Browse content similar to Episode 17. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Hello and welcome to the programme. | 0:00:02 | 0:00:03 | |
Now, you might not fancy a big old project to renovate. | 0:00:03 | 0:00:06 | |
No, but you can always start small | 0:00:06 | 0:00:07 | |
and build up to something much grander if you wish. | 0:00:07 | 0:00:09 | |
Yes, and you might find that perfect property at your local auction. | 0:00:09 | 0:00:13 | |
The auction room can seem fast and furious. | 0:00:38 | 0:00:42 | |
It's all about preparation, research and holding your nerve. | 0:00:42 | 0:00:46 | |
So, let's see who did just that and got what they were looking for | 0:00:46 | 0:00:50 | |
on today's show. | 0:00:50 | 0:00:52 | |
Today, at a quaint cottage in the beautiful Malvern Hills | 0:00:53 | 0:00:56 | |
of Worcestershire, I've got a small issue with a tiny door. | 0:00:56 | 0:01:00 | |
It's starting to get a bit silly, isn't it? | 0:01:00 | 0:01:03 | |
In Stoke, a door in a two-bed house could be a real pain. | 0:01:04 | 0:01:08 | |
That's a health and safety issue right there. | 0:01:09 | 0:01:11 | |
Definitely get that changed. | 0:01:11 | 0:01:13 | |
And on the coast, down in Dover, Kent, | 0:01:13 | 0:01:15 | |
I'm spoiled for choice at this flat and commercial premises. | 0:01:15 | 0:01:19 | |
Now, which door do I go in first? | 0:01:20 | 0:01:23 | |
All of these properties have been sold at auction. | 0:01:24 | 0:01:26 | |
We'll find out who got them and what they paid for them | 0:01:26 | 0:01:29 | |
when they went under the hammer. | 0:01:29 | 0:01:31 | |
You bought it, well done. | 0:01:31 | 0:01:32 | |
The spa town of Malvern in Worcestershire | 0:01:36 | 0:01:39 | |
has given us many things - | 0:01:39 | 0:01:41 | |
spring water, Morgan three-wheel sports cars and Sir Edward Elgar. | 0:01:41 | 0:01:47 | |
He had strong links with Worcestershire | 0:01:47 | 0:01:49 | |
and lived in and around Malvern. | 0:01:49 | 0:01:51 | |
His Nimrod Variation is now synonymous with Remembrance Day. | 0:01:51 | 0:01:56 | |
I love quaint English towns like this. | 0:02:02 | 0:02:06 | |
You're just a stone's throw from the little centre of the town, | 0:02:06 | 0:02:11 | |
lots of nice pubs, views over the Vale of Evesham. | 0:02:11 | 0:02:15 | |
I mean, it is absolutely stunning. | 0:02:15 | 0:02:17 | |
Will the property I'm here to see live up to the expectations? | 0:02:17 | 0:02:20 | |
Well, hopefully. | 0:02:20 | 0:02:22 | |
It's a two-bedroom cottage, guide price 105 to 115,000 quid. | 0:02:22 | 0:02:26 | |
Sounds a bit quirky. Let's have a look. | 0:02:26 | 0:02:28 | |
This cottage, that backs on the end | 0:02:38 | 0:02:40 | |
of a short terrace, is certainly different. | 0:02:40 | 0:02:43 | |
For starters, the windows are laid out in a rather peculiar way. | 0:02:43 | 0:02:47 | |
So, you already know, don't you? | 0:02:52 | 0:02:53 | |
This is going to be slightly unusual inside and sure enough... | 0:02:53 | 0:02:57 | |
Oh, my goodness. | 0:02:57 | 0:02:58 | |
You don't have to go very far to see big problems with damp. | 0:02:58 | 0:03:02 | |
Look at that. Wow. | 0:03:02 | 0:03:04 | |
OK, so we're going to be on the lookout for that throughout the rest | 0:03:04 | 0:03:07 | |
of the property, but through the front door into this little sort of | 0:03:07 | 0:03:10 | |
area here. That, believe it or not, is the kitchen. | 0:03:10 | 0:03:13 | |
Very long and sort of thin, but what you kind of expect - | 0:03:13 | 0:03:18 | |
in an unusual position and very oddly shaped. | 0:03:18 | 0:03:21 | |
Oops! | 0:03:21 | 0:03:23 | |
Not too good if you're a slightly large, tall person. | 0:03:23 | 0:03:27 | |
Very, very low door height. | 0:03:27 | 0:03:30 | |
But in this room here. | 0:03:30 | 0:03:31 | |
You know, I think we're going to have to throw the definition | 0:03:31 | 0:03:34 | |
of what rooms are out of the window, cos I do not know what this room is. | 0:03:34 | 0:03:37 | |
It's a sort of middle room thing. So let's call it that, then. | 0:03:37 | 0:03:40 | |
Here, into the middle room thing, it's a pretty good size. | 0:03:40 | 0:03:43 | |
Round that way there's a downstairs loo, which is good news, | 0:03:43 | 0:03:46 | |
and then here, stairs down to the cellar, so that's good. | 0:03:46 | 0:03:49 | |
Let's continue our explore into... | 0:03:49 | 0:03:52 | |
Well, I don't know, let's call it middle room number two here. | 0:03:52 | 0:03:55 | |
Lots of unusual features again. | 0:03:55 | 0:03:57 | |
Oh, I don't like that. | 0:03:57 | 0:03:58 | |
Damp over there. It seems like it's coming in absolutely everywhere. | 0:03:58 | 0:04:01 | |
But it's just so quirky, isn't it? Don't you love it? | 0:04:01 | 0:04:04 | |
This little feature here, I don't know what that is. | 0:04:04 | 0:04:06 | |
It's a hole in the wall. It's completely barking mad. | 0:04:06 | 0:04:09 | |
It was mad when I was walking up and it's even dafter when you get in. | 0:04:09 | 0:04:13 | |
I love it! | 0:04:13 | 0:04:14 | |
# I don't care, I love it | 0:04:14 | 0:04:17 | |
# I don't care... # | 0:04:17 | 0:04:19 | |
The layout might not be for everyone, but I don't care. | 0:04:19 | 0:04:22 | |
And, yes, I do have eclectic taste. | 0:04:24 | 0:04:26 | |
# I love it. # | 0:04:29 | 0:04:31 | |
So, up a narrow and slightly quirky staircase, to the upstairs. | 0:04:31 | 0:04:35 | |
My goodness, what is in store up here? | 0:04:35 | 0:04:38 | |
I can't wait! A bedroom over that way. | 0:04:38 | 0:04:41 | |
More signs of damp towards the top there. | 0:04:41 | 0:04:42 | |
There's damp on every single wall, it seems. | 0:04:42 | 0:04:44 | |
It does seem like it's been freshly painted. | 0:04:44 | 0:04:47 | |
That always worries me. What else has been covered up? | 0:04:47 | 0:04:49 | |
But...one nice thing you have got, | 0:04:49 | 0:04:51 | |
lots of storage. And aren't these doors beautiful? | 0:04:51 | 0:04:54 | |
Absolutely lovely. Sort of a nice additional feature, which gives | 0:04:54 | 0:04:59 | |
even more character to the place. | 0:04:59 | 0:05:01 | |
Wow. | 0:05:06 | 0:05:07 | |
Tiny bathroom. | 0:05:07 | 0:05:09 | |
Look at the size of that bath. | 0:05:09 | 0:05:11 | |
I don't think there's enough head height to give you a shower, either. | 0:05:11 | 0:05:14 | |
Hmm. OK. Compromise. | 0:05:14 | 0:05:17 | |
Well, down here, into the second bedroom, | 0:05:20 | 0:05:26 | |
and it's starting to get a bit silly, isn't it? | 0:05:26 | 0:05:29 | |
I mean, look at this door and into this room! | 0:05:29 | 0:05:31 | |
I don't know, it's like a doll's house, isn't it? | 0:05:33 | 0:05:35 | |
It's amazing. It's amazing. | 0:05:35 | 0:05:38 | |
Whether you could live with it on a permanent basis, I'm not so sure. | 0:05:38 | 0:05:43 | |
It's easy to see from up here that someone has already started working | 0:05:43 | 0:05:47 | |
on the leaky roof, but I'm heading as low as you can possibly go. | 0:05:47 | 0:05:53 | |
Well, down into the cellar and it's actually a half-decent sized room | 0:05:53 | 0:05:58 | |
for a change. It looks like it's had something on the floor, like... | 0:05:58 | 0:06:02 | |
Oops. That's kind of fun. | 0:06:02 | 0:06:04 | |
Dead sticky now. That's the residue of the glue | 0:06:04 | 0:06:07 | |
used to glue the carpet or whatever down, but the moment you walk down | 0:06:07 | 0:06:11 | |
here, apart from the fact you go, "Ooh, it's nice and cool," | 0:06:11 | 0:06:13 | |
is you're hit by the overwhelming smell of damp, so like the rest | 0:06:13 | 0:06:17 | |
of the property, not surprising, I guess, | 0:06:17 | 0:06:19 | |
the cellar is also in a bit of a state. | 0:06:19 | 0:06:22 | |
So, the house, really, first and foremost, needs to be, basically, | 0:06:22 | 0:06:26 | |
dehumidified, certainly down here, and then whatever it is, | 0:06:26 | 0:06:29 | |
wherever it is that that water, that rain, that damp, | 0:06:29 | 0:06:33 | |
whatever it is that's coming in, | 0:06:33 | 0:06:35 | |
you've got to sort that out first before you do anything else. | 0:06:35 | 0:06:38 | |
We've invited a local estate agent to view the property and give some | 0:06:40 | 0:06:45 | |
valuations on the different options, plus some background | 0:06:45 | 0:06:48 | |
on the area and its people. | 0:06:48 | 0:06:49 | |
Great Malvern's a lovely place to live. | 0:06:51 | 0:06:53 | |
Very popular place for, mainly, retirement people, | 0:06:53 | 0:06:56 | |
but also you've got the holiday let market, as well, here. | 0:06:56 | 0:06:59 | |
Which can be very lucrative, if there is enough demand. | 0:06:59 | 0:07:03 | |
How about valuations? | 0:07:03 | 0:07:05 | |
When the property has been fully refurbished, | 0:07:05 | 0:07:07 | |
I would value this property at around £150,000-£160,000. | 0:07:07 | 0:07:12 | |
The rental value on this particular property would be around £650 | 0:07:12 | 0:07:17 | |
per calendar month to £700 per calendar month. | 0:07:17 | 0:07:20 | |
And the dream scenario, if you could generate year-round bookings? | 0:07:20 | 0:07:24 | |
On the holiday let market, | 0:07:25 | 0:07:27 | |
this property would fetch around £600 per week. | 0:07:27 | 0:07:30 | |
Well, they don't come much more quirky than this, do they? | 0:07:32 | 0:07:36 | |
And this is exactly the sort of property that somebody, | 0:07:36 | 0:07:39 | |
or probably quite a few people, | 0:07:39 | 0:07:41 | |
would have fallen absolutely in love with, | 0:07:41 | 0:07:43 | |
despite the fact it could be a potential money pit. | 0:07:43 | 0:07:46 | |
Who cares? Let's see who bought it, when it went under the hammer. | 0:07:46 | 0:07:50 | |
Lot 96. | 0:07:50 | 0:07:51 | |
Great Malvern. | 0:07:52 | 0:07:54 | |
60? | 0:07:54 | 0:07:56 | |
That must tempt somebody. | 0:07:56 | 0:07:57 | |
60,000, I'm bid at standing, at £60,000 only. | 0:07:57 | 0:08:01 | |
70, sir. Thank you. | 0:08:01 | 0:08:02 | |
70. 80, sir. | 0:08:02 | 0:08:03 | |
The lot came towards the end of the auction, | 0:08:03 | 0:08:07 | |
but there were still enough interested bidders | 0:08:07 | 0:08:09 | |
to take the price upwards. | 0:08:09 | 0:08:11 | |
We rejoin the bidding at £120,000. | 0:08:11 | 0:08:16 | |
120, yes, sir. | 0:08:16 | 0:08:18 | |
122, thank you. | 0:08:18 | 0:08:19 | |
124. Three if you like. | 0:08:19 | 0:08:21 | |
122,000, then. | 0:08:21 | 0:08:24 | |
For the first time. For the second time at £122,000. | 0:08:24 | 0:08:27 | |
Third and the very last time. | 0:08:27 | 0:08:30 | |
Fresh bidder again, 123. | 0:08:30 | 0:08:31 | |
124, sir. | 0:08:31 | 0:08:33 | |
125, sir, 125. | 0:08:34 | 0:08:36 | |
126. | 0:08:36 | 0:08:37 | |
Another one, sir. 126, six. | 0:08:37 | 0:08:39 | |
127. | 0:08:39 | 0:08:41 | |
No. As you wish. £126,000. | 0:08:41 | 0:08:43 | |
First, second and third time. I shall go on no longer. | 0:08:43 | 0:08:46 | |
And so going, going, gone. | 0:08:46 | 0:08:49 | |
And your number, sir, is...? | 0:08:49 | 0:08:52 | |
491, thank you. | 0:08:52 | 0:08:54 | |
Thank you, all. | 0:08:54 | 0:08:55 | |
The couple wielding paddle 491 were husband and wife | 0:08:55 | 0:08:59 | |
Jeff and Di. | 0:08:59 | 0:09:00 | |
They've refurbished properties and rented them out in the past. | 0:09:02 | 0:09:06 | |
Di trotted up the many steps approaching the house | 0:09:06 | 0:09:08 | |
to meet me and talk about their plans. | 0:09:08 | 0:09:10 | |
-Di, really good to meet you. -Pleased to meet you. | 0:09:12 | 0:09:14 | |
So, you were one of those people who fell in love with this place, then? | 0:09:14 | 0:09:17 | |
Yeah, absolutely. It's so pretty, how could you not? | 0:09:17 | 0:09:20 | |
Well, indeed. Tell me about your relationship with this house, then. | 0:09:20 | 0:09:23 | |
How did you know about it? | 0:09:23 | 0:09:24 | |
Well, I've lived in Malvern for a long time. | 0:09:24 | 0:09:26 | |
My husband's been a builder in Malvern for 35 years. | 0:09:26 | 0:09:29 | |
-Wow. -So we really know the area. | 0:09:29 | 0:09:31 | |
So when it came up for auction, | 0:09:31 | 0:09:33 | |
we only spotted it at the last moment, so we didn't even get | 0:09:33 | 0:09:36 | |
-a chance to have a look at it. -No! | 0:09:36 | 0:09:38 | |
No, I know. Mad. | 0:09:38 | 0:09:40 | |
On the whole, we could have done a lot worse. | 0:09:40 | 0:09:42 | |
-Right. -And, yeah, it's all right. | 0:09:42 | 0:09:43 | |
In terms of what you paid, were you happy with that or...? | 0:09:43 | 0:09:46 | |
We were. I don't think we'd have gone any higher. | 0:09:46 | 0:09:49 | |
If anybody had bid above us, | 0:09:49 | 0:09:50 | |
then I think that was the point we were going to stop. | 0:09:50 | 0:09:53 | |
-Right. Did you go above your budget or...? -Slightly. | 0:09:53 | 0:09:55 | |
How slightly? | 0:09:55 | 0:09:56 | |
About £5,000 on what we agreed, but... | 0:09:56 | 0:09:59 | |
So, what was it about it? Cos you only saw it from the outside, | 0:09:59 | 0:10:02 | |
so let's just talk, what was it about the outside | 0:10:02 | 0:10:05 | |
that you thought, "Oh, yeah, we must have this?" | 0:10:05 | 0:10:07 | |
It's got bags of character, even from the outside. | 0:10:07 | 0:10:09 | |
And it's so quirky. | 0:10:09 | 0:10:10 | |
If you turn right out of here, you go straight up to the hills, | 0:10:10 | 0:10:14 | |
St Ann's Well and the Beacon, turn left out of here, | 0:10:14 | 0:10:17 | |
you're straight into the town, where you've got one of the best theatres | 0:10:17 | 0:10:21 | |
around, great dining, great shops, and we thought, | 0:10:21 | 0:10:24 | |
-maybe one day we might live in it, as well, so... -Right. | 0:10:24 | 0:10:27 | |
So, one day you might live in it. So, what's the plan in the meantime? | 0:10:27 | 0:10:30 | |
If I get my way, it's going to be a holiday let. | 0:10:30 | 0:10:32 | |
It's a perfect holiday let. | 0:10:32 | 0:10:34 | |
If my husband gets his way, we'll sell it. | 0:10:34 | 0:10:36 | |
-But I'm not going to let that happen. -Sell it?! | 0:10:36 | 0:10:39 | |
I know. I don't think he'll be able to. | 0:10:39 | 0:10:42 | |
What, you mean, he won't be ALLOWED to? | 0:10:42 | 0:10:44 | |
I'm hoping he'll love it so much, he won't be able to part with it. | 0:10:45 | 0:10:49 | |
Hmm, a risky strategy, that one. | 0:10:51 | 0:10:52 | |
I suppose it depends on how much he likes fixing | 0:10:52 | 0:10:55 | |
all the types of damp known to man. | 0:10:55 | 0:10:57 | |
So, you saw it from the outside, then. | 0:10:58 | 0:11:00 | |
Didn't see it inside until you'd bought it? | 0:11:00 | 0:11:02 | |
No. We had a quick look at the auction pack, | 0:11:02 | 0:11:04 | |
just a quick scan of it, before we bid. | 0:11:04 | 0:11:06 | |
-What, the legal pack? -Yes. | 0:11:06 | 0:11:08 | |
A legal pack on something like this could be completely crazy! | 0:11:08 | 0:11:11 | |
-It could have all sorts of rights of ways and covenants... -Yeah. | 0:11:11 | 0:11:14 | |
..and easements and goodness knows what. | 0:11:14 | 0:11:17 | |
-Yeah, that's right. -But... | 0:11:17 | 0:11:18 | |
A quick scan, we couldn't see any thing major, | 0:11:18 | 0:11:21 | |
kept our fingers crossed and... | 0:11:21 | 0:11:22 | |
-Oh, no! -I know. | 0:11:22 | 0:11:24 | |
And what about the rooms? | 0:11:24 | 0:11:26 | |
Down here, it's fine, but the kitchen's a bit kind of quirky. | 0:11:26 | 0:11:28 | |
-It is. -Upstairs, though, the bathroom and the second bedroom... | 0:11:28 | 0:11:32 | |
I know. It's cute. | 0:11:32 | 0:11:34 | |
You're a lost cause, aren't you? | 0:11:34 | 0:11:36 | |
It's character, | 0:11:36 | 0:11:38 | |
but I don't want to take any of that away, cos it's lovely. | 0:11:38 | 0:11:41 | |
But the bathroom's not exactly practical, is it? | 0:11:41 | 0:11:44 | |
It's not, no. What we're going to do, hopefully, | 0:11:44 | 0:11:47 | |
we're going to move the boiler into the kitchen and try and put a shower | 0:11:47 | 0:11:51 | |
in where the boiler is at the moment cos everybody wants a shower. | 0:11:51 | 0:11:55 | |
You might want a nice, quirky, old building, | 0:11:55 | 0:11:58 | |
you still want your modern-day comforts. | 0:11:58 | 0:12:00 | |
Right. Especially if you're going to let it out to holiday-makers. | 0:12:00 | 0:12:03 | |
-Yeah, exactly, yeah. -You mentioned your husband's a builder? -Yes. | 0:12:03 | 0:12:06 | |
-So, is he going to do all the work, then? -He is, yes. | 0:12:06 | 0:12:08 | |
Him and the contractors that he works with. | 0:12:08 | 0:12:10 | |
-Does he have a budget? -We're looking, at the moment, | 0:12:10 | 0:12:13 | |
we think we can do it between 20 and 22. | 0:12:13 | 0:12:16 | |
What have you discovered, in terms of the damp and where | 0:12:16 | 0:12:19 | |
it's coming from, and how are you going to resolve it? | 0:12:19 | 0:12:22 | |
There's some water ingress in the main room, which is from the roof. | 0:12:22 | 0:12:26 | |
And is it you who started work on the roof already? | 0:12:26 | 0:12:29 | |
Yes. It was the first thing we wanted to take a look at, | 0:12:29 | 0:12:31 | |
cos we knew that would be the big... the big thing to deal with. | 0:12:31 | 0:12:34 | |
There's some rising damp we can deal with. | 0:12:34 | 0:12:37 | |
A lot of the damp in the cellar looks really scary, | 0:12:37 | 0:12:40 | |
but in actual fact, there was a leak from the downstairs loo | 0:12:40 | 0:12:43 | |
and that's all it is. | 0:12:43 | 0:12:44 | |
So, once that's dried out, | 0:12:44 | 0:12:46 | |
we'll replace the floor and that should pretty much deal with it. | 0:12:46 | 0:12:48 | |
Right. So do you have any idea of timescales for sorting it? | 0:12:48 | 0:12:52 | |
-We're hoping three months. -Listen, I'm really delighted for you. | 0:12:52 | 0:12:55 | |
Lovely to meet you. Good luck with it. | 0:12:55 | 0:12:56 | |
-Can't wait to see how it turns out. -Thank you very much. | 0:12:56 | 0:13:00 | |
Well, there you go, as you might have predicted, | 0:13:00 | 0:13:02 | |
Di and her husband completely falling in love with this place. | 0:13:02 | 0:13:05 | |
Well, I say her husband, will he really be able to let go of this | 0:13:05 | 0:13:09 | |
once it's sorted out? That's the big question. | 0:13:09 | 0:13:11 | |
In the meantime, lots of work to be done, | 0:13:11 | 0:13:14 | |
but they don't seem too daunted, and, yeah... | 0:13:14 | 0:13:16 | |
I can't wait to see how it turns out. | 0:13:16 | 0:13:19 | |
You can find out later in the show. | 0:13:19 | 0:13:21 | |
Chell in Staffordshire is a bustling suburb of Stoke-on-Trent. | 0:13:28 | 0:13:31 | |
It has a good mix of housing stock and lots of green space, | 0:13:31 | 0:13:34 | |
with Tunstall Park nearby. | 0:13:34 | 0:13:36 | |
Then, there is the structure | 0:13:39 | 0:13:40 | |
built in 1907 by the Adams family. | 0:13:40 | 0:13:43 | |
But, no, it isn't creepy and kooky. | 0:13:43 | 0:13:45 | |
It's a quite nice, stylish clock tower. | 0:13:45 | 0:13:47 | |
Now, the property I'm here to see is an end-of-terrace post-war house. | 0:13:51 | 0:13:55 | |
Now, it does have a modern feel to it, | 0:13:55 | 0:13:57 | |
but it also has some of the design features from the traditional | 0:13:57 | 0:14:01 | |
terraced houses within the area. | 0:14:01 | 0:14:04 | |
And here it is. It's got two bedrooms | 0:14:04 | 0:14:07 | |
and it has a guide price of £49,000, plus an added bonus - | 0:14:07 | 0:14:10 | |
a bit of off-street parking. | 0:14:10 | 0:14:12 | |
OK. We have got some very colourful carpet to start off with. | 0:14:19 | 0:14:25 | |
Stairs going up to your bedrooms, just there. | 0:14:25 | 0:14:27 | |
Into the lounge and these doors, or this door, should I say, | 0:14:27 | 0:14:31 | |
will definitely have to change. | 0:14:31 | 0:14:33 | |
That's a health and safety issue right there. | 0:14:33 | 0:14:35 | |
Definitely get that changed. Nice big window, lots of light coming in. | 0:14:35 | 0:14:39 | |
Double glazed window, as well, which is great. | 0:14:39 | 0:14:41 | |
Central heating. I'm listing lots of stuff here. | 0:14:41 | 0:14:44 | |
So, very good start. | 0:14:44 | 0:14:46 | |
Good-sized room, as well. | 0:14:46 | 0:14:47 | |
You've got an old-fashioned, sort of, '70s fireplace. | 0:14:47 | 0:14:51 | |
Bit of storage, some shelving space in here. | 0:14:51 | 0:14:54 | |
Looks like there may be a bit of damp or maybe a bit of mould, | 0:14:54 | 0:14:59 | |
due to lack of ventilation. | 0:14:59 | 0:15:00 | |
It might have been closed and shut down for some time this house, so... | 0:15:00 | 0:15:04 | |
And, there seems to be quite a large | 0:15:04 | 0:15:06 | |
crack at the top there, as well, so... | 0:15:06 | 0:15:09 | |
I may come back to that, but that's quite alarming. | 0:15:10 | 0:15:13 | |
OK, through the back, we've got the kitchen. | 0:15:13 | 0:15:16 | |
Out here, we've got a downstairs toilet, which is good news, | 0:15:16 | 0:15:19 | |
and the back door, going out to the back garden. | 0:15:19 | 0:15:23 | |
Kitchen's a good size. It is dated. It is a little bit old-fashioned. | 0:15:23 | 0:15:27 | |
Wouldn't take much to take it out, | 0:15:27 | 0:15:29 | |
put a brand-new kitchen suite in here, but you do get a feeling | 0:15:29 | 0:15:33 | |
that it's been looked after, | 0:15:33 | 0:15:34 | |
it's been given a lot of TLC over the years. | 0:15:34 | 0:15:37 | |
The only issues I've seen so far is that little bit of damp and mould | 0:15:37 | 0:15:41 | |
and that crack, but that is it. | 0:15:41 | 0:15:43 | |
Lick of paint, new carpets, brand-new kitchen, | 0:15:43 | 0:15:46 | |
you'd be sorted down here. | 0:15:46 | 0:15:48 | |
Out back, the garden has been well landscaped, | 0:15:51 | 0:15:53 | |
but it's still a bit overgrown. | 0:15:53 | 0:15:56 | |
With 'gnome' messing around, | 0:15:56 | 0:15:58 | |
it's time to fly upstairs. | 0:15:58 | 0:16:00 | |
OK, coming up the stairs, you've got what looks like wood, | 0:16:03 | 0:16:06 | |
but it's not, it's actually wallpaper. | 0:16:06 | 0:16:08 | |
Bathroom here, at the top of the stairs. | 0:16:08 | 0:16:10 | |
No bath at all, but a really nice, large shower. | 0:16:10 | 0:16:14 | |
And I see there's a water tank, as well. | 0:16:14 | 0:16:16 | |
If you wanted to try and reconfigure that, put a bath in, | 0:16:16 | 0:16:18 | |
you could quite easily try and get a combi in there. | 0:16:18 | 0:16:21 | |
Two bedrooms. You've got a yellow bedroom there, | 0:16:21 | 0:16:25 | |
looking out onto the back of the house, which is a good size. | 0:16:25 | 0:16:28 | |
In here, we have got the front bedroom | 0:16:30 | 0:16:32 | |
and I've seen, for the first time upstairs, a wall without wood chip. | 0:16:32 | 0:16:39 | |
Get a shot of that, whatever you do. | 0:16:39 | 0:16:41 | |
Good-size room, anyway. | 0:16:41 | 0:16:42 | |
Purple carpet, you want to get rid of that. | 0:16:42 | 0:16:44 | |
Period fireplace, over there. | 0:16:44 | 0:16:46 | |
Only a small one, but quite sweet. | 0:16:46 | 0:16:47 | |
You could actually tidy that up, as well. | 0:16:47 | 0:16:49 | |
I'm liking what I'm seeing. | 0:16:49 | 0:16:52 | |
And there's not really anything here that's making me think, | 0:16:52 | 0:16:55 | |
"I'm a bit frightened." | 0:16:55 | 0:16:57 | |
Well, I take that back. | 0:16:59 | 0:17:00 | |
Everyone is scared of the prospect of chipping away at wood chip | 0:17:00 | 0:17:04 | |
and there might be something else to be worried about, | 0:17:04 | 0:17:07 | |
on closer inspection. | 0:17:07 | 0:17:08 | |
One thing I have noticed, there does seem to be | 0:17:10 | 0:17:13 | |
quite a few cracks in this ceiling. | 0:17:13 | 0:17:15 | |
As you can see, all the way along and all the way through to | 0:17:15 | 0:17:19 | |
the centre here, and there seems to be... | 0:17:19 | 0:17:22 | |
Especially here. | 0:17:22 | 0:17:23 | |
There's even a little bit of movement there, as well. | 0:17:23 | 0:17:25 | |
It might be nothing. It might just be a bow in the plasterwork. | 0:17:25 | 0:17:29 | |
I do know that, back in the day, | 0:17:29 | 0:17:31 | |
there was a lot of mining in these parts. | 0:17:31 | 0:17:33 | |
It might have something to do with it, it might not. | 0:17:33 | 0:17:35 | |
But it's always good to get it checked out | 0:17:35 | 0:17:37 | |
and definitely read the legal pack. | 0:17:37 | 0:17:39 | |
I mention mining, as the cause could be subsidence or the house moving. | 0:17:42 | 0:17:47 | |
If it's historic, nothing to worry about. | 0:17:47 | 0:17:50 | |
But if the house is slipping into an old mine shaft, | 0:17:50 | 0:17:53 | |
then picture the cracks getting worse and then some. | 0:17:53 | 0:17:56 | |
An agent from the auction house that sold the property | 0:18:09 | 0:18:12 | |
can give us a second opinion. | 0:18:12 | 0:18:13 | |
It is an old property. | 0:18:15 | 0:18:17 | |
There is some signs of cracking, that can clearly be seen. | 0:18:17 | 0:18:21 | |
But, really, a buyer would be prudent to investigate that | 0:18:21 | 0:18:25 | |
prior to auction and possibly look | 0:18:25 | 0:18:26 | |
to get an opinion from a professional surveyor. | 0:18:26 | 0:18:29 | |
There is some signs of damp downstairs and, potentially, | 0:18:29 | 0:18:32 | |
there would be a timber and damp investigation also required. | 0:18:32 | 0:18:36 | |
Wise words. Worth repeating. | 0:18:37 | 0:18:39 | |
What else does this house need? | 0:18:39 | 0:18:41 | |
The property itself really just requires | 0:18:41 | 0:18:44 | |
some modernisation and improvement. | 0:18:44 | 0:18:46 | |
Depending on the specification, | 0:18:46 | 0:18:48 | |
I would expect most people | 0:18:48 | 0:18:50 | |
would look to spend in the region of £15,000 on a full refurbishment. | 0:18:50 | 0:18:54 | |
So, get it at the 49 grand guide price and you could be looking at | 0:18:57 | 0:19:01 | |
a £64,000 total spend. | 0:19:01 | 0:19:04 | |
Would it be worth it for sale or rental? | 0:19:04 | 0:19:06 | |
After refurbishments, | 0:19:07 | 0:19:09 | |
I would look to market this property in the region of £95,000 or, | 0:19:09 | 0:19:13 | |
alternatively, rental income in the region of £450 per calendar month. | 0:19:13 | 0:19:17 | |
This property could be a bit of a... | 0:19:19 | 0:19:21 | |
coo. | 0:19:21 | 0:19:23 | |
There isn't an awful lot that needs to be done to this house. | 0:19:25 | 0:19:28 | |
This should be a really nice, or could be, a really nice family home. | 0:19:28 | 0:19:32 | |
But who was lucky enough to get it when it went under the hammer? | 0:19:32 | 0:19:35 | |
Lot number two. | 0:19:38 | 0:19:40 | |
40, to start? | 0:19:41 | 0:19:42 | |
Got to... 40 bid, seated, thank you. | 0:19:44 | 0:19:46 | |
£40,000. 45, can I see now? | 0:19:46 | 0:19:49 | |
At £40,000. | 0:19:49 | 0:19:50 | |
Who with the 45? 45 bid now. | 0:19:50 | 0:19:52 | |
At 45. 50, sir. | 0:19:52 | 0:19:55 | |
Sluggish to start, so the auctioneer dropped the guide price, | 0:19:55 | 0:19:59 | |
but things were soon looking up and we rejoin the bidding at £53,000. | 0:19:59 | 0:20:05 | |
53. 54. 55. | 0:20:05 | 0:20:09 | |
56. 57. | 0:20:09 | 0:20:12 | |
58? 58. | 0:20:12 | 0:20:14 | |
59. 60. | 0:20:14 | 0:20:16 | |
60. | 0:20:18 | 0:20:20 | |
Shaking his head. 60. 61, lady now. | 0:20:20 | 0:20:22 | |
62, anywhere else? | 0:20:22 | 0:20:25 | |
If not, £61,000 once, | 0:20:25 | 0:20:28 | |
£61,000 twice, third and final... | 0:20:28 | 0:20:31 | |
62. | 0:20:32 | 0:20:34 | |
63, madam? 63. | 0:20:34 | 0:20:38 | |
64, sir. No? Still with you, madam. | 0:20:38 | 0:20:39 | |
At 63,000, all done now. | 0:20:39 | 0:20:42 | |
63 once, twice, third and last time. | 0:20:42 | 0:20:44 | |
63,000. | 0:20:44 | 0:20:46 | |
You've bought it, madam, well done. | 0:20:46 | 0:20:49 | |
The winning bid of 63 grand was by Alison. | 0:20:49 | 0:20:52 | |
For her and her partner Steve, | 0:20:55 | 0:20:56 | |
this marks the first venture into property development, | 0:20:56 | 0:20:59 | |
so what did they have planned for the new house? | 0:20:59 | 0:21:02 | |
-Alison, nice to meet you. -And you too. -Congratulations. -Thank you. | 0:21:03 | 0:21:06 | |
What attracted you to it in the first place? | 0:21:06 | 0:21:08 | |
Well, it was a nice, sunny day, I just came past, | 0:21:08 | 0:21:10 | |
looked through the window and thought, "That's the one for me." | 0:21:10 | 0:21:13 | |
-Hold it, hold it a minute. You looked through the window? -Yep. | 0:21:13 | 0:21:15 | |
Did you view it before you bought it? | 0:21:15 | 0:21:17 | |
No, just came past, looked through the window and thought, right spot, | 0:21:17 | 0:21:21 | |
looked sunny, looked nice, looked happy, so that was it. | 0:21:21 | 0:21:24 | |
So lucky! | 0:21:24 | 0:21:25 | |
-You should always view your property, shouldn't you? -You should. | 0:21:25 | 0:21:28 | |
-Did you read the legal pack? -I did, yes. | 0:21:28 | 0:21:31 | |
-I did do. -Well done. | 0:21:31 | 0:21:32 | |
-That's one out of two, I'll accept that. -Yeah. | 0:21:32 | 0:21:34 | |
I've been in lots of houses now. | 0:21:34 | 0:21:37 | |
This is one of the houses, probably the best house I've seen. | 0:21:37 | 0:21:40 | |
-It's in great shape. -It is. | 0:21:40 | 0:21:41 | |
From the outside it looks really pretty, quite easy to live in. | 0:21:41 | 0:21:45 | |
Inside, obviously, quite outdated. | 0:21:45 | 0:21:48 | |
And so I thought for a first step into the market, | 0:21:48 | 0:21:52 | |
this is the best type of house to get. | 0:21:52 | 0:21:54 | |
First place to dip your toe into. | 0:21:54 | 0:21:56 | |
That's it. | 0:21:56 | 0:21:57 | |
# They call you lady luck | 0:21:57 | 0:22:01 | |
# But there is room for doubt... # | 0:22:02 | 0:22:07 | |
Alison is a lucky lady, in my opinion. | 0:22:07 | 0:22:10 | |
Even if you do read the legal pack, | 0:22:10 | 0:22:12 | |
you should always view the property before parting with your cash. | 0:22:12 | 0:22:15 | |
Thankfully, the pair have landed on their feet here. | 0:22:16 | 0:22:19 | |
So what are you going to do, from top to bottom? | 0:22:21 | 0:22:23 | |
Upstairs, probably re-plaster the bedrooms. | 0:22:23 | 0:22:27 | |
Totally refurbish the bathroom. | 0:22:27 | 0:22:29 | |
Come down the stairs, remove all that awful wallpaper on the stairs. | 0:22:29 | 0:22:33 | |
-Not your taste? -No! | 0:22:33 | 0:22:35 | |
Downstairs, probably replace all the kitchen, downstairs toilet, | 0:22:35 | 0:22:40 | |
take out the fireplace in here and generally redecorate. | 0:22:40 | 0:22:44 | |
-Structurally, it seems pretty sound. -Pretty sound. | 0:22:44 | 0:22:48 | |
I have seen a little bit of damp, | 0:22:48 | 0:22:50 | |
maybe mould in the downstairs cupboard and a few cracks, as well. | 0:22:50 | 0:22:54 | |
-Yes. -Any concerns? | 0:22:54 | 0:22:55 | |
No, I don't think it's anything to be too concerned about. | 0:22:55 | 0:22:58 | |
I think the house has been empty for a few months | 0:22:58 | 0:23:01 | |
so it's only to be expected, really. | 0:23:01 | 0:23:03 | |
My other half is quite experienced with houses like this. | 0:23:03 | 0:23:06 | |
He's been a gas engineer. | 0:23:06 | 0:23:08 | |
He trains gas engineers now, | 0:23:08 | 0:23:10 | |
so he's done a bit of everything, really. | 0:23:10 | 0:23:12 | |
So he was OK with it all, so I trust his judgment. | 0:23:12 | 0:23:17 | |
What kind of budget have you given yourself? | 0:23:17 | 0:23:20 | |
About 8,000, maybe a little bit more. | 0:23:20 | 0:23:23 | |
Not quite sure, really, just see how it goes. | 0:23:23 | 0:23:26 | |
And how long are you hoping all the work's going to take you to do? | 0:23:26 | 0:23:29 | |
-Probably about 12 weeks. -OK. -Maximum. | 0:23:29 | 0:23:31 | |
-That's not too bad, is it? -No, we'll give ourselves a bit of space. | 0:23:31 | 0:23:34 | |
-We're both still working so... -OK. -It's just got to be fitted in. | 0:23:34 | 0:23:37 | |
Alison works in a bank as an anti-money-laundering officer. | 0:23:39 | 0:23:43 | |
No surprises, then, that she is well-placed to project manage | 0:23:43 | 0:23:46 | |
and keep those numbers tight, | 0:23:46 | 0:23:48 | |
but she does plan to get her hands dirty, as well. | 0:23:48 | 0:23:51 | |
How are you going to squeeze it in, all this work? | 0:23:53 | 0:23:55 | |
Well, I only work three days a week, so outside of that, | 0:23:55 | 0:23:58 | |
I'll be here every day scraping the wallpaper off, | 0:23:58 | 0:24:01 | |
taking tiles off, and he'll be here at the weekends. | 0:24:01 | 0:24:04 | |
What enticed you into the property world? | 0:24:04 | 0:24:06 | |
Mainly because I'm getting to an age where I've got to think about | 0:24:06 | 0:24:09 | |
-retirement one day. -No, no, no. | 0:24:09 | 0:24:11 | |
-I am, yes. -Cut, I'm not accepting that. | 0:24:11 | 0:24:14 | |
Yeah. So I just thought, it's something there | 0:24:14 | 0:24:16 | |
to boost my pension for when I do eventually retire. | 0:24:16 | 0:24:20 | |
So is this the first of many, then? | 0:24:20 | 0:24:22 | |
-It could be. -Is that what you're hoping? | 0:24:22 | 0:24:24 | |
It depends on how it goes. | 0:24:24 | 0:24:26 | |
If we make a profit, then, yes. | 0:24:27 | 0:24:28 | |
-For your first one, I think you fell on your feet. -Hope so. | 0:24:28 | 0:24:30 | |
-I wish you all the best, Alison. -Thank you. Yep. | 0:24:30 | 0:24:33 | |
-And the same to Steve, as well. -Thank you. I'll pass it on. | 0:24:33 | 0:24:35 | |
-Good luck, good luck. -Thank you. | 0:24:35 | 0:24:37 | |
Despite only looking through the window, | 0:24:39 | 0:24:41 | |
Alison and Steve have got themselves a really nice house. | 0:24:41 | 0:24:45 | |
They did read the legal pack, though, so no nasty surprises. | 0:24:45 | 0:24:49 | |
As a first project goes, this should be pretty straightforward. | 0:24:49 | 0:24:52 | |
You can find out how they get on later in the programme. | 0:24:52 | 0:24:55 | |
Still to come, at this two-bed maisonette and ground-floor shop | 0:24:57 | 0:25:01 | |
in Dover, Kent, I've got something pretty exciting to show you. | 0:25:01 | 0:25:04 | |
Have a look at this. | 0:25:04 | 0:25:05 | |
And have Alison and Steve found a balance | 0:25:08 | 0:25:10 | |
at their two-bed house in Stoke? | 0:25:10 | 0:25:12 | |
It's just keeping a level head and not going overboard on things. | 0:25:12 | 0:25:16 | |
Time now to get back to the glorious Malvern Hills in Worcestershire and | 0:25:20 | 0:25:24 | |
this curious cottage that really took my fancy, | 0:25:24 | 0:25:27 | |
even though it was far from perfect. | 0:25:27 | 0:25:29 | |
The moment you walk down here, | 0:25:30 | 0:25:32 | |
you're hit by this overwhelming smell of damp. | 0:25:32 | 0:25:35 | |
'There was a small problem upstairs.' | 0:25:35 | 0:25:37 | |
Tiny bathroom. Look at the size of that bath. | 0:25:37 | 0:25:40 | |
'And back downstairs...' Don't like that. | 0:25:40 | 0:25:44 | |
Damp over there and it seems like | 0:25:44 | 0:25:45 | |
it's coming in absolutely everywhere, | 0:25:45 | 0:25:47 | |
but it's just so quirky, isn't it? | 0:25:47 | 0:25:48 | |
Don't you love it? This little feature here. | 0:25:48 | 0:25:50 | |
Don't know what that is, there's a hole in the wall. | 0:25:50 | 0:25:53 | |
It's completely barking mad. | 0:25:53 | 0:25:55 | |
It was mad when I was walking up and it's even dafter when you get in. | 0:25:55 | 0:25:58 | |
I love it. | 0:25:58 | 0:25:59 | |
The cottage was bought, damp and all, for £126,000 by Di and Jeff, | 0:26:00 | 0:26:06 | |
who is, luckily, a builder. | 0:26:06 | 0:26:07 | |
But there were some differences of opinion. | 0:26:07 | 0:26:11 | |
If I get my way, it's going to be a holiday let. | 0:26:11 | 0:26:13 | |
It's a perfect holiday let. | 0:26:13 | 0:26:15 | |
If my husband gets his way, we'll sell it. | 0:26:15 | 0:26:17 | |
But I'm not going to let that happen. | 0:26:17 | 0:26:20 | |
-Sell it?! -I know. | 0:26:20 | 0:26:22 | |
I don't think he'll be able to. | 0:26:22 | 0:26:24 | |
What, you mean, he won't be allowed to? | 0:26:24 | 0:26:26 | |
I'm hoping he'll love it so much, he won't be able to part with it. | 0:26:26 | 0:26:29 | |
I know who I'd put my money on! | 0:26:31 | 0:26:33 | |
Ideally, long term, Di would them to live here | 0:26:33 | 0:26:37 | |
and they budgeted £20,000-£22,000 to restore and rejuvenate it. | 0:26:37 | 0:26:41 | |
So do you have any idea of timescales for sorting it? | 0:26:44 | 0:26:46 | |
We're hoping three months. | 0:26:46 | 0:26:48 | |
Well, eight months later and they've been busy re-rendering the outside, | 0:26:48 | 0:26:52 | |
repainting the outside and fitting a new door with a new shower fitted, | 0:26:52 | 0:26:57 | |
just as planned. | 0:26:57 | 0:26:58 | |
# I'm coming home, I'm coming home | 0:26:58 | 0:27:02 | |
# Cos this life that I've been living ain't my own... # | 0:27:04 | 0:27:09 | |
The cellar eventually dried out enough to be re-floored | 0:27:09 | 0:27:12 | |
and the kitchen was spruced up with new units added. | 0:27:12 | 0:27:15 | |
# I'm coming home | 0:27:20 | 0:27:23 | |
# Oh, yeah, yeah, yeah | 0:27:23 | 0:27:26 | |
# I'm coming home | 0:27:26 | 0:27:29 | |
# Oh, yeah, yeah, yeah. # | 0:27:29 | 0:27:32 | |
The damp in the downstairs rooms dried out after the roof repair | 0:27:33 | 0:27:38 | |
and the traditional boarding and neutral colour schemes | 0:27:38 | 0:27:41 | |
makes all the rooms much fresher. | 0:27:41 | 0:27:44 | |
The damp in the back bedroom is gone. | 0:27:44 | 0:27:46 | |
In fact, all the damp is gone. | 0:27:46 | 0:27:48 | |
Result. | 0:27:48 | 0:27:50 | |
The bathroom also has a new sink and fittings. | 0:27:52 | 0:27:54 | |
If you think the ceiling in the front bedroom is a bit higher, | 0:28:09 | 0:28:12 | |
that's because it is. | 0:28:12 | 0:28:14 | |
In redoing the roof and re-forming the ceiling, | 0:28:14 | 0:28:17 | |
a bit more height and roof insulation were achievable. | 0:28:17 | 0:28:20 | |
So, how did the couple fare with the heavy workload? | 0:28:20 | 0:28:24 | |
It was a bit of a rollercoaster of emotions. | 0:28:29 | 0:28:32 | |
We'd find one thing that was great and we didn't have to spend money on | 0:28:32 | 0:28:35 | |
and then we'd find something else that cost a fortune. | 0:28:35 | 0:28:38 | |
So, it was exciting and stressful, but there was nothing major. | 0:28:38 | 0:28:42 | |
I think, we were very lucky in the end | 0:28:42 | 0:28:44 | |
because we hadn't seen the property before we bought it. | 0:28:44 | 0:28:48 | |
I think we came off lightly, to be fair. | 0:28:48 | 0:28:50 | |
Well, you can say that again. | 0:28:52 | 0:28:54 | |
What was it like filling skips, with all those stairs and no path? | 0:28:54 | 0:28:57 | |
The access to the property can be a bit difficult | 0:28:59 | 0:29:01 | |
because it's on the side of a hill so, yeah, there were problems. | 0:29:01 | 0:29:05 | |
Fortunately, our neighbours have been absolutely wonderful | 0:29:05 | 0:29:08 | |
and we couldn't have done it without them. | 0:29:08 | 0:29:10 | |
They've been so patient when we've had scaffolding at the side | 0:29:10 | 0:29:14 | |
of the building or needing to park everywhere. | 0:29:14 | 0:29:16 | |
They've just been so accommodating. | 0:29:16 | 0:29:18 | |
I don't want to sell the house cos I want to keep the neighbours! | 0:29:18 | 0:29:21 | |
Well, we all appreciate good neighbours. | 0:29:22 | 0:29:24 | |
So, what did Di get stuck into on the project? | 0:29:24 | 0:29:28 | |
I made quite a few of the decisions on how we were going to do things | 0:29:28 | 0:29:31 | |
and got involved in a few arguments about it, too. | 0:29:31 | 0:29:35 | |
But, yes, I think I kept an eye on the money | 0:29:35 | 0:29:38 | |
and would have spent more if Jeff hadn't stopped me. | 0:29:38 | 0:29:42 | |
So did Jeff manage to keep you to that £20-£22,000 budget? | 0:29:42 | 0:29:46 | |
We ended up spending between 28 and 30,000, we think. | 0:29:46 | 0:29:50 | |
But we had to get the roof done | 0:29:50 | 0:29:52 | |
which we didn't know how much that was really going to cost | 0:29:52 | 0:29:56 | |
until they came and did it. | 0:29:56 | 0:29:58 | |
And then we had to take the ceilings down upstairs and redo the ceilings, | 0:29:58 | 0:30:02 | |
and that was an additional cost we hadn't anticipated. | 0:30:02 | 0:30:05 | |
We called in two local estate agents to give us valuations and opinions | 0:30:07 | 0:30:11 | |
on the restoration job. | 0:30:11 | 0:30:12 | |
I think they've done a really good job. | 0:30:15 | 0:30:17 | |
They've kept it nice and neutral in terms of decoration but they've kept | 0:30:17 | 0:30:21 | |
an awful lot of character, and that's what people are looking for | 0:30:21 | 0:30:24 | |
when they're moving to locations like this. | 0:30:24 | 0:30:26 | |
The buyers have done an excellent job in renovating this cottage | 0:30:26 | 0:30:30 | |
combining contemporary living | 0:30:30 | 0:30:32 | |
yet still retaining its original charm and character. | 0:30:32 | 0:30:35 | |
So that's thumbs up from the agents. | 0:30:36 | 0:30:38 | |
But Di and Jeff have spent a lot on this cottage. | 0:30:38 | 0:30:41 | |
The total investment is now around £156,000. | 0:30:41 | 0:30:45 | |
Would they get their money back if they sold it? | 0:30:45 | 0:30:47 | |
We would probably put it on the market somewhere around the £220,000 | 0:30:51 | 0:30:54 | |
mark and look to achieve somewhere between £200,000 | 0:30:54 | 0:30:58 | |
and the asking price. | 0:30:58 | 0:30:59 | |
If this cottage went on to the open market, | 0:30:59 | 0:31:02 | |
I think it would sell for a figure of around £200,000. | 0:31:02 | 0:31:05 | |
That could mean a potential profit of up to £64,000 | 0:31:06 | 0:31:10 | |
minus taxes and fees, | 0:31:10 | 0:31:12 | |
if they were to crack that top figure. | 0:31:12 | 0:31:14 | |
I feel vindicated because we knew it was a difficult one to price, | 0:31:17 | 0:31:21 | |
but we know the area so we felt confident | 0:31:21 | 0:31:24 | |
we were doing the right thing and, | 0:31:24 | 0:31:25 | |
yeah, we're very happy with those prices. | 0:31:25 | 0:31:27 | |
The rental estimates were between 700 and £750 per calendar month. | 0:31:28 | 0:31:33 | |
The top figure would give the couple a yield just short of 6%. | 0:31:33 | 0:31:37 | |
We've done some research and we felt that that would, hopefully, be where | 0:31:38 | 0:31:43 | |
we'd pitch it for rental, so very happy with that, as well. | 0:31:43 | 0:31:48 | |
The agents valued the holiday let at an average of £600 per week | 0:31:48 | 0:31:52 | |
over the year. If the cottage were let for the whole year, | 0:31:52 | 0:31:55 | |
ambitious as that sounds, it would produce a yield of 20%. | 0:31:55 | 0:31:59 | |
I think that would be what we'd like to achieve so, yeah, | 0:31:59 | 0:32:03 | |
very happy all-round with all of those. | 0:32:03 | 0:32:05 | |
And who wouldn't be? | 0:32:05 | 0:32:06 | |
So have there been any decisions yet on the future use of the property? | 0:32:06 | 0:32:11 | |
We still don't know what we want to do. | 0:32:11 | 0:32:14 | |
We've had a few offers even though we haven't marketed it. | 0:32:14 | 0:32:17 | |
A lot of interest, but we've also fallen in love with it, | 0:32:17 | 0:32:20 | |
which we knew we were going to, | 0:32:20 | 0:32:22 | |
so we still don't know whether to rent it as a holiday let | 0:32:22 | 0:32:25 | |
or sell it. We've got to make a decision. | 0:32:25 | 0:32:27 | |
Dover in Kent is famous for one thing. | 0:32:34 | 0:32:37 | |
You guessed it. | 0:32:37 | 0:32:38 | |
The local port of Dover, which is the nearest port to France, | 0:32:38 | 0:32:41 | |
and the world's busiest by passenger numbers. | 0:32:41 | 0:32:44 | |
No, that's not what it's most famous for. | 0:32:44 | 0:32:47 | |
That would be Dover Castle built by Henry II in 1189. | 0:32:47 | 0:32:53 | |
Still not it? Is it more famous for the beach? | 0:32:53 | 0:32:56 | |
Its range of architecture, perhaps? | 0:32:56 | 0:32:59 | |
Well, I can't think of anything else it's famous for. | 0:32:59 | 0:33:02 | |
# There'll be bluebirds over | 0:33:02 | 0:33:08 | |
# The white cliffs of Dover... # | 0:33:08 | 0:33:13 | |
Ah, yes, that would be it, then. | 0:33:13 | 0:33:17 | |
So what's up for auction in this sunny seaside town? | 0:33:17 | 0:33:19 | |
Well, it's a slightly unusual listing. | 0:33:19 | 0:33:22 | |
It's a two-bed maisonette on the upper floor, | 0:33:22 | 0:33:25 | |
but this lot comes with its very own shop, too. | 0:33:25 | 0:33:29 | |
So, for a guide price of £90-£95,000, | 0:33:29 | 0:33:32 | |
you get the flat up there and the lease for what appears to be a | 0:33:32 | 0:33:36 | |
successful little business down here. | 0:33:36 | 0:33:39 | |
Now, which door do I go in first? | 0:33:39 | 0:33:42 | |
Yep, to the first flat, which you gain the freehold of, | 0:33:45 | 0:33:48 | |
should you buy it. | 0:33:48 | 0:33:50 | |
It's worth remembering that flats above shops are often difficult | 0:33:50 | 0:33:53 | |
to mortgage, so rather than getting two properties, | 0:33:53 | 0:33:56 | |
you might just get a financial headache. | 0:33:56 | 0:33:58 | |
So let's have a look around and see what you do get. | 0:34:00 | 0:34:02 | |
So this is the living accommodation above the shop. | 0:34:02 | 0:34:05 | |
Now, it's a maisonette, which means it's split level, | 0:34:05 | 0:34:07 | |
it's on two floors. | 0:34:07 | 0:34:09 | |
You've got your sleeping accommodation upstairs. | 0:34:09 | 0:34:11 | |
The kitchen area here, the high street just out there. | 0:34:11 | 0:34:15 | |
And, actually, because of this double glazing, it's not too noisy. | 0:34:15 | 0:34:19 | |
But it could do with a bit of a refurb. | 0:34:19 | 0:34:21 | |
Possibly a new kitchen, a lick of paint, some new lino, | 0:34:21 | 0:34:25 | |
not sure about these textured walls, | 0:34:25 | 0:34:28 | |
so it does need a bit of a spruce, some new carpets, perhaps. | 0:34:28 | 0:34:31 | |
But what you do have are some really nice views of Dover. | 0:34:31 | 0:34:34 | |
Have a look at this. | 0:34:34 | 0:34:36 | |
Yes, spectacular views, I'm sure you'll agree. | 0:34:39 | 0:34:42 | |
But mind your step, as this roof is in poor condition | 0:34:42 | 0:34:45 | |
and unlikely to pass current safety regulations. | 0:34:45 | 0:34:48 | |
The condition upstairs is much the same as the downstairs. | 0:34:49 | 0:34:52 | |
A new bathroom suite and some modern decor wouldn't go amiss | 0:34:52 | 0:34:55 | |
in the flat's two bedrooms. | 0:34:55 | 0:34:57 | |
The other thing you are taking on with this lot | 0:34:59 | 0:35:02 | |
is the lease of a gaming shop downstairs, | 0:35:02 | 0:35:04 | |
with good outdoor space and good facilities | 0:35:04 | 0:35:07 | |
and proportions in the shop itself. | 0:35:07 | 0:35:10 | |
It's currently bringing in around £3,500 in rent, but the commercial | 0:35:10 | 0:35:15 | |
sector isn't exactly healthy right now, | 0:35:15 | 0:35:17 | |
so taking it on could be a bit of a gamble. | 0:35:17 | 0:35:21 | |
So when it comes to commercial property, well, | 0:35:21 | 0:35:24 | |
that is a whole different affair, | 0:35:24 | 0:35:26 | |
with an average of 16 shops closing a day. | 0:35:26 | 0:35:29 | |
The number of retail premises that remained empty in 2014 | 0:35:29 | 0:35:33 | |
almost tripled to 987, | 0:35:33 | 0:35:36 | |
so having an established, successful trader already in place | 0:35:36 | 0:35:41 | |
and wanting to stay here, well, for commercial property, | 0:35:41 | 0:35:45 | |
that could make this only part-vacant lot | 0:35:45 | 0:35:48 | |
something to really celebrate. | 0:35:48 | 0:35:50 | |
MUSIC: Board Game by Collapsed Lung | 0:35:50 | 0:35:58 | |
Because of the shop's income, | 0:36:02 | 0:36:03 | |
it opens up plenty of possibilities with the flat. | 0:36:03 | 0:36:06 | |
We invited a local property expert along to ask him what he would do | 0:36:09 | 0:36:12 | |
with the property. | 0:36:12 | 0:36:14 | |
For long-term investment, | 0:36:18 | 0:36:19 | |
I would keep both the properties let and benefit from the dual income. | 0:36:19 | 0:36:24 | |
Get the flat renovated and a tenant in it. | 0:36:24 | 0:36:26 | |
Before buying a property like this | 0:36:26 | 0:36:29 | |
with an existing tenant in a place, | 0:36:29 | 0:36:31 | |
it's always worth making enquiries | 0:36:31 | 0:36:34 | |
on the status of the tenancy, | 0:36:34 | 0:36:37 | |
the rent history and that there's been no breaches of the agreement. | 0:36:37 | 0:36:40 | |
The agent thinks that you can spend a maximum of 10 grand here, | 0:36:40 | 0:36:45 | |
so your total outlay including the top guide price would be £105,000. | 0:36:45 | 0:36:50 | |
What kind of return could we get for that? | 0:36:50 | 0:36:53 | |
With the building fully let, | 0:36:53 | 0:36:54 | |
the income potential here is something of the order of 800, | 0:36:54 | 0:36:58 | |
£850 per calendar month. | 0:36:58 | 0:37:00 | |
At £850 per calendar month, that could be a 10% yield, | 0:37:01 | 0:37:06 | |
or would you be better off selling the flat and | 0:37:06 | 0:37:08 | |
shop lease? | 0:37:08 | 0:37:11 | |
Presuming it's fully let, | 0:37:11 | 0:37:12 | |
then the value is going to be about £100,000. | 0:37:12 | 0:37:15 | |
Based on the figures so far, | 0:37:17 | 0:37:18 | |
there's not much, if any, room for profit. | 0:37:18 | 0:37:20 | |
You're going to need all your pieces in the right place | 0:37:20 | 0:37:23 | |
to make this one work. | 0:37:23 | 0:37:25 | |
This certainly isn't a simple project for a novice developer, | 0:37:31 | 0:37:34 | |
with the residential flat upstairs | 0:37:34 | 0:37:36 | |
and this commercial property down here, | 0:37:36 | 0:37:39 | |
plus, you've got an ongoing lease. | 0:37:39 | 0:37:41 | |
Well, there's certainly a lot to get your head around here | 0:37:41 | 0:37:43 | |
and if you want to make a profit on this, well, | 0:37:43 | 0:37:46 | |
you'll really need to know what you're doing. | 0:37:46 | 0:37:48 | |
So, who was up for the challenge and wanted to play with this property | 0:37:48 | 0:37:52 | |
when it went under the hammer? | 0:37:52 | 0:37:54 | |
Right, lot 16. | 0:38:00 | 0:38:02 | |
Good little lot here. | 0:38:02 | 0:38:04 | |
Start wherever you like. | 0:38:04 | 0:38:05 | |
£90,000, perhaps. | 0:38:05 | 0:38:07 | |
So you've got the shop and a vacant maisonette above, | 0:38:07 | 0:38:09 | |
and I'm looking for £90,000. | 0:38:09 | 0:38:12 | |
Give me 80, then. | 0:38:12 | 0:38:13 | |
It's in Dover. £80,000. | 0:38:13 | 0:38:15 | |
£80,000, I've got. | 0:38:15 | 0:38:17 | |
£80,000. | 0:38:17 | 0:38:18 | |
And five now, can I say? | 0:38:18 | 0:38:20 | |
85, do I see? | 0:38:20 | 0:38:22 | |
85 bid, I have. | 0:38:22 | 0:38:23 | |
£90,000 is against you. | 0:38:23 | 0:38:25 | |
At £90,000 bid. | 0:38:25 | 0:38:26 | |
95 now, if you like. | 0:38:26 | 0:38:28 | |
95 do, I see? | 0:38:28 | 0:38:29 | |
At 95, do I see? | 0:38:29 | 0:38:31 | |
At £90,000, second row back. | 0:38:31 | 0:38:33 | |
95 I'm looking for. | 0:38:33 | 0:38:34 | |
It's here to be sold at £90,000. | 0:38:34 | 0:38:37 | |
For the first time, then, at £90,000. | 0:38:37 | 0:38:40 | |
In the second row back, for the second time at £90,000, | 0:38:40 | 0:38:45 | |
third and final time at £90,000, are we all done and happy? | 0:38:45 | 0:38:48 | |
All done? Yours at 90,000. | 0:38:48 | 0:38:50 | |
Well, sir, you certainly beat everyone on that, didn't you? | 0:38:50 | 0:38:53 | |
A bid at the low end of the guide price of £90,000 was enough for the | 0:38:53 | 0:38:56 | |
business partnership of Mike and Andrea to secure the properties. | 0:38:56 | 0:39:00 | |
Andrea is a personal trainer, while Mike is semi-retired, | 0:39:02 | 0:39:05 | |
running an estate agency in London. | 0:39:05 | 0:39:08 | |
This was their first auction purchase. | 0:39:08 | 0:39:10 | |
So what was their plan? | 0:39:10 | 0:39:12 | |
Mike and Andrea, congratulations, lovely to meet you both. | 0:39:12 | 0:39:14 | |
-And yourself. -Nice to meet you. -So, I want to know, what was the interest? | 0:39:14 | 0:39:17 | |
Why did you want to buy this? | 0:39:17 | 0:39:19 | |
It's a nice, spacious flat, reasonably clean, | 0:39:19 | 0:39:22 | |
doesn't require too much work. | 0:39:22 | 0:39:24 | |
Well, it requires all the fun work, which is putting in new kitchens, | 0:39:24 | 0:39:27 | |
new bathrooms where you can. | 0:39:27 | 0:39:28 | |
Me and Andrea are going to help to get things like that done, | 0:39:28 | 0:39:31 | |
and very much so. The shop came with it, but the shop pays some rent | 0:39:31 | 0:39:36 | |
so there is some sort of income coming in | 0:39:36 | 0:39:39 | |
and we just felt that as a package, if it went for the right price, | 0:39:39 | 0:39:43 | |
it was worth paying. | 0:39:43 | 0:39:44 | |
So you've obviously got the shop with the tenant in situ now. | 0:39:44 | 0:39:47 | |
So are you happy to keep the shop as it is downstairs | 0:39:47 | 0:39:50 | |
and keep the tenant? | 0:39:50 | 0:39:51 | |
We're not sure. We'll... | 0:39:51 | 0:39:53 | |
We know that we want to do up the flat and either sell it or let it. | 0:39:53 | 0:39:58 | |
More likely sell it, if we can get the right price. | 0:39:58 | 0:40:00 | |
Once we've done that, | 0:40:00 | 0:40:02 | |
we will then look at whether or not | 0:40:02 | 0:40:04 | |
we should sell on the shop down below to somebody | 0:40:04 | 0:40:06 | |
who is more interested in commercial or whether to keep it as | 0:40:06 | 0:40:09 | |
a small investment. | 0:40:09 | 0:40:10 | |
So the dice can keep rolling in the shop for now as Mike and Andrea want | 0:40:12 | 0:40:16 | |
to make their money on the flat, be that through selling or renting. | 0:40:16 | 0:40:20 | |
What are you going to do to try and turn this flat around? | 0:40:22 | 0:40:24 | |
Because it is incredibly dated. | 0:40:24 | 0:40:26 | |
Well, obviously, in the first place, | 0:40:26 | 0:40:28 | |
we were thinking to change the kitchen, | 0:40:28 | 0:40:31 | |
change the bathrooms, | 0:40:31 | 0:40:34 | |
but in the end, we will do minimum work. | 0:40:34 | 0:40:37 | |
Originally, we were going to do the whole lot, | 0:40:37 | 0:40:39 | |
and we have a budget of about 14,000, something like that, | 0:40:39 | 0:40:42 | |
in order to do everything and lovely new kitchens. | 0:40:42 | 0:40:44 | |
But we've spoken to a couple of local agents since we bought it and | 0:40:44 | 0:40:48 | |
they've more or less said, yes, that would add maybe 15,000 to the value. | 0:40:48 | 0:40:52 | |
But you're spending 12, 14, 15,000 in order to do it. | 0:40:52 | 0:40:57 | |
We're looking at almost three options. | 0:40:57 | 0:40:58 | |
One is luxe, do the whole lot, make it a beautiful flat, | 0:40:58 | 0:41:02 | |
and we could do that within the budget that we planned | 0:41:02 | 0:41:04 | |
from the very beginning, and that was where we were starting. | 0:41:04 | 0:41:07 | |
The second is to do a reasonable amount, | 0:41:07 | 0:41:10 | |
to make it look a lot cleaner and nicer. | 0:41:10 | 0:41:12 | |
The third one, though, which was the advice of one or the two agents that | 0:41:12 | 0:41:15 | |
we spoke to, was, in fact, I wouldn't bother to do anything. | 0:41:15 | 0:41:18 | |
They actually felt you could let this as it is. | 0:41:18 | 0:41:20 | |
They actually thought you could sell this as it is | 0:41:20 | 0:41:23 | |
for this market and this area. | 0:41:23 | 0:41:25 | |
Now, I was surprised, but I've got to be tempted to give them a chance | 0:41:25 | 0:41:28 | |
to do that and see if they can do what they've said and if they do | 0:41:28 | 0:41:31 | |
achieve what they said, that would be wonderful news | 0:41:31 | 0:41:34 | |
and if they don't, we do our work. | 0:41:34 | 0:41:36 | |
So is it almost experimental at this stage, isn't it? | 0:41:36 | 0:41:39 | |
You don't quite know what to do. | 0:41:39 | 0:41:40 | |
Well, it's not experimental. | 0:41:40 | 0:41:42 | |
It's incremental. | 0:41:42 | 0:41:44 | |
In other words, if we start off with an agent who comes in and says | 0:41:44 | 0:41:48 | |
we can sell it now for this good price... | 0:41:48 | 0:41:51 | |
-It's gone. -..give them a chance. -Yes. | 0:41:51 | 0:41:52 | |
If after six weeks... | 0:41:52 | 0:41:54 | |
It's going to be a bit boring for us, though, cos when we come back | 0:41:54 | 0:41:56 | |
we're not going to be seeing anything spectacular. | 0:41:56 | 0:41:59 | |
-I'm sorry about that. -I want to know about that! | 0:41:59 | 0:42:01 | |
I know, but equally you will be seeing something of a different | 0:42:01 | 0:42:04 | |
way that you can do it sometimes. | 0:42:04 | 0:42:06 | |
So whatever plan they may choose, | 0:42:06 | 0:42:08 | |
Mike and Andrea plan to fix the flat roof terrace and estimate that it | 0:42:08 | 0:42:12 | |
will cost £2,000, but they have a maximum budget of 15 grand | 0:42:12 | 0:42:16 | |
should they go for the luxe option | 0:42:16 | 0:42:18 | |
and hoping any work won't take any longer than six weeks. | 0:42:18 | 0:42:24 | |
It's a prudent business partnership, | 0:42:24 | 0:42:26 | |
born out of - what's the phrase? - | 0:42:26 | 0:42:28 | |
a conscience uncoupling. | 0:42:28 | 0:42:30 | |
Well, we'd reached the end of marriage, I suppose, | 0:42:32 | 0:42:34 | |
at the very best way of putting it, but still good friends. | 0:42:34 | 0:42:37 | |
We had to sell the property in order to split the money up, | 0:42:37 | 0:42:39 | |
as you have to do at the end of a marriage, | 0:42:39 | 0:42:42 | |
and we did that together and we did up a property in London, | 0:42:42 | 0:42:46 | |
which was the one that we had as a home, and we enjoyed doing it | 0:42:46 | 0:42:49 | |
and we felt it went well. | 0:42:49 | 0:42:51 | |
We felt that the product that we sold at the end | 0:42:51 | 0:42:53 | |
was really very nice. | 0:42:53 | 0:42:55 | |
Why not see if we can do that again as a business? | 0:42:55 | 0:42:57 | |
-So you're working together as a business now? -Yes. -Yes. | 0:42:57 | 0:42:59 | |
And obviously you're both doing very well and enjoying it. | 0:42:59 | 0:43:02 | |
Well, we'll see...what's going to happen after this. | 0:43:02 | 0:43:05 | |
-This is your first investment together unmarried? -Yes. -Yes. | 0:43:05 | 0:43:08 | |
And you've both agreed so far | 0:43:08 | 0:43:09 | |
that this is the right investment for you? | 0:43:09 | 0:43:11 | |
We both agreed it looked the right investment. | 0:43:11 | 0:43:14 | |
We'll know if it was the right investment in a few months' time. | 0:43:14 | 0:43:16 | |
-When we come back and see, we'll find out. -That's right. -That's right. | 0:43:16 | 0:43:19 | |
Guys, this is such an interesting lot. What will you do here? | 0:43:19 | 0:43:22 | |
It'll be good to see when we come back. Thank you so much. | 0:43:22 | 0:43:24 | |
Great meeting you, Mike. Andrea, thank you. | 0:43:24 | 0:43:26 | |
-Nice to meet you. -Good luck. -Nice to meet you, too. | 0:43:26 | 0:43:29 | |
Well, this unusual lot has been bought by an unusual couple. | 0:43:29 | 0:43:34 | |
But Mike and Andrea have made a way to make their separation work | 0:43:34 | 0:43:37 | |
and they still enjoy working together, | 0:43:37 | 0:43:40 | |
so I suspect they will make this property work, too, | 0:43:40 | 0:43:43 | |
but which option will they go with? | 0:43:43 | 0:43:46 | |
Join me later in the programme and you can find out. | 0:43:46 | 0:43:49 | |
Well, that's one of our buyers sorted. | 0:43:52 | 0:43:54 | |
We still have two more to come. | 0:43:54 | 0:43:56 | |
Yes, stick with us to see if everything went to plan. | 0:43:56 | 0:43:59 | |
Yeah, and if it didn't, did they still make a profit? | 0:43:59 | 0:44:01 | |
Earlier in the show, I was in Chell, | 0:44:06 | 0:44:09 | |
a Staffordshire suburb of Stoke-on-Trent, | 0:44:09 | 0:44:11 | |
and this end-terrace two-bed was guided at £49,000 plus. | 0:44:11 | 0:44:16 | |
Dated decor betrayed the house's age, | 0:44:18 | 0:44:21 | |
but it had clearly been loved, with only a few problems. | 0:44:21 | 0:44:25 | |
The only issues I've seen so far is that little bit of damp and mould | 0:44:27 | 0:44:31 | |
and that crack, but that is it. | 0:44:31 | 0:44:33 | |
Lick of paint, new carpets, brand-new kitchen, | 0:44:33 | 0:44:36 | |
you'd be sorted down here. | 0:44:36 | 0:44:38 | |
# You wear it well | 0:44:38 | 0:44:41 | |
# Little old-fashioned, but that's all right. # | 0:44:41 | 0:44:45 | |
Eager to get this house a new lease of life was Alison, | 0:44:48 | 0:44:51 | |
who purchased the house for £63,000 with her partner Steve. | 0:44:51 | 0:44:55 | |
Alison had only seen the property through the window | 0:44:57 | 0:45:00 | |
before she made her bid for it, but I reckon she was lucky. | 0:45:00 | 0:45:03 | |
This house wasn't money down the drain, | 0:45:04 | 0:45:07 | |
which is just as well, as this is part of Alison's pension plan. | 0:45:07 | 0:45:11 | |
I'm getting to an age where I've got to think about retirement one day. | 0:45:17 | 0:45:20 | |
-No, no, no. -I am, yes. -Cut, I'm not accepting that! | 0:45:20 | 0:45:23 | |
Yep, so I just thought it's something there to boost my pension. | 0:45:23 | 0:45:27 | |
Is this the first of many, then? | 0:45:27 | 0:45:29 | |
-It could be. -Is that what you're hoping? | 0:45:29 | 0:45:31 | |
It depends on how it goes. | 0:45:31 | 0:45:33 | |
Time to find out if it has been a success, then. | 0:45:35 | 0:45:37 | |
Six months later, we are back. | 0:45:37 | 0:45:39 | |
The outside has had some work, | 0:45:43 | 0:45:44 | |
with the driveway being re-laid and some security lights fitted. | 0:45:44 | 0:45:49 | |
What about the inside? | 0:45:49 | 0:45:50 | |
Well, the living room is more neutral | 0:45:52 | 0:45:54 | |
and the dated fireplace has gone. | 0:45:54 | 0:45:56 | |
I seem to recall Alison was not keen on the wooded wallpaper. | 0:45:58 | 0:46:01 | |
Upstairs, there is a bigger bathroom, | 0:46:07 | 0:46:09 | |
thanks to the removal of the water tank | 0:46:09 | 0:46:12 | |
and the bedrooms have been replastered, | 0:46:12 | 0:46:15 | |
plus no more dated carpet. | 0:46:15 | 0:46:17 | |
Thankfully, there is new flooring throughout. | 0:46:17 | 0:46:19 | |
The downstairs bathroom's '50s feel has been flushed away. | 0:46:22 | 0:46:26 | |
And the highlight for me, | 0:46:26 | 0:46:28 | |
a very bold kitchen, where the colour schemes | 0:46:28 | 0:46:31 | |
would make you green with envy. | 0:46:31 | 0:46:33 | |
Steve is a gas engineer, so I'm sure he's made this kitchen | 0:46:47 | 0:46:50 | |
greener in more ways than one. | 0:46:50 | 0:46:52 | |
So, I've took out the old inefficient boiler that was in the corner, | 0:46:54 | 0:46:58 | |
put in a more modern combi boiler in the downstairs loo. | 0:46:58 | 0:47:01 | |
We've refitted the kitchen totally with new cupboards, | 0:47:01 | 0:47:04 | |
allowed space for a washing machine by the sink and levelled the floor | 0:47:04 | 0:47:08 | |
up, which was totally uneven. | 0:47:08 | 0:47:10 | |
Upgrading the boiler and replacing the heating adds value, | 0:47:12 | 0:47:16 | |
but it also allowed for that bigger bathroom. | 0:47:16 | 0:47:20 | |
We took out the old central heating system that was linked | 0:47:20 | 0:47:23 | |
and they had it standing there, and all the tank work. | 0:47:23 | 0:47:25 | |
So we've revamped that by moving the toilet slightly, tiling it, | 0:47:25 | 0:47:30 | |
fitting a bath with a shower over it, | 0:47:30 | 0:47:32 | |
making the room generally bigger by relocating the door. | 0:47:32 | 0:47:36 | |
Alison and Steve certainly haven't stayed superficial | 0:47:36 | 0:47:39 | |
with this renovation, | 0:47:39 | 0:47:40 | |
with a major rewire and plastering throughout. | 0:47:40 | 0:47:43 | |
That has fixed the problems with the damp | 0:47:44 | 0:47:47 | |
and the cracks which have turned out to be nothing serious. | 0:47:47 | 0:47:50 | |
All seriously skilled trades, though, so who has done the work? | 0:47:50 | 0:47:53 | |
Steve did all the gas and the plumbing work. | 0:47:55 | 0:47:58 | |
I did a lot of taking off the plaster, repainting, | 0:47:58 | 0:48:02 | |
but we did get somebody in qualified to do the electrics | 0:48:02 | 0:48:06 | |
and we did get some help with the labour on re-laying the drive, | 0:48:06 | 0:48:10 | |
but apart from that, we did most of the work ourselves. | 0:48:10 | 0:48:13 | |
How has hiring outside contractors impacted on the eight grand budget? | 0:48:15 | 0:48:19 | |
We have spent closer to 10,000, | 0:48:21 | 0:48:23 | |
but we are quite pleased about that | 0:48:23 | 0:48:26 | |
because everybody sets themselves a budget, but in reality, | 0:48:26 | 0:48:30 | |
you always set it lower than you think. | 0:48:30 | 0:48:32 | |
And it's well within our budget to have done that. | 0:48:32 | 0:48:36 | |
I know all too well, Alison. | 0:48:36 | 0:48:38 | |
They always cost more than you think | 0:48:38 | 0:48:39 | |
and it often takes longer than expected. | 0:48:39 | 0:48:42 | |
Case in point here, with the work taking four months, | 0:48:42 | 0:48:45 | |
rather than the planned three. | 0:48:45 | 0:48:46 | |
Have they learned any other lessons from their first project together? | 0:48:46 | 0:48:50 | |
I think the most important thing to learn is to cost each of the jobs | 0:48:52 | 0:48:57 | |
before you actually do them | 0:48:57 | 0:48:59 | |
and to control what you'd like to do because sometimes what you'd like | 0:48:59 | 0:49:03 | |
to do to a property isn't necessarily going to | 0:49:03 | 0:49:06 | |
make any money, but apart from that, | 0:49:06 | 0:49:08 | |
it's just keeping a level head and not going overboard on things. | 0:49:08 | 0:49:11 | |
Spoken like a seasoned professional, Alison. | 0:49:14 | 0:49:16 | |
The couple are planning to sell their first development, | 0:49:17 | 0:49:19 | |
and that means they'll need the thoughts and valuations | 0:49:19 | 0:49:22 | |
of two local estate agents. | 0:49:22 | 0:49:24 | |
Let's start with the agent that saw it before the renovation. | 0:49:24 | 0:49:27 | |
This is my second visit to the property. | 0:49:30 | 0:49:32 | |
It's been done to a reasonable standard, it's neutral, clean, | 0:49:32 | 0:49:35 | |
fresh all the way through and it's what | 0:49:35 | 0:49:37 | |
you really would expect for this type of property. | 0:49:37 | 0:49:39 | |
I think the selling point of this property is that it's | 0:49:39 | 0:49:42 | |
in a good area, it's in a good commutable location | 0:49:42 | 0:49:45 | |
and it's been done to a very good standard | 0:49:45 | 0:49:47 | |
and it would suit first-time buyers. | 0:49:47 | 0:49:49 | |
Alison and Steve spent a total of £73,000 here. | 0:49:51 | 0:49:55 | |
So can they make a profit for their pension on the sales market? | 0:49:55 | 0:49:58 | |
I would expect this property to achieve somewhere in the region | 0:50:01 | 0:50:03 | |
of £85-£90,000. | 0:50:03 | 0:50:06 | |
I would place the property on the market in the region of £90,000. | 0:50:06 | 0:50:10 | |
The sales figures, we're really quite pleased with. | 0:50:10 | 0:50:13 | |
That's probably a bit more than what we were expecting, | 0:50:13 | 0:50:15 | |
so that's quite nice, isn't it? | 0:50:15 | 0:50:17 | |
Yeah. I'm happy with that cos we had hoped for at least 85, | 0:50:17 | 0:50:20 | |
but if we can squeeze a bit more out of it, | 0:50:20 | 0:50:22 | |
everybody is happy with a bit more pound in the pocket, aren't they? | 0:50:22 | 0:50:26 | |
More pounds in your pocket, indeed, Steve. | 0:50:28 | 0:50:30 | |
At a resale value of £90,000, | 0:50:30 | 0:50:32 | |
you'll need some pretty big pockets, too, | 0:50:32 | 0:50:35 | |
as that gives them a £17,000 profit before usual taxes and expenses. | 0:50:35 | 0:50:39 | |
With this having gone well, are they going to tackle another? | 0:50:41 | 0:50:44 | |
Turn a quick sale on it, get into another property and move forward. | 0:50:47 | 0:50:51 | |
Probably a larger scale if we could but, you know, | 0:50:51 | 0:50:53 | |
you got to get some money in to make that happen. | 0:50:53 | 0:50:56 | |
Ambitious, I like it. And good luck to you both. | 0:50:57 | 0:51:00 | |
We're docking in Dover in Kent, where earlier in the show, | 0:51:09 | 0:51:12 | |
I saw an unusual lot guided at 90 to 95,000. | 0:51:12 | 0:51:17 | |
Half of the lot was a maisonette flat | 0:51:17 | 0:51:19 | |
that needed modernising and work on its roof terrace area. | 0:51:19 | 0:51:22 | |
The other half was the lease for the downstairs shop | 0:51:23 | 0:51:26 | |
that was already tenanted, | 0:51:26 | 0:51:28 | |
so a property of two halves, and it was bought by Andrea and Mike | 0:51:28 | 0:51:32 | |
for bang-on the lower end of the guide price of £90,000. | 0:51:32 | 0:51:36 | |
# I know what you want, you want the better of two halves. # | 0:51:36 | 0:51:45 | |
And talking of halves, these two had been each other's better halves, | 0:51:45 | 0:51:48 | |
having once been married. | 0:51:48 | 0:51:50 | |
However, they actually discovered a joint talent and love for property | 0:51:50 | 0:51:53 | |
development while settling their divorce. | 0:51:53 | 0:51:56 | |
Having bought this flat to do up and sell, after taking advice, | 0:51:56 | 0:52:00 | |
they had to decide on a game plan. | 0:52:00 | 0:52:02 | |
We're looking at almost three options. | 0:52:02 | 0:52:04 | |
One is luxe, do the whole lot, make it a beautiful flat. | 0:52:04 | 0:52:08 | |
The second is to do a reasonable amount to make it look a lot cleaner | 0:52:08 | 0:52:12 | |
and nicer. The third one, though, | 0:52:12 | 0:52:14 | |
which was the advice of one or two of the agents that we spoke to was, | 0:52:14 | 0:52:17 | |
in fact, I wouldn't bother to do anything. | 0:52:17 | 0:52:19 | |
They actually felt you could let this as it is. | 0:52:19 | 0:52:21 | |
They actually thought you could sell this as it is for this market | 0:52:21 | 0:52:24 | |
and this area. If after six weeks... | 0:52:24 | 0:52:26 | |
It's going to be a bit boring for us, though, cos when we come back, | 0:52:26 | 0:52:29 | |
-we're not going to be seeing anything spectacular. -I'm sorry about that. | 0:52:29 | 0:52:32 | |
-I want to know about that. -I know, but, equally, | 0:52:32 | 0:52:34 | |
you will be seeing something of a different way that | 0:52:34 | 0:52:36 | |
you can do it sometimes. | 0:52:36 | 0:52:38 | |
So, would we see a very different way of doing things? | 0:52:38 | 0:52:41 | |
Nine months on, way over their six- to eight-week timescale, | 0:52:41 | 0:52:45 | |
we're back, and I would like to see option number one, the full refurb. | 0:52:45 | 0:52:50 | |
Don't break my heart, Mike and Andrea. | 0:52:50 | 0:52:54 | |
# I should have known from the start... # | 0:52:54 | 0:52:58 | |
I had a feeling at the beginning that it would be minimal work, | 0:52:58 | 0:53:02 | |
and the couple's only major undertaking had been to repair | 0:53:02 | 0:53:05 | |
the roof terrace. | 0:53:05 | 0:53:06 | |
Worse still, the games shop downstairs has gone. | 0:53:06 | 0:53:09 | |
# Quit playing games with my heart. # | 0:53:16 | 0:53:20 | |
With Andrea busy with work, it falls to Mike to explain what's happened. | 0:53:20 | 0:53:25 | |
All we've really done is to look at the balcony outside, which is a nice | 0:53:29 | 0:53:34 | |
large open area, we've put some balustrades in around there, | 0:53:34 | 0:53:37 | |
we've improved the surface there | 0:53:37 | 0:53:39 | |
so it doesn't leak into the shop down below. | 0:53:39 | 0:53:41 | |
Beyond that, we've made sure that the boiler's safe, | 0:53:41 | 0:53:44 | |
made sure the electrics are safe. | 0:53:44 | 0:53:45 | |
But it's been small things like that. | 0:53:45 | 0:53:47 | |
Unfortunately, as far as the shop's concerned, the tenant had to leave. | 0:53:47 | 0:53:51 | |
She was a lovely tenant to have. | 0:53:52 | 0:53:54 | |
We were really sorry to lose her, | 0:53:54 | 0:53:56 | |
but for personal reasons and to her business, | 0:53:56 | 0:53:58 | |
she had to give notice, so the shop is, at the moment, empty. | 0:53:58 | 0:54:01 | |
So why did they opt to do only the minimum work? | 0:54:04 | 0:54:07 | |
Well, we really wanted to renovate the maisonette at the beginning | 0:54:09 | 0:54:12 | |
partly because we thought it would improve the value | 0:54:12 | 0:54:14 | |
and partly cos, again, it would be part of us doing the part of the job | 0:54:14 | 0:54:18 | |
we love which is actually refurbishing and getting it right. | 0:54:18 | 0:54:21 | |
But the advice we got from almost every local agent was it would not | 0:54:21 | 0:54:25 | |
increase the value of the flat by the amount of money we spent. | 0:54:25 | 0:54:29 | |
And there is no point in doing extra work in order to make less money. | 0:54:29 | 0:54:32 | |
I agree, Mike. I have a motto. | 0:54:34 | 0:54:36 | |
Don't just speculate to accumulate, | 0:54:36 | 0:54:38 | |
speculate where appropriate. | 0:54:38 | 0:54:40 | |
It must be true because it rhymes and everything, doesn't it? | 0:54:40 | 0:54:43 | |
No. OK, their budget was £15,000 for the full works and two grand for | 0:54:43 | 0:54:48 | |
just the roof, so what did they spend in the end? | 0:54:48 | 0:54:52 | |
Now, THAT rhymes. | 0:54:52 | 0:54:53 | |
Our total refurbishment budget, if we can call it refurbishment, | 0:54:55 | 0:54:58 | |
has come in at about 2,900, £3,000. | 0:54:58 | 0:55:02 | |
But why has it taken nine months to get to this point? | 0:55:03 | 0:55:06 | |
Well, the works were done within the six to eight weeks | 0:55:08 | 0:55:10 | |
that we were talking about, then we spoke to the local agents. | 0:55:10 | 0:55:14 | |
Basically, we've been reducing the price | 0:55:14 | 0:55:16 | |
until we got back down to a more realistic price, which is about now. | 0:55:16 | 0:55:20 | |
So, six to eight weeks to do the work and seven months on the market, | 0:55:22 | 0:55:26 | |
but I'm pleased to say there is a happy end to the story. | 0:55:26 | 0:55:29 | |
And we've actually ended up finding | 0:55:32 | 0:55:34 | |
a buyer for both the shop and the flat together for 119,000. | 0:55:34 | 0:55:38 | |
And we're fairly happy with that. | 0:55:38 | 0:55:40 | |
£119,000 would give Mike and Andrea | 0:55:44 | 0:55:48 | |
a £26,000 pre-tax profit against their total £93,000 spend. | 0:55:48 | 0:55:54 | |
Time to ask two local estate agents if there was more they could | 0:55:54 | 0:55:58 | |
have done to increase the price. | 0:55:58 | 0:55:59 | |
My first impressions are it's very spacious, | 0:56:04 | 0:56:07 | |
it's got a lot of potential. | 0:56:07 | 0:56:08 | |
If I were putting the property on the market, | 0:56:08 | 0:56:11 | |
I would suggest to neutralise upstairs | 0:56:11 | 0:56:12 | |
because I think that is beneficial to any prospective purchaser. | 0:56:12 | 0:56:16 | |
Selling the property as a whole is the best solution. | 0:56:16 | 0:56:21 | |
For example, if we did | 0:56:21 | 0:56:22 | |
sell the flat on its own, | 0:56:22 | 0:56:24 | |
I believe the mortgage company might have problems with lending, | 0:56:24 | 0:56:28 | |
and that's due to the nature of the unknown factor | 0:56:28 | 0:56:30 | |
of what that shop could be. | 0:56:30 | 0:56:32 | |
Top tips, but is £119,000 the right price? | 0:56:33 | 0:56:38 | |
Is there room for more profit? | 0:56:38 | 0:56:40 | |
Is there more profit possible against that £93,000 spent? | 0:56:40 | 0:56:45 | |
I believe the figure that we could sell the whole property on for | 0:56:47 | 0:56:50 | |
would be around about £125,000. | 0:56:50 | 0:56:53 | |
If this whole property was put on the open market, | 0:56:53 | 0:56:55 | |
I would be expecting to achieve | 0:56:55 | 0:56:58 | |
between 125,000 and £130,000. | 0:56:58 | 0:57:01 | |
That sounds reasonably realistic. | 0:57:01 | 0:57:04 | |
We had advice to put it on for more. | 0:57:04 | 0:57:06 | |
We had an offer for the maisonette on its own for 80,000. | 0:57:06 | 0:57:10 | |
But we've decided to proceed with an offer | 0:57:10 | 0:57:12 | |
for the whole property instead. | 0:57:12 | 0:57:14 | |
£130,000 would be a 37 grand profit before the usual taxes and expenses. | 0:57:15 | 0:57:22 | |
Maybe they could achieve that by following the estate agent tips. | 0:57:22 | 0:57:26 | |
But Mike and Andrea are keen to complete the deal | 0:57:26 | 0:57:29 | |
and move on to another property | 0:57:29 | 0:57:31 | |
they can really get their teeth into. | 0:57:31 | 0:57:33 | |
Unfortunately, Andrea can't be here today because she's working, but if | 0:57:37 | 0:57:41 | |
she was here, I think she'd say that she is happy with the way | 0:57:41 | 0:57:44 | |
that things have gone generally, but we hope that the next one we buy, | 0:57:44 | 0:57:47 | |
she can put more of her own stamp on it | 0:57:47 | 0:57:50 | |
in terms of the renovation work, etc. | 0:57:50 | 0:57:53 | |
Well, no matter how simple things seem at the outset, | 0:57:57 | 0:58:00 | |
there can be problems when you get into property. | 0:58:00 | 0:58:03 | |
Ah, yes, you've got to be prepared for the things | 0:58:03 | 0:58:05 | |
you didn't see coming. | 0:58:05 | 0:58:06 | |
Yes, so for more tales of the unexpected, | 0:58:06 | 0:58:08 | |
join us here again for more Homes Under The Hammer. | 0:58:08 | 0:58:11 | |
-Goodbye. -Goodbye. -Goodbye. | 0:58:11 | 0:58:13 |