Episode 9 Homes Under the Hammer


Episode 9

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Transcript


LineFromTo

Welcome to the programme!

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-Now, Martin, who doesn't love a bargain? I know we do.

-Certainly do.

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But what do they say when something looks too good to be true?

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-It probably is.

-But there are still bargains to be had at the auctions

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if you know what you're looking for.

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Well, somebody who's just as passionate about property

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as me and Lucy is Dion Dublin.

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-Hello.

-Dion:

-Hello.

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Over the years I've developed many properties

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and I've enjoyed it but it does throw up some unexpected surprises.

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It's not always straightforward.

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Well, although all properties are different, there are still

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some rules which all developers need to stick to,

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whether they're doing up a one-bedroom flat

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-or a mansion with thousands of acres.

-Absolutely.

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Now, Dion, you've got to get used to our golden Hammer rules -

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do your homework and research before you go sticking your hand up

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in the air at the auction.

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-DION:

-Good tips, I like that. Let's see who stuck to those.

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First up, in County Durham, there's no lack of confidence.

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There's quite a bit to do. Doesn't seem to frighten you, though?

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Eight weeks from Monday, I think this'll be a three-bed bungalow rented out.

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-MARTIN:

-And in Edgware, London,

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you don't have to look far to find a helping hand.

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-I was picking his hand and saying, "Yeah, yes."

-Oh, were you?

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And in Ashford, Kent, I've heard of tight budgets before, but... Oh!

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So, what sort of budget have you guys got in mind?

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I've got in mind £2.50.

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All these properties were sold at auction.

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We'll find out who bought them and what they paid for them

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when they went under the hammer.

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Now that's yours, sir.

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One of the north-east's former mining villages, Houghton-le-Spring,

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is now a commuter hot spot for Sunderland and Durham,

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not to mention the nearby motorway networks.

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It's also the birthplace for music producer

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Trevor Horn from the band Buggles.

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# I heard you on the wireless back in '52... #

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The property I'm here to see is just a short walk away

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from the local shops.

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It's a single-storey commercial unit.

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Now, get this, the guide price is a staggering

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£10,000-£15,000.

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It doesn't look much from the outside.

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Let's take a look inside. Looks can be deceiving.

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OK.

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Nice bright hallway. Spacious hallway.

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It does have a commercial feel as soon as you come in.

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It was a doctor's surgery at one stage,

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many years ago, judging by the condition it's in at the moment,

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and I would imagine that would have been some kind of reception room

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or waiting room for patients.

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Two big windows there but, again, a big space.

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Over to this side of the hallway, another big room here.

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It's obviously been left for some time.

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There's a lot of work that needs to be done here.

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The ceiling's out, it's going straight through to the roof.

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It's a bit of a strange layout, as well,

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but there's scope for this property.

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There's lots of floor space but it's a bit of a mess.

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Let's see what I find through there.

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From the outside, the property is deceptively small,

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but look at all the doors down this corridor,

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all leading to small rooms.

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It really is rather spacious but there's a lot of work to be done.

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Now, the interesting thing is this property already come with plans

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to go from commercial to residential and that's when it gets interesting.

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You could actually do what you want with this.

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If you've got the vision to sit down with a piece of paper, pen,

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pencil, maybe a cup of tea,

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in my case it'd be a nice pint of ale, and you could draw whatever

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you wanted for this property and make it whatever you wanted.

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The purchaser might have the vision of a bungalow

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conveniently situated on the gentle incline of the high street,

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providing just the right amount of exercise,

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just what the doctor ordered.

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And out back there's a hidden bonus.

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So, in addition to the property, out the back

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you've got this piece of land, which is huge.

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And it's crying out, for me, for a bit of development here.

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Judging by what I can see around it, you could actually put one property

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on here or even try and squeeze two on.

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Regardless of what you do with it, it's an absolute bonus.

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But don't just take my word for it.

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We've called in a local estate agent

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to get her opinions and valuations

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and to answer the question, is this a property someone can grow to love?

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# Doctor, Doctor, give me the news

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# I've gotta bad case of loving you... #

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Clearly there's a lot of work to be done inside of here,

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but I think once it's finished

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the potential is that you're going to have a big bungalow

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suitable for a family or a couple on their own.

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And the plot's a really good size, so there's lots of potential.

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The key, as is often the case,

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is seeing how that potential can be realised.

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So, what are our visionary's prospects on this lot,

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guided at £10,000-£15,000?

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Once renovated to a three-bedroom detached bungalow,

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to a high standard,

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I do think this property could be worth in the region of £95,000.

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Plus the potential value of the land at the back.

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Leaving that aside, what about the rental market?

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Again, to a high standard,

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if this property was renovated to a three-bedroom detached bungalow,

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I think you could achieve in the region of £500 per calendar month.

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So, it has been left empty for years and it's not in great condition,

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but if you're willing to sit down and reconfigure

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the plans of this property you could have yourself a nice little project.

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Let's see who agreed when it went to auction.

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£10,000-£15,000, your guide on this single-storey commercial property.

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10-15, start me. 10.

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10 here. At 10 I'm bid in the room. Here to sell, don't lose it.

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11 on the phone behind you.

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12, 13?

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13 on the phone.

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14, 15.

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15 I'm bid. 16.

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Bids rapidly exceed the top guide price estimate of £15,000.

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We rejoin the bidding at 33,000.

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33, back row, been with me all the way, I'm rooting for you, sir.

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At £33,000. First time...

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Back in at 33,500.

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34,000. 34,500?

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34,000, then. With you, first time.

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Second time.

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The third and final time, then, if we're all done?

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At £34,000, selling.

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GAVEL BANGS

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Well done, sir.

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The final bid came from Brian.

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He's growing a property portfolio alongside his day job

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of running his own telecoms business.

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Being local, he feels his £34,000 bid was a bargain.

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Only six months prior to the auction,

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he had offered to buy it for £45,000,

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whilst he was redeveloping a nearby property, but the sale fell through.

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I met him back at his latest acquisition.

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-Brian, nice to meet you.

-Hiya.

-Congratulations.

-Thank you.

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Tell us about the auction experience, how was that for you?

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That was the first one I've been to.

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I've done a couple over the phone, like.

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Just so happens I was bidding on one

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of me neighbours from round the corner from where I live.

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-Your neighbour wanted this one, as well?

-Yeah.

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He started a bidding war against us, erm, so...

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But he dropped out, so I ended up winning it.

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-You're going to turn it into a...?

-A three-bed bungalow.

-OK.

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How are you going to do it? Are you going to knock stuff down?

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All the walls to the rear, obviously, they're all coming out.

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Partition walls going in.

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Erm... New...

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Totally gut the place from top to bottom, start afresh.

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Bring in a sky tunnel...

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-sun tubes in for light to the rear end...

-Nice.

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..just to make it a bit more liveable for the tenants.

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You've got your work cut out, haven't you?

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-There's quite a bit to do.

-There's a fair bit.

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-Doesn't seem to frighten you, though?

-I think this will take

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-about, at the most, eight weeks.

-Really?!

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Aye. Eight weeks from Monday, I think

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this'll be a three-bedroom bungalow rented out.

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Who's going to do the work for you?

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-Will you oversee it, will you do it yourself?

-I oversee it.

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I bring the same people in on each one cos I trust them

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-and they do a good job.

-What will you do yourself in regard...?

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Will you do any physical work yourself?

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I'll supervise. DION LAUGHS

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-You're not going to get yourself dirty?

-No, no.

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I don't get dirty, I leave it to the professionals.

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-And how much are you hoping to spend?

-At the most, 25 grand.

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I have got contingency money left, but 25 grand should kill this.

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Basically, there's just putting stud walls up, refitting,

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new central heating system, new electrics, new kitchen, bathroom,

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possibly an en-suite in the middle bedroom and board the place out.

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As you can see, the whole thing needs doing.

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I'm going to be putting sun tunnels in the kitchen,

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in the main bathroom and to one of the bedrooms,

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just to bring a bit more light into it.

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With it being a commercial bungalow,

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-it's a bit of an odd layout at the minute.

-Yeah, it is.

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And are you going to live in it, rent it out, sell it straightaway?

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I'm going to rent it out.

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Tenant won't have to do any work theirselves,

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it'll be ready to move straight into.

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Get this done in the eight weeks, I can move on to the next after that.

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Do you look now,

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while you're actually doing this one, are you looking again already?

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When I started looking at this one six month ago,

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when I was renovating the flats,

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I'd already put the plan of proposal

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to convert this from commercial to residential.

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And at the same time, cos I'm doing the council a favour

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by renovating all these buildings,

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I asked what I could do with the land to the rear of this property.

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-Yes.

-And I can build, possibly, three bungalows

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if I can provide off-street parking for them.

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But they says, more or less definite, I can build two.

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They're going to be small for the land that they are on,

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but they are dormer bungalows.

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Erm. They're going to be two-bed, one bedroom in the loft

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-and one on the ground floor.

-OK.

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And parking to the front with a small garden at the back.

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It's perfect, really,

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-cos you've got a busy main road right here, haven't we?

-Yeah.

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And to have that off-street parking as well, it's absolutely perfect.

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You'll have people waiting to get into them, I would think.

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-Aye, I've already got people put their names down for them.

-Have you?

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I've got people asking us daily

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if I've got any properties coming available.

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What are your timescales on that and what's your budget on that, as well?

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Timescale on that, well, once the full planning pack's

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been approved and we put our shovel in the ground, six-month,

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-maximum of that.

-From start to finish?

-From start to finish.

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What about the budget on the back?

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-Does that depend on how this goes or...?

-I've never really budgeted.

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I've got a roundabout figure of what I think it's going to cost

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-in the back of me head...

-OK.

-..but I'll keep that one shtoom.

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DION LAUGHS

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-Listen, Brian, great to meet you.

-Yep.

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You're going to do well, pal, you're very positive. Good luck.

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-Thanks a lot.

-I hope it works out, mate, I'm sure it will.

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So, Brian certainly knows what he's doing. He knows the area

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and he knows what he wants to achieve with this property.

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And will he get it done within that £25,000 budget

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and will he get it done within eight weeks?

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Will he get the wheels in motion for that land out the back, as well?

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He seems to think so. You can find out later on in the programme.

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-MARTIN:

-This is Edgware in the London borough of Barnet

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in the north of the city.

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It's a busy and bustling area with lots of amenities,

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a shopping centre and easy access to the surrounding motorways.

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And it might be right at the end of the Northern Line in zone five,

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but because it is on the Tube

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you can still reach Central London in half an hour.

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# This is the end of the line... #

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Well, not far from Edgware high street,

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other side of this fairly busy road.

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However, on a convenient bus route is the property I'm here to see.

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It's actually a flat in this 1930s block.

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Three bedrooms, 225,000 quid, sounds all right.

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For the area it's in, £225,000 is a pretty reasonable price

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depending, of course, on what the flat's like on the inside.

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However, the outside can be a good indication of things to come

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and this 1930s block looks well-kept,

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with handy residents' parking at the front.

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So, after a long walk to the entrance at the back,

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it's up to the second floor. Phew!

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Doesn't half keep me fit, this job.

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So, expectations are set fairly high.

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And walking into the flat, well, actually, you're not disappointed.

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Straightaway you get a really nice feel.

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It's fairly neutral colours with the whites and magnolias but,

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actually, that works really well. Carpet looks to be in decent nick.

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What have we got?

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Well, three bedrooms, obviously. First one there. Nice size.

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You've got a loo and a separate bathroom, so that's quite good.

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Moving down this corridor, second bedroom there, getting loads

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of light coming in through the window, so we really like that.

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Third bedroom is at the end.

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Kitchen, hm.

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Interesting place for a door at the end there. Need to explore that.

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But it doesn't look to be in bad condition.

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In fact, the whole flat is just, yeah.

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You could literally move into it as it is. Really nice.

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It depends on what you're planning to do with this,

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but at the moment this is a living room and that makes perfect sense,

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it's a really nice room with the two windows.

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Again, lots of light.

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If you were renting this out as individual rooms

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you could even make this a bedroom, perhaps,

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but that wouldn't necessarily leave a lot of communal areas,

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so to speak.

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But it's a really nice size and everything.

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Mentioning the windows earlier, though,

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that's the only thing that lets it down slightly.

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They are this aluminium and,

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yeah, going to have to spend some money getting those replaced.

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But apart from that, you know, it's great.

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# Don't stand so close to the window... #

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Replacing those windows could be costly.

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However, it'd be more energy-efficient

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and they're the only thing letting down

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this otherwise tidy spacious flat.

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Although, let's go back to that door in the kitchen.

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Yes, that door simply leads to this little balcony area.

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It's not really too much to shout about,

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but any outdoor space is a huge bonus in London

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and it's not the only bit of outdoor space available.

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The great news is the communal grounds for the blocks here

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are quite sensational. Look at this!

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You've got a fountain!

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The downside, of course,

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and there usually is one, is that to keep this looking so pretty,

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and also the blocks of flats themselves in pretty good nick,

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the service charge is pretty high -

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almost £2,500 a year.

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So, that has to be factored in, definitely, to your living costs.

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That money also goes to maintaining the communal areas but, ouch,

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that is a lot,

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and even though the gardens are lovely, it could put people off.

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We've asked along a local agent to look at this three-bed flat,

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guided at £225,000.

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The property itself is in good condition.

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If the owner was to rent the property out,

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it could go straight onto the market.

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The size is good, it's a very good layout, nice big lounge

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and good-sized bedrooms.

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Service charges are not often this high for an older block.

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Usually, block with a lift, you know, leisure facilities, they do demand

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the higher service charge, but not older blocks like this.

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Well, I hope potential buyers have done their homework.

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But if they are still keen, what kind of value would you place

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on the property once it's refurbished?

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Once renovated,

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this property should achieve somewhere in the region of £290,000.

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And rental?

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Once renovated, this property, on the rentals market,

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should achieve somewhere in the region of £1,300 per calendar month.

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Well, I am normally quite bemused by the high prices of properties

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in the London area. However, in this instance,

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you do seem to be getting quite a lot of flat for your money,

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with the three bedrooms, the nice grounds and the good location.

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Of course, the downside is that high service charge but,

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apart from that, yeah, an interesting one to go for.

0:16:290:16:32

Let's see who agreed when it went under the hammer.

0:16:320:16:34

Second floor flat, this one. What shall we say?

0:16:390:16:42

Start me out 225, if you will.

0:16:420:16:45

Thank you, 225 is bid.

0:16:450:16:46

227?

0:16:460:16:48

226? 226.

0:16:480:16:50

227, 228,

0:16:500:16:53

229, 230,

0:16:530:16:55

231, 232,

0:16:550:16:57

233, 234...

0:16:570:17:00

The bids fly in straightaway

0:17:000:17:03

and we return at £240,000.

0:17:030:17:06

At the front here, then, at £240,000 for the first...

0:17:070:17:10

241, new place.

0:17:100:17:12

242, either of you?

0:17:120:17:14

Or you, sir, with the 31?

0:17:140:17:16

242, 243, 244...

0:17:160:17:18

245, 246,

0:17:200:17:22

247, 248,

0:17:220:17:25

249, 250,

0:17:250:17:27

251, 251 on my left?

0:17:270:17:30

Trying to come in?

0:17:300:17:31

Yours in the grey, here, sir, at 250 at the moment.

0:17:310:17:35

251 anywhere else?

0:17:350:17:36

Selling to you in the grey at 250 unless I can do better,

0:17:360:17:38

for the first...

0:17:380:17:40

250 for the second...

0:17:400:17:43

Third and final time at 250.

0:17:430:17:45

-GAVEL BANGS

-Yours, sir, at 250.

0:17:460:17:47

Your bidder number is?

0:17:470:17:49

The successful bid of £250,000 was made by Sachin,

0:17:540:17:58

who bought this property with father-in-law Girish.

0:17:580:18:02

I met the pair of them back at the flat to find out their plans.

0:18:020:18:05

-Sachin, Girish, good to meet you both.

-Nice to meet you, too.

0:18:070:18:10

-Congratulations.

-Thank you.

-Thank you.

0:18:100:18:12

Tell me why you wanted to buy this flat?

0:18:120:18:14

It was an ideal investment.

0:18:140:18:16

The location was really good and, well,

0:18:160:18:19

he would say my beginner's luck, we got a good bargain for this one.

0:18:190:18:23

-Right. Are you a beginner, then?

-I am a beginner for buy-to-let.

0:18:230:18:25

I've got my own property where I live but by-to-let, it's my first time.

0:18:250:18:30

So, remind me of the relationship between you two?

0:18:300:18:33

I'm father-in-law, he's my son-in-law.

0:18:330:18:36

OK, so have you got a lot of property experience?

0:18:360:18:38

I have, yes.

0:18:380:18:40

For last 15 plus years, property, yeah.

0:18:400:18:44

So, did you approach your father-in-law and say,

0:18:440:18:47

"I need help"?

0:18:470:18:48

He approached me, the other way round, saying,

0:18:480:18:50

"Son, you need to get on the property buy-to-let ladder."

0:18:500:18:53

-Is that right?

-That's right, that's true.

0:18:530:18:55

Right, so you stepped in and said,

0:18:550:18:57

"If you're going to support my daughter in the way she deserves..."

0:18:570:19:00

Exactly!

0:19:000:19:02

"..you need to get on the property ladder." Wow.

0:19:020:19:04

So, who was the person who found the flat?

0:19:040:19:07

I came in here...

0:19:070:19:09

..saw that this is in auction and I thought

0:19:100:19:12

this is a really good location,

0:19:120:19:16

good flat, well done up and I can do

0:19:160:19:19

-with this one, yeah.

-I was actually away on holiday.

-Oh, OK.

0:19:190:19:22

And I came back and he said,

0:19:220:19:24

"We have found something that you will really like."

0:19:240:19:27

But the auction was as such

0:19:270:19:28

-that I didn't have the time to see the property.

-Oh, wow.

0:19:280:19:31

So, I just literally came back from holiday and we went

0:19:310:19:33

on the auction on Monday, so this is the first time I'm seeing it.

0:19:330:19:37

-Today is the first time you've seen it?

-Yes.

0:19:370:19:39

-He didn't... Had a chance to look at it yet.

-So, what do you think?

0:19:390:19:43

No, it's really good. It looks better than the pictures.

0:19:430:19:47

It's pretty much nicely done up.

0:19:470:19:49

The location is pretty good and I really like it.

0:19:490:19:51

-Really spacious, as well.

-But what are you planning to do to it?

0:19:510:19:54

We were just discussing today.

0:19:540:19:55

We're planning to change and make it wooden floor.

0:19:550:19:58

Wood floor, put in some nice furniture, decorate some...

0:19:580:20:03

-interior and...

-Yeah.

0:20:030:20:05

We're taking the quotes in for the double glazer, as well.

0:20:050:20:08

-Might going to put the new double glaze, I'm not sure yet.

-OK.

0:20:080:20:12

That does let it down, slightly, the windows, don't they?

0:20:120:20:15

Just a little bit, yeah.

0:20:150:20:16

So, with father-in-law leading the way, the pair plan to perform

0:20:160:20:20

a basic renovation and let the property out.

0:20:200:20:23

Don't forget, this property has a sting in the tail.

0:20:230:20:26

Now, the only downside I could see, really, was the management charge,

0:20:280:20:31

which is quite high, isn't it?

0:20:310:20:33

-Does that bother you or...?

-It did, initially. Um...

0:20:330:20:37

But now, if you look at the garden

0:20:370:20:39

and everything that they're maintaining outside,

0:20:390:20:42

we can understand why the charge is a little bit higher than we expected.

0:20:420:20:46

But I think...

0:20:460:20:48

The main thing - is it to let or is it to sell?

0:20:480:20:53

-The first impressions when you walk in.

-People want something like this.

0:20:530:20:57

-Well, it really adds to it, doesn't it?

-Yes.

0:20:570:20:59

With double glazing and a basic refurbishment,

0:20:590:21:02

they've earmarked a £5,000 budget

0:21:020:21:05

and a timescale of just three to four weeks

0:21:050:21:08

to get the property ready for the rental market.

0:21:080:21:11

However, it may not have happened at all

0:21:110:21:13

if it wasn't for Girish's subtle encouragement on auction day.

0:21:130:21:18

So, how was the auction?

0:21:180:21:19

The auction was good, very nervous, my first time.

0:21:190:21:22

And my first impression, as soon as I walked in...

0:21:220:21:25

-I was picking his hand and saying, "Yeah, yes."

-Oh, were you?

0:21:250:21:29

-Oh, that's funny.

-Yeah, I was very nervous.

0:21:310:21:33

There was so many people in there

0:21:330:21:35

and there's a lot of noise going on, people are chitchatting.

0:21:350:21:38

But eventually we had a plan on how are we going to go in the auction

0:21:380:21:42

and how far we are going to go,

0:21:420:21:44

and I think we managed within our budget, which is good.

0:21:440:21:47

-Are you happy with what you paid?

-Oh, yes.

-Yes.

0:21:470:21:49

-Well, listen, congratulations. Good luck with it.

-Thank you.

0:21:490:21:52

-And look forward to seeing how you get on.

-Thank you.

0:21:520:21:54

So, Sachin embarking on his first proper development project

0:21:560:22:00

under the watchful eye of father-in-law Girish.

0:22:000:22:03

Not too much to do, a fairly good one to start with.

0:22:030:22:06

How will they get on? Will they replace those windows?

0:22:060:22:09

You can find out later in the show.

0:22:090:22:11

Still to come, in Ashford, Kent, the conditions were very clear.

0:22:120:22:16

She wanted to go into a house where she didn't have to do

0:22:160:22:18

-any work at all.

-Oops!

0:22:180:22:21

-Oh, dear.

-Exactly.

0:22:210:22:22

Whilst in Edgware, London, we return to find out

0:22:240:22:28

if plans for a simple renovation have paid dividends.

0:22:280:22:31

-DION:

-Back now to commuter hot spot and former mining town,

0:22:370:22:40

Houghton-le-Spring.

0:22:400:22:41

It was here that I looked around this single-storey

0:22:420:22:45

former doctor's surgery that was looking a little under the weather.

0:22:450:22:50

# Doctor, there's something wrong with me

0:22:500:22:54

# My health is not at all what it used to be... #

0:22:540:22:57

It's obviously been left for some time.

0:22:580:23:00

There's a lot of work that needs to be done here.

0:23:000:23:02

The ceiling's out, it's going straight through to the roof.

0:23:020:23:05

It's a bit of a strange layout, as well.

0:23:050:23:07

But there's scope for this property. There's lots of floor space...

0:23:070:23:11

but it's a bit of a mess.

0:23:110:23:13

There was a teaspoon of sugar that helped the medicine go down

0:23:150:23:18

with this former doctor's surgery in the form of plans in place

0:23:180:23:21

to transform this from commercial to residential property.

0:23:210:23:25

Also, a guide price of just £10,000-£15,000

0:23:260:23:30

made this property an ideal investment

0:23:300:23:33

and very popular on auction day.

0:23:330:23:35

£34,000, selling.

0:23:350:23:38

Well done, sir.

0:23:380:23:40

It was bought on the day for £34,000 by local man

0:23:400:23:44

and part-time property developer Brian, who planned to create

0:23:440:23:47

a three-bed bungalow to rent in double quick time.

0:23:470:23:50

-I think this'll take about, at the most, eight weeks.

-Really?!

0:23:520:23:57

-Aye.

-Eight weeks from this to what you want to achieve?

0:23:570:24:00

Eight weeks from Monday, I think

0:24:000:24:01

this'll be a three-bed bungalow rented out.

0:24:010:24:04

So, Brian wasn't lacking in confidence

0:24:040:24:06

and, as well as converting this property, he hoped to build

0:24:060:24:09

three bungalows on the land at the rear of the former doctor's surgery.

0:24:090:24:12

Well, nine weeks later and we've returned to see

0:24:160:24:19

if Brian was the tonic this former doctor's surgery needed.

0:24:190:24:23

This former surgery has certainly gone under the knife

0:24:330:24:36

and is now unrecognisable.

0:24:360:24:37

Thanks to walls coming down and walls going up,

0:24:410:24:43

the layout has completely changed, with the property now boasting

0:24:430:24:47

a brand-new kitchen-diner.

0:24:470:24:48

As well as a lovely new bathroom.

0:24:510:24:53

And three good-sized bedrooms, one at the front

0:25:020:25:04

and two towards the back of the property.

0:25:040:25:06

The back garden is a work in progress

0:25:130:25:16

and the bungalows Brian has in mind are still in the planning stages.

0:25:160:25:19

But with such a massive

0:25:220:25:23

and impressive transformation in this existing property,

0:25:230:25:27

it'll be good to hear from Brian, along with lifelong friend

0:25:270:25:30

and new tenant John, what exactly has been done here.

0:25:300:25:33

The work that's been done,

0:25:350:25:37

we've demolished every wall all the way through the property.

0:25:370:25:40

I've put... Raising the floors in to comply with building regs.

0:25:400:25:43

Um...

0:25:430:25:45

Stud walls throughout, first fix, second fix

0:25:450:25:49

and this is the final finish of it now.

0:25:490:25:53

This wall, behind here, this stayed up, but this was the entrance through

0:25:530:25:58

into what was the receptionist's area for the old surgery.

0:25:580:26:04

So, we've just partitioned that,

0:26:040:26:06

-knocked everything through this way down.

-Put all the new stud work up.

0:26:060:26:10

Made a different layout out of the interior.

0:26:120:26:15

With such a lot of work to do here, Brian got in the professionals,

0:26:160:26:20

plus he had an extra pair of helping hands from a very grateful source.

0:26:200:26:24

Well, basically, I gutted the place.

0:26:260:26:28

Took everything out, hired in skips.

0:26:280:26:32

And, erm, I've helped all the lads, basically every job

0:26:320:26:36

that's been done in the house I've been there to help with everything.

0:26:360:26:39

He has, yes. He's worked with all the different tradesmen that's been in.

0:26:390:26:43

He's worked with the builders, the joiners, helping running stuff

0:26:430:26:47

for the electricians in the loft and that.

0:26:470:26:50

-The plumbing.

-The plumbing, he's pretty much been here

0:26:500:26:53

and worked on it from start to finish.

0:26:530:26:55

Ever since Brian knew that he was getting the property

0:26:550:26:58

I was interested in moving in.

0:26:580:26:59

It's been derelict for a while and, as soon as Brian mentioned

0:26:590:27:03

that he was turning it into a three- or four-bedroom bungalow,

0:27:030:27:06

me and me wife and kids decided to move in.

0:27:060:27:09

And we love the place, it's brilliant.

0:27:090:27:11

Smiles all round, then.

0:27:110:27:12

John gets a new home with a landlord he knows and trusts

0:27:120:27:15

and Brian gets a tenant he can rely on.

0:27:150:27:18

But, of course, the house wasn't the only project Brian was planning.

0:27:180:27:22

With the plot of land at the back, at the same time I was ask...

0:27:230:27:27

Getting this from commercial to residential use, I was already

0:27:270:27:30

in touch with planning to see what I could do with the land at the rear.

0:27:300:27:34

And there's enough room to put two small two-bed bungalows on the land.

0:27:340:27:40

The planning application went in for that on Friday,

0:27:400:27:42

and I'm pretty sure it'll get passed

0:27:420:27:45

cos I've been speaking to the planners on a regular basis,

0:27:450:27:48

throughout everything I've been doing on these properties.

0:27:480:27:50

So, Brian has an eye on the future,

0:27:520:27:54

but it's the present that we're most interested in.

0:27:540:27:57

And with only the back garden left to complete,

0:27:570:27:59

he's spent just £19,000 of his £25,000 budget.

0:27:590:28:04

And it's taken just seven weeks so far

0:28:040:28:07

making this a very impressive and quick renovation.

0:28:070:28:10

So, even though he has tenants in place,

0:28:150:28:17

with a total investment here of £53,000, it would be interesting

0:28:170:28:21

to hear the thoughts and opinions

0:28:210:28:23

of two local estate agents.

0:28:230:28:26

This is the second time that I've visited this property

0:28:260:28:28

and the changes that I've noticed is that it's been totally modernised

0:28:280:28:31

from top to bottom, inside and out.

0:28:310:28:34

A massive difference to what it used to be like.

0:28:340:28:36

It was an old doctor's surgery, I think, basically, but, yeah,

0:28:360:28:40

done a really good job, good, yep, good refurbishment.

0:28:400:28:43

So, with both agents impressed, let's hear valuations,

0:28:440:28:47

starting with rental.

0:28:470:28:49

For rental purposes, I would recommend that this property

0:28:500:28:53

would achieve £500 per calendar month.

0:28:530:28:55

I think, for rental, you'd be looking for £500-£525

0:28:550:28:58

per calendar month.

0:28:580:28:59

I'm pleased with the rental figures that's come in,

0:28:590:29:02

but I've always looked to get £500 a month for the property.

0:29:020:29:05

That's what I'll be getting.

0:29:050:29:07

I could probably get a little bit more,

0:29:070:29:09

but just doing a friend a good turn.

0:29:090:29:10

I mean, he's worked here from the start,

0:29:100:29:13

he's been throughout the project,

0:29:130:29:15

so I can't see any problems with the figures that we've got in.

0:29:150:29:18

That £500 a month rental equates to a yield of around a whopping 11%.

0:29:200:29:26

Plus Brian has the peace of mind of having a tenant he can rely on.

0:29:260:29:30

So, what about the resale values?

0:29:300:29:33

Will they be as impressive?

0:29:330:29:35

The property, in the current condition,

0:29:350:29:37

I would think would sell for around about £95,000.

0:29:370:29:39

If I was going to put this property on the market for sale,

0:29:390:29:42

I would recommend the asking price would be £95,000.

0:29:420:29:44

I estimated in-between £80,000-£100,000 on completion,

0:29:440:29:49

that's what me final figures was working out at,

0:29:490:29:51

so 95, that's come in as a good figure for me.

0:29:510:29:54

Well, that figure would mean a great potential pre-tax profit of £42,000.

0:29:550:30:01

So, with this project a success,

0:30:030:30:05

would the lifelong friends do it again?

0:30:050:30:08

Last time we worked together on something like this,

0:30:080:30:10

it was a 45-minute detention at school.

0:30:100:30:13

It's been a good experience, I've enjoyed doing it.

0:30:150:30:18

Yeah, it's been good. Aye, enjoyed.

0:30:180:30:20

Can't wait till he splashes out and gets some more properties

0:30:200:30:22

for us to work on.

0:30:220:30:24

Ashford in Kent has plenty going for it when it comes to transport links.

0:30:280:30:33

You can hit the M20 motorway down to the coast and a high-speed rail link

0:30:330:30:37

will whisk you into London in just over half an hour.

0:30:370:30:40

Or, if you're feeling a bit more adventurous, you can jump on the

0:30:400:30:43

train through the Channel Tunnel and head to Paris, Lille or Brussels.

0:30:430:30:48

# And the trains, they ran on time... #

0:30:500:30:53

Top that with some lush surroundings, countryside

0:30:530:30:56

and a lively town centre with plenty of shops, cafes and restaurants.

0:30:560:31:00

And the area? Well, it works for me!

0:31:000:31:02

You're only a couple of miles from the town centre here

0:31:030:31:06

and just off the A20, but that is partly the problem.

0:31:060:31:10

The property is just off the dual carriageway,

0:31:100:31:14

literally on a slip road.

0:31:140:31:16

Now, it's tucked down this little path at the end here,

0:31:160:31:19

so hopefully a touch quieter, but it's not a great start.

0:31:190:31:24

'OK, so the traffic's not really thundering past, but already

0:31:260:31:30

'you know some people won't even look at this place,

0:31:300:31:32

'but could that mean less interest at the auction for a hidden gem?'

0:31:320:31:37

First impressions of the property are... Ooh! Love, love, love it!

0:31:370:31:41

It is set back from the road,

0:31:410:31:43

nestled in the woodland behind and a lovely big, solid,

0:31:430:31:48

chunky detached home, all with a guide price of £275-£300,000.

0:31:480:31:54

Ooh! Interesting features on the inside...

0:31:580:32:01

Now, I do like this curved wall - really interesting!

0:32:010:32:05

So that's what the pulley thing on the outside was.

0:32:050:32:08

Look, it's the doorbell! I really like that. Fantastic wooden floors.

0:32:080:32:13

These will really come up lovely, once sanded.

0:32:130:32:15

Very interesting banister going upstairs.

0:32:150:32:18

We've got the lounge, the kitchen at the back,

0:32:180:32:21

nice-size sitting room, double glazed units, which is

0:32:210:32:24

a must because of the road noise. And, right at the back, a sort of...

0:32:240:32:29

Swedish sauna-looking conservatory.

0:32:290:32:32

Now, there's a lot more you could do with something like that

0:32:320:32:34

and, of course, in a house like this, you could extend that way,

0:32:340:32:38

you could extend that way...

0:32:380:32:40

You know, you could go all over the shop with extensions here.

0:32:400:32:43

Of course, subject to planning permission.

0:32:430:32:45

Great property and there is a lot you could do with it.

0:32:450:32:48

This house has style and some lovely period features.

0:32:500:32:53

The kitchen might not be to everyone's taste,

0:32:530:32:55

but it all appears in good order and the size of it is fantastic.

0:32:550:32:59

It leads to a lean-to, which is more greenhouse than sauna,

0:32:590:33:03

and, well, a little bit shabby.

0:33:030:33:06

But the loo down here looks clean and fresh.

0:33:060:33:09

I'm utterly charmed by this place.

0:33:090:33:11

# I want to be your property

0:33:130:33:16

# In a great big house by the sea... #

0:33:160:33:20

'Up those stairs and there's three bedrooms,

0:33:200:33:23

this one being my favourite, with the bay window.

0:33:230:33:26

And just look at that fireplace - gorgeous!

0:33:260:33:29

The third bedroom is very small

0:33:290:33:31

but could be ideal for a child or to use as an office.

0:33:310:33:35

The main bathroom's up here too

0:33:350:33:37

and I think all this floor just needs some cosmetic work.

0:33:370:33:41

This property is not so much about what needs to be done

0:33:410:33:44

but what could be done, especially when you head out to explore.

0:33:440:33:48

So, outside space, I hear you say.

0:33:510:33:54

Well, yes, this is not a standard 1930s garden.

0:33:540:33:58

Now, can you still see me? Because I'm still here! Yes!

0:33:580:34:01

This is me walking through the undergrowth

0:34:010:34:05

and there is some serious undergrowth, believe me.

0:34:050:34:08

It's almost like this house... Can you still see me?

0:34:080:34:12

..comes with its own forest! So, let me come up.

0:34:120:34:17

I'm not sure you'd have too many family games of football,

0:34:170:34:21

but this is incredible.

0:34:210:34:22

This house comes with all of this - 1.3 acres. It's enormous!

0:34:220:34:29

It's private, it's a little forest,

0:34:290:34:31

it's going to be expensive to get it right.

0:34:310:34:34

Major ground works, but, boy, it's enormous! And it's brilliant.

0:34:340:34:39

Yeah, it'd take more than a Sunday afternoon of weeding,

0:34:410:34:44

that's for sure, if you wanted to sculpt this to a more traditional garden.

0:34:440:34:48

But first, you'd need clear instructions as to what

0:34:480:34:51

was your land and what wasn't.

0:34:510:34:53

And I actually think it would be a shame to lose too much of this,

0:34:530:34:57

especially as you do have garden space all around you.

0:34:570:35:00

For that £275-£300,000 guide price,

0:35:020:35:04

you'd get a good-sized and great-looking property

0:35:040:35:08

as well as a healthy slice of Kentish rural life.

0:35:080:35:11

What did a local property expert make of this?

0:35:140:35:17

I would say the main selling points of this property are the size

0:35:180:35:21

of the plot because you could extend, if you wanted to.

0:35:210:35:24

You could put in a nice big driveway, if you wanted to.

0:35:240:35:27

If I was to buy this property, I would extend it and build

0:35:270:35:30

a double-storey extension, so you'd have a fourth bedroom as well.

0:35:300:35:34

If you did opt for that plan and add another bedroom,

0:35:340:35:37

you'd be sure to increase the value, as well as the living space.

0:35:370:35:41

How did she think this place would fare on the sales market?

0:35:410:35:45

If you were to renovate this property, in its current size,

0:35:450:35:48

being a three-bedroom detached,

0:35:480:35:51

I would say the value would be in the region of 350,

0:35:510:35:54

possibly up to £370,000.

0:35:540:35:56

Erm, however, if you were to extend it,

0:35:560:35:58

and have the fourth bedroom as well,

0:35:580:36:01

you'd probably be looking at figures around about the £450,000 mark.

0:36:010:36:07

And what about for rental?

0:36:070:36:08

After this property has been renovated,

0:36:080:36:11

if it was to remain a three-bedroom house,

0:36:110:36:13

you'd probably achieve in the region of £1,200 per calendar month.

0:36:130:36:18

If you were to extend it to a four-bedroom,

0:36:180:36:20

I would say you'd probably fetch about £1,500 per calendar month.

0:36:200:36:24

This house is a wonderful surprise.

0:36:270:36:30

An enormous amount of space and scope for your money

0:36:300:36:32

and in a really lovely rural setting,

0:36:320:36:35

just minutes from the high-speed rail link,

0:36:350:36:38

which goes straight into the capital.

0:36:380:36:41

If you could just tune out that road noise, it would be perfect...

0:36:410:36:46

But let's see who didn't mind at the auction.

0:36:460:36:49

Lot 15 now we go to, in Ashford.

0:36:510:36:54

At 275, I'm looking for 250, I'll take, just to get me on the way.

0:36:540:36:58

250, I have. Thank you, sir. 250 and 60 now. 260 on my left.

0:36:580:37:03

270, it's against you. 280, I'm bid. 290, it's against you.

0:37:030:37:08

300, do I say? At £290,000, I've got.

0:37:080:37:12

300, I'm looking for.

0:37:120:37:14

I'll take five, if it will help you.

0:37:140:37:18

At 295, if not at £290,000?

0:37:180:37:21

For the first time at 290. Come on, there must be more bidders as well.

0:37:210:37:25

At £290,000 for the second time, cheap house, this, at £290,000

0:37:250:37:30

for the third and final time, if you're sure you're all done.

0:37:300:37:34

You're out of it. It's with you sitting down, all done at 290.

0:37:340:37:38

-GAVEL BANGS

-Yours at 290, sir. F843. Thank you.

0:37:380:37:41

The successful bidder, at £290,000, was Baptist minister Gregory,

0:37:430:37:49

who's purchasing the property with his wife Janice.

0:37:490:37:52

Gregory knows these woods well, as he jogs here on a regular basis.

0:37:520:37:56

I bet he never thought he would own a piece of it.

0:37:560:37:59

Janice and Gregory, lovely to meet you guys.

0:37:590:38:02

I want to know the story of why you've ended up buying this

0:38:020:38:04

property at auction.

0:38:040:38:06

Greg's due for retirement and he's left me to go,

0:38:060:38:09

and look for a property because one of the things that we've always

0:38:090:38:13

said is that I've always moved round with Greg and changed my job.

0:38:130:38:17

And he said, in retirement, I can choose.

0:38:170:38:19

And I thought I had in my mind what I wanted...

0:38:190:38:22

so I've looked at some really beautiful houses, very high spec,

0:38:220:38:26

but never felt what people tell me,

0:38:260:38:28

I'm going to feel good when I see it.

0:38:280:38:30

-So, you were waiting for the feeling of, "I love this place".

-Yes.

0:38:300:38:34

And then we looked at one very near here, across the way,

0:38:340:38:37

and Greg actually mentioned at the time that there was a house

0:38:370:38:41

for sale here, and so we came down and had a look

0:38:410:38:45

and fell in love with it straight away.

0:38:450:38:48

It was a definite, "I could live there".

0:38:480:38:51

I think it was the trees and...

0:38:510:38:53

So, what feeling did you get when you saw it for the first time?

0:38:530:38:56

I think my first response was that because I wasn't sure Janice...

0:38:560:39:00

She wanted to go into a house where she didn't have to do any work at all.

0:39:000:39:04

-Oops! Oh, dear!

-Exactly.

0:39:040:39:08

# Just a matter of feeling

0:39:080:39:12

# Who knows, you might find something to last... #

0:39:120:39:17

Ah, but there's not much that beats THAT feeling.

0:39:200:39:22

So, now she's got the warm-and-fuzzies, a house she loves

0:39:220:39:26

and a setting which more than makes up for the road noise,

0:39:260:39:29

they set themselves a loose timescale of a year for the

0:39:290:39:32

works, as they are not 100% certain what the full list will be yet.

0:39:320:39:36

But for now, what are they thinking?

0:39:360:39:38

We will move in about ten weeks' time and then we're obviously

0:39:410:39:46

going to just do it up sufficiently to live in it.

0:39:460:39:50

And then give ourselves a few months,

0:39:500:39:52

until we get an idea as to what we want to do.

0:39:520:39:55

-Janice has got some wonderful grandiose schemes...

-I've got very definite... I have!

0:39:550:39:58

-And I will win the day, I can guarantee it.

-Yes...

0:39:580:40:01

Now, guys, can I ask you?

0:40:010:40:02

Is this the first house that you've ever purchased?

0:40:020:40:04

-If you've always moved around with the church...

-Second.

0:40:040:40:07

But it's the first significant house

0:40:070:40:09

because the other one was just a flat for college.

0:40:090:40:11

-So, this is the first time we own a house.

-This is our own. We own it.

0:40:110:40:15

And all those trees...

0:40:150:40:16

You're going to put your roots down and you've got

0:40:160:40:19

-an amazing forest to look out on - a woodland, if you like.

-Yes, yes.

0:40:190:40:22

Yes. That's ours! This bit here is ours!

0:40:220:40:25

Tell me exactly what you're going to be doing to this property.

0:40:250:40:29

We need a fourth bedroom-cum-study because Greg will still be

0:40:290:40:32

doing different things when he retires, so he needs his study.

0:40:320:40:36

I would like a larger bathroom

0:40:360:40:38

-and a master bedroom with an en-suite and a utility room.

-Yes!

0:40:380:40:42

So, we are very different in temperament.

0:40:420:40:44

Greg is very ponderous and I want things done yesterday,

0:40:440:40:49

-so it won't be very long.

-Ponderous... Did you hear that?

0:40:490:40:52

-Ponderous. Is that a good word?

-I'll have to think about it,

0:40:520:40:55

watch the telly and then say "I'll do that".

0:40:550:40:59

OK, there will be no watching the telly.

0:40:590:41:00

You've got a big project ahead of you and for starters, guys,

0:41:000:41:03

you've got to sort this lot out! So, what are we going to do with this?

0:41:030:41:07

This is amazing, but it's all on different levels,

0:41:070:41:10

it's all a bit awkward. That is going to be a costly job.

0:41:100:41:13

We would probably disagree with you.

0:41:130:41:15

It's not going to be too major because we don't want to do anything with it.

0:41:150:41:19

So, you're not looking for a perfect pruned garden?

0:41:190:41:22

-Not at all, no.

-Right, great. So, you are going to keep it quite wild.

0:41:220:41:25

Yes. Yeah, except for this plateau here,

0:41:250:41:28

we're going to make this more our secluded garden area

0:41:280:41:31

and the front bit, mostly lawn and a little orchard

0:41:310:41:34

and my pond-cum-lake out the front there.

0:41:340:41:37

So, what sort of budget have you guys got in mind?

0:41:370:41:40

Erm, I've got in mind £2.50... THEY LAUGH

0:41:400:41:44

-And obviously you haven't!

-No!

0:41:440:41:46

I would think, just by certain conversations I've had,

0:41:460:41:50

you're looking at £80-£100,000, easily, to do what I would like.

0:41:500:41:55

Guys, this really is exciting times ahead.

0:41:550:41:58

-Congratulations and well done!

-Thank you, Lucy.

-Lovely to meet you.

-And you, Lucy.

0:41:580:42:03

So, a wonderful project for Janice and Greg

0:42:030:42:05

and it's their first real home, which is amazing.

0:42:050:42:09

But it is a big, massive job, inside and out,

0:42:090:42:14

and I think nearer the hundred grand end of the estimate...

0:42:140:42:18

You can find out if they love their new home even more

0:42:180:42:21

later in the show.

0:42:210:42:22

Well, we've seen one project completed. What about the other two?

0:42:250:42:29

Ah, was it plain sailing? Were there one or two nasty surprises?

0:42:290:42:32

Let's find out!

0:42:320:42:34

Back now to Edgware, in the London Borough of Barnet.

0:42:380:42:42

It was here that I looked around this three-bed second-floor flat

0:42:420:42:45

that had a guide price of £225,000,

0:42:450:42:49

which for the area was pretty reasonable.

0:42:490:42:51

Despite needing a little updating, and definitely some new windows,

0:42:540:42:57

the flat was in good condition, with little work required.

0:42:570:43:01

However, there was one pricey downside.

0:43:010:43:05

The great news is the communal grounds for the blocks

0:43:050:43:09

here are quite sensational. Look at this!

0:43:090:43:12

-HE CHUCKLES

-You've got a fountain!

0:43:120:43:15

The downside, of course, and there usually is one,

0:43:150:43:17

is that to keep this looking so pretty,

0:43:170:43:20

and also the blocks of flats themselves in pretty good nick,

0:43:200:43:24

the service charge is pretty high - almost £2,500 a year.

0:43:240:43:27

So, that has to be factored in, definitely, to your living costs.

0:43:270:43:33

'Despite the management cost, it was bought on auction day for £250,000.'

0:43:330:43:39

-GAVEL BANGS

-Yours, sir, at 250. Your bidder number is?

0:43:390:43:43

'The successful bidders were novice property developer Sachin

0:43:430:43:46

and his father-in-law Girish,

0:43:460:43:48

who, on auction day, lent Sachin a little helping hand.

0:43:480:43:53

-So, how was the auction?

-The auction was good, but very nervous.

0:43:530:43:57

-My first time.

-First time.

0:43:570:43:58

And my first impression, as soon as I walked in...

0:43:580:44:01

I was picking his hand and saying, "Yes! Yes!"

0:44:010:44:04

-Oh, were you?

-THEY LAUGH

0:44:040:44:06

The pair were hoping to keep costs down with a basic renovation

0:44:060:44:10

and a quick timescale in order to get it on the rental market

0:44:100:44:13

in just three to four weeks' time.

0:44:130:44:16

Well, for weeks later and we've returned.

0:44:180:44:20

And, well, you know that all saying, if it ain't broke, don't fix it?

0:44:200:44:24

Well...

0:44:240:44:26

With the flat already in good condition,

0:44:300:44:32

Sachin and Girish have chosen to just add some

0:44:320:44:35

colour in the living room and also dress the property a little

0:44:350:44:38

to make it more appealing to prospective renters.

0:44:380:44:41

I'm also glad to report that they've had all the windows replaced

0:44:450:44:48

with double glazing, making the property far warmer,

0:44:480:44:51

energy-efficient and soundproof

0:44:510:44:54

Money well spent.

0:44:540:44:56

By keeping to their plan of a basic renovation,

0:44:570:45:00

Sachin and Girish will have kept costs down, which, in the long run,

0:45:000:45:04

can maximise their potential rental yields and profits.

0:45:040:45:08

Obviously, you can see the double glazing windows got done,

0:45:080:45:11

so all of the rooms have got double glazing.

0:45:110:45:14

We got the carpet shampoo done...

0:45:140:45:16

for the whole carpet, because there is a restriction in the lease,

0:45:160:45:18

so we can't change the flooring to wooden flooring,

0:45:180:45:21

which is what we wanted. But instead we got the carpet cleaned.

0:45:210:45:24

We got this wall painted,

0:45:240:45:25

just to give a bit more character to the flat.

0:45:250:45:28

And we got the furniture in,

0:45:280:45:30

so you can see all the furniture around you.

0:45:300:45:32

We got the boiler repair, so the boiler's fixed.

0:45:320:45:36

Pretty much, that's about it.

0:45:360:45:38

So we divided the work in the family.

0:45:380:45:40

I was looking after ordering the furniture and getting it fixed,

0:45:400:45:43

and Girish was, you know,

0:45:430:45:45

getting in touch with the double glazed window guys

0:45:450:45:48

and making sure that's done on time and getting a good quotation for it,

0:45:480:45:51

getting the boiler fixed,

0:45:510:45:53

and the washing machine and fridge freezer serviced - that was his part.

0:45:530:45:56

My wife was doing the decoration with my brother-in-law,

0:45:560:45:59

so they looked after the painting of this

0:45:590:46:01

and how we can give more character to the flat,

0:46:010:46:05

and they were also involved in the online tenant search.

0:46:050:46:08

So they were getting phone calls about tenants and stuff like that,

0:46:080:46:11

so it was like teamwork.

0:46:110:46:13

Well, that teamwork has clearly paid off,

0:46:130:46:15

as they already have tenants in place to rent the flat.

0:46:150:46:19

Yes, we've got tenants planned, lined up. They're moving in very shortly.

0:46:190:46:24

They like the property.

0:46:240:46:25

It's a family moving in, and they like the location and stuff,

0:46:250:46:28

so, yeah, they're pretty much ready to move in.

0:46:280:46:30

We thought about retiling the bathroom.

0:46:300:46:32

But the tenants came for a viewing

0:46:320:46:34

and they were happy with the tiling as it is,

0:46:340:46:36

so we just got the double glazed window done...

0:46:360:46:38

and we changed the shower tap.

0:46:380:46:40

No need for big changes with tenants so eager to move on.

0:46:420:46:46

Just goes to show what a clever purchase this was on auction day.

0:46:460:46:50

So, with all the work complete, how is the budget looking?

0:46:500:46:55

Spent £4,500,

0:46:550:46:57

so we are in our budget.

0:46:570:46:59

But we were happy to go to our budget,

0:46:590:47:02

if we could have got the floor done.

0:47:020:47:04

Added to the purchase price of £250,000,

0:47:040:47:08

Sachin and Girish have invested a total of £254,500.

0:47:080:47:13

And even though they have already found a tenant,

0:47:130:47:16

it'll be interesting to hear

0:47:160:47:18

what two local agents think of the property now,

0:47:180:47:21

starting with the agent who saw it originally.

0:47:210:47:24

This is my second time in the property.

0:47:240:47:27

There has been work done since the last time I was here.

0:47:270:47:30

It is a general redecoration.

0:47:300:47:33

There's been the addition of double glazing,

0:47:330:47:36

which is very good for the property,

0:47:360:47:38

very good for sound and energy efficiency.

0:47:380:47:40

The layout of the property works well.

0:47:400:47:42

It's three bedrooms, a good-sized lounge,

0:47:420:47:46

separate toilet and bathroom and a very good-sized kitchen.

0:47:460:47:49

The selling point of this property is obviously it's ready to go,

0:47:490:47:53

somebody could move in tomorrow.

0:47:530:47:55

There isn't a lot of work that needs to be done.

0:47:550:47:57

It's a good location. You're close to the tube station

0:47:570:48:00

and other local amenities, shops, leisure facilities and parks.

0:48:000:48:04

It all sounds very positive, but, with the flat already rented,

0:48:040:48:08

will valuations match up?

0:48:080:48:11

If I was advertising this property to rent,

0:48:110:48:14

I would be quoting a rental figure of £1,450-£1,500 per calendar month.

0:48:140:48:21

If the owner was to market this property for rental today,

0:48:210:48:24

it should achieve somewhere in the region of £1,450 per calendar month.

0:48:240:48:29

They both are I think nearly right, because we've got £1,500 now.

0:48:290:48:34

Yeah, we've found tenants who are ready to pay 1,500.

0:48:340:48:37

So I think they're good judgment.

0:48:370:48:39

-Good valuation, I could say.

-Yeah.

0:48:390:48:41

Excellent. That £1,500 rental would create a very healthy rental yield

0:48:410:48:47

of around 7%. But what about those resale figures?

0:48:470:48:51

What kind of value, if any, have the boys added to the property?

0:48:510:48:56

I would be looking to place it on the market,

0:48:560:48:58

seeking offers in excess of £300,000.

0:48:580:49:02

If I was to market this property today for sales,

0:49:020:49:05

I would market it in the region of the £310,000

0:49:050:49:08

and look to achieve £300,000.

0:49:080:49:11

I think it's pretty nearly what we think.

0:49:110:49:14

We think about 310, 320, yeah?

0:49:140:49:17

Yeah, somewhere between 310 and 320, I think, is achievable.

0:49:170:49:22

Well, if they did achieve the estate agents' valuation of 300,000,

0:49:220:49:26

that would mean a pre-tax profit of a huge £45,500 -

0:49:260:49:30

that's for just four weeks' work and a renovation that cost £4,500 -

0:49:300:49:37

making this property a very sound investment indeed

0:49:370:49:40

and Sachin's first foray into property development a big success.

0:49:400:49:46

-It's been a... It's been a great experience.

-It's very good.

0:49:490:49:51

A learning experience for me. Girish has done a few properties himself.

0:49:510:49:55

But together, yeah, it's a different experience.

0:49:550:49:58

Yeah, we enjoyed it, yeah.

0:49:580:50:00

We return now to Ashford in Kent,

0:50:060:50:09

where I earlier looked around

0:50:090:50:11

this substantial three-bedroom property

0:50:110:50:14

that, although it was just off a dual carriageway,

0:50:140:50:16

was a very attractive house.

0:50:160:50:19

It had bags of potential

0:50:190:50:20

and a guide price of between £275,000-£300,000.

0:50:200:50:27

And, of course, in a house like this,

0:50:270:50:29

you could extend that way, you could extend that way.

0:50:290:50:33

You know, you could go all over the shop with extensions here.

0:50:330:50:36

Of course, subject to planning permission.

0:50:360:50:38

Great property and there is a lot you can do with it.

0:50:380:50:42

Yep, I was pretty impressed with this one

0:50:440:50:47

and even more so when I discovered that it came with 1.3 acres of land,

0:50:470:50:52

which included your very own mini forest.

0:50:520:50:55

It proved to be a popular lot on auction day,

0:50:560:50:59

with several bidders interested, but as ever that can only be one winner.

0:50:590:51:03

You're out of it.

0:51:030:51:04

It's with you, sitting down, all done at 290...

0:51:040:51:07

Yours at 290, sir.

0:51:070:51:09

And that successful bid

0:51:090:51:11

belonged to Baptist minister Greg and his wife Janice.

0:51:110:51:14

The couple have often moved with Greg's work,

0:51:160:51:18

but with retirement just around the corner for Greg,

0:51:180:51:20

they are excited to be buying only their second property

0:51:200:51:24

and had very big plans in mind.

0:51:240:51:27

Tell me exactly what you're going to be doing to this property.

0:51:270:51:30

We need a fourth bedroom-cum-study.

0:51:300:51:33

I would like a larger bathroom

0:51:330:51:35

-and a master bedroom, with an en-suite, and a utility room.

-Yes!

0:51:350:51:41

The couple also plan to create a garden area,

0:51:410:51:44

but to generally leave the woodland area as it was.

0:51:440:51:47

So with a budget of around £80-£100,000 and a loose timescale

0:51:470:51:51

of around 12 months, the couple were delighted with their purchase.

0:51:510:51:55

It's now 16 months later

0:52:000:52:02

and we've returned to see how Greg and Janice have progressed.

0:52:020:52:06

My goodness, this house has become a home.

0:52:170:52:19

The two conservatories-cum-lean-tos

0:52:240:52:27

at the back of the property have been removed.

0:52:270:52:29

The interior of the property has been thoroughly cleaned and painted,

0:52:330:52:37

with a total rewire throughout and a little wallpapering here and there.

0:52:370:52:41

Whilst deciding what exactly they wanted to do with their new home,

0:52:490:52:53

Greg and Janice moved in and made it their own.

0:52:530:52:55

And, after some considered thought,

0:52:570:52:59

they've come up with some rather exciting plans.

0:52:590:53:02

So our plans have got bigger.

0:53:040:53:06

You, Greg, can say what the bigger plans are.

0:53:060:53:09

Erm, I think we...

0:53:110:53:15

We looked around for a builder

0:53:150:53:16

and then we came across two good friends of ours,

0:53:160:53:19

and so I asked one of them to decide which one would like the job.

0:53:190:53:25

So one chap said,

0:53:250:53:26

"I'd like the job, but I'd like to do everything associated with it."

0:53:260:53:30

And then he came up with some plans and suggested that,

0:53:300:53:34

apart from the two-storey,

0:53:340:53:38

to think of going up into the loft,

0:53:380:53:41

and he was very, very excited

0:53:410:53:44

about having a woodland observatory,

0:53:440:53:47

So we're going to go up into the loft, that will be a walk-in loft,

0:53:470:53:52

and it'll be surrounded by glass,

0:53:520:53:54

so that we can look into the woodland at any time...

0:53:540:53:58

should there be any birds there.

0:53:580:54:01

At the end, we will have a family room,

0:54:010:54:05

at the back here, which will consistent of a kitchen

0:54:050:54:08

and a dining area and probably a seating area near the glass doors,

0:54:080:54:14

looking out onto the woodland and the garden.

0:54:140:54:17

And then downstairs there will be a utility room and also a cloakroom,

0:54:170:54:24

and a welly room. Or, on the plans, it reads "lobby",

0:54:240:54:28

but we're calling at our welly room.

0:54:280:54:30

Then upstairs we will have four bedrooms, a family bathroom,

0:54:300:54:35

an en-suite on the next floor,

0:54:350:54:37

and then on the next floor will be the woodland observatory.

0:54:370:54:40

Wow, that observatory sounds incredible,

0:54:410:54:45

but with bigger plans comes bigger budgets.

0:54:450:54:48

And whilst no fixed number has been set yet,

0:54:480:54:50

Greg and Janice know that it will be far beyond

0:54:500:54:53

their original budget of £80-£100,000.

0:54:530:54:56

And as for their original timescale of one year,

0:54:560:54:59

well, that's also a distant memory.

0:54:590:55:01

But do they have a vague idea of a completion date?

0:55:010:55:04

I wouldn't like to say.

0:55:060:55:08

We have asked our builder this same question several times

0:55:080:55:12

because we'd like to know there's an end to it as well.

0:55:120:55:15

But we have had experience of him before,

0:55:150:55:18

he is a good friend,

0:55:180:55:20

and he did an amazing piece of work for us in the past.

0:55:200:55:24

And so, we're quite happy just to go at his own pace

0:55:240:55:28

and for him to complete when and where.

0:55:280:55:32

Erm, we just know that what he will do

0:55:320:55:35

will be very, very good.

0:55:350:55:36

So Greg and Janice are happy to wait

0:55:390:55:42

and why not when they've made it this cosy?

0:55:420:55:45

And whilst they're not sure of final costs of the new build,

0:55:450:55:48

Greg hopes it will be in the region of 140,000,

0:55:480:55:51

which would make a total investment here of £432,000,

0:55:510:55:56

which seems an ideal juncture to hear the thoughts

0:55:560:55:58

of two local estate agents,

0:55:580:56:00

starting with the agent who saw it originally.

0:56:000:56:03

The extension plans, what they're proposing to do

0:56:060:56:08

with the property, is amazing.

0:56:080:56:10

I love the observatory -

0:56:100:56:11

that steals it for me.

0:56:110:56:13

Erm, having had a look at the plans,

0:56:130:56:15

really, really impressed, actually.

0:56:150:56:17

They're going to almost double the footprint of the property,

0:56:170:56:21

having a great living space downstairs,

0:56:210:56:24

good-sized family bathroom, en suite

0:56:240:56:27

and a magnificent observatory

0:56:270:56:29

for looking at the wildlife.

0:56:290:56:32

And the back of the property is just an expanse of woodland,

0:56:320:56:35

so what a great place to be.

0:56:350:56:37

Well, the agents are suitably impressed with the plans.

0:56:370:56:40

Even though Greg and Janice have no intention of selling,

0:56:400:56:43

it will still be interesting to hear what kind of value

0:56:430:56:46

the property could be once the plans are complete.

0:56:460:56:49

Once this property has been fully extended,

0:56:490:56:52

it should fetch in the region of £575,000.

0:56:520:56:56

Once the extension has been done,

0:56:560:56:58

this property could sell in the order of £575,000 to £600,000.

0:56:580:57:04

That top valuation of 600,000 would mean a pre-tax profit

0:57:050:57:09

of £168,000,

0:57:090:57:12

but it really is just academic because Greg and Janice

0:57:120:57:15

have no intention of selling and hope the property will be

0:57:150:57:19

a part of their family for many years to come.

0:57:190:57:22

But I just can't wait to see it complete!

0:57:220:57:24

So, are they still happy with their purchase?

0:57:240:57:27

We were surprised that we both liked it.

0:57:300:57:35

Usually there's a bit of negotiation somewhere along the line.

0:57:350:57:38

But in this instance, I didn't think Janice would go for it,

0:57:380:57:42

but she did and she was quite pleased,

0:57:420:57:44

and she's been amazingly happy since we've been here.

0:57:440:57:47

Which is not unusual...

0:57:470:57:49

-WHISPERS

-(I'm lying - it is unusual.)

0:57:490:57:51

Greg, that better not go out on film.

0:57:510:57:53

I shall shoot you if it does!

0:57:530:57:55

LAUGHTER

0:57:550:57:57

Well, that's those three projects, but there are plenty more out there.

0:57:590:58:02

Yeah, so join us for some more property auction action next time.

0:58:020:58:05

-Yeah, we'll see you then.

-Goodbye.

-Goodbye.

0:58:050:58:07

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