Episode 37

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0:00:03 > 0:00:04Hello and welcome to the show.

0:00:04 > 0:00:06Now, investing in property can be a nerve-racking affair,

0:00:06 > 0:00:09especially if you haven't done it before.

0:00:09 > 0:00:11Yes, but if you do your research and get the right advice,

0:00:11 > 0:00:13things might not seem as intimidating.

0:00:13 > 0:00:15Yes, and one place you could find your next project is

0:00:15 > 0:00:17at your local auction house.

0:00:17 > 0:00:21You never know, you may buy your next home under the hammer.

0:00:47 > 0:00:50Auctions can give you so many choices

0:00:50 > 0:00:52it's easy to get overwhelmed.

0:00:52 > 0:00:55Yes, the trick is to stay focused, make a plan

0:00:55 > 0:00:57and don't deviate from it.

0:00:57 > 0:01:00Mm-hm. And what choices did our buyers make? Let's find out.

0:01:02 > 0:01:04It's top floor day today.

0:01:04 > 0:01:07In Greenock, Scotland, I see an attic flat

0:01:07 > 0:01:08that takes my breath away.

0:01:08 > 0:01:11Boy, that did take it out of me.

0:01:12 > 0:01:14Yes, Lucy, it can be tough at the top.

0:01:14 > 0:01:17But this top floor flat in East Dulwich, south London,

0:01:17 > 0:01:18left me floored.

0:01:19 > 0:01:20The first thing I notice...

0:01:20 > 0:01:22THUD

0:01:22 > 0:01:26I need to be brought back down to Earth in this three storey house

0:01:26 > 0:01:27in Sutton-in-Ashfield, Nottinghamshire.

0:01:27 > 0:01:32I'm going to tackle the stairs again and get to the third floor. Phew!

0:01:32 > 0:01:35All these properties have been sold at auction.

0:01:35 > 0:01:37We'll find out who bought them and what they paid for them

0:01:37 > 0:01:39when they went under the hammer.

0:01:39 > 0:01:41Sold, 300,000.

0:01:48 > 0:01:50Sitting on the banks of the River Clyde,

0:01:50 > 0:01:53Greenock has long been associated with shipping,

0:01:53 > 0:01:55and the sight of the town shores

0:01:55 > 0:01:59would have welcomed many a sailor as they headed for Glasgow,

0:01:59 > 0:02:02which sits just 30 miles further up the river.

0:02:02 > 0:02:04Greenock boasts James Watt,

0:02:04 > 0:02:08inventor of the steam engine, as one of its most famous sons.

0:02:08 > 0:02:11So it's a town that claims more than a little fame

0:02:11 > 0:02:12in its industrial past.

0:02:14 > 0:02:18Just a ten-minute walk from one of Greenock's main railway stations

0:02:18 > 0:02:22and I find myself on this rather attractive residential street

0:02:22 > 0:02:24of beautiful old tenement buildings.

0:02:24 > 0:02:29Now, the property I'm here to see is a two-bed period flat and

0:02:29 > 0:02:34it had a guide price of ?35,000-?40,000.

0:02:34 > 0:02:38And it's right here. Well, actually, it's right the way up here.

0:02:40 > 0:02:42Oh! Better get a move on.

0:02:44 > 0:02:48The flat is way up in the attic, so bear with me.

0:02:48 > 0:02:50Now, the communal close, as it's called in Scotland,

0:02:50 > 0:02:54has some lovely features and looks reasonably well kept.

0:02:54 > 0:02:57But outside, the attic windows have been facing the elements.

0:02:57 > 0:03:00This is going to need a painter with a head for heights

0:03:00 > 0:03:03who is also very fit.

0:03:03 > 0:03:05There are eight flats in the block

0:03:05 > 0:03:07and there is a shared garden to the back.

0:03:11 > 0:03:14Boy, that did take it out of me.

0:03:14 > 0:03:18You've got to be pretty fit to get up all those stairs,

0:03:18 > 0:03:20and this flat is right at the top.

0:03:20 > 0:03:22That's quite a lot of stairs to climb.

0:03:22 > 0:03:26So I'm thinking the elderly, parents, prams,

0:03:26 > 0:03:29this is going to be a difficult flat.

0:03:29 > 0:03:30It's not going to be for everybody.

0:03:30 > 0:03:34But what a surprise when you come in, because it's fantastic.

0:03:34 > 0:03:38Look at the ceiling height. This amazing hallway.

0:03:38 > 0:03:39So what have we got?

0:03:39 > 0:03:42Bathroom there. Really nice sitting room.

0:03:42 > 0:03:44You can see we're obviously on the top floor

0:03:44 > 0:03:45because there's eaves everywhere.

0:03:45 > 0:03:47It's got a certain amount of character.

0:03:47 > 0:03:50Bedroom through there, potentially. What's this?

0:03:50 > 0:03:52It's like a saloon bar kitchen.

0:03:52 > 0:03:56You expect a cowboy to walk out of there. Bit disappointing in here.

0:03:56 > 0:03:59Come and have a look, because there's no window

0:03:59 > 0:04:02so it's almost been slotted between the two rooms.

0:04:02 > 0:04:05Great size but you couldn't actually get a table in here.

0:04:05 > 0:04:09I know how I like to live and that's chatting and cooking to my guests.

0:04:09 > 0:04:12I think originally this would have been the kitchen.

0:04:12 > 0:04:15Bit of a telltale sign. Maybe a cooker was there.

0:04:15 > 0:04:16You could...

0:04:16 > 0:04:17THUD

0:04:17 > 0:04:19Yes, you could get rid of that.

0:04:19 > 0:04:22I know I love knocking walls down. That's a partition.

0:04:22 > 0:04:23That could come out.

0:04:23 > 0:04:27You could have your sofa along here. Nice big table along there.

0:04:27 > 0:04:29Your flatscreen on the back wall.

0:04:29 > 0:04:32So you could still have a sort of kitchen living area.

0:04:32 > 0:04:36Or of course you could convert one of the other rooms over there

0:04:36 > 0:04:40to a dining room, but this flat has got so much potential.

0:04:40 > 0:04:43What a great view. It's amazing.

0:04:43 > 0:04:50# I can see for miles and miles I can see for miles and miles... #

0:04:50 > 0:04:53That's one big benefit of being up so high.

0:04:55 > 0:04:59Whichever rooms you use, there are two decent-size bedrooms,

0:04:59 > 0:05:00which is fantastic.

0:05:00 > 0:05:03Although if you get rid of these built in wardrobes...

0:05:03 > 0:05:05SHE LAUGHS

0:05:05 > 0:05:07Look at all this space.

0:05:07 > 0:05:09It is huge in there.

0:05:09 > 0:05:12Now, we are in a big attic, so forget the amazing views

0:05:12 > 0:05:15because what it means is you are going to be the first person

0:05:15 > 0:05:18to get damage if there's a problem with the roof.

0:05:18 > 0:05:20So I think it's worth checking that out

0:05:20 > 0:05:24and making sure you know who is responsible for fixing it.

0:05:24 > 0:05:28Now, there's some evidence of water damage, which does make me wary.

0:05:28 > 0:05:31But, that aside, there's space by the bucket-load

0:05:31 > 0:05:33and some real character.

0:05:33 > 0:05:37It does need modernising. The windows need replacing,

0:05:37 > 0:05:40as do the kitchen and the bathroom.

0:05:40 > 0:05:43That's if you can convince anyone to carry the materials

0:05:43 > 0:05:44up all those stairs.

0:05:44 > 0:05:48Fortunately, a valiant estate agent agreed to make the climb

0:05:48 > 0:05:50and give us his thoughts.

0:05:52 > 0:05:53This property specifically sits

0:05:53 > 0:05:56within the more desirable West End of Greenock,

0:05:56 > 0:05:59which is where people tend to look towards buying.

0:05:59 > 0:06:02Equally it's still very close to the town centre

0:06:02 > 0:06:04and the local shopping and college facilities.

0:06:05 > 0:06:06First impression of the flat

0:06:06 > 0:06:08is for an attic it's of a good size,

0:06:08 > 0:06:09which isn't always the case.

0:06:09 > 0:06:11So that shows great potential.

0:06:11 > 0:06:13I think it's got room for improvement

0:06:13 > 0:06:17and in the long-term could prove to be a good long-term investment.

0:06:17 > 0:06:23Well, the flat is guided at an affordable sounding 30 to 40 grand.

0:06:23 > 0:06:26So what kind of returns could you get on that sort of investment?

0:06:26 > 0:06:29Done up to a high standard, we'd be looking to market this property at

0:06:29 > 0:06:33offers over 80,000, looking to achieve between ?80,000 and ?85,000.

0:06:33 > 0:06:36There is strong rental demand for properties such...like this

0:06:36 > 0:06:40in the area, and we would expect a rental to be achieved

0:06:40 > 0:06:43of ?425-?450 per calendar month.

0:06:45 > 0:06:48It would be fantastic to see more original features

0:06:48 > 0:06:50put back into this period flat.

0:06:50 > 0:06:52But with the opportunity to get a quick turnaround

0:06:52 > 0:06:56in a good rental market, that could make all the difference

0:06:56 > 0:06:58in deciding what to do here.

0:06:58 > 0:07:01Let's see who fancied it when it went under the hammer.

0:07:03 > 0:07:07Start me off...40. 35? Let's have a bid.

0:07:07 > 0:07:1230? Any bid? 30? Anybody at 30? 25?

0:07:12 > 0:07:14Let's get it started.

0:07:14 > 0:07:1725 here. At 25 I'm bid, now.

0:07:17 > 0:07:22In once. At 25 I'm bid. At ?25,000 then.

0:07:22 > 0:07:26OK, then, at ?25,000 for the first time. Are you sure?

0:07:26 > 0:07:32At 25 for the second time. At 25. 26, new bidder. 27.

0:07:32 > 0:07:35Can you at 27? 28.

0:07:38 > 0:07:4028 I've got. 29. Can you at 29?

0:07:40 > 0:07:4329 I'm bid. 30, sir.

0:07:44 > 0:07:4630 I'm bid. One?

0:07:49 > 0:07:52Ooh! Only cos you started it.

0:07:52 > 0:07:5630 and a half. One? And a half?

0:07:58 > 0:08:0232. 32 and a half.

0:08:02 > 0:08:07This was quite a ding dong battle between two determined bidders.

0:08:07 > 0:08:09We rejoin at 47,500.

0:08:10 > 0:08:14With you, sir, against you at ?47,500.

0:08:14 > 0:08:20Are you all out? Are you all down? Back in at 48. 48 and a half.

0:08:20 > 0:08:20You don't like me.

0:08:20 > 0:08:22LAUGHTER

0:08:22 > 0:08:2648 and half. 49. Half?

0:08:30 > 0:08:3749 and a half I'm bid. And 50? Out at 50. With you at ?49,500.

0:08:37 > 0:08:42First time at 49 and a half. Second time at 49 and a half.

0:08:42 > 0:08:43Third and final time.

0:08:43 > 0:08:48Selling away with you, against you, all done, all out.

0:08:48 > 0:08:49HAMMER THUDS

0:08:49 > 0:08:50Well done, sir.

0:08:51 > 0:08:53Phew!

0:08:53 > 0:08:58Well, it was 26-year-old Gary who made the successful bid of ?49,500.

0:08:58 > 0:09:01He works for a local social housing agency

0:09:01 > 0:09:05and plans to renovate the flat to become his home.

0:09:05 > 0:09:08Mum Dorothy, who already owns some other properties,

0:09:08 > 0:09:09has come to lend a hand.

0:09:11 > 0:09:14Gary and Dorothy, congratulations.

0:09:14 > 0:09:15Now, is there a bit of a story

0:09:15 > 0:09:18related to you guys buying this flat?

0:09:19 > 0:09:22Well, yes, I've been watching the property for about three years now.

0:09:22 > 0:09:25For three years, you've been stalking the property, really.

0:09:25 > 0:09:28More or less, yeah. And you wanted to buy it three years ago?

0:09:28 > 0:09:30Well, actually, when I started house-hunting,

0:09:30 > 0:09:32this was the very first property that I seen.

0:09:32 > 0:09:34So you did come in and look inside?

0:09:34 > 0:09:36I did come in and have a look inside. Wow.

0:09:36 > 0:09:38First came in, I thought, "Whoo!"

0:09:38 > 0:09:40Being that it was my very first property. Yeah.

0:09:40 > 0:09:44And I was already imagining where I would have my furniture and

0:09:44 > 0:09:47what sort of decor I would have.

0:09:47 > 0:09:50But Mater, who was with me at the time,

0:09:50 > 0:09:52suggested that I keep an open view

0:09:52 > 0:09:56and see what else is on the market.

0:09:56 > 0:09:59OK, so did you then go on to buy anything? No.

0:09:59 > 0:10:04Three years ago, it was on the market for ?69,995.

0:10:04 > 0:10:07Which at the time I thought was not bad

0:10:07 > 0:10:10because I already was looking at it like a fixer-upper,

0:10:10 > 0:10:11in my naive way.

0:10:11 > 0:10:13So what put you off, Gary?

0:10:13 > 0:10:16I did have concerns with the roof

0:10:16 > 0:10:20as there was patches of mould on the ceilings,

0:10:20 > 0:10:26which led me to believe there might be more structural damage.

0:10:26 > 0:10:29OK, so, Dorothy, were you quite pleased three years ago

0:10:29 > 0:10:30your son didn't actually buy this flat?

0:10:30 > 0:10:34Yes, because of the difficulties we thought we perceived,

0:10:34 > 0:10:37the dampness, et cetera, we thought,

0:10:37 > 0:10:39"Let's look, there might be better for your money."

0:10:39 > 0:10:42You know, for ?49,500, you've done really well here.

0:10:42 > 0:10:46It's a great property, but it still has those little damp patches.

0:10:46 > 0:10:48Now, what do you think about that, Dorothy?

0:10:48 > 0:10:51Are they still the same damp patches that you viewed three years ago

0:10:51 > 0:10:54or have they got worse? They are exactly the same.

0:10:54 > 0:10:55So that's good news.

0:10:55 > 0:10:58The wonderful thing is we have a friend who's a builder

0:10:58 > 0:11:01who also has a flat downstairs, who looks after the roof.

0:11:01 > 0:11:06So we know the roof's sound. So we were quite happy to hear that.

0:11:06 > 0:11:09Talk about good fortune - a friend who is a builder,

0:11:09 > 0:11:13who has a flat in the building, who looks after the roof. Yes.

0:11:13 > 0:11:18Not having major repairs will make a huge difference to Gary's budget.

0:11:18 > 0:11:21However, in Scotland there are no leasehold properties

0:11:21 > 0:11:23but tenements like this often have

0:11:23 > 0:11:26a management system called factoring.

0:11:27 > 0:11:31The factor looks after the communal areas and divides up the cost.

0:11:31 > 0:11:33This means that if work was carried out

0:11:33 > 0:11:36to repair the roof as a communal repair,

0:11:36 > 0:11:39Gary would only need to find his portion of the cost,

0:11:39 > 0:11:41which would be divided evenly

0:11:41 > 0:11:43amongst all the properties in the block.

0:11:43 > 0:11:46Great news if major repairs are required.

0:11:46 > 0:11:50And what sort of budget have you got in mind for the work here?

0:11:50 > 0:11:55About ?5,000, plus whatever generous donations

0:11:55 > 0:11:59I perhaps receive in the meantime. Oh, he's leaning your way!

0:11:59 > 0:12:01So five grand for all the work.

0:12:01 > 0:12:02I take it you're not going to be

0:12:02 > 0:12:05ripping everything out and starting again?

0:12:05 > 0:12:08Well, I'd be taking it back to the four walls, really.

0:12:08 > 0:12:11Getting rid of the wallpaper and carpets and...

0:12:11 > 0:12:14You're limited by how much the windows are going to cost.

0:12:14 > 0:12:17That's true. The windows themselves are double glazed

0:12:17 > 0:12:20but the fascia round about them has rotted. Yes.

0:12:20 > 0:12:23And if you've seen from the outside, it needs attention.

0:12:23 > 0:12:26I need to talk about the kitchen. So there we have it.

0:12:26 > 0:12:28You've got all these wonderful rooms with views

0:12:28 > 0:12:31and then the kitchen hasn't got a view, it hasn't got a window.

0:12:31 > 0:12:34It's slotted in the middle of two rooms. Is that ideal?

0:12:34 > 0:12:36Are you going to live that way?

0:12:36 > 0:12:40I would, yes, cos the kitchen is where I would predominantly

0:12:40 > 0:12:43just wander in for a cold beer and a toastie.

0:12:43 > 0:12:44My culinary skills are so limited

0:12:44 > 0:12:47that spending any amount of time in the kitchen

0:12:47 > 0:12:49is just not going to be an issue for me.

0:12:49 > 0:12:52Did I see Mum nod in agreement there?

0:12:52 > 0:12:55He's not going to be cooking or knocking that wall down?

0:12:55 > 0:12:59However, he is going to be tackling that walk-in wardrobe.

0:12:59 > 0:13:02I'll take the cupboard away in the second bedroom.

0:13:02 > 0:13:06That way I could have more space for, say, another double bed.

0:13:06 > 0:13:07You see, I love that cupboard.

0:13:07 > 0:13:09In London, that would be considered another room.

0:13:09 > 0:13:12HE LAUGHS That's one large cupboard. Hm.

0:13:12 > 0:13:15So how long is it going to take you to get this flat looking tiptop?

0:13:15 > 0:13:18Hopefully I could get it done within six months.

0:13:18 > 0:13:20So, Dorothy, he clearly is not in a hurry

0:13:20 > 0:13:22to be leaving home right now.

0:13:22 > 0:13:23And we are.

0:13:23 > 0:13:24SHE LAUGHS

0:13:24 > 0:13:26He's number two to go. Yippee!

0:13:26 > 0:13:30So we'll perhaps make it into six weeks.

0:13:30 > 0:13:32We might hasten the process a bit.

0:13:32 > 0:13:33LUCY LAUGHS

0:13:33 > 0:13:35Guys, it's been lovely meeting you today.

0:13:35 > 0:13:37I'm so excited to see what you do here.

0:13:37 > 0:13:41And I hope it doesn't take you six months. Gary, good luck. Thank you.

0:13:41 > 0:13:43Dorothy, lovely to meet you. You too.

0:13:43 > 0:13:48Gary has finally bagged his first home after stalking it for years.

0:13:48 > 0:13:51But I still think it's worth opening up that kitchen.

0:13:51 > 0:13:53But with a little help from his family,

0:13:53 > 0:13:57I am sure he will turn this into the home he first dreamt of

0:13:57 > 0:13:58all those years ago.

0:13:58 > 0:14:01You can find out what happens later on in the programme.

0:14:07 > 0:14:09This is East Dulwich in London,

0:14:09 > 0:14:12an area sandwiched between Dulwich Village and Peckham.

0:14:15 > 0:14:19East Dulwich is a classic south-east London suburb,

0:14:19 > 0:14:23built to house workers in Victorian times,

0:14:23 > 0:14:26and it is an extremely popular place to live,

0:14:26 > 0:14:30which is reflected in house prices, as you might expect.

0:14:30 > 0:14:32To give you an example,

0:14:32 > 0:14:36recently, a house that was just ten feet wide

0:14:36 > 0:14:40was put up for sale with a price of ?800,000.

0:14:40 > 0:14:43Well, let's hope the property I'm here to see

0:14:43 > 0:14:46is slightly bigger and slightly cheaper.

0:14:47 > 0:14:50# As long as the price is right

0:14:50 > 0:14:54# If you've got no bread you're as good as dead... #

0:14:54 > 0:14:56One thing you can't buy in East Dulwich is

0:14:56 > 0:14:59a ride on the Tube, as there is no station here.

0:14:59 > 0:15:02But there is East Dulwich mainline station

0:15:02 > 0:15:04which is under two miles away.

0:15:04 > 0:15:06There are also plenty of local attractions

0:15:06 > 0:15:07to keep you entertained,

0:15:07 > 0:15:09including Lordship Lane,

0:15:09 > 0:15:12the birthplace of children's author Enid Blyton.

0:15:13 > 0:15:15But on with today's story,

0:15:15 > 0:15:18which is entitled One Goes Property Hunting.

0:15:20 > 0:15:23I'm here to see a one-bedroomed flat,

0:15:23 > 0:15:27not built into one of these Victorian houses

0:15:27 > 0:15:28but actually a new build.

0:15:28 > 0:15:30That's not necessarily a bad thing.

0:15:30 > 0:15:36The guide price, ?180,000. Yeah, looks pretty good from the outside.

0:15:36 > 0:15:40I say new build, but it's really a 1980s block.

0:15:40 > 0:15:41Looking to the future,

0:15:41 > 0:15:45this top floor flat has 95 years left on the lease,

0:15:45 > 0:15:46which is good news.

0:15:48 > 0:15:52So, nicely maintained communal area, which is good.

0:15:52 > 0:15:53Definitely a good sign.

0:15:53 > 0:15:55Now, it is only a one-bedroom flat

0:15:55 > 0:15:57so it's not going to be massive, is it?

0:15:57 > 0:16:00So let's see what we actually do have. First thing I notice...

0:16:00 > 0:16:02THUDDING

0:16:02 > 0:16:05..really nice solid floor. A big issue with flats is noise

0:16:05 > 0:16:08and modern flats have to have significant soundproofing

0:16:08 > 0:16:10as part of the building regulations.

0:16:10 > 0:16:12But older flats can be noisy.

0:16:12 > 0:16:14The good news on this one is it looks like it's made of concrete,

0:16:14 > 0:16:17so it's not going to cause too much of a problem.

0:16:17 > 0:16:20Bathroom, well that's going to be where the flat certainly

0:16:20 > 0:16:23hasn't been really renovated much since it was built

0:16:23 > 0:16:25probably 20 or so years ago,

0:16:25 > 0:16:28so you need to spend some money on that.

0:16:28 > 0:16:30That's your bedroom. It's OK.

0:16:30 > 0:16:33It's a decent-sized double, but that is it.

0:16:33 > 0:16:35Then the other rooms.

0:16:35 > 0:16:39Here, a living room area here, with a decent-sized window and

0:16:39 > 0:16:42this is your kitchen. That is it in a nutshell.

0:16:42 > 0:16:44The kitchen, pretty much like the bathroom,

0:16:44 > 0:16:46hasn't been replaced since the place was built

0:16:46 > 0:16:48so you're going to have to spend a bit of money on that.

0:16:48 > 0:16:50But I think you could bring this place to life,

0:16:50 > 0:16:53and, in terms of location, views out the window, overall feel,

0:16:53 > 0:16:55yes, I like it.

0:16:57 > 0:17:00And that's about it. Well, rather, that is it.

0:17:00 > 0:17:01A new kitchen and bathroom,

0:17:01 > 0:17:03those would be my main priorities to do

0:17:03 > 0:17:06as they date back to when the block was built.

0:17:08 > 0:17:10# Nothing ever change

0:17:10 > 0:17:15# Oh, no Nothing ever change... #

0:17:15 > 0:17:18But I would do one other thing.

0:17:20 > 0:17:22One other job you might want to consider

0:17:22 > 0:17:25is replacing the existing single-glazed windows

0:17:25 > 0:17:26with double glazing.

0:17:26 > 0:17:30However, whilst you can do the majority of the renovations

0:17:30 > 0:17:32in the flat without asking anyone's permission,

0:17:32 > 0:17:35the moment you step towards the exterior of the building,

0:17:35 > 0:17:37and the windows definitely form part of that,

0:17:37 > 0:17:39you're going to have to get the approval,

0:17:39 > 0:17:41probably of the freeholder of the building,

0:17:41 > 0:17:42but also of the management company,

0:17:42 > 0:17:44cos I guess their job is to make sure

0:17:44 > 0:17:47that people don't put different kinds of windows in to the building

0:17:47 > 0:17:49and it all looks like a bit of a mishmash.

0:17:49 > 0:17:50So, yes, do it,

0:17:50 > 0:17:54but you're probably going to have to get some approval first.

0:17:54 > 0:17:57And speaking of the management company,

0:17:57 > 0:18:01there is a very hefty charge of ?1,300 a year for this flat,

0:18:01 > 0:18:03so that is worth bearing in mind.

0:18:03 > 0:18:07Now, time to get the approval of a local property expert.

0:18:07 > 0:18:09What are his thoughts on this flat

0:18:09 > 0:18:13guided at ?180,000 plus?

0:18:15 > 0:18:17My first thoughts looking at the flat -

0:18:17 > 0:18:19it's in very, very good condition actually.

0:18:19 > 0:18:21Other than needing maybe a new bathroom suite and

0:18:21 > 0:18:24a quick tidy up in the kitchen, but the kitchen isn't even that bad,

0:18:24 > 0:18:25it's great.

0:18:25 > 0:18:28You put a bit of carpet in and you could rock and roll straight away.

0:18:32 > 0:18:35What sort of standard of finish would suit this flat?

0:18:35 > 0:18:40East Dulwich is an area that does have very, very good prices,

0:18:40 > 0:18:43and is very, very popular. However, it depends on the property.

0:18:43 > 0:18:46If it's a period-style property then you would go high-end on it

0:18:46 > 0:18:48cos that's what people really, really like.

0:18:48 > 0:18:51However, this being purpose-built, I'd go sort of middle range,

0:18:51 > 0:18:54because it won't be able to carry possibly the price

0:18:54 > 0:18:56that they'd want if they went high-end.

0:18:56 > 0:18:58Once it's been done up to a reasonable standard

0:18:58 > 0:19:00I believe the rental you'd ask for

0:19:00 > 0:19:04is 1,250 per month to 1,350 per calendar month.

0:19:04 > 0:19:09Once the property has been done up, for its resale I would say ?350,000.

0:19:12 > 0:19:16Well, it's not the biggest of flats but it's in good condition,

0:19:16 > 0:19:21the block itself is nicely looked after, and it's in a good location

0:19:21 > 0:19:25and not too much work to get it really sparkling.

0:19:25 > 0:19:28Let's see who spotted it when it went under the hammer.

0:19:28 > 0:19:32This is lot 164. Who'd like to give me a start on this?

0:19:32 > 0:19:33230 anywhere?

0:19:33 > 0:19:35230.

0:19:35 > 0:19:39Should be cheap enough. 230? Right, 200 then, to try and help.

0:19:39 > 0:19:40Thank you.

0:19:40 > 0:19:44200 I've got. We'll go upwards from there for lot 164.

0:19:44 > 0:19:46Well, things are a little slow to start

0:19:46 > 0:19:47but soon a phone bidder

0:19:47 > 0:19:50and several bidders in the room are involved.

0:19:50 > 0:19:53We rejoin the bidding at ?254,000.

0:19:53 > 0:19:59254, new competition. 256. 258, sir.

0:19:59 > 0:20:05258. 260 on the phone. 260. 262.

0:20:05 > 0:20:08262, yes or no?

0:20:08 > 0:20:11262, yes or no?

0:20:11 > 0:20:15262. 264 on the phone. No?

0:20:15 > 0:20:18It's with the gentleman standing up at the back, on my right.

0:20:18 > 0:20:19The bid's ?262,000.

0:20:19 > 0:20:26It's against the phone. Anybody else. 264. 266. Yes or no?

0:20:26 > 0:20:32If not, 264 for the first... 266, yeah? 268?

0:20:33 > 0:20:37If not, 266 for the first, 266 for the second,

0:20:37 > 0:20:40266 for the third and final time.

0:20:40 > 0:20:44268. 270? 270? Yes or no?

0:20:46 > 0:20:50270, yeah? Brilliant. 272? No? Go through it again.

0:20:50 > 0:20:55270 for the first, 270 for the second, 270 for the third...

0:20:56 > 0:20:59Is there something wrong with your hand?

0:20:59 > 0:21:02270 for the third and final time

0:21:02 > 0:21:04for the man with the funny hand.

0:21:04 > 0:21:05HAMMER THUDS

0:21:05 > 0:21:06Sold. 270. Well done.

0:21:06 > 0:21:10The man desperate to seal the deal at 270,000

0:21:10 > 0:21:12was a buyer we've met before,

0:21:12 > 0:21:14Justin, who's seen here on the left.

0:21:16 > 0:21:18# Remember me...

0:21:18 > 0:21:23# I'm the one who had you, baby... #

0:21:23 > 0:21:27Back in 2015, the one he had was a Peckham mid-terrace

0:21:27 > 0:21:29with then business partner Andy.

0:21:29 > 0:21:33Well, Justin's now amicably split with Andy

0:21:33 > 0:21:35and has a new silent partner.

0:21:35 > 0:21:39So, new property, new partner, what's the plan?

0:21:41 > 0:21:42Justin, good to meet you. Good to meet you.

0:21:42 > 0:21:44Congratulations. Thank you very much.

0:21:44 > 0:21:46Tell them why you wanted to buy this flat.

0:21:46 > 0:21:49Because it's a top floor flat, great location,

0:21:49 > 0:21:52doesn't need much work, we got it for a great price.

0:21:52 > 0:21:54And is this what you do? Are you property developers?

0:21:54 > 0:21:58We are, yeah, full-time. So, is this a buy-to-sell-on, or what?

0:21:58 > 0:22:01Flip over, yeah, three weeks, in and out, back on the market. Oh, wow.

0:22:01 > 0:22:06Yeah. And you paid 2... 70. ..70 for it, were you happy with that? Very.

0:22:06 > 0:22:11Yes. Very? Were you willing to go a lot more? No, not really. Oh. But...

0:22:11 > 0:22:13275 was my limit. OK.

0:22:13 > 0:22:15And then 280, if there was just me and one other person left,

0:22:15 > 0:22:17but I'm happy with that, yeah.

0:22:17 > 0:22:20How much is it you'd be able to flip it on for?

0:22:20 > 0:22:23375 to 395. Really? So, 100 grand profit? Yeah.

0:22:23 > 0:22:25I assume you not going to spend very much,

0:22:25 > 0:22:28cos not very much needs to be done. No, not really, about 9,000.

0:22:28 > 0:22:29Why doesn't everybody do this, do you think?

0:22:29 > 0:22:32Cos you're going to make ?100,000 in a few weeks, theoretically.

0:22:32 > 0:22:34Theoretically.

0:22:34 > 0:22:35You've got to have the money to back it up,

0:22:35 > 0:22:37you've got to have money to go to auction,

0:22:37 > 0:22:38you've got to know what you're doing

0:22:38 > 0:22:41and it's luck of the draw, really. They don't always come up.

0:22:41 > 0:22:43This was a particularly good buy, so we're very happy with it

0:22:43 > 0:22:45and you never know what the market's going to do,

0:22:45 > 0:22:47so you've got to be in and out quickly.

0:22:47 > 0:22:48It's not for everybody,

0:22:48 > 0:22:51you can get your fingers burnt if you don't know what you're doing,

0:22:51 > 0:22:52but I've been doing this a long time now,

0:22:52 > 0:22:54so for us it's a good way to earn money.

0:22:56 > 0:23:00# I could make a good living, make a good living

0:23:00 > 0:23:02# Make a good living at that... #

0:23:04 > 0:23:06Justin has made a good living

0:23:06 > 0:23:09and has been in this game for over 20 years now,

0:23:09 > 0:23:13so I have every confidence that he'll make his ?100,000 profit,

0:23:13 > 0:23:15but what will he need to do

0:23:15 > 0:23:18to bring this not bad flat up to his standard?

0:23:18 > 0:23:20New kitchen, new bathroom,

0:23:20 > 0:23:23wooden flooring throughout the lounge, hall and kitchen,

0:23:23 > 0:23:27plush carpet in the bedroom, I think people like carpet,

0:23:27 > 0:23:30rip out the current central heating system, replace it with a combi,

0:23:30 > 0:23:33take out the header tank and cylinder

0:23:33 > 0:23:35and replace that with a walk-in shower. Oh, nice.

0:23:35 > 0:23:37Yeah, so you have a bath and a shower,

0:23:37 > 0:23:40redo the bathroom completely - nice grey minimal -

0:23:40 > 0:23:43new lighting

0:23:43 > 0:23:44and lick of paint. Right.

0:23:44 > 0:23:46Presumably not bright white, something else?

0:23:46 > 0:23:48No, probably a very light grey,

0:23:48 > 0:23:50something a bit more contemporary. OK. Something like that.

0:23:50 > 0:23:53And the kitchen, what kind of style are you going for in the kitchen?

0:23:53 > 0:23:56Glossed white with nice contemporary tiles, dishwasher,

0:23:56 > 0:23:57washing machine integrated,

0:23:57 > 0:24:00integrated fridge-freezer, extractor. Right.

0:24:00 > 0:24:02So, you are doing quite a lot. I mean, you are completely,

0:24:02 > 0:24:05you know, contemporising, if that's a word, the place.

0:24:05 > 0:24:09We are going to give it a... Take from the '80s into the 2000s.

0:24:09 > 0:24:11# I'm against the '80s

0:24:13 > 0:24:14# Oh, yeah, '80s... #

0:24:15 > 0:24:19Well, Justin will certainly be putting that nine grand budget

0:24:19 > 0:24:21to good use, and in a timescale of 3 and a half weeks,

0:24:21 > 0:24:24he'll roll the flat forward by three decades.

0:24:25 > 0:24:27There is a bit of an issue with

0:24:27 > 0:24:29some mortgage companies don't like properties

0:24:29 > 0:24:31that have just been bought and sold, do they?

0:24:31 > 0:24:34Ones that have been flipped. What's your experience of that?

0:24:34 > 0:24:36They do, cos they come and say,

0:24:36 > 0:24:40"Well, why was it sold for 270 three months ago

0:24:40 > 0:24:43"and why is it on the market now for 375, 395?"

0:24:43 > 0:24:46There's three or four companies that do that,

0:24:46 > 0:24:48but in general I think it's down to the buyer

0:24:48 > 0:24:51and down to the mortgage broker to get it sorted out,

0:24:51 > 0:24:53but for us, we just...

0:24:53 > 0:24:54we take it with a pinch of salt, really.

0:24:54 > 0:24:58Right, cos you're buying with cash, so it's not an issue. Wow.

0:24:58 > 0:25:02So, it would appear you're quite lucky when it comes to property.

0:25:02 > 0:25:04It's not luck. Isn't it?

0:25:04 > 0:25:06It's a lot of hard work, a lot of late nights,

0:25:06 > 0:25:08a lot of travelling to properties.

0:25:08 > 0:25:11We view probably about 100 properties every month

0:25:11 > 0:25:13when the auctions are going on,

0:25:13 > 0:25:16and we probably shortlist five or ten,

0:25:16 > 0:25:17bid on three and win one or two.

0:25:17 > 0:25:21So we are sort of small developers, really,

0:25:21 > 0:25:23but we're very particular about what we buy.

0:25:23 > 0:25:26Right, so it's not luck, it's about research and hard work. It's not.

0:25:26 > 0:25:27It's hard work and research,

0:25:27 > 0:25:32a lot of man hours and this is just the result of that.

0:25:32 > 0:25:35Yeah, and they're not all presumably quite as easy as this one.

0:25:35 > 0:25:38This is a gem, and this is the prettiest one we've ever had,

0:25:38 > 0:25:40so, yeah, we'll count our lucky stars.

0:25:40 > 0:25:42Well, congratulations, good luck with it.

0:25:42 > 0:25:44Look forward to seeing how you get on.

0:25:44 > 0:25:45Thank you very much.

0:25:46 > 0:25:51So, it seems Justin has found a bit of a gem in this little flat,

0:25:51 > 0:25:55but, as he points out, it is down to hard work and research.

0:25:55 > 0:25:59How will he get on? And will he get those increases in the value?

0:25:59 > 0:26:01You can find out later in the show.

0:26:03 > 0:26:04Still to come,

0:26:04 > 0:26:08I can't believe my eyes at this house in Sutton-in-Ashfield.

0:26:08 > 0:26:10And you've...

0:26:12 > 0:26:13Have a look at that.

0:26:14 > 0:26:16And we'll go back to South London

0:26:16 > 0:26:19to see how Justin and his new business partner have got on.

0:26:19 > 0:26:21It's the first time he's done it

0:26:21 > 0:26:23and he was pretty worn out, if I'm honest with you.

0:26:25 > 0:26:27Back to Scotland and Greenock,

0:26:27 > 0:26:31where I had to crane my neck up to see this top floor tenement flat.

0:26:31 > 0:26:35It had some lovely big rooms and nice period features.

0:26:35 > 0:26:37I was a bit worried about the roof

0:26:37 > 0:26:40due to some suspicious-looking damp patches,

0:26:40 > 0:26:42but it was the layout that got my attention.

0:26:42 > 0:26:44It wasn't entirely to my liking.

0:26:44 > 0:26:46An internal kitchen had been created

0:26:46 > 0:26:47with no natural lighting

0:26:47 > 0:26:50and it just felt a little bit claustrophobic,

0:26:50 > 0:26:52but you know what my solution

0:26:52 > 0:26:54always is in these circumstances, don't you?

0:26:54 > 0:26:56All together now... KNOCK ON WALL

0:26:56 > 0:26:58Yep, you could get rid of that.

0:26:58 > 0:26:59I know I love knocking walls down.

0:26:59 > 0:27:01That's a partition.

0:27:01 > 0:27:02That could come out.

0:27:02 > 0:27:06You could have your sofa along here, nice big table along there

0:27:06 > 0:27:10so you could still have a sort of kitchen-living area

0:27:10 > 0:27:13or, of course, you could convert one of the other rooms over there

0:27:13 > 0:27:17to a dining room, but this flat has got so much potential.

0:27:17 > 0:27:20But what a great view, it's amazing.

0:27:20 > 0:27:23# I can see for miles and miles... #

0:27:23 > 0:27:26Someone who could also see the potential here was Gary

0:27:26 > 0:27:29and his mum Dorothy.

0:27:29 > 0:27:32Gary paid ?49,500 for this flat to live in,

0:27:32 > 0:27:36and I was hoping he would take my advice in regards to the kitchen.

0:27:37 > 0:27:38There we have it.

0:27:38 > 0:27:41You've got all these wonderful rooms with views,

0:27:41 > 0:27:43and then the kitchen hasn't got a view, it hasn't got a window.

0:27:43 > 0:27:46It's slotted in the middle of two rooms. Is that ideal?

0:27:46 > 0:27:48Are you going to live that way?

0:27:48 > 0:27:51I would, yes, cos the kitchen is where I would predominantly

0:27:51 > 0:27:54just wander in for a cold beer and a toastie.

0:27:54 > 0:27:56My culinary skills are so limited

0:27:56 > 0:27:59that spending any amount of the time in the kitchen

0:27:59 > 0:28:02is just not going to be an issue for me.

0:28:02 > 0:28:05Well, let's see if we'll be toasting to a successful new home.

0:28:05 > 0:28:08Gary thought the work would take him six months

0:28:08 > 0:28:09but Mum was more keen

0:28:09 > 0:28:12for him to fly the nest just that bit sooner.

0:28:13 > 0:28:18We're back to see if Gary has made this flat a place he can call home.

0:28:32 > 0:28:35It may still be internal but, for Gary,

0:28:35 > 0:28:39this sleek, modern kitchen is sure to be toast-making heaven.

0:28:39 > 0:28:41It's even got a bit more space

0:28:41 > 0:28:45as the cupboard in the living room next door has been removed.

0:28:45 > 0:28:48So not only does it add space in the living room

0:28:48 > 0:28:51but the wall in the kitchen now extends out more,

0:28:51 > 0:28:53giving plenty of room for that fridge freezer.

0:28:55 > 0:28:58In the second bedroom, that huge walk-in wardrobe has gone

0:28:58 > 0:29:02and, like the rest of the flat, has been sympathetically decorated.

0:29:03 > 0:29:06Finally, we have the bathroom.

0:29:11 > 0:29:14Let's have Gary explain what's happened here.

0:29:16 > 0:29:20Well, in the bathroom, we've removed everything that was originally here,

0:29:20 > 0:29:22save the bathroom suite,

0:29:22 > 0:29:24but managed to restore the original bathroom suite

0:29:24 > 0:29:26with a bit of cleaning.

0:29:26 > 0:29:29And we've installed new Wetwall on the left-hand side wall

0:29:29 > 0:29:33and the ceiling, and I think it's turned out pretty good.

0:29:33 > 0:29:37I agree but it hasn't turned around very quickly, has it, Gary?

0:29:39 > 0:29:42Unfortunately, it's taken rather a bit more

0:29:42 > 0:29:44than my six-month deadline.

0:29:44 > 0:29:46It has taken two years and eight months.

0:30:03 > 0:30:06Lucky Gary has plenty of skilled friends in the trades

0:30:06 > 0:30:10but had to wait for them to be free to do the work at mates' rates.

0:30:10 > 0:30:13He didn't leave all the graft to them, though.

0:30:13 > 0:30:15I done much of the manual labour myself,

0:30:15 > 0:30:20so the stripping of the paint and the wallpaper and so on.

0:30:20 > 0:30:23In my naivety, I tried to take it on all at once

0:30:23 > 0:30:26rather than concentrating on a single room

0:30:26 > 0:30:29which, I think, going forward, if I was to do this again

0:30:29 > 0:30:31is what I would do.

0:30:31 > 0:30:36It's been weathering at points

0:30:36 > 0:30:38watching the progress be so slow

0:30:38 > 0:30:42but when you actually get to see it in its finished state,

0:30:42 > 0:30:46you see all the work you've put into it and it's rewarding.

0:30:47 > 0:30:50Well, it must feel great now the work is all done.

0:30:50 > 0:30:53But has his wallet felt the strain of all this work?

0:30:53 > 0:30:58I had originally said that my budget on the day would be ?5,000.

0:30:58 > 0:31:01Unfortunately, I have exceeded that.

0:31:01 > 0:31:05I spent approximately ?6,850,

0:31:05 > 0:31:07give or take a tin of paint here and there.

0:31:08 > 0:31:10I would have been within budget

0:31:10 > 0:31:16but when it came to laying the floorings, which was the last step,

0:31:16 > 0:31:19I wanted to splash out because it was a flat for me.

0:31:19 > 0:31:23And mum Dorothy must be delighted that Gary has his own place.

0:31:23 > 0:31:26But when is the big move?

0:31:26 > 0:31:29As soon as this filming is finished, I shall be moving in.

0:31:29 > 0:31:31Well, before Gary turfs us lot out,

0:31:31 > 0:31:34it's time to get two local estate agents along

0:31:34 > 0:31:36to see what they think of the flat.

0:31:37 > 0:31:40My first impressions of the flat are that it's been

0:31:40 > 0:31:42very well presented.

0:31:42 > 0:31:45The property's been modernised with new kitchen and bathroom,

0:31:45 > 0:31:47good quality floor coverings and fresh decor

0:31:47 > 0:31:50which I think would appeal to a younger market.

0:31:50 > 0:31:55Many people are against having an attic flat.

0:31:55 > 0:31:58There's nothing wrong with them and if the slates have been treated...

0:31:58 > 0:32:02In this case the roof has been retiled

0:32:02 > 0:32:06so there's less likelihood of any water damage or any penetration.

0:32:06 > 0:32:09This could be described as a good attic flat

0:32:09 > 0:32:12with one or two minor repairs to the exterior.

0:32:12 > 0:32:13And that should be done before

0:32:13 > 0:32:16the property is put on the market for sale.

0:32:18 > 0:32:20Gary obviously isn't selling it at the moment

0:32:20 > 0:32:23but let's see if his total ?56,350,

0:32:23 > 0:32:28give or take a few tins of paint spent, have been worth it.

0:32:29 > 0:32:33Present value would be in the region of ?75,000-76,000.

0:32:33 > 0:32:39I would expect a home report valuation in the region of ?75,000.

0:32:39 > 0:32:41However, our experience is that we may have to

0:32:41 > 0:32:44negotiate down slightly from that price,

0:32:44 > 0:32:48perhaps as low as ?70,000, to achieve the sale.

0:32:48 > 0:32:52Well, that's a grand improvement over ?49,500.

0:32:52 > 0:32:55That's... It's actually quite validating that

0:32:55 > 0:32:59that's the value they would give it after all my work I've put in.

0:32:59 > 0:33:02That's pretty good. That's pretty good.

0:33:02 > 0:33:06Not that I would ever sell, of course. This is my flat.

0:33:06 > 0:33:09But good to know. I felt good. I feel good in the property.

0:33:09 > 0:33:12It's been a weathering experience.

0:33:14 > 0:33:17Maturing experience, a sobering experience.

0:33:19 > 0:33:20But pleasurable overall.

0:33:24 > 0:33:26Sutton-in-Ashfield, Nottinghamshire

0:33:26 > 0:33:30once relied heavily on the coal and textile industries.

0:33:30 > 0:33:34It did suffer a downturn in fortune once these industries left.

0:33:34 > 0:33:36However, it's back on the up now

0:33:36 > 0:33:40and the brand-new town centre is evidence of that.

0:33:40 > 0:33:42It's also home to the biggest sundial in Europe,

0:33:42 > 0:33:45so you'll always know the time.

0:33:45 > 0:33:47That's as long as it's not raining.

0:33:50 > 0:33:51As I walk down this street,

0:33:51 > 0:33:54you'll notice I've got two different styles of terraced house.

0:33:54 > 0:33:56The property I'm here to see is this.

0:33:56 > 0:33:58It's three storeys, three bedrooms

0:33:58 > 0:34:02and it has a guide price of ?55,000 plus.

0:34:02 > 0:34:04Let's see what you get for your money.

0:34:07 > 0:34:08Right.

0:34:08 > 0:34:12We are straight into the front room, lounge area,

0:34:12 > 0:34:16in a nice shade of chocolate textured wallpaper and...

0:34:16 > 0:34:20a dated '80s sort of fireplace here,

0:34:20 > 0:34:23all brickwork and I can see why they've done it.

0:34:23 > 0:34:27They're hiding their gas meter and electric meter.

0:34:27 > 0:34:31This isn't a bad size lounge at all. Relatively high ceiling, nice.

0:34:31 > 0:34:36Lots of light coming in as well and we've got central heating.

0:34:36 > 0:34:38Good start. So far I'm happy.

0:34:40 > 0:34:44So into the kitchen area, which is huge by the way.

0:34:44 > 0:34:48I would imagine this wasn't always the kitchen

0:34:48 > 0:34:50as I can see a gas fire just there

0:34:50 > 0:34:53and a very large chimney breast as well.

0:34:53 > 0:34:56But it looks like you could possibly resurrect this kitchen.

0:34:56 > 0:34:59Looks in OK condition. You've got lots of space.

0:34:59 > 0:35:02Underneath here I would imagine is for the white goods.

0:35:02 > 0:35:04You know what? While I'm down here,

0:35:04 > 0:35:05I'm just going to have a look outside.

0:35:08 > 0:35:11So out into the back garden and it is small,

0:35:11 > 0:35:14wasn't expecting anything bigger than this,

0:35:14 > 0:35:16but quite easily maintainable.

0:35:16 > 0:35:18Get it all chopped down, get the grass cut down

0:35:18 > 0:35:21and you have a nice little back garden area.

0:35:21 > 0:35:26And you've... Have a look at that for me, would you?

0:35:26 > 0:35:30Only two storeys at the back. I'm slightly confused.

0:35:30 > 0:35:33I'm going to go check it out, see what's going on.

0:35:33 > 0:35:35This is very odd.

0:35:35 > 0:35:37I know maths wasn't my strongest subject at school,

0:35:37 > 0:35:39but I can definitely count to three.

0:35:39 > 0:35:40Come on, give us a hand.

0:35:40 > 0:35:44# Just close your eyes and count to three

0:35:44 > 0:35:49# One, two, three. #

0:35:49 > 0:35:51You're seeing what I am seeing, right?

0:35:51 > 0:35:53It's definitely a three-storey house.

0:35:58 > 0:36:02So, I'm right, my eyes weren't deceiving me.

0:36:02 > 0:36:04At the front of the house there's three windows,

0:36:04 > 0:36:06which says there's three floors,

0:36:06 > 0:36:09and at the back of the house there's only two windows,

0:36:09 > 0:36:11that says it's only got two floors.

0:36:11 > 0:36:16I've got to investigate this a little bit further. Excuse me.

0:36:16 > 0:36:18# Going to start looking up

0:36:18 > 0:36:21# Cos it doesn't add up... #

0:36:21 > 0:36:24OK, the ground floor.

0:36:24 > 0:36:27# No, It doesn't add up

0:36:27 > 0:36:30# No, it doesn't add up... #

0:36:30 > 0:36:31First floor.

0:36:31 > 0:36:36# And I'm smart enough to stop making believe. #

0:36:36 > 0:36:38OK.

0:36:38 > 0:36:39I'm at the top of the house.

0:36:39 > 0:36:45So there's a ground floor, a first floor and a second floor. Right.

0:36:45 > 0:36:47So that's three floors to this house.

0:36:47 > 0:36:51I thought I was going a little bit crazy then, but I'm not. Right.

0:36:51 > 0:36:55We've got a really big bedroom up here, lots of floor space,

0:36:55 > 0:36:56lots of scope.

0:36:56 > 0:36:59You could quite easily put an en-suite up here

0:36:59 > 0:37:02anywhere you wanted, it's that big,

0:37:02 > 0:37:04and this would be your master bedroom.

0:37:04 > 0:37:08Lots of choice up here, I like it. It's huge.

0:37:08 > 0:37:12I'm going to tackle the stairs again and get to the first floor. Phew!

0:37:15 > 0:37:18So it seems that the third floor is an extension in the attic,

0:37:18 > 0:37:22but only to the front of the house, which is what had me confused.

0:37:24 > 0:37:27So, on the first floor, we have got the bathroom,

0:37:27 > 0:37:29the family bathroom,

0:37:29 > 0:37:32which I'd like to say you could resurrect something, but you can't

0:37:32 > 0:37:35and you wouldn't want to, judging from what I can see,

0:37:35 > 0:37:38so a brand-new bathroom is what you need.

0:37:38 > 0:37:41Back bedroom here, with fitted wardrobes as well.

0:37:41 > 0:37:48Across the landing, you've got another really big bedroom, here.

0:37:48 > 0:37:49Nice high ceilings.

0:37:49 > 0:37:52A bit of storage as well, so, yes,

0:37:52 > 0:37:55if you could give this house a little bit of TLC,

0:37:55 > 0:38:00I think you could really create a lovely family home.

0:38:00 > 0:38:01The potential is endless.

0:38:03 > 0:38:05Let's see if a local estate agent

0:38:05 > 0:38:07can also see the potential

0:38:07 > 0:38:10of this rather unusual three-storey property.

0:38:10 > 0:38:14My thoughts with this property, I probably wouldn't change the layout.

0:38:14 > 0:38:17It's a good size three bedroom property,

0:38:17 > 0:38:19but a lot of the work is relatively cosmetic now.

0:38:19 > 0:38:23The kitchen needs finishing, perhaps updating the bathroom,

0:38:23 > 0:38:25redecoration and new floor coverings.

0:38:25 > 0:38:27Sounds pretty straightforward,

0:38:27 > 0:38:32so what could the values be on this house guided at ?55,000?

0:38:32 > 0:38:35In good condition, I could see this property now renting

0:38:35 > 0:38:38for ?500 per calendar month. On the sales market,

0:38:38 > 0:38:42I think this property would now be achieving in the region of ?70,000.

0:38:43 > 0:38:45This house is a bit of a box of tricks.

0:38:45 > 0:38:49You've got three levels at the front and two levels at the back.

0:38:49 > 0:38:50I've never seen that before,

0:38:50 > 0:38:53so let's see who was willing to take this property to the next level

0:38:53 > 0:38:55when it went under the hammer.

0:38:55 > 0:39:00A flush-fronted mid-terraced house with three-floor accommodation.

0:39:00 > 0:39:02Who's got ?45,000 for it?

0:39:02 > 0:39:03A problem with our camera

0:39:03 > 0:39:06meant that we missed the start of the auction,

0:39:06 > 0:39:09but I can tell you Stephen was the successful bidder,

0:39:09 > 0:39:12getting the house for ?48,500.

0:39:12 > 0:39:15That's an amazing six-and-a-half grand under the guide.

0:39:15 > 0:39:19Self-employed builder Stephen is from Buckinghamshire,

0:39:19 > 0:39:21but he's familiar with the Nottingham area

0:39:21 > 0:39:24because his daughter Natalie went to university there.

0:39:24 > 0:39:27I met him back at the house to find out his plans.

0:39:27 > 0:39:30Stephen, nice to meet you. Nice to meet you. Congratulations.

0:39:30 > 0:39:33Thank you very much. So, Stephen, this is a bit of a strange house.

0:39:33 > 0:39:37There's three floors at the front and two floors at the back. I know.

0:39:37 > 0:39:41I can't explain it, because you look around,

0:39:41 > 0:39:47opposite us it's normal height with a dormer window in the roof,

0:39:47 > 0:39:52but this one they decided to take up to three floors. It's odd.

0:39:52 > 0:39:55So whether it was built originally like that, I don't know.

0:39:55 > 0:39:57I was hoping you, as a builder, could explain to me...

0:39:57 > 0:39:59I don't think it was built like that originally,

0:39:59 > 0:40:03because the chimney does stop in the third bedroom on the top floor,

0:40:03 > 0:40:06so I think it was added on at a later date.

0:40:06 > 0:40:09So you were happy with the price you got it for? Absolutely.

0:40:09 > 0:40:1312% under the guide. That's not bad and you save yourself a few quid.

0:40:13 > 0:40:15Absolutely, yes. I was just so lucky.

0:40:15 > 0:40:18That goes straight into the budget, obviously. It will do, so that money

0:40:18 > 0:40:20will definitely go towards the budget. Fantastic.

0:40:20 > 0:40:22So you've done your research in the area?

0:40:22 > 0:40:23I definitely did all my research,

0:40:23 > 0:40:26made sure that I knew what I was getting myself into.

0:40:26 > 0:40:29So what are you going to do with it now you've got it?

0:40:29 > 0:40:32Well, general layout is pretty well going to be the same.

0:40:32 > 0:40:34The kitchen is going to have a few alterations.

0:40:34 > 0:40:36The chimney breasts are going to come out.

0:40:36 > 0:40:39Also, down the end of the kitchen,

0:40:39 > 0:40:41there's quite a lot of glass in that area.

0:40:41 > 0:40:43The backdoor is going to be moved

0:40:43 > 0:40:46and we're going to put a cloakroom downstairs. OK.

0:40:46 > 0:40:48So where are you moving the door to?

0:40:48 > 0:40:51So it's coming to where the window is next to it,

0:40:51 > 0:40:54so there's only going to be one window at the end for the cloaks

0:40:54 > 0:40:58and a door that comes in, then into the kitchen.

0:40:58 > 0:41:02I think I might look at the stairway going up to the top bedroom,

0:41:02 > 0:41:06probably put in better stairs. It's quite steep there.

0:41:06 > 0:41:09It's pretty steep. Steep and narrow. I only just made it up.

0:41:09 > 0:41:11But I got up there in the end to have a look and it's...

0:41:11 > 0:41:15You've got a really big... It's huge. ..size room up there.

0:41:15 > 0:41:18Have you considered maybe sticking an en-suite, making it a master?

0:41:18 > 0:41:22I have considered that and it will or won't happen.

0:41:22 > 0:41:25I can't make up my mind. I prevaricate a lot.

0:41:25 > 0:41:29If like me you had to look up that word, let me help you out.

0:41:31 > 0:41:34You learn something new every day.

0:41:34 > 0:41:36Stephen is a very well-spoken builder,

0:41:36 > 0:41:40but he doesn't mind getting stuck into a bit of hard graft.

0:41:40 > 0:41:42I'll be doing a lot of building work,

0:41:42 > 0:41:45I've got an electrician lined up for his work,

0:41:45 > 0:41:48I've got a gas engineer to sort the boiler out and everything.

0:41:48 > 0:41:51Apart from that, I think I'll be doing it myself.

0:41:51 > 0:41:55So you'll be a busy man? I'll be busy. What about a timescale?

0:41:55 > 0:41:58Right. It's going to be three to four months.

0:41:58 > 0:42:01I've got a three-week holiday in Italy next month,

0:42:01 > 0:42:06which I always take, so time is not great for me, but hey-ho.

0:42:06 > 0:42:08Oh, well, a little prevarication there maybe?

0:42:08 > 0:42:09Listen to me!

0:42:09 > 0:42:12He doesn't know whether to sell or rent.

0:42:12 > 0:42:16He'd rather sell if he could, but he's still undecided.

0:42:16 > 0:42:20Stephen has a budget of 15 to 16 grand, which is pretty healthy.

0:42:20 > 0:42:23He's got to rewire, replace the bathroom and kitchen,

0:42:23 > 0:42:27and he's looking for a high standard of finish.

0:42:27 > 0:42:29I want to put A-rated windows in

0:42:29 > 0:42:32and I want to make this as energy efficient as possible,

0:42:32 > 0:42:34because it's got to last another 30, 40 years.

0:42:34 > 0:42:37So, Stephen, is this your first venture?

0:42:37 > 0:42:41It is as an investment on my own back, yes. How does it feel?

0:42:41 > 0:42:45It's got to be quite exciting. It is. It's, you know, it's quite...

0:42:45 > 0:42:47It's a very good feeling actually, yes.

0:42:47 > 0:42:50I can get on and do it how I want to do it.

0:42:50 > 0:42:52I'm in control, really.

0:42:52 > 0:42:56And it's quite a sizeable property to take on for a first one.

0:42:56 > 0:42:58It's all in the mind.

0:42:58 > 0:43:02It's all in my mind at the moment! So, it doesn't faze you... No.

0:43:02 > 0:43:03..with you being a builder. No.

0:43:03 > 0:43:06I would imagine you've done bigger than this or worked on...

0:43:06 > 0:43:11Yes, I've worked on hotels in London and places like that,

0:43:11 > 0:43:16so, hey, it is what it is and you treat each room as it is.

0:43:16 > 0:43:18Stephen, I wish you all the best.

0:43:18 > 0:43:21I'm pretty sure you'll get it right. I will do. Good luck.

0:43:21 > 0:43:23Thank you.

0:43:24 > 0:43:28For Stephen's first project, I think this is a very shrewd buy.

0:43:28 > 0:43:31One thing he has done and I would always,

0:43:31 > 0:43:33always recommend you do is your research.

0:43:33 > 0:43:36Big question is, will he sell it or will he rent it?

0:43:36 > 0:43:39Judging by what he was saying, he's looking to sell it,

0:43:39 > 0:43:41but he's already saved himself six-and-a-half grand,

0:43:41 > 0:43:43so he's on to a winner whatever happens.

0:43:43 > 0:43:47You can find out how he gets on later in the programme.

0:43:50 > 0:43:52So, sticking to your budgets and your timescales

0:43:52 > 0:43:55must be one of the hardest things in property development. Yes,

0:43:55 > 0:43:58even a simple project that should just take a couple of weeks

0:43:58 > 0:44:02and cost a few hundred quid can easily spiral out of control.

0:44:02 > 0:44:05Have our two remaining buyers been able to stay out of trouble,

0:44:05 > 0:44:07stick to their budgets and deadlines?

0:44:07 > 0:44:09Let's find out.

0:44:09 > 0:44:12We're taking a trip back to East Dulwich in south London

0:44:12 > 0:44:15where I saw a small but perfectly formed one-bedroom flat

0:44:15 > 0:44:17in need of a bit of modernising.

0:44:17 > 0:44:18By the look of things,

0:44:18 > 0:44:23the bathroom hadn't changed since this block was built in the 1980s.

0:44:23 > 0:44:27So you need to spend some money on that. That's your bedroom.

0:44:27 > 0:44:31It's OK. It's a decent-sized double, but that is it

0:44:31 > 0:44:33and then the other rooms here -

0:44:33 > 0:44:36a living room area here with a decent-sized window

0:44:36 > 0:44:38and this is your kitchen.

0:44:38 > 0:44:39That is it in a nutshell.

0:44:39 > 0:44:41The kitchen, pretty much like the bathroom,

0:44:41 > 0:44:44hasn't been replaced since the place was built,

0:44:44 > 0:44:46so you're going to have to spend a bit of money on that.

0:44:46 > 0:44:48Yeah, I like it.

0:44:48 > 0:44:53Someone else who liked it was seasoned property developer Justin

0:44:53 > 0:44:56and, for this property, he had a new silent partner.

0:44:56 > 0:44:59They paid ?270,000 for it at auction,

0:44:59 > 0:45:04so I was keen to hear what the new partnership would do with this flat.

0:45:04 > 0:45:07So is this a buy-to-sell-on, or what?

0:45:07 > 0:45:10Flip-over, yeah. Three weeks, in and out, back on the market. Oh, wow.

0:45:10 > 0:45:14How much do you think you'd be able to flip it on for? 375 to 395.

0:45:14 > 0:45:17Really, so 100 grand profit? Why doesn't everybody do this?

0:45:17 > 0:45:21Cos you're going to make ?100,000 in a few weeks, theoretically.

0:45:21 > 0:45:22You never know what the market'll do

0:45:22 > 0:45:24so you need to be in and out quickly.

0:45:24 > 0:45:27You can get your fingers burnt if you don't know what you're doing.

0:45:27 > 0:45:30Yeah, and they're not all presumably quite as easy as this one?

0:45:30 > 0:45:34No, this is a gem, this is the prettiest one we've ever had!

0:45:35 > 0:45:37Well, we're back, five weeks later.

0:45:37 > 0:45:42Let's see if they've managed to shine this little gem up a bit.

0:45:42 > 0:45:45# Ruby, Ruby, Ruby, Ruby

0:45:48 > 0:45:50# Do ya, do ya, do ya, do ya

0:45:53 > 0:45:56# Know what you're doing, doing to me? #

0:45:56 > 0:46:01It's CRYSTAL clear that removing the old tank and putting in

0:46:01 > 0:46:03a walk-in shower here was the way to go.

0:46:05 > 0:46:08Before, the kitchen was rough around the edges

0:46:08 > 0:46:09but now it sparkles

0:46:09 > 0:46:13and includes soft-close glossy units.

0:46:13 > 0:46:17The old doors were removed, but the glass panels stay.

0:46:17 > 0:46:18They keep the room separate

0:46:18 > 0:46:21but still flow into the wood-floored living space.

0:46:24 > 0:46:26Justin hasn't done all this on his own.

0:46:26 > 0:46:29He has a team of friends who helped him do the work,

0:46:29 > 0:46:32and of course there was his new silent partner.

0:46:32 > 0:46:35He couldn't have possibly got his hands dirty, right?

0:46:35 > 0:46:37He has actually been pretty hands-on,

0:46:37 > 0:46:39but it's the first time he's done it

0:46:39 > 0:46:41and he was pretty worn out, if I'm honest.

0:46:41 > 0:46:43But he did really well, in all fairness,

0:46:43 > 0:46:45because he comes from a restaurant background,

0:46:45 > 0:46:47so to come from restaurant to construction was a bit of a shock -

0:46:47 > 0:46:50early-morning starts and late finishes -

0:46:50 > 0:46:52but he did really well and I appreciate his help.

0:46:52 > 0:46:54Good to hear he got involved,

0:46:54 > 0:46:57especially as this was his first time.

0:46:57 > 0:46:59They have done a great job of getting this flat finished

0:46:59 > 0:47:01to such a high standard

0:47:01 > 0:47:03but, even for an experienced developer like Justin,

0:47:03 > 0:47:06it can't have all gone smoothly.

0:47:08 > 0:47:11The main issue with the development in my opinion

0:47:11 > 0:47:14was when we pulled out the hot-water cylinder

0:47:14 > 0:47:15and drained down the system.

0:47:15 > 0:47:18It had the old 8mm microbore copper piping,

0:47:18 > 0:47:21which is notoriously bad for blocking up,

0:47:21 > 0:47:23and there was no labelling on any of the pipeworks,

0:47:23 > 0:47:24so we had to put it all under pressure

0:47:24 > 0:47:26and make sure there were no leaks.

0:47:26 > 0:47:27Cos it's a concrete floor,

0:47:27 > 0:47:30had we just piped it up without checking,

0:47:30 > 0:47:32we could have found there were leaks

0:47:32 > 0:47:34and it could have leaked into the neighbours' below

0:47:34 > 0:47:37or saturated our concrete slab and ruined our flat,

0:47:37 > 0:47:38and it takes months to dry out.

0:47:38 > 0:47:40So I put it under pressure for about a week,

0:47:40 > 0:47:42managed to find out which pipes went where,

0:47:42 > 0:47:44after a bit of head scratching and jiggery-pokery,

0:47:44 > 0:47:48and then I power-flushed it all, got rid of all the sludge and silt,

0:47:48 > 0:47:50and it actually worked out really fine.

0:47:50 > 0:47:51Just modified them,

0:47:51 > 0:47:55put some reducing fittings on to bring them from 8mm to 15mm

0:47:55 > 0:47:58and then back onto 15mm normal pipework,

0:47:58 > 0:48:00and it's been absolutely fine now.

0:48:00 > 0:48:03Justin has a degree in construction management

0:48:03 > 0:48:05and is a qualified gas engineer,

0:48:05 > 0:48:08so he has made a thorough job of the plumbing here.

0:48:09 > 0:48:12There's been a lot of attention to detail,

0:48:12 > 0:48:16so what impact has that had on his demanding three-week schedule?

0:48:17 > 0:48:21So we've come in at five, possibly five and a half weeks,

0:48:21 > 0:48:23which, to be honest with you,

0:48:23 > 0:48:26on a flat, you know, of this quality, is acceptable.

0:48:28 > 0:48:31With an estimated budget of ?9,000,

0:48:31 > 0:48:33was the final spend acceptable as well?

0:48:35 > 0:48:38We've spent ?9,738.

0:48:38 > 0:48:40It does help dramatically...

0:48:40 > 0:48:43When you look at the actual overall costs, what we spent,

0:48:43 > 0:48:45it would have been probably three times

0:48:45 > 0:48:47if you'd have paid anybody else to do it.

0:48:47 > 0:48:49In this market, to get the money you want,

0:48:49 > 0:48:52you have to have that extra attention to detail

0:48:52 > 0:48:55and have that super finish, which people appreciate as well.

0:48:55 > 0:48:57Will two local estate agents have a keen eye

0:48:57 > 0:49:01and appreciate the finish here? Well, it's time to find out.

0:49:01 > 0:49:04Let's hear what the agent who saw it last time has to say now.

0:49:06 > 0:49:08Well, having looked round the flat,

0:49:08 > 0:49:09I must say there's an immense change.

0:49:09 > 0:49:14Even if the flat looked OK when you first came round,

0:49:14 > 0:49:16now you see it, the transformation is amazing.

0:49:16 > 0:49:18And it's a totally different flat.

0:49:18 > 0:49:19The standard of finish is very, very good.

0:49:19 > 0:49:22I see a lot of properties and it's little things is what you notice.

0:49:22 > 0:49:25It's absolutely brilliant, the finish on everything is great.

0:49:25 > 0:49:26Having looked around the flat,

0:49:26 > 0:49:29I think the flat has been designed really well.

0:49:29 > 0:49:30It's not too cheap. You know,

0:49:30 > 0:49:34it's aiming for a younger market and it should attract a lot of interest.

0:49:34 > 0:49:36The question is,

0:49:36 > 0:49:40will that interest translate into Justin's projected profit

0:49:40 > 0:49:44of around ?100,000 on their ?280,000 investment?

0:49:44 > 0:49:49If I was selling the property now, I believe it would achieve ?375,000.

0:49:49 > 0:49:54I think this flat would sell for between ?370,000 and ?380,000.

0:49:54 > 0:49:57I think they're pretty much in the ballpark.

0:49:57 > 0:50:01We're going to put it on for offers in excess of 375,

0:50:01 > 0:50:05to hope to achieve 385-390, possibly a bit more.

0:50:05 > 0:50:07I think they're there or thereabouts,

0:50:07 > 0:50:09so we'll see what the market says.

0:50:09 > 0:50:11So, with a potential profit

0:50:11 > 0:50:13of at least ?100,000 in just over a month,

0:50:13 > 0:50:17it does bring me back to my original question -

0:50:17 > 0:50:19why doesn't everyone just do this?!

0:50:20 > 0:50:24It's not for everybody, it's not as easy as it looks,

0:50:24 > 0:50:26and there's a high monetary risk involved in it.

0:50:26 > 0:50:28So if you're of weak constitution

0:50:28 > 0:50:30and you don't like working under pressure,

0:50:30 > 0:50:32don't do it, stick to what you're good at.

0:50:32 > 0:50:36But if you've got a gambling nature and you've got some kind of skill,

0:50:36 > 0:50:39you're practical and you're pragmatic,

0:50:39 > 0:50:41that is important, and you can take the highs and the lows,

0:50:41 > 0:50:45have a go, but definitely do your due diligence first,

0:50:45 > 0:50:48because mistakes can be made and they're very costly,

0:50:48 > 0:50:50because once the hammer goes down you own that property.

0:50:50 > 0:50:53Wise words, but, now this property's finished

0:50:53 > 0:50:56it must be time for Justin to have a well-deserved break?

0:50:56 > 0:50:59Yeah, I've got some relaxing and a little bit of a break coming up.

0:50:59 > 0:51:02I'm going to learn to fly, hopefully, and to paramotor,

0:51:02 > 0:51:04and then go and do some parachute jumps

0:51:04 > 0:51:06with some friends of mine, erm,

0:51:06 > 0:51:08and just carry on with the property developing

0:51:08 > 0:51:11and go and see the family, and just generally have some fun.

0:51:16 > 0:51:19It's about time we headed back to Sutton-in-Ashfield,

0:51:19 > 0:51:22where I saw this three-bed house over three storeys.

0:51:24 > 0:51:25Or was it...two storeys?

0:51:27 > 0:51:29No, that's right, I checked, it was three.

0:51:30 > 0:51:32That unusual loft extension to the front

0:51:32 > 0:51:35meant there was loads of space and lots of options.

0:51:37 > 0:51:40I thought an en-suite would be ideal, while on the first floor

0:51:40 > 0:51:44the current bathroom was definitely in need of an upgrade.

0:51:44 > 0:51:50Across the landing you've got... another really big bedroom here,

0:51:50 > 0:51:53nice high ceilings. Bit of storage as well.

0:51:53 > 0:51:56So, yes, if you could give this house a little bit of TLC

0:51:56 > 0:51:59I think you could really create a lovely family home.

0:51:59 > 0:52:02Potential is endless.

0:52:02 > 0:52:06Someone who also saw the potential was self-employed builder Stephen.

0:52:06 > 0:52:10This was the first renovation he'd taken on for himself.

0:52:10 > 0:52:13He was in two minds whether to rent or sell.

0:52:13 > 0:52:16He was also in two minds about something else.

0:52:17 > 0:52:21Think I might look at the stairway up to the top bedroom and

0:52:21 > 0:52:25probably put in a better...stairs. Yeah. Steep and narrow.

0:52:25 > 0:52:27I only just made it up.

0:52:27 > 0:52:29But I got up there in the end to have a look, and it's a...

0:52:29 > 0:52:32You've got a really big-sized room up there. Yeah, it's huge.

0:52:32 > 0:52:35Have you considered sticking in an en-suite, making it the master?

0:52:35 > 0:52:40I have considered that and it's... It will or it won't happen.

0:52:40 > 0:52:43I can't make up my mind. I prevaricate a lot.

0:52:43 > 0:52:46Stephen may not be very firm in making his mind up

0:52:46 > 0:52:49but a year later, he's finally finished the work.

0:52:52 > 0:52:57# You've got to speed it up and then you've got to slow it down

0:52:57 > 0:53:00# And soon you will find that there comes a time

0:53:00 > 0:53:02# For making your mind up

0:53:03 > 0:53:08# You've got to turn it up and then you've got to put it out

0:53:08 > 0:53:11# You've got to be sure that it's something

0:53:11 > 0:53:14# Everybody's gonna talk about

0:53:14 > 0:53:17# Before you decide that the time's arrived

0:53:17 > 0:53:18# You're making your mind up... #

0:53:18 > 0:53:21Stephen has done a really nice job here

0:53:21 > 0:53:23and downstairs is also bang up-to-date.

0:53:23 > 0:53:28The light decor in the living room makes it feel so much brighter.

0:53:28 > 0:53:32It flows very nicely on to the best part, the kitchen.

0:53:32 > 0:53:35# And try to look as if you don't care less

0:53:35 > 0:53:37# But if you want to see some more

0:53:37 > 0:53:40# And then you can show that you think you know

0:53:40 > 0:53:43# You're making your mind up... #

0:53:43 > 0:53:45Stephen has even added a downstairs loo.

0:53:46 > 0:53:48OK, if you remember,

0:53:48 > 0:53:52we had the kitchen going right down to the window at the bottom here.

0:53:52 > 0:53:57We've put a cloakroom in, which has...gone in pretty well.

0:53:57 > 0:54:01I think it goes in pretty well with this layout.

0:54:01 > 0:54:05We've put the kitchen a bit further in to the dining/kitchen area.

0:54:05 > 0:54:08With the dining area and kitchen working together,

0:54:08 > 0:54:11I think as a family unit it works really well.

0:54:12 > 0:54:15It is a good space but I can't help thinking

0:54:15 > 0:54:17how much bigger it could have been

0:54:17 > 0:54:20if Stephen had taken out that chimney breast as planned.

0:54:20 > 0:54:23Making big decisions is tough at the best of times

0:54:23 > 0:54:27but Stephen also had to factor in the two-and-a-half-hour travel time

0:54:27 > 0:54:29from his home to this property.

0:54:29 > 0:54:31He also had a busy work schedule

0:54:31 > 0:54:34and his annual Italian holiday with his kids

0:54:34 > 0:54:36Natalie, Ethan and Adrian.

0:54:36 > 0:54:40So his four-month time schedule has become almost a year.

0:54:40 > 0:54:42But he did get stuck in himself.

0:54:44 > 0:54:46I did 70% of the work.

0:54:46 > 0:54:50We had a local firm do the electrics and some of the plumbing,

0:54:50 > 0:54:54especially the boiler servicing, then I stayed on site,

0:54:54 > 0:54:57when I could, three days a week.

0:54:57 > 0:54:59It was an interesting year, let's say that.

0:55:00 > 0:55:02Stephen has discovered the difficulties

0:55:02 > 0:55:05of a long-distance project the hard way.

0:55:05 > 0:55:08He has done a nice job, though.

0:55:08 > 0:55:11But what bit of the house does he like the best?

0:55:12 > 0:55:15I think the bathroom's really worked well

0:55:15 > 0:55:18and the downstairs cloaks has gone in,

0:55:18 > 0:55:22and I think, for modern living, it's bang on trend, really.

0:55:23 > 0:55:27Although he wasn't bang on his budget of 15 to 16 grand,

0:55:27 > 0:55:31he wasn't too far over, with a total spend of ?17,000.

0:55:31 > 0:55:34But I'm sure the cost must have factored into the decision

0:55:34 > 0:55:38of not adding the en-suite in the attic.

0:55:38 > 0:55:40The en-suite, we did look at it

0:55:40 > 0:55:43and we decided not to go with it at the moment.

0:55:43 > 0:55:47These projects are so big, erm, you could go mad with them, really.

0:55:47 > 0:55:51You could put, as I say, an en-suite upstairs...

0:55:52 > 0:55:56There is scope in the roof to put in actually another bedroom, but...

0:55:57 > 0:56:00..it doesn't warrant it at the moment.

0:56:02 > 0:56:04Stephen had thought he would sell the property on

0:56:04 > 0:56:07but he's changed his mind - no surprise there.

0:56:07 > 0:56:10He's going to rent, for now.

0:56:11 > 0:56:13We've asked along two local estate agents

0:56:13 > 0:56:16to find out their thoughts on this property.

0:56:19 > 0:56:22There's been a significant change in the property since I last saw it

0:56:22 > 0:56:26and overall I'm very impressed with the standard of modernisation.

0:56:26 > 0:56:29I like the large breakfast kitchen.

0:56:29 > 0:56:32We all seem to be back into cookery and baking these days,

0:56:32 > 0:56:36so I think that will prove, erm, very fashionable and popular.

0:56:36 > 0:56:39The main thing about this property is the space it's got available.

0:56:39 > 0:56:43Each room is large, it's light and airy, it's bright, clean,

0:56:43 > 0:56:45freshly decorated, re-carpeted,

0:56:45 > 0:56:49and there's been quite a good level of attention to detail.

0:56:49 > 0:56:51That is good feedback,

0:56:51 > 0:56:53but has Stephen missed a trick

0:56:53 > 0:56:56by not adding the en-suite in the master bedroom?

0:56:56 > 0:56:58I think as long as... particularly with the family market,

0:56:58 > 0:57:01so long as there's a downstairs toilet,

0:57:01 > 0:57:03which of course there is, because he's added that,

0:57:03 > 0:57:07I don't think there's any need to add an en-suite on the top floor.

0:57:09 > 0:57:10Stephen's done the right thing

0:57:10 > 0:57:13and made the property appropriate for the market.

0:57:13 > 0:57:16Since he wants to rent, what figures can he expect?

0:57:17 > 0:57:20A property in this condition, with the space that's available,

0:57:20 > 0:57:24should reach ?450 per calendar month.

0:57:24 > 0:57:26With the standard of the accommodation

0:57:26 > 0:57:29and also the demand for rented accommodation,

0:57:29 > 0:57:32I'll be recommending a figure of ?500 per calendar month.

0:57:32 > 0:57:36I think somewhere in the middle, I think, would be a good price.

0:57:39 > 0:57:40Somewhere in the middle would give Stephen

0:57:40 > 0:57:45a yield of just under 9% on his 65,500 investment.

0:57:45 > 0:57:48The agent valued the house on the resale market

0:57:48 > 0:57:51of in between 75 and 80 grand,

0:57:51 > 0:57:56which would mean a potential pre-tax profit of ?14,500.

0:57:56 > 0:58:01So has that changed his mind? Will it be sell or rent?

0:58:01 > 0:58:03Er, I...

0:58:03 > 0:58:04As I said on the first...time,

0:58:04 > 0:58:08I ponder and prevaricate too much, so, who knows?

0:58:13 > 0:58:16Could you see yourself battling it out in a bidding war?

0:58:16 > 0:58:17So if you fancy your chances,

0:58:17 > 0:58:20why not head down to your local property auction?

0:58:20 > 0:58:23But make sure you join us next time here on Homes Under The Hammer.

0:58:23 > 0:58:26You never know - could be you. Yeah, goodbye! Bye-bye. Goodbye.