0:00:02 > 0:00:04Hello and welcome to the programme. All over the country,
0:00:04 > 0:00:08people are looking for places to live in, to rent and to sell on.
0:00:08 > 0:00:11But finding the right property for the right price -
0:00:11 > 0:00:12well, that's what it's all about.
0:00:12 > 0:00:15Yeah, a great place to start is your local property auction.
0:00:40 > 0:00:43Whether a buyer takes on a semidetached house
0:00:43 > 0:00:46or a plot of land, there's always going to be challenges.
0:00:46 > 0:00:50Yes, time is money and money and time can run out pretty quickly.
0:00:50 > 0:00:54Yeah, so let's see what's in store for our buyers on today's show.
0:00:55 > 0:00:58Coming up, I see a beautiful Leicestershire bungalow
0:00:58 > 0:01:00rise out of the quagmire.
0:01:00 > 0:01:04It's just mud and it's a good job I had my wellies in the car.
0:01:05 > 0:01:09Will this three-bed mid-terrace in Chesterton, Staffordshire,
0:01:09 > 0:01:11allow me to access all areas?
0:01:12 > 0:01:14HE HAMMERS ON THE DOOR
0:01:15 > 0:01:18And this three-bedroom '30s semi in Thornton Heath, Surrey,
0:01:18 > 0:01:22puts me through my paces in the back garden.
0:01:22 > 0:01:25That's what you call a garden - a long one at that!
0:01:27 > 0:01:29All these properties have been sold at auction
0:01:29 > 0:01:32and we'll find out who bought them and what they paid for them
0:01:32 > 0:01:35when they went under the hammer.
0:01:39 > 0:01:43Ratby is a beautiful village on the outskirts of Leicester.
0:01:43 > 0:01:46Traditionally, it's a farming village but, in recent years,
0:01:46 > 0:01:49Ratby's become a very popular place for commuters,
0:01:49 > 0:01:53as it's less than six miles from Leicester city centre.
0:01:55 > 0:01:58On the outskirts of my home town, in this lovely village,
0:01:58 > 0:02:01with some really pretty houses, is the lot I'm here to see.
0:02:01 > 0:02:03It's not a house, it's a plot of land.
0:02:03 > 0:02:08It had a guide price of £125,000 and it's down this driveway.
0:02:08 > 0:02:09Let's have a look.
0:02:09 > 0:02:13# Mud, mud, glorious mud
0:02:13 > 0:02:17# Nothing quite like it for cooling the blood
0:02:17 > 0:02:19# So follow me, follow
0:02:19 > 0:02:22# Down to the hollow
0:02:22 > 0:02:27# And there let us wallow in glorious mud... #
0:02:27 > 0:02:32Set back off the main road, down a long driveway,
0:02:32 > 0:02:36it's just mud and it's a good job I had my wellies in the car,
0:02:36 > 0:02:38so I can wade through all this mess.
0:02:38 > 0:02:41But what I can tell you about this plot of land is
0:02:41 > 0:02:45there's plans in place for three separate properties already -
0:02:45 > 0:02:49two two-beds, which are going to be situated in that area,
0:02:49 > 0:02:52and a four-bed, separately, over there as well.
0:02:52 > 0:02:56Lots of off-street parking. It's bigger than I thought it was.
0:02:56 > 0:03:00But, subject to planning, of course, and your choice,
0:03:00 > 0:03:04you could put four townhouses in a row across that back fence.
0:03:04 > 0:03:06There's enough space, as well,
0:03:06 > 0:03:09to have your two semidetached properties over there.
0:03:09 > 0:03:13I think you could be onto a winner and a bit of a money-spinner,
0:03:13 > 0:03:14if that's what you're thinking.
0:03:17 > 0:03:20We called in an auction house expert to get some insight
0:03:20 > 0:03:24into the village and valuations of the planned properties.
0:03:24 > 0:03:27Bet he wished he'd worn his wellies like me.
0:03:27 > 0:03:29Ratby's a really nice village.
0:03:29 > 0:03:31It's located on the north side of Leicester,
0:03:31 > 0:03:34about five miles from the city centre.
0:03:34 > 0:03:36Real nice community feel to the village,
0:03:36 > 0:03:39a couple of nice little pubs, good local primary school,
0:03:39 > 0:03:42and close to the motorway network, so really good for commuting.
0:03:42 > 0:03:44It all sounds idyllic.
0:03:44 > 0:03:47So, what if you were to stick to the current outline plan
0:03:47 > 0:03:51for two two-bed semis and a four-bed detached house?
0:03:51 > 0:03:53What would they be worth?
0:03:53 > 0:03:56I feel the two-bedroom semidetached properties would be worth
0:03:56 > 0:03:58in the region of £145,000 each
0:03:58 > 0:04:01and the larger four-bedroom detached property would have a value
0:04:01 > 0:04:04in the region of £275,000 to £300,000.
0:04:05 > 0:04:07If you were to get the site
0:04:07 > 0:04:10for anything like the £120,000 guide price,
0:04:10 > 0:04:12even if you take into account building costs,
0:04:12 > 0:04:15there's still room for a good profit here,
0:04:15 > 0:04:19as those sale prices total nearly £600,000.
0:04:19 > 0:04:20And there's more.
0:04:22 > 0:04:24If this plot of land isn't big enough for you,
0:04:24 > 0:04:27you actually get an additional plot, a smaller plot,
0:04:27 > 0:04:29a few metres that way.
0:04:29 > 0:04:31There's no access to it at present,
0:04:31 > 0:04:34but if you're nice to your neighbours, that could all change
0:04:34 > 0:04:38and does give this venture and this site so much more potential.
0:04:38 > 0:04:41Let's see who's ready to wade in, feet first, at auction.
0:04:41 > 0:04:45Lot number 5. 120, excellent prospect.
0:04:45 > 0:04:47115, I've got, thank you.
0:04:47 > 0:04:49At £115,000.
0:04:49 > 0:04:51116 is bid here. 116.
0:04:51 > 0:04:54117 I've got. 118.
0:04:54 > 0:04:57At 118,000. 119.
0:04:57 > 0:04:58120.
0:04:58 > 0:05:00It's a slow start but, once they begin,
0:05:00 > 0:05:06the bids come in thick and fast. We rejoin the bidding at £138,000.
0:05:06 > 0:05:10Against you at the back, £138,000.
0:05:10 > 0:05:12Half. 138.5.
0:05:12 > 0:05:15139. 139.5?
0:05:16 > 0:05:21No? £139,000 here. One more quickly?
0:05:21 > 0:05:23For the first time at 139.
0:05:23 > 0:05:27For the second time at 139. Third opportunity, we're selling it.
0:05:27 > 0:05:30£139,000.
0:05:30 > 0:05:31GAVEL COMES DOWN
0:05:31 > 0:05:33Sold at 139, thank you.
0:05:33 > 0:05:36Although our cameras couldn't catch him at the auction,
0:05:36 > 0:05:39the successful bid was made by Colin.
0:05:40 > 0:05:45At £139,000, he bought the plot for himself and his wife, Sue.
0:05:45 > 0:05:48They've lived in Ratby for many years
0:05:48 > 0:05:50and have close family ties here.
0:05:50 > 0:05:52We met to discuss their intentions.
0:05:52 > 0:05:55- Colin, nice to meet you.- Morning, Dion.- Sue, nice to meet you.
0:05:55 > 0:05:57- Nice to meet you. - Congratulations.- Thank you.
0:05:57 > 0:06:00Nice to be back home, in Ratby. I recognise the accent.
0:06:00 > 0:06:02It's like going home to see the family.
0:06:02 > 0:06:06- Tell us about the auction first and foremost.- It was frightening.
0:06:06 > 0:06:09The first auction I've bid on for myself.
0:06:09 > 0:06:12We'd actually offered more before the auction
0:06:12 > 0:06:15- than we got it for at the auction. - Really? You offered more for this?
0:06:15 > 0:06:19Yeah, we offered direct and they said no.
0:06:19 > 0:06:22And we couldn't go to what he wanted, so went to the auction.
0:06:22 > 0:06:23Yeah, we're over the moon.
0:06:23 > 0:06:27So, tell us why, particularly, this piece of land and this area.
0:06:27 > 0:06:30I was born here and my husband, when we first met, loved it here,
0:06:30 > 0:06:33so we always wanted to live here anyway.
0:06:33 > 0:06:36And because we've sold our house in Ratby,
0:06:36 > 0:06:40we desperately wanted to stop here, so we thought,
0:06:40 > 0:06:43"How about building our own? It's our dream."
0:06:43 > 0:06:48# I have a dream... #
0:06:49 > 0:06:53The house Colin and Sue sold was a seven-bedroom Georgian mansion.
0:06:53 > 0:06:57Part of the dream is to give some capital from the sale of the house
0:06:57 > 0:06:59to the children to extend their houses.
0:06:59 > 0:07:01By staying in Ratby,
0:07:01 > 0:07:04they hope to be able to spend a lot more time with the grandkids.
0:07:06 > 0:07:11- This apparently used to be the brickworks years ago...- OK.
0:07:12 > 0:07:14..but we didn't know it was here.
0:07:14 > 0:07:16It's like winning the pools for us cos we want to stay here.
0:07:16 > 0:07:20- Cos it's nice and private as well. - Yes, exactly, that's true.
0:07:20 > 0:07:24"Winning the pools" - that's going back some time! So now, it's yours.
0:07:24 > 0:07:28I know there's plans for a four-bed property and two two-bed properties.
0:07:28 > 0:07:31- That's already in place.- That's... Yeah, we've altered that.
0:07:31 > 0:07:36We submitted plans yesterday for just a bungalow, just for us.
0:07:36 > 0:07:40- Just one property.- One large property.- That could be amazing.
0:07:40 > 0:07:44- It's large.- It WILL be large on this big plot of land.
0:07:44 > 0:07:46We're worried, now we've seen the size of the land.
0:07:46 > 0:07:49The bungalow is large but we hate gardening.
0:07:49 > 0:07:51Yeah. Might have to have a swimming pool.
0:07:51 > 0:07:53Now, that would be a blow for you, wouldn't it,
0:07:53 > 0:07:57- having to have a swimming pool?! - Just to get rid of some land.
0:07:57 > 0:07:59- I think she's gone long there. - Did you hear that?- Yeah, I heard.
0:07:59 > 0:08:02- Just nudged that one in nicely there.- Yeah.
0:08:02 > 0:08:05But, yeah, we were amazed we got the land. It's where we want to be.
0:08:05 > 0:08:08- We're now terrified because we've never done anything like this.- No.
0:08:08 > 0:08:12That's understandable. It's a big plot.
0:08:12 > 0:08:16# Just running scared... #
0:08:17 > 0:08:19And it needs a lot of clearing.
0:08:21 > 0:08:23What kind of bungalow are we having?
0:08:23 > 0:08:26- Tell us more about the specifics of the bungalow.- It's large.
0:08:26 > 0:08:31It's going to be approximately 22 metres long, 10.5 metres deep.
0:08:31 > 0:08:36It's a dormer bungalow and it's all oak, all the front's oak.
0:08:36 > 0:08:41Bi-folding doors. Our master suite's got a big oak frontage on.
0:08:41 > 0:08:46- Juliet balcony.- A Juliet balcony. - Ah, romance.- Yeah, bit of romance.
0:08:46 > 0:08:50- No comment. - THEY LAUGH
0:08:50 > 0:08:53- It's what we want. But it's all down to budget now.- Yeah.
0:08:53 > 0:08:56- It's a bit unknown, really.- Yeah.
0:08:56 > 0:09:00- We're just getting prices at the moment.- OK.- We're having two prices.
0:09:00 > 0:09:03- We're having the price to build it, finished, complete.- Yeah.
0:09:03 > 0:09:06And we're having a price to put the shell up and the footings
0:09:06 > 0:09:10and then I'll use my friends and we'll do it bit by bit.
0:09:10 > 0:09:15# I have a dream... #
0:09:15 > 0:09:18The couple had looked in vain for a ready-built bungalow,
0:09:18 > 0:09:21but found builders were more commonly building townhouses
0:09:21 > 0:09:24these days to maximise the profit from the plot,
0:09:24 > 0:09:27which is something Colin and Sue aren't too concerned about.
0:09:29 > 0:09:30What about the budget?
0:09:32 > 0:09:36The budget, initially, was £170,000. We've already revised that.
0:09:36 > 0:09:40- Yeah, it's not possible.- No, for what we want, for what we want.
0:09:40 > 0:09:42- So we revised it to 210.- OK.
0:09:42 > 0:09:47So, we're looking at spending about 350 with the land and the build.
0:09:47 > 0:09:52- We're not looking to make a profit. - No.- No.- We're looking... It's ours.
0:09:52 > 0:09:54- To build a home for yourselves. - Yeah.
0:09:54 > 0:09:59So, the budget is important but it's not the end value in cash,
0:09:59 > 0:10:02it's the end value cos it's ours for the rest of our lives, really.
0:10:02 > 0:10:06OK, and you've got people that you're turning to now to get quotes?
0:10:06 > 0:10:10Yeah, I own a mortgage brokerage, so I do a lot of finance for builders.
0:10:10 > 0:10:14- OK.- And we're using them. They're quoting us, so using contacts.
0:10:14 > 0:10:16- So, that's your full-time job.- Yeah.
0:10:16 > 0:10:18And this is a bit of a project for you.
0:10:18 > 0:10:22- Sue, what do you do, away from...? - I'm a merchandiser.- OK.
0:10:22 > 0:10:24- So, I'm part-time anyway.- OK.
0:10:24 > 0:10:28So, I'll be there when it's painting and decorating.
0:10:28 > 0:10:30- All the pretty stuff.- Yes.
0:10:30 > 0:10:32And how long are you hoping the work's going to take?
0:10:32 > 0:10:34What's the timescale from now, from what we see here,
0:10:34 > 0:10:37to your dream family home?
0:10:37 > 0:10:39We were hoping six months,
0:10:39 > 0:10:42but now we've decided it will be six to nine months
0:10:42 > 0:10:46and we don't really know the time schedule because even the utilities,
0:10:46 > 0:10:50we didn't realise how long you have to wait for that to get in,
0:10:50 > 0:10:53so it's a bit unknown but hopefully, this time next year,
0:10:53 > 0:10:55we'll be in our bungalow.
0:10:55 > 0:10:58I think you've done really well to find a plot of this size
0:10:58 > 0:11:00- in an area that you both love... - Yeah, definitely.
0:11:00 > 0:11:03- ..where your family are.- We're very fortunate, we know that.- I think so.
0:11:03 > 0:11:05- And for the price. - You want to feel at home.
0:11:05 > 0:11:07There's another little hidden gem
0:11:07 > 0:11:09that you get with this property as well, isn't there?
0:11:09 > 0:11:13- Yeah, it's stuck behind... It's landlocked.- Just over there.
0:11:13 > 0:11:17- Yeah, behind next door's garden, but this is big enough.- Yeah.
0:11:17 > 0:11:19If we could get that, it would be lovely.
0:11:19 > 0:11:22Sue would like to put a pool in there, as she mentioned earlier.
0:11:22 > 0:11:25Swimming pool, play area for the grandkids.
0:11:25 > 0:11:28But if the neighbour doesn't want to sell, we're not bothered.
0:11:28 > 0:11:30It can just sit there.
0:11:30 > 0:11:33It's not doing anything, it's not costing anything.
0:11:33 > 0:11:35- This is more than enough. - This is big enough.
0:11:35 > 0:11:38You're sort of building, like, a family base, aren't you?
0:11:38 > 0:11:42Not just a base for you guys but a family base that everybody can...
0:11:42 > 0:11:44Come round. They do anyway, they're always down.
0:11:44 > 0:11:49Yeah, we're having a big New Year's party, aren't we, for the family?
0:11:49 > 0:11:53- Having an Oscars party.- Are you? - A farewell to the house.
0:11:53 > 0:11:58- Champagne and tux and...- Fantastic! - You're not invited, Dion.- Oh!
0:11:58 > 0:12:02- That was my next question. Is mine in the post?- Yeah.
0:12:02 > 0:12:05I hope you're both very happy, I really hope you do well.
0:12:05 > 0:12:08- Sue, good luck to you.- Thank you. - Congratulations, good luck.
0:12:10 > 0:12:13Colin and Sue, very excited about their new venture.
0:12:13 > 0:12:17Little bit of nervousness as well but they've found a plot of land
0:12:17 > 0:12:20in an area they know very well, with all their family around them.
0:12:20 > 0:12:24Will they get that family base they've wanted for many years
0:12:24 > 0:12:26and will it have a swimming pool?
0:12:26 > 0:12:28Find out later on in the programme.
0:12:32 > 0:12:35# Up in the morning and out to school... #
0:12:35 > 0:12:38Chesterton is a former mining village in Staffordshire,
0:12:38 > 0:12:42about three miles to the north of Newcastle-under-Lyme.
0:12:42 > 0:12:45As well as its proximity to larger towns like Castle,
0:12:45 > 0:12:47as it's known round these parts,
0:12:47 > 0:12:50there are also a number of schools and colleges close by,
0:12:50 > 0:12:53making the village very popular with young families.
0:12:55 > 0:12:59So, a very elevated position for the property I'm here to see.
0:12:59 > 0:13:01You've got this sort of bank down to the road.
0:13:01 > 0:13:05I wouldn't want to mow that. Maybe get a few pet goats or something.
0:13:05 > 0:13:09But, anyway, £55,000 plus was the guide price for this.
0:13:09 > 0:13:11It's a mid-terrace, three bedrooms.
0:13:11 > 0:13:14The first thing you'll notice, it's got two doors,
0:13:14 > 0:13:18so we're going to try an experiment, a first on Homes Under The Hammer.
0:13:18 > 0:13:19Interactive television.
0:13:19 > 0:13:23Do you want me to, number one, go through THAT door,
0:13:23 > 0:13:25or, number two, go through THAT door?
0:13:25 > 0:13:29All you have to do is get your TV remote control and push 1 or 2.
0:13:29 > 0:13:31Ready? Go.
0:13:41 > 0:13:45And the results just in. Looks like I'm going through door number one.
0:13:47 > 0:13:48HE KNOCKS
0:13:48 > 0:13:50HE HAMMERS ON THE DOOR
0:13:50 > 0:13:52So much for interactive television, eh!
0:13:58 > 0:14:02Through the front door. Don't know what that other door was.
0:14:02 > 0:14:05But anyway, brief moment while we wait for those people
0:14:05 > 0:14:07who accidentally retuned to a different channel...
0:14:07 > 0:14:10- HE CLEARS HIS THROAT - Dum-de-dum-de-dum. Welcome back!
0:14:10 > 0:14:12So, what have we got?
0:14:12 > 0:14:15Stairs up to the three bedrooms there.
0:14:15 > 0:14:16You've got the lounge on that side
0:14:16 > 0:14:20and then through to a small, I suppose, sitting room on this side.
0:14:20 > 0:14:24The first thing you notice is, oh, my golly gosh, look at this!
0:14:24 > 0:14:25Er...
0:14:25 > 0:14:29Decorative plasterwork on the walls. Actually, it's really, really hard.
0:14:29 > 0:14:32If you had a child falling on that,
0:14:32 > 0:14:34I think they might actually hurt themselves.
0:14:34 > 0:14:37So, you'd want to replaster that for sure, at least skim it.
0:14:37 > 0:14:40We've got new radiators, which is good. The floor seems to be OK.
0:14:40 > 0:14:43However, in a lot of areas around here,
0:14:43 > 0:14:45that were places where a lot of mining went on,
0:14:45 > 0:14:49some of the excess stuff from that mining actually ended up
0:14:49 > 0:14:52as the sort of stuff underneath floors
0:14:52 > 0:14:54and, over time, that can cause a bit of a problem,
0:14:54 > 0:14:56so you definitely need to have that checked out
0:14:56 > 0:14:58because it would give you a potential problem
0:14:58 > 0:15:00if you were trying to get a mortgage.
0:15:00 > 0:15:02But through here, through into the kitchen,
0:15:02 > 0:15:04through this little archway.
0:15:04 > 0:15:07It's crying out for a bit of thought, this.
0:15:07 > 0:15:09Take out the whole of that wall, perhaps,
0:15:09 > 0:15:12to create yourself a really nice kitchen-living space.
0:15:12 > 0:15:15Cos you've not only got this but you've got this little thingy.
0:15:15 > 0:15:19Let's incorporate it in the kitchen and create a really nice space.
0:15:19 > 0:15:21What have we got back here?
0:15:21 > 0:15:24A-ha! A door! The mystery is solved.
0:15:27 > 0:15:31Now, I know I'm always banging on about ex-local authority properties,
0:15:31 > 0:15:34but this is good solid housing stock.
0:15:34 > 0:15:38There may be an issue with the floor but, on the whole...
0:15:38 > 0:15:40# Most of all
0:15:40 > 0:15:46# Most of all it's built to last... #
0:15:47 > 0:15:50Yet more decorative plasterwork up here. Lovely(!)
0:15:50 > 0:15:52You've got three bedrooms, so quite a lot of space.
0:15:52 > 0:15:54Nice size bedroom there,
0:15:54 > 0:15:57another good size double on that side here
0:15:57 > 0:15:59and then it starts to get to the area
0:15:59 > 0:16:02where we might be able to do a bit of jiggery-pokery
0:16:02 > 0:16:03and do something quite dramatic.
0:16:03 > 0:16:06At the moment, you've got this little loo here.
0:16:06 > 0:16:10Very big cupboard, which just contains the boiler
0:16:10 > 0:16:13but lots of space, so I wonder if you stick a combi boiler
0:16:13 > 0:16:15down in the kitchen, free up that area
0:16:15 > 0:16:19because that is the separate bathroom. It's got a shower in it.
0:16:19 > 0:16:23But maybe playing around with partition walls in here
0:16:23 > 0:16:25to create a really nice family bathroom.
0:16:25 > 0:16:26Definitely something needs to be done.
0:16:26 > 0:16:29Play around with it on a piece of paper and then commit to it.
0:16:29 > 0:16:35Scope for some creativity upstairs then, but what about the outside?
0:16:36 > 0:16:38Well, at the back of the property, a real nice surprise.
0:16:38 > 0:16:42Not only have you got this really pleasant tiered garden,
0:16:42 > 0:16:44but you've also got rear access.
0:16:44 > 0:16:46No garage at the moment, but you could easily build one.
0:16:46 > 0:16:49What they've got is this car pit here.
0:16:49 > 0:16:53So, not too much work to get something really useful there
0:16:53 > 0:16:56and then you've got that off-street parking, lots of space.
0:16:56 > 0:16:59Looking at the back, the house doesn't look in too bad condition
0:16:59 > 0:17:01so, all in all, lots of ticks.
0:17:01 > 0:17:05But let's see what a local property expert makes
0:17:05 > 0:17:07of what's on offer here,
0:17:07 > 0:17:09for a guide price of £55,000.
0:17:09 > 0:17:13The property offers three good size bedrooms,
0:17:13 > 0:17:15also two reception rooms downstairs.
0:17:15 > 0:17:19It's also got a very good elevated garden to the rear of the property.
0:17:19 > 0:17:23The property does require some general updating throughout
0:17:23 > 0:17:25and there's also the option of knocking through
0:17:25 > 0:17:27to have an open-plan kitchen-diner.
0:17:27 > 0:17:30How does he feel about reconfiguring the upstairs
0:17:30 > 0:17:32to create a bigger bathroom?
0:17:32 > 0:17:35I think the layout upstairs I would leave as it is.
0:17:35 > 0:17:38You would need to sacrifice one of the bedrooms
0:17:38 > 0:17:41if it was to be put in as a more modern bathroom suite.
0:17:41 > 0:17:44Onto values now.
0:17:44 > 0:17:47If the property was modernised to a good standard,
0:17:47 > 0:17:49we would look to place the property for sale
0:17:49 > 0:17:52in the region of £85,000 to £90,000.
0:17:52 > 0:17:55If the property was placed onto the rental market,
0:17:55 > 0:17:56we would look to achieve
0:17:56 > 0:17:59somewhere in the region of £450 per calendar month.
0:18:01 > 0:18:03Clarify the situation with the floor
0:18:03 > 0:18:06and I reckon this place could be a real winner.
0:18:06 > 0:18:08It's a good house in a good location,
0:18:08 > 0:18:11nice garden, and it doesn't need too much work to get it up to scratch.
0:18:11 > 0:18:16Play your cards right and this place could definitely bear fruit.
0:18:16 > 0:18:19Let's see who bought it when it went under the hammer.
0:18:20 > 0:18:24Lot 85. What's this? 50 to start me?
0:18:24 > 0:18:2750 bid, thank you. At £50,000.
0:18:27 > 0:18:3051 can I see now? At £50,000.
0:18:30 > 0:18:3251 now? 51.
0:18:32 > 0:18:3552. 53.
0:18:35 > 0:18:3654. 55.
0:18:36 > 0:18:3956. 57 next to you.
0:18:39 > 0:18:4158. 59.
0:18:41 > 0:18:4360. 61.
0:18:43 > 0:18:4562. 63.
0:18:45 > 0:18:4764. 65.
0:18:47 > 0:18:4966. 67.
0:18:49 > 0:18:5168. 69.
0:18:51 > 0:18:53At 69, with you, sir.
0:18:53 > 0:18:57At £69,000. 70 anywhere else?
0:18:57 > 0:18:59Back in. 70. 71.
0:18:59 > 0:19:0272. 73.
0:19:02 > 0:19:07No? £73,000. Your bid, sir. £73,000.
0:19:07 > 0:19:0974 anywhere else? 74.
0:19:09 > 0:19:1275. Sure?
0:19:12 > 0:19:1475, still with you, sir.
0:19:14 > 0:19:16At £75,000 once.
0:19:16 > 0:19:18£75,000 twice.
0:19:18 > 0:19:21Third and final time. £75,000.
0:19:21 > 0:19:24- GAVEL COMES DOWN - You bought it, sir. Well done.
0:19:25 > 0:19:27Well, that was fun.
0:19:27 > 0:19:29Nothing beats a spot of quickfire auction tennis
0:19:29 > 0:19:34and it was Bill and Sue that hit the winner with that £75,000 bid.
0:19:34 > 0:19:38I met them back at the house to find out their plans.
0:19:38 > 0:19:40# And I want you
0:19:40 > 0:19:43# Oh, I want you bad... #
0:19:43 > 0:19:47- Sue, Bill, great to meet you both. - Thank you.- Hi.- Congratulations.
0:19:47 > 0:19:49- Great.- Tell me why you wanted to buy this house.
0:19:49 > 0:19:51Well, this is a long-term investment,
0:19:51 > 0:19:55- so this is a later on in life pension.- Mmm-hmm.
0:19:55 > 0:19:58And why here and why this particular house?
0:19:58 > 0:20:00The house is big, it came at the right price,
0:20:00 > 0:20:03- so I thought, "Well, why not?" - Are you both local?
0:20:03 > 0:20:04Yeah, we live local.
0:20:04 > 0:20:08- Right and what do you do when you're not doing this?- Publican.
0:20:08 > 0:20:11- Publican? You run a pub, both of you?- Yeah.- Yeah, great fun.
0:20:11 > 0:20:14So, what tempted you into the world of property development?
0:20:14 > 0:20:17- Well, it's not the first one. - OK.- We've done...
0:20:17 > 0:20:19We've done three, haven't we, altogether?
0:20:19 > 0:20:20The third one we're doing up now.
0:20:20 > 0:20:24We've sold two, we live in one, and this is an investment.
0:20:24 > 0:20:28What attracted you, specifically, to this one?
0:20:28 > 0:20:32After about six months of actually going to the auctions
0:20:32 > 0:20:35and getting nothing and nothing, and this one came on, we thought,
0:20:35 > 0:20:36"This might be the one."
0:20:36 > 0:20:40So, we came and had a look, viewed it, read the legal pack
0:20:40 > 0:20:42and we thought, "We'll crack at it. We'll try this one."
0:20:42 > 0:20:45Sue, what's your involvement going to be in the whole project?
0:20:45 > 0:20:46- Decoration.- Right.
0:20:46 > 0:20:50- Are you going to get rid of the bubbly walls everywhere?- Yeah.
0:20:50 > 0:20:55- And Bill will put the back-work into it.- Right.- Yeah, try.
0:20:55 > 0:20:57Tell me what you're planning to do with it then.
0:20:57 > 0:20:59Plaster, hopefully, top to bottom.
0:20:59 > 0:21:02New coat of paint. New kitchen fitted.
0:21:02 > 0:21:05The bathroom has got a modernish-looking shower in there,
0:21:05 > 0:21:08so I'm not sure about the shower, whether we'll rip it out or...
0:21:08 > 0:21:10Cos it's a long-term rental,
0:21:10 > 0:21:12we might just see how it goes on the viewings.
0:21:12 > 0:21:15If people are saying they'd prefer a bath, then I'll come back
0:21:15 > 0:21:18in a week's time and I'll chuck a bathroom suite in.
0:21:18 > 0:21:20And what about the kitchen side of the downstairs?
0:21:20 > 0:21:23Obviously, you've got the sort of dining room separate
0:21:23 > 0:21:25and you've got that little rear area.
0:21:25 > 0:21:28Yeah, when the plasterer comes in, we'll see what we can do.
0:21:28 > 0:21:33- Whether to open it up and make it one big...- Like a kitchen-diner.
0:21:33 > 0:21:35- Nice.- Maybe that'll be the plan.
0:21:35 > 0:21:37Hopefully, fingers crossed, we can go that way.
0:21:37 > 0:21:40With plenty of experience behind them,
0:21:40 > 0:21:43Bill and Sue will tackle most of the work themselves.
0:21:43 > 0:21:46Bill's speciality is DIY
0:21:46 > 0:21:48and Sue will take care of the painting and decorating,
0:21:48 > 0:21:51but they will leave the plumbing, electrics
0:21:51 > 0:21:53and gas to the professionals.
0:21:53 > 0:21:57But there is one job they're not convinced needs to be done at all.
0:21:59 > 0:22:01So, what about the floor
0:22:01 > 0:22:04because there was a mention of it, wasn't there, in the pack?
0:22:04 > 0:22:07Yeah, when we first looked at all the pack,
0:22:07 > 0:22:10we asked about the radon test certificate.
0:22:10 > 0:22:12So it's radon, as far as you're concerned,
0:22:12 > 0:22:15- not problems with the substrate? - Yeah.
0:22:16 > 0:22:18Radon is a radioactive gas
0:22:18 > 0:22:22which comes from naturally occurring uranium under ground.
0:22:22 > 0:22:26In some areas of the country, it's concentrated to very high levels.
0:22:26 > 0:22:31Public Health England published an online map of the affected areas
0:22:31 > 0:22:35but I'm told radon is not something of a major concern locally.
0:22:35 > 0:22:37However, red ash is,
0:22:37 > 0:22:40and that can mean digging up and replacing the floor.
0:22:40 > 0:22:44Either way, both issues need to be sorted if you have them
0:22:44 > 0:22:46and both cost money.
0:22:48 > 0:22:50So, what's the budget?
0:22:50 > 0:22:54The budget is going to be around £5,000, give or take a little bit.
0:22:54 > 0:22:58- Yeah.- And what's the timescale? - Eight to ten weeks.- Oh, wow.
0:22:58 > 0:23:02Time is money so you can get people in as soon as poss.
0:23:02 > 0:23:04Yeah, this is only the second time we've been here
0:23:04 > 0:23:07- since we've had it, so...- Yeah. - Congratulations, good luck with it.
0:23:07 > 0:23:10- Thank you very much.- And we'll see how you get on.- Thank you.
0:23:10 > 0:23:11Great stuff. Thank you.
0:23:11 > 0:23:14I think Bill and Sue have got themselves
0:23:14 > 0:23:16a really nice property here.
0:23:16 > 0:23:19However, I am a little bit concerned about the floor.
0:23:19 > 0:23:23What exactly is the problem? Definitely needs to be investigated.
0:23:23 > 0:23:26Hopefully, it won't cause them too many hiccups.
0:23:26 > 0:23:29You can find out how they get on later in the show.
0:23:31 > 0:23:35Still to come, three options to extend - upwards to the roof,
0:23:35 > 0:23:38out at the back and over the garage.
0:23:38 > 0:23:41This option gets my vote.
0:23:42 > 0:23:46And Bill and Sue see the funny side of their schedule.
0:23:46 > 0:23:48I think we could have done it in ten weeks
0:23:48 > 0:23:51but cos of all the delays... BILL LAUGHS
0:23:55 > 0:23:58Back now to my old stomping ground, Leicester,
0:23:58 > 0:24:00and the nearby village of Ratby,
0:24:00 > 0:24:03where earlier I viewed this 0.34 of an acre site,
0:24:03 > 0:24:07bought by Colin and Sue, for £139,000.
0:24:08 > 0:24:12The plot had outline planning permission granted for three houses
0:24:12 > 0:24:14but Colin and Sue had other ideas.
0:24:15 > 0:24:20We submitted plans yesterday for just a bungalow just for us.
0:24:20 > 0:24:23- That could be amazing.- It's large.
0:24:23 > 0:24:25It WILL be large on this big plot of land.
0:24:25 > 0:24:28We're worried, now we've seen the size of the land. We hate gardening.
0:24:28 > 0:24:31Yeah, might have to have a swimming pool!
0:24:32 > 0:24:35The pool would be a big hit with the grandchildren,
0:24:35 > 0:24:39who live nearby, but would also be a big hit on the budget.
0:24:39 > 0:24:43Colin was keeping his options open when it came to construction costs.
0:24:43 > 0:24:45We're having two prices.
0:24:45 > 0:24:48We're having the price to build it, finished, complete.
0:24:48 > 0:24:51- Yeah.- And we're having a price to put the shell up and the footings
0:24:51 > 0:24:55and then I'll use my friends and we'll do it bit by bit.
0:24:55 > 0:24:58They hoped, dependent on the speed of planning,
0:24:58 > 0:25:00to be in within 12 months,
0:25:00 > 0:25:04with the physical work scheduled for six to nine months
0:25:04 > 0:25:07and a spend of £210,000.
0:25:07 > 0:25:11The budget is important but it's not the end value in cash,
0:25:11 > 0:25:15it's the end value cos it's ours for the rest of our lives here.
0:25:15 > 0:25:17It's our dream.
0:25:17 > 0:25:20With their seven-bedroom mansion sold,
0:25:20 > 0:25:23Colin and Sue moved in with their daughter, while work proceeded,
0:25:23 > 0:25:26and we're back 13 months later
0:25:26 > 0:25:28to find out if they're living the dream.
0:25:28 > 0:25:30Looks like Archie's enjoying
0:25:30 > 0:25:33catching up with Grandma on all the current affairs.
0:25:35 > 0:25:37# There's a place I go
0:25:37 > 0:25:39# When I'm alone
0:25:39 > 0:25:41# Do anything I want
0:25:41 > 0:25:43# Be anyone I wanna be... #
0:25:45 > 0:25:49Sue got her bi-fold doors in the kitchen, lounge and dining room,
0:25:49 > 0:25:52not to mention the pop-up extractor fan.
0:25:56 > 0:26:00# Hold it close, won't let this go
0:26:00 > 0:26:03# Dream catch me, yeah
0:26:03 > 0:26:09# Dream catch me when I fall... #
0:26:09 > 0:26:13They say if you're going to dream, dream big.
0:26:13 > 0:26:16Well, this dream is eight metres tall,
0:26:16 > 0:26:18ten and a half metres deep
0:26:18 > 0:26:21and 22 metres long, with cavernous rooms.
0:26:21 > 0:26:25The dining room could easily be a bedroom, if needed.
0:26:25 > 0:26:28It's not as if the kitchen isn't big enough to eat in.
0:26:30 > 0:26:33# And I know now
0:26:34 > 0:26:39# Who I am... #
0:26:41 > 0:26:46The family bathroom serves two ground-floor bedrooms and the study,
0:26:46 > 0:26:48not quite ready for filming yet,
0:26:48 > 0:26:51but it could easily convert to a further bedroom.
0:26:51 > 0:26:54But the planning application was for three bedrooms -
0:26:54 > 0:26:57two down here and one in the dormer.
0:26:57 > 0:26:59At the rear of the kitchen is the utility room.
0:27:01 > 0:27:04That concludes the downstairs rooms.
0:27:04 > 0:27:07Now let's go upstairs to the minstrel gallery.
0:27:08 > 0:27:10# That's where I'm going
0:27:10 > 0:27:13# Where are you going?
0:27:13 > 0:27:17# Hold it close, won't let this go
0:27:17 > 0:27:21# Dream catch me, yeah... #
0:27:22 > 0:27:26At the far end of the house, above the garage, is the master bedroom.
0:27:27 > 0:27:31With the Juliet balcony and high-quality light fittings,
0:27:31 > 0:27:34there's no prizes for guessing who sleeps here.
0:27:35 > 0:27:38The adjoining en suite, like everything in the house,
0:27:38 > 0:27:41is fitted with the finest quality.
0:27:41 > 0:27:43But there were some unexpected complaints
0:27:43 > 0:27:45about the quality of fittings.
0:27:45 > 0:27:47The plumber had never encountered
0:27:47 > 0:27:50a high-quality waterfall shower before
0:27:50 > 0:27:52and had to learn how to fit it.
0:27:53 > 0:27:56But wouldn't we all go through a steep learning curve
0:27:56 > 0:27:58to end up with a dream house just like this?
0:28:02 > 0:28:07# Dream catch me when I fall... #
0:28:07 > 0:28:11However, this dream started as a nightmare.
0:28:12 > 0:28:14We had to have 17 20-ton lorries to clear the land.
0:28:14 > 0:28:17People had been dumping here forever and ever.
0:28:17 > 0:28:21That, along with us having to get the planning permissions altered
0:28:21 > 0:28:25and then having to go two metres deep with the footings
0:28:25 > 0:28:27and have a block and beam floor,
0:28:27 > 0:28:32it took our contingency monies within the first month, of £20,000.
0:28:32 > 0:28:34- Quite frightening, wasn't it? - Oh, definitely.
0:28:34 > 0:28:37Checks on the land at this wet site
0:28:37 > 0:28:40meant a conventional foundation was out the question
0:28:40 > 0:28:45and the extra cost of block and beam caused some casualties.
0:28:45 > 0:28:47I'm afraid the swimming pool money went.
0:28:47 > 0:28:52I'm quite glad cos I can't swim, so it was of no interest to me.
0:28:52 > 0:28:55But it wasn't all financially bad.
0:28:55 > 0:28:57As the bungalow is a new build,
0:28:57 > 0:29:00Colin can claim back the VAT on certain things.
0:29:00 > 0:29:05Probably £30,000, £35,000-worth of goods bought,
0:29:05 > 0:29:07so we're talking probably...
0:29:07 > 0:29:11I'm probably going to get about 10, 15 grand VAT back.
0:29:11 > 0:29:14Colin planned on a £210,000 build cost,
0:29:14 > 0:29:17but with the extra expense of clearing the land,
0:29:17 > 0:29:19how did that affect the budget?
0:29:19 > 0:29:22Final figure on the spend, disregarding the driveway,
0:29:22 > 0:29:26is £370,000, so that's £230,000 to build.
0:29:26 > 0:29:31Less the 15 grand VAT due back, I make that £215,000, 5 grand over.
0:29:31 > 0:29:33But I'm not arguing.
0:29:35 > 0:29:37There's no way Colin and Sue would consider
0:29:37 > 0:29:39selling their dream home,
0:29:39 > 0:29:42but we called in two property experts to establish
0:29:42 > 0:29:45whether the bungalow was worth the money they had spent on it so far.
0:29:45 > 0:29:50First, the representative from the auction house who sold the site.
0:29:50 > 0:29:53Really impressed with this. They've done an amazing job.
0:29:53 > 0:29:56They've built a very individual and unique property
0:29:56 > 0:30:00for themselves and finished it to a really high specification.
0:30:00 > 0:30:02I think this is an extremely special house.
0:30:02 > 0:30:05It's been done up to a so high standard that, to be fair,
0:30:05 > 0:30:08I love it that much, I think I'd buy it!
0:30:08 > 0:30:11The couple bought for £139,000.
0:30:11 > 0:30:16They spent £215,000, including the VAT refund, on the building.
0:30:16 > 0:30:19They reserved £30,000 for landscaping
0:30:19 > 0:30:21and laying of the driveway,
0:30:21 > 0:30:26so a total of £384,000 is the magic figure to beat.
0:30:26 > 0:30:29If the property was placed on the market for sale,
0:30:29 > 0:30:32I'd expect it to achieve in the region of £450,000.
0:30:32 > 0:30:35It's a difficult one because it's so well finished,
0:30:35 > 0:30:38but I think if it went on the open market for sale,
0:30:38 > 0:30:40we should put it on at £450,000, but offers over,
0:30:40 > 0:30:43and then let the market decide what they're willing to pay for it.
0:30:43 > 0:30:46We ARE bothered that it's worth what we've spent on it
0:30:46 > 0:30:50but we're not really bothered on a profit cos it's our home, isn't it?
0:30:50 > 0:30:54Yeah. That's all we were worried about in case we went over.
0:30:54 > 0:30:56Yeah, we had good quality fittings, didn't we?
0:30:56 > 0:30:59Yeah, so we could have gone over, really, so that's good.
0:30:59 > 0:31:00As long as it's worth what we spent,
0:31:00 > 0:31:02- so we're happy with that. - Yeah, that's good.
0:31:02 > 0:31:07With retirement on the horizon, are there any further property plans?
0:31:07 > 0:31:11- We're just going to enjoy...- Enjoy the house and get the outside done.
0:31:11 > 0:31:14- Yeah, we've worked all our life for this, haven't we?- Yeah.
0:31:14 > 0:31:17It's our dream, so we're now going to enjoy our dream.
0:31:17 > 0:31:22# Dream catch me when I fall... #
0:31:22 > 0:31:26I'm sure we'd all like to wish Archie and his family
0:31:26 > 0:31:28many sweet dreams to come.
0:31:35 > 0:31:37Thornton Heath is a district of south London
0:31:37 > 0:31:39that has easy access to green space
0:31:39 > 0:31:42and great commuter links to the city centre.
0:31:42 > 0:31:45It sits between Norbury and Croydon
0:31:45 > 0:31:47and I've been in this area a lot recently.
0:31:47 > 0:31:50# Got to get my old tuxedo pressed
0:31:50 > 0:31:53# Got to sew a button on my vest
0:31:53 > 0:31:56# Cos tonight I've got to look my best
0:31:56 > 0:31:58# Lulu's back in town... #
0:31:58 > 0:32:00As you can see from the properties around me,
0:32:00 > 0:32:03it's dominated by the 1930s semi.
0:32:03 > 0:32:06Well, I'm here to see a three-bedder
0:32:06 > 0:32:09and it had a guide price of £350,000.
0:32:09 > 0:32:13It's got off-street parking and a garage, which is such a good start.
0:32:13 > 0:32:15Usually I like these houses,
0:32:15 > 0:32:17so let's hope it lives up to expectations.
0:32:20 > 0:32:25Oh, I do like this '30s front door, and hallway heaven inside.
0:32:25 > 0:32:28Wow, look at this. I always go on about having a spacious hallway
0:32:28 > 0:32:31and look at the staircase. That's really, really nice.
0:32:31 > 0:32:35So, there's a lot to work with straightaway in this property.
0:32:35 > 0:32:38Two reception rooms, great size in here.
0:32:38 > 0:32:41Second reception room, again, very dated, as you'd expect.
0:32:41 > 0:32:45And a 1930s kitchen. Well, a little bit on the small side here.
0:32:45 > 0:32:47Terribly disappointing.
0:32:47 > 0:32:50Right the way round here, we've got the garage through here,
0:32:50 > 0:32:54a downstairs loo and a massive utility room.
0:32:54 > 0:32:56I wasn't expecting this.
0:32:56 > 0:32:58I suppose you could think about knocking this wall down
0:32:58 > 0:33:01and opening it up and having a much bigger kitchen.
0:33:01 > 0:33:06I wouldn't recommend you have the same size utility as the kitchen,
0:33:06 > 0:33:08but there's a lot you could play with,
0:33:08 > 0:33:11so, so far, so good. What a surprise, eh?
0:33:14 > 0:33:17The second and third bedrooms look over the back garden
0:33:17 > 0:33:21and damp has clearly been an issue in the smaller bedroom.
0:33:24 > 0:33:28As was commonplace in the '30s, the bathroom and toilet are separate.
0:33:28 > 0:33:31Knocking them together would get my vote.
0:33:31 > 0:33:34The main bedroom overlooks the front of the house
0:33:34 > 0:33:37and I think, with a bit of imagination,
0:33:37 > 0:33:40you could have a really smart property here.
0:33:46 > 0:33:48Forgive me for being overexcited
0:33:48 > 0:33:50but on a lovely summer's day like today,
0:33:50 > 0:33:53I just want to show off this fabulous garden.
0:33:53 > 0:33:57The house is large inside but the garden just goes on...
0:33:58 > 0:34:01..and on... We're not there yet.
0:34:01 > 0:34:03..and on.
0:34:03 > 0:34:05SHE WHISTLES
0:34:05 > 0:34:08There's a bit more still. Come on, keep walking, cameraman.
0:34:10 > 0:34:13The reason why I'm chivvying you along is because, look,
0:34:13 > 0:34:15there's even more garden
0:34:15 > 0:34:19and this is like a little secret area underneath the undergrowth.
0:34:19 > 0:34:22Here we are. More of it to talk about.
0:34:22 > 0:34:24Ooh, just getting through here. But look!
0:34:24 > 0:34:28If you were thinking about cultivating something amazing,
0:34:28 > 0:34:31with all this space... Da-da-da!
0:34:31 > 0:34:34..well, you could, couldn't you?
0:34:34 > 0:34:37That's what you call a garden - a long one at that!
0:34:38 > 0:34:40If you wanted a veg patch here,
0:34:40 > 0:34:43I reckon you could feed the entire street!
0:34:43 > 0:34:46# My favourite vegetable... #
0:34:47 > 0:34:50Failing that, it's ideal for a family.
0:34:50 > 0:34:53Imagine the kids making dens at the bottom of the garden.
0:34:53 > 0:34:56In either case, there's plenty of space to extend
0:34:56 > 0:34:59without compromising the back garden.
0:34:59 > 0:35:02MUSIC: Vegetables by The Beach Boys
0:35:04 > 0:35:08Now, if you wanted to go down a more cost-effective way of extending,
0:35:08 > 0:35:10what about extending over the garage here?
0:35:10 > 0:35:14This is generally a cheaper route than building from the ground up,
0:35:14 > 0:35:16because you shouldn't need to dig new foundations,
0:35:16 > 0:35:19although building control will still want to check
0:35:19 > 0:35:21that the existing ones are adequate.
0:35:21 > 0:35:23One thing to bear in mind, though,
0:35:23 > 0:35:27is, if the walls existing of the garage are only single skin,
0:35:27 > 0:35:31they might need to be upgraded to match the rest of the house.
0:35:31 > 0:35:34Now, I have seen that some of the neighbours have already gone
0:35:34 > 0:35:36over the garage and they've already done this.
0:35:36 > 0:35:39And if you did want that fourth bedroom and en suite,
0:35:39 > 0:35:41this option gets my vote.
0:35:44 > 0:35:47It all depends how far you want to develop this -
0:35:47 > 0:35:50at the side, at the back, even up into the loft.
0:35:50 > 0:35:52There are many options here.
0:35:52 > 0:35:55But if you're doing this as an investment,
0:35:55 > 0:35:58then best pick the brains of a local estate agent.
0:36:00 > 0:36:02I'd extend to the rear by the maximum possible
0:36:02 > 0:36:05and the easiest way to do that is go via permitted development
0:36:05 > 0:36:07and extend by three metres to the rear of the property,
0:36:07 > 0:36:10maybe make the kitchen and living room at the back of the property
0:36:10 > 0:36:12a big nice open-plan space.
0:36:12 > 0:36:16With this footprint, it could make a large open-plan space.
0:36:16 > 0:36:19What sort of figure would you expect on the open market
0:36:19 > 0:36:21after refurbishment?
0:36:22 > 0:36:24Renovated as a three-bedroom house,
0:36:24 > 0:36:27this property would sell for approximately £480,000.
0:36:28 > 0:36:32Well, 1930s properties usually get a thumbs up from me,
0:36:32 > 0:36:37but this one is so spacious and, if you want to make it even bigger,
0:36:37 > 0:36:40well, there are ways in which you can do that too.
0:36:40 > 0:36:44So, who saw the potential? Let's head to auction and find out.
0:36:44 > 0:36:49Right, lot 11. Who would like to kick off on this?
0:36:49 > 0:36:51How much?
0:36:51 > 0:36:53350. 355?
0:36:53 > 0:36:56355. 360? Yeah?
0:36:56 > 0:36:59365? Yes. 370.
0:36:59 > 0:37:02Two bidders don't want to be outbid.
0:37:02 > 0:37:07We rejoin the contest at £428,000.
0:37:07 > 0:37:08430, back in.
0:37:08 > 0:37:12432? 432, sir?
0:37:12 > 0:37:14434.
0:37:14 > 0:37:16Quick, one more go? 434.
0:37:16 > 0:37:18436, sir?
0:37:18 > 0:37:20438.
0:37:21 > 0:37:24440? 440.
0:37:24 > 0:37:26442?
0:37:27 > 0:37:29442. 444 elsewhere?
0:37:29 > 0:37:32If not, 442. First time.
0:37:32 > 0:37:34Second time.
0:37:34 > 0:37:37Third and last time, if you're all done.
0:37:37 > 0:37:38GAVEL COMES DOWN
0:37:38 > 0:37:42Sold, 442. Well done. Started and finished it.
0:37:42 > 0:37:44The successful bid came from Shaz.
0:37:44 > 0:37:46Shaz has been on the show before
0:37:46 > 0:37:49when he bought this three-bedroom semi in Streatham,
0:37:49 > 0:37:51back in December, 2014.
0:37:51 > 0:37:54And to say he had set a very ambitious timescale
0:37:54 > 0:37:57would be an understatement.
0:37:57 > 0:37:59Hopefully, we can get it straight on the market.
0:37:59 > 0:38:01- You are thinking about selling it on?- Yeah, I've spoken
0:38:01 > 0:38:03to one of my friends. He wants to put an Open Day
0:38:03 > 0:38:06- three days from now.- What?!
0:38:06 > 0:38:10Shaz did have an offer on Open Day, but decided to rent out,
0:38:10 > 0:38:12getting a yield of 5%.
0:38:12 > 0:38:16Today, he's bought his inspiration, his father, along
0:38:16 > 0:38:20to view the latest £442,000 purchase.
0:38:21 > 0:38:24I'm so happy you brought the great man himself today
0:38:24 > 0:38:26because the last time we met,
0:38:26 > 0:38:28you really were very much talking about your family
0:38:28 > 0:38:32and how property developing has been a thing that your dad taught you.
0:38:32 > 0:38:34- That's right, yeah.- Is that right?
0:38:34 > 0:38:36Yes, well, I was taught by my dad
0:38:36 > 0:38:39and it's passed on since the generations.
0:38:39 > 0:38:45Property in those days was about £3,000 for a six-bedroom house.
0:38:45 > 0:38:50Plumbing, central heating - you name it and I was doing it.
0:38:50 > 0:38:53- How much of that are you doing here? - Well, luckily...
0:38:53 > 0:38:56It's changed a little over the years, hasn't it?
0:38:56 > 0:39:00I've worked out sometimes it's better to pay somebody else to do it
0:39:00 > 0:39:04and I can relax a bit more. The faster they can finish the job,
0:39:04 > 0:39:08the quicker I can move on to sell it and move onto the next project.
0:39:08 > 0:39:10For me, I really enjoy making the deals.
0:39:10 > 0:39:13You get deals made and sold
0:39:13 > 0:39:16and within six months, you can get substantial profit.
0:39:16 > 0:39:19Overall, days were hard work and difficult
0:39:19 > 0:39:22and with little money involved,
0:39:22 > 0:39:27but now it's a lot of money and little work, so it's work that way.
0:39:27 > 0:39:29I love that - there's a lot of money and a little work.
0:39:29 > 0:39:31That's how your dad sees it these days.
0:39:31 > 0:39:34So, how involved are you going to be in this project?
0:39:34 > 0:39:36He plays a consultant role and a finance role as well,
0:39:36 > 0:39:39so occasionally, if I need some finances sorted out,
0:39:39 > 0:39:40he will help out with that.
0:39:40 > 0:39:44So, you're still there. The bank of mum and dad never ends, does it?
0:39:44 > 0:39:47So, Shaz, I'm really intrigued to find out
0:39:47 > 0:39:48what your plans are for this house?
0:39:48 > 0:39:52This road is popular because of the side extension,
0:39:52 > 0:39:57because we can build on the side and the rear gardens are very big,
0:39:57 > 0:39:59so we can build a nice big six-metre extension
0:39:59 > 0:40:02and you could put a loft conversion in here.
0:40:02 > 0:40:04So, you could convert this property
0:40:04 > 0:40:06from a three-bedroom to a five-bedroom
0:40:06 > 0:40:09with massive open living space.
0:40:09 > 0:40:11And I take it that is what you're going to do?
0:40:11 > 0:40:14We've already put plans in and, whatever the plans are,
0:40:14 > 0:40:17they're more or less under permitted development,
0:40:17 > 0:40:19so we expect to get the permission for that.
0:40:21 > 0:40:24Shaz isn't concerned about losing the garage,
0:40:24 > 0:40:27which he feels is too narrow for a modern family car.
0:40:27 > 0:40:30Several houses in the street have already extended,
0:40:30 > 0:40:32knocking down the garage.
0:40:33 > 0:40:36The previous owners of this property had only owned it
0:40:36 > 0:40:38for a short period of time,
0:40:38 > 0:40:42which caused Faz, Shaz's mortgage broker, some problems.
0:40:45 > 0:40:46The previous...
0:40:46 > 0:40:49The sellers had just purchased the property a month ago,
0:40:49 > 0:40:52so I wasn't able to get a mortgage straightaway
0:40:52 > 0:40:55and it was a lot of hassle getting the mortgage in place.
0:40:55 > 0:40:59- So, well done, Faz.- Yeah, he's a very close friend of mine.
0:40:59 > 0:41:01I consider him my best friend right now.
0:41:01 > 0:41:03Shaz was lucky.
0:41:03 > 0:41:05The Council of Mortgage Lenders advise members
0:41:05 > 0:41:09not to lend on properties owned for less than six months
0:41:09 > 0:41:11and this is to help prevent money laundering.
0:41:11 > 0:41:14What sort of budget have you got to spend here?
0:41:14 > 0:41:16How much do you think you'll need to spend on this house?
0:41:16 > 0:41:21Um, we can picture between £150,000 to probably £200,000, completely.
0:41:21 > 0:41:23It's a big budget.
0:41:23 > 0:41:26I'll try to probably keep it between £115,000 to £125,000
0:41:26 > 0:41:29but it depends on what specifications you want.
0:41:29 > 0:41:30Because it's a huge space,
0:41:30 > 0:41:34if you go for high-spec, you can spend up to £200,000.
0:41:34 > 0:41:37Who do you think you're likely to sell this on to or let it out to?
0:41:37 > 0:41:41It will definitely be families. It will probably be sold, not a rental.
0:41:41 > 0:41:43Rental wouldn't be the best option.
0:41:43 > 0:41:45The best option would be to sell it on.
0:41:45 > 0:41:48The last time we met, you kept going on and on about your builders,
0:41:48 > 0:41:51about the dream team and how fabulous they were.
0:41:51 > 0:41:53What I want to know is, have you still got the same team
0:41:53 > 0:41:55and are they still as dreamy?
0:41:55 > 0:41:58I'm still working with my dream team. They're working hard.
0:41:58 > 0:42:01My granddad used to say, "You have to have a good accountant,
0:42:01 > 0:42:04"solicitors, builders and you definitely need a good doctor
0:42:04 > 0:42:06"to look after your health."
0:42:06 > 0:42:08You've got most of those all covered and a cracking dad as well.
0:42:08 > 0:42:12- Excellent. Thank you so much. - So, everything's working out so far.
0:42:12 > 0:42:14You're in a hurry to get the work done.
0:42:14 > 0:42:17Realistically, how many months is it going to take you?
0:42:17 > 0:42:20I expect to finish in six months.
0:42:20 > 0:42:22My timeframe is probably six to seven months.
0:42:22 > 0:42:24I'm really going to be pushing it on this.
0:42:24 > 0:42:27Shaz and Parvez, it's been lovely meeting you both again
0:42:27 > 0:42:30and I'm so glad that you brought your great dad along to meet me.
0:42:30 > 0:42:33Yeah, he's a definite inspiration to me and so is your programme.
0:42:33 > 0:42:36I hope it inspires many people to get on the property ladder
0:42:36 > 0:42:38and own their own home.
0:42:38 > 0:42:40- That's lovely to hear you say, so congratulations.- Thank you.
0:42:40 > 0:42:43- I can't wait to see the outcome. - Thank you.- Lovely to meet you.
0:42:44 > 0:42:47It's great to hear that all is still going well for Shaz,
0:42:47 > 0:42:50as he continues the property developing family tradition.
0:42:50 > 0:42:55And it's just so lovely to meet his inspirational dad, Parvez.
0:42:55 > 0:42:59I just can't wait to see the outcome of his ambitious extension plans.
0:42:59 > 0:43:01Join me later on in the programme
0:43:01 > 0:43:04and you can see for yourselves how it all goes.
0:43:06 > 0:43:09Sometimes, no matter how hard you try,
0:43:09 > 0:43:12- a plan just won't come together. - Nope.
0:43:12 > 0:43:16How many property projects become derailed? Oh, quite a few.
0:43:16 > 0:43:19Yes, time, money, life just gets in the way.
0:43:19 > 0:43:22But how did our next two buyers get on? Let's find out.
0:43:24 > 0:43:28And so to Chesterton near Newcastle-under-Lyme
0:43:28 > 0:43:33where, earlier, I saw this three-bed mid-terrace house guided at £55,000.
0:43:33 > 0:43:37Lots of potential on offer here but a bit rough round the edges.
0:43:40 > 0:43:41Look at this.
0:43:41 > 0:43:43Er...
0:43:43 > 0:43:46Decorative plasterwork on the walls.
0:43:46 > 0:43:48Actually, it's really, really hard.
0:43:48 > 0:43:50If you had a child falling on that,
0:43:50 > 0:43:52I think they might actually hurt themselves.
0:43:54 > 0:43:56On the ground floor, there was the option
0:43:56 > 0:43:58to open out the kitchen into the dining room,
0:43:58 > 0:44:01and upstairs perhaps move a few walls
0:44:01 > 0:44:03to create a bigger family bathroom.
0:44:03 > 0:44:07So, above ground, everything appeared straightforward.
0:44:07 > 0:44:10Underneath the floorboards, though, not so much.
0:44:12 > 0:44:13A lot of areas around here
0:44:13 > 0:44:16were places where a lot of mining went on.
0:44:16 > 0:44:19Some of the excess stuff from that mining actually ended up
0:44:19 > 0:44:22as the stuff underneath floors and, over time,
0:44:22 > 0:44:24that can cause a bit of a problem,
0:44:24 > 0:44:26so you definitely need to have that checked out.
0:44:26 > 0:44:28MUSIC: Shine by Take That
0:44:28 > 0:44:31It was Sue and Bill who decided to take this on,
0:44:31 > 0:44:36paying £75,000 in a fiercely contested auction battle.
0:44:36 > 0:44:40They weren't that concerned with what may lie beneath their feet.
0:44:40 > 0:44:45- Can't see it being a problem. - It's been mortgaged since 1965
0:44:45 > 0:44:48and the people that owned it were in it till now.
0:44:49 > 0:44:51But as a long-term rental investment,
0:44:51 > 0:44:54the couple planned to spend £5,000 on the renovation,
0:44:54 > 0:44:57hoping to complete the project in eight to ten weeks.
0:44:59 > 0:45:03Well, we're back five months later to see how they got on.
0:45:03 > 0:45:08# Let it shine
0:45:08 > 0:45:10# Let it shine... #
0:45:10 > 0:45:14It may have taken them almost twice as long as they had intended,
0:45:14 > 0:45:16but the wait was certainly worth it.
0:45:16 > 0:45:19The kitchen looks fantastic
0:45:19 > 0:45:22and, without the dividing wall, is now a kitchen-diner.
0:45:22 > 0:45:25But the job wasn't without its problems.
0:45:25 > 0:45:29When we decided to take the units out, all the tiles fell off,
0:45:29 > 0:45:32the plaster fell off, so we had to take it right back.
0:45:32 > 0:45:36Then we had to reboard it and plaster ceilings and whatever.
0:45:36 > 0:45:40Then we decided to do the open-plan, take the wall out
0:45:40 > 0:45:44and make it one big diner, so we've made it work.
0:45:47 > 0:45:49Next door, in the living room,
0:45:49 > 0:45:52Sue has been brightening things up with her paintbrush,
0:45:52 > 0:45:56and removing that big old brick fireplace to make way
0:45:56 > 0:46:00for a more understated marble effect, has also lightened the mood.
0:46:02 > 0:46:04To finish off, what better
0:46:04 > 0:46:07than a touch of Las Vegas pizzazz in downtown Chesterton?
0:46:09 > 0:46:11Upstairs, the bedrooms have been freshened up
0:46:11 > 0:46:14with decoration and new carpet.
0:46:14 > 0:46:17And, although the bathroom isn't any bigger,
0:46:17 > 0:46:19it has had a much-needed revamp.
0:46:22 > 0:46:25Outside, there is little change,
0:46:25 > 0:46:27so I'm guessing it wasn't the garden
0:46:27 > 0:46:30that added to their eight to ten-week schedule.
0:46:31 > 0:46:34It took a bit longer cos, obviously, I work at the pub
0:46:34 > 0:46:38and then finding the time to come in, and stuff was delayed,
0:46:38 > 0:46:42like plastering and plumbers, so that added on.
0:46:42 > 0:46:46And... I think, if everybody came in at the same time,
0:46:46 > 0:46:49or within two weeks of getting it done,
0:46:49 > 0:46:52- I think we could have done it in the ten weeks.- Mmm.
0:46:52 > 0:46:55But because of all the delays... HE LAUGHS
0:46:55 > 0:46:58..it was, like I say, 20 weeks, 21 weeks.
0:46:58 > 0:47:02MUSIC: When Love Breaks Down by Prefab Sprout
0:47:03 > 0:47:06This being their third project together,
0:47:06 > 0:47:08Bill and Sue should be well-used
0:47:08 > 0:47:10to juggling the demands of marital bliss
0:47:10 > 0:47:12with the stresses of house renovation.
0:47:14 > 0:47:16# My love and I
0:47:17 > 0:47:20# We work well together... #
0:47:20 > 0:47:24- This one's been a total...- It's been a challenge.- Top to bottom.
0:47:24 > 0:47:27It's a good job we don't want to live in it really...
0:47:27 > 0:47:30- No, we couldn't have lived in it. - We'd end up killing each other.
0:47:30 > 0:47:32Couldn't have lived in it cos it was like a building site
0:47:32 > 0:47:35- in the beginning, cos I thought, "God, what have we done?"- Mmm.
0:47:35 > 0:47:38We've had a few disagreements but we've done all right.
0:47:38 > 0:47:41I can guarantee, every time I was up a ladder,
0:47:41 > 0:47:43the phone would ring and it'd be Sue. "What you doing?"
0:47:43 > 0:47:48- And you wonder why, "Argh".- So... But, yeah, we've done all right.
0:47:48 > 0:47:51We've got there, haven't we, in the end? So, we've done it.
0:47:54 > 0:47:57They've reached the finishing line but at what cost?
0:47:57 > 0:48:00Bill estimated a budget of no more than £5,000.
0:48:00 > 0:48:03How much did the couple end up spending?
0:48:03 > 0:48:06£4,500 in the end.
0:48:06 > 0:48:08Most of the work I've done myself.
0:48:08 > 0:48:10I think it would have run to about £6,000
0:48:10 > 0:48:12if I had to get somebody in to finish bits and bobs off.
0:48:12 > 0:48:15- I can put my hand to anything. - He's really good.
0:48:15 > 0:48:17He likes doing stuff like that.
0:48:17 > 0:48:20I like decorating, so we've made a good team, really.
0:48:20 > 0:48:22We've had a few arguments though.
0:48:23 > 0:48:26Well, Sue, you can put your feet up for a few minutes,
0:48:26 > 0:48:29because it's time for two local property experts
0:48:29 > 0:48:33to pop in and appraise the renovated house.
0:48:33 > 0:48:38Will their valuations match Sue and Bill's expectations?
0:48:38 > 0:48:39It's my first time in the property.
0:48:39 > 0:48:41From looking at the previous details,
0:48:41 > 0:48:44the property has been enhanced. Walls have been taken out
0:48:44 > 0:48:47and it's been finished to a reasonable standard throughout.
0:48:47 > 0:48:49The changes the vendors made have improved the property,
0:48:49 > 0:48:52especially opening out the kitchen-dining area.
0:48:54 > 0:48:57And it seems Bill and Sue were in luck with the red ash.
0:48:57 > 0:49:00They've had a report giving them the all clear.
0:49:00 > 0:49:04They've spent a total of £79,500 on this house,
0:49:04 > 0:49:06so what's it worth on the sales market?
0:49:06 > 0:49:10I would suggest putting the property on the market for an asking price
0:49:10 > 0:49:16of £94,950, perhaps looking to achieve in the region of £92,000.
0:49:16 > 0:49:20The property is likely to achieve somewhere in the region of £95,000.
0:49:20 > 0:49:22And if they were selling,
0:49:22 > 0:49:28that would mean a pre-tax profit of between £12,500 and £15,500.
0:49:28 > 0:49:31I think I'll put it on for £100,000 and see how we float in on that.
0:49:31 > 0:49:34The couple's original intention was to lease the house
0:49:34 > 0:49:39as a long-term investment, so what rental income could they expect?
0:49:39 > 0:49:41I'd suggest, on the rental market,
0:49:41 > 0:49:44it would achieve in the region of £500 per calendar month.
0:49:44 > 0:49:46The property is likely to achieve somewhere in the region
0:49:46 > 0:49:50of £495 per calendar month on the rental market.
0:49:50 > 0:49:54That would give a respectable yield of around 7.5%.
0:49:54 > 0:49:58So have those valuations changed their plans?
0:49:58 > 0:49:59It's difficult.
0:49:59 > 0:50:03- We've got to think about what we want to do, haven't we?- Yeah.
0:50:03 > 0:50:05Cos if we want to do it again, which we'd like to,
0:50:05 > 0:50:08- we need to sell, don't we?- Mmm.
0:50:13 > 0:50:17Back now to the town of Thornton Heath, Croydon, south London,
0:50:17 > 0:50:20where, earlier, I saw this three-bedroom linked semi
0:50:20 > 0:50:24with plenty of options for extending -
0:50:24 > 0:50:28upwards to the loft, backwards into the huge garden
0:50:28 > 0:50:32and sideways over the linked garage.
0:50:32 > 0:50:34No stranger to the show,
0:50:34 > 0:50:37Shaz brought along his dad, Parvez, to meet me.
0:50:37 > 0:50:39It turned out there was quite a dynasty
0:50:39 > 0:50:42of property developers in the family.
0:50:43 > 0:50:48I was taught by my dad and it's passed on since the generations.
0:50:48 > 0:50:53Property in those days was about £3,000 for a six-bedroom house.
0:50:53 > 0:50:57But the three generations have seen quite a change.
0:50:57 > 0:51:02Shaz paid £442,000 for this '30s three-bedder,
0:51:02 > 0:51:06with a view to selling on after refurbishing and extending.
0:51:06 > 0:51:10We could convert this property from a three-bedroom to a five-bedroom.
0:51:10 > 0:51:12And I take it that is what you're going to do?
0:51:12 > 0:51:15Yeah, we've already put plans in.
0:51:15 > 0:51:19We're back seven months later. I can't see any extension.
0:51:19 > 0:51:23The separate bathroom and toilet arrangement has been knocked through
0:51:23 > 0:51:25and there's a new suite.
0:51:27 > 0:51:30# Like gold
0:51:30 > 0:51:32# Let it lead me astray
0:51:32 > 0:51:34# Whoa
0:51:34 > 0:51:37# Like gold
0:51:37 > 0:51:40# Let it take me away... #
0:51:40 > 0:51:43Every centimetre of space is utilised.
0:51:43 > 0:51:46Two separate reception rooms remain downstairs
0:51:46 > 0:51:48but the decor has changed.
0:51:49 > 0:51:53# Like gold... #
0:52:01 > 0:52:04Whilst the layout has stayed the same,
0:52:04 > 0:52:07the electrics, the plumbing and plastering have all changed.
0:52:11 > 0:52:15The front reception room, although some way darker, has a warmer feel.
0:52:15 > 0:52:19The laminate flooring gives continuity to the different areas.
0:52:19 > 0:52:22The furnishings aren't just room dressings,
0:52:22 > 0:52:24there's a tenant resident.
0:52:33 > 0:52:35Not much has changed in the kitchen,
0:52:35 > 0:52:39more a case of a clean-up of the existing units.
0:52:39 > 0:52:42# Whoa-oa-oa-oa
0:52:42 > 0:52:45# Like gold... #
0:52:47 > 0:52:50The downstairs toilet and utility room have been renovated.
0:52:54 > 0:52:57And the clean lines of the laminate hall and stairs
0:52:57 > 0:53:00complete the downstairs refurbishment.
0:53:00 > 0:53:03# Everything is brighter now... #
0:53:06 > 0:53:10Upstairs, there's a darker tone of laminate throughout.
0:53:10 > 0:53:13This and the contrasting light decor makes the master bedroom,
0:53:13 > 0:53:18albeit with the same wardrobes, much more appealing than it once was.
0:53:23 > 0:53:26The same can be said of bedroom two.
0:53:33 > 0:53:39And finally, bedroom three. Well, not hard to improve that one.
0:53:39 > 0:53:42# Whoa-oa-oa-oa
0:53:42 > 0:53:44# Like gold... #
0:53:44 > 0:53:46All new doors complete the upstairs look.
0:53:46 > 0:53:51Over to Shaz now. But be warned - he's a bit of a practical joker!
0:53:53 > 0:53:56As you can see, we put brand-new porcelain tiles in here.
0:53:56 > 0:54:02It's really appealing. We've got a nice hotel-style Jacuzzi bathtub.
0:54:02 > 0:54:05You can play music and you can relax in there for hours.
0:54:05 > 0:54:10We also added a shower which can accommodate two people.
0:54:10 > 0:54:13Calm down, Shaz! Remember, your dad's watching!
0:54:13 > 0:54:17Speaking of Parvez, he did help out with clearing the garden
0:54:17 > 0:54:22and in an advisory role. So, how's that relationship working?
0:54:22 > 0:54:24Sometimes I follow his advice
0:54:24 > 0:54:28but, occasionally, I do exactly the opposite to what he tells me to do.
0:54:28 > 0:54:30It's worked out so far, so...
0:54:30 > 0:54:35We believe you, Shaz. Only to be a fly on the wall when he catches you!
0:54:35 > 0:54:38Now, why aren't there any extensions, as planned?
0:54:38 > 0:54:43We applied for planning permission for an extension,
0:54:43 > 0:54:47loft conversion and side extension and we were granted that permission.
0:54:47 > 0:54:49So, if I'm selling the house,
0:54:49 > 0:54:51I'm selling it with these permissions in place,
0:54:51 > 0:54:55so whoever buys the house would be willing to pay a premium for this.
0:54:55 > 0:54:59The intention was to sell, but we can see you've got a tenant.
0:54:59 > 0:55:00Why's that?
0:55:00 > 0:55:03At the moment, I have a very close friend of mine
0:55:03 > 0:55:07who actually, as soon as he saw the house, he wanted to move in,
0:55:07 > 0:55:11so I've given it to him and rented it out.
0:55:11 > 0:55:16What's happened to the £125,000 to £150,000 budget?
0:55:16 > 0:55:19It must have come in well under.
0:55:19 > 0:55:22We spent about £30,000 on the property itself
0:55:22 > 0:55:23to bring it to this condition
0:55:23 > 0:55:26and the rest of the money which was in the budget,
0:55:26 > 0:55:29I went and bought myself a Ferrari.
0:55:31 > 0:55:33For the sake of Parvez's health,
0:55:33 > 0:55:37we would like to point out that this IS the end of Shaz's jokes.
0:55:39 > 0:55:43We called in two local estate agents to give us some valuations
0:55:43 > 0:55:46and views on the property.
0:55:46 > 0:55:49First up, the chap who saw the house seven months ago.
0:55:52 > 0:55:53The owner's done really well.
0:55:53 > 0:55:56He's made the whole place very light and neutral.
0:55:56 > 0:55:58He's kept the floor plan pretty much the same.
0:55:58 > 0:56:00I would have expected him to knock through
0:56:00 > 0:56:03from the kitchen to the dining room, open that space up.
0:56:03 > 0:56:04to make it a lovely family space
0:56:04 > 0:56:06but, nevertheless, it's a really nice finish.
0:56:06 > 0:56:09Three bedrooms are much better than five bedrooms.
0:56:09 > 0:56:12That's the main life blood of the area, three-bedroom housing.
0:56:12 > 0:56:15That's what people ask us for because we've got large gardens,
0:56:15 > 0:56:18semidetached, garages to the side and this is their expectation.
0:56:18 > 0:56:20Once you get up to the five bedrooms,
0:56:20 > 0:56:23there are other choices available which can be slightly superior.
0:56:23 > 0:56:27So it looks like Shaz was right not to extend.
0:56:27 > 0:56:29What about the market valuation?
0:56:29 > 0:56:35The house cost £442,000 at auction and a further £30,000 to refurbish,
0:56:35 > 0:56:41so anything about £472,000 is potentially profitable.
0:56:41 > 0:56:45In its current condition, I would market this house for £525,000.
0:56:45 > 0:56:49This property, as a three-bedroom house, without the extensions,
0:56:49 > 0:56:54would sell for approximately £525,000, possibly £530,000.
0:56:54 > 0:56:58The top figure has a difference of £58,000
0:56:58 > 0:57:00for profit, taxes and expenses.
0:57:00 > 0:57:02But what does Shaz think?
0:57:04 > 0:57:07The right price is probably £575,000.
0:57:07 > 0:57:09Expecting at least a price of £550,000 on this, yeah.
0:57:09 > 0:57:12Well, we know that Shaz is already letting the property out,
0:57:12 > 0:57:15but what do the agents consider to be a fair rent?
0:57:15 > 0:57:18This property, as a three-bedroom house,
0:57:18 > 0:57:21would rent for approximately £1,600 per calendar month.
0:57:21 > 0:57:25For rental, this property would achieve £1,700 per calendar month.
0:57:25 > 0:57:29Um, £1,600 is probably on the lower side.
0:57:29 > 0:57:33I believe... We're getting, I think, probably £1,750 at the moment,
0:57:33 > 0:57:36so that's the fair price, I think, for the condition of the house.
0:57:36 > 0:57:39That gives Shaz just over a 4% yield.
0:57:39 > 0:57:43Not ideal but Shaz has got a plan for the future.
0:57:43 > 0:57:47There's uncertainty because of government regulations coming in,
0:57:47 > 0:57:50a lot of restrictions on buy-to-let investments, stamp duty,
0:57:50 > 0:57:52surcharges coming in,
0:57:52 > 0:57:58interest rate tax relief is being discounted from 2017 onwards
0:57:58 > 0:58:01and, you know, they're making life so difficult,
0:58:01 > 0:58:04so I'm diversifying, currently, into different investments
0:58:04 > 0:58:06and I'm not looking at just the UK
0:58:06 > 0:58:08as a property development sector for me,
0:58:08 > 0:58:10I'm looking worldwide right now.
0:58:13 > 0:58:17Well, the weather may be pretty changeable in this country,
0:58:17 > 0:58:20but there are no seasons when it comes to buying property.
0:58:20 > 0:58:23Yes, but we have plenty of rain and sunshine in all of OUR stories.
0:58:23 > 0:58:25Yes, so brollies at the ready
0:58:25 > 0:58:28and join us next time here for more Homes Under The Hammer.
0:58:28 > 0:58:29- Goodbye.- Goodbye.- Goodbye.