0:00:02 > 0:00:04Hello. There are all manner of property renovations out there
0:00:04 > 0:00:06to suit all levels of experience.
0:00:06 > 0:00:10Yes, everything from plots of land which provide a blank canvas
0:00:10 > 0:00:11to maybe a quick-turnaround property
0:00:11 > 0:00:14where you'll just change a few light bulbs.
0:00:14 > 0:00:15Yes. We've had them all on this show,
0:00:15 > 0:00:17but the one thing they did have in common,
0:00:17 > 0:00:18they were all bought under the hammer.
0:00:45 > 0:00:48A packed auction house has an adrenaline-fuelled atmosphere.
0:00:48 > 0:00:51You can actually sense the excitement in the room.
0:00:51 > 0:00:53Yeah, you can. There's a variety of property on offer,
0:00:53 > 0:00:55people are trying to outbid each other.
0:00:55 > 0:00:57I tell you what, it's not for the faint-hearted.
0:00:57 > 0:01:00No, you have to hold your nerve.
0:01:00 > 0:01:03So, who got what they were bidding for on today's show?
0:01:04 > 0:01:06In Upton, Nottinghamshire,
0:01:06 > 0:01:09there's not much left of this old blacksmith's forge.
0:01:09 > 0:01:11I'd like to show you the roof, but there isn't one.
0:01:11 > 0:01:14Not feeling very safe up here, so I'm escaping.
0:01:14 > 0:01:19Well, Dion, I'm looking for some me time to enjoy a very scenic bath in
0:01:19 > 0:01:20Selhurst, London.
0:01:20 > 0:01:24Excuse me, can I have some privacy while I get out of the bath? Thanks.
0:01:24 > 0:01:28And I'd just like to FIND a bath in this Staffordshire semi.
0:01:28 > 0:01:31Is it perhaps upstairs?
0:01:31 > 0:01:34There isn't one. Not normally an optional extra with houses, is it?
0:01:36 > 0:01:38All these properties were bought at auction.
0:01:38 > 0:01:42We'll find out who got them and how much they paid when these homes went
0:01:42 > 0:01:43under the hammer.
0:01:43 > 0:01:44Sold.
0:01:48 > 0:01:53This is Newark in Nottinghamshire, and I'm in the village of Upton.
0:01:54 > 0:01:59It's nicely placed, as it's in a rural setting, but in a 15-minute drive
0:01:59 > 0:02:02you can access good rail links and all the amenities you'll need.
0:02:05 > 0:02:08This property oozes country character.
0:02:08 > 0:02:12It's the old forge and comes with outbuildings just over there,
0:02:12 > 0:02:14where once, I'm pretty sure,
0:02:14 > 0:02:17the ring of the smith's hammer would have been heard throughout the whole
0:02:17 > 0:02:19of the village. As you can see,
0:02:19 > 0:02:22this building looks like it needs a bit of help.
0:02:22 > 0:02:25It has a guide price of £130,000-plus.
0:02:25 > 0:02:27I'm going to see what you get for your money.
0:02:29 > 0:02:31A stiff door.
0:02:32 > 0:02:36OK, we're straight into the lounge, living area here.
0:02:36 > 0:02:39What does hit you in the face is that huge chimney breast,
0:02:39 > 0:02:41which separates two rooms.
0:02:41 > 0:02:45That would have been the second reception room, but that is a bit strange.
0:02:45 > 0:02:49The floor's all uneven. Low ceilings in here, as well.
0:02:49 > 0:02:52And it's got a sense of damp and cold as you walk around.
0:02:52 > 0:02:57We're going to go up a step into the back room, but the ceiling doesn't seem
0:02:57 > 0:02:59to go up with you. It seems to stay there.
0:02:59 > 0:03:02Now, it doesn't feel conducive to modern living.
0:03:02 > 0:03:04You might have to raise that ceiling,
0:03:04 > 0:03:05and that could cost you a few quid.
0:03:05 > 0:03:09Looking round, it looks like this hasn't been touched for some time,
0:03:09 > 0:03:13but there are modern touches like radiators down here.
0:03:13 > 0:03:17But apart from that, it's a bit higgledy-piggledy.
0:03:19 > 0:03:22On second thoughts, "higgledy-piggledy" isn't quite random enough.
0:03:22 > 0:03:24It's more like a rabbit warren,
0:03:24 > 0:03:26especially with the trap door in the ceiling...
0:03:28 > 0:03:30..with rooms near the rear of the cottage,
0:03:30 > 0:03:32including the kitchen and the good
0:03:32 > 0:03:34old Homes Under The Hammer favourite - can you guess?
0:03:36 > 0:03:38Yes, the downstairs bathroom.
0:03:45 > 0:03:49Back through the lounge area, at the opposite side of the chimney,
0:03:49 > 0:03:51is another small room with access upstairs.
0:03:53 > 0:03:55But it's not for the faint-hearted...
0:03:55 > 0:03:57or tall people, like me.
0:04:02 > 0:04:05This is unbelievable up here!
0:04:05 > 0:04:09I'd like to show you the roof, but there isn't one.
0:04:09 > 0:04:10These are just branches.
0:04:11 > 0:04:15These are reeds. A very medieval feel to this roof.
0:04:15 > 0:04:21And you've got the electrics in amongst the ceiling, as well.
0:04:21 > 0:04:25All very unsafe. I'm surprised it's still standing.
0:04:25 > 0:04:27I'm not feeling very safe up here, so I'm escaping.
0:04:30 > 0:04:34Mind you, it's marginally safer than the neighbouring bedroom,
0:04:34 > 0:04:36which had a handy short cut to downstairs,
0:04:36 > 0:04:39should you be caught short in the night, that is.
0:04:39 > 0:04:42Perhaps a pole for sliding down might be an option?
0:04:47 > 0:04:48If it's not to your taste,
0:04:48 > 0:04:51then you have to go back through the first bedroom and risk banging your
0:04:51 > 0:04:55head on the eaves. Perhaps give that wattle-and-daub construction
0:04:55 > 0:04:57closer scrutiny.
0:05:01 > 0:05:03At the top of the stairs,
0:05:03 > 0:05:06there is a third bedroom, and like the other rooms up here,
0:05:06 > 0:05:10this room has a low window to match the low ceiling height.
0:05:15 > 0:05:17I'm out here in the courtyard area,
0:05:17 > 0:05:21and these bricks, they're weathered, and they will date back to when there would
0:05:21 > 0:05:25have been a blacksmith living here and the building has evolved.
0:05:25 > 0:05:29There would have been a door there. Somebody's tried to extend it with
0:05:29 > 0:05:31these concrete blocks, as well.
0:05:31 > 0:05:35It's all a bit ramshackle, but it does have its charms.
0:05:35 > 0:05:39# Brick by brick by brick by brick by brick by brick by brick... #
0:05:42 > 0:05:44And don't forget, as well as the cottage,
0:05:44 > 0:05:46there is an old forge building across the road,
0:05:46 > 0:05:49which is also included in the lot.
0:05:51 > 0:05:54We invited a property expert from the auction house who sold it
0:05:54 > 0:05:56to find out what he thought of this place.
0:05:58 > 0:06:00It needs the kiss of life, basically,
0:06:00 > 0:06:05but there is an incredible amount of potential here...
0:06:05 > 0:06:06and scope.
0:06:08 > 0:06:11But with low ceilings everywhere, in a conservation area
0:06:11 > 0:06:13it must be pricey to rectify.
0:06:13 > 0:06:15There is a lot of money to be spent.
0:06:15 > 0:06:18We're talking minimum £40,000 to £50,000.
0:06:18 > 0:06:23However, I feel this property could be on the market within the region of
0:06:23 > 0:06:26£250,000 to £275,000.
0:06:26 > 0:06:28So, there's certainly lots of mileage.
0:06:28 > 0:06:32There is certainly potential with that guide price of £130,000.
0:06:32 > 0:06:36With a further 50 grand spent on refurbishment you could be left with
0:06:36 > 0:06:39a potential profit of £70,000.
0:06:39 > 0:06:43That's not including the forge building across the road.
0:06:43 > 0:06:45The forge itself has a lot of history behind it,
0:06:45 > 0:06:48and it...
0:06:48 > 0:06:53certainly can be converted into maybe an art studio or an office, or it may be, potentially, a garage.
0:06:53 > 0:06:56But that's all down to the appropriate planning consent.
0:06:56 > 0:06:59Whoever takes on this project will have their work cut out.
0:06:59 > 0:07:03I think they'll have to take it back to the bare brick and start again.
0:07:03 > 0:07:07There are some lovely views, though, and I'm pretty sure, in the distance,
0:07:07 > 0:07:10that's Southwell racecourse.
0:07:10 > 0:07:12Who fancied a gamble when it went under the hammer?
0:07:12 > 0:07:17And our last lot today, lot 36, start me where you like with this,
0:07:17 > 0:07:20ladies and gentlemen. Who's got 125 to start me?
0:07:20 > 0:07:22125. He has. Thank you.
0:07:22 > 0:07:25£125,000.
0:07:25 > 0:07:28At £125,000 is the opening bid.
0:07:28 > 0:07:30126, somewhere.
0:07:30 > 0:07:32126. 126.
0:07:32 > 0:07:36Surprisingly, the bidding takes time to get past the 130-grand guide
0:07:36 > 0:07:41price. We rejoin the bidding at £132,500.
0:07:41 > 0:07:45132,500. 500. 132,500.
0:07:45 > 0:07:49133? At 133.
0:07:49 > 0:07:52130,000. 500.
0:07:52 > 0:07:55133,500. 134,500.
0:07:55 > 0:07:59New bidder. 134,500. 135?
0:07:59 > 0:08:02135. 135,500?
0:08:02 > 0:08:03500, quickly?
0:08:03 > 0:08:08At £135,000 for the first time.
0:08:08 > 0:08:10For the second time.
0:08:10 > 0:08:11Third and last opportunity.
0:08:13 > 0:08:16Sold, 135,000. Thank you.
0:08:17 > 0:08:21The successful bid of 135 grand came from Andrew,
0:08:21 > 0:08:23who has bought the property as a joint venture
0:08:23 > 0:08:26with builder son-in-law Ben, who lives locally.
0:08:26 > 0:08:28I met them back at the cottage to find out their plans.
0:08:30 > 0:08:32- Andrew, nice to meet you.- Nice to meet you, Dion.
0:08:32 > 0:08:34And you, sir. Congratulations.
0:08:34 > 0:08:36- Thank you.- Just give us a bit of background,
0:08:36 > 0:08:40how you've come together to start your property-developing world.
0:08:40 > 0:08:42Well, Ben is my son-in-law,
0:08:42 > 0:08:48runs his own building and roofing company, and he happened to be driving by
0:08:48 > 0:08:52this particular property when somebody else was viewing it.
0:08:52 > 0:08:55And he nipped in just to have a quick look around - you know how you do -
0:08:55 > 0:08:58just out of interest, to see what things looked like,
0:08:58 > 0:09:00and he thought, "Well,
0:09:00 > 0:09:03"maybe I know somebody who ought to have a little go at this."
0:09:03 > 0:09:06- So, just by chance, Ben, was it? - Yeah, yeah. Just driving past,
0:09:06 > 0:09:11saw somebody doing a viewing, and Andy's been wanting to do a little
0:09:11 > 0:09:14venture, so I thought, yeah, well,
0:09:14 > 0:09:17I'll give him a nod, send him to the auction, see how he goes.
0:09:17 > 0:09:19Andy's in the jewellery business,
0:09:19 > 0:09:22so he just wanted to, well, have a go at property developing!
0:09:22 > 0:09:25So, we set up a little company, and this is the first one.
0:09:25 > 0:09:27Whilst it is a first venture,
0:09:27 > 0:09:30I'm glad Ben has plenty of relevant experience.
0:09:30 > 0:09:33- So, what is he planning?- Well, firstly, it'll all be stripped back.
0:09:33 > 0:09:38So, plaster off, new floors, chimney breast out.
0:09:38 > 0:09:42The back elevation, buildings, they'll all come down.
0:09:42 > 0:09:44Extension off the back and then basically...
0:09:46 > 0:09:47..go from there.
0:09:47 > 0:09:50Sounds easy. Ben is also planning
0:09:50 > 0:09:52to lower the floor to increase the head height down
0:09:52 > 0:09:56here, but the roofs might be a bigger challenge in this conservation area.
0:09:56 > 0:09:59Even so, Andrew has got a wish list.
0:09:59 > 0:10:02There ought to be an en suite off the main bedroom, and the bathroom,
0:10:02 > 0:10:06which is at the back of the property at the moment on the ground floor,
0:10:06 > 0:10:07will have to go upstairs, as well.
0:10:07 > 0:10:11So, a plumber's going to earn a fair amount out of the changing
0:10:11 > 0:10:13that goes on there.
0:10:13 > 0:10:16And it'll certainly change the character of it,
0:10:16 > 0:10:19but we want to retain the cottagey look to it, as well,
0:10:19 > 0:10:23because that's half the charm of an old place like this.
0:10:23 > 0:10:26The work, Ben, how long are you hoping it's going to take you
0:10:26 > 0:10:27to get this turned round?
0:10:27 > 0:10:31We're hoping six to seven months to be completed.
0:10:31 > 0:10:33Obviously, it needs planning permission, so...
0:10:34 > 0:10:36..there's eight weeks lost.
0:10:36 > 0:10:39And it's not just the cottage to be refurbished.
0:10:39 > 0:10:42There is the forge across the way. What about that building?
0:10:43 > 0:10:45Hopefully, keep the shell.
0:10:45 > 0:10:48Obviously, there's a lot of brickwork to change.
0:10:48 > 0:10:50New roof, new floor.
0:10:51 > 0:10:55- But it may be a case of coming down and rebuild.- Start again.- Yeah.
0:10:55 > 0:10:58There's quite a large chimney section in there,
0:10:58 > 0:11:03which was the old forge area, and so that'll have to come down to give more space.
0:11:03 > 0:11:05Probably a small kitchen area.
0:11:05 > 0:11:09Obviously, there'll have to be toilet and bathroom facilities and a bedroom
0:11:09 > 0:11:12and then a small living area inside there.
0:11:12 > 0:11:15It'll be compact, but if it's done to a nice standard,
0:11:15 > 0:11:20which we hope to attain, then it should be something that would, you know...
0:11:20 > 0:11:23would let reasonably easily.
0:11:23 > 0:11:27At the moment, the plan is to sell the house and rent the forge across the way.
0:11:27 > 0:11:31Andrew's sister-in-law works in the local tourism industry and often
0:11:31 > 0:11:34gets requests for advice regarding accommodation,
0:11:34 > 0:11:37so that's another family member to help things along.
0:11:37 > 0:11:41And the family connections extend even further.
0:11:41 > 0:11:44# Running in the family... #
0:11:44 > 0:11:49My brother-in-law, who's very much into family history,
0:11:49 > 0:11:51came back to us and said
0:11:51 > 0:11:56did we know that his great-grandfather used to be
0:11:56 > 0:12:01the actual smithy across the way there in the census in 1844.
0:12:01 > 0:12:03- In the outbuilding?- In the outbuilding.- Wow!- Yeah, yeah.
0:12:03 > 0:12:06So I think it'll be rather nice if we get one or two of the old tools
0:12:06 > 0:12:09there in a glass-fronted case to keep a little bit
0:12:09 > 0:12:12of the character once it's been done up.
0:12:12 > 0:12:13That would be cool, wouldn't it?
0:12:13 > 0:12:14It would be cool, yeah.
0:12:14 > 0:12:17A cottage refurbished and a short-term let
0:12:17 > 0:12:22building of historic significance, which leads me to the 64,000 question.
0:12:22 > 0:12:24What's your budget?
0:12:24 > 0:12:26THEY LAUGH
0:12:26 > 0:12:28How long's a piece of string?
0:12:28 > 0:12:29Well, the short answer is, really,
0:12:29 > 0:12:31we don't want to spend more than, well,
0:12:31 > 0:12:34- Ben will say 70. - 70. It's got to be.
0:12:34 > 0:12:36I think it'll be round that kind of area. Yeah.
0:12:36 > 0:12:38- That's not too bad, is it?- No.
0:12:38 > 0:12:4160 would be nice, but I've got a gut feeling we might get up to 70,
0:12:41 > 0:12:44but no more. It will be done for 70.
0:12:44 > 0:12:46So, Andrew and Ben, I wish you all the best.
0:12:46 > 0:12:48Hope it goes exactly how you want it to go.
0:12:48 > 0:12:49- Good luck.- Thank you very much.
0:12:49 > 0:12:52We'll need that good luck, I'm sure!
0:12:52 > 0:12:54- Good luck, Ben.- Cheers.
0:12:54 > 0:12:55Keeping it in the family,
0:12:55 > 0:12:59Andrew and Ben are "forging" ahead with this business project.
0:12:59 > 0:13:03And I'm glad to hear that Ben has a history as a roofer, because I think that
0:13:03 > 0:13:06particular skill set is going to be needed here.
0:13:06 > 0:13:08I'm hoping he's got some gardening skills, as well.
0:13:08 > 0:13:11You can find out how they get on later on in the programme.
0:13:16 > 0:13:20I'm close to the South London boom town of Croydon - Selhurst,
0:13:20 > 0:13:22where you can get more brick for your buck.
0:13:22 > 0:13:25It's also home to Crystal Palace Football Club.
0:13:28 > 0:13:30And talking of that football club, well,
0:13:30 > 0:13:33the stadium is just up the road from here,
0:13:33 > 0:13:36so this might seem like a quiet residential street now,
0:13:36 > 0:13:39but on match days, well, it certainly won't be.
0:13:39 > 0:13:41But then again, if you support Crystal Palace,
0:13:41 > 0:13:44well, this two-bed end-of-terrace I'm here to see
0:13:44 > 0:13:46might be right up your street.
0:13:46 > 0:13:49Now, it had a guide price of £260,000-plus.
0:13:49 > 0:13:53Let's hope it's not too "foul" on the inside.
0:13:53 > 0:13:54Sorry about that.
0:13:54 > 0:13:57'I prefer my interiors to be "Premier League".'
0:13:57 > 0:13:59Ooh, well, not much privacy with this front door.
0:13:59 > 0:14:02You can see straight through that glass.
0:14:02 > 0:14:04Won't want to come trotting down the stairs with your dressing
0:14:04 > 0:14:07gown flapping around, because you'll be able to see everything!
0:14:07 > 0:14:09Right, into the hallway. What have we got here?
0:14:09 > 0:14:11Straight into the first reception room.
0:14:11 > 0:14:14A great size. You know what? It just seems a little bit tatty.
0:14:14 > 0:14:17It needs decorating, it need some love.
0:14:17 > 0:14:19It's very brown and beige at the moment,
0:14:19 > 0:14:22but you have got double glazing to the front, which is good.
0:14:22 > 0:14:23Through into the second reception room.
0:14:23 > 0:14:25Again, it's a little bit messy.
0:14:25 > 0:14:28It just needs somebody to come in and give it some TLC, because,
0:14:28 > 0:14:31structurally, it seems all right.
0:14:31 > 0:14:32I can smell a little bit of damp,
0:14:32 > 0:14:34so I'd get somebody to check that out.
0:14:34 > 0:14:37And then straight through into the kitchen.
0:14:37 > 0:14:41Now, it's right at the back of the property, and it's small.
0:14:41 > 0:14:44But you could work with this. You could just rip all the units out.
0:14:44 > 0:14:47You've got a little view out into a courtyard garden there.
0:14:47 > 0:14:50So, you can certainly spend some money, you can upgrade this place.
0:14:50 > 0:14:54But it is what it is, it's a typical terrace, and I think,
0:14:54 > 0:14:56with some love and some money spent on it,
0:14:56 > 0:15:00it could be quite a nice family home.
0:15:00 > 0:15:01And as I mentioned,
0:15:01 > 0:15:04money has already been spent on it with double glazing -
0:15:04 > 0:15:08good job, given the nearby trains and central heating,
0:15:08 > 0:15:10both costly jobs for a refurbishment.
0:15:12 > 0:15:16Now, something I have noticed with this property - it's a little bit unusual -
0:15:16 > 0:15:20are the stairs. Now, when I say they're unusual, they're really,
0:15:20 > 0:15:23really narrow, and I've got a bit of a safety issue here.
0:15:23 > 0:15:25Either running up or running down, I think,
0:15:25 > 0:15:28could be quite dangerous, because, let me just show you, viewer,
0:15:28 > 0:15:29I've got a size four-and-a-half foot, OK?
0:15:29 > 0:15:32Here we go. Here's my foot on the tread.
0:15:32 > 0:15:33And it only comes up to there.
0:15:33 > 0:15:37Now, my lovely cameraman here, Tom, has got a size...
0:15:38 > 0:15:39..14 foot.
0:15:39 > 0:15:40Could you just demonstrate?
0:15:40 > 0:15:45So, how hard would it be for Tom to get up or down the stairs?
0:15:45 > 0:15:46I mean, take a look.
0:15:48 > 0:15:49Can you extend stairs?
0:15:49 > 0:15:52I think something drastic needs to be done,
0:15:52 > 0:15:56because as they stand at the moment, they're a little bit dangerous.
0:15:56 > 0:15:59So, I think I'm going to go up sideways to get up the stairs
0:15:59 > 0:16:01to make it a little easier.
0:16:01 > 0:16:05So, here we are, and, well, walk straight into the bathroom.
0:16:05 > 0:16:10Now, this, this is quite a luxury, to have a bathroom of this size.
0:16:10 > 0:16:12And look at that
0:16:12 > 0:16:14lovely little fireplace.
0:16:14 > 0:16:16I bet that would be really nice
0:16:16 > 0:16:18if somebody took the time to look after that.
0:16:18 > 0:16:21You know, I could lay in the bath all evening
0:16:21 > 0:16:23and just stare at that fireplace.
0:16:23 > 0:16:24In fact, I might try that out.
0:16:24 > 0:16:27Let's just see what it looks like from this point of view.
0:16:27 > 0:16:29Ahhh!
0:16:29 > 0:16:31Yeah, still looks really good.
0:16:31 > 0:16:35Excuse me, can I have some privacy while I get out of the bath? Thanks.
0:16:35 > 0:16:37- SHE CHUCKLES - Not that I usually bathe
0:16:37 > 0:16:40wearing my shoes!
0:16:40 > 0:16:43A fireplace suggests that used to be bedroom number three,
0:16:43 > 0:16:46meaning the bathroom must have been downstairs,
0:16:46 > 0:16:47though Heaven knows where,
0:16:47 > 0:16:49as there's not a lot of room down there.
0:16:51 > 0:16:55Anyway, I think a first-floor bathroom scores highly.
0:16:59 > 0:17:02And the second bedroom also has some original features
0:17:02 > 0:17:05as well as, ooh, quite a bit of damp,
0:17:05 > 0:17:09but I'd like to add things like ceiling roses and coving.
0:17:09 > 0:17:12We called in a local estate agent.
0:17:12 > 0:17:16What are his thoughts of the railway line being so close to the property?
0:17:18 > 0:17:22The railway line doesn't seem to have too much of an effect,
0:17:22 > 0:17:25because I do know the trains stop running at, I think,
0:17:25 > 0:17:2912.30 or one o'clock at night-time, anyway.
0:17:29 > 0:17:32You do have obviously the Gatwick Express, which runs all night,
0:17:32 > 0:17:36but that's a very fast train. It literally just zooms past.
0:17:36 > 0:17:39So, it will be unnoticeable round here.
0:17:39 > 0:17:43Good news. So, once refurbished, what will the values be?
0:17:43 > 0:17:46Once renovated, this property would sell for around the region
0:17:46 > 0:17:49of £350,000,
0:17:49 > 0:17:55and the rental value would be around £1,200 per calendar month.
0:17:55 > 0:17:57Yes, it looks rather grubby and tired at the moment,
0:17:57 > 0:18:02but give it some TLC and I think it could be a really lovely home for
0:18:02 > 0:18:05someone, especially if you're into football.
0:18:05 > 0:18:08Who thought they'd "strike" it lucky by "netting" this property in the
0:18:08 > 0:18:10auction room? Let's find out.
0:18:10 > 0:18:15Lot 158. Right, 260, then, I'll try and give it a wee bit of discount.
0:18:15 > 0:18:17260 I've got.
0:18:17 > 0:18:20Thank you. 262.
0:18:20 > 0:18:21262.
0:18:21 > 0:18:23264. 266.
0:18:23 > 0:18:25268. More competition.
0:18:25 > 0:18:26270 at the back.
0:18:26 > 0:18:28272.
0:18:28 > 0:18:31274. 275.
0:18:31 > 0:18:33276. No, it's with you, sir, in the blue.
0:18:33 > 0:18:37It's against you standing up at the back. Anybody else? 276.
0:18:37 > 0:18:38Thank you. Back in.
0:18:38 > 0:18:41277. 278.
0:18:41 > 0:18:44279.
0:18:44 > 0:18:45280.
0:18:45 > 0:18:47Anybody else for lot 158?
0:18:47 > 0:18:50If not, 279 for the first,
0:18:50 > 0:18:52279 for the second,
0:18:52 > 0:18:56279 for the third and final time. Are we all done?
0:18:56 > 0:18:58Sold, 279. Well bought.
0:18:58 > 0:19:01The successful bid came from Chris.
0:19:01 > 0:19:04And if he looks familiar, it's because he and his wife, Pauline,
0:19:04 > 0:19:06have been on the show twice before...
0:19:08 > 0:19:10..the last time in June 2015,
0:19:10 > 0:19:14when they bought this three-bed end terrace in Croydon.
0:19:14 > 0:19:17Whilst Chris took care of any structural changes,
0:19:17 > 0:19:19Pauline looked after the decoration.
0:19:21 > 0:19:24We paint greys, because it's a good background colour.
0:19:24 > 0:19:28And we have splashes of colour on, like, the rug and the cushions.
0:19:28 > 0:19:31It kind of puts a bit of life and personality into the room.
0:19:31 > 0:19:34Well, they certainly put life back into that property.
0:19:34 > 0:19:38It was valued to make a profit of 89 grand,
0:19:38 > 0:19:41minus the usual taxes and expenses.
0:19:41 > 0:19:44They definitely put personality and profit into that property,
0:19:44 > 0:19:47so I can't wait to find out what's next
0:19:47 > 0:19:51and what they're going to do with their 279-grand purchase.
0:19:51 > 0:19:54Chris and Pauline, we meet again.
0:19:54 > 0:19:57- Yeah!- I can't believe you two are at it again, another property.
0:19:57 > 0:20:01Are you on your sixth auction property, am I right in saying that?
0:20:01 > 0:20:02Yeah. Yeah.
0:20:02 > 0:20:05- But three on Homes Under The Hammer. - Mm-hm.
0:20:05 > 0:20:10So, what made you want to buy this one? Let's kick off with you, Chris.
0:20:10 > 0:20:13Usual answer, really. We didn't particularly want to buy this one.
0:20:13 > 0:20:18- We had a list of, I don't know, eight, I think, on the day.- Yeah.
0:20:18 > 0:20:21That always happens to you. You never get your top choice, do you?
0:20:21 > 0:20:25We missed the first seven. They all went through in the morning.
0:20:25 > 0:20:28Then I ummed and ahhed about this one, because it was late in the day.
0:20:28 > 0:20:30"Shall I hang around?"
0:20:30 > 0:20:33Everything's going for crazy over-the-guide prices.
0:20:33 > 0:20:35I thought I'd best wait around for it,
0:20:35 > 0:20:37and then it came through at a reasonable price,
0:20:37 > 0:20:41- so we ended up with this one. - So, Pauline, tell me about Selhurst.
0:20:41 > 0:20:43This is an area that's just outside of Croydon.
0:20:43 > 0:20:46- What do you know about it? - Not a lot, really.
0:20:46 > 0:20:48It's just because we ended up here.
0:20:48 > 0:20:51As Chris said, he's found a property that we could afford.
0:20:51 > 0:20:54I'd already gone home, so I had no idea what he'd bought.
0:20:54 > 0:20:56But, yeah, it looks all right.
0:20:56 > 0:20:59Quite often, you just leave him with all the money in his pocket!
0:20:59 > 0:21:02I have no control, except when he turns up without the chequebook,
0:21:02 > 0:21:04and then I'm sent home to get it.
0:21:04 > 0:21:06But you did have the chequebook this time.
0:21:06 > 0:21:09This time I remembered the chequebook and everything!
0:21:09 > 0:21:11Now, guys, I've seen two of your properties
0:21:11 > 0:21:14that both have the Pauline touch, which I love.
0:21:14 > 0:21:16What are you going to be doing to this one
0:21:16 > 0:21:19that's going to really set it apart, that's going to give it your stamp?
0:21:21 > 0:21:23Ooh, I've been told to rein in that stamp.
0:21:23 > 0:21:26Because I remember last time, you were spending quite a bit of money.
0:21:26 > 0:21:28Oh, yeah, I'm a bit gung ho with that.
0:21:28 > 0:21:30She kind of ran away with herself a little bit, Chris. Is that right?
0:21:30 > 0:21:33- She does like her posh stores, yes. - And it's online shopping!
0:21:35 > 0:21:38- Cup of tea, biscuit, click, click... - But what Pauline does do
0:21:38 > 0:21:41does actually give it that glossy, finished look,
0:21:41 > 0:21:43I'm right in saying that.
0:21:43 > 0:21:45- It does!- And it helps to sell the property.
0:21:45 > 0:21:47- It does.- It gives the house a wow,
0:21:47 > 0:21:50and it sells, certainly sells quickly,
0:21:50 > 0:21:52not necessarily for more, but it makes it sell quickly.
0:21:52 > 0:21:55So, how are you going to rein her in this time?
0:21:56 > 0:22:00Apparently, I've been told to hold fire on the wallpapering and stuff,
0:22:00 > 0:22:03because I think the budget's going to be a bit tighter,
0:22:03 > 0:22:08and just probably use a lot of the format that we've used before,
0:22:08 > 0:22:11because it seems to work and people like it.
0:22:11 > 0:22:13But what sort of budget are you looking at, realistically,
0:22:13 > 0:22:14for this property?
0:22:14 > 0:22:17Windows and central heating's all been done for us,
0:22:17 > 0:22:20we just need to do carpets, kitchen, bathroom, redecorate.
0:22:20 > 0:22:23You've got to change a few panes of glass. There's a few broken.
0:22:23 > 0:22:24Ah, that's not a big deal.
0:22:24 > 0:22:26A little bit of work on the roof.
0:22:26 > 0:22:30So, I'm hoping around about 20 or so should do it.
0:22:30 > 0:22:31So, you say a little bit of work on the roof.
0:22:31 > 0:22:34I mean, you have to walk along this road and you notice this is the roof
0:22:34 > 0:22:37that looks untouched, a couple of slates missing.
0:22:37 > 0:22:40But actually, that's what it is, a couple of slates missing,
0:22:40 > 0:22:44just a couple of days for a roof guy on the roof and we should be done,
0:22:44 > 0:22:46- hopefully.- So nothing too serious.
0:22:46 > 0:22:49No, there's no signs of damp or anything upstairs coming through the
0:22:49 > 0:22:52ceiling, so it seems to be watertight, so it should be OK.
0:22:52 > 0:22:54And how long is it going to take you, realistically, Chris?
0:22:54 > 0:22:57We're not going to start for a few weeks, because we're waiting for
0:22:57 > 0:22:59the builder to finish other jobs,
0:22:59 > 0:23:02and I've got another job for the builder to do, as well, before he comes here, so...
0:23:02 > 0:23:04we're probably looking...
0:23:04 > 0:23:08- Eight weeks. - ..two or three months, really.
0:23:08 > 0:23:11It's probably eight weeks to do the job, but we've got to wait to...
0:23:11 > 0:23:13Two to three months. And you're usually good at sticking
0:23:13 > 0:23:15to your timescales, aren't you?
0:23:15 > 0:23:18- Yeah, I guess we have been. - Not too bad, actually, yeah.
0:23:18 > 0:23:22Guys, I always love meeting up with you, and I'm so excited to see
0:23:22 > 0:23:24renovation number three for Homes Under The Hammer,
0:23:24 > 0:23:27- so good luck. Well done. - Likewise.- Thank you.- Thank you.
0:23:29 > 0:23:32Well, I think it's great to see that all is still going so well for
0:23:32 > 0:23:36Pauline and Chris as they continue with their property-developing career.
0:23:36 > 0:23:40But will Chris be able to rein in Pauline's spending?
0:23:40 > 0:23:42Although I still hope she makes her mark here.
0:23:42 > 0:23:46Join me later in the programme and you can find out how they get on.
0:23:48 > 0:23:51'Coming up, this Staffordshire property has a conservatory.
0:23:54 > 0:23:56'Ah. It was like that when I found it!'
0:23:58 > 0:24:01And Chris and Pauline are doing construction work
0:24:01 > 0:24:04of the positive but pricey kind in Selhurst, London.
0:24:04 > 0:24:06We had to replace the roof.
0:24:06 > 0:24:07Sadly.
0:24:12 > 0:24:15Earlier on, I was in the village of Upton in Nottinghamshire,
0:24:15 > 0:24:17where I had a chance to step back in time,
0:24:17 > 0:24:20thanks to this old forge and outbuildings,
0:24:20 > 0:24:21guided at 130 grand.
0:24:25 > 0:24:29It had a rabbit-warren layout, uneven floors and, in some cases,
0:24:29 > 0:24:31no floors at all.
0:24:31 > 0:24:34The ceilings also left you in no doubt about the manner
0:24:34 > 0:24:37of their construction.
0:24:37 > 0:24:41I think the last visitor before me was looking for some horseshoes and
0:24:41 > 0:24:42some chainmail.
0:24:43 > 0:24:51# Take me to the distant past I want to go back... #
0:24:52 > 0:24:55There had been another set of visitors passing through
0:24:55 > 0:24:59here. Ben had been driving past and told his father-in-law, Andrew,
0:24:59 > 0:25:01about the forge.
0:25:01 > 0:25:06They joined together to buy the property for £135,000.
0:25:06 > 0:25:09It turns out their family previously had irons in the fire
0:25:09 > 0:25:11when it came to the blacksmith's trade.
0:25:14 > 0:25:18My brother-in-law, who's very much into family history,
0:25:18 > 0:25:24his great-grandfather used to be the actual smithy across the way there
0:25:24 > 0:25:27in the census in 1844.
0:25:27 > 0:25:28- In the outbuilding?- In the outbuilding.
0:25:28 > 0:25:32- Wow!- Yeah, yeah. So, I think it'll be rather nice if we get one or two of the old tools there
0:25:32 > 0:25:35in a glass-fronted case
0:25:35 > 0:25:39to keep a little bit of the character once it's been done up.
0:25:39 > 0:25:43The pair were looking to forge new family links to the property,
0:25:43 > 0:25:46with Ben's roofing company left to undertake the work over seven months
0:25:46 > 0:25:48and on a 70-grand budget.
0:25:49 > 0:25:54After that, they hope to sell the main house and use the outhouse as a
0:25:54 > 0:25:55holiday let.
0:25:55 > 0:26:00# I want to go back
0:26:00 > 0:26:04# Past...
0:26:04 > 0:26:07# Past... #
0:26:11 > 0:26:14Leaving the past behind them, what's happened in a year?
0:26:14 > 0:26:17Have Andrew and Ben created a roaring success?
0:26:26 > 0:26:28Wow, an incredible look outside.
0:26:28 > 0:26:31They've managed to fuse the old and the new.
0:26:32 > 0:26:34With this being a conservation area,
0:26:34 > 0:26:38I can see they've opted to rebuild using the original bricks.
0:26:38 > 0:26:42But inside, it's tasteful and contemporary all the way.
0:26:45 > 0:26:50# Say, we're heading for the future
0:26:52 > 0:27:00# We're heading for the future, and the future's now
0:27:01 > 0:27:04# Show you how... #
0:27:04 > 0:27:06Well, actually, when it comes to downstairs,
0:27:06 > 0:27:08I'll let Andrew show you how they did it.
0:27:10 > 0:27:14Well, in this part of the house, basically everything has changed.
0:27:15 > 0:27:19We originally had a breeze-block section on the back of the house,
0:27:19 > 0:27:23which, quite frankly, was deplorable,
0:27:23 > 0:27:26and it was taken down to ground level.
0:27:26 > 0:27:30We've built it up. On the outside we've got reclaimed bricks.
0:27:30 > 0:27:34And we've gone for a very modern, nice, light,
0:27:34 > 0:27:38airy look with two windows in the ceiling there.
0:27:38 > 0:27:40My wife chose the kitchen.
0:27:40 > 0:27:43Really, anybody coming to look at a place like this,
0:27:43 > 0:27:47they wouldn't conceive the change that's taken place and the amount of
0:27:47 > 0:27:49work that's gone into it.
0:27:49 > 0:27:51And I'm very happy with the outcome,
0:27:51 > 0:27:54and I do feel that anybody looking at this
0:27:54 > 0:27:56would be very happy to have it as their kitchen.
0:28:01 > 0:28:05And Ben has restored the living area to a thing of beauty,
0:28:05 > 0:28:07with nice and even wood floors.
0:28:11 > 0:28:13He's also been busy upstairs.
0:28:14 > 0:28:17Well, what's changed up here is that we've...
0:28:18 > 0:28:20..we've put the staircase over here.
0:28:20 > 0:28:24If you can remember, the staircase was in the front bedroom.
0:28:24 > 0:28:27This is the only part of the cottage,
0:28:27 > 0:28:30the remaining...that was left.
0:28:30 > 0:28:32This is all new. It's a new extension.
0:28:32 > 0:28:34Ideally, we wanted three bedrooms,
0:28:34 > 0:28:37but the council would only let us have two.
0:28:37 > 0:28:41Nice bathroom, put a dormer in. It's turned out nice.
0:28:41 > 0:28:44Like I said, it would have been nice to have it a little bit bigger,
0:28:44 > 0:28:47but, yeah, we're pleased with the end result.
0:28:48 > 0:28:52The project took longer than expected due to planning delays
0:28:52 > 0:28:55and Ben and his wife having another baby.
0:28:55 > 0:28:56Congratulations to you both.
0:28:56 > 0:29:00So, what's happening with the outbuilding?
0:29:00 > 0:29:04We've had a little bit of trouble with the access on the side,
0:29:04 > 0:29:07so we're still pondering on what to do.
0:29:08 > 0:29:13Planning permission with regard to parking is holding this restoration up
0:29:13 > 0:29:16but will hopefully be sorted out in the near future.
0:29:17 > 0:29:19How did that 70-grand budget stack up?
0:29:21 > 0:29:25- Well...!- Do you really want to know the final figure?
0:29:25 > 0:29:29Er, yes, I do, Andrew. That response doesn't fill me with hope, though.
0:29:31 > 0:29:32Well, at the moment it stands at
0:29:32 > 0:29:35251,000.
0:29:35 > 0:29:37And there's a couple of small bills that will come in,
0:29:37 > 0:29:40which might take it up to 255.
0:29:41 > 0:29:43Pardon? Run that by me again.
0:29:44 > 0:29:46That's including buying the property.
0:29:46 > 0:29:48That's including the 135 for the property.
0:29:48 > 0:29:50- Yes.- That's not just the work.
0:29:50 > 0:29:55Yes! So, if you take that away from it. So, it's 120, then, isn't it?
0:29:57 > 0:30:00You did have me worried for a minute there, lads,
0:30:00 > 0:30:03but 50 grand over budget is still a lot.
0:30:03 > 0:30:05Even with a top-notch finish like this.
0:30:07 > 0:30:09It's time to ask two local estate agents
0:30:09 > 0:30:12if they're as impressed as I am.
0:30:13 > 0:30:15My first impressions of the property
0:30:15 > 0:30:18are that the restoration and the work carried out here
0:30:18 > 0:30:20has been done to a very high standard.
0:30:20 > 0:30:25Sympathetically retaining lots of character features from the outside.
0:30:25 > 0:30:28But blended with the home comforts that people would want inside.
0:30:28 > 0:30:32I particularly like the vaulted ceiling in the kitchen.
0:30:32 > 0:30:34The aspect looking out onto the garden,
0:30:34 > 0:30:36nice and light.
0:30:36 > 0:30:37Yeah, my favourite room.
0:30:38 > 0:30:44Andrew and Ben have spent a total of 255 grand buying the house,
0:30:44 > 0:30:46the forge and doing the house up.
0:30:46 > 0:30:49So, does the maths make sense to do up the forge
0:30:49 > 0:30:50or to sell it all on?
0:30:52 > 0:30:54Time to find out what kind of return
0:30:54 > 0:30:57they could get on their investment so far.
0:30:57 > 0:31:01In my opinion, the cottage on its own would be £265,000,
0:31:01 > 0:31:05and with the old forge, £280,000 combined.
0:31:05 > 0:31:09The asking price of the property should be £275,000,
0:31:09 > 0:31:13with a view to achieving between 265,000 and 270,000.
0:31:13 > 0:31:17We've had it valued by a local estate agent, by two...
0:31:18 > 0:31:22..and they've both come in around about 300,
0:31:22 > 0:31:24just for the cottage.
0:31:24 > 0:31:29And then if the two were sold together, it would be 330 to 350.
0:31:31 > 0:31:35If they sold the cottage for their valuation of 300 grand,
0:31:35 > 0:31:38they would have a pre-tax profit of £45,000
0:31:38 > 0:31:42and would still have the option of renovating the forge.
0:31:42 > 0:31:45But between this renovation and having a new baby in the family,
0:31:45 > 0:31:47Ben's had a pretty busy year,
0:31:47 > 0:31:49and, of course, it's the first venture he's done
0:31:49 > 0:31:51with his father-in-law.
0:31:51 > 0:31:52But how has it gone?
0:31:53 > 0:31:56- It wasn't too bad, it was OK. - ANDREW LAUGHS
0:31:56 > 0:31:58He's survived it. He's lost a little bit more hair on the way.
0:32:03 > 0:32:06I'm in Staffordshire, just north of Newcastle-under-Lyme,
0:32:06 > 0:32:10where there are some villages with real conversation-piece names,
0:32:10 > 0:32:12like Talke.
0:32:12 > 0:32:20# Talk to me... #
0:32:20 > 0:32:24Now, Talke was actually the home of Reginald Mitchell,
0:32:24 > 0:32:28the man who created the iconic Spitfire.
0:32:28 > 0:32:29Chocks away!
0:32:33 > 0:32:35Well, there is a lot of precipitation around,
0:32:35 > 0:32:37as you may have noticed,
0:32:37 > 0:32:40so I'm zooming to a neighbouring village with another quaint name...
0:32:40 > 0:32:42Butt Lane.
0:32:47 > 0:32:49Well, it might be a nice little village,
0:32:49 > 0:32:53but it's certainly not a quiet one for sure.
0:32:53 > 0:32:55And the property I'm here to see
0:32:55 > 0:32:58doesn't possibly have the best location in the world.
0:32:58 > 0:33:01Right on a set of traffic lights.
0:33:01 > 0:33:02Let's take a look.
0:33:05 > 0:33:08The guide price on auction day was 35 grand.
0:33:08 > 0:33:11Time to get out of the rain and away from the traffic noise.
0:33:11 > 0:33:13Well, there's plenty of traffic,
0:33:13 > 0:33:15the irony is - there's nowhere to park.
0:33:16 > 0:33:21Well, even on a nice day, the outlook isn't exactly going to...
0:33:21 > 0:33:23fill you with the joys of spring, is it?
0:33:23 > 0:33:24But, hey, it's convenient
0:33:24 > 0:33:27and probably good for...bus routes!
0:33:27 > 0:33:28But anyway, what have we got?
0:33:28 > 0:33:30- Uh... - HE LAUGHS
0:33:30 > 0:33:33First thing you need to put in - a good stand for your umbrella.
0:33:33 > 0:33:37Front room, well, you know, we like it, it's not a bad size.
0:33:37 > 0:33:40I don't like the fact, A - no double...
0:33:40 > 0:33:41There is double glazing.
0:33:41 > 0:33:44Thank God this has double glazing, that means it's really bad out there
0:33:44 > 0:33:46because you can still hear the noise of the traffic!
0:33:46 > 0:33:48I'd want triple glazing, then,
0:33:48 > 0:33:50and possibly some kind of a porch area there.
0:33:50 > 0:33:55Through the little dark bit, the stairs up to the bedrooms there.
0:33:55 > 0:33:59Rear sitting room. It is a fairly traditional layout.
0:33:59 > 0:34:00Old fireplaces.
0:34:00 > 0:34:03I'm a bit concerned about the unevenness in the floor, too.
0:34:03 > 0:34:05- HE TAPS ON FLOOR - They feel solid,
0:34:05 > 0:34:07that means there's unlikely to be a damp-proof course.
0:34:07 > 0:34:09You then come to the rear of the property,
0:34:09 > 0:34:12where you'd expect to find - in these kind of houses -
0:34:12 > 0:34:15a bathroom and a kitchen and a loo, and all that kind of stuff.
0:34:15 > 0:34:17Well, we've certainly got the kitchen...
0:34:17 > 0:34:19But good news... there's a toilet there,
0:34:19 > 0:34:23which probably means there's a bathroom and toilet upstairs,
0:34:23 > 0:34:24which would be a real find.
0:34:24 > 0:34:28Ah... What's not such a good find is THAT.
0:34:28 > 0:34:31Serious case of damp, that's for sure.
0:34:31 > 0:34:34But you know what? Just keep thinking about the price.
0:34:37 > 0:34:41The guide price of 35 grand does offer some comfort,
0:34:41 > 0:34:43but there's little else of it to go around in this house,
0:34:43 > 0:34:47with its wonky floors, mould and sogginess.
0:34:48 > 0:34:50# As long as the price is right
0:34:51 > 0:34:54# As long as the price is right... #
0:34:54 > 0:34:57In fact, it appears to be wetter on the inside than the outside,
0:34:57 > 0:35:00and today, that's saying something.
0:35:00 > 0:35:03Let's hope it gets better upstairs, and after all,
0:35:03 > 0:35:05the bathroom's going to be up here, right?
0:35:07 > 0:35:09Good-sized bedroom at the front.
0:35:09 > 0:35:12Although, again, I would really want to put some serious double or even
0:35:12 > 0:35:14triple glazing on that window,
0:35:14 > 0:35:17otherwise you will be kept awake at night with the traffic noise.
0:35:17 > 0:35:19Um, not so, the bedroom at the back.
0:35:19 > 0:35:21That's obviously going to be a lot quieter.
0:35:21 > 0:35:23Um...
0:35:24 > 0:35:25Bathroom, then.
0:35:28 > 0:35:29Hm... Nope.
0:35:29 > 0:35:30Which means...
0:35:31 > 0:35:33..there isn't one.
0:35:34 > 0:35:35Oh, dear.
0:35:35 > 0:35:38Not normally an optional extra with houses, is it?
0:35:42 > 0:35:43# Huh... #
0:35:44 > 0:35:48Bath-time is cancelled and so might be any chance you had
0:35:48 > 0:35:49of getting a mortgage,
0:35:49 > 0:35:53unless you can find a lender who would offer you a conditional loan
0:35:53 > 0:35:56if you guaranteed you'll install a bathroom...tout suite.
0:35:58 > 0:36:00# Loola Loo, don't leave me
0:36:00 > 0:36:03# I will do anything for you
0:36:03 > 0:36:08# Loola Loo, you make me feel so fine... #
0:36:08 > 0:36:11So, no bathroom, but there is a conservatory
0:36:11 > 0:36:13and guess what - it's wet.
0:36:13 > 0:36:16There's not a trickle of concern with this house,
0:36:16 > 0:36:17it's more like a flood.
0:36:20 > 0:36:22- Oops. - HE CLEARS THROAT NERVOUSLY
0:36:22 > 0:36:25That wasn't me, honest, really. (No, shhh! Don't tell anybody.)
0:36:27 > 0:36:28Oh, it's turning into a promotional video
0:36:28 > 0:36:30for the Great British umbrella, this is.
0:36:30 > 0:36:35But anyway, out the back of the property we have quite a surprise.
0:36:35 > 0:36:37Look at this! A really nice-sized garden.
0:36:37 > 0:36:42But, out here, you also get to see that this whole extension is in a...
0:36:42 > 0:36:44Aah! Attacked by a bush!
0:36:44 > 0:36:46..is in a right old state.
0:36:46 > 0:36:48So... Bad, bad, bad.
0:36:48 > 0:36:52Good, good, good. It kind of sums up the property, actually.
0:36:55 > 0:36:58Whilst I remain conflicted about the good and bad here,
0:36:58 > 0:37:01we'll let a local estate agent give us his thoughts.
0:37:01 > 0:37:05Shame he doesn't have a brolly to use INSIDE.
0:37:06 > 0:37:08First impressions of the property,
0:37:08 > 0:37:10it represents a brilliant opportunity,
0:37:10 > 0:37:12although there is quite a bit of work
0:37:12 > 0:37:13for the next buyer to carry out.
0:37:13 > 0:37:16Internally, the property requires
0:37:16 > 0:37:18quite extensive works to be carried out.
0:37:18 > 0:37:22That would include a new gas, central heating, electrical system,
0:37:22 > 0:37:24along with a damp-proof course.
0:37:24 > 0:37:26The big challenges with this property
0:37:26 > 0:37:29will be alteration of the extension to the rear of the property,
0:37:29 > 0:37:32along with relaying of the floors on the ground floor,
0:37:32 > 0:37:34as they appear to have been moved.
0:37:34 > 0:37:36So, it's a major list of works,
0:37:36 > 0:37:38but could this property provide a good return
0:37:38 > 0:37:40on the sales and rental market?
0:37:42 > 0:37:44If the property was to be refurbished
0:37:44 > 0:37:45to a reasonable standard,
0:37:45 > 0:37:48I would expect it to earn up to £70,000.
0:37:48 > 0:37:50Once the property has been refurbished,
0:37:50 > 0:37:54I would expect to achieve £400-£425 per calendar month.
0:37:54 > 0:37:59Well, this two-bed semi is damp and noisy, and there's no bathroom.
0:37:59 > 0:38:01It's definitely a challenge.
0:38:01 > 0:38:04Who was up for it when it went under the hammer?
0:38:06 > 0:38:07So, what shall we say for this?
0:38:07 > 0:38:0930,000 to start me here?
0:38:09 > 0:38:1130, can I say?
0:38:11 > 0:38:1428,000, can we get it going at 28?
0:38:14 > 0:38:1728 bid, thank you. At £28,000.
0:38:17 > 0:38:1830 can I say now?
0:38:18 > 0:38:20£30,000 bid.
0:38:20 > 0:38:2132?
0:38:22 > 0:38:2533? £33,000.
0:38:25 > 0:38:28At 33. You, as well?
0:38:28 > 0:38:30£34,000.
0:38:30 > 0:38:3435? £35,000.
0:38:34 > 0:38:36Quick, yeah. £36,000.
0:38:36 > 0:38:3937? £37,000. 38?
0:38:39 > 0:38:43No? If not, £37,000, standing left.
0:38:43 > 0:38:45£37,000...
0:38:45 > 0:38:47You've bought it, sir, well done.
0:38:50 > 0:38:54Getting the property for £37,000 was Malcolm,
0:38:54 > 0:38:57and this house is his first auction purchase.
0:38:57 > 0:39:00Oh, dear... I hope he's a builder!
0:39:03 > 0:39:04Malcolm, congratulations.
0:39:04 > 0:39:07- Thank you.- Right, good house, then?
0:39:07 > 0:39:09- For the price, yeah. - BOTH LAUGH
0:39:09 > 0:39:12Um... Good if you like cars?
0:39:12 > 0:39:14- Sorry?- Cars.- Cars?- Whizzing past...
0:39:14 > 0:39:17Oh, it's a bit noisy, yeah, but it means it's on the main route.
0:39:17 > 0:39:20Well, this is true. Look at the positives! Exactly!
0:39:20 > 0:39:21It's good for communications.
0:39:21 > 0:39:23Tell me why you wanted to buy it.
0:39:23 > 0:39:26Uh, it was just at the right price.
0:39:26 > 0:39:31Um, we'd already put a bid in on it before the sale, but it was refused.
0:39:31 > 0:39:32We bid 35 beforehand.
0:39:32 > 0:39:34Right, OK, so you had to pay a couple of grand extra.
0:39:34 > 0:39:36- Yeah.- Are you reasonably happy with it for that?
0:39:36 > 0:39:39Yeah, I can't see it losing on that, really.
0:39:39 > 0:39:41- You know, what can you get for that? - Quite.
0:39:41 > 0:39:43Tell me about you, what do you do?
0:39:43 > 0:39:45- Well, I did work on the oil refineries.- Oh!
0:39:45 > 0:39:48We just left that sort of work at the beginning of this year,
0:39:48 > 0:39:52so I'm sort of doing a bit of driving and doing houses.
0:39:52 > 0:39:55We've just finished one and this is the next one.
0:39:55 > 0:39:58Well, Malcolm certainly has the positive attitude
0:39:58 > 0:39:59that's needed for this house
0:39:59 > 0:40:03and when he refers to "we", he means his two brothers
0:40:03 > 0:40:07who work in the building trade and are willing to lend a hand.
0:40:08 > 0:40:10Tell me what you're going to do to sort it out, then?
0:40:10 > 0:40:13The main work is the extension at the back,
0:40:13 > 0:40:15which will need knocking down and rebuilding.
0:40:15 > 0:40:18Until the architect tells us what we can do and what the planning
0:40:18 > 0:40:20will allow us to do, we're not certain,
0:40:20 > 0:40:23but we intend to put a single-storey extension.
0:40:23 > 0:40:26We'll do a lot of the work prior to the building,
0:40:26 > 0:40:28getting stuff ready for the building,
0:40:28 > 0:40:30plaster off ready for the damp course.
0:40:30 > 0:40:32These floors are going to have to be levelled out,
0:40:32 > 0:40:33so we've got to look at that.
0:40:33 > 0:40:35Put a good kitchen in and a bathroom downstairs,
0:40:35 > 0:40:37cos there's not enough room upstairs.
0:40:37 > 0:40:39No, and clearly there isn't the bathroom.
0:40:39 > 0:40:42There isn't a bathroom, no, at the moment, there's just a toilet,
0:40:42 > 0:40:43if you call it a toilet!
0:40:43 > 0:40:46That would for, I guess, people who are buying through a mortgage,
0:40:46 > 0:40:48would make it very difficult.
0:40:48 > 0:40:51I presume that's why there wasn't a lot of bidding on it, because there was no bathroom,
0:40:51 > 0:40:54so a lot of people wouldn't be able to get a mortgage.
0:40:54 > 0:40:58Malcolm's set a budget of between £15,000 and £20,000,
0:40:58 > 0:41:00but that might vary,
0:41:00 > 0:41:03depending on his architect's plans for the extension at the back.
0:41:05 > 0:41:08Once it's complete, Malcolm plans to rent the house out,
0:41:08 > 0:41:11so how long does he think it will take him, and his brothers,
0:41:11 > 0:41:13to get this place home and dry?
0:41:16 > 0:41:19It's not going to be next week, it will probably be about a year.
0:41:19 > 0:41:21Oh, right! Why so long?
0:41:21 > 0:41:22Cos we're working, as well.
0:41:22 > 0:41:26We've got other projects doing and...it's just one of those...
0:41:26 > 0:41:28With doing it ourselves,
0:41:28 > 0:41:32a lot of the work's going to be done in our spare time.
0:41:32 > 0:41:35It may be shorter, but I'm not expecting it in less than a year.
0:41:35 > 0:41:37So, if it's done quicker, then great.
0:41:37 > 0:41:40If it isn't, it just depends on what time we've got available to do it.
0:41:40 > 0:41:42And when it's done,
0:41:42 > 0:41:44how much do you think you'll be able to rent it out for a month?
0:41:44 > 0:41:46I would think about 450 a month.
0:41:46 > 0:41:51450. So, you're losing £450 a month every time it isn't rented out.
0:41:51 > 0:41:54Yeah, but if I had to fetch people in to do the work,
0:41:54 > 0:41:56I'd be paying £1,000 a week to pay them, so...
0:41:57 > 0:42:02Malcolm is facing that classic conundrum of time versus money.
0:42:02 > 0:42:05Whether it's his time and a bit less money,
0:42:05 > 0:42:10or tradesmen's time and more money, he will have to weigh it all up.
0:42:10 > 0:42:12Malcolm will have a clearer idea of what's ahead of him
0:42:12 > 0:42:14once he has his architect's plans.
0:42:16 > 0:42:19And then, after this, any plans for another one?
0:42:19 > 0:42:21We'll look at another one, yeah, we'll look at another one.
0:42:21 > 0:42:23Got to keep busy doing something!
0:42:23 > 0:42:25Got to build a pension fund somewhere, haven't I?
0:42:25 > 0:42:26Well, yeah, that's very true.
0:42:26 > 0:42:28Well, listen, congratulations.
0:42:28 > 0:42:29- Thank you.- Good luck.- Thank you.
0:42:29 > 0:42:31I look forward to seeing how you turn it around.
0:42:31 > 0:42:33BOTH LAUGH
0:42:34 > 0:42:37Well, Malcolm certainly does have a laid-back approach
0:42:37 > 0:42:39to sorting this place out and he's got a point.
0:42:39 > 0:42:42If he gets people in, it will cost him money,
0:42:42 > 0:42:44however, you've got to factor that up against that
0:42:44 > 0:42:50£450-a-month loss of income for every month this isn't occupied.
0:42:50 > 0:42:52How long will it actually take him...?
0:42:52 > 0:42:54You can find out later in the show.
0:42:59 > 0:43:01So, we've seen what's happened to one of the properties,
0:43:01 > 0:43:02what about the other two?
0:43:02 > 0:43:06Yes, have they gone to plan or has there been some nasty surprises?
0:43:06 > 0:43:09Well, time has passed, so let's go back and find out.
0:43:09 > 0:43:13It's final whistle time for a property I saw earlier
0:43:13 > 0:43:15in the Selhurst area of London,
0:43:15 > 0:43:20and this terrace had certainly created a corridor of uncertainty.
0:43:21 > 0:43:23Ooh, well, not much privacy with this front door -
0:43:23 > 0:43:25you can see straight through that glass.
0:43:25 > 0:43:28Certainly won't want to come trotting down the stairs with your
0:43:28 > 0:43:31dressing gown flapping around because you'll be able to see everything!
0:43:32 > 0:43:35What was revealed was a pretty standard layout.
0:43:35 > 0:43:39Two reception rooms, with the kitchen in a back extension,
0:43:39 > 0:43:44and the staircase seemed, well, very narrow and steep.
0:43:45 > 0:43:49At the top, the original bedroom had been turned into the bathroom
0:43:49 > 0:43:52that had retained its original features.
0:43:52 > 0:43:53I mean, look at that!
0:43:53 > 0:43:55Lovely little fireplace.
0:43:55 > 0:43:57I bet that would be really nice
0:43:57 > 0:43:59if somebody took the time to look after that.
0:44:00 > 0:44:04A couple, more than equipped to give this house a little bit of zhuzh,
0:44:04 > 0:44:07were property developers Chris and Pauline,
0:44:07 > 0:44:11who paid 279,000 for this at auction.
0:44:11 > 0:44:14However, this time, Pauline has to rein in her usual style
0:44:14 > 0:44:16of going for bling.
0:44:16 > 0:44:20- She does like her posh stores, yeah. - And it's online shopping.
0:44:20 > 0:44:22Just sat there, cup of tea, biscuit...
0:44:22 > 0:44:25So, how are you going to rein her in this time?
0:44:25 > 0:44:30Apparently, I've been told to hold fire on the wallpapering and stuff
0:44:30 > 0:44:32because I think the budget's going to be a bit tighter.
0:44:33 > 0:44:37Well, it's time to find out if, four months later, Pauline has managed
0:44:37 > 0:44:40to keep the cash in her pocket this time.
0:44:41 > 0:44:44# It's not about the money, money, money
0:44:44 > 0:44:46# We don't need your money, money, money
0:44:46 > 0:44:49# We just wanna make the world dance
0:44:49 > 0:44:52# Forget about the price tag... #
0:44:54 > 0:44:56Wow, wow! This looks great,
0:44:56 > 0:45:00and I guess moving a stud wall is one way to save on wallpaper.
0:45:00 > 0:45:03The new open-plan living area is very modern,
0:45:03 > 0:45:06but Pauline and Chris have kept some lovely original pieces.
0:45:06 > 0:45:10In fact, the original fireplace looks awfully familiar.
0:45:16 > 0:45:20What's happened to my relaxing bath next to the fire?
0:45:20 > 0:45:24Well, the house is great, but this is my favourite, because...
0:45:24 > 0:45:27really, really wanted to make the most of the space.
0:45:27 > 0:45:30There used to be a fireplace here, but we've moved it to downstairs,
0:45:30 > 0:45:33and we've put this really great trough sink in.
0:45:33 > 0:45:36And the tiles are a lovely seagrass colour,
0:45:36 > 0:45:39which is a deviation from my standard grey,
0:45:39 > 0:45:41but I think it works well.
0:45:41 > 0:45:42And we've got a cupboard here
0:45:42 > 0:45:44that you could put the washing machine in
0:45:44 > 0:45:48and that kind of maximises the space that we've got in this room.
0:45:49 > 0:45:50Like the rest of the house,
0:45:50 > 0:45:53the upstairs has been re-skimmed and freshly painted,
0:45:53 > 0:45:58with no signs of Pauline's expensive wallpaper anywhere.
0:45:58 > 0:46:02And back downstairs, the kitchen was in real need of an upgrade.
0:46:02 > 0:46:05# ..Ain't about the... Uh, cha-ching, cha-ching
0:46:05 > 0:46:08# Ain't about the... Yeah, b-bling b-bling
0:46:08 > 0:46:10# Wanna make the world dance
0:46:10 > 0:46:14# Forget about the price tag... #
0:46:14 > 0:46:17Well, I think it's Chris's turn to explain what's happened in here.
0:46:17 > 0:46:19We've basically changed everything.
0:46:19 > 0:46:22We've put new cupboards, new boiler, new sink, new cooker, new hob,
0:46:22 > 0:46:24new floor.
0:46:24 > 0:46:28What we're particularly pleased with is we've moved the door from
0:46:28 > 0:46:30the under stairs cupboard from there,
0:46:30 > 0:46:33so that we've created a whole space to put the fridge-freezer...
0:46:33 > 0:46:36And by doing that, we've gained a downstairs toilet,
0:46:36 > 0:46:38which is nice for the house.
0:46:39 > 0:46:42It certainly is, but as well as things have gone inside,
0:46:42 > 0:46:46it's not been quite as simple outside, has it?
0:46:46 > 0:46:48The big unexpected was...
0:46:48 > 0:46:53I anticipated on renovating the roof rather than replacing the roof...
0:46:53 > 0:46:55but it quickly became apparent -
0:46:55 > 0:46:57as soon as we got in the loft - that we had to replace the roof,
0:46:57 > 0:47:00so that was a bit of a...
0:47:00 > 0:47:02The bit of the nasty in the thing,
0:47:02 > 0:47:05but other than that, everything was sort of to plan and as expected.
0:47:05 > 0:47:08The new roof can't have been the only thing to go up then.
0:47:08 > 0:47:12How has that affected the 20 grand budget?
0:47:12 > 0:47:15On the refit, we probably spent about 24,
0:47:15 > 0:47:18but unfortunately, we spent eight on the roof,
0:47:18 > 0:47:20so probably came in at about 32,000.
0:47:20 > 0:47:23So, we did bust the budget a little bit.
0:47:23 > 0:47:27But it's a good roof and... it's a lovely roof, in fact.
0:47:27 > 0:47:31- BOTH LAUGH - Best on the street.- Best ever!
0:47:31 > 0:47:32You know, it had to be done
0:47:32 > 0:47:34because no-one's going to buy a house and then take...
0:47:34 > 0:47:36If you even got to the survey bit
0:47:36 > 0:47:37and just took one look at that roof...
0:47:37 > 0:47:40It's shot, I mean, it had to be replaced.
0:47:40 > 0:47:42So, unavoidable.
0:47:42 > 0:47:43We didn't go crazy with the budget
0:47:43 > 0:47:46simply because it was a house that we didn't think
0:47:46 > 0:47:49we could make a massive, massive profit on,
0:47:49 > 0:47:52so we just kind of stuck to budget...
0:47:52 > 0:47:56I mean... I had a little bit of input with, um,
0:47:56 > 0:48:00making it pretty and choosing tiles and bathrooms and sinks and whatnot,
0:48:00 > 0:48:03but I think, basically,
0:48:03 > 0:48:07a lot of it was joint decisions with him, really.
0:48:07 > 0:48:08Sadly.
0:48:10 > 0:48:12Oh, poor Chris.
0:48:12 > 0:48:14At least he managed to get it completed
0:48:14 > 0:48:16only months later than planned.
0:48:16 > 0:48:18So, what's next for the house?
0:48:18 > 0:48:23We've got about 30-plus viewings booked, so it's proving a lot more
0:48:23 > 0:48:25popular than we anticipated,
0:48:25 > 0:48:28so we've maybe pitched the price a tiny bit low on the advert,
0:48:28 > 0:48:31but, yeah, it just needs to be sold
0:48:31 > 0:48:33and that should all be done and dusted this week.
0:48:35 > 0:48:36Well, we managed to squeeze in
0:48:36 > 0:48:38a couple more viewings
0:48:38 > 0:48:39for two local estate agents.
0:48:39 > 0:48:42I wonder if they'll be impressed with the changes here.
0:48:45 > 0:48:49I love the kitchen and the bathroom,
0:48:49 > 0:48:52they both have been finished to a luxury condition.
0:48:52 > 0:48:54I wouldn't mind living in here myself.
0:48:55 > 0:48:57I think it's a really professional refurbishment here,
0:48:57 > 0:48:59you can see they've done it before,
0:48:59 > 0:49:01they know what people are looking for
0:49:01 > 0:49:02and it's quite slick, actually.
0:49:02 > 0:49:04I'm very impressed. Nice job.
0:49:04 > 0:49:06The fact that the vendors have dressed this property
0:49:06 > 0:49:08is a really good idea.
0:49:08 > 0:49:10Potential buyers would like to see how they could arrange
0:49:10 > 0:49:12their own furniture in the property,
0:49:12 > 0:49:16so dressing it gives them an idea of space and layout.
0:49:16 > 0:49:20But is it dressed to kill on the property market?
0:49:20 > 0:49:24The couple have invested £311,000.
0:49:24 > 0:49:25What do the agents think?
0:49:27 > 0:49:31Values in this area have increased considerably and the small units -
0:49:31 > 0:49:34especially one and two-bedroom properties - are at a premium,
0:49:34 > 0:49:37so I do expect this will get a lot of interest very quickly.
0:49:37 > 0:49:42For sales, I think they should be asking in the region of £375,000.
0:49:42 > 0:49:45This property should be marketed at £390,000 for sale.
0:49:45 > 0:49:49Well, we put it on the market at offers over 360,
0:49:49 > 0:49:53with the anticipation to get around about 380,
0:49:53 > 0:49:57but given that we've got 30 viewings booked for this Saturday,
0:49:57 > 0:50:01I think we'll get... Well, closer to the 390, if not more.
0:50:01 > 0:50:05Chris and Pauline could make around 80 grand
0:50:05 > 0:50:09and that seems like the LEAST they could make, which is fantastic,
0:50:09 > 0:50:12considering that they were initially worried
0:50:12 > 0:50:15that there wasn't a lot of money to be made on this one.
0:50:15 > 0:50:16A good chunk of that
0:50:16 > 0:50:20is the market moving rather than what we've done.
0:50:20 > 0:50:24We've probably added 30,000 or so value to the house
0:50:24 > 0:50:27and the rest is the market moving, so...
0:50:27 > 0:50:29But it's still good. I'm... I'm pleased with it.
0:50:29 > 0:50:31Yeah. All good.
0:50:31 > 0:50:34Easy-peasy. Our builders might not agree, but...
0:50:34 > 0:50:35Yeah, they might beg to differ.
0:50:35 > 0:50:37We're sitting at home watching Homes Under The Hammer
0:50:37 > 0:50:40and they're down here actually doing it.
0:50:46 > 0:50:48Earlier, I was in the village of Butt Lane, Staffordshire.
0:50:48 > 0:50:52I was looking at a house guided at £35,000
0:50:52 > 0:50:54that was suffering from damp,
0:50:54 > 0:50:57wonky floors and just about everything else.
0:50:57 > 0:50:59Not helped by me, perhaps.
0:51:02 > 0:51:04And despite having a downstairs loo,
0:51:04 > 0:51:07I had to hunt high and low for the bathroom.
0:51:07 > 0:51:11I looked downstairs, I looked upstairs, I looked outside...
0:51:11 > 0:51:16# But I still haven't found
0:51:16 > 0:51:20# What I'm looking for... #
0:51:20 > 0:51:23Nope. Which means...
0:51:24 > 0:51:25..there isn't one.
0:51:27 > 0:51:30But this house was exactly what Malcolm was looking for.
0:51:30 > 0:51:33Another house for the former oil worker to rent out.
0:51:33 > 0:51:38He roped his brothers in to help with his new £37,000 purchase
0:51:38 > 0:51:40and they had big plans.
0:51:41 > 0:51:43The main work is the extension at the back,
0:51:43 > 0:51:46which will need knocking down and rebuilding.
0:51:46 > 0:51:49Until the architect tells us what we can do and what the planning
0:51:49 > 0:51:51will allow us to do, we're not certain,
0:51:51 > 0:51:54but we intend to put a single-storey extension,
0:51:54 > 0:51:56put a good kitchen and a bathroom downstairs
0:51:56 > 0:51:58cos there's not enough room upstairs.
0:51:58 > 0:52:00No, and clearly there isn't the bathroom.
0:52:00 > 0:52:02There isn't a bathroom, no, at the moment.
0:52:02 > 0:52:04There's just a toilet, if you call it a toilet.
0:52:04 > 0:52:08Well, the last time we were here, it wasn't just the house that was damp,
0:52:08 > 0:52:11it was a truly awful day.
0:52:12 > 0:52:16But three years on - well over Malcolm's one year timescale -
0:52:16 > 0:52:20there's a glimmer of light and not just in the weather.
0:52:20 > 0:52:24Off-street parking is very welcome on this busy road
0:52:24 > 0:52:28and new windows and lagging should help with the damp problem.
0:52:28 > 0:52:32But, after all this time, will it be a brighter day for this property?
0:52:33 > 0:52:36# I wanna see the sunshine after the rain
0:52:36 > 0:52:42# I wanna see bluebirds flying over the mountains again... #
0:52:44 > 0:52:48Well, not only do we have a brand-new 36-foot extension,
0:52:48 > 0:52:51populated with a spacious and gorgeous kitchen,
0:52:51 > 0:52:54we have a bathroom and one of a sunny disposition.
0:52:57 > 0:53:01# ..I wanna see the sunshine after the rain... #
0:53:01 > 0:53:04We also find living areas with floors that are as smooth
0:53:04 > 0:53:07as the decor is modern.
0:53:07 > 0:53:10Upstairs, those bedrooms look a lot more homely
0:53:10 > 0:53:12and benefit from central heating.
0:53:13 > 0:53:16Out back, the conservatory is thankfully gone
0:53:16 > 0:53:21and the garden is a fantastic space to catch some rays.
0:53:21 > 0:53:22# ..I wanna, wanna... #
0:53:22 > 0:53:25Thanks to Malcolm, the forecast is looking bright for this house,
0:53:25 > 0:53:28but the only dark cloud on the silver lining
0:53:28 > 0:53:31is why did it take so long?
0:53:31 > 0:53:37# ..Oh, where is the silver lining shining at the rainbow's end? #
0:53:38 > 0:53:40It's actually taken three years
0:53:40 > 0:53:42from when we bought the property to finishing it.
0:53:42 > 0:53:44The first few months we had a lot of problems with getting
0:53:44 > 0:53:47planning permission, which stopped it for a few months.
0:53:47 > 0:53:50The scale of the job was probably a little bit more than expected.
0:53:50 > 0:53:55We had minor problems waiting for building inspectors,
0:53:55 > 0:53:59then waiting to get brickies or such, so...
0:53:59 > 0:54:01Just little bits kept adding on,
0:54:01 > 0:54:04but there was never a high priority to get it finished
0:54:04 > 0:54:06in a short period, so it's not a problem.
0:54:08 > 0:54:12One of the most trying issues for Malcolm was those wonky floors.
0:54:13 > 0:54:16The floor was the main problem
0:54:16 > 0:54:18and it was of quarry tile and black ash,
0:54:18 > 0:54:21so we tanked the floor all the way through,
0:54:21 > 0:54:23took it out ten inches deep, rescreeded it,
0:54:23 > 0:54:26five inches of concrete, five inches of insulation.
0:54:26 > 0:54:29We also damp-coursed the whole house.
0:54:29 > 0:54:31With the upstairs windows being wooden,
0:54:31 > 0:54:33the water was coming through the frames
0:54:33 > 0:54:34and down behind the old render,
0:54:34 > 0:54:36so we removed the old render
0:54:36 > 0:54:39and that's been cured by the extra insulation.
0:54:39 > 0:54:43It's hard to reconcile this lovely dry house
0:54:43 > 0:54:45with that damp one we saw,
0:54:45 > 0:54:48so did Malcolm's brothers help as planned?
0:54:50 > 0:54:52Oh, we tried to do a lot of the work ourselves...
0:54:52 > 0:54:57Luckily, I've got brothers who are ex-building trade, so they've been
0:54:57 > 0:55:01dragged in to information and help on many occasions...
0:55:01 > 0:55:04I employed a full-time brickie for the brickwork, which I can't do.
0:55:04 > 0:55:06We've done all the joinery ourselves.
0:55:06 > 0:55:08So, it's been mainly meself and family
0:55:08 > 0:55:11and professionals where they were needed -
0:55:11 > 0:55:13the brickwork, which, obviously, we couldn't do.
0:55:13 > 0:55:15And plastering, which I couldn't do, though I've tried.
0:55:15 > 0:55:17HE LAUGHS
0:55:17 > 0:55:20But have the delays cost him money?
0:55:22 > 0:55:25The original budget was £20,000.
0:55:25 > 0:55:26It's gone over that.
0:55:26 > 0:55:29We haven't got the exact figures, it would be somewhere around 25,000,
0:55:29 > 0:55:3126,000 now.
0:55:31 > 0:55:33That was brought about mainly
0:55:33 > 0:55:37because we decided to put water-powered underfloor heating in
0:55:37 > 0:55:40and the external insulation on the front of the house
0:55:40 > 0:55:41to bring it up to efficiency.
0:55:41 > 0:55:44They were the two big extra spends,
0:55:44 > 0:55:47so, really, it stayed within the budget,
0:55:47 > 0:55:50allowing for what was extra to be put on.
0:55:50 > 0:55:53So, any regrets, Malcolm?
0:55:54 > 0:55:57Buying the place in the first place.
0:55:57 > 0:56:01Oh, come on, there must be something you're pleased with?
0:56:02 > 0:56:06Yeah, I think the extension is just spot-on for the size
0:56:06 > 0:56:09and what it adds to the property.
0:56:09 > 0:56:13It turns it into a decent family house now.
0:56:13 > 0:56:18It is a great family house and it's a very impressive renovation,
0:56:18 > 0:56:20even if it did take a while.
0:56:20 > 0:56:23But now comes the time for two local estate agents to give us
0:56:23 > 0:56:27their thoughts and the all-important valuations.
0:56:27 > 0:56:29It's the first time I've seen this property.
0:56:29 > 0:56:32Excellent first impressions when you come into the property itself.
0:56:32 > 0:56:35I know the gentleman that's purchased the property
0:56:35 > 0:56:37has done a really nice job of extending it.
0:56:37 > 0:56:40The kitchen extension is absolutely fantastic,
0:56:40 > 0:56:43with the underfloor heating and the skylights above.
0:56:43 > 0:56:46Key selling points for the property... I think location's one
0:56:46 > 0:56:48cos it's near all the shops, amenities and schools.
0:56:48 > 0:56:50The main thing with the property and its structure,
0:56:50 > 0:56:52the fact that it's well insulated,
0:56:52 > 0:56:55the beautiful extension, which has created a large sort of
0:56:55 > 0:56:56open-plan lounge-kitchen-diner
0:56:56 > 0:56:58and the attention to detail
0:56:58 > 0:57:00that the builder has taken on the property.
0:57:01 > 0:57:05Malcolm has spent £63,000 buying and renovating the property and the
0:57:05 > 0:57:09agents think he could fetch a top figure of 105,000
0:57:09 > 0:57:10on the sales market,
0:57:10 > 0:57:15giving Malcolm a fantastic £42,000 pre-tax profit.
0:57:16 > 0:57:20But he's keen to rent it out, so what can he expect?
0:57:24 > 0:57:25In the rental market,
0:57:25 > 0:57:28I would expect the property to achieve in the region
0:57:28 > 0:57:29of £550 per calendar month.
0:57:29 > 0:57:32If I was to put this on the current rental market,
0:57:32 > 0:57:35I think the owners could achieve £550 per calendar month.
0:57:35 > 0:57:40Well, I've already been offered six, so, yes, well, in the right region.
0:57:41 > 0:57:46Always exceeding expectations is Malcolm and £600 per calendar month
0:57:46 > 0:57:51gives him an 11.5% yield, a great return on his investment.
0:57:52 > 0:57:54It certainly took a while,
0:57:54 > 0:57:57but Malcolm can be pleased with the end result.
0:57:58 > 0:58:00I think it's turned out very well,
0:58:00 > 0:58:03it's turned out better, if anything, than we were hoping for.
0:58:03 > 0:58:08The extension has really worked well in size and the proportions
0:58:08 > 0:58:09it has left in the garden,
0:58:09 > 0:58:12so, yeah, I think it has worked out really well.
0:58:15 > 0:58:19Well, property developing is full of thrills, spills, and, yes,
0:58:19 > 0:58:20sometimes bellyaches.
0:58:20 > 0:58:23And it really does require resilience and determination.
0:58:23 > 0:58:26Yes, join us next time, here on Homes Under The Hammer,
0:58:26 > 0:58:28where we'll find out who's got what it takes.
0:58:28 > 0:58:29- Goodbye.- Bye-bye.- Goodbye.