0:00:02 > 0:00:04Hello. Now, whether you're looking to buy, sell-on or rent,
0:00:04 > 0:00:06property really can offer a great return.
0:00:06 > 0:00:08Yeah, that's true but you have to make sure you're getting
0:00:08 > 0:00:10a good deal in the first place.
0:00:10 > 0:00:12One place you might want to look for one of those deals
0:00:12 > 0:00:14is your local property auction.
0:00:40 > 0:00:43Auction properties cater to all sorts of requirements,
0:00:43 > 0:00:45whether it's a new home or an investment buy-to-let.
0:00:45 > 0:00:48Yep, or you might be looking to renovate to sell on.
0:00:48 > 0:00:51Well, we have seen literally thousands over the years
0:00:51 > 0:00:53on Homes Under The Hammer and here are the three we've got for you
0:00:53 > 0:00:55on today's show.
0:00:56 > 0:00:57Fancy a bath?
0:00:57 > 0:00:59You won't get any privacy in this property
0:00:59 > 0:01:01in New Moston near Manchester.
0:01:01 > 0:01:06I don't know why they've done this and it doesn't seem to work for me.
0:01:06 > 0:01:08And no privacy either at this converted shop
0:01:08 > 0:01:11in Herne Bay, Kent. Not much you can do about it either.
0:01:11 > 0:01:15You're standing in a shop window, but they've got to stay.
0:01:16 > 0:01:21Oh, but please do something about the layout in Crewe, Cheshire.
0:01:21 > 0:01:23To get to the kitchen, you kind of wiggle about.
0:01:23 > 0:01:25You end up in this thing at the back.
0:01:27 > 0:01:29All these properties were bought at auction.
0:01:29 > 0:01:31We'll find out who got them and how much they paid
0:01:31 > 0:01:34when these homes went under the hammer.
0:01:34 > 0:01:35Your lot, sir, well done.
0:01:39 > 0:01:41I'm in an area about three miles north-east
0:01:41 > 0:01:43of Manchester city centre.
0:01:43 > 0:01:47Back in 1850, a booming society bought 57 acres of land here
0:01:47 > 0:01:51to build on and since then, the development has grown.
0:01:51 > 0:01:55With a metro station, frequent buses and close proximity to the M60,
0:01:55 > 0:01:58it's well connected to Manchester and beyond.
0:02:01 > 0:02:05I'm in the area of New Moston in this quiet cul-de-sac
0:02:05 > 0:02:08and it's this extended two-bedroom semidetached
0:02:08 > 0:02:09that I'm here to see.
0:02:09 > 0:02:13It has a guide price of £70,000 plus. Let's check it out.
0:02:18 > 0:02:21We're straight in the front door into a bit of a hallway here
0:02:21 > 0:02:28and your stairs up to your bedrooms, into this really large lounge,
0:02:28 > 0:02:29sort of dining area.
0:02:29 > 0:02:32Big window letting lots of light in.
0:02:32 > 0:02:34Radiator, central heating, which is good, and over here,
0:02:34 > 0:02:37solid fireplace, which I quite like.
0:02:37 > 0:02:42Into the dining area and it does feel like the house is
0:02:42 > 0:02:45sloping away slightly into the conservatory
0:02:45 > 0:02:47and to the back garden.
0:02:47 > 0:02:51And as I look at the tiles, there are a few that have cracked.
0:02:51 > 0:02:53Maybe that's something to do with that sloping feeling.
0:02:53 > 0:02:56Into the kitchen. It seems a bit tight to squeeze into
0:02:56 > 0:02:59and it feels a little bit pokey.
0:02:59 > 0:03:00It's in not bad condition.
0:03:00 > 0:03:03You could restore this and keep it as is.
0:03:03 > 0:03:07I know the garage is that way, so you have the option
0:03:07 > 0:03:09to extend as well.
0:03:09 > 0:03:12Planning permitting, of course. But I think you could have yourself
0:03:12 > 0:03:14a nice kitchen-diner.
0:03:15 > 0:03:18Outside, the garden needs some green-fingered person
0:03:18 > 0:03:20to give it a bit of a tidy.
0:03:20 > 0:03:23But there is something I haven't told you about this house yet.
0:03:23 > 0:03:26It was sold as a two-bed.
0:03:26 > 0:03:28Apparently, it used to be a three-bed.
0:03:28 > 0:03:30Time to suss that out.
0:03:32 > 0:03:35And upstairs, we have the bedrooms.
0:03:35 > 0:03:39You've got a small, quite a small, shower room just there.
0:03:39 > 0:03:43Bedroom there. Decent sized bedroom looking out onto the back garden.
0:03:43 > 0:03:47Into what would have been the master bedroom here.
0:03:47 > 0:03:51Decent size. Again, some fitted wardrobes and over here
0:03:51 > 0:03:54is bedroom number three.
0:03:54 > 0:03:56And it's not a bedroom number three any more.
0:03:56 > 0:04:00It's an en suite with a nice big corner bath.
0:04:00 > 0:04:03So this was bedroom number three.
0:04:03 > 0:04:07Potentially, bedroom number four is through that wall
0:04:07 > 0:04:11and above the garage, which would give you four bedrooms.
0:04:11 > 0:04:15I don't why they've done this and it doesn't seem to work for me.
0:04:15 > 0:04:18# Splish, splash, I was taking a bath,
0:04:18 > 0:04:21# Long about a Saturday night. #
0:04:21 > 0:04:25I've heard of public baths before but not in a bedroom.
0:04:25 > 0:04:28Now before you even think about building an upstairs over
0:04:28 > 0:04:32that garage, the foundations would need to be sorted.
0:04:32 > 0:04:34The legal pack reveals not just that there is an issue,
0:04:34 > 0:04:37but it also gives you an estimate for the work.
0:04:38 > 0:04:40So I've been looking round the garage
0:04:40 > 0:04:42and it clearly has subsidence.
0:04:42 > 0:04:46Huge crack at the front and a huge crack at the back.
0:04:46 > 0:04:49Somebody's obviously tried to find the reason why those cracks
0:04:49 > 0:04:52have appeared. That's why it's always and so important
0:04:52 > 0:04:55to do your research so you know what you're buying.
0:04:55 > 0:04:57I tell you what, get yourself a cup of tea and a few biscuits
0:04:57 > 0:05:01and read the legal pack. All this information is in there.
0:05:01 > 0:05:03Read the legal pack!
0:05:03 > 0:05:06# It's a legal matter, baby
0:05:06 > 0:05:08# A legal matter from now on. #
0:05:12 > 0:05:15We asked a local estate agent along to look at this property
0:05:15 > 0:05:17and give us his thoughts.
0:05:18 > 0:05:22There is some movement in the walls of the garage potentially.
0:05:22 > 0:05:25It is a worry. Clearly, work needs to be done to stabilise
0:05:25 > 0:05:28and stop any future movement.
0:05:28 > 0:05:31With it being a single storey, I can't imagine it's
0:05:31 > 0:05:32huge amounts of expenditure.
0:05:32 > 0:05:35You're possibly looking at figures of, in my opinion,
0:05:35 > 0:05:37in and around £10,000.
0:05:37 > 0:05:41So it isn't, in my opinion, ready to move into for a family
0:05:41 > 0:05:45and the expenditure is required upfront.
0:05:45 > 0:05:49So with a guide price of £70,000 and an estimate of £10,000
0:05:49 > 0:05:53for the structural work, what might the property fetch?
0:05:53 > 0:05:57Once renovated, I would recommend marketing this property
0:05:57 > 0:05:59at £110 to £120,000.
0:06:01 > 0:06:03This is currently a two-bedroom house,
0:06:03 > 0:06:07it used to be a three-bedroom house and it could quite easily be
0:06:07 > 0:06:08a four-bedroom house.
0:06:08 > 0:06:12Let's see who saw the opportunity when it went under the hammer.
0:06:13 > 0:06:16Lot 51, guide 70. Start me at 70.
0:06:16 > 0:06:1865, need a bid. 60 then.
0:06:18 > 0:06:20Start me off, 60 here.
0:06:20 > 0:06:22At £60,000 at the back.
0:06:22 > 0:06:25In twos, 60 I'm bid.
0:06:25 > 0:06:28Having started slowly, the bids eventually overtake the guide price.
0:06:28 > 0:06:32We rejoin in the bidding at £85,000.
0:06:33 > 0:06:34Bid, 85 and a half.
0:06:36 > 0:06:3786.
0:06:37 > 0:06:38I'm selling it.
0:06:38 > 0:06:4086 and a half.
0:06:41 > 0:06:4287.
0:06:42 > 0:06:4387 and a half.
0:06:45 > 0:06:4787 and a half, 88.
0:06:47 > 0:06:48First time...
0:06:48 > 0:06:50and the second time.
0:06:50 > 0:06:52All done at 87,500.
0:06:52 > 0:06:54Here, now.
0:06:54 > 0:06:57The successful bidder holding the paddle was Duncan who,
0:06:57 > 0:06:59along with his business partner Mark, have worked on
0:06:59 > 0:07:02several projects together since Mark did an extension
0:07:02 > 0:07:03on Duncan's house.
0:07:05 > 0:07:08I met Duncan at their latest 87 and a half grand purchase.
0:07:09 > 0:07:13- Duncan, nice to meet you, sir.- Dion. - Congratulations.- Thank you.
0:07:13 > 0:07:16Tell me why this particular property, then?
0:07:16 > 0:07:18It's an area we know reasonably well.
0:07:18 > 0:07:21I've got family reasonably close by.
0:07:22 > 0:07:25It's always been known as a good area in North Manchester
0:07:25 > 0:07:31and the guy who I work with, who renovates properties,
0:07:31 > 0:07:34he's fairly local to here as well so it works well, really.
0:07:34 > 0:07:37Now you've got it, have you had a good look around?
0:07:37 > 0:07:39Has anything surprised you?
0:07:39 > 0:07:43The bathroom... The open-plan bathroom surprises a little!
0:07:44 > 0:07:48- Obviously, that's something we'll be planning to change, I think.- Yes.
0:07:48 > 0:07:51And we weren't surprised by... Obviously, there's a problem
0:07:51 > 0:07:53outside with the garage. We were aware of that from
0:07:53 > 0:07:56the legal pack and, obviously, the trial holes they've dug
0:07:56 > 0:07:59to have a look at the foundations.
0:07:59 > 0:08:02So no, all in all, nothing major.
0:08:02 > 0:08:06I mean, I think if we wanted to, we could nearly just give it
0:08:06 > 0:08:09a quick tidy up and rent it out if we wanted to go down that route.
0:08:09 > 0:08:11It's in decent condition, isn't it?
0:08:11 > 0:08:14Yeah, yeah. Better than the ones we've had previously, much better.
0:08:14 > 0:08:15DION LAUGHS
0:08:15 > 0:08:18And Mark's looking forward to not getting quite as messy
0:08:18 > 0:08:19as he has on some of the jobs we've done.
0:08:19 > 0:08:22Is he the one that gets all messy and you're the one that doesn't?
0:08:22 > 0:08:25He is, yes. Absolutely. I try and avoid that.
0:08:25 > 0:08:27I showed a little bit of willing for a couple of days,
0:08:27 > 0:08:29and I realised it wasn't really for me.
0:08:30 > 0:08:33Mark's going to get messy with that garage.
0:08:33 > 0:08:35His plan - to knock it down and start again.
0:08:35 > 0:08:39And depending on planning, to make it a two-storey for extra
0:08:39 > 0:08:42bedrooms upstairs and more living space downstairs.
0:08:42 > 0:08:43MUSIC: A Swingin' Safari by Bert Kaempfert
0:08:43 > 0:08:45If we go upstairs as well,
0:08:45 > 0:08:48- it's probably going to add around another 25,000.- OK.
0:08:48 > 0:08:50And I think we would recoup at least that,
0:08:50 > 0:08:55based on the houses nearby, but it's whether, as I say,
0:08:55 > 0:08:58it's whether there's enough extra in it to do that,
0:08:58 > 0:09:00and whether we need the planning permission.
0:09:00 > 0:09:01If we don't need planning,
0:09:01 > 0:09:04we'll just go ahead and put right what's there at the moment.
0:09:05 > 0:09:07Duncan and Mark are hoping that
0:09:07 > 0:09:09since they're building on the current footprint,
0:09:09 > 0:09:11they can sidestep a lengthy planning process.
0:09:12 > 0:09:15Here's hoping that could save them a bit of time,
0:09:15 > 0:09:17but what do they want to do with this house?
0:09:19 > 0:09:24Assuming that we'll have that extra living space at the front, the plan
0:09:24 > 0:09:27is to probably close this area off here
0:09:27 > 0:09:29- that's been opened up previously. - Just here?- Yes.- OK.
0:09:29 > 0:09:34And then open up into the kitchen across there.
0:09:34 > 0:09:38And bring the kitchen out a little bit into the end of this room.
0:09:38 > 0:09:41And then we'll have, sort of, a kitchen, dining space there,
0:09:41 > 0:09:44a good enough size lounge here and hopefully another lounge,
0:09:44 > 0:09:47- study, playroom, whatever on the other side.- OK.
0:09:47 > 0:09:49And at the back of the property, you've got a conservatory as well?
0:09:49 > 0:09:52Yeah, there's a conservatory there at the moment.
0:09:52 > 0:09:53It's not in great condition.
0:09:53 > 0:09:58We'll either take it down and level it or we will take the roof off
0:09:58 > 0:09:59and renew that.
0:09:59 > 0:10:01You know, a house like this,
0:10:01 > 0:10:04it really needs three bedrooms, we think,
0:10:04 > 0:10:06so we'll renew the bathroom,
0:10:06 > 0:10:08that needs some work, definitely,
0:10:08 > 0:10:11and then just tidy up the other two rooms and freshen it up.
0:10:11 > 0:10:13- See how you go from then on?- Yeah.
0:10:13 > 0:10:15- So, you've mentioned a few scenarios here.- Yeah.
0:10:15 > 0:10:17There's many ways you can go.
0:10:17 > 0:10:19- What's your budget?- Yeah,
0:10:19 > 0:10:26if we get the initial go-ahead to change it to another lounge,
0:10:26 > 0:10:29and we have to rebuild that and then freshen everything else up,
0:10:29 > 0:10:34- and make good as we've discussed, around about the 20,000 mark.- OK.
0:10:34 > 0:10:38If we were to go upstairs as well, and put a double extension on,
0:10:38 > 0:10:41probably somewhere between 40 and 50.
0:10:41 > 0:10:43And that's something we would have to think about, cos, as well,
0:10:43 > 0:10:46- it's tying money up as well. - Of course.
0:10:46 > 0:10:49Are you going to be selling or are you going to be renting?
0:10:49 > 0:10:55The medium-term goal is to get a number of properties rented out
0:10:55 > 0:10:59and have a revenue stream coming in, but at the moment,
0:10:59 > 0:11:02you know, we need the funds available to keep moving on,
0:11:02 > 0:11:05so we'll probably sell this one on and, you know,
0:11:05 > 0:11:08there should be plenty of appeal for families once it's done.
0:11:08 > 0:11:10You seem to know exactly what you're doing.
0:11:10 > 0:11:12What was it that got you into property in the first place?
0:11:12 > 0:11:14I've always had an interest in it.
0:11:14 > 0:11:16I think, originally, it comes from moving,
0:11:16 > 0:11:18I think we moved six times while I was a child.
0:11:18 > 0:11:22My mum never liked to stay in a place more than a few years.
0:11:22 > 0:11:25She always wanted to be moving on to the next, the next level.
0:11:25 > 0:11:31So, I've always had an interest in properties and moving about.
0:11:31 > 0:11:34We've done three or four now.
0:11:34 > 0:11:38The last couple of years, I've been working as a chauffeur
0:11:38 > 0:11:40- for a footballer, funnily enough.- Nice.
0:11:40 > 0:11:44And whilst I've been doing that, my hours have been
0:11:44 > 0:11:46a bit unusual, shall we say,
0:11:46 > 0:11:49and I've had a bit of free time to be looking at other things.
0:11:49 > 0:11:50Do I know this footballer?
0:11:50 > 0:11:53You will know him, yes, yes. I'm sure you will.
0:11:53 > 0:11:57OK. There's lots more questions I want to ask. But we won't.
0:11:57 > 0:12:00- We'll do it off-camera.- Yeah. No problem. Yeah. - DION LAUGHS
0:12:00 > 0:12:01How long is it going to take?
0:12:01 > 0:12:06If we don't need the planning permission, I would say
0:12:06 > 0:12:07probably around three-to-four months.
0:12:07 > 0:12:09Probably around three months.
0:12:09 > 0:12:11But we probably won't be starting for about three weeks till we
0:12:11 > 0:12:13finish the project we're on.
0:12:13 > 0:12:16If we went the whole hog, we're probably going to be looking,
0:12:16 > 0:12:20sort of, six-to-nine months, with planning etc, and then more work,
0:12:20 > 0:12:22probably nearer nine months, I would think.
0:12:22 > 0:12:24So, again, another reason ideally
0:12:24 > 0:12:26to stick to the easier option if we can.
0:12:26 > 0:12:28- I wish you all the best, Duncan. - Thank you.- Good luck.
0:12:28 > 0:12:31- We'll have a chat off-camera. - No problem. Thanks. - DION LAUGHS
0:12:33 > 0:12:36Duncan seems to be a shrewd chap, and with his business partner
0:12:36 > 0:12:39Mark at his side, they clearly know what they want to achieve.
0:12:39 > 0:12:42I think they've got themselves a decent property here.
0:12:42 > 0:12:46Clearly the garage has subsidence and needs underpinning,
0:12:46 > 0:12:50but the big question for Duncan is has it affected the house too?
0:12:50 > 0:12:53Let's hope he gets those questions answered later in the programme.
0:12:56 > 0:12:58MUSIC: Something More Comfortable by Kinobe
0:12:58 > 0:13:00Welcome to tranquil Herne Bay on the Kent coast.
0:13:00 > 0:13:03Two miles of shingle beach and all you'd expect from
0:13:03 > 0:13:05a great British seaside town.
0:13:09 > 0:13:12It's only eight miles from Canterbury and five miles
0:13:12 > 0:13:13from neighbouring Whitstable.
0:13:17 > 0:13:21Well, this is a great location very close to the town centre,
0:13:21 > 0:13:23and back in the day,
0:13:23 > 0:13:27this was the only main road linking the train station to the pier.
0:13:27 > 0:13:31Now, buses used to go up and down here ferrying tourists.
0:13:31 > 0:13:33Times now have changed,
0:13:33 > 0:13:36as has the usage of the property I'm here to see.
0:13:36 > 0:13:40Now, it's been a fruit and veg shop, it's been a hairdressers,
0:13:40 > 0:13:44but now it's been converted into a one-bedroom flat.
0:13:44 > 0:13:48Now, the guide price was £70 to £72,000.
0:13:48 > 0:13:52I wonder what it has in store on the inside, behind those net curtains.
0:13:56 > 0:13:59Well, the first thing you notice when you walk through the door
0:13:59 > 0:14:01is how big this place is!
0:14:01 > 0:14:04God, it's really, really spacious.
0:14:04 > 0:14:06There's a bedroom through there.
0:14:06 > 0:14:09You go up a couple of steps into the main body of the building.
0:14:09 > 0:14:11Now, this was obviously an extension,
0:14:11 > 0:14:14because it was the shop front, so you've got all this space here.
0:14:14 > 0:14:17This would've been the original wall here,
0:14:17 > 0:14:19because the bay window would've been there, so all of this is
0:14:19 > 0:14:23a flat roof, so it does give you that bit of extra space.
0:14:23 > 0:14:27And then through here, you've got another huge room,
0:14:27 > 0:14:29which is the kitchen!
0:14:29 > 0:14:31Now, the walls are rather angular.
0:14:31 > 0:14:34You've got odd shapes, you've got glass bricks,
0:14:34 > 0:14:37you've got a bit of carpet here, diagonal lines there.
0:14:37 > 0:14:39But when you look at what you've got, I mean,
0:14:39 > 0:14:42what a fantastic room to sit and have dinner in.
0:14:42 > 0:14:46You could get a really big table over there, a lovely big kitchen
0:14:46 > 0:14:49through here, although I think you could probably upgrade this.
0:14:49 > 0:14:51And the thing I love the most,
0:14:51 > 0:14:54all cooks and people of the kitchen will know this,
0:14:54 > 0:14:58to have a separate larder, a separate room to put all your tins
0:14:58 > 0:15:00and your cakes and your bits and bobs in,
0:15:00 > 0:15:02and this kitchen has that.
0:15:02 > 0:15:04So, for a one-bedroom flat...
0:15:05 > 0:15:09..I think it's really, really spacious.
0:15:09 > 0:15:10Is it too big?
0:15:10 > 0:15:11Don't know!
0:15:13 > 0:15:15Now you see the reason I say, "Is it too big?"
0:15:15 > 0:15:19is, would the space be better used as a two-bedder?
0:15:19 > 0:15:22The availability of natural light could prove an issue
0:15:22 > 0:15:24but it's food for thought.
0:15:26 > 0:15:29# Food for thought
0:15:29 > 0:15:32# You give me food for thought... #
0:15:32 > 0:15:33So I'm in the bathroom.
0:15:33 > 0:15:36I'm happy to see there is not a coloured suite in here.
0:15:36 > 0:15:38It's white, which is good news.
0:15:38 > 0:15:41It's bright, and there's some happy dolphins splashing around
0:15:41 > 0:15:45on the tiles, but the thing that amazes me the most is...
0:15:45 > 0:15:47it's really big. Go on, off you go.
0:15:47 > 0:15:53I mean, look how big, long and narrow this bathroom is.
0:15:53 > 0:15:56I'm almost having to shout to the cameraman at the end there.
0:15:56 > 0:15:59It's big, isn't it? I'm not complaining. Just saying.
0:16:01 > 0:16:04Well, one downside to flats is that they're usually leasehold,
0:16:04 > 0:16:08and associated problems with this include short leases,
0:16:08 > 0:16:12high service charges and a lack of control over maintenance works.
0:16:12 > 0:16:16But not with this flat, as it was auctioned with the freehold -
0:16:16 > 0:16:19definitely a tick in the box, I'd say.
0:16:20 > 0:16:23Even though this property's being converted into residential,
0:16:23 > 0:16:27it still has that commercial feel to it,
0:16:27 > 0:16:29starting with these glass bricks.
0:16:29 > 0:16:33Now, are these way back from the hairdresser days, do we think?
0:16:33 > 0:16:37But I'm not sure if they work here, especially in the bedroom.
0:16:37 > 0:16:38There is no privacy at all.
0:16:38 > 0:16:40You'd have to get a blind to cover those up.
0:16:40 > 0:16:43And then again you've got things like these tiles.
0:16:43 > 0:16:46You just feel like you're in an office or a waiting room,
0:16:46 > 0:16:47so they don't work.
0:16:47 > 0:16:50And something else that does bother me slightly
0:16:50 > 0:16:51are these large windows.
0:16:51 > 0:16:54Now I'm all for the light and bright space
0:16:54 > 0:16:57and letting the light in, but you can just see the road.
0:16:57 > 0:16:59THEY can see inside.
0:16:59 > 0:17:01And you can hear the road out there.
0:17:01 > 0:17:03But the reason you have to keep this in
0:17:03 > 0:17:05is because you're in a conservation area.
0:17:05 > 0:17:08It does feel like you're standing in a shop window,
0:17:08 > 0:17:09but they've got to stay.
0:17:09 > 0:17:12So whoever takes this on has got to think of some clever ideas
0:17:12 > 0:17:16to get the privacy factor because I think that will be a problem.
0:17:17 > 0:17:21We called in a local estate agent to get his views on the property.
0:17:21 > 0:17:23He remembers it when it was a shop,
0:17:23 > 0:17:26but could you make it into a two-bedroom layout?
0:17:26 > 0:17:29I'd think to convert this into a two-bed would be quite difficult
0:17:29 > 0:17:31because of the light factor.
0:17:31 > 0:17:34I'd imagine the way it's designed with the borrowed lights
0:17:34 > 0:17:39and the glass walls is to maximise the light for the accommodation.
0:17:39 > 0:17:43By changing that, I think you'd make the flat quite dark.
0:17:43 > 0:17:45With a £70,000 guide price,
0:17:45 > 0:17:48what would it be worth after refurbishment?
0:17:48 > 0:17:49I'd say this flat would sell
0:17:49 > 0:17:52for somewhere around £75,000 to £80,000.
0:17:52 > 0:17:55Well, with a guide of £70,000 to £72,000,
0:17:55 > 0:17:59there might not be enough in this for a doer-upper and sell-on.
0:17:59 > 0:18:01But, to be fair, there's not a lot to do
0:18:01 > 0:18:03if you were looking to rent it out fairly quickly.
0:18:03 > 0:18:06Talking of which, what could it rent for?
0:18:09 > 0:18:14I'd say this flat could rent for £550 per calendar month.
0:18:14 > 0:18:17Well, it might feel a bit commercial but for an auction property
0:18:17 > 0:18:20this is a surprisingly clean, bright and light flat.
0:18:20 > 0:18:23And although, well,
0:18:23 > 0:18:25I don't think it's going to make anybody into a millionaire,
0:18:25 > 0:18:28it would make a great rental investment
0:18:28 > 0:18:30in this central Herne Bay location.
0:18:30 > 0:18:33Who agreed? Let's head to auction and find out.
0:18:33 > 0:18:35Good, modernised flat, ready to go.
0:18:35 > 0:18:39Start me where you will, can I see 70,000 for it?
0:18:39 > 0:18:4160 then? 60?
0:18:41 > 0:18:45It's got to be worth 60. £60,000, I have.
0:18:45 > 0:18:49At 60. And 2. 62, 62, 62.
0:18:49 > 0:18:5265, 65, 67, I've got from you.
0:18:52 > 0:18:56Can I say 70? 72 in a fresh place.
0:18:56 > 0:19:0274 if you like. At £72,000, I will sell for the first time. £72,000.
0:19:02 > 0:19:06If I don't get another bid for the second time... Third and final time.
0:19:06 > 0:19:11At... 74. Just in time. 74, 75, 75, can I say?
0:19:11 > 0:19:13At 74,000 then, 75.
0:19:13 > 0:19:1876, in the pink. 72. Well, you'll be in the red then, wouldn't you?
0:19:18 > 0:19:2075, I've got. 76 I'm looking for.
0:19:20 > 0:19:2575 then for the first time, 75 for the second, third and final time
0:19:25 > 0:19:28at £75,000, sitting down, I'm taking it.
0:19:28 > 0:19:29GAVEL BANGS
0:19:29 > 0:19:31Yours at 75, well done S587.
0:19:31 > 0:19:35Bidding a little over the guide price at £75,000 was Mark,
0:19:35 > 0:19:38who, with his wife, Fiona, had a few rental properties.
0:19:38 > 0:19:42I met them to find out if that was their plan for this lot.
0:19:44 > 0:19:47- Mark and Fiona, congratulations. Lovely to meet you both.- And you.
0:19:47 > 0:19:49- Hi.- So here we are in sunny Herne Bay.
0:19:49 > 0:19:52But, of course, it isn't sunny today, it's quite cold out there.
0:19:52 > 0:19:56What has brought you to this area and why did you want to buy this?
0:19:56 > 0:19:59Well, we've already got something here already
0:19:59 > 0:20:01and it's a good return on the investment
0:20:01 > 0:20:03for what you can get property for,
0:20:03 > 0:20:06and it's certainly changing, it's getting a lot nicer as well.
0:20:06 > 0:20:09So lots of coffee shops and a nice seafront now.
0:20:09 > 0:20:11So are you guys local?
0:20:11 > 0:20:13I run a B&B in Chilham and...
0:20:13 > 0:20:17- Lovely little place, got six acres of land.- Wow.
0:20:17 > 0:20:19- A few animals. - Yep, lots of animals.
0:20:19 > 0:20:23I've been living in Chesterfield just down the road
0:20:23 > 0:20:25- and we got married two years ago. - Yep.
0:20:25 > 0:20:27So why did you guys want to invest here
0:20:27 > 0:20:30and who is it who spotted this opportunity?
0:20:30 > 0:20:32Well, I'm always looking in the catalogues,
0:20:32 > 0:20:35the auction catalogues. Every couple of months,
0:20:35 > 0:20:37I have a little look to see if there's anything
0:20:37 > 0:20:39and Fiona had never bought anything at an auction,
0:20:39 > 0:20:43- so she just wanted to go along and have a look.- I just wanted a look!
0:20:43 > 0:20:46Oh, no! And you ended up buying something!
0:20:46 > 0:20:48- Yeah.- It's not a pair of shoes, you know!
0:20:48 > 0:20:51- It's not handbag shopping. - It felt like it.
0:20:51 > 0:20:53I know, it is great that you can actually go out
0:20:53 > 0:20:57- and buy something on the same day and literally get it.- Yeah.- Yeah.
0:20:57 > 0:21:01- Bit scary, though.- So did you intend to buy this on the day?
0:21:01 > 0:21:03- BOTH: Yes. - Yeah, we did.
0:21:03 > 0:21:07We did our homework, we did the viewing,
0:21:07 > 0:21:09- the mass viewing with everybody here.- Did you?
0:21:09 > 0:21:12And then the legal pack, read all through that,
0:21:12 > 0:21:16and in the legal pack it said that you owned part of the freehold
0:21:16 > 0:21:19of the main building which, when I looked through the legal pack,
0:21:19 > 0:21:21I didn't think that we were.
0:21:21 > 0:21:23I thought we were just getting this part
0:21:23 > 0:21:26and Fiona was looking through it
0:21:26 > 0:21:31- and she saw the owner's mobile phone number so she...- Being cheeky.
0:21:31 > 0:21:33..did know more and rang him
0:21:33 > 0:21:35- and he gave us all the information that we needed.- Good.
0:21:35 > 0:21:39That there's three different freeholds for this building
0:21:39 > 0:21:42so we then knew that we had the freehold to this property
0:21:42 > 0:21:46and we didn't have any maintenance issues with main building.
0:21:46 > 0:21:48So, Mark, how would you upgrade this property?
0:21:48 > 0:21:49I mean, where would you start?
0:21:49 > 0:21:52We're either going to leave it as it is - just install gas,
0:21:52 > 0:21:55because there's no gas - and put gas central heating in
0:21:55 > 0:22:00and a new kitchen or we will do a bit more,
0:22:00 > 0:22:03put a couple of new walls up and knock a few down
0:22:03 > 0:22:04and make it into a two-bedroom
0:22:04 > 0:22:06with new gas central heating and a new kitchen.
0:22:06 > 0:22:08And the budget for the first one?
0:22:08 > 0:22:11The heating is about to 2,500.
0:22:11 > 0:22:13The kitchen would be about 1,500.
0:22:13 > 0:22:17So we're thinking probably five, six...
0:22:17 > 0:22:22OK, five to six grand to immediately rent this place out. No hassle...
0:22:22 > 0:22:24If you were going to reconfigure
0:22:24 > 0:22:27and turn this into a two-bedder, how much do you think that'll cost you?
0:22:27 > 0:22:29Well, we did some figures the other evening
0:22:29 > 0:22:31and we think probably about 10,000.
0:22:31 > 0:22:33So almost double the expense.
0:22:33 > 0:22:35Oh, it's a really tricky one for you, isn't it?
0:22:35 > 0:22:37So out of the people that have viewed,
0:22:37 > 0:22:40we've got people that want it as a one-bed at 650
0:22:40 > 0:22:44and we've got people that would have it as a two-bed at 750.
0:22:44 > 0:22:45So...
0:22:45 > 0:22:49- It's going to be difficult. - Sometimes, less is more.- Yeah.
0:22:49 > 0:22:51So we don't want to compromise the building
0:22:51 > 0:22:54and then end up with two bedrooms but the whole feeling
0:22:54 > 0:22:55is it's too cramped.
0:22:55 > 0:22:59And if we were to do a two-bed... I'm very fussy, aren't I?
0:22:59 > 0:23:03So why's she so fussy, tell me? If she's so fussy...
0:23:03 > 0:23:04That's why she's got me.
0:23:04 > 0:23:06- SHE LAUGHS - I love it!
0:23:06 > 0:23:08At what point are you going to make the decision
0:23:08 > 0:23:10whether this is going to be a one-bedroom flat
0:23:10 > 0:23:12or a two-bedroom flat? Shall we make it now?
0:23:12 > 0:23:13THEY LAUGH
0:23:13 > 0:23:17- Come on, let's make it now, on the telly.- What you reckon?
0:23:17 > 0:23:20I think we're going to leave it as it is.
0:23:20 > 0:23:22I'm glad about that because, in this case,
0:23:22 > 0:23:24I think less is more.
0:23:24 > 0:23:28And with tenants queueing up, it may just be better to finish it
0:23:28 > 0:23:30and get it rented as a bright one-bedder
0:23:30 > 0:23:33in their four to five week timescale.
0:23:33 > 0:23:36So, come on, you two. How do you get on working together?
0:23:36 > 0:23:38I'm slightly...
0:23:38 > 0:23:42And thinking that Fiona, you know, she's a perfectionist here.
0:23:42 > 0:23:44I do the finishing touches.
0:23:44 > 0:23:47I like painting, decorating and Mark will...
0:23:47 > 0:23:50Actually, I like smashing things around as well, actually....
0:23:50 > 0:23:54You like to do that bit and then you like to swan off
0:23:54 > 0:23:58and then I like to do the painting and decorating.
0:23:58 > 0:24:02You look shocked by that answer. Do you like to swan off?
0:24:02 > 0:24:05- Well, if I can.- Obviously.
0:24:07 > 0:24:10- No, we...- We... We work well together.
0:24:10 > 0:24:12Well, look, good luck, guys.
0:24:12 > 0:24:15I will laugh if, when we come back to visit you, it's a two-bedder!
0:24:15 > 0:24:19- But good luck. I think you've got a cracking property here.- Thank you.
0:24:19 > 0:24:21It is lovely and I'm sure you're going to do a great job,
0:24:21 > 0:24:24whatever you do. Lovely to meet you both.
0:24:24 > 0:24:26- Thank you.- Thank you, Lucy. - Thank you.
0:24:26 > 0:24:29Well, Mark and Fiona are off to a great start,
0:24:29 > 0:24:32with some potential tenants already lined up.
0:24:32 > 0:24:35But will they end up leaving the flat as a one-bed
0:24:35 > 0:24:40or will they take the works further and create that second bedroom here?
0:24:40 > 0:24:42There's only one way for you to find out,
0:24:42 > 0:24:44and that is to join me later on in the programme.
0:24:46 > 0:24:50Coming up, this mid-terrace in Crewe seems normal enough,
0:24:50 > 0:24:52except for a puzzle out back.
0:24:54 > 0:24:56What on earth do you think that is?
0:24:58 > 0:25:02And the conundrum in Kent - has Mark done ANY work?
0:25:02 > 0:25:05- Well, I've got a qualification in swanning off.- I'll agree there.
0:25:09 > 0:25:12Earlier, I was three miles from Manchester in New Moston,
0:25:12 > 0:25:14and I was there to see a semidetached house
0:25:14 > 0:25:17guided at 70 grand plus.
0:25:18 > 0:25:21But inside, while in good nick cosmetically,
0:25:21 > 0:25:24there was a sinking feeling that comes with subsidence,
0:25:24 > 0:25:28and that "reaching for anything to cover the modesty" feeling
0:25:28 > 0:25:31that comes with having an open-plan bathroom.
0:25:33 > 0:25:36# We're against privacy
0:25:36 > 0:25:39# We're against privacy... #
0:25:41 > 0:25:44But like a modern-day Archimedes,
0:25:44 > 0:25:48it was while I was reclining in the tub that I had eureka moment.
0:25:48 > 0:25:50Why not lose the garage on the side
0:25:50 > 0:25:54and extend with a single brick double-storey?
0:25:57 > 0:26:00Potentially, bedroom number four is through that wall
0:26:00 > 0:26:03and above the garage, which would give you four bedrooms.
0:26:03 > 0:26:07I don't know why they've done this and it doesn't seem to work for me.
0:26:09 > 0:26:12An extension was exactly the plan for Duncan
0:26:12 > 0:26:13and his business partner, Mark,
0:26:13 > 0:26:16when they bought the property for £87,500.
0:26:16 > 0:26:20Duncan was keen to move away from being a footballer's chauffeur
0:26:20 > 0:26:23and drive forward property projects with Mark,
0:26:23 > 0:26:25who will be doing all the hands-on work.
0:26:25 > 0:26:29But whether they would be building a single- or double-storey extension
0:26:29 > 0:26:33or not would be down to planning and, of course, money.
0:26:36 > 0:26:42Yeah, if we get the initial go-ahead to change it to another lounge
0:26:42 > 0:26:45and we have to rebuild that and then freshen everything else up,
0:26:45 > 0:26:48- around about the 20,000 mark.- OK.
0:26:48 > 0:26:51If we were to go upstairs as well and put a double extension on,
0:26:51 > 0:26:54probably somewhere between 40 and 50.
0:26:54 > 0:26:56And that's something we would have to think about
0:26:56 > 0:26:59- because it's tying money up as well.- Of course.
0:27:04 > 0:27:08So, 11 months on, what would it be? A solitary single?
0:27:08 > 0:27:11Or double the pleasure? Let's find out.
0:27:11 > 0:27:13# The devil's double loving
0:27:13 > 0:27:15# Is what I'm gonna give to you
0:27:15 > 0:27:18# Oh! I'm gonna double up all my love
0:27:18 > 0:27:20# You're going to be satisfied! #
0:27:22 > 0:27:23Well, they've gone two-up.
0:27:23 > 0:27:27And, inside, a spacious ground floor dining area
0:27:27 > 0:27:28where the garage once was.
0:27:28 > 0:27:32Upstairs is a huge master bedroom and en suite.
0:27:34 > 0:27:37Well, we looked at whether to go single or double originally
0:27:37 > 0:27:40and we thought, if we're going to take down the structure
0:27:40 > 0:27:43that was there, we might as well put a double-storey extension on,
0:27:43 > 0:27:46partly because both properties either side
0:27:46 > 0:27:47have gone the double-storey route.
0:27:47 > 0:27:50The reason we went for four bedrooms in the end, obviously,
0:27:50 > 0:27:53we're trying to think about the space downstairs as well.
0:27:53 > 0:27:55You know, we do want to have too many bedrooms
0:27:55 > 0:27:58for the amount of living space you've got downstairs.
0:27:58 > 0:28:01We thought making a feature of the master bedroom
0:28:01 > 0:28:04with the really nice en suite was the right thing to do.
0:28:08 > 0:28:11And other things that are right, in my opinion,
0:28:11 > 0:28:14are losing the conservatory - that was on its last legs -
0:28:14 > 0:28:18and removing the walls give the brand-new kitchen more space.
0:28:21 > 0:28:25Additionally, the existing bedrooms have been completely updated,
0:28:25 > 0:28:29while the bathroom is now an office area with the new bathroom
0:28:29 > 0:28:33boasting the luxuries such as walls and a lockable door.
0:28:36 > 0:28:41But the one major challenge was addressing that subsidence.
0:28:41 > 0:28:43We did have some issues with the garage,
0:28:43 > 0:28:47the original garage that was there. There were some structural problems.
0:28:47 > 0:28:52Obviously, we took that down and then we've had to pile that area
0:28:52 > 0:28:54before we built the double-storey extension.
0:28:54 > 0:28:57So there's been quite a lot of work gone into that
0:28:57 > 0:28:59before anything you actually see above ground,
0:28:59 > 0:29:02but that's solved the issues now
0:29:02 > 0:29:05and there's a nice, steady structure there in place.
0:29:08 > 0:29:12Piling is when wood, steel or concrete is buried underground
0:29:12 > 0:29:16to create a secure base on which you can build.
0:29:16 > 0:29:18Often deeper than you would normally go,
0:29:18 > 0:29:20and I can tell you it's not cheap.
0:29:23 > 0:29:25With regard to the budget, yeah,
0:29:25 > 0:29:29we were thinking around the 40,000, maybe a little bit more.
0:29:29 > 0:29:31We have gone a bit beyond that,
0:29:31 > 0:29:34obviously with the piling that we had to do
0:29:34 > 0:29:37and the finish that we've gone to in the kitchen,
0:29:37 > 0:29:41the total spend is almost exactly 55,000.
0:29:42 > 0:29:45Whoa, whoa! That's a good bit over their budget.
0:29:45 > 0:29:48Finding a way to finance the extra work
0:29:48 > 0:29:50and waiting for planning permission for the extension
0:29:50 > 0:29:54has pushed their timescale from 9 months to 11 months.
0:29:54 > 0:29:57So is their plans still to sell on?
0:29:59 > 0:30:03I did, for a very short period, think about moving into it myself,
0:30:03 > 0:30:06with all the work that's gone into it.
0:30:06 > 0:30:08But I think it's more prudent at this stage
0:30:08 > 0:30:12to get it on the market and see what it can achieve.
0:30:14 > 0:30:17And to find out what it could achieve the market,
0:30:17 > 0:30:20we've called in two local estate agents
0:30:20 > 0:30:21for their thoughts and valuations.
0:30:25 > 0:30:27The way that they've opened up the ground floor
0:30:27 > 0:30:29will certainly appeal
0:30:29 > 0:30:32and I like the way that they've converted the garage space
0:30:32 > 0:30:34into an additional room which, of course,
0:30:34 > 0:30:37allows them to have a fourth bedroom on the first floor.
0:30:37 > 0:30:40There's been a lot of work carried out on the property
0:30:40 > 0:30:41but the layout now really works.
0:30:41 > 0:30:45To go from a three-bedroom property to a four
0:30:45 > 0:30:49is an excellent addition and should really go well on the open market.
0:30:50 > 0:30:54Duncan and Mark spent £87,500 buying the lopsided semi
0:30:54 > 0:30:58and 55 grand spent straightening it up and extending,
0:30:58 > 0:31:03meaning their total outlay is £142,500.
0:31:03 > 0:31:06How might it fare on the resale market?
0:31:12 > 0:31:14If I was placing this property onto the market,
0:31:14 > 0:31:17I'd be looking to achieve a figure of £150,000.
0:31:17 > 0:31:21If they were trying to sell in a reasonable timeframe
0:31:21 > 0:31:23and make it look competitive against other properties
0:31:23 > 0:31:25for sale on the road,
0:31:25 > 0:31:33I would suggest marketing this at a price between 140,000 and 145,000
0:31:33 > 0:31:36and realistically they should consider any offer
0:31:36 > 0:31:38that's over 130.
0:31:38 > 0:31:40That seems fairly low, really.
0:31:40 > 0:31:44We've had a couple of valuations of our own already.
0:31:44 > 0:31:47They've come in at around the 165, plus.
0:31:47 > 0:31:49So hopefully I think we can achieve
0:31:49 > 0:31:52a fair bit better than their estimates.
0:31:53 > 0:31:56If you take the valuation Duncan quoted,
0:31:56 > 0:32:00that would mean a potential pre-tax profit of £22,500.
0:32:00 > 0:32:03So hopefully they will achieve that profit
0:32:03 > 0:32:06but what else will they take on to their next project?
0:32:11 > 0:32:12We have learned some lessons.
0:32:12 > 0:32:15We didn't get the chance to view it inside before,
0:32:15 > 0:32:19but you know, all in all, it's all part of the learning curve,
0:32:19 > 0:32:22we'll come out of it with more experience
0:32:22 > 0:32:23and hopefully with a small profit
0:32:23 > 0:32:27so we can look at doing something else in the near future.
0:32:31 > 0:32:33Off to Cheshire now,
0:32:33 > 0:32:35and one of my favourite places at the moment
0:32:35 > 0:32:37for auctioned properties - Crewe.
0:32:37 > 0:32:39It's a town steeped in railway history.
0:32:39 > 0:32:43It boasts a huge stock of relatively affordable
0:32:43 > 0:32:45Edwardian and Victorian houses.
0:32:45 > 0:32:49Great for families to live in and attractive for investors.
0:32:50 > 0:32:54Well, a short walk from the town centre and the train station,
0:32:54 > 0:32:56opposite a children's play area,
0:32:56 > 0:33:00in a nice leafy, residential area is the property I'm here to see.
0:33:00 > 0:33:01So it's looking pretty good so far.
0:33:01 > 0:33:06£55,000 was the guide price - two-bed, mid terrace...
0:33:07 > 0:33:12I must've looked at hundreds of these houses and never tire of them.
0:33:12 > 0:33:14I love the red brick exterior
0:33:14 > 0:33:16and the design above the front door is very attractive
0:33:16 > 0:33:18and it looks in good nick.
0:33:20 > 0:33:23So, nice, elevated position. We like that.
0:33:23 > 0:33:26And quite an impression you get when you walk through the door.
0:33:26 > 0:33:30It's a slightly narrower corridor but it's quite grand in its own way.
0:33:30 > 0:33:32So, stairs up to your bedrooms there
0:33:32 > 0:33:35and then pretty decent-looking front sitting room.
0:33:35 > 0:33:38I love the bay window there, loads of light,
0:33:38 > 0:33:41the coving which is good. Still in existence.
0:33:41 > 0:33:46I mean, in its day, this would have been a middle management type house,
0:33:46 > 0:33:48probably someone who worked in the railway, perhaps,
0:33:48 > 0:33:51but, no, it's good, I like it.
0:33:51 > 0:33:53Rear living area here.
0:33:55 > 0:33:58There, by the looks of it, it starts to go a little bit wrong
0:33:58 > 0:34:01because. although this is OK, a few signs of damp here and there,
0:34:01 > 0:34:05to get to the kitchen, you kind of wiggle about and round
0:34:05 > 0:34:09and you end up in this kind of like thing at the back.
0:34:09 > 0:34:13Now this obviously needs completely renovating but...
0:34:13 > 0:34:14I wouldn't even bother
0:34:14 > 0:34:16because you need to do something more dramatic
0:34:16 > 0:34:19before you even start and that is take out that wall.
0:34:19 > 0:34:20Now, it's probably structural,
0:34:20 > 0:34:22so you need to put a steel beam across or whatever.
0:34:22 > 0:34:26But you can't have that wiggle because it just doesn't work.
0:34:26 > 0:34:29Right, there you go. Good start, though.
0:34:32 > 0:34:36One thing that becomes very apparent when wondering around this house
0:34:36 > 0:34:40are the electric cables strung out all over the place.
0:34:40 > 0:34:44The previous owner has opted to go for surface-mounted cabling
0:34:44 > 0:34:47and whilst this isn't illegal or necessarily dangerous
0:34:47 > 0:34:49when properly installed and protected,
0:34:49 > 0:34:52I'm not sure how safe this lot is.
0:34:54 > 0:34:59So upstairs and a sort of feeling of space continues.
0:34:59 > 0:35:02Bathroom there, it's a good size.
0:35:02 > 0:35:04I wonder if that originally was a bedroom or something like that
0:35:04 > 0:35:06because, I don't know, you might have thought
0:35:06 > 0:35:09that might have been downstairs, but anyway, it is only two bedrooms.
0:35:09 > 0:35:11But I like the fact that they're two really nice-sized bedrooms.
0:35:11 > 0:35:12One at the back here.
0:35:12 > 0:35:16Absolutely... Well, huge, actually, by modern standards for sure.
0:35:16 > 0:35:18This nice little landing area,
0:35:18 > 0:35:20leading through to your front bedroom.
0:35:20 > 0:35:26Loads of light coming in here and, yeah, again, loads of space,
0:35:26 > 0:35:30some original features with fireplaces and that kind of thing.
0:35:30 > 0:35:32I'm looking at this - you've got two windows in here,
0:35:32 > 0:35:34so there might be some way you could maybe be re-jiggle
0:35:34 > 0:35:36the configuration up here to move the bathroom
0:35:36 > 0:35:39and maybe create a third bedroom, shift the bathroom over here.
0:35:39 > 0:35:41I don't think I'd bother. I like it as it is.
0:35:41 > 0:35:43It's well proportioned and, to me, it just works.
0:35:43 > 0:35:46All in all, it's a lovely house.
0:35:49 > 0:35:51The indoor spaces may be well proportioned,
0:35:51 > 0:35:53but what will I find outside?
0:35:55 > 0:35:57So out the back of the property
0:35:57 > 0:35:59and a really nice surprise, actually.
0:35:59 > 0:36:01A good-sized garden, we'll come to the minute.
0:36:01 > 0:36:04But first is this little, sort of, lean-to porchy thing going on.
0:36:04 > 0:36:06That's seen better days.
0:36:06 > 0:36:08You'd want either replace that, take it down,
0:36:08 > 0:36:11or maybe think about building some kind of extension
0:36:11 > 0:36:15at the back here as, indeed, the neighbours look like they've done.
0:36:15 > 0:36:16It's certainly something to consider.
0:36:16 > 0:36:19But, as I said, rear garden, mostly laid to flags -
0:36:19 > 0:36:21obviously somebody spent quite a lot of money here.
0:36:21 > 0:36:23This little raised area's quite pleasant,
0:36:23 > 0:36:27with the little garden shed, and it's all quite good.
0:36:33 > 0:36:35What on earth do you think that is?
0:36:35 > 0:36:38It's some kind of a gate. Well, obviously. But for what?
0:36:40 > 0:36:42Pet rabbit? Well, that would jump out of the top.
0:36:42 > 0:36:43Guinea pig? Likewise.
0:36:45 > 0:36:50I have absolutely no idea what that would keep in.
0:36:50 > 0:36:52But if you have one of those things, it's perfect.
0:36:52 > 0:36:54It's all ready for you.
0:36:54 > 0:36:58# Open the gate up
0:36:58 > 0:37:01# Open the gate up... #
0:37:01 > 0:37:05It's time to get some wisdom from a local property expert.
0:37:05 > 0:37:08Remember this house is guided at 55,000.
0:37:08 > 0:37:11So how much could it be worth once renovated?
0:37:11 > 0:37:13I would imagine this house would sell
0:37:13 > 0:37:16for somewhere near £115,000 - £120,000.
0:37:16 > 0:37:19And if placed on the rental market?
0:37:20 > 0:37:25I think that the rental figure may be around £500 to £550
0:37:25 > 0:37:27per calendar month.
0:37:28 > 0:37:32Well, I don't know about you but, for £55,000,
0:37:32 > 0:37:35I think this is an absolutely cracking little buy.
0:37:35 > 0:37:38Great house, lots of space, leads a bit of work but so what?
0:37:38 > 0:37:41Good location. Yeah, a no-brainer.
0:37:41 > 0:37:44Let's see who agreed when it went under the hammer.
0:37:44 > 0:37:47Mid-terraced house, two double bedrooms, gardens front and rear.
0:37:47 > 0:37:50What's this? 40 to start me on this one.
0:37:50 > 0:37:5340 to start. 40 bid, thank you. Took it standing.
0:37:53 > 0:37:5940, 42, 44, 46, 48...
0:37:59 > 0:38:02There was a lot of interest in this one and bidding was brisk.
0:38:02 > 0:38:05We re-join the auction at £78,000.
0:38:05 > 0:38:1078, 78.5, 79.
0:38:11 > 0:38:14No? That's 79 right against the back wall at £79,000.
0:38:14 > 0:38:17Do I have 500 anywhere else?
0:38:17 > 0:38:23If not, 79, 79.5, 80, 80... No? Sure?
0:38:23 > 0:38:25£80,000 then against the back wall.
0:38:25 > 0:38:29£80,000 once, £80,000 twice.
0:38:29 > 0:38:32Third and last time, £80,000...
0:38:32 > 0:38:35- GAVEL BANGS - Your lot, sir. Well done.
0:38:35 > 0:38:37That bid was made by warehouse worker Tim,
0:38:37 > 0:38:40who was at the auction bidding 80,000
0:38:40 > 0:38:42on behalf of himself and his brother, Chris.
0:38:43 > 0:38:46They, like many, are interested in property developing
0:38:46 > 0:38:49to make a better return on their savings,
0:38:49 > 0:38:53so I met up with them to find out what their plans are for this house.
0:38:54 > 0:38:58- Chris, Tim. Great to meet you both. - Likewise.- Congratulations.
0:38:58 > 0:39:01Tell me why you wanted to buy this place.
0:39:01 > 0:39:03It was a nice big, old Victorian house.
0:39:03 > 0:39:06and we wanted to rent it out and that was about it, really.
0:39:06 > 0:39:09- And that's the plan. Is this something you do?- No.
0:39:09 > 0:39:11I'm a computer engineer and Tim...
0:39:11 > 0:39:14- Warehouse worker at the moment. - Right, OK. Brilliant.
0:39:14 > 0:39:18- This is the first venture together then, is it?- Absolutely, yes.
0:39:18 > 0:39:21We haven't done this before so this might try our, sort of,
0:39:21 > 0:39:26- friendship and brotherlyness. - Really?- Almost certainly.
0:39:26 > 0:39:28- We're coming to blows already, I think.- Really?!
0:39:28 > 0:39:32Over whether to do the pointing, of all things.
0:39:32 > 0:39:35Wow, yeah, not many arguments about pointing, generally.
0:39:35 > 0:39:37What's up with the pointing issue?
0:39:37 > 0:39:39There's just a little bit at the back that needs doing
0:39:39 > 0:39:42but they want to spend as much money as they can already.
0:39:42 > 0:39:46- Who?- My brother.- Ah.
0:39:46 > 0:39:48- So are you the spendthrift then? - Yes.
0:39:48 > 0:39:51I think I'm going to be the one keeping the purse strings.
0:39:53 > 0:39:56While Chris keeps hold of the purse strings,
0:39:56 > 0:39:57Tim, who used to be an engineer,
0:39:57 > 0:40:00will undoubtedly have some handy skills.
0:40:00 > 0:40:02However, as yet, the brothers are not entirely sure
0:40:02 > 0:40:06how far they will go with renovating their first property.
0:40:09 > 0:40:12It's not too much to do but there's a little bit of an option
0:40:12 > 0:40:15to maybe do the loft or there's potential
0:40:15 > 0:40:17- for outdoor parking is well.- Sure.
0:40:17 > 0:40:19So if we really want to do the minimum,
0:40:19 > 0:40:22we can just wallop the walls and do the kitchen and bathroom...
0:40:22 > 0:40:23Wallop the walls?
0:40:23 > 0:40:27- Well, paint and decorate it.- It's a technical term, yes. I like wallop.
0:40:27 > 0:40:30Wallop's good. Excellent. So what's the plan for it?
0:40:30 > 0:40:33Is it to do it up and sell it on, or rent it out or...
0:40:33 > 0:40:36At the moment, it's do it up to rent out at the moment
0:40:36 > 0:40:39and then there's a possibility to sell later on.
0:40:39 > 0:40:41So let's talk through the renovation plans.
0:40:41 > 0:40:43What are you doing going to do?
0:40:43 > 0:40:47Like I say, we're probably going to just decorate throughout,
0:40:47 > 0:40:51new kitchen, new bathroom. Oh, and the electrics as well.
0:40:51 > 0:40:53- Oh. The electrics are a nightmare, aren't they?- Yeah.
0:40:53 > 0:40:55- They're in a bit of a state. - So that's a full rewire then?
0:40:55 > 0:40:57Well, we'll see, but I think so, yeah.
0:40:57 > 0:41:00You've got to get rid of the surface mounted cabling, haven't you?
0:41:00 > 0:41:03- Absolutely.- And then keeping the layout pretty much as it is?
0:41:03 > 0:41:06I mean, you've got this wiggle to get through the kitchen and...
0:41:06 > 0:41:08Yeah, there's a few options in terms of that,
0:41:08 > 0:41:10cos we haven't really decided yet.
0:41:10 > 0:41:13There's sort of two options to... That first plan, sort of,
0:41:13 > 0:41:16just do it all up to a reasonable level
0:41:16 > 0:41:18and then there's the option to move the door at the back of the house
0:41:18 > 0:41:22- and then perhaps have a better-shaped kitchen.- Right.
0:41:22 > 0:41:23Open it all up.
0:41:23 > 0:41:26That would be lovely. Are you both practical? Handy?
0:41:26 > 0:41:30- Yeah.- I'm not. But this one... - I'll get stuck into it.
0:41:30 > 0:41:34- He's a dab hand with a hammer. - But you're a bit more hands-off?
0:41:34 > 0:41:37Yeah, I don't know. I'd quite like to get involved
0:41:37 > 0:41:40but it's just never been something I've been able to do.
0:41:40 > 0:41:42Now is the time, perhaps.
0:41:42 > 0:41:45There'll be a lot of help from family and friends,
0:41:45 > 0:41:47no doubt, and I think quite a few people have pledged,
0:41:47 > 0:41:49your side of the family.
0:41:49 > 0:41:52Yeah. I've got my girlfriend's family, have all said
0:41:52 > 0:41:54that they want to do something as well, so that would be good.
0:41:54 > 0:41:57- Oh, great! Fantastic. - A lot of hands, hopefully.
0:41:57 > 0:41:59For sure. So what's the budget?
0:41:59 > 0:42:03We said between 5,000 to 6,000, I think, for the remedial work.
0:42:03 > 0:42:05Right. That's not including...
0:42:05 > 0:42:07Is that including kitchens and bathrooms and things?
0:42:07 > 0:42:11- We're trying to squeeze into that sort of frame...- And electrics?
0:42:11 > 0:42:14Yeah. Maybe... More towards 7 to 8.
0:42:16 > 0:42:19- OK.- It's the first time. We'll soon find out.
0:42:19 > 0:42:20And what about timescale?
0:42:20 > 0:42:24- We're hoping probably between two to three months.- OK.
0:42:24 > 0:42:26So, cos it's first-time, again,
0:42:26 > 0:42:29we might need a little bit of time to get our heads around it all
0:42:29 > 0:42:30- and get going.- Yeah.
0:42:30 > 0:42:33- Well, listen, congratulations. Good luck with it.- Thank you.
0:42:33 > 0:42:35- Nice to meet you both. - Much appreciated.- Thank you.
0:42:35 > 0:42:37And looking forward to seeing how you get on.
0:42:37 > 0:42:40So brothers Tim and Chris embarking on
0:42:40 > 0:42:43their first property renovation venture together.
0:42:43 > 0:42:44How will they get on?
0:42:44 > 0:42:47How will THEY get on?
0:42:47 > 0:42:49You can find out later in the show.
0:42:53 > 0:42:55Well we've seen how one of the properties turned out
0:42:55 > 0:42:57but what about the other two?
0:42:57 > 0:42:59Yeah, will they be laughing all the way to the bank?
0:42:59 > 0:43:01Or wishing they haven't even bothered bidding?
0:43:01 > 0:43:02Let's find out.
0:43:06 > 0:43:09'Well, space is something essential in every property
0:43:09 > 0:43:13'and we saw a lot of it earlier in this ground floor flat
0:43:13 > 0:43:16'in the seaside town of Herne Bay in Kent.
0:43:16 > 0:43:21'The guide price of £70,000 to £72,000 for a vast living room,
0:43:21 > 0:43:25'a big bedroom, and a huge bathroom had me hollering...'
0:43:25 > 0:43:29I'm almost having to show to the cameraman at the end there!
0:43:29 > 0:43:32'..and a kitchen big enough for a banquet.
0:43:32 > 0:43:36'Its history as a fruit and veg shop and then a hairdressers
0:43:36 > 0:43:39'was evident in some of the decor but I wondered
0:43:39 > 0:43:42'if you could trim the space to become a two-bed.'
0:43:43 > 0:43:47# It takes two when it used to take one
0:43:49 > 0:43:54# It takes two when it used to take only one... #
0:43:54 > 0:43:57'Couple Mark and Fiona added it to their rental portfolio
0:43:57 > 0:44:00'with a 75 grand auction purchase
0:44:00 > 0:44:03'and were undecided about making one into two.'
0:44:04 > 0:44:06At what point are you going to make the decision
0:44:06 > 0:44:08whether this is going to be a one-bedroom flat
0:44:08 > 0:44:10or a two-bedroom flat?
0:44:10 > 0:44:13Shall we make it now? Come on, let's make it now. On the telly.
0:44:13 > 0:44:16What do you reckon?
0:44:16 > 0:44:18I think we're going to leave it as it is.
0:44:20 > 0:44:23'In which case it would call for a simple refurb
0:44:23 > 0:44:25'and both of them had a role to play.'
0:44:25 > 0:44:28Actually, I like smashing things around as well, actually.
0:44:28 > 0:44:32You like to do that bit and then you like to swan off
0:44:32 > 0:44:36and then I like to do the painting and decorating.
0:44:36 > 0:44:38You looked shocked by that answer.
0:44:38 > 0:44:40Do you like to swan off?
0:44:40 > 0:44:44- Well, if I can.- Obviously.
0:44:44 > 0:44:47Well, Mark had a budget of £10,000
0:44:47 > 0:44:51and a four-to-five-week timescale to change this from ugly duckling
0:44:51 > 0:44:55to sleek cygnet and six weeks later, we're back.
0:44:55 > 0:44:57So let's have a look and pay tribute
0:44:57 > 0:45:01to what Fiona thinks is Mark's favourite pastime.
0:45:02 > 0:45:07# Hear my swansong
0:45:09 > 0:45:14# It was my mistake... #
0:45:14 > 0:45:16Well, there's been no swanning about here -
0:45:16 > 0:45:19both the living room and the bedroom have lost those office-style
0:45:19 > 0:45:22ceiling tiles and are much better for it.
0:45:22 > 0:45:25But through the back is proof that Mark doesn't scarper from
0:45:25 > 0:45:28a potentially tough job. Using space from the kitchen,
0:45:28 > 0:45:32they haven't created a second bedroom, but instead, an office.
0:45:32 > 0:45:34Albeit unfinished.
0:45:38 > 0:45:43We discussed it and we kept throwing ideas into what we could do
0:45:43 > 0:45:45and we decided to make the kitchen smaller,
0:45:45 > 0:45:49cos the kitchen is quite large.
0:45:49 > 0:45:51And then we've made another room,
0:45:51 > 0:45:54so it could be somebody's office if they wanted it as an office.
0:45:54 > 0:45:58And it's made it more, more inviting, really.
0:45:58 > 0:46:01Research certainly paid off the set for the couple,
0:46:01 > 0:46:05as they realised a second bedroom matter had much rental value,
0:46:05 > 0:46:09but an office area might attract a professional couple as tenants.
0:46:09 > 0:46:12And what remains of the kitchen is fantastic.
0:46:19 > 0:46:22Right, so, as you can see, there used to be a wall here with
0:46:22 > 0:46:27the door going through to where the water heater was.
0:46:27 > 0:46:30We've taken that out completely, built the new wall,
0:46:30 > 0:46:34with borrowed lights in to get some natural light in there.
0:46:34 > 0:46:39And then we put all the new units in, which look very nice I think,
0:46:39 > 0:46:43with a new extractor, which is extracting to the outside.
0:46:43 > 0:46:45New oven.
0:46:45 > 0:46:51And then painted it with a nice colour to complement the units,
0:46:51 > 0:46:53with a nice light grey floor.
0:46:53 > 0:46:56Very happy with the way the kitchen has turned out.
0:46:56 > 0:46:59It's certainly different to how it was before.
0:47:00 > 0:47:03It's very nice. Very pleased.
0:47:03 > 0:47:06This property remains very angular, but, thankfully,
0:47:06 > 0:47:09Fiona and Mark have also reshaped the bathroom, losing a bit
0:47:09 > 0:47:13of space and adding some curve to the property that geometry forgot.
0:47:15 > 0:47:19And despite adding a new bathroom and kitchen, plus creating an extra
0:47:19 > 0:47:25room and having gas installed, the couple have only spent £9,200.
0:47:25 > 0:47:28A bit under their ten grand budget.
0:47:28 > 0:47:30They've taken six weeks to do the work,
0:47:30 > 0:47:34with getting the gas sorted out causing them a little delay.
0:47:34 > 0:47:37But has Mark been swanning around?
0:47:39 > 0:47:41Well, I've got a qualification in swanning off,
0:47:41 > 0:47:44so I've definitely done a lot of that.
0:47:44 > 0:47:45I'll agreed there.
0:47:47 > 0:47:52No, I've done most of the major construction work
0:47:52 > 0:47:56- and you've done lots of the, 95% the decorating.- Yes.
0:47:56 > 0:48:01Obviously, we've had electricians in to do the electrical.
0:48:01 > 0:48:04The gas man in to do the gas and heating.
0:48:04 > 0:48:06Sounds like teamwork.
0:48:06 > 0:48:09Have they enjoyed working together?
0:48:09 > 0:48:11- I think we've worked well together. - Generally, we work well.
0:48:11 > 0:48:14- Yeah.- As long as she does what I say, then it's fine.
0:48:14 > 0:48:18And as long as he doesn't pick the paintbrush up.
0:48:18 > 0:48:21Ha! She's teasing.
0:48:21 > 0:48:24A little bird told me that Mark painted the outside of the building.
0:48:24 > 0:48:27We've asked along the agent that saw it before the renovation
0:48:27 > 0:48:30for his thoughts on the changes outside and in.
0:48:32 > 0:48:36Having looked around, I think the changes are very good.
0:48:36 > 0:48:38Yes, it's the best I've seen it.
0:48:38 > 0:48:41I particularly like about the flat the way it is spread out.
0:48:41 > 0:48:44I think the accommodation is nice, it's spacious,
0:48:44 > 0:48:48fairly light actually - considering there's not a lot of windows.
0:48:48 > 0:48:50It's a neat and tidy flat.
0:48:50 > 0:48:54The couple have spent roughly £84,000 and the agent thinks
0:48:54 > 0:48:59it could sell for a top value of £115,000.
0:48:59 > 0:49:03Giving them a potential £31,000 pre-tax profit.
0:49:03 > 0:49:05But the couple are set on renting.
0:49:05 > 0:49:07So, what kind of figures can they expect?
0:49:09 > 0:49:12There is a great demand for flats at the moment.
0:49:12 > 0:49:14So, there shouldn't be any problem with renting it.
0:49:14 > 0:49:18In pounds per calendar month, this property would rent for £650.
0:49:18 > 0:49:21Possibly a bit more with the shortage.
0:49:21 > 0:49:25I think 650 is very reasonable, but we're very fortunate,
0:49:25 > 0:49:29we've already got a tenant and we've achieved £700.
0:49:29 > 0:49:32We've signed them up and they're moving in
0:49:32 > 0:49:33in a week and a half's time.
0:49:33 > 0:49:40Well, that is great, cos £700 a month gives them a 10% yield.
0:49:40 > 0:49:43Fiona and Mark have had several people keen to rent this flat,
0:49:43 > 0:49:45so, as landlords,
0:49:45 > 0:49:48they've been able to be selective in this competitive market.
0:49:48 > 0:49:51With one prospective tenant offering even more than
0:49:51 > 0:49:53the £700 they've achieved.
0:49:57 > 0:50:00The disadvantage of everything was he had a cat,
0:50:00 > 0:50:02so we did say no on that instance.
0:50:02 > 0:50:05So, you could say, well, he was going to pay more.
0:50:05 > 0:50:08It would've been great, but as it is,
0:50:08 > 0:50:12we'd rather have the correct tenant for our correct property.
0:50:12 > 0:50:18Well, cat or no cat, this flat is purr-fect.
0:50:18 > 0:50:20Sorry, I just couldn't resist that.
0:50:28 > 0:50:32Back to Crewe in Cheshire where I saw this two-bed, mid-terrace,
0:50:32 > 0:50:36guided at a fairly affordable sounding £55,000.
0:50:36 > 0:50:41It was a solid enough property, but it did have definite layout issues.
0:50:42 > 0:50:46To get the kitchen, you kind of wiggle about and round
0:50:46 > 0:50:50and you end up in this, like, thing at the back.
0:50:51 > 0:50:53As well as the confusing configuration,
0:50:53 > 0:50:57the property also suffered from some worrying wiring,
0:50:57 > 0:50:59with the majority of it being surface mounted.
0:51:02 > 0:51:0540 to start. 40 bid, thank you.
0:51:05 > 0:51:07None of this, however, put off the bidders on auction day,
0:51:07 > 0:51:10as the property flew past its guide price.
0:51:10 > 0:51:13For the third and last time, £80,000...
0:51:13 > 0:51:16Your lot, sir. Well done.
0:51:16 > 0:51:23# Hey, brother, there's an endless road to rediscover. #
0:51:25 > 0:51:29It was bought for £25,000 over the guide price for 80 grand,
0:51:29 > 0:51:32by renovation rookies and brothers Tim and Chris.
0:51:32 > 0:51:35Unfortunately, there are fledgling partnership didn't get off to
0:51:35 > 0:51:37the best of starts.
0:51:39 > 0:51:41- We are coming to blows already I think.- Really?
0:51:41 > 0:51:44- Over whether to do the pointing. - Oh.- Of all things.
0:51:44 > 0:51:48Wow, yeah, not any arguments about pointing generally.
0:51:48 > 0:51:50As well as that sibling bickering,
0:51:50 > 0:51:53their ideas on budget had me worried.
0:51:53 > 0:51:56We said between 5,000 to 6,000, I think, for remedial work.
0:51:56 > 0:51:58Right, that's not including...
0:51:58 > 0:52:00Is that including kitchens and bathrooms and things?
0:52:00 > 0:52:03We are trying to squeeze it into that sort of frame, but it...
0:52:03 > 0:52:05And electrics?
0:52:05 > 0:52:09Yeah, it may be more towards 7,000 to 8,000.
0:52:09 > 0:52:12The boys had given themselves two to three months to make this
0:52:12 > 0:52:15terrace terrific and ready for the rental market.
0:52:18 > 0:52:21Well it's now just under two years later and we've returned
0:52:21 > 0:52:25to see if Tim and Chris' maiden venture has been a success.
0:52:38 > 0:52:42By creating a new, non-wiggle entrance to the kitchen,
0:52:42 > 0:52:45they've made a more spacious and light-filled area.
0:52:45 > 0:52:47Plus, they've done away with the makeshift lean-to
0:52:47 > 0:52:52and have fitted French doors leading out to the rear of the property.
0:52:52 > 0:52:55This means the rear sitting room is also much brighter
0:52:55 > 0:52:57and more welcoming.
0:52:57 > 0:52:58Throughout the property,
0:52:58 > 0:53:02Tim and Chris have decorated to a high standard, breathing new
0:53:02 > 0:53:06life into it, while also maintaining some of its original features.
0:53:11 > 0:53:15I'm happy to report that all that ugly surface wiring
0:53:15 > 0:53:18has been rendered invisible after a full rewire.
0:53:23 > 0:53:27Upstairs, a brand-new bathroom suite makes a big difference
0:53:27 > 0:53:31and the two-bedrooms are now bright and breezy with an excellent finish.
0:53:42 > 0:53:43Out the back, not much has changed,
0:53:43 > 0:53:46apart from the removal of that shabby lean-to.
0:53:48 > 0:53:52So, the boys have done a cracking job on their first property,
0:53:52 > 0:53:55but it has definitely been something of a learning curve.
0:53:57 > 0:54:02I think the main problem was just organising workmen
0:54:02 > 0:54:04and getting everything in order.
0:54:04 > 0:54:07There was the plastering that we did.
0:54:07 > 0:54:10- Working around our full-time jobs as well.- Yeah.
0:54:10 > 0:54:12It was a lot of work to be done.
0:54:12 > 0:54:15And, yeah, trying to work it in around a full-time job
0:54:15 > 0:54:18- and you just had a little baby boy.- Yeah.
0:54:18 > 0:54:19So, that took up a lot of time.
0:54:19 > 0:54:23My partner had to back to work as well,
0:54:23 > 0:54:26so I lost out on time after we had recently bought it.
0:54:26 > 0:54:28It was a lot of fun.
0:54:28 > 0:54:32Well, life can get in the way sometimes.
0:54:32 > 0:54:34But with nearly two years having passed,
0:54:34 > 0:54:38if I was worried about their budget before, now I'm really worried.
0:54:41 > 0:54:45In terms of spending, we've gone a little bit over budget.
0:54:45 > 0:54:49Obviously, we wanted to make sure that the kitchen was done properly.
0:54:49 > 0:54:51The bathroom as well.
0:54:51 > 0:54:54And with the plaster being in such bad condition,
0:54:54 > 0:54:57we thought it would be a good idea to just do the whole house,
0:54:57 > 0:55:00rather than waste around getting one or two rooms done
0:55:00 > 0:55:03and then finding the other rooms giving us problems at a later date.
0:55:03 > 0:55:10So, in terms of costs, I think we're about £10,300 all in.
0:55:10 > 0:55:12So, that's not too much over budget.
0:55:12 > 0:55:15Still, I think the money is worthwhile spending just to
0:55:15 > 0:55:19make sure it stays in good condition for as long as we'd like.
0:55:19 > 0:55:22Phew! That could have been a lot worse.
0:55:22 > 0:55:24And I think they are right.
0:55:24 > 0:55:28If they're going to rent it out, heading any potential problems off
0:55:28 > 0:55:32at the beginning by doing a thorough job can save a lot of hassle later.
0:55:32 > 0:55:35So, what's the plan for the property now?
0:55:37 > 0:55:39Probably rent it out for a fair few years
0:55:39 > 0:55:42- and then possibly sell it in the future.- Yeah.
0:55:42 > 0:55:44Oh, and the pointing question.
0:55:44 > 0:55:46Well, it was Chris that wanted to do it
0:55:46 > 0:55:49and started off the argument between the brothers.
0:55:49 > 0:55:53So, who won that argument in the end?
0:55:53 > 0:55:55Well, some re-pointing has been done
0:55:55 > 0:55:57and the brothers are back on peaceful terms.
0:56:03 > 0:56:07So, in total, Tim and Chris have spent just over 90,000 on
0:56:07 > 0:56:10this property and with an eye on the rental market,
0:56:10 > 0:56:13it will be interesting to hear the opinions of two local estate agents.
0:56:13 > 0:56:17Starting with the agent who saw it originally.
0:56:17 > 0:56:20I think it's really beneficial the way they've change the layout,
0:56:20 > 0:56:23because, originally, there were two doors in the kitchen.
0:56:23 > 0:56:25And with it being quite a small kitchen,
0:56:25 > 0:56:28it was restricting the number of units that could be put in here.
0:56:28 > 0:56:30So, I think they've made it flow a lot better.
0:56:30 > 0:56:32I think they've done a really nice job on this property.
0:56:32 > 0:56:34It's really light and bright.
0:56:34 > 0:56:36They've done it quite modern,
0:56:36 > 0:56:39so I think it'll really appealed to a young couple or even an investor.
0:56:39 > 0:56:42There is a big demand for properties that are in
0:56:42 > 0:56:45a ready to move into condition and this one is pristine throughout.
0:56:45 > 0:56:47No expense has been spared and they've done everything
0:56:47 > 0:56:49to the property to make sure it looks its best.
0:56:49 > 0:56:52There would be an excellent demand for this property,
0:56:52 > 0:56:54should it go to the open market.
0:56:54 > 0:56:58And the agents think it could sell for a top figure of £105,000.
0:56:58 > 0:57:03Potentially giving the brothers a profit of £14,700,
0:57:03 > 0:57:05minus taxes and expenses.
0:57:05 > 0:57:08While this is a decent profit, remember,
0:57:08 > 0:57:11it's taken two years to get this stage and the market hasn't
0:57:11 > 0:57:15boosted their profits much in that time.
0:57:15 > 0:57:19The agent who first saw the property advises that although the market
0:57:19 > 0:57:24is busy in the area, that's not been reflected by an increase in prices.
0:57:24 > 0:57:27So, is the rental market the better route in her view?
0:57:29 > 0:57:31To put this onto the rental market,
0:57:31 > 0:57:34I would put it on at somewhere between £475 and £500
0:57:34 > 0:57:35per calendar month.
0:57:35 > 0:57:38From a rental point of view, I think we'd be looking around about
0:57:38 > 0:57:42the 500, maybe £525 per calendar month.
0:57:43 > 0:57:46Yeah, 525 sounds like excellent.
0:57:46 > 0:57:48Yeah, sounds about right.
0:57:48 > 0:57:50If they did achieve that top rental figure,
0:57:50 > 0:57:54then that would give them a yield of just under 7%, which is respectable.
0:57:54 > 0:57:59And since they plan to rent, all is well that finally ends well.
0:57:59 > 0:58:01But with little differences along the way,
0:58:01 > 0:58:03will they be working together again soon?
0:58:04 > 0:58:06Yeah, it's worked out well.
0:58:06 > 0:58:08- It's fine.- Yeah, it's been OK.
0:58:08 > 0:58:10A few little disagreements, but nothing too serious.
0:58:10 > 0:58:13- We managed to get along. - We got through it OK.
0:58:13 > 0:58:16I'm still standing next to him now, aren't I?
0:58:19 > 0:58:22Well, we hope you've learned some lessons from the stories
0:58:22 > 0:58:23you've seen today.
0:58:23 > 0:58:25Perhaps we given you a little inspiration.
0:58:25 > 0:58:28- Or, perhaps, we've put you off for good.- Yes.
0:58:28 > 0:58:30Whatever, make sure you join us next time for more
0:58:30 > 0:58:33- Homes Under The Hammer. - Goodbye.- Bye-bye!- Bye.