 > 0:29:36Can he make any profit from this flat?
0:29:36 > 0:29:40If I was to market it, I would sell it at around £250,000.
0:29:40 > 0:29:43If he was looking to sell the property,
0:29:43 > 0:29:48I would suggest a quoting figure of £240,000.
0:29:48 > 0:29:53Wow! That could give Mair a pre-tax profit of just under 34,000.
0:29:53 > 0:29:56Not bad at all, given this wasn't his main project.
0:29:59 > 0:30:03What about rentals? That is his plan after all.
0:30:03 > 0:30:07I would suggest a rental figure of £900 per calendar month.
0:30:07 > 0:30:10We would look to put this property on the market
0:30:10 > 0:30:12at £900 per calendar month.
0:30:12 > 0:30:15The flat round the corner, which is not modernised,
0:30:15 > 0:30:17has been let for 950.
0:30:17 > 0:30:23And already somebody's coming tomorrow to have a look for 1,100.
0:30:24 > 0:30:28His hope for £1,100 per calendar month would mean
0:30:28 > 0:30:31a yield of just over 6%.
0:30:31 > 0:30:33And after 25 years of property development,
0:30:33 > 0:30:37it doesn't sound like he has any intention of retiring just yet.
0:30:39 > 0:30:43To be honest with you, this is one of the things I like to do.
0:30:43 > 0:30:45I love to do something different, you know?
0:30:45 > 0:30:47I take something run down completely,
0:30:47 > 0:30:51I create something to make it nice...and modern.
0:30:52 > 0:30:55Refurbished and all this kind of thing. I enjoy it.
0:31:00 > 0:31:03Today I'm in London, in the area of South Norwood.
0:31:03 > 0:31:06Now, South Norwood is slightly less well known
0:31:06 > 0:31:09than some of its more illustrious neighbours,
0:31:09 > 0:31:12but with great transport links to the city centre
0:31:12 > 0:31:14and a planned regeneration,
0:31:14 > 0:31:16South Norwood could be a great place to invest.
0:31:19 > 0:31:21Now, this road is a cul-de-sac,
0:31:21 > 0:31:23and as there won't be any through traffic,
0:31:23 > 0:31:25well, it should be a quiet place to live.
0:31:25 > 0:31:28Now, a recent survey also found out
0:31:28 > 0:31:30that not only will potential homeowners
0:31:30 > 0:31:33pay a little bit more to live in cul-de-sac
0:31:33 > 0:31:37as opposed to on a main road, your neighbours are more likely,
0:31:37 > 0:31:39well, to invite you over for a cup of tea.
0:31:39 > 0:31:42So, positive start for the road and for me.
0:31:42 > 0:31:44But what about the property I'm here to see?
0:31:44 > 0:31:50Well, it's a three-bed terrace, and it had a guide price of 230,000.
0:31:50 > 0:31:52# Dead-end street, yeah
0:31:52 > 0:31:55# Dead-end street, yeah Dead-end street... #
0:31:56 > 0:32:00OK, well, this is not typical of a lot of terraced houses I see
0:32:00 > 0:32:03because there's not usually a doorway here.
0:32:03 > 0:32:05So this has clearly been opened up.
0:32:05 > 0:32:08It's very dated, you've got a lot going on,
0:32:08 > 0:32:10you've got a handle rail here,
0:32:10 > 0:32:12but you haven't got one going up the stairs.
0:32:12 > 0:32:15And through here, ooh, this is an enormous space!
0:32:15 > 0:32:19So obviously somebody has taken the wall down that was here,
0:32:19 > 0:32:21opened up both of the rooms.
0:32:21 > 0:32:24And I don't know about you, but I feel like I'm in a fish tank.
0:32:24 > 0:32:28I'm not sure the glass panelling along here really does work.
0:32:28 > 0:32:30So maybe something a little more contemporary,
0:32:30 > 0:32:33or even block it back up and put a wall there.
0:32:33 > 0:32:37So very open, you've got two nice large rooms, a doorway here
0:32:37 > 0:32:40leading to the back of the property, which, again,
0:32:40 > 0:32:42is another large open space.
0:32:42 > 0:32:44I mean, I am all for open plan
0:32:44 > 0:32:49but this really has taken it to the next level. All the rooms are open.
0:32:49 > 0:32:53Got a kitchen, sliding doors here, little window at the end.
0:32:53 > 0:32:56Lots and lots of this glossy wood panelling.
0:32:56 > 0:32:57HOLLOW KNOCKING
0:32:57 > 0:33:00Not sure I like it, think that'd have to go.
0:33:00 > 0:33:03So there's a lot you can do to tweak this place.
0:33:03 > 0:33:07The big main thing is here, it needs a drastic layout change
0:33:07 > 0:33:09because it's just not working as it is.
0:33:11 > 0:33:14And just when I thought I'd found all the surprises the ground floor
0:33:14 > 0:33:18had to offer, I stumbled across this downstairs shower room.
0:33:19 > 0:33:22Honestly, this layout is like nothing I've seen before.
0:33:22 > 0:33:26Thankfully, upstairs was off to a more positive start
0:33:26 > 0:33:29with two good-sized bedrooms at the front of the house.
0:33:30 > 0:33:34So, at the back of the house, you've got another double bedroom
0:33:34 > 0:33:36so three double bedrooms upstairs.
0:33:36 > 0:33:38What's behind here?
0:33:38 > 0:33:41Ooh! Oh.
0:33:41 > 0:33:45A very small bathroom. Now, that is just too small.
0:33:45 > 0:33:49It's almost like an aeroplane cabin bathroom. It's all angular.
0:33:49 > 0:33:53I would potentially steal a bit more space from this room here,
0:33:53 > 0:33:56you've only got a partition wall, you can hear that,
0:33:56 > 0:33:58move the bathroom back a bit
0:33:58 > 0:34:01and just have a bigger, better family bathroom.
0:34:01 > 0:34:04Because at the moment, it's tiny. I can just about fit in there.
0:34:04 > 0:34:07Excuse me!
0:34:07 > 0:34:09# Cos you're hot and you're cold
0:34:09 > 0:34:10# You're yes then you're no
0:34:10 > 0:34:12# You're in then you're out
0:34:12 > 0:34:15# You're up and you're down... #
0:34:16 > 0:34:17Ah, now it seems like
0:34:17 > 0:34:20every time I find something good about this property,
0:34:20 > 0:34:24I find something else that just needs a bit more work.
0:34:24 > 0:34:27And if we take a look out the back, it's the same again.
0:34:27 > 0:34:29A back garden in London? Great!
0:34:29 > 0:34:34A back garden with no grass and an old garage taking up all the room?
0:34:34 > 0:34:35Not so great.
0:34:37 > 0:34:41Now, onto one of my favourite Homes Under The Hammer topics,
0:34:41 > 0:34:45polystyrene ceiling tiles. Look, they are everywhere in this house.
0:34:45 > 0:34:48Unfortunately, they are a real fire hazard
0:34:48 > 0:34:50and although they're not actually banned,
0:34:50 > 0:34:54they would not be legal under current building regulations.
0:34:54 > 0:34:56They definitely need to go.
0:34:56 > 0:34:59Now, with the strong glue that holds them in place,
0:34:59 > 0:35:02it's not an easy job and the ceilings underneath
0:35:02 > 0:35:05will almost certainly need to be replastered
0:35:05 > 0:35:06once they've all been removed.
0:35:08 > 0:35:10But talking of building regulations,
0:35:10 > 0:35:15that applies to some types of gloss paint, vinyl and wallpaper.
0:35:15 > 0:35:18In new properties, building regs say walls and ceilings
0:35:18 > 0:35:22are required to have a class zero rated surface.
0:35:23 > 0:35:27So, back to the house. It seems to be a mixture of pros and cons.
0:35:27 > 0:35:31It's in an up-and-coming area, giving it a competitive guide price,
0:35:31 > 0:35:33and it's definitely spacious.
0:35:33 > 0:35:37But the footprint of this house is, shall we say, less than ideal.
0:35:37 > 0:35:41And sorting it is going to take a lot of work and a lot of money.
0:35:42 > 0:35:46I think it's time we got the thoughts of a local estate agent.
0:35:46 > 0:35:47We asked one along to get his opinion,
0:35:47 > 0:35:51and to find out more about South Norwood.
0:35:51 > 0:35:54South Norwood is mainly undervalued.
0:35:54 > 0:35:59For the links we have into London,
0:35:59 > 0:36:00the schools we have.
0:36:00 > 0:36:03Um... Lots of leisure facilities.
0:36:03 > 0:36:06So there is a lot more potential in South Norwood.
0:36:06 > 0:36:10So, our agent agrees that South Norwood has good potential
0:36:10 > 0:36:13for investment, and he even thinks that
0:36:13 > 0:36:17being on a cul-de-sac could add between 5% and 10% in value
0:36:17 > 0:36:21compared to a similar house that was on a through road.
0:36:21 > 0:36:23Talking of money, it's going to take a lot
0:36:23 > 0:36:26to reconfigure this property and bring it up to spec.
0:36:26 > 0:36:28Would it all be worth it?
0:36:28 > 0:36:32Is there still room for profit on this house, guided at 230,000?
0:36:34 > 0:36:36Once renovated,
0:36:36 > 0:36:40this property could sell for in the region of £385,000 - £395,000.
0:36:42 > 0:36:46Yes, this property does need some updating. And some layout changes.
0:36:46 > 0:36:50And a little less of the glass and laminate panelling.
0:36:50 > 0:36:53Still, it's a really good-sized house in a decent location
0:36:53 > 0:36:58and you might get offered a cuppa by your neighbour. Can't be bad!
0:36:58 > 0:37:00So, who could see past this dated decor?
0:37:00 > 0:37:02Let's head to auction and find out.
0:37:03 > 0:37:09So, move on to lot 24, three-bed mid-terraced house.
0:37:09 > 0:37:14I don't know, start, 240, not going to go below 240.
0:37:16 > 0:37:18240 anywhere?
0:37:18 > 0:37:20240 with you, madam. 245?
0:37:20 > 0:37:23Anyone? 245.
0:37:23 > 0:37:27250? 255, sir? 260.
0:37:27 > 0:37:29265?
0:37:29 > 0:37:31Once the bidding got going,
0:37:31 > 0:37:34it was clear that this was a popular property.
0:37:34 > 0:37:39We rejoin the bidding as it hits the £300,000 mark.
0:37:39 > 0:37:42300. 301, sir?
0:37:44 > 0:37:48300 standing up. First time, second time.
0:37:48 > 0:37:50Third and last time, are you all done?
0:37:50 > 0:37:55301? Give us a shout, else I'd miss you. 301.
0:37:55 > 0:37:57302?
0:37:57 > 0:38:00Yeah, 302. 303?
0:38:00 > 0:38:02304?
0:38:02 > 0:38:04Have a think. 303 down here.
0:38:04 > 0:38:06Looking for 304?
0:38:06 > 0:38:09If not, 303, first time, second time.
0:38:09 > 0:38:11Third and last time.
0:38:13 > 0:38:14Sold, 303.
0:38:14 > 0:38:17Hold on a minute, I recognise that face.
0:38:17 > 0:38:21That bid of 303,000 came from Farhan.
0:38:21 > 0:38:25Now, I recently met him at his property in Croydon.
0:38:25 > 0:38:27He was just starting his new development career
0:38:27 > 0:38:30which was also going to combine with
0:38:30 > 0:38:32his convenience store and pizza business.
0:38:32 > 0:38:35This time, Farhan is joined by Sakeeb,
0:38:35 > 0:38:37and this is their first venture together.
0:38:37 > 0:38:41I met them back at the property to find out more about their plans.
0:38:41 > 0:38:45- Farhan and Sakeeb, congratulations.- Thank you.
0:38:45 > 0:38:46Now, Farhan, we meet again,
0:38:46 > 0:38:49so how's your property development career going?
0:38:49 > 0:38:50It's very good so far.
0:38:50 > 0:38:54We did a couple, one that we filmed with you last time,
0:38:54 > 0:38:57and we have done another one. So this is the third one for me now.
0:38:57 > 0:38:59And is this a joint venture for the both of you now?
0:38:59 > 0:39:03- This is, yes.- So, guys, how well do you know each other?
0:39:03 > 0:39:06We are cousins, we've known each other since long.
0:39:06 > 0:39:08We have a bit of the same business background as well,
0:39:08 > 0:39:12because I own a convenience store, he owns a convenience store.
0:39:12 > 0:39:15This is the first project that we're going to work together
0:39:15 > 0:39:19as business partners, but we are looking forward to it.
0:39:19 > 0:39:20So who talked who into doing this,
0:39:20 > 0:39:24- did he talk you into this or did you talk him into it?- He talked to me.
0:39:24 > 0:39:27Really? Is this something you feel quite excited about?
0:39:27 > 0:39:31Yes, actually, we've been thinking this since many years,
0:39:31 > 0:39:33but he started but I haven't started.
0:39:33 > 0:39:35Then again, he told me,
0:39:35 > 0:39:38"You should join with me on this project," and I said, "All right."
0:39:38 > 0:39:41And you've done it, you joined together, the two cousins.
0:39:41 > 0:39:45So, hopefully, Sakeeb can learn from the experience of Farhan
0:39:45 > 0:39:48and these cousins can make a successful team.
0:39:48 > 0:39:52# I want you
0:39:52 > 0:39:54# To show me the way... #
0:39:58 > 0:40:01So, why did they decide on this house in particular?
0:40:02 > 0:40:05He was actually on holidays and having fun, and all that,
0:40:05 > 0:40:08so I was looking round on the properties.
0:40:08 > 0:40:12Normally when I go to any auction, I try to look at 8 to 10 properties,
0:40:12 > 0:40:15because you never know which property is going to be right for you.
0:40:15 > 0:40:17So we ended up at this one.
0:40:17 > 0:40:21I had, you know, kind of constant contact with Sakeeb
0:40:21 > 0:40:26and I keep telling him, we have this sort of house coming in the auction.
0:40:26 > 0:40:28So we had a rough idea what we are going to buy.
0:40:28 > 0:40:31So, Sakeeb, you had your total trust
0:40:31 > 0:40:33- and faith in Farhan's choice? - That's right.
0:40:33 > 0:40:36So now you've seen the property, what do you think?
0:40:36 > 0:40:39I think it's really a very good choice.
0:40:39 > 0:40:41We are very hopeful for the future as well.
0:40:43 > 0:40:46Well, I do think this place is brimming with potential.
0:40:46 > 0:40:49Having already spent 303,000 at auction,
0:40:49 > 0:40:52I just hope they know how much work is going to be required here.
0:40:52 > 0:40:55So, what are their plans?
0:40:55 > 0:40:58So, as you can see, the house is dated.
0:40:58 > 0:41:02It needs, in terms of layout, it needs many changes.
0:41:02 > 0:41:05To make it better, we can do changes to make it more...
0:41:05 > 0:41:07to offer more space and all that.
0:41:07 > 0:41:10Upstairs, there is not much to do with the layout
0:41:10 > 0:41:13because we have three good-sized bedrooms, all three are doubles,
0:41:13 > 0:41:16we have an OK-sized bathroom, we can make it a little bit bigger.
0:41:16 > 0:41:20But downstairs, we have this through room which is a good size,
0:41:20 > 0:41:25but when we go back, I don't like the way the kitchen is right now.
0:41:25 > 0:41:28So we are thinking to make it open plan.
0:41:28 > 0:41:32I absolutely agree, I think the kitchen just does not work.
0:41:32 > 0:41:34That needs to be opened up.
0:41:34 > 0:41:36I think you can't have this as an open room, that as an open room,
0:41:36 > 0:41:39and the kitchen... I just think you need to maybe
0:41:39 > 0:41:41reinstate the wall in here, possibly,
0:41:41 > 0:41:45to have a nice, quiet drawing room or sitting room somewhere.
0:41:45 > 0:41:49It's quite interesting what the previous owners have done here.
0:41:49 > 0:41:52I'm not quite sure this is working, with these windows.
0:41:52 > 0:41:54Do you intend on keeping something like this here?
0:41:54 > 0:41:59We intend to get rid of it and... I don't like this zigzag wall.
0:41:59 > 0:42:01So we'll try to just get a straight wall there.
0:42:01 > 0:42:03When we straighten up this wall,
0:42:03 > 0:42:07so our hallway will end up being bigger and spacious.
0:42:07 > 0:42:11So that will be what we will get out of it.
0:42:11 > 0:42:14# Do you read my mind? #
0:42:16 > 0:42:19Great minds, eh, guys?
0:42:19 > 0:42:21Farhan is saying all the right things for me,
0:42:21 > 0:42:24and with a budget of £20,000 and his regular team of builders
0:42:24 > 0:42:28standing by, things are sounding promising.
0:42:28 > 0:42:31The cousins have given themselves a timescale of two months
0:42:31 > 0:42:34and I hope that's enough. They're busy people, you know.
0:42:35 > 0:42:38So, how are you going to balance this with your pizza business,
0:42:38 > 0:42:42your convenience store, your property developing? You're busy.
0:42:42 > 0:42:46I am busy, of course, but in this project, I have Sakeeb with me.
0:42:46 > 0:42:49And as I said, we have a team of builders.
0:42:49 > 0:42:53So, I mean, it's mostly managing how the things are,
0:42:53 > 0:42:55and making those choices.
0:42:55 > 0:42:57And with the help of Sakeeb, I think I should be OK.
0:42:57 > 0:43:00I'm looking forward to seeing the outcome, congratulations, well done.
0:43:00 > 0:43:03- Thank you.- Thank you. - Thank you very much.
0:43:03 > 0:43:07It's great to hear that Farhan's property developing is still
0:43:07 > 0:43:09going strong, but will his success continue
0:43:09 > 0:43:12during his first joint venture with his cousin Sakeeb?
0:43:12 > 0:43:16And what will they decide about this ground-floor layout?
0:43:16 > 0:43:20You can join me later in programme to find out how the pair get on.
0:43:23 > 0:43:27So we've seen one finished property, but at what stage are the other two?
0:43:27 > 0:43:30Will they be fit for a king or a bit raggedy round the edges?
0:43:30 > 0:43:32I think it's time to find out.
0:43:34 > 0:43:37Over to Oldham again where I saw a two-bed maisonette flat
0:43:37 > 0:43:39guided at £30,000 - £40,000.
0:43:41 > 0:43:44While the property was in good nick on the inside,
0:43:44 > 0:43:45it was pretty dated,
0:43:45 > 0:43:48and I only really like to see avocado in my salads.
0:43:52 > 0:43:55With a mostly cosmetic job to do, it seemed ideal for Gary.
0:43:56 > 0:43:59He bought the property as a home for his daughter Elise
0:43:59 > 0:44:03and grandson Ethan for £30,500.
0:44:03 > 0:44:06Elise was already plotting the decor for her new home.
0:44:07 > 0:44:10I'm looking forward to changing the bedrooms,
0:44:10 > 0:44:11because the carpets aren't great.
0:44:11 > 0:44:15I'm looking forward to decorating it and making Ethan's room proper,
0:44:15 > 0:44:16at the minute we're sharing one.
0:44:16 > 0:44:19For him to have a proper little boy's room will be nice.
0:44:19 > 0:44:21What will you do for his bedroom?
0:44:21 > 0:44:25He loves superheroes, so probably everything to do with superheroes.
0:44:25 > 0:44:27Put your dad everywhere, put your dad all over the wallpaper!
0:44:27 > 0:44:30I would love that, it would give him nightmares!
0:44:30 > 0:44:34Every superhero need superpowers...
0:44:34 > 0:44:36and Gary had lots of those,
0:44:36 > 0:44:38and not just a five-grand budget.
0:44:39 > 0:44:41We're both black belts in taekwondo.
0:44:41 > 0:44:46I run a local club in Oldham,
0:44:46 > 0:44:50I'm a fourth dan, Elise is a third dan.
0:44:50 > 0:44:54So taekwondo is the one thing we do.
0:44:54 > 0:44:59But every superhero has his kryptonite and Gary's is DIY.
0:45:01 > 0:45:03I'm terrible at things like this.
0:45:03 > 0:45:07It took 26 years to tile the bathroom, so no!
0:45:07 > 0:45:10Well, we did say to Gary it might be a bit difficult
0:45:10 > 0:45:12coming back after 26 years.
0:45:13 > 0:45:15Thankfully, he's asked us back after eight months.
0:45:18 > 0:45:20So, has our hero dad stepped up for daughter Elise,
0:45:20 > 0:45:24or did his arch nemesis, DIY, beat him again?
0:45:25 > 0:45:27# I need a hero
0:45:27 > 0:45:31# I'm holding out for a hero till the end of the night
0:45:31 > 0:45:35# He's got to be strong and he's got to be fast
0:45:35 > 0:45:38# And he's got to be fresh from the fight
0:45:38 > 0:45:40# I need a hero
0:45:40 > 0:45:44# I'm holding out for a hero till the morning light... #
0:45:44 > 0:45:47I think it's fair to say, superhero dad Gary wins.
0:45:47 > 0:45:51And although Elise and Ethan couldn't be with us,
0:45:51 > 0:45:55we met up with Gary to find out how he turned it into the perfect pad.
0:45:57 > 0:46:00We had a chap come in, he was a joiner,
0:46:00 > 0:46:02he replaced all the doors,
0:46:02 > 0:46:05put down the laminate flooring throughout,
0:46:05 > 0:46:09underneath the laminate flooring we have got acoustic tiling,
0:46:09 > 0:46:12to retain some of the heat.
0:46:12 > 0:46:16The biggest challenge wasn't the major work,
0:46:16 > 0:46:19it was the minor work, it was the painting, the decorating.
0:46:19 > 0:46:22I'm not by any means a painter and decorator.
0:46:22 > 0:46:25Paint all over the place, paint on the floor.
0:46:25 > 0:46:28All the major stuff, electrics, we got an electrician in,
0:46:28 > 0:46:31plumbing, we got a plumber in, joiner in,
0:46:31 > 0:46:33builders in, great.
0:46:33 > 0:46:35I thought I could do a little bit of painting,
0:46:35 > 0:46:37took me three months to paint the banisters.
0:46:39 > 0:46:40Three months to paint the banister, Gary?
0:46:40 > 0:46:45With respect, I can see now how a bathroom takes 26 years!
0:46:47 > 0:46:49However, the bathroom here is finished
0:46:49 > 0:46:52and it's Gary's favourite part.
0:46:52 > 0:46:55The bathroom was an old avocado style
0:46:55 > 0:46:59which was trendy 40 years ago.
0:46:59 > 0:47:03The joiner brought in a fitter and a plumber
0:47:03 > 0:47:05to completely gut the bathroom,
0:47:05 > 0:47:10replace it with a modern white style,
0:47:10 > 0:47:12tiled, completely tiled bathroom.
0:47:12 > 0:47:16Infinitely better than it was before.
0:47:18 > 0:47:21Both bedrooms are ideal for Elise and Ethan.
0:47:21 > 0:47:24But the box bedroom is being used as storage for the moment.
0:47:24 > 0:47:27It will eventually become a walk-in wardrobe for Elise.
0:47:27 > 0:47:31What this flat really needed was a bit of modern style,
0:47:31 > 0:47:33and that's what it's got now.
0:47:33 > 0:47:36Gary didn't actually start the work until the beginning of the year,
0:47:36 > 0:47:39and then having taken three months to paint the banister,
0:47:39 > 0:47:43that original timescale of 6-8 weeks was a long-distant memory.
0:47:43 > 0:47:46But did he stick to his budget?
0:47:46 > 0:47:47We went over budget.
0:47:47 > 0:47:50Initially, I thought maybe 5,000.
0:47:50 > 0:47:54We spent £7,500
0:47:54 > 0:47:57on getting the professionals in to do it.
0:47:57 > 0:48:01Plus the materials I needed to do the painting,
0:48:01 > 0:48:06so you're looking at maybe, in total, maybe about 8,000, 8,500.
0:48:06 > 0:48:10But money is no object as long as Elise is happy.
0:48:10 > 0:48:13She is happy, isn't she, Gary?
0:48:13 > 0:48:15She's happy.
0:48:15 > 0:48:19She moved in maybe about two months ago, with her little boy, Ethan.
0:48:19 > 0:48:21She loves it.
0:48:21 > 0:48:25And during the renovation, has he had time for his taekwondo?
0:48:25 > 0:48:31I was recently nominated for the Oldham Coach Of The Year.
0:48:31 > 0:48:35I didn't actually win, but to be nominated was good.
0:48:35 > 0:48:39Met Bryan Robson, former Manchester United footballer,
0:48:39 > 0:48:42so, yeah, it was not too bad.
0:48:42 > 0:48:44The legend Bryan Robson, eh, Gary?
0:48:44 > 0:48:48Are you trying to meet every member of the United squad I was in?
0:48:48 > 0:48:50Should I see if I can get Paul Scholes
0:48:50 > 0:48:52to value your maisonette for you?
0:48:52 > 0:48:55Sorry, Scholesy, but I think we'd better leave the valuations
0:48:55 > 0:48:57to two local estate agents.
0:48:57 > 0:49:01Do you think Gary could do any more to this flat?
0:49:01 > 0:49:04With this type of property, they have a ceiling value
0:49:04 > 0:49:08and there's no point overdoing it with the works
0:49:08 > 0:49:11and the spend on fixtures and fittings
0:49:11 > 0:49:14because you're not going to get the end value back, potentially.
0:49:14 > 0:49:16So I think the amount of money they've spent
0:49:16 > 0:49:18and the work they've done is spot-on.
0:49:18 > 0:49:21I wouldn't have done anything differently to the property,
0:49:21 > 0:49:24I think the owner has maximised its potential.
0:49:26 > 0:49:29Gary's total spend is £47,000 and, of course,
0:49:29 > 0:49:32this is a home for Elise and Ethan, so they won't be selling.
0:49:32 > 0:49:34But just for nosiness, what would it sell for?
0:49:36 > 0:49:39If the property was to be put onto the open market,
0:49:39 > 0:49:42I would suggest an asking price at £55,000.
0:49:42 > 0:49:44I would be looking to try
0:49:44 > 0:49:47and achieve about £55,000 for this property.
0:49:47 > 0:49:53I didn't expect any increase in value above what I paid.
0:49:53 > 0:49:56So, yeah, that's...that's quite good.
0:49:57 > 0:50:01A potential pre-tax profit of eight grand is quite good, Gary.
0:50:01 > 0:50:04But could it fare better on the rental market?
0:50:04 > 0:50:08For this property on the rental market I would put it on
0:50:08 > 0:50:10for £475 per calendar month.
0:50:10 > 0:50:15I think this property would achieve £400 - £450 per calendar month.
0:50:15 > 0:50:17Yeah, good. I'm throwing Elise out
0:50:17 > 0:50:20and we're going to put it on the market!
0:50:20 > 0:50:21HE LAUGHS
0:50:22 > 0:50:25I think he's joking, Elise, or at least, I hope he is!
0:50:25 > 0:50:27Don't worry.
0:50:27 > 0:50:29But theoretically speaking,
0:50:29 > 0:50:32if this place was rented for £450 per calendar month,
0:50:32 > 0:50:34it would mean an 11% yield.
0:50:36 > 0:50:38So, profitable, but more importantly,
0:50:38 > 0:50:41a nice flat to live in for daughter and grandson.
0:50:41 > 0:50:42But has Gary any tips for us?
0:50:45 > 0:50:48When you watch it on TV, it looks easy.
0:50:48 > 0:50:53It's not. Fortunately, I did have enough money to cover everything.
0:50:53 > 0:50:56That's the one thing I've learned. Don't get involved.
0:50:56 > 0:50:59Organise it, get somebody else in and let them do it.
0:51:04 > 0:51:08Back now to London and the three-bed terraced house in South Norwood
0:51:08 > 0:51:11that had a guide price of 230,000.
0:51:11 > 0:51:15Although walls had been removed to open up the downstairs space,
0:51:15 > 0:51:20the dated decor and the design decisions left me distinctly flat.
0:51:20 > 0:51:23And I don't know about you, but I feel like I'm in a fish tank.
0:51:23 > 0:51:27I'm not sure the glass panelling along here really does work.
0:51:27 > 0:51:30# Look at me... #
0:51:32 > 0:51:36Yes, as spacious as it may have been, the layout did not work.
0:51:36 > 0:51:39And it was going to need a lot of work to sort.
0:51:39 > 0:51:41Rising to the challenge were cousins Farhan
0:51:41 > 0:51:45and Sakeeb, who brought the property for £303,000.
0:51:45 > 0:51:48Farhan had already developed two properties
0:51:48 > 0:51:51and the pair were hoping his experience had found them a winner.
0:51:54 > 0:51:57He was actually on holidays and having fun and all that,
0:51:57 > 0:52:00so I was looking around on the properties.
0:52:00 > 0:52:04So, Sakeeb, you had your total trust and faith in Farhan's choice?
0:52:04 > 0:52:05That's right, yeah.
0:52:05 > 0:52:10# Oh, this is the one Oh, this is the one
0:52:10 > 0:52:11# This is the one
0:52:11 > 0:52:15# This is the one This is the one... #
0:52:18 > 0:52:21With a budget of 20,000, and a timescale of two months,
0:52:21 > 0:52:24the cousins were ready to get started.
0:52:24 > 0:52:26Could they fix this lamentable layout
0:52:26 > 0:52:28and create a premium property?
0:52:33 > 0:52:36Almost three months later, we're back to find out.
0:52:46 > 0:52:47Well, it's safe to say
0:52:47 > 0:52:50they've followed through with the big changes.
0:52:50 > 0:52:53Out the back, the garage is no more.
0:52:53 > 0:52:57And although there isn't any lawn, the garden is spacious and tidy.
0:52:58 > 0:53:01On the first floor, all the bedrooms have been painted,
0:53:01 > 0:53:05replastered and had new flooring put down.
0:53:06 > 0:53:09And that's not the biggest change up here.
0:53:09 > 0:53:11Actually, the bathroom was very small upstairs.
0:53:11 > 0:53:15So we just increased the space for the bathroom
0:53:15 > 0:53:18and we make the room a bit smaller
0:53:18 > 0:53:22and we made a little bit more space for the bathroom.
0:53:22 > 0:53:25And we redecorated the bathroom as well.
0:53:25 > 0:53:30But my favourite room has got to be this new kitchen/living area.
0:53:32 > 0:53:36So, as you can see, this is where we put our new kitchen.
0:53:36 > 0:53:38Previously it was at that corner
0:53:38 > 0:53:41and we had a wall dividing kitchen and the dining space.
0:53:41 > 0:53:46So we managed to knock that wall down, and we had to run these beams,
0:53:46 > 0:53:49and now we have our kitchen here
0:53:49 > 0:53:52and this whole space is open for your dining and living space.
0:53:52 > 0:53:55So this is my favourite and I'm very happy with the way...
0:53:55 > 0:53:57this space we have created.
0:53:59 > 0:54:01Between having to replace a load-bearing wall
0:54:01 > 0:54:03and taking down all those polystyrene ceiling tiles,
0:54:03 > 0:54:07I think Farhan and Sakeeb have done a great job in here.
0:54:07 > 0:54:10But there is a bit of an elephant in the room.
0:54:10 > 0:54:15Much to my dismay, that glass panel wall is still there.
0:54:15 > 0:54:16So what happened, guys?
0:54:18 > 0:54:22We initially planned to do that, but when you are doing your projects,
0:54:22 > 0:54:25there are bits that you cover, there are bits that you can't cover.
0:54:25 > 0:54:28You have to look at your cost controlling as well.
0:54:28 > 0:54:31So we decided to leave it as it is, because it doesn't look that bad
0:54:31 > 0:54:34with the new property and layout, this glass,
0:54:34 > 0:54:38when you look outside, so it makes it OK.
0:54:38 > 0:54:40# I want it all
0:54:40 > 0:54:43# I want it all
0:54:43 > 0:54:45# I want it all
0:54:45 > 0:54:49# And I want it now... #
0:54:49 > 0:54:52OK, OK. Maybe I do want it all.
0:54:52 > 0:54:55But it would have been nice to have seen that wall changed
0:54:55 > 0:54:57and not just for aesthetic reasons.
0:54:57 > 0:55:00If that wall were built today, fire-resistant safety glass
0:55:00 > 0:55:05would have to be used in order to pass building regulations.
0:55:05 > 0:55:08In addition, ideally the staircase would have a banister on both sides
0:55:08 > 0:55:11to be up-to-date with regulations too.
0:55:11 > 0:55:13So, with the plans changing,
0:55:13 > 0:55:16were there any disagreements about what should be done?
0:55:16 > 0:55:21Actually, overall we were both involved in the project,
0:55:21 > 0:55:24and so whatever we made, the choices, we made together.
0:55:24 > 0:55:26Especially in the kitchen.
0:55:27 > 0:55:31So, with all that work, did they manage to stick to their budget?
0:55:31 > 0:55:34Although we started with a budget of 20,000
0:55:34 > 0:55:37to achieve the overall refurbishment in this property,
0:55:37 > 0:55:41our plans changed during the course of refurbishment
0:55:41 > 0:55:45as well so all of it, of course, costed us more money than we thought.
0:55:47 > 0:55:50Having bought the property for 303,000,
0:55:50 > 0:55:54Farhan and Sakeeb ended up spending a total of £30,000
0:55:54 > 0:55:57and took almost three months to do all the work,
0:55:57 > 0:55:59rather than the planned two.
0:55:59 > 0:56:03Will all that work for the cousins make a tidy profit?
0:56:03 > 0:56:07We asked along two local estate agents to get their opinion.
0:56:08 > 0:56:11The best thing I like about this property, when you walk in,
0:56:11 > 0:56:17compared to before, is the large open-plan living area downstairs.
0:56:17 > 0:56:20It's very family-friendly, lots of space,
0:56:20 > 0:56:23loads of room for kids to run around in.
0:56:23 > 0:56:26Looking at the bathroom, to make the bathroom a better size,
0:56:26 > 0:56:27they cut into the bedroom.
0:56:27 > 0:56:29The bedroom at the back is slightly on the small side
0:56:29 > 0:56:32but still great for a child and the bathroom is a great size,
0:56:32 > 0:56:34it would be absolutely fine for a family of three.
0:56:34 > 0:56:38The estate agent suggested a rental valuation of between £1,400
0:56:38 > 0:56:41and £1,500 per month,
0:56:41 > 0:56:44but Sakeeb and Farhan want to sell the property,
0:56:44 > 0:56:47so let's get those valuations.
0:56:47 > 0:56:51For the sales value, this property would go on the market for £395,000.
0:56:51 > 0:56:53In the current sales market,
0:56:53 > 0:56:56I believe this property would achieve £395,000.
0:56:56 > 0:56:59We have received an offer for 400,000.
0:56:59 > 0:57:02We are likely to accept it although we just want to leave the property on
0:57:02 > 0:57:07the market for a week or two in case, if we can achieve any more than that.
0:57:09 > 0:57:10Well, that's great news.
0:57:10 > 0:57:12Having spent a total of 333,000,
0:57:12 > 0:57:16were they to accept that offer of £400,000,
0:57:16 > 0:57:19it would make a potential profit of 67 grand,
0:57:19 > 0:57:22minus the usual taxes and expenses.
0:57:22 > 0:57:26That's good going for almost three months' work.
0:57:26 > 0:57:29And I get the feeling this won't be the last development
0:57:29 > 0:57:31the cousins do together.
0:57:31 > 0:57:33Definitely, it was a very good experience
0:57:33 > 0:57:35working as a team together,
0:57:35 > 0:57:37so whatever we achieve from this property,
0:57:37 > 0:57:40we are going to put back together as a joint venture again.
0:57:40 > 0:57:42Very interested in property now,
0:57:42 > 0:57:46and I think that when I get money in, I will start a new project,
0:57:46 > 0:57:48in partnership with Farhan as well.
0:57:51 > 0:57:53We hope you've enjoyed the show
0:57:53 > 0:57:57and maybe even inspired you to visit your local auction room.
0:57:57 > 0:57:59We'll be back with more tips, advice,
0:57:59 > 0:58:02properties and buyers for you next time.
0:58:02 > 0:58:04So join us then for more Homes Under The Hammer.
0:58:04 > 0:58:05- Goodbye.- Bye.- Bye.