0:00:02 > 0:00:04Hello and welcome to the show. Now, buying property is a fairly
0:00:04 > 0:00:07major investment decision, so it's not one to be taken lightly.
0:00:07 > 0:00:08Yes, it can be stressful,
0:00:08 > 0:00:09and the stakes are high.
0:00:09 > 0:00:12But if you have a passion for property like us, well,
0:00:12 > 0:00:14it can be an enjoyable process,
0:00:14 > 0:00:17so why not buy your next home under the hammer?
0:00:43 > 0:00:46No matter how much research you've done,
0:00:46 > 0:00:48buying a property at auction can still be a bit of a risk.
0:00:48 > 0:00:51Yes, but the more you've looked into it,
0:00:51 > 0:00:53the more you've done that research,
0:00:53 > 0:00:55then the more things are stacked in your favour.
0:00:55 > 0:00:58Yes, have today's buyers made the right moves?
0:00:58 > 0:00:59Let's find out.
0:01:00 > 0:01:02First up, in Tonbridge, Kent,
0:01:02 > 0:01:05a property is driving Lucy around the bend.
0:01:05 > 0:01:07You've bought yourselves a right old toilet.
0:01:07 > 0:01:08I've always wanted to say that!
0:01:08 > 0:01:09LAUGHTER
0:01:10 > 0:01:12Whilst in Wolverhampton,
0:01:12 > 0:01:15Lee's business partner has a unique approach to house-buying.
0:01:16 > 0:01:19Who buys a house because they have to go at two o'clock?
0:01:19 > 0:01:20DION LAUGHS
0:01:20 > 0:01:24And in the popular area of Kidsgrove in Stoke-on-Trent,
0:01:24 > 0:01:27I find every developer's dream.
0:01:27 > 0:01:30It is the worst house on the best street.
0:01:31 > 0:01:34All of these properties have been sold at auction,
0:01:34 > 0:01:37and we'll find out who bought them and what they paid for them
0:01:37 > 0:01:39when they went under the hammer.
0:01:39 > 0:01:40Sold, it's yours.
0:01:43 > 0:01:45Tonbridge is a pretty market town in Kent,
0:01:45 > 0:01:48with lots of shops and lovely river views.
0:01:48 > 0:01:51Prices are generally cheaper than its nearby neighbours
0:01:51 > 0:01:54like Tunbridge Wells and Sevenoaks, despite the very good schools
0:01:54 > 0:01:57and equally good rail links to the capital.
0:01:57 > 0:02:01Sounds like it could be a very good place to be.
0:02:01 > 0:02:03Let's track down some property.
0:02:03 > 0:02:05One property here is reckoned to be
0:02:05 > 0:02:08the best-preserved motte-and-bailey castle in England.
0:02:08 > 0:02:13Yes, Tonbridge is a historic town, but the rail link Lucy mentioned
0:02:13 > 0:02:17will get you the 29 miles to London in just over 40 minutes.
0:02:19 > 0:02:23Tucked away just off the High Street is the lot I'm here to see.
0:02:23 > 0:02:27You might guess that it's not your standard property when I tell you
0:02:27 > 0:02:31that the average price around here is a little over 350,000,
0:02:31 > 0:02:36but this had a guide price of only 10,000-12,000.
0:02:36 > 0:02:39I'm quite excited by that price.
0:02:39 > 0:02:41Oh, no, it's a toilet.
0:02:41 > 0:02:44No, I really mean it IS a toilet!
0:02:44 > 0:02:48But, as toilets go, this one is making quite a splash.
0:02:48 > 0:02:50Yes, Lucy, there's a ladies'...
0:02:53 > 0:02:54..a bicycle park...
0:02:56 > 0:02:58..gents', disabled loo...
0:02:58 > 0:03:01# Yeah, here we go Looby Loo... #
0:03:01 > 0:03:05- ..brick built with a tiled roof... - # Here we go Looby Li... #
0:03:05 > 0:03:08..and with tonnes of parking.
0:03:08 > 0:03:10You get all the good jobs, Lucy!
0:03:10 > 0:03:13Public conveniences are costly to maintain,
0:03:13 > 0:03:15so councils are finding them
0:03:15 > 0:03:18increasingly inconvenient - ha-ha - to keep open.
0:03:19 > 0:03:22So, for your money, you get one small block,
0:03:22 > 0:03:25but no matter how many times I walk around it,
0:03:25 > 0:03:30it's not filling me with excitement, and, quite frankly, as a toilet,
0:03:30 > 0:03:33I don't think this'll ever leave you feeling flush.
0:03:33 > 0:03:35Sorry. But, on thinking,
0:03:35 > 0:03:38could the toilet work for another kind of commercial venture?
0:03:38 > 0:03:41How about something like a hairdresser's?
0:03:41 > 0:03:44There are lovely views over this river. You could sit there
0:03:44 > 0:03:47looking at that while you're waiting for your hair to dry.
0:03:47 > 0:03:50So, from hand dryers to hairdryers could be an option.
0:03:50 > 0:03:52Ha! I see what you did there, Lucy!
0:03:52 > 0:03:55Another possibility is to think outside the box.
0:03:55 > 0:03:58There are residential properties close by,
0:03:58 > 0:04:02so, rather than a bog-standard commercial application - ahem -
0:04:02 > 0:04:05would the planners consider residential use?
0:04:05 > 0:04:08Before we start to get too carried away with this idea,
0:04:08 > 0:04:11there are a few things that could limit the development.
0:04:11 > 0:04:13There's a river behind it,
0:04:13 > 0:04:17which could restrict any additions to the existing building.
0:04:17 > 0:04:21Plus, there's the flood risk that river also poses. Hmm!
0:04:21 > 0:04:23There are trees surrounding the loos,
0:04:23 > 0:04:27which could restrict the height of any development and, finally,
0:04:27 > 0:04:30it's a narrow road which doesn't have the easiest access.
0:04:30 > 0:04:35My gut instinct is the planners could take a cis-STERN view
0:04:35 > 0:04:40and pull the chain if you try and take the development too far.
0:04:40 > 0:04:43Meanwhile, on his way to the loo -
0:04:43 > 0:04:46in a professional capacity, of course - is the local estate agent
0:04:46 > 0:04:49we called in to give some valuation.
0:04:49 > 0:04:51Bet he doesn't get many viewings like this one!
0:04:53 > 0:04:54It is very rare
0:04:54 > 0:04:57to come across toilets for sale, so this could be quite exciting
0:04:57 > 0:05:01in the area to see what they renovate or what it becomes.
0:05:01 > 0:05:03If planning is granted for a commercial property,
0:05:03 > 0:05:05like a hairdresser's,
0:05:05 > 0:05:09what rental would it be able to achieve after conversion?
0:05:09 > 0:05:13As a commercial business, this probably could rent for between
0:05:13 > 0:05:17£1,000 per calendar month to £2,000 per calendar month.
0:05:17 > 0:05:19Not bad on a guide price of 10-12,000.
0:05:19 > 0:05:22The buyer could be spending a pretty penny.
0:05:22 > 0:05:24What about resale?
0:05:25 > 0:05:29This property, being used as a commercial property,
0:05:29 > 0:05:34could be sold on for, let's say, £75,000 to £80,000.
0:05:34 > 0:05:36TOILET FLUSHES
0:05:39 > 0:05:42Challenging? I think so. Profitable? It could be.
0:05:42 > 0:05:44Do I like it? Yes, I think I do.
0:05:44 > 0:05:48So, who fancied going to auction and taking home a toilet?
0:05:48 > 0:05:51Let's find out, when this one went under the hammer.
0:05:51 > 0:05:53Former public toilets in Tonbridge.
0:05:53 > 0:05:58And they were convenient, but not any more now, cos they're locked.
0:05:58 > 0:06:01Guided at 10-12. £10,000 anywhere?
0:06:01 > 0:06:03Ten, I'm on the way. 12 now, I'm looking for.
0:06:03 > 0:06:0612, may I say? 12, may I say? 12, 12...
0:06:06 > 0:06:09Bidding soon eclipses the guide price and continues apace,
0:06:09 > 0:06:14- until we re-join the bidding at 55,000.- £55,000 I've got.
0:06:14 > 0:06:1955,000. 56,000. 57,000. 57...
0:06:19 > 0:06:22He obviously wants it as well. 57...
0:06:22 > 0:06:26At £56,000 I have, for the first time.
0:06:26 > 0:06:29£56,000 for the second time.
0:06:29 > 0:06:31Third and final time, at 57, I'm bid.
0:06:31 > 0:06:3458. 59 now.
0:06:34 > 0:06:3759, do I say? 59, do I say?
0:06:37 > 0:06:39At £58,000.
0:06:39 > 0:06:43And nine I'm looking for. At 58 for the first time...
0:06:43 > 0:06:4559. Fill it up to 60?
0:06:45 > 0:06:48At 60. And one. 61?
0:06:48 > 0:06:53At £60,000 for the first time, £60,000 for the second time.
0:06:53 > 0:06:54Third and final time.
0:06:54 > 0:06:57With you in the doorway. All done at 60. All done.
0:06:57 > 0:06:59- GAVEL BANGS - You've done it at 60,000.
0:06:59 > 0:07:02- Well done, sir. - This couple really wanted the loo
0:07:02 > 0:07:06and paid £60,000 for the PRIVY-lege. Hmm!
0:07:06 > 0:07:08They're locals Sasha and Avril,
0:07:08 > 0:07:11who are living in rented accommodation at the moment,
0:07:11 > 0:07:14having just bought an oasthouse to convert.
0:07:14 > 0:07:16Sasha has his own cleaning company,
0:07:16 > 0:07:19and Avril is a human resources consultant.
0:07:19 > 0:07:23Lucy met with them by the side of the Medway to discuss their plans.
0:07:26 > 0:07:29Avril and Sasha, so lovely to meet you.
0:07:29 > 0:07:31You've brought yourselves a right old toilet.
0:07:31 > 0:07:34- I've always wanted to say that! - LAUGHTER
0:07:34 > 0:07:36So, come on, then, tell me the story!
0:07:37 > 0:07:42- Er...- Sasha first saw the toilet on the internet,
0:07:42 > 0:07:47and saw it was up for sale at the auction, right off the High Street.
0:07:47 > 0:07:50Um, lots and lots of potential.
0:07:50 > 0:07:53Sasha, tell me, what were you doing looking up toilets on the internet?
0:07:53 > 0:07:57- Come on.- I was looking for some property investment and, er...
0:07:57 > 0:08:00and I wanted not a big project.
0:08:00 > 0:08:03I mean, the main purpose was for our retirement.
0:08:03 > 0:08:07So, come on, you guys must have some sort of idea of what you want to do
0:08:07 > 0:08:09- with this place.- Lots of things have gone through our heads.
0:08:09 > 0:08:13My first would be, um... a little art gallery,
0:08:13 > 0:08:16and selling art supplies, because I love painting.
0:08:16 > 0:08:18And it would work within that building.
0:08:18 > 0:08:21- The fabric of that building...- Yeah. - ..could pretty much stay as it is,
0:08:21 > 0:08:23- and that would really work.- Yeah.
0:08:23 > 0:08:25Now, I'm guessing that's not your number-one choice.
0:08:25 > 0:08:28- No, not quite, not quite. - LUCY LAUGHS
0:08:28 > 0:08:32I mean, to be honest, um, my choice would mean, um...
0:08:32 > 0:08:35I always wanted to open a cleaning supplies shop
0:08:35 > 0:08:37for commercial businesses, and you don't find many of them.
0:08:37 > 0:08:40So you would like to turn it into your business.
0:08:40 > 0:08:42- You would like to go with your heart...- Hobby, yeah.
0:08:42 > 0:08:44..and off you go with your art gallery.
0:08:44 > 0:08:47Yes, yeah. And it's so picturesque by the river,
0:08:47 > 0:08:49- it would be perfect for it. - I'm with you.
0:08:49 > 0:08:50Sorry, I'm with Avril on this.
0:08:50 > 0:08:53- If she pays me enough rent... - AVRIL LAUGHS
0:08:53 > 0:08:55..she can have the place. If she pays me enough rent,
0:08:55 > 0:08:58she can happily rent it from me.
0:08:58 > 0:09:00- MARTIN:- Avril's plans do sound great,
0:09:00 > 0:09:03and surely she can negotiate a good rent.
0:09:03 > 0:09:05But the couple have also been exploring their other options,
0:09:05 > 0:09:08turning it into a residential property.
0:09:08 > 0:09:10I've had an architect come and look at it,
0:09:10 > 0:09:14and we would hope that we might be able to extend upwards
0:09:14 > 0:09:19and also outwards, the width across upstairs,
0:09:19 > 0:09:23enough to create perhaps a two-bedroomed cottage.
0:09:23 > 0:09:25And we're also, at the moment, talking to the council
0:09:25 > 0:09:28about the land behind it to see if we can buy it.
0:09:28 > 0:09:33If we could, that would give us lots of room to have a nice decking area
0:09:33 > 0:09:35overlooking the river, so it could be a really,
0:09:35 > 0:09:36really pretty little cottage.
0:09:36 > 0:09:39I mean, two studio flats would also be a good idea.
0:09:39 > 0:09:41- Yeah, that's an alternative. - That's an alternative,
0:09:41 > 0:09:45and also, again, with the balcony, with outdoor space,
0:09:45 > 0:09:48- I think it might even be better, a studio, than...- I agree.
0:09:48 > 0:09:51I actually think that it's much more suited
0:09:51 > 0:09:55in an area like that than one residential dwelling.
0:09:55 > 0:10:01If not, my wife moves in. She goes upstairs, I go downstairs.
0:10:01 > 0:10:04You can both live in the loo together!
0:10:04 > 0:10:07Exactly, no? She gets the top floor, I go downstairs, no?
0:10:07 > 0:10:10- And that's the perfect idea. - How do you feel about that, Avril?
0:10:10 > 0:10:13He might end up in there, but not me.
0:10:13 > 0:10:16- MARTIN:- It sounds like Sasha wouldn't mind
0:10:16 > 0:10:17living in the toilets himself.
0:10:17 > 0:10:20He gets dewy-eyed every time it's mentioned.
0:10:23 > 0:10:30# You are so beautiful
0:10:30 > 0:10:33# To me
0:10:36 > 0:10:44# You are so beautiful
0:10:44 > 0:10:49# To me
0:10:49 > 0:10:50# Can't you see...? #
0:10:51 > 0:10:53So you don't quite know what you're going to do.
0:10:53 > 0:10:55What sort of budget have you got to spend on it?
0:10:55 > 0:10:58Or does that depend on what you're going to do with it?
0:10:58 > 0:11:01It depends. I mean, if we just do a shop out of it as it is now,
0:11:01 > 0:11:04we're looking at £15,000 to £20,000.
0:11:04 > 0:11:08If you'd be able to extend it to the top, £40,000-£60,000.
0:11:08 > 0:11:10So we are pretty open.
0:11:10 > 0:11:12And since we're looking at a long-term investment,
0:11:12 > 0:11:15not as a short-term, we're pretty flexible.
0:11:15 > 0:11:18We want something nice there. It's not going to be half-hearted.
0:11:18 > 0:11:20And for me, personally, when I buy something,
0:11:20 > 0:11:24I need to work towards it and feel a certain pride.
0:11:24 > 0:11:26- Yeah.- I wouldn't like... - There's love for the loo.
0:11:26 > 0:11:27- Yes!- He loves it.
0:11:27 > 0:11:30It's love for the loo, which I'm very happy about.
0:11:30 > 0:11:34One of my clients corrected me, she said lavatory.
0:11:34 > 0:11:36- Lavatory!- She said lavatory. - Love a lavatory.
0:11:36 > 0:11:39She said, "You don't call it toilet, you call it lavatory."
0:11:39 > 0:11:42Guys, how long's it going to take you to get to your end result?
0:11:43 > 0:11:45Three, four months.
0:11:45 > 0:11:47If we're going for planning,
0:11:47 > 0:11:49we think that will be at least six weeks.
0:11:49 > 0:11:51And then, again, it depends what we do.
0:11:51 > 0:11:52Guys, I'm so excited.
0:11:52 > 0:11:55This has been one of the fun Homes Under The Hammer properties
0:11:55 > 0:11:56that I've really enjoyed doing.
0:11:56 > 0:11:58And I actually... I love the lavatory too.
0:11:58 > 0:12:00I think it's fantastic.
0:12:00 > 0:12:02I love the materials used, I love the location.
0:12:02 > 0:12:06Good luck with this and I cannot wait to see the outcome.
0:12:06 > 0:12:08- Avril.- Thank you. - So lovely to see you.
0:12:08 > 0:12:10Sasha, good luck with it.
0:12:10 > 0:12:11Keep smiling.
0:12:14 > 0:12:17Avril and Sasha have big plans for this little plot,
0:12:17 > 0:12:19but it could drive them round the bend
0:12:19 > 0:12:22if they don't get the planning permission that they need.
0:12:22 > 0:12:24Join me later in the programme and you can find out
0:12:24 > 0:12:27if they go for that commercial option, number one,
0:12:27 > 0:12:30or a number two, residential.
0:12:36 > 0:12:39I'm in the West Midlands in one of the country's newer cities,
0:12:39 > 0:12:44Wolverhampton. It was one of three Millennium Cities in 2000.
0:12:44 > 0:12:47It has smart shops, galleries, museums
0:12:47 > 0:12:49and a vibrant student population.
0:12:49 > 0:12:53Always a good indicator for a property investor.
0:12:53 > 0:12:55The house I'm here to see is just here.
0:12:55 > 0:12:59It's in a great location with great road links nearby as well.
0:12:59 > 0:13:04It's got three bedrooms and it has a guide price of £68,000.
0:13:04 > 0:13:05Let's have a look.
0:13:09 > 0:13:11Wow.
0:13:11 > 0:13:14Nice, big, open space here.
0:13:14 > 0:13:19But I've seen a little bit of damp down there.
0:13:19 > 0:13:21Even more signs of damp.
0:13:21 > 0:13:23It's not a good sign as you walk through the door.
0:13:23 > 0:13:25It's not what I wanted to see,
0:13:25 > 0:13:26but it's a nice, big, open space.
0:13:26 > 0:13:28It's got central heating, though, which is good.
0:13:28 > 0:13:30And then into the second part.
0:13:30 > 0:13:33Or, should I say, which would have been the second room?
0:13:33 > 0:13:35There would have been a partition wall there
0:13:35 > 0:13:36to have two separate rooms.
0:13:36 > 0:13:38But I think it's a good idea to open it up.
0:13:38 > 0:13:42It makes it nice and fresh and spacious.
0:13:42 > 0:13:45It has to be said, those stairs are not pretty
0:13:45 > 0:13:47in the middle of the room.
0:13:47 > 0:13:51It might be possible to move them if you wanted to keep it one big area.
0:13:51 > 0:13:53However, before you get your hammer out,
0:13:53 > 0:13:56there are detailed building regulations on stairs.
0:13:56 > 0:14:01Everything from a maximum pitch - it's 42 degrees, if you're asking -
0:14:01 > 0:14:04to rules on hand rails, to the size of the risers.
0:14:04 > 0:14:05So get them checked out first.
0:14:08 > 0:14:10And through into the kitchen.
0:14:10 > 0:14:11A nice-sized galley kitchen.
0:14:11 > 0:14:14It doesn't look in too bad condition, either,
0:14:14 > 0:14:17might get away with keeping this and refurbing it,
0:14:17 > 0:14:23or you could just change the doors, give it a bit of a freshen-up.
0:14:23 > 0:14:24But I have seen...
0:14:24 > 0:14:27OK, bit of a measurement there.
0:14:27 > 0:14:30Might have got that wrong as, er...
0:14:30 > 0:14:33that sort of veers off into the wall.
0:14:36 > 0:14:39# Made to measure
0:14:39 > 0:14:42# So I thought
0:14:42 > 0:14:46# I paid out for something
0:14:46 > 0:14:48# I never got
0:14:50 > 0:14:51# Nothing fit... #
0:14:54 > 0:14:56Something's a bit off here.
0:14:56 > 0:14:57Is it merely just the worktop?
0:14:57 > 0:15:00Or, perhaps, it is these walls.
0:15:00 > 0:15:04I think this extension's not quite as square as it could be.
0:15:04 > 0:15:07The kitchen definitely needs some skilled joinery.
0:15:07 > 0:15:09Through here, right at the end of the property,
0:15:09 > 0:15:12you have got the family bathroom, which is a good size.
0:15:12 > 0:15:14It looks in half-decent condition as well.
0:15:14 > 0:15:16I'd personally want to change it,
0:15:16 > 0:15:17but you might get away with keeping it,
0:15:17 > 0:15:20depending on what you want to do with this property.
0:15:20 > 0:15:24The downstairs is, of course, typical in these kinds of houses.
0:15:24 > 0:15:25But on the plus side,
0:15:25 > 0:15:30this extension means that you've got three bedrooms upstairs.
0:15:30 > 0:15:32OK, upstairs we have the three bedrooms.
0:15:32 > 0:15:34There's one at the front of the property there,
0:15:34 > 0:15:37which looks like the master bedroom.
0:15:37 > 0:15:41Unfortunately, there's more signs of damp in there.
0:15:41 > 0:15:43And there's more signs along the corridor
0:15:43 > 0:15:46in the third bedroom as well, which is not great.
0:15:46 > 0:15:48And this bedroom separates the two.
0:15:48 > 0:15:50Single bedroom, maybe.
0:15:50 > 0:15:53But, look, there's more signs of damp as well.
0:15:53 > 0:15:57I'm just trying to figure out where that could be coming from.
0:15:57 > 0:15:59Possibly that guttering there, which doesn't look in great condition.
0:15:59 > 0:16:02As you can see, it's come through into the house
0:16:02 > 0:16:03and it's all breaking away.
0:16:03 > 0:16:06It's even going to come away in my hand, look.
0:16:06 > 0:16:08That is just all rotten.
0:16:08 > 0:16:10And it's come all the way down the window
0:16:10 > 0:16:14and it's rotting the windowsill as well.
0:16:14 > 0:16:18We've got to the bottom of this damp issue.
0:16:18 > 0:16:20But where is the rest coming from?
0:16:20 > 0:16:23That's what's worrying me.
0:16:23 > 0:16:26# Reasons
0:16:26 > 0:16:31# I keep looking for reasons... #
0:16:31 > 0:16:34There are all sorts of reasons for damp -
0:16:34 > 0:16:37rising damp, penetrating damp, and condensation.
0:16:37 > 0:16:41Each needs to be treated in a different way.
0:16:41 > 0:16:43So if you're not sure what sort of damp it is
0:16:43 > 0:16:44or what kind of problem you've got,
0:16:44 > 0:16:48consult a damp specialist and see what they say,
0:16:48 > 0:16:51as it could turn out to be something more serious than you think.
0:16:51 > 0:16:57# That just ain't no good. #
0:16:59 > 0:17:04What is good is getting the opinion of a local property expert.
0:17:04 > 0:17:07So we asked one along to get her thoughts on this house.
0:17:08 > 0:17:10My first impression of the property
0:17:10 > 0:17:13is that it does need some work doing to it.
0:17:13 > 0:17:16At the moment, the standard is quite low.
0:17:16 > 0:17:20I would say cosmetic, basically, the bathroom and the kitchen.
0:17:20 > 0:17:22I would have a look at the damp issues
0:17:22 > 0:17:25that I've found in most of the rooms.
0:17:27 > 0:17:28And if all the works are completed,
0:17:28 > 0:17:32what kind of figures could we expect from both sales and rental market?
0:17:34 > 0:17:39I would say, for rental figure, it would be £550 per calendar month.
0:17:39 > 0:17:42For a resale, once the work has been done,
0:17:42 > 0:17:48I would say approximately about £85,000.
0:17:48 > 0:17:50This is a decent, solid, terraced house.
0:17:50 > 0:17:53I do like what they've done with the downstairs,
0:17:53 > 0:17:57making it kind of open-plan, but I do worry about that damp.
0:17:57 > 0:18:00It might be a big issue, then again, it might not be.
0:18:00 > 0:18:01Let's hope it's the latter.
0:18:01 > 0:18:04Let's see who wanted to take on this property's issues
0:18:04 > 0:18:06when it went under the hammer.
0:18:06 > 0:18:08A well-presented, three-bedroom, mid-terrace property.
0:18:08 > 0:18:10Who'll start me off on the guide at 68?
0:18:10 > 0:18:1368, I'm looking for to get this started.
0:18:13 > 0:18:1866. 66. 65. 65. 64.
0:18:18 > 0:18:1964,000, thank you.
0:18:19 > 0:18:21At £64,000, is bid.
0:18:21 > 0:18:2365. 65 is bid.
0:18:23 > 0:18:25And 6. 65, I have.
0:18:25 > 0:18:2766. 66 is bid.
0:18:27 > 0:18:29And 7. 67 is bid.
0:18:29 > 0:18:31And 8. And 9.
0:18:31 > 0:18:3369 is bid. And 70.
0:18:33 > 0:18:37And a half. At 69 and a half, treat it exactly the same.
0:18:37 > 0:18:3870. Thank you.
0:18:38 > 0:18:4070 is bid. And a half again.
0:18:40 > 0:18:4370 and a half. 71 is bid.
0:18:43 > 0:18:44And a half.
0:18:46 > 0:18:4872. No.
0:18:48 > 0:18:50At 71,500, front row.
0:18:50 > 0:18:53Are you sure? At 71,500 then, for the first time.
0:18:53 > 0:18:55For the second time.
0:18:55 > 0:18:59It goes, ladies and gentlemen, make no mistake, at 71,500,
0:18:59 > 0:19:02the hammer's up. It goes at 71,500. Thank you, sir.
0:19:02 > 0:19:07The successful bidder paying 71-and-a-half grand was Wahid,
0:19:07 > 0:19:08who was there with his business partner, Lee.
0:19:11 > 0:19:14I met Lee to find out why they went for this property.
0:19:16 > 0:19:17- Lee, nice to meet you. - Nice to meet you.
0:19:17 > 0:19:19- Congratulations, pal. - Thank you very much.
0:19:19 > 0:19:21Tell me why you bought this particular property.
0:19:21 > 0:19:23We didn't intend to buy it.
0:19:23 > 0:19:25We got a shortlist of seven to bid on.
0:19:27 > 0:19:29We lost two of the first three,
0:19:29 > 0:19:32on the last hammer, so it was a bit frustrating.
0:19:32 > 0:19:34But it was going on for quite some time,
0:19:34 > 0:19:36and unfortunately my business partner, Wahid,
0:19:36 > 0:19:38had to go at two o'clock.
0:19:38 > 0:19:43Unfortunately he was getting a little bit edgy, to say the least,
0:19:43 > 0:19:46sort of thing, and nervy, so he ended up bidding on a house
0:19:46 > 0:19:49that he'd seen on his mobile phone five minutes previous.
0:19:49 > 0:19:50No, he didn't!
0:19:50 > 0:19:54So, he put a bid in,
0:19:54 > 0:19:57a couple of bids, and we won it.
0:19:58 > 0:20:00Unfortunately!
0:20:00 > 0:20:02We weren't expecting that.
0:20:02 > 0:20:05So the other ones we had on the shortlist
0:20:05 > 0:20:07went well above our price anyway,
0:20:07 > 0:20:09so at least we didn't come away empty-handed.
0:20:09 > 0:20:14But, who buys a house because they have to go at two o'clock?
0:20:14 > 0:20:16- Oh, dear. - So, I only saw the place last week.
0:20:16 > 0:20:18So what work are you going to do to this property?
0:20:18 > 0:20:21Well, we're going to stud wall the front room
0:20:21 > 0:20:25and separate it into two rooms. Just to...
0:20:25 > 0:20:28Because that stairs is a little bit of an eyesore at the moment for us.
0:20:28 > 0:20:30We're going to redo the kitchen.
0:20:30 > 0:20:33We thought about just changing the panels and everything.
0:20:33 > 0:20:35But it's only a small kitchen anyway,
0:20:35 > 0:20:38so it's not going to cost a huge amount. And the bathroom.
0:20:38 > 0:20:41- You can pick up a bathroom for less than £500.- Yes.
0:20:41 > 0:20:44For the sake of that we may as well make everything new, spick and span.
0:20:44 > 0:20:47Exactly. What about the damp issues?
0:20:47 > 0:20:49Damp issues. I shouldn't expect too much.
0:20:49 > 0:20:53We're going to have a guy come in next week to have a look at it.
0:20:53 > 0:20:56I can't see it being that much of a problem.
0:20:56 > 0:20:58I think it looks a little bit worse than what it is.
0:20:58 > 0:20:59It should be easily fixed.
0:20:59 > 0:21:02From what I can see, it's just that bit of guttering that can be done.
0:21:02 > 0:21:05- OK.- Once we get that done, get it all cleaned off,
0:21:05 > 0:21:06hopefully it'll be all right,
0:21:06 > 0:21:09but I'll have somebody in to have a look at it just to make double sure.
0:21:09 > 0:21:11- OK. Are you doing this full-time now? Is this your job?- No, no.
0:21:11 > 0:21:14I'm actually an international property consultant,
0:21:14 > 0:21:16which sounds quite glamorous.
0:21:16 > 0:21:18- International?- Yeah, yeah, yeah.
0:21:18 > 0:21:21I'm always a bit embarrassed telling people my job title.
0:21:21 > 0:21:24It is quite glamorous, actually, I'm not going to lie about it.
0:21:24 > 0:21:27But we wanted to do something in the UK as well, sort of thing.
0:21:27 > 0:21:30- OK.- So this is kind of a part-time thing at the moment.
0:21:30 > 0:21:32Keeping the other stuff going as well.
0:21:32 > 0:21:34Just give us the title again. International...
0:21:34 > 0:21:36- International property consultant. - Oh, is that right?
0:21:36 > 0:21:39# International affair... #
0:21:39 > 0:21:44Lee, who lives in Derby, is used to sourcing properties in Florida,
0:21:44 > 0:21:47Spain and other overseas locations for buyers.
0:21:47 > 0:21:50It's a tough job, Lee, but someone's got to do it.
0:21:50 > 0:21:52This is his first development in the UK,
0:21:52 > 0:21:55and he plans to do it up and flip it.
0:21:55 > 0:21:58But it doesn't sound like he and his business partner, Wahid,
0:21:58 > 0:22:00plan on getting their hands dirty.
0:22:00 > 0:22:02Yeah, I mean, I've got a little band of apprentices
0:22:02 > 0:22:05all in their final year that my son has met.
0:22:05 > 0:22:08He's got, er... I've got a trainee sparky,
0:22:08 > 0:22:12trainee plasterer and my own son's got an apprenticeship
0:22:12 > 0:22:14in maintenance, sort of thing.
0:22:14 > 0:22:15So I'll put them here at the weekend,
0:22:15 > 0:22:18they can do all the jobs and I can give them some beer money
0:22:18 > 0:22:20- to go to Wolverhampton. - The house is a guinea pig, then?
0:22:20 > 0:22:22I'll pick them up on Sunday morning.
0:22:22 > 0:22:25But I'll make sure the old carpets are in
0:22:25 > 0:22:27for when they get in, just in case they come back a bit worse for wear.
0:22:27 > 0:22:31And how much is this work going to cost you to flip this house?
0:22:33 > 0:22:36Top budget, I'm going for six grand, but I'm aiming for four.
0:22:36 > 0:22:39Even without finding out - the damp issues -
0:22:39 > 0:22:40if it's going to cost you a few quid,
0:22:40 > 0:22:43you still think four to six grand's going to be enough?
0:22:43 > 0:22:45Yeah, yeah, why not? What could possibly go wrong?
0:22:45 > 0:22:47I love that confidence. Fantastic.
0:22:47 > 0:22:50And how long are you hoping all that work's going to take?
0:22:50 > 0:22:51You've got your band of merry men coming in.
0:22:51 > 0:22:54Six to eight weeks, I'm hoping for.
0:22:54 > 0:22:57I can get the lads in pretty soon, to be honest.
0:22:57 > 0:23:00And then I have to wait - probably be about four, five weeks
0:23:00 > 0:23:03- for the kitchen to arrive. - So what about in the kitchen, then?
0:23:03 > 0:23:05Somebody's not got their measurements quite right.
0:23:05 > 0:23:07Yeah, I didn't notice that
0:23:07 > 0:23:12until I went to measure it up for the kitchen planner.
0:23:12 > 0:23:15It's not ideal, to say the least, but you can work round it.
0:23:15 > 0:23:17You can trim off the back of the units
0:23:17 > 0:23:21and bring it in a little bit more. So, not great by any stretch.
0:23:21 > 0:23:24But, again, it's easily worked around.
0:23:24 > 0:23:26- Nothing to worry about? - It's not a problem.
0:23:26 > 0:23:30- Listen, I wish you all the best. - Thank you very much.- Good luck.
0:23:30 > 0:23:33What a really nice bloke Lee is, with lots of confidence,
0:23:33 > 0:23:34which is just how I like it.
0:23:34 > 0:23:37He doesn't seem too concerned about that damp,
0:23:37 > 0:23:39but I still have my worries.
0:23:39 > 0:23:41Now he's got his band of merry men
0:23:41 > 0:23:43ready to come in and do all the work for him,
0:23:43 > 0:23:46but will they make Lee a merry profit,
0:23:46 > 0:23:48and will Wahid get his hands dirty?
0:23:48 > 0:23:51You can find out how they all get on later in the programme.
0:23:53 > 0:23:55Still to come, in Kidsgrove, Stoke-on-Trent,
0:23:55 > 0:23:58it really is very simple.
0:23:58 > 0:24:00French doors out onto the garden.
0:24:00 > 0:24:02Bingo, you've transformed the house.
0:24:03 > 0:24:06Although in Wolverhampton, it's been more of a learning curve
0:24:06 > 0:24:07for Lee and his team.
0:24:07 > 0:24:10They realise when they haven't got the bosses around -
0:24:10 > 0:24:12they admit it's a little bit more trickier than what they thought.
0:24:18 > 0:24:21Tonbridge in Kent sits beside the River Medway.
0:24:21 > 0:24:25This pretty market town not only has a castle and bags of history,
0:24:25 > 0:24:29but its bustling High Street has all the modern conveniences
0:24:29 > 0:24:30you might need.
0:24:30 > 0:24:33It was tucked away just off that High Street
0:24:33 > 0:24:36that Lucy first saw a remarkable auction lot.
0:24:38 > 0:24:41You might guess that it's not your standard property
0:24:41 > 0:24:44when I tell you that the average price around here
0:24:44 > 0:24:46is a little over 350,000,
0:24:46 > 0:24:51but this had a guide price of only 10,000 to 12,000.
0:24:51 > 0:24:53I'm quite excited by that price.
0:24:54 > 0:24:56Oh, no, it's a toilet.
0:24:56 > 0:24:59No, I really mean, it is a toilet!
0:24:59 > 0:25:02# Oh, no
0:25:02 > 0:25:04# I got that sinking feeling
0:25:04 > 0:25:05# Oh, no... #
0:25:05 > 0:25:09The lot was bought for £60,000 by Sasha,
0:25:09 > 0:25:13who runs a cleaning company, and Avril, who works in HR.
0:25:13 > 0:25:16They had their own differing ideas of this loo with a view.
0:25:18 > 0:25:19Lots of things have gone through our heads.
0:25:19 > 0:25:22My first would be a little art gallery,
0:25:22 > 0:25:24and selling art supplies, because I love painting.
0:25:24 > 0:25:27I'm guessing that's not your number one choice?
0:25:27 > 0:25:29No, not quite. My choice would be...
0:25:30 > 0:25:33I always wanted to open a cleaning supplies shop
0:25:33 > 0:25:35for commercial businesses and you don't find many of them.
0:25:35 > 0:25:37So, you would like to turn it into your business,
0:25:37 > 0:25:39you would like to go with your heart
0:25:39 > 0:25:41and off you go with your art gallery?
0:25:41 > 0:25:42Yes.
0:25:42 > 0:25:46And it's so picturesque by the river. It would be perfect for it.
0:25:46 > 0:25:48I'm with you. Sorry, I'm with Avril on this!
0:25:48 > 0:25:52If she pays me enough rent, she can have the place!
0:25:52 > 0:25:55Along with either an art or cleaning business,
0:25:55 > 0:25:58they were also considering if a residential property
0:25:58 > 0:26:00was a possibility,
0:26:00 > 0:26:04but with no planning permission for anything other than a toilet block,
0:26:04 > 0:26:07they had optimistically hoped that a £20,000
0:26:07 > 0:26:10and three-to-four-month timescale
0:26:10 > 0:26:13might be sufficient to turn it into something new.
0:26:13 > 0:26:16But as can be the case with unusual projects,
0:26:16 > 0:26:19the weeks turn into months and the months turn into years.
0:26:19 > 0:26:22# Keep on holding on
0:26:22 > 0:26:24# I've got to wait
0:26:24 > 0:26:25# Wait for me... #
0:26:27 > 0:26:30But now, three years on, let's not wait any longer.
0:26:32 > 0:26:34TOILET FLUSHES
0:26:36 > 0:26:40Phew! What a relief! The worry that after all this time,
0:26:40 > 0:26:42it might have just been money down the drain,
0:26:42 > 0:26:44but clearly, that's not the case.
0:26:46 > 0:26:49What a striking two-storey building we have!
0:26:53 > 0:26:55We decided to go commercial after we couldn't get residential
0:26:55 > 0:26:58regarding the river at the back of the property.
0:26:58 > 0:27:03Yes, it took us two years to get there, to make a lot of changes,
0:27:03 > 0:27:06but finally, we got there.
0:27:06 > 0:27:09Yes, Sasha and Avril have had all sorts of fun and games
0:27:09 > 0:27:11to get to this stage.
0:27:11 > 0:27:14Flood surveys, planning, structural surveys,
0:27:14 > 0:27:19tree consultancy and they even had to move a lamppost,
0:27:19 > 0:27:22so this building is a testament to their persistence.
0:27:22 > 0:27:25In the end, we didn't go for any of our own businesses.
0:27:25 > 0:27:28In the end, we found Katie to buy the lease from us.
0:27:28 > 0:27:30It's going to be a tea room,
0:27:30 > 0:27:33which I think will attract a lot of business.
0:27:33 > 0:27:35Ah, a tea room? That's a great idea.
0:27:35 > 0:27:39Just off the park, next to the river, off the High Street.
0:27:39 > 0:27:42# Tea for two and two for tea
0:27:42 > 0:27:47# Just me for you and you for me alone... #
0:27:47 > 0:27:50And new tenant Katie was able to make sure the building
0:27:50 > 0:27:52was to her taste.
0:27:52 > 0:27:55We had quite a lot of input, me and my husband.
0:27:55 > 0:27:58Sasha did most of the building work and the design of that,
0:27:58 > 0:28:02but the interior was a lot down to us.
0:28:02 > 0:28:05So, the layout now suits Katie down to a T,
0:28:05 > 0:28:08but what about its overall look?
0:28:08 > 0:28:12It's going to be very vintage style. Cream teas, that kind of thing.
0:28:12 > 0:28:14Downstairs, it's quite a small space
0:28:14 > 0:28:16so there's not going to be much seating,
0:28:16 > 0:28:19so that's why we've got upstairs to have a lot more seating
0:28:19 > 0:28:21and maybe some outside chairs and tables.
0:28:23 > 0:28:25With a long lease now in place with Katie,
0:28:25 > 0:28:27at last Sasha and Avril can start seeing
0:28:27 > 0:28:30the building generating some return,
0:28:30 > 0:28:33but getting to this stage has been anything but a piece of cake,
0:28:33 > 0:28:37and I suspect that the £20,000 proposed budget
0:28:37 > 0:28:39has long been swallowed up.
0:28:39 > 0:28:42In the end, we ended up spending £90,000
0:28:42 > 0:28:46for putting the first floor up there and the whole project.
0:28:46 > 0:28:52Annoyingly, the consultancy fees are over 20,000 on that part,
0:28:52 > 0:28:55while we're next to a river, next to a power station,
0:28:55 > 0:28:57so it was quite a lot of consultancy bills,
0:28:57 > 0:28:59which I never really expected.
0:28:59 > 0:29:02But, in the end, we ended up paying £90,000,
0:29:02 > 0:29:06we got what we wanted, and we have hopefully a building here
0:29:06 > 0:29:08for a long time to come.
0:29:08 > 0:29:10£90,000 is quite an overspend,
0:29:10 > 0:29:14but with the extra floor and the quality of the build,
0:29:14 > 0:29:18they've turned a functional space into oh, so much more.
0:29:18 > 0:29:24But with a £60,000 purchase price, their total spend is now £150,000,
0:29:24 > 0:29:26so have they done the right thing here?
0:29:26 > 0:29:29What to do two local property experts think?
0:29:29 > 0:29:31Yes, it's very nicely converted.
0:29:31 > 0:29:34Commercial properties of this ilk are rare -
0:29:34 > 0:29:37to get a self-contained building.
0:29:37 > 0:29:38On first impressions,
0:29:38 > 0:29:40they've put a good amount of thought into the property
0:29:40 > 0:29:41in how they've laid it out.
0:29:41 > 0:29:43There seems to be plenty of space upstairs
0:29:43 > 0:29:46to place plenty of tables and lots of natural light as well.
0:29:47 > 0:29:49You couldn't ask for more.
0:29:49 > 0:29:51It's very impressive how they've accommodated it
0:29:51 > 0:29:54within the existing building and the extension.
0:29:56 > 0:29:59This is a rather unique and quirky building,
0:29:59 > 0:30:03but it has cost Sasha and Avril £150,000 to get to this stage,
0:30:03 > 0:30:05so was it money well spent?
0:30:06 > 0:30:09In the open market, on a vacant possession basis,
0:30:09 > 0:30:13I think we could achieve a minimum of £175,000.
0:30:13 > 0:30:17I would suggest that with a tenant in place and a strong market,
0:30:17 > 0:30:21a value in the region of £180,000-£200,000.
0:30:21 > 0:30:22Well, that's promising.
0:30:22 > 0:30:24If Sasha and Avril did sell the building on,
0:30:24 > 0:30:29they could see a pre-tax profit of between £25,000 and £50,000,
0:30:29 > 0:30:32but what about its rental potential?
0:30:32 > 0:30:34If we were to lease the property,
0:30:34 > 0:30:37we would look to a minimum rent of £15,000 per annum
0:30:37 > 0:30:39exclusive of all other outgoings.
0:30:39 > 0:30:41In terms of the rental value,
0:30:41 > 0:30:44I would suggest a range of £12,500 to £15,000 per annum.
0:30:44 > 0:30:48Yes, that's just about what we expected with the rental value.
0:30:48 > 0:30:51So, we've already achieved that as well,
0:30:51 > 0:30:55so we're very happy, and very happy to move on as well.
0:30:56 > 0:30:59Those rental returns would generate a yield of around 10%,
0:30:59 > 0:31:02so, in the end, this gamble has paid off,
0:31:02 > 0:31:04but it hasn't been without its problems.
0:31:04 > 0:31:08So would Sasha do another development project?
0:31:08 > 0:31:12Yes, we're looking for something else, but, hopefully, more domestic.
0:31:12 > 0:31:14It's a bit easier converting a domestic property
0:31:14 > 0:31:16compared to a commercial property.
0:31:16 > 0:31:19Laws are much tougher on commercial properties.
0:31:19 > 0:31:20Yes, that might be wise.
0:31:20 > 0:31:24After all, commercial properties aren't everyone's cup of tea.
0:31:31 > 0:31:35I'm in a part of the Potteries Urban Area
0:31:35 > 0:31:37in North Staffordshire, close to the border with Cheshire.
0:31:37 > 0:31:42Here's a clue. RJ Mitchell, the designer of the RAF Spitfire,
0:31:42 > 0:31:44was born in these parts.
0:31:45 > 0:31:47Have you worked out where I am yet?
0:31:49 > 0:31:54Well, I'm in a very popular part of the already very popular Kidsgrove.
0:31:54 > 0:31:58Here to see a classic when it comes to auction properties,
0:31:58 > 0:32:02because it is that thing everyone looks for.
0:32:02 > 0:32:03Well, they should, anyway.
0:32:03 > 0:32:07It is the worst house on the best street.
0:32:07 > 0:32:11£90,000, three-bed semi - round here, got to be a bargain.
0:32:11 > 0:32:15And I'm hoping there are untouched period features inside.
0:32:16 > 0:32:18So, what have we got?
0:32:18 > 0:32:20Well, straightaway, one thing for sure,
0:32:20 > 0:32:21some really lovely features.
0:32:21 > 0:32:25Look at this stained glass in the door panel there.
0:32:25 > 0:32:29Absolutely gorgeous. It just sets the scene for this entrance area.
0:32:29 > 0:32:33In modern houses, this is an area of the house which just seems
0:32:33 > 0:32:35to get smaller and smaller and smaller and smaller.
0:32:35 > 0:32:39In a house like this, built in the 1930s and the 1920s,
0:32:39 > 0:32:41they recognise that this creates an impression
0:32:41 > 0:32:43when you walk through the front door.
0:32:43 > 0:32:45It's beautiful. A really nice space.
0:32:45 > 0:32:46There's an under-stairs cupboard,
0:32:46 > 0:32:48stairs up to the bedrooms, obviously.
0:32:48 > 0:32:51Some of this panelling would be quite nice, stripped back.
0:32:51 > 0:32:54You've got a front sitting room there,
0:32:54 > 0:32:57and then it gets a bit interesting.
0:32:57 > 0:32:59Door out to the back garden and onwards there,
0:32:59 > 0:33:01and through into your kitchen.
0:33:01 > 0:33:04As is often the case with this age of house,
0:33:04 > 0:33:08the one room which kind of fails is the kitchen,
0:33:08 > 0:33:10because it's far too small for the size of the house.
0:33:10 > 0:33:13I don't know why, but that was the way it was, I guess.
0:33:13 > 0:33:15But there is a solution.
0:33:15 > 0:33:17It's an easy one. Well, relatively easy.
0:33:17 > 0:33:20All you need is a big RSJ and a very large hammer,
0:33:20 > 0:33:24because next to the kitchen is this room here.
0:33:24 > 0:33:25Absolutely glorious.
0:33:25 > 0:33:27The rear living room.
0:33:27 > 0:33:30Between this and the kitchen is that wall.
0:33:30 > 0:33:33Now, wouldn't it be great if that wall didn't exist?
0:33:33 > 0:33:36Then you'd have this massive great kitchen-cum-living area,
0:33:36 > 0:33:38French doors out onto the garden.
0:33:38 > 0:33:41Bingo, you've transformed the house.
0:33:42 > 0:33:44But before you start wielding that hammer at home,
0:33:44 > 0:33:47you need to insure that the floors and walls
0:33:47 > 0:33:48are adequately propped up,
0:33:48 > 0:33:52and any steel work is calculated by a structural engineer,
0:33:52 > 0:33:56because you always want to work within building regulations.
0:33:58 > 0:34:01So, upstairs. Again, the first thing that strikes you
0:34:01 > 0:34:04is this really nice-sized landing.
0:34:04 > 0:34:07Again, just giving that feeling of space to the whole house.
0:34:07 > 0:34:09Absolutely lovely.
0:34:09 > 0:34:12One thing you might want to play around with is the bathroom.
0:34:12 > 0:34:18I am not sure that that colour is really everyone's taste,
0:34:18 > 0:34:20but it's cheerful, that's for sure!
0:34:20 > 0:34:24Up here, three bedrooms, all a decent size.
0:34:24 > 0:34:25Again, lots of light coming in,
0:34:25 > 0:34:28especially in these front rooms to the house.
0:34:28 > 0:34:32This bedroom here benefitting, like the downstairs living room,
0:34:32 > 0:34:35from this bay window. Absolutely glorious.
0:34:35 > 0:34:37Some built-in units you'd want to get rid of,
0:34:37 > 0:34:42but all in all, it's a house that you can just add so much value to
0:34:42 > 0:34:44by doing the kitchen conversion I suggested,
0:34:44 > 0:34:47by doing the bathroom, maybe an extension.
0:34:47 > 0:34:52What you've got, though, is a really lovely house in a fantastic area.
0:34:52 > 0:34:53Just brilliant.
0:34:53 > 0:34:57And the period features that I so wished for
0:34:57 > 0:34:59are resplendent in the bedrooms up here,
0:34:59 > 0:35:01but, as is so often the case,
0:35:01 > 0:35:04the colour palette has been turned up to 11!
0:35:06 > 0:35:09Some of the bathroom features, I could happily live without.
0:35:15 > 0:35:18The new purchasers have already started stripping the walls,
0:35:18 > 0:35:23so I hope that a neutral colour scheme is in the offing.
0:35:23 > 0:35:28Step out the back door and there's this little covered lean-to area
0:35:28 > 0:35:32which provides a bit of shelter from the actual garage,
0:35:32 > 0:35:34which you can access through that door there.
0:35:34 > 0:35:36That's a nice size too.
0:35:36 > 0:35:38Lots of really useful outbuildings,
0:35:38 > 0:35:41which is brilliant for storing your garden implements
0:35:41 > 0:35:42and your mower or whatever.
0:35:42 > 0:35:44Then you step outside and you realise
0:35:44 > 0:35:46why you would need those garden implements,
0:35:46 > 0:35:48because you've got a really nice-sized space.
0:35:48 > 0:35:50Look at this!
0:35:50 > 0:35:52What I am also looking at here is the potential for extension.
0:35:52 > 0:35:55If you glance back at the house,
0:35:55 > 0:35:57others haven't done it,
0:35:57 > 0:36:01but I would say there is the possibility of a single-storey,
0:36:01 > 0:36:02within permitted development rules,
0:36:02 > 0:36:05or possibly even a double-storey extension.
0:36:05 > 0:36:07The garden is certainly big enough to cope with that
0:36:07 > 0:36:11and it would enhance what is already a pretty lovely little house.
0:36:16 > 0:36:18We called in a local estate agent
0:36:18 > 0:36:21to get his thoughts on what the house needs
0:36:21 > 0:36:24and what it might be worth when finished.
0:36:24 > 0:36:27The work needed to the property would be a full rewire,
0:36:27 > 0:36:31gas central heating throughout, new windows, total modernisation,
0:36:31 > 0:36:33and potentially maybe a small extension on the back
0:36:33 > 0:36:35to make the kitchen bigger.
0:36:35 > 0:36:37New windows? Sacrilege!
0:36:37 > 0:36:40What's all that going to cost?
0:36:40 > 0:36:43To modernise this property, you're looking at around £20,000-£25,000,
0:36:43 > 0:36:46and if you added a one-storey extension,
0:36:46 > 0:36:50you'd probably look at another £20,000, so a total of £45,000.
0:36:50 > 0:36:53What about values, with and without the extension?
0:36:53 > 0:36:56If this property came to the market fully modernised
0:36:56 > 0:36:58without a single-storey extension,
0:36:58 > 0:37:01I would look to achieve around £180,000.
0:37:01 > 0:37:03If the property had a single-storey extension,
0:37:03 > 0:37:07then I would look to achieve around £195,000.
0:37:07 > 0:37:12Well, it's a charming house in a really popular area,
0:37:12 > 0:37:13so what more could you possibly want?
0:37:13 > 0:37:17Let's see who agreed when it went under the hammer.
0:37:17 > 0:37:20Lot 97. 80 to start?
0:37:21 > 0:37:22A good-looking semi.
0:37:22 > 0:37:2480 to get it going.
0:37:24 > 0:37:2680 bid, thank you. £80,000.
0:37:26 > 0:37:2882, can I see now?
0:37:28 > 0:37:29Got you. 82.
0:37:29 > 0:37:35At 82. 84. 86. 88, 90.
0:37:37 > 0:37:38At £90,000.
0:37:38 > 0:37:40At 90,000.
0:37:40 > 0:37:42Well, that's the guide price,
0:37:42 > 0:37:45but the bidding continued to dizzy heights,
0:37:45 > 0:37:47and we re-join it at £130,500.
0:37:49 > 0:37:51130,500.
0:37:51 > 0:37:53131.
0:37:53 > 0:37:55No? 131.
0:37:55 > 0:37:57Another 500 anywhere else?
0:37:57 > 0:38:00The guy in the back there.
0:38:00 > 0:38:03Got you at 131,500.
0:38:05 > 0:38:09131,500. It's his first bid at 131,500.
0:38:09 > 0:38:11132 anywhere else?
0:38:12 > 0:38:13If not...
0:38:15 > 0:38:16132.
0:38:16 > 0:38:19Half. 133.
0:38:19 > 0:38:21Half. 134.
0:38:21 > 0:38:22Do you want to go 135, sir?
0:38:22 > 0:38:27135, 136, 137.
0:38:27 > 0:38:30No? 137 against the side wall, then.
0:38:30 > 0:38:32All done now?
0:38:32 > 0:38:34£137,000 once, then.
0:38:34 > 0:38:37£137,000 twice.
0:38:37 > 0:38:42Third and final time, £137,000.
0:38:42 > 0:38:44You've bought it, sir. well done.
0:38:45 > 0:38:48The successful bidder of £137,000 was Carl,
0:38:48 > 0:38:52a safety officer who appeared on the show back in 2009
0:38:52 > 0:38:56when he bought this two-bed terrace, also in Kidsgrove,
0:38:56 > 0:38:59which is local to where Carl lives.
0:38:59 > 0:39:01You're very local. How local is local?
0:39:01 > 0:39:03About 20 feet, 30 feet away.
0:39:03 > 0:39:0630 feet? OK!
0:39:06 > 0:39:08So, you live across the road, do you?
0:39:08 > 0:39:11Oh, great. I would say a really good bit of advice
0:39:11 > 0:39:13is to buy in an area that you know, that you can be close to.
0:39:13 > 0:39:16- You couldn't get much closer than that!- No.
0:39:16 > 0:39:20Well, I'm pleased to see that Carl is still buying in Kidsgrove,
0:39:20 > 0:39:23but this time, a bit further from home.
0:39:23 > 0:39:25To find out what his plans are with this purchase,
0:39:25 > 0:39:26we met back at the house.
0:39:28 > 0:39:31- Carl, good to see you. - And yourself.- Good to see you again.
0:39:31 > 0:39:33How did that project go?
0:39:33 > 0:39:34It went very well.
0:39:34 > 0:39:36I think you filmed it before it was completely finished,
0:39:36 > 0:39:39so we got the kitchen in and it turned out all right.
0:39:39 > 0:39:42Tell me why you wanted to buy this one.
0:39:42 > 0:39:44This one was purchased for myself and my partner, really.
0:39:46 > 0:39:51It has always been quite a desirable area, a quite nice place to live.
0:39:51 > 0:39:54Quite quiet, lots of wildlife.
0:39:54 > 0:39:56- Oh, great. - Quite a sought-after area.
0:39:56 > 0:39:57This is actually going to be your home.
0:39:57 > 0:40:01It will, yes. Myself and my partner will be the end users,
0:40:01 > 0:40:05so it's not a moneymaking project, we'll actually be living here.
0:40:05 > 0:40:08Great. So what was it attracted you to the house?
0:40:10 > 0:40:13The size of the rooms and the garden,
0:40:13 > 0:40:17the fruit trees and, as I said, the aspect.
0:40:17 > 0:40:19It's not overlooked from the back,
0:40:19 > 0:40:21and there's the cricket club and a bowling club,
0:40:21 > 0:40:23so there won't be buildings popping up behind us.
0:40:23 > 0:40:27What about the house itself? What are you going to do to it?
0:40:28 > 0:40:32Well, initially, due to what we went up to in the auction,
0:40:32 > 0:40:35I've had to revise what we were actually going to do,
0:40:35 > 0:40:39with a lot of the renovation budget going on the purchase price,
0:40:39 > 0:40:41so I might just take a single wall down now
0:40:41 > 0:40:44between the kitchen and dining room.
0:40:45 > 0:40:49New double glazing, rewired, new kitchen, new bathroom.
0:40:49 > 0:40:52So, what is your renovation budget now?
0:40:55 > 0:40:59It's going to be around the 30, 35K mark.
0:40:59 > 0:41:02Oh, right, what was it before?
0:41:02 > 0:41:05Well, it would have been a lot... A bit more.
0:41:05 > 0:41:09So, timescale wise, what's the plan?
0:41:09 > 0:41:13I work full-time, so I am not going to kill myself renovating it.
0:41:13 > 0:41:15I am going to take a long timescale,
0:41:15 > 0:41:18so probably about eight to nine months, really.
0:41:18 > 0:41:21Live in it in that time, or be living somewhere else?
0:41:21 > 0:41:24I think we might have to live in it to try and save
0:41:24 > 0:41:25whatever money we can,
0:41:25 > 0:41:28so I think that's an option as well,
0:41:28 > 0:41:31which is why we've got quite a long renovation period.
0:41:31 > 0:41:34Right. Who's going to be doing the work?
0:41:34 > 0:41:37I'll be doing the majority of the work with some family and friends.
0:41:37 > 0:41:39Hopefully my dad, but he doesn't know that yet!
0:41:39 > 0:41:42I obviously won't be doing the gas and electric
0:41:42 > 0:41:45and other significant jobs.
0:41:45 > 0:41:48Give me a rundown exactly of the plans now
0:41:48 > 0:41:50with the budget you've got.
0:41:50 > 0:41:53Exactly what are you going to do in terms of walls and extensions?
0:41:53 > 0:41:56The wall that is most likely to come down at the moment
0:41:56 > 0:42:01is the wall between the kitchen and back dining room,
0:42:01 > 0:42:04to make that open-plan, to extend the kitchen out slightly.
0:42:04 > 0:42:05Maybe have an island,
0:42:05 > 0:42:09make that more of a liveable open space, get some more light in there.
0:42:09 > 0:42:11The double glazing,
0:42:11 > 0:42:13I'm still waiting for lots of quotes to come back,
0:42:13 > 0:42:17but the double glazing will be the most significant cost,
0:42:17 > 0:42:19because there are so many windows and bays.
0:42:19 > 0:42:24And there'll be the rewiring and new condensing boiler,
0:42:24 > 0:42:27new bathroom and new kitchen, really.
0:42:27 > 0:42:28And anything else!
0:42:28 > 0:42:32I'm sure we'll be coming across other problems and issues
0:42:32 > 0:42:34that we'll have to put right.
0:42:34 > 0:42:36One of the features of the house, obviously, is the windows
0:42:36 > 0:42:38with the stained glass in them.
0:42:38 > 0:42:42Any quotes for double glazing, including putting those back?
0:42:42 > 0:42:45Or is that going to have to fall by the wayside?
0:42:46 > 0:42:50I might have the leaded glass sealed in double glazing,
0:42:50 > 0:42:53- so it will be triple glazed on the top.- Oh, OK.
0:42:53 > 0:42:56But I need to see what the financial aspects of that are.
0:42:56 > 0:42:59So I'm keeping all my options open at the moment
0:42:59 > 0:43:01until the figures actually come in.
0:43:01 > 0:43:04The last experience went OK, it didn't put you off -
0:43:04 > 0:43:05it's just financial, really?
0:43:05 > 0:43:07Yeah, yeah. It was only...
0:43:07 > 0:43:10I would have been happier paying a lot less!
0:43:10 > 0:43:12THEY LAUGH
0:43:12 > 0:43:15It just goes to show some of the lots at auction do that, don't they?
0:43:15 > 0:43:16- Yeah, they do.- Good.
0:43:16 > 0:43:18Well, listen, congratulations anyway.
0:43:18 > 0:43:22- Good luck with it and we look forward to seeing how you get on. - Thank you.
0:43:23 > 0:43:25Well, as is often the way,
0:43:25 > 0:43:28Carl having to revise his renovation budget
0:43:28 > 0:43:32because the price at auction went higher than he anticipated.
0:43:32 > 0:43:34That's the nature of auctions.
0:43:34 > 0:43:37How will he get on with his revised budget and plans?
0:43:37 > 0:43:39You can find out later in the show.
0:43:42 > 0:43:45So, that's the end result of one property.
0:43:45 > 0:43:49Yes, but if my maths is correct, Lucy, that leaves two left to see.
0:43:49 > 0:43:52That sounds about right, Martin. Let's see how they got on.
0:43:54 > 0:43:58Time to go back to Wolverhampton, where I viewed a three-bed property.
0:43:58 > 0:44:00I liked the space,
0:44:00 > 0:44:03but I wasn't too keen on that staircase in the middle of the room.
0:44:04 > 0:44:06The kitchen had some eccentric joinery
0:44:06 > 0:44:09and the walls didn't seem quite true.
0:44:09 > 0:44:12Both the kitchen and the bathroom needed refurbishing,
0:44:12 > 0:44:15so whoever took this on had a few jobs to tackle.
0:44:16 > 0:44:19First, they need to look at various causes of damp,
0:44:19 > 0:44:23some of which needed more investigation.
0:44:23 > 0:44:26You can see it's come through into the house
0:44:26 > 0:44:29and it's all breaking away, it's even come away in my hand.
0:44:29 > 0:44:34That is all rotten, and it's come all the way down the window
0:44:34 > 0:44:37and it's rotting the windowsill as well.
0:44:38 > 0:44:42Oblivious to these issues, because they didn't view beforehand,
0:44:42 > 0:44:44were international property consultant Lee,
0:44:44 > 0:44:46who hails from Derby,
0:44:46 > 0:44:47and his business partner, Wahid.
0:44:49 > 0:44:53Wahid decided to spend £71,500 for this at auction,
0:44:53 > 0:44:54without even viewing it.
0:44:54 > 0:44:58But, luckily, Lee was a man with a plan - and some help.
0:44:59 > 0:45:03I've got a little band of apprentices all in their final year
0:45:03 > 0:45:05that my son has met.
0:45:05 > 0:45:08I've got a trainee sparky, trainee plasterer.
0:45:08 > 0:45:12OK, how much is this going to cost you to fit this house?
0:45:14 > 0:45:17Top budget, I'm going for six grand, but I'm aiming for four.
0:45:17 > 0:45:20Even without finding out - the damp issues -
0:45:20 > 0:45:22if it's going to cost you a few quid,
0:45:22 > 0:45:24you still think four to six grand is going to be enough?
0:45:24 > 0:45:27Yeah, why not? What could possibly go wrong?
0:45:27 > 0:45:29Oh, dear. Was Lee tempting fate here?
0:45:29 > 0:45:34Well, we've been tempted back to see how the work has gone three months later.
0:45:37 > 0:45:39# Don't look back
0:45:39 > 0:45:41# All I desire
0:45:41 > 0:45:42# Temptation
0:45:42 > 0:45:44# Keep climbing higher and higher
0:45:44 > 0:45:47# Temptation. #
0:45:47 > 0:45:49You might have been tempted to leave the room as one,
0:45:49 > 0:45:52but the stud wall looks much better to me.
0:45:52 > 0:45:55As do the walls now, because they're damp free with ventilation
0:45:55 > 0:45:57and have a damp treatment.
0:45:58 > 0:46:01And to top it all off, a brand-new kitchen.
0:46:01 > 0:46:03# You can take it or leave it
0:46:03 > 0:46:05# Temptation
0:46:05 > 0:46:10# But you better believe it! #
0:46:10 > 0:46:14Gladly, he wasn't tempted to salvage the old units.
0:46:14 > 0:46:17It is very smart and there's no wonky walls to be seen.
0:46:19 > 0:46:23One thing he hasn't replaced after all is the bathroom suite.
0:46:23 > 0:46:27With a bit of elbow grease and new flooring, it is looking good.
0:46:27 > 0:46:30Upstairs, there's still a bit of work to be done in the bedroom,
0:46:30 > 0:46:33but Lee says the damp has been taken care of
0:46:33 > 0:46:37and there's just a bit of plastering that needs to dry out before painting.
0:46:38 > 0:46:42The garden has had an overall tidy and the house is looking good.
0:46:42 > 0:46:45But can I assume that Lee's son, and his band of merry men,
0:46:45 > 0:46:48have had a merry time doing this work?
0:46:48 > 0:46:52I think as apprentices, they realise when they haven't got their bosses around them,
0:46:52 > 0:46:55it makes it a little bit more trickier than what they thought.
0:46:55 > 0:46:57So, I've done quite a bit myself.
0:46:57 > 0:46:59I've had some friends come in to help me.
0:46:59 > 0:47:02My mum, and dad and my sons helped me around.
0:47:02 > 0:47:06Wahid didn't really get involved at all, really, at all.
0:47:06 > 0:47:09The relationship was, he puts the money in and I do all the work.
0:47:09 > 0:47:11Then we split it 50-50 at the end.
0:47:11 > 0:47:15Quite happy to say that it's his fault for me having to travel back and forth,
0:47:15 > 0:47:17two-and-a-half-hour round trip,
0:47:17 > 0:47:21virtually every single day of the two and a half weeks that we really got stuck in.
0:47:21 > 0:47:22So, thanks for that, Wahid!
0:47:22 > 0:47:27I don't like shifting the blame, but Wahid purchased the site unseen
0:47:27 > 0:47:30just because he had to leave the auction at 2pm.
0:47:30 > 0:47:33He left poor Lee with that trek all the way from Derby
0:47:33 > 0:47:34to get the work done.
0:47:34 > 0:47:36How did he manage the budget?
0:47:36 > 0:47:40I had said four and six originally,
0:47:40 > 0:47:41and I thought that was quite fine.
0:47:41 > 0:47:44Then I got excited and I thought I would probably get it done for 3.5,
0:47:44 > 0:47:50but then there's £50 and £100, and they all total up.
0:47:50 > 0:47:52Yeah, I was in the good books with Wahid,
0:47:52 > 0:47:55saying it was only going to come in at around £3,000,
0:47:55 > 0:47:57then in the bad books for getting it in at £5,000.
0:47:57 > 0:48:00But that was the original budget anyway,
0:48:00 > 0:48:03so it's his fault that we're round here!
0:48:04 > 0:48:08I'm sure Wahid is happy that they're on budget,
0:48:08 > 0:48:10but Lee's a little behind schedule
0:48:10 > 0:48:12and hoped to have it done in six to eight weeks.
0:48:12 > 0:48:14It's actually taken 14 weeks.
0:48:14 > 0:48:17There was a bit of a delay getting the work started.
0:48:17 > 0:48:19One of the biggest things that I've learned is try not
0:48:19 > 0:48:22to order a kitchen that can take seven weeks to arrive.
0:48:22 > 0:48:25Coincidentally, when the kitchen did arrive,
0:48:25 > 0:48:27I was away working for two or three weeks,
0:48:27 > 0:48:31so, in future, I would get a kitchen that you can get off-the-shelf,
0:48:31 > 0:48:35essentially, or have a joiner go and get that kitchen for you.
0:48:35 > 0:48:37It has been a big learning curve
0:48:37 > 0:48:40and there's obviously things that I would have done differently.
0:48:40 > 0:48:42But I'm quite happy with the way it's gone.
0:48:42 > 0:48:47The plans have changed in terms of renting and flipping the property.
0:48:47 > 0:48:51I'm now moving away to Dubai in one month from today,
0:48:51 > 0:48:55so for convenience and the fact that me and Wahid probably won't
0:48:55 > 0:48:59be doing anything together for a good while yet,
0:48:59 > 0:49:02he is going to keep hold of the property and rent it out,
0:49:02 > 0:49:06and then Wahid will give me the cash in terms of the difference
0:49:06 > 0:49:09of how much the profit margin would have been.
0:49:09 > 0:49:12But this is going to be rented out as of tomorrow.
0:49:14 > 0:49:16Well, before the new tenant moves in,
0:49:16 > 0:49:18let's see what a couple of local estate agents think
0:49:18 > 0:49:20of the work they've done.
0:49:22 > 0:49:24The property is inviting now.
0:49:24 > 0:49:26The kitchen, I'm quite impressed with.
0:49:26 > 0:49:31It's up to the standard that modern houses are being built.
0:49:31 > 0:49:32So, yes, very nice.
0:49:32 > 0:49:35First thoughts on the property after a quick look around,
0:49:35 > 0:49:38they've modernised it out and it all looks quite clean,
0:49:38 > 0:49:40tidy and very presentable.
0:49:41 > 0:49:45Sounds positive, but what about those all-important rental figures?
0:49:45 > 0:49:50A figure in the region of £550 per calendar month would be appropriate.
0:49:50 > 0:49:52The rental figure for this area,
0:49:52 > 0:49:57I would suggest a figure of £550 per calendar month.
0:49:57 > 0:50:03£550 per calendar month is bang on the valuations we got from others.
0:50:03 > 0:50:06And we're actually renting it out for that exact figure.
0:50:06 > 0:50:10That's an 8% yield, so I can see why you're happy.
0:50:10 > 0:50:12What about those sales figures, though?
0:50:12 > 0:50:17Bear in mind their current spend now stands at £76,500.
0:50:17 > 0:50:18In its present condition now,
0:50:18 > 0:50:22I would envisage that they would realise in the region of £90,000.
0:50:22 > 0:50:24This property for sale,
0:50:24 > 0:50:28I would suggest a marketing figure of £95,000.
0:50:28 > 0:50:32I am very happy with the valuations that they've come back with.
0:50:32 > 0:50:35We're thinking around the region of £90,000
0:50:35 > 0:50:37and accept a little bit less than that,
0:50:37 > 0:50:42but to get a top valuation of 95 has given us something to think about.
0:50:42 > 0:50:44So maybe in the next few months ahead,
0:50:44 > 0:50:46we might choose to go down that route.
0:50:46 > 0:50:48But it makes it a little bit more worthwhile
0:50:48 > 0:50:50when you get over and above what you were expecting.
0:50:50 > 0:50:55That's a potential profit of 13 to 18 grand before taxes and expenses.
0:50:55 > 0:50:57Has it all been worth it, though?
0:50:57 > 0:50:58I've enjoyed the experience.
0:50:58 > 0:51:00It has been quite stressful the last few days, obviously,
0:51:00 > 0:51:04trying to get the property ready for the tenant to move in.
0:51:04 > 0:51:05But, yeah, I'd do it again.
0:51:05 > 0:51:09But next time, I'd pick something a little closer to home.
0:51:09 > 0:51:11But I'll be having words with Wahid about that one!
0:51:16 > 0:51:19Time to catch up on progress in Kidsgrove, North Staffordshire,
0:51:19 > 0:51:22with this 1930s three-bed semi,
0:51:22 > 0:51:27which went for a bid of £137,000.
0:51:27 > 0:51:30So, what have we got? Well, straightaway, one thing for sure -
0:51:30 > 0:51:32some really lovely features.
0:51:32 > 0:51:35Look at this stained glass in the door panel there.
0:51:35 > 0:51:39The original 1930s features were evident around the whole of the house,
0:51:39 > 0:51:44and I was hoping new owner Carl would be able to keep them and restore them.
0:51:44 > 0:51:48But there were things, such as walls, I'd be happy to lose.
0:51:48 > 0:51:52The wall that's most likely to come down at the moment
0:51:52 > 0:51:56is the wall between the kitchen and the back dining room.
0:51:56 > 0:51:59To make that open-plan, to extend the kitchen out slightly,
0:51:59 > 0:52:03maybe have an island, and make that a bit of a more liveable open space,
0:52:03 > 0:52:05get some more light in there.
0:52:05 > 0:52:08The double glazing, I'm still waiting for lots of quotes to come back,
0:52:08 > 0:52:12but the double glazing will be the most significant cost,
0:52:12 > 0:52:14because there are so many windows and bays.
0:52:14 > 0:52:16One of the features of the house, obviously, is the windows
0:52:16 > 0:52:18with the stained-glass in them.
0:52:18 > 0:52:22Any quotes for your double glazing, including putting those back?
0:52:22 > 0:52:25Or will that have to fall by the wayside?
0:52:26 > 0:52:31I might have the leaded glass sealed in double glazing
0:52:31 > 0:52:33- so it will be triple glazed on the top.- Oh, OK.
0:52:33 > 0:52:36But I need to see what the financial aspects of that are.
0:52:37 > 0:52:40His timescale was an ambitious eight months.
0:52:40 > 0:52:45Carl was working to a £30-35,000 budget in the hope of converting
0:52:45 > 0:52:49the house into a home for himself and partner Nicola.
0:52:49 > 0:52:53But he had planned ways to keep the costs down.
0:52:54 > 0:52:56I'll be doing the majority of the work with some family and friends.
0:52:56 > 0:52:59Hopefully my dad, but he doesn't know that yet!
0:52:59 > 0:53:00THEY LAUGH
0:53:00 > 0:53:04Carl didn't complete the work within his expected timescale.
0:53:04 > 0:53:08In fact, just over one year on and there's still loads to do.
0:53:08 > 0:53:11But, at the front, new double glazing has been fitted.
0:53:11 > 0:53:16Sadly, at the expense of the 1930s stained glass.
0:53:16 > 0:53:20It's almost as if the street signs are mocking Carl's efforts.
0:53:20 > 0:53:24But it's one of the consequences of having a full-time job
0:53:24 > 0:53:28whilst trying to fit in a renovation around evenings and weekends.
0:53:29 > 0:53:32But for Carl, it's become a labour of love -
0:53:32 > 0:53:34and a very tiring one at that.
0:53:37 > 0:53:41# I'm just so tired to share my nights... #
0:53:41 > 0:53:43I run out of steam every week
0:53:43 > 0:53:46and I just have to rejig myself by the weekend!
0:53:48 > 0:53:50I'm not surprised Carl keeps running out of steam.
0:53:50 > 0:53:53He's been busy plasterboarding ceilings,
0:53:53 > 0:53:55and he's taken the whole house back to brick.
0:54:01 > 0:54:04I'm pleased to say that the lounge, with its doors into the back garden,
0:54:04 > 0:54:07is now all part of the kitchen.
0:54:07 > 0:54:09Carl got his structural engineer's calculation,
0:54:09 > 0:54:14knocked the kitchen wall down and fitted steelwork of appropriate size to support.
0:54:15 > 0:54:18But it was a bit of a steep learning curve
0:54:18 > 0:54:22and there does seem to be something of a steel surplus.
0:54:23 > 0:54:27I'll have the same challenges with this window behind me
0:54:27 > 0:54:29over the French doors,
0:54:29 > 0:54:34which is a much bigger span and much bigger steels.
0:54:34 > 0:54:37Elsewhere, he house continues to look considerably worse
0:54:37 > 0:54:39than the last time we saw it.
0:54:39 > 0:54:44Carl and his partner Nicola couldn't move into the house to save costs
0:54:44 > 0:54:47as it was logistically a nonstarter.
0:54:47 > 0:54:51Carl, however, did get help from both his and Nicola's dads.
0:54:51 > 0:54:56So far he hasn't spent on tradesmen, apart from the electrician.
0:54:58 > 0:55:01There's still a huge amount left to do.
0:55:01 > 0:55:04This is actually my to-do list.
0:55:04 > 0:55:08This, sadly, is the edited version of the to-do list.
0:55:08 > 0:55:12But I can reveal one job not on that edited list.
0:55:12 > 0:55:15It's a job Carl feels he has to do above all others.
0:55:18 > 0:55:20If it wasn't enough,
0:55:20 > 0:55:23Carl's had a change of heart about building an extension.
0:55:25 > 0:55:28OK, these are the plans that I had drawn up.
0:55:28 > 0:55:30We're in this room at the moment.
0:55:30 > 0:55:31This is the wall that we've lost
0:55:31 > 0:55:35between the kitchen and the dining room.
0:55:35 > 0:55:37The rear extension is here.
0:55:37 > 0:55:40Four-metre bifold doors there.
0:55:40 > 0:55:44Roof lantern, 90 degree window that looks out over two aspects of
0:55:44 > 0:55:46the garden, where we'll have the sink.
0:55:46 > 0:55:50It is hard to visualise it on a planning board.
0:55:50 > 0:55:53I'm glad I have actually made the decision of going for it now.
0:55:55 > 0:55:59But resurrecting the single-storey extension must have had an impact on
0:55:59 > 0:56:03the original £30-35,000 budget.
0:56:03 > 0:56:05The budget's not too bad at the moment.
0:56:05 > 0:56:08I've spent just under 11K.
0:56:08 > 0:56:15But the actual full budget itself is probably looking at around at least
0:56:15 > 0:56:1660K at the moment.
0:56:16 > 0:56:20What's the saying? Shame to spoil the ship for a ha'porth of tar.
0:56:20 > 0:56:24And to give an indication of just how much value Carl has added,
0:56:24 > 0:56:30we've invited two estate agents round to give us their views and valuations.
0:56:30 > 0:56:32The property, in its current state,
0:56:32 > 0:56:36wouldn't be worth any more than what the current owner paid for it.
0:56:36 > 0:56:38But with the works planned,
0:56:38 > 0:56:40it will make it more desirable.
0:56:40 > 0:56:44Oh, no, Carl has spent 11 grand on the refurbishment so far.
0:56:44 > 0:56:45We should get a second opinion.
0:56:47 > 0:56:50In its current position and its current state,
0:56:50 > 0:56:53this probably would not be worth any more because it would only really
0:56:53 > 0:56:55sell to another investor
0:56:55 > 0:56:58who would be looking at paying a similar price
0:56:58 > 0:57:00to what was paid for it at the original auction.
0:57:00 > 0:57:03Perhaps it's a good job, then, the intention here is for it to be
0:57:03 > 0:57:07a home for Carl, Nicola and their dog, Penny.
0:57:07 > 0:57:10But has the market improved from a year ago,
0:57:10 > 0:57:12when the property was valued at £195,000
0:57:12 > 0:57:16with the single-storey extension?
0:57:16 > 0:57:21Once renovated, this property would be worth around £195,000.
0:57:21 > 0:57:22Once the renovation is completed,
0:57:22 > 0:57:26I would think this house would be worth at least £195,000.
0:57:26 > 0:57:29With Carl's projected £60,000 spend,
0:57:29 > 0:57:33those valuations would mean a loss of £2,000 -
0:57:33 > 0:57:36and that's not even going to make him pause for thought.
0:57:36 > 0:57:39That's fine. It's of little relevance to me really,
0:57:39 > 0:57:43cos I bought it to live in, not to make money out of.
0:57:43 > 0:57:47I am expecting to go into a little bit of negative equity.
0:57:47 > 0:57:52I'm not overly bothered, because it will be somewhere that me and my partner want to live in.
0:57:52 > 0:57:54Good on you, Carl,
0:57:54 > 0:57:56and I'm looking forward to seeing the finished article.
0:57:56 > 0:57:57And I'm sure you are, too.
0:58:03 > 0:58:08Well, developing property always throws up new lessons to be learned,
0:58:08 > 0:58:10even if, like us, you've been doing it for years.
0:58:10 > 0:58:14Yes, hopefully we've been able to offer you our expert advice
0:58:14 > 0:58:16that might help you out there one day.
0:58:16 > 0:58:18Yes, join us next time here on Homes Under The Hammer.
0:58:18 > 0:58:20- See you then. ALL:- Bye-bye.