0:00:02 > 0:00:05Sometimes buying property can just be a long, drawn-out affair.
0:00:05 > 0:00:08I mean, it can take ever and a day just to get that deal over the line.
0:00:08 > 0:00:10Yes, there is one option that lots of people choose
0:00:10 > 0:00:12that can make it easier and quicker.
0:00:12 > 0:00:14Yes, so if time is of the essence,
0:00:14 > 0:00:17why not head down to your local property auction
0:00:17 > 0:00:19and see what you can find?
0:00:45 > 0:00:48To many, property developing might sound like a walk in the park,
0:00:48 > 0:00:51you buy a place, give it a lick of paint and then sell on for a profit.
0:00:51 > 0:00:53Yes, but we've all seen people
0:00:53 > 0:00:55underestimate the amount of effort that's involved
0:00:55 > 0:00:57and the problems that can lurk around the corner.
0:00:57 > 0:00:59Yes, so, let's see if today's purchasers
0:00:59 > 0:01:02can tackle the issues that were thrown at them.
0:01:03 > 0:01:06In Newcastle-under-Lyme, in Staffordshire,
0:01:06 > 0:01:09this plot of land might not look much, but...
0:01:09 > 0:01:12I honestly think this is an investor's paradise.
0:01:13 > 0:01:16If I look hard enough maybe I can find a piece of paradise
0:01:16 > 0:01:19at this three-bed semi in Swinton, Manchester.
0:01:19 > 0:01:21Let me double-check.
0:01:21 > 0:01:23Oh, no.
0:01:23 > 0:01:27Manor Park in south London might be a paradise for some, but for Lucy,
0:01:27 > 0:01:30this terraced house certainly doesn't smell like it.
0:01:30 > 0:01:33If my nose is telling me the right thing, I can spell damp.
0:01:33 > 0:01:35Going to go at 55 bid, thank you.
0:01:35 > 0:01:37All these properties have been sold at auction,
0:01:37 > 0:01:39and we'll find out who bought them
0:01:39 > 0:01:42and what they paid when they went under the hammer.
0:01:42 > 0:01:43Your lot, sir.
0:01:46 > 0:01:49Newcastle-under-Lyme in Staffordshire is a market town
0:01:49 > 0:01:53and, funnily enough, it's called that for good reason.
0:01:53 > 0:01:55A general market is open four days a week,
0:01:55 > 0:01:59selling anything from antiques to flowers, to fresh local food.
0:01:59 > 0:02:03I'm heading just east of the market to see an auction lot.
0:02:03 > 0:02:05Just a ten-minute walk away from the town centre,
0:02:05 > 0:02:10up for auction was a plot of land approximately 300 square metres.
0:02:10 > 0:02:12It also comes with planning permission
0:02:12 > 0:02:15for a four-bedroomed detached property.
0:02:15 > 0:02:16And here it is.
0:02:16 > 0:02:18Now, I wasn't expecting garages.
0:02:18 > 0:02:21Anyway, it has a guide price of £60,000-plus.
0:02:21 > 0:02:22Let's investigate a little further.
0:02:22 > 0:02:24# Oh-oh-oh
0:02:24 > 0:02:27# We come from garageland
0:02:27 > 0:02:29# Oh-oh-oh
0:02:30 > 0:02:34# Oh-oh-oh... #
0:02:34 > 0:02:37What I do like is a decent sized plot of land.
0:02:37 > 0:02:40Now, it might not look like it and feel like it right now,
0:02:40 > 0:02:42but if you get rid of all these garages,
0:02:42 > 0:02:45you'd be able to see its full potential.
0:02:45 > 0:02:48It's already got the dropped kerb for the driveway,
0:02:48 > 0:02:51it has outline planning already in place
0:02:51 > 0:02:53for a four-bedroom detached house.
0:02:53 > 0:02:56I honestly think this is an investor's paradise.
0:02:58 > 0:03:01You'd be barking not to see the potential here,
0:03:01 > 0:03:04but before I get carried away, I need to put my sensible hat on.
0:03:04 > 0:03:07Plots aren't always just about straightforward demolition
0:03:07 > 0:03:09and clearance costs.
0:03:09 > 0:03:12Often you've got drainage and water to sort out,
0:03:12 > 0:03:15or sometimes there's unexpected things like ground contamination
0:03:15 > 0:03:18to deal with and there are other expenses involved too.
0:03:20 > 0:03:21As I've been walking around,
0:03:21 > 0:03:24I've been searching for utilities on this plot of land
0:03:24 > 0:03:27and I haven't found any as of yet.
0:03:27 > 0:03:28There's nothing in the garage,
0:03:28 > 0:03:30there would only be electricity in there anyway
0:03:30 > 0:03:34but what I would suggest is factor that into your budget,
0:03:34 > 0:03:37cos getting utilities connected can be costly.
0:03:38 > 0:03:39To give you some idea,
0:03:39 > 0:03:42assuming that there is a local supply,
0:03:42 > 0:03:45connecting to the gas mains can cost you around £300.
0:03:45 > 0:03:48Connecting to the National Grid for electricity
0:03:48 > 0:03:50can cost you several thousand pounds.
0:03:50 > 0:03:53Although, ironically, you don't have to look far
0:03:53 > 0:03:56to find a source of electricity.
0:03:56 > 0:03:59# Danger, danger
0:03:59 > 0:04:01# High voltage
0:04:01 > 0:04:03# When we touch... #
0:04:03 > 0:04:05Next-door is a substation.
0:04:05 > 0:04:08It can put some people off buying a property
0:04:08 > 0:04:09and when you're looking at a plot,
0:04:09 > 0:04:12it's always worth looking around the area.
0:04:15 > 0:04:18Now, you have got a decision to make with this plot of land
0:04:18 > 0:04:21cos when building a house, you have got to be in keeping
0:04:21 > 0:04:24with your neighbours and your surroundings.
0:04:24 > 0:04:26To one side, you've got flats
0:04:26 > 0:04:29and to the other, we have detached houses.
0:04:29 > 0:04:34Yes, you'd get a lot more flats on, smaller income, but more of it,
0:04:34 > 0:04:38or one detached house would give you one big lot of income.
0:04:38 > 0:04:41What you decide to do depends on who bought it
0:04:41 > 0:04:44and what they want to do with it.
0:04:44 > 0:04:48The current plans are for a four-bed detached house,
0:04:48 > 0:04:50but if you want to change that to flats or a couple of semis,
0:04:50 > 0:04:53you need to get back to the drawing board.
0:04:54 > 0:04:56The local council are the ones to check with
0:04:56 > 0:04:58to see what would be allowed on the plot.
0:04:58 > 0:05:02Can a local agent shed some more light on what's good for this plot,
0:05:02 > 0:05:04guided at £60,000?
0:05:05 > 0:05:08The plot itself is reasonably large, so you've got a space to get,
0:05:08 > 0:05:12you know, a detached house on here or potentially two smaller houses.
0:05:12 > 0:05:13So you've got options for both.
0:05:13 > 0:05:15There's demand for both types of properties.
0:05:15 > 0:05:18With this one area of land being near to the hospital
0:05:18 > 0:05:20and areas like that,
0:05:20 > 0:05:23there's going to be the demand for detached houses for doctors
0:05:23 > 0:05:25and nurses and things like that, and families,
0:05:25 > 0:05:27and equally there's going to be a demand for flats as well.
0:05:27 > 0:05:31I think the detached house option is a good route to go down
0:05:31 > 0:05:35just based on the properties nearby, they're a gated community of
0:05:35 > 0:05:37similar four or five-bedroom detached houses.
0:05:38 > 0:05:40So let's get some numbers.
0:05:40 > 0:05:43What could a four-bed house sell for?
0:05:43 > 0:05:45It depends entirely on the specification
0:05:45 > 0:05:49but a four-bed detached house in the area can go for £200,000 or more.
0:05:51 > 0:05:53Another possibility for the plot could be two three-bed semis.
0:05:56 > 0:05:58If you were to build three-bed semis,
0:05:58 > 0:06:01it would go for approximately £130,000 or more each.
0:06:02 > 0:06:04And what about a price for some flats?
0:06:06 > 0:06:12Two-bed flats would be somewhere in the region of £65,000
0:06:12 > 0:06:15to about £80,000, depending on spec.
0:06:15 > 0:06:18Could this lot be as easy as one, two, three?
0:06:18 > 0:06:20One, knock the garages down.
0:06:20 > 0:06:22Two, build something new.
0:06:22 > 0:06:25Three, move in or start making a return on your money?
0:06:25 > 0:06:28You'd need nerves of steel or a lot of experience
0:06:28 > 0:06:29to take on a new-build.
0:06:29 > 0:06:32Let's see who had what it takes when it went under the hammer.
0:06:34 > 0:06:36Lot 15, residential building plot,
0:06:36 > 0:06:39planning permission for a detached dwelling.
0:06:39 > 0:06:4055 sounds good.
0:06:40 > 0:06:42Let me get it going. 55 bid, thank you.
0:06:42 > 0:06:45At 55,000. 56 can I see now?
0:06:45 > 0:06:47At 55, looking for 56.
0:06:47 > 0:06:5056 now, 56.
0:06:50 > 0:06:5257, 58...
0:06:52 > 0:06:5459? 59.
0:06:54 > 0:06:5560?
0:06:55 > 0:06:58At £59,000, then. At 59.
0:06:58 > 0:07:0060 anywhere else?
0:07:00 > 0:07:03At £59,000, are we all done?
0:07:05 > 0:07:0760. The bid's at 60, standing here.
0:07:07 > 0:07:0961 anywhere else?
0:07:09 > 0:07:13If not, I'm selling it at £60,000 for the first time.
0:07:13 > 0:07:15£60,000 for the second time.
0:07:15 > 0:07:18Third and final time, £60,000.
0:07:18 > 0:07:20Your lot, sir, well done.
0:07:22 > 0:07:2660 grand, right on the guide price, was the successful bid for Trevor.
0:07:26 > 0:07:31He was at the auction with his wife, Claire, and son, Joseph.
0:07:31 > 0:07:34Trevor and Claire used to run a bricks supply company
0:07:34 > 0:07:37so they know a thing or two about bricks and mortar.
0:07:37 > 0:07:39They also know a thing or two about renovations
0:07:39 > 0:07:43as they have three under their belt, including a new-build.
0:07:43 > 0:07:46Trevor is retired, well, allegedly.
0:07:46 > 0:07:49I met him to find out what changes he plans for this plot.
0:07:51 > 0:07:54Today's interview also had a special guest,
0:07:54 > 0:07:55the ever-changing British weather.
0:07:56 > 0:07:59- Trevor, nice to meet you.- Morning, Dion. Nice to meet you as well.
0:07:59 > 0:08:01- Congratulations, sir. - Thank you very much.
0:08:01 > 0:08:03You've got yourself a building plot.
0:08:03 > 0:08:06- We certainly have.- Why a plot of land and why this particular plot?
0:08:06 > 0:08:09We've done a couple of houses up in the past,
0:08:09 > 0:08:11buying them and actually modernising them
0:08:11 > 0:08:13but it has always been a dream of mine to actually build my own house.
0:08:13 > 0:08:16I've worked in the building supply industry
0:08:16 > 0:08:18since the age of about 25
0:08:18 > 0:08:22and seen house builders build and thinking,
0:08:22 > 0:08:24"Oh, I'd like to do this, I'd like to do that."
0:08:24 > 0:08:26- Now's the time. Yeah. - "I can do that."- Yeah.
0:08:26 > 0:08:29- Is that what you're thinking? - That's, well... I'm hoping.
0:08:29 > 0:08:30Yeah, that's the hope. Yeah.
0:08:30 > 0:08:33Is this what you're thinking for yourself, buying this for you?
0:08:33 > 0:08:36We are undecided. Yeah.
0:08:36 > 0:08:39We're going to see what it's like when it's built,
0:08:39 > 0:08:42we live quite locally now, we're only about a mile or two miles away.
0:08:42 > 0:08:45It's a nice spot, couple of things around here,
0:08:45 > 0:08:47but, you know, it's either going to be we'll build it to sell
0:08:47 > 0:08:49or to actually live here ourselves.
0:08:49 > 0:08:52So, Trevor, what are you going to do with this plot of land?
0:08:52 > 0:08:53OK, we want to build
0:08:53 > 0:08:55a nice four-bedroomed detached house on here,
0:08:55 > 0:09:00something that's got nice room sizes, nice layout,
0:09:00 > 0:09:03and nice kerb-side appeal so we're very keen on the design
0:09:03 > 0:09:05and look of the house from the street.
0:09:05 > 0:09:09We want to try to fit into the gated community style down there,
0:09:09 > 0:09:12following the style of those, erm, and...
0:09:12 > 0:09:14try and build something that we're proud of
0:09:14 > 0:09:16to either live in or to actually sell.
0:09:16 > 0:09:18It comes with planning permission.
0:09:18 > 0:09:20Are you going to stick to those guidelines
0:09:20 > 0:09:21or are you going to change it somewhat?
0:09:21 > 0:09:24We'll stick to the basic guidelines but the outline planning permission
0:09:24 > 0:09:28is purely a footprint, there's no detailed drawings whatsoever.
0:09:28 > 0:09:31It does have planning permission for a four-bed detached,
0:09:31 > 0:09:32so that's what we will do.
0:09:32 > 0:09:35- We might change the footprint slightly.- Yeah.
0:09:35 > 0:09:37It actually shows the garage being set back.
0:09:37 > 0:09:39We actually want to bring it forward
0:09:39 > 0:09:42to keep the back garden as big as we can.
0:09:42 > 0:09:44And where, where are we looking without a...
0:09:44 > 0:09:46sort of driveway there or driveway there?
0:09:46 > 0:09:48- Just give us some indication.- OK.
0:09:48 > 0:09:52We're hoping to follow the street line of the house there,
0:09:52 > 0:09:55with the garage on the left-hand side,
0:09:55 > 0:09:58probably an integral garage, we've appointed an architect
0:09:58 > 0:10:00who's actually going away and actually doing the design now.
0:10:00 > 0:10:03We've got a meeting with the architect in about two weeks.
0:10:03 > 0:10:05He's thought we'd maybe put flats on here.
0:10:05 > 0:10:07We've been told no by the residents.
0:10:07 > 0:10:09They don't want that, they'll object.
0:10:09 > 0:10:11- But we want to build a nice four-bed detached.- Sounds good to me.
0:10:11 > 0:10:14Who's going to do your work for you? Have you got people to do it
0:10:14 > 0:10:15or do you do a lot of work yourself?
0:10:15 > 0:10:18No, I don't. Whilst I've worked in the building industry all my life
0:10:18 > 0:10:20and mainly in the supply side of it,
0:10:20 > 0:10:22we used to manufacture prefabricated brickwork
0:10:22 > 0:10:26for the national house builders, I've never laid a brick in my life.
0:10:26 > 0:10:29Done a bit of painting, that's about it.
0:10:29 > 0:10:31But, no, I have a builder,
0:10:31 > 0:10:35who is very, very good on the last house, having the construction.
0:10:35 > 0:10:39The guy's brilliant, he's built about 50 houses
0:10:39 > 0:10:42- and he's good.- Experienced. Knows his stuff.- Experienced,
0:10:42 > 0:10:46- he's got as much pride in his work as we've got.- Perfect.
0:10:46 > 0:10:49Yeah, so long as his price is right, we've got the plans drawn up...
0:10:49 > 0:10:53- You're getting involved!- He'll get the job, he'll get the job, yeah.
0:10:53 > 0:10:58And Trevor has a budget of £155,000 to build it.
0:10:58 > 0:11:02I just hope he's factored in one key cost into those numbers.
0:11:02 > 0:11:05- It's all about research, isn't it, Trev?- It is.
0:11:05 > 0:11:08If you're buying a plot and it doesn't have any services,
0:11:08 > 0:11:10that can really eat into your budget.
0:11:10 > 0:11:13One thing that did surprise me is that the gas is subsidised
0:11:13 > 0:11:15from the cost of it by the government,
0:11:15 > 0:11:17the other two services aren't
0:11:17 > 0:11:19- and there's a massive differential between them.- Oh, yes.
0:11:19 > 0:11:22And it does add up to quite a few thousand pounds.
0:11:22 > 0:11:24And there's a little extra, I mean,
0:11:24 > 0:11:28even something like getting the street number for the house,
0:11:28 > 0:11:30you know, we have to pay for that.
0:11:30 > 0:11:32I just guessed it would be the next one in the street.
0:11:32 > 0:11:33- Pay for everything! - Yeah, absolutely.
0:11:33 > 0:11:36So we've learned little things like that and, you know,
0:11:36 > 0:11:38we can bring it hopefully to this one and make it unique.
0:11:38 > 0:11:40- Good man.- Yeah.
0:11:40 > 0:11:44# Knock me down with a feather
0:11:44 > 0:11:46# Clever Trevor... #
0:11:49 > 0:11:53With a realistic timescale of 12-18 months,
0:11:53 > 0:11:55Trevor has been really clever here,
0:11:55 > 0:11:58he's using his experience and others' expertise
0:11:58 > 0:12:00to create his own home.
0:12:00 > 0:12:03But is the substation a shocking problem?
0:12:03 > 0:12:05What we will do, obviously, at the moment,
0:12:05 > 0:12:07the back of the garages screen that.
0:12:07 > 0:12:10When we demolish them, we'll actually build a wall down there
0:12:10 > 0:12:14and hopefully some screening of some sort to try and actually separate it
0:12:14 > 0:12:16and hide it from view.
0:12:16 > 0:12:18It is something that we've thought about.
0:12:18 > 0:12:20We still think we can build something nice.
0:12:20 > 0:12:21I'm glad it's not put them off.
0:12:21 > 0:12:24He seems to have everything worked out,
0:12:24 > 0:12:27but I'm wondering if wife Claire gets any input.
0:12:29 > 0:12:31- Claire's favourite hobby is visiting show homes.- Oh!
0:12:31 > 0:12:35So, she's always looking at designs, room sizes,
0:12:35 > 0:12:39and she will have a massive input into the design of the house...
0:12:39 > 0:12:43- Perfect.- ..and the interior room sizes and layouts and that.
0:12:43 > 0:12:46You sound like you've got most of your bases covered,
0:12:46 > 0:12:48- you've the building work sorted, the architect.- Yep.
0:12:48 > 0:12:52- You're going to keep the residents happy.- We hope so, yeah.
0:12:52 > 0:12:54- Yeah, we hope so. Yeah. - Listen, I wish you all the best.
0:12:54 > 0:12:56- Thank you very much. - Good luck to you, Trev.
0:12:56 > 0:12:59- Thank you very, very much. Really nice to meet you.- Thank you, sir.
0:13:00 > 0:13:03So, Trevor has definitely made a decision to build a house,
0:13:03 > 0:13:07but will it be his dream home or just another investment property?
0:13:07 > 0:13:09You can find out which way he goes later in the programme.
0:13:14 > 0:13:18This is Swinton, a town in Greater Manchester.
0:13:18 > 0:13:20It's close to major motorway links,
0:13:20 > 0:13:24and is between Bolton to the north and Manchester to the south.
0:13:24 > 0:13:29# We're halfway there
0:13:31 > 0:13:35# We're halfway there... #
0:13:35 > 0:13:38Well, you certainly can't complain about access to the house
0:13:38 > 0:13:43that I'm here to see. Really well supported by the road network,
0:13:43 > 0:13:45with the Manchester ring road very close by
0:13:45 > 0:13:49and actually to get into Manchester itself, not too far away at all.
0:13:49 > 0:13:52Good schools too, so a popular residential area
0:13:52 > 0:13:54which is good because I'm here to see a house,
0:13:54 > 0:13:59£75,000-plus was the guide price for this, a three-bed semi.
0:14:05 > 0:14:08So, what have we got? Fairly standard layout,
0:14:08 > 0:14:11stairs facing you as you come in through the front door there,
0:14:11 > 0:14:14leading up to your bedrooms and then into your living room.
0:14:14 > 0:14:16Judging by that fire there, my guess...
0:14:16 > 0:14:18Oh, yeah, and the fact there's no radiators,
0:14:18 > 0:14:20I don't think there's central heating,
0:14:20 > 0:14:23so that's something you're definitely going to want to factor
0:14:23 > 0:14:24into your costs of renovation.
0:14:24 > 0:14:27And, likewise, let me just double-check.
0:14:27 > 0:14:29Oh, no. No double glazing either,
0:14:29 > 0:14:31so definitely double glazing and central heating two things
0:14:31 > 0:14:32that you're going to put in.
0:14:32 > 0:14:35But that's good news, you can add some value by doing that,
0:14:35 > 0:14:38immediately modernising the house in the eyes of anyone else
0:14:38 > 0:14:41who might look around it. So a decent-sized living room
0:14:41 > 0:14:45and then throw in a fairly traditional layout to the kitchen.
0:14:45 > 0:14:47It's a little bit haywire at this point
0:14:47 > 0:14:50because the kitchen is relatively small for the size of house.
0:14:50 > 0:14:53That's because the portion of the rear of the property here,
0:14:53 > 0:14:56almost half of it, is taken up with this bathroom.
0:14:56 > 0:14:57Judging by the size of that,
0:14:57 > 0:14:59my guess is there's no bathroom upstairs.
0:14:59 > 0:15:00You know, straightaway,
0:15:00 > 0:15:03is there some way of playing around with this here?
0:15:03 > 0:15:05I think take out this wall,
0:15:05 > 0:15:09maybe put a small loo perhaps and a hand basin down here
0:15:09 > 0:15:13and maybe create some kind of little utility area at the same time
0:15:13 > 0:15:15and then let's see if we can get that bathroom upstairs.
0:15:15 > 0:15:19I don't know yet. So it's a good start, it's got a nice feel to it,
0:15:19 > 0:15:22but one you can definitely play around with
0:15:22 > 0:15:25and add value big-time too.
0:15:25 > 0:15:30This, as an old school report might say, is a case of "could do better".
0:15:30 > 0:15:34Reorganising these spaces would be my priority
0:15:34 > 0:15:37and that would probably mean the downstairs bath has to go.
0:15:37 > 0:15:40The upstairs is going to need playing around with too.
0:15:40 > 0:15:44# Play with me... #
0:15:46 > 0:15:49So, upstairs and our all-important question,
0:15:49 > 0:15:50can we get the bathroom up here?
0:15:50 > 0:15:54Well, one option, of course, would be to convert that small bedroom
0:15:54 > 0:15:58into a bathroom. Not a bad idea perhaps,
0:15:58 > 0:16:00although it does then drop it to a two-bedroom property
0:16:00 > 0:16:03and, really, it's about whether or not you want to rent this out,
0:16:03 > 0:16:05whether you want to use it yourself.
0:16:05 > 0:16:06I mean, if it was just a couple in here,
0:16:06 > 0:16:08then I think I would definitely do that.
0:16:08 > 0:16:11The alternative way of not losing, obviously, a bedroom
0:16:11 > 0:16:13is to try and find space in here.
0:16:13 > 0:16:17Luckily, the front master bedroom is actually quite a nice size
0:16:17 > 0:16:19so, theoretically, you could put a stud partition wall in here,
0:16:19 > 0:16:24separate door into the bedroom there and a door into a bathroom here.
0:16:24 > 0:16:26So there are options.
0:16:26 > 0:16:28Again, it's going to come down to whoever bought this
0:16:28 > 0:16:30and what they plan to do with that.
0:16:30 > 0:16:34Yes, do you squeeze in a bathroom and try and keep the three bedrooms
0:16:34 > 0:16:38or sacrifice the bedroom but keep two good-sized bedrooms?
0:16:38 > 0:16:43Or there is a third alternative around the back of the house.
0:16:43 > 0:16:46There's garden space, so you could build an extension,
0:16:46 > 0:16:50you could add that much-needed space onto the rear of the property.
0:16:50 > 0:16:53Again, it's about checking what you're going to use it for,
0:16:53 > 0:16:56it's about checking what similar priced properties have got.
0:16:56 > 0:16:59Is there a ceiling price for houses around here,
0:16:59 > 0:17:01is it worth doing if you're buying it, renting it?
0:17:01 > 0:17:02Lots of things to weigh up.
0:17:02 > 0:17:06But certainly a house that has possibilities aplenty.
0:17:07 > 0:17:10I think overall there is plenty of room for improvement,
0:17:10 > 0:17:12which would add value here
0:17:12 > 0:17:14and that is what we like to see in a property.
0:17:17 > 0:17:19Perhaps a local estate agent can clarify things.
0:17:19 > 0:17:23What does he think would be the best configuration for this house?
0:17:24 > 0:17:27If it was my property and I was renovating it,
0:17:27 > 0:17:32I would 100% be looking to move the bathroom up onto the first floor
0:17:32 > 0:17:35so I envisage that it'd be a, you know, a two-bed property,
0:17:35 > 0:17:39with a decent-sized bathroom at the end of the project.
0:17:39 > 0:17:43Interesting, but what effect on the end value would that have on a house
0:17:43 > 0:17:46that was guided at £75,000-plus?
0:17:47 > 0:17:50Renovating it as a three-bed,
0:17:50 > 0:17:52and squeezing a bathroom in upstairs,
0:17:52 > 0:17:56I believe that the sale value would probably be in the region of
0:17:56 > 0:17:58about £125,000.
0:17:58 > 0:18:01I don't believe that sacrificing one of the bedrooms
0:18:01 > 0:18:03to get a bathroom on the first floor
0:18:03 > 0:18:07would make much of a difference to the sale price of the property.
0:18:07 > 0:18:10I still believe that as a two-bed with a bathroom upstairs,
0:18:10 > 0:18:16we'd be looking at listing, you know, between 120 and £125,000.
0:18:16 > 0:18:19Hmm, OK. But surely there is a more significant effect
0:18:19 > 0:18:21on its rental potential?
0:18:22 > 0:18:26From a rental perspective, as a three-bed, once complete,
0:18:26 > 0:18:28with a bathroom upstairs,
0:18:28 > 0:18:31I would imagine that we'd be looking at something like in the region of
0:18:31 > 0:18:34£625 per calendar month.
0:18:34 > 0:18:38As a two-bed, I still think that we'd quite easily achieve
0:18:38 > 0:18:40£600 per calendar month.
0:18:46 > 0:18:48So, a good solid house
0:18:48 > 0:18:51that just needs the classic renovation touches,
0:18:51 > 0:18:53a new kitchen, a new bathroom perhaps,
0:18:53 > 0:18:55some jiggling around, central heating, double glazing.
0:18:55 > 0:18:57One you could definitely add value to
0:18:57 > 0:19:00so possibly a good investment.
0:19:00 > 0:19:03Let's see who bought it when it went under the hammer.
0:19:03 > 0:19:06Lot 56. Good potential for modernisation
0:19:06 > 0:19:09as a buy-to-let investment, owner occupation
0:19:09 > 0:19:12or resale following improvement.
0:19:12 > 0:19:14It's up to you, but you've got to buy it first.
0:19:14 > 0:19:17Start me at 75, who's here for this?
0:19:17 > 0:19:1870 bid here.
0:19:18 > 0:19:21At £70,000. At 72 here.
0:19:21 > 0:19:2574, 74 there. 76, sir?
0:19:25 > 0:19:27Can you do it at 76?
0:19:27 > 0:19:2978 behind you.
0:19:29 > 0:19:3280. 80 I'm bid.
0:19:32 > 0:19:35Well, the three-bed house was off to a steady start
0:19:35 > 0:19:39and we rejoin the auction with bidding now at 89,000.
0:19:39 > 0:19:4089.
0:19:42 > 0:19:4489 and a half.
0:19:44 > 0:19:4690. Not much to beat.
0:19:47 > 0:19:49Silver lining.
0:19:49 > 0:19:5290. Half.
0:19:52 > 0:19:53Half. 91.
0:19:55 > 0:19:59No. At £90,500, with you, sir.
0:19:59 > 0:20:03At £90,500, against you seated.
0:20:03 > 0:20:05First time, then, at 90 and a half.
0:20:05 > 0:20:07Second time at 90 and a half.
0:20:07 > 0:20:09I'm here to sell.
0:20:09 > 0:20:11Well done, sir.
0:20:11 > 0:20:16After some toing and froing, the hammer eventually fell at £90,500
0:20:16 > 0:20:19and the successful bidder was Artur.
0:20:21 > 0:20:25Artur is originally from Poland and together with his builder Sebastian,
0:20:25 > 0:20:29has previously refurbished a number of properties in the area.
0:20:31 > 0:20:35Artur, Sebastian, lovely to meet you both, congratulations.
0:20:35 > 0:20:37- Thank you.- Tell me why you wanted to buy this house.
0:20:37 > 0:20:39Well, I know the area.
0:20:39 > 0:20:42So, good development for renting.
0:20:42 > 0:20:45The house has a lot of potential.
0:20:45 > 0:20:47There was a slight complication, wasn't there,
0:20:47 > 0:20:50the person who owned the house before hadn't owned it
0:20:50 > 0:20:54for longer than six months so did that create a problem for you?
0:20:54 > 0:20:59Yes, and that's why my mortgage application has been declined.
0:20:59 > 0:21:00Oh, no!
0:21:00 > 0:21:06And, luckily, I took a loan from a bank,
0:21:06 > 0:21:10lending money from my family and friends
0:21:10 > 0:21:14and then we get it, because otherwise,
0:21:14 > 0:21:18I can lose all deposit, it was £10,000.
0:21:18 > 0:21:21So when did you find this out, after you'd bought it?
0:21:21 > 0:21:24- Yes.- Oh, nasty!
0:21:24 > 0:21:28So this is for people who are watching us, be careful.
0:21:28 > 0:21:34Read the pack and also ask the auctioneer about this kind of stuff
0:21:34 > 0:21:37- to avoid the surprise. - Yeah, of course it was.
0:21:37 > 0:21:38So you must have had some sleepless nights
0:21:38 > 0:21:42- and worry over that. - Yes, yes, it was very difficult.
0:21:43 > 0:21:47Many buyers have been caught out by this particular pitfall.
0:21:47 > 0:21:50Lenders may well refuse to give you a mortgage on a property
0:21:50 > 0:21:54which the seller has owned for less than a six-month period.
0:21:54 > 0:21:58Be sure you thoroughly research this if it's a possible issue.
0:21:59 > 0:22:01The bottom line is if it hasn't been registered
0:22:01 > 0:22:03with the Land Registry for six months,
0:22:03 > 0:22:05you might need to be a cash buyer.
0:22:06 > 0:22:10So talk me through exactly what you are going to do to renovate it.
0:22:10 > 0:22:12Yeah. First of all,
0:22:12 > 0:22:15install new central heating,
0:22:15 > 0:22:17new kitchen, new bathroom,
0:22:17 > 0:22:21- new shower room upstairs. - OK, is that an en-suite
0:22:21 > 0:22:23or are you building a completely new bathroom
0:22:23 > 0:22:26- and keeping the three bedrooms? - The front bedroom,
0:22:26 > 0:22:29so I'm building four partition walls, take out the chimney.
0:22:29 > 0:22:31It'll be smaller, the room,
0:22:31 > 0:22:35but it will still be big for a double bed and a nice cupboard
0:22:35 > 0:22:39or something, plus, separately, going to the bathroom suite.
0:22:39 > 0:22:43- OK.- Still be space for the three rooms, plus the bathroom,
0:22:43 > 0:22:48shower, toilet and small sink, downstairs as well.
0:22:48 > 0:22:50Downstairs in the kitchen,
0:22:50 > 0:22:52they aren't quite sure what to do with the layout,
0:22:52 > 0:22:54they know they want a bigger kitchen
0:22:54 > 0:22:56but aren't sure exactly how it will all work.
0:22:56 > 0:22:59They could remove the back door to fit in more units
0:22:59 > 0:23:03or they could sacrifice all the space in the downstairs bathroom.
0:23:04 > 0:23:07Either way it's not going to be cheap.
0:23:07 > 0:23:09What do you think it's going to cost?
0:23:09 > 0:23:12I think 15, maximum £18,000.
0:23:12 > 0:23:15They are planning on getting straight to work
0:23:15 > 0:23:18and spending some of that £15,000-£18,000 budget.
0:23:18 > 0:23:22They've got a two-to-three-month timescale to get this ready
0:23:22 > 0:23:26to add to Artur's rental portfolio of four properties.
0:23:26 > 0:23:28Is the plan to do more?
0:23:28 > 0:23:32Yes. I'm running a Polish shop as well.
0:23:32 > 0:23:35- Oh, are you? What kind of shop? - With the Polish food.
0:23:35 > 0:23:38- Great. Is that local? - Yes, it is local.
0:23:38 > 0:23:40So all the money I would like to invest in the property.
0:23:40 > 0:23:43So, I hope...
0:23:43 > 0:23:45- one per year.- Right.
0:23:45 > 0:23:47Listen, congratulations, lovely to meet you both.
0:23:47 > 0:23:49- Good luck with it. - Thank you very much.
0:23:49 > 0:23:51Look forward to seeing how you get on.
0:23:51 > 0:23:54So, some ambitious plans for Artur and Sebastian
0:23:54 > 0:23:58but it seems like the team is working really well.
0:23:58 > 0:24:01A few questions about the choices of what they're going to do
0:24:01 > 0:24:02in terms of them moving around,
0:24:02 > 0:24:04certainly moving the bathroom upstairs is a great idea,
0:24:04 > 0:24:07other things probably need a bit of thinking about.
0:24:07 > 0:24:10How will they get on though? You can find out later in the show.
0:24:12 > 0:24:15Coming up, a three-bed terraced house in Manor Park, south London,
0:24:15 > 0:24:17that has Lucy flummoxed.
0:24:17 > 0:24:21Oh, I don't quite know what this is, look!
0:24:24 > 0:24:25Back in Manchester,
0:24:25 > 0:24:29did Artur and Sebastian have any issues renovating the house?
0:24:29 > 0:24:31I ran out of money.
0:24:34 > 0:24:37But first, back to Newcastle-under-Lyme
0:24:37 > 0:24:41where I parked myself at a plot of land that had 15 garages on it.
0:24:41 > 0:24:44Although the neighbouring properties made this a very desirable area,
0:24:44 > 0:24:47a substation, on the other hand, made it less so.
0:24:47 > 0:24:50Now, it might not look like it and feel like it right now,
0:24:50 > 0:24:53but if you get rid of all these garages,
0:24:53 > 0:24:56you'd be able to see its full potential.
0:24:56 > 0:24:58It's already got the dropped kerb for the driveway,
0:24:58 > 0:25:01it has outline planning already in place
0:25:01 > 0:25:04for a four-bedroom detached house.
0:25:04 > 0:25:07I honestly think this is an investor's paradise.
0:25:08 > 0:25:12# Welcome to paradise... #
0:25:12 > 0:25:15The absence of any paradise-type palm trees or beaches
0:25:15 > 0:25:18didn't stop Trevor paying 60 grand.
0:25:18 > 0:25:21Trevor was supposed to be retired but he certainly wasn't ready
0:25:21 > 0:25:24to sit down on a deck chair with a cocktail.
0:25:24 > 0:25:26But it has always been a dream of mine to actually build my own house.
0:25:26 > 0:25:31I've worked in the building supply industry since the age of about 25
0:25:31 > 0:25:33and seeing that house-builders build and thinking,
0:25:33 > 0:25:35"Oh, I'd like to do this, I'd like to do that,"
0:25:35 > 0:25:37now's the time, yeah.
0:25:37 > 0:25:39- "I can do that."- Yeah. - Is that what you were thinking?
0:25:39 > 0:25:41That's, well... I'm hoping, yeah, that's the hope.
0:25:41 > 0:25:43So, Trevor, what are you going to do with this plot of land?
0:25:43 > 0:25:46OK, we want to build a nice four-bedroom detached house on here
0:25:46 > 0:25:49and try and build something that we're proud of
0:25:49 > 0:25:52to either live in or to actually sell.
0:25:52 > 0:25:54Trevor wasn't doing this all on his own,
0:25:54 > 0:25:57as he and wife Claire have done a new-build in the past
0:25:57 > 0:26:00and planned on using the same builders.
0:26:00 > 0:26:03They also hoped that son Joseph might lend a hand
0:26:03 > 0:26:06and they'd get the work completed in 12 months.
0:26:06 > 0:26:09We're back just one year and one day later.
0:26:09 > 0:26:11# Cos you're right on time
0:26:16 > 0:26:20# Cos you're right on time... #
0:26:20 > 0:26:23So we're on time but a little bit off the original plans
0:26:23 > 0:26:25which have changed from an L-shaped building
0:26:25 > 0:26:28to a more traditional four-bed detached house.
0:26:30 > 0:26:33The utilities were all close to the site
0:26:33 > 0:26:36but it did cost four and a half grand to get them all connected
0:26:36 > 0:26:38so it wasn't cheap.
0:26:38 > 0:26:41And I don't think anything inside's going to be cheap either.
0:26:43 > 0:26:45# You just walk right in
0:26:45 > 0:26:47# Walk-walk-walk right in
0:26:47 > 0:26:49# Oh
0:26:49 > 0:26:51# Oh
0:26:51 > 0:26:52# Oh-oh
0:26:52 > 0:26:54# Oh-oh-oh-oh... #
0:26:56 > 0:26:58The family-friendly layout really works well
0:26:58 > 0:27:01and while there is still some flooring to be laid,
0:27:01 > 0:27:03the overall effect is cracking.
0:27:03 > 0:27:07The downstairs toilet and upstairs main bathroom are ready to go
0:27:07 > 0:27:09and look great.
0:27:09 > 0:27:11There are four bedrooms up here
0:27:11 > 0:27:13and some of them have really nice touches,
0:27:13 > 0:27:16like double aspect windows and fitted wardrobes.
0:27:16 > 0:27:19The master bedroom benefits from a tidy looking en-suite,
0:27:19 > 0:27:23so all in all, a very impressive finish and just to think,
0:27:23 > 0:27:27a year ago, all this was just a twinkle in Trevor's eyes.
0:27:27 > 0:27:29So how has building the dream gone?
0:27:29 > 0:27:32The build has gone really, really well.
0:27:32 > 0:27:34We've used a builder that we know very well
0:27:34 > 0:27:37and he's got a really good reputation for quality
0:27:37 > 0:27:40and he builds very much to the standard as if it was his own house.
0:27:40 > 0:27:44My role in the house was really just being a nosy parker
0:27:44 > 0:27:46from the builder's point of view.
0:27:46 > 0:27:49The only issue that I did have was that I've actually worked
0:27:49 > 0:27:51in the brick industry all my life
0:27:51 > 0:27:54and we couldn't actually use the brick that we wanted to use
0:27:54 > 0:27:55so I had to compromise a little bit
0:27:55 > 0:27:58but I've still used my second choice of bricks
0:27:58 > 0:27:59but I love the brick that we've chosen.
0:27:59 > 0:28:02It's been one of my, sort of, ambitions to always build
0:28:02 > 0:28:05my own house and choose a brick that I actually wanted to use
0:28:05 > 0:28:08on my own house and we're very, very pleased with it.
0:28:08 > 0:28:11Claire's played a major role in the design of the house.
0:28:11 > 0:28:14Joseph's doing business studies at school
0:28:14 > 0:28:17so I've actually encouraged him to get involved more
0:28:17 > 0:28:18with the financial side of it.
0:28:18 > 0:28:24My part in this house was doing spreadsheets with all the costs,
0:28:24 > 0:28:27like working out the profit,
0:28:27 > 0:28:29putting all the price of everything in
0:28:29 > 0:28:34so we could calculate how much we were spending and if we needed to,
0:28:34 > 0:28:36if we could spend more or cut back a bit.
0:28:36 > 0:28:41It was a bit tiring at times, got me working a bit late,
0:28:41 > 0:28:42but it was worth it in the end.
0:28:44 > 0:28:45Good on you, Joseph.
0:28:45 > 0:28:48A young lad who isn't shy of putting in a bit of work.
0:28:48 > 0:28:50That's what I like to see.
0:28:50 > 0:28:52But how's the number crunching adding up?
0:28:52 > 0:28:54From a budget point of view,
0:28:54 > 0:28:58we initially looked at 155,000 for a build cost,
0:28:58 > 0:29:00but when we changed the planning,
0:29:00 > 0:29:04we actually spent £165,000 with the builder.
0:29:04 > 0:29:07The actual total cost on the whole of the house,
0:29:07 > 0:29:11including the purchase, including projected estate agent's fees,
0:29:11 > 0:29:15is £265,000.
0:29:15 > 0:29:18Ah! Did I hear you say estate agent's fees, Trevor?
0:29:18 > 0:29:20Does this mean you've come to a decision
0:29:20 > 0:29:22on what to do with the house?
0:29:22 > 0:29:25Our plans on whether we were going to move into the house
0:29:25 > 0:29:30or sell the house has changed constantly over the 12 months.
0:29:30 > 0:29:31We like where we live now.
0:29:31 > 0:29:34I probably have a slight preference to living here,
0:29:34 > 0:29:37my wife has the slight preference to stay where we are.
0:29:37 > 0:29:42So we've actually decided to put the two houses up for sale,
0:29:42 > 0:29:46see which one sells first and let fate take its hand.
0:29:46 > 0:29:50We are actually in a position where someone is interested in the house
0:29:50 > 0:29:52but we are still thinking, "Do we want to live here
0:29:52 > 0:29:54"or do we want to stay where we are?"
0:29:54 > 0:29:56So we haven't made a final decision yet
0:29:56 > 0:30:01but we're in a great position to be able to make that choice, really.
0:30:01 > 0:30:03Absolutely. It's a nice dilemma to have.
0:30:03 > 0:30:06But let's see if the opinion of two local estate agents
0:30:06 > 0:30:09will influence the decision one way or another.
0:30:09 > 0:30:11The main selling points of the property, I think,
0:30:11 > 0:30:14would be, first of all, the size of all the rooms.
0:30:14 > 0:30:16There's a great living space and the spec,
0:30:16 > 0:30:19the kitchen and bathroom are done to a really high standard.
0:30:19 > 0:30:22The only negative, really, is obviously the size of the garden.
0:30:22 > 0:30:23For the size of the house,
0:30:23 > 0:30:25the garden that's available is quite small,
0:30:25 > 0:30:27but there's obviously very little that can be done about that
0:30:27 > 0:30:30- because of the size of the plot. - Well, I think the house is great.
0:30:30 > 0:30:31Love the open space downstairs,
0:30:31 > 0:30:33open-plan's really popular now.
0:30:33 > 0:30:36But it's quite nice as well that the bedrooms upstairs,
0:30:36 > 0:30:38they aren't small, they're all nice and spacious as well.
0:30:38 > 0:30:41And you've still got a separate sitting room as well, which is good,
0:30:41 > 0:30:43so, yeah, layout ticks all the boxes.
0:30:43 > 0:30:45I'm wondering if the valuation might influence Trevor
0:30:45 > 0:30:47on which house to sell.
0:30:47 > 0:30:52Can he make a good profit on his 265 grand project?
0:30:52 > 0:30:56I think this property would achieve around £375,000.
0:30:56 > 0:30:59I think this property could achieve between £350,000 and £375,000
0:30:59 > 0:31:01on the current market.
0:31:01 > 0:31:08I think the valuation of 375 is about where we actually see it.
0:31:08 > 0:31:11The valuation won't really have a great deal of bearing on
0:31:11 > 0:31:14whether we do sell or whether we move in ourselves.
0:31:14 > 0:31:17The house we live in at the moment is probably the same sort of value.
0:31:17 > 0:31:19It really is a question of us sitting down,
0:31:19 > 0:31:23making that final decision which one we want to go for.
0:31:23 > 0:31:27So a potential 110 grand profit is not going to sway Trevor's decision.
0:31:27 > 0:31:29Perhaps Joseph can break the tie.
0:31:29 > 0:31:32I don't really know. I like some aspects of this house,
0:31:32 > 0:31:35and some aspects of my house I'm in now,
0:31:35 > 0:31:37but it's not really my decision, is it?
0:31:42 > 0:31:47Lucy's in east London, in the rather posh sounding Manor Park.
0:31:47 > 0:31:51So called because of the Aldersbrook Manor House and farm
0:31:51 > 0:31:54that previously existed in the area.
0:31:54 > 0:31:56This then led to the naming of the train station.
0:31:56 > 0:32:00The influence of the railway to the area could again be significant,
0:32:00 > 0:32:02with Crossrail linking to the station,
0:32:02 > 0:32:07which should cut down journey times into central London significantly.
0:32:07 > 0:32:10This is likely to see house prices rise in the area,
0:32:10 > 0:32:14so this could be manna from heaven for any would-be property investor.
0:32:16 > 0:32:19Now, this road is about a 20-minute walk to Manor Park station which,
0:32:19 > 0:32:22well, it might be a little bit far for some people,
0:32:22 > 0:32:27but for a guide price of £200,000 plus, you do get a house,
0:32:27 > 0:32:29not a flat with this one,
0:32:29 > 0:32:31not two, but three bedrooms
0:32:31 > 0:32:35and it's not very often you can say that in London these days!
0:32:35 > 0:32:38That guide price does sound awfully low for London.
0:32:38 > 0:32:41Do you hear alarm bells ringing, Lucy?
0:32:41 > 0:32:44Oooh, now, a little bit down at heel on the inside.
0:32:44 > 0:32:46It's quite cold out there.
0:32:46 > 0:32:49And it's feeling quite cold and chilly in here, to be honest.
0:32:49 > 0:32:51Now, there's a lot you could do to improve this.
0:32:51 > 0:32:54You've got a bit of a sort of heater just stuck on the wall,
0:32:54 > 0:32:56but it's really dirty.
0:32:56 > 0:32:58You can see this place hasn't been touched or decorated
0:32:58 > 0:33:00for a very long time.
0:33:00 > 0:33:02You've got lots of woodchip wallpaper up there
0:33:02 > 0:33:03that's going to need to come off.
0:33:03 > 0:33:06You've got a nice sitting room there, good space, although...
0:33:06 > 0:33:07SHE SNIFFS
0:33:07 > 0:33:09..if my nose is telling me the right thing, I can smell damp
0:33:09 > 0:33:11and I can see black splodges all over the walls,
0:33:11 > 0:33:14so I'd certainly get somebody to investigate in there.
0:33:14 > 0:33:18And, erm, I don't quite know what this is!
0:33:18 > 0:33:19Look, somebody's sort of...
0:33:19 > 0:33:22I think there must have been a door there once upon a time,
0:33:22 > 0:33:24so that's got to be taken down.
0:33:24 > 0:33:27Kitchen through here, really small, bit disappointing,
0:33:27 > 0:33:30and into a second sitting room.
0:33:30 > 0:33:32You know what I'm going to say.
0:33:32 > 0:33:35I'd probably, to improve this place, get this wall down,
0:33:35 > 0:33:39open up the space, have a nice kitchen, dining room.
0:33:39 > 0:33:41But whoever does take this property on,
0:33:41 > 0:33:45I've got a feeling they might be ordering a skip...
0:33:47 > 0:33:48What do you think?
0:33:48 > 0:33:53Ha-ha, agreed! And that's certainly going to be no small job.
0:33:53 > 0:33:55# This mess was yours
0:33:57 > 0:34:03# Now your mess is mine... #
0:34:03 > 0:34:08Underneath all of this there is an OK-sized garden, but what a mess!
0:34:11 > 0:34:14# Your mess is mine... #
0:34:14 > 0:34:17The back of the kitchen here, the very small kitchen,
0:34:17 > 0:34:21you've got a little door leading out to the very messy garden,
0:34:21 > 0:34:22and another door here,
0:34:22 > 0:34:26which surprisingly houses a large shower at the back and a loo.
0:34:26 > 0:34:29Now, it's always good to have a downstairs toilet,
0:34:29 > 0:34:30so I'm pleased about that.
0:34:30 > 0:34:33Something that is glaringly obvious, in my eyes,
0:34:33 > 0:34:34that I would need to get sorted out,
0:34:34 > 0:34:36is this big, old damp patch up there.
0:34:36 > 0:34:40Now, I'm not sure whether there's water leaking down from the roof,
0:34:40 > 0:34:42but I'd certainly get an expert in to have a look at that,
0:34:42 > 0:34:45because you just never know how much something like that
0:34:45 > 0:34:47is going to cost to repair.
0:34:47 > 0:34:51Of course, the space the flat roof extension creates is terrific,
0:34:51 > 0:34:53but the quality of the roof and the structure
0:34:53 > 0:34:56needs to be taken into account.
0:34:56 > 0:34:59The kitchen needs to be more family friendly,
0:34:59 > 0:35:02so removing a wall seems the right solution here.
0:35:02 > 0:35:04Opening up the utility room
0:35:04 > 0:35:07and stealing space from the downstairs bathroom could also help,
0:35:07 > 0:35:10but definitely leave a downstairs toilet.
0:35:10 > 0:35:13And how about some patio doors into that garden?
0:35:13 > 0:35:15Once it's cleared, of course!
0:35:18 > 0:35:21Upstairs, there's another bathroom and three bedrooms,
0:35:21 > 0:35:23all pretty grimy, showing signs of damp
0:35:23 > 0:35:25and in need of full refurbishment.
0:35:43 > 0:35:45Although it's fairly spacious,
0:35:45 > 0:35:47there is a possibility of a loft extension,
0:35:47 > 0:35:49to make it four bedrooms.
0:35:49 > 0:35:51Now, wouldn't THAT be something?
0:35:56 > 0:35:59What does a local estate agent think about the house,
0:35:59 > 0:36:02and the best way to maximise its potential?
0:36:02 > 0:36:04It's going to need a full development programme on it.
0:36:04 > 0:36:06I'd potentially lose the downstairs bathroom,
0:36:06 > 0:36:07give myself a bigger kitchen.
0:36:07 > 0:36:10There's a nice bathroom on the first floor, which is a good size as well.
0:36:10 > 0:36:12So I think layout's actually pretty good.
0:36:12 > 0:36:15I wouldn't necessarily mess around with it too much at all.
0:36:15 > 0:36:19And would there be any merit in extending into the loft?
0:36:19 > 0:36:20In terms of loft conversion,
0:36:20 > 0:36:23I don't know how big a loft conversion you'd get
0:36:23 > 0:36:25with the property. There's not a great pitch on the roof.
0:36:25 > 0:36:27By putting a dormer on the back, you'd create space,
0:36:27 > 0:36:30but head height would be a potential issue.
0:36:30 > 0:36:32I suppose it's see what the architects say,
0:36:32 > 0:36:34and see where it goes from there, really.
0:36:34 > 0:36:36OK, so the jury's out,
0:36:36 > 0:36:38but what price difference is likely to be seen
0:36:38 > 0:36:41between a three-bed and a four-bed house?
0:36:41 > 0:36:42As a three-bedroom property,
0:36:42 > 0:36:45once renovated the property's going to achieve somewhere in the region
0:36:45 > 0:36:47of about £370,000-£380,000.
0:36:47 > 0:36:51As a four-bedroom property, you're going to be looking somewhere
0:36:51 > 0:36:52in the region of £400,000-£410,000.
0:36:52 > 0:36:55And the possible rental returns?
0:36:55 > 0:36:57As a three-bedroom, the property would achieve somewhere
0:36:57 > 0:36:59in the region about £1,500-£1,600 per calendar month.
0:36:59 > 0:37:03As a four-bedroom property, rental figure you'd be looking around about
0:37:03 > 0:37:05£1,700-£1,800 per calendar month.
0:37:11 > 0:37:13Does it need renovation?
0:37:13 > 0:37:14Yes, it does.
0:37:14 > 0:37:17Is it in an improving area with Crossrail coming?
0:37:17 > 0:37:20Well, yeah, that's a positive too.
0:37:20 > 0:37:22Could it be a good one to go for?
0:37:22 > 0:37:24I reckon it might be.
0:37:24 > 0:37:26Let's see who agreed when it went to auction.
0:37:29 > 0:37:33Right, Lot 33 is mid-terraced house.
0:37:33 > 0:37:36So, Manor Park, popular area.
0:37:36 > 0:37:38250 anywhere?
0:37:38 > 0:37:39250 sitting down.
0:37:39 > 0:37:41255?
0:37:41 > 0:37:43255 with you.
0:37:43 > 0:37:45Got you, thank you. 260?
0:37:45 > 0:37:46260...
0:37:46 > 0:37:50But after a slow start, the bidding for the Manor House lot picked up,
0:37:50 > 0:37:54and we rejoin it at 292,000.
0:37:54 > 0:37:56292. With you, 292.
0:37:56 > 0:38:00294. 296.
0:38:00 > 0:38:03298. Round off to 300, one more crack?
0:38:03 > 0:38:05300. 302.
0:38:05 > 0:38:07302. 304.
0:38:07 > 0:38:09Back to you, 302.
0:38:09 > 0:38:11First time.
0:38:11 > 0:38:13Second time.
0:38:13 > 0:38:17Third and last time. It's against you. Third and last time...
0:38:18 > 0:38:19Sold, 302.
0:38:21 > 0:38:22Out of the sight of our cameras,
0:38:22 > 0:38:26the successful bid of 302,000 was made by Sean.
0:38:28 > 0:38:31Sean is a builder by trade and this is his first property purchase,
0:38:31 > 0:38:36and it seems he was all revved up and ready to go and meet Lucy.
0:38:36 > 0:38:39# Motorbiking
0:38:39 > 0:38:42# Motorcycling... #
0:38:42 > 0:38:44- Sean, congratulations. - Thank you very much.
0:38:44 > 0:38:46How happy are you to have got this on auction day?
0:38:46 > 0:38:47Erm, mixed feelings,
0:38:47 > 0:38:50it wasn't what I was looking for, but I put in a bid,
0:38:50 > 0:38:52my hand went up, the gavel went down and I got it.
0:38:52 > 0:38:54Did you view the property prior to bidding?
0:38:54 > 0:38:57- No.- So you didn't even see inside? - No.
0:38:57 > 0:38:59So, when you saw inside for the first time,
0:38:59 > 0:39:01what did you think and were you pleased?
0:39:01 > 0:39:04- Erm... No.- Was it in worse condition than you expected?
0:39:04 > 0:39:06No, no, no. In fact, it was...
0:39:06 > 0:39:08I didn't have to do a lot of stripping,
0:39:08 > 0:39:10the wallpaper is already off the wall.
0:39:10 > 0:39:12It was already in the condi...
0:39:12 > 0:39:14No, I was all right with it.
0:39:14 > 0:39:16Got a bit of rubbish clear out to contend with.
0:39:16 > 0:39:18I mean, that was a bit of a shock to walk in and see that!
0:39:18 > 0:39:21- That was a shock.- Wasn't it?- Yeah. It's about 250 a skip,
0:39:21 > 0:39:23that's about £500 worth of rubbish out there.
0:39:23 > 0:39:26Absolutely, I mean, that's before you've even started.
0:39:26 > 0:39:27That I wasn't expecting.
0:39:27 > 0:39:31- Who's going to have to lug all of that rubbish out?- Moi.
0:39:31 > 0:39:35- # Change is down to you - Change is down to you
0:39:35 > 0:39:38# Oh, didn't you know?
0:39:38 > 0:39:41- # Change is up to you - Change is up to you... #
0:39:41 > 0:39:45Yes, so Sean is not afraid to muck in and get his hands dirty,
0:39:45 > 0:39:48but what changes inside the house is he looking to do?
0:39:50 > 0:39:53I think just putting a lick of paint on it
0:39:53 > 0:39:55and putting it back on the market won't get me much money.
0:39:55 > 0:39:57I think we need to add an extra room,
0:39:57 > 0:39:59so we're going to go for full loft conversion
0:39:59 > 0:40:02on a permitted development. Put another bathroom upstairs
0:40:02 > 0:40:04so it's going to have two bathrooms, four bedrooms.
0:40:04 > 0:40:06Take the bathroom away from downstairs
0:40:06 > 0:40:07and make that a much bigger kitchen.
0:40:07 > 0:40:09It's sad to lose the toilet downstairs,
0:40:09 > 0:40:11but we're going to create another one in the loft area.
0:40:11 > 0:40:14That's great, you're still going to have two loos, which is fantastic.
0:40:14 > 0:40:17I'm going to keep the quirky old roses and some of the old features.
0:40:17 > 0:40:20- Yeah, lovely.- Everything's going to be nicely re-plastered,
0:40:20 > 0:40:23brilliant smooth walls, new sockets, new radiators.
0:40:23 > 0:40:25What about the damp, because you can smell the damp,
0:40:25 > 0:40:29you can see little areas of damp sort of around?
0:40:29 > 0:40:31Especially at the back of the kitchen,
0:40:31 > 0:40:32there's a sort of damp patch at the top.
0:40:32 > 0:40:35Yeah, the damp at the top is a roofing issue.
0:40:35 > 0:40:39We'll take the old felt off, put it back down and we'll reseal it.
0:40:39 > 0:40:42I think most of the damp in the house is condensation.
0:40:42 > 0:40:44I don't think it's rising damp.
0:40:44 > 0:40:48Once it's aired out a lot better, better placement of the radiators,
0:40:48 > 0:40:50we should be fine.
0:40:50 > 0:40:51So, come on, tell me, budget?
0:40:51 > 0:40:55I've got £20,000 and I hope to do it within £20,000.
0:40:55 > 0:40:58- And that's a loft conversion as well?- Yes.
0:40:58 > 0:41:02So, being a builder, surely you know a timescale, don't you?
0:41:02 > 0:41:06We're looking at three months, four at worst.
0:41:06 > 0:41:08So, yeah, three, four months.
0:41:08 > 0:41:11Is it going to be you on your own or you and a team of people?
0:41:11 > 0:41:13Me and family.
0:41:13 > 0:41:15We're not paying ourselves wages,
0:41:15 > 0:41:18we've got a budget which we're going to use on materials,
0:41:18 > 0:41:23and we'll do the work and then when we sell the house, payday.
0:41:23 > 0:41:26You have to admire Sean, he is fully committed to making this work,
0:41:26 > 0:41:31but with the issues in this house, it's not going to be an easy ride.
0:41:31 > 0:41:34# Motorbiking Motorbiking... #
0:41:34 > 0:41:37So, now, how are you planning on getting to work with all your tools
0:41:37 > 0:41:40and bits and pieces you need on your motorbike?
0:41:40 > 0:41:43- How's that going to work?! - If you live in London,
0:41:43 > 0:41:46you know it's very difficult to drive any vehicle in London,
0:41:46 > 0:41:51so I've got all my stuff in storage, get a van, get everything here,
0:41:51 > 0:41:53got to buy a locked safe, lock it all up,
0:41:53 > 0:41:56and come in by bike every day. Put my kettle on, have my tea,
0:41:56 > 0:41:59get to work and then off on my bike, easy-peasy.
0:41:59 > 0:42:00You're quite excited, aren't you?
0:42:00 > 0:42:02You're really excited to get stuck into this project,
0:42:02 > 0:42:05and it's so lovely to see somebody that finally,
0:42:05 > 0:42:09after learning their trade, is putting it into practice themselves.
0:42:09 > 0:42:12It's something that, a lot of people always told me to do it, you know,
0:42:12 > 0:42:15you've got the skills. I'm actually a gas engineer myself,
0:42:15 > 0:42:17I'm actually a qualified electrician.
0:42:17 > 0:42:18I've actually started from building,
0:42:18 > 0:42:20I've done a lot of loft conversions for people.
0:42:20 > 0:42:23But, yeah, doing it for myself, yes, I'm going to enjoy it,
0:42:23 > 0:42:25- I'm really going to enjoy it. - Sean, I really mean this,
0:42:25 > 0:42:27I'm so excited to see the development,
0:42:27 > 0:42:30and I think that's because you are doing it yourself.
0:42:30 > 0:42:33- Congratulations, and good luck. - Thank you very much.- Well done.
0:42:33 > 0:42:35Thank you.
0:42:35 > 0:42:40So, Sean has big plans to completely transform this property,
0:42:40 > 0:42:44although I don't envy him clearing out that garden by himself.
0:42:44 > 0:42:45Join me later on in the programme
0:42:45 > 0:42:49and you can find out how Sean gets on doing it for himself.
0:42:52 > 0:42:54One buyer down, two to go.
0:42:54 > 0:42:58Yes, did they pass go and collect £200, or go straight to jail?
0:42:58 > 0:43:01Well, let's hope it didn't come to that, Martin. Let's find out.
0:43:01 > 0:43:02Back to Swinton now,
0:43:02 > 0:43:06where I saw a three-bed semi that had seen better days.
0:43:06 > 0:43:08It needed modernising throughout,
0:43:08 > 0:43:10a central heating system and double glazing,
0:43:10 > 0:43:14which is pretty standard stuff. But...
0:43:14 > 0:43:16It sort of goes a little bit haywire at this point,
0:43:16 > 0:43:19because the kitchen is relatively small for the size of house.
0:43:19 > 0:43:23That's because the portion of the rear of the property here,
0:43:23 > 0:43:25almost half of it, is taken up with this bathroom.
0:43:25 > 0:43:27And judging by the size of that,
0:43:27 > 0:43:29my guess is there's no bathroom upstairs.
0:43:29 > 0:43:31And I guessed correctly. So you could think about
0:43:31 > 0:43:34possibly moving the bathroom upstairs somewhere,
0:43:34 > 0:43:36or maybe leaving it downstairs.
0:43:36 > 0:43:38Decisions, decisions.
0:43:38 > 0:43:42The person who bought this house for £90,500 at auction was Artur.
0:43:42 > 0:43:45Luckily, his friend Sebastian is a builder,
0:43:45 > 0:43:50and together they had thought that they'd figured out what to do here.
0:43:50 > 0:43:54First of all, install a new shower room upstairs.
0:43:54 > 0:43:56OK, is that an en-suite,
0:43:56 > 0:43:57or are you building a completely new bathroom
0:43:57 > 0:43:59and keeping the three bedrooms?
0:43:59 > 0:44:02By going the landing, foregoing the front bedroom,
0:44:02 > 0:44:06so I'm building four partition walls, take out the chimney.
0:44:06 > 0:44:10It will be the smallest room but it will still be big for the double bed
0:44:10 > 0:44:12and nice cupboard or something.
0:44:12 > 0:44:16Plus, separately, going to the bathroom.
0:44:16 > 0:44:19So, have they managed to find space for that upstairs bathroom?
0:44:19 > 0:44:23We're back, bang on schedule, three months later to find out.
0:44:27 > 0:44:29And, yes, they have.
0:44:29 > 0:44:32Building that partition wall and losing the chimney breast
0:44:32 > 0:44:36means they now have a decent-sized shower room,
0:44:36 > 0:44:38which is modern and smart.
0:44:43 > 0:44:45The three bedrooms have also been transformed.
0:44:45 > 0:44:48The walls have been freshly re-plastered
0:44:48 > 0:44:51and there's now double glazing and central heating.
0:44:51 > 0:44:53With new carpets and neutral colours,
0:44:53 > 0:44:56the place feels like a new house.
0:44:56 > 0:44:58But what's happened downstairs?
0:45:04 > 0:45:08The chimney breast has gone and so has the dividing wall,
0:45:08 > 0:45:11which has been moved back to open up the room a bit more.
0:45:12 > 0:45:16They've certainly rejigged the layout almost everywhere,
0:45:16 > 0:45:21but why did they decide to keep a bathroom with a full-sized bath downstairs?
0:45:21 > 0:45:24I thought it would have worked better as a downstairs toilet
0:45:24 > 0:45:28and utility area, which is probably better suited to a three-bed house.
0:45:28 > 0:45:30What do they think?
0:45:30 > 0:45:34We thought just one small bathroom in the upstairs
0:45:34 > 0:45:36would be not enough.
0:45:36 > 0:45:40That's why we decided to keep originally the bathroom downstairs.
0:45:40 > 0:45:44Upstairs, lots of people like it for the shower, it's quick,
0:45:44 > 0:45:49but downstairs, for the bath, if people move in for the small child,
0:45:49 > 0:45:51you must use it from the bathroom.
0:45:51 > 0:45:53The shower, no chance to use it for the shower for
0:45:53 > 0:45:56three months child, yeah?
0:45:56 > 0:46:02So that's why probably I think it's the best way with full bath, yeah?
0:46:02 > 0:46:06I guess that's a fair point - kids do like to splash around in a bath.
0:46:06 > 0:46:09Artur and Sebastian had given this renovation a lot of thought
0:46:09 > 0:46:13and care, which, it seems, has impressed others, too.
0:46:14 > 0:46:17Plenty of neighbours is very impressed
0:46:17 > 0:46:20because everybody has got only two bedrooms upstairs,
0:46:20 > 0:46:25and bathroom and I'm doing three with two bathrooms.
0:46:28 > 0:46:30I think they've done a great job with the space
0:46:30 > 0:46:33and the finish is contemporary and neutral.
0:46:33 > 0:46:36Sebastian's team have worked hard and tackled messy jobs,
0:46:36 > 0:46:39like plumbing and plastering, but what was the worst bit?
0:46:40 > 0:46:43The chimney is a fierce work because it's the most
0:46:43 > 0:46:46difficult and most dirty job.
0:46:46 > 0:46:48So everything is...
0:46:49 > 0:46:51Me and my friends were working together.
0:46:53 > 0:46:56Sebastian's team managed to get the job done just within
0:46:56 > 0:47:00the two-to-three-month timeframe, but there was one stumbling block.
0:47:00 > 0:47:04As we all know, money doesn't grow on trees.
0:47:04 > 0:47:09I had just one main problem, I ran out of money!
0:47:11 > 0:47:12This was a reason we
0:47:12 > 0:47:18maybe took longer than we thought, but three months is a good result.
0:47:20 > 0:47:26But unfortunately because we chose better quality tiles and shower,
0:47:26 > 0:47:31you know, the budget has gone
0:47:31 > 0:47:33up to 25,000.
0:47:33 > 0:47:37But this is OK, I think, for what we have done.
0:47:37 > 0:47:40Going more like the full-scheme house.
0:47:40 > 0:47:42Yes, I agree, Sebastian.
0:47:42 > 0:47:47The budget may have gone up to 25 grand, but it is like a new house.
0:47:47 > 0:47:49So, what now?
0:47:49 > 0:47:52Now it's time for renting out
0:47:52 > 0:47:57and get back a little bit of money!
0:47:57 > 0:47:58They went for top spec here
0:47:58 > 0:48:03and the whole outlay for this house now sits at £115,500.
0:48:03 > 0:48:05So we've asked along two local estate agents
0:48:05 > 0:48:08to see if it's been money well spent.
0:48:09 > 0:48:12First impressions are that they've done a fantastic job.
0:48:12 > 0:48:16I was concerned about the possibility of them leaving
0:48:16 > 0:48:18the bathroom downstairs, which they've done,
0:48:18 > 0:48:22but the fact that they've got in a shower room upstairs,
0:48:22 > 0:48:26and the finish of the property, retaining the three bedrooms,
0:48:26 > 0:48:30getting in two bathrooms, I think that they've done
0:48:30 > 0:48:32a really, really good job.
0:48:32 > 0:48:36I think it was a wise move to keep it a three-bedroom property,
0:48:36 > 0:48:39because obviously there's more value in a three-bedroom property and
0:48:39 > 0:48:43there's more demand as far as sales and rentals go
0:48:43 > 0:48:45for three-bedroom properties.
0:48:45 > 0:48:49So, the guys did well not to lose that third bedroom.
0:48:49 > 0:48:51But what about that overspend?
0:48:51 > 0:48:55Well, Artur has spent £115,500,
0:48:55 > 0:49:01and the agents think it could sell for between 120 and £130,000,
0:49:01 > 0:49:07so he could make a small pre-tax profit of up to £14,500.
0:49:07 > 0:49:11But Artur is hoping to get his money back via rental.
0:49:11 > 0:49:13Properties around here, three-bedroom properties,
0:49:13 > 0:49:17we'd normally rent for around £600 per calendar month.
0:49:17 > 0:49:20With this particular property, because of the standard of finish,
0:49:20 > 0:49:22the way it's been presented,
0:49:22 > 0:49:26I'd be looking at a rental valuation of 725 per calendar month.
0:49:26 > 0:49:30I think that the true rental value of the property is probably in the
0:49:30 > 0:49:32region of £700 per calendar month.
0:49:32 > 0:49:35However, given the standard of the property, and given
0:49:35 > 0:49:38that they've retained three bedrooms with two bathrooms,
0:49:38 > 0:49:42and that supply and demand at the moment dictate
0:49:42 > 0:49:46that potential applicants can't find quality accommodation
0:49:46 > 0:49:48and that properties are letting really quickly,
0:49:48 > 0:49:50we'd probably achieve a little bit more than that and
0:49:50 > 0:49:53I'm guessing that we'd achieve £725 per calendar month.
0:49:53 > 0:49:55Yeah, it is just what we thought.
0:49:56 > 0:50:00Maybe slightly less.
0:50:00 > 0:50:04We think 750 is the right...
0:50:04 > 0:50:07answer for this quality
0:50:07 > 0:50:12and, actually, we already find a tenant,
0:50:12 > 0:50:16probably we'll move tomorrow.
0:50:17 > 0:50:18It's nice tenant.
0:50:18 > 0:50:23Nice people because otherwise it would be a shame to
0:50:23 > 0:50:24destroy our work!
0:50:26 > 0:50:29I'm sure the new tenants will love living here
0:50:29 > 0:50:32and Artur will love getting a yield of almost 8%,
0:50:32 > 0:50:34which is a good return.
0:50:35 > 0:50:38It just goes to show that in competitive markets,
0:50:38 > 0:50:40spending a bit more money on a rental property
0:50:40 > 0:50:41can really bear fruit.
0:50:51 > 0:50:53Back now to Manor Park in east London,
0:50:53 > 0:50:56where Lucy saw a three-bed house that needed some serious work.
0:50:57 > 0:51:00There were signs of damp, especially in the extension,
0:51:00 > 0:51:03and it needed a full scheme of modernisation.
0:51:03 > 0:51:06There were positives, good-sized rooms and two toilets,
0:51:06 > 0:51:09one downstairs, and a bathroom upstairs.
0:51:11 > 0:51:14The downstairs layout wasn't ideal for modern living.
0:51:14 > 0:51:17The obvious solution was knocking down that wall.
0:51:17 > 0:51:19That would sort it.
0:51:19 > 0:51:22But there was something unexpected to sort, too.
0:51:24 > 0:51:26But whoever does take this property on,
0:51:26 > 0:51:29I've got a feeling they might be ordering a skip.
0:51:32 > 0:51:33What do you think?
0:51:38 > 0:51:41The man who needed a skip hire company on speed dial
0:51:41 > 0:51:46was builder Sean, who paid £302,000 for this.
0:51:46 > 0:51:48He planned on doing the bulk of the work himself,
0:51:48 > 0:51:50including clearing the garden,
0:51:50 > 0:51:54and he wasn't going for just any old repaint-and-sell-on job.
0:51:57 > 0:51:59I think we need to add an extra room.
0:51:59 > 0:52:02So we're going to go for full loft conversion,
0:52:02 > 0:52:03on a permitted development.
0:52:03 > 0:52:05- Really? - Put another bathroom upstairs.
0:52:05 > 0:52:07It's going to have two bathrooms, four bedrooms.
0:52:07 > 0:52:09Take the bathroom away from downstairs
0:52:09 > 0:52:10and make that a much bigger kitchen.
0:52:10 > 0:52:13Sad to lose the toilet downstairs but we're going to create
0:52:13 > 0:52:15- another one in the loft area. - So that's great.
0:52:15 > 0:52:17So you're still going to have two loos, which is fantastic.
0:52:17 > 0:52:19Well, he certainly had a bit to lose here,
0:52:19 > 0:52:23as his big plans were a lot to take on, pretty much on his own,
0:52:23 > 0:52:26not to mention in a three-to-four-month timescale.
0:52:26 > 0:52:30So it's exciting to see what's happened here, five months later.
0:52:40 > 0:52:43Wow! Sean has certainly been grafting hard.
0:52:43 > 0:52:47Just getting all that stuff skipped must have been a monster task.
0:52:50 > 0:52:51The garden was in, like...
0:52:51 > 0:52:56There was about a week of carrying stuff but three skips at £300 each,
0:52:56 > 0:52:58that's £1,000 of skips.
0:52:59 > 0:53:01We thought we saw this expensive designer watch,
0:53:01 > 0:53:06which was normally, what, 5,000 but it was a fake copy.
0:53:06 > 0:53:08So a bit disappointed!
0:53:08 > 0:53:13The air-raid shelter was a skip, so we cleared it out, cleaned it up.
0:53:13 > 0:53:16It's a man cave now and the doors open out so if we get a
0:53:16 > 0:53:19zombie apocalypse, they can't get in.
0:53:19 > 0:53:21Well, not sure about the walking dead,
0:53:21 > 0:53:26but the walk-in shed is far more appealing than what was here before.
0:53:30 > 0:53:33But let's leave talk of zombies behind
0:53:33 > 0:53:37and get back to the real world, to see if the rest of this house
0:53:37 > 0:53:38has been brought...
0:53:38 > 0:53:43# Back to life, back to the present time
0:53:43 > 0:53:47# Back from a fantasy, yes. #
0:53:47 > 0:53:50This house has certainly been resurrected.
0:53:50 > 0:53:54Sean removed that wall and got rid of the ground-floor loo to create a
0:53:54 > 0:53:58nice, big, open-plan kitchen-dining space.
0:53:58 > 0:54:01All the damp throughout the house has been taken care of,
0:54:01 > 0:54:03the walls replastered and freshly painted,
0:54:03 > 0:54:07with only a few finishing touches to be done.
0:54:07 > 0:54:11Upstairs, the three bedrooms have been redecorated and the bathroom
0:54:11 > 0:54:12has also been modernised.
0:54:12 > 0:54:15But Sean didn't stop there and has taken it up a level,
0:54:15 > 0:54:19quite literally, by converting the loft space.
0:54:19 > 0:54:24He's added a fourth bedroom with an en-suite and he has been living here
0:54:24 > 0:54:27while tackling this build almost all on his own.
0:54:27 > 0:54:29Tough or what?
0:54:29 > 0:54:31It wasn't too difficult, really.
0:54:33 > 0:54:35I do... I'm a builder, I do lofts all the time.
0:54:35 > 0:54:36It's done on a permitted development,
0:54:36 > 0:54:39so it wasn't really much of a problem.
0:54:39 > 0:54:42It's a tricky size, tricky shape,
0:54:42 > 0:54:45but it's my property and I'm more working to cleanse the spec
0:54:45 > 0:54:49so I can do what I want and make it an easy build for myself.
0:54:49 > 0:54:52So no problems, really.
0:54:52 > 0:54:55Sean has been working on his first project for five months
0:54:55 > 0:54:59and hasn't been taking a wage in order to make his 20-grand budget
0:54:59 > 0:55:03spread as far as possible. So what has been his total spend?
0:55:03 > 0:55:0625, maybe, but no more.
0:55:06 > 0:55:10If I had that much more money, so, 25,000 has covered the whole budget.
0:55:10 > 0:55:12It's mainly materials.
0:55:12 > 0:55:15I've had one or two casual labourers work with me
0:55:15 > 0:55:17and I had to get a mate of mine
0:55:17 > 0:55:21to do the roof but generally, 25,000.
0:55:21 > 0:55:25I only had 20 to start with and I had to borrow from Mummy to get 25.
0:55:25 > 0:55:27I really enjoyed the build.
0:55:27 > 0:55:30I love building.
0:55:30 > 0:55:32My dream is to build, I'm a builder.
0:55:32 > 0:55:35And if the right price comes along, and I sell it,
0:55:35 > 0:55:37I'm quite happy to go and do this all over again.
0:55:37 > 0:55:39I really enjoyed it.
0:55:40 > 0:55:42Well, it's time to find out if the prices are right
0:55:42 > 0:55:46from two local estate agents. Let's see what they think of the property
0:55:46 > 0:55:48before giving us their valuations.
0:55:51 > 0:55:52We saw the property about five months ago.
0:55:52 > 0:55:55Really impressed with what they've done with it today.
0:55:55 > 0:55:57Looks great, looking round the property,
0:55:57 > 0:55:59very impressed with the finish. I like the way they've put the
0:55:59 > 0:56:01kitchen into the second reception room
0:56:01 > 0:56:03and a nice tidy-up on the garden.
0:56:03 > 0:56:05I think the loft conversion's a great addition as well.
0:56:05 > 0:56:07There's a real big demand for four-bedroom properties in
0:56:07 > 0:56:10the area currently. We find that they seem to sell very quickly
0:56:10 > 0:56:13in this marketplace, due to the fact we've got bigger families these days.
0:56:13 > 0:56:16It's a slightly cheaper area to be in, so yeah,
0:56:16 > 0:56:18it's a really good idea to have done it.
0:56:18 > 0:56:20I think the ground floor layout definitely works well
0:56:20 > 0:56:24within the size of the property. It's definitely bright and airy.
0:56:24 > 0:56:27It's got natural light coming through and, in my opinion,
0:56:27 > 0:56:29he's done a very good job.
0:56:29 > 0:56:30To be honest with you,
0:56:30 > 0:56:34having an extra bathroom on the ground floor
0:56:34 > 0:56:37would definitely help sell a property. So, in my opinion,
0:56:37 > 0:56:41I don't think he should have lost the ground floor WC.
0:56:41 > 0:56:43OK, well, let's see how those opinions translate
0:56:43 > 0:56:45into profit for Sean.
0:56:45 > 0:56:49He spent a total of £327,000 but what could it sell for?
0:56:52 > 0:56:54For sale, in this market at the moment, I'd say
0:56:54 > 0:56:57you're looking in the region of about 430 to £440,000.
0:56:57 > 0:57:01I would value the property in the present condition it's in
0:57:01 > 0:57:04anywhere between 400,000 and 425,000.
0:57:05 > 0:57:07I was expecting 1.5 million...
0:57:07 > 0:57:09Well, he's joking!
0:57:09 > 0:57:11At least, I think he is.
0:57:11 > 0:57:14Beggars can't be choosers so yeah, not too bad. I'm happy.
0:57:15 > 0:57:19Well, it is London so maybe if he held on to it, you never can tell.
0:57:19 > 0:57:21All joking aside, with those real valuations,
0:57:21 > 0:57:27Sean stands to make a profit of anywhere from 73 to 113,000,
0:57:27 > 0:57:29less fees and taxes, of course.
0:57:29 > 0:57:34So he must be pleased with his first project going so well.
0:57:34 > 0:57:37Really happy. I really, really enjoyed it.
0:57:37 > 0:57:42I get to do what I want, no slagging lists any more!
0:57:42 > 0:57:43Very, very happy.
0:57:43 > 0:57:45I can't wait to do another one.
0:57:45 > 0:57:46I'd love to do another one, yes.
0:57:46 > 0:57:49Really happy. Really happy, especially if I get this money.
0:57:49 > 0:57:50Yes, very happy.
0:57:54 > 0:57:58Property auctions attract all manner of people with different stories.
0:57:58 > 0:58:01And we have followed thousands of them, all over the years.
0:58:01 > 0:58:03So make sure you join us next time for more here on
0:58:03 > 0:58:07- Homes Under The Hammer.- See you then. Goodbye.- Goodbye.- Goodbye.