0:00:02 > 0:00:04Hello, it is always lovely to hear that people have been
0:00:04 > 0:00:05inspired by the show,
0:00:05 > 0:00:06so much so that
0:00:06 > 0:00:08they've then gone off and bought at auction.
0:00:08 > 0:00:11- Yes, we often hear that. - Yes, and it's great to hear
0:00:11 > 0:00:13that you've followed our advice, and followed it to the letter.
0:00:13 > 0:00:17Nah, nah, we don't hear that as often as we would like.
0:00:17 > 0:00:19But if you have been inspired,
0:00:19 > 0:00:23maybe you are thinking about buying your next home under the hammer.
0:00:48 > 0:00:51Well, if you're thinking about buying property,
0:00:51 > 0:00:54then your local auction house might be a good place to start.
0:00:54 > 0:00:57- Yes, well, that's what today's buyers thought.- Mmm.
0:00:57 > 0:00:59What did they come away with? Let's take a look.
0:01:00 > 0:01:02All features great and small today,
0:01:02 > 0:01:05starting at this two-bed mid-terrace near Canterbury, Kent.
0:01:05 > 0:01:09That is the smallest roll-top bath I think I've ever seen.
0:01:10 > 0:01:13This three-bed terrace in Crewe, Cheshire, has a bonus at the back.
0:01:13 > 0:01:16A really nice-sized garden, that's not for everyone's taste
0:01:16 > 0:01:19cos it's very low-maintenance, i.e. mostly gravel.
0:01:20 > 0:01:24This two-bed terrace in Rusholme, Manchester, has some half measures.
0:01:24 > 0:01:27They've lowered the ceiling, only half the ceiling.
0:01:27 > 0:01:29What they've done that for, I don't know.
0:01:31 > 0:01:33All these properties have been sold at auction.
0:01:33 > 0:01:36We'll find out who bought them, and what they paid for them
0:01:36 > 0:01:38when they went under the hammer.
0:01:38 > 0:01:39With you selling...
0:01:43 > 0:01:46The skyline of this historic city of Canterbury in East Kent
0:01:46 > 0:01:49is dominated by the oldest cathedral in England.
0:01:49 > 0:01:53It's just one of the reasons that this is a desirable place to live.
0:01:53 > 0:01:56Another is the easy access to the coast.
0:01:56 > 0:01:59But if living in the middle of a city isn't for you,
0:01:59 > 0:02:02I might just have a different type of Canterbury tale.
0:02:05 > 0:02:08I've driven ten minutes from the centre of Canterbury to
0:02:08 > 0:02:11a small village called Chartham Hatch.
0:02:11 > 0:02:13It's a really pretty semi-rural spot,
0:02:13 > 0:02:17with lots of open space, you've got woodland and orchards over there.
0:02:17 > 0:02:21Now, living somewhere like this will give you a slower pace of life,
0:02:21 > 0:02:23so I'm going to explore further,
0:02:23 > 0:02:27and find out if I do want a bite of Chartham Hatch's apples.
0:02:29 > 0:02:33# Don't be suspicious of Golden Delicious
0:02:33 > 0:02:36# Whatever your granny might say
0:02:36 > 0:02:40- # They're only - Apples
0:02:40 > 0:02:43# Red and green... #
0:02:43 > 0:02:45But it's actually a terrace that I'm here to see -
0:02:45 > 0:02:48a two-bed terrace, to be precise -
0:02:48 > 0:02:53and it had a guide price of 110 to £115,000.
0:02:53 > 0:02:57Now, that is a yellow front door if ever I've seen one! Let's head in.
0:03:01 > 0:03:03Well, I'm glad that bright yellow colour scheme does not
0:03:03 > 0:03:06continue throughout the house! Whoa!
0:03:06 > 0:03:10OK, sadly, you do walk straight in, there's no porch,
0:03:10 > 0:03:12so you're straight into the lounge.
0:03:12 > 0:03:15You can see it hasn't been touched in years,
0:03:15 > 0:03:18there's no central heating in here. You can see, look,
0:03:18 > 0:03:21the damp has been penetrating through the wall.
0:03:21 > 0:03:24Still got the old coal fire down there.
0:03:24 > 0:03:28Not such a huge space as I was expecting, and through here,
0:03:28 > 0:03:33well, looking up the stairs, there is a big old tank.
0:03:33 > 0:03:36We'll talk more about that later, I think.
0:03:36 > 0:03:38Through into the second room.
0:03:38 > 0:03:42Now, it's a scullery, it's a kitchen, it's really dated.
0:03:42 > 0:03:46I mean, look at this old sink, wow! And through here, the bathroom.
0:03:46 > 0:03:49That is the smallest roll-top bath I think I've ever seen.
0:03:49 > 0:03:52It's quite cute. It sort of looks like it should belong
0:03:52 > 0:03:53in a doll's house.
0:03:53 > 0:03:56So, yes, you need to do a lot of work, but there's something
0:03:56 > 0:04:01about it that just feels cute, cottagey, homely.
0:04:01 > 0:04:02I really like it.
0:04:04 > 0:04:05Yeah, well,
0:04:05 > 0:04:08upstairs at the front of the house it's a good-sized double
0:04:08 > 0:04:10bedroom, and a smaller one at the back,
0:04:10 > 0:04:13but probably big enough for a small double, I reckon.
0:04:13 > 0:04:17All in all, like I said, I just like it, it's homely.
0:04:17 > 0:04:21# Homely girl, she was so homely
0:04:23 > 0:04:27# You beautiful woman
0:04:27 > 0:04:30- # Oh, yeah - Homely girl... #
0:04:30 > 0:04:32Homely it may be, but the kitchen area
0:04:32 > 0:04:35is definitely too tiny for modern living.
0:04:35 > 0:04:38Take away that rather tired lean-to, and there's certainly room
0:04:38 > 0:04:41for a single-storey extension at the very least,
0:04:41 > 0:04:43maybe even two storeys.
0:04:45 > 0:04:48Now, remember I mentioned that tank earlier?
0:04:48 > 0:04:50Now the reason that you can see it is because, well,
0:04:50 > 0:04:52there's no loft space.
0:04:52 > 0:04:55Coming out the back here, I'm going to tell you why.
0:04:55 > 0:04:57Just have a look up there.
0:04:57 > 0:05:01I know it's not that easy to see, but this property has got
0:05:01 > 0:05:04a flat roof, and that is why there is no loft.
0:05:04 > 0:05:06Now, when this house was built, a flat roof
0:05:06 > 0:05:08would have been much cheaper to fit, and now it's there,
0:05:08 > 0:05:11well, it does have its negatives, I'm afraid.
0:05:11 > 0:05:14In general, there will be more maintenance costs, and it won't
0:05:14 > 0:05:19last as long as a sloped roof, as it is more vulnerable to harsh weather.
0:05:19 > 0:05:21Well, a lot depends on the materials used,
0:05:21 > 0:05:25but flat roofs can crack and split, if frozen water thaws.
0:05:25 > 0:05:29Heat can also cause blistering, if air is trapped in the felt.
0:05:29 > 0:05:33It can all be avoided with a good maintenance regime. However,
0:05:33 > 0:05:36it's for reasons like these that some lenders will insist on a roof
0:05:36 > 0:05:40inspection before committing to granting a mortgage.
0:05:43 > 0:05:47We invited a local estate agent along to give us their opinion
0:05:47 > 0:05:51on the cottage, its potential, and the flat roofs in the area.
0:05:53 > 0:05:56Some people don't, really don't like flat roofs.
0:05:56 > 0:05:58Other people aren't scared by them.
0:05:58 > 0:05:59There's lots of flat roofs.
0:05:59 > 0:06:00I've seen many over the years.
0:06:00 > 0:06:02If they're well maintained,
0:06:02 > 0:06:03they're absolutely fine.
0:06:03 > 0:06:05They do reach a tipping point,
0:06:05 > 0:06:07and once that tipping point has passed,
0:06:07 > 0:06:10they can be troublesome, but any new flat roof these days will
0:06:10 > 0:06:12come with at least a 25-year guarantee.
0:06:12 > 0:06:14So if it needs a new flat roof,
0:06:14 > 0:06:17that's something that's going to have to be built into the cost.
0:06:17 > 0:06:20With a guide price of 100 to a £115,000,
0:06:20 > 0:06:24what resell value could you expect once the property is renovated?
0:06:24 > 0:06:26I would introduce this property to the market for
0:06:26 > 0:06:30guide price of 175 to £180,000.
0:06:30 > 0:06:34And how is that value affected with possible extensions?
0:06:34 > 0:06:36I think if we were to have a single-storey extension
0:06:36 > 0:06:37on the property,
0:06:37 > 0:06:41we can have a guide price of about £190,000.
0:06:41 > 0:06:44If we were to have a two-storey extension,
0:06:44 > 0:06:48I really wouldn't want to introduce it with more than £200,000,
0:06:48 > 0:06:51because this road would have a ceiling.
0:06:51 > 0:06:53And what about the rental figures?
0:06:53 > 0:06:55I would rent this property in the region of
0:06:55 > 0:06:58£800 to £825 per calendar month.
0:06:58 > 0:07:00And with a single-storey extension?
0:07:00 > 0:07:03If we were to extend the property,
0:07:03 > 0:07:08I would like to value it at £900 to £925 per calendar month.
0:07:10 > 0:07:12Yes, there are a few negatives with this property,
0:07:12 > 0:07:16but despite the roof, well, it hasn't left me feeling flat.
0:07:16 > 0:07:18It's quite cute, this little house.
0:07:18 > 0:07:21And with a bit, or maybe, a lot of work,
0:07:21 > 0:07:24I think this could become a really nice home for somebody.
0:07:24 > 0:07:28Who wanted to take this on? Let's head to auction, and find out.
0:07:28 > 0:07:29We go now to
0:07:29 > 0:07:32Chartham Hatch, mid-terrace house, some
0:07:32 > 0:07:33double-glazed windows,
0:07:33 > 0:07:35improvement and refurbishment required.
0:07:35 > 0:07:39Got a guide of 110 to 115, start me at 110.
0:07:39 > 0:07:43105,000 then? In your hands, 105 anywhere?
0:07:43 > 0:07:47Or £100,000? 100, £100,000 I'm bid.
0:07:47 > 0:07:52Sorry to 102, I've got 100 against you. 102? 102.
0:07:52 > 0:07:54102, I'm bid on my left.
0:07:54 > 0:08:00At 102, and 104, and 104, and 106, and 108.
0:08:00 > 0:08:03Bids rapidly climb to the top of the guide price band
0:08:03 > 0:08:07where we rejoin at 115,000.
0:08:07 > 0:08:11At 115,000, then for the first time, bids on my left,
0:08:11 > 0:08:14116 in a fresh place, 117?
0:08:15 > 0:08:18No, at £116,000 I'm bid.
0:08:18 > 0:08:21Fresh place at a 116, 117...
0:08:21 > 0:08:23A new bidder joins the race,
0:08:23 > 0:08:27which, in £2,000 steps, reaches £122,000,
0:08:27 > 0:08:29where we rejoin again.
0:08:29 > 0:08:33£122,000 in the front, gentleman's bid.
0:08:33 > 0:08:36Out on the flanks, so 122,000, are you all done?
0:08:36 > 0:08:39- HAMMER BANGS - Sold at 122,000. Well done, sir,
0:08:39 > 0:08:43and your bidder's number is? M290.
0:08:43 > 0:08:45The successful bid came from Bradley,
0:08:45 > 0:08:47at the auction with his mum, Lynn.
0:08:47 > 0:08:50He works for his dad's wholesale meat trading business,
0:08:50 > 0:08:53but he's not a novice when it comes to refurbishment.
0:08:53 > 0:08:56He's done extensive work at his own house in the past,
0:08:56 > 0:08:59but feels it's time now to try it commercially.
0:08:59 > 0:09:05I met them back at the village, in his new £122,000 purchase.
0:09:05 > 0:09:07Guys, congratulations.
0:09:07 > 0:09:11I love this area, just outside Canterbury, pretty little village.
0:09:11 > 0:09:13- Who was it that found it? - I found it.
0:09:13 > 0:09:15It was at an auction, so I looked on their website
0:09:15 > 0:09:17and it was one I'd noticed and wanted to look at,
0:09:17 > 0:09:20so we viewed it a couple of times before we went to the auction.
0:09:20 > 0:09:23So, who's bought it?
0:09:23 > 0:09:26- Erm, my parents are the investors... - We've financed Brad, yeah.
0:09:26 > 0:09:28Yeah, and our project manager sorted out all the work for them
0:09:28 > 0:09:30and everything, so...
0:09:30 > 0:09:32- OK, so you've financed your son. - Yes.
0:09:32 > 0:09:35- You're going to be doing all the work.- Yeah.- Yeah.
0:09:35 > 0:09:36When are you going to start this,
0:09:36 > 0:09:38and what do you intend to do here, Brad?
0:09:38 > 0:09:41I think we're going to start on Friday just by completely
0:09:41 > 0:09:44gutting the whole house, including wiring and plumbing,
0:09:44 > 0:09:46and then to start to refurb from there.
0:09:46 > 0:09:48We're looking at putting a single-storey extension
0:09:48 > 0:09:51- on the back to create a kitchen/dining-room.- Right, OK.
0:09:51 > 0:09:54And then completely refurb the whole house, central heating,
0:09:54 > 0:09:55wiring and plumbing,
0:09:55 > 0:09:58so it will be like a brand-new house inside when we've finished.
0:09:58 > 0:10:00So, Lynn, what did you think when you
0:10:00 > 0:10:03- first saw the property for the first time?- Well, I didn't see the inside
0:10:03 > 0:10:04- until today.- Really?- Yeah.
0:10:04 > 0:10:07- This is the first time you've seen it?- Yes.- And what do you think now?
0:10:07 > 0:10:11I think it's really lovely, really cute. It's got a lovely feel to it.
0:10:11 > 0:10:15- Uh-huh. - The added bonus was the garden...
0:10:15 > 0:10:18- Right.- ..how large that is, which is going to be quite an advantage.
0:10:18 > 0:10:20I looked at the deeds before we went to the auction, and I realised that
0:10:20 > 0:10:23- it actually went all the way across the back of next door's.- Yes, so
0:10:23 > 0:10:26- you've actually got a bigger garden...- Yeah, than next door's.
0:10:26 > 0:10:29- And these are even terraced, as well.- That was a cheeky little bonus for you.
0:10:29 > 0:10:31- Yeah, it was great.- It was, yeah. - Fantastic.
0:10:31 > 0:10:33The more, the merrier, yeah.
0:10:33 > 0:10:35At present the lean-to extension at the back will be
0:10:35 > 0:10:38replaced by Brad's single-storey extension,
0:10:38 > 0:10:40in a similar style to his neighbour's,
0:10:40 > 0:10:44which under permitted development, will be the width of the house plus
0:10:44 > 0:10:46three metres into the rear garden,
0:10:46 > 0:10:49still leaving a good-sized garden.
0:10:49 > 0:10:52Generally, permitted development rules have eased the planning
0:10:52 > 0:10:56process, but remember building regulations still apply.
0:10:58 > 0:11:01And what about off-street parking? Are you going to create any of that?
0:11:01 > 0:11:03Yeah, I've put in planning to convert the front
0:11:03 > 0:11:05- garden into a driveway for one car. - Fantastic.
0:11:05 > 0:11:08That's what this place really does need because, at the moment,
0:11:08 > 0:11:10- you can't bring your car to the door.- No.- No.
0:11:10 > 0:11:12And it's the only house in this road
0:11:12 > 0:11:15- that hasn't got it, so I'm very hopeful that we'll get that.- Now,
0:11:15 > 0:11:18Brad, I know you're busy because you're a meat man, aren't you?
0:11:18 > 0:11:20- A meat trader, yeah.- Tell us a little bit more about that.
0:11:20 > 0:11:23Well, I work for my dad. He's had the business now for 20-odd years,
0:11:23 > 0:11:26and it's literally just a father-and-son business,
0:11:26 > 0:11:28and yeah, he trades from home, and I just
0:11:28 > 0:11:30run around and do whatever's needed, really.
0:11:30 > 0:11:32So, how are you going to get the time to sort of
0:11:32 > 0:11:36- pay attention to this property?- Erm, I can do a lot of early days
0:11:36 > 0:11:39and get back here for eight o'clock, nine o'clock in the morning
0:11:39 > 0:11:41by starting at four.
0:11:41 > 0:11:42- Is that starting at 4am?- Yes.
0:11:42 > 0:11:45So you'll start your meat business at 4am?
0:11:45 > 0:11:47Not every day, but there are days that if that's needed,
0:11:47 > 0:11:49- I've got that option.- Wow. - I'll just have to
0:11:49 > 0:11:50go to bed a little bit earlier
0:11:50 > 0:11:52for a few months, anyway, until this project's finished.
0:11:52 > 0:11:55- So, you've got two jobs, two big jobs to do, now.- Yeah, that's fine.
0:11:55 > 0:11:57So, will you be on site here?
0:11:57 > 0:11:58Yes, definitely, yeah.
0:11:58 > 0:12:01And how much work will you be doing yourself?
0:12:01 > 0:12:03I mean, there's only a certain extent I can do,
0:12:03 > 0:12:07so obviously I'll be doing any labouring, erm, decorating,
0:12:07 > 0:12:08project managing,
0:12:08 > 0:12:11but obviously I'll call trades in, as and when they're needed.
0:12:11 > 0:12:13So, what sort of budgets have you set?
0:12:13 > 0:12:16Erm, 25,000 for a complete refurbishment
0:12:16 > 0:12:18without the extension...
0:12:18 > 0:12:20- Right.- Add in a single-storey extension and we're
0:12:20 > 0:12:23looking at another 15,000, which would take it up to 40, so...
0:12:23 > 0:12:25OK. Now, have you done your maths?
0:12:25 > 0:12:27Is it worthwhile spending money on this
0:12:27 > 0:12:29and paying out for the extension?
0:12:29 > 0:12:33Yeah, I think we can achieve the same value, the extra value,
0:12:33 > 0:12:34by doing the extension or not,
0:12:34 > 0:12:37but it makes it a lot more sellable doing the extension.
0:12:37 > 0:12:39Obviously with the extension I feel it would be a
0:12:39 > 0:12:41minimum of two months, maybe three months, in total.
0:12:41 > 0:12:43And have it ready for the summer.
0:12:43 > 0:12:46Yeah, just before the summer, so, it's a good time to sell.
0:12:46 > 0:12:48- So, can you see any problems at all with this project?- I don't like
0:12:48 > 0:12:51- the flat roof, but it was hard to get away from that...- No, he's got a
0:12:51 > 0:12:52thing about this flat roof.
0:12:52 > 0:12:54I'm glad you've said that
0:12:54 > 0:12:57- because flat roofs are not ideal, let's put it that way.- No,
0:12:57 > 0:13:01- of course, no.- What do you think you're going to do about that,
0:13:01 > 0:13:04and how are you going to try and best preserve the flat roof?
0:13:04 > 0:13:06Well, my cousins own a big roofing firm,
0:13:06 > 0:13:07again so that's very handy,
0:13:07 > 0:13:09and they're going to come down and inspect it for us,
0:13:09 > 0:13:13and do any work necessary, and if it needs renewing,
0:13:13 > 0:13:15then we'll renew it and we'll get a certificate,
0:13:15 > 0:13:17you know, that's guaranteed for 25 years,
0:13:17 > 0:13:19that we can sell on with the property.
0:13:19 > 0:13:22So that would be peace of mind, that they know that it's OK.
0:13:22 > 0:13:25Oh, guys, I'm really excited to see the outcome. I think it's a great
0:13:25 > 0:13:28location, and it's a great property. Congratulations, and we look forward
0:13:28 > 0:13:29to seeing it well done.
0:13:29 > 0:13:31- Thank you very much.- Thank you.
0:13:33 > 0:13:36From meat to property. What a contrast!
0:13:36 > 0:13:39Still, Brad does at least have some experience, as well as
0:13:39 > 0:13:41the support from his mum, Lynn, and the rest of the family,
0:13:41 > 0:13:43to help him along the way.
0:13:43 > 0:13:46Now, I like their ideas for this house, but I hope that flat roof
0:13:46 > 0:13:50doesn't prove too costly when they get it checked out.
0:13:50 > 0:13:54Join me later in the programme and you can find out how they get on.
0:13:59 > 0:14:05In 1831, Crewe was a small village of just 70 residents.
0:14:05 > 0:14:08But with the arrival of the railway industry to the area,
0:14:08 > 0:14:12just 40 years later, in 1871,
0:14:12 > 0:14:16that population had swelled to 40,000.
0:14:16 > 0:14:20And of course, that massive influx of workers needed housing, and if
0:14:20 > 0:14:23you want to find yourself a period property,
0:14:23 > 0:14:25Crewe is a pretty good place to look.
0:14:29 > 0:14:31So, 20 minutes' drive from the motorway,
0:14:31 > 0:14:34and a 15-minute walk from the train station,
0:14:34 > 0:14:38is the property I'm here to see on this really nice street -
0:14:38 > 0:14:42a three-bedroom mid-terrace, and a guide price of 80 to £85,000.
0:14:42 > 0:14:47Now, I must have seen literally thousands of terraces in my time,
0:14:47 > 0:14:51but there is something about this one that has an air of...
0:14:51 > 0:14:54maybe a little bit more sophisticated about it.
0:14:55 > 0:14:58Some of these houses had elegance and real quality,
0:14:58 > 0:15:02as does this one, even though it might be a little jaded.
0:15:04 > 0:15:07Yeah, you see, you certainly get that impression the moment
0:15:07 > 0:15:09you walk through the front door.
0:15:09 > 0:15:11Its high ceilings, its...
0:15:11 > 0:15:14Some nice features, although it looks like
0:15:14 > 0:15:16some of them have been removed, but... You know, things like
0:15:16 > 0:15:19this staircase, if you were doing this house cheaply,
0:15:19 > 0:15:22you wouldn't have put something as lovely as this in. So it was
0:15:22 > 0:15:24a house for that sort of middle management,
0:15:24 > 0:15:27probably in the railway industry of its day. So what have we got?
0:15:27 > 0:15:30Eh, nice-sized front living room with that bay window which is
0:15:30 > 0:15:34rather lovely, loads of light pouring in, so we like that.
0:15:34 > 0:15:36The house in general has a really nice feel to it,
0:15:36 > 0:15:40it doesn't smell, it seems to be in pretty good condition.
0:15:40 > 0:15:43As you continue through, rear sitting room there,
0:15:43 > 0:15:45and then into this kitchen.
0:15:45 > 0:15:48I quite like the way this integrates with the other rooms, actually.
0:15:48 > 0:15:51You come through it to get to that room there which makes that,
0:15:51 > 0:15:55obviously, a prime candidate for a dining room, although...
0:15:55 > 0:15:58Obviously, it's actually been blocked up here to create one
0:15:58 > 0:15:59massive space front to back.
0:15:59 > 0:16:02Dual aspect, living room/dining room,
0:16:02 > 0:16:05would be something that I would definitely consider pretty early on.
0:16:05 > 0:16:07But, I mean, yes, it's a starting point
0:16:07 > 0:16:10and bearing in mind that guide price, it's fantastic!
0:16:10 > 0:16:14Yes, 80 to £85,000 certainly seems
0:16:14 > 0:16:16a good price for a decent chunk of
0:16:16 > 0:16:18property, and it's great to see that
0:16:18 > 0:16:20it retains some period character.
0:16:20 > 0:16:24The more modern features, such as the gas fires
0:16:24 > 0:16:26and the stone shelving
0:16:26 > 0:16:28are less welcome additions
0:16:28 > 0:16:31and, along with the textured ceilings, I think
0:16:31 > 0:16:33have definitely had their day.
0:16:33 > 0:16:36And the kitchen, well, you could keep it,
0:16:36 > 0:16:38but I think this house deserves something a bit better,
0:16:38 > 0:16:41and perhaps more contemporary.
0:16:41 > 0:16:44So, upstairs, again, really nice high ceilings,
0:16:44 > 0:16:47which is good news. Nice-sized family bathroom,
0:16:47 > 0:16:50so that's good to see, although I think it would definitely benefit
0:16:50 > 0:16:55from a new suite, and then through to the master at the front.
0:16:55 > 0:16:58Built-in wardrobes, very dated, I'd get rid of that,
0:16:58 > 0:17:00and that would make it feel even bigger, so all in all, lots
0:17:00 > 0:17:03of space downstairs, lots of space upstairs.
0:17:03 > 0:17:05What more could you want?
0:17:05 > 0:17:07Definitely some work to be done here
0:17:07 > 0:17:12but nothing stands out as a massive cause for concern.
0:17:12 > 0:17:15There are some signs of damp, so a new damp-proof course might be
0:17:15 > 0:17:19required, but this place has a feel and character about it that
0:17:19 > 0:17:20I really like.
0:17:22 > 0:17:26So, at the back of the property, and just glancing back, you can
0:17:26 > 0:17:28see that, pretty much like inside and the front,
0:17:28 > 0:17:30it's in really nice condition.
0:17:30 > 0:17:33Possibly a bit of work on the roof, get that checked out, but what you
0:17:33 > 0:17:36have got when you come out here, a really nice-sized garden. It's not
0:17:36 > 0:17:39to everyone's taste cos it's very low-maintenance, i.e. mostly
0:17:39 > 0:17:42gravel, but, you know, if you rented this place out,
0:17:42 > 0:17:44then actually low-maintenance is good.
0:17:44 > 0:17:46The other thing that's really good is the fact
0:17:46 > 0:17:49that you've got this, which is a garage.
0:17:49 > 0:17:52You've got access at the back there via a little lane, and I think
0:17:52 > 0:17:55potential to open that up to create another parking space here.
0:17:55 > 0:18:00So, all in all, inside good, outside good.
0:18:00 > 0:18:02It's ticking a lot of boxes.
0:18:02 > 0:18:07Yep, space inside and out, good location, off-road parking,
0:18:07 > 0:18:11and potentially, a chance to improve and, hopefully, add value.
0:18:11 > 0:18:14As a property-developing project,
0:18:14 > 0:18:17this house has almost everything going for it.
0:18:17 > 0:18:24# If you got it all... #
0:18:24 > 0:18:26But, is it really good value for money?
0:18:26 > 0:18:31What does a local property expert think of the house and its location?
0:18:31 > 0:18:33Does that have everything you need?
0:18:33 > 0:18:38# If you got it all... #
0:18:38 > 0:18:40It's a really popular location.
0:18:40 > 0:18:42It's close to loads and loads of amenities.
0:18:42 > 0:18:44There's doctor's surgeries, schools
0:18:44 > 0:18:48nearby, within walking distance, and literally 100 yards away,
0:18:48 > 0:18:49there's loads of shops.
0:18:49 > 0:18:53So, definitely a decent location. But what about the house itself?
0:18:53 > 0:18:55Does it come up to scratch?
0:18:55 > 0:18:56It's a nice big house.
0:18:56 > 0:18:57It's got a lot of potential,
0:18:57 > 0:18:59you could do various things with the property.
0:18:59 > 0:19:02It does need quite a bit of money spending on it.
0:19:02 > 0:19:06Erm, and I think you'd be looking to maybe look at the wiring,
0:19:06 > 0:19:10possibly a damp course, that would need checking out. The garage is
0:19:10 > 0:19:12a big selling point for the property, you know. There's a lot of
0:19:12 > 0:19:16terraced properties around here that don't have that luxury, so it is
0:19:16 > 0:19:18a big selling point for the property.
0:19:18 > 0:19:23This house was guided at 80 to £85,000, so given a full schedule
0:19:23 > 0:19:28of work, how much might it be worth on the rental and resell markets?
0:19:28 > 0:19:30Once the property's refurbished,
0:19:30 > 0:19:35I would say it would sell for around 100 to £105,000,
0:19:35 > 0:19:41or the rental value would be around £500 to £550 per calendar month.
0:19:45 > 0:19:47Well, there is nothing to dislike about this house,
0:19:47 > 0:19:49really nice proportioned rooms,
0:19:49 > 0:19:52really nice feel, good sized garden.
0:19:52 > 0:19:54You know what? Plonk this in a fashionable part of London,
0:19:54 > 0:19:58and you would be paying ten times the price.
0:19:58 > 0:20:00But it's not in fashionable London, it's in Crewe,
0:20:00 > 0:20:02which has so much going for it anyway, and here,
0:20:02 > 0:20:04guide price 80 to £85,000,
0:20:04 > 0:20:06wow, great one to go for.
0:20:06 > 0:20:09Let's see who agreed when it went under the hammer.
0:20:12 > 0:20:14Lot 101, back to Crewe.
0:20:14 > 0:20:16Three-bedroom mid-terrace house,
0:20:16 > 0:20:19two reception rooms, gardens and garage.
0:20:19 > 0:20:24Going to say 75 to start. 75 bid, thank you. £75,000.
0:20:24 > 0:20:28I'll go in ones on this. 76, yeah, 76,
0:20:28 > 0:20:3177, 78,
0:20:31 > 0:20:3479, 80.
0:20:35 > 0:20:40At £80,000, against the back wall, at £80,000,
0:20:40 > 0:20:4181, anywhere else?
0:20:43 > 0:20:47If not, we're selling it at £80,000 for the first time,
0:20:47 > 0:20:50£80,000 for the second time,
0:20:50 > 0:20:54third and final time, £80,000.
0:20:54 > 0:20:55You bought it, madam, well done.
0:20:55 > 0:20:59Succeeding in getting her first auction purchase for 80 grand
0:20:59 > 0:21:01was delighted Diana.
0:21:03 > 0:21:07She had her eye on this property well before it went to auction,
0:21:07 > 0:21:09but her offers were not accepted.
0:21:09 > 0:21:11Now, she has managed to get it,
0:21:11 > 0:21:13biding her time has paid off.
0:21:13 > 0:21:15I met her to find out more.
0:21:15 > 0:21:19# It's time, it's time
0:21:19 > 0:21:20# It's time... #
0:21:20 > 0:21:22- Diana, great to meet you. - Likewise, Martin.
0:21:22 > 0:21:24- Congratulations.- Thank you.
0:21:24 > 0:21:25- Nice house.- I think it's lovely.
0:21:25 > 0:21:28- Why did you want to buy it? - Erm, because I'm adding to
0:21:28 > 0:21:31my portfolio, and I like the location.
0:21:31 > 0:21:34Crewe is a good place to buy, the housing stock is very good.
0:21:34 > 0:21:37I think it's a good rental area. You've got the station just
0:21:37 > 0:21:39down the road. It's five miles away from the motorway.
0:21:39 > 0:21:42- Tick, tick, tick.- Tick, tick, tick. Everything.- And what led you into
0:21:42 > 0:21:44being a property developing-type person?
0:21:44 > 0:21:47Eh, it's something that I've always been interested in, actually,
0:21:47 > 0:21:50I've always been a bit nosey. I like houses and
0:21:50 > 0:21:53I think there's a shortage of housing, good housing,
0:21:53 > 0:21:55and I've always had an interest in it, really.
0:21:55 > 0:21:57When did the sort of buying bit start?
0:21:57 > 0:22:00Three or four years ago now, but I had one.
0:22:00 > 0:22:02I was very lucky, my grandmother gave me a house to start with...
0:22:02 > 0:22:04- OK, that's nice.- ..and I did that up
0:22:04 > 0:22:06under the instructions of my father, who
0:22:06 > 0:22:08- made me build walls and everything. - Oh, really?
0:22:08 > 0:22:10Oh, yes, I was knocking up concrete and doing all of that.
0:22:10 > 0:22:13- Oh, great! So you're handy as well, then.- Eh, not so much now.
0:22:13 > 0:22:16My builders told me not to come in here with a sledgehammer.
0:22:16 > 0:22:18What do you mean, why? What were you going to do?
0:22:18 > 0:22:21Eh, well, there's a little wall next door that I really don't like,
0:22:21 > 0:22:23and some cupboards upstairs which I don't like,
0:22:23 > 0:22:25and I was going to get my sledgehammer
0:22:25 > 0:22:27and start wielding it around, but he was quite concerned.
0:22:27 > 0:22:29- Why?- About the house and me.- Ah.
0:22:29 > 0:22:31Cos it's glass, big glass sliding doors...
0:22:31 > 0:22:33So he said, "Be very careful."
0:22:33 > 0:22:36Oh, right, OK. So you've left the sledgehammer wherever you keep it?
0:22:36 > 0:22:38- He's going to do it all now.- He's... - Yeah.
0:22:38 > 0:22:41Hm, I think that's perhaps for the best.
0:22:41 > 0:22:43I know sometimes it's sorely tempting to get
0:22:43 > 0:22:46the sledgehammer out and start knocking stuff down.
0:22:46 > 0:22:50Certainly in many a property I've visited taking that
0:22:50 > 0:22:52approach would have definitely improved things,
0:22:52 > 0:22:54but that's not the case here.
0:22:54 > 0:22:58I think a little sympathetic renovation is more in order.
0:22:58 > 0:23:03- So, what's the plan for it?- I don't think it needs too much, to be fair.
0:23:03 > 0:23:06I'm going to do a damp-proof course,
0:23:06 > 0:23:09laminate flooring throughout the downstairs, new kitchen,
0:23:09 > 0:23:14- new bathroom, new decoration, sort of stuff like that.- Right.
0:23:14 > 0:23:18Diana also intends putting in a combi boiler,
0:23:18 > 0:23:20so a good and thorough renovation, which she
0:23:20 > 0:23:24hopes will be done by her builder, Dave, in just ten weeks.
0:23:24 > 0:23:27And for a decent budget of £14,000.
0:23:27 > 0:23:32Then it'll be ready for rental to add to that portfolio.
0:23:32 > 0:23:34Erm, so what's your background, then?
0:23:34 > 0:23:38- Well, I've worked in the pharmaceutical industry for a number of years.- Pharmaceuticals?
0:23:38 > 0:23:41- Pharmaceuticals, yes. - Medicines and stuff.- Yeah, yeah.
0:23:41 > 0:23:44- Selling drugs, legally, if you like. - Legally selling drugs.- Yes.
0:23:44 > 0:23:46And that was until last year.
0:23:46 > 0:23:50And then I decided, after my mother passed away,
0:23:50 > 0:23:53I thought time for a change because I looked after my mum quite a bit,
0:23:53 > 0:23:59- and I did a course, teaching English as a foreign language...- OK.
0:23:59 > 0:24:01- So, because I also have a passion for travel...- OK.
0:24:01 > 0:24:04So I could combine moving away and travelling
0:24:04 > 0:24:06- and teaching English at the same time.- Wow.
0:24:06 > 0:24:09- So, have you been abroad with that? - I'm teaching next week.
0:24:09 > 0:24:11That'll be nice, for a couple of weeks,
0:24:11 > 0:24:14and then I'm going on holiday to Dubai for a couple of weeks,
0:24:14 > 0:24:17and then I'm going to Morocco for a week or so,
0:24:17 > 0:24:20and then I'm going to Lisbon, and then...
0:24:20 > 0:24:24- Wow.- ..Cuba, and then next year, I'm going to properly work.
0:24:24 > 0:24:27And property is funding that lifestyle?
0:24:27 > 0:24:30Well, it's going to be a backup, because I will get paid,
0:24:30 > 0:24:31obviously, for teaching,
0:24:31 > 0:24:34but I don't think the salary is anywhere near what
0:24:34 > 0:24:37I was getting in the pharmaceutical industry,
0:24:37 > 0:24:40and I always had intentions to retire early from the pharmaceutical
0:24:40 > 0:24:44industry anyway, so this will definitely be a backup,
0:24:44 > 0:24:46- and my pension plan. - Well, it's lovely to meet you.
0:24:46 > 0:24:47- Likewise.- Congratulations.
0:24:47 > 0:24:49- Thank you very much, Martin. - Happy travels.
0:24:49 > 0:24:52- I look forward to seeing how you get on.- Yep, lovely.
0:24:53 > 0:24:56Well, I think Diana's done really well with this property,
0:24:56 > 0:24:58and she's doing what a lot of people dream of,
0:24:58 > 0:25:00and that's using houses as a way of
0:25:00 > 0:25:03funding a really lovely lifestyle.
0:25:03 > 0:25:05How will she get on sorting this place out?
0:25:05 > 0:25:08Well, getting somebody else to sort it out. You can find out
0:25:08 > 0:25:09later in the show.
0:25:11 > 0:25:13Coming up, show time in Manchester.
0:25:13 > 0:25:14I've got to have a look.
0:25:14 > 0:25:16The intrigue's killing me now.
0:25:16 > 0:25:19Don't get too close to my backside, it's got bigger over the years.
0:25:19 > 0:25:21HE GROANS
0:25:22 > 0:25:24And it's good news for the nail bars in Crewe.
0:25:24 > 0:25:27I really wanted to get a big sledgehammer out, but my builder
0:25:27 > 0:25:29said, "No, you just stay away from everything."
0:25:29 > 0:25:31Which is good cos I kept my nails.
0:25:35 > 0:25:36We're heading back now to the
0:25:36 > 0:25:40charming village of Chartham Hatch, near Canterbury, where I saw this
0:25:40 > 0:25:45two-bedroom mid-terrace flat-roofed property bought for 122,000.
0:25:45 > 0:25:47The front room had few surprises,
0:25:47 > 0:25:50but the back room had plenty.
0:25:51 > 0:25:54It's a scullery, it's a kitchen, it's really dated.
0:25:54 > 0:25:58I mean, look at this old sink. Wow! And through here, the bathroom.
0:25:58 > 0:26:02That is the smallest roll-top bath I think I've ever seen.
0:26:02 > 0:26:03It's quite cute. It sort of looks
0:26:03 > 0:26:06like it should belong in a doll's house.
0:26:06 > 0:26:08There was a large back garden
0:26:08 > 0:26:10extending behind the neighbour's property,
0:26:10 > 0:26:12and a lean-to, ripe for knocking down to
0:26:12 > 0:26:14make space to extend the house.
0:26:16 > 0:26:19Meat trader Bradley bought it with the help of finance from his mum,
0:26:19 > 0:26:24Lynn, with a view to either renting or reselling after refurbishment.
0:26:24 > 0:26:27Bradley hoped to do most of the hard work himself.
0:26:27 > 0:26:29So how are you going to get the time to,
0:26:29 > 0:26:31sort of, pay attention to this property?
0:26:31 > 0:26:33Erm, I can do a lot of early days
0:26:33 > 0:26:36and get back here for eight o'clock, nine o'clock
0:26:36 > 0:26:38in the morning by starting at four.
0:26:38 > 0:26:39Is that starting at 4am?
0:26:39 > 0:26:42Not every day, but there are days that if that's needed,
0:26:42 > 0:26:43- I've got that option.- Wow.
0:26:43 > 0:26:46I'll just have to go to bed a little bit earlier for a few months,
0:26:46 > 0:26:48anyway, until this project's finished.
0:26:48 > 0:26:51Working like that I hoped Bradley would have the stamina to
0:26:51 > 0:26:53make it through his three-month timescale.
0:26:55 > 0:26:58We're about to find out, six months later.
0:27:00 > 0:27:03And straightaway, there's a much more contemporary feel,
0:27:03 > 0:27:07with central heating, double glazing, replastered walls,
0:27:07 > 0:27:10and a complementary paint and flooring colour scheme.
0:27:11 > 0:27:14I think there's only one way Bradley could have got through
0:27:14 > 0:27:16an intense workload like this...
0:27:18 > 0:27:19# Keep your head up
0:27:19 > 0:27:21# Keep your heart strong
0:27:22 > 0:27:24# No, no, no, no
0:27:24 > 0:27:25# Keep your mind set
0:27:25 > 0:27:27# Keep your head whole... #
0:27:29 > 0:27:31Fitting for a doll's house?
0:27:31 > 0:27:33The bathroom facilities are now worthy of a palace.
0:27:37 > 0:27:41And if you're wondering how Bradley has achieved this TARDIS effect,
0:27:41 > 0:27:44the old lean-to holds a clue.
0:27:46 > 0:27:48It's no longer leaning.
0:27:48 > 0:27:51Bradley's new kitchen extension is light, bright and spacious.
0:27:56 > 0:27:59In the past, the kitchen was anything
0:27:59 > 0:28:01but conducive to entertaining.
0:28:02 > 0:28:06Now, whoever occupies this property will, I'm sure, think...
0:28:06 > 0:28:10# Oh, oh, I'm happy to have you home
0:28:12 > 0:28:15# Oh, yeah
0:28:15 > 0:28:17# Keep your head up
0:28:17 > 0:28:18# Keep your heart strong... #
0:28:21 > 0:28:24Upstairs the larger bedroom is much more inviting,
0:28:24 > 0:28:25clean and fresh.
0:28:30 > 0:28:33Here is the heart of the house's central heating system.
0:28:33 > 0:28:37# Keep your mind set in your ways... #
0:28:37 > 0:28:39But its design isn't rooted in the past.
0:28:39 > 0:28:42Being a modern boiler, it doesn't need a header tank to function.
0:28:42 > 0:28:45Remember the one that was at the top of the stairs?
0:28:48 > 0:28:51The second bedroom is also now uplifting and bright,
0:28:51 > 0:28:55with a neutral grey carpet that runs throughout the upstairs rooms.
0:28:55 > 0:28:58Some jobs did take longer than expected.
0:29:01 > 0:29:03I've been waiting six months for this day,
0:29:03 > 0:29:07really, to see it all finished. And here we are, so...
0:29:07 > 0:29:10Now, I think he's done such a good job and it's just absolutely
0:29:10 > 0:29:13brilliant, and I could actually live here myself.
0:29:15 > 0:29:18After a few delays, there was no stopping Bradley.
0:29:18 > 0:29:22At least we spent the first two months just stripping
0:29:22 > 0:29:24everything out, cos there was nothing we could re-use, except
0:29:24 > 0:29:28the original doors, so we just completely ripped the place apart.
0:29:28 > 0:29:32Three months over on timescale, but what about budget?
0:29:32 > 0:29:36The original budget was 40,000, we've come in £500 below,
0:29:36 > 0:29:39but by the time it's all done, it should be bang-on 40,000 with
0:29:39 > 0:29:41a testing and a snagging just to get everything perfect
0:29:41 > 0:29:43for whoever buys the property.
0:29:43 > 0:29:48Buys the property? So you're no longer thinking of renting, then?
0:29:48 > 0:29:50Well, we sort of hummed and hawed about whether to rent it out or to
0:29:50 > 0:29:53sell it and we're pretty sure, yeah,
0:29:53 > 0:29:54it's going to go on the market.
0:29:54 > 0:29:57We feel like, to do the first one, maybe
0:29:57 > 0:30:00we should just take a profit and move onto the next one.
0:30:00 > 0:30:03And were there any unforeseen parts to the renovation?
0:30:03 > 0:30:07One thing we did do is sell two metres of land to the next-door
0:30:07 > 0:30:10neighbour, because his kitchen window looks into our garden,
0:30:10 > 0:30:12and he wanted a bigger garden.
0:30:12 > 0:30:16So that seemed to work best for both parties to do that, so...
0:30:16 > 0:30:19And having done two jobs for the best part of six months,
0:30:19 > 0:30:22what's the over riding impression?
0:30:22 > 0:30:23It's not as easy as it looks.
0:30:25 > 0:30:27- LUCY CHUCKLES - Easy or not, it's time
0:30:27 > 0:30:29to find out if it's been worth it or not.
0:30:29 > 0:30:33We called in two local estate agents who are both familiar
0:30:33 > 0:30:35with the area and the type of property.
0:30:35 > 0:30:37First up, the chap who's seen the house before.
0:30:39 > 0:30:41When I first came here, the kitchen and bathroom
0:30:41 > 0:30:44was a bit small and that would be a massive barrier
0:30:44 > 0:30:47to anyone purchasing the property for their own use,
0:30:47 > 0:30:49but now it's extended out.
0:30:49 > 0:30:51The kitchen's nice and bright, he's done some fantastic work
0:30:51 > 0:30:55with lighting and the kitchen, the bathroom looks great.
0:30:55 > 0:30:56The standard of finish is brilliant.
0:30:56 > 0:30:58I think it's absolutely immaculate.
0:30:58 > 0:31:01I think people can move straight into it and I think everyone
0:31:01 > 0:31:04will like that fact and that will, again, add to its appeal.
0:31:04 > 0:31:06It's definitely an appealing property,
0:31:06 > 0:31:09but is there a demand for this sort of thing?
0:31:09 > 0:31:12This type of property will appeal to first-time buyers,
0:31:12 > 0:31:14it may well also appeal to London buyers,
0:31:14 > 0:31:16because we're now getting a lot of London buyers
0:31:16 > 0:31:18coming down to this area.
0:31:18 > 0:31:20A lot of times, these London buyers
0:31:20 > 0:31:22may well buy this as a weekend cottage.
0:31:22 > 0:31:25I think my target market for this property would be first-time buyers
0:31:25 > 0:31:28looking to buy a home at the top end of their budget
0:31:28 > 0:31:30and needs little or no work.
0:31:30 > 0:31:32Or it could be an investor who wants to add a nice,
0:31:32 > 0:31:34easy property to their portfolio,
0:31:34 > 0:31:37which they don't have to worry about doing any work to it.
0:31:37 > 0:31:39Bradley's mum financed the project.
0:31:39 > 0:31:41£122,000 at the auction
0:31:41 > 0:31:44and a further £40,000 for refurbishment.
0:31:44 > 0:31:50She'll be keen to see a profit on her £162,000 investment.
0:31:50 > 0:31:52In my opinion, if the house was on the market at the current time,
0:31:52 > 0:31:55I would suggest that we would probably achieve
0:31:55 > 0:31:58a figure of around £180,000, £185,000.
0:31:58 > 0:32:03I would personally value this property at £175,000 to £180,000.
0:32:03 > 0:32:05Taking the top figure,
0:32:05 > 0:32:10that's a potential profit, before taxes and expenses, of 23,000.
0:32:10 > 0:32:12How does that seem?
0:32:12 > 0:32:15It's actually quite a lot lower than I've had quoted
0:32:15 > 0:32:17from four other agents.
0:32:17 > 0:32:21The lowest I had was 210, the highest I've had is 220.
0:32:21 > 0:32:24And that was all within £10,000 of each other.
0:32:24 > 0:32:27Well, you've been doing your homework, Bradley.
0:32:27 > 0:32:29Any plans for the future?
0:32:29 > 0:32:32A little break, I think. a little bit of time off.
0:32:32 > 0:32:34Yeah, until something else comes available.
0:32:34 > 0:32:37Yeah, just wait for the right one, don't just buy anything
0:32:37 > 0:32:38for the sake of it, so...
0:32:47 > 0:32:49We're here in Rusholme, which is two miles south
0:32:49 > 0:32:52of Manchester city centre, but more importantly,
0:32:52 > 0:32:56it's only five minutes' walk away from the famous Curry Mile.
0:32:56 > 0:33:00And this area consists of a wide range of properties
0:33:00 > 0:33:03from Victorian villas to tower blocks
0:33:03 > 0:33:05to THESE - terraced houses.
0:33:05 > 0:33:08And it's this particular house I'm here to see today.
0:33:08 > 0:33:12It's two bedrooms and has a guide price of £60,000 plus.
0:33:12 > 0:33:14Now, I used to play for Manchester United
0:33:14 > 0:33:18and Manchester City's old ground is just behind the camera man
0:33:18 > 0:33:19so I'm going to go in...
0:33:19 > 0:33:20(Out of the way.)
0:33:22 > 0:33:24OK, we're into the house.
0:33:24 > 0:33:26We're straight into a nice, small porchway here
0:33:26 > 0:33:28DOOR SLAMS FIRMLY and a really solid door.
0:33:28 > 0:33:29I do like the sound of that.
0:33:29 > 0:33:31And you got another door here as well,
0:33:31 > 0:33:32so that's double the security.
0:33:32 > 0:33:35Good start. First thing that hits you in the face is this.
0:33:35 > 0:33:39So, they've lowered the ceiling, only half the ceiling.
0:33:39 > 0:33:41What they've done that for, I don't know.
0:33:41 > 0:33:45But they have started or somebody started paintwork and painting.
0:33:45 > 0:33:47Central heating as well.
0:33:47 > 0:33:50Gas fire over here on the chimney breast
0:33:50 > 0:33:54and lots of light coming in from that big bay window.
0:33:54 > 0:33:58And I have spotted a bit of damp as well over there in the corner.
0:33:58 > 0:34:02But apart from that, that's a good first front room.
0:34:02 > 0:34:06Into the kitchen and, yes, there's a bit of an extension.
0:34:06 > 0:34:08They've extended the kitchen that way,
0:34:08 > 0:34:10bit of a galley kitchen just through here.
0:34:10 > 0:34:11They have got some cupboard space there.
0:34:11 > 0:34:15And at the back is the bathroom and it looks relatively new,
0:34:15 > 0:34:18well, the bathroom suite does, seems to have the cellophane on it.
0:34:18 > 0:34:20This would need changing.
0:34:20 > 0:34:24Looks a little bit tired, little bit dated as well.
0:34:24 > 0:34:29And I have spotted a door of some sort. That could go to that...
0:34:29 > 0:34:32OK, I've got to have a look, intrigue's killing me now.
0:34:32 > 0:34:36Don't get too close on the backside, it's got bigger over the years.
0:34:36 > 0:34:38HE GROANS
0:34:38 > 0:34:41Let's have a look, see what's... The reason is -
0:34:41 > 0:34:45this is above the ceiling that they've actually dropped.
0:34:45 > 0:34:48And the only reason they've dropped that ceiling
0:34:48 > 0:34:50is just to get those three spotlights in.
0:34:50 > 0:34:53So, there's no other reason at all for them to drop it.
0:34:53 > 0:34:55That's a bit of a strange reason,
0:34:55 > 0:34:57why would you just do half the ceiling?
0:34:57 > 0:34:59But, now we know.
0:34:59 > 0:35:01Now we know. It's just for the lights.
0:35:01 > 0:35:03I had to find out, it was killing me.
0:35:03 > 0:35:05# All of the lights All of the lights... #
0:35:05 > 0:35:07Well, that shed some light on that then.
0:35:07 > 0:35:09But I think it's a little bit of overkill
0:35:09 > 0:35:11for just three spotlights, in my opinion.
0:35:11 > 0:35:13Anyway, onwards and upwards.
0:35:13 > 0:35:16# Lights, lights All of the lights
0:35:16 > 0:35:17# Turn up the lights... #
0:35:17 > 0:35:21OK, upstairs, we have got two bedrooms
0:35:21 > 0:35:23into the front of the house
0:35:23 > 0:35:26and this one is a good-sized bedroom.
0:35:26 > 0:35:30It looks like somebody's started painting it already.
0:35:30 > 0:35:32Really nice, big radiator just there.
0:35:32 > 0:35:36Lots of light coming in off this double-glazed window.
0:35:36 > 0:35:40There are signs of a little bit more damp but nothing major at all.
0:35:40 > 0:35:45Into the second bedroom, which has been decorated in blue.
0:35:45 > 0:35:50We have got a bit of storage here, not that big but it's enough.
0:35:50 > 0:35:52Window here looking out onto the garden,
0:35:52 > 0:35:54double glazing, again, which is good.
0:35:54 > 0:35:56And as I'm here, I can just see the garden.
0:35:56 > 0:36:01It's only small, maybe 4m by 3m.
0:36:01 > 0:36:03So, there's not a lot you could do out there.
0:36:03 > 0:36:07The extension seems to have taken up all of the back garden.
0:36:07 > 0:36:10But what I've seen so far, yes, there might be a little bit of damp,
0:36:10 > 0:36:13but I'm liking what I've seen.
0:36:13 > 0:36:15This could be a tidy little family home.
0:36:17 > 0:36:20The overall condition isn't bad at all.
0:36:20 > 0:36:22This could very quickly be a decent rental.
0:36:22 > 0:36:25But don't just take my word for it, we called in a local estate agent
0:36:25 > 0:36:26to see if he agrees.
0:36:31 > 0:36:34First impressions of the property - generally very, very good property.
0:36:34 > 0:36:36Good size, good area.
0:36:36 > 0:36:39The bathroom itself is a generally good suite,
0:36:39 > 0:36:42I would say the tiles need changing.
0:36:42 > 0:36:44In regards to the kitchen, I would say a full modernisation
0:36:44 > 0:36:46of the kitchen would be required.
0:36:46 > 0:36:49But I think somebody's very, very attached to spotlights.
0:36:49 > 0:36:52I would recommend putting it back to how it was initially.
0:36:52 > 0:36:55In regards to sales, I think this property
0:36:55 > 0:36:58will achieve around £100,000 if exposed on the sales market.
0:36:58 > 0:37:00In regards to lettings,
0:37:00 > 0:37:03I would give it a rental figure of around £600 per calendar month.
0:37:05 > 0:37:07There isn't a lot of work that needs to be done here
0:37:07 > 0:37:10and it looks like somebody's already started the work.
0:37:10 > 0:37:14As for that lowered ceiling, I'm not sure what to make of that.
0:37:14 > 0:37:15Anyway, it looks pretty solid to me,
0:37:15 > 0:37:19let's see who wanted it when it went under the hammer.
0:37:19 > 0:37:20Lot number two in your catalogue.
0:37:20 > 0:37:22Guide price is 60,000 plus.
0:37:22 > 0:37:24Got anybody here for this? Guide's 60.
0:37:24 > 0:37:27Start me. £60,000 for lot two.
0:37:27 > 0:37:3055, 50, 50 here.
0:37:30 > 0:37:33At 50, I'm bid, stood at the rear.
0:37:33 > 0:37:34At 50, I'm bid. Are we done?
0:37:34 > 0:37:3952, 54, 54, 56, 58.
0:37:39 > 0:37:44Not sure. 58, I'm bid. 60, 62...
0:37:44 > 0:37:47The back and forth bidding continued.
0:37:47 > 0:37:50We pick it up when the bids had reached £72,000.
0:37:50 > 0:37:5372, I'm bid, 73.
0:37:53 > 0:37:5574, it's against you.
0:37:55 > 0:37:57Here, sir, it's 73.
0:37:57 > 0:38:01At £73,000, third row, first time.
0:38:01 > 0:38:04At £73,000 for the second time.
0:38:04 > 0:38:07If you're all done... Back in at 74, 75?
0:38:07 > 0:38:0975, I'm bid. 76?
0:38:11 > 0:38:12Here at 75.
0:38:12 > 0:38:16First time, second time, third and final time then.
0:38:16 > 0:38:19All done. Against you. With you, selling.
0:38:19 > 0:38:21- GAVEL BANGS - Well done, sir.
0:38:21 > 0:38:24The bidder clinching the deal for £75,000,
0:38:24 > 0:38:2815 grand over the guide, was solicitor Sahib.
0:38:28 > 0:38:31Sahib runs his own law firm and a small property company.
0:38:31 > 0:38:36I met him back at the house to find out just what his plans were.
0:38:36 > 0:38:39- Sahib, nice to meet you, sir. - Nice to meet you.- Congratulations.
0:38:39 > 0:38:42- Thank you very much.- What was it that attracted you to this house?
0:38:42 > 0:38:44It's just the ideal location of this property.
0:38:44 > 0:38:46It's a very, like, convenient area.
0:38:46 > 0:38:49Like, Wilmslow Road, the Curry Mile is just five minutes' walk,
0:38:49 > 0:38:51Universities are...two major universities -
0:38:51 > 0:38:53Manchester Metropolitan and Manchester Uni -
0:38:53 > 0:38:55is just in walking distance.
0:38:55 > 0:38:58Then, next to the city centre, hospital is here.
0:38:58 > 0:38:59So, it's a nice area, location-wise.
0:39:01 > 0:39:02Sahib is on the money here.
0:39:02 > 0:39:04The location is great.
0:39:04 > 0:39:06And for anyone looking for rental potential,
0:39:06 > 0:39:09local universities and hospitals can be a winner.
0:39:12 > 0:39:14When you buy a property yourself,
0:39:14 > 0:39:15do you look in this area and just rent it out
0:39:15 > 0:39:17or do you sell them as well?
0:39:17 > 0:39:20No, I'm really into rentals of the property,
0:39:20 > 0:39:22so I just buy for rentals, not buy to sell, no.
0:39:22 > 0:39:25Were you happy what you paid for it?
0:39:25 > 0:39:26Yeah, I'm quite happy with that.
0:39:26 > 0:39:30So, I paid for it £75,000, but my valuation...
0:39:30 > 0:39:34they have given a value of £99,000 to this property.
0:39:35 > 0:39:37Even though Sahib knows this area well,
0:39:37 > 0:39:40he has still done his research on this house.
0:39:40 > 0:39:44The agent advising him also gave us a similar valuation
0:39:44 > 0:39:46to the one we invited earlier.
0:39:46 > 0:39:50So, presumably that means he's got his renovation plans sorted too.
0:39:51 > 0:39:54- What are you going to do to this? - I'm just going to do renovate...
0:39:54 > 0:39:56Little bit damp here, I can see.
0:39:56 > 0:39:58Other than that, I can't see anything...
0:39:58 > 0:40:01It might need a carpet here and one upstairs bedroom
0:40:01 > 0:40:02and that's it, basically.
0:40:02 > 0:40:04So, bathrooms, kitchens?
0:40:04 > 0:40:07- No, they're fine. Quite good condition.- They're all fine?
0:40:07 > 0:40:08Just tidy them up, clean them up a bit?
0:40:08 > 0:40:11Just tidy up, cleaning, it's a little bit messy as you can see.
0:40:11 > 0:40:12And that's it, basically.
0:40:12 > 0:40:14So, what you going to do about the damp?
0:40:14 > 0:40:16Yeah, I can see a bit of damp in this property,
0:40:16 > 0:40:18I think maybe this room is affected.
0:40:18 > 0:40:21So, I want to talk with my builder, so they can do damp course here.
0:40:21 > 0:40:24- OK.- So, they're like quite expert in this.
0:40:24 > 0:40:26So, who's going to do that work for you?
0:40:26 > 0:40:29I have my own builder's team, so when I buy a house,
0:40:29 > 0:40:32they work in my properties, so they are quite good, I know that.
0:40:32 > 0:40:35So, I'll just give them the keys, so they just do everything
0:40:35 > 0:40:38and at the end, they give me my keys back and that's it.
0:40:38 > 0:40:40You're making it sound so simple.
0:40:40 > 0:40:43No, no, initially, it was hard work, like, did it first couple of times,
0:40:43 > 0:40:45but then they know me, I know them.
0:40:45 > 0:40:47So, what about your timescale?
0:40:47 > 0:40:49Timescale-wise, I think it's not going to take
0:40:49 > 0:40:51more than two to three weeks.
0:40:51 > 0:40:53- It should be fine, yeah.- That quick?
0:40:53 > 0:40:55Yeah, it's only this job.
0:40:55 > 0:40:58Nothing otherwise. You can see it's a nice painted house. Nothing else.
0:40:58 > 0:41:01So, Sahib has got the new damp course in hand
0:41:01 > 0:41:03with builders he trusts.
0:41:03 > 0:41:05Sounds like he really has conjured up a solution.
0:41:08 > 0:41:10And what about your budget?
0:41:10 > 0:41:13Say, max - two grand or might be three grand,
0:41:13 > 0:41:15including everything like carpet and upstairs
0:41:15 > 0:41:16and that's it, basically.
0:41:16 > 0:41:19But I would say my target is two grand.
0:41:19 > 0:41:22DION LAUGHS With the two grand, everything.
0:41:22 > 0:41:24- You like all the twos - two weeks and two grand.- Yeah.
0:41:24 > 0:41:26- As long as you can stick to that. - Yeah.
0:41:26 > 0:41:28But even three grand is fine as well.
0:41:28 > 0:41:31What I believe in my rented houses
0:41:31 > 0:41:33is I spend on decorate a little bit more,
0:41:33 > 0:41:37I go a little bit overboard because then tenants feel comfortable.
0:41:37 > 0:41:40- So, if they're comfortable, they stay longer.- OK.
0:41:40 > 0:41:42So, it's good for tenants, yeah.
0:41:42 > 0:41:45So, good for me, I don't have to find them every day.
0:41:45 > 0:41:47Exactly, you don't get the headache
0:41:47 > 0:41:49of them calling you back all the time.
0:41:49 > 0:41:51Oh, yeah, no, no, no, I don't like that.
0:41:52 > 0:41:56Very shrewd, I'd say. Happy tenants means happy landlords.
0:41:56 > 0:41:58Now, about that ceiling.
0:41:59 > 0:42:03So, Sahib, what do you know about the lowered ceiling?
0:42:03 > 0:42:06I do not quite like this feature. I don't know why they've done it.
0:42:06 > 0:42:09Just for the sake of these three fancy lights, but they look good.
0:42:09 > 0:42:12So, you think it's been lowered just to get the lights in, yeah?
0:42:12 > 0:42:14- I think so, nothing else. - SAHIB LAUGHS
0:42:14 > 0:42:16- It's a bit strange. - It's a strange feature.
0:42:16 > 0:42:19I don't see this in any properties around here.
0:42:19 > 0:42:22When I think about this strange set up a bit more,
0:42:22 > 0:42:24I think I'd like to get it checked out by a building inspector,
0:42:24 > 0:42:28a landlord has to think about safety first.
0:42:28 > 0:42:31The void here could conduct flames and smoke into the lounge
0:42:31 > 0:42:33if a fire started in the kitchen.
0:42:33 > 0:42:35Am I being too cautious?
0:42:35 > 0:42:36I don't think so.
0:42:36 > 0:42:38I think you always have to be on your toes
0:42:38 > 0:42:41and check the quality of work, even if something looks
0:42:41 > 0:42:45as though it's just been renovated recently.
0:42:45 > 0:42:47Did you see that when you were walking round?
0:42:47 > 0:42:50- Did you think to yourself, "Somebody might have started"?- Yeah.
0:42:50 > 0:42:51Even in the, like, auction details
0:42:51 > 0:42:54it's written that you have to do a lot of work inside,
0:42:54 > 0:42:55it needs some renovation.
0:42:55 > 0:42:57But when I came out, "No, it's all right."
0:42:57 > 0:42:58- Other than this...- Yes.
0:42:58 > 0:43:01Newly painted, some paint boxes around here
0:43:01 > 0:43:03and some paint boxes in the back, as well.
0:43:03 > 0:43:06- It looks like somebody's already started the work for you.- Yeah.
0:43:06 > 0:43:09- DION LAUGHS - And even the bathroom,
0:43:09 > 0:43:10it looks new as well, some parts of it.
0:43:10 > 0:43:13Other than this room, everything else is fine here.
0:43:13 > 0:43:17- So, Sahib, good luck. I wish you all the best.- Thank you.- Good luck.
0:43:17 > 0:43:20Unsurprisingly, solicitor Sahib seems to have his head firmly
0:43:20 > 0:43:23screwed on his shoulders and he got himself a house
0:43:23 > 0:43:25where the work's already started.
0:43:25 > 0:43:29But the big question is - two grand, two weeks?
0:43:29 > 0:43:32You can find out how he gets on later in the programme.
0:43:34 > 0:43:37So, we know what happened with one of today's properties,
0:43:37 > 0:43:38but what about the others?
0:43:38 > 0:43:41Yeah, will there be the odd improvement here or there
0:43:41 > 0:43:42or massive changes?
0:43:42 > 0:43:44Let's find out.
0:43:44 > 0:43:48It was in Crewe in Cheshire where we first came across
0:43:48 > 0:43:52a three-bed, mid-terraced period property.
0:43:52 > 0:43:55And, yes, it was in poor decorative state,
0:43:55 > 0:43:58but with its two reception rooms,
0:43:58 > 0:44:00good-sized kitchen,
0:44:00 > 0:44:04three bedrooms, family bathroom,
0:44:04 > 0:44:07garden and the bonus of a garage,
0:44:07 > 0:44:09it really had the possibility of being turned
0:44:09 > 0:44:11into a fantastic family home.
0:44:13 > 0:44:17And it was bought for £80,000 by Diana who had given up
0:44:17 > 0:44:20a career in the pharmaceutical industry
0:44:20 > 0:44:21to try out some new ventures
0:44:21 > 0:44:24of which property development was just one.
0:44:24 > 0:44:28# I'll try something new... #
0:44:28 > 0:44:32- I did a course to teach English as a foreign language...- OK.
0:44:32 > 0:44:35Because I also have a passion for travel,
0:44:35 > 0:44:37so I could combine moving away
0:44:37 > 0:44:39and travelling and teaching English at the same time.
0:44:39 > 0:44:43Wow. The property is funding that lifestyle?
0:44:43 > 0:44:45Well, it's going to be a backup and my pension plan.
0:44:45 > 0:44:49She hoped a budget of £14,000 would suffice
0:44:49 > 0:44:52and that she could get the work done in ten weeks.
0:44:52 > 0:44:55Well, just eight weeks later, we're back.
0:44:55 > 0:44:58So, has Diana mastered the language of property?
0:44:58 > 0:45:03# Cos they say home is where your heart is set in stone
0:45:03 > 0:45:07# Is where you go when you're alone... #
0:45:07 > 0:45:11No weeds now on the path to the smart, black door.
0:45:11 > 0:45:17# Cos they say home is where your heart is set in stone
0:45:17 > 0:45:19# Is where you go when you're alone... #
0:45:21 > 0:45:24Well, she's retained the period features
0:45:24 > 0:45:28but sensibly removed some of those dated additions.
0:45:32 > 0:45:36So, how did things progress from the outset?
0:45:36 > 0:45:39When I bought the house, the first bit is always the most fun bit,
0:45:39 > 0:45:42which is the destruction bit, so just knocking everything out.
0:45:42 > 0:45:44I was told I had to stay away
0:45:44 > 0:45:46cos I really wanted to get a big sledgehammer out,
0:45:46 > 0:45:50but my builder said, "No, you just stay away from everything,"
0:45:50 > 0:45:51which is good cos I kept my nails.
0:45:51 > 0:45:57And then we took out the old kitchen, took out the old bathroom
0:45:57 > 0:46:00and then it's kind of putting it all back together again.
0:46:00 > 0:46:04# Cos they say home is where your heart is set in stone
0:46:04 > 0:46:08# Is where you go when you're alone
0:46:08 > 0:46:13# Is where you go to rest your bones... #
0:46:15 > 0:46:18Along with a new kitchen and bathroom suite,
0:46:18 > 0:46:21the three bedrooms have also been fully refurbished
0:46:21 > 0:46:22and are ready to go.
0:46:34 > 0:46:37So, how did the builders sort out the damp?
0:46:37 > 0:46:41We basically put a good damp-proof course all the way through
0:46:41 > 0:46:44the bottom of the house, so, we chipped off, obviously,
0:46:44 > 0:46:47a metre or more of plaster all the way around the house
0:46:47 > 0:46:52and then they injected and...whatever they do.
0:46:52 > 0:46:55- SHE LAUGHS - But that's all been dealt with.
0:46:55 > 0:46:57And then I've tidied up the garden
0:46:57 > 0:47:00and the car park at the back, which I wasn't intending to do,
0:47:00 > 0:47:03but I'm really pleased with it. So, I'm happy it's done.
0:47:05 > 0:47:10And as gardens go, this is about as low-maintenance as it gets.
0:47:10 > 0:47:13By repositioning the bottom fence,
0:47:13 > 0:47:18Diana has created another parking space next to the garage.
0:47:18 > 0:47:21But most of the work was carried out by her builder Dave.
0:47:21 > 0:47:23So, was she involved at all?
0:47:25 > 0:47:26Well, I did all the supervision,
0:47:26 > 0:47:28so that's, obviously, the most important part.
0:47:28 > 0:47:31But, Dave, really, no, he's a very good project mana...
0:47:31 > 0:47:33He's been in this business for years
0:47:33 > 0:47:36and he also helped me keep to budget,
0:47:36 > 0:47:39really, because I quite like nice things and he's kept it...
0:47:39 > 0:47:42he's kept me grounded and down to earth,
0:47:42 > 0:47:44which I probably need sometimes.
0:47:44 > 0:47:48Yes, well, Dave the builder may have kept her feet on the ground
0:47:48 > 0:47:51in terms of this property, but Diana isn't one
0:47:51 > 0:47:53to stay grounded for very long.
0:47:53 > 0:47:55# Can't, can't stop movin' Can't stop movin'
0:47:55 > 0:47:57# I can't keep still I can't stop movin'... #
0:47:57 > 0:48:01My big passion in life is globetrotting and, yes,
0:48:01 > 0:48:04I've come back from Marrakech just a few days ago.
0:48:04 > 0:48:08Actually, I came back early for this and I'm off to Lisbon next week
0:48:08 > 0:48:12and then I'm off to Dubai for six weeks after that...
0:48:12 > 0:48:13and then Cuba.
0:48:13 > 0:48:15Yeah, no, no, that's going to continue.
0:48:15 > 0:48:18# Can't stop movin' Can't, can't stop movin'
0:48:18 > 0:48:20# Can't stop movin' I can't keep still. #
0:48:20 > 0:48:23Crikey, is there no holding this lady back?
0:48:23 > 0:48:26She's certainly got the travel bug big-time.
0:48:26 > 0:48:28But while she scoots around the globe,
0:48:28 > 0:48:30what's happening with the house?
0:48:30 > 0:48:32I keep all the houses that I buy. My...
0:48:32 > 0:48:34I want to have a rental portfolio
0:48:34 > 0:48:38and I've already got tenants coming in next week.
0:48:39 > 0:48:41Just perfect.
0:48:41 > 0:48:44She looks like she's already got her income stream to fund
0:48:44 > 0:48:47her globetrotting and teaching abroad.
0:48:47 > 0:48:51But how much has she had to stump up to get this house ready to rent?
0:48:51 > 0:48:54So, when I bought the house and looked at the work
0:48:54 > 0:48:59that needed doing, I budgeted about 14,000 to do it up.
0:48:59 > 0:49:02I've come over budget, only slightly,
0:49:02 > 0:49:06maybe a couple of thousand and I'm happy with that.
0:49:06 > 0:49:07£16,000
0:49:07 > 0:49:12on top of an £80,000 purchase price takes Diana's total
0:49:12 > 0:49:14outlay to £96,000.
0:49:14 > 0:49:18So, does this house work as a good backup plan to support
0:49:18 > 0:49:21Diana in her jet-setting lifestyle?
0:49:21 > 0:49:24What did two local property experts think?
0:49:24 > 0:49:26First, the expert that saw it last time.
0:49:26 > 0:49:28The property's been done quite nicely,
0:49:28 > 0:49:30it's nice and clean and tidy.
0:49:30 > 0:49:33It's had a lick of paint throughout and, obviously,
0:49:33 > 0:49:35a new kitchen, new bathroom.
0:49:35 > 0:49:38So, it would be a really good one to rent or to resell.
0:49:38 > 0:49:39Finished OK.
0:49:39 > 0:49:42The kitchen and bathroom are of a decent standard.
0:49:42 > 0:49:44Some double-glazing, not all windows double-glazed...
0:49:44 > 0:49:46Might have been an idea to have finished off
0:49:46 > 0:49:47the double-glazing as well.
0:49:47 > 0:49:49Back garden's tidy,
0:49:49 > 0:49:50the front looks good.
0:49:50 > 0:49:52So, yeah, it appeals well.
0:49:52 > 0:49:55Diana thinks she might replace those windows in the future.
0:49:55 > 0:49:58This is, after all, a long-term investment.
0:49:58 > 0:50:00So, plenty of time for that.
0:50:00 > 0:50:03She doesn't intend selling, but how has
0:50:03 > 0:50:06her £96,000 investment performed so far?
0:50:08 > 0:50:10From a sales point of view, I think this would sell
0:50:10 > 0:50:14in the region of between £105,000 and £110,000.
0:50:14 > 0:50:16If I was looking to put this on the market for sale,
0:50:16 > 0:50:19I would suggest a figure around £115,000.
0:50:19 > 0:50:21I think they are pretty good,
0:50:21 > 0:50:24I think 115,000, actually, for this area.
0:50:24 > 0:50:27The one across the road is going for 118, I think 115.
0:50:27 > 0:50:29It's got car spaces and everything.
0:50:29 > 0:50:31I'm sure I'd get that.
0:50:31 > 0:50:33But I'm not planning on selling.
0:50:33 > 0:50:37Yes, so for now she's going to pass on a pre-tax profit
0:50:37 > 0:50:40of between £9,000 and £19,000.
0:50:40 > 0:50:43It's that rental income she's after.
0:50:43 > 0:50:44From a rental point of view,
0:50:44 > 0:50:49this property should achieve around £595 per calendar month.
0:50:49 > 0:50:51If I was looking to put this house on the market for rent,
0:50:51 > 0:50:54I would be suggesting a figure of £595 per calendar month.
0:50:54 > 0:50:56I'm renting it for 600.
0:50:56 > 0:50:58I've got some really nice tenants moving in,
0:50:58 > 0:51:01they're just starting a young family.
0:51:01 > 0:51:03I'm hoping they're going to stay for 18 or 20 years,
0:51:03 > 0:51:04that would be perfect.
0:51:04 > 0:51:09That £600 per calendar month means a yield of 7.5%.
0:51:09 > 0:51:13With the income from her other properties and her teaching job,
0:51:13 > 0:51:15she should be able to keep travelling.
0:51:15 > 0:51:18But will she keep developing?
0:51:18 > 0:51:21It's a great thing to do if you find a good team of people.
0:51:21 > 0:51:24I've really enjoyed it. I love doing houses.
0:51:24 > 0:51:27I love it. Love it. Long may it continue.
0:51:27 > 0:51:30So, it seems it's not just the travel bug she's got,
0:51:30 > 0:51:32property's got to her too.
0:51:32 > 0:51:35# I'm never, never gonna give you up
0:51:35 > 0:51:37# I'm never, ever gonna stop. #
0:51:42 > 0:51:44Scenes like these have been commonplace
0:51:44 > 0:51:48in the Rushholme district of Manchester for many years.
0:51:48 > 0:51:51It's also where English painter LS Lowry
0:51:51 > 0:51:54spent most of his early life.
0:51:54 > 0:51:55And it's where this two-bedroom terrace
0:51:55 > 0:51:58was sold at auction for £75,000.
0:51:59 > 0:52:04# Pictures of matchstick men and you... #
0:52:04 > 0:52:07I could find little fault with this property.
0:52:07 > 0:52:11There were two decent-sized bedrooms, but I couldn't help
0:52:11 > 0:52:15but investigate why the lounge ceiling had been semi-dropped.
0:52:15 > 0:52:19The clue to the boxing-in lay above the kitchen wall cupboards,
0:52:19 > 0:52:21behind a strange hatch.
0:52:22 > 0:52:26This is above the ceiling that they've actually dropped.
0:52:26 > 0:52:28And the only reason they've dropped that ceiling
0:52:28 > 0:52:31is just to get those three spotlights in.
0:52:31 > 0:52:32That's a bit of a strange reason.
0:52:32 > 0:52:35Why would you just do half the ceiling?
0:52:35 > 0:52:38I met the new owner, local solicitor Sahib, at the house,
0:52:38 > 0:52:40which is his fourth in the area.
0:52:40 > 0:52:42His plan - to refurbish and rent out.
0:52:44 > 0:52:45So, what about your timescale?
0:52:45 > 0:52:48Timescale-wise, I think it's not going to take
0:52:48 > 0:52:49more than two to three weeks.
0:52:49 > 0:52:52- It should be fine, yeah.- That quick?
0:52:52 > 0:52:53Yeah, but it's only this job.
0:52:53 > 0:52:56Nothing otherwise. You can see the nice painted house. Nothing else.
0:52:56 > 0:52:58And what about your budget?
0:52:58 > 0:53:01Say, max - two grand or might be three grand,
0:53:01 > 0:53:03including everything like carpet and upstairs
0:53:03 > 0:53:04and that's it, basically.
0:53:04 > 0:53:07But I would say my target is two grand.
0:53:07 > 0:53:09DION LAUGHS With the two grand, everything.
0:53:09 > 0:53:12- You like all the twos - two weeks and two grand.- Yeah.
0:53:12 > 0:53:14- As long as you can stick to that. - Yeah.
0:53:14 > 0:53:17What I believe in my rented houses
0:53:17 > 0:53:18I spend on decorate a little bit more.
0:53:18 > 0:53:20I go a little bit overboard
0:53:20 > 0:53:23because then tenants feel comfortable.
0:53:23 > 0:53:26- So, if they're comfortable, they stay longer.- OK.
0:53:26 > 0:53:28So, it's good for tenants, yeah.
0:53:28 > 0:53:31So, good for me, I don't have to find them every day.
0:53:31 > 0:53:32Exactly, you don't get the headache
0:53:32 > 0:53:34of them calling you back all the time.
0:53:34 > 0:53:36Oh, yeah, no, no, no, I don't like that.
0:53:36 > 0:53:39Well, we are calling back eight weeks later to see
0:53:39 > 0:53:40what progress has been made.
0:53:42 > 0:53:44The damp in the front bedroom has gone
0:53:44 > 0:53:46and the flooring is just going down.
0:53:46 > 0:53:49But imagine how the people will feel when it's all finished.
0:53:49 > 0:53:56# We feel joy... #
0:53:56 > 0:53:59And it would hardly be difficult for this second bedroom
0:53:59 > 0:54:02to have a less striking colour than it used to.
0:54:06 > 0:54:09# Nothing really matters we've got everything we need
0:54:09 > 0:54:11# Take a big leap
0:54:11 > 0:54:14# We will feel joy. #
0:54:14 > 0:54:17The damp in the lounge took a more extensive approach.
0:54:20 > 0:54:23But the end result looks smooth and damp-free.
0:54:23 > 0:54:26And there's still that questionable ceiling layout.
0:54:26 > 0:54:28# Mm. #
0:54:28 > 0:54:32But the kitchen does now boast a new washing machine, oven and hob.
0:54:32 > 0:54:36# Come and hold hands let's stick together
0:54:36 > 0:54:40# Take a big leap and jump right over... #
0:54:40 > 0:54:44The downstairs bathroom has had a good clean-up and face-lift.
0:54:45 > 0:54:48But one of the biggest jobs for Sahib was getting that damp course
0:54:48 > 0:54:49fitted in the lounge.
0:54:51 > 0:54:53I to call my builders to do the damp course.
0:54:53 > 0:54:57What they did, on these walls, up to here,
0:54:57 > 0:55:00they took all the bricks out, like bit by bit.
0:55:00 > 0:55:02Bit from here and bit from there.
0:55:02 > 0:55:05And they put some plastic sheet underneath.
0:55:05 > 0:55:09And what they did, they put new bricks over there
0:55:09 > 0:55:10and then they plastered it
0:55:10 > 0:55:13and then they took out the middle bricks here
0:55:13 > 0:55:15and then the middle bricks from there.
0:55:15 > 0:55:18So, they did the same thing but step-by-step.
0:55:18 > 0:55:21So, they did the same thing across the room.
0:55:21 > 0:55:24And now it's fine, I'm very pleased with the job.
0:55:24 > 0:55:26I hope I won't get this again.
0:55:26 > 0:55:29A time-consuming job.
0:55:29 > 0:55:32And with the floorings expected to be completed later today,
0:55:32 > 0:55:36it's taken Sahib five weeks over his two to three week forecast.
0:55:36 > 0:55:38How about the budget?
0:55:38 > 0:55:39When I viewed the property,
0:55:39 > 0:55:44I was hoping that I will finish all the jobs within £3,000,
0:55:44 > 0:55:49but when my plumber came in and he saw the property, he decided,
0:55:49 > 0:55:52no, I need a new boiler in.
0:55:52 > 0:55:57So then, cost went up a little bit and I ended up spending £4,000.
0:55:57 > 0:55:59But I still think this is a very reasonable amount
0:55:59 > 0:56:03on this kind of property and it's not too much.
0:56:03 > 0:56:05Well, we've called in
0:56:05 > 0:56:06two local estate agents,
0:56:06 > 0:56:09they should be able to tell us if it's been money well spent.
0:56:09 > 0:56:10Let's start with the agent
0:56:10 > 0:56:13who saw the property before the work commenced.
0:56:13 > 0:56:15The standard of finish on the property
0:56:15 > 0:56:16is quite reasonable.
0:56:16 > 0:56:17In regards to the area-wise,
0:56:17 > 0:56:19I don't think the landlord will have any issues
0:56:19 > 0:56:21in regards to letting this property.
0:56:21 > 0:56:23I expect demand to be very high
0:56:23 > 0:56:24for this property,
0:56:24 > 0:56:26certainly through buyers and tenants.
0:56:26 > 0:56:27It's close to Manchester city centre,
0:56:27 > 0:56:30so it should be popular with both.
0:56:30 > 0:56:34Sahib's total spend is £79,000.
0:56:34 > 0:56:36His intention is to let out, but having had work done,
0:56:36 > 0:56:40what would the house value be now on the open market?
0:56:40 > 0:56:42If this property was put on the sales market,
0:56:42 > 0:56:45I would give it a sales valuation of around £95,000.
0:56:45 > 0:56:47If I was placing this property for sale,
0:56:47 > 0:56:51I'd put it on the market at offers over 99,950.
0:56:51 > 0:56:55Sahib's business model is always to buy to let.
0:56:55 > 0:56:58But will the forecast potential profit of almost 21 grand
0:56:58 > 0:57:01before taxes and expenses sway his opinion?
0:57:03 > 0:57:05The highest sale value of this property
0:57:05 > 0:57:07I know it's a bit higher,
0:57:07 > 0:57:11but I don't want to sell it and do it for quick turnarounds.
0:57:12 > 0:57:15Wise words. Down to the brass tacks.
0:57:15 > 0:57:17What would the property let out for?
0:57:17 > 0:57:18On the lettings market,
0:57:18 > 0:57:22I would give it a rental valuation of around £550 per calendar month.
0:57:22 > 0:57:25For rental, I'd expect this property to achieve
0:57:25 > 0:57:28a figure in the region of £500 per calendar month.
0:57:28 > 0:57:30I have already tenants lined up for 550.
0:57:30 > 0:57:33Well, Sahib doesn't hang about.
0:57:33 > 0:57:36And that 550 quid per calendar month
0:57:36 > 0:57:39gives him a yield of nearly 8.5%.
0:57:39 > 0:57:41Any future projects planned?
0:57:41 > 0:57:45Next property-wise, I think I'm going to buy a couple more as well
0:57:45 > 0:57:48in recent...this year or in coming years.
0:57:48 > 0:57:51So, because...I just want...all of my savings
0:57:51 > 0:57:54I want to invest in this area, basically.
0:57:54 > 0:57:57Thanks to Sahib, it looks like many tenants will be rushing home
0:57:57 > 0:57:59to Rushholme in the future.
0:58:05 > 0:58:09So, those are the properties from today's show.
0:58:09 > 0:58:11If you'd like to see more, well, you know where to come.
0:58:11 > 0:58:13Yes, right here on Homes Under The Hammer.
0:58:13 > 0:58:14- Goodbye.- Bye.