0:00:02 > 0:00:04Hello and welcome to the show. Now, if you're interested in
0:00:04 > 0:00:07investing in property, then getting to grips with the housing market
0:00:07 > 0:00:08is really important.
0:00:08 > 0:00:11Yep, and having local knowledge could really give you the edge.
0:00:11 > 0:00:14Yeah, and when you've done your research, why not pop down to your
0:00:14 > 0:00:16local property auction and see what's on offer.
0:00:43 > 0:00:46Well, buying property at auction can be good value,
0:00:46 > 0:00:47as long as you do not pay too much, of course.
0:00:47 > 0:00:51Correct, Martin. It can be a bit risky, especially if you get
0:00:51 > 0:00:52carried away in the auction room.
0:00:52 > 0:00:55So, let's hope that does not happen to anyone on today's show.
0:00:55 > 0:00:56Let's find out.
0:00:58 > 0:01:02In Wellington, Shropshire, I have an axe to grind with this two-bed semi.
0:01:02 > 0:01:05It's not as straightforward as getting a pick-axe out
0:01:05 > 0:01:06and doing it yourself.
0:01:08 > 0:01:11Can I please borrow your axe to tackle a wall at this three-bed
0:01:11 > 0:01:13semidetached house in Carlisle, Cumbria?
0:01:14 > 0:01:18It would be easier, I'm thinking, to maybe take out this wall here.
0:01:18 > 0:01:20While in Ashbourne in Derby,
0:01:20 > 0:01:23I'm mining for property gold at this lovely Georgian cottage.
0:01:24 > 0:01:25You can see all the way down.
0:01:25 > 0:01:27There's a little drain at the bottom.
0:01:29 > 0:01:32All these properties have been sold at auction. We'll find out who
0:01:32 > 0:01:34bought them and what they paid for them when they went
0:01:34 > 0:01:36under the hammer.
0:01:36 > 0:01:37You bought it, sir. Well done.
0:01:39 > 0:01:42# Well, well, well... #
0:01:42 > 0:01:46Wellington is one of the larger towns in Shropshire.
0:01:46 > 0:01:50Despite being only ten minutes' drive from Telford and its shopping
0:01:50 > 0:01:53centre, Wellington boasts lots of independent businesses,
0:01:53 > 0:01:57as well as a historic market, so, the town centre has bags of character
0:01:57 > 0:02:00as well as great transport links.
0:02:00 > 0:02:01I think it's...
0:02:01 > 0:02:04# Well, well, well... #
0:02:04 > 0:02:06..worth a look.
0:02:06 > 0:02:09So, just five minutes drive away from Wellington town centre,
0:02:09 > 0:02:12which has all the shops and amenities you could want,
0:02:12 > 0:02:13and here is our property.
0:02:13 > 0:02:15It is a two-bedroomed,
0:02:15 > 0:02:20semidetached house with a guide price of £70,000 plus.
0:02:20 > 0:02:22It looks pretty nice from here.
0:02:22 > 0:02:24Will the inside be the same?
0:02:26 > 0:02:29Hold it. Is there room for off-street parking here?
0:02:29 > 0:02:31Hmmm. I'll come back to that.
0:02:33 > 0:02:34OK.
0:02:34 > 0:02:37OK, as soon as you come in the door you've got the stairs
0:02:37 > 0:02:40going up to the bedrooms, and to my right is the lounge.
0:02:42 > 0:02:44It's a good-sized lounge as well.
0:02:44 > 0:02:48Dual aspect - you've got your nice windows at either end.
0:02:49 > 0:02:52I have noticed there is a bit of damp there in the corner
0:02:52 > 0:02:55and another bit of damp in the corner there.
0:02:55 > 0:03:00I suspect that's due to the house being empty for some time.
0:03:00 > 0:03:03And you've got a fireplace here which doesn't look too sturdy,
0:03:03 > 0:03:06so, that would definitely have to come out and you'd have to replace
0:03:06 > 0:03:08the flooring as well.
0:03:08 > 0:03:11But, all in all, it's a good-sized lounge
0:03:11 > 0:03:14and it could be a nice, cosy lounge if you get it right.
0:03:14 > 0:03:16Let's see through here.
0:03:18 > 0:03:22OK, into the kitchen and it's a decent-sized kitchen as well.
0:03:22 > 0:03:24I think these cupboards have seen better days,
0:03:24 > 0:03:27so, whether renting or selling, I'd want to take all this out
0:03:27 > 0:03:30and put a brand-new kitchen in, freshen it up.
0:03:30 > 0:03:34New floor as well, but what I will say on the positive side,
0:03:34 > 0:03:37the central heating and these windows look brand-new.
0:03:37 > 0:03:40In here we've got,
0:03:40 > 0:03:42a pantry, bit of storage.
0:03:42 > 0:03:46So, all in all, new kitchen in here, you'd be off and running.
0:03:48 > 0:03:51# Oh, baby I'm off and I'm running
0:03:51 > 0:03:53# Just as far as I can go
0:03:53 > 0:03:58# I've had it up to here and I want out... #
0:03:58 > 0:04:00OK, outside, we have got a small yard.
0:04:02 > 0:04:04In there, I know was coal storage,
0:04:04 > 0:04:07but there's not a lot you can do with this outside space.
0:04:08 > 0:04:10In here,
0:04:10 > 0:04:12is the pantry that's just off the kitchen.
0:04:14 > 0:04:16So, in here, what have you got?
0:04:17 > 0:04:19Wow, look at this!
0:04:19 > 0:04:22Look at all this storage space in here.
0:04:23 > 0:04:27Now, it's always good to have a bit of storage space outside, but,
0:04:27 > 0:04:30through that wall there is the pantry,
0:04:30 > 0:04:34which has a window to it and through that wall is the kitchen.
0:04:34 > 0:04:37And there's already a window built in, just there.
0:04:37 > 0:04:41So, this is crying out to be an inside space.
0:04:41 > 0:04:45Use it for whatever you will, but I'm thinking, knock that down,
0:04:45 > 0:04:49knock that down and you've got yourself an even larger kitchen
0:04:49 > 0:04:51with a dining room as well.
0:04:51 > 0:04:54Kitchen diner would work perfect with this space.
0:04:54 > 0:04:57Get this outside space and use it inside.
0:04:58 > 0:05:03You'll probably need a supporting beam, so there are costs involved,
0:05:03 > 0:05:06but I reckon you can balance that out,
0:05:06 > 0:05:08because there are savings to be made upstairs.
0:05:11 > 0:05:14Yes, both bedrooms need redecoration,
0:05:14 > 0:05:17unless you're a fan of the reds or the sky blues.
0:05:18 > 0:05:21The bathroom is, dare I say it, good?
0:05:21 > 0:05:26The suite's relatively new and bright and the tiles look all right.
0:05:26 > 0:05:29Although you'll need new flooring, that's about it up here.
0:05:31 > 0:05:35So, a bit of work in the kitchen seems like it will add value,
0:05:35 > 0:05:38as well as my idea that I had earlier.
0:05:39 > 0:05:43As I was walking up to the house, I noticed lots of off-street parking
0:05:43 > 0:05:45and I think this house would benefit from that, too.
0:05:45 > 0:05:47But, the first thing you have to do
0:05:48 > 0:05:52is get this kerb dropped, and it's not as straightforward as getting
0:05:52 > 0:05:55a pickaxe out and doing it yourself.
0:05:55 > 0:05:57The first step would be getting in touch with your council planning
0:05:57 > 0:06:01department to see if it needs planning or it comes under permitted
0:06:01 > 0:06:04development. Of course, there'll be a fee for that.
0:06:04 > 0:06:06Then you've to get in touch with the Highways Agency.
0:06:06 > 0:06:09They have to come out and see if it's feasible.
0:06:09 > 0:06:11And, yes, there'll be a fee for that as well.
0:06:11 > 0:06:13And then you'd have to get the builders out to do the work
0:06:13 > 0:06:15to finish off your lovely driveway.
0:06:15 > 0:06:18And, yes, you guessed it again - there's a fee for that.
0:06:18 > 0:06:21But, what I would say, it would be worth going through that process,
0:06:21 > 0:06:26cos off-street parking is value and would add value to this property.
0:06:26 > 0:06:30With the average cost of dropping a kerb around 650 quid,
0:06:30 > 0:06:33I think I am right, but don't just take my word for it.
0:06:33 > 0:06:37We have asked along an agent from the auctioneers who sold it,
0:06:37 > 0:06:42if they think off-street parking could add up to £5,000 in value.
0:06:42 > 0:06:44But, first, let's get a base figure
0:06:44 > 0:06:47if you were to just do a standard renovation inside.
0:06:47 > 0:06:51I think if you did the cosmetic work, you're looking at a ballpark
0:06:51 > 0:06:54figure of between £95,000 to £100,000.
0:06:55 > 0:06:59And the agent agrees that opening up the kitchen would work much better.
0:06:59 > 0:07:01But, would it be worth the costs involved?
0:07:03 > 0:07:05If you were to do the recommended works in terms of opening up
0:07:05 > 0:07:08the kitchen to create the kitchen diner,
0:07:08 > 0:07:11you're probably looking at resale value of around £115,000.
0:07:12 > 0:07:14So, it could add £15,000,
0:07:14 > 0:07:17but that all depends on how much it would cost to do.
0:07:18 > 0:07:22Best to contact some builders, get a quote or two, if that is your plan.
0:07:23 > 0:07:25What about the potential rental figures?
0:07:26 > 0:07:28I think from a rental perspective,
0:07:28 > 0:07:31you're probably looking about £525 per calendar month.
0:07:33 > 0:07:35This house has got a lot going for it.
0:07:35 > 0:07:39One thing I would do is I would use that outside storage space
0:07:39 > 0:07:42as inside space and try to create a nice kitchen dining area.
0:07:43 > 0:07:48Don't forget, this house has a reasonable guide price of £70,000 plus.
0:07:48 > 0:07:51Let's see who went for it when it went under the hammer.
0:07:51 > 0:07:55Two-bedroom, semidetached house in need of modernisation.
0:07:55 > 0:07:57What shall we say for this?
0:07:57 > 0:07:58Let me start this one at 70.
0:07:58 > 0:08:00Save time.
0:08:01 > 0:08:0270 on the front row, thank you.
0:08:02 > 0:08:04At £70,000. 71, can I see you now?
0:08:05 > 0:08:08At 70,000. Anybody, 71?
0:08:08 > 0:08:0971,
0:08:09 > 0:08:1072,
0:08:10 > 0:08:1173,
0:08:11 > 0:08:1274...
0:08:13 > 0:08:1575?
0:08:15 > 0:08:17No? At £74,0000.
0:08:17 > 0:08:19The bid's on the front row at £74,000.
0:08:19 > 0:08:2075, anywhere else?
0:08:21 > 0:08:2374 and a half.
0:08:23 > 0:08:2475.
0:08:24 > 0:08:25And a half?
0:08:27 > 0:08:30No? At 75, then. The bid's on the front row at £75,000.
0:08:30 > 0:08:31I'm selling it.
0:08:31 > 0:08:33£75,000.
0:08:33 > 0:08:35You bought it, well done.
0:08:35 > 0:08:38The successful bidders were Chris and his wife Polly,
0:08:38 > 0:08:41who paid £75,000 for this property.
0:08:42 > 0:08:45I met them at the house to discuss their plans.
0:08:47 > 0:08:48- Polly, nice to meet you. - Nice to meet you.
0:08:48 > 0:08:50- Chris nice to meet you as well. - Nice to meet you.
0:08:50 > 0:08:52- And congratulations.- Thank you.
0:08:52 > 0:08:55I think you've a got yourself a nice place. Why this particular property?
0:08:55 > 0:08:57I think this is a good location.
0:08:57 > 0:09:00Potential without too much work
0:09:00 > 0:09:03and I think it's something that we can tackle over
0:09:03 > 0:09:04the next three or four months.
0:09:04 > 0:09:06We've already got one property over here.
0:09:06 > 0:09:08That's a flat. Near the town centre.
0:09:10 > 0:09:11That's doing OK at the moment.
0:09:11 > 0:09:13So, is this the start of maybe a portfolio for you guys?
0:09:14 > 0:09:18Really, assisting our retirement and Polly's retirement -
0:09:18 > 0:09:20who hasn't quite got there yet.
0:09:20 > 0:09:23I could have told you that. I could have told you that.
0:09:23 > 0:09:25I'm still at work full-time.
0:09:25 > 0:09:27I work for the police.
0:09:27 > 0:09:29I work in automatic numberplate recognition now.
0:09:29 > 0:09:33Started as a driver trainer and now in ANPR.
0:09:33 > 0:09:36What does that entail, driver training? Just give us an insight.
0:09:37 > 0:09:41It is teaching the officers to drive to the police system of driving.
0:09:41 > 0:09:43- Fast?- Not necessarily fast.
0:09:43 > 0:09:46Safe, I would say, more than fast.
0:09:46 > 0:09:48Being able to respond to situations
0:09:48 > 0:09:52that they need to get to rapidly, safely.
0:09:52 > 0:09:54Fantastic. I'll take a number later and you can give me some tips.
0:09:54 > 0:09:56OK, what are you going to do with this property?
0:09:56 > 0:09:59Tell us how you're going to change it. Will you do anything to it?
0:09:59 > 0:10:03Obviously, it needs a complete and utter redecoration, every room.
0:10:03 > 0:10:05Hall and stairs need to be skimmed.
0:10:06 > 0:10:08It'll have a new kitchen.
0:10:09 > 0:10:10Strangely, the bathroom's OK.
0:10:11 > 0:10:16But, apart from that, another issue that we're about to tackle,
0:10:16 > 0:10:19we're halfway there, looking at providing off-road parking,
0:10:19 > 0:10:22but that depends on the local authority,
0:10:22 > 0:10:25- so we've got to wait and see about that one.- You've got a few bits...
0:10:25 > 0:10:27You've got very little outside space, a very small back garden.
0:10:27 > 0:10:29- It's very small.- It's tiny.- Yeah.
0:10:29 > 0:10:31But, there's some storage as well,
0:10:31 > 0:10:34which does eat into the house slightly.
0:10:34 > 0:10:37Have you thought of using that as inside space, maybe?
0:10:37 > 0:10:41We did, we did, and you could do, because it's still a square block,
0:10:41 > 0:10:44but, truthfully, the money to do it,
0:10:44 > 0:10:47I don't think it'd pay us back in what we'd get from it.
0:10:47 > 0:10:51I'm a bit disappointed I won't be seeing that kitchen extended,
0:10:51 > 0:10:53but the couple are thinking in a businesslike way
0:10:53 > 0:10:57and intend renting it out, and it would have eaten into their yield.
0:10:59 > 0:11:01So what sort of budget have they set themselves?
0:11:03 > 0:11:07The cost to improve the property itself, inside,
0:11:07 > 0:11:08we're looking between six to ten.
0:11:08 > 0:11:10- Yeah.- So, it's quite a wide...
0:11:10 > 0:11:13Depending on how much we need to spend, so...
0:11:13 > 0:11:15And then, the drive will be separate to that.
0:11:15 > 0:11:17Oh, OK. So, your budget would be?
0:11:17 > 0:11:19- Yeah...- There's the house budget.
0:11:19 > 0:11:20The house budget would be...?
0:11:20 > 0:11:21- Six to ten..- Six to ten.
0:11:21 > 0:11:22And?
0:11:22 > 0:11:24- Then that on top.- Yeah.
0:11:24 > 0:11:26Additional cost would be the kerb being dropped as well,
0:11:26 > 0:11:28and all the work that has to...
0:11:28 > 0:11:30- Yeah.- That's not a bad budget at all, actually,
0:11:30 > 0:11:32because there's not a lot that needs to be done in here, really.
0:11:32 > 0:11:34We're hoping nearer the six than the ten.
0:11:34 > 0:11:40I hope so, but there is always the unforeseen thing that turns up.
0:11:40 > 0:11:42Certainly something did at the flat, and we'll see how we go.
0:11:42 > 0:11:45Chris, I've spotted a couple of damp patches.
0:11:45 > 0:11:47Are they a concern for you?
0:11:48 > 0:11:51I don't think so, and the reason why is because the damp patches actually
0:11:51 > 0:11:54aren't damp when you actually touch them.
0:11:54 > 0:11:56One of them in the living room,
0:11:56 > 0:11:59I think that was caused by a lot of rubbish being piled up
0:11:59 > 0:12:01and retaining water.
0:12:01 > 0:12:04It was some feet up the wall before it was cleared.
0:12:05 > 0:12:07And the one at the front,
0:12:07 > 0:12:11there's been some dodgy filling there behind a telecommunications
0:12:11 > 0:12:13fitting, but, we'll see.
0:12:13 > 0:12:17The plaster itself, well, I accept that may have to be repaired there.
0:12:17 > 0:12:19Be redone. Yeah, of course.
0:12:19 > 0:12:20So, with a fairly flexible budget,
0:12:20 > 0:12:23the couple are hoping to get in tradesmen.
0:12:23 > 0:12:26Chris has done the work on their previous flat,
0:12:26 > 0:12:30but he didn't enjoy it so the question this time around is...
0:12:30 > 0:12:32Are you going to get involved?
0:12:32 > 0:12:35Well, I'll certainly be removing the kitchen and supervising,
0:12:35 > 0:12:39but I won't do as much on this one as I did on the last one.
0:12:39 > 0:12:40You have a breather.
0:12:40 > 0:12:42Polly, you can take over.
0:12:42 > 0:12:43Polly, I wish you all the best.
0:12:43 > 0:12:46- Good luck to you.- Thank you very much.- Chris, good luck, sir.
0:12:46 > 0:12:47Thank you.
0:12:49 > 0:12:52So Polly and Chris are wanting to rent this house out
0:12:52 > 0:12:54and they're being really sensible with it as well,
0:12:54 > 0:12:58giving themselves a decent budget and a reasonable timescale.
0:12:58 > 0:13:01I think when we come back here in three or four months' time,
0:13:01 > 0:13:02this house will be ready to rent.
0:13:02 > 0:13:05You can find out how they get on later in the programme.
0:13:09 > 0:13:13Carlisle in Cumbria, a city synonymous with the Border reivers,
0:13:13 > 0:13:16family gangs who raided cattle and fought ferociously across
0:13:16 > 0:13:18the Scotland-England border.
0:13:19 > 0:13:22A curse was brought against them by the Archbishop of Glasgow
0:13:22 > 0:13:27back in 1525, and that curse was carved into a 14-tonne lump of
0:13:27 > 0:13:29granite to mark the millennium.
0:13:29 > 0:13:32But, some inhabitants claim that since the curse of Carlisle
0:13:32 > 0:13:35was displayed, misfortune has plagued the city,
0:13:35 > 0:13:38with everything from floods, the outbreak of foot and mouth,
0:13:38 > 0:13:41to the failure of the local football team.
0:13:41 > 0:13:43Let's hope it doesn't have an effect on the property market.
0:13:45 > 0:13:47Well, leaving the curse behind,
0:13:47 > 0:13:50I've come to the west of the city,
0:13:50 > 0:13:52about ten minutes' drive from the city centre,
0:13:52 > 0:13:54near the Cumberland Infirmary.
0:13:54 > 0:13:58In this little cul-de-sac, which is a good start,
0:13:58 > 0:14:01three-bedroomed, semidetached, guide price of £30,000-£40,000.
0:14:03 > 0:14:06Oh. Only positives so far.
0:14:07 > 0:14:10From what I can see, the roof is looking in good order.
0:14:10 > 0:14:12Shame I can't say the same for the paintwork.
0:14:15 > 0:14:16Okey-cokey. So...
0:14:17 > 0:14:20Through the front door, stairs up to your bedrooms there
0:14:20 > 0:14:22and then through into your living room.
0:14:22 > 0:14:26A couple of things that strike you straightaway and they're actually
0:14:26 > 0:14:27health and safety issues.
0:14:27 > 0:14:31Number one is polystyrene tiles on the ceiling there.
0:14:31 > 0:14:33They've got to go, they're a fire risk.
0:14:33 > 0:14:35Erm, gas fire.
0:14:35 > 0:14:36You don't know how old it is,
0:14:36 > 0:14:39definitely need to have that checked out and, in fact,
0:14:39 > 0:14:42I would be looking more at replacing this whole thing
0:14:42 > 0:14:45and to create a really nice sort of centrepiece in this room.
0:14:45 > 0:14:48But, it's not a bad size. Doesn't look like it's got double glazing,
0:14:48 > 0:14:51so that's probably something that you'd want to consider.
0:14:51 > 0:14:54But, through here into the rear of the property,
0:14:54 > 0:14:58where you've got your kitchen, again, it's kind of tired,
0:14:58 > 0:15:00a little bit dated.
0:15:00 > 0:15:02You'd want to spend a bit of money on this, just sparkling it up,
0:15:02 > 0:15:04nice kitchen units.
0:15:04 > 0:15:07Bathroom and loo here.
0:15:07 > 0:15:09You'd hope it would be upstairs, but, no.
0:15:09 > 0:15:11On the plus side, though,
0:15:11 > 0:15:14immediately I'm thinking, maybe take out this wall here
0:15:14 > 0:15:17to create a really big, sort of, kitchen/living space.
0:15:19 > 0:15:22That would definitely change the feel of the downstairs here.
0:15:22 > 0:15:27To sum up, then, a property that is crying out for a bit of creativity.
0:15:28 > 0:15:31Hm, I can't quite say it's the greatest house I've ever seen,
0:15:31 > 0:15:35but there are opportunities to improve it, which is a plus.
0:15:35 > 0:15:38I would start with making the kitchen bigger.
0:15:40 > 0:15:43The 40,000-£50,000 guide price is another positive,
0:15:43 > 0:15:46but the negative is how much you're going to need to spend on it
0:15:46 > 0:15:47to improve it.
0:15:49 > 0:15:53So, on the roller-coaster ride that is the pros and cons of upstairs,
0:15:53 > 0:15:58what have we got? Well, on the plus side, three good-sized bedrooms.
0:15:58 > 0:16:00On the downside, no toilet.
0:16:00 > 0:16:03On the upside, this room itself,
0:16:03 > 0:16:06big enough, easily, to fit a toilet and bathroom in.
0:16:07 > 0:16:09So, that's great news.
0:16:09 > 0:16:10Bad side - ooh, look at this.
0:16:12 > 0:16:14Nasty, nasty signs of damp.
0:16:15 > 0:16:18And shall we carry on with one more good to finish with?
0:16:18 > 0:16:20Yeah, OK. I reckon, on the upside,
0:16:21 > 0:16:24something simple, like a problem with the guttering.
0:16:24 > 0:16:26Sort that out and you'd resolve the issue.
0:16:26 > 0:16:28MUSIC: Rollercoaster by Bleachers
0:16:28 > 0:16:31# You were such a rollercoaster
0:16:31 > 0:16:33# And a killer queen you are
0:16:33 > 0:16:35# Rollercoaster, I don't say no
0:16:36 > 0:16:38# Rollercoaster, when you don't say no ... #
0:16:38 > 0:16:41Ups, downs, I'm not sure I can keep up with this house.
0:16:41 > 0:16:43Do I like it? Yes?
0:16:43 > 0:16:44No?
0:16:44 > 0:16:45Not sure.
0:16:45 > 0:16:47Oh, time to clear my head outside.
0:16:48 > 0:16:51One thing which you can normally be pretty sure
0:16:51 > 0:16:56ex-local authority houses have is also lots of useful bits of
0:16:56 > 0:16:58storage space outside, little outbuildings or whatever,
0:16:58 > 0:17:00and that's certainly the case here.
0:17:00 > 0:17:03Outside loo, little storage area there, and then,
0:17:03 > 0:17:05a pretty good-sized rear garden.
0:17:05 > 0:17:08Now, a lot of it's sort of laid to concrete, which isn't ideal,
0:17:08 > 0:17:11but I think a bit of imaginative gardening here...
0:17:12 > 0:17:15Yep, you can turn this into a nice, little space.
0:17:15 > 0:17:19# Yes, I guess you can... #
0:17:19 > 0:17:24I think that rather overused word "potential" sums up this place.
0:17:24 > 0:17:27With a bit of hard graft and some love and attention,
0:17:27 > 0:17:28you could be onto a winner.
0:17:31 > 0:17:34But, what does the auctioneer who sold it think?
0:17:34 > 0:17:37The positives of a property of this size,
0:17:37 > 0:17:41type and nature is the ex-local authority properties,
0:17:41 > 0:17:43there tends to be a ceiling with prices.
0:17:43 > 0:17:45However, they were well built.
0:17:45 > 0:17:49I think the only downside to the property, and I wouldn't really call
0:17:49 > 0:17:51it a downside, cos some would see it as a plus,
0:17:51 > 0:17:56it's in a cul-de-sac location, so it makes it a little bit difficult for
0:17:56 > 0:18:00in and out with a motor vehicle, but it keeps it safe for children
0:18:00 > 0:18:02cos there's no through traffic.
0:18:02 > 0:18:04So, it depends which way you want to look at it.
0:18:04 > 0:18:06Oh, crikey! Not more pros and cons.
0:18:06 > 0:18:11But, when in property developing, there is one overriding factor.
0:18:11 > 0:18:13That is, is there money to be made?
0:18:13 > 0:18:16So, with a guide price of just £40,000-£50,000,
0:18:16 > 0:18:18could this see some positive returns?
0:18:19 > 0:18:20Done to a good spec,
0:18:20 > 0:18:25I think you would expect to achieve around about £80,000.
0:18:25 > 0:18:28But, how would it fare in the local rental market?
0:18:29 > 0:18:32I think if it was exposed to the rental market with three bedrooms,
0:18:32 > 0:18:36I think you'd achieve around £425 per calendar month.
0:18:38 > 0:18:40Well, it's a nice, solid, little property,
0:18:40 > 0:18:45in need, certainly, of modernisation, but a good area.
0:18:45 > 0:18:47Yeah, a good auction purchase.
0:18:47 > 0:18:50Let's see who agreed when it went under the hammer.
0:18:51 > 0:18:54Semidetached property in a cul-de-sac location.
0:18:54 > 0:18:57Start me, 35, say.
0:18:57 > 0:18:58At £35,000.
0:18:58 > 0:19:0035 here.
0:19:00 > 0:19:03At 35, 36, 37, 38...
0:19:03 > 0:19:0539. You're out.
0:19:05 > 0:19:08With you at 38, 39 in the door.
0:19:08 > 0:19:0940... 41.
0:19:10 > 0:19:13So there was a steady start for the Carlisle property
0:19:13 > 0:19:16and we rejoin the auction with bidding at £49,000.
0:19:17 > 0:19:2049, 50,
0:19:20 > 0:19:21One,
0:19:21 > 0:19:22two,
0:19:22 > 0:19:24shake of the head. 52.
0:19:24 > 0:19:2552, I'm bid.
0:19:25 > 0:19:2653, I've got.
0:19:26 > 0:19:28- Four.- Shake of the head.
0:19:28 > 0:19:32All done, all out there and at £53,000. Are we finished?
0:19:33 > 0:19:3424.
0:19:34 > 0:19:36The hammer fell at £53,000
0:19:36 > 0:19:41and the couple with paddle number 24 were Vera and John, who've bought
0:19:41 > 0:19:45the three-bed house as a joint project with their son Steve.
0:19:46 > 0:19:51John's a retired MoD police officer, while son Steve is an actor.
0:19:52 > 0:19:54I met them both back at the house to find out more.
0:19:56 > 0:19:57Steve, John, great to meet you both.
0:19:57 > 0:19:59- Hi.- Congratulations.
0:19:59 > 0:20:01- Thank you.- Tell me why you wanted to buy this place.
0:20:01 > 0:20:04His house is too small for him,
0:20:04 > 0:20:06our house is too big for us,
0:20:06 > 0:20:09and so we saw this one coming up for auction and we bid for it.
0:20:09 > 0:20:12You're going to have to explain that whole scenario a little clearer to me.
0:20:12 > 0:20:15- OK.- The whole your house and his house thing doesn't say why.
0:20:15 > 0:20:18The wife said, "That's a nice house," and I said, "Yeah."
0:20:18 > 0:20:22She says, "OK, well, go and bid for it," which I did, and then she said,
0:20:22 > 0:20:25"We should do it up and then if Stephen wants it,
0:20:25 > 0:20:28"he can live there and we'll go and live in his house."
0:20:28 > 0:20:30The first I heard of it was about half an hour ago
0:20:30 > 0:20:33so, as far as I knew they were going to move into it themselves,
0:20:33 > 0:20:34but I'm quite happy.
0:20:34 > 0:20:35Right, so half an hour ago,
0:20:35 > 0:20:38- you heard that actually you might be living here...- Yes.
0:20:38 > 0:20:40- ..and moving out of the house you're in.- Yes.
0:20:40 > 0:20:44You are going to be forced out of your home by your parents.
0:20:44 > 0:20:45Yes. Shocking, isn't it?
0:20:46 > 0:20:49So, at what point today did you sort of formulate this idea?
0:20:49 > 0:20:51Was it breakfast with the wife or something?
0:20:51 > 0:20:52No, no, it was weeks.
0:20:52 > 0:20:54- Weeks ago?- Yeah.- But you just kept it secret.
0:20:54 > 0:20:55Well, yeah.
0:20:55 > 0:20:57Basically.
0:20:58 > 0:21:00So, it sounds like a cunning connivance, then.
0:21:01 > 0:21:04Well, he did supply half the cash to buy the house, so...
0:21:04 > 0:21:06Oh, well, that's great. So, you're making him pay to have the house
0:21:06 > 0:21:09- which you're going to force him to move out of!- Yeah.
0:21:09 > 0:21:11Ah, well, he wants to move anyway.
0:21:11 > 0:21:13I have been looking for something slightly larger
0:21:13 > 0:21:14and this fits the bill very nicely.
0:21:14 > 0:21:16- Oh, right. So, at least, you're upsizing.- Absolutely.
0:21:16 > 0:21:18Right, but you're downsizing.
0:21:18 > 0:21:20# Tell me what's goin' on?
0:21:20 > 0:21:22# I'll tell you what's goin' on
0:21:22 > 0:21:23# What's goin' on?
0:21:25 > 0:21:27All right, let's get this straight.
0:21:27 > 0:21:31So, Steve is moving into this house so that John and wife Vera
0:21:31 > 0:21:34can move into his house, because they're downsizing,
0:21:34 > 0:21:38but they didn't tell Steve about the plan until today.
0:21:38 > 0:21:39Hm. But, he's OK with it.
0:21:39 > 0:21:41So, that's OK?
0:21:42 > 0:21:43Right, I think I've got it.
0:21:45 > 0:21:46Why this house, then?
0:21:46 > 0:21:48Because it looked quite nice.
0:21:48 > 0:21:50Had you seen the house beforehand?
0:21:50 > 0:21:51- Oh, yes.- Oh, right. OK, great.
0:21:51 > 0:21:54But with a view to what? Why did you think your parents were buying it?
0:21:54 > 0:21:56To move into themselves.
0:21:56 > 0:21:57Ah.
0:21:57 > 0:21:58That's what I thought.
0:21:58 > 0:22:01- Right.- I may have missed something in the conversation.
0:22:01 > 0:22:03How do you think your parents are going to get on,
0:22:03 > 0:22:05moving into your house from their large house?
0:22:06 > 0:22:08I've no idea where they're going to put all their rubbish.
0:22:08 > 0:22:10They've got tons of furniture.
0:22:10 > 0:22:12And how big is your house that you live in?
0:22:12 > 0:22:13It's a two up, two down.
0:22:13 > 0:22:16Right. And how big is the house they currently own?
0:22:16 > 0:22:17It's large.
0:22:17 > 0:22:21It is about four times, five times the size of this house.
0:22:21 > 0:22:22Well, so it's going to be snug then.
0:22:22 > 0:22:24Snug.
0:22:24 > 0:22:26- This is a big life change for you, isn't it?- Yeah.
0:22:27 > 0:22:31I don't want to change, but you've got to when you're getting older.
0:22:31 > 0:22:33Aches and pains, and a massive garden
0:22:33 > 0:22:36and it's getting too much for me.
0:22:36 > 0:22:40Yes. Amongst their frivolity about these musical chairs moves,
0:22:40 > 0:22:43the actual change is driven by practicality.
0:22:43 > 0:22:46A head-over-heart decision that many of us have to face.
0:22:46 > 0:22:49Nothing will, however, change until John and Vera
0:22:49 > 0:22:52sell their current home and the work is completed on this house.
0:22:54 > 0:22:57Tell me what you're going to do to this place
0:22:57 > 0:22:59to make it suit your needs.
0:22:59 > 0:23:04Double-glazed and replumbed throughout and general tidy-up.
0:23:04 > 0:23:08Bathroom could do with a little bit of reorganisation.
0:23:08 > 0:23:09Right.
0:23:09 > 0:23:11But, otherwise, the main structure of the building, happy with that.
0:23:11 > 0:23:14OK. Because you look at it with completely different eyes now?
0:23:14 > 0:23:16- I am, yeah.- It's your pad.
0:23:16 > 0:23:19Yeah. As far as I'm concerned, a coat of paint and hoover the carpets
0:23:19 > 0:23:21- and I'm in.- So, what's the budget?
0:23:21 > 0:23:26Well, the wife and I reckon between £10,000 and 14,000.
0:23:26 > 0:23:27OK. That's quite healthy.
0:23:27 > 0:23:29And timescale?
0:23:29 > 0:23:31We're in no rush.
0:23:31 > 0:23:34Unless somebody comes along and says, "I want your house now."
0:23:34 > 0:23:36- Right.- It'll be anywhere between,
0:23:36 > 0:23:38I reckon, 6 months and 12 months.
0:23:38 > 0:23:41Well, listen, thank you for sharing your story with us.
0:23:41 > 0:23:43We look forward to seeing what happens.
0:23:43 > 0:23:44Thank you.
0:23:44 > 0:23:46- Good to meet you.- Thank you.
0:23:53 > 0:23:57You know that thing that dogs do sometimes, when they kind of
0:23:57 > 0:24:00rattle their head backwards and forwards and their cheeks go...
0:24:00 > 0:24:01..and their ears flap about?
0:24:02 > 0:24:04That's kind of what I want to do right now.
0:24:05 > 0:24:06What can I say?
0:24:06 > 0:24:08What will happen?
0:24:08 > 0:24:09Who knows?
0:24:09 > 0:24:12You can find out later in the show.
0:24:13 > 0:24:17Coming up, I'm stepping things up at this lovely two-bed,
0:24:17 > 0:24:19Georgian cottage in Derby.
0:24:19 > 0:24:22That is probably one of the nicest staircases I've seen
0:24:22 > 0:24:23on Homes Under The Hammer.
0:24:24 > 0:24:28And we go back to Carlisle to see what Steve and John have learned.
0:24:28 > 0:24:31I would never, ever recommend buying a house, living in it
0:24:31 > 0:24:32and doing it up at the same time.
0:24:40 > 0:24:43We wander back to Wellington in Shropshire to this two-bed,
0:24:43 > 0:24:45guided at £70,000 plus.
0:24:46 > 0:24:48It had good space inside, apart from the kitchen,
0:24:48 > 0:24:52but at the side of the property, you could change all that.
0:24:53 > 0:24:55Wow, look at this.
0:24:55 > 0:24:57Look at all this storage space in here.
0:24:58 > 0:25:01Listen, this is crying out to be an inside space.
0:25:01 > 0:25:03I'm thinking knock that down,
0:25:03 > 0:25:06knock that down and you've got yourself an even larger kitchen
0:25:06 > 0:25:08with a diner as well.
0:25:08 > 0:25:11Kitchen-diner would work perfectly with this place.
0:25:11 > 0:25:16That and off-street parking were two of my thoughts to improve this house
0:25:16 > 0:25:20which was bought by Polly and Chris for 75 grand.
0:25:20 > 0:25:22They, too, wanted to create a new driveway
0:25:22 > 0:25:26but they weren't too keen on the kitchen-diner idea.
0:25:26 > 0:25:29Truthfully, the money to do it,
0:25:29 > 0:25:32I don't think it'd pay us back in what we get for it.
0:25:32 > 0:25:35Oh, well. Probably the right thing to do,
0:25:35 > 0:25:39as they plan to rent and they have a six-to-ten-grand budget
0:25:39 > 0:25:42for the house, plus whatever the driveway might cost.
0:25:42 > 0:25:44So, who would do the work?
0:25:45 > 0:25:49I'll certainly be removing the kitchen and supervising
0:25:49 > 0:25:52but I won't do as much on this one as I did on the last one.
0:25:52 > 0:25:55You have a breather. Polly, you can take over.
0:25:57 > 0:25:59Yeah, no pressure, Polly.
0:25:59 > 0:26:02But four months on, bang-on their timescale,
0:26:02 > 0:26:06the front of the house would drive motoring fans wild.
0:26:06 > 0:26:09MUSIC: She Drives Me Crazy by Fine Young Cannibals
0:26:16 > 0:26:20A huge improvement and one certain to add value.
0:26:20 > 0:26:24But was it hugely difficult and expensive?
0:26:24 > 0:26:28We thought about off-street parking early on.
0:26:28 > 0:26:32Never included as a full cost but the cost wasn't too great.
0:26:32 > 0:26:38The off-road parking cost 1,700 and we did that because it gave them
0:26:38 > 0:26:40somewhere to park off the road.
0:26:40 > 0:26:44It was a question of speaking to the highways authority and planners.
0:26:44 > 0:26:47Things went OK there.
0:26:47 > 0:26:49After that, we decided on the contractor,
0:26:49 > 0:26:52they did it and hopefully it worked.
0:26:54 > 0:26:55It certainly has worked
0:26:55 > 0:26:58and the couple have made it work inside, too.
0:26:58 > 0:27:02I'm so pleased they've decided to knock the kitchen through
0:27:02 > 0:27:04to create a modern space.
0:27:04 > 0:27:07MUSIC: My House by Flo Rida
0:27:17 > 0:27:20The completely restored living room is lovely
0:27:20 > 0:27:24but I'm so glad they decided to increase the kitchen area
0:27:24 > 0:27:26by incorporating that outside space.
0:27:28 > 0:27:30We've made quite a few changes,
0:27:30 > 0:27:33the kitchen being the major change as far as we are concerned.
0:27:33 > 0:27:38We knocked out a couple of walls, the pantry and an outside store,
0:27:38 > 0:27:41creating a kitchen-diner.
0:27:41 > 0:27:43There was always a question mark for us.
0:27:43 > 0:27:44Was it worth doing it?
0:27:44 > 0:27:47Would it make enough difference to the rent?
0:27:47 > 0:27:50Well, perhaps it doesn't make a huge amount of difference to the rent.
0:27:50 > 0:27:54It probably makes a huge difference to the desirability and the future
0:27:54 > 0:27:58saleability of the house and that is why we decided to do it.
0:27:58 > 0:28:02I hope this will be a family room for people, an attractive place.
0:28:02 > 0:28:05I think this is the best room, really, for me.
0:28:05 > 0:28:07I think you are right, Chris.
0:28:07 > 0:28:10It's a great space and although creating it was hard work,
0:28:10 > 0:28:12I'm sure you will reap the benefits.
0:28:14 > 0:28:17The house looks so much smarter with the bedroom walls skimmed.
0:28:17 > 0:28:20The bathroom was basically OK,
0:28:20 > 0:28:22so, Polly, did you get handy with the work?
0:28:25 > 0:28:26I had a problem with my knee.
0:28:26 > 0:28:29I ended up having to have an operation which was a partial knee
0:28:29 > 0:28:32replacement. I'm still experiencing problems with that,
0:28:32 > 0:28:35as you can imagine, seven weeks later.
0:28:35 > 0:28:39No, I haven't been able to do a lot. In fact, I've done nothing!
0:28:39 > 0:28:42Absolutely nothing.
0:28:43 > 0:28:45Get well soon, Polly.
0:28:45 > 0:28:47I'm sure Chris rolled his sleeves up,
0:28:47 > 0:28:50while his wife quite rightly put her feet up.
0:28:52 > 0:28:55I was involved in cleaning at the end, which seems silly,
0:28:55 > 0:28:59but we really, we left the vast majority
0:28:59 > 0:29:04down to Paul the builder and people he brought in to help him.
0:29:04 > 0:29:06Well, hats off to Paul and the team
0:29:06 > 0:29:10but the couple have kept a good grip on the purse strings,
0:29:10 > 0:29:13staying roughly within their ten-grand budget for the house
0:29:13 > 0:29:18and the driveway included, it's been around a 12-grand spend.
0:29:18 > 0:29:19So what's their plan now?
0:29:21 > 0:29:23This always was intended for rent.
0:29:23 > 0:29:26Our letting agent's already looked at it
0:29:26 > 0:29:31and I think actually it's probably on the market yesterday for letting.
0:29:31 > 0:29:34But we do want it to be somebody's home,
0:29:34 > 0:29:37somewhere where somebody can come in and feel like it's their home,
0:29:37 > 0:29:39not just somewhere they're renting.
0:29:39 > 0:29:40And with this finish,
0:29:40 > 0:29:44it will certainly feel like home to any tenant.
0:29:50 > 0:29:55But will there be profit in this property for Polly and Chris?
0:29:55 > 0:29:59We asked two local estate agents for their thoughts and valuations.
0:29:59 > 0:30:02First impressions are very, very good with the property.
0:30:02 > 0:30:04Nice to see everything so nice and modern,
0:30:04 > 0:30:07particularly like the open-plan dining kitchen
0:30:07 > 0:30:10and also a nice little touch is the driveway at the front.
0:30:10 > 0:30:13The only downside I would say with the property,
0:30:13 > 0:30:15for some family purchasers, would be the garden,
0:30:15 > 0:30:17because the garden is quite small at the back.
0:30:17 > 0:30:19I think the layout of the property is very nice.
0:30:19 > 0:30:22It's an ideal layout due to the fact it's got a very nice-sized
0:30:22 > 0:30:24kitchen-diner to the ground floor,
0:30:24 > 0:30:26two good-sized bedrooms and a really nice-sized lounge.
0:30:26 > 0:30:32The agents thought the house could sell for a top figure of £120,000
0:30:32 > 0:30:35which, against the couple's 87 grand spent,
0:30:35 > 0:30:39would give them a very healthy £33,000 profit
0:30:39 > 0:30:41before usual taxes and expenses.
0:30:41 > 0:30:45That's the value added for the long term but what about the
0:30:45 > 0:30:47short-term and the rentals?
0:30:50 > 0:30:52I think the rental market,
0:30:52 > 0:30:54this property would achieve around 495 per calendar month.
0:30:54 > 0:30:58If the current owners decided to let this property,
0:30:58 > 0:31:00I would be suggesting to them a rental value
0:31:00 > 0:31:02of £550 per calendar month.
0:31:02 > 0:31:05Our folks we use have said...
0:31:05 > 0:31:09575 and above, really, and that's where we are looking, really.
0:31:09 > 0:31:12And he's put it on at 595 so...
0:31:12 > 0:31:15Yeah. I think 550 is a pretty average price
0:31:15 > 0:31:18for one in not very good condition and 495,
0:31:18 > 0:31:21I know some of the two-bed flats are going for that, so...
0:31:21 > 0:31:25At Polly and Chris's £575 per calendar month figure,
0:31:25 > 0:31:27they net just under an 8% yield,
0:31:27 > 0:31:30which will help them grow their retirement fund.
0:31:32 > 0:31:36But do they have any burning desires to buy more property?
0:31:40 > 0:31:44We've put an offer on one prior to the last auction,
0:31:44 > 0:31:47which was accepted, and it's fairly similar to this.
0:31:47 > 0:31:50However, our daughter has told us that she'll assist,
0:31:50 > 0:31:54so we've got the Bank of Daughter, instead of the Bank of Mum and Dad!
0:31:54 > 0:31:56For a short while.
0:32:00 > 0:32:0330 miles north-west of the city of Derby
0:32:03 > 0:32:06lies the quite market town of Ashbourne.
0:32:06 > 0:32:09It's also just outside the Peak District and national park
0:32:09 > 0:32:12so it's the perfect place for holiday lets.
0:32:12 > 0:32:15I'm literally just a stone's throw from the town centre,
0:32:15 > 0:32:18tucked away in this lovely little road,
0:32:18 > 0:32:20full of these character cottages here.
0:32:20 > 0:32:23Now, the property I'm here to see
0:32:23 > 0:32:26used to be two cottages a long time ago.
0:32:26 > 0:32:30Now it's been more recently turned into an old office
0:32:30 > 0:32:33and has commercial use. But it's got two front doors.
0:32:33 > 0:32:38The guide price is £75,000 and I think I'm going to go for this one.
0:32:38 > 0:32:40Going to check it out.
0:32:40 > 0:32:44I'm so eager to get inside and have a good old look around.
0:32:44 > 0:32:48I just love Georgian properties and the character.
0:32:48 > 0:32:52It's quite funny to see how harmoniously this lovely heater
0:32:52 > 0:32:54next to the sash windows looks.
0:32:54 > 0:32:56So wrong, isn't it? The sash windows are beautiful.
0:32:56 > 0:32:58That has got to go.
0:32:58 > 0:33:01And you can see it's a commercial building
0:33:01 > 0:33:03because look at the strip lighting.
0:33:03 > 0:33:04Wow.
0:33:04 > 0:33:07It's quite crazy to imagine this has just been used as an office,
0:33:07 > 0:33:10cos it's actually quite a beautiful space.
0:33:10 > 0:33:13Got a little toilet area through there.
0:33:13 > 0:33:17Something that is worrying me that I really do feel needs some
0:33:17 > 0:33:18investigation is this back wall.
0:33:18 > 0:33:22You can see if I do this, look, the old paint just peeling off.
0:33:22 > 0:33:26And it actually does feel quite damp and wet to the touch.
0:33:26 > 0:33:30So I'd certainly get in an expert to check that out.
0:33:30 > 0:33:32The causes of damp are many and varied
0:33:32 > 0:33:35so, yeah, I'd get an expert in.
0:33:39 > 0:33:41Finding the root cause is key.
0:33:41 > 0:33:44It's no good just scratching beneath the surface.
0:33:46 > 0:33:49The room has a partition wall which creates a smaller space
0:33:49 > 0:33:53with an original fireplace and a curious, more recent addition.
0:33:56 > 0:33:58Now, you might think that this over here...
0:33:58 > 0:34:01Come closer. Look. It's a bit of a secret hatch.
0:34:01 > 0:34:05Well, it is, actually. Now, if I can get inside, take a look at this.
0:34:05 > 0:34:08Just going to get my torch so I can show you,
0:34:08 > 0:34:12but it's quite interesting. Here...is the house behind.
0:34:12 > 0:34:15So, now, let's have a look.
0:34:15 > 0:34:19If you go in there, you can actually touch the house that's built behind.
0:34:19 > 0:34:22Look. There it is. Now, the reason why that is...
0:34:22 > 0:34:25And if you go, you can see all the way down,
0:34:25 > 0:34:27there is a little drain at the bottom.
0:34:27 > 0:34:29So obviously you need to get access to that.
0:34:29 > 0:34:32You can also see there's pipework here.
0:34:32 > 0:34:35So at some point, you might need to get in there.
0:34:35 > 0:34:39That is why the secret hatch has been built there.
0:34:39 > 0:34:43But I do think somebody could do a bit of a better job than that.
0:34:43 > 0:34:45It's a bit ugly, isn't it?
0:34:47 > 0:34:49Well, that's taken care of the ugly.
0:34:49 > 0:34:51Now for the good and the bad.
0:34:51 > 0:34:54Well, it's pretty bad when you have to go outside
0:34:54 > 0:34:56and in through the other front door
0:34:56 > 0:34:59to get upstairs but the stairs, well,
0:34:59 > 0:35:01when you get there... You've guessed it.
0:35:01 > 0:35:04I'm just absolutely loving that staircase.
0:35:04 > 0:35:07That is probably one of the nicest staircases I've seen
0:35:07 > 0:35:10on Homes Under The Hammer. Such grandeur leading you up here.
0:35:10 > 0:35:13And what an impressive room.
0:35:13 > 0:35:18Three of these amazing big sash windows
0:35:18 > 0:35:20with a great view out as well.
0:35:20 > 0:35:22I don't think it does it justice
0:35:22 > 0:35:24just having this being used as offices.
0:35:24 > 0:35:27But you will need to apply for change of use
0:35:27 > 0:35:30so whoever took this on has got to remember that.
0:35:30 > 0:35:32You've got a little room through here
0:35:32 > 0:35:35with just a loo and an old-fashioned sink.
0:35:35 > 0:35:38It's all been painted that sort of pea, mint green.
0:35:38 > 0:35:41It's a fantastic space. I really love it.
0:35:41 > 0:35:45But there's a lot of work that needs to be done here and a lot of dosh
0:35:45 > 0:35:47will need to be spent on this.
0:35:49 > 0:35:51But the market might be a bit limited as there is no parking,
0:35:51 > 0:35:55no garden and it's in a conservation area.
0:35:56 > 0:35:59This is where a local estate agent's opinion would help matters.
0:35:59 > 0:36:00So here he is.
0:36:02 > 0:36:04There is very little demand for commercial use
0:36:04 > 0:36:07in this sort of location and very little demand for flats
0:36:07 > 0:36:10so perhaps residential for cottages
0:36:10 > 0:36:13would be the best use of the property itself.
0:36:13 > 0:36:15Given the location of the property,
0:36:15 > 0:36:18the holiday let market would be very viable.
0:36:18 > 0:36:22It's walkable to the town, there are lots of pubs in the town, cafes.
0:36:22 > 0:36:24If it was used for holiday lets,
0:36:24 > 0:36:26I would suggest perhaps two separate cottages
0:36:26 > 0:36:31and achieve around £400 per week in high season.
0:36:31 > 0:36:35A great return but this will also mean it lays empty
0:36:35 > 0:36:38some of the year. If it was turned into a residential property,
0:36:38 > 0:36:41what kind of return could it bring then?
0:36:42 > 0:36:44I think it would rent for a value
0:36:44 > 0:36:48in between £500 to £530 per calendar month.
0:36:48 > 0:36:50If it was sold, then perhaps £120,000.
0:36:50 > 0:36:55Well, this option what is a mixture of character and commercial
0:36:55 > 0:36:58and I for one would love to see this being turned back
0:36:58 > 0:37:02into a lovely residential home without the strip lighting.
0:37:02 > 0:37:05There's an awful lot of work to do here.
0:37:05 > 0:37:08Let's see who wanted to tackle this when it went under the hammer.
0:37:10 > 0:37:11Lot 48.
0:37:13 > 0:37:16In Ashbourne. Start me on this one, 75.
0:37:16 > 0:37:19Bid me 70 to move it on. 70, thank you, I've got.
0:37:19 > 0:37:21£70,000 the opening bid.
0:37:21 > 0:37:27Initial bids fell well short of the guide price of 75,000 but eventually
0:37:27 > 0:37:33interest intensified to where we rejoin the bidding at £80,000.
0:37:33 > 0:37:36At £80,000, all done with...
0:37:36 > 0:37:3781. At 81.
0:37:37 > 0:37:3982.
0:37:39 > 0:37:4183. 84.
0:37:41 > 0:37:4385? 85.
0:37:43 > 0:37:45At 85. 86.
0:37:46 > 0:37:52At £85,000, we are selling it at £85,000.
0:37:53 > 0:37:55You've got it, sir. Thank you at 85.
0:37:55 > 0:37:58The successful bid came from Jez,
0:37:58 > 0:38:01who jointly purchased with his wife, Rachel.
0:38:01 > 0:38:03They live just south of Ashbourne
0:38:03 > 0:38:07and are awaiting the council's planning decision
0:38:07 > 0:38:10on turning their £85,000 purchase into residential use.
0:38:10 > 0:38:12Jez is a consulting engineer
0:38:12 > 0:38:14and Rachel looks after their smallholding.
0:38:14 > 0:38:18We met up after they came through the downstairs front door.
0:38:18 > 0:38:21Rachel and Jez, congratulations. What a fantastic property.
0:38:21 > 0:38:23What do you plan on doing with it?
0:38:23 > 0:38:28I was thinking a couple of one-bed bedsits but I got overruled.
0:38:28 > 0:38:34It's got to be a character cottage, a two-bedroom character cottage.
0:38:34 > 0:38:42Not two cottages but one cottage with, like, open plan down here,
0:38:42 > 0:38:44upstairs two bedrooms and a bathroom.
0:38:44 > 0:38:48We are not going to be moving stairs or anything majorly structural.
0:38:48 > 0:38:52We've got a stud wall we want to take out, it's just behind us here,
0:38:52 > 0:38:54so we'll lose that and open this whole area up
0:38:54 > 0:38:57and then hopefully have the downstairs just completely open plan
0:38:57 > 0:39:00so the kitchen will run through into a dining area
0:39:00 > 0:39:04into the living area and hopefully that will
0:39:04 > 0:39:08appeal to our younger target audience, if you like, yeah.
0:39:08 > 0:39:11I think that will look absolutely amazing.
0:39:11 > 0:39:14One slight fly in the ointment I can see is having an upstairs
0:39:14 > 0:39:17and downstairs front door all in one property.
0:39:17 > 0:39:19Hm, now how is that going to work?
0:39:19 > 0:39:22Because we're having it open plan,
0:39:22 > 0:39:25we are planning to leave both doors in place but in all likelihood we
0:39:25 > 0:39:28expect that somebody's furniture will probably cover that door there.
0:39:28 > 0:39:31That one might not be so useful.
0:39:31 > 0:39:33But to leave it flexible for the new buyer,
0:39:33 > 0:39:36we're going to leave both doors in place.
0:39:36 > 0:39:38But you are going to open this internal door up.
0:39:38 > 0:39:41- Oh, definitely, yeah.- Cos you don't want to go out the front door
0:39:41 > 0:39:43and back round to get in, do you?
0:39:43 > 0:39:46So what sort of budget have you guys got to convert this?
0:39:46 > 0:39:48Hm.
0:39:48 > 0:39:51Well, it was 15,000.
0:39:51 > 0:39:53Um...
0:39:53 > 0:39:58It depends if we find when we have to do the damp work,
0:39:58 > 0:40:03if there is some extra, I don't really want to go over 15.
0:40:03 > 0:40:08It will depend on certain things like if we did go the whole hog
0:40:08 > 0:40:11and swapped windows for plastic and so on.
0:40:11 > 0:40:13Yeah, we want to keep character.
0:40:13 > 0:40:14- Absolutely.- We want those to stay.
0:40:14 > 0:40:17Hold on a minute. Are you even allowed to do that?
0:40:17 > 0:40:20I mean, surely there's some restriction on these properties?
0:40:20 > 0:40:24It's a conservation area but when I spoke to the planning officer
0:40:24 > 0:40:26he said I could change the windows.
0:40:26 > 0:40:29If you notice up the row, they are all plastic.
0:40:29 > 0:40:33They look like sash, plastic needs to look like sash.
0:40:33 > 0:40:35But they're plastic.
0:40:35 > 0:40:38Well, I hope they don't take the plastic route.
0:40:38 > 0:40:41I know it can cost more to repair wooden frames
0:40:41 > 0:40:43but they really are so beautiful.
0:40:43 > 0:40:46This is the couple's first foray into property developing
0:40:46 > 0:40:50but engineer Jez does have some experience as he used to run
0:40:50 > 0:40:53a property maintenance company with his brother.
0:40:54 > 0:40:57Do you feel that you can make money out of this property?
0:40:57 > 0:41:00Is that your reason behind doing this?
0:41:00 > 0:41:02- Most definitely.- Yes.
0:41:02 > 0:41:04Yeah, I'm going through a midlife crisis at the moment
0:41:04 > 0:41:05and I've got to fund it some way
0:41:05 > 0:41:07so this seemed like a good idea.
0:41:07 > 0:41:09What part are you going to play?
0:41:09 > 0:41:14- Are you going to be very busy sourcing everything? Painting?- No.
0:41:14 > 0:41:17- No!- I'm not very good at painting.
0:41:17 > 0:41:20Or pulling walls down or anything like that.
0:41:20 > 0:41:23I'll just keep track of the spend
0:41:23 > 0:41:26and also make sure he puts in my ideas
0:41:26 > 0:41:31for the kitchen and what I want it to look like.
0:41:33 > 0:41:36Hold on a minute. Your job sounds quite easy!
0:41:36 > 0:41:38Tell him off if he is spending too much money,
0:41:38 > 0:41:40just make sure that he puts in all the bits you want him to put in.
0:41:40 > 0:41:43Yes. Make sure he picks the right tiles
0:41:43 > 0:41:46and things like that that I like and the flooring.
0:41:46 > 0:41:49I want granite but it's whether...
0:41:50 > 0:41:53It depends on the budget, how far...
0:41:53 > 0:41:55It's £15,000.
0:41:55 > 0:41:57I just want to remind you, it's £15,000.
0:41:57 > 0:42:00- Yeah.- Granite!- And there's a lovely feature fireplace
0:42:00 > 0:42:02that you can't really see at the moment,
0:42:02 > 0:42:06which is round, which is very unusual.
0:42:06 > 0:42:08So hope to make a feature of that.
0:42:08 > 0:42:11I don't know if we'll be able to reinstate the chimney.
0:42:11 > 0:42:14Going to have to have a look at that,
0:42:14 > 0:42:16get some professionals on that.
0:42:16 > 0:42:18Chimneys, granite, Windows.
0:42:18 > 0:42:20I'll say it again - 15 grand?!
0:42:20 > 0:42:23And they've set a three-month timescale aside,
0:42:23 > 0:42:24planning permitting.
0:42:24 > 0:42:28Rachel won't be helping because she's already got her hands full.
0:42:28 > 0:42:31Well, Jez, think you're on your own here.
0:42:31 > 0:42:34Rachel is quite a fan of animals and seems to have accumulated a zoo
0:42:34 > 0:42:36at home so that keeps us quite busy.
0:42:36 > 0:42:39So how many animals have you got?
0:42:39 > 0:42:42About 50 at the last count.
0:42:42 > 0:42:4450 animals!
0:42:44 > 0:42:46Seriously?
0:42:46 > 0:42:51Dogs, cats, rabbits, guinea pigs, pigs, sheep, horses.
0:42:51 > 0:42:54- What have I missed? - Have you got kids?
0:42:54 > 0:42:56Yeah, that's the worst animal of the lot.
0:42:56 > 0:43:00- How many kids have you got?- One. - One child and all those animals.
0:43:00 > 0:43:03Good luck with this property, guys. I'm really excited.
0:43:03 > 0:43:06- Rachel, thank you. Jez, thank you very much.- Thank you.- Thanks.
0:43:07 > 0:43:10Well, Jez and Rachel are a busy couple,
0:43:10 > 0:43:14so they've got the property to renovate, 50 animals to look after
0:43:14 > 0:43:19and Jez's midlife crisis to contend with. How will they get on?
0:43:19 > 0:43:22Join me later in the programme and you can find out.
0:43:25 > 0:43:28So we've seen how one of the properties has turned out.
0:43:28 > 0:43:29What about the other two?
0:43:29 > 0:43:32Yes, will they be celebrating success or licking their wounds?
0:43:32 > 0:43:35Let's find out.
0:43:35 > 0:43:37Back now to Carlisle and this three-bed semi,
0:43:37 > 0:43:41and it had all the classic symptoms of a tired house.
0:43:41 > 0:43:43Polystyrene tiles on the ceilings,
0:43:43 > 0:43:46gas fires which looked past their sell by date,
0:43:46 > 0:43:49wallpaper with borders.
0:43:49 > 0:43:53All very 1980s. There was a downstairs bathroom of the kitchen.
0:43:53 > 0:43:56I did try to be more positive upstairs.
0:43:56 > 0:43:59Well, on the plus side, three good-sized bedrooms.
0:43:59 > 0:44:02On the downside, no toilet.
0:44:02 > 0:44:05On the upside, this room in itself,
0:44:05 > 0:44:09big enough easily to fit a toilet and bathroom in.
0:44:09 > 0:44:11So that's great news.
0:44:11 > 0:44:14Someone else who looked on the bright side
0:44:14 > 0:44:17was former MoD policeman John, who bought this house with his wife Vera
0:44:17 > 0:44:19and son Steve for him to live in.
0:44:19 > 0:44:21Just one small issue.
0:44:21 > 0:44:23Steve didn't know this at the time.
0:44:24 > 0:44:27The first I heard of it was about half an hour ago,
0:44:27 > 0:44:28so as far as I knew they were going
0:44:28 > 0:44:30to move into it themselves but I'm quite happy.
0:44:30 > 0:44:33Right, so, half an hour ago you heard that actually
0:44:33 > 0:44:34- you might be living here.- Yes.
0:44:34 > 0:44:36- Moving out of the house you're in.- Yes.
0:44:36 > 0:44:40You are going to be forced out of your home by your parents.
0:44:40 > 0:44:43Yes. Shocking, isn't it?
0:44:43 > 0:44:47Steve seems to be taking everything in his stride and he did want
0:44:47 > 0:44:50to upsize while his parents had plans on downsizing.
0:44:50 > 0:44:53Are you following? I'm not sure I am
0:44:53 > 0:44:56but anyway the timescale was also described as "no rush"
0:44:56 > 0:45:01so that may explain why we're back two years later.
0:45:03 > 0:45:05Right away, you can see the layout has improved for the better.
0:45:05 > 0:45:07The old bathroom is gone
0:45:07 > 0:45:11and the wall has been removed to make a much more usable kitchen
0:45:11 > 0:45:13with just enough room to get a table in.
0:45:15 > 0:45:17They have removed the old outside loo
0:45:17 > 0:45:20and combined it with space from the kitchen
0:45:20 > 0:45:21to have a downstairs shower room.
0:45:21 > 0:45:23Very smart.
0:45:29 > 0:45:32New French doors lead in to the garden
0:45:32 > 0:45:35and a new roof over their old store is a clever use of space.
0:45:35 > 0:45:39There is no sign of that tired old semi now.
0:45:41 > 0:45:44There's been a little change upstairs too,
0:45:44 > 0:45:47meaning an en-suite in the master bedroom has been achieved,
0:45:47 > 0:45:50which I have to say is a pretty generous size.
0:45:53 > 0:45:56And as well as all the cosmetic work,
0:45:56 > 0:46:00the entire house has been rewired, replumbed and replastered.
0:46:05 > 0:46:07And clearly someone's moved in.
0:46:07 > 0:46:11But the question is, is it an upsizer or a downsizer?
0:46:11 > 0:46:14I think the clue is right there.
0:46:14 > 0:46:16Yes, downsizers John and Vera
0:46:16 > 0:46:19have their fingerprints all over this one.
0:46:20 > 0:46:22Time for Steve to brief us.
0:46:24 > 0:46:27At the previous interview, it was sort of sprung on me
0:46:27 > 0:46:31that my parents had bought this with a view to me moving into it,
0:46:31 > 0:46:33which might have been an option
0:46:33 > 0:46:37but, frankly for me, the parking was going to be an issue.
0:46:37 > 0:46:40I've got a large vehicle that just wouldn't fit
0:46:40 > 0:46:41in the parking area there.
0:46:41 > 0:46:45But I did like the layout and the general size of these houses,
0:46:45 > 0:46:49so I started looking in the local area and made an offer
0:46:49 > 0:46:52and bought one just round the corner,
0:46:52 > 0:46:56which is lucky because subsequently the house I was living in
0:46:56 > 0:47:00flooded for the second time I'd been living there
0:47:00 > 0:47:02so I had somewhere to go to.
0:47:02 > 0:47:04Steve was one of the many unfortunate people
0:47:04 > 0:47:09affected by the floods in the city but at least he had somewhere to go.
0:47:09 > 0:47:13As it turned out, John and Vera needed somewhere to go, too.
0:47:13 > 0:47:18The original plan was to do it up slowly and then see how it went from
0:47:18 > 0:47:21there. Of course, having then just managed to sell your own house,
0:47:21 > 0:47:27it was a rush to get the basic level finished so they could then move in
0:47:27 > 0:47:30and then it's doing everything else to the house
0:47:30 > 0:47:32whilst you're in it with all your stuff.
0:47:32 > 0:47:36- Horrendous.- Yeah. That caused a lot of delay.
0:47:36 > 0:47:39I would never, ever recommend buying a house,
0:47:39 > 0:47:43living in it and doing it up at the same time. Never.
0:47:43 > 0:47:45John has learnt the hard way.
0:47:45 > 0:47:49Contractors knocking down walls, doing electrics and plumbing,
0:47:49 > 0:47:52replacing windows, kitchens and bathrooms.
0:47:52 > 0:47:56Well, they're all messy and can be really inconvenient and stressful.
0:47:56 > 0:47:57But it's all done now.
0:47:57 > 0:48:01They had set a maximum budget of £14,000,
0:48:01 > 0:48:03so how much have they spent?
0:48:06 > 0:48:09We actually spent, apart from the house,
0:48:09 > 0:48:1338,000-ish.
0:48:14 > 0:48:18And the house cost 53, so a total of 91.
0:48:18 > 0:48:21Yeah.
0:48:23 > 0:48:26Wow. Well, that's almost three times their original budget,
0:48:26 > 0:48:30which I did think was quite healthy, so where has all the money gone?
0:48:32 > 0:48:34Luxury kitchen.
0:48:34 > 0:48:36- Yeah.- Took a large chunk of money.
0:48:36 > 0:48:40The bathroom upstairs took another chunk.
0:48:40 > 0:48:43Double glazing. Builders.
0:48:43 > 0:48:46Who've done a good job.
0:48:46 > 0:48:48And, you know,
0:48:48 > 0:48:52- it all adds up.- It all adds up. It was all worth it.
0:48:53 > 0:48:56Vera and John aren't planning on selling any time soon
0:48:56 > 0:49:00but let's see what a couple of estate agents make of the house.
0:49:01 > 0:49:04The way they've changed the layout is a really great idea.
0:49:04 > 0:49:06These properties traditionally normally have the bathroom
0:49:06 > 0:49:10downstairs, off the back of the kitchen, which is not ideal.
0:49:10 > 0:49:12What they've done here is they've created a superb kitchen
0:49:12 > 0:49:15with, you know, great features in there.
0:49:15 > 0:49:17They've also retained the shower room downstairs,
0:49:17 > 0:49:19which is a big bonus, but then they've also taken a piece
0:49:19 > 0:49:21off the larger bedroom at the first floor
0:49:21 > 0:49:24and created a bathroom for the upstairs as well.
0:49:24 > 0:49:27The main selling point of the property, I would say,
0:49:27 > 0:49:29the quality finish of the kitchen. It is modern
0:49:29 > 0:49:32and it's what everybody's looking for in this day and age.
0:49:32 > 0:49:36Now this is clearly a lovely home and John and Vera are not looking to
0:49:36 > 0:49:41sell but have they gone overboard in spending more than they can get
0:49:41 > 0:49:44back on the market, with a total of 91 grand?
0:49:44 > 0:49:47If the property was to go on the sales market,
0:49:47 > 0:49:50I think it would achieve between 90 to £95,000.
0:49:50 > 0:49:54I think on the open market for a general sale
0:49:54 > 0:49:57we would expect to achieve somewhere in the region
0:49:57 > 0:49:59of between 90 and £95,000.
0:50:00 > 0:50:02Very surprised at that. That's a good price.
0:50:02 > 0:50:04I thought about 85.
0:50:04 > 0:50:07- I said roughly 100. - I thought about 85 as well,
0:50:07 > 0:50:12- so...- Yeah.- Excellent.- Sell it. Go on, quick! Sell it!
0:50:12 > 0:50:15Oh, no! Not another change of plan.
0:50:15 > 0:50:17But I think John is kidding.
0:50:17 > 0:50:20And I'm sure a potential £4,000 profit
0:50:20 > 0:50:22is not quite enough to get them to put up
0:50:22 > 0:50:26with the mess of a renovation again any time soon.
0:50:26 > 0:50:29- We could work together again. - Oh, yeah.
0:50:29 > 0:50:31Providing you don't, you know, pop your clogs first.
0:50:31 > 0:50:34Oh, well, yeah, of course, yeah.
0:50:34 > 0:50:37Don't forget, my mum lived till she was 92 so...
0:50:43 > 0:50:46Earlier, I was in Ashbourne in Derbyshire.
0:50:46 > 0:50:50This market town was home to a £75,000 auction lot
0:50:50 > 0:50:53with not one but two entrances.
0:50:53 > 0:50:56So it's the Homes Under The Hammer game show.
0:50:56 > 0:51:00Now, our grand prize is located behind one of the doors,
0:51:00 > 0:51:03so which one will you select?
0:51:03 > 0:51:05Shout your answers out now.
0:51:05 > 0:51:08MUSIC: Door Number Two by Walter Becker
0:51:15 > 0:51:18Door number two, leading to the downstairs area,
0:51:18 > 0:51:23was the consolation prize, with a bit of damp and strip lighting.
0:51:23 > 0:51:27A cuddly toy might have softened the rather office feel here.
0:51:27 > 0:51:31After parting with 85 grand, couple Rachel and Jez came along
0:51:31 > 0:51:34and I'll give you a starter for ten
0:51:34 > 0:51:38if you can tell me whose plan was going to win through.
0:51:39 > 0:51:44I was thinking a couple of one-bed bedsits but I got overruled.
0:51:44 > 0:51:50It's got to be a character cottage. Like, open plan down here,
0:51:50 > 0:51:52upstairs two bedrooms and a bathroom.
0:51:54 > 0:51:57And all in a timescale of three months,
0:51:57 > 0:51:58with Jez doing the work
0:51:58 > 0:52:02and Rachel keeping an eye on their 15-grand budget.
0:52:02 > 0:52:04Six months on and...
0:52:08 > 0:52:10The house is made whole again.
0:52:10 > 0:52:12It still has two doors but, as promised,
0:52:12 > 0:52:15it's one house with a connecting door to the staircase
0:52:15 > 0:52:18which is still to be decorated and re-carpeted.
0:52:18 > 0:52:22And while inside, it's not quite finished,
0:52:22 > 0:52:24there have been changes which are much,
0:52:24 > 0:52:27much more sympathetic to the Georgian feel.
0:52:27 > 0:52:28Over to you, Jez.
0:52:38 > 0:52:40So this bit of the house has seen quite a change.
0:52:40 > 0:52:43Originally, there was a stud wall here.
0:52:43 > 0:52:45Somebody had separated off a bit of an office
0:52:45 > 0:52:48and then this was all open space with a little kitchenette.
0:52:48 > 0:52:50We've taken all of that out and we've put our own kitchen in
0:52:50 > 0:52:54with a different stud wall and quite a quirky-shaped kitchen
0:52:54 > 0:52:57to try and give a bit more space for anybody who's sat in there working.
0:52:57 > 0:53:00And when we uncovered the office area,
0:53:00 > 0:53:05we found this cast-iron fireplace which is quite quirky with its round
0:53:05 > 0:53:07hole in the middle, if you like, and we've just updated it.
0:53:07 > 0:53:11We like the space, though. It's turned out really nice and light.
0:53:11 > 0:53:15The big windows really help keep the area really light and the tall
0:53:15 > 0:53:18ceilings help make it feel really quite a big room really,
0:53:18 > 0:53:22considering what its floor area is.
0:53:22 > 0:53:25Jez has got the worktops to fit and the kitchen is just about there.
0:53:25 > 0:53:28What he has definitely resolved is that damp issue.
0:53:29 > 0:53:32So when we got the property,
0:53:32 > 0:53:35we did have some damp along this back wall
0:53:35 > 0:53:38and the property backs onto the neighbouring property
0:53:38 > 0:53:39with a small space.
0:53:39 > 0:53:42We've got this inspection hatch which we've had to keep,
0:53:42 > 0:53:45which gets you to a drain, an outside drain,
0:53:45 > 0:53:48which takes the gutter water from above.
0:53:48 > 0:53:51What we found was that the gutters were not in very good condition and
0:53:51 > 0:53:53they were wetting the back of the wall and causing the damp.
0:53:53 > 0:53:56We had to keep the inspection hatch just so we can get to those gutters,
0:53:56 > 0:53:59obviously. When it's finished,
0:53:59 > 0:54:02it'll be nice and white and fit in nicely with a frame and so on
0:54:02 > 0:54:05but now we've fixed all of that we've got a nice, dry wall with
0:54:05 > 0:54:06a lot of installation into it
0:54:06 > 0:54:08to help make the house really warm as well.
0:54:08 > 0:54:13Well, our guided tour continues with the unrecognisable upstairs.
0:54:15 > 0:54:17So, this part of the house up here
0:54:17 > 0:54:20used to be one great big room all the way across.
0:54:20 > 0:54:23We've divided it up to give ourselves a big double bedroom
0:54:23 > 0:54:25on the end, a nice little single bedroom,
0:54:25 > 0:54:28which has still got enough space in it or could become an office.
0:54:28 > 0:54:31On the very end, we've managed to open up a wall
0:54:31 > 0:54:33to give us a bit more room in the bathroom.
0:54:33 > 0:54:35We've got a nice pea-shaped bath
0:54:35 > 0:54:37with a nice generous shower area over it.
0:54:37 > 0:54:41Again, it's all hopefully trying to hark back to the house being an old
0:54:41 > 0:54:45Georgian house but making it look new and fresh and up-to-date.
0:54:56 > 0:55:00I am so glad they took my guidance with the lovely windows
0:55:00 > 0:55:02and haven't gone for plastic.
0:55:02 > 0:55:04Jez has had help from his brother John
0:55:04 > 0:55:06but there have been some hiccups.
0:55:06 > 0:55:09The cracked walls meant new plastering was required throughout.
0:55:09 > 0:55:12It's been rewired, new central heating,
0:55:12 > 0:55:15and there was, of course, red tape getting that change of use
0:55:15 > 0:55:17and sorting out the utilities.
0:55:17 > 0:55:21All this meant an additional £3,000 for commercial rates
0:55:21 > 0:55:23and utilities - an unforeseen cost.
0:55:23 > 0:55:27So how has the 15-grand budget fared?
0:55:28 > 0:55:31I know I could have done it for 15,000
0:55:31 > 0:55:33but Rachel wanted it to be a higher-end property
0:55:33 > 0:55:36so we have ended up spending more money and I think
0:55:36 > 0:55:39when final bills come in,
0:55:39 > 0:55:43we'll be all-in for around about 25,000 when it sold, so, yeah,
0:55:43 > 0:55:47quite a bit over but some of those issues were with getting rid of the
0:55:47 > 0:55:51dual electricity and gas and the amount of insulation
0:55:51 > 0:55:54that's gone into the property has cost a fortune.
0:55:54 > 0:55:56I'll be happy with the end result
0:55:56 > 0:55:59and hopefully it'll be special and just attract that special person
0:55:59 > 0:56:02who will love the property for what it is.
0:56:02 > 0:56:06Time to see if two local estate agents think this Georgian house
0:56:06 > 0:56:08will appeal to the market here,
0:56:08 > 0:56:11starting with the agent who saw it the first time.
0:56:13 > 0:56:15I think the changes are really good.
0:56:15 > 0:56:18I don't think the layout was that easy to foresee.
0:56:18 > 0:56:20I think now with the ground floor being the kitchen
0:56:20 > 0:56:22and the lounge and the two bedrooms
0:56:22 > 0:56:24on the first floor, it makes great sense.
0:56:24 > 0:56:26Things that stand out for me,
0:56:26 > 0:56:29I really like the original features that have been kept in the property.
0:56:29 > 0:56:33The good use of space, dividing up the upstairs,
0:56:33 > 0:56:34has been done very well.
0:56:34 > 0:56:39Jez and Rachel will have spent a total of £110,000 on the property
0:56:39 > 0:56:43when it's actually finished, so is there some profit in it for them?
0:56:45 > 0:56:47If I were to market this property,
0:56:47 > 0:56:50I would market the property at £125,000.
0:56:50 > 0:56:52In the current market,
0:56:52 > 0:56:55I think the property will be worth around £125,000.
0:56:55 > 0:57:00That £125,000 valuation would mean a potential pre-tax profit
0:57:00 > 0:57:04of 15 grand. So what does Jez think of that?
0:57:04 > 0:57:06That's excellent. To be honest with you,
0:57:06 > 0:57:10125,000 is exactly the number we were aiming at for sale.
0:57:10 > 0:57:14It's a shame we spent a bit more than I wanted,
0:57:14 > 0:57:17but hopefully it's still a decent return. Better than the bank!
0:57:17 > 0:57:20So we'd be quite happy with that, yeah.
0:57:20 > 0:57:24Jez and Rachel chose a rather tricky property to renovate but it would
0:57:24 > 0:57:27appear that they like it that way.
0:57:28 > 0:57:30We do like old property.
0:57:30 > 0:57:33We've lived in old property and done them up before.
0:57:33 > 0:57:37They always present challenges but it's nice at the end
0:57:37 > 0:57:39to have something that's got its own character
0:57:39 > 0:57:42and doesn't just look like another box
0:57:42 > 0:57:45like you'd see on a new housing estate so, yeah,
0:57:45 > 0:57:48we'll be back again at the auctions from more
0:57:48 > 0:57:50and probably another old property as well.
0:57:53 > 0:57:58Well, property development is not as easy as it sometimes sounds.
0:57:58 > 0:57:59Yeah, but if you work hard
0:57:59 > 0:58:03and you've got a bit of luck on your side it can be very rewarding.
0:58:03 > 0:58:05Yeah, so make sure you join us next time
0:58:05 > 0:58:07for more tales from the auction house on Homes Under The Hammer.
0:58:07 > 0:58:09ALL: Goodbye.