0:00:00 > 0:00:02Hello, welcome to the programme.
0:00:02 > 0:00:07Now, the property varies massively across the whole country.
0:00:07 > 0:00:11Sometimes it's difficult to know where, when or, indeed, what to buy.
0:00:11 > 0:00:14Yes, there is one place that gives you lots of options, though.
0:00:14 > 0:00:16Oh, is that your local auction house, Dion?
0:00:16 > 0:00:20- Just might be.- Why not pop down and buy your next home under the hammer?
0:00:45 > 0:00:48Here on Homes Under The Hammer, we always advise
0:00:48 > 0:00:51that you look before you leap before you invest in property.
0:00:51 > 0:00:53Yes, if you intend to bid on a place,
0:00:53 > 0:00:55you should really read the legal pack
0:00:55 > 0:00:56and, of course, view the property.
0:00:56 > 0:00:59So, did the buyers on today's show get what they were after?
0:00:59 > 0:01:01Let's find out.
0:01:02 > 0:01:06In North Shields, Tyneside, this flat brings out my romantic side.
0:01:06 > 0:01:10Romeo, Romeo, wherefore art thou, Romeo?
0:01:13 > 0:01:14Whereas in the West Midlands,
0:01:14 > 0:01:17my property date is well past its sell-by date.
0:01:19 > 0:01:21It's of a certain era, isn't it?
0:01:22 > 0:01:27But for me, in Crewe, Cheshire, it's back to my first love.
0:01:27 > 0:01:30Have a look at that. That's my kind of location.
0:01:30 > 0:01:32Right on your doorstep.
0:01:33 > 0:01:35All these properties have been sold at auction.
0:01:35 > 0:01:38We'll find out who bought them and what they paid for them
0:01:38 > 0:01:40when they went under the hammer.
0:01:40 > 0:01:41Sold to you. Well done, sir.
0:01:44 > 0:01:47Newcastle upon Tyne in the north-east of England
0:01:47 > 0:01:50has been reinvented over the centuries
0:01:50 > 0:01:53from beginnings as a Roman settlement,
0:01:53 > 0:01:56then a major player in the coal and shipbuilding industry
0:01:56 > 0:01:59and now, along with nearby Gateshead,
0:01:59 > 0:02:02it's become an important tourist and cultural centre.
0:02:02 > 0:02:05# Beautiful vision... #
0:02:05 > 0:02:09Just outside Newcastle city centre is North Shields.
0:02:09 > 0:02:11Now, back in the early '80s,
0:02:11 > 0:02:15the local authorities here in North Shields had a vision
0:02:15 > 0:02:18and that vision was flats, and blocks of flats they built!
0:02:18 > 0:02:20But they forgot one thing.
0:02:20 > 0:02:23Due to this area's famous coal-mining past,
0:02:23 > 0:02:27there's a lot of holes in the ground and, unfortunately, a bit later on,
0:02:27 > 0:02:32quite a few of them had to be knocked down again due to subsidence issues.
0:02:32 > 0:02:36That's why we always say do your research, people.
0:02:36 > 0:02:38# Straight back down
0:02:38 > 0:02:40# Come back down
0:02:40 > 0:02:45# Straight back down, y'all Straight back down... #
0:02:45 > 0:02:49OK, so perhaps this bit of blue-sky thinking
0:02:49 > 0:02:51wasn't as successful as the planners hoped,
0:02:51 > 0:02:55but there are still plenty of buildings that exist on less shaky ground.
0:02:55 > 0:02:59Now, the property I'm here to see - surprise, surprise -
0:02:59 > 0:03:01it's a flat and it's right up there.
0:03:01 > 0:03:03Now, it's got a lot going for it.
0:03:03 > 0:03:06There's a designated parking space right there,
0:03:06 > 0:03:10there's two bedrooms and the guide price - just £20,000 plus.
0:03:10 > 0:03:12Let's have a look.
0:03:15 > 0:03:16Wow!
0:03:16 > 0:03:19These really are impressive communal gardens.
0:03:19 > 0:03:21Feels like the countryside.
0:03:21 > 0:03:22Lovely.
0:03:25 > 0:03:27I need a big gulp of fresh air
0:03:27 > 0:03:30to get to the top of the four floors here.
0:03:30 > 0:03:31Yeah, that's right, there's no lift.
0:03:31 > 0:03:34But the good news is there's a 99-year lease
0:03:34 > 0:03:36and immediately I've spotted a way
0:03:36 > 0:03:39of improving that all-important initial impression.
0:03:39 > 0:03:42SQUEAKING
0:03:42 > 0:03:46First things first, I think we need to get some oil for this door!
0:03:46 > 0:03:50But straight into the hallway and what a pleasant surprise.
0:03:50 > 0:03:51It's a great flat, this.
0:03:51 > 0:03:54Now, I know there's woodchip wallpaper everywhere,
0:03:54 > 0:03:55but we can remedy that.
0:03:55 > 0:03:59You've got loads of storage space in there, which is fantastic,
0:03:59 > 0:04:03an intercom system so you can greet your guests before you let them in,
0:04:03 > 0:04:05a really spacious kitchen.
0:04:05 > 0:04:07Now, obviously, that could do with a bit of an upgrade.
0:04:07 > 0:04:10You could put something nice and white and bright
0:04:10 > 0:04:11and reflective in there
0:04:11 > 0:04:14and you could even squeeze in a breakfast bar area,
0:04:14 > 0:04:15so you could eat in that kitchen
0:04:15 > 0:04:18because, currently, it's just a little bit dated.
0:04:18 > 0:04:21And then through into the lounge.
0:04:21 > 0:04:24Now, again, you know it's all in really good condition,
0:04:24 > 0:04:27but there's something I need to show you, and it's this.
0:04:27 > 0:04:31Now, this is a staircase because this is a split-level flat,
0:04:31 > 0:04:33which is, in my opinion, fantastic news,
0:04:33 > 0:04:36because it just makes it feel so much more spacious.
0:04:36 > 0:04:39You've got the bedrooms and the bathroom upstairs.
0:04:39 > 0:04:42Although, I'm not sure how safe they would be for kids,
0:04:42 > 0:04:45so you'd need to check that out, maybe update them.
0:04:45 > 0:04:48But it certainly feels spacious, this flat, and also over here,
0:04:48 > 0:04:50you've got windows, in really good nick!
0:04:50 > 0:04:51I mean, look!
0:04:53 > 0:04:55All this for a guide price of £20,000 plus.
0:04:55 > 0:04:59It's feeling like it's a bit of a bargain, this one.
0:04:59 > 0:05:02And something that I just love is a Juliet balcony.
0:05:02 > 0:05:03Oh, yes!
0:05:03 > 0:05:05# How 'bout it? #
0:05:06 > 0:05:11Romeo, Romeo, wherefore art thou, Romeo?
0:05:15 > 0:05:17It never works out.
0:05:17 > 0:05:20I'm just going to have to settle for Martin and Dion instead.
0:05:20 > 0:05:21Typical!
0:05:21 > 0:05:22# That's just the way it is
0:05:24 > 0:05:27# Some things will never change
0:05:29 > 0:05:31# That's just the way it is... #
0:05:31 > 0:05:34Sorry, boys, you know I love you both really.
0:05:35 > 0:05:37But does this flat let me down, as well?
0:05:39 > 0:05:41Well, I'm not about to write a sonnet about it,
0:05:41 > 0:05:46but I've seen much worse and so no point making much ado about nothing.
0:05:46 > 0:05:50With what was an amazing guide price at £20,000 plus,
0:05:50 > 0:05:53you could potentially have quite a lot of money left
0:05:53 > 0:05:56to turn it around and get it as you like it.
0:05:59 > 0:06:00So, at the top of the stairs,
0:06:00 > 0:06:03you've got a really good-sized double bedroom in here,
0:06:03 > 0:06:07which is fantastic and, again, it just feels really spacious up here.
0:06:07 > 0:06:10A family-sized bathroom with a window.
0:06:10 > 0:06:13Oh, I'm not quite sure about the colour scheme.
0:06:13 > 0:06:17Would we call it mocha, cappuccino?
0:06:17 > 0:06:19And more of this glorious woodchip wallpaper
0:06:19 > 0:06:22everywhere in this property and it just depends
0:06:22 > 0:06:24if you want to keep it or you want to get rid of it.
0:06:24 > 0:06:28Another double bedroom with something that's a bit awkward.
0:06:28 > 0:06:31What is this?! Well, this is the top of the stairs.
0:06:31 > 0:06:34There's not a lot you can do about this, but it's just in the way.
0:06:34 > 0:06:35You can't even use it for storage.
0:06:35 > 0:06:38Talking of storage, you've got lots more over there, which is fantastic.
0:06:38 > 0:06:42A double wardrobe and the best bit for me is the outlook.
0:06:42 > 0:06:45You've got all those lovely trees and, beyond that, a cricket pitch,
0:06:45 > 0:06:47a football pitch, kids' playgrounds.
0:06:47 > 0:06:50This really is fantastic for families.
0:06:51 > 0:06:55And it's not just the potential family space on offer here.
0:06:55 > 0:06:57It's nice and safe, too.
0:06:57 > 0:07:01Something I have noticed is this little secret doorway here.
0:07:01 > 0:07:03I was wondering why this is here.
0:07:03 > 0:07:07Does it mean that you can creep in and out in the middle of the night?
0:07:07 > 0:07:09No, of course it doesn't.
0:07:09 > 0:07:11It's a fire escape and if you look out here,
0:07:11 > 0:07:14none of the other doors have got handles on,
0:07:14 > 0:07:18so you can't really use it, but that really is great for safety measures.
0:07:18 > 0:07:19I like that.
0:07:20 > 0:07:22With the bedrooms upstairs,
0:07:22 > 0:07:25having another exit from the flat is essential
0:07:25 > 0:07:28and shows just how well thought-out the layout is.
0:07:28 > 0:07:31With two bedrooms, a good-sized lounge, kitchen,
0:07:31 > 0:07:33bathroom and that Juliet balcony,
0:07:33 > 0:07:36I think this flat has a lot going for it.
0:07:37 > 0:07:39But what does a local estate agent think?
0:07:41 > 0:07:43It's a really nice flat, a really good size.
0:07:43 > 0:07:46I feel it just needs general cosmetic work, a rewire
0:07:46 > 0:07:48and maybe a new central heating system.
0:07:48 > 0:07:51And once renovated, what market value is possible
0:07:51 > 0:07:55for this flat that was guided at £20,000 at auction?
0:07:55 > 0:07:57On the open market and sales,
0:07:57 > 0:08:01I would estimate probably about £45,000-£50,000,
0:08:01 > 0:08:03once all the work had been completed.
0:08:03 > 0:08:05And, as if that wasn't encouraging enough,
0:08:05 > 0:08:08what about its rental potential?
0:08:08 > 0:08:11On the rental market, I feel £380 per calendar month
0:08:11 > 0:08:13would be achievable, once the work was done.
0:08:16 > 0:08:19Considering where this flat is positioned, all this lovely grass,
0:08:19 > 0:08:23you've got two bedrooms and a guide price of just £20,000 plus,
0:08:23 > 0:08:27it could be a very shrewd investment for the right person.
0:08:27 > 0:08:30Let's see who agreed when it went under the hammer.
0:08:35 > 0:08:37So we'll start the sale with lot number 1 in your catalogue.
0:08:37 > 0:08:41Ideal investment opportunity or first-time buyer's property.
0:08:41 > 0:08:44Two-bedroom maisonette, one reception room,
0:08:44 > 0:08:47secure communal block with parking facilities.
0:08:47 > 0:08:50Got a new guide at 20, seems a good place to start.
0:08:50 > 0:08:51£20,000 am I bid?
0:08:51 > 0:08:5315, let's get it away.
0:08:53 > 0:08:55At 15,000. 15, here.
0:08:55 > 0:08:57At £15,000 and bid now in ones.
0:08:57 > 0:08:59Nice and easy. 15 I'm bid.
0:08:59 > 0:09:0216 anywhere? 16, 17.
0:09:02 > 0:09:0417, I've got. 18, sir.
0:09:04 > 0:09:0618. 18, new bid.
0:09:06 > 0:09:0819. 19, I've got.
0:09:08 > 0:09:1020?
0:09:10 > 0:09:1221. 21, 22.
0:09:13 > 0:09:15Not sure, here at 21.
0:09:15 > 0:09:16Take your half now, sir.
0:09:16 > 0:09:1821 and a half, 22.
0:09:18 > 0:09:2022, I've got.
0:09:20 > 0:09:21Half. You're out.
0:09:21 > 0:09:25With you, madam. Been with me all the way then at £22,000.
0:09:25 > 0:09:28First time, second time, if we're all done and out.
0:09:28 > 0:09:31At £22,000, selling...
0:09:31 > 0:09:33Well done, madam.
0:09:33 > 0:09:36So, for a great price of £22,000,
0:09:36 > 0:09:39the successful bidders for the two-bed flat in North Shields
0:09:39 > 0:09:41are Brian and Pat.
0:09:41 > 0:09:45This husband and wife team hope to build a portfolio
0:09:45 > 0:09:47and this is property number two.
0:09:47 > 0:09:49Pat works for the NHS and, unfortunately,
0:09:49 > 0:09:52was not able to join us on the day.
0:09:52 > 0:09:54So it was left to Brian to tell us more.
0:09:56 > 0:09:59- Brian, lovely to meet you.- Nice to see you, as well.- Congratulations.
0:09:59 > 0:10:01I just want to say one thing to you.
0:10:01 > 0:10:03£22,000!
0:10:03 > 0:10:05Amazing. Can you believe that?
0:10:05 > 0:10:07Cracking little place, it really is.
0:10:07 > 0:10:09Yeah, we were well pleased with it.
0:10:09 > 0:10:10It's the size of it.
0:10:10 > 0:10:14Two bedrooms, you've even got two floors and, OK,
0:10:14 > 0:10:17it wants a little bit of work here and there, but nothing major.
0:10:17 > 0:10:20We can't do anything structurally, that's part of...
0:10:20 > 0:10:25in the deeds and things. So, yeah, just happy, happy we got it.
0:10:25 > 0:10:29OK, now, what experience do you have in doing this kind of thing?
0:10:29 > 0:10:31Right, well, I've been in the construction industry
0:10:31 > 0:10:34- for a very long time, over 20 years.- Wow.
0:10:34 > 0:10:37So I've got my own business, property maintenance business.
0:10:37 > 0:10:40- Wow.- So it's up my street, really.
0:10:40 > 0:10:42OK! Right, this is going to be a breeze for you, isn't it?
0:10:42 > 0:10:46So I expect tiptop, I expect it to be on budget!
0:10:46 > 0:10:48- OK.- And I expect it to be looking fantastic.
0:10:48 > 0:10:50No pressure, then, eh, Brian?
0:10:50 > 0:10:54They also have another advantage, as they own a flat nearby,
0:10:54 > 0:10:57so they already know what to do for the market here.
0:10:57 > 0:11:00They really don't have any excuses.
0:11:00 > 0:11:03# No excuses that I know... #
0:11:06 > 0:11:08What are you going to do to upgrade the property?
0:11:08 > 0:11:12Well, new kitchen, new central heating system definitely.
0:11:12 > 0:11:14They're a must. The bathroom.
0:11:14 > 0:11:16It's a lovely colour, isn't it?
0:11:16 > 0:11:18So I think we've got to get rid of that one.
0:11:18 > 0:11:20Would you say it's mocha or cappuccino?
0:11:20 > 0:11:22It's definitely brown. Cappuccino, let's go for that.
0:11:22 > 0:11:24Sounds more trendy, doesn't it?
0:11:24 > 0:11:27So that's going to be upgraded to a white suite?
0:11:27 > 0:11:29Yeah, yeah. We're not sure whether we'll put a bath in there.
0:11:29 > 0:11:32Maybe a walk-in shower. So we'll see how we go with that.
0:11:32 > 0:11:35What about the living room and these stairs, in particular?
0:11:35 > 0:11:36We think we're going to get rid of them.
0:11:36 > 0:11:38- Put something new in. - Yeah, yeah, I think so.
0:11:38 > 0:11:40Hopefully something a bit more modern.
0:11:40 > 0:11:44Obviously it's down to budget, so we'll see what we can get.
0:11:44 > 0:11:45So what is the budget?
0:11:45 > 0:11:46£7,000.
0:11:46 > 0:11:49And along with that £7,000 budget,
0:11:49 > 0:11:53they've set themselves a 12-week timescale to complete the work
0:11:53 > 0:11:56and get it ready for the rental market.
0:11:56 > 0:11:59And with wife, Pat, also being part of the maintenance company,
0:11:59 > 0:12:02this will be very much a team effort.
0:12:02 > 0:12:05What part will Patricia be playing in this renovation?
0:12:05 > 0:12:09Definitely she'll come in and oversee some of the work,
0:12:09 > 0:12:13make sure people have put things in the right places, ie, radiators,
0:12:13 > 0:12:15fire's got to go, that sort of thing
0:12:15 > 0:12:20and she does a lot of picking and choosing fittings.
0:12:20 > 0:12:23I sort of come in on the decorating side of things.
0:12:23 > 0:12:25I do other things, as well, fit kitchens and that,
0:12:25 > 0:12:28but I just haven't got the time for that on this project.
0:12:28 > 0:12:30So I'll get trades in to do that.
0:12:30 > 0:12:33- Are you too busy...?- Maybe I'll do some painting, I don't know.
0:12:33 > 0:12:36- So are you too busy still working on other people's projects?- Yeah.
0:12:36 > 0:12:38You get paid for doing other people's, but not for your own!
0:12:38 > 0:12:41When you're getting paid, it's hard to come away from it.
0:12:41 > 0:12:44So that's the way I've got to look at it, I'm afraid.
0:12:45 > 0:12:49Ah, well, it's good to see that Brian's got his sensible head on.
0:12:49 > 0:12:50Which is a relief,
0:12:50 > 0:12:53because I was worried that stardom had gone to his head.
0:12:54 > 0:12:59# We're gonna make you a star... #
0:12:59 > 0:13:02- I know you're no stranger to TV, Brian.- Yes.
0:13:02 > 0:13:06- And you've been on telly a few times!- Yes, I have, yes.
0:13:06 > 0:13:11Most people remember me from Family Fortunes and Supermarket Sweep.
0:13:11 > 0:13:13When Homes Under The Hammer were at the auction,
0:13:13 > 0:13:16I did fancy my chances a little bit to be on the show.
0:13:16 > 0:13:18So that is another show you can tick off your list, then?
0:13:18 > 0:13:21- It is, yeah.- You've done well, that's three so far!
0:13:21 > 0:13:23Well, there is a fourth. I did Peak Practice as well!
0:13:23 > 0:13:26My goodness, I'd better watch out for my job!
0:13:26 > 0:13:28You'll be doing my job next.
0:13:28 > 0:13:31No, I'm quite happy doing the properties, thank you.
0:13:31 > 0:13:32Brian, it's been a delight meeting you today.
0:13:32 > 0:13:34I think you've got a smashing property here.
0:13:34 > 0:13:36- I'm pleased you like it. - Congratulations,
0:13:36 > 0:13:38and I'm really looking forward to seeing
0:13:38 > 0:13:40- how you and Patricia turn it around. - Thank you very much.
0:13:40 > 0:13:43- Lovely to meet you.- You, as well. - Thank you.- Thank you.
0:13:45 > 0:13:48Property developers, Brian and Patricia, well,
0:13:48 > 0:13:51I think they've chosen the perfect flat for their business.
0:13:51 > 0:13:53Yes, it does need a fair bit of updating,
0:13:53 > 0:13:55but the positive thing is
0:13:55 > 0:13:58there's nothing structurally wrong with this property.
0:13:58 > 0:14:01So there shouldn't be any nasty hidden surprises.
0:14:01 > 0:14:04Will it make his family a fortune?
0:14:04 > 0:14:07You can find out what our survey says later on in the programme.
0:14:12 > 0:14:14I'm off to West Bromwich in the West Midlands.
0:14:14 > 0:14:17The town is famous for its footballing team,
0:14:17 > 0:14:20which was actually one of the 12 founding members
0:14:20 > 0:14:23of the Football League in 1888.
0:14:23 > 0:14:25Like the town, the Baggies, as they're known,
0:14:25 > 0:14:27have had their ups and downs over the years,
0:14:27 > 0:14:30but are back in the Premier League.
0:14:30 > 0:14:32The town has had a revival, too,
0:14:32 > 0:14:35with hundreds of millions being invested here in recent years.
0:14:37 > 0:14:40Well, close to West Bromwich town centre,
0:14:40 > 0:14:43with its fantastic link to the M5 and M6,
0:14:43 > 0:14:45is the property I'm here to see.
0:14:45 > 0:14:49£140,000-£145,000 was the guide price for this.
0:14:49 > 0:14:51It's a three-bed semidetached.
0:14:51 > 0:14:52Let's have a look.
0:14:52 > 0:14:54# Wanna take a look
0:14:54 > 0:14:57# Take a look... #
0:15:01 > 0:15:03So what have we got? A little porch there.
0:15:03 > 0:15:07Squeaky door. Keeps the noise of the road out, which is good.
0:15:07 > 0:15:10And then into quite a pleasant room, actually.
0:15:10 > 0:15:12A dual-aspect living room.
0:15:12 > 0:15:14I'm looking at this.
0:15:14 > 0:15:17It looks like the floorboards have just been left,
0:15:17 > 0:15:19cos the carpet's been taken up.
0:15:19 > 0:15:21But actually, I know it's a relatively modern house,
0:15:21 > 0:15:23but I reckon those floorboards,
0:15:23 > 0:15:25even though they're relatively modern,
0:15:25 > 0:15:28would actually be really nice if they were cleaned up, so do that.
0:15:28 > 0:15:34Doors there through to some fairly newish kind of conservatory thing,
0:15:34 > 0:15:35which definitely creates a bit of extra space.
0:15:35 > 0:15:38In fact, one of the first things you notice when you come in here,
0:15:38 > 0:15:40there is loads and loads of space.
0:15:40 > 0:15:44Kitchen. Well, it's a bit tired and dated, you can see by the units,
0:15:44 > 0:15:48they're now definitely sort of 1990s.
0:15:48 > 0:15:50But it's not a bad size and, of course,
0:15:50 > 0:15:53it depends what you're planning to do with the property,
0:15:53 > 0:15:55whether you went to the trouble of replacing those.
0:15:55 > 0:15:57Nice floor in here, as well, this dining room.
0:15:57 > 0:15:59Looks like you've got central heating.
0:15:59 > 0:16:01I mean...
0:16:01 > 0:16:03Little touches with the windows, back to where we started.
0:16:03 > 0:16:05I like houses you can walk round.
0:16:05 > 0:16:08All in all, it's really good.
0:16:08 > 0:16:11You see, not all auction properties are in a terrible state.
0:16:11 > 0:16:14Sometimes, vendors don't want to be stuck in a chain
0:16:14 > 0:16:18or they want a really quick sale, for whatever reason,
0:16:18 > 0:16:20and you can find gems like this.
0:16:21 > 0:16:24So, what have we got up here?
0:16:24 > 0:16:27Well, that's nice. A large landing area.
0:16:27 > 0:16:31You don't see that very often in these kind of houses,
0:16:31 > 0:16:33but it makes a real difference to up here.
0:16:33 > 0:16:36Along with that little round window, a nice little touch.
0:16:36 > 0:16:39Two bedrooms, a smaller one there.
0:16:39 > 0:16:42Bigger one towards the front and then this way...
0:16:42 > 0:16:44What's in there? Bit of a radiator...
0:16:44 > 0:16:46Radiator, what am I talking about?
0:16:46 > 0:16:48I can't open the thing any more!
0:16:48 > 0:16:50Boiler. That's the word, yes.
0:16:50 > 0:16:52Marvellous. Anyway...
0:16:52 > 0:16:54Larger bedroom to the left there
0:16:54 > 0:17:00and then through to the piece de resistance - the bathroom.
0:17:00 > 0:17:01Again, bit like the kitchen.
0:17:02 > 0:17:05It's of a certain era, isn't it?
0:17:05 > 0:17:08Possibly not to everyone's taste, possibly you could take it out.
0:17:08 > 0:17:12All depends on how much you want to spend on the renovation.
0:17:12 > 0:17:14# Now it's all covered with flowers
0:17:16 > 0:17:18# You've got it, you've got it
0:17:18 > 0:17:20# If this is paradise
0:17:20 > 0:17:23# I wish I had a lawnmower
0:17:24 > 0:17:26# You've got it, you've got it... #
0:17:27 > 0:17:31I think the days of flower power are well and truly over,
0:17:31 > 0:17:34but there are a bunch of different options here.
0:17:35 > 0:17:37If you haven't bought new tiles before,
0:17:37 > 0:17:41you'll find that retiling a room this large can be an expensive job.
0:17:42 > 0:17:44If you want to save some cash,
0:17:44 > 0:17:49you could just replace the dated loo and sink for something more modern
0:17:49 > 0:17:51and, rather than retile, you might get away with
0:17:51 > 0:17:54repainting the old tiles with a specialist tile paint.
0:17:54 > 0:17:57So everything could be coming up roses.
0:18:01 > 0:18:03Well, at the back of the property,
0:18:03 > 0:18:06not the most imaginatively laid-out garden.
0:18:06 > 0:18:09But, hey, it's a good size, for sure.
0:18:09 > 0:18:12Also, right here, it looks like there's been something there
0:18:12 > 0:18:14that has been taken down and not replaced.
0:18:14 > 0:18:17So maybe there is potential for an extension there
0:18:17 > 0:18:19or, certainly, a bigger conservatory would be nice.
0:18:19 > 0:18:22But this is the garden. You've got a garage, which is good,
0:18:22 > 0:18:23little patio area here.
0:18:23 > 0:18:27It could do with a bit of landscape gardening, but apart from that,
0:18:27 > 0:18:29it's a good, usable space.
0:18:30 > 0:18:34And surely all this space will make it an appealing property purchase.
0:18:34 > 0:18:37Let's see what an agent from the auction house who sold it thinks.
0:18:38 > 0:18:41First impressions of the property itself -
0:18:41 > 0:18:43doesn't really need too much doing to it.
0:18:43 > 0:18:45Depends whether you want to extend or not.
0:18:45 > 0:18:48The property has got development potential,
0:18:48 > 0:18:50both to the side and the rear.
0:18:50 > 0:18:53Probably the beneficial one would be the side,
0:18:53 > 0:18:56put a new garage with a bedroom above it.
0:18:56 > 0:18:59The agent thinks an extension of that size
0:18:59 > 0:19:02could cost around £50,000, so a lot of money.
0:19:02 > 0:19:04But would that sizeable spend
0:19:04 > 0:19:07be reflected in the sales values round here?
0:19:08 > 0:19:11Refurbished, without the extension, I would anticipate
0:19:11 > 0:19:17achieving something in the region of £165,000 to £175,000.
0:19:17 > 0:19:21With an extension, I don't think you would quite hit £200,000.
0:19:21 > 0:19:23So maybe just leave that extension,
0:19:23 > 0:19:25unless you're planning on living here.
0:19:26 > 0:19:29And for the investors, what about the rental market in the area?
0:19:31 > 0:19:32Refurbished rental figures,
0:19:32 > 0:19:37somewhere in the region of £675 to £700 per calendar month.
0:19:42 > 0:19:45Well, a few bits of modernisation to do, but overall,
0:19:45 > 0:19:47it's a solid house in a good location.
0:19:47 > 0:19:50So let's see who went for it when it went under the hammer.
0:19:50 > 0:19:52West Bromwich, lot 79.
0:19:52 > 0:19:54Start me at £120,000.
0:19:54 > 0:19:57100,000, then, for lot 79,
0:19:57 > 0:19:58£100,000. Who's going to jump in?
0:19:58 > 0:20:01Thank you, sir. Number 916, £100,000.
0:20:01 > 0:20:03105, sir, thank you.
0:20:03 > 0:20:05Can I have 110, sir?
0:20:05 > 0:20:08110, I bid. 115, then, yeah, 115.
0:20:08 > 0:20:10120, now, sir?
0:20:10 > 0:20:13The bidding on this property went back and forth
0:20:13 > 0:20:19between three keen parties. We rejoin the proceedings at 141,000.
0:20:19 > 0:20:22One, 141, 142.
0:20:22 > 0:20:24143, sir.
0:20:26 > 0:20:27At 142...
0:20:27 > 0:20:29I have a 143.
0:20:29 > 0:20:30Do the same again.
0:20:30 > 0:20:3344, 45, sir.
0:20:33 > 0:20:36Have one more. At £144,000.
0:20:36 > 0:20:38145, 146?
0:20:38 > 0:20:41145 is in the centre.
0:20:41 > 0:20:43You're out on the right.
0:20:43 > 0:20:46You've won the race, at £145,000 for the first time.
0:20:46 > 0:20:50Central bid, 145, for the second and the third time.
0:20:50 > 0:20:52You're both out, it's yours, sir.
0:20:52 > 0:20:54You've won the race, well done.
0:20:54 > 0:20:56145, 299, sir, thank you.
0:20:56 > 0:20:59And number 299 was Hinesh.
0:21:00 > 0:21:03At just 24 years old, he's getting into the property game early,
0:21:03 > 0:21:06which really is quite exciting.
0:21:06 > 0:21:10We met to find out why he'd chosen this house to start with.
0:21:13 > 0:21:16- Hinesh, great to meet you.- Nice to meet you, too.- Congratulations.
0:21:16 > 0:21:18- Thank you.- Tell me why you wanted to buy this house.
0:21:18 > 0:21:20It's a medium to long-term investment.
0:21:20 > 0:21:23Hopefully we'll get some capital growth
0:21:23 > 0:21:26and it's a chance for me to work alongside my dad on a project.
0:21:26 > 0:21:29Right. Is your dad a bit of a property...?
0:21:29 > 0:21:30He's got a bit of know-how on it,
0:21:30 > 0:21:33but I think it's time that I step up to the mark now.
0:21:33 > 0:21:34Right, what's your background, then?
0:21:34 > 0:21:37- What do you do?- Well, I've been a Special Constable before...
0:21:37 > 0:21:40- Oh, right.- ..for Leicester Police. - Oh, brilliant.
0:21:40 > 0:21:43I've graduated not too long ago, so I've got a new career
0:21:43 > 0:21:46- starting in the West Midlands Police soon.- Oh, brilliant.- Yeah.
0:21:46 > 0:21:48So is this going to be a bit of a sideline, then?
0:21:48 > 0:21:51- Will you doing this up in your spare time?- Very much so, yeah.
0:21:51 > 0:21:54I've been interested quite a few years now, so now's my chance.
0:21:54 > 0:21:56Right. Why? Why now?
0:21:56 > 0:21:59We've just been looking at the auctions lately and this is
0:21:59 > 0:22:02the second one we went to. This house just caught my eye
0:22:02 > 0:22:04because of the location, it's three bedrooms,
0:22:04 > 0:22:06got a side garage, it ticks a lot of boxes.
0:22:06 > 0:22:10Yeah, definitely. So tell me what you're going to do to sort it out.
0:22:10 > 0:22:14Well, it's got a lot of potential for the interior design
0:22:14 > 0:22:17and the exterior, we could have, possibly, an extension
0:22:17 > 0:22:20up to the conservatory, there's a garage out there,
0:22:20 > 0:22:23which we could move to the front of the house in line.
0:22:23 > 0:22:25But for now, I think, because of the demand of the market,
0:22:25 > 0:22:27we don't need to renovate it over the top
0:22:27 > 0:22:30and I'm sure my dad's going to keep my feet firmly on the ground.
0:22:30 > 0:22:32So just a bit of decor.
0:22:32 > 0:22:34I think it needs a lick of paint.
0:22:34 > 0:22:37Obviously, we'll have to get carpets or laminate in.
0:22:37 > 0:22:40Maybe tidy up the kitchen. But hopefully not too many surprises.
0:22:40 > 0:22:41What about the bathroom?
0:22:41 > 0:22:45The bathroom, some say it's a bit old-fashioned.
0:22:45 > 0:22:46Yeah.
0:22:46 > 0:22:49But for the rental market, do we really need to do it?
0:22:49 > 0:22:51- I'm not too sure.- Interesting point.
0:22:51 > 0:22:53- Maybe you do, maybe you don't.- Yeah.
0:22:53 > 0:22:57So your dad is going to help, is he? Is he going to give you advice?
0:22:57 > 0:22:58Yes, he'll give me some advice.
0:22:58 > 0:23:01I've got my young apprentices, my younger brother and my cousins.
0:23:01 > 0:23:03- Oh, great. - They'll get their gloves on
0:23:03 > 0:23:05and hopefully start painting, as well.
0:23:05 > 0:23:08So you're literally going to get your hands dirty and get stuck into it?
0:23:08 > 0:23:10Yeah, but we've got a few things
0:23:10 > 0:23:12we'll have to leave to the professionals.
0:23:12 > 0:23:15- What would that be? - Maybe some rendering at the back.
0:23:15 > 0:23:18- OK.- We need to rewire the whole house, make sure it's safe.
0:23:18 > 0:23:20- Right.- Few wires hanging out.
0:23:20 > 0:23:23Right, definitely something to get professionals in for.
0:23:23 > 0:23:24- Yeah.- What's the budget for the work?
0:23:24 > 0:23:27The budget's £5,000, according to my dad.
0:23:27 > 0:23:29According to your dad!
0:23:29 > 0:23:33Yep, but if I can just extend that slightly, it would be great.
0:23:33 > 0:23:36- Down or up?- Well, hopefully, we'll keep costs to a minimum.
0:23:36 > 0:23:39Yeah, yeah. And then, of course, you're going to be renting it out.
0:23:39 > 0:23:41Do you know what the rental figures are going to be in this area?
0:23:41 > 0:23:45I think over the £600-a-month mark would be quite good.
0:23:45 > 0:23:49Right. And is your dad excited about you doing it?
0:23:49 > 0:23:51Yeah, we're very much excited, just getting ready
0:23:51 > 0:23:54- to start the project as soon as possible now.- Good.
0:23:56 > 0:24:00And he really does need to get going on it because his dad hopes
0:24:00 > 0:24:03he'll finish it in two to three months.
0:24:03 > 0:24:05But I was intrigued to know why he chose this house
0:24:05 > 0:24:08as his maiden property project.
0:24:08 > 0:24:12All the research I've done, it seems a very good location.
0:24:12 > 0:24:15I think West Brom is quite an upcoming area,
0:24:15 > 0:24:17it's increased by a million shoppers this year.
0:24:17 > 0:24:20- Oh, wow.- Across the road, literally, there's a primary school,
0:24:20 > 0:24:23so it's very ideal for a small family
0:24:23 > 0:24:25and that's the kind of tenants that we want.
0:24:25 > 0:24:27Well, do you think this is going to be
0:24:27 > 0:24:29the start of something big for you?
0:24:29 > 0:24:31Is this going to be number one of a portfolio?
0:24:31 > 0:24:35Yeah, I hope so. I hope something on the side that I can do in future.
0:24:35 > 0:24:37If this is successful, of course.
0:24:37 > 0:24:39- We'll have to wait and see. - Yeah, good.
0:24:39 > 0:24:42- Well, listen, congratulations. - Thank you.- Good luck with it.
0:24:42 > 0:24:44- Thanks.- Look forward to seeing how you get on.- Cheers.
0:24:44 > 0:24:49Well, quite a challenge for Hinesh's first property venture.
0:24:49 > 0:24:50He's got a good house here, though,
0:24:50 > 0:24:55and definitely some good advice from his dad will bear fruit.
0:24:55 > 0:24:58How will he get on? You can find out later in the show.
0:24:59 > 0:25:01Still to come in Crewe, Cheshire,
0:25:01 > 0:25:04there's a house that could be the perfect project.
0:25:04 > 0:25:08It wouldn't take too much to turn this around at all.
0:25:09 > 0:25:11We return to the West Midlands to find out
0:25:11 > 0:25:14how policeman Hinesh enjoys being in charge.
0:25:14 > 0:25:17I can use this as a platform to build on in future now.
0:25:17 > 0:25:19And it's exciting times.
0:25:25 > 0:25:27Just eight miles north-east of Newcastle
0:25:27 > 0:25:29is the town of North Shields
0:25:29 > 0:25:32and it was here, nestled among pleasant landscape gardens,
0:25:32 > 0:25:35that we found a two-bed flat that had me shouting,
0:25:35 > 0:25:39if not from the rooftops, then the fourth-floor balcony at least.
0:25:41 > 0:25:45Romeo, Romeo, wherefore art thou, Romeo?
0:25:48 > 0:25:51OK, well, my plea might have fallen on deaf ears,
0:25:51 > 0:25:55but there was actually quite a lot to love about this flat.
0:25:55 > 0:25:58It was split level with two good-sized bedrooms
0:25:58 > 0:26:01and it was generously proportioned throughout.
0:26:01 > 0:26:04Perhaps its most endearing feature
0:26:04 > 0:26:07was the guide price of just £20,000 plus.
0:26:07 > 0:26:09Well done, madam.
0:26:09 > 0:26:13It was bought by husband and wife team Brian and Patricia
0:26:13 > 0:26:16for £22,000 as a potential buy-to-let.
0:26:16 > 0:26:21With Patricia away, it was Brian who filled me in.
0:26:21 > 0:26:24Now, what experience do you have in doing this kind of thing?
0:26:24 > 0:26:27Well, I've been in the construction industry for a very long time,
0:26:27 > 0:26:31over 20 years. Got my own business, property maintenance business.
0:26:31 > 0:26:34- Wow.- So it's up my street, really.
0:26:34 > 0:26:36OK, right, this is going to be a breeze for you, then, isn't it?
0:26:36 > 0:26:39So I expect tiptop, I expect it to be on budget.
0:26:39 > 0:26:42- OK.- And I expect it to be looking fantastic.
0:26:44 > 0:26:48So, with a budget of £7,000 and a three-month timescale,
0:26:48 > 0:26:49with Brian's experience,
0:26:49 > 0:26:53this flat really did appear to be a straightforward refurbishment.
0:26:53 > 0:26:59# As easy as pie! #
0:27:00 > 0:27:02Now, over nine months later,
0:27:02 > 0:27:05we're back to see if Brian has done me proud.
0:27:08 > 0:27:10Oh, I like that.
0:27:10 > 0:27:12Not only is it more sleek and contemporary,
0:27:12 > 0:27:16the stairs have been redone to meet current building regulations.
0:27:16 > 0:27:19So what else have they done here?
0:27:19 > 0:27:21Well, we've had a new kitchen in.
0:27:24 > 0:27:26That's some kitchen.
0:27:26 > 0:27:30With high spec appliances, it's completely ready to go.
0:27:30 > 0:27:32It had woodchip wallpaper before everywhere,
0:27:32 > 0:27:34so we had to strip all of that
0:27:34 > 0:27:36and with that came plaster falling off the walls,
0:27:36 > 0:27:38so we had to have it all reskimmed.
0:27:38 > 0:27:40So we've done that.
0:27:52 > 0:27:55Upstairs, the two bedrooms are looking good as new.
0:27:57 > 0:28:01New bathroom, took the bath out and put a double shower in.
0:28:07 > 0:28:10With the flat more likely to appeal to a couple or a single person,
0:28:10 > 0:28:12putting in a shower is a great move
0:28:12 > 0:28:15and they've really utilised the space to the maximum.
0:28:15 > 0:28:18Virtually everything has changed, except the windows.
0:28:18 > 0:28:19Yeah.
0:28:21 > 0:28:24I think Brian and Patricia have really delivered here
0:28:24 > 0:28:26and this is just a flat worthy of praise.
0:28:29 > 0:28:31We've had painters and joiners in and plumbers in.
0:28:33 > 0:28:37I've done a lot of the manual work.
0:28:37 > 0:28:38Obviously, fitting the kitchen.
0:28:38 > 0:28:40I've done all the tiling.
0:28:40 > 0:28:43So, yeah, I've done quite a bit, actually, probably 65%.
0:28:43 > 0:28:47Well, I kept an eye on the budget and spending of it
0:28:47 > 0:28:51and also choosing all the different bits and bobs.
0:28:51 > 0:28:53But that's all, I didn't really get hands-on
0:28:53 > 0:28:55in terms of the actual work.
0:28:55 > 0:28:57Patricia works for the NHS,
0:28:57 > 0:29:00while Brian runs their property maintenance company,
0:29:00 > 0:29:01so they're both busy people
0:29:01 > 0:29:05and their full-time jobs meant the flat refurbishment work
0:29:05 > 0:29:07had to be moved down the pecking order.
0:29:07 > 0:29:09Hence the reason it took three times longer
0:29:09 > 0:29:11than they'd originally planned.
0:29:11 > 0:29:15The timescale isn't the only thing that's changed.
0:29:16 > 0:29:19Originally, we were going to rent it out to somebody that we knew.
0:29:19 > 0:29:22However, that plan has changed now.
0:29:22 > 0:29:24That person doesn't need to move in.
0:29:24 > 0:29:26And because we knew the person,
0:29:26 > 0:29:31we put in better quality fittings and a better finish.
0:29:31 > 0:29:35So therefore we've decided that, initially, we'll try and sell it.
0:29:35 > 0:29:37However, if that doesn't work out,
0:29:37 > 0:29:39we can always put it on the rental market after that.
0:29:39 > 0:29:41Yeah. I agree.
0:29:44 > 0:29:47Did upping that spec mean upping that seven grand budget?
0:29:49 > 0:29:53We spent around about £12,000, just under.
0:29:53 > 0:29:55And that was due to a few things.
0:29:55 > 0:29:57One was replacing the staircase,
0:29:57 > 0:29:59which we hadn't put in the budget to start with.
0:29:59 > 0:30:02And the plastering, which had to be everywhere,
0:30:02 > 0:30:06which we also hadn't completely budgeted for, but we think overall,
0:30:06 > 0:30:09with what we've paid for it and what we've spent, it was worth it.
0:30:11 > 0:30:15The £12,000 spend on top of their £22,000 purchase price
0:30:15 > 0:30:19takes Brian and Patricia's total costs to £34,000.
0:30:19 > 0:30:23So has it been worth going the extra mile on the finish here?
0:30:23 > 0:30:25What do two local estate agents think?
0:30:30 > 0:30:32My first impressions of the property,
0:30:32 > 0:30:34it looks really nice, feels homely,
0:30:34 > 0:30:35the finish is really good.
0:30:35 > 0:30:36Really nice property.
0:30:36 > 0:30:39It's been refurbished to a high standard,
0:30:39 > 0:30:42with good, clean decorations, nice quality internal finishes
0:30:42 > 0:30:45and generally presented to a high standard.
0:30:45 > 0:30:48It's a nice layout, having the bedrooms and bathroom on one floor,
0:30:48 > 0:30:50and the kitchen and the living space on the ground floor.
0:30:50 > 0:30:53The big selling points for this property are the location,
0:30:53 > 0:30:56which is in large sort of landscaped grounds,
0:30:56 > 0:30:58and the general internal level of finish.
0:30:58 > 0:31:03Currently, Brian and Patricia think they'll try and sell the flat,
0:31:03 > 0:31:06but have they totally ruled out the rental market?
0:31:06 > 0:31:09On the rental market, I would expect the property
0:31:09 > 0:31:11to achieve £400 per calendar month.
0:31:11 > 0:31:14I believe this property would achieve a rental figure
0:31:14 > 0:31:16of £400 per calendar month.
0:31:16 > 0:31:18That's pretty much what we thought. Yeah.
0:31:18 > 0:31:22That's a whopping yield of just above 14%,
0:31:22 > 0:31:25so what about the current resale value
0:31:25 > 0:31:28of a flat they've invested £34,000 into?
0:31:29 > 0:31:33On the sales market, I would expect the owners to achieve £45,000.
0:31:33 > 0:31:36If the property was put on the sales market,
0:31:36 > 0:31:40I would suggest that the property should achieve a figure of £45,000.
0:31:41 > 0:31:44I think that's a bit low. I think a bit higher than that.
0:31:44 > 0:31:47I think saying we'd be guaranteed a sale is probably true,
0:31:47 > 0:31:50- but I think we could probably get a bit more than that.- Yeah.
0:31:50 > 0:31:53Brian and Patricia are convinced
0:31:53 > 0:31:56that a value nearer the £55,000 mark is achievable.
0:31:56 > 0:31:59But even a £45,000 sale price
0:31:59 > 0:32:02would mean a pre-tax profit of 11 grand.
0:32:02 > 0:32:06So, have the figures changed their mind on what to do with the flat?
0:32:08 > 0:32:12- No, I don't think so.- No, we'll... - We'll still try and sell it first.
0:32:12 > 0:32:15And give it a bit of time on the market
0:32:15 > 0:32:18and if it doesn't sell, we will consider the rental.
0:32:18 > 0:32:21Well, whichever route they pursue,
0:32:21 > 0:32:23it will have worked out well as an investment,
0:32:23 > 0:32:27and for Brian, whose TV credits range from appearing
0:32:27 > 0:32:29on Supermarket Sweep to Peak Practice,
0:32:29 > 0:32:32is this the pinnacle of his career?
0:32:32 > 0:32:34Or does he want to increase his profile even more?
0:32:34 > 0:32:38# We all want, we want to be famous
0:32:38 > 0:32:41# We all want to be on TV... #
0:32:41 > 0:32:44Not at the moment. Might try and get on another property...
0:32:44 > 0:32:47Homes Under The Hammer again would be good, wouldn't it?
0:32:47 > 0:32:49- Yeah.- See how we progress.- Yeah.
0:32:49 > 0:32:52But, yeah, definitely up for some TV work.
0:32:54 > 0:32:56You're on your own with that one.
0:32:56 > 0:32:59# We all want, we want to be famous
0:32:59 > 0:33:02# We all want to be on TV... #
0:33:10 > 0:33:14Crewe in Cheshire is probably best known for being a railway town.
0:33:14 > 0:33:18But it's also a home to the car manufacturer Bentley.
0:33:18 > 0:33:19Whilst I love my motors,
0:33:19 > 0:33:22there's something else that's caught my eye here.
0:33:24 > 0:33:27Have a look at that. That's my kind of location.
0:33:27 > 0:33:28Right on your doorstep.
0:33:30 > 0:33:33In a cul-de-sac, as well, which is fantastic.
0:33:33 > 0:33:36Off-street parking, it's just getting better.
0:33:36 > 0:33:38And I'm here to see this.
0:33:38 > 0:33:41It is a three-bed semidetached
0:33:41 > 0:33:43with a guide price of £100,000.
0:33:43 > 0:33:45I'm going to have a look.
0:33:45 > 0:33:49The open spaces around this property are brilliant.
0:33:49 > 0:33:51And having a park like this on your doorstep
0:33:51 > 0:33:53couldn't be handier for walking the dog.
0:33:53 > 0:33:55My unit, big Frank, would love it here.
0:33:55 > 0:33:58It's spot on for the kids, as well, to have a kickabout.
0:33:58 > 0:34:03# Sunday in the park
0:34:03 > 0:34:06# It's looking good to me, yeah. #
0:34:06 > 0:34:08So we've got two doors...
0:34:08 > 0:34:10before we get into the property.
0:34:10 > 0:34:12A little bit of a porch, which is good,
0:34:12 > 0:34:14because the park's only just there
0:34:14 > 0:34:16and when you've finished your footy,
0:34:16 > 0:34:19you can leave your dirty boots in there.
0:34:19 > 0:34:22But you're straight into this lounge area.
0:34:22 > 0:34:24Good-size lounge.
0:34:24 > 0:34:28You've nearly got floor-to-ceiling window just there.
0:34:28 > 0:34:31Yeah, the stairs are in the lounge,
0:34:31 > 0:34:35but they don't seem to impose on all the space you've got.
0:34:35 > 0:34:37So a really good-size lounge here.
0:34:37 > 0:34:39You would have to change the carpets
0:34:39 > 0:34:42and completely redecorate throughout.
0:34:42 > 0:34:47Into the kitchen area, which looks in pretty good condition.
0:34:47 > 0:34:49Kitchen/dining area just here.
0:34:49 > 0:34:52You might get away with keeping those cupboard units,
0:34:52 > 0:34:54because they look in OK condition.
0:34:54 > 0:34:56Through here...
0:34:56 > 0:34:58OK, so you can get to the garage
0:34:58 > 0:35:00from inside the property, which is good.
0:35:00 > 0:35:03And again, you've almost got floor-to-ceiling windows,
0:35:03 > 0:35:06with the door going out into the back garden.
0:35:06 > 0:35:09I don't mind this at all. Yes, there's a bit of mess
0:35:09 > 0:35:13in the whole of this downstairs property, but get rid of that,
0:35:13 > 0:35:17it wouldn't take too much to turn this around at all.
0:35:18 > 0:35:20This place might look a bit of a mess,
0:35:20 > 0:35:24but it's just cosmetic mess and can be sorted quite easily.
0:35:24 > 0:35:27More importantly, I don't think you'd have to dig too deep
0:35:27 > 0:35:30into your pockets to get this place up to scratch.
0:35:32 > 0:35:35Right, let's get upstairs and see what we've got.
0:35:37 > 0:35:38Good. OK.
0:35:38 > 0:35:42Three bedrooms up here with a bathroom.
0:35:42 > 0:35:43Two just here.
0:35:43 > 0:35:47Right, they're not great size, but, as like downstairs,
0:35:47 > 0:35:51the decor is a little bit dated, but that's easily sorted.
0:35:51 > 0:35:56Get it cleaned up, get them looking fresh and clean again.
0:35:56 > 0:35:58Here's your family bathroom.
0:35:58 > 0:36:01There isn't any bath in there, there's a shower, but no bath.
0:36:01 > 0:36:02But I think with a bit of rejigging,
0:36:02 > 0:36:06you could squeeze a bathtub in there, no problem.
0:36:06 > 0:36:07That would be sorted.
0:36:07 > 0:36:11Into the... I would consider this to be the main bedroom.
0:36:11 > 0:36:14It's just a bit bigger than the other two.
0:36:14 > 0:36:17If you look here, you've got some floorboards coming through here.
0:36:17 > 0:36:20You could sand these down, a bit of varnish,
0:36:20 > 0:36:22they would be really nice.
0:36:22 > 0:36:24This place is just tired.
0:36:24 > 0:36:26It needs a clean-up, needs a clear-out.
0:36:26 > 0:36:29Apart from that, I'm liking it.
0:36:29 > 0:36:32# Oh, Lord, I'm tired
0:36:32 > 0:36:39# Tired of living this old way... #
0:36:41 > 0:36:44Anyone buying this property will not only have to take into account
0:36:44 > 0:36:46how much it's going to cost to refurb,
0:36:46 > 0:36:49but how much it's going to cost to clear this place out.
0:36:52 > 0:36:54There's a lot of stuff in here.
0:36:54 > 0:36:56But how are things outside the back?
0:36:56 > 0:36:58So, outside in the back garden,
0:36:58 > 0:37:01it isn't the biggest and, as you can see,
0:37:01 > 0:37:03it's just full of stuff at the moment.
0:37:03 > 0:37:06But it's easy enough to get rid of all this stuff
0:37:06 > 0:37:09and have a nice back garden just here.
0:37:09 > 0:37:11Now, if you were thinking of extending this house,
0:37:11 > 0:37:14you wouldn't really want to come this way,
0:37:14 > 0:37:17cos I think you'd be making a small garden even smaller.
0:37:17 > 0:37:19So you wouldn't want to do that.
0:37:19 > 0:37:21However, you could think about...
0:37:23 > 0:37:25..extending here. This is the back of the garage.
0:37:25 > 0:37:29You could quite easily do a single-storey extension
0:37:29 > 0:37:33or maybe even think about doing a double-storey extension.
0:37:33 > 0:37:36But that all depends on what you want to use this house for.
0:37:36 > 0:37:39If you want to live in it, it might be viable.
0:37:39 > 0:37:42But if you're going to rent it, I'm not sure the figures would add up.
0:37:42 > 0:37:44I'd keep it as it is,
0:37:44 > 0:37:48cos I think, at the moment, this place isn't too bad.
0:37:48 > 0:37:51As a rental, I'd also give some consideration
0:37:51 > 0:37:53to maybe just a simple refurb.
0:37:53 > 0:37:57You might get away with not replacing the kitchen
0:37:57 > 0:38:01or putting a bath in. But if I'd bought it to live in or sell,
0:38:01 > 0:38:04I would probably make those changes.
0:38:04 > 0:38:06What would a local estate agent who knows the market think
0:38:06 > 0:38:10of this three-bed semi, guided at £100,000?
0:38:11 > 0:38:15First impressions of the property, I think it needs a major refurb.
0:38:15 > 0:38:17I think we're looking at new kitchens, bathrooms,
0:38:17 > 0:38:19obviously decor throughout.
0:38:19 > 0:38:23And the garden needs maintaining and you could do quite a bit with it.
0:38:23 > 0:38:25I think to extend the property,
0:38:25 > 0:38:28to go up and give you the extra bathroom, bedroom,
0:38:28 > 0:38:32would probably cost maybe £20,000-£25,000.
0:38:32 > 0:38:34It probably wouldn't be beneficial to do that for the area,
0:38:34 > 0:38:36to be honest with you.
0:38:36 > 0:38:39OK, good to get that opinion. So, without an extension,
0:38:39 > 0:38:42what does he think it would cost to improve this property?
0:38:43 > 0:38:47In my opinion, you could spend probably £10,000-£15,000
0:38:47 > 0:38:50to get this property up to a reasonable standard.
0:38:50 > 0:38:54With that in mind, let's move on to the valuations. Rental first.
0:38:54 > 0:38:56I think a rental figure, once the property is done up,
0:38:56 > 0:39:00we would expect it to achieve £595 per calendar month.
0:39:00 > 0:39:03How about the resale valuations?
0:39:03 > 0:39:06I think, once the property is renovated to a reasonable standard,
0:39:06 > 0:39:11we would expect it to achieve £125,000-£130,000.
0:39:11 > 0:39:15This is a good, solid, three-bed semi in a great location.
0:39:15 > 0:39:18Now, if it was mine, I'd want to change that kitchen
0:39:18 > 0:39:21and I'd try and squeeze a bathroom in, but I am nit-picking.
0:39:21 > 0:39:24Let's go to the auction and find out who wanted it.
0:39:26 > 0:39:31Ladies and gentlemen, it is a three-bed semidetached property.
0:39:31 > 0:39:34It has a guide of £100,000.
0:39:34 > 0:39:37Let's start this one, then, shall we?
0:39:37 > 0:39:40100 anywhere? Who'll take this one at £100,000?
0:39:40 > 0:39:42For lot 64, can I say 100?
0:39:44 > 0:39:45Can I say 90?
0:39:45 > 0:39:48Thank you very much. 90 I have. Can I say 92 anywhere else?
0:39:48 > 0:39:51Anybody else here for this one? You are, thank you. 92.
0:39:51 > 0:39:52Can I say 94 now?
0:39:52 > 0:39:54Yes? Thank you very much. 94, I have. Where are you?
0:39:54 > 0:39:5696? 98.
0:39:56 > 0:39:57100 now.
0:39:57 > 0:40:00I need to see 100... I have it. Thank you.
0:40:00 > 0:40:01102. 4?
0:40:01 > 0:40:03The bid's £102,000.
0:40:03 > 0:40:06I'm looking to you for 104. You're in at 104.
0:40:06 > 0:40:07106. 108.
0:40:09 > 0:40:10110.
0:40:11 > 0:40:12I'll take the 109.
0:40:12 > 0:40:14110. 111?
0:40:16 > 0:40:17111, either of you?
0:40:18 > 0:40:21OK, the bid's right at the very back at £110,000.
0:40:21 > 0:40:24Looking to either of my two other bidders for another thousand.
0:40:24 > 0:40:27Anybody else want to jump in at this point? Let me know now.
0:40:27 > 0:40:29If not, at £110,000, are we all done?
0:40:29 > 0:40:31For the first time at 110.
0:40:31 > 0:40:33Second time at 110. I'll take a half bid off either of you.
0:40:33 > 0:40:35I'll take £110,500.
0:40:35 > 0:40:37Let me know in the next two seconds.
0:40:37 > 0:40:40If not, for the third and final time, at £110,000.
0:40:40 > 0:40:42Are we all done?
0:40:42 > 0:40:45You've got it, well done. £110,000.
0:40:48 > 0:40:52That successful bid of £110,000 belonged to Andrew.
0:40:52 > 0:40:54No stranger to the auction house,
0:40:54 > 0:40:57Andrew is an experienced property developer,
0:40:57 > 0:41:00with his latest purchase taking his portfolio to 12
0:41:00 > 0:41:02in and around the Crewe area.
0:41:03 > 0:41:06I met him back at the property to hear his plans.
0:41:08 > 0:41:10- Andrew, nice to meet you. - Nice to meet you.
0:41:10 > 0:41:12- Congratulations. - Thank you very much.
0:41:12 > 0:41:14What was it about this property that you liked?
0:41:14 > 0:41:18I like the location, with the park, the tree,
0:41:18 > 0:41:20a bit of parking at the front.
0:41:20 > 0:41:23And the pub that way and the shop that way.
0:41:23 > 0:41:25Yes, so you've got everything you need nearby, haven't you?
0:41:25 > 0:41:27- Yes.- Especially with that park.
0:41:27 > 0:41:29That's got to be a great selling point.
0:41:29 > 0:41:31- It would be if you're a footballer.- Yes.
0:41:31 > 0:41:33Some people said I wasn't a footballer,
0:41:33 > 0:41:36- but some people said I was.- I'm not going to comment on it.- Exactly!
0:41:36 > 0:41:40- I was waiting for your comment. - No, no.- But it is great, isn't it?
0:41:40 > 0:41:42- Yes, it is.- It is a great location.
0:41:42 > 0:41:44What are your plans for this property?
0:41:44 > 0:41:50Well, just getting somebody in to sort the decor out really.
0:41:50 > 0:41:54Just to strip it out, clean it up, paint it,
0:41:54 > 0:41:56and get it ready to go, really.
0:41:56 > 0:41:59I'm not sure what I'm going to do in the bathroom yet,
0:41:59 > 0:42:01whether I might put a bath in there.
0:42:01 > 0:42:04Probably will. So a bit of work to do there.
0:42:04 > 0:42:07- It's a freshen up, isn't it?- Yeah, just giving it a lick of paint,
0:42:07 > 0:42:11spending time on it so it's right and then carpets
0:42:11 > 0:42:13and when I do them, I'll put decent carpets in.
0:42:13 > 0:42:19So hopefully the person who comes in will sort of think it's OK.
0:42:19 > 0:42:23And what are your plans for it once you've done it up?
0:42:23 > 0:42:24Just to get it rented.
0:42:24 > 0:42:27I won't be selling it on or anything like that.
0:42:27 > 0:42:29Just get it rented and...
0:42:29 > 0:42:31go and get another one.
0:42:32 > 0:42:35This will be added to Andrew's rental portfolio
0:42:35 > 0:42:37and he thinks the area is spot-on.
0:42:37 > 0:42:39He's hoping that £5,000 and a couple of months
0:42:39 > 0:42:42will be enough to turn this place around.
0:42:42 > 0:42:44So, will he be doing any of the graft?
0:42:47 > 0:42:50In the past, I've always been very much involved with it.
0:42:50 > 0:42:53- But the last one, I found quite hard work.- OK.
0:42:55 > 0:42:58It's just with managing the others and other commitments,
0:42:58 > 0:43:01so this time I've got somebody coming in.
0:43:01 > 0:43:04- In fact, his gear is in here already.- Oh, is it?
0:43:04 > 0:43:06Are you waiting for us to clear out?
0:43:06 > 0:43:10No, not particularly, but he's starting next week, he says.
0:43:10 > 0:43:12Listen, good luck to you. I wish you all the best.
0:43:12 > 0:43:15- Thanks a lot.- Take care. Pleasure. Pleasure.
0:43:16 > 0:43:19So, Andrew is cool, he's confident, he knows what he's doing.
0:43:19 > 0:43:23This is property number 12, by the way, so it should be a doddle.
0:43:23 > 0:43:24But I think he might need
0:43:24 > 0:43:26a little bit more than five grand in his budget.
0:43:26 > 0:43:29You can find out how he gets on later in the programme.
0:43:32 > 0:43:34So, we've seen what happened with buyer number one,
0:43:34 > 0:43:37but we've got two more properties to catch up on.
0:43:37 > 0:43:39Yes, how are things shaping up?
0:43:39 > 0:43:40Let's check them out.
0:43:44 > 0:43:48It was in the West Midlands, the West Bromwich area to be precise,
0:43:48 > 0:43:52where we first came across a sizeable three-bedroomed house.
0:43:52 > 0:43:56Well positioned for schools and shops, structurally sound,
0:43:56 > 0:43:59with a big rear garden. The only thing that was
0:43:59 > 0:44:02slightly putting me off was some of the decor.
0:44:04 > 0:44:08The bathroom. It's of a certain era, isn't it?
0:44:08 > 0:44:11Possibly not to everyone's taste, possibly you could take it out,
0:44:11 > 0:44:14but it all depends on how much you want to spend on the renovation.
0:44:14 > 0:44:18Don't get me wrong, I like flowers.
0:44:18 > 0:44:20I just prefer mine in the garden.
0:44:20 > 0:44:24So this house needed some freshening up to make it bloom again.
0:44:26 > 0:44:31It was bought for £145,000 by budding property developer Hinesh.
0:44:31 > 0:44:33But he was really hoping that this house
0:44:33 > 0:44:36wasn't going to steal too much of his time.
0:44:36 > 0:44:39I've got a new career starting in the West Midlands Police soon.
0:44:39 > 0:44:42- Brilliant.- Yeah.- So is this going to be a bit of a sideline, then?
0:44:42 > 0:44:45- You're going to do this up in your spare time?- Very much so, yeah.
0:44:45 > 0:44:48I've been interested quite a few years now and it's a chance for me
0:44:48 > 0:44:50to work alongside my dad on a project.
0:44:50 > 0:44:54Right. Is your dad a bit of a property developer?
0:44:54 > 0:44:55He's got a bit of know-how on it,
0:44:55 > 0:44:58but I think it's time that I step up to the mark now.
0:45:10 > 0:45:14And Hinesh was going to have his work cut out to make this shine
0:45:14 > 0:45:17with a £5,000 budget and a three-month timescale.
0:45:23 > 0:45:25And just over six months later, we're back.
0:45:25 > 0:45:28# Hey, I'll be fine
0:45:28 > 0:45:31# I'll make it on my own
0:45:31 > 0:45:34# Hey, I'll be fine
0:45:34 > 0:45:37# I'll make it on my own... #
0:45:43 > 0:45:46Found this electric fireplace online at a good price.
0:45:46 > 0:45:49I thought it would add some warmth into the room
0:45:49 > 0:45:51and just a nice feature, really.
0:45:54 > 0:45:59This beautiful laminate flooring is semi-gloss for a walnut effect.
0:45:59 > 0:46:01I shopped around for this particular one
0:46:01 > 0:46:02and got it at a really good price.
0:46:09 > 0:46:12I do like that floor, and the kitchen has got a new gas hob
0:46:12 > 0:46:15and I suppose that was all that was really needed.
0:46:21 > 0:46:24Upstairs, Hinesh has put in new carpets
0:46:24 > 0:46:26to give it a more welcoming feel.
0:46:30 > 0:46:33I do have to say I'm a little disappointed
0:46:33 > 0:46:36to still see that animal wallpaper up in the bedroom.
0:46:36 > 0:46:37And the bathroom?
0:46:39 > 0:46:41Flowery as ever, I'm afraid.
0:46:41 > 0:46:43So what was the thought process
0:46:43 > 0:46:47behind the changes he did make and those he didn't?
0:46:47 > 0:46:51Budget-wise, it was very difficult to stick to a tight budget
0:46:51 > 0:46:53and it was really tempting
0:46:53 > 0:46:56to just overspend on accessories and all sorts of things.
0:46:56 > 0:46:58And in one of the bedrooms
0:46:58 > 0:47:00there was a leak coming through from the roof.
0:47:00 > 0:47:02We've had to fix that, as well.
0:47:03 > 0:47:06Fixing the roof meant bringing in builders
0:47:06 > 0:47:08and with that tight budget set by his dad,
0:47:08 > 0:47:13Hinesh had to make compromises, so maybe it wasn't all that surprising
0:47:13 > 0:47:15that the bathroom suite wasn't changed.
0:47:15 > 0:47:17And the bedrooms?
0:47:17 > 0:47:21Well, I suppose any tenant could decorate them to their own taste.
0:47:21 > 0:47:23And with his new job in the police force,
0:47:23 > 0:47:27Hinesh has been stretched for time here, so did he have any help?
0:47:27 > 0:47:31I did a lot of the painting, my dad helped out everywhere,
0:47:31 > 0:47:34my brother and my cousin, they had an intense work-out in the garden,
0:47:34 > 0:47:38front and back. It makes a big difference when everyone helps you.
0:47:38 > 0:47:40Especially when it's my first property.
0:47:40 > 0:47:44Yes, teamwork makes the dream work, as they say.
0:47:44 > 0:47:48Not only that, it helps keep the costs down.
0:47:48 > 0:47:54According to my calculations, we've spent £5,991 precisely.
0:47:56 > 0:48:01Just under a £6,000 spend on top of the 145,000 purchase price
0:48:01 > 0:48:06takes Hinesh's costs to just below £151,000.
0:48:06 > 0:48:10So, has he made the right decision for the refurbishment of this house?
0:48:11 > 0:48:13What do two local estate agents think?
0:48:15 > 0:48:19I like the layout of the property, because it's very family friendly.
0:48:19 > 0:48:22You've got the separate lounge, you've got dining,
0:48:22 > 0:48:24if you wanted dining, to the front of the property,
0:48:24 > 0:48:28then you've got the kitchen at the back and the conservatory, as well,
0:48:28 > 0:48:30which is a nice additional room to have on a ground floor.
0:48:30 > 0:48:34The standard of finish at the property, I believe,
0:48:34 > 0:48:36is an OK standard,
0:48:36 > 0:48:38but I think, if a bit more time and money was spent,
0:48:38 > 0:48:41then it would have helped the value a bit more.
0:48:41 > 0:48:44The standard of finish, I think, really, if I'm honest,
0:48:44 > 0:48:46it could have been a little bit better than what it is.
0:48:46 > 0:48:49Yes, the flooring has been nicely fitted,
0:48:49 > 0:48:51but I do think it would have been beneficial
0:48:51 > 0:48:54to refurbish the bathroom, make that nice and modern,
0:48:54 > 0:48:57pretty much in theme with the kitchen
0:48:57 > 0:49:00and then one of the bedrooms has a children's theme in,
0:49:00 > 0:49:02but really, I think it would have been better off
0:49:02 > 0:49:04being redecorated and kept neutral.
0:49:06 > 0:49:11Yes, that may be so, but by Hinesh keeping his budget to below £6,000,
0:49:11 > 0:49:14it's kept his total spend down to £151,000
0:49:14 > 0:49:18and that might be the difference between a profit and a loss.
0:49:21 > 0:49:28I would look to put this property back onto the market for £159,500.
0:49:28 > 0:49:33And I would look to let this property out at a rental figure
0:49:33 > 0:49:35of £625 per calendar month.
0:49:35 > 0:49:38I would say that the current resale value for the property
0:49:38 > 0:49:40would be £160,000
0:49:40 > 0:49:46and the current rental value is £575 per calendar month.
0:49:46 > 0:49:49The sales figures there I think are a bit on the low side.
0:49:49 > 0:49:51Rental, as well.
0:49:51 > 0:49:55Currently, we've got a lot of interest on £700 per calendar month.
0:49:58 > 0:50:00This was always going to be a rental property
0:50:00 > 0:50:03and Hinesh has actually managed to find a tenant
0:50:03 > 0:50:06willing to pay £725 a month,
0:50:06 > 0:50:10which means that this place does stack up as a good investment.
0:50:14 > 0:50:16This was Hinesh's first chance
0:50:16 > 0:50:19to be in sole control of a property refurbishment,
0:50:19 > 0:50:22so how does he reflect on the experience?
0:50:25 > 0:50:27It's been a fantastic experience for me.
0:50:27 > 0:50:29It's been a learning curve.
0:50:29 > 0:50:31I've learnt a lot off my dad,
0:50:31 > 0:50:34off builders and just the whole experience of property development.
0:50:34 > 0:50:37And I can use this as a platform to build on in future now.
0:50:37 > 0:50:39And it's exciting times.
0:50:45 > 0:50:46It was in Crewe in Cheshire
0:50:46 > 0:50:49where I first came across this three-bed semi,
0:50:49 > 0:50:52and for those who like green spaces on their doorstep,
0:50:52 > 0:50:53this was the perfect property.
0:50:56 > 0:51:00This relatively modern house had central heating, fitted kitchen,
0:51:00 > 0:51:03double glazing, reasonable shower room, but no bath.
0:51:03 > 0:51:05Its only real issue was...
0:51:05 > 0:51:09This place is just tired. Needs a clean-up, need a clear-out.
0:51:09 > 0:51:12Apart from that, I'm liking it.
0:51:12 > 0:51:15It was bought at auction for £110,000
0:51:15 > 0:51:17by property developer Andrew,
0:51:17 > 0:51:20who felt he could give it the wake-up call it so badly needed.
0:51:24 > 0:51:27What are your plans for this property?
0:51:27 > 0:51:29Well, just getting somebody in.
0:51:29 > 0:51:34They're going to sort the decor out, really, just strip it out,
0:51:34 > 0:51:39clean it up, paint it and get it ready to go, really.
0:51:39 > 0:51:42And having refurbished 12 properties recently,
0:51:42 > 0:51:44Andrew was feeling a bit jaded himself.
0:51:47 > 0:51:51So he decided with this property to contract most of the work out.
0:51:51 > 0:51:54He was hoping to get it done on a five-grand budget
0:51:54 > 0:51:56and in a two-month timescale.
0:51:57 > 0:52:00Now, just six weeks later, we're back.
0:52:00 > 0:52:03So has this house now risen from its slumber?
0:52:03 > 0:52:05RINGS DOORBELL
0:52:05 > 0:52:09# Wake me up when it's all over
0:52:09 > 0:52:12# When I'm wiser and I'm older
0:52:12 > 0:52:16# All this time I was finding myself
0:52:16 > 0:52:20# And I didn't know I was lost... #
0:52:20 > 0:52:23The lounge was just a mess.
0:52:23 > 0:52:25It needed sorting out.
0:52:25 > 0:52:26There wasn't a fire in there.
0:52:26 > 0:52:30It needed painting. There was cracks in the wall.
0:52:30 > 0:52:36So we filled all of the cracks, painted it, and replaced the fire.
0:52:49 > 0:52:52With the kitchen already in pretty good nick,
0:52:52 > 0:52:55Andrew decided that a good tidy-up, a new hob and extractor
0:52:55 > 0:52:57was all that was needed.
0:52:59 > 0:53:01Judging by the end result, I think he might be right.
0:53:01 > 0:53:05He used a similar approach when tackling the bathroom.
0:53:06 > 0:53:10In the bathroom, I decided not to put a bath in.
0:53:10 > 0:53:15We measured up for it, it didn't fit very well.
0:53:15 > 0:53:19The shower that was in there was good, so I thought I'd stay with it.
0:53:19 > 0:53:22Well, there was only a shower there in the first place,
0:53:22 > 0:53:24so it does make sense.
0:53:24 > 0:53:28But I've got to say, I do like a soak in the bath myself,
0:53:28 > 0:53:30especially after I've had a kick-about,
0:53:30 > 0:53:33even though that doesn't happen very often now.
0:53:33 > 0:53:34Not with my dodgy knees.
0:53:35 > 0:53:37The bedrooms are as you would expect -
0:53:37 > 0:53:39clean, fresh and good to go.
0:53:42 > 0:53:46In the garden, I've just generally strimmed, cleaned up a bit,
0:53:46 > 0:53:48cut some of the branches down.
0:53:48 > 0:53:52And really left it at that, to see what somebody wants to do with it.
0:53:54 > 0:53:56Yes, the garden is still a little scruffy,
0:53:56 > 0:53:59but I don't think it's enough to put off potential tenants.
0:53:59 > 0:54:02So it looks like this was all pretty straightforward.
0:54:03 > 0:54:08The biggest challenges with the renovation was the garage roof,
0:54:08 > 0:54:10which was asbestos,
0:54:10 > 0:54:15which is OK as long as it's left and not messed with.
0:54:15 > 0:54:18But when we started to inspect it,
0:54:18 > 0:54:23there was some of the flashing had come away from the side of the roof
0:54:23 > 0:54:27and the asbestos was cracked in quite a few places.
0:54:27 > 0:54:29So we decided the best thing to do
0:54:29 > 0:54:32was to take it off and put a new roof on.
0:54:32 > 0:54:36Getting rid of the asbestos was exactly the right thing to do.
0:54:36 > 0:54:39The removal of it does require a high standard of safety procedure
0:54:39 > 0:54:42and equipment in order to protect people from lung disease.
0:54:42 > 0:54:45# In the danger zone... #
0:54:45 > 0:54:48So make sure you get an approved contractor
0:54:48 > 0:54:51and this, of course, doesn't come cheap.
0:54:51 > 0:54:56Talking of money, does this affect the proposed five-grand budget?
0:54:56 > 0:55:01I ended up spending £8,700.
0:55:01 > 0:55:04The main reasons for that going up is the garage roof
0:55:04 > 0:55:06and some problems with the electrics.
0:55:07 > 0:55:13An £8,700 spend on top of his £110,000 purchase price
0:55:13 > 0:55:19takes Andrew's total cost to £118,700.
0:55:19 > 0:55:23So will this now tidy three-bed semi be right for the local market?
0:55:23 > 0:55:25Let's ask two local experts what they think.
0:55:27 > 0:55:29This is the second time I've visited the property.
0:55:29 > 0:55:32It's a bit different from the first time I came along.
0:55:32 > 0:55:34They've made some nice changes and I think, overall,
0:55:34 > 0:55:36everything is quite positive.
0:55:36 > 0:55:37I think the standard of finish is good.
0:55:37 > 0:55:40I think it's the sort of thing that people will look at
0:55:40 > 0:55:42and like what's been done to it.
0:55:42 > 0:55:44It's neutral decor, neutral carpets,
0:55:44 > 0:55:46which again is what most people want.
0:55:46 > 0:55:48I think overall, yeah, it's a good finish.
0:55:48 > 0:55:50I think the selling points for this property
0:55:50 > 0:55:52would be firstly its location.
0:55:52 > 0:55:53It's in a nice little cul-de-sac,
0:55:53 > 0:55:58opposite the green playing fields and close to quite a few utilities.
0:55:58 > 0:56:01Possibly the bathroom, not having a bath in, just having a shower,
0:56:01 > 0:56:03that will possibly put off some people,
0:56:03 > 0:56:06maybe young families with small children but, other than that,
0:56:06 > 0:56:08I don't think there's any other negatives at all.
0:56:08 > 0:56:12Andrew wants to add this house to his rental portfolio.
0:56:12 > 0:56:16But has he added value to his investment of £118,700?
0:56:20 > 0:56:23I think, if this property went for sale on the open market,
0:56:23 > 0:56:26we would expect it to achieve around about £135,000.
0:56:26 > 0:56:28If I was going to put this on the market for sale,
0:56:28 > 0:56:31I would expect it to achieve around £135,000.
0:56:31 > 0:56:32Yeah, that's fine.
0:56:32 > 0:56:34It might get slightly more, if I was going to sell it,
0:56:34 > 0:56:38but I'm not going to sell it, so it's not really that important.
0:56:40 > 0:56:45So, around about £16,000 pre-tax profit is not for him.
0:56:45 > 0:56:48He'd rather see it bring in an income for the long-term.
0:56:50 > 0:56:52If the property came to the rental market,
0:56:52 > 0:56:57we would expect it to achieve £625-£650 per calendar month.
0:56:57 > 0:56:59If I put this property on the market for rental,
0:56:59 > 0:57:02I would expect it to achieve £650 per calendar month.
0:57:02 > 0:57:05I think, if you look at the market and you look round Crewe,
0:57:05 > 0:57:08and you want something in this good condition
0:57:08 > 0:57:13in an area like this, right opposite the playing fields,
0:57:13 > 0:57:14you might find something.
0:57:14 > 0:57:16But I think I'll get more than that, to be quite frank.
0:57:16 > 0:57:21In fact, Andrew thinks he might get rental values in the region of
0:57:21 > 0:57:24£750-£800 per calendar month.
0:57:24 > 0:57:27Even that value of £650 per calendar month
0:57:27 > 0:57:32would see a yield of more than 6.5%, which is solid enough.
0:57:33 > 0:57:37So he can tick this off as another successful project.
0:57:37 > 0:57:38But does he have any advice
0:57:38 > 0:57:41for those wishing to try their hand at property development?
0:57:46 > 0:57:49There is a temptation, when you're doing it,
0:57:49 > 0:57:52to do it perhaps slightly worse than your own house
0:57:52 > 0:57:56and my advice would be, make sure it's better than your own house.
0:57:59 > 0:58:01Well, that's it for today's auction stories,
0:58:01 > 0:58:03but they certainly don't end there.
0:58:03 > 0:58:06Oh, yes. There are countless more to show you all around the country.
0:58:06 > 0:58:09Yes, we'll see you soon for more Homes Under The Hammer.
0:58:09 > 0:58:10- Goodbye.- Goodbye.- Goodbye.