0:00:02 > 0:00:04Hello and welcome to Scotland and a fairy-tale castle.
0:00:04 > 0:00:07You might think buying a property seems like a fairy tale.
0:00:07 > 0:00:13But you can possibly make that fairy-tale dream come true by buying your next home under the hammer!
0:00:39 > 0:00:42Auctions are full of all kinds of different properties.
0:00:42 > 0:00:43They certainly are, Dion.
0:00:43 > 0:00:46From mansions to plots of land.
0:00:46 > 0:00:49So let's find out what's on offer for today's buyers.
0:00:51 > 0:00:53It's cupboard love today on Homes Under The Hammer.
0:00:53 > 0:00:57And I'm in Northwich, Cheshire, at this two-bed terraced house.
0:00:57 > 0:00:59You've got a bit of folding space there for your clothes.
0:01:00 > 0:01:03And in Deal, Kent, we finally return to a former
0:01:03 > 0:01:05ambulance station that came with plans for
0:01:05 > 0:01:08houses brimming with more of the same.
0:01:08 > 0:01:11You've got a cupboard here, a cupboard there...
0:01:11 > 0:01:12Well, that's lucky for some,
0:01:12 > 0:01:17as the cupboard at this two-bed terrace in Derby is disturbing my chi!
0:01:17 > 0:01:22It's the opposite of feng shui, it's like feng rubbish!
0:01:22 > 0:01:23First time...
0:01:23 > 0:01:25All of these properties have been bought at auction.
0:01:25 > 0:01:28We'll find out who bought them and what they paid for them when these
0:01:28 > 0:01:29homes went under the hammer.
0:01:29 > 0:01:31It's gone.
0:01:35 > 0:01:37No, your TV isn't in black and white.
0:01:37 > 0:01:40You're looking at the Cheshire town of Northwich.
0:01:40 > 0:01:46The town's salt mining past meant that there were serious issues with subsidence.
0:01:46 > 0:01:50So they got around this by using the medieval timber frame method.
0:01:50 > 0:01:54This meant that they could have jacking-up points instead of foundations.
0:01:54 > 0:01:57So rather than the building falling down when the ground moved,
0:01:57 > 0:02:01they could raise the house to make it level.
0:02:01 > 0:02:03Or if it was too bad,
0:02:03 > 0:02:06they could simply put the building on rollers and change the location.
0:02:06 > 0:02:09Now, that's what I call moving house!
0:02:16 > 0:02:20The house I'm here to see is on the outskirts of the town centre,
0:02:20 > 0:02:23just round the corner from the train station and the A roads will get you
0:02:23 > 0:02:26on the motorway networks in no time at all.
0:02:26 > 0:02:27And here it is.
0:02:27 > 0:02:31It's a two-bed property and has a guide price of £55,000.
0:02:31 > 0:02:32Let's take a look.
0:02:35 > 0:02:38Oh, I do like this. A bit of space!
0:02:38 > 0:02:41Wow, you've got lounge, dining area, all as one.
0:02:41 > 0:02:45Looks like it's a working fireplace.
0:02:45 > 0:02:48But I would imagine it wasn't built like this years ago,
0:02:48 > 0:02:51there would have been two rooms, one there and one there,
0:02:51 > 0:02:54would been a wall here and a wall here.
0:02:54 > 0:02:58And the stairs would have come from the bottom all the way to the top.
0:02:58 > 0:03:03And they've moved the staircase over there and made good use of two rooms.
0:03:03 > 0:03:04Bit of an issue here maybe with safety.
0:03:04 > 0:03:07And no banister as well, here. Maybe dangerous for children.
0:03:07 > 0:03:10But, I like what they've done.
0:03:10 > 0:03:12Let's explore a little bit further.
0:03:12 > 0:03:16Through into the kitchen, which looks in decent condition.
0:03:16 > 0:03:18It might need a bit of a clean-up,
0:03:18 > 0:03:20but I think you'd get away with keeping most of it.
0:03:20 > 0:03:24You've even got a bit of space underneath these cupboards here for a bit more storage.
0:03:24 > 0:03:28Once you've done that, you have yourself a nice kitchen.
0:03:28 > 0:03:30But, I've just got to do this.
0:03:30 > 0:03:31Wait there.
0:03:36 > 0:03:39Let's see what's through the round window!
0:03:39 > 0:03:40THEME FROM PLAYSCHOOL
0:03:45 > 0:03:47Although it's not a terrible state,
0:03:47 > 0:03:50getting this kitchen back to its best won't be child's play.
0:03:50 > 0:03:53In fact, I'd toy around with a complete revamp here.
0:03:53 > 0:03:57It's certainly a great size and I do like that quirky window.
0:04:00 > 0:04:02Time to test those stairs.
0:04:02 > 0:04:06And I don't think they're going to meet building regulations.
0:04:06 > 0:04:09Let's hope the bedrooms and bathrooms are both OK.
0:04:10 > 0:04:14I can see as I come to the top of the stairs, signs of subsidence.
0:04:14 > 0:04:17This is bedroom one at the front of the house. It's a decent size.
0:04:17 > 0:04:20Nice big window again.
0:04:20 > 0:04:21You've got that sink in the corner,
0:04:21 > 0:04:23it's not really a modern-day feature.
0:04:23 > 0:04:25Let's see what else we can find.
0:04:27 > 0:04:28And in here you've got the bathroom,
0:04:28 > 0:04:30which doesn't look in too bad condition.
0:04:30 > 0:04:34You might get away with resurrecting that and keeping it.
0:04:34 > 0:04:38And here you've got the back bedroom which is nice and bright.
0:04:38 > 0:04:40Big window looking out onto the back garden.
0:04:40 > 0:04:43You've got a bit of folding space there for your clothes and hanging space.
0:04:43 > 0:04:45But all in all, it's not too bad up here.
0:04:45 > 0:04:49I like the configuration, and the bathroom upstairs.
0:04:49 > 0:04:51Billy bonus.
0:04:51 > 0:04:53The compromise here is that the bathroom is internal,
0:04:53 > 0:04:55which a lot of people won't like.
0:04:55 > 0:04:58I must admit, I do prefer a window to an extractor fan.
0:04:59 > 0:05:03There's no shower either, so not ideal.
0:05:03 > 0:05:07However, this configuration means that the bedroom space hasn't been compromised.
0:05:07 > 0:05:10So whoever thought this up didn't have their head in the clouds!
0:05:10 > 0:05:13# Little fluffy clouds
0:05:13 > 0:05:16# Little fluffy clouds... #
0:05:16 > 0:05:19Time to plant our feet firmly on the ground.
0:05:21 > 0:05:25So I'm out in the back garden, and normally with houses of this period,
0:05:25 > 0:05:27you get a bit of a postage stamp for a back garden.
0:05:27 > 0:05:28Not in this case.
0:05:28 > 0:05:32This one does stretch some distance and is quite long.
0:05:32 > 0:05:35Now, there's decking as well, which looks in good condition.
0:05:35 > 0:05:39Bit of a jet wash would tidy this up no problem at all.
0:05:39 > 0:05:41You've got a bit of a void here as well,
0:05:41 > 0:05:44maybe it was a veggie patch or might have been a pond or something.
0:05:44 > 0:05:47But you could actually cover that up, level it out with the decking
0:05:47 > 0:05:51and I think you'd have yourself a nice, tidy, back garden.
0:05:52 > 0:05:55Before you give this place your stamp of approval,
0:05:55 > 0:05:58there is something I haven't owned up to yet.
0:05:58 > 0:06:03Northwich has a proud history of salt mining, but that has come at a cost.
0:06:03 > 0:06:08The properties here are prone to subsidence due to the coverings below ground.
0:06:08 > 0:06:11Now, I've built myself a bit of a plumb line here with some string
0:06:11 > 0:06:13and some keys.
0:06:13 > 0:06:17I'm just going to show you, give you an example of how the property has moved.
0:06:17 > 0:06:19I'll just drop that down.
0:06:19 > 0:06:21Hold it against a wall.
0:06:21 > 0:06:25And you can see there's a little bit of movement.
0:06:25 > 0:06:27# I've got the key
0:06:27 > 0:06:29# I've got the secret
0:06:29 > 0:06:33# I've got the key to another way... #
0:06:34 > 0:06:36The doorframe looks pretty off as well.
0:06:36 > 0:06:40But, of course, houses move or settle for lots of reasons.
0:06:40 > 0:06:44Now, a structural engineer can do a more scientific test than mine,
0:06:44 > 0:06:47but it's just something to be aware of.
0:06:47 > 0:06:52An agent from the auctioneers who sold it came round to give us his key points.
0:06:52 > 0:06:56Historically, there has been salt mining in the area.
0:06:56 > 0:07:00That is now finished quite a long, long time ago.
0:07:00 > 0:07:02And there has been residual movement of certain areas,
0:07:02 > 0:07:06small pockets of Northwich, due to this.
0:07:06 > 0:07:09You would find out about the previous mining with a solicitor,
0:07:09 > 0:07:12who will do a brine search.
0:07:12 > 0:07:13What's a brine search?
0:07:13 > 0:07:18Well, one method of extracting salt is a process called brine pumping.
0:07:18 > 0:07:22In the '50s, a compensation scheme was set up called the Cheshire Brine
0:07:22 > 0:07:25Subsidence Compensation Board.
0:07:25 > 0:07:30A solicitor can check the Brine Board's records to see if the property is affected.
0:07:30 > 0:07:31Assuming all is well,
0:07:31 > 0:07:35it would appear that there is very good reason for you preserving
0:07:35 > 0:07:36your stake in this area.
0:07:36 > 0:07:39The town centre is undergoing quite a regeneration programme with
0:07:39 > 0:07:45considerable investment in the town centre itself to utilise more use of the river frontage.
0:07:45 > 0:07:48If you did want to sell this house, once renovated,
0:07:48 > 0:07:53the agent's opinion is that it would sell for around £95,000.
0:07:53 > 0:07:56But that regeneration sounds pretty tempting,
0:07:56 > 0:07:58so what could the rentals be?
0:07:58 > 0:08:00Once the property has been refurbished,
0:08:00 > 0:08:04I would expect this property to achieve comfortably £525 per calendar month.
0:08:04 > 0:08:07Dependent on the quality of the final fittings,
0:08:07 > 0:08:11it could even achieve as much as £540 per calendar month.
0:08:12 > 0:08:15This used to be a standard two-up two-down terraced house.
0:08:15 > 0:08:21But somebody has taken the time to reconfigure it and bring it into the 21st century.
0:08:21 > 0:08:24It does need a bit of TLC, though, to bring it back to its best.
0:08:24 > 0:08:26Let's see who wanted it when it went to auction.
0:08:26 > 0:08:2843. 50 to start.
0:08:28 > 0:08:3150 bid, thank you. At £50,000.
0:08:31 > 0:08:32I'm going once on this.
0:08:32 > 0:08:33Bid is at 50.
0:08:33 > 0:08:36Looking for 51.
0:08:36 > 0:08:3752. 53.
0:08:37 > 0:08:3954. 55.
0:08:39 > 0:08:4256 anywhere else?
0:08:42 > 0:08:45If not, £55,000.
0:08:45 > 0:08:4656.
0:08:46 > 0:08:4857.
0:08:48 > 0:08:5058.
0:08:50 > 0:08:5159, seated now.
0:08:51 > 0:08:5560. 61.
0:08:55 > 0:08:58No? At 61, in the aisle then at £61,000.
0:08:58 > 0:09:0062 anywhere else?
0:09:00 > 0:09:03At £61,000 then for the first time.
0:09:03 > 0:09:06At £61,000...
0:09:06 > 0:09:0962. 63.
0:09:09 > 0:09:1264. 65.
0:09:12 > 0:09:15Sure? 65 then, in the aisle at the back.
0:09:15 > 0:09:18At £65,000 then for the first time.
0:09:18 > 0:09:21At £65,000 for the second time.
0:09:21 > 0:09:26Third and final time at £65,000.
0:09:26 > 0:09:27Your lot, sir, well done.
0:09:27 > 0:09:31The successful bidder who paid 65 grand for this house was joiner Will,
0:09:31 > 0:09:34who went to the auction with his dad, Steve.
0:09:35 > 0:09:39This was the second property in ten days that Will had bought.
0:09:39 > 0:09:41He wasn't hanging around.
0:09:41 > 0:09:46I met him back at the house to find out what his plans were and why he was so keen.
0:09:46 > 0:09:48Really nice to meet you, congratulations.
0:09:48 > 0:09:51- Thank you.- I do like this property very much.
0:09:51 > 0:09:53What enticed you into it?
0:09:53 > 0:09:57Just the opportunity to move on from what I'm doing beforehand,
0:09:57 > 0:10:00just doing joinery day in day out,
0:10:00 > 0:10:02I don't want to keep up with it when I'm 60.
0:10:02 > 0:10:03- You've got a long way yet!- I know,
0:10:03 > 0:10:06but if I don't sort a retirement idea out sooner or later,
0:10:06 > 0:10:11I'll soon be trying to cut and fit doors when I've got a walking stick
0:10:11 > 0:10:13in one hand and a saw in the other.
0:10:13 > 0:10:15So when you actually saw this one,
0:10:15 > 0:10:17what was it that you said, I can do this to this, I can do that to it?
0:10:17 > 0:10:20Did you think about changing it, or...?
0:10:20 > 0:10:21The layout is going to just stay the same.
0:10:21 > 0:10:24- Yes.- The bathroom will be taken out.
0:10:24 > 0:10:25There's no shower in there.
0:10:25 > 0:10:29There was a shower screen, there's a bath with like a shower thing in it,
0:10:29 > 0:10:31which you probably just use to wash your hair.
0:10:31 > 0:10:33Do you remember washing your hair?
0:10:33 > 0:10:36It was a while ago, to be fair. I did have a little bit of a baby Afro.
0:10:36 > 0:10:39- Oh, yeah, yes.- Many years ago. - I like it.- Washed it now and again, thought,
0:10:39 > 0:10:43- too much like hard work... - Shave it off?- Get it off. - Yeah.- Thanks for that, Will.
0:10:43 > 0:10:46- Yeah.- We were close before, but now...- Yeah, I'll step back a bit.
0:10:46 > 0:10:50- So you're going to change it completely?- Yeah, mainly decor and things like that.
0:10:50 > 0:10:53The soffits and fascias outside, nice shade of teal.
0:10:53 > 0:10:56So, yeah. But, yeah, this will all be stripped out.
0:10:56 > 0:10:59I've got a tenant lined up for it and
0:10:59 > 0:11:01as soon as he said about
0:11:01 > 0:11:05coming back from Australia and said he needed a place to live,
0:11:05 > 0:11:08I showed him the house and he went online and looked at it and said,
0:11:08 > 0:11:10can we get rid of the wallpaper?
0:11:10 > 0:11:12- And I said, yeah, that's fine.- So is it a mate of yours?
0:11:12 > 0:11:14Yeah, I played rugby with him for years.
0:11:14 > 0:11:16So... Although he is better than me.
0:11:16 > 0:11:18It pains me to say.
0:11:18 > 0:11:21- Don't tell him that, please don't tell him.- He'll never find out.
0:11:22 > 0:11:25I think the cat is well and truly out of the bag, mate.
0:11:25 > 0:11:27Will is going for a conversion of this property,
0:11:27 > 0:11:29and although he's only 32,
0:11:29 > 0:11:33he's got 11 plus years in the trade and he's got plenty of mates who
0:11:33 > 0:11:37will come together and tackle all the other work.
0:11:37 > 0:11:40Did you read the legal pack, anything in the legal pack?
0:11:40 > 0:11:43Oh, yeah, I downloaded the legal pack and anything I wasn't sure of,
0:11:43 > 0:11:46I just sent it over to a friend of my sister's, Kirsty,
0:11:46 > 0:11:47who is a solicitor.
0:11:47 > 0:11:50She just said it cannot be used for brewing alcohol.
0:11:50 > 0:11:52So that was in the legal part.
0:11:52 > 0:11:55- It's out then, isn't it?- Yeah, yeah. So, yeah.
0:11:55 > 0:11:58Anything in the legal pack about the salt mining issue at all?
0:11:58 > 0:12:01If you look at a map from above, there's red rings and the further out you go,
0:12:01 > 0:12:03the less likely they're supposed to be.
0:12:03 > 0:12:06And this house is about 50 metres outside of the last ring.
0:12:06 > 0:12:10- OK.- So it tends to be you should be OK.
0:12:10 > 0:12:11I mean, they've been here for so long,
0:12:11 > 0:12:15the chances are that it's not going to affect it now.
0:12:15 > 0:12:17So how much are you hoping to spend and get all the work done?
0:12:17 > 0:12:20Probably maybe four...
0:12:20 > 0:12:24- Four-grand budget?- Yeah, about four, four and a half, around that. - Everything?- Maybe a bit more.
0:12:24 > 0:12:26And what about time scale? Four grand-ish.
0:12:26 > 0:12:29- What about time scale?- Timescale,
0:12:29 > 0:12:34well, Chris comes back from Australia in about eight weeks.
0:12:34 > 0:12:36- OK.- So...
0:12:36 > 0:12:40he gets back and then we go on a rugby tour and then he comes back
0:12:40 > 0:12:43and that's when he's said he'll move in.
0:12:43 > 0:12:45But if it's ready beforehand, he'll move in.
0:12:45 > 0:12:48He even said if it's not ready, because he's an electrician,
0:12:48 > 0:12:50he'll help and get it ready to...
0:12:50 > 0:12:53- There you go. - But I said he's not having any discount on the rent for that.
0:12:53 > 0:12:55There's your labour, get him over early.
0:12:55 > 0:12:58- Yeah, I'll get him here now.- Ready to get stuff started?
0:12:58 > 0:13:02Yeah, ready to roll my sleeves up and get stuck into it, basically.
0:13:02 > 0:13:05- You haven't got any sleeves on.- No. - But that's because you're a rugby player.- Yeah.
0:13:05 > 0:13:07And you're a lot stronger and tougher than me.
0:13:07 > 0:13:11- Yeah.- Good luck, Will.- Thank you very much.- Hope it works out, mate, I really do.
0:13:11 > 0:13:14I do like Will. Confident young lad,
0:13:14 > 0:13:17knows what he wants to achieve and anybody that goes to the auction house
0:13:17 > 0:13:21and buys two properties in ten days will have a few issues to tackle,
0:13:21 > 0:13:23but I think he'll be fine. He's used to that.
0:13:23 > 0:13:26You can find out how he gets on later in the programme.
0:13:30 > 0:13:34Back now to Deal on the Kent coast, where in 2013,
0:13:34 > 0:13:36I first saw this row of garages,
0:13:36 > 0:13:41large storage unit and a rundown St John's ambulance headquarters,
0:13:41 > 0:13:43which was beyond resuscitation.
0:13:45 > 0:13:46So what are we looking at?
0:13:46 > 0:13:48A building plot, of course!
0:13:48 > 0:13:53Which had a guide price of £100-£105,000.
0:13:56 > 0:13:57Walking around the plot,
0:13:57 > 0:14:02it unfolded as an L-shape with two road access points.
0:14:04 > 0:14:08One on the main street and the other at the side.
0:14:08 > 0:14:09Good news.
0:14:10 > 0:14:13But not so good news for the existing buildings.
0:14:13 > 0:14:18They would all clearly have to be the casualties here.
0:14:18 > 0:14:20# Doctor, doctor
0:14:20 > 0:14:23# Can't you see I'm burnin' burnin'? #
0:14:23 > 0:14:28So what was the plan to replace this assortment of broken-down buildings?
0:14:28 > 0:14:32The planning permission is for a row of three three-bedroom terraces
0:14:32 > 0:14:35and one detached two-bedroom house.
0:14:35 > 0:14:38Now, the reason you have this slightly odd arrangement
0:14:38 > 0:14:41is the shape of the plot, which is a dogleg,
0:14:41 > 0:14:46so the terraces go along that side and the detached sneaks in along the back here.
0:14:46 > 0:14:48Now, the designs themselves are actually very nice.
0:14:48 > 0:14:52I love the layout downstairs, you've got a nice big lounge,
0:14:52 > 0:14:56then a kitchen and the back with a dining area and I really like that.
0:14:56 > 0:15:00You've got a cupboard here, a cupboard there. Nice and practical, actually.
0:15:00 > 0:15:04So, if new-builds floated your boat back in 2013,
0:15:04 > 0:15:06this site seemed perfect.
0:15:06 > 0:15:09It's in a residential area and ideal for development.
0:15:09 > 0:15:13If you could only get it for the right...deal.
0:15:17 > 0:15:19It's the former St John's premises
0:15:19 > 0:15:21and garages and it's got
0:15:21 > 0:15:23the planning for the redevelopment
0:15:23 > 0:15:25for the terrace of three and the detached house.
0:15:25 > 0:15:28So we're going to say £100,000 for it.
0:15:28 > 0:15:29£100,000, where's my builders?
0:15:29 > 0:15:31£100,000, can I say?
0:15:31 > 0:15:34Give me 90, then. Start me at £90,000.
0:15:34 > 0:15:3690, I'm bid.
0:15:36 > 0:15:3895 bid I have, £100,000 I'm bid.
0:15:38 > 0:15:40105 now, if you like.
0:15:40 > 0:15:44At £100,000, 105 right at the back, I've got.
0:15:44 > 0:15:46108. 110 is standing at the back.
0:15:46 > 0:15:49110. Can I see 110?
0:15:49 > 0:15:51And 12, and 14?
0:15:51 > 0:15:53And 14?
0:15:53 > 0:15:55114. And 16?
0:15:55 > 0:15:58Now there was a lot of interest in the plot pushing the bids up to
0:15:58 > 0:16:01142,000, where we rejoin.
0:16:03 > 0:16:06142 and four and six.
0:16:06 > 0:16:08146 and eight and 50.
0:16:09 > 0:16:11150, and two and four.
0:16:11 > 0:16:13And six. And eight.
0:16:13 > 0:16:16158? No.
0:16:16 > 0:16:20At £156,000 I've got - 158 anywhere else?
0:16:20 > 0:16:24If not, at £156,000 for the first time,
0:16:24 > 0:16:26156 for the second time,
0:16:26 > 0:16:29third and final time at £156,000,
0:16:29 > 0:16:32Well done, madam. You stuck with it and you got it.
0:16:32 > 0:16:36Sticking to the end was Tracy with her builder, Paul.
0:16:37 > 0:16:41That successful bid of £156,000
0:16:41 > 0:16:44smashed the guide price by more than 50 grand.
0:16:44 > 0:16:49Tracy has been on the show before with her business partner Martin.
0:16:50 > 0:16:53Back then, they had 21 rental properties and although they ran the
0:16:53 > 0:16:55property business together,
0:16:55 > 0:17:00Tracy also worked for Martin in his full-time role as a criminal lawyer.
0:17:00 > 0:17:04Tracy had worked for him for over 20 years.
0:17:06 > 0:17:09MUSIC: Nine To Five by Dolly Parton
0:17:14 > 0:17:16Tracy, we meet again!
0:17:16 > 0:17:19- Hello.- I think it was 2008, the last time we met.
0:17:19 > 0:17:20That's right, in Dover.
0:17:20 > 0:17:23So have you been property developing ever since?
0:17:23 > 0:17:26Back in that time, we'd done a bit of renovation work, but since then,
0:17:26 > 0:17:30we've been doing new-build properties, building flats around Dover.
0:17:30 > 0:17:33Now, the thing that took my eye about this plot is the planning that comes with it.
0:17:33 > 0:17:35You've got a really nice house at the back,
0:17:35 > 0:17:39a nice big detached house and three nice houses that sit in the front.
0:17:39 > 0:17:43Is that something, or WAS that something that particularly appealed
0:17:43 > 0:17:46- to you with this?- We like the idea that it's got planning on it,
0:17:46 > 0:17:49but it wouldn't appeal to us to have that particular planning on it,
0:17:49 > 0:17:52because we tend to specialise in building flats,
0:17:52 > 0:17:54because we don't sell our properties on,
0:17:54 > 0:17:56we deal with the rental market
0:17:56 > 0:17:58and we find that the rental return on flats
0:17:58 > 0:18:00is much better than it is on houses.
0:18:00 > 0:18:04So you're not going to go with the plans that come with this site?
0:18:04 > 0:18:08No, we've already spoken to an architect and he's drafted plans
0:18:08 > 0:18:11with potential of nine flats on the site.
0:18:11 > 0:18:12Wow, that's incredible.
0:18:12 > 0:18:16I'm stunned actually that you're not going to go with the plans that were
0:18:16 > 0:18:19here, cos I actually thought, looking at them,
0:18:19 > 0:18:21they were quite good and they'd really been thought about.
0:18:21 > 0:18:23Well, they had. And if you were selling the properties,
0:18:23 > 0:18:26then that'd probably be the way forward.
0:18:26 > 0:18:29But if you want a good rental return on what you're building on the site,
0:18:29 > 0:18:31then to build two-bedroom flats in Deal,
0:18:31 > 0:18:35it's a very sought after rental area here.
0:18:35 > 0:18:37Tracy clearly knew her stuff.
0:18:37 > 0:18:41But we knew that changing plans can not only be time-consuming,
0:18:41 > 0:18:43but budget consuming, too.
0:18:43 > 0:18:47So getting the planners involved at the earliest possible opportunity
0:18:47 > 0:18:49is what I always advise.
0:18:51 > 0:18:53So, have you spoken to the planners?
0:18:53 > 0:18:56Have they given you any indication whether they'll pass
0:18:56 > 0:18:57something like this?
0:18:57 > 0:19:01The architects had an initial chat with the person from the council
0:19:01 > 0:19:06and it's looking very hopeful that they will agree the new plans.
0:19:06 > 0:19:10How much would it cost to build what you're looking to do on this site?
0:19:10 > 0:19:15Generally speaking, we estimate about £70,000 per unit.
0:19:15 > 0:19:19- OK.- So we've got two separate units - phase one and phase two.
0:19:19 > 0:19:22Phase one of the five units,
0:19:22 > 0:19:24you'd be looking at about £350,000
0:19:24 > 0:19:29and the second of the four units, that's about £280,000.
0:19:29 > 0:19:30Wow!
0:19:30 > 0:19:33Ready for some 2013 figures?
0:19:33 > 0:19:36Well, based on our research at the time,
0:19:36 > 0:19:40rental rates on Tracy's projected total costs gave a yield
0:19:40 > 0:19:44of nearly 9%. They say there's no room for sentiment in business.
0:19:44 > 0:19:47But Tracy had discovered, by a twist of fate,
0:19:47 > 0:19:49that this development was personal.
0:19:51 > 0:19:56Well, I grew up in the north end of Deal,
0:19:56 > 0:19:59so I was fairly familiar with this end of Deal,
0:19:59 > 0:20:02and it was only after I bought this place at the auction
0:20:02 > 0:20:03and I was telling my family about it,
0:20:03 > 0:20:06that I found out my parents had their wedding reception here,
0:20:06 > 0:20:09- back in 1968.- That is amazing,
0:20:09 > 0:20:12to think that once upon a time they sat in here
0:20:12 > 0:20:15having a wedding reception, and now you're going to knock it down!
0:20:15 > 0:20:17How do they feel about that?
0:20:17 > 0:20:20I did ask if they wanted to come and have one final look down...
0:20:20 > 0:20:21for old times' sake,
0:20:21 > 0:20:24but they said it was pretty grotty back in 1968
0:20:24 > 0:20:26and it wouldn't have improved since then!
0:20:26 > 0:20:28And now you're about to improve it completely.
0:20:28 > 0:20:31The best thing we can do with this is knock it down.
0:20:31 > 0:20:34How long do you think it will be before this development is finished?
0:20:34 > 0:20:36I would think it would be about 20 weeks
0:20:36 > 0:20:39until we've got the plans and we are in a position to proceed
0:20:39 > 0:20:41and then phase one, I would think,
0:20:41 > 0:20:47is about six months, 26 weeks, and similar or less for phase two.
0:20:47 > 0:20:50- Well, good luck.- Thank you. - It's going to be really exciting
0:20:50 > 0:20:52coming back and seeing this not being here,
0:20:52 > 0:20:54and a lovely block of flats in its place.
0:20:54 > 0:20:57Good luck with the project and hopefully it won't be so long
0:20:57 > 0:21:00- next time I see you. - Thanks very much.- Thank you.
0:21:01 > 0:21:04We returned to the site in November 2014,
0:21:04 > 0:21:09more than double the time that Tracy and Martin thought it would take.
0:21:10 > 0:21:15Apart from boarding up, there had been little progress on the project.
0:21:15 > 0:21:20We hope to have planning by the end of January of 2014.
0:21:20 > 0:21:21That didn't happen.
0:21:21 > 0:21:24And the date was extended and extended
0:21:24 > 0:21:26and then the local planning authority said
0:21:26 > 0:21:29they wanted a viability survey carried out,
0:21:29 > 0:21:33which was at our expense, and that led to discussions then
0:21:33 > 0:21:36about a payment which eventually emerged
0:21:36 > 0:21:39and was agreed as a figure of £20,000.
0:21:39 > 0:21:42So, that was agreed in May,
0:21:42 > 0:21:45so we thought we'd have the planning very shortly after that
0:21:45 > 0:21:49but it wasn't in fact until October that...October 2014,
0:21:49 > 0:21:53that planning was finally granted to us.
0:21:53 > 0:21:56But would it be worth the wait?
0:21:56 > 0:21:59Tracy and Martin's original plans were for nine flats,
0:21:59 > 0:22:01but their architect had suggested
0:22:01 > 0:22:04this could be increased to ten flats.
0:22:05 > 0:22:09Back at the office, Tracy took us through the plans.
0:22:10 > 0:22:13# Everybody's gotta have plans
0:22:13 > 0:22:19# She said everybody's gotta have plans... #
0:22:19 > 0:22:21So, looking at the plans now,
0:22:21 > 0:22:24we've got the driveway through the front of the property
0:22:24 > 0:22:27under the archway to the rear of the property.
0:22:27 > 0:22:31On the ground floor we've got three two-bedroomed flats.
0:22:31 > 0:22:33When we move up to the first floor,
0:22:33 > 0:22:37we've got three two-bedroomed flats and a one-bedroom flat.
0:22:37 > 0:22:41Moving to the second floor, which is effectively the loft area,
0:22:41 > 0:22:44there's a large three-bedroom flat
0:22:44 > 0:22:48with one very large bedroom with an en suite
0:22:48 > 0:22:51and two separate double bedrooms with a shared bathroom.
0:22:51 > 0:22:55All the property has got lounge-diners
0:22:55 > 0:22:59as an open space, and separately,
0:22:59 > 0:23:03there's a stand-alone two-floor, two-bedroom unit.
0:23:03 > 0:23:06Once upon a time, you could assume, rightly,
0:23:06 > 0:23:10that you would receive rich rewards with a project like this.
0:23:10 > 0:23:14But after all these trials, would this project leave developers
0:23:14 > 0:23:16Martin and Tracy happy ever after?
0:23:16 > 0:23:19You can find out later on in the programme.
0:23:19 > 0:23:24# In the land of make believe... #
0:23:27 > 0:23:30Still to come, in our two-bed terrace in Derby,
0:23:30 > 0:23:33there will be no cries of, "Timber!"
0:23:33 > 0:23:37So, you might think, out with the chainsaw, here we go.
0:23:38 > 0:23:42Back in Kent, we find out if Tracy and Martin finally cut the ribbon
0:23:42 > 0:23:46on their development of flats, which has been three years in the making.
0:23:51 > 0:23:54Time to go back to Northwich in Cheshire
0:23:54 > 0:23:57to see what happened to that two-bed terraced house which had a nice,
0:23:57 > 0:24:01big open-plan living room and a decent-size kitchen.
0:24:02 > 0:24:04It might need a bit of a clean-up,
0:24:04 > 0:24:07but I'd think you'd get away with keeping most of it.
0:24:07 > 0:24:10But I've just got to do this. Wait there.
0:24:16 > 0:24:18Let's see what's through the round window!
0:24:19 > 0:24:24What also got the thumbs-up were two decent-sized bedrooms.
0:24:24 > 0:24:27Thanks to the staircase having already been moved,
0:24:27 > 0:24:30although I didn't think it was going to pass building regulations.
0:24:30 > 0:24:35But rugby playing joiner Will thought this place was worth a try.
0:24:35 > 0:24:39And I think he's scored with this 65 grand purchase.
0:24:39 > 0:24:41He was ready to tackle that staircase himself,
0:24:41 > 0:24:44and he also planned to convert the bathroom
0:24:44 > 0:24:46into something more user-friendly.
0:24:48 > 0:24:50The bathroom will be taken out.
0:24:50 > 0:24:53There's no shower in there, there was a shower screen,
0:24:53 > 0:24:55there's a bath with a shower thing
0:24:55 > 0:24:57which you'd just use to wash your hair.
0:24:57 > 0:25:00- Do you remember washing your hair?! - It was a while ago, to be fair!
0:25:00 > 0:25:03- To be fair, I did have a little baby Afro, many years ago.- Yeah.
0:25:03 > 0:25:06Washed it again and I thought, too much like hard work.
0:25:06 > 0:25:08- Shave it off.- Get it off!- Yeah.
0:25:08 > 0:25:10I do shave, from choice, Will!
0:25:10 > 0:25:12Anyway, you said two-and-a-half months.
0:25:12 > 0:25:15It's been just over a year, and we're back.
0:25:16 > 0:25:18The outside looks much smarter.
0:25:18 > 0:25:22New guttering and new door and some work around the windows
0:25:22 > 0:25:24are a vast improvement.
0:25:24 > 0:25:28But has rugby player Will got it match fit and ready for selection?
0:25:36 > 0:25:39Well, Will, you have scored a great try here
0:25:39 > 0:25:41and a great conversion, to boot.
0:25:41 > 0:25:45In the living room, the old stairs wouldn't have passed building regs.
0:25:45 > 0:25:47So to keep things above board here,
0:25:47 > 0:25:51Will boxed them in and added a cupboard underneath the stairs,
0:25:51 > 0:25:54just for a bit of storage. The handrail will go on
0:25:54 > 0:25:56once the new tenants have moved in their furniture.
0:25:59 > 0:26:00Now, I was warned
0:26:00 > 0:26:04that the round window that I loved had been taken out.
0:26:04 > 0:26:06But they haven't taken it out.
0:26:06 > 0:26:08They've replaced it with a brand-new version.
0:26:08 > 0:26:12What a result. And the new kitchen looks pretty smart, too.
0:26:17 > 0:26:21Upstairs in the bathroom, things remain largely the same.
0:26:21 > 0:26:24Although now, you can have a shower and wash your hair at the same time.
0:26:24 > 0:26:28If you've got any! And if you thought the work in the bedroom
0:26:28 > 0:26:30seemed simple enough, think again.
0:26:32 > 0:26:36The biggest issue we had was a patch of damp coming through on the wall.
0:26:36 > 0:26:40I realised there was a couple of weeds growing out of the brickwork,
0:26:40 > 0:26:43so we got up on the roof at the back to repair it, and,
0:26:43 > 0:26:47in pulling the plant out, it was like taking a plug out of a bath.
0:26:47 > 0:26:51It just let the water come into the house a lot easier and quicker.
0:26:51 > 0:26:54So we had to re-point up the back of the house
0:26:54 > 0:26:57and then, while we were up there, we realised the roof over the extension
0:26:57 > 0:26:59was on its last legs, really,
0:26:59 > 0:27:02so we re-insulated the whole of the extension,
0:27:02 > 0:27:06and felt and battened it and got all the roof redone.
0:27:06 > 0:27:10Will has been lucky enough to have a bit of help from his dad, Steve.
0:27:10 > 0:27:13Together, they have moved loads of rubbish and rubble
0:27:13 > 0:27:16from the back garden and now it looks...
0:27:16 > 0:27:18bang on.
0:27:18 > 0:27:19However, Will found his ambitious,
0:27:19 > 0:27:22two-month timescale going a bit pear shaped,
0:27:22 > 0:27:26as he had another project to work on, which did come first.
0:27:26 > 0:27:30We basically packed the van up, came here and just started here,
0:27:30 > 0:27:34so, from starting here, I was then working through winter,
0:27:34 > 0:27:37where my own business was a lot busier,
0:27:37 > 0:27:41so my time that I had to get here was a bit more constrained.
0:27:41 > 0:27:44So it still took the same amount of hours.
0:27:44 > 0:27:46I just couldn't get here as often as I would have liked to have done.
0:27:46 > 0:27:49I'm really pleased with the finished product,
0:27:49 > 0:27:53considering the money that was spent and the time we put in it.
0:27:53 > 0:27:56I'm emotionally drained and I'm shattered after doing it,
0:27:56 > 0:27:58and if anyone is thinking of doing it and thinks,
0:27:58 > 0:28:01if you watch the show and think, "This is easy," it really is not.
0:28:01 > 0:28:03It really is hard work.
0:28:03 > 0:28:05Wise words, Will!
0:28:05 > 0:28:07It's a lot harder than it looks.
0:28:07 > 0:28:09And another thing people find hard
0:28:09 > 0:28:12is setting the right budget and sticking to it.
0:28:12 > 0:28:15Will thought he would spend £4,500. So...?
0:28:15 > 0:28:18To do the work on the house has probably cost about £4,500.
0:28:18 > 0:28:21Including the legal fees, mortgage payments and insurance,
0:28:21 > 0:28:24we're probably pushing up to around six, seven.
0:28:24 > 0:28:26So it's still been a low turnover.
0:28:26 > 0:28:28But I'm doing the house up to rent out,
0:28:28 > 0:28:31so you can't get carried away, you've just got to be realistic.
0:28:31 > 0:28:33Inside, I always knew it would look like this,
0:28:33 > 0:28:35because that's how I planned it.
0:28:35 > 0:28:38Outside, I never thought I'd get the garden to look how it does
0:28:38 > 0:28:41and you always need to work on kerb appeal at the front of the house,
0:28:41 > 0:28:44cos when people are online, looking for somewhere to rent,
0:28:44 > 0:28:45you've got seconds to grab their attention,
0:28:45 > 0:28:48when they're scrolling past terraced house after terraced house.
0:28:48 > 0:28:52And all of a sudden, you see one with a nice, new front door
0:28:52 > 0:28:54and a new little roof over the bay window,
0:28:54 > 0:28:56new gutters and facias, and that's all it needs,
0:28:56 > 0:28:59and then they click on it, and once they're inside,
0:28:59 > 0:29:00they can see that everything's finished.
0:29:01 > 0:29:05But will it catch the eye of two local estate agents?
0:29:05 > 0:29:08I wonder what their first impressions are.
0:29:09 > 0:29:12It's nice. The bathroom being upstairs is a massive advantage.
0:29:12 > 0:29:15A lot of the properties around this area have a downstairs bathroom.
0:29:15 > 0:29:20Downstairs layout - nice, big room. Yes, it's a nice property.
0:29:20 > 0:29:23I think the way the spec's been done, it's a very good job.
0:29:23 > 0:29:25I think the garden's a real selling point.
0:29:26 > 0:29:29So it's a score on the first impression front.
0:29:29 > 0:29:32But with Will's mate Chris still potentially moving in,
0:29:32 > 0:29:35let's find out the agents' rental valuations
0:29:35 > 0:29:37and if they match Will's plans.
0:29:37 > 0:29:40I would expect this property to achieve on the rental market
0:29:40 > 0:29:43between £550 and £575 per calendar month.
0:29:43 > 0:29:49My estimated rental valuation would be £595 per calendar month.
0:29:49 > 0:29:51Yeah, that's above what I was going to ask anyway,
0:29:51 > 0:29:55but this house is bigger than the previous house that we bought,
0:29:55 > 0:29:59which we're charging £525 for, so I'm pleased with those figures.
0:30:00 > 0:30:03If Will changed that top valuation to £595,
0:30:03 > 0:30:07he could be in for a yield of nearly 10%.
0:30:07 > 0:30:09And while he's not planning to sell,
0:30:09 > 0:30:13the agents thought that he could achieve £100,000.
0:30:13 > 0:30:18A potential profit of around 28 grand, minus taxes and usual fees.
0:30:18 > 0:30:21So, a good result, but clearly, it's been tough.
0:30:21 > 0:30:23What has he learned from this project?
0:30:23 > 0:30:28The biggest thing I've learned is trying to balance your time with family life,
0:30:28 > 0:30:30but, over the whole period of it,
0:30:30 > 0:30:33I promised my wife I wouldn't work Sundays,
0:30:33 > 0:30:35so we could have a bit of family time,
0:30:35 > 0:30:36and we've got a baby due in July,
0:30:36 > 0:30:40so my wife's 29 weeks pregnant at the moment so she's desperate for me
0:30:40 > 0:30:43to get this finished so that we can have a bit more time at home
0:30:43 > 0:30:46and get the house ready for the baby that's on the way.
0:30:46 > 0:30:50Best wishes for the baby's arrival, both to you and Danielle.
0:30:50 > 0:30:52However, if Will's friend Chris moves in,
0:30:52 > 0:30:56they won't be wetting the baby's head with home-made brew.
0:30:56 > 0:31:00In the legal pack, it states that you cannot brew alcohol in this property.
0:31:00 > 0:31:02So I'm just going to have to tell him that,
0:31:02 > 0:31:05that he can't take up that hobby.
0:31:05 > 0:31:07See? What do we always tell you?
0:31:07 > 0:31:10You must always read the legal pack.
0:31:10 > 0:31:11Cheers!
0:31:14 > 0:31:16- # California...- #
0:31:17 > 0:31:21Not a palm tree in sight. But this really is California.
0:31:21 > 0:31:23California, Derby, that is.
0:31:23 > 0:31:27An area that first appeared on the map in the 1880s.
0:31:27 > 0:31:31We'll be hoping for something of a gold rush with today's auction lot.
0:31:34 > 0:31:36Well, it may be known as California,
0:31:36 > 0:31:38but most people call it the West End.
0:31:38 > 0:31:42And a very popular area it is, too, especially with students.
0:31:42 > 0:31:44So, student market straight in the mind there -
0:31:44 > 0:31:46renting out a possibility.
0:31:46 > 0:31:48Especially when you think about the guide price -
0:31:48 > 0:31:52£46,000 plus, for a two-bed mid-terrace.
0:31:52 > 0:31:53Mm-hm!
0:31:53 > 0:31:56So, a very standard layout with this one.
0:31:56 > 0:31:59Through the front door into your front lounge.
0:31:59 > 0:32:01Obviously an open fire at some point.
0:32:01 > 0:32:03There's a gas fire or an electric fire there.
0:32:03 > 0:32:05That needs to be checked out, for sure.
0:32:05 > 0:32:08And put something dramatic there, it'd be really lovely.
0:32:08 > 0:32:09A nice, welcoming feature.
0:32:09 > 0:32:11There's obviously central heating
0:32:11 > 0:32:13although the radiators look quite old,
0:32:13 > 0:32:15so you'd definitely want to have that checked out as well.
0:32:15 > 0:32:17And there's just a general feeling
0:32:17 > 0:32:20that the house is in need of some updating.
0:32:20 > 0:32:24The fireplace has been taken out there, in this rear room.
0:32:24 > 0:32:29Which probably would have been the kitchen at some point in the property's life,
0:32:29 > 0:32:32but, as many of these properties have had over the years,
0:32:32 > 0:32:37probably an extension here to create the kitchen area right at the back.
0:32:37 > 0:32:39No loo so far. Well, that's good news
0:32:39 > 0:32:42cos there can only be one place where it is and that's upstairs.
0:32:42 > 0:32:45Well, I suppose it could be in the garden, but unlikely!
0:32:45 > 0:32:48- # Toodle-oo to you...- #
0:32:51 > 0:32:55Well, an alfresco toilet may be the least of the issues here.
0:32:55 > 0:32:57You'll need new decor, a new kitchen
0:32:57 > 0:32:59and, at the back of the property,
0:32:59 > 0:33:02a lean-to area that I think you need to lose.
0:33:02 > 0:33:06Speaking of "loos", let's take a look upstairs for that bathroom.
0:33:08 > 0:33:11Well, as predicted and suggested,
0:33:11 > 0:33:14the bathroom is exactly where you'd want it to be, upstairs.
0:33:14 > 0:33:17And it's a good size, so double thumbs up.
0:33:17 > 0:33:20Well, not quite because you have to access it
0:33:20 > 0:33:25through the second bedroom, so that isn't ideal, is it?
0:33:25 > 0:33:27It's an en suite to this bedroom, almost,
0:33:27 > 0:33:29but it's a family home, it just doesn't work.
0:33:29 > 0:33:31There is, of course, an easy solution.
0:33:31 > 0:33:33You build a stud partition here
0:33:33 > 0:33:35and you put a separate door into that room there.
0:33:35 > 0:33:38You are obviously going to lose that space, but then, at least,
0:33:38 > 0:33:40people can easily access that bathroom.
0:33:40 > 0:33:42But while I'm in here, look at this!
0:33:42 > 0:33:44What a great bit of design this is.
0:33:44 > 0:33:47You've got this huge cupboard blocking the light from this window.
0:33:47 > 0:33:51It's like the opposite of feng shui, it's like feng rubbish!
0:33:51 > 0:33:54Anyway, that needs to come out and that would give, again,
0:33:54 > 0:33:56the room a really nice feel.
0:33:56 > 0:33:59There's lots to do with this house, but you know what?
0:33:59 > 0:34:01I think it's worth doing.
0:34:03 > 0:34:05Feng rubbish?!
0:34:05 > 0:34:08Somehow, I don't think that style of design will ever take off!
0:34:08 > 0:34:12And the chi is somewhat off in the other bedroom, too.
0:34:12 > 0:34:16Upstairs in general needs some serious reconfiguring.
0:34:17 > 0:34:19Much like the back garden.
0:34:19 > 0:34:21Well, at the back of the property,
0:34:21 > 0:34:24a little courtyard and then
0:34:24 > 0:34:29two really potentially huge problems for such a small space.
0:34:29 > 0:34:31One is that tree.
0:34:31 > 0:34:33It totally dominates the space here.
0:34:33 > 0:34:36So you might think, well, out with the chainsaw, here we go.
0:34:36 > 0:34:39Hmm. First of all, you've got to check that any large tree
0:34:39 > 0:34:43doesn't have what's called a tree preservation order on it.
0:34:43 > 0:34:45Cos if you touch a tree that's got one of those,
0:34:45 > 0:34:46you're in big trouble.
0:34:46 > 0:34:49So, first of all, you need to check whether or not it has one of those,
0:34:49 > 0:34:53then you can decide what you're going to do with it.
0:34:53 > 0:34:55That's the first issue. The second issue is this.
0:34:55 > 0:34:57It's a shed. What could be the problem there?
0:34:57 > 0:34:59Well, actually, it's the roof.
0:34:59 > 0:35:01Look at that corrugated material.
0:35:01 > 0:35:04My guess is that that is asbestos.
0:35:04 > 0:35:07It has to be taken away by a specialist contractor
0:35:07 > 0:35:10who will treat it with the care it deserves.
0:35:10 > 0:35:12Who would have thought such a small space
0:35:12 > 0:35:14could throw up such big problems?
0:35:14 > 0:35:16# Don't cut me down
0:35:16 > 0:35:20# Don't set me free
0:35:22 > 0:35:26# Don't walk away Don't let me be... #
0:35:26 > 0:35:29Just make sure to check with your local council
0:35:29 > 0:35:32that any tree is not covered by a TPO.
0:35:32 > 0:35:34Meanwhile, we're going to check out this property
0:35:34 > 0:35:37with an agent from the auctioneers who sold the house,
0:35:37 > 0:35:39guided at £46,000.
0:35:39 > 0:35:42There is some work needed to the roof.
0:35:42 > 0:35:44The soffits and fascias need to be treated.
0:35:44 > 0:35:46There will be some damp and timber work to be done
0:35:46 > 0:35:49and it certainly needs a kitchen and bathroom.
0:35:49 > 0:35:51I would think, to get this property up to a good standard,
0:35:51 > 0:35:54you would need a budget somewhere in the region of £15,000.
0:35:55 > 0:35:5915 grand on top of the £46,000 guide price
0:35:59 > 0:36:02would mean a total outlay of £61,000.
0:36:02 > 0:36:05So, could you see a return on the sales and rental markets?
0:36:08 > 0:36:10If this property were renovated to a good standard,
0:36:10 > 0:36:14I would expect it to achieve £95,000 on today's sales market.
0:36:14 > 0:36:17I would anticipate it to achieve somewhere in the region
0:36:17 > 0:36:18of £500 per calendar month.
0:36:20 > 0:36:23Wow! So, potentially a £34,000 profit
0:36:23 > 0:36:26or a 10% yield in a popular rental area.
0:36:26 > 0:36:30You could be California Dreaming of a good profit here!
0:36:35 > 0:36:39Well, some work to be done, not least with the internal layout
0:36:39 > 0:36:42and some unanswered questions in terms of roofs and trees,
0:36:42 > 0:36:46but apart from that, it is still an attractive property
0:36:46 > 0:36:49in a popular location for a very good guide price.
0:36:49 > 0:36:52Let's see who went for it when it went under the hammer.
0:36:55 > 0:36:58Lot number two, who's got 50,000?
0:36:58 > 0:37:0150,000? 45, then, to put it into the bidding, thank you.
0:37:01 > 0:37:03£45,000 is the start.
0:37:03 > 0:37:0546 is bid.
0:37:05 > 0:37:09At 46, 47, at 47, 48.
0:37:09 > 0:37:12At 48. 49.
0:37:12 > 0:37:1449, 50,000.
0:37:14 > 0:37:18At 50. 51. 52. 53.
0:37:18 > 0:37:2154. 55.
0:37:21 > 0:37:2356. 57.
0:37:23 > 0:37:27I've got two of you at 58. Are you going to separate them, sir?
0:37:27 > 0:37:2859. At 59.
0:37:28 > 0:37:3060, one of you?
0:37:31 > 0:37:3360, identical.
0:37:33 > 0:37:3661, thank you. 61.
0:37:36 > 0:37:3962 at the back.
0:37:39 > 0:37:4162. 63, a new bidder here.
0:37:41 > 0:37:44At 63, 64?
0:37:44 > 0:37:4564.
0:37:45 > 0:37:47At 64,000.
0:37:47 > 0:37:48Five, Sir? 65.
0:37:48 > 0:37:51Bid's right at the back at 65,000.
0:37:51 > 0:37:54We're going to sell at £65,000.
0:37:54 > 0:37:55Once.
0:37:55 > 0:37:5866. 67?
0:37:58 > 0:38:00500?
0:38:00 > 0:38:0266,500.
0:38:02 > 0:38:03The same, no?
0:38:03 > 0:38:07At £66,500 once,
0:38:07 > 0:38:09twice, third chance?
0:38:10 > 0:38:13Sold at the back at £66,500, thank you.
0:38:13 > 0:38:18And that nerve-racking auction ended with Paul's £66,500 bid.
0:38:18 > 0:38:21£20,000 over the guide price.
0:38:21 > 0:38:24He came along to tell me about the auction experience
0:38:24 > 0:38:26and his plans for the property.
0:38:29 > 0:38:31Paul, good to meet you.
0:38:31 > 0:38:33- Good to meet you.- Congratulations.
0:38:33 > 0:38:35Tell me why you wanted to buy this house.
0:38:35 > 0:38:40I've always wanted to do a house up to sell on, really.
0:38:40 > 0:38:44- Right.- I've done one previously before, which I rent out.
0:38:44 > 0:38:45Really enjoyed it,
0:38:45 > 0:38:48and it's something I'm really looking forward to doing.
0:38:48 > 0:38:50So what is it that you enjoyed so much?
0:38:50 > 0:38:53Doing something different than electrical work.
0:38:53 > 0:38:54I'm an electrician by trade.
0:38:54 > 0:38:58- Right.- But I enjoy doing the general building work as well.
0:38:58 > 0:39:01- So...- But you're actually qualified to do wiring on houses?
0:39:01 > 0:39:04- Yes, I am.- Oh, that's very convenient, then, isn't it?
0:39:04 > 0:39:05- It is, yeah.- Great.
0:39:05 > 0:39:08So what was it that made you want to buy this house?
0:39:08 > 0:39:10To be honest, it was the guide price, really.
0:39:10 > 0:39:14I thought, if I could get it as close as I could to the guide price,
0:39:14 > 0:39:17there's potential to make a bit of money on it.
0:39:17 > 0:39:20- So...- You paid a little bit above the guide price, didn't you?
0:39:20 > 0:39:21- Yes, I did.- 20-odd thousand.
0:39:21 > 0:39:25- A bit of auction fever, I suppose. - Was that your last bid?
0:39:25 > 0:39:28- Were you going to carry on? - No, I wasn't going to carry on, no.
0:39:28 > 0:39:31- I'd set myself a limit of £65,000. - Right.
0:39:31 > 0:39:34It went for £66,500.
0:39:34 > 0:39:37- So...- What are you going to do to sort it out, then?
0:39:37 > 0:39:41It needs a new bathroom, kitchen,
0:39:41 > 0:39:44windows, general decorating everywhere.
0:39:44 > 0:39:46Obviously, it needs rewiring.
0:39:46 > 0:39:51So, pretty much the main things you'd expect from modernising.
0:39:51 > 0:39:55Any plans to change the internal layout at all?
0:39:55 > 0:39:57Yes, I am. In the upstairs bedroom, currently,
0:39:57 > 0:40:00you have to walk through the bedroom to get to the bathroom.
0:40:00 > 0:40:02Erect a corridor in there.
0:40:02 > 0:40:06It will make the bedroom slightly smaller, but it's more practical.
0:40:06 > 0:40:08What about downstairs here?
0:40:08 > 0:40:11Any plans? There's this strange little lean-to out the back.
0:40:11 > 0:40:15Yes, it's falling to pieces anyway. It's got to come down.
0:40:15 > 0:40:20And perhaps put a little wall in between the next-door neighbour's.
0:40:20 > 0:40:23There's currently part of one anyway.
0:40:23 > 0:40:26Then sort of open all of that area up.
0:40:28 > 0:40:30Being an electrician will save Paul plenty,
0:40:30 > 0:40:33and he plans to do most of the other work himself.
0:40:33 > 0:40:35But he'll still need to find cash
0:40:35 > 0:40:39for a gas engineer to check the boiler and a plasterer.
0:40:42 > 0:40:44So what's the budget going to be?
0:40:44 > 0:40:46I've set myself a budget of £10,000.
0:40:46 > 0:40:49- OK.- Obviously, I'm hoping to spend less than that
0:40:49 > 0:40:51by doing most of it myself, so...
0:40:51 > 0:40:53And the time scale?
0:40:53 > 0:40:54- Three months.- OK.
0:40:54 > 0:40:58So, are you doing it in the evenings, weekends, or what?
0:40:58 > 0:41:04Well, the work I do currently, I tend to not have much work around,
0:41:04 > 0:41:06December, January time.
0:41:06 > 0:41:10- OK...- So that should give me plenty of time to do some full days on it.
0:41:10 > 0:41:16- Right.- But, other than that, it'll be nights, evenings and weekends.
0:41:16 > 0:41:19One issue that was flagged up is the tree at the back.
0:41:19 > 0:41:21Do you know anything about that?
0:41:21 > 0:41:24I just know that it takes up most of the garden.
0:41:24 > 0:41:27Do you know if it's got a preservation order on it or anything like that?
0:41:27 > 0:41:30There was nothing in the legal pack that mentioned the tree.
0:41:30 > 0:41:32- So what are you going to do with it? - First of all,
0:41:32 > 0:41:35I'm going to have the lower branches taken down,
0:41:35 > 0:41:37just to see what it looks like.
0:41:37 > 0:41:39Just tidying it up, really.
0:41:39 > 0:41:41So, what about the shed? I was a bit concerned about
0:41:41 > 0:41:43whether that might contain asbestos.
0:41:43 > 0:41:46- I've found that it does.- Oh, right.
0:41:46 > 0:41:49A friend of mine has had it sampled.
0:41:49 > 0:41:51And it does contain asbestos,
0:41:51 > 0:41:55so I've got to get a specialist contractor to remove it.
0:41:55 > 0:41:58And once it's done, the plan is to sell it on?
0:41:58 > 0:42:00- Yes, it is, yeah.- What kind of profit are you hoping to make?
0:42:00 > 0:42:05- £10,000 on it.- If it does that for you, then you're happy with that?
0:42:05 > 0:42:08- Yes, I'll be well happy with that. - And move on to the next one.- Yeah.
0:42:08 > 0:42:11Well, listen, congratulations, good luck. We'll see how you get on.
0:42:11 > 0:42:12Thank you.
0:42:12 > 0:42:17Well, lots of work to be done, but Paul doesn't seem too fazed by it.
0:42:17 > 0:42:19One unknown sorted.
0:42:19 > 0:42:21Yes, the shed does have asbestos.
0:42:21 > 0:42:23The other, when it comes to the tree,
0:42:23 > 0:42:26well, I think some more investigation is required.
0:42:26 > 0:42:29Will this turn out to be a Californian dream for Paul,
0:42:29 > 0:42:32or a nightmare? You can find out later in the show.
0:42:36 > 0:42:38Sometimes, no matter how hard you try, well,
0:42:38 > 0:42:41a plan just won't come together.
0:42:41 > 0:42:43How many property projects become derailed?
0:42:43 > 0:42:47- Oh, quite a few.- Yes, time, money, life just gets in the way.
0:42:47 > 0:42:51But how did our next two buyers get on? Let's find out.
0:42:53 > 0:42:56We'd already been back to Deal on the Kent coast
0:42:56 > 0:42:57to track the progress of the former
0:42:57 > 0:43:00St John's Ambulance station and surrounding land.
0:43:00 > 0:43:05The plot was auctioned with planning permission for four houses.
0:43:05 > 0:43:08But the company who purchased the lot, represented by Tracy,
0:43:08 > 0:43:11weren't keen on the existing plans.
0:43:13 > 0:43:15We like the idea that it's got planning on it,
0:43:15 > 0:43:18but it wouldn't appeal to us to have that particular planning on it
0:43:18 > 0:43:21because we tend to specialise in building flats,
0:43:21 > 0:43:25because we don't sell our properties on - we deal in the rental market.
0:43:25 > 0:43:29Tracy and her partner Martin submitted plans for ten flats
0:43:29 > 0:43:33in December 2013, hoping for a relatively quick turnaround, but...?
0:43:33 > 0:43:36Then the local planning authority said they wanted
0:43:36 > 0:43:40a viability survey carried out, which was at our expense.
0:43:40 > 0:43:44Martin and Tracy then engaged an independent assessor
0:43:44 > 0:43:46to do the viability study,
0:43:46 > 0:43:49and a planning advisor to ease the flow through planning.
0:43:51 > 0:43:54So we thought we'd have the planning very shortly after that,
0:43:54 > 0:43:57but it wasn't in fact until October 2014
0:43:57 > 0:44:02that planning was finally granted to us.
0:44:03 > 0:44:06With that permission finally coming through when we met up with them
0:44:06 > 0:44:09again, it had by that time taken 14 months,
0:44:09 > 0:44:12and we all know that, before a brick can be laid...
0:44:12 > 0:44:16# Everybody's gotta have plans... #
0:44:16 > 0:44:19To see if the plans have turned into a reality,
0:44:19 > 0:44:22one year, five months and eight days since we last visited,
0:44:22 > 0:44:24we're back.
0:44:26 > 0:44:28Construction is almost complete,
0:44:28 > 0:44:32with block A containing eight flats and block B containing
0:44:32 > 0:44:36a two-bedroom flat upstairs and another one downstairs.
0:44:39 > 0:44:41# I got friends
0:44:41 > 0:44:43# I got family here... #
0:44:43 > 0:44:47The buildings tie in with the company's signature style
0:44:47 > 0:44:50of yellow bricks, black-tiled roofs and red brick
0:44:50 > 0:44:54which illustrates where one dwelling ends and another begins.
0:44:54 > 0:44:57It's taken a great deal of tenacity and vision
0:44:57 > 0:45:00to develop this troublesome site.
0:45:00 > 0:45:03# When the water is too deep to swim
0:45:03 > 0:45:05# We still swim... #
0:45:07 > 0:45:10The site's side entrance is also much improved.
0:45:12 > 0:45:14# I got friends
0:45:14 > 0:45:16# I got family here... #
0:45:16 > 0:45:19Let's start at the top of block A,
0:45:19 > 0:45:22and the only three-bedroom penthouse flat.
0:45:31 > 0:45:34There are en-suite facilities in one of the three bedrooms.
0:45:34 > 0:45:38There are six two-bedroom apartments in block A,
0:45:38 > 0:45:42three on the ground floor and three on the first floor.
0:45:42 > 0:45:44This is a typical example.
0:46:00 > 0:46:02# I got friends
0:46:02 > 0:46:05# And I got family here. #
0:46:05 > 0:46:10So, how do Tracy and Martin feel to finally have it almost finished?
0:46:10 > 0:46:12It's been a very interesting project.
0:46:12 > 0:46:15We've built a building which has
0:46:15 > 0:46:21concrete floors on the basis that it's a build to rent property,
0:46:21 > 0:46:24we intend to keep the property and rent out over many years.
0:46:24 > 0:46:26The noise levels should be well contained
0:46:26 > 0:46:29as a result of there being concrete floors.
0:46:29 > 0:46:31And we feel that's going to be much easier to manage,
0:46:31 > 0:46:33so far as tenants are concerned.
0:46:33 > 0:46:35In respect of the roof,
0:46:35 > 0:46:38because we've built this penthouse suite into the roof,
0:46:38 > 0:46:42it's contained a considerable amount of steel
0:46:42 > 0:46:45and the roof itself, the woodwork into the roof,
0:46:45 > 0:46:47was really quite complicated to do,
0:46:47 > 0:46:49and we're really pleased with the result.
0:46:49 > 0:46:51That sounds expensive.
0:46:51 > 0:46:54And for a project that has taken almost three years,
0:46:54 > 0:46:56how are the finances bearing up?
0:46:56 > 0:46:58Before we started on build costs,
0:46:58 > 0:47:02we'd got to a figure of approximately £200,000.
0:47:02 > 0:47:07We agreed build costs totalling £804,000.
0:47:07 > 0:47:10And then the finance for the bank
0:47:10 > 0:47:13has been about £40,000 to get to this stage.
0:47:13 > 0:47:17And that includes the legal costs, the build costs in total,
0:47:17 > 0:47:20interest to the bank, solicitors' fees.
0:47:20 > 0:47:23The land was purchased at auction for what seemed
0:47:23 > 0:47:26a relatively small sum of 156,000 grand.
0:47:26 > 0:47:30But by the time all the planning issues were solved,
0:47:30 > 0:47:32that became £200,000.
0:47:32 > 0:47:36Now, the £804,000 not only covered building costs,
0:47:36 > 0:47:41but, among other things, clearing the site and installing utilities.
0:47:41 > 0:47:46All in all, a whacking grand total of £1,044,000.
0:47:46 > 0:47:51But don't forget that there are ten flats and Tracy has a favourite.
0:47:51 > 0:47:54The one-bedroom flat is probably my favourite one in the block.
0:47:54 > 0:47:56It's very light, airy,
0:47:56 > 0:47:59it's got beautiful Juliet balconies with a very nice view
0:47:59 > 0:48:02and the sun comes in there in the morning.
0:48:02 > 0:48:06A sunny outlook regarding prices of fixtures and fittings
0:48:06 > 0:48:09is also evident throughout the development,
0:48:09 > 0:48:11as the same tiles, kitchen units
0:48:11 > 0:48:14and bathroom furniture have been used throughout,
0:48:14 > 0:48:16enabling a bulk purchase.
0:48:16 > 0:48:19Pardon the pun, Deal price to be obtained!
0:48:19 > 0:48:23Martin and Tracy have been in regular contact with the site,
0:48:23 > 0:48:26although not directly project managing themselves.
0:48:28 > 0:48:30The work's been carried out by our builder, Paul.
0:48:30 > 0:48:32We had an agreement with him at the outset
0:48:32 > 0:48:36whereby he would be doing the on-site project managing.
0:48:36 > 0:48:40Some of the project managing so far as the bank's surveyor was concerned
0:48:40 > 0:48:43was carried out by way of a desktop arrangement,
0:48:43 > 0:48:45so we would come down and take the photographs
0:48:45 > 0:48:48and supply them to the bank and the bank's surveyor.
0:48:49 > 0:48:52Tracy and Martin have been getting regular valuations
0:48:52 > 0:48:54at various stages of the build.
0:48:54 > 0:48:58An agent from the company they have chosen to market the properties
0:48:58 > 0:49:00agreed to give us his current valuations.
0:49:00 > 0:49:02We know the intention has always been to rent.
0:49:02 > 0:49:07But, if they did want to sell now, would they make a profit?
0:49:07 > 0:49:11I'd put the one-bedroom on at £120,000,
0:49:11 > 0:49:14the two-bedroom at £130,000
0:49:14 > 0:49:17and the three-bedroom at £140,000.
0:49:19 > 0:49:20Going by those figures,
0:49:20 > 0:49:24that would make all ten properties worth a total of £1.3 million.
0:49:24 > 0:49:30Their total spend on this project is £1,044,000.
0:49:30 > 0:49:34So that's a potential profit of £256,000.
0:49:34 > 0:49:38But it's the rental values that matter most to Tracy and Martin.
0:49:40 > 0:49:45They would range between £575 per calendar month
0:49:45 > 0:49:47and £725 per calendar month.
0:49:47 > 0:49:52Which is much in line with what Tracy and Martin are getting.
0:49:52 > 0:49:56They have the one-bed rented at the low end, at £575 per month,
0:49:56 > 0:50:00six two-beds at £650 per month,
0:50:00 > 0:50:03and the biggest flat at £725 per month.
0:50:04 > 0:50:09Across all the flats, that would mean an income of £6,600 per month,
0:50:09 > 0:50:12or a yield of nearly 7.5%.
0:50:14 > 0:50:16So how do Tracy and Martin feel
0:50:16 > 0:50:20the project has gone after all this time?
0:50:20 > 0:50:22Well, I'm really pleased with the outcome.
0:50:22 > 0:50:24I'm really pleased with the finished product.
0:50:24 > 0:50:27The fact that they were rented out immediately,
0:50:27 > 0:50:28the moment we advertised them,
0:50:28 > 0:50:31including the two that aren't quite finished yet.
0:50:31 > 0:50:34Martin and Tracy have done well on this project,
0:50:34 > 0:50:37even though it did take them three years to complete,
0:50:37 > 0:50:41but the world of property development is an uncertain one.
0:50:41 > 0:50:43So would they buy at auction again?
0:50:45 > 0:50:47We may be now quite close to the top.
0:50:47 > 0:50:50It's difficult to know where property prices are going to go.
0:50:50 > 0:50:52There's been pressure on the buy-to-let market.
0:50:52 > 0:50:55As a result of that, it may be that we are close
0:50:55 > 0:50:57to the top of the cycle.
0:50:57 > 0:51:00And if we are, then it may not be the best time to buy at auction.
0:51:00 > 0:51:02I hope that's not the case, Martin.
0:51:02 > 0:51:06We'd love to have you both back on the show again soon.
0:51:09 > 0:51:11# California... #
0:51:13 > 0:51:15We're heading back to California -
0:51:15 > 0:51:17California, Derby, that is -
0:51:17 > 0:51:19where I saw a classic two-up two-down
0:51:19 > 0:51:21that was very tired and dated,
0:51:21 > 0:51:23but it did have an upstairs bathroom.
0:51:23 > 0:51:26So, good news, right?
0:51:27 > 0:51:32Well, not quite, because you have to access it through the second bedroom.
0:51:32 > 0:51:34So that isn't ideal, is it?
0:51:34 > 0:51:39What also wasn't ideal was this large tree in the back garden,
0:51:39 > 0:51:41taking up most of the outside space
0:51:41 > 0:51:45and a shed with a potentially dangerous asbestos roof,
0:51:45 > 0:51:48which would need to be removed by professionals.
0:51:48 > 0:51:50Someone who wasn't put off was Paul,
0:51:50 > 0:51:54who spent £66,500 on this at auction.
0:51:54 > 0:51:58He's an electrician by trade and that certainly sparked my interest
0:51:58 > 0:51:59on how he was going to add
0:51:59 > 0:52:02a little bit of Californian sunshine to this house.
0:52:02 > 0:52:07It needs a new bathroom, kitchen, windows,
0:52:07 > 0:52:09general decorating everywhere.
0:52:09 > 0:52:11Obviously it needs rewiring.
0:52:11 > 0:52:15So pretty much the main things you'd expect from modernising.
0:52:15 > 0:52:19Any plans to sort of change the internal layout at all?
0:52:19 > 0:52:20Yes, I am. In the upstairs bedroom,
0:52:20 > 0:52:24currently you have to walk through the bedroom to get to the bathroom.
0:52:24 > 0:52:25Erect a corridor in there.
0:52:25 > 0:52:30It will make the bedroom slightly smaller, but it's more practical.
0:52:30 > 0:52:32Paul thought he would be done in three months,
0:52:32 > 0:52:35but it's now been six months, so how has he got on?
0:52:39 > 0:52:41New doors and windows are a welcome sign,
0:52:41 > 0:52:45but inside, has Paul managed to sort out that upstairs layout?
0:52:46 > 0:52:48# I've found a new way
0:52:48 > 0:52:51# I've found a new way... #
0:52:51 > 0:52:52He has indeed.
0:52:52 > 0:52:56This corridor is a new way to a fresh and reasonably sized bathroom.
0:52:58 > 0:53:01# I've found a new way, baby! #
0:53:01 > 0:53:04Yes, it is at the expense of some space in the second bedroom,
0:53:04 > 0:53:06but I think it's a sacrifice worth making.
0:53:08 > 0:53:10Downstairs in the living room,
0:53:10 > 0:53:13things were even worse than they seemed on the surface.
0:53:13 > 0:53:15Once Paul pulled up the old carpets,
0:53:15 > 0:53:17he discovered that the floorboards were rotten
0:53:17 > 0:53:20and that rising damp was the cause.
0:53:20 > 0:53:25So, a full damp-proof course and new floorboards were required here.
0:53:26 > 0:53:29The changes in the kitchen are also pretty impressive.
0:53:34 > 0:53:35The doorway was widened,
0:53:35 > 0:53:39and this really helps make the space feel much more open and bright.
0:53:41 > 0:53:43And, as you can probably tell,
0:53:43 > 0:53:46that rotten old lean-to is, thankfully, gone.
0:53:46 > 0:53:51Out here, the issues were a big tree and that shed with an asbestos roof,
0:53:51 > 0:53:54which are always a potential hazard if in disrepair.
0:53:56 > 0:54:00Paul got a specialist contractor in to take the shed away
0:54:00 > 0:54:03and, as planned, he has trimmed the tree,
0:54:03 > 0:54:05so there's more space and light in the garden.
0:54:05 > 0:54:07I'd still keep my eye open
0:54:07 > 0:54:11for any damage being caused to paths and drains,
0:54:11 > 0:54:13but this is a vast improvement.
0:54:13 > 0:54:15So much work has happened here,
0:54:15 > 0:54:18and Paul had hoped to get it all done for £10,000.
0:54:18 > 0:54:20Has he managed to keep to that budget?
0:54:20 > 0:54:23I've spent £10,500.
0:54:23 > 0:54:28In total. But that's obviously with doing most of the work myself.
0:54:28 > 0:54:32I basically worked evenings and weekends
0:54:32 > 0:54:35in order to get it complete.
0:54:35 > 0:54:37I've enjoyed doing the work.
0:54:37 > 0:54:39I find it a challenge.
0:54:39 > 0:54:44Doing something other than electrical work is quite refreshing.
0:54:44 > 0:54:46Much like the rest of the house, then,
0:54:46 > 0:54:49every surface has been refreshed all right.
0:54:49 > 0:54:50It may have taken Paul six months
0:54:50 > 0:54:53rather than the three he had planned,
0:54:53 > 0:54:56but he has had to do a lot more than he first thought.
0:54:58 > 0:55:02The biggest challenge was we had to replace all the plaster
0:55:02 > 0:55:05on all the walls, upstairs and downstairs.
0:55:05 > 0:55:08While I was stripping the wallpaper,
0:55:08 > 0:55:12large chunks of plaster were coming off the wall,
0:55:12 > 0:55:14so we knew that we had to remove it all.
0:55:14 > 0:55:17I'm pleased with the finish.
0:55:18 > 0:55:22It's taken a lot of hard work but I think it's all worth it in the end.
0:55:24 > 0:55:27Well, Paul really has got a lot out of this project,
0:55:27 > 0:55:29but has it been worth it financially?
0:55:29 > 0:55:31Will two property experts we ask along
0:55:31 > 0:55:33be impressed by Paul's hard work?
0:55:33 > 0:55:36First an agent from the auctioneers who sold it.
0:55:37 > 0:55:40My thoughts on the property, coming back today,
0:55:40 > 0:55:42are that an excellent job's been made.
0:55:42 > 0:55:44I think it's great, the way that it's presented.
0:55:44 > 0:55:46Modern kitchen, modern bathroom.
0:55:46 > 0:55:48It's truly wonderful throughout.
0:55:48 > 0:55:52The standard of finish, I've had a look round and it is nicely done.
0:55:52 > 0:55:56Neutral colours, attention to detail, the finish is good.
0:55:56 > 0:55:58And, yeah, prime property.
0:56:00 > 0:56:03So, there you are, Paul. Nice feedback on all your efforts.
0:56:03 > 0:56:05And what about those layout changes?
0:56:07 > 0:56:11I think the new layout changes upstairs are exactly what was needed -
0:56:11 > 0:56:13to create the passage through to the bathroom,
0:56:13 > 0:56:16without having to go through the second bedroom,
0:56:16 > 0:56:19is really what people are looking for, for modern occupation.
0:56:19 > 0:56:23Paul plans to sell the house on to fund his next project,
0:56:23 > 0:56:26and he said he was hoping to make at least ten grand profit.
0:56:26 > 0:56:27So, has he?
0:56:27 > 0:56:30He bought the two-bedroom house for £66,500
0:56:30 > 0:56:34and has spent £10,500, a total of £77,000.
0:56:34 > 0:56:36So what could it sell for?
0:56:38 > 0:56:40I think, with how the property's been done up,
0:56:40 > 0:56:44we would look to achieve a price in the region of
0:56:44 > 0:56:48between £95,000 and £100,000.
0:56:48 > 0:56:51On the resale market, in its current condition,
0:56:51 > 0:56:53I would anticipate a sale being achieved of somewhere
0:56:53 > 0:56:55in the region of £100,000.
0:56:55 > 0:56:57Wow! It's taken six months hard graft,
0:56:57 > 0:57:01but he could potentially realise a profit of £25,000,
0:57:01 > 0:57:03before taxes and expenses.
0:57:05 > 0:57:07I'm quite pleased with that.
0:57:07 > 0:57:10That's sort of what I was looking to achieve.
0:57:10 > 0:57:13So it's round about the figure I thought it would be worth anyway.
0:57:13 > 0:57:17I'd like to buy another property to do it up.
0:57:17 > 0:57:21I've really enjoyed this project and I'd like to do another one.
0:57:21 > 0:57:23This hasn't exactly been an easy project,
0:57:23 > 0:57:25and Paul faced some unexpected hassles,
0:57:25 > 0:57:27so when he comes to buy that next property,
0:57:27 > 0:57:30what lessons will he take from this one before
0:57:30 > 0:57:32sticking his hand up at auction?
0:57:34 > 0:57:39I'd just check all the walls and floors
0:57:39 > 0:57:42for rot and damp.
0:57:42 > 0:57:46I'd be a little bit more thorough in looking at them first.
0:57:49 > 0:57:52Did today's buyers inspire you?
0:57:52 > 0:57:54Could you take on a project of your own?
0:57:54 > 0:57:57Well, there's nothing wrong with being an armchair expert instead.
0:57:57 > 0:58:00Yes, and we'll always bring those stories to you,
0:58:00 > 0:58:03whatever your attitude is, here on Homes Under The Hammer.
0:58:03 > 0:58:05- Goodbye for now.- Goodbye.