0:00:02 > 0:00:03Hello, and welcome to the show.
0:00:03 > 0:00:06Now, auction properties come in all shapes and sizes, from one-bedroom
0:00:06 > 0:00:09flats to country castles, though not this one, I hasten to add.
0:00:09 > 0:00:11Now, you may not be in the market for a castle,
0:00:11 > 0:00:13but just looking for something with a bit of character.
0:00:13 > 0:00:16Absolutely, so why not why not start with a property
0:00:16 > 0:00:18auction on Homes Under The Hammer?
0:00:43 > 0:00:46I just love meeting people on Homes Under The Hammer,
0:00:46 > 0:00:48because everybody's got so much enthusiasm.
0:00:48 > 0:00:52Yeah, it's great, especially when people take on a real challenge.
0:00:52 > 0:00:56So let's see what today's enthusiasts have got up to.
0:00:58 > 0:00:59Are you looking to expand?
0:00:59 > 0:01:03This two-bed semi in Nottingham may be ideal.
0:01:03 > 0:01:05That's a lot of space.
0:01:05 > 0:01:06I'm excited already!
0:01:07 > 0:01:09Or, does the high life appeal?
0:01:09 > 0:01:12This top-floor flat in Portsmouth fits the bill.
0:01:13 > 0:01:16You can even see the Isle of Wight out there!
0:01:17 > 0:01:19And, if it's original features you're after,
0:01:19 > 0:01:22this Crewe property offers plenty.
0:01:22 > 0:01:24Probably one of the earliest electric showers.
0:01:24 > 0:01:27I wouldn't necessarily want to turn it on and then get in the shower.
0:01:27 > 0:01:28Bzzk!
0:01:28 > 0:01:30All these properties have been sold at auction.
0:01:30 > 0:01:33We'll find out who bought them, what they paid for them,
0:01:33 > 0:01:35when they went under the hammer.
0:01:35 > 0:01:37You bought it, sir, well done.
0:01:44 > 0:01:46Basford is a suburb of Nottingham,
0:01:46 > 0:01:50and once was home to a soap factory dating from the 1890s.
0:01:50 > 0:01:55And, while the factory closed in 2005, the area still scrubs up well,
0:01:55 > 0:01:59with excellent transport links via road and tram to the city centre.
0:02:04 > 0:02:07Just two miles away from the centre of Nottingham,
0:02:07 > 0:02:10and just half a mile away to the nearest tram stop,
0:02:10 > 0:02:14is the property I'm here to see, on this busy and noisy road.
0:02:14 > 0:02:16It's a two-bed detached property,
0:02:16 > 0:02:19with a guide price of £80,000. Let's take a look.
0:02:20 > 0:02:24A detached property with off-street parking? Looking good already.
0:02:27 > 0:02:31OK, very warm, welcoming feeling as you come in.
0:02:31 > 0:02:34Central heating here, which is good. I like that.
0:02:34 > 0:02:38And I haven't seen these for some time - polystyrene tiles.
0:02:38 > 0:02:41Small front room here, but a really big window
0:02:41 > 0:02:44bringing lots of light in, which is fantastic.
0:02:44 > 0:02:46Through into the kitchen,
0:02:46 > 0:02:51which, to me, looks new, or relatively new.
0:02:51 > 0:02:55It's not my style, but you can actually come in here straightaway.
0:02:55 > 0:02:57Totally liveable at the moment, totally liveable,
0:02:57 > 0:02:59and I like what I'm seeing.
0:02:59 > 0:03:01Let's see what else we can find.
0:03:03 > 0:03:06Into the dining room, then. It's a decent-sized dining room.
0:03:06 > 0:03:10I do like that window. It's huge, bringing lots of light in.
0:03:10 > 0:03:12You've got a fireplace here.
0:03:12 > 0:03:15Again, it's all in good condition so far, this house.
0:03:15 > 0:03:19But my eye's drawn to this wall here. Now, it's...
0:03:20 > 0:03:22This will be a load-bearing wall, for sure,
0:03:22 > 0:03:25so you could get a builder in to have a look at that for you if you
0:03:25 > 0:03:29were thinking about opening it up, because modern day fashion is
0:03:29 > 0:03:32having a dining room and a kitchen connected.
0:03:32 > 0:03:33That's my kind of style.
0:03:36 > 0:03:41My kind of style is also houses in good order, which this is,
0:03:41 > 0:03:44despite the fire hazard of the polystyrene tiles,
0:03:44 > 0:03:47but so far, so good. So many options.
0:03:49 > 0:03:51OK, upstairs.
0:03:51 > 0:03:54First thing you can see is this big cupboard, which is
0:03:54 > 0:03:55storage space, shelving.
0:03:57 > 0:04:00More storage space in there, a big storage cupboard,
0:04:00 > 0:04:02so you could actually get rid of this one,
0:04:02 > 0:04:05and open up the landing, give yourself a bit more space.
0:04:05 > 0:04:09Big bedroom there, big double bedroom there, lots of light.
0:04:09 > 0:04:11Lovely, in great condition, bathroom,
0:04:11 > 0:04:13with a nice big corner bath.
0:04:13 > 0:04:14Very nice, I like that.
0:04:14 > 0:04:18Into the second bedroom, more space, or should I say more hanging space?
0:04:18 > 0:04:22Wardrobe space, there. This property is in really good condition.
0:04:22 > 0:04:26Double-glazed windows look like they've just been put in,
0:04:27 > 0:04:30and in good working order,
0:04:30 > 0:04:33overlooking a garden, which I wasn't expecting.
0:04:33 > 0:04:35It's a large garden.
0:04:35 > 0:04:37I think I'm going to investigate that just a little bit further.
0:04:37 > 0:04:39Come with me.
0:04:39 > 0:04:42Give me a minute to get down the stairs, though,
0:04:42 > 0:04:43I'm not as fit as I used to be.
0:04:43 > 0:04:47I've spotted something outside, which may be of interest.
0:04:49 > 0:04:53This back garden is huge. Goes back a long way.
0:04:53 > 0:04:56Lots of space, nice and wide,
0:04:56 > 0:05:00but what I have noticed there's a single-storey extension there, but,
0:05:00 > 0:05:04even better, there's a double-storey extension on that side.
0:05:04 > 0:05:06Now, I'm getting quite excited, because
0:05:06 > 0:05:10why not do the same? They've set a precedent there.
0:05:10 > 0:05:12Bring it out, you could have a large kitchen-dining room,
0:05:12 > 0:05:15you could have another bedroom, an even bigger bathroom,
0:05:15 > 0:05:18maybe even a couple of en-suites as well,
0:05:18 > 0:05:22but that's a lot of space, and a lot of addition to this house.
0:05:23 > 0:05:24I'm excited already!
0:05:26 > 0:05:31Extensions are expensive, but can add value. Worth it?
0:05:31 > 0:05:34Who better to ask than an agent from the auction house who sold
0:05:34 > 0:05:37this property, which was guided at £80,000.
0:05:39 > 0:05:41Subject to appropriate planning consent,
0:05:41 > 0:05:44I could see this being extended at the back.
0:05:44 > 0:05:48You've got a large garden, you've got plenty of scope there to extend.
0:05:48 > 0:05:52I could see this being converted into a four-bedroom detached
0:05:52 > 0:05:56property, with a larger living quarter,
0:05:56 > 0:05:59maybe a dining kitchen, and you've got four bedrooms,
0:05:59 > 0:06:02so it would become a good family residence.
0:06:04 > 0:06:07We are on the same page here, me and the agent.
0:06:07 > 0:06:12Extension and a kitchen-diner, but how much would the extension cost?
0:06:13 > 0:06:15With regards to the extension,
0:06:15 > 0:06:19I see builders quoting within the region of around £25,000 - £30,000.
0:06:22 > 0:06:23All right, comparison time -
0:06:23 > 0:06:26what is the property worth in its current layout?
0:06:29 > 0:06:31I could see this on the market within
0:06:31 > 0:06:34the region of around £115,000.
0:06:34 > 0:06:38Rental-wise, I see this achieving £550 per calendar month.
0:06:40 > 0:06:43And if the property were extended?
0:06:43 > 0:06:45I see this property, once it's been extended
0:06:45 > 0:06:48to a three/four-bedroom detached property, in good order,
0:06:48 > 0:06:52I see this selling within the region of around £150,000.
0:06:52 > 0:06:55Again, if it's been extended to three/four bedrooms,
0:06:55 > 0:06:58in good order, I see this on the rental market
0:06:58 > 0:07:02somewhere in the region of around £800-£850 per calendar month.
0:07:03 > 0:07:07Well, there could be a healthy profit in there, but as always,
0:07:07 > 0:07:12everything hinges on how far off the guide price of £80,000 it sells for.
0:07:12 > 0:07:16Its good condition could make for some fierce competition.
0:07:18 > 0:07:22What can I say? What a house, what a garden, and what potential.
0:07:22 > 0:07:26Let's see who saw this great opportunity when it went to auction.
0:07:28 > 0:07:32We're back in the catalogue at lot number eight. The guide is 80-plus.
0:07:32 > 0:07:36Start me at £80,000. It's well worth all of that. £80,000 for it?
0:07:36 > 0:07:4178? Thank you. 78, I've taken. 79.
0:07:41 > 0:07:4480,000. 81.
0:07:44 > 0:07:4582.
0:07:45 > 0:07:48It's no surprise that this lot was keenly contested, and we rejoin
0:07:48 > 0:07:54the auction as it approaches climax, with a price of £103,000.
0:07:54 > 0:07:58Yes or no? 103. Used to be indecisive, but now he's not sure.
0:07:58 > 0:07:59LAUGHTER
0:07:59 > 0:08:02103 and a half, 104.
0:08:03 > 0:08:06104 and a half. 105.
0:08:06 > 0:08:08105 and a half.
0:08:08 > 0:08:14106,000 is bid. £106,000, the bid's nearer to me.
0:08:14 > 0:08:17And a half. 107.
0:08:17 > 0:08:20£107,000 once...
0:08:21 > 0:08:23..twice, third opportunity...
0:08:25 > 0:08:27Sold at 107,000. Thank you.
0:08:28 > 0:08:30Bobby here in the middle is a doctor,
0:08:30 > 0:08:34and the one who has just paid 27 grand over the guide price.
0:08:36 > 0:08:38They do say doctors are getting younger these days,
0:08:38 > 0:08:41and looking at Bobby, I'd have to agree.
0:08:42 > 0:08:47# Oh, Mr Medicine, I'm so happy you came here. #
0:08:47 > 0:08:50Well, I'm glad this medicine man has the time to give us his
0:08:50 > 0:08:54prescription for this house, which is already in pretty good health.
0:08:57 > 0:08:59Bobby, nice to meet you. Congratulations.
0:08:59 > 0:09:02- Thank you very much.- First thing I've got to say - incredibly smart.
0:09:02 > 0:09:04- Oh, that's very kind of you.- I like that. I like that.- That's kind.
0:09:04 > 0:09:07Tell us about the auction experience for you, pal.
0:09:07 > 0:09:09OK, well, that was our first auction,
0:09:09 > 0:09:12and I went along with my practice manager,
0:09:12 > 0:09:15who also knows nothing about auctions,
0:09:15 > 0:09:19- and a couple of right-hand men, one of whom's a builder...- Yep.
0:09:19 > 0:09:22..who'd seen the property before we went to the auction,
0:09:22 > 0:09:24and we were quite laid-back in the auction.
0:09:24 > 0:09:26Quite early on, we realised that the bidding had slowed down,
0:09:26 > 0:09:28so there was a chance that we could actually get
0:09:28 > 0:09:30the property for what we wanted.
0:09:30 > 0:09:33Now, did your right-hand men, were they helping you?
0:09:33 > 0:09:36- Nudging you along? - Well, I was almost falling asleep.
0:09:36 > 0:09:38- This is not a joke.- How cool!
0:09:38 > 0:09:41I got a nudge. I got a nudge from the guys. "Better put a bid in."
0:09:41 > 0:09:42So that's what we did.
0:09:46 > 0:09:49I'm not qualified to diagnose sleep problems, but you are pretty
0:09:49 > 0:09:53relaxed if you can grab 40 winks in an auction environment.
0:09:54 > 0:09:57Thankfully, Bobby is wide awake to this property's potential,
0:09:57 > 0:09:59and what he's going to do with it.
0:10:01 > 0:10:03So we've applied for planning permission,
0:10:03 > 0:10:05and we're thinking if we can convert the two-bedroomed
0:10:05 > 0:10:08property into a four, because there's some space at the back...
0:10:08 > 0:10:11OK, so that's extending out the back of the kitchen and the dining room?
0:10:11 > 0:10:14Yes. And other people on the road have done extensions as well,
0:10:14 > 0:10:16so we're quite confident we'd get the planning permission.
0:10:16 > 0:10:18The kitchen's going to be extended...
0:10:18 > 0:10:21- Yep.- ..out that way, so it's actually quite a big room.- Yep.
0:10:21 > 0:10:24And I think he's talking about making a downstairs toilet as well.
0:10:24 > 0:10:28- Nice.- And then upstairs, there'll be scope to get rid of the bathroom,
0:10:28 > 0:10:30convert that into another bedroom, and then have another one,
0:10:30 > 0:10:32so it'll be like a double-storey extension.
0:10:32 > 0:10:35- One of the bedrooms, I imagine, will have- an en-suite? That's right.
0:10:35 > 0:10:39Yeah. And then another bedroom going out as well. It's our first project,
0:10:39 > 0:10:41so we're really just going to roll the dice and see what happens.
0:10:41 > 0:10:43Fantastic.
0:10:43 > 0:10:46Bobby's builder, Carl, will be busy.
0:10:46 > 0:10:49Apart from the extension, the outside will get attention too,
0:10:49 > 0:10:54including the garden, driveway, and re-rendering the exterior walls.
0:10:54 > 0:10:57Bobby's right-hand man, Phil, will also be working across the
0:10:57 > 0:11:01project, while Bobby keeps busy running his three private clinics.
0:11:01 > 0:11:03So, what's the budget?
0:11:03 > 0:11:06We might spend £40,000 or £50,000 on the property,
0:11:06 > 0:11:07and then we'll see where it goes from there.
0:11:07 > 0:11:11It's quite a lot, isn't it, really? You could get a lot done for that.
0:11:11 > 0:11:14Yeah, and we've got the manpower, you see. Most people are limited by
0:11:14 > 0:11:16the builders, but we've got a team here who work with me
0:11:16 > 0:11:19at the clinics that I run, so they're already on board.
0:11:19 > 0:11:21OK. So you know them already, you know what they're capable of.
0:11:21 > 0:11:24Very trustworthy, very honest people,
0:11:24 > 0:11:27and I think that's the strength of the project.
0:11:27 > 0:11:30And how long are you hoping for that to take?
0:11:30 > 0:11:32Well, these guys are quick, so we're thinking six months.
0:11:32 > 0:11:35- Maybe even quicker. - They ARE good!- Yeah!
0:11:35 > 0:11:38- The planning permission takes six to eight weeks...- Yeah.
0:11:38 > 0:11:39..and I think he's saying that,
0:11:39 > 0:11:42a couple of months after that, he should be done.
0:11:42 > 0:11:44# Trust me, trust me, I'm a doctor
0:11:44 > 0:11:47# I know, I know, what I'm doing
0:11:47 > 0:11:51# I know, I know, what I'm doing, girl. #
0:11:51 > 0:11:54But Bobby isn't the only doctor in the house.
0:11:54 > 0:11:59I also hold a doctorate - I do, I promise you. Newman University.
0:11:59 > 0:12:01It's Doctor of Law, I think you'll find.
0:12:01 > 0:12:04You don't have to be that smart to spot that Bobby
0:12:04 > 0:12:08is in danger of overspending on this project.
0:12:08 > 0:12:12If he spends £50,000, on top of that 107 grand,
0:12:12 > 0:12:17he'll be £7,000 over the agent's valuation of an extended property.
0:12:17 > 0:12:20What does he hope this project will achieve for him?
0:12:20 > 0:12:22This might be a nice little project in the background,
0:12:22 > 0:12:24which could act as a pension, maybe, one day.
0:12:24 > 0:12:27I'm guessing that you being a doctor and me
0:12:27 > 0:12:29being a doctor are very different.
0:12:29 > 0:12:32- Are you a doctor?- I was given mine, and you've sort of worked at yours.
0:12:32 > 0:12:35- Oh, I see.- Not quite the same.- Well, you're probably a real doctor, then.
0:12:35 > 0:12:37- I'm just someone who went to university.- A doctorate.
0:12:37 > 0:12:40- Yeah. A doctorate.- That's as far as I'll go. Bobby, good luck.
0:12:40 > 0:12:43- Nice to meet you. - Thank you very much, and likewise.
0:12:43 > 0:12:46I think busy man Bobby has fallen on his feet here.
0:12:46 > 0:12:50This is a gem of a house. He's got his right-hand men to help him out.
0:12:50 > 0:12:53If they're as good as he says they are, when this is finished,
0:12:53 > 0:12:54it's going to look amazing.
0:12:54 > 0:12:57You can find out how he gets on later in the programme.
0:13:00 > 0:13:02# Round, round, get around, I get around
0:13:02 > 0:13:06# Yeah, get around, woo woo, I get around
0:13:06 > 0:13:08# Get around, round round... #
0:13:08 > 0:13:10In all my travels around the country,
0:13:10 > 0:13:13there's nothing I like better than a trip to the seaside,
0:13:13 > 0:13:18and today I'm in Portsmouth, spiritual home to the Royal Navy.
0:13:19 > 0:13:22Portsmouth is the only city in England with a greater
0:13:22 > 0:13:26population density than London, and demand is on the rise.
0:13:26 > 0:13:30Now, property prices in this area have gone up 10% in the last
0:13:30 > 0:13:32six months, and who can blame them?
0:13:32 > 0:13:34You're just a short walk from the beach,
0:13:34 > 0:13:39surrounded by the amenities of a town, and still part of a city.
0:13:39 > 0:13:40All sounds good?
0:13:40 > 0:13:44So let's see if this two-bed flat, with a guide price
0:13:44 > 0:13:48of £80,000-plus, can tempt me up three flights of stairs.
0:14:03 > 0:14:04And breathe.
0:14:04 > 0:14:07Now, I like to think of myself as a fit person,
0:14:07 > 0:14:11but after climbing all those stairs, I don't think I am.
0:14:11 > 0:14:13Right, so there you have it.
0:14:13 > 0:14:15You've got to negotiate three flights of stairs
0:14:15 > 0:14:17before you've even got in the front door.
0:14:17 > 0:14:21Luckily, you've got an intercom system here, which you will need,
0:14:21 > 0:14:25let me tell you. But the flat is in really good condition.
0:14:25 > 0:14:27Not what I was expecting at all.
0:14:27 > 0:14:30It's got a great feel to the place. Very contemporary.
0:14:30 > 0:14:32Nice floors, not a bad kitchen.
0:14:32 > 0:14:36It's the sort of room that you'll have as a kitchen, a dining area,
0:14:36 > 0:14:38maybe a little sofa in the corner,
0:14:38 > 0:14:41so it combines all three of those uses,
0:14:41 > 0:14:44and, erm... I'm still out of breath.
0:14:44 > 0:14:47Come over here, look, you can see all across the rooftops, and if you
0:14:47 > 0:14:51look right on beyond, you can even see the Isle of Wight out there.
0:14:53 > 0:14:54It's a great flat,
0:14:54 > 0:14:58but people with a fear of heights maybe need not apply.
0:14:58 > 0:15:03# I'll be back in the high life again
0:15:03 > 0:15:08# All the doors I closed one time will open up again. #
0:15:08 > 0:15:11If height doesn't bother you, what about the noise?
0:15:11 > 0:15:14The two double bedrooms overlook the busy street below,
0:15:14 > 0:15:17so it might not be the most peaceful sleep in Portsmouth,
0:15:17 > 0:15:21and let's not forget our feathered friends, who roost on any
0:15:21 > 0:15:24available roof space, and don't mind who knows about it.
0:15:26 > 0:15:28Now, talking of roofs...
0:15:30 > 0:15:33This top-floor flat is under what is known as a mansard roof,
0:15:33 > 0:15:38which is basically a roof that has steep sloping sides on all ends.
0:15:38 > 0:15:41Now, it's a really practical way of getting living space into what
0:15:41 > 0:15:44is effectively an attic,
0:15:44 > 0:15:48so you don't have that feeling of low, sloping ceilings in here
0:15:48 > 0:15:50- look, it's quite high -
0:15:50 > 0:15:53but you are still just a short distance from the outside world
0:15:53 > 0:15:58out there, so making sure you're watertight should be your priority.
0:15:58 > 0:16:01I'm not sure this roof passes that test, though.
0:16:04 > 0:16:07Well, it's certainly not the dirty bath that's bothering me in here,
0:16:07 > 0:16:10it's what's lurking up in that corner.
0:16:11 > 0:16:15Now, it's obvious there's been some rainwater coming in,
0:16:15 > 0:16:18maybe a few of the tiles are loose, but whoever is looking
0:16:18 > 0:16:22at buying a property like this should investigate that further.
0:16:22 > 0:16:26You walk in here, and the smell is pungent, it's damp, you can
0:16:26 > 0:16:28see streaks of rainwater in the corner over there,
0:16:28 > 0:16:33and also, this wall is slightly wonky.
0:16:33 > 0:16:35It does often make me think,
0:16:35 > 0:16:39"Why did a property like this end up in the auction in the first place?"
0:16:39 > 0:16:41That's a question you've got to ask yourself.
0:16:43 > 0:16:47And, while you ponder that, it'll give a local property expert time
0:16:47 > 0:16:49to climb those stairs in order to give us
0:16:49 > 0:16:52his opinion on this top-floor offering.
0:16:54 > 0:16:57The real selling features of this property is its location.
0:16:57 > 0:17:01It's very close to bus routes, to shops, to bars, to cafes,
0:17:01 > 0:17:04and also the seafront's only a short walk away.
0:17:04 > 0:17:07Negatives -you do have some bars just around the corner which
0:17:07 > 0:17:10do turn into nightclubs,
0:17:10 > 0:17:14but, yeah, generally there's a lot more positives than negatives.
0:17:14 > 0:17:16Well, I can think of some people who consider
0:17:16 > 0:17:20bars on their doorstep to be a right bonus. I'm talking about you, Dion.
0:17:20 > 0:17:24Anyway, if the roof issue was resolved and the interior given
0:17:24 > 0:17:29a bit of a polish, what could this flat - with a guide price of £80,000
0:17:29 > 0:17:32- do in the buoyant Portsmouth property market?
0:17:33 > 0:17:37Once up, I would expect it to achieve £125,000.
0:17:37 > 0:17:40Portsmouth's very popular for renters.
0:17:40 > 0:17:45I would expect to achieve roundabouts £700 per calendar month.
0:17:46 > 0:17:50Well, a small, if slightly leaky, top-floor flat.
0:17:50 > 0:17:54The stairs and main road, they might not be for everyone,
0:17:54 > 0:17:57but so close to the beach and in a very promising area,
0:17:57 > 0:18:02right on the high street, and it seems property prices on the rise.
0:18:02 > 0:18:04Could it be a great buy?
0:18:04 > 0:18:07Well, let's see who grabbed it when it went under the hammer.
0:18:08 > 0:18:12Onto lot 314, a self-contained third-floor flat.
0:18:12 > 0:18:14Two-bedroom accommodation.
0:18:14 > 0:18:16Start me at £70,000.
0:18:16 > 0:18:18Thank you. 70 I have. 71?
0:18:18 > 0:18:2271, in the doorway, thank you. 72. 73
0:18:22 > 0:18:2374.
0:18:23 > 0:18:25There were a few people keen on this property,
0:18:25 > 0:18:28and bidding kept going at a steady pace.
0:18:28 > 0:18:32We rejoin with the price standing at £95,000.
0:18:32 > 0:18:3395, 96.
0:18:34 > 0:18:3797. 98. 99.
0:18:37 > 0:18:40100. 101. 102?
0:18:40 > 0:18:41101. Lady's bid.
0:18:41 > 0:18:43102, anywhere else?
0:18:44 > 0:18:45First time at 101...
0:18:46 > 0:18:48second time at 101...
0:18:48 > 0:18:51the third and final time at 101,000, lady's bid, on my right...
0:18:51 > 0:18:53- GAVEL BANGS - Sold at 101.
0:18:59 > 0:19:04It was full-time mum, Fay, who made that successful bid of £101,000.
0:19:04 > 0:19:08Fay and her family live not far outside Portsmouth,
0:19:08 > 0:19:10and although she wouldn't claim to be clairvoyant,
0:19:10 > 0:19:16when she saw this fat online, she definitely got more than a feeling.
0:19:16 > 0:19:20# It's more than a feeling (more than a feeling)
0:19:20 > 0:19:22# When I hear that old song... #
0:19:22 > 0:19:24- Fay, congratulations.- Thank you.
0:19:24 > 0:19:28So, what's the story behind you finding this flat?
0:19:28 > 0:19:30- Well, I've been watching auctions for a long time.- Yeah.
0:19:30 > 0:19:35Not many places come up in this area, and this one did,
0:19:35 > 0:19:36and even though we'd viewed it,
0:19:36 > 0:19:41we were a bit put off by how far up it was, replacing everything,
0:19:41 > 0:19:42and we thought, "No, we'll leave it,"
0:19:42 > 0:19:44but then on the morning of the auction,
0:19:44 > 0:19:47I was watching it online, and I just had a feeling,
0:19:47 > 0:19:50"This is going to go for a good price, and I can't miss it."
0:19:50 > 0:19:54- So you only decided on the day... - To buy it, yeah.- At what time?
0:19:54 > 0:19:57Er, this was about... Probably about midday.
0:19:57 > 0:20:02I'd worked out how many lots were selling, per hour, roughly.
0:20:02 > 0:20:04Unfortunately, they were going a bit slower in the morning,
0:20:04 > 0:20:07so in the afternoon it sped up, and...
0:20:07 > 0:20:10Got to Reading station, and thought, "Not going to make this,"
0:20:10 > 0:20:13cos my husband texted me and said, "It's on lot 294 already,"
0:20:13 > 0:20:16or something, and I was like, "Really not going to make this,"
0:20:16 > 0:20:21and yeah, I literally got to Oxford Circus Tube station, and they'd
0:20:21 > 0:20:23closed the line.
0:20:23 > 0:20:25There was maintenance, and I had to run from there up to
0:20:25 > 0:20:28Marble Arch, so I was running up Oxford Street...
0:20:28 > 0:20:31Like a crazy woman! "I need to buy this flat. Move out my way!"
0:20:31 > 0:20:33Yes, it was a bit like that.
0:20:33 > 0:20:35I was running on the road, by the buses and dodging,
0:20:35 > 0:20:37jumping back on the path, to dodge the buses.
0:20:37 > 0:20:40So what happened when you walked into the auction room?
0:20:40 > 0:20:42Were they bidding fast and furiously?
0:20:42 > 0:20:44Erm, well, there was a few that had slowed it down,
0:20:44 > 0:20:48and I got there at 307, and this was 314, so...
0:20:48 > 0:20:49- Oh, my goodness!- Yeah, yeah.
0:20:49 > 0:20:52- So you were right. You had a feeling in your stomach...- Yeah, yeah.
0:20:52 > 0:20:55..that something was going to go your way.
0:20:58 > 0:21:02Full marks to Fay for her tenacity and actually making it to the
0:21:02 > 0:21:04auction house, just in the nick of time.
0:21:05 > 0:21:09She plans to replace the kitchen and bathroom, but will she sell or let?
0:21:12 > 0:21:17We are going to either corporate let,
0:21:17 > 0:21:20or we are going to sell the property on.
0:21:20 > 0:21:22Why corporate lets?
0:21:22 > 0:21:27We don't want a long-standing tenant in the property.
0:21:27 > 0:21:30We would prefer that people come, they stay for a few days,
0:21:30 > 0:21:34or a week or two, hopefully treat the property as their own,
0:21:34 > 0:21:36and then they'll move... Obviously, go home.
0:21:36 > 0:21:39- So who's going to be the person to come in, change the sheets...- Me.
0:21:39 > 0:21:41- ..turn it over, so you're going to do that?- Yes.
0:21:41 > 0:21:44- It's like a top-end B&B, really.- Yeah, yeah. It'll give me...
0:21:44 > 0:21:46I'll drop the kids off at school, nursery,
0:21:46 > 0:21:49and then I'll come here, cos typically with corporate lets,
0:21:49 > 0:21:52they'll be going to work sort of eight o'clock in the morning,
0:21:52 > 0:21:53so the property would be empty,
0:21:53 > 0:21:55I'll come after the school run and change those,
0:21:55 > 0:21:59and obviously the person that's then coming later on will arrive
0:21:59 > 0:22:03four, five, maybe, that day, and I'll have it ready for them.
0:22:05 > 0:22:09Fay hopes this project won't take any longer than six months,
0:22:09 > 0:22:12and she's set aside a pretty generous budget of £10,000
0:22:12 > 0:22:14for the renovation.
0:22:14 > 0:22:17The unknown factor is the work that's required on the roof,
0:22:17 > 0:22:21so she's adding an additional five grand.
0:22:21 > 0:22:23All eight of the building's occupants are legally
0:22:23 > 0:22:26required to contribute towards a communal maintenance fund,
0:22:26 > 0:22:29which would include all roofing repairs,
0:22:29 > 0:22:33and this fund is controlled by a property management company.
0:22:33 > 0:22:35So are you ready for a bit of a wrangle?
0:22:35 > 0:22:38Because something like that doesn't happen overnight,
0:22:38 > 0:22:39it doesn't come easy.
0:22:39 > 0:22:41You try to get money out of eight people,
0:22:41 > 0:22:43not everybody has available funds.
0:22:43 > 0:22:44No, no. Well, it's down to them to do that,
0:22:44 > 0:22:46down to the managing company to do that.
0:22:46 > 0:22:49I've already had a few phone conversations with them, to say,
0:22:49 > 0:22:53"Look, this needs to be sorted, because obviously,
0:22:53 > 0:22:55"it's getting worse with every shower that we have."
0:22:55 > 0:22:58Now, I know you're a busy mum. You've got a couple of kids.
0:22:58 > 0:22:59I have, yes.
0:22:59 > 0:23:01How are you going to find the time to do this,
0:23:01 > 0:23:03and why are you doing this, Fay?
0:23:03 > 0:23:08I just need to do something different, for me.
0:23:08 > 0:23:13After I had my son, Jack, he's now six,
0:23:13 > 0:23:16and I went on maternity leave, and I never went back to
0:23:16 > 0:23:20my office job, and sitting at home, nursing him, taking care of him,
0:23:20 > 0:23:23- up popped Homes Under The Hammer... - Oh, it's our fault(!)
0:23:23 > 0:23:25It's your fault! And I thought, "I can do that."
0:23:25 > 0:23:28I watched people, I thought, "I CAN do that."
0:23:28 > 0:23:31Quite happy to get my hands dirty, and yeah, my little girl,
0:23:31 > 0:23:33Phoebe, she's three, she's at nursery now,
0:23:33 > 0:23:37so the days that she's there, I will be here.
0:23:37 > 0:23:40We're going to be getting tradespeople in,
0:23:40 > 0:23:41where we need to.
0:23:41 > 0:23:44Obviously, the electrics, the plumbing, fitting the kitchen
0:23:44 > 0:23:50and the bathroom, but the rest - tidying up, sanding,
0:23:50 > 0:23:53decorating - I'll be doing that, with, hopefully,
0:23:53 > 0:23:56members of my family that I can rope in.
0:23:56 > 0:23:57I want to give it a bit of a "wow" factor.
0:23:57 > 0:23:59I want prospective buyers to think,
0:23:59 > 0:24:02"Wow, I'd like to live here, this is nice."
0:24:02 > 0:24:06And if we don't sell it, and we keep it and do the corporate lets,
0:24:06 > 0:24:09they're going to want something a little bit special.
0:24:09 > 0:24:12- Well, I'm so excited to see what you do here, Fay. Good luck.- Thank you.
0:24:12 > 0:24:15- And I really hope you get to the bottom of that roof.- Yeah, so do we.
0:24:15 > 0:24:18- Thank you.- Lovely to meet you today. Thank you.- Thank you.
0:24:18 > 0:24:20Well, you've got to give it to her.
0:24:20 > 0:24:23Fay was lucky enough to even get a bid on this property,
0:24:23 > 0:24:27making it to the auction, and only in the nick of time.
0:24:27 > 0:24:31I just hope she has as much good fortune with the renovation.
0:24:31 > 0:24:34But, you know, I'm worried about that roof, the amount of money
0:24:34 > 0:24:39it will take to repair, and the time factor involved.
0:24:39 > 0:24:42Let's see how she gets on later in the programme.
0:24:43 > 0:24:47'Still to come - there's potential for big profits in Crewe.'
0:24:47 > 0:24:49You're getting - approximately, to make my maths easy -
0:24:49 > 0:24:53- £25,000 a year?- Yes. - Yeah.- We quite like the business.
0:24:54 > 0:24:57While in Portsmouth, Fay's having second thoughts
0:24:57 > 0:25:00- about corporate letting.- It looks so lovely.
0:25:00 > 0:25:03I don't know, I think I might want to keep it.
0:25:05 > 0:25:09# I'm all about that bass, 'bout that bass, bass, bass, bass, bass. #
0:25:11 > 0:25:15Earlier, it was all about Basford in Nottingham,
0:25:15 > 0:25:18and this detached property, guided at £80,000-plus.
0:25:19 > 0:25:24On the inside, it was a two-bed house in relatively good condition.
0:25:25 > 0:25:28# Cos every inch of you is perfect, from the bottom to the top,
0:25:28 > 0:25:33# Yeah, my mama, she told me, "Don't worry about size." #
0:25:34 > 0:25:36Well, your mama was right,
0:25:36 > 0:25:39but I wondered if this property could be any bigger,
0:25:39 > 0:25:43with the neighbours having added a two-storey extension themselves.
0:25:43 > 0:25:45I'm excited already!
0:25:46 > 0:25:50My excitement and my idea were shared by Bobby, a doctor
0:25:50 > 0:25:53and head of several private medical clinics.
0:25:53 > 0:25:57He saw this £107,000 purchase as a chance to let his builder,
0:25:57 > 0:25:59Carl, add value to the house,
0:25:59 > 0:26:02and build a long-term property development sideline.
0:26:06 > 0:26:09We've applied for planning permission, and we're thinking
0:26:09 > 0:26:11if we can convert the two-bedroomed property into a four-,
0:26:11 > 0:26:13because there's some space at the back,
0:26:13 > 0:26:15and other people on the road have done extensions as well,
0:26:15 > 0:26:19so we're quite confident we'd get the planning permission.
0:26:19 > 0:26:21So the hands were prepped for major surgery,
0:26:21 > 0:26:25with a 40 to 50 grand budget, and a timescale of six months.
0:26:28 > 0:26:30One year on, we've come back for a look.
0:26:33 > 0:26:35Well, the front has been re-rendered and painted,
0:26:35 > 0:26:38plus there's some driveway improvement...
0:26:40 > 0:26:43but it's the back of this property that was always going to be
0:26:43 > 0:26:45the benchmark for its success.
0:26:46 > 0:26:52# Something extraordinary, something real... #
0:26:54 > 0:26:58Inside the new two-storey extension is a vastly expanded kitchen,
0:26:58 > 0:27:01with designer marble floor and top-of-the-range units.
0:27:04 > 0:27:09The extension goes out the back, and out the side of the new living area,
0:27:09 > 0:27:13incorporating the old dining room, demonstrating the spaciousness.
0:27:16 > 0:27:19The existing living room has been modernised,
0:27:19 > 0:27:21but there are more changes upstairs.
0:27:25 > 0:27:28The bedrooms have been freshened up, while the bathroom,
0:27:28 > 0:27:30already quite nice, has jumped up a gear.
0:27:32 > 0:27:36# Something extraordinary. #
0:27:37 > 0:27:40Away from the de-cluttered landing runs a corridor to two
0:27:40 > 0:27:43brand-new bedrooms, one with an en-suite.
0:27:47 > 0:27:49What an extraordinary change.
0:27:49 > 0:27:53Surely a first project of this scale really challenged Bobby
0:27:53 > 0:27:54and his team?
0:27:54 > 0:27:57Well, surprisingly, I found that there was very
0:27:57 > 0:28:00little in the way of challenge with this renovation.
0:28:00 > 0:28:02The project has probably taken a little longer than
0:28:02 > 0:28:04we originally anticipated.
0:28:04 > 0:28:06We thought it might take about six months,
0:28:06 > 0:28:09but it took the best part of 12 months,
0:28:09 > 0:28:11and the main reason for that was the fact that we
0:28:11 > 0:28:13applied for planning permission,
0:28:13 > 0:28:18to extend it into a four-bedroomed project, and so we were quite
0:28:18 > 0:28:21prepared for the fact that it might take a couple of extra months.
0:28:21 > 0:28:25So the extension to the property went both back and to the side,
0:28:25 > 0:28:30so that the volume of the internal area was increased.
0:28:30 > 0:28:33It was essentially like a new build.
0:28:36 > 0:28:38So they were quite a bit over their timescale,
0:28:38 > 0:28:42as they worked with planning on this substantial project.
0:28:43 > 0:28:45The standard throughout is very high,
0:28:45 > 0:28:48with materials sourced from builder Carl's native Poland,
0:28:48 > 0:28:51but how much did this high-end finish cost them?
0:28:54 > 0:28:57Originally, we thought that the project might cost us
0:28:57 > 0:29:02around £60,000, and in the end, we spent about £100,000 on it.
0:29:06 > 0:29:09You can see where their 100 grand has gone, with no expense
0:29:09 > 0:29:13spared, but what does he plan to do with the property now?
0:29:15 > 0:29:18I thought that we would get it valued when it was completed,
0:29:18 > 0:29:23which we have done, independently, and given that valuation,
0:29:23 > 0:29:25I'm tempted just to keep it.
0:29:27 > 0:29:30It's not a project that we were looking to turn over
0:29:30 > 0:29:31particularly.
0:29:31 > 0:29:34With the appreciation that's likely to come in the next few years
0:29:34 > 0:29:38in the housing market, I think we could do worse than just to keep it.
0:29:39 > 0:29:41So, Bobby thinks hanging onto this property for a
0:29:41 > 0:29:44while might be the best way forward,
0:29:44 > 0:29:46based on his independent evaluation,
0:29:46 > 0:29:48but will two local estate agents agree?
0:29:49 > 0:29:52I suspect the agent who saw it before the renovation might
0:29:52 > 0:29:54be in for a bit of a surprise.
0:29:56 > 0:29:57It's an amazing transformation.
0:29:57 > 0:30:01I actually had to check whether it was the right property.
0:30:01 > 0:30:03The standard is incredibly high.
0:30:03 > 0:30:07Even the little things, like the chrome plates, sockets,
0:30:07 > 0:30:11and overall, it's a very, very lovely property.
0:30:11 > 0:30:15Standard of the finish of this property is really high,
0:30:15 > 0:30:17and it's really good quality.
0:30:19 > 0:30:22Bobby paid £107,000 for the property at auction,
0:30:22 > 0:30:28and his 100 grand spent, it means a total outlay of 207 grand.
0:30:30 > 0:30:33The agents believe it could command a top rental
0:30:33 > 0:30:39figure of £1,000 per calendar month, giving Bobby just under a 6% yield.
0:30:39 > 0:30:41Not bad, but not amazing.
0:30:41 > 0:30:44So would it be better on the sales market?
0:30:44 > 0:30:47I can believe that this house can
0:30:47 > 0:30:52achieve the sales value of £210,000.
0:30:52 > 0:30:54My feelings are you're looking within
0:30:54 > 0:30:57the region of £250,000 to £260,000.
0:30:57 > 0:31:00Well, they're similar to an independent valuation
0:31:00 > 0:31:04we had done last week, where we were thinking around the 225-250 mark.
0:31:07 > 0:31:10Well, nobody said property prices were a perfect science,
0:31:10 > 0:31:14but that 250-grand evaluation would give Bobby a pre-tax
0:31:14 > 0:31:20profit of 43 grand, but this wasn't just about money for Bobby.
0:31:20 > 0:31:22It was a practice run for his builder,
0:31:22 > 0:31:25Carl, as they move on to bigger and better things.
0:31:29 > 0:31:30On the back of this development,
0:31:30 > 0:31:35we've just now purchased some land with a school on it,
0:31:35 > 0:31:39and we're looking at converting the school into 25 units, which is
0:31:39 > 0:31:43a much bigger project, but this development here has given me
0:31:43 > 0:31:47the stepping board to actually know what development entails,
0:31:47 > 0:31:51and it's given me confidence to be able to do a bigger project.
0:31:56 > 0:31:59For today's final property, I'm visiting Crewe in Cheshire,
0:31:59 > 0:32:03a town built on the massive expansion of the railway
0:32:03 > 0:32:05network in the mid-19th century.
0:32:05 > 0:32:08Nowadays, the local economy is more diverse,
0:32:08 > 0:32:13but engineering still provides significant employment in the area.
0:32:13 > 0:32:17# Trains and boats and planes were passing by... #
0:32:17 > 0:32:22Well, this street is a real classic for houses that reflect the working
0:32:22 > 0:32:26status of the people who would have owned them in previous times.
0:32:26 > 0:32:30From slightly smaller terraces, to the one I'm here to see.
0:32:30 > 0:32:35And very impressive it is, too. £63,000 was the guide price.
0:32:35 > 0:32:38Three bedrooms. Obviously needs a bit of work. Let's have a look.
0:32:42 > 0:32:45Ooh, nice bit of tiling on the entrance porch, there.
0:32:45 > 0:32:48Then an inner door. That's such a good design feature, isn't it?
0:32:48 > 0:32:51Keeps all the noise and the cold out.
0:32:51 > 0:32:53Into your little entrance corridor,
0:32:53 > 0:32:58which has good stairs going up to the bedrooms there, and then through
0:32:58 > 0:33:02to your main living accommodation, which is fairly classic.
0:33:02 > 0:33:05Large reception room to the front.
0:33:05 > 0:33:07Bay windows, which is absolutely gorgeous.
0:33:07 > 0:33:08It's dual-aspect,
0:33:08 > 0:33:12with this very classic sliding door between the two.
0:33:12 > 0:33:13to this rear room here.
0:33:13 > 0:33:16Again, loads of light coming in, lots of space,
0:33:16 > 0:33:20and obviously it's going to be in need of a good old clean
0:33:20 > 0:33:23and a good old sort-out, but I'm liking what I'm seeing.
0:33:23 > 0:33:26And then a very traditional design from there,
0:33:26 > 0:33:28through to your kitchen area.
0:33:28 > 0:33:30The kitchen areas in these properties are always
0:33:30 > 0:33:32a little bit on the small side.
0:33:32 > 0:33:34You know, it could be a little bit bigger, and perhaps
0:33:34 > 0:33:38there's potential to extend a bit into the cupboard there,
0:33:38 > 0:33:39but overall,
0:33:39 > 0:33:46what I'm seeing is a house that just needs upgrading, uplifting, and then
0:33:46 > 0:33:49you've got a really great place.
0:33:49 > 0:33:53I have a real soft spot for these Edwardian terraced houses.
0:33:53 > 0:33:55Plenty of original details have survived,
0:33:55 > 0:33:58which makes wandering around here a real delight.
0:34:01 > 0:34:07So, upstairs, and a good-sized space, as you might have expected.
0:34:07 > 0:34:11Reasonable sized bedroom at the back there, and there's a cute bathroom.
0:34:11 > 0:34:12Look at that.
0:34:12 > 0:34:16Probably one of the earliest kind of electric showers that was ever made.
0:34:16 > 0:34:19Yeah. I think you probably want to have that definitely well
0:34:19 > 0:34:21checked out by somebody electrically qualified, cos I wouldn't
0:34:21 > 0:34:25necessarily want to turn it on and then get in the shower. Bzzk!
0:34:25 > 0:34:28But anyway, nice-sized middle bedroom, original fireplace there,
0:34:28 > 0:34:31which is really lovely, and there's just loads of stuff to discover.
0:34:31 > 0:34:35Rip that little bit of hardboard off there.
0:34:35 > 0:34:39I bet there's a really nice banister underneath it.
0:34:39 > 0:34:41And then a real joy as you walk towards the front of the property.
0:34:41 > 0:34:46A nice fireplace in this absolutely gorgeous master bedroom.
0:34:46 > 0:34:50You've got the bay window there, erm... Yeah, it's brilliant.
0:34:50 > 0:34:53That isn't too good, though. A bit of a nasty crack.
0:34:53 > 0:34:56Hopefully nothing too serious, so you'd want to investigate that,
0:34:56 > 0:34:58but all in all, it's a really
0:34:58 > 0:35:01well-proportioned lovely, lovely house.
0:35:03 > 0:35:08And all for a guide price of £63,000.
0:35:08 > 0:35:10Spend, oh, let's say 25 grand doing it up,
0:35:10 > 0:35:15and you've still got change out of £100,000. So, that's the inside.
0:35:15 > 0:35:17I'm off to catch a bit of sunshine.
0:35:19 > 0:35:23Well, at the back of the property, nothing untoward.
0:35:23 > 0:35:25Those cracks don't seem to appear on the outside,
0:35:25 > 0:35:28so hopefully just a bit of minor settlement inside.
0:35:28 > 0:35:30The brickwork seems to be in nice condition.
0:35:30 > 0:35:32Obviously, you're looking again at replacing the windows,
0:35:32 > 0:35:35but apart from that, yeah, no, it seems pretty good.
0:35:35 > 0:35:37The roof looks all right.
0:35:37 > 0:35:39As a bonus, you've got this little bit of garden,
0:35:39 > 0:35:42and that all-important access to a little
0:35:42 > 0:35:44sort of roadway at the back there, an alleyway,
0:35:44 > 0:35:47so you could theoretically bring in a car
0:35:47 > 0:35:50and have off-street parking here, which is what some people do, but
0:35:50 > 0:35:54all in all, it's just adding to what is already a really great house.
0:35:55 > 0:35:58And hopefully the agent from the auction house who sold
0:35:58 > 0:36:01the property will agree with me, but first he's going to give us
0:36:01 > 0:36:04some information about the local housing stock.
0:36:04 > 0:36:08There's a variety of terraced properties up and down this road.
0:36:08 > 0:36:12These particular ones had lovely mosaic-tiled halls
0:36:12 > 0:36:15and quarry-tiled floors, and quite decorative coving and ceiling roses,
0:36:15 > 0:36:17so these would have been probably the managers'
0:36:17 > 0:36:20or the supervisors' properties when they were first built.
0:36:20 > 0:36:22Does need a lot of work doing to it.
0:36:22 > 0:36:25Damp course, rewiring, kitchen, bathroom.
0:36:25 > 0:36:28There's quite a bit of money to be spent on the property,
0:36:28 > 0:36:30but it's got a lot of potential.
0:36:32 > 0:36:36And how much could this house be worth, once renovated?
0:36:36 > 0:36:37If the property was fully modernised,
0:36:37 > 0:36:41I'd certainly expect this property to reach in the region of £110,000.
0:36:41 > 0:36:43And rental valuation?
0:36:43 > 0:36:47From a rental point of view, I would say the property would
0:36:47 > 0:36:50achieve around £550 per calendar month.
0:36:53 > 0:36:55Well, the more times I come to Crewe, the more I think there
0:36:55 > 0:36:59really are some very interesting investment opportunities here.
0:36:59 > 0:37:03It's a lot of house for that £63,000 guide price.
0:37:03 > 0:37:07Yeah. Let's see who was lucky to get this when it went under the hammer.
0:37:07 > 0:37:11In fact, on auction day, the guide price was changed to £70,000,
0:37:11 > 0:37:14but the auctioneer started below that.
0:37:14 > 0:37:17What say 65 to start me?
0:37:17 > 0:37:2165 bid, thank you. It's £65,000. £66,000.
0:37:21 > 0:37:2467. 68.
0:37:24 > 0:37:2669. 70.
0:37:27 > 0:37:30It's no surprise that bidding was brisk for this one.
0:37:30 > 0:37:35- We rejoin with the price at £78,000.- 78.
0:37:36 > 0:37:40Shaking his head. Still with you, sir, at £78,000.
0:37:40 > 0:37:41Another 500, anywhere else?
0:37:43 > 0:37:46If not, £78,000 once...
0:37:46 > 0:37:50New bidder, 78 and a half. 79.
0:37:51 > 0:37:53And a half.
0:37:53 > 0:37:58No? At 79 and a half, by the door, at £79,500.
0:37:58 > 0:38:0080, anywhere else?
0:38:00 > 0:38:0180.
0:38:02 > 0:38:07No? At 80, on the wall, to my left, at £80,000. 500, anywhere else?
0:38:08 > 0:38:10If not, £80,000 once...
0:38:11 > 0:38:13..£80,000 twice...
0:38:13 > 0:38:17..third and final time at £80,000...
0:38:19 > 0:38:21You bought it, sir. Well done.
0:38:21 > 0:38:24Sneaking in with that last-minute bid were property developers
0:38:24 > 0:38:27Anthony, here on the right, and Phil.
0:38:27 > 0:38:31We've met them before on the show, as they specialise in developing
0:38:31 > 0:38:34and leasing houses of multiple occupancy, or HMOs.
0:38:34 > 0:38:37Is that the plan for this house?
0:38:37 > 0:38:40I met them back at the property to find out.
0:38:40 > 0:38:45# We're a couple of swells, we stop at the best hotels. #
0:38:45 > 0:38:47Anthony, Phil, good to see you, again!
0:38:47 > 0:38:50- You have been busy, haven't you?- Yes.
0:38:50 > 0:38:52So tell me why you wanted to buy this house.
0:38:52 > 0:38:56Well, this is a house in an area that we currently operate, you know?
0:38:56 > 0:38:58We have other buy-to-let properties in the area,
0:38:58 > 0:39:00so we're quite familiar with these streets,
0:39:00 > 0:39:05and this one attracted us because it's a large-sized house,
0:39:05 > 0:39:08needs lots of work, which we're quite happy to take on...
0:39:08 > 0:39:11- Yeah, absolutely.- ..and, yeah, it lends itself quite nicely
0:39:11 > 0:39:15to the type of profile, the tenants, that we currently have.
0:39:15 > 0:39:16And tell me what you think about Crewe,
0:39:16 > 0:39:20because I've been really impressed by Crewe as a sort of place, really.
0:39:20 > 0:39:22Yeah, it's growing quite quickly, really.
0:39:22 > 0:39:24A lot of industry is coming to Crewe.
0:39:24 > 0:39:29I think the transport links to the motorways is very good, and some of
0:39:29 > 0:39:33the major employers around here are continuing to expand,
0:39:33 > 0:39:35and we've seen it sort of develop, haven't we?
0:39:35 > 0:39:38Yeah, absolutely, and there's some great properties.
0:39:38 > 0:39:41And the prices are still at a good level within Crewe at the moment.
0:39:41 > 0:39:45- Yeah.- And, coupled with the tenant demand, it's a good place to invest,
0:39:45 > 0:39:47in that sense.
0:39:49 > 0:39:52On this project, Phil and Anthony are actually
0:39:52 > 0:39:55working on behalf of an investor, who's putting up the capital.
0:39:55 > 0:39:57The guys will manage the property on behalf of the investor
0:39:57 > 0:40:01for a fixed percentage fee, but first they'll have to refurbish it.
0:40:04 > 0:40:07So tell me what you're going to do to this one, then.
0:40:07 > 0:40:08In terms of this one,
0:40:08 > 0:40:12- we're going to create it as a shared house for professional tenants.- OK.
0:40:12 > 0:40:15- So we'll effectively be creating five bedrooms...- Oh, wow.
0:40:15 > 0:40:19..which we'll then let on a sort of individual room basis,
0:40:19 > 0:40:21so there'll be a communal kitchen-diner,
0:40:21 > 0:40:23two of the bedrooms upstairs,
0:40:23 > 0:40:26we're going to look to put en suites in, so that they've got more
0:40:26 > 0:40:28self-contained facilities, in that sense,
0:40:28 > 0:40:32- and then this front reception room will be a bedroom as well...- Right.
0:40:32 > 0:40:36..and we'll also add a corridor in and place another
0:40:36 > 0:40:38bedroom in the sort of second reception room.
0:40:38 > 0:40:42So is there a demand for that kind of accommodation around here?
0:40:42 > 0:40:43There is, yeah, yeah.
0:40:43 > 0:40:46We've got a list of people that are looking for that exact
0:40:46 > 0:40:47type of accommodation.
0:40:47 > 0:40:50They're professional working people,
0:40:50 > 0:40:54sometimes working on a contract basis, sometimes working longer...
0:40:54 > 0:41:00More permanent basis, but the contract staff demand seems
0:41:00 > 0:41:03to be increasing with the likes of some of the local employers.
0:41:03 > 0:41:06Now, splitting it up into rooms like that can be a very profitable
0:41:06 > 0:41:08thing to do in terms of rental projections.
0:41:08 > 0:41:11What kind of numbers are you looking at?
0:41:11 > 0:41:16- Well, these rooms will let somewhere between £350 and £400...- Each?- Each.
0:41:16 > 0:41:20- Yeah.- So you're looking at £2,000 a month, ish?- Ish, gross, yeah.
0:41:20 > 0:41:24- That's pretty healthy. That's 26 grand a year.- Yes.- Right. So what...
0:41:24 > 0:41:26Obviously got costs and things to factor into that,
0:41:26 > 0:41:29but let's start with that as a headline figure.
0:41:29 > 0:41:30So you paid 80 for it.
0:41:30 > 0:41:33What do you think it's going to cost you to do the renovation?
0:41:33 > 0:41:39So we're looking at around £25,000, just because it's basically
0:41:39 > 0:41:43a shell at the moment, so we need new double glazing, central heating.
0:41:43 > 0:41:45We're obviously adding a lot of facilities,
0:41:45 > 0:41:48and we've then got the shared accommodation fire requirements,
0:41:48 > 0:41:52in terms of fire doors, smoke alarms, all those elements.
0:41:52 > 0:41:55- Right. - So we think probably around £25,000.
0:41:55 > 0:41:59So you'd be in it for 105 or so, 110 if you factor in those bits
0:41:59 > 0:42:00- and pieces...- That's right.
0:42:00 > 0:42:03..and you're getting, approximately, to make my maths easy,
0:42:03 > 0:42:06- £25,000 a year?- Yes.- Yeah.
0:42:06 > 0:42:10- That's a massive yield, isn't it? - Yes, yes.- Yeah, works well.
0:42:10 > 0:42:12THEY LAUGH
0:42:12 > 0:42:1320 quid, then? 24 for that?
0:42:13 > 0:42:16- Yeah, yeah.- We quite like the business.- Yeah, no kidding!
0:42:18 > 0:42:20# And I've been taking care of business... #
0:42:20 > 0:42:23Impressive figures, but of course, that assumes that they're
0:42:23 > 0:42:25going to get 100% occupancy 100% of the time
0:42:25 > 0:42:27and no unforeseen circumstances.
0:42:27 > 0:42:31'But talking of time, how quickly can they turn this place around?'
0:42:31 > 0:42:34So, you mentioned the budget, what about the timescale?
0:42:34 > 0:42:37I think we're probably looking about two months to turn everything around.
0:42:37 > 0:42:41- Right.- To get the finished product and actually have tenants then in situ.
0:42:41 > 0:42:44- Brilliant. And then on to the next one, I guess?- Yes.- Yes.
0:42:44 > 0:42:48Yeah, we're running a couple at the moment, so, yes, it's a case
0:42:48 > 0:42:52of moving tradesmen and contractors around and keeping things moving.
0:42:52 > 0:42:54- Well, listen, congratulations. - Thank you.- Good luck with it.
0:42:54 > 0:42:58- Great, thank you.- I look forward to seeing how you get on.
0:42:58 > 0:43:01Well, Anthony and Phil certainly seem to have come up with
0:43:01 > 0:43:04a really interesting business idea, don't they?
0:43:04 > 0:43:07How will they go on sorting out this place in Crewe?
0:43:07 > 0:43:09You can find out later in the show.
0:43:13 > 0:43:17Well, when it comes to taking, property projects,
0:43:17 > 0:43:19it can take a lot of energy, patience,
0:43:19 > 0:43:24oh, and most importantly, the ability to bounce back when things go wrong.
0:43:24 > 0:43:26Yes, so we've seen how one of our buyers got on,
0:43:26 > 0:43:27what about the others?
0:43:27 > 0:43:31Yes, stick around and you will find out.
0:43:31 > 0:43:34Back to the south coast we go and the city of Portsmouth.
0:43:34 > 0:43:37It was this top-floor two-bedroom flat that I was here to see,
0:43:37 > 0:43:41and after a lung-bursting climb up the stairs,
0:43:41 > 0:43:44I was pleasantly surprised by what I found.
0:43:44 > 0:43:47The flat is in really good condition.
0:43:47 > 0:43:48Not what I was expecting at all.
0:43:48 > 0:43:51It's got a great feel to the place.
0:43:51 > 0:43:53You can even see the Isle of Wight out there.
0:43:55 > 0:43:59But no top-floor abode would be complete without something
0:43:59 > 0:44:00to worry about.
0:44:00 > 0:44:04Now, it's obvious there's been some rainwater coming in,
0:44:04 > 0:44:07maybe a few of the tiles are loose, but whoever is looking at
0:44:07 > 0:44:11buying a property like this should investigate that further.
0:44:12 > 0:44:15And being a communal property, any external work would need to
0:44:15 > 0:44:20be estimated, priced and tended, and then the cost split eight ways,
0:44:20 > 0:44:25a process that was a potential concern to new owner, Faye.
0:44:25 > 0:44:27So are you ready for a bit of a wrangle?
0:44:27 > 0:44:29Because something like that doesn't happen overnight,
0:44:29 > 0:44:32it doesn't come easy, you try to get money out of eight people
0:44:32 > 0:44:34- not everybody has available for months.- No, no.
0:44:34 > 0:44:38Well, it's down to them to do that, down to the managing company to do that.
0:44:38 > 0:44:40I've already had a few phone conversations with them
0:44:40 > 0:44:43to say, "Look, this needs to be sorted,"
0:44:43 > 0:44:46because obviously, it's getting worse with every shower that we have.
0:44:47 > 0:44:51Bought jointly with her husband for £101,000,
0:44:51 > 0:44:53Faye planned to renovate the flat
0:44:53 > 0:44:56then either sell or lease to corporate clients.
0:44:56 > 0:44:58With a budget of £10,000,
0:44:58 > 0:45:03plus a contingency of five grand for the roof, Faye set herself a
0:45:03 > 0:45:06timescale of 3-6 months to complete the work,
0:45:06 > 0:45:09barring any unexpected delays.
0:45:09 > 0:45:13Well, unfortunately, delays there has been, but finally,
0:45:13 > 0:45:18a year and eight months later, we're back to see the finished results.
0:45:27 > 0:45:29Things are looking pretty smart up here,
0:45:29 > 0:45:32but the dazzling kitchen takes pride of place.
0:45:33 > 0:45:37Here in the kitchen, we've done new flooring, complete new flooring,
0:45:37 > 0:45:40new floorboards, made that solid, so we've put the tiles down.
0:45:40 > 0:45:42We've put a brand-new kitchen in here,
0:45:42 > 0:45:46including built-in appliances, rejigging it slightly from
0:45:46 > 0:45:48the old kitchen that was here to create more cupboard space.
0:45:48 > 0:45:50I love the quality of the kitchen
0:45:50 > 0:45:53and I especially love the slow-close.
0:45:54 > 0:45:57Slow-closing drawers could be a metaphor for this project.
0:45:57 > 0:46:00Things progressed at a glacial pace.
0:46:00 > 0:46:03Faye was keen to have everything complete within six months,
0:46:03 > 0:46:07but it's taken an additional 14 months to get to this point.
0:46:10 > 0:46:15And the delay is all down to something called Section 20.
0:46:15 > 0:46:18The Section 20 is something that the freeholders are in charge of.
0:46:18 > 0:46:23As a leaseholder, you don't really have any control over it.
0:46:23 > 0:46:26It's things that relate to works on the building itself,
0:46:26 > 0:46:28the external building.
0:46:28 > 0:46:31And with needing things like the roof and the tiling
0:46:31 > 0:46:34and everything like that doing, it's going to be a roofer involved,
0:46:34 > 0:46:38but also guttering needs doing, external timber works,
0:46:38 > 0:46:40there's the odd tiles that need doing.
0:46:40 > 0:46:43And because we're quite high up, a load of scaffolding needs to go up,
0:46:43 > 0:46:47so there's quite a lot of planning and expense to it.
0:46:47 > 0:46:51With uncertainty over just what kind of work was going to take place
0:46:51 > 0:46:55on the roof, Faye sensibly postponed the refurbishment until she received
0:46:55 > 0:46:58word from building's management that it was safe to proceed.
0:46:58 > 0:47:02After all, there's no point in plastering ceilings twice.
0:47:02 > 0:47:05Ironically, it turns out that the leak in the bathroom
0:47:05 > 0:47:07had nothing to do with the roof.
0:47:09 > 0:47:12OK, so here in the bathroom we've kept what
0:47:12 > 0:47:15we can in terms of tiling and stuff. We've changed the bath.
0:47:15 > 0:47:17New radiator.
0:47:17 > 0:47:19We fixed the leak in the ceiling,
0:47:19 > 0:47:23which just turned out to be the vent pipe for the toilet.
0:47:23 > 0:47:25Put new pipework up there and that's all dry,
0:47:25 > 0:47:28that's all rectified now and I wish we'd done that a lot, lot sooner,
0:47:28 > 0:47:31because it really was very simple to fix.
0:47:31 > 0:47:35'Faye used professional tradespeople for the big jobs,
0:47:35 > 0:47:37'but then listed the family to help decorate.'
0:47:39 > 0:47:41My mum has been amazing.
0:47:41 > 0:47:44We've had some really long nights, we got loads done.
0:47:44 > 0:47:46And my sister's just been fantastic, too.
0:47:46 > 0:47:49She's really helped, done a lot of the ceiling work,
0:47:49 > 0:47:51so her shoulders are probably aching!
0:47:51 > 0:47:53SHE LAUGHS
0:47:53 > 0:47:57Has all that free labour helped Faye's budget of £15,000?
0:47:57 > 0:48:03It's come out at £14,990, so we've gone over on the refurb,
0:48:03 > 0:48:08the Section 20 was under, but, yes, so pretty much used it all.
0:48:08 > 0:48:11When we first met, Faye thought she might sell,
0:48:11 > 0:48:14but seemed keener on renting to corporate clients.
0:48:14 > 0:48:17So what has she finally decided to do?
0:48:17 > 0:48:20My husband and I, in discussing what we're going to do
0:48:20 > 0:48:22with the property, sort of established
0:48:22 > 0:48:25we weren't going to do the corporate lets
0:48:25 > 0:48:28and we're definitely going to go down the sale route.
0:48:28 > 0:48:31And that's what I plan to do now.
0:48:31 > 0:48:34But now the carpets are down, it look so lovely! I don't know.
0:48:34 > 0:48:36I think I might want to keep it!
0:48:37 > 0:48:39It's been a long time in the making,
0:48:39 > 0:48:43but Faye is thrilled with how her project has turned out.
0:48:43 > 0:48:47Will two Portsmouth estate agents be equally enamoured with her work?
0:48:47 > 0:48:50First impressions, it's really fresh, clean,
0:48:50 > 0:48:53it's been finished to a good standard. The only concern I'd
0:48:53 > 0:48:56have would be the single glazing at the front of the property.
0:48:56 > 0:48:58Maybe a little bit noisy on the bedrooms.
0:48:58 > 0:49:01However, I don't think that's going to stop anyone buying this property.
0:49:01 > 0:49:04Property's been done to a very high standard, kitchen is good quality,
0:49:04 > 0:49:07it'd be perfect for the rental market or first-time buyer market.
0:49:09 > 0:49:11Well, they both think this property is a winner.
0:49:11 > 0:49:14But will that be reflected in their valuations?
0:49:14 > 0:49:17Let's start with rental values.
0:49:17 > 0:49:19I think the lowest amount that you should be
0:49:19 > 0:49:23looking for is £675 per calendar month.
0:49:23 > 0:49:27As the sort of highest mark, you could be trying £725 per calendar month.
0:49:27 > 0:49:30For the current owner, should they put this on the rental market,
0:49:30 > 0:49:34she'd be asking for around £795 per calendar month.
0:49:34 > 0:49:38Those rental figures are good, especially the higher one.
0:49:38 > 0:49:43And it's sort of the figure we were looking to, my husband and I, round about the 750 mark.
0:49:43 > 0:49:47But, unfortunately, that's not something we really want to do. But good to know.
0:49:47 > 0:49:50So, as rental is no longer on the agenda,
0:49:50 > 0:49:52what about the sales values?
0:49:52 > 0:49:54In current market conditions, I think
0:49:54 > 0:49:58the current owner could be asking for a price in the region of £155,000.
0:49:58 > 0:50:02I think a sensible figure would be £145,000.
0:50:02 > 0:50:06Well, we paid 101,000 at auction and spent just under 15,000,
0:50:06 > 0:50:08including the Section 20.
0:50:08 > 0:50:12So, yeah. Yeah, I'm really, really pleased with that, yeah.
0:50:12 > 0:50:15A sale at £155,000 would leave Faye with
0:50:15 > 0:50:20a profit of £39,000 before any tax and fees.
0:50:20 > 0:50:24So, will she be keen to do this kind of project again?
0:50:24 > 0:50:26Yeah, I'd definitely do it again.
0:50:26 > 0:50:30The fact that Section 20 has taken so long has not put me off at all.
0:50:30 > 0:50:32Because it was always something there in the background,
0:50:32 > 0:50:36ticking over, to fill in my time when the children were at school, so, yeah,
0:50:36 > 0:50:38it's worked out really, really well and I'd definitely do it again.
0:50:38 > 0:50:41Right property, right place, I'd do it again.
0:50:44 > 0:50:47It's time to catch up with what's happening in Crewe,
0:50:47 > 0:50:50where earlier, I took a look around this three-bed Edwardian
0:50:50 > 0:50:54terraced house with a guide price of 63,000.
0:50:54 > 0:50:58Although there was a complete overhaul required,
0:50:58 > 0:51:03the massive rooms and period detail immediately warmed my heart.
0:51:03 > 0:51:08Overall, what I'm seeing is a house that just needs upgrading,
0:51:08 > 0:51:12uplifting and then, you've got a really great place.
0:51:14 > 0:51:18In fact, you could say it was a cracking property.
0:51:18 > 0:51:23But unfortunately, upstairs, it really WAS a cracking property.
0:51:23 > 0:51:26That isn't too good, though. A bit of a nasty crack.
0:51:26 > 0:51:30Hopefully nothing too serious, so you'd want to investigate that.
0:51:31 > 0:51:35Keen to get cracking on this property were Phil,
0:51:35 > 0:51:39here on the left, and Anthony, who paid £80,000 at auction
0:51:39 > 0:51:43and plan to turn it into a HMO, or a House Of Multiple Occupancy.
0:51:43 > 0:51:47So, is there a demand for that kind of accommodation around here?
0:51:47 > 0:51:48There is, yeah, yeah.
0:51:48 > 0:51:51We've got a list of people that are looking for that exact
0:51:51 > 0:51:53type of accommodation.
0:51:53 > 0:51:55And when he did the sums, it wasn't
0:51:55 > 0:51:58hard to notice that splitting this house into individual rented
0:51:58 > 0:52:01rooms could prove to be very lucrative.
0:52:01 > 0:52:06And you're getting approximately, to make my maths easy, £25,000 a year?
0:52:06 > 0:52:07- Yes.- Yeah.
0:52:07 > 0:52:09That's a massive yield, isn't it?
0:52:09 > 0:52:12- We quite like the business. - Yeah, no kidding!
0:52:14 > 0:52:19With their eyes firmly set on the HMO prize, we left Phil and Anthony
0:52:19 > 0:52:22to work out how best to configure this house
0:52:22 > 0:52:23with their £25,000 budget.
0:52:25 > 0:52:29They plan to have rooms ready to let out within eight to ten weeks.
0:52:29 > 0:52:31How successful have they been?
0:52:31 > 0:52:34Well, we've come back eight months later to find out.
0:52:55 > 0:52:59Well, I'm sure you'll agree, this is an amazing transformation.
0:52:59 > 0:53:02The guys have kept to the plan of having five bedrooms,
0:53:02 > 0:53:07three upstairs, two of which have en suites and two downstairs.
0:53:07 > 0:53:10There was originally a through lounge diner,
0:53:10 > 0:53:13so we're separated that off to create a bedroom at the front
0:53:13 > 0:53:16and an extra bedroom behind and put a corridor in.
0:53:16 > 0:53:19We've then put a brand-new kitchen in,
0:53:19 > 0:53:21knocked through the back to create a downstairs toilet
0:53:21 > 0:53:24and a laundry room where we've put the boiler.
0:53:24 > 0:53:28Upstairs, we've added two new en suites, new bathroom
0:53:28 > 0:53:32and then really sort of full plaster and decoration all the way through.
0:53:34 > 0:53:38This was a thorough renovation, requiring new central heating,
0:53:38 > 0:53:41total rewiring and new double glazing throughout.
0:53:41 > 0:53:45But Phil and Anthony have also managed to experiment a little
0:53:45 > 0:53:48by adding a few new things along the way.
0:53:48 > 0:53:51The feature walls that we've put into this property in the bedrooms...
0:53:51 > 0:53:54Quite a new thing for us, that, and it seems to have gone well.
0:53:54 > 0:53:57The people that we've shown around initially have liked the rooms
0:53:57 > 0:54:00and a couple of the rooms have been taken already,
0:54:00 > 0:54:02so, so far, that seems to have worked out well.
0:54:02 > 0:54:05I think it's nice to have done en-suites upstairs.
0:54:05 > 0:54:08I think given the size of the house and its five bedroom,
0:54:08 > 0:54:11it's good to get those two en-suites up there.
0:54:11 > 0:54:13We're very proud, I think, aren't we, of this one?
0:54:13 > 0:54:17- Yeah, definitely, yeah.- And it would be a nice one to have in the mix.
0:54:17 > 0:54:20Yeah, we're just really pleased with the finish of it all and I think
0:54:20 > 0:54:24it's created five very nice rooms for professional people to rent.
0:54:24 > 0:54:25Yeah.
0:54:27 > 0:54:30Those beds look very inviting, but I wonder
0:54:30 > 0:54:35if there was any sleep lost over the worrying cracks upstairs?
0:54:35 > 0:54:37We looked at those, we took the plaster away and to be honest,
0:54:37 > 0:54:39they were just surface cracks, really,
0:54:39 > 0:54:42there wasn't anything structurally wrong with the property, so...
0:54:42 > 0:54:46Movement over the years. And the last time the property had been sold was 1944,
0:54:46 > 0:54:49so there's going to be a little bit of movement in that time,
0:54:49 > 0:54:53but the plasterer has taken everything back to breaking in parts and we've
0:54:53 > 0:54:57reskimmed and things as well, so, it's got a nice finish to it now.
0:54:57 > 0:55:00It's taken 16 weeks to get that nice finish,
0:55:00 > 0:55:03which is double their original estimate.
0:55:03 > 0:55:06That was partly due to a delayed start whilst
0:55:06 > 0:55:07we finished off another project.
0:55:07 > 0:55:11And then really just juggling the works alongside other projects, so...
0:55:11 > 0:55:14Yeah, couple of additional ones, wasn't it?
0:55:14 > 0:55:18Yeah, that's it. So because we had some other projects that we needed to turn round quickly,
0:55:18 > 0:55:21we've just phased this one over a slightly longer timeframe.
0:55:21 > 0:55:24So, how much has all this cost?
0:55:24 > 0:55:27We were originally thinking it would be around 25,000.
0:55:27 > 0:55:30We'll probably closer to 30 by the time it's all finished with
0:55:30 > 0:55:32the furnishings and everything.
0:55:32 > 0:55:37But that's a reflection, really, of the fact that we've done it to a higher standard.
0:55:37 > 0:55:40We've furnished it to a high standard and with the en-suites
0:55:40 > 0:55:44and everything, the extra additions, equally that is reflected
0:55:44 > 0:55:47in the rent that we'll receive from the property, so we're seeing
0:55:47 > 0:55:51that uplift in terms of the rental prices for the rooms as a result.
0:55:51 > 0:55:55Well, if I was giving out prizes for the best-dressed rooms,
0:55:55 > 0:55:59I'm certain Phil and Anthony would have the competition sewn up.
0:56:00 > 0:56:03But in this instance, it's all about the money,
0:56:03 > 0:56:06so we've asked two local property experts to come along and
0:56:06 > 0:56:10marvel at the soft furnishings and give us their professional opinions.
0:56:12 > 0:56:13The changes are really good,
0:56:13 > 0:56:16they've done a really nice job on the property.
0:56:16 > 0:56:19Ideal for what they've done it for, obviously,
0:56:19 > 0:56:21they've turned it into a multiple occupancy building
0:56:21 > 0:56:24and it's a great location for that type of thing as well.
0:56:24 > 0:56:26They've done a nice standard of finish to the property,
0:56:26 > 0:56:29it's nice and light, I like the fact that they've used
0:56:29 > 0:56:33a lot of white, but added a bit of interest with feature walls.
0:56:33 > 0:56:37So far, Phil and Anthony have spent 110,000 on behalf
0:56:37 > 0:56:40of the investor and the plan is to rent the units out.
0:56:40 > 0:56:43But what could the whole building be worth
0:56:43 > 0:56:46if sold in its newly refurbished state?
0:56:46 > 0:56:48If the property was to come onto
0:56:48 > 0:56:52the market as it is, we'd be looking at around £125,000.
0:56:52 > 0:56:55For a resale on this I would expect to sell
0:56:55 > 0:56:59the property for £130,000.
0:56:59 > 0:57:01That could mean a potential pre-tax
0:57:01 > 0:57:05profit of between £15,000 - £20,000 for the investor.
0:57:05 > 0:57:08But of course, this is a long-term rental machine, and both
0:57:08 > 0:57:14agents reckon on a total rental income of around £2,000 per month.
0:57:14 > 0:57:15In terms of a monthly rental,
0:57:15 > 0:57:19- it's around 2,100 gross rent for the property.- Yeah.
0:57:19 > 0:57:22Of course, that figure's based on full occupancy
0:57:22 > 0:57:25and equates to a monster yield of 23%.
0:57:25 > 0:57:30So, let's get the final thoughts of two very happy property developers.
0:57:31 > 0:57:34This property has been a superb property for us
0:57:34 > 0:57:41in really doing the full refurb and putting our own mark on the property
0:57:41 > 0:57:45as well and creating something quite different to how it began.
0:57:45 > 0:57:48Yeah, and I think we're now left with a high-end HMO
0:57:48 > 0:57:51that will achieve really good rental yields.
0:57:54 > 0:57:57Did today's trials and tribulations inspire you?
0:57:57 > 0:57:59Or were you watching from behind the couch?
0:57:59 > 0:58:02Yes, buying property can sometimes be a little bit scary,
0:58:02 > 0:58:04even a bit of a horror story.
0:58:04 > 0:58:06Oh, but it usually ends up with a happy ending!
0:58:06 > 0:58:09So join us next time for more Homes Under The Hammer.
0:58:09 > 0:58:11- We'll see- you then. Bye-bye. - Goodbye.- Bye.