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Hello and welcome to the show. Now, if you're interested in | 0:00:02 | 0:00:04 | |
investing in property, then getting to grips with the housing market | 0:00:04 | 0:00:07 | |
is really important. | 0:00:07 | 0:00:08 | |
Yep, and having local knowledge could really give you the edge. | 0:00:08 | 0:00:11 | |
Yeah, and when you've done your research, why not pop down to your | 0:00:11 | 0:00:14 | |
local property auction and see what's on offer. | 0:00:14 | 0:00:16 | |
Well, buying property at auction can be good value, | 0:00:43 | 0:00:46 | |
as long as you do not pay too much, of course. | 0:00:46 | 0:00:47 | |
Correct, Martin. It can be a bit risky, especially if you get | 0:00:47 | 0:00:51 | |
carried away in the auction room. | 0:00:51 | 0:00:52 | |
So, let's hope that does not happen to anyone on today's show. | 0:00:52 | 0:00:55 | |
Let's find out. | 0:00:55 | 0:00:56 | |
In Wellington, Shropshire, I have an axe to grind with this two-bed semi. | 0:00:58 | 0:01:02 | |
It's not as straightforward as getting a pick-axe out | 0:01:02 | 0:01:05 | |
and doing it yourself. | 0:01:05 | 0:01:06 | |
Can I please borrow your axe to tackle a wall at this three-bed | 0:01:08 | 0:01:11 | |
semidetached house in Carlisle, Cumbria? | 0:01:11 | 0:01:13 | |
It would be easier, I'm thinking, to maybe take out this wall here. | 0:01:14 | 0:01:18 | |
While in Ashbourne in Derby, | 0:01:18 | 0:01:20 | |
I'm mining for property gold at this lovely Georgian cottage. | 0:01:20 | 0:01:23 | |
You can see all the way down. | 0:01:24 | 0:01:25 | |
There's a little drain at the bottom. | 0:01:25 | 0:01:27 | |
All these properties have been sold at auction. We'll find out who | 0:01:29 | 0:01:32 | |
bought them and what they paid for them when they went | 0:01:32 | 0:01:34 | |
under the hammer. | 0:01:34 | 0:01:36 | |
You bought it, sir. Well done. | 0:01:36 | 0:01:37 | |
# Well, well, well... # | 0:01:39 | 0:01:42 | |
Wellington is one of the larger towns in Shropshire. | 0:01:42 | 0:01:46 | |
Despite being only ten minutes' drive from Telford and its shopping | 0:01:46 | 0:01:50 | |
centre, Wellington boasts lots of independent businesses, | 0:01:50 | 0:01:53 | |
as well as a historic market, so, the town centre has bags of character | 0:01:53 | 0:01:57 | |
as well as great transport links. | 0:01:57 | 0:02:00 | |
I think it's... | 0:02:00 | 0:02:01 | |
# Well, well, well... # | 0:02:01 | 0:02:04 | |
..worth a look. | 0:02:04 | 0:02:06 | |
So, just five minutes drive away from Wellington town centre, | 0:02:06 | 0:02:09 | |
which has all the shops and amenities you could want, | 0:02:09 | 0:02:12 | |
and here is our property. | 0:02:12 | 0:02:13 | |
It is a two-bedroomed, | 0:02:13 | 0:02:15 | |
semidetached house with a guide price of £70,000 plus. | 0:02:15 | 0:02:20 | |
It looks pretty nice from here. | 0:02:20 | 0:02:22 | |
Will the inside be the same? | 0:02:22 | 0:02:24 | |
Hold it. Is there room for off-street parking here? | 0:02:26 | 0:02:29 | |
Hmmm. I'll come back to that. | 0:02:29 | 0:02:31 | |
OK. | 0:02:33 | 0:02:34 | |
OK, as soon as you come in the door you've got the stairs | 0:02:34 | 0:02:37 | |
going up to the bedrooms, and to my right is the lounge. | 0:02:37 | 0:02:40 | |
It's a good-sized lounge as well. | 0:02:42 | 0:02:44 | |
Dual aspect - you've got your nice windows at either end. | 0:02:44 | 0:02:48 | |
I have noticed there is a bit of damp there in the corner | 0:02:49 | 0:02:52 | |
and another bit of damp in the corner there. | 0:02:52 | 0:02:55 | |
I suspect that's due to the house being empty for some time. | 0:02:55 | 0:03:00 | |
And you've got a fireplace here which doesn't look too sturdy, | 0:03:00 | 0:03:03 | |
so, that would definitely have to come out and you'd have to replace | 0:03:03 | 0:03:06 | |
the flooring as well. | 0:03:06 | 0:03:08 | |
But, all in all, it's a good-sized lounge | 0:03:08 | 0:03:11 | |
and it could be a nice, cosy lounge if you get it right. | 0:03:11 | 0:03:14 | |
Let's see through here. | 0:03:14 | 0:03:16 | |
OK, into the kitchen and it's a decent-sized kitchen as well. | 0:03:18 | 0:03:22 | |
I think these cupboards have seen better days, | 0:03:22 | 0:03:24 | |
so, whether renting or selling, I'd want to take all this out | 0:03:24 | 0:03:27 | |
and put a brand-new kitchen in, freshen it up. | 0:03:27 | 0:03:30 | |
New floor as well, but what I will say on the positive side, | 0:03:30 | 0:03:34 | |
the central heating and these windows look brand-new. | 0:03:34 | 0:03:37 | |
In here we've got, | 0:03:37 | 0:03:40 | |
a pantry, bit of storage. | 0:03:40 | 0:03:42 | |
So, all in all, new kitchen in here, you'd be off and running. | 0:03:42 | 0:03:46 | |
# Oh, baby I'm off and I'm running | 0:03:48 | 0:03:51 | |
# Just as far as I can go | 0:03:51 | 0:03:53 | |
# I've had it up to here and I want out... # | 0:03:53 | 0:03:58 | |
OK, outside, we have got a small yard. | 0:03:58 | 0:04:00 | |
In there, I know was coal storage, | 0:04:02 | 0:04:04 | |
but there's not a lot you can do with this outside space. | 0:04:04 | 0:04:07 | |
In here, | 0:04:08 | 0:04:10 | |
is the pantry that's just off the kitchen. | 0:04:10 | 0:04:12 | |
So, in here, what have you got? | 0:04:14 | 0:04:16 | |
Wow, look at this! | 0:04:17 | 0:04:19 | |
Look at all this storage space in here. | 0:04:19 | 0:04:22 | |
Now, it's always good to have a bit of storage space outside, but, | 0:04:23 | 0:04:27 | |
through that wall there is the pantry, | 0:04:27 | 0:04:30 | |
which has a window to it and through that wall is the kitchen. | 0:04:30 | 0:04:34 | |
And there's already a window built in, just there. | 0:04:34 | 0:04:37 | |
So, this is crying out to be an inside space. | 0:04:37 | 0:04:41 | |
Use it for whatever you will, but I'm thinking, knock that down, | 0:04:41 | 0:04:45 | |
knock that down and you've got yourself an even larger kitchen | 0:04:45 | 0:04:49 | |
with a dining room as well. | 0:04:49 | 0:04:51 | |
Kitchen diner would work perfect with this space. | 0:04:51 | 0:04:54 | |
Get this outside space and use it inside. | 0:04:54 | 0:04:57 | |
You'll probably need a supporting beam, so there are costs involved, | 0:04:58 | 0:05:03 | |
but I reckon you can balance that out, | 0:05:03 | 0:05:06 | |
because there are savings to be made upstairs. | 0:05:06 | 0:05:08 | |
Yes, both bedrooms need redecoration, | 0:05:11 | 0:05:14 | |
unless you're a fan of the reds or the sky blues. | 0:05:14 | 0:05:17 | |
The bathroom is, dare I say it, good? | 0:05:18 | 0:05:21 | |
The suite's relatively new and bright and the tiles look all right. | 0:05:21 | 0:05:26 | |
Although you'll need new flooring, that's about it up here. | 0:05:26 | 0:05:29 | |
So, a bit of work in the kitchen seems like it will add value, | 0:05:31 | 0:05:35 | |
as well as my idea that I had earlier. | 0:05:35 | 0:05:38 | |
As I was walking up to the house, I noticed lots of off-street parking | 0:05:39 | 0:05:43 | |
and I think this house would benefit from that, too. | 0:05:43 | 0:05:45 | |
But, the first thing you have to do | 0:05:45 | 0:05:47 | |
is get this kerb dropped, and it's not as straightforward as getting | 0:05:48 | 0:05:52 | |
a pickaxe out and doing it yourself. | 0:05:52 | 0:05:55 | |
The first step would be getting in touch with your council planning | 0:05:55 | 0:05:57 | |
department to see if it needs planning or it comes under permitted | 0:05:57 | 0:06:01 | |
development. Of course, there'll be a fee for that. | 0:06:01 | 0:06:04 | |
Then you've to get in touch with the Highways Agency. | 0:06:04 | 0:06:06 | |
They have to come out and see if it's feasible. | 0:06:06 | 0:06:09 | |
And, yes, there'll be a fee for that as well. | 0:06:09 | 0:06:11 | |
And then you'd have to get the builders out to do the work | 0:06:11 | 0:06:13 | |
to finish off your lovely driveway. | 0:06:13 | 0:06:15 | |
And, yes, you guessed it again - there's a fee for that. | 0:06:15 | 0:06:18 | |
But, what I would say, it would be worth going through that process, | 0:06:18 | 0:06:21 | |
cos off-street parking is value and would add value to this property. | 0:06:21 | 0:06:26 | |
With the average cost of dropping a kerb around 650 quid, | 0:06:26 | 0:06:30 | |
I think I am right, but don't just take my word for it. | 0:06:30 | 0:06:33 | |
We have asked along an agent from the auctioneers who sold it, | 0:06:33 | 0:06:37 | |
if they think off-street parking could add up to £5,000 in value. | 0:06:37 | 0:06:42 | |
But, first, let's get a base figure | 0:06:42 | 0:06:44 | |
if you were to just do a standard renovation inside. | 0:06:44 | 0:06:47 | |
I think if you did the cosmetic work, you're looking at a ballpark | 0:06:47 | 0:06:51 | |
figure of between £95,000 to £100,000. | 0:06:51 | 0:06:54 | |
And the agent agrees that opening up the kitchen would work much better. | 0:06:55 | 0:06:59 | |
But, would it be worth the costs involved? | 0:06:59 | 0:07:01 | |
If you were to do the recommended works in terms of opening up | 0:07:03 | 0:07:05 | |
the kitchen to create the kitchen diner, | 0:07:05 | 0:07:08 | |
you're probably looking at resale value of around £115,000. | 0:07:08 | 0:07:11 | |
So, it could add £15,000, | 0:07:12 | 0:07:14 | |
but that all depends on how much it would cost to do. | 0:07:14 | 0:07:17 | |
Best to contact some builders, get a quote or two, if that is your plan. | 0:07:18 | 0:07:22 | |
What about the potential rental figures? | 0:07:23 | 0:07:25 | |
I think from a rental perspective, | 0:07:26 | 0:07:28 | |
you're probably looking about £525 per calendar month. | 0:07:28 | 0:07:31 | |
This house has got a lot going for it. | 0:07:33 | 0:07:35 | |
One thing I would do is I would use that outside storage space | 0:07:35 | 0:07:39 | |
as inside space and try to create a nice kitchen dining area. | 0:07:39 | 0:07:42 | |
Don't forget, this house has a reasonable guide price of £70,000 plus. | 0:07:43 | 0:07:48 | |
Let's see who went for it when it went under the hammer. | 0:07:48 | 0:07:51 | |
Two-bedroom, semidetached house in need of modernisation. | 0:07:51 | 0:07:55 | |
What shall we say for this? | 0:07:55 | 0:07:57 | |
Let me start this one at 70. | 0:07:57 | 0:07:58 | |
Save time. | 0:07:58 | 0:08:00 | |
70 on the front row, thank you. | 0:08:01 | 0:08:02 | |
At £70,000. 71, can I see you now? | 0:08:02 | 0:08:04 | |
At 70,000. Anybody, 71? | 0:08:05 | 0:08:08 | |
71, | 0:08:08 | 0:08:09 | |
72, | 0:08:09 | 0:08:10 | |
73, | 0:08:10 | 0:08:11 | |
74... | 0:08:11 | 0:08:12 | |
75? | 0:08:13 | 0:08:15 | |
No? At £74,0000. | 0:08:15 | 0:08:17 | |
The bid's on the front row at £74,000. | 0:08:17 | 0:08:19 | |
75, anywhere else? | 0:08:19 | 0:08:20 | |
74 and a half. | 0:08:21 | 0:08:23 | |
75. | 0:08:23 | 0:08:24 | |
And a half? | 0:08:24 | 0:08:25 | |
No? At 75, then. The bid's on the front row at £75,000. | 0:08:27 | 0:08:30 | |
I'm selling it. | 0:08:30 | 0:08:31 | |
£75,000. | 0:08:31 | 0:08:33 | |
You bought it, well done. | 0:08:33 | 0:08:35 | |
The successful bidders were Chris and his wife Polly, | 0:08:35 | 0:08:38 | |
who paid £75,000 for this property. | 0:08:38 | 0:08:41 | |
I met them at the house to discuss their plans. | 0:08:42 | 0:08:45 | |
-Polly, nice to meet you. -Nice to meet you. | 0:08:47 | 0:08:48 | |
-Chris nice to meet you as well. -Nice to meet you. | 0:08:48 | 0:08:50 | |
-And congratulations. -Thank you. | 0:08:50 | 0:08:52 | |
I think you've a got yourself a nice place. Why this particular property? | 0:08:52 | 0:08:55 | |
I think this is a good location. | 0:08:55 | 0:08:57 | |
Potential without too much work | 0:08:57 | 0:09:00 | |
and I think it's something that we can tackle over | 0:09:00 | 0:09:03 | |
the next three or four months. | 0:09:03 | 0:09:04 | |
We've already got one property over here. | 0:09:04 | 0:09:06 | |
That's a flat. Near the town centre. | 0:09:06 | 0:09:08 | |
That's doing OK at the moment. | 0:09:10 | 0:09:11 | |
So, is this the start of maybe a portfolio for you guys? | 0:09:11 | 0:09:13 | |
Really, assisting our retirement and Polly's retirement - | 0:09:14 | 0:09:18 | |
who hasn't quite got there yet. | 0:09:18 | 0:09:20 | |
I could have told you that. I could have told you that. | 0:09:20 | 0:09:23 | |
I'm still at work full-time. | 0:09:23 | 0:09:25 | |
I work for the police. | 0:09:25 | 0:09:27 | |
I work in automatic numberplate recognition now. | 0:09:27 | 0:09:29 | |
Started as a driver trainer and now in ANPR. | 0:09:29 | 0:09:33 | |
What does that entail, driver training? Just give us an insight. | 0:09:33 | 0:09:36 | |
It is teaching the officers to drive to the police system of driving. | 0:09:37 | 0:09:41 | |
-Fast? -Not necessarily fast. | 0:09:41 | 0:09:43 | |
Safe, I would say, more than fast. | 0:09:43 | 0:09:46 | |
Being able to respond to situations | 0:09:46 | 0:09:48 | |
that they need to get to rapidly, safely. | 0:09:48 | 0:09:52 | |
Fantastic. I'll take a number later and you can give me some tips. | 0:09:52 | 0:09:54 | |
OK, what are you going to do with this property? | 0:09:54 | 0:09:56 | |
Tell us how you're going to change it. Will you do anything to it? | 0:09:56 | 0:09:59 | |
Obviously, it needs a complete and utter redecoration, every room. | 0:09:59 | 0:10:03 | |
Hall and stairs need to be skimmed. | 0:10:03 | 0:10:05 | |
It'll have a new kitchen. | 0:10:06 | 0:10:08 | |
Strangely, the bathroom's OK. | 0:10:09 | 0:10:10 | |
But, apart from that, another issue that we're about to tackle, | 0:10:11 | 0:10:16 | |
we're halfway there, looking at providing off-road parking, | 0:10:16 | 0:10:19 | |
but that depends on the local authority, | 0:10:19 | 0:10:22 | |
-so we've got to wait and see about that one. -You've got a few bits... | 0:10:22 | 0:10:25 | |
You've got very little outside space, a very small back garden. | 0:10:25 | 0:10:27 | |
-It's very small. -It's tiny. -Yeah. | 0:10:27 | 0:10:29 | |
But, there's some storage as well, | 0:10:29 | 0:10:31 | |
which does eat into the house slightly. | 0:10:31 | 0:10:34 | |
Have you thought of using that as inside space, maybe? | 0:10:34 | 0:10:37 | |
We did, we did, and you could do, because it's still a square block, | 0:10:37 | 0:10:41 | |
but, truthfully, the money to do it, | 0:10:41 | 0:10:44 | |
I don't think it'd pay us back in what we'd get from it. | 0:10:44 | 0:10:47 | |
I'm a bit disappointed I won't be seeing that kitchen extended, | 0:10:47 | 0:10:51 | |
but the couple are thinking in a businesslike way | 0:10:51 | 0:10:53 | |
and intend renting it out, and it would have eaten into their yield. | 0:10:53 | 0:10:57 | |
So what sort of budget have they set themselves? | 0:10:59 | 0:11:01 | |
The cost to improve the property itself, inside, | 0:11:03 | 0:11:07 | |
we're looking between six to ten. | 0:11:07 | 0:11:08 | |
-Yeah. -So, it's quite a wide... | 0:11:08 | 0:11:10 | |
Depending on how much we need to spend, so... | 0:11:10 | 0:11:13 | |
And then, the drive will be separate to that. | 0:11:13 | 0:11:15 | |
Oh, OK. So, your budget would be? | 0:11:15 | 0:11:17 | |
-Yeah... -There's the house budget. | 0:11:17 | 0:11:19 | |
The house budget would be...? | 0:11:19 | 0:11:20 | |
-Six to ten.. -Six to ten. | 0:11:20 | 0:11:21 | |
And? | 0:11:21 | 0:11:22 | |
-Then that on top. -Yeah. | 0:11:22 | 0:11:24 | |
Additional cost would be the kerb being dropped as well, | 0:11:24 | 0:11:26 | |
and all the work that has to... | 0:11:26 | 0:11:28 | |
-Yeah. -That's not a bad budget at all, actually, | 0:11:28 | 0:11:30 | |
because there's not a lot that needs to be done in here, really. | 0:11:30 | 0:11:32 | |
We're hoping nearer the six than the ten. | 0:11:32 | 0:11:34 | |
I hope so, but there is always the unforeseen thing that turns up. | 0:11:34 | 0:11:40 | |
Certainly something did at the flat, and we'll see how we go. | 0:11:40 | 0:11:42 | |
Chris, I've spotted a couple of damp patches. | 0:11:42 | 0:11:45 | |
Are they a concern for you? | 0:11:45 | 0:11:47 | |
I don't think so, and the reason why is because the damp patches actually | 0:11:48 | 0:11:51 | |
aren't damp when you actually touch them. | 0:11:51 | 0:11:54 | |
One of them in the living room, | 0:11:54 | 0:11:56 | |
I think that was caused by a lot of rubbish being piled up | 0:11:56 | 0:11:59 | |
and retaining water. | 0:11:59 | 0:12:01 | |
It was some feet up the wall before it was cleared. | 0:12:01 | 0:12:04 | |
And the one at the front, | 0:12:05 | 0:12:07 | |
there's been some dodgy filling there behind a telecommunications | 0:12:07 | 0:12:11 | |
fitting, but, we'll see. | 0:12:11 | 0:12:13 | |
The plaster itself, well, I accept that may have to be repaired there. | 0:12:13 | 0:12:17 | |
Be redone. Yeah, of course. | 0:12:17 | 0:12:19 | |
So, with a fairly flexible budget, | 0:12:19 | 0:12:20 | |
the couple are hoping to get in tradesmen. | 0:12:20 | 0:12:23 | |
Chris has done the work on their previous flat, | 0:12:23 | 0:12:26 | |
but he didn't enjoy it so the question this time around is... | 0:12:26 | 0:12:30 | |
Are you going to get involved? | 0:12:30 | 0:12:32 | |
Well, I'll certainly be removing the kitchen and supervising, | 0:12:32 | 0:12:35 | |
but I won't do as much on this one as I did on the last one. | 0:12:35 | 0:12:39 | |
You have a breather. | 0:12:39 | 0:12:40 | |
Polly, you can take over. | 0:12:40 | 0:12:42 | |
Polly, I wish you all the best. | 0:12:42 | 0:12:43 | |
-Good luck to you. -Thank you very much. -Chris, good luck, sir. | 0:12:43 | 0:12:46 | |
Thank you. | 0:12:46 | 0:12:47 | |
So Polly and Chris are wanting to rent this house out | 0:12:49 | 0:12:52 | |
and they're being really sensible with it as well, | 0:12:52 | 0:12:54 | |
giving themselves a decent budget and a reasonable timescale. | 0:12:54 | 0:12:58 | |
I think when we come back here in three or four months' time, | 0:12:58 | 0:13:01 | |
this house will be ready to rent. | 0:13:01 | 0:13:02 | |
You can find out how they get on later in the programme. | 0:13:02 | 0:13:05 | |
Carlisle in Cumbria, a city synonymous with the Border reivers, | 0:13:09 | 0:13:13 | |
family gangs who raided cattle and fought ferociously across | 0:13:13 | 0:13:16 | |
the Scotland-England border. | 0:13:16 | 0:13:18 | |
A curse was brought against them by the Archbishop of Glasgow | 0:13:19 | 0:13:22 | |
back in 1525, and that curse was carved into a 14-tonne lump of | 0:13:22 | 0:13:27 | |
granite to mark the millennium. | 0:13:27 | 0:13:29 | |
But, some inhabitants claim that since the curse of Carlisle | 0:13:29 | 0:13:32 | |
was displayed, misfortune has plagued the city, | 0:13:32 | 0:13:35 | |
with everything from floods, the outbreak of foot and mouth, | 0:13:35 | 0:13:38 | |
to the failure of the local football team. | 0:13:38 | 0:13:41 | |
Let's hope it doesn't have an effect on the property market. | 0:13:41 | 0:13:43 | |
Well, leaving the curse behind, | 0:13:45 | 0:13:47 | |
I've come to the west of the city, | 0:13:47 | 0:13:50 | |
about ten minutes' drive from the city centre, | 0:13:50 | 0:13:52 | |
near the Cumberland Infirmary. | 0:13:52 | 0:13:54 | |
In this little cul-de-sac, which is a good start, | 0:13:54 | 0:13:58 | |
three-bedroomed, semidetached, guide price of £30,000-£40,000. | 0:13:58 | 0:14:01 | |
Oh. Only positives so far. | 0:14:03 | 0:14:06 | |
From what I can see, the roof is looking in good order. | 0:14:07 | 0:14:10 | |
Shame I can't say the same for the paintwork. | 0:14:10 | 0:14:12 | |
Okey-cokey. So... | 0:14:15 | 0:14:16 | |
Through the front door, stairs up to your bedrooms there | 0:14:17 | 0:14:20 | |
and then through into your living room. | 0:14:20 | 0:14:22 | |
A couple of things that strike you straightaway and they're actually | 0:14:22 | 0:14:26 | |
health and safety issues. | 0:14:26 | 0:14:27 | |
Number one is polystyrene tiles on the ceiling there. | 0:14:27 | 0:14:31 | |
They've got to go, they're a fire risk. | 0:14:31 | 0:14:33 | |
Erm, gas fire. | 0:14:33 | 0:14:35 | |
You don't know how old it is, | 0:14:35 | 0:14:36 | |
definitely need to have that checked out and, in fact, | 0:14:36 | 0:14:39 | |
I would be looking more at replacing this whole thing | 0:14:39 | 0:14:42 | |
and to create a really nice sort of centrepiece in this room. | 0:14:42 | 0:14:45 | |
But, it's not a bad size. Doesn't look like it's got double glazing, | 0:14:45 | 0:14:48 | |
so that's probably something that you'd want to consider. | 0:14:48 | 0:14:51 | |
But, through here into the rear of the property, | 0:14:51 | 0:14:54 | |
where you've got your kitchen, again, it's kind of tired, | 0:14:54 | 0:14:58 | |
a little bit dated. | 0:14:58 | 0:15:00 | |
You'd want to spend a bit of money on this, just sparkling it up, | 0:15:00 | 0:15:02 | |
nice kitchen units. | 0:15:02 | 0:15:04 | |
Bathroom and loo here. | 0:15:04 | 0:15:07 | |
You'd hope it would be upstairs, but, no. | 0:15:07 | 0:15:09 | |
On the plus side, though, | 0:15:09 | 0:15:11 | |
immediately I'm thinking, maybe take out this wall here | 0:15:11 | 0:15:14 | |
to create a really big, sort of, kitchen/living space. | 0:15:14 | 0:15:17 | |
That would definitely change the feel of the downstairs here. | 0:15:19 | 0:15:22 | |
To sum up, then, a property that is crying out for a bit of creativity. | 0:15:22 | 0:15:27 | |
Hm, I can't quite say it's the greatest house I've ever seen, | 0:15:28 | 0:15:31 | |
but there are opportunities to improve it, which is a plus. | 0:15:31 | 0:15:35 | |
I would start with making the kitchen bigger. | 0:15:35 | 0:15:38 | |
The 40,000-£50,000 guide price is another positive, | 0:15:40 | 0:15:43 | |
but the negative is how much you're going to need to spend on it | 0:15:43 | 0:15:46 | |
to improve it. | 0:15:46 | 0:15:47 | |
So, on the roller-coaster ride that is the pros and cons of upstairs, | 0:15:49 | 0:15:53 | |
what have we got? Well, on the plus side, three good-sized bedrooms. | 0:15:53 | 0:15:58 | |
On the downside, no toilet. | 0:15:58 | 0:16:00 | |
On the upside, this room itself, | 0:16:00 | 0:16:03 | |
big enough, easily, to fit a toilet and bathroom in. | 0:16:03 | 0:16:06 | |
So, that's great news. | 0:16:07 | 0:16:09 | |
Bad side - ooh, look at this. | 0:16:09 | 0:16:10 | |
Nasty, nasty signs of damp. | 0:16:12 | 0:16:14 | |
And shall we carry on with one more good to finish with? | 0:16:15 | 0:16:18 | |
Yeah, OK. I reckon, on the upside, | 0:16:18 | 0:16:20 | |
something simple, like a problem with the guttering. | 0:16:21 | 0:16:24 | |
Sort that out and you'd resolve the issue. | 0:16:24 | 0:16:26 | |
MUSIC: Rollercoaster by Bleachers | 0:16:26 | 0:16:28 | |
# You were such a rollercoaster | 0:16:28 | 0:16:31 | |
# And a killer queen you are | 0:16:31 | 0:16:33 | |
# Rollercoaster, I don't say no | 0:16:33 | 0:16:35 | |
# Rollercoaster, when you don't say no ... # | 0:16:36 | 0:16:38 | |
Ups, downs, I'm not sure I can keep up with this house. | 0:16:38 | 0:16:41 | |
Do I like it? Yes? | 0:16:41 | 0:16:43 | |
No? | 0:16:43 | 0:16:44 | |
Not sure. | 0:16:44 | 0:16:45 | |
Oh, time to clear my head outside. | 0:16:45 | 0:16:47 | |
One thing which you can normally be pretty sure | 0:16:48 | 0:16:51 | |
ex-local authority houses have is also lots of useful bits of | 0:16:51 | 0:16:56 | |
storage space outside, little outbuildings or whatever, | 0:16:56 | 0:16:58 | |
and that's certainly the case here. | 0:16:58 | 0:17:00 | |
Outside loo, little storage area there, and then, | 0:17:00 | 0:17:03 | |
a pretty good-sized rear garden. | 0:17:03 | 0:17:05 | |
Now, a lot of it's sort of laid to concrete, which isn't ideal, | 0:17:05 | 0:17:08 | |
but I think a bit of imaginative gardening here... | 0:17:08 | 0:17:11 | |
Yep, you can turn this into a nice, little space. | 0:17:12 | 0:17:15 | |
# Yes, I guess you can... # | 0:17:15 | 0:17:19 | |
I think that rather overused word "potential" sums up this place. | 0:17:19 | 0:17:24 | |
With a bit of hard graft and some love and attention, | 0:17:24 | 0:17:27 | |
you could be onto a winner. | 0:17:27 | 0:17:28 | |
But, what does the auctioneer who sold it think? | 0:17:31 | 0:17:34 | |
The positives of a property of this size, | 0:17:34 | 0:17:37 | |
type and nature is the ex-local authority properties, | 0:17:37 | 0:17:41 | |
there tends to be a ceiling with prices. | 0:17:41 | 0:17:43 | |
However, they were well built. | 0:17:43 | 0:17:45 | |
I think the only downside to the property, and I wouldn't really call | 0:17:45 | 0:17:49 | |
it a downside, cos some would see it as a plus, | 0:17:49 | 0:17:51 | |
it's in a cul-de-sac location, so it makes it a little bit difficult for | 0:17:51 | 0:17:56 | |
in and out with a motor vehicle, but it keeps it safe for children | 0:17:56 | 0:18:00 | |
cos there's no through traffic. | 0:18:00 | 0:18:02 | |
So, it depends which way you want to look at it. | 0:18:02 | 0:18:04 | |
Oh, crikey! Not more pros and cons. | 0:18:04 | 0:18:06 | |
But, when in property developing, there is one overriding factor. | 0:18:06 | 0:18:11 | |
That is, is there money to be made? | 0:18:11 | 0:18:13 | |
So, with a guide price of just £40,000-£50,000, | 0:18:13 | 0:18:16 | |
could this see some positive returns? | 0:18:16 | 0:18:18 | |
Done to a good spec, | 0:18:19 | 0:18:20 | |
I think you would expect to achieve around about £80,000. | 0:18:20 | 0:18:25 | |
But, how would it fare in the local rental market? | 0:18:25 | 0:18:28 | |
I think if it was exposed to the rental market with three bedrooms, | 0:18:29 | 0:18:32 | |
I think you'd achieve around £425 per calendar month. | 0:18:32 | 0:18:36 | |
Well, it's a nice, solid, little property, | 0:18:38 | 0:18:40 | |
in need, certainly, of modernisation, but a good area. | 0:18:40 | 0:18:45 | |
Yeah, a good auction purchase. | 0:18:45 | 0:18:47 | |
Let's see who agreed when it went under the hammer. | 0:18:47 | 0:18:50 | |
Semidetached property in a cul-de-sac location. | 0:18:51 | 0:18:54 | |
Start me, 35, say. | 0:18:54 | 0:18:57 | |
At £35,000. | 0:18:57 | 0:18:58 | |
35 here. | 0:18:58 | 0:19:00 | |
At 35, 36, 37, 38... | 0:19:00 | 0:19:03 | |
39. You're out. | 0:19:03 | 0:19:05 | |
With you at 38, 39 in the door. | 0:19:05 | 0:19:08 | |
40... 41. | 0:19:08 | 0:19:09 | |
So there was a steady start for the Carlisle property | 0:19:10 | 0:19:13 | |
and we rejoin the auction with bidding at £49,000. | 0:19:13 | 0:19:16 | |
49, 50, | 0:19:17 | 0:19:20 | |
One, | 0:19:20 | 0:19:21 | |
two, | 0:19:21 | 0:19:22 | |
shake of the head. 52. | 0:19:22 | 0:19:24 | |
52, I'm bid. | 0:19:24 | 0:19:25 | |
53, I've got. | 0:19:25 | 0:19:26 | |
-Four. -Shake of the head. | 0:19:26 | 0:19:28 | |
All done, all out there and at £53,000. Are we finished? | 0:19:28 | 0:19:32 | |
24. | 0:19:33 | 0:19:34 | |
The hammer fell at £53,000 | 0:19:34 | 0:19:36 | |
and the couple with paddle number 24 were Vera and John, who've bought | 0:19:36 | 0:19:41 | |
the three-bed house as a joint project with their son Steve. | 0:19:41 | 0:19:45 | |
John's a retired MoD police officer, while son Steve is an actor. | 0:19:46 | 0:19:51 | |
I met them both back at the house to find out more. | 0:19:52 | 0:19:54 | |
Steve, John, great to meet you both. | 0:19:56 | 0:19:57 | |
-Hi. -Congratulations. | 0:19:57 | 0:19:59 | |
-Thank you. -Tell me why you wanted to buy this place. | 0:19:59 | 0:20:01 | |
His house is too small for him, | 0:20:01 | 0:20:04 | |
our house is too big for us, | 0:20:04 | 0:20:06 | |
and so we saw this one coming up for auction and we bid for it. | 0:20:06 | 0:20:09 | |
You're going to have to explain that whole scenario a little clearer to me. | 0:20:09 | 0:20:12 | |
-OK. -The whole your house and his house thing doesn't say why. | 0:20:12 | 0:20:15 | |
The wife said, "That's a nice house," and I said, "Yeah." | 0:20:15 | 0:20:18 | |
She says, "OK, well, go and bid for it," which I did, and then she said, | 0:20:18 | 0:20:22 | |
"We should do it up and then if Stephen wants it, | 0:20:22 | 0:20:25 | |
"he can live there and we'll go and live in his house." | 0:20:25 | 0:20:28 | |
The first I heard of it was about half an hour ago | 0:20:28 | 0:20:30 | |
so, as far as I knew they were going to move into it themselves, | 0:20:30 | 0:20:33 | |
but I'm quite happy. | 0:20:33 | 0:20:34 | |
Right, so half an hour ago, | 0:20:34 | 0:20:35 | |
-you heard that actually you might be living here... -Yes. | 0:20:35 | 0:20:38 | |
-..and moving out of the house you're in. -Yes. | 0:20:38 | 0:20:40 | |
You are going to be forced out of your home by your parents. | 0:20:40 | 0:20:44 | |
Yes. Shocking, isn't it? | 0:20:44 | 0:20:45 | |
So, at what point today did you sort of formulate this idea? | 0:20:46 | 0:20:49 | |
Was it breakfast with the wife or something? | 0:20:49 | 0:20:51 | |
No, no, it was weeks. | 0:20:51 | 0:20:52 | |
-Weeks ago? -Yeah. -But you just kept it secret. | 0:20:52 | 0:20:54 | |
Well, yeah. | 0:20:54 | 0:20:55 | |
Basically. | 0:20:55 | 0:20:57 | |
So, it sounds like a cunning connivance, then. | 0:20:58 | 0:21:00 | |
Well, he did supply half the cash to buy the house, so... | 0:21:01 | 0:21:04 | |
Oh, well, that's great. So, you're making him pay to have the house | 0:21:04 | 0:21:06 | |
-which you're going to force him to move out of! -Yeah. | 0:21:06 | 0:21:09 | |
Ah, well, he wants to move anyway. | 0:21:09 | 0:21:11 | |
I have been looking for something slightly larger | 0:21:11 | 0:21:13 | |
and this fits the bill very nicely. | 0:21:13 | 0:21:14 | |
-Oh, right. So, at least, you're upsizing. -Absolutely. | 0:21:14 | 0:21:16 | |
Right, but you're downsizing. | 0:21:16 | 0:21:18 | |
# Tell me what's goin' on? | 0:21:18 | 0:21:20 | |
# I'll tell you what's goin' on | 0:21:20 | 0:21:22 | |
# What's goin' on? | 0:21:22 | 0:21:23 | |
All right, let's get this straight. | 0:21:25 | 0:21:27 | |
So, Steve is moving into this house so that John and wife Vera | 0:21:27 | 0:21:31 | |
can move into his house, because they're downsizing, | 0:21:31 | 0:21:34 | |
but they didn't tell Steve about the plan until today. | 0:21:34 | 0:21:38 | |
Hm. But, he's OK with it. | 0:21:38 | 0:21:39 | |
So, that's OK? | 0:21:39 | 0:21:41 | |
Right, I think I've got it. | 0:21:42 | 0:21:43 | |
Why this house, then? | 0:21:45 | 0:21:46 | |
Because it looked quite nice. | 0:21:46 | 0:21:48 | |
Had you seen the house beforehand? | 0:21:48 | 0:21:50 | |
-Oh, yes. -Oh, right. OK, great. | 0:21:50 | 0:21:51 | |
But with a view to what? Why did you think your parents were buying it? | 0:21:51 | 0:21:54 | |
To move into themselves. | 0:21:54 | 0:21:56 | |
Ah. | 0:21:56 | 0:21:57 | |
That's what I thought. | 0:21:57 | 0:21:58 | |
-Right. -I may have missed something in the conversation. | 0:21:58 | 0:22:01 | |
How do you think your parents are going to get on, | 0:22:01 | 0:22:03 | |
moving into your house from their large house? | 0:22:03 | 0:22:05 | |
I've no idea where they're going to put all their rubbish. | 0:22:06 | 0:22:08 | |
They've got tons of furniture. | 0:22:08 | 0:22:10 | |
And how big is your house that you live in? | 0:22:10 | 0:22:12 | |
It's a two up, two down. | 0:22:12 | 0:22:13 | |
Right. And how big is the house they currently own? | 0:22:13 | 0:22:16 | |
It's large. | 0:22:16 | 0:22:17 | |
It is about four times, five times the size of this house. | 0:22:17 | 0:22:21 | |
Well, so it's going to be snug then. | 0:22:21 | 0:22:22 | |
Snug. | 0:22:22 | 0:22:24 | |
-This is a big life change for you, isn't it? -Yeah. | 0:22:24 | 0:22:26 | |
I don't want to change, but you've got to when you're getting older. | 0:22:27 | 0:22:31 | |
Aches and pains, and a massive garden | 0:22:31 | 0:22:33 | |
and it's getting too much for me. | 0:22:33 | 0:22:36 | |
Yes. Amongst their frivolity about these musical chairs moves, | 0:22:36 | 0:22:40 | |
the actual change is driven by practicality. | 0:22:40 | 0:22:43 | |
A head-over-heart decision that many of us have to face. | 0:22:43 | 0:22:46 | |
Nothing will, however, change until John and Vera | 0:22:46 | 0:22:49 | |
sell their current home and the work is completed on this house. | 0:22:49 | 0:22:52 | |
Tell me what you're going to do to this place | 0:22:54 | 0:22:57 | |
to make it suit your needs. | 0:22:57 | 0:22:59 | |
Double-glazed and replumbed throughout and general tidy-up. | 0:22:59 | 0:23:04 | |
Bathroom could do with a little bit of reorganisation. | 0:23:04 | 0:23:08 | |
Right. | 0:23:08 | 0:23:09 | |
But, otherwise, the main structure of the building, happy with that. | 0:23:09 | 0:23:11 | |
OK. Because you look at it with completely different eyes now? | 0:23:11 | 0:23:14 | |
-I am, yeah. -It's your pad. | 0:23:14 | 0:23:16 | |
Yeah. As far as I'm concerned, a coat of paint and hoover the carpets | 0:23:16 | 0:23:19 | |
-and I'm in. -So, what's the budget? | 0:23:19 | 0:23:21 | |
Well, the wife and I reckon between £10,000 and 14,000. | 0:23:21 | 0:23:26 | |
OK. That's quite healthy. | 0:23:26 | 0:23:27 | |
And timescale? | 0:23:27 | 0:23:29 | |
We're in no rush. | 0:23:29 | 0:23:31 | |
Unless somebody comes along and says, "I want your house now." | 0:23:31 | 0:23:34 | |
-Right. -It'll be anywhere between, | 0:23:34 | 0:23:36 | |
I reckon, 6 months and 12 months. | 0:23:36 | 0:23:38 | |
Well, listen, thank you for sharing your story with us. | 0:23:38 | 0:23:41 | |
We look forward to seeing what happens. | 0:23:41 | 0:23:43 | |
Thank you. | 0:23:43 | 0:23:44 | |
-Good to meet you. -Thank you. | 0:23:44 | 0:23:46 | |
You know that thing that dogs do sometimes, when they kind of | 0:23:53 | 0:23:57 | |
rattle their head backwards and forwards and their cheeks go... | 0:23:57 | 0:24:00 | |
..and their ears flap about? | 0:24:00 | 0:24:01 | |
That's kind of what I want to do right now. | 0:24:02 | 0:24:04 | |
What can I say? | 0:24:05 | 0:24:06 | |
What will happen? | 0:24:06 | 0:24:08 | |
Who knows? | 0:24:08 | 0:24:09 | |
You can find out later in the show. | 0:24:09 | 0:24:12 | |
Coming up, I'm stepping things up at this lovely two-bed, | 0:24:13 | 0:24:17 | |
Georgian cottage in Derby. | 0:24:17 | 0:24:19 | |
That is probably one of the nicest staircases I've seen | 0:24:19 | 0:24:22 | |
on Homes Under The Hammer. | 0:24:22 | 0:24:23 | |
And we go back to Carlisle to see what Steve and John have learned. | 0:24:24 | 0:24:28 | |
I would never, ever recommend buying a house, living in it | 0:24:28 | 0:24:31 | |
and doing it up at the same time. | 0:24:31 | 0:24:32 | |
We wander back to Wellington in Shropshire to this two-bed, | 0:24:40 | 0:24:43 | |
guided at £70,000 plus. | 0:24:43 | 0:24:45 | |
It had good space inside, apart from the kitchen, | 0:24:46 | 0:24:48 | |
but at the side of the property, you could change all that. | 0:24:48 | 0:24:52 | |
Wow, look at this. | 0:24:53 | 0:24:55 | |
Look at all this storage space in here. | 0:24:55 | 0:24:57 | |
Listen, this is crying out to be an inside space. | 0:24:58 | 0:25:01 | |
I'm thinking knock that down, | 0:25:01 | 0:25:03 | |
knock that down and you've got yourself an even larger kitchen | 0:25:03 | 0:25:06 | |
with a diner as well. | 0:25:06 | 0:25:08 | |
Kitchen-diner would work perfectly with this place. | 0:25:08 | 0:25:11 | |
That and off-street parking were two of my thoughts to improve this house | 0:25:11 | 0:25:16 | |
which was bought by Polly and Chris for 75 grand. | 0:25:16 | 0:25:20 | |
They, too, wanted to create a new driveway | 0:25:20 | 0:25:22 | |
but they weren't too keen on the kitchen-diner idea. | 0:25:22 | 0:25:26 | |
Truthfully, the money to do it, | 0:25:26 | 0:25:29 | |
I don't think it'd pay us back in what we get for it. | 0:25:29 | 0:25:32 | |
Oh, well. Probably the right thing to do, | 0:25:32 | 0:25:35 | |
as they plan to rent and they have a six-to-ten-grand budget | 0:25:35 | 0:25:39 | |
for the house, plus whatever the driveway might cost. | 0:25:39 | 0:25:42 | |
So, who would do the work? | 0:25:42 | 0:25:44 | |
I'll certainly be removing the kitchen and supervising | 0:25:45 | 0:25:49 | |
but I won't do as much on this one as I did on the last one. | 0:25:49 | 0:25:52 | |
You have a breather. Polly, you can take over. | 0:25:52 | 0:25:55 | |
Yeah, no pressure, Polly. | 0:25:57 | 0:25:59 | |
But four months on, bang-on their timescale, | 0:25:59 | 0:26:02 | |
the front of the house would drive motoring fans wild. | 0:26:02 | 0:26:06 | |
MUSIC: She Drives Me Crazy by Fine Young Cannibals | 0:26:06 | 0:26:09 | |
A huge improvement and one certain to add value. | 0:26:16 | 0:26:20 | |
But was it hugely difficult and expensive? | 0:26:20 | 0:26:24 | |
We thought about off-street parking early on. | 0:26:24 | 0:26:28 | |
Never included as a full cost but the cost wasn't too great. | 0:26:28 | 0:26:32 | |
The off-road parking cost 1,700 and we did that because it gave them | 0:26:32 | 0:26:38 | |
somewhere to park off the road. | 0:26:38 | 0:26:40 | |
It was a question of speaking to the highways authority and planners. | 0:26:40 | 0:26:44 | |
Things went OK there. | 0:26:44 | 0:26:47 | |
After that, we decided on the contractor, | 0:26:47 | 0:26:49 | |
they did it and hopefully it worked. | 0:26:49 | 0:26:52 | |
It certainly has worked | 0:26:54 | 0:26:55 | |
and the couple have made it work inside, too. | 0:26:55 | 0:26:58 | |
I'm so pleased they've decided to knock the kitchen through | 0:26:58 | 0:27:02 | |
to create a modern space. | 0:27:02 | 0:27:04 | |
MUSIC: My House by Flo Rida | 0:27:04 | 0:27:07 | |
The completely restored living room is lovely | 0:27:17 | 0:27:20 | |
but I'm so glad they decided to increase the kitchen area | 0:27:20 | 0:27:24 | |
by incorporating that outside space. | 0:27:24 | 0:27:26 | |
We've made quite a few changes, | 0:27:28 | 0:27:30 | |
the kitchen being the major change as far as we are concerned. | 0:27:30 | 0:27:33 | |
We knocked out a couple of walls, the pantry and an outside store, | 0:27:33 | 0:27:38 | |
creating a kitchen-diner. | 0:27:38 | 0:27:41 | |
There was always a question mark for us. | 0:27:41 | 0:27:43 | |
Was it worth doing it? | 0:27:43 | 0:27:44 | |
Would it make enough difference to the rent? | 0:27:44 | 0:27:47 | |
Well, perhaps it doesn't make a huge amount of difference to the rent. | 0:27:47 | 0:27:50 | |
It probably makes a huge difference to the desirability and the future | 0:27:50 | 0:27:54 | |
saleability of the house and that is why we decided to do it. | 0:27:54 | 0:27:58 | |
I hope this will be a family room for people, an attractive place. | 0:27:58 | 0:28:02 | |
I think this is the best room, really, for me. | 0:28:02 | 0:28:05 | |
I think you are right, Chris. | 0:28:05 | 0:28:07 | |
It's a great space and although creating it was hard work, | 0:28:07 | 0:28:10 | |
I'm sure you will reap the benefits. | 0:28:10 | 0:28:12 | |
The house looks so much smarter with the bedroom walls skimmed. | 0:28:14 | 0:28:17 | |
The bathroom was basically OK, | 0:28:17 | 0:28:20 | |
so, Polly, did you get handy with the work? | 0:28:20 | 0:28:22 | |
I had a problem with my knee. | 0:28:25 | 0:28:26 | |
I ended up having to have an operation which was a partial knee | 0:28:26 | 0:28:29 | |
replacement. I'm still experiencing problems with that, | 0:28:29 | 0:28:32 | |
as you can imagine, seven weeks later. | 0:28:32 | 0:28:35 | |
No, I haven't been able to do a lot. In fact, I've done nothing! | 0:28:35 | 0:28:39 | |
Absolutely nothing. | 0:28:39 | 0:28:42 | |
Get well soon, Polly. | 0:28:43 | 0:28:45 | |
I'm sure Chris rolled his sleeves up, | 0:28:45 | 0:28:47 | |
while his wife quite rightly put her feet up. | 0:28:47 | 0:28:50 | |
I was involved in cleaning at the end, which seems silly, | 0:28:52 | 0:28:55 | |
but we really, we left the vast majority | 0:28:55 | 0:28:59 | |
down to Paul the builder and people he brought in to help him. | 0:28:59 | 0:29:04 | |
Well, hats off to Paul and the team | 0:29:04 | 0:29:06 | |
but the couple have kept a good grip on the purse strings, | 0:29:06 | 0:29:10 | |
staying roughly within their ten-grand budget for the house | 0:29:10 | 0:29:13 | |
and the driveway included, it's been around a 12-grand spend. | 0:29:13 | 0:29:18 | |
So what's their plan now? | 0:29:18 | 0:29:19 | |
This always was intended for rent. | 0:29:21 | 0:29:23 | |
Our letting agent's already looked at it | 0:29:23 | 0:29:26 | |
and I think actually it's probably on the market yesterday for letting. | 0:29:26 | 0:29:31 | |
But we do want it to be somebody's home, | 0:29:31 | 0:29:34 | |
somewhere where somebody can come in and feel like it's their home, | 0:29:34 | 0:29:37 | |
not just somewhere they're renting. | 0:29:37 | 0:29:39 | |
And with this finish, | 0:29:39 | 0:29:40 | |
it will certainly feel like home to any tenant. | 0:29:40 | 0:29:44 | |
But will there be profit in this property for Polly and Chris? | 0:29:50 | 0:29:55 | |
We asked two local estate agents for their thoughts and valuations. | 0:29:55 | 0:29:59 | |
First impressions are very, very good with the property. | 0:29:59 | 0:30:02 | |
Nice to see everything so nice and modern, | 0:30:02 | 0:30:04 | |
particularly like the open-plan dining kitchen | 0:30:04 | 0:30:07 | |
and also a nice little touch is the driveway at the front. | 0:30:07 | 0:30:10 | |
The only downside I would say with the property, | 0:30:10 | 0:30:13 | |
for some family purchasers, would be the garden, | 0:30:13 | 0:30:15 | |
because the garden is quite small at the back. | 0:30:15 | 0:30:17 | |
I think the layout of the property is very nice. | 0:30:17 | 0:30:19 | |
It's an ideal layout due to the fact it's got a very nice-sized | 0:30:19 | 0:30:22 | |
kitchen-diner to the ground floor, | 0:30:22 | 0:30:24 | |
two good-sized bedrooms and a really nice-sized lounge. | 0:30:24 | 0:30:26 | |
The agents thought the house could sell for a top figure of £120,000 | 0:30:26 | 0:30:32 | |
which, against the couple's 87 grand spent, | 0:30:32 | 0:30:35 | |
would give them a very healthy £33,000 profit | 0:30:35 | 0:30:39 | |
before usual taxes and expenses. | 0:30:39 | 0:30:41 | |
That's the value added for the long term but what about the | 0:30:41 | 0:30:45 | |
short-term and the rentals? | 0:30:45 | 0:30:47 | |
I think the rental market, | 0:30:50 | 0:30:52 | |
this property would achieve around 495 per calendar month. | 0:30:52 | 0:30:54 | |
If the current owners decided to let this property, | 0:30:54 | 0:30:58 | |
I would be suggesting to them a rental value | 0:30:58 | 0:31:00 | |
of £550 per calendar month. | 0:31:00 | 0:31:02 | |
Our folks we use have said... | 0:31:02 | 0:31:05 | |
575 and above, really, and that's where we are looking, really. | 0:31:05 | 0:31:09 | |
And he's put it on at 595 so... | 0:31:09 | 0:31:12 | |
Yeah. I think 550 is a pretty average price | 0:31:12 | 0:31:15 | |
for one in not very good condition and 495, | 0:31:15 | 0:31:18 | |
I know some of the two-bed flats are going for that, so... | 0:31:18 | 0:31:21 | |
At Polly and Chris's £575 per calendar month figure, | 0:31:21 | 0:31:25 | |
they net just under an 8% yield, | 0:31:25 | 0:31:27 | |
which will help them grow their retirement fund. | 0:31:27 | 0:31:30 | |
But do they have any burning desires to buy more property? | 0:31:32 | 0:31:36 | |
We've put an offer on one prior to the last auction, | 0:31:40 | 0:31:44 | |
which was accepted, and it's fairly similar to this. | 0:31:44 | 0:31:47 | |
However, our daughter has told us that she'll assist, | 0:31:47 | 0:31:50 | |
so we've got the Bank of Daughter, instead of the Bank of Mum and Dad! | 0:31:50 | 0:31:54 | |
For a short while. | 0:31:54 | 0:31:56 | |
30 miles north-west of the city of Derby | 0:32:00 | 0:32:03 | |
lies the quite market town of Ashbourne. | 0:32:03 | 0:32:06 | |
It's also just outside the Peak District and national park | 0:32:06 | 0:32:09 | |
so it's the perfect place for holiday lets. | 0:32:09 | 0:32:12 | |
I'm literally just a stone's throw from the town centre, | 0:32:12 | 0:32:15 | |
tucked away in this lovely little road, | 0:32:15 | 0:32:18 | |
full of these character cottages here. | 0:32:18 | 0:32:20 | |
Now, the property I'm here to see | 0:32:20 | 0:32:23 | |
used to be two cottages a long time ago. | 0:32:23 | 0:32:26 | |
Now it's been more recently turned into an old office | 0:32:26 | 0:32:30 | |
and has commercial use. But it's got two front doors. | 0:32:30 | 0:32:33 | |
The guide price is £75,000 and I think I'm going to go for this one. | 0:32:33 | 0:32:38 | |
Going to check it out. | 0:32:38 | 0:32:40 | |
I'm so eager to get inside and have a good old look around. | 0:32:40 | 0:32:44 | |
I just love Georgian properties and the character. | 0:32:44 | 0:32:48 | |
It's quite funny to see how harmoniously this lovely heater | 0:32:48 | 0:32:52 | |
next to the sash windows looks. | 0:32:52 | 0:32:54 | |
So wrong, isn't it? The sash windows are beautiful. | 0:32:54 | 0:32:56 | |
That has got to go. | 0:32:56 | 0:32:58 | |
And you can see it's a commercial building | 0:32:58 | 0:33:01 | |
because look at the strip lighting. | 0:33:01 | 0:33:03 | |
Wow. | 0:33:03 | 0:33:04 | |
It's quite crazy to imagine this has just been used as an office, | 0:33:04 | 0:33:07 | |
cos it's actually quite a beautiful space. | 0:33:07 | 0:33:10 | |
Got a little toilet area through there. | 0:33:10 | 0:33:13 | |
Something that is worrying me that I really do feel needs some | 0:33:13 | 0:33:17 | |
investigation is this back wall. | 0:33:17 | 0:33:18 | |
You can see if I do this, look, the old paint just peeling off. | 0:33:18 | 0:33:22 | |
And it actually does feel quite damp and wet to the touch. | 0:33:22 | 0:33:26 | |
So I'd certainly get in an expert to check that out. | 0:33:26 | 0:33:30 | |
The causes of damp are many and varied | 0:33:30 | 0:33:32 | |
so, yeah, I'd get an expert in. | 0:33:32 | 0:33:35 | |
Finding the root cause is key. | 0:33:39 | 0:33:41 | |
It's no good just scratching beneath the surface. | 0:33:41 | 0:33:44 | |
The room has a partition wall which creates a smaller space | 0:33:46 | 0:33:49 | |
with an original fireplace and a curious, more recent addition. | 0:33:49 | 0:33:53 | |
Now, you might think that this over here... | 0:33:56 | 0:33:58 | |
Come closer. Look. It's a bit of a secret hatch. | 0:33:58 | 0:34:01 | |
Well, it is, actually. Now, if I can get inside, take a look at this. | 0:34:01 | 0:34:05 | |
Just going to get my torch so I can show you, | 0:34:05 | 0:34:08 | |
but it's quite interesting. Here...is the house behind. | 0:34:08 | 0:34:12 | |
So, now, let's have a look. | 0:34:12 | 0:34:15 | |
If you go in there, you can actually touch the house that's built behind. | 0:34:15 | 0:34:19 | |
Look. There it is. Now, the reason why that is... | 0:34:19 | 0:34:22 | |
And if you go, you can see all the way down, | 0:34:22 | 0:34:25 | |
there is a little drain at the bottom. | 0:34:25 | 0:34:27 | |
So obviously you need to get access to that. | 0:34:27 | 0:34:29 | |
You can also see there's pipework here. | 0:34:29 | 0:34:32 | |
So at some point, you might need to get in there. | 0:34:32 | 0:34:35 | |
That is why the secret hatch has been built there. | 0:34:35 | 0:34:39 | |
But I do think somebody could do a bit of a better job than that. | 0:34:39 | 0:34:43 | |
It's a bit ugly, isn't it? | 0:34:43 | 0:34:45 | |
Well, that's taken care of the ugly. | 0:34:47 | 0:34:49 | |
Now for the good and the bad. | 0:34:49 | 0:34:51 | |
Well, it's pretty bad when you have to go outside | 0:34:51 | 0:34:54 | |
and in through the other front door | 0:34:54 | 0:34:56 | |
to get upstairs but the stairs, well, | 0:34:56 | 0:34:59 | |
when you get there... You've guessed it. | 0:34:59 | 0:35:01 | |
I'm just absolutely loving that staircase. | 0:35:01 | 0:35:04 | |
That is probably one of the nicest staircases I've seen | 0:35:04 | 0:35:07 | |
on Homes Under The Hammer. Such grandeur leading you up here. | 0:35:07 | 0:35:10 | |
And what an impressive room. | 0:35:10 | 0:35:13 | |
Three of these amazing big sash windows | 0:35:13 | 0:35:18 | |
with a great view out as well. | 0:35:18 | 0:35:20 | |
I don't think it does it justice | 0:35:20 | 0:35:22 | |
just having this being used as offices. | 0:35:22 | 0:35:24 | |
But you will need to apply for change of use | 0:35:24 | 0:35:27 | |
so whoever took this on has got to remember that. | 0:35:27 | 0:35:30 | |
You've got a little room through here | 0:35:30 | 0:35:32 | |
with just a loo and an old-fashioned sink. | 0:35:32 | 0:35:35 | |
It's all been painted that sort of pea, mint green. | 0:35:35 | 0:35:38 | |
It's a fantastic space. I really love it. | 0:35:38 | 0:35:41 | |
But there's a lot of work that needs to be done here and a lot of dosh | 0:35:41 | 0:35:45 | |
will need to be spent on this. | 0:35:45 | 0:35:47 | |
But the market might be a bit limited as there is no parking, | 0:35:49 | 0:35:51 | |
no garden and it's in a conservation area. | 0:35:51 | 0:35:55 | |
This is where a local estate agent's opinion would help matters. | 0:35:56 | 0:35:59 | |
So here he is. | 0:35:59 | 0:36:00 | |
There is very little demand for commercial use | 0:36:02 | 0:36:04 | |
in this sort of location and very little demand for flats | 0:36:04 | 0:36:07 | |
so perhaps residential for cottages | 0:36:07 | 0:36:10 | |
would be the best use of the property itself. | 0:36:10 | 0:36:13 | |
Given the location of the property, | 0:36:13 | 0:36:15 | |
the holiday let market would be very viable. | 0:36:15 | 0:36:18 | |
It's walkable to the town, there are lots of pubs in the town, cafes. | 0:36:18 | 0:36:22 | |
If it was used for holiday lets, | 0:36:22 | 0:36:24 | |
I would suggest perhaps two separate cottages | 0:36:24 | 0:36:26 | |
and achieve around £400 per week in high season. | 0:36:26 | 0:36:31 | |
A great return but this will also mean it lays empty | 0:36:31 | 0:36:35 | |
some of the year. If it was turned into a residential property, | 0:36:35 | 0:36:38 | |
what kind of return could it bring then? | 0:36:38 | 0:36:41 | |
I think it would rent for a value | 0:36:42 | 0:36:44 | |
in between £500 to £530 per calendar month. | 0:36:44 | 0:36:48 | |
If it was sold, then perhaps £120,000. | 0:36:48 | 0:36:50 | |
Well, this option what is a mixture of character and commercial | 0:36:50 | 0:36:55 | |
and I for one would love to see this being turned back | 0:36:55 | 0:36:58 | |
into a lovely residential home without the strip lighting. | 0:36:58 | 0:37:02 | |
There's an awful lot of work to do here. | 0:37:02 | 0:37:05 | |
Let's see who wanted to tackle this when it went under the hammer. | 0:37:05 | 0:37:08 | |
Lot 48. | 0:37:10 | 0:37:11 | |
In Ashbourne. Start me on this one, 75. | 0:37:13 | 0:37:16 | |
Bid me 70 to move it on. 70, thank you, I've got. | 0:37:16 | 0:37:19 | |
£70,000 the opening bid. | 0:37:19 | 0:37:21 | |
Initial bids fell well short of the guide price of 75,000 but eventually | 0:37:21 | 0:37:27 | |
interest intensified to where we rejoin the bidding at £80,000. | 0:37:27 | 0:37:33 | |
At £80,000, all done with... | 0:37:33 | 0:37:36 | |
81. At 81. | 0:37:36 | 0:37:37 | |
82. | 0:37:37 | 0:37:39 | |
83. 84. | 0:37:39 | 0:37:41 | |
85? 85. | 0:37:41 | 0:37:43 | |
At 85. 86. | 0:37:43 | 0:37:45 | |
At £85,000, we are selling it at £85,000. | 0:37:46 | 0:37:52 | |
You've got it, sir. Thank you at 85. | 0:37:53 | 0:37:55 | |
The successful bid came from Jez, | 0:37:55 | 0:37:58 | |
who jointly purchased with his wife, Rachel. | 0:37:58 | 0:38:01 | |
They live just south of Ashbourne | 0:38:01 | 0:38:03 | |
and are awaiting the council's planning decision | 0:38:03 | 0:38:07 | |
on turning their £85,000 purchase into residential use. | 0:38:07 | 0:38:10 | |
Jez is a consulting engineer | 0:38:10 | 0:38:12 | |
and Rachel looks after their smallholding. | 0:38:12 | 0:38:14 | |
We met up after they came through the downstairs front door. | 0:38:14 | 0:38:18 | |
Rachel and Jez, congratulations. What a fantastic property. | 0:38:18 | 0:38:21 | |
What do you plan on doing with it? | 0:38:21 | 0:38:23 | |
I was thinking a couple of one-bed bedsits but I got overruled. | 0:38:23 | 0:38:28 | |
It's got to be a character cottage, a two-bedroom character cottage. | 0:38:28 | 0:38:34 | |
Not two cottages but one cottage with, like, open plan down here, | 0:38:34 | 0:38:42 | |
upstairs two bedrooms and a bathroom. | 0:38:42 | 0:38:44 | |
We are not going to be moving stairs or anything majorly structural. | 0:38:44 | 0:38:48 | |
We've got a stud wall we want to take out, it's just behind us here, | 0:38:48 | 0:38:52 | |
so we'll lose that and open this whole area up | 0:38:52 | 0:38:54 | |
and then hopefully have the downstairs just completely open plan | 0:38:54 | 0:38:57 | |
so the kitchen will run through into a dining area | 0:38:57 | 0:39:00 | |
into the living area and hopefully that will | 0:39:00 | 0:39:04 | |
appeal to our younger target audience, if you like, yeah. | 0:39:04 | 0:39:08 | |
I think that will look absolutely amazing. | 0:39:08 | 0:39:11 | |
One slight fly in the ointment I can see is having an upstairs | 0:39:11 | 0:39:14 | |
and downstairs front door all in one property. | 0:39:14 | 0:39:17 | |
Hm, now how is that going to work? | 0:39:17 | 0:39:19 | |
Because we're having it open plan, | 0:39:19 | 0:39:22 | |
we are planning to leave both doors in place but in all likelihood we | 0:39:22 | 0:39:25 | |
expect that somebody's furniture will probably cover that door there. | 0:39:25 | 0:39:28 | |
That one might not be so useful. | 0:39:28 | 0:39:31 | |
But to leave it flexible for the new buyer, | 0:39:31 | 0:39:33 | |
we're going to leave both doors in place. | 0:39:33 | 0:39:36 | |
But you are going to open this internal door up. | 0:39:36 | 0:39:38 | |
-Oh, definitely, yeah. -Cos you don't want to go out the front door | 0:39:38 | 0:39:41 | |
and back round to get in, do you? | 0:39:41 | 0:39:43 | |
So what sort of budget have you guys got to convert this? | 0:39:43 | 0:39:46 | |
Hm. | 0:39:46 | 0:39:48 | |
Well, it was 15,000. | 0:39:48 | 0:39:51 | |
Um... | 0:39:51 | 0:39:53 | |
It depends if we find when we have to do the damp work, | 0:39:53 | 0:39:58 | |
if there is some extra, I don't really want to go over 15. | 0:39:58 | 0:40:03 | |
It will depend on certain things like if we did go the whole hog | 0:40:03 | 0:40:08 | |
and swapped windows for plastic and so on. | 0:40:08 | 0:40:11 | |
Yeah, we want to keep character. | 0:40:11 | 0:40:13 | |
-Absolutely. -We want those to stay. | 0:40:13 | 0:40:14 | |
Hold on a minute. Are you even allowed to do that? | 0:40:14 | 0:40:17 | |
I mean, surely there's some restriction on these properties? | 0:40:17 | 0:40:20 | |
It's a conservation area but when I spoke to the planning officer | 0:40:20 | 0:40:24 | |
he said I could change the windows. | 0:40:24 | 0:40:26 | |
If you notice up the row, they are all plastic. | 0:40:26 | 0:40:29 | |
They look like sash, plastic needs to look like sash. | 0:40:29 | 0:40:33 | |
But they're plastic. | 0:40:33 | 0:40:35 | |
Well, I hope they don't take the plastic route. | 0:40:35 | 0:40:38 | |
I know it can cost more to repair wooden frames | 0:40:38 | 0:40:41 | |
but they really are so beautiful. | 0:40:41 | 0:40:43 | |
This is the couple's first foray into property developing | 0:40:43 | 0:40:46 | |
but engineer Jez does have some experience as he used to run | 0:40:46 | 0:40:50 | |
a property maintenance company with his brother. | 0:40:50 | 0:40:53 | |
Do you feel that you can make money out of this property? | 0:40:54 | 0:40:57 | |
Is that your reason behind doing this? | 0:40:57 | 0:41:00 | |
-Most definitely. -Yes. | 0:41:00 | 0:41:02 | |
Yeah, I'm going through a midlife crisis at the moment | 0:41:02 | 0:41:04 | |
and I've got to fund it some way | 0:41:04 | 0:41:05 | |
so this seemed like a good idea. | 0:41:05 | 0:41:07 | |
What part are you going to play? | 0:41:07 | 0:41:09 | |
-Are you going to be very busy sourcing everything? Painting? -No. | 0:41:09 | 0:41:14 | |
-No! -I'm not very good at painting. | 0:41:14 | 0:41:17 | |
Or pulling walls down or anything like that. | 0:41:17 | 0:41:20 | |
I'll just keep track of the spend | 0:41:20 | 0:41:23 | |
and also make sure he puts in my ideas | 0:41:23 | 0:41:26 | |
for the kitchen and what I want it to look like. | 0:41:26 | 0:41:31 | |
Hold on a minute. Your job sounds quite easy! | 0:41:33 | 0:41:36 | |
Tell him off if he is spending too much money, | 0:41:36 | 0:41:38 | |
just make sure that he puts in all the bits you want him to put in. | 0:41:38 | 0:41:40 | |
Yes. Make sure he picks the right tiles | 0:41:40 | 0:41:43 | |
and things like that that I like and the flooring. | 0:41:43 | 0:41:46 | |
I want granite but it's whether... | 0:41:46 | 0:41:49 | |
It depends on the budget, how far... | 0:41:50 | 0:41:53 | |
It's £15,000. | 0:41:53 | 0:41:55 | |
I just want to remind you, it's £15,000. | 0:41:55 | 0:41:57 | |
-Yeah. -Granite! -And there's a lovely feature fireplace | 0:41:57 | 0:42:00 | |
that you can't really see at the moment, | 0:42:00 | 0:42:02 | |
which is round, which is very unusual. | 0:42:02 | 0:42:06 | |
So hope to make a feature of that. | 0:42:06 | 0:42:08 | |
I don't know if we'll be able to reinstate the chimney. | 0:42:08 | 0:42:11 | |
Going to have to have a look at that, | 0:42:11 | 0:42:14 | |
get some professionals on that. | 0:42:14 | 0:42:16 | |
Chimneys, granite, Windows. | 0:42:16 | 0:42:18 | |
I'll say it again - 15 grand?! | 0:42:18 | 0:42:20 | |
And they've set a three-month timescale aside, | 0:42:20 | 0:42:23 | |
planning permitting. | 0:42:23 | 0:42:24 | |
Rachel won't be helping because she's already got her hands full. | 0:42:24 | 0:42:28 | |
Well, Jez, think you're on your own here. | 0:42:28 | 0:42:31 | |
Rachel is quite a fan of animals and seems to have accumulated a zoo | 0:42:31 | 0:42:34 | |
at home so that keeps us quite busy. | 0:42:34 | 0:42:36 | |
So how many animals have you got? | 0:42:36 | 0:42:39 | |
About 50 at the last count. | 0:42:39 | 0:42:42 | |
50 animals! | 0:42:42 | 0:42:44 | |
Seriously? | 0:42:44 | 0:42:46 | |
Dogs, cats, rabbits, guinea pigs, pigs, sheep, horses. | 0:42:46 | 0:42:51 | |
-What have I missed? -Have you got kids? | 0:42:51 | 0:42:54 | |
Yeah, that's the worst animal of the lot. | 0:42:54 | 0:42:56 | |
-How many kids have you got? -One. -One child and all those animals. | 0:42:56 | 0:43:00 | |
Good luck with this property, guys. I'm really excited. | 0:43:00 | 0:43:03 | |
-Rachel, thank you. Jez, thank you very much. -Thank you. -Thanks. | 0:43:03 | 0:43:06 | |
Well, Jez and Rachel are a busy couple, | 0:43:07 | 0:43:10 | |
so they've got the property to renovate, 50 animals to look after | 0:43:10 | 0:43:14 | |
and Jez's midlife crisis to contend with. How will they get on? | 0:43:14 | 0:43:19 | |
Join me later in the programme and you can find out. | 0:43:19 | 0:43:22 | |
So we've seen how one of the properties has turned out. | 0:43:25 | 0:43:28 | |
What about the other two? | 0:43:28 | 0:43:29 | |
Yes, will they be celebrating success or licking their wounds? | 0:43:29 | 0:43:32 | |
Let's find out. | 0:43:32 | 0:43:35 | |
Back now to Carlisle and this three-bed semi, | 0:43:35 | 0:43:37 | |
and it had all the classic symptoms of a tired house. | 0:43:37 | 0:43:41 | |
Polystyrene tiles on the ceilings, | 0:43:41 | 0:43:43 | |
gas fires which looked past their sell by date, | 0:43:43 | 0:43:46 | |
wallpaper with borders. | 0:43:46 | 0:43:49 | |
All very 1980s. There was a downstairs bathroom of the kitchen. | 0:43:49 | 0:43:53 | |
I did try to be more positive upstairs. | 0:43:53 | 0:43:56 | |
Well, on the plus side, three good-sized bedrooms. | 0:43:56 | 0:43:59 | |
On the downside, no toilet. | 0:43:59 | 0:44:02 | |
On the upside, this room in itself, | 0:44:02 | 0:44:05 | |
big enough easily to fit a toilet and bathroom in. | 0:44:05 | 0:44:09 | |
So that's great news. | 0:44:09 | 0:44:11 | |
Someone else who looked on the bright side | 0:44:11 | 0:44:14 | |
was former MoD policeman John, who bought this house with his wife Vera | 0:44:14 | 0:44:17 | |
and son Steve for him to live in. | 0:44:17 | 0:44:19 | |
Just one small issue. | 0:44:19 | 0:44:21 | |
Steve didn't know this at the time. | 0:44:21 | 0:44:23 | |
The first I heard of it was about half an hour ago, | 0:44:24 | 0:44:27 | |
so as far as I knew they were going | 0:44:27 | 0:44:28 | |
to move into it themselves but I'm quite happy. | 0:44:28 | 0:44:30 | |
Right, so, half an hour ago you heard that actually | 0:44:30 | 0:44:33 | |
-you might be living here. -Yes. | 0:44:33 | 0:44:34 | |
-Moving out of the house you're in. -Yes. | 0:44:34 | 0:44:36 | |
You are going to be forced out of your home by your parents. | 0:44:36 | 0:44:40 | |
Yes. Shocking, isn't it? | 0:44:40 | 0:44:43 | |
Steve seems to be taking everything in his stride and he did want | 0:44:43 | 0:44:47 | |
to upsize while his parents had plans on downsizing. | 0:44:47 | 0:44:50 | |
Are you following? I'm not sure I am | 0:44:50 | 0:44:53 | |
but anyway the timescale was also described as "no rush" | 0:44:53 | 0:44:56 | |
so that may explain why we're back two years later. | 0:44:56 | 0:45:01 | |
Right away, you can see the layout has improved for the better. | 0:45:03 | 0:45:05 | |
The old bathroom is gone | 0:45:05 | 0:45:07 | |
and the wall has been removed to make a much more usable kitchen | 0:45:07 | 0:45:11 | |
with just enough room to get a table in. | 0:45:11 | 0:45:13 | |
They have removed the old outside loo | 0:45:15 | 0:45:17 | |
and combined it with space from the kitchen | 0:45:17 | 0:45:20 | |
to have a downstairs shower room. | 0:45:20 | 0:45:21 | |
Very smart. | 0:45:21 | 0:45:23 | |
New French doors lead in to the garden | 0:45:29 | 0:45:32 | |
and a new roof over their old store is a clever use of space. | 0:45:32 | 0:45:35 | |
There is no sign of that tired old semi now. | 0:45:35 | 0:45:39 | |
There's been a little change upstairs too, | 0:45:41 | 0:45:44 | |
meaning an en-suite in the master bedroom has been achieved, | 0:45:44 | 0:45:47 | |
which I have to say is a pretty generous size. | 0:45:47 | 0:45:50 | |
And as well as all the cosmetic work, | 0:45:53 | 0:45:56 | |
the entire house has been rewired, replumbed and replastered. | 0:45:56 | 0:46:00 | |
And clearly someone's moved in. | 0:46:05 | 0:46:07 | |
But the question is, is it an upsizer or a downsizer? | 0:46:07 | 0:46:11 | |
I think the clue is right there. | 0:46:11 | 0:46:14 | |
Yes, downsizers John and Vera | 0:46:14 | 0:46:16 | |
have their fingerprints all over this one. | 0:46:16 | 0:46:19 | |
Time for Steve to brief us. | 0:46:20 | 0:46:22 | |
At the previous interview, it was sort of sprung on me | 0:46:24 | 0:46:27 | |
that my parents had bought this with a view to me moving into it, | 0:46:27 | 0:46:31 | |
which might have been an option | 0:46:31 | 0:46:33 | |
but, frankly for me, the parking was going to be an issue. | 0:46:33 | 0:46:37 | |
I've got a large vehicle that just wouldn't fit | 0:46:37 | 0:46:40 | |
in the parking area there. | 0:46:40 | 0:46:41 | |
But I did like the layout and the general size of these houses, | 0:46:41 | 0:46:45 | |
so I started looking in the local area and made an offer | 0:46:45 | 0:46:49 | |
and bought one just round the corner, | 0:46:49 | 0:46:52 | |
which is lucky because subsequently the house I was living in | 0:46:52 | 0:46:56 | |
flooded for the second time I'd been living there | 0:46:56 | 0:47:00 | |
so I had somewhere to go to. | 0:47:00 | 0:47:02 | |
Steve was one of the many unfortunate people | 0:47:02 | 0:47:04 | |
affected by the floods in the city but at least he had somewhere to go. | 0:47:04 | 0:47:09 | |
As it turned out, John and Vera needed somewhere to go, too. | 0:47:09 | 0:47:13 | |
The original plan was to do it up slowly and then see how it went from | 0:47:13 | 0:47:18 | |
there. Of course, having then just managed to sell your own house, | 0:47:18 | 0:47:21 | |
it was a rush to get the basic level finished so they could then move in | 0:47:21 | 0:47:27 | |
and then it's doing everything else to the house | 0:47:27 | 0:47:30 | |
whilst you're in it with all your stuff. | 0:47:30 | 0:47:32 | |
-Horrendous. -Yeah. That caused a lot of delay. | 0:47:32 | 0:47:36 | |
I would never, ever recommend buying a house, | 0:47:36 | 0:47:39 | |
living in it and doing it up at the same time. Never. | 0:47:39 | 0:47:43 | |
John has learnt the hard way. | 0:47:43 | 0:47:45 | |
Contractors knocking down walls, doing electrics and plumbing, | 0:47:45 | 0:47:49 | |
replacing windows, kitchens and bathrooms. | 0:47:49 | 0:47:52 | |
Well, they're all messy and can be really inconvenient and stressful. | 0:47:52 | 0:47:56 | |
But it's all done now. | 0:47:56 | 0:47:57 | |
They had set a maximum budget of £14,000, | 0:47:57 | 0:48:01 | |
so how much have they spent? | 0:48:01 | 0:48:03 | |
We actually spent, apart from the house, | 0:48:06 | 0:48:09 | |
38,000-ish. | 0:48:09 | 0:48:13 | |
And the house cost 53, so a total of 91. | 0:48:14 | 0:48:18 | |
Yeah. | 0:48:18 | 0:48:21 | |
Wow. Well, that's almost three times their original budget, | 0:48:23 | 0:48:26 | |
which I did think was quite healthy, so where has all the money gone? | 0:48:26 | 0:48:30 | |
Luxury kitchen. | 0:48:32 | 0:48:34 | |
-Yeah. -Took a large chunk of money. | 0:48:34 | 0:48:36 | |
The bathroom upstairs took another chunk. | 0:48:36 | 0:48:40 | |
Double glazing. Builders. | 0:48:40 | 0:48:43 | |
Who've done a good job. | 0:48:43 | 0:48:46 | |
And, you know, | 0:48:46 | 0:48:48 | |
-it all adds up. -It all adds up. It was all worth it. | 0:48:48 | 0:48:52 | |
Vera and John aren't planning on selling any time soon | 0:48:53 | 0:48:56 | |
but let's see what a couple of estate agents make of the house. | 0:48:56 | 0:49:00 | |
The way they've changed the layout is a really great idea. | 0:49:01 | 0:49:04 | |
These properties traditionally normally have the bathroom | 0:49:04 | 0:49:06 | |
downstairs, off the back of the kitchen, which is not ideal. | 0:49:06 | 0:49:10 | |
What they've done here is they've created a superb kitchen | 0:49:10 | 0:49:12 | |
with, you know, great features in there. | 0:49:12 | 0:49:15 | |
They've also retained the shower room downstairs, | 0:49:15 | 0:49:17 | |
which is a big bonus, but then they've also taken a piece | 0:49:17 | 0:49:19 | |
off the larger bedroom at the first floor | 0:49:19 | 0:49:21 | |
and created a bathroom for the upstairs as well. | 0:49:21 | 0:49:24 | |
The main selling point of the property, I would say, | 0:49:24 | 0:49:27 | |
the quality finish of the kitchen. It is modern | 0:49:27 | 0:49:29 | |
and it's what everybody's looking for in this day and age. | 0:49:29 | 0:49:32 | |
Now this is clearly a lovely home and John and Vera are not looking to | 0:49:32 | 0:49:36 | |
sell but have they gone overboard in spending more than they can get | 0:49:36 | 0:49:41 | |
back on the market, with a total of 91 grand? | 0:49:41 | 0:49:44 | |
If the property was to go on the sales market, | 0:49:44 | 0:49:47 | |
I think it would achieve between 90 to £95,000. | 0:49:47 | 0:49:50 | |
I think on the open market for a general sale | 0:49:50 | 0:49:54 | |
we would expect to achieve somewhere in the region | 0:49:54 | 0:49:57 | |
of between 90 and £95,000. | 0:49:57 | 0:49:59 | |
Very surprised at that. That's a good price. | 0:50:00 | 0:50:02 | |
I thought about 85. | 0:50:02 | 0:50:04 | |
-I said roughly 100. -I thought about 85 as well, | 0:50:04 | 0:50:07 | |
-so... -Yeah. -Excellent. -Sell it. Go on, quick! Sell it! | 0:50:07 | 0:50:12 | |
Oh, no! Not another change of plan. | 0:50:12 | 0:50:15 | |
But I think John is kidding. | 0:50:15 | 0:50:17 | |
And I'm sure a potential £4,000 profit | 0:50:17 | 0:50:20 | |
is not quite enough to get them to put up | 0:50:20 | 0:50:22 | |
with the mess of a renovation again any time soon. | 0:50:22 | 0:50:26 | |
-We could work together again. -Oh, yeah. | 0:50:26 | 0:50:29 | |
Providing you don't, you know, pop your clogs first. | 0:50:29 | 0:50:31 | |
Oh, well, yeah, of course, yeah. | 0:50:31 | 0:50:34 | |
Don't forget, my mum lived till she was 92 so... | 0:50:34 | 0:50:37 | |
Earlier, I was in Ashbourne in Derbyshire. | 0:50:43 | 0:50:46 | |
This market town was home to a £75,000 auction lot | 0:50:46 | 0:50:50 | |
with not one but two entrances. | 0:50:50 | 0:50:53 | |
So it's the Homes Under The Hammer game show. | 0:50:53 | 0:50:56 | |
Now, our grand prize is located behind one of the doors, | 0:50:56 | 0:51:00 | |
so which one will you select? | 0:51:00 | 0:51:03 | |
Shout your answers out now. | 0:51:03 | 0:51:05 | |
MUSIC: Door Number Two by Walter Becker | 0:51:05 | 0:51:08 | |
Door number two, leading to the downstairs area, | 0:51:15 | 0:51:18 | |
was the consolation prize, with a bit of damp and strip lighting. | 0:51:18 | 0:51:23 | |
A cuddly toy might have softened the rather office feel here. | 0:51:23 | 0:51:27 | |
After parting with 85 grand, couple Rachel and Jez came along | 0:51:27 | 0:51:31 | |
and I'll give you a starter for ten | 0:51:31 | 0:51:34 | |
if you can tell me whose plan was going to win through. | 0:51:34 | 0:51:38 | |
I was thinking a couple of one-bed bedsits but I got overruled. | 0:51:39 | 0:51:44 | |
It's got to be a character cottage. Like, open plan down here, | 0:51:44 | 0:51:50 | |
upstairs two bedrooms and a bathroom. | 0:51:50 | 0:51:52 | |
And all in a timescale of three months, | 0:51:54 | 0:51:57 | |
with Jez doing the work | 0:51:57 | 0:51:58 | |
and Rachel keeping an eye on their 15-grand budget. | 0:51:58 | 0:52:02 | |
Six months on and... | 0:52:02 | 0:52:04 | |
The house is made whole again. | 0:52:08 | 0:52:10 | |
It still has two doors but, as promised, | 0:52:10 | 0:52:12 | |
it's one house with a connecting door to the staircase | 0:52:12 | 0:52:15 | |
which is still to be decorated and re-carpeted. | 0:52:15 | 0:52:18 | |
And while inside, it's not quite finished, | 0:52:18 | 0:52:22 | |
there have been changes which are much, | 0:52:22 | 0:52:24 | |
much more sympathetic to the Georgian feel. | 0:52:24 | 0:52:27 | |
Over to you, Jez. | 0:52:27 | 0:52:28 | |
So this bit of the house has seen quite a change. | 0:52:38 | 0:52:40 | |
Originally, there was a stud wall here. | 0:52:40 | 0:52:43 | |
Somebody had separated off a bit of an office | 0:52:43 | 0:52:45 | |
and then this was all open space with a little kitchenette. | 0:52:45 | 0:52:48 | |
We've taken all of that out and we've put our own kitchen in | 0:52:48 | 0:52:50 | |
with a different stud wall and quite a quirky-shaped kitchen | 0:52:50 | 0:52:54 | |
to try and give a bit more space for anybody who's sat in there working. | 0:52:54 | 0:52:57 | |
And when we uncovered the office area, | 0:52:57 | 0:53:00 | |
we found this cast-iron fireplace which is quite quirky with its round | 0:53:00 | 0:53:05 | |
hole in the middle, if you like, and we've just updated it. | 0:53:05 | 0:53:07 | |
We like the space, though. It's turned out really nice and light. | 0:53:07 | 0:53:11 | |
The big windows really help keep the area really light and the tall | 0:53:11 | 0:53:15 | |
ceilings help make it feel really quite a big room really, | 0:53:15 | 0:53:18 | |
considering what its floor area is. | 0:53:18 | 0:53:22 | |
Jez has got the worktops to fit and the kitchen is just about there. | 0:53:22 | 0:53:25 | |
What he has definitely resolved is that damp issue. | 0:53:25 | 0:53:28 | |
So when we got the property, | 0:53:29 | 0:53:32 | |
we did have some damp along this back wall | 0:53:32 | 0:53:35 | |
and the property backs onto the neighbouring property | 0:53:35 | 0:53:38 | |
with a small space. | 0:53:38 | 0:53:39 | |
We've got this inspection hatch which we've had to keep, | 0:53:39 | 0:53:42 | |
which gets you to a drain, an outside drain, | 0:53:42 | 0:53:45 | |
which takes the gutter water from above. | 0:53:45 | 0:53:48 | |
What we found was that the gutters were not in very good condition and | 0:53:48 | 0:53:51 | |
they were wetting the back of the wall and causing the damp. | 0:53:51 | 0:53:53 | |
We had to keep the inspection hatch just so we can get to those gutters, | 0:53:53 | 0:53:56 | |
obviously. When it's finished, | 0:53:56 | 0:53:59 | |
it'll be nice and white and fit in nicely with a frame and so on | 0:53:59 | 0:54:02 | |
but now we've fixed all of that we've got a nice, dry wall with | 0:54:02 | 0:54:05 | |
a lot of installation into it | 0:54:05 | 0:54:06 | |
to help make the house really warm as well. | 0:54:06 | 0:54:08 | |
Well, our guided tour continues with the unrecognisable upstairs. | 0:54:08 | 0:54:13 | |
So, this part of the house up here | 0:54:15 | 0:54:17 | |
used to be one great big room all the way across. | 0:54:17 | 0:54:20 | |
We've divided it up to give ourselves a big double bedroom | 0:54:20 | 0:54:23 | |
on the end, a nice little single bedroom, | 0:54:23 | 0:54:25 | |
which has still got enough space in it or could become an office. | 0:54:25 | 0:54:28 | |
On the very end, we've managed to open up a wall | 0:54:28 | 0:54:31 | |
to give us a bit more room in the bathroom. | 0:54:31 | 0:54:33 | |
We've got a nice pea-shaped bath | 0:54:33 | 0:54:35 | |
with a nice generous shower area over it. | 0:54:35 | 0:54:37 | |
Again, it's all hopefully trying to hark back to the house being an old | 0:54:37 | 0:54:41 | |
Georgian house but making it look new and fresh and up-to-date. | 0:54:41 | 0:54:45 | |
I am so glad they took my guidance with the lovely windows | 0:54:56 | 0:55:00 | |
and haven't gone for plastic. | 0:55:00 | 0:55:02 | |
Jez has had help from his brother John | 0:55:02 | 0:55:04 | |
but there have been some hiccups. | 0:55:04 | 0:55:06 | |
The cracked walls meant new plastering was required throughout. | 0:55:06 | 0:55:09 | |
It's been rewired, new central heating, | 0:55:09 | 0:55:12 | |
and there was, of course, red tape getting that change of use | 0:55:12 | 0:55:15 | |
and sorting out the utilities. | 0:55:15 | 0:55:17 | |
All this meant an additional £3,000 for commercial rates | 0:55:17 | 0:55:21 | |
and utilities - an unforeseen cost. | 0:55:21 | 0:55:23 | |
So how has the 15-grand budget fared? | 0:55:23 | 0:55:27 | |
I know I could have done it for 15,000 | 0:55:28 | 0:55:31 | |
but Rachel wanted it to be a higher-end property | 0:55:31 | 0:55:33 | |
so we have ended up spending more money and I think | 0:55:33 | 0:55:36 | |
when final bills come in, | 0:55:36 | 0:55:39 | |
we'll be all-in for around about 25,000 when it sold, so, yeah, | 0:55:39 | 0:55:43 | |
quite a bit over but some of those issues were with getting rid of the | 0:55:43 | 0:55:47 | |
dual electricity and gas and the amount of insulation | 0:55:47 | 0:55:51 | |
that's gone into the property has cost a fortune. | 0:55:51 | 0:55:54 | |
I'll be happy with the end result | 0:55:54 | 0:55:56 | |
and hopefully it'll be special and just attract that special person | 0:55:56 | 0:55:59 | |
who will love the property for what it is. | 0:55:59 | 0:56:02 | |
Time to see if two local estate agents think this Georgian house | 0:56:02 | 0:56:06 | |
will appeal to the market here, | 0:56:06 | 0:56:08 | |
starting with the agent who saw it the first time. | 0:56:08 | 0:56:11 | |
I think the changes are really good. | 0:56:13 | 0:56:15 | |
I don't think the layout was that easy to foresee. | 0:56:15 | 0:56:18 | |
I think now with the ground floor being the kitchen | 0:56:18 | 0:56:20 | |
and the lounge and the two bedrooms | 0:56:20 | 0:56:22 | |
on the first floor, it makes great sense. | 0:56:22 | 0:56:24 | |
Things that stand out for me, | 0:56:24 | 0:56:26 | |
I really like the original features that have been kept in the property. | 0:56:26 | 0:56:29 | |
The good use of space, dividing up the upstairs, | 0:56:29 | 0:56:33 | |
has been done very well. | 0:56:33 | 0:56:34 | |
Jez and Rachel will have spent a total of £110,000 on the property | 0:56:34 | 0:56:39 | |
when it's actually finished, so is there some profit in it for them? | 0:56:39 | 0:56:43 | |
If I were to market this property, | 0:56:45 | 0:56:47 | |
I would market the property at £125,000. | 0:56:47 | 0:56:50 | |
In the current market, | 0:56:50 | 0:56:52 | |
I think the property will be worth around £125,000. | 0:56:52 | 0:56:55 | |
That £125,000 valuation would mean a potential pre-tax profit | 0:56:55 | 0:57:00 | |
of 15 grand. So what does Jez think of that? | 0:57:00 | 0:57:04 | |
That's excellent. To be honest with you, | 0:57:04 | 0:57:06 | |
125,000 is exactly the number we were aiming at for sale. | 0:57:06 | 0:57:10 | |
It's a shame we spent a bit more than I wanted, | 0:57:10 | 0:57:14 | |
but hopefully it's still a decent return. Better than the bank! | 0:57:14 | 0:57:17 | |
So we'd be quite happy with that, yeah. | 0:57:17 | 0:57:20 | |
Jez and Rachel chose a rather tricky property to renovate but it would | 0:57:20 | 0:57:24 | |
appear that they like it that way. | 0:57:24 | 0:57:27 | |
We do like old property. | 0:57:28 | 0:57:30 | |
We've lived in old property and done them up before. | 0:57:30 | 0:57:33 | |
They always present challenges but it's nice at the end | 0:57:33 | 0:57:37 | |
to have something that's got its own character | 0:57:37 | 0:57:39 | |
and doesn't just look like another box | 0:57:39 | 0:57:42 | |
like you'd see on a new housing estate so, yeah, | 0:57:42 | 0:57:45 | |
we'll be back again at the auctions from more | 0:57:45 | 0:57:48 | |
and probably another old property as well. | 0:57:48 | 0:57:50 | |
Well, property development is not as easy as it sometimes sounds. | 0:57:53 | 0:57:58 | |
Yeah, but if you work hard | 0:57:58 | 0:57:59 | |
and you've got a bit of luck on your side it can be very rewarding. | 0:57:59 | 0:58:03 | |
Yeah, so make sure you join us next time | 0:58:03 | 0:58:05 | |
for more tales from the auction house on Homes Under The Hammer. | 0:58:05 | 0:58:07 | |
ALL: Goodbye. | 0:58:07 | 0:58:09 |