0:00:02 > 0:00:03Hello and welcome to the programme.
0:00:03 > 0:00:05You don't need bags of experience
0:00:05 > 0:00:06to have a go at property developing.
0:00:06 > 0:00:08No, you can have good contacts in the trade,
0:00:08 > 0:00:10or even be quite handy yourself,
0:00:10 > 0:00:11which will save you time and money.
0:00:11 > 0:00:14Yeah, and if you think it's something you fancy,
0:00:14 > 0:00:16why not pop along to your local auction house
0:00:16 > 0:00:18and buy your home under the hammer?
0:00:43 > 0:00:45No matter how much expertise you have in property,
0:00:45 > 0:00:48there's always something that may crop up and challenge you.
0:00:48 > 0:00:51- That's both the exciting and frightening part of it.- Yeah.
0:00:51 > 0:00:54So how did it turn out for the buyers on today's show?
0:00:55 > 0:00:57This end terrace in South Wales
0:00:57 > 0:00:59comes with added extras - or does it?
0:00:59 > 0:01:04- The solar panels obviously belong to me now.- Not necessarily.
0:01:06 > 0:01:07A bit of extra legroom
0:01:07 > 0:01:10would be handy in this former barn in Elstree.
0:01:10 > 0:01:13That's not what I was expecting.
0:01:13 > 0:01:14A garage!
0:01:16 > 0:01:18And in Shropshire, if you like extra doors,
0:01:18 > 0:01:21this flat could be for you.
0:01:21 > 0:01:23There's two doors going into the kitchen
0:01:23 > 0:01:25and two doors going into the lounge.
0:01:27 > 0:01:29All these properties are being sold at auction.
0:01:29 > 0:01:31We'll find out who bought them and what they paid for them
0:01:31 > 0:01:33when they went under the hammer.
0:01:33 > 0:01:35You bought it, sir, well done.
0:01:39 > 0:01:41The village of Mountain Ash is located
0:01:41 > 0:01:43within the county of Glamorgan.
0:01:43 > 0:01:46The pace of life here is normally pretty sedate,
0:01:46 > 0:01:50but on the 31st of December, things get a lot busier
0:01:50 > 0:01:54with the staging of the annual Nos Galan Road Race,
0:01:54 > 0:01:59which regularly attracts over 10,000 visitors to the town.
0:01:59 > 0:02:01The race is held in memory
0:02:01 > 0:02:05of the 18th-century athlete, Guto Nyth Bran,
0:02:05 > 0:02:07the Usain Bolt of his day.
0:02:07 > 0:02:10Legend tells us he once ran to Pontypridd and back
0:02:10 > 0:02:14in the time it took his mother to boil a kettle.
0:02:14 > 0:02:15# Run for home
0:02:15 > 0:02:17# Run as fast
0:02:17 > 0:02:19# As I can
0:02:19 > 0:02:23# Oh-oh, running man
0:02:23 > 0:02:25# Running for home. #
0:02:25 > 0:02:29I never tire of the valleys of Wales, and one thing's for sure,
0:02:29 > 0:02:35some of the properties here benefit from some truly magnificent views.
0:02:35 > 0:02:40The only slight problem is, on days like today...
0:02:40 > 0:02:41you can't see 'em.
0:02:43 > 0:02:45But, never mind, the house I'm here to see
0:02:45 > 0:02:47certainly sounds pretty appealing anyway.
0:02:47 > 0:02:50£27,000 plus is the guide price for this.
0:02:50 > 0:02:53It's a two-bed end of terrace. Let's have a look.
0:02:57 > 0:03:00OK, so, nice the front door doesn't open
0:03:00 > 0:03:02straight into your living area.
0:03:02 > 0:03:04You've got this little hallway, radiator,
0:03:04 > 0:03:06somewhere to hang your coats, etc, etc.
0:03:06 > 0:03:08Stairs up to your bedrooms there
0:03:08 > 0:03:11and then through into the main living area of the property.
0:03:11 > 0:03:13Kitchen, that's a reasonable size.
0:03:13 > 0:03:16Yes, we like that. Obviously, it needs new units and stuff,
0:03:16 > 0:03:19but apart from that, perfectly serviceable space,
0:03:19 > 0:03:21as is the main living area here.
0:03:21 > 0:03:24Erm, obviously, at some point,
0:03:24 > 0:03:27the layout has been changed around a bit,
0:03:27 > 0:03:30because that beam, originally, wouldn't have been there,
0:03:30 > 0:03:32but it does create quite a nice living space.
0:03:32 > 0:03:35This, of course, is the end wall
0:03:35 > 0:03:38and that might explain why you have got a few issues
0:03:38 > 0:03:40with damp here and there.
0:03:40 > 0:03:44It can often be the case with the end of a line of terraces,
0:03:44 > 0:03:46so you need to check out what might be causing that,
0:03:46 > 0:03:48could be the rendering outside needs replacing.
0:03:48 > 0:03:50But at least you've got an open fire here -
0:03:50 > 0:03:52or would be if you took the gas fire out -
0:03:52 > 0:03:55And, of course, you do benefit from those amazing views.
0:03:57 > 0:03:59Normally.
0:03:59 > 0:04:05# Believe it when I see with my own two eyes. #
0:04:05 > 0:04:07Not much to see from the window today,
0:04:07 > 0:04:11but the interior views are mouthwatering -
0:04:11 > 0:04:13for a property developer, that is.
0:04:13 > 0:04:16Plenty of scope to add value on the ground floor,
0:04:16 > 0:04:19but let's see what's on offer for the first floor.
0:04:22 > 0:04:26So, upstairs and, again, the thing that really strikes you -
0:04:26 > 0:04:29how much this place is going to benefit
0:04:29 > 0:04:32from just a simple bit of decoration.
0:04:32 > 0:04:35Get rid of the white woodchip and just do it with a bit of style.
0:04:35 > 0:04:36You'd totally transform this place.
0:04:36 > 0:04:39Because, intrinsically, the structure's great.
0:04:39 > 0:04:41Good-sized family bathroom there.
0:04:41 > 0:04:43It needs a new suite.
0:04:43 > 0:04:46You'd be able to do amazing things with that.
0:04:46 > 0:04:48It's got a water cylinder in there.
0:04:48 > 0:04:50A combination boiler downstairs
0:04:50 > 0:04:52and you could create even more space in that bathroom,
0:04:52 > 0:04:53so that's good.
0:04:53 > 0:04:55And then your two bedrooms.
0:04:55 > 0:04:57One on that side, it's a half-decent size,
0:04:57 > 0:05:01then through to a slightly bigger one on this side.
0:05:01 > 0:05:05I mean, they're not massive, but they're perfectly adequate.
0:05:05 > 0:05:08This again is that end wall with a few signs of damp on here.
0:05:08 > 0:05:11But, again, lots of light coming in through the windows
0:05:11 > 0:05:15and, all in all, it's, yeah, it's a good property.
0:05:17 > 0:05:20But before I give this place my final seal of approval,
0:05:20 > 0:05:23I'll just pop outside to give the exterior a quick check.
0:05:27 > 0:05:31So, out to the back of the property and a little courtyard area here.
0:05:31 > 0:05:33The raised garden area there,
0:05:33 > 0:05:36beautiful views up the hillside there.
0:05:36 > 0:05:39But this is a classic example of when you come round a house,
0:05:39 > 0:05:42you really must look at it from all different angles.
0:05:42 > 0:05:44You stand here, you look around and you think,
0:05:44 > 0:05:47"Pebble dash, looks in reasonable condition, guttering OK.
0:05:47 > 0:05:49"Roof, I'm sure that's fine."
0:05:49 > 0:05:51And you go back in... Oh, boy!
0:05:51 > 0:05:54Would you have missed something quite significant,
0:05:54 > 0:05:57because walk up to that raised garden area
0:05:57 > 0:05:59and view the roof properly and...
0:05:59 > 0:06:02no, actually, it doesn't look to be into bad condition,
0:06:02 > 0:06:05but what you also see is those things.
0:06:05 > 0:06:10Solar panels. Mmm, a really interesting thing, this,
0:06:10 > 0:06:13because they can cause all sorts of issues.
0:06:13 > 0:06:16The thing is, the installers of the solar panels
0:06:16 > 0:06:18would have negotiated some kind of deal
0:06:18 > 0:06:20with the previous property owner,
0:06:20 > 0:06:23and that can be all sorts of things from leasing the roof
0:06:23 > 0:06:26on a long-term lease to actually buying that roof space.
0:06:26 > 0:06:27The thing is, you don't know.
0:06:27 > 0:06:29So, as the new owner, what is the situation?
0:06:29 > 0:06:32What is your relationship with the people
0:06:32 > 0:06:34who installed the solar panels? Who owns them?
0:06:34 > 0:06:36These are things that your solicitor needs to check out.
0:06:36 > 0:06:39The information should be in the legal pack,
0:06:39 > 0:06:41but it certainly needs to be researched thoroughly
0:06:41 > 0:06:43before you buy.
0:06:45 > 0:06:47Here's a man who could shed some light
0:06:47 > 0:06:49on those mysterious solar panels.
0:06:49 > 0:06:54But first, let's get his overall impressions of this house.
0:06:54 > 0:06:57Quite a nice street, low rental area,
0:06:57 > 0:06:59so it's the type of street people want to live in.
0:06:59 > 0:07:01The target market for this sort of property
0:07:01 > 0:07:05would be first-time buyers, maybe younger, small families.
0:07:06 > 0:07:09And what about those solar panels?
0:07:09 > 0:07:13The solar panel system was introduced by the local councils
0:07:13 > 0:07:16for, purely, hot water heating systems.
0:07:16 > 0:07:19Even though this installation was a local council initiative,
0:07:19 > 0:07:22it's very unlikely they own the panels.
0:07:22 > 0:07:25What's more probable is that they are owned
0:07:25 > 0:07:27and maintained by an energy company,
0:07:27 > 0:07:31but the council will make a good starting point for research.
0:07:31 > 0:07:34Moving onto valuations, how much does he reckon
0:07:34 > 0:07:36this property could rent for once refurbished?
0:07:36 > 0:07:39In the rental market, done to a modern standard,
0:07:39 > 0:07:40two-bedroom property,
0:07:40 > 0:07:45would properly fetch in the region of £400-425 per calendar month.
0:07:46 > 0:07:48And a sales value?
0:07:48 > 0:07:51Completed to high standards, I believe the property would reach
0:07:51 > 0:07:55in the region of 65, possibly up to £70,000.
0:07:56 > 0:08:00So, a little bit of work to be done to sort this place out
0:08:00 > 0:08:02and some issues to be clear on.
0:08:02 > 0:08:05Mostly the whole thing with the solar panels.
0:08:05 > 0:08:09That said, good location and a good guide price,
0:08:09 > 0:08:12so let's see who went for it when it went under the hammer.
0:08:14 > 0:08:17A UPVC double-glazed, gas centrally heated.
0:08:17 > 0:08:22Needs a bit of an upgrade, guided at £27,000.
0:08:22 > 0:08:25Start me, will you? I don't know, starting... Start at 25.
0:08:27 > 0:08:2825? Way behind, 25, surely?
0:08:28 > 0:08:3020 then, if you like.
0:08:30 > 0:08:32Can I start...? Put a hand up, somebody,
0:08:32 > 0:08:3420,000? Thank you. 20. At 20 there.
0:08:34 > 0:08:36At 20,000. And one, now, can I see?
0:08:36 > 0:08:39At 20, on my right. 21, thank you.
0:08:39 > 0:08:42Despite the busy auction room, this lot struggled to get started.
0:08:42 > 0:08:44Bidding eventually picked up
0:08:44 > 0:08:49and we rejoin the auction with the price at 31,000.
0:08:49 > 0:08:5131...and a half?
0:08:51 > 0:08:5332...and a half?
0:08:53 > 0:08:5633...and a half?
0:08:56 > 0:08:5834?
0:08:58 > 0:08:59And a half?
0:08:59 > 0:09:0235? And a half?
0:09:02 > 0:09:03No?
0:09:03 > 0:09:06At 34... Sorry, 35, rather, £35,000, seated,
0:09:06 > 0:09:08against you there, standing.
0:09:08 > 0:09:10At 35 here then. For the first time.
0:09:10 > 0:09:12Second time. Third time of asking,
0:09:12 > 0:09:15£35,000.
0:09:15 > 0:09:17Well done, madam, sir, your number, please?
0:09:17 > 0:09:19Number 60, thank you very much.
0:09:21 > 0:09:24The successful bid of 35,000 was made by Lisa
0:09:24 > 0:09:26on the right here.
0:09:26 > 0:09:29And I met her and her friend Yvette back at the house
0:09:29 > 0:09:31to find out what the plan is.
0:09:32 > 0:09:35- Lisa, Yvette, good to meet you both.- Hi.
0:09:35 > 0:09:36- Congratulations!- Thank you.
0:09:36 > 0:09:39Tell me why you wanted to buy this place.
0:09:39 > 0:09:42- To make some money!- OK, well, that's a good starting point.
0:09:42 > 0:09:45Why this particular house, though?
0:09:45 > 0:09:47Um, it's in a nice enough area
0:09:47 > 0:09:51and it didn't need too much work doing to it
0:09:51 > 0:09:54and so we thought it could be done quite quickly
0:09:54 > 0:09:55and, hopefully, quite cheaply.
0:09:55 > 0:09:57Is it something you've done before?
0:09:57 > 0:09:59- No, this is my first.- Right.
0:09:59 > 0:10:01What's been your previous career path?
0:10:01 > 0:10:04Well, I helped my husband run a steel business
0:10:04 > 0:10:06and I was in care work before that.
0:10:06 > 0:10:08- OK.- So nothing like this before.
0:10:08 > 0:10:11So what's prompted the move at this point now to do this?
0:10:11 > 0:10:15- Well, we lost our business.- Oh, no. - So, looking for something new to do.
0:10:15 > 0:10:19Something I've always fancied doing, so I thought I'd give it a go.
0:10:19 > 0:10:22Great. Yvette, how do you fit into this whole story?
0:10:22 > 0:10:23Grafting buddy.
0:10:23 > 0:10:26You're a grafting buddy? Everyone needs a grafting buddy!
0:10:27 > 0:10:30So, you're literally in here to help and moral support
0:10:30 > 0:10:32- and actually get your fingers dirty as well?- Definitely, yeah.
0:10:32 > 0:10:34Wow, and what's your experience?
0:10:34 > 0:10:36Erm, I'm a carer for my son at the moment,
0:10:36 > 0:10:39- but I'm doing a degree in psychology, too.- OK.
0:10:39 > 0:10:42- Perfect things for doing up houses. - Exactly.
0:10:42 > 0:10:44HE LAUGHS
0:10:44 > 0:10:47- But you enjoy DIY and stuff? - Yeah, definitely.- Yeah? Great.
0:10:47 > 0:10:50So, what's the plan, then? What are you going to do to it?
0:10:50 > 0:10:51Obviously, decorate everywhere.
0:10:51 > 0:10:55Some walls... A lot of the walls need replastering.
0:10:55 > 0:10:59A new kitchen, new bathroom, tidy up the gardens
0:10:59 > 0:11:03and hopefully get it back on the market as quickly as possible.
0:11:03 > 0:11:04There are a few damp issues.
0:11:04 > 0:11:06Any thoughts about where that's coming from?
0:11:06 > 0:11:12We think there's a loose brick on the roof from some wires
0:11:12 > 0:11:15- that have been attached to it. - Right.
0:11:15 > 0:11:18So, we think that that's where it's coming from.
0:11:18 > 0:11:21And how much time are you going to commit to the whole thing?
0:11:21 > 0:11:23- Every day, as much as we can. - Are you?- Yeah.
0:11:23 > 0:11:26- And how are you going to benefit financially?- I don't know yet.
0:11:26 > 0:11:28Erm, well, I don't know,
0:11:28 > 0:11:30I might take her out on the town a few times.
0:11:32 > 0:11:34# Oh, yes, it's ladies night
0:11:34 > 0:11:37- # Oh, what a night - Oh, what a night... #
0:11:37 > 0:11:39What a great way to pay for some hard graft,
0:11:39 > 0:11:41a few nights on the town.
0:11:41 > 0:11:44But when the sun comes up, there will be headaches to deal with,
0:11:44 > 0:11:47like, for instance, those solar panels.
0:11:51 > 0:11:54Well, we didn't realise that it actually had solar panels
0:11:54 > 0:11:58on the property. They're on the back and they're difficult to see.
0:11:58 > 0:12:01So, we didn't find that out
0:12:01 > 0:12:04until things started going through with the solicitors.
0:12:04 > 0:12:06What did the solicitor say?
0:12:06 > 0:12:12Well, that they can't be removed without permission from the company.
0:12:12 > 0:12:15Has your solicitor now found out whether or not the roof was leased?
0:12:15 > 0:12:19- Or what's the situation? - I don't know.- Right.
0:12:19 > 0:12:21- But you've completed?- Yes.
0:12:21 > 0:12:24Well, the solar panels obviously belong to me now
0:12:24 > 0:12:28- cos I own the house. - Not necessarily.
0:12:28 > 0:12:30They sometimes actually...
0:12:30 > 0:12:33What the previous person here might have done is sold
0:12:33 > 0:12:35the roof to the solar panel company.
0:12:35 > 0:12:38In the small print of the documents they signed, but anyway,
0:12:38 > 0:12:41obviously that hasn't happened here because that's not the case
0:12:41 > 0:12:44and you've got a set of solar panels.
0:12:44 > 0:12:47- You think.- Yes. - HE LAUGHS
0:12:51 > 0:12:54This could be a tricky situation in the making.
0:12:54 > 0:12:56Lisa has paid cash for this house,
0:12:56 > 0:13:00but had she needed to get a mortgage, she might have discovered
0:13:00 > 0:13:03that some lenders are not too amenable to the lease
0:13:03 > 0:13:09or sale of roof spaces, not that we are 100% sure this is the case here.
0:13:11 > 0:13:14Lisa may be smiling but it's all a bit uncertain.
0:13:15 > 0:13:18# Uncertain emotions
0:13:18 > 0:13:21# Force an uncertain smile... #
0:13:23 > 0:13:28- So, what's the budget?- 4,000. - What about the timescale?
0:13:28 > 0:13:31- Looking at about eight weeks. - Eight weeks?
0:13:31 > 0:13:34- And then the idea is then to sell it on?- Yes.- Yeah? Brilliant.
0:13:34 > 0:13:37- Congratulations and well done. - Thank you.
0:13:37 > 0:13:40Good luck with it and we look forward to seeing how you get on.
0:13:40 > 0:13:43- Thank you.- Thank you. - Nice to meet you.
0:13:44 > 0:13:46Well, I know you probably get a bit bored about me
0:13:46 > 0:13:49going on about the importance of reading the legal pack,
0:13:49 > 0:13:51but this is a classic example, you know?
0:13:51 > 0:13:55All this stuff, issues with solar panels on roofs...
0:13:55 > 0:13:57if it's in the legal pack,
0:13:57 > 0:14:00you've got a recourse to come back after the sale.
0:14:00 > 0:14:02If you haven't read the legal pack,
0:14:02 > 0:14:04I'm afraid you're out there on a limb.
0:14:04 > 0:14:08Hopefully, things will turn out all right and, of course,
0:14:08 > 0:14:11how wonderful it is to have a grafting buddy.
0:14:11 > 0:14:13See how the team get on later in the show.
0:14:18 > 0:14:21Today, I'm in Elstree in Hertfordshire.
0:14:21 > 0:14:23You might well be familiar with it
0:14:23 > 0:14:26because of its famous studios, which have been located here
0:14:26 > 0:14:29since film production began in 1914,
0:14:29 > 0:14:33playing home to plenty of well-known films and TV shows.
0:14:33 > 0:14:36However, you might not know it's also a popular village
0:14:36 > 0:14:40which feels a long, long way from any London postcode.
0:14:42 > 0:14:43But the beauty of this place is,
0:14:43 > 0:14:49you can be in London St Pancras in 25 minutes.
0:14:49 > 0:14:52Even on a rainy day like today this is a sought-after part
0:14:52 > 0:14:55of Elstree and the centre of the village is literally
0:14:55 > 0:14:57a stone's throw, just over there.
0:14:57 > 0:14:59Now, the average property values here are more
0:14:59 > 0:15:05than £1.1 million, however, the guide price at the property
0:15:05 > 0:15:08I'm here to see is a little different.
0:15:08 > 0:15:13It's £145,000 plus, so, what do you get for that?
0:15:13 > 0:15:18Well, it's this building here. It's a former barn and office.
0:15:18 > 0:15:21I'll tell you more once I've seen inside.
0:15:25 > 0:15:29OK. That's not what I was expecting.
0:15:29 > 0:15:31It's a garage.
0:15:31 > 0:15:33In fact, it's quite like my garage.
0:15:33 > 0:15:34Lots of strip lighting, you know,
0:15:34 > 0:15:37you can see the breeze blocks through here. Shelving.
0:15:37 > 0:15:39It's just like the raw concrete floor.
0:15:39 > 0:15:43Very, very basic and derelict, and through here
0:15:43 > 0:15:46there's a spiral staircase leading upstairs which I know is an office.
0:15:46 > 0:15:49You've got a little loo and a sink down there so, yeah.
0:15:49 > 0:15:51A lot of work needs to be done here.
0:15:51 > 0:15:53Oh, yeah, something I forgot to tell you -
0:15:53 > 0:15:55it comes with planning permission
0:15:55 > 0:15:57to be converted into a one-bedroom house.
0:16:01 > 0:16:04Viewed from outside, the barn extends quite a long way,
0:16:04 > 0:16:06but this is deceptive as the property we're in
0:16:06 > 0:16:10is half the length, so the planning permission is great,
0:16:10 > 0:16:14but this is going to be a small one-bed house for sure.
0:16:15 > 0:16:18Oh, I'm not a fan of these spiral staircases,
0:16:18 > 0:16:20and some more negatives with this property...
0:16:20 > 0:16:23First of all, it's a bit small, isn't it?
0:16:23 > 0:16:26Secondly, you don't have any outside space at all,
0:16:26 > 0:16:27but on the plus side,
0:16:27 > 0:16:30if this is converted into a one-bedroom house,
0:16:30 > 0:16:34well, you'll be competing with the one-bed flat market
0:16:34 > 0:16:40and being unique and freehold, well, I think this will be very appealing
0:16:40 > 0:16:43and I think it'll be more valuable, too.
0:16:43 > 0:16:45So, there's a good bit of work to be done here bringing
0:16:45 > 0:16:49this shell of a property up to residential standards.
0:16:49 > 0:16:51But with planning permission already in place,
0:16:51 > 0:16:56whoever bought this barn could get started on renovations right away.
0:16:56 > 0:16:58# Let's get it started, hah
0:16:58 > 0:17:01# Let's get it started in here... #
0:17:01 > 0:17:02Now, just a thought,
0:17:02 > 0:17:06what about having a lovely little Juliet balcony out here?
0:17:06 > 0:17:09It would really have such a pretty outlook onto the surrounding areas
0:17:09 > 0:17:13and houses, but something I haven't hold you yet -
0:17:13 > 0:17:18this is in a conservation area so there will be extra restrictions
0:17:18 > 0:17:22on how you can change the exterior appearance of this building.
0:17:22 > 0:17:26So that's definitely something you've got to bear in mind.
0:17:26 > 0:17:31# Seems like old times... #
0:17:31 > 0:17:34Yes, conservation areas can be a headache for property developers
0:17:34 > 0:17:38and the status of this building in regards to external alterations
0:17:38 > 0:17:42will need to be investigated by any potential buyers.
0:17:42 > 0:17:46But with that reasonable guide price of 145,000,
0:17:46 > 0:17:50I think in the right hands, this could be a great little investment.
0:17:50 > 0:17:53But let's get the opinion of a local estate agent.
0:17:58 > 0:18:02I think this is a lovely little property. It's quite unique.
0:18:02 > 0:18:06It used to be always a work unit which has full planning consent
0:18:06 > 0:18:10now to turn it into a residential unit, and I think
0:18:10 > 0:18:14it's going to make a very unique and nice home for somebody.
0:18:14 > 0:18:18I think you'll probably look to turn the stairs slightly, put in a shower
0:18:18 > 0:18:21and switch the kitchen downstairs and then just
0:18:21 > 0:18:23make it light and airy,
0:18:23 > 0:18:27but it could be a lovely property with the right attention to detail.
0:18:28 > 0:18:31So, if the property was renovated with the attention to detail,
0:18:31 > 0:18:33what does he think it would be worth?
0:18:35 > 0:18:37If it was converted into a one-bedroom house,
0:18:37 > 0:18:41this property is going to be worth in the region of £275,000
0:18:41 > 0:18:44and would probably rent in the region of £1,100-£1,200
0:18:44 > 0:18:46per calendar month.
0:18:46 > 0:18:48It might just be a shell at the moment,
0:18:48 > 0:18:52but in this pretty location and with that planning permission in place,
0:18:52 > 0:18:55well, this barn could be, oh, so much more than that.
0:18:55 > 0:18:59Who wanted their own little unique Elstree abode?
0:18:59 > 0:19:01Let's head to auction and find out.
0:19:02 > 0:19:04Interesting one, the next one.
0:19:04 > 0:19:08Semidetached former barn/office.
0:19:08 > 0:19:10Right, start at 140 on this.
0:19:10 > 0:19:17Not going to go below 140. 140 anywhere? 140 on my left. 145?
0:19:17 > 0:19:21145 with you. 150, sir?
0:19:21 > 0:19:22155.
0:19:24 > 0:19:25160.
0:19:25 > 0:19:26165.
0:19:28 > 0:19:30After a series of back and forth bids,
0:19:30 > 0:19:35we return when the bids had reached £182,000.
0:19:35 > 0:19:38182. 184, sir.
0:19:38 > 0:19:41You nearly got it. 184. You must go again.
0:19:41 > 0:19:42Lose it at 2,000?
0:19:43 > 0:19:47£182,000 on my left, on the phone.
0:19:47 > 0:19:50182. First time.
0:19:50 > 0:19:52Second time.
0:19:52 > 0:19:54Third and last time if you're all done...
0:19:55 > 0:19:57Sold, 182.
0:20:00 > 0:20:04And, with the successful bid of 182,000 was Kunal.
0:20:04 > 0:20:06This is his first property investment
0:20:06 > 0:20:08and he brought along his childhood friend Chintan,
0:20:08 > 0:20:10who just so happens to be a builder,
0:20:10 > 0:20:14to have a chat with me about their plans for this place.
0:20:16 > 0:20:19- Kunal and Chintan, congratulations. - Thank you.- Well done.
0:20:19 > 0:20:21- You got the property you wanted.- Yep.
0:20:21 > 0:20:25So what's the story behind you wanting to buy this on auction day?
0:20:25 > 0:20:28I actually didn't go into auction to buy the property.
0:20:28 > 0:20:33I looked at the property beforehand, came to view it beforehand.
0:20:33 > 0:20:35There was a lot of interest in it before.
0:20:35 > 0:20:39Went to auction just to gain experience, really,
0:20:39 > 0:20:42because that was my second auction that I had actually gone to.
0:20:42 > 0:20:44So, hold on a minute. What you're saying is on auction day,
0:20:44 > 0:20:48you just went to be a bit nosy, you didn't intend on buying this?
0:20:48 > 0:20:49No, I didn't. No, not at all.
0:20:49 > 0:20:51So, why did you get involved and start bidding?
0:20:51 > 0:20:55Cos the bidding was... It was lower than what I thought it would be,
0:20:55 > 0:20:57so I thought, "Why not get involved?"
0:20:57 > 0:20:58I didn't expect to get it,
0:20:58 > 0:21:01but I thought, "If I do get it for a good price, why not take it?"
0:21:01 > 0:21:04Sow, what would you have paid? What was the figure in your head?
0:21:04 > 0:21:07- My figure was to go up to 200.- So you did all right, didn't you?- Yeah.
0:21:07 > 0:21:09So, why did you think this was a good purchase
0:21:09 > 0:21:11and what are your plans?
0:21:11 > 0:21:14Erm, because the property itself has got a lot of character.
0:21:14 > 0:21:19I mean, it's fairly small, but it's a good first project for myself.
0:21:19 > 0:21:22And, yeah, it's cos of the character, really,
0:21:22 > 0:21:24and I know that we could probably get a lot done to it.
0:21:24 > 0:21:28Make it look nice and hopefully sell it after, or rent it, whichever.
0:21:28 > 0:21:30Chintan, tell me what you think of this.
0:21:30 > 0:21:32You know, putting your professional hat on.
0:21:32 > 0:21:34- I mean, you're a builder, this is what you do.- Yes.
0:21:34 > 0:21:38Is this a single-skin building and how much work is it going to take
0:21:38 > 0:21:41to get this up to a residential standard?
0:21:41 > 0:21:42I would imagine it would take some time,
0:21:42 > 0:21:45but, like I said, we've got a three to four week estimate
0:21:45 > 0:21:46on the project itself.
0:21:46 > 0:21:49Obviously, in terms of Kunal getting all the right material in
0:21:49 > 0:21:53and making sure that we've got the specifications all up to scratch.
0:21:53 > 0:21:56- Hold on a minute. Did you just say three to four weeks?- Yeah.
0:21:56 > 0:21:59- You want to get this place turned around in three to four weeks?- Yes.
0:21:59 > 0:22:01- Really?- Yeah.
0:22:02 > 0:22:06Now, Kunal and Chintan certainly aren't lacking in confidence here,
0:22:06 > 0:22:09but that's an incredibly short timescale
0:22:09 > 0:22:11for a top-to-bottom renovation like this.
0:22:11 > 0:22:14So I wonder how ambitious their plans are for the property?
0:22:14 > 0:22:18So, how do you visualise this? What would be the best use of space here?
0:22:18 > 0:22:20We're looking at an open-plan front area.
0:22:20 > 0:22:22Obviously the bedrooms upstairs.
0:22:22 > 0:22:26And then a nice bathroom, en suite obviously, it will be upstairs.
0:22:26 > 0:22:28And then the utility room in the rear.
0:22:28 > 0:22:31It's got to stand out, because you're going to be competing against
0:22:31 > 0:22:35the one-bedroom flats or the apartment market,
0:22:35 > 0:22:38- and you've got to give it that something else, I think.- Yeah.
0:22:38 > 0:22:39The wow factor.
0:22:39 > 0:22:42We are actually keeping some of the original features in order
0:22:42 > 0:22:45to make sure that it keeps up with what you've just said in terms of
0:22:45 > 0:22:49the property itself and the actual property features of the property.
0:22:49 > 0:22:51So, what property features are you keeping?
0:22:51 > 0:22:53We think we're going to keep a majority of the beams upstairs
0:22:53 > 0:22:56in the bedroom obviously. We'll have a look at that.
0:22:56 > 0:22:58And then obviously we have the exterior of the property,
0:22:58 > 0:23:00which I think we're not able to change at the moment,
0:23:00 > 0:23:02so we're trying to get the confirmation on that.
0:23:02 > 0:23:05- Whether it's listed.- Because I guess it's a conservation area,
0:23:05 > 0:23:08so we have to take that into consideration.
0:23:09 > 0:23:12Yes, the boys will have to find out whether or not the building's listed
0:23:12 > 0:23:15before making any changes to the exterior.
0:23:15 > 0:23:18And, let's face it, with those tired garage doors, well,
0:23:18 > 0:23:21it could certainly do with a bit of a face-lift.
0:23:23 > 0:23:25Now, the thing is, you can't run away with yourself here,
0:23:25 > 0:23:28because you have got a one-bedroom property after all.
0:23:28 > 0:23:31So, the sort of budget we're looking at is what?
0:23:31 > 0:23:34We are looking at about 15,000.
0:23:34 > 0:23:37- What?- Yeah.- What?!- 15,000.
0:23:37 > 0:23:42- £15,000 to do all the work?- Yeah. - Oh, no, now I'm shocked. Really?
0:23:42 > 0:23:43So, you're saying three to four weeks,
0:23:43 > 0:23:47- you're going to turn it around with 15 grand?- Hopefully, hopefully.
0:23:47 > 0:23:49I mean, if we have to push a bit further,
0:23:49 > 0:23:54we'll have to push a bit further, but, yeah, to keep it
0:23:54 > 0:23:57worth me doing anything, yeah, hopefully about 15,000.
0:23:57 > 0:24:01And how luxurious do you see it? What sort of level are you thinking?
0:24:01 > 0:24:02Who's going to be your buyer?
0:24:02 > 0:24:05Because of the area, were going to go for...
0:24:05 > 0:24:07- It's got to be a high-spec finish. - Yeah.
0:24:07 > 0:24:11Now, this is what is worrying me. Can you achieve that on £15,000?
0:24:11 > 0:24:14- Can we?- I think we can at the moment.
0:24:14 > 0:24:16- I think we can.- Is he putting a lot of pressure on you?
0:24:16 > 0:24:18He is, but, again, he's my friend,
0:24:18 > 0:24:20so I guess it's just one of those things.
0:24:20 > 0:24:21The mate's rates will have to kick in.
0:24:21 > 0:24:23I guess I'll have to get my hands dirty as well.
0:24:23 > 0:24:26- I'll get my hands dirty too. - Yeah.- Are you nervous?- Yeah, very.
0:24:26 > 0:24:29Well, in terms of, yeah, if we can get it done in time, yeah,
0:24:29 > 0:24:31because it is my first project,
0:24:31 > 0:24:33it is a bit of a nerve-racking experience,
0:24:33 > 0:24:34but I'm sure we'll get over it.
0:24:34 > 0:24:36I wish you lots of luck, guys, it's going to be amazing.
0:24:36 > 0:24:39- Thanks very much.- Thank you.- Cheers.
0:24:39 > 0:24:42So, quite a challenging first project for Kunal.
0:24:42 > 0:24:44But at least he has friend and builder Chintan,
0:24:44 > 0:24:47along with his mate's rates, to help him along the way.
0:24:47 > 0:24:50So, will we return to see that wow factor?
0:24:50 > 0:24:53Join me later in the programme and you can find out.
0:24:56 > 0:24:57Still to come...
0:24:57 > 0:24:59in Shropshire, I met a property-developing couple
0:24:59 > 0:25:02who are in a bit of a rush.
0:25:02 > 0:25:05We go away in four weeks, so it's got to be done.
0:25:07 > 0:25:10And in Elstree, Kunal and Chintan have a similar timescale,
0:25:10 > 0:25:12but will the budget deliver?
0:25:12 > 0:25:14- We're looking at about 15,000.- What?
0:25:25 > 0:25:26We're back in the Welsh valleys
0:25:26 > 0:25:30and the town of Mountain Ash in Glamorgan.
0:25:30 > 0:25:34# How green was my valley? #
0:25:34 > 0:25:39The property I visited was this two-bed house for sale at auction
0:25:39 > 0:25:43with a guide price of £27,000 plus.
0:25:43 > 0:25:46Its position on the end of the terrace had me wondering
0:25:46 > 0:25:48about the condition of the walls.
0:25:48 > 0:25:50This, of course, is the end wall.
0:25:50 > 0:25:52And that might explain
0:25:52 > 0:25:55why you have got a few issues with damp here and there.
0:25:55 > 0:25:58It can often be the case with the end of a line of terraces.
0:25:58 > 0:26:00So you need to find out what could be causing that.
0:26:00 > 0:26:03It could be the rendering on the outside that needs replacing.
0:26:03 > 0:26:05Assuming the damp could be taken care of,
0:26:05 > 0:26:08this place had the makings of a really nice home
0:26:08 > 0:26:10for a first-time buyer, young family,
0:26:10 > 0:26:13or could be ideal as a rental investment.
0:26:14 > 0:26:16A pretty ordinary property, you would think,
0:26:16 > 0:26:18unless you checked the roof.
0:26:19 > 0:26:21Solar panels?
0:26:21 > 0:26:24Hmm! A really interesting thing, this.
0:26:24 > 0:26:27Because they could cause all sorts of issues.
0:26:27 > 0:26:30The thing is, the installers of the solar panels would have
0:26:30 > 0:26:33negotiated some kind of a deal with the previous property owner,
0:26:33 > 0:26:36and that could be all sorts of things, from leasing
0:26:36 > 0:26:39the roof on a long-term lease to actually buying that roof space.
0:26:41 > 0:26:44Checking the roof was one thing new owner Lisa, here on the right,
0:26:44 > 0:26:49neglected to do before paying £35,000 for this house at auction.
0:26:49 > 0:26:52# I took you to the top of the mountain
0:26:52 > 0:26:55# To show you the valley... #
0:26:55 > 0:26:56Has your solicitor now found out
0:26:56 > 0:26:58whether or not the roof was leased
0:26:58 > 0:27:01- or what's the situation? - I don't know.
0:27:02 > 0:27:04- Right. But you've completed?- Yes.
0:27:04 > 0:27:07Well, the solar panels obviously belong to me, now,
0:27:07 > 0:27:09because I own the house.
0:27:09 > 0:27:11Not necessarily.
0:27:12 > 0:27:14Undaunted by that potential bombshell,
0:27:14 > 0:27:18Lisa was determined to turn this property around in eight weeks
0:27:18 > 0:27:23with the help of a £4,000 budget and some grafting from friend Yvette.
0:27:24 > 0:27:26That was eight months ago.
0:27:26 > 0:27:29We've come back to chat with Lisa, to find out if she discovered
0:27:29 > 0:27:33any more about those solar panels and take a look at her handiwork.
0:27:40 > 0:27:44With a little help from her friends and some local tradespeople,
0:27:44 > 0:27:48Lisa has brought about quite a transformation to this property.
0:27:51 > 0:27:54The kitchen has undergone the most obvious face-lift
0:27:54 > 0:27:57and here's Lisa to tell us more.
0:27:57 > 0:27:59Well, we've replaced the kitchen.
0:27:59 > 0:28:02It's a second-hand kitchen. All-new worktops.
0:28:02 > 0:28:04It's been re-tiled.
0:28:04 > 0:28:08And, um...the ceiling has been skimmed
0:28:08 > 0:28:10and everything's been painted.
0:28:10 > 0:28:12This was a large doorway before,
0:28:12 > 0:28:15so the wall has been replastered
0:28:15 > 0:28:19and the archway made smaller to make more of a feature.
0:28:19 > 0:28:21I'm really pleased - I think it works really well.
0:28:23 > 0:28:26Elsewhere in the house, the plasterer has been busy,
0:28:26 > 0:28:29with most walls having been re-skimmed.
0:28:29 > 0:28:33But thankfully, the damp issue wasn't a structural problem.
0:28:33 > 0:28:38We had people come and look at it and once the house was aired through
0:28:38 > 0:28:41and the walls were replastered, it wasn't a problem.
0:28:44 > 0:28:48Outside, the overgrown back garden has been tamed,
0:28:48 > 0:28:52making it a pleasant space to sit out and enjoy the views.
0:28:54 > 0:28:57# Shine on, shine the lights on me... #
0:28:57 > 0:29:00But was Lisa able to shine any more
0:29:00 > 0:29:03light on the ownership of the solar panels?
0:29:03 > 0:29:06There wasn't a problem at the end with the solar panels,
0:29:06 > 0:29:11they just had to be changed into my name, which I didn't
0:29:11 > 0:29:14bother doing, because obviously I was selling the house straight on,
0:29:14 > 0:29:19so it wasn't worth going through the expense and the time to do that.
0:29:19 > 0:29:25# Like a glittering prize I saw you up on a clear day... #
0:29:25 > 0:29:28The glittering prize that Lisa is after is a healthy profit
0:29:28 > 0:29:31from her hard work and investment.
0:29:31 > 0:29:34Her original budget was £4,000,
0:29:34 > 0:29:37but how much did she end up spending on this project?
0:29:37 > 0:29:41I've spent about £8,000, just because things cost a lot more
0:29:41 > 0:29:47than I expected and there was a few extra things that needed doing.
0:29:47 > 0:29:52And how close did she get to her eight-week timescale?
0:29:52 > 0:29:56It's taken about eight months from start to finish.
0:29:56 > 0:30:00Things just take longer than expected and obviously,
0:30:00 > 0:30:04there was the school holidays and a little boy that broke his wrist,
0:30:04 > 0:30:09- so that was a few weeks that wasn't expected.- Ouch!
0:30:09 > 0:30:13Sounds like that young lad was in need of a good plasterer, too!
0:30:16 > 0:30:20We've invited two local property experts to cast their eyes
0:30:20 > 0:30:24over this property and talk us through the main selling points.
0:30:24 > 0:30:27Its main selling features are the kitchen,
0:30:27 > 0:30:29the improvements to the rear garden
0:30:29 > 0:30:31and the decoration throughout.
0:30:31 > 0:30:35The property has been renovated to a reasonable standard.
0:30:35 > 0:30:37New kitchen, new bathroom,
0:30:37 > 0:30:39neutrally decorated throughout.
0:30:39 > 0:30:42The vendor hasn't put a new combi boiler in,
0:30:42 > 0:30:45so that would be the only thing I would recommend.
0:30:45 > 0:30:48And do they think Lisa will come out of this with some profit?
0:30:48 > 0:30:51Let's get the valuations, starting with rental.
0:30:53 > 0:30:57I would market this property for rental for £400-£420
0:30:57 > 0:30:58per calendar month.
0:30:58 > 0:31:01On the rental market, I hope this property would
0:31:01 > 0:31:05go for between £395 and £415 per calendar month.
0:31:07 > 0:31:12At a rental of £425 per calendar month, Lisa would be earning
0:31:12 > 0:31:17a return on her £43,000 total investment of almost 12%.
0:31:17 > 0:31:20But she wants to sell the house and move on to another project,
0:31:20 > 0:31:24so how much would this property be worth on the local sales market?
0:31:26 > 0:31:30I would market this property in the region of £60-£65,000.
0:31:30 > 0:31:35This property could sell for in the region of £60-£65,000.
0:31:35 > 0:31:37Before tax and sales fees,
0:31:37 > 0:31:41that would mean a profit of between 17 and £22,000.
0:31:41 > 0:31:44What does Lisa think about those numbers?
0:31:44 > 0:31:49I think I would prefer a little bit more, but obviously
0:31:49 > 0:31:54in this area, there is a limit to what you would get from property.
0:31:54 > 0:31:58But have those slightly disappointing valuations put her off
0:31:58 > 0:32:01a future career in property development?
0:32:01 > 0:32:02I think I would try it again.
0:32:02 > 0:32:03I've learned a lot from it,
0:32:03 > 0:32:06so hopefully it would be a lot easier next time.
0:32:09 > 0:32:13The pretty town of Newport in Shropshire sits six miles
0:32:13 > 0:32:14north of Telford.
0:32:14 > 0:32:17Its origins can be traced back to the Norman times
0:32:17 > 0:32:20and reminders of the past can be seen throughout the town,
0:32:20 > 0:32:24including the remains of this 13th-century stone cross.
0:32:24 > 0:32:26# So I'll cherish
0:32:26 > 0:32:30# The old rugged cross... #
0:32:36 > 0:32:38And talking of old and rugged...
0:32:40 > 0:32:43..legendary Brummie hell-raiser Ozzy Osbourne once owned
0:32:43 > 0:32:45a wine bar in the town.
0:32:45 > 0:32:47HEAVY ROCK MUSIC
0:32:49 > 0:32:52Just a few minutes' walk away from Newport town centre is
0:32:52 > 0:32:54the property I'm here to see.
0:32:54 > 0:32:59It's got two bedrooms and a guide price of £70,000 plus.
0:32:59 > 0:33:01There is one thing I have noticed.
0:33:01 > 0:33:04It's leasehold, so if you're looking to build an extension,
0:33:04 > 0:33:06you would have to get in touch
0:33:06 > 0:33:08and get permission from whoever owns the freehold.
0:33:08 > 0:33:11But I don't think that's going to be a problem,
0:33:11 > 0:33:14because it's this ground-floor flat that I'm here to see.
0:33:14 > 0:33:15Let's have a look.
0:33:20 > 0:33:24OK, we're into a small sort of porch way area.
0:33:25 > 0:33:29We've got the boiler in there with some hanging space for your coats.
0:33:29 > 0:33:32Kitchen's through there, but I'll come back to that.
0:33:32 > 0:33:36Into this really large lounge area.
0:33:36 > 0:33:39Lots of light coming through that big window there,
0:33:39 > 0:33:41which looks relatively new, as well,
0:33:41 > 0:33:44which is good. Central heating...
0:33:44 > 0:33:45They have got a textured ceiling,
0:33:45 > 0:33:47so you'd possibly want to get rid of that.
0:33:47 > 0:33:50It just needs freshening up in here.
0:33:50 > 0:33:53But it's a really good size and a really good start.
0:33:55 > 0:33:59It looks to me like these blocks were built in the 1960s
0:33:59 > 0:34:01and have been well maintained.
0:34:01 > 0:34:04The current leaseholder is a local housing association,
0:34:04 > 0:34:08which should mean the building has been looked after.
0:34:08 > 0:34:12This is good, solid housing, so I'm not really expecting
0:34:12 > 0:34:15any horrible surprises from the rest of the flat.
0:34:15 > 0:34:18So at the back of the property, we've got two bedrooms,
0:34:18 > 0:34:22both of decent sizes, but again, need freshening up.
0:34:22 > 0:34:26Across the hallway, you've got the bathroom here.
0:34:26 > 0:34:29It's not in bad condition at all - if you're looking to rent
0:34:29 > 0:34:33this property out. I'd want to put something new in there myself.
0:34:33 > 0:34:35And into the kitchen...
0:34:35 > 0:34:37It's pretty much a similar story.
0:34:37 > 0:34:40You could get away with freshening it up and keeping it
0:34:40 > 0:34:43if you're looking to rent this property out, but for me,
0:34:43 > 0:34:46get a brand-new kitchen in, really give it some life.
0:34:46 > 0:34:49What I have noticed is there's two doors going into the kitchen
0:34:49 > 0:34:53and there's two doors going into the lounge.
0:34:53 > 0:34:55It's strange, but I quite like it.
0:34:55 > 0:34:58# I like it, I like it
0:34:58 > 0:35:02# Are you liking it too? #
0:35:04 > 0:35:07But does anyone else like it?
0:35:07 > 0:35:11We've invited along a local property expert to take a look around
0:35:11 > 0:35:13and tell us what he thinks.
0:35:13 > 0:35:15In terms of the condition, absolutely fine.
0:35:15 > 0:35:18If you were looking to sell the property, I'd probably say
0:35:18 > 0:35:20the kitchen and bathroom need to be improved on.
0:35:20 > 0:35:23If you were looking to rent, it could probably rent in
0:35:23 > 0:35:27its current condition, but to maximise the best rent possible,
0:35:27 > 0:35:30I'd probably say improving on the kitchen and bathroom.
0:35:30 > 0:35:34And can he estimate how much the buyer might have to spend
0:35:34 > 0:35:36to refurb this place?
0:35:36 > 0:35:38I think for the rental market, you're probably
0:35:38 > 0:35:41looking at a couple of thousand pounds for improvements
0:35:41 > 0:35:44in terms of carpets, curtains, general cosmetic,
0:35:44 > 0:35:46that sort of thing.
0:35:46 > 0:35:48If you were looking to sell the property to improve
0:35:48 > 0:35:52on the kitchen and bathroom, I'd say a ballpark figure of about £10,000.
0:35:54 > 0:35:57Onto valuations, now, starting with rental.
0:35:57 > 0:36:00If you just did a quick refurb for the rental market,
0:36:00 > 0:36:02I'd say the property is worth £450 per calendar month.
0:36:02 > 0:36:06I think if the property was in full refurbed condition,
0:36:06 > 0:36:09you're probably looking at £550 per calendar month.
0:36:09 > 0:36:12That's quite a difference in rental return.
0:36:12 > 0:36:13But what about resale values?
0:36:13 > 0:36:15If you did a quick refurb on the property,
0:36:15 > 0:36:17you're probably looking at £80,000.
0:36:17 > 0:36:20If you were to do a full refurb on the property,
0:36:20 > 0:36:23you're probably looking at £95,000.
0:36:24 > 0:36:26This property is in really good condition
0:36:26 > 0:36:28and just needs the basics doing.
0:36:28 > 0:36:31If it were mine, I'd want to change the kitchen and the bathroom.
0:36:31 > 0:36:33If you're looking to rent it out,
0:36:33 > 0:36:36all you have to do is put some new carpets in and a lick of paint.
0:36:36 > 0:36:38Let's see who wanted a simple project
0:36:38 > 0:36:40when it went under the hammer.
0:36:41 > 0:36:45Lot 36 is a leasehold two-bedroom ground-floor flat.
0:36:45 > 0:36:46Needs modernising,
0:36:46 > 0:36:49so what shall we say, 60 to start?
0:36:49 > 0:36:5160 bid, thank you.
0:36:51 > 0:36:54At £60,000. 61. At 61.
0:36:54 > 0:36:5762. 63.
0:36:57 > 0:37:0064.
0:37:00 > 0:37:0265.
0:37:02 > 0:37:0566? 66.
0:37:05 > 0:37:0867.
0:37:08 > 0:37:0968?
0:37:09 > 0:37:1168.
0:37:11 > 0:37:1269?
0:37:13 > 0:37:17At 68, then, the bid is on the phone. At £68,000...
0:37:17 > 0:37:1869 anywhere else?
0:37:20 > 0:37:23If not, £68,000 for the first time,
0:37:23 > 0:37:25it's on the phone, no mistake.
0:37:25 > 0:37:27£68,000 for the second time,
0:37:27 > 0:37:30third and final time at £68,000...
0:37:32 > 0:37:35Sold on the phone, 68,000.
0:37:37 > 0:37:41And the person on the other end of the phone was Annette.
0:37:41 > 0:37:45She's been on the show before, appearing with her son Lewis.
0:37:45 > 0:37:49But now it's time for husband Mike to step into the limelight.
0:37:49 > 0:37:55# We're going to make you a star... #
0:37:55 > 0:37:58- Mike, nice to meet you. - Nice to meet you, too.
0:37:58 > 0:37:59Annette, nice to meet you, too.
0:37:59 > 0:38:02First time for me, interviewing you, but you've been on the show before.
0:38:02 > 0:38:06- Yes.- Martin's told me all about you, so there's nothing to hide!
0:38:06 > 0:38:09- Oh, that's good!- And I know on this particular property,
0:38:09 > 0:38:12it was a different auction experience for you, this time.
0:38:12 > 0:38:13Tell us all about that.
0:38:13 > 0:38:17I have been to the auction in the past, but I decided this time
0:38:17 > 0:38:21to do the telephone and it was really fun, I really enjoyed it.
0:38:21 > 0:38:25I watched it on my laptop at the same time and the guy
0:38:25 > 0:38:29from the auction house telephoned and said that he would phone just
0:38:29 > 0:38:33before the lot before and he did, I thought we were going to miss it.
0:38:33 > 0:38:35But he phoned and he said,
0:38:35 > 0:38:37"What bid do you want?"
0:38:37 > 0:38:39and I said yes and he said, "Shall I bid this?"
0:38:39 > 0:38:42And I said yes, and I said, "Just keep going." And it was great!
0:38:42 > 0:38:44- Absolutely great.- So do you think
0:38:44 > 0:38:47because you were on the phone, you were more disciplined?
0:38:47 > 0:38:51Well, the thing is, if you bid by proxy or by telephone,
0:38:51 > 0:38:55- you have to say what your maximum bid will be.- I see.
0:38:55 > 0:38:59You're only allowed to bid to your maximum bid, whereas
0:38:59 > 0:39:04if you're in the auction house, you don't have that restriction.
0:39:04 > 0:39:07- Are you disciplined in the auction house?- Yes, I'm very disciplined!
0:39:07 > 0:39:09I get a list of prices and then I go "Oop!"
0:39:09 > 0:39:11and I never go above the list.
0:39:11 > 0:39:14Clever, you've got him well trained, haven't you? I like that!
0:39:14 > 0:39:17I give him the list, you see!
0:39:17 > 0:39:22# Don't leave me hanging on the telephone... #
0:39:22 > 0:39:26So it looks like Annette is a big fan of telephone bidding.
0:39:26 > 0:39:28But why did she buy this property?
0:39:31 > 0:39:34Well, I bought this property because I want to...
0:39:34 > 0:39:37If I become a little old lady, if I'm lucky enough to get to be
0:39:37 > 0:39:39a little old lady, I'm going to come and live here.
0:39:39 > 0:39:42Buying it for yourself? That's nice.
0:39:42 > 0:39:46Newport is a lovely town and from here, you can walk into town,
0:39:46 > 0:39:50just a tiny little walk, you even walk past the old citizens' place,
0:39:50 > 0:39:52so it'll be great.
0:39:52 > 0:39:54Also, Newport Bridge Club is very close,
0:39:54 > 0:39:58and we're bridge players and we play from Newport Bridge Club.
0:39:58 > 0:40:01- We'll be able to walk to the bridge club.- I just can't get that game!
0:40:01 > 0:40:05- I can't grasp it. It confuses me!- Yeah?
0:40:05 > 0:40:08- You can help me out a little bit! - Well, we teach bridge.- Oh, do you?
0:40:08 > 0:40:10- Yes, on cruise ships. - That's interesting.
0:40:10 > 0:40:12So we're going away soon on one.
0:40:12 > 0:40:15Maybe I'll have a lesson before you go away.
0:40:15 > 0:40:17FOGHORN BLARES
0:40:17 > 0:40:20Heading off on the high seas to teach bridge means that
0:40:20 > 0:40:23Mike and Annette have put themselves under a bit of pressure.
0:40:23 > 0:40:25They plan to rent this place out,
0:40:25 > 0:40:28but need to get it shipshape before the cruise.
0:40:28 > 0:40:31# Won't you let me take you on a sea cruise? #
0:40:34 > 0:40:37We go away in four weeks, so it's got to be done in four weeks.
0:40:37 > 0:40:40So does that mean you two are going to be in here,
0:40:40 > 0:40:42doing the work nonstop, 24 hours?
0:40:42 > 0:40:44No, we've got so many other things we've got to do
0:40:44 > 0:40:47in these four weeks, I think we'll be here at night-time, doing it!
0:40:47 > 0:40:50We've got bridge commitments and bowling commitments.
0:40:50 > 0:40:53- Bowling as well?- Yes. - Where are you going to get the time?
0:40:53 > 0:40:56Bridging, going on a cruise, bowling...
0:40:56 > 0:40:59- I have to cut the green, as well. - Are you...?- Free of charge, that is.
0:40:59 > 0:41:01Really? Talking of free of charge,
0:41:01 > 0:41:04I've got some grass at home that might...!
0:41:04 > 0:41:06Maybe you can help me out with that, give me some tips.
0:41:06 > 0:41:08- And you've done your research?- Yes.
0:41:08 > 0:41:12- Did you read the legal pack on the property?- Yes, I did.- Fantastic.
0:41:12 > 0:41:14- Did you view it?- I've viewed it...
0:41:14 > 0:41:16It was open for viewing on three occasions
0:41:16 > 0:41:19- and I viewed it on all three occasions!- Oh, you see!
0:41:19 > 0:41:23- Ticking all the boxes, Mike.- Just to make sure about the competition!
0:41:23 > 0:41:25Exactly!
0:41:25 > 0:41:27The first occasion, one other person viewed it
0:41:27 > 0:41:29and he seemed quite interested.
0:41:29 > 0:41:33Then on the other two occasions, I was the only person who viewed it.
0:41:33 > 0:41:36- So I thought I was in with a chance. - Just how we like it.
0:41:38 > 0:41:42The couple plan to spend no more than £2,000 getting this place
0:41:42 > 0:41:44ready for rental.
0:41:44 > 0:41:48New carpets, painting, decorating and a good clean-up.
0:41:48 > 0:41:51But when Annette reaches the little old lady stage in life,
0:41:51 > 0:41:54she is very particular about how things should proceed.
0:41:56 > 0:42:01I have made my elder son Lewis promise that he will do it
0:42:01 > 0:42:07up again, before I come and do it the way I would want it now.
0:42:07 > 0:42:08Because the way...
0:42:08 > 0:42:12If I were coming now, the way I'd want it, well, when I'm old,
0:42:12 > 0:42:13I might not be bothered.
0:42:13 > 0:42:16So I might say, "Oh, it doesn't matter, I'll go in it as it is".
0:42:16 > 0:42:18But I wouldn't really want that to be the case,
0:42:18 > 0:42:22so he's promised he will make some changes.
0:42:22 > 0:42:2420 years' time, you'll be in here.
0:42:24 > 0:42:27Walking into town, playing bridge, playing bowls...
0:42:27 > 0:42:31- I don't think Mike will be with me. - Oh, that's nice, isn't it?
0:42:31 > 0:42:34- You find your own pad! - I most probably will be!
0:42:34 > 0:42:38You will be, don't you worry about that! Annette, good luck to you.
0:42:38 > 0:42:40- Thank you.- I hope you make it a lovely family home.
0:42:40 > 0:42:42Mike, I hope you're in it as well, mate!
0:42:46 > 0:42:48I think seasoned property developers Annette and Mike
0:42:48 > 0:42:52have been dealt a winning hand with this property.
0:42:52 > 0:42:54My only concern is will they get it done in four weeks
0:42:54 > 0:42:57before they go on holiday? Will they play their cards right?
0:42:57 > 0:43:00You can find out how they get on later in the programme.
0:43:04 > 0:43:07Well, we are one property down, but what about the others?
0:43:07 > 0:43:09That's right, we've got two others still to see.
0:43:09 > 0:43:12Let's find out how they got on.
0:43:13 > 0:43:17Time to head back to Elstree in Hertfordshire and an unusual lot -
0:43:17 > 0:43:19this detached barn-cum-office.
0:43:21 > 0:43:26It was guided at an attractive 145,000 and the real bonus
0:43:26 > 0:43:30was that it had planning permission for a one-bedroom house.
0:43:30 > 0:43:34But nothing is ever that straightforward, is it?
0:43:34 > 0:43:38This is in a conservation area, so there will be extra restrictions
0:43:38 > 0:43:42on how you can change the exterior appearance of this building.
0:43:42 > 0:43:45So that's definitely something you've got to bear in mind.
0:43:45 > 0:43:49Yes, that conservation status could be problematic
0:43:49 > 0:43:50for a potential renovation.
0:43:50 > 0:43:52Kunal wasn't fazed, though,
0:43:52 > 0:43:56buying the property for £182,000 at auction.
0:43:56 > 0:43:59With the help of childhood friend and builder Chintan,
0:43:59 > 0:44:02he planned to turn this challenging building
0:44:02 > 0:44:05into a one-bedroomed house with wow factor.
0:44:05 > 0:44:08Despite this being his first property development,
0:44:08 > 0:44:11when it came down to the budget and time scale,
0:44:11 > 0:44:13he certainly wasn't lacking optimism.
0:44:13 > 0:44:17- We're looking about 15,000.- What?!
0:44:17 > 0:44:20- £15,000 to do all the work?- Yeah.
0:44:20 > 0:44:23Oh, no, now I'm shocked. Really? So you're saying three to four weeks,
0:44:23 > 0:44:26- you're going to turn it around, with 15 grand?- Hopefully.
0:44:28 > 0:44:31Kunal and Chintan had set a very ambitious target.
0:44:33 > 0:44:37Three months later, we've come back to see if they've made it.
0:44:39 > 0:44:42# Baby, you're a firework
0:44:42 > 0:44:48# Come on, let your colours burst... #
0:44:48 > 0:44:51The ground floor has been completely gutted to create
0:44:51 > 0:44:53this open-plan living kitchen.
0:44:53 > 0:44:57Originally, Kunal had planned to include a utility room down here,
0:44:57 > 0:44:59but I think opening it up
0:44:59 > 0:45:03and making the most of the limited space was the right thing to do.
0:45:03 > 0:45:06But will the fireworks continue upstairs?
0:45:06 > 0:45:10# Cos, baby, you're a firework... #
0:45:10 > 0:45:12Yes, the first floor has had a thorough makeover too
0:45:12 > 0:45:17and it's now a decent-sized master bedroom with a brand-new en suite.
0:45:17 > 0:45:20Like the living room and kitchen downstairs, it's fresh
0:45:20 > 0:45:24and modern whilst making the most of the character of the property -
0:45:24 > 0:45:26keeping the old wooden beams.
0:45:26 > 0:45:30They've also included a new feature window up here in replacement
0:45:30 > 0:45:34of the previous barn door, which floods light into the room.
0:45:35 > 0:45:39The outside has seen some modern touches too, with the new door,
0:45:39 > 0:45:41window and cladding on the ground floor
0:45:41 > 0:45:44where the rickety old garage doors were.
0:45:45 > 0:45:48Kunal and Chintan have done an incredible job
0:45:48 > 0:45:50transforming this once-derelict barn.
0:45:50 > 0:45:54Not sure I'd have gone for the lime green, though, lads.
0:45:54 > 0:45:57We kind of wanted to incorporate the barn feel in it
0:45:57 > 0:46:01as well as modernise it, so we went with the modern
0:46:01 > 0:46:06type of kitchen, but the stairs we've kept kind of old, rustic.
0:46:06 > 0:46:09The original beams upstairs we've kind of kept there,
0:46:09 > 0:46:14just gave it a coat of paint, but we wanted to keep it as a barn feature.
0:46:14 > 0:46:17I wasn't sure about the green at first, but I think...
0:46:17 > 0:46:21- I think it works well. It grows on you!- I've warmed up to it!
0:46:21 > 0:46:22Yeah, definitely.
0:46:24 > 0:46:28As this is in a conservation area, how did they find balancing the old
0:46:28 > 0:46:31with the new on the exterior of the property?
0:46:31 > 0:46:35Sometimes it's quite difficult to work with conservation areas,
0:46:35 > 0:46:38but I think we've done really good.
0:46:38 > 0:46:42Yes, we had to keep it fitting in with the surrounding area,
0:46:42 > 0:46:46which I think we managed to do, so there's a lot of talking,
0:46:46 > 0:46:49a lot of decision-making, but I think we got there in the end.
0:46:49 > 0:46:53Well, the cladding and brickwork had to match the surroundings
0:46:53 > 0:46:56and I think the result is OK, and Kunal is keen to send out
0:46:56 > 0:47:00plaudits to everyone who did all the graft.
0:47:00 > 0:47:05Chintan's just done really well with it, he's banged it out, basically.
0:47:05 > 0:47:10In terms of the electrical side, I had my brother-in-law Dylan,
0:47:10 > 0:47:16who's come in here, worked really hard, a lot of days spent here.
0:47:16 > 0:47:20Amit Patel, my best mate, he's been here for days on end,
0:47:20 > 0:47:23just giving it a nice finish
0:47:23 > 0:47:27and apart from that, we had help come in from just a few friends...
0:47:27 > 0:47:30A few friends, because obviously the budget was slightly tight
0:47:30 > 0:47:32on the project itself.
0:47:32 > 0:47:35What are friends for, eh? And they've done a wonderful job here.
0:47:35 > 0:47:37Originally, Kunal and Chintan
0:47:37 > 0:47:40set themselves a timescale of three to four weeks
0:47:40 > 0:47:44for the renovation, but in the end, it's taken closer to seven weeks.
0:47:44 > 0:47:46So how did that £15,000 budget fare?
0:47:48 > 0:47:52I think we have done just over 20, but obviously thanks to Dylan
0:47:52 > 0:47:58and Amit and a few others coming in to help us, yeah...
0:47:58 > 0:48:00We would have spent a lot more, I reckon,
0:48:00 > 0:48:03but family, mate's rates done me some justice.
0:48:03 > 0:48:06Well, I think your family and friends have done you proud
0:48:06 > 0:48:08and saved you a fortune!
0:48:08 > 0:48:11The original £15,000 budget was really tight,
0:48:11 > 0:48:14so a five grand overspend, hmm, it's not so bad.
0:48:18 > 0:48:22What do two local estate agents make of this? Let's start with the one
0:48:22 > 0:48:24who saw it when it was a barn.
0:48:24 > 0:48:27First impressions of the property, it's been done very nicely,
0:48:27 > 0:48:28it's nice and clean.
0:48:28 > 0:48:30From what the property was like,
0:48:30 > 0:48:33they've really got everything that they can get out of it.
0:48:33 > 0:48:37It was always a fairly limited space to work with,
0:48:37 > 0:48:39but I think they've done a really nice job.
0:48:39 > 0:48:42First impressions of the property are really good.
0:48:42 > 0:48:45I think he's put a very nice finish in,
0:48:45 > 0:48:47I also like the fact that it's over two floors,
0:48:47 > 0:48:49so you've got to come upstairs to your bedroom and bathroom.
0:48:49 > 0:48:52I think that will attract a lot of buyers.
0:48:52 > 0:48:54That's all very positive from the agents,
0:48:54 > 0:48:56so let's get their valuations.
0:48:56 > 0:48:59Remember that Kunal bought the property for £182,000
0:48:59 > 0:49:03and has spent a further 20 grand on refurbishment.
0:49:03 > 0:49:05But what could the house sell for
0:49:05 > 0:49:09and how much could Kunal make from his total investment of £202,000?
0:49:11 > 0:49:13I feel the property would achieve
0:49:13 > 0:49:16between £275-300,000 in the current market.
0:49:16 > 0:49:20I would put the property on the market for £315,000
0:49:20 > 0:49:25and I'd look to achieve between 305 and £315,000.
0:49:25 > 0:49:28I haven't heard too much about the lower value.
0:49:28 > 0:49:30I've had a couple of estate agents come in
0:49:30 > 0:49:35while we've been working and it's been over the 300,000 mark.
0:49:35 > 0:49:38- I think...- I think if I get somewhere around there,
0:49:38 > 0:49:40I'd be very happy with that, to be honest.
0:49:42 > 0:49:44Selling for £300,000 would mean
0:49:44 > 0:49:48a pre-tax profit of an amazing 98 grand!
0:49:48 > 0:49:51He's done all right for this property investment.
0:49:51 > 0:49:53But let's get the rental figures
0:49:53 > 0:49:56and see if he could be tempted to hold on to it.
0:49:56 > 0:49:59From a rental point of view, I'd anticipate you would achieve
0:49:59 > 0:50:03somewhere in the region of £900-950 per calendar month.
0:50:03 > 0:50:05The rental market is also very strong
0:50:05 > 0:50:08and if I were to market the property, I would market it
0:50:08 > 0:50:11for £1,000 per calendar month and I would look to achieve that.
0:50:11 > 0:50:15That top figure of £1,000 per calendar month would give Kunal
0:50:15 > 0:50:20a yield of just under 6%, so would he be interested in renting?
0:50:20 > 0:50:25I probably will end up selling it, hopefully to get the higher value
0:50:25 > 0:50:29and, yeah, to carry on with another project using the profit, probably.
0:50:32 > 0:50:35In fact, he and Chintan have decided to both go into a property
0:50:35 > 0:50:39development business together and plan to head back to auction soon.
0:50:39 > 0:50:40So you never know,
0:50:40 > 0:50:44it might not be too long before we see this property duo again.
0:50:52 > 0:50:57It's time to return to Shropshire and the pretty town of Newport.
0:50:57 > 0:51:02This two-bed flat was up for auction at a guide price of £70,000 plus.
0:51:02 > 0:51:06Close to the town centre, the flat offered a lot of positives.
0:51:09 > 0:51:12It just needs freshening up in here.
0:51:12 > 0:51:16It's a really good size and a really good start.
0:51:16 > 0:51:18Sold on the phone.
0:51:18 > 0:51:21It was bought for £68,000 by telephone bidder Annette,
0:51:21 > 0:51:24paying two grand under the guide price.
0:51:25 > 0:51:29Usually preferring to be at the auction, this was the first time
0:51:29 > 0:51:33Annette had bought property from the comfort of her own armchair.
0:51:33 > 0:51:35And the experience evidently appealed!
0:51:35 > 0:51:37It was really fun, I really enjoyed it.
0:51:37 > 0:51:39I watched it on my laptop at the same time
0:51:39 > 0:51:41and he said, "Shall I bid this?"
0:51:41 > 0:51:44And I said yes. I said, "Just keep going!"
0:51:44 > 0:51:46It was great, absolutely great.
0:51:48 > 0:51:49Annette had a grand plan.
0:51:49 > 0:51:54Do a modest makeover and rent the flat out, then wait 20 years
0:51:54 > 0:51:56and move in herself.
0:51:56 > 0:51:59If I become a little old lady, if I'm lucky enough to get to be
0:51:59 > 0:52:02a little old lady, I'm going to come and live here.
0:52:02 > 0:52:04Annette had made her plans,
0:52:04 > 0:52:08but we weren't sure if those plans included Mike.
0:52:08 > 0:52:10I don't think Mike will be with me!
0:52:10 > 0:52:12Oh, that's nice, isn't it?!
0:52:12 > 0:52:16# Don't you forget about me... #
0:52:18 > 0:52:20Oh, poor Mike. All joking aside,
0:52:20 > 0:52:24our couple only had four weeks to complete the refurbishment.
0:52:24 > 0:52:26With a cruise looming,
0:52:26 > 0:52:30it was a case of all hands on deck to get this job done in time.
0:52:34 > 0:52:37We're back five weeks later to see how they managed.
0:52:51 > 0:52:54I think it's mission accomplished for Annette and Mike.
0:52:54 > 0:52:58Just enough paint and polish has been applied to make this place
0:52:58 > 0:53:01a decent rental proposition.
0:53:01 > 0:53:04In the kitchen, the existing units have been cleaned,
0:53:04 > 0:53:06the walls have been painted, new flooring laid
0:53:06 > 0:53:10and Annette has added a few decorative touches.
0:53:10 > 0:53:12In the kitchen, we put some tile transfers on,
0:53:12 > 0:53:16which I really like, they make the place look nice and bright.
0:53:16 > 0:53:18I'd read the reviews about people putting them up.
0:53:18 > 0:53:22Some said it was easy and some said it was really difficult,
0:53:22 > 0:53:24but I actually found it easy.
0:53:24 > 0:53:25Then I bought another pack,
0:53:25 > 0:53:29so that I could do them in the bathroom as well.
0:53:29 > 0:53:31But I don't think Mike and my sons are very keen.
0:53:31 > 0:53:35I think they look a bit too girlie, all this coloured stuff around!
0:53:35 > 0:53:38# I see red, I see red, I see red! #
0:53:38 > 0:53:40Instead of seeing red,
0:53:40 > 0:53:43Mike busied himself with the more practical jobs.
0:53:43 > 0:53:46We had a problem with the pipes behind the washing machine.
0:53:46 > 0:53:51The plumber had pushed them out too far, so we had to readjust them
0:53:51 > 0:53:54so they went right against the wall
0:53:54 > 0:53:57to make it easier to push the washing machine in.
0:53:59 > 0:54:01Annette did most of the painting,
0:54:01 > 0:54:04but it all got a bit complicated with carpet removal.
0:54:04 > 0:54:06When we went to take the carpet up,
0:54:06 > 0:54:10because usually we get rid of carpeting so that we can paint
0:54:10 > 0:54:13and not worry about the paint, there was underlay underneath -
0:54:13 > 0:54:14good condition underlay.
0:54:14 > 0:54:18So we left the carpet down while we did all the decorating
0:54:18 > 0:54:21and then, in order for me to paint the skirting boards,
0:54:21 > 0:54:24Mike cut a strip all the way around the edge of the carpet,
0:54:24 > 0:54:27and then when we finally finished everything,
0:54:27 > 0:54:30we rolled up the old carpets, took them through the window,
0:54:30 > 0:54:34because it's easy access through the window to get rid of those
0:54:34 > 0:54:37and then I have a man who comes and puts down carpet and vinyl.
0:54:37 > 0:54:40He did that for us while we were away on holiday,
0:54:40 > 0:54:42so we came back to it and it was all done.
0:54:43 > 0:54:46And Annette's painting didn't stop inside the house.
0:54:48 > 0:54:50The yard, the communal yard where the bins are,
0:54:50 > 0:54:53I didn't like that - it was a bit grubby.
0:54:53 > 0:54:58It's got years of moss on the floor, so we went out with a spade
0:54:58 > 0:55:01and scraped all the moss off and swept it all up.
0:55:01 > 0:55:03Then I painted a picture,
0:55:03 > 0:55:06which I've put on the wall to brighten the place up.
0:55:07 > 0:55:10This has been a pretty straightforward project
0:55:10 > 0:55:13for Mike and Annette, the timescale being the only issue.
0:55:15 > 0:55:19We really only had three and a half weeks, didn't we,
0:55:19 > 0:55:23to get it completed, because we were going away?
0:55:23 > 0:55:27And so, when you know you're short of time, it is
0:55:27 > 0:55:32a little bit of a worry. We did work full-time over those weeks.
0:55:32 > 0:55:34- Yes, we hardly missed a day.- Yeah.
0:55:34 > 0:55:38But we did manage to do it comfortably, really, in that time.
0:55:40 > 0:55:43Our budget was about £2,000
0:55:43 > 0:55:46and we've actually spent 1,850.
0:55:47 > 0:55:52That is including the carpet and the vinyl and the fitting.
0:55:52 > 0:55:55It includes a new electric cooker
0:55:55 > 0:55:59- and then the rest of it is on paint...- And materials.
0:55:59 > 0:56:01And materials, yes.
0:56:03 > 0:56:06So, job done on time and for less than their two grand budget.
0:56:09 > 0:56:12Mike and Annette are very happy with how things have worked out,
0:56:12 > 0:56:14but how will two local experts
0:56:14 > 0:56:16react to this two-bed flat?
0:56:18 > 0:56:20This is the first time I've been in the property
0:56:20 > 0:56:23and I find that it's been well refurbished
0:56:23 > 0:56:26to a good standard throughout.
0:56:26 > 0:56:28It offers quite spacious accommodation with
0:56:28 > 0:56:30two good-sized bedrooms.
0:56:30 > 0:56:33The property is very well laid out, it's suitable for an individual
0:56:33 > 0:56:36or a couple on their own, decent-sized throughout.
0:56:36 > 0:56:38The selling points to this property are it's very close to
0:56:38 > 0:56:41the town centre, which is very easy to get in to from here
0:56:41 > 0:56:43and also a very nice neighbourhood.
0:56:44 > 0:56:46But what about the values?
0:56:46 > 0:56:49Annette is planning on a rental future for this property,
0:56:49 > 0:56:52so how much could they expect from the rental market?
0:56:53 > 0:56:57I'd consider the rental value to be
0:56:57 > 0:57:02between £475-500 per calendar month.
0:57:02 > 0:57:06I would value the property at £525 per calendar month.
0:57:06 > 0:57:10Taking the middle figure of £500 per calendar month,
0:57:10 > 0:57:16this represents an 8.5% yield on a total investment of £70,000,
0:57:16 > 0:57:19which would be a great long-term investment.
0:57:19 > 0:57:21How do the sales values compare?
0:57:21 > 0:57:26I'm of the opinion that the property would sell at around £100,000.
0:57:26 > 0:57:29I would value the property at £95,000.
0:57:29 > 0:57:32Selling at £100,000 would leave Annette and Mike
0:57:32 > 0:57:36with a handsome 30 grand profit, minus fees and taxes.
0:57:36 > 0:57:41But Annette has her heart set on moving here in her twilight years
0:57:41 > 0:57:45and I doubt very much 30 grand is going to change her mind.
0:57:45 > 0:57:48I'm still going to come and live here when I'm a little old lady.
0:57:48 > 0:57:52And I really would quite like to come and live here now!
0:57:52 > 0:57:56Mike might be able to come with me when he's a little old man -
0:57:56 > 0:57:59it just depends whether he's around or not!
0:57:59 > 0:58:03She doesn't expect me to survive that long, I don't think!
0:58:07 > 0:58:11We'll have more action from the auction rooms for you very soon.
0:58:11 > 0:58:13Yes, you won't want to miss it.
0:58:13 > 0:58:15So, join us next time for more Homes Under the Hammer.
0:58:15 > 0:58:17- See you then.- Bye-bye.- Bye!