0:00:02 > 0:00:03Welcome to the programme!
0:00:03 > 0:00:06- Now, Martin, who doesn't love a bargain? I know we do.- Certainly do.
0:00:06 > 0:00:08But what do they say when something looks too good to be true?
0:00:08 > 0:00:12- It probably is.- But there are still bargains to be had at the auctions
0:00:12 > 0:00:14if you know what you're looking for.
0:00:14 > 0:00:17Well, somebody who's just as passionate about property
0:00:17 > 0:00:19as me and Lucy is Dion Dublin.
0:00:19 > 0:00:20- Hello. - Dion:- Hello.
0:00:20 > 0:00:22Over the years I've developed many properties
0:00:22 > 0:00:26and I've enjoyed it but it does throw up some unexpected surprises.
0:00:26 > 0:00:27It's not always straightforward.
0:00:53 > 0:00:56Well, although all properties are different, there are still
0:00:56 > 0:00:59some rules which all developers need to stick to,
0:00:59 > 0:01:02whether they're doing up a one-bedroom flat
0:01:02 > 0:01:04- or a mansion with thousands of acres.- Absolutely.
0:01:04 > 0:01:07Now, Dion, you've got to get used to our golden Hammer rules -
0:01:07 > 0:01:10do your homework and research before you go sticking your hand up
0:01:10 > 0:01:12in the air at the auction.
0:01:12 > 0:01:14- DION:- Good tips, I like that. Let's see who stuck to those.
0:01:15 > 0:01:18First up, in County Durham, there's no lack of confidence.
0:01:18 > 0:01:21There's quite a bit to do. Doesn't seem to frighten you, though?
0:01:21 > 0:01:24Eight weeks from Monday, I think this'll be a three-bed bungalow rented out.
0:01:24 > 0:01:26- MARTIN:- And in Edgware, London,
0:01:26 > 0:01:29you don't have to look far to find a helping hand.
0:01:29 > 0:01:33- I was picking his hand and saying, "Yeah, yes."- Oh, were you?
0:01:35 > 0:01:40And in Ashford, Kent, I've heard of tight budgets before, but... Oh!
0:01:40 > 0:01:43So, what sort of budget have you guys got in mind?
0:01:43 > 0:01:44I've got in mind £2.50.
0:01:47 > 0:01:49All these properties were sold at auction.
0:01:49 > 0:01:52We'll find out who bought them and what they paid for them
0:01:52 > 0:01:54when they went under the hammer.
0:01:54 > 0:01:55Now that's yours, sir.
0:01:59 > 0:02:03One of the north-east's former mining villages, Houghton-le-Spring,
0:02:03 > 0:02:05is now a commuter hot spot for Sunderland and Durham,
0:02:05 > 0:02:08not to mention the nearby motorway networks.
0:02:09 > 0:02:11It's also the birthplace for music producer
0:02:11 > 0:02:14Trevor Horn from the band Buggles.
0:02:14 > 0:02:17# I heard you on the wireless back in '52... #
0:02:17 > 0:02:20The property I'm here to see is just a short walk away
0:02:20 > 0:02:21from the local shops.
0:02:21 > 0:02:24It's a single-storey commercial unit.
0:02:24 > 0:02:27Now, get this, the guide price is a staggering
0:02:27 > 0:02:30£10,000-£15,000.
0:02:30 > 0:02:33It doesn't look much from the outside.
0:02:33 > 0:02:35Let's take a look inside. Looks can be deceiving.
0:02:39 > 0:02:40OK.
0:02:41 > 0:02:44Nice bright hallway. Spacious hallway.
0:02:44 > 0:02:47It does have a commercial feel as soon as you come in.
0:02:47 > 0:02:50It was a doctor's surgery at one stage,
0:02:50 > 0:02:53many years ago, judging by the condition it's in at the moment,
0:02:53 > 0:02:57and I would imagine that would have been some kind of reception room
0:02:57 > 0:02:59or waiting room for patients.
0:02:59 > 0:03:02Two big windows there but, again, a big space.
0:03:02 > 0:03:05Over to this side of the hallway, another big room here.
0:03:05 > 0:03:07It's obviously been left for some time.
0:03:07 > 0:03:10There's a lot of work that needs to be done here.
0:03:10 > 0:03:13The ceiling's out, it's going straight through to the roof.
0:03:13 > 0:03:15It's a bit of a strange layout, as well,
0:03:15 > 0:03:17but there's scope for this property.
0:03:17 > 0:03:20There's lots of floor space but it's a bit of a mess.
0:03:20 > 0:03:22Let's see what I find through there.
0:03:25 > 0:03:28From the outside, the property is deceptively small,
0:03:28 > 0:03:30but look at all the doors down this corridor,
0:03:30 > 0:03:32all leading to small rooms.
0:03:33 > 0:03:36It really is rather spacious but there's a lot of work to be done.
0:03:38 > 0:03:41Now, the interesting thing is this property already come with plans
0:03:41 > 0:03:45to go from commercial to residential and that's when it gets interesting.
0:03:45 > 0:03:47You could actually do what you want with this.
0:03:47 > 0:03:52If you've got the vision to sit down with a piece of paper, pen,
0:03:52 > 0:03:53pencil, maybe a cup of tea,
0:03:53 > 0:03:57in my case it'd be a nice pint of ale, and you could draw whatever
0:03:57 > 0:04:00you wanted for this property and make it whatever you wanted.
0:04:02 > 0:04:05The purchaser might have the vision of a bungalow
0:04:05 > 0:04:09conveniently situated on the gentle incline of the high street,
0:04:09 > 0:04:12providing just the right amount of exercise,
0:04:12 > 0:04:13just what the doctor ordered.
0:04:14 > 0:04:16And out back there's a hidden bonus.
0:04:16 > 0:04:19So, in addition to the property, out the back
0:04:19 > 0:04:21you've got this piece of land, which is huge.
0:04:21 > 0:04:25And it's crying out, for me, for a bit of development here.
0:04:25 > 0:04:29Judging by what I can see around it, you could actually put one property
0:04:29 > 0:04:31on here or even try and squeeze two on.
0:04:31 > 0:04:35Regardless of what you do with it, it's an absolute bonus.
0:04:35 > 0:04:37But don't just take my word for it.
0:04:37 > 0:04:40We've called in a local estate agent
0:04:40 > 0:04:42to get her opinions and valuations
0:04:42 > 0:04:46and to answer the question, is this a property someone can grow to love?
0:04:48 > 0:04:50# Doctor, Doctor, give me the news
0:04:50 > 0:04:54# I've gotta bad case of loving you... #
0:04:54 > 0:04:57Clearly there's a lot of work to be done inside of here,
0:04:57 > 0:04:58but I think once it's finished
0:04:58 > 0:05:02the potential is that you're going to have a big bungalow
0:05:02 > 0:05:05suitable for a family or a couple on their own.
0:05:05 > 0:05:09And the plot's a really good size, so there's lots of potential.
0:05:09 > 0:05:11The key, as is often the case,
0:05:11 > 0:05:14is seeing how that potential can be realised.
0:05:14 > 0:05:17So, what are our visionary's prospects on this lot,
0:05:17 > 0:05:20guided at £10,000-£15,000?
0:05:22 > 0:05:24Once renovated to a three-bedroom detached bungalow,
0:05:24 > 0:05:25to a high standard,
0:05:25 > 0:05:29I do think this property could be worth in the region of £95,000.
0:05:29 > 0:05:32Plus the potential value of the land at the back.
0:05:32 > 0:05:35Leaving that aside, what about the rental market?
0:05:35 > 0:05:37Again, to a high standard,
0:05:37 > 0:05:40if this property was renovated to a three-bedroom detached bungalow,
0:05:40 > 0:05:43I think you could achieve in the region of £500 per calendar month.
0:05:44 > 0:05:48So, it has been left empty for years and it's not in great condition,
0:05:48 > 0:05:51but if you're willing to sit down and reconfigure
0:05:51 > 0:05:55the plans of this property you could have yourself a nice little project.
0:05:55 > 0:05:57Let's see who agreed when it went to auction.
0:05:59 > 0:06:03£10,000-£15,000, your guide on this single-storey commercial property.
0:06:03 > 0:06:0510-15, start me. 10.
0:06:06 > 0:06:1010 here. At 10 I'm bid in the room. Here to sell, don't lose it.
0:06:10 > 0:06:1111 on the phone behind you.
0:06:11 > 0:06:1312, 13?
0:06:13 > 0:06:1513 on the phone.
0:06:15 > 0:06:1714, 15.
0:06:18 > 0:06:2015 I'm bid. 16.
0:06:20 > 0:06:26Bids rapidly exceed the top guide price estimate of £15,000.
0:06:26 > 0:06:28We rejoin the bidding at 33,000.
0:06:29 > 0:06:3233, back row, been with me all the way, I'm rooting for you, sir.
0:06:32 > 0:06:35At £33,000. First time...
0:06:35 > 0:06:37Back in at 33,500.
0:06:38 > 0:06:3934,000. 34,500?
0:06:41 > 0:06:4534,000, then. With you, first time.
0:06:45 > 0:06:46Second time.
0:06:46 > 0:06:49The third and final time, then, if we're all done?
0:06:49 > 0:06:51At £34,000, selling.
0:06:51 > 0:06:52GAVEL BANGS
0:06:52 > 0:06:53Well done, sir.
0:06:53 > 0:06:55The final bid came from Brian.
0:06:55 > 0:06:59He's growing a property portfolio alongside his day job
0:06:59 > 0:07:02of running his own telecoms business.
0:07:02 > 0:07:07Being local, he feels his £34,000 bid was a bargain.
0:07:07 > 0:07:09Only six months prior to the auction,
0:07:09 > 0:07:12he had offered to buy it for £45,000,
0:07:12 > 0:07:17whilst he was redeveloping a nearby property, but the sale fell through.
0:07:17 > 0:07:19I met him back at his latest acquisition.
0:07:20 > 0:07:23- Brian, nice to meet you.- Hiya. - Congratulations.- Thank you.
0:07:23 > 0:07:26Tell us about the auction experience, how was that for you?
0:07:26 > 0:07:27That was the first one I've been to.
0:07:27 > 0:07:30I've done a couple over the phone, like.
0:07:30 > 0:07:31Just so happens I was bidding on one
0:07:31 > 0:07:34of me neighbours from round the corner from where I live.
0:07:34 > 0:07:36- Your neighbour wanted this one, as well?- Yeah.
0:07:36 > 0:07:38He started a bidding war against us, erm, so...
0:07:38 > 0:07:41But he dropped out, so I ended up winning it.
0:07:41 > 0:07:44- You're going to turn it into a...? - A three-bed bungalow.- OK.
0:07:44 > 0:07:47How are you going to do it? Are you going to knock stuff down?
0:07:47 > 0:07:51All the walls to the rear, obviously, they're all coming out.
0:07:51 > 0:07:52Partition walls going in.
0:07:52 > 0:07:54Erm... New...
0:07:54 > 0:07:59Totally gut the place from top to bottom, start afresh.
0:07:59 > 0:08:01Bring in a sky tunnel...
0:08:01 > 0:08:05- sun tubes in for light to the rear end...- Nice.
0:08:05 > 0:08:07..just to make it a bit more liveable for the tenants.
0:08:07 > 0:08:09You've got your work cut out, haven't you?
0:08:09 > 0:08:11- There's quite a bit to do. - There's a fair bit.
0:08:11 > 0:08:14- Doesn't seem to frighten you, though?- I think this will take
0:08:14 > 0:08:17- about, at the most, eight weeks.- Really?!
0:08:17 > 0:08:19Aye. Eight weeks from Monday, I think
0:08:19 > 0:08:21this'll be a three-bedroom bungalow rented out.
0:08:21 > 0:08:23Who's going to do the work for you?
0:08:23 > 0:08:25- Will you oversee it, will you do it yourself?- I oversee it.
0:08:25 > 0:08:29I bring the same people in on each one cos I trust them
0:08:29 > 0:08:32- and they do a good job.- What will you do yourself in regard...?
0:08:32 > 0:08:34Will you do any physical work yourself?
0:08:34 > 0:08:36I'll supervise. DION LAUGHS
0:08:36 > 0:08:38- You're not going to get yourself dirty?- No, no.
0:08:38 > 0:08:41I don't get dirty, I leave it to the professionals.
0:08:41 > 0:08:44- And how much are you hoping to spend?- At the most, 25 grand.
0:08:44 > 0:08:48I have got contingency money left, but 25 grand should kill this.
0:08:48 > 0:08:52Basically, there's just putting stud walls up, refitting,
0:08:52 > 0:08:57new central heating system, new electrics, new kitchen, bathroom,
0:08:57 > 0:09:00possibly an en-suite in the middle bedroom and board the place out.
0:09:00 > 0:09:02As you can see, the whole thing needs doing.
0:09:02 > 0:09:04I'm going to be putting sun tunnels in the kitchen,
0:09:04 > 0:09:08in the main bathroom and to one of the bedrooms,
0:09:08 > 0:09:10just to bring a bit more light into it.
0:09:10 > 0:09:12With it being a commercial bungalow,
0:09:12 > 0:09:15- it's a bit of an odd layout at the minute.- Yeah, it is.
0:09:15 > 0:09:19And are you going to live in it, rent it out, sell it straightaway?
0:09:19 > 0:09:20I'm going to rent it out.
0:09:20 > 0:09:23Tenant won't have to do any work theirselves,
0:09:23 > 0:09:25it'll be ready to move straight into.
0:09:25 > 0:09:28Get this done in the eight weeks, I can move on to the next after that.
0:09:28 > 0:09:29Do you look now,
0:09:29 > 0:09:32while you're actually doing this one, are you looking again already?
0:09:32 > 0:09:35When I started looking at this one six month ago,
0:09:35 > 0:09:36when I was renovating the flats,
0:09:36 > 0:09:39I'd already put the plan of proposal
0:09:39 > 0:09:41to convert this from commercial to residential.
0:09:41 > 0:09:45And at the same time, cos I'm doing the council a favour
0:09:45 > 0:09:47by renovating all these buildings,
0:09:47 > 0:09:50I asked what I could do with the land to the rear of this property.
0:09:50 > 0:09:53- Yes.- And I can build, possibly, three bungalows
0:09:53 > 0:09:55if I can provide off-street parking for them.
0:09:55 > 0:09:58But they says, more or less definite, I can build two.
0:09:58 > 0:10:00They're going to be small for the land that they are on,
0:10:00 > 0:10:02but they are dormer bungalows.
0:10:02 > 0:10:05Erm. They're going to be two-bed, one bedroom in the loft
0:10:05 > 0:10:08- and one on the ground floor.- OK.
0:10:09 > 0:10:13And parking to the front with a small garden at the back.
0:10:13 > 0:10:14It's perfect, really,
0:10:14 > 0:10:17- cos you've got a busy main road right here, haven't we?- Yeah.
0:10:17 > 0:10:20And to have that off-street parking as well, it's absolutely perfect.
0:10:20 > 0:10:23You'll have people waiting to get into them, I would think.
0:10:23 > 0:10:27- Aye, I've already got people put their names down for them.- Have you?
0:10:27 > 0:10:29I've got people asking us daily
0:10:29 > 0:10:32if I've got any properties coming available.
0:10:32 > 0:10:35What are your timescales on that and what's your budget on that, as well?
0:10:35 > 0:10:38Timescale on that, well, once the full planning pack's
0:10:38 > 0:10:42been approved and we put our shovel in the ground, six-month,
0:10:42 > 0:10:45- maximum of that.- From start to finish?- From start to finish.
0:10:45 > 0:10:47What about the budget on the back?
0:10:47 > 0:10:50- Does that depend on how this goes or...?- I've never really budgeted.
0:10:50 > 0:10:53I've got a roundabout figure of what I think it's going to cost
0:10:53 > 0:10:56- in the back of me head... - OK.- ..but I'll keep that one shtoom.
0:10:56 > 0:10:57DION LAUGHS
0:10:57 > 0:10:59- Listen, Brian, great to meet you.- Yep.
0:10:59 > 0:11:02You're going to do well, pal, you're very positive. Good luck.
0:11:02 > 0:11:05- Thanks a lot.- I hope it works out, mate, I'm sure it will.
0:11:06 > 0:11:09So, Brian certainly knows what he's doing. He knows the area
0:11:09 > 0:11:11and he knows what he wants to achieve with this property.
0:11:11 > 0:11:15And will he get it done within that £25,000 budget
0:11:15 > 0:11:17and will he get it done within eight weeks?
0:11:17 > 0:11:20Will he get the wheels in motion for that land out the back, as well?
0:11:20 > 0:11:23He seems to think so. You can find out later on in the programme.
0:11:28 > 0:11:31- MARTIN:- This is Edgware in the London borough of Barnet
0:11:31 > 0:11:33in the north of the city.
0:11:33 > 0:11:36It's a busy and bustling area with lots of amenities,
0:11:36 > 0:11:41a shopping centre and easy access to the surrounding motorways.
0:11:41 > 0:11:44And it might be right at the end of the Northern Line in zone five,
0:11:44 > 0:11:46but because it is on the Tube
0:11:46 > 0:11:49you can still reach Central London in half an hour.
0:11:49 > 0:11:54# This is the end of the line... #
0:11:55 > 0:11:58Well, not far from Edgware high street,
0:11:58 > 0:12:00other side of this fairly busy road.
0:12:00 > 0:12:03However, on a convenient bus route is the property I'm here to see.
0:12:03 > 0:12:08It's actually a flat in this 1930s block.
0:12:08 > 0:12:11Three bedrooms, 225,000 quid, sounds all right.
0:12:13 > 0:12:19For the area it's in, £225,000 is a pretty reasonable price
0:12:19 > 0:12:22depending, of course, on what the flat's like on the inside.
0:12:22 > 0:12:26However, the outside can be a good indication of things to come
0:12:26 > 0:12:29and this 1930s block looks well-kept,
0:12:29 > 0:12:32with handy residents' parking at the front.
0:12:32 > 0:12:35So, after a long walk to the entrance at the back,
0:12:35 > 0:12:38it's up to the second floor. Phew!
0:12:38 > 0:12:41Doesn't half keep me fit, this job.
0:12:41 > 0:12:44So, expectations are set fairly high.
0:12:44 > 0:12:49And walking into the flat, well, actually, you're not disappointed.
0:12:49 > 0:12:51Straightaway you get a really nice feel.
0:12:51 > 0:12:54It's fairly neutral colours with the whites and magnolias but,
0:12:54 > 0:12:57actually, that works really well. Carpet looks to be in decent nick.
0:12:57 > 0:12:58What have we got?
0:12:58 > 0:13:01Well, three bedrooms, obviously. First one there. Nice size.
0:13:01 > 0:13:05You've got a loo and a separate bathroom, so that's quite good.
0:13:05 > 0:13:08Moving down this corridor, second bedroom there, getting loads
0:13:08 > 0:13:11of light coming in through the window, so we really like that.
0:13:11 > 0:13:13Third bedroom is at the end.
0:13:13 > 0:13:15Kitchen, hm.
0:13:15 > 0:13:18Interesting place for a door at the end there. Need to explore that.
0:13:18 > 0:13:21But it doesn't look to be in bad condition.
0:13:21 > 0:13:24In fact, the whole flat is just, yeah.
0:13:24 > 0:13:27You could literally move into it as it is. Really nice.
0:13:27 > 0:13:30It depends on what you're planning to do with this,
0:13:30 > 0:13:34but at the moment this is a living room and that makes perfect sense,
0:13:34 > 0:13:36it's a really nice room with the two windows.
0:13:36 > 0:13:37Again, lots of light.
0:13:37 > 0:13:39If you were renting this out as individual rooms
0:13:39 > 0:13:41you could even make this a bedroom, perhaps,
0:13:41 > 0:13:45but that wouldn't necessarily leave a lot of communal areas,
0:13:45 > 0:13:46so to speak.
0:13:46 > 0:13:48But it's a really nice size and everything.
0:13:48 > 0:13:50Mentioning the windows earlier, though,
0:13:50 > 0:13:52that's the only thing that lets it down slightly.
0:13:52 > 0:13:55They are this aluminium and,
0:13:55 > 0:13:58yeah, going to have to spend some money getting those replaced.
0:13:58 > 0:14:01But apart from that, you know, it's great.
0:14:02 > 0:14:07# Don't stand so close to the window... #
0:14:10 > 0:14:13Replacing those windows could be costly.
0:14:13 > 0:14:15However, it'd be more energy-efficient
0:14:15 > 0:14:17and they're the only thing letting down
0:14:17 > 0:14:20this otherwise tidy spacious flat.
0:14:20 > 0:14:23Although, let's go back to that door in the kitchen.
0:14:23 > 0:14:27Yes, that door simply leads to this little balcony area.
0:14:27 > 0:14:30It's not really too much to shout about,
0:14:30 > 0:14:33but any outdoor space is a huge bonus in London
0:14:33 > 0:14:37and it's not the only bit of outdoor space available.
0:14:37 > 0:14:41The great news is the communal grounds for the blocks here
0:14:41 > 0:14:44are quite sensational. Look at this!
0:14:44 > 0:14:46You've got a fountain!
0:14:46 > 0:14:47The downside, of course,
0:14:47 > 0:14:51and there usually is one, is that to keep this looking so pretty,
0:14:51 > 0:14:55and also the blocks of flats themselves in pretty good nick,
0:14:55 > 0:14:57the service charge is pretty high -
0:14:57 > 0:15:00almost £2,500 a year.
0:15:00 > 0:15:03So, that has to be factored in, definitely, to your living costs.
0:15:05 > 0:15:09That money also goes to maintaining the communal areas but, ouch,
0:15:09 > 0:15:10that is a lot,
0:15:10 > 0:15:14and even though the gardens are lovely, it could put people off.
0:15:15 > 0:15:18We've asked along a local agent to look at this three-bed flat,
0:15:18 > 0:15:21guided at £225,000.
0:15:24 > 0:15:27The property itself is in good condition.
0:15:27 > 0:15:29If the owner was to rent the property out,
0:15:29 > 0:15:31it could go straight onto the market.
0:15:31 > 0:15:35The size is good, it's a very good layout, nice big lounge
0:15:35 > 0:15:36and good-sized bedrooms.
0:15:36 > 0:15:40Service charges are not often this high for an older block.
0:15:40 > 0:15:45Usually, block with a lift, you know, leisure facilities, they do demand
0:15:45 > 0:15:49the higher service charge, but not older blocks like this.
0:15:49 > 0:15:53Well, I hope potential buyers have done their homework.
0:15:53 > 0:15:56But if they are still keen, what kind of value would you place
0:15:56 > 0:15:58on the property once it's refurbished?
0:15:59 > 0:16:01Once renovated,
0:16:01 > 0:16:05this property should achieve somewhere in the region of £290,000.
0:16:05 > 0:16:06And rental?
0:16:06 > 0:16:09Once renovated, this property, on the rentals market,
0:16:09 > 0:16:12should achieve somewhere in the region of £1,300 per calendar month.
0:16:14 > 0:16:17Well, I am normally quite bemused by the high prices of properties
0:16:17 > 0:16:20in the London area. However, in this instance,
0:16:20 > 0:16:23you do seem to be getting quite a lot of flat for your money,
0:16:23 > 0:16:27with the three bedrooms, the nice grounds and the good location.
0:16:27 > 0:16:29Of course, the downside is that high service charge but,
0:16:29 > 0:16:32apart from that, yeah, an interesting one to go for.
0:16:32 > 0:16:34Let's see who agreed when it went under the hammer.
0:16:39 > 0:16:42Second floor flat, this one. What shall we say?
0:16:42 > 0:16:45Start me out 225, if you will.
0:16:45 > 0:16:46Thank you, 225 is bid.
0:16:46 > 0:16:48227?
0:16:48 > 0:16:50226? 226.
0:16:50 > 0:16:53227, 228,
0:16:53 > 0:16:55229, 230,
0:16:55 > 0:16:57231, 232,
0:16:57 > 0:17:00233, 234...
0:17:00 > 0:17:03The bids fly in straightaway
0:17:03 > 0:17:06and we return at £240,000.
0:17:07 > 0:17:10At the front here, then, at £240,000 for the first...
0:17:10 > 0:17:12241, new place.
0:17:12 > 0:17:14242, either of you?
0:17:14 > 0:17:16Or you, sir, with the 31?
0:17:16 > 0:17:18242, 243, 244...
0:17:20 > 0:17:22245, 246,
0:17:22 > 0:17:25247, 248,
0:17:25 > 0:17:27249, 250,
0:17:27 > 0:17:30251, 251 on my left?
0:17:30 > 0:17:31Trying to come in?
0:17:31 > 0:17:35Yours in the grey, here, sir, at 250 at the moment.
0:17:35 > 0:17:36251 anywhere else?
0:17:36 > 0:17:38Selling to you in the grey at 250 unless I can do better,
0:17:38 > 0:17:40for the first...
0:17:40 > 0:17:43250 for the second...
0:17:43 > 0:17:45Third and final time at 250.
0:17:46 > 0:17:47- GAVEL BANGS - Yours, sir, at 250.
0:17:47 > 0:17:49Your bidder number is?
0:17:54 > 0:17:58The successful bid of £250,000 was made by Sachin,
0:17:58 > 0:18:02who bought this property with father-in-law Girish.
0:18:02 > 0:18:05I met the pair of them back at the flat to find out their plans.
0:18:07 > 0:18:10- Sachin, Girish, good to meet you both.- Nice to meet you, too.
0:18:10 > 0:18:12- Congratulations. - Thank you.- Thank you.
0:18:12 > 0:18:14Tell me why you wanted to buy this flat?
0:18:14 > 0:18:16It was an ideal investment.
0:18:16 > 0:18:19The location was really good and, well,
0:18:19 > 0:18:23he would say my beginner's luck, we got a good bargain for this one.
0:18:23 > 0:18:25- Right. Are you a beginner, then? - I am a beginner for buy-to-let.
0:18:25 > 0:18:30I've got my own property where I live but by-to-let, it's my first time.
0:18:30 > 0:18:33So, remind me of the relationship between you two?
0:18:33 > 0:18:36I'm father-in-law, he's my son-in-law.
0:18:36 > 0:18:38OK, so have you got a lot of property experience?
0:18:38 > 0:18:40I have, yes.
0:18:40 > 0:18:44For last 15 plus years, property, yeah.
0:18:44 > 0:18:47So, did you approach your father-in-law and say,
0:18:47 > 0:18:48"I need help"?
0:18:48 > 0:18:50He approached me, the other way round, saying,
0:18:50 > 0:18:53"Son, you need to get on the property buy-to-let ladder."
0:18:53 > 0:18:55- Is that right? - That's right, that's true.
0:18:55 > 0:18:57Right, so you stepped in and said,
0:18:57 > 0:19:00"If you're going to support my daughter in the way she deserves..."
0:19:00 > 0:19:02Exactly!
0:19:02 > 0:19:04"..you need to get on the property ladder." Wow.
0:19:04 > 0:19:07So, who was the person who found the flat?
0:19:07 > 0:19:09I came in here...
0:19:10 > 0:19:12..saw that this is in auction and I thought
0:19:12 > 0:19:16this is a really good location,
0:19:16 > 0:19:19good flat, well done up and I can do
0:19:19 > 0:19:22- with this one, yeah.- I was actually away on holiday.- Oh, OK.
0:19:22 > 0:19:24And I came back and he said,
0:19:24 > 0:19:27"We have found something that you will really like."
0:19:27 > 0:19:28But the auction was as such
0:19:28 > 0:19:31- that I didn't have the time to see the property.- Oh, wow.
0:19:31 > 0:19:33So, I just literally came back from holiday and we went
0:19:33 > 0:19:37on the auction on Monday, so this is the first time I'm seeing it.
0:19:37 > 0:19:39- Today is the first time you've seen it?- Yes.
0:19:39 > 0:19:43- He didn't... Had a chance to look at it yet.- So, what do you think?
0:19:43 > 0:19:47No, it's really good. It looks better than the pictures.
0:19:47 > 0:19:49It's pretty much nicely done up.
0:19:49 > 0:19:51The location is pretty good and I really like it.
0:19:51 > 0:19:54- Really spacious, as well.- But what are you planning to do to it?
0:19:54 > 0:19:55We were just discussing today.
0:19:55 > 0:19:58We're planning to change and make it wooden floor.
0:19:58 > 0:20:03Wood floor, put in some nice furniture, decorate some...
0:20:03 > 0:20:05- interior and...- Yeah.
0:20:05 > 0:20:08We're taking the quotes in for the double glazer, as well.
0:20:08 > 0:20:12- Might going to put the new double glaze, I'm not sure yet.- OK.
0:20:12 > 0:20:15That does let it down, slightly, the windows, don't they?
0:20:15 > 0:20:16Just a little bit, yeah.
0:20:16 > 0:20:20So, with father-in-law leading the way, the pair plan to perform
0:20:20 > 0:20:23a basic renovation and let the property out.
0:20:23 > 0:20:26Don't forget, this property has a sting in the tail.
0:20:28 > 0:20:31Now, the only downside I could see, really, was the management charge,
0:20:31 > 0:20:33which is quite high, isn't it?
0:20:33 > 0:20:37- Does that bother you or...? - It did, initially. Um...
0:20:37 > 0:20:39But now, if you look at the garden
0:20:39 > 0:20:42and everything that they're maintaining outside,
0:20:42 > 0:20:46we can understand why the charge is a little bit higher than we expected.
0:20:46 > 0:20:48But I think...
0:20:48 > 0:20:53The main thing - is it to let or is it to sell?
0:20:53 > 0:20:57- The first impressions when you walk in.- People want something like this.
0:20:57 > 0:20:59- Well, it really adds to it, doesn't it?- Yes.
0:20:59 > 0:21:02With double glazing and a basic refurbishment,
0:21:02 > 0:21:05they've earmarked a £5,000 budget
0:21:05 > 0:21:08and a timescale of just three to four weeks
0:21:08 > 0:21:11to get the property ready for the rental market.
0:21:11 > 0:21:13However, it may not have happened at all
0:21:13 > 0:21:18if it wasn't for Girish's subtle encouragement on auction day.
0:21:18 > 0:21:19So, how was the auction?
0:21:19 > 0:21:22The auction was good, very nervous, my first time.
0:21:22 > 0:21:25And my first impression, as soon as I walked in...
0:21:25 > 0:21:29- I was picking his hand and saying, "Yeah, yes."- Oh, were you?
0:21:31 > 0:21:33- Oh, that's funny. - Yeah, I was very nervous.
0:21:33 > 0:21:35There was so many people in there
0:21:35 > 0:21:38and there's a lot of noise going on, people are chitchatting.
0:21:38 > 0:21:42But eventually we had a plan on how are we going to go in the auction
0:21:42 > 0:21:44and how far we are going to go,
0:21:44 > 0:21:47and I think we managed within our budget, which is good.
0:21:47 > 0:21:49- Are you happy with what you paid? - Oh, yes.- Yes.
0:21:49 > 0:21:52- Well, listen, congratulations. Good luck with it.- Thank you.
0:21:52 > 0:21:54- And look forward to seeing how you get on.- Thank you.
0:21:56 > 0:22:00So, Sachin embarking on his first proper development project
0:22:00 > 0:22:03under the watchful eye of father-in-law Girish.
0:22:03 > 0:22:06Not too much to do, a fairly good one to start with.
0:22:06 > 0:22:09How will they get on? Will they replace those windows?
0:22:09 > 0:22:11You can find out later in the show.
0:22:12 > 0:22:16Still to come, in Ashford, Kent, the conditions were very clear.
0:22:16 > 0:22:18She wanted to go into a house where she didn't have to do
0:22:18 > 0:22:21- any work at all.- Oops!
0:22:21 > 0:22:22- Oh, dear.- Exactly.
0:22:24 > 0:22:28Whilst in Edgware, London, we return to find out
0:22:28 > 0:22:31if plans for a simple renovation have paid dividends.
0:22:37 > 0:22:40- DION:- Back now to commuter hot spot and former mining town,
0:22:40 > 0:22:41Houghton-le-Spring.
0:22:42 > 0:22:45It was here that I looked around this single-storey
0:22:45 > 0:22:50former doctor's surgery that was looking a little under the weather.
0:22:50 > 0:22:54# Doctor, there's something wrong with me
0:22:54 > 0:22:57# My health is not at all what it used to be... #
0:22:58 > 0:23:00It's obviously been left for some time.
0:23:00 > 0:23:02There's a lot of work that needs to be done here.
0:23:02 > 0:23:05The ceiling's out, it's going straight through to the roof.
0:23:05 > 0:23:07It's a bit of a strange layout, as well.
0:23:07 > 0:23:11But there's scope for this property. There's lots of floor space...
0:23:11 > 0:23:13but it's a bit of a mess.
0:23:15 > 0:23:18There was a teaspoon of sugar that helped the medicine go down
0:23:18 > 0:23:21with this former doctor's surgery in the form of plans in place
0:23:21 > 0:23:25to transform this from commercial to residential property.
0:23:26 > 0:23:30Also, a guide price of just £10,000-£15,000
0:23:30 > 0:23:33made this property an ideal investment
0:23:33 > 0:23:35and very popular on auction day.
0:23:35 > 0:23:38£34,000, selling.
0:23:38 > 0:23:40Well done, sir.
0:23:40 > 0:23:44It was bought on the day for £34,000 by local man
0:23:44 > 0:23:47and part-time property developer Brian, who planned to create
0:23:47 > 0:23:50a three-bed bungalow to rent in double quick time.
0:23:52 > 0:23:57- I think this'll take about, at the most, eight weeks.- Really?!
0:23:57 > 0:24:00- Aye.- Eight weeks from this to what you want to achieve?
0:24:00 > 0:24:01Eight weeks from Monday, I think
0:24:01 > 0:24:04this'll be a three-bed bungalow rented out.
0:24:04 > 0:24:06So, Brian wasn't lacking in confidence
0:24:06 > 0:24:09and, as well as converting this property, he hoped to build
0:24:09 > 0:24:12three bungalows on the land at the rear of the former doctor's surgery.
0:24:16 > 0:24:19Well, nine weeks later and we've returned to see
0:24:19 > 0:24:23if Brian was the tonic this former doctor's surgery needed.
0:24:33 > 0:24:36This former surgery has certainly gone under the knife
0:24:36 > 0:24:37and is now unrecognisable.
0:24:41 > 0:24:43Thanks to walls coming down and walls going up,
0:24:43 > 0:24:47the layout has completely changed, with the property now boasting
0:24:47 > 0:24:48a brand-new kitchen-diner.
0:24:51 > 0:24:53As well as a lovely new bathroom.
0:25:02 > 0:25:04And three good-sized bedrooms, one at the front
0:25:04 > 0:25:06and two towards the back of the property.
0:25:13 > 0:25:16The back garden is a work in progress
0:25:16 > 0:25:19and the bungalows Brian has in mind are still in the planning stages.
0:25:22 > 0:25:23But with such a massive
0:25:23 > 0:25:27and impressive transformation in this existing property,
0:25:27 > 0:25:30it'll be good to hear from Brian, along with lifelong friend
0:25:30 > 0:25:33and new tenant John, what exactly has been done here.
0:25:35 > 0:25:37The work that's been done,
0:25:37 > 0:25:40we've demolished every wall all the way through the property.
0:25:40 > 0:25:43I've put... Raising the floors in to comply with building regs.
0:25:43 > 0:25:45Um...
0:25:45 > 0:25:49Stud walls throughout, first fix, second fix
0:25:49 > 0:25:53and this is the final finish of it now.
0:25:53 > 0:25:58This wall, behind here, this stayed up, but this was the entrance through
0:25:58 > 0:26:04into what was the receptionist's area for the old surgery.
0:26:04 > 0:26:06So, we've just partitioned that,
0:26:06 > 0:26:10- knocked everything through this way down.- Put all the new stud work up.
0:26:12 > 0:26:15Made a different layout out of the interior.
0:26:16 > 0:26:20With such a lot of work to do here, Brian got in the professionals,
0:26:20 > 0:26:24plus he had an extra pair of helping hands from a very grateful source.
0:26:26 > 0:26:28Well, basically, I gutted the place.
0:26:28 > 0:26:32Took everything out, hired in skips.
0:26:32 > 0:26:36And, erm, I've helped all the lads, basically every job
0:26:36 > 0:26:39that's been done in the house I've been there to help with everything.
0:26:39 > 0:26:43He has, yes. He's worked with all the different tradesmen that's been in.
0:26:43 > 0:26:47He's worked with the builders, the joiners, helping running stuff
0:26:47 > 0:26:50for the electricians in the loft and that.
0:26:50 > 0:26:53- The plumbing.- The plumbing, he's pretty much been here
0:26:53 > 0:26:55and worked on it from start to finish.
0:26:55 > 0:26:58Ever since Brian knew that he was getting the property
0:26:58 > 0:26:59I was interested in moving in.
0:26:59 > 0:27:03It's been derelict for a while and, as soon as Brian mentioned
0:27:03 > 0:27:06that he was turning it into a three- or four-bedroom bungalow,
0:27:06 > 0:27:09me and me wife and kids decided to move in.
0:27:09 > 0:27:11And we love the place, it's brilliant.
0:27:11 > 0:27:12Smiles all round, then.
0:27:12 > 0:27:15John gets a new home with a landlord he knows and trusts
0:27:15 > 0:27:18and Brian gets a tenant he can rely on.
0:27:18 > 0:27:22But, of course, the house wasn't the only project Brian was planning.
0:27:23 > 0:27:27With the plot of land at the back, at the same time I was ask...
0:27:27 > 0:27:30Getting this from commercial to residential use, I was already
0:27:30 > 0:27:34in touch with planning to see what I could do with the land at the rear.
0:27:34 > 0:27:40And there's enough room to put two small two-bed bungalows on the land.
0:27:40 > 0:27:42The planning application went in for that on Friday,
0:27:42 > 0:27:45and I'm pretty sure it'll get passed
0:27:45 > 0:27:48cos I've been speaking to the planners on a regular basis,
0:27:48 > 0:27:50throughout everything I've been doing on these properties.
0:27:52 > 0:27:54So, Brian has an eye on the future,
0:27:54 > 0:27:57but it's the present that we're most interested in.
0:27:57 > 0:27:59And with only the back garden left to complete,
0:27:59 > 0:28:04he's spent just £19,000 of his £25,000 budget.
0:28:04 > 0:28:07And it's taken just seven weeks so far
0:28:07 > 0:28:10making this a very impressive and quick renovation.
0:28:15 > 0:28:17So, even though he has tenants in place,
0:28:17 > 0:28:21with a total investment here of £53,000, it would be interesting
0:28:21 > 0:28:23to hear the thoughts and opinions
0:28:23 > 0:28:26of two local estate agents.
0:28:26 > 0:28:28This is the second time that I've visited this property
0:28:28 > 0:28:31and the changes that I've noticed is that it's been totally modernised
0:28:31 > 0:28:34from top to bottom, inside and out.
0:28:34 > 0:28:36A massive difference to what it used to be like.
0:28:36 > 0:28:40It was an old doctor's surgery, I think, basically, but, yeah,
0:28:40 > 0:28:43done a really good job, good, yep, good refurbishment.
0:28:44 > 0:28:47So, with both agents impressed, let's hear valuations,
0:28:47 > 0:28:49starting with rental.
0:28:50 > 0:28:53For rental purposes, I would recommend that this property
0:28:53 > 0:28:55would achieve £500 per calendar month.
0:28:55 > 0:28:58I think, for rental, you'd be looking for £500-£525
0:28:58 > 0:28:59per calendar month.
0:28:59 > 0:29:02I'm pleased with the rental figures that's come in,
0:29:02 > 0:29:05but I've always looked to get £500 a month for the property.
0:29:05 > 0:29:07That's what I'll be getting.
0:29:07 > 0:29:09I could probably get a little bit more,
0:29:09 > 0:29:10but just doing a friend a good turn.
0:29:10 > 0:29:13I mean, he's worked here from the start,
0:29:13 > 0:29:15he's been throughout the project,
0:29:15 > 0:29:18so I can't see any problems with the figures that we've got in.
0:29:20 > 0:29:26That £500 a month rental equates to a yield of around a whopping 11%.
0:29:26 > 0:29:30Plus Brian has the peace of mind of having a tenant he can rely on.
0:29:30 > 0:29:33So, what about the resale values?
0:29:33 > 0:29:35Will they be as impressive?
0:29:35 > 0:29:37The property, in the current condition,
0:29:37 > 0:29:39I would think would sell for around about £95,000.
0:29:39 > 0:29:42If I was going to put this property on the market for sale,
0:29:42 > 0:29:44I would recommend the asking price would be £95,000.
0:29:44 > 0:29:49I estimated in-between £80,000-£100,000 on completion,
0:29:49 > 0:29:51that's what me final figures was working out at,
0:29:51 > 0:29:54so 95, that's come in as a good figure for me.
0:29:55 > 0:30:01Well, that figure would mean a great potential pre-tax profit of £42,000.
0:30:03 > 0:30:05So, with this project a success,
0:30:05 > 0:30:08would the lifelong friends do it again?
0:30:08 > 0:30:10Last time we worked together on something like this,
0:30:10 > 0:30:13it was a 45-minute detention at school.
0:30:15 > 0:30:18It's been a good experience, I've enjoyed doing it.
0:30:18 > 0:30:20Yeah, it's been good. Aye, enjoyed.
0:30:20 > 0:30:22Can't wait till he splashes out and gets some more properties
0:30:22 > 0:30:24for us to work on.
0:30:28 > 0:30:33Ashford in Kent has plenty going for it when it comes to transport links.
0:30:33 > 0:30:37You can hit the M20 motorway down to the coast and a high-speed rail link
0:30:37 > 0:30:40will whisk you into London in just over half an hour.
0:30:40 > 0:30:43Or, if you're feeling a bit more adventurous, you can jump on the
0:30:43 > 0:30:48train through the Channel Tunnel and head to Paris, Lille or Brussels.
0:30:50 > 0:30:53# And the trains, they ran on time... #
0:30:53 > 0:30:56Top that with some lush surroundings, countryside
0:30:56 > 0:31:00and a lively town centre with plenty of shops, cafes and restaurants.
0:31:00 > 0:31:02And the area? Well, it works for me!
0:31:03 > 0:31:06You're only a couple of miles from the town centre here
0:31:06 > 0:31:10and just off the A20, but that is partly the problem.
0:31:10 > 0:31:14The property is just off the dual carriageway,
0:31:14 > 0:31:16literally on a slip road.
0:31:16 > 0:31:19Now, it's tucked down this little path at the end here,
0:31:19 > 0:31:24so hopefully a touch quieter, but it's not a great start.
0:31:26 > 0:31:30'OK, so the traffic's not really thundering past, but already
0:31:30 > 0:31:32'you know some people won't even look at this place,
0:31:32 > 0:31:37'but could that mean less interest at the auction for a hidden gem?'
0:31:37 > 0:31:41First impressions of the property are... Ooh! Love, love, love it!
0:31:41 > 0:31:43It is set back from the road,
0:31:43 > 0:31:48nestled in the woodland behind and a lovely big, solid,
0:31:48 > 0:31:54chunky detached home, all with a guide price of £275-£300,000.
0:31:58 > 0:32:01Ooh! Interesting features on the inside...
0:32:01 > 0:32:05Now, I do like this curved wall - really interesting!
0:32:05 > 0:32:08So that's what the pulley thing on the outside was.
0:32:08 > 0:32:13Look, it's the doorbell! I really like that. Fantastic wooden floors.
0:32:13 > 0:32:15These will really come up lovely, once sanded.
0:32:15 > 0:32:18Very interesting banister going upstairs.
0:32:18 > 0:32:21We've got the lounge, the kitchen at the back,
0:32:21 > 0:32:24nice-size sitting room, double glazed units, which is
0:32:24 > 0:32:29a must because of the road noise. And, right at the back, a sort of...
0:32:29 > 0:32:32Swedish sauna-looking conservatory.
0:32:32 > 0:32:34Now, there's a lot more you could do with something like that
0:32:34 > 0:32:38and, of course, in a house like this, you could extend that way,
0:32:38 > 0:32:40you could extend that way...
0:32:40 > 0:32:43You know, you could go all over the shop with extensions here.
0:32:43 > 0:32:45Of course, subject to planning permission.
0:32:45 > 0:32:48Great property and there is a lot you could do with it.
0:32:50 > 0:32:53This house has style and some lovely period features.
0:32:53 > 0:32:55The kitchen might not be to everyone's taste,
0:32:55 > 0:32:59but it all appears in good order and the size of it is fantastic.
0:32:59 > 0:33:03It leads to a lean-to, which is more greenhouse than sauna,
0:33:03 > 0:33:06and, well, a little bit shabby.
0:33:06 > 0:33:09But the loo down here looks clean and fresh.
0:33:09 > 0:33:11I'm utterly charmed by this place.
0:33:13 > 0:33:16# I want to be your property
0:33:16 > 0:33:20# In a great big house by the sea... #
0:33:20 > 0:33:23'Up those stairs and there's three bedrooms,
0:33:23 > 0:33:26this one being my favourite, with the bay window.
0:33:26 > 0:33:29And just look at that fireplace - gorgeous!
0:33:29 > 0:33:31The third bedroom is very small
0:33:31 > 0:33:35but could be ideal for a child or to use as an office.
0:33:35 > 0:33:37The main bathroom's up here too
0:33:37 > 0:33:41and I think all this floor just needs some cosmetic work.
0:33:41 > 0:33:44This property is not so much about what needs to be done
0:33:44 > 0:33:48but what could be done, especially when you head out to explore.
0:33:51 > 0:33:54So, outside space, I hear you say.
0:33:54 > 0:33:58Well, yes, this is not a standard 1930s garden.
0:33:58 > 0:34:01Now, can you still see me? Because I'm still here! Yes!
0:34:01 > 0:34:05This is me walking through the undergrowth
0:34:05 > 0:34:08and there is some serious undergrowth, believe me.
0:34:08 > 0:34:12It's almost like this house... Can you still see me?
0:34:12 > 0:34:17..comes with its own forest! So, let me come up.
0:34:17 > 0:34:21I'm not sure you'd have too many family games of football,
0:34:21 > 0:34:22but this is incredible.
0:34:22 > 0:34:29This house comes with all of this - 1.3 acres. It's enormous!
0:34:29 > 0:34:31It's private, it's a little forest,
0:34:31 > 0:34:34it's going to be expensive to get it right.
0:34:34 > 0:34:39Major ground works, but, boy, it's enormous! And it's brilliant.
0:34:41 > 0:34:44Yeah, it'd take more than a Sunday afternoon of weeding,
0:34:44 > 0:34:48that's for sure, if you wanted to sculpt this to a more traditional garden.
0:34:48 > 0:34:51But first, you'd need clear instructions as to what
0:34:51 > 0:34:53was your land and what wasn't.
0:34:53 > 0:34:57And I actually think it would be a shame to lose too much of this,
0:34:57 > 0:35:00especially as you do have garden space all around you.
0:35:02 > 0:35:04For that £275-£300,000 guide price,
0:35:04 > 0:35:08you'd get a good-sized and great-looking property
0:35:08 > 0:35:11as well as a healthy slice of Kentish rural life.
0:35:14 > 0:35:17What did a local property expert make of this?
0:35:18 > 0:35:21I would say the main selling points of this property are the size
0:35:21 > 0:35:24of the plot because you could extend, if you wanted to.
0:35:24 > 0:35:27You could put in a nice big driveway, if you wanted to.
0:35:27 > 0:35:30If I was to buy this property, I would extend it and build
0:35:30 > 0:35:34a double-storey extension, so you'd have a fourth bedroom as well.
0:35:34 > 0:35:37If you did opt for that plan and add another bedroom,
0:35:37 > 0:35:41you'd be sure to increase the value, as well as the living space.
0:35:41 > 0:35:45How did she think this place would fare on the sales market?
0:35:45 > 0:35:48If you were to renovate this property, in its current size,
0:35:48 > 0:35:51being a three-bedroom detached,
0:35:51 > 0:35:54I would say the value would be in the region of 350,
0:35:54 > 0:35:56possibly up to £370,000.
0:35:56 > 0:35:58Erm, however, if you were to extend it,
0:35:58 > 0:36:01and have the fourth bedroom as well,
0:36:01 > 0:36:07you'd probably be looking at figures around about the £450,000 mark.
0:36:07 > 0:36:08And what about for rental?
0:36:08 > 0:36:11After this property has been renovated,
0:36:11 > 0:36:13if it was to remain a three-bedroom house,
0:36:13 > 0:36:18you'd probably achieve in the region of £1,200 per calendar month.
0:36:18 > 0:36:20If you were to extend it to a four-bedroom,
0:36:20 > 0:36:24I would say you'd probably fetch about £1,500 per calendar month.
0:36:27 > 0:36:30This house is a wonderful surprise.
0:36:30 > 0:36:32An enormous amount of space and scope for your money
0:36:32 > 0:36:35and in a really lovely rural setting,
0:36:35 > 0:36:38just minutes from the high-speed rail link,
0:36:38 > 0:36:41which goes straight into the capital.
0:36:41 > 0:36:46If you could just tune out that road noise, it would be perfect...
0:36:46 > 0:36:49But let's see who didn't mind at the auction.
0:36:51 > 0:36:54Lot 15 now we go to, in Ashford.
0:36:54 > 0:36:58At 275, I'm looking for 250, I'll take, just to get me on the way.
0:36:58 > 0:37:03250, I have. Thank you, sir. 250 and 60 now. 260 on my left.
0:37:03 > 0:37:08270, it's against you. 280, I'm bid. 290, it's against you.
0:37:08 > 0:37:12300, do I say? At £290,000, I've got.
0:37:12 > 0:37:14300, I'm looking for.
0:37:14 > 0:37:18I'll take five, if it will help you.
0:37:18 > 0:37:21At 295, if not at £290,000?
0:37:21 > 0:37:25For the first time at 290. Come on, there must be more bidders as well.
0:37:25 > 0:37:30At £290,000 for the second time, cheap house, this, at £290,000
0:37:30 > 0:37:34for the third and final time, if you're sure you're all done.
0:37:34 > 0:37:38You're out of it. It's with you sitting down, all done at 290.
0:37:38 > 0:37:41- GAVEL BANGS - Yours at 290, sir. F843. Thank you.
0:37:43 > 0:37:49The successful bidder, at £290,000, was Baptist minister Gregory,
0:37:49 > 0:37:52who's purchasing the property with his wife Janice.
0:37:52 > 0:37:56Gregory knows these woods well, as he jogs here on a regular basis.
0:37:56 > 0:37:59I bet he never thought he would own a piece of it.
0:37:59 > 0:38:02Janice and Gregory, lovely to meet you guys.
0:38:02 > 0:38:04I want to know the story of why you've ended up buying this
0:38:04 > 0:38:06property at auction.
0:38:06 > 0:38:09Greg's due for retirement and he's left me to go,
0:38:09 > 0:38:13and look for a property because one of the things that we've always
0:38:13 > 0:38:17said is that I've always moved round with Greg and changed my job.
0:38:17 > 0:38:19And he said, in retirement, I can choose.
0:38:19 > 0:38:22And I thought I had in my mind what I wanted...
0:38:22 > 0:38:26so I've looked at some really beautiful houses, very high spec,
0:38:26 > 0:38:28but never felt what people tell me,
0:38:28 > 0:38:30I'm going to feel good when I see it.
0:38:30 > 0:38:34- So, you were waiting for the feeling of, "I love this place".- Yes.
0:38:34 > 0:38:37And then we looked at one very near here, across the way,
0:38:37 > 0:38:41and Greg actually mentioned at the time that there was a house
0:38:41 > 0:38:45for sale here, and so we came down and had a look
0:38:45 > 0:38:48and fell in love with it straight away.
0:38:48 > 0:38:51It was a definite, "I could live there".
0:38:51 > 0:38:53I think it was the trees and...
0:38:53 > 0:38:56So, what feeling did you get when you saw it for the first time?
0:38:56 > 0:39:00I think my first response was that because I wasn't sure Janice...
0:39:00 > 0:39:04She wanted to go into a house where she didn't have to do any work at all.
0:39:04 > 0:39:08- Oops! Oh, dear!- Exactly.
0:39:08 > 0:39:12# Just a matter of feeling
0:39:12 > 0:39:17# Who knows, you might find something to last... #
0:39:20 > 0:39:22Ah, but there's not much that beats THAT feeling.
0:39:22 > 0:39:26So, now she's got the warm-and-fuzzies, a house she loves
0:39:26 > 0:39:29and a setting which more than makes up for the road noise,
0:39:29 > 0:39:32they set themselves a loose timescale of a year for the
0:39:32 > 0:39:36works, as they are not 100% certain what the full list will be yet.
0:39:36 > 0:39:38But for now, what are they thinking?
0:39:41 > 0:39:46We will move in about ten weeks' time and then we're obviously
0:39:46 > 0:39:50going to just do it up sufficiently to live in it.
0:39:50 > 0:39:52And then give ourselves a few months,
0:39:52 > 0:39:55until we get an idea as to what we want to do.
0:39:55 > 0:39:58- Janice has got some wonderful grandiose schemes...- I've got very definite... I have!
0:39:58 > 0:40:01- And I will win the day, I can guarantee it.- Yes...
0:40:01 > 0:40:02Now, guys, can I ask you?
0:40:02 > 0:40:04Is this the first house that you've ever purchased?
0:40:04 > 0:40:07- If you've always moved around with the church...- Second.
0:40:07 > 0:40:09But it's the first significant house
0:40:09 > 0:40:11because the other one was just a flat for college.
0:40:11 > 0:40:15- So, this is the first time we own a house.- This is our own. We own it.
0:40:15 > 0:40:16And all those trees...
0:40:16 > 0:40:19You're going to put your roots down and you've got
0:40:19 > 0:40:22- an amazing forest to look out on - a woodland, if you like.- Yes, yes.
0:40:22 > 0:40:25Yes. That's ours! This bit here is ours!
0:40:25 > 0:40:29Tell me exactly what you're going to be doing to this property.
0:40:29 > 0:40:32We need a fourth bedroom-cum-study because Greg will still be
0:40:32 > 0:40:36doing different things when he retires, so he needs his study.
0:40:36 > 0:40:38I would like a larger bathroom
0:40:38 > 0:40:42- and a master bedroom with an en-suite and a utility room.- Yes!
0:40:42 > 0:40:44So, we are very different in temperament.
0:40:44 > 0:40:49Greg is very ponderous and I want things done yesterday,
0:40:49 > 0:40:52- so it won't be very long. - Ponderous... Did you hear that?
0:40:52 > 0:40:55- Ponderous. Is that a good word? - I'll have to think about it,
0:40:55 > 0:40:59watch the telly and then say "I'll do that".
0:40:59 > 0:41:00OK, there will be no watching the telly.
0:41:00 > 0:41:03You've got a big project ahead of you and for starters, guys,
0:41:03 > 0:41:07you've got to sort this lot out! So, what are we going to do with this?
0:41:07 > 0:41:10This is amazing, but it's all on different levels,
0:41:10 > 0:41:13it's all a bit awkward. That is going to be a costly job.
0:41:13 > 0:41:15We would probably disagree with you.
0:41:15 > 0:41:19It's not going to be too major because we don't want to do anything with it.
0:41:19 > 0:41:22So, you're not looking for a perfect pruned garden?
0:41:22 > 0:41:25- Not at all, no.- Right, great. So, you are going to keep it quite wild.
0:41:25 > 0:41:28Yes. Yeah, except for this plateau here,
0:41:28 > 0:41:31we're going to make this more our secluded garden area
0:41:31 > 0:41:34and the front bit, mostly lawn and a little orchard
0:41:34 > 0:41:37and my pond-cum-lake out the front there.
0:41:37 > 0:41:40So, what sort of budget have you guys got in mind?
0:41:40 > 0:41:44Erm, I've got in mind £2.50... THEY LAUGH
0:41:44 > 0:41:46- And obviously you haven't!- No!
0:41:46 > 0:41:50I would think, just by certain conversations I've had,
0:41:50 > 0:41:55you're looking at £80-£100,000, easily, to do what I would like.
0:41:55 > 0:41:58Guys, this really is exciting times ahead.
0:41:58 > 0:42:03- Congratulations and well done! - Thank you, Lucy.- Lovely to meet you. - And you, Lucy.
0:42:03 > 0:42:05So, a wonderful project for Janice and Greg
0:42:05 > 0:42:09and it's their first real home, which is amazing.
0:42:09 > 0:42:14But it is a big, massive job, inside and out,
0:42:14 > 0:42:18and I think nearer the hundred grand end of the estimate...
0:42:18 > 0:42:21You can find out if they love their new home even more
0:42:21 > 0:42:22later in the show.
0:42:25 > 0:42:29Well, we've seen one project completed. What about the other two?
0:42:29 > 0:42:32Ah, was it plain sailing? Were there one or two nasty surprises?
0:42:32 > 0:42:34Let's find out!
0:42:38 > 0:42:42Back now to Edgware, in the London Borough of Barnet.
0:42:42 > 0:42:45It was here that I looked around this three-bed second-floor flat
0:42:45 > 0:42:49that had a guide price of £225,000,
0:42:49 > 0:42:51which for the area was pretty reasonable.
0:42:54 > 0:42:57Despite needing a little updating, and definitely some new windows,
0:42:57 > 0:43:01the flat was in good condition, with little work required.
0:43:01 > 0:43:05However, there was one pricey downside.
0:43:05 > 0:43:09The great news is the communal grounds for the blocks
0:43:09 > 0:43:12here are quite sensational. Look at this!
0:43:12 > 0:43:15- HE CHUCKLES - You've got a fountain!
0:43:15 > 0:43:17The downside, of course, and there usually is one,
0:43:17 > 0:43:20is that to keep this looking so pretty,
0:43:20 > 0:43:24and also the blocks of flats themselves in pretty good nick,
0:43:24 > 0:43:27the service charge is pretty high - almost £2,500 a year.
0:43:27 > 0:43:33So, that has to be factored in, definitely, to your living costs.
0:43:33 > 0:43:39'Despite the management cost, it was bought on auction day for £250,000.'
0:43:39 > 0:43:43- GAVEL BANGS - Yours, sir, at 250. Your bidder number is?
0:43:43 > 0:43:46'The successful bidders were novice property developer Sachin
0:43:46 > 0:43:48and his father-in-law Girish,
0:43:48 > 0:43:53who, on auction day, lent Sachin a little helping hand.
0:43:53 > 0:43:57- So, how was the auction?- The auction was good, but very nervous.
0:43:57 > 0:43:58- My first time.- First time.
0:43:58 > 0:44:01And my first impression, as soon as I walked in...
0:44:01 > 0:44:04I was picking his hand and saying, "Yes! Yes!"
0:44:04 > 0:44:06- Oh, were you? - THEY LAUGH
0:44:06 > 0:44:10The pair were hoping to keep costs down with a basic renovation
0:44:10 > 0:44:13and a quick timescale in order to get it on the rental market
0:44:13 > 0:44:16in just three to four weeks' time.
0:44:18 > 0:44:20Well, for weeks later and we've returned.
0:44:20 > 0:44:24And, well, you know that all saying, if it ain't broke, don't fix it?
0:44:24 > 0:44:26Well...
0:44:30 > 0:44:32With the flat already in good condition,
0:44:32 > 0:44:35Sachin and Girish have chosen to just add some
0:44:35 > 0:44:38colour in the living room and also dress the property a little
0:44:38 > 0:44:41to make it more appealing to prospective renters.
0:44:45 > 0:44:48I'm also glad to report that they've had all the windows replaced
0:44:48 > 0:44:51with double glazing, making the property far warmer,
0:44:51 > 0:44:54energy-efficient and soundproof
0:44:54 > 0:44:56Money well spent.
0:44:57 > 0:45:00By keeping to their plan of a basic renovation,
0:45:00 > 0:45:04Sachin and Girish will have kept costs down, which, in the long run,
0:45:04 > 0:45:08can maximise their potential rental yields and profits.
0:45:08 > 0:45:11Obviously, you can see the double glazing windows got done,
0:45:11 > 0:45:14so all of the rooms have got double glazing.
0:45:14 > 0:45:16We got the carpet shampoo done...
0:45:16 > 0:45:18for the whole carpet, because there is a restriction in the lease,
0:45:18 > 0:45:21so we can't change the flooring to wooden flooring,
0:45:21 > 0:45:24which is what we wanted. But instead we got the carpet cleaned.
0:45:24 > 0:45:25We got this wall painted,
0:45:25 > 0:45:28just to give a bit more character to the flat.
0:45:28 > 0:45:30And we got the furniture in,
0:45:30 > 0:45:32so you can see all the furniture around you.
0:45:32 > 0:45:36We got the boiler repair, so the boiler's fixed.
0:45:36 > 0:45:38Pretty much, that's about it.
0:45:38 > 0:45:40So we divided the work in the family.
0:45:40 > 0:45:43I was looking after ordering the furniture and getting it fixed,
0:45:43 > 0:45:45and Girish was, you know,
0:45:45 > 0:45:48getting in touch with the double glazed window guys
0:45:48 > 0:45:51and making sure that's done on time and getting a good quotation for it,
0:45:51 > 0:45:53getting the boiler fixed,
0:45:53 > 0:45:56and the washing machine and fridge freezer serviced - that was his part.
0:45:56 > 0:45:59My wife was doing the decoration with my brother-in-law,
0:45:59 > 0:46:01so they looked after the painting of this
0:46:01 > 0:46:05and how we can give more character to the flat,
0:46:05 > 0:46:08and they were also involved in the online tenant search.
0:46:08 > 0:46:11So they were getting phone calls about tenants and stuff like that,
0:46:11 > 0:46:13so it was like teamwork.
0:46:13 > 0:46:15Well, that teamwork has clearly paid off,
0:46:15 > 0:46:19as they already have tenants in place to rent the flat.
0:46:19 > 0:46:24Yes, we've got tenants planned, lined up. They're moving in very shortly.
0:46:24 > 0:46:25They like the property.
0:46:25 > 0:46:28It's a family moving in, and they like the location and stuff,
0:46:28 > 0:46:30so, yeah, they're pretty much ready to move in.
0:46:30 > 0:46:32We thought about retiling the bathroom.
0:46:32 > 0:46:34But the tenants came for a viewing
0:46:34 > 0:46:36and they were happy with the tiling as it is,
0:46:36 > 0:46:38so we just got the double glazed window done...
0:46:38 > 0:46:40and we changed the shower tap.
0:46:42 > 0:46:46No need for big changes with tenants so eager to move on.
0:46:46 > 0:46:50Just goes to show what a clever purchase this was on auction day.
0:46:50 > 0:46:55So, with all the work complete, how is the budget looking?
0:46:55 > 0:46:57Spent £4,500,
0:46:57 > 0:46:59so we are in our budget.
0:46:59 > 0:47:02But we were happy to go to our budget,
0:47:02 > 0:47:04if we could have got the floor done.
0:47:04 > 0:47:08Added to the purchase price of £250,000,
0:47:08 > 0:47:13Sachin and Girish have invested a total of £254,500.
0:47:13 > 0:47:16And even though they have already found a tenant,
0:47:16 > 0:47:18it'll be interesting to hear
0:47:18 > 0:47:21what two local agents think of the property now,
0:47:21 > 0:47:24starting with the agent who saw it originally.
0:47:24 > 0:47:27This is my second time in the property.
0:47:27 > 0:47:30There has been work done since the last time I was here.
0:47:30 > 0:47:33It is a general redecoration.
0:47:33 > 0:47:36There's been the addition of double glazing,
0:47:36 > 0:47:38which is very good for the property,
0:47:38 > 0:47:40very good for sound and energy efficiency.
0:47:40 > 0:47:42The layout of the property works well.
0:47:42 > 0:47:46It's three bedrooms, a good-sized lounge,
0:47:46 > 0:47:49separate toilet and bathroom and a very good-sized kitchen.
0:47:49 > 0:47:53The selling point of this property is obviously it's ready to go,
0:47:53 > 0:47:55somebody could move in tomorrow.
0:47:55 > 0:47:57There isn't a lot of work that needs to be done.
0:47:57 > 0:48:00It's a good location. You're close to the tube station
0:48:00 > 0:48:04and other local amenities, shops, leisure facilities and parks.
0:48:04 > 0:48:08It all sounds very positive, but, with the flat already rented,
0:48:08 > 0:48:11will valuations match up?
0:48:11 > 0:48:14If I was advertising this property to rent,
0:48:14 > 0:48:21I would be quoting a rental figure of £1,450-£1,500 per calendar month.
0:48:21 > 0:48:24If the owner was to market this property for rental today,
0:48:24 > 0:48:29it should achieve somewhere in the region of £1,450 per calendar month.
0:48:29 > 0:48:34They both are I think nearly right, because we've got £1,500 now.
0:48:34 > 0:48:37Yeah, we've found tenants who are ready to pay 1,500.
0:48:37 > 0:48:39So I think they're good judgment.
0:48:39 > 0:48:41- Good valuation, I could say.- Yeah.
0:48:41 > 0:48:47Excellent. That £1,500 rental would create a very healthy rental yield
0:48:47 > 0:48:51of around 7%. But what about those resale figures?
0:48:51 > 0:48:56What kind of value, if any, have the boys added to the property?
0:48:56 > 0:48:58I would be looking to place it on the market,
0:48:58 > 0:49:02seeking offers in excess of £300,000.
0:49:02 > 0:49:05If I was to market this property today for sales,
0:49:05 > 0:49:08I would market it in the region of the £310,000
0:49:08 > 0:49:11and look to achieve £300,000.
0:49:11 > 0:49:14I think it's pretty nearly what we think.
0:49:14 > 0:49:17We think about 310, 320, yeah?
0:49:17 > 0:49:22Yeah, somewhere between 310 and 320, I think, is achievable.
0:49:22 > 0:49:26Well, if they did achieve the estate agents' valuation of 300,000,
0:49:26 > 0:49:30that would mean a pre-tax profit of a huge £45,500 -
0:49:30 > 0:49:37that's for just four weeks' work and a renovation that cost £4,500 -
0:49:37 > 0:49:40making this property a very sound investment indeed
0:49:40 > 0:49:46and Sachin's first foray into property development a big success.
0:49:49 > 0:49:51- It's been a... It's been a great experience.- It's very good.
0:49:51 > 0:49:55A learning experience for me. Girish has done a few properties himself.
0:49:55 > 0:49:58But together, yeah, it's a different experience.
0:49:58 > 0:50:00Yeah, we enjoyed it, yeah.
0:50:06 > 0:50:09We return now to Ashford in Kent,
0:50:09 > 0:50:11where I earlier looked around
0:50:11 > 0:50:14this substantial three-bedroom property
0:50:14 > 0:50:16that, although it was just off a dual carriageway,
0:50:16 > 0:50:19was a very attractive house.
0:50:19 > 0:50:20It had bags of potential
0:50:20 > 0:50:27and a guide price of between £275,000-£300,000.
0:50:27 > 0:50:29And, of course, in a house like this,
0:50:29 > 0:50:33you could extend that way, you could extend that way.
0:50:33 > 0:50:36You know, you could go all over the shop with extensions here.
0:50:36 > 0:50:38Of course, subject to planning permission.
0:50:38 > 0:50:42Great property and there is a lot you can do with it.
0:50:44 > 0:50:47Yep, I was pretty impressed with this one
0:50:47 > 0:50:52and even more so when I discovered that it came with 1.3 acres of land,
0:50:52 > 0:50:55which included your very own mini forest.
0:50:56 > 0:50:59It proved to be a popular lot on auction day,
0:50:59 > 0:51:03with several bidders interested, but as ever that can only be one winner.
0:51:03 > 0:51:04You're out of it.
0:51:04 > 0:51:07It's with you, sitting down, all done at 290...
0:51:07 > 0:51:09Yours at 290, sir.
0:51:09 > 0:51:11And that successful bid
0:51:11 > 0:51:14belonged to Baptist minister Greg and his wife Janice.
0:51:16 > 0:51:18The couple have often moved with Greg's work,
0:51:18 > 0:51:20but with retirement just around the corner for Greg,
0:51:20 > 0:51:24they are excited to be buying only their second property
0:51:24 > 0:51:27and had very big plans in mind.
0:51:27 > 0:51:30Tell me exactly what you're going to be doing to this property.
0:51:30 > 0:51:33We need a fourth bedroom-cum-study.
0:51:33 > 0:51:35I would like a larger bathroom
0:51:35 > 0:51:41- and a master bedroom, with an en-suite, and a utility room.- Yes!
0:51:41 > 0:51:44The couple also plan to create a garden area,
0:51:44 > 0:51:47but to generally leave the woodland area as it was.
0:51:47 > 0:51:51So with a budget of around £80-£100,000 and a loose timescale
0:51:51 > 0:51:55of around 12 months, the couple were delighted with their purchase.
0:52:00 > 0:52:02It's now 16 months later
0:52:02 > 0:52:06and we've returned to see how Greg and Janice have progressed.
0:52:17 > 0:52:19My goodness, this house has become a home.
0:52:24 > 0:52:27The two conservatories-cum-lean-tos
0:52:27 > 0:52:29at the back of the property have been removed.
0:52:33 > 0:52:37The interior of the property has been thoroughly cleaned and painted,
0:52:37 > 0:52:41with a total rewire throughout and a little wallpapering here and there.
0:52:49 > 0:52:53Whilst deciding what exactly they wanted to do with their new home,
0:52:53 > 0:52:55Greg and Janice moved in and made it their own.
0:52:57 > 0:52:59And, after some considered thought,
0:52:59 > 0:53:02they've come up with some rather exciting plans.
0:53:04 > 0:53:06So our plans have got bigger.
0:53:06 > 0:53:09You, Greg, can say what the bigger plans are.
0:53:11 > 0:53:15Erm, I think we...
0:53:15 > 0:53:16We looked around for a builder
0:53:16 > 0:53:19and then we came across two good friends of ours,
0:53:19 > 0:53:25and so I asked one of them to decide which one would like the job.
0:53:25 > 0:53:26So one chap said,
0:53:26 > 0:53:30"I'd like the job, but I'd like to do everything associated with it."
0:53:30 > 0:53:34And then he came up with some plans and suggested that,
0:53:34 > 0:53:38apart from the two-storey,
0:53:38 > 0:53:41to think of going up into the loft,
0:53:41 > 0:53:44and he was very, very excited
0:53:44 > 0:53:47about having a woodland observatory,
0:53:47 > 0:53:52So we're going to go up into the loft, that will be a walk-in loft,
0:53:52 > 0:53:54and it'll be surrounded by glass,
0:53:54 > 0:53:58so that we can look into the woodland at any time...
0:53:58 > 0:54:01should there be any birds there.
0:54:01 > 0:54:05At the end, we will have a family room,
0:54:05 > 0:54:08at the back here, which will consistent of a kitchen
0:54:08 > 0:54:14and a dining area and probably a seating area near the glass doors,
0:54:14 > 0:54:17looking out onto the woodland and the garden.
0:54:17 > 0:54:24And then downstairs there will be a utility room and also a cloakroom,
0:54:24 > 0:54:28and a welly room. Or, on the plans, it reads "lobby",
0:54:28 > 0:54:30but we're calling at our welly room.
0:54:30 > 0:54:35Then upstairs we will have four bedrooms, a family bathroom,
0:54:35 > 0:54:37an en-suite on the next floor,
0:54:37 > 0:54:40and then on the next floor will be the woodland observatory.
0:54:41 > 0:54:45Wow, that observatory sounds incredible,
0:54:45 > 0:54:48but with bigger plans comes bigger budgets.
0:54:48 > 0:54:50And whilst no fixed number has been set yet,
0:54:50 > 0:54:53Greg and Janice know that it will be far beyond
0:54:53 > 0:54:56their original budget of £80-£100,000.
0:54:56 > 0:54:59And as for their original timescale of one year,
0:54:59 > 0:55:01well, that's also a distant memory.
0:55:01 > 0:55:04But do they have a vague idea of a completion date?
0:55:06 > 0:55:08I wouldn't like to say.
0:55:08 > 0:55:12We have asked our builder this same question several times
0:55:12 > 0:55:15because we'd like to know there's an end to it as well.
0:55:15 > 0:55:18But we have had experience of him before,
0:55:18 > 0:55:20he is a good friend,
0:55:20 > 0:55:24and he did an amazing piece of work for us in the past.
0:55:24 > 0:55:28And so, we're quite happy just to go at his own pace
0:55:28 > 0:55:32and for him to complete when and where.
0:55:32 > 0:55:35Erm, we just know that what he will do
0:55:35 > 0:55:36will be very, very good.
0:55:39 > 0:55:42So Greg and Janice are happy to wait
0:55:42 > 0:55:45and why not when they've made it this cosy?
0:55:45 > 0:55:48And whilst they're not sure of final costs of the new build,
0:55:48 > 0:55:51Greg hopes it will be in the region of 140,000,
0:55:51 > 0:55:56which would make a total investment here of £432,000,
0:55:56 > 0:55:58which seems an ideal juncture to hear the thoughts
0:55:58 > 0:56:00of two local estate agents,
0:56:00 > 0:56:03starting with the agent who saw it originally.
0:56:06 > 0:56:08The extension plans, what they're proposing to do
0:56:08 > 0:56:10with the property, is amazing.
0:56:10 > 0:56:11I love the observatory -
0:56:11 > 0:56:13that steals it for me.
0:56:13 > 0:56:15Erm, having had a look at the plans,
0:56:15 > 0:56:17really, really impressed, actually.
0:56:17 > 0:56:21They're going to almost double the footprint of the property,
0:56:21 > 0:56:24having a great living space downstairs,
0:56:24 > 0:56:27good-sized family bathroom, en suite
0:56:27 > 0:56:29and a magnificent observatory
0:56:29 > 0:56:32for looking at the wildlife.
0:56:32 > 0:56:35And the back of the property is just an expanse of woodland,
0:56:35 > 0:56:37so what a great place to be.
0:56:37 > 0:56:40Well, the agents are suitably impressed with the plans.
0:56:40 > 0:56:43Even though Greg and Janice have no intention of selling,
0:56:43 > 0:56:46it will still be interesting to hear what kind of value
0:56:46 > 0:56:49the property could be once the plans are complete.
0:56:49 > 0:56:52Once this property has been fully extended,
0:56:52 > 0:56:56it should fetch in the region of £575,000.
0:56:56 > 0:56:58Once the extension has been done,
0:56:58 > 0:57:04this property could sell in the order of £575,000 to £600,000.
0:57:05 > 0:57:09That top valuation of 600,000 would mean a pre-tax profit
0:57:09 > 0:57:12of £168,000,
0:57:12 > 0:57:15but it really is just academic because Greg and Janice
0:57:15 > 0:57:19have no intention of selling and hope the property will be
0:57:19 > 0:57:22a part of their family for many years to come.
0:57:22 > 0:57:24But I just can't wait to see it complete!
0:57:24 > 0:57:27So, are they still happy with their purchase?
0:57:30 > 0:57:35We were surprised that we both liked it.
0:57:35 > 0:57:38Usually there's a bit of negotiation somewhere along the line.
0:57:38 > 0:57:42But in this instance, I didn't think Janice would go for it,
0:57:42 > 0:57:44but she did and she was quite pleased,
0:57:44 > 0:57:47and she's been amazingly happy since we've been here.
0:57:47 > 0:57:49Which is not unusual...
0:57:49 > 0:57:51- WHISPERS - (I'm lying - it is unusual.)
0:57:51 > 0:57:53Greg, that better not go out on film.
0:57:53 > 0:57:55I shall shoot you if it does!
0:57:55 > 0:57:57LAUGHTER
0:57:59 > 0:58:02Well, that's those three projects, but there are plenty more out there.
0:58:02 > 0:58:05Yeah, so join us for some more property auction action next time.
0:58:05 > 0:58:07- Yeah, we'll see you then. - Goodbye.- Goodbye.