0:00:02 > 0:00:03Hello, and welcome to the show.
0:00:03 > 0:00:06Ultimately, a property is worth what somebody is willing to pay for it.
0:00:06 > 0:00:07But, in a vibrant market,
0:00:07 > 0:00:10that can be a little bit more sometimes than you first expected.
0:00:10 > 0:00:13Yeah, that is why it's so important to get your budget, to stick to it -
0:00:13 > 0:00:15otherwise you can just end up overpaying.
0:00:15 > 0:00:18Mm-hm. And oh, boy, is that most definitely true
0:00:18 > 0:00:20when it comes to buying your home under the hammer.
0:00:46 > 0:00:48Auction rooms are busy old places.
0:00:48 > 0:00:50I've been to plenty where it's just standing room only.
0:00:50 > 0:00:52Yes, it's quite a theatrical experience
0:00:52 > 0:00:55to see bidders battling it out to win their lot.
0:00:55 > 0:00:58Yeah. So who was successful on today's show, and what did they buy?
0:00:58 > 0:00:59Let's find out.
0:01:01 > 0:01:05There are some good basics with this three-bed semi in Stafford.
0:01:05 > 0:01:10Nice big window at the front and a door going out to the back garden.
0:01:10 > 0:01:12Lucy's step count is increasing
0:01:12 > 0:01:15at this two-bed mid-terrace in Gillingham, Kent.
0:01:15 > 0:01:17But again, it's two big steps down,
0:01:17 > 0:01:20just like it was coming through the front door.
0:01:20 > 0:01:23This three-bed semi in Sheffield, South Yorkshire,
0:01:23 > 0:01:25has a dangerous garden feature.
0:01:25 > 0:01:27Wish me luck.
0:01:27 > 0:01:29HE GRUNTS
0:01:29 > 0:01:30Whoa! ARGH...!
0:01:32 > 0:01:35All of these properties have been sold at auction,
0:01:35 > 0:01:37and we'll find out who bought them and what they paid
0:01:37 > 0:01:39when they went under the hammer.
0:01:39 > 0:01:41- GAVEL BANGS - Sold on the phone.
0:01:42 > 0:01:46MUSIC: These Boots Are Made For Walkin' by Nancy Sinatra
0:01:46 > 0:01:50Time to head to the West Midlands now and the town of Stafford.
0:01:50 > 0:01:52As far back as 1476,
0:01:52 > 0:01:55Stafford has been well known for its shoe manufacturing.
0:01:55 > 0:01:56But, with that in the past,
0:01:56 > 0:01:59today it offers great potential for investment,
0:01:59 > 0:02:02thanks to great rail links into London.
0:02:02 > 0:02:05# These boots are made for walkin'
0:02:05 > 0:02:08# And that's just what they'll do
0:02:08 > 0:02:13# One of these days, these boots are gonna walk all over you... #
0:02:13 > 0:02:16Well, unfortunately, my boots were not made in Stafford,
0:02:16 > 0:02:18but they were definitely made for walking.
0:02:18 > 0:02:21And it's a good job, too, cos here in Moss Pit,
0:02:21 > 0:02:22where we find our property,
0:02:22 > 0:02:25it's about a half-an-hour walk to the town centre.
0:02:25 > 0:02:28This is a three-bedroom semidetached house
0:02:28 > 0:02:31with a guide price of £105,000.
0:02:31 > 0:02:34I'm going to have a look around, see what it's got to offer.
0:02:36 > 0:02:38It looks a big house from the outside.
0:02:38 > 0:02:41A little shabby, I'll admit, but I have high hopes.
0:02:44 > 0:02:47OK, nice, decent-sized hallway.
0:02:47 > 0:02:48There is a porch just there,
0:02:48 > 0:02:51and this is the second door getting into the property.
0:02:51 > 0:02:53Solid door, good for security.
0:02:53 > 0:02:56You've got your stairs going up to your bedrooms
0:02:56 > 0:03:01and, across this hallway, you've got two decent-sized reception rooms
0:03:01 > 0:03:03connected with double doors.
0:03:03 > 0:03:07Nice big window at the front and a door going out to the back garden.
0:03:07 > 0:03:13To my left, over the hallway into a really big, decent-sized kitchen,
0:03:13 > 0:03:16you would have to start again in here, put something new in here,
0:03:16 > 0:03:19freshen it up a bit. It does look a little bit tired.
0:03:19 > 0:03:22And in here, we have got a wet room,
0:03:22 > 0:03:27and it looks like it's been converted for assisted living.
0:03:27 > 0:03:31Er, maybe you could find a better use for that.
0:03:31 > 0:03:35If the kitchen is here, I'm thinking to myself maybe a utility room.
0:03:35 > 0:03:38Maybe? And another door.
0:03:38 > 0:03:42Now, I'm pretty sure that's not the door I came in.
0:03:42 > 0:03:44Er, maybe that was a coal store or something,
0:03:44 > 0:03:47but there's doors everywhere. Let's check out upstairs.
0:03:50 > 0:03:54This place is tired and dated, but it has great proportions.
0:03:54 > 0:03:58It's crying out to be modernised and brought into the 21st century.
0:03:58 > 0:04:02You've got the foundations here for a lovely family home.
0:04:05 > 0:04:10OK, upstairs, we have got three bedrooms and a bathroom as well.
0:04:10 > 0:04:14Now, that would need a new bathroom suite in here.
0:04:14 > 0:04:16It's a good size, though,
0:04:16 > 0:04:18but you also seem to have this void space as well,
0:04:18 > 0:04:21you can always make it that little bit bigger,
0:04:21 > 0:04:23maybe increase the space of that family bathroom.
0:04:23 > 0:04:28Three bedrooms - all seem to be of a decent size -
0:04:28 > 0:04:31and this seems to be the master bedroom.
0:04:31 > 0:04:33Now, in terms of profit,
0:04:33 > 0:04:35this house has got a guide price
0:04:35 > 0:04:37which I think is kind of borderline.
0:04:37 > 0:04:40It's up from £105,000.
0:04:40 > 0:04:45Now, I know a house in the area recently sold for 123,000.
0:04:45 > 0:04:48Now, I think you'd have to spend
0:04:48 > 0:04:52maybe £8,000, £10,000 on this house, just to get it right.
0:04:52 > 0:04:57And that takes your costs to maybe £113,000, £115,000.
0:04:57 > 0:05:00That's if you got it at the guide price.
0:05:00 > 0:05:02Now, I think if you're taking on a project like this,
0:05:02 > 0:05:06especially this one, you would have to watch your budget.
0:05:12 > 0:05:17The downside to being spacious is that it impacts on the budget -
0:05:17 > 0:05:19bigger rooms equal more materials.
0:05:20 > 0:05:24There's a fairly big kitchen and possibly utility room to fit out.
0:05:24 > 0:05:27So be wary with your budget running away with you,
0:05:27 > 0:05:30especially when it comes to planting a garden of this size.
0:05:32 > 0:05:33But once tidied up,
0:05:33 > 0:05:37it would be ideal for a family with young children.
0:05:37 > 0:05:38So, out at the front of the house,
0:05:38 > 0:05:41I just wanted to look at the off-street parking situation.
0:05:41 > 0:05:45The kerb's already been dropped and you've got space here for one car.
0:05:45 > 0:05:47If you're lucky enough to have more than one car,
0:05:47 > 0:05:49you've got all of this space.
0:05:49 > 0:05:53You could quite easily transform this into a bigger driveway.
0:05:53 > 0:05:55Two cars or even maybe three.
0:05:55 > 0:05:59What I would suggest is speaking to your local council, get some advice,
0:05:59 > 0:06:02get some permission, find out what you can and can't do.
0:06:02 > 0:06:06But one thing it would do, it would increase this house's appeal.
0:06:06 > 0:06:07That's for sure.
0:06:07 > 0:06:10Do remember that you have to comply with regulations
0:06:10 > 0:06:15to help minimise potential flooding, intrusiveness and visual impact.
0:06:15 > 0:06:17As I said, talk to your council first.
0:06:19 > 0:06:21What does a local agent think of this house,
0:06:21 > 0:06:24that was guided at £105,000?
0:06:25 > 0:06:28I believe the cost of this refurbishment
0:06:28 > 0:06:30would be in the region of £10,000
0:06:30 > 0:06:33to make this into a lovely family home.
0:06:33 > 0:06:37In addition to this, I believe that, due to the guide price,
0:06:37 > 0:06:40it would attract first-time buyers.
0:06:40 > 0:06:43So there should be plenty of interest in this house.
0:06:43 > 0:06:46But what type of value would the agent place on this house
0:06:46 > 0:06:48once the renovations are complete?
0:06:48 > 0:06:53Once renovated, I believe this property could achieve a sale value
0:06:53 > 0:06:56of £150,000 on the open market,
0:06:56 > 0:07:02and rental of between £650 and £675 per calendar month.
0:07:03 > 0:07:05I do like this house.
0:07:05 > 0:07:07It has got a bit of a strange configuration,
0:07:07 > 0:07:11but there's a lot of space in there which, to me, equals potential.
0:07:11 > 0:07:13But still a lot of work to be done,
0:07:13 > 0:07:15not least out here in the back garden.
0:07:15 > 0:07:18But let's see who fancied it when it went under the hammer.
0:07:18 > 0:07:20I'm going to say 95 to start.
0:07:20 > 0:07:22Got to be that, I think. 95 bid, thank you.
0:07:22 > 0:07:24At £95,000.
0:07:24 > 0:07:25100 can I see now?
0:07:25 > 0:07:28Surprisingly, the bidding took time to get going,
0:07:28 > 0:07:30but climbed in £1,000 steps.
0:07:30 > 0:07:33We rejoin at £110,000.
0:07:34 > 0:07:38In the aisle at £110,000. Another 500 anywhere else?
0:07:38 > 0:07:40110,500.
0:07:41 > 0:07:44No? At 110,500, the other side of the aisle.
0:07:44 > 0:07:46111 anyone else?
0:07:46 > 0:07:51If not, 110, 500 once, 110,500 twice.
0:07:51 > 0:07:55Third and final time, 110,500.
0:07:55 > 0:07:57You bought it, sir, well done.
0:07:57 > 0:08:00That successful bid of £110,500
0:08:00 > 0:08:04came from father-and-son team Ian and Cameron.
0:08:04 > 0:08:07MUSIC: Wild Thing by The Troggs
0:08:09 > 0:08:11ENGINE PURRS
0:08:11 > 0:08:13# Wild thing
0:08:15 > 0:08:17# You make my heart sing... #
0:08:17 > 0:08:21Motor enthusiast Ian is a first-time renovator.
0:08:21 > 0:08:24He's preparing to retire from the oil industry,
0:08:24 > 0:08:26so I got my motor running and met him back at the property
0:08:26 > 0:08:28to find out his plans.
0:08:28 > 0:08:30Ian, nice to meet you. Congratulations as well, sir.
0:08:30 > 0:08:34- Thank you very much. - What was it that attracted you to,
0:08:34 > 0:08:36not just the house, but the area as well?
0:08:36 > 0:08:39We live locally and my son's done a little bit of research, you know?
0:08:39 > 0:08:44So he kind of spotted this one that was coming up on the auction
0:08:44 > 0:08:48and I was quite happy with going for it.
0:08:48 > 0:08:50So it's all about your son, then?
0:08:50 > 0:08:53He's 19, he's a big, strapping lad,
0:08:53 > 0:08:56so hopefully he'll get torn into the garden as soon as we
0:08:56 > 0:08:59get settled in and get busy with it.
0:08:59 > 0:09:02He's due back from holiday today, so...
0:09:02 > 0:09:05So is it Cameron that's behind you guys getting into the property?
0:09:05 > 0:09:07Was it his idea or your idea?
0:09:07 > 0:09:09- It's more Cameron's push, to be honest with you.- OK.
0:09:09 > 0:09:11It is more Cameron's push and, er...
0:09:12 > 0:09:15..with me working away in the oil industry,
0:09:15 > 0:09:18and the oil industry's on a bit of a downturn at the moment,
0:09:18 > 0:09:20we wanted a bit of diversity.
0:09:20 > 0:09:22I do two weeks away on the rig, I have two weeks' free time,
0:09:22 > 0:09:25- so I can really get tore into the property.- OK.
0:09:25 > 0:09:27So this is one of maybe a couple
0:09:27 > 0:09:30that we're hoping to do in this year, next year.
0:09:30 > 0:09:33- Have you got people to help you out? - Well, I'm fairly handy myself.- OK.
0:09:33 > 0:09:37- And part of this DIY is to pass on the DIY to my son, you know?- OK.
0:09:37 > 0:09:40Whereas previously, working on our own home,
0:09:40 > 0:09:43we've certainly known some good tradesman locally,
0:09:43 > 0:09:45so we'll be getting the experts in for the expert bits.
0:09:45 > 0:09:47Yeah, of course. The safety...
0:09:47 > 0:09:50The safety, yes, the electricals and obviously the gas, etc.
0:09:50 > 0:09:52It's not a bad start.
0:09:52 > 0:09:55It seems to be quite a solid property.
0:09:55 > 0:09:58- Yes, yes.- You've got a bit of space out the front as well.
0:09:58 > 0:10:01We've got the opportunity for off-road parking,
0:10:01 > 0:10:03so we're certainly looking at that, because...
0:10:03 > 0:10:05you know, there's a substantial plot out the front there.
0:10:05 > 0:10:09Inside, it's a bit of a strange configuration, isn't it?
0:10:09 > 0:10:10It is. Just slightly, yes.
0:10:10 > 0:10:12What are you going to do? Are you going to change it at all?
0:10:12 > 0:10:15Are you going to keep it as it is? Just give us a bit more detail
0:10:15 > 0:10:17- of what you're going to do. - Well, starting in the wet room,
0:10:17 > 0:10:20we want to make that a utility and, you know,
0:10:20 > 0:10:23we want to certainly retain the toilet,
0:10:23 > 0:10:26move the toilet over and stud-wall it out
0:10:26 > 0:10:28and obviously have that separate.
0:10:28 > 0:10:30The kitchen, with being a fair size,
0:10:30 > 0:10:34we were hoping to look more towards maybe removing the chimney breast
0:10:34 > 0:10:38and equally, with the two rooms downstairs,
0:10:38 > 0:10:40we were just going to retain them as they are at the moment.
0:10:40 > 0:10:43And the bedrooms upstairs are of a good size.
0:10:44 > 0:10:48Ian and Cameron have set themselves a timescale of two to three months
0:10:48 > 0:10:50and a budget of £7,000 to £10,000.
0:10:50 > 0:10:52Based on the agent's valuations,
0:10:52 > 0:10:55that should give them a decent profit if they decide to sell.
0:10:55 > 0:10:58But they haven't made their minds up yet.
0:10:58 > 0:11:01Either way, hard work will be required to keep them on a budget.
0:11:04 > 0:11:07And do you see yourself - you and Cameron -
0:11:07 > 0:11:10coming here in the morning and getting mucked in and...?
0:11:10 > 0:11:12I'm hoping so, yes.
0:11:12 > 0:11:14Yes, well, he does a 12-hour shift now
0:11:14 > 0:11:16- with his local firm that he works for.- OK.
0:11:16 > 0:11:19So he'll be used to that, and hopefully,
0:11:19 > 0:11:21we'll get a good 12-hour shift out of him.
0:11:21 > 0:11:25So I'm looking forward to that, that's for sure.
0:11:25 > 0:11:27I've got lots of promises, so we'll see if him get tore into it.
0:11:27 > 0:11:29- So, good luck, sir. - Oh, thank you, Dion.
0:11:29 > 0:11:32- Sounds like a very sound partnership.- Well, I hope so, yes.
0:11:32 > 0:11:35- I wish you all the best.- Thank you very much indeed, thank you.
0:11:35 > 0:11:38It's good to hear that Ian's done his research.
0:11:38 > 0:11:41Or should I rephrase that and say, it's good to hear Cameron, his son,
0:11:41 > 0:11:43has done his research for him.
0:11:43 > 0:11:44But between them, I've got to say,
0:11:44 > 0:11:47they've found themselves a decent first project.
0:11:47 > 0:11:49Now, Ian's willing to get stuck in,
0:11:49 > 0:11:52get his hands dirty and get this project sorted.
0:11:52 > 0:11:53Will Cameron do the same?
0:11:53 > 0:11:55You can find out later in the programme.
0:12:02 > 0:12:04Lucy's in Gillingham, in Kent -
0:12:04 > 0:12:07a bustling, modern town with great shops,
0:12:07 > 0:12:10a university and good rail links to London and Dover.
0:12:10 > 0:12:13But things weren't always so peaceful.
0:12:14 > 0:12:18Back in 1667, this town was the site
0:12:18 > 0:12:22of one of the worst defeats in Royal Navy history.
0:12:22 > 0:12:24Now, during the Second Anglo-Dutch War,
0:12:24 > 0:12:28a Dutch fleet sailed up the river Medway, attacked forts,
0:12:28 > 0:12:30burned English battleships
0:12:30 > 0:12:33and basically invaded Chatham and Gillingham.
0:12:33 > 0:12:37It became known as the Raid on the River Medway.
0:12:37 > 0:12:39Fortunately, the Dutch didn't stay long
0:12:39 > 0:12:44and Gillingham is now still very much part of Kent, not Holland.
0:12:44 > 0:12:47So I'm going to now go and check out some property.
0:12:49 > 0:12:51Well, I'm just quarter of a mile from the high street
0:12:51 > 0:12:54and here's the property that went to auction.
0:12:54 > 0:12:56Now, it's a two-bedroom mid-terrace
0:12:56 > 0:13:01and it had a guide price of £120,000 to £125,000.
0:13:01 > 0:13:03Oh, that front garden has seen better days.
0:13:03 > 0:13:05Still, onwards and...
0:13:05 > 0:13:07Er, it looks like upwards.
0:13:07 > 0:13:11Ooh, two huge steps outside before you even get in the door.
0:13:11 > 0:13:14So that's something people with buggies and the elderly
0:13:14 > 0:13:16might want to think about.
0:13:16 > 0:13:18But, once you're inside, it's, um...
0:13:18 > 0:13:21It's not quite as I expected.
0:13:21 > 0:13:24I have seen so many of these terraced houses before
0:13:24 > 0:13:27and usually, the stairs go up this way.
0:13:27 > 0:13:31But already, somebody's been in and they've turned the stairs around
0:13:31 > 0:13:34to allow for more space upstairs, I'm sure.
0:13:34 > 0:13:37So I don't think the stairs would have originally been here,
0:13:37 > 0:13:38which is quite interesting.
0:13:38 > 0:13:41But it does make it work really well in here.
0:13:41 > 0:13:44As you can see, bit dated - you've got textured ceilings up there,
0:13:44 > 0:13:46lots of different-coloured paint.
0:13:46 > 0:13:48But, through this room,
0:13:48 > 0:13:50THAT is where the stairs would originally have gone.
0:13:50 > 0:13:53All the way up and then the two rooms either side.
0:13:53 > 0:13:57And then through here is the second reception room -
0:13:57 > 0:14:01again, very similar to the first, textured ceilings, a bit dated.
0:14:01 > 0:14:04You have got central heating in here, though, which is a good thing.
0:14:04 > 0:14:07But enough space to maybe have your dining table.
0:14:07 > 0:14:10But something else that again is bothering me a little bit -
0:14:10 > 0:14:11it's the different levels.
0:14:11 > 0:14:15The kitchen is down here, but, again, it's two big steps down,
0:14:15 > 0:14:17just like it was coming through the front door.
0:14:17 > 0:14:21Bit of a small kitchen, definitely could do with upgrading,
0:14:21 > 0:14:23and bit of a shabby lean-to outside.
0:14:23 > 0:14:25I'm going to take a look.
0:14:25 > 0:14:27# You gotta step it up and go
0:14:27 > 0:14:29# Well, you can't stand back
0:14:29 > 0:14:31# You gotta step it up and go... #
0:14:31 > 0:14:33Ah, a Hammer regular - a dodgy lean-to.
0:14:33 > 0:14:36It will need to be demolished or replaced.
0:14:38 > 0:14:41As for the garden, well, what can I say?
0:14:41 > 0:14:43It's small, paved and needs new fencing.
0:14:45 > 0:14:48Time for Lucy to head back inside and upstairs.
0:14:50 > 0:14:53So, upstairs, well, let's have a look.
0:14:53 > 0:14:55Just as I expected.
0:14:55 > 0:14:58Now, I mentioned downstairs that the stairs had been turned
0:14:58 > 0:15:00to create more space, and upstairs
0:15:00 > 0:15:03is where it really does work a treat.
0:15:03 > 0:15:06Now, originally, this wall here - partition -
0:15:06 > 0:15:07would not have been here.
0:15:07 > 0:15:09This would have been one big bedroom
0:15:09 > 0:15:12and you would have had to have walked through the big bedroom
0:15:12 > 0:15:14to another big bedroom right at the end.
0:15:14 > 0:15:16But now they've moved the bathroom up at the end,
0:15:16 > 0:15:18they've created a partition here.
0:15:18 > 0:15:21It does make the second bedroom so much smaller.
0:15:21 > 0:15:26But it allows independent access through into the now bathroom,
0:15:26 > 0:15:27and I think it really works.
0:15:27 > 0:15:29I think the layout is perfect.
0:15:29 > 0:15:33In fact, I don't think I would change a thing up here.
0:15:33 > 0:15:36# Don't go changing
0:15:36 > 0:15:39# Trying to please me
0:15:39 > 0:15:42# I'll take you just the way you are... #
0:15:42 > 0:15:45Losing a bedroom may sound like a bad idea
0:15:45 > 0:15:47but if it helps a property flow better,
0:15:47 > 0:15:49then it can be the way to go.
0:15:55 > 0:15:59So, at a guide price of between 120,000 and 125,000,
0:15:59 > 0:16:02could this potentially make a good return for an investor?
0:16:03 > 0:16:07We asked an agent with knowledge about this area for his opinion.
0:16:10 > 0:16:14This probably needs complete redecoration, refurbishment,
0:16:14 > 0:16:18new kitchen, new bathroom, and that's about it, really.
0:16:18 > 0:16:19I wouldn't alter the layout at all.
0:16:19 > 0:16:21I don't think it would be cost-effective.
0:16:21 > 0:16:24I think it's a house and it's fine as it is.
0:16:24 > 0:16:28Agreed. But what type of budget does the agent think buyers may need
0:16:28 > 0:16:30to refurbish the house?
0:16:31 > 0:16:35I would estimate a refurbishment budget of about 15,000
0:16:35 > 0:16:37would probably cover it.
0:16:37 > 0:16:41OK, taking the top end of the guide price at 125 grand
0:16:41 > 0:16:45and the agent's figure of 15,000 for refurbishment
0:16:45 > 0:16:48would mean a potential investment of 140,000.
0:16:48 > 0:16:50So what could it sell for?
0:16:51 > 0:16:53If I was asked to market this property,
0:16:53 > 0:16:56I would probably list it at £170,000.
0:16:58 > 0:17:00This two-bed terraced doesn't need too much work.
0:17:00 > 0:17:04In fact, quite a lot of the work has already been done for you.
0:17:04 > 0:17:08Although it's tired, it's dated, it needs a new kitchen and bathroom,
0:17:08 > 0:17:13and certainly some redecoration, but it could be completely transformed.
0:17:13 > 0:17:16So let's find out who fancied taking this terrace on
0:17:16 > 0:17:17when we head to auction.
0:17:17 > 0:17:19120 to 125, the guide.
0:17:19 > 0:17:21Start me at 120.
0:17:21 > 0:17:24Should be hands shooting up everywhere. £120,000.
0:17:24 > 0:17:25Start me at 110, then.
0:17:25 > 0:17:27Get me on the way. £110,000.
0:17:27 > 0:17:29I'm on the way at the back at 110.
0:17:29 > 0:17:31At 110. And 112.
0:17:31 > 0:17:32112, I've got.
0:17:32 > 0:17:34And 14. 114.
0:17:34 > 0:17:35And 16.
0:17:35 > 0:17:38116. 116, on the left.
0:17:38 > 0:17:40118, now.
0:17:40 > 0:17:42118. And 120, if you like.
0:17:42 > 0:17:43120 if you like.
0:17:43 > 0:17:45120, I have. And two.
0:17:45 > 0:17:48122. It's back to you again. 122.
0:17:48 > 0:17:49At £120,000, I'm bid.
0:17:49 > 0:17:51122, I'm looking for.
0:17:52 > 0:17:54Sorry, right by the door, 122.
0:17:54 > 0:17:55And four. It's against you.
0:17:55 > 0:17:57124. And six.
0:17:57 > 0:18:00And eight. 128.
0:18:00 > 0:18:01At 126, standing.
0:18:01 > 0:18:03128 is against everybody else.
0:18:03 > 0:18:07At £126,000, then, for the first time.
0:18:07 > 0:18:09128 right over in the back corner.
0:18:09 > 0:18:11At opposites. 128. 130.
0:18:11 > 0:18:13And two. 132.
0:18:13 > 0:18:16Back to you, sir, at £130,000.
0:18:16 > 0:18:19For the first time, then, at 130.
0:18:19 > 0:18:22For the second time at 130.
0:18:22 > 0:18:24If you're sure you're all done at £130,000.
0:18:24 > 0:18:26With you standing on the left-hand side - all done?
0:18:26 > 0:18:29- GAVEL BANGS - It's yours at £130,000.
0:18:30 > 0:18:34The winning bid of 130,000 was made by Prakash
0:18:34 > 0:18:39on behalf of himself and long-term friend Man.
0:18:39 > 0:18:40Originally from Nepal,
0:18:40 > 0:18:43this is to be their first venture into property development.
0:18:43 > 0:18:46Lucy met them to find out more.
0:18:46 > 0:18:47Guys, congratulations.
0:18:47 > 0:18:49Lovely to meet you, Prakash.
0:18:49 > 0:18:51- Thank you, Lucy.- Man.- Thank you.
0:18:51 > 0:18:54So what's the story behind you two buying this?
0:18:54 > 0:18:55We are ex-soldiers.
0:18:55 > 0:18:58- You're ex-soldiers? - Yes, ex-soldiers.- Yes, we are.
0:18:58 > 0:19:00- Royal Engineers. Gurkha Engineers.- Gurkhas?
0:19:00 > 0:19:02- Yeah, in the Gurkhas.- Amazing.
0:19:02 > 0:19:08Thank you. And we thought, "Why don't we try a new venture?"
0:19:08 > 0:19:11So how different is this to being in the Army?
0:19:11 > 0:19:16When we were in the Army, we did lots of construction jobs like this.
0:19:16 > 0:19:19But when we left the Army, he's doing electrician,
0:19:19 > 0:19:21and I was gas engineer.
0:19:21 > 0:19:23An electrician and a gas engineer?
0:19:23 > 0:19:27- Yeah.- Yes.- So handy. I mean, so incredibly handy
0:19:27 > 0:19:30to have those type of skills in this industry.
0:19:30 > 0:19:32- NEPALI NATIONAL ANTHEM PLAYS - So they may be doing this
0:19:32 > 0:19:34for the first time but these ex-Gurkhas have skills
0:19:34 > 0:19:38that are invaluable and will get them off to a great start.
0:19:38 > 0:19:40To give them a bit of encouragement,
0:19:40 > 0:19:43we're playing their home country's national anthem.
0:19:43 > 0:19:45Nepal.
0:19:45 > 0:19:47But they and their respective families
0:19:47 > 0:19:48have a good knowledge of Gillingham
0:19:48 > 0:19:52gained after the Army posted them here.
0:19:52 > 0:19:55So what is the plan? Why have you bought this?
0:19:55 > 0:19:58New business, new venture.
0:19:58 > 0:20:03Maybe we could do the business in the properties in the future.
0:20:03 > 0:20:04But is this for you to live in,
0:20:04 > 0:20:08or is this for you to add value and sell on?
0:20:08 > 0:20:11- Add value and sell it. - Yeah, we are planning to.
0:20:11 > 0:20:15- You certainly can add some value to this property.- Yes.- Yes.
0:20:15 > 0:20:19Interestingly, I have seen so many houses like this in my time.
0:20:19 > 0:20:23But to see it where the stairs have already been turned around...
0:20:23 > 0:20:26- Yes.- Because, originally you'd have gone up the stairs that way.- Yeah.
0:20:26 > 0:20:29But they've already turned the stairs to create the corridor
0:20:29 > 0:20:33- upstairs to allow you independent access into the bathroom.- Yes.
0:20:33 > 0:20:36- So that job has been done for you. - Yeah.
0:20:36 > 0:20:39Because, otherwise you would have had a much bigger second bedroom.
0:20:39 > 0:20:42- That's right.- But no independent access into the bathroom.
0:20:42 > 0:20:44So quite a lot of that work has been done.
0:20:44 > 0:20:46How do you feel about that?
0:20:46 > 0:20:49- We are quite happy. - It's saved a couple of grand.
0:20:49 > 0:20:52- Saved you a bit more than a couple of grand.- Yes.- That's right.
0:20:52 > 0:20:54So that job's done and dusted.
0:20:54 > 0:20:56I mean, obviously, completely,
0:20:56 > 0:20:57it needs a new, you know, everything -
0:20:57 > 0:20:59windows, doors, floors.
0:20:59 > 0:21:02Are you two going to be doing a lot of the work here yourselves?
0:21:02 > 0:21:03- Yes.- Yes.
0:21:03 > 0:21:05We will do...
0:21:05 > 0:21:10boilers, gas, electric, water, these things.
0:21:10 > 0:21:13And maybe...
0:21:13 > 0:21:15we will do the DIY stuff as well.
0:21:15 > 0:21:22But if we get what we are looking for, price-wise,
0:21:22 > 0:21:23we will give to the builders.
0:21:23 > 0:21:26So what is your budget? How much have you got, Man?
0:21:26 > 0:21:29We're looking about under 10 to 15 grand.
0:21:29 > 0:21:31£10,000 to £15,000 to do the whole house?
0:21:31 > 0:21:33- Yes.- Yes.- 10 to 15, yeah.
0:21:33 > 0:21:37I mean, what's your ultimate price you'd like to sell this on for?
0:21:37 > 0:21:39We are not planning the...
0:21:41 > 0:21:45Right now, it's the most that we can make it. You know?
0:21:45 > 0:21:52We will learn more things than we make the money from this property.
0:21:52 > 0:21:53We are planning about, er...
0:21:54 > 0:21:57..160? And hopefully it will be fine. Yeah, 160.
0:21:57 > 0:22:00So this, for you guys, is more about the learning process?
0:22:00 > 0:22:01- Learning process.- Yes, it is.
0:22:01 > 0:22:04Coming on board, seeing where you go wrong.
0:22:04 > 0:22:06- That's right.- Trying to source materials.- That's right.
0:22:06 > 0:22:09- And just seeing how it goes. - Yes.- How it goes, yeah.
0:22:09 > 0:22:12How long is it going to take you, do you think?
0:22:12 > 0:22:15- About 6 to 12 weeks. - About 6 to 12 weeks.
0:22:15 > 0:22:17- 6 to 12 weeks?- Yeah.- Yes.
0:22:17 > 0:22:19When do you plan on starting?
0:22:19 > 0:22:21- Tomorrow.- Yeah.- Really?- Yeah.
0:22:21 > 0:22:24So, 6 to 12 weeks, you're going to get in here
0:22:24 > 0:22:27- and then do the work and get out and then put it up for sale?- Yes.
0:22:27 > 0:22:30Good luck with this for your first project together.
0:22:30 > 0:22:32- Thank you very much, Lucy. - Good meeting you both.
0:22:32 > 0:22:33- Good luck.- Thank you.- Thank you.
0:22:35 > 0:22:38Former soldiers Prakash and Man have decided to use their skills
0:22:38 > 0:22:42they've acquired in their day jobs as a gas engineer and an electrician
0:22:42 > 0:22:45and start property developing together.
0:22:45 > 0:22:47Now, this is their first auction purchase
0:22:47 > 0:22:49and I don't think they've done badly.
0:22:49 > 0:22:52It's in a central location, it doesn't need too much work,
0:22:52 > 0:22:56and a lot of that, well, they can do themselves.
0:22:56 > 0:22:58We'll find out how the duo get along,
0:22:58 > 0:23:01and will they stick to their 6 to 12 week timescale?
0:23:01 > 0:23:03Join me later in the programme.
0:23:04 > 0:23:06Coming up, this three-bed semi
0:23:06 > 0:23:10in Sheffield's retro stonework doesn't impress.
0:23:10 > 0:23:14A fireplace a little bit more 2016 would be nice.
0:23:15 > 0:23:18And it's an unregimented work life in Gillingham.
0:23:18 > 0:23:21In the Army, you have always boss.
0:23:21 > 0:23:24In here, you are the boss for yourself.
0:23:30 > 0:23:32Back now to Stafford in the West Midlands.
0:23:34 > 0:23:37It was here I looked around this good-size semidetached property
0:23:37 > 0:23:42which had three bedrooms and an attractive guide price of 105 grand.
0:23:45 > 0:23:49Inside, it was dated and tired but packed with potential.
0:23:49 > 0:23:52Although I had my concerns about managing those purse strings.
0:23:55 > 0:23:58I think you'd have to spend maybe £8,000, £10,000 on this house
0:23:58 > 0:24:01just to get it right, and that takes your costs
0:24:01 > 0:24:05to maybe £113,000, £115,000.
0:24:05 > 0:24:08That's if you got it at the guide price.
0:24:08 > 0:24:11Now, I think if you're taking on a project like this,
0:24:11 > 0:24:14especially this one, you would have to watch your budget.
0:24:14 > 0:24:19# Go easy... #
0:24:19 > 0:24:21Yes, there was a ceiling price in the area,
0:24:21 > 0:24:24but, with a guide price of 105 grand,
0:24:24 > 0:24:27it could be a sound investment in the right hands.
0:24:29 > 0:24:32£100,000. 101. 102.
0:24:32 > 0:24:38Surprisingly, this house went for £5,500 over the guide price.
0:24:38 > 0:24:42Ian, an oil-rig worker, and son Cameron, an engineer apprentice,
0:24:42 > 0:24:45bagged themselves what seemed like a good deal.
0:24:45 > 0:24:48You've bought it, sir, well done.
0:24:48 > 0:24:52Bought for £110,500, this property purchase
0:24:52 > 0:24:54was a new venture for Ian and his family.
0:24:55 > 0:24:59Is it Cameron that's behind you guys getting into the property?
0:24:59 > 0:25:00Was it his idea or your idea?
0:25:00 > 0:25:03It's more Cameron's push, yes, I will be honest with you.
0:25:03 > 0:25:05It is more Cameron's push.
0:25:05 > 0:25:08I do two weeks away on the rig, I have two weeks' free time,
0:25:08 > 0:25:10so I can really get tore into the property
0:25:10 > 0:25:12with that two weeks' free time.
0:25:12 > 0:25:14So this is one of maybe a couple that we're hoping to do
0:25:14 > 0:25:17in this year, next year.
0:25:17 > 0:25:21So Ian and 19-year-old son Cameron hope to get this property
0:25:21 > 0:25:24up and running in two to three months
0:25:24 > 0:25:27and for a budget of around 7½ to 10 grand.
0:25:30 > 0:25:32We're back ten months later and, straight away,
0:25:32 > 0:25:36we can see they have created parking spots for at least two cars.
0:25:36 > 0:25:38Very wise decision.
0:25:38 > 0:25:40But does the good work continue on the inside?
0:25:53 > 0:25:56The living space is now full of light and feeling fresh,
0:25:56 > 0:26:00thanks to a lovely subtle colour scheme and excellent carpeting.
0:26:00 > 0:26:04I can't wait to see what they've done with that kitchen.
0:26:15 > 0:26:17Well, it's brand-new and modern.
0:26:17 > 0:26:20Like the rest of the property, it's been rewired throughout.
0:26:20 > 0:26:22What became of that wet room?
0:26:27 > 0:26:30The wet room originally was all one size.
0:26:30 > 0:26:32It was the toilet and the big wet room,
0:26:32 > 0:26:37so me and Cameron just decided we'd put a new stud wall in there,
0:26:37 > 0:26:38retain the wet room facility,
0:26:38 > 0:26:41having the extra shower for a family downstairs,
0:26:41 > 0:26:45but we needed the utility for the washing machine and dryer,
0:26:45 > 0:26:49so we decided that would be the best way forward for that one.
0:26:49 > 0:26:52Built the stud wall and that's the end result,
0:26:52 > 0:26:54and we're quite happy with that.
0:26:55 > 0:26:59It's good, practical thinking by those novice renovators,
0:26:59 > 0:27:01and those good decisions continue upstairs.
0:27:06 > 0:27:08All three bedrooms have been skimmed
0:27:08 > 0:27:11and redecorated to a really high standard.
0:27:23 > 0:27:26The bathroom suite is brand-new and a huge improvement.
0:27:35 > 0:27:37Outside, the garden is no longer a jungle
0:27:37 > 0:27:41and they've created a patio area just off the French doors.
0:27:43 > 0:27:45As first renovation projects go,
0:27:45 > 0:27:48Ian and his family have done an incredible job,
0:27:48 > 0:27:50but it has come with some challenges.
0:27:54 > 0:27:56When we first got the property
0:27:56 > 0:28:01we kind of had a good look around it and started to rip the carpets up
0:28:01 > 0:28:05and everything and realised that we had what we call red ash.
0:28:05 > 0:28:09We realised we had to dig all of the concrete out
0:28:09 > 0:28:11and all of the red ash out.
0:28:11 > 0:28:13Around about 60 to 70 tonnes,
0:28:13 > 0:28:16that's every floor downstairs had to be removed.
0:28:16 > 0:28:20So basically we got the impact gun and took the concrete out
0:28:20 > 0:28:24and we had to physically wheelbarrow it all out and pickaxe it all out,
0:28:24 > 0:28:28so that was time-consuming. That was one we hadn't planned for.
0:28:32 > 0:28:36Red ash is a type of material that contains sulphate
0:28:36 > 0:28:40and was commonly used between the 1940s and the 1970s
0:28:40 > 0:28:43as infill under concrete flooring.
0:28:43 > 0:28:46Unfortunately, because sulphate reacts to any damp,
0:28:46 > 0:28:48it can rise up and crack the concrete
0:28:48 > 0:28:51which affects the property's brickwork.
0:28:51 > 0:28:53The only way to deal with it is to dig it all out,
0:28:53 > 0:28:57so I'm guessing that £7,000 to £10,000 has flown
0:28:57 > 0:28:59out of those double-glazed windows.
0:28:59 > 0:29:02Obviously with the red ash being the main problem, all of
0:29:02 > 0:29:06the kitchen had to be destroyed and pretty much started again there,
0:29:06 > 0:29:09so the budget went through to about just over 15,000.
0:29:11 > 0:29:14What a learning curve from the red ash curveball.
0:29:14 > 0:29:16It's not been all work and no play, though.
0:29:16 > 0:29:18A family celebration and holiday
0:29:18 > 0:29:22have helped stretch that three-month timescale to nine months.
0:29:23 > 0:29:26But let's find out what two local agents think,
0:29:26 > 0:29:28starting with the one who saw it before.
0:29:29 > 0:29:34It's a truly magnificent change, absolutely wonderful.
0:29:34 > 0:29:39From the first time I came here, lots has been done, lots of refurbs,
0:29:39 > 0:29:43looking great, neutral throughout, wonderful carpets,
0:29:43 > 0:29:44they have done a grand job.
0:29:44 > 0:29:46First impressions of the property
0:29:46 > 0:29:50are that it has been well turned out, it's nice and fresh
0:29:50 > 0:29:54and it would make a lovely family accommodation.
0:29:54 > 0:29:58It's essential that this red ash was eradicated.
0:29:58 > 0:30:02There will not be any problems now with mortgaging the property.
0:30:02 > 0:30:06That is good news, but let's get into the numbers now.
0:30:06 > 0:30:10Ian has invested a total of £125,500,
0:30:10 > 0:30:13but is not sure whether to sell or rent,
0:30:13 > 0:30:15so will the valuations help him decide?
0:30:15 > 0:30:20On the resale market I would envisage the property being
0:30:20 > 0:30:23in the region of 150,000-155,000.
0:30:23 > 0:30:26Or if the property is rented out,
0:30:26 > 0:30:30then I would envisage a rental of £650 per calendar month.
0:30:30 > 0:30:34I think to resale this property on the open market we would achieve
0:30:34 > 0:30:38between £165,000 and £170,000.
0:30:38 > 0:30:44And for rental, between £650 and £675 per calendar month.
0:30:45 > 0:30:48Quite a big difference in the sales valuations there.
0:30:48 > 0:30:52But if Ian did get that top value of 170 grand,
0:30:52 > 0:30:58that would mean a pre-tax profit of a whopping £44,500.
0:30:58 > 0:31:00And if they decided to rent,
0:31:00 > 0:31:05that top rental figure of £675 per calendar month would mean
0:31:05 > 0:31:08a yield of just under 6.5%.
0:31:09 > 0:31:12So does Ian have a difficult decision to make?
0:31:12 > 0:31:15We'll sit down as a family,
0:31:15 > 0:31:18discuss the way forward on that one and certainly...
0:31:19 > 0:31:22..take a vote. But I think
0:31:22 > 0:31:26personally we're all edging towards renting it out at this stage.
0:31:30 > 0:31:33The city of Sheffield in South Yorkshire
0:31:33 > 0:31:36is synonymous with steel production.
0:31:36 > 0:31:39It's been making it since the 14th century.
0:31:39 > 0:31:42Many countries claim to have invented stainless steel.
0:31:42 > 0:31:45Like lots of great inventions, the origins are disputed,
0:31:45 > 0:31:48but Sheffield celebrates its own Harry Brearley
0:31:48 > 0:31:51with this locally produced stainless steel sculpture
0:31:51 > 0:31:53called Cutting Edge,
0:31:53 > 0:31:55which proudly stands in front of the railway station.
0:31:58 > 0:32:03Well, a bit like Rome, Sheffield was built on seven hills.
0:32:03 > 0:32:05Luckily the property I'm here to see
0:32:05 > 0:32:09isn't going to cost you three million shekels and a camel -
0:32:09 > 0:32:12it is £45,000, which seems like a pretty good deal
0:32:12 > 0:32:14for a three-bedroomed semidetached
0:32:14 > 0:32:17in this elevated position. Let's have a look.
0:32:17 > 0:32:18Now, just before you write in,
0:32:18 > 0:32:21I know there is a dispute about the seven hills thing
0:32:21 > 0:32:24and that some people regard it as a bit of a myth,
0:32:24 > 0:32:27but there is no disputing that this property sits on a hill.
0:32:27 > 0:32:30HE GASPS
0:32:30 > 0:32:34Slightly puffed out after that hike to the front door,
0:32:34 > 0:32:36but the elevated position - yeah,
0:32:36 > 0:32:37a lot of people like that
0:32:37 > 0:32:40and there's storage underneath, which is good news. So,
0:32:40 > 0:32:43through the front door you've got a little entrance area there,
0:32:43 > 0:32:44stairs up to your bedroom.
0:32:44 > 0:32:47Then into basically the main room,
0:32:47 > 0:32:52in fact the only room apart from the kitchen on the downstairs floor.
0:32:52 > 0:32:55It's a good size, very high ceilings, which is nice.
0:32:55 > 0:32:57It's obviously a little bit dated,
0:32:57 > 0:32:58the colour scheme won't suit everyone.
0:32:58 > 0:33:03A fireplace a little bit more 2016 would be nice.
0:33:03 > 0:33:06That's a little bit '80s, '90s, isn't it?
0:33:06 > 0:33:10But you could have some feature there, an open fire or whatever.
0:33:10 > 0:33:13But let's explore through this little area here
0:33:13 > 0:33:17which is a nice space to dump your bags and your bikes or whatever,
0:33:17 > 0:33:18and into the kitchen.
0:33:18 > 0:33:22Now, again it's very much of an ilk of this kind of property,
0:33:22 > 0:33:24but I really like the high ceilings.
0:33:24 > 0:33:26That's a real bonus.
0:33:26 > 0:33:30I wonder if a potential purchaser is living in Cloud Cuckoo Land.
0:33:30 > 0:33:33I think not, this is a really great property.
0:33:35 > 0:33:36But that...
0:33:39 > 0:33:40..is a little bit random.
0:33:42 > 0:33:46What on earth do you think's out there? Mariana Trench?
0:33:46 > 0:33:48Oh, well. Wish me luck.
0:33:50 > 0:33:52HE SCREAMS
0:33:52 > 0:33:54SPLASH!
0:33:54 > 0:33:58Only kidding! As far as I can see so far
0:33:58 > 0:34:02it's a pretty normal back area.
0:34:02 > 0:34:04It's got a nice garden there,
0:34:04 > 0:34:07stretching quite a long way up as you might have imagined.
0:34:07 > 0:34:08Ah!
0:34:11 > 0:34:12Right.
0:34:14 > 0:34:15That's the deep water, then.
0:34:15 > 0:34:18How deep is this little pond?
0:34:18 > 0:34:20The mind boggles. Let's have a look.
0:34:30 > 0:34:31Right, about a foot.
0:34:33 > 0:34:37Oh, well, still, never can be too careful with water.
0:34:37 > 0:34:39Yes, joking aside,
0:34:39 > 0:34:43even shallow ponds like this can present a danger to small children.
0:34:43 > 0:34:50Between 1995 and 2005, 28 children drowned in ornamental ponds,
0:34:50 > 0:34:53so best cover it, fence it or fill it in.
0:34:53 > 0:34:56A pretty good use of space, a staircase like this,
0:34:56 > 0:34:59because you get basically up a considerable height
0:34:59 > 0:35:01because the ceilings are very high in this place
0:35:01 > 0:35:05in a relatively small amount of room, which does give lots of space.
0:35:05 > 0:35:07You have three bedrooms, which is good news.
0:35:07 > 0:35:08A bathroom here.
0:35:08 > 0:35:11Bit of a disappointment, though, it doesn't have a bath in it.
0:35:11 > 0:35:12It's got a shower. So, I wonder if
0:35:12 > 0:35:15there is some careful modifications there you could do
0:35:15 > 0:35:16to get a bath in there,
0:35:16 > 0:35:18because most people do actually still like a bath.
0:35:18 > 0:35:20Bedroom at the back, half-decent size.
0:35:20 > 0:35:22Smaller box room there.
0:35:22 > 0:35:25And then through to your master.
0:35:25 > 0:35:29As is so classic of properties of this era,
0:35:29 > 0:35:32the old built-in wardrobes with that sort of material.
0:35:32 > 0:35:34I think it had a special name, didn't it,
0:35:34 > 0:35:37that all these things were made of in the day?
0:35:37 > 0:35:40Bay window, though, and again, quite a nice size space, so...
0:35:42 > 0:35:46All in all, I think, a good little house.
0:35:46 > 0:35:48A medium-sized house.
0:35:50 > 0:35:51Melamine, that's it. Melamine.
0:35:51 > 0:35:54I knew it would come back to me eventually.
0:35:54 > 0:35:56Well, wardrobe-building material aside,
0:35:56 > 0:35:58what does a local property expert
0:35:58 > 0:36:01from the auction house who sold the property think of it?
0:36:02 > 0:36:04We're in Firth Park, Sheffield,
0:36:04 > 0:36:06which is the north side of Sheffield.
0:36:06 > 0:36:11This location is close to Sheffield town centre.
0:36:11 > 0:36:13Wide range of amenities, good transport links,
0:36:13 > 0:36:14and very close to the M1.
0:36:14 > 0:36:18Also, the added benefit of being very close to the Peak District.
0:36:18 > 0:36:19Peak District, you say.
0:36:19 > 0:36:22That probably accounts for some of those seven hills.
0:36:22 > 0:36:24But that's the property.
0:36:24 > 0:36:27First impressions - this property's tired, it's dated, it's stale.
0:36:27 > 0:36:30It needs a new kitchen, new bathroom,
0:36:30 > 0:36:33and complete upgrading throughout.
0:36:33 > 0:36:36Unusually for a house, this property is leasehold.
0:36:36 > 0:36:38How does he feel about that?
0:36:38 > 0:36:40Historically, yes,
0:36:40 > 0:36:44there is an association with leasehold properties with flats,
0:36:44 > 0:36:47but there are properties out there which do have a leasehold.
0:36:47 > 0:36:50I would certainly look at the legal pack
0:36:50 > 0:36:55and check how much service charge or ground rent is applicable.
0:36:55 > 0:36:59My view would be that it would be probably a nominal amount per annum.
0:36:59 > 0:37:01But it turns out your view is spot-on.
0:37:01 > 0:37:05The ground rent is £2.50 a year, and there's no service charge.
0:37:05 > 0:37:08So, would this make a good rental property?
0:37:08 > 0:37:11With regards to renting the property out,
0:37:11 > 0:37:15you're looking within the region of £500-£550 per calendar month.
0:37:15 > 0:37:19With a guide price of £45,000 plus refurbishment costs,
0:37:19 > 0:37:22would there be much headroom for a profit on sale?
0:37:22 > 0:37:25Once the property's renovated and properly refurbished,
0:37:25 > 0:37:29you're looking within the region of £90,000-£100,000.
0:37:29 > 0:37:32Well, joking and larking about aside, this is a good little house,
0:37:32 > 0:37:34and for a very attractive guide price.
0:37:34 > 0:37:37So, let's see who fancied it when it went under the hammer.
0:37:39 > 0:37:40Lot 29.
0:37:40 > 0:37:42Start me where you will on that one.
0:37:42 > 0:37:4448 to start me.
0:37:44 > 0:37:4945. Three-bedroom house at 45,000 - doesn't sound dear to me.
0:37:49 > 0:37:5145, thank you.
0:37:51 > 0:37:5345 I've got as a starting bid.
0:37:53 > 0:37:57At £45,000. 46 somewhere else?
0:37:57 > 0:37:5845 is my opening bid.
0:37:58 > 0:38:0146. 46, 47.
0:38:01 > 0:38:0348 is bid.
0:38:03 > 0:38:0548, 49.
0:38:05 > 0:38:08At £49,000. 50?
0:38:08 > 0:38:0950.
0:38:09 > 0:38:13Bidding was intense, not just in the room but on the phone also.
0:38:13 > 0:38:17We rejoin at 55,000.
0:38:17 > 0:38:2055,000, 56.
0:38:20 > 0:38:2356. 57?
0:38:23 > 0:38:2656 and a half? 57 on the phone.
0:38:26 > 0:38:2957 and a half. 58...
0:38:29 > 0:38:33Two bidders then pushed the property up to 60,000, where we rejoin.
0:38:33 > 0:38:36At 60. 500, quickly.
0:38:37 > 0:38:39Yes? 60 and a half.
0:38:40 > 0:38:4360,500 is the bid.
0:38:43 > 0:38:46£60,500. 61.
0:38:46 > 0:38:49£61,000 for the first time.
0:38:49 > 0:38:52For the second time, 61,500.
0:38:52 > 0:38:5461,500. 62.
0:38:55 > 0:39:0062. 62,000 once, twice, third time.
0:39:00 > 0:39:01GAVEL STRIKES
0:39:01 > 0:39:04Sold on the phone at £62,000. Thank you.
0:39:04 > 0:39:09That phone bidder getting the property for 62 grand was Sajid.
0:39:09 > 0:39:11He currently has two other rental properties,
0:39:11 > 0:39:13and he does this as a hobby.
0:39:16 > 0:39:17Sajid, great to meet you.
0:39:17 > 0:39:20- Congratulations. - Thank you very much.
0:39:20 > 0:39:22Now, we didn't see you at the auction, did we, there?
0:39:22 > 0:39:24No. When I spoke to the auctioneers,
0:39:24 > 0:39:27they said, "Well, if you can't attend, we do a telephone bid."
0:39:27 > 0:39:29Was that the first time you'd done that, was it?
0:39:29 > 0:39:32It was the first time I've bid off the telephone
0:39:32 > 0:39:34- to purchase a property at auction. - And how was it?
0:39:34 > 0:39:38I think it was great, and I thought, yeah, let's go in.
0:39:38 > 0:39:41Go for it. Brilliant. Before we talk about the property,
0:39:41 > 0:39:43tell me about you. What do you do?
0:39:43 > 0:39:44- I'm a lecturer.- Oh, great.
0:39:44 > 0:39:47I'm a lecturer at the University of Sheffield.
0:39:47 > 0:39:50- Oh, brilliant.- In accounting and business studies.
0:39:50 > 0:39:54OK. So, the numbers on this have got to be spot-on, haven't they?
0:39:54 > 0:39:56- Let's be honest. - I've got to get my budget right.
0:39:56 > 0:39:59You get it wrong, your students are just going to
0:39:59 > 0:40:02- so take the mickey out of you.- Yeah.
0:40:02 > 0:40:06Initially, when I saw the house before the auction,
0:40:06 > 0:40:09normally they're derelict or they need a lot of work doing.
0:40:09 > 0:40:10My interest in this property
0:40:10 > 0:40:13was purely because there's not a lot of work that needs doing.
0:40:13 > 0:40:16So what was it, then, about this house, other than the fact
0:40:16 > 0:40:18that it didn't need a lot of work necessarily doing to it?
0:40:18 > 0:40:20What did you like about it?
0:40:20 > 0:40:24Um... A number of factors. I think, location,
0:40:24 > 0:40:26that was one of the prime factors.
0:40:26 > 0:40:30Hospital is just behind the... It's parallel.
0:40:30 > 0:40:33One of the largest hospitals in Sheffield.
0:40:33 > 0:40:35So easily lettable as well
0:40:35 > 0:40:40and probably easy to sell on as well and make a nice little gain.
0:40:40 > 0:40:43So tell me what you're planning to do to it, then.
0:40:43 > 0:40:46I think I'm going to... cosmetic improvements.
0:40:46 > 0:40:49- Get rid of the colour scheme. - Yeah, colour scheme.
0:40:49 > 0:40:53In this particular room we've got a number of colours.
0:40:53 > 0:40:57And just make it more modern, the modern touch.
0:40:57 > 0:41:00And the kitchen, probably going to modernise that as well.
0:41:00 > 0:41:03Probably just cosmetic decor.
0:41:03 > 0:41:07- Right.- The garden, probably get the garden...
0:41:08 > 0:41:11..cleared, there's a pond there,
0:41:11 > 0:41:14look at the pond, see what needs doing
0:41:14 > 0:41:16- and just upgrade it, basically. - Right.
0:41:16 > 0:41:20And I do hope that Sajid's modernisation programme
0:41:20 > 0:41:22extends to the fireplace -
0:41:22 > 0:41:24and also, who's going to do the work?
0:41:24 > 0:41:27Some of the work I'll do myself, where I can.
0:41:27 > 0:41:31- Yep.- But where you've got the plumbing work,
0:41:31 > 0:41:34electrics, I'll get the proper professionals in.
0:41:34 > 0:41:36OK. So what's the budget?
0:41:36 > 0:41:38My budget on this...
0:41:38 > 0:41:41Like you mentioned, I've got to be right on this.
0:41:41 > 0:41:45- You so have.- I think... - To within three decimal points.
0:41:45 > 0:41:49My budget on this would be probably no more than four grand.
0:41:49 > 0:41:51That's too round. I want more.
0:41:51 > 0:41:55£4,637.27.
0:41:55 > 0:42:02I'd probably say around 4,500 would be my budget
0:42:02 > 0:42:06- on modernising this, bringing it up to standard.- Right, OK. Yeah.
0:42:06 > 0:42:08And then from there,
0:42:08 > 0:42:12whether I decide to let it out or whether to sell it,
0:42:12 > 0:42:14I'm not sure yet.
0:42:14 > 0:42:17- Not sure?- But it'll be interesting to know what the agents say.
0:42:17 > 0:42:21So what kind of profit would tempt you to sell?
0:42:21 > 0:42:23Um...
0:42:25 > 0:42:28- Ten?- Ten grand. If there's ten grand in it, you'd just move it on
0:42:28 > 0:42:30and do that, otherwise you'll rent it out.
0:42:30 > 0:42:33Otherwise, yeah, like I said, the hospital's local,
0:42:33 > 0:42:35there's plenty of professionals there
0:42:35 > 0:42:38that are looking for accommodation around here.
0:42:38 > 0:42:40So, timescale for everything?
0:42:41 > 0:42:44Probably within... Probably I'm looking at two months.
0:42:44 > 0:42:47Two months. At university, though, you lecture in business studies,
0:42:47 > 0:42:50- is that right?- I lecture in accounting and business studies.
0:42:50 > 0:42:52Accounting and business studies.
0:42:52 > 0:42:54So what do you think about property developing as a business?
0:42:54 > 0:42:58I wouldn't say I'd become a property developer, but it is
0:42:58 > 0:43:02like on the side, an interest that keeps me busy, actually.
0:43:02 > 0:43:05- Yeah, yeah.- And it's another way to
0:43:05 > 0:43:08either make a long-term investment or a quick capital gain.
0:43:08 > 0:43:11Yeah, good stuff. Well, listen, congratulations.
0:43:11 > 0:43:12- Thank you.- And well done.
0:43:12 > 0:43:14- Thank you.- Look forward to seeing how you get on.
0:43:14 > 0:43:16Thank you very much.
0:43:16 > 0:43:20So a telephone bid from Sajid secures the property.
0:43:20 > 0:43:24Will his £4,500 budget
0:43:24 > 0:43:27secure a very pleasant renovation?
0:43:27 > 0:43:29Well, you can find out later in the show.
0:43:33 > 0:43:36Well, we've seen how one of today's properties turned out
0:43:36 > 0:43:37but what about the other two?
0:43:37 > 0:43:39Yes, have these projects gone to plan?
0:43:39 > 0:43:41Yeah, I think it's time we found out.
0:43:42 > 0:43:44We're back now to Gillingham in Kent,
0:43:44 > 0:43:47where Lucy looked around this two-bedroom mid-terrace,
0:43:47 > 0:43:52which was up at auction for a guide price of £120-125,000.
0:43:52 > 0:43:56The good news was that the previous owner had done some valuable work.
0:43:58 > 0:44:02I have seen so many of these terrace houses before
0:44:02 > 0:44:06and usually the stairs go up this way but already somebody's been in
0:44:06 > 0:44:08and they've turned the stairs around
0:44:08 > 0:44:12to allow for more space upstairs, I'm sure.
0:44:12 > 0:44:15This is always a clever plan because it creates independent access
0:44:15 > 0:44:17to two of the bedrooms,
0:44:17 > 0:44:20one of which can then be turned into a family bathroom,
0:44:20 > 0:44:23which had also been done, probably, in the '80s,
0:44:23 > 0:44:24judging by the colour of the suite.
0:44:26 > 0:44:30The property was also sold with a gas central heating system
0:44:30 > 0:44:34but there was still plenty of work left for the new purchasers.
0:44:35 > 0:44:37Retired gurkhas Prakash and Man
0:44:37 > 0:44:41paid 130 grand for their first venture together
0:44:41 > 0:44:44and they certainly had some valuable skills.
0:44:44 > 0:44:47An electrician and a gas engineer.
0:44:47 > 0:44:49- Yes.- So handy,
0:44:49 > 0:44:53so incredibly handy to have those type of skills in this industry.
0:44:53 > 0:44:56They were confident in their specialist trades,
0:44:56 > 0:44:57but were on a steep learning curve
0:44:57 > 0:45:00when it came to the more amateur side of things.
0:45:02 > 0:45:06Maybe we will do the DIY stuff as well.
0:45:06 > 0:45:09So this for you guys is more about the learning process.
0:45:09 > 0:45:12- Yes, it is.- Coming on board, seeing where you go wrong.
0:45:12 > 0:45:16- That's right.- Just seeing how it goes?- How it goes, yeah.
0:45:17 > 0:45:21To find out how it went, we're back just 34 days later,
0:45:21 > 0:45:24well ahead of the 8-12 week forecast.
0:45:24 > 0:45:28That should bolster Prakash and Man's faith in their own abilities.
0:45:30 > 0:45:33# Hey, believe in me
0:45:33 > 0:45:37# Cos I believe in you... #
0:45:39 > 0:45:41Neutral tiling and a new white bathroom suite
0:45:41 > 0:45:43modernised this space completely.
0:45:45 > 0:45:50Downstairs in the lounge, the neutral tones continue.
0:45:51 > 0:45:56# Hey, believe in me
0:45:56 > 0:45:59# Cos I believe in you... #
0:45:59 > 0:46:01The same can be said for the rear reception room
0:46:01 > 0:46:04and the new kitchen has a much-improved layout.
0:46:11 > 0:46:13It took some rearranging,
0:46:13 > 0:46:17but Prakash is only too happy to explain their strategy.
0:46:17 > 0:46:21We started from...door was here
0:46:21 > 0:46:23and we blocked the door.
0:46:23 > 0:46:30And we lay out this lovely, nice, functionable kitchen here.
0:46:30 > 0:46:33We moved that basin towards there,
0:46:33 > 0:46:35hobs too a little bit,
0:46:35 > 0:46:39tile, ceiling, new radiators.
0:46:39 > 0:46:40Everything we did here
0:46:40 > 0:46:42and it's lovely now.
0:46:44 > 0:46:47Unfortunately, the old boiler was beyond repair.
0:46:47 > 0:46:50So the skills of gas engineer Man came into play,
0:46:50 > 0:46:53while Prakash's skillset helped sort out
0:46:53 > 0:46:55the house's other energy source.
0:46:57 > 0:47:03# Electricity... #
0:47:03 > 0:47:05The lean-to has been spruced up
0:47:05 > 0:47:07and neutral carpeting gives a flow upstairs
0:47:07 > 0:47:09and throughout the bedrooms.
0:47:14 > 0:47:17The majority of the ceilings have been replaced with new plasterboard
0:47:17 > 0:47:21and skimmed, and it was whilst working with this new material
0:47:21 > 0:47:23that a new unexpected discovery came to light.
0:47:26 > 0:47:31When we cut the plasterboard there and we found the...
0:47:31 > 0:47:33There's a lovely cellar there.
0:47:33 > 0:47:35- Didn't we?- Yes.- Yeah, we did.
0:47:36 > 0:47:39The guys have certainly come a long way
0:47:39 > 0:47:41up the refurbishment learning curve.
0:47:41 > 0:47:44A steep journey, a bit like those cellar steps.
0:47:44 > 0:47:46So how does it feel?
0:47:47 > 0:47:51I did not expect we can lease this house in three weeks,
0:47:51 > 0:47:52but it's finished.
0:47:52 > 0:47:55- We did it.- We did it.- We did it.
0:47:55 > 0:47:59You certainly did do it, and a very nice job it is too.
0:47:59 > 0:48:01So will there be more in the pipeline?
0:48:01 > 0:48:06This is the beginning. There's still more properties to attend.
0:48:06 > 0:48:09Still we are working together.
0:48:09 > 0:48:13A formidable team, just as they were in their former jobs.
0:48:13 > 0:48:15There are still some finishing touches to do,
0:48:15 > 0:48:18like the car park at the front, but leaving that aside,
0:48:18 > 0:48:21how did the £10-15,000 budget fare?
0:48:23 > 0:48:27We spent about just over 11,000.
0:48:27 > 0:48:28Just over 11,000.
0:48:30 > 0:48:32Excellent. Time to stand at ease now, boys,
0:48:32 > 0:48:35as we call in not one but two local estate agents
0:48:35 > 0:48:38to establish the value that's been added here.
0:48:38 > 0:48:41First on parade, the agent who did the reconnaissance
0:48:41 > 0:48:44just last month before battle commenced.
0:48:46 > 0:48:47I think the changes are really good
0:48:47 > 0:48:49and the speed has impressed me as well.
0:48:49 > 0:48:52To get to this stage in four weeks is quite amazing.
0:48:52 > 0:48:55I think the property is very nice. It's a nice size property
0:48:55 > 0:48:59and I feel the new owners have come in and done a really good job.
0:48:59 > 0:49:01It's all decorated nice and neutrally
0:49:01 > 0:49:03and hopefully it would attract a wide range of buyers.
0:49:03 > 0:49:07The boys' work has passed the professional inspection.
0:49:07 > 0:49:10Prakash and Man's intention was always to sell on,
0:49:10 > 0:49:13to recoup capital and get another property to do up.
0:49:13 > 0:49:16But if the order of the day was to rent out,
0:49:16 > 0:49:17what rental could they achieve?
0:49:19 > 0:49:22I feel this property could achieve on the rental market between
0:49:22 > 0:49:26£800 and £825 per calendar month.
0:49:26 > 0:49:29I think the rental value of this property is approximately
0:49:29 > 0:49:31£850 per calendar month.
0:49:31 > 0:49:36Which, if fully let, mean the chaps could realise around a 7% yield.
0:49:38 > 0:49:41That's good. But we want to go for sell, isn't it?
0:49:41 > 0:49:43Yeah, we'll go for sell.
0:49:43 > 0:49:46Adding their refurbishment spend to their purchase price,
0:49:46 > 0:49:51you get just over £141,000, so what's it worth now?
0:49:52 > 0:49:56I feel this property will achieve between £170,000 and £180,000
0:49:56 > 0:49:58on the open market.
0:49:58 > 0:50:02I think this property would sell for approximately £175,000.
0:50:02 > 0:50:04Taking the top figure,
0:50:04 > 0:50:09that's a potential profit before taxes and expenses of £39,000.
0:50:09 > 0:50:11Does that meet muster, chaps?
0:50:12 > 0:50:15- So pleased with the value. - Very pleased, yes.
0:50:15 > 0:50:17Good news for us.
0:50:17 > 0:50:20We worked so tirelessly hard in three weeks
0:50:20 > 0:50:23and reward is getting there, on the way.
0:50:23 > 0:50:25Well, the hard work has certainly paid off.
0:50:25 > 0:50:30So what's been the biggest contrast between the old and new careers?
0:50:30 > 0:50:33In the army, you have always boss.
0:50:33 > 0:50:36In here, you are the boss for yourself.
0:50:36 > 0:50:38That's the thing.
0:50:38 > 0:50:40- That's how we like it.- Yeah.
0:50:44 > 0:50:45Back to Sheffield now
0:50:45 > 0:50:49to see what progress Sajid has made with his three-bed semi.
0:50:49 > 0:50:54Sajid is a university lecturer in accounting and business studies
0:50:54 > 0:50:57and he paid £62,000.
0:50:57 > 0:51:00With that background, surely he would be watching the pennies.
0:51:00 > 0:51:02So what's the budget?
0:51:02 > 0:51:05My budget on this... and like you mentioned,
0:51:05 > 0:51:08- I've got to be right on this, haven't I?- You so have.
0:51:08 > 0:51:11- I think... - To within three decimal points.
0:51:11 > 0:51:15My budget on this would be probably no more than four grand.
0:51:15 > 0:51:20Four grand. That's too round, I want more. £4,637.27.
0:51:20 > 0:51:24I'd probably say around 4,500
0:51:24 > 0:51:30would be my budget on modernising this and bringing it up to standard.
0:51:30 > 0:51:32- Fine.- And then from there,
0:51:32 > 0:51:36whether I decide to let it out or whether to sell it,
0:51:36 > 0:51:38I'm not sure yet.
0:51:38 > 0:51:40He thought it would take two months,
0:51:40 > 0:51:43which was generous given there wasn't really too much to do.
0:51:43 > 0:51:46Just one month later, we're back!
0:51:46 > 0:51:48Got the walls all painted.
0:51:48 > 0:51:51Painted white, got the ceiling painted as well
0:51:51 > 0:51:55and the doors as well to give it that extra modern touch.
0:51:55 > 0:51:58Oh, well, we could go down the conventional route
0:51:58 > 0:52:01and find a piece of music about paint.
0:52:02 > 0:52:07# I know what I like and I like emulsion
0:52:07 > 0:52:12# Music is the sound of painters painting, paint, paint... #
0:52:12 > 0:52:15But that's probably going to be about as entertaining as, well...
0:52:15 > 0:52:17watching paint dry. So, instead, here's a new game.
0:52:20 > 0:52:21Let's play...
0:52:27 > 0:52:29I'll give you an easy one to start.
0:52:29 > 0:52:31Were these shots of the bathroom taken
0:52:31 > 0:52:33before or after the renovation?
0:52:36 > 0:52:38Yes, that's right, they're after.
0:52:38 > 0:52:40Remember the telltale clues
0:52:40 > 0:52:42of stickers warning not to use the units.
0:52:42 > 0:52:45Sajid had his plumber sort out the bathroom
0:52:45 > 0:52:48and check the boiler while he was at it.
0:52:49 > 0:52:51Now, a slightly trickier one.
0:52:52 > 0:52:55Are these shots of the lounge taken
0:52:55 > 0:52:58before or after Sajid's extra-modern touch?
0:53:02 > 0:53:03Well, they were after,
0:53:03 > 0:53:06because before, there was dark red paint before the dado rail
0:53:06 > 0:53:10and taking away the chimney breast would have involved building regulations.
0:53:11 > 0:53:14Getting the hang of it? Now, to the kitchen.
0:53:14 > 0:53:17Is this how you remember it from four weeks ago?
0:53:17 > 0:53:19Well, does it look new to you?
0:53:20 > 0:53:23It should do. These are actual refurbishment shots.
0:53:25 > 0:53:27This is how it looked before.
0:53:27 > 0:53:31Subtle, that one. But the absence of the sticky tape was the giveaway.
0:53:35 > 0:53:38Upstairs, there are more obvious clues,
0:53:38 > 0:53:41like the bed and the powder blue wall.
0:53:41 > 0:53:43They were before. The contrast is clear.
0:53:49 > 0:53:52As for the other bedrooms - well, they speak for themselves.
0:54:00 > 0:54:05Outside, the before looks marginally safer than the after.
0:54:05 > 0:54:09But Sajid has got gardeners coming back to finish it off.
0:54:09 > 0:54:12So what's his overall impression of the work?
0:54:12 > 0:54:14It's got the modern touch now.
0:54:14 > 0:54:18It's more in a sellable condition for first-time buyers
0:54:18 > 0:54:21or whoever wants to, if I decided to sell it.
0:54:21 > 0:54:23Or even if I decided to rent it,
0:54:23 > 0:54:27I think it's more presentable now than it was before.
0:54:27 > 0:54:29Clearly, there is no more painting needed.
0:54:29 > 0:54:31But are all the jobs completed?
0:54:31 > 0:54:35Internally, I've got the extractor fan, that's going to be fitted,
0:54:35 > 0:54:38where the gas cooker is in the kitchen.
0:54:38 > 0:54:41And I've got the upstairs bedroom, front bedroom,
0:54:41 > 0:54:45where the carpenter is coming to sort out the carpet
0:54:45 > 0:54:46cos it's a bit uneven.
0:54:46 > 0:54:49Plus, there is a new kitchen window on order.
0:54:49 > 0:54:51So how is the budget?
0:54:51 > 0:54:53My initial budget was 4,500.
0:54:53 > 0:54:56Around 4,500 to get it renovated.
0:54:56 > 0:55:02At that time, that included probably changing the kitchen
0:55:02 > 0:55:04and the fireplace, but then
0:55:04 > 0:55:08I thought, well, hang on, I don't really need to go that far yet.
0:55:09 > 0:55:14So my cost so far has been approximately 1,500 I've come in at.
0:55:16 > 0:55:19Your students will be proud, and with his business studies hat on,
0:55:19 > 0:55:22Sajid is waiting for the valuations before
0:55:22 > 0:55:24deciding whether to rent or sell.
0:55:24 > 0:55:27So it's time to help him out with that.
0:55:27 > 0:55:30Two local property agents came along to give us their thoughts.
0:55:32 > 0:55:35My first impressions are that it's a good size property with lots of
0:55:35 > 0:55:38space, versatile accommodation, but the finish isn't great.
0:55:38 > 0:55:40More could have been made of it.
0:55:40 > 0:55:42I think the selling points to the property are
0:55:42 > 0:55:45that it's a good size three-bedroom semidetached property
0:55:45 > 0:55:47and it's close to good
0:55:47 > 0:55:50local amenities and Northern General Hospital.
0:55:50 > 0:55:54Being close to large employers, like hospitals and universities,
0:55:54 > 0:55:57is always good for rental purposes.
0:55:57 > 0:55:59Sajid paid 62 grand at auction
0:55:59 > 0:56:04with a further £1,500 on repainting and, um...refurbishing.
0:56:04 > 0:56:07So, once the experts give us the rental forecast,
0:56:07 > 0:56:11we can all work out Sajid's potential yield.
0:56:11 > 0:56:13If I were looking to offer this property to the rental market,
0:56:13 > 0:56:15I would anticipate a monthly rent
0:56:15 > 0:56:17being achieved of somewhere in the region of £500 per calendar month.
0:56:17 > 0:56:19For rental valuation,
0:56:19 > 0:56:24I would expect it to achieve around £525 per calendar month.
0:56:24 > 0:56:28I'm certain Sajid's accountancy students will have done the mental
0:56:28 > 0:56:32arithmetic and concluded that taking the top rental figure equates to
0:56:32 > 0:56:35a yield of just over 10%.
0:56:35 > 0:56:37And people say accountancy is boring! No, no, no.
0:56:39 > 0:56:43That's a great return. I mean, I've only had it for four weeks
0:56:43 > 0:56:46and I've had people knocking on the door.
0:56:46 > 0:56:51I've had people from the hospital, which is quite local,
0:56:51 > 0:56:53calling me as well.
0:56:53 > 0:56:55Could his £63,500 investment
0:56:55 > 0:56:58have gained any value in that short time?
0:56:59 > 0:57:02I would expect the property to achieve around £80,000.
0:57:02 > 0:57:05If I were looking to put this property on the market,
0:57:05 > 0:57:07I would anticipate a sale being achieved
0:57:07 > 0:57:09somewhere in the region of £85,000.
0:57:09 > 0:57:13A massive potential pre-tax profit of 21,500.
0:57:13 > 0:57:16Most of it achieved in just one month.
0:57:17 > 0:57:19I think that's fantastic.
0:57:19 > 0:57:23Yeah, in a matter of four weeks, a nice capital gain.
0:57:24 > 0:57:26Now you can't gloss over that.
0:57:26 > 0:57:31But since filming, Sajid has rented out the house at £550 a month
0:57:31 > 0:57:34and he has replaced the washing machine.
0:57:34 > 0:57:36Ever the business lecturing professional,
0:57:36 > 0:57:39he'd like to point out to any potential novice developers
0:57:39 > 0:57:42to pay attention to the legal pack and, in particular,
0:57:42 > 0:57:45the matter of the other party's solicitor's fees.
0:57:47 > 0:57:52A lot of agents now selling at auctions are putting in
0:57:52 > 0:57:541% of the fees, which we end up paying.
0:57:54 > 0:57:57It could be greater than that.
0:57:57 > 0:58:01It depends which auction you go to. So just be careful.
0:58:01 > 0:58:02And my tip -
0:58:02 > 0:58:06be thorough with your rubbing down and buy a good quality undercoat.
0:58:06 > 0:58:10# Music is the sound of paint. #
0:58:14 > 0:58:17If you are thinking of heading down to an auction,
0:58:17 > 0:58:18I hope we've been of some help.
0:58:18 > 0:58:22Yes, we tried to offer as much advice as we possibly can
0:58:22 > 0:58:24and there's plenty more where that came from.
0:58:24 > 0:58:25Yeah, so make sure you join us next time
0:58:25 > 0:58:28- for more Homes Under The Hammer. - Bye-bye.- Goodbye.- Goodbye.