0:00:02 > 0:00:03Hello, and welcome to the show.
0:00:03 > 0:00:06Now, property can really be a nerve-racking business.
0:00:06 > 0:00:07Yeah, it really can be,
0:00:07 > 0:00:09especially when you think of the kind of money that's involved.
0:00:09 > 0:00:12Ooh, yeah, there's a lot at stake, but a deal can be had,
0:00:12 > 0:00:15especially if you want to buy your home under the hammer.
0:00:41 > 0:00:44Here's a good tip - have a plan, but always be willing to change it.
0:00:44 > 0:00:48Yeah, that's good advice. So, did today's buyers have a plan?
0:00:48 > 0:00:50Here's what they bought.
0:00:51 > 0:00:52In Brixton, London,
0:00:52 > 0:00:57someone's taken the idea of open-plan living a little too far.
0:00:57 > 0:00:59The toilet's still here, as you can see.
0:01:00 > 0:01:04And speaking of open-plan, in South Wales...
0:01:04 > 0:01:08Look at this. Wow.
0:01:09 > 0:01:11And in Telford, Shropshire,
0:01:11 > 0:01:13there's not quite as much space, but...
0:01:13 > 0:01:15I do like this floor.
0:01:17 > 0:01:19All these properties were bought at auction.
0:01:19 > 0:01:22We'll find out who got them and how much they paid for them
0:01:22 > 0:01:24when these homes went under the hammer.
0:01:24 > 0:01:25All done?
0:01:33 > 0:01:36When the South London suburb of Brixton was developed
0:01:36 > 0:01:40during the Victorian era, it was a popular middle-class area.
0:01:40 > 0:01:44However, in the early 20th century, it suffered a downturn,
0:01:44 > 0:01:47but oh, how things have gone full circle.
0:01:47 > 0:01:50Regeneration schemes have transformed Brixton,
0:01:50 > 0:01:53and it now boasts lots of trendy bars, cafes
0:01:53 > 0:01:55and pricey property.
0:01:55 > 0:01:57Now, this is a busy road,
0:01:57 > 0:02:01and the railway line, well, it's just over there,
0:02:01 > 0:02:03so it's a very noisy spot.
0:02:03 > 0:02:05So, if you're after peace and quiet,
0:02:05 > 0:02:07then I don't think the hustle and bustle of Brixton
0:02:07 > 0:02:09is the sort of area you'd want to live in.
0:02:09 > 0:02:11Well, I'm here to see a two-bedroom flat,
0:02:11 > 0:02:16and it had a guide price of £235,000 plus.
0:02:16 > 0:02:18Now, that sounds promising
0:02:18 > 0:02:21when I tell you the average price of a two-bed flat in Brixton
0:02:21 > 0:02:26is just under £440,000.
0:02:26 > 0:02:27I'm going to have a look around.
0:02:27 > 0:02:31Railway line does mean, at least, that Loughborough Junction station
0:02:31 > 0:02:33is only a few minutes' walk from the flat,
0:02:33 > 0:02:37getting you to London's St Pancras in less than 20 minutes.
0:02:37 > 0:02:40But for now, it's good, old-fashioned leg power
0:02:40 > 0:02:42that's going to get me up to the first floor
0:02:42 > 0:02:43of this split-level flat.
0:02:43 > 0:02:47Uh, dusty, dirty, smelly are just a few of the words
0:02:47 > 0:02:50I would describe to sum this flat up so far,
0:02:50 > 0:02:53but, well, it's got a lovely ceiling height
0:02:53 > 0:02:56and a nice, big window here which lets light into the hallway,
0:02:56 > 0:02:59so, once renovated, it will be much better.
0:02:59 > 0:03:01- But oh, my goodness. - SHE LAUGHS
0:03:01 > 0:03:04Clearly, the work has already started.
0:03:04 > 0:03:08This would have been three rooms - a sitting room, a loo and a kitchen.
0:03:08 > 0:03:11And you can see everything's already been ripped apart.
0:03:11 > 0:03:13All the walls and the partitions have been taken down.
0:03:13 > 0:03:18I mean, it's just created one very big, open-plan space.
0:03:18 > 0:03:20The toilet's still here, as you can see.
0:03:20 > 0:03:23You've got three lovely windows there letting loads of light in.
0:03:23 > 0:03:26I mean, even as far as the bare brick over there
0:03:26 > 0:03:29looks quite urban and very London.
0:03:29 > 0:03:30Not what I was expecting,
0:03:30 > 0:03:32but I really can see the potential of this place
0:03:32 > 0:03:34and what it could be like.
0:03:36 > 0:03:39There's no doubt about it, once all this stuff is in the skip,
0:03:39 > 0:03:41well, it'll just feel like a brilliant space.
0:03:41 > 0:03:43Open-plan living at its best
0:03:43 > 0:03:46with three fabulous windows bringing in lots of light,
0:03:46 > 0:03:48though, of course, there are limits
0:03:48 > 0:03:52to how far you can take that open-plan feel.
0:03:52 > 0:03:54Now, obviously, I'm guessing upstairs will have
0:03:54 > 0:03:58the mid-renovation look too because, as every developer knows...
0:03:58 > 0:04:01# Once you get started
0:04:02 > 0:04:04# Oh, it's hard to stop
0:04:04 > 0:04:05# You can't stop me Just can't stop... #
0:04:05 > 0:04:07It's great there's that storage space.
0:04:07 > 0:04:10I tell you what - valuable, in a London flat.
0:04:10 > 0:04:13That really, really is. It's a nice, light, bright bedroom.
0:04:13 > 0:04:15You've got two windows that replicate what's downstairs.
0:04:15 > 0:04:17I know you've got three down there.
0:04:17 > 0:04:19It's good to have such a sunny bedroom.
0:04:19 > 0:04:22And at the back here, we've got another bedroom.
0:04:22 > 0:04:24Now, this isn't everybody's cup of tea, I know.
0:04:24 > 0:04:27You look out the window and you can see big arches,
0:04:27 > 0:04:30the railway tracks there, the train will be going past.
0:04:30 > 0:04:33I quite like it. You really do know you're living in London.
0:04:33 > 0:04:36And, of course, you know, you've got a loo downstairs in the lounge.
0:04:36 > 0:04:38Well, you've got a bath up here in the bedroom.
0:04:38 > 0:04:40A little bit of damp in this corner as well,
0:04:40 > 0:04:43so that's something I would probably look at.
0:04:43 > 0:04:45And with this whole property,
0:04:45 > 0:04:47I'm not sure about the electrics too.
0:04:47 > 0:04:48They might need checking.
0:04:52 > 0:04:54Now, being a Londoner, obviously, I love London life
0:04:54 > 0:04:56and this flat could have a real urban feel
0:04:56 > 0:04:58with that bare brick look,
0:04:58 > 0:05:01although you want to keep urban sounds to a minimum
0:05:01 > 0:05:04with some triple glazing here, methinks.
0:05:04 > 0:05:08- # It's the sound that goes... - # It's the sound of the Underground
0:05:08 > 0:05:12# It's the sound of the Under, sound of the Underground... #
0:05:12 > 0:05:15Sound of the Overground, surely, ladies.
0:05:15 > 0:05:17But this is a good-sized flat
0:05:17 > 0:05:20at a reasonable guide price for Brixton.
0:05:20 > 0:05:22However, there are some negatives.
0:05:22 > 0:05:23The flat is above a shop,
0:05:23 > 0:05:26which means it could be tricky to get a mortgage,
0:05:26 > 0:05:29and this part of Brixton is in a conservation area,
0:05:29 > 0:05:31so any exterior work,
0:05:31 > 0:05:34including changes to windows or even the front door,
0:05:34 > 0:05:36have to be approved.
0:05:36 > 0:05:38And parking is very difficult in these parts,
0:05:38 > 0:05:41so a good thing the train is close after all.
0:05:41 > 0:05:44Time to get the thoughts of a local estate agent
0:05:44 > 0:05:45on this urban pad.
0:05:46 > 0:05:50Victorian properties such as this one, priced at £235,000,
0:05:50 > 0:05:53are extremely hard to come by in the Brixton area.
0:05:53 > 0:05:55The flat certainly needs a lot of work.
0:05:55 > 0:05:58The standard of finish for all properties in this area,
0:05:58 > 0:06:00we'd always recommend doing it as high as you can.
0:06:00 > 0:06:01We do find that,
0:06:01 > 0:06:05if properties are not quite up to the standard buyers are looking for,
0:06:05 > 0:06:06you will struggle to sell them
0:06:06 > 0:06:09and take a small hit on price accordingly.
0:06:11 > 0:06:15So, Brixton is clearly a very competitive market,
0:06:15 > 0:06:19so what kind of values could you achieve for sales and rental?
0:06:19 > 0:06:24Once renovated, this flat could sell for circa £325,000.
0:06:24 > 0:06:27Once renovated, this property could achieve
0:06:27 > 0:06:30around £1,600 per calendar month.
0:06:30 > 0:06:35Yes, it does have some negatives, but using a bit of imagination,
0:06:35 > 0:06:38well, I think this flat could be transformed
0:06:38 > 0:06:41into a lovely, light, bright, urban home
0:06:41 > 0:06:45for somebody who wants to live in this buzzing part of London.
0:06:45 > 0:06:48Who agreed? Let's head to auction and find out.
0:06:51 > 0:06:55Moving on to lot 188. Anyone want to start me off on this one?
0:06:55 > 0:06:56250?
0:06:56 > 0:06:59If not, turn it the other way. Start at 220.
0:06:59 > 0:07:02Not going below that. It's got to be worth that all day long.
0:07:02 > 0:07:04220, are you bidding? 220.
0:07:04 > 0:07:08221. 222. 223.
0:07:08 > 0:07:10224. 225.
0:07:11 > 0:07:14225. 226.
0:07:14 > 0:07:15This lot was near the end of the day,
0:07:15 > 0:07:18but there were still a few determined bidders.
0:07:18 > 0:07:22We rejoin at 242,000.
0:07:22 > 0:07:25Bid's down here with the lady at 242. Looking for 243.
0:07:25 > 0:07:29Back in. 243. 244. 245.
0:07:29 > 0:07:33246. 247. 248.
0:07:33 > 0:07:35249. 250.
0:07:35 > 0:07:38251.
0:07:38 > 0:07:40No? Bid's down here at 250.
0:07:40 > 0:07:42251 elsewhere?
0:07:42 > 0:07:45250 for the first, 250 for the second,
0:07:45 > 0:07:47250 for the third, final time.
0:07:47 > 0:07:49- All done? - GAVEL BANGS
0:07:49 > 0:07:51- Sold 250.- Whoo!
0:07:51 > 0:07:52Well bought, madam.
0:07:53 > 0:07:56- Like to see a happy buyer. - LUCY CHUCKLES
0:07:56 > 0:07:58Yeah, I like to see a happy buyer too,
0:07:58 > 0:08:01and the successful bidder, at £250,000,
0:08:01 > 0:08:03whooping for joy, was Miranda.
0:08:03 > 0:08:06Now, she's a florist and her team of builders are responsible
0:08:06 > 0:08:08for weeding out the interior of this flat.
0:08:08 > 0:08:11The building team are clearly not letting the grass grow
0:08:11 > 0:08:12under their feet.
0:08:12 > 0:08:15All right, OK, no more puns for me today.
0:08:17 > 0:08:19- Miranda, congratulations.- Thank you.
0:08:19 > 0:08:22- You could have tidied up. - THEY LAUGH
0:08:22 > 0:08:24Sorry. We got going before you got here.
0:08:24 > 0:08:27- You couldn't wait, could you? - They've started already, I'm afraid.
0:08:27 > 0:08:28They've only been here three days,
0:08:28 > 0:08:31but the one thing they've left is the loo.
0:08:31 > 0:08:33- I can see. - THEY LAUGH
0:08:33 > 0:08:35Until they put one upstairs,
0:08:35 > 0:08:37they say they need to leave this one here.
0:08:37 > 0:08:39There's not much privacy, but...
0:08:39 > 0:08:41That's what you call open-plan living.
0:08:41 > 0:08:44Exactly. It will be.
0:08:44 > 0:08:45Well, hopefully, none of them are shy.
0:08:45 > 0:08:49Miranda's relying on Ziga, who's from Poland.
0:08:49 > 0:08:51He's worked for me for about six years.
0:08:51 > 0:08:52He came over to help me do the flowers.
0:08:52 > 0:08:54He's a mechanic and a builder,
0:08:54 > 0:08:56and he's got these friends who come over and help,
0:08:56 > 0:08:59all come up from Somerset and help, so, yeah, got a good team.
0:08:59 > 0:09:03Ziga has come over during his holiday from Poland
0:09:03 > 0:09:05to do this project with us.
0:09:05 > 0:09:07This isn't much of a holiday for him, really, is it?
0:09:07 > 0:09:11The poor guy did the same thing last year, so he's great news.
0:09:11 > 0:09:15Not my idea of a relaxing holiday, but go, Ziga!
0:09:15 > 0:09:17Miranda has bought this flat for her son James.
0:09:17 > 0:09:20It was, in fact, her sons James and Richard
0:09:20 > 0:09:22who introduced Miranda to Brixton.
0:09:22 > 0:09:24They live in a flat around the corner,
0:09:24 > 0:09:26so she's bought and sold here before.
0:09:26 > 0:09:28But, of course, that isn't her day job.
0:09:28 > 0:09:32I do flowers for events and weddings,
0:09:32 > 0:09:33and I work all over the country.
0:09:33 > 0:09:37Went to Kenya last March, did a wedding over four days.
0:09:37 > 0:09:40- 600 people at each event. - Wow.- And that was amazing.
0:09:40 > 0:09:44We used 12,000 stems of flowers, including sort of...
0:09:44 > 0:09:47Well, it was all hydrangeas and roses. No greenery at all.
0:09:47 > 0:09:49But I love using lots of greenery, generally.
0:09:49 > 0:09:52I buy lots of English flowers, and it's very much kind of,
0:09:52 > 0:09:54you know, a creative, artistic look, hopefully.
0:09:54 > 0:09:56And I'm sure Miranda will be bringing
0:09:56 > 0:09:59some of the creativity towards this renovation.
0:09:59 > 0:10:02One really exciting thing we're going to hope to do is,
0:10:02 > 0:10:06upstairs, there's a loft, but actually, it's a fantastic space
0:10:06 > 0:10:09and we're going to board it out, put lights in there
0:10:09 > 0:10:12- and so it'll make a guest room, spare room for people.- Fantastic.
0:10:12 > 0:10:14So, that's an extra bonus space.
0:10:14 > 0:10:16That's an extra bonus space, hopefully.
0:10:16 > 0:10:18The other thing I want to do is put this amazing 3-D wallpaper,
0:10:18 > 0:10:21which I've seen, on these walls here.
0:10:21 > 0:10:25It's kind of like bookcases, but it's slightly jumbled books,
0:10:25 > 0:10:26and it looks really cool.
0:10:26 > 0:10:29And I think, again, it will increase the feeling of space in here.
0:10:29 > 0:10:31- Yes, it'll give it some depth, actually.- It will.
0:10:31 > 0:10:32And then the kitchen,
0:10:32 > 0:10:35which we're going to run along that back wall there,
0:10:35 > 0:10:38I want to put some really long, tall cupboards in,
0:10:38 > 0:10:41which, again, will increase the feeling of the height of the ceiling
0:10:41 > 0:10:43and that will make this room, again, feel bigger.
0:10:43 > 0:10:46- It'll just elongate it and stretch it up.- Exactly.
0:10:46 > 0:10:49So, what about the corridor? Because I'm not a fan of corridors.
0:10:49 > 0:10:53People dump bikes and post and they can be a bit magnolia and beigey.
0:10:53 > 0:10:55- I agree.- What are you going to do to that corridor?
0:10:55 > 0:10:58- Well, one thing about it is it's quite a wide corridor.- Yes.
0:10:58 > 0:11:00And it's got lots of depth in the wall
0:11:00 > 0:11:04between the sort of columns which support that fireplace.
0:11:04 > 0:11:06So, we're going to put glass shelves on those
0:11:06 > 0:11:08so you can dump loads of stuff -
0:11:08 > 0:11:10bike helmets, trainers, sleeping bags,
0:11:10 > 0:11:12all the sort of things that people have...
0:11:12 > 0:11:15- Shoe racks, even.- Shoe rack. Put a bike rack on the wall.
0:11:15 > 0:11:17Take it back to the brick, hopefully,
0:11:17 > 0:11:19glaze it over and then light it.
0:11:19 > 0:11:23I've got a really good, again, Polish electrician
0:11:23 > 0:11:25who's got great ideas for lighting it.
0:11:25 > 0:11:27And we'll shoot light up from the bottom
0:11:27 > 0:11:28so the wall will be floodlit.
0:11:28 > 0:11:31So, when you come in, you should think, "Wow.
0:11:31 > 0:11:34"I've stepped into somewhere different and unusual."
0:11:35 > 0:11:38Miranda has also expanded the bathroom upstairs
0:11:38 > 0:11:40at the expense of the smaller bedroom,
0:11:40 > 0:11:43and plans a larger landing area too.
0:11:43 > 0:11:45This is the third time she's bought in Brixton,
0:11:45 > 0:11:49but she's planning even bolder ideas for her son's new flat.
0:11:51 > 0:11:52Well, one idea I did have,
0:11:52 > 0:11:55which we may do, depending on the cost,
0:11:55 > 0:11:58is to have a glass wall - a far glass wall here -
0:11:58 > 0:12:01so that it's not plaster but actually all glass,
0:12:01 > 0:12:05and you can see through to the, hopefully, exposed brick wall
0:12:05 > 0:12:07on the stairs, and the lighting,
0:12:07 > 0:12:10which would extend the feeling of this room.
0:12:10 > 0:12:12You can do anything, but it all comes at a cost, doesn't it?
0:12:12 > 0:12:15And where are you going to draw the line with the budget?
0:12:15 > 0:12:18- Well, the sort of figure we have in our head is 50,000.- OK.
0:12:18 > 0:12:21- Which should be quite generous, we hope.- Yeah, absolutely.
0:12:21 > 0:12:23We should make a really cool space here for that.
0:12:23 > 0:12:25What about timescales? How long is it going to take you
0:12:25 > 0:12:27before James can happily move in here,
0:12:27 > 0:12:29and you can come and stay as a guest?
0:12:29 > 0:12:32I don't know how long. Probably four months.
0:12:32 > 0:12:35Um, they've done this in two days, three days,
0:12:35 > 0:12:39so I think we'll do quite a lot in four months, yeah.
0:12:39 > 0:12:41- Miranda, really lovely to meet you today.- And you.
0:12:41 > 0:12:44I am so excited to see the finished product here.
0:12:44 > 0:12:47- Well done.- Great.- Thank you. - OK, bye. Thanks.
0:12:47 > 0:12:52So, with a budget of £50,000, well, I'm expecting florist Miranda
0:12:52 > 0:12:56to create a blooming marvellous home for her son here.
0:12:56 > 0:12:59You can find out if all comes up smelling of roses
0:12:59 > 0:13:01later in the programme.
0:13:01 > 0:13:04And I really hope she does commission
0:13:04 > 0:13:05that super-duper glass wall.
0:13:12 > 0:13:14This is Crumlin,
0:13:14 > 0:13:17a town in South Wales five miles west of Pontypool.
0:13:21 > 0:13:24Well, Crumlin was once famous
0:13:24 > 0:13:29as the location of the tallest railway viaduct in the UK.
0:13:29 > 0:13:35At 200 feet, built in 1857, it really was spectacular.
0:13:35 > 0:13:38But the town's more recent claim to fame
0:13:38 > 0:13:45is as the birthplace of one sort of noodly, snacky thing in a pot,
0:13:45 > 0:13:46if you know what I mean.
0:13:46 > 0:13:50Let's hope the property I'm here to see is just as tasty.
0:13:54 > 0:13:57So, what was on offer at the auction?
0:13:57 > 0:14:02Well, £38,000 was the guide price, but that potentially got you what?
0:14:02 > 0:14:06Well, interesting one, this. A former public house.
0:14:06 > 0:14:08Now, it is a very sad figure,
0:14:08 > 0:14:15but around 31 public houses every week close in the UK.
0:14:15 > 0:14:18That's terribly sad. This was one of them.
0:14:18 > 0:14:22Looks not too big on the outside. Let's take a look inside.
0:14:25 > 0:14:30But don't be fooled by the exterior. This place is a bit of a TARDIS.
0:14:30 > 0:14:34Through that little entrance area there into this bar area.
0:14:34 > 0:14:35A massive bar.
0:14:35 > 0:14:39You've got all the old pumps and everything still there.
0:14:39 > 0:14:43And then look at this.
0:14:43 > 0:14:44See what I mean about being a TARDIS?
0:14:44 > 0:14:48You've got this absolute massive, well,
0:14:48 > 0:14:52dance floor/utility space/whatever.
0:14:52 > 0:14:54At the end, there's a stage, there are some toilets.
0:14:54 > 0:14:58What an amazing space. Wow.
0:15:03 > 0:15:05# Dance floor
0:15:05 > 0:15:09- # Ay, ay, ay - # On the dance floor... #
0:15:09 > 0:15:10It certainly is cavernous,
0:15:10 > 0:15:14but perhaps filling it with dancers and DJs
0:15:14 > 0:15:15is no longer a viable option.
0:15:15 > 0:15:18# On the dance floor... #
0:15:18 > 0:15:21And it doesn't stop here. Downstairs, there's another bar
0:15:21 > 0:15:24and storage where beer barrels were kept.
0:15:25 > 0:15:27And we're not done yet.
0:15:27 > 0:15:32So, upstairs, and a bit of a bonus - you've got a two-bedroom flat.
0:15:32 > 0:15:35One bedroom there, another bedroom there, living area here.
0:15:35 > 0:15:38So, that throws open the whole possibility of,
0:15:38 > 0:15:43well, renting this out separately, perhaps, from the downstairs area.
0:15:43 > 0:15:44That would bring you in a bit of income.
0:15:44 > 0:15:48Or having this as a place that, whoever ran the building, perhaps,
0:15:48 > 0:15:49could live in.
0:15:49 > 0:15:51Either way, a good option. However, to make it habitable,
0:15:51 > 0:15:54you are going to have to do a bit of work cos, like downstairs,
0:15:54 > 0:15:56it is in a bit of a mess.
0:15:56 > 0:16:00And certainly, there is some, whoa, massive slope going on,
0:16:00 > 0:16:02as you walk through the flat.
0:16:02 > 0:16:04I don't know if that's any indication, but...
0:16:09 > 0:16:11- Yeah, pretty bad. - HE LAUGHS
0:16:11 > 0:16:14As you can see, floor's on a bit of a slope.
0:16:17 > 0:16:20This trolley action might not be making your heart sing.
0:16:20 > 0:16:23However, the explanation is outside,
0:16:23 > 0:16:26and, possibly, more of a heartbreaker.
0:16:27 > 0:16:29Well, round the side of the property,
0:16:29 > 0:16:32you can get to see the sort of extension
0:16:32 > 0:16:34which houses that huge dance floor.
0:16:34 > 0:16:36It really is quite expansive.
0:16:36 > 0:16:40However, at the end here, bit of a structural problem.
0:16:40 > 0:16:44It looks to me like one of these supporting metal structures
0:16:44 > 0:16:47has actually sunk into the ground, and as you can see,
0:16:47 > 0:16:51it means the end of the building here is actually dropping down.
0:16:51 > 0:16:53That's not ideal, is it?
0:16:55 > 0:16:58It may just be historical settlement or maybe it's a bigger problem,
0:16:58 > 0:17:01so I'd say get a professional to check it out.
0:17:02 > 0:17:05What does the auctioneer who sold the property think
0:17:05 > 0:17:07of this former pub, and what options are there
0:17:07 > 0:17:10- for its future use? - It's a very big property.
0:17:10 > 0:17:13Size is really the first thing that comes to mind.
0:17:13 > 0:17:15In some respects, it's too big.
0:17:15 > 0:17:18Properties like this that we sell usually go for alternative uses,
0:17:18 > 0:17:21and most often, residential uses.
0:17:21 > 0:17:23I don't think that would work that well here, though,
0:17:23 > 0:17:26because, frankly, it's not the most attractive property from the back.
0:17:26 > 0:17:28The frontage is great,
0:17:28 > 0:17:30but would it split easily into flats or houses?
0:17:30 > 0:17:31No, I don't think it would,
0:17:31 > 0:17:35so it really needs somebody who's going to run it as a pub or club,
0:17:35 > 0:17:37social club, that kind of thing.
0:17:37 > 0:17:39Perhaps some sort of alternative commercial use.
0:17:41 > 0:17:43What about knocking it down and starting again?
0:17:45 > 0:17:47You'd have to look at the economies involved with that.
0:17:47 > 0:17:49There would be a cost of the actual demolition.
0:17:49 > 0:17:51Then what would it be worth when done?
0:17:51 > 0:17:53Well, if you put one single house here,
0:17:53 > 0:17:55it might be worth 150,000.
0:17:55 > 0:17:57Would there be much profit in it, or any profit in it?
0:17:57 > 0:17:58Probably not really.
0:18:00 > 0:18:02So, what could this property be worth?
0:18:02 > 0:18:05If somebody came here and they could set up a business
0:18:05 > 0:18:07and run that business profitably
0:18:07 > 0:18:11and show that there is a genuine business opportunity there,
0:18:11 > 0:18:15then a business could be worth £100,000, £150,000 once set up here.
0:18:16 > 0:18:20So, is it closing time finally for this pub
0:18:20 > 0:18:25or did someone at the auction spring to its rescue?
0:18:25 > 0:18:26Let's go there and find out.
0:18:28 > 0:18:31That then brings us on to Crumlin. Very, very large property there.
0:18:31 > 0:18:34The original facade with a later
0:18:34 > 0:18:35extension on the back.
0:18:35 > 0:18:37Guided at £38,000.
0:18:37 > 0:18:38£30,000, to start me.
0:18:38 > 0:18:4030, thank you. I've got you at £30,000.
0:18:40 > 0:18:42At 30. At 30. At one now, can I see?
0:18:42 > 0:18:45At 30,000. One, I'm looking for. 31. Well done.
0:18:45 > 0:18:4831. 32. 33. 34.
0:18:48 > 0:18:5034. 35. 36.
0:18:50 > 0:18:53There was a lot of interest in this lot.
0:18:53 > 0:18:56We rejoin the bidding at 48,000.
0:18:56 > 0:19:0048. 49. 48 and a half.
0:19:00 > 0:19:0348 and a half. 49. And 49 and a half.
0:19:03 > 0:19:0749 and a half. Make it a round 50. Thank you. 50. 50 and a half.
0:19:07 > 0:19:09At £50,000, then, at the back.
0:19:09 > 0:19:15For the first time, second time, third and last time at £50,000.
0:19:15 > 0:19:19Well done. Your number, please? Number seven. Thank you very much.
0:19:19 > 0:19:21Well, the final bid of £50,000
0:19:21 > 0:19:25was made by Crumlin-born-and-bred local Derek.
0:19:25 > 0:19:29Derek is a gas engineer and travels all over the country with his work.
0:19:29 > 0:19:32So, why buy a big, old pub?
0:19:32 > 0:19:36I met up with him back in Crumlin to find out what his plans were.
0:19:36 > 0:19:38- Derek, good to meet you. - Good to meet you.
0:19:38 > 0:19:40- Congratulations.- Yeah, thanks.
0:19:40 > 0:19:44- You say it like that, do you? - Yeah, yeah.- Why? Bit of a project?
0:19:44 > 0:19:48- Well, yeah. It is a massive project. - Tell me why you wanted to buy it.
0:19:48 > 0:19:51My wife was looking on the internet for a property to buy
0:19:51 > 0:19:54for me to do up cos this is the kind of thing I do,
0:19:54 > 0:19:56and she came across this and said,
0:19:56 > 0:19:59- "That could be a snooker club." - A snooker club?- Yeah.
0:19:59 > 0:20:03Because I've always wanted to do, or have, a snooker club.
0:20:03 > 0:20:06I owned a table a few years ago, but never had a room to put it in.
0:20:06 > 0:20:08HE CHUCKLES Now I've got a room
0:20:08 > 0:20:10I can put a lot of tables in.
0:20:11 > 0:20:13- MARTIN CHUCKLES - He's not kidding.
0:20:13 > 0:20:16It will make good use of this space.
0:20:16 > 0:20:20Derek has been playing snooker since he was about seven years old,
0:20:20 > 0:20:24and he's even represented Wales in the world team championships.
0:20:24 > 0:20:26He's keen to share his passion,
0:20:26 > 0:20:29but also create an amenity in the town.
0:20:29 > 0:20:32- Is there much call for that round here?- I hope so.
0:20:32 > 0:20:36THEY LAUGH I've had no negative feedback.
0:20:36 > 0:20:40Everybody's saying, "I'm going to send the kids there after school."
0:20:40 > 0:20:44That's one of the things I intend to do is, the local schools,
0:20:44 > 0:20:47I'll give the room to them cos they all do after-school clubs.
0:20:47 > 0:20:52- Right.- I want to introduce snooker to younger kids.- Right.
0:20:52 > 0:20:55Really nice that you're sort of carrying on
0:20:55 > 0:20:58with a local community facility.
0:20:58 > 0:21:01- I mean, you could have knocked it down and built flats.- No.
0:21:01 > 0:21:04That's not what I'm into.
0:21:04 > 0:21:05You might call me stupid,
0:21:05 > 0:21:09but I'm not expecting to become a millionaire from this.
0:21:09 > 0:21:14I'm trying to introduce what I like doing to other people.
0:21:14 > 0:21:15Wow. That's really brilliant.
0:21:16 > 0:21:19# Snooker loopy nuts, are we
0:21:19 > 0:21:22# Me and him and them and me... #
0:21:22 > 0:21:25So, Derek's not worried about being out of pocket,
0:21:25 > 0:21:28but before Crumlin starts potting blacks,
0:21:28 > 0:21:30there's a little work to be done,
0:21:30 > 0:21:34and the good news on that front is that Derek's a multi-skilled chap.
0:21:34 > 0:21:36He's not only a heating engineer.
0:21:36 > 0:21:40He has plumbing, electrical and joinery skills too.
0:21:41 > 0:21:43Tell me what you're going to do to it, then.
0:21:43 > 0:21:46Right, what I would love to do is,
0:21:46 > 0:21:50the toilets on the stage there, I want to take those out,
0:21:50 > 0:21:53so I can utilise all of that space going back.
0:21:53 > 0:21:56There's plenty of room for two tables in the length.
0:21:56 > 0:21:58There'll be two tables there and two tables there.
0:21:58 > 0:22:01So, there'll be like a partition wall there.
0:22:01 > 0:22:03Dartboards just behind you there.
0:22:03 > 0:22:08Double doors coming in. Toilets over there. Keep the bar.
0:22:08 > 0:22:11Maybe make it a bit smaller. That's basically all here.
0:22:11 > 0:22:15Upstairs, maybe turn the stairs in the corner.
0:22:15 > 0:22:18- Take all the walls out upstairs and put a few pool tables up there.- OK.
0:22:18 > 0:22:22And downstairs, it's just a little bit of alteration with the seating,
0:22:22 > 0:22:24and two tournament tables down there.
0:22:24 > 0:22:25Two pool tables, you know.
0:22:25 > 0:22:28How much is that going to cost, then? What's the budget?
0:22:28 > 0:22:31- I'm thinking around 20,000. - So, £20,000 budget.
0:22:31 > 0:22:33- Does that include buying the snooker tables?- Yeah, I suppose,
0:22:33 > 0:22:36- but I've already got them anyway. - Oh, you've got them?- Yeah.
0:22:36 > 0:22:40- I had to buy eight.- What? - I had to buy eight.- Eight?- Yeah.
0:22:40 > 0:22:45There was a snooker club in Newport that shut down a year or two ago.
0:22:45 > 0:22:48I only wanted four, but the lady said,
0:22:48 > 0:22:51- "It's either eight or none."- Right. How much did you pay for the eight?
0:22:51 > 0:22:54- £1,000.- Did you? - THEY LAUGH
0:22:54 > 0:22:57But then again, not many people have got the space for them, have they?
0:22:57 > 0:22:59Well, I haven't got space for eight.
0:22:59 > 0:23:01HE LAUGHS
0:23:01 > 0:23:05Well, it looks like Derek is ready to go in the table department,
0:23:05 > 0:23:09but will he catch a break with the structural problems?
0:23:09 > 0:23:11One thing I did notice is that, when you go outside
0:23:11 > 0:23:13and you look at this rear area,
0:23:13 > 0:23:15it does look like the rear section of that rear area
0:23:15 > 0:23:18- has got a few structural things going on.- Yeah.
0:23:18 > 0:23:20It may have moved years and years ago.
0:23:20 > 0:23:24- Obviously, this is a mining village. - Yeah.- Lots of subsidence.
0:23:24 > 0:23:29And I think maybe the one steel support maybe sunk.
0:23:29 > 0:23:31But even though it looks like it's dipping,
0:23:31 > 0:23:34I'm hoping that it's not likely to fall down.
0:23:34 > 0:23:37- HE LAUGHS - That would be bad.
0:23:37 > 0:23:38Yeah, pretty bad.
0:23:38 > 0:23:40# We need someone to lean on... #
0:23:40 > 0:23:43Derek thinks, at worst, this might need some underpinning,
0:23:43 > 0:23:45so let's hope he's not left - you guessed it -
0:23:45 > 0:23:47snookered by the issue.
0:23:47 > 0:23:49So, what's the timescale?
0:23:49 > 0:23:51How long will it be before we hear the clack of balls?
0:23:51 > 0:23:54- Three or four years. - Oh, stop it.- It could be.
0:23:54 > 0:23:58- I'm hoping for six or seven weeks. - Oh, weeks? Oh, OK.
0:23:58 > 0:24:02I've got quite a few guys who are willing to come and give a hand.
0:24:02 > 0:24:04Are you going to enlist a bit of support
0:24:04 > 0:24:07- when people realise why you're doing it?- Yeah, yeah.
0:24:07 > 0:24:10Family members, I think they'll have to free play, to be honest.
0:24:10 > 0:24:15- They've said they'll put their time in here as well.- Well, that's good.
0:24:15 > 0:24:18But what a great opportunity. You must be really excited.
0:24:18 > 0:24:22Yeah, I'm buzzing, actually. Yeah, yeah, can't wait.
0:24:22 > 0:24:24Well, listen, congratulations. Good luck with it.
0:24:24 > 0:24:26It's a great thing you're doing.
0:24:26 > 0:24:29- Look forward to seeing how it turns out.- OK, thanks.
0:24:29 > 0:24:32Well, what great news that Derek has bought this place
0:24:32 > 0:24:36and he's going to turn it back into a facility for the local community.
0:24:36 > 0:24:37And who knows?
0:24:37 > 0:24:42We may well even see the next snooker world champion
0:24:42 > 0:24:45start his or her career right here.
0:24:45 > 0:24:49You can find out how it all turns out later in the show.
0:24:51 > 0:24:55Coming up in Telford, Barjan is on a strict timescale.
0:24:55 > 0:24:58I'll have this flat turned round and rented next week.
0:24:58 > 0:25:01THEY LAUGH
0:25:01 > 0:25:06But for Derek in South Wales, he may have miscued his timescale.
0:25:06 > 0:25:08It might be six weeks from now.
0:25:14 > 0:25:17Back to Brixton, where, earlier, I saw a two-bed,
0:25:17 > 0:25:22two-floor flat guided at £235,000 plus.
0:25:22 > 0:25:23Oh, my goodness.
0:25:23 > 0:25:26Except it wasn't a two-bed any more,
0:25:26 > 0:25:28as the noise of the nearby railway track
0:25:28 > 0:25:31was joined by the sound of demolition work.
0:25:32 > 0:25:35The renovation had already started,
0:25:35 > 0:25:38and the person responsible was florist Miranda,
0:25:38 > 0:25:42who had bought the property for £250,000 for her son James.
0:25:43 > 0:25:46Miranda's building team wasted no time
0:25:46 > 0:25:48and got stuck straight into the work.
0:25:48 > 0:25:51And it's fair to say, she had some grand plans for the place,
0:25:51 > 0:25:53such as the living room...
0:25:53 > 0:25:56Glass wall. A far glass wall here.
0:25:56 > 0:25:59- ..the loft...- Board it out, put lights in there.
0:25:59 > 0:26:04- ..the kitchen...- I want to put some really long, tall cupboards in.
0:26:04 > 0:26:05..and the corridor.
0:26:05 > 0:26:08Take it back to the brick, hopefully, glaze it over,
0:26:08 > 0:26:11and we'll shoot light up from the bottom.
0:26:11 > 0:26:14It certainly was a bold vision.
0:26:15 > 0:26:17It's now six months on,
0:26:17 > 0:26:21and Miranda has invited us back to see the changes.
0:26:28 > 0:26:31And the flat is simply unrecognisable.
0:26:31 > 0:26:35Miranda and the team have transformed it top to bottom.
0:26:35 > 0:26:37So, to find out what's been going on,
0:26:37 > 0:26:40let's start at the bottom in the corridor.
0:26:40 > 0:26:43We've put lights all the way up the stairs so that...
0:26:43 > 0:26:46It's also a kind of security factor as well,
0:26:46 > 0:26:47so you can have them on at night
0:26:47 > 0:26:50and it's a kind of low light as you come in.
0:26:50 > 0:26:53So, all the way from the very bottom to the top.
0:26:53 > 0:26:57Miranda and James sadly decided against putting in the glass wall
0:26:57 > 0:27:00from the living room to the corridor due to the expense.
0:27:00 > 0:27:03But what was once a scene of destruction is now...
0:27:03 > 0:27:07# You're some kind of heaven That's all that I need
0:27:07 > 0:27:11# I found it in you I found it in you
0:27:11 > 0:27:12# You're some kind of heaven... #
0:27:12 > 0:27:15So, this is the sort of living room/kitchen,
0:27:15 > 0:27:19and in here, we've moved the wall that was here
0:27:19 > 0:27:21because the kitchen was a separate room.
0:27:21 > 0:27:23And there was a very boxy area about here
0:27:23 > 0:27:26where a wall came out at a right angle.
0:27:26 > 0:27:28And then we've re-plastered all of this
0:27:28 > 0:27:30and rounded off all the walls, which gives the room,
0:27:30 > 0:27:32I think, much more feeling of depth.
0:27:32 > 0:27:34And this is quite a sort of feature.
0:27:34 > 0:27:36We've put in some quite nice lights down there,
0:27:36 > 0:27:38which will, you know, light up the alcoves,
0:27:38 > 0:27:41and, again, give the feeling of more depth in the evening.
0:27:41 > 0:27:44And we replaced all the windows and triple glazed them.
0:27:44 > 0:27:46We put in new floors.
0:27:46 > 0:27:48The whole thing's been gutted and redone.
0:27:48 > 0:27:50And then the kitchen,
0:27:50 > 0:27:54we tried to put in as simple but as functional a kitchen as possible,
0:27:54 > 0:27:57which would blend, in a stylish way, with the room,
0:27:57 > 0:28:00and look not so much like a kitchen, but as part of the living room.
0:28:00 > 0:28:04And everything's integrated, so it's got the fridge and the cooker
0:28:04 > 0:28:08and freezer and dishwasher all here, but sort of hidden away.
0:28:08 > 0:28:12Heading upstairs, and Miranda's recreated two beautiful bedrooms,
0:28:12 > 0:28:16and come up with some very clever storage solutions.
0:28:16 > 0:28:19On the second floor, we tried to open it out.
0:28:19 > 0:28:21The staircase was all boarded up,
0:28:21 > 0:28:23and there was actually a wall at the top of the stairs,
0:28:23 > 0:28:26which was completely unnecessary, so we took that out.
0:28:26 > 0:28:29So, you immediately have a more open feeling as you come up the stairs.
0:28:29 > 0:28:32And then we also created a utility area up there
0:28:32 > 0:28:34with the extra space that we created.
0:28:36 > 0:28:39This floor also has the sparkling bathroom.
0:28:39 > 0:28:40Like the rest of the flat,
0:28:40 > 0:28:44I like the way Miranda has used curved edges and classical colours
0:28:44 > 0:28:48to emphasise the Georgian history of the property.
0:28:48 > 0:28:51However, not all went according to plan.
0:28:52 > 0:28:55We've decided not to do anything in the loft
0:28:55 > 0:28:58because the headroom wasn't enough, really, to justify it,
0:28:58 > 0:29:00but it's still a good storage area.
0:29:06 > 0:29:09Throughout, the finish is impeccable,
0:29:09 > 0:29:12from sisal carpets that give off a very pleasant smell
0:29:12 > 0:29:14to high skirting boards,
0:29:14 > 0:29:17from triple glazing to automatic lighting.
0:29:17 > 0:29:21So, I have to ask, how did that 50 grand budget fare?
0:29:22 > 0:29:24It probably was a bit ambitious
0:29:24 > 0:29:27to think that we could have done it all for 50,
0:29:27 > 0:29:30so we've probably spent more like 70.
0:29:30 > 0:29:32The reason that the budget had to increase
0:29:32 > 0:29:34is the quality of all the fittings that we've put in,
0:29:34 > 0:29:37in, like, the kitchen and the bathroom
0:29:37 > 0:29:38and all those things.
0:29:38 > 0:29:40But that's a decision that we wanted to make
0:29:40 > 0:29:43to make it, you know, a really top-quality flat.
0:29:43 > 0:29:46It's also taken Miranda's team six months
0:29:46 > 0:29:49rather than the ambitious four-month timescale,
0:29:49 > 0:29:51but she must be overjoyed at the result.
0:29:53 > 0:29:56I'm absolutely delighted with the finished product.
0:29:56 > 0:30:00It's been really fun doing it, and exciting all the way.
0:30:00 > 0:30:03And, you know, I'm so pleased with my team of builders.
0:30:03 > 0:30:05The finish they've put on it is fantastic.
0:30:05 > 0:30:08The plan was for Miranda's son James to move in here.
0:30:08 > 0:30:11- So, is that still the case? - James was going to move in,
0:30:11 > 0:30:14but he's so happy living with his brother round the corner
0:30:14 > 0:30:17that he's decided to sell it now, so it's actually on the market.
0:30:19 > 0:30:21Well, that's quite a change of plan.
0:30:21 > 0:30:24Miranda will be keen, then, to find out what the flat is worth,
0:30:24 > 0:30:25and we've asked along
0:30:25 > 0:30:27two local property experts
0:30:27 > 0:30:30to give us their opinion on this extraordinary renovation.
0:30:32 > 0:30:34This property is an immaculate standard.
0:30:34 > 0:30:36Design features of the property are really good.
0:30:36 > 0:30:39We've got triple glazing, which is brand-new.
0:30:39 > 0:30:40The wooden floor is very good.
0:30:40 > 0:30:44You've got sisals through the staircases and the bedrooms.
0:30:44 > 0:30:46And the bathroom is very luxury standard.
0:30:46 > 0:30:50The layout of the rooms looks good. The bedrooms are well-presented.
0:30:50 > 0:30:52It's got a really modern feel,
0:30:52 > 0:30:55even to the extent where they've put in nice bed covers
0:30:55 > 0:30:58and dressings, and the carpets all look good.
0:30:58 > 0:31:00I think they're going to make a profit.
0:31:00 > 0:31:02The only downside I can see to this property
0:31:02 > 0:31:04is the fact that it's above a shop
0:31:04 > 0:31:07and people's perceptions of buying properties above shops.
0:31:07 > 0:31:09Other than that, when you get inside,
0:31:09 > 0:31:11everything is really good.
0:31:13 > 0:31:19So, will Miranda make a profit against her total £320,000 spend?
0:31:19 > 0:31:21The agents are agreed that the property could rent
0:31:21 > 0:31:25for £1,650 per calendar month,
0:31:25 > 0:31:28but that would only give Miranda a 6% yield.
0:31:28 > 0:31:30With her heart set on selling,
0:31:30 > 0:31:32what could it command on the resale market?
0:31:33 > 0:31:35I would put this property on the market
0:31:35 > 0:31:38for offers in the region of £525,000.
0:31:38 > 0:31:39Regarding the sales market,
0:31:39 > 0:31:42I would put this property on the market at 525
0:31:42 > 0:31:45to obtain to get 500, minimum, for it.
0:31:45 > 0:31:49Delighted, yeah. That sounds a very exciting prospect.
0:31:49 > 0:31:55That top valuation means a potential profit of £205,000,
0:31:55 > 0:31:57minus taxes and fees.
0:31:57 > 0:31:58With this success behind them,
0:31:58 > 0:32:02Miranda and her sons are forming their own development company.
0:32:02 > 0:32:04They have an architect and, of course,
0:32:04 > 0:32:06that trusted team of builders on hand.
0:32:06 > 0:32:07But that's the future.
0:32:07 > 0:32:10What does Miranda make of this property?
0:32:10 > 0:32:13The whole experience has been really exciting,
0:32:13 > 0:32:14and lots of adrenaline at the auction,
0:32:14 > 0:32:16and the excitement of seeing the place
0:32:16 > 0:32:19just develop into this wonderful flat.
0:32:23 > 0:32:25I'm in Telford, Shropshire today,
0:32:25 > 0:32:28a busy, bustling new town that's seen lots of redevelopment
0:32:28 > 0:32:30and investment of late.
0:32:30 > 0:32:33And with an increasing move back towards town centre living,
0:32:33 > 0:32:37I think I've found an auction lot that could be right up that street.
0:32:37 > 0:32:39# I want to be close to this... #
0:32:41 > 0:32:44Well, not too far from the centre of Telford is Hollinswood,
0:32:44 > 0:32:48which is no slouch either when it comes to redevelopment,
0:32:48 > 0:32:54as the area is benefiting from a £2.5 million regeneration fund.
0:32:54 > 0:32:57The property I'm here to see is up there on the second floor.
0:32:57 > 0:33:02It's got two bedrooms, and it has a guide price of £60,000 plus.
0:33:02 > 0:33:03Let's take a look.
0:33:06 > 0:33:10And with 99 years left on the lease, set in pleasant surroundings,
0:33:10 > 0:33:14this 1970s-built building looks well-kept and cared for.
0:33:14 > 0:33:17Hopefully, it's the same inside.
0:33:18 > 0:33:20OK, so, we're up on the second floor,
0:33:20 > 0:33:22which is good for security.
0:33:22 > 0:33:24If you're immobile in any way,
0:33:24 > 0:33:27it might be a bit awkward for you and a bit too far to come.
0:33:27 > 0:33:28Anyway, into the flat.
0:33:28 > 0:33:30Long corridor in front of me,
0:33:30 > 0:33:34and we have a bit of storage in there.
0:33:34 > 0:33:39Even more storage, which is good, with shelving in there as well.
0:33:39 > 0:33:41Bedroom just there.
0:33:41 > 0:33:44Now, you've got a bit of a void space here.
0:33:44 > 0:33:46I'd be looking to take that wall down,
0:33:46 > 0:33:49bring the wall to here, just gain a bit more space in that bedroom.
0:33:49 > 0:33:52Further along this beautiful, yellow corridor
0:33:52 > 0:33:55into bedroom number one, which is much bigger.
0:33:55 > 0:33:57Lots of space in there.
0:33:57 > 0:33:59Down the corridor, we've got the lounge to my left.
0:33:59 > 0:34:02The bathroom, which looks in really good condition.
0:34:02 > 0:34:04You could quite easily keep that, clean it up a little bit,
0:34:04 > 0:34:06put some new flooring down and that would be fine.
0:34:06 > 0:34:09A little bit further down our beautiful, yellow corridor
0:34:09 > 0:34:11and we've got the kitchen right at the end.
0:34:11 > 0:34:13Again, similar story in here.
0:34:13 > 0:34:14From what I can see,
0:34:14 > 0:34:17there doesn't seem to be too much that needs to be done,
0:34:17 > 0:34:20and I think you'd be able to keep these cupboards as well.
0:34:20 > 0:34:24As well as this flat seemingly not needing much doing to it,
0:34:24 > 0:34:26the location is perfect
0:34:26 > 0:34:30as the town centre is undergoing a huge regeneration,
0:34:30 > 0:34:33and that's just walking distance in that direction.
0:34:33 > 0:34:38So, cinema, shops, restaurants all on your doorstep.
0:34:38 > 0:34:40And if you work in the town centre as well
0:34:40 > 0:34:43and you don't have a car, what better place to rest your head?
0:34:43 > 0:34:45Let's have a look in the lounge.
0:34:47 > 0:34:51OK, into the lounge, then, and I do like this floor.
0:34:51 > 0:34:53I'd be inclined to get it cleaned up,
0:34:53 > 0:34:56varnish it and keep it.
0:34:56 > 0:34:58I'm pretty sure the neighbours below
0:34:58 > 0:35:00would rather you had carpet for the sound,
0:35:00 > 0:35:02but, selfishly, I'd want to keep it.
0:35:02 > 0:35:04Bit of paint on the walls
0:35:04 > 0:35:08and two big windows letting loads of light in, which is great.
0:35:10 > 0:35:12You have to say it - there's a lot of good things here.
0:35:12 > 0:35:14Nothing is in poor condition.
0:35:14 > 0:35:16The two rooms you normally would look to upgrade
0:35:16 > 0:35:18would be the kitchen and the bathroom,
0:35:18 > 0:35:21but here, they really don't look like they need much work.
0:35:21 > 0:35:25Bit of elbow grease, fresh lick of paint, some new flooring,
0:35:25 > 0:35:28and this flat would certainly be ready for renting.
0:35:28 > 0:35:30But surprise, surprise, there's a catch.
0:35:32 > 0:35:34Now, here on the show,
0:35:34 > 0:35:36we always say, "Read the legal pack."
0:35:36 > 0:35:38We harp on about reading the legal pack,
0:35:38 > 0:35:42and I've done just that on this flat,
0:35:42 > 0:35:45and it did throw up a few interesting things.
0:35:45 > 0:35:47One of the main ones for me was
0:35:47 > 0:35:50there's going to be work being done on the building
0:35:50 > 0:35:52over the next five years,
0:35:52 > 0:35:56and it's going to cost round about £35,000 in total
0:35:56 > 0:35:58to get all that work done,
0:35:58 > 0:36:02and that cost is going to have to be split between the six flats.
0:36:02 > 0:36:05If I hadn't have read the legal pack and I wanted this flat,
0:36:05 > 0:36:10I would never have known that. So, what did I say?
0:36:10 > 0:36:12Read the legal pack whether you're buying a flat,
0:36:12 > 0:36:14a house or a bungalow.
0:36:14 > 0:36:16Read the legal pack!
0:36:16 > 0:36:20# Read all about it Read all about it
0:36:20 > 0:36:22# Oh-oh... #
0:36:22 > 0:36:25They do say knowledge is power, and in this case,
0:36:25 > 0:36:28providing you know this before you start bidding,
0:36:28 > 0:36:31the additional five or six grand shouldn't be a problem.
0:36:31 > 0:36:33But for an unwary purchaser,
0:36:33 > 0:36:36that could be the difference between making a profit or loss,
0:36:36 > 0:36:38so get your hands on the legal pack.
0:36:39 > 0:36:44# Read all about it Read all about it
0:36:44 > 0:36:46# Oh-oh
0:36:46 > 0:36:48# Oh, oh-oh, oh, oh-oh... #
0:36:48 > 0:36:50So, to get some more information on the flat
0:36:50 > 0:36:53and the surrounding area, we invited an agent from the auction house
0:36:53 > 0:36:56who sold the property to get his opinion.
0:36:56 > 0:36:57The area Hollinswood's
0:36:57 > 0:36:58quite well-known in Telford.
0:36:58 > 0:37:01It's very popular as well cos it's very close to the town centre.
0:37:01 > 0:37:03A lot of people who maybe live in Hollinswood
0:37:03 > 0:37:05also work in the town centre.
0:37:06 > 0:37:09So, there's a definite market for this type of flat.
0:37:09 > 0:37:11Well, what changes would be needed
0:37:11 > 0:37:14to attract potential buyers or tenants in?
0:37:15 > 0:37:18In my opinion, the kitchen maybe just needs a lick of paint.
0:37:18 > 0:37:20I think the units as they are should be quite fine.
0:37:20 > 0:37:22The lounge has got some nice flooring in it.
0:37:22 > 0:37:24Basically, it's just decor, really.
0:37:24 > 0:37:26And the bathroom, I think it's fine as it is.
0:37:26 > 0:37:29It could just be given a bit of a makeover.
0:37:29 > 0:37:31Sounds like we're singing the same song here,
0:37:31 > 0:37:35so let's put some values on the flat that was guided at £60,000 plus.
0:37:36 > 0:37:38Once the renovation's complete,
0:37:38 > 0:37:41I would estimate the property to be worth £69,000 for sale,
0:37:41 > 0:37:45and for rental purposes, £525 per calendar month.
0:37:46 > 0:37:48All this flat needs is a lick of paint,
0:37:48 > 0:37:51some new carpets and a bit of elbow grease
0:37:51 > 0:37:55and that would be it, but you have got those extra costs
0:37:55 > 0:37:57that were flagged up in the legal pack.
0:37:57 > 0:37:59Now, I wonder if that put any potential bidders off
0:37:59 > 0:38:00when it went under the hammer.
0:38:02 > 0:38:03Lot seven.
0:38:03 > 0:38:07This is a two-bedroom, second-floor apartment needing modernising.
0:38:07 > 0:38:10It's 55 to get going on this one.
0:38:10 > 0:38:1355 bid. Thank you. At £55,000.
0:38:13 > 0:38:1456, can I see now?
0:38:14 > 0:38:1656. 57.
0:38:16 > 0:38:2058. 59. 60.
0:38:20 > 0:38:2361. 62.
0:38:23 > 0:38:25No? At 62,000.
0:38:25 > 0:38:2763 anywhere else?
0:38:27 > 0:38:29I'll take 500 if it helps.
0:38:29 > 0:38:3262 and a half. 63?
0:38:32 > 0:38:36No? At 62 and a half, then, right in the middle. All done now.
0:38:36 > 0:38:4262,500 once, then, twice, third and last time. 62,500.
0:38:42 > 0:38:44Your lot, sir. Well done.
0:38:44 > 0:38:47And the successful bid of 62 and a half grand
0:38:47 > 0:38:48was made on behalf of Barjan,
0:38:48 > 0:38:51who left it to his son-in-law to do the bidding.
0:38:53 > 0:38:55Let's hope he checked this one out thoroughly.
0:38:55 > 0:38:57I met him back at the flat to find out.
0:39:01 > 0:39:04- Barjan, nice to meet you. - Yeah, nice to meet you too.
0:39:04 > 0:39:07- Congratulations.- Thank you. - Why this flat?
0:39:07 > 0:39:09This flat, I bought because of the location.
0:39:09 > 0:39:11It's very close to the town centre,
0:39:11 > 0:39:13and the town centre is being developed,
0:39:13 > 0:39:16and I think, going forward, it will be a good investment.
0:39:16 > 0:39:19- So, you're looking to hold on to it, then?- Yes.
0:39:19 > 0:39:21- Now, I have read the legal pack.- Right.
0:39:21 > 0:39:25- And there's some work that needs to be done on the building?- Yes.
0:39:25 > 0:39:27This flat is in a block of six flats,
0:39:27 > 0:39:31and each flat will have to pay their proportion of the costs,
0:39:31 > 0:39:33and it's around about £30,000.
0:39:33 > 0:39:37And the work that's going to be done is mainly outside, exterior -
0:39:37 > 0:39:41the structural roof, structural building,
0:39:41 > 0:39:44exterior decorations and things like that,
0:39:44 > 0:39:45but that's going to be done over five years.
0:39:45 > 0:39:47Did you not think, "Hold it a minute.
0:39:47 > 0:39:50"I paid this much for the flat and now I've got to pay this much"?
0:39:50 > 0:39:51No, it doesn't bother me
0:39:51 > 0:39:54cos the property will be a lot better anyway
0:39:54 > 0:39:57for having the work done cos the flats are about 40 years old,
0:39:57 > 0:40:00so it does need a bit of work doing to it in certain areas, I think.
0:40:00 > 0:40:04- Was there anything else in the legal pack that flagged up that...?- Yes.
0:40:04 > 0:40:07I can't do any internal structural wall changes
0:40:07 > 0:40:11- or change the rooms or HMOs and all this.- OK.
0:40:11 > 0:40:14- So, that's the local housing trust that insist on things like that.- OK.
0:40:14 > 0:40:17- So, the configuration's got to stay the same?- It has.
0:40:18 > 0:40:20In a way, the rules set out by the freeholder
0:40:20 > 0:40:24mean that this is straightforward. No, "Should I do this?
0:40:24 > 0:40:27"Should I do that, move this, knock that down or change that?"
0:40:27 > 0:40:29This flat is what it is,
0:40:29 > 0:40:32and I'm relieved that Barjan read that all-important legal pack
0:40:32 > 0:40:36and went into this purchase with his eyes wide open.
0:40:36 > 0:40:39And even if he can't make any structural changes,
0:40:39 > 0:40:43he can still change the internal look and finish of the property.
0:40:45 > 0:40:48So, what are you going to do to the flat?
0:40:48 > 0:40:51The two bedrooms will have carpets. New carpets, obviously.
0:40:51 > 0:40:54- The hallway will have lino.- Mm-hm.
0:40:54 > 0:40:57Obviously, where the paint needs doing in the flat,
0:40:57 > 0:40:58I'll get it painted.
0:40:58 > 0:41:01And, at a cost of about £600 total,
0:41:01 > 0:41:04I'll have this flat turned round and rented next week.
0:41:04 > 0:41:07- THEY LAUGH - I don't like to hang about.
0:41:07 > 0:41:10Really? I know it doesn't need much work,
0:41:10 > 0:41:12but one week is going some.
0:41:12 > 0:41:15Barjan is pretty confident he can get it done fast
0:41:15 > 0:41:17and for that £600 budget.
0:41:17 > 0:41:19With a tenant already lined up,
0:41:19 > 0:41:22this is really a rapid money-spinner.
0:41:25 > 0:41:28# In no time at all... #
0:41:28 > 0:41:30So, Barjan, what is your background
0:41:30 > 0:41:32before you started getting into property?
0:41:32 > 0:41:35I used to work for a large engineering company.
0:41:35 > 0:41:39I retired in 2013, and I managed to get a good pay off,
0:41:39 > 0:41:41and since then, I've been investing in properties.
0:41:41 > 0:41:44So, I haven't been into properties very long,
0:41:44 > 0:41:47but I've already got a portfolio of about three properties.
0:41:47 > 0:41:49What was it that made you go into property?
0:41:49 > 0:41:51What made me go into property was my son-in-law
0:41:51 > 0:41:53cos he's got loads of properties,
0:41:53 > 0:41:56and I just saw what he did, and it was so easy.
0:41:56 > 0:41:58I learnt a lot off him.
0:41:58 > 0:42:00- Has he given you a few tips?- Yeah.
0:42:00 > 0:42:04I go with him to the auctions and I pick up, so, yes.
0:42:04 > 0:42:07Did he go to the auction with you when you went for your property?
0:42:07 > 0:42:11He did. He did. He was interested in this property, but I told him...
0:42:11 > 0:42:13- HE LAUGHS - ..I wanted it,
0:42:13 > 0:42:14so he had to agree to me getting in.
0:42:14 > 0:42:16- So, you're taking properties off him now?- Yes.
0:42:16 > 0:42:18He's not very happy with it, but I have, yes.
0:42:18 > 0:42:23And will you be going back to the auction very soon to buy more?
0:42:23 > 0:42:26At my age, I'll be honest, I'm happy with what I've got.
0:42:26 > 0:42:29- "At my age"?- Yes. - You're a young kid.- No, I'm 65.
0:42:29 > 0:42:33I'm happy at my age. I don't want to get any more properties.
0:42:33 > 0:42:35I wish I'd have done it younger, you know.
0:42:35 > 0:42:37Then, I probably would have. But I'm happy with what I've got.
0:42:37 > 0:42:39- Barjan, good luck, sir. - Thank you, Dion.
0:42:39 > 0:42:41- Wish you all the best. - OK, thank you.
0:42:43 > 0:42:45Barjan may have come into the property business
0:42:45 > 0:42:48later than he'd liked, but he's certainly a cool customer.
0:42:49 > 0:42:53Even though the legal pack did throw up some extra costs for him,
0:42:53 > 0:42:54it didn't seem to bother him whatsoever,
0:42:54 > 0:42:57as this is a long-term investment.
0:42:57 > 0:43:01But he's given himself just one week to get the work done.
0:43:01 > 0:43:04Will he achieve it? You can find out later in the programme.
0:43:07 > 0:43:09Now, we've seen what one of our buyers did after auction.
0:43:09 > 0:43:11Now let's see how the other two got on.
0:43:11 > 0:43:13Yeah, I'm looking forward to this.
0:43:16 > 0:43:20Back to Wales now, and cue the town of Crumlin,
0:43:20 > 0:43:23where I visited a former public house.
0:43:23 > 0:43:26From the street, a modestly-sized property.
0:43:28 > 0:43:33But don't be fooled by the exterior. This place is a bit of a TARDIS.
0:43:33 > 0:43:37Through that little entrance area there into this bar area.
0:43:37 > 0:43:38A massive bar.
0:43:38 > 0:43:42And then look at this.
0:43:42 > 0:43:44See what I mean about being a TARDIS?
0:43:44 > 0:43:48You've got this absolute massive, well,
0:43:48 > 0:43:52dance floor/utility space/whatever.
0:43:52 > 0:43:55At the end, there's a stage, there are some toilets.
0:43:55 > 0:43:58What an amazing space. Wow.
0:44:00 > 0:44:05And wow again, with a cellar and bar on the lower ground floor,
0:44:05 > 0:44:08and a two-bedroom flat on the top floor.
0:44:08 > 0:44:14It just went on and on, but it also went up and down.
0:44:16 > 0:44:19As you can see, floor's on a bit of a slope.
0:44:19 > 0:44:21MUSIC: It's Not Unusual by Tom Jones
0:44:21 > 0:44:23It may be a TARDIS on the inside,
0:44:23 > 0:44:27but it looked more like a space station on the outside.
0:44:27 > 0:44:30And one of those supports would explain the slope.
0:44:30 > 0:44:34Still, structural issues are not unusual... Ho-ho!
0:44:34 > 0:44:36..here on Homes Under The Hammer.
0:44:36 > 0:44:39But a buyer with slightly unusual plans...
0:44:39 > 0:44:41£50,000.
0:44:42 > 0:44:44Step up, local gas engineer Derek,
0:44:44 > 0:44:48who snapped up the property for a cool £50,000,
0:44:48 > 0:44:51and he had big plans for his investment.
0:44:51 > 0:44:53- A snooker club?- Yeah.
0:44:53 > 0:44:57- Because I've always wanted to do, or have, a snooker club.- Really?
0:44:57 > 0:45:01I owned a table a few years ago, but never had a room to put it in.
0:45:01 > 0:45:03HE CHUCKLES Now I've got a room
0:45:03 > 0:45:04I can put a lot of tables in.
0:45:04 > 0:45:08A lot of tables indeed.
0:45:08 > 0:45:10Derek planned to knock through the walls
0:45:10 > 0:45:12to the toilets and stage on the main floor
0:45:12 > 0:45:15to create even more space for the snooker tables,
0:45:15 > 0:45:18as well as restructuring the top floor,
0:45:18 > 0:45:20allowing him to add pool tables.
0:45:20 > 0:45:22And not forgetting the lower ground floor,
0:45:22 > 0:45:25which was getting a major makeover too,
0:45:25 > 0:45:27and, of course, some more tables.
0:45:27 > 0:45:32With a budget of £20,000 and a timescale of six to seven weeks,
0:45:32 > 0:45:36we've returned 12 months later to see how Derek got on.
0:45:42 > 0:45:48MUSIC: Sirius by The Alan Parsons Project
0:46:06 > 0:46:09OK, OK, back to the renovations.
0:46:16 > 0:46:18As planned, on the main floor,
0:46:18 > 0:46:21Derek has removed the stage and toilets,
0:46:21 > 0:46:25creating an expansive space to put four snooker tables.
0:46:26 > 0:46:30He's also added a partitioning wall to the new-look bar area.
0:46:30 > 0:46:33Now, the work is obviously still ongoing here,
0:46:33 > 0:46:36but the transformation is quite dramatic.
0:46:37 > 0:46:40And it continues downstairs.
0:46:40 > 0:46:42This is the lower ground floor.
0:46:42 > 0:46:47We took off the wall there to tank it
0:46:47 > 0:46:49cos there was a fair bit of damp coming through.
0:46:49 > 0:46:52We've put in pool tables, we took out the bar,
0:46:52 > 0:46:54and it's turned out really nice.
0:46:56 > 0:47:01Next door, work continues on the dilapidated beer cellar.
0:47:01 > 0:47:05And upstairs, in what was once a very tired-looking flat,
0:47:05 > 0:47:07the renovations have actually paused,
0:47:07 > 0:47:10as Derek awaits the go-ahead from the local council
0:47:10 > 0:47:13to install a new staircase and flooring.
0:47:13 > 0:47:15Once the red tape is out of the way,
0:47:15 > 0:47:18Derek intends to install the new staircase
0:47:18 > 0:47:21as well as add three new pool tables.
0:47:21 > 0:47:23Derek's done a lot of work here,
0:47:23 > 0:47:27but I do remember something about a six to seven week timescale,
0:47:27 > 0:47:29and judging by my watch,
0:47:29 > 0:47:32it's currently sitting around 53 weeks.
0:47:34 > 0:47:37Originally, my timescale, I think I might have gone mad
0:47:37 > 0:47:39and said something like six weeks.
0:47:39 > 0:47:42It might be six weeks from now.
0:47:42 > 0:47:47Main reason - I got a job, which I do four or five days a week,
0:47:47 > 0:47:51and most of this in here, I've done myself.
0:47:53 > 0:47:56I'm going to hold you to that six weeks, Derek.
0:47:56 > 0:47:59Now, let's talk about that potential subsidence issue.
0:48:01 > 0:48:04Even though it had a little bit of subsidence, maybe,
0:48:04 > 0:48:05it's not moving any more.
0:48:05 > 0:48:07It's probably historical,
0:48:07 > 0:48:10so I dare say it shouldn't happen any more.
0:48:11 > 0:48:15So, the building isn't moving any more. That's good news.
0:48:15 > 0:48:19But surely those wonky floors aren't great for a snooker hall.
0:48:19 > 0:48:21We took up a load of the dance floor.
0:48:21 > 0:48:25We screeded the back of the floor to make it level,
0:48:25 > 0:48:28and we've reused the timber in the bar.
0:48:29 > 0:48:32Recycling is always a great way to save a bob or two.
0:48:32 > 0:48:37And speaking of money, how did Derek get on with that budget of 20,000?
0:48:39 > 0:48:41There's a lot of things
0:48:41 > 0:48:44which I didn't really see in the beginning,
0:48:44 > 0:48:45like all of the seating.
0:48:45 > 0:48:47I renewed all the seating.
0:48:47 > 0:48:51There was about half a dozen skips which I didn't plan on having.
0:48:51 > 0:48:53It all mounts up.
0:48:53 > 0:48:56But, yeah, we're up to about 45,000 at the moment,
0:48:56 > 0:48:59and probably end up another ten or 15 to go.
0:48:59 > 0:49:02Whoa! That is a serious overspend.
0:49:02 > 0:49:05Derek knew this wouldn't make him a millionaire.
0:49:05 > 0:49:07It really is a passion project.
0:49:07 > 0:49:11He's hoping to encourage youngsters in the surrounding area to play,
0:49:11 > 0:49:13and maybe even spawn a champion.
0:49:13 > 0:49:16But even at that, he needs to get this place open
0:49:16 > 0:49:18to see some money coming in.
0:49:18 > 0:49:20Again, it's about four or five weeks.
0:49:20 > 0:49:24Once I get the bar licence and I can actually serve alcohol,
0:49:24 > 0:49:25we'll open then.
0:49:25 > 0:49:28So, with a potential overspend of 35,000,
0:49:28 > 0:49:32bringing his total spend to around 110,000
0:49:32 > 0:49:34and a timescale that's gone to pot,
0:49:34 > 0:49:39is Derek going to be chalking up success with a maximum break
0:49:39 > 0:49:40or is it a miscue?
0:49:44 > 0:49:47What do two local property experts think?
0:49:49 > 0:49:51The standard of work seems to be excellent.
0:49:51 > 0:49:53There's a few bits and pieces that still need to be done,
0:49:53 > 0:49:54but what I've seen so far
0:49:54 > 0:49:56is of a very good standard.
0:49:56 > 0:49:57Fixtures and fittings are excellent.
0:49:57 > 0:50:00I'm really impressed with what the purchaser has done.
0:50:00 > 0:50:02It's a very unusual use for the property,
0:50:02 > 0:50:03but I definitely think it'll work.
0:50:03 > 0:50:06The selling points of this property are there's no such use
0:50:06 > 0:50:08like this in the area at the present time,
0:50:08 > 0:50:11and I think it'll bring the community together as a whole.
0:50:11 > 0:50:14Bringing the community together was one of Derek's hopes,
0:50:14 > 0:50:17so this isn't all about money.
0:50:17 > 0:50:19But it would be rude not to ask,
0:50:19 > 0:50:21and the agents did have very different views
0:50:21 > 0:50:23on the rental potential.
0:50:23 > 0:50:29This property would achieve a rental of £1,250 per calendar month.
0:50:29 > 0:50:32If this property was to be let,
0:50:32 > 0:50:34I would say it would be looked to be rented out
0:50:34 > 0:50:38in the region of between £800 and £1,000 per calendar month.
0:50:38 > 0:50:41But what about resale?
0:50:41 > 0:50:43Based on that income, I would say it would give a value, then,
0:50:43 > 0:50:47of resale of between £100,000 and £120,000.
0:50:47 > 0:50:51I would expect this property, if it was placed on the market,
0:50:51 > 0:50:55to achieve in the region of £125,000 to £130,000.
0:50:56 > 0:51:00That top figure could mean a pre-tax profit of £20,000.
0:51:00 > 0:51:02What does Derek make of that?
0:51:03 > 0:51:07They're fine as sale values, but not intending to sell.
0:51:08 > 0:51:11So, as expected, Derek's holding on to the place,
0:51:11 > 0:51:14and he's looking to the future.
0:51:14 > 0:51:18The long-term goal would still be to find a potential world champion.
0:51:22 > 0:51:23In Shropshire,
0:51:23 > 0:51:26and within walking distance of the town centre of Telford,
0:51:26 > 0:51:29is where we first found this two-bedroom, second-floor flat.
0:51:31 > 0:51:35Built in the 1970s, this flat was impressive in its general condition.
0:51:35 > 0:51:39Yes, perhaps some decor wasn't quite up to scratch.
0:51:39 > 0:51:40However, that was it, really.
0:51:41 > 0:51:44The kitchen units and bathroom weren't bad at all.
0:51:44 > 0:51:47It looked like a straightforward doer-upper,
0:51:47 > 0:51:50but there was a catch awaiting any unwary purchaser,
0:51:50 > 0:51:54a catch where not reading the legal pack could prove costly.
0:51:55 > 0:51:59# Take care
0:52:00 > 0:52:05# Take care
0:52:05 > 0:52:07# Take care... #
0:52:07 > 0:52:10There's going to be work being done on the building
0:52:10 > 0:52:12over the next five years,
0:52:12 > 0:52:16and it's going to cost around about £35,000 in total
0:52:16 > 0:52:18to get all that work done,
0:52:18 > 0:52:22and that cost is going to have to be split between the six flats.
0:52:22 > 0:52:26If I hadn't have read the legal pack and I wanted this flat,
0:52:26 > 0:52:27I would never have known that.
0:52:27 > 0:52:31So, what did I say? Read the legal pack.
0:52:33 > 0:52:36The person who had done just that was retired engineer Barjan.
0:52:36 > 0:52:40He bought it at auction for £62,500.
0:52:40 > 0:52:42He knew exactly what he was getting into
0:52:42 > 0:52:45and exactly what he was going to do with his third property purchase.
0:52:48 > 0:52:51The two bedrooms will have carpets. New carpets, obviously.
0:52:51 > 0:52:54- The hallway will have lino.- Mm-hm.
0:52:54 > 0:52:56Obviously, where the paint needs doing in the flat,
0:52:56 > 0:52:58I'll get it painted.
0:52:58 > 0:53:01And at a cost of about £600 total,
0:53:01 > 0:53:03I'll have this flat turned round and rented next week.
0:53:03 > 0:53:07- THEY LAUGH - I don't like to hang about.
0:53:08 > 0:53:11One week, 600 quid? I thought, when you retire,
0:53:11 > 0:53:14you were supposed to take it easy or leisurely.
0:53:14 > 0:53:17Not Barjan. He wanted to get this done and dusted ASAP.
0:53:19 > 0:53:22# Only seven days... #
0:53:24 > 0:53:27Now we're going to see if Barjan was as good as his word
0:53:27 > 0:53:31because one week later, we're back to check his progress.
0:53:33 > 0:53:35There's new flooring in the hallway...
0:53:39 > 0:53:40..paintwork in the lounge...
0:53:42 > 0:53:44..and new carpets in both bedrooms,
0:53:44 > 0:53:47though I'm surprised to see they haven't been redecorated.
0:53:47 > 0:53:49And, well, that's it.
0:53:51 > 0:53:52Apart from a new cooker in the kitchen,
0:53:52 > 0:53:55both the kitchen and bathroom remain untouched.
0:53:55 > 0:53:58But, of course, the big question is about the time it took
0:53:58 > 0:54:00to do the work.
0:54:00 > 0:54:05# How long has this been going on? #
0:54:05 > 0:54:06My original timescale was a week,
0:54:06 > 0:54:08but I managed to do it in three days.
0:54:08 > 0:54:10I might have been a bit slow, really.
0:54:10 > 0:54:14# Three days... #
0:54:14 > 0:54:17Three days? Don't overdo it, Barjan.
0:54:17 > 0:54:20So, was there anything here that was an issue?
0:54:21 > 0:54:23# Three days... #
0:54:23 > 0:54:26No, the biggest challenge was finding somebody,
0:54:26 > 0:54:28like a tenant, to rent it out fairly quickly,
0:54:28 > 0:54:32which I did do, and they're moving in tonight.
0:54:32 > 0:54:36Get in! Barjan has wasted no time here
0:54:36 > 0:54:39with what looks like minimal work and hassle,
0:54:39 > 0:54:42bought and rented out in just two months.
0:54:42 > 0:54:43So, right after this interview,
0:54:43 > 0:54:45he'll be making money from this flat.
0:54:45 > 0:54:48And speaking of money, what about the budget?
0:54:48 > 0:54:51I was hoping to spend £600. I didn't budget for a cooker,
0:54:51 > 0:54:54but to do the deal with the tenant, he wanted a cooker.
0:54:54 > 0:54:56He wanted a gas cooker,
0:54:56 > 0:55:00so I did that for him and the budget has gone up to £780.
0:55:02 > 0:55:06A cooker and the cost of fitting it will take the budget a little over,
0:55:06 > 0:55:08but it's not a lot in the grand scheme of things.
0:55:08 > 0:55:14That brings Barjan's total spend on this flat to 63,300,
0:55:14 > 0:55:16so he's not going to get his fingers burnt here.
0:55:16 > 0:55:19Still, there's not much value added that I can see.
0:55:19 > 0:55:21What do two local property experts think?
0:55:21 > 0:55:23First, the one who saw it before.
0:55:26 > 0:55:28Having seen the property now for a second time,
0:55:28 > 0:55:31I am quite surprised that more hasn't been done to it.
0:55:31 > 0:55:33It has been done to a budget and it's been given a lick of paint
0:55:33 > 0:55:36here and there, but nothing dramatic whatsoever.
0:55:36 > 0:55:37If it was my flat, I'd probably have spent
0:55:37 > 0:55:40a little bit more time and effort on decorating.
0:55:40 > 0:55:41Maybe some new carpets,
0:55:41 > 0:55:45maybe a little bit more attention to the flooring in the kitchen as well.
0:55:45 > 0:55:48The bonuses of the property are the good-sized lounge.
0:55:48 > 0:55:51It's got a decent main bedroom as well.
0:55:51 > 0:55:53For a flat, it's actually a good size.
0:55:53 > 0:55:56With a tenant in place and ready to go,
0:55:56 > 0:55:59Barjan sees this as a long-term investment.
0:55:59 > 0:56:04His total spend on this project has been just below £63,300,
0:56:04 > 0:56:07but how would he do on the current resale market?
0:56:07 > 0:56:10Sales-wise, the property should achieve around £68,000.
0:56:10 > 0:56:14I believe this property would achieve between £65,000
0:56:14 > 0:56:16up to £67,000.
0:56:16 > 0:56:19I'm quite surprised, you know, that it's valued at those prices.
0:56:19 > 0:56:24I didn't think it would be that high. 68 is pretty good.
0:56:25 > 0:56:28On the face of it, that's a potential pre-tax profit
0:56:28 > 0:56:35of between £1,700 and £4,700, minus any taxes and expenses.
0:56:35 > 0:56:38Well, set against that will be the cost of any additional work
0:56:38 > 0:56:40carried out by the freeholder in the next few years,
0:56:40 > 0:56:43but the flat owners will have to pay for it,
0:56:43 > 0:56:46and that's likely to cost in between £5,000 and £6,000 each,
0:56:46 > 0:56:49which would wipe out any potential resale profit.
0:56:49 > 0:56:51But Barjan was aware of this,
0:56:51 > 0:56:54and was always looking at it as a buy to let.
0:56:55 > 0:56:57In terms of rental potential,
0:56:57 > 0:57:00the property should achieve £525 per calendar month.
0:57:00 > 0:57:04So, I believe this property would rent out for £475
0:57:04 > 0:57:06up to £495 per calendar month.
0:57:06 > 0:57:09Yes, I think that's quite a fair rental valuation
0:57:09 > 0:57:11that the estate agents have mentioned,
0:57:11 > 0:57:15and I'm lucky that I've got it for 500, so that's pleasing.
0:57:15 > 0:57:18Even if you add in the additional costs he will incur
0:57:18 > 0:57:20on this flat with the work the freeholder will do,
0:57:20 > 0:57:23Barjan's £500 per calendar month rental return
0:57:23 > 0:57:27will see a rental yield of above 8%, which isn't bad.
0:57:27 > 0:57:31So, despite what he said before, is he tempted to do more?
0:57:34 > 0:57:39I have three properties already and I'm quite happy to keep it at three.
0:57:39 > 0:57:41No, I don't want to buy any more properties.
0:57:41 > 0:57:44I could easily end up with ten if I wanted to,
0:57:44 > 0:57:46but I'm content with what I've got.
0:57:47 > 0:57:51# You're all I need
0:57:52 > 0:57:55- # You're all I need - # All
0:57:55 > 0:57:57# Together. #
0:58:01 > 0:58:04- Well, there is a lot to learn in the world of property.- Oh, yes.
0:58:04 > 0:58:07- And we are here to hold your hand and give you some good advice.- Yeah.
0:58:07 > 0:58:10So, join us here next time on Homes Under The Hammer.
0:58:10 > 0:58:11- Goodbye.- Bye-bye.- Goodbye.